TCR_Public/070912.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

          Wednesday, September 12, 2007, Vol. 11, No. 216

                             Headlines

AES CORP: Deutsche Bank Puts "Buy" Rating on Company Shares
ADVA-LITE INC: Disclosure Statement Hearing Continued to Oct. 16
ADVA-LITE: Wants Solicitation Period Extended Until December 15
ALL AMERICAN: Committee Can Hire LECG as Electronic Consultant
ALL AMERICAN: Committee Retains Keen Realty as Consultant

ALL AMERICAN: Rock River Has Until November 21 to Decide on Pact
AMERICAN SKIING: Plan of Dissolution to Take Effect Tomorrow
AXA INSURANCE: New York Court Recognizes Chapter 15 Petition
BANKUNITED FINANCIAL: Stable Funding Prompts Fitch to Hold Ratings
BEAR STEARNS: Foreign Reps Appeal Order Denying Ch. 15 Petition

BOSTON SCIENTIFIC: Says FDA Warning May Not Be Lifted This Year
C-BASS: Fitch Lowers Ratings on $363.4 Million Certificates
CALPINE CORP: Rosetta Wants Fraudulent Conveyance Claims Dismissed
CAPRIUS INC: Incurs $466,012 Net Loss in Quarter Ended June 30
CARDTRONICS INC: Files Registration Statement with SEC for IPO

CENTEX HOME: Fitch Lowers Ratings on Three Cert. Classes to B-
CHIQUITA BRANDS: CEO Answers DOJ's Memorandum on Colombia Unit
CHRYSLER LLC: Grabs James Press from Toyota; Appointed as Pres.
CLINICAL DATA: Acquires Epidauros Biotechnologie for $11.84 Mil.
CLINICAL DATA: Posts $5.4 Million Net Loss in Qtr. Ended June 30

COMMUNCATIONS CORP: Plan Confirmation Hearing Scheduled on Oct. 1
CREATIVE CAPITAL: Case Summary & 20 Largest Unsecured Creditors
CREDIT SUISE: Fitch Lowers Ratings on $1.2 Billion Certificates
DANNY PRYOR: Case Summary & Eight Largest Unsecured Creditors
ENHANCED MORTGAGE: Fitch Junks Rating on $26 Million Notes

ENHANCED MORTGAGE: Fitch Cuts Rating on $ Million Notes to BB-
EXCEL INNOVATIONS: Bankr. Court Applied Erroneous Legal Standards
FINANCE AMERICA: Expected Cuts Ratings on Two Certificates
FIRST FRANKLIN: Fitch Cuts Rating on $486.3 Million Certificates
FIRST FRANKLIN: Fitch Lowers Ratings on $738.4 Mil. Certificates

FLEETPRIDE CORP: Moody's Holds B3 Corporate Family Rating
FORD MOTOR: Fiat Denies Joint Bid Plans for Two Brands
FRANK GORMAN: Voluntary Chapter 11 Case Summary
FREESCALE SEMICONDUCTOR: Names Henri Richard as Sr. Vice Pres.
FWE INTERNATIONAL: Case Summary & Largest Unsecured Creditor

GENESIS WORLDWIDE: Parent Sells Genesis Assets to Grey Mountain
GENOIL INC: Incurs CDN$4.3 Million Net Loss in Qtr. Ended June 30
GREAT PANTHER: Posts CDN$4.5 Mil. Net Loss in Qtr. Ended June 30
HILB ROGAL: Moody's Affirms then Withdraws Ba2 Ratings
HOMEBANC CORP: NYSE to Remove Stocks Listing on September 17

HOMEBANC CORP: Wants Servicing Rights Sale Protocol Approved
INDYMAC ABS: Fitch Junks Ratings on $266.5 Million Certificates
INDYMAC SPMD: Fitch Cuts Ratings on 11 Certificate Classes
ITC^DELTACOM INC: June 30 Balance Sheet Upside-Down by $123.8 Mil.
IWT TESORO: KMA Capital Co-Sponsors Plan of Reorganization

JULEE POLLOCK: Case Summary & 20 Largest Unsecured Creditors
KELLWOOD CO: Low Sales Expectations Cue Moody's Ratings Review
LA MANSION: Case Summary & 20 Largest Unsecured Creditors
MERRILL LYNCH: Fitch Cuts Ratings on $171.4 Million Certificates
MGM MIRAGE: Finalizes Deal with Kerzner and Istithmar

MIDDLEBROOK PHARMA: Posts $9.5 Mil. Net Loss in Qtr. Ended June 30
NASDAQ STOCK: Defers Deadline for Bidders of 31% LSE Stake
NOVASTAR 2004-3: Fitch Cuts Rating on Class B-4 Certs. to BB
NOVASTAR MORTGAGE: Fitch Holds Ratings on $5.2 Billion Certs.
NY STATE DORMITORY: Good Liquidity Cues Fitch to Hold BB Rating

PASTA CONCEPTS: Voluntary Chapter 11 Case Summary
PEREZ TRUCKING: Case Summary & 59 Largest Unsecured Creditors
REHBERG PROPERTIES: Case Summary & 3 Largest Unsecured Creditors
RMBS: Fitch Downgrades Ratings on Seven Certificate Classes
SECURITIZED ASSET: Fitch Holds BB Rating on $8.4MM Certificates

SIENA TECHNOLOGIES: June 30 Balance Sheet Upside-Down by $2.9 Mil.
SOUNDVIEW HOME: Fitch Downgrades Ratings on 13 Cert. Classes
STEPHEN RICHEY: Case Summary & Six Largest Unsecured Creditors
STRUCTURED ASSET: Fitch Cuts Rating on 2004-GEL3 Class B Certs.
STRUCTURED ASSET: Fitch Affirms Ratings on $104.7 Million Certs.

STRUCTURED ASSET: Fitch Cuts Ratings on $89.9 Million Certs.
STRUCTURED ASSET: Fitch Lowers Ratings on 25 Certificate Classes
STRUCTURED ASSET: Fitch Cuts Ratings on 13 Class Certificates
TERWIN MORTGAGE: Fitch Cuts Rating on Class M-5 Certs. to B
TXU CORP: Completes Regulatory Approvals on Texas Energy Merger

UBS MORTGAGE: Fitch Lowers Ratings on $41.9 Million Certificates
UNIVAR INC: Moody's Places Corporate Family Rating at B2
WASHINGTON MUTUAL: CEO Sees Earnings Slump on Current Credit Woes
WERNER LADDER: Panel Files 1st Amended Plan & Disclosure Statement
WESTWAYS FUNDING: Fitch Junks Rating on $77.23MM Income Notes

WHITE RIVER: Blackenberger & BB Mining Want Cases Converted

* Fitch Says Issuers Can Withstand Constraints in Credit Market
* Bell Boyd Expands Bankruptcy Practice, Adds Eight Attorneys

* Upcoming Meetings, Conferences and Seminars

                             *********

AES CORP: Deutsche Bank Puts "Buy" Rating on Company Shares
-----------------------------------------------------------
Deutsche Bank Securities analysts have assigned a "buy" rating on
The AES Corporation's shares, Newratings.com reports.

According to Newratings.com, the target price for AES' shares was
set at $25.

The analysts said in a research note that "there is limited
downside" to AES' share price, after the "recent downturn."

The analysts told Newratings.com that AES is ready to capitalize
on the developing huge power infrastructure needed in the emerging
and developed markets.

AES currently has expansion projects at or near sites where it has
a presence, which increases the probability of success,
Newratings.com states, citing Deutsche Bank Securities.

Headquartered in Arlington, Virginia, AES Corp. (NYSE:AES) --
http://www.aes.com/-- is a global power company.  The company  
operates in South America, Europe, Africa, Asia and the Caribbean
countries.  Specifically, it also has operations in India.  
Generating 44,000 megawatts of electricity through 124 power
facilities, the company delivers electricity through 15
distribution companies.  The company's Latin America business
group is comprised of generation plants and electric utilities in
Argentina, Brazil, Chile, Colombia, Dominican Republic, El
Salvador, Panama and Venezuela.

AES has been in Eastern Europe for over ten years, since it
acquired three power plants in Hungary in 1996.  Currently, AES
has two distribution companies in Ukraine, which serve 1.2 million
customers and generation plants in the Czech Republic and Hungary.  
AES is also the leading company in biomass conversion in Hungary,
generating 37% of the nation's total renewable generation in 2004.

                        *     *     *

As reported in the Troubled Company Reporter on Aug. 22, 2007,
Fitch Ratings has affirmed AES Corporation's Issuer Default Rating
at 'B+', and assigned a short-term IDR of 'B'.


ADVA-LITE INC: Disclosure Statement Hearing Continued to Oct. 16
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware continued
to Oct. 16, 2007, at 10 a.m., the hearing to consider the adequacy
of the Disclosure Statement explaining Adva-Lite Inc. and its
debtor-affiliates Joint Liquidating Chapter 11 Plan.  The hearing
started on Aug. 7, 2007.

                           Plan Funding

The Debtors remind the Court that they have completed the sale of
substantially all of their assets during their bankruptcy
proceedings.  The Debtors have also collected various receivables,
refunds and deposits.

The Debtors anticipate that the cash proceeds from the asset sale,
causes of action, including avoidance actions, collection of
receivables, refunds and deposits will be available to pay in full
all allowed administrative claims, priority tax claims, priority
non-tax claims and miscellaneous secured claims against the
Debtors.  Remaining assets and investments will be collected by
the plan administrator pending distribution.

                 Dissolution of Corporate Entities

The Debtors relate to the Court that as soon as practicable after
the effective date of the plan, the plan administrator will take
all actions to dissolve each of the post-confirmation debtors
under the appropriate laws.

The Debtors propose to the Court that the confirmation order will
provide that the post-confirmation debtors will not be required to
pay any outstanding or delinquent franchise taxes in order to
effectuate dissolution.

The Debtors further propose that on the effective date of the
plan, all member of the board of directors will be deemed to have
resigned and all employment contracts of employees of the Debtors
not previously assumed or rejected will be deemed rejected.

                        Treatment of Claims

Under the Plan, administrative expense claims, priority tax
claims, and claims for statutory fees will be paid in full.

Priority Non-Tax Claims and Miscellaneous Secured Claims will also
be paid in full.

The Secured Claims of the Trivest Parties -- Term loan D-1 and
Term Loan D-3 -- will not receive any distribution under the plan.  
The Trivest Parties' claims will be satisfied in full by the
retention of the Trivest Parties' interest in the Payment Rights
Agreement agreement dated as of April 25, 2007, and entered into
among Corvest SPV LLC, Ableco Holding LLC, the other members of
Corvest SPV LLC and the Trivest Parties consisting of Trivest
Partners, L.P., Trivest Fund II, Ltd., Trivest Principals Fund
II,Ltd., Trivest Equity Partners II, Ltd.

Although the Debtors don't agree that the Secured Claims of Xerox
Capital Services, LLC, and Dell Financial Services, L.P., pursuant
to the Asset Purchase Agreement and Sale Order, the Debtors have
assumed and assigned all personal property leases between the
Debtors and Xerox and the Debtor and Dell.  The Debtors further
say that any outstanding cure amount has been paid.  The asset
purchase agreement pertains to the agreement between Corvest SPV
LLC and the Debtors as approved by the Court on April 12, 2007.

The secured claims of Pinellas County Tax Collector and
Pennsylvania Department of Revenue will be paid in full and in
cash.

General Unsecured Creditors will receive, in full satisfaction of
their claims, unless the holder agrees to accept lesser treatment,
a pro rata share from:

    * the Debtors' General Distribution Fund;

    * the first $250,000 in cash received by the Trivest Parties
      regarding the Payment Rights; and

    * 40% of the Payment Rights received by the Trivest Parties up
      to an aggregate of $2 million.

Inter-company claims will be disallowed pursuant to the Plan.

Holders of Subordinated Claims will not receive any distribution
under the Plan.  Equity interests will be canceled and holders
will also not receive anything.

A full-text copy of the Debtors' Disclosure Statement is available
for free at http://ResearchArchives.com/t/s?2342

A full-text copy of the Debtors' Joint Plan of Liquidation is
available for free at http://ResearchArchives.com/t/s?2343

                       About Adva-Lite Inc.

Headquartered in Largo, Fla., Adva-Lite Inc., together with
Corvest Promotional Products Inc., and four other affiliates,
sought chapter 11 protection on February 28, 2007 (Bankr. D. Del.
Lead Case Nos. 07-10264).  The four affiliates filing separate
chapter 11 petitions are Toppers LLC, CGI Inc., It's All Greek To
Me Inc., and Corvest Group Inc.

Adva-Lite, It's All Greek, and Toppers are subsidiaries of Corvest
Promotional.  Adva-Lite manufactures and markets personal lighting
gizmos, writing instruments, beverageware, and tools.  It's All
Greek provides custom plush products.  Toppers offers sports bags,
totes, luggage, caps, and other business accessories.

Paul S. Singerman, Esq., and Jordi Guso, Esq., at Berger
Singerman, P.A., represent the Debtors.  Michael R. Nestor, Esq.,
Kara Hammond Coyle, Esq., at Young Conaway Stargatt & Taylor, LLP,
is the Debtors co-counsel.  Houlihan Lokey Howard & Zukin Capital,
Inc. serve as financial advisor and investment banker to the
Debtors.  Lowenstein Sandler PC represent the Official Committee
of Unsecured Creditors while Reed Smith LLP is the Committee's
Delaware counsel.  Mahoney Cohen & Company, CPA P.C. is the
financial advisor to the Committee.  In amended schedules filed
with the Court, Adva-Lite disclosed total assets of $7,033,526 and
total debts of $48,897,227.


ADVA-LITE: Wants Solicitation Period Extended Until December 15
---------------------------------------------------------------
Adva-Lite Inc. and its debtor-affiliates ask the U.S. Bankruptcy
Court for the District of Delaware for permission to extend their
exclusive period to solicit acceptances for their joint
liquidation plan to Dec. 15, 2007.

The Debtors previously asked the Court to establish Sept. 14,
2007, as the deadline for claims and interest holders to cast
votes of acceptance or rejection of the plan.

The Debtors relate to the Court that the extension is necessary
due to the Debtors' continued reconciliation of claims and
expenses against the estate, as well as the commencement of
attempts to recover litigation claims.

The liquidation analysis in the Debtors' disclosure statement
estimated $592,792 would be required to pay all administrative
expenses at the time of confirmation of the plan.  The liquidation
analysis also estimated the liability on priority tax claims would
total $783,296.  These estimates were made prior to the July 27,
2007 deadline for parties to file administrative expense
applications and prior to the Aug. 27, 2007 government claim bar
date.

Presently, the Debtors estimate that administrative expenses will
total about $389,150 at confirmation and allowed priority tax
claims have been filed totaling about $463,622.

The Debtors have been working to reduce administrative expenses
and priority tax claims and to work with the Official Committee of
Unsecured Creditors to incorporate the value of estimated
litigation-based recoveries into the liquidation analysis.

The Debtors tell the Court that the U.S. Trustee for Region 3 and
the Official Committee of Unsecured Creditors have no objection to
this request.

The Court has scheduled a hearing to consider the Debtors' request
at 4:00 p.m. tomorrow, Sept. 13, 2007.

                       About Adva-Lite Inc.

Headquartered in Largo, Fla., Adva-Lite Inc., together with
Corvest Promotional Products Inc., and four other affiliates,
sought chapter 11 protection on February 28, 2007 (Bankr. D. Del.
Lead Case Nos. 07-10264).  The four affiliates filing separate
chapter 11 petitions are Toppers LLC, CGI Inc., It's All Greek To
Me Inc., and Corvest Group Inc.

Adva-Lite, It's All Greek, and Toppers are subsidiaries of Corvest
Promotional.  Adva-Lite manufactures and markets personal lighting
gizmos, writing instruments, beverageware, and tools.  It's All
Greek provides custom plush products.  Toppers offers sports bags,
totes, luggage, caps, and other business accessories.

Paul S. Singerman, Esq., and Jordi Guso, Esq., at Berger
Singerman, P.A., represent the Debtors.  Michael R. Nestor, Esq.,
Kara Hammond Coyle, Esq., at Young Conaway Stargatt & Taylor, LLP,
is the Debtors co-counsel.  Houlihan Lokey Howard & Zukin Capital,
Inc. serve as financial advisor and investment banker to the
Debtors.  Lowenstein Sandler PC represent the Official Committee
of Unsecured Creditors while Reed Smith LLP is the Committee's
Delaware counsel.  Mahoney Cohen & Company, CPA P.C. is the
financial advisor to the Committee.  In amended schedules filed
with the Court, Adva-Lite disclosed total assets of $7,033,526 and
total debts of $48,897,227.


ALL AMERICAN: Committee Can Hire LECG as Electronic Consultant
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Florida
gave the Official Committee of Unsecured Creditors of All American
Semiconductor Inc. and its debtor-affiliates permission to retain
LECG, LLC as its electronic discovery consultant.

The Committee tells the Court that it needs LECG to collect and
analyze electronic data in relation to the case.  The Committee
further tells the Court that LECG has considerable experience with
rendering the services that the Committee needs.

Specifically, LECG will:

   a. preserve Electronically Stored Information;

   b. collect ESI;

   c. identify ESI;

   d. map computer resources;

   e. interview information technology staff; and

   f. perform other functions as requested by the Committee or its
      counsel to assist the Committee in the Chapter 11
      proceedings.

LECG will be compensated based on these rates:

          Designation                    Hourly Rate
          -----------                    -----------
          Director                       $450 - $550
          Principal                      $400 - $515
          Senior Staff                   $200 - $550
          Junior Staff                   $175 - $275
          Research Analyst               $165 - $215

Quintin Gregor, principal of LECG, will lead the engagement on
behalf of the firm.  Mr. Gregor's current hourly rate is $490.

The Committee assures the Court that LECG represents no interest
adverse to the Debtors' estates or their creditors.  LECG will not
provide any service to the Debtors, any of the creditors, other
parties-in-interest, or their respective counsels and accountants
with regards to the case.

The firm can be reached at:

         Quintin Gregor
         LECG, LLC
         1725 Eye Street, Northwest, Suite 800
         Washington, DC 20006
         Tel: (202) 466-4422
         Fax: (202) 466-4487
         http://www.lecg.com/

Based in Miami, Florida, All American Semiconductor Inc. (Pink
Sheets: SEMI.PK) -- http://www.allamerican.com/-- distributes  
electronic components manufactured by others.  The company
distributes a full range of semiconductors including transistors,
diodes, memory devices, microprocessors, microcontrollers, other
integrated circuits, active matrix displays and various board-
level products.  All American also distributes passive components
such as capacitors, resistors and inductors; and electromechanical
products such as power supplies, cable, switches, connectors,
filters and sockets.  The company also offers complete solutions
for flat panel display products.

In total, the company offers approximately 40,000 products
produced by approximately 60 manufacturers.  The company has 36
strategic locations throughout North America and Mexico, as well
as operations in China and Western Europe.

The company and its debtor-affiliates filed for Chapter 11
protection on April 25, 2007 (Bankr. S.D. Fla. Lead Case No.
07-12963).  Craig D. Hansen, Esq., Tina M. Talarchyk, Esq., and
Stephen D. Lerner, Esq., at Squire, Sanders & Dempsey L.L.P.,
represent the Debtors.  Mesirow Financial Consulting, LLC serve as
financial advisor to the Committee.  William Hawkins, Esq., at
Loeb & Loeb, LLP, is the Official Committee of Unsecured Creditors
general bankruptcy counsel.  Jerry M. Markowitz, Esq., at
Markowitz, Davis, Ringel & Trusty, P.A., is the Committee's local
counsel.  As of Feb. 28, 2007, the Debtors' balance sheet showed
total assets of $117,634,000 and total debts of $106,024,000.


ALL AMERICAN: Committee Retains Keen Realty as Consultant
---------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Florida the
Official Committee of Unsecured Creditors of All American
Semiconductor Inc. and its debtor-affiliates authority to retain
Keen Realty, LLC as its special real estate consultant.

The Committee tells the Court that it needs assistance in valuing
and analyzing real property leases and has chosen Keen Realty
because of its experience with regards to these matters.

Keen Realty will:

   a. render real estate consulting services to the Committee, as
      requested;

   b. in particular, review the real property leases to ascertain
      if there is any leasehold value in those leases (Phase 1);

   c. render valuation and related services with respect to any
      other real property leases that the Debtors may be a party
      to, but only as requested by the Committee.

Keen Realty will be paid with respect to Phase 1, the greater of
$5,000 or its fees calculated on an hourly basis for its time
spent providing any real estate consulting services, litigation
support, or as witness.   For any services beyond Phase 1, Keen
Realty will be paid on an hourly basis based on these rates:

          Designation                    Hourly Rate
          -----------                    -----------
          Chairman and President             $575
          Executive Vice President           $500
          Vice Presidents                    $400
          Associates & Directors             $275
          Admin. Support & Researcher        $125

Harold Bordwin, principal of Keen Realty, will lead the engagement
on behalf of the firm.  Mr. Bordwin's current hourly rate is $575.

To the best of the Committee's knowledge, Keen Realty is a
disinterested person and does not hold or represent an interest
adverse to the estates.

The firm can be reached at:

         Harold Bordwin
         Keen Realty, LLC
         60 Cutter Mill Road, Suite 407
         Great Neck, New York 11021
         Tel: (516) 482-2700
         Fax: (516) 482-5764
         http://www.keenconsultants.com/

Based in Miami, Florida, All American Semiconductor Inc. (Pink
Sheets: SEMI.PK) -- http://www.allamerican.com/-- distributes  
electronic components manufactured by others.  The company
distributes a full range of semiconductors including transistors,
diodes, memory devices, microprocessors, microcontrollers, other
integrated circuits, active matrix displays and various board-
level products.  All American also distributes passive components
such as capacitors, resistors and inductors; and electromechanical
products such as power supplies, cable, switches, connectors,
filters and sockets.  The company also offers complete solutions
for flat panel display products.

In total, the company offers approximately 40,000 products
produced by approximately 60 manufacturers.  The company has 36
strategic locations throughout North America and Mexico, as well
as operations in China and Western Europe.

The company and its debtor-affiliates filed for Chapter 11
protection on April 25, 2007 (Bankr. S.D. Fla. Lead Case No.
07-12963).  Craig D. Hansen, Esq., Tina M. Talarchyk, Esq., and
Stephen D. Lerner, Esq., at Squire, Sanders & Dempsey L.L.P.,
represent the Debtors.  Mesirow Financial Consulting, LLC serve as
financial advisor to the Committee.  William Hawkins, Esq., at
Loeb & Loeb, LLP, is the Official Committee of Unsecured Creditors
general bankruptcy counsel.  Jerry M. Markowitz, Esq., at
Markowitz, Davis, Ringel & Trusty, P.A., is the Committee's local
counsel.  As of Feb. 28, 2007, the Debtors' balance sheet showed
total assets of $117,634,000 and total debts of $106,024,000.


ALL AMERICAN: Rock River Has Until November 21 to Decide on Pact
----------------------------------------------------------------
All American Semiconductor and its debtor-affiliates and Rock
River Capital LLC obtained permission from the U.S. Bankruptcy
Court for the Southern District of Florida to extend the deadline
for Rock River to file assumption or rejection motions under an
asset purchase agreement between the Debtor and Rock River through
Nov. 21, 2007.

As reported in the Troubled Company Reporter on June 11, 2007, the
Debtors completed the sale of substantially all of its assets to
Rock River and the Debtors' senior secured lenders for which
Harris N.A. acts as agent.  The aggregate purchase price was $15.2
million, which will be paid to the senior secured lenders in the
form of a reduction in their secured claim.  None of the company's
commercial tort claims or avoidance actions was sold.

The Debtors and Rock River had originally sought to extend through
Sept. 10, 2007, the deadline date on the purchase agreement that
states, Sellers may delay through Aug. 5, 2007, the filing of any
assumption and assignment or rejection motions other than the
assumed contracts and the lease of non-residential real properties
located at 1851 Zanker Drive in San Jose, California and at 16115
Northwest, 52nd Street in Miami, Florida.

The Debtor and Rock River assure the Court that the extension of
the deadline is in the best interest of the Debtors' estates.

                  About All American Semiconductor

Based in Miami, Florida, All American Semiconductor Inc. (Pink
Sheets: SEMI.PK) -- http://www.allamerican.com/-- distributes  
electronic components manufactured by others.  The company
distributes a full range of semiconductors including transistors,
diodes, memory devices, microprocessors, microcontrollers, other
integrated circuits, active matrix displays and various board-
level products.  All American also distributes passive components
such as capacitors, resistors and inductors; and electromechanical
products such as power supplies, cable, switches, connectors,
filters and sockets.  The company also offers complete solutions
for flat panel display products.

In total, the company offers approximately 40,000 products
produced by approximately 60 manufacturers.  The company has 36
strategic locations throughout North America and Mexico, as well
as operations in China and Western Europe.

The company and its debtor-affiliates filed for Chapter 11
protection on April 25, 2007 (Bankr. S.D. Fla. Lead Case No.
07-12963).  Craig D. Hansen, Esq., Tina M. Talarchyk, Esq., and
Stephen D. Lerner, Esq., at Squire, Sanders & Dempsey L.L.P.,
represent the Debtors.  Mesirow Financial Consulting, LLC serve as
financial advisor to the Committee.  William Hawkins, Esq., at
Loeb & Loeb, LLP, is the Official Committee of Unsecured Creditors
general bankruptcy counsel.  Jerry M. Markowitz, Esq., at
Markowitz, Davis, Ringel & Trusty, P.A., is the Committee's local
counsel.  As of Feb. 28, 2007, the Debtors' balance sheet showed
total assets of $117,634,000 and total debts of $106,024,000.


AMERICAN SKIING: Plan of Dissolution to Take Effect Tomorrow
------------------------------------------------------------
American Skiing Company filed on Sept. 10, 2007, a Certificate of
Dissolution with the Delaware Secretary of State in accordance
with its plan of complete dissolution and liquidation.  The
dissolution will become effective as of 12:01 a.m., tomorrow,
Sept. 13, 2007.

Trading of the company's stock on the OTC Bulletin Board will also
cease after Sept. 12, 2007.  Holders of the company's stock are
advised that as a result of the cessation of trading on the OTC
Bulletin Board, the ability to transfer, sell or purchase the
company's common stock will be limited after Sept. 12, 2007.

Upon effectiveness of the dissolution, the company will close its
stock transfer books and discontinue recording transfers of its
stock on its books, except by will, interstate succession or
operation of law.

Holders of the company's common stock are not expected to receive
any payment or distribution with respect to their shares pursuant
to the company's plan of dissolution.

                 About American Skiing Company

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

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


AXA INSURANCE: New York Court Recognizes Chapter 15 Petition
------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
entered an order recognizing the UK scheme proceedings of AXA
Insurance UK PLC, Ecclesiastical Insurance Office Plc, GLOBAL
General and Reinsurance Company Limited, and MMA IARD Assurances
Mutuelles as the foreign main proceedings pursuant to Chapter 15
of the U.S. Bankruptcy Code.

The Debtors are subject to a scheme of arrangement proceeding in
the High Court of Justice of England and Wales.

Chapter 15, which became effective Oct. 17, 2005, broadens the
mechanism through which representatives of non-US proceedings
might obtain relief, including injunctive relief, in the United
States; expands the powers of US Bankruptcy Courts; and enhances
the rights of both US and non-US creditors.

The U.S. Court's decision has effectively stayed all other legal
proceedings that may be ongoing or commenced against the Debtors.  
It also protects the Debtors' assets within the United States from
any execution, transfer, encumbrance, and disposal.

                       Scheme of Arrangement

The Debtors had written reinsurance business in the London market
through a reinsurance pool that went into a run-off on Nov. 1,
2002.

Reinsurance pools that enter into a run-off, typically completes
in 20 or more years, cease underwriting new business and seek to
determine, settle and pay all liquidated claims of their insureds
as they rise.  To shorten the run-off and reduce administrative
cost, the Debtors have each entered into a scheme of arrangement
under English Law.  The Schemes apply to all business written by
the companies within the pool.

On Feb. 28, 2007, the companies met with Scheme Creditors, after
being allowed by the UK High Court on Dec. 12, 2006.  The High
Court also confirmed that Philip Heitlinger has authority to
request recognition and a permanent injunction order under Chapter
15 of the Bankruptcy Code on the December 12 order.  

On July 9, 2007, the High Court sanctioned the Schemes, which were
voted in favor of by the requisite majorities of Scheme Creditors.  

                     About AXA Insurance

Philip Heitlinger, in his capacity as Foreign Representative for
AXA Insurance UK Plc and its debtor-affiliates, filed for Chapter
15 protection on June 9, 2007 (Bankr. S.D. N.Y. Case Nos. 07-12110
and 07-12113).  Howard Seife, Esq., at Chadbourne & Parke, LLP, in
New York City represent the Foreign Representative in this case.  
As of Petition Date, the Debtors listed estimated assets and debts
between $1 million and
$100 million.


BANKUNITED FINANCIAL: Stable Funding Prompts Fitch to Hold Ratings
------------------------------------------------------------------
Fitch Ratings has affirmed these ratings of BankUnited Financial
Corporation (BKUNA) and its banking subsidiary, BankUnited FSB:

BankUnited Financial
  -- Long-Term Issuer Default Rating at 'BB+';
  -- Short-Term Issuer Default Rating at 'B';
  -- Senior unsecured at 'BB+';
  -- Individual Rating at 'C';
  -- Support Rating at '5';
  -- Support Floor at 'NF'.

BankUnited FSB
  -- Long-term IDR 'BB+';
  -- Short-term IDR 'B';
  -- Long-term deposits 'BBB-';
  -- Short-term deposits 'F3'
  -- Individual 'C';
  -- Support '5'.
  -- Support Floor at 'NF'.

Fitch has also assigned these ratings to BankUnited Statutory
Trust VIII, IX, XI, XII and BUFC Statutory Trust VII, X:

  -- Preferred stock 'BB-'

The Rating Outlook on all of the ratings is Stable.

The rating affirmation reflects BKUNA's solid capital position,
stable funding and liquidity sources and historically sound asset
quality.  Limited revenue diversity, loan product and geographic
concentration, and a significant level of parental debt are rating
constraints.

Fitch believes BKUNA's seasoned management team and underwriting
practices should help to endure profitability pressures and a
decline in asset quality.  Nonetheless, Fitch will monitor the
degree of credit deterioration and its pressure on earnings
performance.  Credit quality could be impacted by the health of
the Florida real estate market and risks associated with its
option ARM portfolio.

Asset quality remains sound, as the company's option ARMs and ALT-
A loan portfolios have performed solidly to date; however, this
track record has been achieved during a prolonged period of
economic expansion and within a robust housing boom.  Fitch
considers option ARMs comparatively riskier than conventional
mortgages. BankUnited's weighted average LTV is approximately 73%
including mortgage insurance, although this measure is vulnerable
to deteriorating home values and, to lesser extent, negative
amortization.

Over the past two years, profitability measures reached record
levels driven by strong residential loan growth.  Record earnings
were boosted by the real estate boom and customer demand for the
option ARM product.  Results also benefited from a rise in non-
interest income due to gains on loans sold in the secondary
market.  Fitch believes profitability measures will deteriorate a
bit over the intermediate term as the mortgage business adjusts to
changing conditions.

The company's footprint remains concentrated in the South Florida
region, however, its national loan production offices and broker
relationships is enhancing geographic diversity within its loan
portfolio.  At June 30, 2007, 37% of loans were secured by
properties outside of Florida versus only 5% in 2003. De novo
branching added 29 branches over the past two years and aided the
expanded levels of core deposits in this highly competitive
banking region.  Going forward, management expects more moderate
growth as it absorbs its recent expansion.

In April 2007, BKUNA issued mandatory convertible debt (final
issuance amount $184 million), which Fitch considers Class C
hybrid equity (50% equity); these securities will convert to
common equity in May 2010.


BEAR STEARNS: Foreign Reps Appeal Order Denying Ch. 15 Petition
---------------------------------------------------------------
Simon Lovell Clayton Whicker and Kristen Beighton, as the joint
provisional liquidators and the duly authorized foreign
representatives of Bear Stearns High-Grade Structured Credit
Strategies Master Fund, Ltd., and Bear Stearns High-Grade
Structured Credit Strategies Enhanced Leverage Master Fund, Ltd.,
take an appeal to the United States District Court for the
Southern District of New York from the Hon. Burton Lifland of
the U.S. Bankruptcy Court for the Southern District of New York's
order denying the foreign representatives' request for recognition
under Chapter 15 of the Bankruptcy Code of the Bear Stearns Funds'
liquidation proceedings in the Cayman Islands.

"At this time we are actively assessing potential courses of
action as well as conversing with creditors," Bloomberg News
quotes Mr. Whicker as saying.

On August 30, 2007, Judge Lifland declined to recognize Bear
Stearn Funds' Cayman Islands liquidation proceedings as "foreign
main" or "foreign nonmain."  Judge Lifland cited that the Funds'
"center of main interests" are not in the Cayman Islands but
rather are in the United States where all of their liquid assets
are located.

Judge Lifland further noted that the Funds do not have any
employees or managers in the Cayman Islands and their investment
manager is located in New York.

Judge Lifland extended the Injunction Order until September 29,
2007, to give the Funds time to commence a Chapter 11 or 7
petition.  

The Funds filed liquidation proceedings in the Cayman Islands on
July 30, 2007, and sought the U.S. Court's recognition as foreign
proceedings under Chapter 15 the next day.

"If the Funds get the recognition they are looking for, they will
be able to keep a higher level of control than in U.S. courts,"
Scott Stuart, a managing director at Donlin Recano, told
Bloomberg.  "The ultimate decision on where the hedge funds can
be liquidated will have a wide-ranging effect as more of the
unregulated investment pools suffer losses and are forced to seek
insolvency protection."

"Hedge funds register in the Cayman Islands for tax advantages
and anonymity and aren't interested in the high level of scrutiny
and publicity a U.S. Chapter 11 filing would bring," Mr. Stuart
said.

                    About Bear Stearns Funds

Grand Cayman, Cayman Islands-based Bear Stearns High-Grade
Structured Credit Strategies Enhanced Leverage Master Fund Ltd.
and Bear Stearns High-Grade Structured Credit Strategies Master
Fund Ltd. are open-ended investment companies, which sought high
income and capital appreciation relative to the London Interbank
Offered Rate, and designed for long-term investors.

On July 30, 2007, the Funds filed winding up petitions under the
Companies Law (2007 Revision) of the Cayman Islands.  Simon Lovell
Clayton Whicker and Kristen Beighton at KPMG were appointed
joint provisional liquidators.  The joint liquidators filed for
Chapter 15 petitions before the U.S. Bankruptcy Court for the
Southern District of New York the next day.

