TCR_Public/070903.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

            Monday, September 3, 2007, Vol. 11, No. 208

                             Headlines

AIMS WORLDWIDE: June 30 Balance Sheet Upside Down by $2.5 Million
AMERIQUAL GROUP: Declining Earnings Cue S&P to Revise Outlook
AMACORE GROUP: June 30 Balance Sheet Upside-Down by $291,522
ARMENIA REALESTATE: Case Summary & Largest Unsecured Creditor
ASSET BACKED: Fitch Junks Rating on $7.4MM Class M11 Certificates

AVENTINE HILL: Moody's Rates $12.4 Million Class I Notes at Ba3
BIC PHO: Case Summary & 20 Largest Unsecured Creditors
CAREY INT'L: Moody's Downgrades Corporate Family Rating to Caa2
CAROLINA CARE: A.M. Best Affirms "C" Financial Strength Rating
CET SERVICES: Posts $745,299 Net Loss in Quarter Ended June 30

CHARLES PAYNE: Voluntary Chapter 11 Case Summary
CLYDESDALE CLO: Moody's Rates $11 Million Class D Notes at Ba2
COMMODORE APPLIED: June 30 Balance Sheet Upside-Down by $13.3 Mil.
CWALT INC: Fitch Assigns Low-B Ratings on Two Certificate Classes
CWMBS INC: Fitch Puts Low-B Ratings on Two Certificate Classes

CWMBS INC: Fitch Rates $879,000 Class B-4 Certificates at "B"
DANA CORPORATION: Files Plan of Reorganization in New York
DEL MONTE: Fitch Affirms Ratings and Revises Outlook to Stable
DELPHI CORP: Settles Class Action Lawsuits with Lead Plaintiffs
ENHANCED MORTGAGE: Moody's Junks Rating on $20MM Class A-3 Notes

EUROFRESH INC: Weak Performance Cues S&P to Cut Ratings to "CCC"
EXCO RESOURCES: Moody's Confirms "B2" Corporate Family Rating
FASTFUNDS FINANCIAL: June 30 Balance Sheet Upside-Down by $2.2 M.
FIRST MAGNUS: Countrywide Objects to Use of Cash Collateral
FLATIRON CLO: Moody's Rates $11.5 Million Class E Notes at Ba2

FONIX CORP: June 30 Balance Sheet Upside-Down by $54.4 Million
FRANKLIN CLO: Moody's Rates $11.5 Million Class E Notes at Ba2
GALE FORCE: Diminishing Cash Flow Risks Cue Moody's "Ba2" Rating
GERDAU AMERISTEEL: Commences Tender Offer to Buy Chaparral's Notes
GOLDENTREE LOAN: Moody's Rates $25.4 Million Class E Notes at Ba2

GULF STREAM: Cash Flow Diminishment Prompts Moody's "Ba2" Rating
HARBORVIEW MORTGAGE: Fitch Lowers Rating on Class B-4 Certs. to B
ICE 1: Cash Flow Diminishment Prompts Moody's to Put "Ba2" Rating
ING INVESTMENT: Moody's Rates $10 Million Class D Notes at Ba2
IRWIN MORTGAGE: Fitch Holds BB+ Rating on Class 2B-1 Certs.

JP MORGAN: Fitch Assigns B- Rating on $40.7 Mil. Class T Certs.
JP MORGAN: Fitch Puts Low-Ratings on 12 Certificate Classes
KENATA CORP: Case Summary & Largest Unsecured Creditor
KENTUCKY NATIONAL: A.M. Best Holds "C" Financial Strength Rating
LB-UBS COMM: Fitch Assigns Low-B Ratings on Six Cert. Classes

LEINER HEALTH: Moody's Junks Corporate Family Rating
LOTS WAKO: Hires Reinwald O'Connor as General Bankruptcy Counsel
LOTS WAKO: Wants Interim Use of Lender's Cash Collateral
MEASURETEC BUILDERS: Case Summary & 20 Largest Unsecured Creditors
MERRILL LYNCH: Moody's Rates $23 Million Class E Notes at "Ba2"

MERRILL LYNCH: S&P Rates CDN $1.274 Million Class L Certs. at "B-"
MSIM PECONIC: Moody's Ba2 Rating Points to Diminishing Cash Flow
MUSHLAND I: Case Summary & Three Largest Unsecured Creditors
NALCO CO: Fitch Affirms "B" Issuer Default Rating
NATHANIEL ENERGY: June 30 Balance Sheet Upside-Down by $650,657

NATIONWIDE HEALTH: Fitch Affirms BB+ Preferred Stock Rating
NEXIA HOLDINGS: June 30 Balance Sheet Upside-Down by $911,846
OM GROUP: S&P Lifts Corporate Credit Rating to BB- from B+
OTTIMO FUNDING: S&P Puts Junk Rating Under Negative CreditWatch
PAN AMERICAN: Section 341(a) Meeting Scheduled on September 18

PAN AMERICAN: Wants Court to Approve E.P Bud Kirk as Attorney
PANGAEA CLO: Moody's Rates $15 Million Class D Notes at Ba2
PARKER PROFESSIONAL: Voluntary Chapter 11 Case Summary
POPULAR INC: To Purchase Smith Barney's Broker-Dealer Operations
POWERLINX INC: June 30 Balance Sheet Upside-Down by $3.1 Million

RESIDENTIAL FUNDING: Fitch Rates $2.489MM Class B-1 Certs. at BB
RINKER BOAT: Moody's Holds "Caa1" Corporate Family Rating
SANTA ROSA: Moody's Cuts Rating on S. 1996 Revenue Bonds to "B2"
SOUNDVIEW HOME: Fitch Takes Rating Actions on Various Classes
ST. JAMES RIVER: Diminishing Cash Flow Spurs Moody's Ba2 Rating

STRUCTURED ASSET: Fitch Rates $4.32 Mil. Class B2 Certs. at BB
SUPERIOR SEALING: Case Summary & 10 Largest Unsecured Creditors
SYMPHONY CLO: Moody's Puts Ba2 Rating on $13 Million Cl. E Notes
SYROCO INC: Committee Retains Pillsbury Winthrop as Counsel
SYROCO INC: Committee Hires A. Bini-del Valle as Local Attorney

SYROCO INC: Committee Wants Invotex Group as Financial Advisor
T2 INCOME: Moody's Rates $12 Million Class E Notes at Ba2
TELECONNECT INC: June 30 Balance Sheet Upside Down by $6 Million
TERRA ENERGY: Post $756,668 Net Loss in Quarter Ended June 30
TIFFANY & CO: Earns $37 Million in Second Quarter Ended July 31

TIMBERON WATER: Voluntary Chapter 9 Case Summary
TRANSAX INT'L: June 30 Balance Sheet Upside Down by $3.4 Million
TROPICANA ENTERTAINMENT: Moody's Cuts Corp. Family Rating to "B2"
US ALTERNATIVE-A: S&P Downgrades Ratings on 13 Loan Classes
UWINK INC: July 3 Balance Sheet Upside-Down by $2.0 Million

VERTICAL COMPUTER: June 30 Balance Sheet Upside-Down by $18.7 Mil.
WATERFRONT CLO: Moody's Rates $10.5 Million Class D Notes at Ba2
WELLS FARGO: Fitch Affirms B Rating on $843,000 Class B-5 Certs.
WESLEY SUTER: Case Summary & 14 Largest Unsecured Creditors
WOLVERINE TUBE: Equity Rights Offering Cues Moody's Ratings Review

* BOND PRICING: For the Week of August 27 -- September 1, 2007

                             *********

AIMS WORLDWIDE: June 30 Balance Sheet Upside Down by $2.5 Million
-----------------------------------------------------------------
AIMS Worldwide Inc. delivered its financial results for the
quarter ended June 30, 2007, to the Securities and Exchange
Commission on Aug. 20, 2007.

At June 30, 2007, the company's balance sheet showed $2,240,693
in total assets, $4,816,926 in total liabilities resulting in a
$2,576,233 stockholders' deficit.

The company reported a $807,219 net loss on $26,223 revenue for
the three months ended June 30, 2007, compared with a $241,467 net
loss on $322,165 revenue for the three months ended June 30, 2006.

The company's consolidated balance sheet at June 30, 2007, also
showed strained liquidity with $443,778 in total current assets
available to pay $4,816,926 in total current liabilities.

A full-text copy of the regulatory filing is available for free
at

http://sec.gov/Archives/edgar/data/1094363/000107878207000859/aims10qsb0607.htm

                       Going Concern Doubt

Cordovano and Honeck LLP expressed substantial doubt about AIMS
Worldwide's ability to continue as a going concern after it
audited the company's financial statements for the year ended
Dec. 31, 2006 and 2005.  The auditing firm pointed to the
company's net operating losses.  Furthermore, the company relies
on outside sources of working capital to meet current obligations
and intends to sell its assets to complete its business plan.

                       About AIMS Worldwide

Headquartered in Tarpon Springs, Florida, AIMS Worldwide Inc.
(OTCBB: AMWW) -- http://www.aimsworldwide.com/-- is a marketing  
communications consultancy company.  The company provides media
and marketing communications services throughout the United
States.


AMERIQUAL GROUP: Declining Earnings Cue S&P to Revise Outlook
-------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
AmeriQual Group LLC to negative from stable.  At the same time,
Standard & Poor's affirmed its ratings, including the 'B+'
corporate credit rating, on the military ration provider.
      
"The outlook revision reflects declining earnings and
deteriorating credit protection measures as a result of lower
military sales," said Standard & Poor's credit analyst Christopher
DeNicolo.  Sales declined 7% in the first half of 2007, because of
lower demand for AmeriQual's two main military ration products,
Meals-Ready to Eat and Unitized Group Ration-A (UGR[A]).  A higher
proportion of less profitable commercial sales and lower prices
under the most recent MRE contract have resulted in operating
margins declining to less than 10% for the 12 months ending
June 30, 2007, from more than 15% in the same period ending in
2006.  As a consequence, credit protection measures have
deteriorated, with funds from operations to debt now less than 5%,
down from 15%, and debt to EBITDA above 5x, up from 3.3x.  

Although modest improvement is possible as new commercial and
military products ramp up, S&P expect financial ratios to remain
weak.  Liquidity is likely to be adequate with break-even free
cash flow and more than $30 million of revolver availability.  
There are no material debt maturities until 2012, but the next
$5 million interest payment on the secured notes is due Oct. 1.  
The company has adequate cushion under the senior leverage
covenant in its credit facility.
     
The ratings on AmeriQual reflect its limited product diversity,
modest revenue base, and high debt levels, offset somewhat by its
position as a leading provider of field rations to the U.S.
military (approximately 70% of sales).  In addition, the company
manufactures shelf-stable food products for leading branded food
companies and a emergency ration for nonmilitary use (30%).
     
AmeriQual is one of three approved providers of MREs, an
individual field ration, with a leading market share of about 40%.  
AmeriQual also assembles the UGR(A), which comprises all of the
ingredients necessary to feed 50 soldiers.
     
Lower demand for military products, especially MREs, is likely to
result in weak credit protection measures in the near term.  S&P
could lower the ratings if higher sales and earnings from
commercial contracts and new military products do not result in
strengthening credit protection measures.  S&P could revise the
outlook to stable if military demand recovers and the company
restores key financial ratios to more appropriate levels.


AMACORE GROUP: June 30 Balance Sheet Upside-Down by $291,522
------------------------------------------------------------
The Amacore Group Inc.'s consolidated balance sheet at June 30,
2007, showed $3.9 million in total assets and $4.2 million in
total liabilities, resulting in a $291,522 total stockholders'
deficit.

The company's consolidated balance sheet at June 30, 2007, also
showed strained liquidity with $3.7 million in total current
assets available to pay $4.1 million in total current liabilities.

The company reported a net loss of $1.1 million on sales of
$432,590 for the second quarter ended June 30, 2007, compared with
a net loss of $314,310 on sales of $90,195 for the comparable
period in 2006.

For the six months ended June 30, 2007, net loss was $6.0 million
on sales of $592,457, compared with a net loss of $1.2 million on  
sales of $157,111 for the same period in 2006.

The increase in sales is the direct result of the company's  
initiating a new website development and design, completing
enrollment capabilities for its marketing partners, and adding new
members during the 2nd quarter of 2007.  

The increase in net loss for the six monhts ended June 30, 2007,
is mainly due to increases in salaries and professional/consulting
expenses.  In addition, the company recorded derivative instrument
income of $468,892 for the first six months ended June 30, 2006,
absent in 2007.  These were partly offset by a decrease in
interest expense.

Salaries and related expenses for the six months ended June 30,
2007, of $3.5 million increased $2.9 million over the same period
of 2006 due to including fair market value of shares/warrants,
totaling $2.7 million, issued to the officers and directors of the
company as well as adding new employees during the six month
period ended June 30, 2007.

Professional/consulting fees for the six months ended June 30,
2007 were $2.1 million, an increase of $1.9 million over $171,719
during the same period in 2006.  The increase was primarily the
result of the company hiring more consultants during the current
year.

Interest expense for the six months ended June 30, 2007, was  
$113,851, a decrease of $168,318 compared to $282,169 at June 30,
2006.  

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2007, are available for
free at
http://www.sec.gov/Archives/edgar/data/949394/000118811207002593/t
15377_10qsb.htm

                       Going Concern Doubt

The Amacore Group has sustained operating losses in recent years.  
At June 30, 2007, the Amacore Group had negative working capital
of approximately $376,900.  For the six monhts ended June 30,
2007, the compnay incurred a net loss of $6.0 million and has
incurred substantial losses in previous years resulting in an
accumulated deficit of approximately $61.4 million.  These factors
raise substantial doubt about the ability of The Amacore Group to
continue as a going concern.

                     About The Amacore Group

Headquartered in Tampa, Fla., The Amacore Group Inc. (OTC BB:
ACGI.OB) -- http://www.amacoregroup.com/-- provides health-
related membership programs, insurance programs, and other
healthcare solutions to families, individuals, small and large
employer groups, and association markets through a wide array of
products, benefits and services.


ARMENIA REALESTATE: Case Summary & Largest Unsecured Creditor
-------------------------------------------------------------
Debtor: Armenia Realestate Ventures, L.L.C.
        P.O. Box 1258
        Lutz, FL 33548

Bankruptcy Case No.: 07-07886

Type of business: The Debtor is engaged in the real estate
                  business.

Chapter 11 Petition Date: August 30, 2007

Court: Middle District of Florida (Tampa)

Judge: Paul M. Glenn

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

Estimated Assets: $1,203,466

Estimated Debts:    $802,675

Debtor's Largest Unsecured Creditor:

   Entity                      Nature of Claim       Claim Amount
   ------                      ---------------       ------------
World Trend Communications     real property              $10,000
118 East Tarpon Avenue,        
Suite 203
Tarpon Springs, FL 34689


ASSET BACKED: Fitch Junks Rating on $7.4MM Class M11 Certificates
-----------------------------------------------------------------
Fitch Ratings has taken these rating actions on Asset Backed
Securities Corporation mortgage pass-through certificates.  
Affirmations total $2.5 billion and downgrades total $86 million.  
Break Loss percentages and Loss Coverage Ratios for each class,
rated B or higher, are included with the rating actions as:

ABSC 2006-HE1
  -- $471.2 million class A affirmed at 'AAA' (BL: 45.31, LCR:
     3.75);
  -- $43.5 million class M1 affirmed at 'AA+' (BL: 39.33, LCR:
     3.25);
  -- $40.2 million class M2 affirmed at 'AA' (BL: 31.41, LCR:
     2.6);
  -- $28 million class M3 affirmed at 'AA-' (BL: 29.08, LCR:
     2.4);
  -- $19.2 million class M4 affirmed at 'A+' (BL: 26.75, LCR:
     2.21);
  -- $19.2 million class M5 affirmed at 'A' (BL: 24.09, LCR:
     1.99);
  -- $17 million class M6 affirmed at 'A-' (BL: 21.67, LCR:
     1.79);
  -- $18.1 million class M7 affirmed at 'BBB+' (BL: 19.02, LCR:
     1.57);
  -- $13.2 million class M8 affirmed at 'BBB' (BL: 17.06, LCR:
     1.41);
  -- $12.1 million class M9 affirmed at 'BBB-' (BL: 15.21, LCR:
     1.26);
  -- $12.1 million class M10 affirmed at 'BB+' (BL: 13.08, LCR:
     1.08);
  -- $8.2 million class M11 affirmed at 'BB' (BL: 11.65, LCR:
     0.96).
  
Deal Summary
  -- Originators: 100% Aegis Mortgage Corporation
  -- 60+ day Delinquency: 18.34%;
  -- Realized Losses to date (% of Original Balance): 0.70%;
  -- Expected Remaining Losses (% of Current Balance): 12.09%;
  -- Cumulative Expected Losses (% of Original Balance): 8.72%.

ABSC 2006-HE2
  -- $349.9 million class A affirmed at 'AAA' (BL: 40.74, LCR:
     3.08);
  -- $36.1 million class M1 affirmed at 'AA+' (BL: 33.57, LCR:
     2.54);
  -- $23.8 million class M2 affirmed at 'AA' (BL: 28.23, LCR:
     2.14);
  -- $14.1 million class M3 affirmed at 'AA-' (BL: 25.45, LCR:
     1.93);
  -- $13 million class M4 affirmed at 'A+' (BL: 22.88, LCR:
     1.73);
  -- $12.6 million class M5 affirmed at 'A' (BL: 20.38, LCR:
     1.54);
  -- $11.5 million class M6 downgraded to 'BBB+' from 'A-' (BL:
     18.06, LCR: 1.37);
  -- $10.8 million class M7 downgraded to 'BBB-' from 'BBB+' (BL:
     15.76, LCR: 1.19);
  -- $5.5 million class M8 downgraded to 'BB+' from 'BBB' (BL:
     14.41, LCR: 1.09);
  -- $5.5 million class M9 downgraded to 'BB' from 'BBB-' (BL:  
     12.82, LCR: 0.97);
  -- $5.9 million class M10 downgraded to 'B+' from 'BB+' (BL:
     11.19, LCR: 0.85);
  -- $7.4 million class M11 downgraded to 'CCC' from 'BB' (BL:
     9.52, LCR: 0.72).
  
Deal Summary
  -- Originators: 100% New Century
  -- 60+ day Delinquency: 19.39%;
  -- Realized Losses to date (% of Original Balance): 0.42%;
  -- Expected Remaining Losses (% of Current Balance): 13.21%;
  -- Cumulative Expected Losses (% of Original Balance): 9.39%.

ABSC 2006-HE3
  -- $431.2 million class A affirmed at 'AAA' (BL: 43.59, LCR:
     4.48);
  -- $70.4 million class M1 affirmed at 'AA' (BL: 30.11, LCR:
     3.1);
  -- $19.3 million class M2 affirmed at 'AA' (BL: 26.61, LCR:
     2.74);
  -- $16.4 million class M3 affirmed at 'AA-' (BL: 24.02, LCR:
     2.47);
  -- $15.4 million class M4 affirmed at 'A+' (BL: 21.58, LCR:
     2.22);
  -- $13.9 million class M5 affirmed at 'A' (BL: 19.33, LCR:
     1.99);
  -- $13.5 million class M6 affirmed at 'BBB+' (BL: 17.10, LCR:
     1.76);
  -- $11.5 million class M7 affirmed at 'BBB' (BL: 15.16, LCR:
     1.56);
  -- $6.7 million class M8 affirmed at 'BBB-' (BL: 11.56, LCR:
     1.19);
  -- $4.8 million class M9 affirmed at 'BBB-' (BL: 10.85, LCR:
     1.12);
  -- $9.6 million class M10 affirmed at 'BB+' (BL: 9.42, LCR:
     0.97);
  -- $7.7 million class M11 downgraded to 'BB-' from 'BB' (BL:
     8.65, LCR: 0.89).
  
Deal Summary
  -- Originators: 100% Option One;
  -- 60+ day Delinquency: 13.53%;
  -- Realized Losses to date (% of Original Balance): 0.25%;
  -- Expected Remaining Losses (% of Current Balance): 9.72%;
  -- Cumulative Expected Losses (% of Original Balance): 6.64%.

ABSC 2006-HE6
  -- $558.6 million class A affirmed at 'AAA' (BL: 38.41, LCR:
     3.68);
  -- $50.7 million class M1 affirmed at 'AA+' (BL: 27.90, LCR:
     2.67);
  -- $42 million class M2 affirmed at 'AA' (BL: 24.84, LCR:
     2.38);
  -- $15.9 million class M3 affirmed at 'AA-' (BL: 23.35, LCR:
     2.24);
  -- $18.8 million class M4 affirmed at 'A+' (BL: 21.45, LCR:
     2.05);
  -- $16.9 million class M5 affirmed at 'A' (BL: 19.26, LCR:
     1.84);
  -- $11.1 million class M6 affirmed at 'A-' (BL: 17.76, LCR:
     1.7);
  -- $11.5 million class M7 affirmed at 'A-' (BL: 16.04, LCR:
     1.54);
  -- $8.6 million class M8 affirmed at 'BBB+' (BL: 14.65, LCR:
     1.4);
  -- $11.5 million class M9 affirmed at 'BBB' (BL: 12.71, LCR:
     1.22);
  -- $14.4 million class M10 downgraded to 'BB' from 'BB+' (BL:
     10.37, LCR: 0.99);
  -- $13 million class M11 downgraded to 'B+' from 'BB' (BL:
     8.61, LCR: 0.82).
  
Deal Summary
  -- Originators: 52.84% Nationstar Mortgage, 47.16% Ameriquest;
  -- 60+ day Delinquency: 9.27%;
  -- Realized Losses to date (% of Original Balance): 0.01%;
  -- Expected Remaining Losses (% of Current Balance): 10.44%;
  -- Cumulative Expected Losses (% of Original Balance): 8.58%.

In addition, these classes are removed from Rating Watch Negative:

  -- Class M11(from series 2006-HE2).

The rating actions are based on changes that Fitch has made to its
subprime loss forecasting assumptions.  The updated assumptions
better capture the deteriorating performance of pools from 2006
and late 2005 with regard to continued poor loan performance and
home price weakness.


AVENTINE HILL: Moody's Rates $12.4 Million Class I Notes at Ba3
---------------------------------------------------------------
Moody's Investors Service assigned these ratings to Notes issued
by Aventine Hill CDO I, Ltd:

-- Aaa to the $38,600,000 Class X Senior Secured Fixed Rate Notes
    Due 2014;

-- Aaa to the $414,000,000 Class A1S Variable Funding Senior
    Secured Floating Rate Notes Due 2047;

-- Aaa to the $111,000,000 Class A1J Senior Secured Floating Rate
    Notes Due 2047;

-- Aa2 to the $96,750,000 Class A2 Senior Secured Floating Rate
    Notes Due 2047;

-- A2 to the $39,000,000 Class A3 Secured Deferrable Interest
    Floating Rate Notes Due 2047;

-- Baa2 to the $28,500,000 Class B1 Mezzanine Secured Deferrable
    Interest Floating Rate Notes Due 2047;

-- Baa3 to the $19,500,000 Class B2 Mezzanine Secured Deferrable
    Interest Floating Rate Notes Due 2047; and

-- Ba3 to the $12,375,000 Class I Subordinated Notes Due 2047.

The Moody's ratings of the notes address the ultimate cash receipt
of all required interest and principal payments, as provided by
the notes' governing documents, and are based on the expected loss
posed to noteholders, relative to the promise of receiving the
present value of such payments.

The ratings reflect the risks due to the diminishment of cash flow
from the underlying portfolio consisting of Mezzanine RMBS
Securities, CMBS Securities, CDO Securities and other Asset-Backed
Securities and Synthetic Securities due to defaults, the
transaction's legal structure and the characteristics of the
underlying assets.

FSI Capital, LLC will manage the selection, acquisition and
disposition of collateral on behalf of the Issuer.


BIC PHO: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------
Debtor: Bic Pho
        dba Paramount Funding
        aka Bick Pho
        dba Century 21 Ruby
        aka Bich Pho
        aka Bick D Pho
        aka Bic D Pho
        dba Real Estate Academy
        dba Mariposa Mortgage
        dba Century 21 Su Casa
        aka Bich D Pho
        4221 Chaboya Hills Court
        San Jose, CA 95148

Bankruptcy Case No.: 07-52664

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

Chapter 11 Petition Date: August 29, 2007

Court: Northern District of California (San Jose)

Judge: Arthur S. Weissbrodt

Debtor's Counsel: Charles E. Logan, Esq.
                  95 South Market Street, Suite 660
                  San Jose, CA 95113
                  Tel: (408) 995-0256

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
   ------                      ---------------       ------------
Century 21 Corporation         Personal Guaranty       $1,900,000
633 West Fifth Street,
Suite 4900
Los Angeles, CA 90071

Genrieta Yevdayeva             Loan                      $933,000
2032 Kirkham Street
San Francisco, CA 94122

Shawn Parr                     Attorney fees             $500,000
150 Almaden Boulevard,
Suite 1380
San Jose, CA 95113

G.M.A.C. Corporate Office      Personal Guaranty         $400,000
2021 Spring Road, Suite 300
Oak Brook, IL 60523

Heng Veng Te                   Personal loan             $300,000
3209 Delta Rd
San Jose, CA 95135

NEC Financials                 Phone system              $300,000
300 Frank W. Burr Boulevard    financing
Teaneck, NJ 07666

Miriam Cuevas                  Loan                      $150,000

Fox Sports Networks            Advertising fee           $113,000

Pennysaver                     Advertising fee           $104,000

Telemundo                      Television                 $90,000
                               advertising

Market Share/Leonard & Co.     Advertising fee            $90,000

Print-Cal                      Materials (paint)          $84,000

Gracie Lopez                   Loan                       $60,000

Citi Advantage                 Credit card                $43,189

State Fund                     Insurance                  $40,394

Iris Lopez                     Loan                       $40,000

Lillian Pagoada                Loan                       $40,000

Luis Calleja                   Loan                       $50,000

Mainstreet Media               Advertising fee            $39,000

C.B.S. Outdoors                Advertising fee            $38,000


CAREY INT'L: Moody's Downgrades Corporate Family Rating to Caa2
---------------------------------------------------------------
Moody's Investors Service downgraded all of the credit ratings of
Carey International, Inc. and placed the ratings on review for
possible further downgrade.

These ratings for Carey International were downgraded and placed
on review:

-- $35 million senior secured first lien revolving credit
    facility due 2010, to B2 (LGD2, 21%) from B1 (LGD2, 22%);

-- $80 million senior secured first lien term loan B facility due
    2011, to B2 (LGD2, 21%) from B1 (LGD2, 22%);

-- $85 million senior secured second lien term loan facility due
    2012, to Caa3 (LGD5, 74%) from Caa2 (LGD5, 74%);

-- Corporate Family Rating, to Caa2 from Caa1; and

-- Probability of Default Rating, to Caa2 from Caa1.

The downgrade of the Corporate Family Rating to Caa2 from Caa1
primarily reflects the tight near-term liquidity position that the
company is facing and the uncertainty concerning its ability to
meet debt service requirements in an orderly fashion.  The company
currently has only a very modest amount of unused availability
under its senior secured revolver and could be in default of its
covenants shortly if the situation is not addressed.  The company
is currently working to alleviate its liquidity situation, the
solution for which may take several weeks.  The downgrade also
reflects weakening margins and rising leverage.  The ratings could
move downward if the company's efforts to raise equity capital is
unsuccessful and as a consequence, it defaults under its debt
obligations.

Headquartered in Washington, D.C., Carey is a leading provider of
limousine services serving 550 cities in 65 countries.  Revenues
for the year ended May 31, 2007 were about $253 million.


CAROLINA CARE: A.M. Best Affirms "C" Financial Strength Rating
--------------------------------------------------------------
A.M. Best Co. affirmed the financial strength rating of C (Weak)
and the issuer credit rating of "ccc" of Carolina Care Plan, Inc.
The ratings have been removed from under review with positive
implications and assigned a positive outlook.

Concurrently, A.M. Best withdrew the FSR and ICR and assigned a
category NR-4 (Company Request) to Carolina Care.  This is in
response to management's request that Carolina Care be removed
from A.M. Best's interactive rating process.

On May 8, 2007, Medical Mutual of Ohio announced it was acquiring
Carolina Care; and subsequently, the acquisition was approved and
finalized by the Carolina Care shareholders and the South Carolina
Department of Insurance on May 18, 2007.

The rating affirmations reflect Carolina Care's weak level of
capitalization on a risk-adjusted basis and in relation to its
level of premium income and trend of earnings decline.  In second
quarter 2007, Medical Mutual of Ohio contributed $20 million to
Carolina Care.


CET SERVICES: Posts $745,299 Net Loss in Quarter Ended June 30
--------------------------------------------------------------
CET Services Inc. reported a net loss of $745,299 on revenue of
$1.3 million for the second quarter ended June 30, 2007, compared
with net income of $8,109 on revenue of $900,689 for the
comparable period a year ago.

The sale of a commercial building and the sale of a housing unit
accounted for 94% of revenues in the current period, and the
remaining 6% of revenue arose from water services activity.  In
the second quarter of the prior year, the sale of an industrial
building and the sale of housing units accounted for 92% of
revenues.

The net loss was mainly attributable to the decrease in revenue
and a $750,000 allowance for impaired real estate, partly offset
by a gain of $147,125 from the recovery of a previously written-
off bad debt from 2001.

At June 30, 2007, the company's consolidated balance sheet showed
$3.1 million in total assets, $662,605 in total liabilities, and
$2.4 million in total stockholders equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2007, are available for
free at

http://www.sec.gov/Archives/edgar/data/944627/000103570407000623/d
49329e10qsb.htm

                       Going Concern Doubt

GHP Horwath P.C., in Denver, expressed substantial doubt about        
CET Services Inc.'s ability to continue as a going concern after
auditing the company's consolidated financial statements as of the
year ended Dec. 31, 2006.  The auditing firm reported that the
company incurred net losses of $339,000 and $397,000 during the
years ended Dec. 31, 2006 and 2005, respectively, and at Dec. 31,
2006, has notes payable of $1,410,000 due in May and June 2007.

