TCR_Public/070827.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

             Friday, August 24, 2007, Vol. 11, No. 200

                             Headlines

ACTIVISION INC: S&P Revises Outlook and Affirms BB- Credit Rating
ADVANCED MICRO: Henri Richard to Resign by September 2007
ALLERT CELLULAR: Files Schedules of Assets and Liabilities
AMERICAN MEDICAL: S&P Revises Outlook to Negative from Stable
AMSTAR FINANCIAL: To Shut Down Amstar Mortgage Subsidiary

APPTIS INC: Poor Performance Cues S&P to Cut Credit Rating to "B"
BAYONNE MEDICAL: Exclusive Plan-Filing Period Extended to Nov. 12
BAYONNE MEDICAL: Herman Brockman Resigns as Chairman of the Board
BAYOU GROUP: August 30 Hearing Set for Settlement Pacts Approval
CANON COMMS: Good Performance Cues S&P's Stable Outlook

CENTEX CORP: Credit Woes Prompt Moody's Ratings Review
COMM 2007-C9: Moody's Puts Low-B Ratings on 6 Cert. Classes
COMMONWEALTH HOLDINGS: Files Schedule of Assets and Liabilities
COMMONWEALTH HOLDINGS: Taps 1 On 1 as General Counsel
COUNTRYWIDE FIN'L: Gets $2 Bil. Equity Investment from BoFA

COVENTRY HEALTH: Prices $400 Million Senior Unsecured Notes
COVENTRY HEALTH: Moody's Puts "Ba1" Rating on Sr. Unsecured Debt
CREDIT SUISSE: Moody's Holds Junk Rating on Class Q Certs.
CREDIT SUISSE: Good Credit Levels Cue S&P to Affirm Ratings
CREDIT SUISSE: S&P Assigns Low-B Ratings on Six Cert. Classes

CWABS INC: S&P Takes Rating Actions on Various Cert. Classes
CYBER DEFENSE: June 30 Balance Sheet Upside-Down by $22.2 Million
CYBERONICS INC: Cuts Workforce by 12% in 2008 Second Quarter
DELPHI CORP: Lead Plaintiffs Accede to Class Action Settlement
DISCOVERY CAPITAL: Shareholders OK Plan of Liquidation & Unit Sale

DURA AUTOMOTIVE: Files Reorganization Plan in Delaware
ENDOCARE INC: 1-for-3 Reverse Stock Split Took Effect on Aug. 20
ENERGY PARTNERS: Names Joseph Leary as Chief Financial Officer
FAIRPOINT COMM: Stockholders Approve Verizon Merger Deal
FEDDERS CORP: Case Summary & 30 Largest Unsecured Creditors

FIRST UNION: Moody's Holds Low-B Ratings on Five Cert. Classes
FR X OHMSTEDE: S&P Places B- Rating Under Positive CreditWatch
GENERAL MOTORS: Trimming Production in SUV & Pickup Truck Plants
GLOBAL HOME: Committee Taps Capital Solutions as Financial Advisor
GOODYEAR TIRE: Plans Growth Investments and Debt Repayment

GREAT CIRCLE: Case Summary & 20 Largest Unsecured Creditors
HORIZON LINES: Completes Buyout Deal With Aero Logistics
HUDBAY MINERALS: Claims Zero Investments in Asset-Back Paper
INTEL DEVELOPMENT: Case Summary & Six Largest Unsecured Creditors
JP MORGAN: Fitch Holds Low-B Ratings on Six Certificate Classes

KESSLER HOSPITAL: Taps Crammer Bishop as Special Counsel
LAKE AT LAS VEGAS: S&P Junks Rating on $540MM Secured Facility
LE-NATURE'S INC: Plant Sale in Jeopardy on Threat Allegations
LENNAR CORP: Credit Woes Prompt Moody's Ratings Review
LESLIE'S POOLMART: Increased Debt Cues S&P to Downgrade Ratings

LEXINGTON RESOURCES: Posts $631,607 Net Loss in Second Quarter
LOMBARD PUBLIC: S&P Rates $53.995MM Series A-2 Bonds at "BB-"
MAGNA ENTERTAINMENT: Appoints Ron Charles to Board of Directors
MAX CAPITAL: S&P Rates Preferred Shares & Subor. Debt at "BB"
METABOLIFE INT'L: U.S. Trustee Says Joint Plan is "Unconfirmable"

METABOLIFE INT'L: Plan Confirmation Hearing Set for September 10
METROMEDIA INT'L: CaucusCom Completes Common Stock Tender Offer
MGM MIRAGE: Inks Joint Venture with Dubai World for CityCenter
MGM MIRAGE: Dubai World Deal Cues S&P's Positive CreditWatch
MGM MIRAGE: Fitch Affirms "BB" Issuer Default Rating

MORTGAGE ASSISTANCE: June 30 Balance Sheet Upside-Down by $892,690
NEW YORK HEALTH: June 30 Balance Sheet Upside-Down by $2.2 Million
OGLEBAY NORTON: Board Asks Shareholders to Snub Harbinger's Offer
ORBITAL SCIENCES: Inks $100 Million Revolving Credit Facility
PAC-WEST TELECOMM: Wants Exclusive Plan Filing Moved to Nov. 26

PIERRE DEVELOPMENT: Case Summary & 20 Largest Unsecured Creditors
PLAQUEMINES PARISH: Moody's Lifts Tax Debt Rating to Baa1 from Ba1
PRIDE INT'L: Buys 9% Remainder of Angolan Joint Venture Stake
PULTE HOMES: Credit Woes Prompt Moody's Ratings Review
PUTNAM STRUCTURED: Moody's May Cut Ratings on Three Note Classes

PYXIS ABS: Fitch Assigns Low-B Ratings on Two Note Classes
ROMA PLAZA: Files Schedule of Assets and Liabilities
ROMA PLAZA: List of 16 Unsecured Creditors
ROMA PLAZA: Wants to Hire Michael Kulwin as Bankruptcy Attorney
SCOTTISH RE: Moody's Holds (P)Ba3) Sr. Unsecured Shelf Rating

SERVICEMASTER CO: Moody's Confirms "B2" Corporate Family Rating
SFA ABS: Fitch Junks Rating on $50 Million Class B Notes
SOUTH COAST: Fitch Cuts Rating on $32.5MM Class B Notes to B+
SOUTH COAST: Fitch Lowers Rating on $28MM Class C Notes to B+
SP NEWSPRINT: S&P Retains Developing Watch on BB- Credit Rating

SYNCHRONOUS AEROSPACE: Completes Sale Deal with Littlejohn & Co.
TECH DATA: Earns $7.2 Million in Second Quarter Ended July 31
TOLL BROTHERS: Earns $26.5 Million in Third Quarter 2007
TRAVELPORT LLC: Moody's Holds "B2" Corporate Family Rating
TYSON FOODS: Moody's Affirms "Ba1" Corporate Family Rating

UNIFI INC: Says Cost Reduction Plans to Affect 25 Employees  
WACHOVIA BANK: S&P Holds Low-B Ratings on Six Certificate Classes
WCI COMMUNITIES: Incurs $33.2 Million Net Loss in Second Qtr. 2007
WELLCARE HEALTH: Moody's Lifts Senior Debt Rating to "Ba1"
WORLDSPAN LP: Debt Refinancing Cues S&P to Withdraw Ratings

* ALI-ABA Joins Internet Experts Carole Levitt, et al.
* Atlas Partners Unit Funds a $4.5 Mil. Loan for General DataComm
* Groupe Thibault to Merge with Ginsberg Gingras
* IAIR to Hold Investor-Insurer Summit on Oct. 24
* Moody's Cuts Ratings on 120 Securities Originated in 2005

* Moody's Takes Rating Actions on Various Obligations
* New Edition of Bankruptcy Litigation by Steinberg Published

* BOOK REVIEW: Corporate Debt Capacity: A Study of Corporate Debt
              Policy and the Determination of Corporate Debt
              Capacity                                            

                             *********

ACTIVISION INC: S&P Revises Outlook and Affirms BB- Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on video
game publisher Activision Inc. to stable from negative.  At the
same time, S&P affirmed its 'BB-' corporate credit rating on the
company.  Activision had no debt outstanding as of June 30, 2007.
     
"We based our outlook revision on the company's good results for
the quarter ended June 30, 2007, consumer acceptance of next-
generation consoles, and favorable software pricing trends," said
Standard & Poor's credit analyst Andy Liu.  "Activision has done
well in the console transition so far, gaining market share with
its strong release slate."
     
The rating on Activision reflects some risks involving product
life cycle and seasonality, the company's earnings concentration
in key titles, the hit-driven nature of the business, and the
highly competitive video game market.  These factors are only
partially offset by the company's stable of franchise titles and
its cash cushion.

This unsolicited rating was initiated by Standard & Poor's.  It
may be based solely on publicly available information and may or
may not involve the participation of the issuer's management.
Standard & Poor's has used information from sources believed to be
reliable, but does not guarantee the accuracy, adequacy, or
completeness of any information used.


ADVANCED MICRO: Henri Richard to Resign by September 2007
---------------------------------------------------------
Advanced Micro Devices Inc. disclosed Wednesday that Chief Sales
and Marketing Officer Henri Richard is leaving the company in
September 2007.  Mr. Richard departs AMD of his own accord and on
completely amicable terms.

"Henri's primary goal at AMD has been to construct a world-class
global sales and marketing organization focused on enduring
relationships with major PC and server OEMs around the world. He
delivered on that goal," said AMD Chairman and CEO Hector Ruiz.  
"AMD is fully focused on leveraging the momentum we established
during the last five years to achieve even greater levels of
success ahead."

The AMD global sales and marketing organization will now report
into the office of the CEO.

"After 20 years in the PC industry - and five of the most
professionally rewarding years here at AMD - I have decided to
make a move to a different business segment," Mr. Richard said.  
"I am leaving AMD at a time when the company is in position to
break the monopoly that plagues this industry.  I am immensely
proud of my contribution to AMD, and in particular, of the strong
team I leave behind."

                           About AMD

Advanced Micro Devices Inc. -- http://www.amd.com/-- (NYSE: AMD)   
designs and manufactures microprocessors and other semiconductor
products.

                         *     *     *

As reported in the Troubled Company Reporter on Aug. 14, 2007,
Standard & Poor's Ratings Services affirmed its B/Negative/--
corporate credit rating on Sunnyvale, California-based Advanced
Micro Devices Inc.  At the same time, S&P assigned its 'B' rating
to the company's $1.5 billion 5.75% senior convertible notes due
2012, and raised the rating on the company's existing senior
unsecured debt to 'B' from 'B-', because the company no longer has
secured debt in its capital structure.

As reported in the Troubled Company Reporter on Aug. 13, 2007,
Fitch Ratings has assigned a 'CCC+/RR6' rating to Advanced Micro
Devices Inc.'s private placement of $1.5 billion 5.75% convertible
senior notes due 2012.  The 'CCC+/RR6' rating also applies to up
to $225 million of additional notes issued within the next 30 days
to cover over-allotments.  The 'BB-/RR2' rating on AMD's
$1.69 billion Term Loan B due 2010 is affirmed and withdrawn, as
the company will use net proceeds from debt issuance, as well as
available cash, to fully repay the term loan.

Fitch also affirmed the company's Issuer Default Rating at 'B';
and Senior unsecured debt at 'CCC+/RR6'.

As reported in the Troubled Company Reporter on July 26, 2007,
Standard & Poor's Ratings Services affirmed its 'B/Negative/--'
corporate credit rating on Sunnyvale, California-based Advanced
Micro Devices Inc.  At the same time, Standard & Poor's lowered
the rating on the company's 7.75% senior notes due 2012 to 'B-'
from 'BB-', which is now rated the same as the company's other
senior unsecured notes, reflecting release of the collateral
securing the issue.


ALLERT CELLULAR: Files Schedules of Assets and Liabilities
----------------------------------------------------------
Allert Cellular L.C. filed with the U.S. Bankruptcy Court for the
Central District of California, its schedules of assets and
liabilities, disclosing:

     Name of Schedule               Assets       Liabilities
     ----------------             -----------    -----------
  A. Real Property                         $0
  B. Personal Property             $9,005,205          
  C. Property Claimed as
     Exempt                                $0        
  D. Creditors Holding
     Secured Claims                               $3,517,609  
  E. Creditors Holding
     Unsecured Priority
     Claims                                         $119,947  
  F. Creditors Holding
     Unsecured Non-priority
     Claims
$6,307,909             
                                  -----------    -----------
     TOTAL                         $9,005,205     $9,945,465

Carpinteria, California-based Alert Cellular, L.C. --
http://alertcellular.com/-- is an authorized wireless retailer  
for Verizon and T-Mobile.  The Debtor is also known as Alert
Cellular LLC, doing business as Alert Cellular, The Mobile Store
and also known as Get Mobile.  The Debtor filed for Chapter 11
bankruptcy protection on July 3, 2007 (Bankr. C.D. Calif. Case No.
07-10918).  Malhar S. Pagay, Esq. and Scotta E McFarland, Esq., at
Pachulski, Stang, Ziehl, Young & Jones represent the Debtor in its
restructuring efforts.  The Official Committee of Unsecured
Creditors of Alert Cellular LC are represented by Jeffrey M.
Reisner at Irell & Manella LLP.


AMERICAN MEDICAL: S&P Revises Outlook to Negative from Stable
-------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on American
Medical Systems Inc. to negative from stable.  Ratings on the
company, including its 'BB-' corporate credit rating, were
affirmed.
      
"The outlook change reflects our increased concern relating to the
operations of Laserscope, a urological device maker acquired in
July 2006 for more than $700 million," explained Standard & Poor's
credit analyst Cheryl Richer.  "In particular, following the
product and manufacturing issues in the first half of 2007, the
Minnetonka, Minnesota-based company will be challenged to improve
performance to comply with bank loan covenants, which tighten in
successive quarters through 2008."
     
The 'BB-' rating reflects AMS's leveraged financial profile as a
result of its July 2006 debt-financed acquisition of Laserscope,
the challenge of integrating this large acquisition, and its
narrow medical focus.  These concerns are partly offset by the
company's leading market positions, the benefits of a diversified
portfolio of pelvic health products for both men and women, and
the growing demand for a better quality of life that is products
provide.
     
Although AMS has paid down over $30 million of debt since the
Laserscope transaction, debt to EBITDA has decreased less than S&P
anticipated as a result of a the dampening of sales caused by the
early 2007 supply problems, and higher-than-expected costs
associated with improving the performance of Laserscope's next
generation, high-performance system console.  Adjusted debt to
EBITDA was 6x for the 12 months ended June 30, 2007.  Given the
anticipated strengthening of sales in the second half of the year,
and a typically seasonally strong fourth quarter, this ratio could
decline toward 4.5x by year-end.


AMSTAR FINANCIAL: To Shut Down Amstar Mortgage Subsidiary
---------------------------------------------------------
Amstar Financial Holdings, Inc. said that it will transition
operations of its mortgage banking subsidiary Amstar Mortgage
Corporation.  Amstar Mortgage Corporation has agreed in principal
to relinquish managerial control of the affiliated branches to The
Money Store.  These branches and employees will then be offered
employment by The Money Store.  Amstar Mortgage's operations will
then be discontinued on or about Dec. 15, 2007.  Amstar Mortgage
Corporation expects to honor its lender commitments until this
date.

The decision was based primarily upon four factors:

    1. the current mortgage market conditions,

    2. the increased unpaid liability created by former
       unprofitable branch offices,

    3. the cost to defend several mostly frivolous lawsuits, and

    4. seemingly stable lenders unable or unwilling to honor
       contract commitments with Amstar Mortgage.

The deal will allow all branch offices and branch employees to
continue with a strong viable company, as well as stop any
additional liability to AFLH.

Amstar Financial will continue efforts and raise capital for
operations for its other subsidiaries.  Once capital is procured,
AFLH will focus its resources on Homes Opportunity, LLC and Amstar
Guaranty Agency, Inc. its other subsidiaries.  If financing is
obtained, Homes Opportunity, LLC will concentrate efforts on
purchasing bank foreclosures at a steep discount, while Amstar
Guaranty Agency, Inc. will pursue providing insurance products
through existing relationships.  Both of these Amstar Financial
companies are in their early stages of development and therefore
may take some time before Amstar Financial may potentially show a
significant profit.  All operations of AFLH will be suspended on
or about Dec. 15, 2007 unless adequate financing can be obtained
for these subsidiaries.

The company says that it is saddened to make this move but are
hopeful that its other subsidiaries can become viable.

Due to the closure of Amstar Mortgage, Amstar Financial will not
be posting further financial statements on Pinksheets.com until
further notice.  Additionally, AFLH will cease work on filings to
become a fully reporting company with the SEC at this time.

Headquartered in Houston, Texas, Amstar Financial Holdings, Inc.
(OTC Pinksheets: AFLH) -- http://www.amstarfinance.com/-- is a  
holding company primarily focused upon the financial and insurance
industries.  Its major subsidiary is Amstar Mortgage Corporation,
a national mortgage banking and brokering company now operating in
31 states with 146 retail branch offices as of July 13, 2006.


APPTIS INC: Poor Performance Cues S&P to Cut Credit Rating to "B"
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Chantilly, Virginia-based Apptis (DE) Inc. to 'B' from
'B+'.  At the same time, Standard & Poor's lowered its senior
secured debt rating to 'B+' from 'BB-'.  The outlook is negative.
      
"The downgrade reflects substantial operating underperformance
during the first six months of 2007 relative to expectations,
resulting in operating lease-adjusted leverage of about 7.5x as of
June 30, 2007, up from about 6.3x as of Dec. 31, 2006," said
Standard & Poor's credit analyst Ben Bubeck.  "Furthermore, Apptis
currently has minimal cushion under its financial covenants, which
could potentially affect the company's access to its $25 million
revolving credit facility over the next few quarters."  Given
modest cash balances and slightly negative free operating cash
flow generation during the first six months of 2007, the revolving
credit facility represents the company's primary source of
liquidity.  However, there is an equity cure provision in the
credit facility, which allows the borrower to contribute equity in
an amount sufficient to cure any covenant breach.  This ability is
limited to two quarters over each four-fiscal-quarter period.
     
The ratings on Apptis reflect its relatively modest position in
the highly competitive and consolidating government IT services
market, high debt leverage, and limited liquidity.  A predictable
revenue stream based on a strong backlog and the expectation that
government-related services business will remain solid over the
intermediate term are partial offsets to these factors.
     
Apptis provides IT services and communications solutions primarily
to the federal government.  The company also generates a
significant portion of operating income from its hardware
business, although revenue from this business has lower margins
than on the services side.  Apptis had approximately $235 million
in operating lease-adjusted debt, including $66 million of
payment-in-kind notes, as of June 30, 2007.


BAYONNE MEDICAL: Exclusive Plan-Filing Period Extended to Nov. 12
-----------------------------------------------------------------
The Hon. Morris Stern of the U.S. Bankruptcy Court for the
District of New Jersey extended Bayonne Medical Center's exclusive
period to file a chapter 11 plan to Nov. 12, 2007.  Judge Stern
also gave the Debtor until Jan. 9, 2008, to solicit acceptances of
that plan.

The Debtor relates that since filing for bankruptcy, it has
devoted all its efforts to:

    (i) stabilize its operations;

   (ii) analyze and identifying various ways to reduce operating
        costs and increase revenues;

  (iii) negotiate with its primary creditor constituency groups
        regarding financing matters and business operations; and

   (iv) pursue strategic alternatives for its reorganization.

The Debtor further related that it has also dedicated its time to
addressing the needs of patients, preserving business operations,
and attending to the multitude of information requests from the
primary creditor constituencies.

The Debtor contended that needed additional time to formulate and
proceed with an appropriate chapter 11 plan.

Based in Bayonne, New Jersey, Bayonne Medical Center --
http://www.bayonnemedicalcenter.org/-- provides healthcare    
services and operates a medical center.  The company operates a
278-bed fully accredited, acute-care hospital located in Hudson
County.  The company filed for Chapter 11 protection on April 16,
2007 (Bankr. D. N.J. Case No. 07-15195).  Lawrence C. Gottlieb,
Esq., Adam C. Rogoff, Esq., and Eric J. Haber, Esq., at Cooley
Godward Kronish LLP, represent the Debtor in its restructuring
efforts.  Stephen V. Falanga, Esq., at Connell Foley LLP, is the
Debtor's local counsel.  Kurtzman Carson Consultants LLC is the
Debtor's claims and noticing agent.  Andrew H. Sherman, Esq., and
Boris I. Mankovetskiy, Esq., at Sills Cummis Epstein & Gross PC,
represent the Official Committee of Unsecured Creditors.

When the Debtor filed for protection from its creditors, it listed
estimated assets and debts of $1 million to $100 million.


BAYONNE MEDICAL: Herman Brockman Resigns as Chairman of the Board
-----------------------------------------------------------------
Herman Brockman handed in his resignation as Bayonne Medical
Center's chairman of the board effective immediately, Ronald Leir
of the Jersey Journal reports.  Mr. Brockman will be replaced by
Ruth Dugan.

Mr. Leir relates that the resignation on the heels of complaints
by the Official Committee of Unsecured Creditors that Pamrapo Bank
used information from Mr. Brockman and William Campbell, the
Debtor's former board treasurer, to become a secured creditor by
restructuring a $3 million loan.  Mr. Brockman is a member of
Pamrapo's board while Mr. Campbell is president of Pamrapo.

According to the report, Mr. Brockman, along with former Bayonne
Medical president Robert H. Evans, were the ones responsible or
the construction o a $2 million vascular center as well as the
plan to buy St. Vincent's Hospital in Staten Island.

Ruth Dugan, through a statement released by the hospital, thanked
Mr. Brockman for his "many years of service and unconditional
dedication."  Health Professionals & Allied Employees spokeswoman
Jeanne Otersen however said that Mr. Brockman's resignation was
"long overdue," the report adds.

Based in Bayonne, New Jersey, Bayonne Medical Center --
http://www.bayonnemedicalcenter.org/-- provides healthcare    
services and operates a medical center.  The company operates a
278-bed fully accredited, acute-care hospital located in Hudson
County.  The company filed for Chapter 11 protection on April 16,
2007 (Bankr. D. N.J. Case No. 07-15195).  Lawrence C. Gottlieb,
Esq., Adam C. Rogoff, Esq., and Eric J. Haber, Esq., at Cooley
Godward Kronish LLP, represent the Debtor in its restructuring
efforts.  Stephen V. Falanga, Esq., at Connell Foley LLP, is the
Debtor's local counsel.  Kurtzman Carson Consultants LLC is the
Debtor's claims and noticing agent.  Andrew H. Sherman, Esq., and
Boris I. Mankovetskiy, Esq., at Sills Cummis Epstein & Gross PC,
represent the Official Committee of Unsecured Creditors.

When the Debtor filed for protection from its creditors, it listed
estimated assets and debts of $1 million to $100 million.


BAYOU GROUP: August 30 Hearing Set for Settlement Pacts Approval
----------------------------------------------------------------
The Hon. Adlai S. Hardin of the U.S. Bankruptcy Court for the
Southern District of New York set a hearing on Aug. 30, 2007, at
10:30 a.m., to consider approval of the Settlement Agreements
between Bayou Group, LLC, and its debtor-affiliates and investors
advised by Lydian Wealth Management Co. and Altegris Investments
Inc.

Objections, if any, to either settlement agreements are due today,
Aug. 24, 2007.

                      Lydian Defendants

Under the Settlement Agreements, the Lydian Related Settling
Redeemer Defendants agree to pay the Debtors:

    Defendant Name                              Settlement Amount
    --------------                              -----------------
    Insight Multi-Strategy Fund, LLC                   $1,600,507
    Schilit Family Partnership                         $1,024,000
    Jewish Federation of Greater Washington              $914,700
    Eric Garfinkel and Diane Garfinkel                   $831,000
    Shangri-La LLC                                       $689,599
    DOR Family LLC                                       $508,700
    SGW Holdings LLC                                     $499,100
    Small Family Trust                                   $498,500
    Canning Limited Partnership                          $465,400
    Bansal Foundation                                    $457,000
    Joseph Kampf and Barbara Kampf                       $345,400
    Terry A. Perl Revocable Trust                        $269,400
    George Crowley                                       $249,300
    Gerald Friesen                                       $249,300
    Gary Brown Revocable Trust                           $249,300
    Meyer Mutual Fund LC                                 $234,100
    Douglas Wolford                                      $216,200
    Karen Wolford                                        $216,200
                                                       ----------
    TOTAL                                              $9,518,406

                      Altegris Defendants

Under the Settlement Agreements, the Altegris Advised Settling
Redeemer Defendants agree to pay the Debtors:

    Defendant Name                              Settlement Amount
    --------------                              -----------------
    Wright Family Capital LP                             $640,660
    Raleigh L. Shaklee Trust                             $722,513
    The John Sammond Marital Trust #1 and
       Diana Denholm Sammond                             $510,725
    Thomas Gardiner                                      $332,091
    Wesley E. Mudge Trust                                $294,376
    Zoltan Horvath and Marilyn Horvath                   $293,372
    Meyer Investment Partners and C. Paul Meyer          $240,939
    Michael Lebowitz and Marilyn Lebowitz                $230,600
    Daedalus Financial Corporation                       $195,383
    Richard A. Lewis and Roberta D. Lewis Trust          $195,383
    Wintsch Family Trust                                 $186,031
    Thomas Swanson                                       $181,370
    Gary Hegewald and Judith Hegewald                    $180,629
    Barret Klein and Claire Klein                        $180,629
    Robert J. Routt                                      $180,629
    Walter Ratterman                                     $180,629
    Ronald & Jenyne Weingart                             $180,629
    Antonia M. Marsden Revocable Trust                   $180,628
    Dale A. Sauser Trust                                 $180,628
    Dorothy H. Bjurstrom Trust                           $180,628
    Elizabeth S. Gile-Ratcliff                           $180,628
    Graves Family Partnership                            $180,628
    John H. Waldock Trust                                $180,628
    Neal and Jean Ross Family Trust                      $180,628
    John J. Shea, Jr.                                    $180,628
    Volunteer, LLC                                       $180,628
    Ronald A. Bonham and Angela J. Leslie                $177,336
    Douglas Brown II                                     $177,336
    John C. Brunk, John C. Brunk IRA, and
        John C. Brunk Rollover IRA                       $177,336
    Warren L. Bauer and Lynda M. Bauer                   $177,326
    Margaret J. Hartzler IRA and
       Margaret J. Hartzler                              $177,336
    Waldorff Family Trust                                $177,336
    Charles Weidmer Trust                                $177,336
    Overkill Investments, Inc.                           $154,724
    Morris Investment Company                            $148,220
    Ronald E. Eastman and Marilyn Eastman                 $70,934
                                                       ----------
    TOTAL                                              $8,167,460

                        About Bayou Group

Based in Chicago, Illinois, Bayou Group, LLC, operates and manages
hedge funds.  The company and its affiliates filed for chapter 11
protection on May 30, 2006 (Bankr. S.D.N.Y. Case No. 06-22306).  
Elise Scherr Frejka, Esq., H. Jeffrey Schwartz, Esq., Gary J.
Mennitt, Esq., and Jonathan D. Perry, Esq., at Dechert LLP,
represent the Debtors in their restructuring efforts.  The
Trumbull Group is the Debtors' claims and noticing agent.  Joseph
A. Gershman, Esq., and Robert M. Novick, Esq., at Kasowitz,
Benson, Torres & Friedman, LLP, represents the Official Committee
of Unsecured Creditors.  When the Debtors filed for protection
from their creditors, they estimated assets and debts of more than
$100 million.


CANON COMMS: Good Performance Cues S&P's Stable Outlook
-------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Canon
Communications LLC to stable from negative while affirming all
ratings, including the 'B' corporate credit rating on the company.  
Total debt at June 30, 2007, was $169.1 million.
     
"The outlook revision reflects the company's good operating
performance, despite integration challenges, after a recent
acquisition of several assets from Reed Elsevier PLC," said
Standard & Poor's credit analyst Tulip Lim.
     
The corporate credit rating reflects Canon's significant cash flow
concentration in a few publications and trade shows, exposure to
industry weakness in print-based advertising, small cash flow
base, aggressive history of debt-financed acquisitions, and high
debt leverage.  These factors are only partially offset by the
good competitive positions and complementary nature of Canon's
events and publications, and the company's discretionary cash flow
potential.


CENTEX CORP: Credit Woes Prompt Moody's Ratings Review
------------------------------------------------------
Moody's Investors Service placed all of the ratings of Centex
Corporation, Lennar Corporation, and Pulte Homes, Inc. under
review for downgrade.  The review was prompted by the
materially weaker operating environment facing homebuilders, the
dramatic change in the credit environment surrounding the
industry versus only a few weeks ago, and the possibility of a
substantive spill over effect on the industry if the
blowback from the structured products markets continues
unabated.

The review will focus on these issues:

(i) The ability of the three companies to reduce physical
inventories going forward. To date, the bulk of their inventory
reduction has been reflected in their financial statements through
accounting charges, such as impairments, option abandonments, and
other write-downs. As industry cancellation rates seem now to be
spiking up for the second time, these physical inventory
reductions will be harder to achieve.

(ii) The companies' ability to continue generating positive cash
flow, in part because of their limited success to date in reducing
physical inventory and in part from the recent resurgence of
cancellation rates. Other factors necessitating the examination
include Centex and Pulte's lag in generating positive cash flow
compared to prior expectations and the impact of a significant
level of off-balance sheet activity on Lennar's cash flow.

(iii) Whether the companies will be able to reduce costs
sufficiently to once again sustain profitable operations,
excluding the impact of impairments, option abandonments, and
other charge-offs. In recent quarters, the three companies have
generated modest quarterly losses, even after excluding the
aforementioned charges. Moody's generally does not expect
investment grade companies to generate even modest quarterly
losses for a lengthy period.

(iv) Whether the companies will take the necessary steps to
conform their debt structures to the currently frail business
environment.

(v) Whether the companies will be able to substantially reverse
their current underperformance on key credit metrics before 2009.

Moody's anticipates that the review will be conducted on an
expedited basis. If the determination from the review is that
ratings should be changed, it is likely that Pulte's ratings will
be lowered by only one notch, with the company's ratings then
taken off review. The ratings of Lennar and Centex, however, could
either be lowered by one notch and kept on review for further
downgrade, or they could be lowered by two notches and then taken
off review.

These ratings were placed under review for downgrade:

   Centex Corporation

   * Baa2 rating on approximately $3.7 billion of senior
     unsecured notes

   * P-2 rating on $1.25 billion commercial paper program

   Lennar Corporation

   * Baa2 rating on approximately $2.2 billion of senior
     unsecured notes

   * P-2 rating on $2 billion commercial paper program

   Pulte Homes, Inc.

   * Baa3 rating on approximately $3.48 billion of senior
     unsecured notes

Founded in 1950 and headquartered in Dallas, Texas, Centex
Corporation is one of the nation's leading home building
companies, operating in major U.S. markets in 25 states.
Revenues and net income for the trailing twelve month period
ended June 30, 2007 were approximately $11.2 billion and
$(20) million, respectively.

Founded in 1954 and headquartered in Miami, Florida, Lennar
Corporation is one of the largest homebuilders in the United
States, with revenues and net income for the trailing twelve
month period ended May 31, 2007 of $14.1 billion and
$165 million, respectively.

Headquartered in Bloomfield Hills, Michigan, Pulte Homes,
Inc. is one of the country's largest homebuilders, with
domestic operations in 27 states and 52 markets, as well
as in Puerto Rico. Revenues and net income for the trailing
twelve month period ended June 30, 2007 were approximately
$11.8 billion and $(411) million, respectively.


COMM 2007-C9: Moody's Puts Low-B Ratings on 6 Cert. Classes
-----------------------------------------------------------
Moody's Investors Service assigned definitive ratings to
securities issued by COMM 2007-C9 Mortgage Trust.  The provisional
ratings issued on July 30, 2007 have been replaced with these
definitive ratings:

   -Class A-1, $26,500,000, rated Aaa

   -Class A-2, $160,400,000, rated Aaa

   -Class A-3, $55,700,000, rated Aaa

   -Class A-AB, $64,794,000, rated Aaa

   -Class A-4, $1,454,915,000, rated Aaa

   -Class A-1A, $257,556,000, rated Aaa

   -Class XP, $694,066,000*, rated Aaa

   -Class AM, $103,553,000, rated Aaa

   -Class A-J, $50,000,000, rated Aaa

   -Class B, $32,462,000, rated Aa1

   -Class C, $28,855,000, rated Aa2

   -Class D, $32,462,000, rated Aa3

   -Class E, $25,248,000, rated A1

   -Class F, $21,642,000, rated A2

   -Class XS, $2,885,522,796*, rated Aaa

   -Class AM-FL, $185,000,000, rated Aaa

   -Class G, $25,248,000, rated A3

   -Class H, $36,069,000 , rated Baa1

   -Class J, $36,069,000, rated Baa2

   -Class K, $32,462,000, rated Baa3

   -Class L, $21,642,000, rated Ba1

   -Class M, $14,427,000, rated Ba2

   -Class N, $10,821,000, rated Ba3

   -Class O, $7,214,000, rated B1

   -Class P, $10,821,000, rated B2

   -Class Q, $7,213,000, rated B3

*Approximate notional amount

Moody's assigned definitive ratings to this additional class of
certificates:

   -Class AJ-FL, $144,773,000, rated Aaa


COMMONWEALTH HOLDINGS: Files Schedule of Assets and Liabilities
---------------------------------------------------------------
Commonwealth Holdings L.C. filed with the U.S. Bankruptcy Court
for the District of Utah its schedules of assets and liabilities
disclosing:

     Name of Schedule               Assets       Liabilities
     ----------------             -----------    -----------
  A. Real Property                $12,400,000         
  B. Personal Property               $198,488                   
  C. Property Claimed as
     Exempt
$0                                     
  D. Creditors Holding
     Secured Claims                               $5,000,000
  E. Creditors Holding
     Unsecured Priority
     Claims                                               $0  
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                          $73,345
                                  -----------    -----------
     TOTAL                        $12,598,488     $5,073,345

Headquartered in Cedar City, Utah, Commonwealth Holdings, L.C.
filed for Chapter 11 protection on July 17, 2007 (Bankr. D. Utah
Case No. 07-23225).  Andres' Diaz, Esq., and Timothy J. Larsen,
Esq., at 1 On 1 Legal Service, P.L.L.C. are the proposed counsel
for the Debtor.


COMMONWEALTH HOLDINGS: Taps 1 On 1 as General Counsel
-----------------------------------------------------
Commonwealth Holdings L.C. asks the U.S. Bankruptcy Court for the
District of Utah for authority to employ 1 On 1 Legal Service
P.L.L.C. as its general counsel.

As counsel, 1 On 1 will:

     a. advise the Debtor of its rights, powers, and duties as a
        Debtor and Debtor-in-possession;

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

     c. assist in preparing on behalf of the Debtor all necessary
        schedules and statements, motions, applications, answers,
        orders, reports, and papers in connection with the
        administration of the Debtor's estate;

     d. assist in presenting the Debtor's proposed plan of
        reorganization and all related transactions and any
        related revisions, amendments, etc.; and

     e. perform all other necessary legal services in connection
        with this Chapter 11 case.

Documents submitted to the Court did not disclose compensation
rates of the firm.  However, the Debtor said it has paid 1 On 1 a
$6,039 retainer and a portion of the retainer was paid to the
Court as filing fee in the amount of $1,039 and for pre-petition
services and costs in the amount of $1,000.  

The firm said it will not draw further on the retainer unless
authorized by the Court.  

To the best of the Debtor's knowledge, 1 On 1 does not have any
interest adverse to the Debtor, its creditors, or any party in
interest in the case.

Headquartered in Cedar City, Utah, Commonwealth Holdings, L.C.
filed for Chapter 11 protection on July 17, 2007 (Bankr. D. Utah
Case No. 07-23225).  When the Debtor filed for bankruptcy, it
listed assets and debts of between $1 million to $100 million.


COUNTRYWIDE FIN'L: Gets $2 Bil. Equity Investment from BoFA
-----------------------------------------------------------
Countrywide Financial Corporation has received a $2 billion
strategic equity investment from Bank of America.  The
transaction was completed and funded Aug. 22, 2007.

"Bank of America, with $1.5 trillion in assets, has the largest
retail banking franchise in the U.S. and is one of the most
respected companies in the world," said Angelo R. Mozilo, chairman
and chief executive officer of Countrywide.  

"Bank of America's investment in Countrywide represents a vote of
confidence and strengthens our balance sheet, enabling us to
position Countrywide for future growth and success," added Mr.
Mozilo.  

"This transaction benefits all of Countrywide's constituents,
including investors, shareholders, mortgage customers, deposit
holders, business partners and employees," concluded Mr. Mozilo.

"We believe that in the current turmoil the stock market has been
underestimating the value in Countrywide's operations and assets,"
said Kenneth D. Lewis, Bank of America chairman and chief
executive officer.  "This investment reflects our confidence in
their business and recognizes the importance of the company in
providing home financing across the country.  We hope this
investment will be a step toward a return to a more normal
liquidity in the mortgage markets.  Countrywide has a strong
mortgage origination business and it services the mortgages of one
in seven American households."

Bank of America has invested $2 billion in the form of a non-
voting convertible preferred security yielding 7.25 percent
annually.  The security can be converted into common stock at $18
per share, with resulting shares subject to restrictions on
trading for 18 months after conversion.

The agreement between the parties is subject to customary
standstill restrictions prohibiting the acquisition of beneficial
ownership of additional voting securities of Countrywide.

Goldman Sachs & Co. acted as financial advisor to Countrywide and
Wachtell, Lipton, Rosen & Katz served as legal advisor.  Bank of
America Securities acted as financial advisor to Bank of America,
and Cleary, Gottlieb, Stern & Hamilton served as legal advisors.

                      About Bank of America

Bank of America (NYSE:BAC) -- http://www.bankofamerica.com/-- is  
one of the world's largest financial institutions, serving
individual consumers, small and middle market businesses and large
corporations with a full range of banking, investing, asset
management and other financial and risk-management products and
services.  The company provides unmatched convenience in the
United States, serving 57 million consumer and small business
relationships with more than 5,700 retail banking
offices, more than 17,000 ATMs and award-winning online banking
with more than 22 million active users.  Bank of America is the
No. 1 overall Small Business Administration (SBA) lender in the
United States and the No. 1 SBA lender to minority-owned small
businesses.  The company serves clients in 175 countries and has
relationships with 98 percent of the U.S. Fortune 500 companies
and 80% of the Fortune Global 500.

                        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.

                     Bankruptcy Speculation

As reported in the Troubled Company Reporter on Aug. 17, 2007,
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 Wednesday.  "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.  


