TCR_Public/070627.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, June 27, 2007, Vol. 11, No. 150

                             Headlines

ACIES CORPORATION: March 31 Balance Sheet Upside-Down by $587,284
AEROFLEX INC: Moody's Rates Corporate Family Rating at B3
AMRESCO COMM: Fitch Affirms B- Rating on $2.4 Mil. Class K Certs.
ANN-LEE CONSTRUCTION: Exclusive Plan Filing Period Set to Sept. 19
BEA CBO: S&P Puts Default Rating on Class A-3 Notes

BOMBAY COMPANY: NYSE Intends to Suspend Stock Trading on June 28
BONNIE TILE: Case Summary & 20 Largest Unsecured Creditors
CALPINE CORP: Fitch Says Plan Shows Expanded Value of Power Assets
CALPINE CORP: Rosetta Says Assets Were Bought at Fair Market Value
CANWEST MEDIAWORKS: S&P Removes Negative Watch and Lowers Ratings

COLLINS & AIKMAN: Can Sell Three Manufacturing Plants for $10.4MM
COMMUNITY HEALTH: Extends $300 Mil. Notes Pricing Date to July 16
CONTINUUM CARE: Court OKs Sale of 9 Operating Facilities for $12MM
COPA CASINO: Moody's Revises Outlook to Positive form Stable
COUNTRYWIDE HOME: Moody's Rates Class B-1 Certificates at Ba2

CREDIT SUISSE: Fitch Affirms B+ Rating on $9.3 Mil. Class L Certs.
CWABS ASSET-BACKED: Moody's Rates Class B Certificates at Ba1
DAYTON SUPERIOR: S&P Lifts Corporate Credit Rating to B from B-
DELHPI CORP: Moody's Says Deal with UAW-GM is Good for Industry
ECO2 PLASTICS: Posts $6.8 Million Net Loss in Qtr. Ended March 31

ET WATER: Case Summary & 20 Largest Unsecured Creditors
GARRY OWEN: Voluntary Chapter 11 Case Summary
GENERAL MOTORS: Moody's Says Agreement is Good for Auto Industry
GENERAL MOTORS: Offers 0% Financing for 3 Years on Select Vehicles
GINGER EVANS: Case Summary & 18 Largest Unsecured Creditors

GLOBAL POWER: Creditors' Committee Wants to File Competing Plan
GRADY ENTERPRISES: Case Summary & Six Largest Unsecured Creditors
GREAT PANTHER: Posts CDN$3.9 Mil. Net Loss in Qtr. Ended March 31
HAWKS LLC: Case Summary & Largest Unsecured Creditor
IMPERIAL PETROLEUM: Wants to Buy Apollo Oil and Gas Assets

INDYMAC HOME: Moody's Rates Class M-11 Certificates at Ba2
JOAN FABRICS: Files Schedules of Assets and Liabilities
K&F INDUSTRIES: Completed $1.8BB Deal Cues S&P to Withdraw Ratings
KERASOTES SHOWPLACE: S&P Revises Outlook to Stable from Negative
LBI MEDIA: Solid Operating Performance Cues S&P's Positive Outlook

LIFE STYLE: Case Summary & 19 Largest Unsecured Creditors
LUXURY AUTO: Voluntary Chapter 11 Case Summary
MARION JONES: Olympic Sprinter Claims She is Broke
MITEL NETWORKS: April 30 Balance Sheet Upside-Down by $202.6 Mil.
MKP CBO I: Moody's Junks Rating Class A-IL Floating Rate Notes

NEW HORIZONS: Dec. 31 Balance Sheet Upside-Down by $4.7 Million
NEWCASTLE CDO: Note Redemption Prompts S&P to Withdraw Ratings
NORTHCORE TECH: March 31 Balance Sheet Upside-Down by CDN$2.6 Mil.
NORTHWESTERN CORP: S&P Retains Negative Watch on BB+ Credit Rating
OLDE DOMINION: Hires Stanton & Associates as Bankruptcy Counsel

OMI CORP: $2.2 Bil. Teekay Deal Prompts S&P to Withdraw Ratings
ONEIDA LTD: Moody's Rates Corporate Family Rating at B3
OPTI CANADA: Moody's Rates Pending $750 Mil. Senior Notes at B1
ORTHOMETRIX INC: March 31 Balance Sheet Upside-Down by $2.2 Mil.
OUR LADY'S: Voluntary Chapter 11 Case Summary

PEOPLE'S CHOICE: Poor Credit Support Cues S&P to Lower Ratings
PLEASANT CARE: Taps Hunter Richey as Special Regulatory Counsel
PLUM CREEK: Moody's Revises Outlook to Positive from Stable
PUBLICARD INC: Court Fixes July 23 as Claims Filing Deadline
RITCHIE (IRELAND): Section 341(a) Meeting Set for August 3

RJ FRITZ: 8 Hooters Franchises Close as Liquidation Measures Begin
SAI HOLDINGS: Court Approves DoveBid as Auctioneer
SAI HOLDINGS: Exclusive Period Extension Hearing Set on July 18
SECURUS TECH: Stable Financial Leverage Cues S&P to Affirm Ratings
SECURUS TECH: Moody's Affirms Corporate Family Rating at B3

SIERRA PACIFIC: Fitch Affirms Ratings and Revises Outlook to Pos.
SIERRA PACIFIC: S&P Affirms BB- Rating and Revises Outlook to Pos.
SOLERA HOLDINGS: Posts $9.6 Mil. Net Loss in Qtr. Ended March 31
SUPRESTA LLC: Israel Chemicals Deal Cues Moody's Ratings Review
SYNIVERSE TECHNOLOGIES: To Raise $489 Million of Credit Facilities

SYNIVERSE TECH: Moody's Rates $489 Million Debt Facilities at Ba2
TRIAD HOSPITALS: Extends Senior Notes Pricing Date Until July 16
TRITON CBO: Moody's Lifts Rating on Class A-3 Floating Rate Notes
TWEETER HOME: Discloses Two Stalking Horse Bids for Assets
VELO ACQUISITION: Moody's Puts Corporate Family Rating at B2

VERTRUE INC: Moody's Retains Review on Low-B Ratings
VIRAGEN INC: Halts Development of Avian Transgenic Technology
WASHINGTON MUTUAL: Fitch Puts B Rating Negative Watch
WASHINGTON MUTUAL: Fitch Affirms BB Rating on Class M-11 Certs.
WEBB MTN: Voluntary Chapter 11 Case Summary

WELLCARE HEALTH: Moody's Places Ba3 Debt Rating under Review
WESTERN OIL: Closes New $805 Million Revolving Credit Facility
WINSTAR COMMS: U.S. Trustee Objects to Credit Suisse Settlement
WINSTAR COMMS: Court Okays Citicorp Industrial Settlement Pact
YUKOS OIL: PwC Criticized for Withdrawing Financial Audits

YUKOS OIL: Rosneft Wants to Buy Assets from Unitex and Prana

* Upcoming Meetings, Conferences and Seminars

                             *********

ACIES CORPORATION: March 31 Balance Sheet Upside-Down by $587,284
-----------------------------------------------------------------
Acies Corporation's balance sheet as of March 31, 2007, showed
total assets of $1,233,061 and total liabilities of $1,820,345,
resulting in total stockholders' deficit of $587,284.  Also, at
March 31, 2007, the company listed total accumulated deficit of
$5,447,035.

The company had strained liquidity with total current assets of
$1,029,567 available to pay total current liabilities of
$1,708,503 as of March 31, 2007.

                 Highlights for Fiscal Year 2007

     -- Revenues increased 32% to $11,823,326, up from $8,979,849.

     -- Gross margin was $1,169,010, as compared with $1,387,804,
        decreasing as a result of greater pricing pressure in
        certain merchant industries, and a greater proportion of
        business sourced through the lower-margin indirect sales
        channel.

     -- Corporate expenses totaled $2,272,653, including non-cash
        charges for option expense and restricted stock of
        $347,273, which represented 19.2% of revenues, compared
        to corporate expenses of $2,265,685, including non-cash
        charges for restricted stock expense of $82,500, which
        represented 25.2% of revenues.

     -- Net loss increased to $1,130,717, from a loss of $903,310.
        The increase was due principally to the decreased gross
        margin and increased interest expense.

     -- Secured $2 million line of credit, of which $363,154 was
        the outstanding principal amount as of March 31, 2007.

A full-text copy of the company's fiscal 2007 report is available
for free at http://ResearchArchives.com/t/s?212d

Oleg Firer, president and chief executive officer of Acies,
commented, "Fiscal 2007 was a year of transition, challenges and
continued growth for Acies.  Revenues have continued to grow,
even as we went through a series of changes in the leadership of
our sales function, and faced a more competitive payment
processing landscape with limited resources to invest in
marketing.  

"Beginning in November 2006, we were able to draw upon
a new credit facility and, in the final weeks of the fiscal year,
we hired a new senior vice president of sales and marketing to
bring stability and experience to that most critical area.  

"I am optimistic that we will resume rapidly growing our recurring
revenue base, with a greater proportion of new business generated
by direct sales, which in combination with continued expense
control, will push us forward to achieve profitability."  

Mr. Firer added, "Having gained deeper understanding and
expertise relating to industry-specific needs, and an expanded
suite of state-of-the-art services and products, Acies is well on
its way to becoming a premier provider of comprehensive payment
processing solutions to small- to medium-size merchants across
the country."

                     About Acies Corporation

Headquartered in New York City, Acies Corporation (OTCBB: ACIE) --
http://www.aciesinc.com/-- is a business services company that,  
through its wholly owned subsidiary, Acies Inc., provides payment
processing services primarily to small- to medium-sized merchants
across the United States.  Acies' payment processing services
enable merchants to process Credit, Debit, Electronic Benefit
Transfer, Check Conversion, and Gift & Loyalty transactions.  
Acies also offers traditional and next-generation point-of-sale
terminals, which enable merchants to utilize Acies' payment
processing services.


AEROFLEX INC: Moody's Rates Corporate Family Rating at B3
---------------------------------------------------------
Moody's Investors Service assigned first-time ratings to Aeroflex
Incorporated (corporate family rating of B3 and speculative grade
liquidity rating of SGL-2) and a positive outlook.

A newly formed entity, AX Holding Corp., will acquire all of the
outstanding shares of Aeroflex, a publicly traded microelectronics
and test and measurement provider that will continue as a private
company.  

Net proceeds from the $500 million first lien term loan and
$60 million first lien revolver together with $370 million senior
subordinated notes will be used to finance Aeroflex's
$1.242 billion buyout in a highly leveraged transaction.  

The buyout, which is subject to shareholder approval, also
consists of a $372 million cash equity investment from a
consortium of private equity sponsors (Veritas Capital, Golden
Gate Capital and GS Direct).  

The assigned ratings are subject to review of final documentation
and no material change in the terms and conditions of the
transaction as advised to Moody's.

The B3 corporate family rating reflects the company's:

    * very high financial leverage of 7.3x debt/normalized EBITDA
      and weak credit protection measures following the leveraged
      buyout;

    * modest footprint and limited asset protection from a small
      base of pro forma tangible assets;

    * potentially increasing competition longer-term from larger
      and well capitalized companies;

    * exposure to aerospace and defense electronics end markets,
      which could experience changes in procurement policies or
      the types of products sourced by the government; and

    * historic money losing radar unit and break even synthetic
      test business.

The rating also takes into account Moody's hybrid security
treatment for the $372 million of sponsor preferred equity in
which 25% of the preferred stock is treated as debt-like and 75%
is treated as equity-like.  As such, Moody's adjustments
incorporate the commensurate increase in debt, equity and interest
expense on Aeroflex's balance sheet and income statement.

The rating also considers Aeroflex's leading market position as
the primary or sole source provider in niche markets, strong
intellectual property portfolio with proprietary technology,
highly visible and diversified revenue base with no specific
defense platform exposure, relatively stable competitive
landscape, mission-critical nature of its products with high
switching costs resulting in stable gross margins approaching 50%
and consistent operating profitability and positive free cash flow
generation.  

The B3 CFR also considers Moody's expectation that Aeroflex's
operating performance will benefit from a broadening of
applications from existing technologies, the secular outsourcing
trend from primary contractors and increasing dollar content as
the company moves up the value chain in the satellite and medical
platforms.

Aeroflex is expected to be moderately free cash flow positive over
the near term.  As such, Moody's does not expect the company to
substantially repay debt over the next 12 months.  

Nonetheless, the positive outlook reflects the potential for
moderate improvement in financial leverage and interest coverage
metrics based on improved visibility into fiscal 2008 revenues.  
This is anticipated to be driven by Aeroflex's strong market
position, "designed-in" chips and testing applications with long
life cycles, relatively stable operating cash flows even during
recessionary episodes, fabless semiconductor business model and
attractive industry dynamics, offset by the money losing radar
business and potentially increasing competition.

The ratings for the first lien facility and the subordinated notes
reflect both the overall probability of default of the company, to
which Moody's assigns a PDR of B3, and a loss given default of
LGD-2 for the first lien and LGD-5 for the subordinated notes.  

The B1 rating of the first lien senior secured credit facility
reflects its senior position in Aeroflex's capital structure, full
guarantees of existing and future wholly-owned domestic
subsidiaries, an all asset pledge, and a significant amount of
junior debt and other unsecured obligations such as leases in the
capital structure.  

The Caa2 rating of the subordinated notes reflects their
contractual subordination to all first lien senior secured
creditors and full guarantees of existing and future wholly-owned
domestic subsidiaries on an unsecured basis.

These first time ratings were assigned:

-- Corporate Family Rating -- B3
-- Probability of Default Rating -- B3

-- $60 Million Senior Secured First Lien Revolver due 2013 --
    B1 (LGD-2, 27%)

-- $500 Million Senior Secured First Lien Term Loan due 2014 --
    B1 (LGD-2, 27%)

-- $370 Million Senior Subordinated Notes due 2017 -- Caa2 (LGD-
    5, 83%)

-- Speculative Grade Liquidity Rating - SGL-2

The ratings outlook is positive.

Headquartered in Plainview, NY, Aeroflex Inc. is a specialty
provider of microelectronics and test and measurement products to
the aerospace, defense, wireless, broadband and medical markets.
For the twelve months ended March 31, 2007, revenues were
$577 million.


AMRESCO COMM: Fitch Affirms B- Rating on $2.4 Mil. Class K Certs.
-----------------------------------------------------------------
Fitch Ratings has affirmed AMRESCO Commercial Mortgage Funding I
Corp.'s, mortgage pass-through certificates, series 1997-C1, as:

    -- Interest-only class X at 'AAA';
    -- $2.6 million class G at 'AAA';
    -- $4.8 million class H at 'A+';
    -- $7.2 million class J at 'BB+';
    -- $2.4 million class K at 'B-'.

Fitch does not rate the $8.4 million class L certificates.  
Classes A-1, A-2, A-3, B, C, D, E and F have paid in full.

Although credit enhancement is increasing, affirmations are
warranted due to concerns with four of the remaining five loans.

As of the June 2007 distribution date, the pool's aggregate
principal balance has been reduced 95% to $25.4 million from
$480.1 million at issuance.

The largest loan of concern (28.9%) is collateralized by a
healthcare center in Brooklyn, New York.  The loan is current and
occupancy is 92%, but the servicer reported debt service coverage
ratio is consistently below 1x.

Additionally, there are three assets (62.4%) in special servicing
with expected losses.  The largest specially serviced asset
(28.6%) is a real estate owned multifamily property located 17
miles from the Atlanta, Georgia, central business district.
Current occupancy is 89% and the special servicer is actively
marketing the property for sale.

The next specially serviced asset (21.1%) is an office building in
Burnsville, Minnesota, that recently transferred due to the loan
not paying off on its May 2007 scheduled maturity date.  The year-
end 2006 occupancy was 88.3%.

Finally, the third largest specially serviced asset (12.5%) is an
REO industrial property in Leonminster, Massachusetts.  The
property is 100% vacant and is listed for sale.


ANN-LEE CONSTRUCTION: Exclusive Plan Filing Period Set to Sept. 19
------------------------------------------------------------------
The Honorable Jeffery A. Deller of the United Sates Bankruptcy
Court for the Western District of Pennsylvania extended Ann-Lee
Construction and Supply Company Inc.'s exclusive period to file a
Chapter 11 Plan of Reorganization to Sept. 19, 2007.

The Debtor's exclusive period expired on June 19, 2007.

As reported in the Troubled Company Reporter on June 11, 2007, the
Debtor disclosed that it will be unable to file a viable plan by
the June 19 deadline despite its full compliance with all
Chapter 11 operating guidelines, including the timely filing of
all monthly financial reports and payment of all U.S. Trustee
quarterly fees.

Based in Saltsburg, Pennsylvania, Ann-Lee Construction and
Supply Company, Inc. offers construction consulting & management
services.  The company filed for Chapter 11 protection on
Jan. 11, 2007 (Bankr. W.D. Pa. Case No. 07-20226).  Michael J.
Henny, Esq. and Joseph V. Luvara, Esq. represent the Debtor in its
restructuring efforts.  Kirk B. Burkley, Esq., at Bernstein Law
Firm PC, represents the Official Committee of Unsecured Creditors.
When the Debtor filed for protection from its creditors, it listed
estimated assets and debts of $1 million to $100 million.


BEA CBO: S&P Puts Default Rating on Class A-3 Notes
---------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the class
A-3 notes issued by BEA CBO 1998-1 Ltd., a high-yield CBO
transaction originated in 1998, to 'D' from 'CC'.  
     
The downgrade reflects factors that have negatively affected the
credit enhancement available to support the A-3 notes since the
September 2002 rating action.  As of the June 4, 2007, trustee
report, the $10.325 million worth of collateral in the portfolio
yielded an overcollateralization ratio of 33.24% for the class A-3
notes.  The existing collateral in this transaction will be
inadequate to pay down the remaining balance of the A-3 notes.

   
                            Rating Lowered
    
                          BEA CBO 1998-1 Ltd.

                                 Rating
                                 ------
                   Class      To      From   Balance
                   -----      --      -----  -------
                    A-3        D       CC   $26,000,000


BOMBAY COMPANY: NYSE Intends to Suspend Stock Trading on June 28
----------------------------------------------------------------
The Bombay Company Inc. was notified by the New York Stock
Exchange that the NYSE intends to suspend Bombay's common stock
prior to the opening on June 28, 2007, and that the NYSE will
initiate delisting procedures.

The action is being taken in view of the fact that the company did
not meet the NYSE continued listing standard regarding the average
closing price of its common stock of not less than $1 over a
consecutive 30 trading day period, as well as the requirement for
average global market capitalization over a consecutive 30 trading
day period of not less than $75 million and stockholders' equity
of not less than $75 million.

On May 24, 2007 the company disclosed it had received notices from
the NYSE on May 18, 2007, and May 22, 2007, that it was not in
compliance with the NYSE continued listing requirements.

                       About Bombay Company

Headquartered in Fort Worth, Texas, The Bombay Company, Inc.
(NYSE: BBA) --  http://www.bombaycompany.com/-- designs, sources,   
and markets home furnishings, wall decor products, and decorative
accessories in the U.S. and Canada.  The company offers a range of  
furniture that include both wood and metal furniture for bedrooms,  
home offices, dining rooms, and living rooms, as well as  
occasional furniture that comprises wood and metal hall tables,  
end and coffee tables, plant stands, and other small accent tables  
and curios.

                      Going Concern Doubt

PricewaterhouseCoopers LLP, in Fort Worth, Texas, raised
substantial doubt about The Bombay Company Inc.'s ability to
continue as a going concern after auditing the company's financial
statements for the years ended Feb. 3, 2007, Jan. 28, 2006, and
Jan. 29, 2005.  The auditor pointed to the company's operating
losses, negative cash flows, and accumulated deficit.


BONNIE TILE: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Bonnie Tile Corporation
        3308 West 45th Street
        West Palm Beach, FL 33407

Bankruptcy Case No.: 07-14899

Type of Business: The Debtor imports and retails marble tiles.

Chapter 11 Petition Date: June 25, 2007

Court: Southern District of Florida (West Palm Beach)

Judge: Paul G. Hyman Jr.

Debtor's Counsel: Julianne R. Frank, Esq.
                  11380 Prosperity Farms Road, Suite 114
                  Palm Beach Gardens, FL 33410
                  Tel: (561) 626-4700
                  Fax: (561) 627-9479

Estimated Assets: $100,000 to $1 Million

Estimated Debts:  $1 Million to $100 Million

Debtor's List of its 20 Largest Unsecured Creditors:

   Entity                        Nature Of Claim      Claim Amount
   ------                        ---------------      ------------
Unicom S.R.L.                    Inventory                $311,362
Via Flumedosa, 7
41042 Fiorano Modenese (MO)
Italy

Bank Atlantic                    Secured Bank Loan        $292,735
2100 West Cypress Creek Road
Fort Lauderdale, FL 33309

Department of Revenue            Sales & Use Tax          $257,918
State of Florida
Bankruptcy Section
P.O. Box 6668
Tallahassee, FL 33318

GE Capital Transleasing          Secured Bank Loan        $187,430

Advanced Insurance Underwriters  Trade Debt               $154,783

Cerypsa Ceramic SA               Inventory                $139,568

Trans Union America Inc.         Trade Debt               $125,215

Palm Beach County                2006 Tangible Taxes      $110,761
Tax Collector

Bonsal American                  Inventory                 $92,998

Cecrisa Revestimentos SA         Inventory                 $85,715

Ibero Alcorense                  Inventory                 $80,124

ABK Group Industries             Inventory                 $72,386

Alcorense USA Inc.               Inventory                 $71,408

EPC America                      Inventory                 $63,872

American Express                 Credit Card               $58,955

International Wholesale          Inventory                 $57,677
Tile, Inc.

Keraben, S.A.                    Inventory                 $52,824

Orchid Ceramics                  Inventory                 $47,616

Xiamen Xingsha Trade Co.         Inventory                 $46,945

Custom Building Prod. Inc.       Inventory                 $44,208


CALPINE CORP: Fitch Says Plan Shows Expanded Value of Power Assets
------------------------------------------------------------------
Fitch Ratings notes that the Calpine Corp.'s plan of
reorganization and disclosure statements filed on June 20, 2007
indicate that Calpine has entered the final stages of its
reorganization process.

The Plan confirmation deadline is Aug. 20, 2007, marking the end
of the debtor's 18-month exclusivity period.  If claimants vote to
approve the POR by the exclusivity deadline, then Calpine should
emerge from bankruptcy on or about Dec. 31, 2007.  On the other
hand, delays which cause loss of exclusivity could potentially
complicate the process by inviting other plan proposals.

Under the plan, the company has proposed that $8 billion
(expandable up to $10 billion through an accordion feature) in
exit financing would be used to take out $5 billion of debtor-in-
possession financing (potentially expanded up to $7 billion
through exercise of an accordion feature).  Under Calpine's plan,
the company would furthermore emerge with a total of $11 billion
of debt.

The enterprise value in the plan indicates a reorganized Calpine
will have a mid-point reorganization value of $21.7 billion
(comprising estimated enterprise value of $20.3 billion plus
estimated distributable cash of $1.4 billion).  Calpine noted that
allowed claims will range from $20.1 billion to $22.3 billion.
According to the POR, through asset sales, operating improvements
and the proposed exit financing, Calpine's DIP lenders and its
pre-petition first lien and second lien creditors would realize
100% recovery on their allowed claims (in cash).  General
unsecured creditors would recover between 91% and 100% of their
allowed claim amount (in the form of New Calpine common stock).  
Existing holders of Calpine's equity and subordinated debt are
likely to be significantly impaired if the court approves this
proposed valuation.

The current unsecured recovery range of $0.91-$1.00 estimated in
the POR represents a sharp increase in value since January 2006,
when Calpine's credit default swaps were cash settled in an
auction for $0.19125/$1.00.  In retrospect, sellers of default
protection would have been better served to hold onto the
securities.  Fitch published a mid-point senior unsecured recovery
estimate of $0.21/$1.00 in December 2005, consistent with the
value established in the CDS auction a month later.

The CDS auction price and Fitch recovery estimate were based on
the then existing distressed market values for gas-fired wholesale
generation assets and then current assumptions for future capacity
reserve margins, new capacity additions, forward natural gas
prices, etc.  Also, Fitch's recovery valuations incorporate
relatively conservative valuation multiples or discount rates, and
never presume an expansion of multiples (or lowering of market
discount rates) over the course of a bankruptcy proceeding.

The dramatic increase in Calpine's estimated recovery values in
the 18 months since the company filed for bankruptcy protection
illustrate the volatile and cyclical character of asset valuations
in the wholesale power market.  Changes in capacity and load,
regional fuel mix, natural gas prices, environmental regulation,
asset replacement costs and the capital market's appetite for
financing and ownership of power assets exert a profound influence
on the values of wholesale generation companies.  Also, during the
course of the bankruptcy, management proactively rationalized
assets, streamlined operations, and reduced and refinanced debt.

Fitch has published a commentary on the factors that resulted in
changes in recovery value over the past 18 months, including
swings in natural gas prices, tightening generation capacity
reserve margins in U.S. power markets, expectations of more
stringent environmental standards and carbon constraints in
future, inflation in the replacement costs of Calpine's
facilities, and extremely liquid capital market conditions
affecting investor discount rates and valuation multiples.