The company reported a net loss of $923,279 for the six months
ended June 30, 2007, which includes an impairment loss related to
its real estate of $750,000, and has notes payable of $471,495 due
in June 2010.

                       About CET Services

Headquartered in Centennial, Colorado, CET Services Inc.  (OTC BB:
CETR.OB) provides environmental consulting, engineering,
remediation, and related construction activities.  It operates in
two segments: residential housing development and construction and
water/wastewater services.


CHARLES PAYNE: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: Charles Bruce Payne
        Lea Ann Payne
        330 Big Springs Lane
        Whitleyville, TN 38588

Bankruptcy Case No.: 07-06326

Chapter 11 Petition Date: August 30, 2007

Court: Middle District of Tennessee (Cookeville)

Judge: Keith M. Lundin

Debtor's Counsel: Allison E. Batts, Esq.
                  Robert James Gonzales, Esq.
                  Mglaw PLLC
                  2525 West End Avenue
                  Suite 1475
                  Nashville, TN 37203
                  Tel: (615) 846-8000
                  Fax: (615) 846-9000

Estimated Assets: $100,000 to $1 Million

Estimated Debts:  $1 Million to $100 Million

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


CLYDESDALE CLO: Moody's Rates $11 Million Class D Notes at Ba2
--------------------------------------------------------------
Moody's Investors Service assigned these ratings to Notes issued
by Clydesdale CLO 2007 Ltd:

-- Aaa to the $238,500,000 Class A-1 Floating Rate Notes Due
    2019;

-- Aa1 to the $26,500,000 Class A-2 Floating Rate Notes Due 2019;

-- Aa2 to the $19,000,000 Class A-3 Floating Rate Notes Due 2019;

-- A2 to the $18,000,000 Class B Deferrable Floating Rate Notes
    Due 2019;

-- Baa2 to the $11,000,000 Class C Deferrable Floating Rate Notes
    Due 2019; and

-- Ba2 to the $11,000,000 Class D Deferrable Floating Rate Notes
    Due 2019.

The Moody's ratings of the notes address the ultimate cash receipt
of all required interest and principal payments, as provided by
the notes' governing documents, and are based on the expected loss
posed to noteholders, relative to the promise of receiving the
present value of such payments.

The ratings reflect the risks due to the diminishment of cash flow
from the underlying portfolio consisting of Senior Secured Loans,
Second Lien Loans, and other Securities due to defaults, the
transaction's legal structure and the characteristics of the
underlying assets.

Nomura Asset Management Co. Ltd will manage the selection,
acquisition and disposition of collateral on behalf of the Issuer.


COMMODORE APPLIED: June 30 Balance Sheet Upside-Down by $13.3 Mil.
------------------------------------------------------------------
Commodore Applied Technologies Inc.'s consolidated balance sheet
at June 30, 2007, showed $1.1 million in total assets and
$14.4 million in total liabilities, resulting in a $13.3 million
total stockholders' deficit.

The company's consolidated balance sheet at June 30, 2007, also
showed strained liquidity with $742,000 in total current assets
available to pay $7.2 million in total current liabilities.

The company reported a net loss of $666,000 and an operating loss
of $467,000, on revenue of $719,000 for the second quarter ended
June 30, 2007, compared with a net loss of $494,000 and an
operating loss of $335,000, on revenue of $1.8 million for the
comparable period last year.

Revenues for the most recent quarter were primarily from
environmental remediation and scientific services performed for
the United States government under two contracts similar to those
in place in 2006.  

The decrease in revenues is primarily the result of the revision
of the Environmental Data Acquisition and Management contract by
Bechtel Jacobs Company LLC of Oak Ridge, Tenn. to a lower total
amount, due to:

   (1) BJC performing more self-assessment tasks; and

   (2) the removal of management of   subcontracted laboratory
       activities from the contract.  

The latter modification to the contract resulted in less pass-
through revenues to subcontractors, which were performed at little
or no margin to the company.  Additionally, the company has seen a
reduction of testing activities in recent quarters as government
spending has been shifted toward support of the war in Iraq and
continued recovery and rebuilding efforts resulting from Katrina
and other significant natural disasters.

The increase in net loss is mainly attributable to an increase in
operating loss and an increase in interest expense.

Interest expense increased to $199,000 for the three months ended
June 30, 2007, from $159,000 for the three months ended June 30,
2006, an increase of 25%.  

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2007, are available for
free at

http://www.sec.gov/Archives/edgar/data/1013556/000105291807000241/
commodore10qsbaug1707.htm

                       Going Concern Doubt

DeCoria, Maichel & Teague P.S., in Spokane, Washington,           
expressed substantial doubt about Commodore Applied Technologies
Inc.'s ability to continue as a going concern after auditing the
company's consolidated financial statements as of the year ended
Dec. 31, 2006.  The auditing firm pointed to the company's
negative working capital and accumulated deficit.

The company has a working capital deficit of $6.4 million and an
accumulated deficit of $82.2 million at June 30, 2007.

                     About Commodore Applied

Based in Richland, Washington, Commodore Applied Technologies Inc.
(OTC BB:CXIA.OB) -- http://www.commodore.com/-- is a diverse  
technical solutions company focused on high-end environmental
markets.  The Commodore family of companies includes subsidiaries
Commodore Advanced Sciences, Commodore Solution Technologies and
Commodore Sales Solutions.  The Commodore companies provide
environmental and technical services, environmental monitoring and
sampling supplies, specialty building supplies and patented
remediation technologies designed to treat hazardous waste from
nuclear and chemical sources.


CWALT INC: Fitch Assigns Low-B Ratings on Two Certificate Classes
-----------------------------------------------------------------
Fitch Ratings has assigned these ratings to CWALT Inc.'s Mortgage
Pass-Through Certificates, Alternative Loan Trust 2007-24:

  -- $507,798,947 classes A-1 through A-24, X, PO and A-R senior
     certificates 'AAA';
  -- $17,567,000 class M certificates 'AA';
  -- $8,509,000 class B-1 certificates 'A';
  -- $3,294,000 class B-2 certificates 'BBB';
  -- $5,764,000 privately offered class B-3 certificates 'BB';
  -- $2,196,000 privately offered class B-4 certificates 'B'.

The 'AAA' rating on the senior certificates reflects the 7.5%
subordination provided by the 3.2% class M, the 1.55% class B-1,
the 0.6% class B-2, the 1.05% privately offered class B-3, the
0.4% privately offered class B-4, and the 0.7% privately offered
class B-5 (not rated by Fitch.)  Classes M, B-1, B-2, B-3, and B-4
are rated 'AA', 'A', 'BBB', 'BB', and 'B' based on their
respective subordination only.

Fitch believes the above credit enhancement will be adequate to
support mortgagor defaults.  In addition, the rating also reflects
the quality of the underlying mortgage collateral, strength of the
legal and financial structures and the master servicing
capabilities of Countrywide Home Loans Servicing LP, rated 'RMS2+'
by Fitch, a direct wholly owned subsidiary of Countrywide Home
Loans, Inc.

The mortgage pool consists of 30-year conventional, fixed rate
mortgage loans secured by first liens on one- to four-family
residential properties totaling $548,972,720.  As of the cut-off
date, Aug. 1, 2007, the pool consists of 893 loans with an average
mortgage pool balance of approximately $614,751.  The approximate
weighted-average original loan-to-value ratio is 77%.  The
weighted average FICO credit score is approximately 702.  Cash-out
refinance loans represent 26.61% of the mortgage pool and second
homes 7.5%.  The states that represent the largest portion of
mortgage loans are California (26.66%), Florida (9.4%), New York
(8.44%) and New Jersey (6.03%).  All other states represent less
than 5% of the pool as of the cut-off date.

CWALT purchased the mortgage loans from CHL and deposited the
loans in the trust, which issued the certificates, representing
undivided beneficial ownership in the trust.  The Bank of New York
will serve as trustee.  For federal income tax purposes, an
election will be made to treat the trust fund as one or more real
estate mortgage investment conduits.


CWMBS INC: Fitch Puts Low-B Ratings on Two Certificate Classes
--------------------------------------------------------------
Fitch Ratings has assigned these ratings to CWMBS Inc.'s Mortgage
Pass-Through Certificates, CHL Mortgage Pass-Through Trust 2007-
16:

  -- $749,804,999 classes A-1 through A-9, X, PO and A-R senior
     certificates 'AAA';
  -- $13,598,000 class M certificates 'AA';
  -- $5,439,000 class B-1 certificates 'A';
  -- $1,942,000 class B-2 certificates 'BBB';
  -- $3,497,000 non-offered class B-3 certificates 'BB';
  -- $777,000 non-offered class B-4 certificates 'B';

The 'AAA' rating on the senior certificates reflects the 3.5%
subordination provided by the 1.75% class M, the 0.7% class B-1,
the 0.25% class B-2, the 0.45% non-offered class B-3, the 0.1%
non-offered class B-4 and the 0.25% non-offered class B-5 (not
rated by Fitch).  Classes M, B-1, B-2, B-3, and B-4 are rated
'AA', 'A', 'BBB', 'BB', and 'B' based on their respective
subordination only.

Fitch believes the credit enhancement will be adequate to support
mortgagor defaults.  In addition, the rating also reflects the
quality of the underlying mortgage collateral, strength of the
legal and financial structures and the master servicing
capabilities of Countrywide Home Loans Servicing LP, rated 'RMS2+'
by Fitch, a direct wholly owned subsidiary of Countrywide Home
Loans, Inc.

The mortgage pool consists primarily of 30-year conventional,
fixed-rate mortgage loans totaling $655,313,144 as of the cut-off
date, Aug. 1, 2007, secured by first liens on one-to-four family
residential properties.  The mortgage pool, as of the cut-off
date, demonstrates an approximate weighted-average original loan-
to-value ratio of 75.14%.  The weighted average FICO credit score
is approximately 744.  Cash-out refinance loans represent 18.3% of
the mortgage pool and second homes 7.3%.  The states that
represent the largest portion of mortgage loans are California
(30.9%), New Jersey (6.6%), Virginia (5.9%) and New York (5.2%).  
All other states represent less than 5% of the pool as of the cut-
off date.

CWMBS purchased the mortgage loans from CHL and deposited the
loans in the trust, which issued the certificates, representing
undivided beneficial ownership in the trust.  The Bank of New York
will serve as trustee.  For federal income tax purposes, an
election will be made to treat the trust fund as one or more real
estate mortgage investment conduits.


CWMBS INC: Fitch Rates $879,000 Class B-4 Certificates at "B"
-------------------------------------------------------------
Fitch Ratings has assigned these ratings to CWMBS Inc.'s Mortgage
Pass-Through Certificates, CHL Mortgage Pass-Through Trust 2007-
17:

  -- $847,831,848 classes 1-A-1 through 1-A-6, 1-X, 1-PO, 2-A-1
     through 2-A-5, 2-X, 2-PO, 3-A-1, 3-A-2, 3-X, 4-A-1, 4-A-2,
     4-X, 4-PO and A-R senior certificates 'AAA';
  -- $16,255,000 class M certificates 'AA';
  -- $5,711,000 class B-1 certificates 'A';
  -- $2,636,000 class B-2 certificates 'BBB';
  -- $3,076,000 non-offered class B-3 certificates 'BB';
  -- $879,000 non-offered class B-4 certificates 'B';

The 'AAA' rating on the senior certificates reflects the 3.5%
subordination provided by the 1.85% class M, the 0.65% class B-1,
the 0.3% class B-2, the 0.35% non-offered class B-3, the 0.1% non-
offered class B-4 and the 0.25% non-offered class B-5 (not rated
by Fitch).  Classes M, B-1, B-2, B-3, and B-4 are rated 'AA', 'A',
'BBB', 'BB', and 'B' based on their respective subordination only.

Fitch believes the above credit enhancement will be adequate to
support mortgagor defaults.  In addition, the rating also reflects
the quality of the underlying mortgage collateral, strength of the
legal and financial structures and the master servicing
capabilities of Countrywide Home Loans Servicing LP, rated 'RMS2+'
by Fitch, a direct wholly owned subsidiary of Countrywide Home
Loans, Inc.

The mortgage pool consists of four separate loan groups.  Loan
groups 1, 2, and 3 will consist primarily of 30-year conventional,
fixed rate mortgage loans.  Loan group 4 will consist of 15-year
conventional, fixed rate mortgage loans.  All loans are secured by
first liens on one- to four family residential properties totaling
$796,455,637.  The loan groups will be cross-collateralized for
purposes of losses to the subordinate certificates.

Group 1 consists of 509 loans.  As of the cut-off date, Aug. 1,
2007, the average mortgage pool balance is $641,080, with an
approximate weighted-average original loan-to-value ratio of
74.21%.  The weighted average FICO credit score is approximately
747.  Cash-out refinance loans represent 14.22% of the mortgage
pool and second homes 4.73%.  The states that represent the
largest portion of mortgage loans are California (29.98%),
Virginia (9.25%), Texas (6.93%), New Jersey (5.96%), and New York
(5.74%).  All other states represent less than 5% of the pool as
of the cut-off date.

Group 2 consists of 527 loans.  As of the cut-off date, Aug. 1,
2007, the average mortgage pool balance is $596,215, with an
approximate OLTV of 75.00%.  The weighted average FICO credit
score is approximately 746.  Cash-out refinance loans represent
19.46% of the mortgage pool and second homes 6.04%.  The states
that represent the largest portion of mortgage loans are
California (28.9%), New York (6.26%), Texas (5.84%), Washington
(5.32%), and Virginia (5.24%).  All other states represent less
than 5% of the pool as of the cut-off date.

Group 3 consists of 142 loans.  As of the cut-off date, Aug. 1,
2007, the average mortgage pool balance is $593,082, with an
approximate OLTV of 77.74%.  The weighted average FICO credit
score is approximately 728.  Cash-out refinance loans represent
23.76% of the mortgage pool and second homes 7.41%.  The states
that represent the largest portion of mortgage loans are
California (26.73%), New York (8.6%), Arizona (7.51%), New Jersey
(6.28%), Illinois (5.94%), Colorado (5.72%), and Florida (5.24%).  
All other states represent less than 5% of the pool as of the cut-
off date.

Group 4 consists of 111 loans.  As of the cut-off date, Aug. 1,
2007, the average mortgage pool balance is $646,155, with an
approximate OLTV of 67.44%.  The weighted average FICO credit
score is approximately 751.  Cash-out refinance loans represent
29.32% of the mortgage pool and second homes 11.13%.  The states
that represent the largest portion of mortgage loans are
California (26.41%), and Texas (10.57%).  All other states
represent less than 5% of the pool as of the cut-off date.

CWMBS purchased the mortgage loans from CHL and deposited the
loans in the trust, which issued the certificates, representing
undivided beneficial ownership in the trust.  The Bank of New York
will serve as trustee.  For federal income tax purposes, an
election will be made to treat the trust fund as one or more real
estate mortgage investment conduits.


DANA CORPORATION: Files Plan of Reorganization in New York
----------------------------------------------------------
Dana Corporation and its debtor subsidiaries have submitted a
proposed Plan of Reorganization and related Disclosure Statement
to the United States Bankruptcy Court for the Southern District of
New York.
        
The Plan of Reorganization outlines how Dana proposes to emerge
from Chapter 11, including the proposed treatment of creditors and
equity holders.  The Plan contemplates an investment of up to
$750 million in new convertible preferred stock in the reorganized
Dana. The Disclosure Statement contains a discussion of the issues
that led to the Chapter 11 filing, a description of the Plan
provisions, and an analysis of the Plan's feasibility.

With the filing, Dana is one step closer to achieving its
goal of emerging from Chapter 11 protection by the end of this
year.
    
"When we entered Chapter 11 in March 2006, we committed to fixing
our business comprehensively -- financially and operationally --
and to implementing fundamental change, not simply incremental
improvement," Mike Burns, Dana chairman and chief executive
officer, said.  "As detailed in our Disclosure Statement, Dana has
made substantial progress in addressing our challenges and
building a sustainable business that is well positioned to
compete in a challenging global environment.  We are on track to
emerge as a stronger, financially stable company that is equipped
to make significant investments in our programs and to continue
providing innovative products of the highest quality to our
customers worldwide."
    
"This has been a very difficult period for all of our
constituencies, including our people -- both current and retired
-- and our customers and suppliers, Mr. Burns said.  "I'd like to
thank them for their perseverance to date, which has enabled us to
negotiate and begin to implement critical, enduring solutions to
our most serious challenges.  We look forward to continued
productive working relationships as we move through the plan
negotiation and approval process."
    
In November 2006, Dana outlined five goals that it would address
during its reorganization, identifying the key areas where it
hoped to achieve a total of $405 million to $540 million in
combined annual cost and margin improvement.
    
As outlined in the Disclosure Statement, Dana has worked to
achieve product profitability by:
    
   -- working with customers to resolve under-performing programs,
      including obtaining pricing adjustments to reflect rising
      material costs;
    
   -- optimizing its manufacturing footprint by consolidating
      high-cost facilities and expanding its presence in lower
      cost regions;
    
   -- reducing labor costs, including through changes in employee
      benefits;
    
   -- significantly reducing retiree health and welfare costs
      through Voluntary Employee Benefit Association trusts
      to provide replacement benefits; and
    
   -- reviewing administrative costs at all levels of its
      organization to identify and implement savings.
    
In total, since entering bankruptcy on March 3, 2006, Dana and its
constituents have identified, agreed upon, and won court approval
for actions that are expected to result in a total of between
approximately $440 million and $475 million in annual savings when
fully implemented.
    
Dana has also completed several strategic initiatives to realign
and focus its business.  These include the sale of its trailer
axle business; divestiture of its Engine Products group; the sale
of its interest in GETRAG GmbH & Cie KG, a German automotive
components supplier; the divestiture of its Fluid Products Hose
and Tubing business; and the pending sale of its Fluid Products
Coupled Products business.

Strategic initiatives undertaken include the acquisition in 2006
of sole ownership of certain operations in Mexico that are
integral to the company's long-term business plans, making the
initial investment in a joint venture with China's Dongfeng Motor
Co. Ltd., resolving the company's U.K. pension liability issues,
and entering into a $225 million European financing agreement.  In
addition, the company negotiated a settlement and new supply
contract with Sypris Technologies Inc.

                   Reorganization Process Steps
    
The Court will conduct a hearing to consider whether the
Disclosure Statement, as filed or as it may be amended, contains
adequate information for creditors and equity holders who are
entitled to vote on the Plan to decide whether to accept the Plan.  
As part of this process, the Plan and Disclosure Statement may be
materially modified before the Disclosure Statement is approved.

Once approved, the Disclosure Statement and Plan will be sent to
claim holders and equity holders who are entitled to vote on the
Plan.  Following the voting period, the Bankruptcy Court will hold
a hearing to consider confirmation of the Plan.  Confirmation of
the Plan would pave the way for Dana's emergence from Chapter 11.
    
                      About Dana Corporation
    
Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- (OTC
Bulletin Board: DCNAQ) designs and manufactures products for every
major vehicle producer in the world, and supplies drivetrain,
chassis, structural, and engine technologies to those companies.
Dana employs 46,000 people in 28 countries.  Dana is focused on
being an essential partner to automotive, commercial, and off-
highway vehicle customers, which collectively produce more than 60
million vehicles annually.

The company and its affiliates filed for chapter 11 protection on
Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of Sept. 30,
2005, the Debtors listed $7,900,000,000 in total assets and
$6,800,000,000 in total debts.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in
Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP,
represents the Official Committee of Unsecured Creditors.  Fried,
Frank, Harris, Shriver & Jacobson, LLP serves as counsel to the
Official Committee of Equity Security Holders.  Stahl Cowen
Crowley, LLC serves as counsel to the Official Committee of
Non-Union Retirees.


DEL MONTE: Fitch Affirms Ratings and Revises Outlook to Stable
--------------------------------------------------------------
Fitch Ratings has affirmed these ratings of Del Monte Foods
Company and Del Monte Corporation and revised the Rating Outlook
to Stable from Negative.

Del Monte Foods Company (Parent)
  -- Long-term Issuer Default Rating 'BB'.

Del Monte Corporation (Operating Subsidiary)
  -- Long-term Issuer Default Rating 'BB';
  -- Senior secured bank facility 'BB+';
  -- Senior subordinated notes 'BB-'.

At July 29, 2007, Del Monte's debt totaled approximately
$2.1 billion.  All of Del Monte's debt was issued by Del Monte
Corporation and is guaranteed by Del Monte Foods Company.

The ratings affirmation and outlook revision reflect Del Monte's
leading market positions in shelf-stable consumer fruits and
vegetables, the company's robust pipeline of higher margin pet
products and the successful integration of the Meow Mix, Holdings,
Inc. and Milk-Bone acquisitions.  These positives are balanced
against heightened fish input cost in Del Monte's StarKist tuna
business and the risks of competing against substantially larger
peers in the faster growing pet food and snack categories.  Del
Monte has limited ability to hedge fish costs and the
unprecedented increase can only partially be offset with pricing.  
However, based on management's historical ability to manage
through cost pressures, Fitch believes productivity savings and
diversification provided by the company's higher margin Pet
Products segment will help mitigate margin pressure.

During the first quarter of fiscal 2008, Del Monte's revenue and
operating income grew 11.8% and 7.8% respectively.  Excluding the
impact of acquisitions, revenue grew approximately 3.9% driven by
2% pricing and 1.9% volume growth.  This volume growth was
primarily due to new product volume partially offset by price
elasticity related declines in tuna volume.  Del Monte's gross
margin increased 20 basis points to 24.6% and its operating margin
declined 20 bps to 5.9%.  The first quarter is a seasonally low
quarter for earnings and cash flow.

For the latest 12 months ended July 29, 2007, total debt-to-
operating earnings before interest taxes depreciation and
amortization was approximately 4.3 times and EBITDA-to-gross
interest expense was roughly 3.1x.  Pro forma leverage at the
announcement of the recent pet acquisitions was 4.5x.  While weak
for the rating category, Fitch expects cash flow growth and a
disciplined financial strategy to result in near term improvement
in Del Monte's credit profile.  While opportunistic acquisitions
are a part of Del Monte's long-term strategy, debt-financed
acquisitions are not anticipated in the near term and therefore
would be negative for ratings.  A material decline in operating
income or heightened share repurchases in lieu of debt reduction
would also be negative.

Del Monte's secured bank facility requires the company to maintain
a total debt-to-EBITDA ratio equal to or less than 5.25x through
Jan. 25, 2008 but gradually steps down to 3.75x after April 30,
2010.  Del Monte is also required to maintain a minimum fixed
charge coverage ratio of 1.15x through Jan. 23, 2009 and 1.20x
after May 1, 2009.  The bank agreement contains a material adverse
effect clause and no longer requires security if ratings become
investment grade and the term B loans are repaid.  Upon the
occurrence of both a change of control and a ratings decline,
subordinated note holders can require Del Monte to redeem the
notes after all secured obligations have been satisfied.

Del Monte is a producer, distributor and marketer of branded
fruit, vegetable, tomato, tuna, broth and pet products in the U.S.
retail market.  In fiscal 2007, Del Monte generated
$3.4 billion in revenue.  Consumer Foods and Pet Products
represented 62% and 38% of revenue and 42% and 58% of operating
income respectively. Del Monte's consumer brands include Del
Monte, StarKist, Contadina and College Inn.  Del Monte's pet
products brands include 9Lives, Meow Mix, Kibbles 'n Bits and
Meaty Bone.

Del Monte's has the number-one or number-two grocery market share
position in consumer and the number-three position in pet foods
and snacks.


DELPHI CORP: Settles Class Action Lawsuits with Lead Plaintiffs
---------------------------------------------------------------
Delphi Corp. has reached a settlement agreement with the lead
plaintiffs in class action lawsuits brought by participants in its
employee retirement plans and purchasers of its debt and equity
securities from March 2000 to March 2005.

Under the settlement agreements, which remain subject to federal
bankruptcy court and federal district court approval, the class of
participants in Delphi's employee retirement plans will receive an
allowed interest in Delphi's Chapter 11 case in the amount of
$24.5 million and $22.5 million in cash from insurance carriers.

Additionally, the class of purchasers of Delphi's debt securities
will receive an allowed claim and the class of purchasers of
Delphi's equity securities will receive an allowed interest in the
combined amount of $204 million in Delphi's Chapter 11 case well
as approximately $90 million in cash from other defendants and
insurance carriers.

The allowed amounts in Delphi's Chapter 11 cases will receive the
same plan currency and the same treatment as Delphi's general
unsecured creditors.

The lawsuits came after the company's statement in March 2005 that
it would restate its financial results.  These settlements would
resolve these class-action lawsuits against Delphi and certain of
the other defendants in the lawsuits.  The final settlements
provide a dismissal with prejudice of these class action lawsuits
and a full release as to certain named defendants, including
Delphi, Delphi's current directors and officers, and certain
third-party defendants and will also resolve certain derivative
and other claims in Delphi's chapter 11 cases.

"Last year, Delphi settled with the Securities and Exchange
Commission, and now we are pleased to have reached settlement
agreements in these cases, which we believe will allow us to close
this chapter in our history and move forward," David M. Sherbin,
Delphi vice president and general counsel, said.  "This is another
important step in our transformation process, which ultimately
brings us closer to emergence from bankruptcy."

These settlements are subject to the approval of the U.S. District
Court for the Eastern District of Michigan and the U.S. Bankruptcy
Court for the Southern District of New York.

The District Court has scheduled a hearing on Nov. 13, 2007, to
consider final approval of the settlements.  Delphi expects to
file an approval motion in the U.S. Bankruptcy Court on Sept. 7,
2007, which would be scheduled for final hearing at the Sept. 27,
2007 omnibus hearing.

                        About Delphi Corp.

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.  


ENHANCED MORTGAGE: Moody's Junks Rating on $20MM Class A-3 Notes
----------------------------------------------------------------
Moody's Investors Service took action on these classes of notes
issued by Enhanced Mortgage-Backed Securities Fund V Limited., a
Market Value CDO issuer:

-- $130,000,000 Class A-1 Senior Notes due 2012 ("Class A-1
    Notes")

    Prior rating: Aaa, on review for possible downgrade

    Current rating: A2, on review for possible downgrade

-- $14,000,000 Class A-2 Senior Subordinated Notes due 2012

    Prior rating: A2, on review for possible downgrade

    Current rating: Ba2, on review for possible downgrade

-- $20,000,000 Class A-3 Subordinated Notes due 2012

    Prior rating: B2, on review for possible downgrade

    Current rating: Caa3, on review for possible downgrade

Moody's noted that the ratings action takes into account the
current stressful market conditions.  While the underlying assets
remain highly rated, the unprecedented illiquidity in the market
for mortgage backed securities has created a high level of
uncertainty around the valuation of the assets, which makes it
difficult to assess the probability of the manager achieving
certain prices.


EUROFRESH INC: Weak Performance Cues S&P to Cut Ratings to "CCC"
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Willcox, Arizona-based EuroFresh Inc. to 'CCC' from
'CCC+'.  Also, Standard & Poor's lowered its ratings on
EuroFresh's senior secured financing to 'B-' from 'B', while the
recovery rating remained at '1', indicating expectations for very
high (90%-100%) recovery in the event of a payment default.  
Additionally, the ratings on the company's $170 million senior
unsecured notes were lowered to 'CCC-' from 'CCC', and the ratings
on its $44 million subordinated notes were lowered to 'CC' from
'CCC-'.  The outlook is negative.
     
"The downgrade reflects EuroFresh's continued weak operating
performance during the quarter ended June 30, 2007, and our
concerns about ongoing operating challenges," said Standard &
Poor's credit analyst Bea Chiem.  Although revenues grew nearly
22% during the quarter above the same period in 2006, due to an
additional 53 acres of production, EBITDA margins declined
further, pressuring already weak credit protection measures.
     
"EuroFresh continues to face higher packaging and labor costs and
lower production yields associated with disease issues," said
Ms. Chiem.  "Although the company was in compliance with financial
covenants at June 30, 2007, based on our calculations, we are
concerned with its ability to meet third- and fourth-quarter
covenants in the absence of another amendment."
     
The ratings on EuroFresh reflect its narrow business focus,
limited size, customer concentration, and leveraged financial
profile.  EuroFresh is a year-round producer and marketer of fresh
greenhouse-grown tomatoes in the U.S.


EXCO RESOURCES: Moody's Confirms "B2" Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service confirmed EXCO Resources Inc.'s "B2"
Corporate Family Rating.  

Moody's also assigned a negative outlook pending:

   i. EXCO's execution of an initial public offering of its
      planned master limited partnership and

  ii. confirmation that operating and price trends would be
      sufficiently supportive of the B2 rating in the event the   
      IPO is not executed.

However, under Moody's Loss Given Default notching methodology,
the senior unsecured note rating is notched down from B3 (LGD 5;
77%) to Caa1 (LGD 5; 84%).  The Probability of Default Rating
remains B2.

The CFR confirmation is currently supported by greater operating
and funding flexibility arising from EXCO's much increased scale
and diversification, by adequate cash flow and liquidity arising
from hedged natural gas prices and substantial undrawn bank
revolver capacity, and, to a degree, by the prospect of a
potential deleveraging MLP IPO in first quarter 2008.  The B2 CFR
is also supported by Moody's confidence that EXCO management,
while aggressive and always strategically active, is seasoned and
likely to conduct the firm in a manner that, relative to the B2
CFR rating, adequately weighs the risks of oil and natural gas
price volatility and further acquisitions at its current highly
leveraged state.

However, the negative outlook reflects the potential rating
direction if EXCO cannot de-lever due to either an inability to
launch its MLP IPO, reserve replacement costs consume free cash
flow, and/or if natural gas prices moderate or production trends
weaken sufficiently to retard de-leveraging with cash flow.  If
the IPO is executed, Moody's would reevaluate the outlook in the
context of the pro-forma credit profile, sector outlook at the
time, and expected acquisition activity.

