TCR_Public/070718.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, July 18, 2007, Vol. 11, No. 168

                             Headlines

ACANDS INC: August 28 Hearing Set for Travelers Settlement Pact
ALLIANCE BANCORP: Files for Chapter 7 Liquidation in Delaware
ALLIANCE BANCORP: Voluntary Chapter 7 Case Summary
AMERICAN SKIING: Selling Canyons Resort to Talisker for $100MM
ARCADIA RESOURCES: Reorganizes Health Care Business Units

BALLY TOTAL: Forbearance Agreements Extended to July 31
BALLY TOTAL: Plan Solicitation Still Ongoing
BALLY TOTAL: Inks Confidentiality Pacts with Certain Shareholders
CHARLES HAMMERS: Case Summary & 17 Largest Unsecured Creditors
CHERI DEMAIO-PIERCE: Case Summary & 6 Largest Unsecured Creditors

CITY OF HOUSTON: Fitch Upgrades Rating on $324 Million Bonds to B-
COFFEYVILLE RESOURCES: Moody's Cuts Corporate Family Rating to B3
COMMUNITY HEALTH: Provides Update on 6-1/2% Sr. Notes Offering
CONSUMER PORTFOLIO: Closes $120 Million Citigroup Financing
CORNELIUS ST. MARK: Case Summary & 16 Largest Unsecured Creditors

CROWN MEDIA: March 31 Balance Sheet Upside-down by $519.1 Mil.
CV THERAPEUTICS: March 31 Balance Sheet Upside-down by $90.3 Mil.
DAYTON SUPERIOR: March 31 Balance Sheet Upside-down by $105.5 Mil.
DELUXE CORP: March 31 Balance Sheet Upside-down by $40.2 Million
DEPOMED INC: March 31 Balance Sheet Upside-down by $37.5 Million

DJO LLC: $1.6 Billion Deal Cues Moody's to Review Ratings
DOHRMANN PISCHEL: Case Summary & Eight Largest Unsecured Creditors
DONNELL KEARNEY: Voluntary Chapter 11 Case Summary
DORAL FINANCIAL: Gets Regulatory Approvals for Recapitalization
DORAL FINANCIAL: Sharholders Give Nod on $610MM Recapitalization

DOUGLAS DIVELY: Case Summary & 14 Largest Unsecured Creditors
DUN & BRADSTREET: Mar 31 Balance Sheet Upside-down by $462.4 Mil.
EMBARQ CORP: March 31 Balance Sheet Upside-down by $331 Million
EMERITUS CORP: March 31 Balance Sheet Upside-down by $111.6 Mil.
EMIL SAFFOURI: Case Summary & 15 Largest Unsecured Creditors

EMPIRE RESORTS: March 31 Balance Sheet Upside-down by $10.2 Mil.
ENERTECH ENVIRONMENTAL: S&P Rates $130.1 Mil. Revenue Bonds at BB
EXTERRAN HOLDINGS: Moody's Places Corporate Family Rating at Ba2
FREEPORT-MCMORAN: S&P Revises Outlooks to Positive from Stable
GALE YANOFSKY: Case Summary & 15 Largest Unsecured Creditors

GENERAL MOTORS: Will Acquire 50% Equity Interest in VM Motori
GENERAL MOTORS: Canadian Arm's June Sales Drop 6.3%
GILDA STAWICKI: Voluntary Chapter 11 Case Summary
GINGER EVANS: Case Summary & 18 Largest Unsecured Creditors
GENESIS HEALTHCARE: Moody's Holds Ba3 Corporate Family Rating

GLOBAL POWER: Exclusive Plan-Filing Period Extended to August 22
GRANDE COMMS: Additional Notes Issuance Cue S&P to Affirm Ratings
GRECON DIMTER: Voluntary Chapter 11 Case Summary
GSI GROUP: S&P Affirms B Rating and Revises Outlook to Stable
GSI HOLDINGS: Moody's Puts Corporate Family Rating at B2

INSTANT WEB: Moody's Assigns B2 Corporate Family Rating
INSTANT WEB: High Debt Leverage Cues S&P to Assign B Credit Rating
INTERSTATE BAKERIES: Chief Financial Officer R. Hutchison Resigns
ITC DELTACOM: Amends New Equity Financing Agreement
JOHN FISK: Voluntary Chapter 11 Case Summary

JOHN MAGINNIS: Voluntary Chapter 11 Case Summary
KIMBERLY KENT: Case Summary & Three Largest Unsecured Creditors
KINDER MORGAN: Moody's Rates $100 Million Preferred Stock at Ba2
LAND O'LAKES: To Pay $500,000 for Cache Trademark Infringement
LAND O'LAKES: Earns $54.9 Million in First Quarter Ended March 31

LEAR CORP: Terminates Merger Agreement with American Real Estate
LEHMAN BROTHERS: Fitch Rates $3.8 Mil. Class B Certificates at BB+
LEUCADIA NATIONAL: Strong Management Team Cues S&P to Lift Rating
LIBBY ST. JOHN: Case Summary & Two Largest Unsecured Creditors
MARTIN LOTT: Case Summary & Largest Unsecured Creditor

MORGAN STANLEY: Moody's Assigns Low-B Ratings on Two Cert. Classes
MORGAN STANLEY: Moody's Rates 2007-1 Class B-4 Certificates at Ba1
MORGAN STANLEY: Moody's Rates 2007-11AR Class B-4 Certs. at Ba2
MOTHERS WORK: June 2007 Sales Goes Down 5.4% to $46.9 Million
MPC CORPORATION: Has Until October 18 to Regain Amex Compliance

OFFICE PORTFOLIO: Fitch Affirms BB+ Rating on Class H Certificates
PHI INC: Subpar Operating Performance Cues S&P's Negative Outlook
POLYPORE INT'L: Completes Offering of 10-1/2% Sr. Discount Notes
PORTRAIT CORP: Court Confirms Amended Plan of Reorganization
PREMIER MORTGAGE: Case Summary & 20 Largest Unsecured Creditors

PRODUCTION RESOURCE: S&P Puts Corporate Credit Rating at B+
REABLE THERAPEUTICS: $1.6 Bil. Deal Cues Moody's to Review Ratings
SECURITY WITH ADVANCED: Buys Perfect Circle's Projectile Business
SERVICEMASTER CO: S&P Junks Rating on Proposed $1.15 Billion Loan
STALLION OILFIELD: S&P Junks Rating on Proposed $250MM Facility

STALLION OILFIELD: Moody's Rates Proposed $250 Mil. Loan at B3
TITAN GLOBAL: May 31 Balance Sheet Upside-Down by $8.2 Million
TOLL BROTHERS: Moody's Affirms Ba2 Subordinated Note Rating
TRIAD HOSPITALS: Provides Update on Senior Notes Tender Offer
WACHOVIA BANK: Loan Payoffs Cue S&P to Lift Ratings on 5 Classes

* S&P Puts Ratings on Various Classes Under Negative CreditWatch

* Cooley Godward Opens Office in Boston with 10 New Partners
* Proskauer Rose Opens Ninth Branch Office in Brazil

* Upcoming Meetings, Conferences and Seminars

                             *********

ACANDS INC: August 28 Hearing Set for Travelers Settlement Pact
---------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware set a
hearing at 3:00 p.m. on Aug. 28, 2007, to consider approval of the
settlement agreement entered by ACandS Inc. and its debtor-
affiliates and The Travelers Indemnity Company, Travelers Casualty
and Surety Company (f/k/a The Aetna Casualty and Surety Company),
The Standard Fire Insurance Company, St. Paul Fire and Marine
Insurance Company, United States Fidelity and Guaranty Company.

Objections to the settlement agreement, if any, must be in by
4:00 p.m. on Aug. 17, 2007.

As reported in the Troubled Company Reporter on July 9, 2007,
Travelers entered into the settlement to resolve fully all current
and future asbestos-related coverage claims against Travelers and
its subsidiaries relating to the Debtors.

Under the settlement agreement, Travelers will contribute
$449 million to a trust to be established pursuant to ACandS' plan
of reorganization.  In connection with the settlement, Travelers
expects to cede approximately $84 million to its reinsurers, for a
net settlement of $365 million.  Travelers will fund the
settlement from its existing asbestos reserves and does not
anticipate any impact on earnings as a result of the settlement.

                           About Travelers

Based in Saint Paul, Minn., The Travelers Companies, Inc., fka The
St. Paul Travelers Companies, Inc., -- http://www.travelers.com/
-- provides a range of commercial and personal property and
casualty insurance products and services to businesses, government
units, associations and individuals.

                             About ACandS

Headquartered in Lancaster, Pennsylvania, ACandS Inc. was an
insulation contracting company, primarily engaged in the
installation of thermal and mechanical insulation.  In later
years, the Debtor also performed a significant amount of asbestos
abatement and other environmental remediation work.  The Company
filed for chapter 11 protection on Sept. 16, 2002 (Bankr. Del.
Case No. 02-12687).

Laura Davis Jones, Esq., Curtis A. Hehn, Esq., James E. O'Neill,
Esq., and Michael Paul Migliore, Esq., at Pachulski Stang Ziehl
Young Jones & Weintraub, P.C., represent the Debtor in its
restructuring efforts.

Kathleen Campbell Davis, Esq., Aileen F. Maguire, Esq., Mark T
Hurford, Esq., and Marla Rosoff Eskin, Esq., at Campbell & Levine,
LLC, represent the Official Committee of Asbestos Personal Injury
Claimants.  When the Company filed for protection from its
creditors, it estimated debts and assets of over $100 million.

                      Chapter 11 Plan Update

The Hon. Judith K. Fitzgerald approved the adequacy of the
Debtor's Amended Disclosure Statement explaining their proposed
Plan of Reorganization on Oct. 3, 2003.  On Jan. 26, 2004, Judge
Fitzgerald entered Proposed Findings of Fact and Conclusions of
Law Re Chapter 11 Plan Confirmation (Doc. 979), recommending that
the U.S. District Court deny confirmation of the Debtor's Plan.
On Feb. 5, 2004, the Debtor and the Creditors Committee jointly
filed with the U.S. District Court for the District of Delaware an
objection to the Bankruptcy Court's Proposed Findings.  In that
filing, the Debtor and the Committee asked the District Court to
reject the Bankruptcy Court's Findings and Conclusions and confirm
the proposed chapter 11 plan.

In a report published in the Troubled Company Reporter, the Debtor
has asked the Court to extend is exclusive period to file a
chapter 11 plan of reorganization to Oct. 9, 2007.  The Debtor
said that it was still in negotiations with the Official Committee
of Asbestos Personal Injury Claimants and the future claimants'
representative to reach a consensus on the terms of a new plan.


ALLIANCE BANCORP: Files for Chapter 7 Liquidation in Delaware
-------------------------------------------------------------
Alliance Bancorp fka United Financial Mortgage Corp., last Friday,
filed a voluntary chapter 7 petition with the U.S. Bankruptcy
Court for the District of Delaware.  Its parent company, Alliance
Mortgage Investments Inc., and another affiliates, Alliance
Bancorp Inc. of Oakbrook, Illinois, also filed voluntary chapter 7
petitions.


together with its parent company, Alliance Mortgage Investments
Inc., and Alliance Bancorp Inc. of Oakbrook, Illinois, has filed a
Chapter 7 bankruptcy petition with the U.S. Bankruptcy Court for
the District of Delaware on Friday.

In a letter posted at the company's website, Lisa Duehring,
company president and chief executive officer said that despite
their best efforts, the company was unable to overcome the latest
market.

"We have exhausted our resources and do not have the means to move
forward," Miss Duehring added.

The company ceased operations as of July 13, 2007.

Headquartered in Brisbane, California, Alliance Bancorp --
http://www.alliancebancorp.net/-- is a residential mortgage
lender.


ALLIANCE BANCORP: Voluntary Chapter 7 Case Summary
--------------------------------------------------
Debtor: Alliance Bancorp
        1000 Marina Boulevard #100
        Brisbane, CA 94005

Bankruptcy Case No.: 07-10942

Debtor-affiliates filing separate chapter 7 petitions;

      Entity                                          Case No.
      ------                                          --------
      Alliance Mortgage Investments, Inc.             07-10941
      Alliance Bancorp, Inc.                          07-10943

Type of business: The Debtor is a residential mortgage lender.
                  See http://www.alliancebancorp.net/

Chapter 11 Petition Date: July 13, 2007

Court: District of Delaware (Delaware)

Judge: Christopher S. Sontchi

Debtors' Counsel: Mark D. Collins, Esq.
                  Richards Layton & Finger
                  One Rodney Square
                  P.O. Box 551
                  Wilmington, DE 19899
                  Tel: (302) 651-7531
                  Fax: (302) 651-7701

                            Estimated Assets     Estimated Debts
                            ----------------     ---------------
Alliance Bancorp            More than            More than
                            $100 Million         $100 Million

Alliance Mortgage           More than            More than
  Investments, Inc.         $100 Million         $100 Million

Alliance Bancorp, Inc.      More than            More than
                            $100 Million         $100 Million

The Debtors did not file a list of their 20 largest unsecured
creditors.


AMERICAN SKIING: Selling Canyons Resort to Talisker for $100MM
--------------------------------------------------------------
American Skiing Company said Monday that it had entered into a
definitive agreement to sell its subsidiary ASC Utah, Inc., the
owner and operator of The Canyons resort, located near Park City,
Utah, to Talisker Canyons Finance Co. LLC, an affiliate of
Talisker Corporation, for $100 million in cash.

The purchase price is subject to various adjustments, as outlined
in the purchase agreement.  The transaction is not expected to
result in any change in the status of currently pending litigation
between The Canyons and Wolf Mountain, a landlord at The Canyons.

The announced sale represents the planned disposition of the last
major resort asset of American Skiing Company.

"This sale will complete a necessary step for American Skiing
Company to wind down its affairs," said ASC President and CEO B.J.
Fair.  "We at ASC and The Canyons have worked tirelessly to
position the resort for success in the years to come.  I am very
proud of what we have accomplished, and look forward to the energy
and vision that I expect Talisker to bring to the resort and
community," added Mr. Fair.

The transaction is subject to several closing conditions,
including certain consents, Hart-Scott-Rodino antitrust approval
and stockholder majority approval of American Skiing Company.  The
transaction is expected to close on or before Sept. 29, 2007.

                     Previous Transactions

On June 4, 2007, the company entered into a purchase agreement
selling Sunday River Skiway Corporation and Sugarloaf Mountain
Corporation to Boyne USA, Inc.  The purchase price to be paid for
Sunday River and Sugarloaf Mountain is $77 million in cash, plus
the assumption of approximately $2 million in debt and other
liabilities.

Sunday River operates the Sunday River ski resort while Sugarloaf
Mountain operates the Sugarloaf/USA ski resort.

                    About Talisker Corporation

Talisker Corporation -- http://www.taliskerclub.com/-- is a
private real estate development and investment company in the
resort development, residential, retail and commercial sectors
operating in Canada, the United States, and Europe.  Talisker has
significant assets in Park City where it has been developing
resort real estate since 2000. In 2003 it added to its portfolio
in Park City by acquiring United Park City Mines, a NYSE listed
company.

                       About The Canyons

The Canyons is Utah's largest winter resort.  Its 3,700 skiable
acres (fourth largest in the nation) are serviced by 17 lifts
spread across eight mountain peaks.  The AAA Four Diamond Grand
Summit Hotel, Sundial Lodge and numerous other lodging, dining and
retail options are located at the base of the resort.  An 18-hole
championship golf course and numerous resort amenities are
expected additions to the resort in the coming years.

                     About American Skiing

Headquartered in Park City, Utah, American Skiing Company (OTCBB:
AESK) -- http://www.peaks.com/-- operates an alpine ski,
snowboard and golf resorts in the United States.  Its resorts
include Sunday River and Sugarloaf/USA in Maine and The Canyons in
Utah.

At April 29, 2007, the company's balance sheet showed total assets
of $305,415,000 and total liabilities of $551,874,000 resulting in
a stockholders' deficit of $246,459,000.  The company's
stockholders' deficit at June 30, 2006 stood at $379,930.


ARCADIA RESOURCES: Reorganizes Health Care Business Units
---------------------------------------------------------
Arcadia Resources Inc. reorganized its business units and
reassigned several members of management to new responsibilities.
These changes will enhance the company's ability to take full
advantage of growth opportunities in the health care marketplace
and are another step in management's previously announced plan to
achieve greater cost efficiencies by further integrating existing
and newly acquired businesses.

"Arcadia Resources completed several initiatives within the past
year, including the acquisition of PrairieStone Pharmacy and the
launch of our CareClinic business, to capitalize on the shift in
the U.S. marketplace toward health care services that are more
accessible, responsive and cost-efficient.  To ensure that we are
structured to derive the greatest benefit from the changes in the
marketplace, we are realigning our organization to accommodate our
new business model and strategy to pursue growth opportunities,"
said Marvin Richardson, president and chief executive officer.

The company reorganized its businesses along functional lines to
sharpen its focus on opportunities in the rapidly evolving health
care marketplace. The Retailer & Employer Services unit now
comprises the PrairieStone and CareClinic operations.  In-Home
Health Care incorporates various affiliate and owned services.
And the Durable Medical Equipment unit continues to provide
respiratory care, orthotics and other medical equipment.  Also as
part of the reorganization, senior team members were given
responsibility for the Business Development and Sales & Marketing
functions. Key appointments include:

    * Lynn Fetterman, interim chief financial officer, who had
      been serving as a contracted employee, will continue in that
      position as a full-time employee of the Company.

    * Alan Lotvin, MD, CEO of CareClinic and the company's chief
      medical officer, has been given responsibility for business
      development.

    * John Brady, co-founder and president of the PrairieStone
      Pharmacy business acquired by Arcadia earlier this year, and
      executive vice president, has been given responsibility for
      Sales & Marketing of all business segments.  He will also
      oversee the integration of newly acquired JASCORP pharmacy
      services software unit.

    * Harry Travis, senior vice president of the company's
      CareClinic division, has been named head of Retailer /
      Employer Services, which includes Arcadia's PrairieStone and
      CareClinic divisions.

    * James Haifley, executive vice president of Durable Medical
      Equipment, will now have additional responsibility for the
      retail and catalog divisions.

    * Cathy Sparling will head Administration for all business
      segments, which includes the company's Human Resources and
      Administrative Services groups.

    * The company has announced that it will seek an executive to
      head the In-Home Health Care division, which includes
      Arcadia Resources' caregiver services and staffing
      businesses.

                       Management Comments

Mr. Richardson added, "We believe that the actions we have taken
to build an innovative health care business model and reorganize
the company have put Arcadia Resources on a clear path toward the
future.  The elements of success are all in place."

"The marketplace is evolving in a manner that will reward
innovative and nimble competitors such as Arcadia Resources.  Our
organization has been structured to deliver on our vision.  And
our team is capable, motivated and energized.  As a result, we are
confident in our prospects for improving our financial performance
and enhancing shareholder value during the coming months and
years," Mr. Richardson concluded.

                      About Arcadia Resources

Headquartered in Southfield, Mich. Arcadia Resources, Inc. (AMEX:
KAD) -- http://www.arcadiaresourcesinc.com/-- provides in-home
health care and retail/employer health care services in the U.S.
The company operates in four segments: Services, Products,
Pharmacy, and Clinics.  The Services segment offers medical
staffing services, including home healthcare and medical staffing,
as well as light industrial, clerical, and technical staffing
services.  It provides physical therapists, occupational
therapists, speech pathologists, and medical social workers, as
well as offers home care, medical and non-medical staffing.  The
Products segment engages in the marketing, rental, and sale of
products and equipment, including a catalog out-sourcing and
product fulfillment business, which sells various medical
equipment product offerings.  The Pharmacy segment provides
pharmacy services to grocery pharmacy retailers and offers
DailyMed, a compliance packaging medication system, to at-home
patients and senior living communities.  It offers various
services and products, such as dispensing of pills and other
medications, multi-dose strip medication packages, respiratory
supplies and medications, diabetic care management, drug
interaction monitoring, and special assisted living medication
packaging.  The Clinics segment focuses on establishing non-
emergency medical care facilities in retail location host sites.

                        Going Concern Doubt

BDO Seidman LLP in Troy, Michigan expressed substantial doubt
about Arcadia Resources' ability to continue as a going concern
after auditing the company's consolidated financial statements for
the years ended March 31, 2007, and 2006.  The auditing firm
pointed to the company's recurring losses from operations.


BALLY TOTAL: Forbearance Agreements Extended to July 31
-------------------------------------------------------
Bally Total Fitness Holding Corporation yesterday said that it has
secured extensions of existing forbearance arrangements until
July 31, 2007 from beneficial holders of in excess of a majority
in principal amount of its 9-7/8% Senior Subordinated Notes due
2007 and its 10-1/2% Senior Notes due 2011 and from the lenders
under its $284 million senior secured credit facility.

The extension agreements prohibit any enforcement action by the
parties thereto but permit the senior noteholders to declare the
Senior Notes due and payable so long as no other enforcement
action is taken.  The company will not pay any fees in connection
with these extensions.

Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(Pink Sheets: BFTH) -- http://www.ballyfitness.com/-- operates
fitness centers in the U.S., with over 375 facilities located in
26 states, Mexico, Canada, Korea, China and the Caribbean under
the Bally Total Fitness(R), Bally Sports Clubs(R) and Sports Clubs
of Canada (R) brands.  Bally offers a unique platform for
distribution of a wide range of products and services targeted to
active, fitness-conscious adult consumers.


BALLY TOTAL: Plan Solicitation Still Ongoing
--------------------------------------------
Bally Total Fitness Holding Corporation disclosed that it
continues to solicit votes for approval from its noteholders for
the previously proposed prepackaged chapter 11 plan of
reorganization.

Holders of 63% of the company's 10-1/2% Senior Notes and more than
80% of its 9-7/8% Senior Subordinated Notes have agreed to vote
for the plan.

The voting deadline for that solicitation is 4:00 p.m. ET on
July 27, 2007.

The Company will continue normal club operations during the
solicitation period and throughout the pendency of the anticipated
bankruptcy case.

Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(Pink Sheets: BFTH) -- http://www.ballyfitness.com/-- operates
fitness centers in the U.S., with over 375 facilities located in
26 states, Mexico, Canada, Korea, China and the Caribbean under
the Bally Total Fitness(R), Bally Sports Clubs(R) and Sports Clubs
of Canada (R) brands.  Bally offers a unique platform for
distribution of a wide range of products and services targeted to
active, fitness-conscious adult consumers.


BALLY TOTAL: Inks Confidentiality Pacts with Certain Shareholders
-----------------------------------------------------------------
Bally Total Fitness Holding Corporation has entered into
confidentiality agreements with Liberation Investments and
Harbinger Capital Partners, proponents of an alternative
restructuring proposal, and has begun to engage in due diligence
discussions with these shareholders.

These shareholders have agreed to complete their due diligence by
July 20, 2007, and the company has asked that proposed definitive
documentation be negotiated by that date.  There are no assurances
that any agreement will be reached with the shareholders.

As reported in the Troubled Company Reporter on July 9, 2007, the
company's Board of Directors received a letter from current
shareholders Liberation Investments, L.P., Liberation Investments,
Ltd., Harbinger Capital Partners Master Fund I, Ltd. and Harbinger
Capital Partners Special Situations Fund L.P., which proposes an
alternate chapter 11 plan of reorganization for the company.

Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(Pink Sheets: BFTH) -- http://www.ballyfitness.com/-- operates
fitness centers in the U.S., with over 375 facilities located in
26 states, Mexico, Canada, Korea, China and the Caribbean under
the Bally Total Fitness(R), Bally Sports Clubs(R) and Sports Clubs
of Canada (R) brands.  Bally offers a unique platform for
distribution of a wide range of products and services targeted to
active, fitness-conscious adult consumers.


CHARLES HAMMERS: Case Summary & 17 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Charles Edward Hammers
        1933 Longhorn Drive
        Edmond, OK 73003-6827

Bankruptcy Case No.: 07-12325

Chapter 11 Petition Date: July 5, 2007

Court: Western District of Oklahoma (Oklahoma City)

Judge: T.M. Weaver

Debtor's Counsel: W. Devin Resides, Esq.
                  615 North Broadway Suite 203
                  Oklahoma City, OK 73102
                  Tel: (405) 605-6547

Estimated Assets:    $100,000 to $1 Million

Estimated Debts: $1 Million to $100 Million

Debtor's 17 Largest Unsecured Creditors:

Entity                     Nature of Claim       Claim Amount
------                     ---------------       ------------
Kirkpatrick Bank                                    $1,035,751
P.O. Box 2850
Edmond, OK 73083

International Bank of                                 $610,605
Commerce
3601 Northwest 63rd
Street
Oklahoma City, OK 73116

U.S. Small Business                                   $418,648
Administrative District
Counsel
301 Northwest 6th Street,
Suite 116
Oklahoma City, OK
73102

Brenda Hammers                                        $410,606
1933 Longhorn Drive
Edmond, OK 73003

Kirkpatrick Bank                                       $99,718

U.S.A.A. Platinum                                      $16,622

Bank of America Visa                                   $11,786

Emerge Visa                                             $9,772

Discover Card                                           $4,887

Chase Mastercard                                        $4,313

Sears                                                   $2,317

Parlee M. Flury                                         $1,104

Home Depot                                              $1,002

Arvest Visa                                               $958

U.S.A.A. Federal Savings    purchase money                $802
Bank                        security; value of
                            security: $15,732

Shell Oil                                                 $308

I.R.S.                                                      $0


CHERI DEMAIO-PIERCE: Case Summary & 6 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Cheri Demaio-Pierce
        aka Cheri Demaio
        Stephen M. Pierce
        7214 Camino Valle Verde
        Tucson, AZ 85715

Bankruptcy Case No.: 07-01228

Chapter 11 Petition Date: July 4, 2007

Court: District of Arizona (Tucson)

Judge: James M. Marlar

Debtor's Counsel: Eric Slocum Sparks, Esq.
                  110 South Church Avenue, Suite 2270
                  Tucson, AZ 85701
                  Tel: (520) 623-8330
                  Fax: (520) 623-9157

Estimated Assets: $1 Million to $100 Million

Estimated Debts:  $1 Million to $100 Million

Debtor's Six Largest Unsecured Creditors:

Entity                     Nature of Claim       Claim Amount
------                     ---------------       ------------
Cox Media                                             $150,000
1650 East River Road,
Suite 201
Tucson, AZ 85718

Everett Acosta              lawsuit                    $90,000
c/o Eric M. Nadler, Esq.
3561 East Sunrise Drive,
Suite 201
Tucson, AZ 85718

Journal Broadcast Group     lawsuit                    $75,000
7280 East Rosewood
Tucson, AZ 85710

K.M.S.B. T.V.                                          $40,000

Dennis Rosen, Esq.                                     $12,000

Daily Wildcat                                           $1,000


CITY OF HOUSTON: Fitch Upgrades Rating on $324 Million Bonds to B-
------------------------------------------------------------------
Fitch Ratings assigns an underlying 'A+' rating to the city of
Houston, Texas' $395 million airport system subordinate lien
revenue refunding bonds series 2007A and series 2007B.  The
underlying 'A+' rating on $2.2 billion outstanding subordinate
lien airport revenue bonds is affirmed.

