TCR_Public/070823.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

            Thursday, August 23, 2007, Vol. 11, No. 199

                             Headlines

155 EAST: Weak Operating Results Cue S&P to Junk Credit Rating
ACTION A/C: Case Summary and 19 Largest Unsecured Creditors
AGILYSYS INC: Commences "Dutch Auction" Offer for 6 Million Shares
AIRPLANES PASS-THROUGH: S&P Junks Rating on Class A-9 Notes
ALERIS INT'L: $600 Mil. Exchange Offer of Sr. Notes Expires Today

AMBROSE MCMURPHY: Case Summary & 11 Largest Unsecured Creditors
ASAT HOLDINGS: Obtains Nasdaq Notice on Below Criteria Securities
ATARI INC: Non-Filing of Quarterly Report Cues Delisting Notice
AUSTRALIAN FOREST: June 30 Balance Sheet Upside-Down by $11.7 Mil.
BALLY TOTAL: Landlords Balk at Amended $292,000,000 DIP Pact

BANC OF AMERICA: Fitch Holds "B-" Rating on $4.8MM Class O Certs.
BANC OF AMERICA: Fitch Affirms Low-B Ratings on Four Classes
BEAR STEARNS: Fitch Holds B- Rating on $3.1 Million Class P Certs.
BEAZER HOMES: Files Suit Against Senior Notes' Trustee
C AND C PROPERTIES: Has Until Sept. 23 to File Chapter 11 Plan

CAPITAL ONE: Halted Loan Operations Cue Moody's to Hold Ratings
CAPITAL ONE: Closed Operations Won't Affect Ratings, Fitch Says
CATHOLIC CHURCH: Court Denies J. Ryan as San Diego's Advisor
CATHOLIC CHURCH: Howrey LLP Okayed as San Diego's Special Counsel
CCS MEDICAL: S&P Holds B- Credit Rating and Removes Positive Watch

CELSIA TECH: Appoints Joseph Formichelli as CEO Effective Aug. 20
CEPHALON INC: Lack of Investor Interest Cues S&P to Remove Ratings
COMM 2005-FL11: Fitch Holds Low-B Ratings on Three Cert. Classes
CORNERSTONE-CAMERON: Case Summary and 20 Largest Unsec. Creditors
COUNTRYWIDE FINANCIAL: Provides Reassurance to Customers

CREDIT SUISSE: Fitch Junks Two Distressed Recovery Ratings
CYTOCORE INC: Posts $1 Million Net Loss in Quarter Ended June 30
DLJ COMMERCIAL: Fitch Holds B- Rating on $8.9MM Class B-8 Certs.
DUFF WAPINSKI: Case Summary & Largest Unsecured Creditor
DURA AUTOMOTIVE: Pacificor Backstop Rights Pact Gets Court Okay

DURA AUTO: Summary of Terms of Proposed Stockholders' Agreement
EARTHFIRST TECH: Inks Orion Tie-Up to Build New Tire Facilty
EARTHFIRST TECH: June 30 Balance Sheet Upside-Down by $3.4 Million
EAST VALLEY: S&P Rates $153 Mil. Senior Secured Facility at B+
EDWIN MOLINA: Case Summary & 19 Largest Unsecured Creditors

ELEPHANT TALK: June 30 Balance Sheet Upside-Down by $6.6 Million
ENHANCED MORTGAGE: Fitch Junks Rating on $30MM Class B Jr. Notes
ENHANCED MORTGAGE: Fitch Puts B- Shares Rating Under Neg. Watch
FIDELITY NATIONAL: S&P Affirms BB+ Rating on Preferred Stock
FINDEX.COM INC: Posts $343,500 Net Loss in Quarter Ended June 30

FULTON STREET: Poor Credit Quality Cues Fitch to Lower Ratings
GLOBAL ENTERTAINMENT: Posts $812,176 Net Loss in Second Quarter
GLOBAL HOME: Wants Until October 9 to File Chapter 11 Plan
GLOBAL HOME: Committee Objects to Exclusivity Extension Plea
HELEN WILLIAMS: Case Summary & Six Largest Unsecured Creditors

HOLLINGER INC: Bondholders Want Investment Protected
ICON HEALTH: Moody's Withdraws "Caa1" Corporate Family Rating
INDYMAC BANCORP: Fitch Places Ratings Under Negative Watch
INTERSTATE BAKERIES: NCSISA Wants Compensation Liabilities Paid
INYX USA: Court Approves Klehr Harrison as Committee's Counsel

JP MORGAN: Fitch Affirms Low-B Ratings on Five Cert. Classes
JR & AR: Involuntary Chapter 11 Case Summary
KENNETH CROSBY: Voluntary Chapter 11 Case Summary
KINGSLAND GROUP: Involuntary Chapter 11 Case Summary
LANDAMERICA FINANCIAL: S&P Holds BB+ Rating on Subordinated Debt

M/I HOMES: Weak Market Cues S&P to Lower Credit Rating to BB-
MARCO GUTIERREZ: Case Summary & 19 Largest Unsecured Creditors
MAYWOOD CONSOLIDATED: Court Sets Sept. 28 Claims Filing Deadline
MEDICAL SOLUTIONS: June 30 Balance Sheet Upside-Down by $2.2 Mil.
MEDICOR LTD: Court Okays Greenberg Traurig as Delaware Counsel

MERRILL LYNCH: Stable Performance Cues Fitch to Affirm Ratings
MILA INC: Judge Steiner Okays Crocker Kuno as Committee's Counsel
MUSICLAND HOLDING: Bank Wants Vendors Rule 2019 Statement Filed
MUSICLAND HOLDING: LSTA & SIFMA Denounce Wachovia's 2019 Motion
NATIONAL BANK: Moody's Affirms "B-" Financial Strength Rating

NEW RIVER: Disclosure Statement & Plan Hearing Set for October 1
NEW YORK RACING: Bankruptcy May Continue Until Mid-2008
NOMURA ASSET: Fitch Affirms Low-B Ratings on Two Cert. Classes
NOVASTAR ABS: Fitch Cuts Rating on $15.7MM Class D Notes to "BB"
OPTIGENEX INC: Posts $740,262 Net Loss in Quarter Ended June 30

ORION 2006-1: Fitch Cuts Rating on $32.5MM Class D Notes to "B+"
OSCAR HAMILTON: Case Summary & 19 Largest Unsecured Creditors
PACIFIC LUMBER: Scopac Wants Diamond McCarthy as Co-Counsel
PACIFIC LUMBER: Gets Open Ended Deadline to Decide on Five Lease
PARADIGM MEDICAL: June 30 Balance Sheet Upside-Down by $2.6 Mil.

PARMALAT SPA: Sells Spanish Operations to Lacteos Siglo
PARMALAT SPA: Boschi Food & Beverage Acquires Business Assets
POPULAR INC: Paying $0.16/Share Dividend on October 1
PRC LLC: Moody's Downgrades Corporate Family Rating to B3
QUAKER FABRIC: Organizational Meeting Scheduled on August 28

QUALITY HOME: Case Summary & 79 Largest Unsecured Creditors
RANCHER'S BEEF: Files for Bankruptcy; Lays Off Workers
RESIDENTIAL CAPITAL: Market Disruption Cues Fitch to Cut Rating
REUNION INDUSTRIES: June 30 Balance Sheet Upside-Down by $23 Mil.
RINKER BOAT: Moody's Junks Corporate Family Rating

ROCKLAND VENDING: Case Summary and 21 Largest Unsecured Creditors
SENTINEL MANAGEMENT: Gets Court OK to Disburse Asset Sale Proceeds
SMALL WORLD: Has Until September 14 to File Schedules & Statement
SOLUTIA INC: Wants Court Approval on Chemical Plant Agreement
SOLUTIA INC: Inquip Associates Wants Adequate Protection

SPECTRUM BRANDS: Appoints John D. Bowlin as Board Chairman
STANDARD MOTOR: Board OKs $3.3MM Stock Repurchase Program Add On
STANLEY-MARTIN: S&P Affirms B+ Corporate Credit Rating
TELENET GROUP: Moody's Affirms B1 Corporate Family Rating
TOLL BROTHERS: S&P Holds "BB+" Rating on $350 Mil. Senior Notes

TRIBUNE CO: Shareholders Okay Going-Private Transaction
UNITY WIRELESS: Posts $3.3 Million Net Loss in Qtr. Ended June 30
US AIRWAYS: Court Okays Stipulation with United on Code Share Pact
US TELEPACIFIC: S&P Holds 'B-' Rating and Revises Outlook to Pos.
WHEELING-PITTSBURGH: Secures $350 Mil. Revolving Credit Facility

WORLDSPAN LP: Completes $1.4 Billion Sale Deal with Travelport
WR GRACE: PI Committee Wants Charter Oak as Financial Advisor
YRC WORLDWIDE: Stephen Bruffett Replaces Don Barger as EVP & CFO

* Business Bankruptcy Rates Continue to Rise in 2007
* Donlin Recano to Provide Puig Inc. Chapter 11 Bankruptcy News
* Mark Redmiles Appointed as EOUST's Deputy Director

* Chapter 11 Cases with Assets & Liabilities Below $1,000,000

                               *********

155 EAST: Weak Operating Results Cue S&P to Junk Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on Las
Vegas, Nevada-based 155 East Tropicana LLC.  The corporate credit
rating was lowered to 'CCC+' from 'B-'.  The ratings remain on
CreditWatch with developing implications, as the potential for a
sale of the company remains.
      
"The rating downgrade follows a continuation of weak operating
results and our concern that the company will be challenged to
meet its obligations if the acquisition by Hedwigs Las Vegas Top
Tier LLC fails to close," explained Standard & Poor's credit
analyst Guido DeAscanis.  During the 12 months ended June 30,
2007, the company generated EBITDA of less than $8 million.  As a
result, EBITDA coverage of interest expense is below 1x.
     
155 East Tropicana owns the Hooters Casino Hotel, located on the
site of the former Hotel San Remo, which is one-half block from
the intersection of Tropicana Avenue and Las Vegas Boulevard,
behind the Tropicana Resort & Casino and across from the MGM Grand
Hotel & Casino.  Following the substantial completion of an
approximately $65 million renovation and re-branding, the property
opened under the Hooters name on Feb. 2, 2006.
     
While the company successfully met its April 1, 2007 interest
payment of $5.7 million on its $130 million senior secured notes
due 2012, continued weak operating performance will likely make
the near-term time horizon more challenging.  At June 30, 2007,
155 East Tropicana had roughly $12 million of availability under
its $15 million revolving credit facility due 2009.  The next $5.7
million interest payment on its senior secured notes is due on
Oct. 1, 2007, and S&P expect this obligation to be met through a
combination of internally generated cash and additional borrowings
under the revolver.  Furthermore, without meaningful growth in
cash flow generation, liquidity will likely become constrained as
the company continues to rely on debt financing to meet its near-
term debt service and capital spending needs.
     
The developing CreditWatch implications suggest that ratings could
be affected either positively or negatively, depending on whether
a transaction ultimately occurs.  In resolving the CreditWatch
listing, S&P will continue to monitor developments associated with
a potential acquisition of the company.  Should 155 East
Tropicana's outstanding notes be fully redeemed, S&P would expect
to withdraw its ratings on the company.  However, in the event
that the acquisition does not occur, the ratings could be lowered
given heightened concerns about the company's ability to meet its
obligations.


ACTION A/C: Case Summary and 19 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Action A/C & Heat, Inc.
        1688 Southeast Village Green Drive
        Port St. Lucie, FL 34952

Bankruptcy Case Number: 07-16656

Chapter 11 Petition Date: August 20, 2007

Court: Southern District of Florida (West Palm Beach)

Judge: Paul G. Hyman, Jr.

Debtor's Counsel: Julianne R. Frank, Esq.
                  11382 Prosperity Farms Road, Suite 230
                  Palm Beach Gardens, FL 33410
                  Tel: (561) 626-4700
                  Fax: (561) 627-9479

Total Assets:  $243,258

Total Debts: $1,268,030

Debtor's 19 Largest Unsecured Creditors:

   Entity                      Nature of Claim       Claim Amount
   ------                      ---------------       ------------
Gemaire Distributors, L.L.C.   secured bank loan         $212,220
2151 West Hillsboro
Boulevard, Suite 400
Deerfield, FL 33442

Pioneer Metals, Inc.           wholesale distributor     $170,229
P.O. Box 201347
Houston, TX 77216-1347

Lennox                         wholesale distributor      $95,513
4P.O. Box 910549
Dallas, TX 75391-0549

Carrier Florida                wholesale distributor      $87,927

Suntrust Bank                  secured bank loan;         $73,664
Richmond, VA                   value of collateral:
                               $65,695

Suntrust Bank                  secured bank loan;         $70,350
                               value of collateral:
                               $74,227

Trane Equipment                wholesale distributor      $64,922

Bond Supply                    wholesale distributor      $39,994

Refricenter                    wholesale distributor      $39,943

Noland Company                 wholesale distributor      $36,421

Johnstone Supply               wholesale distributor      $17,875

Trane Parts                    wholesale distributor      $14,608

Exxon Fleet Services           revolving credit card      $12,648

Ford Credit                    secured bank loan;         $28,004
                               value of collateral:
                               $19,860

Suntrust Bank                  revolving credit card       $7,078
Baltimore, MD

Blue Cross Blue Shield of      health insurance            $6,541
Florida

William H. Britton, Jr.        insider loan to             $6,000
                               business

Baker Brothers                 wholesale distributor       $5,175

@Road                          G.P.S. tracking             $5,039
                               service


AGILYSYS INC: Commences "Dutch Auction" Offer for 6 Million Shares
------------------------------------------------------------------
Agilysys Inc. has initiated a "Dutch Auction" tender offer, for up
to 6,000,000 Agilysys common shares at a price not less than
$16.25 nor greater than $18.50 per share, to the seller in cash,
less any applicable withholding taxes and without interest.  

The closing price of the shares on Aug. 20, 2007, was $15.63 per
share.  The tender offer will expire at 5:00 pm EDT Wednesday,
Sept. 19, 2007, unless extended.
    
The "Dutch Auction" tender offer will allow shareholders to
indicate how many shares and at what price within the company's
specified range they wish to tender.  Based on the number of
shares tendered and the price specified by the tendering
shareholders, the company will determine the lowest price per
share within the range that will enable it to purchase up
to 6,000,000 shares, or such lesser number of shares as are
properly tendered.

The company will not purchase shares below a price stipulated by
a shareholder, and in some cases, may actually purchase shares at
prices above a shareholder's indication under the terms of the
"Dutch Auction."  The company intends to repurchase tendered
shares using cash on hand.  

Prior to initiating the tender offer, Agilysys had approximately
$250 million of cash on hand and no outstanding debt. If the
tender offer is consummated in full at $18.50 per share, the
company estimates that it will have approximately $150 million
cash on hand and $200 million available for borrowings under its
credit facility following the tender offer.  

Agilysys is confident that the combination of existing cash on
hand and the current credit facility provides sufficient financial
flexibility to fund both the tender offer and the company's
acquisition strategy.
    
In connection with the board of directors' approval of the tender
offer, the board also authorized the company to repurchase up to
an additional 2,000,000 shares in the open market at an $18.50,
price per share at or below the upper price limit of the tender
offer, during the one-year period after the expiration of the
tender offer, provided that the aggregate purchase price of shares
purchased by the company in the tender offer and the open market
repurchase does not exceed $150 million.

The board determined that authorization of the open market
repurchase program affords the company additional flexibility and
is in the best interest of the company and its shareholders.  The
company also intends to continue to pay its $0.03 per share
quarterly, or $0.12 per share annual, dividend to shareholders.
    
The timing of the share repurchase and the number of shares to be
repurchased will be at the discretion of the company's management,
and will depend upon prevailing market conditions and other
factors.  

Due to Securities and Exchange Commission (SEC) rules, the
commencement, of the open market repurchase program may not begin
until at least 10 days after the termination of the tender offer.
The company may terminate or limit the repurchase program at any
time.  Due to certain financial covenants contained in the
company's credit facility, which would likely limit the company's
ability to repurchase the full 2,000,000 shares authorized under
the repurchase program, the company is seeking an amendment to its
credit facility in order to eliminate such limitations.
    
On Jan. 2, 2007, Agilysys disclosed the divestiture of its KeyLink
Systems Distribution Business to focus on its IT solutions
business.  At the same time, the company's board authorized the
repurchase of up to 6,000,000 common shares, representing
approximately 19% of the company's outstanding common shares, via
a self-tender offer as soon as practicable following the close of
the sale of KeyLink Systems.
    
The tender offer provides an opportunity for those shareholders
who -- based on the changes in the company's strategy -- would
like to liquidate all or a portion of their investment in the
stock in an orderly fashion.  It also provides Agilysys with a
tax-efficient mechanism to distribute a portion of the proceeds
from the sale of KeyLink Systems to shareholders.  Agilysys
management and directors have indicated that they will not tender
their shares in the tender offer.
    
"The self-tender and supplementary open market authorization is a
strong signal from our board and management that we are confident
in our strategy to reposition the company and focus on selling IT
solutions," Arthur Rhein, chairman, president and chief executive
officer, said.  "Tendering shareholders will receive an immediate
premium to the stock's closing price of $15.63 on August 20, as it
stood prior to the tender, and non-tendering shareholders, along
with management and directors, will increase their pro rata
ownership in the company and our future operations."
    
J.P. Morgan Securities Inc. is acting as the dealer manager for
the tender offer.  The information agent is Georgeson Inc. and the
depositary is National City Bank.

The offer to purchase, letter of transmittal and related documents
will be mailed to shareholders of record and will also be
made available for distribution to beneficial owners of the
company's shares.
       
                       About Agilysys Inc.

Headquartered in Mayfield Heights, Ohio, Agilysys Inc. (Nasdaq:
AGYS) -- http://www.agilysys.com/-- is one of the distributors  
and resellers of enterprise computer technology solutions.  The
company is delivering complex server and storage hardware,
software and services to resellers, large and medium-sized
corporate customers, well as public-sector clients across a
diverse set of industries.  In addition, the company provides
customer-centric software applications and services focused on the
retail and hospitality markets.  Agilysys has sales offices
throughout the United States and Canada.

                          *     *     *

Standard and Poor's placed Agilysys Inc.'s long term foreign and
local issuer credit ratings at "BB-" in October 2004.  The ratings
still hold to date.


AIRPLANES PASS-THROUGH: S&P Junks Rating on Class A-9 Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the class
A-8 notes from Airplanes Pass-Through Trust to 'BB-' from 'A'.  At
the same time, S&P lowered its rating on the class A-9 notes
issued out of the same trust to 'CCC' from 'BB+' and removed it
from CreditWatch, where it was placed with negative implications
on May 1, 2007.
     
The downgrades reflect the increased risk of obsolescence in the
portfolio's aging fleet and higher re-leasing rate risk.  High
fuel prices and the increased availability of financing for new
aircraft deliveries have meant that planes in the APTT portfolio
have benefited to a lesser-than-expected degree from the global
recovery in aircraft lease rates of the past several years.
     
The collateral pool primarily consists of older aircraft assets
that are likely to become economically obsolete earlier than
originally anticipated.  These planes are less fuel efficient than
newer models, a disadvantage that has been substantially magnified
by the surge in jet fuel prices since 2004.  In addition, the
increased availability of credit from operating lessors and other
sources for start-up or smaller airlines, including those in
developing countries, has allowed them to take delivery of new
planes, rather than start out with used aircraft.  This premature
aging effect may cause future lease rates to decline and further
depreciate the fleet value significantly, even in the current
strong global aircraft lease market.  Furthermore, some lessees
have experienced periodic difficulties in meeting maintenance
obligations, which has caused the trust to incur substantial
maintenance expenses.
     
These factors have reduced cash flows available to pay principal
to the class A notes, and S&P believe this trend will continue
going forward.  Under the APTT priority of payments, the class A-8
notes are repaid before the class A-9 notes, and S&P believe it is
unlikely that the class A-9 notes will be fully repaid by the
legal final maturity.  Standard & Poor's will monitor this
transaction for further deterioration and will make additional
rating changes as warranted.


ALERIS INT'L: $600 Mil. Exchange Offer of Sr. Notes Expires Today
-----------------------------------------------------------------
Aleris International Inc. has extended its offer to exchange up to
$600 million aggregate principal amount of its 9%/93/4% Senior
Notes due 2014, and up to $400 million aggregate principal amount
of its 10% Senior Subordinated Notes due 2016 for an equal
principal amount of 9%/93/4% Senior Notes due 2014 and 10% Senior
Subordinated Notes due 2016, that have been registered under the
Securities Act of 1933, as amended.  The exchange offer is now
scheduled to expire at 12:00 a.m., Eastern Time, today, Aug. 23,
2007, unless further extended by Aleris International Inc.

As of 5:00 p.m., Eastern Time, on Aug. 21, 2007, approximately
$599.9 million of the outstanding 9%/93/4% Senior Notes and
approximately $400 million of the outstanding 10% Senior
Subordinated Notes had been tendered in the exchange offer.
    
Requests for a prospectus and a letter of transmittal in
connection with the exchange offer for the 9%/93/4% Senior Notes
due 2014 or the exchange offer for the 10% Senior Subordinated
Notes due 2016 should be directed to the exchange agent, LaSalle
Bank National Association, at (312) 904-5527.

Headquartered in Beachwood, Ohio, Aleris International Inc.
(NYSE: ARS) -- http://www.aleris.com/-- manufactures rolled     
aluminum products and offers aluminum recycling and the production
of specification alloys.  The company also manufactures value-
added zinc products that include zinc oxide, zinc dust and zinc
metal.  The company operates 50 production facilities in North
America, Europe, South America and Asia, and has approximately
8,500 employees.

                          *    *    *

Standard & Poor's assigned Aleris International Inc. a B+ senior
secured first-lien term loan rating and gave the company a '2'
recovery rating after the report that the company increased
the term loan by $125 million.  With the add-on, the total amount
of the facility is now $1.23 billion.


AMBROSE MCMURPHY: Case Summary & 11 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Ambrose Jeru McMurphy, III
        101 Marsbury Lane
        Cary, NC 27519

Bankruptcy Case No.: 07-01807

Chapter 11 Petition Date: August 21, 2007

Court: Eastern District of North Carolina (Raleigh)

Judge: A. Thomas Small

Debtor's Counsel: William P. Janvier, Esq.
                  Everett Gaskins Hancock & Stevens, LLP
                  P.O. Box 911
                  Raleigh, NC 27602
                  Tel: (919) 755-0025
                  Fax: (919) 755-0009

Estimated Assets: $100,000 to $1 Million

Estimated Debts:  $1 Million to $100 Million

Debtor's List of its 11 Largest Unsecured Creditors:

   Entity                      Nature of Claim        Claim Amount
   ------                      ---------------        ------------
Hancock Bank                   Home 2442 Westshore        $945,000
2510 14th Street               Drive, Biloxi, MS
Gulfport, MS 39501
                                                          $161,000
                                                      Senior Lien:
                                                          $945,000

Equity Services                Home 2442 Westshore        $200,000
5711 Six Forks Road            Drive, Biloxi, MS      Senior Lien:
Suite 201                                               $1,106,000
Raleigh, NC 27609-3888

Bridges Investment             Home 2442 Westshore         $70,000
Company, Inc.                  Drive, Biloxi, MS      Senior Lien:
P.O. Box 16978                                          $1,306,000
Jackson, MS 39236

Toyota Financial Services                                  $48,013

Lexus Financial Services                                   $34,192

Citi Cards                                                 $15,961

Discover Card Services                                      $6,597

Bancorp South Credit Card                                   $4,383

Cross Country Bank                                          $1,442

Home Depot Credit Services                                  $1,003

Advanta Bank Corp.                                            $521


ASAT HOLDINGS: Obtains Nasdaq Notice on Below Criteria Securities
-----------------------------------------------------------------
ASAT Holdings Limited has received a letter from the Nasdaq Staff
stating that the company's market value of listed securities has
been below $35,000,000 as required for continued inclusion by
Marketplace Rule 4320(e)(2)(B).  

Therefore, in accordance with Marketplace Rule 4320(e)(2)(D), the
company will be provided 30 calendar days, or until Sept. 14,
2007, to regain compliance.  If, at anytime before Sept. 14, 2007,
the market value of listed securities of the company's ADSs is
$35,000,000 or more for a minimum of 10 consecutive business days,
Staff will determine if the company complies with this Rule.

If compliance with this Rule cannot be demonstrated by Sept. 14,
2007, Staff will provide written notification that the company's
securities will be delisted.  At that time, the company may appeal
Staff's determination to a Listing Qualifications Panel.
    
The company was also notified by Nasdaq that it does not comply
with the minimum stockholders' equity of $2,500,000 or net income
from continuing operations of $500,000 in the completed fiscal
year or in two of the last three most recently completed fiscal
years, which are requirements for continued listing on the Nasdaq
Capital Market.

Headquartered in Pleasanton, California, ASAT Holdings Limited
(Nasdaq: ASTT) -- http://www.asat.com/-- is a provider of   
semiconductor package design, assembly and test services.  With 18
years of experience, the company offers a definitive selection of
semiconductor packages and world-class manufacturing lines.  
ASAT's advanced package portfolio includes standard and high
thermal performance ball grid arrays, leadless plastic chip
carriers, thin array plastic packages, system-in-package and flip
chip.  ASAT was the first company to develop moisture sensitive
level one capability on standard leaded products.  The company has
operations in the United States, Asia and Europe.

                          *     *     *

ASAT Holdings Limited's consolidated balance sheet at April 30,
2007, showed $135.1 million in total assets, $217.7 million in
total liabilities, and $5.7 million in series A redeemable
convertible preferred shares, resulting in a $88.3 million total
stockholders' deficit.


ATARI INC: Non-Filing of Quarterly Report Cues Delisting Notice
---------------------------------------------------------------
Atari Inc. has received a Nasdaq Staff Determination stating that,
because it did not file its Quarterly Report on Form 10-Q for the
quarter ended June 30, 2007, within the prescribed time period, it
is not in compliance with Marketplace Rule 4310(c)(14) and that
such deficiency serves as an additional basis for delisting its
securities from the Nasdaq Global Market.

Receipt of the Determination does not result in immediate
delisting of Atari's common stock.
    
Atari has made a request for a hearing with The Nasdaq
Listing Qualifications Panel to appeal the Nasdaq Staff's
Determination on its delinquency in filing its Annual Report on
Form 10-K and has a hearing date of Aug. 30, 2007.  

The Panel will consider both deficiencies at that time.  The
hearing request stayed any delisting pending the Panel's decision.
Atari has not filed its Form 10-K because it is still determining
what, accounting entries need to be made with respect to certain
severance matters.

Atari cannot determine its first quarter results until the prior
year-end results are final.  Atari will endeavor to make that
determination as quickly as possible and therefore file its Form
10-K prior to the hearing date and its Form 10-Q promptly as
possible thereafter.  

There can be no assurance the Panel will grant Atari's request
for continued listing.
    
                         About Atari Inc.

Headquartered in New York City Atari, Inc. (Nasdaq: ATAR) --
http://www.atari.com/-- is a third-party publisher of interactive
entertainment software in the U.S that develops interactive games
for all platforms.  The company's 1,000+ titles include franchises
such as The Matrix(TM) (Enter The Matrix and The Matrix: Path of
Neo), and Test Drive(R); and mass-market and children's franchises
such as Nickelodeon's Blue's Clues(TM) and Dora the Explorer(TM),
and Dragon Ball Z(R).  Atari Inc. is a majority-owned subsidiary
of France-based Infogrames Entertainment SA (Euronext - ISIN:
FR-0000052573), an interactive games publisher in Europe.

                       Going Concern Doubt

Deloitte & Touche LLP expressed substantial doubt about Atari,
Inc.'s ability to continue as a going concern after auditing the
Company's financial statements for the for the fiscal years ended
March 31, 2006 and 2005.  The auditing firm pointed to Atari's
significant operating losses and the expiration of its line of
credit facility.


AUSTRALIAN FOREST: June 30 Balance Sheet Upside-Down by $11.7 Mil.
------------------------------------------------------------------
Australina Forest Industries' consolidated balance sheet at
June 30, 2007, showed $20.5 million in total assets and
$32.2 million in total liabilities, resulting in an $11.7 million
total stockholders' deficit.

The company's consolidated balance sheet at June 30, 2007, also
showed strained liquidity with $723,014 in total current assets
available to pay $26.7 million in total current liabilities.

The company reported a net loss of $1.8 million on sales of
$1.4 million for the second quarter ended June 30, 2007, compared
with a net loss of $609,068 on sales of $4.0 million for the same
period ended June 30, 2006.

Operating costs for the three-months ended June 30, 2007,
aggregated $3.2 million.  This includes costs incurred in general
and administrative selling of $2.4 million.   The company incurred
an operating loss of $1.9 million for the quarter ended June 30,
2007, compared with an operationg loss of $732,755 for the same
quarter in 2006.

Net cash used in operating activities for the six-month period
ended June 30, 2007, was $2.9 million.  Net cash used in investing
activities for the six-month period ended June 30, 2007, was
$80,826.  Net cash provided by financing activities was $5.0
million for this period.

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2007, are available for
free at http://researcharchives.com/t/s?22d5

                       Going Concern Doubt

Meyler & Company LLC, in Middletown, N.J., expressed substantial
doubt about Australian Forest Industries' ability to continue as  
a going concern after auditing the company's consolidated
financial statements as of the years ended Dec. 31, 2006, and
2005.  The auditing frim pointed to the company's net loss of
$6,232,558 in 2006, stockholders' deficit of $6,834,184 at
Dec. 31, 2006,  and existing uncertain conditions the company
faces relative to its ability to obtain capital and operate
successfully.

The company incurred a net loss of $4.1 million for the six months
ended June 30, 2007, and has a stockholders' deficit of
$11.7 million at June 30, 2007.

Additionally, during the fourth quarter, the company experienced a
severe liquidity problem and was having difficulty obtaining logs
to operate its businesses.  Currently, management has entered into
a processing contract with Weyerhaeuser to process their logs for
which the company is receiving a processing fee.

On March 24, 2007, the company terminated agreements with each of
Simba Mines Inc., and Bongani International Group Limited due to
the parties' failure to reach agreement on key terms.  As a result
of the termination, both the Stock Purchase Agreement and the
Share Sale Agreement were mutually terminated by the parties
thereto on March 24, 2007.

                     About Australian Forest

Headquartered in Port Melbourne, Victoria, Australia, Australian
Forest Industries (OTC BB: AUFI.OB) fka. Multi-Tech International
Corp. was originally incorporated in the State of Nevada on
Sept.  21, 1998 under the name Oleramma Inc.  The company operates
a pine sawmilling and timber facility at Canberra, which has a
capacity to process 200,000 cubic meters of log.  This sawmill
processed approximately 170,000 cubic meters of log during the
year ended Dec. 31, 2006.


BALLY TOTAL: Landlords Balk at Amended $292,000,000 DIP Pact
------------------------------------------------------------
Twenty-six landlords that are parties to unexpired leases
of non-residential real property with Bally Total Fitness Holding
Corporation and its debtor-affiliates, filed objections to the
amended proposed debtor-in-possession financing agreement the
Debtors entered into with Morgan Stanley Senior Funding Inc.

As reported in the Troubled Company Reporter on Aug. 2, 2007,
Morgan Stanley agreed to arrange a $292,000,000 DIP facility
comprised of a $50,000,000 revolving facility and a $242,000,000
term loan facility, which was later amended.

Under the amended DIP agreement, the DIP Lenders would provide
the DIP Facility and Exit Facility to the Debtors regardless
of whether the Debtors sought or obtained confirmation of their
Original Plan or Modified Plan.

The Debtors noted that the modifications do not materially alter
the treatment of any class of claims or interests in the Plan.

The Landlords objected to the Amended DIP Agreement to the extent
that the Debtors pledge, grant a security interest or lien on,
sell, assign or otherwise transfer the Debtors' interest in the
Leases to the DIP Lenders.  

Most, if not all, of the Objecting Landlords' Leases are leases
of premises located in shopping centers, and contain express
language prohibiting the granting of liens in, the leasehold
interest.  Moreover, many of the Objecting Landlords' leases are
encumbered by mortgages, which specifically prohibit the Landlord
from allowing any encumbrances to be granted upon the various
tenant Leases, which are themselves subject to the prior mortgage
lien of the Landlords' lender.

"Although it is not unusual for lenders to require liens on a
debtor's real property leases, these liens are frequently limited
to only the proceeds of the debtor's leasehold interests and do
not extend to the leaseholds themselves," Kevin M. Newman, Esq.,
at Menter, Rudin & Trivelpiece PC, in Syracuse, New York, counsel
for Objecting Landlord Inland Commercial Property Management,
Inc., states.

Under Section 365(f)(2) of the Bankruptcy Code, Mr. Newman says,
a debtor cannot assign an unexpired lease of nonresidential real
property without first proving that the proposed assignee can
provide the landlord with adequate assurance of future
performance.

In the event the Debtors defaulted and the DIP Lenders foreclosed
on the Leases, landlords could suffer a de facto assignment of
the Leases to a new tenant, without adequate assurance of future
performance as required by Section 365(f), contends Mr. Newman.

Against this backdrop, the Objecting Landlords ask the Court to
modify the description of "Collateral" in the Court's final DIP
order, to provide that the Collateral does not include the
Debtors' leasehold interests, only the proceeds from the sale,
assignment or other disposition of the leasehold interests.

The Objecting Landlords are:

   (1) Fairlane Town Center LLC,
   (2) Inland Commercial Property Management, Inc.,
   (3) Inland U.S. Management LLC,
   (4) Centro Property Group,
   (5) Federal Realty Investment Trust,
   (6) SVF Kendall Miami LLC,
   (7) Prudential Insurance Company of America,
   (8) RREEF USA Funds,
   (9) Sywest Development,
  (10) West Valley Properties, Inc.,
  (11) Commercial Realty Enterprises LLC,
  (12) James Campbell Company,
  (13) Blackhawk Centercal LLC,
  (14) Columbia Cascade Plaza LLC,
  (15) Regency Centers LP,
  (16) Leo P. Siklar,
  (17) Libby Siklar,
  (18) The Morris Rochlin Trust,
  (19) Westfield LLC,
  (20) Hawthorne LP,
  (21) Wheaton Plaza Regional Shopping Center LLP,
  (22) Simon Property Group, Inc.,
  (23) High Definition Realty LLC,
  (24) Northlake Festival LLC,
  (25) Textron Financial Corporation, and
  (26) The Matton Group Ltd.

Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(Pink Sheets: BFTH.PK) -- 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 Total and its affiliates filed for chapter 11 protection
on July 31, 2007 (Bankr. S.D.N.Y. Case No. 07-12396) after
obtaining requisite number of votes in favor of their pre-packaged
chapter 11 plan.  Joseph Furst, III, Esq. at Latham & Watkins,
L.L.P. represents the Debtors in their restructuring efforts.
As of June 30, 2007, the Debtors had $408,546,205 in total assets
and $1,825,941,54627 in total liabilities.  

No schedule has been set to date for an organizational meeting
that would create an Official Committee of Unsecured Creditors.
The Court recently held that the meeting of creditors pursuant to
Section 341(a) of the Bankruptcy Code will not be convened, and
is canceled, if the Debtors' Plan of Reorganization is confirmed
on or prior to October 16, 2007.  (Bally Total Fitness Bankruptcy
News, Issue No. 6; Bankruptcy Creditors' Services Inc.
http://bankrupt.com/newsstand/or 215/945-7000).