These actions conclude a review for downgrade begun last year upon
the first of EXCO's series of 2006 through 2007 leveraging
acquisitions.  The review spanned an extended phase of frequent
and relatively large acquisitions, accompanying private junior
capital and secured debt financings, and the expectation of a
long-planned, eventually de-leveraging, MLP IPO.  The review
provided time for EXCO to complete its complex series of
transactions and structural changes and for the dimensions of its
MLP IPO profile to come into closer view.

Parent EXCO's capital structure includes a high proportion of
senior secured debt relative to senior unsecured debt.  Given the
current $900 million scale of the secured revolving credit
facility and the estimated current about $470 million of revolver
borrowings, the LGD process results in a double notching of the
$444 million of senior unsecured notes beneath the CFR rating.

Moody's also expects EXCO to continue an opportunistic growth
strategy with attendant secured debt requirements.  Under the LGD
model's treatment of subsidiary non-recourse debt, the subsidiary
$1 billion of non-recourse debt is not factored into the liability
waterfall.  Accordingly, if that debt was repaid it would solidify
the CFR rating but it would not impact the LGD notching.

The B2 CFR is restrained by very high consolidated leverage and
the challenge of replacing and growing reserves and production at
competitive costs relative to softening natural gas prices.
Moody's also factors in that, due to the high volume of properties
acquired over the last year, and at up-cycle prices, the large
majority of EXCO's properties has not been observed over
sufficient time to affirm the degree of sustainable favorable
organic production trends.  EXCO is also likely to continue an
aggressive growth strategy which may place ongoing upward pressure
on leverage and it carries a fairly high full-cycle cost structure
near the $40/boe range as well, including high interest expense
and preferred dividend unit costs.

EXCO carries very high consolidated leverage on total PD reserves
(applying a 75% debt weighting to its $2 billion of hybrid
securities) and on total reserves fully loaded for all FAS 69
capital requirements on non-producing proven reserves.  However,
to the degree the MLP is not leveraged after the IPO, parent
EXCO's debt would gain a degree of support from its ownership of a
substantial ownership of the MLP and attendant receipt of MLP cash
distributions.  Additionally, EXCO's heavy preferred dividend
payments will reduce significantly with the transformation of its
$1.6 billion of previously 11% hybrid preferred stock into the
same terms as the existing 7% convertible preferred stock.

EXCO Resources is a North American independent exploration and
production company holding somewhat over 300 mmboe of proven
reserves, pro-forma for recent acquisitions and divestitures, of
which about 68% is proven developed reserves and 92% is natural
gas.  EXCO's producing properties are located primarily in the
Appalachian Basin (over 23% of proven reserves), East Texas Basin
(49%), Mid-Continent/Anadarko Basin (23%), and Permian Basin (4%).

EXCO Resources, Inc. is headquartered in Dallas, Texas.


FASTFUNDS FINANCIAL: June 30 Balance Sheet Upside-Down by $2.2 M.
-----------------------------------------------------------------
FastFunds Financial Corp.'s consolidated balance sheet at June 30,
2007, showed $1.9 million in total assets, and $4.1 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 $313,370 in total current assets
available to pay $4.0 million in total current liabilities.

The company reported a net loss of $334,986 on total revenue of  
$24,710 for the second quarter ended June 30, 2007, compared with
a net loss of $973,120 on total revenue of $180,426 for the same
period in 2006.

Revenues in the current period consist of credit card income on
Nova Financial's remaining portfolio.  Effective Jan. 31, 2006,
the company sold substantially all of its assets.

The decrease in net loss primarily reflects a decrease in loss
from operations as a result of a decrease in selling, general and
administrative expenses and a decrease in other expenses, net.  

Corporate operating expenses for the three months ended June 30,
2007, were $303,611, compared to $728,453 for the three months
ended June 30, 2006.

Other expenses, net for the three ended June 30, 2007 were $74,502
compared to $881,485 for the three and six months ended June 30,
2006.  Included in other expenses for the three months ended
June 30, 2006, is a $1.0 million loss on debt extinguishment.  
  
Income tax benefit for the three months ended June 30, 2007, was
approximately $31,000, compared with an income tax benefit of
$424,000 for the second quarter of 2006.

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2007, are available for
free at
http://www.sec.gov/Archives/edgar/data/779956/000104910707000074/f
ffc10q607.htm

                       Going Concern Doubt

GHP Horwath P.C., in Denver, expressed substantial doubt about        
FastFunds Financial 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
reported that the company sold substantially all of the assets of
a wholly owned subsidiary that previously conducted most of the
company's business operations.  The auditing firm also pointed to
the company's history of significant recurring losses, its working
capital deficiency and stockholders' equity deficiency.

The company presently has no ongoing business operations or
sources of revenue, has little resources with which to obtain or
develop new operations, and has guaranteed certain obligations of
Hydrogen Power Inc., for which Hydrogen Power Inc. is currently in
default.

                    About FastFunds Financial

FastFunds Financial Corporation (OTC BB: FFFC.OB) is a holding
company, and through Jan. 31, 2006, operated primarily through its
wholly-owned subsidiary Chex Services Inc.  The company is an
equity investee of Hydrogen Power Inc. a public company, formerly
known as Equitex Inc.  As of June 30, 2007, HPI owns and controls
approximately 48% of the company's outstanding common stock.

Chex, a Minnesota corporation, provided financial services prior
to the sale of substantially all of Chex's assets, which primarily
consisted of check cashing, automated teller machine (ATM) access,
and credit card advances to customers primarily at Native American
owned casinos and gaming establishments.


FIRST MAGNUS: Countrywide Objects to Use of Cash Collateral
-----------------------------------------------------------
Countrywide Warehouse Lending asks the U.S. Bankruptcy Court for
the District of Arizona to prohibit First Magnus Financial
Corporation from using cash that secures the nearly $29,000,000
line of credit it had provided to the Tucson, Arizona-based
company.

Pursuant to a Revolving Credit and Security Agreement dated as of
June 8, 2007, Countrywide provided First Magnus a line of credit
to be used for originating, acquiring or repurchasing certain
mortgage loans.  The Debtor, which sought Chapter 11 protection
on August 21, 2007, currently owes the warehouse lender not less
than $28,998,347 under the Agreement.

Countrywide claims that First Magnus' $29,000,000 debt is secured
by the mortgage loans, and funds deposited and received by the
Debtor in connection with the servicing, administering or
collecting on the mortgage loans.

Representing Countrywide, Robert J. Miller, Esq., at Bryan Cave
LLP, in Phoenix, Arizona, relates that Countrywide is entitled to
protections of the Bankruptcy Code for its interest in the
Debtor's "cash collateral".  Section 363 of the Bankruptcy Code
prohibits the trustee or debtor-in-possession from using cash
collateral absent the consent of the lien holder or the court
administering the Chapter 11 case and compels the debtor to
segregate any cash collateral in its possession.

Countrywide informs Judge James Marlar that it is objecting to the
use, sale or lease of the cash collateral unless it reaches an
agreement with the Debtor.

An Arizona Daily Star report says that should Judge Marlar
approve Countrywide's request, the Debtor may be unable
to issue final checks to more than 5,000 employees it laid off on
August 16, and 160 employees it retained for its wind-down
operations.

First Magnus, however, has recently sought the Court's approval
to borrow $15,000,000 from Wells Fargo Business Credit and Summit
Investment Management, LLC, to continue operating its business
until it completes its liquidation.

First Magnus says its wind down will cost between $12,000,000 and
$13,000,000.  It has $3,800,000 of cash on hand and is set to
immediately receive a third of its $15,000,000 loan from Wells
Fargo and Summit as soon as the Court grants interim approval to
the DIP loan.  It did not say whether it intends to immediately
pay the loaned amount to issue final checks or pay severance to
its fired employees.

Based in Tucson, Arizona, First Magnus Financial Corporation --
http://www.firstmagnus.com/-- purchases and sells prime and Alt-A  
mortgage loans secured by one-to-four unit residences.  The
company filed for chapter 11 protection on August 21, 2007 (Bankr.
D. Ariz. Case No.: 07-01578).  When the Debtor filed for
bankruptcy, it listed total assets of $942,109,860 and total
debts of $812,533,046.  The Debtor's exclusive period to file a
plan expires on Dec. 19, 2007.


FLATIRON CLO: Moody's Rates $11.5 Million Class E Notes at Ba2
--------------------------------------------------------------
Moody's Investors Service assigned these ratings to notes issued
by Flatiron CLO 2007-1 Ltd., a collateralized loan obligation:

-- Aaa to the $228,600,000 Class A-1a Senior Term Notes Due 2021

-- Aa1 to the $25,400,000 Class A-1b Senior Term Notes Due 2021

-- Aa2 to the $29,000,000 Class B Senior Term Notes Due 2021

-- A2 to the $14,000,000 Class C Deferrable Mezzanine Term Notes
    Due 2021

-- Baa2 to the $15,000,000 Class D Deferrable Mezzanine Term
    Notes Due 2021

-- Ba2 to the $11,500,000 Class E Deferrable Junior Term Notes
    Due 2021

Moody's ratings of the notes address the ultimate cash receipt of
all required interest and principal payments, as provided by the
notes' governing documents, and are based on the expected loss
posed to noteholders, relative to the promise of receiving the
present value of such payments.

New York Life Investment Management LLC will manage the selection,
acquisition and disposition of collateral on behalf of the Issuer.


FONIX CORP: June 30 Balance Sheet Upside-Down by $54.4 Million
--------------------------------------------------------------
Fonix Corp.'s consolidated balance sheet at June 30, 2007, showed  
$2.9 million in total assets, $57.3 million in total liabilities,
resulting in a $54.4 million total stockholders' deficit.

The company's consolidated balance sheet at June 30, 2007, also
showed strained liquidity with $103,000 in total current assets
available to pay $53.7 million in total current liabilities.

The company reported a net loss of $1.1 million on revenues of
$644,000 for the second quarter ended June 30, 2007, compared with
a net loss of $4.5 million on revenues of $367,000 for the
comparable period in 2006.

The increase in revenues was primarily due to increased royalty
revenues of $255,000 and increased licensing revenue of $75,000,
partially offset by decreased retail product sales of $13,000 and
decreased non-recurring engineering ("NRE") speech revenues of
$40,000.

The decrease in net loss primarily reflects the increase in
revenues and a decrease in total expenses, partly offset by an
increase in net interest and other expense.
  
Selling, general and administrative expenses were $654,000 for the
three months ended June 30, 2007, a decrease of $599,000 from
$1.3 million in 2006.  

The company incurred research and product development expenses of
$437,000 for the three months ended June 30, 2007, a decrease of
$153,000 from $590,000 in 2006.  

Net interest and other expense was $542,000 for the three months
ended June 30, 2007, an increase of $168,000 from net other
expense of $374,000 in 2006.  The overall increase was due to an
increase in interest expense of $81,000 and a loss recognized on
the derivative liability of $87,000.

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2007, are available for
free at
http://www.sec.gov/Archives/edgar/data/855585/000109690607001182/f
onix10q063007.htm

                       Going Concern Doubt

Hansen, Barnett & Maxwell P.C., in Salt Lake City, expressed
substantial doubt about Fonix 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 reported that the company has incurred significant
losses and negative cash flows from operating activities during
each of the three years in the period ended Dec. 31, 2006.  As of
Dec. 31, 2006, the company had an accumulated deficit of
$291.2 million and negative working capital of $53.0 million.

The company expects to continue to incur significant losses and
negative cash flows from operating activities at least through
Dec. 31, 2007, primarily due to expenditure requirements
associated with continued marketing and development of the
company's speech-enabling technologies.

The company's cash resources, limited to collections from
customers, sales of equity and debt securities and loans, have not
been sufficient to cover operating expenses.  As a result, some
payments to vendors have been delayed.

                        About Fonix Corp.

Based in Salt Lake City, Fonix Corporation (OTC BB: FNIX) --
http://www.fonix.com/-- currently operates through its wholly  
owned subsidiary, Fonix Speech Inc., an innovative speech
recognition and text-to-speech technology company that provides
value-added speech solutions.  Fonix Speech offers voice solutions
for mobile/wireless devices; interactive video games, toys and
appliances; computer telephony systems; the assistive market and
automotive telematics.


FRANKLIN CLO: Moody's Rates $11.5 Million Class E Notes at Ba2
--------------------------------------------------------------
Moody's Investors Service assigned these ratings to Notes issued
by Franklin CLO VI, Ltd:

-- Aaa to the $272,000,000 Class A Senior Secured Floating Rate
    Notes Due 2019;

-- Aa2 to the $38,000,000 Class B Senior Secured Floating Rate
    Notes Due 2019;

-- A2 to the $18,000,000 Class C Senior Secured Deferrable
    Floating Rate Notes Due 2019;

-- Baa2 to the $15,000,000 Class D Senior Secured Deferrable
    Floating Rate Notes Due 2019; and

-- Ba2 to the $11,500,000 Class E Senior Secured Deferrable
    Floating Rate Notes Due 2019.

The Moody's ratings of the notes address the ultimate cash receipt
of all required interest and principal payments, as provided by
the notes' governing documents, and are based on the expected loss
posed to noteholders, relative to the promise of receiving the
present value of such payments.

The ratings reflect the risks due to the diminishment of cash flow
from the underlying portfolio consisting primarily of Senior
Secured Loans due to defaults, the transaction's legal structure
and the characteristics of the underlying assets.

Franklin Advisers, Inc. will manage the selection, acquisition and
disposition of collateral on behalf of the Issuer.


GALE FORCE: Diminishing Cash Flow Risks Cue Moody's "Ba2" Rating
----------------------------------------------------------------
Moody's Investors Service assigned these ratings to Notes issued
by Gale Force 4 CLO, Ltd:

-- Aaa to the.S. $310,320,000 Class A-1A First Priority Senior
    Secured Floating Rate Notes due 2021;

-- Aa1to the $34,480,000 Class A-1B Second Priority Senior
    Secured Floating Rate Notes due 2021;

-- Aa2 to the $12,400,000 Class B Third Priority Senior Secured
    Floating Rate Notes due 2021;

-- A2 to the $28,500,000 Class C Fourth Priority Senior Secured
    Deferrable Floating Rate Notes due 2021;

-- Baa2 to the $17,200,000 Class D Fifth Priority Mezzanine
    Deferrable Floating Rate Notes due 2021; and

-- Ba2 to the $17,900,000 Class E Sixth Priority Mezzanine  
    Deferrable Floating Rate Notes due 2021

The Moody's ratings of the notes address the ultimate cash receipt
of all required interest and principal payments, as provided by
the notes' governing documents, and are based on the expected loss
posed to noteholders, relative to the promise of receiving the
present value of such payments.

The ratings reflect the risks due to the diminishment of cash flow
from the underlying portfolio consisting of Middle Market Loans,
Second Lien Loans and Mezzanine Obligations due to defaults, the
transaction's legal structure and the characteristics of the
underlying assets.

GSO Capital Partners LP will manage the selection, acquisition and
disposition of collateral on behalf of the Issuer.


GERDAU AMERISTEEL: Commences Tender Offer to Buy Chaparral's Notes
------------------------------------------------------------------
Gerdau Ameristeel Corporation has commenced a cash tender offer to
purchase any and all of Chaparral Steel Company's outstanding
10% Senior Notes due 2013, well as a related consent solicitation
to amend the indenture governing the Notes.

The tender offer and consent solicitation were conducted in
connection with the company's agreement to acquire Chaparral, and
is subject to, the closing of the acquisition of Chaparral.  The
tender offer and consent solicitation were made upon the terms and
subject to the conditions set forth in the Offer to Purchase and
Consent Solicitation Statement dated Aug. 30, 2007, and the
related Consent and Letter of Transmittal.
    
The total consideration to be paid for each validly tendered Note,
subject to the terms and conditions of the tender offer and
consent solicitation, will be paid in cash and calculated based in
part on the 3.625% U.S. Treasury Note due July 15, 2009.  

The total consideration for each $1,000 principal amount of Notes
will be equal to (i) the present value of $1,050.00 (the earliest
redemption price payable on July l5, 2009, the earliest redemption
date, for such principal amount of Notes) discounted to the Early
Settlement Date from the earliest redemption date, plus the
present value on the Early Settlement Date of all interest that
would accrue from the recent interest payment date to, the
earliest redemption date, in each case determined at a yield equal
to the sum of (x) the yield to maturity of the Reference Security
specified above as calculated by J.P. Morgan Securities Inc. in
accordance with standard market practice, based on the bid price
for such Reference Security as of the Price Determination Date, as
displayed on page PX4 of the Bloomberg Government Pricing Monitor,
or any other source selected by the Dealer Manager if the
Bloomberg Government Pricing Monitor is not available or is
manifestly erroneous, and (y) a fixed spread of 50 basis
points, minus (ii) any accrued and unpaid interest from the recent
interest payment date to, the applicable Settlement Date.
    
The total consideration is payable only in respect of Notes
validly tendered with consents, and not withdrawn, on or prior to
the Early Consent Date and purchased in the tender offer.  The
total consideration includes a payment of $30.00 per $1,000
principal amount of Notes payable only in respect of Notes
validly tendered and with consents delivered on or prior to the
Early Consent Date.

Holders validly tendering Notes after the Early Consent Date
and on or prior to the Expiration Date will be eligible to receive
only an amount equal to the total consideration less the Early
Consent Payment.  Holders whose Notes are purchased in the tender
offer will also be paid accrued and unpaid interest from the last
interest payment date to, but not including, the applicable
Settlement Date.  The company expects that the Price Determination
Date will be 2:00 p.m., New York City time on Sept. 14, 2007,
unless extended by the company in its sole discretion.
    
The company is also soliciting consents from holders of the Notes
for certain proposed amendments which would eliminate
substantially all of the restrictive covenants in the indenture
governing the Notes and certain of the events of default, as well
as modify certain other provisions contained therein.  

Adoption of the Amendments requires the consent of holders of a
majority of the aggregate principal amount of Notes outstanding.
    
The consent solicitation and withdrawal rights will expire at 5:00
p.m., New York City time, Friday, Sept. 14, 2007, unless earlier
terminated or extended.  Holders who validly tender their Notes at
or prior to 5:00 p.m., New York City time, on the Early Consent
Date will be eligible to receive the total consideration. Holders
who validly tender their Notes after 5:00 p.m., New York City
time, on the Early Consent Date, and at or prior to 5:00 p.m., New
York City time, on Friday, Sept. 28, 2007, will be eligible to
receive only the offer consideration.
    
J.P. Morgan Securities Inc. is the sole Dealer Manager for the
tender offer and the consent solicitation and can be contacted at
(212) 270-1477 (collect).

Global Bondholder Services Corporation is the Information Agent
and the Depositary for the tender offer and the consent
solicitation and can be contacted at (212) 430-3774 (collect) or
toll free at (866) 952-220.

                  About Chaparral Steel Company

Chaparral Steel http://www.chaparralsteel.com/-- is a producer  
of structural steel products in North America.  The company is
also a producer of steel bar products.  The company operates two
mini-mills located in Midlothian, Texas and Dinwiddie County,
Virginia that together have an annual rated production capacity of
2.8 million tons of steel.  Founded in July 1973, the company
manufactures over 230 different types, sizes and grades of
structural steel and bar products.  The company markets its
products throughout the United States, Canada and Mexico, and to a
limited extent in Europe.  
    
                     About Gerdau Ameristeel
    
Gerdau Ameristeel (NYSE: GNA; TSX: GNA.TO)
http://www.ameristeel.com/-- is a mini-mill steel producer in  
North America with annual manufacturing capacity of over 9 million
tons of mill finished steel products.  Through its vertically
integrated network of 17 mini-mills, 17 scrap recycling facilities
and 52 downstream operations, Gerdau Ameristeel
serves customers throughout North America.  The company's products
are sold to steel service centers, steel fabricators, or directly
to original equipment manufactures for use in a variety of
industries, including construction, cellular and electrical
transmission, automotive, mining and equipment manufacturing.

                          *     *     *

As reported in the Troubled Company Reporter on July 13, 2007,
Moody's Investors Service placed these ratings of Gerdau
Ameristeel Corporation under review for possible downgrade: Ba1
probability of default rating, placed on review for possible
downgrade; Ba1 corporate family rating, placed on review for
possible downgrade, Ba1; and senior unsecured regular
bond/debenture, placed on review for possible downgrade, Ba2, LGD5
74%.


GOLDENTREE LOAN: Moody's Rates $25.4 Million Class E Notes at Ba2
-----------------------------------------------------------------
Moody's Investors Service assigned these ratings to Notes issued
by GoldenTree Loan Opportunities IV, Limited:

-- Aaa to the Up To $100,000,000 Clas A-1a Senior Secured
    Revolving Floating Rate Notes Due 2022;

-- Aaa to the $240,600,000 Class A-1b Senior Secured Floating
    Rate Notes Due 2022;

-- Aaa to the $125,000,000 Class A-1cS Senior Secured Floating
    Rate Notes Due 2022;

-- Aa1 to the $14,000,000 Class A-1cJ Senior Secured Floating
    Rate Notes Due 2022;

-- Aa2 to the $32,200,000 Class A-2 Senior Secured Floating Rate
    Notes Due 2022;

-- A2 to the $43,700,000 Class B Senior Secured Deferrable
    Floating Rate Notes Due 2022;

-- Baa2 to the $48,100,000 Class C Senior Secured Deferrable
    Floating Rate Notes Due 2022; and

-- Ba2 to the $25,400,000 Class D Senior Secured Deferrable
    Floating Rate Notes Due 2022.

The Moody's ratings of the notes address the ultimate cash receipt
of all required interest and principal payments, as provided by
the notes' governing documents, and are based on the expected loss
posed to noteholders, relative to the promise of receiving the
present value of such payments.

The ratings reflect the risks due to the diminishment of cash flow
from the underlying portfolio consisting of Debt obligations,
Participation Interests, Synthetic Securities, and Structured
Finance Obligations due to defaults, the transaction's legal
structure and the characteristics of the underlying assets.

GoldenTree Asset Management LP will manage the selection,
acquisition and disposition of collateral on behalf of the Issuer.


GULF STREAM: Cash Flow Diminishment Prompts Moody's "Ba2" Rating
----------------------------------------------------------------
Moody's Investors Service assigned these ratings to Notes issued
by Gulf Stream-Compass CLO 2007, Ltd:

-- Aaa to the $180,000,000 Class A-1-A Floating Rate Notes Due
    2019;

-- Aaa to the $45,000,000 Class A-1-B Floating Rate Notes Due
    2019;

-- Aa2 to the $12,000,000 Class B Floating Rate Notes Due 2019;

-- A2 to the $13,125,000 Class C Floating Rate Deferrable Notes
    Due 2019;

-- Baa2 to the $15,000,000 Class D Floating Rate Deferrable Notes
    Due 2019; and

-- Ba2 to the $11,625,000 Class E Floating Rate Deferrable Notes
    Due 2019.

The Moody's ratings of the notes address the ultimate cash receipt
of all required interest and principal payments, as provided by
the notes' governing documents, and are based on the expected loss
posed to noteholders, relative to the promise of receiving the
present value of such payments.

The ratings reflect the risks due to the diminishment of cash flow
from the underlying portfolio consisting of due to defaults, the
transaction's legal structure and the characteristics of the
underlying assets, which consist primarily of senior secured
loans.

Gulf Stream Asset Management LLC will manage the selection,
acquisition and disposition of collateral on behalf of the Issuer.


HARBORVIEW MORTGAGE: Fitch Lowers Rating on Class B-4 Certs. to B
-----------------------------------------------------------------
Fitch has taken rating actions on these classes from Harborview
Mortgage Loan Trust 2006-3:

Series 2006-3
  -- Class A affirmed at 'AAA';
  -- Class B-1 affirmed at 'AA';
  -- Class B-2 affirmed at 'A';
  -- Class B-3 rated 'BBB'; placed on Rating Watch Negative;
  -- Class B-4 downgraded to 'B' from 'BB'.

The affirmations affect approximately $309 million in outstanding
certificates and reflect adequate relationships of credit
enhancement to future loss expectations.  The downgrade of class
B-4 affects approximately $4.10 million of the outstanding
certificates.  Class B-3, placed on Rating Watch Negative, has a
balance of approximately $4.96 million.

The negative rating actions reflect deterioration in the
relationship between CE and future loss expectations.  As of the
July 2007 distribution date, approximately 5.87% of the pool is
more than sixty days delinquent versus a credit enhancement level
of only 1.4%.  The current credit enhancement for the B-3 class
(placed on Rating Watch Negative) is 2.67%.

The pool is seasoned 15 months and has a pool factor of
approximately 73%.

The collateral for the pools consist of adjustable-rate mortgage
loans secured by first liens on one- to four-family residential
properties.  The mortgage loans were originated by Countrywide
Home Loans, Inc. and is serviced by Countrywide Home Loans
Servicing LP, rated 'RPS1' by Fitch.


ICE 1: Cash Flow Diminishment Prompts Moody's to Put "Ba2" Rating
-----------------------------------------------------------------
Moody's Investors Service assigned these ratings to Notes issued
by ICE 1: EM CLO Ltd:

-- Aaa to the $450,000,000 Class A-1D Floating Rate Senior
    Secured Delayed Drawdown Notes Due 2022;

-- Aaa to the $50,000,000 Class A-1R Floating Rate Senior Secured
    Dual Currency Revolving Notes Due 2022;

-- Aaa to the $184,000,000 Class A-2 Floating Rate Senior Secured
    Term Notes Due 2022;

-- Aa2 to the $95,000,000 Class A-3 Floating Rate Senior Secured
    Term Notes Due 2022;

-- A2to the $51,000,000 Class B Floating Rate Senior Subordinate
    Secured Term Notes Due 2022;

-- Baa2 to the $38,000,000 Class C Floating Rate Subordinate
    Secured Term Notes Due 2022; and

-- Ba2 to the $40,000,000 Class D Floating Rate Junior
    Subordinate Secured Term Notes Due 2022.

Moody's ratings of the notes address the ultimate cash receipt of
all required interest and principal payments, as provided by the
notes' governing documents, and are based on the expected loss
posed to noteholders, relative to the promise of receiving the
present value of such payments.

The ratings reflect the risks due to the diminishment of cash flow
from the underlying portfolio consisting of Emerging Markets
Corporate Obligations, Emerging Markets Sovereign Obligations,
Non- Emerging Markets Obligations, Synthetic Securities,
Structured Finance Securities, and Asset-Backed Securities due to
defaults, the transaction's legal structure and the
characteristics of the underlying assets.

ICE Canyon LLC will manage the selection, acquisition and
disposition of collateral on behalf of the Issuer.


ING INVESTMENT: Moody's Rates $10 Million Class D Notes at Ba2
--------------------------------------------------------------
Moody's Investors Service assigned these ratings to Notes issued
by ING Investment Management CLO V, Ltd:

-- Aaa to the $300,000,000 Class A-1a Floating Rate Notes due
    2022;

-- Aaa to the $80,000,000 Class A-1b Floating Rate Notes due
    2022;

-- Aa2 to the $25,000,000 Class A-2 Floating Rate Notes due 2022;

-- A2 to the $26,000,000 Class B Deferrable Floa ting Rate Notes
    due 2022;

-- Baa2 to the $21,000,000 Class C Floating Rate Notes due 2022;
    and

-- Ba2 to the $10,000,000 Class D Floating Rate Notes due 2022.

The Moody's ratings of the notes address the ultimate cash receipt
of all required interest and principal payments, as provided by
the notes' governing documents, and are based on the expected loss
posed to noteholders, relative to the promise of receiving the
present value of such payments.

The ratings reflect the risks due to the diminishment of cash flow
from the underlying portfolio consisting of Senior Secured Loans,
Senior Secured Notes, Bonds, Structured Finance Obligations,
Synthetic Securities, Finance Leases, and Bridge Loans due to
defaults, the transaction's legal structure and the
characteristics of the underlying assets.

ING Alternative Asset Management LLC will manage the selection,
acquisition and disposition of collateral on behalf of the Issuer.


IRWIN MORTGAGE: Fitch Holds BB+ Rating on Class 2B-1 Certs.
-----------------------------------------------------------
Fitch Ratings has taken these rating actions on Irwin mortgage
pass-through certificates.  Affirmations total $191.8 million.  
Break Loss percentages and Loss Coverage Ratios for each class are
included with the rating actions as:

Irwin Home Equity Loan Trust 2005-1
  -- $100.4 million class A affirmed at 'AAA' (BL: 59.28, LCR:
     6.25);
  -- $21.5 million class M-1 affirmed at 'AA' (BL: 44.28, LCR:
     4.67);
  -- $18.8 million class M-2 affirmed at 'A' (BL: 33.98, LCR:     
     3.58);
  -- $11.6 million class B-1 affirmed at 'BBB+' (BL: 27.13, LCR:
     2.86);
  -- $6.2 million class B-2 affirmed at 'BBB' (BL: 23.40, LCR:
     2.47);
  -- $4.4 million class B-3 affirmed at 'BBB-' (BL: 22.74, LCR:
     2.4).

Deal Summary
  -- Originators: Various;
  -- 60+ day Delinquency: 4.03%;
  -- Realized Losses to date (% of Original Balance): 2.75%;
  -- Expected Remaining Losses (% of Current Balance): 9.48%;
  -- Cumulative Expected Losses (% of Original Balance): 7.59%.

Irwin Home Equity Loan Trust 2005-B Group 2
  -- $7.1 million class A affirmed at 'AAA' (BL: 84.87, LCR:
     16.14);
  -- $7.7 million class 2M-1 affirmed at 'AA' (BL: 58.53, LCR:
     11.13);
  -- $6 million class 2M-2 affirmed at 'A' (BL: 20.50, LCR: 3.9);
  -- $4.4 million class 2M-3 affirmed at 'BBB' (BL: 12.58, LCR:
     2.39)
  -- $1.4 million class 2M-4 affirmed at 'BBB-' (BL: 10.18, LCR:
     1.94);
  -- $1.7 million class 2B-1 affirmed at 'BB+' (BL: 8.13, LCR:
     1.55) and removed from Rating Watch Negative.