                     About Calpine Corporation

Based 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.


CALPINE CORP: Rosetta Says Assets Were Bought at Fair Market Value
------------------------------------------------------------------
Rosetta Resources Inc. has stated that the assertions made by
Calpine Corporation in its disclosure statement proposed with its
recently filed reorganization plan in regard to the 2005 Rosetta
transaction are misleading, incorrect and wholly unsupportable.

                    Rosetta-Calpine Deal

In their Disclosure Statement filed with the U.S. Bankruptcy Court
for the Southern District of New York, the Debtors related that
they conducted in-depth analysis of the value of the assets
conveyed in the Rosetta Purchase and Sale Agreement, as well as
the facts and circumstances surrounding the transaction.

The Debtors, on July 7, 2005, entered into a purchase and sale
agreement to sell substantially all of their remaining domestic
oil and gas assets, other than certain gas pipeline assets, to
Rosetta.

As a result of the investigation on the purchase and sale
agreement, the Debtors reveal that they have a valid claim under
Sections 548 and 550 of the Bankruptcy Code to avoid the said
transaction.  The Debtors say that as remedy, they plan to obtain
from Rosetta return of the assets conveyed or their equivalent
value.

The Debtors also concluded that the transaction with Rosetta was
not done at arms length and the price obtained was substantially
below fair market value

                    Rosetta's Contention

Rosetta Resources is confident that Calpine received full and fair
value for the purchased assets and that Rosetta will prevail in
any related litigation.

Rosetta believes that there is no basis in law or fact for
Calpine's assertion that it can recover additional amounts from
Rosetta with respect to its 2005 purchase of Calpine's remaining
oil and gas assets.  Moreover, Rosetta believes that Calpine's
recent assertions regarding its "in-depth" analysis following its
bankruptcy and conclusions regarding value are seriously flawed
and are inconsistent with economic reality in the oil and gas
industry.

In response to Calpine's unsupported conclusions, Rosetta stresses
that it understands Calpine weighed and considered alternatives
with respect to these oil and gas assets before electing to
proceed with the 2005 Rosetta transaction at the price Calpine
established.  Rosetta also understands Calpine received one or
more competing offers from third parties before agreeing to the
sale to Rosetta.

More specifically, Rosetta believes that:

   * Calpine received fair value in the transaction, and Rosetta
     is confident it will prevail in any lawsuit.  In addition to
     $1.05 billion in gross cash proceeds, Rosetta provided other
     substantial and valuable consideration to Calpine under the
     Rosetta transaction documents, in purchasing Calpine's
     remaining oil and gas assets.

   * Contrary to the inferences in Calpine's reorganization plan,
     there is no reason to believe the Calpine board of directors
     did not, in fact, carefully review the transaction and
     properly exercise their duty of care under Delaware law,
     relying in part upon the fairness opinion of Deutsche Bank,
     in determining that the price paid by Rosetta was fair from a
     financial point of view to Calpine.  Rosetta notes that while
     Calpine's plan preserved its purported claims against
     Rosetta, it provides for the release of Calpine's board
     members, officers, and professionals from any claims relating
     to their involvement in reviewing and approving the Rosetta
     transaction.

   * There is no basis for Calpine's unsupported assertion that
     the Deutsche Bank fairness opinion presented to Calpine's
     board was somehow flawed or rendered without sufficient
     information.

In fact, the sale to Rosetta was a culmination of Calpine's
program to dispose of non-core assets, including its oil and gas
business.  Specifically, over a three-year period, Calpine's
senior management and board of directors executed its announced
asset-optimization plan to sell its oil and gas assets. In those
three years leading up to the sale to Rosetta, Calpine concluded
multiple transactions in which it sold significant oil and gas
assets located in Canada, Colorado, Texas and New Mexico.

The Rosetta transaction was structured and the process was
controlled by non-conflicted senior management of Calpine
Corporation and, Rosetta contends, then fully considered and
approved by Calpine's board.  Calpine's management and board of
directors, advised by lawyers from the firms of Pillsbury Winthrop
Shaw Pittman LLP and Covington & Burling LLP, had valuations from
Goldman Sachs and an alternative proposal by Merrill Lynch, in
addition to the Deutsche Bank fairness opinion, when it approved
the sale to Rosetta.  The then-board for Calpine included its
current chairman, who possesses years of oil and gas experience at
Chevron including a period during which he served as chairman, and
two current board members.

Rosetta said that it will take all necessary action and vigorously
assert its defenses to ensure that its rights and those of its
shareholders are protected, and will fully contest any legal
action commenced by Calpine, and Rosetta is confident it will be
successful in any legal action.

                      About Rosetta Resources

Based in Houston, Texas, Rosetta Resources Inc. (Nasdaq:ROSE) --
http://www.rosettaresources.com/-- is an independent oil and gas  
company engaged in acquisition, exploration, development and
production of oil and gas properties in North America.  The
company's operations are concentrated in the Sacramento Basin of
California, South Texas, the Gulf of Mexico and the Rocky
Mountains.

                     About Calpine Corporation

Based 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.


CANWEST MEDIAWORKS: S&P Removes Negative Watch and Lowers Ratings
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on
Winnipeg, Manitoba-based CanWest MediaWorks Inc., including the
long-term corporate credit rating to 'B' from 'B+'.

At the same time, the ratings on CanWest MediaWorks were removed
from CreditWatch with negative implications, where they were
placed Jan. 10, 2007, following the announcement by CanWest Global
Communications Corp., the parent of CanWest MediaWorks; Alliance
Atlantis Communications Inc. (BB/Watch Neg/--); and GS Capital
Partners VI LP, a private equity affiliate of Goldman, Sachs &
Co.; that a new acquisition company, formed by CanWest and GSCP,
had entered into an arrangement agreement with Alliance Atlantis
to acquire all of Alliance Atlantis' voting and nonvoting shares.  
The outlook is stable.
     
In addition, Standard & Poor's assigned ratings to CanWest
MediaWorks' wholly owned subsidiary, CanWest MediaWorks Limited
Partnership.  S&P assigned a 'BB-' bank loan rating, with a
recovery rating of '1', to CanWest LP's proposed CDN $950 million
senior secured bank loan.  The '1' recovery rating indicates an
expectation of very high (90%-100%) recovery of principal in the
event of a payment default.  S&P also assigned a 'CCC+' debt
rating to its proposed $650 million senior subordinated notes due
2017.

"The downgrade reflects CanWest MediaWorks weaker financial risk
profile resulting from the proposed debt-financed privatization of
CanWest LP and closing of the Alliance Atlantis transaction," said
Standard & Poor's credit analyst Lori Harris.
     
The stable outlook reflects Standard & Poor's expectations that
CanWest MediaWorks will maintain its solid market positions in
publishing and broadcasting, and that the company's operating
performance will improve modestly in the medium term.  In
addition, the company is expected to restore credit ratios to
levels in line with the ratings.  The outlook could be changed to
negative should there be a material weakness in business
operations or credit measures.  Furthermore, ratings could be
pressured by the higher debt leverage that could result from an
increase in the company's investment in the Alliance Atlantis
broadcast business.  The outlook could be revised to positive
should credit measures show meaningful improvement.


COLLINS & AIKMAN: Can Sell Three Manufacturing Plants for $10.4MM
-----------------------------------------------------------------
The Honorable Steven W. Rhodes of the U.S. Bankruptcy Court for
the Eastern District of Michigan, last Thursday, gave authority to
Collins & Aikman Corp. and its debtor-affiliates to sell three
manufacturing plants to Flex-N-Gate Corp. for $10.4 million, the
Associated Press reports.

The report relates that the plants manufacture parts for
DaimlerChrysler AG and are located at Evart, Michigan; Belvidere,
Illinois; and St. Louis.

According to the report, Judge Rhodes gave his nod on the sale
without having to undergo an auction.

The Debtors had requested for a speedy sale citing that
DaimlerChrysler had also given the purchase contracts to Urbana,
Illinois-based Flex-N-Gate.

The United Auto Workers union had objected to the sale after
Flex-N-Gate said that it won't assume existing labor pacts for the
Belvidere and St. Louis plants, the report adds.

                    About Collins & Aikman

Based in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in
cockpit modules and automotive floor and acoustic systems and is
a leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world.

The Company and its debtor-affiliates filed for chapter 11
protection on May 17, 2005 (Bankr. E.D. Mich. Case No. 05-55927).  
Richard M. Cieri, Esq., at Kirkland & Ellis LLP, represents C&A in
its restructuring.  Lazard Freres & Co., LLC, provides the Debtor
with investment banking services.  Michael S. Stammer, Esq., at
Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors Committee.  When the Debtors
filed for protection from their creditors, they listed
$3,196,700,000 in total assets and $2,856,600,000 in total debts.

On Aug. 30, 2006, the Debtors filed their Chapter 11 Plan and
Disclosure Statement.  On Dec. 22, 2006, they filed an Amended
Joint Chapter 11 Plan.  The Court approved the adequacy of the
Amended Disclosure Statement.  The Court has adjourned the hearing
to consider confirmation of the Amended Joint Plan to July 12,
2007.


COMMUNITY HEALTH: Extends $300 Mil. Notes Pricing Date to July 16
-----------------------------------------------------------------
Community Health Systems Inc. is extending the price determination
date of its $300 million aggregate principal amount of 6-1/2%
senior subordinated notes due 2012 from 10 a.m., New York City
time, on June 25, 2007, to 10 a.m., New York City time, on
July 16, 2007.

At the same time, the company is extending the expiration date of
the senior notes offering from 12 midnight, New York City time, on
July 10, 2007, to 12 midnight, New York City time, on July 30,
2007.

Holders who have previously tendered notes do not need to re-
tender their notes or take any other action in response to these
extensions.

As of 7 a.m., New York City time, on June 25, 2007, the company
received tenders and consents from holders of about $299.9 million
in aggregate principal amount of the notes, representing about
99.99% of the total outstanding principal amount of the notes.

Notes previously tendered may not be validly withdrawn, except
under very limited circumstances.

Except for the extension of the price determination and expiration
dates, the offer and the tender offer documents remain in full
force and effect and the price determination date for the offer
shall be at least ten business days prior to the expiration date.

The company's obligation to accept for purchase, and to pay for,
notes validly tendered and not withdrawn pursuant to the offer is
subject to the satisfaction or waiver of certain conditions,
including:

     -- the satisfaction of all conditions to the consummation of
        the merger under the previously announced merger agreement
        among the company, Triad Hospitals Inc. and FWCT-1
        Acquisition Corporation;

     -- the company or one of the company's affiliates having
        issued up to $3.365 billion of debt;

     -- the company having sufficient available funds to pay the
        total consideration with respect to all notes and the
        receipt of sufficient consents with respect to the
        proposed amendments to the indenture and the notes.

The company reserves the right to terminate, withdraw or amend the
offer at any time subject to applicable law.

The company has retained Credit Suisse Securities (USA) LLC and
Wachovia Securities to act as dealer managers in connection with
the tender offer and consent solicitation.  

Questions about the tender offer and consent solicitation may be
directed to Credit Suisse at (212) 325-7596 (collect) or Wachovia
Securities at (866) 309-6316 (toll free) or (704) 715-8341
(collect).

Copies of the tender offer documents and other related documents
may be obtained from D.F. King & Co., Inc., the information agent
for the tender offer and consent solicitation, at (800) 769-7666
(toll free) or (212) 269-5550 (collect).

                      About Community Health

Located in the Nashville, Tennessee, suburb of Franklin, Community
Health Systems Inc. (NYSE: CYH) -- http://www.chs.net/-- operates  
general acute care hospitals in non-urban communities throughout
the United States.  Through its subsidiaries, the company
currently owns, leases or operates 80 hospitals in 23 states.  
Its hospitals offer inpatient medical and surgical services,
outpatient treatment and skilled nursing care.

                          *     *     *

As reported in the Troubled Company Reporter on June 6, 2007,
Standard & Poor's Ratings Services said its corporate credit
rating on Community Health Systems Inc. (BB-/Watch Neg/--) remains
on CreditWatch with negative implications, where it was originally
placed on March 20, 2007.


CONTINUUM CARE: Court OKs Sale of 9 Operating Facilities for $12MM
------------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Florida
approved the sale of nine operational Continuum Care Corporation
facilities on June 21, 2007, according to Soneet Kapila, the
Court-appointed Chapter 11 trustee.

Kapila charged accelerated marketing/auction specialist Tranzon
Driggers with selling the operational properties as ongoing
business concerns to either one or several owners, and offering
the closed facilities to prospective buyers as well.

Continuum care owned 11 properties: nine of which were
operational, and two were closed.

Tranzon Driggers, in Ocala, Florida, managed the successful
sealed-bid May 30 auction of all operational facilities in tandem
with the North Virginia office of Tranzon Fox.  Both are member
companies of Tranzon, LLC, a nationwide group of accelerated
marketing and auction companies.

"There was more than adequate business justification to sell the
operational facilities as going concerns, which would guarantee
that their value was maximized.  A pre-confirmation sale earlier
this month was warranted as these facilities risked substantial
deterioration in value if an expeditious sale did not occur and
any were forced to close," said Kapila.

According to Stephen Karbelk, CAI, regional president of Tranzon
Fox and the lead project manager on the sale, the court approved
the highest bidders from the May 30 sealed-bid auction.  The nine
operating facilities were purchased by four different bidders for
an aggregate price of $12,060,000.  The closings are expected to
occur by next month's end.

"We were pleased with the results," said Karbelk.  "The facilities
are being purchased by experienced operators who are ready to make
all of these properties the best they can be."

                      About Continuum Care

Based in West Palm Beach, Florida, Continuum Care Corporation is a
non-profit group that operates skilled nursing care facilities in
Florida, Tennessee, North Carolina, and Maryland.  The Debtor
filed for Chapter 11 protection on Oct. 8, 2004 (Bankr. S.D. Fla.
Case No. 04-34652).  Craig I. Kelley, Esq. has represented the
Debtor in its restructuring efforts.


COPA CASINO: Moody's Revises Outlook to Positive form Stable
------------------------------------------------------------
Moody's Investors Service changed the rating outlook of Copa
Casino of Mississippi, LLC to positive from stable.  CCM's
Corporate Family Rating of B3 and bank facility ratings of B3,
LGD-3, 34% are affirmed.  The outlook change to positive reflects
the successful opening of the Island View Casino Resort in
September 2006 and the casino expansion in May 2007, as well as
operating performance that has exceeded Moody's expectations.

Margins and returns have exceeded projected levels since opening
which is expected to result in debt to EBITDA between 4.5 - 5.0x
in 2007.  Upward rating action will depend upon the completion of
the parking garage and other miscellaneous construction items,
continued operating performance at or above current levels, CCM's
ability to absorb the opening of Hard Rock Biloxi in July 2007
without material impact to its operating performance, and the
scope and timing of any potential expansion plans.

CCM is a privately held company.  CCM owns approximately 73% of
Gulfside Casino Partnership d/b/a Island View Casino Resort (the
former Grand Casino Gulfport) located in Gulfport, Mississippi.
The other 27% of Gulfside is owned by Gulfside Casino, Inc.  Both
GCI and CCM are owned by the project sponsors, Terry Green and
Rick Carter.  The Island View Casino Resort is comprised of 2,090
slot machines, 47 table games and a 562 room hotel.  Island View
Casino recently opened an Emeril Lagasse restaurant - Emeril's
Gulf Coast Fish House and is expected to complete and open a new
multi-level parking garage by early July 2007.


COUNTRYWIDE HOME: Moody's Rates Class B-1 Certificates at Ba2
-------------------------------------------------------------
Moody's Investors Service assigned an Aaa rating to the senior
certificates issued by Alternative Loan Trust 2007-AL1 and ratings
ranging from Aa1 to Ba2 to the mezzanine and subordinate
certificates in the deal.

The securitization is backed by first lien adjustable-rate, Alt-A
residential mortgage loans originated by Alliance Bancorp (72.50%)
and Alliance Bancorp Inc. (27.50%).  The ratings are based
primarily on the credit quality of the loans and on protection
against credit losses by subordination.  Moody's expects
collateral losses to range from 2.35% to 2.55%.

Countrywide Home Loans Servicing LP will act as master servicer to
the mortgage loans.

The complete rating actions are:

Alternative Loan Trust 2007-AL1

Mortgage Pass-Through Certificates, Series 2007-AL1

-- Cl. A-1, Assigned Aaa
-- Cl. A-2, Assigned Aaa
-- Cl. A-3, Assigned Aaa
-- Cl. X-P, Assigned Aaa
-- Cl. A-R, 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 A3
-- Cl. B-1, Assigned Ba2


CREDIT SUISSE: Fitch Affirms B+ Rating on $9.3 Mil. Class L Certs.
------------------------------------------------------------------
Fitch Ratings affirms Credit Suisse First Boston's commercial
mortgage pass-through certificates, series 2001-CF2, as:

    -- $96.8 million class A-3 at 'AAA';
    -- $523.2 million class A-4 at 'AAA';
    -- Interest only classes A-CP and A-X at 'AAA';
    -- $43.8 million class B at 'AAA';
    -- $49.3 million class C at 'AAA';
    -- $10.9 million class D at 'AAA';
    -- $16.4 million class E at 'AAA';
    -- $18.9 million class F at 'AA-';
    -- $14 million class G at 'A';
    -- $16.4 million class H at 'BBB+';
    -- $21.9 million class J at 'BB';
    -- $8.2 million class K at 'BB-';
    -- $9.3 million class L at 'B+'.

Classes M and N remain at 'CCC/DR3' and 'C/DR6', respectively.
Class O has been depleted by realized losses and Fitch does not
rate the $1 million class RA certificates.  Classes A-1 and A-2
have paid in full.

Although the deal benefits from additional defeasance and pay
down, affirmations are warranted due to concerns surrounding the
four specially serviced loans and the two largest loans in the
pool.  Since the last Fitch rating action the deal has had an
additional 2% paydown and 8% defeasance.  As of the June 2007
distribution date, the pool's aggregate collateral balance has
been reduced 26.8%, to $825.4 million from $1.128 billion at
issuance.  Twenty-three loans (29%) have defeased to date.

Currently, four assets (1.5%) are in special servicing with Fitch-
expected losses on all four.  The largest asset in special
servicing (1.1%) is a real estate owned office property located in
Olivette, MO.  Current occupancy is 95% and the special servicer
is developing a business plan for the asset.  The three other
specially serviced assets in total comprise less than 0.4% and are
located in rural northern Vermont, Bloomington, IL and Tomah, WI.  
Fitch-projected losses on the specially serviced assets are
expected to deplete class N and significantly affect class M.

The two largest loans in the pool are Fitch Loans of Concern. The
first is collateralized by an office property (6.1%) located in
the Philadelphia, PA, central business district.  Current
occupancy is 87.6% and 2006 year-end servicer reported debt
service coverage ratio on net operating income was 0.9 times.  The
second largest loan is an office property (5.34%) located in the
San Francisco Bay area.  The asset is currently 100% occupied but
current rent levels do not support operations.  The servicer
reported 2006 third-quarter DSCR on NOI was 0.7x. Fitch will
closely monitor these two loans and the four specially serviced
loans.


CWABS ASSET-BACKED: Moody's Rates Class B Certificates at Ba1
-------------------------------------------------------------
Moody's Investors Service assigned Aaa rating to the senior
certificates issued by CWABS Asset-Backed Certificates Trust 2007-
9 and ratings ranging from Aa1 to Ba1 to the subordinate
certificates in the deal.

The securitization is backed primarily by fixed rate and
adjustable rate, first lien subprime residential mortgage loans.
The loans were originated by Countrywide Home Loans, Inc. and
acquired by Countrywide Financial Corporation.  The ratings are
based primarily on the credit quality of the loans and on
protection against credit losses provided by a lender paid
mortgage insurance policy issued by Mortgage Guaranty Insurance
Corporation.  The ratings also benefit from subordination, an
interest rate swap agreement, excess interest and
overcollateralization.  Moody's expects collateral losses to range
from 3.65% to 4.15%.

Countrywide Home Loans Servicing LP will act as master servicer.

The complete rating actions are:

CWABS Asset-Backed Certificates Trust 2007-9

Asset-Backed Certificates, Series 2007-9

-- Cl. 1A, Assigned Aaa
-- Cl. 2A1, Assigned Aaa
-- Cl. 2A2, Assigned Aaa
-- Cl. 2A3, Assigned Aaa
-- Cl. 2A4, 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 A3
-- Cl. M-7, Assigned Baa1
-- Cl. M-8, Assigned Baa2
-- Cl. M-9, Assigned Baa3
-- Cl. A-R, Assigned Aaa
-- Cl. B, Assigned Ba1  


DAYTON SUPERIOR: S&P Lifts Corporate Credit Rating to B from B-
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Dayton Superior Corp. to 'B' from 'B-' and raised its
other ratings on the company.  At the same time, S&P removed all
ratings from CreditWatch, where they were placed with positive
implications on June 18, 2007.  The outlook is stable.
     
S&P assigned its 'B' rating to Dayton's proposed $195 million
senior secured first-lien term loan B, with a recovery rating of
'4', indicating the expectation for average (30%-50%) recovery in
the event of a payment default.  S&P also assigned a 'CCC+'
rating, two notches below the corporate credit rating, to the
company's proposed $85 million senior secured second-lien loan
with a recovery rating of '6,' indicating the expectation of
negligible (0% to 10%) recovery in the event of a payment default.
     
The proceeds from the proposed term loans, in addition to
borrowings under a new $130 million revolving credit facility and
excess balance sheet cash, will be used to refinance the company's
existing debt.
     
"The upgrade reflects significant improvement in Dayton Superior's
operating performance and credit measures over the past several
quarters," said Standard & Poor's credit analyst Sean McWhorter.  
"These improvements were supported by good end-market demand for
concrete forming and shoring products, improvement in operating
margins, and a meaningful reduction in debt levels as a result of
the company's December 2006 IPO.  S&P expect that the company's
operating results will continue to benefit from good momentum in
its commercial and infrastructure end markets."
     
Dayton Superior, based in Dayton, Ohio, is a leading manufacturer
and provider of concrete construction products and forming and
shoring equipment.
     
"We could revise the outlook to negative if demand in the
company's commercial end markets deteriorates meaningfully or if
raw material costs escalate appreciably and the company cannot
pass through those increases to customers, resulting in
significant margin compression," Mr. McWhorter said.  "We could
revise the outlook to positive if the company's good operating
performance continues, resulting in lower debt balances and a
strengthened financial profile."


DELHPI CORP: Moody's Says Deal with UAW-GM is Good for Industry
---------------------------------------------------------------
The announcement of a tentative agreement between Delphi
Corporation, the United Automobile Workers, and General Motors
Corporation covering Delphi's labor contract in North America
represents a constructive development in the automotive industry
in North America.  While the specifics of the agreement are not
publicly disclosed, Moody's believes the agreement should help
reposition Delphi with a more competitive cost structure in the
region, facilitate lower cost parts for GM, and remove a near-term
threat to industry production volumes.  However, it is not the
only threat on the horizon.  Moody's does not anticipate any
immediate ratings impact for suppliers or original equipment
manufacturers (Delphi is not a monitored rating).

If ratified by the UAW membership, Delphi would achieve a more
competitive cost structure and become a more viable competitor in
those sectors it has identified as its core focus that have a
continuing U.S. presence.  Through establishing greater certainty
to its labor arrangements, financial valuations of Delphi are
likely to be enhanced and accelerate plans for its emergence from
bankruptcy. Similarly, by establishing a lower cost structure in
its business units, many of which are designated as non-core,
plans to dispose of certain Delphi operations are more likely to
move forward.  Agreements to sell several units have previously
been announced, subject to court approval.

For the broader supplier industry, the announcement also removes a
level of uncertainty.  The risks of disruption to production
volumes of GM and other OEMs from Delphi related issues should
ease assuming the tentative agreement were approved by Delphi's
UAW membership.  However, the converse would also be true if the
agreement was not ratified.  Moreover, labor contracts between the
UAW and the Big Three are set to expire on September 14, 2007, and
negotiations for a new contract have yet to formally begin. In the
short term, should those negotiations be unfruitful and result in
work stoppages, OEM production could be disrupted and adversely
affect the broader supply chain.  In the long term, the terms and
conditions of a new master agreement are a critical factor to the
structural competitiveness and financial viability of the Big
Three.

The proposed agreement is a constructive development for General
Motors in that it lessens the risk of a disruption in component
delivery from its major domestic supplier.  In combination with
the Delphi employee buyouts that have already been funded by GM,
the agreement would also help to narrow the current $2 billion
cost disadvantage that GM incurs on components currently supplied
by Delphi.  Moreover, Moody's believes that any subsidy by GM of
the Delphi-UAW wage package will not be material relative to the
amount of funds already devoted to the employee buyout program and
relative to the OEM's substantial liquidity position.

Notwithstanding these positive developments, the major near-term
challenge facing the Big Three is the need to successfully
negotiate a new UAW contract later this year that afford the U.S.
OEMs material relief in the areas of health care costs and work
rules.  Progress in these areas will be critical to their ability
to establish a more competitive domestic cost structure.