Fred S. Hodara, Esq., Lisa G. Beckerman, Esq., and David F.
Staber, Esq., at Akin Gump Strauss Hauer & Feld LLP, represent the
liquidators in the United States.  The Funds' assets and debts are
estimated to be more than $100,000,000 each.  (Bear Stearns Funds
Bankruptcy News, Issue No. 5; Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000).


BOSTON SCIENTIFIC: Says FDA Warning May Not Be Lifted This Year
---------------------------------------------------------------
Boston Scientific Corp. expects a warning letter from the Food
and Drug Administration to stay until next year despite its
advancing efforts to resolve the issues at hand, The Wall
Street Journal reports, citing a company official.

The FDA's warning letter, WSJ relates, stated that Boston
Scientific committed "serious violations" of federal regulations
by failing to report two deaths in a clinical trial.

The agency gave Boston Scientific three weeks to submit its
response, the report said.

Boston Scientific's chief operating officer, Paul LaViolette,
speaking during a Bear Stearns health-care conference, was cited
by WSJ as saying that the company expects to deliver results to
the FDA in the fourth quarter from a third-party audit of the
company's improved quality systems.

According to the source, the warning letter, sent Aug. 30, relates
to a small study of a stent to repair bulges in one of the body's
large arteries, the abdominal aorta.  Trivascular Inc., which
Boston Scientific bought in 2005 for about $110 million, started
the study in 2003 with 43 patients.  

Headquartered in Natick, Massachusetts, Boston Scientific
Corporation (NYSE: BSX) -- http://www.bostonscientific.com/--        
develops, manufactures and markets medical devices used in a
broad range of interventional medical specialties.  The company
has offices in Argentina, Chile, France, Germany, and Japan,
among others.

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 28, 2007,
Standard & Poor's Ratings Services said that its ratings on Boston
Scientific Corp., including the 'BB+' corporate credit rating,
remain on CreditWatch with negative implications, where they were
placed Aug. 3, 2007.


C-BASS: Fitch Lowers Ratings on $363.4 Million Certificates
-----------------------------------------------------------
Fitch Ratings has taken these rating actions on C-BASS mortgage
pass-through certificates.  Affirmations total $421 million and
downgrades total $363.4 million.  Break Loss percentages and Loss
Coverage Ratios for each class, rated B or higher, are included
with the rating actions as:

C-BASS 2006-SL1

  -- $173.4 million class A1 affirmed at 'AAA' (BL: 71.87, LCR:
     1.78);

  -- $85.2 million class A2 downgraded to 'A-' from 'AAA' (BL:
     59.23, LCR: 1.47);

  -- $21.3 million class A3 downgraded to 'A-' from 'AAA' (BL:
     57.27, LCR: 1.42);

  -- $31.5 million class M-1 downgraded to 'BBB' from 'AA+'
     (BL: 51.78, LCR: 1.28);

  -- $30.1 million class M-2 downgraded to 'BBB-' from 'AA+'
     (BL: 45.82, LCR: 1.14);

  -- $19.4 million class M-3 downgraded to 'BB+' from 'AA' (BL:
     41.96, LCR: 1.04);

  -- $17 million class M-4 downgraded to 'BB' from 'AA-' (BL:
     38.54, LCR: 0.96);

  -- $18.1 million class M-5 downgraded to 'B+' from 'A+' (BL:
     34.92, LCR: 0.87);

  -- $17.7 million class M-6 downgraded to 'B' from 'A' (BL:
     31.31, LCR: 0.78);

  -- $19.7 million class B-1 downgraded to 'C' from 'A-' and
     assigned a Distressed Recovery Rating (DR) of 'DR5';

  -- $16 million class B-2 downgraded to 'C' from 'BBB+' and
     assigned a DR of 'DR6';

  -- $13.7 million class B-3 downgraded to 'C' from 'BBB' and
     assigned a DR of 'DR6';

  -- $15 million class B-4 downgraded to 'C' from 'BB-' and
     assigned a DR of 'DR6';

  -- $12 million class B-5 downgraded to 'C' from 'B' and
     assigned a DR of 'DR6'.

Deal Summary

  -- Originators: Countrywide (73.25%) and OwnIt (19.42%)
  -- 60+ day Delinquency: 9.42%;
  -- Realized Losses to date (% of Original Balance: 5.7%;
  -- Expected Remaining Losses (% of Current Balance): 40.35%;
  -- Cumulative Expected Losses (% of Original Balance):
     36.61%.

C-BASS 2007-SL1

  -- $247.6 million class A1, A2 affirmed at 'AAA' (Wrapped by
     XL Capital Assurance, Inc);

  -- $9.9 million class M1 downgraded to 'BB+' from 'A' (BL:
     33.16, LCR: 1.09);

  -- $7.6 million class M2 downgraded to 'BB' from 'A-' (BL:
     30.74, LCR: 1.01);

  -- $8.4 million class B1 downgraded to 'BB-' from 'BBB+' (BL:
     28.28, LCR: 0.93);

  -- $7.1 million class B2 downgraded to 'B+' from 'BBB' (BL:
     26.25, LCR: 0.86);

  -- $6.4 million class B3 downgraded to 'B' from 'BBB-' (BL:
     24.56, LCR: 0.81);

  -- $6.4 million class B4 downgraded to 'B' from 'BB+' (BL:
     23.21, LCR: 0.76);

Deal Summary

  -- Originators: Countrywide (71.21%), OwnIt (10.69%), and MLN
     (10.61%);

  -- 60+ day Delinquency: 3.82%;
  -- Realized Losses to date (% of Original Balance): 0%;
  -- Expected Remaining Losses (% of Current Balance): 30.38%;
  -- Cumulative Expected Losses (% of Original Balance):
     28.44%.

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 LCR's 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. Also, with regard to subprime
second lien transactions, ratings on bonds expected to pay off
within 36 months are affirmed.


CALPINE CORP: Rosetta Wants Fraudulent Conveyance Claims Dismissed
------------------------------------------------------------------
Rosetta Resources Inc. filed a motion to dismiss Calpine
Corporation's fraudulent conveyance claims arguing that the claims
are barred as a matter of law by the expected full payment of
Calpine's creditors under Calpine's proposed plan of
reorganization.

>From the outset of Calpine's bankruptcy proceedings, Rosetta has
maintained that the transaction in which it received all of
Calpine's oil and gas business was fully vetted and approved by
Calpine's non-conflicted board of directors and supported by the
opinions of Calpine's numerous third-party legal and financial
advisers.

Rosetta asserts in its motion to dismiss that the $1.05 billion in
gross cash proceeds paid in this transaction, plus the debt and
liabilities assumed by Rosetta and the valuable contract rights
granted to Calpine to purchase Rosetta's gas production in
Northern California and to market all of Rosetta's production,
constituted fair value for the business.

Rosetta's motion argues that while Rosetta believes it would
prevail on the merits of Calpine's claim, the Bankruptcy Court
need not consider the merits because Calpine's right to assert the
claim is barred as a matter of law by the undisputed fact that
Calpine is now solvent and will, under its proposed plan of
reorganization, pay creditors' claims in full and with interest.

Rosetta argues that because fraudulent transfer avoidance is
available only to remedy damages suffered by creditors of Calpine,
Calpine's purported fraudulent transfer claim against Rosetta
cannot properly be asserted in circumstances where creditors'
claims are being satisfied in full, as Calpine itself indicates is
the case here.  These principles are established under the
governing case law.

In further support of its request to dismiss the case, Rosetta
also argues:

   * The sole named plaintiff, Calpine Corporation, did not
     transfer anything to Rosetta and is therefore not the real
     party in interest; instead the oil and gas business was
     sold to Rosetta by certain of Calpine's subsidiaries.

   * The only "insiders" involved were the non-conflicted
     directors and officers of Calpine who conceived, approved
     and executed this transaction.  These parties hired the
     investment banking firm of Friedman, Billings, Ramsey &
     Co. Inc. to assist Calpine in obtaining maximum value for
     its oil and gas business.  Together, FBR and Calpine
     structured this transaction with the advice and assistance
     of Calpine's numerous financial and legal advisers.
     
     Calpine then sought and received a valuation fairness
     opinion from another reputable investment bank, Deutsche
     Bank, and closed this transaction receiving $1.05 billion
     in gross cash proceeds from 144A investors and lenders,
     plus debt and liability assumption by Rosetta and
     additional consideration in inter-related contracts with
     the company and its subsidiaries.

   * Because no creditors are adversely affected by enforcement
     of the purchase agreement, Calpine may not unwind or
     renegotiate the sale of assets to Rosetta.

Alternatively, because of the overwhelming evidence that Calpine
will be paying its creditors in full and even distributing monies
to its old equity holders, the company has asked the Court to stay
further actions in this litigation until the full amount Calpine's
creditors will receive under the Plan is finally established to
avoid both Calpine and Rosetta incurring unnecessary legal fees in
the highly-likely event Calpine's creditors receive full
repayment.

"We are confident that this case is completely without merit as
Rosetta paid fair value for Calpine's oil and gas business. Since
the creditors have not been harmed and will be paid 100 percent of
their claims with interest, there is simply no basis for any
fraudulent transfer claim, which is solely a creditor remedy, to
be pursued," Charles Chambers, Rosetta Resources chief executive
officer, said.

Mr. Chambers insists this is an ill-conceived adversary proceeding
and will only waste legal fees, which Calpine could otherwise use
to make distributions to its old equity holders. "Calpine's
creditors, the actual parties in interest protected by these
claims, have no claim with respect to the transaction or against
Rosetta," continues Chambers.  This litigation, he says, will not
yield any better treatment for the creditors of these estates and
allowing it to proceed wastes the resources of both Calpine and
Rosetta.

"We will continue to vigorously defend ourselves from these
baseless allegations," concludes Mr. Chambers.

                   About Rosetta Resources Inc.

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

                       About Calpine Corp.

Based in San Jose, California, Calpine Corporation (OTC Pink
Sheets: CPNLQ) -- http://www.calpine.com/-- supplies customers
and communities with electricity from clean, efficient, natural
gas-fired and geothermal power plants.  Calpine owns, leases and
operates integrated systems of plants in 21 U.S. states and in
three Canadian provinces.  Its customized products and services
include wholesale and retail electricity, gas turbine components
and services, energy management and a wide range of power plant
engineering, construction and maintenance and operational
services.

The company filed for chapter 11 protection on Dec. 20, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-60200).  Richard M. Cieri, Esq.,
Matthew A. Cantor, Esq., Edward Sassower, Esq., and Robert G.
Burns, Esq., Kirkland & Ellis LLP represent the Debtors in their
restructuring efforts.  Michael S. Stamer, Esq., at Akin Gump
Strauss Hauer & Feld LLP, represents the Official Committee of
Unsecured Creditors.  As of Dec. 19, 2005, the Debtors listed
$26,628,755,663 in total assets and $22,535,577,121 in total
liabilities.

On June 20, 2007, the Debtors filed their Chapter 11 Plan and
Disclosure Statement.  On Aug. 27, 2007, the Debtors filed their
Amended Plan and Disclosure Statement.  The hearing to consider
the adequacy of the Disclosure Statement has been reset to
Sept. 25.


CAPRIUS INC: Incurs $466,012 Net Loss in Quarter Ended June 30
--------------------------------------------------------------
Caprius Inc. reported a net loss of $466,012 in the third quarter
ended June 30, 2007, a decrease from the $687,424 net loss
reported in the same period last year, mainly due to increased
revenues, other income of $500,000, partly offset by an increase
in selling, general and administrative expenses.

Revenue grew 111% to $675,756 from $320,576 for the third quarter
last year.  

Revenues generated from MCM product sales increased to $646,216
from $266,431.  Consulting and royalty income from the TDM
Business, which was sold in 2002, fell to $29,540 from $54,145.   

Dwight Morgan, president & chief executive officer of Caprius,
commented, "Our SteriMed system continues to be well received in
the market both domestically and overseas.  The marquee customers
and distribution partners who have embraced our technology over
the past year provide significant validation for our SteriMed
solution and have dramatically accelerated our market penetration.
During the quarter, we continued to work very closely with the top
dialysis companies to place units in clinics.  The company further
extended its reach into the small to medium sized dialysis chain
market.  We also worked closely with our two distribution
partners, McKesson Medical-Surgical and Henry Schein Inc., to
support their sales efforts which have begun bearing fruit."

Mr. Morgan continued, "Internationally, there was considerable
progress made during the quarter as we continue to receive repeat
orders from our existing distributors.  Notably, we received
regulatory approval in the United Kingdom resulting in orders from
various renal care units.  We will continue to aggressively build
our installed base in the United States and abroad."

At June 30, 2007, the company's consolidated balance sheet showed
$3.7 million in total assets, $998,400 in total liabilities, and
$2.7 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://researcharchives.com/t/s?2332

                      Going Concern Doubt

Marcum & Kliegman LLP, in New York, expressed substantial doubt
about Caprius Inc.'s ability to continue as a going concern after
auditing the company's consolidated financial statements for the
year ended Sept. 30, 2006.  The auditing firm pointed to the
company's recurring losses from operations.

                       About Caprius Inc.

Headquartered in Hackensack, N.J., Caprius Inc. (OTC BB: CAPS) --
http://www.caprius.com/ -- is a manufacturer of proprietary  
equipment for the on-site disinfection and disposal of infectious
medical waste through its subsidiary, M.C.M. Environmental
Technologies Inc.  The company innovative SteriMed technology
simultaneously shreds and disinfects solid and liquid regulated
medical waste, reducing the volume by up to 90% and rendering it
harmless for disposal as ordinary waste.


CARDTRONICS INC: Files Registration Statement with SEC for IPO
--------------------------------------------------------------
Cardtronics, Inc. filed a registration statement on Form S-1 with
the U.S. Securities and Exchange Commission relating to an initial
public offering of shares of its common stock.  The offered shares
will be sold by Cardtronics and certain stockholders of the
company.

Cardtronics plans to use the net proceeds to repay indebtedness
under its credit facility, for working capital and for other
general corporate purposes.  Cardtronics will not receive any
proceeds from the sale of shares by selling stockholders.

Deutsche Bank Securities Inc., William Blair & Company, L.L.C.,
and Banc of America Securities LLC are the joint book runners for
the offering.  The number of shares to be offered and the price
range for the offering have not yet been determined.

The offering will be made only by means of a prospectus.  When
available, a copy of the preliminary prospectus relating to the
offering may be obtained from:

     1) Deutsche Bank Securities Inc.
        Attention: Prospectus Department
        100 Plaza One
        Jersey City, New Jersey 07311
        Telephone (800) 503-5611

     2) William Blair & Company, L.L.C.
        222 West Adams Street
        Chicago, Illinois 60606

     3) Banc of America Securities LLC
        Capital Markets Operations
        100 West 33rd Street, 3rd Floor
        New York, NY 10001
                    About Cardtronics

Headquartered in Houston, Texas, Cardtronics Inc. --
http://www.cardtronics.com/-- is a non-bank owner/operator of  
ATMs with more than 25,750 locations.  The company operates in
every major U.S. market, at approximately 1,700 locations
throughout the U.K., and at over 700 locations in Mexico.
                          *     *     *

As reported in the Troubled Company Reporter on July 11, 2007,
Moody's Investors Service assigned a Caa1 rating to Cardtronics,
Inc.'s proposed additional $125 million "tack-on" high yield
subordinated notes, which will be used to fund the $135 million
acquisition of the assets of financial services business of 7-
Eleven.  Moody's also affirmed the corporate family rating of
Cardtronics of B3.  The rating outlook is stable.


CENTEX HOME: Fitch Lowers Ratings on Three Cert. Classes to B-
--------------------------------------------------------------
Fitch has taken rating actions on these Centex Home Equity Loan
mortgage pass-through certificates:

Centex 2001-B:

  -- Class A affirmed at 'AAA';
  -- Class M-1 affirmed at 'AA';
  -- Class M-2 affirmed at 'A';
  -- Class B downgraded to 'B' from 'BB+'.  

Centex 2002-A Group 1

  -- Class A affirmed at 'AAA';
  -- Class MF-1 affirmed at 'AA';
  -- Class MF-2 affirmed at 'A';
  -- Class BF affirmed at 'BBB'.

Centex 2002-A Group 2

  -- Class AV affirmed at 'AAA';
  -- Class MV-1 affirmed at 'AA';
  -- Class MV-2 affirmed at 'A';
  -- Class BV downgraded to 'B-' from 'BBB', and assigned a
     Distressed Recovery rating of 'DR1'.

Centex 2002-C

  -- Class A affirmed at 'AAA';
  -- Class M-1 affirmed at 'AA';
  -- Class M-2 affirmed at 'A';
  -- Class B-1 downgraded to 'BB' from 'BBB';
  -- Class B-2 downgraded to 'B-' from 'BBB-', and assigned a
     DR rating of 'DR1'.

Centex 2002-D

  -- Class A affirmed at 'AAA';
  -- Class M-1 affirmed at 'AA';
  -- Class M-2 affirmed at 'A';
  -- Class B downgraded to 'B-' from 'BBB', and assigned a DR
     rating of 'DR1'.

The affirmations, affecting approximately $273.82 million of the
outstanding balances, reflect a satisfactory relationship between
credit enhancement and expected losses.  The downgrades, affecting
approximately $25.6 million of the outstanding balances, are taken
as a result of a deteriorating relationship between expected
losses and CE.  The affected series have experienced monthly
losses that could not be covered by excess spread for at least
four of the past five months.  As a result, overcollateralization
amounts are below their target values, with exception of the
series 2002-A Group 1. Series 2001-B has incurred 5.37% loss to
date and has 60+ delinquencies (including loans in foreclosure,
bankruptcy and REO) of 11.96% versus OC of 2.19%. Series 2002-A
Group 1, 2002-A Group 2, 2002-C and 2002-D have incurred losses to
date of 4.66%, 3.80%, 3.89%, and 3.67%, respectively, and have 60+
delinquencies of 10.82%, 30.40%, 19.32%, and 18.65%, respectively,
versus OC of 4%, 3.86%, 1.87%, and 3.11%.

The collateral of the above transactions consists of fixed- and
adjustable-rate subprime mortgage loans secured by first and
second liens on residential properties.  As of the July
distribution date, the above transactions are seasoned from 55
(2001-B) to 73 (2002-D) months.  The pool factors (current
mortgage loans outstanding as a percentage of the initial pool)
range from 8% (2002-A Group 2) to 20% (2002-A Group 1).  The loans
are primarily serviced by Nationstar Mortgage LLC (formerly Centex
Home Equity Company, LLC) (rated 'RPS2' by Fitch).


CHIQUITA BRANDS: CEO Answers DOJ's Memorandum on Colombia Unit
--------------------------------------------------------------
Fernando Aguirre, Chiquita Brands International Inc.'s chairman
and chief executive officer, responded to the sentencing
memorandum filed by the U.S. Department of Justice regarding the
disclosed investigation of protection payments made by the
company's former banana-producing subsidiary in Colombia, saying,
"Chiquita is pleased that the DOJ has formally recommended that
the U.S. District Court for the District of Columbia approve the
plea agreement entered into between the company and the Justice
Department last March."

"Chiquita is also pleased that the government has decided not to
prosecute any current or former company executives in connection
with its investigation," Mr. Aguirre added.  "We believe this is
the right decision and one that reflects the good faith efforts of
the company -- and its officers, directors and employees -- to
address a very difficult situation involving the lives and safety
of our employees."
       
"In recommending final approval of the plea agreement, the
government credited the company for both its voluntary disclosure
and its 'significant' cooperation throughout the entire
investigation."

"This agreement is in the best interests of the company and
reflects a responsible resolution to a difficult dilemma faced by
the company several years ago," he continued.

"Chiquita looks forward to putting this difficult chapter behind
it, and remains committed to the highest standards of corporate
responsibility, ethical conduct and legal compliance, in the
United States and around the world, Mr. Aguirre said."

Under the terms of the agreement, the company will pay a fine of
$25 million, payable in five annual installments.  The company
recorded a reserve in 2006 for the full amount of the fine in
anticipation of reaching an agreement.

The company does not anticipate that the fine will impact its
ability to operate its business.

              About Chiquita Brands International Inc.

Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- markets and      
distributes fresh food products including bananas and nutritious
blends of green salads.  The company markets its products under
the Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.  Chiquita employs approximately 25,000 people
operating in more than 70 countries worldwide, including Colombia,
Panama and the Philippines.

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 7, 2007,
Standard & Poor's Ratings Services lowered its corporate credit
rating on Cincinnati, Ohio-based Chiquita Brands International
Inc., to 'B-' from 'B', and removed the rating from CreditWatch
with negative implications where it was placed on May 2, 2007,
following weak first-quarter operating results due to high
purchased fruit and other industry costs and lower local banana
prices in Europe.


CHRYSLER LLC: Grabs James Press from Toyota; Appointed as Pres.
---------------------------------------------------------------
James E. Press has been appointed as vice chairman and president
of Chrysler LLC, Chairman and CEO Robert Nardelli disclosed.

Mr. Press, who was president and chief operating officer of Toyota
Motors in North America Inc. and a director of the parent company,
will now be responsible for North American Sales, International
Sales, Global Marketing, Product Strategy, and Service and Parts
for Chrysler.

"Tom LaSorda and I are thrilled that one of the most successful
executives in the history of the auto industry has joined our
leadership team at the New Chrysler," said Mr. Nardelli.  "Our top
team now consists of a world-class 'supply' leader in Tom and an
equally world-class 'demand' leader in Jim."

"I've known Jim for many years and know that he will hit the
ground sprinting," said Mr. LaSorda. "I look forward to partnering
with him and Bob as part of the Office of the Chairman."

Mr. Press joins Mr. LaSorda as a vice chairman and president,
reporting to Mr. Nardelli.  Mr. LaSorda's responsibilities will
continue to include Manufacturing, Procurement and Supply,
Employee Relations and Global Business Development and Alliances.

"I am grateful for the support and opportunities I received during
my three-plus decades at Toyota," said Mr. Press.  "I relish this
new opportunity with the Chrysler team to be a part of the
resurgence of a true American icon here and around the world.  
Part of my new responsibilities will be strengthening and
energizing the dealer body.  This is something I was passionate
about at Toyota and will be passionate about at Chrysler."

Mr. Press joins Chrysler after 37 years with Toyota, where he most
recently served as the first non-Japanese president of Toyota
Motor North America Inc., responsible for sales, engineering and
the company’s 15 manufacturing plants with 41,000 employees in
North America.  He was also the first non-Japanese executive
selected to the Board of Directors of Toyota Motor Corporation.

During his tenure at Toyota, the company grew from an upstart new
company selling 100,000 vehicles per year to the second largest
auto company in the United States.

Mr. Press becomes a member of the Chrysler Board of Directors and
the Board of Managers of Cerberus Operations and Advisory Co.
(COAC), LLC.  Mr. Press joins Mr. LaSorda as vice chairman of
COAC.

                      About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

The company has dealers worldwide, including Canada, Mexico,
U.S., Germany, France, U.K., Argentina, Brazil, Venezuela,
China, Japan and Australia.

                          *    *    *

As reported in the Troubled Company Reporter on Aug. 8, 2007,
Standard & Poor's Ratings Services revised its loan and recovery
ratings on Chrysler LLC's (B/Negative/--) $10 billion senior
secured first-lien term loan facility due 2013, following various
changes to terms and conditions prior to closing.  The $10 billion
first-lien term loan now consists of a $5 billion "first-out"
tranche and a $5 billion "second-out" tranche, so the aggregate
amount of first-lien debt remains unchanged.
     
Accordingly, S&P assigned a 'BB-' rating to the $5 billion "first-
out" first-lien term loan tranche.  This rating, two notches above
the corporate credit rating of 'B' on Chrysler LLC, and the '1'
recovery rating indicate S&P's expectation for very high recovery
in the event of payment default.  S&P also assigned a 'B' rating
to the $5 billion "second-out" first-lien term loan tranche.  This
rating, the same as the corporate credit rating, and the '3'
recovery rating indicate S&P's expectation for a meaningful
recovery in the event of payment default.

Moody's Investors Service has affirmed Chrysler Automotive LLC's
B3 Corporate Family Rating, and the Caa1 rating of the company's
$2 billion senior secured, second lien term loan in connection
with Monday's closing of DaimlerChrysler AG's sale of a majority
interest of Chrysler Group to Cerberus Capital Management LLC.


CLINICAL DATA: Acquires Epidauros Biotechnologie for $11.84 Mil.
----------------------------------------------------------------
Clinical Data Inc. disclosed in a regulatory filing with the U.S.
Securities and Exchange Commission that it has acquired all of the
outstanding capital stock of Epidauros Biotechnologie AG of
Bernried, Germany, in an all-cash acquisition valued at
EUR8.75 million or approximately $11.84 million.  The shares of
Epidauros were purchased from each of the stockholders of the
company.  

In the transaction, the company acquired operations in Germany and
a significant intellectual property portfolio that includes
biomarkers in genes relating to prominent drug transporters and in
important cytochrome P450 drug metabolizing genes.  The former
stockholders of Epidauros and Dr. Michael Lutz, the president of
Epidauros, each agree to indemnify the company for certain
breaches of representations and warranties made in the Purchase
Agreement, subject to certain time and monetary limitations.
          
A full-text copy of the Share Purchase Agreement is available for
free at http://researcharchives.com/t/s?2335

                       About Clinical Data

Headquartered in Newton, Mass, Clinical Data Inc. (Nasdaq: CLDA)
-- http://www.clda.com/-- is a global biotechnology company.  The  
company's PgxHealth division focuses on genetic test and biomarker
development to help predict drug safety and efficacy, thereby
reducing health care costs and improving clinical outcomes.  Its
Cogenics division provides molecular and pharmacogenomics services
to both research and regulated environments.  Its Vital
Diagnostics division offers in vitro diagnostics solutions for the
clinical laboratory.


CLINICAL DATA: Posts $5.4 Million Net Loss in Qtr. Ended June 30
----------------------------------------------------------------
Clinical Data Inc. reported a net loss of $5.4 million in the
first quarter ended June 30, 2007, a decrease from the net loss of
$6.2 million reported in the same period last year.

Revenue for the fiscal first quarter declined $3.6 million to
$14.0 million, compared with the same period a year ago.  The
decrease was due to:

    (i) the expected absence of one-time revenue items recognized
        in 2006 totaling $2.1 million related to Icoria's
        discontinued agriculture business,

   (ii) a $1.0 million decline in OEM sales within the company's
        European IVD business, and

  (iii) a focus on internal laboratory projects associated with
        biomarker discovery and sequencing for the recently
        completed Phase III pivotal clinical trial of Vilazodone,
        Clinical Data's drug candidate in development for
        depression.  This internal focus on the development of
        genetic biomarkers was necessary to ensure the Phase III
        study's successful and timely completion.  

Despite the decline in revenue, the company's loss from continuing
operations for fiscal first quarter 2008 improved to $5.4 million,
compared to $5.7 million in the same period a year ago.  Excluding
non-cash items related to depreciation, amortization and stock-
based  compensation, the fiscal first quarter operating loss was
$2.0 million.  Included in the net loss from continuing operations
for fiscal first quarter 2008 was $1.5 million of expense related
to the Phase III clinical trial of Vilazodone, compared to
$1.3 million in the prior year period.  The company also recorded
as an off-set to operating expenses a one-time gain of
$2.8 million from a breach of contract lawsuit settled during the
first quarter.

The company generated net cash flow of $2.2 million during the
2008 fiscal first quarter, compared to $11.7 million in fiscal
first quarter 2007.  The increased net cash flow for the three
months ended June 30, 2006, is attributable primarily to the
receipt by the company in the prior year period of net proceeds of
approximately $16.9 million from the completion of a private
placement in June 2006.  The company ended the current period at
June 30, 2007, with cash and cash equivalents of $16.1 million.

            Public Offering of 3,450,000 Common Shares

At the close of business on Aug. 10, 2007, the company had
approximately $81.7 million of cash and cash equivalents.  The
significant increase in cash since June 30, 2007, is related
primarily to the receipt of net proceeds of approximately
$71.5 million, after underwriting discounts and commissions, from
the public offering of 3,450,000 shares of common stock completed
in July, inclusive of the exercise of the over-allotment option by
the underwriters in that transaction.  Clinical Data's largest
stockholder and chairman of its Board of Directors, Randal J.
Kirk, through his affiliates, purchased an aggregate of 2,250,000
shares of the common stock sold in the public offering.

Drew Fromkin, president and chief executive officer of Clinical
Data, said, "The fiscal first quarter 2008 results reflect
Clinical Data's continuing focus on near term, strategic
opportunities for its pharmacogenetic testing business and
advancement of the Phase III clinical trial for Vilazodone, our
drug candidate for the treatment of depression.  These activities
are a clear indication of our intention to target spending and
resources toward becoming the leader in pharmacogenetic testing
and targeted therapeutics.  Our secondary public offering that was
successfully completed in July, and the sale our unprofitable US
based IVD business in June have allowed us to further focus our
resources on the creation of value for our stockholders by
prioritizing and investing in our strategic businesses.

At June 30, 2007, the company's consolidated balance sheet showed
$74.9 million in total assets, $28.4 million in total liabilities,
and $46.5 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 chttp://researcharchives.com/t/s?2334

                       Going Concern Doubt

Deloitte & Touche LLP, in Boston, expressed substantial doubt
about Clinical Data Inc.'s ability to continue as a going concern
after auditing the company's consolidated financial statements for
the years ended March 31, 2007, and 2006.  The auditing firm
pointed to the company's accumulated deficit, negative cash flows
from operations and the expectation that the company will continue
to incur losses in the future.

                       About Clinical Data

Headquartered in Newton, Mass, Clinical Data Inc. (Nasdaq: CLDA)
-- http://www.clda.com/-- is a global biotechnology company.  The  
company's PgxHealth division focuses on genetic test and biomarker
development to help predict drug safety and efficacy, thereby
reducing health care costs and improving clinical outcomes.  Its
Cogenics division provides molecular and pharmacogenomics services
to both research and regulated environments.  Its Vital
Diagnostics division offers in vitro diagnostics solutions for the
clinical laboratory.


COMMUNCATIONS CORP: Plan Confirmation Hearing Scheduled on Oct. 1
-----------------------------------------------------------------
The Honorable Stephen V. Callaway of the United States Bankruptcy
Court for the Western District of Louisiana will convene a hearing
on Oct. 1, 2007, to consider confirmation of the Amended Chapter
11 Plan of Reorganization filed by Communications Corporation of
America and its debtor-affiliates and White Knight Holdings and
its debtor-affiliates.

On Aug. 17, 2007, Judge Callaway approved the Debtors' Second
Amended Disclosure Statement.

                       Treatment of Claims

Under the both Plans, Administrative, Priority Tax Claims and
Priority Claims will be paid in full and in cash on the effective
date.

Holders of Other Secured Claims will recover 100% of their claims.

Holders of Trade Claims will be paid in full but without interest.

Holders of First Lien Lenders' General Unsecured Claims will
consent to waive their entitlement to a distribution under the
Plans, and these claims will be discharged on the effective date.

Holders of Third Lien Claims and General Unsecured Creditors will
receive no distribution under both Plans.

                       First Lien Lenders

Under CCA's Plan, the First Lien Agent, for the benefit of the
First Lien Lenders, will receive:

    (a) $5.0 million in Cash,

    (b) the Secured Term Loan, and

    (c) 10.0 million shares of CCA New Common Stock (representing
        100% of the CCA New Common Stock to be distributed
        pursuant to the CCA Plan; additional shares of CCA
        New Common Stock will be purchased by certain employees
        for cash on the Effective Date).

Under WKH's Plan, the First Lien Agent, will receive, in full and
final satisfaction of the First Lien Lenders’ Secured Claim:

    (a) the WKH Guaranty, whereby each of the Reorganized WKH
        Debtors will guaranty the Reorganized CCA Debtors’
        obligations under the Exit Facility, and

    (b) 100% of the WKH New Common Stock outstanding on the
        Effective Date (which shall be immediately transferred to
        the WKH New Common Stockholder).

The First Lien Lenders are estimated to recover less than 100% of
their claims.

                         Second Lien Lenders

Under the CCA Plan, provided that (a) all holders of Second Lien
Claims vote to accept the CCA Plan and (b) neither the Second Lien
Agent nor one or more Second Lien Lenders objects to the CCA
Plan and/or the WKH Plan, on the effective date, the Second Lien
Agent, for the benefit of the Second Lien Lenders, will receive:

    (i) $250,000 in Cash,

   (ii) warrants exercisable for a period of five years after the
        effective date to purchase, in the aggregate, up to
        100,000 shares of CCA New Common Stock (which amount is
        equal to 1% multiplied by the 10,000,000 shares of CCA New
        Common Stock being issued to the First Lien Agent for the
        benefit of the First Lien Lenders in accordance with
        Section 3.2.2(c) of the CCA Plan) at a per share exercise
        price equal to the Series A Warrant Per Share Exercise
        Price, and

(iii) warrants exercisable for a period of five years after the
        effective date to purchase, in the aggregate, up to
        300,000 shares of CCA New Common Stock (which amount is
        equal to 3% multiplied by the 10,000,000 shares of CCA New
        Common Stock being issued to the First Lien Agent for the
        benefit of the First Lien Lenders in accordance with
        Section 3.2.2(c) of the CCA Plan) at a per share exercise
        price equal to the Series B Warrant Per Share Exercise
        Price.

Under the WKH Plan, holders of Second Lien Claims will receive
nothing.

Holders of Second Lien Claims are estimated to receive
approximately 1% of their claims plus additional value if warrants
are exercised.

                         CCA Interests

Holders of CCA's Subsidiary Common Equity Interests will retain
their Subsidiary Common Equity Interests.

Preferred Interest and Common Equity Interests will be cancelled
and holders will receive nothing under the Plan.

                          WKH Interests

Holders of WKH's Subsidiary Common Equity Interests will retain
their Subsidiary Common Equity Interests.  WKH's Common Equity
Interests will be cancelled and holders will receive no
distribution under the Plan.

                     About White Knight

Headquartered in Lafayette, Louisiana, White Knight Holdings,
Inc., is a media, television and broadcasting company.  White
Knight and its affiliates own eight television stations in four
markets.  Three of the markets are in Louisiana while one is in
Texas.

White Knight and five of its affiliates filed for chapter 11
protection on June 7, 2006 (Bankr. W.D. La. Case Nos. 06-50422
through 06-50427).  On July 11, 2007, five affiliates, who exist
to hold the FCC licenses of the television stations owned by the
company, filed for chapter 11 protection (Bankr. W.D. La.).