Deal Summary
  -- Originators: Various;
  -- 60+ day Delinquency: 3.34%;
  -- Realized Losses to date (% of Original Balance): 1.56%;
  -- Expected Remaining Losses (% of Current Balance): 5.26%;
  -- Cumulative Expected Losses (% of Original Balance): 3.03%.


JP MORGAN: Fitch Assigns B- Rating on $40.7 Mil. Class T Certs.
---------------------------------------------------------------
J.P. Morgan Chase Commercial Mortgage Securities Corp., series
2007-LDP12, commercial mortgage pass-through certificates were
rated by Fitch Ratings as:

  -- $19,008,000 Class A-1 'AAA';
  -- $444,899,000 Class A-2 'AAA';
  -- $346,187,000 Class A-3 'AAA':
  -- $601,693,000 Class A-4 'AAA';
  -- $54,181,000 Class A-SB 'AAA';
  -- $287,299,000 Class A-1A 'AAA';
  -- $2,504,667,937 Class X (notional amount and interest only)
     'AAA';
  -- $250,467,000 Class A-M 'AAA';
  -- $197,242,000 Class A-J 'AAA';
  -- $21,916,000 Class B 'AA+';
  -- $28,178,000 Class C 'AA';
  -- $21,916,000 Class D 'AA-';
  -- $12,523,000 Class E 'A+';
  -- $25,047,000 Class F 'A';
  -- $28,177,000 Class G 'A-';
  -- $28,178,000 Class H 'BBB+';
  -- $28,177,000 Class J 'BBB';
  -- $28,178,000 Class K 'BBB-';
  -- $9,392,000 Class L 'BB+';
  -- $9,393,000 Class M 'BB';
  -- $6,261,000 Class N 'BB-';
  -- $6,262,000 Class P 'B+';
  -- $6,262,000 Class Q 'B';
  -- $3,131,000 Class T 'B-';
  -- $40,700,937 Class NR 'NR'.
  
All classes are privately placed pursuant to rule 144A of the
Securities Act of 1933; the certificates represent beneficial
ownership interest in the trust, primary assets of which are 163
fixed-rate loans having an aggregate principal balance of
approximately $2,504,667,937, as of the cutoff date.


JP MORGAN: Fitch Puts Low-Ratings on 12 Certificate Classes
-----------------------------------------------------------
Fitch Ratings has taken these rating actions on J.P. Morgan
mortgage pass-through certificates.  Affirmations total
$6.08 billion and downgrades total $69.8 million.  Break Loss
percentages and Loss Coverage Ratios for each class are included
with the rating actions as:

J.P. Morgan Mortgage Acquisition Corp. 2006-ACC1
  -- $279.8 million class A affirmed at 'AAA' (BL: 51.42, LCR:
     3.77);
  -- $34.4 million class M-1 affirmed at 'AA+' (BL: 44.19, LCR:
     3.24);
  -- $43 million class M-2 affirmed at 'AA' (BL: 32.81, LCR:
     2.4);
  -- $13.2 million class M-3 affirmed at 'AA-' (BL: 31.13, LCR:
     2.28);
  -- $17.2 million class M-4 affirmed at 'A+' (BL: 28.35, LCR:
     2.08);
  -- $13.2 million class M-5 affirmed at 'A' (BL: 25.57, LCR:
     1.87);
  -- $9.6 million class M-6 affirmed at 'A-' (BL: 23.51, LCR:
     1.72);
  -- $13.2 million class M-7 affirmed at 'BBB+' (BL: 20.61, LCR:
     1.51);
  -- $7.5 million class M-8 affirmed at 'BBB' (BL: 18.88, LCR:
     1.38);
  -- $11.8 million class M-9 affirmed at 'BBB-' (BL: 16.03, LCR:
     1.17);
  -- $9.6 million class M-10 downgraded to 'BB' from 'BB+' (BL:
     13.75, LCR: 1.01);
  -- $6.1 million class M-11 downgraded to 'BB-' from 'BB' (BL:
     12.62, LCR: 0.92).
  
Deal Summary
  -- Originators: 100% Accredited
  -- 60+ day Delinquency: 18.03%;
  -- Realized Losses to date (% of Original Balance): 0.23%;
  -- Expected Remaining Losses (% of Current Balance): 13.65%;
  -- Cumulative Expected Losses (% of Original Balance): 9.33%.

J.P. Morgan Mortgage Acquisition Corp. 2006-CH1
  -- $356.9 million class A affirmed at 'AAA' (BL: 33.78, LCR:
     13.61);
  -- $20.9 million class M-1 affirmed at 'AA+' (BL: 29.37, LCR:
     11.84);
  -- $25.4 million class M-2 affirmed at 'AA' (BL: 23.61, LCR:
     9.52);
  -- $8.6 million class M-3 affirmed at 'AA-' (BL: 21.78, LCR:
     8.78);
  -- $9.5 million class M-4 affirmed at 'A+' (BL: 19.75, LCR:
     7.96);
  -- $8.6 million class M-5 affirmed at 'A' (BL: 17.90, LCR:
     7.21);
  -- $7.7 million class M-6 affirmed at 'A-' (BL: 16.17, LCR:
     6.52);
  -- $7.4 million class M-7 affirmed at 'BBB+' (BL: 14.43, LCR:
     5.82);
  -- $6.2 million class M-8 affirmed at 'BBB' (BL: 12.94, LCR:
     5.22);
  -- $7.1 million class M-9 affirmed at 'BBB-' (BL: 11.20, LCR:
     4.51);
  -- $8.3 million class M-10 affirmed at 'BB+' (BL: 8.42, LCR:
     3.39).
  
Deal Summary
  -- Originators: 100% Chase
  -- 60+ day Delinquency: 2.26%;
  -- Realized Losses to date (% of Original Balance): 0.03%;
  -- Expected Remaining Losses (% of Current Balance): 2.48%;
  -- Cumulative Expected Losses (% of Original Balance): 2.03%.

J.P. Morgan Mortgage Acquisition Corp. 2006-CH2 Group 1
  -- $309.8 million class AF affirmed at 'AAA' (BL: 19.45, LCR:
     7.45);
  -- $9.2 million class MF-1 affirmed at 'AA+' (BL: 16.67, LCR:
     6.38);
  -- $8.6 million class MF-2 affirmed at 'AA' (BL: 14.22, LCR:
     5.45);
  -- $4.9 million class MF-3 affirmed at 'AA-' (BL: 12.72, LCR:
     4.87);
  -- $4.7 million class MF-4 affirmed at 'A+' (BL: 11.37, LCR:
     4.35);
  -- $4.1 million class MF-5 affirmed at 'A' (BL: 10.05, LCR:
     3.85);
  -- $3.1 million class MF-6 affirmed at 'A-' (BL: 9.69, LCR:
     3.71);
  -- $3.3 million class MF-7 affirmed at 'BBB+' (BL: 9.20, LCR:
     3.52);
  -- $1.9 million class MF-8 affirmed at 'BBB' (BL: 9.04, LCR:
     3.46);
  -- $3.9 million class MF-9 affirmed at 'BBB-' (BL: 8.74, LCR:
     3.35).
  
Deal Summary
  -- Originators: 100% Chase
  -- 60+ day Delinquency: 1.54%;
  -- Realized Losses to date (% of Original Balance): 0.00%;
  -- Expected Remaining Losses (% of Current Balance): 2.61%;
  -- Cumulative Expected Losses (% of Original Balance): 2.39%.

J.P. Morgan Mortgage Acquisition Corp. 2006-CH2 Group 2
  -- $1.12 billion class AV affirmed at 'AAA' (BL: 25.71, LCR:
     4.35);
  -- $51.3 million class MV-1 affirmed at 'AA+' (BL: 22.78, LCR:
     3.86);
  -- $44.7 million class MV-2 affirmed at 'AA' (BL: 19.76, LCR:
     3.35);
  -- $26.8 million class MV-3 affirmed at 'AA-' (BL: 17.79, LCR:
     3.01);
  -- $24.4 million class MV-4 affirmed at 'A+' (BL: 15.98, LCR:
     2.71);
  -- $23.6 million class MV-5 affirmed at 'A' (BL: 14.23, LCR:
     2.41);
  -- $21.1 million class MV-6 affirmed at 'A-' (BL: 12.60, LCR:
     2.13);
  -- $18.7 million class MV-7 affirmed at 'BBB+' (BL: 11.09, LCR:
     1.88);
  -- $12.2 million class MV-8 affirmed at 'BBB' (BL: 10.05, LCR:
     1.7);
  -- $11.4 million class MV-9 affirmed at 'BBB-' (BL: 7.51, LCR:
     1.27);
  -- $16.2 million class MV-10 affirmed at 'BB+' (BL: 6.82, LCR:
     1.15).
  
Deal Summary
  -- Originators: 100% Chase
  -- 60+ day Delinquency: 3.51%;
  -- Realized Losses to date (% of Original Balance): 0.01%;
  -- Expected Remaining Losses (% of Current Balance): 5.91%;
  -- Cumulative Expected Losses (% of Original Balance): 5.11%.

J.P. Morgan Mortgage Acquisition Corp. 2006-CW1
  -- $410.3 million class A affirmed at 'AAA' (BL: 41.53, LCR:
     4.26);
  -- $32.5 million class M-1 affirmed at 'AA+' (BL: 32.53, LCR:
     3.34);
  -- $30.3 million class M-2 affirmed at 'AA' (BL: 29.86, LCR:
     3.06);
  -- $17.8 million class M-3 affirmed at 'AA' (BL: 27.70, LCR:
     2.84);
  -- $15.1 million class M-4 affirmed at 'AA-' (BL: 25.30, LCR:
     2.59);
  -- $14.7 million class M-5 affirmed at 'A+' (BL: 22.88, LCR:
     2.35);
  -- $13.3 million class M-6 affirmed at 'A' (BL: 20.65, LCR:
     2.12);
  -- $13.3 million class M-7 affirmed at 'BBB+' (BL: 18.38, LCR:
     1.88);
  -- $11.5 million class M-8 affirmed at 'BBB' (BL: 16.44, LCR:
     1.69);
  -- $8.9 million class M-9 affirmed at 'BBB' (BL: 14.91, LCR:
     1.53);
  -- $8.9 million class M-10 affirmed at 'BBB-' (BL: 13.69, LCR:
     1.4).
  
Deal Summary
  -- Originators: 100% Countrywide
  -- 60+ day Delinquency: 12.81%;
  -- Realized Losses to date (% of Original Balance): 0.24%;
  -- Expected Remaining Losses (% of Current Balance): 9.75%;
  -- Cumulative Expected Losses (% of Original Balance): 6.85%.

J.P. Morgan Mortgage Acquisition Corp. 2006-CW2 Group 1
  -- $104 million class AF affirmed at 'AAA' (BL: 29.55, LCR:
     6.07);
  -- $10.5 million class MF-1 affirmed at 'AA' (BL: 21.76, LCR:
     4.47);
  -- $7.9 million class MF-2 affirmed at 'A' (BL: 18.42, LCR:
     3.78);
  -- $4.4 million class MF-3 affirmed at 'BBB+' (BL: 16.35, LCR:
     3.36);
  -- $2 million class MF-4 affirmed at 'BBB' (BL: 15.84, LCR:
     3.25);
  -- $1.4 million class MF-5 affirmed at 'BBB-' (BL: 15.54, LCR:
     3.19);
  -- $1.7 million class MF-6 affirmed at 'BB+' (BL: 15.23, LCR:
     3.13).
  
Deal Summary
  -- Originators: 100% Countrywide
  -- 60+ day Delinquency: 5.12%;
  -- Realized Losses to date (% of Original Balance): 0.04%;
  -- Expected Remaining Losses (% of Current Balance): 4.87%;
  -- Cumulative Expected Losses (% of Original Balance): 3.91%.

J.P. Morgan Mortgage Acquisition Corp. 2006-CW2 Group 2
  -- $417.5 million class AV affirmed at 'AAA' (BL: 40.69, LCR:
     3.58);
  -- $32.5 million class MV-1 affirmed at 'AA+' (BL: 30.86, LCR:
     2.71);
  -- $29.4 million class MV-2 affirmed at 'AA' (BL: 28.53, LCR:
     2.51);
  -- $17.5 million class MV-3 affirmed at 'AA-' (BL: 26.68, LCR:
     2.35);
  -- $15.3 million class MV-4 affirmed at 'A+' (BL: 24.91, LCR:
     2.19);
  -- $14.5 million class MV-5 affirmed at 'A' (BL: 22.72, LCR:
     2);
  -- $14 million class MV-6 affirmed at 'A-' (BL: 20.47, LCR:
     1.8);
  -- $12.7 million class MV-7 affirmed at 'BBB+' (BL: 18.41, LCR:
     1.62);
  -- $11.4 million class MV-8 affirmed at 'BBB' (BL: 16.59, LCR:
     1.46);
  -- $8.3 million class MV-9 affirmed at 'BBB-' (BL: 15.25, LCR:
     1.34);
  -- $10.1 million class MV-10 affirmed at 'BB+' (BL: 13.94, LCR:
     1.23).
  
Deal Summary
  -- Originators: 100% Countrywide
  -- 60+ day Delinquency: 13.71%;
  -- Realized Losses to date (% of Original Balance): 0.04%;
  -- Expected Remaining Losses (% of Current Balance): 11.38%;
  -- Cumulative Expected Losses (% of Original Balance): 7.99%.

J.P. Morgan Mortgage Acquisition Corp. 2006-FRE2
  -- $340.3 million class A affirmed at 'AAA' (BL: 49.54, LCR:
     3.57);
  -- $46.9 million class M-1 affirmed at 'AA+' (BL: 41.40, LCR:
     2.99);
  -- $34.5 million class M-2 affirmed at 'AA' (BL: 32.94, LCR:
     2.38);
  -- $21 million class M-3 affirmed at 'AA-' (BL: 30.62, LCR:
     2.21);
  -- $17.7 million class M-4 affirmed at 'A+' (BL: 28.22, LCR:
     2.04);
  -- $16.7 million class M-5 affirmed at 'A' (BL: 25.32, LCR:
     1.83);
  -- $15.8 million class M-6 affirmed at 'A-' (BL: 22.55, LCR:
     1.63);
  -- $14.3 million class M-7 affirmed at 'BBB+' (BL: 19.95, LCR:
     1.44);
  -- $13.4 million class M-8 affirmed at 'BBB' (BL: 17.52, LCR:
     1.26);
  -- $10 million class M-9 affirmed at 'BBB-' (BL: 15.66, LCR:
     1.13);
  -- $10.5 million class M-10 downgraded to 'BB' from 'BB+' (BL:     
     13.93, LCR: 1.01);
  -- $9.5 million class M-11 downgraded to 'BB-' from 'BB' (BL:
     12.76, LCR: 0.92).
  
Deal Summary
  -- Originators: 100% Fremont
  -- 60+ day Delinquency: 20.27%;
  -- Realized Losses to date (% of Original Balance): 0.90%;
  -- Expected Remaining Losses (% of Current Balance): 13.86%;
  -- Cumulative Expected Losses (% of Original Balance): 9.24%.

J.P. Morgan Mortgage Acquisition Corp. 2006-HE2
  -- $318.9 million class A affirmed at 'AAA' (BL: 38.28, LCR:
     4.06);
  -- $19.5 million class M-1 affirmed at 'AA+' (BL: 32.85, LCR:
     3.48);
  -- $17.6 million class M-2 affirmed at 'AA' (BL: 29.49, LCR:
     3.13);
  -- $10.4 million class M-3 affirmed at 'AA-' (BL: 27.11, LCR:     
     2.87);
  -- $9.3 million class M-4 affirmed at 'A+' (BL: 24.97, LCR:     
     2.65);
  -- $8.8 million class M-5 affirmed at 'A' (BL: 22.94, LCR:
     2.43);
  -- $8.3 million class M-6 affirmed at 'A-' (BL: 21.00, LCR:
     2.23);
  -- $7.7 million class M-7 affirmed at 'BBB+' (BL: 19.10, LCR:
     2.03);
  -- $7.2 million class M-8 affirmed at 'BBB' (BL: 17.37, LCR:
     1.84);
  -- $4.5 million class M-9 affirmed at 'BBB-' (BL: 16.28, LCR:
     1.73);
  -- $5.6 million class M-10 affirmed at 'BB+' (BL: 15.27, LCR:
     1.62).
  
Deal Summary
  -- Originators: 80% Ownit
  -- 60+ day Delinquency: 12.76%;
  -- Realized Losses to date (% of Original Balance): 0.11%;
  -- Expected Remaining Losses (% of Current Balance): 9.43%;
  -- Cumulative Expected Losses (% of Original Balance): 7.85%.

J.P. Morgan Mortgage Acquisition Corp. 2006-NC1
  -- $410.4 million class A affirmed at 'AAA' (BL: 41.14, LCR:
     3.31);
  -- $42.8 million class M-1 affirmed at 'AA+' (BL: 31.20, LCR:
     2.51);
  -- $30.7 million class M-2 affirmed at 'AA' (BL: 28.15, LCR:
     2.27);
  -- $17.2 million class M-3 affirmed at 'AA-' (BL: 25.69, LCR:
     2.07);
  -- $13.9 million class M-4 affirmed at 'A+' (BL: 23.39, LCR:
     1.88);
  -- $13 million class M-5 affirmed at 'A' (BL: 21.24, LCR:
     1.71);
  -- $13.4 million class M-6 affirmed at 'A-' (BL: 18.96, LCR:
     1.53);
  -- $13.4 million class M-7 affirmed at 'BBB+' (BL: 16.62, LCR:
     1.34);
  -- $10.7 million class M-8 downgraded to 'BBB-' from 'BBB' (BL:
     14.78, LCR: 1.19);
  -- $7.9 million class M-9 downgraded to 'BB+' from 'BBB-' (BL:
     13.37, LCR: 1.08);
  -- $6 million class M-10 downgraded to 'BB' from 'BB+' (BL:
     12.36, LCR: 0.99);
  -- $9.3 million class M-11 downgraded to 'BB-' from 'BB' (BL:
     11.03, LCR: 0.89).
  
Deal Summary
  -- Originators: 100% New Century
  -- 60+ day Delinquency: 17.47%;
  -- Realized Losses to date (% of Original Balance): 0.76%;
  -- Expected Remaining Losses (% of Current Balance): 12.43%;
  -- Cumulative Expected Losses (% of Original Balance): 8.89%.

J.P. Morgan Mortgage Acquisition Corp. 2006-NC2
  -- $447.6 million class A affirmed at 'AAA' (BL: 44.24, LCR:
     3.94);
  -- $41.7 million class M-1 affirmed at 'AA+' (BL: 33.77, LCR:
     3);
  -- $47.8 million class M-2 affirmed at 'AA' (BL: 29.90, LCR:
     2.66);
  -- $13.7 million class M-3 affirmed at 'AA-' (BL: 28.53, LCR:
     2.54);
  -- $20.3 million class M-4 affirmed at 'A+' (BL: 26.03, LCR:
     2.32);
  -- $20.8 million class M-5 affirmed at 'A' (BL: 23.08, LCR:
     2.05);
  -- $10.9 million class M-6 affirmed at 'A-' (BL: 21.51, LCR:
     1.91);
  -- $17.5 million class M-7 affirmed at 'BBB+' (BL: 18.92, LCR:
     1.68);
  -- $10.9 million class M-8 affirmed at 'BBB' (BL: 17.31, LCR:
     1.54);
  -- $15.1 million class M-9 affirmed at 'BBB-' (BL: 15.42, LCR:
     1.37).
  
Deal Summary
  -- Originators: 100% New Century
  -- 60+ day Delinquency: 11.78%;
  -- Realized Losses to date (% of Original Balance): 0.45%;
  -- Expected Remaining Losses (% of Current Balance): 11.24%;
  -- Cumulative Expected Losses (% of Original Balance): 8.62%.


KENATA CORP: Case Summary & Largest Unsecured Creditor
------------------------------------------------------
Debtor: Kenata Corporation
        1305 Summitridge Drive
        Beverly Hills, CA 90210

Bankruptcy Case No.: 07-17580

Chapter 11 Petition Date: August 30, 2007

Court: Central District Of California (Los Angeles)

Judge: Ernest M. Robles

Debtor's Counsel: Kenneth G. Eade, Esq.
                  190 North Canon Drive, Suite 420
                  Beverly Hills, CA 90210
                  Tel: (310) 275-3055

Total Assets: $3,000,000

Total Debts:  $1,700,000

Debtor's Largest Unsecured Creditor:

   Entity                      Nature of Claim       Claim Amount
   ------                      ---------------       ------------
Washington Mutual Bank         first deed of trust     $1,500,000
7255 Baymeadows Way
Jacksonville, FL 32256


KENTUCKY NATIONAL: A.M. Best Holds "C" Financial Strength Rating
----------------------------------------------------------------
A.M. Best Co. affirmed the financial strength rating of C- (Weak)
and the issuer credit rating of "cc" of Kentucky National
Insurance Company.  The outlook for both ratings is negative.
Subsequently, A.M. Best has withdrawn the FSR and ICR and assigned
a category NR-3 (Rating Procedure Inapplicable) to Kentucky
National.

The withdrawing of the ratings reflects Kentucky National's
inactive status, following the run-off of its business and its
ensuing sale to First Kentucky Insurance LLC, which was finalized
on August 8, 2007.  The parent has added capital to increase
surplus to $6 million in anticipation of writing new business at a
future date.  Kentucky National will write automobile, homeowners,
boats, mobile homes and various types of commercial insurance
exclusively through independent insurance agents.


LB-UBS COMM: Fitch Assigns Low-B Ratings on Six Cert. Classes
-------------------------------------------------------------
Fitch has rated LB-UBS Commercial Mortgage Trust 2007-C6,
commercial mortgage pass-through certificates as:

  -- $21,000,000 class A-1 'AAA';
  -- $455,000,000 class A-2 'AAA';
  -- $169,000,000 class A-3 'AAA';
  -- $67,000,000 class A-AB 'AAA';
  -- $910,408,000 class A-4 'AAA';
  -- $422,847,000 class A-1A 'AAA';
  -- $227,893,000 class A-M 'AAA';
  -- $156,395,000 class A-J 'AAA';
  -- $2,978,936,714* class X 'AAA';
  -- $33,513,000 class B 'AA+';
  -- $37,237,000 class C 'AA';
  -- $33,513,000 class D 'AA-';
  -- $29,789,000 class E 'A+';
  -- $29,790,000 class F 'A';
  -- $40,000,000 class A-2FL 'AAA';
  -- $70,000,000 class A-MFL 'AAA';
  -- $33,513,000 class G 'A-';
  -- $37,236,000 class H 'BBB+';
  -- $40,961,000 class J 'BBB';
  -- $29,789,000 class K 'BBB-';
  -- $44,684,000 class L 'BB+';
  -- $14,895,000 class M 'BB';
  -- $11,171,000 class N 'BB-';
  -- $3,723,000 class P 'B+';
  -- $7,448,000 class Q 'B';
  -- $7,447,000 class S 'B-'.
  
*Notional amount and interest only.

The $44,684,714 class T is not rated by Fitch.

Classes A-1, A-2, A-3, A-AB, A-4, A-1A, A-M, A-J, B, C, D, E, F,
and X are offered publicly, while classes A-2FL, A-MFL, G, H, J,
K, L, M, N, P, Q, S and T are privately placed pursuant to rule
144A of the Securities Act of 1933.  The certificates represent
beneficial ownership interest in the trust, primary assets of
which are 181 fixed rate loans having an aggregate principal
balance of approximately $2,978,936,714, as of the cutoff date.


LEINER HEALTH: Moody's Junks Corporate Family Rating
----------------------------------------------------
Moody's Investors Service downgraded all long-term debt ratings of
Leiner Health Products, Inc.  

Ratings lowered include the corporate family rating to Caa2 from
B3, the bank loan to B3 (LGD 3, 31%) from B1 (LGD 3, 30%), and the
senior subordinated notes to Caa3 (LGD 5, 88%) from Caa1 (LGD 5,
83%).  Moody's also affirmed Leiner's speculative grade liquidity
rating at SGL-4. The rating outlook remains negative.

The downgrades were prompted by Moody's concern regarding the
company's liquidity profile and its ability over the next several
months to fully restore manufacturing and distribution of its
over-the-counter medication segment.  Given that U.S. sales of OTC
medications comprised around 25% of total revenue, an extended
period of lost sales will meaningfully impact cash flow and credit
metrics.  In March 2007, Leiner suspended OTC production after an
FDA inspection had noted deficiencies in proper manufacturing
practices at one of Leiner's production facilities.

The downgrade also reflects the concern that the manufacturing
shutdown will last considerably longer than originally
anticipated, that Leiner will incur significant costs to rectify
manufacturing practices prior to restarting production, and that
it could suffer the permanent loss of some customers that switch
to alternate suppliers in the interim.  The SGL-4 speculative
grade liquidity rating reflects Moody's concern that a lengthy
slowdown in OTC sales will pressure Leiner's liquidity and
financial flexibility by reducing its cash generation ability.
This could make covenant compliance a challenge.

These ratings/assessments are downgraded:

-- $ 50 million secured revolving credit facility rating to B3
    (LGD 3, 31%) from B1 (LGD 3, 30%);

-- $232.8 million secured term loan rating to B3 (LGD 3, 31%)
    from B1 (LGD 3, 30%),;

-- $150 million 11% senior subordinated notes (2012) rating to
    Caa3 (LGD 5, 88%) from Caa1 (LGD 5, 83%);

-- Corporate family rating to Caa2 from B3;

-- Probability-of-default rating to Caa2 from B3;

This rating is affirmed:

-- Speculative Grade Liquidity assessment at SGL-4.

Leiner's corporate family rating of Caa1 reflects uncertainty
around the duration of the OTC manufacturing shutdown, and the
impact this event could have upon the company's near term
liquidity, financial flexibility, and fundamental business
franchise.  In particular, constraining the rating are the concern
that customers and suppliers can make other arrangements in the
meantime, the likely costs to restart production, and Moody's
expectation that key credit metrics such as leverage, interest
coverage, and free cash flow to debt will deteriorate over the
next several quarters as the financial impact of the shutdown is
realized.  Also constraining the rating is the relative weakness
of Leiner relative to its retail customers given that 86% of sales
go to the company's top 10 customers.  Supporting Leiner's ratings
are the improving operating performance of the vitamin, mineral,
and nutritional supplement segment, the wide geographic coverage
of the company's distribution network across the U.S. and Canada,
and the solid market position as an important manufacturer of
certain private label VMS products and OTC products prior to the
shutdown.

The Speculative Grade Liquidity assessment of SGL-4 (poor
liquidity) reflects Moody's concern that compliance with the
maximum leverage and minimum interest coverage ratios in the bank
loan will be challenging over the next few quarters and that the
company may need to seek further covenant relief from its bank
group.  The company has few alternate sources of liquidity and
substantially all of its assets are pledged for the secured bank
loan.  The company's equity sponsors are required to contribute
additional equity of $6.5 million if available liquidity
(revolving credit facility availability plus cash) falls below
$10 million.  Balance sheet cash of $8.3 million as of
June 30, 2007 provides marginal liquidity for small working
capital fluctuations.

The negative outlook reflects Moody's concern that Leiner's
financial profile and liquidity could further deteriorate if the
company cannot overcome its operating challenges over the next few
quarters and quickly obtain FDA consent to restart OTC production.
The ratings could be further downgraded if Leiner's cash balance
or overall liquidity deteriorates, there are further delays in
restarting OTC production, or there is substantial customer
attrition.

Leiner Health Products, Inc, with headquarters in Carson,
California, manufactures private-label vitamins, minerals, &
nutritional supplements and over-the-counter pharmaceuticals.
Leiner also provides contract manufacturing services.  Revenue for
the twelve months ending June 30, 2007 was $679 million.


LOTS WAKO: Hires Reinwald O'Connor as General Bankruptcy Counsel
----------------------------------------------------------------
Lots Wako Inc. obtained permission from the U.S. Bankruptcy Court
for the District of Hawaii to employ Reinwald O'Connor & Playdon
LLP as its general bankruptcy counsel effective July 24, 2007.

Reinwald O'Connor will assist the Debtor:

   (1) to prepare and file the various first day motions;

   (2) to prepare schedules and statement of financial affairs;

   (3) to assist the Debtor in the conduct of the Chapter 11
       proceeding;

   (4) to prepare a feasible Chapter 11 Plan of Reorganization;

   (5) to file motions for the assumption of the executory real
       property sales contracts; and

   (6) to participate in the claims allowance process.

Jerrold K. Guben, Esq., will represent the Debtor in behalf of the
Firm.  The Debtor will pay Mr. Guben, Esq., based on a rate of
$300 per hour.

To the best of the Debtor's knowledge, Reinwald O'Connor is
disinterested and does not hold or represent any interest adverse
to the estate.

The firm can be reached at:

          Jerrold K. Guben, Esq.
          Reinwald O'Connor & Playdon LLP
          Floor 24, Makai Tower, 733 Bishop St.          
          Honolulu, HI 96813
          Telephone: (808) 524-8350
          Fax: (808) 531-8628
          http://roplaw.com/

Honolulu, Hawaii-based Lots Wako Inc. is currently financing a
multi-story commercial building project at 345 Queen Street in
Honolulu, Hawaii, which is the Debtor's primary asset. The Debtor
filed for Chapter 11 protection on July 23, 2007 (Bankr. D. HI
Case No. 07-00741).


LOTS WAKO: Wants Interim Use of Lender's Cash Collateral
--------------------------------------------------------
Lots Wako Inc. asks the U.S. Bankruptcy Court for the District of
Hawaii for authority to use the cash collateral securing repayment   
of its obligations to First Hawaiian Bank for the period of 30
days.