COVENTRY HEALTH: Prices $400 Million Senior Unsecured Notes
-----------------------------------------------------------
Coventry Health Care Inc. priced a $400 million offering of 6.3%
coupon rate senior unsecured notes due 2014.  The notes will rank
equal in right of payment to all of Coventry's existing and future
senior debt, including its existing 5.875% senior notes due 2012,
6.125% senior notes due 2015, 5.95% senior notes due 2017, and
existing credit facility.

Standard & Poor's Ratings Services assigned its "BBB" senior
unsecured debt rating, Fitch Ratings assigned its "BBB-" senior
unsecured debt rating, and Moody's Investors Service assigned its
"Ba1" senior unsecured debt rating to the notes.

Coventry will use the net proceeds of the offering for general
corporate purposes, which may include retiring existing
indebtedness, acquisitions, repurchases of the company's capital
stock, additions to working capital, and capital expenditures.  
The company planned acquisitions include acquisition of Florida
Health Plan Administrators LLC, owner of Vista Healthplans.

Goldman, Sachs & Co., Citi Markets & Banking, and J.P. Morgan
Securities Inc. acted as Joint Bookrunners and RBS Greenwich
Capital acted as Co-Manager.

Headquartered in Bethesda, Maryland, Coventry Health Care Inc.
(NYSE: CVH) -- http://www.cvty.com/-- is a national managed
health care company operating health plans, insurance companies,
network rental/managed care and workers' compensation services
companies.  Coventry provides a full range of risk and fee-based
managed care products and services, including HMO, PPO, POS,
Medicare Advantage, Medicare Prescription Drug Plans, Medicaid,
Workers' Compensation services and Network Rental to a broad
cross section of individuals, employer and government-funded
groups, government agencies, and other insurance carriers and
administrators in all 50 states as well as the District of
Columbia and Puerto Rico.


COVENTRY HEALTH: Moody's Puts "Ba1" Rating on Sr. Unsecured Debt
----------------------------------------------------------------
Moody's Investors Service assigned a Ba1 senior unsecured debt
rating to Coventry Health Care Inc.'s issuance of $300 million of
new long term debt.  Moody's also assigned a provisional senior
unsecured debt rating of (P)Ba1 to Coventry's shelf registration.  
Coventry maintains its shelf for general corporate purposes,
including capital expenditures, acquisitions, and debt
refinancing.  The outlook on the ratings is stable.

According to Moody's, Coventry plans to use the net proceeds from
the new issuance to partially fund its recently announced
acquisition of Vista Healthplans.  In connection with the
acquisition and the anticipated new debt, Moody's affirmed
Coventry's ratings and changed the outlook to stable from positive
on July 9, 2007.

Coventry Health Care Inc., headquartered in Bethesda, Maryland,
reported medical membership of 3.4 million and Part D Medicare
membership of approximately 700,000 as of June 30, 2007.  The
company reported net income of $273 million on revenues of
approximately $4.6 billion for the six months ending June 30,
2007.


CREDIT SUISSE: Moody's Holds Junk Rating on Class Q Certs.
----------------------------------------------------------
Moody's Investors Service upgraded the ratings of four classes and
affirmed these ratings of 15 classes of Credit Suisse First Boston
Commercial Mortgage Corp., Commercial Mortgage Pass-Through
Certificates, Series 2002-CKP1:

   -Class A-2, $52,347,147, affirmed at Aaa

   -Class A-3, $601,059,000, affirmed at Aaa

   -Class A-X, Notional, affirmed at Aaa

   -Class A-SP, Notional, affirmed at Aaa

   -Class B, $39,715,000, affirmed at Aaa

   -Class C, $13,652,000, affirmed at Aaa

   -Class D, $26,063,000, upgraded to Aaa from Aa1

   -Class E, $14,893,000, upgraded to Aa2 from Aa3

   -Class F, $13,652,000, upgraded to A1 from A2

   -Class G, $14,893,000 upgraded to A2 from A3

   -Class H, $14,893,000, affirmed at Baa1

   -Class J-AD, $5,878,900, affirmed at Baa2

   -Class K-Z, $13,978,099, affirmed at Ba1

   -Class L, $16,134,000, affirmed at Ba2

   -Class M, $8,688,000, affirmed at Ba3

   -Class N, $7,447,000, affirmed at B1

   -Class O, $8,687,000, affirmed at B2

   -Class P, $4,965,000, affirmed at B3

   -Class Q, $4,964,000, affirmed at Caa2

As of the August 17, 2007 distribution date, the transaction's
aggregate certificate balance has decreased by approximately 11.9%
to $875.1 million from $992.9 million at securitization.  The
Certificates are collateralized by 147 loans, ranging in size from
less than 1.0% to 7.0% of the pool, with the top 10 loans
representing 38.9% of the pool. Twenty-one loans, representing
16.2% of the pool, have defeased and are collateralized by U.S.
Government securities.

Ten loans have been liquidated from the pool resulting in an
aggregate realized loss of approximately $2.9 million.  Three
loans, representing approximately 1.7% of the pool, are in special
servicing.  Moody's is estimating an aggregate loss of $2.5
million from these specially serviced loans.  Thirty eight loans,
representing 14.3% of the pool, are on the master servicer's
watchlist.

Moody's was provided with year-end 2006 operating results for
98.0% of the pool, excluding the defeased loans.  Moody's weighted
average loan to value ratio is 83.5%, compared to 85.8% at Moody's
last full review in March 2006 and compared to 87.9% at
securitization.  Moody's is upgrading Classes D, E, F, and G due
to defeasance, stable overall pool performance and increased
credit support.

The top three loans represent 18.1% of the pool.  The largest loan
is the Metroplex West Loan ($61.6 million -- 7.0%), which is
secured by a 477,000 square foot power center located in Plymouth
Meeting, Pennsylvania.  The property is 100.0% occupied, the same
as at last review and at securitization.  The largest tenants are
Giant Foods, Best Buy and Dick's Sporting Goods.  The center is
also shadow-anchored by Target and Lowe's.  Moody's LTV is 78.0%,
compared to 80.8% at last review.

The second largest loan is the 300 M Street Loan ($49.8 million -
5.7%), which is secured by a 280,000 square foot Class A office
building located in Washington, D.C.  The property is 100.0%
occupied, the same as at last review and at securitization.  The
largest tenants are Litton Industries Inc. (33.0% NRA; lease
expiration April 2011) and Lockheed Martin Corporation (26.0% NRA;
lease expiration April 2011). Moody's LTV is 78.8%, compared to
83.3% at last review.

The third largest loan is the Shops at Deerfield Loan ($47.2
million - 5.4%), which is secured by a mixed-use property that
includes 170,000 square feet of retail and 67,000 square feet of
office.  The property is located in Deerfield, Illinois.  The
property is 100.0% occupied, the same as at last review.  The
retail space is anchored by Whole Foods (15.0% GLA; lease
expiration September 2020) and Barnes & Noble (11.0% GLA; lease
expiration April 2015).  Moody's LTV is 86.0%, compared to 87.5%
at last review.


CREDIT SUISSE: Good Credit Levels Cue S&P to Affirm Ratings
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on 18
classes of commercial mortgage pass-through certificates from
Credit Suisse First Boston Mortgage Securities Corp.'s series
2004-C2.
     
The affirmed ratings reflect credit enhancement levels that
provide adequate support through various stress scenarios.
     
As of the Aug. 17, 2007, remittance report, the collateral pool
consisted of 107 loans with an aggregate trust balance of
$923 million, down from 109 loans totaling $966.8 million at
issuance.  The master servicer, KeyBank Real Estate Capital Inc.,
reported financial information for 100% of the nondefeased loans.  
Ninety-four percent of the servicer-provided information was full-
year 2006 data.  Using this information, Standard & Poor's
calculated a weighted average debt service coverage of 1.58x, up
from 1.56x at issuance.  All of the loans in the pool are current
and no loans are with the special servicer, LNR Partners Inc.  To
date, the trust has not experienced any losses.
     
The top 10 exposures secured by real estate have an aggregate
outstanding balance of $475.2 million (51%) and a weighted average
DSC of 1.61x, up from 1.59x at issuance.  Standard & Poor's
reviewed property inspections provided by the master servicer for
all of the assets underlying the top 10 exposures.  One property
was characterized as "excellent," while the remaining collateral
was characterized as "good."
     
Credit characteristics for the Beverly Center, 230 Park Avenue
South, and Valley Hills Mall loans are consistent with investment-
grade obligations.  Credit characteristics for the Energy Centre
loan are no longer consistent with those of an investment-grade
obligation.  Details of these loans are:

     -- The largest exposure in the pool, the Beverly Center
        loan, has a trust balance of $82.8 million (9%) and a
        whole-loan balance of $340.8 million.  The pari passu
        loan is secured by the leasehold interest in an 855,015-
        sq.-ft. regional mall in Los Angeles.  For the nine
        months ended Sept. 30, 2006, the DSC was 2.06x and
        occupancy was 93%. Standard & Poor's adjusted net cash
        flow for this loan is comparable with its expected level
        at issuance.

     -- The second-largest exposure in the pool, the 230 Park
        Avenue South loan, has a balance of $77.8 million (8%).  
        The loan is secured by the fee interest in a 341,125-sq.-
        ft. office property in Manhattan.  For the year ended
        Dec. 31, 2006, the DSC was 1.53x and occupancy was 100%.
        Standard & Poor's adjusted NCF for this loan is
        comparable with its level at issuance.

     -- The fourth-largest exposure in the pool, the Valley Hills
        Mall, has a balance of $58.7 million (6%).  The loan is
        secured by the fee interest in a 293,670-sq.-ft. of a
        905,186-sq.-ft. regional mall in Hickory, North Carolina.  
        For the year ended Dec. 31, 2006, the DSC was 1.87x and
        occupancy was 98%. Standard & Poor's adjusted NCF for
        this loan is down 9% since issuance.

     -- The sixth-largest exposure in the pool, the Energy Centre
        loan, has a balance of $51.4 million.  The loan is
        secured by the fee interest in a 762,131-sq.-ft office
        property in New Orleans, Louisiana.  For the year ended
        Dec. 31, 2006, the DSC was 1.52x and occupancy was 97%.  
        Standard & Poor's adjusted NCF for this loan is down 34%
        since issuance.  The decline in Standard & Poor's
        adjusted NCF is due to the 34% increase in operating
        expenses, which is primarily attributed to a 607%  
        increase in the cost of insurance.  The current policy
        provides $100 million in coverage and is in effect until
        June 1, 2008.

     -- The fifth-largest exposure in the pool, the Airport Plaza
        loan, has a balance of $52.7 million and was transferred
        to the special servicer in July 2004 due to a mechanics
        lien.  The loan was then returned to KeyBank in November
        2004 as a corrected loan.

KeyBank reported a watchlist of 15 loans ($57.4 million, 6%).  The
Park 270 II loan is the largest loan on the watchlist.  The loan
has an outstanding balance of $12.7 million (1%) and is secured by
a 151,277-sq.-ft. office property in Maryland Heights, Mo. As of
Aug. 1, 2007, the property was 88% occupied.  For the year ended
Dec. 31, 2006, the DSC for this loan was 1.12x.  The loan is on
the watchlist because the DSC has decreased since issuance, which
is primarily attributable to the fact that the loan's interest-
only period has ended.
     
Standard & Poor's stressed the loans on the watchlist and the
other loans with credit issues as part of its analysis.  The
resultant credit enhancement levels support the rating
affirmations.
       
Ratings affirmed are:

                  CSFB Mortgage Securities Corp.
           Commercial mortgage pass-through certificates
                        series 2004-C2
   
                Class    Rating   Credit enhancement
                -----    ------    ----------------
                A-1      AAA           14.40
                A-1A     AAA           14.40
                A-2      AAA           14.40
                B        AA            11.52
                C        AA-           10.34
                D        A              8.12
                E        A-             7.07
                F        BBB+           6.02
                G        BBB            4.98
                H        BBB-           3.80
                J        BB+            3.14
                K        BB             2.75
                L        BB-            2.36
                M        B+             1.70
                N        B              1.44
                O        B-             1.31
                A-X      AAA             N/A
                A-SP     AAA             N/A


CREDIT SUISSE: S&P Assigns Low-B Ratings on Six Cert. Classes
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to Credit Suisse Commercial Mortgage Trust Series 2007-
C4's $2.08 billion commercial mortgage pass-through certificates
series 2007-C4.
     
The preliminary ratings are based on information as of Aug. 22,
2007.  Subsequent information may result in the assignment of
final ratings that differ from the preliminary ratings.
     
The preliminary ratings reflect the credit support provided by the
subordinate classes of certificates, the liquidity provided by the
trustee, the economics of the underlying loans, and the geographic
and property type diversity of the loans.  Classes A-1, A-2, A-3,
A-AB, A-4, A-1-A, A-M, A-1-AM, A-J, A-1-AJ, and A-SP are currently
being offered publicly.  Standard & Poor's analysis determined
that, on a weighted average basis, the collateral pool has a debt
service coverage of 1.18x, a beginning LTV of 118.2%, and an
ending LTV of 113.7%.
     
   
                   Preliminary Ratings Assigned
      Credit Suisse Commercial Mortgage Trust Series 2007-C4
   
      Class        Rating        Amount   Recommended credit
                                               Support
      -----        ------        ------   ------------------
      A-1          AAA         $25,500,000     30.00%
      A-2          AAA        $219,200,000     30.00%
      A-3          AAA        $333,792,000     30.00%
      A-AB         AAA         $36,935,000     30.00%
      A-4          AAA        $565,719,000     30.00%
      A-1-A        AAA        $277,907,000     30.00%
      A-M          AAA         $50,000,000     20.00%
      A-1-AM       AAA        $158,436,000     20.00%
      A-J          AAA         $50,000,000     14.63%
      A-1-AJ       AAA         $62,035,000     14.63%
      A-SP         AAA                 N/A       N/A
      B            AA+         $23,449,000     13.50%
      C            AA          $28,660,000     12.13%
      D            AA-         $23,449,000     11.00%
      E            A+          $18,238,000     10.13%
      F            A           $18,238,000      9.25%
      G            A-          $20,844,000      8.25%
      H            BBB+        $20,844,000      7.25%
      J            BBB         $26,054,000      6.00%
      K            BBB-        $28,660,000      4.63%
      L            BB+         $20,844,000      3.63%
      M            BB           $7,816,000      3.25%
      N            BB-          $5,211,000      3.00%
      O            B+           $5,211,000      2.75%
      P            B            $5,211,000      2.50%
      Q            B-           $7,816,000      2.13%
      S            NR          $44,293,285      0.00%
      A-X*         AAA      $2,084,362,285       N/A
         

        *Interest-only class with a notional amount.

                   N/A -- Not applicable.

                      NR -- Not rated.
                

CWABS INC: S&P Takes Rating Actions on Various Cert. Classes
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 26
classes from 16 CWABS Inc. and CWABS Asset Backed Certificates
Trust transactions.  Additionally, S&P lowered its ratings on
three classes -- one each from the CWABS Asset Backed Certificates
Trust 2002-BC2, 2002-BC3, and 2005-AB2 series -- and removed them
from CreditWatch with negative implications.  Concurrently, S&P
affirmed its ratings on the remaining classes from 120 CWABS Inc.,
CWABS Asset Backed Certificates, and CWABS Asset Backed Notes
Trust transactions.
     
The lowered ratings on the 23 classes from 11 CWABS Inc.
transactions reflect current collateral performance that has
reduced available credit enhancement.  As of the July 2007
distribution period, all of these deals were experiencing greater-
than-expected severe delinquencies (90-plus days, foreclosures,
and REOs) as a percentage of their current pool balances when
compared with current credit support.  For these 11 transactions,
severe delinquencies ranged from 9.17% (series 2003-BC6) to 20.07%
(series 2003-4) of the current pool balances, while total
delinquencies ranged from 15.86% (series 2003-BC6) to 38.54%
(series (2002-BC1) of the current pool balances.  Additionally,
the 23 downgraded classes have current credit support that is
lower than the original credit support, and future credit
enhancement is projected to be negative or significantly lower
than the original credit support for each class.  Projected credit
support reflects the actual credit support minus projected losses
on present delinquencies.  Nine of the 11 transactions have
subordination, overcollateralization, and excess interest as
credit support, and these nine deals have O/C that is below their
target levels.  Moreover, the loan amounts in the foreclosure and
REO classifications for these nine deals range from 2.63x (series
2003 BC1) to 5.17x (series 2002-BC3) of the O/C levels.  
Cumulative losses range from 0.33% (series 2003-4) to 2.39%
(series 2002-BC3) of the original pool balances.
     
S&P lowered its ratings on six classes from six CWABS Asset Backed
Certificates Trust transactions because recent negative
performance has eroded credit support.  As of the July 2007
remittance period, monthly net losses significantly outpaced the
monthly excess interest amount for all six deals, and this has
been the predominant trend for the past six months.  Additionally,
the transactions have been experiencing higher-than-expected
severe delinquencies and O/C targets are not being met.  The six
downgraded classes have current credit support that is lower than
the original credit support, and future credit enhancement is
projected to be negative or significantly lower than the original
credit support.  As of the July 2007 remittance period, these
deals experienced total delinquencies that ranged from 14.01%
(series 2004-AB1) to 23.13% (series 2005-5) of the current pool
balances, while severe delinquencies ranged from 9.48% (series
2005-AB2) to 12.62% (series 2005-5) of the current pool balances.  
Cumulative losses range from 0.25% (series 2005-AB2) to 0.56%
(series 2004-11) of the respective original pool balances.
     
Standard & Poor's will continue to closely monitor the performance
of the transactions with ratings on CreditWatch negative (classes
B-1 and B-2 from series 2002-4 and class M-8 from series 2006-
ABC1).  If losses decline to a point at which credit enhancement
is not further eroded, S&P will affirm the ratings on these
classes and remove them from CreditWatch.  Conversely, if losses
and delinquencies continue to reduce credit support, S&P will
likely take further negative rating actions on these classes.
     
The affirmed ratings reflect adequate actual and projected credit
enhancement that is sufficient to support the certificates at the
current rating levels.
     
Subordination, excess interest, and O/C provide credit support for
most of the CWABS transactions.  However, some deals only have
subordination as credit support.  In addition, Countrywide
Financial Corp. provides a corporate guarantee for some of the
series.  The collateral predominantly backing the certificates
originally consisted of subprime fixed- and adjustable-rate,
first- and second-lien mortgage loans with terms of maturity of no
more than 30 years.  The series from the CWABS Asset Backed Notes
Trust are backed by reperforming or document deficient mortgage
loans.


Ratings Lowered

                            CWABS Inc.
                    Asset-backed certificates

                                        Rating
                                        ------
            Series      Class     To              From
            ------      -----     --              ----
            2002-BC1    M-1       A               AA
            2002-BC1    M-2       B               A
            2002-BC2    M-2       A               AA
            2002-BC3    M-2       BB              A
            2003-4      M-3       BBB             A
            2003-4      M-4       BBB-            A-
            2003-4      M-5       BB              BBB+
            2003-BC1    B-1       BB              BBB+
            2003-BC2    M-2       BB              AA
            2003-BC2    M-3       B               A
            2003-BC2    B-1       B               BBB
            2003-BC3    M-3       BBB             AA-
            2003-BC3    M-4       BB              A+
            2003-BC3    M-5       BB              A
            2003-BC3    M-6       BB-             A-
            2003-BC6    M-4       BBB-            A-
            2003-BC6    M-5       B               BBB
            2003-BC6    B         CCC             BBB-
            2004-2      B         BB              BBB-
            2004-4      B         BB              BBB
            2004-BC1    B         BB              BBB-
             

              CWABS Asset Backed Certificates Trust
                    Asset-backed certificates

                                        Rating
                                        ------
            Series      Class     To              From
            ------      -----     --              ----
            2004-AB1    B         B               A
            2004-AB2    B         B               BBB+
            2004-11     B         BB              BBB-
            2005-AB1    B         BB              BBB
            2005-5      M-7       BBB             A

      Ratings Lowered and Removed from Creditwatch Negative

                            CWABS Inc.
                    Asset-backed certificates

                                        Rating
                                        ------
            Series      Class     To              From
            ------      -----     --              ----
            2002-BC2    B-1       B               BB/Watch Neg
            2002-BC3    B-1       CCC             BB/Watch Neg

CWABS Asset Backed Certificates Trust
Asset-backed certificates

                                         Rating
                                         ------
            Series      Class     To              From
            ------      -----     --              ----
            2005-AB2    B         B               BBB+/Watch Neg

      Ratings Affirmed and Remaining on Creditwatch Negative

                            CWABS Inc.
                    Asset-backed certificates

                 Series      Class        Rating
                 ------      -----        ------
                 2002-4      B-1          BBB/Watch Neg
                 2002-4      B-2          BBB-/Watch Neg

CWABS Asset Backed Certificates Trust
Asset-backed certificates

                  Series      Class        Rating
                  ------      -----        ------
                  2006-ABC1   M-8          A-/Watch Neg

Ratings Affirmed

CWABS Inc.
Asset-backed certificates

    Series     Class                                     Rating
    ------     -----                                     ------
    2001-BC3   A, A-IO                                   AAA
    2001-BC3   M-1                                       AA+
    2001-BC3   M-2                                       AA-
    2001-BC3   B-1                                       A
    2001-BC3   B-2                                       BBB
    2002-1     A, A-IO                                   AAA
    2002-1     M-1                                       AA+
    2002-1     M-2                                       AA-
    2002-1     B-1                                       A+
    2002-1     B-2                                       BBB
    2002-2     2-M-1                                     AA
    2002-2     M-2                                       A
    2002-2     B-1                                       BBB
    2002-3     1-A-1, 2-A-1                              AAA
    2002-3     M-1                                       AA
    2002-3     M-2                                       A
    2002-3     B-1                                       BBB
    2002-4     A-1                                       AAA
    2002-4     M-1                                       AA
    2002-4     M-2                                       A
    2002-5     AF-6                                      AAA
    2002-5     MV-1, MF-1                                AA
    2002-5     MV-2, MF-2                                A
    2002-5     BV, BF                                    BBB
    2002-6     AV-1, AF-5, AF-6                          AAA
    2002-6     M-1                                       AA
    2002-6     M-2                                       A
    2002-6     B                                         BBB-
    2002-BC1   A, A-IO                                   AAA
    2002-BC2   A, A-IO, M-1                              AAA
    2002-BC3   M-1                                       AA
    2002-S1    A-4, A-5, A-IO                            AAA
    2002-S1    M-1                                       AA
    2002-S1    M-2                                       A
    2002-S2    A-5, A-IO                                 AAA
    2002-S2    M-1                                       AA
    2002-S2    M-2                                       A
    2002-S3    A-5, A-IO                                 AAA
    2002-S3    M-1                                       AA
    2002-S3    M-2                                       A
    2002-S4    A-4, A-5, A-IO                            AAA
    2002-S4    M-1                                       AA
    2002-S4    M-2, B                                    A
    2002-SC1   A-IO                                      AAA
    2002-SC1   M-2, B-1                                  A
    2003-1     3-A, 4-A                                  AAA
    2003-1     M-1                                       AA+
    2003-1     M-2                                       A
    2003-1     B                                         BBB+
    2003-2     3-A, 4-A                                  AAA
    2003-2     M-1                                       AA+
    2003-2     M-2                                       A+
    2003-3     1-A-5, 1-A-6, 2-A-2, 3-A                  AAA
    2003-3     M-1, M-2, M-3                             AA+
    2003-3     M-4                                       AA
    2003-3     M-5                                       A+
    2003-3     M-6                                       A-
    2003-3     B                                         BBB
    2003-4     A-2                                       AAA
    2003-4     M-1                                       AA+
    2003-4     M-2                                       AA
    2003-5     AF-5, AF-6                                AAA
    2003-5     MF-1                                      AA+
    2003-5     MV-1                                      AA
    2003-5     MF-2                                      A+
    2003-5     MV-2                                      A
    2003-5     MF-3, MV-3                                A-
    2003-5     MF-4, MV-4                                BBB+
    2003-5     MF-5, MV-5                                BBB
    2003-5     BF, BV                                    BBB-
    2003-BC1   A-1, M-1                                  AAA
    2003-BC1   M-2                                       A
    2003-BC2   2-A-1                                     AAA
    2003-BC2   M-1                                       AA+
    2003-BC3   A-2                                       AAA
    2003-BC3   M-1                                       AA+
    2003-BC3   M-2                                       AA
    2003-BC5   1-A, 2-A-2                                AAA
    2003-BC5   M-1                                       AA
    2003-BC5   M-2                                       AA-
    2003-BC5   M-3                                       A+
    2003-BC5   M-4                                       A
    2003-BC5   M-5                                       A-
    2003-BC5   M-6                                       BBB+
    2003-BC6   P                                         AAA
    2003-BC6   M-1                                       AA+
    2003-BC6   M-2                                       AA
    2003-BC6   M-3                                       A+
    2003-S1    A-4, A-5, A-IO                            AAA
    2003-S1    M-1                                       AA
    2003-S1    M-2                                       A
    2003-S2    A-3, A-4, A-5                             AAA
    2003-S2    M-1                                       AA
    2003-S2    M-2                                       A
    2003-S2    B-1                                       BBB
    2003-SC1   M-1                                       AA+
    2003-SC1   M-2                                       A+
    2003-SC1   M-3                                       A
    2003-SC1   M-4                                       A-
    2003-SC1   M-5                                       BBB
    2003-SC1   B                                         BBB-
    2004-1     1-A, 2-A, 3-A                             AAA
    2004-1     M-1, M-2, M-3                             AA+
    2004-1     M-4, M-5                                  AA
    2004-1     M-6                                       A+
    2004-1     M-7                                       A
    2004-1     M-8                                       BBB+
    2004-1     M-9                                       BBB
    2004-1     B                                         BB+
    2004-2     1-A, 2-A, 3-A-3, 3-A-4                    AAA
    2004-2     M-1                                       AA+
    2004-2     M-2, M-3                                  AA
    2004-2     M-4                                       AA-
    2004-2     M-5                                       A
    2004-2     M-6                                       A-
    2004-2     M-7                                       BBB+
    2004-3     1-A, 2-A, 3-A-3, 3-A-4, A                 AAA
    2004-3     M-1, M-2                                  AA+
    2004-3     M-3, M-4                                  AA
    2004-3     M-5                                       A+
    2004-3     M-6                                       A-
    2004-3     M-7                                       BBB+
    2004-3     B                                         BBB-
    2004-4     1-A, 2-A, 3-A-2, A                        AAA
    2004-4     M-1, M-2                                  AA+
    2004-4     M-3, M-4                                  AA
    2004-4     M-5                                       AA-
    2004-4     M-6                                       A
    2004-4     M-7                                       A-
    2004-5     1-A, 2-A, 3-A, 4-A-3, 4-A-4, A            AAA
    2004-5     M-1, M-2                                  AA+
    2004-5     M-3, M-4                                  AA
    2004-5     M-5                                       AA-
    2004-5     M-6                                       A
    2004-5     M-7                                       BBB+
    2004-5     B                                         BBB
    2004-6     1-A-1, 1-A-2, 2-A-2, 2-A-3, 2-A-4, 2-A-5  AAA
    2004-6     M-1, M-2, M-3, M-4                        AA+
    2004-6     M-5, M-6                                  AA
    2004-6     M-7                                       AA-
    2004-6     M-8                                       A
    2004-6     B                                         A-
    2004-BC1   M-1                                       AA+
    2004-BC1   M-2                                       AA
    2004-BC1   M-3                                       A+
    2004-BC1   M-4                                       A
    2004-BC1   M-5                                       BBB
    2004-BC2   M-1                                       AA
    2004-BC2   M-2                                       A+
    2004-BC2   M-3                                       A
    2004-BC2   M-4                                       A-
    2004-BC2   M-5                                       BBB
    2004-BC2   B                                         BBB-
    2004-ECC1  M-1, M-2                                  AA
    2004-ECC1  M-3                                       A+
    2004-ECC1  M-4                                       A
    2004-ECC1  M-5                                       A-
    2004-ECC1  M-6                                       BBB
    2004-ECC1  B                                         BBB-
    2004-S1    A-2, A-3, A-IO                            AAA
    2004-S1    M-1                                       AA
    2004-S1    M-2                                       A
    2004-S1    M-3                                       A-
    2005-2     1-A-1, 1-A-2, 2-A-3, 2-A-4                AAA
    2005-2     M-1, M-2, M-3                             AA+
    2005-2     M-4                                       AA
    2005-2     M-5                                       AA-
    2005-2     M-6                                       A+
    2005-2     M-7                                       A
    