R. Patrick Vance, Esq., and Matthew T. Brown, Esq., at Jones,
Walker, Waechter, Poitevent, Carrere & Denegre, LLP, represents
White Knight and its debtor-affiliates in their restructuring
efforts.  White Knight and its debtor-affiliates' chapter 11 cases
are jointly administered under Communication Corporation of
America's chapter 11 case.

              About Communications Corp. of America

Headquartered in Lafayette, Louisiana, Communications Corporation
of America, is a media and broadcasting company.  The company and
its affiliates collectively own 15 television station in 10
markets.  Four of these markets are in Louisiana, five are in
Texas and one is in Indiana.

Communications Corporation and 10 of its affiliates filed for
bankruptcy protection on June 7, 2006 (Bankr. W.D. La. Lead Case
No. 06-50410).  On July 11, 2007, nine affiliates, who exist to
hold the FCC licenses of the television stations owned by the
company, filed for chapter 11 protection (Bankr. W.D. La.).  

Douglas S. Draper, Esq., William H. Patrick III, Esq., and Tristan
Manthey, Esq., at Heller, Draper, Hayden, Patrick & Horn, LLC,
represents Communications Corporation and its
debtor-affiliates.  Taylor, Porter, Brooks & Phillips LLP serves
as counsel to the Official Committee of Unsecured Creditors.  When
Communications Corporation and its debtor-affiliates filed for
protection from their creditors, they estimated assets and debts
of more than $100 million.

       The Communications Corp. - White Knight Connection

White Knights Operating Subsidiaries operate television stations
under multiple agreements with ComCorp Broadcasting, primarily
related to advertising, sales, promotion services and
administrative services.  The Debtors' cases are now consolidated
under Communications Corporation of America (Bankr. W.D. La.
Case No. 06-50410).


CREATIVE CAPITAL: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Creative Capital Leasing Group, L.L.C.
        619 Kettner Boulevard, Suite 110
        San Diego, CA 92101

Bankruptcy Case No.: 07-04977

Type of business: The Debtor provides industrial equipment for
                  leasing and rent.

Chapter 11 Petition Date: September 10, 2007

Court: Southern District of California (San Diego)

Debtor's Counsel: John L. Smaha, Esq.
                  7860 Mission Center Court, Suite 100
                  San Diego, CA 92108
                  Tel: (619) 688-1557
                  Fax: (619) 688-1558

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
   ------                      ---------------       ------------
Einstein, Ahuva                                          $929,000
685 South Euclid Avenue
Pasadena, CA 91106

M.B. Bank                                                $440,156
25 La Salle Street,
Suite 202
Chicago, IL 60603

First Bank Of Illinois                                   $331,891
300 Northwest Highway
Palatine, IL 60067

Bellamy, Andrea                                          $251,739
13907 Frieburg Street
Whittier, CA 90602

Waldburger, Earnest R.                                   $250,000
1520 Valley Drive
Los Osos, CA 93402

Booth, Goldynne                                          $208,690

Balsingame, James                                        $180,000

Benderly, Yona                                           $144,073

Glazer, Myra                                             $135,477

Pepper, Foster                                           $118,948

Soloman Grindle                                          $108,737

Cohen, Areiah                                            $100,016

Kay, Donald                                               $90,000

Citibank                                                  $89,343

Amex                                                      $86,270

Glazer, David                                             $80,688

B.N.A. 75K                                                $69,092

Feinerman, Myrna                                          $65,000

Sarna, Carol                                              $50,207

Cornell, Howard                                           $49,363


CREDIT SUISE: Fitch Lowers Ratings on $1.2 Billion Certificates
---------------------------------------------------------------
Fitch Ratings has taken these rating actions on CSFB HEMT mortgage
pass-through certificates.  Affirmations total $753 million and
downgrades total $1.2 billion.  Break Loss percentages and Loss
Coverage Ratios for each class, rated 'B' or higher, are included
with the rating actions as:

CSFB HEMT 2005-2

  -- $3.1 million class M-1 affirmed at 'AA+' (BL: 98.83, LCR:
     6.07);

  -- $13.6 million class M-2 affirmed at 'AA' (BL: 91.87, LCR:
     5.64);

  -- $11.5 million class M-3 affirmed at 'AA-' (BL: 83.09, LCR:
     5.1);

  -- $11.7 million class M-4 affirmed at 'A+' (BL: 72.86, LCR:
     4.47);

  -- $11.5 million class M-5 affirmed at 'A' (BL: 62.67, LCR:
     3.85);

  -- $10.8 million class M-6 affirmed at 'A-' (BL: 52.95, LCR:
     3.25);

  -- $10.8 million class M-7 affirmed at 'BBB+' (BL: 30.26,
     LCR: 1.86);

  -- $10.8 million class M-8 affirmed at 'BBB' (BL: 25.75, LCR:
     1.58);

  -- $7.6 million class M-9 affirmed at 'BBB-' (BL: 22.85, LCR:
     1.4);

  -- $7.9 million class B-1 affirmed at 'BB+' (BL: 20.35, LCR:
     1.25);

  -- $3.6 million class B-2 affirmed at 'BB' (BL: 16.08, LCR:
     0.99);

Deal Summary

  -- Originators: 34% CSFB wholesale, 25% IndyMac, 11% American
     Home Mortgage;
  -- 60+ day Delinquency: 8.86%;
  -- Realized Losses to date (% of Original Balance): 2.52%;
  -- Expected Remaining Losses (% of Current Balance): 16.28%;
  -- Cumulative Expected Losses (% of Original Balance): 6.38%.

CSFB HEMT 2005-3

  -- $15.2 million class A-1 affirmed at 'AAA' (BL: 93.27, LCR:
     3.76);

  -- $21.7 million class M-1 affirmed at 'AA+' (BL: 78.72, LCR:
     3.17);

  -- $10.8 million class M-2 affirmed at 'AA' (BL: 70.97, LCR:
     2.86);

  -- $18.8 million class M-3 affirmed at 'A+' (BL: 56.60, LCR:
     2.28);

  -- $9.8 million class M-4 affirmed at 'A' (BL: 49.25, LCR:
     1.98);

  -- $10 million class M-5 affirmed at 'A-' (BL: 41.48, LCR:
     1.67);

  -- $8.8 million class M-6 affirmed at 'BBB+' (BL: 34.09, LCR:
     1.37);

  -- $9 million class M-7 downgraded to 'BB+' from 'BBB' (BL:
     26.82, LCR: 1.08);

  -- $6.7 million class M-8 downgraded to 'BB' from 'BBB-' (BL:
     24.06, LCR: 0.97);

  -- $7.1 million class B-1 downgraded to 'C/DR5' from 'BB+';

  -- $6.7 million class B-2 downgraded to 'C/DR5' from 'B+';

Deal Summary

  -- Originators: 28% CSFB wholesale, 14% Finance America, 12%
     Own-It, 10% Saxon;

  -- 60+ day Delinquency: 12.59%;
  -- Realized Losses to date (% of Original Balance): 3.65%;
  -- Expected Remaining Losses (% of Current Balance): 24.81%;

  -- Cumulative Expected Losses (% of Original Balance):
     11.59%.

CSFB HEMT 2005-4

  -- $89.1 million class A-3, A-4 affirmed at 'AAA' (BL: 77.91,
     LCR: 3.46);

  -- $32.9 million class M-1 affirmed at 'AA+' (BL: 65.76, LCR:
     2.92);

  -- $33.6 million class M-2 affirmed at 'AA' (BL: 52.90, LCR:
     2.35);

  -- $12.8 million class M-3 affirmed at 'AA-' (BL: 47.99, LCR:
     2.13);

  -- $15 million class M-4 affirmed at 'A+' (BL: 42.20, LCR:
     1.87);

  -- $13.1 million class M-5 affirmed at 'A' (BL: 37.16, LCR:
     1.65);

  -- $10.5 million class M-6 downgraded to 'BBB' from 'A-' (BL:
     33.06, LCR: 1.47);

  -- $11.5 million class M-7 downgraded to 'BBB' from 'BBB+'
     (BL: 28.56, LCR: 1.27);

  -- $8.6 million class M-8 downgraded to 'BB' from 'BBB' (BL:
     24.58, LCR: 1.09);

  -- $5.8 million class M-9F downgraded to 'B+' from 'BBB-'
     (BL: 19.51, LCR: 0.87);

  -- $4.7 million class M-9A downgraded to 'B+' from 'BBB-'
     (BL: 19.51, LCR: 0.87);

  -- $5.1 million class B-1 downgraded to 'B' from 'BBB-' (BL:
     17.26, LCR: 0.77);

  -- $6.4 million class B-2 downgraded to 'C/DR6' from 'BB-';

Deal Summary

  -- Originators: 21% IndyMac, 19% New Century, 19% Fremont, 5%
     Decision One;
  -- 60+ day Delinquency: 9.39%;
  -- Realized Losses to date (% of Original Balance): 3.71%;
  -- Expected Remaining Losses (% of Current Balance): 22.54%;
  -- Cumulative Expected Losses (% of Original Balance):
     12.77%.

CSFB HEMT 2005-5

  -- $38.1 million class A-1F1 affirmed at 'AAA' (BL: 77.44,
     LCR: 2.47);

  -- $73.5 million classes A-1A, A-1F2 affirmed at 'AAA' (BL:
     66.65, LCR: 2.13);

  -- $33.9 million class A-2A, A-2F downgraded to 'AA' from
     'AAA' (BL: 57.22, LCR: 1.83);

  -- $22.3 million class M-1 downgraded to 'A' from 'AA+' (BL:
     48.61, LCR: 1.56);

  -- $20.9 million class M-2 downgraded to 'BBB+' from 'AA'
     (BL: 40.57, LCR: 1.3);

  -- $10.5 million class M-3 downgraded to 'BBB-' from 'AA-'
     (BL: 36.47, LCR: 1.17);

  -- $10.8 million class M-4 downgraded to 'BB+' from 'A+' (BL:
     32.22, LCR: 1.03);

  -- $8.9 million class M-5 downgraded to 'BB-' from 'A' (BL:
     28.66, LCR: 0.92);

  -- $7.3 million class M-6 downgraded to 'B+' from 'A-' (BL:
     25.64, LCR: 0.82);

  -- $7.3 million class M-7 downgraded to 'C/DR5' from 'BBB+';

  -- $6.9 million class M-8 downgraded to 'C/DR6' from 'BBB';

  -- $10.5 million class M-9 downgraded to 'C/DR6' from 'BB-';

  -- $8 million class B-1 downgraded to 'C/DR6' from 'B+';

Deal Summary

  -- Originators: 19% Finance America, 5.4% Saxon;
  -- 60+ day Delinquency: 8.99%;
  -- Realized Losses to date (% of Original Balance): 4.98%;
  -- Expected Remaining Losses (% of Current Balance): 31.25%;
  -- Cumulative Expected Losses (% of Original Balance):
     25.73%.

CSFB HEMT 2006-1

  -- $109.9 million class A-1A1, A-1A2, A-1B, A-1F affirmed at
     'AAA' (BL: 73.53, LCR: 2.68)

  -- $50 million class A-2 affirmed at 'AAA' (BL: 61.62, LCR:
     2.24)

  -- $37.1 million class A-3 downgraded to 'AA+' from 'AAA'
     (BL: 53.83, LCR: 1.96)

  -- $28.1 million class M-1 downgraded to 'A+' from 'AA+' (BL:
     45.26, LCR: 1.65)

  -- $26.1 million class M-2 downgraded to 'BBB+' from 'AA'
     (BL: 37.33, LCR: 1.36)

  -- $10.6 million class M-3 downgraded to 'BBB' from 'AA-'
     (BL: 34.08, LCR: 1.24)

  -- $12.6 million class M-4 downgraded to 'BBB-' from 'A+'
     (BL: 30.17, LCR: 1.1)

  -- $11.2 million class M-5 downgraded to 'BB' from 'A' (BL:
     26.69, LCR: 0.97)

  -- $8.6 million class M-6 downgraded to 'B+' from 'A-' (BL:
     23.94, LCR: 0.87)

  -- $9.2 million class M-7 downgraded to 'B' from 'BBB+' (BL:
     20.87, LCR: 0.76)

  -- $7.1 million class M-8 downgraded to 'C/DR6' from 'BBB'

  -- $8.3 million class M-9 downgraded to 'C/DR6' from 'BBB-'

  -- $8.6 million class B-1 downgraded to 'C/DR6' from 'B+'

Deal Summary

  -- Originators: 14% American Home, 10.7% Encore, 7.0% AAmes;
  -- 60+ day Delinquency: 7.13%;
  -- Realized Losses to date (% of Original Balance): 4.01%;
  -- Expected Remaining Losses (% of Current Balance): 27.46%;
  -- Cumulative Expected Losses (% of Original Balance):
     22.46%.

CSFB HEMT 2006-2 FIXED SECONDS

  -- $86 million class 1A1 affirmed at 'AAA' (BL: 68.39, LCR:
     1.91);

  -- $25.7 million class 1A2 downgraded to 'A+' from 'AAA' (BL:
     58.96, LCR: 1.65);

  -- $25.7 million class 1A3 downgraded to 'A-' from 'AAA' (BL:
     50.89, LCR: 1.43);

  -- $15.7 million class 1M-1 downgraded to 'BBB' from 'AA+'
     (BL: 43.81, LCR: 1.23);

  -- $18.2 million class 1M-2 downgraded to 'BB' from 'AA' (BL:
     35.63, LCR: 1);

  -- $7 million class 1M-3 downgraded to 'BB-' from 'AA-' (BL:
     32.46, LCR: 0.91);

  -- $8.7 million class 1M-4 downgraded to 'B' from 'A+' (BL:
     28.47, LCR: 0.8);

  -- $7.3 million class 1M-5 downgraded to 'C/DR6' from 'A';

  -- $5.6 million class 1M-6 downgraded to 'C/DR6' from 'A-';

  -- $6.4 million class 1M-7 downgraded to 'C/DR6' from 'BBB+';

  -- $4.9 million class 1M-8 downgraded to 'C/DR6' from 'BBB';

  -- $4.5 million class 1M-9 downgraded to 'C/DR6' from 'BBB-';

  -- $7 million class 1B-1 downgraded to 'C/DR6' from 'BB-';

  -- $1 million class 1B-2 downgraded to 'C/DR6' from 'B+';

Deal Summary

  -- Originators: 11.4% CSFB, 7% Decision One, 5.4% Aames;
  -- 60+ day Delinquency: 8.93%;
  -- Realized Losses to date (% of Original Balance): 5.58%;
  -- Expected Remaining Losses (% of Current Balance): 35.71%;
  -- Cumulative Expected Losses (% of Original Balance):
     28.44%.

CSFB HEMT 2006-3

  -- $129.6 million class A1 downgraded to 'A+' from 'AAA' (BL:
     65.06, LCR: 1.66)

  -- $38 million class A2 downgraded to 'BBB+' from 'AAA' (BL:
     53.27, LCR: 1.36)

  -- $20 million class A3 downgraded to 'BBB' from 'AAA' (BL:
     47.13, LCR: 1.21)

  -- $17 million class M-1 downgraded to 'BB+' from 'AA+' (BL:
     41.19, LCR: 1.06)

  -- $13.8 million class M-2 downgraded to 'BB-' from 'AA+'
     (BL: 36.36, LCR: 0.93)

  -- $13.8 million class M-3 downgraded to 'B' from 'AA-' (BL:
     31.53, LCR: 0.81)

  -- $8.6 million class M-4 downgraded to 'C/DR6' from 'AA-'

  -- $7.6 million class M-5 downgraded to 'C/DR6' from 'A+'

  -- $7.8 million class M-6 downgraded to 'C/DR6' from 'A'

  -- $7 million class M-7 downgraded to 'C/DR6' from 'A-'

  -- $7 million class M-8 downgraded to 'C/DR6' from 'BBB+'

  -- $6.6 million class M-9 downgraded to 'C/DR6' from 'BBB'

  -- $5.4 million class M-10 downgraded to 'C/DR6' from 'BBB'

  -- $5.9 million class B-1 downgraded to 'C/DR6' from 'BBB-'

Deal Summary

  -- Originators: 12% CSFB, 14% Mortgage IT, 5% Meridias  
     Capital;
  -- 60+ day Delinquency: 9.12%;
  -- Realized Losses to date (% of Original Balance): 5.62%;
  -- Expected Remaining Losses (% of Current Balance): 39.03%;
  -- Cumulative Expected Losses (% of Original Balance):
     33.68%.

CSFB HEMT 2006-4

  -- $189.2 million class A1 downgraded to 'A' from 'AAA' (BL:
     61.52, LCR: 1.59);

  -- $47 million class A2 downgraded to 'BBB+' from 'AAA' (BL:
     50.94, LCR: 1.32);

  -- $31.7 million class A3 downgraded to 'BBB-' from 'AAA'
     (BL: 44.03, LCR: 1.14);

  -- $23.6 million class M-1 downgraded to 'BB' from 'AA+' (BL:
     37.99, LCR: 0.98);

  -- $24.9 million class M-2 downgraded to 'B+' from 'AA' (BL:
     31.58, LCR: 0.82);

  -- $9.1 million class M-3 downgraded to 'B' from 'AA-' (BL:
     29.20, LCR: 0.76);

  -- $10.7 million class M-4 downgraded to 'C/DR6' from 'A+';

  -- $10.5 million class M-5 downgraded to 'C/DR6' from 'A';

  -- $7.8 million class M-6 downgraded to 'C/DR6' from 'A';  

  -- $10.5 million class M-7 downgraded to 'C/DR6' from 'A-';

  -- $6.5 million class M-8 downgraded to 'C/DR6' from 'BBB+';

  -- $10.2 million class M-9 downgraded to 'C/DR6' from 'BBB';

  -- $7.6 million class B-1 downgraded to 'C/DR6' from 'BB-';

  -- $3.8 million class B-2 downgraded to 'C/DR6' from 'B+';

Deal Summary

  -- Originators: 11.19% Aames Capital Corporation, 10.88% WMC
     Mortgage Corporation;
  -- 60+ day Delinquency: 9.22%;
  -- Realized Losses to date (% of Original Balance): 3.97%;
  -- Expected Remaining Losses (% of Current Balance): 38.67%;
  -- Cumulative Expected Losses (% of Original Balance):
     32.94%.

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 LCR's 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.


DANNY PRYOR: Case Summary & Eight Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Danny Wayne Pryor
        4742 Lorelei Avenue
        Los Angeles, CA 90808

Bankruptcy Case No.: 07-17843

Chapter 11 Petition Date: September 7, 2007

Court: Central District Of California (Los Angeles)

Judge: Alan M. Ahart

Debtor's Counsel: Todd B. Becker, Esq.
                  3750 East Anaheim Street, Suite 100
                  Long Beach, CA 90804
                  Tel: (562) 495-1500
                  Fax: (562) 494-8904

Estimated Assets: $1 Million to $100 Million

Estimated Debts:  $1 Million to $100 Million

Debtor's Eight Largest Unsecured Creditors:

   Entity                                           Claim Amount
   ------                                            ------------
   Opsec Specialized                                      $80,000
   Bill J. Thompson
   25375 Orchard Village Road, Suite 106
   Valencia, CA 91355

   Citi Capital                                           $14,000
   Attention: Jennifer Witherell
   15910 Ventura Boulevard, 12th Floor
   Encino, CA 91436

   Chase                                                  $11,236
   800 Brooks Edge Boulevard
   Westerville, OH 43081

   Metro Adjust Bureau                                     $6,843

   Verizon Wireless                                        $1,111

   Angelus Block                                           $8,000

   Sears                                                   $8,226

   T.H.D./C.B.S.D.                                         $2,353


ENHANCED MORTGAGE: Fitch Junks Rating on $26 Million Notes
----------------------------------------------------------
Fitch downgrades three classes of notes issued by Enhanced
Mortgage-Backed Securities V, Ltd. and places one class on Rating
Watch Negative.  These rating actions are the result of Fitch's
review process and are effective immediately:

  -- $14,000,000 class A-2 senior subordinated notes downgrade
     to 'BB' from 'BBB', remains on Rating Watch Negative;

  -- $20,000,000 class A-3 subordinated notes downgrade to
     'CC/DR3' from 'B-', remains on Rating Watch Negative;

  -- $6,000,000 class A-4 junior subordinated notes downgrade
     to 'C/DR6' from 'CCC', removed from Rating Watch Negative.

EMBS V is a mortgage market value collateralized debt obligation
managed by Babson Capital Management LLC.  This transaction has
violated over-collateralization tests and its asset portfolio is
currently being liquidated.  The asset portfolio consists
primarily of mortgage-backed securities and asset-backed
securities with an average rating of 'AA'.  Losses incurred during
the liquidation process have increased the risk that the class A-2
notes may not be paid in full.  It is likely that class A-3 will
incur a significant loss and class A-4 may suffer a complete loss.


ENHANCED MORTGAGE: Fitch Cuts Rating on $ Million Notes to BB-
--------------------------------------------------------------
Fitch has downgraded and placed on Rating Watch Negative two
classes of Enhanced Mortgage-Backed Securities IV, Ltd.

These rating actions are the result of Fitch's review process and
are effective immediately:

  -- $20,000,000 class A-3 subordinated notes downgraded to
     'BB' from 'BBB+', placed on Rating Watch Negative;

  -- $6,000,000 class A-4 junior subordinated notes downgraded
     to 'BB-' from 'BBB', placed on Rating Watch Negative.

EMBS IV is a mortgage market value collateralized debt obligation
managed by Babson Capital Management LLC.  EMBS IV is
collateralized by fixed, floating, and adjustable rate mortgage-
backed securities, collateralized mortgage obligations, ABS, U.S.
government obligations, corporate securities, and cash/cash
equivalents.  Portfolio restrictions limit the exposure to these
particular assets as well as the percentage of assets that fall
under the 'AAA', 'AA', 'A', and 'BBB' credit levels.  

The net asset value of the transaction has declined and assets may
need to be sold for the transaction to stay in compliance with
overcollateralization tests.  The rating actions above reflect
Fitch's concern about the proceeds that are likely to result from
the sale of assets given the price volatility that even highly
rated securities have seen in the current market environment.


EXCEL INNOVATIONS: Bankr. Court Applied Erroneous Legal Standards
-----------------------------------------------------------------
The U.S. Court of Appeals for the Ninth Circuit reversed and
remanded the decision of the U.S. Bankruptcy Court for the
Northern District of California granting preliminary injunction
staying the arbitration proceedings between Indivos Corporation
and Ned Hoffman, Excel Innovations, Inc.'s former chief executive
officer.

Mr. Hoffman, founder and a major shareholder of both Indivos and
Excel, in 2000, entered into a series of agreements with Indivos.  
One of the main purposes of the agreements was to separate the
management of Indivos from Mr. Hoffman.  Excel was party to a
certain Voting Trust and Standstill Agreement, which required Mr.
Hoffman and Excel to place their Indivos shares in a voting trust
as collateral for their obligations under the settlement
contracts.  The parties agreed further that any dispute arising
from the settlement contracts to binding arbitration with the
American Arbitration Association.

                   Arbitration Proceedings

Indivos, in June 2003, initiated AAA arbitration proceedings
against Mr. Hoffman and Excel alleging that Mr. Hoffman and Excel
attempted to disrupt a merger between Indivos and Solidus
Networks, Inc.  Indivos further alleged that Excel and Hoffman
filed a patent infringement action against Indivos in the Northern
District of California in violation of the Proprietary Information
and Inventions Agreement.  Indivos argued that it was the owner of
the patents and not Excel.  Indivos also sought to hold Excel
liable as Hoffman's alter ego.

On May 14, 2004, the arbitrator granted partial summary judgment
for Indivos, finding that Mr. Hoffman was liable for breach of
contract while Excel while was found liable as Mr. Hoffman’s alter
for some of the lawsuits filed by Excel under Mr. Hoffman’s
direction.  Also in late May 2004, Judge Chesney of the Northern
District of California granted partial summary judgment for
Indivos, ruling that all of the patents Excel accused Indivos of
infringing were actually owned by Indivos.

                     Bankruptcy Proceedings

In June 2004, Mr. Hoffman filed a voluntary petition under Chapter
13 while Excel filed a petition under Chapter 11.  Because of
these bankruptcy filings, the arbitration and patent litigation
against Mr. Hoffman and Excel was automatically stayed.  However,
Mr. Hoffman’s petition was dismissed in September 2004 and on
December 2004, Mr. Hoffman resigned as an officer and director of
Excel.

In February 2005, Indivos recommenced the arbitration against Mr.
Hoffman, citing that the stay established by Mr. Hoffman's
bankruptcy petition had been lifted.  Mr. Hoffman however argued
to the arbitrator that the stay established by Excel's bankruptcy
petition applied to Indivos' claims against him because those
claims were intertwined with Indivos' claims against Excel.  The
arbitrator disagreed.

In July 2005, Excel initiated adversary proceedings in bankruptcy
court against Indivos, Solidus, Mr. Hoffman, AAA, and the
arbitrator.  Excel sought declaratory and injunctive relief on the
ground that the arbitration violated the automatic stay in Excel's
bankruptcy case.  In September 2005, Excel filed a motion for a
preliminary injunction supported by an affidavit from Mr. Hoffman.

In the affidavit, Mr. Hoffman cited three reasons why permitting
arbitration against him would adversely impact Excel:

   * he planned to demand indemnification from Excel on the
     ground that he was acting as an officer and agent of Excel
     when he challenged the Solidus-Indivos merger, thus
     arbitration could lead to new liabilities for Excel;

   * his defense would focus on his own interests and not those
     of Excel; and

   * he would be "compelled to reveal the substance of critical
     privileged communications between myself and attorneys for
     the Debtor," because he acted "in accordance with legal
     advice from attorneys for the Debtor."

The bankruptcy court granted an injunction staying arbitration
until confirmation of Excel's reorganization plan.  The bankruptcy
court stated that a Section 105(a) injunction is proper if
arbitration "could conceivably have any effect on the
administration of the bankruptcy estate."  The court further said
that Excel established a "reasonable probability" of possible
negative impacts on the estate.  Moreover, the court found that
Excel's motion also satisfied the traditional, non-bankruptcy test
for a preliminary injunction, which "balances the plaintiff's
likelihood of success [on the merits] against the relative
hardship to the parties." [Clear Channel Outdoor Inc. v. City of
Los Angeles, 340 F.3d 810, 813 (9th Cir. 2003)].

The bankruptcy court made no findings on plaintiff's likelihood of
success, but concluded that a stay would protect Excel from
possible injury while causing no harm to Indivos and Solidus.

Indivos and Solidus appealed to the Bankruptcy Appellate Panel,
contending that the bankruptcy court applied the wrong legal
standard to the motion for a preliminary injunction.  The BAP
affirmed the bankruptcy court’s decision noting that the Ninth
Circuit has not established a standard for a Section 105(a) motion
to enjoin an action against a nondebtor.  Citing a series of
Fourth Circuit opinions, the BAP stated that a Section 105(a)
injunction is appropriate when the debtor and nondebtor's
interests are so intertwined that an action against the nondebtor
is in effect a claim against the debtor. ]A.H. Robins Co. v.
Piccinin, 788 F.2d 994 (4th Cir. 1986); Oberg v. Aetna Cas. & Sur.
Co. (In re A.H. Robins Co.), 828 F.2d 1023 (4th Cir. 1987).]

The BAP concluded that "to the extent that Section 105 is
recognized as authority for granting injunctive relief in matters
that are related to the bankruptcy case, we hold that the
bankruptcy court correctly asserted its Section 105(a) authority
in enjoining Appellants' arbitration proceeding." Alternatively,
the BAP found that Excel had also satisfied the traditional
standard for a preliminary injunction.  The BAP explained that
Excel had shown likelihood of success on the merits because the
reorganization plan had a "fair chance" of success.  The BAP
further noted that permitting arbitration to proceed would cause
irreparable harm to Excel.

                 Ninth Circuit’s Decision

In an opinion, Senior Circuit Judge Goodwin says that Section
105(a) gives the bankruptcy courts the power to stay actions that
are not subject to the Section 362(a) but "threaten the integrity
of a bankrupt's estate." [Canter v. Canter (In re Canter), 299
F.3d 1150, 1155 (9th Cir. 2002)]; [Ingersoll-Rand Fin. Corp. v.
Miller Mining Co., 817 F.2d 1424, 1427 (9th Cir. 1987)]

Judge Goodwin further says that in the non-bankruptcy context, the
decision in granting preliminary injunction must balance the
moving party's likelihood of success on the merits and the
relative hardship of the parties.  Thus the moving party must
show:

    (1) a strong likelihood of success on the merits,

    (2) the possibility of irreparable injury to plaintiff if
        preliminary relief is not granted,

    (3) a balance of hard ships favoring the plaintiff, and

    (4) advancement of the public interest.

Alternatively, a court may grant the injunction if the plaintiff
demonstrates either a combination of probable success on the
merits and the possibility of irreparable injury or that serious
questions are raised and the balance of hardships tips sharply in
his favor.

Judge Goodwin relates that the two alternative formulations of the
preliminary injunction test represent two points on a sliding
scale in which the required degree of irreparable harm increases
as the probability of success decreases.  "They are not separate
tests but rather outer reaches of a single continuum," Judge
Goodwin added.

Judge Goodwin discloses that in sum, the usual preliminary
injunction standard applies to applications to stay actions
against non-debtors under Section 105(a).  In granting or denying
such an injunction, a bankruptcy court must consider whether the
debtor has a reasonable likelihood of a successful reorganization,
the relative hardship of the parties, and any public interest
concerns if relevant.

                      Applied Incorrectly

Judge Goodwin says that both the bankruptcy court and BAP applied
incorrect legal standards.  The bankruptcy court had stated a
preliminary injunction is proper whenever an action in another
forum "could conceivably have any effect on the administration of
the bankruptcy estate."  However, this is actually the standard
for determining whether the bankruptcy court has subject matter
jurisdiction over a motion for a preliminary injunction.  Whether
the bankruptcy court has subject matter jurisdiction is a distinct
question from whether an injunction should issue.  The two
inquiries cannot be identical otherwise a bankruptcy court would
be required to grant every preliminary injunction motion over
which it has jurisdiction.

The BAP on the other hand, relied on the "unusual circumstances"
doctrine the Fourth Circuit developed in Piccinin [A.H. Robins Co.
v. Piccinin, 788 F.2d 994 (4th Cir. 1986)] which provides an
exception to the general rule that the automatic stay does not
apply to actions against non-debtors.  Piccinin held that the
automatic stay may be extended if unusual circumstances make the
interests of the debtor and the non-debtor defendant inextricably
interwoven.

The BAP, according to Judge Goodwin, treated the "unusual
circumstances" doctrine and the usual preliminary injunction
standard as separate and distinct bases for affirming the stay.  
That is error, because the "unusual circumstances" doctrine does
not negate the traditional preliminary injunction standard.

The bankruptcy court and the BAP alternatively found preliminary
injunctive relief warranted under the usual preliminary injunction
standard but we found that the injunction cannot be affirmed under
their application of the usual standard, Judge Goodwin relates.

                     Likelihood of Success

The first part of the usual preliminary injunction standard is
whether the debtor can demonstrate a reasonable likelihood of
success on the merits.  The bankruptcy court did not consider that
issue at all and this failure to consider a critical element of
the injunction standard is reversible error.  Though the BAP did
find that Excel had shown reasonable likelihood of a successful
reorganization, the BAP's finding is not supported by the record.

                      Balance of Hardship

The next part, Judge Goodwin says, relates to the balance of
hardship between the parties.  A bankruptcy court must "identify
the harms which a preliminary injunction might cause to defendants
and . . . weigh these against plaintiff's threatened injury."
[Caribbean Marine Servs. Co. v. Baldrige, 844 F.2d 668, 676 (9th
Cir. 1988)]

Both the bankruptcy court and the BAP ignored the potential harm
to Indivos.  The bankruptcy court stated without explanation that
the "limited delay in the process of the arbitration will not
result in appreciable harm to Indivos [and] Solidus."  However,
Indivos had argued that it would suffer harm from losing its
bargained-for right to bring an arbitration claim against Hoffman
at a time of its choosing.

The bankruptcy court did consider the potential harm to Excel, the
findings are insufficient to support the conclusion that Excel
stands to suffer irreparable harm if arbitration proceeds.

Judge Goodwin adds that although the bankruptcy court recited the
usual preliminary injunction standard, it failed to apply it.  The
bankruptcy court ignored both Excel's likelihood of success and
the alleged harm to Indivos.  Perhaps, Judge Goodwin says, because
the bankruptcy court initially granted the injunction under the
mistaken view that any proceeding with any conceivable effect on
the debtor should be enjoined, the court placed a much lower
burden on Excel than what is ordinarily required to show
irreparable harm.

That is an abuse of discretion, particularly since Excel's weak
showing on the likelihood of a successful reorganization
heightened its burden to show irreparable harm, Judge Goodwin
further says.

When a bankruptcy court asked to enjoin a proceeding between two
non-debtors it must balance the debtor's likelihood of
successfully reorganizing with the relative hardship of the
parties.  Because the bankruptcy court abused its discretion by
applying erroneous legal standards, the preliminary injunction is
vacated and remanded for further proceedings, Judge Goodwin
concludes.  

Kristen A. Palumbo, Esq., and Alfred C. Pfeiffer, Jr., Esq., at
Bingham McCutchen LLP in San Francisco, California, represents
Indivos and Solidus.

Scott L. Goodsell, Esq., at Campeau Goodsell Smith in San Jose,
California, represents Excel Innovations while John T. Hansen,
Esq., at Nossaman, Guthner, Knox & Elliott in San Francisco,
California represents Mr. Hoffman.

                     About Excel Innovations

Excel Innovations Inc. -- http://www.excelinnovationsinc.com/--  
focuses on pioneering, patenting and licensing a diverse portfolio
of internally developed innovations.  Excel has licensed its
inventions to leading corporations, including Nike, Warnaco,
Revlon/New World Media, Bollinger Industries, Telebrands,
Benneton, Bell Industries, Expressline, and Indivos.  
Excel’s inventions portfolio spans diversified markets from
consumer products in sports/fitness, housewares, and automotive
after-market, to computer-based financial services systems.

The company filed for chapter 11 protection on June 17, 2004
(Bankr. N.D. Calif. Case No. 04-53874).