"Ultimately, this agreement coupled with a new master agreement
between the UAW and the OEMs could create a more stable operating
environment for all suppliers and enhance their prospects.  It
also could lead to an increase in merger and acquisition activity
at parts suppliers involving both private equity and strategic
buyers " said Ed Wiest, VP & Senior Analyst at Moody's.  "Of
course, the structure of any transaction would be subject to
market conditions, available financing and would determine the
direction of any rating outcome" he continued.

                     About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908, GM employs about   
280,000 people around the world.  With global manufactures its
cars and trucks in 33 countries.  In 2006, nearly 9.1 million GM
cars and trucks were sold globally under the following brands:
Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn and Vauxhall.  GM's OnStar subsidiary is the
industry leader in vehicle safety, security and information
services.

                       About Delphi Corp.

Headquartered in Troy, Michigan, Delphi Corporation (OTC: DPHIQ)
-- http://www.delphi.com/-- is the single largest global supplier   
of vehicle electronics, transportation components, integrated
systems and modules, and other electronic technology.  The
company's technology and products are present in more than 75
million vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
Mar. 31, 2007, the Debtors' balance sheet showed $11,446,000,000
in total assets and $23,851,000,000 in total debts.  The Debtors'
exclusive plan-filing period expires on July 31, 2007.


ECO2 PLASTICS: Posts $6.8 Million Net Loss in Qtr. Ended March 31
-----------------------------------------------------------------
ECO2 Plastics Inc. reported a net loss of $6,810,000 on revenue of
$99,000 for the first quarter ended March 31, 2007, compared with
a net loss of $2,666,000 on revenue of $37,000 for the same period
ended March 31, 2006.

Cost of goods sold were $174,000 during the three months ended
March 31, 2007, as compared to $26,000 in the three months ended
March 31, 2006.  The plant has begun ramping towards full-scale
operation and as a result, significant volumes of inventory are
consumed for quality testing during this period.  Most of the
tested material is shipped out of the plant at prices
significantly lower than market standard, which has resulted in a
negative gross profit number for the quarter.  
  
Total operating expenses for the three months ended March 31,
2007, approximated $3.3 million compared with $1.6 million in the
comparative prior year period.  Operating expenses increased in
2007 due primarily to increases in general and administrative
expenses, due primarily to non-cash stock-based compensation of
approximately $1.2 million relating to equity awards issuable in
connection with employment agreements entered into with certain
executive officers and related recruiter fees payable in equity
securities, and increases in plant operations and technology
development expenses, offset by decreases in consulting and legal
expenses due to fewer equity based awards to consultants during
2007 as compared to 2006.
  
The company recorded interest expense of approximately
$3.4 million in the three months ended March 31, 2007, as compared
to $114,000 in the three months ended March 31, 2006.  The
increase in interest expense for 2007 as compared to the prior
year is due to increased average borrowings during 2006.
  
The company has approximately $21 million of net operating loss
carry-forwards at Dec. 31, 2006.

At March 31, 2007, the company's consolidated financial statements
showed $9,641,000 in total assets and $10,283,000 in total
liabilities, resulting in a $642,000 total stockholders' deficit.

The company's consolidated balance sheet at March 31, 2007, also
showed strained liquidity with $517,000 in total current assets
available to pay $7,144,000 in total current liabilities.

Full-text copies of the company's consolidated financial
statements for the quarter ended March 31, 2007, are available for
free at http://researcharchives.com/t/s?212b

                        Going Concern Doubt

Salberg & Company P.A., in Boca Raton, Fla., expressed substantial
doubt about ECO2 Plastics Inc.'s ability to continue as a going
concern after auditing the company's consolidated financial
statements for the year ended Dec. 31, 2006.  The auditing firm
reported that the company incurred a net loss of approximately
$20.8 million and used cash for operating activities of
approximately $4.1 million during the year ended Dec. 31, 2006,
and, as of that date, had a working capital deficiency of
approximately $3.2 million and accumulated deficit of
approximately $46.1 million.

                       About ECO2 Plastics

Eco2 Plastics Inc. (OTC BB: ECOO.OB) formerly Itec Environmental
Group Inc., is engaged in the evolving field of plastics materials
recycling.  The company has developed a patent pending process and
system, referred to as the Eco2TM Environmental System.  The
company's first full scale production facility was constructed in
Riverbank, California and is mechanically complete, producing
saleable product and ramping up to full scale operations.


ET WATER: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------
Debtor: ET Water Systems, LLC
        100 Tamal Plaza, Suite 50
        Corte Madera, CA 94925

Bankruptcy Case No.: 07-10747

Type of Business: The Debtor produces irrigation control systems
                  that combine state-of-the-art horticulture
                  science and proprietary web-based technology to
                  automate the scheduling of sprinkler and drip
                  irrigation for commercial, municipal and
                  residential landscapes.  See
                  http://www.etwater.com/

Chapter 11 Petition Date: June 25, 2007

Court: Northern District of California (Santa Rosa)

Debtor's Counsel: John H. MacConaghy, Esq.
                  MacConaghy and Barnier
                  645 1st Street, W. Suite D
                  Sonoma, CA 95476
                  Tel: (707) 935-3205

Total Assets: $584,943

Total Debts:  $2,631,803

Debtor's List of its 20 Largest Unsecured Creditors:

   Entity                        Nature Of Claim      Claim Amount
   ------                        ---------------      ------------
Western Electronics, LLC         Trade Debt                $87,678
Delta Corporation
5507 Paysphere Circle
Chicago, IL 60674

Stephen Snow                     Technical Services        $72,314
10 Heather Lane
Orinda, CA 94563

Robert Half                      Trade Debt                $20,502
Management Resources
P.O. Box 60000
San Francisco, CA 94160-3484

Gordon A. Stewart                Technical Services        $13,700

AWS Convergence Technologies     Trade Debt                $10,500

Van Pelt, Yi & James, LLP        Trade Debt                 $8,330

Programs Unlimited               Technical Services         $7,462

American Express                 Trade Debt                 $7,074

Jones Schiller & Co., LLP        Trade Debt                 $6,170

Air Desk, Inc.                   Trade Debt                 $5,892

Robert Olson                     Deferred Compensation      $4,167

Nacio Enterprise Solutions       Trade Debt                 $3,980

ACP Interactive LLP              Trade Debt                 $3,945

Katherine Wing                   Miscellaneous Claim        $3,239

Blue Cross of California         Health Insurance           $2,569

Keith Payea                      Trade Debt                 $2,392

Mobile Mark, Inc.                Trade Debt                 $2,028

Salesforce.com                   Trade Debt                 $1,490

Davis, Wright & Termaine, LLP    Professional Fees          $1,112

Ajilon Professional Staffing     Trade Debt                 $1,063


GARRY OWEN: Voluntary Chapter 11 Case Summary
---------------------------------------------
Debtor: Garry Owen II, LLC
        P.O. Box 100
        Bullhead City, AZ 86430

Bankruptcy Case No.: 07-00287

Chapter 11 Petition Date: June 25, 2007

Court: District of Arizona (Yuma)

Judge: Randolph J. Haines

Debtor's Counsel: Carolyn J. Johnsen, Esq.
                  Jennings, Strouss & Salmon, PLC
                  The Collier Center, 11th Floor
                  201 East Washington Street
                  Phoenix, AZ 85004-2385
                  Tel: (602) 262-5911
                  Fax: (602) 495-2696

Estimated Assets: $1 Million to $100 Million

Estimated Debts:  $1 Million to $100 Million

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


GENERAL MOTORS: Moody's Says Agreement is Good for Auto Industry
----------------------------------------------------------------
The announcement of a tentative agreement between Delphi
Corporation, the United Automobile Workers, and General Motors
Corporation covering Delphi's labor contract in North America
represents a constructive development in the automotive industry
in North America.  While the specifics of the agreement are not
publicly disclosed, Moody's believes the agreement should help
reposition Delphi with a more competitive cost structure in the
region, facilitate lower cost parts for GM, and remove a near-term
threat to industry production volumes.  However, it is not the
only threat on the horizon.  Moody's does not anticipate any
immediate ratings impact for suppliers or original equipment
manufacturers (Delphi is not a monitored rating).

If ratified by the UAW membership, Delphi would achieve a more
competitive cost structure and become a more viable competitor in
those sectors it has identified as its core focus that have a
continuing U.S. presence.  Through establishing greater certainty
to its labor arrangements, financial valuations of Delphi are
likely to be enhanced and accelerate plans for its emergence from
bankruptcy. Similarly, by establishing a lower cost structure in
its business units, many of which are designated as non-core,
plans to dispose of certain Delphi operations are more likely to
move forward.  Agreements to sell several units have previously
been announced, subject to court approval.

For the broader supplier industry, the announcement also removes a
level of uncertainty.  The risks of disruption to production
volumes of GM and other OEMs from Delphi related issues should
ease assuming the tentative agreement were approved by Delphi's
UAW membership.  However, the converse would also be true if the
agreement was not ratified.  Moreover, labor contracts between the
UAW and the Big Three are set to expire on September 14, 2007, and
negotiations for a new contract have yet to formally begin. In the
short term, should those negotiations be unfruitful and result in
work stoppages, OEM production could be disrupted and adversely
affect the broader supply chain.  In the long term, the terms and
conditions of a new master agreement are a critical factor to the
structural competitiveness and financial viability of the Big
Three.

The proposed agreement is a constructive development for General
Motors in that it lessens the risk of a disruption in component
delivery from its major domestic supplier.  In combination with
the Delphi employee buyouts that have already been funded by GM,
the agreement would also help to narrow the current $2 billion
cost disadvantage that GM incurs on components currently supplied
by Delphi.  Moreover, Moody's believes that any subsidy by GM of
the Delphi-UAW wage package will not be material relative to the
amount of funds already devoted to the employee buyout program and
relative to the OEM's substantial liquidity position.

Notwithstanding these positive developments, the major near-term
challenge facing the Big Three is the need to successfully
negotiate a new UAW contract later this year that afford the U.S.
OEMs material relief in the areas of health care costs and work
rules.  Progress in these areas will be critical to their ability
to establish a more competitive domestic cost structure.

"Ultimately, this agreement coupled with a new master agreement
between the UAW and the OEMs could create a more stable operating
environment for all suppliers and enhance their prospects.  It
also could lead to an increase in merger and acquisition activity
at parts suppliers involving both private equity and strategic
buyers " said Ed Wiest, VP & Senior Analyst at Moody's.  "Of
course, the structure of any transaction would be subject to
market conditions, available financing and would determine the
direction of any rating outcome" he continued.

                       About Delphi Corp.

Headquartered in Troy, Michigan, Delphi Corporation (OTC: DPHIQ)
-- http://www.delphi.com/-- is the single largest global supplier   
of vehicle electronics, transportation components, integrated
systems and modules, and other electronic technology.  The
company's technology and products are present in more than 75
million vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
Mar. 31, 2007, the Debtors' balance sheet showed $11,446,000,000
in total assets and $23,851,000,000 in total debts.  The Debtors'
exclusive plan-filing period expires on July 31, 2007.

                     About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908, GM employs about   
280,000 people around the world.  With global manufactures its
cars and trucks in 33 countries.  In 2006, nearly 9.1 million GM
cars and trucks were sold globally under the following brands:
Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn and Vauxhall.  GM's OnStar subsidiary is the
industry leader in vehicle safety, security and information
services.

                         *     *     *

As reported in the Troubled Company Reporter on May 28, 2007,
Standard & Poor's Ratings Services placed General Motors Corp.'s
corporate credit rating at B/Negative/B-3.

At the same time, Moody's Investors Service affirmed GM's B3
Corporate Family Rating and B3 Probability of Default Rating, and
maintained its SGL-3 Speculative Grade Liquidity Rating.  The
rating outlook remains negative.


GENERAL MOTORS: Offers 0% Financing for 3 Years on Select Vehicles
------------------------------------------------------------------
General Motors disclosed the "Transform Your Ride Sale," tied to
the July 4 holiday release of DreamWorks Pictures and Paramount
Pictures' live-action film "Transformers" from Executive Producer
Steven Spielberg and Director Michael Bay, opening July 3, 2007.  
The "Transform Your Ride Sale" offers a qualified buyer 0% annual
percentage rate for 36 months -- plus $1,000 cash -- on select
Chevrolet, Buick, Pontiac and GMC vehicles.  The "Transform Your
Ride Sale" runs June 26 through July 9, 2007.

"People who have recently switched to a GM vehicle tell us we've
really changed their previous perceptions about our products," Jim
Campbell, GM's director of Customer Relationship Management, said.  
"They love their new car or truck.  We've enhanced the value of
our cars and trucks with features like OnStar, XM Radio, superior
quality and the best coverage in the business with a 5-year/
100,000 mile powertrain warranty plus roadside assistance and
courtesy transportation.  Just look at the award-winning Chevrolet
Silverado or hot HHR.  The "Transform Your Ride Sale" gives
everyone the opportunity to buy a new car or truck with
outstanding style, great fuel economy, performance and value."

Saturn will continue its innovative "Side by Side by Side"
campaign and will be offering bonus cash on select models.  
Cadillac, Hummer and Saab also will continue to offer attractive
deals on select models in their lineups.

                    Eligible Vehicles List

   * Chevrolet: 2006 and 2007 Cobalt, Monte Carlo, Impala, HHR,
     TrailBlazer, Tahoe, Suburban, Avalanche and 2007 900-series
     Silverado

   * Buick: 2006 and 2007 Lacrosse, Lucerne and Rainier

   * Pontiac: 2006 and 2007 G5, G6, Grand Prix and Torrent

   * GMC: Envoy, Yukon, Yukon Denali, Yukon XL, Yukon XL Denali
     and 2007 900-series Sierra

                     About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908, GM employs about   
280,000 people around the world.  With global manufactures its
cars and trucks in 33 countries.  In 2006, nearly 9.1 million GM
cars and trucks were sold globally under the following brands:
Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn and Vauxhall.  GM's OnStar subsidiary is the
industry leader in vehicle safety, security and information
services.

                         *     *     *

As reported in the Troubled Company Reporter on May 28, 2007,
Standard & Poor's Ratings Services placed General Motors Corp.'s
corporate credit rating at B/Negative/B-3.

At the same time, Moody's Investors Service affirmed GM's B3
Corporate Family Rating and B3 Probability of Default Rating, and
maintained its SGL-3 Speculative Grade Liquidity Rating.  The
rating outlook remains negative.


GINGER EVANS: Case Summary & 18 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Ginger E. Evans
        11 View Point Drive
        Dawsonville, GA 30534

Bankruptcy Case No.: 07-21208

Chapter 11 Petition Date: June 25, 2007

Court: Northern District of Georgia (Gainesville)

Debtor's Counsel: Joseph J. Burton, Jr., Esq.
                  Burton & Armstrong LLP
                  Suite 1750
                  Two Ravinia Drive
                  Atlanta, GA 30346
                  Tel: (404) 892-4144
                  Fax: (404) 892-0390

Estimated Assets: $1 Million to $100 Million

Estimated Debts:  $1 Million to $100 Million

Debtor's List of its 18 Largest Unsecured Creditors:

   Entity                                   Claim Amount
   ------                                   ------------
Hicks Inc.                                       $41,879
95 West Third Street
P.O. Box 232
Luverne, AL 36049

American Express                                 $35,000
P.O. Box 297812
Fort Lauderdale, FL 33329

Ellett Brothers                                  $34,546
267 Columbia Avenue
Chapin, SC 29036-8322

Henry's                                          $30,439

Beretta                                          $24,656

Benell USA                                       $20,685

Pure Fishing, Inc.                               $17,234

Hoyt USA                                         $15,183

Chattanooga Shooting Supply                      $10,147

Carhartt, Inc.                                    $9,351

Discover                                          $9,000

Rocky Shoes and Boots, Inc.                       $8,265

Boyt Harness Co.                                  $5,894

Stearns, Inc.                                     $3,270

Stoeger Industries                                $4,904

Wolverine World Wide Inc.                         $4,836

Danner, Inc.                                      $4,717

Mossy Oak Apparel Co.                             $4,294


GLOBAL POWER: Creditors' Committee Wants to File Competing Plan
---------------------------------------------------------------
The Official Committee of Unsecured Creditors in Global Power
Equipment Group Inc. and its debtor-affiliates' chapter 11 cases
wants the Debtors' third request for extension of their exclusive
periods denied as it seeks authority to promptly file a competing
plan.

As reported in the Troubled Company Reporter on June 14, 2007, the
Debtors had asked the Court to extend their exclusive period to
file a chapter 11 plan to Oct. 1, 2007.  The Debtors also asked
the Court to extend their exclusive solicitation period to
Nov. 30, 2007.

In their request for extension, the Debtors disclosed that they
were in talks with the Creditors Committee and the Official
Committee of Equity Security Holders and argued that the extension
would afford them time to better formulate a consensual chapter 11
reorganization plan.

The Creditors' Committee opposes the requested extension
contending that the Debtors "have had ample time to formulate and
propose a consensual plan of reorganization."

According to the Creditors' Committee, the costs associated with
the delay that will ensue if the Court grants the requested
extension are certain and substantial, while the benefits from any
extension are speculative at best.

Moreover, the Creditors' Committee argues that the current
proposed extensions would leave no room for error in view of the
Dec. 7, 2007 maturity of the Debtors' existing DIP financing
facility.

The Court is set to consider the matter at a July 10, 2007
hearing.

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

The company and 10 of its affiliates filed for chapter 11
protection on Sept. 28, 2006 (Bankr. D. Del. Case No 06-11045).
Attorneys at White & Case LLP and The Bayard Firm, P.A.,
represent the Debtors.  Adam G. Landis, Esq., and Kerri K.
Mumford, Esq., at Landis Rath & Cobb LLP represent the Official
Committee of Unsecured Creditors.  As of Sept. 30, 2005, the
Debtors reported total assets of $381,131,000 and total debts
of $123,221,000.


GRADY ENTERPRISES: Case Summary & Six Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Grady Enterprises LLC
        18 East Avenue
        Wellsboro, PA 16901

Bankruptcy Case No.: 07-51539

Chapter 11 Petition Date: June 25, 2007

Court: Middle District of Pennsylvania (Wilkes-Barre)

Debtor's Counsel: Samuel R. Grego, Esq.
                  Dickie McCamey and Chilcote, P.C.
                  Two PPG Place, Suite 400
                  Pittsburgh, PA 1522-5402
                  Tel: (412) 392-5507
                  Fax: (412) 392-5367

Estimated Assets: $1 Million to $100 Million

Estimated Debts:  $1 Million to $100 Million

Debtor's List of its Six Largest Unsecured Creditors:

   Entity                      Nature Of Claim       Claim Amount
   ------                      ---------------       ------------
Citizens & Northern Bank       Bank Loan               $1,537,834
90 Main Street
Wellsboro, PA 16901

Thomas and Judith Grady        Loans                     $468,000
18 East Avenue
Wellsboro, PA 16901

James West                                               $410,000
1874 Round Top Road
Wellsboro, PA 16901

Tioga County                                              $18,524

Borough of Wellsboro           Real Estate Taxes          $18,273

Wellsboro School District                                 $38,263


GREAT PANTHER: Posts CDN$3.9 Mil. Net Loss in Qtr. Ended March 31
-----------------------------------------------------------------
Great Panther Resources Ltd. reported a net loss of CDN$3,919,031
on mineral sales of CDN$3,563,207 for the first quarter ended
March 31, 2007, compared with a net loss of CDN$2,973,437 on
mineral sales of CDN$452,529 for the same period ended March 31,
2006.

The increased production at the Topia and Guanajuato mines has
resulted in the increase in revenues.  Cumulative throughput for
the Topia and Guanajuato operations for the quarter was 57,922
tons compared to 3,700 tons for the same period last year.

Overall cash costs of sales for the three months ended March 31,
2007 was CDN$3,741,790 and amortization and depletion of mineral
property, plant and equipment was $811,999.

Overall general & administrative expenses increased to
CDN$1,218,907 compared to $716,356 for the first quarter of fiscal
2006.  This increase is reflective of the growth in the company's
employee base from approximately 100 to approximately 450 and the
expansion of the company's operations into Guanajuato.  In the
first quarter of fiscal 2006, the company's only operating mine
was Topia.  

Project exploration costs for the three months ended March 31,
2007, was $1,275,203 compared to $259,701 for the three months
ended March 31, 2006.  

The company had cash and cash equivalents of $5,579,424 as at
March 31, 2007, as compared to $9,208,048 as at Dec. 31, 2006.
This decrease is largely attributed to expenses incurred in
exploration and the purchase of capital assets.

At March 31, 2007, the company's consolidated balance sheet showed
CDN$28,614,645 in total assets, $2,959,532 in total liabilities,
and $25,655,113 in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended March 31, 2007, are available for
free at http://researcharchives.com/t/s?2130

                       Going Concern doubt

KPMG LLP, in Vancouver, Canada, expressed substantial doubt about
Great Panther Resources Ltd.'s ability to continue as a going
concern after auditing the company's consolidated financial
statements for the year ended Dec. 31, 2006, and 2005.  The
auditing firm pointed to the company's recurring losses and
operating cash flow deficiencies.

                       About Great Panther

Headquartered in Vancouver, Canada, Great Panther Resources
Limited (TSX: GPR) -- http://www.greatpanther.com/-- is a mining  
and exploration company.  The company's current activities are
focused on the mining of precious and base metals from its wholly
owned properties in Mexico.  In addition, Great Panther is also
involved in the acquisition, exploration and development of other
properties in Mexico.


HAWKS LLC: Case Summary & Largest Unsecured Creditor
----------------------------------------------------
Debtor: Hawks, L.L.C.
        11901 Northwest 4th Street
        Plantation, FL 33325

Bankruptcy Case No.: 07-14875

Chapter 11 Petition Date: June 25, 2007

Court: Southern District of Florida (Fort Lauderdale)

Judge: John K. Olson

Debtor's Counsel: Mark D. Cohen, Esq.
                  4000 Hollywood Boulevard, Suite 435S
                  Hollywood, FL 33021
                  Tel: (954) 962-1166
                  Fax: (954) 962-1779

Total Assets: $5,000,000

Total Debts:  $1,800,000

Debtor's Largest Unsecured Creditor:

Entity                      Nature of Claim       Claim Amount
------                      ---------------       ------------
Okeechobee Tax Collector    R.E. taxes                  $6,500
307 Northwest 5th Avenue,
Suite B
Okeechobee, FL 34972


IMPERIAL PETROLEUM: Wants to Buy Apollo Oil and Gas Assets
----------------------------------------------------------
Imperial Petroleum, Inc. agreed to purchase certain oil and gas
assets from Apollo Resources International Inc. and related
subsidiaries.  The assets are located in the four corners area
of the United States, the intersection of the states of Utah,
Colorado, New Mexico, and Arizona.  Closing of the buy deal is
scheduled for Aug. 1, 2007, subject to the normal due diligence
requirements.

Under the terms of the agreement, Imperial will pay Apollo
$2.5 million in cash and assume scheduled liabilities of not more
than $3.8 million and issue 5 million shares of Imperial's
restricted common stock to Apollo.  Imperial will become
responsible for certain bonding requirements of Apollo affecting
the assets and for future payment of certain pipeline rights-of-
way affecting the properties.

Jeffrey T. Wilson, president of Imperial said of the sale, "The
Apollo purchase will more than double our net production and
reserves and will increase our company's mix of oil reserves.  
We expect to fund the acquisition through our existing line of
credit."

                     About Imperial Petroleum

Headquartered in Evansville, Indiana, Imperial Petroleum Inc.
(OTCBB:IPMN) -- http://www.iptm.net/-- is an oil and natural gas    
exploration and production company.

The company's balance sheet showed total assets of $4,762,063 and
total liabilities of $10,619,001, resulting to total stockholders'
deficit of $5,856,938 as of Jan. 31, 2007.  


INDYMAC HOME: Moody's Rates Class M-11 Certificates at Ba2
----------------------------------------------------------
Moody's Investors Service assigned Aaa ratings to the senior
certificates issued by IndyMac Home Equity Mortgage Loan Asset-
Backed Trust, Series INABS 2007-B and ratings ranging from Aa1 to
Ba2 to the subordinated certificates in the deal.

The securitization is backed by IndyMac Bank F.S.B. originated
adjustable and fixed-rate subprime mortgage loans.  The ratings
are based primarily on the credit quality of the loans, and on the
protection from subordination, overcollateralization, excess
interest, an interest rate swap agreement and an interest rate cap
agreement.  Moody's expects collateral losses to range from 6% to
6.5%.

IndyMac Bank will service the mortgage loans.  Moody's has
assigned IndyMac Bank F.S.B its SQ2- servicer quality rating as a
primary servicer of subprime loans.