FHB holds interest in the Debtor's primary asset which is a
commercial building located at 345 Queen Street in Honolulu,
Hawaii through a $1,000,000 loan FHB made to the Debtor on May 30,
2006.

The Debtor relates that the cash collateral will be used to pay
its reasonable and necessary operating expenses

The Debtor adds that there are no unencumbered funds to use for
payment of on-going expenses other than the monthly rents derived
from the property.

The Debtor assures the Court that FHB will be adequately protected
during the next 30 days insofar as the property is not declining
in value.  The Debtor added that any excess of net cash flow
accruing during the 30 days will be kept in the Debtor-in-
possession's general operating bank account.

Honolulu, Hawaii-based Lots Wako Inc. is currently financing a
multi-story commercial building project at 345 Queen Street in
Honolulu, Hawaii, which is the Debtor's primary asset. The Debtor
filed for Chapter 11 protection on July 23, 2007 (Bankr. D. HI
Case No. 07-00741).  Jerrold K. Guben, Esq. at Reinwald O'Connor &
Playdon LLP represents the Debtor in its restructuring efforts.


MEASURETEC BUILDERS: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------------
Debtor: MeasureTec Builders Group, Inc.
        9009 F.M. 620 North, Suite 602
        Austin, TX 78726

Bankruptcy Case No.: 07-11583

Chapter 11 Petition Date: August 29, 2007

Court: Western District of Texas (Austin)

Judge: Frank R. Monroe

Debtor's Counsel: Stephen W. Sather, Esq.
                  Barron & Newburger, P.C.
                  1212 Guadalupe, Suite 104
                  Austin, TX 78701
                  Tel: (512) 476-9103, Ext. 220
                  Fax: (512) 476-9253

Estimated Assets: $1 Million to $100 Million

Estimated Debts:  $1 Million to $100 Million

Debtor's 20 Largest Unsecured Creditors:

   Entity                      Nature of Claim       Claim Amount
   ------                      ---------------       ------------
Internal Revenue Service                 taxes         $1,346,646
P.O. Box 21126
Philadelphia, PA 19114

Wachovia Bank                                            $497,195
PO Box 740502
Atlanta, GA 30374

Wells Fargo Bank                                         $497,100
PO Box 659700
San Antonio, TX 78286-0700

Hayre, Santosh                                           $371,892
211 Faust Lane
Houston, TX 77024

Chase Bank                                               $241,457
PO Box 4661
Houston, TX 77210

Brinkmann Roofing                                        $100,177

Wachovia Bank                                             $98,954

Hope Lumber and Supply Co.                                $66,513

Villareal Drywall, Inc.                                   $62,830

Hulett, David                                             $50,850

J.P. Morgan Chase                                         $48,182

Guaranty Bank                                             $44,315

B.M.C. West                                               $43,868

Premier Builder Services                                  $32,969

Wells Fargo                                               $25,435

Gonzalez, Juan T.                                         $20,025

Conroe Concrete, Ltd.                                     $17,861

Cherokee Plumbing, L.P.                                   $17,436

Fierro, Victor Manual                                     $16,000

Kiva Kitchen & Bath                                       $11,966


MERRILL LYNCH: Moody's Rates $23 Million Class E Notes at "Ba2"
---------------------------------------------------------------
Moody's Investors Service assigned these ratings to Notes and
Combination Securities issued by Merrill Lynch CLO 2007-1, Ltd:

-- Aaa to the $60,000,000 Class A-1 First Priority Senior Notes
Due 2021;

-- Aaa to the $200,000,000 Class A-2 First Priority Delayed Draw
    Senior Notes Due 2021;

-- Aa2 to the.S. $38,000,000 Class B Second Priority Senior Notes
    Due 2021;

-- A2 to the $30,000,000 Class C Third Priority Subordinated
    Deferrable Notes Due 2021;

-- Baa2 to the $21,000,000 Class D Fourth Priority Subordinated
    Deferrable Notes Due 2021;

-- Ba2 to the $23,000,000 Class E Fifth Priority Subordinated
    Deferrable Notes Due 2021;

-- Aaa to the $10,519,000 Class P-1 Principal Protected Notes Due
    2021; and

-- Aaa to the $6,312,000 Class P-2 Principal Protected Notes Due
    2021.

The Moody's ratings of the notes address the ultimate cash receipt
of all required interest and principal payments, as provided by
the notes' governing documents, and are based on the expected loss
posed to noteholders, relative to the promise of receiving the
present value of such payments.  The Moody's ratings on the Class
P-1 Notes and the Class P-2 Notes address solely the ultimate
receipt, respectively, of the Class P-1 Note Rated Balance and the
Class P-2 Note Rated Balance.

The ratings reflect the risks due to the diminishment of cash flow
from the underlying portfolio consisting of U.S. dollar
denominated Loans due to defaults, the transaction's legal
structure and the characteristics of the underlying assets.

250 Capital LLC will manage the selection, acquisition and
disposition of collateral on behalf of the Issuer.


MERRILL LYNCH: S&P Rates CDN $1.274 Million Class L Certs. at "B-"
------------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to Merrill Lynch Financial Assets Inc.'s
CDN $424.7 million commercial mortgage pass-through certificates
series 2007-Canada 23.
     
The preliminary ratings are based on information as of Aug. 29,
2007.  Subsequent information may result in the assignment of
final ratings that differ from the preliminary ratings.
     
The preliminary ratings assigned to series 2007-Canada 23 reflect
the credit support provided by the subordinate classes of
certificates, the liquidity provided by the servicer and backup
servicer, the economics of the underlying mortgage loans, and the
geographic and property type diversity of the underlying pool of
loans.  Standard & Poor's Ratings Services determined that, on a
weighted-average basis, the loan pool has a debt service coverage
ratio of 1.50x, a beginning loan-to-value ratio of 96.6%, and an
ending LTV of 82.7%.
     

                   Preliminary Ratings Assigned
                Merrill Lynch Financial Assets Inc.
                     Series 2007 Canada 23

             Class     Rating                   Amount
             -----     ------                   ------
             A-1       AAA                  CDN $56,817,000
             A-2       AAA                 CDN $129,160,000
             A-3       AAA                 CDN $153,822,000
             A-J       AAA                  CDN $31,856,000
             XP-1      AAA                              N/A
             B         AA                    CDN $9,026,000
             C         A                    CDN $10,619,000
             D-1       BBB                  CDN $12,210,000
             D-2       BBB                       CDN $1,000
             E-1       BBB-                  CDN $4,247,000
             E-2       BBB-                      CDN $1,000
             F         BB+                   CDN $4,247,000
             G         BB                    CDN $1,699,000
             H         BB-                     CDN $850,000
             J         B+                    CDN $1,274,000
             K         B                     CDN $1,062,000
             L         B-                    CDN $1,274,000
             M         N.R.                  CDN $6,584,215
             XP-2      AAA                              N/A
             XC        AAA                 CDN $424,749,215
             

                          N.R. Not rated.

                        N/A Not applicable.


MSIM PECONIC: Moody's Ba2 Rating Points to Diminishing Cash Flow
----------------------------------------------------------------
Moody's Investors Service assigned these ratings to Notes issued
by MSIM Peconic Bay, Ltd:

-- Aaa to the $240,000,000 Class A-1-A Floating Rate Notes Due
    2019;

-- Aaa to the $60,000,000 Class A-1-B Floating Rate Notes Due
    2019;

-- Aa2 to the $14,000,000 Class B Floating Rate Notes Due 2019;

-- A2 to the $19,500,000 Class C Floating Rate Notes Due 2019;

-- Baa2 to the $20,000,000 Class D Floating Rate Notes Due 2019;
    and

-- Ba2 to the $16,000,000 Class E Floating Rate Notes Due 2019.

The Moody's ratings of the notes address the ultimate cash receipt
of all required interest and principal payments, as provided by
the notes' governing documents, and are based on the expected loss
posed to noteholders, relative to the promise of receiving the
present value of such payments.

The ratings reflect the risks due to the diminishment of cash flow
from the underlying portfolio due to defaults, the transaction's
legal structure and the characteristics of the underlying assets,
which consist primarily of senior secured loans.

Morgan Stanley Investment Management Inc. will manage the
selection, acquisition and disposition of collateral on behalf of
the Issuer.


MUSHLAND I: Case Summary & Three Largest Unsecured Creditors
------------------------------------------------------------
Debtor: MUSHLAND I, L.L.C.
        8124 TIARA COVE CIRCLE
        LAS VEGAS, NV 89128-7720

Bankruptcy Case No.: 07-15476

Chapter 11 Petition Date: August 30, 2007

Court: District of Nevada (Las Vegas)

Debtor's Counsel: Matthew L. Johnson, esq.
                  8831 West Sahara Avenue
                  Las Vegas, NV 89117
                  Tel: (702) 471-0065
                  Fax: (702) 471-0075

Estimated Assets: $1 Million to $100 Million

Estimated Debts:  $1 Million to $100 Million

Debtor's Three Largest Unsecured Creditors:

   Entity                      Nature of Claim       Claim Amount
   ------                      ---------------       ------------
Citi Capital S.M.              two earth moving           unknown
                               equipment units

Direct Capital Corp.           bulldozer; value           unknown
                               of security:
                               $60,000

Louis Monteleone               various loans              $75,000
8124 Tiara Cove Circle
Las Vegas, NV 89128


NALCO CO: Fitch Affirms "B" Issuer Default Rating
-------------------------------------------------
Fitch Ratings has affirmed these ratings for Nalco Company:

  -- Issuer Default Rating at 'B';
  -- Senior secured credit facility at 'BB/RR1';
  -- Senior secured term loans at 'BB/RR1';
  -- Senior unsecured debt at 'BB/RR1'.

At the same time Fitch upgraded Nalco's senior subordinated notes
to 'BB-/RR2' from 'B-/RR5'.

Fitch also affirmed the IDR of 'B' for Nalco Finance Holdings
(Nalco Finance), and upgrades the senior discount notes to 'B-
/RR5' from 'CCC+/RR6'.

The Rating Outlook for both Nalco and Nalco Finance is revised to
Positive from Stable.

The Positive Rating Outlook reflects the improvement in Nalco's
businesses and the strengthening of the economies around the
world.  Margins have improved slightly in 2006 and 2007 despite
higher raw material, energy and transportation costs.  Fitch
expects margins to improve as price increases continue to take
effect and as the market fundamentals strengthen.  Fitch remains
moderately concerned about increasing energy costs and the overall
effect of high raw material prices on demand.  However, with water
becoming a scarce commodity in some parts of the globe, it is
expected that water treatment and water treatment products will
likely see a major increase in demand in the coming years.

The upgrade of the senior subordinated notes at Nalco and the
senior discount notes at Nalco Finance is a result of the
increased enterprise value due to improvement in EBITDA over the
past several quarters.  This increased enterprise value provides
for a higher recovery value for all classes of debt.  The
subordinated notes are expected to have a recovery of 74% or 'RR2'
and the senior discount notes are expected to have a recovery of
11% or 'RR5'.  Fitch's recovery ratings incorporate an evaluation
using a distressed EBITDA and a derived multiple reflecting
scorecard characteristics for the company and industry; the going
concern value remains higher than the asset liquidation value.

Recovery prospects for Nalco's senior secured revolving credit
facility, senior secured term loan and senior unsecured notes
continue to be outstanding according to Fitch's Recovery Ratings
Scale at 'RR1'.  The 'RR1' reflects the very high principal
recovery expected for the senior secured credit facilities and
unsecured notes.  Recovery prospects for Nalco's senior
subordinated notes are rated superior and recovery prospects for
senior discount notes at Nalco Finance continue to be below
average recovery at 11% or 'RR5'.

As of June 30, 2007, Nalco's balance sheet debt plus accounts
receivable program balance totaled $3.208 billion.  Based on
Fitch's calculations Nalco had a total debt-to-Operating EBITDA of
4.6 times including the senior discount notes for the latest 12
months ending June 30, 2007.  Operating EBITDA to gross interest
incurred was 2.50x for the same period.  Balance sheet debt
consists of $958.3 million in senior secured term loans, $962.9
million in senior unsecured notes, $735.1 million in senior
subordinated notes and $402.8 million in senior discount notes.  
In addition, the company's $160 million A/R program had a balance
of $148.8 million June 30, 2007.

Nalco has a modest maturity schedule, with approximately
$6 million due for the remainder of 2007 and $58 million due in
2008 as of June 30, 2007.  Nalco is expected to have the financial
flexibility to repay and/or replace such debt maturities given
Fitch's base-case projections for operating cash flow, access to
the debt market, and adequate availability under its credit
facility.

The ratings are supported by Nalco's leading market position,
broad product offerings, geographical reach, and strong customer
retention. Concerns include a highly leveraged capital structure,
and the majority of assets are intangibles.  Growth rates in the
water treatment segment are modest and tend to track gross
domestic product; however, growth rates vary by end-use segment
and region.  Fitch estimates growth in North America in 2007 to be
in the 3%-4% range.  Emerging markets such as Latin America,
Eastern Europe and Pacific region are likely to grow at 3.5%-6%
per year.  Therefore, Nalco is likely to realize more volume
growth in emerging markets.  Fitch estimates overall sales growth
for Nalco in 2007 to be close to 4%.

Nalco is a leading global provider of integrated water treatment
and process improvement services, chemicals and equipment programs
for industrial and institutional applications.  Nalco's products
and services are typically used in water treatment applications to
prevent corrosion, contamination and the buildup of harmful
deposits, or in production processes to enhance process efficiency
and improve customers' end products.  The company generated
Operating EBITDA of $699.5 million on
$3.74 billion in sales for the LTM period ending June 30, 2007.  
It is organized into three divisions which correspond to the end
markets served: Industrial and Institutional Services, Energy
Services and Paper Services.

Fitch's Recovery Ratings are a relative indicator of creditor
recovery prospects on a given obligation within an issuers'
capital structure in the event of a default.


NATHANIEL ENERGY: June 30 Balance Sheet Upside-Down by $650,657
---------------------------------------------------------------
Nathaniel Energy Corporation delivered its financial results for
the quarter ended June 30, 2007, to the Securities and Exchange
Commission on Aug. 20, 2007.

The company reported a $611,861 net loss on $96,118 revenue for
the three months ended June 30, 2007, compared with a $354,842 net
loss on $310,732 revenue for the three months ended June 30, 2006.

At June 30, 2007, the company's balance sheet showed $1,418,787
in total assets, $2,069,444 in total liabilities resulting in a
$650,657 stockholders' deficit.

The company's consolidated balance sheet at June 30, 2007, also
showed strained liquidity with $198,076 in total current assets
available to pay $1,959,308 in total current liabilities.

A full-text copy of the regulatory filing is available for free
at

http://sec.gov/Archives/edgar/data/1096939/000114420407045254/v085
545_10qsb.htm

                       Going Concern Doubt

Comiskey & Company expressed substantial doubt about Nathaniel
Energy Corporation ability to continue as a going concern after it
audited the company's financial statements for the year ended
Dec. 31, 2006 and 2005.  The auditing firm pointed to the
company's
working capital deficit of $776,514, and an accumulated deficit of
$60,276,138, and used cash of $1,226,589 in operating activities
for the year then ended Dec. 31, 2006.

                     About Nathaniel Energy

Nathaniel Energy Corporation (OTC:NECX) --  
http://www.nathanielenergy.com-- develops and markets thermal  
combustor waste-to-energy system and to small scale power plants.  
The company also owns a facility in Texas that converts used tires
into fuel.  In 2006, the company completed the sale of its helium
and natural gas processing operations, which had accounted for
more than 95% of its sales.  Richard Strain, an investor of the
company, holds a 54% stake in Nathaniel Energy.


NATIONWIDE HEALTH: Fitch Affirms BB+ Preferred Stock Rating
-----------------------------------------------------------
Fitch Ratings has affirmed the existing ratings for Nationwide
Health Properties as:

  -- Issuer Default Rating 'BBB-';
  -- Unsecured bank credit facility 'BBB-';
  -- Senior unsecured notes 'BBB-';
  -- Preferred stock 'BB+'.

The Rating Outlook is Stable.

The ratings are supported by the company's large and fairly well-
diversified portfolio, solid debt service coverage ratios,
reasonable leverage, a sizable pool of unencumbered assets,
limited debt maturities over the next several years, and modest
investment expiration schedule.  A high percentage of the
company's properties are subject to master leases.  Primary credit
concerns include meaningful tenant concentration and some exposure
to government reimbursement risk.

NHP has continued to increase the size of its portfolio of
geographically diverse investments in several sectors of the
health care industry, including assisted living and independent
living facilities (60% of total revenue), skilled nursing
facilities (28% of total revenue), continuing care retirement
communities (6% of total revenue), medical office buildings (4% of
total revenue), and specialty hospitals (2% of total revenue).

As of June 31, 2007, 84% of the company's investments were subject
to master leases.  Additionally, the majority of NHP's leases
contain cross-collateralization and cross-default provisions.  
This minimizes adverse selection risk on weaker facilities in the
portfolio.  A small portion of the company's leases expire each
year.

The bulk of NHP's investments contain triple net lease provisions,
providing fairly stable cash flows.  Interest coverage, as defined
by recurring EBITDA over total interest expense, was 2.9 times for
the first six months of 2007, compared to 2.7x in 2006, 3x in
2005, and 3.2x in 2004.  Fixed charge coverage, as defined by
recurring EBITDA less capitalized expenditures over total interest
plus preferred dividends, was 2.5x for the first six months of
2007, 2.3x in 2006, 2.5x in 2005, and 2.6x in 2004.

NHP has limited debt maturities remaining over the next several
years, minimizing refinancing risk.  The company has significant
financial flexibility from its sizable unencumbered asset pool.  
As of June 30, 2007, this pool included 382 assets representing
approximately $2.5 billion in undepreciated book value.  Fitch
calculates NHP's unencumbered asset coverage of unsecured debt to
be roughly 2.3x, which is solid for the rating category.

Fitch's primary credit concerns stem from the tenant concentration
within NHP's portfolio.  NHP's top five tenants represented 49% of
total revenue for the second quarter of 2007.  The company's top
operator, Brookdale Senior Living, Inc., represented 18% of NHP's
total revenue and the company's second largest operator,
Hearthstone Senior Services, L.P., represented 12% of total
revenue.  While Fitch believes that both are quality operators,
Fitch would view a reduction in the percentage of revenue
generated from these operators to be a credit positive.

Based in Newport Beach, California, Nationwide Health Properties
is a self-managed and self-administered real estate investment
trust.  The company specializes in investments in healthcare
related senior housing, long-term care properties, and medical
office buildings throughout the United States.  As of June 30,
2007, the company had gross investments of approximately
$3.2 billion in 519 health care facilities in 43 states.


NEXIA HOLDINGS: June 30 Balance Sheet Upside-Down by $911,846
-------------------------------------------------------------
Nexia Holdings Inc.'s consolidated balance sheet at June 30, 2007,
showed $4.4 million in total assets, $5.2 million in total
liabilities, and $90,733 in minority interest, resulting in a
$911,846 total stockholders' deficit.

The company's consolidated balance sheet at June 30, 2007, also
showed strained liquidity with $629,980 in total current assets
available to pay $2.6 million in total current liabilities.

The company reported a net loss of $868,384 on total revenue of
$739,610 for the second quarter ended June 30, 2007, compared with
net income of $1.6 million on total revenue of $365,107 for the
same period in 2006.

The increase in revenue is due to inclusion of sales revenue from
the operation of the Landis Salon, an increase in Landis revenue  
and the inclusion of revenue from the Black Chandelier operations
of Gold Fusion Laboratories Inc. which was acquired subsequent to
the second quarter of 2006.

Nexia recorded operating losses of $742,276 for the three and six
month period ended June 30, 2007, compared to losses of $675,835
for the comparable periods in the year 2006.  

The change to a net loss during the quarter ended June 30, 2007,
is attributable primarily to the gain recognized on marketable
securities of $2.3 million in 2006 which was not realized in 2007.  
The stock received for past services in the form of China Fruits
stock contributed $2.4 million to income during 2006. There was no
similar receipt of investment securities during the 2007.  Other
factors affecting the change were operating expenses recognized
from the Landis Salon operations, and the addition of the Gold
Fusion Laboratories Inc. operations.

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2007, are available for
free at
http://www.sec.gov/Archives/edgar/data/833209/000126493107000382/f
orm10qsb.htm

                       Going Concern Doubt

De Joya Griffith & Company LLC, in Henderson, Nevada, expressed
substantial doubt about Nexia Holdings Inc.'s ability to continue
as a going concern after auditing the company's consolidated
financial statements as of the years ended Dec. 31, 2006, and
2005.  The auditing firm reported that the company has incurred
cumulative operating losses through Dec. 31, 2006 of approximately
$15.6 million, and has a working capital deficit of $990,123 at
Dec. 31, 2006.

                       About Nexia Holdings

Headquartered in Salt Lake City, Nexia Holdings Inc. (OTC BB:
NEXA.OB) -- http://www.nexiaholdings.com-- is a diversified  
holdings company with operations in real estate, health & beauty,
and fashion retail.  The company has been acquiring undervalued
properties in the Salt Lake City area since the early 1990s.  
Nexia owns a majority interest in Landis Lifestyle Salon, a hair
salon built around the world-class AVEDA(TM) product line.  
Through its Gold Fusion Laboratories subsidiary, Nexia owns the
innovative retail and design firm Black Chandelier and its related
brands.  Black Chandelier is expanding nationwide, and currently
operates four retail locations and online operations.


OM GROUP: S&P Lifts Corporate Credit Rating to BB- from B+
----------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on OM Group Inc. to 'BB-' from 'B+'.  The outlook is
stable.  The upgrade reflects S&P's expectation that potential,
meaningful acquisitions during the next few years will not hamper
the company's ability to preserve leverage measures appropriate
for the higher ratings.
      
"A good cash position, earnings at elevated levels, and a
virtually debt-free capital structure position OM Group to make
investments within the context of current credit quality," said
Standard & Poor's credit analyst Wesley E. Chinn.
     
The ratings on OM Group reflect a relatively narrow product line,
wide swings in its operating margins and profitability because of
the volatility of cobalt prices, and risks associated with
management's initiatives to expand the product portfolio into new
growth platforms.  OM Group's position as an established provider
of metal-based specialty chemical and refined metal products, a
healthy capital structure, and healthy liquidity temper those
negatives.


OTTIMO FUNDING: S&P Puts Junk Rating Under Negative CreditWatch
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the
extendible asset-backed commercial paper notes issued by Ottimo
Funding Ltd. to 'A-2' from 'A-1+'.  The rating remains on
CreditWatch with negative implications, where it was placed
Aug. 14, 2007.  Standard & Poor's has also placed its ratings on
Ottimo's outstanding subordinated term notes on CreditWatch
negative.
     
On Aug. 14, 2007, S&P placed its rating on Ottimo's extendible
ABCP notes on CreditWatch negative after the notes were extended
on Aug. 6. A decline in the market value of Ottimo's underlying
Alt-A U.S. RMBS caused a breach of certain enhancement tests under
the terms of the conduit documentation on Aug. 9. A failure to
cure these deficiencies by Aug. 15 resulted in an event of
default.  Before our Aug. 14 CreditWatch placement of the
extendible ABCP notes, S&P had been apprised of ongoing
discussions between Ottimo's administrator and the noteholders
regarding the noteholders' waiver of the event of default until at
least Oct. 9, 2007.  At that time, the parties believed the
additional time period under such agreement would provide for a
more orderly liquidation of the assets, given the current price
volatility in the secondary U.S. RMBS market.  

To date, there is no finalized agreement to permanently waive the
event of default, and on Aug. 15, Ottimo entered into a standstill
forbearance agreement with its noteholders that temporarily waived
the event of default until Aug. 21.  Since then, the standstill
forbearance agreement has been extended twice and is currently
scheduled to terminate on Sept. 7, 2007.  The 'A-2' rating
contemplates that the standstill forbearance agreement will
continue to be extended until the administrator and the
noteholders reach an agreement, which means that the Alt-A U.S.
RMBS will not have to be sold in the meantime.
     
For Ottimo, the market value of the underlying U.S. RMBS is one of
the primary sources of liquidity and asset protection, and is a
key consideration in the rating on the extendible ABCP notes, as
sale proceeds of the securities are required to repay outstanding
liabilities during an extension event.  This rating action
reflects Standard & Poor's review of the credit enhancement
available to the extendible ABCP and subordinate term noteholders,
considering the continued price volatility and weakness in the
secondary U.S. RMBS market for Ottimo's underlying securities
(100% 'AAA' Alt-A U.S. RMBS) along with no additional improvement
in the transaction's liquidity or structural enhancements.
     
When Standard & Poor's originally assigned its 'A-1+' rating to
the CP notes, the conduit was structured with credit enhancement
available to cover market value declines under highly stressful
market conditions based on historical experience in the RMBS
secondary market.  In the current environment, the valuation risk
and the risk of a market value decline between valuation and sale
are particularly important given the unprecedented price
volatility.
     
For investors to be paid in full, the actual sale prices received
upon the sale of the RMBS, eligible investment income, and cash
held by the conduit must at least equal the amount needed to pay
principal and interest on the extendible ABCP notes.  Ottimo's
program administrator expects that the standstill forbearance
agreement will be extended beyond Sept. 7, 2007, or, if not
extended, the issuer and investors will enter into an alternative
agreement that will prevent the collateral agent from having to
liquidate the underlying securities at currently stressed prices.  
In accordance with the program documents, if no agreement is
reached by Sept. 7, 2007, the liquidation process would need to be
completed no later than Sept. 13, 2007.  The 'A-2' rating on the
CP notes contemplates that the standstill forbearance agreement
will continue to be extended until such agreement is reached.
     
Based on the Aug. 28, 2007, investor report, Ottimo continues to
fail its overcollateralization test.  Additionally, indicative
prices received from independent pricing services on the portfolio
suggest that the immediate liquidation of the underlying
securities will likely cause a loss to the subordinated term
noteholders and a partial loss to the ABCP noteholders.  According
to the Aug. 28 investor report, total liabilities of approximately
$2.9 billion exceed the asset value based on the indicative prices
received from independent pricing services by approximately $69
million, or 2.39%.  This shortfall exceeds the total principal
amount of the subordinated term notes by approximately $34
million.  

However, all of Ottimo's underlying Alt-A U.S. RMBS is currently
rated 'AAA'.  If Ottimo holds these securities until their
expected maturity, S&P expect the cash flows from these securities
will bring in sufficient cash proceeds to retire all of the
outstanding liabilities.  The current principal balance of the
underlying RMBS exceeds the market value based on indicative
pricing from independent pricing services by roughly
$100 million.
     
Standard & Poor's will evaluate the outcome of any discussions
between the issuer and the investors.  S&P will continue to
monitor the secondary-market conditions for the U.S. RMBS on
Ottimo's credit profile and will take further rating action, if
necessary, as markets develop.
   

       Rating Lowered and Remaining on Creditwatch Negative
   
                      Ottimo Funding Ltd.

                                        Rating
                                        ------
                                  To              From
                                  --              ----
      Extendible CP notes     A-2/Watch Neg   A-1+/Watch Neg
   
              Ratings Placed on Creditwatch Negative
   
                       Ottimo Funding Ltd.

                                          Rating
                                          ------
            Series                  To              From
            ------                  --              ----
            2007-A notes     B/Watch Neg            B
            2007-B notes     B/Watch Neg            B
            2007-C notes     CCC/Watch Neg          CCC


PAN AMERICAN: Section 341(a) Meeting Scheduled on September 18
--------------------------------------------------------------
The United States Trustee for Region 7 will convene a meeting of
creditors of Pan American General Hospital LLC on Sept. 18, 2007,
at 9:00 a.m., at The Spectrum Building, 8201 Lockheed in El Paso
Suite 135 in El Pas, Texas.

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

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

Headquartered in El Pas, Texas, Pan American General Hospital,
L.L.C., -- http://www.pachosp.com/--  wns and operates a  
physician-owned hospital that is licensed for 100 beds and is
fully accredited by the Joint Commission on Accreditation of
Healthcare Organizations, Medicare, and the Texas Department
of Health.  The company filed for Chapter 11 protection on
Aug. 6, 2007 (Bankr. W.D. Tex. Case No.: 07-30935).  No Official
Committee of Unsecured Creditors has been appointed on this case.  
When Debtor filed for bankruptcy, it listed assets and debts
between $1 Million to $100 Million.


PAN AMERICAN: Wants Court to Approve E.P Bud Kirk as Attorney
-------------------------------------------------------------
Pan American General Hospital LLC asks the United States
Bankruptcy Court for the Western District of Texas, El Paso
Division, for permission to employ the law firm of E.P. Bud Kirk
as its attorney.

Mr. Kirk is expected to:

   a. give the Debtor legal advice with respect to its powers and
      duties as Debtor-in- Possession and the continued operation
      of its business and management of its properties;

   b. review the various contracts heretofore entered by the
      Debtor and to determine which contracts should be rejected
      and assumed;

   c. represent the Debtor in collection of its accounts
      receivable;

   d. prepare on behalf of the Debtor necessary schedules,
      statements, applications, and answers, orders, reports, and
      other legal documents required for reorganization;

   e. assist the Debtor in formulation and negotiation of a plan
      with its creditors in these proceedings;

   f. review all presently pending litigation in which the Debtor
      is a participant, to recommend settlement of the litigation
      which the attorney deems to be in the best interest
      of the estate, and to make an appearance as lead trial        
      counsel in all litigation;

   g. review the transactions of the Debtor prior to the filing
      of  the Chapter 11 proceedings to determine what further
      litigation, if any, pursuant to the Bankruptcy Code, or
      otherwise, should be filed on behalf of the estate.

   h. examine all tax claims filed against the Debtor, to contest
      any excessive amounts claimed therein, and to structure a
      payment of the allowed taxes which conforms to the
      Bankruptcy Code and Rules; and

   i. perform all other legal services of the Debtor, as Debtor-
      in-Possession.