FINANCE AMERICA: Expected Cuts Ratings on Two Certificates
----------------------------------------------------------
Fitch has taken rating action on these mortgage pass-through
certificates of Finance America Mortgage Loan Trust 2004-2:

  -- Class M-1 affirmed at 'AAA';
  -- Class M-2 affirmed at 'AA+';
  -- Class M-3 affirmed at 'AA';
  -- Class M-4 affirmed at 'AA-';
  -- Class M-5 affirmed at 'A';
  -- Class M-6 affirmed at 'A-';
  -- Class M-7 affirmed at 'BBB+';
  -- Class M-8 downgraded to 'BB' from 'BBB-';
  -- Class M-9 downgraded to 'B' from 'BB-'.

The collateral in the transaction consists of first lien and
second lien, fixed-rate and adjustable-rate residential mortgage
loans.  HomeEq Servicing Corp. is the servicer, and is rated
'RPS1' by Fitch.
The affirmations reflect a stable relationship between credit
enhancement and expected losses, and affect approximately
$113 million in outstanding certificates.  The downgrades reflect
deterioration in the relationship between CE and expected losses,
and affect approximately $6.3 million in outstanding certificates.
The overcollateralization amount has been off its target for the
past year, and losses have exceeded excess spread for 10 of the
past 12 months.  The 60+ delinquency amount (includes real estate
owned, foreclosure, and bankruptcy) is approximately 19.42%, and
the losses to date are approximately 1.3%.


FIRST FRANKLIN: Fitch Cuts Rating on $486.3 Million Certificates
----------------------------------------------------------------
Fitch Ratings has taken these rating actions on First Franklin
mortgage pass-through certificates.  Affirmations total
$6.19 billion and downgrades total $486.3 million.  Break Loss
percentages and Loss Coverage Ratios for each class are included
with the rating actions as:

First Franklin Mortgage Loan Trust, Series 2006-FF1

  -- $521.1 million class I-A, II-A-1, II-A-2, II-A-3, II-A-4
     affirmed at 'AAA' (BL: 33.02, LCR: 4.8);

  -- $32.3 million class M1 affirmed at 'AA+' (BL: 30.00, LCR:
     4.36);

  -- $30.8 million class M2 affirmed at 'AA+' (BL: 25.75, LCR:
     3.74);

  -- $18.1 million class M3 affirmed at 'AA+' (BL: 23.24, LCR:
     3.38);

  -- $15.6 million class M4 affirmed at 'AA' (BL: 21.04, LCR:
     3.06);

  -- $14.7 million class M5 affirmed at 'AA' (BL: 18.97, LCR:
     2.76);

  -- $13.2 million class M6 affirmed at 'AA-' (BL: 17.06, LCR:
     2.48);

  -- $12.7 million class M7 affirmed at 'A+' (BL: 15.09, LCR:
     2.19);

  -- $8.8 million class M8 affirmed at 'A' (BL: 13.74, LCR: 2);

  -- $8.3 million class M9 affirmed at 'A-' (BL: 12.53, LCR:
     1.82);

  -- $6.3 million class M10 affirmed at 'BBB+' (BL: 11.63, LCR:
     1.69);

  -- $9.8 million class M11 affirmed at 'BBB' (BL: 10.30, LCR:
     1.5);

  -- $12.2 million class M12 affirmed at 'BBB-' (BL: 8.83, LCR:
     1.28).

Deal Summary

  -- Originators: 100% First Franklin;
  -- 60+ day Delinquency: 10%;
  -- Realized Losses to date (% of Original Balance): 0.31%;
  -- Expected Remaining Losses (% of Current Balance): 6.88%;
  -- Cumulative Expected Losses (% of Original Balance): 5.37%.

First Franklin Mortgage Loan Trust, Series 2006-FF2

  -- $429.7 million class A1, A2, A3, A4, A5 affirmed at 'AAA'
     (BL: 29.75, LCR: 3.27);

  -- $44.7 million class M1 affirmed at 'AA' (BL: 21.61, LCR:
     2.38);

  -- $13.3 million class M2 affirmed at 'AA-' (BL: 19.13, LCR:
     2.1);

  -- $10.7 million class M3 affirmed at 'A+' (BL: 17.11, LCR:
     1.88);

  -- $11 million class M4 affirmed at 'A' (BL: 14.95, LCR:
     1.64);

  -- $6.4 million class M5 affirmed at 'A-' (BL: 13.65, LCR:
     1.5);

  -- $6.4 million class M6 downgraded to 'BBB' from 'BBB+' (BL:
     11.05, LCR: 1.22);

  -- $6.1 million class M7 downgraded to 'BB+' from 'BBB' (BL:
     9.87, LCR: 1.09);

  -- $3.8 million class M8 downgraded to 'BB' from 'BBB-' (BL:
     9.19, LCR: 1.01).

Deal Summary

  -- Originators: 100% First Franklin;
  -- 60+ day Delinquency: 14%;
  -- Realized Losses to date (% of Original Balance): 0.30%;
  -- Expected Remaining Losses (% of Current Balance): 9.09%;
  -- Cumulative Expected Losses (% of Original Balance): 6.83%.

First Franklin Mortgage Loan Trust, Series 2006-FF5

  -- $682.3 million class A-IO, I-A, II-A-1, II-A-2, II-A-3,
     II-A4, II-A5 affirmed at 'AAA' (BL: 40.68, LCR: 3.52);

  -- $24.9 million class M1 affirmed at 'AA+' (BL: 30.50, LCR:
     2.64);

  -- $56.5 million class M2 affirmed at 'AA' (BL: 24.97, LCR:
     2.16);

  -- $22.5 million class M3 affirmed at 'AA' (BL: 22.52, LCR:
     1.95);

  -- $20 million class M4 affirmed at 'AA-' (BL: 20.32, LCR:
     1.76);

  -- $19.4 million class M5 downgraded to 'A' from 'A+' (BL:
     18.19, LCR: 1.57);

  -- $18.2 million class M6 downgraded to 'A-' from 'A' (BL:
     16.16, LCR: 1.4);

  -- $17 million class M7 downgraded to 'BBB' from 'BBB+' (BL:
     14.16, LCR: 1.22);

  -- $15.2 million class M8 downgraded to 'BB+' from 'BBB' (BL:
     12.06, LCR: 1.04);

  -- $8.5 million class M9 downgraded to 'BB-' from 'BBB' (BL:
     10.73, LCR: 0.93);

  -- $6 million class M10 downgraded to 'B+' from 'BBB-' (BL:
     9.76, LCR: 0.84);

  -- $12.1 million class M11 downgraded to 'CCC' from 'BB'.

Deal Summary

  -- Originators: 100% First Franklin;
  -- 60+ day Delinquency: 14.63%;
  -- Realized Losses to date (% of Original Balance): 0.37%;
  -- Expected Remaining Losses (% of Current Balance): 11.56%;
  -- Cumulative Expected Losses (% of Original Balance): 9.05%.

First Franklin Mortgage Loan Trust, Series 2006-FF7

  -- $693.8 million class I-A, II-A-1, II-A-2, II-A-3, II-A4,
     A-IO affirmed at 'AAA' (BL: 30.21, LCR: 2.62);

  -- $39.4 million class M1 affirmed at 'AA+' (BL: 26.79, LCR:
     2.32);

  -- $35.9 million class M2 affirmed at 'AA' (BL: 22.86, LCR:
     1.98);

  -- $20.8 million class M3 affirmed at 'AA-' (BL: 20.56, LCR:
     1.78);

  -- $18.5 million class M4 affirmed at 'A+' (BL: 18.52, LCR:
     1.6);

  -- $18.5 million class M5 downgraded to 'A-' from 'A' (BL:
     16.47, LCR: 1.43);

  -- $16.2 million class M6 downgraded to 'BBB' from 'A-' (BL:
     14.64, LCR: 1.27);

  -- $16.2 million class M7 downgraded to 'BB+' from 'BBB+'
     (BL: 12.64, LCR: 1.09);

  -- $8.7 million class M8 downgraded to 'BB' from 'BBB' (BL:
     11.38, LCR: 0.99);

  -- $8.7 million class M9 downgraded to 'B' from 'BBB-' (BL:
     9.34, LCR: 0.81);

  -- $11.6 million class M10 downgraded to 'B' from 'BB+' (BL:
     8.84, LCR: 0.77).

Deal Summary

  -- Originators: 100% First Franklin;
  -- 60+ day Delinquency: 14.55%;  
  -- Realized Losses to date (% of Original Balance): 0.27%;  
  -- Expected Remaining Losses (% of Current Balance): 11.55%;
  -- Cumulative Expected Losses (% of Original Balance): 9.23%.

First Franklin Mortgage Loan Trust, Series 2006-FF10

  -- $614.9 million class A-1, A-2, A-3, A-4, A-5, A-6, A-7
     affirmed at 'AAA' (BL: 27.12, LCR: 2.43)

  -- $33.9 million class M1 affirmed at 'AA+' (BL: 26.02, LCR:
     2.34)

  -- $29.5 million class M2 affirmed at 'AA' (BL: 22.34, LCR:
     2)

  -- $17.2 million class M3 affirmed at 'AA-' (BL: 20.18, LCR:
     1.81);

  -- $15.2 million class M4 affirmed at 'A+' (BL: 18.24, LCR:
     1.64);

  -- $14.2 million class M5 downgraded to 'A-' from 'A' (BL:
     16.42, LCR: 1.47);

  -- $13.2 million class M6 downgraded to 'BBB+' from 'A-' (BL:
     14.69, LCR: 1.32);

  -- $12.7 million class M7 downgraded to 'BBB-' from 'BBB+'
     (BL: 12.98, LCR: 1.16);

  -- $9.8 million class M8 downgraded to 'BB+' from 'BBB' (BL:
     11.47, LCR: 1.03);

  -- $5.4 million class M9 downgraded to 'BB-' from 'BBB-' (BL:
     10.50, LCR: 0.94);

  -- $5.4 million class B1 downgraded to 'B+' from 'BB+' (BL:
     9.48, LCR: 0.85);

  -- $9.8 million class B2 downgraded to 'CCC' from 'BB'.

Deal Summary

  -- Originators: 100% First Franklin;
  -- 60+ day Delinquency: 13.19%;
  -- Realized Losses to date (% of Original Balance): 0.23%;
  -- Expected Remaining Losses (% of Current Balance): 11.14%;
  -- Cumulative Expected Losses (% of Original Balance): 9.19%.

First Franklin Mortgage Loan Trust, Series 2006-FF12

  -- $733.4 million class A1, A2, A3, A4, A5 affirmed at 'AAA'
     (BL: 27.85, LCR: 2.83);

  -- $35.6 million class M1 affirmed at 'AA+' (BL: 23.89, LCR:
     2.42);

  -- $29.3 million class M2 affirmed at 'AA' (BL: 20.68, LCR:
     2.1);

  -- $17.8 million class M3 affirmed at 'AA-' (BL: 18.71, LCR:
     1.9);

  -- $15.7 million class M4 affirmed at 'A+' (BL: 16.96, LCR:
     1.72);

  -- $15.7 million class M5 affirmed at 'A' (BL: 15.19, LCR:
     1.54);

  -- $14.1 million class M6 downgraded to 'BBB+' from 'A-' (BL:
     13.56, LCR: 1.38);

  -- $13.1 million class M7 downgraded to 'BBB' from 'BBB+'
     (BL: 11.94, LCR: 1.21);

  -- $8.3 million class M8 downgraded to 'BB+' from 'BBB' (BL:
     10.76, LCR: 1.09);

  -- $6.8 million class M9 downgraded to 'BB' from 'BBB-' (BL:
     9.67, LCR: 0.98);

  -- $10.4 million class B downgraded to 'B+' from 'BB+' (BL:
     8.44, LCR: 0.86).

Deal Summary

  -- Originators: 100% First Franklin;
  -- 60+ day Delinquency: 9.73%;
  -- Realized Losses to date (% of Original Balance): 0.08%;
  -- Expected Remaining Losses (% of Current Balance): 9.86%;
  -- Cumulative Expected Losses (% of Original Balance): 8.65%.

First Franklin Mortgage Loan Trust, Series 2006-FF14

  -- $833.4 million class A-1, A-2, A-3, A-4, A-5, A-6 affirmed
     at 'AAA' (BL: 27.69, LCR: 2.73);

  -- $37.7 million class M-1 affirmed at 'AA+' (BL: 23.96, LCR:
     2.36);

  -- $32.5 million class M-2 affirmed at 'AA' (BL: 20.76, LCR:
     2.04);

  -- $19.7 million class M-3 affirmed at 'AA-' (BL: 18.80, LCR:
     1.85);

  -- $18 million class M-4 affirmed at 'A+' (BL: 17.00, LCR:
     1.67);

  -- $16.8 million class M-5 affirmed at 'A' (BL: 15.30, LCR:
     1.51);

  -- $15.6 million class M-6 downgraded to 'BBB+' from 'A-'
     (BL: 13.69, LCR: 1.35);

  -- $14.5 million class M-7 downgraded to 'BBB-' from 'BBB+'
     (BL: 11.96, LCR: 1.18);

  -- $7.5 million class M-8 downgraded to 'BB+' from 'BBB' (BL:
     10.97, LCR: 1.08);

  -- $8.1 million class M-9 downgraded to 'BB' from 'BBB-' (BL:
     9.84, LCR: 0.97);

  -- $11.6 million class B downgraded to 'B+' from 'BB+' (BL:
     8.50, LCR: 0.84).

Deal Summary

  -- Originators: 100% First Franklin;
  -- 60+ day Delinquency: 9.65%;
  -- Realized Losses to date (% of Original Balance): 0.04%;
  -- Expected Remaining Losses (% of Current Balance): 10.15%;
  -- Cumulative Expected Losses (% of Original Balance): 9.04%.

First Franklin Mortgage Loan Trust, Series 2006-FF17

  -- $584 million class A1, A2, A3, A4, A5, A6 affirmed at
     'AAA' (BL: 25.66, LCR: 2.41);

  -- $24.8 million class M1 affirmed at 'AA+' (BL: 22.20, LCR:
     2.08);

  -- $21.7 million class M2 downgraded to 'AA-' from 'AA' (BL:
     19.07, LCR: 1.79);

  -- $13.2 million class M3 downgraded to 'A+' from 'AA-' (BL:
     17.14, LCR: 1.61);

  -- $11.6 million class M4 downgraded to 'A-' from 'A+' (BL:
     15.42, LCR: 1.45);

  -- $11.2 million class M5 downgraded to 'BBB' from 'A' (BL:
     13.74, LCR: 1.29);

  -- $9.3 million class M6 downgraded to 'BBB-' from 'A-' (BL:
     12.25, LCR: 1.15);

  -- $6.6 million class M7 downgraded to 'BB+' from 'BBB+' (BL:
     11.05, LCR: 1.04);

  -- $4.6 million class M8 downgraded to 'BB' from 'BBB' (BL:
     10.18, LCR: 0.95);

  -- $7.7 million class M9 downgraded to 'B' from 'BBB-' (BL:
     8.56, LCR: 0.8);

  -- $6.9 million class B downgraded to 'CCC' from 'BB+'.

Deal Summary

  -- Originators: 100% First Franklin;
  -- 60+ day Delinquency: 7.77%;
  -- Realized Losses to date (% of Original Balance): 0.03%;
  -- Expected Remaining Losses (% of Current Balance): 10.67%;
  -- Cumulative Expected Losses (% of Original Balance): 9.77%.

First Franklin Mortgage Loan Trust, Series 2005-FFH1

  -- $125.3 million class A-1A, A-1B, A-2B, A-2C affirmed at
     'AAA' (BL: 63.81, LCR: 5.12);

  -- $33.8 million class M-1 affirmed at 'AA+' (BL: 40.55, LCR:
     3.26);

  -- $16.7 million class M-2 affirmed at 'AA' (BL: 35.61, LCR:
     2.86);

  -- $11.2 million class M-3 affirmed at 'AA-' (BL: 32.11, LCR:
     2.58);

  -- $11 million class M-4 affirmed at 'A+' (BL: 28.57, LCR:
     2.29);

  -- $11.2 million class M-5 affirmed at 'A' (BL: 24.40, LCR:
     1.96);

  -- $9.9 million class M-6 affirmed at 'A-' (BL: 20.49, LCR:
     1.64);

  -- $10.1 million class B-1 affirmed at 'BBB+' (BL: 16.45,
     LCR: 1.32);

  -- $9.9 million class B-2 downgraded to 'B' from 'BBB' (BL:
     9.53, LCR: 0.77);

  -- $4.6 million class B-3 downgraded to 'CCC' from 'BBB-';

  -- $3.8 million class B-4 downgraded to 'CCC' from 'BB+'.

Deal Summary
  -- Originators: 100% First Franklin
  -- 60+ day Delinquency: 23.42%;
  -- Realized Losses to date (% of Original Balance): 1.54%;
  -- Expected Remaining Losses (% of Current Balance): 12.46%;
  -- Cumulative Expected Losses (% of Original Balance): 7.38%.


FIRST FRANKLIN: Fitch Lowers Ratings on $738.4 Mil. Certificates
----------------------------------------------------------------
Fitch Ratings has taken these rating actions on First Franklin
2006-FFA mortgage pass-through certificates.  Downgrades total
$738.4 million.  Break Loss percentages and Loss Coverage Ratios
for each class, rated 'B' or higher, are included with the rating
actions as:

First Franklin 2006-FFA

  -- $283.4 million class A3 downgraded to 'A-' from 'AAA' (BL:
     59.23, LCR: 1.45);

  -- $211 million class A1, A2, A4 downgraded to 'BBB-' from
     'AAA' (BL: 45.69, LCR: 1.12);

  -- $39 million class M1 downgraded to 'BB' from 'AA+' (BL:
     40.40, LCR: 0.99);

  -- $30.9 million class M2 downgraded to 'BB-' from 'AA' (BL:
     36.19, LCR: 0.89);

  -- $19.9 million class M3 downgraded to 'B+' from 'AA-' (BL:
     33.46, LCR: 0.82);

  -- $17.4 million class M4 downgraded to 'B' from 'A+' (BL:
     31.05, LCR: 0.76);

  -- $17.8 million class M5 downgraded to 'C' from 'A' and
     assigned a distressed recovery (DR) rating of 'DR5';

  -- $17.4 million class M6 downgraded to 'C' from 'A-' and
     assigned a DR rating of 'DR6';

  -- $16.9 million class M7 downgraded to 'C' from 'BBB+' and
     assigned a DR rating of 'DR6';

  -- $14.8 million class M8 downgraded to 'C' from 'BBB' and
     assigned a DR rating of 'DR6';

  -- $11.4 million class M9 downgraded to 'C' from 'BBB-' and
     assigned a DR rating of 'DR6';

  -- $12.3 million class B1 downgraded to 'C' from 'BB+' and
     assigned a DR rating of 'DR6';

  -- $45.7 million class B2 downgraded to 'C' from 'BB' and
     assigned a DR rating of 'DR6'.

Deal Summary

  -- Originators: 100% First Franklin;
  -- 60+ day Delinquency: 5.67%;
  -- Realized Losses to date (% of Original Balance): 3.79%;
  -- Expected Remaining Losses (% of Current Balance): 40.82%;
  -- Cumulative Expected Losses (% of Original Balance):
     39.63%.

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 LCR's 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.  Also, with regard
to subprime second lien transactions, ratings on bonds expected to
pay off within 36 months are affirmed.


FLEETPRIDE CORP: Moody's Holds B3 Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service affirmed FleetPride Corporation's B3
Corporate Family Rating and stable outlook as well as the Caa1
ratings on the company's senior unsecured notes.  However, ratings
on the company's first lien bank obligations were raised one notch
to Ba3 from B1.

Higher ratings on the latter developed from a $15 million
reduction in outstandings of the first lien term loan and
continued accrual in structurally subordinated discount notes at
FleetPride's holding company parent.  The combination was material
enough to lift recovery expectations on secured bank debt.  
However, the extent of these shifts was insufficient to alter
ratings of the unsecured notes but did improve their LGD point
estimates.

The B3 Corporate Family rating continues to reflect considerable
financial leverage deployed in FleetPride's capital structure,
inherent operating leverage in the company's distribution model,
limited free cash flow metrics, and resultant weak coverage
ratios.  The rating also consider the modest size of the company,
stable demand from favorable growth prospects for replacement
parts for commercial vehicles over the long-term, and certain
marketing advantages the company enjoys from its scale, breadth of
product offerings, and footprint of locations.  Since its
acquisition, the company has maintained stable EBITA margins,
generated free cash flow, and has sufficient external commitments
to establish a good liquidity profile.

The stable outlook is supported by favorable industry fundamentals
attributable to longer term trends in domestic freight-ton miles
and demographics on the current fleet of commercial vehicles as
well as the company's liquidity.  In turn, those characteristics
create expectations of steady revenues, margins and free cash flow
given the limited capital expenditure levels required to maintain
current infrastructure. Nonetheless, recent softness in ton miles
driven constrains any immediate upside to the ratings.

Ratings affirmed with updated LGD Assessment:

FleetPride Corporation:

-- Corporate Family Rating, B3

-- Probability of Default Rating, B3

-- $150 million of senior unsecured notes, Caa1 with LGD
    Assessment revised to LGD-5, 74% from LGD-5, 76%

Ratings upgraded:

-- $40 million first lien revolving credit to Ba3 LGD-2, 24%
    from B1, LGD-2, 24%

-- $145 million first lien term loan to Ba3 LGD-2, 24% from
    B1, LGD-2, 24%

The last rating action was on Sept. 22, 2006 at which time Moody's
Loss Given Default methodology was implemented and ratings on the
company's bank obligations were raised one notch.

The Ba3 rating on the secured bank debt, three notches above the
Corporate Family rating, is the product of a probability of
default rate, to which Moody's assigned a rate of B3, and a loss
given default of LGD-2.  The higher rating on the secured
obligations results from substantial amounts of junior capital
beneath their claims.  The unsecured notes are rated Caa1, which
flows from the product of the same PDR but with an LGD-5
assessment in recognition of lower recovery expectations from
effective subordination to the bank debt.

FleetPride Corporation, headquartered in the Woodlands, Texas,
distributes brand name heavy-duty vehicle parts as well as select
private label brands through 158 locations across 35 states.  In
addition, the company provides a limited range of re-manufactured
products as well as truck and trailer repair services.


FORD MOTOR: Fiat Denies Joint Bid Plans for Two Brands
------------------------------------------------------
Fiat S.p.A. chairman Luca Cordero di Montezemolo denied reports
that the company is interested in taking a minority stake in Ford
Motor Co.'s British brands, AFX News Ltd. reports.

"We are not interested," Mr. Montezemolo was quoted by AFX News as
saying.

In a report by Russel Hotten and Ben Harrington for the Telegraph,
Fiat is said to be in talks with India's Tata Motors for a joint
bid for Jaguar and Land Rover.

Unnamed sources told the Telegraph that Tata and Fiat were
expected to have finalized any plans for a joint venture by mid-
October, where the second-round bids are due.

Analysts said there was strategic logic behind Fiat and Tata co-
operating on a bid for the two U.K. brands.  Motor industry
experts at Mediobanca believed that Tata could get valuable
synergies and technology from Land Rover, but Jaguar could be of
less importance to Tata, the Telegraph relates.

Fiat understands luxury brands and may see more potential for
Jaguar, Telegraph added.

                         About Fiat SpA

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- manufactures and sells automobiles,  
commercial vehicles, and agricultural and construction equipment.  
It also manufactures, for use by the company's automotive sectors
and for sale to third parties, other automotive-related products
and systems, principally power trains (engines and transmissions),
components, metallurgical products and production systems.  Fiat's
creditors include Banca Intesa, Banca Monte dei Paschi di Siena,
Banca Nazionale del Lavoro, Capitalia, Sanpaolo IMI, and
UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany, Greece,
Hungary, India, Ireland, Italy, Japan, Lituania, Netherlands,
Poland, Portugal, Romania, Russia, Singapore, Spain, among others.

                        About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business    
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the Company.  The Company's operating segments consists of
Automotive and Others.  In addition to its automotive products, it
offers construction equipment, engineering solutions and software
operations.

Tata Motors has operations in Russia, and the United Kingdom.

                      About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in  
200 markets across six continents.  With about 260,000 employees
and about 100 plants worldwide, the company's core and affiliated
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mercury, Volvo, Aston Martin, and Mazda.  The company provides
financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region.  
In Europe, the company maintains a presence in Sweden, and the
United Kingdom.  The company also distributes its brands in
various Latin American regions, including Argentina and Brazil.

                          *     *     *

As reported in the Troubled Company Reporter on July 30, 2007,
Moody's Investors Service said that the performance of Ford Motor
Company's global automotive operations for the second quarter of
2007 was significantly stronger than the previous year and better
than street expectations.

However, Moody's explained that the company continues to face
significant competitive and financial challenges, and the rating
agency expects that Ford's credit metrics and rate of cash
consumption will likely remain consistent with no higher than a B3
corporate family rating level into 2008.

According to the rating agency, Ford's corporate family rating is
currently a B3 with a negative outlook.  The rating is pressured
by the shift in consumer preference from high margin trucks and
SUVs, and by the need for a new 2007 UAW contract that provides
meaningful relief from high health care costs and burdensome work
rules, Moody's relates.

In June 2007, S&P raised the Issue Rating on Ford's senior secured
credit facilities to B+ from B.


FRANK GORMAN: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: Frank J. Gorman, Sr.
        dba Gorman Management Trust
        1105 Lakeview Avenue
        Dracut, MA 01826

Bankruptcy Case No.: 07-43372

Chapter 11 Petition Date: September 10, 2007

Court: District of Massachusetts (Worcester)

Judge: Joel B. Rosenthal

Debtor's Counsel: John O. Desmond, Esq.
                  24 Union Avenue
                  Framingham, MA 01702
                  Tel: (508) 879-9638

Estimated Assets: $1 Million to $100 Million

Estimated Debts:  $1 Million to $100 Million

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


FREESCALE SEMICONDUCTOR: Names Henri Richard as Sr. Vice Pres.
--------------------------------------------------------------
Freescale Semiconductor has hired Henri Richard as its senior vice
president, chief sales and marketing officer.  Mr. Henri, the
former chief sales & marketing officer at AMD, brings thirty years
of experience in sales, marketing, services and business
development to Freescale.  His broad-based experience includes the
U.S., European and Asian markets; OEM, indirect and end-user
channels; and both hardware and software product segments.

"Henri is a respected veteran of our industry and I am glad he has
chosen to join the Freescale team," Michel Mayer, Freescale
chairman and CEO, said.  "His expertise in developing customer
solutions will accelerate our growth initiatives and build on
Freescale's strong market position."

Prior to AMD, Mr. Henri held various leadership positions
including executive vice president of World Wide Operations for
WebGain; vice president sales & marketing, Worldwide Distribution
& E-business for IBM; and vice president EMEA Strategic Accounts
for Seagate Technology.  Henri received a bachelor's degree in
science and technology from Ecole Nationale de Radiotechnique et
Electronique Appliquee.

                       About Freescale

Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL)
(NYSE:FSL.B) -- http://www.freescale.com/-- designs and  
manufactures embedded semiconductors for the automotive,
consumer, industrial, networking and wireless markets. Freescale
Semiconductor became a publicly traded company in July 2004.  The
company has design, research and development, manufacturing or
sales operations in more than 30 countries.  In Latin America,
Freescale Semiconductor has operations in Argentina, Brazil and
Mexico.  In Europe, the company has operations in Czech Republic,
France, Germany, Ireland, Italy, Romania, Turkey and the United
Kingdom.

                           *     *     *

As reported in the Troubled Company Reporter on May 28, 2007,
Moody's Investors Service affirmed these ratings of Freescale
Semiconductor Inc. and changed the outlook to negative: Ba3
corporate family rating; Ba3 probability of default rating;
B1 rating of $2.85 billion senior unsecured notes due 2014; B1
rating of $1.5 billion senior unsecured toggle notes due 2014;
and B2 rating of $1.6 billion senior subordinated unsecured notes
due 2016.


FWE INTERNATIONAL: Case Summary & Largest Unsecured Creditor
------------------------------------------------------------
Debtor: F.W.E. International, LLC
        23679 Calabasas Road, Suite 387
        Calabasas, CA 91302

Bankruptcy Case No.: 07-15723

Chapter 11 Petition Date: September 10, 2007

Court: District of Nevada (Las Vegas)

Debtor's Counsel: H. Stan Johnson, Esq.
                  Cohen Johnson & Day
                  3695 West Flamingo Road
                  Las Vegas, NV 89103
                  Tel: (702) 220-7050
                  Fax: (702) 220-4577

Estimated Assets: $100,000 to $1 Million

Estimated Debts:  $1 Million to $100 Million

Debtor's List of its Largest Unsecured Creditor:

   Entity                      Nature of Claim      Claim Amount
   ------                      ---------------      ------------
Jeff Franklin                  Trade Debt             $2,000,000
23769 Calabasas Road
Suite 387
Calabasas, CA 91302


GENESIS WORLDWIDE: Parent Sells Genesis Assets to Grey Mountain
---------------------------------------------------------------
KPS Capital Partners, LP has sold its portfolio company, Genesis
Worldwide II, Inc., jointly owned with Pegasus Partners II, L.P.,
to HVS Acquisition, Inc., an affiliate of Grey Mountain Partners,
LLC.  Financial terms of the transaction were not disclosed.

The transaction represents the eighth sale of a portfolio company
by KPS over the past 15 months.  It is also the final sale of a
portfolio company by KPS Special Situations Fund, L.P. and KPS
Supplemental Fund, L.P., KPS's first institutional private equity
funds, which closed in 1998 with capital commitments of $210
million.

Michael Psaros, a Managing Partner of KPS and Chairman of
Genesis's Board of Directors since KPS and Pegasus acquired the
company in 2001, stated, "Under our ownership, Genesis II became
the leading company in its industry, developed and introduced the
most advanced products in the world based on self-developed
proprietary new technologies, and achieved recognition as the most
recognized and admired brand name in North America.  In addition,
the company transitioned from a North American business into a
global enterprise, with a substantial portion of its revenues now
derived from exports to Asia, and Central and South America.  The
success of Genesis II is another validation of our investment
strategy, and the culmination of a very successful investment
campaign for our first fund.

"We congratulate Walter Stasik, Chief Executive Officer of Genesis
II, and the company's management team on their many
accomplishments.  We thank General Electric Capital Corporation
for its strong support of the company and for financing the
company's important export business.  We also thank the United
Steelworkers and the International Association of Machinists and
Aerospace Workers for their very critical role in making the
company a success."

"At the time of the original purchase transaction, KPS and Pegasus
were the only investors that recognized the long-term value of
this company," Mr. Stasik added.  "They were prepared to execute a
very difficult two year restructuring and turnaround plan, and
their patience and tenacity has been rewarded with this sale, and
the prior sale of GFG.  We thank KPS and Pegasus for providing us
with the resources to achieve our objectives.  We are now
perfectly positioned to continue our growth, and expect long-term
success under Grey Mountain's ownership."

"Our members truly appreciate the decision in 2001 by KPS and its
equity partner to keep high- skilled manufacturing in
Pennsylvania," IAM International President Tom Buffenbarger said.  
"Genesis Worldwide II shows that a troubled company can become
competitive again by working with its employees.  This has been a
success for the investors, management, the employees, and their
community.  In additional to creating job stability by growing the
company together, our members and other employees also have a more
secure retirement since Genesis Worldwide II contributes to the
IAM National Pension Fund.  We look forward to working with the
new owners to keep this company going in the right direction."

In November 2005, Genesis II sold its GFG subsidiary to
Mitsubishi-Hitachi Metals Machinery, Inc., a joint venture of
Mitsubishi Heavy Industries, Ltd. and Hitachi, Ltd.  GFG designs
and manufactures roll coating equipment and lines, and
electrostatic oilers under the Peabody name.  MH was introduced to
Genesis II and its GFG subsidiary by Mitsubishi International
Corp., an investor in and key strategic partner of KPS.

Lincoln International acted as the financial advisor to Genesis
II, and K&L Gates acted as the legal advisor with respect to this
transaction.

                   About Genesis Worldwide

Headquartered in Callery, Pennsylvania, Genesis Worldwide II, Inc.
-- http://www.gen-world.com/-- designs, engineers and  
manufactures high-quality metal coil processing equipment through
its Herr-Voss Stamco(R) business unit.  The company also provides
mill roll reconditioning, texturing and grinding services in
addition to its rebuild, repair and spare parts business.  Genesis
II operates seven manufacturing facilities located in
Pennsylvania, Ohio, Indiana and California.

Headquartered in Dayton, Ohio, Genesis Worldwide Inc. (TSX/AIM:
GWI) -- http://www.genesisworldwide.com/-- fka The Monarch   
Machine Tool Company, engineers and manufactures high quality
metal coil processing and roll coating and electrostatic oiling
equipment.  Genesis Worldwide and its debtor-affiliates filed for
chapter 11 protection on Sept. 17, 2001 (Bankr. S.D. Ohio Case No.
01-36605).  Nick V. Cavalieri, Esq., at Bailey Cavalieri LLC,
represents the Debtors in their chapter 11 proceedings.  Daniel M
Anderson, Esq., at Schottenstein Zox & Dunn represents the
Official Committee of Unsecured Creditors.  As of June 30, 2001,
the Debtors reported assets totaling $122,766,000 and debts
totaling $121,999,000.

At June 30, 2007, Genesis WorldWide Inc. balance sheet total
assets of $15,994,774 and total liabilities of $19054,251
resulting to a $3,059,477 total shareholders' deficit.


GENOIL INC: Incurs CDN$4.3 Million Net Loss in Qtr. Ended June 30
-----------------------------------------------------------------
Genoil Inc. reported a net loss of CDN$4.3 million in the second
quarter ended June 30, 2007, an increase from the CDN$2.5 million
net loss reported in the same period last year, mainly due to an
increase in administrative expenses and stock=based compensation
expenses.

The company has not generated revenues from its technologies to
date and has funded its near term operations by way of capital
stock private placements and short-term loans.

Stock-based compensation expenses rose to CDN$2.4 million from
CDN$1.2 million.  The increase in stock-based compensation is a
result of options issued to all employees in lieu of salary
increases and as an incentive to retain personnel in a very
competitive Alberta labour market.  Options were also issued to
some employees as a bonus in respect of prior services.

At June 30, 2007, the company's consolidated balance sheet showed
CDN$6.5 million in total assets, CDN$4.2 million in total
liabilities, and CDN$2.3 million in total stockholders' equity.

As at June 30, 2007, the company had incurred accumulated losses
of CDN$49.9 million.

Full-text copies of the company's interim consolidated financial
statements for the quarter ended June 30, 2007, are available for
free at http://researcharchives.com/t/s?233d

                       Going Concern Doubt

BDO Dunwoody LLP's audit report on Genoil Inc. is expressed in
accordance with Canadian reporting standards which do not permit
reference to conditions and events which cast substantial doubt
about the company's ability to continue as a going concern when
these are adequately disclosed in the financial statements.  