CWABS Asset Backed Certificates Trust
Asset-backed certificates

   Series     Class                                     Rating
   ------     -----                                     ------
   2004-AB1   1-A-1, 2-A-2, 2-A-3                       AAA
   2004-AB1   M-1                                       AA+
   2004-AB1   M-2, M-3                                  AA
   2004-AB1   M-4                                       A+
   2004-AB2   A-2, A-3                                  AAA
   2004-AB2   M-1, M-2                                  AA+
   2004-AB2   M-3, M-4                                  AA
   2004-AB2   M-5, M-6                                  A+
   2004-BC3   M-1                                       AA+
   2004-BC3   M-2, M-3                                  AA
   2004-BC3   M-4                                       AA-
   2004-BC3   M-5                                       A+
   2004-BC3   M-6                                       A
   2004-BC3   M-7                                       BBB+
   2004-BC3   M-8                                       BBB
   2004-BC3   B                                         BBB-
   2004-BC4   1-A-1, 1-A-2, 2-A-3                       AAA
   2004-BC4   M-1                                       AA+
   2004-BC4   M-2, M-3                                  AA
   2004-BC4   M-4                                       AA-
   2004-BC4   M-5                                       A+
   2004-BC4   M-6                                       A
   2004-BC4   M-7, M-8                                  BBB+
   2004-BC4   B                                         BBB
   2004-BC5   A-3                                       AAA
   2004-BC5   M-1                                       AA+
   2004-BC5   M-2, M-3                                  AA
   2004-BC5   M-4, M-5                                  A+
   2004-BC5   M-6                                       A-
   2004-BC5   M-7                                       BBB+
   2004-BC5   M-8                                       BBB
   2004-BC5   B                                         BBB-
   2004-ECC2  M-1, M-2                                  AA+
   2004-ECC2  M-3, M-4, M-5                             AA
   2004-ECC2  M-6                                       A+
   2004-ECC2  M-7                                       A
   2004-ECC2  M-8                                       A-
   2004-ECC2  B                                         BBB
   2004-7     2-AV-3, 2-AV-4, AF-4, AF-5, AF-6          AAA
   2004-7     MV-1, MV-2, MV-3, MF-1, MF-2, MF-3        AA+
   2004-7     MV-4, MV-5, MF-4                          AA
   2004-7     MV-6, MF-5                                AA-
   2004-7     MV-7, BF                                  A+
   2004-7     MV-8                                      A
   2004-7     BV                                        BBB+
   2004-8     1-A-1, 2-A-3                              AAA
   2004-8     M-1, M-2, M-3, M-4                        AA+
   2004-8     M-5, M-6                                  AA
   2004-8     M-7                                       AA-
   2004-8     M-8                                       A+
   2004-8     B                                         A
   2004-9     AF-4, AF-5, AF-6, 1-AV-1, 2-AV-3          AAA
   2004-9     MF-1, MF-2, MF-3, MF-4, MF-5              AA+
   2004-9     MV-1, MV-2, MV-3, MV-4, MV-5, MV-6        AA+
   2004-9     BF, MV-7, MV-8                            AA
   2004-9     BV                                        AA-
   2004-10    AF-4, AF-5A, AF-5B, AF-6, 2-AV-3          AAA
   2004-10    MF-1, MF-2, MF-3, MF-4, MV-1, MV-2        AA+
   2004-10    MF-5, MF-6, MV-3, MV-4                    AA
   2004-10    MF-7, MV-5                                AA-
   2004-10    MV-6                                      A+
   2004-10    B-F, MV-7                                 A
   2004-10    MV-8                                      A-
   2004-10    BV                                        BBB
   2004-11    A-2, A-3                                  AAA
   2004-11    M-1                                       AA+
   2004-11    M-2, M-3                                  AA
   2004-11    M-4                                       AA-
   2004-11    M-5                                       A+
   2004-11    M-6                                       A
   2004-11    M-7                                       A-
   2004-11    M-8                                       BBB+
   2004-12    AF-3, AF-4, AF-5, AF-6, 1-AV-1, 2-AV-3    AAA
   2004-12    MF-1, MV-1                                AA+
   2004-12    MF-2, MF-3, MV-2                          AA
   2004-12    MV-3                                      AA-
   2004-12    MF-4, MV-4                                A+
   2004-12    MF-5, MV-5                                A
   2004-12    MV-6                                      A-
   2004-12    MF-6, MV-7                                BBB+
   2004-12    MF-7, MV-8                                BBB
   2004-12    BF, B-V                                   BBB-
   2004-13    AF-3, AF-4, AF-5A, AF-5B, AF-6            AAA
   2004-13    AV-2, AV-3, AV-4, AV-5                    AAA
   2004-13    MF-1, MV-1                                AA+
   2004-13    MF-2, MV-2                                AA
   2004-13    MF-3, MV-3                                AA-
   2004-13    MF-4, MV-4                                A+
   2004-13    MF-5, MV-5                                A
   2004-13    MF-6, MV-6                                A-
   2004-13    MF-7, MV-7                                BBB+
   2004-13    MF-8, MV-8                                BBB
   2004-13    BF, BV                                    BBB-
   2004-14    A-3, A-4, A-5                             AAA
   2004-14    M-1, M-2, M-3                             AA+
   2004-14    M-4                                       AA
   2004-14    M-5                                       AA-
   2004-14    B                                         A+
   2004-15    AF-3, AF-4, AF-5, AF-6                    AAA
   2004-15    1-AV-1, 2-AV-2, 2-AV-3                    AAA
   2004-15    MF-1, MV-1                                AA+
   2004-15    MF-2, MV-2                                AA
   2004-15    MF-3, MV-3                                AA-
   2004-15    MF-4, MV-4                                A+
   2004-15    MF-5, MV-5                                A
   2004-15    MF-6, MV-6                                A-
   2004-15    MF-7, MV-7                                BBB+
   2004-15    MF-8, MV-8                                BBB
   2004-15    BF, BV                                    BBB-
   2005-AB1   A-2, A-3                                  AAA
   2005-AB1   M-1                                       AA+
   2005-AB1   M-2                                       AA
   2005-AB1   M-3                                       AA-
   2005-AB1   M-4                                       A+
   2005-AB1   M-5                                       A
   2005-AB1   M-6                                       A-
   2005-AB1   M-7                                       BBB+
   2005-AB2   1-A-1, 2-A-2, 2-A-3                       AAA
   2005-AB2   M-1, M-2                                  AA+
   2005-AB2   M-3                                       AA
   2005-AB2   M-4                                       AA-
   2005-AB2   M-5                                       A+
   2005-AB2   M-6                                       A
   2005-AB2   M-7                                       A-
   2005-AB3   1-A-1, 2-A-1, 2-A-2A, 2-A-2B, 2-A-3       AAA
   2005-AB3   M-1                                       AA+
   2005-AB3   M-2, M-3                                  AA
   2005-AB3   M-4, M-5                                  AA-
   2005-AB3   M-6                                       A+
   2005-AB3   M-7                                       A
   2005-AB3   M-8                                       A-
   2005-AB3   B                                         BBB+
   2005-BC1   1-A-1, 1-A-2                              AAA
   2005-BC1   M-1                                       AA+
   2005-BC1   M-2                                       AA
   2005-BC1   M-3                                       AA-
   2005-BC1   M-4                                       A+
   2005-BC1   M-5                                       A
   2005-BC1   M-6                                       A-
   2005-BC1   M-7                                       BBB+
   2005-BC1   M-8                                       BBB
   2005-BC1   B                                         BBB-
   2005-BC2   1-A-1, 1-A-2, 2-A-3                       AAA
   2005-BC2   M-1                                       AA+
   2005-BC2   M-2, M-3                                  AA
   2005-BC2   M-4                                       AA-
   2005-BC2   M-5                                       A+
   2005-BC2   M-6                                       A
   2005-BC2   M-7                                       A-
   2005-BC2   M-8                                       BBB+
   2005-BC2   B                                         BBB
   2005-BC3   1-A-1, 1-A-2, 2-A-2, 2-A-3                AAA
   2005-BC3   M-1                                       AA+
   2005-BC3   M-2                                       AA
   2005-BC3   M-3                                       AA-
   2005-BC3   M-4                                       A+
   2005-BC3   M-5                                       A
   2005-BC3   M-6                                       A-
   2005-BC3   M-7                                       BBB+
   2005-BC3   M-8                                       BBB
   2005-BC3   B                                         BBB-
   2005-BC4   1-A, 2-A-2, 2-A-3                         AAA
   2005-BC4   M-1, M-2                                  AA+
   2005-BC4   M-3, M-4                                  AA
   2005-BC4   M-5                                       AA-
   2005-BC4   M-6                                       A+
   2005-BC4   M-7                                       A
   2005-BC4   M-8                                       A-
   2005-BC4   M-9, M-10                                 BBB+
   2005-BC4   B                                         BBB-
   2005-BC5   1-A, 2-A-1, 2-A-2, 3-A-2, 3-A-3           AAA
   2005-BC5   M-1                                       AA+
   2005-BC5   M-2, M-3                                  AA
   2005-BC5   M-4                                       AA-
   2005-BC5   M-5                                       A+
   2005-BC5   M-6                                       A
   2005-BC5   M-7                                       A-
   2005-BC5   M-8                                       BBB+
   2005-BC5   B                                         BBB
   2005-IM2   A-2, A-3, A-3M, A-4                       AAA
   2005-IM2   M-1                                       AA+
   2005-IM2   M-2                                       AA
   2005-IM2   M-3                                       AA-
   2005-IM2   M-4                                       A+
   2005-IM2   M-5                                       A
   2005-1     AF-3, AF-4, AF-5A, AF-5B, AF-6, 1-AV-2    AAA
   2005-1     1-AV-3, 2-AV-1, 2-AV-2, 3-AV-2, 3-AV-3    AAA
   2005-1     MF-1, MV-1                                AA+
   2005-1     MF-2, MV-2                                AA
   2005-1     MF-3, MV-3                                AA-
   2005-1     MF-4, MV-4                                A+
   2005-1     MF-5, MV-5                                A
   2005-1     MF-6, MV-6                                A-
   2005-1     MF-7, MV-7                                BBB+
   2005-1     MF-8, MV-8                                BBB
   2005-1     BF, BV                                    BBB-
   2005-3     AF-3, AF-4, AF-5A, AF-5B, AF-6            AAA
   2005-3     2-AV-1, 2-AV-2, 3-AV-3, 3-AV-4            AAA
   2005-3     MF-1, MV-1                                AA+
   2005-3     MF-2, MV-2                                AA
   2005-3     MF-3, MV-3                                AA-
   2005-3     MF-4, MV-4                                A+
   2005-3     MF-5, MV-5                                A
   2005-3     MF-6, MV-6                                A-
   2005-3     MF-7, MV-7                                BBB+
   2005-3     MF-8, MV-8                                BBB
   2005-3     BF, BV                                    BBB-
   2005-4     AF-3, AF-4, AF-5A, AF-5B, AF-6            AAA
   2005-4     2-AV-1, 3-AV-2, 3-AV-3                    AAA
   2005-4     MF-1, MV-1                                AA+
   2005-4     MF-2, MV-2                                AA
   2005-4     MF-3, MV-3                                AA-
   2005-4     MF-4, MV-4                                A+
   2005-4     MF-5, MV-5                                A
   2005-4     MF-6, MV-6                                A-
   2005-4     MF-7, MV-7                                BBB+
   2005-4     MF-8, MV-8                                BBB
   2005-4     BF, BV                                    BBB-
   2005-5     1-A, 2-A-2, 2-A-3                         AAA
   2005-5     M-1, M-2, M-3                             AA+
   2005-5     M-4                                       AA
   2005-5     M-5                                       AA-
   2005-5     M-6                                       A+
   2005-6     1-A-1, 1-A-2, 2-A-2, 2-A-3                AAA
   2005-6     M-1                                       AA+
   2005-6     M-2                                       AA
   2005-6     M-3                                       AA-
   2005-6     M-4                                       A+
   2005-6     M-5                                       A
   2005-6     M-6                                       A-
   2005-6     M-7                                       BBB+
   2005-6     M-8                                       BBB
   2005-6     B                                         BBB-
   2005-7     AF-2, AF-3, AF-4, AF-5W, AF-6             AAA
   2005-7     2-AV-1, 2-AV-2, 3-AV-2, 3-AV-3            AAA
   2005-7     MF-1, MV-1                                AA+
   2005-7     MF-2, MV-2                                AA
   2005-7     MF-3, MV-3                                AA-
   2005-7     MF-4, MV-4                                A+
   2005-7     MF-5, MV-5                                A
   2005-7     MF-6, MV-6                                A-
   2005-7     MF-7, MV-7                                BBB+
   2005-7     MF-8, MV-8                                BBB
   2005-7     BF, MV-9                                  BBB-
   2005-7     BV                                        BB+
   2005-8     1-A-1, 2-A-2, 2-A-3                       AAA
   2005-8     M-1                                       AA+
   2005-8     M-2                                       AA
   2005-8     M-3                                       AA-
   2005-8     M-4                                       A+
   2005-8     M-5                                       A
   2005-8     M-6                                       A-
   2005-8     M-7                                       BBB+
   2005-8     M-8                                       BBB
   2005-8     B                                         BBB-
   2005-9     1-A-1, 2-A-3, 2-A-4, 2-A-4M, 2-A-5        AAA
   2005-9     M-1                                       AA+
   2005-9     M-2                                       AA
   2005-9     M-3                                       AA-
   2005-9     M-4                                       A+
   2005-10    AF-2, AF-3, AF-4, AF-5, AF-6              AAA
   2005-10    2-AV-1, 3-AV-1, 3-AV-2, 3-AV-3            AAA
   2005-10    MF-1, MV-1                                AA+
   2005-10    MF-2, MV-2                                AA
   2005-10    MF-3, MV-3                                AA-
   2005-10    MF-4, MV-4                                A+
   2005-10    MF-5, MV-5                                A
   2005-10    MF-6, MV-6                                A-
   2005-10    MF-7, MV-7                                BBB+
   2005-10    MF-8, MV-8                                BBB
   2005-10    BF, MV-9                                  BBB-
   2005-10    MV-10                                     BB+
   2005-10    BV                                        BB
   2005-11    AF-1, AF-2, AF-3, AF-4, AF-5A, AF-5B      AAA
   2005-11    AF-6, 2-AV-1, 3-AV-1, 3-AV-2, 3-AV-3      AAA
   2005-11    MF-1, MV-1                                AA+
   2005-11    MF-2, MV-2                                AA
   2005-11    MF-3, MV-3                                AA-
   2005-11    MF-4, MV-4                                A+
   2005-11    MF-5, MV-5                                A
   2005-11    MF-6, MV-6                                A-
   2005-11    MF-7, MV-7                                BBB+
   2005-11    MF-8, MV-8                                BBB
   2005-11    BF, MV-9                                  BBB-
   2005-11    BV                                        BB+
   2005-11    1-A-1, 1-A-2, 1-A-3, 1-A-4, 1-A-5, 1-A-6  AAA
   2005-12    2-A-2, 2-A-3, 2-A-4, 2-A-5, 3-A, 4-A      AAA
   2005-12    M-1                                       AA+
   2005-12    M-2                                       AA
   2005-12    M-3                                       AA-
   2005-12    M-4                                       A+
   2005-12    M-5                                       A
   2005-12    M-6                                       A-
   2005-12    M-7                                       BBB+
   2005-12    M-8                                       BBB
   2005-12    B                                         BBB-
   2005-13    AF-1, AF-2, AF-3, AF-4, AF-5, AF-6        AAA
   2005-13    2-AV-1, 3-AV-1, 3-AV-2, 3-AV-3, 3-AV-4    AAA
   2005-13    MF-1, MF-2, MV-1                          AA+
   2005-13    MF-3, MF-4, MV-2, MV-3                    AA
   2005-13    MV-4                                      AA-
   2005-13    MF-5, MV-5                                A+
   2005-13    MF-6, MV-6                                A
   2005-13    MF-7, MV-7                                A-
   2005-13    MF-8, MV-8                                BBB+
   2005-13    BF, BV                                    BBB-
   2005-14    1-A-1, 2-A-1, 2-A-2, 3-A-1, 3-A-2, 3-A-3  AAA
   2005-14    M-1                                       AA+
   2005-14    M-2                                       AA
   2005-14    M-3                                       AA-
   2005-14    M-4                                       A+
   2005-14    M-5                                       A
   2005-14    M-6                                       A-
   2005-14    M-7                                       BBB+
   2005-14    M-8                                       BBB
   2005-14    B                                         BBB-
   2005-15    1-AF-1, 1-AF-2, 1-AF-3, 1-AF-4            AAA
   2005-15    1-AF-5, 1-AF-6, 2-AV-2, 2-AV-3            AAA
   2005-15    M-1                                       AA+
   2005-15    M-2                                       AA
   2005-15    M-3                                       AA-
   2005-15    M-4                                       A+
   2005-15    M-5                                       A
   2005-15    M-6                                       A-
   2005-15    M-7                                       BBB+
   2005-15    M-8                                       BBB
   2005-15    B                                         BBB-
   2005-16    3-AV, 4-AV-1, 4-AV-2, 4-AV-3              AAA
   2005-16    4-AV-4, 1-AF, 2-AF-1, 2-AF-2              AAA
   2005-16    2-AF-3, 2-AF-4, 2-AF-5                    AAA
   2005-16    MV-1                                      AA+
   2005-16    MV-2                                      AA
   2005-16    MV-3                                      AA-
   2005-16    MV-4                                      A+
   2005-16    MV-5                                      A
   2005-16    MV-6                                      A-
   2005-16    MV-7                                      BBB+
   2005-16    MV-8, BF                                  BBB
   2005-16    BV                                        BBB-
   2005-17    2-AV, 3-AV-1, 3-AV-2, 4-AV-1, 4-AV-2A     AAA
   2005-17    4-AV-2B, 4-AV-3, 1-AF-1, 1-AF-2           AAA
   2005-17    1-AF-3, 1-AF-4, 1-AF-5                    AAA
   2005-17    MV-1                                      AA+
   2005-17    MV-2                                      AA
   2005-17    MV-3                                      AA-
   2005-17    MV-4                                      A+
   2005-17    MV-5                                      A
   2005-17    MV-6                                      A-
   2005-17    MV-7                                      BBB+
   2005-17    MV-8, BF                                  BBB
   2005-17    BV                                        BBB-
   2006-ABC1  A-1, A-2, A-3                             AAA
   2006-ABC1  M-1, M-2, M-3                             AA+
   2006-ABC1  M-4, M-5                                  AA
   2006-ABC1  M-6                                       AA-
   2006-ABC1  M-7                                       A+
   2006-BC1   1-A, 2-A-1, 2-A-2, 2-A-3                  AAA
   2006-BC1   M-1                                       AA+
   2006-BC1   M-2                                       AA
   2006-BC1   M-3                                       AA-
   2006-BC1   M-4                                       A+
   2006-BC1   M-5                                       A
   2006-BC1   M-6                                       A-
   2006-BC1   M-7                                       BBB+
   2006-BC1   M-8                                       BBB
   2006-BC1   B                                         BBB-
   2006-BC2   1-A, 2-A-1, 2-A-2, 2-A-3, 2-A-4           AAA
   2006-BC2   M-1                                       AA+
   2006-BC2   M-2                                       AA
   2006-BC2   M-3                                       AA-
   2006-BC2   M-4                                       A+
   2006-BC2   M-5                                       A
   2006-BC2   M-6                                       A-
   2006-BC2   M-7                                       BBB+
   2006-BC2   M-8                                       BBB
   2006-BC2   M-9                                       BBB-
   2006-BC2   B                                         BB+
   2006-BC3   1-A, 2-A-1, 2-A-2, 2-A-3                  AAA
   2006-BC3   M-1                                       AA+
   2006-BC3   M-2                                       AA
   2006-BC3   M-3                                       AA-
   2006-BC3   M-4                                       A+
   2006-BC3   M-5                                       A
   2006-BC3   M-6                                       A-
   2006-BC3   M-7                                       BBB+
   2006-BC3   M-8                                       BBB
   2006-BC3   M-9                                       BBB-
   2006-BC3   B                                         BB+
   2006-BC4   1-A, 2-A-1, 2-A-2, 2-A-3                  AAA
   2006-BC4   M-1                                       AA+
   2006-BC4   M-2                                       AA
   2006-BC4   M-3                                       AA-
   2006-BC4   M-4                                       A+
   2006-BC4   M-5                                       A
   2006-BC4   M-6                                       A-
   2006-BC4   M-7                                       BBB+
   2006-BC4   M-8                                       BBB
   2006-BC4   M-9                                       BBB-
   2006-BC4   B                                         BB+
   2006-BC5   1-A, 2-A-1, 2-A-2, 2-A-3, 2-A-4           AAA
   2006-BC5   M-1                                       AA+
   2006-BC5   M-2, M-3                                  AA
   2006-BC5   M-4                                       A+
   2006-BC5   M-5                                       A
   2006-BC5   M-6                                       A-
   2006-BC5   M-7                                       BBB+
   2006-BC5   M-8                                       BBB
   2006-BC5   M-9                                       BBB-
   2006-BC5   B                                         BB+
   2006-QH1   A-1-A, A-1-B, A-2                         AAA
   2006-QH1   M-1                                       AA
   2006-SPS1  A                                         AAA
   2006-SPS1  M-1                                       AA+
   2006-SPS1  M-2, M-3                                  AA
   2006-SPS1  B                                         CCC
   2006-SPS2  A                                         AAA
   2006-SPS2  M-1                                       AA+
   2006-SPS2  M-2                                       AA
   2006-SPS2  M-3                                       AA-
   2006-SPS2  M-4                                       A+
   2006-SPS2  M-5                                       A
   2006-SPS2  M-6                                       A-
   2006-1     AF-1, AF-2, AF-3, AF-4, AF-5, AF-6        AAA
   2006-1     AV-1, AV-2, AV-3                          AAA
   2006-1     MF-1, MF-2, MV-1, MV-2                    AA+
   2006-1     MF-3, MV-3                                AA
   2006-1     MF-4, MV-4                                AA-
   2006-1     MF-5, MV-5                                A+
   2006-1     MF-6, MF-7, MV-6, MV-7                    A
   2006-1     MF-8, MV-8                                A-
   2006-1     BF, BV                                    BBB+
   2006-2     1-A-1, 2-A-1, 2-A-2, 2-A-3, 2-A-4         AAA
   2006-2     M-1                                       AA+
   2006-2     M-2, M-3                                  AA
   2006-2     M-4                                       AA-
   2006-2     M-5                                       A+
   2006-2     M-6                                       A
   2006-2     M-7                                       A-
   2006-2     M-8                                       BBB+
   2006-2     B                                         BBB
   2006-3     1-A, 2-A-1, 2-A-2, 2-A-3, 3-A-1, 3-A-2    AAA
   2006-3     M-1                                       AA+
   2006-3     M-2                                       AA
   2006-3     M-3                                       AA-
   2006-3     M-4                                       A+
   2006-3     M-5                                       A
   2006-3     M-6                                       A-
   2006-3     M-7                                       BBB+
   2006-3     M-8                                       BBB
   2006-3     B                                         BBB-
   2006-4     1-A-1, 1-A-1M, 2-A-1, 2-A-2, 2-A-3        AAA
   2006-4     M-1, M-2                                  AA+
   2006-4     M-3                                       AA
   2006-4     M-4                                       AA-
   2006-4     M-5                                       A+
   2006-4     M-6                                       A
   2006-4     M-7                                       A-
   2006-4     M-8                                       BBB+
   2006-4     B                                         BBB
   2006-5     1-A, 2-A-1, 2-A-2, 2-A-3                  AAA
   2006-5     M-1                                       AA+
   2006-5     M-2                                       AA
   2006-5     M-3                                       AA-
   2006-5     M-4                                       A+
   2006-5     M-5                                       A
   2006-5     M-6                                       A-
   2006-5     M-7                                       BBB+
   2006-6     1-A-1, 1-A-1M, 2-A-1, 2-A-2, 2-A-3        AAA
   2006-6     M-1                                       AA
   2006-6     M-2                                       AA-
   2006-6     M-3                                       A+
   2006-6     M-4                                       A
   2006-6     M-5                                       A-
   2006-6     M-6                                       BBB+
   2006-7     1-A, 2-A-1, 2-A-2, 2-A-3, 2-A-4           AAA
   2006-7     M-1                                       AA+
   2006-7     M-2, M-3                                  AA
   2006-7     M-4                                       AA-
   2006-7     M-5                                       A+
   2006-7     M-6                                       A
   2006-7     M-7                                       BBB+
   2006-8     1-A, 2-A-1, 2-A-2, 2-A-3, 2-A-4           AAA
   2006-8     M-1                                       AA+
   2006-8     M-2                                       AA
   2006-8     M-3                                       AA-
   2006-8     M-4                                       A+
   2006-8     M-5                                       A
   2006-8     M-6                                       A-
   2006-8     M-7                                       BBB+
   2006-8     M-8                                       BBB
   2006-8     M-9                                       BBB-
   2006-9     1-AF-1, 1-AF-2, 1-AF-3, 1-AF-4, 1-AF-5    AAA
   2006-9     1-AF-6, 2AV, 3AV-1, 3AV-2, 3AV-3, 3AV-4   AAA
   2006-9     MF-1, MV-1                                AA+
   2006-9     MF-2, MV-2                                AA
   2006-9     MF-3, MV-3                                AA-
   2006-9     MF-4, MV-4                                A+
   2006-9     MF-5, MV-5                                A
   2006-9     MF-6, MV-6                                A-
   2006-9     MF-7, MV-7                                BBB+
   2006-9     MF-8, MV-8                                BBB
   2006-9     BF, BV                                    BBB-
   2006-10    1-AF-1, 1-AF-2, 1-AF-3, 1-AF-4, 1-AF-5    AAA
   2006-10    1-AF-6, 2AV, 3AV-1, 3AV-2, 3AV-3, 3AV-4   AAA
   2006-10    MF-1, MV-1                                AA+
   2006-10    MF-2, MV-2                                AA
   2006-10    MF-3, MV-3                                AA-
   2006-10    MF-4, MV-4                                A+
   2006-10    MF-5, MV-5                                A
   2006-10    MF-6, MV-6                                A-
   2006-10    MF-7, MV-7                                BBB+
   2006-10    MF-8, MV-8                                BBB
   2006-10    BF                                        BBB-
   2006-11    1-AF-1, 1-AF-2, 1-AF-3, 1-AF-4, 1-AF-5    AAA
   2006-11    1-AF-6, 2AV, 3AV-1, 3AV-2, 3AV-3          AAA
   2006-11    MV-1                                      AA+
   2006-11    MV-2                                      AA
   2006-11    MV-3                                      AA-
   2006-11    MV-4                                      A+
   2006-11    MV-5                                      A
   2006-11    MV-6                                      A-
   2006-11    MV-7                                      BBB+
   2006-11    MV-8                                      BBB
   2006-11    BV                                        BBB-
   2006-13    1-AF-1, 1-AF-2, 1-AF-3, 1-AF-4, 1-AF-5    AAA
   2006-13    1-AF-6, 2AV, 3AV-1, 3AV-2, 3AV-3          AAA
   2006-13    MV-1                                      AA+
   2006-13    MV-2, MV-3                                AA
   2006-13    MV-4                                      AA-
   2006-13    MV-5                                      A+
   2006-13    MV-6                                      A
   2006-13    MV-7                                      BBB+
   2006-13    MV-8                                      BBB
   2006-13    BV                                        BBB-
   2006-14    1-A, 2-A-1, 2-A-2, 2-A-3                  AAA
   2006-14    M-1                                       AA+
   2006-14    M-2                                       AA
   2006-14    M-3                                       AA-
   2006-14    M-4                                       A+
   2006-14    M-5                                       A
   2006-14    M-6                                       A-
   2006-14    M-7                                       BBB+
   2006-14    M-8                                       BBB
   2006-14    M-9                                       BBB-
   2006-14    B                                         BB+
   2006-15    A-1, A-2, A-3, A-4, A-5A, A-5B, A-6       AAA
   2006-15    M-1                                       AA+
   2006-15    M-2                                       AA
   2006-15    M-3                                       AA-
   2006-15    M-4                                       A+
   2006-15    M-5                                       A
   2006-15    M-6                                       A-
   2006-15    M-7                                       BBB+
   2006-15    M-8                                       BBB
   2006-15    B                                         BBB-
   2006-16    1-A, 2-A-1, 2-A-2, 2-A-3                  AAA
   2006-16    M-1                                       AA+
   2006-16    M-2                                       AA
   2006-16    M-3                                       AA-
   2006-16    M-4                                       A+
   2006-16    M-5                                       A
   2006-16    M-6                                       A-
   2006-16    M-7                                       BBB+
   2006-16    M-8                                       BBB
   2006-16    M-9                                       BBB-
   2006-16    B                                         BB+
   2006-17    1-A, 2-A-1, 2-A-2, 2-A-3                  AAA
   2006-17    M-1                                       AA+
   2006-17    M-2                                       AA
   2006-17    M-3                                       AA-
   2006-17    M-4                                       A+
   2006-17    M-5                                       A
   2006-17    M-6                                       A-
   2006-17    M-7                                       BBB+
   2006-17    M-8                                       BBB
   2006-17    M-9                                       BBB-
   2006-17    B                                         BB+
   2006-18    1-A, 2-A-1, 2-A-2, 2-A-3                  AAA
   2006-18    M-1                                       AA+
   2006-18    M-2                                       AA
   2006-18    M-3                                       AA-
   2006-18    M-4                                       A+
   2006-18    M-5                                       A
   2006-18    M-6                                       A-
   2006-18    M-7                                       BBB+
   2006-18    M-8                                       BBB
   2006-18    M-9                                       BBB-
   2006-18    B                                         BB+
   2006-19    1-A, 2-A-1, 2-A-2, 2-A-3                  AAA
   2006-19    M-1                                       AA+
   2006-19    M-2                                       AA
   2006-19    M-3                                       AA-
   2006-19    M-4                                       A+
   2006-19    M-5                                       A
   2006-19    M-6                                       A-
   2006-19    M-7                                       BBB+
   2006-19    M-8                                       BBB
   2006-19    M-9                                       BBB-
   2006-19    B                                         BB+
   2006-20    1-A, 2-A-1, 2-A-2, 2-A-3, 2-A-4           AAA
   2006-20    M-1                                       AA+
   2006-20    M-2, M-3, M-4                             AA
   2006-20    M-5                                       A+
   2006-20    M-6                                       A
   2006-20    M-7                                       A-
   2006-20    M-8                                       BBB+
   2006-20    M-9                                       BBB
   2006-20    B                                         BBB-
   2006-21    1-A, 2-A-1, 2-A-2, 2-A-3, 2-A-4           AAA
   2006-21    M-1                                       AA+
   2006-21    M-2, M-3                                  AA
   2006-21    M-4                                       AA-
   2006-21    M-5                                       A+
   2006-21    M-6                                       A
   2006-21    M-7                                       A-
   2006-21    M-8                                       BBB+
   2006-21    M-9                                       BBB
   2006-21    B                                         BBB-
   2006-22    1-A, 2-A-1, 2-A-2, 2-A-3, 2-A-4           AAA
   2006-22    M-1                                       AA+
   2006-22    M-2, M-3                                  AA
   2006-22    M-4                                       AA-
   2006-22    M-5                                       A+
   2006-22    M-6                                       A
   2006-22    M-7, M-8                                  BBB+
   2006-22    M-9                                       BBB
   2006-22    B                                         BBB-
   2006-24    1-A, 2-A-1, 2-A-2, 2-A-3, 2-A-4           AAA
   2006-24    M-1                                       AA+
   2006-24    M-2                                       AA
   2006-24    M-3                                       AA-
   2006-24    M-4                                       A+
   2006-24    M-5                                       A
   2006-24    M-6                                       A-
   2006-24    M-7                                       BBB+
   2006-24    M-8                                       BBB
   2006-24    M-9                                       BBB-
   2006-24    B                                         BB+
   2006-25    1-A, 2-A-1, 2-A-2, 2-A-3, 2-A-4           AAA
   2006-25    M-1                                       AA+
   2006-25    M-2                                       AA
   2006-25    M-3                                       AA-
   2006-25    M-4                                       A+
   2006-25    M-5                                       A
   2006-25    M-6                                       A-
   2006-25    M-7                                       BBB+
   2006-25    M-8                                       BBB
   2006-25    M-9                                       BBB-
   2006-25    B                                         BB+
   2006-26    1-A, 2-A-1, 2-A-2, 2-A-3, 2-A-4           AAA
   2006-26    M-1                                       AA+
   2006-26    M-2                                       AA
   2006-26    M-3                                       AA-
   2006-26    M-4                                       A+
   2006-26    M-5                                       A
   2006-26    M-6                                       A-
   2006-26    M-7                                       BBB+
   2006-26    M-8                                       BBB
   2006-26    M-9                                       BBB-
   2006-26    B                                         BB+
    
CWABS Asset Backed Notes Trust
Asset-backed certificates

   Series     Class                                     Rating
   ------     -----                                     ------
   2004-SD3   A-1, A-2                                  AAA
   2004-SD3   M-1                                       AA+
   2004-SD3   M-2                                       AA
   2004-SD3   M-3                                       A-
   2004-SD3   B-1                                       BBB+
   2004-SD4   A-1, A-2                                  AAA
   2004-SD4   M-1                                       AA+
   2004-SD4   M-2                                       A+
   2004-SD4   M-3                                       BBB+
   2004-SD4   B-1                                       BBB-
   2005-SD1   A-1-C, A-2                                AAA
   2005-SD1   M-1                                       AA+
   2005-SD1   M-2                                       AA-
   2005-SD1   M-3                                       A-
   2005-SD1   B-1                                       BBB+
   2005-SD2   A-1-C, A-2                                AAA
   2005-SD2   M-1                                       AA+
   2005-SD2   M-2                                       AA
   2005-SD2   M-3                                       A+
   2005-SD2   M-4                                       A
   2005-SD2   M-5                                       BBB
   2005-SD2   B-1                                       BBB-
   2005-SD3   A-1, A-1-B, A-1-C, A-2                    AAA
   2005-SD3   M-1                                       AA+
   2005-SD3   M-2                                       AA
   2005-SD3   M-3                                       A+
   2005-SD3   M-4                                       A
   2005-SD3   M-5                                       BBB+
   2005-SD3   M-6                                       BBB
   2005-SD3   B-1                                       BBB-
   2006-SD1   A-1, A-2                                  AAA
   2006-SD1   M-1                                       AA+
   2006-SD1   M-2                                       AA
   2006-SD1   M-3                                       A+
   2006-SD1   M-4                                       A
   2006-SD1   M-5                                       BBB+
   2006-SD1   M-6                                       BBB
   2006-SD1   B-1                                       BBB-
   2006-SD2   1-A-1, 1-A-2, 1-A-3, 2-A-1-A              AAA
   2006-SD2   2-A-1-B, 2-A-2                            AAA
   2006-SD2   1-M-1                                     AA+
   2006-SD2   1-M-2, 2-M-1                              AA
   2006-SD2   1-M-3                                     A+
   2006-SD2   1-M-4                                     A
   2006-SD2   1-M-5                                     BBB+
   2006-SD2   1-M-6                                     BBB
   2006-SD2   1-B-1                                     BBB-
   2006-SD3   A-1                                       AAA
   2006-SD3   M-1                                       AA+
   2006-SD3   M-2                                       AA
   2006-SD3   M-3                                       A+
   2006-SD3   M-4                                       A
   2006-SD3   M-5                                       BBB+
   2006-SD3   M-6                                       BBB
   2006-SD3   B-1                                       BBB-


CYBER DEFENSE: June 30 Balance Sheet Upside-Down by $22.2 Million
-----------------------------------------------------------------
Cyber Defense Systems Inc.'s consolidated balance sheet at June
30, 2007, showed $5.7 million in total assets, $27.5 million in
total liabilities, and $447,746 in minority interest, resulting in
a $22.2 million total stockholders' deficit.

The company's consolidated balance sheet at June 30, 2007, also
showed strained liquidity with $3.1 million in total current
assets available to pay $26.0 million in total current
liabilities.

Cyber Defense Systems Inc. reported a net loss of $3.6 million and
a loss from operations of $1.1 million for the second quarter
ended June 30, 2007, compared with net income of $977,238 and a
loss from operations of $2.6 million for the same period ended
June 30, 2006.

Revenues for the quarter ended June 30, 2007, were $94,240 as
compared to $136,223 for the quarter ended June 30, 2006, a
decrease of $41,983.  The decrease is primarily due to lower sales
of TSI somewhat offset by higher sales of Cyber.

The decrease in operating loss is mainly due to a decrease in
general and administrative expenses, partly offset by an increase
in research and development expense.  In addition, the company did
not incur any stock compensation expense during the quarter,
compared to $350,584 in the quarter ended June 30, 2006.

The swing to a net loss primarily reflects a derivative valuation
loss of $1.7 million during the quarter ended June 30, 2007,
compared with a derivative valuation gain of $4.5 million during
the same period in 2006.

Research and development costs relative to the development of the
company's airships and UAV's totaled $232,819 for the quarter
ended June 30, 2007, an increase of $161,944 from the quarter
ended
June 30, 2006, amount of $70,875.  The increase is primarily due
to increased research and development efforts related to TSI's
airships in the quarter ended June 30, 2007.

General and administrative expenses totaled $887,005 for the
quarter ended June 30, 2007, as compared to $2.3 million for the
quarter ended June 30, 2006, a net decrease of $1.4 million.  The
decrease is primarily due to decreased equity compensation expense
of $353,216, decreased amortization expense of approximately
$123,000 and net decreases of approximately $933,000 in salaries
and general overheads due to lower levels of operations in the
quarter ended June 30, 2007.

Interest expense for the quarter ended June 30, 2007, was
$775,145. Interest expense for the quarter ended June 30, 2006,
was $862,770.

The derivative valuation loss for the quarter ended June 30, 2007,
in the amount of $1.7 million relates to the issuance and
revaluation of Notes and Warrants to AJW and Mr. Robinson treated
as derivative securities.   The derivative valuation gain for the
quarter ended June 30, 2006, in the amount of $4.5 million relates
to the issuance and revaluation of Notes and Warrants to AJW, Mr.
Robinson, Mr. Lively and James Gardiner treated as derivative
securities.

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?22df                    

                        Going Concern Doubt

As reported in the Troubled Company Reporter on May 24, 2007,
Hansen, Barnett & Maxwell P.C., in Salt Lake City, Utah, expressed
substantial doubt about Cyber Defense Systems 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 losses and working capital
deficits for the two-year period ended Dec. 31, 2006.

                        About Cyber Defense

Based in St. Petersburg, Florida, Cyber Defense Systems Inc. --
(OTCBB: CYDFE) -- http://www.cyberdefensesystems.com/-- designs   
and develops unmanned air vehicles (UAV's).  It develops
CyberScout, a series of planned vehicles that employ vertical
take-off and landing technique, and CyberBug, a scalable UAV that
provides monitor routine surveillance and communication in crowded
or remote locations.  The airships and UAV's are used to provide
surveillance 24/7 and include tracking devices for troop and
weapon movement.  It markets its airships and UAVs to various
branches of the U.S. government and U.S. allies as multi-use
platform vehicles capable of deployment in surveillance and
communication operations, as well as for homeland defense and
intelligence agencies.


CYBERONICS INC: Cuts Workforce by 12% in 2008 Second Quarter
------------------------------------------------------------
Cyberonics Inc. has adopted a restructuring designed to enhance
efficiency and reduce the cost of ongoing operations, resulting in
a reduction in employee headcount by approximately 12%.  The
approximate $2.5 million in costs associated with the reductions
will be expensed in the second quarter of fiscal 2008, which will
end Friday, Oct. 26, 2007.

The workforce reductions are expected to result in significant
cost savings beginning in the third quarter of the current fiscal
year.
    
"The recent non-coverage determination by the Centers for Medicare
and Medicaid Services has resulted in reduced sales of VNS
Therapy(TM) Systems for treatment-resistant depression patients,"
Dan Moore, Cyberonics' president and chief executive officer,
commented.  "We are fully committed to creating shareholder value
by returning the company to positive cash flow generation and
profitability as quickly as possible."
    
Headquartered in Houston, Texas, Cyberonics Inc. (NASDAQ: CYBX)--
http://cyberonics.com/-- markets the VNS Therapy system in
selected markets worldwide.  The VNS Therapy System uses a
surgically implanted medical device that delivers electrical
pulsed signals to the vagus nerve in the left side of the neck.
This therapy has proven effective in significantly reducing the
number and/or intensity of seizures in many people suffering from
epilepsy and has the potential for use in the treatment of other
inadequately treated, chronic disorders.

Cyberonics Inc.'s balance sheet as of April 27, 2007, reflected
total assets of $13.6 million, total liabilities of $15.7 million,
resulting in a total stockholders' deficit of $16.1 million.

                       Going Concern Doubt

KPMG LLP raised substantial doubt about Cyberonics Inc.'s ability
to continue as a going concern after auditing the company's
financial statements for the fiscal years ended April 28, 2006,
and April 29, 2005.  The auditing firm pointed to the company's
recurring losses from operations, the receipt of a notice of
default and demand letter and notice of acceleration for a
$125 million senior subordinated convertible notes, and incurrence
of a potential default of a $40 million line of credit.


DELPHI CORP: Lead Plaintiffs Accede to Class Action Settlement
--------------------------------------------------------------
Lead Plaintiffs Teachers' Retirement System of Oklahoma, Public
Employees' Retirement System of Mississippi, Raiffeisen
Kapitalanlage-Gesellschaft m.b.H. and Stichting Pensioenfonds ABP,
have agreed to a settlement of a securities class action
litigation brought against Delphi Corporation, certain of its
current or former officers and directors and certain investment
banking firms, as referenced in the District Court's Aug. 17,
2007, Order.

The settlement includes a comprehensive settlement with Delphi's
insurers.
    
The Action has been litigated on behalf of a proposed Class of
investors who purchased or acquired publicly traded shares, bonds,
or notes of Delphi and securities issued by Delphi Trust I and
Delphi Trust II between March 7, 2000, and March 3, 2005,
inclusive.  

The Settlement, upon approval by both the District Court and the
Bankruptcy Court, would end the securities litigation with respect
to the company and all Individual Defendants named in the action.

The settlement shall also resolve claims against the investment
banking firms named as defendants in the action, which pursuant to
Delphi's reorganization plan, will be released having also
contributed to the settlement consideration to be paid to the
Class.

The Action would continue with respect to Deloitte & Touche, LLP,
Delphi's outside auditor during the Class Period, as well as
Defendants JPMorgan Chase & Co, SETECH Inc. and BBK, Ltd, three
independent companies alleged to have participated with Delphi in
transactions designed to mask Delphi's financial problems during
the Class Period.  None of these parties will be released from
liability for these claims in connection with the Settlement.
    
The case caption is: In re: Delphi Corporation Securities,
Derivative and "Erisa" Litigation, E.D. Mich., Master Case No. 05-
MD-1725.
    
The terms of the settlement are confidential.  

Investors wishing to discuss other aspects of this class action
settlement or having any questions concerning their rights or
interests with respect to this matter, please contact any of the
four co-lead counsel in the Action:

     a) Bernstein Litowitz Berger & Grossmann LLP
        John P. Coffey at 212-554-1400;

     b) Grant & Eisenhofer P.A.
        Stuart Grant at 302-622-7000;

     c) Nix, Patterson & Roach L.L.P.
        Brad Beckworth at 903-645-7333; and

     d) Schiffrin Barroway Topaz & Kessler LLP
        Sean Handler at 1-888-299-7706.

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

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


DISCOVERY CAPITAL: Shareholders OK Plan of Liquidation & Unit Sale
------------------------------------------------------------------
Shareholders of Discovery Capital Corporation approved the plan
for the liquidation, including the sale of Discovery's subsidiary,
Discovery Capital Management Corp., to management of Discovery and
the distribution of Discovery's assets to its shareholders.

Shareholders approved the plan of liquidation by over 99% of the
votes cast, including over 99% of the votes cast by minority
shareholders in respect of the Management Purchase, as required by
the policies of the TSX Venture Exchange.

Discovery will provide further information to shareholders
regarding important dates with respect to their ownership of
Discovery shares.

Headquartered in New York City, Discovery Capital Corporation (TSX
VENTURE: DVY.Y) -- http://www.discoverycapital.com/-- is a  
venture fund manager through its wholly owned subsidiary,
Discovery Capital Management Corp., and venture capital investor,
specializing in information technology, communications, health and
life sciences, and other advanced technologies.  The company has
proven expertise in strategic planning, management development,
innovative financing strategies, corporate governance and
positioning for liquidity.  Discovery Capital Management Corp. is
the manager of British Columbia Discovery Fund Inc., a British
Columbia venture capital fund that has raised over $42.5 million
to date and has investment interests in twelve developing
technology companies.


DURA AUTOMOTIVE: Files Reorganization Plan in Delaware
------------------------------------------------------
DURA Automotive Systems Inc. and its debtor-affiliates filed their
Plan of Reorganization and related Disclosure Statement with the
U.S. Bankruptcy Court for the District of Delaware.  The Plan and
Disclosure Statement provide details on how DURA intends to treat
more than $1.3 billion of claims and emerge from Chapter 11
protection in the fourth quarter of 2007.

"[Tues]day represent[ed] another significant step towards
achieving our goal of quickly emerging from Chapter 11 as a
stronger, more competitive company," said Larry Denton, chairman
and chief executive officer of Dura Automotive Systems.  "This
plan lays the foundation for DURA to intensify its Global
Automotive focus and deliver unrivaled value to our customers.  A
solid financial structure, attractive to both top industry talent
and capital investments, will bolster our ability to offer
breakthrough innovation and cost-competitive products."

DURA's Plan provides for these creditor recoveries:

   -- Cash payment in full of all allowed debtor-in-possession
      claims, administrative expenses, priority claims and second
      lien secured claims;

   -- Conversion of allowed senior notes and allowed general
      unsecured claims of more than $75,000 into between 57.4%
      to 60.7% of reorganized DURA's new common stock; and

   -- Cash payment in lieu of an equity distribution of all
      allowed trade claims and allowed general unsecured claims of
      $75,000 or less.

The Plan further provides that there will be no recoveries for
subordinated notes' and convertible preferred securities' claims,
nor will the Debtors common stock holders receive any recoveries.

The Plan will be partly funded through exit financing that the
Debtors intends to procure prior to emergence.  Additional Plan
funding will come from a fully backstopped new money equity
investment of between $140 million to $160 million in exchange for
between 39.3% and 42.6% of Reorganized Dura's common stock.  
Senior notes claims holders that are accredited investors will be
eligible to subscribe for their pro rata shares of the new money
investment.

On Aug. 15, 2007, the Bankruptcy Court authorized the Debtors to
enter into an Amended Backstop Agreement with Pacificor LLC to
provide the backstop commitment for the new money equity
investment.  Pursuant to its backstop commitment, Pacificor will
purchase any reorganized DURA common stock not subscribed for by
senior notes claims holders.

               Additional Information and Next Steps

The Disclosure Statement is intended to provide DURA's creditors
with sufficient information necessary to evaluate and vote on the
Plan.  Descriptions of creditor classes, a valuation analysis of
the Debtors, and details on the voting process and voter
eligibility requirements are included in the Disclosure Statement.

A hearing is scheduled for Sept. 26, 2007, at which time the Court
will evaluate DURA's Disclosure Statement to determine whether it
contains "adequate information" to enable creditors to vote to
accept the Plan.  The Court will approve Plan solicitation
procedures and materials that will allow the Debtors to solicit
votes to accept the Plan.  The Court will also set a hearing date
for Plan confirmation.

Once the Disclosure Statement and solicitation procedures and
materials have been approved, the Debtors balloting agent will
distribute ballots and accompanying support materials to parties
eligible to vote to accept or reject the Plan.

DURA was advised by AlixPartners, Kirkland & Ellis and Miller
Buckfire in connection with its Chapter 11 reorganization.

                        No Solicitation

Neither the Disclosure Statement that was filed today nor this
press release are solicitations for votes to accept the Plan.  
Parties should refer to the Plan and the Disclosure Statement for
information regarding the Plan, creditor recoveries contemplated
thereby and other related matters.

                      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.


ENDOCARE INC: 1-for-3 Reverse Stock Split Took Effect on Aug. 20
----------------------------------------------------------------
Endocare Inc. reported that its one-for-three reverse stock split
became effective on Aug. 20, 2007.  Effective Aug. 21, 2007, the
company's shares began trading on a split-adjusted basis on the
OTC Bulletin Board under the trading symbol "ECRE."
    