The Debtor paid Mr. Kirck a $12,000 retainer fee on the Debtor's
bankruptcy filing.

Mr. Kirck charges $200 per hour for this engagement.  Kathryn A.
McMillan and Kellie A. Hoskins, paralegals, will both bill $75 per
hour.

Mr. Kirk assures the Court tha he does not hold any interest
adverse to the Debtor's estate and is a "disinterested person" as
defined in Section 101(14) of the Bankruptcy Code.

Mr. Kirk can be reached at:

   E.P. Bud Kirk, Esq.
   E.P. Bud Kirk
   6006 N. Mesa, Suite 806
   El Paso, Texas 79912
   Tel: (915) 5843773

Headquartered in El Pas, Texas, Pan American General Hospital,
L.L.C., -- http://www.pachosp.com/--  wns and operates a  
physician-owned hospital that is licensed for 100 beds and is
fully accredited by the Joint Commission on Accreditation of
Healthcare Organizations, Medicare, and the Texas Department
of Health.  The company filed for Chapter 11 protection on
Aug. 6, 2007 (Bankr. W.D. Tex. Case No.: 07-30935).  No Official
Committee of Unsecured Creditors has been appointed on this case.  
When Debtor filed for bankruptcy, it listed assets and debts
between $1 Million to $100 Million.


PANGAEA CLO: Moody's Rates $15 Million Class D Notes at Ba2
-----------------------------------------------------------
Moody's Investors Service assigned these ratings to Notes issued
by Pangaea CLO 2007-1 Ltd:

-- Aaa to the $217,000,000 Class A-1 Floating Rate Senior Notes
    Due 2021;

-- Aa2 to the $16,000,000 Class A-2 Floating Rate Senior Notes
    Due 2021;

-- A2 to the $20,000,000 Class B Floating Rate Deferrable Senior
    Subordinate Notes Due 2021;

-- Baa2 to the $14,500,000 Class C Floating Rate Deferrable
    Senior Subordinate Notes Due 2021; and

-- Ba2 to the $15,000,000 Class D Floating Rate Deferrable
    Subordinate Notes Due 2021.

The Moody's ratings of the notes address the ultimate cash receipt
of all required interest and principal payments, as provided by
the notes' governing documents, and are based on the expected loss
posed to noteholders, relative to the promise of receiving the
present value of such payments.

The ratings reflect the risks due to the diminishment of cash flow
from the underlying portfolio consisting of Term Loans, Revolving
Loans, Structured Finance Obligations, Bonds, and Synthetic
Securities due to defaults, the transaction's legal structure and
the characteristics of the underlying assets.

Pangaea Asset Management will manage the selection, acquisition
and disposition of collateral on behalf of the Issuer.


PARKER PROFESSIONAL: Voluntary Chapter 11 Case Summary
------------------------------------------------------
Debtor: Parker Professional Plaza, L.P.
        4818 Dozier Road
        Carrollton, TX 75010

Bankruptcy Case No.: 07-41958

Chapter 11 Petition Date: August 30, 2007

Court: Eastern District of Texas (Sherman)

Debtor's Counsel: Harriet L. Langston, Esq.
                  Harriet Langston, P.C.
                  12221 Merit Drive, Suite 950
                  Dallas, TX 75251
                  Tel: (972) 233-3328
                  Fax: (972) 789-1710

Total Assets: $4,000,000

Total Debts:  $2,574,140

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


POPULAR INC: To Purchase Smith Barney's Broker-Dealer Operations
----------------------------------------------------------------
Popular Inc. has signed a definitive agreement pursuant to which
Popular will acquire the operations of broker-dealer Smith Barney
in Puerto Rico.  Smith Barney, a division of Citigroup Global
Markets Inc., is a provider of comprehensive financial planning
and advisory services to high net worth investors, institutions,
corporations and private businesses, governments and foundations.
    
"This transaction is part of the strategy of Popular Securities to
continue increasing our participation in this important segment of
the marketplace," Richard L. Carrion, chairman of the board and
chief executive officer of Popular Inc., said.
    
Citigroup Global Markets acted as its own exclusive financial
advisor for the transaction.

Paul, Weiss, Rifkind, Wharton, & Garrison LLP served as legal
counsel to Citigroup Global Markets, Inc. and Fiddler Gonzalez &
Rodriguez, PSC served as legal counsel to Popular Inc.

                        About Smith Barney

Headquartered in New York City, Smith Barney Inc. --
http://www.smithbarney.com/-- is a division of Citigroup Global  
Capital Markets Inc., a full-service financial firm that provides
brokerage, investment banking and asset management services to
corporations, governments and individuals around the world.  In
800 offices, its Financial Advisors service 9.6 million domestic
client accounts representing $1.562 trillion in client assets
worldwide. the company's clients range from individual investors
to small- and mid-sized businesses, well as large corporations,
non-profit organizations and family foundations.  As of June 30,
2007, Smith Barney's securities business in Puerto Rico consisted
of approximately $1.8 billion in assets under management,
approximately 15,000 accounts and 42 employees, including
26 financial advisors.
    
                        About Popular Inc.

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

                          *     *     *

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


POWERLINX INC: June 30 Balance Sheet Upside-Down by $3.1 Million
----------------------------------------------------------------
Powerlinx Inc.'s consolidated balance sheet at June 30, 2007,
showed $1.6 million in total assets and $4.7 million in total
liabilities, resulting in a $3.1 million total stockholders'
deficit.

The company's consolidated balance sheet at June 30, 2007, also
showed strained liquidity with $1.2 million in total current
assets available to pay in $4.7 million in total current
liabilities.

The company reported a net loss of $1.5 million and an operating
loss of $815,784, on net revenue of $347,017 for the second
quarter ended June 30, 2007, compared with net income of $566,718
and an operating loss of $1.3 million, on net revenue of $287,832
for the same period in 2006.

The increase in net revenue mainly reflects an increase in marine
product segment sales and DC transportation product segment sales.

The change to a net loss during the current quarter mainly
reflects a derivative loss of $469,982 in the quarter ended
June 30, 2007, compared to a derivative gain of $1.9 million in
2006, partly offset by a decrease in operating loss.  The
derivative gains and losses arose from fair value adjustments to
the company's derivative financial instruments which consist of
freestanding warrants and embedded conversion features associated
with the debenture offering.

Interest expense increased 355% to $185,110 for the three months
ended June 30, 2007, from $40,658 for the three months ended
June 30, 2006.  The current period interest expense includes
$52,397 of amortization of debt discount on the convertible
debenture, $106,395 of amortization of debt discount on the short
term promissory notes and $26,318 of interest associated with
notes payable outstanding during the period.  

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2007, are available for
free at
http://www.sec.gov/Archives/edgar/data/894536/000101376207001569/f
orm10qsb.htm

                       Going Concern Doubt

Aidman, Piser & Company P.A., in Tampa, Fla., expressed  
substantial doubt about Powerlinx Inc.'s ability to continue as a
going concern after auditing the company's consolidated financial
statements as of the years ended Dec. 31, 2006, and 2005.  The
auditing firm reported that the company has incurred recurring
losses and has used significant cash in its operating activities.
The auditing firm added that the company has negative working
capital and a stockholders' deficit at Dec. 31, 2006.

As of June 30, 2007, and Dec. 31, 2006, the company was in default
under the terms of the Purchase Agreement dated March 7, 2006, and
the Debentures issued on March 22, 2006, in connection therewith
in an aggregate principal amount of $4,473,933.  The company has
not received an "Event of Default Redemption Notice" from any
purchaser and is currently engaged in negotiating with the
purchasers in order to enter into a such a waiver agreement
covering the aforementioned default.

                       About Powerlinx Inc.

Headquartered in St. Petersburg, Fla., PowerLinx Inc. (OTC BB:
PWNX.OB) -- http://www.power-linx.com/-- develops, manufactures  
and markets products and applications that transmit voice, video,
audio and data either individually or in any and all combinations
over power lines, twisted-pair wires and coax in AC and DC power
environments, on any and all power grids.  The company has also
developed, manufactured, and marketed different kinds of
underwater video cameras, lights and accessories for the marine,
commercial and consumer retail markets as well as accident
avoidance systems for small and large vehicles.


RESIDENTIAL FUNDING: Fitch Rates $2.489MM Class B-1 Certs. at BB
----------------------------------------------------------------
Fitch has rated Residential Funding Mortgage Securities I, Inc.'s
mortgage pass-through certificates series 2007-SA4 as:

  -- $397,294,100 classes I-A, II-A, III-A-1, III-A-2, IV-A-1,
     IV-A-2, V-A-1, V-A-2, R-I and R-II certificates (senior
     certificates) 'AAA';

  -- $7,261,500 class M-1 'AA';
  
  -- $3,941,800 class M-2 'A';

  -- $1,659,700 class M-3 'BBB';

  -- $2,489,600 (privately offered) class B-1 'BB';

The $1,452,300 (privately offered) class B-2 and $829,866
(privately offered) class B-3 is not rated by Fitch.

The 'AAA' rating on the senior certificates reflects the 4.25%
subordination provided by the 1.75% class M-1, the 0.95% class M-
2, the 0.40% class M-3, the 0.60% privately offered class B-1, the
0.35% privately offered class B-2 and the 0.20% privately offered
class B-3.  Fitch believes the above credit enhancement will be
adequate to support mortgagor defaults as well as bankruptcy,
fraud and special hazard losses in limited amounts.  In addition,
the ratings reflect the quality of the mortgage collateral,
strength of the legal and financial structures, and Residential
Funding Corp.'s master servicing capabilities (rated 'RMS2+' by
Fitch).

As of the cut-off date, Aug. 1, 2007, the mortgage pool consists
of 697 hybrid adjustable-rate mortgage loans secured by first
liens on one- to four-family residential properties with an
aggregate principal balance of approximately $414,928,866.  The
mortgage pool has a weighted average original loan-to-value ratio
of 71.57%.  The weighted-average FICO score of the loans in the
pool is 741, and approximately 66.70% of the mortgage loans
possess FICO scores greater than or equal to 720 and 4.62% of the
mortgage loans posses FICO scores less than 660.  Loans originated
under a reduced loan documentation program account for
approximately 43.26% of the pool, equity refinance loans account
for 22.46%, and second homes account for 3.87%.  The average loan
balance of the loans in the pool is approximately $595,307.  The
three states that represent the largest portion of the loans in
the pool are California (45.62%), Virginia (6.42%) and New Jersey
(4.78%).

None of the mortgage loans were subject to the Home Ownership and
Equity Protection Act of 1994.  Furthermore, none of the mortgage
loans in the pool are mortgage loans that are referred to as
'high-cost' or 'covered' loans or any other similar designation
under applicable state or local law in effect at the time of
origination of such loan if the law imposes greater restrictions
or additional legal liability for residential mortgage loans with
high interest rates, points and/or fees.

All of the mortgage loans were purchased by the depositor through
its affiliate, Residential Funding from various unaffiliated
sellers as described in this prospectus supplement and in the
accompanying prospectus, except in the case of approximately 6.5%,
30.9%, 16.4% and 20.1% of the group II loans, the group III loans,
the group IV loans and the mortgage loans in the aggregate,
respectively, which were purchased by the depositor through its
affiliate, Residential Funding, from Homecomings Financial, LLC, a
wholly owned subsidiary of Residential Funding and approximately
95.5%, 66.9%, 35.2%, 64.7%, 97.7% and 56.7% of the group I loans,
the group II loans, the group III loans, the group IV loans, the
group V loans and the mortgage loans in the aggregate,
respectively, which were purchased from GMAC Mortgage, LLC, an
affiliate of Residential Funding.

Approximately 26.5%, 23.5%, 12.5% and 15.7% of the group II loans,
the group III loans, the group IV loans and the mortgage loans in
the aggregate, respectively, were purchased from Provident Funding
Associates, L.P., an unaffiliated seller.  Except as described in
the preceding sentences, no unaffiliated seller sold more than
2.7%, 5.3%, 2.7%, 1.9% and 3.4% of the group I loans, the group
III loans, the group IV loans, the group V loans and the mortgage
loans in the aggregate, respectively, to Residential Funding.

Approximately 15.7% of the mortgage loans were purchased from
Provident Funding Associates, L.P., an unaffiliated entity.  
Except as described in the previous sentence, no unaffiliated
seller sold more than approximately 3.4% of the mortgage loans to
Residential Funding.  Approximately 20.1% and 56.7% of the
mortgage loans were purchased from Homecomings Financial, LLC, a
wholly owned subsidiary of Residential Funding, and GMAC Mortgage,
LLC, an affiliate of Residential Funding, respectively.  U.S. Bank
National Association will serve as trustee. RFMSI, a special
purpose corporation, deposited the loans in the trust, which
issued the certificates.  For federal income tax purposes, an
election will be made to treat the trust fund as two real estate
mortgage investment conduit.


RINKER BOAT: Moody's Holds "Caa1" Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service confirmed Rinker Boat Company's Caa1
corporate family rating and probability of default rating
following the closing of a new unrated credit facility, which
cured the previous covenant violations.  The confirmation
concluded a review for possible downgrade initiated on
Aug. 21, 2007.  At the same time, Moody's withdrew the ratings and
assessments of the company's previous term loan and revolver.  The
outlook is stable.

"The stable outlook reflects Moody's expectation that the company
will remain in compliance with its revised covenants, which
provide for ample cushion, over the next year or so despite the
cyclical downturn in the marine industry" said Kevin Cassidy, Vice
President/Senior Credit Officer, at Moody's Investors Service.

"The stable outlook also reflects Moody's expectation that
notwithstanding Rinker's high leverage, the company will continue
to generate free cash flow even if demand were continue to soften"
said Mr. Cassidy.  He further stated that "while the Caa1 rating
can withstand some weakening in the company's performance, we
continue to expect Rinker to generate mid single digit operating
margins".

These ratings were confirmed:

-- Corporate family rating at Caa1;
-- Probability of default rating at Caa1;

These ratings/assessments were withdrawn:

-- Senior Secured Term Loan at B3 (LGD 3, 40%);
-- Revolving Credit Facility at B3 (LGD 3, 40%)

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


SANTA ROSA: Moody's Cuts Rating on S. 1996 Revenue Bonds to "B2"
----------------------------------------------------------------
Moody's Investors Service downgraded Santa Rosa Bay Bridge
Authority's Revenue Bonds, Series 1996, to B2 from B1 following an
additional withdrawal of $250,754 from its debt service reserve
fund in July 2007 in order to meet its semi-annual debt service
payment.

The authority began drawing on its DSRF in 2002.  It has not been
able to replenish the reserve or maintain debt service coverage of
1.2 times, putting the bonds in technical default.  The authority
also continues to suffer from below- estimated traffic and revenue
figures.

The stable outlook is based on an expected short-term revenue
increase from the July 1, 2007, toll increase and a DSRF balance
of $6.7 million, which can be used to help pay debt service in the
near term.  Barring a drastic reduction in traffic upward of 20%,
the authority will be able to meet debt service payments in the
near term.

                         Legal Security

Gross toll revenues of the 3.5-mile Garcon Point Bridge and a
$6.7 million debt service reserve fund secure the bonds.

Interest Rate Derivatives: None

                           Strengths

A toll increase to $3.50 from $3 on July 1, 2007, should help
increase revenues modestly over the next fiscal year, although the
increase could divert some traffic to nearby non-tolled
alternatives.

Bondholders receive a gross revenue pledge - per the lease
purchase agreement O&M expenses are paid by Florida Department of
Transportation.

While the DSRF has been drawn down significantly, it still has a
balance of $6.2 million, which can be used to offset revenue
shortfalls in the near term, assuming traffic volume does not
decrease dramatically.

                          Challenges

Traffic and revenue remain below initial and adjusted forecasts,
putting negative pressure on the authority's already weak
financial position; the authority was forced to withdraw funds
from its DSRF to make its July 2007 semi-annual debt service
payment.

Debt service payments are increasing as scheduled principal
amortization began in 2005 after interest-only payments from 2000
to 2004; full principal outstanding including capital appreciation
to maturity is $148 million.

The recent toll increase makes the roundtrip toll $7, which in our
opinion may cause traffic diversion away from the bridge.

In Moody's opinion there is no certainty that the state government
would help prevent a bond default given that the previous
governor, Jeb Bush, vetoed an expected $1.4 million loan from
FDOT's Toll Facilities Revolving Trust Fund.

The bridge will face increased competition from Route 87 following
its widening to four lanes from two; four miles are complete, four
are under construction and 12 are scheduled to begin construction
in 2011.

Full reopening of the I10 Escambia Bay Bridge expected at the end
of 2007 early 2008 will also divert traffic from the Garcon Point
Bridge.

                      Recent Developments

The Garcon Point Bridge's traffic volume has continued to fall
short of expectations forcing the authority to make an additional
withdrawal on its DSRF in July 2007, following a draw in July
2006.  The 3.5-mile Garcon Point Bridge spans Pensacola Bay and
connects Garcon Point to the north and Redfish Point to the south.
It provides access to Gulf Breeze and other areas on the peninsula
from areas north and east of Pensacola Bay.

The Santa Rosa Bay Bridge Authority, established in 1984, oversaw
the construction of the bridge, which opened on May 14, 1999.
Original traffic forecasts were grossly overestimated causing
less-than-expected toll revenues and a strain on the authority's
finances from the first year of operation.  For example, URS
Consultant's initial revenue forecasts in 1996 for the first five
full years of operations were roughly 90% over actual revenue
figures, which equaled between $2.5 and $3.3 million each year.
Updated traffic forecasts over the last few years have proven to
be inflated as well, exacerbating the authority's financial
problems.

Per the recommendation of URS Corporation, the authority raised
its toll to $3.50 from $3 on July 1, 2007.  The authority also
raised its toll to $3 from $2.50 in July 2004.  Because of this
increase, the authority's unaudited revenues in FY 2005 increased
28% over the prior year to $4.6 million from $3.6 million in FY
2004.  But much of this increase can be attributed not only to the
toll increase but to increased truck traffic brought about by
post-Hurricane Ivan construction.  

As a result, it is unclear whether the just-implemented toll
increase will have a positive effect of a similar magnitude over
the next fiscal year as previous toll increases have.  Moody's
does note that SunPass users of two-axle vehicles receive a
50% rebate after 30 transactions per month.  The authority's
management feels that this discount will continue to attract daily
commuters.

There is significant road and bridge construction in the service
area that affects traffic flow over the Garcon Point Bridge.  The
widening to four lanes from two of SR 87 east of Garcon Point
Bridge is a short-term boon since some drivers will choose to
avoid construction delays and use Garcon Point Bridge.  But in the
long term, the newly expanded highway will provide competition and
divert traffic from the bridge since it will be a more affordable
route to areas east and north of Gulf Breeze peninsula.

The I-10 Escambia Bay Bridge to the northwest of and almost
perpendicular to Garcon Point Bridge was severally damaged by
Hurricane Ivan in 2004, reducing traffic eastbound to one lane and
slowing westbound traffic considerably.  During construction
repairs many drivers opted to use US 90 to the north and Garcon
Point Bridge to the south. But the first of two twin spans on
Escambia Bay Bridge have already been completed, restoring two
lanes of traffic in each direction.  The westbound span should
open late in 2007.  Once the Escambia Bridge is fully operational,
Garcon Point will inevitably lose additional traffic.

The service area population is expected to grow only modestly.
While the local tourism industry should see improvements due to
post Hurricane Ivan reconstruction and new development on Santa
Rosa Island, tourists are far from dependent on Garcon Point
Bridge and in many cases would not need to use the bridge for
access to the island.  As a result of these factors and
competition from SR 87 to the east and the I10 Escambia Bridge to
the north, it is unlikely that Garcon Point Bridge will see
drastic increases in traffic.  Nonetheless, Moody's will continue
to monitor traffic and revenue levels and act accordingly if the
authority's situation improves or declines.

                            Outlook

The stable outlook is based on Moody's expectation that revenues
will most likely increase following the July 1, 2007, toll
increase and will provide financial relief over the next fiscal
year.  In addition, the authority's DSRF could support debt
service payments over the near term even assuming no traffic
growth.

What could change the rating - Up

The rating could face upward pressure if traffic over the Garcon
Point Bridge improves substantially, increasing revenues as a
result.

What could change the rating - Down

The rating could face additional downward pressure if traffic and
revenue decrease and the authority is forced to make additional
withdrawals from its DSRF.  If traffic transactions reduce by 20%
over the next year - a highly unlikely scenario in our opinion -
the authority could be in imminent danger of payment default,
barring aid from the state or a restructuring of the debt.

                         Key Indicators

Type of System: toll bridge

Size of System: 3.5 miles, two lanes

Transactions, FY 2007: 1.6 million

Compounded Annual Traffic Growth Rate, FY 02 - FY 07: 6.5%

Compounded Annual Revenue Growth Rate, FY 02 - FY 07: 11.91%

Debt Service Coverage, FY 07: 0.96 times

Rate Covenant: 120% of all senior outstanding bonds and 100% of
the reserve account deposit requirement

Debt Service Reserve Fund Balance (July 12, 2007): $6.702 million

Rated Debt:  -- Series 1996; $95 million


SOUNDVIEW HOME: Fitch Takes Rating Actions on Various Classes
-------------------------------------------------------------
Fitch Ratings has taken these rating actions on Soundview Home
Equity Loan Trust asset-backed certificates.  Affirmations total
$188.2 million and downgrades total $126.7 million.  Break Loss
percentages and Loss Coverage Ratios for each class, rated B or
higher, are included with the rating actions as:

Soundview 2005-A
  -- $25.4 million class M-1 affirmed at 'AA+' (BL: 90.09, LCR:
     3.5);
  -- $28.3 million class M-2 affirmed at 'AA+' (BL: 74.04, LCR:
     2.88);
  -- $13.3 million class M-3 affirmed at 'AA+' (BL: 65.48, LCR:
     2.54);
  -- $8.9 million class M-4 affirmed at 'AA' (BL: 59.68, LCR:
     2.32);
  -- $8.2 million class M-5 affirmed at 'AA' (BL: 54.25, LCR:
     2.11);
  -- $8.5 million class M-6 affirmed at 'AA-' (BL: 43.54, LCR:
     1.69);
  -- $7.7 million class M-7 downgraded to 'A' from 'A+' (BL:
     38.60, LCR: 1.5);
  -- $7.2 million class M-8 downgraded to 'BBB' from 'A' (BL:
     34.82, LCR: 1.35);
  -- $7.4 million class M-9 downgraded to 'BB' from 'A-' (BL:
     31.43, LCR: 1.22);
  -- $6.8 million class M-10 downgraded to 'BB' from 'BBB+' (BL:
     28.46, LCR: 1.11);
  -- $9.6 million class M-11 downgraded to 'BB-' from 'BBB' (BL:
     23.75, LCR: 0.92);
  -- $13.7 million class B-1 downgraded to 'C/DR5' from 'BB-';
  -- $11.4 million class B-2 downgraded to 'C/DR6' from 'B';
  -- $4 million class B-3 remains at 'C/DR6'.
  
Deal Summary
  -- Originators: (Various);
  -- 60+ day Delinquency: 11.26%;
  -- Realized Losses to date (% of Original Balance): 7.54%;
  -- Expected Remaining Losses (% of Current Balance): 25.74%;
  -- Cumulative Expected Losses (% of Original Balance): 13.90%.

Soundview 2005-B
  -- $25.4 million class M-1 affirmed at 'AA+' (BL: 85.14, LCR:
     2.96);
  -- $23.4 million class M-2 affirmed at 'AA+' (BL: 69.50, LCR:     
     2.42);
  -- $14.7 million class M-3 affirmed at 'AA+' (BL: 63.79, LCR:
     2.22);
  -- $8.9 million class M-4 affirmed at 'AA' (BL: 58.61, LCR:
     2.04);
  -- $7.3 million class M-5 affirmed at 'AA-' (BL: 53.99, LCR:
     1.88);
  -- $7.9 million class M-6 affirmed at 'A+' (BL: 49.56, LCR:
     1.72);
  -- $11.2 million class M-7 downgraded to 'BBB' from 'A' (BL:
     43.99, LCR: 1.53);
  -- $10.5 million class M-8 downgraded to 'BBB' from 'A-' (BL:
     37.02, LCR: 1.29);
  -- $9.7 million class M-9 downgraded to 'BB' from 'A-' (BL:
     30.32, LCR: 1.05);
  -- $12 million class M-10 downgraded to 'B' from 'BBB+' (BL:
     21.94, LCR: 0.76);
  -- $8.2 million class M-11 downgraded to 'C/DR5' from 'BB';
  -- $11.2 million class M-12 downgraded to 'C/DR6' from 'B';
  -- $4 million class M-13 remains at 'C/DR6'.
  
Deal Summary
  -- Originators: (Various);
  -- 60+ day Delinquency: 11.79%;
  -- Realized Losses to date (% of Original Balance): 8.34%;
  -- Expected Remaining Losses (% of Current Balance): 28.77%;
  -- Cumulative Expected Losses (% of Original Balance): 17.26%.

In addition, all of the above classes are removed from Rating
Watch Negative.

The rating actions are based on changes that Fitch has made to its
subprime loss forecasting assumptions.  The updated assumptions
better capture the deteriorating performance of pools from 2006
and late 2005 with regard to continued poor loan performance and
home price weakness.  Minimum LCRs specifically for subprime
second lien transactions are as follows: 'AAA': 2.00; 'AA': 1.75;
'A' 1.50; 'BBB': 1.20; 'BB' 0.95; 'B': 0.75.


ST. JAMES RIVER: Diminishing Cash Flow Spurs Moody's Ba2 Rating
---------------------------------------------------------------
Moody's Investors Service assigned these ratings to Notes issued
by St. James River CLO, Ltd:

-- Aaa to the $50,000,000 Class A-R First Priority Senior Secured
    Floating Rate Revolving Notes Due 2021;

-- Aaa to the $255,500,000 Class A-T First Priority Senior
    Secured Floating Rate Term Notes Due 2021;

-- Aa2 to the $27,500,000 Class B Second Priority Senior Secured
    Floating Rate Notes Due 2021;

-- A2 to the $15,500,000 Class C Third Priority Senior Secured
    Deferrable Floating Rate Notes Due 2021;

-- Baa2 to the $15,500,000 Class D Fourth Priority Mezzanine
    Secured Deferrable Floating Rate Notes Due 2021; and

-- Ba2 to the $16,000,000 Class E Fifth Priority Mezzanine
    Secured Deferrable Floating Rate Notes Due 2021.

The Moody's ratings of the notes address the ultimate cash receipt
of all required interest and principal payments, as provided by
the notes' governing documents, and are based on the expected loss
posed to noteholders, relative to the promise of receiving the
present value of such payments.

The ratings reflect the risks due to the diminishment of cash flow
from the underlying portfolio consisting of a pool of First Lien
Loans, Second Lien Loans, Senior Secured Floating Rate Notes,
Structured Finance Securities, High Yield Bonds, Synthetic
Securities and other obligations and securities due to defaults,
the transaction's legal structure and the characteristics of the
underlying assets.

Jeffries Capital Management will manage the selection, acquisition
and disposition of collateral on behalf of the Issuer.


STRUCTURED ASSET: Fitch Rates $4.32 Mil. Class B2 Certs. at BB
--------------------------------------------------------------
Fitch has rated Structured Asset Securities Corp. $437 million
mortgage pass-through certificates, series 2007-WF2 as:

  -- $349,238,000 classes A-1 through A-4 'AAA';
  -- $22,510,000 class M1 'AA+'(144A);
  -- $10,459,000 class M2 'AA'(144A);
  -- $7,731,000 class M3 'AA-'(144A);
  -- $7,731,000 class M4 'A+'(144A);
  -- $7,503,000 class M5 'A'(144A);
  -- $6,594,000 class M6 'A-'(144A);
  -- $6,366,000 class M7 'BBB+'(144A);
  -- $6,594,000 class M8 'BBB'(144A);
  -- $4,547,000 class M9 'BBB-'(144A);
  -- $3,865,000 class B1 'BB+'(144A); and
  -- $4,320,000 class B2 'BB'(144A).
  

The 'AAA' rating on the class A-1 through A-4 certificates
reflects the 23.20% total credit enhancement provided by the 4.95%
class M1, the 2.30% class M2, the 1.70% class M3, the 1.70% class
M4, the 1.65% class M5, the 1.45% class M6, the 1.40% class M7,
the 1.45% class M8, the 1.00% class M9, the 0.85% class B1, and
the 0.95% class B2, as well as the 3.80% initial and target
overcollateralization.  The classes M1 through M9, B1, and B2 are
privately offered.  All certificates have the benefit of monthly
excess cash flow to absorb losses.  The ratings also reflect the
quality of the loans, the soundness of the legal and financial
structures, and the capabilities of Aurora Loan Services LLC as
master servicer. U.S. Bank, N.A. rated 'AA-' by Fitch, will act as
trustee.

As of the cut-off date, Aug. 1, 2007, the trust fund will consist
of 2,312 conventional, adjustable and fixed rate, fully amortizing
and balloon, first and second lien, residential mortgage loans
with a total principal balance as of the cut-off date of
approximately $454,738,319.  The weighted average loan rate is
approximately 8.372%.  The weighted average remaining term to
maturity is 352 months.  The average principal balance of the
loans is approximately $196,686.  The weighted average combined
loan-to-value ratio is 82.07%.  The properties are primarily
located in California (21.07%), Florida (8.50%), and New York
(6.68%).

All of the mortgage loans were acquired by Lehman Brothers
Holdings Inc. from Wells Fargo Bank.

For federal income tax purposes, multiple real estate mortgage
investment conduit elections will be made with respect to the
trust estate.


SUPERIOR SEALING: Case Summary & 10 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Superior Sealing & Striping, Inc.
        P.O. Box 2762
        Cleveland, GA 30528-0049

Bankruptcy Case No.: 07-21741

Type of business: The Debtor sells chemicals through wholesale.