The complete rating actions are:

Home Equity Mortgage Loan Asset-Backed Trust, Series INABS 2007-B

Home Equity Mortgage Loan Asset-Backed Certficates, Series INABS
2007-B
  
-- Cl. 1A-1, Assigned Aaa
-- Cl. 1A-2, Assigned Aaa
-- Cl. 2A-1, Assigned Aaa
-- Cl. 2A-2, Assigned Aaa
-- Cl. 2A-3, Assigned Aaa
-- Cl. 2A-4, 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. M-7, Assigned A3
-- Cl. M-8, Assigned Baa1
-- Cl. M-9, Assigned Baa2
-- Cl. M-10, Assigned Baa3
-- Cl. M-11, Assigned Ba2


JOAN FABRICS: Files Schedules of Assets and Liabilities
-------------------------------------------------------
Joan Fabrics Corp. filed with the United States Bankruptcy
Court for the District of Delaware, its schedules of assets
and liabilities, disclosing:

     Name of Schedule               Assets       Liabilities
     ----------------               ------       -----------
  A. Real Property                $13,312,339
  B. Personal Property            $35,583,752
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                              $58,464,698
  E. Creditors Holding
     Unsecured Priority
     Claims                                      $ 1,304,796
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                      $20,421,378
                                  -----------    -----------
     TOTAL                        $48,896,091    $80,190,872

Based in Tyngsboro, Massachusetts, Joan Fabrics Corporation
manufactures automotive and furniture upholstery fabrics.  The
company has a manufacturing facility in North Carolina and an
affiliate entity in Mexico.

The Debtor and its affiliate, Madison Avenue Designs LLC, filed
for Chapter 11 protection on April 10, 2007 (Bankr. D. Del. Case
Nos. 07-10479 and 07-10480).  When the Debtors filed for
protection from their creditors, they listed estimated assets and
debts of $1 million to $100 million.  The Debtors' exclusive
period to file a chapter 11 plan expires on Aug. 8, 2007.


K&F INDUSTRIES: Completed $1.8BB Deal Cues S&P to Withdraw Ratings
------------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its ratings, including
the 'B+' corporate credit rating, on White Plains, New York-based
K&F Industries Inc.  All ratings were removed from CreditWatch,
where they were placed with positive implications on March 7,
2007.  About $700 million of debt is affected.
     
"The action follows the announcement that Meggitt-USA Inc., a
wholly-owned unit of U.K.-based Meggitt PLC, has completed the
acquisition of K&F Industries Holdings Inc. for about $1.8
billion, including retained or retired debt," said Standard &
Poor's credit analyst Roman Szuper.


KERASOTES SHOWPLACE: S&P Revises Outlook to Stable from Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Kerasotes Showplace Theatres Holdings LLC to stable from negative,
while affirming the 'B-' corporate credit rating on the company.
     
"The outlook revision is based on our expectations that capital
spending will begin to normalize next year, leading to a reversal
of negative discretionary cash flow," said Standard & Poor's
credit analyst Tulip Lim.
     
The 'B-' corporate credit rating on Chicago-based Kerasotes
reflects the risks related to the company's aggressive expansion
plan and its high leverage.  It also reflects the company's
participation in the mature and highly competitive U.S. movie
exhibition industry, exposure to the fluctuating popularity of
Hollywood films, and risk of increased competition from the
proliferation of entertainment alternatives and from shortening
release windows.
     
These risks are minimally offset by the company's strong regional
market position in the Midwestern U.S. and the operating
flexibility provided by its high degree of theater ownership--more
than 40% of its venues.  Kerasotes is the sixth-largest movie
exhibitor in the U.S. by screen count.


LBI MEDIA: Solid Operating Performance Cues S&P's Positive Outlook
------------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on LBI
Media Inc. to positive from stable.  The corporate credit rating
was affirmed at 'B'.  The outlook revision reflects the company's
solid operating performance relative to radio peers and more cost-
efficient capital structure pro forma for its proposed
refinancing.
     
At the same time, S&P assigned its 'CCC+' rating to LBI's proposed
$225 million of senior subordinated notes due 2017.
     
LBI is a Spanish-language TV-and-radio broadcaster based in
Burbank, California.
     
"The positive outlook reflects the potential for an upgrade over
the intermediate term if LBI continues to increase its EBITDA and
reduce leverage to the low-6x area," said Standard & Poor's credit
analyst Michael Altberg.
     
Proceeds from the subordinated notes are expected to be used to
repay $150 million of existing 10.125% senior subordinated notes
due 2012, repay $53 million of borrowings under the company's
revolving credit facility, and fund the acquisition of a TV
station in Salt Lake City, Utah, for $10 million.  Pro forma for
the transaction, LBI has total debt outstanding of $396.6 million
as of June 30, 2007.
     
The ratings reflect LBI's high debt leverage, cash flow
concentration in a small number of large Hispanic markets in the
U.S., intense competition for audiences and advertisers from much
larger rivals, and the potential for additional debt-financed
acquisitions.  These risks are only partially offset by the
company's niche position as an operator of Spanish-language radio
and TV stations, its high EBITDA margin relative to peers, the
discretionary cash flow potential of the broadcasting business,
and broadly favorable Spanish-language advertising trends.  
Standard & Poor's analyzes LBI on a consolidated basis with its
ultimate parent company, LBI Holdings I Inc.


LIFE STYLE: Case Summary & 19 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: Life Style Furniture Company, Inc.
        102 Mabry Road
        Okolona, MS 38860
        Tel: (662) 447-3878

Bankruptcy Case No.: 07-12127

Type of business: The Debtor manufactures upholstered living room
                  furniture.

Chapter 11 Petition Date: June 25, 2007

Court: Northern District of Mississippi (Aberdeen)

Judge: David W. Houston, III

Debtor's Counsel: Craig M. Geno, Esq.
                  Harris Jernigan & Geno, P.L.L.C.
                  P.O. Box 3380
                  Ridgeland, MS 39158-3380
                  Tel: (601) 427-0048

Estimated Assets: $1 Million to $100 Million

Estimated Debts:  $1 Million to $100 Million

Debtor's 19 Largest Unsecured Creditors:

Entity                                           Claim Amount
------                                           ------------
Daewoo International Corp.                          $1,095,462
1746-1 Sonjeong-dong,
Kangseo-Gu
Pusan, Korea 618-270

Stewart's                                             $662,500
Farmers/Merchants Bank
Building
425 Main Street
Okolona, MS 38860

Foamex                                                $633,585
Tupelo Division Pouring
Plant
P.O. Box 140
Tupelo, MS 38802

Morgan Fabric Corp.                                   $321,808
4265 Exchange Avenue
P.O. Box 58523
Los Angeles, CA
90053-0523

Danny Dempsey                                         $170,000

Omega Motion                                          $120,397

Market Square Furniture                               $105,928
Plaza

Premier Prints, Inc.                                   $64,119

Sino Concod (HK), Ltd.                                 $62,444

R.E. Transportation, Inc.                              $56,088

M.&M. Planning Mill                                    $51,924

B.M.T. Commodity Corp.                                 $51,487

McNeely Plastic Products,                              $45,594
Inc.

Southern Sales/B.B.&T.                                 $42,706

Styleander Metal                                       $42,549

Huntington Fabrics                                     $39,996

Southern Components, Inc.                              $33,283

Design Resources, Inc.                                 $33,164

Murphee Frame Supply                                   $32,208


LUXURY AUTO: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: Luxury Auto Imports of Sacramento, Inc.
        dba Auto Mundo
        dba Payless Car Sales
        dba Suzuki of Sacramento
        fdba Los Hermanos
        3249 Fulton Avenue
        Sacramento, CA 95821

Bankruptcy Case No.: 07-24767

Chapter 11 Petition Date: June 25, 2007

Court: Eastern District of California (Sacramento)

Judge: Thomas Holman

Debtor's Counsel: Paul R. Bartleson, Esq.
                  1007 7th Street, Suite 214
                  Sacramento, CA 95814
                  Tel: (916) 447-6640

Estimated Assets: $1 Million to $100 Million

Estimated Debts:  $1 Million to $100 Million

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


MARION JONES: Olympic Sprinter Claims She is Broke
--------------------------------------------------
Marion Jones, a sprinter who won five track and field medals --
three gold and two bronze -- at the 2000 Sydney Olympics, is
heavily in debt, according to various reports citing court
documents.

Various sources say that Ms. Jones made between $70,000 and
$80,000 per race, plus $1 million from bonuses and endorsement
deals.  However, Ms. Jones claims that she doesn't know where all
the money went.

A 168-page deposition, part of a breach-of-contract suit Ms. Jones
filed in Dallas against veteran track coach Dan Pfaff, describes a
bank balance of $2,000, a bank foreclosure of her $2.5 million
house last year, and the sale of two other properties to raise
money.

Legal fees since 2003 contributed to the sprinter's financial
misery, various papers observe, including lawyers' expenses for a
Bay Area Laboratory Co-Operative grand jury testimony, for
negotiations with the U.S. Anti-Doping Agency in her fight to
avoid being banned from competition, for a defamation lawsuit she
filed against BALCO founder Victor Conte, who accused her of
taking performance-enhancing drugs, and for taking on Mr. Pfaff in
her breach-of-contract suit.

Unfortunately for Ms. Jones, Mr. Pfaff countersued and won.  The
decree made her pay Mr. Pfaff $240,000 in unpaid training fees and
legal expenses.

The papers cited that Steve Riddick, the sprinter's most recent
coach who has seen Ms. Jones drive a Porsche to training sessions
in 2006, contends that Ms. Jones didn't seem penniless.


MITEL NETWORKS: April 30 Balance Sheet Upside-Down by $202.6 Mil.
-----------------------------------------------------------------
Mitel Networks Corp. reported a net loss of $35 million on total
revenues of $384.9 million for the year ended April 30, 2007,
compared with a net loss of $44.6 million on $387.1 million for
the year ended April 30, 2006.

The decrease in net loss is primarily due to the recognition of a
gain on fair value adjustment on derivative instruments of
$8.6 million for fiscal 2007, compared to a loss of $32.6 million
in the prior year, partly offset by the increase in operating
expenses, mainly due to litigation settlement expenses of
$16.3 million involving a competitor's complaint for infringement
of certain of the competitor's patents, and the $3.6 million
increase in pre-tax special charges.  

During fiscal 2007, the company recorded pre-tax special charges
of $9.3 million as a result of continuing efforts to improve the
company's operational efficiency and realign its business to focus
on IP-based communications solutions.  The components of the
charge include $8.7 million of employee severance and benefits
incurred in the termination of 129 employees around the world,
$400,000 of accreted interest related to lease termination
obligations and $200,000 related to additional lease terminations
in the period.

The company recorded pre-tax special charges of $5.7 million in
fiscal 2006.  

At April 30, 2007, the company's consolidated balance sheet showed
$202.2 million in total assets, $333.3 million in total
liabilities, and $71.5 million in redeemable common shares,
resulting in a $202.6 million total stockholders' deficit.

Full-text copies of the company's consolidated financial
statements for the year ended April 30, 2007, are available for
free at http://researcharchives.com/t/s?212a

                       Going Concern Doubt

Deloitte & Touche LLP, in Ottawa, Canada, in its comments on the
difference between Canada and the United States of America
reporting standards, stated that their audit report of Mitel
Networks Corp.'s consolidated financial statements for the years
ended April 30, 2007, and 2006, is expressed in accordance with
Canadian reporting standards which do not require a reference to
conditions and events that cast substantial doubt on the company's
ability to continue as a going concern, when these are adequately
disclosed in the financial statements.  
          
As shown in the financial statements for the year ended April 24,
2005, the six day transition period ended April 30, 2005, and the
years ended April 30, 2006, and April 30, 2007, the company
incurred losses of $49.6 million, $1.6 million, $44.6 million and
$35.0 respectively.  In addition, the put options issued in
connection with the 10,000,000 common shares and 16,000,000 Series
B Preferred Shares financing were set to mature on May 1, 2007.  
The 10,000,000 common shares are redeemable for cash at a price of
CDN$2.85 per share representing a total of $25.8 million.  These
factors raise substantial doubt as to the company's ability to
continue as a going concern.  

On April 24, 2005, the company changed its fiscal year end from
the last Sunday in April to April 30.
                 
                        About Mitel Networks

Mitel Networks Corp. -- http://www.mitel.com/-- provides unified  
communications solutions and services for business customers.
Mitel's voice-centric IP-based communications solutions consist of
a combination of telephony hardware and software that integrate
voice, video and data communications with business applications
and processes.  Mitel is headquartered in Ottawa, Canada, with
offices, partners and resellers worldwide.


MKP CBO I: Moody's Junks Rating Class A-IL Floating Rate Notes
--------------------------------------------------------------
Moody's Investors Service downgraded these notes issued by MKP CBO
I, Ltd.:

Class Description: $250,000,000 Class A-IL Floating Rate Notes
                   Due February 2036

Prior Rating: B2 (on watch for possible downgrade)

Current Rating: Caa1

According to Moody's, the rating action results from ongoing
deterioration in the portfolio as reflected in the coverage tests.  
Moody's noted that as of the monthly trustee report issued May 25,
2007, the Class A Overcollateralization Percentage was 82.6% (106%
trigger) and the Class B Overcollateralization Percentage was
72.7% (101% trigger).


NEW HORIZONS: Dec. 31 Balance Sheet Upside-Down by $4.7 Million
---------------------------------------------------------------
New Horizons Worldwide Inc. listed total assets of $27.6 million,
total liabilities of $32.3 million, and total stockholders'
deficit of $4.7 million in its 2006 annual report on Form 10-K
filed with the Securities and Exchange Commission early this week.

Concurrent with filing the Form 10-K, the company filed quarterly
reports on Form 10-Q for the quarterly periods ended March 31,
2006, June 30, 2006, and Sept. 30, 2006.

These filings were delayed due to the pending resolution of issues
associated with the restatement of the company's 2003 results and
the completion of the 2004, 2005 and 2006 audits.  The company's
financial statements for 2003, 2004 and 2005 are contained in
current reports on Form 8-K filed with the SEC on Nov. 6, 2006,
and Feb. 20, 2007.

                        Year 2006 Results

Revenue for the year ended Dec. 31, 2006 totaled $76.7 million,
compared to $106.4 million in 2005.  The company had a net loss
for the year ended Dec. 31, 2006, of $2 million had a net loss of
$7.3 million for the year ended Dec. 31, 2005.  On an operating
basis, the company lost $2.4 million in 2006 compared to an
operating loss of $6.2 million in 2005.

For the year ended Dec. 31, 2006, total system-wide revenues from
all franchised and company-owned locations was $363.3 million
compared to total system-wide revenues for 2005 of $368.3 million,
a decrease of 1%.

At the end of 2006, the company franchised or owned and operated a
total of 286 training centers in 56 countries, compared to a total
of 275 centers in 54 countries at the same time a year earlier.

A full-text copy of the company's 2006 annual report is available
for free at http://ResearchArchives.com/t/s?212f

                         Current Outlook

Mark A. Miller, president and chief executive officer, stated,
"Over the last eight months we have filed three years of financial
information.  More importantly, the company has completed its
strategic repositioning to focus on its core franchising segment.
We have disposed of 11 company-owned centers since 2004, and
currently own just three centers.  Our cost-cutting initiatives
are beginning to bear fruit as evidenced by the improvement in our
franchising margin in 2006 from 2005.  While we continue to face
challenges in our company-owned centers, we remain confident that
this segment of the business, while much smaller than in recent
years, will operate profitably in 2007."

Mr. Miller continued, "2006 was a year of significant change for
New Horizons.  We undertook a comprehensive review of our value
proposition to our customers and franchisees and made significant
progress in realigning our corporate structure to better serve the
needs of these key constituents.  By shifting our focus to drive
revenue through the franchise network we have better aligned
ourselves with our franchisees, and have begun to see improvements
that should lead to sustainable profitability."

                        About New Horizons

Anaheim, California-based New Horizons Worldwide Inc. (Pink
Sheets: NEWH) - http://www.newhorizons.com/-- franchises the New  
Horizons Computer Learning Center brand in the U.S. and around the
world.  It also owns and operates computer training centers in the
U.S. and more than 280 centers in 56 countries.  New Horizons
Computer Learning Centers is an independent IT training company
by IDC in 2006.


NEWCASTLE CDO: Note Redemption Prompts S&P to Withdraw Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its ratings on the
class I-MM, II-FL, II-FX, III-FL, III-FX, IV-FL, IV-FX, and V
notes issued by Newcastle CDO III Ltd., a cash flow CDO of ABS
transaction consisting mainly of CMBS and REIT securities.
     
The rating withdrawals follow the optional redemption of the notes
by the issuer at the direction of the majority of the preference
shareholders pursuant to Condition 5 of Schedule 4 of the trust
deed.  The redemption took place on the June 25, 2007, payment
date.
   

                       Ratings Withdrawn
   
                    Newcastle CDO III Ltd.

                   Rating                     Balance
                   ------                     -------
      Class    To         From          Current     Previous
      -----    --         ----          -------     --------
      I-MM     NR         AAA/A-1        0.00     $395,000,000
      II-FL    NR         AA             0.00      $15,000,000
      II-FX    NR         AA             0.00       $7,500,000
      III-FL   NR         A              0.00      $22,500,000
      III-FX   NR         A              0.00       $5,000,000
      IV-FL    NR         BBB            0.00      $10,000,000
      IV-FX    NR         BBB            0.00       $5,000,000
      V        NR         BB             0.00      $20,000,000

                          NR - Not rated.


NORTHCORE TECH: March 31 Balance Sheet Upside-Down by CDN$2.6 Mil.
------------------------------------------------------------------
Northcore Technologies Inc. reported a net loss for the first
quarter of CDN$550,000.  This compares to a net loss of
CDN$571,000 in the fourth quarter of 2006.  In the first quarter
of 2006, Northcore reported a net loss of CDN$480,000, a total
that included income from discontinued operations of CDN$205,000.

Northcore reported first quarter revenues of CDN$322,000, an
increase of four percent over the CDN$309,000 the company
generated in the fourth quarter of 2006.  Nortchcore reported
first quarter 2006 revenues of CDN$372,000.

"Our revenue performance in the first quarter met our
expectations, and as a number of our recently signed customer
service agreements are at their initial stage, we anticipate
incremental revenue growth in upcoming quarters," said Jeff
Lymburner, chief executive officer of Northcore Technologies Inc.

Northcore also reported an EBITDA loss in the first quarter of
2007 of CDN$368,000.  This compares to an EBITDA loss of
CDN$374,000 in the fourth quarter of 2006 and an EBITDA loss of
CDN$373,000 in the first quarter of 2006.

EBITDA loss is defined as losses before interest, taxes,
depreciation, amortization, employee stock options, and
discontinued operations.  Northcore considers EBITDA to be a
meaningful performance measure as it provides an approximation of
operating cash flows.

As at March 31, 2007, Northcore held cash and cash equivalents of
CDN$93,000, and accounts receivable of approximately CDN$280,000.

At March 31, 2007, the company's consolidated balance sheet showed
CDN$510,000 in total assets, CDN$3,192,000 in total liabilities,
resulting in a CDN$2,682,000 total stockholders' deficit.

The company's consolidated balance sheet at March 31, 2007, also
showed strained liquidity with CDN$430,000 in total assets
available to pay CDN$1,285,000 in total current liabilities.

Full-text copies of the company's consolidated financial
statements for the quarter ended March 31, 2007, are available for
free at http://researcharchives.com/t/s?2131

                         Going Concern Doubt

KPMG LLP, in Toronto, Canada, expressed substantial doubt about
Northcore Technologies Inc.'s ability to continue as a going
concern after auditing the company's consolidated financial
statements for the years ended Dec. 31, 2006, and 2005.  The
auditing firm pointed to the company's recurring losses from
operations and net capital deficiency.

                     About Northcore Technologies

Headquartered in Toronto, Canada, Northcore Technologies Inc.
(TSX: NTI.TO) -- http://www.northcore.com/-- provides core asset  
solutions that help organizations source, manage and sell their
capital equipment.  Northcore works with a growing number of
customers and partners in a variety of sectors including oil and
gas, government, and financial services.  Current customers
include GE Commercial Finance, Paramount Resources and Trilogy
Energy Trust.


NORTHWESTERN CORP: S&P Retains Negative Watch on BB+ Credit Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services said that the 'BB+' corporate
credit rating on electric and gas utility NorthWestern Corp.
remains on CreditWatch with negative implications.
     
The CreditWatch update follows the utility's filing with the
Montana Public Service Commission.  The commission is considering
Babcock & Brown Infrastructure Ltd.'s acquisition of NorthWestern.
      
"We will resolve the CreditWatch listing after reviewing the
commission's final decision related to the acquisition, financing
of the acquisition if completed, and NorthWestern's resulting
creditworthiness," said Standard & Poor's credit analyst Gerrit
Jepsen.
     
Under the newly filed proposal, Babcock & Brown indicates that it
would fund the acquisition by issuing $250 million of new debt,
down from $505 million, and a mix of its own funds at an
intermediate holding company.  In addition, the company would
assume NorthWestern's existing debt.
     
Sioux Falls, South Dakota-based NorthWestern had $730 million of
total debt, including long-term capital leases, as of March 31,
2007.


OLDE DOMINION: Hires Stanton & Associates as Bankruptcy Counsel
---------------------------------------------------------------
Olde Dominion Land Development Inc. obtained permission from the
the U.S. Bankruptcy Court for the Eastern District of Virginia to
employ Thomas J. Stanton and Stanton & Associates, P.C. as its
bankruptcy counsel.

Mr. Stanton and his firm will:

   a) take all necessary action to protect and preserve the
      Debtor's estate, including the prosecution of actions on the
      Debtor's behalf, the defense of any actions commenced
      against the Debtor, the negotiation of disputes in which the
      Debtor is involved, and the preparation of objections to
      claims filed against the Debtor's estate;

   b) prepare on behalf of the Debtor all necessary motions,
      applications, answers, orders, reports, and papers in
      connection with the administration of the Debtor's estate;

   c) formulate and prosecute on behalf of the Debtor a plan of
      reorganization and all related transactions and any
      revisions or amendments relating to same; and

   d) perform all other necessary legal services in connection
      with Chapter 11 case.

Olde Dominion will pay Mr. Stanton $300 per hour for his services,
while the firm's law clerks and paralegals will be paid at $80
per hour.            

Prior to the Debtor's bankruptcy filing, Stanton & Associates
received from Michael A. Iacovacci, II, the sole stockholder of
Olde Dominion $3,000 for professional services performed prior to
the Debtor's bankruptcy filing.  In connection with professional
services to be performed on the bankruptcy filing and thereafter,
Stanton & Associates received from Mr. Iacovacci on behalf of Olde
Dominion a $12,000 retainer.

Mr. Stanton ascertains that he and his firm do not hold any
interest adverse to the Debtor or the estate and that they are
"disinterested persons" as that term is defined in section 101(14)
of the Bankruptcy Code.

Headquartered in Sterling, Va., Olde Dominion Land Development
Inc. develops real estate property.  The company filed for Chapter
11 protection on April 13, 2007 (Bankr. E.D. Va. Case No.
07-10897).  No Official Committee of Unsecured Creditors has been
appointed in this case to date.  When the Debtor sought protection
from its creditors, it listed assets and liabilities between
$1 million to $100 million.


OMI CORP: $2.2 Bil. Teekay Deal Prompts S&P to Withdraw Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its ratings on OMI
Corp.

The action follows the company's $2.2 billion acquisition by an
entity formed by Teekay Shipping Corp. (BB+/Watch Negative/--) and
A/S Dampskibsselskatbet TORM.  Rated senior unsecured notes of OMI
are being acquired in a cash tender offer by the buyers.  Teekay
and TORM have said that they plan to divide the assets of OMI.


ONEIDA LTD: Moody's Rates Corporate Family Rating at B3
-------------------------------------------------------
Moody's Investors Service assigned a B3 rating to Oneida, Ltd.'s
new senior secured first lien bank facility and a B2 corporate
family rating to the company.  The rating outlook is stable.

The ratings assigned are based on preliminary terms as outlined by
the company, and are subject to receipt and final review of
executed documents.  These represent first time ratings for Oneida
following its emergence from voluntary bankruptcy in September
2006.  The company plans to use proceeds from the term loan and a
portion of cash to refinance the existing term loan that was put
in place following the emergence, pay a $30 million special
dividend to preferred equity holders, and pay related fees,
expenses and prepayment penalties.

Ratings assigned are:

Oneida, Ltd.:

-- Corporate family rating at B2
-- Probability of default rating at B2
-- $120 million first-lien Term Loan due 2013 at B3 (LGD 4, 62%)

Oneida's B2 corporate family rating reflects the company's lower
debt obligations, stronger liquidity and improved credit metrics
that came as a direct result of its emergence from bankruptcy in
September 2006.  As part of this process, the company was able to
reduce debt by about $100 million and terminate $41 million of
pension plan obligations.  Pro forma for the current transaction,
Moody's estimates debt to be about 5 times latest twelve months'
EBITDA of about $40 million, which is comfortably in the "B"
rating category.  The rating also reflects the significant
improvement in its cost structure as a result of completing the
shift to a 100% outsourced business model in March 2005, which
resulted in gross margin improvement to over 35% as of March 2007
from about 22% at the end of January 2005.  These actions should
provide sufficient cushion, enabling the company to invest in
future growth.  Further supporting the rating is the company's
leading market positions in the tableware industry, its
diversified customer base in both the consumer and foodservice
segments, and its continued-strong brand name recognition.

However, the rating is constrained by the significant revenue
declines that have occurred over the last several years as a
result of past service issues and failure to react to changing
consumer tastes, which the company has corrected, and shifting
industry trends and planned declines such as exiting unprofitable
businesses.  Oneida's revenue has declined from over $500 million
in 2001 to about $350 million today.  Although the company has
identified and begun to implement several new growth initiatives,
it could be met with challenges including the need to improve
brand relevance, or fundamental industry issues such as increased
penetration from private label goods, consolidation among
department store customers and the shift toward dual sourcing or
direct sourcing from foreign manufacturers by certain key
customers.