The company undertook the reverse stock split to enable it to
Satisfy the minimum bid price requirement for listing the
company's common stock on The NASDAQ Capital Market.  It is
expected that Endocare's common stock will resume trading under
the symbol "ENDO" if and when the company's NASDAQ listing becomes
effective.
    
"Our excellent clinical and financial results for the past several
years are proving the merit of our cryoablation technology and the
strength of our business plan," Craig T. Davenport, Endocare's
chief executive officer stated.  "We believe that as we continue
to drive the growth of our business, trading on The NASDAQ Capital
Market should help us attract a large group of potential new
investors and improve trading volumes and stockholder value."
    
The number of post-split common shares outstanding is
approximately 11.6 million.  The exercise price and number of
common shares related to outstanding warrants and options have
been adjusted automatically to reflect the reverse stock split.
    
Stockholders of record on Aug. 20, 2007 will be sent instructions
For exchanging their existing stock certificates for new stock
certificates and for receiving cash in lieu of any fractional
shares resulting from the split.  

Stockholders with shares held in street name with a brokerage
Firm will have their accounts adjusted by their respective
brokers.  Stockholders should not destroy any stock certificates
and should not submit any certificates to the company's transfer
agent until requested to do so.

Questions regarding this exchange process can be addressed by
contacting Computershare Trust Company N.A. at (800) 962-4284.

                       About Endocare Inc.

Based in Irvine, California, Endocare Inc. (OTCBB: ENDO) --
http://www.endocare.com-- is an innovative medical device company   
providing minimally invasive technologies for tissue and tumor
ablation.  Endocare has concentrated on developing technologies
for the treatment of prostate cancer and believes that its
proprietary technologies have broad applications across a number
of markets, including the ablation of tumors in the kidney, lung
and liver and palliative intervention.

                      Going Concern Doubt

As reported in the Troubled Company Reporter on March 27, 2007,
Ernst & Young LLP, in Los Angeles, expressed substantial doubt
about Endocare Inc.'s ability to continue as a going concern after
auditing the company's financial statements for the years ended
Dec. 31, 2006, and 2005.  The auditing firm pointed to the
company's recurring operating losses, cash flow deficits, and
working capital deficiency.


ENERGY PARTNERS: Names Joseph Leary as Chief Financial Officer
--------------------------------------------------------------
Phillip A. Gobe is retiring as President and Chief Operating
Officer of Energy Partners, Ltd., effective Sept. 30, 2007.  Mr.
Gobe will continue to serve on EPL's Board of Directors.  Richard
A. Bachmann, EPL's Chairman and Chief Executive Officer, will
assume Mr. Gobe's operational duties.  EPL further disclosed that
Joseph T. Leary has joined EPL effective as its Executive Vice
President and Chief Financial Officer.

"Phillip has been an integral member of our management team and
we've enjoyed an excellent working relationship since he joined
EPL almost three years ago," Mr. Bachmann commented.  "His depth
of experience after more than three decades in the energy industry
has been a tremendous asset to the company.  Phillip has been
instrumental in helping us build a deep bench of experienced
individuals with extensive operational expertise.  We have a
strong slate of internal candidates that we will consider as
candidates for Phillip's duties.  I appreciate Phillip's
commitment and contributions to EPL, and I am pleased he will
continue to serve as a member of our Board of Directors and be
available to us in that capacity."

"I've enjoyed my experience at EPL, working closely with Rick, my
colleagues on the management team and the dedicated employees
throughout the company," Mr. Gobe said.  "My retirement was purely
a personal decision reached by me and my family.  I look forward
to continuing to contribute to EPL's future through my service on
the Board."

The company has named Joseph T. Leary as its Executive Vice
President and Chief Financial Officer.  Mr. Leary has over 24
years of energy industry experience and was most recently with KCS
Energy, Inc. serving as its Senior Vice President and Chief
Financial Officer from 2003 until it was acquired by Petrohawk
Energy Corporation.  At KCS, he was responsible for corporate
finance, accounting, treasury, insurance and information
technology.  Prior to his position with KCS, Mr. Leary was Vice
President of Finance and Treasurer at EEX Corporation from 1996
until 2002.  From 1983 until 1996, he was employed by Enserch
Corporation in a variety of finance and treasury management
positions.  Prior to joining the energy industry, Mr. Leary was
employed in the banking industry.  He holds an M.B.A. from Pace
University (New York) and a B.B.A in Finance from the University
of Notre Dame (South Bend).

"We are very excited to have Joe join our senior management team,"
Richard A. Bachmann, EPL's Chairman and CEO, continued.  "His many
years of finance and treasury experience in the energy industry
and specifically in the E&P sector will be especially valuable to
us.  Joe is well respected in the industry and in the financial
community and we welcome him to EPL."

Headquartered in New Orleans, Louisiana, Energy Partners Ltd.
(NYSE: EPL) -- http://www.eplweb.com/-- is an independent oil and   
natural gas exploration and production company.  Founded in 1998,
the company's operations are focused along the U. S. Gulf Coast,
both onshore in south Louisiana and offshore in the Gulf of
Mexico.

                          *     *     *

As reported in the Troubled Company Reporter on March 14, 2007,
Moody's Investors Service downgraded Energy Partners Ltd.'s
Corporate Family Rating to B3 from B2 and its Probability of
Default Rating to B3 from B2 following the conclusion of the
company's strategic alternative process.


FAIRPOINT COMM: Stockholders Approve Verizon Merger Deal
--------------------------------------------------------
FairPoint Communications Inc. stockholders voted to adopt a merger
agreement pursuant to which FairPoint has agreed to acquire
Verizon Communications Inc.'s landline operations in Maine,
Vermont and New Hampshire and approve the issuance of FairPoint
common stock to the Verizon shareholders pursuant to the Merger
Agreement.
    
FairPoint's stockholders also re-elected David L. Hauser to a
second three-year term on the company's board of directors and
ratified KPMG LLP as FairPoint's independent registered public
accounting firm for the fiscal year ending Dec. 31, 2007.
    
"I am pleased that of those stockholders that voted, they
overwhelmingly approved the transaction, Gene Johnson, chairman
and chief executive officer of FairPoint, stated.  "We believe the
acquisition of Verizon's northern New England landline operations
will create shareholder value as well as provide a catalyst for
future growth.  We also are convinced that our new and existing
customers will benefit from expanded and enhanced communications
service offerings, such as broadband.  We look forward to
successfully integrating Verizon's operations, leveraging the
strength of our management team.  In this regard, I am
particularly encouraged by the significant amount of integration
progress and investment we have already made."
        
Investors may also obtain free copies of these documents and
FairPoint's other SEC filings by written request to:

     FairPoint Communications Inc.
     Attention: Investor Relations.
     521 E. Morehead Street, Suite 250
     Charlotte, NC 28202  

                 About Verizon Communications Inc.

Headquartered in New York City, Verizon Communications Inc. (NYSE:
VZ) -- http://www.verizon.com/-- delivers broadband and other  
wireline and wireless communication innovations to mass market,
business, government and wholesale customers.  Verizon Wireless
serves more than 62 million customers in America.  Verizon's
Wireline operations include Verizon Business, which delivers
business solutions to customers around the world, and Verizon
Telecom, which brings customers the benefits of converged
communications, information and entertainment services over the
nation's fiber-optic network.  Verizon has a diverse workforce of
more than 238,000.

                  About FairPoint Communications

Based in Charlotte, North Cerolina, FairPoint Communications Inc.
(NYSE: FRP) -- http://www.fairpoint.com/-- provides  
communications services to rural communities across the country.  
FairPoint acquires and operates telecommunications companies for
the delivery of service to rural communities.  The company owns
and operates 31 local exchange companies located in 18 states
offering an array of services, including local and long distance
voice, data, Internet and broadband offerings.

                          *     *     *

FairPoint Communications Inc. carries Moody's Investors Service's
'B1' long-term corporate family and probability of default
ratings.  The outlook is stable.

Standard and Poor's assigned 'BB-' on its long-term foreign and
local issuer credit ratings.


FEDDERS CORP: Case Summary & 30 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Fedders Corporation
        505 Martinsville Road
        P.O. Box 813
        Liberty Corner, NJ 07938

Bankruptcy Case No.: 07-11182

Debtor-affiliates filing separate Chapter 11 petitions:

      Entity                                  Case No.
      ------                                  --------
      Fedders North America, Inc.             07-11176
      Columbia Specialities, Inc.             07-11177
      Emerson Quiet Kool Corporation          07-11178
      Envirco Corporation                     07-11179
      Eubank Coil Company                     07-11180
      Fedders Addison Company, Inc.           07-11181
      Fedders Holding Company, Inc.           07-11183
      Fedders, Inc.                           07-11184
      Fedders International, Inc.             07-11185
      Fedders Investment Corporation          07-11186
      Fedders Islandaire, Inc.                07-11187
      Fedders Outlet, Inc.                    07-11188
      Herrmidifier Company, Inc.              07-11189
      Island Metal Fabricating, Inc.          07-11190
      Rotorex Comany, Inc.                    07-11191
      Trion, Inc.                             07-11192

Type of Business: The Debtors are a group of companies that are
                  global producers and marketers of air treatment
                  products for residential, commercial and
                  industrial markets.

Chapter 11 Petition Date: August 22, 2007

Court: District of Delaware (Delaware)

Judge: Linehan Shannon

Debtors' Counsel: Norman L. Pernick, Esq.
                  Saul, Ewing, Remick & Saul LLP
                  222 Delaware Avenue, Suite 1200
                  Wilmington, DE 19899
                  Tel: (302) 421-6824
                  Fax: (302) 421-6813

Debtors' financial condition as of March 31, 2007:

   Total Assets: $186,300,000

   Total Debts:  $322,000,000

Debtors' Consolidated List of its 30 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
U.S. Bank National Association     Senior Notes       $155,000,000
Indenture Trustee 9-7/8%
Senior Notes
c/o Corporate Trust Department
One Federal Street, 3rd Floor
Boston, MA 02110
Tel: (617) 603-6553
Fax: (617) 603-6683

DHL Global Forwarding              Trade                $1,132,619
c/o Tracy Sewell
14076 Collections Center Drive
Chicago, IL 60693
Tel: (314) 824-5391
Fax: (314) 824-5406

Maytag Corporation                 Trade                  $562,500
c/o Equity Management Inc.
4365 Executive Drive
Suite 1000
San Diego, CA 92121
Attn: Manager Maytag
Trademark Leasing
Tel: (858) 558-2500
Fax: (858) 450-6221
and
Maytag Company/Whirlpool
553 Benson Road
Benton Harbor, MI 49022

Service Power                      Trade                  $511,161
c/o Larry Lewis
1503 South Coast Drive, Suite 320
Costa Mesa, CA 92626-1528
Tel: (714) 428-0100 ext. 3028
Fax: (714) 428-0040

Sills Cummis Epstein & Gross P.C.  Legal Services         $323,521
c/o Trent S. Dickey, Esq.
The Legal Center
One Riverfront Plaza
Newark, NJ 07102-5400
Tel: (973) 643-5863
Fax: (973) 643-6500

APL Logistics                      Trade                  $295,412
c/o Kyle Oslos
1301 Riverplace Boulevard
Suite 1100
Jacksonville, FL 32207
Tel: (630) 645-3160
Fax: (630) 645-3169

Sedgwick Delert Moran and          Legal Services         $270,756
Arnold LLP
c/o Curtis Parvin, Esq.
One Market Plaza Stueart Tower
8th Floor
San Francisco, CA 94105
Tel: (949) 852-8200
Fax: (949) 852-8282

Koch Filter Corporation            Trade                  $227,407
c/o Kimberly Buzzutto
625 West Hill Street
P.O. Box 3186
Louisville, KY 40201
Tel: (828) 345-3152
Fax: (828) 345-1353

Fed Ex                             Trade                  $203,548

Jones Day                          Legal Services         $174,726

Mass Mutual Financial Group        Trade                  $157,953

Jiangsu Mueller Xingrong           Trade                  $155,211

Con-Way Central Express            Trade                  $148,359

Ladas & Perry LLP                  Legal Services         $130,052

USF Holland                        Trade                  $117,669

Howrey Simon Arnold & White LLP    Legal Services         $107,070

Lifetime Industries, Inc.          Trade                   $97,970

Skadden Arps Slate                 Legal Services          $96,304
Meagher & Flom LLP

Copeland/Emerson                   Trade                   $87,623
Climate Technologies

Technology Research Corp.          Trade                   $86,481

URS Corporation                    Trade                   $84,966

Aleris Light Gauge Products        Trade                   $77,107

Parametric Technology Corp.        Trade                   $73,195

Locke Liddell & Sapp, LLP          Legal Services          $64,241

American Appraisal Associate       Trade                   $58,927

Westgate Corporate Center          Landlord                $54,585

Global Crossing                    Trade                   $51,290

American International Companies   Trade                   $47,096

QAD Inc.                           Trade                   $46,576

Rightway Logistics                 Trade                   $45,474


FIRST UNION: Moody's Holds Low-B Ratings on Five Cert. Classes
--------------------------------------------------------------
Moody's Investors Service upgraded the ratings of four classes
and affirmed these ratings of 13 classes of First Union National
Bank Commercial Mortgage Trust, Commercial Mortgage Pass-Through
Certificates, Series 2001-C2:

   -Class A-1, $57,305,637, affirmed at Aaa

   -Class A-2, $590,647,000, affirmed at Aaa

   -Class IO, Notional, affirmed at Aaa

   -Class B, $42,565,000, affirmed at Aaa

   -Class C, $12,520,000, affirmed at Aaa

   -Class D, $12,519,000, affirmed at Aaa

   -Class E, $20,031,000, affirmed at Aaa

   -Class F, $10,015,000, affirmed at Aaa

   -Class G, $15,023,000, upgraded to Aa1 from Aa2

   -Class H, $17,527,000, upgraded to Aa2 from A2

   -Class J, $12,519,000, upgraded to A2 from Baa2

   -Class K, $15,023,000, upgraded to Baa1 from Ba1

   -Class L, $20,031,000, affirmed at Ba2

   -Class M, $5,008,000, affirmed at Ba3

   -Class N, $6,048,000, affirmed at B1

   -Class O, $5,908,000, affirmed at B2

   -Class P, $3,939,000, affirmed at B3

As of the August 14, 2007, distribution date, the transaction's
aggregate certificate balance has decreased by approximately 13.7%
to $866.2 million from $1.0 billion at securitization.  The
Certificates are collateralized by 99 mortgage loans ranging in
size from less than 1.0% to 5.6% of the pool, with the top 10
loans representing 24.6% of the pool.  The pool includes two
shadow rated loans, representing 6.1% of the pool.  Twenty-six
loans, representing 40.8% of the pool, have defeased and are
collateralized with U.S. Government securities.

Six loans have been liquidated from the trust resulting in an
aggregate realized loss of approximately $3.9 million.  Currently
there is one loan, representing less than 1.0% of the pool, in
special servicing. Moody's has estimated a minimal loss for this
specially serviced loan. Twenty-two loans, representing 12.2% of
the pool, are on the master servicer's watchlist.

Moody's was provided with full-year 2006 operating results for
92.7% of the pool.  Moody's loan to value ratio for the conduit
component, excluding the defeased loans, is 78.0%, compared to
85.6% at Moody's last full review in May 2006 and compared to
87.9% at securitization. Moody's is upgrading Classes G, H, J and
K due to defeasance, improved overall pool performance and
increased credit support.

The largest shadow rated loan is the One Franklin Plaza Loan
($41.4 million - 4.8%), which is secured by a 607,000 square foot
office building located in downtown Philadelphia, Pennsylvania.  
The property is 100.0% occupied, the same as at last review and at
securitization. GlaxoSmithKline occupies 98.0% of the premises
through March 2013. Moody's current shadow rating is Baa2, the
same as at last review.

The second shadow rated loan is the HRT Portfolio Loan ($10.9
million
-- 1.3%), which is secured by five medical office facilities
totaling 375,900 square feet. The loan was originally secured by
eight properties, however three properties have defeased.  The
properties are located in Alabama, Texas and Virginia.  The
portfolio's overall occupancy was 90.8% as of December 2006,
compared to 99.8% at securitization.  Two of the properties are on
the servicer's watchlist due to low occupancy, but the decline in
revenue has been offset by amortization.  The loan amortizes on a
10-year schedule and has amortized by approximately 53.0% since
securitization.  Moody's current shadow rating is Aaa, the same as
at last review.

The top three non-defeased conduit loans represent 10.9% of the
outstanding pool balance.  The largest conduit loan is the 1330
Connecticut Avenue Loan ($49.1 million - 5.6%), which is secured
by a 252,000 square foot Class A office building located in
Washington, D.C. The property is 99.6% occupied, essentially the
same as at last review. The law firm of Steptoe & Johnson LLP
occupies 94.7% of the premises through December 2017.  Moody's LTV
is 65.0%, compared to 72.0% at last review.

The second largest conduit loan is the Alexandria RE Portfolio
($23.3 million - 2.7%), which is secured by two suburban office
buildings totaling 188,000 square feet.  The properties are
located in Gaithersburg, Maryland.  The properties are 100.0%
leased. Moody's LTV is 64.8%, compared to 64.9% at last review.

The third largest conduit loan is the La Villa Estates Apartment
Loan ($22.2 million - 2.6%), which is secured by a 336-unit
multifamily property located in Las Vegas, Nevada.  The property
was 98.9% occupied as of Mary 2007, compared to 96.7% at last
review.  Moody's LTV is 93.8%, compared to in excess of 100.0% at
last review.


FR X OHMSTEDE: S&P Places B- Rating Under Positive CreditWatch
--------------------------------------------------------------
Standard & Poor's Ratings Services placed its long-term 'B-'
corporate credit rating on the heat exchanger and service provider
FR X Ohmstede Acquisitions Co. on CreditWatch with positive
implications.  
     
The rating action follows the announcement of the $455 million
all-cash purchase of Ohmstede by Emcor Group Inc. (BB+/Stable/--).
      
"The positive CreditWatch listing for Beaumont, Texas-based
Ohmstede reflects Emcor Group's superior credit strength," said
Standard & Poor's credit analyst Amy Eddy.
     
Standard & Poor's will resolve the CreditWatch listing once the
transaction closes.  The closing should occur in late September or
early October.


GENERAL MOTORS: Trimming Production in SUV & Pickup Truck Plants
----------------------------------------------------------------
General Motors Corp. is cutting production at six North American
plants that make large pickup trucks and sport-utility vehicles
as the company moves to clear dealer lots of excess inventory,
Jeff Green of Bloomberg News reports.

Company spokesman Tom Wickham told Bloomberg in an interview that
the factories will eliminate previously scheduled overtime the
rest of the year for models such as the Chevrolet Suburban SUV
and GMC Sierra pickup.

John D. Stoll and Neal E. Boudette of The Wall Street Journal
relate that GM's move is underscoring fears that the auto
industry is headed for a longer and more painful downturn in
the U.S. than many had expected.

Citing industry observers, WSJ says a longer downturn could
threaten the turnaround plans of GM due to sharp declines
in U.S. auto sales in the last two months as falling home
values and credit worries damped consumer interest.

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

                          *     *     *

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

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


GLOBAL HOME: Committee Taps Capital Solutions as Financial Advisor
------------------------------------------------------------------
The Official Committee of Unsecured Creditors appointed in Global
Home Products LLC and its debtor-affiliates' Chapter 11 cases,
seeks permission from the U.S. Bankruptcy Court for the District
of Delaware to retain Capital Solutions Group Ltd. as its  
financial advisor.

Capital Solutions will:

   a) review and analyze the financial information of the Debtors;

   b) monitor and analyze the Debtors operations, cash
      expenditures, court filing, proposed employee bonus
      programs, business plans and projected cash requirements;

   c) attend Committee meetings, Bankruptcy Court hearings and
      participate in matters the committee may request;

   d) review and analyze proposed transactions for which the
      Debtors seek Court approval;

   e) assist in the valuation and corporate finance with respect
      to the asset sale and portfolio valuation matters as    
      required;

   f) prepare the going concern sale and liquidation value
      analysis of the estates assets;

   g) review reports of the Debtors' business and its operations;

   h) analyze prepetition property, liabilities and financial
      condition of the Debtors, and the transfers to and accounts
      with and among Debtors' affiliates;

   i) review and analyze plan of reorganization proposed by the
      Debtors or any party and assist in the negotiations of the
      plan in behalf of the committee;

   j) support for any out proceeding necessary or appropriate to
      maximize the recovery by the Committee's constituents; and

   k) provide services the Committee may require in relation to
      the case proceedings.

Susan L. Storey, managing director of Capital Solutions tells the
Court of the firm's hourly compensation:

         Title                     Hourly Rates
         -----                     ------------

    Managing Director                  $450
    Associates                     $150 - $250

Ms. Storey assures the Court that the firm is "disinterested" as
that term is defined in Section 101(14) of the Bankruptcy Code.

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.  Bruce Buechler,
Esq., at Lowenstein Sandler, P.C., and David M. Fournier, Esq., at
Pepper Hamilton LLP represent the Official Committee of Unsecured
Creditors.  When the company filed for protection from their
creditors, they estimated assets between $50 million and
$100 million and estimated debts of more than $100 million.


GOODYEAR TIRE: Plans Growth Investments and Debt Repayment
----------------------------------------------------------
The Goodyear Tire & Rubber Company is planning major global
investments to fuel growth and plans to repay additional debt,
both made possible by the recent sale of its Engineered Products
business and the company's successful equity offering.

Goodyear is considering potential new tire factories in Eastern
Europe and Asia in addition to the company's intent to invest in
existing tire factories to increase high-value-added capacity by
40% globally and increase capacity in existing low-cost plants by
33%.  Together, these investments would drive the company toward
its strategy of having 50% of its global capacity in low-cost
countries by 2012.

The investment program includes modernization in North America to
Goodyear's tire plants in Fayetteville, North Carolina, and
Gadsden, Alabama, for increased high-value-added capacity, both
supported with investment incentives by local and state
governments.

"Consistent with what we have been telling investors, the
successful completion of the sale of Engineered Products combined
with our equity offering in May allows us to expand our future
growth investments," Goodyear Chairman and Chief Executive Officer
Robert J. Keegan said.  "We will continue to use a disciplined
approach in allocating capital to high-return investments."

In addition, Mr. Keegan said Goodyear has given notice to its
lenders that it will repay its $300 million third lien term loan.  
The repayment will result in annualized interest expense savings
of approximately $26 million, of which about $10 million will be
realized in 2007.  The secured loan matures in 2011.  The
company's debt repayment plans also include the early repayment,
in the first quarter of 2008, of $650 million in secured notes
that are due in 2011.

Mr. Keegan said these early repayments coupled with the company's
$315 million redemption of senior notes in June will save Goodyear
more than $125 million in annual interest expense.

Goodyear confirmed progress against its Four Point Cost Savings
Plan.  The company disclosed in April it now targets gross cost
savings of $1.8 billion to $2 billion by the end of 2009.

Through June 30, 18 months into the plan, Goodyear indicated it
had achieved nearly $750 million in cost savings against this
target.

More than $500 million of these savings are a result of continuous
improvement initiatives.  While announced savings from eliminating
high-cost manufacturing total $135 million, only $35 million of
this was reflected in results through June 30.  Sourcing raw
materials, equipment and products from Asia and other low-cost
countries has resulted in savings of $60 million and selling,
administrative and general expense savings-to-date total more than
$150 million.

"We remain on track to achieve our targeted savings," Mr. Keegan
said.  "While some of these savings are offset by currently
elevated inflation levels in areas such as energy and some
manufacturing inefficiencies in advance of footprint reductions,
we are confident structural savings will be achieved on a net
basis, particularly in North America."

                         About Goodyear

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.  Goodyear Tire has marketing operations in almost
every country around the world including Chile, Colombia,
Guatemala, Jamaica and Peru in Latin America.  Goodyear employs
more than 80,000 people worldwide.

                          *     *     *

As reported in the Troubled Company Reporter on June 4, 2007,
Standard & Poor's Ratings Services raised its ratings on Goodyear
Tire & Rubber Co., including its corporate credit rating to 'BB-'
from 'B+'.  In addition, the ratings were removed from CreditWatch
where they were placed with positive implications on May 10, 2007.
Recovery ratings were not on CreditWatch.


GREAT CIRCLE: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Lead Debtor: Great Circle Family Foods, LLC
             dba G.C.F.F.
             dba Krispy Kreme Doughnuts
             717 State College Boulevard, No. I
             Fullerton, CA 92831

Bankruptcy Case No.: 07-12600

Debtor-affiliates filing separate Chapter 11 petitions:

      Entity                                     Case No.
      ------                                     --------
      G.C.F.F.-Canoga, L.L.C.                    07-12602
      G.C.F.F.-Huntington Park, L.L.C.           07-12603
      G.C.F.F.-Ontario, L.L.C.                   07-12604
      G.C.F.F.-Orange, L.L.C.                    07-12605
      G.C.F.F.-San Diego, L.L.C.                 07-12606

Type of business: The Debtor is a franchisee of Krispy Kreme
                  Doughnuts, with about a dozen stores operating
                  in Southern California.  The shops are popular
                  for their raised, glazed doughnuts that are
                  served fresh and hot out of the fryer; the
                  chain's menu also features cake and filled
                  doughnuts, crullers, and fritters, as well as
                  hot coffee and other beverages.
                  See http://www.gcff.com/

Chapter 11 Petition Date: August 22, 2007

Court: Central District Of California (Santa Ana)

Judge: Erithe A. Smith

Debtors' Counsel: Kim Tung, Esq.
                  Monica Y. Kim, Esq.
                  Ron Bender, Esq.
                  Levene, Neale, Bender, Rankin & Brill, L.L.P.
                  10250 Constellation Boulevard, Suite 1700
                  Los Angeles, CA 90067
                  Tel: 310-229-1234
                  Fax: 310-229-1244

Estimated Assets: $1 Million to $100 Million

Estimated Debts:  $1 Million to $100 Million

Debtors' Consolidated List of its 20 Largest Unsecured Creditors:

   Entity                              Claim Amount
   ------                              ------------
The Rancho Mirage Trust                    $642,872
20120 Plummer Street
Chatsworth, CA 913111
Tel: (818) 727-9100

Krispy Kreme Doughnut Corp.                $426,449
37 Knollwood, Suite #500
Winston Salem, NC 27103
Tel: (888) 788-7828

BakeMark                                   $300,000
7351 Crider Avenue
Pico Rivera, CA 90660

ABN AMRO Bank N.V.                         $210,000

KB Home Non Qual. Def. Com. Plan           $200,000

Bruce E. Karatz                            $200,000

Carol Karlovich                            $195,000

Los Angeles County Tax Collect             $187,381

The Rancho Mirage Trust                    $160,000

Weinstein Family L.P.                      $151,000

Anthony W. Podell                          $150,000

Nora J. Hunt                               $150,000

Jaroslav J. Marik                          $144,515

Paul Laufer                                $130,000

San Diego County Tax Collector             $123,602

Kamprath Seed Co., LLC                     $100,000

Kenneth Tuchman                            $100,000

Howard S. Marks                            $100,000

Suzanne Caplan and Stan Caplan             $100,000

Franchise Tax Board                         $91,262


HORIZON LINES: Completes Buyout Deal With Aero Logistics
--------------------------------------------------------
Horizon Lines Inc. has acquired Aero Logistics, a full
service, third party logistics provider.  The terms of the
acquisition were not disclosed.
    
Horizon Lines has formed Horizon Logistics, to manage the
company's integrated logistics services business.  Horizon Lines
LLC will operate the ocean container shipping services between the
U.S. and Alaska, Hawaii, Guam, Micronesia and Puerto Rico.
    
"Aero creates innovative solutions for its customers and offers a
consistency of service that builds long lasting client
relationships," Brian Taylor, senior vice president of sales and
marketing for Horizon Lines LLC and named to head Horizon
Logistics as its president effective September 1st, said.  "Aero's
solid reputation for integrity, innovation and the highest levels
of customer service make the company a great fit for Horizon
Logistics."
    
"We welcome the addition of the Aero Logistics team of
professionals and its proven capabilities in developing custom
logistics solutions for its clients," Chuck Raymond, chairman,
president and chief executive officer of Horizon Lines Inc., said.  
"We look forward to helping Aero achieve even greater levels of
success; creating value for all our customers, employees and
shareholders."
    
"Horizon Lines, with its reputation for reliability, innovation
and exceptional customer service, is the perfect partner for Aero
Logistics," John Fowler, CEO of Aero Logistics, said.  "Josh
Greenberg, Aero's chairman and president.  "Aero's service
offering is an excellent fit with Horizon, and we look forward to
introducing our capabilities to a broader customer base interested
in comprehensive logistics and transportation solutions."
    
                      About Aero Logistics
   
Based in South San Francisco, California, Aero Logistics –
http://www.aerologistics.net/-- designs and manages custom  
freight shipping and special handling programs for customers in
service-sensitive industries including high-tech, healthcare,
energy, mining, retail and apparel.  Aero Logistics offers an
multi-modal transportation services and integrated logistics
solutions to satisfy the needs of its clients.  Aero also operates
a fleet of GPS-equipped trailers under the direction of their Aero
Transportation division, providing expedited less-than-truckload
and truckload service throughout North America and Mexico.

                     About Horizon Lines Inc.

Headquartered in Charlotte, North Carolina, Horizon Lines Inc.
(NYSE: HRZ) -- http://www.horizon-lines.com/-- is a Jones Act    
container shipping and integrated logistics company with a fleet
of 21 U.S.-flag vessels and service routes linking the continental
United States with Alaska, Hawaii, Guam, Micronesia and Puerto
Rico.  An integrated service provider of ocean transportation,
trucking, terminal and warehousing operations, Horizon Lines also
owns Horizon Services Group, an organization with a diversified
offering of transportation management systems and customized
software solutions being marketed to shippers, carriers, and other
supply chain participants.  

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 9, 2007,
Standard & Poor's Ratings Services assigned a 'BB+' rating and a
'1' recovery rating to Horizon Lines Inc.'s (BB-/Stable/--)
proposed senior secured first-lien credit facilities, consisting
of a $250 million revolving credit facility and a $125 million
term loan A; both facilities mature in 2012.


HUDBAY MINERALS: Claims Zero Investments in Asset-Back Paper
------------------------------------------------------------
HudBay Minerals Inc. reported Wednesday that its cash is held with
a major Canadian bank in highly liquid investments at competitive
market rates.  The company has no investments in asset-backed
commercial paper.

With recent uncertainty in global credit markets, HudBay believes
it is prudent to clarify the status of its cash holdings, which
were approximately $565 million at June 30, 2007.

HudBay Minerals Inc. (TSX: HBM) is engaged in the mining and
processing of zinc, copper and other by-product metals.

                         *     *     *

To date, HudBay Minerals Inc. carries Moody's Investors Service's
B1 long-term corporate family and probability-of-default ratings.


INTEL DEVELOPMENT: Case Summary & Six Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Intel Development Company
        Hotel Marie Suite 202
        6195 Fox Island Drive
        P.O. Box 2373
        Tunica, MS 38676

Bankruptcy Case No.: 07-51000

Type of business: The Debtor is a real estate developer.

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,
                  L.L.P.
                  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:  $1 Million to $100 Million

Debtor's Six Largest Unsecured Creditors:

   Entity                      Nature of Claim       Claim Amount
   ------                      ---------------       ------------
McFarlane-Chang                security interest in    $1,971,041
Investments, L.L.C.            all corporate stock;
1155 Connecticut Avenue        lien upon real estate
Northwest                      option contract

Robert T. Gordon, Jr.          attorney fees              $18,358
Law Office of
Robert T. Gordon
Am South Plaza, Suite 1088
210 East Capitol Street
Jackson, MS 39201

Matrix International                                      $15,000
5318 Weslayne Avenue
Houston, TX 77005

Robert W. Blair                attorney fees              $12,758

Diversified Investments        office lease                  $745

John H. Bennett, Jr.           attorney fees              unknown


JP MORGAN: Fitch Holds Low-B Ratings on Six Certificate Classes
---------------------------------------------------------------
Fitch Ratings has affirmed J.P. Morgan Chase Commercial Mortgage
Securities Corp., commercial mortgage pass-through certificates,
series 2004-PNC1, commercial mortgage pass-through certificates
as:

  -- $12.6 million class A-1 at 'AAA';
  -- $237.3 million class A-1A at 'AAA';
  -- $128.3 million class A-2 at 'AAA';
  -- $98.0 million class A-3 at 'AAA';
  -- $426.2 million class A-4 at 'AAA';
  -- Interest-only class X at 'AAA';
  -- $28.8 million class B at 'AA';
  -- $13.7 million class C at 'AA-';
  -- $17.8 million class D at 'A';
  -- $11.0 million class E at 'A-';
  -- $16.5 million class F at 'BBB+';
  -- $11.0 million class G at 'BBB';
  -- $20.6 million class H at 'BBB-';
  -- $2.7 million class J at 'BB+';
  -- $6.9 million class K at 'BB';
  -- $4.1 million class L at 'BB-';
  -- $5.5 million class M at 'B+';
  -- $2.7 million class N at 'B';
  -- $2.7 million class P at 'B-'.
  
Fitch does not rate the $15.1 million class NR certificates.

The rating affirmations are the result of minimal reduction of the
pool collateral balance and stable performance.  As of the August
2007 distribution date, the pool has paid down 3.3%, to $1.06
billion from $1.10 billion at issuance.  Eleven loans (12.37%)
have defeased since issuance.  One loan (0.4%) is currently in
special servicing.

The specially serviced loan (0.4%) is secured by a multifamily
property located in Evansville, IN and is currently 90 days
delinquent.  The property transferred to the special servicer in
October 2006 due to declines in occupancy and deferred
maintenance.  There is a third party management company in place
at the property and deferred maintenance issues are being
addressed.  The property is 78% occupied as of July 2007.

The largest loan in the pool, Centro Retail Portfolio (12.8%),
maintains its investment grade credit assessment.  The loan is
secured by seven anchored retail properties, 14.8 % located in
Southern CA, and 7.7 % in Northern, CA.  Occupancy as of June 30,
2007 declined to 84% compared to 95% at issuance%.  Fitch will
continue to monitor the performance of this loan for any future
declines in performance.

Nine loans (14.6%) are considered Fitch loans of concern due to
declines in occupancy and performance.  Fitch will continue to
monitor the performance of these loans.


KESSLER HOSPITAL: Taps Crammer Bishop as Special Counsel
--------------------------------------------------------
Willam B. Kessler Memorial Hospital Inc. asks the United States
Bankruptcy Court for the District of New Jersey for permission to
employ Crammer Bishop Marczyk & O'Brien as its special counsel.

As the Debtor's special counsel, the firm will protect the
Debtor's interest in connection with the Kimball vs. Reid case.

The Debtor tells the Court that it agreed to pay $150 per hour to
the firm for this engagement.

Joseph Marczyk, Esq., a member of the firm, assures the Court the
firm does not hold any interests adverse to the Debtor's estate
and is a "disinterested person" as defined in Section 101(14) of
the Bankruptcy Code.

Based in Hammonton, New Jersey, William B. Kessler Memorial
Hospital, Inc. -- http://www.kesslerhospital.org/-- is a non-
profit corporation that operates a hospital.  The Company filed
for chapter 11 protection on Sept. 13, 2006 (Bankr. D. N.J. Case
No. 06-18680).  Albert A. Ciardi, III, Esq., at Ciardi & Ciardi,
P.C., represents the Debtor in its restructuring efforts.  Carol
A. Slocum, Esq., at Klehr Harrison Harvey Branzburg & Ellers,
represents the Official Committee of Unsecured Creditors.  As of
its bankruptcy filing, the Debtor disclosed total assets of
$5,906,300 and total liabilities of 12,602,600.


LAKE AT LAS VEGAS: S&P Junks Rating on $540MM Secured Facility
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'CCC+' bank loan
rating with a '2' recovery rating to Lake at Las Vegas Joint
Venture and LLV-1 LLC's $540 million secured credit facility.  The
new credit facility replaces the company's pre-existing
$500 million credit facility, which had a 'CCC+' rating and a
recovery rating of '1'.  That facility has been repaid and the
ratings have been withdrawn.  At the same time, S&P affirmed the
'CCC' corporate credit ratings assigned to the borrower.  The
outlook remains negative.
      
"The corporate credit ratings acknowledge the project's
disappointing cash flows to date, as land sales have been
negatively affected by significant weakness in the Las Vegas
housing market, particularly in the discretionary luxury second
home segment," explained credit analyst James Fielding.  He added,
"The ratings also reflect the recent refinancing of a previous
credit facility and the difficulty in executing that agreement,
which is reflected in much higher borrowing costs."  He noted that
these concerns are partially mitigated by the significant
underlying value of the land parcels and the significant
infrastructure investments to date.
     
The outlook remains negative, reflecting the weak Las Vegas
housing market.  This weakness could pressure the company's
ability to monetize assets, which in turn would weigh on the
company's liquidity and ability to meet its debt service
requirements.  S&P will lower the ratings if projected assets
sales are delayed or do not produce adequate cash flow affecting
its ability to meet debt service needs and further constraining
liquidity.  In the near term, if the $90 million land sale is not
completed by Sept. 30, 2007, that would constitute an event of
default under the credit agreement, and S&P would likely lower the
ratings to 'D' unless remedied and the recovery rating would be
reviewed.  S&P will revise its outlook to stable if lot sales
return to their historical pace, debt is reduced with cash flow,
and the company's liquidity improves.


LE-NATURE'S INC: Plant Sale in Jeopardy on Threat Allegations
-------------------------------------------------------------
Le-Nature's Inc.'s planned sale of its Latrobe facility to Giant
Eagle Inc. could be scrapped after allegations surfaced that Giant
Eagle threatened another bidder, the Pittsburgh Business Times
reports.

As reported in the Troubled Company Reporter on Aug. 13, 2007,
Giant Eagle won the Court-approved auction for the Debtor's
bottling plant after a $20 million bid, topping Cadbury Schweppes
PLC's $19 million offer.

According to the Pittsburgh Business Times, the Debtor's chapter
11 trustee, R. Todd Neilson, will be spearheading an investigation
on an anonymous tip from a Pittsburgh reporter.  According to the
tip, Giant Eagle threatened to pull Cadbury Schweppes' products if
Cadbury didn't pull out from the bidding.  Mr. Nielson hopes to
finish the investigation in a week, the report adds.

Giant Eagle, in a statement, said that it will cooperate with the
trustee's investigation.

The Hon. M. Bruce McCullough of the U.S. Bankruptcy Court for the
Western District of Pennsylvania has set an August 30 hearing on
the allegations.