The series 2007A and series 2007B (the series 2007 bonds) will be
issued as fixed-rate revenue bonds and will refinance $95 million
in outstanding commercial paper as well as portions of outstanding
subordinate lien revenue bonds.  The series 2007 bonds will price
via negotiated sale led by UBS Investment Bank the week of
July 24, 2007.  The series 2007 bonds are also expected to be
supported by a monoline insurance provider whose financial
strength is rated 'AAA' by Fitch.  The series 2007 bonds, as well
as outstanding bonds, are secured by a subordinate lien on the net
revenues generated from the operations of the airport system. With
the exception of $95 million of commercial paper, the airport does
not have any senior lien revenue bonds outstanding.

At this time Fitch also takes the following actions:

  -- Affirms the 'A' rating on $130 million outstanding city of
     Houston, TX airport system special facilities taxable revenue
     bonds, series 2001 (the Consolidated Rental Car Project
     bonds);

  -- Upgrades to 'B-' from 'CCC+' $324 million city of Houston,
     Texas airport system special facilities revenue bonds series
     2001 (the Continental Terminal E Project bonds).

The Rating Outlook on all bonds is Stable.

The upgrade on the Continental Terminal E Project bonds reflects
the underlying financial strength of Continental Airlines, Inc.,
and brings the special facilities rating in-line with
Continental's Issuer Default Rating of 'B-'.  The Continental
Terminal E Project bonds financed construction and development of
Terminal E at George Bush Intercontinental Airport, which
Continental uses as an international connection hub and Latin
American gateway.  Special facilities rent paid by Continental
secures the Continental Terminal E Project bonds and bondholders
have no access to liquidity or structural enhancements to avoid
default if Continental fails to provide timely debt service
payments.  Terminal E was substantially complete in January 2004
and is currently operating at full utilization.

The series 2001 Consolidated Rental Car Project bonds financed a
250-acre consolidated rental car facility at Intercontinental and
are supported by customer facility charges imposed on automobile
renters at the airport.  The CFC can be adjusted annually and is
currently set to $3 per rental car contract day.  Rental car
demand is closely correlated to origination and destination
enplanements at Intercontinental, which increased at a 6% rate
from 2002 to 2006, while transaction days grew at a 5.4% average
annual rate for the same period.  The increase in demand allowed
for a reduction in the CFC to $3 from $3.25 as of July 1, 2006.
Debt service coverage equaled 1.43 times in 2006.

The 'A+' subordinate lien revenue bond rating reflects the broad
economic base of the primary service area, as well as the system's
sound financial operations, strong historical demand for air
carrier service, and modest future debt needs.  Credit concerns
include the dominant positions held by Continental at
Intercontinental and Southwest Airlines at William P. Hobby
Airport.  Fitch rates Southwest's senior unsecured debt rated 'A'
with a Negative Rating Outlook.

Intercontinental serves as the primary commercial airport for the
metropolitan area and Houston-based Continental operates its
largest hub at the airport, accounting for 87% of enplaned
passengers in fiscal 2006.  Reflecting the strength of the economy
and Continental's increased operations at the airport,
enplanements at Intercontinental increased at a 4.2% average
annual rate from fiscal 1997 through fiscal 2006.  Enplanements to
date at Intercontinental for the first nine months of fiscal 2007
show a 5% increase over the same period the prior year.

Hobby serves as the market's secondary commercial airport and
features mostly low-cost carriers providing point-to-point
domestic service.  Southwest, which considers Houston as one of
its 'focus cities,' accounted for 88% of fiscal 2006 enplanements.
The enplanement base at Hobby has remained flat since fiscal 1997,
primarily reflecting the maturity of the Southwest's service at
the airport.

The airport system's use and lease agreements utilize strong
compensatory methodology for setting fees and charges in the
terminals and a residual methodology for the airfield facilities
which have historically resulted in sound financial operations.
The compensatory terminal agreements allow the airport to control
most concession revenues, allowing the system to build a
substantial liquidity balance of $398 million as of fiscal 2006.
This equaled 718 days cash on hand and 19% of outstanding long
term debt, well above the medians for comparable large-hub
airports.

System operating margins have averaged near 37% in the past
several years but fiscal 2006 saw a strong 49% operating margin.
Debt service coverage for that year equaled 2.19 times, in line
with coverage levels for prior years.  The series 2007 bonds
refund $95 million of outstanding commercial paper to the
subordinate lien and near-term debt service will increase from
$141 million in fiscal 2006 to $161 million through fiscal 2024.
Fiscal 2006 net system revenues of $206 million would cover
maximum annual debt service of $161 million by approximately
1.28x.

The cost per enplanement at both airports has increased
significantly in the past five years as management has implemented
its ongoing capital improvement program.  The budgeted fiscal 2007
CPE equaled $8.26 at Hobby and $11.34 at Intercontinental, higher
than the average for comparable facilities.  Fitch notes, however,
that the CPE's at both airports remain in line with or below
levels forecasted in 2002. Of the approximate $3.2 billion capital
improvement program initiated system-wide in 1998, roughly
$91 million in project spending remains.  Management is set to
embark on a new five year, $1.9 billion capital improvement
program (2008-2013) and expects to issue an additional
$675 million in revenue bonds during that period.


COFFEYVILLE RESOURCES: Moody's Cuts Corporate Family Rating to B3
-----------------------------------------------------------------
Moody's Investors Service downgraded Coffeyville Resources LLC's
corporate family rating from B2 to B3 and downgraded its senior
first secured debt ratings from B2 (LGD 3; 32%) to B3 (LGD 3;
31%).

Facility ratings downgraded include CRL's now B3 rated
$775 million senior first-lien secured term loan and its now B3
rated $150 million senior first lien secured revolving credit
facility.  Under Moody's Loss Given Default Methodology, CRL's
Probability of Default Rating declined from B3 to Caa1.  The
ratings had already been under review for downgrade.

The ratings remain under review for downgrade pending

   i. CRL's full assessment and clear resolution of its liquidity
      requirements for operational, hedge, and escalated refinery
      capital spending needs,

  ii. completion of post-flood refinery and fertilizer repairs,

iii. successful start-up and performance to design specifications
      of CRL's Coffeyville refinery,

  iv. the longer-term assessment of CRL's liabilities due to
      environmental damage claims and litigation, and

   v. our assessment of expected leverage and cash flow coverage.

The assigned ratings also match the B3 corporate family rating
indicated by Moody's independent refining rating methodology prior
to the emergency shut down of the Coffeyville refinery.  CRL's
facilities were flooded by a record surge of the Verdigris River.
According to the company, major process units and equipment were
not directly impacted by the flood but the damage to hundreds of
individually minor, but operationally vital, motors and pumps was
very extensive.

The incident has again further delayed CRL's initial public
offering, removing its sole near-term source of funds for de-
leveraging.  From an operational perspective, an emergency
refinery shutdown also always carries the risk of increased
technical difficulties upon restart and before full production to
design specifications is attained.

Moody's downgrades are taken as a precautionary move during the
extended time frame in which CRL, its private owners, suppliers,
insurance providers, hedge counter-party, governmental and
regulatory bodies, and potential plaintiffs identify and remedy
the full financial, operational, environmental, and other
litigation impacts of the recent flood that caused the shut down
of CRL's lone refinery.  In that event, over 70,000 gallons of
CRL's hydrocarbon inventories, as well as oil from its wastewater
treatment facilities, spilled into its local community and
regional river system.

CRL's major source of cash flow has ceased pending the restart of
its refinery.  However, Moody's does anticipate that CRL will
receive substantial near-term financial support from its equity
sponsors, eventually up to as much as $150 million of payments
from its business interruption insurance coverage, and a modest
amount of cash flow from its adjacent fertilizer plant.  However,
while business interruption coverage is scheduled to commence on
Aug. 15, 2007, insurer's assessment process poses the inherent
risks of altered timing and amount of such payments.

Most importantly for the short term is CRL's sponsors' likely
support of its very sizable and imminent crack spread hedge
payments to counter-party J. Aron, a sister affiliate of GSCP,
which are due quarterly.

The new ratings would be vulnerable if some combination of CRL's
sponsor support, business interruption insurance, remediation
costs, start-up date, start-up complications, crude oil supplier
arrangements, sector market conditions, financial obligations, or
environmental and litigation liabilities exceed CRL's direct
financial resources or its equity sponsors' willingness to
supplement CRL's liquidity.  CRL also faces the inherent risk of
cost overruns on its major repairs and equipment replacement in a
tight market for components and engineering and construction
services.

CRL was originally placed on review for downgrade in
December 2006 due to its substantial rise in leverage arising from
its large cash dividend to its private owners in the face of
substantial expansion capital spending, the extended period of
time that Moody's believed would pass before the SEC review
process would be completed and its initial public offering could
be launched, and abundant operational, sector, and market risks
that could complicate CRL's de-leveraging IPO.

The firm's scheduled first quarter 2007 turnaround took longer to
bring back to full production than CRL expected, reflecting the
inherent risks of a delayed start-up.  As well, unscheduled
downtime is a routine event risk in the sector and is a singular
credit risk for refiners having only one refinery.  Though sector
conditions have been strong, and CRL delivered sound first half
2007 performance, all such risks have come to pass at a time when
CRL carries outlier very high leverage and its refinery is shut
down after a major flood at its lone refining site.

Once CRL recommences operations, higher ratings may be supported
by expected moderating but still historically sound 2007 refining
margins; CRL's established sound crude oil sourcing tactics and
logistics and diversified crude oil sources; CRL's strong regional
refined product distribution logistics and proximity to end-user
markets; and, as long as CRL is up and running, the generally
protective aspects of CRL's crack spread hedge on 60% to 70% of
its current production.

However, as currently seen, such hedges are a major liability when
a refinery is not operating and generating no cash flow to meet
its hedge obligations.  The ratings would also benefit from a
degree of diversification provided by CRL's fertilizer business;
sound fertilizer prices.  Regarding CRL's business interruption
insurance, it cannot be known in advance how closely business
interruption payments would match the timing of contractual
obligations.

The ratings are restrained by CRL's very high leverage relative to
its peers; volatile markets; CRL's status as a single refinery
with redundancy limited to certain processing units, costs,
operating risks, and liquidity risks associated with its current
downtime, flood damage, and third party liabilities, and
uncertainty at this point concerning its bank facilities.  CRL
does not have material redundancy in the important value adding
units downstream from those units.  Until CRL's recent projects
are fully on line, it also produces a very low level of high
margin premium gasoline and it carries the higher unit costs of
comparatively low energy and heat efficiency.

CRL carries high leverage measured by Debt/Complexity barrel,
currently in the range of a very high $900/bbl.  Complexity
barrels equal a refinery's effective crude oil distillation
capacity divided by its Nelson Complexity Index.  The nelson index
is a rough proxy for a refinery's relative capacity to add value
to a crude oil barrel above its cost.  High complexity refineries
tend to be able to run cheaper crude oils and convert them into
higher proportions of valuable transportation fuels and light
refined products.

CRL carries a hefty insurance policy which, under a $1.25 billion
overall coverage for natural disasters, also insures it against
flood induced damage and business interruption for up to
$300 million, with an initial 45 day deductible.  CRL faces very
large cash requirements to cover its payments to its hedge
counterparty, J. Aron.  CRL is currently negotiating with GSCP,
Kelso, and J. Aron to cover its payments until business
interruption insurance or operating cash flow enables it to make
those payments. Moody's expects a positive outcome on those
negotiations, with GSCP and Kelso effectively covering the hedge
obligations on behalf of CRL.

CRL owns and operates a 105,000 barrel per day crude oil refinery
and fertilizer plant located in Coffeyville, Kansas.  It has
largely completed a series of projects

   i. enabling it to meet ultra low sulfur transportation fuels
      specifications, now in operation,

  ii. to add a new continuous catalytic reformer, and

iii. to revamp its existing catalytic cracking, delayed coking,
      and crude oil distillation units.

CRL believes its 2006 and 2007 projects will take its crude oil
throughput capacity to 120,000 barrels per stream day, increase
its liquids recovery per barrel, increase its yield of high value
transportation fuels per barrel, and somewhat improve its unit
operating cost efficiency.

In the twelve months ended June 30, 2007, CRL reported about
$250 million of adjusted EBITDA and pro-forma EBIT/total
throughput barrels in the range of its B-rated peers.  This
predominantly reflected historic sector crack spreads and crude
oil quality price differentials and secondarily CRL's more
opportunistic crude oil sourcing, important ongoing operating
improvements, and increased direct sales of refined product.  In
Moody's view, given the macro and sector operational forces at
work, the sector has already seen its cyclical peaks and refining
margins will moderate during 2007.

Coffeyville Resources LLC is headquartered in Sugar Land, Texas.


COMMUNITY HEALTH: Provides Update on 6-1/2% Sr. Notes Offering
--------------------------------------------------------------
Community Health Systems Inc. determined the tender offer yield
for its outstanding tender offer and consent solicitation for any
and all of its outstanding 6-1/2% senior subordinated notes due
2012.

The tender offer yield for the notes tendered and accepted will be
5.499% and was determined as of 10 a.m. New York City time, on
July 16, 2007, by reference to a fixed spread of 50 basis points
over the yield of 4.999% of the 3-3/8% U.S. Treasury Note due
Dec. 15, 2008, as determined pursuant to the offer to purchase and
consent solicitation statement, dated May 31, 2007.

Assuming an early settlement date of July 25, 2007, the total
consideration for each $1,000 principal amount of notes validly
tendered and not validly withdrawn prior to June 13, 2007, is
$1,043.28, which includes a consent payment of $30 per $1,000
principal amount of the notes.  Holders who have tendered or will
validly tender their notes after the consent date but at or prior
to 12 midnight July 30, 2007, will not be eligible to receive the
$30 per $1,000 principal amount consent payment.  The company
reserves the right to terminate, withdraw or amend the Offer at
any time subject to applicable law.

As of 5 p.m., New York City time, on July 16, 2007, the company
had 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.

The company has reserved the right to accept for purchase at any
time following the consent date but prior to the expiration date
all notes then validly tendered.  If the company elects to
exercise this option, it will pay for such notes on a date
promptly following the early acceptance time.

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, among others, 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 its 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 offer will expire at 12 midnight, New York City time, on
July 30, 2007, unless further extended or earlier terminated by
the company.  The company reserves the right to terminate,
withdraw or amend the offer at any time subject to applicable law.
Except for the previously announced extensions of the price
determination date and expiration date of the offer, the complete
terms and conditions of the offer are set forth in the tender
offer documents which have been sent to holders of notes.  Holders
are urged to read the tender offer documents carefully.

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


CONSUMER PORTFOLIO: Closes $120 Million Citigroup Financing
-----------------------------------------------------------
Consumer Portfolio Services Inc. closed a new $120 million
residual credit facility with Citigroup Financial Products Inc.
The facility, which consists of a $60 million one-year revolving
facility and a $60 million two-year term note, is secured by
eligible residual interests in previously securitized pools of
automobile receivables.  The company borrowed $60 million under
the term note on July 13, 2007, and used a portion of the proceeds
to repay in full its existing residual credit facility and senior
secured debt.

CPS is a quarterly issuer in the securitization market and
currently services a total managed portfolio of over $1.9 billion
across 19 pools.

"As we continue the growth we have achieved over the last few
years, this facility will be an important part of our future
financing and funding strategy," said Charles E. Bradley, Jr.,
president and chief executive officer.

                            About CPS

Consumer Portfolio Services Inc., headquartered in Irvine,
California, (NasdaqGM: CPSS) -- http://www.consumerportfolio.com/
-- operates as a specialty finance company in the United States.
It engages in purchasing, selling, and servicing retail automobile
installment sale contracts originated by licensed motor vehicle
dealers and independent dealers in the sale of new and used
automobiles, light trucks, and passenger vans.

                          *     *     *

As of July 17, 2007, Consumer Portfolio Services Inc. carries
Fitch's CCC- subordinated debt rating.  The rating outlook is
negative.


CORNELIUS ST. MARK: Case Summary & 16 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Cornelius Mayer St. Mark, Sr.
        Margaret Wright St. Mark
        aka Margaret N.M.N. Wright
        aka Margaret Lay St. Mark
        7 Forest Creek Court
        Charleston, SC 29414

Bankruptcy Case No.: 07-03594

Chapter 11 Petition Date: July 2, 2007

Court: District of South Carolina (Charleston)

Judge: David R. Duncan

Debtor's Counsel: Elizabeth M. Atkins, Esq.
                  778 St. Andrews Boulevard
                  Charleston, SC 29407
                  Tel: (843) 763-0333

Estimated Assets: Less than $10,000

Estimated Debts:  $1 Million to $100 Million

Debtor's 16 Largest Unsecured Creditors:

Entity                     Nature of Claim       Claim Amount
------                     ---------------       ------------
Internal Revenue Service                              $197,376
1835 Assembly Street
M.D.P. 39 Room 469
Attention: Insolvency Unit
Columbia, SC 29201

S.C. Department of                                     $52,986
Revenues and Taxes
P.O. Box 12265
Columbia, SC 29211

Bill Cofield                                           $30,000
Attorney or Manager
801 Miles Road
Summerville, SC 29485

Waring Howell                                          $20,000

Keith Parks                                            $14,000

Reynard McFadden                                       $11,216

Berkeley County Rural                                   $9,800
Transportation

S.C. Workers Compensation                               $7,000

A.T.C. Healthcare Services                              $6,948

N.C.O.                                                  $6,792

Charleston County Tax                                   $6,319
Collector

American Residential                                    $4,969
Services

M.U.S.C.                                                $4,871

Asset Acceptance                                        $2,890

Capital One                                             $2,120

Charleston Water/C.P.W.                                 $1,500


CROWN MEDIA: March 31 Balance Sheet Upside-down by $519.1 Mil.
--------------------------------------------------------------
Crown Media Holdings Inc.'s balance sheet at March 31, 2007,
showed $758.7 million in total assets and $1.28 billion in total
liabilities, resulting in a $519.1 million total stockholders'
deficit.

Crown Media reported a net loss of $40.2 million for the first
quarter ended March 31, 2007, compared with a net loss of
$47.2 million for the same period ended March 31, 2006.

Crown Media reported revenue of $53.6 million for the first
quarter of 2007, a 19% increase from $45.0 million for the first
quarter of 2006.

"We have had a tremendous start to 2007, with our continued
ratings success as a top rated cable network, unprecedented
increases in advertising revenues and explosive growth in
subscribers" marked Henry Schleiff, president and chief executive
officer of Crown Media.  "Combine this with the renewal of three
major distribution agreements with important partners on
attractive terms, and the result is a cable network that is
extremely well-positioned to benefit from the value that is being
created."

"As we look ahead, we are confident that the exciting line-up of
our brand defining quality and wholesome, family friendly
programming will continue to resonate with advertisers as we enter
the upfront negotiations and, in addition, will appeal to our
expanding audience of viewers during the summer and into our
popular winter holiday season.  We expect that the momentum of the
first quarter will carry us through 2007 to produce a year filled
with solid operating achievements."

Subscriber fee revenue in the first quarter increased 20% to
$7.5 million, from $6.2 million in the prior year's quarter, as a
result of the ending of free carriage periods during 2006 for
certain of the company's domestic distributors and an increase in
subscriber fees.  Advertising revenue increased 20% to $46 million
during the quarter, from $38.4 million in the first quarter of
2006, reflecting higher advertising rates.  The company did not
have licensing fees from its film library during the quarter ended
March 31, 2007, as it sold its film assets in December 2006.
Licensing fees for the company's film library were $270,000 during
the prior year's quarter.

For the first quarter of 2007, cost of services decreased to
$50.8 million from $54.4 million during the same quarter of 2006.
Selling, general and administrative expenses increased to
$14.2 million for the three months ended March 31, 2007, from
$9 million in the year earlier period primarily due to a
$3.3 million increase and a $236,000 increase in compensation
expense related to the obligations of restricted stock units and
stock appreciation rights, a $702,000 increase in other benefits
expense, and a $1.2 million increase in commissions expense.  This
was offset in part by a decrease in depreciation and amortization
expense of $382,000 as assets became fully depreciated.  Marketing
expenses decreased to $4.2 million for the three months ended
March 31, 2007, from $4.3 million in the year earlier period.

Adjusted EBITDA loss totaled $5.1 million for the first quarter of
2007, compared to an Adjusted EBITDA loss of $5.5 million for the
same period last year.  Cash used in continuing operating
activities totaled $12.8 million for the first quarter of 2007
compared to $20.4 million for the same period last year.

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?2078

                        About Crown Media

Headquartered in Studio City, Calif., Crown Media Holdings Inc.
(NASDAQ: CRWN) -- http://www.crownmediaholdings.com/-- currently
operates and distributes the Hallmark Channel in the U.S. to over
82 million subscribers.  The program service is distributed
through 5,300 cable systems and communities as well as direct-to-
home satellite services across the country.   Significant
investors in Crown Media Holdings include: Hallmark Entertainment
Holdings Inc., a subsidiary of Hallmark Cards Incorporated,
Liberty Media Corp., and J.P. Morgan Partners (BHCA) LP, each
through their investments in Hallmark Entertainment Investments
Co.; VISN Management Corp., a for-profit subsidiary of the
National Interfaith Cable Coalition; and The DIRECTV Group Inc.


CV THERAPEUTICS: March 31 Balance Sheet Upside-down by $90.3 Mil.
-----------------------------------------------------------------
CV Therapeutics Inc.'s balance sheet at March 31, 2007, showed
$355.7 million in total assets and $445.9 million in total
liabilities, resulting in a $90.3 million total stockholders'
deficit.

The company reported a net loss of $55.1 million for the first
quarter ended March 31, 2007, compared with a net loss of
$70.5 million for the same period in 2006.

For the quarter ended March 31, 2007, the company recorded total
revenues of $15.3 million which consisted of $12.0 million of net
product sales of Ranexa and $3.3 million of collaborative research
revenue.  This represents a 200 percent increase over total
revenues of $5.1 million for the quarter ended March 31, 2006,
which consisted of $4.4 million in collaborative research revenue
and $700,000 in co-promotion revenue related to ACEON(R)
(perdindopril erbumine) Tablets, which the company ceased co-
promoting in the quarter ended Dec. 31, 2006.  Collaborative
research revenue is primarily payments for certain regadenoson
development activities from a collaborative partner and
amortization of up-front payments earned.

At March 31, 2007, the company had cash, cash equivalents,
marketable securities and restricted cash of approximately
$267.1 million, compared to $336.7 million at Dec. 31, 2006.

Total costs and expenses were $71.2 million for the quarter ended
March 31, 2007.  This compares to total costs and expenses of
$76.2 million for the same quarter in 2006.

The reduction in total costs and expenses for the quarter compared
to the same period in the prior year was primarily due to lower
marketing expenses because the company no longer co-promotes
ACEON(R), lower research and development expenses resulting from
lower clinical trial expenses related to the completion of the
MERLIN TIMI-36 study of Ranexa and a reduction in research and
development activities related to regadenoson, offset in part by
higher personnel related expenses for development and for sales
and marketing.

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?2079

                    About CV Therapeutics

Headquartered in Palo Alto, Calif., CV Therapeutics Inc.
(NasdaqGM: CVTX) -- http://www.vt.com/-- is a biopharmaceutical
company focused on applying molecular cardiology to the discovery,
development and commercialization of novel, small molecule drugs
for the treatment of cardiovascular diseases.

CV Therapeutics' approved product, Ranexa(R) (ranolazine extended-
release tablets), is indicated for the treatment of chronic angina
in patients who have not achieved an adequate response with other
antianginal drugs, and should be used in combination with
amlodipine, beta-blockers or nitrates.


DAYTON SUPERIOR: March 31 Balance Sheet Upside-down by $105.5 Mil.
------------------------------------------------------------------
Dayton Superior Corporation's balance sheet at March 31, 2007,
showed $312.5 million in total assets and $418 million in total
liabilities, resulting in a $105.5 million total stockholders'
deficit.

Dayton Superior reported a net loss of $8.2 million for the first
quarter ended March 31, 2007, compared to a net loss of $9.1
million for the first quarter ended March 31, 2006.

Net sales were $99 million, down slightly from $101.3 million in
2006 as harsh weather curtailed first quarter construction
activity in many markets.