The stable outlook reflects Moody's expectation that Oneida's
post-emergence cost structure and adequate liquidity will provide
satisfactory flexibility to withstand near-term challenges as the
company continues to implement its operational restructuring plan
and growth initiatives.  The outlook assumes that the company will
steadily improve operating and financial performance in 2007 and
2008 through modest revenue growth and profit retention, and will
generate solid free cash flows and steadily reduce debt.

Headquartered in Oneida, New York, Oneida, Ltd. is a leading
marketer and distributor of tableware products, including
metalware, dinnerware, glassware and other tabletop accessories.
The company's key operations are in North America, U.K. and
Australia, and revenue is estimated to be about $350 million.


OPTI CANADA: Moody's Rates Pending $750 Mil. Senior Notes at B1
---------------------------------------------------------------
Moody's assigned a B1 rating to OPTI Canada Inc.'s pending
$750 million 7-year senior second secured note offering.  Moody's
affirms OPTI's Ba3 corporate family and B1 senior second secured
note ratings.  The note rating is notched to B1 to reflect
contractual subordination to a CDN$500 million first secured
revolving credit facility maturing December 2011.  Note proceeds
will fund a roughly $80 million interest reserve account, retire
OPTI's $450 million first secured Term Loan B, and fund Phase I
cost overruns.  OPTI management states that further cost overruns
would be equity funded.

The rating outlook is stable subject to further project cost
overruns being equity funded, Phase I project completion, start-
up, and commercial operations performing reasonably to design
expectations, and project costs for Phase II, III, and IV being
funded satisfactorily with by equity and Phase I cash flow.  OPTI
will need to reasonably sustain its development pace, completion
timing, project cost, and operating performance goals and oil and
natural gas market conditions will generally need to remain
historically strong.

The ratings reflect strong asset coverage, the late stage of Phase
I development, OPTI's stated commitment to fund any further cost
overruns with new equity, and its funding of visible Phase I costs
to completion with committed long term funding.

The ratings also reflect escalated costs since the original Ba2
corporate family ratings were assigned, project cost, completion
and performance risks, and the specific need to see that OPTI's
ore-crude unit operates to design specifications.  The dual
critical issues to the ore-crude unit is that such a gasification
and hydrogen generation facility have not yet been operated at
such a commercial scale and that OPTI's critical and very costly
bitumen upgrader can not operate with out the Ore-crude unit.

The ratings are restrained by:

    * substantial front-end leverage and risk of completing
      Phases I and II on time and on budget;

    * very high front-end capital costs and complexity of
      integrated oil sands/upgrader projects;

    * characteristic project start-up risks;

    * the challenge of keeping all key interrelated units online
      once in commercial operations,

    * considerable uncertainty about the pivotal ultimate
      sustainable steam/oil ratio;

    * exposure to far higher SAGD production costs if the
      upgrader's asphaltene gasification unit is down; and

    * the inability of the upgrader to run if the gasification
      unit is down.

The future scale of bitumen production, and operating and capital
costs of that production, face the inherent risk across the areal
extent of OPTI/Nexen's acreage of inconsistent reservoir rock
homogeneity, quality, and reservoir thickness; existence of
permeability barriers that can impede steaming and production; and
amount of steam needed per barrel of produced bitumen.  Also, the
upgrader's sustainable synthetic crude yield per bitumen barrel,
unit production costs, and unscheduled downtime pattern will not
be clear until it has been operating for several quarters.

The ratings are supported by:

    * almost CDN$1.4 billion of first-in cash common equity;

    * a very large world scale resource base engineered by a
      major third-party engineering firm;

    * the deep pockets, managerial, operational, and technical
      depth, services sector influence, and synthetic crude oil
      marketing capacity of investment grade 50% partner Nexen
      Inc. (Baa2 senior unsecured rating);

    * a narrowing of the reservoir risk band through evaluation
      of drilling and subsurface information derived from 78
      Phase I horizontal steam injection and production well
      pairs, 95 other delineation wells in the Leismer leases,
      and 60 other delineation wells in Cottonwood; and

    * surface project technology and design that is deemed to not
      encompass inordinate or insurmountable risk to completion
      or ongoing performance of the project.

The ratings are supported by

    * a one year interest reserve account and an up to 50% cash
      sweep;

    * OPTI's call on CDN$202 million of contingent equity from
      certain private investors;

    * a third party technical evaluation of OPTI's drilling
      program, including well pair location, well string
      architecture and drilling procedures, and indicating
      reasonably low drilling risk across a large established
      reserve base; and

    * SAGD technology is more than 7 years into commercial status
      after 20 years of pilot project experience in the region.

Through wholly-owned OPTI Long Lake L.P. OPTI holds a 50%
undivided interest (with Nexen holding the other 50%) in the four
phased greenfield integrated development of three oil sands leases
in Alberta, Canada.  Each phase will consist of steam assisted
gravity drainage production of bitumen and its subsequent
upgrading into synthetic crude oil.  Upgrading of bitumen includes
atmospheric and vacuum distillation, deasphalting, asphaltene
gasification, hydrogen generation, and hydrocracking into light
sweet synthetic crude oil.  Each project phase would contain a
SAGD operation and a bitumen upgrader.  Each phase is designed
yield approximately 72,000 barrels/day of bitumen (of which 50% is
OPTI's share) which, after hydrogenation, cracking, and upgrading,
would yield approximately 57,700 barrels per day of sweet syncrude
oil (of which 50% is OPTI's share).

OPTI and Nexen are deep in Phase I development.  Phase I steam
injection commenced in second quarter 2007.  The partners expect
an initial bitumen production response in xxxx.  The partners plan
to bring the upgrader to production in third quarter 2007.  OPTI
expects full design Phase cash flow to be reached during 2008.

The partners have also begun spending for the nearly identical
Phase II.  Moody's believes that, in light of the fact that Phases
II, III, and IV will be nearly identical to Phase I, and given
Phase I's current cost estimates, and given continuing sector cost
pressures, we believe Phases II, III, and IV will cost in the
range of CDN$6 billion to CDN$7 billion each (50% OPTI), possibly
considerably more.  OPTI's 50% share of Phase I proven undeveloped
and probable bitumen reserves is approximately 455 million
barrels.

Assuming Phases II, III, and IV are sanctioned, we expect OPTI's
50% share of capital spending to be at least CDN$2 billion per
year in 2010 through 2013.  In an oil market characteristic with
US$55 per barrel of West Texas Intermediate oil prices, debt would
rise to excess of CDN$6 billion by 2013 unless OPTI issues
substantial equity.

OPTI Canada Inc. is headquartered in Calgary, Alberta, Canada.


ORTHOMETRIX INC: March 31 Balance Sheet Upside-Down by $2.2 Mil.
----------------------------------------------------------------
Orthometrix Inc. reported a net loss of $364,202 on revenue of
$580,493 for the first quarter ended March 31, 2007, compared with
a net loss of $253,167 on revenue of $748,066 for the same period
ended March 31, 2006.

The decrease in revenue was primarily due to a decrease in         
Orbasone(TM) system sales during 2007.  The increase in net loss
is attributable to the decrease in revenue, the increase in cost
of sales, and the increase in interest expense, partly offset by
the decrease in operating expenses.

The company did not incur any research and development expense for
the three months ended March 31, 2007, compared with R&D expense
of $42,031 for the three months ended March 31, 2006.  The
decrease was primarily due to the suspension of all research and
development activities.

Interest expense increased $144,284 to $175,929 for the three
months ended March 31, 2007, from $31,645 for the three months
ended March 31, 2006. Interest expense increased due to the
increase in borrowings bearing a higher interest rate.

At March 31, 2007, the company's consolidated balance sheet showed
$1,284,876 in total assets and $3,491,800 in total liabilities,
resulting in a $2,206,924 total stockholders' deficit.

The company's consolidated balance sheet at March 31, 2007, also
showed strained liquidity with $1,180,398 in total current assets
available to pay $3,440,670 in total current liabilities.

Full-text copies of the company's consolidated financial
statements for the quarter ended March 31, 2007, are available for
free at http://researcharchives.com/t/s?212c

                       Going Concern Doubt

As reported in the Troubled Company Reporter on June 8, 2007,
Radin Glass & Co. LLP, in New York, expressed substantial
doubt about Orthometrix Inc.'s ability to continue as a going
concern after auditing the company's financial statements for the
year ended Dec. 31, 2006.  The auditing firm pointed to the
company's recurring operating losses and net capital deficit.

                      About Orthometrix Inc.

Based in White Plains, N.Y., Orthometrix Inc. -- (Other OTC:
OMRX) -- http://www.orthometrix.net/-- engages in the marketing,   
sale and service of various musculoskeletal products for use in
pharmaceutical research, diagnostic, and monitoring of bone and
muscle disorders in sports medicine, rehabilitative medicine,
physical therapy, and pain management.  It operates through two
divisions: Healthcare, and Sports and Fitness.


OUR LADY'S: Voluntary Chapter 11 Case Summary
---------------------------------------------
Debtor: Our Lady's, L.L.C.
        4165 Eaton Street
        Mountain View, CO 80212

Bankruptcy Case No.: 07-16676

Chapter 11 Petition Date: June 25, 2007

Court: District of Colorado (Denver)

Judge: Michael E. Romero

Debtor's Counsel: Barry K. Arrington, Esq.
                  Arrington & Associates, P.C.
                  5310 Ward Road, Suite G-07
                  Arvada, CO 80002
                  Tel: (303) 205-7870

Total Assets: $1,140,000

Total Debts:  $550,000

The Debtor does not have any creditors who are not insiders.


PEOPLE'S CHOICE: Poor Credit Support Cues S&P to Lower Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class B1 and B2 certificates from People's Choice Home Loan
Securities Trust Series 2004-1.  S&P placed the rating on class B1
on CreditWatch with negative implications and removed the rating
on class B2 from CreditWatch, where it was placed with negative
implications April 11, 2007.  At the same time, S&P placed its
'BBB-' rating on the B4B class from series 2005-1 on CreditWatch
with negative implications.
     
The negative rating actions reflect the deterioration of available
credit support to the respective certificates and less-than-
sufficient credit enhancement percentages at the previous rating
levels.  Monthly excess interest has not been sufficient to cover
monthly net losses incurred by both transactions, which has led to
the erosion of overcollateralization below its respective targets
for both deals.  O/C has been deficient over the past 18
remittance periods for series 2004-1 and the past four remittance
periods for series 2005-1.  As of the May 2007 remittance period,
series 2004-1 was seasoned 37 months and had stepped down, thereby
releasing additional O/C.  Series 2005-1 was seasoned 28 months
and was passing its delinquency and cumulative loss triggers.  
Cumulative losses are 1.78% ($9.00 million) of the original pool
balance for series 2004-1 and 1.55% (17.04 million) for 2005-1,
while total delinquencies are 24.39% and 31.77%, respectively, of
the current pool balances.
     
Standard & Poor's will continue to closely monitor the performance
of both classes with ratings on CreditWatch negative.  If losses
decline to a point at which they no longer exhaust available
credit enhancement and the level of credit enhancement is not
further eroded, S&P will affirm the ratings on these classes and
remove them from CreditWatch.  Conversely, if delinquencies
continue to translate into substantial realized losses in the
coming months and continue to erode available credit enhancement,
S&P will take further negative rating actions on these classes,
and possibly on the more senior tranches.
     
S&P removed the rating on class B2 from series 2004-1 from
CreditWatch with negative implications because it was lowered to
'CCC'.  According to Standard & Poor's surveillance practices,
ratings lower than 'B-' on classes of certificates or notes from
RMBS transactions are not eligible to be on CreditWatch negative.
     
The collateral for both deals initially consisted of conventional,
one- to four-family, adjustable- and fixed-rate mortgage loans
secured by first and second liens on residential real estate
properties.


        Rating Lowered and Placed on Creditwatch Negative
   
          People's Choice Home Loan Securities Trust
                        Series 2004-1

                                   Rating
                                   ------
             Class          To              From
             -----          --              ----
             B1             BB-/Watch Neg   BBB-


      Rating Lowered and Removed from Creditwatch Negative

          People's Choice Home Loan Securities Trust
                         Series 2004-1

                                  Rating
                                  ------
             Class          To              From
             -----          --              ----
             B2             CCC             B/Watch Neg


            Rating Placed on Creditwatch Negative

          People's Choice Home Loan Securities Trust
                        Series 2005-1

                                 Rating
                                 ------
           Class           To               From
           -----           --               -----
           B4B             BBB-/Watch Neg   BBB-


PLEASANT CARE: Taps Hunter Richey as Special Regulatory Counsel
---------------------------------------------------------------
Pleasant Care Corporation and its debtor-affiliates ask authority
from the U.S. Bankruptcy Court for the Central District of
California to employ Hunter Richey Di Benedetto & Eisenbeis,
L.L.P. as Special Regulatory Counsel.

Before the filing for bankruptcy and given the significant number
of operated skilled nursing facilities, the Debtors received
various citations from the California Department of Health
Services.  In connection with assessing and addressing such
citations, the Debtors routinely consulted with and received legal
advice and guidance from Hunter Richey as one of their regulatory
counsel.  In addition to advice relating to specific DHS
citations, Hunter Richey also provided the Debtors with legal
advice and guidance as to general regulatory issues as they arose.

Win R. Richey tells the Court that the firm's attorneys bill $320
per hour while paralegals bill $125 per hour.

Mr. Richey tells the Court that the firm is disinterested as that
term is defined in Section 101(14) of the U.S. Bankruptcy Code.

Mr. Richey can be contacted at:

         Win R. Richey, Esq.
         Hunter Richey Di Benedetto & Eisenbeis, L.L.P.
         520 Capitol Mall, Suite 400
         Sacramento, CA 95814
         Tel: (916) 491-3000
         Fax: (916) 491-3080

                      About Pleasant Care

Based in La Canada, California, Pleasant Care Corporation and its
affiliates -- http://www.pleasantcare.com/-- provide nursing home
care.  The company and four of its affiliates filed for chapter 11
protection on March 22, 2007 (Bankr. C.D. Calif. Lead Case No.
07-12312).  Ron Bender, Esq., Monica Y. Kim, Esq., and Jacqueline
L. Rodriguez, Esq., at Levene, Neale, Bender, Rankin & Brill LLP,
represent the Debtors.  Samuel R. Maizel, Esq., at Pachulski Stang
Ziehl Young Jones & Weintraub LLP, represents the Official
Committee of Unsecured Creditors.  When the Debtors filed for
protection from their creditors, they listed estimated assets and
debts between $1 million and $100 million.


PLUM CREEK: Moody's Revises Outlook to Positive from Stable
-----------------------------------------------------------
Moody's Investors Service revised the outlook for the Baa3 senior
unsecured rating of Plum Creek Timberlands, LP to positive, from
stable.  The rating agency cited the timber REIT's progress in
establishing leadership in timberland ownership, lowering
volatility of cash flows and returns, and enhancing the value of
its core portfolio.

Plum Creek has 8.2 million acres of timberlands located throughout
18 states.  It is the largest private landowner in the USA.  Plum
Creek's timber is diversified in terms of species in a well
laddered maturity profile, another plus.  These traits combine to
significantly lower vulnerability to adverse weather, pests, fires
and disease.  Furthermore, the company enhances the value of its
core portfolio by identifying for sale parcels of non-core and
higher-and-better-use timberlands.  The former are typically lands
which are unpractical or uneconomical for Plum Creek to maintain;
the latter are properties which command premiums to core
timberland value when developed for residential use, or set aside
for purposes of conservation or recreation.  Sales proceeds are
reinvested into core timberland acquisitions.

The firm's low margins relative to more mainstream REITs are a
result of the material costs required for harvesting, silviculture
and reforestation.  Volatility of returns is high for Plum Creek
when compared to traditional REITs, too, though stability has
increased when examining more recent time periods, as the company
is benefiting from growth and diversification of its timberland
base.  According to Moody's, this trend is an important driver of
the REIT's improving credit profile.  In addition, returns and
fixed charge coverage are very strong when compared to other Baa
rated REITs.

The positive rating outlook reflects Moody's expectations that
Plum Creek will increase leadership in terms of size and diversity
while continuing to demonstrate stability of cash flow through the
forest product cycle.  Moody's also anticipate that manufacturing
operations will remain a small platform.

Moody's will likely upgrade Plum Creek's ratings should the REIT
continue to demonstrate improved cash flow stability through the
forest product cycle while maintaining net debt/EBITDA levels
below 4.5x. Positive ratings momentum would also derive from
sustained improvement in EBITDA margin to above 40%, though we
view this as less likely to occur.  Conversely, Moody's would
return the outlook to stable without raising the company's ratings
if leverage increased in excess of 5.5x net debt/EBITDA, sustained
fixed charge coverage below 3x, or the REIT incurred secured debt
greater than 10% of assets.  Other factors that could place
downward pressure on the ratings include any severe and prolonged
downturn in timber pricing which lowers Plum Creek's returns and
the value of its portfolio, or increases in the firm's
manufacturing operations relative to timber and timberlands which
would likely lead to greater volatility.

The outlook was revised to positive from stable for these ratings:

Plum Creek Timber Company, Inc.

  -- (P)Ba2 preferred shelf

Plum Creek Timberlands, LP

-- Baa3 senior unsecured
-- (P)Baa3 senior unsecured shelf
-- (P)Ba1 subordinate shelf

In its most recent rating action with respect to Plum Creek,
Moody's affirmed the REIT's senior debt at Baa3 with a stable
outlook in April 2006.

Plum Creek Timber Company, Inc. (NYSE: PCL) is a timber REIT
headquartered in Seattle, Washington, USA and is the largest
private landowner in the nation with more than 8 million acres of
timberlands in major timber producing regions of the USA and 10
wood products manufacturing facilities in the Northwest.


PUBLICARD INC: Court Fixes July 23 as Claims Filing Deadline
------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
set July 23, 2007, as the deadline for filing proofs of claim
against PubliCARD Inc. for claims arising prior to May 17, 2007.

The Court also set Nov. 13, 2007, as the claims bar date for
governmental units.

Proofs of claim must be received on their respective bar dates on
or before 4:00 p.m. by:

   U.S. Bankruptcy Court
   Southern District of New York
   Re: PubliCARD Inc. Claims Processing
   One Bowling Green
   New York, NY 10004

Headquartered in New York, PubliCARD Inc. fka Publicker Inc. filed
a chapter 11 petition on May 17, 2007 (Bankr. S.D.N.Y. Case No.
07-11517).  David C. McGrail, Esq., at the Law Offices of David C.
McGrail in New York represents the Debtor in its restructuring
efforts.  The company listed assets and debts between $100,000 to
$500,000 when it sought bankruptcy protection.


RITCHIE (IRELAND): Section 341(a) Meeting Set for August 3
----------------------------------------------------------
The United States Trustee for Region 2 will convene a meeting of
Ritchie Risk-Linked Strategies Trading (Ireland) Ltd. and Ritchie
Risk-Linked Strategies Trading (Ireland) II Ltd.'s creditors on
Aug. 3, 2007, at 2:30 p.m. at the Office of the United States
Trustee at 80 Broad Street, Fourth Floor in New York City.

This is the first meeting of creditors required under Section
341(a) of the Bankruptcy Code in all bankruptcy cases.

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

                    About Ritchie Risk-Linked

Ritchie Risk-Linked Strategies Trading (Ireland) Ltd. and Ritchie
Risk-Linked Strategies Trading (Ireland) II Ltd.  are Dublin-based
funds of hedge fund group Ritchie Capital Management --
http://www.ritchiecapital.com/--

The Debtors were formed as special purpose vehicles to invest in
life insurance policies in the life settlement market.  The
Debtors filed for Chapter 11 protection on June 20, 2007 (Bankr.
S.D.N.Y. Case Nos. 07-11906 and 07-11907).  Allison H. Weiss,
Esq., Peter A. Ivanick, Esq., at LeBoeuf, Lamb, Greene & MacRae
LLP, represent the Debtors.  When the Debtors filed for protection
from their creditors, they listed estimated assets and debts of
more than $100 million.  The Debtors' exclusive period to file a
Chapter 11 plan expires on Oct. 18, 2007.


RJ FRITZ: 8 Hooters Franchises Close as Liquidation Measures Begin
------------------------------------------------------------------
Eight Hooters restaurants located in New Hampshire, New York,
Massachusetts and Rhode Island, all of which are franchised by
R.J. Fritz L.P., closed on Monday as directed by the U.S.
Bankruptcy Court for the District of Massachusetts, Boston
Division, various sources reports.

According to Ashley Smith of Nashua Telegraph, on June 20, 2007,
the Court approved a request of U.S. Trustee Assistant John
Fitzgerald to convert the Chapter 11 cases of R.J. Fritz L.P. and
its debtor-affiliates to a Chapter 7 liquidation proceeding.

In his motion filed June 19, 2007, Mr. Fitzgerald argued that the
Debtors couldn't possibly restructure and pay outstanding debts.

Headquartered in Boston, Massachusetts, R.J. Fritz L.P. dba
Hooters of Boston is a franchise of the Altanta-based restaurant
chain Hooters of America, Inc.  The company and its debtor-
affiliates filed for bankruptcy on Oct. 6, 2006 (Bankr. D. Mass.
06-13542).  Melvin S. Hoffman, Esq., at Looney & Grossman, LLP,
represents the Debtors.  When the Debtors filed for protection
from their creditors, they estimated assets between $100,000 to
$1 million and debts between 1 million and $100 million.


SAI HOLDINGS: Court Approves DoveBid as Auctioneer
--------------------------------------------------
The United States Bankruptcy Court for the North District of Ohio
gave SAI Holdings Ltd. and its debtor-affiliates permission to
employ DoveBid Inc. as their auctioneer.

As reported in the Troubled Company Reporter on June 11, 2007, the
Debtors told the Court that DoveBid will not receive a commission.  
However as compensation, DoveBid will charge each successful
bidder a standard buyer's premium of 15% of the sales price of
each asset sold in addition to the purchase price as bid, with an
additional 1% payable by any purchaser electing to pay via credit
card.

DoveBid will remit to the Debtors from those sums collected as
buyer's premium a sum equal to 5% of the gross proceeds collected
from purchasers participating online and 6% of the gross proceeds
collected from purchasers participating on-site.  In addition, the
Debtors have agreed to:

     (i) provide Dovebid an allowance towards certain advertising
         and marketing expenses;

    (ii) reimburse DoveBid for pre-approved actual out-of-pocket
         labor expenses; and

   (iii) reimburse DoveBid for actual and reasonable travel and
         miscellaneous out-of-pocket expenses in the form of
         auction allowance.  The auction allowance will not exceed
         $75,000, and will be deducted from the gross proceeds and
         paid to DoveBid following the auction.

The Debtors and DoveBid acknowledge that a certain portion of the
Debtors' assets are subject to a first priority security interest
in favor of GECC, and agree that the minimum bid for the GECC
assets will be $900,000, plus the buyer's premium.  However,
DoveBid may accept a selling price as low as $783,000 for the
GECC Assets provided that DoveBid contribute that portion of
DoveBid's share of the buyer's premium collected necessary to
bring GECC's realization with respect to the GECC Assets to
$900,000.

In the event that DoveBid receives offers prior to the auction and
the Debtors determine that a privately negotiated sale is more
appropriate, DoveBid and the Debtors will submit the offers and
recommendations for approval.

If the Debtors consummate the sale of substantially all of the
assets prior to the date of the auction, the Debtors may terminate
the agreement provided the Debtors:

     (a) reimburse DoveBid for all actual and documented expenses
         incurred through the date of the termination not to
         exceed $75,000; and

     (b) pay DoveBid a termination fee in the amount of
         (i) $90,000 if the cancellation occurs more than two
         weeks prior to the date of the auction or (ii)
         $180,000 if the cancellation occurs within two weeks
         prior to the date of the auction.  The Debtors agree to
         pay the expenses and termination fee within 10 business
         days following consummation of the sale including
         payment thereof and receipt of DoveBid's invoice.

In the event that not all assets are purchased prior to the
auction, an auction sale of the remaining assets is still
commercially practicable in DoveBid's sole discretion.  DoveBid
will permit withdrawals provided the Debtors pay DoveBid a
withdrawal fee, prior to the date of the auction, equal to 10% of
the anticipated auction selling prices of the withdrawn assets.

The Debtors believe that the employment of DoveBid is in the best
interests of the Debtors and their estates.

The firm can be reached at:

         Nicholas Jimenez
         DoveBid Inc.
         200 Corporate Pointe, Suite 300
         Culver City, CA 90230
         Telephone: (1-310) 775-6700
         Fax: (1-310) 775-6800
         http://www.dovebid.com/

Headquartered in Butner, North Carolina, SAI Holdings Ltd.
manufactures and retails vinyl-coated upholstery fabrics.  The
company filed for Chapter 11 protection on Nov. 8, 2006 (Bankr.
N.D. Ohio Case No. 06-33227).  Its debtor-affiliates, Athol
Manufacturing Corp. (Bankr. Case No. 06-33228) and Sandusky, Ltd.
(Bankr. Case No. 06-33229) filed for separate chapter 11 petitions
on that same date.  Ronald E. Gold, Esq. and Douglas L. Lutz,
Esq., at Frost Brown Todd LLC represent the Debtors in their
restructuring efforts.  Jason W. Bank, Esq., in Bloomfield Hills,
Michigan serves as counsel to the Official Committee of Unsecured
Creditors.  In their schedules, the Debtors listed total assets of
$4,764,538 and total liabilities of $23,291,638.