Headquartered in Latrobe, Pennsylvania, Le-Nature's Inc. --
http://www.le-natures.com/-- makes bottled waters, teas, juices        
and nutritional drinks.  Its brands include Kettle Brewed Ice
Teas, Dazzler fruit juice drinks and lemonade, and AquaAde
vitamin-enriched water.

Four unsecured creditors of Le-Nature's filed an involuntary
chapter 7 petition against the company on Nov. 1, 2006 (Bankr.
W.D. Pa. Case No. 06-25454).  On Nov. 6, 2006, two of Le-Nature's
subsidiaries, Le-Nature's Holdings Inc., and Tea Systems
International Inc., filed voluntary petitions for relief under
chapter 11 of the Bankruptcy Code.  Judge McCullough converted Le
Nature's Inc.'s case to a chapter 11 proceeding.  The Debtors'
cases are jointly administered.  The Debtors' schedules filed with
the Court showed $40 million in total assets and $450 million in
total liabilities.

Douglas Anthony Campbell, Esq., Ronald B. Roteman, Esq., and
Stanley Edward Levine, Esq., at Campbell & Levine, LLC, represents
the Debtors in their restructuring efforts.  The Court appointed
R. Todd Neilson as Chapter 11 Trustee.  Dean Z. Ziehl, Esq.,
Richard M. Pachulski, Esq., Stan Goldich, Esq., Ilan D. Scharf,
Esq., and Debra Grassgreen, Esq., at Pachulski, Stang, Ziehl,
Young, Jones & Weintraub LLP, represent the Chapter 11 Trustee.
David K. Rudov, Esq., at Rudov & Stein, and S. Jason Teele, Esq.,
and Thomas A. Pitta, Esq. at Lowenstein Sandler PC, represent the
Official Committee of Unsecured Creditors.  Edward S. Weisfelner,
Esq., Robert J. Stark, Esq., and Andrew Dash, Esq., at Brown
Rudnick Berlack Israels LLP, and James G. McLean, Esq., at Manion
McDonough & Lucas represent the Ad Hoc Committee of Secured
Lenders.  Thomas Moers Mayer, Esq., and Matthew J. Williams, Esq.
at Kramer Levin Naftalis & Frankel LLP, represent the Ad Hoc
Committee of Senior Subordinated Noteholders.


LENNAR CORP: Credit Woes Prompt Moody's Ratings Review
------------------------------------------------------
Moody's Investors Service placed all of the ratings of Centex
Corporation, Lennar Corporation, and Pulte Homes, Inc. under
review for downgrade.  The review was prompted by the
materially weaker operating environment facing homebuilders, the
dramatic change in the credit environment surrounding the
industry versus only a few weeks ago, and the possibility of a
substantive spill over effect on the industry if the
blowback from the structured products markets continues
unabated.

The review will focus on these issues:

(i) The ability of the three companies to reduce physical
inventories going forward. To date, the bulk of their inventory
reduction has been reflected in their financial statements through
accounting charges, such as impairments, option abandonments, and
other write-downs. As industry cancellation rates seem now to be
spiking up for the second time, these physical inventory
reductions will be harder to achieve.

(ii) The companies' ability to continue generating positive cash
flow, in part because of their limited success to date in reducing
physical inventory and in part from the recent resurgence of
cancellation rates. Other factors necessitating the examination
include Centex and Pulte's lag in generating positive cash flow
compared to prior expectations and the impact of a significant
level of off-balance sheet activity on Lennar's cash flow.

(iii) Whether the companies will be able to reduce costs
sufficiently to once again sustain profitable operations,
excluding the impact of impairments, option abandonments, and
other charge-offs. In recent quarters, the three companies have
generated modest quarterly losses, even after excluding the
aforementioned charges. Moody's generally does not expect
investment grade companies to generate even modest quarterly
losses for a lengthy period.

(iv) Whether the companies will take the necessary steps to
conform their debt structures to the currently frail business
environment.

(v) Whether the companies will be able to substantially reverse
their current underperformance on key credit metrics before 2009.

Moody's anticipates that the review will be conducted on an
expedited basis. If the determination from the review is that
ratings should be changed, it is likely that Pulte's ratings will
be lowered by only one notch, with the company's ratings then
taken off review. The ratings of Lennar and Centex, however, could
either be lowered by one notch and kept on review for further
downgrade, or they could be lowered by two notches and then taken
off review.

These ratings were placed under review for downgrade:

   Centex Corporation

   * Baa2 rating on approximately $3.7 billion of senior
     unsecured notes

   * P-2 rating on $1.25 billion commercial paper program

   Lennar Corporation

   * Baa2 rating on approximately $2.2 billion of senior
     unsecured notes

   * P-2 rating on $2 billion commercial paper program

   Pulte Homes, Inc.

   * Baa3 rating on approximately $3.48 billion of senior
     unsecured notes

Founded in 1950 and headquartered in Dallas, Texas, Centex
Corporation is one of the nation's leading home building
companies, operating in major U.S. markets in 25 states.
Revenues and net income for the trailing twelve month period
ended June 30, 2007 were approximately $11.2 billion and
$(20) million, respectively.

Founded in 1954 and headquartered in Miami, Florida, Lennar
Corporation is one of the largest homebuilders in the United
States, with revenues and net income for the trailing twelve
month period ended May 31, 2007 of $14.1 billion and
$165 million, respectively.

Headquartered in Bloomfield Hills, Michigan, Pulte Homes,
Inc. is one of the country's largest homebuilders, with
domestic operations in 27 states and 52 markets, as well
as in Puerto Rico. Revenues and net income for the trailing
twelve month period ended June 30, 2007 were approximately
$11.8 billion and $(411) million, respectively.


LESLIE'S POOLMART: Increased Debt Cues S&P to Downgrade Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on Leslie's
Poolmart Inc.  S&P lowered the corporate credit rating to 'B' from
'B+' and the rating on the company's $170 million 7.75% senior
unsecured notes to 'B-' from 'B'.  The outlook is negative.
     
The downgrade reflects the substantial increase in debt leverage
that results from the issuance of $310 million of notes at
Leslie's Holdings Inc., the parent to Phoenix, Arizona-based
Leslie's Poolmart.  Debt to EBITDA increased to around 6.9x at the
end of the company's third quarter, from 3.8x at the end of the
September 2006 fiscal year.  Holdings was formed earlier this
year, with Leslie's Poolmart becoming a wholly owned subsidiary.-
      
"Based on the company's high debt leverage ratio for the rating
category," said Standard & Poor's credit analyst Charles Pinson-
Rose, "we see the rating as vulnerable to a downgrade if the
current weakness in the housing market affects EBITDA generation."


LEXINGTON RESOURCES: Posts $631,607 Net Loss in Second Quarter
--------------------------------------------------------------
Lexington Resources Inc. reported a net loss of $631,607 on
revenues of $202,404 for the second quarter ended June 30, 2007,
compared with a net loss of $37,996 on revenues of $645,314 for
the second quarter in 2006.

For the six-months ended June 30, 2007, net loss was $1.1 million
compared with a net loss of $3.8 million for the six months ended
June 30, 2006.

During the six-month period ended June 30, 2007, the company
generated $411,275 in gross revenue compared to $946,620 in gross
revenue generated during the six-month period ended June 30, 2006,
(a decrease of $535,345), resulting primarily from oil and gas
revenue of $351,737 and $59,538 in well drilling and services
revenue generated by its subsidiary, Oak Hills.  

Drilling and service revenue of $59,538 declined from $689,110
during the same period in 2006 resulting from the sale of the
company's drilling rig.  

Oil and gas revenue of $351,737 increased from $257,510 during the
same period in 2006 resulting from increased volume of gas sold.  

At June 30, 2007, the company's consolidated balance sheet showed
$14.8 million in total assets, $9.6 million in total liabilities,
and $5.2 million in total stockholders' equity.

The company's consolidated balance sheet at June 30, 2007, also
showed strained liquidity with $1.6 million in total current
assets available to pay $9.6 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?22e2

                       Going Concern Doubt

As reported in the Troubled Company Reporter on May 25, 2007,
Whitley Penn L.L.P., in Dallas, Texas, expressed substantial doubt
about Lexington Resources Inc.'s ability to continue as a going
concern after auditing the company's financial statements for the
year ended Dec. 31, 2006.  The auditing firm pointed to the
company's recurring losses from operations, net working capital
deficiency and accumulated deficit.

                   About Lexington Resources

Lexington Resources Inc. -- (OTC BB: LXRS) (FSE: LXR) (BER: LXR)
(WKN: AOBKLP) -- http://www.lexingtonresources.com/ -- acquires     
and develops oil and natural gas properties in the United States.
The company owns a 590 gross acre section of farm-out acreage in
Pittsburg County, Oklahoma for the development and production of
coal bed methane gas known as the Wagnon Property.  The company is
producing gas from four wells drilled on the Wagnon Property.
Lexington has a 53.2% back-in working interest in each of the
wells.  Its current operational focus is gas development
initiatives in the Arkoma Basin, Oklahoma, and the Fort Worth
Basin, in Dallas, Texas.


LOMBARD PUBLIC: S&P Rates $53.995MM Series A-2 Bonds at "BB-"
-------------------------------------------------------------
Standard & Poor's Ratings Services said that the underlying rating
on Lombard Public Facilities Corp.'s $53.995 million conference
center and hotel series A-2 bonds is 'BB-' with a stable outlook.  
The bonds are rated 'A' under ACA Financial Guaranty Corp.'s
guarantee.
     
Bond proceeds were used to build a 500-room Westin hotel and
conference center in the Village of Lombard, Illinois.  This
project was rated confidentially at issuance and was monitored.  
The corporation requested that the underlying rating be made
public following the successful completion of construction.  
     
Hotel net revenues secure the bonds. Lombard Village has entered
into a hotel management agreement with Westin Management Corp., a
subsidiary of Starwood Hotels & Resorts Worldwide Inc. (BBB-
/Stable/--), for a 15-year term under which Westin will operate
and manage the hotel.


MAGNA ENTERTAINMENT: Appoints Ron Charles to Board of Directors
---------------------------------------------------------------
The Board of Directors of Magna Entertainment Corp. appointed Ron
Charles to its Board of Directors.  Mr. Charles is Executive
Director, MEC California Operations.  He is also a founding member
and former Chairman of the Board of the Thoroughbred Owners of
California.

Based in Aurora, Ontario, Magna Entertainment Corp. (NASDAQ: MECA;
TSX: MEC.A) -- http://www.magnaentertainment.com/-- acquires,  
develops, owns and operates horse racetracks and related pari-
mutuel wagering operations, including off-track betting
facilities.  MEC also develops, owns and operates casinos in
conjunction with its racetracks where permitted by law.  MEC owns
and operates AmTote International Inc., a provider of totalisator
services to the pari-mutuel industry, XpressBet(R), a national
Internet and telephone account wagering system, as well as
MagnaBet(TM) internationally.  Pursuant to joint ventures, MEC
has a fifty percent interest in HorseRacing TV, a 24-hour horse
racing television network and TrackNet Media Group LLC, a content
management company formed for distribution of the full breadth of
MEC's horse racing content.

                          *     *     *

As reported in the Troubled Company Reporter on March 23, 2007,
Chartered accountants, Ernst & Young LLP, expressed substantial
doubt about Magna Entertainment'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 operating losses
and working capital deficiency.


MAX CAPITAL: S&P Rates Preferred Shares & Subor. Debt at "BB"
-------------------------------------------------------------
Standard & Poor's Ratings Services has assigned its preliminary
'BBB-' senior debt, 'BB+' subordinated debt, and 'BB' preferred
shares ratings to Max Capital Group Ltd.'s $500 million mixed-
shelf offering.
      
"The ratings reflect Max Capital's good competitive position as a
diversified insurance and reinsurance company, adequate risk
management, good operating performance, and strong
capitalization," said Standard & Poor's credit analyst Damien
Magarelli.
     
Financial leverage is low at the holding company level, and the
debt-to-capital ratio is expected to be 8% in 2007.  Max Capital's
account diversification is expected to improve through the growth
of its U.S. excess and surplus platform; along with the company's
Bermuda presence and flexible dividend capacity, this supports
good financial flexibility.
     
Max Capital allocates more than 20% of its total invested assets
to hedge funds.  This allocation is expected to be reduced to 20%
in 2007, however, and the remaining investment portfolio is made
up of high-quality, fixed-income assets.  As a result, investments
are a neutral rating factor at this time.
     
Negative factors to the rating are the company's limited scale and
market presence, its high-risk profile of underwriting difficult
classes of casualty exposures, some recent management turnover,
and two restatements in 2006.
     
Max Capital is not expected to be positioned for a positive
outlook in 2007 or 2008 as there are limiting characteristics to
the rating, including the company's limited market presence and
scale, regulatory risk, potential pricing pressure for casualty
writings, and an outsourced life reinsurance claims function.  A
negative outlook is possible if the allocation to hedge funds
increases, the company has higher earnings volatility than
expected, or the combined ratio is more than 100%.


METABOLIFE INT'L: U.S. Trustee Says Joint Plan is "Unconfirmable"
-----------------------------------------------------------------
Steven Jay Katzman, the U.S. Trustee for Region 15, asks the U.S.
Bankruptcy Court for the Southern District of California to deny
approval of Metabolife International Inc., nka MII Liquidation
Inc., and Alpine Health Products LLC, nka AHP Liquidation LLC's
Amended Joint Plan of Liquidation.

The Trustee discloses that the Plan presented to the Court appears
to be a vehicle for ratifying a comprehensive settlement between a
group of ephedra plaintiffs and a group of ephedra defendants.  
The Trustee says that to the extent that the Plan reflects a
voluntary settlement of these disputes, affects only those persons
who have agreed to be bound to its terms, and is limited with the
Court's jurisdiction, then he does not object to the Plan.

However, the Trustee reveals, the Plan goes much further than
merely being a voluntary compromise between willing parties.  The
non-debtor releases proposed under the Plan will affect not only
the rights of those who signed the settlement but also claimants
who refuse to join the settlement.  It also includes persons who
may have claims against no-debtor releases.

The Trustee further says that the releases require the Court to
enjoin claims asserted by non-debtors against non-debtors, on
matters that may be wholly independent of any claims against the
estates.  The Plan, in addition, violates both the Bankruptcy Code
and public policy buy purporting to enjoin substantially all
third-party claims against professionals, officers and other
"related parties" of the Plan proponents in connection with this
case, including claims or willful misconduct.

The Trustee contends that involuntary releases are beyond the
power of the Bankruptcy Court and have been expressly prohibited
by the Ninth Circuit.  Thus, the Plan is unconfirmable since it
violates Sections 524(e) and 1129(a)(1) of the Bankruptcy Code.

                       Overview of the Plan

Under the Amended Joint Liquidating Plan, as filed by the Debtors,
the Official Committee of Unsecured Creditors, the Official
Committee of Indemnity Creditors, and shareholders Michael Ellis,
William R. Bradley, and Michael Blevins, the Debtors will cease
their operations and pay their creditors from:

     * cash on hand;

     * insurance proceeds;

     * third-party settlement payments;

     * cash proceeds from the liquidation or sale of the remaining
       assets held by the Debtors; and

     * proceeds, if any, received in connection with the
       prosecution of Reserved Claims for Relief.

The Plan Proponents discloses that the Plan is being funded in
large part through  $45,850,858 in settlement payments made by
certain of the Debtors' Liability Insurers, Shareholders,
Idemnitees, Indemnitee Insurers, and D&P Insurers under a
Settlement Agreement.

                        Terms of the Plan

Under the Plan, Administrative Expense Claims, Priority Tax
Claims, Secured Claims and Priority Non-Tax Claims, are unimpaired
and will be paid in full.

Fully Insured Claims are also unimpaired and will be satisfied
from proceeds of the Fully Insured Liability Insurance Policies.

Convenience Claims will receive 50% of their claims.

Mediated Ephedra Claims will be determined by procedures set forth
in the MII Mediation Trust Agreement and CRF.  Holders will
receive 100% of the "compromised" claim amount determined solely
from the assets of the MII Mediation Trust.  Under the Settlement
Agreement, holders of Mediated Ephedra Claims agree to releases
and injunctions precluding pursuit o any claim against the
Debtors.

General Unsecured Creditors, on the effective date, will receive:

  * a share of the beneficial interest in the MII GUC Trust, and
  * periodic pro rata share payments from available cash.

General Unsecured Creditors are estimated to receive between 5% to
100% of their claims.

Holders of Subordinated Claims will receive a pro rata share of
available cash after all general  unsecured creditors are paid in
full.

Holders of Waived Claims and Equity Interests will receive no
distribution under the Plan.

                        About Metabolife

Headquartered in San Diego, California, Metabolife International
Inc. -- http://www.metabolife.com/-- sells dietary supplements
and management products in grocery, drug and mass retail locations
nationwide.  The Company and its subsidiary, Alpine Health
Products, LLC, filed for chapter 11 protection on June 30, 2005
(Jointly Administrated Under Bankr. S.D. Calif. Case No.
05-06040).  David L. Osias, Esq., and Deb Riley, Esq., at Allen
Matkins Leck Gamble & Mallory LLP, represent the Debtors in their
chapter 11 cases.  David J. Molton, Esq., and Steve B. Smith,
Esq., at Brown Rudnick Berlack Israels LLP, represent the Official
Committee of Unsecured Creditors.  Laura S. Taylor, Esq., at
Sheppard Mullin Richter & Hampton LLP, represents the Official
Committee of Indemnity Creditors.  Victor A Vilaplana, Esq., at
Foley & Larder LLP, represent shareholders Michael Ellis, William
R. Bradley, and Michael Blevins.  When the Debtors filed for
protection from their creditors, they listed $23,983,112 in total
assets and $12,214,304 in total debts.


METABOLIFE INT'L: Plan Confirmation Hearing Set for September 10
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of California
set a hearing at 1:00 p.m., on Sept. 10, 2007, to consider
confirmation of Amended Joint Plan of Liquidation filed by
Metabolife International, Inc., nka MII Liquidation, Inc., its
affiliate, Alpine Health Products, LLC, nka AHP Liquidation, LLC,
the Official Committee of Unsecured Creditors, the Official
Committee of Indemnity Creditors, and shareholders Michael Ellis,
William R. Bradley, and Michael Blevins.

Headquartered in San Diego, California, Metabolife International
Inc. -- http://www.metabolife.com/-- sells dietary supplements
and management products in grocery, drug and mass retail locations
nationwide.  The Company and its subsidiary, Alpine Health
Products, LLC, filed for chapter 11 protection on June 30, 2005
(Jointly Administrated Under Bankr. S.D. Calif. Case No.
05-06040).  David L. Osias, Esq., and Deb Riley, Esq., at Allen
Matkins Leck Gamble & Mallory LLP, represent the Debtors in their
chapter 11 cases.  David J. Molton, Esq., and Steve B. Smith,
Esq., at Brown Rudnick Berlack Israels LLP, represent the Official
Committee of Unsecured Creditors.  Laura S. Taylor, Esq., at
Sheppard Mullin Richter & Hampton LLP, represents the Official
Committee of Indemnity Creditors.  Victor A Vilaplana, Esq., at
Foley & Larder LLP, represent shareholders Michael Ellis, William
R. Bradley, and Michael Blevins.  When the Debtors filed for
protection from their creditors, they listed $23,983,112 in total
assets and $12,214,304 in total debts.


METROMEDIA INT'L: CaucusCom Completes Common Stock Tender Offer
---------------------------------------------------------------
CaucusCom Ventures L.P.'s wholly owned subsidiary, CaucusCom
Mergerco Corp., completed its tender offer for all of the issued
and outstanding shares of common stock of Metromedia International
Group Inc. at a price of $1.80 per share in cash.

The Offeror commenced the tender offer on July 18, 2007, pursuant
to a merger agreement with Metromedia.  The tender offer expired
at 12:00 midnight, New York City time, on Tuesday, Aug. 21, 2007.

As of the expiration of the tender offer, a total of approximately
80,161,574 shares of Metromedia common stock, including 2,001,191
common shares that were tendered pursuant to guaranteed delivery
procedures, were validly tendered into the tender offer and not
withdrawn.

These shares represent approximately 77.6% of Metromedia's
outstanding common shares, including approximately 1.9% of
outstanding common shares that were tendered pursuant to
guaranteed delivery procedures.  All validly tendered common
shares have been accepted for payment in accordance with the terms
of the tender offer.

CaucusCom intends to complete the acquisition of Metromedia
through a merger of the Offeror with and into Metromedia in
accordance with the merger agreement.

                  About Caucuscom Ventures L.P.

CaucusCom Ventures L.P. is a holding company affiliated with
Salford Georgia, the local Georgian office of Salford Capital
Partners Inc., an international private equity and investment
management firm based in the British Virgin Islands, and Compound
Capital Limited, an international private investment firm based in
Bermuda.  Compound is a subsidiary of Sun Capital Partners Ltd., a
U.K.-based private investment firm that is not affiliated with,
and has no relationship to, the U.S.-based private investment firm
Sun Capital Partners Inc.

             About Metromedia International Group Inc.

Based in Charlotte, North Carolina, Metromedia International Group
Inc. (PINK SHEETS: MTRM, MTRMP) -- http://www.metromedia-
group.com/ -- through its wholly owned subsidiaries, owns
interests in several communications businesses in the country of
Georgia.  The company's core businesses include Magticom Ltd., a
mobile telephony operator located in Tbilisi, Georgia, Telecom
Georgia, a long distance telephony operator, and Telenet, which
provides Internet access, data communications, voice telephony and
international access services.

                         *      *     *

Moody's Investor Services assigned B3 on Metromedia International
Group Inc.' subordinated debt and B2 on its junior subordinated
debt on March 1994.  The ratings hold to date.


MGM MIRAGE: Inks Joint Venture with Dubai World for CityCenter
--------------------------------------------------------------
MGM MIRAGE and Dubai World have signed definitive agreements to
form a long-term strategic relationship whereby Dubai World will
invest approximately $5 billion in MGM MIRAGE consisting of a
$2.7 billion investment in CityCenter and up to $2.4 billion in
purchases of MGM MIRAGE common stock.  The companies will enter
into a 50/50 joint venture in the landmark CityCenter development
in Las Vegas and Dubai World will acquire a significant minority
equity position in MGM MIRAGE.
        
The joint venture, CityCenter Holdings LLC, will be owned equally
by MGM MIRAGE and Infinity World Development Corp., a wholly-owned
subsidiary of Dubai World.  

Upon closing, CityCenter Holdings LLC will own 100% of CityCenter,
a mixed-use luxury residential, resort and retail complex being
developed by MGM MIRAGE on the Las Vegas Strip.
    
In addition to investing in the joint venture, Dubai World through
Infinity World Investments, will purchase up to 28.4 million
shares of MGM MIRAGE representing approximately a 9.5% equity
stake.  

Dubai World will accomplish this through a combination of a public
tender offer for 14.2 million shares of the outstanding stock at a
price of $84 per share, which represents an approximate 13%
premium over Aug. 21's closing price, and an agreement to
subsequently purchase an additional 14.2 million shares directly
from the company at the same price, for a combined investment of
approximately $2.4 billion.
    
The companies anticipate that the joint venture investment will
close by the end of the year, and that the tender offer will
commence during the week of Aug. 27, 2007.  The parties anticipate
that the purchase of shares from MGM MIRAGE will close
concurrently with or soon after the closing of the tender offer
subject to requisite approvals.
    
In connection with the joint venture, Dubai World will initially
contribute approximately $2.7 billion for 50% of the equity in
CityCenter.  MGM MIRAGE will contribute the CityCenter assets
which the parties have mutually valued at $5.4 billion, and
receive 50% of the equity in CityCenter.  After the close of the
joint venture transaction, MGM MIRAGE will receive a cash
distribution of $2.7 billion.

By completing CityCenter on budget and on schedule, MGM MIRAGE
will receive additional consideration of $100 million.  The joint
venture will obtain project specific financing to fund remaining
project costs.
    
MGM MIRAGE will serve as developer of CityCenter and upon
completion, the joint venture will pay MGM MIRAGE a management fee
to operate CityCenter's resort casino as well as the development's
retail activities and the Vdara condo-hotel tower.
    
"This is a transforming event for MGM MIRAGE and Las Vegas," Terry
Lanni, chairman and CEO of MGM MIRAGE, said.  "This partnership
with Dubai World brings us a relationship with an internationally-
respected developer of large-scale luxury properties that attract
an international clientele.  Dubai World's proficiency in real
estate, combined with our company's operational expertise, strong
brands and world-renowned resorts, creates competitive advantages
that we believe will benefit all of our stakeholders.  We are
extremely pleased to be working with Dubai World.  We have a
tremendous amount of respect for Sultan Bin Sulayem and all that
his company has accomplished."
    
"This transaction is immediately accretive to long term earnings
and will have a profound impact on our balance sheet," Mr. Lanni
continued.  "Dubai World is making a significant investment in our
company that will greatly increase our growth and earnings.  We
welcome Dubai World's long term commitment to our company through
the joint venture and these share purchases."
    
"This project brings together two companies known for creating
landmark developments that have the ability to change the face of
luxury living and destination tourism," Sultan Bin Sulayem,
chairman of Dubai World said.  "In seeking international
expansion, we chose a partner who would complement our strengths
in large-scale development well as share our view of investing for
the long-term.  We were attracted by MGM MIRAGE's superior assets,
locations, and brands.  Terry Lanni and his management team have a
proven ability to create extraordinary customer experiences that
generate demand and earn customer loyalty."
    
"Our vision is to create a global portfolio of signature
properties that will create value for generations to come," Sultan
Bin Sulayem, continued.  "The unprecedented CityCenter will
redefine the luxury lifestyle and incorporate world-class elements
of fine art and design, fulfilling our goal of creating landmark
developments while further expanding into the important U.S. real
estate market.  We look forward to making this project an
international success and sharing in other opportunities for
expansion with MGM MIRAGE."
    
Targeted for completion in late 2009, CityCenter is a luxury urban
metropolis defined by its vertical architecture rising from the
Las Vegas Strip.  CityCenter's design team includes Daniel
Liebeskind, Lord Norman Foster, and Rafael Vinoly.  

The self-contained city-within-a-city will include:
     
   * a Cesar Pelli-designed 4,000-room resort casino;
   * approximately 470,000 square-feet of retail and entertainment
     space;
   * 2,650 luxury condominiums and condo-hotel units in multiple
     towers; and
   * two 400-room non-gaming boutique hotels, one of which will be
     managed by luxury hotelier Mandarin Oriental.
    
Credit Suisse Securities acted as financial advisors to Dubai
World.  UBS Investment Bank served as financial advisors to MGM
MIRAGE.  Paul, Hastings, Janofsky & Walker LLP acted as legal
counsel to Dubai World and Christensen, Glaser, Fink, Jacobs, Weil
& Shapiro, LLP acted as legal counsel to MGM MIRAGE.
    
                         About Dubai World
    
Dubai World is a major investment holding company with a portfolio
of businesses that includes DP World, Jafza, Nakheel, Dubai
Drydocks, Maritime City, Istithmar, Kerzner, One & Only, Atlantis,
Barney's, Island Global Yachting, Limitless, Inchcape Shipping
Services, Tejari, Technopark and Tamweel.  The Dubai World Group
has more than 50,000 employees in over 100 cities around the
globe.  The group also has real estate investments in the US, the
UK and South Africa.  In the last five years, Dubai World has
developed 80,000 luxury residential villas and apartments and
approximately three million square feet of retail space.

                          About MGM MIRAGE

Headquartered in Las Vegas, Nevada, MGM Mirage (NYSE: MGM) --
http://www.mgmmirage.com/-- is a hotel and gaming company.     
It owns and operates 17 properties located in Nevada, Mississippi
and Michigan, and has investments in three other properties in
Nevada, New Jersey and Illinois.


MGM MIRAGE: Dubai World Deal Cues S&P's Positive CreditWatch
------------------------------------------------------------
Standard & Poor's atings Services placed its ratings for MGM
MIRAGE, including its 'BB' corporate credit rating, on CreditWatch
with positive implications.  The CreditWatch listing follows MGM
MIRAGE's announcement that Dubai World, the investment holding
firm of the Dubai government, will acquire a 9.5% stake in MGM
MIRAGE and a 50% share of the company's CityCenter development.  
Gross proceeds to MGM MIRAGE are expected to be about
$3.9 billion.  While the company has not publicly declared its
intention with this cash, management's announcement stated that
the transaction will have a profound impact on its balance sheet.  
If a significant portion of the proceeds are used to permanently
reduce debt, a one-notch upgrade of the ratings would be
considered.
     
In resolving the CreditWatch listing, S&P will meet with
management in the next several weeks to discuss its intermediate-
term strategic and financial objectives.  S&P review will consider
several key factors, including: An assessment of management's
intermediate term leverage target, incorporating its intentions
relative to capital spending, share repurchases, dividends, and
additional investment opportunities; An update on the business
environment; and How the joint venture will be capitalized, and
what portion of that debt will be attributed to the parent.
     
"A ratings upgrade is not a foregone conclusion, and will depend
on the company's willingness to maintain leverage in the 4x to 5x
area over time," noted Standard & Poor's analyst Ben Bubeck.  "As
stated previously, if an upgrade is the ultimate conclusion of our
review, it will likely be limited to one notch."


MGM MIRAGE: Fitch Affirms "BB" Issuer Default Rating
----------------------------------------------------
Fitch Ratings has affirmed MGM MIRAGE's ratings and revised its
Outlook to Stable from Negative.  These ratings are affected:

  -- Issuer Default Rating 'BB';
  -- Senior credit facility 'BB';
  -- Senior notes 'BB';
  -- Senior subordinated notes 'B+'.

The revision to a Stable Outlook reflects the $5 billion
investment in MGM MIRAGE by Dubai World announced which includes a
$2.7 billion investment in CityCenter and a 9.5% equity stake in
MGM MIRAGE stock for $2.4 billion.

The companies will enter into a 50/50 joint venture called
CityCenter Holdings LLC that will own 100% of the CityCenter
project.  CityCenter assets are valued at $5.4 billion with MGM
receiving a $2.7 billion cash distribution upon closing of the
transaction.  MGM will continue as developer of the project and
MGM can also receive another $100 million if it completes the
project on budget ($7.4 billion) and on schedule (late 2009
opening).  MGM will receive management fees for operating certain
assets upon completion.

The Outlook revision incorporates the reduction of longer term
restructuring risk and potential balance sheet improvement from
the Dubai World investment.  Fitch will assess how the capital
infusion is deployed and its effect on the company's credit
profile, but believes potential development/investment
opportunities are likely to offset sustainable balance sheet
improvement to a level consistent with a higher rating category.  
Further improvement in the rating could occur as a result of
demonstrated balance sheet improvement that is sustained.

MGM's credit metrics have historically been somewhat weak for its
rating category, which has been mitigated by its high-quality
asset portfolio, strong competitive position, and high degree of
financial flexibility and liquidity.  As of June 30, MGM had
$13.56 billion in debt and generated $2.4 billion in LTM adjusted
EBITDA for leverage of roughly 5.7 times.  LTM interest coverage
was roughly 3.2x-3.3x.

Fitch views positively that MGM has been entering into agreements
and partnerships that seek to create value from its real estate
assets, brand portfolio, and development and management
capability.  Through JVs, the company has been mitigating the
stress on its balance sheet, by providing primarily land and
intangible assets with limited capital commitments.


MORTGAGE ASSISTANCE: June 30 Balance Sheet Upside-Down by $892,690
------------------------------------------------------------------
Mortgage Assistance Center Corp.'s consolidated balance sheet at
June 30, 2007, showed $10.4 million in total assets and
$11.3 million in total liabilities, resulting in an $892,690 total
stockholders' deficit.

The company reported a net loss of $321,129 for second quarter
ended June 30, 2007, compared with a net loss of $87,445 for the
same period in 2006.

Gross operating revenue for the three months ended June 30, 2007,
was $2.1 million compared with $709,656 for the three months ended
June 30, 2006, an increase of $1.4 million, or 191%.

Margin contribution dollars increased to $843,254 from $317,814,  
an increase of $525,440, or 165%.

Operating expenses increased to $936,245, or 45% of sales, for the
three months ended June 30, 2007, from $444,241, or 63% of sales
for the three months ended June 30, 2006.  The decrease, as a
percentage of sales, was primarily due to the leveraging impact of
the significant increase in gross operating revenue.

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2007, are available for
free http://researcharchives.com/t/s?22e1

                       Going Concern Doubt

Sutton Robinson Freeman & Co. P.C., in Tulsa, Oklahoma, expressed
substantial doubt about Mortgage Assistance Center Corp.'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 pointed to the company's
recurring losses from operations and accumulated stockholders'
deficit at Dec. 31, 2006.

                    About Mortgage Assistance

Mortgage Assistance Center Corporation (OTC BB: MTGC.OB) through
its subsidiary, Mortgage Assistance Corporation, operates as a
financial services company in the United States.  The company
purchases, manages, and resells pools of distressed real estate
secured mortgages and promissory notes.  It acquires both priority
and subordinate mortgage loans or liens from banks and other
lending institutions.  Mortgage Assistance Center primarily
purchases nonperforming, charged-off, and subprime mortgages,
which are between 90 days and 2 years past due; and secured by
residential real estate.  The company was founded in 2003 and is
based in Dallas, Texas.


NEW YORK HEALTH: June 30 Balance Sheet Upside-Down by $2.2 Million
------------------------------------------------------------------
New York Health Care Inc.'s consolidated balance sheet at June 30,
2007, showed $12.1 million in total assets and $14.3 million in
total liabilities, resulting in a $2.2 million total stockholders'
deficit.

The company's consolidated balance sheet at June 30, 2007, also
showed strained liquidity with $9.7 million in total current
assets available to pay $14.3 million in total current
liabilities.

The company reported a net loss of $68,150 for the second quarter
ended June 30, 2007, compared with a net loss of $1.2 million for
the same period ended June 30, 2006.

The net loss for the three months ended June 30, 2007, includes
net income of $270,430 from the operations of the home health care
segment and offset by a net loss of $338,580 from the BioBalance
segment.

The net loss of $1.2 million for the three months ended June 30,
2006, includes net income of $64,602 from the home health care
segment and offset by a net loss of $1.3 million from the
BioBalance segment.

Revenues for the three months ended June 30, 2007, decreased to
$10.8 million from approximately $11.0 million for the three
months ended June 30, 2006.  

The net income for the home healthcare segment for the three
months ended June 30, 2007, was $270,430 as compared to $64,602
for the three months ended June 30, 2006.  The increase in net
income for the home healthcare segment was primarily due to a
decrease of $304,069 in selling, general and administrative
expenses.

To date BioBalance has not generated any revenues and does not
have any cost of sales expense.

For the three months ended June 30, 2007, the BioBalance segment
showed a net loss of $338,580 compared to a net loss of
$1.3 million for the three months ended June 30, 2006.  The main
reason for the decrease in net loss is the significant decrease in
SG&A and product development expenses.

Selling, general and administrative expenses for the BioBalance
segment for the three months ended June 30, 2007, decreased by
$410,133 to $159,850 from $569,983 for the three months ended
June 30, 2006.  The decrease is primarily due to the temporary
scaling back of BioBalance operations due to a lack of available
funding, including the surrender of its office lease and reduction
of personnel.

Product development costs for the BioBalance segment for the three
months ended June 30, 2007, were $178,794 as compared to $723,219
for the three months ended June 30, 2006.  The decrease is due to
the temporary scaling back of clinical testing and research
activities in response to the lack of available funding.

Full-text copies of the company's consolidated financial
statements for the year ended June 30, 2007, are available for
free at http://researcharchives.com/t/s?22e0

                        Going Concern Doubt

Holtz Rubenstein Reminick LLP, in New York, expressed substantial
doubt about New York Health Care Inc.'s ability to continue as a
going concern after auditing company's consolidated financial
statements as of the year ended Dec. 31, 2006.  The auditing firm
pointed to the company's losses and negative working capital.

                       About New York Health

New York Health Care Inc. (OTC BB: BBAL.OB) is currently engaged
in two industry segments, the delivery of home healthcare services
and the development of proprietary biotherapeutic agents for the
treatment of various gastrointestinal disorders.  The company is a
New York corporation incorporated in 1983.  The company is
headquartered in Brooklyn, New York.


OGLEBAY NORTON: Board Asks Shareholders to Snub Harbinger's Offer
-----------------------------------------------------------------
Oglebay Norton Company's board of directors recommended that
shareholders would take no action with respect to the unsolicited
tender offer from Harbinger Capital Partners Master Fund I
Ltd. and Harbinger Capital Partners Special Situations Fund L.P.
to purchase all of the outstanding shares of Oglebay Norton's
common stock for $31 per share in cash.
    
The Oglebay Norton board reached its recommendation, in
consultation with its financial and legal advisors, and after a
special committee of independent directors advised the board that
it does not believe that it can properly evaluate Harbinger's
offer, and is therefore unable to take a position with respect to
Harbinger's offer, until the review of strategic alternatives,
which was disclosed on July 24, 2007, is complete and any
alternative transactions have been carefully considered in
relation to Harbinger's offer.

Accordingly, the board recommends that all Oglebay Norton
shareholders take no action at this time with respect to
Harbinger's offer and not tender their shares.
    
"Oglebay Norton's board of directors is committed to maximizing
value for all Oglebay Norton shareholders, and we are taking all
appropriate steps to realize this goal," Michael Lundin, Oglebay
Norton president and CEO, said.  "Our board is undertaking a full
and thorough exploration of the company's strategic alternatives,
including a possible sale or merger.  Numerous potential buyers
have been contacted as part of this process, which we believe
could generate value greater than the $31 per share offered by
Harbinger."
    
"Furthermore, our board and management team are committed to
continuing to execute on our strategic plan to further enhance
shareholder value," Mr. Lundin added.  "Since being appointed,
Oglebay Norton's new management team has successfully restructured
the company, sold non-core assets, reduced debt and costs, and
increased the Company's net income.  As a result of these and
other achievements, we now have a stronger foundation in place.
This, together with Oglebay Norton's high-quality reserves,
positions us well to capitalize on the demand in our markets.  We
appreciate the support shareholders have expressed in our
leadership team and in the actions we have taken to date and will
continue to take."
    
In recommending that all Oglebay Norton shareholders take no
action at this time with respect to Harbinger's unsolicited offer
and not tender their shares, the Oglebay Norton Board considered,
among others, the following factors:
    
   -- The special committee believes that the outcome of the
      company's evaluation of strategic alternatives could
      generate greater value for shareholders than Harbinger's $31
      per share offer.  Since the formation of the special
      committee and its review of strategic alternatives to
      maximize shareholder value on July 24, 2007, the company has
      received unsolicited interest from potential strategic and
      financial bidders concerning a potential transaction.  In
      response to this interest and after authorization by the
      board of directors, on Aug. 13, 2007, J.P. Morgan Securities
      Inc., the company's financial advisor in connection with the
      review of strategic alternatives, began contacting potential
      strategic and financial bidders to assess their interest in
      a possible business combination with the company.