Gross profit increased by $2.9 million to $29.4 million or 11%,
as costs were reduced and pricing improved.

Eric R. Zimmerman, Dayton Superior's president and chief executive
officer, said, "We are devoting a great deal of attention to
improving gross margins and customer service, and the results are
evident in our improved first quarter financial results.  The
latest F.W. Dodge reports confirm our own indications that
conditions are improving following severe weather that restricted
construction activity in many regions this winter, following a
mild winter in 2006.  Additional confirmation of our market
strength is seen in construction employment, as, apart from
homebuilding, it is expanding nicely.  We are well prepared to
benefit both from seasonal trends and the upturn in demand from
new infrastructure and commercial construction projects.  We will
continue to improve our customer service and our cost structure,
with a goal of improving our earnings while building on our
leading position in the non-residential markets.  We are
encouraged by our first quarter results and excited about the
potential 2007 holds."

Sales of Dayton Superior's products were $80.2 million, a decrease
of 4% from the first quarter of 2006.  Unit volume was lower due
to the weather, but partially offset by higher sales prices.

Revenues from rentals of concrete forming and shoring equipment
were $14.6 million, up 10%, the result of an improving rental
market and better positioning of the fleet.  Sales of used rental
equipment were down slightly.

Gross profit on product sales was $19.7 million, or 25% of sales,
compared with $17.7 million and 21% in the first quarter of 2006.
Higher sales prices and improvements in operating costs, including
freight expense, were principal factors.  Gross profit on rental
revenue was $6.5 million, compared with $5.3 million in the first
quarter of 2006.

Depreciation on rental equipment was $4 million in both periods.
Rental gross profit before depreciation was $10 million in the
quarter, or 72% of revenue.  This is an 11% increase from
$9 million, or 71% of revenue in the first quarter of 2006,
resulting from increased rental revenue and higher utilization
compared to 2006.  As a percentage of sales, gross profit on the
sales of used rental equipment for the first quarter of 2007 was
slightly better than in the first quarter of 2006.

Selling, general, and administrative expenses increased to
$25.2 million in the recent quarter from $23.6 million for the
first quarter of 2006.  The increase was due to increased sales
and engineering headcount, salary increases, and distribution
center lease costs.

Stock compensation expense, a non-cash expense, was $659,000 in
the first quarter of 2007 and is related to the continued vesting
of restricted common stock in connection with the initial public
offering in December 2006.  Proceeds from the IPO were used in
part to pay down the revolving credit facility, which led to a
$971,000 reduction in interest expense from last year's first
quarter, to $11.2 million.

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?207b

                     About Dayton Superior

Headquartered in Dayton, Ohio, Dayton Superior Corporation
(NASDAQ: DSUP) -- http://www.daytonsuperior.com/-- provides
specialized products consumed in non-residential, concrete
construction.  The company is also a concrete forming and shoring
rental company serving the domestic, non-residential construction
market.

                          *     *     *

As reported in the Troubled Company Reporter on June 27, 2007,
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.


DELUXE CORP: March 31 Balance Sheet Upside-down by $40.2 Million
----------------------------------------------------------------
Deluxe Corporation's balance sheet at March 31, 2007, showed
$1.22 billion in total assets and $1.26 billion in total
liabilities, resulting in a $40.2 million total stockholders'
deficit.

The company's balance sheet at March 31, 2007, also showed
strained liquidity with $182.6 million in total current assets
available to pay $584.8 million in total current liabilities.

Deluxe Corporation reported net income of $35.2 million for the
first quarter ended March 31, 2007, compared with net income of
$24.7 million for the first quarter of 2006.  The quarter's
results reflect stronger than expected revenue in the personal
check businesses, lower costs and favorable shifts in the timing
of investments in key initiatives.

Net income increased $10.5 million due to higher operating income
and lower interest expense related to the company's lower debt
level.

Revenue for the quarter was $403.8 million compared to
$411.4 million during the first quarter of 2006.  Revenue in Small
Business Services decreased $4.3 million due to the sale of the
industrial packaging product line.  Financial Services revenue
decreased $3.5 million due to lower revenue per order while Direct
Checks revenue increased $200,000.

"We had a strong first quarter and are pleased with our financial
performance and continued progress as we remain on track with our
transformation," said Lee Schram, chief executive officer of
Deluxe.  "All three of our businesses delivered solid results in
the quarter as our momentum exiting 2006 continues.  Our revenue
for the quarter was strong, especially in the personal check
businesses where Financial Services reported only a low single-
digit decline and Direct Checks grew for the first time since the
third quarter of 2002.  On the cost side, we continue to make
steady progress with our initiatives and are solidly on track to
meet our cost reduction target for the year."

Gross margin improved to 63.0% of revenue compared to 62.1% in
2006.  The benefit of strong check volumes, favorable reductions
in manufacturing costs and 2006 facility closing costs were partly
offset by lower revenue per order for Financial Services.

Selling, general, and administrative expense decreased
$18.8 million in the quarter.  The decrease resulted from cost
saving initiatives, primarily in sales and marketing and
information technology, and from lower amortization.  As a percent
of revenue, SG&A decreased to 46.9 percent from 50.6 percent in
2006.

Operating income was $69.0 million, compared to $52.3 million in
the first quarter of 2006.  Operating margin was 17.1 percent of
revenue compared to 12.7 percent in the prior year driven by
improved gross margin and lower SG&A expenses.

Cash provided by operating activities for the quarter totaled
$69.0 million, a decrease of $3.7 million compared to last year.
Higher earnings and progress with working capital initiatives were
more than offset by higher medical and severance benefits, higher
income tax payments and higher performance-based employee
compensation payments related to our 2006 operating performance.
The strong cash flow performance drove debt reduction of
$68.5 million in the quarter.

"We ran on all cylinders in the first quarter having performed
well compared with our key objectives for 2007," Schram stated.
"We are pleased with the start to the year and continue to be
energized and passionate about attacking the challenges ahead of
us.  We still have a lot of work to do, but our objective is to
continue to execute and improve our performance each day and
deliver against our improved commitments."

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?207f

                     About Deluxe Corporation

Headquartered in St. Paul, Minnesota, Deluxe Corporation (NYSE:
DLX) -- http://www.deluxe.com/-- through its industry-leading
businesses and brands, helps financial institutions and small
businesses better manage, promote, and grow their businesses.  The
company uses direct marketing, distributors, and a North American
sales force to provide a wide range of customized products and
services: personalized printed items (checks, forms, business
cards, stationery, greeting cards, labels, and retail packaging
supplies), promotional products and merchandising materials, fraud
prevention services, and customer retention programs.  The company
also sells personalized checks and accessories directly to
consumers.


DEPOMED INC: March 31 Balance Sheet Upside-down by $37.5 Million
----------------------------------------------------------------
Depomed Inc.'s balance sheet at March 31, 2007, showed
$37.0 million in total assets and $74.5 million in total
liabilities, resulting in a $37.5 million total stockholders'
deficit.

Depomed reported a net loss of $10.9 million for the first quarter
ended March 31, 2007, compared to a net loss of $7.8 million for
the comparable period in 2006.  Cash and investment balances at
March 31, 2007, were $25.8 million.

Revenues increased to $3.8 million in the first quarter of 2007
from $1.3 million in the same period of 2006 primarily as a result
of $1.3 million of product sales and $1.3 million of license
revenue for the company's commercialized diabetes product,
Glumetza(TM).  Operating expenses for the quarter ended March 31,
2007, were $14.8 million compared to $9.6 million for the same
period in 2006.  The increase was primarily due to expenses
associated with the commercialization of Glumetza, legal expenses
related to the ongoing patent infringement case against IVAX and
expenses related to the ongoing Phase 3 clinical trial for
Gabapentin GR(TM) for the treatment of postherpetic neuralgia
(PHN).  Additionally, stock-based compensation expense for the
first quarter of 2007 was $493,000.

"We have begun 2007 with positive news on the clinical and
commercialization front," said John F. Hamilton, chief financial
officer of Depomed.  "In the first quarter, we announced
completion of enrollment for the Phase 3 clinical trial for
Gabapentin GR for PHN and filed an Investigational New Drug
application for the use of Gabapentin GR to treat menopausal hot
flashes.  In addition, we have supported the new detailing program
that our partner King Pharma has put in place to further increase
market share for Glumetza.  We have already seen positive results
from the new detailing program.  In the near term, we are looking
forward to announcing the top line data from our Phase 3
Gabapentin PHN trial mid year".

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?2081

                        About Depomed Inc.

Depomed Inc. (NasdaqGM: DEPO) -- http://www.depomedinc.com/-- is
a specialty pharmaceutical company with two approved products on
the market and multiple product candidates in its pipeline.  The
company utilizes its proven, proprietary AcuForm(TM) drug delivery
technology to improve existing oral medications, allowing for
extended, controlled release of medications to the upper
gastrointestinal tract.  Glumetza(TM) (metformin hydrochloride
extended release tablets) is approved for use in adults with type
2 diabetes and is being marketed in the United States by King
Pharmaceuticals and in Canada by Biovail Corporation.  ProQuin(R)
XR (ciprofloxacin hydrochloride) extended release tablets are
approved in the United States for the once-daily treatment of
uncomplicated urinary tract infections and is marketed by Esprit
Pharma.  Product candidate Gabapentin GRT is currently in Phase 3
and Phase 2 clinical development for the treatment of two pain
indications, postherpetic neuralgia and diabetic peripheral
neuropathy, respectively.  A Phase 2 clinical trial of Gabapentin
GR in menopausal hot flashes is expected to begin in the second
quarter of 2007.


DJO LLC: $1.6 Billion Deal Cues Moody's to Review Ratings
---------------------------------------------------------
Moody's Investors Service placed DJO, LLC's and ReAble
Therapeutics, Inc. ratings on review for possible downgrade
following the announcement that DJO has entered into a definitive
merger agreement with an affiliate of ReAble valued at about
$1.6 billion, including the assumption of debt.

The reviews for possible downgrade reflect the current lack of
detailed financing information.  The review for ReAble will focus
on the impact on the transaction on its operating metrics.  Sidney
Matti, Analyst, stated that, "The review for DJO will focus
primarily on the company's post-acquisition capital structure."

Reportedly, there is no financing condition required to consummate
the transaction.  ReAble is controlled by an affiliate of The
Blackstone Group who is providing the equity financing for the
transaction.  DJO's Board of Directors unanimously approved the
merger agreement.  The transaction is subject to certain closing
conditions, including the approval of DJO's shareholders,
regulatory approval and the satisfaction of other customary
closing conditions.

Under the merger agreement, DJO may solicit proposals from third
parties during the next 50 days.  If DJO enters into another
definitive agreement, DJO would be obligated to pay ReAble an
$18.7 million break-up fee.

These ratings were placed on review for possible downgrade:

DJO, LLC

-- Ba3 Corporate Family rating;

-- B1 Probability of Default rating;

-- Ba3 (LGD3/33%) rating on $50 million Senior Secured Revolver
    due 2012; and

-- Ba3 (LGD3/33%) rating on $349.1 million Senior Secured Term
    Loan due 2013.

-- The Speculative Grade Liquidity rating is SGL-2.  The
    liquidity rating will be reviewed upon conclusion of the
    proposed transactions.

ReAble Therapeutics, Inc.

-- B2 Corporate Family rating;

-- B2 Probability of Default rating; and

-- The Speculative Grade Liquidity rating is SGL-2.  The
    liquidity rating will be reviewed upon conclusion of the
    proposed transactions.

Encore Medical Finance LLC

-- Ba3 (LGD2/ 25%) rating on $50 million Senior Secured Revolver
    due 2012;

-- Ba3 (LGD2/25%) rating on $350 million Senior Secured Term Loan
    B due 2013; and

-- Caa1 (LGD5/80%) rating on $200 million 11.75% Senior
    Subordinated Notes due 2014.

Headquartered in Austin, Texas, ReAble Therapeutics, Inc. is a
diversified orthopedic device company that develops, manufactures
and distributes a comprehensive range of high quality orthopedic
devices used to treat patients with musculoskeletal conditions.
For the three months ended March 31, 2007, the company generated
over $106 million in revenues.

Headquartered in Vista, California, DJO, LLC is a global provider
of solutions for musculoskeletal and vascular health, specializing
in rehabilitation and regeneration products for the non-operative
orthopedic, spine and vascular markets.  For the last twelve
months ended March 31, 2007, the company reported revenues of
about $445 million.


DOHRMANN PISCHEL: Case Summary & Eight Largest Unsecured Creditors
------------------------------------------------------------------
Debtor: Dohrmann K. Pischel, III
        aka Chip Pischel
        aka D.K. Pischel
        Nancy L. Pischel
        325 Corey Way
        South San Francisco, CA 94080

Bankruptcy Case No.: 07-30803

Chapter 11 Petition Date: June 28, 2007

Court: Northern District of California (San Francisco)

Judge: Dennis Montali

Debtor's Counsel: K. Keith McAllister, Esq.
                  P.O. Box 864
                  Tiburon, CA 94920
                  Tel: (415)435-2338

Estimated Assets: $1 Million to $100 Million

Estimated Debts:  $1 Million to $100 Million

Debtor's Eight Largest Unsecured Creditors:

Entity                     Nature of Claim       Claim Amount
------                     ---------------       ------------
Chase Bank, U.S.A.          credit card                $27,567
Chase-Bank One-Visa
P.O. Box 15298
Wilmington, DE
19850-5298

Citibank Att Universal      credit card                $36,797
c/o C.D.S.I.
P.O. Box 183
Columbus, OH 43218

Chase Bank, U.S.A.          credit card                $27,567
Chase-Amazon-Visa
P.O. Box 15298
Wilmington, DE
19850-5298

Bank of America             credit card                $26,202

Advanta Bank Corp.          credit card                 $8,409

City Bank Corp.             credit card                 $5,850

Capital One Bank            credit card                 $5,415

Capital One Bank            credit card                 $9,627


DONNELL KEARNEY: Voluntary Chapter 11 Case Summary
--------------------------------------------------
Debtor: Donnell L. Kearney
        2018 Monroe Street Northeast
        Washington, DC 20018

Bankruptcy Case No.: 07-00332

Chapter 11 Petition Date: June 29, 2007

Court: District of Columbia (Washington, D.C.)

Judge: S. Martin Teel, Jr.

Debtor's Counsel: Richard S. Stolker, Esq.
                  Uptown Law, L.L.C.
                  110 North Washington Street, Suite 320
                  Rockville, MD 20850
                  Tel: (301) 294-9500
                  Fax: (775) 908-7315

Total Assets: $487,958

Total Debts:  $1,162,022

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


DORAL FINANCIAL: Gets Regulatory Approvals for Recapitalization
---------------------------------------------------------------
Doral Financial Corporation reported that certain regulatory
approvals necessary to complete its proposed $610 million
recapitalization transaction with Doral Holdings Delaware LLC have
been obtained:

     (1) approval of the transaction by the Board of Governors of
         the Federal Reserve System under the Bank Holding Company
         Act;

     (2) approval of the transaction by the office of the
         Commissioner of Financial Institutions under the Puerto
         Rico Banking Law and Puerto Rico Mortgage Institutions
         Act;

     (3) approval of the Federal Deposit Insurance Corporation
         and the Puerto Rico Commissioner for Doral to transfer
         its portfolio of mortgage servicing rights to its
         principal banking subsidiary, Doral Bank Puerto Rico and
         to receive within one day after the closing of the
         transaction, at least $150 million from the transfer;

     (4) written confirmation from the Department of the Treasury
         of Puerto Rico relating to the deferred tax agreement
         between Doral and the Department of the Treasury of
         Puerto Rico; and

     (5) approval for listing on the New York Stock Exchange of
         the shares to be issued to Holdings.

Doral also said that approval has been received from the
Office of Thrift Supervision and the FDIC for Doral Bank, FSB to
consummate the previously announced sale of its New York bank
branches.

The Holdings transaction remains subject to other conditions,
including the receipt of shareholder approval, court approval of
the settlement agreement in Doral's consolidated securities class
action and shareholder derivative litigation and certain
additional regulatory confirmations.

The hearing to consider approval of the settlement agreement in
Doral's consolidated securities class action and shareholder
derivative litigation is now scheduled to also take place on
July 17, 2007.

                    About Doral Financial Corp.

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

                          *     *     *

As reported in the Troubled Company Reporter on June 28, 2007,
Fitch Ratings has downgraded Doral Financial Corporation's Long-
term Issuer Default rating to 'CCC' from 'B'.  Fitch has also
assigned an 'RR4' Recovery Rating to DRL's senior unsecured debt,
indicating average recovery prospects (30-50%) for this class of
creditors in the event of a bankruptcy filing and an 'RR6'
(recovery of 0%-10%) to the preferred stock .  Fitch has also
revised Doral's Rating Watch to Negative from Evolving.  The
Support Rating Floor for both entities is unchanged at No Floor.


DORAL FINANCIAL: Sharholders Give Nod on $610MM Recapitalization
----------------------------------------------------------------
Doral Financial Corporation disclosed yesterday that its
shareholders have approved all proposals necessary to complete the
proposed $610 million recapitalization transaction with Doral
Holdings Delaware, LLC , a newly formed entity in which Bear
Stearns Merchant Banking and other investors, including funds
managed by Marathon Asset Management, Perry Capital, the D. E.
Shaw group, Tennenbaum Capital Partners, Eton Park Capital
Management, Goldman Sachs & Co., Canyon Capital Advisors and GE
Asset Management, will invest.

Approximately 95% of the shareholders voting on the proposals,
representing more than a majority of the outstanding shares,
supported the proposals.

Doral further announced that it has received final court approval
of the settlement agreement to settle all claims in the
consolidated securities class action and shareholder derivative
litigation filed against the Company following the announcement in
April 2005 of the need to restate its previously issued financial
statements.

Subject to satisfaction of the remaining conditions to closing,
the Holdings transaction is currently expected to close on
July 19, 2007, prior to the maturity of the company's $625 senior
notes on July 20, 2007.

Dennis Buchert, Chairman of the Board of Doral Financial, stated,
"We are pleased that our shareholders have approved this
transaction and we thank them for their support during the
recapitalization process.  We look forward to closing the
transaction later this week and working with Holdings to move
forward with our efforts to build the potential of the franchise
and, in turn, value for all shareholders and the communities Doral
serves."

Glen R. Wakeman, Chief Executive Officer and President, stated,
"When I first addressed shareholders last October, as the new
management team began at Doral, I reported that there were key
issues before the company that needed to be successfully addressed
for Doral to move forward.  They were: recapitalizing Doral
Financial; resolving the shareholder litigation; putting in place
a strong and deep management team; bringing the company current on
its financial reporting; establishing sound relationships with all
of our regulators; and putting in place a strategy to be a
competitive provider of a broad arrange of financial services and
products to meet the growing needs of our customers.  I am pleased
to say that we have addressed or are addressing successfully all
of these issues."

"Doral Financial is moving forward. It will now be able to do so
with a solid balance sheet anchored by Doral Bank, which is sound
financially, including by all relevant regulatory standards.  We
have the technology and infrastructure to enable us to
strategically move to a community banking approach to better serve
our customers.  As such, we are a far different and stronger Doral
than last October.  Our ability for our company to be in this
enhanced competitive position today reflects directly on the
efforts and commitment of all Doral employees," Mr. Wakeman said.

                    About Doral Financial Corp.

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

                          *     *     *

As reported in the Troubled Company Reporter on June 28, 2007,
Fitch Ratings has downgraded Doral Financial Corporation's Long-
term Issuer Default rating to 'CCC' from 'B'.  Fitch has also
assigned an 'RR4' Recovery Rating to DRL's senior unsecured debt,
indicating average recovery prospects (30-50%) for this class of
creditors in the event of a bankruptcy filing and an 'RR6'
(recovery of 0%-10%) to the preferred stock .  Fitch has also
revised Doral's Rating Watch to Negative from Evolving.  The
Support Rating Floor for both entities is unchanged at No Floor.


DOUGLAS DIVELY: Case Summary & 14 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Douglas William Dively
        aka Doug Dively
        aka Douglas Dively
        aka Douglas W. Dively
        Kathy Jo Dively
        aka Kathy Dively
        aka Kathy J. Dively
        aka Kathy Jo Dively
        13571 Knight Court
        Gainesville, VA 20155

Bankruptcy Case No.: 07-11763

Chapter 11 Petition Date: July 10, 2007

Court: Eastern District of Virginia (Alexandria)

Debtor's Counsel: John L. Lilly, Jr., Esq.
                  10195 Main Street, Suite I
                  Fairfax, VA 22031
                  Tel: (571)432-0300
                  Fax: (571)432-0301

Total Assets: $1,194,922

Total Debts:  $2,070,484

Debtor's 14 Largest Unsecured Creditors:

Entity                     Nature of Claim       Claim Amount
------                     ---------------       ------------
I.R.S.                                                $297,531
One Skyline Place
5205 Leesburg Park, Room 902
Baileys Crossroads, VA
22041

E.M.C. Mortgage                                       $290,700
P.O. Box 141358
Irvine, TX 75014-1358

Robert Vanover              value of                  $274,459
120 River View Shores       collateral:
Drive                       $250,000
Front Royal, VA 22630

E.M.C. Mortgage                                        $96,798
Lewisville, TX

American Express                                       $56,171

Kayvan Madani Nejad                                    $51,000

Key Equipment Finance                                  $30,443

Rising Sun, Inc.            value of                   $26,078
                            collateral:
                            $775,000

State Farm Insurance                                   $24,540

U.S. Department of                                     $19,122
Education

Chase                                                  $16,883

Ford Motor Credit                                      $16,202

American Express                                       $14,829

Dean Hastie                                            $12,000


DUN & BRADSTREET: Mar 31 Balance Sheet Upside-down by $462.4 Mil.
-----------------------------------------------------------------
Dun & Bradstreet Corp.'s balance sheet at March 31, 2007, showed
$1.39 billion in total assets, $1.85 billion in total liabilities,
and $4.6 million in minority interest, resulting in a
$462.4 million total stockholders' deficit.

The company's balance sheet at March 31, 2007, also showed
strained liquidity with $588.4 million in total current assets
available to pay $826.7 million in total current liabilities.

Dun & Bradstreet reported net income of $52.7 million for the
first quarter ended March 31, 2007, compared with net income of
$51.5 million for the same period ended March 31, 2006.

"We feel good about our first quarter results and our outlook for
2007," said Steve Alesio, chairman and chief executive officer of
D&B.  "We're making early progress against our strategic growth
plan and we remain confident in the sustainability of our
performance and our ability to drive total shareholder return in
the future."

Core and total revenue for the first quarter of 2007 was
$392.3 million, compared with core and total revenue of
$367.2 million in the prior year quarter.

Operating income before non-core gains and charges for the first
quarter of 2007 was $101.0 million, up 9 percent from the prior
year period.  On a GAAP basis, operating income was $85.4 million,
down 1 percent from the prior year period.  During the first
quarter of 2007, the company also incurred transition costs of
$2.9 million compared with $4.5 million in the prior year period.

Net income before non-core gains and charges for the first quarter
of 2007 was $59.6 million, up 7 percent from $55.7 million in the
prior year period.

Free cash flow for the first quarter of 2007, excluding the impact
of legacy tax matters, was $104.6 million, up 49% from the first
quarter of 2006.

Net cash provided by operating activities, excluding the impact of
legacy tax matters, was $119.6 million, up 57% from the first
quarter of 2006.  On a GAAP basis, net cash provided by operating
activities was $119.6 million, compared to $36.2 million in the
prior year period.

Share repurchases during the first quarter of 2007, under the
company's current one-year program commenced in the fourth quarter
of 2006 totaled $68.7 million, with $143.7 million repurchased
since inception.  This amount is in addition to the company's
existing repurchase program to offset the dilutive effect of
shares issued under employee benefit plans, which totaled 36.9
million in the first quarter of 2007.

The company ended the quarter with $139.6 million of cash and cash
equivalents.

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?2082

                      About Dun & Bradstreet

Based in Short Hills, New Jersey, The Dun & Bradstreet Corporation
(NYSE: DNB) -- http://www.dnb.com/-- is a source of commercial
information and insight on businesses.  D&B's global commercial
database contains more than 110 million business records.  The
database is enhanced by D&B's proprietary DUNSRight(R) Quality
Process, which provides customers with quality business
information.


EMBARQ CORP: March 31 Balance Sheet Upside-down by $331 Million
---------------------------------------------------------------
EMBARQ Corp.'s balance sheet at March 31, 2007, showed
$8.98 billion in total assets and $9.31 billion in total
liabilities, resulting in a $331 million total stockholders'
deficit.

The company's balance sheet at March 31, 2007, also showed
strained liquidity with $1.01 billion in total current assets
available to pay $1.42 billion in total current liabilities.

Embarq reported net income of $160 million for the first quarter
ended March 31, 2007, compared with net income of $214 million for
the same period ended March 31, 2006.

The company reported net operating revenues of $1.59 billion,
operating income of $371 million for the quarter ended March 31,
2007.  This compares with net operating revenues of $1.56 billion
and operating income of $366 million for the same period in 2006.
Embarq's first quarter operating income was negatively impacted
by, among other items, $17 million of early stage dilution
associated with the company's wireless business, a
$14 million employee severance charge, $9 million of expenses
related to the company's spin-off, and $9 million in depreciation.

EMBARQ's access line results improved in the first quarter, as the
company lost 15,000 fewer lines to competitors than in the same
period a year ago.  In addition, high-speed Internet subscriber
additions reached a company record of 87,000 this quarter.

"Prior to the fourth quarter of 2006, it had been years since we
had seen improvement in access line erosion, so it's significant
that we have been able to accomplish this two quarters in a row,"
said Dan Hesse, Embarq chairman and chief executive officer.
"With an improving access line trend and strong growth in data,
high-speed Internet and wireless revenues, we're off to a great
start in 2007."