SAI HOLDINGS: Exclusive Period Extension Hearing Set on July 18
---------------------------------------------------------------
The Honorable Mary Ann Whipple of the United States Bankruptcy
Court for the Northern District of Ohio will convene a hearing on
July 18, 2007, at 1:30 p.m., at Courtroom #2 in Toledo, to
consider SAI Holdings Limited and its debtor-affiliates' request
to extend their exclusive period to:

   a. file a Chapter 11 plan until Aug. 6, 2007; and

   b. solicit acceptances of that plan to Oct. 8, 2007.

As reported in the Troubled Company Reporter on June 11, 2007,
the Debtors tell that it is currently negotiating with Sandusky
Acquisition Holding LLC regarding the terms of the purchase
agreement on the sale of substantially all of its assets.

Headquartered in Butner, N.C., SAI Holdings Ltd. manufactures and
retails vinyl-coated upholstery fabrics.  The company filed for
Chapter 11 protection on November 8, 2006 (Bankr. N.D. Ohio
Case No. 06-33227).  Its debtor-affiliates, Athol Manufacturing
Corp. (Bankr. Case No. 06-33228) and Sandusky, Ltd. (Bankr. Case
No. 06-33229) filed for separate chapter 11 petitions on that same
date.  Ronald E. Gold, Esq. and Douglas L. Lutz, Esq., at Frost
Brown Todd LLC represent the Debtors in their restructuring
efforts.  Jason W. Bank, Esq., in Bloomfield Hills, Michigan
serves as counsel to the Official Committee of Unsecured
Creditors.  In their schedules, the Debtors listed total
assets of $4,764,538 and total liabilities of $23,291,638.


SECURUS TECH: Stable Financial Leverage Cues S&P to Affirm Ratings
------------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit ratings on Securus Technologies Inc.  The ratings outlook
is negative.  At the same time, S&P affirmed the 'BB-' rating on
the existing $194 million second lien senior secured notes,
(including the proposed $40 million add-on), and the '2' recovery
rating, indicating expectation for a substantial (70%-90% )
recovery of principal.
      
"The affirmation reflects financial leverage that has been stable,
in the mid-5x area over the past two years, which we expect to
remain in this range following the $51 million acquisition of
Syscon," said Standard & Poor's credit analyst Stephanie Crane
Mergenthaler.  However, modest cash and the potential for
constrained liquidity continue to be a risk to the rating.
     
The ratings reflect Dallas-based Securus Technologies highly
leveraged financial risk profile, modest liquidity, and a narrow
focus within a competitive and evolving niche marketplace.  A
largely recurring revenue base, supported by long-term customer
contracts, partly offsets these factors.
     
Securus is one of the two leading independent providers of inmate
telecommunications services to corrections facilities in the
United States.  The company provides services to correctional
facilities operated by city, county, state, and federal
authorities in the U.S. and Canada. Securus has been competing
aggressively with several other independent providers in this
narrow, approximately $1.4 billion market, for business
traditionally held by the regional Bell operating companies, local
exchange carriers, and inter-exchange carriers, most of whom
exited the corrections services market in the past few years.


SECURUS TECH: Moody's Affirms Corporate Family Rating at B3
-----------------------------------------------------------
Moody's Investors Service affirmed Securus Technologies Inc.'s B3
Corporate Family, B2 Second Priority Senior Secured and SGL-3
Liquidity Ratings.  At the same time, Moody's assigned a B2 rating
to the company's $40 million of Second Priority Senior Secured
add-on Notes.  The ratings reflect a B3 probability of default and
loss-given-default assessment of LGD 3, 40% on the rated Notes.
The outlook remains stable.

The rating action follows Securus' announcement that it will issue
$40 million of add-on Second Priority Senior Secured Notes to fund
its acquisition of Syscon Holdings, Ltd., a provider of offender
management software systems to the corrections industry.

The affirmation of Securus' Corporate Family Rating reflects
Moody's belief that the company has the capacity within its
existing rating to withstand the modest increase in pro-forma
leverage that will result from the acquisition.  Additionally, the
rating considers that Securus is likely to offset the continuing
decline in its wholesale services revenues with market share gains
of direct provisioning contracts following the exit of many larger
incumbent providers from the inmate communication services
business.

The B3 Corporate Family Rating reflects the company's narrow focus
within a highly competitive segment of the telecommunications
industry, its modest size, low operating margins, significant
leverage and lack of free cash flow.  The rating also recognizes
the company's good market share, contractual revenue streams and
high renewal rates.

Ratings Affirmed:

-- Corporate Family Rating B3
-- Probability of Default Rating B3
-- Second Priority senior secured Notes B2, LGD 3, 40%

Based in Dallas, TX, Securus Technologies, Inc. is one of the
largest providers of inmate telecommunication services to
correctional facilities in the United States and Canada.


SIERRA PACIFIC: Fitch Affirms Ratings and Revises Outlook to Pos.
-----------------------------------------------------------------
Fitch has affirmed the ratings of Sierra Pacific Resources and its
utility subsidiaries, Nevada Power Company and Sierra Pacific
Power Company, as:

Sierra Pacific Resources

    -- Issuer Default Rating at 'BB-'.

Nevada Power Company

    -- IDR at 'BB'.

Sierra Pacific Power

    -- IDR at 'BB'.

The long term Rating Outlook is revised to positive from stable.
Approximately $4 billion in debt is affected.

The financial trends of SRP and its two regulated utilities, NPC
and SRPP, remain positive, and recent Public Utilities Commission
of Nevada decisions have been constructive.  The positive outlook
reflects the more immediate favorable financial implications from
PUCN's recent rate order which authorized NPC a 5.7% general rate
increase based on a 10.7% return on equity.  When combined with
the previously approved recovery of costs associated with the
western energy crisis, the tariff increase should moderately
bolster near-term coverage measures.

Over the intermediate term, the utilities will remain challenged
by a large capital expenditures budget reflecting the rapid growth
of its service area generally, and a program to increase company-
owned generation facilities.  In particular, the development of
the Ely Energy Center will add 1,500MW of coal-fired generation
and expand installed generation capacity by approximately 50%.  
Estimated development costs, approaching $4 billion may begin to
pressure both the utilities and consolidated financial profile
over the next few years as the first unit is not expected to be
on-line until 2011.  Regulatory support for the recovery of
capital investments will remain a critical analytical
consideration going forward.

SRP's ratings reflect its structural subordination to the cash
flows of NPC and SPPC.  Financial flexibility is enhanced in
Fitch's view by recent PUCN removal of previous dividend
restrictions on NPC and SPPC.  SRP will need continued market
access to meet the financing burdens associated with its large
capex budget over the next few years.  In addition to financing
directly at NPC and SPPC, SRP will need to raise equity.

Fitch has affirmed these ratings and revised the Outlook to
Positive:

Sierra Pacific Resources

    -- Issuer Default Rating at 'BB-';
    -- Senior unsecured debt at 'BB-'.

Nevada Power Co.

    -- IDR'BB'
    -- General and refunding bonds at 'BBB-';
    -- Secured bank facility at 'BBB-';
    -- Senior unsecured at 'BB'.

Sierra Pacific Power Co.

    -- IDR'BB'
    -- General and refunding bonds at 'BBB-';
    -- Secured bank facility at 'BBB-'.


SIERRA PACIFIC: S&P Affirms BB- Rating and Revises Outlook to Pos.
------------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' corporate
credit ratings on Sierra Pacific Resources, Nevada Power Co., and
Sierra Pacific Power Co. and revised the outlook on the companies
to positive from stable.
      
"The positive outlook reflects the significant strength of
Nevada's regulatory climate," said Standard & Poor's credit
analyst Anne Selting.  "Based on recent developments, Nevada Power
and Sierra Pacific Power currently have some of the most credit-
supportive protections of any western state."
     
Standard & Poor's also said that this support is a compensating
factor for Sierra Pacific Resources' consolidated financial
profile, which remains approximately in line with benchmark
performance for the current ratings but is anticipated to
deteriorate with the build out of several large generation
projects.


SOLERA HOLDINGS: Posts $9.6 Mil. Net Loss in Qtr. Ended March 31
----------------------------------------------------------------
Solera Holdings Inc. reported a net loss of $9.6 million on
revenues of $121.7 million for the three months ended March 31,
2007, compared to a net loss of $824,000 on revenues of $343,000
for the three months ended March 31, 2006.

The company's balance sheet as of March 31, 2007, listed total
assets of $1,261,611, total liabilities of $1,092,785, class B
redeemable preferred units of $220,599 and minority interest of
$9,854, resulting in a stockholders' deficit of $61,627.

Net loss for the nine months ended March 31, 2007, was
$9.6 million on revenues of $349.4 million.  This compares to a
net loss of $2.3 million on revenues of $976,000 for the nine
months ended March 31, 2006.

A full-text copy of the company's third quarter report is
available for free at http://ResearchArchives.com/t/s?212e

"Our third quarter results represent continued strong revenue
performance and demonstrate our ability to meet the needs of our
customers and drive revenue while controlling costs," said
Tony Aquila, chairman and chief executive officer of Solera
Holdings Inc.  "Our momentum is fueled by growth in services to
our existing customers, new insurance client acquisition and
geographic expansion on a global basis."

                          Other Matters

Solera Holdings will not be issuing further guidance for fiscal
year 2007 at this time, nor does the company anticipate it will
issue any initial guidance for its fiscal year 2008 until the
company announces its fiscal year 2007 results, expected to be
during September 2007.

The company will not be holding a conference call to discuss its
third quarter 2007 results or other matters.

                     Initial Public Offering

On May 16, 2007, the company completed an initial public offering
of shares of its common stock.  In the initial public offering,
the company sold 19,200,000 shares of common stock and the
selling stockholders sold 10,987,500 shares of common stock,
which included 3,937,500 shares of common stock sold by the
selling stockholders pursuant to the underwriters' over-allotment
option.

In connection with the public offering, the company converted
from a Delaware limited liability company into a Delaware
corporation with 150,000,000 authorized shares of common stock,
par value $0.01, and 15,000,000 authorized shares of preferred
stock, par value $0.01.  As a result, 31,633,211 common units
were converted into 31,633,211 shares of common stock and
204,016.1 preferred units were converted into 13,889,974 shares
of common stock.

                  Restated Senior Credit Facility

In connection with the initial public offering, the company
engaged in refinancing transactions and entered into an amended
and restated senior credit facility.

Borrowings under the amended and restated senior credit facility
consisted of:

     (i) a revolving credit facility that permits U.S. dollar or
         Euro- denominated borrowings of up to $50 million in
         revolving credit loans and letters of credit;

    (ii) a U.S. dollar denominated term loan in an aggregate
         amount of $230 million; and

   (iii) a Euro-denominated term loan in an aggregate amount of
         EUR280 million, or $380.7 million.

The term loans will mature in May 2014 and the revolving loan
will mature in May 2013.  The amended and restated senior credit
facility requires that the term loans be prepaid with the net
proceeds from certain events, including specified asset and
equity sales, insurance proceeds, incurrence of indebtedness
and excess cash flow.

The company received about $283 million in net proceeds from
the initial public offering, after deducting underwriting
discounts, commissions and expenses of about $24.2 million, and
$607.6 million in net proceeds under the amended and restated
senior credit facility, after debt issuance costs of about
$3.8 million.  About $889.2 million of the $890.6 million of
combined net proceeds were used to repay:

     (i) $538.6 million under the first lien credit facility for
         all outstanding term loans and accrued interest;

    (ii) $226.2 million under the second lien credit facility for
         all borrowings and accrued interest, and a related
         prepayment premium of $4.5 million; and

   (iii) $124.4 million under the subordinated unsecured credit
         facility for all borrowings and accrued interest, and a
         related prepayment premium of $2.5 million.

The company estimates that the total expenses of the offering
were about $8 million, of which $3 million was paid prior to the
closing date of the offering.  In connection with the repayment
of the above borrowings, the company expects to incur a pre-tax,
non-cash charge of about $35.7 million on the early
extinguishment of debt, which includes prepayment premiums of
$7 million.  The company expects to recognize this loss on
extinguishment of debt in the fourth quarter of its fiscal year
ending June 30, 2007.

                      About Solera Holdings

Solera Holdings Inc. (NYSE: SLH) -- http://www.solerainc.com/--  
is a global provider of software and services to the automobile
insurance claims processing industry.  Solera has operations in
45 countries across 5 continents.  The Solera companies include
Audatex Holdings in the United States, Canada, and in more than
40 additional countries, Informex in Belgium, Sidexa in France,
ABZ in The Netherlands, Hollander serving the North American
recycling market, and IMS providing medical review services.

                          *     *     *

As reported in the Troubled Company Reporter on May 22, 2007,
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit and senior secured debt ratings on Solera Holdings.

At the same time, Standard & Poor's revised its outlook on Solera
to positive from negative, following the recent completion of an
initial public offering.  Pro forma for the initial public
offering, Solera's operating lease-adjusted leverage has declined
to below 5x from above 6.5x as of December 2006.


SUPRESTA LLC: Israel Chemicals Deal Cues Moody's Ratings Review
---------------------------------------------------------------
Moody's Investors Service placed the ratings of Supresta LLC (B1
corporate family rating) under review for a possible upgrade
following the announcement that Israel Chemicals Ltd. has agreed
to buy the firm from its existing private equity owners,
Ripplewood Holdings LLC, for $352 million in cash in a transaction
that is expected to close in the third quarter of 2007.

The ratings under review are:

Supresta LLC

-- Corporate family rating -- B1
-- Probability of default rating -- B1
-- $140mm Gtd Sr Sec Term Loan due 2011, Ba3, LGD3, 35%

-- $25mm Gtd Sr Sec Revolving Credit Facility due 2009, Ba3,
    LGD3, 35%

ICL has indicated that the transaction will be financed by its
internal resources and existing bank facilities and the closing is
subject to a number of conditions, including regulatory approval.
The review for upgrade reflects the expected operating benefits
associated with inclusion of the company in the ICL group and the
likelihood that Supresta's leverage will decline as its existing
bank debt will likely be retired.  The ratings will be withdrawn
if the debt is refinanced.  However, the company has not stated
definitively how the rated term loan and revolving credit facility
or unrated debt at the holding company level will be treated.

Supresta is a global producer of phosphorus-based flame retardants
used in foams, plastics and industrial/hydraulic fluids.  The
company also sells phosphorus-based organic and inorganic
chemicals used in fine chemicals and paint additives.  Supresta
LLC, is headquartered in Ardsley, New York.  Revenues were
approximately $249 million for the LTM ended December 31, 2006.


SYNIVERSE TECHNOLOGIES: To Raise $489 Million of Credit Facilities
------------------------------------------------------------------
Syniverse Technologies Inc. said it will raise $489 million of
senior secured credit facilities.  The credit facilities are
expected to consist of:

       i. a $42 million revolver;

      ii. a $20 million Euro-denominated revolver;

     iii. a $297 million term loan; and

      iv. a $130 million Euro-denominated term loan.

Net proceeds from the credit facilities will be used to fund the
$290 million proposed acquisition of Billing Services Group
Limited's Wireless Division and refinance Syniverse's existing
senior secured credit facilities.

Lehman Brothers Inc. and Deutsche Bank will act as Joint Lead
Arrangers and Joint Bookrunners for the syndication.

                      About Billing Services

Billing Services Group Limited is a global provider of data
clearing, financial settlement and risk management solutions for
wireless and wireline communication service providers, operating
in two primary segments: wireline and wireless.  BSG Wireless is
a provider of data clearing and financial settlement services
related to global and national roaming for GSM wireless
telecommunications providers.  

Shareholder approval for the acquisition of Billing Services by
Syniverse Technologies was obtained on April 23, 2007.

                          About Syniverse

Syniverse Technologies Inc. in Tampa, Florida (NYSE: SVR) -
http://www.syniverse.com/-- provides technology services for  
wireless telecommunications companies.  Its integrated suite of
services include technology interoperability services, which
enable the invoicing and settlement of domestic and international
wireless roaming telephone calls and wireless data events; SMS
and MMS routing and translation services between carriers; and
interactive video and mobile broadband solutions, prepaid
applications, and roaming services.  Celebrating its 20th
anniversary in 2007, Syniverse has offices in major cities around
the globe.  Syniverse is ISO 9001:2000 certified and TL 9000
approved, adhering to the principles of customer focus and
quality improvement practices.


SYNIVERSE TECH: Moody's Rates $489 Million Debt Facilities at Ba2
-----------------------------------------------------------------
Moody's Investors Service assigned Ba2 ratings to Syniverse's
proposed $489 million senior secured debt facilities and lowered
ratings on their existing $175 million subordinated debt.  The
proposed senior secured facilities will be used to refinance
existing secured debt and to finance the acquisition of Billing
Services Group's wireless data and financial clearing and
settlement businesses.  As outlined in our April 3, 2007 press
release discussing the acquisition, the Ba3 corporate family
rating is not affected.  The announcement serves only to finalize
the ratings on the individual debt instruments.  The outlook
remains negative.

The increase in total senior secured debt has led to the lowering
of the subordinated debt ratings to B2 from B1 and higher loss
given default point estimate (to 88% from 80%).  The debt
instrument ratings were determined using Moody's Loss Given
Default Methodology.

Upon closing of the proposed facilities, these ratings will be
affected:

-- $175 million senior subordinated notes due 2013 to B2, LGD5
    (88%) from B1, LGD5 (80%);

These ratings will be assigned:

-- $20 million senior secured euro-denominated revolver due
    2013, Ba2, LGD3 (35%),

-- $42 million senior secured revolver due 2013, Ba2, LGD3
    (35%),

-- $297 million senior secured term loan due 2014, Ba2 LGD3
    (35%),

-- $130 million senior secured euro-denominated term loan due
    2014, Ba2, LGD3 (35%);

These ratings will be withdrawn:

-- $42 million senior secured revolver due 2011, Ba1, LGD2
    (24%),

-- $136 million senior secured term loan due 2012, Ba1, LGD2
    (24%);

These ratings will not be affected:

-- Corporate Family Rating, Ba3,
-- Probability of Default, Ba3

Based in Tampa, Florida, Syniverse Technologies is a provider of
technology outsourcing to wireless telecommunications carriers
with 2006 revenues of $337 million.


TRIAD HOSPITALS: Extends Senior Notes Pricing Date Until July 16
----------------------------------------------------------------
Triad Hospitals Inc. is extending the price determination and
expiration dates of its two senior notes from 10:00 a.m.,
New York City time, on June 25, 2007, to 10:00 a.m., New York
City time, on July 16, 2007.  The company is also extending the
expiration date of its offering from 12:00 midnight, New York City
time, on July 10, 2007, to 12:00 midnight, New York City time, on
July 30, 2007.

The senior notes affected by the extensions are the company's
$600,000,000 aggregate principal amount of 7% senior notes due
2012 and $600,000,000 aggregate principal amount of 7% senior
subordinated notes due 2013.

Holders who have previously tendered Notes do not need to re-
tender their Notes or take any other action in response to these
extensions.

As of 7:00 a.m., New York City time, on June 25, 2007, the company
has received tenders and consents from:

      (i) holders of about $599.3 million in aggregate principal
          amount of the senior notes, representing about 99.9% of
          the total outstanding principal amount of the senior
          notes; and

     (ii) holders of about $598.3 million in aggregate principal
          amount of the senior subordinated notes, representing
          about 99.7% of the total outstanding principal amount of
          the senior subordinated notes.  

Notes previously tendered may not be validly withdrawn, except
under very limited circumstances.

Except for the extension of the price determination and expiration
dates, the offer and the tender offer documents remain in full
force and effect and the price determination date for the offer
will be at least 10 business days prior to the expiration date.

The company's obligation to accept for purchase, and to pay for,
Notes validly tendered and not withdrawn pursuant to the Offer is
subject to the satisfaction or waiver of certain conditions,
including:

     -- the satisfaction of all conditions to the consummation of
        the merger under the previously announced merger agreement
        among the company, Community Health Systems Inc. and a
        wholly-owned subsidiary of CHS and consummation of the
        merger;

     -- CHS or an affiliate of CHS having issued up to
        $3.36 billion of debt;

     -- the company having sufficient available funds to  pay the
        total consideration with respect to all notes and the
        receipt of sufficient consents with respect to the
        proposed amendments to the indentures and the notes.

The company reserves the right to terminate, withdraw or amend the
offer at any time subject to applicable law.

Credit Suisse Securities (USA) LLC and Wachovia Securities have
been retained to act as Dealer Managers in connection with the
tender offer and consent solicitation.  Questions about the tender
offer and consent solicitation may be directed to Credit Suisse at
(212) 325-7596 (collect) or Wachovia Securities at (866) 309-6316
(toll free) or (704) 715-8341 (collect).

Copies of the tender offer documents and other related documents
may be obtained from D.F. King & Co., Inc., the information agent
for the tender offer and consent solicitation, at (800) 769-7666
(toll free) or (212) 269-5550 (collect).

The tender offer and consent solicitation is being made solely by
means of the tender offer documents.  Under no circumstances will
this press release constitute an offer to purchase or the
solicitation of an offer to sell the notes or any other securities
of the company or any other person,

This press release also is not a solicitation of consents to the
proposed amendments to the indenture and the notes.  No
recommendation is made as to whether holders of the notes should
tender their notes or give their consent.

                      About Triad Hospitals

Triad Hospitals Inc. (NYSE: TRI) -- http://www.triadhospitals.com/  
-- through its affiliates, owns and manages hospitals and
ambulatory surgery centers primarily in the southern, midwestern,
and western United States.  The company currently operates
54 hospitals and 13 ambulatory surgery centers in 17 states and
Ireland with about 9,855 licensed beds.  In addition, through its
QHR subsidiary, the company provides management and consulting
services to independent general acute care hospitals located
throughout the United States.

                          *     *     *

As reported in the Troubled Company Reporter on March 22, 2007,
Standard & Poor's reported that its B+ corporate credit rating on
Triad Hospitals Inc. remains on CreditWatch with negative
implications, where it was originally placed on Feb. 5, 2007.


TRITON CBO: Moody's Lifts Rating on Class A-3 Floating Rate Notes
-----------------------------------------------------------------
Moody's Investors Service upgraded its rating on one class of
notes issued by Triton CBO III, Ltd.:

The $45,000,000 Class A-3 Floating Rate Senior Secured Notes Due
2011

Prior Rating: B2 (on watch for possible upgrade)

Current Rating: Aa2

According to Moody's, the trustee, in a notice dated March 22,
2007, informed the holders of the notes that an event of default
had occurred, and declared the notes immediately due and payable
in accordance with the Indenture at the direction of the holders
of the controlling class.  It is expected that this acceleration
will cause more cashflows to be diverted to amortize the Class A
notes faster than under a non-acceleration event.


TWEETER HOME: Discloses Two Stalking Horse Bids for Assets
----------------------------------------------------------
Tweeter Home Entertainment Group, Inc., disclosed yesterday two
"stalking horse" bids for its assets in connection with the
company's Chapter 11 reorganization efforts.

Schultze Asset Management, LLC has made a $38 million "going
concern" bid for substantially all of the Company's assets.
Schultze would also assume $8 million of Tweeter's "cure costs"
associated with the company's bankruptcy proceeding, as well as
provide the national specialty consumer electronics retailer with
a $10 million junior debtor-in-possession line of credit.  Tweeter
intends to use the $10 million in new funding to purchase
merchandise and for other general corporate purposes.

Schultze's bid includes the purchase of Tweeter's 18.75% interest
in Tivoli Audio, LLC

Separately, Whippoorwill Associates, Inc. and Bay Harbour
Management, L.C. have teamed up to make a $10 million bid for just
Tweeter's Tivoli ownership interest.

The U.S. Bankruptcy Court for the District of Delaware yesterday
approved Schultze's, Whippoorwill's and Bay Harbour's respective
"stalking horse" bids under a process where other qualified
bidders will have the opportunity to submit "higher or otherwise
better" offers.

An auction will commence on July 10, 2007 among Schultze,
Whippoorwill, Bay Harbour and any other qualified bidder.

"We are pleased to complete these important steps in our
restructuring process as we move forward," said Tweeter President
and CEO Joe McGuire.  "Our objective is to bring cash into the
Company as quickly and responsibly as possible and today's events
move us closer to that goal."

                  About Schultze Asset Management

Founded in 1998, Schultze Asset Management, LLC --
http://www.samco.net/-- is a leading alternative investments firm  
specializing in distressed and special situations investing.  The
firm manages approximately $725 million in assets on behalf of
institutional and high net worth clients located throughout the
world. Schultze's offices are in Purchase, NY.

          About Whippoorwill Associates and Bay Harbour

Whippoorwill Associates, Inc. and Bay Harbour Management L.C. are
investment managers specializing in distressed securities and
special situations.