Chapter 11 Petition Date: August 30, 2007

Court: Northern District of Georgia (Gainesville)

Debtor's Counsel: Charles N. Kelley, Jr.
                  Cummings, Kelley & Bishop, P.C.
                  311 Green Street, Suite 302
                  Gainesville, GA 30501-3373
                  Tel: (770) 531-0007
                  Fax: (770) 533-9087

Estimated Assets: $1 Million to $100 Million

Estimated Debts:  $1 Million to $100 Million

Debtor's 10 Largest Unsecured Creditors:

   Entity                      Nature of Claim       Claim Amount
   ------                      ---------------       ------------
C.W. Matthews                                            $150,000
P.O. Drawer 970
Marietta, GA 30061

Sloan Construction                                        $70,000
P.O. Box 100189
Atlanta, GA 30384

LaFarge Aggregates                                        $44,000
P.O. Box 102340
Atlanta, GA 30368

Metro Materials                                           $42,000

Reynolds Warren                                           $33,000

E.R. Snell                                                $29,900

John Deere Credit                                         $28,900

Auto Owners                                               $18,339

Long Mtn. Resources                                        $7,900

H.S.B.C. Business Services                                 $7,800


SYMPHONY CLO: Moody's Puts Ba2 Rating on $13 Million Cl. E Notes
----------------------------------------------------------------
Moody's Investors Service assigned these ratings to Notes issued
by Symphony CLO IV, Ltd:

-- Aaa to the $300,000,000 Class A Senior Notes Due 2021;

-- Aa2 to the $32,000,000 Class B Senior Notes Due 2021;

-- A2 to the $24,000,000 Class C Deferrable Mezzanine Notes Due
    2021;

-- Baa2 to the $12,500,000 Class D Deferrable Mezzanine Notes Due
    2021; and

-- Ba2 to the $13,000,000 Class E Deferrable Junior Notes Due
    2021.

The Moody's ratings of the notes address the ultimate cash receipt
of all required interest and principal payments, as provided by
the notes' governing documents, and are based on the expected loss
posed to noteholders, relative to the promise of receiving the
present value of such payments.

The ratings reflect the risks due to the diminishment of cash flow
from the underlying portfolio consisting of non-investment grade
loans and high-yield securities due to defaults, the transaction's
legal structure and the characteristics of the underlying assets.

Symphony Asset Management LLC will manage the selection,
acquisition and disposition of collateral on behalf of the Issuer.


SYROCO INC: Committee Retains Pillsbury Winthrop as Counsel
-----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico gave the
Official Committee of Unsecured Creditors in Syroco Inc.'s
bankruptcy case permission to retain Pillsbury Winthrop Shaw
Pittman LLP as its counsel, nunc pro tunc to Aug. 3, 2007.

Pillsbury will advise/represent the Committee:

   a. with respect to its duties, rights and powers;

   b. in negotiations with the Debtor;

   c. in analyzing the claims;

   d. with respect to its various investigations;

   e. with respect to the disposition of the Debtor's assets;

   f. with respect to financial matters that relate to the Debtor
      and the estate;

   g. with respect to any negotiations and litigation that may be
      necessary, and at hearings and other proceedings;

   h. with respect to pleadings and applications as may be
      necessary in furtherance of the Committee's interests and
      objections; and

   i. with respect to such other matters as may be required and
      are deemed to be in the interests of the Committee in
      accordance with the applicable law.

Pillsbury will be compensated based on these hourly rates:

      Name of                         Special       Charged to
   Professional                         Rate        Committee
   ------------                       -------       ----------
   Patrick Potter, Esq., Partner       $580            $525
   Jerry Hall, Esq., Sr. Assoc.        $460            $400
   Brandon Johnson, Esq., Jr. Assoc.   $280            $250
   Paralegal/General                                   $170

The above rates represent a net discount in excess of 10% from the
rates typically charged by Pillsbury for its professionals and
paraprofessionals.

In a written order, the Court found Pillsbury is a disinterested
person and that its employment is in the best interest of the
estate.

The firm can be reached at:

            Patrick J. Potter, Esq.
            Jerry Hall, Esq.
            Pillsbury Winthrop Shaw Pittman LLP
            2300 N Street, N.W.
            Washington, D.C. 20037
            Telephone: (202) 663-8000
            Facsimile: (202) 663-8007

Syroco Inc. is a plastic furniture manufacturer headquartered in
Cotto Laurel, Puerto Rico.  The Debtor filed for Chapter 11
bankruptcy protection on July 23, 2007 (Bankr. D. PR Case No. 07-
04091).  Charles Alfred Cuprill, Esq. and Maria M. Figueroa Y.
Morgade, Esq. at Charles A. Cuprill, P.S.C represent the Debtor in
its restructuring efforts.


SYROCO INC: Committee Hires A. Bini-del Valle as Local Attorney
---------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico approved   
the application of the Official Committee of Unsecured Creditors
in Syroco Inc.'s bankruptcy case to employ Anthony L. Bini-del
Valle, Esq., as its local counsel, nunc pro tunc to Aug. 3, 2007.

Mr. Bini-del Valle will advise/represent the Committee:

   a. with respect to its duties, rights and powers;

   b. in negotiations with the Debtor;

   c. in analyzing the claims;

   d. with respect to its various investigations;

   e. with respect to the disposition of the Debtor's assets;

   f. with respect to financial matters that relate to the Debtor
      and the estate;

   g. with respect to any negotiations and litigation that may be
      necessary, and at hearings and other pleadings;

   h. with respect to pleadings and applications as may be    
      necessary in furtherance of the Committee's interests and
      objections; and

   i. with respect to other matters as may be required and are
      deemed to be in the interests of the Committee in accordance
      with the applicable law.

Also, Mr. Bini-del Valle will provide local counsel assistance to
the Committee's lead counsel.  He will be paid $150 per hour for
his services.

To the best of the Committee's knowledge, Mr. Bini-del Valle is a
"disinterested person" as that term is defined in Sec. 101(14) of
the Bankruptcy Code.

The local counsel can be reached at:

            Anthony L. Bini-Del Valle, Esq.
            USDC/PR No. 217610
            Centro Internacional de Mercadeo
            Torre II, Suite 401, 90 Carr. 165
            Guaynabo, Puerto Rico 00968
            Telephone: 787-622-9078
            Facsimile: 787-706-8680

Syroco Inc. is a plastic furniture manufacturer headquartered in
Cotto Laurel, Puerto Rico.  The Debtor filed for Chapter 11
bankruptcy protection on July 23, 2007 (Bankr. D. PR Case No. 07-
04091).  Charles Alfred Cuprill, Esq. and Maria M. Figueroa Y.
Morgade, Esq. at Charles A. Cuprill, P.S.C represent the Debtor in
its restructuring efforts.


SYROCO INC: Committee Wants Invotex Group as Financial Advisor
--------------------------------------------------------------
The Official Committee of Unsecured Creditors in Syroco Inc.'s
bankruptcy case asks the U.S. Bankruptcy Court of the District of
Puerto Rico for authority to retain Invotex Group Inc. as its
financial advisor, nunc pro tunc to Aug. 10, 2007.

Invotex is expected to:

   a. advise the Committee with respect to accounting, financial,
      and operational issues related to the Debtor and proposed
      actions of the Debtor and other parties;

   b. analyze financing issues related to the Debtor, including,
      but not limited to, cash collateral issues and Debtor-in-
      possession financing, as required;

   c. analyze valuation issues related to the Debtor and advise
      the Committee accordingly, as required;

   d. assist and advise the Committee in its consultations with
      the Debtor relative to the administration of the Case and
      the management of the Debtor's business;

   e. assist the Committee in analyzing the claims of the Debtor's
      creditors and in negotiating with the creditors;

   f. assist the Committee with respect to possible sales or
      disposition of assets of the Debtor's estate;

   g. review and analyze applications, orders, statements of
      operations and schedules filed with the Court and advise the
      Committee as to their propriety, as appropriate;

   h. assist legal counsel to the Committee in preparing pleadings
      and applications as may be necessary in furtherance of the
      Committee's interests and objections;

   i. prepare an expert report and provide expert witness  
      testimony, if requested; and

   j. perform such other accounting, valuation, and financial
      consulting services as may be required and are deemed to be
      in the interests of the Committee.

The Committee has selected Neil Demchick, Invotex managing
director, to lead the engagement.

Invotex's customary hourly rates are:

        Designation                  Hourly Rate
        -----------                  -----------
        Managing Directors            $375-$500
        Directors                     $290-$315
        Managers                      $240-$250
        Senior Consultants            $165-$215
        Consultants                   $150-$155
        Analysts                      $95-$100

The Committee assures the Court that Invotex does not represent
and does not hold any interest adverse to the Debtor's estates or
its creditors.

The firm can be reached at:

            Neil Demchick, Managing Director
            Invotex Group Inc.
            1637 Thames Street, Suite 100
            Baltimore, MD 21231
            Telephone: (410) 539-8580
            Fax: (410) 752-7227
            http://www.invotex.com/

Syroco Inc. is a plastic furniture manufacturer headquartered in
Cotto Laurel, Puerto Rico.  The Debtor filed for Chapter 11
bankruptcy protection on July 23, 2007 (Bankr. D. PR Case No. 07-
04091).  Charles Alfred Cuprill, Esq. and Maria M. Figueroa Y.
Morgade, Esq. at Charles A. Cuprill, P.S.C represent the Debtor in
its restructuring efforts.  The Official Creditors Committee is
represented by Anthony L. Bini-del Valle, Esq. and Jerry L. Hall,
Esq. and Patrick J. Potter, Esq. at Pillsbury Winthrop Shaw Pitman
LLP.


T2 INCOME: Moody's Rates $12 Million Class E Notes at Ba2
---------------------------------------------------------
Moody's Investors Service assigned these ratings to Notes issued
by T2 Income Fund CLO I Ltd:

-- Aaa to the $176,250,000 Class A First Priority Senior Notes
    Due 2019;

-- Aa2 to the $30,000,000 Class B Second Priority Senior Notes
    Due 2019;

-- A2 to the $22,000,000 Class C Third Priority Subordinated
    Deferrable Notes Due 2019;

-- Baa2 to the $9,000,000 Class D Fourth Priority Subordinated
    Deferrable Notes Due 2019; and

-- Ba2 to the $12,000,000 Class E Fifth Priority Subordinated
    Deferrable Notes Due 2019

The Moody's ratings of the notes address the ultimate cash receipt
of all required interest and principal payments, as provided by
the notes' governing documents, and are based on the expected loss
posed to noteholders, relative to the promise of receiving the
present value of such payments.

The ratings reflect the risks due to the diminishment of cash flow
from the underlying portfolio consisting of Loans and Synthetic
Securities due to defaults, the transaction's legal structure and
the characteristics of the underlying assets.

T2 Advisers, LLC will manage the selection, acquisition and
disposition of collateral on behalf of the Issuer.


TELECONNECT INC: June 30 Balance Sheet Upside Down by $6 Million
----------------------------------------------------------------
Teleconnect Inc. delivered its financial results for the quarter
ended June 30, 2007, to the Securities and Exchange Commission
on Aug. 20, 2007.

At June 30, 2007, the company's balance sheet showed $2,527,000
in total assets, $8,594,000 in total liabilities resulting in a
$6,067,000 stockholders' deficit.

The company reported a $1,345,000 net loss on $980,000 sales for
the three months ended June 30, 2007, compared with a $227,000 net
loss on $1,236,000 sales for the three months ended June 30, 2006.

The company's consolidated balance sheet at June 30, 2007, also
showed strained liquidity with $950,000 in total current assets
available to pay $8,594,000 in total current liabilities.

A full-text copy of the regulatory filing is available for free
at

http://sec.gov/Archives/edgar/data/1101688/000101968707002713/tele
connect_10qsb-063007.txt

                       Going Concern Doubt

Murrell, Hall, McIntosh & Co., PLLP, in Oklahoma City, Oklahoma,
expressed substantial doubt about Teleconnect's ability to
continue as a going concern after it audited the company's
financial statements for the year ended Sept. 30, 2006.  The
auditing firm pointed to the company's recurring losses from
operations and has a net capital deficit.

                      About Teleconnect Inc.

Teleconnect Inc. (TLCO.OB) provides telecommunication services for
home and business, which include postpaid and prepaid local and
long distance calls, prepaid call cards.


TERRA ENERGY: Post $756,668 Net Loss in Quarter Ended June 30
-------------------------------------------------------------
Terra Energy & Resource Technologies Inc. delivered its financial
results for the quarter ended June 30, 2007, to the Securities and
Exchange Commission on Aug. 20, 2007.

The company reported a $756,668 net loss with no revenue for the
three months ended June 30, 2007, compared with a $1,915,190 net
loss with no revenue for the three months ended June 30, 2006.

At June 30, 2007, the company's balance sheet showed $1,295,334
in total assets, $2,300,953 in total liabilities resulting in a
$1,005,619 stockholders' deficit.

The company's consolidated balance sheet at June 30, 2007, also
showed strained liquidity with $9,732 in total current assets
available to pay $2,300,953 in total current liabilities.

At June 30, 2007, the company incurred substantial losses,
sustained substantial cash outflows, and significant working
capital accumulated deficit.

Furthermore, the company has not paid certain executives and
employees for several months.  The company says that it does not
have the cash necessary to maintain its operations as well.

A full-text copy of the regulatory filing is available for free
at

http://sec.gov/Archives/edgar/data/1084828/000107018807000048/form
10qsb.htm

                       Going Concern Doubt

Rosen Seymour Shapss Martin & Company LLP expressed substantial
doubt about Terra Energy & Resource Technologies' ability to
continue as a going concern after it audited the company's
financial statements for the year ended Dec 31, 2006 and 2005.  
The auditing firm pointed to the company's recurring losses
from operations and has a net capital deficiency.

                  About Terra Energy & Resource

Terra Energy & Resource Technologies, Inc. (OTCBB: TEGR)--
http://www.terrainsight.com.-- through its subsidiary Terra  
Insight Corp., provides mapping and analysis services for
exploration, drilling, and mining companies related to natural
resources found beneath the surface of the earth.

The company primarily uses proprietary satellite-based Sub-Terrain
Prospecting technology and other natural resources.  The company
interprets and quantifies satellite and geologic data to determine
locations and depths of natural resource deposits.


TIFFANY & CO: Earns $37 Million in Second Quarter Ended July 31
---------------------------------------------------------------
Tiffany & Co. reported on Aug. 30, 2007, its financial results for
the second quarter ended July 31, 2007.

Net earnings from continuing operations in the second quarter
increased 41% to $63.2 million from $44.7 million in the prior
year.  Including the charge related to the pending sale of Little
Switzerland and its losses from operations, net earnings were
$37.0 million compared with $41.1 million in the prior year.

Net earnings from continuing operations in the first half rose 28%
to $112.6 million compared with $88.2 million in the prior year.
Net earnings increased 3% to $86.6 million compared with
$84.3 million in the prior year.

The company reported that its net sales increased 19% in the three
months (second quarter) ended July 31, 2007, reflecting  
geographically broad-based growth across the U.S. and many  
international markets.  Comparable store sales increased 17% in
the U.S. and 7% (on a constant-exchange-rate basis)  
internationally.  The strong sales growth and an improved
operating margin led to a 41% increase in net earnings from
continuing operations.  The company recorded an after-tax charge
of $23.6 million related to the pending sale of its Little
Switzerland business.

Net sales in the second quarter rose 19% to $662.6 million.  On a
constant-exchange-rate basis which excludes the effect of
translating foreign-currency-denominated sales into U.S. dollars,
net sales increased 20% and worldwide comparable store sales
increased 13%.

In the six months (first half) ended July 31, 2007, net sales
increased 18% to $1.26 billion.  On a constant-exchange-rate
basis, net sales rose 17% and worldwide comparable store sales
rose 11%.

Michael J. Kowalski, chairman and chief executive officer, said,
"These sales results, which exceeded our expectations, are
continued confirmation of the strength of the TIFFANY & CO. brand
around the world and continue to validate the effectiveness of our
focused distribution and product strategies.  While diamond
jewelry continued to perform exceptionally well, led by strength
in engagement jewelry, we were also pleased with growth in many
other jewelry categories and with the overall balance of our
product mix between aspirational and accessible price points."

Other financial highlights were as follows:

Gross margin was 55.3% in the second quarter (versus 56.0% in the
prior year) and was 55.1% in the first half (versus 56.2%).  The
decline in both periods was primarily due to increased wholesale
sales of diamonds.  The company recorded LIFO inventory charges of
$5.6 million in the quarter and $12.4 million in the half, versus
charges of $8.1 million and $9.5 million in the prior year.

Selling, general and administrative ("SG&A") expenses increased
11% in the second quarter and 12% in the first half.  In both
periods, the ratios of SG&A expenses to sales improved to 39.1%
and 40.1%, versus 42.1% and 42.0% in the prior year.

The company's effective tax rate on continuing operations was
39.4% in the second quarter and 38.3% in the first half, versus
37.6% and 38.2% a year ago.

The Company reported losses from discontinued operations, net of
tax, of $26.2 million in the second quarter and $26.0 million in
the first half, versus $3.6 million and $3.9 million in the prior
year.  Results included an after-tax charge of $23.6 million  
related to the pending sale of Little Switzerland.

Net inventories at July 31, 2007, increased 7% from a year ago
primarily due to new store openings and expanded product
assortments, as well as higher precious metal costs and expanded
diamond manufacturing and sourcing operations.

In the second quarter, the company repurchased and retired 661,601
shares of its common stock at a total cost of $34.2 million,  or
an average cost of $51.69 per share.  In the first half, the
company repurchased and retired 1.2 million shares of its common
stock at a total cost of $59.2 million. or an average cost of
$50.07 per share.  The company has approximately $636 million
available for repurchases through December 2009 under the
currently authorized program.

Total debt as a percentage of stockholders' equity was 28% at
July 31, 2007, versus 33% a year ago.

Regarding the company's pending sale of its Little Switzerland
business to NXP Corporation, Mr. Kowalski said, "After owning
Little Switzerland for almost five years, we concluded that our
company can more productively and profitably benefit from largely
focusing on the growth potential of the TIFFANY & CO. brand."

In another development, the company reported that it had sold the
land and building housing its Tokyo flagship store located at 2-7-
17 Ginza for the price of $328.0 million (JPY38.05 billion) and
simultaneously entered into a long-term lease.  Tiffany had
purchased the property in 2003 for approximately $140.4 million  
(U.S. dollar equivalent at the acquisition date).  This latest
transaction is expected to result in a pretax gain of
approximately $104.0 million which will be recorded in the
company's third quarter ending Oct. 31, 2007, and a deferred gain
of approximately $75.0 million which will be amortized in SG&A
expenses over a 15-year period.  The transaction is not expected
to have a significant effect on future earnings.  The company
plans to use most proceeds from the sale for general corporate
purposes, but intends to contribute $10.0 million to The Tiffany &
Co. Foundation in the third quarter.  Mr. Kowalski said, "Tiffany
has an established and respected presence in Japan and we are
committed to further development and growth of our business there.
In fact, we are finalizing plans for an exciting renovation of
that important store and will share more details at a later date."

Commenting on the company's full-year 2007 outlook, Mr. Kowalski
added, "We are experiencing a good start to the third quarter with
overall U.S. and international sales growth in August to-date
achieving our expectations.  In the coming months, we will be
opening a number of new stores in attractive markets, while
continuing to expand our product offerings with compelling new
designs.  Based on current conditions, our planned initiatives and
a continued favorable retail environment, our financial
performance expectations for fiscal 2007 call for (i) net sales
growth of approximately 14%, (ii) an improved operating margin
from continuing operations due to sales leverage on SG&A expenses
and (iii) net earnings from continuing operations per diluted
share in a range of $2.64 - $2.69 which includes the $0.47 per
diluted share after-tax gain from the sale of the Tokyo store and
the $0.05 per diluted share after-tax contribution to The Tiffany
& Co. Foundation (excluding those two items, it equates to $2.22 -
$2.27 per diluted share and compares with a previous expectation
of $2.10 - $2.15 per diluted share).  Including the charge related
to the pending sale of Little Switzerland and its losses from
operations, net earnings are expected to be in a range of $2.44 -
$2.49 per diluted share."

At July 31, 2007, the company's consolidated balance sheet showed
$2.93 billion in total assets, $1.04 billion in total liabilities,
and $1.89 billion in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the second quarter ended July 31, 2007, are
available for free at
http://www.sec.gov/Archives/edgar/data/98246/000095012307012159/y3
9239e10vq.htm

                        About Tiffany & Co.

Headquartered in New York, Tiffany & Co. (NYSE: TIF) --
http://www.tiffany.com/-- operates jewelry and specialty retail  
stores and manufactures products through its subsidiary
corporations.  Its principal subsidiary is Tiffany and Company.  
The Company operates TIFFANY & CO. retail stores and boutiques in
the Americas, Asia-Pacific and Europe and engages in direct
selling through Internet, catalog and business gift operations.  
Other operations include consolidated results from ventures
operated under trademarks or tradenames other than TIFFANY & CO.


TIMBERON WATER: Voluntary Chapter 9 Case Summary
------------------------------------------------
Debtor: Timberon Water and Sanitation District
        P.O. Box 40
        Timberon, NM 88350

Bankruptcy Case No.: 07-12142

Type of Business: The Debtor is a municipal agency in Timberon.
                  See http://www.timberon.info/TWSD/Index.html

Chapter 9 Petition Date: August 30, 2007

Court: District of New Mexico (Albuquerque)

Debtor's Counsel: Daniel J. Behles, Esq.
                  226-A Cynthia Loop Northwest
                  Albuquerque, NM 87114-1100
                  Tel: (505) 217-2764
                  Fax: (505) 217-2766

Total Assets: $3,665,558

Total Debts:     $44,170

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


TRANSAX INT'L: June 30 Balance Sheet Upside Down by $3.4 Million
----------------------------------------------------------------
Transax International Limited delivered its financial results for
the quarter ended June 30, 2007, to the Securities and Exchange
Commission on Aug. 20, 2007.

At June 30, 2007, the company's balance sheet showed $2,023,182
in total assets, $5,486,325 in total liabilities resulting in a
$3,463,143 stockholders' deficit.

The company reported a $189,703 net loss on $1,337,676 revenue for
the three months ended June 30, 2007, compared with a $1,302,259
net loss on $1,034,844 revenue for the three months ended June 30,
2006.

The company's consolidated balance sheet at June 30, 2007, also
showed strained liquidity with $793,080 in total current assets
available to pay $4,986,582 in total current liabilities.

A full-text copy of the regulatory filing is available for free
at

http://sec.gov/Archives/edgar/data/1097896/000116169707000966/tran
sax10qsb.txt

                       Going Concern Doubt

Moore Stephens P.C. expressed substantial doubt about Transax
International's ability to continue as a going concern after it
audited the company's financial statements for the year ended Dec
31, 2006 and 2005.  The auditing firm pointed to the company's
ccumulated losses from operations of approximately $12.9 million,
a working capital deficit of approximately $4.4 million and a net
capital deficit of approximately $3.5 million at Dec. 31, 2006.

                   About Transax International

Headquartered in Miami, Florida, Transax International Ltd
(OTCBB: TNSX)-- http://www.transax.com/-- provides information  
network solutions to healthcare providers and health insurance
companies, enabling the "real-time" automation of routine patient
eligibility, verifications, authorizations, claims processing,
claim adjudication and payment functions that are currently
performed manually.


TROPICANA ENTERTAINMENT: Moody's Cuts Corp. Family Rating to "B2"
-----------------------------------------------------------------
Moody's Investors Service downgraded Tropicana Entertainment LLC's
Corporate Family Rating to B2 from B1 reflecting higher leverage,
lower interest coverage and weaker liquidity than projected when
ratings were initially assigned.  Moody's also downgraded
Tropicana's senior subordinated notes to Caa1 from B3 reflecting
the application of Moody's Loss Given Default methodology.  The
company's first lien term loan and revolving credit Ba3 ratings
are affirmed.

Moody's estimates as of June 30, 2007 debt to last twelve month
EBITDA was around 7.3x and may exceed 8x for calendar year 2007.
Due to competitive conditions in Atlantic City (more than 40% of
Restricted Group property EBITDA) and Indiana (more than 10% of
Restricted Group property EBITDA), leverage is likely to remain
well above originally projected levels for the next twelve to
eighteen months.  Although Tropicana has been able to offset the
year-over-year decline in revenues with cost savings, overall
EBITDA growth had been factored into the ratings.

The rating outlook is negative reflecting the challenge the
company faces in jump starting revenue growth and meeting its
debt/EBITDA covenant (as defined in its bank agreement),
particularly, the step-down provision to 6.75x in the first
quarter of 2008.  The rating outlook is likely to revert to stable
if operating performance improves relative to the first two
quarters and the company demonstrates prospective ability to
comply with covenants.

Moody's assigned Tropicana a SGL-3 rating reflecting the company's
ability to meet its debt service and maintenance capital
requirements without material reliance on its revolving credit
facility offset by the potential need to reset its covenants, as
well as the absence of unencumbered assets.

Affected ratings:

Tropicana Entertainment LLC:

-- CFR downgraded to B2 from B1

-- Probability of Default rating downgraded to B2 from B1

-- First lien senior secured revolving credit facility Loss Given
    Default assessments changed to Ba3 (LGD 2, 29%) from Ba3 (LGD
    3, 31%)

-- First lien senior secured term loan Loss Given Default  
    assessments to Ba3 (LGD 2, 29%) from Ba3 (LGD 3, 31%)

-- Senior Subordinate notes downgraded to Caa1 (LGD 5, 84%) from
    B3 (LGD 5, 85%)

Tropicana Entertainment, headquartered in Kentucky, is a privately
owned gaming company that, together with certain affiliates of the
Yung family, owns and operates eleven casino properties, ten of
which form the Restricted Group.  The properties in the Restricted
Group are located in Atlantic City, New Jersey, Baton Rouge,
Louisiana, and Vicksburg and Greenville, Mississippi, Laughlin and
Lake Tahoe, Nevada and Evansville, Indiana.


US ALTERNATIVE-A: S&P Downgrades Ratings on 13 Loan Classes
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 13
classes and affirmed its ratings on three classes of U.S. net
interest margin securities backed by U.S. Alternative-A mortgage
securities issued from the beginning of October 2005 through the
end of December 2006, on which rating actions were taken on
Aug. 17, 2007.
   
These rating actions affect 11 U.S. Alt-A RMBS NIMS transactions.  
The 13 downgraded classes have a current balance of approximately
$80.48 million, which represents 14.07% of the approximately
$572.02 million currently outstanding in U.S. NIMS backed by U.S.
Alt-A mortgage securities rated by Standard & Poor's from the
beginning of October 2005 through the end of December 2006.  Ten
of the 13 downgraded NIMS classes were rated 'BBB' or below prior
to these rating actions.
   
The resulting ratings associated with all of the downgraded
classes, as a percentage of the total $80.48 million in downgraded
securities, are as:
   
Rating (%)
BB-    44.57
B      10.40
B-     45.03
   
U.S. Alt-A NIMS Surveillance Assumptions Revised

As performance continues to deteriorate for the underlying U.S.
Alt-A mortgage securitizations, S&P have increased the severity of
the surveillance assumptions they use to evaluate the ongoing
creditworthiness for the underlying U.S. Alt-A and, hence, related
NIMS transactions.  S&P's revised U.S. Alt-A mortgage surveillance
assumptions are further described in "Ratings on 207
U.S. Alt-A RMBS Classes Placed on CreditWatch Negative," published
Aug. 7, 2007; and S&P's revised U.S. Alt-A NIM surveillance
assumptions are further described in "195 U.S. Subprime RMBS NIMS
Classes Downgraded; Surveillance And New Issue Assumptions
Revised," published Aug. 27, 2007.
  
Revised Rating Assumptions for New Issues
   
Revised assumptions for new ratings of NIMS backed by various
types of U.S. mortgage collateral, including Alt-A, are detailed
in "195 U.S. Subprime RMBS NIMS Classes Downgraded; Surveillance
And New Issue Assumptions Revised," published Aug. 27, 2007, on
RatingsDirect.
   
Standard & Poor's will continue to monitor the performance of the
underlying transactions and the related NIMS.  S&P regularly
review its assumptions as new information becomes available, and
will continue to revise assumptions as appropriate, publish
updates, and keep market participants informed of changes.
   

                         Ratings Lowered

               CMO Holdings II Ltd. BSSP 2006-16 GP3

                                             Rating
                                             ------
             Series         Class        To         From
             ------         -----        --         ----
             2006-16 GP3    III-A-4      BB-        BB

            Countrywide Alternative Loan Trust 2006-OC1N

                                             Rating
                                             ------
             Series         Class        To         From
             ------         -----        --         ----
             2006-OC1N      Notes        B          BBB

            Countrywide Alternative Loan Trust 2006-OC2N

                                             Rating
                                             ------
             Series         Class        To         From
             ------         -----        --         ----
             2006-OC2N      Notes        B          A-

            Countrywide Alternative Loan Trust 2006-OC3N

                                             Rating
                                             ------
             Series         Class        To         From
             ------         -----        --         ----
             2006-OC3N      Notes        BB-        BBB-

            Countrywide Alternative Loan Trust 2006-OC5N

                                            Rating
                                            ------
             Series         Class        To         From
             ------         -----        --         ----
             2006-OC5N      Notes        B          BBB-

            Countrywide Alternative Loan Trust 2006-OC6N

                                            Rating
                                            ------
             Series         Class        To         From
             ------         -----        --         ----
             2006-OC6N      Notes        B          BBB-

                       GSAA 2006-NIM4 Ltd.

                                             Rating
                                             ------
             Series         Class        To         From
             ------         -----        --         ----
             2006-NIM4      N2           BB-        BB

                       GSAA 2006-NIM6 Ltd.