EMBARQ reported capital expenditures of $183 million for the first
quarter of 2007.  This amount includes $4 million of separation-
related capital spending.

Driven by its solid operating performance, EMBARQ generated free
cash flow of $317 million in the first quarter.  The company's
strong cash flow enabled a net debt reduction of $356 million.

EMBARQ lost 71,000 access lines in the first quarter of 2007,
which includes a 7,000 line increase associated with a large
business customer win.  The decline of 71,000 lines is an
improvement of 15,000 lines from a year ago when the company lost
86,000 lines to competitors and sold 5,000 lines.  On a year-over-
year basis, the company's access lines declined by 5.9%.

The company set a record for high-speed Internet (HSI) subscriber
additions in the first quarter with 87,000.  At the end of the
quarter, EMBARQ had more than 1.1 million HSI subscribers.

The company continued to grow its wireless business, adding 23,000
new subscribers in the quarter.  At quarter end, its wireless
subscriber base totaled 71,000.

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?2086

                        About Embarq Corp.

Headquartered in Overland Park, Kansas, Embarq Corporation (NYSE:
EQ) -- http://www.embarq.com/-- offers a complete suite of common
sense communications services.  The company has approximately
20,000 employees and operates in 18 states.  Embarq is a member of
the S&P 500.


EMERITUS CORP: March 31 Balance Sheet Upside-down by $111.6 Mil.
----------------------------------------------------------------
Emeritus Corporation's balance sheet at March 31, 2007, showed
$953.0 million in total assets and $1.06 billion in total
liabilities, resulting in a $111.6 million total stockholders'
deficit.

The company's balance sheet at March 31, 2007, also showed
strained liquidity with $58.9 million in total current assets
available to pay $113.5 million in total current liabilities.

Emeritus reported a net loss of $9.7 million on total operating
revenues of $110.4 million for the first quarter ended March 31,
2007, compared with net income of $4.7 million on total operating
revenues of $101.1 million for the same period ended March 31,
2006.

The increase in revenues was primarily the result of occupancy
improvements of $4.6 million, rate improvements of $4.3 million,
and the remainder from additional management fees from the
Blackstone joint venture.

Exclusive of the $12.2 million expense reduction from the
professional liability settlement in the first quarter of 2006,
and the $1.5 million write-off of lease acquisition costs and the
increase in non-cash stock option expenses of $403,000 in the
first quarter of 2007, operating income from continuing operations
increased by $3.8 million from $3.0 million in 2006 to
$6.8 million in 2007.

Community operating expenses increased $4.1 million from
$66.4 million in 2006 to $70.5 million in 2007.  Approximately
$2.7 million of the increase was due to increases in labor-related
costs and the balance from increases in other operating expenses,
primarily utilities, food costs, contracted services and
insurance.  Operating margin increased to 35.6% from 34.0% in the
first quarter of 2006.

General and administrative expenses increased by $1.4 million from
the prior year, primarily due to an increase of approximately
$1.1 million in labor-related costs and $403,000 in non-cash stock
option compensation expenses.

Depreciation, amortization and facility lease expense increased by
$1.9 million to $25.0 million in 2007 from $23.1 million in 2006
primarily due to the write-off of approximately $1.5 million in
lease acquisition costs as the result of the acquisition of 43
properties formerly operated under long-term leases.  The
remaining increase was primarily due to normal annual escalator
provisions in the company's leases and additional depreciation on
capital improvements to properties.

Net other expense increased by $3.9 million to $14.3 million in
2007 from $10.4 million in 2006 due primarily to an increase of
approximately $1.9 million in interest expense due to the
acquisition of 44 communities since the first quarter of 2006 and
the payment of $1.3 million in incentive fees related to the
convertible debenture transaction.

Exclusive of the professional liability settlement impact of
$13.0 million in 2006 (including an interest accrual reversal of
$766,000), the write-off of lease costs of $1.5 million from the
acquisition transactions, the non-cash stock option expense
increase of $403,000, and the incentive fee payment of
$1.3 million from the debenture conversion transaction in 2007,
the net loss from continuing operations improved by $1.8 million,
from a loss of $8.1 million in 2006 to a loss of $6.3 million in
2007.

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?2088

                       About Emeritus Corp.

Based in Seattle, Washington, Emeritus Corporation (AMEX: ESC) --
http://www.emeritus.com/-- is a national provider of assisted
living and Alzheimer's and related dementia care services to
seniors.  Emeritus currently operates, or has an interest in, 202
communities representing capacity for approximately 16,463 units
and 20,100 residents in 34 states.


EMIL SAFFOURI: Case Summary & 15 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Emil E. Saffouri
        Nahla Samir Saffouri
        1912 Majesty Palms
        Bakersfield, CA 93314

Bankruptcy Case No.: 07-11898

Chapter 11 Petition Date: June 28, 2007

Court: Eastern District of California (Fresno)

Judge: W. Richard Lee

Debtor's Counsel: Phillip W. Gillet, Jr., Esq.
                  1705 27th Street
                  Bakersfield, CA 93301-2807
                  Tel: (661) 323-3200

Estimated Assets: $1 Million to $10 Million

Estimated Debts:  $1 Million to $10 Million

Debtor's 15 Largest Unsecured Creditors:

Entity                     Nature of Claim       Claim Amount
------                     ---------------       ------------
Home Loan Services, Inc.                              $526,161
150 Allegheny Center Mall
Pittsburgh, PA 15212

State Board of              value of                  $112,641
Equalization                collateral:
P.O. Box 942879             $700,000
Sacramento, CA 94279

I.R.S.                      value of                   $72,501
P.O. Box 9929               collateral:
Bakersfield, CA 93389       $700,000

Akzo Nobel                                             $56,759

Enterprise                                             $50,024

Employment Development      value of                   $29,273
Department                  collateral:
                            $700,000

Excel Financial                                        $26,421

I.F.C.                                                 $26,952

Haddad Dodge                                           $23,869

Kinecta Federal Credit                                 $16,713
Union

Pacific Leasing Credit                                 $14,629

Financial Pacific Leasing                              $11,902

Household Finance Co.                                  $11,259

U.S. Dept. of Education                                $17,402

Washington Mutual/Providian                             $7,656


EMPIRE RESORTS: March 31 Balance Sheet Upside-down by $10.2 Mil.
----------------------------------------------------------------
Empire Resorts Inc.'s balance sheet at March 31, 2007, showed
$71.3 million in total assets and $81.5 million in total
liabilities, resulting in a $10.2 million total stockholders'
deficit.

Empire Resorts Inc. reported a net loss of $4.3 million for the
first quarter ended March 31, 2007, compared with a net loss of
$1.8 million for the same period ended March 31, 2006.

Net revenue for the first quarter was $18.4 million, down 19% from
the $22.7 million reported in the first quarter of 2006.  Revenue
from racing declined by approximately $2.2 million, or 48%,
reflecting decreased revenue allocations from Off Track Betting
facilities, while revenue from the company's video gaming machine
business also declined by approximately $2.2 million, or 13%,
primarily due to increased competition in the region.  Empire's
video gaming machine business operations experienced a reduction
in daily visits of roughly 9%, and the daily win per unit fell 13%
to $106 for the quarter from $122 in the first quarter of 2006.

The company's operating loss for the quarter was $2.6 million
versus an operating loss of $180,000 in the prior-year period.
EBITDA was a loss of $2.3 million for the quarter compared with
EBITDA of $104,000 in the first quarter of 2006.

"This quarter, Empire faced some particular challenges in its
Monticello Gaming and Raceway operations due to significantly
increased regional competition, but we are taking affirmative
steps, including new marketing, advertising and entertainment
initiatives, to address the evolving market dynamics," commented
David Hanlon, chief executive officer and president.  "In
addition, we are heartened to see pending legislation in Albany
that would improve the split of VLT revenue - essentially
providing additional funds for operators to use for marketing and
capital improvements.  Such legislation would give a much-needed
boost to VLT facilities, including ours, and stimulate long-term
revenue sharing benefits to New York.

"Our balance sheet is strong, with nearly $20 million in cash, and
we made great strides this quarter towards bringing a world-class
St. Regis Mohawk casino to the Catskills - most notably gaining
Governor Spitzer's concurrence to the Section 20 determination.
Only three projects have ever received such an approval.  The
governor also executed an amendment to the existing Tribal-State
Compact between the St. Regis Mohawk Tribe and the State of New
York, allowing gambling in the Catskills.  We now continue to wait
patiently for a decision by the U.S. Department of the Interior to
take the 29 acres into trust for the Mohawk Tribe.

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?208a

                       About Empire Resorts

Headquartered in Monticello, New York, Empire Resorts Inc.
(NASDAQ: NYNY) -- http://www.empireresorts.com/-- operates the
0Monticello Gaming & Raceway and is involved in the development of
other legal gaming venues.  Empire's facility now features over
1,500 video gaming machines and amenities including a 350-seat
buffet and live entertainment.  Empire is also working to develop
a "Class III" Native American casino and resort on a site adjacent
to the Raceway and other gaming and non-gaming resort projects in
the Catskills and beyond.


ENERTECH ENVIRONMENTAL: S&P Rates $130.1 Mil. Revenue Bonds at BB
-----------------------------------------------------------------
Standard & Poor's assigned its 'BB' rating to EnerTech
Environmental California LLC's $130.125 million senior tax-exempt
revenue bonds series 2007A and its $9.005 million senior taxable
revenue bonds series 2007B, issued by the California Statewide
Communities Development Authority.  The outlook is stable.

The rating on biosolid processor EnerTech's bonds reflects these
risks:

Technology risk: the project represents the first commercial
application of the SlurryCarb process to biosolids.  The biosolids
agreements with Los Angeles County Sanitation Districts and Orange
County Sanitation Districts do not entirely transfer operating
risk to the districts, but rely on some level of performance by
the project.  The 1.4x coverage test for distributions to equity
is somewhat weakened by the existence of second subordinated bonds
that could send modest amounts of cash to the parent after
construction even when the distribution test is not met.  Company
base case results include merchant sales of excess dryer capacity
and E-Fuels sales that may not materialize.  Additional bonds can
be issued if either a forward or backward looking 1.5x coverage
test is met, which could allow additional debt even if the
forward-looking test is failed.

The following strengths offset the risks at the 'BB' rating level:
Strong debt service coverage of 1.39x and 1.69 in the base case
and adequate performance under operational stresses.  Much of the
revenue assumed in our model is under contract with investment-
grade municipalities that are or are estimated to be 'AA' or 'A'
category credits.  The project is important to these offtakers.
Most costs are passed through or nearly passed through to the
districts.  Hauling costs are directly passed through or assumed
by the offtaker.

Gas and utility rates are adjusted annually; operating and
maintenance costs and revenues are escalated by the same index;
contracts contain provisions for cost escalation if uncontrollable
circumstances occur.  EPC and O&M contracts transfer some
construction, design, and operating risk to third parties.  The
process reserve fund specifically allocated $5 million for
purchasing an additional dryer in case there are difficulties in
implementing the SlurryCarb technology.  This provides some
assurance that the project will use a proven drying technology as
a back-up plan and partially mitigates technology risk.



EXTERRAN HOLDINGS: Moody's Places Corporate Family Rating at Ba2
----------------------------------------------------------------
Moody's Investors Service assigned a Ba2 Corporate Family Rating
and Probability of Default to Exterran Holdings, Inc, the new
company formed to effect the merger between Hanover Compressor
Company and Universal Compression Holdings, Inc.

Moody's also assigned Ba2, LGD3 (40%) ratings to Exterran's
proposed $850 million senior secured revolver and $800 million
senior secured Term Loan A and a Speculative Grade Liquidity
rating of SGL-2.  The outlook is stable.

Proceeds from the proposed senior secured credit facilities will
be used to fund the refinancing of existing Hanover and Universal
debt, including tender/call premiums, fees and other expenses
related to the merger and refinancing.  Following the merger and
refinancing only UCLP's revolving credit facility and Hanover's
4.75% convertible senior notes due 2008 and 2014 are expected to
remain outstanding.

The convertible senior notes remain under review for possible
upgrade pending the completion of the merger after which it is
likely that the notes will be upgraded by two notches.  The
assigned ratings assume these transactions occur as expected and
are subject to a review of the final documents and terms.  The
SGL-2 liquidity rating reflects expectations of good liquidity
over the next four quarters due to large undrawn revolver capacity
as well as the expectation that Exterran's internal cash flow
should be sufficient to cover planned capital expenditures,
interest expense, and working capital needs.

Pete Speer, Moody's Vice-President/Senior Analyst commented,
"Moody's assigned a Ba2 corporate family rating to Exterran
because of the substantial scale and market position yielded by
the merger of Hanover and Universal, tempered by high debt levels
and uncertainties regarding the future capital structure and
leverage profile."

Exterran will be the world's largest compression services company
with pro forma assets of about $6.9 billion at March 31, 2007 and
about 4.5 million of domestic horsepower and 1.5 million
horsepower located internationally.  The combination effectively
doubles the size of the asset base and provides a stronger
business profile through establishing the leading market position
in North American outsourced compression services and additional
international diversification.

Moody's also notes that Exterran's compression services, which
provides 75% of pro forma gross profits as of LTM March 31, 2007
(48% domestic), are more tied to the production cycle rather than
to drilling activity that is more sensitive to commodity prices.
This core business segment provides Exterran with a higher
stability in its cash flows than most other oilfield services
peers.

However, Moody's remains concerned regarding the future capital
structure and leverage levels of Exterran, Universal Compression
Partners, L.P. (UCLP, which will be renamed Exterran Partners, LP
after the merger) and the combined enterprise.  Exterran intends
to transfer its domestic contract compression business to UCLP
over time.  The company will have a lot of flexibility in deciding
the amount and proportions of debt and equity UCLP uses to fund
its purchases of the compression assets and in the use of the cash
proceeds from these sales by Exterran for debt reduction, share
repurchases, international expansion or acquisitions.

Eventually, UCLP will own the assets with the most stable cash
flows while Exterran will directly own the higher risk
international compression assets and more volatile compressor
fabrication and other business lines.  Exterran's creditors'
claims on UCLP assets will be structurally subordinated to UCLP's
creditors with any residual shared with a substantial minority
ownership of UCLP.  As the compression assets move from Exterran
to UCLP, there is the potential for pressure on Exterran's senior
secured and senior unsecured ratings.  The company's ability to
retain its Ba2 rating and stable outlook is dependent on
management striking the appropriate balance between the debt
levels at Exterran and UCLP, as well as on a consolidated basis.

Furthermore, the benefits of the merger to Exterran's credit
profile are restrained by the capital intensity of the compression
business and the significant inherent challenges for domestic
growth, requiring the pursuit of growth in international markets
that have good prospects but increased political risks.

Moody's also notes that while the complexity of capital structure
is being reduced in comparison to its legacy entities, Exterran
will still have a relatively complex capital structure.  In
addition to UCLP and its $315 million senior secured revolver, the
structure is also expected to include an $800 million asset backed
securitization facility which will segregate certain compression
assets into a non-recourse, bankruptcy remote vehicle.  The ABS
collateral reduces the pool of compression assets available to top
up collateral coverage for the senior secured bank facilities.

The ratings have limited upside in the near to medium term due to
the uncertainty surrounding the future capital structure and
leverage profile of the combined enterprise; the amount, pace and
funding of Exterran share repurchases; limited credit accretion
given the expected growth of UCLP and its distributions; and the
merger's integration risks.  However, a substantial reduction in
consolidated leverage as well as a decrease in the complexity of
the capital structure could result in a positive outlook or
ratings upgrade.

The ratings could be pressured if the company incurs substantial
leverage at UCLP in its drop down transactions without an
appropriate reduction of leverage at Exterran in order to maintain
a reasonable combined leverage profile for the Ba2 rating.  An
aggressive use of debt to fund share buybacks at Exterran, or
major acquisitions without substantial equity funding by Exterran
or UCLP could result in a negative outlook or downgrade.

The ratings for Hanover's 4.75% convertible senior notes rated B3,
LGD5 (89%) remain under review for possible upgrade.  All other
ratings for Hanover and Universal are confirmed and will be
withdrawn following the completion of the merger and refinancing,
as detailed below.

Hanover ratings confirmed and to be withdrawn following merger and
retirement of debt:

-- Hanover B1 CFR and PDR

-- Hanover Equipment Trust 2001A 8.50% partly secured notes due
    2008 rated Ba3, LGD3 (30%)

-- Hanover Equipment Trust 2001B 8.75% partly secured notes due
    2014 rated Ba3, LGD3 (30%)

-- 7.5% Senior Notes due 2013 rated B2, LGD4 (59%)

-- 8.625% Senior Notes due 2010 rated B2, LGD4 (59%)

-- 9% Senior Notes due 2014 rated B2, LGD4 (59%)

-- 7.25% Convertible Trust Preferred Stock rated B3, LGD5 (96%)

Universal Compression, Inc. ratings confirmed and to be withdrawn
following merger and retirement of debt:

-- Universal Ba2 CFR and PDR

-- Senior Secured Bank Facilities rated Ba1, LGD3 (36%)

-- 7.25% Senior Notes due 2010 rated B1, LGD5 (88%)

Exterran Holdings, Inc. is headquartered in Houston, Texas.


FREEPORT-MCMORAN: S&P Revises Outlooks to Positive from Stable
--------------------------------------------------------------
Standard & Poor's Rating Services revised its outlooks on
Freeport-McMoRan Copper & Gold Inc. and its recently acquired
Phelps Dodge Corp. to positive from stable and affirmed all
ratings, including the 'BB+' corporate credit ratings.  In
addition, S&P assigned its 'BBB' bank loan rating and '1' recovery
rating to Freeport's new $2.45 billion term loan A facility, the
proceeds of which were used to reduce borrowings under its term
loan B facility.  The $3.95 billion credit facility (including the
existing $1.5 billion revolving credit facility) is rated 'BBB',
two notches above the corporate credit rating.  The '1' recovery
indicates expectations for very high (90%-100%) recovery in the
event of a payment default.

"The outlook revision reflects our expectation that the Freeport-
McMoRan should be able to reduce its borrowings, specifically the
$2.45 billion under its term loan A facility, in a reasonable time
frame to warrant an upgrade of the corporate credit rating to
investment grade," said Standard & Poor's credit analyst Thomas
Watters.  "Commodity end markets remain robust, which should help
to reduce unadjusted debt levels to about $7 billion-$7.2 billion
from about $9.7 billion currently.  With our assessment of
Freeport's business profile and our outlook on copper prices, this
level of book debt would warrant an investment-grade rating.  For
an upgrade of one notch into investment grade, we expect funds
from operations to total adjusted debt to average 25%-30%."

The company's vast reserve base, a diversified production stream,
and a good pipeline of developmental projects support the current
rating.

"On the other hand," Mr. Watters said, "Freeport remains burdened
by exposure to Indonesia and the inherent volatility of the
commodity markets.  If the company does not reduce debt in a
timely manner and/or a meaningful decline in commodity prices
occurs, impeding the company's progress in reducing debt, we could
revise the outlook to stable."


GALE YANOFSKY: Case Summary & 15 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Gale J. Yanofsky
        aka Gale Yanofsky
        144 Dare Road
        Selden, NY 11784

Bankruptcy Case No.: 07-72654

Chapter 11 Petition Date: July 14, 2007

Court: Eastern District of New York (Central Islip)

Debtor's Counsel: Rosemarie Bruno, Esq.
                  181 Smithtown Boulevard, Suite 104
                  Nesconset, NY 11767
                  Tel: (631) 979-3480
                  Fax: (631) 716-7171

Estimated Assets: $1 Million to $100 Million

Estimated Debts:  $1 Million to $100 Million

Debtor's 15 Largest Unsecured Creditors:

Entity                     Nature of Claim       Claim Amount
------                     ---------------       ------------
Bank of America             credit card                $22,213
P.O. Box 2278               purchases
Norfolk, VA 23501-2278

Chase                       credit card                $15,772
P.O. Box 15298              purchases
Wilmington, DE 19850-5298

Home Depot Credit Card      credit card                $13,500
Service                     purchases
P.O. Box 689100
Des Moines, IA 50368-9100

Discover Financial          credit card                $19,528
Services                    purchases

Calvin Graham               building loan               $4,890

Capital One                 credit card                 $4,632
                            purchases

Lowes                       credit card                 $3,652
                            purchases

Capital One                 credit card                 $4,632
                            purchases

Sears                       credit card                 $1,307
                            purchases

L.I.P.A./Brooklyn Union of  utility bills                 $800
Long Island

P.C. Richard & Son          credit card                   $411
                            purchases

Quest Diagnostics           medical bills                 $324

Sprint Nextel               utility bills                 $300

M.D.N.Y. Healthcare         medical bills                 $127

T-Mobile Bankruptcy Team    utility bills                  $95


GENERAL MOTORS: Will Acquire 50% Equity Interest in VM Motori
-------------------------------------------------------------
General Motors Corp. reached a joint venture agreement with Penske
Corporation to purchase 50% equity of VM Motori S.p.A, a designer
and manufacturer of diesel engines based in Cento, Italy.

This investment builds on GM's existing relationship with VM
Motori, GM's diesel expertise worldwide, and its strong
relationship with Isuzu.

"Diesel engines have a very important role in GM's global advanced
propulsion strategy," Tom Stephens, group vice president, GM
Global Powertrain and Quality, said.  "We are leveraging expertise
and resources within our company and through technology partners
to ensure we develop the world's best powertrains."

GM disclosed at the Geneva Motor Show that it will jointly develop
a new 2.9-liter V-6 turbo diesel engine with VM Motori that is
scheduled to launch in the Cadillac CTS in Europe in 2009.  GM
Powertrain Europe will focus on the development of the first
industry application of a clean combustion process called closed-
loop combustion control, electronic engine control and exhaust-gas
aftertreatment, as well as calibration and integration into GM
vehicles.  VM Motori plans to build the new unit at its plant in
Cento, Italy, and is responsible for the mechanical aspects of the
engine's design, development and testing.

Penske Corporation, based in Bloomfield, Michigan, is a
transportation services company that encompasses retail automotive
sales and services, truck leasing, supply chain logistics
management, transportation components manufacturing, and high-
performance racing.

VM Motori, founded in 1947, specializes in engine design and
production for a variety of uses, including light commercial
vehicles.

GM currently offers 17 diesel engine variants in 45 vehicle lines
around the world.  GM sells more than one million diesel engines
annually, with products that offer a range of choices from the
1.3L four-cylinder diesel engine sold in the Opel Agila and Corsa,
up to the 6.6L V-8 Duramax diesel sold in full-size vans, heavy
duty pickups and medium duty trucks in the U.S.

                     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: Canadian Arm's June Sales Drop 6.3%
---------------------------------------------------
For June 2007, General Motors of Canada dealers delivered a total
of 42,466 units, down 6.3% for June 2006.

"June capped off a successful first half of the year for GM with
retail sales up slightly calendar year to date and up 4% during
the second quarter," said Marc Comeau, GM of Canada's vice-
president of sales, service, and marketing.  "We expect to
continue this trend in the second half of the year as the recently
launched GMC Acadia and Buick Enclave crossovers build momentum
and we launch the highly anticipated new Chevrolet Malibu this
fall."

"Saturn continues to be the big news for GM with its second
consecutive record sales month, up 87.5%.  The Sky was up 83% over
last June and the Aura sedan and Outlook crossover continue to
sell beyond expectations.  The new 2008 Vue is also creating buzz
as it begins to arrive in retail showrooms," Mr. Comeau added.

                      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, including Brazil and India.  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, according to Moody's.


GILDA STAWICKI: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: Gilda M. Stawicki
        2783 Northeast 5th Street
        Pompano Beach, FL 33062

Bankruptcy Case No.: 07-15209

Chapter 11 Petition Date: July 3, 2007

Court: Southern District of Florida (Fort Lauderdale)

Judge: John K. Olson

Debtor's Counsel: Joel M. Aresty, Esq.
                  11077 Biscayne Boulevard, 4th Floor
                  Miami, FL 33161
                  Tel: (305) 899-9876
                  Fax: (305) 899-9889

Estimated Assets: $100,000 to $1 Million

Estimated Debts:  $1 Million to $100 Million

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


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.
                  Burton & Armstrong
                  Two Ravinia Drive, Suite 1750
                  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 18 Largest Unsecured Creditors:

Entity                     Nature of Claim       Claim Amount
------                     ---------------       ------------
Hicks, Inc.                                            $41,879
95 West Third Street
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

Benelli, U.S.A.                                        $20,685

Pure Fishing, Inc.                                     $17,233

Hoyt U.S.A.                                            $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

Wolverine World Wide, Inc.                              $4,836

Mossy Oak Apparel Co.                                   $4,294

Stoeger Industries                                      $4,904

Danner, Inc.                                            $4,717

Stearns, Inc.                                           $3,270


GENESIS HEALTHCARE: Moody's Holds Ba3 Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service confirmed the Ba3 Corporate Family
Rating and all debt instrument ratings of Genesis HealthCare
Corporation concluding the review of the company's ratings.

Moody's will also be withdrawing the ratings of Genesis Healthcare
following the announcement that the company has been acquired by a
joint venture between affiliates of Formation Capital, LLC and JER
Partners.

The ratings were placed under review on Jan. 17, 2007, following
the announcement that the company had entered into a definitive
agreement to be acquired.  The company's rated debt was retired on
July 13, 2007 in conjunction with the transaction; therefore,
Moody's will be withdrawing the existing ratings of Genesis
Healthcare.