                              About Tweeter Home

Based in Canton, Mass., Tweeter Home Entertainment Group Inc.
-- http://www.tweeter.com/-- retails mid-to high-end audio and   
video consumer electronics products.  Tweeter and seven of its
affiliates filed for chapter 11 Protection on June 11, 2007
(Bankr. D. Del. Case No: 07-10787 through 07-10796).  Gregg M.
Galardi, Esq. and Mark L. Desgrosseilliers, Esq. at Skadden,
Arps, Slate, Meagher & Flom, L.L.P. represent the Debtors in
their restructuring efforts.  As of Dec. 21, 2006, Tweeter
had total assets of $258,573,353 and total debts of
$190,417,285.  The Debtors' exclusive period to file a plan
expires on Oct. 9, 2007.


VELO ACQUISITION: Moody's Puts Corporate Family Rating at B2
------------------------------------------------------------
Moody's Investors Service assigned a B2 Corporate Family Rating to
Velo Acquisition, Inc., the acquisition vehicle that will be used
to complete the leverage buyout of Vertrue Incorporated.  

Concurrently, Moody's also assigned a Ba3 rating to the company's
proposed senior secured first lien credit facilities and a Caa1
rating to the proposed second lien term loan.  The outlook for the
ratings is stable.

Proceeds from the proposed credit facilities will be used to
complete the acquisition of Vertrue by One Equity Partners, Oak
Investment Partners, Rho Ventures, and several members of
Vertrue's existing management, for a total consideration of
$800 million including approximately $148 million of existing
debt.  It is Moody's understanding that at the close of the
transaction, Velo Acquisition, Inc. will merge into Vertrue
Incorporated, which will be the surviving entity.

Moody's continued the review for possible downgrade of Vertrue
Incorporated's existing ratings with the expectation that they
will be withdrawn at the close of the transaction.

The B2 Corporate Family Rating assigned to Velo Acquisition, Inc.,
considers the company's highly pro forma leveraged position,
highly acquisitive nature and marketing costs associated with the
attainment of new members.  Pro forma for the leveraged buyout of
Vertrue, adjusted debt to EBITDA was above 6 times for the last
twelve months ended March 31, 2007.  

Sidney Matti, Analyst, stated that, "Vertrue's heightened leverage
position will hinder its financial flexibility over the
intermediate term."

The company's switch to monthly programs from annual programs does
generate higher recurring revenue per member and greater
profitability, however higher total acquisition costs per member
as well as churn of the customer base partially offset some of the
benefit.  Over the past few years, Vertrue has engaged in several
acquisitions within the Internet marketing space in order to
enhance its online presence.

The Corporate Family Rating acknowledges Vertrue's stable free
cash flow and its leading position in Internet marketing.  
Although free cash flow has been stable over the past few
quarters, Moody's expects free cash flow to adjusted debt to
remain stable over the intermediate term even with the increased
debt position and higher interest expense costs.  As part of its
strategic focus, the company's internet presence has grown from
approximately 14% of fiscal year 2004 revenue to approximately 40%
of fiscal year 2006 revenues.  Matti noted that, "It is Moody's
expectation that a majority of the revenues of the company will
come from the Internet over the near term driven by organic growth
and further acquisitions."

The stable outlook reflects Moody's expectations for continued
growth in operating performance over the intermediate term.  The
outlook also considers Moody's expectations that the company will
continue to pursue acquisitions within the restrictions of the
proposed credit facilities.

Ratings are subject to review of final documentation and
shareholder approval.

These Velo Acquisition, Inc. ratings were assigned:

-- B2 Corporate Family Rating;
-- B2 Probability of Default rating;

-- Ba3 (LGD3/31%) rating on a $30 million senior secured
    revolver due 2013;

-- Ba3 (LGD3/31%) rating on a $430 million senior secured term
    loan due 2014; and

-- Caa1 (LGD5/82%) rating on a $200 million second lien term
    loan due 2015.

These Vertrue Incorporated ratings remain on review for possible
downgrade and will be withdrawn at the close of the transaction:

-- B1 Corporate Family Rating;
-- B1 Probability of Default rating; and

-- Ba3 rating on $148 million senior unsecured notes due 2014
    (LGD3/42%);

Headquartered in Norwalk, Connecticut, Vertrue Incorporated is a
leading Internet marketing services company.  For the twelve
months ended March 31, 2007, the company reported revenues of
approximately $728 million.


VERTRUE INC: Moody's Retains Review on Low-B Ratings
----------------------------------------------------
Moody's Investors Service assigned a B2 Corporate Family Rating to
Velo Acquisition, Inc., the acquisition vehicle that will be used
to complete the leverage buyout of Vertrue Incorporated.  

Concurrently, Moody's also assigned a Ba3 rating to the company's
proposed senior secured first lien credit facilities and a Caa1
rating to the proposed second lien term loan.  The outlook for the
ratings is stable.

Proceeds from the proposed credit facilities will be used to
complete the acquisition of Vertrue by One Equity Partners, Oak
Investment Partners, Rho Ventures, and several members of
Vertrue's existing management, for a total consideration of
$800 million including approximately $148 million of existing
debt.  It is Moody's understanding that at the close of the
transaction, Velo Acquisition, Inc. will merge into Vertrue
Incorporated, which will be the surviving entity.

Moody's continued the review for possible downgrade of Vertrue
Incorporated's existing ratings with the expectation that they
will be withdrawn at the close of the transaction.

The B2 Corporate Family Rating assigned to Velo Acquisition, Inc.,
considers the company's highly pro forma leveraged position,
highly acquisitive nature and marketing costs associated with the
attainment of new members.  Pro forma for the leveraged buyout of
Vertrue, adjusted debt to EBITDA was above 6 times for the last
twelve months ended March 31, 2007.  

Sidney Matti, Analyst, stated that, "Vertrue's heightened leverage
position will hinder its financial flexibility over the
intermediate term."

The company's switch to monthly programs from annual programs does
generate higher recurring revenue per member and greater
profitability, however higher total acquisition costs per member
as well as churn of the customer base partially offset some of the
benefit.  Over the past few years, Vertrue has engaged in several
acquisitions within the Internet marketing space in order to
enhance its online presence.

The Corporate Family Rating acknowledges Vertrue's stable free
cash flow and its leading position in Internet marketing.  
Although free cash flow has been stable over the past few
quarters, Moody's expects free cash flow to adjusted debt to
remain stable over the intermediate term even with the increased
debt position and higher interest expense costs.  As part of its
strategic focus, the company's internet presence has grown from
approximately 14% of fiscal year 2004 revenue to approximately 40%
of fiscal year 2006 revenues.  Matti noted that, "It is Moody's
expectation that a majority of the revenues of the company will
come from the Internet over the near term driven by organic growth
and further acquisitions."

The stable outlook reflects Moody's expectations for continued
growth in operating performance over the intermediate term.  The
outlook also considers Moody's expectations that the company will
continue to pursue acquisitions within the restrictions of the
proposed credit facilities.

Ratings are subject to review of final documentation and
shareholder approval.

These Velo Acquisition, Inc. ratings were assigned:

-- B2 Corporate Family Rating;
-- B2 Probability of Default rating;

-- Ba3 (LGD3/31%) rating on a $30 million senior secured
    revolver due 2013;

-- Ba3 (LGD3/31%) rating on a $430 million senior secured term
    loan due 2014; and

-- Caa1 (LGD5/82%) rating on a $200 million second lien term
    loan due 2015.

These Vertrue Incorporated ratings remain on review for possible
downgrade and will be withdrawn at the close of the transaction:

-- B1 Corporate Family Rating;
-- B1 Probability of Default rating; and

-- Ba3 rating on $148 million senior unsecured notes due 2014
    (LGD3/42%);

Headquartered in Norwalk, Connecticut, Vertrue Incorporated is a
leading Internet marketing services company.  For the twelve
months ended March 31, 2007, the company reported revenues of
approximately $728 million.


VIRAGEN INC: Halts Development of Avian Transgenic Technology
-------------------------------------------------------------
Viragen Inc. halted its development of the OVA(TM) System,
its avian transgenic technology being developed for the
manufacture of therapeutic proteins.

In halting all further development of the OVA(TM) System,
Viragen notified Roslin Institute and Oxford Biomedica plc
of its intent to terminate its research and license
agreements, respectively.

"We have been forced to make a very difficult decision at
this time to halt our avian transgenics project.  While we
have accomplished some truly excellent science, including
more 'firsts' than any other group in this field, the
distance between research and commercialization is simply
too great, and our resources are better focused on advancing
our anti-cancer therapeutics," commented Viragen's President
and CEO, Charles A. Rice.

"We would like to thank the staffs at Roslin Institute and
Oxford BioMedica for their work and dedication to this project.
We will continue to maintain Viragen's intellectual property
portfolio associated with the OVA(TM) System in the event that
any interested party may want to consider licensing," added
Mr. Rice.

In light of the cessation of activities relating to avian
transgenics, Viragen intends to focus its resources on the
marketing and regulatory activities related to Multiferon(R)
and pre-clinical studies planned for two of Viragen's anti-
cancer product candidates: VG102, a monoclonal antibody that
has the potential to target nearly all solid tumors; and
VG106, an in-house developed cytokine that has been shown,
in preliminary studies, to prevent proliferation of several
difficult-to-treat cancers.

Based in Plantation, Florida, Viragen Inc. (AMEX: VRA) (OTC BB:
VGNI) -- http://www.viragen.com/-- is a bio-pharmaceutical  
company engaged in the research, development, manufacture and
commercialization of products for the treatment of cancers and
viral diseases.  The company operates from three locations:
Plantation, Florida, which contains the company's administrative
offices and support; Viragen (Scotland) Ltd., located outside
Edinburgh, Scotland, which conducts the company's research and
development activities; and ViraNative, located in Umea, Sweden,
which houses the company's human alpha interferon manufacturing
facilities.

As of June 30, 2006, the company owned approximately 81.2% of
Viragen International, Inc.  Subsequent to June 30, 2006, its
ownership interest of Viragen International was reduced to
approximately 77.0%. Viragen International owns 100% of ViraNative
AB, its Swedish subsidiary, and 100% of Viragen (Scotland) Ltd.,
its Scottish research center.

                       Going Concern Doubt

Ernst & Young LLP, in Fort Lauderdale, Fla., raised substantial
doubt about Viragen, Inc.'s ability to continue as a going concern
after auditing the company's consolidated financial statements for
the years ended June 30, 2006, and 2005.  The auditing firm
pointed to the company's recurring operating losses, accumulated
and stockholders' deficiencies, and dependence on its ability to
raise adequate capital to fund necessary product commercialization
and development activities.


WASHINGTON MUTUAL: Fitch Puts B Rating Negative Watch
-----------------------------------------------------
Fitch Ratings has taken these rating actions on Washington
Mutual's Alt-A series 2006-3 residential mortgage pass-through
certificates:

    -- Class A affirmed at 'AAA';
    -- Class B-1 affirmed at 'AA';
    -- Class B-2 affirmed at 'A';
    -- Class B-3 affirmed at 'BBB';
    -- Class B-4 affirmed at 'BB';
    -- Class B-5, rated 'B', and placed on Rating Watch Negative.

The affirmations, affecting approximately $436 million of the
outstanding certificates, reflect a stable relationship between
credit enhancement and expected loss.  In addition, the rating
watch negative status affects approximately $3 million of the
outstanding certificates.

Series 2006-3, class B-5 is placed on rating watch negative
because of current trends in the relationship between serious
delinquency and CE.  The 90+ DQ is 2.1% of the current collateral
balance, while the current CE for the B-5 bond is 0.46%.  To date,
the transaction has experienced losses of approximately $128,000
or 0.02% of the original collateral balance.

The collateral of the above transaction primarily consists of
15-year and 30-year fixed-rate mortgage loans extended to Alt-A
borrowers and secured by first liens on single-family residential
properties.  The loans were originated by various originators and
are serviced by Washington Mutual Bank, which is currently rated
'RPS2+' by Fitch.


WASHINGTON MUTUAL: Fitch Affirms BB Rating on Class M-11 Certs.
---------------------------------------------------------------
Fitch Ratings has affirmed these Washington Mutual asset-backed
securities:

Series 2006-HE1:

    -- Classes I-A, II-A-1 through II-A-4 at 'AAA';
    -- Class M-1 at 'AA+';
    -- Class M-2 at 'AA+';
    -- Class M-3 at 'AA';
    -- Class M-4 at 'AA-';
    -- Class M-5 at 'A'+;
    -- Class M-6 at 'A';
    -- Class M-7 at 'A-';
    -- Class M-8 at 'BBB+';
    -- Class M-9 at 'BBB';
    -- Class M-10 at 'BB+';
    -- Class M-11 at 'BB'.

The affirmations, affecting approximately $279 million of the
outstanding certificates, reflect a stable relationship between
credit enhancement and expected loss.  The cumulative loss as a
percentage of the original collateral balance is 0.21% and the 60+
delinquency as a percentage of the current collateral balance is
10.2%.  In addition, the overcollateralization has remained at its
target since issuance.

The collateral of the above transaction primarily consists of 15-
year and 30-year, fixed-rate and adjustable-rate, subprime
mortgage loans secured by first and second liens on one- to four-
family residential properties.  The loans were originated by
various originators and are serviced by Washington Mutual Bank,
which is rated 'RPS2+' by Fitch.

As of the June 2007 remittance date, the above transaction has a
pool factor of 74% and is seasoned 14 months.


WEBB MTN: Voluntary Chapter 11 Case Summary
-------------------------------------------
Debtor: Webb Mtn., L.L.C.
        N19 W24130 Riverwood Drive, Suite 100
        Waukesha, WI 53188

Bankruptcy Case No.: 07-32016

Chapter 11 Petition Date: June 25, 2007

Court: Eastern District of Tennessee (Knoxville)

Debtor's Counsel: Maurice K. Guinn, Esq.
                  Gentry, Tipton & McLemore, P.C.
                  P.O. Box 1990
                  Knoxville, TN 37901
                  Tel: (865) 525-5300
                  Fax: (865) 523-7315

Estimated Assets: $1 Million to $100 Million

Estimated Debts:  $1 Million to $100 Million

The Debtor does not have any creditors who are not insiders.


WELLCARE HEALTH: Moody's Places Ba3 Debt Rating under Review
------------------------------------------------------------
Moody's Investors Service placed the Ba3 senior secured debt
rating of WellCare Health Plans, Inc. and the Ba1 insurance
financial strength rating of WellCare of Florida, Inc.
- WellCare's primary operating subsidiary - under review for
possible upgrade.

Moody's stated that the review will focus on the company's
emerging earnings and membership results for the current year in
each of its markets, the company's capital position, financial
leverage, and earnings coverage, as well as its relationship with
the individual states with whom it holds Medicaid contracts and
with CMS.

These ratings were placed on review for possible upgrade:

-- WellCare Health Plans, Inc. -- senior secured debt rating of
    Ba3;

-- WellCare of Florida, Inc. -- insurance financial strength
    rating of Ba1.

Moody's last rating action on WellCare was on November 28, 2006
when the outlook was changed to positive from stable.

WellCare Health Plans, Inc. is headquartered in Tampa, Florida.
For the first three months of 2007, the company reported
approximately $1.2 billion in total revenue.  As of March 31, 2006
shareholder's equity was $604 million and total medical membership
was 1.3 million members.


WESTERN OIL: Closes New $805 Million Revolving Credit Facility
--------------------------------------------------------------
Western Oil Sands Inc. reported the closing of a new $805 million
five-year revolving bank credit facility.  The Credit Facility
was arranged by RBC Capital Markets with a syndicate of leading
financial institutions and replaces Western's existing
$340 million revolving credit facility.

Standard & Poor's and Moody's Investor Services have rated this
Credit Facility BBB and Ba2, respectively.  Coincident with
placing this Credit Facility, the credit rating assigned by
Moody's on Western's $450 million Notes was increased to Ba2.  S&P
had previously increased the rating on the Notes to BBB.  Western
is pleased with the recent rating assignments on its external debt
made possible by the improved credit profile of the company over
the last several years.

This Credit Facility will be used to finance Western's share of
the capital requirements associated with Expansion 1 of the
Athabasca Oil Sands Project and for general corporate purposes.  
Expansion 1 is a fully integrated expansion of the existing AOSP
facilities which will add 100,000 barrels per day (20,000 barrels
per day net to Western) of production anticipated to commence in
late 2010.  Capital costs associated with Expansion 1 are budgeted
at $11.2 billion ($2.2 billion net to Western) and construction is
proceeding on schedule and on budget.

Western Oil Sands Inc. (TORONTO: WTO.TO) (Other OTC: WTOIF.PK) --
http://www.westernoilsands.com/-- holds a 20% undivided interest
in the Athabasca Oil Sands Project located in the Athabasca region
of northeastern Alberta.  Shell Canada Limited and Chevron Canada
Limited hold the remaining 60 per cent and 20 per cent interests,
respectively..  WesternZagros Limited, a wholly-owned subsidiary
of Western, is pursuing conventional oil and gas exploration
opportunities in the Federal Region of Kurdistan in Northern Iraq.

                          *     *     *

As reported in the Troubled Company Reporter on June 19, 2007,
Moody's assigned a Ba2 rating (LGD3; 32%) to Western Oil Sands
Inc.'s pending 5-year CDN$805 million senior secured bank
revolver, which remains under negotiation.  It would replace an
unrated C$340 million first secured bank revolver.

Moody's affirmed Western's stable outlook and Ba2 Corporate Family
Rating.


WINSTAR COMMS: U.S. Trustee Objects to Credit Suisse Settlement
---------------------------------------------------------------
Kelly Beaudin Stapleton, the U.S. Trustee for Region 2, asks the
Court to deny approval of Herrick Feinstein LLP and Impala
Partners, LLC's agreement with Credit Suisse Securities (USA) LLC.

Herrick Feinstein and Impala Partners had asked the U.S.
Bankruptcy Court for the District of Delaware to approve their
settlement agreement with Credit Suisse Loan Funding LLC to hedge
a portion of the unpaid contingency fees at no cost to Winstar
Communications Inc. and its debtor-affiliates, and Christine C.
Shubert, the Chapter 7 Trustee for the Debtors' estates.

                     U.S. Trustee Objects

Herrick and Impala seek authority to sell a share of their
anticipated contingency fees to Credit Suisse in what the Motion
describes as a "hedging transaction."

Herrick serves as special litigation counsel to Ms. Shubert in the
bankruptcy estate's pending adversary proceeding against Lucent
Technologies, Inc.  Herrick employed Impala Partners as its
special litigation consultant.

On behalf of the U.S. Trustee, Trial Attorney Mark S. Kenney,
Esq., states that the Bankruptcy Code prohibits all sharing of
compensation except under the limited circumstances described in
Section 504 of the Bankruptcy Code, which do not apply to the
case.

The U.S. Trustee argues that despite the Section's unambiguous
decree, Herrick and Impala's proposal to sell a share of their
fees amounts to treating their interest as a "matter of traffic,"
which is highly discouraged by the Bankruptcy Code.  Herrick and
Impala admitted as much in stating that the Proposal is "simply a
risk mitigating hedge involving trade claims," Mr. Kenney says.  
Yet Herrick and Impala are fiduciaries and officers of the Court,
not mere trade claimants, Mr. Kenney points out.

Herrick and Impala argued that:

   -- the Proposal will not increase administrative costs because
      their compensation is a percentage of the Trustee's
      ultimate recovery against Lucent,

   -- the Proposal will not affect their independent judgment in
      the Lucent Litigation because they are already motivated to
      maximize the Trustee's recovery and, in turn, their
      contingency fees, and

   -- to ensure their continued independence, Credit Suisse would
      be contractually barred from objecting to dispositions of
      the Lucent Litigation.

Herrick and Impala's argument that the cost to the estate will
not increase was recently rejected in In re Hepner, 2007 WL
161003 (Bankr. S.D. Tex. Jan. 16, 2007), Mr. Kenney tells Judge
Carey.  Mr. Kenney notes that in Hepner, the trustee sought to
engage personal injury counsel who would pay a referral fee to
another attorney.  No estate funds would be used to pay the
referral fee, because it would be deducted from the fees payable
to the personal injury attorneys.  The Hepner court rejected the
"no economic harm" argument, holding that the purpose of Section
504(a) is to ensure that professionals preserve the integrity of
the bankruptcy process and not treat bankruptcy matters as
matters of traffic. The court noted that Section 504(a) is
unambiguous, even if out of step with the modern practice of
class action tort law.

Herrick and Impala said they have not found any cases in any
jurisdiction which prohibit arrangements similar to the proposed
transaction with Credit Suisse.  However, the absence of case law
prohibiting a similar transaction does not imply that the
transaction must be permissible, according to Mr. Kenney.  
Rather, Section 504 is so clear and unambiguous, and
its purpose so unmistakable, that until the Motion no bankruptcy
professional has sought judicial approval of the transaction.

Herrick and Impala had asserted that administrative claims, like
other bankruptcy claims, are assignable and are commonly traded
in bankruptcy cases.  Mr. Kenney, however, contends that:

  (1) The proposed transaction is not an outright assignment of
      Herrick's and Impala's claim for professional fees.  The
      estate will pay Herrick and Impala on account of their fee
      claim, and they will retain an interest in their
      professional fees to the extent those fees exceed
      $10,000,000.  The proposed transaction is simply an
      agreement to sell a share of their fees in exchange
      for a guaranteed minimum payment.

  (2) Although Bankruptcy Rules provide a mechanism for
      recognizing the transfer of claims, it does not in and of
      itself authorize claim transfers.  Herrick and Impala must
      look elsewhere for authority.

  (3) Regardless of any other law generally authorizing the
      transfer of claims, the plain language of Section 504
      expressly prohibits the sharing of compensation or
      reimbursement, except under the circumstances described in
      Sections 504, which does not apply in the case.

Mr. Kenney also notes that Herrick and Impala have not yet even
filed applications for allowance of their contingency fees
pursuant to Section 330, and will be unable to do so until after
final disposition or settlement of the Lucent Litigation.

                  Herrick and Impala Respond

Herrick and Impala point out that the U.S. Trustee's sole basis
for her objection is the conclusion that the Proposal constitutes
fee sharing prohibited by Section 504 and is not a hedging
transaction.  The U.S. Trustee erroneously concludes that merely
because the Proposal could result in the assignment of a portion
of Herrick's and Impala's allowed claim for compensation, Section
504 is implicated.  The Objection ignores the legislative intent
of Section 504, omits the reasoning behind the provision, and
fails to address the critical facts that Credit Suisse is
required to pay Herrick and Impala even if no compensation is
awarded and there is no fee to "share".

Section 504, Herrick and Impala contend, is inapplicable to the
Proposal because the transaction only takes effect upon allowance
-- or transfer, in the event no administrative claim is awarded
to Herrick or Impala -- of an assignable claim.

Herrick and Impala contend that the Proposal has nothing in
common with the transactions that the Bankruptcy Code prohibits;
rather, it serves important policy goals of attracting and
supporting law firms that undertake complex and expensive
litigation.  It affords them the ability to obtain protection
normally available in the marketplace via insurance or hedges in
comparable economic situations.

                 About Winstar Communications

Based in New York, New York, Winstar Communications, Inc.,
provides broadband services to business customers.  The company
and its debtor-affiliates filed for chapter 11 protection on
April 18, 2001 (Bankr. D. Del. Case Nos. 01-01430 through
01-01462).  The Debtors obtained the court's approval converting
their case to a chapter 7 liquidation proceeding in January 2002.
Christine C. Shubert serves as the Debtors' chapter 7 trustee.
When the Debtors filed for bankruptcy, they listed $4,975,437,068
in total assets and $4,994,467,530 in total debts. (Winstar
Bankruptcy News, Issue No. 80; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)

The Debtor's bankruptcy case has been converted to a Chapter 7
liquidation proceeding.


WINSTAR COMMS: Court Okays Citicorp Industrial Settlement Pact
--------------------------------------------------------------  
The U.S. Bankruptcy Court for the District of Delaware approved a
settlement Christine C. Shubert, the Chapter 7 Trustee for the
estates of Winstar Communications, Inc., entered into with
Citicorp Industrial Credit, Inc.

The Chapter 7 Trustee had filed an avoidance action against
Citicorp to recover preferential payments totaling $250,000 that
the Debtors made within the 90-day period prior the Petition
Date.  Through evidence of valid defenses, Citicorp sought to
reduce the amount.  The Trustee agreed to a $5,000 settlement of
all claims, and the parties agreed to exchange mutual releases.

Sheldon K. Rennie, Esq., at Fox Rothschild LLP, in Wilmington,
Delaware, relates that the Chapter 7 Trustee is permitted to
settle avoidable preference recovery controversies without the
Court's approval, pursuant to a Court Order in November 2002.  
However, the avoidance action against Citicorp falls outside the
Order, requiring Court approval.

The Chapter 7 Trustee believes that the Settlement Agreement is
in the best interests of the estate and the creditors, especially
in light of the cost, uncertainty and delay of litigation.