BANC OF AMERICA: Fitch Holds "B-" Rating on $4.8MM Class O Certs.
----------------------------------------------------------------
Fitch Ratings affirmed these classes of Banc of America Commercial
Mortgage Corp., series 2004-6, commercial mortgage pass-through
certificates:

  -- $9 million class A-1 at 'AAA';
  -- $193.7 million class A-2 at 'AAA';
  -- $220.8 million class A-3 at 'AAA';
  -- $35.4 million class A-4 at 'AAA';
  -- $35.6 million class A-AB at 'AAA';
  -- $237.4 million class A-5 at 'AAA';
  -- $56.2 million class A-J at 'AAA';
  -- Interest-only class XC at 'AAA';
  -- Interest-only class XP at 'AAA';
  -- $19.1million class B at 'AA';
  -- $9.6 million class C at 'AA-';
  -- $17.9 million class D at 'A';
  -- $9.6 million class E at 'A-';
  -- $14.3 million class F at 'BBB+';
  -- $9.6 million class G at 'BBB';
  -- $13.1 million class H at 'BBB-';
  -- $6.0 million class J at 'BB+';
  -- $4.8 million class K at 'BB';
  -- $4.8 million class L at 'BB-';
  -- $3.6 million class M at 'B+';
  -- $3.6 million class N at 'B';
  -- $4.8 million class O at 'B-'
  
Fitch does not rate the $14.3 million class P.

The rating affirmations are the result of stable performance and
minimal paydown since issuance.  As of the August 2007 remittance
report, the transaction has paid down 3.5% to $ 923.3 million from
$956.6 million at issuance.

There are currently no delinquent or specially serviced loans in
this transaction.


BANC OF AMERICA: Fitch Affirms Low-B Ratings on Four Classes
------------------------------------------------------------
Fitch affirmed Banc of America Commercial Mortgage Inc., Series
2006-3 as:

  -- $34.1 million class A-1 at 'AAA';
  -- $43.5 million class A-2 at 'AAA';
  -- $60 million class A-3 at 'AAA';
  -- $1,010.7 million class A-4 at 'AAA';
  -- $218.8 million class A-1A at 'AAA';
  -- $196.5 million class A-M at 'AAA';
  -- $152.3 million class A-J at 'AAA';
  -- Interest-only class XW at 'AAA';
  -- $41.8 million class B at 'AA';
  -- $19.6 million class C at 'AA-';
  -- $31.9 million class D at 'A';
  -- $17.2 million class E at 'A-';
  -- $22.1 million class F at 'BBB+';
  -- $17.2 million class G at 'BBB';
  -- $22.1 million class H at 'BBB-';
  -- $12.3 million class J at 'BB+';
  -- $7.4 million class K at 'BB';
  -- $7.4 million class L at 'BB-';
  -- $2.5 million class M at 'B+'.

Fitch does not rate the $7.4 million class N, the $4.9 million
class O, and the $27 million class P.

The rating affirmations reflect stable performance and minimal
paydown of the transaction since issuance.  As of the August 2007
distribution date, the pool's aggregate certificate balance has
decreased 0.4% to $1.957 billion from $1.965 billion at issuance.  
There have been no delinquent or specially serviced loans since
issuance.

At issuance, Fitch credit assessed the One Stamford Forum (5%) and
FBI Regional Headquarters (4.5%) loans.  Both loans continue to
maintain their investment grade credit assessments based on stable
performance and occupancy levels since issuance.


BEAR STEARNS: Fitch Holds B- Rating on $3.1 Million Class P Certs.
------------------------------------------------------------------
Fitch Ratings has upgraded Bear Stearns Commercial Mortgage
Securities Inc. commercial mortgage pass-through certificates,
series 2004-PWR5, as:

  -- $29.3 million class B to 'AA+' from 'AA';
  -- $9.3 million class C to 'AA' from 'AA-';
  -- $20 million class D to 'A+' from 'A';
  -- $13 million class E to 'A' from 'A-'.

In addition, Fitch affirmed these classes:

  -- $40.5 million class A-1 at 'AAA';
  -- $156 million class A-2 at 'AAA';
  -- $134 million class A-3 at 'AAA';
  -- $100 million class A-4 at 'AAA';
  -- $579.1 million class A-5 at 'AAA';
  -- Interest-only class X-1 at 'AAA';
  -- Interest-only class X-2 at 'AAA';
  -- $15.4 million class F at 'BBB+';
  -- $9.3 million class G at 'BBB';
  -- $18.5 million class H at 'BBB-';
  -- $4.6 million class J at 'BB+';
  -- $4.6 million class K at 'BB';
  -- $6.2 million class L at 'BB-';
  -- $4.6 million class M at 'B+';
  -- $4.6 million class N at 'B';
  -- $3.1 million class P at 'B-'.
  
Fitch does not rate the $13.9 million class Q certificates.

The upgrades reflect defeasance, pay down and stable pool
performance since the last review.  As of the August 2007
distribution date, the pool has paid down 5.8% to $1.16 billion
from $1.23 billion at issuance.  To date, five loans (15.6%) have
been defeased.  There have been no delinquent or specially
serviced loans since issuance.

Fitch reviewed the performance of the seven remaining credit
assessments: Reisterstown Plaza (4.3%), World Apparel Center
(3.2%), Fullerton Metrocenter (2.4%), New Castle Marketplace
(1.2%), Palmetto Business Park (1.2%), Monticello Mall (1.1%) and
New Hampshire Tower (0.9%).  Based on their stable performance the
loans maintain their investment grade credit assessments.

Reisterstown Plaza is a 791,661 square foot mixed-use property
consisting of retail and office space in Baltimore, MD.  Anchor
tenants include Home Depot and Burlington Coat Factory.  The
property benefits from the experienced sponsorship and management
of Inland Western Retail Real Estate Trust, a subsidiary of Inland
Group, Inc.  Occupancy as of June 30, 2007, has increased to 97.5%
from 97.1% at issuance.

World Apparel Center is a 1.2 million sf office property located
in Midtown Manhattan.  Major tenants include Jones Apparel Group,
Chase Manhattan and Levi Strauss.  The property benefits from the
experienced sponsorship of Trizec Properties, Inc., a publicly
traded real estate investment trust.  Occupancy as of Jan. 31,
2007 is 91% compared to 97.9% at issuance.


BEAZER HOMES: Files Suit Against Senior Notes' Trustee
------------------------------------------------------
Beazer Homes USA Inc. disclosed in a regulatory filing with the
U.S. Securities and Exchange Commission that on Aug. 21, 2007, it
filed an action with the United States District Court in Atlanta,
Georgia against U.S. Bank National Association, the trustee under
the indentures governing the company's outstanding senior notes.

As reported in the Troubled Company Reporter on Aug. 15, 2007, the
company said that it will be unable to file its Form 10-Q for the
period ended June 30, 2007, by the required deadline.

The company disclosed that its Audit Committee is conducting an
independent internal investigation of the company's mortgage
origination business and related matters.  To assist with the
investigation, the Audit Committee retained independent legal
counsel, who, in turn, retained independent forensic accountants.

During the course of the investigation, the company discovered
that its former Chief Accounting Officer may have caused reserves
and other accrued liabilities, relating primarily to land
development costs and costs to complete houses, to have been
recorded in prior accounting periods in excess of amounts that
would have been appropriate under generally accepted accounting
principles.  These reserves and other accrued liabilities, if
reversed in subsequent accounting periods, could have been used to
reduce the company's operating expenses by amounts that would not
have been appropriate under generally accepted accounting
principles.

The company relates that it is seeking, among other relief, a
declaration from the court against the trustee that the filing
delay does not constitute a default under the applicable
indentures and that the delay will not give rise to any right of
acceleration on the part of the holders of the senior notes.

The company said it has not received a notice of default under any
of the indentures.

A full-text copy of the complaint may be viewed for free at:

             http://ResearchArchives.com/t/s?22de

                      About Beazer Homes

Headquartered in Atlanta, Beazer Homes USA Inc., (NYSE: BZH) --
http://www.beazer.com/-- is one of the country's ten largest
single-family homebuilders with operations in Arizona, California,
Colorado, Delaware, Florida, Georgia, Indiana, Kentucky, Maryland,
Mississippi, Nevada, New Jersey, New Mexico, New York, North
Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas,
Virginia and West Virginia and also provides mortgage origination
and title services to its homebuyers.

                         *     *     *

As reported in the Troubled Company Reporter on Aug. 21, 2007,
Standard & Poor's Ratings Services placed its 'BB-' corporate
credit and senior unsecured debt ratings on Beazer Homes on
CreditWatch with negative implications.  The CreditWatch
placements affect roughly $1.5 billion in rated debt securities
and follow the company's recent announcement that its third-
quarter  10-Q filing (due Aug. 14, 2007) will be delayed.

As reported in the Troubled Company Reporter on Aug. 15, 2007,
Moody's Investors Service placed all of the ratings of Beazer
Homes under review for downgrade, including its Ba2 corporate
family rating, Ba2 probability of default rating, and Ba2 (LGD-4,
53%) rating on its senior notes.  This action followed the
company's announcement that it would be unable to file its fiscal
third quarter 10-Q statement in a timely fashion.

At the same time, Fitch Ratings downgraded Beazer Homes' Issuer
Default Rating to 'BB' from 'BB+' and simultaneously placed its
ratings on Rating Watch Negative.


C AND C PROPERTIES: Has Until Sept. 23 to File Chapter 11 Plan
--------------------------------------------------------------
The Honorable Edward Ellington of the U.S. Bankruptcy Court for
the Southern District of Mississippi extended C and C Properties
Inc.'s exclusive period to file a Chapter 11 plan of
reorganization and disclosure statement until Sept. 23, 2007,

The Debtor's exclusive period to file a plan expired on July 23,
2007.

The Debtor told the Court that it was not able to complete its
proposed plan because of ongoing negotiations with various
creditors.

Jeffrey K. Tyree, Esq., at Harris Jernigan & Geno, PLLC, assured
the Court that the Debtor's request for extension will not result
in any undue prejudice to any of its creditors or other party-in-
interest.

Based in Union, Mississippi, C and C Properties, Inc. develops
real estate properties.  The company filed for Chapter 11
protection on January 24, 2007 (Bankr. S.D. Miss. Case No.
07-50082).  Jeffery Kyle Tyree, Esq. and Melanie T. Vardaman,
Esq., at Harris Jernigan & Geno, PPLC, represent the Debtor in
its restructuring efforts.  No Committee of Unsecured Creditors
has been appointed in the Debtor's bankruptcy proceedings.  In
its schedules filed with the Court, the Debtor disclosed total
assets of $12,500,000 and total debts of $10,016,965.


CAPITAL ONE: Halted Loan Operations Cue Moody's to Hold Ratings
---------------------------------------------------------------
Moody's Investors Service affirmed the ratings of Capital One
Financial Corporation and subsidiaries following the company's
announcement that it will cease residential mortgage origination
operations at its GreenPoint Mortgage subsidiary.  The outlook for
all ratings remains stable.

As part of the closure of the GreenPoint Mortgage subsidiary,
Capital One will take an after-tax charge of about $860 million,
of which $650 million is non-cash and related to goodwill.  While
Moody's finds the charge to earnings to be material, the overall
impact on the company's tangible capital ratios is manageable.

"The Capital One franchise generates considerable earnings from
its multiple consumer credit and deposit businesses, which should
allow the company's capital metrics to recover relatively
quickly," said Moody's Vice President -- Senior Analyst, Curt
Beaudouin.

Moody's notes that the company's recent purchase of NetSpend, all
cash purchase of about $700 million, and the charges discussed
above will negatively affect the company's capital ratios in the
near-term.  In addition, Capital One retains exposure to
GreenPoint's mortgage originations through its $2.6 billion held-
for-sale portfolio.

The majority of this portfolio is committed for sale under forward
flow agreements and the company has built reserves for its
remaining exposure.  Moody's expects any additional valuation
adjustments to this portfolio to be manageable.  Moody's will
continue to monitor the credit quality of Capital One's much
larger held-for-investment mortgage portfolio ($12.5 billion),
which is primarily comprised of first lien, agency conforming
loans.

Moody's will also closely monitor COF's capital generation and the
replenishment of capital ratios that have been diminished by the
mortgage related charge, the NetSpend acquisition, and share
repurchase activity.  Moody's expectation is that capital ratios
will be returned to former levels promptly through the robust
capital generation capability of the firm, noting that potential
adjustment of the share repurchase program provides additional
flexibility in this regard.

Capital One's ratings are supported by its diversified revenue
base, strong liquidity profile, and experienced management team.

Ratings affirmed include these:

Capital One Financial Corporation

-- Senior UnsecuredA3

Capital One Bank

-- Senior UnsecuredA2
-- Long Term DepositsA2
-- Bank Financial StrengthC+

Capital One Financial Corporation, headquartered in McLean, VA, is
a bank holding company and the fourth largest U.S. bank credit
card issuer.  Capital One reported $199 billion in average managed
assets (including securitized receivables) at June 30, 2007.


CAPITAL ONE: Closed Operations Won't Affect Ratings, Fitch Says
---------------------------------------------------------------
Fitch Ratings that Capital One's decision to shut-down mortgage
origination operations at GreenPoint Mortgage will not have any
near-term impact on COF's ratings.  However, Fitch expects that
the resolution of the Positive Rating Outlook will be extended
beyond 12- to 18-months, in order to fully assess the impact of
the North Fork acquisition and the GPM wind-down, as well as the
affect market factors will have on credit quality at all business
units.

COF expects to record after-tax costs of $860 million associated
with the closure of GPM in 2007, composed of $650 million in the
write-down of goodwill, $100 million in restructuring charges, and
$110 million in valuation adjustments related to ongoing
operations.  While Fitch understands capital ratios will be
negatively impacted over the near-term, tangible capital is
expected to remain relatively stable.

The closure of GPM is not a positive rating factor, but Fitch
appreciates management's decision was made in light of its ability
to profitably operate in the Alt-A mortgage market over the long-
term, given uncertain conditions in the secondary market.  
Additionally, while Fitch believes GPM has had a good presence in
the mortgage market, they do not believe that COF's decision to
purchase North Fork Bancorporation was motivated by the
acquisition of the GPM subsidiary.  Therefore, Fitch did not view
GPM operations to be a core operating strength of the company.  
COF will continue to originate mortgages through non-broker
channels at Capital One National Association and Capital One Home
Loans.

The Positive Rating Outlook continues to reflect benefits expected
to be achieved from the company's product and funding
diversification, as it integrates its largest acquisition to date.  
Fitch believes a smooth integration of North Fork combined with
stable operating performance in all business segments could
support rating momentum.  Conversely, ratings could be constrained
by significant integration issues, weakening credit quality beyond
Fitch's expectations, and/or material deterioration in the U.K.
card portfolio.


CATHOLIC CHURCH: Court Denies J. Ryan as San Diego's Advisor
------------------------------------------------------------
R. Todd Neilson, the "expert witness" tasked to look into The
Roman Catholic Bishop of San Diego's cash management system,
delivered the results of his investigation in a 175-page report to
the Hon. Louise DeCarl Adler of the U.S. Bankruptcy Court for the
Southern District of California on July 30, 2007.

The U.S. Bankruptcy Court for the Southern District of California
has denied an application filed by The Roman Catholic Bishop of
San Diego to engage John E. Ryan, a retired U.S. Bankruptcy judge,  
to act as an advisor and consultant to the Diocese.

"This case already has a substantial number of professionals and
former Judge Ryan's addition -- even pro bono -- will only
increase costs to this estate by causing multiple conferences with
yet another layer of participants," Judge Adler said.

According to the Court, all matters on which former Judge Ryan is
supposed to "consult" are matters which counsel for the Diocese or
the Organization of Parishes are already performing.

Prior to Judge Adler's ruling, the Diocese pleaded to the Court to
allow it to engage Judge Ryan as its consultant, arguing that the
consulting services to be provided are on a pro bono basis,
without any fee or charge to the Diocese or the bankruptcy estate,
other than reimbursement of ordinary and customary actual out-of-
pocket expenses like car mileage, parking, and working lunches and
dinners.  The Diocese also agreed to hold Judge Ryan harmless from
any claims or actions resulting from his performance as
consultant, including costs and attorney's fees in defending any
resulting litigation.

Counsel for the Diocese, Gerald P. Kennedy, Esq., at Procopio,
Cory, Hargreaves & Savitch LLP, in San Diego, California, told the
Court that the consulting services, which include assisting the
Diocese:

    (a) to understand and carry out its responsibilities as a
        Chapter 11 Debtor and the orders of the Court;

    (b) to present, negotiate, and achieve a fair consensual plan
        with its creditors;

    (c) in mediation and settlement discussions with the tort
        claimants to resolve important reorganization issues;

    (d) in communicating effectively with parishes regarding the
        reorganization process; and

    (e) in administrative matters pertaining to the reorganization
        process,

were to be provided on an as needed basis, and only when Judge
Ryan is available.

The proposed services did not include Judge Ryan making Court
appearances or advocating or arguing any position on behalf of the
Diocese directly to the Court.

The Official Committee of Unsecured Creditors objected to the
application arguing that the it is premature in light of the
impending expert report, and is unnecessary as the proposed
services are redundant of those already provided by the Diocese's
team of professionals.  There is "something going on here besides
the need for another consultant," the Committee stated in its
opposition.

The Diocese replied that the Committee's objection is based on
speculation, is unwarranted and unfounded, and should, therefore,
be disregarded by the Court in its entirety.

                   About the San Diego Diocese

The Roman Catholic Diocese of San Diego in California --
http://www.diocese-sdiego.org/-- employs approximately
3,000 people in various areas of work.  The Diocese filed for
Chapter 11 protection just before commencement of the first of
court proceedings for 140 sexual abuse lawsuits filed against the
Diocese.  Authorities of the San Diego Diocese said they were not
in favor of litigating their cases.

The San Diego Diocese filed for chapter 11 protection on Feb. 27,
2007 (Bankr. S.D. Calif. Case No. 07-00939).  Gerald P. Kennedy,
Esq., at Procopio, Cory, Hargreaves and Savitch LLP, represents
the Diocese.  In its schedules of assets and liabilities, the
Diocese listed total assets of $152,510,888 and total liabilities
of $72,754,092.  On March 27, 2007, the Debtor filed its plan and
disclosure statement.  (Catholic Church Bankruptcy News, Issue
No. 99; Bankruptcy Creditors' Service Inc.
http://bankrupt.com/newsstand/or 215/945-7000).


CATHOLIC CHURCH: Howrey LLP Okayed as San Diego's Special Counsel
-----------------------------------------------------------------
The Roman Catholic Bishop of San Diego obtained permission from
the U.S. Bankruptcy Court for the Southern District of California
to employ Howrey LLP as its special counsel regarding complex
insurance coverage matters, nunc pro tunc to July 1, 2007.

Msgr. Steven Callahan, the Diocese's vicar general, relates that
Howrey LLP has the experience and expertise necessary to provide
San Diego representation in the complex insurance coverage issues
the Diocese faces.  Since the Diocese holds certain insurance
policies that provide coverage with respect to clergy abuse
claims, it is important for the Diocese to have expert counsel to
analyze the Claims as they relate to the insurance coverage.

Msgr. Callahan tells the Court that the Diocese wants to employ
Howrey LLP and the firm's Patrick J. McDonough, Esq., in
particular, because both have been previously employed by the
Diocese.  Because of the firm's and Mr. McDonough's familiarity
with the Diocese's coverage issues, it is most economical to hire
them, Msgr. Callahan says.

Howrey LLP will be paid previously negotiated rates on hourly
basis:

            Patrick J. McDonough      $480
            Stephen V. Masterson      $470
            Douglas W. Gastelum       $395
            Paralegals                $160 to $210
            Financial Analysts        $130 to $290

The estimated quarterly fees of Howrey LLP is approximately
$30,000 for the period from July 1, 2007, through September 30,
2007, Msgr. Callahan says.  Howrey LLP will also be paid
reimbursement of reasonable and necessary expenses incurred in
connection with its representation of the Diocese.

Mr. McDonough assures the Court that Howrey LLP does not hold or
represent any interest materially adverse to the interest of the
bankruptcy estate with respect to insurance coverage matters.

                   About the San Diego Diocese

The Roman Catholic Diocese of San Diego in California --
http://www.diocese-sdiego.org/-- employs approximately
3,000 people in various areas of work.  The Diocese filed for
Chapter 11 protection just before commencement of the first of
court proceedings for 140 sexual abuse lawsuits filed against the
Diocese.  Authorities of the San Diego Diocese said they were not
in favor of litigating their cases.

The San Diego Diocese filed for chapter 11 protection on Feb. 27,
2007 (Bankr. S.D. Calif. Case No. 07-00939).  Gerald P. Kennedy,
Esq., at Procopio, Cory, Hargreaves and Savitch LLP, represents
the Diocese.  In its schedules of assets and liabilities, the
Diocese listed total assets of $152,510,888 and total liabilities
of $72,754,092.  On March 27, 2007, the Debtor filed its plan and
disclosure statement.  (Catholic Church Bankruptcy News, Issue
No. 99; Bankruptcy Creditors' Service Inc.
http://bankrupt.com/newsstand/or 215/945-7000).


CCS MEDICAL: S&P Holds B- Credit Rating and Removes Positive Watch
------------------------------------------------------------------
Standard & Poor's Rating Services affirmed its 'B-'corporate
credit rating on diabetes and chronic care mail-order supplier CCS
Medical Inc.  In addition, the ratings were removed from
CreditWatch, where they were placed with positive implications on
May 16, 2007.  The outlook is positive.
     
At the same time, Standard & Poor's changed its bank loan ratings
on CCS' aggregate $480 million bank financing.  Ratings on the
$370 million first-lien facilities, consisting of a $50 million
revolving credit facility and a $320 million term loan, are raised
to 'B+' from 'B-', two notches above the corporate credit rating
on CCS, while the recovery rating is changed to '1' from '2',
indicating expectations of very high recovery (90%-100%) in the
event of a payment default.  The $110 million second-lien term
loan remains unchanged at 'CCC', two notches below the corporate
credit rating on CCS, with a recovery rating of '6', indicating
expectations of negligible recovery (0%-10%) in the event of a
payment default.
      
The rating action reflects the delay of the Clearwater, Florida-
based company's planned $172 million initial public offering,
which was expected to be a significant deleveraging event for the
company.  While the delayed IPO removes the prospect of an
immediate reduction of debt, some concern has been alleviated as a
result of demonstrated improvements in accounts receivables
collections and operating momentum through the first half of 2007.
      
"If the company sustains current momentum while generating further
room relative to its financial covenants, or if the company's IPO
plans are revived and completed, we could raise the rating," said
Standard & Poor's credit analyst Alain Pelanne.


CELSIA TECH: Appoints Joseph Formichelli as CEO Effective Aug. 20
-----------------------------------------------------------------
Celsia Technologies has named Joseph Formichelli as the new CEO
effective Aug. 20.  Mr. Formichelli was appointed by Celisa's
board of directors.

"Joseph brings to Celsia a proven history of focusing and
executing on strategic and tactical programs while improving
shareholder value," George Meyer, vice president, Americas and
Europe, Celsia Technologies, said.  "His leadership skills and
extensive industry background will be a great asset to the
company.  As CEO, Joseph will strengthen Celsia Technologies'
position in the electronics cooling market and help guide the
company to the next level."

"Joe's business acumen combined with his industry savvy and
operational background, make him an excellent fit for the Celsia
CEO position," Greg Osborn, managing director at Middlebury
Securities and Celsia board member, added.  "I look forward to Joe
leveraging his more than 30 years of technology management and
product globalization to drive the commercialization of Celsia's
products."

During his career, Mr. Formichelli has held senior executive
positions in manufacturing, quality assurance, engineering,
logistics, supply chain and product management.  At IBM, he served
as vice president of operations for the IBM PC company and as vice
president and general manager responsible for the ThinkPad line of
notebook computers.

He served as the executive vice president and general manager of
Toshiba's computer systems group, where he oversaw the U.S.,
Latin America, and South America business.  During this period,
Mr. Formichelli converted Toshiba's computer business from a
technology-driven indirect sales organization to one of
e-business, customer relations management and direct sales, while
revamping its manufacturing operations.

"Cooling is one of the single most critical factors in current and
emerging electronic designs," Mr. Formichelli, said.  "Celsia is
meeting the challenge with its innovative NanoSpreader(TM)
microfluidic cooling technology, and I look forward to leading the
company to further success."

Mr. Formichelli replaces Hakan Wretsell as CEO.  Celsia
Technologies' board also appointed Jorge Fernandez, corporate
controller as acting CFO, replacing Michael Karpheden, who has
resigned to pursue a career with Business Growth Consultants Inc.

                   About Celsia Technologies

Headquartered in Miami, Florida, Celsia Technologies Inc. (OTC BB:
CSAT) -- http://www.celsiatechnologies.com/-- is a full
solution provider and licensor of thermal management products
and technology for the PC, consumer electronics, lighting and
display industries.  The company is developing and
commercializing next-generation cooling solutions built on
patented micro thermofluidic technology.  Celsia Technologies'
extensive intellectual property portfolio includes patents
registered in Korea, the U.S., Japan and Taiwan, with patents
pending in the EU, Russia, India and in China.

                       Going Concern Doubt

PKF, in New York, expressed substantial doubt about Celsia
Technologies Inc.'s ability to continue as a going concern after
auditing the company's consolidated financial statements for the
years ended Dec. 31, 2006, and 2005.  The auditing firm reported
that at Dec. 31, 2006, the company and its subsidiaries have
commenced limited revenue producing operations and have an
accumulated deficit of $23.7 million.


CEPHALON INC: Lack of Investor Interest Cues S&P to Remove Ratings
------------------------------------------------------------------
Standard & Poor's Ratings Services withdrew the ratings on
Cephalon Inc. due to lack of investor interest.


COMM 2005-FL11: Fitch Holds Low-B Ratings on Three Cert. Classes
----------------------------------------------------------------
Fitch Ratings has upgraded these classes of COMM 2005-FL11
commercial mortgage pass-through certificates:

  -- $33.3 million class E to 'AAA' from 'AA+';
  -- $30.3 million class F to 'AA+' from 'AA'.

These classes are affirmed:

  -- $118.6 million class A-1 at 'AAA';
  -- $320.0 million class A-J at 'AAA';
  -- $33.3 million class B at 'AAA';
  -- $37.8 million class C at 'AAA';
  -- $25.7 million class D at 'AAA';
  -- $25.7 million class G at 'AA';
  -- $22.7 million class H at 'A+';
  -- $25.7 million class J at 'A-';
  -- $27.2 million class K at 'BBB';
  -- $22.7 million class L at 'BBB-';
  -- Interest Only classes X-1, X-2-CB, X-2-DB, X-2-SG, X-3-CB,
     X-3-DB, and X-3-SG at 'AAA'.

Classes M-SHI and M-COP have paid in full.

Fitch has also affirmed these rake classes in the
Whitehall/Starwood Golf Portfolio as:

  -- $7.2 million class M-GP at 'AA+';
  -- $18.8 million class N-GP at 'AA-';
  -- $22.2 million class O-GP at 'A+';
  -- $28.5 million class P-GP at 'A-';
  -- $15.4 million class Q-GP at 'BBB+';
  -- $21.1 million class R-GP at 'BBB';
  -- $28.6 million class S-GP at 'BBB-';
  -- $31.9 million class T-GP at 'BB+';
  -- $32.4 million class U-GP at 'BB';
  -- $13.4 million class V-GP at 'B+'.

The upgrades to classes E and F are based on the increase in
credit enhancement levels resulting from the payoff of two loans
(8.1%) since Fitch's previous rating action in May 2007.  The Long
Beach Hilton and the Crescent Office Portfolio loans paid in full
in July and August 2007, respectively.

Based on year end 2006 financial statements, the Fitch stressed
debt service coverage ratio on the trust portion of the
Whitehall/Starwood Golf Portfolio loan ($195.1 million) was 3.24
times, up from 3.01x at issuance.  When the non-pooled rake
portions of that loan are added to the calculation, an additional
$219.5 million, the DSCR is 1.53x.  The pooled Whitehall/Starwood
Golf Portfolio loan now makes up 27% of the transaction.

The largest loan, Toys R Us DE Portfolio, makes up 36.7% of the
remaining transaction balance.  In all, eight of the original 17
loans remain.  As of the August 2007 distribution date, 57.1% of
the transaction has paid off, with the balance of the transaction
at $723.2 million, down from $1.68 billion at issuance.


CORNERSTONE-CAMERON: Case Summary and 20 Largest Unsec. Creditors
-----------------------------------------------------------------
Debtor: Cornerstone-Cameron & Stonegate, Inc.
        14504 Greenview Drive, Suite 510
        Laurel, MD 20708-3202

Bankruptcy Case No.: 07-27849

Type of Business: The Debtor is a charitable organization engaged
                  in housing development, construction and
                  management.

Chapter 11 Petition Date: August 20, 2007

Court: Western District of Tennessee (Memphis)

Judge: David S. Kennedy

Debtor's Counsel: Steven N. Douglass, Esq.
                  Harris Shelton Hanover Walsh, P.L.L.C.
                  2700 One Commerce Square
                  Memphis, TN 38103
                  Tel: (901) 525-1455
                  Fax: (901) 526-4084

Estimated Assets: $1 Million to $100 Million

Estimated Debts:  $1 Million to $100 Million

Debtor's 20 Largest Unsecured Creditors:

   Entity                      Nature of Claim       Claim Amount
   ------                      ---------------       ------------
Street & Sons                                             $24,510
7938 U.S. Highway 70
Memphis, TN 38111

Protective Services Carpet                                 $7,460
Co., Inc.
4599 Damascus Road
Memphis, TN 38118

Memphis Light Gas & Water                                  $5,568
P.O. Box 388
Memphis, TN 38145-0388

Mid-South Paving Maintenance                               $3,000

Callsource                                                 $2,929

Consumer Source, Inc.                                      $2,640

Harkavy Shainberg Kaplan &                                 $2,475
Dunstan

H.D. Supply Facilities                                     $1,782

Climate Zone Air                                           $1,735

The Carpet Specialist                                      $1,637

Body, Inc.                                                 $1,605

Dillard Door & Entrance Control                            $1,304

Culpepper Plumbing, Inc.                                   $1,276

Mid America Appliance Parts                                $1,077
Center

U.S. Food Service, Inc.                                      $970

All Rite Plumbing Parts, Inc.                                $844

For Rent Magazine                                            $838

Pro-Comp Services                                            $585

Carpet Savers                                                $540

Heavenly Pools                                               $499


COUNTRYWIDE FINANCIAL: Provides Reassurance to Customers
--------------------------------------------------------
Countrywide Financial Corp., through ads released in U.S.
newspapers, reassured banking customers that their money was safe
and that the "future is bright," the Associated Press reports.

The ads, as cited by AP, stated that the bank:

    * has assets of more than $100 billion,

    * has investment-grade ratings from three major credit rating
      agencies; and

    * credit woes currently hurting its lending business won't
      affect federally insured deposits.

AP relates, citing Countrywide Financial spokesman Daniel Weidman,
that the company will do whatever it takes to reassure people that
the company is solid.

                            Job Cuts

The company also disclosed Monday that it had eliminated around
500 jobs in an effort to weather the problems currently
encountered by the home loan industry, AP adds.  The job cuts came
mainly from its Wholesale Lending Division and its Full Spectrum
Lending unit.

                   Revolving Credit Facilities

As reported in the Troubled Company Reporter on Aug. 17, 2007,
Countrywide Financial Corporation, Countrywide Home Loans, Inc.,
and Countrywide Bank, N.A., disclosed that they have fully tapped
their five unsecured revolving credit facilities as of August 16,
drawing around $11.5 billion to provide necessary liquidity after
losing access to the commercial paper market.  

The loan agreements require CFC to maintain Consolidated Net Worth
at any of no less than $7,680,000,000 and require CHL to maintain
Consolidated Net Worth at any time of no less than $2,400,000,000.  
Countrywide Bank, which is a federal savings bank, is subject to
capital requirements imposed by the Office of Thrift Supervision.

                    Bankruptcy Speculation

Kenneth Bruce, a Merrill Lynch & Co. analyst in San Francisco,
raised the possibility that Countrywide might need to seek
protection from creditors under chapter 11 in a research report
entitled "Liquidity is the Achilles heel" distributed to Merrill
Lynch clients August 15.  "If liquidations occur in a weak market,
then it is possible for CFC to go bankrupt," Mr. Bruce wrote.  

With $216 billion in assets and $202 billion in liabilities,
Countrywide would be the largest chapter 11 filing in U.S. history
by those measures.  

                       About Countrywide

Founded in 1969, Countrywide Financial Corporation (NYSE: CFC) --
http://www.countrywide.com/-- is a diversified financial services   
provider and a member of the S&P 500, Forbes 2000 and Fortune 500.
Through its family of companies, Countrywide originates,
purchases, securitizes, sells, and services prime and nonprime
loans; provides loan closing services such as credit reports,
appraisals and flood determinations; offers banking services which
include depository and home loan products; conducts fixed income
securities underwriting and trading activities; provides property,
life and casualty insurance; and manages a captive mortgage
reinsurance company.  At July 31, 2007, Countrywide employed
61,586 workers, 34,326 of which originate loans.


CREDIT SUISSE: Fitch Junks Two Distressed Recovery Ratings
----------------------------------------------------------
Fitch Ratings maintains the long-term credit rating of Credit
Suisse First Boston Mortgage Securities 1995-M1 and assigns
Distressed Recovery ratings as:

  -- $1.5 million class F-1 at 'CCC/DR1';
  -- $1.2 million class F-2 at 'CCC/DR1'.

These classes are affirmed:

  -- $310,747 class B at 'AAA';
  -- $7.8 million class C at 'AAA';
  -- $2.8 million class D at 'A';
  -- $5.1 million class E at 'B+'.

Fitch does not rate the $2,112 class G-1, and G-2 has been reduced
to zero balance due to realized losses.  Classes A and interest-
only A-X have paid in full.

The assignments of the DR ratings are due to losses from
anticipated unrecoverable interest shortfalls on classes F-1 and
F-2.

Currently there are no delinquent or specially serviced loans, but
five (55%) of the seven loans in the transaction have debt service
coverage ratios of less than 1.0 times.

The collateral for the pool is multifamily low income housing tax
credit properties located in Kentucky (38%), Washington (21%),
Georgia (19%), Tennessee (13%), Minnesota (5%) and Arizona (3%).  
The servicer has reported that the properties have earned their
10-year tax credit annual benefit stream, and are now fulfilling
the remaining 5-year compliance period, which is expected to end
in 2009.

As of the July 2007 distribution date, the transaction has paid
down 76% to $18.6 million from $77.9 million at issuance.

The transaction's structure is such that realized losses and
interest losses are absorbed by classes depending on the
originator of the disposed loan, with Dynex originated loans
absorbed first by class G-2, then G-1, followed by F-2 and F-1.  
CBA originated loans first to G-1, then G-2, followed by F-1 and
F-2.


CYTOCORE INC: Posts $1 Million Net Loss in Quarter Ended June 30
----------------------------------------------------------------
Cytocore Inc. reported a net loss of $1.0 million for the second
quarter ended June 30, 2007, compared with a net loss of
$2.5 million for the same period ended June 30, 2006.

Revenues for the three months ended June 30, 2007, decreased from
$26,000 for the three months ended June 30, 2006 to $18,000,
approximately 30%.  This decrease was the result of a reduction in
revenue from the licensing fees for the slide-based installed
systems.

The decrease in net loss resulted primarily from the reduction in
the non-cash charge to interest expense which represented a
significant amount in 2006 and was the result of the beneficial
conversion of debt to equity, partially offset by an increase in
R&D and SG&A expenses due to the company expanding its operations.

The company's consolidated balance sheet at June 30, 2007, showed
$3.2 million in total assets, $2.7 million in total liabilities,
and $517,000 in total stockholders' deficit.

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2007, are available for
free at http://researcharchives.com/t/s?22d1

                      Going Concern Doubt

Altschuler, Melvoin and Glasser LLP, in Chicago, expressed
substantial doubt about Cytocore Inc.'s ability to continue as a
going concern after auditing the company's consolidated financial
statements as of the year ended Dec. 31, 2006.  The auditing firm
pointed to the company's  recurring substantial net losses from
operations and net capital deficiency.