These ratings have been confirmed and will be withdrawn:

-- $125 million senior secured revolving credit facility due
    2010, Baa3 (LGD1, 9%)

-- 8% senior subordinated notes due 2013, B1 (LGD4, 63%)

-- Corporate Family Rating, Ba3

-- Probability of Default Rating, Ba3

Genesis HealthCare Corporation is a leading long-term care
provider in the United States, with a primary focus on inpatient
and rehabilitation therapy services.  As of March 31, 2007, the
company owned, leased, managed, or jointly owned 220 eldercare
centers.  Moody's estimates that the company recognized net
revenue of about $1.9 billion for the twelve months ended
March 31, 2007.


GLOBAL POWER: Exclusive Plan-Filing Period Extended to August 22
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware extended
Global Power Equipment Group Inc. and its debtor-affiliates'
exclusive period to file for a Chapter 11 Plan of Reorganization
until August 22, 2007, and not on Oct. 1, 2007, as the Debtors
requested, Bill Rochelle of Bloomberg News reports.

As reported in the Troubled Company Reporter on June 14, 2007,
the Debtors asked for the extension citing that it was in talks
with the Official Committee of Unsecured Creditors and the
Official Committee of Equity Security Holders.  The Debtors
contended that the extension would allow them additional time to
better formulate a consensual chapter 11 reorganization plan.

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 represents 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.


GRANDE COMMS: Additional Notes Issuance Cue S&P to Affirm Ratings
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on San
Marcos, Texas-based cable TV over-builder and communications
provider Grande Communications Holdings Inc., including the 'B-'
corporate credit rating, 'B-' secured note rating, and '4'
recovery rating.  This follows the company's announced proposed
issuance of $25 million of additional secured notes, which are
pari passu with the company's existing $168 million of secured
notes.  The issuance of this additional debt, which is subject to
consent from existing note-holders, is for general corporate
purposes.  The issuance delays improvement in the company's
financial metrics, with pro forma leverage expected to be about
5.5x for 2007, compared with our prior expectations of about 4.9x.
The outlook is stable.

"The ratings on Grande reflect its vulnerable business position in
the face of substantial competition from much-larger incumbent
cable TV operator Time Warner Cable Inc. and incumbent local
telephone company AT&T Inc.," said Standard & Poor's credit
analyst Catherine Cosentino.  The ratings also reflect Grande's
small scale, margins constricted by a high cost structure, and
growing leverage.  These factors are partially mitigated by the
company's growing subscriber base and improving economies of
scale.

Grande provides cable TV, broadband, and telephone services in
seven markets in Texas, including Austin/San Marcos, San Antonio,
suburban northwest Dallas, Waco, Corpus Christi, Midland/Odessa,
and Houston.  It has about 139,226 customers, and total
connections in excess of 300,000.  It is also a small competitive
local exchange carrier that serves larger regional businesses and
carriers.  Through its CLEC business, Grande offers broadband
transport services and network services to medium and large
enterprises and communications carriers.


GRECON DIMTER: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: Grecon Dimter, Inc.
        8658 Huffman Avenue
        Connelly Springs, NC 28612
        Tel: (704) 799-0100

Bankruptcy Case No.: 07-40379

Type of business: The Debtor wholesales paper, sawmill and
                  woodworking machinery.  It also manufactures
                  woodworking machinery.  See
                  http://www.grecondimter.com/

Chapter 11 Petition Date: July 2, 2007

Court: Western District of North Carolina (Shelby)

Judge: George R. Hodges

Debtor's Counsel: Travis W. Moon, Esq.
                  Hamilton Moon Stephens Steele & Martin, P.L.L.C.
                  2020 Charlotte Plaza
                  201 South College Street
                  Charlotte, NC 28244-2020
                  Tel: (704) 344-1117

Total Assets: $2,379,749

Total Debts:  $12,488,958

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


GSI GROUP: S&P Affirms B Rating and Revises Outlook to Stable
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating on Assumption, Illinois-based GSI Group Inc. and
revised its outlook to stable from negative.

At the same time, Standard & Poor's assigned its bank loan rating
of 'B' and a recovery rating of '3' to GSI Holdings LLC's proposed
$355 million first-lien credit facilities, indicating the
expectation for meaningful recovery (50% to 70%) in the event of a
payment default.  The facilities are guaranteed by GSI Group Inc.
The proposed $120 million second-lien term loan is not rated.

"The outlook revision to stable reflects our expectations that,
despite significantly higher debt levels following its acquisition
by Centerbridge, recent good operating performance and continuing
favorable industry fundamentals for grain storage should result in
positive free cash flow generation and gradual debt reduction,"
said Standard & Poor's credit analyst Gregoire Buet.  Pro forma
leverage will increase, but will be less than originally expected
when the transaction was first announced given better-than
expected operating performance in recent quarters.


GSI HOLDINGS: Moody's Puts Corporate Family Rating at B2
--------------------------------------------------------
Moody's Investors Service assigned ratings to GSI Holdings Corp.
and GSI Holdings, LLC.

The ratings of GSI Holdings Corp. include a B2 corporate family
rating and B2 probability of default.  The ratings for GSI
Holdings, LLC include a B1 (LGD3, 36%) for the company's
$50 million first lien revolver and $305 million term loan.  The
outlook is stable.  The purpose of the revolver and term loan is
to fund a transaction under which affiliates of Centerbridge
Capital Partners, L.P. will acquire a majority ownership position
in GSI.

In a related action, Moody's confirmed the ratings of The GSI
Group, Inc., including a B2 corporate family rating, a B2
probability of default, and a B3 (LGD5, 71%) for the company's
guaranteed senior global notes.  The speculative grade liquidity
rating of GSI Group remains SGL-2 and the outlook is stable.  It
is anticipated that upon closing of the GSI acquisition
substantially all existing notes of GSI Group will have been
tendered and retired, and that all ratings assigned to GSI Group
will be withdrawn.

The B2 rating of GSI reflects Moody's view that despite recent
notable improvement in the company's operating performance and
credit metrics, the planned acquisition will increase overall debt
by $316 million on a pro forma basis.  This increase in leverage
will offset the improvement that occurred in the company's
financial metrics.  Moody's views the pro forma financial metrics
of GSI following the acquisition as being consistent with the
maintenance of the B2 corporate family rating.

The higher leverage makes GSI more vulnerable to operating
shortfalls and could hinder financial flexibility in a downturn.
These credit metrics position GSI as one of the more leveraged
companies in the universe of rated capital equipment companies.
Furthermore, higher capital spending is expected over the next few
years as the company continues to invest in the upgrading of its
production facilities and ramps up capacity.  In addition,
administrative costs could rise as the company adds management
systems to support anticipated growth.

Despite these financial and operational challenges GSI has some
significant strengths including:

   i. strong expected demand for grain storage products due to the
      likelihood that corn prices will remain relatively high and
      drive increased corn plantings;

  ii. leading market positions including a large, established base
      of equipment dealers and well known brands; and,

iii. the potential to improve cash flows and earnings should the
      capital investment program be successful in enhancing
      operating efficiencies.  These strengths and an expectation
      of ample liquidity should enable the company to strengthen
      debt protection measures in the intermediate term.

The stable outlook reflects Moody's belief that GSI's debt
protection measures should improve over the intermediate term with
leverage reducing to levels that would enable the company to
absorb unforeseen events without significantly impairing debt
service capability.

The B1 rating assigned to both the $50 million first lien revolver
and $305 million term loan, rated one notch higher than the
corporate family rating, reflects an LGD 3 (36%) loss given
default assessment.  The rating on the first lien debt
significantly benefits from the presence of $120 million of second
lien term loan debt, unrated by Moody's, that would rank in claim
behind the first lien holders in a recovery scenario.

GSI Holdings Corp. is headquartered in Assumption, IL, is a
leading manufacturer and supplier of agricultural equipment.  The
company's products include grain storage systems (60% of FY06
sales), and swine and poultry production equipment (40%) that is
sold through a network of over 1,000 independent dealers in about
75 countries.


INSTANT WEB: Moody's Assigns B2 Corporate Family Rating
-------------------------------------------------------
Moody's Investors Service assigned a B2 corporate family rating
and a B2 probability of default rating to Instant Web, Inc. and
ratings to its proposed credit facility.

The proposed transaction consists of a $25 million first lien
revolving credit facility (undrawn at close), a $230 million first
lien term loan, a $20 million first lien delayed draw term loan
(undrawn at close) and a $135 million second lien term loan.
Proceeds, along with an approximately $135 million cash equity
contribution from Avista Capital Partners, will fund the repayment
of existing debt, about $200 million, and the purchase of common
equity currently held by Court Square Capital Partners.
Management will also retain an ownership stake.

Instant Web intends to use the $20 million delayed draw term loan
to fund expansionary capital expenditures for a facility purchased
in late 2006.

The outlook is stable and a summary of the actions are:

Instant Web, Inc.

-- Corporate Family Rating, Assigned B2

-- Probability of Default Rating, Assigned B2

-- First Lien Bank Credit Facility, Assigned B1, LGD3, 32%

-- Second Lien Bank Credit Facility, Assigned Caa1, LGD5, 84%

The B2 corporate family rating reflects high financial risk,
customer concentration, and lack of scale, somewhat offset by
Instant Web's compelling business model, continued favorable
trends in the direct mail industry and the company's track record.
Adequate external liquidity and the approximately 30% equity
contribution also support the rating.

Headquartered in Chanhassen, Minnesota, Instant Web, Inc., a
wholly owned subsidiary of parent holding company IWCO Direct
Holdings, Inc., provides its clients an integrated package of
direct mail production services, including print, envelope,
plastic, mailing, and data services. The company is the largest
commingler of standard mail in North America. Its annual revenue
is approximately $300 million.


INSTANT WEB: High Debt Leverage Cues S&P to Assign B Credit Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' corporate
credit rating to Instant Web Inc.  The rating outlook is stable.

At the same time, Standard & Poor's assigned its loan and recovery
ratings to Instant Web's $410 million senior secured credit
facilities, consisting of a $275 million first-lien loan and a
$135 million second-lien loan.  The first-lien facility was rated
'B+' with a recovery rating of '2', indicating that lenders can
expect substantial (70% to 90%) recovery in the event of a payment
default.  The second-lien facility was rated 'CCC+' with a
recovery rating of '6', indicating that lenders can expect
negligible (0% to 10%) recovery in the event of a payment default.
Proceeds from the facilities will be used to fund the purchase of
Instant Web from its current owners, following a purchase
agreement by Avista Capital Partners.

"The 'B' corporate credit rating reflects Instant Web's high pro
forma debt leverage, the expectation of an aggressive financial
policy of the new owners, the company's narrow business focus in a
competitive operating environment, and customer concentration,"
said Standard & Poor's credit analyst Ariel Silverberg.  "These
factors are somewhat mitigated by Instant Web's good position in
direct mail and the company's track record of new customer wins
and increased customer penetration."

Instant Web is a wholly owned subsidiary of IWCO Direct Inc. and a
private company; therefore, it does not publicly disclose its
financial statements.  Pro forma adjusted debt to EBITDA and
interest coverage are somewhat weak for the rating; however, these
metrics are expected to improve over the intermediate term as the
company improves capacity rationalization and continues to expand
its customer base.

Instant Web is a direct mail solutions provider offering a "one-
stop shop" business model for customers seeking a single provider
for all aspects of production in the supply chain for direct mail
campaigns.  These offerings include data management, form print,
lithograph, envelopes, and co-mailing.  Providing co-mailing
capability is an advantage for print companies, as it allows them
to pass postage savings on to customers, an attractive selling
point when competing for new customer wins.


INTERSTATE BAKERIES: Chief Financial Officer R. Hutchison Resigns
-----------------------------------------------------------------
Interstate Bakeries Corporation disclosed the resignation of
Ronald B. Hutchison as executive vice president and chief
financial officer.  J. Randall Vance, senior vice president
finance and treasurer, will serve as interim CFO and oversee the
company's financial operations until a permanent successor to Mr.
Hutchison, who has accepted the CFO position with a privately held
company, is named. Mr. Hutchison will remain with the Company
through July 31 to help ensure an orderly transition.

"It is with regret that I accept Ron's resignation at this time,"
said Craig Jung, chief executive officer.  "Ron has been an
integral member of the executive team, and instrumental in leading
the company's Sarbanes-Oxley compliance efforts and bringing the
company current with its Securities and Exchange Commission
filings.  I speak for the entire management team in thanking him
for his commitment and dedication during these difficult times.

"We are fortunate to have someone with Randy's financial
experience to help move us forward in the financial function," Mr.
Jung said.  "Since Randy joined the company three years ago, he
has been responsible for restructuring an extensive risk
management program for IBC, negotiating amendments to our credit
facilities, managing our letter-of-credit portfolio and developing
reliable financial controls and discipline," Mr. Jung said.

Mr. Vance joined IBC in September 2004.  He had previously been
with Farmland Industries Inc. for 13 years, most recently as vice
president and treasurer.  Mr. Vance holds both an M.B.A. and a
B.B.A in finance from the University of Missouri.

"We do not anticipate any disruption or delay in reporting our
year-end results for FY 2007, which we anticipate will occur in
mid-August as planned," Mr. Jung said.  "Going forward, we expect
to provide all financial reports required by the Court and the SEC
on a timely basis."

                     About Interstate Bakeries

Headquartered in Kansas City, Missouri, Interstate Bakeries
Corporation is a wholesale baker and distributor of fresh-baked
bread and sweet goods, under various national brand names,
including Wonder(R), Baker's Inn(R), Merita(R), Hostess(R) and
Drake's(R).  Currently, IBC employs more than 25,000 people and
operates 45 bakeries, as well as approximately 800 distribution
centers and approximately 800 bakery outlets throughout the
country.

The company and seven of its debtor-affiliates filed for
chapter 11 protection on Sept. 22, 2004 (Bankr. W.D. Mo. Case No.
04-45814).  J. Eric Ivester, Esq., and Samuel S. Ory, Esq., at
Skadden, Arps, Slate, Meagher & Flom LLP represent the Debtors in
their restructuring efforts.  When the Debtors filed for
protection from their creditors, they listed $1,626,425,000 in
total assets and $1,321,713,000 (excluding the $100,000,000 issue
of 6.0% senior subordinated convertible notes due August 15, 2014)
in total debts.  The Debtors' exclusive period to file a chapter
11 plan expires on Oct. 5, 2007.


ITC DELTACOM: Amends New Equity Financing Agreement
---------------------------------------------------
ITC DeltaCom Inc. amended a component of the new equity financing
that it previously announced on June 11, 2007.

The company has entered into a definitive agreement to sell to
existing institutional shareholders, including H Partners LP,
Joshua Tree Capital Partners LP, and Trace Partners LP,
$41.2 million of a new series of convertible redeemable preferred
stock at a purchase price of $100 per share in connection with the
closing of the company's previously announced refinancing
transactions.

The sale of the new series of preferred stock will serve as bridge
financing until the company consummates a registered rights
offering for the benefit of minority shareholders in which the
company will offer to holders of each share of its common stock on
the date of record non-transferable rights to purchase about
1.18 shares of its common stock at a purchase price of $3.03 per
share.  Certain common shareholders, including those affiliated
with Welsh, Carson, Anderson & Stowe and Tennenbaum Capital
Partners LLC, will not participate in the rights offering.

Proceeds of the rights offering will be used to redeem in whole or
in part the new issue of preferred stock, and each share of the
new issue of preferred stock held by the Backstop Group which is
not redeemed from the proceeds of the rights offering will
mandatorily and automatically convert into 33 shares of the
company's common stock.  If there is full subscription by eligible
shareholders, the new issue of preferred stock would be redeemed
in full, and minority shareholders would increase their ownership
in the company from about 20.8% to about 23.5% on a fully diluted
basis. As a result of the foregoing agreement, Credit Suisse's
previously announced commitment to purchase $29 million of common
stock in connection with the recapitalization transactions will be
terminated.  Upon the completion of the recapitalization
transactions and the rights offering, the company will have about
85 million shares of common stock outstanding on a fully diluted
basis.

The new agreement, like the previously announced transactions, was
approved by a committee of independent directors with the
assistance of independent legal and investment advisors.

The closing of the purchase of the new issue of preferred stock,
as well as the registration of the rights offering, is conditioned
on the completion of the other transactions which were previously
announced and other customary financing conditions.  It is also a
condition to the sale of the new issue of preferred stock that the
company redeem half of its outstanding Series A preferred stock
for about $11 million and convert the balance of the Series A
preferred stock into about 1.7 million shares of common stock.
Subject to the satisfaction of these conditions, the company
currently expects it will close the purchase of the new issue of
preferred stock and the refinancing transactions early in the
third quarter of 2007.

                        About ITC DeltaCom

ITC DeltaCom Inc. in Hunstville, Alabama (OTC BB: ITCD) --
http://www.itcdeltacom.com-- provides integrated communications
services in the southeastern United States.  The company delivers
a comprehensive suite of high-quality voice and data
telecommunications services, including local exchange, long
distance, high-speed or broadband data communications, and
Internet connectivity, and sells customer premise equipment to
the company's end-user customers.

                          *     *     *

As reported in the Troubled Company Reporter on July 13, 2007,
Standard & Poor's Ratings Services assigned its 'B-' corporate
credit rating to ITC DeltaCom Inc.  The outlook is stable.


JOHN FISK: Voluntary Chapter 11 Case Summary
--------------------------------------------
Debtor: John D. Fisk
        4100 El Dorado Parkway, Suite 437
        McKinney, TX 75070

Bankruptcy Case No.: 07-41523

Chapter 11 Petition Date: July 12, 2007

Court: Eastern District of Texas (Sherman)

Judge: George R. Hodges

Debtor's Counsel: Cynthia W. Cole, Esq.
                  Beirne, Maynard & Parsons, L.L.P.
                  1700 Pacific Avenue, Suite 4400
                  Dallas, TX 75201
                  Tel: (214) 237-4300
                  Fax: (214) 237-4340

Estimated Assets: $10,000 to $100,000

Estimated Debts:  $1 Million to $100 Million

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


JOHN MAGINNIS: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: John Patrick Maginnis
        6728 Wildlife Road
        Malibu, Ca 90265

Bankruptcy Case No.: 07-12299

Chapter 11 Petition Date: July 5, 2007

Court: Central District Of California (San Fernando Valley)

Judge: Maureen Tighe

Debtor's Counsel: Dennis E. Mcgoldrick, Esq.
                  350 South Crenshaw Boulevard, Suite A207B
                  Torrance, CA 90503
                  Tel: (310) 328-1001

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.


KIMBERLY KENT: Case Summary & Three Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Kimberly Ann Kent
        Gregg Terry Kent
        220 West Flynn
        Phoenix, AZ 85013

Bankruptcy Case No.: 07-03238

Chapter 11 Petition Date: July 10, 2007

Court: District of Arizona (Phoenix)

Debtor's Counsel: Thomas E. Littler, Esq.
                  Warnicke & Littler, P.L.C.
                  1411 North Third Street
                  Phoenix, AZ 85004
                  Tel: (602) 256-0400
                  Fax: (602) 256-0345

Estimated Assets: $1 Million to $100 Million

Estimated Debts:  $1 Million to $100 Million

Debtor's Three Largest Unsecured Creditors:

Entity                     Nature of Claim       Claim Amount
------                     ---------------       ------------
Kent & Wittekind, P.C.      litigation              $1,500,000
111 West Monroe,
Suite 1000
Phoenix, AZ 85003-1731

Osborn Maledon, P.A.        attorney's fees           $350,000
2929 North Central Avenue,
Suite 2100
Phoenix, AZ 85012

Wells Fargo Bank            credit line                $25,000
100 West Washington
Phoenix, AZ 85003


KINDER MORGAN: Moody's Rates $100 Million Preferred Stock at Ba2
----------------------------------------------------------------
Moody's Investors Service assigned a rating of Ba2 to $100 million
of Series A Fixed-to-Floating Rate Cumulative Preferred Stock due
2057 issued by Kinder Morgan G.P., Inc.

The rating outlook is stable.  This is the first time that Moody's
rated a security issued by KMGP, which is the general partner of
Kinder Morgan Energy Partners L.P.  Proceeds will be used to pay
down debt at Knight Inc., formerly known as Kinder Morgan, Inc.,
Ba2 CFR.  The rating is based on KMP's Baa2 senior unsecured
rating and stable outlook and is notched to reflect the equity
claim on the distributions from KMP that will service the
preferred's dividends.  The preferreds will rank senior to KMGP's
common stock that is ultimately owned by Knight.

As Knight's strategy evolves as a private entity, so too may
KMGP's capital structure.  If KMGP incurs debt, the preferred's
rating could be subject to change.

The preferreds will be assigned Basket A treatment on Moody's
Debt-Equity Continuum and will receive 100% debt treatment for the
consolidated financial ratios of Knight.

The basket allocation is based on these rankings for the three
dimensions of equity:

                       No Maturity

None -- The preferreds have a maturity of 50 years and may be
called at KMGP's option after 5 years.  They may be redeemed in
whole before then if either Knight is rated investment grade or
KMP's rating is not adversely affected by the redemption.  KMGP is
required to redeem the preferreds if it is no longer the general
partner of KMP or if its Debt/EBITDA ratio exceeds 2.5x and its
ratings are downgraded as a result.  The exception to this
provision is in the case of a merger or consolidation when the
preferreds either remain outstanding with their current rights or
are exchanged for like securities with rights that are no less
favorable.

                   No Ongoing Payments

Weak -- The issuer can always opt to defer and any deferred
payments are cumulative.

                     Loss Absorption

Strong - Preferred priority of claim in bankruptcy.  The
preferreds will rank senior to KMGP's common stock, 100% of which
is held by a subsidiary of Knight.  An affirmative vote by the
holders of at least 50% of the amount of the Preferreds
outstanding is required to put KMP or its SFPP or Calnev
subsidiaries into voluntary bankruptcy.  This feature is one
ringfencing mechanism that is being put in place to more clearly
separate KMP's credit from that of Knight, a heavily leveraged
entity that ultimately owns the general partner of KMP, and in
which capacity has significant control of KMP.

Kinder Morgan G.P., Inc., an indirect subsidiary of Knight Inc.,
is the general partner of Kinder Morgan Energy Partners, L.P. The
company is headquartered in Houston, Texas.


LAND O'LAKES: To Pay $500,000 for Cache Trademark Infringement
--------------------------------------------------------------
Land O'Lakes, Inc., disclosed in a filing with the United States
Securities and Exchange Commission that the trial for a lawsuit
filed by Cache La Poudre Feeds, LLC, in the United States District
Court for the District of Colorado against the company, Land
O'Lakes Purina Feed  LLC and certain named individuals, concluded
last July 10, 2007.

Cache sought damages of at least $132.8 million, which, it
claimed, was the amount the company generated in gains, profits
and advantages from using the profile trade name.  In response to
Cache's complaint, the company denied any wrongdoing and pursued
certain counterclaims against Cache relating to trademark
infringement, and other claims against Cache for, among other
things, defamation and libel.

Since the company believed that Cache's calculation of the
company's gains, profits and advantages allegedly generated from
the use of the profile trade name was grossly overstated and that
the sales revenue generated from the sale of products carrying the
profile trade name was immaterial, the company allowed the case to
move to trial.

The jury determined that Cache suffered actual damages of about
$500,000.  In addition, the jury provided an advisory opinion to
the judge that could require the company to pay to Cache an
additional $14.6 million for alleged company profits.  The judge,
however, is granted the authority to make any awards determination
relating to awarding Cache any of the company's profits, and the
company expects a final ruling within 45 days from the conclusion
of the trial.

                    About Land O'Lakes Inc.

Land O'Lakes Inc. -- http://www.landolakesinc.com/-- is a
national, farmer-owned food and agricultural cooperative.  Land
O'Lakes does business in all 50 states and more than 50 countries.
It is a leading marketer of a full line of dairy-based consumer,
foodservice and food ingredient products across the United States;
serves its international customers with a variety of food and
animal feed ingredients; and provides farmers and ranchers with an
extensive line of agricultural supplies and services.  Land
O'Lakes also provides agricultural assistance and technical
training in more than 25 developing nations.

                        *     *     *

As reported by the Troubled Company Reporter on June 25, 2007,
Moody's Investors Service upgraded the long-term ratings of Land
O'Lakes, Inc., including its corporate family rating and
probability of default rating to Ba2 from Ba3, and affirmed its
speculative grade liquidity rating of SGL-2.  The rating outlook
is stable.


LAND O'LAKES: Earns $54.9 Million in First Quarter Ended March 31
-----------------------------------------------------------------
Land O'Lakes Inc. reported net earnings of $54.9 million for the
first quarter ended March 31, 2007, more than double first-quarter
2006 net earnings of $26.1 million.  Net sales of $2.2 billion for
the quarter were up 9% over the net sales of $2.0 billion for same
period one year ago.  Total EBITDA was $101.9 million for the
quarter, compared with $69.4 million for the first quarter of
2006.

Company officials said the improved performance reflects the
continuation of positive fourth-quarter 2006 momentum.  They also
indicated that contributing factors included: improved commodity
markets; strong performance in branded, value-added product lines;
continued emphasis on supply chain efficiency; reduced energy
costs; and progress against the company's four Strategic
Imperatives (Best Cost, Best People, Superior Insight, Superior
Portfolio).

                           Dairy Foods

The company reported pretax earnings of $20.4 million in Dairy
Foods for the quarter, compared with a loss of $2.9 million in the
first quarter of 2006.  Notably, earnings from both value-added
and industrial operations were improved.  Sales for the quarter
were $880 million, up from $809 million for the first quarter of
2006.

                               Feed

Land O'Lakes reported $4.3 million in pretax earnings in Feed for
the quarter, as compared with $3.3 million for the first quarter
of 2006.  Feed sales for the quarter were $749 million, up about 8
percent from $693 million for the same period one year ago.