As at Dec. 31, 2006, the company has incurred a loss of
CDN$13.9 million for the year and has accumulated losses of
CDN$43.8 million since inception.  The ability of the company to
continue as a going concern is in substantial doubt and is
dependent on achieving profitable operations, commercializing its
upgrader technology, and obtaining the necessary financing in
order to develop this technology further.

                         About Genoil Inc.

Headquartered in Calgary, Canada, Genoil Inc. (OTC BB: GNOLF.OB)
(CDNX: GNO.V) -- http://www.genoil.net/-- is an international   
engineering technology development company focused on providing
innovative solutions to the oil and gas industry through the use
of proprietary technologies.  The company's business activities
are primarily directed to the development and commercialisation of
its upgrader technology, which is designed to economically convert
heavy crude oil into light synthetic crude.


GREAT PANTHER: Posts CDN$4.5 Mil. Net Loss in Qtr. Ended June 30
----------------------------------------------------------------
Great Panther Resources Limited reported a net loss of
CDN$4.5 million in the second quarter ended June 30, 2007, an
increase from the CDN$3.0 million reported in the same period last
year, mainly due to increases in general and administrative
expense, mineral property exploration expenditures, and
amortization and depletion of mineral properties, plant and
equipment, partly offset by higher mineral sales.

Gross revenue rose to CDN$3.2 million from CDN$959,062.  This
increase can largely be attributed to the increase in production
at both the Topia and Guanajuato mines.  For the three months
ended June 30, 2007, combined output at Topia and Guanajuato was
310,350 silver equivalent ounces (Ag Eq oz.), compared to 138,658
for the same period in 2006.  

Gross revenue during the second quarter 2007 decreased by
CDN$318,237 compared to the first quarter ended March 31, 2007.  
This marginal decrease can be attributed to a 2.5% decrease in
total output from the two mines.  During the quarter, the areas
surrounding the two mine sites experienced power outages and as a
result, production at both the Topia and Guanajuato plants was
interrupted.  

Throughput at Topia was also impacted by labour shortages due to
extended statutory holidays and other civic celebrations specific
to the municipality.  These holidays and celebrations resulted in
additional closures of the plant which impacted the quarterly
production.  Total throughput for the Topia and Guanajuato
operations for FY07-Q2 was 55,810 tonnes compared to 57,922 tonnes
for FY07-Q1.

For the three months ended June 30, 2007, output at Topia and
Guanajuato was 310,350 silver equivalent ounces (Ag Eq oz)
compared to 318,443 for the previous quarter.  This marginal
decrease can be largely attributed to the decrease in throughput
as noted above.  Ore with higher quality head grades partially
offset the decreased production levels.  

Cash cost of sales rose to CDN$2.2 million, from CDN$738,227.  The
increase in cost of sales is due to increased production at both
the Topia and Guanajuato operations.

For the three months ended June 30, 2007, amortization and
depletion of mineral properties, plant and equipment increased  
CDN$546,334 as compared with the corresponding periods in 2006.  
The increase is primarily due to the fact that the Guanajuato
plant facilities, building and plant rehabilitation expenditures
were not in service during the first half of 2006 and as such, no
amortization expense was recognized during that period.

Exploration costs increased to CDN$2.1 million for three months
ended June 30, 2007, compared to $848,972 for the three months
ended June 30, 2006.  

General and administrative expenses ("G&A") were CDN$2.3 million
for the three months ended June 30, 2007, compared to
CDN$2.0 million for the same period in 2006.  The company incurred
a foreign exchange loss, included in G&A, of CDN$981,668, an
increase of CDN$728,748 compared to the same three-month period
ended June 30, 2006.  

       Cash Balances and Investing and Financing Activities

The company had a cash (and cash equivalents) balance of
CDN$2.4 million as at June 30, 2007, as compared to
CDN$9.2 million as at Dec. 31, 2006.  This decrease is largely
attributed to expenses incurred in exploration and the purchase of
capital assets.  

For the three months ended June 30, 2007, the company had a net
cash outflow from investing activities, for purchase of capital
assets, of approximately CDN$2.0 million.

For the three months ended June 30, 2007, the company raised
proceeds of CDN$442,823 through the exercise of warrants and
CDN$87,750 through the exercise of options.

The company made repayments of long-term debt during the three
months ended June 30, 2007, of CDN$232,710.

At June 30, 2007, the company's consolidated balance sheet showed
CDN$26.7 million in total assets, CDN$4.5 million in total
liabilities, and CDN$22.2 million in total stockholders' equity.

During the six months ended June 30, 2007, the company used cash
for operations of approximately CDN$5.0 million.  As at June 30,
2007, the company had an accumulated deficit of approximately
CDN$33.4 million.

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2007, are available for
free at http://researcharchives.com/t/s?2331

                       Going Concern doubt

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

                       About Great Panther

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


HILB ROGAL: Moody's Affirms then Withdraws Ba2 Ratings
------------------------------------------------------
Moody's Investors Service affirmed and withdrew the Ba2 ratings on
the senior secured credit facilities of Hilb, Rogal & Hobbs
Company.  HRH announced plans to refinance these facilities.
Moody's has withdrawn the ratings for business reasons.

The last rating action on HRH occurred on April 27, 2006, when
Moody's assigned the ratings to the current credit facilities.

HRH, based in Glen Allen, Virginia, ranks among the eight largest
US insurance brokers, with over 120 offices throughout the US and
internationally.  HRH primarily helps US middle-market accounts to
manage their risks in property & casualty, employee benefits,
professional liability and other areas of specialized exposure.  
HRH reported total revenues of $398 million and net income of $47
million for the first six months of 2007.  Shareholders' equity
was $665 million as of June 30, 2007.


HOMEBANC CORP: NYSE to Remove Stocks Listing on September 17
------------------------------------------------------------
On Sept. 6, 2007, Paras Madho, director of the New York Stock
Exchange Inc., filed with the Securities and Exchange Commission
a Form 25 notification of the removal from listing or
registration under Section 12(b) of the Securities Exchange Act
of 1934.

NYSE intends to remove the entire class of HomeBanc Corp.'s
common stock and the 10% Series A Cumulative Redeemable preferred
stock from listing and registration on the NYSE at the opening of
business on September 17, 2007.

Mr. Madho says that the Securities are no longer suitable for
continued listing and trading on the Exchange.  The decision to
suspent HomeBanc's Securities was reached in view of the
"abnormally low" trading price of its common stock, which closed
at $0.30 on August 3, 2007.

While the company had only on August 3 triggered the NYSE's
continued listing standard for minimum share price, by virtue of
the fact that the average closing price of its common stock is
now less than $1 over a consecutive 30 trading day period, NYSE
Regulation has determined that the "abnormally low" price of the
stock makes it appropriate to suspend HomeBanc's Securities at
this time rather than provide the company an opportunity to cure
the price deficiency, Mr. Madho discloses.

HomeBanc had a right to appeal to the Committee for Review of the
Board of Directors of NYSE Regulation within 10 business days of
receiving notice of delisting determination.  The company did not
file a request within the specified time period, Mr. Madho notes.

As a result of these conditions, the Securities were suspended
from trading on August 3, 2007.

Headquartered in Atlanta, Ga., HomeBanc Mortgage Corporation --
http://www.homebanc.com/-- is a mortgage banking company focused    
on originating primarily prime purchase money residential mortgage
loans in the Southeast United States.  

HomeBanc Mortgage together with five affiliates filed for chapter
11 protection on Aug. 9, 2007 (Bankr. D. Del. Case Nos. 07-11079
through 07-11084).  Joel A. Waite, Esq., at Young, Conaway,
Stargatt & Taylor was selected by the Debtors to represent them
in these cases.  The Debtors' financial condition as of June 30,
2007, showed total assets of $5,100,000,000 and total liabilities
of $4,900,000,000.

The Debtors' exclusive period to file a plan ends on Dec. 7, 2007.
(HomeBanc Bankruptcy News, Issue No. 5; Bankruptcy Creditors'
Services Inc. http://bankrupt.com/newsstand/or 215/945-7000).  


HOMEBANC CORP: Wants Servicing Rights Sale Protocol Approved
------------------------------------------------------------
HomeBanc Corp. and its debtor-affiliates ask the U.S. Bankruptcy
Court for the District of Delaware to:

   a) approve the procedures with respect to their proposed sale
      of some or all of their mortgage loan servicing rights;

   b) authorize the sale free and clear of liens, claims,
      encumbrances and interests pursuant to certain purchase
      agreement;

   c) approve any purchase agreement; and

   d) approve the assumption and assignment of certain executory
      contracts, as necessary, in connection with the sale.

Subject to consent of their servicing lenders, the Debtors have
the
necessary resources from the use of their cash collateral to
maintain and operate their servicing rights through a sale.  On
Aug. 30, 2007, the Court entered an interim order approving, on
an interim basis, the Debtors' debtor-in-possession postpetition
financing from certain servicing lenders -- the DIP Lenders --
to be used to finance expenses should the cash collateral prove
inadequate.

As part of the servicing lenders' consent to the use of their
cash collateral, and as a condition to the DIP Financing provided
by the DIP Lenders, before the consummation of the sale of the
servicing rights, the Debtors are required to provide to JPMorgan
Chase Bank, N.A., or its affiliates, to become the subservicer of
the servicing business.  

The Debtors have yet to determine the bid deadline as well as the
auction date.

If a qualified bid by a qualified bidder is received by the bid
deadline, an auction will be held at the offices of Young Conaway
Stargatt & Taylor, LLP, at 1000 Weest Street, 17th Floor, in
Wilmington, Delaware,

To participate in the auction, qualified bidders must be able to
submit a minimum deposit of 10% of the total purchase price.  

The Debtors propose a sale hearing to be held Oct. 1, 2007.  
Objections are due five days before the sale hearing.  Additional
objections related to the identity of a successful bidder will
be permitted following the identification of the party.

Headquartered in Atlanta, Ga., HomeBanc Mortgage Corporation --
http://www.homebanc.com/-- is a mortgage banking company focused    
on originating primarily prime purchase money residential mortgage
loans in the Southeast United States.  

HomeBanc Mortgage together with five affiliates filed for chapter
11 protection on Aug. 9, 2007 (Bankr. D. Del. Case Nos. 07-11079
through 07-11084).  Joel A. Waite, Esq., at Young, Conaway,
Stargatt & Taylor was selected by the Debtors to represent them
in these cases.  The Debtors' financial condition as of June 30,
2007, showed total assets of $5,100,000,000 and total liabilities
of $4,900,000,000.

The Debtors' exclusive period to file a plan ends on Dec. 7, 2007.
(HomeBanc Bankruptcy News, Issue No. 5; Bankruptcy Creditors'
Services Inc. http://bankrupt.com/newsstand/or 215/945-7000).


INDYMAC ABS: Fitch Junks Ratings on $266.5 Million Certificates
---------------------------------------------------------------
Fitch Ratings has downgraded these IndyMac ABS Inc., mortgage
pass-through certificates.  The downgrades total $266.5 million.  
Break Loss percentages and Loss Coverage Ratios for each class,
rated 'B' or higher, are included with the rating actions as:

IndyMac, Series INDS-2006 A

  -- $155.5 million class A downgraded to 'A-' from 'AAA' (BL:
     53.57, LCR: 1.43)

  -- $19.2 million class M-1 downgraded to 'BBB' from 'AA+'
     (BL: 46.28, LCR: 1.23)

  -- $21 million class M-2 downgraded to 'BB' from 'AA' (BL:
     38.31, LCR: 1.02)

  -- $9 million class M-3 downgraded to 'BB-' from 'AA-' (BL:
     34.86, LCR: 0.93)

  -- $8.1 million class M-4 downgraded to 'B+' from 'A+' (BL:
     31.73, LCR: 0.84)

  -- $8.6 million class M-5 downgraded to 'B' from 'A' (BL:
     28.36, LCR: 0.75)

  -- $7.2 million class M-6 downgraded to 'C' from 'A-' and
     assigned a Distressed Recovery (DR) rating of 'DR6';

  -- $6.1 million class M-7 downgraded to 'C' from 'A-' and
     assigned a DR rating of 'DR6';

  -- $5.7 million class M-8 downgraded to 'C' from 'BBB+' and
     assigned a DR rating of 'DR6';

  -- $6.8 million class M-9 downgraded to 'C' from 'BBB' and
     assigned a DR rating of 'DR6';

  -- $8.1 million class M-10 downgraded to 'C' from 'BBB-' and
     assigned a DR rating of 'DR6';

  -- $4.9 million class B-1 downgraded to 'C' from 'BB-' and
     assigned a DR rating of 'DR6';

  -- $1.8 million class B-2 downgraded to 'C' from 'B+' and
     assigned a DR rating of 'DR6';

  -- $3.8 million class B-3 downgraded to 'C' from 'B+' and
     assigned a DR rating of 'DR6';

Deal Summary

  -- Originators: IndyMac (100%);
  -- 60+ day Delinquency: 10.29%;
  -- Realized Losses to date (% of Original Balance): 6.51%;
  -- Expected Remaining Losses (% of Current Balance): 37.58%;
  -- Cumulative Expected Losses (% of Original Balance):
     33.57%.

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 LCR's 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.  Also, with regard to subprime
second lien transactions, ratings on bonds expected to pay off
within 36 months are affirmed.


INDYMAC SPMD: Fitch Cuts Ratings on 11 Certificate Classes
----------------------------------------------------------
Fitch Ratings has affirmed 6 classes and downgraded 11 classes
from these IndyMac SPMD issues:

Series 2000-B Group1

  -- Class AF1 affirmed at 'AAA';
  -- Class MF1 downgraded to 'BB' from 'BBB';
  -- Class MF2 downgraded to 'C/DR4' from 'CC/DR3'.

Series 2000-B Group 2

  -- Class MV1 affirmed at 'AA';
  -- Class MV2 downgraded to 'B' from 'A';
  -- Class BV remains at 'CCC/DR1'.

Series 2003-A Group 1

  -- Classes AF-4, AF-5 affirmed at 'AAA';
  -- Class MF-1 downgraded to 'A+' from 'AA';
  -- Class MF-2 downgraded to 'BBB+' from 'A';
  -- Class BF downgraded to 'BB' from 'BBB';

Series 2003-A Group 2

  -- Class AV-2 affirmed at 'AAA';
  -- Class MV-1 affirmed at 'AA';
  -- Class MV-2 downgraded to 'A' from 'A+';
  -- Class MV-3 downgraded to 'BBB+' from 'A';
  -- Class MV-4 downgraded to 'BBB' from 'A-';
  -- Class MV-5 downgraded to 'B' from 'BBB+';
  -- Class BV downgraded to 'CCC' from 'BBB-' and assigned a DR
     rating of 'DR2'.

For each of the above series, Group 1 of the above trusts consists
primarily of fixed rate mortgages and Group 2 consists primarily
of adjustable rate mortgages extended to sub-prime borrowers on
one- to four-family residential properties and certain other
property and assets.

The affirmations affect approximately $49.4 million in outstanding
certificates and reflect satisfactory relationships of credit
enhancement to future loss expectations.

The downgrades reflect deterioration in the relationship between
CE and future loss expectations and affect approximately $12.5
million in outstanding certificates.  All of the transactions are
generally experiencing monthly losses that exceed the available
excess spread, resulting in substantial deterioration of
overcollateralization and preventing the OC from maintaining its
target amount.  The OC of each transaction is below the target
amount.

Approximately 34.4% of the current collateral balance for series
2000-B Group 1 is more than 60 days delinquent.  This includes
foreclosures and real estate owned (REO) of 8.1% and 7%,
respectively.  The credit enhancement for the A and MF1 classes is
77.41%, 21.66%, and the MF2 class currently has no credit
enhancement available.  36.1% of the current collateral balance
for Group 2 is more than 60 days delinquent.  This includes
foreclosures and real estate owned (REO) of 16.7% and 4.8%,
respectively.

The credit enhancement for the MV1, MV2 and BV classes is 25.76%,
13.50% and 6.69% respectively.  For the above transactions the
overcollateralization has been below the target amount for the
past year.  Cumulative losses as a percent of the original
collateral balance for Group1 and Group2 are 7.82 and 4.59%
respectively.

For series 2003-A Group 1, approximately 14.8% of the current
collateral balance is more than 60 days delinquent.  This includes
foreclosures and real estate owned of 3.3% and 4.4%, respectively.  
The credit enhancement for the A, MF-1, MF-2 and BF classes is
19.30%, 10.46%, 6.53% and 3.42%, respectively. For Group 2,
approximately 21.2% of the current collateral balance is more than
60 days delinquent.  This includes foreclosures and real estate
owned of 12.7% and 2.5%, respectively.  The credit enhancement for
the MV-1, MV-2, MV-3, MV-4, MV-5 and BV classes is 14%, 9.66%,
7.40%, 5.70% and 4.01% and 1.75, respectively.  The OC is
currently below target. Cumulative losses as a percent of the
original collateral balance for Group1 and Group2 are 1.86 and
3.84% respectively.

IndyMac Bank, FSB, rated 'RPS2+' by Fitch, will act as Servicer
for the above transactions.


ITC^DELTACOM INC: June 30 Balance Sheet Upside-Down by $123.8 Mil.
------------------------------------------------------------------
ITC^DeltaCom Inc. reported total assets of $409.3 million and
total liabilities of $458.3 million at June 30, 2007, resulting in
a $123.8 million total stockholders' deficit.

The company reported a net loss of $14.5 million and net earnings
before interest, taxes, depreciation and amortization (EBITDA) of
$18.8 million for the quarter ended June 30, 2007.  This compares
with a net loss of $11.7 million and EBITDA of $16.3 million for
the same period last year.

The company reported total operating revenues of $123.6 million in
the three months ended June 30, 2007, compared with total oerating
revenues of $123.8 million in the same period last year.

"We continue to see strong demand in the market for our flagship
products, including our Simpli-Business product, which provides a
simple yet comprehensive solution to our customers' networking
requirements," said Randall E. Curran, ITC^DeltaCom's chief
executive officer.  "We’re pleased to report continued growth
in our core integrated local revenues as we continue to expand our
retail and wholesale product sets to meet that demand."

Among its operating highlights for the second quarter,  
ITC^DeltaCom:

  -- Increased EBITDA to $18.8 million, a 16% increase over the
     second quarter of 2006;

  -- Reported continued improvement in gross margin, as cost of
     services and equipment, excluding depreciation and
     amortization, were reduced from 51.5% percent of total
     revenue for the second quarter of 2006 to 47.5% of total
     revenue for the second quarter of 2007;
           
  -- Increased business local, data and internet revenues for the
     fifth consecutive quarter, with an increase of $2.1 million,
     or 3%, over the first quarter of 2007 and an increase of
     $4.9 million, or 7%, over the second quarter of 2006;

  -- Reported net growth in billable retail business voice lines
     in service for the seventh consecutive quarter, ending the
     quarter with 405,721 voice lines in service;
            
  -- Grew core, facilities-based retail business voice lines in
     service by approximately 7,100 lines, representing an
     annualized growth rate of approximately 9%;

  -- Increased the percentage of retail business voice lines for
     which service is provided on the company's own network to   
     78%, up from 72% at the end of the second quarter of 2006;
            
  -- Generated $10.7 million in unlevered free cash flow, a 44%
     increase over the first quarter of 2007.  Unlevered free cash
     flow is defined by ITC^DeltaCom as net cash provided by
     operating activities, less capital expenditures, changes in
     accrued capital-related costs and equipment purchased through
     capital leases plus interest expense net of interest income.

"The second quarter of 2007 represents our strongest quarterly
EBITDA results in two and a half years," said Richard E. Fish,
executive vice president and chief financial officer.  "We’ve seen
steady growth in our core integrated local revenues, while
improving financial performance on an EBITDA and unlevered free
cash flow basis through efforts to optimize our network and
increase operating efficiencies."

                 Refinancing and Liquidity Update

On July 31, 2007, the company completed transactions in which it
refinanced or retired substantially all of its outstanding funded
debt primarily with the proceeds of new senior secured credit
facilities, eliminated all series of its previously authorized
preferred stock and substantially all related stock warrants
principally in exchange for common stock, and raised additional
funds from sales of its capital stock.   Upon the completion of
the transactions, the company had outstanding funded debt under
new senior secured credit facilities in the aggregate principal
amount of $305 million, a $10 million available but unutilized
revolving credit facility and approximately $50 million in
unrestricted cash.

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2007, are available for
free at http://researcharchives.com/t/s?2337

                    About ITC^DeltaCom Inc.

Headquartered in Huntsville, Alabama, ITC^DeltaCom Inc. (OTC BB:
ITCD.OB) -- http://www.deltacom.com/-- provides, through its  
operating subsidiaries, integrated telecommunications and
technology services to businesses and consumers in the
southeastern United States.  ITC^DeltaCom has a fiber optic
network spanning approximately 15,800 route miles, including more
than 11,800 route miles of owned fiber, and offers a comprehensive
suite of voice and data communications services, including local,
long distance, broadband data communications, Internet
connectivity, and customer premise equipment to end-user
customers.


IWT TESORO: KMA Capital Co-Sponsors Plan of Reorganization
----------------------------------------------------------
KMA Capital Partners Inc. would be the co-sponsor of a plan with
management to reorganize and refinance IWT Tesoro Corporation.

Due to the housing market slow down and other related business
factors, Tesoro has witnessed a considerable slowing in its
business.  This has caused Tesoro's management to take certain
preemptive actions to continue company operations.  The board of
directors of Tesoro, and its subsidiaries, decided to file a
voluntary petition for reorganization under Chapter 11 of the
United States Bankruptcy Code.

"This reorganization is in the best interest of the company, its
employees, customers, creditors, and shareholders," said Henry J.
Boucher, Jr., CEO of Tesoro.

"We see Tesoro as having a solid operations core.  The Tesoro
business was one of many caught in the recent housing downturn,
only they were in the process of expanding. In conjunction with
Tesoro's management, KMA Capital has the expertise to get this
company properly realigned and moving forward again with a proper
financial structure," Doug Calaway, president/CEO of KMA Capital
Partners Inc., stated.

Headquartered in New York City, IWT Tesoro Corporation fka Ponca
Acquisition Company  -- http://www.iwttesoro.com/-- (OTCBB:IWTT)  
is a wholesale distributor of building materials, specifically
hard floor and wall coverings.  The company do not sell directly
to any end user.  The company's products consist of ceramic,
porcelain and natural stone floor, wall and decorative tile.  They
import a majority of these products from suppliers and
manufacturers in Europe, South America, and the Near and Far East.  
Their markets include the United States and Canada.  They also
offer private label programs for branded retail sales customers,
buying groups, large homebuilders and home center store chains.  
The company and its Debtor-affiliates filed for Chapter 11
protection on Sept. 6, 2007, (Bankr. S.D. NY Case No.: 07-12841
thru  07-12848).  Dawn K. Arnold, Esq. and Jonathan S. Pasternak,
Esq. of Rattet, Pasternak & Gordon-Oliver L.L.P. represent the
Debtors in their restructuring efforts.  When the Debtors filed
for protection from their creditors, they listed total assets of
$39,798,579 and total debts of $47,940,983.


JULEE POLLOCK: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Julee Rebecca Pollock
        5840 Secrest Drive
        Austin, TX 78759

Bankruptcy Case No.: 07-11688

Chapter 11 Petition Date: September 7, 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
   ------                      ---------------       ------------
N.C.L.I.                                               $2,763,119
P.O. Box 787
Caddo Mills, TX 75135

DeNucci, Paul                  Investor Claim            $684,224
c/o Anthony Romano, P.C.
12325 Hymeadow Drive
Building 1, Suite 102
Austin, TX 78750

Rumbo, Jim                                               $504,697
9821 Westiminister Glen
Avenue
Austin, TX 78730                 

Butch, Pastor                                            $438,092
P.O. Box 301
Caddo Mills, TX 75135

Garrett, Richard                                         $419,096
11401 Catolonia Drive
Austin, TX 78759

Green, Ralph & Marilyn                                   $383,132
6844 Brandy Lane
Quilan, TX 75474

Internal Revenue Service       Federal Income Taxes      $250,000
P.O. Box 21126
Philadelphia, PA 19114

Green, Ralph & Marilyn                                   $250,000
6844 Brandy Lane                                    
Quilan, TX 75474                                        

Kester, Mary                                             $237,000

Saucler, Timothy G.                                      $236,000

Cardwell, Jeff                                           $234,784

Burke, Dennis                                            $169,428

Meisenheimer, Ernest &                                   $151,021
Barbara

Tuntland, David                                          $150,000

Rumbo, Nancy                                             $132,376

Ortega, Judy                                             $130,000

Williams, Lee & Betty                                    $112,000

Morgan, Jeff                                             $100,000

Kennard, Jackquelyn                                       $94,800

Bruton, Monty                                             $88,505


KELLWOOD CO: Low Sales Expectations Cue Moody's Ratings Review
--------------------------------------------------------------
Moody's Investors Service placed all ratings of Kellwood Company
under review for a possible downgrade.  The LGD assessments are
subject to change.

The review for downgrade follows Kellwood's recent announcement
that it has lowered expectations for sales and operating earnings
for the remainder of the current fiscal year.  Moody's previous
negative outlook reflected concerns on sustainability of operating
margins and financial metrics that were weak for the Ba2 rating
category.  Moody's notes the company has full access to its
committed revolving credit facility and cash balances of about
$129 million thus liquidity is considered to remain adequate.

Moody's review will focus on the company's strategies to arrest
weakness in sales and erosion in operating margins, execution and
costs associated with the proposed reorganization of it women's
sportswear business and refocusing of the Phat Farm business as
well as the company's continuing acquisition strategies.  The
review will also consider ongoing financial policies and
priorities for use of its cash balances noting the company has
also established a $50 million share repurchase program.

These ratings were placed under review:

-- Corporate Family Rating and Probability of Default Rating:
    Ba2

-- $140 million debentures due July, 2009: Ba3 [LGD 5 - 70%]

-- $130 million debentures due October, 2017: Ba3 [LGD 5 -
    70%]

Headquartered in St Louis, Missouri, Kellwood is a designer and
distributor of women's and men's sportswear, infant apparel and
recreational camping products across multiple channels of
distribution.  The company had sales of about $2 billion in the
year ending Feb. 3, 2007.


LA MANSION: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: La Mansion Store, Inc.
        4480 North, 43rd avenue
        Phoenix, AZ 85031

Bankruptcy Case No.: 07-04511

Type of business: The Debtor sells furniture.

Chapter 11 Petition Date: September 10, 2007

Court: District of Arizona (Phoenix)

Judge: Charles G. Case II

Debtor's Counsel: Thomas H. Allen, Esq.
                  Allen, Sala & Bayne, P.L.C.
                  Viad Corporate Center
                  1850 North Central Avenue, Suite 1150
                  Phoenix, AZ 85004
                  Tel: (602) 256-6000

Estimated Assets: $1 Million to $100 Million

Estimated Debts:  $100,000 to $1 Million

Debtor's 20 Largest Unsecured Creditors:

   Entity                      Nature of Claim       Claim Amount
   ------                      ---------------       ------------
West Highland Shopping S.V.N.  C.A.M. charges            $140,000
Management
2525 East Camelback Road,
Suite 550
Phoenix, AZ 85016

Good Companies, Inc.           trade debt                 $55,277
c/o Scott D. Pinsky, Esq.
100 Oceangate, Suite 1200
Long Beach, CA 90802

Kaufman Properties                                        $50,000
c/o Rick D. Sherman
402 West Roosevelt, Suite J
Phoenix, AZ 85003

Arizona Department of Revenue  Sales taxes                $40,000
Bankruptcy & Litigation

Cox Communications             services                   $37,370

Sandberg Furniture             goods and services         $30,000

Navistar Financial Corp.       1999 Kenworth              $27,540
                               truck

Univision                      trade debt                 $17,250

Noble Distributors             trade debt                 $16,736

Jofran                         trade debt                 $14,483

Kaufman Properties             rent                       $12,402

Galbut & Hunter                trade debt                 $12,200

Orleans Furniture, Inc.        trade debt                 $11,703

Telemundo                      services                    $9,499

Palmer Wholesale Decor         trade debt                  $8,059

La Voz Publishing              trade debt                  $7,957

Vicky's Furniture, Inc.        trade debt                  $7,629

Montage Furniture Services     trade debt                  $7,592

Meadowbrook                    trade debt                  $7,422

Babine Lake Corp.              trade debt                  $5,663


MERRILL LYNCH: Fitch Cuts Ratings on $171.4 Million Certificates
----------------------------------------------------------------
Fitch Ratings has taken rating actions on Merrill Lynch mortgage
pass-through certificates.  Downgrades total $171.4 million.  
Break Loss percentages and Loss Coverage Ratios for each class,
rated B or higher, are included with the rating actions as:

Merrill Lynch Mortgage Investors 2006-SL2

  -- $105.1 million class A downgraded to 'BBB+' from 'AAA'
     (BL: 49.91, LCR: 1.3);

  -- $12.6 million class M-1 downgraded to 'BBB-' from 'AA+'
     (BL: 42.70, LCR: 1.11);

  -- $12.3 million class M-2 downgraded to 'BB-' from 'AA' (BL:
     35.64, LCR: 0.93);

  -- $4.9 million class M-3 downgraded to 'B+' from 'AA-' (BL:
     32.76, LCR: 0.85);

  -- $5.9 million class M-4 downgraded to 'B' from 'A+' (BL:
     29.28, LCR: 0.76);

  -- $5.2 million class M-5 downgraded to 'C' from 'A' and
     assigned a Distressed Recovery rating (DR) of 'DR6';

  -- $4.8 million class M-6 downgraded to 'C' from 'A-' and
     assigned a DR rating of 'DR6';

  -- $4.9 million class M-7 downgraded to 'C' from 'BBB+' and
     assigned a DR rating of 'DR6';

  -- $4.3 million class M-8 downgraded to 'C' from 'BBB' and
     assigned a DR rating of 'DR6';

  -- $3.6 million class M-9 downgraded to 'C' from 'BBB-' and
     assigned a DR rating of 'DR6';

  -- $3.6 million class B-1 downgraded to 'C' from 'B+' and
     assigned a DR rating of 'DR6';

  -- $3.6 million class B-2 downgraded to 'C' from 'B' and
     assigned a DR rating of 'DR6'.

Deal Summary

  -- Originators: Various Originators
  -- 60+ day Delinquency: 8%;
  -- Realized Losses to date (% of Original Balance): 5.23%;
  -- Expected Remaining Losses (% of Current Balance): 38.51%;
  -- Cumulative Expected Losses (% of Original Balance):
     32.00%.

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 LCR's 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.  Also, with regard to subprime
second lien transactions, ratings on bonds expected to pay off
within 36 months are affirmed.


MGM MIRAGE: Finalizes Deal with Kerzner and Istithmar
-----------------------------------------------------
MGM MIRAGE has entered into definitive agreements with Kerzner
International Holdings Limited and Istithmar Hotels FZE forming
their previously announced joint venture which will develop a
multi-billion dollar integrated resort property on the Las Vegas
Strip.

Under the terms of the agreement, MGM MIRAGE will provide the
land for the resort and Kerzner and Istithmar will provide cash
equity.  MGM MIRAGE, Kerzner and Istithmar will own 50 percent,
25 percent, and 25 percent, respectively of the newly formed
joint venture.

The land being contributed by MGM MIRAGE is being valued at
$20 million per acre.  The new integrated resort complex is
anticipated to be a multi-billion dollar project and will be
financed through equity contributions and third-party debt
financing.

The new resort will be designed for approximately 40 of the
78 acres of land owned by MGM MIRAGE, located on the corner of
Las Vegas Boulevard and Sahara Avenue.  Kerzner will lead the
planning and conceptualization of this project.  The joint venture
is expected to draw upon MGM MIRAGE's substantial presence and
experience in Las Vegas and Kerzner's experience in developing and
operating some of the world's most recognized and successful
destination resorts.

Sol Kerzner, Chairman and CEO of Kerzner International, observed:
"We are excited to be partnering with MGM and Istithmar to create
one of the most exciting integrated resort destinations in the
world on the Las Vegas Strip.  I expect that construction will
commence in the first half of 2009 and that we will open in 2012."

"This is the first step in creating a truly unique destination on
one of our premier sites on the Las Vegas Strip," said Terry
Lanni, Chairman and CEO of MGM MIRAGE.  "Our combined unmatched
development and operating experience will create a major
entertainment resort property which will further drive incremental
visitors to the Las Vegas Strip.  We look forward to working with
these two highly respected international partners."

Sultan Ahmed Bin Sulayem, Chairman of Dubai World said, "This
announcement . . . brings together three companies known for their
ability to elevate and change the face of global hospitality and
destination tourism.  MGM and Kerzner share our vision in creating
signature properties that will appeal to the global consumer and
create value for generations to come.  The Las Vegas market is one
which we firmly believe will continue to expand and attract
visitors from around the world.  We are proud to be partnering
with these fine organizations led by Sol and Terry."

                   About Kerzner International

Kerzner International Holding Limited -- http://kerzner.com/--  
through its subsidiaries, develops and operates destination
resorts, casinos and luxury hotels.  Kerzner's flagship brand is
Atlantis, which includes Atlantis, Paradise Island, a 3,700-room
ocean-themed destination resort in The Bahamas.  Kerzner also
manages six luxury resort hotels under the One&Only brand.  The
resorts are located in The Bahamas, Mexico, Mauritius, the
Maldives and Dubai.  Additional One&Only properties are currently
in the development stages in South Africa and Costa Rica.

                      About Istithmar Hotels

Istithmar Hotels FZE is a 100 per cent subsidiary of Istithmar
PJSC, Dubai World's investment company.  Istithmar's real estate
division brings together Istithmar's interests in commercial
property, hotels and resorts, the leisure sector and in retail.  
Istithmar's real estate division has a total enterprise value
which exceeds $9 billion across markets ranging from North America
to the Far East.

Dubai World is a Government of Dubai decree entity which manages
and supervises a portfolio of businesses and projects for the
Dubai Government, working towards making Dubai a leading hub for
trade and commerce.  Dubai World is wholly owned by the Government
of Dubai.

                        About MGM MIRAGE

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


                          *     *     *

As reported in the Troubled Company Reporter on August 27, 2007,
Moody's Investors Service changed MGM MIRAGE's rating outlook to
stable from negative and affirmed all existing ratings, including
its "Ba2" corporate family rating and speculative grade liquidity
rating of SGL-3.