                      About Cytocore Inc.

CytoCore Inc. (OTC BB: CYCR) -- http://www.cytocoreinc.com/-- is
a publicly traded biotechnology company that is developing a
proteomic-based method of screening and diagnosis for endometrial
and cervical cancer.  The company's major product is called the
InPath(TM) System and is comprised of four distinct components:
the e Collector(TM), protein-based biochemical cocktails and Slide
Based Tests, the AIPS(TM) microscope platform, and a drug delivery
system for treating cervical lesions.


DLJ COMMERCIAL: Fitch Holds B- Rating on $8.9MM Class B-8 Certs.
----------------------------------------------------------------
Fitch Ratings upgraded one class of DLJ Commercial Mortgage
Corp.'s commercial mortgage pass-through certificates, series
2000-CF1, as:

  -- $31 million class B-3 to 'A' from 'A-'.

In addition, Fitch affirms these classes:

  -- $554.5 million class A-1B at 'AAA';
  -- Interest-only class S at 'AAA';
  -- $44.3 million class A-2 at 'AAA';
  -- $37.7 million class A-3 at 'AAA';
  -- $13.3 million class A-4 at 'AAA';
  -- $31 million class B-1 at 'AAA';
  -- $11.1 million class B-2 at 'AAA';
  -- $8.9 million class B-4 at 'BBB+';
  -- $2.2 million class B-5 at 'BBB';
  -- $6.6 million class B-6 at 'BBB-';
  -- $8.9 million class B-7 at 'B+';
  -- $8.9 million class B-8 at 'B-'.
  
Class A-1A has paid in full.  Fitch does not rate the
$4.7 million class C certificates.  Class D has been reduced to
zero due to realized losses.

The upgrade reflects increased credit enhancement levels due to
the additional defeasance of six loans (6.4%) since Fitch's last
rating action.  In total, 40 loans (47.6%) have defeased,
including the largest loan (6.8%) and five additional top 10 loans
(19.1%).  As of the August 2007 distribution date, the pool has
paid down 13.9% to $763.1 million from $886.2 million at issuance.

There is currently one loan (0.1%) in special servicing.  The loan
is current and pending return to the master servicer.


DUFF WAPINSKI: Case Summary & Largest Unsecured Creditor
--------------------------------------------------------
Debtor: Duff Wapinski Ranch, LLC
        55 Oakwood Drive
        Palos Park, IL 60464

Bankruptcy Case No.: 07-07412

Chapter 11 Petition Date: August 20, 2007

Court: Middle District of Florida (Ft. Myers)

Judge: Alexander L. Paskay

Debtor's Counsel: Richard Johnston, Jr., Esq.
                  Kiesel Hughes & Johnston
                  P.O. Box 1000
                  Fort Myers, FL 33902
                  Tel: (239) 337-3900
                  Fax: (239) 337-7968

Total Assets: $4,446,750

Total Debts:  $3,900,300

Debtor's List of its Largest Unsecured Creditor:

   Entity                      Nature of Claim      Claim Amount
   ------                      ---------------      ------------
Gary Wapinski                  Management Fees           $78,000
55 Oakwood Drive
Palos Park, IL 60464


DURA AUTOMOTIVE: Pacificor Backstop Rights Pact Gets Court Okay
---------------------------------------------------------------
Dura Automotive Systems Inc. obtained the U.S. Bankruptcy Court
for the District of Delaware's approval of its backstop rights
purchase agreement with Pacificor LLC.

Pacificor will underwrite 100% of the backstop commitments in
connection with the sale of approximately 39.4% to 42.6% of the
Reorganized Dura common stock in exchange for a new money
investment of between $140,000,000 to $160,000,000.

To address the issues raised by the Official Committee of
Unsecured Creditors and other parties-in-interest, Dura and
Pacificor signed an Amended Backstop Rights Purchase Agreement
dated August 13, 2007.

The Amended Backstop Agreement generally maintains the terms upon
which Dura will pay fees to Pacificor:

    * a Backstop Commitment Fee equal 4% of the Rights Offering
      Amount, payable upon consummation of the contemplated
      Chapter 11 Plan;

    * an Alternative Transaction Fee equal to 3% of the Maximum
      Rights Offering Amount if the Debtors pursue an
      alternative transaction to the Rights Offering or
      otherwise fail to fulfill certain conditions; and

    * up to $1,000,000 as reimbursement for reasonable and
      documented out-of-pocket costs.

The conditions for payment of the Alternative Transaction Fee
were, however, modified under the Amended Backstop Agreement.
The payment of the Expense Reimbursement is also regardless of
whether any Alternative Transaction Fee is payable.

The Debtors are required to provide the U.S. Trustee a copy of
the expense reimbursement documentation submitted by Pacificor.
The Amended Backstop Agreement also provides for additional
modifications:

  (1) Terms of Chapter 11 Plan.  Pacificor will have the right
      to terminate the Agreement if the Debtors file, or
      subseqently modify, a Chapter 11 plan containing terms not
      acceptable to it.  The terms subject to Pacificor's
      acceptance, however, will be limited to these areas:

       (a) Exit Facility;

       (b) Size and composition of the Board of Directors;

       (c) Exercise Price;

       (d) New Organizational Documents;

       (e) Subscription Agreement and related notices and forms;

       (f) Stockholders' Agreement;

       (g) Registration Rights Agreement; or

       (h) Effective Date.

      The Amended Backstop Agreement excludes the Management
      Equity Program and Participation in the Rights Equity
      Offering among the matters subject to Pacificor's
      scrutiny.

  (2) Board of Directors.  On the Effective Date, there will be
      seven directors on the Board of Directors of Reorganized   
      DASI.  The Board of Directors will be staggered into three
      classes with terms of three years each, except for the
      initial terms which will be for one, two and three year:

        (i) Pacificor's Power to Appoint.  On the Effective
            Date, Pacificor will appoint three directors in its
            sole discretion provided, however, if Pacificor
            holds between 20 to 30% of the Company's New Common
            Stock on the Effective Date, it will have the right
            to appoint two directors, and if Pacificor holds
            less than 20% of the Company's New Common Stock on
            the Effective Date, it will have the right to           
            appoint one director;

       (ii) Creditors Committee's Power to Appoint.  On the             
            Effective Date, the Committee will appoint two
            directors, both of whom will be Independent
            Directors.  The directors appointed by the Committee
            on the Effective Date will be reasonably acceptable
            to Pacificor, provided, however, that in the event
            the number of directors that Pacificor has the right
            to appoint is reduced by one or two directors as a
            result of its ownership of Common Stock, the
            director or directors will be appointed by the
            Creditors Committee and no acceptance of Pacificor
            will be required for the appointment; and

      (iii) Old DASI Board's Power to Appoint.  One director
            appointed by the Old DASI Board on the Effective
            Date will be an Independent Director, subject to
            reasonable approval by the Creditors Committee and
            the other will be the CEO of Reorganized DASI.

  (3) Waiver.  In the event of that anyone of the conditions to
      the obligations of Pacificor under the Agreement is not or
      cannot be satisfied, Pacificor will, within 14 days after
      being notified thereof in writing by the Debtors or the
      Creditors Committee, elect either to waive the condition
      or to terminate the Agreement by providing written notice
      of its election to the Creditors Committee and to the
      Debtors.  In the event that the Pacificor does not so
      elect in writing within the 14-day period, it will be
      conclusively deemed to have waived the condition.

A full-text copy of the Amended Backstop Agreement is available
for free at http://ResearchArchives.com/t/s?22d8

                     About DURA Automotive

Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies, structural
door modules and exterior trim systems for the global automotive
industry.  The company is also a supplier of similar products to
the recreation vehicle and specialty vehicle industries.  DURA
sells its automotive products to North American, Japanese and
European original equipment manufacturers and other automotive
suppliers.

The Debtors filed for chapter 11 petition on Oct. 30, 2006 (Bankr.
D. Del. Case No. 06-11202).  Richard M. Cieri, Esq., Marc
Kieselstein, Esq., Roger James Higgins, Esq., and Ryan Blaine
Bennett, Esq., of Kirkland & Ellis LLP are lead counsel for the
Debtors' bankruptcy proceedings.  Mark D. Collins, Esq., Daniel J.
DeFranseschi, Esq., and Jason M. Madron, Esq., of Richards Layton
& Finger, P.A. Attorneys are the Debtors' co-counsel.  Baker &
McKenzie acts as the Debtors' special counsel.  Togut, Segal &
Segal LLP is the Debtors' conflicts counsel.  Miller Buckfire &
Co., LLC is the Debtors' investment banker.  Glass & Associates
Inc., gives financial advice to the Debtor.  Kurtzman Carson
Consultants LLC handles the notice, claims and balloting for the
Debtors and Brunswick Group LLC acts as their Corporate
Communications Consultants for the Debtors.  As of July 2, 2006,
the Debtor had $1,993,178,000 in total assets and $1,730,758,000
in total liabilities.

The Debtors' exclusive plan-filing period expires on Sept. 30,
2007.  (Dura Automotive Bankruptcy News, Issue No. 26 Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or  
215/945-7000).


DURA AUTO: Summary of Terms of Proposed Stockholders' Agreement
---------------------------------------------------------------
The backstop rights purchase agreement between Dura Automotive
Systems Inc. and Pacificor LLC attached a Stockholders' Agreement
Term Sheet.

TERM                          DESCRIPTION
----                          -----------

Issuer        Reorganized Dura Automotive Systems, Inc.
Class and     Shares of New Common Stock, $0.01 par value, of
Amount of     Reorganized DASI equal to 100% of the total number
Securities    of issued and outstanding shares of New Common
to be         Stock on the Effective Date.  The shares of New
issued        Common Stock issued on the Effective Date will be
              held and, to the extent permitted, transferred
              through the Depository Trust Company.

Initial       Initial Stockholders will be (i) Pacificor, LLC,
Stockholders  in its capacity as a Senior Noteholder and the
              Backstop Party; (ii) Senior Noteholders receiving
              New Common Stock pursuant to the Chapter 11 Plan or
              the Rights Offering; and (iii) holders of certain
              Other General Unsecured Claims receiving New Common
              Stock pursuant to the Chapter 11 Plan. All
              transferees of the Initial Stockholders will be
              subject to, and bound by, the terms of the
              Stockholders Agreement.

Holder of     All holders of New Common Stock will hold such
Record        shares through The Depository Trust Company.
Dilution      All shares of New Common Stock issued on the
              Effective Date will be subject to dilution by the
              Management Equity Program.  Any shares of New
              Common Stock issued under the Management Equity
              Program will be subject to, and bound by, the terms
              of the Stockholders Agreement.

Initial       Each Share of New Common Stock will have an initial
Share         value of $500,000 unless Pacificor consents to a
              lower value.
              If the amount of the recovery value on account of an
              Allowed Claim is less than the Initial Price, or
              any whole multiple thereof, and recovery on the
              Allowed Claim in satisfaction thereof is in the
              form of New Common Stock, then the Allowed Claim
              holder will receive the number of whole shares of
              New Common Stock determined by dividing the Allowed
              Claim by the Initial Share Price plus one
              fractional share of New Common Stock for the
              remaining portion of the Allowed Claim.  No other
              fractional shares may exist after the Effective
              Date.

Fees          Pacificor will not receive any premium for selling
              or voting (or refraining from voting) its shares in
              any transaction, and no management fee, financial
              advisory or other consulting fees, non-compete fee,
              closing fee or like compensation will be payable to
              Pacificor.

A copy of the Stockholder's Agreement Term Sheet is available at
no charge at http://ResearchArchives.com/t/s?22d7

                      About DURA Automotive

Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies, structural
door modules and exterior trim systems for the global automotive
industry.  The company is also a supplier of similar products to
the recreation vehicle and specialty vehicle industries.  DURA
sells its automotive products to North American, Japanese and
European original equipment manufacturers and other automotive
suppliers.

The Debtors filed for chapter 11 petition on Oct. 30, 2006 (Bankr.
D. Del. Case No. 06-11202).  Richard M. Cieri, Esq., Marc
Kieselstein, Esq., Roger James Higgins, Esq., and Ryan Blaine
Bennett, Esq., of Kirkland & Ellis LLP are lead counsel for the
Debtors' bankruptcy proceedings.  Mark D. Collins, Esq., Daniel J.
DeFranseschi, Esq., and Jason M. Madron, Esq., of Richards Layton
& Finger, P.A. Attorneys are the Debtors' co-counsel.  Baker &
McKenzie acts as the Debtors' special counsel.  Togut, Segal &
Segal LLP is the Debtors' conflicts counsel.  Miller Buckfire &
Co., LLC is the Debtors' investment banker.  Glass & Associates
Inc., gives financial advice to the Debtor.  Kurtzman Carson
Consultants LLC handles the notice, claims and balloting for the
Debtors and Brunswick Group LLC acts as their Corporate
Communications Consultants for the Debtors.  As of July 2, 2006,
the Debtor had $1,993,178,000 in total assets and $1,730,758,000
in total liabilities.

The Debtors' exclusive plan-filing period expires on Sept. 30,
2007.  (Dura Automotive Bankruptcy News, Issue No. 26 Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or  
215/945-7000).


EARTHFIRST TECH: Inks Orion Tie-Up to Build New Tire Facilty
------------------------------------------------------------
EarthFirst Technologies Incorporated has executed an agreement
with Orion Industrial Services Corporation to joint venture the
final design, construction and commercial roll-out of its next
generation tire processing facility, known as the Catalytic
Activated Vacuum Distillation Reactor.

Under the terms of the Agreement, EarthFirst's WESCO subsidiary
will contribute certain intellectual property rights relating to
CAVD tire technology, use of the Mobile facility and up to
$450,000 cash.  Orion contributes certain intellectual property,
construction and operational resources plus cash or cash
equivalents of up to $850,000.  Profits from the venture will be
shared equally.  "Orion's affiliate has been our CAVD engineering
firm for years.  We could not ask for a better partner" stated
EarthFirst's chief executive officer John Stanton.

EarthFirst has expended millions of dollars to perfect the CAVD
system.  In 2004 a full scale, pilot CAVD Reactor was built in
Mobile, Alabama.  This reactor named "Green-Go" has operated for
over 750 hours and has successfully deconstructed over 1 Million
pounds of tire chips into recoverable by-products consisting of
carbon black, oil, steel and syngas.  Last summer EarthFirst's new
management in WESCO evaluated almost two years of data and
discovered a previously disregarded carbon product and unused
reactor technology.  These were pursued with Orion, carbon
customers and potential reactor customers and assimilated into an
upgraded reactor design that should reliably produce readily
saleable, commodity grade by-products.  There are two pending
patent applications covering WESCO's initial and improved reactor
process, technology and design.

In customer tests, WESCO's CAVD carbon black has been successfully
substituted for Series 700 virgin carbon blacks and the CAVD tire
oil has been found to be similar to a #6 Residual Oil.  Series 700
carbon black list priced at approximately 71 cents per pound last
week according to industry quotes.  The nationwide average price
of comparable Residual Oil was $1.34 per gallon in June, according
to the most recent report released by the US Department of Energy.

However, WESCO's CAVD products are something special states Brad
Mierau, PhD and WESCO's vice president of operations.  
"EarthFirst's tire process creates high energy gas and liquid
fuels low in toxic polyaromatics, and a carbon black proven to
substitute for blacks derived from petroleum.  In addition to
producing commercially viable products, the recovery of carbon
black already present in tires allows for reductions in green-
house gas emissions relative to virgin production methods.  Rising
fuel prices, the energy content of our fuel and the ability to
market our CAVD carbon in applications currently dominated by
commodity blacks should make the WESCO CAVD process attractive
financially and environmentally."

Dr. Mierau concluded, "EarthFirst's Green-Go Reactor could lead an
industry revolution in handling of the 285,000,000 waste tires
generated in the United States annually.  Tires should no longer
be burned or buried because each tire contains more than 5 pounds
of valuable carbon, over 40,000 BTU's of gas and 1.5 gallons of
oil.  WESCO's CAVD process recovers these by-products using an
estimated 5% of the energy while producing only 5% of the CO2 it
takes to create virgin carbon black and oil products.  Most
significantly WESCO's CAVD process has been certified by Oak Ridge
National Laboratory as producing virtually no fugitive emissions."

Earlier this year, WESCO's reactor and facility in Mobile was
granted a full operating air-permit by the Alabama Department of
Environmental Management.

Orion's John Kateon has been designated as the president and chief
executive officer of the WESCO/Orion CAVD tire reactor venture.
Kateon and Orion's affiliate have substantial experience
conducting engineering projects for major companies like
Chevron/Texaco, GE Energy, Shell Oil and Hunt Refining.  Mr.
Kateon remarked, "This will be a challenge and we all have a lot
riding on success.  But, I feel WESCO's CAVD will finally deliver
as promised.  It has been all about EarthFirst's new management on
the project following our joint development vision.  All the heavy
lifting has been done over the last several months.  We are
building a truly commercial machine to run 24/7 and is designed to
make high quality by-products from a waste stream.  If we are
serious as a Nation about CO2 reduction and going green, there is
no better way to dispose of tires."

Revamp of the EarthFirst "Green-Go" Reactor in Mobile, Alabama is
estimated to begin within 45 days and scheduled for completion by
years end.

                  About EarthFirst Technologies

Headquartered in Tampa, Florida, EarthFirst Technologies Inc. --
(OTC BB: EFTI) -- http://www.earthfirsttech.com/-- is a  
specialized holding company engaged in researching, developing and
commercializing technologies for the production of alternative
fuel sources and the destruction and/or remediation of liquid and
solid wastes, and in supplying electrical contracting services to
commercial and government customers internationally.  

Through its subsidiary World Environmental Solutions Company
(WESCO), EarthFirst markets solid waste remediation plants
utilizing a proprietary Catalytic Activated Distillation (CAVD)
process, which is a superior technology developed by EarthFirst to
recycle rubber tires and other waste by heating the material
without burning it.  Through its subsidiary Electric Machinery
Enterprises, Inc., the company provides electrical contracting
services both as a prime contractor and as a subcontractor,
electrical support for industrial and commercial buildings, power
generation stations, and water and sewage plants in the US and
abroad.  Through its subsidiary, SolarDiesel Corporation, the
company is primarily focused on facilitating commercial scale
production and distribution of biofuels produced from palm oil.

                       Going Concern Doubt

As reported in the Troubled Company Reporter on May 24, 2007,
Aidman, Piser & Company P.A., in Tampa, Florida, expressed
substantial doubt about EarthFirst Technologies Inc.'s ability to
continue as a going concern after auditing the company's financial
statements as of the years ended Dec. 31, 2006 and 2005.  The
auditing firm pointed to the company's significant losses and
negative operating cash flows during the years ended Dec. 31,
2006, and 2005, working capital deficiency at Dec. 31, 2006, and
expectations that additional capital will be required in order to
continue operations in 2007.

The company continues to experience cash flow difficulties and is
delinquent on payment of many of its trade creditors, its secured
convertible notes and a $100,000 unsecured note payable.


EARTHFIRST TECH: June 30 Balance Sheet Upside-Down by $3.4 Million
------------------------------------------------------------------
EarthFirst Technologies Inc.'s consolidated balance sheet showed
$20.6 million in total assets and $24.0 million in total
liabilities, resulting in a $3.4 million total stockholders'
deficit.

The company's consolidated balance sheet at June 30, 2007, also
showed strained liquidity with $9.3 million in total current
assets available to pay $17.7 million in total current
liabilities.

The company reported a net loss of $3.1 million and a loss from
operations before reorganization item, income taxes and majority
and minority interest of $674,376, on revenues of $6.7 million for
the second quarter ended June 30, 2007.  This compares with a net
loss of $1.5 million and a loss from operations before
reorganization item, income taxes and majority and minority
interest of $1.1 million, on revenues of $12.9 million for the
same period ended June 30, 2006.

This decrease in revenue relates to smaller jobs being performed
during 2007.  During 2006, the company had some very large
contracts, although they didn't produce large gross margins.  The
contracts in 2007 are more focused on profitability, and consist
of contracts that are smaller in dollars.  

The decrease in loss from operations before reorganization item,
income taxes and majority and minority interest primarily reflects
an increase in gross profit and a decrease in SG&A expenses.  

The increase in net loss primarily reflects a derivative loss of
$546,587 in the quarter ended June 30, 2007, versus a derivative
gain of $618,868 in the same period in 2006, and an increase in
interest expense.  These were  partly offset by the decrease in
loss from operations before reorganization item, income taxes and
majority and minority interest.

Gross profit for the three month period ending June 30, 2007
increased from $1.7 million to $2.0 million, or approximately 15%
when compared to the three month period ending June 30, 2006.  
Although revenues for the three months ended June 30, 2007, have
declined significantly when compared to the three months ended
June 30, 2006, the company has improved its gross profit
percentages.

Selling, general and administrative expenses for the three-month
period ending June 30, 2007, decreased by $223,408 from
$2.7 million, to $2.5 million in the current period, or a decrease
of approximately 8% compared to the three-month period ending
June 30, 2006.  

Loss from operations exclusive of share based compensation would
have been $430,810 for the three months June 30, 2007.

Derivative gain decreased from a gain of $618,868 for the three
month period ended June 30, 2006, to a loss of $546,587 for the
three month period ended June 30, 2007.  The derivative gain or
loss is associated with the company's Laurus credit facility and
fluctuations occur normally in the fair value adjustment of the
derivatives each reporting period, which result primarily from
fluctuations in the company's stock price.

Interest expense increased from $904,830 for the three month
period ended June 30, 2006, to $1.7 million for the three months
ended June 30, 2007.  This change in interest expense are
primarily due to amortization of the debt discounts associated
with the Laurus credit facility, and the reduction in the amount
of principal when compared to the prior year.

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2007, are available for
free at http://researcharchives.com/t/s?22d4

                       Going Concern Doubt

As reported in the Troubled Company Reporter on May 24, 2007,
Aidman, Piser & Company P.A., in Tampa, Florida, expressed
substantial doubt about EarthFirst Technologies Inc.'s ability to
continue as a going concern after auditing the company's financial
statements as of the years ended Dec. 31, 2006 and 2005.  The
auditing firm pointed to the company's significant losses and
negative operating cash flows during the years ended Dec. 31,
2006, and 2005, working capital deficiency at Dec. 31, 2006, and
expectations that additional capital will be required in order to
continue operations in 2007.

The company continues to experience cash flow difficulties and is
delinquent on payment of many of its trade creditors, its secured
convertible notes and a $100,000 unsecured note payable.

                  About EarthFirst Technologies

Headquartered in Tampa, Florida, EarthFirst Technologies Inc. --
(OTC BB: EFTI) -- http://www.earthfirsttech.com/-- is a  
specialized holding company engaged in researching, developing and
commercializing technologies for the production of alternative
fuel sources and the destruction and/or remediation of liquid and
solid wastes, and in supplying electrical contracting services to
commercial and government customers internationally.  


EAST VALLEY: S&P Rates $153 Mil. Senior Secured Facility at B+
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' rating to the
East Valley Tourist Development Authority's $153 million senior
secured bridge term facility.  The Authority is an instrumentality
of the California-based Cabazon Band of Mission Indians, through
which it operates the Fantasy Springs Resort and Casino near Palm
Springs, California.  The Authority used proceeds from the term
loan principally to repay existing debt obligations of the Tribe.
     
Concurrently, S&P have withdrawn our rating on the formerly
proposed $290 million senior secured note offering, as the
marketing of this deal has been delayed due to existing conditions
in the credit markets.  S&P expect that the Authority will return
to market with a note offering in the coming weeks on which S&P
expect to assign ratings upon reviewing the terms and conditions.
     
S&P affirmed its 'B+' issuer credit rating on the Authority and
revised the rating outlook to negative from stable.
      
"The outlook revision reflects our expectation for a meaningful
increase in financing costs given existing conditions in the
credit markets," explained Standard & Poor's credit analyst Guido
DeAscanis.  "This is despite the fact that under the bridge
facility structure there will be about $75 million less in debt
than at peak levels under the previously proposed notes."
     
If the Authority does not complete a refinancing transaction, the
terms for the bridge loan include a schedule of step-ups in
interest rate spreads, with an initial 100-basis-point step-up in
January 2008 and 50-basis-point increases every three months
thereafter until reaching a maximum spread of 750 basis points.  
In the event that the Authority successfully completes a debt
financing transaction, from which a portion of proceeds are used
to repay the bridge loan facility in full, S&P would expect that
interest rates associated with the offering would be meaningfully
higher that those which were assumed for the previously proposed
note offering.
     
The 'B+' issuer credit rating reflects the Authority's narrow
business focus operating in a single market, the existence of
well-established competition, and the potential for expanded
competition.  These factors are tempered by favorable recent
operating results and the solid demographics of the market.
     
The Authority's financials will not be publicly available.  
However, growth has been strong: Fantasy Springs has averaged
double-digit growth rates in gaming revenue, gross revenue, and
EBITDA during the past several years, although the property's
EBITDA base is fairly modest.  EBITDA margins compare favorably to
Standard & Poor's rated gaming universe and other Native American
casinos, in part due to the Tribe's modest revenue share
arrangement with California under its compact.
     
During the recent audit of The Authority's financials, two
instances of material weakness were identified.  S&P have reviewed
the underlying circumstances and are comfortable with these issues
within the bounds of the current rating.


EDWIN MOLINA: Case Summary & 19 Largest Unsecured Creditors
-----------------------------------------------------------
Debtors: Edwin D. Torres Molina
         Ivonne R. Pinol Santana
         Calle Aldea, Suite 1412
         San Juan, PR 00907

Bankruptcy Case No.: 07-04684

Chapter 11 Petition Date: August 21, 2007

Court: District of Puerto Rico (Old San Juan)

Debtors' Counsel: Antonio Fiol Matta, Esq.
                  1561 Avenue Americo Miranda
                  URB Caparra Terrace
                  San Juan, PR 00921
                  Tel: (787) 792-4368
                  Fax: (787) 792-4763

Total Assets: $1,824,125

Total Debts:  $1,267,513

Debtors' List of its 19 Largest Unsecured Creditors:

   Entity                               Claim Amount
   ------                               ------------
Eurobank                                     $25,000
P.O. Box 191009
San Juan, PR 00919-1009

Ivette Alamo Gomez                           $16,000
p/c LCDO. Carlos J. Rivera Santiago
PMB #420
P.O. Box 4960
Caguas, PR 00726-4960

Internal Revenue Service                      $9,168
Centralized Insolvency Operations
P.O. Box 21126
Philadelphia, PR 19114-0326

CRIM                                          $8,411

Departamento De Hacienda                      $6,807

LVNV Funding LLC                              $4,988

Banco Popular de PR                           $4,160

Autoridad de Energia Electrica                $3,295

Banco Santander                               $3,155

Coop. de Ahorro y Credito Zeno Gandia         $2,919

Citibank USA NA                               $2,264

Autoridad de Energia Electrica                $1,540

Maria Cabrera Flores                          $1,500

PEP Boys- Spanish/GEMB                          $236

Credit Protection                               $205

Popular Insurance                               $141

American Express                                $100

Gatsby                                           $81

JC Penney                                        $38


ELEPHANT TALK: June 30 Balance Sheet Upside-Down by $6.6 Million
----------------------------------------------------------------
Elephant Talk Communications Inc.'s consolidated balance sheet at
June 30, 2007, showed $21.6 million in total assets, $27.8 million
in total liabilities, and $250,921 in minority interest, resulting
in a $6.6 million total stockholders' deficit.

The company's consolidated balance sheet at June 30, 2007, also
showed strained liquidity with $7.4 million in total current
assets available to pay $21.6 million in total current
liabilities.

The company reported a net loss of $6.2 million of $12.5 million
for the second quarter ended June 30, 2007, compared with a net
loss of $525,855 for the comparable period in 2006.

The company reported revenues of $12.5 million for the three
months  ended June 30, 2007, compared to $46,613 for the same
period in 2006.  Revenues for the three months ended June 30,
2007, consisted of $8.6 million primarily from the premium rate
services provided by the company's subsidiary Elephant Talk
Communication Holding AG to its customers.  During the three
months ended June 30, 2006, the company recorded revenues by only
selling telecommunications products business such as voice and
data transmission like IDD, pre-paid calling cards, eTalk and
facsimile services provided to retail customers in China, Japan
and Hong Kong.

The increase in net loss mainly reflects stock compensation
expenses of $4.7 million, an increase in SG&A and depreciation and
amortization expenses, partly offset by an increase in gross
profit as a result of the increase in revenues.  In addition, the
company recorded income of $153,907 from the operations of
abandoned entity in the 2006 quarter that was not replicated in
the 2007 quarter.  

Gross margins for the three months ended June 30, 2007, was
$603,132, or 4.8% of revenues as compared to $2,087, or 4.5% of
revenues for the same period in 2006.  

Selling, general and administrative expenses were $1.5 million for
the three months ended June 30, 2007, compared to $573,387 for the
same period in 2006.  SG&A expenses increased during the three
months ended June 30, 2007, compared to the same period in 2006,
primarily due to the increase in marketing and promotion expenses
of the premium rate services offered to the company's subscriber
base and other legal and administrative expenses of the newly
acquired businesses.

During the three months and six months ended June 30, 2007, the
company recorded an expense of $4.7 million in stock compensation
to officers and directors as sign up bonus for executing
employment agreements for a three year term.  

Depreciation and amortization expense for the three months ended
June 30, 2007, increased to $516,859 as compared to $9,415 for the
same period in 2006 primarily due to the acquisition of assets by
the subsidiaries of the Company in 2007.

Interest expense was $193,309 for the three months ended June 30,
2007, compared to $108,271 for the same period in 2006.  Interest
expense increased due to the company borrowing additional loans
from investors and bank.

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2007, are available for
free at http://researcharchives.com/t/s?22d6

                       Going Concern Doubt

As reported in the Troubled Company Reporter on May 2, 2007,
Kabani & Company Inc. expressed substantial doubt about the  
Elephant Talk Communications Inc.'s ability to continue as a going
concern after auditing the company's financial statements as of
Dec. 31, 2006.  The auditing firm pointed to the company's loss of
$4,829,665, working capital deficit of $3,181,589, accumulated
deficit of $16,962,100, and cash used in operations of $1,330,061.

The company has an accumulated deficit of $23,932,141 including a
net loss of $7,644,721 for the six months ended June 30, 2007.  In
addition, the company is in default of making loan payments on its
credit facility with a bank in Hong Kong.

                       About Elephant Talk

Based in Tsuen Wan, Hong Kong, Elephant Talk Communications Inc.
(OTC BB: ETLK) -- http://www.elephanttalk.com/-- offers primarily  
wholesale international long-distance between North America and
Asia through its Hong Kong-based operating subsidiary, Elephant
Talk Limited.  The facilities-based carrier uses both circuit
switched and Internet protocol (IP)-based technology and operates
switching facilities in China, Hong Kong, Singapore, and the US.
Elephant Talk also offers both prepaid and postpaid calling cards
and other value-added services.


ENHANCED MORTGAGE: Fitch Junks Rating on $30MM Class B Jr. Notes
----------------------------------------------------------------
Derivative Fitch downgraded one class of notes issued from
Enhanced Mortgage-Backed Securities Fund V Ltd. and placed three
classes on Rating Watch Negative.  

The rating actions are:

  -- $20,000,000 Class A-3 Subordinated Notes 'BBB+', placed on
     Rating Watch Negative;
  -- $6,000,000 Class A-4 Junior Subordinated Notes 'BBB', placed
     on Rating Watch Negative;
  -- $30,000,000 Class B Junior Subordinated Income Notes
     downgraded to 'CCC' from 'BB' and placed on Rating Watch
     Negative.

EMBS V is a mortgage market value CDO managed by Babson Capital
Management LLC.  The structure has subordination tests for the
classes A-1, A-2, A-3, and A-4 notes designed to protect senior
rated notes from declines in the market value of the portfolio.  
However, the Classes A-3 and A-4 note triggers are not effective
as long as a total note NAV trigger is not hit as well.  In the
event where the NAV trigger is tripped, the asset manager must
sell assets from the portfolio until the class A-3 and A-4 test
are passing the predetermined levels.  The downgrades of the class
B income notes reflect Fitch's opinion that the breach of the EMBS
V NAV trigger is imminent and the subsequent deleveraging would
realize market value losses to the income notes.  The placement on
Rating Watch Negative is due to uncertainty in the transaction
prices that will be achieved during the anticipated forced sale of
assets given the price volatility that even highly rated
securities have seen in the current market environment.

The rating of the Class B Junior Subordinated Income Notes only
reflects the likelihood that investors will receive their stated
principal balances upon the legal final maturity date.


ENHANCED MORTGAGE: Fitch Puts B- Shares Rating Under Neg. Watch
---------------------------------------------------------------
Fitch places one class of notes issued from Enhanced Mortgage-
Backed Securities Fund IV Ltd on Rating Watch Negative.

These rating actions are effective immediately:

  -- $30,000,000 Preference Shares 'B-' on Rating Watch Negative.

EMBS IV is a mortgage market value CDO managed by Babson Capital
Management LLC.  The structure has subordination tests for the
Class A-1 through A-4 notes, designed to protect senior rated
notes from declines in the market value of the portfolio.  
However, the class A-3 and class A-4 note triggers are not
effective as long as a total note NAV trigger is not hit as well.  
In the event where the NAV trigger is tripped, the asset manager
must sell assets from the portfolio until the class A-3 and class
A-4 test are passing the predetermined levels.  The rating watch
negative action of the preference shares reflects Fitch's opinion
that the breach of the EMBS IV NAV trigger may occur in the near
future and the subsequent deleveraging would realize market value
losses to the preference shares.

The rating of the Preference Shares only reflects the likelihood
that investors will receive interest and/or principal payments in
an amount equal to the stated principal balances on or before the
legal final maturity date.


FIDELITY NATIONAL: S&P Affirms BB+ Rating on Preferred Stock
------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Fidelity
National Financial Inc. and FNF's title insurance subsidiaries
Alamo Title Insurance Co., Chicago Title Insurance Co., Chicago
Title Insurance Co. of OR, Fidelity National Title Insurance Co.,
Security Union Title Insurance Co., and Ticor Title Insurance Co.
to stable from positive.
     
At the same time, Standard & Poor's affirmed its 'BBB'
counterparty credit rating on FNF and its 'A' counterparty credit
and financial strength ratings on FNF Title.  In addition,
Standard & Poor's affirmed its 'BBB' senior debt, 'BBB-'
subordinated debt, and 'BB+' preferred stock ratings on FNF.
      
"The revised outlook on FNF reflects the prolonged challenging
environment for all title insurers," said Standard & Poor's credit
analyst James Brender.  "Under current conditions, it is no longer
appropriate for Standard & Poor's to consider an upgrade of FNF or
FNF Title.  The revised outlook does not indicate any company-
specific concerns, and FNF met the expectations required for
consideration of an upgrade."
     
FNF's debt to total capitalization as of June 30, 2007, was 20%,
compared with 45% at the end of 2005.  This favorable change
reflects the spin-off of FNF's 51% stake in Fidelity National
Information Services in November 2006.  FNF Title continues to
generate very strong operating results despite a challenging
environment for title insurers.
     
The ratings on FNF Title reflect the group's strong competitive
position as one of the largest domestic title insurance groups,
effective management of operations during cyclical fluctuations in
mortgage market activity, and consistently superior profit
margins.  Offsetting the company's strengths are the challenging
conditions facing the title insurance industry and FNF Title's
limited diversification.
      
"FNF Title has a very strong competitive position, and operating
performance has been consistently strong," said Mr. Brender.  "The
group's profitability differentiates it from its peers.  Total
revenues increased by 169% from 2001 to 2006, and the group has
had the highest pretax operating margins every year since at least
2000."
     
Standard & Poor's views the environment for title insurers as
challenging.  In addition to garnering more attention from
regulators, title insurers must contend with a protracted decline
in originations.  The causes of the decrease are higher interest
rates and a pessimistic view of home price appreciation.
     