   -- The special committee believes that it is suited to consider
      a sale of the company.  Harbinger has provided written
      notice to the company that it intends to nominate seven
      directors for election at the company's 2007 annual meeting
      and effectively replace all of the company's independent
      directors.  Four of Harbinger's nominees are directors
      and/or officers of General Chemical Industrial Products
      Inc., which the company believes is owned approximately 85%
      by Harbinger.  As further discussed in the company's
      recommendation materials, beginning in late 2006 and
      continuing through June 2007, Oglebay Norton and General
      Chemical held discussions regarding a potential business
      transaction.  The special committee believes that its
      independent members will have a more objective view with
      respect to a business combination involving the company than
      a board hand-picked by Harbinger.

   -- Harbinger's offer provides limited ability to share in the
      company's future prospects.  Harbinger asserts that its
      offer provides the opportunity for shareholders who believe
      in the long-terms prospects of the company to continue to
      hold an equity investment in the company.  Yet, if
      Harbinger's offer is consummated, the company's remaining
      shareholders will likely hold a highly illiquid investment.  
      Highly illiquid stocks are lightly traded and generally do
      not reflect the market's views of an issuer's performance as
      accurately as more liquid stocks.

   -- Harbinger's offer does not contain a definitive financing
      plan.  Harbinger's offer provides only a general description
      of its plans to finance its offer.  Harbinger's offer
      documents state that Harbinger will be able to fund its
      offer entirely with "working capital and available lines of
      credit, revolvers, margin borrowings and from its ability to
      realize cash upon the sale of liquid securities."  Given the
      recent deterioration of the financial markets, Harbinger
      could face significant challenges in its attempt to finance
      its offer.

   -- Harbinger's offer is highly conditional.  Harbinger's offer
      is highly conditional for the benefit of Harbinger,
      resulting in substantial uncertainty for Oglebay Norton's
      shareholders as to whether it will be completed.  In total
      there are 12 conditions, each of which must be satisfied
      before Harbinger will be obligated to purchase any shares
      tendered into their offer.  Several of the conditions
      provide Harbinger with broad discretion to determine whether
      the conditions have or have not been satisfied.  In
      addition, some of the conditions are not subject to any
      materiality thresholds at all or otherwise provide Harbinger
      with a broad range of grounds upon which they may decline to
      consummate the offer even if sufficient shares are tendered
      to satisfy their minimum tender condition.
    
Oglebay Norton also stated that its board has extended the
distribution date under the company's shareholder rights plan
until the close of business on Sept. 7, 2007.
    
Oglebay Norton is distributing a recommendation statement to its
shareholders.  The recommendation statement contains complete
information regarding the board's determination and recommendation
with respect to Harbinger's offer.  The board urges shareholders
to consider this information carefully.
    
JPMorgan is serving as lead financial advisor to Oglebay Norton,
and Imperial Capital, LLC is co-financial advisor.  Jones Day is
serving as legal counsel, and Georgeson Inc. as proxy advisor.
    
                   About Oglebay Norton Company

Based in Cleveland, Ohio, Oglebay Norton Company (OGBY.PK) --
http://www.oglebaynorton.com/-- provides essential minerals and     
aggregates to a broad range of markets, from building materials
and environmental remediation to energy and industrial
applications.

                          *     *     *

As reported in the Troubled Company Reporter on July 31, 2007,
Standard & Poor's Ratings Services revised its CreditWatch
implications to negative from developing on Oglebay Norton Co.,
which has a 'B' corporate credit rating.


ORBITAL SCIENCES: Inks $100 Million Revolving Credit Facility
-------------------------------------------------------------
Orbital Sciences Corporation entered into a new $100 million
revolving credit facility.  The new five-year credit arrangement,
which matures in August 2012, replaces the company's existing
$50 million revolving credit facility, which was scheduled to
mature in December 2009.  The new facility permits the aggregate
commitment to increase up to $175 million, subject to the
availability of additional commitments.

The new facility is led by Citi.  Also participating in the
facility are Bank of America, Wachovia Bank, PNC Bank and
Sovereign Bank.

"We believe that the terms and conditions of the new credit
facility reflect the financial strength of Orbital.  The
significantly lower pricing structure and generally less
restrictive covenants provide Orbital greater financial
flexibility to support the company's growth strategy and to
improve our profitability," said Mr. Garrett E. Pierce, Orbital's
vice chairman and chief financial officer.

Orbital Sciences Corp. (NYSE: ORB) -- http://www.orbital.com/--     
develops and manufactures small rockets and space systems for
commercial, military and civil government customers.  

                          *     *     *

Orbital Sciences $143.8 million 2.4375% convertible
subordinated notes due in 2027 carries Standard & Poor's Ratings
Services B+ rating.  That rating was assigned in December 2006.


PAC-WEST TELECOMM: Wants Exclusive Plan Filing Moved to Nov. 26
---------------------------------------------------------------
Pac-West Telecomm Inc. and its debtor-affiliates ask the United
States Bankruptcy Court for the District of Delaware to further
extend their exclusive periods to

   a. file a Chapter 11 plan until Nov. 26, 2007; and

   b. solicit acceptances of that plan until Jan. 25, 2008.

The Debtors' exclusive period to file a plan will expire on
Aug. 28, 2007.

Norman L. Pernick, Esq., at Saul Ewing LLP, said that the Debtors
filed the request for extension out of abundance of caution.

The Debtors remind the Court that on July 31, 2007, they filed a
Disclosure Statement and Chapter 11 Plan of Reorganization.

The Debtors assure the Court that the extension is not to pressure
creditors to accept the plan but to facilitate an efficient and
cost-effective plan for the benefit of all creditors.

The exclusivity extension hearing will be held at 2:00 p.m, on
Sept. 5, 2007.

Based in Stockton, California, Pac-West Telecomm Inc. (OTC:
PACW.PK) -- http://www.pacwest.com/-- provides switched local   
and long distance telecommunications services to, among others,
internet service providers and paging companies.

The company and its affiliates filed for Chapter 11 protection on
April 30, 2007 (Bankr. D. Del. Case Nos. 07-10562 through
07-10567).  Jeremy W. Ryan, Esq. and Norman L. Pernick, Esq. of
Saul, Ewing, Remick & Saul LLP represent the Debtors in their
restructuring efforts.  Steven K. Kortanek, Esq., at Womble
Carlyle Sandridge & Rice, PLLC represents the Official Committee
of Unsecured Creditors.  When the Debtors filed for protection
from their creditors, they listed total assets of $53,883,888
and total debts of $66,358,711.


PIERRE DEVELOPMENT: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Pierre Development L.L.C.
        37 Market Street
        Kenilworth, NJ 07033

Bankruptcy Case No.: 07-21885

Type of business: The Debtor is a real estate developer.

Chapter 11 Petition Date: August 21, 2007

Court: District of New Jersey (Newark)

Debtor's Counsel: Barry W. Frost, Esq.
                  Teich Groh
                  691 State Highway 33
                  Trenton, NJ 08619-4407
                  Tel: (609) 890-1500

Estimated Assets: Less than $10,000

Estimated Debts:  $1 Million to $100 Million

Debtor's 20 Largest Unsecured Creditors:

   Entity                      Nature of Claim       Claim Amount
   ------                      ---------------       ------------
Maple Management                                         $237,840
558 Millstone River Road
Belle Mead, NJ 08502

One Associates                                            $96,665
P.O. Box 705
Rocky Hill, NJ 08553

Buchanan Ingersoll & Rooney,                              $88,122
P.C.
One Oxford Centre
Pittsburgh, PA 15219

Vacca Roofing                                             $28,350

Utica National Insurance                                  $23,378
Billing Dept.

Business Card                                             $18,899

Harbor Consultants                                        $17,100

Eagle Fire Protection                                      $8,374

Silbert Realty & Management                                $8,000
Co.

Budd Larner                                                $7,338

Leonard C. Green & Co.                                     $5,500

Galbrath Landscaping                                       $4,768

Johnstone Skok Loughlin &                                  $2,898
Lane

N.J. American Water Co.                                    $1,348

Bender Enterprises                                           $894

Xerox Corp.                                                  $477

Anthony & Company                                            $446

D.C. Express, Inc.                                           $311

J.M. Sorge                                                   $300

Fed Ex                                                       $168


PLAQUEMINES PARISH: Moody's Lifts Tax Debt Rating to Baa1 from Ba1
------------------------------------------------------------------
Moody's Investors Service assigned a Baa1 rating to Plaquemines
Parish $5 million Revenue Bonds, Series 2007 and upgraded to
Baa1 from Ba1 with a positive outlook the rating $12.4 million
in outstanding sales tax debt.  The bonds are secured by a 1%
sales and use tax levied within the limits of the Parish.

In November of 2005, the Parish's sales tax rating was downgraded
to Ba2 from A3 and placed on Watchlist with the direction
uncertain. At that time, the downgrade reflected the unknown
affects on pledged revenues after Hurricane Katrina. In March of
2006 the rating was upgraded to Ba1 and a positive outlook was
assigned based on continued operations at the large oil and gas
companies in the Parish which were operating and supporting
positive sales tax collections since October of 2005. The positive
outlook reflected Moody's belief that the area's large
petrochemical companies would continue to sustain pledged revenues
and to drive recovery in the Parish. The upgrade now to Baa1
reflects the recovery and sustainability that is taking place in
the Parish as indicated through solid sales tax collections, an
expanding tax base to support ongoing sales tax collections and
continued strength in financial operations.

POSITIVE SALES TAX COLLECTIONS

The Parish is located in southeastern Louisiana and sustained
severe flooding which devastated the southern part of the Parish.
Oil and gas is a dominant factor in the local area comprising 40%
of the top ten taxpayers in the tax base. Considering that the
largest sales tax dealers are largely related to the oil and gas
industry, the refineries have been key to the recovery in the
economy and in financial stability. As expected, sales tax
collections were disrupted in September of 2005 causing a 33%
decline in revenues compared to the prior year; however, sales
taxes recovered in October and increased 38% over the prior year.
The Parish operates on a calendar fiscal year. The 2005 fiscal
year ended with a 4% decrease over the prior year. The 2006 fiscal
year ended with a significant 53% increase over fiscal 2005 to
$8.8 million. Despite this strong increase, the Parish budgeted $7
million for 2007 and projections indicate sales taxes will total
$7.5 million. Although the hurricane drove a peak sales tax
collection of $8.8 million and revenues will not be this high in
preceding years, Moody's recognizes that sales taxes remain
healthy. Moody's believes that sales tax collections could
continue to improve and exceed pre-storm years with ongoing
recovery in the local economy.

DEBT SERVICE COVERAGE ANTICIPATED TO REMAIN SOLID

The bonds are secured by a 1% sales tax approved by voters at an
election held on January 18, 1992. Historically, the sales tax has
produced 6% average annual growth and in fiscal 2005, sales tax
revenues were $5.7 million. Since the peak year of sales taxes was
in 2006, Moody's used 2005 revenues to calculate debt service
coverage. With maximum annual debt service of $1.9 million to
occur in 2014, 2005 revenues would cover debt service by a strong
2.88 times. This is the most conservative calculation with no
revenue growth assumed and peak debt service used indicating that
coverage is a positive credit factor which is key to the Baa1
rating assignment. The Parish has over $1 million in debt service
reserves providing additionally financial security for the bonds.

HEALTHY FINANCIAL OPERATIONS SHOULD CONTINUE

Prior to Katrina, Parish officials had established a long trend of
maintaining strong General Fund balances. In fiscal 2003, the fund
balance increased to $43 million, or 114.8% of General Fund
revenues. Of this amount, $26.2 million, or 69.3%, was unreserved.
In fiscal 2004, the unreserved fund balance increased to $27
million. The Parish receives significant dollars in royalties from
oil wells, which are based on the wells' gross revenues. In fiscal
2004 the Parish received $12.7 million from the 10% in royalties
they receive from wells on state property and $11.5 million from
oil royalties on parish owned property. Royalties typically
provide 60% of General Fund revenues while sales taxes and
property taxes contribute 15% and 7% respectively.

With fiscal year audits for 2005 and 2006 completed, the Parish
has been able to produce very strong financial reserves and manage
strongly through the storm recovery process. The unreserved fund
balance was $70 million, or 130% of revenues in fiscal 2005 and
$87 million, or 106% of revenues in fiscal 2006. This level
includes some designations; however, these designations are
flexible and amounts could be drawn on for contingency purposes.
The undesignated fund balance is also strong with $16 million, or
19% of revenues, for fiscal 2006. The rating upgrade to Baa1 takes
into consideration Moody's belief that the Parish will remain
financially sound and continue practicing prudent fiscal
management.

TOTAL PROPERTY TAX ASSESSMENT BETTER THAN EXPECTED

Because the Belle Chasse area was not severely damaged from the
hurricane and the refineries are operating, estimates in early
February were that the assessed valuation would remain at 75% of
the value before the hurricane. The 2007 full valuation of $3.2
billion was down about 5% from the $3.5 billion reported in fiscal
2005. The Parish only receives about 6% of its General Fund
revenues from property taxes.

KEY STATISTICS:

2007 Population: 20,348

2007 Full Valuation: $3.2 billion

Overall debt ratio (general obligation and sales tax debt): 1.6%

Payout of principal in 10 years (all debt): 73.3%

Maximum annual debt service (2005 revenues): 2.88 time


PRIDE INT'L: Buys 9% Remainder of Angolan Joint Venture Stake
-------------------------------------------------------------
Pride International Inc. said Wednesday that it acquired the
remaining 9% interest in its Angolan joint venture company from a
subsidiary of Sonangol, the national oil company of Angola.

The joint venture owns the two deepwater drill ships Pride Africa
and Pride Angola and the 300 ft. independent-leg jackup rig Pride
Cabinda, and holds management agreements for the deepwater
platform rigs Kizomba A and Kizomba B.

The acquisition increases Pride's ownership in the three mobile
offshore drilling units and the two management agreements, along
with related working capital, to 100 percent.  Cash consideration
in the transaction of $45 million was paid with cash on hand and
borrowings under the company's revolving credit facility.

The transaction brings Pride's total investment in high
specification, deepwater drilling rigs, including commitments to
construct two ultra-deepwater drill ships, to just over $2 billion
since late 2005.

                    About Pride International

Headquartered in Houston, Texas, Pride International Inc.
(NYSE: PDE) -- http://www.prideinternational.com/-- provides  
onshore and offshore drilling and related services in more than
25 countries, operating a diverse fleet of 277 rigs, including two
ultra-deepwater drill ships, 12 semisubmersible rigs, 28 jackups,
16 tender-assist, barge and platform rigs, five managed deepwater
rigs and 214 land rigs.  The company has two additional ultra-
deepwater drill ships under construction with expected deliveries
in 2010.  The company has reached a definitive agreement to sell
its Latin America-based land drilling and work over rigs, two lake
drilling barges and E&P Services business with an expected closing
by the end of the third quarter of 2007.  In addition, the company
has announced an agreement to sell its three tender-assist rigs,
with an expected closing in early 2008.

                         *     *     *

As reported in the Troubled Company Reporter on July 30, 2007,
Moody's affirmed Pride International, Inc.'s credit ratings
following the company's announcement of the acquisition of a
newbuild drillship to be delivered in 2010.  

The affirmed ratings include the Ba1 corporate family rating, the
Ba2 rating on Pride's $500 million senior notes due 2014, the Baa2
rating on its $500 million senior secured credit facility and
speculative grade liquidity rating of SGL-2.  The outlook is
stable.


PULTE HOMES: Credit Woes Prompt Moody's Ratings Review
------------------------------------------------------
Moody's Investors Service placed all of the ratings of Centex
Corporation, Lennar Corporation, and Pulte Homes Inc. under
review for downgrade.  The review was prompted by the
materially weaker operating environment facing homebuilders, the
dramatic change in the credit environment surrounding the
industry versus only a few weeks ago, and the possibility of a
substantive spill over effect on the industry if the
blowback from the structured products markets continues
unabated.

The review will focus on these issues:

(i) The ability of the three companies to reduce physical
inventories going forward. To date, the bulk of their inventory
reduction has been reflected in their financial statements through
accounting charges, such as impairments, option abandonments, and
other write-downs. As industry cancellation rates seem now to be
spiking up for the second time, these physical inventory
reductions will be harder to achieve.

(ii) The companies' ability to continue generating positive cash
flow, in part because of their limited success to date in reducing
physical inventory and in part from the recent resurgence of
cancellation rates. Other factors necessitating the examination
include Centex and Pulte's lag in generating positive cash flow
compared to prior expectations and the impact of a significant
level of off-balance sheet activity on Lennar's cash flow.

(iii) Whether the companies will be able to reduce costs
sufficiently to once again sustain profitable operations,
excluding the impact of impairments, option abandonments, and
other charge-offs. In recent quarters, the three companies have
generated modest quarterly losses, even after excluding the
aforementioned charges. Moody's generally does not expect
investment grade companies to generate even modest quarterly
losses for a lengthy period.

(iv) Whether the companies will take the necessary steps to
conform their debt structures to the currently frail business
environment.

(v) Whether the companies will be able to substantially reverse
their current underperformance on key credit metrics before 2009.

Moody's anticipates that the review will be conducted on an
expedited basis. If the determination from the review is that
ratings should be changed, it is likely that Pulte's ratings will
be lowered by only one notch, with the company's ratings then
taken off review. The ratings of Lennar and Centex, however, could
either be lowered by one notch and kept on review for further
downgrade, or they could be lowered by two notches and then taken
off review.

These ratings were placed under review for downgrade:

   Centex Corporation

   * Baa2 rating on approximately $3.7 billion of senior
     unsecured notes

   * P-2 rating on $1.25 billion commercial paper program

   Lennar Corporation

   * Baa2 rating on approximately $2.2 billion of senior
     unsecured notes

   * P-2 rating on $2 billion commercial paper program

   Pulte Homes, Inc.

   * Baa3 rating on approximately $3.48 billion of senior
     unsecured notes

Founded in 1950 and headquartered in Dallas, Texas, Centex
Corporation is one of the nation's leading home building
companies, operating in major U.S. markets in 25 states.
Revenues and net income for the trailing twelve month period
ended June 30, 2007 were approximately $11.2 billion and
$(20) million, respectively.

Founded in 1954 and headquartered in Miami, Florida, Lennar
Corporation is one of the largest homebuilders in the United
States, with revenues and net income for the trailing twelve
month period ended May 31, 2007 of $14.1 billion and
$165 million, respectively.

Headquartered in Bloomfield Hills, Michigan, Pulte Homes,
Inc. is one of the country's largest homebuilders, with
domestic operations in 27 states and 52 markets, as well
as in Puerto Rico. Revenues and net income for the trailing
twelve month period ended June 30, 2007 were approximately
$11.8 billion and $(411) million, respectively.


PUTNAM STRUCTURED: Moody's May Cut Ratings on Three Note Classes
----------------------------------------------------------------
Moody's Investors Service downgraded the ratings on these
notes issued in 2001 by Putnam Structured Product CD0 2001-1 Ltd.,
a collateralized debt obligation issuer:

(1) The U.S. $24,000,000 Class B Floating Rate Notes Due 2037

Prior Rating: Aa2, on watch for possible downgrade

Current Rating: A2

(2) The U.S. $9,000,000 Class C-l Floating Rate Notes Due 2037

Prior Rating: Baa2, on watch for possible downgrade

Current Rating: Ba3, on watch for possible downgrade

(3) The U.S. $9,000,000 Class C-2 Fixed Rate Notes Due 2037

Prior Rating: Baa2, on watch for possible downgrade

Current Rating: Ba3, on watch for possible downgrade

According to Moody's, the rating actions reflect the deterioration
of the interest coverage tests in the transaction and the failure
of the weighted average coupon and weighted average spread tests.


PYXIS ABS: Fitch Assigns Low-B Ratings on Two Note Classes
----------------------------------------------------------
Fitch downgrades five classes and affirms one class of notes
issued by Pyxis ABS CDO 2006-1, Ltd.  These rating actions are
effective immediately:

  -- $180,000,000 class A-1 variable funding notes affirmed at
     'AAA';
  -- $113,500,000 class A-2 notes downgraded to 'AA' from 'AAA',
     and placed on Rating Watch Negative;
  -- $93,500,000 class B notes downgraded to 'A' from 'AA', and
     placed on Rating Watch Negative;
  -- $89,000,000 class C notes downgraded to 'BBB' from 'A', and
     remain on Rating Watch Negative;
  -- $39,176,000 class D notes downgraded to 'BB+' from 'BBB',
     and remain on Rating Watch Negative;
  -- $55,513,929 class X notes downgraded to 'BB' from 'BBB-',
     and placed on Rating Watch Negative.

On July 12, 2007, the class C and class D notes were placed on
Rating Watch Negative due to the negative migration of subprime
residential mortgage-backed securities.

Pyxis 2006-1 is a collateralized debt obligation that closed
Oct. 3, 2006 and is managed by The Putnam Advisory Company, LLC.  
Pyxis 2006-1 has a revolving portfolio composed of subprime RMBS
(91.8%) and CDO (8.2%) securities.  Currently, 19.4% of the assets
in the portfolio are cash securities and 80.6% are synthetic
reference assets.  Pyxis 2006-1 will exit its reinvestment period
in October 2011, unless cumulative losses in the portfolio exceed
$82.5 million, which would terminate the reinvestment period
early.  Included in this review, Fitch discussed the current state
of the portfolio with the asset manager and their portfolio
management strategy going forward.  In addition, 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.

The downgrades to the class A-2, class B, and class C notes are a
result of the combination of increased risk in the portfolio of
assets and the lack of coverage test protection until October
2011.  Since the effective date trustee report dated Jan. 19,
2007, approximately 26% of the portfolio has experienced negative
credit migration.  The weighted average rating factor has
increased to 6.78 ('BBB/BBB-') according to the Aug 6., 2007
trustee report, from 5.18 ('BBB/BBB-') at the effective date, and
is failing its maximum threshold of 6.  During this period, the
three overcollateralization ratios have decreased due to haircuts
applied to securities rated 'BBB-' or lower.  The OC covenants are
not effective until October 2011, therefore if any OC ratio
decreases below its respective covenant within the next five
years, excess spread will continue to redeem the class D and class
X notes according to their payment schedules rather than divert to
redeem the more senior classes.

The downgrades to the class D and class X notes are due to their
subordinate position in the capital structure.  Though they will
continue to amortize from excess spread proceeds until at least
October 2011, the long-term outlook for the two classes is no
longer consistent with their previous ratings.

The class A-1 notes are affirmed due to the credit enhancement
provided by the tranches below it in the capital structure.

The class A-2, class B and class X notes have been placed on
Rating Watch Negative and the class C and class D notes remain on
Rating Watch Negative due to exposure to 2005 and 2006 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 rating of the class A-1 notes addresses the likelihood that
investors will receive full and timely payments of interest and
commitment fees on the drawn and unfunded amounts, respectively,
as well as the aggregate outstanding amount of principal of any
drawn amounts by the stated maturity date.  The ratings of the
class A-2 and class 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 and class 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.  The rating of
the class X notes addresses the likelihood that investors will
receive the ultimate payment of class X rated interest, as per the
governing documents, as well as the ultimate return of the
scheduled class X target principal amount, as per the governing
documents, by the stated maturity date.


ROMA PLAZA: Files Schedule of Assets and Liabilities
----------------------------------------------------
Roma Plaza 1, L.P. filed with the U.S. Bankruptcy Court for the
District of Nevada its schedules of assets and liabilities,
disclosing:

     Name of Schedule               Assets       Liabilities
     ----------------             -----------    -----------
  A. Real Property                $19,103,200         
  B. Personal Property             $7,237,200                   
  C. Property Claimed as
     Exempt
$0                                     
  D. Creditors Holding
     Secured Claims                               $7,878,876
  E. Creditors Holding
     Unsecured Priority
     Claims                                           $7,399  
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                       $2,333,344
                                  -----------    -----------
     TOTAL                        $26,340,400    $10,219,619

Henderson, Nevada-based Roma Plaza 1, L.P. develops mid-rise
condominiums in Las Vegas, South Boulevard area.  The Debtor filed
for Chapter 11 protection on July 19, 2007 (Bankr. D. Nev. Case
No. 07-14366).  Michael Eliot Kulwin, Esq. is the proposed counsel
for the Debtor.  When the Debtor filed for bankrutpcy, it listed
total assets of $19,337,200 and total debts of $9,990,468.


ROMA PLAZA: List of 16 Unsecured Creditors
------------------------------------------
Roma Plaza 1, L.P. delivered a list of its unsecured creditors to
the U.S. Bankruptcy Court for the District of Nevada, disclosing:

   Entity                        Nature of Claim      Claim Amount
   ------                        ---------------      ------------
Thomas J. Cuture                 Equity Participant       $450,000
27887 Clemens
West Lake, OH 44154              

Joe Kilgore                      Equity Participant       $426,000
10406 Lake Road
Houston, TX 77070                

Traylor Associates               Trade Debt               $328,000
5605 Gardendale, Suite B
Houston, TX 77092                

Doulgas Hodges                   Equity Participant       $272,142
25170 IH 45 N, #2
Suite PMB 329
Spring, TX 77386                 

Intex Boiling Systems LLC        Trade Debt               $259,736  
25170 IH, 45 N #2,                 
Suite PMB 329                    
spring, TX 77386                 

Craig Traylor                    Equity Participant       $224,000
5605 Gardendale, Suite B
Houston, TX 77092                

Wray Strohmaier                  Equity Participant       $219,341
9970 Twin Shores
Willis, TX 77318                 

Tom and Rose Traylor             Loan                     $100,000
10498 Fountain Lake Drive
#1021, Stafford, TX 77477        

William Oksilanec                Trade Debt                $23,500
777 N. Rainbow Blvd., #250
Las Vegas, NV 89107              

James Oskilanec                  Trade Debt                $10,000
2270 West Gally Road
Pahrump, NV 89060                

Chris Durlej                     Trade Debt                $10,000
8249 Nelson Ridge
Las Vegas, NV 89178              

Michael Smith                    Trade Debt                $10,000
2311 Morning Drive
Baytown, TX 77520                

Nevada Power                     Trade Debt                   $309
P.O. Box 30086
Reno, NV 89520-3086              

Southwest Gas Corporation        Trade Debt                   $179
P.O. Box 98890
Las Vegas, NV 89150-0101         

City of Henderson                Trade Debt                    $98
240 Water Street
P.O. Box 95050
Henderson, NV 89009-5050         

Republic Services                Trade Debt                    $36
770 East Sahara
Las Vegas, NV 89193              

Henderson, Nevada-based Roma Plaza 1, L.P. develops mid-rise
condominiums in Las Vegas, South Boulevard area.  The Debtor filed
for Chapter 11 protection on July 19, 2007 (Bankr. D. Nev. Case
No. 07-14366).  Michael Eliot Kulwin, Esq. is the proposed counsel
for the Debtor.  When the Debtor filed for bankrutpcy, it listed
total assets of $19,337,200 and total debts of $9,990,468.


ROMA PLAZA: Wants to Hire Michael Kulwin as Bankruptcy Attorney
---------------------------------------------------------------
Roma Plaza 1, L.P. asks the U.S. Bankruptcy Court for the District
of Nevada for permission to employ Michael Eliot Kulwin, Esq. as
its bankruptcy attorney.

Mr. Kulwin is expected to:

   (a) record and report as required by the Bankruptcy Rules;
       
   (b) prepare applications and proposed orders to be submitted
       to the Court;

   (c) identify and prosecute claims and causes of action
       asserted by the Debtor, including the initiation and
       prosecution of adversary proceedings;

   (d) examine proofs of claim filed and to be filed and the
       possible prosecution of objections to certain of the
       claims;

   (e) advise DIP and prepare documents in connection with the
       ongoing operation of the Debtor's business;

   (f) perform all other matters reasonable and necessary to
       effectuate a reorganization including the preparation of
       appropriate disclosure statements, proposed plan(s) of
       reorganization and balloting.

The Debtor has paid Mr. Kulwin a general retainer in the amount of
$12,500.  The standard billing rate to be applied for Mr. Kulwin's
legal services is $295 per hour.  The Debtor will also be
responsible for the payment of all costs incurred in the
proceeding.

To the best of the Debtor's knowledge, the members and associates
of the Law Offices of Michael E. Kulwin represents no interest
adverse to the estate in the matters upon which it is to be
retained.

Henderson, Nevada-based Roma Plaza 1, L.P. develops mid-rise
condominiums in Las Vegas, South Boulevard area.  The Debtor filed
for Chapter 11 protection on July 19, 2007 (Bankr. D. Nev. Case
No. 07-14366).  When the Debtor filed for bankrutpcy, it listed
total assets of $19,337,200 and total debts of $9,990,468.


SCOTTISH RE: Moody's Holds (P)Ba3) Sr. Unsecured Shelf Rating
-------------------------------------------------------------
Moody's Investors Service affirmed the ratings of Scottish Re
Group Limited (Scottish Re; NYSE: SCT, senior unsecured shelf of
(P)Ba3) and changed the outlook to stable from positive.  The
change in outlook applies to the company's debt ratings and the
Baa3 insurance financial strength (IFS) ratings of the company's
core insurance subsidiaries, Scottish Annuity & Life Insurance
Company (Cayman) Ltd. (SALIC) and Scottish Re (U.S.), Inc.  All of
the ratings were affirmed.

The company recently reported that as of June 30, 2007, it had
approximately $3.1 billion of subprime ABS and Alt-A holdings out
of a total investment portfolio of $13.6 billion.  According to
Scott Robinson, Moody's Vice President & Senior Credit Officer,
"Most of the exposure is in higher rated securities, mitigating
potential losses in a downside scenario in this sector of the
market.  Still, Moody's believes that the magnitude of the
exposure and the potential for losses to emerge on the portfolio
may make it more difficult for Scottish Re to regain the
confidence of cedants and write meaningful amounts of new
business."

Moody's notes that although much of the subprime ABS and Alt-A
exposure ($2.4 billion) resides in non-recourse securitization
vehicles the company has sponsored, the company's substantial
equity investments in these securitizations would be eroded should
the investment holdings experience realized losses.  As default
experience on recent vintages of subprime and Alt-A investments
emerges, Moody's will continue to evaluate the impact of potential
ranges of investment losses on the company's financials.

According to Moody's, continued deterioration of the company's
subprime ABS and Alt-A investments, the inability to execute an
agreement to secure collateral for redundant statutory reserves
associated with 2005 and 2006 level premium term business, and a
lack of steady progress on implementing its strategy would lead to
downward pressure on the rating. To the contrary, the retention of
existing business combined with a demonstrated improvement in
originating new business, less earnings volatility, and the
emergence of favorable mortality and lapse assumptions would lead
to positive pressure on the ratings.

These ratings were affirmed, with the outlook changed to stable
from positive:

Scottish Re Group Limited:

   * Senior unsecured shelf of (P)Ba3;
   * subordinate shelf of (P)B1;
   * junior subordinate shelf of (P)B1;
   * preferred stock of B2; and
   * preferred stock shelf of (P)B2

Scottish Holdings Statutory Trust II:

   * preferred stock shelf of (P)B1

Scottish Holdings Statutory Trust III:

   * preferred stock shelf of (P)B1

Scottish Annuity & Life Insurance Company (Cayman) Ltd.:

   * IFS rating of Baa3

Premium Asset Trust Series 2004-4:

   * senior secured debt of Baa3

Scottish Re (U.S.), Inc.:

   * insurance financial strength of Baa3

Stingray Pass-Through Certificates:

   * Baa3 (based on IFS rating of SALIC)

On May 17, Moody's confirmed Scottish Re's ratings with a positive
outlook.  The rating action followed the completion of a
$600 equity investment transaction in which Scottish Re sold a
majority stake to MassMutual Capital Partners LLC, a member of the
MassMutual Financial Group and Cerberus Capital Management, L.P.,
a private investment firm.

Scottish Re Group Limited is a Cayman Islands company with
principal executive offices located in Bermuda. On June 30, 2007,
Scottish Re reported total assets of $13.6 billion and
shareholder's equity of
$1.2 billion.

Moody's insurance financial strength ratings are opinions of the
ability of insurance companies to repay punctually senior
policyholder claims and obligations.


SERVICEMASTER CO: Moody's Confirms "B2" Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service assigned an SGL-2 speculative grade
liquidity rating to The ServiceMaster Company.  Although free cash
flow is expected to be modest over the next four quarters, the
company's good liquidity profile reflects a $500 million revolving
credit facility and a senior credit facility that contains no
financial maintenance covenants.

The $500 million revolving credit facility was undrawn and fully
available at the closing of the company's recently completed
leveraged buyout led by Clayton, Dubilier & Rice Inc.  Moody's
anticipates that borrowings to meet seasonal working capital
requirements during the first half of 2008 will not exceed
$200 million and will be substantially repaid during the latter
part of the calendar year.

Based in Memphis, ServiceMaster is a leading provider of
outsourcing services to residential and commercial customers,
primarily in the United States.  For the twelve months ended
June 30, 2007, the company generated revenue of approximately
$3.5 billion.  The Corporate Family Rating is B2 and the ratings
outlook is stable.


SFA ABS: Fitch Junks Rating on $50 Million Class B Notes
--------------------------------------------------------
Fitch affirms one class of notes and downgrades two classes of
notes issued by SFA ABS III, Ltd.  These rating actions are
effective immediately:

  -- $83,982,310 class A notes affirmed at 'AAA';
  -- $50,000,000 class B notes downgraded to 'CCC+' from 'A-' and
     assign a distressed recovery rating of 'DR2'; removed from
     Rating Watch Negative;
  -- $12,579,150 class C notes downgraded to 'C/DR6' from
     'B/DR1'; removed from Rating Watch Negative.

SFA ABS III is a collateralized debt obligation which closed on
June 25, 2002 and is managed by Structured Finance Advisors.  SFA
III is composed of 75.5% RMBS, 14% ABS, 9.5% CDO and 1% CMBS.  On
July 12, 2007, the class B and class C notes were placed on rating
watch negative due to the negative migration of subprime RMBS
assets.

Since the class B and C notes were placed on rating watch negative
on July 12, 2007, 9.6% of the total portfolio has experienced
negative credit migration and approximately 10.3% are on Rating
Watch Negative.  In addition, in Fitch's opinion, 30.1% of the
assets in the portfolio are below investment grade quality, with
approximately 21.6% 'CCC' or lower quality after taking into
consideration the notching of assets on rating watch negative.  Of
the exposure to subprime RMBS in SFA III, 20.3% consists of the
2005 vintage, which are experiencing higher delinquencies and
defaults.  As of the most recent trustee report on July 31, 2007,
the deal is failing the weighted average spread test, weighted
average coupon test, the Fitch weighted average rating factor
test, and the class C overcollateralization test.  In addition,
Fitch conducted cash flow modeling for various default timing,
interest rate scenarios, and prepayment assumptions to measure the
breakeven default rates going forward relative to the minimum
cumulative default rates required for the rated liabilities.

Fitch believes that this subprime exposure, along with credit
deterioration in the portfolio has increased the risk profile of
the class B and C notes.  This rating analysis also incorporated
Fitch's revised methodology for rating structured finance CDOs.  

The ratings on the class A and class B notes address the timely
payment of interest and ultimate repayment of principal.  The
rating on the class C notes addresses the ultimate payment of
interest and ultimate repayment of principal.


SOUTH COAST: Fitch Cuts Rating on $32.5MM Class B Notes to B+
-------------------------------------------------------------
Fitch affirms two classes and downgrades two classes of notes
issued by South Coast Funding II, Ltd.  These rating actions are
effective immediately:

  -- $299,520,790 class A-1 notes affirmed at 'AAA';
  -- $40,050,000 class A-2 notes affirmed at 'AAA';
  -- $42,500,000 class A-3 notes downgraded to 'A+' from 'AA-';
  -- $32,500,000 class B notes downgraded to 'B+' from 'BB-' and
     remove from Rating Watch Negative.

South Coast II is a collateralized debt obligation managed by TCW
Investment Management Company, rated 'CAM1' by Fitch for managing
structured finance CDOs.  South Coast II exited its reinvestment
period in June of 2006.  South Coast II is composed of
approximately 83.5% residential mortgage backed securities of
which 58.4% is subprime, 21.2% is prime and 3.9% is manufactured
housing, 6.2% commercial mortgage backed securities, 5.5% CDOs and
4.8% in commercial asset backed securities and consumer asset
backed securities.

The downgrades to the class A-3 and B notes are as a result of
deterioration in credit quality of the portfolio.  South Coast II
has approximately 37% of RMBS subprime bonds from the 2005 and
2006 vintages.  Nearly 15% of the portfolio has been downgraded
since the last review in Oct. 2006 and just over 1% of the
portfolio remains on Rating Watch Negative.  In Fitch's view
approximately 19% of the portfolio is below investment grade
quality, including approximately 5.6% 'CCC' or lower quality.  As
of the most recent trustee report dated. Aug. 5, 2007, the WARF is
24 ('BBB-/BB+') and failing its covenant of 18('BBB/BBB-').  The
Class B Principal Coverage Test is currently at 100.6% and failing
its covenant of 102% and as a result interest is being diverted to
pay down the most senior notes in order to cure the test.  There
are currently three defaulted assets in the underlying portfolio,
amounting to $6.4MM of the portfolio

Fitch conducted cash flow modeling utilizing default timing,
interest rate scenarios, and prepayment assumptions.  As a result
of this analysis, Fitch has determined that the current rating
assigned to the A-3 and B notes does not reflect the risk to
noteholders.  Fitch will continue to monitor and review this
transaction for future rating adjustments.

The ratings of the class A-1, class A-2 and class A-3 notes
address the likelihood that investors will receive full and timely
payments of interest, as per the governing documents, as well as
the stated balance of principal by the legal final maturity date.  
The rating of the class B notes addresses the likelihood that
investors will receive ultimate and compensating interest
payments, as per the governing documents, as well as the stated
balance of principal by the legal final maturity date.


SOUTH COAST: Fitch Lowers Rating on $28MM Class C Notes to B+
-------------------------------------------------------------
Fitch affirms six classes and downgrades one class of notes issued
by South Coast Funding III Ltd.  These rating actions are
effective immediately:

  -- $270,000,000 Class A-1A Notes affirmed at 'AAA';
  -- $107,000,000 Class A-1B Notes affirmed at 'AAA';
  -- $38,000,000 Class A-2 Notes affirmed at 'AAA';
  -- $12,000,000 Class A-3A Notes affirmed at 'AA';
  -- $9,000,000 Class A-3B Notes affirmed at 'AA';
  -- $10,000,000 Class B Notes affirmed at 'A-';
  -- $28,000,000 Class C Notes downgrade to 'B+' from 'BBB' and
     remove from Rating Watch Negative.