MIDDLEBROOK PHARMA: Posts $9.5 Mil. Net Loss in Qtr. Ended June 30
------------------------------------------------------------------
MiddleBrook Pharmaceuticals Inc., fka. Advancis Pharmaceuticals
Corp., reported a net loss of $9.5 million for the second quarter
ended June 30, 2007, down from a net loss of $13.7 million in the
first quarter of 2007 and a net loss of $10.7 million in the
second quarter of 2006.  Net loss for the first six months of 2007
was $23.1 million, compared to a net loss of $18.3 million in the
first six months of the prior year.

MiddleBrook reported second quarter 2007 revenue of $2.7 million,
up from revenue of $1.8 million in the first quarter of 2007 and
from $336,357 in the second quarter of 2006.  Revenue for the
first six months of 2007 increased to $4.5 million, from revenue
of $1.2 million for the first six months of 2006.  Increased
product sales were mainly attributable to the company’s Keflex 750
mg strength capsules which were launched during the second half of
2006.

"We are currently focused on advancing our Amoxicillin PULSYS NDA
through the FDA review process in anticipation of FDA action by
the end of January of next year," stated Edward M. Rudnic, Ph.D.,
president and chief executive officer of MiddleBrook.  "Also, we
have been active in exploring potential strategic alternatives, as  
directed by our board of directors, and will continue to earnestly
engage in this ongoing effort."

The balance sheet at the end of the second quarter of 2007
reflected $12.2 million of unrestricted cash, cash equivalents and
marketable securities, compared to $6.0 million as of March 31,
2007, and $20.9 million as of June 30, 2006.  During the second
quarter of 2007, MiddleBrook completed a private placement of
equity resulting in approximately $22.4 million of net proceeds to
the company.  MiddleBrook’s existing credit facility requires that
the company maintain a minimum balance of $5 million of cash, cash
equivalents, and marketable securities.

At June 30, 2007, the company's consolidated balance sheet showed
$40.2 million in total assets, $27.7 million in total liabilities,
and $12.5 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://researcharchives.com/t/s?233b

                       Going Concern Doubt

As reported in the Troubled Company Reporter on April 4, 2007.
PricewaterhouseCoopers LLP expressed substantial doubt about
Advancis Pharmaceutical Corporation's ability to continue as a
going concern after auditing the company's financial statements
for the years ended Dec. 31, 2006, and 2005.  PwC pointed to the
company's recurring losses from operations and insufficient
liquidity to fund its ongoing operations.

                About Middlebrook Pharmaceuticals   

Headquartered in Germantown, Maryland, MiddleBrook Pharmaceuticals
Inc. formerly Advancis Pharmaceutical Corporation, (NasdaqGM:
MBRK) -- http://www.middlebrookpharma.com/-- is a pharmaceutical  
company focused on the development and commercialization of anti-
infective drug products that fulfill substantial unmet medical
needs in the treatment of infectious disease.  The company is
developing a portfolio of anti-infective drugs based on its novel
biological finding that bacteria exposed to antibiotics in front-
loaded staccato bursts, or "pulses," are killed more efficiently
and effectively than those under standard treatment regimens.  
Based on this finding, MiddleBrook has developed a proprietary,
once-a-day pulsatile delivery technology called PULSYSTM.


NASDAQ STOCK: Defers Deadline for Bidders of 31% LSE Stake
----------------------------------------------------------
The September 7 deadline of Nasdaq Stock Market Inc. didn't entice
potential buyers to bid for the company's 31% stake in the London
Stock Exchange, instigating Nasdaq to defer the deadline this
week, various sources report.

As reported in the Troubled Company Reporter on Sept. 5, 2007,
Nasdaq set Friday, Sept. 7, 2007, as deadline for interested
parties to submit their bids for the sale of the company's
$1.71 billion stake in the London Stock Exchange.

A number of institutions have unofficially contacted the LSE,
including state-owned investment firms of Qatar and Singapore, the
Australian Stock exchange, Deutsche Bourse and several Italian
investment funds.

Headquartered in New york City, The Nasdaq Stock Market Inc.
(Nasdaq: NDAQ) -- http://www.nasdaq.com/-- is an electronic    
equity securities market in the United States with about 3,200
companies.

                          *     *     *

In February 2007, Moody's Investors Service placed The NASDAQ
Stock Market Inc.'s long-term corporate family rating at Ba3 with
a negative outlook.  In November 2006, Standard & Poor's rated
the company's long-term local and foreign issuer credits at BB
with a stable outlook.  Both ratings still apply to date.


NOVASTAR 2004-3: Fitch Cuts Rating on Class B-4 Certs. to BB
------------------------------------------------------------
Fitch has taken rating actions on these mortgage pass-through
certificates for NovaStar 2004-3:

  -- Class A affirmed at 'AAA';
  -- Class M-1 affirmed at 'AA+';
  -- Class M-2 affirmed at 'AA+';
  -- Class M-3 affirmed at 'AA';
  -- Class M-4 affirmed at 'AA-';
  -- Class M-5 affirmed at 'A+';
  -- Class M-6 affirmed at 'A';
  -- Class B-1 affirmed at 'A-';
  -- Class B-2 affirmed at 'BBB+';
  -- Class B-3 affirmed at 'BBB-';
  -- Class B-4 downgraded to 'BB' from 'BBB-';

The collateral in the transaction consists of conforming and non-
conforming, fixed and adjustable rate mortgage loans, secured by
first and second liens on one- to four-family residential
properties.  All of the mortgage loans are originated and serviced
by Novastar Mortgage Inc. (currently rated 'RPS3+' by Fitch).

The affirmations reflect a stable relationship between credit
enhancement and expected losses, and affect approximately
$335.31 million in outstanding certificates.  The downgrades
reflect deterioration in the relationship between CE and expected
losses, and affect approximately $7.7 million in outstanding
certificates.

The overcollateralization amount has been off its target and
losses have exceeded excess spread for the past 6 months.  The 60+
delinquency amount (includes real estate owned, foreclosure, and
bankruptcy) is approximately 16.28%, and the losses to date are
approximately 1.22%.

All of the information is reflective as of the July 2007
distribution period.  


NOVASTAR MORTGAGE: Fitch Holds Ratings on $5.2 Billion Certs.
-------------------------------------------------------------
Fitch Ratings has taken these rating actions on Novastar mortgage
pass-through certificates.  Affirmations total $5.2 billion.  
Break Loss percentages and Loss Coverage Ratios for each class are
included with the rating actions as:

Novastar 2005-1

  -- $145.7 million class A affirmed at 'AAA' (BL: 80.06, LCR:
     19.10)

  -- $103.9 million class M1 affirmed at 'AA+' (BL: 56.86,
     LCR: 13.56)

  -- $39.9 million class M2 affirmed at 'AA' (BL: 48.53, LCR:
     11.57)

  -- $31.5 million class M3 affirmed at 'AA-' (BL: 41.90, LCR:
     9.99)

  -- $32.5 million class M4 affirmed at 'A+' (BL: 35.03, LCR:
     8.35)

  -- $29.4 million class M5 affirmed at 'A+' (BL: 28.82, LCR:
     6.87)

  -- $21 million class M6 affirmed at 'A' (BL: 22.97, LCR:
     5.48)

  -- $19.9 million class B1 affirmed at 'A-' (BL: 19.43, LCR:
     4.63)

  -- $18.9 million class B2 affirmed at 'BBB+' (BL: 15.47, LCR:
     3.69)

  -- $21 million class B3 affirmed at 'BBB' (BL: 10.98, LCR:
     2.62)

  -- $18.9 million class B4 affirmed at 'BBB-' (BL: 7.58, LCR:
     1.81)

Deal Summary

  -- Originators: Novastar (100%);
  -- 60+ day Delinquency: 15.86%;
  -- Realized Losses to date (% of Original Balance): 1.14%;
  -- Expected Remaining Losses (% of Current Balance): 4.19%;
  -- Cumulative Expected Losses (% of Original Balance): 2.15%.


Novastar 2005-2

  -- $349 million class A affirmed at 'AAA' (BL: 55.57. LCR:
     22.41)

  -- $89.1 million class M-1 affirmed at 'AA+' (BL: 40.59, LCR:
     16.38)

  -- $34.2 million class M-2 affirmed at 'AA+' (BL: 34.85, LCR:
     14.06)

  -- $27 million class M-3 affirmed at 'AA+' (BL: 30.28, LCR:
     12.22)

  -- $33.3 million class M-4 affirmed at 'AA' (BL: 12.35, LCR:
     4.98)

  -- $24.3 million class M-5 affirmed at 'AA-' (BL: 10.49, LCR:
     4.23)

  -- $13.5 million class M-6 affirmed at 'AA-' (BL: 15.76, LCR:
     6.36)

  -- $13.5 million class M-7 affirmed at 'A+' (BL: 14.24, LCR:
     5.75)

  -- $13.5 million class M-8 affirmed at 'A' (BL: 7.66, LCR:
     3.09)

  -- $13.5 million class M-9 affirmed at 'A-' (BL: 6.66, LCR:
     2.69)

  -- $18 million class M-10 affirmed at 'BBB+' (BL: 5.92, LCR:
     2.39)

  -- $18 million class M-11 affirmed at 'BBB-' (BL: 5.53, LCR:
     2.23)

Deal Summary

  -- Originators: Novastar (100%);
  -- 60+ day Delinquency: 11.39%;
  -- Realized Losses to date (% of Original Balance): 0.75%;
  -- Expected Remaining Losses (% of Current Balance): 2.48%;
  -- Cumulative Expected Losses (% of Original Balance): 1.65%.


Novastar 2005-4

  -- $651.2 million class A affirmed at 'AAA' (BL: 34.07, LCR:
     10.18)

  -- $47.2 million class M-1 affirmed at 'AA+' (BL: 28.89, LCR:
     8.63)

  -- $43.2 million class M-2 affirmed at 'AA+' (BL: 24.13, LCR:
     7.21)

  -- $28.8 million class M-3 affirmed at 'AA' (BL: 17.45, LCR:
     5.21)

  -- $21.6 million class M-4 affirmed at 'AA-' (BL: 16.60, LCR:
     4.96)

  -- $19.2 million class M-5 affirmed at 'A+' (BL: 15.32, LCR:
     4.58)

  -- $16 million class M-6 affirmed at 'A' (BL: 13.95, LCR:
     4.17)

  -- $14.4 million class M-7 affirmed at 'A' (BL: 12.18, LCR:
     3.64)

  -- $12.8 million class M-8 affirmed at 'A-' (BL: 10.62, LCR:
     3.17)

  -- $11.2 million class M-9 affirmed at 'BBB+' (BL: 9.32, LCR:
     2.78)

  -- $11.2 million class M-10 affirmed at 'BBB' (BL: 6.64, LCR:
     1.98)

Deal Summary

  -- Originators: Novastar (100%);
  -- 60+ day Delinquency: 9.51%;
  -- Realized Losses to date (% of Original Balance): 0.58%;
  -- Expected Remaining Losses (% of Current Balance): 3.35%;
  -- Cumulative Expected Losses (% of Original Balance): 2.69%.

Novastar 2006-1

  -- $628 million class A affirmed at 'AAA' (BL: 29.84, LCR:
     7.10)

  -- $78.3 million class M-1 affirmed at 'AA+' (BL: 20.44, LCR:
     4.86)

  -- $21.6 million class M-2 affirmed at 'AA' (BL: 15.02, LCR:
     3.57)

  -- $18.9 million class M-3 affirmed at 'AA' (BL: 13.65, LCR:
     3.25)

  -- $18.2 million class M-4 affirmed at 'A+' (BL: 12.25, LCR:
     2.91)

  -- $12.8 million class M-5 affirmed at 'A+' (BL: 11.17, LCR:
     2.66)

  -- $10.1 million class M-6 affirmed at 'A' (BL: 9.97, LCR:
     2.37)

  -- $8.7 million class M-7 affirmed at 'A-' (BL: 8.85, LCR:
     2.10)

  -- $7.4 million class M-8 affirmed at 'BBB+' (BL: 7.86, LCR:
     1.87)

  -- $8.7 million class M-9 affirmed at 'BBB' (BL: 5.55, LCR:
     1.32)


Deal Summary

  -- Originators: Novastar (100%);
  -- 60+ day Delinquency: 12.74%;
  -- Realized Losses to date (% of Original Balance): 0.66%;
  -- Expected Remaining Losses (% of Current Balance): 4.21%;
  -- Cumulative Expected Losses (% of Original Balance): 3.25%.


Novastar 2006-2

  -- $576.7 million class A affirmed at 'AAA' (BL: 28.67, LCR:
     6.00)

  -- $60.2 million class M-1 affirmed at 'AA' (BL: 20.26, LCR:
     4.24)

  -- $15.8 million class M-2 affirmed at 'AA' (BL: 13.77, LCR:
     2.88)

  -- $15.3 million class M-3 affirmed at 'AA-' (BL: 13.04, LCR:
     2.73)

  -- $13.7 million class M-4 affirmed at 'AA-' (BL: 12.10, LCR:
     2.53)

  -- $10.2 million class M-5 affirmed at 'A+' (BL: 11.33, LCR:
     2.37)

  -- $8.1 million class M-6 affirmed at 'A+' (BL: 10.63, LCR:
     2.22)

  -- $6.1 million class M-7 affirmed at 'A' (BL: 9.85, LCR:
     2.06)

  -- $10.2 million class M-8 affirmed at 'BBB+' (BL: 7.78, LCR:
     1.63)

  -- $8.1 million class M-9 affirmed at 'BBB-' (BL: 6.03, LCR:
     1.26)

  -- $5.1 million class M-10 affirmed at 'BB+' (BL: 5.94, LCR:
     1.24)

Deal Summary

  -- Originators: Novastar (100%);
  -- 60+ day Delinquency: 13.09%;
  -- Realized Losses to date (% of Original Balance): 0.34%;
  -- Expected Remaining Losses (% of Current Balance): 4.78%;
  -- Cumulative Expected Losses (% of Original Balance): 3.78%.


Novastar 2006-3

  -- $675.9 million class A affirmed at 'AAA' (BL: 28.29, LCR:
     4.94)

  -- $66.5 million class M-1 affirmed at 'AA+' (BL: 20.48, LCR:
     3.57)

  -- $18.1 million class M-2 affirmed at 'AA-' (BL: 14.98, LCR:
     2.61)

  -- $15.9 million class M-3 affirmed at 'AA-' (BL: 14.09, LCR:
     2.46)

  -- $15.9 million class M-4 affirmed at 'A+' (BL: 13.08, LCR:
     2.28)

  -- $11 million class M-5 affirmed at 'A-' (BL: 12.31, LCR:
     2.15)

  -- $9.3 million class M-6 affirmed at 'A-' (BL: 11.52, LCR:
     2.01)

  -- $7.1 million class M-7 affirmed at 'BBB+' (BL: 10.53, LCR:
     1.84)

  -- $9.3 million class M-8 affirmed at 'BBB' (BL: 8.89, LCR:
     1.55)

  -- $8.2 million class M-9 affirmed at 'BBB-' (BL: 6.83, LCR:
     1.19)

Deal Summary

  -- Originators: Novastar (100%);
  -- 60+ day Delinquency: 13.42%;
  -- Realized Losses to date (% of Original Balance): 0.41%;
  -- Expected Remaining Losses (% of Current Balance): 5.73%;
  -- Cumulative Expected Losses (% of Original Balance): 4.86%.

Novastar 2006-4

  -- $661.4 million class A affirmed at 'AAA' (BL: 27.54, LCR:
     4.92)

  -- $44.6 million class M-1 affirmed at 'AA+' (BL: 21.11, LCR:
     3.77)

  -- $29.2 million class M-2 affirmed at 'AA' (BL: 14.33, LCR:
     2.56)

  -- $15.8 million class M-3 affirmed at 'AA-' (BL: 13.54, LCR:
     2.42)

  -- $14.8 million class M-4 affirmed at 'A+' (BL: 12.61, LCR:
     2.25)

  -- $13.3 million class M-5 affirmed at 'A' (BL: 11.64, LCR:
     2.08)

  -- $8.2 million class M-6 affirmed at 'A-' (BL: 10.95, LCR:
     1.96)

  -- $8.2 million class M-7 affirmed at 'BBB+' (BL: 9.91, LCR:
     1.77)

  -- $6.1 million class M-8 affirmed at 'BBB+' (BL: 9.09, LCR:
     1.63)

  -- $7.6 million class M-9 affirmed at 'BBB' (BL: 7.83, LCR:
     1.4)

  -- $5.1 million class M-10 affirmed at 'BBB-' (BL: 6.90, LCR:
     1.23)

Deal Summary

  -- Originators: Novastar (100%);
  -- 60+ day Delinquency: 13.51%;
  -- Realized Losses to date (% of Original Balance): 0.14%;
  -- Expected Remaining Losses (% of Current Balance): 5.59%;
  -- Cumulative Expected Losses (% of Original Balance): 4.67%.

These transactions were placed on 'Under Analysis' on Aug. 21,
2007.  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.


NY STATE DORMITORY: Good Liquidity Cues Fitch to Hold BB Rating
---------------------------------------------------------------
Fitch Ratings has affirmed the 'BB' rating on approximately
$142.2 million New York State Dormitory Authority (Lenox Hill
Hospital Obligated Group) rev bonds ser 2001.  The Rating Outlook
has been revised to Stable from Negative.

The 'BB' rating affirmation and Outlook revision to Stable reflect
improvements in liquidity, profitability and cash flow, as well as
management's continued implementation of a turnaround plan.  
Ongoing credit strengths include LHH's strong reputation in key
clinical specialties and solid disclosure practices.  Primary
credit concerns include flat to declining volume trends,
challenges in recruiting physicians, and the competitive New York
City market.

LHH's liquidity improved to $123 million at fiscal 2006 (excluding
approximately $18 million drawn on a line of credit), which
equated to 76.6 days cash on hand, up from 68.6 days at fiscal
2005.  At the six months ended June 30, 2007, LHH's liquidity
improved to $140.8 million, equating to 94.9 days cash on hand,
reflecting continued improvements in cash flow and the sale of
real estate totaling $26 million.  LHH's operating margin
(excluding investment income and contributions included in other
revenue) improved to negative 3.7% in 2006 compared to 2005's
negative 6.3%, continuing a four-year trend in operating
profitability gains.

Earnings before interest, taxes, depreciation, and amortization
(EBITDA) show similar improvement, with EBITDA margin rising to
13% for 2006, up from the prior year's 3.4%.  Improvements were
sustained through the first six months of 2007, with operating and
EBITDA margins at negative 2.6% and positive 13.0%, respectively.  
The continued improvement in profitability is a direct result of
management's focus on cost controls, revenue collections,
physician recruitment, and managed care contract renegotiation.

Further balance sheet strengthening is expected over the near
term, as LHH retires a taxable mortgage in connection with the
sale of additional real estate.  Surplus proceeds of the
$55 million transaction will be used to reduce an outstanding line
of credit.  LHH has no significant plans for additional debt over
the next several years, but expects to utilize New York State's
Tax Exempt Leasing Program for $10 million to refinance two
taxable leases.

Discharges of LHH and Manhattan Eye, Ear, and Throat Hospital
(MEETH, a sponsored entity operated by LHH) declined to 34,248 in
fiscal 2006 from 35,162 in fiscal 2005, representing the third
straight year of declines.  Outpatient surgeries and clinic visits
also showed flat to declining trends from 2005 to 2006.  The
utilization trends point to LHH's physician needs. Management
indicates that they have had recent success in recruiting key
specialists to the hospital which should result in volume
improvements.  Through the six months ended June 30, 2007, LHH has
seen a slight improvement in discharges, which are up 85 or 0.7%
over the same period in 2006.

Management is budgeting to end fiscal 2007 with a slight profit
($750,000) and a bottom line surplus of $5 million (excluding the
sale of properties), and expects the recent recruitment of key
physicians to result in immediate improvements in volume. Fitch
believes that, while the last two quarters will show improvement,
the budget for fiscal 2007 is aggressive.  LHH expects to complete
a merger by the end of the year with MEETH and has been awarded a
HEAL NY II grant of $12.5 million from New York State to help
defray merger expenses.  LHH has applied for an additional $31.8
million of HEAL NY IV funds.  Fitch believes that the formal
merger of MEETH with LHH is a credit positive and should help to
improve MEETH's profitability.

Located in New York City, LHH operates 682 beds (including MEETH)
on two hospital campuses.  The consolidated system (including
MEETH) had total revenue of $614 million in 2006. Lenox Hill
covenants to provide only annual audited information to
bondholders but voluntarily provides monthly disclosure to
bondholders through the NRMSIRs.  Monthly disclosure includes
management discussion and analysis, balance sheet, income
statement, cash flow statement, and utilization statistics.


PASTA CONCEPTS: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: Pasta Concepts, LLC
        1000 South Caraway, Suite 101
        Jonesboro, AR 72401

Bankruptcy Case No.: 07-14943

Chapter 11 Petition Date: September 10, 2007

Court: Eastern District of Arkansas (Jonesboro)

Debtor's Counsel: Thomas E. Fowler, Jr., Esq.
                  Dupwe & Fowler, PLLC
                  300 West Jefferson Avenue
                  Jonesboro, AR 72403
                  Tel: (870) 935-5845
                  Fax: (870) 972-0093

Estimated Assets: Unknown

Estimated Debts:  Unknown

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


PEREZ TRUCKING: Case Summary & 59 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Perez Trucking, Inc.
        721 East Street Southwest
        Quincy, WA 98848

Bankruptcy Case No.: 07-02932

Type of business: The Debtor provides trucking services.

Chapter 11 Petition Date: September 7, 2007

Court: Eastern District of Washington (Spokane/Yakima)

Judge: Frank L. Kurtz

Debtor's Counsel: Nancy L. Isserlis, Esq.
                  Winston and Cashatt, P.S.
                  601 West Riverside Avenue, Suite 1900
                  Spokane, WA 99201
                  Tel: (509) 838-6131
                  Fax: (509) 838-1416

Estimated Assets: $1 Million to $100 Million

Estimated Debts:  $1 Million to $100 Million

Debtor's 59 Largest Unsecured Creditors:

   Entity                                            Claim Amount
   ------                                            ------------
Coleman Oil Company                                      $250,000
P.O. Box 1308
Lewiston, ID 83501-1308

Oregon D.O.T.                                             $46,500
P.O. Box 250
Umatilla, OR 97882

Martin Morris Insurance                                   $46,000

Grant County Treasurer                                    $40,332

Yokohama Tire Corporation                                 $32,051

Department of Labor and                                   $28,423
Industries

Commercial Tire                                           $10,976

J.M.C. Ventilation                                         $8,348
Refrigeration, L.L.C.

LeMaster & Daniels                                         $8,000

Premera Blue Cross                                         $7,000

B.J.K. Truck Parts                                         $6,754

Summit Leasing                                             $5,154

G.M.A.C.                                                   $3,805

Chet's Honda                                               $3,663

Department of Licensing                                    $3,419

Central Washington Concrete                                $3,091

Gordon S. Froese, D.D.S.                                   $2,915

Spectrum Communications                                    $2,721

Inland Gear                                                $2,293

Green Point                                                $2,145

Target Media Northwest                                     $2,061

P.U.D.                                                     $2,000

Ag Supply                                                  $1,933

Moberg Law Firm                                            $1,802

Wenatchee Valley Medical                                   $1,630
Center

N.M.H.G. Financial Services                                $1,573

Unigard                                                    $1,541

Steve Sackman Law Office                                   $1,334

Daimler Chrysler Truck                                     $1,116
Financial

Pioneer Metal                                              $1,065

LifeWise Health Plan                                       $1,040
of Washington

Tobin Electric                                             $1,019

Grant County P.U.D.                                          $927

Liberty Farm & Lawn                                          $891

A.T.&T. Wireless                                             $864

True Value Hardware                                          $799
Store

Key Bank                                                     $791

Quincy Auto Parts                                            $789

AmeriCredit Financial                                        $774
Services

Zep                                                          $642

Quincy Valley Post-                                          $630
Register

Verizon                                                      $590

Cordell Attorney                                             $500

Desert Sun Dental                                            $473

Columbia Basin Herald                                        $423

Wesco                                                        $325

Lawson Products, Inc.                                        $268

Consolidated Disposal                                        $254

City of Quincy                                               $247

Pacific Cargo Services,                                      $244
L.L.C.

U.S. Linen                                                   $236

Norco Welding Supplies                                       $226

Yakima County District Court                                 $216

Inland Oil                                                   $191

CompNet                                                      $162

Culligan Water                                                $37

A.&L. Compressed Gases                                        $32

Cascade Analytical, Inc.                                      $22

Flower Basket                                                  $5


REHBERG PROPERTIES: Case Summary & 3 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Rehberg Properties, LLC
        112 South Pearl Street
        Green Bay, WI 54303

Bankruptcy Case No.: 07-27011

Chapter 11 Petition Date: September 6, 2007

Court: Eastern District of Wisconsin (Milwaukee)

Judge: Margaret Dee McGarity

Debtor's Counsel: Mark L. Metz
                  Leverson & Metz, S.C.
                  225 East Mason Street, Suite 100
                  Milwaukee, WI 53202
                  Tel: (414) 271-8502
                  Fax: (414) 271-8504

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
   ------                      ---------------       ------------
Brown County Treasurer         dues                        $7,099
305 East Walnut Street,
Northern Building
P.O. Box 23600
Green Bay, WI 54305-3600

Wisconsin Public Service       utility services              $229
(Electric)
P.O. Box 19003
Green Bay, WI 54307-9003

Green Bay Public Water         utility services              $120
Utility
P.O. Box 1210
Green Bay, WI 54305-1210


RMBS: Fitch Downgrades Ratings on Seven Certificate Classes
-----------------------------------------------------------
Fitch Ratings has taken rating actions on these RMBS issue:

Meritage Series 2004-1

  -- Class M-1 affirmed at 'AA';

  -- Class M-2 downgraded to 'A+' from 'AA-';

  -- Class M-3 downgraded to 'A' from 'A+';

  -- Class M-4 downgraded to 'BB+' from 'A';

  -- Class M-5 downgraded to 'B' from 'A-';

  -- Class M-6 downgraded to 'B' from 'BBB';

  -- Class M-7 downgraded to 'CC' from 'BB+' and assigned a
     distressed recovery rating of 'DR2';

  -- Class M-8 downgraded to 'C' from 'B' and assigned DR
     rating of 'DR5'

  -- Class B-1 remains at 'C' with DR rating revised from 'DR4'
     to 'DR6'.

All of the mortgage loans in the aforementioned transaction were
originated by Long Beach Mortgage Company.  The mortgage loans
consist of fixed and adjustable-rate subprime mortgage loans and
are secured by first and second-lien mortgages or deeds of trust
on residential properties.  As of the July 2007 distribution date,
the transaction is 48 months seasoned and the pool factor (current
mortgage loan principal outstanding as a percentage of the initial
pool) is approximately 13%.

The affirmations reflect a satisfactory relationship between
credit enhancement and future loss expectations and affect
approximately $34.9 million of outstanding certificates.  The
downgrades reflect deterioration in the relationship between CE
and future loss expectations and affect approximately
$20.2 million in outstanding certificates.  The transaction is
generally experiencing monthly losses that exceed the available
excess spread, resulting in substantial deterioration of
overcollateralization and preventing the OC from maintaining its
target amount.

Approximately 35.3% of the pool for series 2004-1 is more than 60
days delinquent (including loans in Bankruptcy, Foreclosure and
Real Estate Owned [REO]).  The OC amount is currently
$582,411.97(0.97% of current collateral balance), or roughly $2.9
million below its target amount.  At 40 months since the first
distribution date, the OC is currently equal to 0.08% of the
original collateral balance, as compared to a target level of 0.5%
of the original collateral balance.  In the past six months, the
excess spread has not been sufficient to cover the monthly losses
incurred and as a result, OC has further deteriorated.  Cumulative
losses as a percent of the original collateral balance are 3.84%.


SECURITIZED ASSET: Fitch Holds BB Rating on $8.4MM Certificates
---------------------------------------------------------------
Fitch Ratings has taken these rating actions on three Securitized
Asset Backed Receivables, LLC mortgage pass-through certificates.  
Affirmations total $1.4 billion.  Break Loss percentages and Loss
Coverage Ratios for each class are included with the rating
actions as:

SABR 2006-FR1

  -- $368.3 million class A affirmed at 'AAA' (BL: 35.17, LCR:
     2.57);

  -- $73.6 million class M-1 affirmed at 'AA+' (BL: 32.10, LCR:
     2.35);

  -- $59.8 million class M-2 affirmed at 'A+' (BL: 25.80, LCR:
     1.89);

  -- $15.8 million class M-3 affirmed at 'A' (BL: 23.26, LCR:
     1.7);

  -- $15.8 million class B-1 affirmed at 'A-' (BL: 20.72, LCR:
     1.51);

  -- $14.3 million class B-2 affirmed at 'BBB+' (BL: 18.56,
     LCR: 1.36);

  -- $12.8 million class B-3 affirmed at 'BBB' (BL: 17.00, LCR:
     1.24).

Deal Summary

  -- Originators: 100% Fremont;
  -- 60+ day Delinquency: 19.30%;
  -- Realized Losses to date (% of Original Balance): 1.06%;
  -- Expected Remaining Losses (% of Current Balance): 13.68%;
  -- Cumulative Expected Losses (% of Original Balance): 9.50%.

SABR 2006-OP1

  -- $466 million class A affirmed at 'AAA' (BL: 40.08, LCR:
     7.13);

  -- $39.6 million class M1 affirmed at 'AA+' (BL: 33.76, LCR:
     6.01);

  -- $35.9 million class M2 affirmed at 'AA+' (BL: 24.36, LCR:
     4.33);

  -- $19.5 million class M3 affirmed at 'AA' (BL: 22.37, LCR:
     3.98);

  -- $17.6 million class M4 affirmed at 'AA-' (BL: 20.30, LCR:
     3.61);

  -- $15.7 million class M5 affirmed at 'A+' (BL: 18.06, LCR:
     3.21);

  -- $12.5 million class M6 affirmed at 'A' (BL: 16.26, LCR:
     2.89);

  -- $11.9 million class B1 affirmed at 'A-' (BL: 14.53, LCR:
     2.59);

  -- $11.3 million class B2 affirmed at 'BBB+' (BL: 12.99, LCR:
     2.31);

  -- $12.5 million class B3 affirmed at 'BBB' (BL: 11.62, LCR:
     2.07).

Deal Summary

  -- Originators: 100% Option One Mortgage Corp.;
  -- 60+ day Delinquency: 10.58%;
  -- Realized Losses to date (% of Original Balance): 0.23%;
  -- Expected Remaining Losses (% of Current Balance): 5.62%;
  -- Cumulative Expected Losses (% of Original Balance): 3.29%.

SABR 2006-CB1

  -- $34.9 million class A affirmed at 'AAA' (BL: 41.41, LCR:
     6.1);

  -- $27.4 million class M-1 affirmed at 'AA+' (BL: 32.83, LCR:
     4.83);

  -- $25.8 million class M-2 affirmed at 'AA+' (BL: 30.65, LCR:
     4.51);

  -- $15.7 million class M-3 affirmed at 'AA' (BL: 27.90, LCR:
     4.11);

  -- $14.5 million class M-4 affirmed at 'AA' (BL: 25.26, LCR:
     3.72);

  -- $13.7 million class M-5 affirmed at 'A+' (BL: 22.78, LCR:
     3.35);

  -- $12.5 million class M-6 affirmed at 'A' (BL: 20.47, LCR:
     3.01);

  -- $11.3 million class B-1 affirmed at 'A-' (BL: 18.30, LCR:
     2.69);

  -- $10.5 million class B-2 affirmed at 'BBB+' (BL: 16.38,
     LCR: 2.41);

  -- $8 million class B-3 affirmed at 'BBB' (BL: 15.06, LCR:
     2.22);

  -- $10.9 million class B-4 affirmed at 'BBB-' (BL: 13.54,
     LCR: 1.99);

  -- $8.4 million class B-5 affirmed at 'BB' (BL: 12.39, LCR:
     1.82);

Deal Summary

  -- Originators: Various originators;
  -- 60+ day Delinquency: 9.46%;
  -- Realized Losses to date (% of Original Balance): 0.26%;
  -- Expected Remaining Losses (% of Current Balance): 6.79%;
  -- Cumulative Expected Losses (% of Original Balance): 4.94%.


SIENA TECHNOLOGIES: June 30 Balance Sheet Upside-Down by $2.9 Mil.
------------------------------------------------------------------
Siena Technologies Inc. reported total assets of $9.9 million and
total liabilities of $12.8 million at June 30, 2007, resulting in
a $2.9 million total stockholders' deficit.

The company's consolidated balance sheet at June 30, 2007, also
showed strained liquidity with $2.0 million in total current
assets available to pay $4.7 million in total current liabilities.

The company incurred a net loss of $606,388 in the three months
ended June 30, 2007, a reversal of the $1.4 million net income
reported in the same period last year, mainly due to lower sales,
increased operating expenses and lower other income, partly offset
by a loss from discontinued operations in the amount of $408,263
in 2006, absent in 2007.

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2007, are available for
free at http://researcharchives.com/t/s?2339

                       Going Concern Doubt

Jaspers + Hall PC, in Denver, Colorado, expressed substantial
doubt about Siena Technologies Inc.'s ability to continue as a
going concern after auditing the company's consolidated financial
statements for the years ended Dec. 31, 2006, and 2005.  The
auditing firm reported that the company has an accumulated deficit
of $32.3 million at Dec. 31, 2006, and is generating losses from
operations.  The continuing losses have adversely affected the
liquidity of the company.

The company's accumulated deficit has risen to $32.5 million at
June 30, 2007.  The company faces continuing significant business
risks, including, but not limited, to its ability to maintain
vendor and supplier relationships by making timely payments when
due.

                     About Siena Technologies

Headquartered in Las Vegas, Nevada, Siena Technologies (OTC BB:
SIEN.OB) through its wholly owned subsidiary, Kelley Communication
Company Inc., specializes in the design, development and
integration of automated system networks known as "smart
technologies," primarily for the gaming, entertainment and luxury
residential markets.  Kelley's systems networks include: data,
telecommunications, audio and video components, casino
surveillance, security and access control systems, entertainment
audio and video, special effects and multi-million dollar video
conference systems.  Kelley does work primarily in the Las Vegas
area, but has also done projects in New Jersey, Oklahoma,
Colorado, California, Texas and the Caribbean.