Despite these conditions, FNF Title's competitive position is
expected to remain strong.  Standard & Poor's believes FNF Title's
operating performance will continue to be superior to its peers.  
However, results for the rest of 2007 and 2008 will be depressed
compared with prior years.


FINDEX.COM INC: Posts $343,500 Net Loss in Quarter Ended June 30
----------------------------------------------------------------
FindEx.com Inc. reported on Aug. 17, 2007, its financial results  
for the second quarter ended June 30, 2007.

The net loss for the three months ended June 30, 2007, was
approximately $343,500, a decrease of approximately $1.2 million  
compared to a net income of approximately $862,000 for the three
months ended June 30, 2006.  The net loss for the six months ended
June 30, 2007 was approximately $349,000, a decline of
approximately $324,000 compared to a net loss of approximately
$25,000 for the six months ended June 30, 2006.

It should be noted that included in the net results for the three
and six months ended June 30, 2007, are derivative valuation gains
of approximately $27,200 and $53,700, respectively, compared to
valuation gains of approximately $1.5 million and $872,500,
respectively for the three and six months ended June 30, 2006, and
non-recurring expenses related to registration rights penalties of
approximately $-0- and $49,300, respectively for the three and six
months ended June 30, 2006, compared to zero for the same periods
of 2007.

For the three months ended June 30, 2007, gross revenue was
approximately $710,100, a 1% increase of $9,500 compared to gross
revenue of approximately $700,600 for the three months ended
June 30, 2006.  For the six months ended June 30, 2007, gross
revenue was approximately $2.0 million, a 5% increase of $97,400
from the gross revenue of approximately $1.9 million for the six
months ended June 30, 2006.

Gross profit for the second quarter 2007 was 53%, a 96%
improvement compared to the 27% gross profit for the second
quarter 2006.  For the six months ended June 30, 2007, gross
profit increased to 56% from 45% for 2006, a 24% improvement.

Total operating expenses for the three months ended June 30, 2007,
decreased to approximately $693,000, a 13% improvement over the
approximately $793,000 for the three months ended June 30, 2006,
and decreased to approximately $1.4 million for the six months
ended June 30, 2007, a 14% improvement over the approximately
$1.6 million for the same period in 2006.  

Total sales, general and administrative costs were approximately
$540,000 or 76% of gross sales and approximately $1.1 million or
54% of gross sales for the three and six months ended June 30,
2007, respectively.  These 2007 numbers compare to the
approximately $648,000 or 92% of gross sales and approximately
$1.3 million or 70% of gross sales for the three and six months
ended June 30, 2006.

During the first six months of 2007, the company has incurred
total software development costs of approximately $191,000,
compared to approximately $238,000 for the same period in 2006.  

Kirk Rowland, FindEx.com's chief financial officer commented, "We
were pleased to continue improvements in our gross revenue, gross
profit and reduction of our operating expenses.  We have continued
to be an efficient and productive enterprise and we are projecting
operating expenses to remain flat in the third quarters of 2007
before picking up in our busy fourth quarter.  Our focus remains
to improve top line growth by continuing to introduce new products
and platforms, as well as enhancing and upgrading our existing
product lines.  We believe we remain positioned to ramp revenue in
the third and fourth quarters that will bring us back to
profitability by year end."

At June 30, 2007, the company's consolidated financial statements
showed $2.8 million in total assets, $2.6 million in total
liabilities, and $213,042 in total stockholders' equity.

The company's consolidated balance sheet at June 30, 2007, also
showed strained liquidity with $630,853 in total current assets
available to pay $2.5 million in total current liabilities.

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2007, are available for
free at http://researcharchives.com/t/s?22cf

                       Going Concern Doubt

As of June 30, 2007, the company had a year-to-date net loss of
$349,233, and negative working capital of $1.9 million and an
accumulated deficit of $7.4 million as of June 30, 2007.  
Management believes these factors raise substantial doubt as to
their ability to continue as a going concern through Dec. 31,
2007, but have taken several actions to mitigate against this
risk.  These actions include selling some of its intangible assets
and pursuing mergers and acquisitions that will provide profitable
operations and positive operating cash flow.

                      About FindEx.com Inc.

FindEx.com Inc. (OTC BB: FIND.OB) -- http://www.quickverse.com/   
-- develops and publishes church and Bible study software products
designed to simplify biblical research, streamline church office
tasks, provide easy access to Bible-related stories, and enhance
the user's understanding of the Bible.  The company also publishes
a product for the financial and data management of churches and
non-profit service organizations.  The company's one operating
division called The Parsons Church Group was acquired in July 1999
from The Learning Company, a division of Mattel Inc.  FindEx.com
Inc. is headquartered in Omaha, Nebraska.


FULTON STREET: Poor Credit Quality Cues Fitch to Lower Ratings
--------------------------------------------------------------
Fitch affirmed two and downgraded four classes of notes issued by
Fulton Street CDO, Ltd. and its co-issuer Fulton Street CDO
Funding Corp.  

The rating actions are:

  -- $159,600,209 class A-1A notes affirm at 'AAA';
  -- $131,226,839 class A-1B notes affirm at 'AAA';
  -- $34,000,000 class A-2 notes downgrade to 'A+' from 'AA';
  -- $9,186,975 class B-1 notes downgrade to 'B-' from 'BBB' and
     remove from Rating Watch Negative;
  -- $10,201,164 class B-2 notes downgrade to 'B-' from 'BBB' and
     remove from Rating Watch Negative;
  -- $6,282,429 class C notes downgrade to 'C/DR6' from 'B-/DR1'
     and remove from Rating Watch Negative.

Fulton is a collateralized debt obligation that closed March 27,
2002 and is managed by Clinton Group, Inc.  Fulton ended its
revolving period on April 20, 2006.  The collateral supporting the
CDO is composed of a diversified portfolio of approximately 41%
residential mortgage-backed securities, of which 18% is from the
2005 - 2006 vintage, 8% commercial mortgage-backed securities, 19%
asset-backed securities, 16% corporate debt securities, and 16%
collateralized debt obligations.

The downgrade of the class A-2, B and C notes is the result of
continued deterioration of portfolio credit quality.  Since the
last review 5% of the portfolio has been downgraded increasing the
WARF to 16 ('BBB/BBB-') from 15 ('BBB/BBB-'), as of the most
recent trustee report dated, July 15, 2007.  The class B and C OC
tests and the class A1, A2 and B IC tests are failing their
covenants.  Failure of these coverage tests has led to interest
proceeds being diverted from the class C and B notes to cure the
failing coverage tests.  In addition, all principal proceeds are
also being diverted to the class A notes to cure the failing class
A-1 and A-2 IC tests.  There is currently one defaulted asset
amounting to $877,849 of the portfolio as of the most recent
trustee report.  In Fitch's view the percentage of the portfolio
of below investment grade quality is 9%, and of that, 3% is of
'CCC' and below quality.  Fulton also has 4% of its portfolio on
Rating Watch Negative.

The affirmation of the class A-1 notes is due to positive
structural features which have caused the senior notes to delever
as a result of the diversion of principal and interest proceeds to
cure failing coverage tests.  The class A-1A notes also benefit
from an insurance wrap provided by MBIA (Insurer Financial
Strength rated 'AAA' by Fitch).

The ratings on the class A-1A, A-1B and A-2 notes address the
timely payment of interest and ultimate receipt of principal; the
ratings on the class B-1, B-2 and C notes address the ultimate
payment of interest and principal.  The class A-1A and A-1B notes
have a legal final maturity of April 2032; the class A-2, B-1, B-
2, and C notes have a legal final maturity of April 2037.


GLOBAL ENTERTAINMENT: Posts $812,176 Net Loss in Second Quarter
---------------------------------------------------------------
Global Entertainment Holdings/Equities Inc. reported a net loss of
$812,176 for the second quarter ended June 30, 2007, compared with
a net loss of $507 for the same period in 2006.

At June 30, 2007, the company's consolidated balance sheet showed
$61.4 million in total assets, and $3.4 million in total
liabilities, resulting in a $58.0 million total stockholders'
equity.

The company has never generated any revenue from the distribution
of its films.

The increase in net loss is mainly due to selling, general and
administrative expenses which increased to $822,142 during the
quarter ended June 30, 2007, compared with SG&A expenses of $507
during the 2006 quarter.

Full-text copies of the company's consolidated financial
statements fort the quarter ended June 30, 2007, are available for
free at http://researcharchives.com/t/s?22d9

                       Going Concern Doubt

Spector and Wong LLP, in Pasadena, California, expressed
substantial doubt about Global Entertainment Holdings/Equities
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 pointed to the company's
operating losses of $1,105,375 and $743,019 for the years ended
Dec. 31, 2006, and 2005, respectively.

Management is attempting to develop sales to cover expenses and
obtain an infusion of capital from private investors.  

                   About Global Entertainment

Based in Miami, Global Entertainment Holdings/Equities Inc. (Other
OTC: GAMT.PK) -- http://www.globalentertainmentco.com/-- is  
engaged in management and production of motion pictures in the
United States.  Its theatrical movies include its in house
production and films acquired from third parties.  The company has
a library worth approximately $59.8 million in motion picture
titles.


GLOBAL HOME: Wants Until October 9 to File Chapter 11 Plan
----------------------------------------------------------
Global Home Products LLC and its debtor affiliates ask the U.S.
Bankruptcy Court for the District of Delaware to further extend,
until Oct. 9, 2007, their exclusive period to file a chapter 11
plan of reorganization.  The Debtors also want their exclusive
period to solicit acceptances of that plan further extended to
Dec. 10, 2007.

The Debtors says that despite the fact that their 17 chapter 11
cases have been pending for approximately 16 months, they have
made substantial progress which included the sale of their Burnes
Group, WearEver and Anchor Hocking assets.

The Debtors disclose that they are presently devoting a
significant amount of time toward reaching an agreement with key
constituencies on the terms of a consensual plan.  The Debtors
contend that they need the additional time to complete the
negotiations and file a plan and disclosure statement.

The Court has set a hearing at 10:00 a.m., on August 24, to
consider the Debtors' request.

Headquartered in Westerville, Ohio, Global Home Products, LLC
-- http://www.anchorhocking.com/and http://www.burnesgroup.com/   
-- sells houseware and home products and manufactures high
quality glass products for consumers and the food services
industry.  The company also designs and markets photo frames,
photo albums and related home decor products.  The company and
16 of its affiliates, including Burnes Puerto Rico, Inc., and
Mirro Puerto Rico, Inc., filed for Chapter 11 protection on
April 10, 2006 (Bankr. D. Del. Case No. 06-10340).  Laura Davis
Jones, Esq., Bruce Grohsgal, Esq., James E. O'Neill, Esq., and
Sandra G.M. Selzer, Esq., at Pachulski, Stang, Ziehl, Young,
Jones & Weintraub LLP, represent the Debtors.

Kenneth A. Rosen, Esq., Sharon L. Levine, Esq., Bruce Buechler,
Esq., and Wojciech F. Jung, Esq., at Lowenstein Sandler, P.C., and
David M. Fournier, Esq., and Evelyn L. Meltzer, Esq., at Pepper
Hamilton LLP represent the Official Committee of Unsecured
Creditors.  Huron Consulting Group LLC gives financial advice to
the Committee.  Schedules filed with the Court showed the Debtors
having total assets and debts of more than $100 million.


GLOBAL HOME: Committee Objects to Exclusivity Extension Plea
------------------------------------------------------------
The Official Committee of Unsecured Creditors of Global Home
Products LLC and its debtor affiliates asks the U.S. Bankruptcy
Court for the District of Delaware to deny the Debtors' request
for extension of their exclusive periods.

The Committee discloses that in their request, the Debtors cited
nine factors typically considered by courts in determining
whether cause exists to extend the Exclusivity Periods.  The
Committee however believes that, on balance, these factors weight
strongly in favor of denial or conditioning of the Debtors'
request.

The Committee contends that although the Debtors' cases are
relatively large, they are not particularly complex.  All of the
Debtors' operating assets have been sold through court-approved
sales thus there is no more business for the Debtors to operate
and they are no longer generating revenues.

The Committee relates that there has been little tangible progress
toward reorganization.  Although the Debtors are correct that
certain progress has been made with respect to their negotiations
with the Committee and other creditor constituencies concerning a
consensual plan for these chapter 11 cases, the Committee submits
that these negotiations would come to fruition more quickly if the
parties would enter into a term sheet for a plan of reorganization
if the Debtors were required to provide the Committee with a draft
plan of reorganization and disclosure statement by Aug. 30, 2007.

The Committee argues that allowing the Debtors to maintain
exclusivity for another two months - 18 months in total - will
keep the playing filed tilted in their favor to the detriment of
the unsecured creditors who have not received any payment on
account of their claims for almost a year and a half.

Headquartered in Westerville, Ohio, Global Home Products, LLC
-- http://www.anchorhocking.com/and http://www.burnesgroup.com/   
-- sells houseware and home products and manufactures high
quality glass products for consumers and the food services
industry.  The company also designs and markets photo frames,
photo albums and related home decor products.  The company and
16 of its affiliates, including Burnes Puerto Rico, Inc., and
Mirro Puerto Rico, Inc., filed for Chapter 11 protection on
April 10, 2006 (Bankr. D. Del. Case No. 06-10340).  Laura Davis
Jones, Esq., Bruce Grohsgal, Esq., James E. O'Neill, Esq., and
Sandra G.M. Selzer, Esq., at Pachulski, Stang, Ziehl, Young,
Jones & Weintraub LLP, represent the Debtors.

Kenneth A. Rosen, Esq., Sharon L. Levine, Esq., Bruce Buechler,
Esq., and Wojciech F. Jung, Esq., at Lowenstein Sandler, P.C., and
David M. Fournier, Esq., and Evelyn L. Meltzer, Esq., at Pepper
Hamilton LLP represent the Official Committee of Unsecured
Creditors.  Huron Consulting Group LLC gives financial advice to
the Committee.  Schedules filed with the Court showed the Debtors
having total assets and debts of more than $100 million.


HELEN WILLIAMS: Case Summary & Six Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Helen Jean Williams
        208 Gilbert Drive
        Opelousas, LA 70570

Bankruptcy Case No.: 07-50996

Chapter 11 Petition Date: August 21, 2007

Court: Western District of Louisiana (Lafayette/Opelousas)

Debtor's Counsel: Gerald H. Schiff, Esq.
                  Gordon, Arata, McCollam, Duplantis & Eagan, LLP
                  400 East Kaliste Saloom Road
                  Suite 4200
                  Lafayette, LA 70508-8517
                  Tel: (337) 237-0132
                  Fax: (337) 237-3451

Estimated Assets: $1 Million to $100 Million

Estimated Debts:  $50,000 to $100,000

Debtor's List of its Six Largest Unsecured Creditors:

   Entity                      Nature of Claim        Claim Amount
   ------                      ---------------        ------------
Bank of America                Recreational Vehicle        $59,546
P.O. Box 538610
Atlanta, GA 30353-8610

Matrix International           Loan                        $20,000
5318 Weslayne Avenue
Houston, TX 77005

World Financial Network        Purchase Household             $594
National Bank                  Goods
P.O. Box 659465
San Antonio, TX 78265-9455

Bedford Fair Lifestyles        Purchase Household             $350
                               Goods

Macy's                         Purchase Household             $126
                               Goods

Bank of Georgia                Purchase Household             $114
                               Goods


HOLLINGER INC: Bondholders Want Investment Protected
----------------------------------------------------
Bondholders of Hollinger Inc. ask the U.S. Bankruptcy Court for
the District of Delaware for a boost in the collateral that
protects their $93 million investment in the company, the
Associated Press reports.

The bondholders disclose that value of Sun-Times Media Group
Inc.'s stock has "dropped precipitously" and it is likely that the
company won't make the September 4 interest payment.

Sun-Times Media's stock closed at $2.97 on Tuesday, August 21.  
According to AP, it traded at around $5.5o in June.

According to documents filed with the Court, the noteholders want
permission to seize the stock if the company is unable to prove
that in can cover the $93 million debt.

Based in Toronto, Ontario, Hollinger Inc. (TSX: HLG.C)(TSX:
HLG.PR.B) -- http://www.hollingerinc.com/-- owns approximately
70.1% voting and 19.7% equity interest in Sun-Times Media Group
Inc. (formerly Hollinger International Inc.), a media company with
assets which include the Chicago Sun-Times newspaper and
Suntimes.com and a number of community newspapers and websites
serving communities in the Chicago area.

The company, along with two affiliates, 4322525 Canada Inc. and
Sugra Limited, filed separate Chapter 15 petitions on Aug. 1, 2007
(Bankr. D. Del. Case Nos. 07-11029 through 07-11031).  Hollinger
also initiated Court-supervised restructuring under the Companies'
Creditors Arrangement Act (Canada) on the same day.

Derek C. Abbott, Esq., and Kelly M. Dawson, Esq., at Morris,
Nichols, Arsht & Tunnell LLP, represents the Debtors in their U.S.
proceedings.


ICON HEALTH: Moody's Withdraws "Caa1" Corporate Family Rating
-------------------------------------------------------------
Moody's withdrew the ratings of ICON Health & Fitness, Inc. after
the company entered into an agreement with a majority of its
bondholders to no longer provide public information.  ICON filed a
Form 15 with the SEC indicating no additional information would be
provided until further notice.

These ratings have been withdrawn:

-- $155 million 11.25% senior subordinated notes due 2012, Caa2
    (LGD5, 80%)

-- Corporate Family Rating, Caa1

-- Probability of Default Rating, Caa1

Based in Logan, Utah, ICON Health & Fitness, Inc. is one of the
largest manufacturers and marketers of home fitness equipment in
the United States.


INDYMAC BANCORP: Fitch Places Ratings Under Negative Watch
----------------------------------------------------------
On Aug. 16, 2007, Fitch Ratings placed the ratings of Indymac
Bancorp Inc. and related subsidiaries on Rating Watch Negative.

The action was one of several negative rating actions affecting
mortgage-centric companies rated by Fitch.  IMB's placement on
Watch Negative reflects the unprecedented disruption of the
secondary mortgage market, an investor base the company
traditional relied on to buy a majority of its mortgage
production.  IMB has thus far weathered the storm, as short-term
secured sources have dried up; the company has systematically
reduced reliance on short-term, secured funding by growing
deposits and utilizing Federal Home Loan Bank lines.  At this
point, other than Government Sponsored Enterprises conforming or
agency eligible mortgage loans, the market for non-agency loans is
severely illiquid.  While IMB has been able to sell roughly 70% of
its production to the GSEs, this short-term solution is not
consistent with the company's strategy of seeking higher spreads
from Alt-A products.  Historically, IMB had a strong Alt-A market
presence and understands that market very well.  Fitch believes
that IMB can continue to operate by originating and selling
conforming production; however, this platform may not be
sustainable and could eventually have an impact on performance.

Unlike some of its peers which are experiencing liquidity
pressure, IMB does not rely heavily on capital markets for
funding, and, as a result, was less affected by the recent
liquidity squeeze.  Also, IMB's business is largely conducted out
of Indymac Bank F.S.B and modest holding company leverage.  
Nonetheless, Fitch believes that other challenges exist such as
the ability to execute its strategy amid mortgage market turmoil,
absorb higher than expected credit costs and withstand a further
decline in California residential real estate prices.  Should
these challenges manifest quickly and begin to affect performance
beyond Fitch's expectations, a ratings downgrade would be likely.  
Conversely, if the company's seasoned management team and risk
management capabilities endure profitability pressures and
deteriorating asset quality, the Negative Rating Watch may be
resolved without Fitch taking action.

Fitch has current ratings as:

Indymac Bancorp Inc.

  -- Long-term Issuer Default Rating 'BBB-';
  -- Short-term IDR 'F2';
  -- Support floor 'NF';
  -- Senior Unsecured Rating 'BBB-';
  -- Support Rating '5' (not on Watch Negative) ;
  -- Individual Rating 'B/C'.

Indymac Bank, F.S.B.

  -- Long-term Issuer Default Rating 'BBB-';
  -- Short-term IDR 'F2';
  -- Long-term deposits 'BBB';
  -- Short-term deposits 'F2';
  -- Individual 'B/C';
  -- Support Floor '5';
  -- Support floor 'NF' (not on Watch Negative).

Indymac Capital Trust I
  -- Trust preferred 'BB+'.


INTERSTATE BAKERIES: NCSISA Wants Compensation Liabilities Paid
---------------------------------------------------------------
The North Carolina Self-Insurance Security Association relates
that Interstate Bakeries Corporation have substantial operations
in North Carolina, and have employees engaged in the production,
distribution, and retail sale of the its products.  Hence, IBC is
an "employer" subject to and bound by the North Carolina Workers'
Compensation Act, which provides that every employer subject to
the Act must secure the payment of its workers' compensation
liabilities.

The NC Security Association, holder of Claim No. 3260, is an
unincorporated, statutory association of North Carolina's self-
insured employers created to provide a payment mechanism for the
"covered claims" of insolvent member-self-insurer that defaults on
its workers' compensation liabilities incurred during its self-
insurance period, relates R. Scott Moore, Esq., at Lewis, Rice &
Fingersh, L.C., in St. Louis, Missouri.  He notes that IBC elected
to self-insure its North Carolina workers' compensation
liabilities from Nov. 1, 1992, through March 31, 2007.

Mr. Moore contends that the termination of the Debtors' self-
insurance license has no effect on their obligation to pay their
North Carolina workers' compensation liabilities.  However,
according to the May 30, 2007, loss reserves provided by the
Debtors to the NC Security Association, approximately 84% of
Debtors' outstanding Compensation Liabilities are postpetition
liabilities arising out of postpetition injuries suffered by
Debtors' workers.

As of their bankruptcy filing, the Debtors' Compensation
Liabilities incurred during their Self-Insurance Period are only
partially secured by the Travelers Casualty and Surety Company of
America Surety Bond No. 30S103730395 for $2,400,000, which is
inadequate, Mr. Moore notes.  Claim No. 3260 seeks payment for
Compensation Liabilities that exceed the partial security.  He
adds that the Debtors are required to maintain a statutory deposit
of at least $4,430,000, which would be equal to 100% of their
total undiscounted outstanding claims liability.

Pursuant to Section 959(b) of the Judiciary and Judicial
Procedures Code and Section 105(a) of the Bankruptcy Code, the NC
Security Association asks the United States Bankruptcy Court for
the Western District of Missouri to compel the Debtors to submit
to the North Carolina Department of Insurance a total statutory
deposit of $4,430,000 within 20 days to adequately secure the
payment of their Compensation Liabilities.

                  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.  (Interstate Bakeries Bankruptcy News, Issue No. 65;
Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/  
or 215/945-7000).  


INYX USA: Court Approves Klehr Harrison as Committee's Counsel
--------------------------------------------------------------
The Official Committee of Unsecured Creditors of Inyx USA, Ltd.
and Exaeris, Inc., obtained permission from the U.S. Bankruptcy
Court for the District of Delaware to retain Klehr, Harrison,
Harvey, Branzburg & Ellers LLP as its bankruptcy counsel.

The Committee, as appointed by the U.S. Trustee for Region 3, is
currently composed of Accentia Pharmaceuticals, Ventiv Commercial
Services, LLC, and International Union of United Auto Workers.

Klehr Harrison, as the Committee's counsel, is expected to:

    a. assist, advise and represent the Committee in its
       consultation with the Debtors relative to the
       administration of the chapter 11 cases;

    b. assist, advise and represent the Committee in analyzing the
       Debtors' assets and liabilities, investigating the extent
       and validity of liens and participating in and reviewing
       any proposed asset sales or dispositions;

    c. attend meetings and negotiate with the representatives of
       the Debtors and secured creditors;

    d. assist and advise the Committee in its examination and
       analysis of the conduct of the Debtors' affairs;

    e. assist the Committee in the review, analysis and
       negotiation of any plan(s) of reorganization that may be
       filed and to assist the Committee in the review, analysis
       and negotiation of the disclosure statement accompanying
       any plan(s) of reorganization;

    f. assist the Committee in the review, analysis, and
       negotiation of any financing or funding agreements;

    g. take all necessary action to protect and preserve the
       interests of the Debtors' estates, including, without
       limitation, the prosecution, and defense, of action on
       their behalf, negotiations concerning all litigation in
       which the Debtors are involved, and review and analysis of
       all claims filed against the Debtors' estates;

    h. generally prepare and file on behalf of the Committee all
       necessary motions, applications, answers, orders, reports
       and papers in support of positions taken by the Committee;

    i. appear, as appropriate, before the Bankruptcy Court, the
       Appellate Courts, and other Court in which matters may be
       heard and to protect the interests of the Committee before
       these Court ad the U.S. Trustee; and

    j. perform all other necessary legal services in relation to
       the Debtors' chapter 11 cases.

The Committee discloses that professionals of the firm bill:

                  Hourly Rate
                  -----------
  Partners        $325 - $600
  Associates      $205 - $325
  Paralegals      $120 - $190

The Committee further discloses that the principal attorneys and
paralegal at Klehr Harrison designated to represent the Committee
and their current hourly rates are:

   Individual                 Designation      Hourly Rate
   ----------                 -----------      -----------
   Joane B. Wills, Esq.       Partner            $525
   Richard M. Beck, Esq.      Partner            $450
   Christopher A. Ward, Esq.  Associate          $300
   Melissa Hughes             Paralegal          $150

The Committee informs the Court that Klehr Harrison has agreed to
a 10% discount on its hourly rates.

To the best of the Committee's knowledge, Klehr Harrison does not
represent any interest adverse to the Debtors or their estates.

                     About Inyx USA and Exaeris

Based in Manati, Puerto Rico, Inyx USA Ltd. operates a
pharmaceuticals production center that encompasses five buildings
totaling 140,000 square feet and extending over 9.5 acres.  
Exaeris, Inc., locate din Exton, Pennsylvania, focuses on the
strategic commercialization of niche or enhanced pharmaceutical
products, marketing and promotion activities.  Inyx USA and
Exaeris are wholly-owned subsidiaries of Inyx, Inc. (OTC:IYXI) --  
http://www.inyxinc.com/-- a specialty pharmaceutical company.

Inyx USA and Exaeris filed for chapter 11 protection on July 2,
2007 (Bankr. D. Del. Case Nos. 07-10887 and 07-10888).  Anthony M.
Saccullo, Esq., at Fox Rothschild, L.L.P., represents the Debtors.
When Inyx USA filed for protection from its creditors, it listed
estimated assets and debts between $1 million and $100 million.  
Exaeris estimated its assets were less than $10,000 but debts were
between $1 million and $100 million.

Stephen S. Gray was appointed as the Chapter 11 Trustee in Inyx
USA Ltd.'s bankruptcy proceedings.

In Court documents filed by Jack Kachkar, CEO of Inyx, Inc., Inyx
USA is indebted to Westernbank Puerto Rico in the approximate
amount of $35 million and secured by a first-priority lien in
substantially all of Inyx USA's assets.  Exaeris has in excess of
$5 million in prepetition unsecured obligations outstanding to
various creditors.  

Ashton Pharmaceuticals and Inyx Pharma, the Debtors' UK
affiliates, were placed into an involuntary administration on
June 29, 2007.  Ernst & Young was appointed by the UK court as
administrators.


JP MORGAN: Fitch Affirms Low-B Ratings on Five Cert. Classes
------------------------------------------------------------
Fitch Ratings has upgraded three classes of JP Morgan Chase
Commercial Mortgage Securities Corporation's commercial mortgage
pass-through certificates, series 2002-CIBC4 as:

  -- $24 million class E to 'AA' from 'A+';
  -- $12 million class F to 'A' from 'A-';
  -- $14 million class G to 'BBB+' from 'BBB'.

In addition, Fitch has affirmed these classes:

  -- $89.5 million class A-2 at 'AAA';
  -- $403.2 million class A-3 at 'AAA';
  -- Interest-only class X-1 at 'AAA';
  -- Interest-only class X-2 at 'AAA';
  -- $32 million class B at 'AAA';
  -- $34 million class C at 'AAA';
  -- $10 million class D at 'AAA';
  -- $12 million class H at 'BB+';
  -- $4 million class J at 'BB';
  -- $6 million class K at 'B+';
  -- $8 million class L at 'B';
  -- $4 million class M at 'B-'.
  
Fitch does not rate the $5.8 million class NR.  Class A-1 has been
paid in full.

The rating upgrades reflect defeasance and paydown of the pool
collateral balance since Fitch's last rating action.  As of the
August 2007 distribution date the pool has paid down 17.6% to
$658.2 million from $798.9 million at issuance.  Nineteen loans,
22.2% of the pool, have defeased.

There is currently one asset (0.6%) in special servicing, and it
is real estate owned.  The property is a multi-family building
located in Austell, GA.  Occupancy was 79% at year end 2006 as a
result of the special servicer evicting non-paying tenants.  
Losses are expected, however, they are anticipated to be fully
absorbed by the NR class.

Fitch reviewed the credit assessment of the Highland Mall loan
(10%).  The Highland Mall loan is secured by 487,170 square feet
of a regional mall located in Austin, TX.  The Fitch stressed DSCR
for YE 2006 was 1.45 times, up from 1.42x at YE 2005 and stable
with issuance.  Occupancy as of YE 2006 was 95% compared to 97.3%
at issuance.  Due to its stable performance, the loan maintains an
investment grade credit assessment.  The DSCR for the loan is
calculated using borrower provided net cash flow less required
reserves divided by debt service payments based on the current
balance using a Fitch stressed refinance constant.


JR & AR: Involuntary Chapter 11 Case Summary
--------------------------------------------
Alleged Debtor: J R & A R Services Inc.
                6308 West 89th Street, Suite 260
                Los Angeles, CA 90045

Case Number: 07-17214

Involuntary Petition Date: August 20, 2007

Court: Central District Of California (Los Angeles)

Judge: Alan M. Ahart

Petitioner's Counsel: [not provided]
         
   Petitioners                 Nature of Claim      Claim Amount
   -----------                 ---------------      ------------
Chris Jordan                   Secured Promissory        $85,000
P.O. Box 7851                  Note
L.B., CA 90307


KENNETH CROSBY: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: Kenneth James Crosby
        308 Maquan Street
        Hanson, MA 02341

Bankruptcy Case No.: 07-15243

Type of Business: The Debtor filed for Chapter 11 protection on
                  March 21, 2007 (Bankr. D. Mass.
                  Case No. 07-11633).

Chapter 11 Petition Date: August 21, 2007

Court: District of Massachusetts (Boston)

Judge: Joan N. Feeney

Debtor's Counsel: Gary W. Cruickshank, Esq.
                  21 Custom House Street
                  Suite 920
                  Boston, MA 02110
                  Tel: (617) 330-1960
                  Fax: (617) 330-1970

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.


KINGSLAND GROUP: Involuntary Chapter 11 Case Summary
----------------------------------------------------
Alleged Debtor: The Kingsland Group Inc.
                160 East 56th Street, 5th Floor
                New York, NY 10022

Case Number: 07-12642

Type of Business: The Debtor is a real estate development company.

Involuntary Petition Date: August 20, 2007

Court: Southern District of New York (Manhattan)

Petitioner's Counsel: Tracy L. Klestadt, Esq.
                      Klestadt & Winters, L.L.P.
                      292 Madison Avenue, 17th Floor
                      New York, NY 10017-6314
                      Tel: (212) 972-3000
                      Fax: (212) 972-2245
         
   Petitioners                 Nature of Claim      Claim Amount
   -----------                 ---------------      ------------
Joremi Enterprises, Inc.       breach of contract     $3,000,000
1775 Broadway, Suite 532
New York, NY 10019

M. Salvioli Trust              promissory note and    $1,534,159
P.O. Box 7444                  unrecorded mortgage
Daytona Beach, FL 32116

Larry Frank                    breach of contract     $1,200,000
127 Buckskin Lane
Ormond Beach, FL 32174

Louis P. Samuels Revocable     breach of contract     $1,315,400
Trust
3000 North Atlantic Avenue
Daytona Beach, FL 32118

Judith P. Karges               breach of contract     $1,180,000  
2062 South Halifax Drive
Daytona Beach, FL 32118

Richard G. Rogers              breach of contract       $700,000
577 Pelican Bay Drive
Daytona Beach, FL 32119


LANDAMERICA FINANCIAL: S&P Holds BB+ Rating on Subordinated Debt
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
LandAmerica Financial Group Inc. and LFG's title insurance
subsidiaries to negative from stable.
     
At the same time, Standard & Poor's affirmed its 'BBB-'
counterparty credit rating and senior debt rating on LFG and
affirmed its 'A-' counterparty credit and financial strength
ratings on LandAmerica.
     
In addition, Standard & Poor's affirmed LFG's preliminary 'BB+'
subordinated debt and 'BB' preferred stock ratings.
      
"The revised outlook reflects the challenging environment for all
title insurers," explained Standard & Poor's credit analyst James
Brender.  "We believe mortgage originations will decline steadily
between 2006 and 2009."  Consequently, operating performance for
title insurers will be strained for at least the next six
quarters.  LandAmerica's adjusted pretax profit margin is unlikely
to exceed 5% in 2007 or 2008.
     
The ratings on LandAmerica are based on the group's strong
competitive position, strong capitalization of title insurance
companies and good operating performance.  Offsetting the
company's strengths is the challenging environment for the title
insurance industry.  LandAmerica also has a higher expense ratio
than its peers and limited product diversification.
     
LandAmerica has stabilized its strong competitive position.  After
falling to 18% in 2003 from 22% in 2001, the company's market
share recovered to 19% in the first quarter of 2007.  The primary
drivers of the market share loss were industry consolidation,
setbacks in implementing new technology, and the company's lower
concentration of revenue in California and Florida.  LandAmerica
is firmly entrenched as the third-largest title insurer.  The
group has the best geographic dispersion among the five major
title insurance groups with the top five states constituting 49%
of its revenue.
     
The decline in mortgage originations and rising claim costs caused
significant deterioration in all title insurers' recent operating
results.  LandAmerica's adjusted title margins for the first half
of 2007 were only 4% compared with 12% for 2003.  Both components
of the combined ratio increased since 2004.  However, operating
results are consistent with the rating when measured over the
mortgage market's full cycle.
     
Standard & Poor's does not expect dramatic changes from increased
scrutiny to the title insurance industry, though some
deterioration in margin is possible.  The intensified monitoring
began in early 2005, when California Insurance Commissioner John
Garamendi announced that he was investigating captive-reinsurance
arrangements between title insurers and lenders, builders, and
realtors.  These investigations led to a settlement of $7 million
with several states.  LandAmerica also paid $10 million for a
class-action lawsuit settlement related to pricing.
     
LFG has limited product diversification.  Statutory guidelines
prevent LandAmerica from providing products other than title
insurance and escrow services.  The holding company has built the
infrastructure and product line to create a stream of nonregulated
income that is less dependent on mortgage originations, but these
units have not fully established their competitive position.  In
the past three years, LFG has acquired nontitle companies, such as
tax services and flood warrants.  Since LandAmerica does not own
these companies, it will not directly benefit from any earnings
they generate, but their growth would improve LFG's financial
flexibility and liquidity.  These products are related to the
housing and mortgage markets.
     
The outlook is negative.  If LandAmerica is unable to adjust its
cost structure to at least partially offset the anticipated
decline in revenue, Standard & Poor's would lower the group's
financial strength rating by one notch.  Conversely, S&P would
revise the outlook to stable if LandAmerica demonstrates it can
maintain profit margins in the low to mid single digits in the
short term and return to double-digit profit margins when the next
cycle's peak occurs.
     
Standard & Poor's expects that LandAmerica will maintain its
market position as the third-largest domestic title insurer.  
Management's primary objective will be to cut costs in its title
operations.  However, they will devote some resources to building
the nontitle segments and pursuing minor acquisitions.