South Coast III is a collateralized debt obligation managed by TCW
Asset Management Company, which closed on July 10, 2003.  South
Coast III exited its reinvestment period on August 10, 2007.  The
collateral supporting the CDO is composed of approximately 19%
prime residential mortgage backed securities and 59% subprime
residential mortgage backed securities including approximately 37%
issued between 2005 and 2007, 4% asset backed securities, 5%
commercial mortgage backed securities, 5% REITs and 7% CDOs.


The downgrade of the class C notes is a result of the
deterioration in credit quality of the portfolio.  Approximately
9.3% of the portfolio has been downgraded since the last review.  
As of the latest trustee report dated Aug. 3, 2007 the WARF has
increased to 16 ('BBB/BBB-') from 15 ('BBB/BBB-') at the last
review.  Approximately 7% of the portfolio is on Rating Watch
Negative and in Fitch's view nearly 16% of the portfolio is below
investment grade quality, including approximately 5.4% 'CCC' or
lower quality.  There is one defaulted asset in the portfolio
which comprises 1% of the portfolio.

Fitch conducted cash flow modeling utilizing various default
timing and interest rate scenarios to compare the breakeven
default rates relative to the minimum cumulative default rates
required for the rated liabilities.

The ratings of the class A-1A, A-1B, A-2, A-3A and A-3B notes
address the likelihood that investors will receive full and timely
payments of interest, as per the governing documents, as well as
the stated balance of principal by the legal final maturity date.  
The rating of the class B and C notes addresses the likelihood
that investors will receive ultimate and compensating interest
payments, as per the governing documents, as well as the stated
balance of principal by the legal final maturity date.


SP NEWSPRINT: S&P Retains Developing Watch on BB- Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on
Atlanta, Georgia-based SP Newsprint Co., including the 'BB-'
corporate credit rating, remain on CreditWatch with developing
implications.  The ratings were initially placed on CreditWatch on
May 17, 2007, following the company's announcement that it is
exploring strategic alternatives, including the possible sale of
the company.
     
Since the CreditWatch listing, there has been no new information.
     
"We will continue to monitor developments regarding a potential
transaction and resolve our CreditWatch listing when sufficient
information is available," said Standard & Poor's credit analyst
Andy Sookram.  "If a transaction does not occur, we would remove
the ratings from CreditWatch."


SYNCHRONOUS AEROSPACE: Completes Sale Deal with Littlejohn & Co.
----------------------------------------------------------------
Synchronous Aerospace Group was acquired by Littlejohn & Co. LLC.
"Synchronous enjoys strong positions on critical aerospace
platforms and has a superb reputation with its blue-chip customer
base," Edmund J. Feeley of Littlejohn & Co., said.  "While most of
the company's operations have been successfully serving the same
customer base since the 1970s, Synchronous is still relatively
young as a combined organization.  We believe we can help
management to build upon the strong platform and processes they
have established over the past several years and accelerate
the company's growth."
    
Synchronous was initially formed in 2002 through Hancock Park
Associates' acquisition of Fansteel Schulz Products.  Over the
succeeding three years, Synchronous grew through six add-on
acquisitions, Compass Aerospace, was completed in 2005.  Through
this series of combinations, the company has broadened its
geographic footprint well as its machining, assembly and kitting
capabilities, which serve as a key means of differentiation in the
marketplace.  Synchronous has approximately 650 employees
throughout the United States.
    
"Global customers demand that their suppliers manufacture
increasingly complicated parts and systems that require multiple
competencies," Mark Heasley, president and chief executive officer
of Synchronous, said.  "Our expertise with complex machining,
hard-metal fabrication and specialized assemblies makes
Synchronous a key partner to OEMs and Tier I suppliers, as they
seek to narrow their supply chains.  We look forward to working
with our new partners at Littlejohn to leverage our strong
customer relationships and drive operational improvements
throughout the business to take Synchronous to new heights."
    
In addition to the Synchronous transaction, Littlejohn consummated
the acquisitions of CoActive Technologies, the former ITT
Switch business, and Van Houtte Inc., one of North America's
gourmet coffee roasters, marketers and distributors.
    
                  About Littlejohn & Co., LLC
   
Headquartered in Greenwich, Connecticut and founded in 1996,
Littlejohn & Co. LLC -- http://www.littlejohnllc.com/-- is a  
control-oriented private equity firm seeking investment
opportunities in the middle-market sector that are undergoing a
fundamental change in capital structure, strategy, operations or
growth that can benefit from its operational and strategic
approach.  The firm's professionals manage three funds with
committed capital of approximately
$1.6 billion. The firm is currently investing from Littlejohn Fund
III L.P. which has $850 million in capital commitments.

               About Synchronous Aerospace Group

Based in Santa Ana, California, Synchronous Aerospace Group --  
http://www.compassaerospace.com/-- supplies aerospace original  
equipment manufacturers and Tier I suppliers with unique and
complementary capabilities at facilities strategically located
throughout the United States.  Synchronous employs an integrated
supply chain structure that provides customers with a wide range
of fabricated products and the reliability and accountability of a
single source.  The company's products are installed on many of
the aerospace industry's platforms.

                         *      *     *

As reported in the Troubled Company Reporter on July 27, 2007,
Moody's Investors Service assigned a B2 first time rating to
Synchronous Aerospace Group's proposed $95 million senior secured
credit facility consisting of a $75 million term loan due 2014 and
a $20 million revolver due 2013.  Also, Moody's assigned to
Synchronous a B2 Corporate Family Rating.  The rating outlook is
stable.


TECH DATA: Earns $7.2 Million in Second Quarter Ended July 31
-------------------------------------------------------------
Tech Data Corp. recorded net sales for the second quarter ended
July 31, 2007, of $5.6 billion, an increase of 13.6% from
$4.9 billion in the prior-year period and a record for the second
quarter.  The company recorded net income of $7.2 million for the
second quarter ended July 31, 2007.  This compared to a net loss
of $155.5 million for the prior-year period.  

Results for the second quarter of fiscal 2008 include a
$4.3 million charge for the loss on disposal of subsidiaries and
$16.6 million in restructuring charges. The loss on disposal of
subsidiaries relates to the company's decision to exit its
operations in Israel and the United Arab Emirates as part of its
ongoing initiatives to optimize profitability and return on
capital employed.

                        Six-month Results

Net sales for the six-month period ended July 31, 2007 were
$11 billion, an increase of 11.4% from $9.89 billion in the six-
month period ended July 31, 2006.  On a regional basis, net sales
in the Americas represented 49% of net sales, and increased 11.5%
to $5.4 billion from $4.8 billion in the prior-year period. Europe
represented 51% of net sales, and increased 11.3% to
$5.6 billion from $5 billion for the six-month period ended
July 31, 2006.

The company recorded net income of $17.1 million for the six-month
period ended July 31, 2007, compared to a net loss of
$142.6 million in the prior-year period.

As of July 31, 2007, the company had total assets of $4.9 million,
total liabilities of $3.1 billion, and total stockholders' equity
of $1.8 billion.

                      Management's Comments

"We are extremely pleased with our second quarter performance as
our focus on execution delivered strong results in both of our
geographic regions.  Through responsible sales and product
management, we achieved record second-quarter net sales -
highlighted by very strong growth in the Americas region that
outpaced the market," commented Robert M. Dutkowsky, Tech Data's
chief executive officer.  "We delivered a significant year-over-
year turnaround in our operating results in the European region
with a 91 basis point improvement on a non-GAAP basis.  Tech Data
is in a solid position to further leverage our strength in
execution to improve our performance in the second half of this
fiscal year."

                         Business Outlook

For the third quarter ending Oct. 31, 2007, the company
anticipates net sales to be in the range of $5.75 billion to
$5.9 billion.  This assumes year-over-year low double-digit growth
in the Americas and flat-to-low single-digit growth in Europe on a
local currency basis.  The company anticipates an effective tax
rate for the third quarter of fiscal 2008 in the range of 34% to
36%.

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 7, 2007,
Fitch Ratings has affirmed Tech Data Corp., including Issuer
Default Rating (IDR) at 'BB+'; Senior unsecured credit facility at
'BB+'; and 2.75% senior unsecured convertible debentures at 'BB+'.
The Rating Outlook is Stable.


TOLL BROTHERS: Earns $26.5 Million in Third Quarter 2007
--------------------------------------------------------
Toll Brothers Inc.'s fiscal year 2007 third-quarter net income was
$26.5 million, compared to fiscal year 2006's third-quarter
results of $174.6 million.  In fiscal year 2007, third-quarter net
income was reduced by after-tax write-downs of $88.5 million.  In
fiscal year 2006, third-quarter after-tax write-downs totaled
$14.6 million.

Fiscal year 2007's nine-month net income was $117.5 million,
compared to fiscal year 2006's same period record results of
$513.4 million.  In fiscal year 2007, nine-month net income was
reduced by after-tax write-downs and a first-quarter goodwill
impairment totaling $224 million.  In fiscal year 2006, nine-month
after-tax write-downs totaled $22.7 million.

Fiscal year 2007's third-quarter total revenues were $1.21 billion
compared to fiscal year 2006's third-quarter total revenues of
$1.53 billion.  Fiscal year 2007's nine-month total revenues were
$3.48 billion compared to the nine-month record of $4.31 billion
in fiscal year 2006.  Fiscal year 2007's third-quarter-end backlog
was $3.67 billion compared to FY 2006's third-quarter-end backlog
of $5.59 billion.

As of July 31, 2007, the company's balance sheet showed total
assets of $7.4 billion, total liabilities of $3.8 billion, and
total stockholders' equity of $3.6 billion.

Fiscal year 2007's third-quarter net signed contracts were
$727 million, as compared to fiscal year 2006's third-quarter
total of $1.05 billion.

The company ended its third quarter with over $770 million in cash
and more than $1.17 billion available under its bank credit
facility, which matures in 2011.  Its net debt-to-capital ratio at
July 31, 2007, stood at 28.6%, compared to 36.8% one year ago.  
The company, which has continued to renegotiate, and in some
cases, reduce its optioned land positions, ended fiscal year
2007's third quarter with about 63,000 lots owned and optioned
compared to about 91,200 at its peak at the second-quarter-end of
fiscal year 2006.  The company ended the third quarter with 315
selling communities, down from 325 at second-quarter-end, and
expects to be selling from about 305 communities by fiscal year
end 2007.

                      Management's Comments

Robert I. Toll, chairman and chief executive officer, stated: "We
continue to wrestle with the interrelated challenges of softer
demand and excess housing supply in most markets.  So far, nearly
two years into the current housing slowdown, we have continued to
remain profitable and increase stockholders' equity.  We believe
our build-to-order operating model has helped.  In single-family
communities, we typically do not start a home until we have a
contract in place and a significant non-refundable down-payment.  
In our multi-family and high-rise communities, although we do pre-
sell, it generally is not feasible, nor desirable, to wait for
100% pre-sales before breaking ground.

Joel H. Rassman, chief financial officer, stated: "Consistent with
our statement in our Aug. 8, 2007 conference call and press
release, given the numerous uncertainties surrounding sales paces,
the mortgage markets, market direction and the potential for and
size of future impairments, in the current environment we are not
comfortable providing fourth-quarter guidance at this time or
confirming any previous guidance."

Robert Toll continued: "We thank our dedicated and loyal
associates as, together, we weather these difficult times and
remain focused on providing our buyers with the highest standards
of quality, value and service."

                       About Toll Brothers

Toll Brothers Inc. (NYSE: TOL) -– http://tollbrothers.com/--  
builds luxury single-family detached and attached home
communities, master planned luxury residential resort-style golf
communities and urban low-, mid- and high-rise communities,
principally on land it develops and improves. The Company operates
its own architectural, engineering, mortgage, title, land
development and land sale, golf course development and management
and landscape subsidiaries. The Company also operates its own
lumber distribution and house component assembly and manufacturing
operations.

The company began business in 1967 and became a public company in
1986.  The company serves move-up, empty-nester, active-adult and
second-home home buyers and operates in 22 states: Arizona,
California, Colorado, Connecticut, Delaware, Florida, Georgia,
Illinois, Maryland, Massachusetts, Michigan, Minnesota, Nevada,
New Jersey, New York, North Carolina, Pennsylvania, Rhode Island,
South Carolina, Texas, Virginia and West Virginia.

                          *     *     *

As reported in the Troubled Company Reporter on July 18, 2007,
Moody's Investors Service affirmed the ratings of Toll Brothers
Inc. and Toll Brothers Finance Corp., including the Baa3 rating on
the existing senior note issues and Ba2 rating on the subordinated
note issue.  The ratings outlook was changed to negative from
stable.


TRAVELPORT LLC: Moody's Holds "B2" Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service affirmed the ratings of Travelport LLC
in response to the closing of its Worldspan LP acquisition.  
Ratings affirmed include the company's B2 corporate family rating,
Ba3 ratings on its secured credit facilities, B3 ratings on its
unsecured notes, and Caa1 ratings on both the $500 million
subordinated notes and $1.1 billion holding company loan.  The
rating outlook is stable.

The rating affirmation is consistent with Moody's press release
dated March 23, 2007, in which it noted that it would likely
affirm
the Ba3 rating of the company's existing bank facilities once they
are increased in conjunction with the financing of the Worldspan
acquisition.  The affirmation also considers the impact of the
$600 million incremental debt raised by Travelport's Orbitz
Worldwide Inc, subsidiary, which along with some of the proceeds
from the recent IPO of a portion of Orbitz, was applied towards
reducing debt at Travelport.  Moody's notes that the maturity of
the holding company PIK loan is earlier than several of
Travelport's debt obligations, including its first lien bank
term loan, and is prepayable after eight months from the close
of the Worldspan acquisition.

The stable outlook assumes Travelport's integration of the
Worldspan business is successful, to be evidenced by stable
revenues and profitability for the combined entity, and the
continued application of free cash flow towards debt reduction.

The B2 corporate family rating reflects Travelport's high leverage
(Moody's adjusted debt to EBITDA, including $150 million of stand
alone Travelport cost synergies, at over 6 times) and modest total
interest coverage (less than 2 times).  The rating also considers
the potential for secular declines in the GDS business as travel
bookings continue to shift away from travel agencies to supplier
direct distribution, as well as significant pricing concessions
in the latest round of contract negotiations with the six major
U.S. air carriers.  Integration challenges related to the recently
acquired B2C international business as well as integration
challenges with the Worldspan business are also captured in the B2
rating.

The rating is supported by the continued importance of GDS in the
global travel industry as online bookings continue to grow,
Travelport's strong position in the U.S. GDS market, and its
enhanced global footprint through the addition of Worldspan's
business and its technology platform.  The rating is also
underpinned by the reasonable cash flow certainty the company's
global GDS business provides by having contracts with all six
major U.S. carriers, despite recent pricing concessions.

These ratings of Travelport LLC have been affirmed;

   * Corporate Family Rating - B2;

   * Probability of default rating - B2;

   * $300 million revolving credit facility due 2012 - Ba3,
     LGD2, 23%;

   * $150 million synthetic letter of credit facility due 2013
     - Ba3, LGD2, 23%;

   * $2.178 billion term loan facility due 2013 - Ba3, LGD2,
     23%;

   * Euro 235 million senior unsecured notes due 2014 - B3, LGD4,
     68%;

   * $150 million floating rate senior unsecured notes due 2014
     - B3, LGD4, 68%;

   * $450 million fixed senior unsecured notes due 2014 - B3,
     LGD4, 68%;

   * $300 million subordinated notes due 2016 - Caa1, LGD5, 83%;

   * Euro 160 million subordinated notes due 2016 - Caa1, LGD5,
     83%;

   * $1.1 billion holding company PIK loan due 2012 - Caa1
     (LGD 6,92%); and

   * Speculative grade liquidity rating of SGL-2.

These ratings of Worldspan L.P will be withdrawn:

   * Corporate Family Rating - B2;

   * Probability of default rating - B2;

   * $50 million 1st lien revolver credit facility - Ba3,
     LGD2, 25%;

   * $700 million 1st lien term loan facility - Ba3,
     LGD2, 25%; and

   * $250 million 2nd lien term loan facility - B3,
     LGD4, 67%.

Headquartered in Parsippany, NJ, Travelport provides travel
services, including those through its global distribution system.


TYSON FOODS: Moody's Affirms "Ba1" Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service upgraded the speculative grade
liquidity rating of Tyson Foods Inc. to SGL-2 (good liquidity)
from SGL-3 (adequate liquidity) based on the company's stronger
cash flow generating ability given its cost cutting measures and
improving protein markets.  Tyson's other ratings, including
its Ba1 corporate family rating and Ba1 probability of default
rating, were affirmed.  The rating outlook is negative.

Rating upgraded:

   Tyson Foods, Inc.

   * Speculative grade liquidity rating to SGL-2 from SGL-3

Ratings affirmed

   Tyson Foods, Inc.

   * Corporate family rating at Ba1

   * Probability of default rating at Ba1

   * $1 billion senior unsecured bank credit agreement,
     guaranteed by Tyson Fresh Meats, Inc., at Ba1 (LGD3, 44%)

   * $1 billion 6.06% senior unsecured notes due 2016,
     guaranteed by Tyson Fresh Meats, Inc., at Ba1 (LGD3, 44%)

   * Senior unsecured unguaranteed debt at Ba2 (LGD5, 88%)

   * Senior unsecured unguaranteed shelf at (P)Ba2 (LGD5, 88%)

   Tyson Fresh Meats, Inc.

   * Senior unsecured debt, guaranteed by Tyson Foods, Inc.,
     at Ba1 (LGD3,44%)

   Lakeside Farms Industries Ltd.

   * $195 million (originally $353 million) senior unsecured
     term loan, guaranteed by Tyson Foods, Inc. and Tyson Fresh
     Meats, Inc., at Ba1 (LGD3, 44%)

Ratings affirmed, LGD rates adjusted:

   Tyson Foods, Inc.

   * Senior secured industrial revenue bonds, guaranteed by
     Tyson Foods, Inc., at Baa2 (LGD2); LGD rate adjusted to 15%
     from 14%

   Tyson Fresh Meats, Inc.

   * Senior secured industrial revenue bonds, guaranteed by
     Tyson Fresh Meats, Inc. at Baa2 (LGD2); LGD rated adjusted
     to 15% from 14%

Tyson's earnings and cash flow can be volatile due to its
exposure to commodity chicken, beef and pork markets, and due
to seasonality.  However, noted lead Analyst Elaine Francolino,
"Moody's anticipates that the company's free cash flow will
more than cover its working capital, capital expenditures,
dividends and scheduled debt payments over the next 12 months,
although cushion is likely to be modest at seasonal low points."

Tyson maintains a $1 billion five year revolving credit facility
expiring in September 2010 and two $375 million accounts
receivable securitization facilities expiring in August 2008 and
August 2010 respectively.  The securitization facilities contain a
rating
trigger stipulating that if Tyson's ratings fall to Ba3 from
Moody's
or BB- from S&P, then, barring an amended facility, the banks
sponsoring the program could refuse to purchase any additional
receivables from Tyson and the program could unwind.  Moody's
expects Tyson to meet its financial covenants, with cushion.  
Since Tyson's credit facility is unsecured, it could sell a number
of operations and facilities to raise cash and improve liquidity
if necessary.

Tyson's Ba1 corporate family rating incorporates several elements
of the company's overall business profile that are very strong -
such as its size, diversification, and market share - and
consistent with a mid-investment grade rating.  However, these
elements are more than offset by the severe volatility of the
company's earnings and cash flow and its weak, though improving,
debt protection measures which score well below investment grade.  
Although Tyson is making progress towards the credit ratios
Moody's has cited for stabilization of its negative rating
outlook, it has not yet met these hurdles in full and global
protein markets remain highly volatile, while the high cost of
corn and other inputs will continue to pressure margins for the
industry.

Tyson Foods, Inc., headquartered in Springdale, Arkansas, is the
world's largest processor of chicken, beef, and pork products with
sales of approximately $26.5 billion for the twelve months ended
June 30, 2007.


UNIFI INC: Says Cost Reduction Plans to Affect 25 Employees  
-----------------------------------------------------------
Unifi Inc. said it will reorganize certain corporate staff and
manufacturing support functions to further reduce costs and
achieve its financial goals.  Approximately 25 employees will be
affected as a result of the current reorganization.

Combined with previous cost reductions this quarter, the company
expects to reduce its support costs by approximately $8 million in
the current fiscal year, $9 million on an annualized basis.  The
company will accrue a severance expense of approximately
$3.6 million for the quarter ended in September, which includes
severance of $2.4 million in connection with the termination of
its former chief executive officer.
    
"It is imperative that we continue to match our support costs to
the size of our current business," William Lowe, Unifi's chief
operating officer and chief financial officer, said.  "We
absolutely must institute a cost-conscious culture.  We must
minimize our costs at the support level, while maintaining world-
class service, product innovation, and quality to successfully
compete in our market and reach our goals."

"We have a balance sheet that supports our strategies and our
recent announcement of outsourcing certain raw materials will
provide the flexibility to our polyester production facilities,
which has been lacking over the past twelve months," Mr. Lowe
continued.  "Our overall corporate strategies remain unchanged,
and we look forward to driving success that will be reflected in
our financial statements."

Headquartered in Greensboro, North Carolina, Unifi Inc. (NYSE:
UFI) -- http://www.unifi.com/-- is a diversified producer and  
processor of multi-filament polyester and nylon textured yarns and
related raw materials.  Key Unifi brands include, but are not
limited to: aio(R) - all-in-one performance yarns, Sorbtek(R),
A.M.Y.(R), Mynx(R) UV, Repreve(R), Reflexx(R), MicroVista(R), and
Satura(R).  Unifi's yarns and brands are readily found in home
furnishings, apparel, legwear, and sewing thread, as well as
industrial, automotive, military, and medical applications.

                         *     *     *

As of Aug. 8, 2007, the company holds Moody's B3 long-term
corporate family rating and probability of default rating.  The
company's senior secured debt is also rated at Caa1.  The outlook
is stable.


WACHOVIA BANK: S&P Holds Low-B Ratings on Six Certificate Classes
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised its rating on the class
B commercial mortgage pass-through certificates from Wachovia Bank
Commercial Mortgage Trust's series 2004-C12 to 'AA+' from 'AA'.  
Concurrently, S&P affirmed its ratings on 19 other classes from
the same series.
     
The raised and affirmed ratings reflect credit enhancement levels
that provide adequate support through various stress scenarios.  
S&P's decision to affirm the rating on the class MAD certificate
reflects the full defeasance of the loan previously secured by the
11 Madison Avenue property in Manhattan.  The upgrade of the 'B'
certificate reflects the defeasance of $125.8 million (12%) in
collateral since issuance.
     
As of the Aug. 17, 2007, remittance report, the collateral pool
consisted of 96 loans with an aggregate trust balance of
$1.046 billion, compared with $1.063 billion with the same number
of loans at issuance.  The master servicer, Wachovia Bank N.A.,
reported financial information for 99% of the nondefeased loans.  
Ninety-six percent of the servicer-reported information was full-
year 2006 data.  Using this information, Standard & Poor's
calculated the weighted average debt service coverage to be 1.71x,
up from 1.58x at issuance.  All of the loans in the pool are
current, and there are no loans with the special servicer.  To
date, the trust has not experienced any losses.
     
The top 10 loans secured by real estate have an aggregate
outstanding balance of $446.6 million (43%) and a weighted average
DSC of 1.71x, down slightly from 1.76x at issuance.  Two of the
top 10 exposures appear on Wachovia's watchlist and are discussed
below.  Standard & Poor's reviewed property inspections provided
by the master servicer for all of the assets underlying the top 10
exposures.  All of the properties were characterized as "good."
     
Credit characteristics for the Ernst & Young Plaza, Eastdale Mall
loan, and Highland Pinetree Apartments loans are consistent with
investment-grade obligations.  Details of these loans are as:

     -- The largest exposure in the pool, the Ernst & Young Plaza
        loan, has a balance of $123.1 million and is secured by
        the fee interest in a 909,899-sq.-ft. office property and
        a 311,874-sq.-ft. retail property in Los Angeles.  For
        the year ended Dec. 31, 2006, the DSC was 1.78x and
        occupancy was 85%.  Standard & Poor's adjusted net cash
        flow for this loan is down 14% since issuance.

     -- The sixth-largest exposure in the pool, the Eastdale Mall
        loan, has a balance of $31.2 million and is secured by
        the fee interest in 485,772 sq. ft. of a 663,199-sq.-ft.
        regional mall in Montgomery, Alabama.  For the year ended
        Dec. 31, 2006, the DSC was 1.65x and occupancy was 92%.  
        Standard & Poor's adjusted NCF for this loan is down 6%
        since issuance.

     -- The 11th-largest exposure in the pool, the Highland
        Pinetree Apartments loan, has a balance of $18.2 million
        and is secured by the fee interest in a 320-unit garden-
        style multifamily property in Fullerton, California.  For
        the year ended Dec. 31, 2006, the DSC was 3.18x and
        occupancy was 93%.  Standard & Poor's adjusted NCF for
        this loan is up substantially since issuance.

Wachovia reported a watchlist of nine loans ($101.9 million, 10%).  
The 24 West 57th Street loan is the fifth-largest loan in the pool
and the largest loan on the watchlist.  The loan has an
outstanding balance of $34.5 million (3%) and is secured by a
100,334-sq.-ft. office property in Manhattan.  The property was
89% occupied for the year ended Dec. 31, 2006, and the DSC for
this loan was 0.94x.  The loan appears on the watchlist because
the DSC has declined since issuance, which is primarily
attributable to the fact that the loan's interest-only period has
ended.
     
The One Riverview Square loan is the seventh-largest loan in the
pool and the second-largest loan on the watchlist.  The loan has
an outstanding balance of $29.6 million (3%) and is secured by a
147,917-sq.-ft. office property in Miami, Florida.  The property
was 86% occupied as of July 2007; however, a new tenant is
schedule to take the remaining vacant space in September 2007.  
For the year ended Dec. 31, 2006, the DSC for this loan was 1.03x.  
The loan is on the watchlist because of a decrease in the DSC
since issuance.
     
Standard & Poor's stressed the loans on the watchlist and other
loans with credit issues as part of its analysis.  The resultant
credit enhancement levels support the raised and affirmed ratings.
    

Rating Raised

Wachovia Bank Commercial Mortgage Trust
          Commercial mortgage pass-through certificates
                         series 2004-C12

                       Rating
                       ------
           Class     To      From   Credit enhancement
           -----     --      ----    ----------------
           B         AA+     AA          11.33%
     
Ratings Affirmed

Wachovia Bank Commercial Mortgage Trust
           Commercial mortgage pass-through certificates
                         series 2004-C12

              Class    Rating       Credit enhancement
              -----    ------        ----------------
              A-1      AAA               13.77%
              A-2      AAA               13.77%
              A-3      AAA               13.77%
              A-4      AAA               13.77%
              A-1A     AAA               13.77%
              C        AA-               10.43%
              D        A                  8.24%
              E        A-                 7.21%
              F        BBB+               6.05%
              G        BBB                4.89%
              H        BBB-               3.60%
              J        BB+                3.22%
              K        BB                 2.96%
              L        BB-                2.45%
              M        B+                 2.06%
              N        B                  1.80%
              O        B-                 1.555
              IO       AAA                  N/A
              MAD      AAA                  N/A   
               

                     N/A — Not applicable.


WCI COMMUNITIES: Incurs $33.2 Million Net Loss in Second Qtr. 2007
------------------------------------------------------------------
WCI Communities Inc. reported a net loss of $33.2 million for the
three months ended June 30, 2007, compared with a gain of
$22.7 million in the second quarter of 2006.

During the quarter, the company completed the sale of a non-golf
recreation facility for $47.5 million, which generated an after-
tax gain of $11.5 million.

Revenues for the second quarter of 2007 were $241.8 million,
compared with $527.7 million for the second quarter of 2006, a
54.2% decrease.  Overall company gross margin for the second
quarter of 2007 was negative versus 19% for the second quarter of
2006.

For the six month period ended June 30, 2007, the net loss totaled
$49 million, compared with a gain of $62.9 million during the
first half of 2006.  Revenues decreased 47.2% to $580.5 million
from $1.1 billion in the year earlier period.  Excluding
impairments of $37.1 million, gross margin as a percent of revenue
totaled 12.1% versus 21.1% in the year earlier period.

For the three months ended June 30, 2007, the aggregate value of
Traditional and Tower Homebuilding net orders fell 96.2% over the
same period a year ago to $9.1 million, while the number of unit
orders declined 82.6% to 50.  Absent Tower defaults and
Traditional Homebuilding cancellations, gross new orders for the
period versus a year ago declined 46.5% to 216 with a value of
$155.7 million, down 50.1%.

                        Financial Position

As of June 30, 2007, the company posted total assets of
$3.6 billion, total liabilities of $2.5 billion, and total
stockholders' equity of $946.2 million.

For the six months ended June 30, 2007, cash flow from operating
activities and investing activities totaled $119.8 million --
$86.3 million from operating activities and $33.5 million from
investing activities, compared with cash used of $382.0 million in
the same period a year ago.

As previously announced, on Aug. 17, 2007, WCI amended its credit
facility, the term loan agreement and the revolving credit
$390 million construction loan.  The amendments are intended to
provide for, among other things, greater operational flexibility
in the current market environment.  As of June 30, 2007, the
balance on the revolving credit facility was $360.6 million, the
balance on the term loan agreement was $300 million, and the
balance on the Tower Facility was $353.7 million.

Total liquidity, measured as the sum of cash plus available
capacity under the revolving facility, totaled about $315 million
at Aug. 17, 2007.  In addition, letters of credit of $43.6 million
were outstanding as of Aug. 17, 2007.

"WCI continued to focus on reducing costs and generating cash flow
in the second quarter," said Jerry Starkey, resident and chief
executive officer of WCI Communities.  "Year-to-date, WCI has
generated $119.8 million in cash flow from operating and investing
activities and expects to end 2007 having generated a combined
$530 million to $730 million ($520 million to $720 million from
operating activities and $10 million from investing activities),
in large part as a result of closing ten towers, including our two
largest towers ever constructed."  Mr. Starkey continued, "Land
sales and recreational amenity conversions are an important part
of WCI's business model and we are actively marketing numerous
land parcels, including commercial, mixed/use and residential
land, as well as recreational assets.  We estimate that the
aggregate value of these assets range from about $200 million to
$300 million.  Many of these assets were acquired or developed
more than five years ago and are expected to generate significant
profits in addition to cash flow.  The upper range of our
projected cash flow for this year includes approximately $60
million or so from this pool of assets."  The company's expected
cash flow from operations assume that about 500 to 600 traditional
homes close in the second half of the year.  The backlog of almost
700 traditional homes as of June 30, 2007 includes about 500 homes
scheduled to close by year end.

                       Recent Developments

As previously announced, WCI entered into a settlement agreement
with the Icahn Group.  In connection with the settlement
agreement, the WCI Board of Directors approved a slate of nominees
which will be submitted for shareholder approval on Aug. 30, 2007.
As part of this agreement, the Icahn Group agreed to withdraw its
slate of nominees for the Board, effectively ending its proxy
contest.  Pursuant to the agreement, the company agreed to raise
the trigger under its limited duration Shareholder Rights Plan
from 15% to 25%.

                      About WCI Communities

Headquartered in Florida, WCI Communities Inc. (NYSE: WCI) --
http://www.wcicommunities.com/-- is a home builder catering to    
primary, retirement, and second-home buyers in Florida, New York,
New Jersey, Connecticut, Maryland and Virginia.  The company
offers both traditional and tower home choices and features a wide
array of recreational amenities in its communities.  In addition
to homebuilding, WCI generates revenues from its Prudential
Florida WCI Realty Division and its recreational amenities, as
well as through land sales and joint ventures.  The company
currently owns and controls developable land on which the company
plans to build about 20,000 traditional and tower homes.

                          *     *     *

As of Aug. 8, 2007, the company holds Moody's B3 long-term
corporate family rating and probability of default rating.  
Moody's placed the company's senior subordinate rating at Caa2.  
The outlook is negative.

Standard & Poor's also rated the company's long-term foreign and
local issuer credits at CCC+.


WELLCARE HEALTH: Moody's Lifts Senior Debt Rating to "Ba1"
----------------------------------------------------------
Moody's Investors Service upgraded the senior secured debt
rating of WellCare Health Plans Inc. to Ba1 from Ba3 and the
insurance financial strength rating of WellCare of Florida, Inc
to Baa2 from Ba1.  The outlook on the ratings is stable.  The
rating action concludes the review for possible upgrade that
was initiated on June 25, 2007.

The rating agency said that the rating action is based on
the company's solid earnings results and membership growth and its
improving balance sheet and capital position.  Moody's also noted
the continued, well-managed expansion of WellCare's Medicaid and
Medicare businesses, as well as its profitable and strongly-
subscribed Medicare Part D product.  Moody's added that the
company also increased its consolidated risk-based capital (RBC)
ratio to over 150% of company action level (CAL) and reduced its
debt to EBITDA ratio on a trailing twelve month basis to under
1.0x as of June 30, 2007.

Moody's said that WellCare's strengths include its continued
leading position in the Florida Medicaid market, along with the
financial protection provided by the state for long duration
hospital stays and WellCare's contracts with providers, which are
tied to the level of reimbursement from the state.  Additionally,
Moody's noted, the parent company's cash flow needs are well-
funded through the activities of a wholly-owned unregulated
subsidiary that serves as a third party administrator rather than
being reliant on dividends from regulated entities.

Moody's added that WellCare's strategy is to expand its Medicaid
business in its existing markets while developing Medicare plans
and entering new markets through internal growth.  The company
currently has Medicaid managed care operations in Florida, New
York, Connecticut, Ohio, Missouri, Georgia and Illinois.  
WellCare's Medicare plans include stand-alone prescription drug
plans and Medicare Advantage plans, which include both Medicare
coordinated care plans and Medicare private fee-for-service plans.  
As of June 30, 2007, the company offered its MCC plans in Florida,
New York, Connecticut, Illinois, Louisiana and Georgia, PFFS plans
in 39 states and the District of Columbia, and its PDP plans in
all 50 states and the District of Columbia.  WellCare's PDP plan
with membership of nearly 1 million members is one of the largest
plans in the nation.  However, despite the number of states where
WellCare offers its products, Moody's notes that approximately 75%
of the company's medical membership is concentrated in Georgia and
Florida.

Also offsetting the company's strengths is WellCare's reliance on
its Medicaid contracts with the states and Medicare contracts with
the Centers for Medicare & Medicaid Services.  Moody's points out
that these contracts require periodic renewal and that the loss of
one of these contracts could place significant strain on
WellCare's revenue and income levels.  In addition, Moody's
believes that there is a risk that political or budgetary changes
at the federal or state level could impact the reimbursement
levels to companies --such as WellCare-- that provide healthcare
services for government programs.

Moody's noted that due to the company's concentration in the
government segment the opportunity for further upgrades may be
somewhat limited. However, Moody's stated that WellCare's ratings
could move up if there is significant product diversification
outside the government segment along with further geographical
expansion, the consolidated NAIC RBC ratio is increased to at
least 200% CAL, and if total medical membership increases to 2
million members with consistent annual organic growth of at least
3%.  The rating agency added that there would be downward pressure
on the ratings if there were a loss or impairment of one or more
of WellCare's major Medicaid or Medicare contracts, a reduction in
NAIC RBC to below 150% CAL, if annual net margins fell below 2%,
or if WellCare made a highly leveraged acquisition.

These ratings were upgraded with a stable outlook:

   * WellCare Health Plans, Inc. -- senior secured debt rating
     to Ba1 from Ba3;

   * WellCare of Florida, Inc. -- insurance financial strength
     rating to Baa2 from Ba1.

WellCare Health Plans, Inc. is headquartered in Tampa, Florida.
For the first six months of 2007, the company reported
approximately $2.6 billion in total revenue.  As of June 30, 2007,
shareholder's equity was $678 million and total medical membership
(excluding Medicare Part D) was 1.3 million members.

Moody's insurance financial strength ratings are opinions of the
ability of insurance companies to repay punctually senior
policyholder claims and obligations.


WORLDSPAN LP: Debt Refinancing Cues S&P to Withdraw Ratings
-----------------------------------------------------------
Standard & Poor's Ratings Services withdrew all ratings on
Worldspan L.P., including the 'B' corporate credit rating.  The
rating action follows the company's acquisition by Travelport LLC
(B/Stable/--) on Aug. 21, 2007.  Worldspan is the leading
processor of GDS transactions for on-line travel agencies.
      
"Ratings were withdrawn due to refinancing of Worldspan's
outstanding rated debt through a $1 billion addition to
Travelport's credit facilities in May 2007," said Standard &
Poor's credit analyst Betsy Snyder.


* ALI-ABA Joins Internet Experts Carole Levitt, et al.
------------------------------------------------------
ALI-ABA has teamed with Internet research experts Carole Levitt,
JD, MLS, and Mark Rosch to create a new periodical devoted to help
lawyers locate information on the Internet.

Published bi-monthly, Internet Fact Finding For Lawyers highlights
free and low-cost resources available on the Internet where legal
professionals can find information integral to their cases.  It
includes sites that are useful for investigations, depositions,
and trial preparation, as well as company and medical research,
gathering competitive intelligence, finding expert witnesses, and
fact checking of all kinds.

As an added bonus, the four-color newsletter also will include
legal technology Web sites, legal research Web sites, search
engines, public records, and various tech tips.  Each site is
presented in a template that allows readers to quickly determine
what useful information a site contains, the best ways to extract
that information, any idiosyncrasies a site may have, and whether
the site is free, requires registration, or is fee-based.  The
format is based on the authors' book, The Lawyer's Guide to Fact
Finding on the Internet (2006 A.B.A.).

Levitt and Rosch will serve as the publication's editors and
primary contributors.

"Attorneys are fact finders, not just legal researchers.  They
often need to find that one fact to make or break a case or help
complete a transactional matter," said Levitt.  "Case in point,
in a number of recent decisions judges are telling attorneys that
they have a duty to Google as part of their due
diligence procedure."

"Our goal for the newsletter is to help readers learn how to get
the accurate information they need on the Internet-fast, and to
save money by avoiding unnecessary pay sites," added Rosch.  "We
specifically choose sites for their usefulness to legal
professionals."