                                             Rating
                                             ------
             Series         Class        To         From
             ------         -----        --         ----
             2006-NIM6      N2           B-         BB

                      IMPAC NIM Trust 2005-2N

                                             Rating
                                             ------
             Series         Class        To         From
             ------         -----        --         ----
             2005-2N        N            BB-        A-

                     Lehman XS NIM Co. 2006-9

                                             Rating
                                             ------
             Series         Class        To         From
             ------         -----        --         ----
             2006-9         A            BB-        A

                     Lehman XS NIM Co. 2006-9

                                            Rating
                                            ------
             Series         Class        To         From
             ------         -----        --         -----
             2006-9         B            BB-        BB+

                     Lehman XS NIM Co. 2006-9

                                             Rating
                                             ------
             Series         Class        To         From
             ------         -----        --         ----
             2006-9         C            BB-         BB

           Sharps SP I LLC Net Interest Margin 2006-HYBN

                                             Rating
                                             ------
             Series         Class        To         From
             ------         -----        --         ----
             2006-HYBN      N-3          BB-        BB


                         Ratings Affirmed

                        GSAA 2006-NIM6 Ltd.

              Series         Class            Rating
              ------         -----            ------
              2006-NIM6      N1               A

           Sharps SP I LLC Net Interest Margin 2006-HYBN

               Series         Class            Rating
               ------         -----            ------
               2006-HYBN      N-1              A-

           Sharps SP I LLC Net Interest Margin 2006-HYBN

               Series         Class            Rating
               ------         -----            ------
               2006-HYBN      N-2              BBB-


UWINK INC: July 3 Balance Sheet Upside-Down by $2.0 Million
-----------------------------------------------------------
uWink Inc.'s consolidated balance sheet at July 3, 2007, showed
$1.4 million in total assets and $3.4 million in total
liabilities, resulting in a $2.0 million total stockholders'
deficit.

The company's consolidated balance sheet at June 30, 2007, also
showed strained liquidity with $541,682 in total current assets
available to pay $3.4 million in total current liabilities.

The company reported a net loss of $1.3 million on net sales of
$718,694 for the second quarter ended July 3, 2007, compared to a
net loss of $708,583 on net sales of $59,683 for the same period
ended June 30, 2006.

For the six months ended July 3, 2007, net sales was $1.3 million,
compared with net sales of $110,052 for the same period ended
June 30, 2006.  The company reported a net loss of $2.6 million,
compared with a net loss of $1.6 million in the 2006 quarter.

In 2006, the company wound down its SNAP! and Bear Shop
manufacturing and sales operations and repositioned itself as an
entertainment restaurant company.  Revenue from the company's
first restaurant, which opened on Oct. 16, 2006, amounted to
$1.2 million (96% of total revenue) for the six months ended
July 3, 2007.  There was no revenue associated with the
entertainment restaurant operations for the six months ended
June 30, 2006.  2006 revenue reflects the liquidation of part of
the company's remaining SNAP! and Bear Shop inventories.  In
addition, the company generated licensing revenue of $12,400
(11.3% of total revenue) in the first six months of 2006 from the
licensing of some of its games to Mondobox LLC.

The increase in net loss primarily reflects an increase in
selling, general and administrative expenses.  

Selling, general and administrative expenses for the six
months ended July 3, 2007, totaled $3.5 million, compared to
$1.2 million for the six months ended June 30, 2006.

Total other income for the six months ended July 3, 2007, was
$11,312, compared to other expense of $399,444 for the same period
in 2006.  This decrease in other expense was primarily
attributable to the non-recurrence in 2007 of $345,684 of expense
relating to the issuance of financing warrants in the first six
months of 2006 coupled with $58,076 of gain on settlement of debt
income recorded in 2007 resulting from the settlement at a
discount of accounts payable owing to outside law firms.

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2007, are available for
free at
http://www.sec.gov/Archives/edgar/data/1108699/000101968707002669/
uwink_10qsb-063007.txt

                       Going Concern Doubt

Kabani & Company Inc., in Los Angeles, expressed substantial doubt
about uWink Inc.'s ability to continue as a going concern after
auditing the company's consolidated financial statements as of the
year ended Jan. 2, 2007.  The auditing firm reported that the
company has incurred significant losses and negative cash flow
from operations since its inception and has a working capital
deficit.

The company incurred a net loss of $2.6 million for the six months
ended July 3, 2007, and as of July 3, 2007, had an accumulated
deficit of $37.8 million.  

                        About uWink Inc.

Headquartered in Van Nuys, Calif., uWink Inc. (OTC BB: UWKI) --  
http://www.uwink.com/-- is a digital entertainment company that  
develops interactive entertainment software and platforms for
restaurants, bars, and mobile devices.  uWink is led by  Nolan
Bushnell, founder and former chief executive officer of Atari and
Chuck E. Cheese.


VERTICAL COMPUTER: June 30 Balance Sheet Upside-Down by $18.7 Mil.
------------------------------------------------------------------
Vertical Computer Systems Inc.'s consolidated balance sheet at
June 30, 2007, showed $1.0 million in total assets and
$19.7 million in total liabilities, resulting in an $18.7 million
total stockholders' deficit.

The company's consolidated balance sheet at June 30, 2007, also
showed strained liquidity with $923,456 in total current assets
available to pay $13.1 million in total current liabilities.

The company reported a net loss of $268,987 on total revenues of
$1.4 million for the second quarter ended June 30, 2007, compared
with a net loss of $440,187 on total revenues of $1.6 million for
the same period last year.

Revenue in both periods was related to the business operations of
Now Solutions, a wholly-owned subsidiary of the company.

The revenue from license and maintenance in the three months ended
June 30, 2007 decreased by $152,551 from the same period in the
prior year due to decreases in software license sales and
contractual maintenance fees by Now Solutions.

Consulting revenue in the three months ended June 30, 2007,
decreased by $41,608 from the same period in the prior year due to
slow-downs in customer modifications and installations at new
customers.

Other revenue in the three months ended June 30, 2007, increased
by $11,704 from the same period in the prior year.  Other revenue
is primarily billable travel time and reimbursable travel expenses
and decreases when consulting revenue decreases.

The decrease in net loss was primarily attributable to a decrease
in operating expenses of $383,813.  The decrease was partially
offset by a decrease in revenues of $182,456 and an increase in
interest expense of $29,677.

The decrease in operating expenses was primarily attributable to a
reduction in amortization, legal fees, consulting and contract
labor costs that were partially offset by increases in payroll and
related benefits.

The increase in interest expense was related to additional notes
payable and the compounding effect of interest on late payments
made on certain notes.

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2007, are available for
free at
http://www.sec.gov/Archives/edgar/data/1099509/000114420407044874/
v085366_10qsb.htm

                       Going Concern Doubt

Weaver and Tidwell L.L.P., in Fort Worth, Texas, expressed
substantial doubt about Vertical Computer Systems Inc.'s ability
to continue as a going concern after auditing the company's
consolidated financial statements as of the years ended Dec. 31,
2006, and 2005.  The auditing firm reported that the company has
suffered recurring significant operating losses and at Dec. 31,
2006, the company had negative working capital of approximately
$10.3 million, a stockholders' deficit of $16.9 million, and had
defaulted on several of its debt obligations.

Negative stockholders' equity at June 30, 2007, was $18.7 million.
Additionally, at June 30, 2007, the company had negative working
capital of approximately $12.2 million and has defaulted or is
delinquent on several of its debt obligations.  

                     About Vertical Computer

Headquartered in Fort Worth, Texas, Vertical Computer Systmes Inc.
(OTC BB: VCSY) -- http://www.vcsy.com/--  is a provider of  
administrative software, Internet core technologies, and
derivative software application products through its distribution
network.  VCSY's main administrative software product is
emPath(R), which is developed and distributed by NOW Solutions
Inc., the company's wholly-owned subsidiary.  VCSY's primary
Internet core technologies include SiteFlash, ResponseFlash,
NewsFlash, and the Emily XML Scripting Language, which can be used
to build web services.  VCSY also markets three security products
that make up its security suite (ImmuneApp, StatePointPlus(R) and
CKM(R).


WATERFRONT CLO: Moody's Rates $10.5 Million Class D Notes at Ba2
----------------------------------------------------------------
Moody's Investors Service assigned these ratings to Notes issued
by Waterfront CLO 2007-1, Ltd:

-- Aaa to the $195,000,000 Class A-1 Floating Rate Notes Due
    2020;

-- Aa1 to the $32,000,000 Class A-2 Floating Rate Notes Due 2020;

-- Aa2 to the $9,500,000 Class A-3 Floating Rate Notes Due 2020;

-- A2 to the $19,000,000 Class B Deferrable Floating Rate Notes
    Due 2020;

-- Baa2 to the $11,500,000 Class C Deferrable Floating Rate Notes
    Due 2020; and

-- Ba2 to the $10,500,000 Class D Deferrable Floating Rate Notes
    Due 2020.

The Moody's ratings of the notes address the ultimate cash receipt
of all required interest and principal payments, as provided by
the notes' governing documents, and are based on the expected loss
posed to noteholders, relative to the promise of receiving the
present value of such payments.

The ratings reflect the risks due to the diminishment of cash flow
from the underlying portfolio consisting of primarily Senior
Secured Loans, Senior Secured Notes, and Bonds due to defaults,
the transaction's legal structure and the characteristics of the
underlying assets.

Grandview Capital Management LLC will manage the selection,
acquisition and disposition of collateral on behalf of the Issuer.


WELLS FARGO: Fitch Affirms B Rating on $843,000 Class B-5 Certs.
----------------------------------------------------------------
Fitch has rated Wells Fargo mortgage pass-through certificates,
series 2007-AR4, as:

  -- $402,928,100 classes A-1, A-2, and A-R 'AAA';
  -- $8,016,000 class B-1 'AA';
  -- $4,219,000 class B-2 'A';
  -- $1,687,000 class B-3 'BBB';
  -- $2,531,000 class B-4 'BB'; and
  -- $843,000 class B-5 'B'.

The 'AAA' rating on the senior certificates reflects the 4.50%
subordination provided by the 1.90% class B-1, 1% class B-2, 0.40%
class B-3, 0.60% privately offered class B-4, 0.20% privately
offered class B-5, and 0.40% privately offered class B-6.  The
class B-6 is not rated by Fitch.

Fitch believes the amount of credit enhancement available will be
sufficient to cover credit losses.  The ratings also reflect the
high quality of the underlying collateral, the integrity of the
legal and financial structures, and the servicing capabilities of
Wells Fargo Bank, N.A. (WFB; rated 'RPS1' by Fitch).

The transaction is secured by a pool of mortgage loans, which
consists of fully amortizing, one- to four-family, adjustable-rate
mortgage loans that provide for a fixed interest rate during an
initial period of approximately five years.  Thereafter, the
interest rate will adjust on an annual basis.  The interest rate
of each mortgage loan will adjust to equal the sum of the index
and a gross margin.  Approximately 91.35% of the mortgage loans
are interest-only loans, which require only payments of interest
until the month following the first adjustment date.

The mortgage loans have an aggregate principal balance of
approximately $421,914,997 as of the cut-off date (August 1,
2007), an average balance of $562,553 a weighted average remaining
term to maturity of 357 months, a weighted average original loan-
to-value ratio of 74.95%, and a weighted average coupon of 6.292%.  
Rate/Term and equity take-out refinances account for 26.01% and
16.94% of the loans, respectively.  The weighted average original
FICO credit score of the loans is 739.  Owner-occupied properties
and second homes comprise 93.13% and 6.66% of the loans,
respectively.  The states that represent the largest geographic
concentration are California (57.72%) and Florida (5.59%).  All
other states represent less than 5% of the aggregate pool balance
as of the cut-off date.

All of the mortgage loans were generally originated in conformity
with underwriting standards of WFB.  WFB sold the loans to Wells
Fargo Asset Securities Corporation, a special purpose corporation,
which deposited the loans into the trust.  The trust issued the
certificates in exchange for the mortgage loans.  WFB will act as
servicer, master servicer, paying agent, and custodian, and HSBC
Bank USA, N.A. will act as trustee.  For federal income tax
purposes, elections will be made to treat the trust as a real
estate mortgage investment conduit.


WESLEY SUTER: Case Summary & 14 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Wesley R. Suter
        Frances Emma Suter
        500 North Highland Street
        Arlington, VA 22201

Bankruptcy Case No.: 07-12348

Chapter 11 Petition Date: August 29, 2007

Court: Eastern District of Virginia (Alexandria)

Judge: Stephen S. Mitchell

Debtor's Counsel: Neil Spencer Welles, Esq.
                  10195 Main Street, Suite I
                  Fairfax, VA 22031
                  Tel: (571) 432-0300, Ext. 202
                  Fax: (571) 432-0301

Estimated Assets:         Less than $10,000

Estimated Debts: $1 Million to $100 Million

Debtor's 14 Largest Unsecured Creditors:

   Entity                      Nature of Claim       Claim Amount
   ------                      ---------------       ------------
Home Depot/C.B.S.D.            trade debt                 $15,474
Ccs. Gray Ops. Center
Gray, TN 37615

Neff & Neff                    trade debt                 $12,474
9119 Industry Drive
Manassas, VA 20111

Super Check Cashing, Inc.      trade debt                  $5,071
10280 Festival Lane
Manassas, VA 20109

Jefferson Capital Syst.        trade debt                  $3,901

H.S.B.C. Bank Nv. Fka. Dmc.    trade debt                  $3,470

North Star Capital                                         $2,758
Acquisition, L.L.C.

State Dept. Fcu.                                           $2,358

Summit Collection Services                                 $1,582

North Star Capital                                         $1,136
Acquisition, L.L.C.

Verizon Virginia, Inc.                                       $844

First Premier                                                $592

Ann M. Callaway, P.C.          trade debt                      $1

Ford Motor Credit Co., L.L.C.                                  $1

Kenneth R. Suter               trade debt                      $1


WOLVERINE TUBE: Equity Rights Offering Cues Moody's Ratings Review
------------------------------------------------------------------
Moody's Investors Service placed the ratings of Wolverine Tube,
Inc. (Caa2 corporate family rating) under review for possible
upgrade.  

The review was prompted by Wolverine's announcement of an equity
rights offering of up to about $51 million, from which the company
will receive at least $25 million due to a standby commitment from
preferred stockholders.  Additionally, the offering entitles these
preferred stockholders to call options sufficient to increase
their total ownership, equivalent to about $32 million.  As a
result, if the rights offering and the call options are fully
exercised, the company would receive total cash proceeds, after
expenses, of about $83 million.

Moody's review of Wolverine will focus on the progress of
Wolverine's rights offering and preferred stockholder call option
exercise, the pro forma liquidity and credit metrics that result
from any of the above actions, ability to refinance existing debt
in a timely fashion, and Wolverine's business fundamentals and
economic expectations.  The outcome of this review is expected to
reflect the potential overall financial liquidity improvement
experienced by Wolverine if the equity transactions are a success,
in combination with positive year-to-date EBITDA, Moody's evolving
view regarding the expected decrease in copper prices and other
raw materials, productivity improvements in the company's
facilities, and trends in the U.S. economy.  Depending on their
level of success, and timing of their initiatives, this could
ultimately lead to a multi-notch upgrade of the corporate family
rating.

These ratings were placed under review for possible upgrade:

Issuer: Wolverine Tube Inc.

On Review for Possible Upgrade:

-- Corporate Family Rating, Placed on Review for Possible
    Upgrade, currently Caa2

-- Probability of Default Rating, Placed on Review for Possible
    Upgrade, currently Caa2

-- Senior Unsecured Notes, Placed on Review for Possible Upgrade,
    currently Caa3 (LGD4, 62%)

Outlook Actions:

-- Outlook, Changed To Rating Under Review From Negative

Wolverine has been facing intense margin pressures due to the
volatility of raw materials and the impact of a competitive,
shrinking industry.  The company faced difficulties as the price
of copper increased dramatically in recent years and Chinese
producers competed on price for commodity level products.  The
corporate family rating and senior unsecured was previously
downgraded in November, 2006 to Caa2 and Caa3, respectively, with
a negative outlook following the announcement of a previous
restructuring and reorganization plan.  In February 2007, The
Alpine Group, Inc. and Plainfield Special Situations Master Fund
Limited paid $50 million to Wolverine for 50,000 shares of
convertible preferred stock.

Headquartered in Huntsville, Alabama, Wolverine Tube, Inc. is one
of the leading U.S. manufacturers and distributors of copper alloy
tube, fabricated products, and metal joining products for use in
refrigeration and air conditioning.  For the LTM ended
July 1, 2007, the company had revenues of $1.36 billion, but
generated an $86 million net loss.


* BOND PRICING: For the Week of August 27 -- September 1, 2007
--------------------------------------------------------------

  Issuer                             Coupon   Maturity  Price
  ------                             ------   --------  -----
ABC Rail Product                     10.500%  01/15/04      0
ABC Rail Product                     10.500%  12/31/04      0
Ambac Inc                             6.150%  02/15/37      0
AHI-DFLT07/05                         8.625%  10/01/07     71
Albertsons Inc                        6.520%  04/10/28     73
Albertsons Inc                        6.530%  04/10/28     73
Albertsons Inc                        6.560%  07/26/27     74
Albertsons Inc                        6.570%  02/23/28     74
Albertsons Inc                        6.630%  06/02/28     74
Allegiance Tel                       11.750%  02/15/08     53
Alltel Corp                           6.800%  05/01/29     75
Amer & Forgn Pwr                      5.000%  03/01/30     59
Ames Dept Stores                     10.000%  04/15/06      0
Antigenics                            5.250%  02/01/25     71
Atherogenics Inc                      1.500%  02/01/12     37
Atlantic Coast                        6.000%  02/15/34      4
Bank New England                      8.750%  04/01/99      9
Bank New England                      9.500%  02/15/96     14
Bank New England                      9.875%  09/15/99      8
Budget Group Inc                      9.125%  04/01/06      0
Buffets Inc                          12.500%  11/01/14     74
Builders Transport                    6.500%  05/01/11      0
Burlington North                      3.200%  01/01/45     52
Calpine Gener Co                     11.500%  04/01/11     34
Cell Therapeutic                      5.750%  06/15/08     72
CIT Group Inc                         6.000%  04/01/36     72
CIT Group Inc                         6.100%  03/15/67     69
Claires Stores                       10.500%  06/01/17     74
Clear Channel                         4.900%  05/15/15     75
Clear Channel                         5.500%  12/15/16     74
Collins & Aikman                     10.750%  12/31/11      2
Comed Fin III                         6.350%  03/15/33     75
Color Tile Inc                       10.750%  12/15/01      0
Columbia/HCA                          7.050%  12/01/27     74
Columbia/HCA                          7.500%  11/15/95     74
Complete Mgmt                         8.000%  08/15/03      0
Comprehensive Care                    7.500%  04/15/10     60
Compucredit                           5.875%  11/30/35     65
Countrywide Home                      6.000%  07/23/29     74
Curagen Corp                          4.000%  02/15/11     63
Dana Corp                             6.500%  03/15/08     75
Dana Corp                             6.500%  03/01/09     72
Dana Corp                             7.000%  03/01/29     72
Decode Genetics                       3.500%  04/15/11     67
Delta Air Lines                       8.000%  12/01/15     56
Delta Mills Inc                       9.625%  09/01/07     15
Desa Intl Inc                         9.875%  12/15/07      0
Duquesne Light                        6.250%  08/15/35     74
Dura Operating                        8.625%  04/15/12     54
Dura Operating                        9.000%  05/01/09      7
Dura Operating                        9.000%  05/01/09      4
Dyersburg Corp                        9.750%  09/01/07      0
Empire Gas Corp                       9.000%  12/31/07      1
Encysive Pharma                       2.500%  03/15/12     70
Exodus Comm Inc                       5.250%  02/15/08      0
Exodus Comm Inc                      11.625%  07/15/10      0
Fedders North Am                      9.875%  03/01/14     18
Finlay Fine Jewelry                   8.375%  06/01/12     74
Finova Group                          7.500%  11/15/09     19
Florsheim Group                      12.750   09/01/02      0
Ford Motor Cred                       6.150%  12/22/14     75
Ford Motor Cred                       6.250%  01/20/15     73
Ford Motro Cred                       7.500%  08/20/32     71
Ford Motor Co                         6.375%  02/01/29     71
Ford Motor Co                         6.625%  02/15/28     71
Ford Motor Co                         6.625%  10/01/28     71
Ford Motor Co                         7.125%  11/15/25     71
Ford Motor Co                         7.400%  11/01/46     71
Ford Motor Co                         7.700%  08/01/26     73
Ford Motor Co                         7.700%  05/15/97     73
Ford Motor Co                         7.750%  03/15/43     73
Gateway Inc                           2.000%  02/31/11     75
General Motors                        6.750%  05/01/28     71
General Motors                        7.375%  05/23/48     73
GMAC                                  5.350%  01/15/14     75
GMAC                                  5.900%  01/15/19     72
GMAC                                  5.900%  01/15/19     74
GMAC                                  5.900%  10/15/19     68
GMAC                                  6.000%  02/15/19     75
GMAC                                  6.000%  03/15/19     73
GMAC                                  6.000%  03/15/19     72
GMAC                                  6.000%  03/15/19     74
GMAC                                  6.000%  04/15/19     72
GMAC                                  6.050%  08/15/19     73
GMAC                                  6.050%  08/15/19     73
GMAC                                  6.100%  09/15/19     66
GMAC                                  6.125%  10/15/19     74
GMAC                                  6.150%  08/15/19     74
GMAC                                  6.150%  09/15/19     70
GMAC                                  6.250%  04/15/19     74
GMAC                                  6.300%  08/15/19     74
GMAC                                  6.300%  08/15/19     74
GMAC                                  6.350%  07/15/19     73
GMAC                                  6.600%  05/15/18     74
GMAC                                  7.000%  06/15/22     71
GMAC                                  7.150%  03/15/25     72
GMAC                                  7.250%  02/15/25     74
Gulf States STL                      13.500%  04/15/03      0
Harrahs Oper Co.                      5.750%  10/01/17     74
Hercules Inc                          6.500%  06/30/29     74
Hines Nurseries                      10.250%  10/01/11     73
HNG Internorth                        9.625%  03/15/06     28
Iridium LLC/CAP                      10.875%  07/15/05     15
Iridium LLC/CAP                      11.250%  07/15/05     17
Iridium LLC/CAP                      13.000%  07/15/05     16
Iridium LLC/CAP                      14.000%  07/15/05     15
James River Coal                      9.375%  06/01/12     70
K Hovnanian Entr                      7.750%  05/15/13     73
Kaiser Aluminum                       9.875%  02/15/02      0
Kaiser Aluminum                      12.750%  02/01/03      6
Kellstrom Inds                        5.500%  06/15/03      0
Kellstrom Inds                        5.750%  10/15/02      0
Kimball Hill Inc                     10.500%  12/15/12     74
Kmart Corp                            9.350%  01/02/20     12
K Mart Funding                        8.800%  07/01/10     73   
Lehman Bros Holding                   5.800%  11/08/30     73
Lehman Bros Holding                  10.000%  10/30/13     71
Liberty Media                         3.750%  02/15/30     58
Liberty Media                         4.000%  11/15/29     64
Lifecare Holding                      9.250%  08/15/13     61
LTV Corp                              8.200%  09/15/07      0
McSaver Financl                       7.400%  02/15/02      0
McSaver Financl                       7.875%  08/01/03      0
Missuori Pac RR                       4.750%  01/01/30     73
Missuori Pac RR                       5.000%  01/01/45     73
Motorola Inc                          5.220%  10/01/97     71
Movie Gallery                        11.000%  05/01/12     25
Natl Steel Corp                       9.875%  03/01/09      0
New Orl Grt N RR                      5.000%  07/01/32     59
Northern Pacific RY                   3.000%  01/01/47     51
Northern Pacific RY                   3.000%  01/01/47     51
Northwest Steel & Wire                9.500%  06/15/01      0
NTK Holdings Inc                     10.750%  03/01/14     62
Nutritional Src                      1.125%   08/01/09     66
O'Sullivan Ind                       10.630%  10/01/08      0
Oakwood Homes                         7.875%  03/01/04     11
Oscient Pharma                        3.500%  04/15/11     70
Outboard Marine                       7.000%  07/01/02      0
Outboard Marine                       9.125%  04/15/17      0
Pac-West Telecom                     13.500%  02/01/09      3
Pac-West Telecom                     13.500%  02/01/09      8
PCA LLC/PCA FIN                      11.875   08/01/09      5
Pegasus Satellite                    12.375%  08/01/08      0
Phelps Dodge                          6.125%  03/15/34     70
Piedmont Aviat                       10.250%  01/15/49      0
Pixelworks Inc                        1.750%  05/15/24     74
Polaroid Corp                         6.750%  01/15/02      0
Polaroid Corp                         7.250%  01/15/07      0
Polaroid Corp                        11.500%  02/15/06      0
Pope & Talbot                         8.375%  06/01/13     60
Pope & Talbot                         8.375%  06/01/13     55
Primus Telecom                        3.750%  09/15/10     69
Primus Telecom                        8.000%  01/15/14     65
Pulte Homes Inc                       6.000%  02/15/35     74
Radnor Holdings                      11.000%  03/15/10      0
Rait Financial                        6.875%  04/15/27     63
Realogy Corp                         12.375%  04/15/15     74
Reliance Grp Hld                      9.000%  11/15/00      0
Residential Cap                       6.000%  02/22/11     74
Residential Cap                       6.500%  06/01/12     75
Residential Cap                       6.500%  04/17/13     74
Residential Cap                       6.875%  06/30/15     74
Rite Aid Corp.                        7.700%  02/15/27     74
RJ Tower Corp.                       12.000%  06/01/13      3
Saint Acquisition                    12.500%  05/15/17     63
SeviceMaster Co                       7.450%  08/15/27     70
Scotia Pac Co                         6.550%  01/20/07     50
SLM Corp                              5.000%  06/15/28     70
SLM Corp                              5.250%  12/15/28     70
SLM Corp                              5.400%  03/15/28     73
SLM Corp                              5.400%  03/15/30     74
SLM Corp                              5.400%  06/15/30     73
SLM Corp                              5.450%  06/15/28     71
SLM Corp                              5.450%  06/15/28     73
SLM Corp                              5.500%  06/15/29     70
SLM Corp                              5.500%  06/15/29     72
SLM Corp                              5.500%  03/15/30     70
SLM Corp                              5.500%  06/15/30     70
SLM Corp                              5.500%  12/15/30     71
SLM Corp                              5.550%  06/15/25     71
SLM Corp                              6.000%  12/15/29     71
SLM Corp                              5.650%  03/15/29     73
SLM Corp                              5.650%  12/15/29     73
SLM Corp                              5.650%  12/15/29     74
SLM Corp                              5.650%  06/15/30     75
SLM Corp                              5.700%  03/15/29     71
SLM Corp                              5.700%  03/15/29     74
SLM Corp                              5.700%  03/15/30     74
SLM Corp                              5.750%  03/15/29     73
SLM Corp                              5.750%  06/15/29     73
SLM Corp                              5.750%  06/15/29     75
SLM Corp                              5.750%  09/15/29     73
SLM Corp                              5.750%  09/15/29     75
SLM Corp                              5.750%  12/15/29     75
SLM Corp                              5.750%  03/15/30     72
SLM Corp                              5.800%  12/15/29     72
SLM Corp                              5.850%  09/15/29     73
SLM Corp                              6.000%  03/15/29     75
SLM Corp                              6.000%  06/15/29     74
SLM Corp                              6.000%  09/15/29     74
SLM Corp                              6.000%  09/15/29     75
SLM Corp                              6.000%  12/15/30     72
SLM Corp                              6.000%  12/15/31     72
SLM Corp                              6.350%  09/15/31     72
Spacehab Inc                          5.500%  10/15/10     49
Spectrum Brands                       7.375%  02/01/15     72
Standard Pac Corp                     6.250%  04/01/14     75
Standard Pac Corp                     7.500%  03/15/13     75
Standard Pacific                      7.000%  08/15/15     74
Standard Pacific                      9.250%  04/15/12     74
Stanley-Martin                        9.750%  08/15/15     72
Solutia Inc                           6.720%  10/15/37     73
Solutia Inc                           7.375%  10/15/27     74
Telcordia Tech                       10.000%  03/15/13     75
Tenet Healthcare                      6.875%  11/15/31     72
Times Mirror Co                       6.610%  09/15/27     69
Times Mirror Co                       7.250%  11/15/96     71
Times Mirror- New                     7.7500% 07/01/23     72
Tom's Foods Inc                      10.500%  11/01/04      1
Tousa Inc                             7.500%  03/15/11     38
Tousa Inc                             7.500%  01/15/15     33
Tousa Inc                             9.000%  07/01/10     71
Tousa Inc                             9.000%  07/01/10     72
Tousa Inc                             9.000%  07/01/10     71
Tousa Inc                            10.375%  07/01/12     44
TransTexas Gas                       15.000%  03/15/05      0
Tribune Co                            5.250%  08/15/15     72
United Air Lines                      9.350%  04/07/16     43
United Homes Inc.                    11.000%  03/15/05      0
US Air Inc.                          10.680%  06/27/08      0
US Air Inc.                          10.800%  01/01/49      0
Vertis Inc                           13.500%  12/07/09     72
Vicorp Restaurant                    10.500%  04/15/11     72
Viropharma Inc                        2.000%  03/15/17     75
Wachovia Corp                        15.500%  12/05/07     69
WCI Communities                       6.625%  03/15/15     72
WCI Communities                       7.875%  10/01/13     74
Weirton Steel                        10.750%  06/01/05      0
Werner Holdings                      10.000%  11/15/07      1
Westpoint Steven                      7.875%  06/15/05      0
William Lyon                          7.500%  02/15/14     72
William Lyon                          7.625%  12/15/12     74
Winstar Comm Inc                     12.750%  04/15/10      0
Winstar Comm                         14.000%  10/15/05      0
Wornick Co                           10.875%  07/15/11     75

                             *********

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 ***