M/I HOMES: Weak Market Cues S&P to Lower Credit Rating to BB-
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit,
senior unsecured debt, and preferred stock ratings on M/I Homes
Inc.  S&P lowered the corporate and senior unsecured ratings to
'BB-' from 'BB' and lowered the preferred stock rating to 'B-'
from 'B'.  The outlook remains negative.  The rating actions
affect $200 million of senior unsecured notes and $100 million of
preferred stock.
      
"The rating actions reflect continued weakness in the company's
Midwest and Florida housing markets where M/I's operations are
concentrated, which is putting greater stress on profitability and
interest coverage beyond previous expectations and will weigh on
the company's performance over an extended period of time," said
credit analyst Tom Taillon.  "Credit tightening in the mortgage
market, higher-than-expected pricing concessions, and continued
inventory overhang are weighing heavily on both M/I's operations
and key credit metrics; it is likely that without a modification
to the existing credit agreement, the company will violate the
existing interest coverage covenant under its credit facility.  
However, we believe M/I will pursue certain actions to remain in
compliance with its debt covenants through 2008 and continue a
prudent defensive financial strategy."  
     
S&P expect very challenging market conditions to place continued
stress on M/I's operations, resulting in reduced profit margins
and weak interest coverage.  S&P would lower the rating an
additional notch if deteriorating market conditions negatively
affect M/I's ability to liquidate inventory and generate cash and
liquidity becomes further constrained.  However, S&P would revise
the outlook to stable at the existing rating if the housing market
stabilizes and key cash flow coverage metrics improve, and
adequate liquidity is maintained.


MARCO GUTIERREZ: Case Summary & 19 Largest Unsecured Creditors
--------------------------------------------------------------
Debtors: Marco Antonio Gutierrez
         Jennifer Gutierrez
         3985 Bolinas Place
         Discovery Bay, CA 94514
         Tel: (510) 205-0986

Bankruptcy Case No.: 07-42634

Chapter 11 Petition Date: August 20, 2007

Court: Northern District of California (Oakland)

Judge: Leslie J. Tchaikovsky

Debtors' Counsel: Mufthiha Sabaratnam, Esq.
                  Law Offices of Sabaratnam and Assoc.
                  1300 Clay Street, Suite 600
                  Oakland, CA 94612
                  Tel: (510) 464-8000

Total Assets: $6,509,200

Total Debts:  $6,023,238

Debtors' List of its 19 Largest Unsecured Creditors:

   Entity                        Nature of Claim      Claim Amount
   ------                        ---------------      ------------
Internal Revenue Service                                  $194,562
1301 Clay Street
Oakland, CA 94612

Washington Mutual Bank           2nd Mortgage             $152,000
P.O. Box 78065                                            Secured:
Phoenix, AZ 85062-8065                                    $600,000
                                                        Unsecured:
                                                          $152,000

Tulare County Recorder           Judgment                  $98,701
County Civic Center
Visalia, CA 93291

Sacramento County Recorder                                 $98,701

Contra Costa City Recorder       Judgment                  $46,147

Antioch Schools FCU              Auto Loan                 $41,166

Jonshon, Morgan & White          Office Rent               $29,409

Madera County Recorder           Judgment                  $27,432

Contra Costa City Recorder       Judgment                  $26,797

Antioch Community Credit Union                             $85,069
                                                          Secured:
                                                           $70,000
                                                        Unsecured:
                                                           $15,069

Sallie Mae                                                 $13,790

Washington Mutual Bank           Mortgage Loan            $607,385
                                                          Secured:
                                                          $600,000
                                                        Unsecured:
                                                            $7,385

Chase Bank/Legal Department      Judgment                  $60,049

PG&E                             Utilities                  $3,825

RMS                              Telephone                  $2,343

Credit Collection Services                                  $2,010

Bank of America                  Credit Card                $1,932

Antioch Schools FCU              2002 BMW 745              $32,858
                                                          Secured:
                                                           $32,000
                                                        Unsecured:
                                                              $858

Delta Municipal Court            Judgment                     $800


MAYWOOD CONSOLIDATED: Court Sets Sept. 28 Claims Filing Deadline
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
established Sept. 28, 2007, as the deadline for all persons or
entities owed money by Maywood Consolidated Properties Inc. and
its debtor-affiliates to file their proofs of claims.

Proofs of claims must be received no later than 5:00 pm, Eastern
Time, on the bar date by the United States Bankruptcy Court for
the Southern District of New York, at Room 534, One Bowling Green,
in New York City.

Headquartered in New York City, Maywood Consolidated Properties
Inc. acquires, owns, operates and develops real property.  The
company and its affiliates filed for chapter 11 protection on
February 19, 2005 (Bankr. S.D.N.Y. Case No. 05-10986).  Wayne M.
Greenwald, Esq. at Wayne M. Greenwald, P.C. serves as the Debtors'
counsel.  Maywood Consolidated Properties did not list total
assets
but reported total debts of $4,338,004 when it sought protection
from its creditors.


MEDICAL SOLUTIONS: June 30 Balance Sheet Upside-Down by $2.2 Mil.
-----------------------------------------------------------------
Medical Solutions Management Inc.'s consolidated balance sheet at
June 30, 2007, showed $3.1 million in total assets and
$5.3 million in total liabilities, resulting in a $2.2 million
total stockholders' deficit.

The compay's consolidated balance sheet at June 30, 2007, also
showed strained liquidity with $3.0 million in total current
assets available to pay $5.3 million in total current liabilities.

The company reported a net loss of $11.3 million and an operating
loss of $1.0 million, on total revenue of $784,185 for the second
quarter ended June 30, 2007, compared with a net loss of
$1.6 million and an operating loss of $806,739, on total revenue
of $253,502 for the same period ended July 1, 2006.

Revenue increased in the three months ended June 30, 2007,
primarily due to the increase in the number of clinics under
agreement with the company from 18 in the second quarter of 2006
to 46 in the second quarter of 2007.

The decrease in operating loss during the quarter ended June 30,
2007, is principally due to an increase in gross profit as a
result of the increase in total revenue, partly offset by an
increase in selling, general and administrative expenses   
incurred to continue to grow revenue and support operations.

Interest expense was $259,778 including aggregate amortization of
discount of $177,602 on the convertible note payable issued to
Vicis on June 28, 2006, and the convertible note payable issued to
Vicis and Apogee on April 17, 2007.  This compares withe interest
expense of $791,972 for the same period ended July 1, 2006.

The significant increase in net loss for the three months ended
June 30, 2007, was primarily attributable to non-cash charges of
approximately $10.0 million for the estimated fair value of
warrants to purchase an aggregate of 3,213,000 shares of the
company's stock at $1.00 per share, issued pursuant to an amended
Guarantee Fee, Reimbursement and Indemnification Agreement, in
connection to the company's increase in its Revolving Line of
Credit Agreement with Sovereign Bank from $1,500,000 to
$3,000,000.  

Full-text copies of the company's consolidated financial
statements for the the quarter ended June 30, 2007, are available
for free at http://researcharchives.com/t/s?22ce

                       Going Concern Doubt

Michael F. Cronin, CPA, in Rochester, New York, expressed
substantial doubt about Medical Solutions Management Inc.'s
ability to continue as a going concern after auditing the
company's consolidated financial statements as of the year ended
Dec. 31, 2006.  Mr Cronin reported that the company's losses have
resulted in an accumulated deficit of $4.7 million as of Dec. 31,
2006, and 2006 operating activities consumed $2.9 million in cash.

The company's losses have resulted in an accumulated deficit of
approximately $37.2 million as of June 30, 2007.  Operating
activities consumed approximately $3.6 million in cash in the six
months ended June 30, 2007.  In addition, the company has negative
working capital of approximately $2.3 million as of June 30, 2007.

                     About Medical Solutions

Headquartered in Marlborough, Massachusetts, Medical Solutions
Management Inc. (OTC BB: MSMT.OB) -- through its wholly-owned
subsidary and operating company OrthoSupply Management Inc., is a
provider of orthopedic and podiatric durable medical equipment,
specializing in the provision of products and services using the
company's turnkey program.  Through this turnkey program, the
company enables orthopedic and podiatric practices to dispense an
array of durable medical equipment directly to their patients
during office visits. The system, which is transportable to other
types of medical practices, also provides billing and collection
services, inventory management and insurance verifications.


MEDICOR LTD: Court Okays Greenberg Traurig as Delaware Counsel
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware gave
Medicor Ltd. and its debtor-affiliates' authority to employ
Greenberg Traurig, LLP as their Delaware counsel.

As the Debtors' local counsel, Greenberg Traurig is expected to:

   (a) provide legal advice with respect to the Debtors' powers
       and duties  as debtors and debtors-in-possession in the
       continued management and operation of their business and
       properties;

   (b) negotiate, drat and pursue confirmation o any plan o
       reorganization and approval of any accompanying disclosure
       statement;

   (c) prepare on behalf of the Debtors all motions, applications,
       answers, orders, reports and papers and other legal papers
       necessary to the administration of the estates;

   (d) appear in Court and protect the interests of the Debtors'
       estates before the Courts;

   (e) assist with any disposition of the Debtors' assets, by sale
       or otherwise;

   (f) attend all meetings and negotiate with representative of
       creditors, the U.S. Trustee, and other parties-in-interest;
       and

   (g) perform all other legal services or, and provide all other
       necessary legal advice to, the Debtors' as may be necessary
       and proper in their cases.

The Debtors discloses that pricipal attorneys and paralegals who
will represent the Debtors and their hourly rates are:

    Victoria W. Counihan, Esq.        $475
    Diane E. Vuocolo, Esq.            $425
    Dennis A. Meloro, Esq.            $360
    Elizabeth Thomas                  $190

To the best of the Debtors' knowledge, the firm does not represent
any interest adverse to them or their estates.

Headquartered in North Las Vegas, Nevada, MediCor Ltd. --
http://www.medicorltd.com/-- acquires, develops, manufactures   
and markets products primarily for aesthetic, plastic and
reconstructive surgery and dermatology markets.  

The company and seven of its affiliates filed for chapter 11
protection on June 29, 2007 (Bankr. D. Del. Case No. 07-10877)
to effectuate the orderly marketing and sale of their business.  
Kenneth A. Rosen, Esq., Jeffrey D. Prol, Esq., and Jeffrey A.
Kramer, Esq., at Lowenstein Sandler PC represent the Debtors in
their restructuring efforts.  Dennis A. Meloro, Esq., and Victoria
Watson Counihan, Esq., at Greenberg Traurig, LLP, acts as the
Debtors' Delaware counsel.  The Debtors engaged Alvarez & Marsal
North America LLC as their restructuring advisor.  David W.
Carickhoff, Jr., Esq., and Jason W. Staib, Esq., at Blank Rome LLP
serve as the Official Committee of Unsecured Creditor's counsel.  
In its schedules of assets and debts filed with the Court, Medicor
disclosed total assets of $96,553,019, and total debts of
$158,137,507.  The Debtors' exclusive period to file a chapter 11
plan expires on Oct. 27, 2007.


MERRILL LYNCH: Stable Performance Cues Fitch to Affirm Ratings
--------------------------------------------------------------
Fitch Ratings affirms Merrill Lynch Mortgage Trust 2005-CIP1,
commercial mortgage pass-through certificates as:

  -- $57.9 million class A-1 at 'AAA';
  -- $533.8 million class A-2 at 'AAA';
  -- $157.9 million class A-3A at 'AAA';
  -- $50.0 million class A-3B at 'AAA';
  -- $108.0 million class A-SB at 'AAA';
  -- $510.3 million class A-4 at 'AAA';
  -- $205.6 million class AM at 'AAA';
  -- $138.8 million class AJ at 'AAA';
  -- Interest-only class XC at 'AAA';
  -- Interest-only class XP at 'AAA';
  -- $43.7 million class B at 'AA';
  -- $17.9 million class C at 'AA-';
  -- $38.5 million class D at 'A';
  -- $25.7 million class E at 'A-';
  -- $33.4 million class F at 'BBB+';
  -- $20.5 million class G at 'BBB';
  -- $25.7 million class H at 'BBB-';
  -- $10.2 million class J at 'BB+';
  -- $5.1 million class K at 'BB';
  -- $7.7 million class L at 'BB-';
  -- $7.7 million class M at 'B+';
  -- $5.1 million class N at 'B';
  -- $5.1 million class P at 'B-';
  -- $25.7 million class Q at 'NR'.
  
The $25.7 million class Q certificate is non-rated by Fitch.

The rating affirmations reflect the minimal reduction of the pool
collateral balance and stable performance since issuance.  The
pool has paid down 1.06%, to $2.03 billion from $2.05 billion at
issuance as of the August 2007 distribution date.  There are
currently no delinquent or specially serviced loans.

Three loans, Financial Square (6.4%), The Westchester (4.9%), and
E Walk on the new 42nd Street (3.8%) maintain investment grade
credit assessments, based on stable performance and improved
occupancy since issuance.

Financial Square is a 1,030,053 square foot class A office
property in New York City.  Year-end 2006 occupancy improved to
92.3% compared to 70% at issuance.

The Westchester, a 831,841 sf retail property in White Plains, New
York and is anchored by Nordstrom and Neiman Marcus.  Occupancy
has improved to 98% as of YE 2006 compared to 96.3% at issuance.

E Walk on the New 42nd Street, a 177,394 sf anchored retail strip
in the Times Square section of New York City.  The property is
anchored by Loew's Theatres and has Chevys, Viacom, and BB King
Blues Club as major tenants.  Occupancy has increased to 99.7% as
of YE 2006 from 96% at issuance.


MILA INC: Judge Steiner Okays Crocker Kuno as Committee's Counsel
-----------------------------------------------------------------
The Hon. Samuel J. Steiner of the U.S. Bankruptcy Court for the
Western District of Washington gave the Official Committee of
Unsecured Creditors of MILA Inc. permission to retain Crocker Kuno
Ostrovsky LLC as its bankruptcy counsel.

The Committee, appointed by the U.S. Trustee for Region 18 on
July 20, 2007, is composed of Navigant Capital Advisors, DLJ
Mortgage Capital Inc./Credit Suisse First Boston Mortgage Capital,
LLLC, and Risk Management CitiMortgage, Inc.

As the Committee's counsel, Crocker Kuno is expected to:

    a. give the Committee legal advices with respect to its
       powers, duties and responsibilities in the Debtor's chapter
       11 case;

    b. assist the Committee in the investigation of the acts,
       conduct, assets, liabilities and financial condition of the
       Debtor and its principals, the operation of the Debtor's
       business and the desirability of the continuation of the
       business, and any other matters relevant to the case or
       formulation of a plan of reorganization;

    c. assist the Committee in negotiations with the Debtor and in
       the formulation of a plan of liquidation; and

    d. perform other legal services as may be required and in the
       best interest of unsecured creditors.

The Committee discloses that professionals of the firm bill:

              Designation                 Hourly Rate
              -----------                 -----------
              Partners                    $295 - $350
              Associates                  $210 - $260
              Paralegal                      $140
              Bankruptcy Assistant            $85

To the best of the Committee's knowledge, the firm is a
"disinterested person" as defined in Section 101(14) of the
Bankruptcy Code.

                         About MILA Inc.

Based in Mountlake Terrace, Washington, M.I.L.A. Inc., dba
Mortgage Investment Lending Associates -- http://www.mila.com/--
is an e-commerce mortgage solutions provider who utilizes
AccessPoint, a proprietary e-commerce portal, to help mortgage
brokers, realtors and bankers fulfill customized residential home
loans.  The company filed for Chapter 11 protection on July 2,
2007 (Bankr. W.D. Wash. Case No. 07-13059).  Christine M. Tobin,
Esq. and James L. Day, Esq., at Bush, Strout, & Kornfeld,
represent the Debtor in its restructuring efforts.

The Court appointed Geoffrey Groshong as chapter 11 trustee on
July 6, 2007.  Mr. Groshong is represented by David W. Hercher,
Esq., at Miller Nash LLP.

When the Debtor filed for protection from its creditors, it listed
total assets of $7,886,962, and total liabilities of $174,730,413.  
The Debtor's exclusive period to file a chapter 11 plan expires on
Oct. 30, 2007.


MUSICLAND HOLDING: Bank Wants Vendors Rule 2019 Statement Filed
---------------------------------------------------------------
Wachovia Bank, National Association, asks the U.S. Bankruptcy
Court for the Southern District of New York to compel the
Informal Committee of Secured Trade Vendors of Musicland Holding
Corp. and its debtor-affiliates' to file a verified statement
pursuant to Rule 2019 of the Federal Rules of Bankruptcy
Procedures.

Wachovia complains that the Informal Committee has never fully
complied with the Rule 2019 disclosure requirements even if its
multiple counsel has filed separate Rule 2019 statements.

Wachovia explains that the Informal Committee's composition has
changed significantly.  The Committee admittedly represents the
collective interests of a changing group currently comprising at
least seven different creditors and has held itself out as a
"committee" throughout the bankruptcy proceedings, Wachovia
relates.  The Committee, therefore, must comply with the clear and
unambiguous requirements of Rule 2019(a), Wachovia asserts.

Wachovia further reminds the Court that Rule 2019(a) requires "a
committee representing more than one creditor" to file a verified
statement setting forth the name and address of each creditor; the
nature and amount of the claim or interest; the time when each
creditor acquired the interest; the amount paid by each creditor
for that interest; and any sale or other disposition of the
interest.  Rule 2019(a) also requires the disclosure of any
instrument empowering a committee to act on behalf of its members
and the prompt filing of a supplemental statement reporting "any
material changes in the facts" underlying a filed statement.

Wachovia also notes that the Bankruptcy Court for the Southern
District of New York has required an ad hoc committee of equity
security holders in In re Northwest Airlines Corp., 363 B.R. 701
(Bankr. S.D.N.Y. 2007).

Wachovia tells Judge Bernstein that the Informal Committee was
originally composed of a group of trade vendors who supplied audio
and video related products to the Debtors under a security
agreement.  In late June 2006, certain trade members apparently
sold their interests to various funds that have never disclosed
the amount each Fund paid for its interest.  The Informal
Committee has continued to appear in the Debtors' cases, replaced
Morgan Lewis & Bockius LLP as the panel's counsel, and retained
Paul Weiss Rifkind Wharton & Garrison as its new counsel.

Wachovia, together with Harris N.A., is the target of a lawsuit
commenced by the Informal Committee in January 2007 for breach of
contract, tortious interference with contractual relations,
conversion, and unjust enrichment, based on a $25,000,000 term
loan Harris made to Musicland in the fall of 2005, which was paid
in full in December 2005.  The lawsuit was initially filed before
the U.S. District Court for the Southern District of New York, and
was later dismissed and re-filed in the Bankruptcy Court.

According to papers filed in Bankruptcy Court, the plaintiffs in
the Complaint are Buena Vista Home Entertainment, Inc., Cargill
Financial Services International, Inc., Hain Capital Group, LLC,
Paramount Pictures Corporation, Twentieth Century Fox Home
Entertainment LLC, UBS Willow Fund, LLC, and Varde Investment
Partners, L.P.


The Hon. Stuart Bernstein of the U.S. Bankruptcy Court for the
Southern District of New York adjourns the hearing to consider
confirmation of Musicland Holding Corp. and its debtor-affiliates'
Second Amended Joint Plan of Liquidation to Sept. 27, 2007, Andrea
L. Johnson, Esq., at Kirkland & Ellis LLP, in New York, notifies
all interested parties.

                         About Musicland

Headquartered in New York, New York, Musicland Holding Corp., is a
specialty retailer of music, movies and entertainment-related
products.  The Debtor and 14 of its affiliates filed for chapter
11 protection on Jan. 12, 2006 (Bankr. S.D.N.Y. Lead Case No.
06-10064).  James H.M. Sprayregen, Esq., at Kirkland & Ellis,
represents the Debtors in their restructuring efforts.   Mark T.
Power, Esq., at Hahn & Hessen LLP, represents the Official
Committee of Unsecured Creditors.  At March 31, 2007, the Debtors
disclosed $20,121,000 in total assets and $321,546,000 in total
liabilities.

On May 12, 2006, the Debtors filed their Joint Plan of Liquidation
with the Court.  On Sept. 14, 2006, they filed an amended Plan and
a Second Amended Plan on Oct. 13, 2006.  The Court approved the
adequacy of the Amended Disclosure Statement on Oct. 13, 2006.  
(Musicland Bankruptcy News, Issue No. 36; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)  


MUSICLAND HOLDING: LSTA & SIFMA Denounce Wachovia's 2019 Motion
---------------------------------------------------------------
The Loan Syndications and Trading Association and the Securities
Industry and Financial Markets Association ask the U.S. Bankruptcy
Court for the Southern District of New York for leave, as amici
curiae, to file an opposition to Wachovia Bank's request to compel
the Informal Committee of Secured Trade Vendors of Musicland
Holding Corp. and its debtor-affiliates' to file a Rule 2019
Verified Statement disclosing the nature and the amount of the
Informal Committee members' claims.

Andrew N. Goldman, Esq., at Wilmer Cutler Pickering Hale and Dorr
LLP in New York, asserts that the 2019 Motion will have
detrimental impacts on the liquidity of the active and vibrant
trading markets as well as the willingness and ability of many
stakeholders to participate in future chapter 11 cases.   

Wachovia's 2019 Motion goes beyond the practical and seeks public
disclosure of a market participant's most confidential and
proprietary information like the price at which the institution
purchased or sold its claims.

The LSTA and SIFMA intend to file an Amicus Brief and make oral
argument with respect to Section 1109(b) of the Bankruptcy Code.  
Alternatively, the LSTA and SIFMA ask for leave to file the Amicus
Brief and make oral arguments pursuant to Bankruptcy Rule 2018,
which provides that "after hearing on such notice as the court
directs and for cause shown, the court may permit any interested
entity to intervene . . . with respect to any specified matter,"
and the Court's broad equitable powers under Section 105 of the
Bankruptcy Code.

In their Amicus Brief, the LSTA and SIFMA assert that requiring
members of Informal Committee to make Rule 2019 disclosures will
reveal not only their holdings but the prices at which these
entities purchased their securities.  This will compromise the
Debtors' negotiating process vital to the restructuring.

The LSTA and SIFMA also point out that Rule 2019 does not apply to
informal groups like the Informal Committee because they do not
act as fiduciaries.

Mr. Goldman argues that Wachovia's point lack merit.  No
legitimate purpose is served by requiring the Informal Committee
to tell the world the dates and prices at which each member
acquired its position.

                           About LSTA

The Loan Syndications and Trading Association is the trade
association for all segments of the floating rate corporate loan
market.  With more than 220 members, including broker-dealers,
commercial banks, investment banks, mutual funds, merchant banks,
and other major financial organizations worldwide, the LSTA seeks
to foster the development of policies and market practices
designed to promote just and equitable marketplace principles and
to encourage cooperation and coordination with firms facilitating
transactions in loans and related claims.

                           About SIFMA

The Securities Industry and Financial Markets Association is the
organization formed from the 2006 merger of the Bond Market
Association and the Securities Industry Association.  SIFMA brings
together the shared interests of more than 650 securities firms,
banks, and asset managers active in U.S. and foreign markets.  The
SIFMA's mission is to promote policies and practices that work to
expand and perfect markets, foster the development of new products
and services, and create efficiencies for member firms, while
preserving and enhancing the public's trust and confidence in the
markets and the industry.

                         About Musicland

Headquartered in New York, New York, Musicland Holding Corp., is a
specialty retailer of music, movies and entertainment-related
products.  The Debtor and 14 of its affiliates filed for chapter
11 protection on Jan. 12, 2006 (Bankr. S.D.N.Y. Lead Case No.
06-10064).  James H.M. Sprayregen, Esq., at Kirkland & Ellis,
represents the Debtors in their restructuring efforts.   Mark T.
Power, Esq., at Hahn & Hessen LLP, represents the Official
Committee of Unsecured Creditors.  At March 31, 2007, the Debtors
disclosed $20,121,000 in total assets and $321,546,000 in total
liabilities.

On May 12, 2006, the Debtors filed their Joint Plan of Liquidation
with the Court.  On Sept. 14, 2006, they filed an amended Plan and
a Second Amended Plan on Oct. 13, 2006.  The Court approved the
adequacy of the Amended Disclosure Statement on Oct. 13, 2006.  
(Musicland Bankruptcy News, Issue No. 36; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)  


NATIONAL BANK: Moody's Affirms "B-" Financial Strength Rating
-------------------------------------------------------------
Moody's Investors Service affirmed the ratings and outlook of
National Bank of Canada (bank financial strength rating at B-,
long-term deposits at Aa2).  

The rating action follows NBC's announcement that the bank would
acquire CDN$2 billion of non-bank administered, asset-backed
commercial paper held in mutual funds and pooled funds of
subsidiaries of the bank, as well as ABCP held by other of the
bank's investing clients.

Moody's affirmed NBC's ratings because any losses accruing to the
bank as a result of bringing this exposure on-balance-sheet are
very likely to be well-below one-year's pre-tax, pre-provision
earnings.  Moreover, Moody's does not expect the impact of any
such loss on the bank's capital ratios will be material.

In affirming NBC's ratings, Moody's raised two concerns.  First,
by acquiring CDN$2 billion in assets whose value could deteriorate
measurably in the months ahead, NBC could sustain a deterioration
in earnings, efficiency, and capital ratios just prior to a
negative turn in the credit cycle, leaving the bank's financial
strength more susceptible to other stresses.  Second, allowing its
proprietary mutual funds to build sizable concentrations in the
non-bank administered, ABCP asset class raises concerns with NBC's
enterprise risk management, which Moody's has historically viewed
as quite strong.

Moody's noted that NBC's ratings could ultimately be downgraded if
the losses related to the ABCP exposure meaningfully exceed two-
quarter's earnings and if Moody's determines that these or other
events expose weaknesses in the bank's risk management practices
not presently incorporated in NBC's bank financial strength
rating.

National Bank of Canada, headquartered in Montreal, Quebec,
Canada, reported total assets of about CDN$137 billion, and total
common equity of CDN$4.6 billion as of April 30, 2007.


NEW RIVER: Disclosure Statement & Plan Hearing Set for October 1
----------------------------------------------------------------
The United States Bankruptcy Court for the Southern District of
Florida will convene a hearing on Oct. 1, 2007, at 1:30 p.m., to
consider approval of New River Dry Dock Inc. and it's debtor-
affiliates' Disclosure Statement, as well as confirmation of the
Debtors' Chapter 11 Plan of Liquidation.

Under the Plan, Mary Wickman will serve as the Debtor's plan
administrator.  Ms. Wickman is expected to hold, liquidate,
collect and distribute the Debtor's assets to its creditors.

On April 25, 2007, the Court approved the sale of the Debtor's
drydock property to SKID LLC and SKID-SPVEC LLC for $12,250,000.  
The Debtor said that it paid $10,749,934 for it's secured debt
and $28,894 for taxes.

The Debtor has approximately $749,934 in excess sale proceeds,
which will be used to fund, in part, the Plan.

                      Treatment of Claims

Under the Plan, Administrative Claims will be paid 100% without
interest on the effective date.

Priority Claims will also be paid in full in cash from the
available funds by Ms. Wickman on the distribution date.

General Unsecured Claims will be paid on a pro rata basis,
including interest rate at 8% per annum.  The Debtor tells the
Court that the unsecured creditors holds $2,7000,208, of which
$1,166,180 are insider claims.

Holders of Equity Interests will be paid after all valid claims
have been paid in full and holders will retain their equity.

A full-text copy of the New River's Disclosure Statement and Plan
of Liquidation is available for a fee at:

   http://www.researcharchives.com/bin/download?id=070822032518

Headquartered in Fort Lauderdale, Florida, New River Dry Dock,
Inc., filed for chapter 11 protection on July 18, 2006 (Bankr.
S.D. Fla. Case No. 06-13274).  James H. Fierberg, Esq., at Berger
Singerman, P.A., represents the Debtor in its restructuring
efforts.  Mindy A. Mora, Esq., at Bilzin Sumberg Baena Price &
Axelrod LLP represents the Official Committee of Unsecured
Creditors.  When the Debtor filed for protection from its
creditors, it estimated assets between $10 million and
$50 million and its debts between $1 million to $10 million.


NEW YORK RACING: Bankruptcy May Continue Until Mid-2008
-------------------------------------------------------
The New York Racing Association's bankruptcy case may continue
until mid-2008 even if it manages to retain the franchise to run
the Saratoga Race Course, Belmont Park, and Aqueduct, Paul Post of
the Associated Press reports citing NYRA President Charles
Hayward.  This, according to Mr. Hayward, is due to the fact that
it would take that long to work out a chapter 11 plan of
reorganization and have it confirmed by the bankruptcy court.

                         Franchise Issue

The Debtor's franchise to conduct racing and operating pari-mutual
wagering on its racetracks is scheduled to expire on Dec. 31,
2007.

According to Mr. Post, the Debtor alleges that top officials,
including former Governor George Pataki, were the cause of the
operators downfall in their bid to get control of the three
racetracks.

The report further relates that Governor Eliot Spitzer is
currently reviewing updated business plans from NYRA, Excelsior
Racing Associates, Empire Racing Associates and Capital Play Inc.
Governor Spitzer intends to recommend a franchisee by Sept. 4,
2007 but his choice however, will still need approval from state
lawmakers.

                           Racing Law

According to Mr. Hayward, AP reports, the current racing law has
to be rewritten in order for whoever becomes the franchise owner
to retain earnings.  Under the law, Mr. Hayward says, NYRA is not
allowed to retain its earnings and thus also led to its poor
financial condition.  

                      About New York Racing

Based in Jamaica, New York, The New York Racing Association
Inc. aka NYRA -- http://www.nyra.com/-- operates racing tracks in    
Aqueduct, Belmont Park and Saratoga.  The company filed for
chapter 11 protection on Nov. 2, 2006 (Bankr. S.D.N.Y. Case No.
06-12618).  Brian S. Rosen, Esq., at Weil, Gotshal & Manges LLP,
Henry C. Collins, Esq., at Cooper, Erving & Savage LLP, and
Irena M. Goldstein, Esq., at Dewey Ballantine LLP represent the
Debtor in its restructuring efforts.  Jeffrey S. Stein of The
Garden City Group Inc. serves as the Debtor's claims and noticing
agent.  Edward M. Fox, Esq., Eric T. Moser, Esq., Jeffrey N. Rich,
Esq., at Kirkpatrick & Lockhart Preston Gates Ellis LLP, represent
the Official Committee of Unsecured Creditors.  When the Debtor
sought protection from its creditors, it listed more than
$100 million in total assets and total debts.  The Debtor's
exclusive period to file a chapter 11 plan expires on Nov. 15,
2007.


NOMURA ASSET: Fitch Affirms Low-B Ratings on Two Cert. Classes
--------------------------------------------------------------
Fitch Ratings upgraded Nomura Asset Securities Corp.'s commercial
mortgage pass-through certificates, series 1998-D6, as:

  -- $37.2 million class B-2 to 'A+' from 'A-'; and
  -- $37.2 million class B-3 to 'BBB+' from 'BBB'.

In addition, Fitch affirms these classes:

  -- $1.6 billion class A-1B at 'AAA';
  -- $382.7 million class A-1C at 'AAA';
  -- Interest-only class PS-1 at 'AAA';
  -- $223.4 million class A-2 at 'AAA';
  -- $204.8 million class A-3 at 'AAA';
  -- $167.5 million class A-4 at 'AAA';
  -- $55.8 million class A-5 at 'AAA';
  -- $18.6 million class B-5 at 'B'; and
  -- $27.9 million class B-6 at 'B-'.

Class A-1A has paid in full.

Fitch does not rate the interest-only class A-CS1, $158.2 million
class B-1, the $65.2 million class B-4, the $15.8 million class B-
7, or the and $339 B-7H certificates.

The upgrades are attributable to the additional defeasance of 10%
and paydown of 4.6% of the transaction since Fitch's last rating
action.  Ninety one loans (40.8%) have fully defeased since
issuance, including the second largest loan in the pool, Park
LaBrea (4.3%).  In addition, two loans are partially defeased
(0.33%).  As of the August 2007 distribution date, the pool has
paid down 19.0% to $3.0 billion from $3.72 billion at issuance.  
There is currently one asset in special servicing.

The specially serviced asset is a 58,317 square foot retail
shopping center in Maryville, TN.  The center is Real Estate Owned
and is under contract for sale.  The asset was originally secured
by three properties, the other two have been sold.  There are
expected losses, which will be fully absorbed by the non-rated B-7
and B-7H classes.

The transaction includes six credit assessed loans.  Three of them
are fully defeased; The Bristol French Quarter (3.9%), Summerfield
Suites / Innkeepers (1.1%), and Westin Casaurina Resort (0.5%).  
Fitch reviewed servicer-provided financial statements and other
performance information for the remaining non-defeased credit
assessed loans: Fox Plaza (5.2%), Westminster / Burnham-Pacific
(4.1%), and Morris Corporate Center (1.1%).  The debt service
coverage ratios for the loans are calculated based on a Fitch
adjusted net cash flow and a stressed debt service based on the
current loan balances and a hypothetical mortgage constant.  All
of the remaining non-defeased credit assessed loans are considered
investment grade.

The Fox Plaza loan (5.2%), the largest loan in the pool, is
collateralized by a 710,767 square foot office building in Century
City, CA.  Occupancy had decreased to 87.3% as of May 2007
compared to 91.0% at issuance.

The Westminster / Burnham-Pacific pool (3.9%) is collateralized by
18 cross-collateralized and cross-defaulted anchored community
shopping centers located throughout California.  At issuance, the
collateral consisted of 19 centers, but one center was released
from the trust in 2004.  The Fitch-stressed DSCR for Year-End 2006
was 2.33x, compared to 1.61x at issuance.

The Morris Corporate Center loan (1.1%) is collateralized by two
multi-tenant suburban office buildings with 521,700 sf located in
Parsippany, NJ.  The YE 2006 Fitch-stressed DSCR was 2.07x
compared to 1.83x at issuance.  Occupancy as of July 2007 had
decreased to 77.1% from 81.7% at issuance.


NOVASTAR ABS: Fitch Cuts Rating on $15.7MM Class D Notes to "BB"
----------------------------------------------------------------
Fitch affirmed one class and downgraded four classes of notes
issued by NovaStar ABS CDO I, Ltd and NovaStar ABS CDO I, Inc co-
issuer.  

The rating actions are:

  -- $243,700,000 class A-1 notes affirmed at 'AAA';
  -- $34,900,000 class A-2 notes downgraded to 'AA' from 'AAA'
     and place on Rating Watch Negative;
  -- $28,500,000 class B notes downgraded to 'A+' from 'AA' and
     place on Rating Watch Negative;
  -- $24,400,000 class C notes downgraded to 'BBB' from 'A' and
     place on Rating Watch Negative;
  -- $15,700,000 class D notes downgraded to 'BB' from 'BBB' and
     remain on Negative Rating Watch.

NovaStar I is a collateralized debt obligation that closed
Feb. 8, 2007, and is managed by NovaStar Asset Management Company.  
The collateral supporting the CDO is composed of a portfolio of
nearly 100% subprime residential mortgage-backed securities,
issued between 2005 and 2007.

The downgrade of the class A-2, B, C and D notes is the result of
continued deterioration of portfolio credit quality.  The WARF has
increased to 7.38, as of the most recent trustee report dated
Aug. 2, 2007, from 6.20 when the transaction went effective on
May 9th, 2007.  Currently, 17.6% of the portfolio is on Rating
Watch Negative and in Fitch's view 35.3% of the portfolio is below
investment grade quality, including approximately 7.7% 'CCC' or
lower credit quality.  It is Fitch's view that based on the
collateral composition of the portfolio and the percentage of
bonds on rating watch negative the downgrades to the notes reflect
the risk inherent in the underlying portfolio.

The class A-2, B and C notes have been placed on Rating Watch
Negative and the class D notes remain on Rating Watch Negative due
to exposure to 2005, 2006 and 2007 RMBS subprime collateral,
currently experiencing high default and delinquency rates, of
which a substantial percentage have not been reviewed by any
agency.  Fitch expects to resolve the Rating Watch status on these
notes as the expected performance of these bonds is more apparent.