                        Layers/Shell Eggs

Earnings were significantly improved in the company's Layers/Shell
Eggs business, conducted through its MoArk LLC subsidiary.  For
the quarter, Land O'Lakes reported $4.2 million in pretax earnings
in Shell Eggs, compared to a $6.3 million pretax loss for the same
period one year ago.  Sales for the quarter were $120 million, up
$12 million from the first quarter of 2006.

                               Seed

Seed pretax earnings for the first quarter of 2007 totaled
$34.0 million, as compared with $40.3 million for the first
quarter of 2006.  Sales were up, at $436 million for the quarter
versus $389 million for the same period one year ago.

                             Agronomy

In Agronomy, the company reported $2.1 million pretax earnings for
the quarter versus a $6.4 million loss for the first quarter one
year ago.  The company participates in the agronomy segment
through its 50-percent ownership in the Agriliance joint venture
and agronomy sales are not reported in Land O'Lakes financials.

At March 31, 2007, the company's consolidated financial statements
showed $2.93 billion in total assets, $1.95 billion in total
liabilities, and $977.7 million 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?2199

                    About Land O'Lakes Inc.

Land O'Lakes Inc. -- http://www.landolakesinc.com/-- is a
national, farmer-owned food and agricultural cooperative.  Land
O'Lakes does business in all 50 states and more than 50 countries.
It is a leading marketer of a full line of dairy-based consumer,
foodservice and food ingredient products across the United States;
serves its international customers with a variety of food and
animal feed ingredients; and provides farmers and ranchers with an
extensive line of agricultural supplies and services.

                         *     *     *

As reported in the Troubled Company Reporter on June 25, 2007,
Moody's Investors Service upgraded the long-term ratings of Land
O'Lakes Inc., including its corporate family rating and
probability of default rating to Ba2 from Ba3, and affirmed its
speculative grade liquidity rating of SGL-2.  The rating outlook
is stable.


LEAR CORP: Terminates Merger Agreement with American Real Estate
----------------------------------------------------------------
At Lear Corporation's Annual Meeting of Stockholders held on
July 16 in Wilmington, Delaware, an insufficient number of shares
were voted in favor of the merger proposal with American Real
Estate Partners L.P.  As a result of this vote by stockholders,
Lear's Merger Agreement with AREP will terminate in accordance
with its terms and Lear will continue to operate as a standalone
publicly-traded company.

"We respect the stockholder majority and intend to operate our
business going forward with the same high level of intensity and
commitment to customer satisfaction and stockholder value we have
always had," Bob Rossiter, Lear's chairman and chief executive
officer, said.  "At the time we entered into the Merger Agreement
with AREP, we had a clear strategy and business plan for the
future.  We will continue to execute that plan."

"In the end, while there were many different viewpoints
on the transaction, the decision came down to each individual
owner's investment perspective, outlook for the future and
assessment of the risks, Mr. Rossiter continued.  "What we all can
take away from this proposed transaction and ultimate vote is
that both Mr. Icahn and our present stockholders share a common
positive view of Lear's long-term prospects."

Additionally, stockholders voted on these items:

   -- For the reelection of three directors, Larry W. McCurdy, Roy
      E. Parrott and Richard F. Wallman;

   -- For amendments to Lear's Amended and Restated Certificate of
      Incorporation in order to eliminate the current classified
      structure of the Board and phase in over a three year period
      the annual election of each member of the Board;

   -- For the appointment of Ernst & Young LLP as Lear's
      Independent registered public accounting firm;

   -- For a non-binding stockholder proposal to initiate a process
      to amend the Corporate governance documents to provide that
      director nominees will be elected by affirmative vote of the
      majority of votes cast at the annual meeting of
      stockholders, with a plurality vote standard retained for
      the contested director elections, that is, when the number
      of nominees exceeds the number of board seats;

   -- Against a non-binding stockholder proposal on Global Human
      Rights Standards.

As reported in the Troubled Company Reporter on July 10, 2007, the
company approved an amendment to the Merger Agreement with AREP.
Under the amendment, AREP agreed to increase its offer price for
shares of Lear common stock from $36 to $37.25 per share.

                      About American Real

American Real Estate Partners, L.P. -- http://www.arep.com/--
(NYSE: ACP), a master limited partnership, is a diversified
holding company engaged in a three primary business segments:
Gaming, Real Estate and Home Fashion.

                         About Lear Corp.

Based in Southfield, Michigan, Lear Corporation (NYSE:LEA) --
http://www.lear.com/-- supplies automotive interior systems and
components.  Lear provides complete seat systems, electronic
products and electrical distribution systems and other interior
products.  The company has more than 90,000 employees at 236
facilities in 33 countries.

Lear also operates in Latin American countries including
Argentina, Mexico, and Venezuela.  Its European operations are
located in Czech Republic, United Kingdom, France, Germany,
Honduras, Hungary, Poland, Portugal, Romania, Russia, Slovakia,
Spain, Sweden, South Africa, Morocco, Netherlands, Tunisia and
Turkey.  Its Asian facilities are in China, India, Japan,
Philippines, Singapore, South Korea, and Thailand.

                          *     *     *

As reported in the Troubled Company Reporter on May 16, 2007,
Moody's Investors Service confirmed Lear Corp.'s existing
ratings consisting of a B2 corporate family rating, B3 senior
unsecured notes, and B2 secured bank term loan.


LEHMAN BROTHERS: Fitch Rates $3.8 Mil. Class B Certificates at BB+
------------------------------------------------------------------
Lehman Brothers Small Balance Commercial Mortgage pass-through
certificates, series 2007-2 are rated by Fitch Ratings as:

  -- $435.6 million class 1A1, 1A2, 1A3, 1A4, 2A1, 2A2 and 2A3,
     'AAA';
  -- $16.3 million class M1, 'AA';
  -- $15 million class M2 'A+';
  -- $12.5 million class M3 'A-';
  -- $11.3 million class M4 'BBB';
  -- $6.3 million class M5 'BBB-';
  -- $3.8 million class B 'BB+'.

The 'AAA' rating on the senior certificates reflects the 14.00%
initial subordination provided by the 3.25% class M1, the 3.00%
class M2, the 2.50% class M3, the 2.25% class M4, the 1.25% class
M5, the 0.75% class B, as well an initial Reserve Fund of 1.00%.
All certificates are offered through private placement.  The
ratings on the certificates and notes reflect the quality of the
underlying collateral and Fitch's level of confidence in the
integrity of the legal and financial structure of the transaction.

The mortgage pool primarily consists of 900 fixed- rate,
adjustable-rate and hybrid, fully amortizing, first lien small
balance commercial mortgage loans with an aggregate principal
balance of $500,663,000.  As of the cut-off date of May 31, 2007,
the mortgage loans had a weighted average current loan-to-value
ratio of 64.17%, weighted average coupon of 8.11%, weighted
average remaining term of 300 months and an average principal
balance of $556,293.  The three largest state concentrations are
California (32.80%), Florida (12.00%), and New York (8.60%).


LEUCADIA NATIONAL: Strong Management Team Cues S&P to Lift Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
counterparty credit rating on Leucadia National Corp. to 'BB+'
from 'BB'.  The outlook is stable.

"The rating action reflects Leucadia's strong management team,
which is clearly defined by its continued investment success in an
increasingly competitive market; its ability to adapt to changing
industry dynamics; its improved investment diversification; and
its conservative approach to liquidity management," said Standard
& Poor's credit analyst Adom Rosengarten.

The stable outlook reflects management's strong investment prowess
and Leucadia's ability to find deep discounts, therefore
mitigating investment risk.  The significance of this rating
factor has grown over time as the company proves its ability to
succeed.  Future rating actions will take into account how
Leucadia operates in the increasingly competitive environment.
Further development of a succession plan will also be a factor.
Because all investment decisions run through the firm's chairman
and president, there is significant key-man risk, and the company
does not currently have a definitive succession plan in place.


LIBBY ST. JOHN: Case Summary & Two Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Libby St. John, L.L.C.
        950 South Tamiami Trail, Suite 204
        Sarasota, FL 34236

Bankruptcy Case No.: 07-05864

Chapter 11 Petition Date: July 9, 2007

Court: Middle District of Florida (Tampa)

Debtor's Counsel: Richard J. McIntyre, Esq.
                  6987 East Fowler Avenue
                  Temple Terrace, FL 33617
                  Tel: (813) 899-6059
                  Fax: (813) 899-6069

Estimated Assets: $1 Million to $100 Million

Estimated Debts:  $1 Million to $100 Million

Debtor's Two Largest Unsecured Creditors:

Entity                     Nature of Claim       Claim Amount
------                     ---------------       ------------
Gold Bank                   guarantor               $1,150,000
L.L.L.P.
kna Marshall & IIsley
Corp.
240 South Pineapple
Avenue, 10th Floor
Sarasota, FL 34236

Bay Isles Associates,       capital call              $500,000
L.L.L.P.                    and/or loan
240 South Pineapple
Avenue, 10th Floor
Sarasota, FL 34236


MARTIN LOTT: Case Summary & Largest Unsecured Creditor
------------------------------------------------------
Debtor: Martin Alfred Lott
        3036 Lassiter Road
        Marietta, GA 30062

Bankruptcy Case No.: 07-69922

Chapter 11 Petition Date: June 27, 2007

Court: Northern District of Georgia (Atlanta)

Debtor's Counsel: Chris D. Phillips, Esq.
                  G. Frank Nason, IV, Esq.
                  Lamberth, Cifelli, Stokes, Ellis & Nason, P.A.
                  Suite 550, 3343 Peachtree Road, Northeast
                  Atlanta, GA 30326-1022
                  Tel: (404) 495-4475, (404) 262-7373
                  Fax: (404) 262-9911

Estimated Assets: $1 Million to $100 Million

Estimated Debts:  $1 Million to $100 Million

Debtor's Largest Unsecured Creditor:

Entity                     Nature of Claim       Claim Amount
------                     ---------------       ------------
Wachovia VISA               credit card                $29,083
F.I.A. Card Services        purchases
P.O. Box 37279
Baltimore, MD 21297-3279



MORGAN STANLEY: Moody's Assigns Low-B Ratings on Two Cert. Classes
------------------------------------------------------------------
Moody's Investors Service assigned a Aaa rating to the senior
certificates issued by Morgan Stanley Mortgage Loan Trust 2007-
9SL, and ratings ranging from Aa3 to Ba2 to the mezzanine and
subordinate certificates in the deal.

The securitization is backed by fixed- rate, second lien mortgage
loans acquired by Morgan Stanley Mortgage Capital Inc.  The
collateral was originated by various original loan sellers, none
of which originated more than 10% of the mortgage loans.  The
Class A ratings are based primarily on the financial guaranty
insurance policy provided by MBIA Insurance Corporation.
Additional credit enhancements will be provided by subordination,
overcollateralization, and excess spread.  Moody's expects
collateral losses to range from 12.25% to 12.75%.

Saxon Mortgage Services, Inc. will service the mortgage loans.
Moody's has assigned Saxon Mortgage Services, Inc. its servicer
quality rating of SQ2+ as a primary servicer of subprime loans.

The complete rating actions:

Morgan Stanley Mortgage Loan Trust 2007-9SL

Mortgage Pass-Through Certificates, Series 2007-9SL

-- Cl. A, Assigned Aaa
-- Cl. M-1, Assigned Aa3
-- Cl. M-2, Assigned A2
-- Cl. M-3, Assigned A3
-- Cl. B-1, Assigned Baa1
-- Cl. B-2, Assigned Baa2
-- Cl. B-3, Assigned Baa3
-- Cl. B-4, Assigned Ba1
-- Cl. B-5, Assigned Ba2


MORGAN STANLEY: Moody's Rates 2007-1 Class B-4 Certificates at Ba1
------------------------------------------------------------------
Moody's Investors Service assigned a Aaa rating to the senior
certificates issued by Morgan Stanley Structured Trust I 2007-1
and ratings ranging from Aa1 to Ba1 to the mezzanine and
subordinate certificates in the deal.

The securitization is backed by first and second lien, fixed and
adjustable-rate, subprime residential mortgage loans originated by
First NLC Financial Services, LLC (54.95%), Accredited Home
Lenders, Inc. (37.14%), and various originators, none of which
originated more than 5% of the mortgage loans.  The ratings are
based primarily on the credit quality of the loans and on
protection against credit losses by excess spread,
overcollateralization, and subordination. The ratings will also
benefit from an interest rate swap agreement provided by Bear
Stearns Financial Products Inc.  Moody's expects collateral losses
to range from 6.10% to 6.60%.

Saxon Mortgage Services, Inc., will service the mortgage loans and
Wells Fargo Bank, National Association, will act as the master
servicer.  Moody's assigned Saxon Mortgage Servicers, Inc. a
servicer quality rating of SQ2+ as a primary servicer of subprime
mortgages and Wells Fargo Bank, N.A. was assigned Moody's top
servicer quality rating of SQ1 as a master servicer of mortgage
loans.

The complete rating actions are:

Morgan Stanley Structured Trust I 2007-1

Asset-Backed Certificates, Series 2007-1

-- Cl. A-1, Assigned Aaa
-- Cl. A-2, Assigned Aaa
-- Cl. A-3, Assigned Aaa
-- Cl. A-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 A3
-- Cl. B-1, Assigned Baa1
-- Cl. B-2, Assigned Baa2
-- Cl. B-3, Assigned Baa3
-- Cl. B-4, Assigned Ba1


MORGAN STANLEY: Moody's Rates 2007-11AR Class B-4 Certs. at Ba2
---------------------------------------------------------------
Moody's Investors Service assigned a Aaa rating to the senior
certificates issued by Morgan Stanley Mortgage Loan Trust 2007-
11AR, and ratings ranging from Aa2 to Ba2 to the subordinate
certificates in the deal.

The securitization is backed by adjustable-rate, Alt-A mortgage
loans acquired by Morgan Stanley Mortgage Capital Inc, originated
by First National Bank of Nevada and other originators.  The
ratings are based primarily on the credit quality of the loans and
on the protection against credit losses by subordination and
cross-collateralization.  Moody's expects collateral losses to
range from 1.05% to 1.25%.

GMAC Mortgage Corporation and Wachovia Mortgage Corporation will
service the loans.  Wells Fargo Bank, N.A. will act as master
servicer.  Moody's assigned Wells Fargo its top servicer quality
rating of SQ1 as a master servicer.

The complete rating actions are:

Morgan Stanley Mortgage Loan Trust 2007-11AR

Mortgage Pass-Through Certificates, Series 2007-11AR

-- Cl. 1-A-1, Assigned Aaa
-- Cl. 1-A-2, Assigned Aaa
-- Cl. 2-A-1, Assigned Aaa
-- Cl. 2-A-2, Assigned Aaa
-- Cl. 2-A-3, Assigned Aaa
-- Cl. 2-A-4, Assigned Aaa
-- Cl. 2-A-5, Assigned Aaa
-- Cl. 2-A-6, Assigned Aaa
-- Cl. 2-A-7, Assigned Aaa
-- Cl. 2-A-8, Assigned Aaa
-- Cl. 2-X, Assigned Aaa
-- Cl. B-1, Assigned Aa2
-- Cl. A-R, Assigned Aaa
-- Cl. B-2, Assigned A2
-- Cl. B-3, Assigned Baa2
-- Cl. B-4, Assigned Ba2


MOTHERS WORK: June 2007 Sales Goes Down 5.4% to $46.9 Million
-------------------------------------------------------------
Mothers Work Inc.'s net sales for the month of June 2007 decreased
5.4% to $46.9 million from $49.6 million reported for the month of
June 2006.  The decrease in sales versus last year resulted
primarily from a decrease in comparable store sales.  Comparable
store sales for June 2007 decreased 5.4% versus a comparable store
sales increase of 6.2% for June 2006.

The comparable store sales decrease of 5.4% for June 2007 was
favorably impacted by approximately 2 to 3 percentage points due
to having five Saturdays in June 2007 compared to four Saturdays
in June 2006.  During June 2007, the company opened two multi-
brand stores, including its 14th Destination Maternity(R)
superstore and closed seven stores, including six stores related
to multi-brand store openings.  As of the end of June 2007, the
company operates 787 stores, 812 leased department locations and
1,599 total retail locations, compared to 815 stores, 725 leased
department locations and 1,540 total retail locations operated at
the end of June 2006.

Net sales decreased 6.5% to $153.2 million for the third quarter
of fiscal 2007 ended June 30, 2007, from $163.9 million for the
same period of the preceding year.  The decrease in sales versus
last year resulted primarily from a decrease in comparable store
sales, partially offset by increased sales from the company's
licensed relationship and marketing partnerships.  Comparable
store sales decreased 8.2% during the third quarter of fiscal 2007
versus a comparable store sales increase of 6.4% during the third
quarter of fiscal 2006.  For the quarter ended June 30, 2007, the
company opened five stores, including four multi-brand store
openings, and closed 13 stores, with eight of the store closings
related to multi-brand store openings.

                       Management Comments

Rebecca Matthias, president and chief creative officer of Mothers
Work, noted, "Our sales for June were weaker than we had planned
and we attribute this primarily to a continued difficult overall
economic and retail environment, as well as negative impact from
the current popularity of certain styles in the non-maternity
women's apparel market, such as trapeze and baby-doll dresses and
tops, which can more readily fit a pregnant woman early in her
pregnancy than typical non-maternity fashions.  As a result of our
continued weaker than expected sales trend, our sales for the
third quarter of $153.2 million were lower than our guidance range
of $160 million to $166 million provided in our April 24, 2007
press release, with our comparable store sales decrease of 8.2%
for the quarter falling short of our guidance range for third
quarter comparable store sales of between down 4% and down 0.5%.
The weak sales trend we have seen in recent months has also
resulted in us taking some increased markdowns to help manage our
inventory level, which has resulted in somewhat lower than planned
gross margins.  With our lower than planned sales for the quarter,

offset somewhat by lower than planned operating expenses,
reflecting continued tight expense controls, we project that our
third quarter diluted earnings per share, excluding the charge
related to our $90 million debt redemption in April 2007, will be
between $0.86 and $0.90 per share, below our guidance for diluted
earnings per common share of between $1.25 per share and $1.55 per
share excluding the debt redemption charge.  It is very important
to note that with our aggressive actions to manage our inventory
level, including increasing our markdown levels, our overall
inventory level is only slightly higher than last year, and we
believe we can continue to manage our inventory levels without
resorting to excessive markdown levels.

"As previously reported, we expect that the redemption of our $90
million 1114% Senior Notes on April 18, 2007 with the proceeds of
a $90 million Term Loan, will result in a decrease in annualized
pre-tax interest expense of approximately $3.6 million, yielding
an expected annualized increase to earnings per share of
approximately $0.35 per share on an after-tax basis.  Also, as
previously disclosed, the redemption of the Senior Notes resulted
in a one-time "Loss on extinguishment of debt" of approximately
$7.3 million on a pre-tax basis, or approximately $0.72 per share
on an after-tax basis, which was recognized in our fiscal third
quarter upon the redemption of the senior notes.

"Looking forward, we continue to focus on developing great
maternity product under each of our brands and continuing our
strategic transition, including continuing to expand our marketing
partnerships, our leased department and licensed relationships,
and continuing to roll out our multi-brand stores.  We do not
believe that the recent weakness in our sales performance is
indicative of any impairment of our long-term prospects, but
rather is indicative of a weak overall economic and retail
environment and a temporary fashion trend in the non-maternity
women's apparel market favoring styles which more readily fit a
pregnant woman early in her pregnancy than typical non-maternity
fashions.

"We will report our results for our third quarter on July 24,
2007, at which time we will provide additional information related
to our results for the third quarter and our future financial
guidance, and will host an investor conference call."

                        About Mothers Work

Based in Philadelphia and founded in 1982, Mothers Work Inc.
(Nasdaq: MWRK) -- http://www.motherswork.com/ -- designs and
retails maternity apparel.  The company operates 1,582 maternity
locations, including 798 stores in 50 states, Puerto Rico and
Canada predominantly under the tradenames Motherhood Maternity(R),
A Pea in the Pod(R), Mimi Maternity(R), and Destination
Maternity(TM), and sells on the web through its
DestinationMaternity.com and brand-specific Web sites.  In
addition, Mothers Work distributes its Oh Baby! by Motherhood(TM)
collection through a licensed arrangement at Kohl's(R) stores
throughout the United States and on Kohls.com.

                          *     *     *

As reported in the Troubled Company Reporter on March 2, 2007,
Moody's Investors Service upgraded the corporate family rating of
Mothers Work, Inc. to B2 from B3 and its probability of default
rating to B2 from B3.  The rating outlook is stable.  The upgrade
is a result of the company's sustained improvement in operating
performance combined with a sizable debt reduction which has led
to a solid improvement in credit metrics.

In addition, Moody's assigned a B2 rating to Mothers Work's new
proposed senior secured Term Loan B.  The proceeds from the
proposed $90 million Term Loan B would be used to redeem its
existing 11.25% Senior Notes.


MPC CORPORATION: Has Until October 18 to Regain Amex Compliance
---------------------------------------------------------------
MPC Corporation has received a letter from the American Stock
Exchange extending the period for MPC to regain compliance with
the Amex's listing standards to Oct. 18, 2007.  While MPC remains
out of compliance with the continued listing standards, the letter
also stated that MPC has made a reasonable demonstration of its
ability to regain compliance with the listing standards by this
date.

Previously, the Amex had notified MPC that it was out of
compliance with Rule 1003(a)(iv) of the Amex Company Guide
relating to financial conditions and operating results, and
therefore did not meet the Exchange's continued listing standards.

On June 4, 2007, MPC provided the Amex with information regarding
its progress and financial projections.  Based on a review of this
information as well as conversations between Exchange Staff and
representatives of the company, the Amex has agreed to extend the
period by which MPC must regain compliance with its listing
standards until Oct. 18, 2007.

MPC will be subject to periodic review by the Amex staff during
the extension period.  MPC must continue to provide the Amex staff
with monthly updates of financial status and significant corporate
developments.  Failure to make progress consistent with the plan
could result in commencement of immediate delisting proceedings by
the Amex.

                       About MPC Corporation

MPC Corporation (Amex: MPZ) -- http://www.mpccorp.com/--
through its subsidiary MPC Computers, provides enterprise IT
hardware solutions to mid-sized businesses, government agencies
and education organizations.  MPC offers standards-based server
and storage products, along with PC products and computer
peripherals, all of which are backed by an industry-leading level
of service and support.

At March 31, 2007, the company's balance sheet had total
stockholders' deficit of $25.7 million, resulting from total
assets of $109.6 million and total liabilities of $135.3 million.


OFFICE PORTFOLIO: Fitch Affirms BB+ Rating on Class H Certificates
------------------------------------------------------------------
Fitch Ratings has affirmed all classes of Office Portfolio Trust
Commercial Mortgage Pass-Through Certificates, Series 2001-HRPT
as:

  -- $16.8 million class A-1 at 'AAA';
  -- $28.0 million class A-2 at 'AAA';
  -- $91.0 million class A-2FL at 'AAA';
  -- $11.6 million class B-FL at 'AA+';
  -- $15.6 million class C-FL at 'AA';
  -- $11.0 million class D at 'A+';
  -- $10.0 million class E at 'A';
  -- Interest only class IO at 'AAA';
  -- $11.1 million class E-FL at 'A';
  -- $17.7 million class F at 'BBB';
  -- $10.8 million class G at 'BBB-';
  -- $17.1 million class H at 'BB+'.

Based on year end 2006 financial statements, and the scheduled
amortization of the loan since Fitch's previous rating action in
January of this year, Fitch affirms all classes of the
transaction.  The transaction collateral consists of 2.2 million
square feet of office properties located in four metropolitan
markets.  The loans amortize on a 30-year schedule with a maturity
date of January 2011.  As of the July 2007 distribution date, the
unpaid principal balance has amortized 7.4%, with the current
balance at $240.6 million compared to $259.8 million at issuance.

As of YE 2006, the two Austin properties included in the six
cross-collateralized and cross-defaulted loans, have both
experienced an increase in net cash flow when compared to YE 2005.
In addition, occupancy at both properties, Bridgepoint (20.7%) and
Lakewood (9.77%), has increased to 88.4% and 96.7% respectively,
as of March 1, 2007, up from 79.1% and 90% at YE 2005.  The Fitch
stressed NCF for the transaction remains slightly below that of
issuance, however, because market rents have declined in several
markets since issuance.

Occupancy at the remaining collateral is stable: Herald Square
(12.3%) and Indiana Avenue (8.9%) in Washington D.C. as well as
the Cedars Sinai Medical (24.3%) building in Los Angeles are all
100% occupied.  The PNC Tower (24.3%) in Philadelphia is 91.8%
occupied.


PHI INC: Subpar Operating Performance Cues S&P's Negative Outlook
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' corporate
credit rating on helicopter service provider PHI Inc. and assigned
its 'BB-' final issue rating to the company's $200 million senior
unsecured notes.  At the same time, S&P revised the outlook on the
company to negative from stable.

As of March 31, 2007, PHI had about $343.4 million in debt,
adjusted for operating leases.

"The outlook revision is based on the company's deteriorating
credit measures and subpar operating performance," said Standard &
Poor's credit analyst Aniki Saha-Yannopoulos.  This is due to
adverse circumstances associated with the pilot strike, coupled
with the seasonal fluctuations in the past two quarters.  The
strike weakened the company's credit measures and has left it
vulnerable to a downgrade unless operating measures and the
financial profile improve.

The ratings on PHI reflect the company's exposure to the highly
cyclical and volatile oil and gas industry, limited geographic
diversity, exposure to weather and seasonal fluctuations that may
limit flight hours, and a highly leveraged financial risk profile.
Partially tempering these weaknesses are the company's large
market share in the Gulf of Mexico and the industry's
oligopolistic structure.