"Carole and Mark make it easy for legal professionals to stay on
top of Web sites that are important to their practices regardless
of their technical prowess," said Mark T. Carroll, Director of
ALI-ABA's Office of Electronic and Print Publications.  "It's
the clear, simple language they use in their books and live
CLE seminars that led us to develop this new newsletter with
them.  It's a natural complement to our existing periodicals."

The first issue of Internet Fact Finding For Lawyers is available
now, and can be viewed online for free.  One-year subscriptions
are $149.  Initial Charter Subscriptions are available in the
introductory year for only $99.  Individual issues may be
purchased for $25.

                      About Levitt and Mark

Carole Levitt and Mark Rosch are authors and speakers on the
subject of using the internet effectively for research and
marketing.  The firm is  the principal of Internet For Lawyers,
a CLE seminar company.

                         About ALI-ABA

Located in Philadelphia, PA, ALI-ABA provides post-admission
education for the legal profession.  The company is dedicated to
keep the legal community of current developments and provide
practitioners with the resources necessary to enhance their
practice.


* Atlas Partners Unit Funds a $4.5 Mil. Loan for General DataComm
-----------------------------------------------------------------
Atlas Partners LLC reported that its affiliate, Atlas Partners
Mortgage Investors LLC, has funded a $4.5 million first mortgage
loan for a wholly owned subsidiary of General DataComm Industries
Inc.

The loan was secured by a first mortgage lien on GDC's
headquarters facility, a 340,000 square foot, four-story office
and light industrial facility on 11+ acres of land located at 6
Rubber Avenue in downtown Naugatuck, Connecticut.

The interest-only loan for a term of two years, with a borrower-
option for a third year, was provided by Atlas Partners Mortgage
Investors with no financial covenants and no third-party
guarantees and is secured by real estate only.

The loan proceeds were primarily used by GDC to repay and
replace an existing senior secured loan, thereby allowing GDC to
take advantage of a $1.5 million loan prepayment incentive.  In
addition, the new mortgage loan's lower debt service payments
will increase available cash flow for GDC's operations.

                     About General DataComm

General DataComm Industries Inc. (symbol GNRD.PK) provides
networking and telecommunications products and services.

                      About Atlas Partners

Atlas Partners -- http://www.atlaspartners.com/-- is a real  
estate consulting company specializing in process management.  The
company was created specifically to address the commercial real
estate issues faced by private equity sponsors, asset-based
lenders, turnaround management consultants, bankruptcy and
workout attorneys and corporations with real estate needs.


* Groupe Thibault to Merge with Ginsberg Gingras
------------------------------------------------
Two of Quebec's most important trustees in bankruptcy have decided
to join forces to create the largest professional insolvency and
bankruptcy group in Quebec and one of the largest in Canada.

Groupe Thibault Van Houtte et Associes, established in 1986 with
major offices in Montreal and Quebec City will join Ginsberg,
Gingras & Associates, who recently celebrated 27 years in business
and whose head office is located in Ottawa and Gatineau.  
Together, they operate a network of 25 regional offices in most
regions of Quebec and in Eastern Ontario and now employ a team of
110 permanent staffers, of whom 19 are professional trustees in
bankruptcy and insolvency, making the new venture Quebec's most
important professional resource in the field of insolvency.  The
new group will now be handling a total of 3,700 cases annually,
equivalent to 12 percent of the total business volume in Quebec
and four percent of the total number of cases handled in Canada.


"This move will allow us to offer our clients better services
across Quebec and Ontario and to make available a greater pool of
professional expertise in business reorganization and insolvency
counseling both to private individuals and families and to
businesses throughout Quebec and Ontario," said Claude Gingras,
founder and president of Ginsberg, Gingras & Associates.

As for Pierre Delisle, president and founding partner of Groupe
Thibault Van Houtte et Associes ltee, he is delighted with the
transaction which brings together the two partners.  "The merger
which brings us together will prove to be a winning combination
for everyone, but above all, it will benefit our respective
clients who will now have access to a completely diversified
talent source of insolvency professionals across Quebec and
Ontario," Mr. Delisle said.

Neither partner is entertaining the prospect of closing offices
and neither is considering layoffs as part of their future plans,
although they are counting on taking advantage of other economies
of scale.  They remain open to the possibility of looking into
other opportunities for expansion through acquisitions if such
opportunities present themselves and if the state of the
economy is favorable.

The new venture will pursue its professional activity under the
existing names of Ginsberg, Gingras and Thibault Van Houtte for
the time being.  Both these companies are well known in their
respective markets not only as professionals in bankruptcy,
insolvency and business reorganization, but also for their
exemplary contributions to various humanitarian causes and their
continued community involvement.

Ginsberg, Gingras and Thibault Van Houtte, whose head office will
be located in Gatineau, now serves the Greater Quebec City area in
Levis, Beauport, Charlesbourg, Baie-St-Paul, St-Raymond
(Portneuf), Thetford Mines, St-Georges (Beauce); the Greater
Montreal area, in Longueuil, St-Lambert, Blainville, St-Jerôme and
Ste-Agathe; the Lower St.Lawrence region, in Rimouski and Riviere-
du-Loup; the central region of Quebec, in Trois-Rivieres and
Drummondville; the Outaouais region (Western Quebec) and Eastern
Ontario, in Ottawa-Gatineau, Buckingham, Orleans and Alfred; and
the Abitibi region, in Rouyn-Noranda.


* IAIR to Hold Investor-Insurer Summit on Oct. 24
-------------------------------------------------
The International Association of Insurance Receivers will bring
together leaders from the capital markets, major insurers and
insurance regulators to discuss Emerging Investment Opportunities:
Bridging the Gap Between Capital Markets and Troubled Insurers.  

The meeting will take place on Oct. 24, 2007 at the Ritz Carlton
Battery Park in New York.

Panel discussions led by industry leaders will feature interplay
of regulatory, strategic and financial investment perspectives:

The program will open with a conversation between  the financial
and insurance worlds, J. Christopher Flowers, Eric Dinallo, and
Forrest Krutter.

Straight Talk from the Street: Investing in the Troubled Insurer
Sector will feature Chris McGhee of Guy Carpenter, Inc., David
Platter of Credit Suisse and Martin Alderson Smith of the
Blackstone Group.

Four State Insurance Commissioners, from Illinois, Delaware,
Virginia and the District of Columbia, will have a Regulators
Roundtable to discuss Bridges and Barriers to Regulatory,
Strategic and Investor Synergies.

The Track Record: Past Successful and Unsuccessful Approaches will
be discussed by Tim Graham of LaSalle Re, Paul Dassenko of aZure
Advisors, Inc., and Richard Whatton of Independent Services Group.

These interdisciplinary panel discussions will provide approaches
to investment, runoff and rehabilitation of troubled insurers
through such techniques as acquisitions, sales of assets or
claims, bridge financing, securitization.

                           About IAIR

The International Association of Insurance Receivers --
http://www.iair.org/-- provides an association to individuals  
involved with insurance receiverships in order to receive
education, promote information exchange, and enhance the standards
followed by those who work in this position.


* Moody's Cuts Ratings on 120 Securities Originated in 2005
-----------------------------------------------------------
Moody's Investors Service downgraded on 120 securities
originated in the second half of 2005 and backed by subprime,
first-lien mortgage loans.  The actions follow a review of the
securities rated in the second half of 2005 and affect securities
with an original face value of over $1.5 billion, representing
0.7% of the dollar volume and 4.1% of the securities rated by
Moody's in the second-half of 2005 that were backed by subprime,
first-lien loans.

The actions reflect the higher than anticipated delinquency rates
of first-lien subprime mortgage loans securitized in the second
half of 2005.  These loans were originated in an environment of
aggressive underwriting, although not to the same degree as the
subprime loans originated in 2006. Aggressive underwriting
combined with the prolonged slowdown in the housing market has
caused significant loan performance deterioration and is the
primary factor in these rating actions. Moody's has noted a
persistent negative trend in severe delinquencies for first-lien
subprime mortgage loans securitized in late 2005 and 2006.

The vast majority of these downgrades impacted securities
originally rated Baa or lower.  In total 54 securities originally
rated Baa and 60 securities previously rated Ba were downgraded.  
Additionally, 6 tranches originally rated A were downgraded.
No action was taken on securities rated Aaa or Aa.

In addition to the high rates of early delinquency predicating
the actions, Moody's notes that subprime mortgages originated
in late 2005 and 2006 that are subject to interest rate reset
present an additional cause for credit concern.  Subprime
borrowers from previous vintages of such collateral avoided
"payment shock" and potential default by refinancing.  However,
with the recent pressure in home price appreciation and
tightening of mortgage lending standards, such refinancing
opportunities may be more limited.  Moody's has noted that
transactions issued in the second half of 2005 have begun to
exhibit slower prepayment speeds as they near the two-year
interest reset than did prior vintages.  Moody's is actively
surveying loan servicers to evaluate the impact of potential
increases in loan modification due to these upcoming resets.

The complete rating actions are:

Issuer: Accredited Mortgage Loan Trust 2005-4

Cl. M-9; Downgraded to Ba2, previously Baa3

Issuer: ACE Securities Corp. Home Equity Loan Trust, Series 2005-
HE5

Cl. M-9; Downgraded to Ba2, previously Baa3

Cl. M-10; Downgraded to B1, previously Ba1

Cl. B-1; Downgraded to B3, previously Ba2

Issuer: ACE Securities Corp. Home Equity Loan Trust, Series 2005-
HE6

Cl. M-9; Downgraded to Ba2, previously Baa3

Cl. M-10; Downgraded to B1, previously Ba1

Cl. M-11; Downgraded to B3, previously Ba2

Issuer: ACE Securities Corp. Home Equity Loan Trust, Series 2005-
HE7

Cl. M-9; Downgraded to Ba1, previously Baa3

Cl. M-10; Downgraded to Ba3, previously Ba1

Cl. M-11; Downgraded to B2, previously Ba2

Issuer: Aegis Asset Backed Securities Trust 2005-4

Cl. B4; Downgraded to Ba3, previously Ba1

Cl. B5; Downgraded to B1, previously Ba2

Issuer: Aegis Asset Backed Securities Trust 2005-5

Cl. B2; Downgraded to Ba1, previously Baa2

Cl. B3; Downgraded to Ba3, previously Baa3

Cl. B4; Downgraded to B2, previously Ba1

Cl. B5; Downgraded to Caa1, previously Ba2

Issuer: Argent Securities Inc., Series 2005-W5

Cl. M-9; Downgraded to Ba1, previously Baa3

Issuer: Asset Backed Securities Corporation Home Equity Loan Trust
2005-HE6

Cl. M11; Downgraded to B2, previously Ba3

Issuer: Asset Backed Securities Corporation Home Equity Loan Trust
NC 2005-HE8

M10; Downgraded to B2, previously Ba1

Issuer: Bear Stearns Asset Backed Securities I Trust 2005-FR1

Cl. M-8; Downgraded to B2, previously Ba2

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series
2005-CB6

Cl. B-5; Downgraded to B2, previously Ba2

Issuer: Citigroup Mortgage Loan Trust, Series 2005-HE3

Cl. M-11; Downgraded to B1, previously Ba2

Issuer: Citigroup Mortgage Loan Trust, Series 2005-HE4

Cl. M-11; Downgraded to B1, previously Ba2

Issuer: CSFB Home Equity Asset Trust 2005-6

Cl. B-3; Downgraded to B2, previously Ba2

Issuer: CSFB Home Equity Asset Trust 2005-7

Cl. B-4; Downgraded to B3, previously Ba2

Issuer: CSFB Home Equity Asset Trust 2005-9

Cl. B-3; Downgraded to B2, previously Ba2

Issuer: CSFB Home Equity Pass-Through Certificates, Series 2005-4

Cl. B-3; Downgraded to B1, previously Ba1

Issuer: CSFB Home Equity Pass-Through Certificates, Series 2005-5

Cl. B-2; Downgraded to Ba2, previously Baa3

Cl. B-3; Downgraded to B2, previously Ba1

Issuer: CWABS Asset-Backed Certificates Trust 2005-13

Cl. BV; Downgraded to Ba2, previously Baa3

Issuer: CWABS Asset-Backed Certificates Trust 2005-16

Cl. BV; Downgraded to Ba1, previously Baa3

Issuer: CWABS Asset-Backed Certificates Trust 2005-17

Cl. BV; Downgraded to Ba1, previously Baa3

Issuer: CWABS Asset-Backed Certificates Trust 2005-AB4

Cl. M-7; Downgraded to Baa3, previously Baa1

Cl. M-8; Downgraded to Ba2, previously Baa2

Cl. B; Downgraded to B2, previously Baa3

Issuer: CWABS Asset-Backed Certificates Trust 2005-AB5

Cl. M-7; Downgraded to Baa3, previously Baa1

Cl. M-8; Downgraded to Ba2, previously Baa2

Cl. B; Downgraded to B3, previously Baa3

Issuer: Fremont Home Loan Trust 2005-2

Cl. B-2; Downgraded to B2, previously Ba2

Issuer: Fremont Home Loan Trust 2005-D

Cl. M9; Downgraded to Ba2, previously Baa3

Cl. B1; Downgraded to Ba3, previously Ba1

Cl. B2; Downgraded to B2, previously Ba2

Issuer: Fremont Home Loan Trust 2005-E

Cl. M9; Downgraded to Ba1, previously Baa3

Cl. B1; Downgraded to B1, previously Ba1

Cl. B2-A; Downgraded to Caa1, previously Ba2

Cl. B2-B; Downgraded to Caa1, previously Ba2

Cl. B2-C; Downgraded to Caa1, previously Ba2

Cl. B2-D; Downgraded to Caa1, previously Ba2

Issuer: GE-WMC Asset-Backed Pass-Through Certificates, Series
2005-1

Cl. B-3; Downgraded to Ba2, previously Baa3

Cl. B-4; Downgraded to B2, previously Ba1

Cl. B-5; Downgraded to B3, previously Ba2

Issuer: GE-WMC Asset-Backed Pass-Through Certificates, Series
2005-2

Cl. B-3; Downgraded to Ba2, previously Baa3

Cl. B-4; Downgraded to B1, previously Ba1

Cl. B-5; Downgraded to Caa1, previously Ba2

Issuer: GSAMP Trust 2005-AHL2

Cl. B-2; Downgraded to Ba2, previously Baa3

Cl. B-3; Downgraded to B1, previously Ba1

Cl. B-4; Downgraded to B3, previously Ba2

Issuer: GSAMP Trust 2005-HE4

Cl. B-4; Downgraded to Ba3, previously Ba1

Issuer: HSI Asset Securitization Corporation Trust 2005-OPT1

Cl. M-6; Downgraded to Baa3, previously A3

Issuer: IndyMac Home Equity Mortgage Loan Asset-Backed Trust,
INABS 2005-C

Cl. M-9; Downgraded to Ba2, previously Baa3

Cl. M-10; Downgraded to Ba3, previously Ba1

Cl. M-11; Downgraded to B3, previously Ba2

Issuer: J.P. Morgan Mortgage Acquisition Corp. 2005-FRE1

Cl. M-9; Downgraded to Ba1, previously Baa3

Cl. M-10; Downgraded to Ba3, previously Ba1

Cl. M-11; Downgraded to Caa1, previously Ba2

Issuer: Long Beach Mortgage Loan Trust 2005-3

Cl. M-7; Downgraded to Ba1, previously Baa1

Cl. M-8; Downgraded to Ba2, previously Baa2

Cl. M-9; Downgraded to Ba3, previously Baa3

Cl. M-10; Downgraded to B3, previously Ba1

Issuer: Long Beach Mortgage Loan Trust 2005-WL1

Cl. I/II-B1; Downgraded to B2, previously Ba2

Issuer: Long Beach Mortgage Loan Trust 2005-WL2

Cl. B-1; Downgraded to B2, previously Ba2

Issuer: Long Beach Mortgage Loan Trust 2005-WL3

Cl. B-1; Downgraded to Ba3, previously Ba1

Cl. B-2; Downgraded to B2, previously Ba2

Issuer: MASTR Asset Backed Securities Trust 2005-HE2

Cl. M-9; Downgraded to B1, previously Baa3

Issuer: MASTR Asset Backed Securities Trust 2005-NC2

Cl. M-5; Downgraded to Baa2, previously A2

Cl. M-6; Downgraded to Baa3, previously A3

Cl. M-7; Downgraded to Ba3, previously Baa1

Cl. M-8; Downgraded to B3, previously Baa2

Cl. M-9; Downgraded to Caa1, previously Baa3

Issuer: Meritage Mortgage Loan Trust 2005-3

Cl. M-9; Downgraded to Ba2, previously Baa3

Issuer: New Century Home Equity Loan Trust, Series 2005-B

Cl. M-8; Downgraded to Ba2, previously Baa2

Cl. M-9; Downgraded to B1, previously Baa3

Issuer: Nomura Home Equity Loan Trust 2005-FM1

Cl. B-1; Downgraded to B2, previously Ba1

Cl. B-2; Downgraded to Caa1, previously Ba2

Issuer: Option One Mortgage Loan Trust 2005-3

Cl. M-11; Downgraded to B3, previously Ba2

Issuer: Park Place Securities, Inc., Asset-Backed Pass-Through
Certificates, Series 2005-WCW3

Cl. M-11; Downgraded to B1, previously Ba2

Issuer: Park Place Securities, Inc., Asset-Backed Pass-Through
Certificates, Series 2005-WHQ4

Cl. M-9; Downgraded to B1, previously Baa3

Issuer: RASC Series 2005-AHL1 Trust

Cl. M-9; Downgraded to B2, previously Baa3

Issuer: RASC Series 2005-AHL3 Trust

Cl. M-6; Downgraded to Baa2, previously A3

Cl. M-7; Downgraded to Ba1, previously Baa1

Cl. M-8; Downgraded to B1, previously Baa2

Cl. M-9; Downgraded to Caa1, previously Baa3

Issuer: RASC Series 2005-KS8 Trust

Cl. M-10; Downgraded to Ba3, previously Ba1

Issuer: RASC Series 2005-KS9 Trust

Cl. B-2; Downgraded to B1, previously Ba2

Issuer: Securitized Asset Backed Receivables LLC Trust 2005-FR3

Cl. B-2; Downgraded to Ba2, previously Baa2

Cl. B-3; Downgraded to B2, previously Baa3

Cl. B-4; Downgraded to B3, previously Ba1

Issuer: Specialty Underwriting and Residential Finance Series
2005-AB2

Cl. B-2; Downgraded to Ba2, previously Baa3

Cl. B-3; Downgraded to B3, previously Ba2

Issuer: Structured Asset Investment Loan Trust 2005-10

Cl. M7; Downgraded to Baa3, previously Baa1

Cl. M8; Downgraded to Ba1, previously Baa2

Cl. M9; Downgraded to Ba3, previously Baa3

Cl. B1; Downgraded to Caa1, previously Ba1

Issuer: Structured Asset Investment Loan Trust 2005-7

Cl. M9; Downgraded to Ba2, previously Baa3

Cl. B1; Downgraded to B3, previously Ba1

Issuer: Structured Asset Investment Loan Trust 2005-8

Cl. M5; Downgraded to Baa1, previously A2

Cl. M6; Downgraded to Baa3, previously A3

Cl. M7; Downgraded to Ba3, previously Baa3

Cl. M8; Downgraded to B3, previously Ba1

Cl. M9; Downgraded to Caa1, previously B1

Cl. B; Downgraded to Caa3, previously Caa1

Issuer: Structured Asset Investment Loan Trust 2005-9

Cl. M7; Downgraded to Baa3, previously Baa1

Cl. M8; Downgraded to Ba2, previously Baa2

Cl. M9; Downgraded to B3, previously Baa3

Issuer: Structured Asset Investment Loan Trust 2005-HE1

Cl. B1; Downgraded to B1, previously Ba1

Issuer: Structured Asset Investment Loan Trust 2005-HE3

Cl. M9; Downgraded to Ba2, previously Baa3

Cl. M10; Downgraded to B1, previously Ba1

Issuer: Structured Asset Securities Corporation Series 2005-AR1

Cl. B1; Downgraded to B2, previously Ba3

Cl. B2; Downgraded to Caa2, previously B3

Issuer: Wachovia Mortgage Loan Trust 2005-WMC1

Cl. M-11; Downgraded to B1, previously Ba2


* Moody's Takes Rating Actions on Various Obligations
-----------------------------------------------------
Moody's Investors Service has taken these rating actions:

                     DOWNGRADES

Mainsail II Ltd.

STRUCT. Commercial Paper ... to NP from P-1

Putnam Structured Product CDO 2001-1 LTD.

US$ 54.00M affected

STRUCT. Senior Subordinate ... to A2 from Aa2

STRUCT. Subordinate ... to Ba3 from Baa2

                     UPGRADES

CSFB Commercial Mortgage Trust 2002-CKP1

US$ 26,063,000 -Class D ... to Aaa from Aa1

US$ 14,893,000 -Class E ... to Aa2 from Aa3

US$ 13,652,000 -Class F ... to A1 from A2

US$ 14,893,000 -Class G ... to A2 from A3

Fiat Finance & Trade Ltd.

US$ 12.92B affected

BACKED Senior Unsecured ... to Ba1 from Ba2

BACKED Senior Unsecured MTN ... to Ba1 from Ba2

Fiat Finance Canada Ltd.

US$ 12.60B affected

BACKED Senior Unsecured MTN ... to Ba1 from Ba2

Fiat Finance North America Inc.

US$ 12.24B affected

BACKED Senior Unsecured ... to Ba1 from Ba2

BACKED Senior Unsecured MTN ... to Ba1 from Ba2

Fiat S.p.A.

LT Corporate Family Ratings ... to Ba1 from Ba2

First Union National Bank Commercial Mortgage Trust, Commercial
Mortgage Pass-Through Certificates, Series 2001-C2

US$ 15,023,000 Class G ... to Aa1 from Aa2

US$ 17,527,000 Class H, ... to Aa2 from A2

US$ 12,519,000 Class J ... to A2 from Baa2

US$ 15,023,000 Class K... to Baa1 from Ba1

Russia International Card Finance S.A

US$ 300.00M affected

STRUCT. Senior Secured ... to Ba2 from Ba3

REVIEW FOR POSSIBLE DOWNGRADE

Putnam Structured Product CDO 2001-1 LTD.

US$ 18.00M may be affected

STRUCT. Subordinate ... Ba3

                     ASSIGNMENTS     

ARAMARK Corporation

SPECULATIVE GRADE LIQUIDITY RATINGS ... SGL-2

Belarus

COUNTRY CEILING RATING ... NP

COUNTRY CEILING RATING ... Ba2

COUNTRY CEILING BANK DEP RTG ... B2

COUNTRY CEILING BANK DEP RTG ... NP

Belarus, Government of

Bel.Ruble ISSUER RATING ... B1

Frgn.Cur. ISSUER RATING ... B1

COMM 2007-C9 Mortgage Trust

US$ 0.00M Cl. XS PASS-THRU CTFS due 2049 ... Aaa

US$ 7.21M 5.24% Cl. O PASS-THRU CTFS due 2049 ... B1

US$ 7.21M 5.24% Cl. Q PASS-THRU CTFS due 2049 ... B3

US$ 10.82M 5.24% Cl. P PASS-THRU CTFS due 2049 ... B2

US$ 21.64M 6.01% Cl. F PASS-THRU CTFS due 2049 ... A2

US$ 25.25M 6.01% Cl. E PASS-THRU CTFS due 2049 ... A1

US$ 25.25M 6.01% Cl. G PASS-THRU CTFS due 2049 ... A3

US$ 10.82M 5.24% Cl. N PASS-THRU CTFS due 2049 ... Ba3

US$ 14.43M 5.24% Cl. M PASS-THRU CTFS due 2049 ...Ba2

US$ 185.00M Cl. AM-FL PASS-THRU CTFS due 2049 ... Aaa

US$ 21.64M 5.24% Cl. L PASS-THRU CTFS due 2049 ... Ba1

US$ 28.86M 6.01% Cl. C PASS-THRU CTFS due 2049 ... Aa2

US$ 32.46M 6.01% Cl. B PASS-THRU CTFS due 2049 ... Aa1

US$ 32.46M 6.01% Cl. D PASS-THRU CTFS due 2049 ... Aa3

US$ 32.46M 6.01% Cl. K PASS-THRU CTFS due 2049 ... Baa3

US$ 36.07M 6.01% Cl. H PASS-THRU CTFS due 2049 ... Baa1

US$ 36.07M 6.01% Cl. J PASS-THRU CTFS due 2049 ... Baa2

US$ 103.55M 5.65% Cl. AM PASS-THRU CTFS due 2049 ... Aaa

US$ 26.50M 5.43% Cl. A-1 PASS-THRU CTFS due 2049 ... Aaa

US$ 50.00M 5.65% Cl. A-J PASS-THRU CTFS due 2049 ... Aaa

US$ 55.70M 6.01% Cl. A-3 PASS-THRU CTFS due 2049 ... Aaa

US$ 160.40M 5.81% Cl. A-2 PASS-THRU CTFS due 2049 ... Aaa

US$ 64.79M 6.01% Cl. A-AB PASS-THRU CTFS due 2049 ... Aaa

US$ 1454.92M 6.01% Cl. A-4 PASS-THRU CTFS due 2049 ... Aaa

US$ 257.56M 6.01% Cl. A-1A PASS-THRU CTFS due 2049 ...Aaa

CWABS Asset-Backed Certificates Trust 2007-12

US$ 0.00M Cl. A-R PASS-THRU CTFS due 2007 ... Aaa

US$ 10.95M Cl. M-7 PASS-THRU CTFS due 2038 ... A3

US$ 21.17M Cl. M-5 PASS-THRU CTFS due 2037 ... A1

US$ 25.55M Cl. M-6 PASS-THRU CTFS due 2038 ... A2

US$ 18.25M Cl. M-4 PASS-THRU CTFS due 2037 ... Aa3

US$ 7.30M Cl. M-9 PASS-THRU CTFS due 2038 ... Baa2

US$ 13.14M Cl. M-8 PASS-THRU CTFS due 2038 ... Baa1

US$ 8.19M Cl. 1-M-2 PASS-THRU CTFS due 2037 ... Aa1

US$ 12.41M Cl. 1-M-1 PASS-THRU CTFS due 2037 ... Aa1

US$ 15.90M Cl. 2-M-2 PASS-THRU CTFS due 2037 ... Aa1

US$ 22.09M Cl. 1-M-3 PASS-THRU CTFS due 2037 ... Aa2

US$ 24.09M Cl. 2-M-1 PASS-THRU CTFS due 2037 ... Aa1

US$ 42.88M Cl. 2-M-3 PASS-THRU CTFS due 2037 ... Aa2

US$ 55.71M Cl. 1-A-2 PASS-THRU CTFS due 2037 ... Aaa

US$ 73.47M Cl. 2-A-4 PASS-THRU CTFS due 2037 ... Aaa

US$ 84.38M Cl. 2-A-2 PASS-THRU CTFS due 2031 ... Aaa

US$ 171.50M Cl. 2-A-3 PASS-THRU CTFS due 2035 ... Aaa

US$ 247.94M Cl. 2-A-1 PASS-THRU CTFS due 2029 ... Aaa

US$ 501.42M Cl. 1-A-1 PASS-THRU CTFS due 2037 ... Aaa

Coventry Health Care, Inc.

US$ SHELF due 2010 ... (P)Ba1

US$ 300.00M SR NOTES due 2014 ... Ba1

Imexbank JSCB

UAH BANK DEPOSIT RATING ... B3

UAH BANK DEPOSIT RATING ... NP

BANK FINANCIAL STRENGTH RATING ... E+

UAH BANK DEPOSIT RATING ... Baa3.ua

Frgn.Cur. BANK DEPOSIT RATING ... B3

Frgn.Cur. BANK DEPOSIT RATING ... NP

Merrill Lynch Mortgage Investors Trust, Series MLCC 2007-3

US$ 3.64M Cl. I-A-2 PASS-THRU CTFS due 2037 ... Aaa

US$ 32.75M Cl. I-A-1 PASS-THRU CTFS due 2037 ... Aaa

US$ 20.96M Cl. II-A-2 PASS-THRU CTFS due 2037 ... Aaa

US$ 3.82M Cl. III-A-2 PASS-THRU CTFS due 2037 ... Aaa

US$ 188.63M Cl. II-A-1 PASS-THRU CTFS due 2037 ... Aaa

US$ 34.40M Cl. III-A-1 PASS-THRU CTFS due 2037 ... Aaa

ServiceMaster Company (The)

SPECULATIVE GRADE LIQUIDITY RATINGS ... SGL-2

Transnet Limited

Rand 30000.00M SOUTH AFRICAN MTN/CP PROGRAM ... (P)A2

Rand 30000.00M SOUTH AFRICAN MTN/CP PROGRAM ... (P)A3

Rand 30000.00M SOUTH AFRICAN MTN/CP PROGRAM ... (P)P-1

UBS AG, Jersey Branch - eLevate Series 2007-2

EUR 2.10M Ser. 4921 FLT RT INDEX LKD EURO MTNS due 2009 ... Aaa

EUR 15.00M 1.00% Ser. 4764 CONV INDEX LINKED EMTNS due 2010 ...
Aaa

EUR 75.00M Adjustable Spread Leveraged No COLL NOTES due 2027 ...
Aa3

                    WITHDRAWALS

ARAMARK Services, Inc.

BACKED Subordinate Shelf ... Formerly (P)B3

BACKED Senior Unsec. Shelf ... Formerly (P)B3

Aramark Corporation (Old)

Subordinate Shelf ... Formerly (P)B3

Senior Unsec. Shelf ... Formerly (P)B3

CROWN CLO 2002-1

STRUCT. Senior Secured ... Formerly Aa2

STRUCT. Senior Subordinate ... Formerly A1

STRUCT. Senior Subordinate ... Formerly Ba1

STRUCT. Senior Subordinate ... Formerly Baa2

Citadel Hill 2000 Ltd.

STRUCT. Senior Secured ... Formerly Aaa

STRUCT. Senior Subordinate ... Formerly A1

STRUCT. Senior Subordinate ... Formerly Ba3

Clearwater Funding CBO 98-A LLC

STRUCT. Senior Secured ... Formerly Aaa

STRUCT. Senior Subordinate ... Formerly B3

First Dominion Funding II

STRUCT. Subordinate ... Formerly Ba3

STRUCT. Senior Secured ... Formerly Aaa

STRUCT. Senior Subordinate ... Formerly A3

STRUCT. Senior Subordinate ... Formerly Baa2

Julia CDO, Ltd.

STRUCT. Subordinate ... Formerly Baa3

STRUCT. Senior Secured ... Formerly Aa3

STRUCT. Senior Subordinate ... Formerly A2

Special Value Absolute Return Fund, LLC

STRUCT. Senior Subordinate ... Formerly A2

Stanfield Arbitrage CDO, Ltd.

STRUCT. Subordinate ... Formerly Baa2

STRUCT. Subordinate ... Formerly Ba3

STRUCT. Senior Secured ... Formerly Aaa

STRUCT. Senior Subordinate ... Formerly A1

Stockhorn CDO, Limited

STRUCT. Subordinate ... Formerly Baa1

STRUCT. Senior Secured ... Formerly Aaa

STRUCT. Senior Subordinate ... Formerly Aa3

Triumph Capital CBO I Ltd.

STRUCT. Subordinate ... Formerly C

STRUCT. Senior Subordinate ... Formerly Ca

                   OUTLOOK ACTIONS

Aramark Corporation (Old)

To Withdrawn ... from Never Assigned

Belarus

To Stable ... from Never Assigned

Belarus, Government of

To Stable ... from Never Assigned

Imexbank JSCB

To Stable ... from Never Assigned

Premium Asset Trust Series 2004-4

To Stable ... from Positive

Scottish Annuity & Life Ins Co (Cayman) Ltd

To Stable ... from Positive

Scottish Holdings Statutory Trust II

To Stable ... from Positive

Scottish Holdings Statutory Trust III

To Stable ... from Positive

Scottish Re (U.S.), Inc.

To Stable ... from Positive

Scottish Re Group Limited

To Stable ... from Positive

Stingray Pass-Through Trust

To Stable ... from Positive

   POS = Positive
   NEG = Negative
   DEV = Developing
   NOO = No Outlook
   RUR = Rating(s) Under Review
   (m) = Multiple outlooks with directional differences exist
         for this issuer.
   STA(m) = Stable with directional differences at the
            asset/issue level.
   NEG(m) = Negative with directional differences at the
            asset/issue level.
   POS(m) = Positive with directional differences at the
            asset/issue level.
   DEV(m) = Developing with directional differences at the
            asset/issue level.
   RWR = Ratings Withdrawn


* New Edition of Bankruptcy Litigation by Steinberg Published
-------------------------------------------------------------
An all-new edition of Bankruptcy Litigation, the highly regarded
procedural reference and authoritative case study by Irell &
Manella LLP partner Howard Steinberg, Esq., has just been
published.

Considered the most comprehensive and detailed treatment of
bankruptcy litigation, the new edition reflects, among other
things, the many changes wrought by the 2005 amendments to the
U.S. Bankruptcy Code, the most expansive changes to the Code in
over 20 years, and covers resulting trends in corporate
restructuring that are being broadly felt by both debtors and
creditors.  The book is published by Thomson West.

Given the roles of hedge and equity funds as lenders, and the
prevalence of claims trading, Mr. Steinberg said, "The ability of
a debtor to rely upon past relationships with lenders and vendors
for support during the reorganization process is rare.  Chapter 11
liquidating plans are far more common, and absent an aggressive
litigation strategy, in many cases unsecured creditors and equity
holders generally realize little, if any, recovery."

Mr. Steinberg noted that the harsher business landscape, along
with layers of new laws, necessitated a major updating of his
book, originally published in 1989.  "Given the landscape, it was
time to give a fresh look at the entire dynamic of bankruptcy
disputes," he explained.

Expanded to 17 chapters from 14 in the first edition, and with
more than 900 new sections, Bankruptcy Litigation remains a
practical resource for those engaged in bankruptcy-induced
litigation, conceived by an "in-the-trenches" practitioner who is
a nationally recognized authority in the field.  There are scores
of topics that are not addressed in any other treatise.  Gaps in
the statutes and case law are highlighted in topics such as
jurisdiction, discovery, and injunctive relief, which can be used
to obtain tactical advantages in litigation.

As a bankruptcy litigator, Mr. Steinberg's record is unblemished.  
In the many cases he has brought to trial, he has never lost,
including winning a $36 million judgment in July 2007.

For the second edition, Mr. Steinberg worked with a few
co-authors, including Irell & Manella partner Roy Geiger, who
contributed the chapter on fraudulent transfer litigation.

Bankruptcy Litigation has become a classic in its field since its
initial publication in 1989.  In the intervening years, Mr.
Steinberg has written annual supplements, as well as contributed
journal articles and chapters to other works -- all focusing on an
area of law that, he says, "is being defined all the time in
greater detail."  A sought-after lecturer on bankruptcy and
restructuring, Mr. Steinberg has also taught at UCLA's Anderson
School of Management.

The recently released 2007 Chambers USA guide, which ranks
attorneys and law firms based on objective research criteria as
well as peer commentary, credited Mr. Steinberg's long-lasting
success to his "remarkable skill set" as well as his "creativity
and bankruptcy litigation expertise."  In his career he has
represented the full spectrum of parties to bankruptcies,
including debtors, creditors' committees, trustees, and secured
and unsecured creditors, among others.

In addition to revisions covering law and procedure, and updated
case citations, Bankruptcy Litigation's second edition has a new
format: its binder design will allow future supplements to be more
easily inserted into each volume, and even entire chapters to be
replaced as revisions are issued.

Bankruptcy Litigation is roughly divided into two sections.  The
first, encompassing chapters one through nine, covers procedural
issues common to virtually all bankruptcy proceedings.  

They are:

   -- Jurisdiction,
   -- Venue,
   -- Service of Process Discovery,
   -- Adversary Proceedings,
   -- Contested Matters,
   -- Injunctive Relief,
   -- Bankruptcy Court Trials, and
   -- Appeals.

The second part, covered in chapters 10 through 17, addresses
frequently litigated subject areas.  The final three chapters are
new and exclusive to the second edition.

Chapters 10-17 are entitled:

   -- Proof of Claim Litigation,
   -- Litigating Involuntary Bankruptcy Petitions,
   -- Litigating Relief from Stay Actions,
   -- Dischargeability of Debt Litigation,
   -- Denial of Discharge Litigation,
   -- Strategies and Tactics for Creditors' Committees,
   -- Preferences, and
   -- Litigating Fraudulent Conveyance

No other book offers such detailed coverage of bankruptcy
litigation topics.  In keeping with Mr. Steinberg's desire that
the volumes remain "case intensive," this book cites thousands of
cases - majority and minority opinions, including those from his
own experience - from substantive, procedural and tactical
viewpoints.  Mr. Steinberg said that some bankruptcy court
decisions clarify the law while others obfuscate it, adding that
"uncertainty has settlement value."

Bankruptcy Litigation is rounded out by a Table of Laws and Rules,
a Table of Cases, and an index.

Mr. Steinberg earned his JD in 1979 from Boston College Law
School, where he was editor of the Uniform Commercial Code
Reporter Digest. He graduated in 1976 with a BA, magna cum laude,
from the University of Massachusetts, where he was a member of Phi
Beta Kappa.

Irell & Manella LLP -- http://www.irell.com/-- is a full service  
law firm with approximately 220 attorneys in offices in Los
Angeles and Newport Beach, Calif.  Founded in 1941, Irell is
nationally recognized for its tax, entertainment, intellectual
property, corporate and litigation practices.  Chambers Global
named Irell the number 1 U.S. law firm for intellectual property
in 2005 and 2006.  The firm's clients include Fortune 500
corporations, universities, and leading-edge entrepreneurial
companies in aviation, life sciences and medical devices,
telecommunications, gaming, finance, technology and consumer
electronics, and entertainment.


* BOOK REVIEW: Corporate Debt Capacity: A Study of Corporate Debt
              Policy and the Determination of Corporate Debt
              Capacity                                            
-----------------------------------------------------------------
Author:     Gordon Donaldson
Publisher:  Beard Books
Paperback:  312 pages
List Price: $34.95

Order your personal copy at
http://www.amazon.com/exec/obidos/ASIN/1587980347/internetbankrupt

This book is an important book for corporate financial planners
and managers to assist in determining debt financing and the
establishment of borrowing limits.

This study focuses on how a company determines the wise and proper
limitation to borrowing, i.e., the appraisal of risk associated
with debt financing and the establishment of borrowing limits.

It shows how successful industrial corporations make the choice
between debt and equity as the source of long-term capital.  

The determination of debt capacity is the appropriate limit to the
amount of long-term debt outstanding at any point of time.

The author explores how the process of making this decision may be
improved.

                             *********

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 ***