The ratings on the class A-1, A-2 and B notes address the timely
payment of interest and ultimate receipt of principal; the ratings
on the class B-1, B-2 and C notes address the ultimate payment of
interest and principal.  All classes of notes have a legal final
maturity of Feb 2047.


OPTIGENEX INC: Posts $740,262 Net Loss in Quarter Ended June 30
---------------------------------------------------------------
Optigenex Inc.'s consolidated balance sheet at June 30, 2007,
showed $2.5 million in total assets and $9.0 million in total
liabilities, resulting in a $6.5 million total stockholders'
deficit.

The company reported a net loss of $740,262 for the second quarter
ended June 30, 2007, compared with a net loss of $1.3 million for
the same period last year.

Net sales for the quarter ended June 30, 2007, were $92,136
compared to net sales of $85,178 for the quarter ended June 30,
2006, an increase of $6,958 or 8.2%.

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2007, are available for
free at http://researcharchives.com/t/s?22d0

                       Going Concern Doubt

Goldstein Golub Kessler LLP, in New York, expressed substantial
doubt about Optigenex Inc.'s ability to continue as a going
concern after auditing the company's consolidated financial
statements for the years ended Dec. 31, 2006, and 2005.  The
auditing firm pointed to the company's recurring losses from
operations and stockholders deficiency.

For the six months ended June 30, 2007, the company had a net loss
of $1.6 million and had a stockholders' deficit of $6.5 million at
June 30, 2007.

                      About Optigenex Inc.

Optigenex Inc. (OTC BB: OPGX.OB) supplies bulk material and
finished products featuring its patented and wholly natural
compound AC-11(R) a core ingredient to wholesale distributors,
skin care and nutraceutical marketing companies. In addition, the
company licenses its technology and trademark to third party
marketers and manufacturers of skin care and nutraceutical
products.


ORION 2006-1: Fitch Cuts Rating on $32.5MM Class D Notes to "B+"
----------------------------------------------------------------
Fitch downgraded four classes of notes issued by Orion 2006-1 CDO,
Ltd.  These rating actions are the result of Fitch's review
process and are effective immediately:

  -- $98,500,000 class A notes downgraded to 'AA' from 'AAA';
  -- $81,000,000 class B notes downgraded to 'A-' from 'AA';
  -- $77,000,000 class C notes downgraded to 'BB' from 'A',
     removed from Rating Watch Negative;
  -- $32,544,000 class D notes downgraded to 'B+' from 'BBB',
     removed from Rating Watch Negative.

Orion 2006-1 is a collateralized debt obligation that closed on
May 26, 2006 and is managed by NIBC Credit Management, Inc which
operates under the fund management arm of NIBC Bank N.V.  Fitch is
monitoring the effect the acquisition of NIBC Holding NV by
Kaupthing Bank hf. will have on the CDO platform managed by NIBC
CMI.  Orion 2006-1 remains in the reinvestment period until
December 2010.  Included in this review, Fitch discussed the
current state of the portfolio with the asset manager.  
Additionally Fitch conducted cash flow modeling utilizing various
default timing and interest rate scenarios to measure the
breakeven default rates going forward relative to the minimum
cumulative default rates required for the rated liabilities.

Fitch's rating actions reflect the significant collateral
deterioration within the portfolio, specifically subprime
residential mortgage-backed securities, which comprise
approximately 92.87% of the underlying assets.  The entire portion
of Orion 2006-1's exposure to subprime RMBS consists of 2005, 2006
and 2007 vintages, which are experiencing higher levels of
delinquencies and defaults.  Further, Orion 2006-1's portfolio
contains a sizeable exposure (16.2%) to subprime closed-end second
lien RMBS assets, including under-performing 2006 vintage subprime
CES RMBS bonds.  Reflective of the portfolio's credit quality
decline is the Fitch Weighted Average Rating Factor which as of
the July 27, 2007 trustee report has increased to 7.47 ('BBB-
'/'BB+') as compared to 5.3 ('BBB'/'BBB-') as of August 27, 2006,
the first trustee report available.

The current WARF value violates its corresponding covenant of 7.26
('BBB-'/'BB+').  The majority of downgrades in the underlying
portfolio took place in the last three months and were the result
of credit deterioration in subprime RMBS; downgrades have
continued since the July 27 trustee report.  Currently 11% of the
portfolio is on Rating Watch Negative and in Fitch's opinion 15%
is of below investment grade quality, of which 8% is of 'CCC' or
lower quality.  The credit deterioration in the portfolio has
increased the risk profile of all classes of notes.  This rating
analysis also incorporated Fitch's revised methodology for rating
structured finance CDOs.

The ratings of the class A and B notes address the likelihood that
investors will receive full and timely payments of interest, as
per the governing documents, as well as the aggregate outstanding
amount of principal by the stated maturity date.  The ratings of
the class C notes and D notes address the likelihood that
investors will receive ultimate and compensating interest
payments, as per the governing documents, as well as the aggregate
outstanding amount of principal by the stated maturity date.  A
portion of the notes will be issued subsequent to close as the
asset manager ramps-up the collateral portfolio.


OSCAR HAMILTON: Case Summary & 19 Largest Unsecured Creditors
-------------------------------------------------------------
Debtors: Oscar Hamilton
         Margaret Hamilton
         2722 Cypress Grove Road
         Grand Ridge, FL 32442

Bankruptcy Case No.: 07-50281

Chapter 11 Petition Date: August 21, 2007

Court: Northern District of Florida (Panama City)

Debtors' Counsel: Charles M. Wynn, Esq.
                  Charles M. Wynn Law Offices, P.A.
                  P.O. Box 146
                  Marianna, FL 32447
                  Tel: (850) 526-3520
                  Fax: (850) 526-5210

Total Assets:   $422,091

Total Debts:  $4,502,371

Debtors' List of its 19 Largest Unsecured Creditors:

   Entity                      Nature of Claim      Claim Amount
   ------                      ---------------      ------------
W.D. Windgate                  250 acres with         $1,254,619
Georgia Farm Services, LLC     homestead
P.O. Box 529
Leesburg, GA 31763

Byrd Smalley Evans & Adams     Cooperative Debt         $977,025
P.O. Box 2179
Decatur, AL 35602

Superior Bank                  Farming Loan             $615,115
126 North Broadway
Sylacauga, AL 35150

UAP Distribution Inc.          Final Judgment           $314,871
Special Reg. Assets Manager
7251 West 4th Street
Greeley, CO 80634

Superior Bank                  Farming Loan             $277,524
Operations Center
Birmingham, AL 35203

Green Tree Servicing L         2000 Triple Wide          $92,297
                               Mobile Home

Agricredit Acceptance          KMC 3376 6-row            $39,110
                               Combine

                               Amadas 6 row stak         $14,913
                               puller adna KMC 11
                               Shank v-kipper

Early Tractor Co. Inc.         Final Judgment            $35,600

C.C. Bodiford                  Land Rent                 $26,000

Sangaree Oil                   Final Judgment            $22,827

Armtech Insurance Service      Rain Year Ins.            $22,797

Wachovia Bank                  Check Overdraft           $18,000

Stafford                                                 $17,681

Nichols Tractor Co.            Various Charges           $15,753

Swearingen - Lord Equip. Co.   Final Judgment            $11,578

Merchants Ad.                  Collection Med -          $10,785
                               Flowers Hospital

Focus Credit Union             Line of Credit            $10,052

AMEX                           Credit Card                $9,313

Judkins, Simpson & High        American Growers Ins.      $7,370


PACIFIC LUMBER: Scopac Wants Diamond McCarthy as Co-Counsel
-----------------------------------------------------------
Frank Shaw Bacik, vice president and general counsel of Scotia
Pacific Company LLC, relates that the Debtor is currently
represented in its Chapter 11 case by Gibson, Dunn & Crutcher LLP
and Porter & Hedges, L.L.P.

To increase efficiencies in its bankruptcy case, Scopac intends to
maximize its reliance on Texas counsel going forward.  As part of
this process, Scopac seeks to hire Diamond McCarthy, LLP, as
bankruptcy counsel to replace Porter & Hedges.

Mr. Bacik relates that since July 17, 2007, Diamond McCarthy has
worked extensively with Scopac, Gibson Dunn, and Porter & Hedges
to familiarize itself with Scopac, Scopac's business, and the
issues in Scopac's Chapter 11 case.   

Pursuant to Sections 327(a) and 328(a) of the Bankruptcy Code,
Scopac seeks the U.S. Bankruptcy Court for the Southern District
of Texas' permission to employ Diamond McCarthy as its bankruptcy
counsel effective as of Aug. 1, 2007.

Scopac has selected Diamond McCarthy as its counsel because of the
firm's extensive experience and knowledge and its established
reputation in corporate reorganizations and debt restructurings
under Chapter 11, according to Mr. Bacik.  Scopac believes that
Diamond McCarthy is highly qualified and uniquely able to
represent its interests in the bankruptcy case.

Mr. Bacik relates that Diamond McCarthy and Gibson Dunn will
coordinate their areas of responsibility, as directed by Scopac,
to minimize duplication of effort and maximize efficiency, while
at the same time coordinating their efforts to ensure consistency
and to implement common strategies and objectives.

As Scopac's co-counsel, Diamond McCarthy will:

  (a) advise Scopac of its rights, powers and duties as a
      debtor-in-possession continuing to manage its properties;

  (b) review the nature and validity of claims asserted against
      the Scopac's property and advise Scopac concerning the
      enforceability of those claims;

  (c) prepare on Scopac's behalf all necessary and appropriate
      applications, motions, pleadings, draft orders, notices,
      schedules, and other documents and review all financial
      and other reports to be filed in the Chapter 11 case;

  (d) advise Scopac concerning responses to, applications,
      motions, complaints, pleadings, notices, and other papers
      that may be filed and served in the Chapter 11 case;

  (e) counsel Scopac in connection with the formulation,
      negotiation, and promulgation of a plan of reorganization
      and related documents;

  (f) perform other legal services for and on Scopac's behalf,
      which may be necessary or appropriate in the
      administration of the Chapter 11 case and Scopac's
      business; and

  (g) work with other professionals retained by the Debtors and
      other parties-in-interest in the bankruptcy cases to
      attempt approval of a plan of reorganization for Scopac.

The Debtor will pay Diamond McCarthy according to the firm's
customary hourly rates:

        Professional                Hourly Rate
        ------------                -----------
        Partners and counsel        $300 - $600
        Associates                  $195 - $270
        Paralegals                  $145 - $170

The Diamond McCarthy attorneys and paraprofessionals who will
primarily be providing services to Scopac in connection with its
bankruptcy case are:

        Professional                      Hourly Rate
        ------------                      -----------
        Kyung S. Lee, Esq.                   $465
        Wendy K. Laubach, Esq.               $390
        Steve Loden, Esq.                    $315
        Christopher D. Johnson, Esq.         $300
        Jason Rudd, Esq.                     $300
        Erin Jones, Esq.                     $255
        Reda Dennis, Esq.                    $210
        Tracy Markovich                      $155

Scopac will also reimburse Diamond McCarthy for any necessary out-
of-pocket expenses the firm incurs in rendering the contemplated
services.

Kyung S. Lee, a partner at Diamond McCarthy, assures the Court
that his firm does not represent or hold any interest adverse to
Scopac, its estate, creditors, or equity security holders in the
matters on which the firm is to be engaged, and is a
"disinterested person" within the meaning of Section 101(14) of
the Bankruptcy Code and as is required for employment under
Section 327(a) of the Bankruptcy Code.

                       About Pacific Lumber

Headquartered in Oakland, California, The Pacific Lumber Company
-- http://www.palco.com/-- and its subsidiaries operate in
several principal areas of the forest products industry,
including the growing and harvesting of redwood and Douglas-fir
timber, the milling of logs into lumber and the manufacture of
lumber into a variety of finished products.

Scotia Pacific Company LLC, Scotia Development LLC, Britt Lumber
Co., Inc., Salmon Creek LLC and Scotia Inn Inc. are wholly owned
subsidiaries of Pacific Lumber.

Scotia Pacific, Pacific Lumber's largest operating subsidiary, was
established in 1993, in conjunction with a securitization
transaction pursuant to which the vast majority of Pacific
Lumber's timberlands were transferred to Scotia Pacific, and
Scotia Pacific issued Timber Collateralized Notes secured by
substantially all of Scotia Pacific's assets, including the
timberlands.

Pacific Lumber, Scotia Pacific, and four other subsidiaries filed
for chapter 11 protection on Jan. 18, 2007 (Bankr. S.D. Tex. Case
Nos. 07-20027 through 07-20032).  Jack L. Kinzie, Esq., at Baker
Botts LLP, is Pacific Lumber's lead counsel.  Nathaniel Peter
Holzer, Esq., Harlin C. Womble, Jr., Esq., and Shelby A. Jordan,
Esq., at Jordan Hyden Womble Culbreth & Holzer PC, is Pacific
Lumber's co-counsel.  Kathryn A. Coleman, Esq., and Eric J.
Fromme, Esq., at Gibson, Dunn & Crutcher LLP, acts as Scotia
Pacific's lead counsel.  John F. Higgins, Esq., and James Matthew
Vaughn, Esq., at Porter & Hedges LLP, is Scotia Pacific's co-
counsel.

When Pacific Lumber filed for protection from its creditors, it
listed estimated assets and debts of more than $100 million.
Scotia Pacific listed total assets of $932,000,000 and total debts
of $765,978,335.  The Debtors' exclusive period to file a chapter
11 plan expires on Sept. 18, 2007, as extended.  The Debtors'
exclusive period to solicit acceptances of that plan expires on
Nov. 19, 2007.  (Scotia/Pacific Lumber Bankruptcy News, Issue
No. 24, http://bankrupt.com/newsstand/or 215/945-7000).


PACIFIC LUMBER: Gets Open Ended Deadline to Decide on Five Lease
----------------------------------------------------------------
The Hon. Judge Richard S. Schmidt of the U.S. Bankruptcy Court for
the Southern District of Texas extends the time by which Pacific
Lumber Company and its debtor-affiliates must assume, assume and
assign, or reject their five unexpired real property leases until
the entry of an order confirming a plan of reorganization
regarding the Debtors' bankruptcy cases.  

Jack L. Kinzie, Esq., at Baker Botts L.L.P., in Dallas, Texas,
relates that the Debtors are parties to five leases, which govern
their interests in non-residential real properties located in
Humboldt County, California, and cover a wide range of uses and
properties.

The Leases are:

  1. Montoya Substation Use Agreement.  A Use Agreement under
     which The Pacific Lumber Company is the lessee, pertaining
     to an energy substation in Humboldt County, California,
     used by PALCO for the provision of utility services for the
     town of Scotia, California.  The current monthly rent under
     the Use Agreement is $278, and the Agreement will expire on
     December 31, 2025.

  2. Mad River Industrial Complex.  A lease of commercial real
     property in Arcata, California, used for lumber
     re-manufacturing and storage purposes.  The current monthly
     rent under the Arcata Lease is $7,858, and the Lease will
     expire on January 31, 2011.   

  3. Christie Sublease.  A lease of a sawmill and manufacturing
     plant in Humboldt County under which Debtor Britt Lumber
     Co., Inc. is a sub-lessee.  The Humboldt Sawmill Lease will
     expire on September 30, 2046, and provides for a $153
     monthly rent.

  4. Master Lease Agreement.  A master lease pertaining to
     various commercial premises under which Debtor Scotia
     Pacific Company, LLC, is the lessor and PALCO is the
     lessee.  Pursuant to the lease agreement, PALCO subleases
     premises to third parties and pays Scopac, on a semi-annual
     basis, 80% of the rent while retaining the remaining 20%.
     The Master Lease will expire on July 20, 2028.

  5. Scopac Office Lease.  A lease under which PALCO leases
     commercial premises located in Scotia to Scopac for a
     $18,659 monthly rent.  The Lease will expire on October 31,
     2008.

Mr. Kinzie informs the Court that the Debtors:

  -- have timely made all postpetition rental or similar
     payments to the lessors under the Leases;

  -- have timely performed their postpetition payment
     obligations as required by Section 365(d)(3); and

  -- fully intend to continue to comply with their future
     postpetition payment obligations.

With respect to all of the Leases, each of the landlords has
provided its written consent to extend the Debtors' time to
assume or reject the Leases, Mr. Kinzie tells Judge Schmidt.
The landlord for the Mad River Industrial Complex's consent,
however, is subject to the condition that the order extending the
time to assume or reject provide that in the event Britt
subsequently seeks to reject the lease, Britt provide the
landlord with at least 90 days' prior notice to the effective
date of any rejection.   

"It would not benefit the Debtors or their estates to make a
decision to assume or reject the Leases at this point in their
cases, unnecessarily exposing the estates to administrative
expenses, especially given that no decision is required in light
of the landlords' consent," Mr. Kinzie contends.

                      About Pacific Lumber

Headquartered in Oakland, California, The Pacific Lumber Company
-- http://www.palco.com/-- and its subsidiaries operate in
several principal areas of the forest products industry,
including the growing and harvesting of redwood and Douglas-fir
timber, the milling of logs into lumber and the manufacture of
lumber into a variety of finished products.

Scotia Pacific Company LLC, Scotia Development LLC, Britt Lumber
Co., Inc., Salmon Creek LLC and Scotia Inn Inc. are wholly owned
subsidiaries of Pacific Lumber.

Scotia Pacific, Pacific Lumber's largest operating subsidiary, was
established in 1993, in conjunction with a securitization
transaction pursuant to which the vast majority of Pacific
Lumber's timberlands were transferred to Scotia Pacific, and
Scotia Pacific issued Timber Collateralized Notes secured by
substantially all of Scotia Pacific's assets, including the
timberlands.

Pacific Lumber, Scotia Pacific, and four other subsidiaries filed
for chapter 11 protection on Jan. 18, 2007 (Bankr. S.D. Tex. Case
Nos. 07-20027 through 07-20032).  Jack L. Kinzie, Esq., at Baker
Botts LLP, is Pacific Lumber's lead counsel.  Nathaniel Peter
Holzer, Esq., Harlin C. Womble, Jr., Esq., and Shelby A. Jordan,
Esq., at Jordan Hyden Womble Culbreth & Holzer PC, is Pacific
Lumber's co-counsel.  Kathryn A. Coleman, Esq., and Eric J.
Fromme, Esq., at Gibson, Dunn & Crutcher LLP, acts as Scotia
Pacific's lead counsel.  John F. Higgins, Esq., and James Matthew
Vaughn, Esq., at Porter & Hedges LLP, is Scotia Pacific's co-
counsel.

When Pacific Lumber filed for protection from its creditors, it
listed estimated assets and debts of more than $100 million.
Scotia Pacific listed total assets of $932,000,000 and total debts
of $765,978,335.  The Debtors' exclusive period to file a chapter
11 plan expires on Sept. 18, 2007, as extended.  The Debtors'
exclusive period to solicit acceptances of that plan expires on
Nov. 19, 2007.  (Scotia/Pacific Lumber Bankruptcy News, Issue
No. 24, http://bankrupt.com/newsstand/or 215/945-7000).


PARADIGM MEDICAL: June 30 Balance Sheet Upside-Down by $2.6 Mil.
----------------------------------------------------------------
Paradigm Medical Industries Inc.'s consolidated balance sheet at
June 30, 2007, showed $2.3 million in total assets and
$4.9 million in total liabilities, resulting in a $2.6 million
total stockholders' deficit.

The company reported a net loss of $1.5 million and an operating
loss of $483,000 for the second quarter ended June 30, 2007,
compared with a net loss of $755,000 and an operating loss of
$201,000 for the same period last year.

Net sales for the three months ended June 30, 2007, decreased by
$458,000, or 64%, to  260,000 as compared to $718,000 for the same
period of 2006.  This reduction in sales was primarily due to
reduced sales of the P40, P45 and P60 UBM Ultrasound  
Biomicroscopes and the LD 400 Perimeters.

The increase in operating loss is mainly attributable to the
decrease in sales and an increase in total operating expenses.  
The increase in net loss primarily reflects the increase in
operating loss and an increase of $509,000 in financing costs.

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2007, are available for
free at http://researcharchives.com/t/s?22d2

                       Going Concern Doubt

Chisholm, Bierwolf & Nilson LLC, in Bountiful, Utah, expresssed
substantial doubt about Paradigm Medical Industries Inc.'s ability
to continue as a going concern after auditing the company's
consolidated financial statements as of Dec. 31, 2006.  The
auditing frim pointed to the company's working capital deficit and
recurring operating  losses.

                     About Paradigm Medical

Headquartered in Salt Lake City, Paradigm Medical Industries Inc.
(OTC BB: PMED.OB) -- http://www.paradigm-medical.com/-- currently  
develops, manufactures and markets high-tech, proprietary
diagnostic equipment and consumable products for the medical
industry.


PARMALAT SPA: Sells Spanish Operations to Lacteos Siglo
-------------------------------------------------------
Parmalat S.p.A. disclosed in a press release that it has executed
an agreement selling all of the Spanish operations to Lacteos
Siglo XXI s.l. (Group Nueva Rumasa) for about EUR188,000,000,
following the signing of the sale and purchase agreement in May
2007 and the obtainment of the clearance from the Spanish
Antitrust Authority in June 2007.

Based in Milan, Italy, Parmalat S.p.A. -- http://www.parmalat.net/
-- sells nameplate milk products that can be stored at room
temperature for months.  It also has about 40 brand product lines,
which include yogurt, cheese, butter, cakes and cookies, breads,
pizza, snack foods and vegetable sauces, soups and juices.

The Company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
or bankruptcy protection, they reported more than US$200 million
in assets and debts.  The U.S. Debtors emerged from bankruptcy
on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the
Cayman Islands.  Gordon I. MacRae and James Cleaver of Kroll
(Cayman) Ltd. serve as Joint Provisional Liquidators in the
cases.  On Jan. 20, 2004, the Liquidators filed Sec. 304
petition, Case No. 04-10362, in the United States Bankruptcy
Court for the Southern District of New York.  In May 2006, the
Cayman Island Court appointed Messrs. MacRae and Cleaver as
Joint Official Liquidators.  Gregory M. Petrick, Esq., at
Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq.,
at Janvey, Gordon, Herlands Randolph, represent the Finance
Companies in the Sec. 304 case.

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.  (Parmalat Lumber Bankruptcy News, Issue No.
90; http://bankrupt.com/newsstand/or 215/945-7000).


PARMALAT SPA: Boschi Food & Beverage Acquires Business Assets
-------------------------------------------------------------
Boschi Luigi & Figli S.p.A., a subsidiary of Parmalat S.p.A., has
executed the transfer of all of its business assets to Boschi Food
& Beverage S.p.A., following the receipt of the approval of
certain Antitrust authorities, according to Parmalat's company
statement.

Boschi Luigi operates in the production, transformation and
manufacturing of tomato-based products, fruit juices and tea-based
beverages.

Following the execution of the sale agreement, Boschi Luigi has
collected the entire consideration for the transaction equal to
EUR30,180,000, the company press release discloses.

Simultaneously with the sale of those assets, Parmalat discloses
in a separate press release that its Pomi, Pomito and Pais brands
have been sold to Boschi Food & Beverage, for approximately
EUR2,320,000.

Boschi Food & Beverage S.p.A., is a recently constituted company
owned by Consorzio Interregionale Ortofrutticolo and Consorzio
Casalasco.

Based in Milan, Italy, Parmalat S.p.A. -- http://www.parmalat.net/
-- sells nameplate milk products that can be stored at room
temperature for months.  It also has about 40 brand product lines,
which include yogurt, cheese, butter, cakes and cookies, breads,
pizza, snack foods and vegetable sauces, soups and juices.

The Company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
or bankruptcy protection, they reported more than US$200 million
in assets and debts.  The U.S. Debtors emerged from bankruptcy
on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the
Cayman Islands.  Gordon I. MacRae and James Cleaver of Kroll
(Cayman) Ltd. serve as Joint Provisional Liquidators in the
cases.  On Jan. 20, 2004, the Liquidators filed Sec. 304
petition, Case No. 04-10362, in the United States Bankruptcy
Court for the Southern District of New York.  In May 2006, the
Cayman Island Court appointed Messrs. MacRae and Cleaver as
Joint Official Liquidators.  Gregory M. Petrick, Esq., at
Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq.,
at Janvey, Gordon, Herlands Randolph, represent the Finance
Companies in the Sec. 304 case.

The Honorable Robert D. Drain presides over the Parmalat Debtors'
U.S. cases.  (Parmalat Lumber Bankruptcy News, Issue No. 90;
http://bankrupt.com/newsstand/or 215/945-7000).


POPULAR INC: Paying $0.16/Share Dividend on October 1
-----------------------------------------------------
The board of directors of Popular Inc. declared on Aug. 15, 2007,
a cash dividend of $0.16 per common share.  The dividend is
payable on Oct. 1, 2007, to the stockholders of record as of
Sept. 14, 2007.

Headquartered in Puerto Rico, Popular Inc. (Nasdaq: BPOP) is a
full service financial institution with operations in Puerto Rico,
the United States, the Caribbean and Latin America.  With over 300
branches and offices, the company offers retail and commercial
banking services through its franchise, Banco Popular de Puerto
Rico, well as auto and equipment leasing and financing, mortgage
loans, consumer lending, investment banking, broker/dealer and
insurance services through specialized subsidiaries.  In the
United States, the company has established a community banking
franchise providing a broad range of financial services and
products to the communities it serves.  

                        *     *     *

AS reported in the Troubled Company Reporter on May 9, 2007, Fitch
Ratings has downgraded Individual rating of Popular Inc. to 'B/C'
from 'B'.


PRC LLC: Moody's Downgrades Corporate Family Rating to B3
---------------------------------------------------------
Moody's Investors Service downgraded PRC's corporate family rating
to B3 from B2, affirmed the company's bank facility ratings, and
placed these ratings under review for possible downgrade.

The downgrade of the corporate family rating to B3 reflects the
company's weaker than anticipated profitability, which is
primarily the result of poor start-up execution on one of its new
major contracts.  The B3 rating incorporates PRC's negative net
return on assets and high financial leverage as measured by
adjusted debt to EBITDA and free cash flow to adjusted debt for
the twelve months ended June 2007, relative to services industry
peers.

The company currently maintains weak liquidity.  The company has
cash balances of about $9 million as of June 2007 and after
reinvesting internally generated cash flow to support new contract
awards, PRC has minimal free cash flow, calculated as operating
cash flow less capital expenditures.  

The company has adequate liquidity through external sources, which
include its $20 million first lien revolver and a delayed draw
first lien capital expenditures facility of $25 million.  As of
June 2007, both facilities remained undrawn.  Moody's believes
that unless operating performance improves, the company will
potentially need to utilize its revolving credit facility to fund
working capital and capital expenditures.

Although the company is currently in compliance with financial
covenants of its credit facilities, the company will be challenged
to remain in compliance for the next twelve months, absent
resolution of the financial detriment of its one large problem
contract or cash infusion from its private equity sponsor.  The
company's private equity sponsor, Diamond Castle, has the option
to invest cash common equity for up to two out of four consecutive
quarters in order to allow the company to remain in compliance
with its financial covenants.  The intention to do this by the
equity sponsors provides some support to the company's covenant
compliance in the near term.

The review will focus on the company's prospects to improve poor
contract execution and financial performance, and the amount of
additional equity invested by Diamond Castle in the business.

Ratings downgraded and placed under review for further downgrade:

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

Ratings affirmed and placed under review for downgrade:

-- $20 million first lien revolving credit facility -- B1, LGD-3,
    31%

-- $25 million first lien delayed draw capex term loan -- B1,
    LGD-3, 31%

-- $115 million first lien term loan -- B1, LGD-3, 31%

-- $67 million second lien term loan -- Caa1, LGD-5, 77%

Headquartered in Plantation, Florida, PRC, LLC provides outsourced
customer care and sales and marketing business process outsourcing
services.  On Nov. 29, 2006, private equity firm Diamond Castle
Holdings and members of PRC's management team acquired PRC from
its former parent, IAC/InterActiveCorp.


QUAKER FABRIC: Organizational Meeting Scheduled on August 28
------------------------------------------------------------
The U.S. Trustee for Region 3 will hold an organizational meeting
to appoint an official committee of unsecured creditors in Quaker
Fabric Corporation and Quaker Fabric Corporation of Fall River's
chapter 11 cases at 10:00 a.m., on Aug. 28, 2007, at Room 5209, J.
Caleb Boggs Federal Building, 844 North King Street, in
Wilmington, Delaware.

The sole purpose of the meeting will be to form a committee or
committees of unsecured creditors in the Debtors' cases.  The
meeting is not the meeting of creditors pursuant to Section 341
of the Bankruptcy Code.  However, a representative of the Debtor
will attend and provide background information regarding the
cases.

Creditors interested in serving on a Committee should complete
and return to the U.S. Trustee a statement indicating their
willingness to serve on an official committee.

Official creditors' committees, constituted under Section 1102 of
the Bankruptcy Code, ordinarily consist of the seven largest
creditors who are willing to serve on a committee.  In some
Chapter 11 cases, the U.S. Trustee is persuaded to appoint
multiple creditors' committees.

Official creditors' committees have the right to employ legal and
accounting professionals and financial advisors, at the Debtors'
expense.  They may investigate the Debtors' business and
financial affairs.  Importantly, official committees serve as
fiduciaries to the general population of creditors they
represent.  Those committees will also attempt to negotiate the
terms of a consensual Chapter 11 plan -- almost always subject to
the terms of strict confidentiality agreements with the Debtors
and other core parties-in-interest.  If negotiations break down,
the Committee may ask the Bankruptcy Court to replace management
with an independent trustee.  If the Committee concludes that the
reorganization of the Debtors is impossible, the Committee will
urge the Bankruptcy Court to convert the Chapter 11 cases to a
liquidation proceeding.

Based in Fall River, Mass., Quaker Fabric Corp. (NASDAQ: QFAB)
-- http://www.quakerfabric.com/-- designs, manufactures, and  
markets woven upholstery fabrics primarily for residential
furniture manufacturers and jobbers.  It also develops and
manufactures specialty yarns, including chenille, taslan, and spun
products for use in the production of its fabrics, as well as for
sale to distributors of craft yarns, and manufacturers of home
furnishings and other products.  The company is one of the largest
producers of Jacquard upholstery fabrics.

Quaker Fabric sells its products through sales representatives and
independent commissioned sales agents in the United States,
Canada, Mexico, and internationally.

The company and its affiliate, Quaker Fabric Corporation of Fall
River, filed for chapter 11 protection on Aug. 16, 2007 (Bankr. D.
Del. Case No. 07-11146).  Joel A. Waite, Esq., at Young, Conaway,
Stargatt & Taylor LLP represents the Debtors.  The Debtors'
balance sheet at June 2, 2007 disclosed total assets of
$155,243,945 and total debts of S$60,407,158.


QUALITY HOME: Case Summary & 79 Largest Unsecured Creditors
-----------------------------------------------------------
Lead Debtor: Quality Home Loans
             dba Clear Credit Capital
             dba Last Chance Home Loans
             dba Last Option Lending
             dba Q.H.L. Investments
             27001 West Agoura Road, 3rd Floor
             Agoura Hills, CA 91301
             Tel: (888) 845-8888

Bankruptcy Case No.: 07-13006

Debtor-affiliates filing separate Chapter 11 petitions:

        Entity                                     Case No.
        ------                                     --------
        California T.D. Investments, L.L.C.        07-13003
        Golden State T.D. Investments, L.L.C.      07-13004
        Q.H.L. Holdings Fund Ten, L.L.C.           07-13005

Type of business: The Debtors are equity lenders.  See
                  http://www.qualityhomeloans.com

Chapter 11 Petition Date: August 21, 2007

Court: Central District Of California (San Fernando Valley)

Debtors' Counsel: Mike D. Neue, Esq.
                  Irell & Manella, L.L.P.
                  840 Newport Center Drive, Suite 400
                  Newport Beach, CA 92660
                  Tel: (949) 760-0991
                  Fax: (949) 760-5200

                            Estimated Assets       Estimated Debts
                            ----------------       ---------------
Quality Home Loans             $1 Million to             More than
                                $100 Million          $100 Million

California T.D. Investments,   $1 Million to           $100,000 to
L.L.C.                          $100 Million            $1 Million

Golden State T.D. Investments  $1 Million to           $100,000 to
L.L.C.                          $100 Million            $1 Million

Q.H.L. Holdings Fund Ten,      $1 Million to         $1 Million to
L.L.C.                          $100 Million          $100 Million

A. Quality Home Loans's 19 Largest Unsecured Creditors:

   Entity                      Nature of Claim       Claim Amount
   ------                      ---------------       ------------
California T.D.                                       $11,100,000
c/o Q.H.L.
27001 West Agora Road
Agora Hills, CA 91301

Keller
Tel: (954) 924-3417            private loan              $503,176

First California Bank          bank loan                 $352,468
Attention: Corporate Officer
P.O. Box 6017
Camarillo, CA 93011-6017

Milligan                       private loan               $70,000

Clear Capital.com              trade debt                 $51,595

D.D.I. Leasing                 trade debt                 $47,294

Manifest Funding Services      trade debt                 $44,310

G.E. Vendor Financial Services trade debt                 $42,873

A.E.L. Financial               trade debt                 $47,578

Dell Computer                  trade debt                 $21,838

National City Technology       trade debt                 $16,736
Finance

Zone Funding                   trade debt                 $15,917

L.S.I. Tax Service             trade debt                 $14,365

C.B.C. Innovis                 trade debt                  $9,705

Joe Swears                     trade debt                  $8,600

Franzen and Salzano            trade debt                  $7,512

Staple Business Advantage      trade debt                  $6,984

Streamline Office Services     trade debt                  $6,295

Melissa Data Corp.             trade debt                  $5,888

B. California TD Investments, LLC's 20 Largest Unsecured
   Creditors:

   Entity                      Nature of Claim       Claim Amount
   ------                      ---------------       ------------
Andrew S. Berwick, III         investor                  $818,672
Separate Property Trust
Chelham Way
Santa Barbara, CA 93108

Gary Fasola                    investor                  $420,000
4240 Lost Hills Road,
Suite 2903
Calabasas, CA 91301

Kenton J. Hallberg and Millie  investor                  $326,500
Hallberg
11160 South 625 Road
Stockton, MO 65785

Sam Gerard                     investor                  $300,000
P.O. Box 4308
Santa Barbara, CA 93140

Richard Barnes                 investor                  $300,000
P.O. Box 5198
Ventura, CA 93005

Floyd R. Lindquist and Marian  investor                  $245,500
E. Lindquist, Trustees

George Thompson                investor                  $241,167

Robert W. Uhl and              investor                  $200,000
Nancy L. Uhl

Sylvia Barnes                  investor                  $200,000

Aaron Fabbian and Bridget      investor                  $150,000
Fabbian

Revocable Living Trust of      investor                  $100,866
Russell Earl Shiek, dtd.