SOUNDVIEW HOME: Fitch Downgrades Ratings on 13 Cert. Classes
------------------------------------------------------------
Fitch Ratings has taken these rating actions on Soundview Home
Equity Loan Trust asset-backed certificates.  Downgrades total
$384.2 million.  Break Loss percentages and Loss Coverage Ratios
for each class, rated B or higher, are included with the rating
actions as:

Soundview 2006-A

  -- $206.3 million class A downgraded to 'A+' from 'AAA' (BL:
     56.58, LCR: 1.65);

  -- $30.1 million class M-1 downgraded to 'A-' from 'AA+' (BL:
     48.59, LCR: 1.41);

  -- $29 million class M-2 downgraded to 'BBB-' from 'AA+' (BL:
     40.87, LCR: 1.19);

  -- $14.8 million class M-3 downgraded to 'BB+' from 'AA' (BL:
     36.89, LCR: 1.07);

  -- $13.1 million class M-4 downgraded to 'BB' from 'A+' (BL:
     33.31, LCR: 0.97);

  -- $12.5 million class M-5 downgraded to 'B+' from 'A' (BL:
     29.81, LCR: 0.87);

  -- $11.4 million class M-6 downgraded to 'B' from 'A' (BL:
     26.48, LCR: 0.77);

  -- $11.7 million class M-7 downgraded to 'C/DR5' from 'A-';

  -- $11.4 million class M-8 downgraded to 'C/DR5' from 'BBB+';

  -- $8.8 million class M-9 downgraded to 'C/DR6' from 'BBB';

  -- $8.8 million class M-10 downgraded to 'C/DR6' from 'BBB-';

  -- $8 million class M-11 downgraded to 'C/DR6' from 'BB+';

  -- $18.4 million class M-12 downgraded to 'C/DR6' from 'B+'.

Deal Summary

  -- Originators: (Various);
  -- 60+ day Delinquency: 11.23%;
  -- Realized Losses to date (% of Original Balance): 7.46%;
  -- Expected Remaining Losses (% of Current Balance): 34.38%;
  -- Cumulative Expected Losses (% of Original Balance):
     30.70%.

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 LCR's 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.  Also, with regard to subprime
second lien transactions, ratings on bonds expected to pay off
within 36 months are affirmed.


STEPHEN RICHEY: Case Summary & Six Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Stephen Kirk Richey, Sr.
        P.O. Box 190
        Horse Cave, KY 42749

Bankruptcy Case No.: 07-06561

Chapter 11 Petition Date: September 10, 2007

Court: Middle District of Tennessee (nashville)

Judge: George C. Paine, II

Debtor's Counsel: Steven L. Lefkovitz, Esq.
                  618 Church Street, Suite 410
                  Nashville, TN 37219
                  Tel: (615) 256-8300
                  Fax: (615) 250-4926

Total Assets: $2,435,115

Total Debts:  $1,961,437

Debtor's Six Largest Unsecured Creditors:

   Entity                      Nature of Claim       Claim Amount
   ------                      ---------------       ------------
Nuvell Financial               2006 G.M.C. Denali         $37,328
17500 Chenal Parkway,          X.L.; value of
Suite 20                       security: $29,000
Little Rock, AR 72223

H.S.B.C./M.S.                  debtor quit                $37,211
P.O. Box 2393                  claimed 2018
Brandon, FL 33509              Clifton Road,
                               Nashville,
                               Tennessee
                               37203 to his
                               former spouse
                               in 1999 as part
                               of his divorce
                               settlement

Citi Auto                      2006 G.M.C. Sierra;        $28,510
1111 North Point Drive         value of security:
Coppell, TX 75019              $25,000

Richey-Eason, Joan             support                    $16,869
                               arrearage
                               $16,000
                               ins.
                               reimbursement
                               $869

Stoneworks                                                 $6,000

Biliyar, Vedavyasa M.D.                                      $415


STRUCTURED ASSET: Fitch Cuts Rating on 2004-GEL3 Class B Certs.
---------------------------------------------------------------
Fitch Ratings has taken rating actions on these Structured Asset
Securitization Corp. GEL mortgage pass-through certificates:

SASCO 2004-GEL1

  -- Class A affirmed at 'AAA';
  -- Class M1 affirmed at 'AA';
  -- Class M2 affirmed at 'A';
  -- Class M3 affirmed at 'BBB';
  -- Class M4 affirmed at 'BBB-'.

SASCO 2004-GEL2

  -- Class A affirmed at 'AAA';
  -- Class M1 affirmed at 'AA';
  -- Class M2 affirmed at 'A';
  -- Class M3 affirmed at 'BBB';
  -- Class M4 affirmed at 'BBB';
  -- Class B affirmed at 'BB'.

SASCO 2004-GEL3

  -- Class A affirmed at 'AAA';
  -- Class M1 affirmed at 'AA';
  -- Class M2 affirmed at 'A'
  -- Class B downgraded to 'BB' from 'BBB'.

The collateral in the transactions consists of first and second
liens on adjustable and fixed rate, fully amortizing and balloon,
residential mortgage loans extended to subprime borrowers.  Aurora
Loan Services is the master servicer on all transactions, and is
currently rated 'RMS1-' by Fitch.

The affirmations reflect a stable relationship between credit
enhancement and expected losses, and affect approximately $107.83
million in outstanding certificates.  The downgrades reflect
deterioration in the relationship between CE and expected losses,
and affect approximately $6.09 million in outstanding
certificates.

Over the past year, the overcollateralization amount for 2004-GEL3
has been underneath its target value.  This is a result of the
losses exceeding excess spread amounts for a significant portion
of the year.  The 60+ delinquency amounts (includes real estate
owned, foreclosure, and bankruptcy) range from approximately 8.66%
to 17.44%, and losses to date range from approximately 1.87% to
3.39%.


STRUCTURED ASSET: Fitch Affirms Ratings on $104.7 Million Certs.
----------------------------------------------------------------
Fitch Ratings has taken these rating actions on SASCO mortgage
pass-through certificates.  Affirmations total $104.7 million.
Break Loss percentages and Loss Coverage Ratios for each class are
included with the rating actions as:

SASCO 2005-GEL1

  -- $13.9 million class A affirmed at 'AAA' (BL: 78.84, LCR:  
     9.58);

  -- $12.9 million class M1 affirmed at 'AA' (BL: 52.54, LCR:
     6.39);

  -- $8 million class M2 affirmed at 'A' (BL: 35.81, LCR:
     4.35);

  -- $6.6 million class M3 affirmed at 'BBB' (BL: 20.90, LCR:
     2.54);

  -- $2.5 million class M4 affirmed at 'BBB-' (BL: 18.48, LCR:
     2.25);

  -- $4 million class B affirmed at 'BB' (BL: 12.60, LCR:
     1.53).

Deal Summary

  -- Originators: Various;
  -- 60+ day Delinquency: 18.42%;
  -- Realized Losses to date (% of Original Balance): 1.79%;
  -- Expected Remaining Losses (% of Current Balance): 8.23%;
  -- Cumulative Expected Losses (% of Original Balance): 4.52%.

SASCO 2005-GEL2

  -- $37.3 million class A affirmed at 'AAA' (BL: 43.03, LCR:
     7.98);  

  -- $6.6 million class M1 affirmed at 'AA' (BL: 30.99, LCR:
     5.75);

  -- $5.7 million class M2 affirmed at 'A+' (BL: 20.40, LCR:
     3.78);

  -- $3.6 million class M3 affirmed at 'A-' (BL: 11.02, LCR:
     2.04);

  -- $1.3 million class M4 affirmed at 'BBB+' (BL: 10.39, LCR:
     1.93);

  -- $1.7 million class B affirmed at 'BBB' (BL: 9.93, LCR:
     1.84).

Deal Summary

  -- Originators: Various;
  -- 60+ day Delinquency: 13.19%;
  -- Realized Losses to date (% of Original Balance): 1.00%;
  -- Expected Remaining Losses (% of Current Balance): 5.39%;
  -- Cumulative Expected Losses (% of Original Balance): 2.84%.


STRUCTURED ASSET: Fitch Cuts Ratings on $89.9 Million Certs.
------------------------------------------------------------
Fitch Ratings has taken these rating actions on Structured Asset
Securities Corp. mortgage pass-through certificates.  Affirmations
total $5.27 billion and downgrades total $89.8 million.  Break
Loss percentages and Loss Coverage Ratios for each class are
included with the rating actions as:

SASCO 2005-WMC1

  -- $10.5 million class M-1 affirmed at 'AA' (BL: 86.83, LCR:
     8.44)

  -- $18 million class M-2 affirmed at 'A' (BL: 19.06, LCR:
     1.85)

  -- $4.5 million class M-3 affirmed at 'A-' (BL: 16.76, LCR:
     1.63)

  -- $8.5 million class M-4 affirmed at 'BBB' (BL: 12.53, LCR:
     1.22)

  -- $3.6 million class M-5 downgraded to 'BB+' from 'BBB-'
     (BL: 10.86, LCR: 1.06)

  -- $5.6 million class M-6 downgraded to 'BB' from 'BBB-' (BL:
     9.72, LCR: 0.95)

  -- $1.6 million class B downgraded to 'B' from 'BB+' (BL:
     9.69, LCR: 0.94)

Deal Summary

  -- Originators: WMC (100%);
  -- 60+ day Delinquency: 26.43%;
  -- Realized Losses to date (% of Original Balance): 1.12%;
  -- Expected Remaining Losses (% of Current Balance): 10.28%;
  -- Cumulative Expected Losses (% of Original Balance): 2.84%.

SASCO 2006-AM1

  -- $333.1 million class A affirmed at 'AAA' (BL: 42.18, LCR:
     2.92)

  -- $29.2 million class M-1 affirmed at 'AA+' (BL: 33.21, LCR:
     2.3)

  -- $26 million class M-2 affirmed at 'AA' (BL: 30.25, LCR:
     2.10)

  -- $15.5 million class M-3 affirmed at 'AA-' (BL: 27.59, LCR:
     1.91)

  -- $13.7 million class M-4 affirmed at 'A+' (BL: 24.87, LCR:
     1.72)

  -- $12.6 million class M-5 affirmed at 'A' (BL: 22.36, LCR:
     1.55)

  -- $11.9 million class M-6 downgraded to 'BBB+' from 'A-'
     (BL: 19.96, LCR: 1.38)

  -- $11.1 million class M-7 downgraded to 'BBB' from 'BBB+'
     (BL: 17.64, LCR: 1.22)

  -- $9.3 million class M-8 downgraded to 'BB+' from 'BBB' (BL:
     15.70, LCR: 1.09)

  -- $7.9 million class M-9 downgraded to 'BB' from 'BBB' (BL:
     13.98, LCR: 0.97)

  -- $7.5 million class B-1 downgraded to 'B+' from 'BBB-' (BL:
     12.49, LCR: 0.87)

  -- $7.2 million class B-2 downgraded to 'B' from 'BB+' (BL:
     11.16, LCR: 0.77)

Deal Summary

  -- Originators: Aames (100%);
  -- 60+ day Delinquency: 19.43%;
  -- Realized Losses to date (% of Original Balance): 0.64%;
  -- Expected Remaining Losses (% of Current Balance): 14.43%;
  -- Cumulative Expected Losses (% of Original Balance):  
     10.64%.

SASCO 2006-BC5

  -- $494.1 million class A affirmed at 'AAA' (BL: 37.16, LCR:
     4.21)

  -- $71.4 million class M1 affirmed at 'AA+' (BL: 25.13, LCR:
     2.85)

  -- $33.5 million class M2 affirmed at 'AA' (BL: 21.66, LCR:
     2.46)

  -- $11.1 million class M3 affirmed at 'AA-' (BL: 20.06, LCR:
     2.28)

  -- $11.5 million class M4 affirmed at 'A+' (BL: 18.30, LCR:
     2.08)

  -- $9.5 million class M5 affirmed at 'A' (BL: 16.81, LCR:
     1.91)

  -- $7.5 million class M6 affirmed at 'A' (BL: 15.59, LCR:
     1.77)

  -- $9.1 million class M7 affirmed at 'A-' (BL: 14.01, LCR:
     1.59)

  -- $6.7 million class M8 affirmed at 'BBB+' (BL: 12.73, LCR:
     1.44)

  -- $7.9 million class M9 affirmed at 'BBB' (BL: 11.15, LCR:
     1.26)

  -- $11.1 million class B affirmed at 'BB+' (BL: 9.47, LCR:
     1.07)

Deal Summary

  -- Originators: BNC (47.27%);
  -- 60+ day Delinquency: 10.23%;
  -- Realized Losses to date (% of Original Balance): 0.01%;
  -- Expected Remaining Losses (% of Current Balance): 8.82%;
  -- Cumulative Expected Losses (% of Original Balance): 7.67%.

SASCO 2006-BC6

  -- $846.7 million class A affirmed at 'AAA' (BL: 35.94, LCR:
     4.27)

  -- $98.3 million class M1 affirmed at 'AA+' (BL: 25.38, LCR:
     3.02)

  -- $54.3 million class M2 affirmed at 'AA' (BL: 21.91, LCR:
     2.60)

  -- $16.8 million class M3 affirmed at 'AA-' (BL: 20.61, LCR:
     2.45)

  -- $24.5 million class M4 affirmed at 'A+' (BL: 18.46, LCR:
     2.19)

  -- $20 million class M5 affirmed at 'A' (BL: 16.68, LCR:
     1.98)

  -- $16.1 million class M6 affirmed at 'A-' (BL: 15.19, LCR:
     1.80)

  -- $14.8 million class M7 affirmed at 'A-' (BL: 13.71, LCR:
     1.63)

  -- $10.9 million class M8 affirmed at 'BBB+' (BL: 12.46, LCR:
     1.48)

  -- $15.5 million class M9 affirmed at 'BBB-' (BL: 10.76, LCR:
     1.28)

  -- $16.8 million class B affirmed at 'BB+' (BL: 9.32, LCR:
     1.11)

Deal Summary

  -- Originators: BNC (57.41%);
  -- 60+ day Delinquency: 6.80%;
  -- Realized Losses to date (% of Original Balance): 0.02%;
  -- Expected Remaining Losses (% of Current Balance): 8.42%;
  -- Cumulative Expected Losses (% of Original Balance): 7.64%.

SASCO 2006-OPT1

  -- $426.6 million class A affirmed at 'AAA' (BL: 41.39, LCR:
     4.06)

  -- $67.9 million class M1 affirmed at 'AA' (BL: 29.40, LCR:
     2.88)

  -- $20.3 million class M2 affirmed at 'AA' (BL: 26.93, LCR:
     2.64)

  -- $16.5 million class M3 affirmed at 'A+' (BL: 24.33, LCR:
     2.38)

  -- $16 million class M4 affirmed at 'A' (BL: 21.81, LCR:
     2.14)

  -- $15.1 million class M5 affirmed at 'A-' (BL: 19.41, LCR:
     1.90)

  -- $14.1 million class M6 affirmed at 'BBB+' (BL: 17.12, LCR:
     1.68)

  -- $12.7 million class M7 affirmed at 'BBB' (BL: 14.74, LCR:
     1.44)

  -- $8.5 million class M8 affirmed at 'BBB-' (BL: 11.45, LCR:
     1.12)

  -- $9.4 million class B downgraded to 'BB' from 'BB+' (BL:
     10.29, LCR: 1.01)

Deal Summary

  -- Originators: Option One (100%);
  -- 60+ day Delinquency: 14.43%;
  -- Realized Losses to date (% of Original Balance): 0.35%;
  -- Expected Remaining Losses (% of Current Balance): 10.20%;
  -- Cumulative Expected Losses (% of Original Balance): 7.12%.

SASCO 2006-OW1

  -- $285.6 million class A affirmed at 'AAA' (BL: 30.36, LCR:
     2.92)

Deal Summary

  -- Originators: OwnIt (100%);
  -- 60+ day Delinquency: 14.83%;
  -- Realized Losses to date (% of Original Balance): 0.36%;
  -- Expected Remaining Losses (% of Current Balance): 10.38%;
  -- Cumulative Expected Losses (% of Original Balance): 8.40%.

SASCO 2006-W1

  -- $320.9 million class A affirmed at 'AAA' (BL: 32.94, LCR:
     3.99)

  -- $22.1 million class M1 affirmed at 'AA+' (BL: 29.41, LCR:
     3.56)

  -- $19.6 million class M2 affirmed at 'AA' (BL: 25.55, LCR:
     3.10)

  -- $11.6 million class M3 affirmed at 'AA-' (BL: 22.97, LCR:
     2.78)

  -- $10.5 million class M4 affirmed at 'A+' (BL: 20.62, LCR:
     2.50)

  -- $9.6 million class M5 affirmed at 'A' (BL: 18.46, LCR:
     2.24)

  -- $8.5 million class M6 affirmed at 'A-' (BL: 16.52, LCR:
     2.00)

  -- $8.3 million class M7 affirmed at 'BBB+' (BL: 14.53, LCR:
     1.76)

  -- $7.1 million class M8 affirmed at 'BBB' (BL: 12.72, LCR:
     1.54)

  -- $5.2 million class M9 affirmed at 'BBB-' (BL: 11.25,
     LCR: 1.36)

  -- $4.1 million class B1 affirmed at 'BB+' (BL: 8.95, LCR:
     1.08)

  -- $5.5 million class B2 affirmed at 'BB' (BL: 8.07, LCR:
     0.98)

Deal Summary

  -- Originators: Wilmington (100%);
  -- 60+ day Delinquency: 8.48%;
  -- Realized Losses to date (% of Original Balance): 0.38%;
  -- Expected Remaining Losses (% of Current Balance): 8.25%;
  -- Cumulative Expected Losses (% of Original Balance): 6.98%.

SASCO 2006-WF1

  -- $457.4 million class A affirmed at 'AAA' (BL: 29.47, LCR:
     7.56)

  -- $24.4 million class M1 affirmed at 'AA+' (BL: 22.08, LCR:
     5.66)

  -- $21.9 million class M2 affirmed at 'AA' (BL: 20.25, LCR:
     5.19)

  -- $13.7 million class M3 affirmed at 'AA-' (BL: 18.68, LCR:
     4.79)

  -- $12.4 million class M4 affirmed at 'A+' (BL: 16.65, LCR:
     4.27)

  -- $12 million class M5 affirmed at 'A' (BL: 14.67, LCR:
     3.76)

  -- $11.1 million class M6 affirmed at 'A-' (BL: 10.82, LCR:
     2.77)

  -- $6.8 million class M7 affirmed at 'BBB+' (BL: 9.26, LCR:
     2.37)

  -- $6 million class M8 affirmed at 'BBB' (BL: 8.33, LCR:
     2.14)

  -- $8.5 million class M9 affirmed at 'BBB-' (BL: 7.30, LCR:
     1.87)

Deal Summary

  -- Originators: Wells Fargo (100%);
  -- 60+ day Delinquency: 7.38%;
  -- Realized Losses to date (% of Original Balance): 0.06%;
  -- Expected Remaining Losses (% of Current Balance): 3.90%;
  -- Cumulative Expected Losses (% of Original Balance): 2.73%.

SASCO 2006-WF3

  -- $827.5 million class A affirmed at 'AAA' (BL: 33.63, LCR:
     4.13)

  -- $60.5 million class M1 affirmed at 'AA+' (BL: 29.88, LCR:
     3.67)

  -- $62.6 million class M2 affirmed at 'AA' (BL: 25.22, LCR:
     3.10)

  -- $20.4 million class M3 affirmed at 'AA-' (BL: 23.47, LCR:
     2.88)

  -- $28.1 million class M4 affirmed at 'A+' (BL: 21.04, LCR:
     2.58)

  -- $21.1 million class M5 affirmed at 'A' (BL: 19.16, LCR:
     2.35)

  -- $16.1 million class M6 affirmed at 'A-' (BL: 17.64, LCR:
     2.17)

  -- $15.4 million class M7 affirmed at 'BBB+' (BL: 16.15, LCR:
     1.98)

  -- $12.6 million class M8 affirmed at 'BBB' (BL: 14.84, LCR:
     1.82)

  -- $16.9 million class M9 affirmed at 'BBB-' (BL: 10.78, LCR:
     1.32)

  -- $22.5 million class M10 affirmed at 'BBB-' (BL: 8.79, LCR:
     1.08)

  -- $14 million class B downgraded to 'BB' from 'BB+' (BL:
     8.00, LCR: 0.98)

Deal Summary

  -- Originators: Wells Fargo (100%);
  -- 60+ day Delinquency: 6.99%;
  -- Realized Losses to date (% of Original Balance): 0.02%;
  -- Expected Remaining Losses (% of Current Balance): 8.14%;
  -- Cumulative Expected Losses (% of Original Balance): 6.66%.


STRUCTURED ASSET: Fitch Lowers Ratings on 25 Certificate Classes
----------------------------------------------------------------
Fitch has taken rating action on these five Structured Asset
Investment Loan Trust mortgage pass-through certificates:

SAIL 2003-BC9

  -- Class A affirmed at 'AAA';
  -- Class M1 affirmed at 'AA';
  -- Class M2 downgraded to 'BBB+' from 'A-';
  -- Class M3 downgraded to 'BBB-' from 'BBB';
  -- Class M4 downgraded to 'B' from 'BB+';
  -- Class M5 downgraded to 'C' from 'BB'; and is assigned a
     Distressed Recovery rating of 'DR6';
  -- Class B downgraded to 'C' from 'BB-'; and is assigned a DR
     rating of 'DR6'.


SAIL 2003-BC11

  -- Class A affirmed at 'AAA';
  -- Class M1 affirmed at 'AA';
  -- Class M2 affirmed at 'A-';
  -- Class M3 affirmed at 'BBB';
  -- Class M4 downgraded to 'BB-' from 'BB+';
  -- Class M5 downgraded to 'C' from 'BB'; and is assigned a DR
     rating of 'DR5';
  -- Class B downgraded to 'C' from 'BB-'; and is assigned a DR
     rating of 'DR4'.

SAIL 2003-BC12

  -- Class A affirmed at 'AAA';
  -- Class M1 downgraded to 'A+' from 'AA';
  -- Class M2 downgraded to 'BBB' from 'BBB+';
  -- Class M3 downgraded to 'BB' from 'BBB';
  -- Class M4 downgraded to 'BB-' from 'BB+';
  -- Class M5 downgraded to 'C' from 'BB-'; and is assigned a
     DR rating of 'DR5';
  -- Class M6 downgraded to 'C' from 'BB-'; and is assigned a
     DR rating of 'DR3';
  -- Class B remains at 'C'; and the DR rating is revised to
     'DR6' from 'DR5'.


SAIL 2004-3

  -- Class A affirmed at 'AAA';
  -- Class M1 affirmed at 'AA';
  -- Class M2 downgraded to 'BBB+' from 'A';
  -- Class M3 downgraded to 'BB' from 'A-';
  -- Class M4 downgraded to 'B' from 'BBB';
  -- Class M5 downgraded to 'C' from 'BBB-'; and is assigned a
     DR rating of 'DR4';
  -- Class M6 downgraded to 'C' from 'BBB-'; and is assigned a
     DR rating of 'DR5';
  -- Class B downgraded to 'C' from 'BB'; and is assigned a DR
     rating of 'DR6'.


SAIL 2004-BNC1

  -- Classes A2, A4, and ASIO affirmed at 'AAA';
  -- Class A5 affirmed at 'AA+';
  -- Class M1 affirmed at 'AA';
  -- Class M2 downgraded to 'A+' from 'AA-';
  -- Class M3 downgraded to 'BBB+' from 'A+';
  -- Class M4 downgraded to 'BBB' from 'A';
  -- Class M5 downgraded to 'BB+' from 'BBB+';
  -- Class M6 downgraded to 'BB' from 'BBB';
  -- Class M7 downgraded to 'BB-' from 'BBB-';
  -- Class B1 downgraded to 'C' from 'BB'; and is assigned a DR
     rating of 'DR6'.

The collateral in the aforementioned transactions consists of
first lien, fixed-rate and adjustable-rate residential mortgage
loans.  Aurora Loan Services is the master servicer and is rated
'RMS1-' by Fitch.

The affirmations reflect a stable relationship between credit
enhancement and expected losses, and affect approximately $749.77
million in outstanding certificates.  The downgrades reflect
deterioration in the relationship between CE and expected losses,
and affect approximately $272.37 million in outstanding
certificates.

For a greater part of the past year, realized loss amounts for
these transactions have exceeded respective excess spreads.  As a
result, overcollateralization amounts have been off their
respective targets for consecutive periods, except when the OC
amounts were stepping down to target.  The 60+ delinquency amounts
(includes real estate owned, foreclosure, and bankruptcy) range
from approximately 14.55% to 22.23%, and losses to date range from
approximately 0.57% to 1.23%.

All of the detailed information is reflective of the July 2007
distribution period.


STRUCTURED ASSET: Fitch Cuts Ratings on 13 Class Certificates
-------------------------------------------------------------
Fitch has taken rating actions on mortgage pass-through
certificates of Structured Asset Securities Corp.:

SASCO ARC 2001-BC6

  -- Class A affirmed at 'AAA';
  -- Class M-1 downgraded to 'B' from 'AA-';
  -- Class M-2 downgraded to 'B-' from 'BBB' and assigned a
     distressed recovery rating of 'DR1'.

SASCO ARC 2002-BC6

  -- Class A affirmed at 'AAA';
  -- Class M-1 downgraded to 'AA-' from 'AA';
  -- Class M-2 downgraded to 'B' from 'A-';
  -- Class M-3 downgraded to 'CC' from 'BBB-' and assigned a DR
     rating of 'DR3';
  -- Class B downgraded to 'C' from 'BB+' and assigned a DR
     rating of 'DR5'.

SASCO ARC 2002-BC10

  -- Class M2 downgraded to 'C' from 'BBB' and assigned a DR
     rating of 'DR4';
  -- Class M3 downgraded to 'C' from 'BB+' and assigned a DR
     rating of 'DR6'.

SASCO 2002-HF2

  -- Class M1 affirmed at 'AAA';
  -- Class M2 affirmed at 'AA-';
  -- Class M3 affirmed at 'BBB-';
  -- Class B1 affirmed at 'BB';
  -- Class B2 downgraded to 'C/DR4' from 'CC/DR2'.

SASCO 2003-BC1

  -- Class M-1 affirmed at 'AAA';
  -- Class M-2 affirmed at 'A+';
  -- Class B-1 downgraded to 'BB' from 'BBB-';
  -- Class B-2 downgraded to 'C' from 'BB-'; and assigned a DR
     rating of 'DR4'.

SASCO 2003-BC2

  -- Class M1 affirmed at 'AA';
  -- Class M2 affirmed at 'A';
  -- Class M3 downgraded to 'BB+' from 'BBB+';
  -- Class M4 downgraded to 'B' from 'BBB';
  -- Class B1 downgraded to 'B-' from 'B'; and assigned a DR
     rating of 'DR1';
  -- Class B2 remains at 'C' and the DR rating is revised to
     'DR5' from 'DR2'.

The collateral in the transactions consists of fixed and
adjustable rate, fully-amortizing and balloon, first and second
lien residential mortgage loans extended to subprime borrowers.
The master servicers include Aurora Loan Services Inc. and Wells
Fargo Bank, N.A., and are both currently rated 'RMS1-' by Fitch.
The affirmations reflect a stable relationship between credit
enhancement and expected losses, and affect approximately $145.47
million in outstanding certificates.  The downgrades reflect
deterioration in the relationship between CE and expected losses,
and affect approximately $99.45 million in outstanding
certificates.

The affected series have experienced monthly losses that could not
be covered by excess spread for at least four of the past five
months.  As a result, over-collateralization amounts are below
their target values.  Series 2001-BC6 has incurred 2.31% loss to
date and has a 60+ delinquency (including loans in foreclosure,
bankruptcy and REO) of 42.50%. Series 2002-BC6, 2002-BC10, 2002-
HF2, 2003-BC1 and 2003-BC2 have incurred losses to date of 2.03%,
1.69%, 5.78%, 9.93% and 6.68%, respectively, and have 60+
delinquencies of 35.99%, 32.21%, 37.88%, 46.46% and 29.06% - in
that order.


TERWIN MORTGAGE: Fitch Cuts Rating on Class M-5 Certs. to B
-----------------------------------------------------------
Fitch Ratings has taken these rating actions on Terwin Mortgage
Trust series 2003-6HE:

  -- Class A1, A3 affirmed at 'AAA';
  -- Class M-1 affirmed at 'AA';
  -- Class M-2 downgraded to 'BBB+' from 'A';
  -- Class M-3 downgraded to 'BBB-' from 'A-';
  -- Class M-4 downgraded to 'BB' from 'BBB+';
  -- Class M-5 downgraded to 'B' from 'BBB'.

The mortgage loans in the aforementioned transaction were
originated by various originators.  The mortgage loans consist of
fixed and adjustable-rate subprime mortgage loans and are secured
by first and second-lien mortgages or deeds of trust on
residential properties.  As of the July 2007 distribution date,
the transaction is 44 months seasoned and the pool factor  is
approximately 16%.

The affirmations reflect a satisfactory relationship between
credit enhancement and future loss expectations and affect
approximately $47.3 million of outstanding certificates.  The
downgrades reflect deterioration in the relationship between CE
and future loss expectations and affect approximately
$12.1 million in outstanding certificates.  The transaction is
generally experiencing monthly losses that exceed the available
excess spread, resulting in substantial deterioration of
overcollateralization and preventing the OC from maintaining its
target amount.

Approximately 19.2% of the pool for series 2003-6HE is more than
60 days delinquent (including loans in Bankruptcy, Foreclosure and
Real Estate Owned [REO]).  The OC amount is currently $679,928
(2.01%) or roughly $360,169 below its target amount.  Cumulative
losses as a percent of the original collateral balance are 2.89%.


TXU CORP: Completes Regulatory Approvals on Texas Energy Merger
---------------------------------------------------------------
The Nuclear Regulatory Commission has provided its approval
related to the merger of TXU Corp. with Texas Energy Future
Holdings Limited Partnership.  Texas Energy was formed by a
group of investors led by Kohlberg Kravis Roberts & Co. and
Texas Pacific Group to facilitate the merger.

Approval by the NRC was the final remaining regulatory approval
that is a condition to closing.  The merger is expected to close
in the fourth quarter of 2007, subject to completion of
customary closing conditions contained in the merger agreement.

Last week, TXU Corp. said its shareholders have approved the
merger agreement.

More than 340 million shares, or over 74% of the 461 million total
outstanding shares of TXU Corp. common stock, were voted in favor
of the adoption of the merger agreement.  Approval required a vote
of two-thirds of the outstanding shares.  Of the shares voted,
over 95 percent voted in favor of the merger.

Under the terms of the merger agreement, upon close of the merger,
TXU shareholders will be entitled to $69.25 in cash for each share
of TXU common stock held.  The merger, which requires approval by
the Nuclear Regulatory Commission and completion of other
customary closing conditions, is expected to close in the fourth
quarter of 2007.

                        About TXU Corp.

Headquartered in Dallas, Texas, TXU Corp. (NYSE: TXU) --
http://www.txucorp.com/-- is an energy holding company that     
manages a portfolio of competitive and regulated energy
subsidiaries, primarily in Texas , including TXU Energy, Luminant,
and Oncor.  TXU Energy provides electricity and related services
to 2.1 million electricity customers in Texas .  Luminant has over
18,300 MW of generation in Texas , including 2,300 MW of nuclear
and 5,800 MW of coal-fueled generation capacity.  Oncor operates a
distribution and transmission system in Texas , providing power to
three million electric delivery points over more than 101,000
miles of distribution and 14,000 miles of transmission lines.

                         *     *     *

TXU Corp. continue to carry Moody's "Ba1" Senior Unsecured Debt
Rating as well as Fitch's "BB+" Long-Term Issuer Default Rating.
Both ratings were placed on Feb. 26, 2007.  

Additionally, TXU still carries Standard & Poor's "BB" Long-Term
Foreign and Local Issuer Credit Ratings, which were placed on
March 2, 2007, with a negative outlook.


UBS MORTGAGE: Fitch Lowers Ratings on $41.9 Million Certificates
----------------------------------------------------------------
Fitch Ratings has taken rating actions on one UBS mortgage pass-
through certificate.  Affirmations total $49.7 million and
downgrades total $41.9 million.  Break Loss percentages and Loss
Coverage Ratios for each class, rated B or higher, are included
with the rating actions as:

MASTR Second Lien Trust 2005-1

  -- $27 million class A affirmed at 'AAA' (BL: 78.17, LCR:
     3);

  -- $22.6 million class M-1 affirmed at 'AA' (BL: 54.02, LCR:
     2.07);

  -- $15.8 million class M-2 downgraded to 'BBB+' from 'A' (BL:
     36.45, LCR: 1.40);

  -- $4.5 million class M-3 downgraded to 'BBB-' from 'A-' (BL:
     31.18, LCR: 1.19);

  -- $4.4 million class M-4 downgraded to 'BB' from 'BBB+' (BL:
     25.89, LCR: 0.99);

  -- $3.9 million class M-5 downgraded to 'B' from 'BBB' (BL:
     21.22, LCR: 0.81);

  -- $4.2 million class M-6 downgraded to 'C' from 'BB+', and
     assigned a Distressed Recovery (DR) rating of DR5;

  -- $4.7 million class M-7 downgraded to 'C/DR6' from
     'CC/DR4';

  -- $3.9 million class M-8 remains at C/DR6;

  -- $0.2 million class M-9 remains at C/DR6.

Deal Summary

  -- Originators: (40.7% Accredit, Various);
  -- 60+ day Delinquency: 8.17%;
  -- Realized Losses to date (% of Original Balance): 6.73%;
  -- Expected Remaining Losses (% of Current Balance): 26.09%;
  -- Cumulative Expected Losses (% of Original Balance):
     16.41%.

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 LCR's 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.


UNIVAR INC: Moody's Places Corporate Family Rating at B2
--------------------------------------------------------
Moody's Investors Service assigned a B2 corporate family rating to
Univar Inc. and assigned B2 ratings to the company's proposed term
loans.  These first time ratings were assigned in connection with
the proposed acquisition of Univar N.V. by funds managed by CVC
Capital Partners.  The rating outlook is stable.  The ratings are:

Ratings assigned:

Univar Inc.

-- Corporate family rating: B2
-- Probability of default rating: B2
-- $275 mm Sr sec term loan A due 2014: B2 (LGD4, 53%)
-- $975 mm Sr sec term loan B due 2014: B2 (LGD4, 53%)

Funds managed by CVC Capital Partners have proposed to acquire
Univar N.V, a publicly traded company listed on the Amsterdam
stock exchange, for EUR53.50 per share or $2.1 billion.
Additionally, Univar N.V.'s existing debt totaling about
$1.3 billion will be refinanced.  The transaction will be funded
by about $2,360 million of debt and $1.2 billion of equity.