                 About Winstar Communications

Based in New York, New York, Winstar Communications, Inc.,
provides broadband services to business customers.  The company
and its debtor-affiliates filed for chapter 11 protection on
April 18, 2001 (Bankr. D. Del. Case Nos. 01-01430 through
01-01462).  The Debtors obtained the court's approval converting
their case to a chapter 7 liquidation proceeding in January 2002.
Christine C. Shubert serves as the Debtors' chapter 7 trustee.
When the Debtors filed for bankruptcy, they listed $4,975,437,068
in total assets and $4,994,467,530 in total debts. (Winstar
Bankruptcy News, Issue No. 80; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)

The Debtor's bankruptcy case has been converted to a Chapter 7
liquidation proceeding.


YUKOS OIL: PwC Criticized for Withdrawing Financial Audits
----------------------------------------------------------
PriceWaterhouseCoopers LLP got slammed by former management of
Yukos Oil Corp. for pulling out from its audits on the Russian oil
company, The Moscow Times reports.

As reported in the Troubled Company Reporter on June 25, 2007, PwC
disclosed that its financial reports for Yukos for the period
1994-2004 could no longer be relied upon, citing that it might
have received in inaccurate financial information from former
management.

The Moscow Times relates that Yukos' former managers see PwC's
move as bowing to pressure from Kremlin.

The Moscow Times adds, citing a telephone interview with Tim
Osborne, director of Yukos' main shareholder GML, that the
auditing firm had cited new information on the withdrawal of their
audit opinion but didn't disclose what that information was,

In an e-mail message however, a PwC spokeswoman denied allegations
of state pressure and said that "[t]he only pressure we are
experiencing is the pressure of professional audit standards," the
Moscow Times reports.

                      About Yukos Oil

Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is an
open joint stock company existing under the laws of the Russian
Federation.  Yukos is involved in energy industry substantially
through its ownership of its various subsidiaries, which own or
are otherwise entitled to enjoy certain rights to oil and gas
production, refining and marketing assets.

The Company filed for Chapter 11 protection on Dec. 14, 2004
(Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed
on Feb. 24, 2005, by the Hon. Letitia Z. Clark.  A few days
later, the Russian Government sold its main production unit
Yugansk to a little-known firm Baikalfinansgroup for
$9.35 billion, as payment for $27.5 billion in tax arrears for
2000-2003.  Yugansk eventually was bought by state-owned Rosneft,
which is now claiming more than US$12 billion from Yukos.

On March 10, 2006, a 14-bank consortium led by Societe Generale
filed a bankruptcy suit in the Moscow Arbitration Court in an
attempt to recover the remainder of a $1 billion debt under
outstanding loan agreements.  The banks, however, sold the claim
to Rosneft, prompting the Court to replace them with the state-
owned oil company as plaintiff.

On April 13, 2006, court-appointed external manager Eduard
Rebgun filed a chapter 15 petition in the U.S. Bankruptcy Court
for the Southern District of New York (Bankr. S.D.N.Y. Case No.
06-0775), in an attempt to halt the sale of Yukos' 53.7%
ownership interest in Lithuanian AB Mazeikiu Nafta.

On May 26, 2006, Yukos signed a $1.49 billion Share Sale and
Purchase Agreement with PKN Orlen S.A., Poland's largest oil
refiner, for its Mazeikiu ownership stake.  The move was made a
day after the Manhattan Court lifted an order barring Yukos from
selling its controlling stake in the Lithuanian oil refinery.

On Aug. 1, 2006, the Hon. Pavel Markov of the Moscow Arbitration
Court upheld creditors' vote to liquidate OAO Yukos Oil Co. and
declared what was once Russia's biggest oil firm bankrupt.


YUKOS OIL: Rosneft Wants to Buy Assets from Unitex and Prana
------------------------------------------------------------
OAO Rosneft Oil is holding talks to gain assets of OAO Yukos Oil
Co. acquired by OOO Unitex and the Prana Group, The Moscow Times
reports citing Rosneft CEO Sergei Bogdanchikov.

Unitex had signed a deal that finalized its purchase of Yukos'
retail network, paying RUR12.46 billion -- $483.5 million -- on
May 25, 2007.  Unitex outbid Royal Dutch Shell and TNK-BP Holding
Ltd. to acquire Yukos' 537 petrol stations in Russia at a
May 10, 2007 auction.

Meanwhile, the Prana Group finalized a deal on June 8 acquiring
Yukos' 22-story Moscow headquarters.  Prana fully paid the
$3.9 billion -- RUR100.5 billion -- price tag on May 30, after the
Federal Antimonopoly Service approved the deal.  Prana outbid a
Rosneft unit to acquire the assets.

Mr. Bogdanchikov told Interfax News that Rosneft wants to
acquire most but not all Yukos assets that Prana acquired.  The
chief executive added that the talks with Unitex are in their
final stages.

"The trading house alone is worth more than $1 billion," Mr.
Bogdanchikov said.  He noted that Rosneft did not participate in
the auction for Yukos' retail network due to lack of information.

"But when we realized that we had enough information to make a
managerial and commercial decision we decided to buy," Mr.
Bogdanchikov was quoted by Interfax as saying.

                          About Rosneft

Based in Moscow, Russia, OAO Rosneft Oil Co. --
http://www.rosneft.com/-- produces and markets petroleum
products.  The company explores for, extracts, refines and
markets oil and natural gas.  Rosneft produces oil in Western
Siberia, Sakhalin, the North Caucasus, and the Arctic regions of
Russia.

                      About Yukos Oil

Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is an
open joint stock company existing under the laws of the Russian
Federation.  Yukos is involved in energy industry substantially
through its ownership of its various subsidiaries, which own or
are otherwise entitled to enjoy certain rights to oil and gas
production, refining and marketing assets.

The Company filed for Chapter 11 protection on Dec. 14, 2004
(Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed
on Feb. 24, 2005, by the Hon. Letitia Z. Clark.  A few days
later, the Russian Government sold its main production unit
Yugansk to a little-known firm Baikalfinansgroup for
$9.35 billion, as payment for $27.5 billion in tax arrears for
2000-2003.  Yugansk eventually was bought by state-owned Rosneft,
which is now claiming more than US$12 billion from Yukos.

On March 10, 2006, a 14-bank consortium led by Societe Generale
filed a bankruptcy suit in the Moscow Arbitration Court in an
attempt to recover the remainder of a $1 billion debt under
outstanding loan agreements.  The banks, however, sold the claim
to Rosneft, prompting the Court to replace them with the state-
owned oil company as plaintiff.

On April 13, 2006, court-appointed external manager Eduard
Rebgun filed a chapter 15 petition in the U.S. Bankruptcy Court
for the Southern District of New York (Bankr. S.D.N.Y. Case No.
06-0775), in an attempt to halt the sale of Yukos' 53.7%
ownership interest in Lithuanian AB Mazeikiu Nafta.

On May 26, 2006, Yukos signed a $1.49 billion Share Sale and
Purchase Agreement with PKN Orlen S.A., Poland's largest oil
refiner, for its Mazeikiu ownership stake.  The move was made a
day after the Manhattan Court lifted an order barring Yukos from
selling its controlling stake in the Lithuanian oil refinery.

On Aug. 1, 2006, the Hon. Pavel Markov of the Moscow Arbitration
Court upheld creditors' vote to liquidate OAO Yukos Oil Co. and
declared what was once Russia's biggest oil firm bankrupt.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
June 28, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Wine Tasting & Networking Event
        Rouge & Blanc, San Francisco, California
           Contact: 510-346-6000 ext 226 or
                    http://www.turnaround.org/

June 28, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Future Leaders Networking Event
        Castaways, Chicago, Illinois
           Contact: 815-469-2935 or http://www.turnaround.org/

June 28 - July 1, 2007
  NORTON INSTITUTES
     Norton Bankruptcy Litigation Institute
        Jackson Lake Lodge, Jackson Hole, Wyoming
           Contact: http://www2.nortoninstitutes.org/  

July 5, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
    SummerFest
      Milwaukee's Lake Front, Milwaukee, Wisconsin
        Contact: 815-469-2935 or http://www.turnaround.org/

July 5, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA-SA Exco Meeting
        Deloitte Place, Sandton, South Africa
           Contact: http://www.turnaround.org/

July 12, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Luncheon - Bankruptcy Judges Panel
        University Club, Jacksonville, Florida
           Contact: http://www.turnaround.org/

July 12, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Young Professionals Billiards Night
        TBD, New Jersey
           Contact: 908-575-7333 or http://www.turnaround.org/

July 12-15, 2007
  AMERICAN BANKRUPTCY INSTITUTE
     Northeast Bankruptcy Conference
        Marriott, Newport, Rhode Island
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 13, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Body of Knowledge - CTP Review Class
        Chicago, Illinois
           Contact: http://www.turnaround.org/

July 17, 2007
  BEARD AUDIO CONFERENCES
     China's New Enterprise Bankruptcy Law
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

July 17, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Networking Breakfast & TMA Executive Board Meeting
        Cornell Club, New York, New York
           Contact: 646-932-5532 or http://www.turnaround.org/

July 17, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Florida / Secured Lenders Marlins Baseball Game
        Dolphin Stadium, Florida
           Contact: 561-882-1331 or http://www.turnaround.org/

July 18, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     South Florida Dinner
        TBA, South Florida
           Contact: 561-882-1331 or http://www.turnaround.org/

July 19, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Mystic Blue Boat Cruise
        Navy Pier, Chicago, Illinois
           Contact: 815-469-2935 or http://www.turnaround.org/

July 19, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     5th Annual Night of Excellence
        Petersen Automotive Museum, Los Angeles, California
           Contact: 310-458-2081 or http://www.turnaround.org/

July 19, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Mystic Blue Boat Cruise
        Navy Pier, Chicago, Illinois
           Contact: 815-469-2935 or http://www.turnaround.org/

July 19, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Young Professionals Networking Event
        Location TBA, Philadelphia, Pennsylvania
           Contact: 215-657-5551 or http://www.turnaround.org/

July 23, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Charity Networking Event
        Loews Hotel, Philadelphia, Pennsylvania
           Contact: 215-657-5551 or http://www.turnaround.org/

July 23, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Networking Event Fundraiser
        Loews Hotel, Philadelphia, Pennsylvania
           Contact: 215-657-5551 or http://www.turnaround.org/

July 23-24, 2007
  FINANCIAL RESEARCH ASSOCIATES
     Financial Restructuring 101 & 102
        The Flatotel, New York, New York
           Contact: http://www.frallc.com/

July 25, 2007
  INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION
     Brown Bag Lunch
        Reid & Riege, New Haven, Connecticut
           Contact: http://www.iwirc.org/

July 25-28, 2007
  AMERICAN BANKRUPTCY INSTITUTE
     12th Annual Southeast Bankruptcy Workshop
        The Sanctuary, Kiawah Island, South Carolina
           Contact: http://www.abiworld.org/

July 26, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Arizona Chapter Meeting
        TBA, Arizona
           Contact: http://www.turnaround.org/

July 26, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Golf Social Event
        Crystal Lake Golf Club, Lakeville, Minnesota
           Contact: 612-708-0258 or http://www.turnaround.org/

July 27, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Colorado Chapter Annual Golf Tournament
        Kings Deer Golf Club, Monument, Colorado
           Contact: 303-847-5026 or http://www.turnaround.org/

July 28, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Lake Tahoe Cruise: Getting to Know Your Nevada Associations
        Zephyr Cove, Lake Tahoe, Nevada
           Contact: 702-952-2480 or http://www.turnaround.org/

July 31, 2007
  BEARD AUDIO CONFERENCES
     Non-Traditional Lenders and the Impact of
        Loan-to-Own Strategies on the
           Restructuring Process
              Contact: 240-629-3300;
                 http://www.beardaudioconferences.com/

July 31, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Enterprise Florida: Improving Florida's
        Business Climate and Helping Florida Companies
           Market Overseas
              Citrus Club, Orlando, Florida
                 Contact: http://www.turnaround.org/

Aug. 2, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA-SA Board Meeting
        Deloitte Place, Sandton, South Africa
           Contact: http://www.turnaround.org/

Aug. 3, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Women's Spa Event
        Short Hills Hilton, Livingston, New Jersey
           Contact: 908-575-7333 or http://www.turnaround.org/

Aug. 9, 2007  
  BEARD AUDIO CONFERENCES
     Technology as a Competitive Advantage For Today's Legal
        Processes
          Contact: 240-629-3300;
                   http://www.beardaudioconferences.com/

Aug. 9-11, 2007
  AMERICAN BANKRUPTCY INSTITUTE
     3rd Annual Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay
           Cambridge, Maryland
              Contact: http://www.abiworld.org/

Aug. 9, 2007
  INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION
     Brown Bag Lunch
        Blum Shapiro & Co., West Hartford, Connecticut
           Contact: http://www.iwirc.org/

Aug. 10, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Special Olympics Sportsman's Lunch
        Sofitel, Brisbane, Queensland, Australia
        Contact: 1300 303 863 or http://www.turnaround.org/

Aug. 10, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Body of Knowledge - CTP Review Class
        Chicago, Illinois
           Contact: http://www.turnaround.org/

Aug. 16, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Colorado Chapter Annual Brew Pub & Pool Social
        Wynkoop Brewing Company, Denver, Colorado
           Contact: 303-847-5026 or http://www.turnaround.org/

Aug. 16, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Young Professionals Networking Event
        TBA, Philadelphia, Pennsylvania
           Contact: 215-657-5551 or http://www.turnaround.org/

Aug. 17, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Annual Fishing Trip
        Point Pleasant, New Jersey
           Contact: 908-575-7333 or http://www.turnaround.org/

Aug. 23-26, 2007
  NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
     NABT Convention
        Drake Hotel, Chicago, Illinois
           Contact: http://www.nabt.com/

Aug. 24, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Annual Fishing Trip
        Point Pleasant, New Jersey
           Contact: 908-575-7333 or http://www.turnaround.org/

Aug. 28, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Luncheon - Healthcare Panel
        Centre Club, Tampa, Florida
           Contact: http://www.turnaround.org/

Aug. 29-30, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     3rd Annual Northeast Regional Conference
        Gideon Putnam Resort and Spa, Saratoga Springs,
           New York
              Contact: http://www.turnaround.org/

Sept. 6, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Breakfast Event
        Carnelian Room, San Francisco, California
           Contact: 510-346-6000 ext 226 or
                    http://www.turnaround.org/

Sept. 6-7, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Complex Financial Restructuring Program
        Four Seasons, Las Vegas, Nevada
           Contact: http://www.turnaround.org/

Sept. 6-8, 2007
  AMERICAN BANKRUPTCY INSTITUTE
     15th Annual Southwest Bankruptcy Conference
        Four Seasons, Las Vegas, Nevada
              Contact: http://www.abiworld.org/

Sept. 11, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Annual Networking at the Yards
        Oriole Park at Camden Yards, Baltimore, Maryland
           Contact: 215-657-5551 or http://www.turnaround.org/

Sept. 14, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Body of Knowledge - CTP Review Class
        Chicago, Illinois
           Contact: http://www.turnaround.org/

Sept. 18, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     14th Annual Connecticut Children's Medical Center
        Fundraiser Golf Outing
           Woodbridge Country Club, Woodbridge, Connecticut
              Contact: 203-265-2048 or http://www.turnaround.org/

Sept. 19, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Buying and Selling Troubled Companies
        Marriott North, Fort Lauderdale, Florida
           Contact: http://www.turnaround.org/

Sept. 20, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Lean Transformation at Current and Other Case Studies
        Denver Athletic Club, Denver, Colorado
           Contact: http://www.turnaround.org/

Sept. 25, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Luncheon - Retail Panel
        Citrus Club, Orlando, Florida
           Contact: http://www.turnaround.org/

Sept. 26, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Joint Educational & Networking Reception
        TBD, New Jersey
           Contact: 908-575-7333 or http://www.turnaround.org/

Sept. 26-27, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Florida Annual Golf Tournament
        Tampa, Florida
           Contact: 561-882-1331 or http://www.turnaround.org/

Sept. 27, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Arizona Chapter Meeting
        TBA, Arizona
           Contact: http://www.turnaround.org/

Sept. 27-30, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     8th Annual Cross Border Business
        Restructuring & Turnaround Conference
           Contact: http://www.turnaround.org/

Oct. 2, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Networking Breakfast
        TBD, Bridgewater, New Jersey
           Contact: 908-575-7333 or http://www.turnaround.org/

Oct. 4, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Breakfast Event
        Carnelian Room, San Francisco, California
           Contact: 510-346-6000 ext 226 or
                    http://www.turnaround.org/

Oct. 5, 2007
  AMERICAN BANKRUPTCY INSTITUTE
     ABI/GULC "Views from the Bench"
        Georgetown University Law Center
           Washington, District of Columbia

Oct. 9-10, 2007
  INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
     CONFEDERATION
        IWIRC Annual Fall Conference
           Orlando, Florida
              Contact: http://www.iwirc.org/

Oct. 10-13, 2007
  NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
     81st Annual National Conference of Bankruptcy Judges
        Contact: http://www.ncbj.org/

Oct. 11, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Luncheon
        University Club, Jacksonville, Florida
           Contact: 561-882-1331 or http://www.turnaround.org/

Oct. 11, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Winn Dixie Bankruptcy
        University Club, Jacksonville, Florida
           Contact: 561-882-1331 or http://www.turnaround.org/

Oct. 12, 2007
  INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION
     Presentation by George F. Will: The Political Argument Today
        Orlando, Florida
           Contact: http://www.ardent-services.com/

Oct. 12, 2007
  AMERICAN BANKRUPTCY INSTITUTE
     ABI Educational Program at NCBJ
        Orlando World Marriott, Orlando, Florida
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 16-19, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Copley Place
           Boston, Massachussets
              Contact: 312-578-6900; http://www.turnaround.org/

Oct. 25, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Capital Markets Case Study
        Seattle, Washington
           Contact: http://www.turnaround.org/

Oct. 25, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Arizona Chapter Meeting
        Contact: http://www.turnaround.org/

Oct. 26, 2007
  AMERICAN BANKRUPTCY INSTITUTE
     International Insolvency Symposium
        Hotel Adlon Kempinski, Berlin, Germany
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 30, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Luncheon
        Centre Club, Tampa, Florida
           Contact: 561-882-1331; http://www.turnaround.org/

Oct. 30, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Crisis Communications With Employees, Vendors and Media
        Centre Club, Tampa, Florida
           Contact: http://www.turnaround.org/

Nov. 1, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Breakfast Event
        Carnelian Room, San Francisco, California
           Contact: 510-346-6000 ext 226 or
                    http://www.turnaround.org/

Nov. 1, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Networking Breakfast
        TBD, Hackensack, New Jersey
           Contact: 908-575-7333; http://www.turnaround.org/

Nov. 12, 2007
  AMERICAN BANKRUPTCY INSTITUTE
     Consumer Bankruptcy Conference
        Marriott, Troy, Michigan
           Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 14, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Holiday Mixer
        McCormick & Schmick's, Las Vegas, Nevada
           Contact: 702-952-2480 or http://www.turnaround.org/

Nov. 14, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Aloha Airlines Story
        Bankers Club, Miami, Florida
           Contact: http://www.turnaround.org/

Nov. 14, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Australia 4th Annual Conference and Gala Dinner
         Hilton, Sydney, Australia
           Contact: http://www.turnaround.org/

Nov. 14, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Dinner
        TBA, South Florida
           Contact: 561-882-1331 or http://www.turnaround.org/

Nov. 15, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Portland Holiday Party
        University Club, Portland, Oregon
           Contact: 206-223-5495; http://www.turnaround.org/

Nov. 22, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Networking Mixer
        TBA, Vancouver, British Columbia
           Contact: 206-223-5495; http://www.turnaround.org/

Nov. 27, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Luncheon - Real Estate Panel
        Citrus Club, Orlando, Florida
           Contact: http://www.turnaround.org/

Nov. 29, 2007
  INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION
     Holiday Gala
        Yale Club, New York, New York
           Contact: http://www.iwirc.org/

Nov. 29, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Special Speaker
        TBD, New Jersey
           Contact: 908-575-7333; http://www.turnaround.org/

Nov. 29, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Special Speaker
        Hilton, Sydney, Australia
           Contact: http://www.turnaround.org/

Nov. 29, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Arizona Chapter Meeting
        Contact: http://www.turnaround.org/

Dec. 6, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Seattle Holiday Party
        Athletic Club, Seattle, Washington
           Contact: 206-223-5495; http://www.turnaround.org/

Dec. 6-8, 2007
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        Westin Mission Hills Resort, Rancho Mirage, California
           Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 13, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Holiday Extravaganza - TMA & CFA
        Georgia Aquarium, Atlanta, Georgia
           Contact: 678-795-8103 or http://www.turnaround.org/

Dec. 13, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Holiday Extravaganza - TMA & CFA
        Georgia Aquarium, Atlanta, Georgia
           Contact: 678-795-8103 or http://www.turnaround.org/

Dec. 19, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     South Florida Dinner
        TBA, South Florida
           Contact: 561-882-1331; http://www.turnaround.org/

Jan. 10, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Luncheon
        University Club, Jacksonville, Florida

Feb. 7, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Breakfast Event
        Carnelian Room, San Francisco, California
           Contact: 510-346-6000 ext 226 or
                    http://www.turnaround.org/

Mar. 25-29, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        Ritz Carlton Grande Lakes, Orlando, Florida
           Contact: http://www.turnaround.org/

Apr. 3-6, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     26th Annual Spring Meeting
        The Renaissance, Washington, District of Columbia
           Contact: http://www.abiworld.org/

Apr. 25-27, 2008
  NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
     NABT Spring Seminar
        Eldorado Hotel & Spa, Santa Fe, New Mexico
           Contact: http://www.nabt.com/

May 1-2, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     Debt Symposium
        Hilton Garden Inn, Champagne/Urbana, Illinois
           Contact: 1-703-739-0800; http://www.abiworld.org/

June 4-7, 2008
  ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
     24th Annual Bankruptcy & Restructuring Conference
        J.W. Marriott Spa and Resort, Las Vegas, Nevada
           Contact: http://www.airacira.org/

June 12-14, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     15th Annual Central States Bankruptcy Workshop
        Grand Traverse Resort and Spa, Traverse City, Michigan
           Contact: http://www.abiworld.org/

July 10-13, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     16th Annual Northeast Bankruptcy Conference
        Ocean Edge Resort
           Brewster, Massachussets
              Contact: http://www.turnaround.org/

July 31 - Aug. 2, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     4th Annual Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay
           Cambridge, Maryland
              Contact: http://www.abiworld.org/

Aug. 16-19, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     13th Annual Southeast Bankruptcy Workshop
        Ritz-Carlton, Amelia Island, Florida
           Contact: http://www.abiworld.org/

Aug. 20-24, 2008
  NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
     NABT Convention
        Captain Cook, Anchorage, Alaska
           Contact: http://www.nabt.com/

Sept. 24-27, 2008
  NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
     National Conference of Bankruptcy Judges
        Scottsdale, Arizona
           Contact: http://www.ncbj.org/

Oct. 28-31, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott New Orleans, Louisiana
           Contact: 312-578-6900; http://www.turnaround.org/

Dec. 3-5, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     20th Annual Winter Leadership Conference
        Westin La Paloma Resort & Spa
           Tucson, Arizona
              Contact: http://www.abiworld.org/

May 7-10, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     27th Annual Spring Meeting
        Gaylord National Resort & Convention Center
           National Harbor, Maryland
              Contact: http://www.abiworld.org/

June 21-24, 2009
  INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
     BANKRUPTCY PROFESSIONALS
        8th International World Congress
           TBA
              Contact: http://www.insol.org/

Sept. 10-12, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     17th Annual Southwest Bankruptcy Conference
        Hyatt Regency Lake Tahoe, Incline Village, Nevada
           Contact: http://www.abiworld.org/

Oct. 5-9, 2009
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Desert Ridge, Phoenix, Arizona
           Contact: 312-578-6900; http://www.turnaround.org/

Dec. 3-5, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     21st Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, California
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        JW Marriott Grande Lakes, Orlando, Florida
           Contact: http://www.turnaround.org/

BEARD AUDIO CONFERENCES
  2006 BACPA Library  
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com;
              http://researcharchives.com/t/s?20fa

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
  Calpine's Chapter 11 Filing
     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
  Changing Roles & Responsibilities of Creditors' Committees
     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
  Coming Changes in Small Business Bankruptcy
     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
  Deepening Insolvency - Widening Controversy: Current Risks,
     Latest Decisions
        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
  Distressed Claims Trading
     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
  Distressed Real Estate under BAPCPA
     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
  Equitable Subordination and Recharacterization
     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
  Handling Complex Chapter 11
     Restructuring Issues  
        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
  High-Yield Opportunities in Distressed Investing
     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
  Hospitals in Crisis: The Insolvency Crisis Plaguing
     Hospitals Across the U.S.
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  IP Rights In Bankruptcy
     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
  Partnerships in Bankruptcy: Unwinding The Deal
     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
  Real Estate Bankruptcy
     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
  Second Lien Financings and Intercreditor Agreements
     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
  Technology as a Competitive Advantage For Today's Legal
    Processes
      Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Twenty-Day Claims  
     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
  When Tenants File -- A Landlord's BAPCPA Survival Guide
     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,
Melanie C. Pador, Ludivino Q. Climaco, Jr., Loyda I. Nartatez,
Tara Marie A. Martin, John Paul C. Canonigo, Sheena Jusay, 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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