Merrell Properties, L.L.C.     investor                  $100,000

Raznick Trust of 1980          investor                  $100,000

Nicholas Torok & Kay S. Torok  investor                  $100,000

Allen L. Lee and Janet Y. Lee  investor                  $100,000

The Exemption Trust of the     investor                  $100,000
Herman Family Trust

The Survivor's Trust of the    investor                  $100,000
Herman Family Trust

Kenneth Lindquist and Karen    investor                   $70,000
Lindquist

Shirley D. Milligan Trust      investor                   $55,000

Joan M. Lindquist              investor                   $50,296

C. Golden State TD Investments, LLC's 20 Largest Unsecured
Creditors:

   Entity                      Nature of Claim       Claim Amount
   ------                      ---------------       ------------
Patrick H. Leicester           investor                $2,500,000
4089 Mayfield Street
Newbury Park, CA 91320

Edward M. Welsh Family Trust   investor                $1,000,000
1725 Avenida De Aprisa
Camarillo, CA 93010

John Shutt                     investor                  $700,000
513 Calle Converse
Camarillo, CA 93010

Will H. and Nancy D. Steele    investor                  $600,000
J.T.W.R.O.S.
P.O. Box 1595
Montgomery, TX 77356

The Anthony and Maria Dal      investor                  $600,000
Bello Family Trust, Dtd.
10/8/86
510 Alston Road
Santa Barbara, CA 93108

Julie Ann Levy                 investor                  $542,276
410 Willard Road
Santa Paula, CA 93060

Shigeyasu Steve Hiraiwa and    investor                  $500,000
Chihisa Hiraiwa
32024 Pacifica Drive
Palos Verdes, CA 90275

Aaron Fabbian and Bridget      investor                  $493,760
Fabbian
1351 South La Luna Avenue
Ojai, CA 93023

Gary Fasola                    investor                  $450,000
4240 Lost Hills Road,
Suite 2903
Calabasas, CA 91301

Marc Sobel T.T.E.E.            investor                  $350,000
P.O. Box 403
Bass Lake, CA 93604

Ojai Oil Company               investor                  $350,000
Attention: Douglass Off
760 Paseo Camarillo,
Suite 400
Camarillo, CA 93010

Lincoln Trust Company,         investor                  $324,772
T.T.E.E.
F.B.O. John C. Keller
3200 North Ocean Drive,
Suite 205
Hollywood, FL 33019

Jose S. Escamilla and Maria    investor                  $323,201
J. Escamilla
120 Magnolia Avenue
Oxnard, CA 93030

Kathleen Craig or Ray Craig    investor                  $250,000
847 Tamlei Avenue
Thousand Oaks, A 91362

Jon and Ellen Pelzer Common    investor                  $250,000
Property
85 Old Shore Road, Suite 200
Port Washington, NY 11050

Elena Karalius                 investor                  $225,000

Alan Koichi Yoshida            investor                  $217,890

Richard Barnes                 investor                  $200,000

The Survivor's Trust of the    investor                  $200,000
Herman Family Trust

Fiserv-Iss F.B.O. Patrick      investor                  $200,000
Leicester Defined Benefit
Plan

D. Q.H.L. Holdings Fund Ten, LLC's 20 Largest Unsecured Creditors:

   Entity                      Nature of Claim       Claim Amount
   ------                      ---------------       ------------
Shirley D. Milligan, Trustee   investor                  $507,001
P.O. Box 2061
Ventura, CA 93002

Robert L. Milligan and                                   $393,588
Krystal L. Milligan
6591 Swan Street
Ventura, CA 93003

Roy Lee Stone                                            $625,678
777 North Olive Street
Ventura, CA 93003

Rosalie Volan, T.T.E.E.                                  $480,158
6110 Village 6
Camarillo, CA 93012

N.F.S./F.M.T.C. F.B.O.                                   $346,594
Donald R. Hays, I.R.A.
18635 Brasilia Drive
Northridge, CA 91326

Shigeyasu Steve Hiraiwa                                  $500,000
and Chihisa Hiraiwa
32024 Pacifica Drive
Palos Verdes, CA 90275

Taylor Charitable Remainder                              $400,000
Unitrust
c/o Robert Taylor
13721 Glen Oaks Boulevard
Sylmar, CA 91342

S.&E. Phillips Living Trust                              $500,000
c/o Samuel Philips
6110 Village 6
Camarillo, CA 93012

The Huber Family Trust, Dtd.                           $1,100,000
3/16/89
c/o John and Elizabeth Huber
20538 Toluca Avenue
Torrance, CA 90503

Ronald Misrach                                           $650,000
15432 Gault Street
Van Nuys, CA 91406

Robert Shaw and                                          $962,560
Connie Shaw
2431 Greenfield Avenue
Clovis, CA 93611

Edward M. Welsh Family                                 $1,000,000
Trust
1725 Avenida De Aprisa
Camarillo, CA 93010

Tina Coffelt Living Trust                              $1,010,556
1219 Village View Road
Encinitas, CA 92024

George Steve Krisan                                      $323,200
2135 Mandan Place
Simi Valley, CA 93065

Joseph Karalius                                          $500,000
132 Maple Road
Newbury Park, CA 91320

Johnny and Sylvia Giannetto                              $375,000
J.T.W.R.O.S.
1336 Shore Bird Lane
Carlsbad, CA 92011

Robert L. Diamond                                        $332,367
781 Camino Santos Reyes
Thousand Oaks, CA 91360

Jaimes Paul Wondra                                     $2,400,478
152 Silas Avenue
Newbury Park, CA 91320

Security Mutual Properties,                              $400,000
Inc. Retirement Trust
c/o Jerry and Barbara Myers
2200 Pebble Beach Trail
Oxnard, CA 93036

Kadoch Family Trust                                      $400,000
c/o Jack and Miriam Kadoch
80598 Avenida San Felipe
Indio, CA 92203


RANCHER'S BEEF: Files for Bankruptcy; Lays Off Workers
------------------------------------------------------
Hundreds of staff at a meat processing plant have been laid off
due to Rancher's Beef Ltd.'s bankruptcy filing, Tarina White of
the Calgary Sun reports.

The company's closure is seen as a blow to Canada's beef industry
which is still reeling from the effects of the 2003 "Mad Cow"
crisis, the report discloses citing Canada Beef Exports president
Ted Haney.

Citing Cor Van Raay, a southern Alberta feedlot operator, the
report relates that the company never recovered from a bad
financial start.  Due to changes in the funding formula, loan
guarantees promised by the federal government fell short by around
$10 million, added Mr. Raay.  This, the company had to use part of
the processing plant's operating budget to cover the shortage and
finish the construction.

The plant, according to the report, was expected to process 800
cattle on a daily basis but operators could only afford to process
400.

Art Price, Rancher's Beef chairman, couldn't be reached for
comment, the report adds.

Rancher's Beef Ltd. -- http://www.ranchersbeef.ca/-- is a  
Canadian owned and operated meat processing facility.  As a
limited partnership, Rancher's Beef is comprised of approximately
50 unit holders involved in all levels of the beef industry.


RESIDENTIAL CAPITAL: Market Disruption Cues Fitch to Cut Rating
---------------------------------------------------------------
Following Fitch's rating actions on Aug. 16, 2007 relating to U.S.
residential mortgage companies, Fitch issued a release to further
detail the actions on Residential Capital LLC.  Fitch downgraded
ResCap's Issuer Default Rating to 'BB+' from 'BBB' and placed it
on Rating Watch Negative.  Prior to the downgrade, Fitch had
changed ResCap's Outlook to Negative reflecting the challenging
market conditions and deteriorating operating performance of the
company.  Approximately $17.8 billion of debt was affected by the  
action.

The downgrade and placement on Rating Watch Negative primarily
reflects the severe disruption in the capital markets, which has
reduced liquidity for mortgage-centric companies.  The reduction
in primary liquidity has caused ResCap to rely on alternative
committed sources of funding and change its business mix toward
less-risky conforming mortgages.

While Fitch's actions mainly reflect the market disruption, Fitch
has been concerned with the company's weak operating performance,
which has been noticeably worse than peer companies.  ResCap has
been taking remedial actions such as increasing provisions,
reducing expenses and reducing nonprime and warehouse lending
exposures.

Fitch believes that market illiquidity for non-conforming
mortgages will cause ResCap to further alter its loan origination
volumes and types toward lower-yielding conforming and less risky
mortgages.  While this reduces the company's credit risk and
funding needs, it will likely diminish the company's already
strained earnings potential going forward.  Further, based on
stressed industry conditions, Fitch believes ResCap is exposed to
further writedowns of mortgage-related assets.  In Fitch's view,
ResCap has good capital levels, although the likelihood and
magnitude of any impairments are not known at this time.

The resolution of the Rating Watch will follow developments in the
residential mortgage market over the next few quarters.  Fitch
will evaluate the impact the market dislocation has on ResCap's
operating performance, liquidity, and capital levels.

Residential Capital LLC ratings, all on Rating Watch Negative

  -- L-T Issuer Default Rating 'BB+';
  -- S-T IDR 'B';
  -- Senior unsecured debt 'BB+' ;
  -- Subordinated debt 'BB-'.


REUNION INDUSTRIES: June 30 Balance Sheet Upside-Down by $23 Mil.
-----------------------------------------------------------------
Reunion Industries Inc.'s consolidated balance sheet at June 30,
2007, showed $50.3 million in total assets, $73.0 million in total
liabilities, and $385,000 in minority interests, resulting in a
$23.1 million total stockholders' deficit.

At June 30, 2007, the company's consolidated balance sheet also
showed strained liquidity with $29.6 million in total current
assets available to pay $69.4 million in total current
liabilities.

The company reported net income of $679,000 and an operating
profit of $48,000, on sales of $7.0 million for the second quarter
ended June 30, 2007, compared with net income of $3.3 million and
an operating loss of $64,000, on sales of $6.5 million for the
comparable period a year ago.

Net sales for the second quarter of 2007 were up 8.3% from the
same quarter of 2006, reflecting a slight increase in cylinder
sales and a 20% increase in grating sales.  

The swing to an operating profit in the second quarter ended
June 30, 2007, is mainly due to a decrease in selling, general and
administrative expenses.  The decrease in net income primarily
reflects the gain on debt extinguishments of $4.0 million in the
prior period quarter, partly offset by an increase of $1.2 million
in income from the discontinued pressure vessel operations.

Selling, general and administrative (SGA) expenses for the second
quarter of 2007 were $1.2 million, down $102,000 from the expenses
for the second quarter of 2006.  This decrease in expense reflects
a decrease in SGA expenses in the cylinder segment and at
corporate offset somewhat by an increase in marketing expense in
the grating business in connection with the increase in
sales in that segment.  As a percentage of sales, SGA expenses
decreased to 17.7% for the second quarter of 2007 from 20.1% for
the second quarter of 2006.

There was a $4.0 million gain on debt extinguishment in the second
quarter of 2006 related to the final settlement of the SFSC
$4.29 million judgment and all accrued interest.  There was no
such gain in the comparable period in 2007.

Interest expense for the second quarter of 2007 was $1.9 million
compared to $2.0 million for the second quarter of 2006.  

Full-text copies of the company's consoldiated financial
statements for the quarter ended June 30, 2007, are available for
free at http://researcharchives.com/t/s?22d3

                   Default on 13% Senior Notes

The 13% restructured Senior Notes and accumulated interest, which
totaled $30.8 million at Dec. 31, 2006, became due and payable on
Jan. 3, 2007.  The company did not make such payment and thus
continued to be in default under the Indenture under which the
Senior Notes were issued.  However, under an Intercreditor and
Subordination Agreement entered into in December 2003 among
Wachovia Bank, the holders of the Senior Notes and certain other
lenders, the Senior Note holders cannot commence any action to
enforce their liens on any collateral for a 180 day period
beginning after the date of receipt by Wachovia, the senior
secured lender, of a written notice from the Senior Note
holders informing Wachovia of its demand for payment.  On Feb. 2,
2007, Wachovia received written notice of such demand for payment.  
The standstill period thus expired as of Aug. 2, 2007.  As of
June 30, 2007, the total amount due and payable on the 13% Senior
Notes, including accumulated interest, was $35.0 million.

                       Going Concern Doubt

As reported in the Troubled Company Reporter on April 17, 2007,
Mahoney Cohen & Company, in New York, expressed substantial doubt
about Reunion Industries Inc.'s ability to continue as a going
concern after auditing the company's consolidated financial
statements as of the years ended Dec. 31, 2006, and 2005.  The
auditing firm reported that at Dec. 31, 2006, the company has a
deficiency in working capital of $39.3 million, a loss from
continuing operations of $2.9 million before gain on debt
extinguishment, and a stockholders' deficit of $23 million.

At June 30, 2007, the company has a deficiency in working capital
of $39.8 million, a loss from continuing operations for the first
six months of 2007 of $4.1 million and a deficiency in assets of
$23.1 million.  Additionally, at June 30,2007, the company was in
default on substantially all of its debt.

                     About Reunion Industries

Headquartered in Pittsburgh, Pennsylvania, Reunion Industries Inc.
(AMEX: RUN) -- http://www.reunionindustries.com/-- owns and  
operates industrial manufacturing operations that design and
manufacture engineered, high-quality products for specific
customer requirements, such as hydraulic and pneumatic cylinders
and metal bar grating.  Prior to 2007, the company's continuing
operations' products also included large-diameter seamless
pressure vessels.  Such pressure vessel business was
reclassified to discontinued operations effective Jan. 1, 2007.


RINKER BOAT: Moody's Junks Corporate Family Rating
--------------------------------------------------
Moody's Investors Service downgraded the ratings of Rinker Boat
Company based on its continuing moderating operating performance
as a result of the worse than anticipated downturn in the marine
industry and violation of financial covenants in the LTM ended
June 2007.

At the same time, Moody's placed Rinker's ratings on review for
possible further downgrade pending completion of an amendment to
revise the covenants under its bank credit facilities.

"The downgrade reflects our concerns that the company's modest
operating performance will linger as the marine industry cyclical
downturn continues." said Kevin Cassidy, Vice President/Senior
Credit Officer at Moody's Investors Service.

Mr. Cassidy further noted that "the downgrade incorporates the
company's inability to comply with certain financial covenants,
which were amended in August 2006."  He also stated that "while
the company is currently generating modest operating cash flow,
its liquidity could deteriorate rapidly if demand further
moderates and the company does not succeed in amending the
covenants and loses access to its revolver."  The review for
possible further downgrade reflects the uncertainty of the company
being able to amend the credit facility on acceptable terms in the
current credit market environment.  The review will focus on the
company's alternative sources of liquidity in the event it is not
able to amend the credit facility.

These ratings/assessments were downgraded:

-- Corporate family rating to Caa1 from B3;

-- Probability of default rating at Caa1 from B3;

-- Senior Secured Term Loan to B3 (LGD 3, 40%) from B2 (LGD 3,
    40%);

-- Revolving Credit Facility to B3 (LGD 3, 40%) from B2 (LGD 3,
    40%)

Rinker Boat Company's is headquartered in Syracuse, Indiana.


ROCKLAND VENDING: Case Summary and 21 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Rockland Vending Corporation
        1 Sanford Avenue
        Chester, NY 10918

Bankruptcy Case No.: 07-36261

Type of Business: The Debtor manufactures vending machines.

Chapter 11 Petition Date: August 20, 2007

Court: Southern District of New York (Poughkeepsie)

Judge: Cecelia G. Morris

Debtor's Counsel: Thomas Genova, Esq.
                  Genova & Malin
                  Hampton Business Center
                  1136 Route 9
                  Wappingers Falls, NY 12590
                  Tel: (845) 298-1600
                  Fax: (845) 298-1265

Total Assets:  $576,106

Total Debts: $1,323,716

Debtor's 21 Largest Unsecured Creditors:

   Entity                      Nature of Claim       Claim Amount
   ------                      ---------------       ------------
Vistar/Visa                                              $110,436
71 Walsh Drive
Parsippany, NJ
07054-5850

V.M.E. Distributor                                        $92,838
6010 North Bailey Avenue,
Suite 5
Amherst, NY 14226

Coca-Cola Co.                                             $30,801
P.O. Box 802575
Chicago, IL
60680-2575

Pepsi-Cola Bottling                                       $22,566
Co.

Teich, Beim & Moro, P.C.                                  $16,900

Leisure Time                                              $16,000

Blue Flame Propane                                        $10,397

Sultana Distribution                                       $9,216
Services, Inc.

Citibank A Advantage                                       $6,961

Chet's Garage                                              $6,647

Pepsi-Cola Bottling                                       $22,566

S.P. Beverage                                              $5,897

Merchantile-Self                                           $5,858
Insurance Trust

Eden's Snacks, L.L.C.                                      $5,792

Alarm Specialist                                           $5,489

Oxford Health Plans                                        $3,350

Vendors Exchange International                             $3,195

Hanover Insurance                                          $2,661

Snapple Dist.                                              $2,276

American Express                                           $1,808

Interstate Waste Services                                  $1,800


SENTINEL MANAGEMENT: Gets Court OK to Disburse Asset Sale Proceeds
------------------------------------------------------------------
Sentinel Management Group Inc. obtained authority from the U.S.
Bankruptcy Court for the Northern District of Illinois to disburse
most of the $312 million it received from an asset sale, Tiffany
Kary of Bloomberg News reports.

According to the report, the Honorable John H. Squires said
Sentinel can immediately pay its clients money from last week's
sale to hedge fund firm Citadel Investment Group LLC.

Bloomberg relates that Sentinel was barred Aug. 17 by a different
federal judge from disbursing the proceeds after clients sued,
accusing it of selling assets at a discount.

Separately, on Tuesday, The Wall Street Journal reported that
the Securities and Exchange Commission filed civil fraud charges
against Sentinel alleging that the company suffered losses for
several months because of "undisclosed use of leverage,
commingling and  misappropriation of clients' securities."

A person familiar with the investigation told WSJ that the
complaint, filed Monday in U.S. District Court in Chicago, claims
Sentinel's woes are a case of fraud disguised as a casualty of the
markets.

A lawyer for Sentinel declined to comment on the issue, WSJ said.

Based in Northbrook, Illinois, Sentinel Management Group Inc. --
http://www.sentinelmgi.com/--  is a full service firm offering a   
variety of security solutions.  The company filed a chapter 11
petition on August 17, 2007 (Bankr. N.D. Ill. Case No. 07-14987).
The Debtor selected Ronald Barliant, Esq., at Goldberg, Kohn, Bell
& Black Rosenbloom & Moritz, Ltd. as its counsel.  When the Debtor
sought bankruptcy protection, it listed assets and debts of more
than $100 million.


SMALL WORLD: Has Until September 14 to File Schedules & Statement
-----------------------------------------------------------------
The Hon. Alan M. Ahart of the United States Bankruptcy Court for
the Central District of California gave Small World Toys until
Sept. 14, 2007, to file its Schedules of Assets and Debts and
Statement of Financial Affairs.

The Debtor relates that since filing for bankruptcy, its key
personnel and bankruptcy counsel have been working diligently to
maintain and conduct its business as orderly and efficiently as
possible.  The Debtor further relates that it also has to address
chapter 11 transition issues, issues which are mostly unfamiliar
to the Debtor.

The Debtor says that it needs the additional time to analyze and
compile the information needed to complete its schedules and
statements.

Headquartered in Culver City, California, Small World Toys --
http://www.smallworldtoys.com/-- develops, manufactures, markets,  
and distributes education developmental toys.  The company's
proprietary brands feature toys for children 10 years old and
below.  The company filed for chapter 11 protection on Aug. 2,
2007 (Bankr. C.D. Calif. Case No. 07-16606).  Ron Bender, Esq., at
Levene, Neale, Bender, Rankin & Brill, L.L.P., represents the
Debtor in its restructuring efforts.  When the Debtor filed for
protection from its creditors, it listed estimated assets and
debts between $1 million and $10 million.


SOLUTIA INC: Wants Court Approval on Chemical Plant Agreement
-------------------------------------------------------------
Solutia Inc. relates that it manufactured a family of
chlorobenzene-based derivatives at their W.G. Krummich plant and
their Anniston, Alabama plant, which accounted for approximately
2% of its consolidated revenues.  Chlorobenzenes are chemical
intermediates used to produce polymers and polymer additives,
rubber chemicals, agricultural products, pharmaceuticals and other
industrial chemicals.

Solutia shut down its production of chlorobenzene during 2003 and
2004, as it became unprofitable due to foreign competition.  As a
result, the equipment used became and is idle.

Since the production shutdown, Solutia engaged in discussions with
multiple parties regarding the sale of the idle Chlorobenzene
Equipment.  Management determined that a certain purchaser
provided the most attractive opportunity, which included not just
the highest price for the Chlorobenzene Equipment, but also
benefits associated with a continued business
relationship.

The Purchaser approached Solutia in early 2007, seeking a company
with expertise in chemical plant operations to partner with to
manufacture a certain chemical.  The Purchaser determined it could
convert manufacturing assets used to produce Chlorobenzene into
facilities to manufacture alternative chemicals.

Jonathan S. Henes, Esq., at Kirkland & Ellis LLP, in New York,
informs the U.S. Bankruptcy Court for the Southern District of New
York that Solutia had intended to dismantle and dispose of the
idle Chlorobenzene Equipment at Krummich for scrap value.  He
states that the Purchaser's offer presented a unique opportunity
for Solutia to not only maximize value through the sale of its
equipment, but also enter into a relationship with the Purchaser,
whereby Solutia would:

    * operate the Purchaser's production facility at Krummich;

    * provide other services to the Purchaser; and

    * have the potential to enter into similar transactions at
      some of Solutia's other facilities  -- the Arrangement.

Solutia and the Purchaser engaged in arm's-length negotiations
regarding the sale of the Chlorobenzene Equipment and a potential
manufacturing arrangement.  The negotiations resulted in Solutia
and the Purchaser entering into the Agreements, which govern the
development, ownership and operation of a production facility to
be located at Krummich, as well as the potential production at
some of Solutia's other facilities.

The terms of the Agreements, include:

    * The Chlorobenzene Equipment, including all applicable
      buildings, structures, pipelines, instruments and
      foundations, will be sold to the Purchaser for $2,000,000;

    * The Purchaser is authorized to begin converting and
      upgrading the Chlorobenzene Equipment at Krummich.  In
      exchange, the Purchaser will pay Solutia a fully non-
      refundable prepaid rights access fee of $8,000,000.  Once
      production standards have been met at Krummich, the
      Purchaser will pay Solutia a production fee based upon the
      volume of chemical produced at Krummich and sold by the
      Purchaser.  The Production Fee will be paid on a monthly
      basis for each year of the term of a lease and operating
      agreement;

    * Under the terms of the Lease and Operating Agreement,
      Solutia will lease certain land within Krummich to the
      Purchaser and will provide the Purchaser with additional
      access rights and other easements with respect to certain
      portions of Krummich.  In addition, Solutia will perform
      and supply certain services utilized in chemical
      production and the operation of Krummich to the Purchaser,
      who will pay all the costs related to the services.  The
      Purchaser will also pay Solutia on a monthly basis a pre-
      tax return on the net capital employed by Solutia in
      providing the services; and an operations management
      payment.  The initial term of the Lease and Operating
      Agreement will be 10 years and, thereafter, will continue
      for an indefinite period until terminated by Solutia or
      the Purchaser on at least 24 months prior written notice;

    * Under the terms of the "Enhanced Services Agreement,"
      Solutia will provide consulting services to the Purchaser,
      for the Purchaser's manufacturing process.  The consulting
      services may include site project management, process
      consulting, logistics and purchasing expertise, process
      automation and business plan development.  The initial
      term of the Enhanced Services Agreement will be three
      years and it will automatically renew for successive one
      year terms unless terminated by Solutia or the Purchaser
      with written notice.  The Purchaser will pay Solutia
      consulting fees; and

    * The "Master Development Agreement" addresses Solutia and
      the Purchaser's desire to further explore and implement
      the establishment of chemical manufacturing operations on
      additional Solutia sites.  If certain established
      production targets at Krummich are reached, Solutia may
      make some of its other sites available to the Purchaser
      for the development, ownership and operation of additional
      facilities pursuant to similar arrangements.  Each new
      site must be authorized by a separate development
      authorization executed by Solutia and the Purchaser.

While entry into each of the Agreements to effectuate the
Arrangement could constitute transactions in the ordinary course
of Solutia's business, due to the overall scope of the
Arrangement, and out of an abundance of caution, Solutia seeks the
Court's authority to implement the Arrangement.

                        About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in the    
manufacture and sale of chemical-based materials, which are used
in consumer and industrial applications worldwide.  The company
and 15 debtor-affiliates filed for chapter 11 protection on Dec.
17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).  When the
Debtors filed for protection from their creditors, they listed
$2,854,000,000 in assets and $3,223,000,000 in debts.

Solutia is represented by Allen E. Grimes, III, Esq., at
Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson,
Dunn & Crutcher, LLP.  Trumbull Group LLC is the Debtor's claims
and noticing agent.  Daniel H. Golden, Esq., Ira S. Dizengoff,
Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer &
Feld LLP represent the Official Committee of Unsecured Creditors,
and Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital
provides the Creditors' Committee with financial advice.

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Disclosure Statement hearing began on
July 10, 2007.  The Debtors have asked the Court to extend their
exclusive plan filing period to Dec. 31, 2007.  (Solutia
Bankruptcy News, Issue No. 96; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


SOLUTIA INC: Inquip Associates Wants Adequate Protection
--------------------------------------------------------
Inquip Associates Inc. tells the U.S. Bankruptcy Court for the
Southern District of New York that Solutia Inc. proposes to enter
into a manufacturing agreement with a certain purchaser, which
would result in the immediate sale of the equipment Solutia used
in its Chlorobenzene production located at W.G. Krummich plant in
Sauget, Illinois, to the Purchaser and the manufacturing of a
chemical at the Krummich Plant; a lease of a portion of the
Krummich Plant to the Purchaser -- the Sale and Lease Agreement;
and the potential future production of certain chemicals with the
Purchaser at other Solutia facilities -- the Arrangement.

Inquip is the holder of a claim in the stipulated amount of
$1,477,626 that is secured by the real estate owned by Solutia,
which includes the Krummich Plant.  Edward A. Smith, Esq., at
Venable LLP, in New York, says that Inquip has not consented to
the Sale and Lease Agreement, which proposes the sale and lease of
a portion of its collateral and the use of the proceeds thereof
that are its cash collateral without provision of adequate
protection of Inquip's secured claim, as required under Section
361 of the Bankruptcy Code.

Inquip asks the Court to require that, as adequate protection,
proceeds from the Sale and Lease Agreement of not less than
$2,000,000 be held by Solutia in a separate segregated and
identifiable account subject to Inquip's lien claim to pay
Inquip's secured claim with interest.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in the    
manufacture and sale of chemical-based materials, which are used
in consumer and industrial applications worldwide.  The company
and 15 debtor-affiliates filed for chapter 11 protection on Dec.
17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).  When the
Debtors filed for protection from their creditors, they listed
$2,854,000,000 in assets and $3,223,000,000 in debts.

Solutia is represented by Allen E. Grimes, III, Esq., at
Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson,
Dunn & Crutcher, LLP.  Trumbull Group LLC is the Debtor's claims
and noticing agent.  Daniel H. Golden, Esq., Ira S. Dizengoff,
Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer &
Feld LLP represent the Official Committee of Unsecured Creditors,
and Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital
provides the Creditors' Committee with financial advice.

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Disclosure Statement hearing began on
July 10, 2007.  The Debtors have asked the Court to extend their
exclusive plan filing period to Dec. 31, 2007.  (Solutia
Bankruptcy News, Issue No. 96; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


SPECTRUM BRANDS: Appoints John D. Bowlin as Board Chairman
----------------------------------------------------------
Spectrum Brands Inc. has appointed John D. Bowlin as chairman of
the board.  Mr. Bowlin replaces David A. Jones, who is resigning
his position as a director after serving as chairman of the board
since 1996, and as chief executive officer from 1996 until May 23,
2007.

Mr. Bowlin has been a director of Spectrum Brands since May 2004,
and is a member of the audit committee and the nominating and
corporate governance committee.

"The other board members and I congratulate John on his
appointment," Kent Hussey, chief executive officer of Spectrum
Brands, said.  "We appreciate his continued service to the company
and believe Spectrum will benefit significantly from his
leadership and extensive experience at some of the world's largest
consumer products companies as we continue to make progress on our
strategy to improve operational performance while reducing our
leverage and interest burden.  I look forward to working closely
with him as Spectrum addresses the challenges and opportunities
ahead."

"Dave Jones' entrepreneurial leadership and guidance over the past
eleven years have been a driving force behind the growth of
Spectrum Brands into the world-class consumer products company
that it is today, Mr. Hussey continued.  "On behalf of the entire
board and the employees and customers at Spectrum, we thank him
for his leadership and contributions as chairman and CEO and wish
him well in his future endeavors."

Mr. Bowlin has over 30 years of managerial and operational
experience in the consumer products industry.  Recently, he was
president and chief executive officer of SABMiller PLC from 2002
to 2003.  Prior to that, he held several senior executive
positions at Phillip Morris Companies Inc., including serving as
chief executive officer of Miller Brewing Company from 1999 to
2002, president and chief executive officer of Kraft Foods
International from 1996 to 1999 and as Kraft North America's
president and chief operating officer from 1994 to 1996, and
president of Oscar Meyer Food Corporation from 1991 to 1993.

He held various positions at General Foods Corporation.  In
addition to his role at Spectrum Brands, Mr. Bowlin currently
serves as a board member at a number of privately-held companies.

                    About Spectrum Brands Inc.

Headquartered in Atlanta, Georgia, Spectrum Brands Inc. (NYSE:
SPC) -- http://www.spectrumbrands.com/-- is a consumer products
company and a supplier of batteries and portable lighting, lawn
and garden care products, specialty pet supplies, shaving and
grooming and personal care products, and household insecticides.
Spectrum Brands' products are sold by the world's top 25 retailers
and are available in more than one million stores in 120 countries
around the world.  The company has manufacturing and distribution
facilities in China, Australia and New Zealand, and sales offices
in Melbourne, Shanghai, and Singapore.  The company has
approximately 8,400 employees worldwide.

                          *     *     *

Moody's Investor Services placed Caa1 on Spectrum Brands Inc.'s
long term corporate family rating and probability of default on
March 2007.  The outlook is stable.

Standard and Poor's assigned CCC+ on its long term foreign and
local issuer credit on Feb 2007.  The outlook is negative.


STANDARD MOTOR: Board OKs $3.3MM Stock Repurchase Program Add On
----------------------------------------------------------------
Standard Motor Products Inc.'s board of directors has authorized a
$3.3 million increase in the company's stock repurchase program.

The program is in addition to the company's existing stock
repurchase program, under which the company repurchased
approximately $1.7 million of stock.

Any repurchased shares will be held as treasury stock and will be
available for general corporate purposes, including funding
existing stock plans.  The amount and timing of the repurchases
will depend upon market conditions.

"At current market levels, we believe our stock represents an
attractive investment opportunity, and our repurchase program
reflects our ongoing commitment to enhance shareholder value."
Lawrence I. Sills, Standard Motor Products' chairman and chief
executive officer, stated.

In addition, the company has appointed Pamela Forbes Lieberman as
an independent director to the company's board of directors,
effective Aug. 15, 2007.  Ms. Lieberman will serve on each of the
committees of the board of directors.  Ms. Lieberman, 53, served
as the president and chief executive officer of True Value
Corporation and is a Certified Public Accountant.

"We are very pleased to welcome Pamela to our board," Mr. Sills
stated.  "We believe that based on her business background and
leadership skills, she will be a valuable asset to our
organization, and we look forward to her contributions to our
company."

                      About Standard Motor

Headquartered in Long Island City, New York, Standard Motor
Products Inc. (NYSE: SMP) -- http://smpcorp.com/-- manufactures
and distributes replacement parts for motor vehicles in the
automotive aftermarket industry.  The company supplies Engine
Management and Temperature Control parts for motor vehicles -
domestic and imported, new as well as older vehicles.  Parts are
sold throughout the U.S., Canada, Central and South America,
Europe and Asia, by traditional warehouse distributors and auto
parts stores, as well as major retail stores.  Standard Motor
Products Inc has more than 20 factories and distribution centers
throughout the U.S., Puerto Rico, Canada, Europe and the Far East.  

                         *     *     *

As reported in the Troubled Company Reporter on July 26, 2007,
Standard & Poor's Ratings Services revised its outlook on Standard
Motor Products Inc. to positive from negative.  The ratings
including the 'B-' corporate credit rating, were affirmed.


STANLEY-MARTIN: S&P Affirms B+ Corporate Credit Rating
------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit ratings on Stanley-Martin Communities LLC and its
subsidiary, Stanley-Martin Financing Corp., as well as its 'B-'
rating on Stanley-Martin Communities LLC's senior subordinated
debt.  The outlook is stable.
      
"The ratings reflect Stanley-Martin's comparatively small and
geographically concentrated market position in the still soft
Washington, D.C., market, an aggressively leveraged balance sheet,
and uncertainty regarding whether an opportunistic growth posture
at this point in the cycle will prove successful," said credit
analyst Elizabeth Campbell.  "These weaknesses are somewhat
mitigated by a 40-year operating history within a homebuilding
market that, though currently soft and experiencing price
corrections, continues to exhibit favorable longer-term
fundamentals."
     
Standard & Poor's expects Stanley-Martin to continue to pursue a
measured operating strategy, which should generate adequate
liquidity in the near term.  If the company's community openings
that are planned for the next couple of quarters fall
significantly short of sales expectations, or if the company's
leverage rises further, S&P would revise the outlook to negative.


TELENET GROUP: Moody's Affirms B1 Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service affirmed a B1 corporate family rating of
Telenet Group Holding N.V. following the company's announced
recapitalisation.

Concurrently, Moody's assigned a B1 rating to the senior secured
bank facility in the amount of EUR2.3 billion.  The proceeds of
the facility will be largely used to refinance Telenet's existing
bonds and the senior secured bank facility as well as to make a
shareholder distribution.

Moody's will withdraw the bond ratings upon their redemption.  In
line with Moody's practice under its Loss Given Default
methodology, Moody's has also amended the expected family recovery
to 65% given that the group is now operating with a first-lien
bank debt capital structure resulting in the assignment of
probability of default rating of B2/LD, one notch below the B1
corporate family rating.

The affirmation of the corporate family rating reflects Moody's
earlier expectations that Telenet was likely to change its credit
profile alongside with a contemplated at that time change in its
ownership.  Following the re-capitalisation, the company will be
leveraged at about 5.3x Debt to EBITDA including its clientele and
annuity obligations.  Moody's notes that the terms and conditions
of the bank facility do not include these obligations in the
leverage definition for covenant compliant purposes of the
covenant calculation.

The affirmation of the corporate family rating also takes into
account the company's strong operating performance; elimination of
event risk previously associated with a change in the ownership
and increased visibility regarding Telenet's financial policies in
the near term.  Moody's understands that the company earmarked
EUR160 million out of the facility proceeds for potential
acquisitions.  In the event the company does not consummate any
acquisitions, these funds will likely be redeployed towards
shareholder distributions.

The B1 rating on the senior secured facility (LGD-3, 37.8%)
reflects its security package over the borrower's shares, Telenet
BidCo NV - an intermediate holding company, and certain
intercompany loans.  The facility rating at the level of the
corporate family rating reflects the limited amount of junior
obligations in the company's debt capital structure.  The facility
consist of Tranche A of EUR425 million, Tranche B of
EUR1.3 billion and a seven-year revolving facility of EUR175
million.

The stable outlook on the rating reflects Moody's expectations
that Telenet will continue to achieve robust operational results.
However, Moody's notes that Telenet is likely to be free cash flow
negative in 2007 due to substantial foreign exchange losses
associated with the planned redemption of its US dollar
denominated bonds and the close out of its hedging contracts.

What Could Change the Rating -- Up

Strong operational and financial performance in conjunction with
de-leveraging below 5x Debt to EBITDA on a sustainable basis;
visibility regarding medium to long term financial policies and
shareholder distributions though Moody's expects the company to
manage its leverage towards the guideline metrics for the rating
category.

What Could Change the Rating - Down

A deterioration of the company's operations as a result of intense
competition leading to erosion of margins and cash flows on an
extended basis; a change to financial policy employing a
substantially higher leverage than the current levels with
leverage trending towards 6x Debt to EBITDA.

Telenet, located in Flanders, is the largest cable operator in
Belgium.  For the first six months in 2007, the company generated
EUR456.7 million in revenue with a 48% reported EBITDA margin.