In addition to the rated debts, the company will establish a $1.1
billion revolving credit facility ($510 million drawn at close and
will provide for letters of credit) and issue
$600 million of senior subordinated notes.  The $975 mm Senior
Secured Term Loan B due 2014 will be an obligation, on an interim
basis, of Ulixes Acquisition N.V. (an indirect parent holding
company of Univar Inc.), and a US subsidiary of Univar B.V.,
before being pushed down to the ultimate borrower, which will be a
newly formed US entity in a new organizational structure to be
established for tax purposes.

The ratings contemplate the anticipated ultimate organizational
structure and placement of debt.  This is a first time rating for
Univar Inc, which will be a newly incorporated subsidiary of
Univar N.V. and under which will be all of Univar's operations.  
Should the company not execute its reorganization and debt
pushdown within six months after the closing of the acquisition,
the ratings on the term loans could be impacted. The ratings are
subject to a review of the final executed documents.

Univar's corporate family rating reflects:

   i. its high leverage (2006 pro forma Debt/EBITDA of 7x
      including Moody's global standard analytical
      adjustments);

  ii. modest debt reduction forecasted over the intermediate
      term;

iii. modest operating margins (albeit typical for a chemicals
      distributor) that allow for a minimal cushion in its
      highly leveraged situation;

  iv. an underperforming European business with regional
      concentration;

   v. a product mix weighted towards commodity chemicals;

  vi. integration risk stemming from the company's recent
      acquisition of ChemCentral Corporation;

vii. its history of inconsistent free cash flow generation as
      cash flow has been invested in working capital to support
      sales growth; and

viii. working capital seasonality associated with the company's
      agricultural chemicals distribution business in Canada  
      that will require the company to borrow additional funds
      on a seasonal basis.

The ratings favorably recognize:

   i. Univar's leading market share in North America and     
      economies of scale;

  ii. long-lived customer and supplier relationships with
      minimal concentration;

iii. favorable industry trends in outsourcing to distributors
      that has resulted in the distribution business growing
      faster than overall chemicals sales;

  iv. the stable nature of the firm's historical EBITDA
      generation;

   v. historical positive retained cash flow growth (that is
      not impacted directly by working capital usage of funds);
      and

  vi. relatively modest maintenance capital expenditure
      requirements.

The stable outlook reflects Moody's expectation that the company
will be able to accomplish modest growth over the next two years,
maintain EBITDA margins greater than 4% and refrain from further
debt-financed acquisitions until a considerable portion of debt is
retired.  Upside for the ratings is currently limited by the
company's leverage, but Moody's could reassess the ratings should
Univar's margins improve and its Debt/EBITDA approach 5x on a
sustained basis.  The ratings could be pressured if the company is
unable to improve profitability in its European operations, fails
to achieve planned synergies from the ChemCentral Corporation
acquisition or if Debt/EBITDA remains elevated over the
intermediate term.

Univar N.V. is one of the largest distributors of industrial
chemicals and providers of related services to a diverse set of
end markets in the US, Canada and Europe.  In April 2007, the
company purchased ChemCentral Corporation, the fourth largest
chemicals distributor in the US, for a purchase price of about
$650 million, which resulted in the combined entities becoming the
largest chemicals distributor in North America.  The company had
pro forma revenues (including ChemCentral Corporation) of
$8.3 billion for the LTM ended June 30, 2007.


WASHINGTON MUTUAL: CEO Sees Earnings Slump on Current Credit Woes
-----------------------------------------------------------------
Washington Mutual Inc. Chief Executive Kerry Killinger said that
the company forsees a continued rise in bad loans, which will
take a toll on WaMu's earnings, David Enrich of The Wall Street
Journal reports.

Mr. Killinger, speaking at a financial-services conference in New
York, was cited by WSJ as saying that the company will set aside
as much as $2.2 billion this year to cover potential loan losses.

According to WSJ, Mr. Killinger also cautioned that WaMu will
book lower gain-on-sale income from selling mortgage loans instead
of keeping them on the company's balance sheet.

                         Moody's Opinion

Last month, Moody's Investors Service affirmed its ratings on
Washington Mutual Inc. (senior at A2) and its subsidiaries
including its lead thrift, Washington Mutual Bank, (B- for
financial strength and A1 for deposits.)

Commenting on the company's performance, Moody's Senior Vice
President Sean Jones said, "[i]nvestor inquiry about the stability
of WaMu's ratings rose recently in response to WaMu's large
exposures to the troubled US mortgage market."

"In response, Moody's updated its analysis of WaMu's ratings and
concluded that an affirmation of WaMu's ratings was appropriate"
Mr. Jones added.  Moody's rating outlook on WaMu is stable.

Moody's said that it is likely that WaMu's performance will be
saddled by poor results in its sizable mortgage operations
throughout 2007 and 2008; however, WaMu's credit standing is
protected by good liquidity at both the holding company and the
thrift and earnings from its retail bank and credit card
operations.

                     About Washington Mutual

Seattle-based Washington Mutual Inc. -- http://newsroom.wamu.com/
-- is a group of consumer and small business banks.  At June 30,
2007, WaMu and its subsidiaries reported total assets of $312.22
billion.  The company's subsidiary banks currently operate
approximately 2,700 consumer and small business banking stores
throughout the United States.


WERNER LADDER: Panel Files 1st Amended Plan & Disclosure Statement
------------------------------------------------------------------
The Official Committee of Unsecured Creditors in the Chapter 11
cases of Werner Holding Co. (DE), Inc., aka Werner Ladder Co., and
its debtor-affiliates filed its First Amended Liquidating Plan and
Disclosure Statement in the United States Bankruptcy Court for the
District of Delaware on Sept. 10, 2007.

Joseph Galzerano, co-chair of the Creditors Committee, tells Judge
Carey that the Debtors, the Committee, and Levine Leichtman
Capital Partners III, L.P., and Milk Street Investors LLC have
entered into another stipulation to:

   (i) provide the Debtors with an additional wind-down funding
       of up to $350,000, actually funded by Milk Street or its
       designee, to pay certain wind-down expenses, to the
       extent not satisfied from the initial $750,000 wind-down
       amount; and

  (ii) enable the Amended Plan to be confirmed, with the
       effective date to occur on or before October 31, 2007.

The Additional Funding Stipulation supplements the April 2007
stipulation regarding the creation of litigation trust and
funding, management and distributions, entered into by the
Committee; the LLCP Entities; BDCM Opportunity Fund II, L.P., and
BDC Finance, L.L.C.; Brencourt BD, LLC; TCW Shared Opportunity
Fund V, L.P., TCW Shared Opportunity Fund IV, L.P., TCW Shared
Opportunity Fund IVB, L.P., TCW/Drum Special Situation Partners,
LLC, and TCW Shared Opportunity Fund III, L.P.; and Schultze
Master Fund, Ltd., Schultze Offshore Fund, Ltd., Schultze
Partners, L.P. and Schultze Asset Management, LLC.

The April 2007 Stipulation, which was subsequently approved by the
Court, also provides for the Committee's consent to the approval
of the sale of substantially all of the Debtors' assets to New
Werner Holding Co. (DE), LLC.

On the Committee's behalf, Dennis A. Meloro, Esq., at Greenberg
Traurig LLP, in Wilmington, Delaware, relates that, in accordance
with the Asset Purchase, the Debtors, the Committee, the
Liquidation Trustee, the Bid Sponsors, and New Werner will, and
will cause the buyer to:

   (a) provide LLCP, as litigation designee, and its counsel
       and representatives reasonable access to New Werner's
       employees, financial advisors, accountants, attorneys and
       any other professional persons and will encourage parties
       to meet and confer with Litigation Designee counsel
       and representatives as reasonably necessary for the
       designee's prosecution of the Causes of Action, or as are
       otherwise necessary to take full advantage of the Debtors'
       assets and their estates as of the Effective Date; and

   (b) assist the Litigation Designee and its counsel and
       representatives in contacting the Debtors' former
       employees.

To pay the fees, costs and expenses of the Estates, the
Liquidation Trust, the Litigation Designee and the Creditor
Representative, the LLCP Entities will provide Cash funding:

   * up to $1,900,000 less the amount of the Milk Street
     Additional Funding actually funded to the Litigation
     Designee, to be used solely for the fees, costs and expenses
     relating to the prosecution, settlement and liquidation of
     the Causes of Action;

   * $100,000 to the Liquidation Trustee on the Effective Date,
     to be used solely for the fees, costs and expenses of the
     Liquidation Trustee, the Creditor Representative and the
     Liquidation Trust and the Liquidation Trust Assets other
     than the Causes of Action;

   * $50,000 to the Liquidation Trustee on each of the first and
     second anniversaries of the Effective Date;

   * $25,000 to the Liquidation Trustee on each of the third and
     fourth anniversaries of the Effective Date;

   * the Milk Street Additional Funding; and

   * the Trust Funding, provided that its amount will be reduced
     by the amount of the Milk Street Additional Funding that is
     actually funded.

Mr. Meloro states that the Milk Street Additional Funding, along
with the attorneys' fees and expenses of the LLCP Entities
incurred from August 1, 2007, and until the Effective Date, but
not to exceed $250,000, will be added to the principal amount of
the Trust Funding and will be treated the same as the Trust
Funding, including:

   -- earning interest at 15% rate per annum, compounded and
      paid-in-kind quarterly;

   -- being secured by a first priority lien against the Causes
      of Action; and

   -- being otherwise treated and repaid in like fashion with
      the rest of the Trust Funding on a pari passu basis,
      regardless of whether the Effective Date occurs or the
      Debtors' Chapter 11 Cases are dismissed or converted to
      Chapter 7 of the Bankruptcy Code.

According to Mr. Meloro, the Debtors' estates and all of the
Debtors' liabilities will be substantively consolidated for
purposes of treating certain Claims, including for voting,
confirmation and distribution purposes.

Under the Amended Plan, Holders of other Priority Claims in Class
1, LLCP Second Lien Claims in Class 3 and General Unsecured Claims
in Class 4 are impaired and are entitled to vote on the Plan.  
However, the impaired Equity Interest Holders in Class 5 will not
receive or retain any property under the Plan with respect to
those Equity Interests and, accordingly, the holders are deemed to
reject the Plan.

Votes from holders of Administrative Claims and Priority Tax
Claims, which are unclassified, and the holders of Other Secured
Claims in Class 2 are not being solicited.

The Amended Plan further requires that any request for allowance
of any other Administrative Claim, including, Professional Fee
Claims and Administrative Claims accruing between June 9, 2007,
and the Effective Date, will be filed no later than 30 days after
the Effective Date.

The Court will convene a hearing today, September 12, to consider
the adequacy of the Committee's Amended Disclosure Statement.

Moreover, the Committee asks Judge Carey to schedule a Plan
confirmation hearing for October 25 at 10:00 a.m.

The Committee also asks Judge Carey to set October 15 at 4:00 p.m.
as the Plan confirmation objection deadline.

The Committee believes that confirmation and consummation of its
Amended Plan is in the best interests of the creditors and
interest holders, and thus, the Plan should be confirmed.

The Committee recommends that all creditors and interest holders
receiving a ballot should vote in favor of the Plan.

A blacklined copy of the Committee's First Amended Liquidating
Plan is available at no charge at:

  http://bankrupt.com/misc/CommitteeBlackline1stAmendedPlan.pdf

A blacklined copy of the Committee's First Amended Disclosure
Statement is available at no charge at:

  http://bankrupt.com/misc/CommitteeBlackline1stAmendedDS.pdf

                       About Werner Ladder

Based in Greenville, Pennsylvania, Werner Holding Co. (DE) Inc.
aka Werner Ladder Co. -- http://www.wernerladder.com/--          
manufactures and distributes ladders, climbing equipment and
ladder accessories.  The company and three of its affiliates filed
for chapter 11 protection on June 12, 2006 (Bankr. D. Del. Case
No. 06-10578).   

The Debtors are represented by the firm of Willkie Farr &
Gallagher LLP as lead counsel and the firm of Young, Conaway,
Stargatt & Taylor LLP as co-counsel.  Rothschild Inc. is the
Debtors' financial advisor.  The Official Committee of Unsecured
Creditors is represented by the firm of Winston & Strawn LLP as
lead counsel and the firm of Greenberg Traurig LLP as co-counsel.   
Jefferies & Company serves as the Creditor Committee's financial
advisor.  At March 31, 2006, the Debtors reported total assets of
$201,042,000 and total debts of $473,447,000.  On June 19, 2007,  
the Creditors Committee submitted their own chapter 11 plan and  
disclosure statement explaining that plan.


WESTWAYS FUNDING: Fitch Junks Rating on $77.23MM Income Notes
-------------------------------------------------------------
Fitch has downgraded three classes of notes from Westways Funding
X.  Derivative Fitch has also placed two classes on Rating Watch
Negative from each of Westways Funding VI through XI.  These
rating actions are effective immediately.

Westways Funding VI

  -- $15,000,000 class B notes rated 'AA', placed on Rating
     Watch Negative;

  -- $15,000,000 class C notes rated 'A', placed on Rating
     Watch Negative.

Westways Funding VII

  -- $10,000,000 class B notes rated 'AA', placed on Rating
     Watch Negative;

  -- $10,000,000 class C notes rated 'A', placed on Rating  
     Watch Negative;

  -- $3,000,000 class LC loan interests rated 'A', placed on
     Rating Watch Negative.

Westways Funding VIII

  -- $22,500,000 class B notes rated 'AA', placed on Rating
     Watch Negative;

  -- $22,500,000 class C notes rated 'A', placed on Rating
     Watch Negative.

Westways Funding IX

  -- $16,000,000 class B notes rated 'AA', placed on Rating
     Watch Negative;

  -- $16,000,000 class C notes rated 'A', placed on Rating
     Watch Negative;

  -- $5,000,000 class LC loan interests rated 'A', placed on
     Rating Watch Negative.

Westways Funding X

  -- $30,000,000 class B notes rated 'AA', placed on Rating
     Watch Negative;

  -- $10,000,000 class LB loan interests rated 'AA', placed on
     Rating Watch Negative;

  -- $30,000,000 class C notes rated 'A', placed on Rating
     Watch Negative;

  -- $10,000,000 class LC loan interests rated 'A', placed on
     Rating Watch Negative;

  -- $30,000,000 class D notes downgraded to 'BB-' from 'BBB',
     remains on Rating Watch Negative;

  -- $10,000,000 class LD loan interests downgraded to 'BB-'
     from 'BBB', remains on Rating Watch Negative

  -- $77,230,000 class income notes downgraded to 'CCC' from
     'B-', remains on Rating Watch Negative.

Westways Funding XI

  -- $31,500,000 class D notes rated 'BBB', placed on Rating
     Watch Negative.

The ratings for each of the classes B, LB, C, LC, D, or LD notes
reflects the likelihood that investors will receive periodic
interest payments through the redemption date as well as their
respective stated principal balances.  The rating of the income
notes reflects the likelihood that investors will receive
aggregate payments in an amount equal to the principal amount on
or prior to the redemption date.

The transactions are mortgage market value CDOs managed by TCW
Asset Management Co.  Each CDO has overcollateralization tests
designed to protect the notes from declines in the market value of
the portfolio.  However, some of the overcollateralization tests
are not effective as long as total note NAV (net asset value) is
above a threshold.  In the event where the NAV falls below that
threshold, the asset manager must sell assets from the portfolio
until these tests are passing.

The sale of assets from one of the transactions may have a
negative effect on prices of similar assets in one or more of the
other transactions.  The downgrades and Rating Watch Negative
actions are due to the uncertainty in the proceeds that will be
achieved during a possible forced sale of assets given the price
volatility that even highly rated securities have seen in the
current market environment.  The Westways transactions currently
have portfolios of all floating 'AAA' or agency collateral with
over half of the portfolio in agency securities.


WHITE RIVER: Blackenberger & BB Mining Want Cases Converted
-----------------------------------------------------------
Blackenberger Brothers Inc. and B.B. Mining Inc. ask the United
States Bankruptcy Court for the Southern District of Indiana to
convert the chapter 11 proceedings of White River Coal Inc. and
its debtor-affiliates to a chapter 7 liquidation proceeding.

BBI and BMI tell the Court that the Debtors have been under
bankruptcy protection for over 15 months.  During this period, the
Debtors said that they planned to sell all of their assets to the
highest bidder.  However, BBI and BMI contend, efforts have never
led to an acceptable purchase offer worth pursuing.

BBI and BMI also contend that the Debtors, through their chief
restructuring officer, attempted and failed to make their business
profitable.

BBI and BMI also disclose that as of August 31, Standard Bank PLC
decided not to extend any further post-petition lending to the
Debtor.  Instead of appealing to the Bank, the Debtors instead
filed a Motion for an Order Approving Wind-Down Process,
Procedures for Discovery Related to the mind and an Auction and
Liquidation Process and for Relief.

BBI and BMI argue that these reasons are cause for the Debtors'
cases to converted.  By converting the cases, further delays, as
well as incurring unnecessary costs are prevented, BBI and BMI
adds.

The Court has set a hearing this Friday, September 14, to consider
BBI and BMI's request.

                        About White River

Based in Hazleton, Ind., White River Coal, Inc., operates a mining
company.  The Company and its affiliates filed for chapter 11
protection on May 22, 2006 (Bankr. S.D. Ind. Case Nos. 06-70375
through 06-70379).  C.R. Bowles, Jr., Esq., at Greenbaum Doll &
McDonald PLLC, represents the Debtors in their restructuring
efforts.  When the Debtor filed for protection from their
creditors, they listed assets totaling $2 million and debts
totaling $35 million.


* Fitch Says Issuers Can Withstand Constraints in Credit Market
---------------------------------------------------------------
U.S. corporate issuers are, in general, well-positioned in the
near-term to withstand ongoing constraints in the credit markets
and meet their debt maturities and, according to a review by Fitch
Ratings.   

Fitch reviewed 563 U.S.-rated entities rated 'BBB+' to 'B-' across
all corporate sectors, analyzing debt maturity schedules for 2007-
2009, cash on hand, free cash flow and loans/lines of credit.  
Fitch focused on this range of companies recognizing the
heightened credit risks they face from potential market
disruption.

This report is part of a larger global liquidity review initiated
by Fitch in May 2007 of its rated issuers across corporate
finance.  While liquidity is always an essential factor in ongoing
surveillance of ratings, Fitch reviewed liquidity for corporates
on a more holistic basis to gain a better perspective on the
magnitude of maturities that would be coming due over the next 24
months and what organic and contingent sources were available to
meet these obligations.

Despite what had become a shareholder friendly environment with
heightened pressure to deliver returns through the return of
capital and/or the use of more leverage, many companies have built
up meaningful cash balances while also terming out of borrowings
and maintaining access to committed bank facilities.
'Corporate issuers have taken actions that, in general, provide
ample room for them to both meet their debt obligations and invest
in their business,' said John Olert, Managing Director and Co-Head
of North American Corporate Finance for Fitch Ratings.

While most corporate sectors are positioned to meet maturities
over the next 28 months through cash balances and free cash flow,
three industries stand out that might need to rely on contingent
sources should capital markets not be receptive to rolling term
maturities.  These sectors would include Leisure and Lodging, and
Utilities.  In particular, MGM and Hilton are issuers that stand
out in terms of possibly not being able to meet maturities because
of limited cash flow and/or cash balances.

On an industry-by-industry basis, the automotive and auto-related,
media and entertainment, and technology industries have the most
significant cash positions over the next 24 months.

Fitch's review is aimed at putting the focus back on credit
fundamentals at a time when liquidity-based sensitivities have
influenced a number of corporate borrowers and credit investors.
Over the next month, Fitch will publish individual reports for
each U.S. Corporate sector that will provide more company-specific
information on liquidity profiles, and highlight any related
concerns.


* Bell Boyd Expands Bankruptcy Practice, Adds Eight Attorneys
-------------------------------------------------------------
Bell, Boyd & Lloyd LLP has expanded its bankruptcy practice with
the addition of eight attorneys who have joined the firm from
Freeborn & Peters LLP.  Harley J. Goldstein who has been noted for
his skill as counsel in some of the nation's highest profile
corporate insolvency proceedings, will chair Bell Boyd's
Bankruptcy and Restructuring Group.

Also joining Bell Boyd are James E. Morgan as partner and Sven T.
Nylen, Matthew E. McClintock, Joseph B. DiRago, Sarah H. Bryan and
Jeffrey M. Heller as associates.  Professor Clinton W. Francis
also joins the firm as a consultant.

"We are very pleased to welcome this prominent group of bankruptcy
practitioners to Bell Boyd," the firm's chairman, Jack McCarthy
said.  "Their considerable experience and legal skill as advisors
in complex insolvency cases combined with the strength of our long
established bankruptcy practice, dating back over 15 years, will
enhance the services we offer to clients across the country and
internationally."

Mr. Goldstein has gained a reputation as an energetic litigator
with an impressive roster of successful results in bankruptcy
proceedings.  Two years ago, at the age of 32, he was named to the
Law Bulletin Publishing Company's 40 Illinois Attorneys Under
Forty to Watch.

"Bell Boyd provides the robust and comprehensive platform
necessary to help us pursue successfully the interests of our
clients who must navigate the current economic waters, including
the fallout from the subprime mortgage crisis," Mr. Goldstein
said.

The new lawyers represent secured and unsecured creditors,
debtors, committees, trustees, equity security holders and other
parties in all transactional and litigation aspects of bankruptcy
cases.  They have successfully reorganized or liquidated numerous
companies both out-of-court and through chapter 11 proceedings.  
They also represent lenders and borrowers in out-of-court
operational and financial restructurings.

Bell Boyd's Bankruptcy and Restructuring Group has practiced in
jurisdictions throughout the country helping to resolve the
difficult issues involving business insolvency and restructuring
for clients in the financial services, manufacturing, technology,
energy, health care and real estate industries, among others.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Sept. 13, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Kick-Off Cocktail Reception
         Westin Buckhead, Atlanta, Georgia
            Contact: 678-795-8103 or http://www.turnaround.org/

Sept. 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Forum: John Blumberg - guest speaker
         Mid-Day Club, Chicago, Illinois
            Contact: http://www.turnaround.org/

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

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

Sept. 18, 2007
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
         6th Annual Advanced Restructuring and
            Plan of Reorganization Conference
               Union League Club, New York, New York
                  Contact: http://www.airacira.org/

Sept. 18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Back to Basics: 13-Week Cash Flow Workshop
         Sheppard Mullin Richter & Hampton LLP, Los Angeles,
         California
            Contact: http://www.turnaround.org/

Sept. 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      NSW Networking Event with presentation by Lisa Ironside,
         senior Bank West Treasury Executive
            Union, University & Schools Club of Sydney,
               Sydney, Australia
                  Contact: http://www.turnaround.org/

Sept. 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      "From Prominence to Prison" Why Smart People Do Dumb Things
         Marriott at Key Center, Cleveland, Ohio
            Contact: http://www.turnaround.org/

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

Sept. 20, 2007
   BEARD AUDIO CONFERENCES
      Carve-Out Agreements for Unsecured Creditors
         Contact: 240-629-3300;
                  http://www.beardaudioconferences.com/

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

Sept. 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      1st Annual New York Distressed Capital Connection
         Roosevelt Hotel, New York, New York
            Contact: http://www.turnaround.org/

Sept. 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      HealthSouth Turnaround Story with John Whittington
         Summit Club, Birmingham, Alabama
            Contact: http://www.turnaround.org/

Sept. 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      All Appropriate Inquiry – Phase I Environmental Site
         Assessments Get a Facelift
            Waller Lansden Dortch & Davis PLLC,
               Nashville, Tennessee
                  Contact: http://www.turnaround.org/

Sept. 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      David Johnson, Business Analyst
         DFW Chapter Monthly Meeting
            CityPlace Conference Center, Dallas, Texas
               Contact: http://www.turnaround.org/

Sept. 20-21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      1st Annual MidAmerica Conference
         Oak Brook Hills Marriott Resort, Oak Brook, Illinois
            Contact: http://www.turnaround.org/

Sept. 21-23, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Turnaround Management Workshop at BGN Eastern Conference
         Reval Hotel Latvija, Riga, Latvia
            Contact: http://www.turnaround.org/

Sept. 24, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      11th Annual Golf Outing & Fundraiser
         Philadelphia Country Club, Philadelphia, Pennsylvania
            Contact: 215-657-5551 or http://www.turnaround.org/

Sept. 24, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Applying Private Sector Principles to the Public Sector:
         The Turnaround of the St. Louis Public School System
            Charlotte City Club, Charlotte, North Carolina
               Contact: http://www.turnaround.org/

Sept. 24-25, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Distressed & Turnaround Investment Forum
         The Flamingo, Las Vegas, Nevada
            Contact: http://www.turnaround.org/

Sept. 24-25, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      International Corporate Recovery Forum
         Alameda Santos, São Paulo, Brazil
            Contact: 1-703-739-0800; http://www.abiworld.org/

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

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

Sept. 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Event TBA
         McCormick & Schmick's, Las Vegas, Nevada
            Contact: 702-952-2480 or http://www.turnaround.org/

Sept. 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Milwaukee Brewers vs. St. Louis Cardinals
         Miller Park, Milwaukee, Wisconsin
            Contact: 815-469-2935 or http://www.turnaround.org/

Sept. 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      13 Week Cash Flow
         Marriott Westshore, Tampa, Florida
            Contact: http://www.turnaround.org/

Sept. 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Banana Peels, Bear Traps and Other Hazards for the
         Secured Lender and Other Creditors
            Milleridge Cottage, Jericho, New York
               Contact: http://www.turnaround.org/

Sept. 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      5th Annual Networking Session
         NJTMA/NYIC Production "Yesterday, Today & Tomorrow"
            Maplewood Country Club, Maplewood, New Jersey
               Contact: http://www.turnaround.org/

Sept. 26, 2007
   PRACTISING LAW INSTITUTE
      Subprime Mortgage Bankruptcies and the
         Chapter 11 Bankruptcy Uptick
            PLI California Center, San Francisco, California
               Contact: http://http://www.pli.edu//

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

Sept. 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Hedge Funds: Why Should I Care About Them and
         How Do They Affect Me?
         Faegre & Benson, Minneapolis, Minnesota
            Contact: http://www.turnaround.org/

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

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

Oct. 1, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Pittsburgh 4th Annual Golf Outing
         Fox Chapel Golf Club, Pittsburgh, Pennsylvania
            Contact: 412-644-8794 or http://www.turnaround.org/

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

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

Oct. 4, 2007
   NEW YORK SOCIETY OF SECURITY ANALYSTS
      Investing in Distressed and Defaulted Debt
         New York, New York
            Contact: http://www.nyssa.org/

Oct. 5, 2007
   PRACTISING LAW INSTITUTE
      Intercreditor Agreements & Bankruptcy Issues -
         Creating the Best Structures
            University Club, New York, New York
               Contact: http://www.pli.edu/

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

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

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

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

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

Oct. 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Chuck Bauer - Client Satisfaction
         Dallas Country Club, Dallas, Texas
            Contact: http://www.turnaround.org/

Oct. 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Meeting
         Westin Buckhead, Atlanta, Georgia
            Contact: 678-795-8103 or http://www.turnaround.org/

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

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

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

Oct. 17, 2007
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      AIRA Presents Lifetime Achievement Awards to
         Charles C. Crumley and William G. Hays, Jr.
            Cherokee Town Club, Atlanta, Georgia
               Contact: http://www.airacira.org/

Oct. 21-24, 2007
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      Restructuring and Investing Conference
         Portman Ritz Carlton, Shanghai, China
            Contact: http://www.airacira.org/


Oct. 22-23, 2007
   STRATEGIC RESEARCH INSTITUTE
      9th Annual Distressed Debt - West
         Venetian Resort Hotel Casino, Las Vegas, Nevada
            Contact: http://www.almevents.com/

Oct. 23, 2007
   BEARD AUDIO CONFERENCES
      Partnerships in Bankruptcy
         Contact: 240-629-3300;
                  http://www.beardaudioconferences.com/

Oct. 24, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Event - TBA
         McCormick & Schmick's Fresh Seafood Restaurant,
         Las Vegas, Nevada
            Contact: 702-952-2480 or http://www.turnaround.org/

Oct. 25, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      LI Turnaround Member Social
         Davenport Press, Mineola, New York
            Contact: 631-261-6296 or http://www.turnaround.org/

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

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

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

Oct. 29, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Monthly Luncheon, Carolinas Chapter - Topic TBA
         Sheraton Greensboro Hotel,
            Greensboro, North Carolina
               Contact: http://www.turnaround.org/

Oct. 29, 2007
   FINANCIAL RESEARCH ASSOCIATES LLC
      6th Annual Distressed Debt Summit
         The 3 West Club, New York, New York
            Contact: http://www.frallc.com/

Oct. 30, 2007
   BEARD AUDIO CONFERENCES
      Using Virtual Data Rooms to Expedite M&A
         and Insolvency Proceedings
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

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

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

Nov. 1, 2007
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      Claims Trading - Issues and Implications
         New York, New York
            Contact: http://www.airacira.org/

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

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

Nov. 5, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      2007 Newsmaker Dinner with Jean Chretien
         Fairmont Royal York Hotel, Toronto, Ontario
            Contact: http://www.turnaround.org/

Nov. 7, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Lenders Forum
         Milleridge Cottage, Jericho, New York
            Contact: http://www.turnaround.org/

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

Nov. 13-14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      6th Annual Distressed Debt Symposium
         Jumeirah Carlton Tower, London, United Kingdom
            Contact: http://www.turnaround.org/

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

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

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

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

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

Nov. 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Meeting with Chapter President, Bruce Sim
         Westin Buckhead, Atlanta, Georgia
            Contact: http://www.turnaround.org/

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

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

November 26-27, 2006
   BEARD GROUP AND RENAISSANCE AMERICAN MANAGEMENT
      Fourteenth Annual Conference on Distressed Investing
         Maximizing Profits in the Distressed Debt Market
            The Jumeirah Essex House, New York, NY
               Contact: 800-726-2524; 903-595-3800;
                  http://beardconferences.com

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

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

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

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

Dec. 5, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint Holiday Networking Event with TMA/CFA
         TBA, Philadelphia, Pennsylvania
            Contact: 215-657-5551 or http://www.turnaround.org/

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

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

Dec. 10, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Party
         Guy Anthony's Restaurant, Merrick, New York
            Contact: 631-251-6296 or http://www.turnaround.org/

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

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

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

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

Jan. 11, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Lenders Panel
         Westin Buckhead, Atlanta, Georgia
            Contact: http://www.turnaround.org/

Feb. 7, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      PowerPlay
         Philips Arena, Atlanta, Georgia
            Contact: 678-795-8103 or http://www.turnaround.org/

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

Feb. 14-16, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      13th Annual Rocky Mountain Bankruptcy Conference
         Westin Tabor Center, Denver, Colorado
            Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 23-26, 2008
   NORTON INSTITUTES ON BANKRUPTCY LAW
      Bankruptcy Litigation Seminar I
         Park City, Utah
            Contact: http://www.nortoninstitutes.org/

Feb. 26, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Retail Panel
         Citrus Club, Orlando, Florida
            Contact: http://www.turnaround.org/

Mar. 6-8, 2008
   ALI-ABA
      Fundamentals of Bankruptcy Law
         Mandalay Bay Resort, Las Vegas, Nevada
            Contact: http://www.ali-aba.org/

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

Mar. 27-30, 2008
   NORTON INSTITUTES ON BANKRUPTCY LAW
      Bankruptcy Litigation Seminar II
         Las Vegas, Nevada
            Contact: http://www.nortoninstitutes.org/

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

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

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

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

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

June 19-21, 2008
   ALI-ABA
      Partnerships, LLCs, and LLPs: Uniform Acts, Taxation,
         Drafting, Securities, and Bankruptcy
            Omni Hotel, San Francisco, California
               Contact: http://www.ali-aba.org/

June 26-29, 2008
   NORTON INSTITUTES ON BANKRUPTCY LAW
      Western Mountains Bankruptcy Law Seminar
         Jackson Hole, Wyoming
            Contact: http://www.nortoninstitutes.org/

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

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

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

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

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

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

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

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

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

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

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

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

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

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

BEARD AUDIO CONFERENCES
   BAPCPA One Year On: Lessons Learned and Outlook
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Calpine's Chapter 11 Filing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Carve-Out Agreements for Unsecured Creditors
      Contact: 240-629-3300; http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Changes to Cross-Border Insolvencies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   China’s New Enterprise Bankruptcy Law
      Contact: 240-629-3300;
         http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Clash of the Titans -- Bankruptcy vs. IP Rights
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Coming Changes in Small Business Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Dana's Chapter 11 Filing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Deepening Insolvency – Widening Controversy: Current Risks,
      Latest Decisions
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Diagnosing Problems in Troubled Companies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Claims Trading
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Market Opportunities
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Real Estate under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Employee Benefits and Executive Compensation under the New
      Code
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Equitable Subordination and Recharacterization
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Fundamentals of Corporate Bankruptcy and Restructuring
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Handling Complex Chapter 11
      Restructuring Issues
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Healthcare Bankruptcy Reforms
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   High-Yield Opportunities in Distressed Investing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Homestead Exemptions under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Hospitals in Crisis: The Insolvency Crisis Plaguing
      Hospitals Across the U.S.
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   IP Rights In Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   KERPs and Bonuses under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

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

BEARD AUDIO CONFERENCES
   Partnerships in Bankruptcy: Unwinding The Deal
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Privacy Rights, Protections & Pitfalls in Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Real Estate Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Reverse Mergers—the New IPO?
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Second Lien Financings and Intercreditor Agreements
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Surviving the Digital Deluge: Best Practices in E-Discovery
      and Records Management for Bankruptcy Practitioners
         and Litigators
            Audio Conference Recording
               Contact: 240-629-3300;
                  http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Technology as a Competitive Advantage For Today’s Legal
Processes
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/


BEARD AUDIO CONFERENCES
   Twenty-Day Claims
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Using Virtual Data Rooms to Expedite M&A and Insolvency
Proceedings
         Contact: 240-629-3300;
http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   When Tenants File -- A Landlord's BAPCPA Survival Guide
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday. Submissions via e-mail
to conferences@bankrupt.com are encouraged.

                             *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.  
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

On Thursdays, the TCR delivers a list of recently filed chapter 11
cases involving less than $1,000,000 in assets and liabilities
delivered to nation's bankruptcy courts.  The list includes links
to freely downloadable images of these small-dollar petitions in
Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911.  For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.

                             *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Marie Therese V. Profetana, Shimero R. Jainga, Ronald C. Sy,
Joel Anthony G. Lopez, Cecil R. Villacampa, Jason A. Nieva,
Melanie C. Pador, Ludivino Q. Climaco, Jr., Loyda I. Nartatez,
Tara Marie A. Martin, John Paul C. Canonigo, Sheena 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 ***