POLYPORE INT'L: Completes Offering of 10-1/2% Sr. Discount Notes
----------------------------------------------------------------
Polypore International Inc. completed its tender offer for a
portion of its 10-1/2% senior discount notes due 2012, which
expired on July 13, 2007, at 5 p.m., New York City time.

The tender offer was made pursuant to an offer to purchase and
consent solicitation statement dated June 15, 2007.  As of the
expiration time, $299,480,000 aggregate principal amount at
maturity of notes were tendered, representing about 99.83% of the
aggregate principal amount at maturity outstanding.

The settlement date for notes tendered in the tender offer on or
prior to the expiration time is expected to be today, July 16,
2007.  The company will pay $293,215,824 in the aggregate to
purchase the notes tendered in the tender offer, $289,215,824 of
which the company paid on July 3, 2007, to holders who tendered
prior to a June 28, 2007, consent deadline.

The complete terms and conditions of the tender offer is set forth
in the offer to purchase that has been sent to holders of the
notes.  Copies of the offer to purchase and related documents may
be obtained from the information agent for the tender offer,
Global Bondholder Services Corporation, at (212) 430-3774 and
(866) 807-2200 (toll-free).

J.P. Morgan Securities Inc. acted as the dealer manager and
solicitation agent for the tender offer and consent solicitation.
Questions regarding the tender offer and the consent solicitation
may be directed to J.P. Morgan Securities Inc. at (212) 270-1477
(call collect).

                    About Polypore International

Headquartered in Charlotte, North Carolina, Polypore International
Inc., is develops, manufactures and markets specialized polymer-
based membranes used in separation and filtration processes.  The
company is managed under two business segments.  The energy
storage segment, which currently represents approximately two-
thirds of total revenues, produces separators for lead-acid and
lithium batteries.  The separations media segment, which currently
represents approximately one-third of total revenues, produces
membranes used in various healthcare and industrial applications.

                       *     *     *

As reported in the Troubled Company Reporter on May 11, 2007,
Moody's Investors Service assigned Ba3 ratings to Polypore Inc.'s
new senior secured bank credit facilities.

In a related action, Moody's affirmed the B3 Corporate Family and
Probability of Default Ratings of Polypore's ultimate parent,
Polypore International, Inc., and affirmed the ratings of Polypore
Inc.'s senior subordinated notes at Caa1.  The outlook is changed
to positive.


PORTRAIT CORP: Court Confirms Amended Plan of Reorganization
------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
confirmed Portrait Corporation of America Inc. at its debtor-
affiliates' Amended Chapter 11 Plan of Reorganization, Bill
Rochelle of Bloomberg News reports.

              Treatment of Claims Under the Plan

The Plan, as published in the Troubled Company Reporter on Feb. 8,
2007, provides that holders of Allowed Administrative Expense
Claims will be paid in full and in cash. On the Plan's effective
date, the DIP obligations will be deemed allowed and paid
indefeasibly in full in accordance with the terms of the DIP
Agreement and DIP Order.

Upon full payment of all DIP Obligations, all liens and security
interests granted to secure those obligations will be terminated.
Provided, however, that the particular provisions of the DIP
Agreement that are specified to survive will survive.  Existing
letters of credit issued pursuant to the DIP Agreement will be
cancelled and replaced with new letters of credit to be issued
pursuant to the Exit Facility.

Holders of Allowed Priority Tax Claim will receive cash on the
later of the plan effective date or the date the claim became
allowed, or equal annual cash payments together with interest to
be determined by the Bankruptcy Court.

Holders of Class A Allowed Priority Non-Tax Claims will also be
paid in full in cash.

At the sole option of the Debtors, holders of Class B Allowed
Other Secured Claims will: (a) receive payment in full in cash
plus post-commencement date interest; (b) have a reinstated claim;
(c) receive the collateral securing their claim; or (d) receive a
treatment that renders the claim unimpaired pursuant to Section
1124 of the Bankruptcy Code.

Holders of Class C Allowed Second Lien Notes Claims will receive,
in full satisfaction of their claim, their pro rata share of 100%
of Reorganized Portrait Corp of America common stock.

Holders of Class D Allowed Senior Notes and Other Unsecured Claims
will receive their pro rata distribution of new warrants.

Holders of Class E Allowed Convenience Class Claims will receive
1% of their allowed claim as payment.

Holders of Class F Allowed Goldman Note Claims, Class G Allowed
Old Preferred Equity Interests, Class H Allowed Old Common Equity
Interests, and Class I Allowed Old Common Subsidiary Equity
Interests will not receive anything under the plan.

Goldman Note Claims refer to: -- the 13.75% Senior Subordinated
Notes due 2010, issued to GS Mezzanine Partners II L.P. and GS
Mezzanine Partners II Offshore L.P.  These notes were guaranteed
by Portrait Corporation of America Inc., American Studios Inc.,
PCA National LLC, PCA National of Texas LP, PCA Photo Corporation
of Canada Inc., Photo Corporation of America Inc., and PCA Finance
Corp; and -- the 16.5% Senior Subordinated Notes due 2010, issued
to GS Mezzanine Partners II L.P. and GS Mezzanine Partners II
Offshore L.P.

                        About Portrait Corp.

Portrait Corporation of America Inc. -- http://pcaintl.com/--
provides professional portrait photography products and services
in North America.  The Company operates portrait studios within
Wal-Mart stores and Supercenters in the United States, Canada,
Mexico, Germany, and the United Kingdom.  The company also
operates a modular traveling business providing portrait
photography services in additional retail locations and to church
congregations and other institutions.  Portrait Corporation and
its debtor-affiliates filed for Chapter 11 protection on Aug. 31,
2006 (Bankr S.D. N.Y. Case No. 06-22541).  John H. Bae, Esq., at
Cadwalader Wickersham & Taft LLP, represents the Debtors in their
restructuring efforts.  Berenson & Company LLC serves as the
Debtors' Financial Advisor and Investment Banker. Kristopher M.
Hansen, Esq., at Stroock & Stroock & Lavan LLP represents the
Official Committee of Unsecured Creditors.  Peter J. Solomon
Company serves as financial advisor for the Committee.  At June
30, 2006, the Debtor had total assets of $153,205,000 and
liabilities of $372,124,000.


PREMIER MORTGAGE: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Premier Mortgage Funding, Inc.
        3001 Executive Drive, Suite. 330
        Clearwater, FL 33762

Bankruptcy Case No.: 07-05713

Chapter 11 Petition Date: July 3, 2007

Type of Business: The Debtor is a mortgage broker.

Court: Middle District of Florida (Tampa)

Judge: Catherine Peek McEwen

Debtor's Counsel: Buddy D. Ford, Esq.
                  Buddy D. Ford, P.A.
                  115 North MacDill Avenue
                  Tampa, FL 33609
                  Tel: (813) 877-4669
                  Fax: (813) 877-5543

Estimated Assets: Less than $10,000

Estimated Debts:  $1 Million to $100 Million

Debtor's 20 Largest Unsecured Creditors:

   Entity                     Nature of Claim         Claim Amount
   ------                     ---------------         ------------
First Horizon Home Loan       Lawsuit                   $1,069,925
Corp.
c/o Maris & Lanier
5910 N. Central Expressway
Suite 1310
Dallas, TX 75206

Washington Mutual Bank        Lawsuit                     $708,532
c/o Michael Cavendish
550 Water Street
Suite 941
Jacksonville, FL 32202

Kevin A. Marshall             Lawsuit                     $500,000
c/o Alston & Byrd
2518 Maryland Avenue
Baltimore, MD 21218

Polaris Home Funding          Lawsuit                     $453,081
c/o Steven J. Vanderark
29 Pearl Street Northwest
Suite 145
Grand Rapids, MI 49503

Century Mortgage Company      Lawsuit                     $398,648
c/o Trent Apple
121 South 7th Street
Suite 100
Louisville, KY 40202

HLC, dba Expanded Mortgage    Lawsuit                     $321,845
c/o Richard E. Segal, Esq.
6230 Orchard Lake Road
Suite 294
West Bloomfield, MI 48322

HLC, dba Expanded Mortgage    Lawsuit                     $304,721
c/o Richard E. Segal, Esq.
6230 Orchard Lake Road
Suite 294
West Bloomfield, MI 48322

HLC, dba Expanded Mortgage    Lawsuit                     $304,721
c/o Richard E. Segal, Esq.
6230 Orchard Lake Road
Suite 294
West Bloomfield, MI 48322

HLC, dba Expanded Mortgage    Lawsuit                     $298,445
c/o Richard E. Segal, Esq.
6230 Orchard Lake Road
Suite 294
West Bloomfield, MI 48322

Charles Robinson              Lawsuit                     $290,200
c/o Ralph W. Barbier, Jr.
10 Fair Lake Lane
Grosse Pointe, MI 48236

HLC, dba Expanded Mortgage    Lawsuit                     $272,700
c/o Richard E. Segal, Esq.
6230 Orchard Lake Road
Suite 294
West Bloomfield, MI 48322

Maddin, Hauser, Wartell,      Services                    $197,734
et al.

HLC, dba Expanded Mortgage    Lawsuit                     $162,813

West America Mortgage Co.     Lawsuit                     $158,000

HLC, dba Expanded Mortgage    Lawsuit                     $127,928

Dean Vondriska                Lawsuit                      $75,000

Marcia Mae Clifford           Lawsuit                      $62,200

Barr, Anhut & Assoc.          Lawsuit                      $62,000

Canon Financial Svcs          Lawsuit                      $38,000

Lawrence & Jeanne Abramowitz  Lawsuit                      $35,000


PRODUCTION RESOURCE: S&P Puts Corporate Credit Rating at B+
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' corporate
credit rating and a stable outlook to Production Resource Group
LLC.

At the same time, S&P assigned a bank loan rating of 'B+', the
same as the corporate credit rating on PRG, and recovery rating of
'3' to the company's proposed $400 million first-lien credit
facilities.  The recovery rating indicates our expectation of
meaningful (50%-70%) recovery in the event of a payment default.
The first-lien credit facilities consist of a $75 million
revolving credit facility due 2013 and a $325 million term loan B
due 2014.

Proceeds from the proposed transaction will be used to fund The
Jordan Co.'s acquisition of a 65% interest in PRG.  The management
will own a 35% stake in the company.  Pro forma for the
transaction, total debt outstanding was $327.4 million as of
March 31, 2007.

"The ratings on PRG reflect the company's aggressive financial
policy, fragmented and competitive end markets, and high capital
expenditure requirement for growth," said Standard & Poor's credit
analyst Tulip Lim.  "These factors are only modestly offset by
PRG's dominant market share in theatrical productions and good
customer retention record."

New Windsor, New York-based PRG is a provider of lighting, audio,
video, scenic-equipment and related services for live events and
theatrical productions.


REABLE THERAPEUTICS: $1.6 Bil. Deal Cues Moody's to Review Ratings
------------------------------------------------------------------
Moody's Investors Service placed DJO, LLC's and ReAble
Therapeutics, Inc. ratings on review for possible downgrade
following the announcement that DJO has entered into a definitive
merger agreement with an affiliate of ReAble valued at about
$1.6 billion, including the assumption of debt.

The reviews for possible downgrade reflect the current lack of
detailed financing information.  The review for ReAble will focus
on the impact on the transaction on its operating metrics.  Sidney
Matti, Analyst, stated that, "The review for DJO will focus
primarily on the company's post-acquisition capital structure."

Reportedly, there is no financing condition required to consummate
the transaction.  ReAble is controlled by an affiliate of The
Blackstone Group who is providing the equity financing for the
transaction.  DJO's Board of Directors unanimously approved the
merger agreement.  The transaction is subject to certain closing
conditions, including the approval of DJO's shareholders,
regulatory approval and the satisfaction of other customary
closing conditions.

Under the merger agreement, DJO may solicit proposals from third
parties during the next 50 days.  If DJO enters into another
definitive agreement, DJO would be obligated to pay ReAble an
$18.7 million break-up fee.

These ratings were placed on review for possible downgrade:

DJO, LLC

-- Ba3 Corporate Family rating;

-- B1 Probability of Default rating;

-- Ba3 (LGD3/33%) rating on $50 million Senior Secured Revolver
    due 2012; and

-- Ba3 (LGD3/33%) rating on $349.1 million Senior Secured Term
    Loan due 2013.

-- The Speculative Grade Liquidity rating is SGL-2.  The
    liquidity rating will be reviewed upon conclusion of the
    proposed transactions.

ReAble Therapeutics, Inc.

-- B2 Corporate Family rating;

-- B2 Probability of Default rating; and

-- The Speculative Grade Liquidity rating is SGL-2.  The
    liquidity rating will be reviewed upon conclusion of the
    proposed transactions.

Encore Medical Finance LLC

-- Ba3 (LGD2/ 25%) rating on $50 million Senior Secured Revolver
    due 2012;

-- Ba3 (LGD2/25%) rating on $350 million Senior Secured Term Loan
    B due 2013; and

-- Caa1 (LGD5/80%) rating on $200 million 11.75% Senior
    Subordinated Notes due 2014.

Headquartered in Vista, California, DJO, LLC is a global provider
of solutions for musculoskeletal and vascular health, specializing
in rehabilitation and regeneration products for the non-operative
orthopedic, spine and vascular markets.  For the last twelve
months ended March 31, 2007, the company reported revenues of
about $445 million.

Headquartered in Austin, Texas, ReAble Therapeutics, Inc. is a
diversified orthopedic device company that develops, manufactures
and distributes a comprehensive range of high quality orthopedic
devices used to treat patients with musculoskeletal conditions.
For the three months ended March 31, 2007, the company generated
over $106 million in revenues.


SECURITY WITH ADVANCED: Buys Perfect Circle's Projectile Business
-----------------------------------------------------------------
Security With Advanced Technology Inc. disclosed last week that
one of its wholly-owned subsidiaries has acquired the spherical
projectile business unit of Perfect Circle Projectiles LLC, the
industry's leading producer of non-lethal spherical projectiles.
The acquisition, which closed on July 10, 2007, includes Perfect
Circle's and one of its affiliates' domestic and international
patent portfolio, trade secrets, machinery and tooling, and
associated assets and rights for the spherical projectile segment.

"This acquisition adds a key strategic vertical component to
complement our business strategy in the rapidly growing market for
non-lethal and less-lethal solutions," said Scott Sutton,
president and chief executive officer of Security With Advanced
Technology.  "Perfect Circle is an important addition to our
company.  By owning the trade secrets, intellectual property and
equipment, we now have the ability to increase margins and expand
the high-margin consumable aspect of our product base.  This will
provide significant revenue opportunities for SWAT domestically as
well as internationally.  In addition, it will support our ongoing
product development in the non-lethal and less-lethal market
segments."

Projectiles manufactured by the acquired business will be widely
marketed both nationally and internationally to several hundred-
thousand law enforcement and military agencies.  The projectiles
will also be used in SWAT's consumer Avurt IM-5 launcher, which
are expected to be available in August 2007, and SWAT's Veritas
Tactical VT-Mark IV launcher, which is expected to be available
later this month.  Perfect Circle has historically been one of the
main projectile suppliers for PepperBall Technologies. Inc.'s line
of non-lethal PepperBall(TM) brand projectiles.  In connection
with the acquisition there is no assurance that PTI will become a
customer of SWAT's projectile segment as a result of the
acquisition.

On April 13, 2007, PepperBall Technologies Inc. filed a lawsuit
against SWAT and certain of its subsidiaries for patent
infringement and breach of contract. "We have taken substantial
steps to defend this lawsuit and will continue to focus on
vigorously protecting our company and markets," added Sutton.

                  About Security With Advanced

Security With Advanced Technology Inc. (Nasdaq: SWAT) --
http://www.swat-systems.com/-- provides critical, high-tech
security products and services, which include non-lethal
protection devices, tactical training services, surveillance and
intrusion detection systems and mobile digital video surveillance
solutions.  SWAT's products and services are designed for
government agencies, military and law enforcement, in addition to
transportation, commercial facilities and non-lethal personal
protection segments.

                       Going Concern Doubt

As reported in the Troubled Company Reporter on April 26, 2007,
GHP Horwath P.C. expressed substantial doubt about Security With
Advanced Technology 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 did not generate significant revenues in 2006, reported a
net loss of approximately $9,347,000 and consumed cash in
operating activities of approximately $5,651,000 for the year
ended Dec. 31, 2006.


SERVICEMASTER CO: S&P Junks Rating on Proposed $1.15 Billion Loan
-----------------------------------------------------------------
Standard & Poor's assigned its 'CCC+' rating to The ServiceMaster
Co.'s proposed $1.15 billion 365-day unsecured loan.  At the same
time, Standard & Poor's withdrew its 'CCC+' rating on the
company's proposed $1.15 billion of senior toggle notes due 2015.
Standard & Poor's affirmed its other ratings on ServiceMaster,
including its 'B' corporate credit rating.  The outlook is
negative.

"The 365-day unsecured loan is rated two notches below the
corporate credit rating because of the amount of secured debt in
the capital structure," said Standard & Poor's credit analyst Jean
Stout.

The ratings on Downers Grove, Illinois-based ServiceMaster reflect
its very highly leveraged financial profile following its pending
acquisition by an investment group led by Clayton, Dubilier & Rice
Inc. for about $5.6 billion, which will result in pro forma total
debt to EBITDA exceeding 9x at closing and significant cash flow
requirements to fund interest.  "Ratings support is provided by
ServiceMaster's good business positions in its fragmented and
competitive end-markets, which have translated into good cash flow
generation from a fairly diverse portfolio of services, despite
some exposure to weather conditions in two of three of its key
businesses," said Ms. Stout.

The acquisition is expected to be financed with a $2.65 billion
term loan, $1.15 billion of senior unsecured loan, and $1.4
billion in sponsor equity.  The ratings on the company's existing
debt will be withdrawn upon closing of the transaction, with the
exception of approximately $353 million of existing senior notes
due in 2018, 2027, and 2038, which will remain outstanding.


STALLION OILFIELD: S&P Junks Rating on Proposed $250MM Facility
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed the 'B' corporate
credit rating on Stallion Oilfield Services Ltd. and assigned its
'CCC+' unsecured rating to the company's proposed $250 million
senior unsecured bridge facility.  As Stallion has decided to
delay its planned public offering, it will use proceeds from the
new facility to partially fund $360 million in acquisitions that
are expected to close in the second and third quarter of 2007.
The outlook is stable.

Pro forma the new unsecured facility, Houston, Texas-based
Stallion will have about $700 million in total adjusted debt.

"Underpinning the ratings on Stallion are the risks associated
with a highly leveraged financial risk profile, an acquisitive
growth strategy, a short operating track record, and participation
in the historically cyclical North American oilfield services
markets," said Standard & Poor's credit analyst Jeffrey Morrison.
"Weaknesses are not sufficiently mitigated by a broadening
product/services offering, an expanding geographic footprint, low
annual maintenance capital spending requirements, and an
experienced management team."

The stable outlook is predicated on S&P's view that credit
measures will remain at the lower end of S&P's expectations for
current ratings, despite an aggressive growth profile and
increasing debt leverage over the near term.  In addition, the
outlook incorporates S&P's expectation that Stallion will maintain
sufficient liquidity to meet near term fixed-charge requirements--
barring any sustained weakness in North American oilfield services
markets over the remainder of 2007.


STALLION OILFIELD: Moody's Rates Proposed $250 Mil. Loan at B3
--------------------------------------------------------------
Moody's Investors Service changed the ratings outlook for Stallion
Oilfield Services Ltd. to negative from stable.

Concurrently, Moody's assigned a B3, LGD 4 (66%) rating to
Stallion's proposed $250 million senior unsecured term loan and
affirmed Stallion's B2 corporate family rating and probability of
default rating, the Ba2 ratings on its $75 million senior secured
term loan and $175 million senior secured revolver (LGD 1 (9%),
changed from LGD 2 (17%)), and the B3 rating on Stallion's $300
million senior unsecured notes (LGD 4 (66%), changed from LGD 5
(74%)).

Pete Speer, Moody's Vice-President/Senior Analyst commented,
"Moody's changed the rating outlook to negative in response to
Stallion's aggressive financial strategy of using debt to bridge
the funding of its third quarter acquisitions and defer the equity
offering until later in the year."

When Moody's assigned the B2 CFR and B3 rating to Stallion's
senior unsecured notes, the rating contemplated that the company
would continue its acquisition strategy but with some meaningful
equity funding to maintain a capital structure and leverage
profile consistent with those ratings. Since the January 2007 bond
offering the company has entered into agreements to acquire 6
companies for about $335 million, compared to $207 million of
acquisitions in 2006 and about $321 million from the company's
inception through the bond offering.

This accelerated pace and scale of acquisitions funded solely with
debt has raised the risks to creditors and bondholders to levels
inconsistent with the existing ratings.  At March 31, 2007,
Debt/LTM EBITDA and Debt/Capitalization increased from 3.4x and
66% to 4.1x and 81% pro forma for the acquisitions and additional
debt, respectively.

Proceeds of the proposed term loan will be used to fund
$280 million in acquisitions that are expected to close later this
month or early August.  Stallion filed a registration statement
with the SEC last April to sell up to $400 million in common
stock; about $300 million of which management estimates would
generate proceeds for Stallion with the remainder being sales by
existing shareholders.

The filing was amended in June 2007 and the company believes that
it is in the final stages of the SEC review process.  Stallion's
management and ownership has decided to defer the offering until
later in the year due to considerations regarding market
conditions and pricing.  This uncertainty regarding the ultimate
amount of equity from an IPO offering, if any, creates substantial
negative uncertainty for Stallion's credit ratings.

If Stallion continues to defer the IPO in anticipation of better
market conditions or if sufficient equity is not raised to support
the B2 rating in the near term, then the CFR would likely be
downgraded to B3 with the senior unsecured notes and senior
unsecured term loan downgraded to Caa1.  Conversely, if Stallion
raises sufficient equity for meaningful debt reduction, then
Moody's will consider returning the outlook to stable depending on
our outlook for the sector and the amount and scale of any
additional acquisitions.

Stallion Oilfield Services Ltd., a private company headquartered
in Houston, TX, is a provider of wellsite support, production and
logistic services to E&P companies and drillers throughout the
United States and offshore Gulf of Mexico.


TITAN GLOBAL: May 31 Balance Sheet Upside-Down by $8.2 Million
--------------------------------------------------------------
Titan Global Holdings Inc. posted in its balance sheet as of
May 31, 2007, total assets of $54.1 million, total liabilities of
$62.3 million, and total stockholders' deficit of $8.2 million.

The company's May 31 balance sheet also showed strained liquidity
with total current assets of $26 million available to pay total
current liabilities of $33.6 million.

                      Third Quarter Results

The company reported record financial results for its fiscal
quarter ended May 31, 2007, highlighted by the Company's continued
growth in revenues to $30.8 million and net operating income of
$5.7 million, or $.11 earnings per share, with all business
segments reporting continued strong revenue growth.

Additionally, Titan reported revenues of $96.9 million and net
operating income of $303 thousand for the nine months ended
May 31, 2007 reflecting a 17% increase in revenue from the prior
year.  The company also reported $4 million in earnings before
interest, taxes, depreciation and amortization for the quarter.

Titan's working capital deficit was reduced from $35.8 million at
the close of the first quarter of 2007 to $7.6 million at the
close of this fiscal quarter.

A full-text copy of the company's third quarter results is
available for free at http://ResearchArchives.com/t/s?219a

"Strategically, the quarter's highlights were continued balance
sheet improvement and the continued repositioning of our
Communications Division," said Bryan Chance, president and chief
executive officer of Titan Global Holdings.  "Furthermore, we
received our proceeds from the FET excise tax refund in June 2007
and retired our term debt to Greystone Business Credit in our
Communications division.  Over the last twenty-one months, we have
retired the $11.5M term loan we used in part to purchase our
Communications assets.  As we move into our fourth quarter and
beyond, we will begin to deploy excess cash flows in existing
businesses as well as targeted acquisition opportunities."

                      Communications Division

"Our Communications Division completed a strategic repositioning
of its product offerings and the completion of our first wireless
acquisition in the third fiscal quarter," said Kurt Jensen,
President of Titan's Communications Division.  "At the close of
the third quarter, all of Titan's international long distance
offerings are terminated internally through our Starttalk
subsidiary.  This will provide enhanced customer experiences and
increased shareholder returns as we have infrastructure in place
to develop and distribute new offerings faster and the ability to
better manage margins and cash flows.  Additionally, we closed and
integrated the Ready Mobile acquisition in May and significantly
bolstered our position in the prepaid wireless marketplace."

            Electronics and Homeland Security Division

"The revenue growth the division achieved was a direct result of
the company's new 'rep centric' sales organization which is
increasing our market share, said Curtis Okumura, president of
Titan's Electronics and Homeland Security Division.  "Our profit
margins were compressed as a continued result of increased
material costs.  We continued to demonstrate progress with
increased revenue and continue to gain market share during a time
of transition in the market for printed circuit boards.  We will
improve operational efficiencies to increase profitability in the
printed circuit board companies in our fourth fiscal quarter and
enter fiscal 2008 as a strong electronics and homeland security
division."

                        About Titan Global

Headquartered in Salt Lake City, Titan Global Holdings Inc.
(OTCBB: TTGL) -- http://www.titanglobalholdings.com/-- is a high-
growth diversified holding company with a dynamic portfolio of
companies engaged in emerging telecommunications markets and
advanced technologies.

Titan's telecommunications subsidiary Oblio Telecom Inc. is a
market leader in prepaid telecommunications products and the
second largest publicly-owned international telecommunications
company focused on the prepaid space.

Titan Wireless Inc. is Titan's wireless subsidiary and is a mobile
virtual network operator.  Titan Wireless sells its MVNO prepaid
wireless products and wireless services through Oblio's
established distribution channels.  Titan's Electronics and
Homeland Security division specializes in advanced manufacturing
processes to provide commercial production runs and quick-turn
delivery of printed circuit board prototypes for high-margin
markets including Homeland Security and high-tech clients.