TOLL BROTHERS: S&P Holds "BB+" Rating on $350 Mil. Senior Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BBB-' corporate
credit rating on Toll Brothers Inc. and its subsidiaries.  At the
same time, S&P affirmed its 'BBB-' rating on roughly $1.1 billion
of senior unsecured notes issued by Toll Brothers Finance Corp.
and S&P's 'BB+' rating on $350 million of senior subordinated
notes issued by Toll Corp.  The outlook is stable.
      
"Although operating trends have been weak through this cyclical
downturn, the ratings on Toll remain supported by sector-leading
profit margins, a conservatively leveraged financial profile, and
very good liquidity," said credit analyst James Fielding.  "These
strengths are tempered by deteriorating EBITDA-based credit
metrics, as Toll's earnings have been negatively affected by
sharply lower sales volume."

The stable outlook reflects Toll's above-average profit margins,
which should provide capacity to increase incentives to sell
homes, if necessary.  Positive ratings momentum is clearly
precluded at this time by extremely competitive conditions in most
of the nation's housing markets, and S&P would revise its outlook
to negative, or lower its ratings, if market conditions worsen and
Toll is unable to continue to generate operating profits and free
cash flow.  This scenario would become increasingly likely if the
current volatility in the jumbo loan market extends and materially
restricts customers' ability to finance Toll's luxury homes.


TRIBUNE CO: Shareholders Okay Going-Private Transaction
-------------------------------------------------------
Tribune Company shareholders have approved the merger agreement
entered into in connection with the company's going-private
transaction.  At the company's special shareholders meeting
in Chicago, approximately 97% of the shares voted were cast in
favor of the merger.

The number of shares voted in favor of the merger represented
approximately 65% of the total shares outstanding and
entitled to vote at the meeting.
    
"We're pleased that Tribune shareholders recognize the value of
this transaction and have voted overwhelmingly to approve it,"
Dennis FitzSimons, Tribune chairman, president and chief executive
officer, said.  "With financing fully committed, we anticipate
closing the transaction in the fourth quarter, after FCC approval
and satisfaction of the other closing conditions."
    
"I believe Tribune Company is reasserting itself as a national
leader in news generation and distribution," Sam Zell said.
"Despite the recent upheaval in the credit markets, my view of the
company as an investment has not changed."

Headquartered in Chicago, Tribune Company (NYSE: TRB) --
http://www.tribune.com/-- is one of the country's top media
companies, operating businesses in publishing, interactive and
broadcasting.  It reaches more than 80% of U.S. households
and is the only media organization with newspapers, television
stations and websites in the nation's top three markets.  In
publishing, Tribune's leading daily newspapers include the Los
Angeles Times, Chicago Tribune, Newsday (Long Island, NY), The Sun
(Baltimore), South Florida Sun-Sentinel, Orlando Sentinel  and
Hartford Courant.  The company's broadcasting group operates 23
television stations, Superstation WGN on national cable, Chicago's
WGN-AM and the Chicago Cubs baseball team.

                          *     *     *

Moody's Investor Services placed Ba3 on Tribune Company's long
term family rating and probability of default on April 2007.

Standard and Poor's rated B+ its long term foreign and local
issuer credit on July 2007.


UNITY WIRELESS: Posts $3.3 Million Net Loss in Qtr. Ended June 30
-----------------------------------------------------------------
Unity Wireless Corp. reported a net loss of $3.3 million on sales
of $2.6 million for the second quarter ended June 30, 2007,
compared with a net loss of $1.2 million on sales of $2.0 million
for the comparable period a year ago.

Unity Wireless chief executive officer, Ilan Kenig commented,
"Unity demonstrated growth for the last two years in a row.  In
2005 we achieved sales of $4.9 million.  Last year we saw almost
50% growth to $7.3 million.  In the first half of 2007, we are now
at $4.8 million.  Although revenue growth is consistent, and we
are now penetrating tier-one players and participate in major long
term projects with world leaders in the cellular industry, last
year's merger activity has not yet delivered the multiples of
revenue that we initially had hoped for, making it unlikely that
we will meet the original growth targets within the anticipated
time frames.  Some of this can be attributed to the short term
effects of consolidation and the realignment of our manufacturing
chain, while another portion is due to project deployment cycles
among our client base."

The increase in net loss was primarily the result of the increase
in amortization of intangible assets and the additional research
and development expenses relating to the acquired companies.

Research and development expenses for the three-month period ended
June 30, 2007, were $1.3 million, an increase of $842,252 or
169.89%, from $495,749 for the three-month period ended June 30,
2006.  This increase was primarily the result of the additional
research and development expenses from the three acquired
companies (Avantry, Celerica, & Celletra) which were not part of
the group as of the last period, and incurring additional R&D
expenses in order to develop and fulfill requirements for specific
equipment orders in both India and Russia.  

Depreciation and amortization expenses for the three-month period
ended June 30, 2007, were $847,014, an increase of $757,028, from
$89,986 for the three-month period ended June 30, 2006.  This
increase was primarily the result of the amortization of the
intangible assets recorded relating to the acquired companies in
2006.  During the three-month period ended June 30, 2007, the
company recorded $738,910 as the amortization of the intangibles.

Interest expense for the three-month period ended June 30, 2007,
increased by $74,692 to $190,545 from $115,853 for the three-month
period ended June 30, 2006.  This increase was primarily the
result of the increase in interest expense from the issuance of
convertible debentures in February and December of 2006.

Accretion of interest and loss on debt settlement for the three-
month period ended June 30, 2007, was $74,925, a decrease of
$25,010, compared to $99,935 for the three-month period ended
June 30, 2006.  This decrease was primarily the result of the debt
modifications of the convertible notes issued in August 2004,
February 2005 and February 2006 which resulted in losses on debt
settlements recorded in 2006.  The company recorded an
amortization of the premium on the convertible notes for $76,716
against the accretion of interest in the three-month period ended
June 30, 2007.

At June 30, 2007, the company's consolidated financial statements
showed $21.4 million in total assets, $19.6 million in total
liabilities, and $1.8 million in total stockholders' equity.

The company's consolidated balance sheet at June 30, 2007, also
showed strained liquidity with $6.3 million in total current
assets available to pay $14.6 million in total current
liabilities.

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2007, are available for
free at http://researcharchives.com/t/s?22da

                       Going Concern Doubt

KPMG LLP, in Vancouver, Canada, expressed substantial doubt about
Unity Wireless Corp.'s ability to continue as a going concern
after auditing the company's consolidated financial statements for
the years ended Dec. 31, 2006, and 2005.  The auditing firm
pointed to the company's recurring losses from operations.  

                       About Unity Wireless

Headquartered in Burnaby, British Columbia, Canada, Unity Wireless
Corp. (OTC BB: UTYW.OB) -- http://unitywireless.com/ -- provides   
wireless coverage enhancement solutions for cellular operators and
custom subsystems for network infrastructure manufacturers.


US AIRWAYS: Court Okays Stipulation with United on Code Share Pact
------------------------------------------------------------------
In accordance with Sections 1.44 and 9.6(b) of the Joint Plan of
Reorganization and with the consent of the Post-Effective Date
Committee, the U.S. Bankruptcy Court for the Eastern District of
Virginia extended Reorganized U.S. Airways and affiliates'
deadline to object to administrative claims to Oct. 31, 2007.

Reorganized U.S. Airways Inc. and United Air Lines Inc. are
continuing their discussions regarding modifications to, and
assumption of, the Code Share and Regulatory Cooperation Agreement
and the Star Alliance Participation Agreement.

In a stipulation approved by the Court, the Reorganized Debtors
and United agree that:

  (i) the hearing on the Reorganized Debtors' request to assume
      the Agreements is continued to October 18, 2007 at 9:30
      a.m.;

(ii) the deadline for the Reorganized Debtors to assume or
      reject the Agreements is extended through and including
      the October Hearing Date; and

(iii) the time periods referenced in a letter agreement dated
      September 14, 2005, is extended to the October Hearing
      Date.

Based in Tempe, Arizona, US Airways Group Inc.'s (NYSE: LCC) -
http://www.usairways.com/-- primary business activity is the
ownership of the common stock of US Airways, Inc., Allegheny
Airlines, Inc., Piedmont Airlines, Inc., PSA Airlines, Inc.,
MidAtlantic Airways, Inc., US Airways Leasing and Sales, Inc.,
Material Services Company, Inc., and Airways Assurance Limited,
LLC.

Under a Chapter 11 plan declared effective on March 31, 2003,
USAir emerged from bankruptcy with the Retirement Systems of
Alabama taking a 40% equity stake in the deleveraged carrier in
exchange for $240 million infusion of new capital.

US Airways and its subsidiaries filed another chapter 11 petition
on Sept. 12, 2004 (Bankr. E.D. Va. Case No. 04-13820).  Brian
P. Leitch, Esq., Daniel M. Lewis, Esq., and Michael J. Canning,
Esq., at Arnold & Porter LLP, and Lawrence E. Rifken, Esq., and
Douglas M. Foley, Esq., at McGuireWoods LLP, represent the Debtors
in their restructuring efforts.  In the Company's second
bankruptcy filing, it lists $8,805,972,000 in total assets and
$8,702,437,000 in total debts.

The Debtors' Chapter 11 plan for its second bankruptcy filing
became effective on Sept. 27, 2005.  The Debtors completed their
merger with America West on the same date.  (US Airways Bankruptcy
News, Issue No. 147  Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

                          *     *     *

As reported in the Troubled Company Reporter on March 13, 2007,
Standard & Poor's Ratings Services assigned its 'B' rating to US
Airways Group Inc.'s $1.6 billion secured credit facility due
2014, currently being syndicated.


US TELEPACIFIC: S&P Holds 'B-' Rating and Revises Outlook to Pos.
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Los
Angeles-based U.S. TelePacific Holdings Corp. to positive from
stable.  At the same time, S&P affirmed all ratings on
TelePacific, a competitive local exchange carrier, including the
'B-' corporate credit rating.
      
"The outlook revision on TelePacific reflects improved operating
and financial performance since the acquisitions of MPower
Communications and Arrival Communications last year," said
Standard & Poor's credit analyst Allyn Arden.  The purchase of
MPower, in particular, eliminated a major CLEC competitor, giving
TelePacific almost half the CLEC lines in its markets in generally
underserved areas.  During this time period, TelePacific's EBITDA
margins have expanded to 21% from around 15% from the realization
of about $30 million of operating synergies.  S&P expect these
trends to continue over the next couple of years, resulting in
modest discretionary cash flow generation and leverage lower than
the current 6.9x, adjusted for operating leases and including 100%
debt-like treatment of the company's preferred stock.  Total debt
as of June 30, 2007, was about
$583 million on an operating lease-adjusted basis and including
the current balance of the preferred stock.
     
The ratings reflect a vulnerable business risk profile stemming
from significant competition from larger, better-capitalized
incumbent telecom operators, the lack of any sustainable
competitive advantages, low barriers to entry, market
concentration, and a highly leveraged financial profile.  
Tempering factors include meaningful synergies from recent
acquisitions, operating in fast growing markets in California,
where CLEC competition is less prevalent, low churn, and
expectations for positive discretionary cash flow in 2008.


WHEELING-PITTSBURGH: Secures $350 Mil. Revolving Credit Facility
----------------------------------------------------------------
Wheeling-Pittsburgh Corporation has reached an agreement in
principle with its lead banks on the terms of a $350 million
revolving credit facility to replace its current $225 million
facility, and a new $135 million term loan to replace its existing
government guaranteed term loan.  Wheeling-Pittsburgh expects to
close on the new credit facilities prior to its pending
combination with Esmark Incorporated.

Wheeling-Pittsburgh's intention to refinance and the receipt of a
proposal from its lead banks were announced during the company's
Aug. 10, 2007, second quarter earnings call.

"Upon completion, this interim financing package would enhance the
company's near term liquidity by allowing greater access to the
company's working capital collateral and would eliminate the
financial covenant contained in the existing term loan," James P.
Bouchard, chairman and CEO of Wheeling-Pitt stated.  "This
agreement in principle represents an important next step to
facilitate the merger with Esmark.  Many people have contributed
over the years to this great company, and we wish to thank the
Emergency Steel Loan Guarantee board and senators Rockefeller and
Byrd. They saved this company in 2003.  We also want to thank
governors Manchin and Strickland, Leo Girard and the United
Steelworkers.  Their unflagging support has provided the path
forward to accomplish the planned combination of Wheeling-
Pittsburgh and Esmark."
    
Details of the financings are being finalized and are subject to
change until final documentation is executed and customary closing
conditions.

Based in Wheeling, West Virginia, Wheeling-Pittsburgh Corp.
(NasdaqGM: WPSC) -- http://www.wpsc.com/-- is a steel company  
engaged in the making, processing and fabrication of steel and
steel products using both integrated and electric arc furnace
technology.  The company manufactures and sells hot rolled, cold
rolled, galvanized, pre-painted and tin mill sheet products.  The
company also produces a variety of steel products including roll
formed corrugated roofing, roof deck, floor deck, bridgeform and
other products used by the construction, highway and agricultural
markets.

                       Going Concern Doubt

PricewaterhouseCoopers LLP, in Pittsburgh, expressed substantial
doubt about Wheeling Pittsburgh Corp.'s ability to continue as a
going concern on Aug. 9, 2007, in its report on the consolidated
financial statements included it the company's 10K/A for the year
ended Dec. 31, 2006.  The auditing firm reported that the company
has suffered losses from operations and had negative operating
cash flows in the first half of 2007.


WORLDSPAN LP: Completes $1.4 Billion Sale Deal with Travelport
--------------------------------------------------------------
Travelport Limited, the parent company of the Travelport group of
companies, has completed its $1.4 billion acquisition of Worldspan
L.P.

The deal is expected to improve Travelport's networks of travel
brands, content and service offerings while enabling it to succeed
in an competitive industry.
    
"With an expanded global footprint and proven track record of
customer service and technology leadership, our global team will
work to meet the evolving needs of our customers as a more
effective and efficient travel distribution provider in a rapidly
changing industry," Jeff Clarke, president and CEO of Travelport
and chairman of Orbitz Worldwide, said.  "We will be working on
enhancements and operational efficiencies including systems
integrity, fare accuracy, and ease-of-use that capitalize on the
GDS knowledge and experience of Galileo and Worldspan."
    
"Galileo will be enhanced by Worldspan's online distribution
technology platform, while Worldspan will benefit from Galileo's
expanded supplier base and expansive content," Gordon Wilson,
president and CEO of the Travelport GDS division, said.  "The
complementary strengths of both companies will bring improved
offerings for our agency and supplier customers, and we
are particularly excited about the technology innovations and
breadth of services we will be able to bring our suppliers and
subscribers in the future."

The Travelport GDS division comprises the Galileo and Worldspan
businesses; Shepherd Systems, an expert in the field of providing
business and marketing intelligence to the travel industry; AiRes,
the next generation server based internal airline IT product suite
and Thor, a provider of distribution and marketing services to
travel-related companies.
    
                     About Travelport Limited

Travelport operates Travelport GDS, comprised of Galileo and
Worldspan, and GTA, a wholesaler of travel content. In addition,
it also owns a controlling interest in Orbitz Worldwide, an online
travel company.  Travelport has approximately 6000 employees and
now operates in 145 countries.  Travelport is a private company
owned by The Blackstone Group of New York, Technology Crossover
Ventures of Palo Alto, California and One Equity Partners of New
York.

                      About Worldspan L.P.

Headquartered in Atlanta, Georgia, Worldspan L.P. -
http://www.worldspan.com/-- is into travel technology services  
for travel suppliers, travel agencies, e-commerce sites and
corporations worldwide.  Worldspan provides comprehensive
electronic data services linking thousands of travel suppliers
around the world to a customer base.

                          *     *     *

As reported in the Troubled Company Reporter on March 28, 2007,
Standard & Poor's Ratings Services affirmed its ratings, including
the 'B' corporate credit rating, on Worldspan L.P., following the
downgrade of its intended merger partner, Travelport LLC, to 'B'
from 'B+'.

Moody's Investor Services placed Caa1 on senior subordinate
rating.


WR GRACE: PI Committee Wants Charter Oak as Financial Advisor
-------------------------------------------------------------
The Official Committee of Asbestos Personal Injury Claimants of
W.R. Grace & Co. and its debtor-affiliates has retained L.
Tersigni Consulting, P.C., as its financial advisor
since 2001.

In May 2007, Mr. Tersigni died.  After Mr. Tersigni's death, Elihu
Inselbuch, Esq., at Caplin & Drysdale Chartered, in New York, lead
counsel for the PI Committee, discovered that, in fee applications
filed in the bankruptcy courts, Mr. Tersigni had arbitrarily
increased time entries submitted by its employees.   

Because of this discovery, the PI Committee withdrew pending
applications filed by L. Tersigni and saw to it that no further
payments were to be made to the firm.  The PI Committee also
terminated its engagement of L. Tersigni.

Mr. Inselbuch tells the U.S. Bankruptcy Court for the District of
Delaware that Bradley Rapp, James Sinclair, and Robert Lindsay,
all former senior professionals at L. Tersigni, have offered
financial advisory services to the PI Committee through a new
firm, Charter Oak Financial Consultants, LLC.

The PI Committee believes that hiring Charter Oak will allow them
to retain the benefit of Messrs. Rapp, Sinclair, and Lindsay's
knowledge of issues and information significant to the case while
avoiding delays that would be incurred if the PI Committee were
forced to find and hire another firm.

Thus, the PI Committee seeks the Court's authority to retain
Charter Oaks as its financial advisor, nunc pro tunc to July 30,
2007.

As financial advisor, Charter Oak will:

  (a) oversee the PI Committee's fulfillment of its
      responsibilities by monitoring the financial affairs of
      the Debtor's and their affiliates and subsidiaries;

  (b) interpret and analyze financial materials, including
      accounting, tax, statistical, financial and economic data,
      regarding the Debtors;

  (c) analyze and advice the PI Committee regarding accounting,
      financial, valuation, and related issue that may arise in
      the course of the proceeding;

  (d) assist the PI Committee's co-counsel in the evaluation and
      preparation of avoidance power claims and any other
      potential litigation, as requested;

  (e) analyze and advice regarding settlement negotiations and
      any potential plan of reorganization; and

  (f) testify as an expert on financial matters, if requested.

Charter Oak will be paid for its services based on the firm's
hourly billing rates:

         Professional               Hourly Rate
         ------------               -----------
         Senior Managing Directors      $535
         Director                       $500
         Analyst                        $200

The PI Committee believes that Charter Oak is "disinterested
person" as the term is defined in Section 101(14) of the
Bankruptcy Code.

                        About W.R. Grace

Headquartered in Columbia, Md., W.R. Grace & Co. (NYSE:GRA)
-- http://www.grace.com/-- supplies catalysts and silica
products, especially construction chemicals and building
materials, and container products globally.

The Company and its debtor-affiliates filed for chapter 11
protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139).
James H.M. Sprayregen, Esq., at Kirkland & Ellis, and Laura Davis
Jones, Esq., at Pachulski, Stang, Ziehl, Young, Jones & Weintraub,
P.C., represent the Debtors in their restructuring efforts.  The
Debtors hired Blackstone Group, L.P., for financial advice.
PricewaterhouseCoopers LLP is the Debtors' accountant.

Stroock & Stroock & Lavan LLP represent the Official Committee of
Unsecured Creditors.  The Creditors Committee tapped Capstone
Corporate Recovery LLC for financial advice.  David T. Austern,
the legal representative of future asbestos personal injury
claimants, is represented by Orrick Herrington & Sutcliffe LLP and
Phillips Goldman & Spence, PA.  Anderson Kill & Olick, P.C.,
represent the Official Committee of Asbestos Personal Injury
Claimants.  The Asbestos Committee of Property Damage Claimants
tapped Martin W. Dies, III, Esq., at Dies & Hile L.L.P., and C.
Alan Runyan, Esq., at Speights & Runyan,to represent it.  Lexecon,
LLP, provided asbestos claims consulting services to the Official
Committee of Equity Security Holders.

The Debtors' filed their Chapter 11 Plan and Disclosure Statement
on Nov. 13, 2004.  On Jan. 13, 2005, they filed an Amended Plan
and Disclosure Statement.  The hearing to consider the adequacy of
the Debtors' Disclosure Statement began on Jan. 21, 2005.  The
Debtors' exclusive period to file a chapter 11 plan expired on
July 23, 2007.

At Dec. 31, 2006, the W.R. Grace's balance sheet showed total
assets of $3,620,400,000 and total debts of $4,189,100,000.  (W.R.
Grace Bankruptcy News, Issue No. 136; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


YRC WORLDWIDE: Stephen Bruffett Replaces Don Barger as EVP & CFO
----------------------------------------------------------------
YRC Worldwide Inc. has named Stephen Bruffett to succeed Don
Barger as executive vice president and chief financial officer
effective Sept. 1, 2007.  Mr. Barger will be retiring and to
ensure a smooth transition will stay on in an advisory capacity
over the next few months.

"Steve is uniquely qualified to fill this position," Bill Zollars,
chairman, president and ceo of YRC Worldwide, said.  "He has held
numerous corporate finance positions and was instrumental in
helping develop and support our China strategy.  He also has
gained operating experience at Yellow Transportation."

Mr. Bruffett, currently senior vice president sales and marketing
for YRC National Transportation, has been with the organization
since 1998.  He has an undergraduate degree in Finance from the
University of Arkansas and an MBA from the University of Texas.

"I would personally like to thank Don for his numerous
contributions as our chief financial officer over the past
6 years," Mr. Zollars stated.  "Under his leadership, he has
managed our financial plan to successfully close two acquisitions
that tripled the size of our company, and to support our expansion
into China.  Don has effectively managed our relationships with
our investor community and has developed our financial talent
base.  He has been a great asset to YRC Worldwide and has done an
excellent job in leading our finance organization and our company
to position us for futuresuccess as the leader in global
transportation and logistics services."

Based in Overland Park, Kansas, YRC Worldwide Inc. (Nasdaq: YRCW)
fka Yellow Roadway Corp. -- http://www.yrcw.com/--  is a   
transportation service providers in the world, is the holding
company for a portfolio of brands including Yellow Transportation,
Roadway, Reimer Express, Meridian IQ, New Penn, USF Holland, USF
Reddaway, and USF Glen Moore.  The enterprise provides
transportation services, transportation management solutions and
logistics management.  The portfolio of brands represents a
comprehensive array of services for the shipment of industrial,
commercial and retail goods domestically and internationally.
YRC Worldwide employs approximately 66,000 people.

                         *      *     *

Moody's Investor Services placed Ba1 on YRC Worldwide Inc.'s long
term corporate family rating and probability of default on
Sept. 2006.  The outlook is stable.


* Business Bankruptcy Rates Continue to Rise in 2007
----------------------------------------------------
The number of United States business bankruptcies continues to
rise in 2007, as the second quarter filings showed yet another
dramatic increase in the number of businesses seeking protection
from creditors.  The increase continues to reflect the business
insolvency forecast produced by leading accounts receivable
insurer Euler Hermes ACI earlier this year.

According to the U.S. Bankruptcy Courts, 6,705 businesses declared
bankruptcy in the second quarter of 2007.  This number shows a
series of upward trends, including:

   * A 7% increase over the first quarter of 2007

   * A 38% year-over-year increase from the second quarter of 2006

   * A 45% increase for the first half of 2007 in comparison to
     the first half of 2006

"Businesses today are facing serious headwinds, including a
slowing economy and an increase in the cost of doing business,"
Euler Hermes ACI Chief Economist Daniel C. North said, who earlier
this year forecasted a 51% increase in business bankruptcies for
2007.

Mr. North has said that the three most serious issues remain the
effects of increased energy, raw material, and labor costs; the
effects of monetary policy tightening by the Federal Reserve in
2004-2006; and the "decimated" housing market and its effects on
consumers and businesses.

The housing market's recent effects on the financial markets have
brought the seriousness of the situation to light, but North has
been tracking -- and predicting --  the economic impact for nearly
a year.  "What first tipped me off was when median prices on
existing homes fell for 10 consecutive months on a year-over-year
basis, which is an unprecedented event since house prices almost
never fall; they have never fallen for more than two months in a
row in the 38 years that records have been kept," he said. "This
is an obvious sign of a rapidly deflating asset bubble, the
effects of which will continue to be felt for some time to
come."

According to the Euler Hermes business failures forecast, a return
to 30,000 business bankruptcies is expected in 2007.  This follows
a spectacular, but one-off, reduction in business failures in
2006, when the number of corporate insolvencies dropped by 50% due
to a 2005 change in U.S. bankruptcy legislation. North said the
disappearance of the impact of the change in legislation, coupled
with the slowing economy and reduced profits, with bring the
bankruptcy numbers to "more normal levels."

With business bankruptcy levels increasing, business leaders
will need to be more vigilant regarding their B-to-B accounts
receivable by utilizing accounts receivable management products
and services, such as trade credit insurance and third-party
commercial collections.

                      About Euler Hermes

Headquartered in Owings Mills, MD, Euler Hermes ACI --
http://www.eulerhermes.com/usa-- is North America's oldest and  
largest provider of trade credit insurance and accounts receivable
management solutions and is the U.S. subsidiary of the Euler
Hermes Group.  The company protects and insures more than
$150 billion in U.S. trade transactions annually.  It also
provides a suite of receivables management services that includes
commercial third party collections, receivables management
outsourcing, and international collections.

Euler Hermes is the leader in credit insurance and bonding and
guarantees.  The company offers services for the management of
customer receivables and posted a consolidated turnover of
2.01 billion euros in 2006.

Euler Hermes, a subsidiary of AGF and a member of Allianz, is
listed on Euronext Paris.  Standard & Poor's rates the group
and its principal credit insurance subsidiaries AA-.


* Donlin Recano to Provide Puig Inc. Chapter 11 Bankruptcy News
---------------------------------------------------------------
Donlin Recano and Company Inc. will provide web-based information
services to creditors in the bankruptcy case of Puig Inc.

Puig Inc. and its debtor-affiliates filed for Chapter 11
bankruptcy protection on May 29, 2007, in the United States
Bankruptcy Court of the Southern District of Florida.

Donlin Recano has been retained by the court as the Communications
Agent for the Official Committee of Unsecured Creditors in the
case.  The firm will establish and maintain the information
Website for the case, which is designed to assist creditors in
their understanding of the bankruptcy process.

Peter D. Russin, Esq., of Meland Russin and Budwick P.A., is
representing the Committee of Unsecured Creditors in the case.

The site provides easy access to general case information, case
highlights, creditor questions and answers, case dockets, links
to other case sites and the ability to ask a question of the
Committee's attorneys.

"The Web is now the best way for creditors to have easy access to
case information and be able to find what they need in a fast and
uncomplicated way" Managing Director at Donlin Recano, Scott Y.
Stuart, Esq., said.  "We're committed to making the interface as
simple and straight forward for them as possible."

                        About Puig Inc.

Puig Inc. in Hialeah, Florida, and its debtor-affiliates are
engaged in the condo conversion business.  Historically, the
Debtors have purchased multi-family residential complexes,
remodeled the units, converted the projects to condominium
ownership and resold the units at retail.  The Debtors filed for
a chapter 11 protection on May 29, 2007 (Bankr. S.D. Fla. Case
No. 07-14026).  Jordi Guso, Esq., at Berger Singerman, P.A.
represents the Debtors in its restructuring efforts.  When the
Debtors sought protection from its creditors, they listed total
assets and total debts between $1 Million to $100 Million.

                      About Donlin Recano

Headquartered in New York City, Donlin Recano --
http://www.donlinrecano.com/-- is a claims management company
that has served over 200 national clients across a broad range
of industries and business sectors.  Working with counsel,
turnaround advisors and the affected company, Donlin Recano helps
organize and guide Chapter 11 clients through administrative
bankruptcy tasks, including provision of Web site-accessible
information, formation of professional call centers, management
of claims, balloting, distribution and other administrative
services.  The company also provides Web based information
services for creditors committees as required by The Bankruptcy
Abuse Prevention and Consumer Protection Act of 2005.


* Mark Redmiles Appointed as EOUST's Deputy Director
----------------------------------------------------
Mark A. Redmiles has been appointed as Deputy Director of the
Executive Office for United States Trustees, effective Aug. 19,
2007, Clifford J. White III, Director of the Executive Office for
United States Trustees disclosed in an EOUST press release .                       

Mr. Redmiles has served since December 2004 as Chief of the U.S.
Trustee Program's Civil Enforcement Unit, which employs civil law
remedies to protect against abuse of the bankruptcy system by
debtors, creditors, attorneys, bankruptcy petition preparers, and
others.  Mr. Redmiles guided the Program's implementation of the
civil enforcement provisions in the Bankruptcy Abuse Prevention
and Consumer Protection Act of 2005 (BAPCPA), and served as a
Program representative to the U.S. Judicial Conference's Advisory
Committee on Bankruptcy Rules, assisting in the development of new
bankruptcy rules and forms.  He also frequently represents the
Program as a panel member at national bankruptcy conferences and
seminars.

Mr. Redmiles joined the Program in February 2002, after spending
more than 11 years in private practice in Denver, specializing in
bankruptcy law and litigation.  He received his law degree from
Duke University School of Law in Durham, N.C.

The U.S. Trustee Program is the component of the Justice
Department that protects the integrity of the bankruptcy system by
overseeing case administration and litigating to enforce the
bankruptcy laws.  The Program has 21 regions and 95 field offices,
as well as an Executive Office in Washington, D.C.


* Chapter 11 Cases with Assets & Liabilities Below $1,000,000
-------------------------------------------------------------
Recent Chapter 11 cases filed with assets and liabilities below
$1,000,000:

In Re Sunnyside Holdings, L.L.C.
   Bankr. D. Ariz. Case No. 07-01530
      Chapter 11 Petition filed August 15, 2007
         See http://bankrupt.com/misc/azb07-01530.pdf

In Re Balboa Threadworks, Inc.
   Bankr. C.D. Calif. Case No. 07-14823
      Chapter 11 Petition filed August 15, 2007
         See http://bankrupt.com/misc/cacb07-14823.pdf

In Re I.C.M. Holdings II, L.L.C.
   Bankr. M.D. Fla. Case No. 07-07220
      Chapter 11 Petition filed August 15, 2007
         See http://bankrupt.com/misc/flmb07-07220.pdf

In Re Peralta Food Corp.
   Bankr. S.D. Fla. Case No. 07-16508
      Chapter 11 Petition filed August 15, 2007
         See http://bankrupt.com/misc/flsb07-16508.pdf

In Re J.&I., L.L.C.
   Bankr. S.D. N.Y. Case No. 07-12598
      Chapter 11 Petition filed August 15, 2007
         See http://bankrupt.com/misc/nysb07-12598.pdf

In Re Sports Medicine Concepts, Inc.
   Bankr. W.D. N.Y. Case No. 07-22067
      Chapter 11 Petition filed August 15, 2007
         See http://bankrupt.com/misc/nywb07-22067.pdf

In Re M.B. Liquidators, Inc.
   Bankr. S.D. Ohio Case No. 07-56389
      Chapter 11 Petition filed August 15, 2007
         See http://bankrupt.com/misc/ohsb07-56389.pdf

In Re Agapao Flowers & Gifts, Inc.
   Bankr. M.D. Penn. No. 07-02520
      Chapter 11 Petition filed August 15, 2007
         See http://bankrupt.com/misc/pamb07-02520.pdf

In Re Jerry Woods Revocable Living Trust
   Bankr. C.D. Calif. Case No. 07-12502
      Chapter 11 Petition filed August 15, 2007
         Filed as Pro Se

In Re Houston Club Company, Inc.
   Bankr. S.D. Tex. Case No. 07-35584
      Chapter 11 Petition filed August 15, 2007
         Filed as Pro Se

In Re Stonecrest Family Dentistry, L.L.C.
   Bankr. N.D. Ga. Case No. 07-73178
      Chapter 11 Petition filed August 16, 2007
         See http://bankrupt.com/misc/ganb07-73178.pdf

In Re Scroggins Nursing & Home Services, Inc.
   Bankr. S.D. Ind. Case No. 07-91699
      Chapter 11 Petition filed August 16, 2007
         See http://bankrupt.com/misc/insb07-91699.pdf

In Re Wanca Corporation
   Bankr. D. P.R. Case No. 07-04606
      Chapter 11 Petition filed August 16, 2007
         See http://bankrupt.com/misc/prb07-04606.pdf

In Re Precision Automated Machining, Inc.
   Bankr. D. Colo. Case No. 07-19162
      Chapter 11 Petition filed August 17, 2007
         See http://bankrupt.com/misc/cob07-19162.pdf

In Re Centers for Long Term, Centers for Long Term Care of Bonner
      Springs, Inc.
   Bankr. D. Nev. Case No. 07-15125
      Chapter 11 Petition filed August 17, 2007
         See http://bankrupt.com/misc/nvb07-15125.pdf

In Re Pierce Realty Corporation
   Bankr. S.D. Ohio Case No. 07-13888
      Chapter 11 Petition filed August 17, 2007
         See http://bankrupt.com/misc/ohsb07-13888.pdf

In Re Donna Jean Wyatt
   Bankr. E.D. Calif. Case No. 07-12554
      Chapter 11 Petition filed August 17, 2007
         Filed as Pro Se

In Re S.B.W. Management Group, L.L.C.
   Bankr. E.D. Ark. Case No. 07-14466
      Chapter 11 Petition filed August 17, 2007
         Filed as Pro Se

In Re Tanglewood Church of Christ, Inc.
   Bankr. W.D. Tenn. Case No. 07-27802
      Chapter 11 Petition filed August 17, 2007
         See http://bankrupt.com/misc/tnwb07-27802.pdf

In Re Our Back Yard, L.L.C.
   Bankr. N.D. Ala. Case No. 07-82145
      Chapter 11 Petition filed August 20, 2007
         See http://bankrupt.com/misc/alnb07-82145.pdf

In Re Fairfax Collective, Inc.
   Bankr. C.D. Calif. Case No. 07-17209
      Chapter 11 Petition filed August 20, 2007
         See http://bankrupt.com/misc/cacb07-17209.pdf

In Re Always P.K. Inc.
   Bankr. E.D. N.Y. Case No. 07-73198
      Chapter 11 Petition filed August 20, 2007
         See http://bankrupt.com/misc/nyeb07-73198.pdf

In Re George C. Scott, III
   Bankr. D. Mass. Case No. 07-15215
      Chapter 11 Petition filed August 20, 2007
         Filed as Pro Se

In Re Michael P. Vanhall
   Bankr. D. Ariz. Case No. 07-01563
      Chapter 11 Petition filed August 20, 2007
         Filed as Pro Se

In Re The Comdo Group, L.L.C.
   Bankr. E.D. Tenn. Case No. 07-32665
      Chapter 11 Petition filed August 20, 2007
         Filed as Pro Se

In Re Next Level Properties, L.L.C.
   Bankr. D. Ariz. Case No. 07-01573
      Chapter 11 Petition filed August 20, 2007
         Filed as Pro Se

In Re Gary Michael Johnson
   Bankr. D. Utah Case No. 07-23845
      Chapter 11 Petition filed August 20, 2007
         See http://bankrupt.com/misc/utb07-23845.pdf

In Re Johnson Production Services, Inc.
   Bankr. D. Utah Case No. 07-23846
      Chapter 11 Petition filed August 20, 2007
         See http://bankrupt.com/misc/utb07-23846.pdf

In Re J.P.S. Rents, Inc.
   Bankr. D. Utah Case No. 07-23847
      Chapter 11 Petition filed August 20, 2007
         See http://bankrupt.com/misc/utb07-23847.pdf

In Re Kermit Douglas Brooms
   Bankr. N.D. Calif. Case No. 07-52524
      Chapter 11 Petition filed August 21, 2007
         Filed as Pro Se

In Re Remember When Diner, Inc.
   Bankr. D. N.H. Case No. 07-11735
      Chapter 11 Petition filed August 15, 2020
         See http://bankrupt.com/misc/nhb07-11735.pdf

                              *********

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 R. 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.

                    *** End of Transmission ***