TOLL BROTHERS: Moody's Affirms Ba2 Subordinated Note Rating
-----------------------------------------------------------
Moody's Investors Service affirmed the ratings of Toll Brothers,
Inc. and Toll Brothers Finance Corp., including the Baa3 rating on
the existing senior note issues and Ba2 rating on the subordinated
note issue.  The ratings outlook was changed to negative from
stable.

The negative outlook reflects Moody's concern that inventory
levels are unlikely to be reduced in fiscal 2007, even in a
slowing economy, as the growing work in process inventory in the
mid- and high-rise segment more than offsets the decline in single
family work-in-process inventory.  Toll's high-rise projects are
located mostly in the metropolitan New York City market area,
which thus far has been one of the few bright spots in the housing
market during this downturn.

However, because of the capital intensive nature of this segment,
cash flow will likely be sharply negative in fiscal 2007.  Given
the continued build out of the mid- to high-rise towers that are
currently under construction, it may be challenging for Toll
Brothers to begin generating significantly positive cash flow in
fiscal 2008.  Further, although this may well change in the
future, Toll's construction of its initial high rise product in
New York City commenced without any significant presales.

While most of the units to be constructed have subsequently been
sold, if the market for this product had turned sharply negative
in the same way as it has for the rest of the homebuilding sector,
Toll would have been left with an unaccustomed and large inventory
of unsold units.  Even with a policy of 50% to 60% presale of high
rise product, Toll will still be operating with a large number of
unsold units, which represents a significant change, and an
elevated business risk, compared to its model of building single
family homes strictly under contract.  The outlook is also heavily
influenced by the negative industry dynamics and the strong
possibility that some of the company's financial performance
metrics could slip into the Ba ratings category as the downturn
continues.

Toll's ratings are supported by its ability to generate positive
earnings even after taking large impairment charges, making it one
of the top two companies in the industry on this particular
measure; leadership in its luxury homebuilding niche; and
geographic diversification.  The ratings also recognize that the
company was cash flow positive, $184.6 million, for the trailing
twelve month period ended April 30, 2007.

Going forward, the ratings outlook could stabilize if the company
were to generate strongly positive cash flow in fiscal 2008 and
use the cash in part for debt retirement.  The ratings could be
lowered if:

   i. Moody's were to expect negative cash flow generation to
      continue in fiscal 2008;

  ii. Toll were to generate modest quarterly pre-impairment losses
      on a sustained basis or significant pre-impairment losses in
      any one quarter;

iii. Toll were to repurchase a significant amount of its shares;
      or

  iv. the company were to re-lever its balance sheet to above 50%.

Based in Horsham, Pennsylvania, Toll Brothers, Inc. is the
nation's leading builder of luxury homes, serving move-up, empty-
nester, and "active adult" buyers in 21 states and six regions
around the country.  Homebuilding revenues and total net income
for the trailing twelve months ended April 30, 2007 were
$5.6 billion and $439 million, respectively.


TRIAD HOSPITALS: Provides Update on Senior Notes Tender Offer
-------------------------------------------------------------
Triad Hospitals Inc. determined the tender offer yield for its
outstanding tender offer and consent solicitation for:

     (i) any and all of its outstanding 7% senior notes due 2012;
         and

    (ii) any and all of its outstanding 7% senior subordinated
         notes due 2013.

The tender offer yield:

     (1) for the 2012 notes tendered and accepted will be 5.55%
         and was determined as of 10 a.m., New York City time,
         on July 16, 2007, by reference to a fixed spread of
         50 basis points over the yield of 5.05% of the 5.625%
         U.S. Treasury Note due May 15, 2008; and

     (2) for the 2013 notes tendered and accepted will be 5.528%
         and was determined as of 10 a.m., New York City time, on
         July 16, 2007, by reference to a fixed spread of 50 basis
         points over the yield of 5.028% of the 4.375% U.S.
         Treasury Note due Nov. 15, 2008, as determined
         respectively pursuant to the offer to purchase and
         consent solicitation statements, dated May 31, 2007.

Assuming an early settlement date of July 25, 2007, the total
consideration for:

     (i) each $1,000 principal amount of 2012 notes validly
         tendered and not validly withdrawn prior to June 13,
         2007, is $1,044.65, which includes a consent payment of
         $30 per $1,000 principal amount of the 2012 notes and

    (ii) each $1,000 principal amount of 2013 notes validly
         tendered and not validly withdrawn prior to the consent
         date, is $1,050.78, which includes a consent payment of
         $30 per $1,000 principal amount of the 2013 notes.

Holders who have tendered or will validly tender their notes after
the consent date but at or prior to 12 midnight July 30, 2007,
will not be eligible to receive the $30 per $1,000 principal
amount consent payment.

As of 5 p.m., New York City time, on July 16, 2007, the company
has received tenders and consents from:

     (i) holders of about $599.3 million in aggregate principal
         amount of the 2012 notes, representing about 99.9% of the
         total outstanding principal amount of the 2012 notes; and

    (ii) holders of about $599 million in aggregate principal
         amount of the 2013 Notes, representing about 99.8% of the
         total outstanding principal amount of the 2013 notes.

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

The company has reserved the right to accept for purchase at any
time following the consent date but prior to the expiration date
all notes then validly tendered.  If the company elects to
exercise this option, it will pay for such notes on a date
promptly following the early acceptance time.

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, among others, 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 $3.365 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
indentures and the notes.

The offer will expire at 12 midnight, New York City time, on
July 30, 2007, unless further extended or earlier terminated by
the company.  The company reserves the right to terminate,
withdraw or amend the offer at any time subject to applicable law.
Except for the previously announced extensions of the price
determination date and expiration date of the offer, the complete
terms and conditions of the offer are set forth in the tender
offer documents which have been sent to holders of notes.  Holders
are urged to read the tender offer documents carefully.

Credit Suisse Securities (USA) LLC and Wachovia Securities have
been retained to act as dealer managers in connection with the
offer.  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 offer, at (800) 769-7666 (toll free) or
(212) 269-5550 (collect).

                      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.


WACHOVIA BANK: Loan Payoffs Cue S&P to Lift Ratings on 5 Classes
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on five
classes of commercial mortgage pass-through certificates from
Wachovia Bank Commercial Mortgage Trust's series 2005-WHALE
6.  Concurrently, S&P lowered its rating on class K to 'BB' from
'BBB-'.  At the same time, S&P affirmed its ratings on six classes
from this transaction.

The upgrades and affirmations reflect Standard & Poor's analysis
of the remaining loans in the pool, as well as increased credit
enhancement levels resulting from loan payoffs.

The downgrade of class K reflects Standard & Poor's revised
valuations of the One Oliver Plaza and 230 Peachtree loans.

As of the June 15, 2007, remittance report, the trust collateral
consisted of the senior participation interests in four floating-
rate interest-only mortgage loans indexed to one-month LIBOR.  The
pool balance has declined 84% since issuance to $188 million.

The largest exposure in the pool, 100 Church Street, has a
$70 million senior component (43% of the trust balance), a
subordinate component totaling $10 million, which is raked to
classes CS-1 and CS-2, and a $50 million junior participation held
outside of the trust.  The loan is secured by a 1.1 million-sq.-
ft., 21-story, class B office building in downtown Manhattan.  At
issuance, the borrower planned to reposition the office property
for alternative use by either demolishing the entire building and
developing a luxury residential/hotel/retail complex or by
converting various floors to residential, retail, and office use.

The borrower is no longer pursuing the repositioning strategy and
recently implemented a $16 million renovation project, which
includes upgrading the elevators, lobby, HVAC systems, and the
facade of the building.  The renovation work is scheduled to be
completed in the third quarter of 2008.  The borrower has retained
Cushman & Wakefield to manage and lease the office space and
expects occupancy to stabilize by the end of 2008.  The master
servicer, Wachovia Bank N.A., reported occupancy of 48% as of
May 2007 and a weighted average debt service coverage below 1.0x
as of December 2006.  Due to the potential repositioning, Standard
& Poor's used a land-value approach for its valuation at issuance.
For this review, S&P used a stabilized approach, which yielded a
value that supports the outstanding ratings.

The master servicer placed this loan on the watchlist because of
the loan's upcoming maturity in August 2007.  A one-year extension
option remains, but the loan may not be able to meet its extension
hurdles, which include a DSC test.  Any special servicing fees
that arise from a transfer should be absorbed by the $50 million
junior participation.

The second-largest loan, Grand Resort Apartments, is secured by a
768-unit garden-style apartment complex in Anaheim, California.
The trust balance is $50 million.  A junior participation of
$30 million, of which $24.7 million has been funded to date,
resides outside of the trust.  The master servicer expects the
remaining $5.3 million to be funded by the first quarter of 2008.
Also, the borrower's equity interest in the property secures a
$20 million mezzanine loan.

The property is currently undergoing a $12.1 million renovation
project, which includes repairing the deck and roofs, replacing
soft goods, and upgrading the exterior facade and landscaping.
The borrower has indicated that the exterior work is done and that
the interior improvements, currently 34% completed, are expected
to conclude in the third quarter of 2008.  Wachovia reported a 90%
occupancy rate as of April 2007 and a 1.16x DSC as of March 2007.
Standard & Poor's adjusted net cash flow is comparable to its
level at issuance.  The loan matures in May 2010 with no extension
options.

The third-largest exposure in the pool, One Oliver Plaza, is
secured by a 38-story, class A, 639,200-sq.-ft. office building in
Pittsburgh, Pennsylvania.  The whole-loan balance is $52 million,
and the trust balance is $40 million.  In addition, the borrower's
equity interests in the property secure an $8 million mezzanine
loan.  The loan matures in October 2007 and has two one-year
extension options remaining.

The loan is on the watchlist because one of its largest tenants,
originally occupying 28% of the gross leasable area, released 50%
of its leased space in January 2007.  As part of its agreement
with the borrower, the tenant paid a $5.4 million lease
termination fee, which is currently held in escrow with Wachovia,
and extended its lease expiration to December 2017.  A low DSC of
0.58x was reported as of December 2006, primarily due to a decline
in the occupancy to 56% as of July 2007.  Standard & Poor's
valuation has declined since issuance, as the property has not
performed as S&P expected.

The remaining loan in the pool, 230 Peachtree, is secured by a 27-
story, 414,800-sq.-ft., class A office building in Atlanta,
Georgia.  The trust balance is $18 million, and the whole-loan
balance is $28 million.  The master servicer reported a low DSC of
0.81x as of December 2006 due to low occupancy (69% as of March
2007) and rising operating expenses.  As a result, Standard &
Poor's derived NCF has decreased 37% since issuance.  The loan
matured on July 9, 2007, and the borrower exercised one of the
three one-year extension options.

The loan was erroneously placed on the watchlist because of
impending ground lease maturity.  However, Wachovia confirmed that
the ground lease maturity is not for another 60 years.

To date, the trust has experienced no losses.


                        Ratings Raised

            Wachovia Bank Commercial Mortgage Trust
         Commercial mortgage pass-through certificates
                     series 2005-WHALE 6

                       Rating
                       ------
         Class     To        From   Credit enhancement
         -----     --        ----    ----------------
         D         AAA       AA-         87.51%
         E         AAA       A+          72.15%
         F         AAA       A           58.34%
         G         AA+       A-          44.52%
         H         A+        BBB+        30.70%

                         Rating Lowered

            Wachovia Bank Commercial Mortgage Trust
         Commercial mortgage pass-through certificates
                       series 2005-WHALE 6

                      Rating
                      ------
         Class     To        From      Credit enhancement
         -----     --        ----       -----------------
         K         BB        BBB-             0.00%

                        Ratings Affirmed

             Wachovia Bank Commercial Mortgage Trust
          Commercial mortgage pass-through certificates
                      series 2005-WHALE 6

         Class          Rating        Credit enhancement
         -----          ------         ----------------
         J              BBB                 18.42%
         X-1A           AAA                   N/A
         X-1B           AAA                   N/A
         X-2            AAA                   N/A
         CS-1           BBB-                  N/A
         CS-2           BB+                   N/A


                    N/A - Not applicable.


* S&P Puts Ratings on Various Classes Under Negative CreditWatch
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on various
classes from 19 cash flow and hybrid collateralized debt
obligation transactions on CreditWatch with negative implications.
The CreditWatch placements follow Standard & Poor's July 12, 2007,
downgrades of a large number of classes from first-lien subprime
residential mortgage-backed securities transactions.  As part of
its surveillance process, Standard & Poor's is reviewing CDOs with
exposure to the downgraded RMBS.

Standard & Poor's has reviewed the results of preliminary cash
flow analyses for these transactions and compared them to the
scenario default rates generated by Standard & Poor's CDO
Evaluator model to determine whether the credit enhancement
afforded by the CDO structures remains adequate to support the
tranches at their current rating levels, given the impact of the
RMBS rating actions on the portfolios.  The CreditWatch placements
on these CDO ratings reflect the increased probability of default
within the overall portfolios and take into consideration the CDO
structures and the rating cushions available to support each
tranche both before and after the RMBS rating actions.

Standard & Poor's will continue to monitor the CDO transactions it
rates to ensure that the ratings assigned reflect the CDO
structures and the performance of the underlying collateral.


             Ratings Placed on Creditwatch Negative

                                                 Rating
                                                 ------
Transaction                 Class       To                   From
-----------                 -----       --                   ----
ACA ABS 2003-1 Ltd.         C           A+/Watch Neg         A+
ACA ABS 2003-1 Ltd.         D           BBB/Watch Neg        BBB
ACA ABS 2003-2 Ltd.         A-3         A/Watch Neg          A
ACA ABS 2003-2 Ltd.         B-F         BBB/Watch Neg        BBB
ACA ABS 2003-2 Ltd.         B-V         BBB/Watch Neg        BBB
ACA ABS 2003-2 Ltd.         C           BB/Watch Neg         BB
ACA ABS 2006-1 Ltd.         A-2L        AA/Watch Neg         AA
ACA ABS 2006-1 Ltd.         A-3L        A/Watch Neg          A
ACA ABS 2006-1 Ltd.         B-1L        BBB/Watch Neg        BBB
ACA ABS 2006-2 Ltd.         A2L         AA/Watch Neg         AA
ACA ABS 2006-2 Ltd.         A3L         A/Watch Neg          A
ACA ABS 2006-2 Ltd.         B1L         BBB/Watch Neg        BBB
Arca Funding 2006-1 Ltd.    II Fd Sr    AAA/Watch Neg        AAA
Arca Funding 2006-1 Ltd.    III Fd Sr   AA/Watch Neg         AA
Arca Funding 2006-1 Ltd.    IV Fd Sr    AA-/Watch Neg        AA-
Arca Funding 2006-1 Ltd.    V Fd Mezz   A/Watch Neg          A
Arca Funding 2006-1 Ltd.    VI Fd Mezz  BBB/Watch Neg        BBB
Arca Funding 2006-1 Ltd.    VII FdMezz  BBB-/Watch Neg       BBB-
Arca Funding 2006-1 Ltd.    VIII FdMez  BB+/Watch Neg        BB+
Cherry Creek CDO I Ltd.     B           BBB/Watch Neg        BBB
Commodore CDO I Ltd.        B           AA/Watch Neg         AA
Commodore CDO I Ltd.        C           BB-/Watch Neg        BB-
Diogenes CDO II Ltd.        A-2         AAA/Watch Neg        AAA
Diogenes CDO II Ltd.        B           AA/Watch Neg         AA
Diogenes CDO II Ltd.        C           A/Watch Neg          A
Diogenes CDO II Ltd.        D           BBB/Watch Neg        BBB
Diogenes CDO II Ltd.        E           BB+/Watch Neg        BB+
FAB US 2006-1 PLC           B           A-/Watch Neg         A-
FAB US 2006-1 PLC           C           BBB/Watch Neg        BBB
Gemstone CDO VI Ltd.        D           BBB/Watch Neg        BBB
Gemstone CDO VI Ltd.        E           BB/Watch Neg         BB

Helios Series I Multi
   Asset CBO Ltd.            A           AA+/Watch Neg        AA+

Helios Series I Multi
   Asset CBO Ltd.            B           A/Watch Neg          A

Independence IV CDO Ltd.    B           AA/Watch Neg         AA
Independence IV CDO Ltd.    C           BBB/Watch Neg        BBB
Independence V CDO Ltd.     B           AA/Watch Neg         AA
Independence V CDO Ltd.     C           BBB/Watch Neg        BBB
Independence V CDO Ltd.     Pref Shrs 1 BB-/Watch Neg        BB-
Independence V CDO Ltd.     Pref Shrs 2 BB-/Watch Neg        BB-
Kefton CDO I Ltd.           II          AAA/Watch Neg        AAA
Kefton CDO I Ltd.           III         AA/Watch Neg         AA
Kefton CDO I Ltd.           IV          AA-/Watch Neg        AA-
Kefton CDO I Ltd.           V           A/Watch Neg          A
Kefton CDO I Ltd.           VI          BBB/Watch Neg        BBB
Kefton CDO I Ltd.           VII         BB+/Watch Neg        BB+
Northlake CDO I Ltd.        II          A/Watch Neg          A
Northlake CDO I Ltd.        III         BBB-/Watch Neg       BBB-
Stack 2006-1 Ltd.           VI          BBB/Watch Neg        BBB
Stack 2006-1 Ltd.           VII         BB+/Watch Neg        BB+

STATIC Residential CDO
    2006-B Ltd.              A-2         AAA/Watch Neg        AAA

STATIC Residential CDO
    2006-B Ltd.              B-1         AA+/Watch Neg        AA+

STATIC Residential CDO
    2006-B Ltd.              B-2         AA-/Watch Neg        AA-

STATIC Residential CDO
    2006-B Ltd.              C           A/Watch Neg          A

STATIC Residential CDO
    2006-B Ltd.              D           BBB/Watch Neg        BBB

STATIC Residential CDO
    2006-C Ltd.              A-2         AAA/Watch Neg        AAA

STATIC Residential CDO
    2006-C Ltd.              B-1         AA+/Watch Neg        AA+

STATIC Residential CDO
    2006-C Ltd.              B-2         AA-/Watch Neg        AA-

STATIC Residential CDO
    2006-C Ltd.              C           A/Watch Neg          A

STATIC Residential CDO
    2006-C Ltd.              D-1a        BBB+/Watch Neg       BBB+

STATIC Residential CDO
    2006-C Ltd.              D-1b        BBB+/Watch Neg       BBB+

STATIC Residential CDO
    2006-C Ltd.              D-2         BBB-/Watch Neg       BBB-

TABS 2006-6 Ltd.            A2          AA/Watch Neg         AA
TABS 2006-6 Ltd.            A3          A/Watch Neg          A
TABS 2006-6 Ltd.            B1          BBB+/Watch Neg       BBB+
TABS 2006-6 Ltd.            B2          BBB/Watch Neg        BBB
TABS 2006-6 Ltd.            B3          BBB-/Watch Neg       BBB-
TABS 2006-6 Ltd.            C           BB/Watch Neg         BB
TABS 2006-6 Ltd.            I Sub Nts   BBB-/Watch Neg       BBB-


* Cooley Godward Opens Office in Boston with 10 New Partners
------------------------------------------------------------
Cooley Godward Kronish LLP opened an office in Boston.  With the
arrival of 10 Boston-based partners from several national firms
with Boston offices, Cooley will establish a significant New
England presence with market-leading expertise in emerging and
public companies, life sciences, venture and private equity fund
representation, mergers and acquisitions, intellectual property
and commercial litigation.  The Firm anticipates additional
attorneys joining in the coming weeks.

"Boston is one of the leading technology and life science centers
in the world and, given Cooley's strength and leadership in these
sectors, this is a natural market for the Firm's expansion," said
Stephen C. Neal, chairman and chief executive officer of Cooley.
"A Boston office has long been part of Cooley's strategic plan and
our knowledge of the marketplace gained over years of substantial
activity here enabled us to identify and recruit a group of first-
class attorneys. We could not be in a better position to hit the
ground running."

John Hession and Lester J. Fagen, two well-recognized corporate
attorneys with a combined 50 years of practice in Boston, will
lead the new office.  Hession, who will serve as the partner in
charge, is one of the leading emerging companies and venture
capital attorneys in the country and joins Cooley from the Boston
office of McDermott Will & Emery. Fagen, a seasoned private equity
and venture capital attorney with a diverse corporate and investor
client base, will lead Cooley's business and technology practice
in Boston and its private equity practice firmwide.  He joins
Cooley from the Boston office of Goulston & Storrs.

In addition to Hession and Fagen in the corporate practice, Alfred
L. Browne, III joins from Sullivan & Worcester where he was chair
of the venture capital/emerging companies group; Miguel J. Vega,
also from Sullivan & Worcester, where he was a co-director of the
corporate department; Patrick J. Mitchell, a director at Goulston
& Storrs, who focuses on private equity and venture capital; and
Marc Recht, a partner in the corporate department at McDermott
Will & Emery.

The intellectual property practice includes Thomas C. Meyers, who
was chair of the intellectual property department at Sullivan &
Worcester's Boston office and recently general counsel of Helicos
BioSciences Corporation, and Robert J. Tosti, who was a partner in
Edwards Angell Palmer & Dodge's intellectual property practice
group.

The Boston office's litigation group will include Richard S.
Sanders, joining from Sullivan & Worcester, where he was chair of
the technology litigation practice, and Robert B. Lovett, a
partner in the securities and financial litigation group at
Seyfarth Shaw.

Cooley's new Boston team all were at one point in their careers
with Testa, Hurwitz & Thibeault, LLP, Boston's leading technology
and life sciences firm until its dissolution in 2005.  The
partners have a wealth of experience representing companies in
financings, initial public offerings, merger and acquisition
transactions, and major litigations, representing clients in some
of the most significant matters in the region collectively valued
in the multiple billions of dollars.

Commented Hession, "By virtue of its national reputation and
strategic focus on technology and life sciences, Cooley will fill
a gap in the Boston legal market.  To become a part of this great
firm, and to be joining with former colleagues I profoundly admire
both as friends and practitioners, is an incredible opportunity."

"New England is not a 'new' market for Cooley," said Barbara
Kosacz, head of the Firm's life sciences practice.  "We have had
an active presence here for many years through our work with
market-leading life science companies and venture funds, and last
year Cooley was ranked second in the Eastern U.S. for our
representation of venture-backed companies."

The opening of a Boston office marks Cooley's continued expansion
on the East Coast.  Last fall, Cooley merged with premier New York
firm Kronish Lieb Weiner & Hellman, establishing a full-service
office in Manhattan which offers clients substantial capabilities
across critical practice areas including financial transactions,
mergers and acquisitions, high-profile litigation, bankruptcy, tax
and real estate.  Cooley opened an office in Washington, DC in
September 2005 and currently has more than 30 attorneys there,
including leading attorneys in corporate law, government contracts
and intellectual property litigation.  As a result of robust
growth in that market, the Firm will move to expanded office space
this September.

Cooley's Boston office occupies the 46th floor of The Prudential
Tower, located in Boston's Back Bay.

                      About Cooley Godward

Cooley Godward Kronish LLP's -- http://www.cooley.com/--  
600 attorneys have an entrepreneurial spirit and deep, substantive
experience, and are committed to solving clients' most challenging
legal matters.  From small companies with big ideas to
international enterprises with diverse legal needs, Cooley has the
breadth of legal resources to enable companies of all sizes to
seize opportunities in today's global marketplace.  The firm
represents clients across a broad array of dynamic industry
sectors, including technology, life sciences, financial services,
retail and energy.

The firm has full-service offices in major commercial, government
and technology centers: Palo Alto, CA, New York, NY, San Diego CA,
San Francisco, CA, Reston, VA, Broomfield, CO, Washington, DC and
Boston, MA.


* Proskauer Rose Opens Ninth Branch Office in Brazil
----------------------------------------------------
Proskauer Rose LLP opened an office in Sao Paulo, Brazil.  The new
office, the firm's ninth, will provide a platform for Proskauer's
continued and growing representation of global companies and
financial institutions in a wide variety of transactions and other
matters in the region, which have recently included debt and
equity offerings, mergers and acquisitions, and bank finance.

Proskauer's Sao Paulo office will be headed by Antonio Piccirillo,
partner in the firm's Corporate Department, with Carlos Martinez,
corporate partner and head of the firm's Latin America Practice,
playing a significant leadership role.

"Our work in Latin America has continued to increase, making a
physical presence in the region of clear strategic significance
for the firm and our clients," said Allen I. Fagin, chairman of
Proskauer.  "This represents a remarkable opportunity for us to
bring our resources and capabilities to bear in an area that is
ripe with potential."

                       About Proskauer Rose

Proskauer Rose LLP -- http://www.proskauer.com/-- founded in
1875, is one of the nation's largest law firms, providing a wide
variety of legal services to clients throughout the United States
and around the world from offices in New York, Los Angeles,
Washington, D.C., Boston, Boca Raton, Newark, New Orleans and
Paris.  The firm has wide experience in all areas of practice
important to businesses  and individuals, including corporate
finance, mergers and acquisitions, general commercial litigation,
private equity and fund formation, patent and intellectual
property litigation and prosecution, labor and employment law,
real estate transactions, internal corporate investigations, white
collar criminal defense, bankruptcy and reorganizations, trusts
and estates, and taxation.  Its clients span industries including
chemicals, entertainment, financial services, health care,
hospitality, information technology, insurance, Internet,
manufacturing, media and communications, pharmaceuticals, real
estate investment, sports, and transportation.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
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: 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. 23, 2007
   BEARD AUDIO CONFERENCES
      Partnerships in Bankruptcy
         Contact: 240-629-
3300; http://www.beardaudioconferences.com/

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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