TCR_Public/071003.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, October 3, 2007, Vol. 11, No. 234

                             Headlines

ACE AVIATION: Selling 35.5MM Jazz Air Units for $7.75 Per Unit
ACE AVIATION: Selling 22MM Aeroplan Units for $21.90 Per Unit
ACXIOM CORP: Silver Lake and ValueAct Terminates Merger Deal
ACXIOM CORP: Charles Morgan to Retire as Chairman
ACXIOM CORP: Cancelled Buyout Cues S&P to Retain Negative Watch

AES CORPORATION: Plans to Construct 170 MW Wind Project in Texas
AES CORP: NY Attorney General Wants Greenhouse Risks Disclosed
ALLIANCE ONE: Exchange Offer for 8-1/2% Senior Notes Expires
AMERICAN AIRLINES: Intends to Prepay $545 Million in Aircraft Debt
AMERICAN HOME: Resolves Security Guaranty Dispute with GNMA

AMERIQUEST MORTGAGE: Moody's Cuts Ratings on Four Certificates
AMERISOURCEBERGEN CORP: Acquires Bellco Health for $190 Million
ANDREW CRAIG: Case Summary & 12 Largest Unsecured Creditors
ARES XII: S&P Assigns Preliminary BB Rating on Class E Notes
ASHBY ACADEMY: Case Summary & 19 Largest Unsecured Creditors

ASPEN EXECUTIVE: Section 341(a) Meeting Scheduled on October 23
ASSOCIATED HEALTHCARE: Case Summary & 20 Largest Unsec. Creditors
BARRY CALLEBAUT: Sells Brach's Business to Farley & Sathers
BARTON CREEK: Case Summary & 17 Largest Unsecured Creditors
BELO CORP: Spins-Off Television & Newspaper Business to A.H. Belo

BELO CORP: Fitch Lowers Issuer Default Rating to BB+ from BBB-
BELO CORP: S&P Cuts Corporate Credit Rating to BB+ from BBB-
BUFFETS INC: Weak Performance Cues Moody's to Cut Ratings
CATHOLIC CHURCH: Davenport Wants Plan-filing Deadline Extended
CDC MORTGAGE: Moody's Reviews Ratings on Certs. from Eight Deals

CDX.NA.HY.9: Fitch Assigns 'B' Bond Fund Credit Rating
CHIQUITA BRANDS: Names Howard Baker to Board of Directors
CHL MORTGAGE: Moody's Holds Ba2 Rating on Class B-3 Certificates
D.R. HORTON: Posts $823.8 Million Net Loss in Qtr. Ended June 30
DELTA SYSTEMS: Arkansas Unit Files for Chapter 11 Protection

DELTA SYSTEMS: Case Summary & 75 Largest Unsecured Creditors
DYNEGY INC: Former CFO to Pay $375,000 to Settle SEC Charges
EASTMAN KODAK: Board Promotes Philip Faraci to President & COO
EMPIRE BEEF: Files Schedules of Assets and Liabilities
EMPIRE BEEF: Trustee Appoints Seven-Member Creditors Committee

ENVIROSOLUTIONS HOLDINGS: Moody's Cuts Rating to B3 from B2
FAREPORT CAPITAL: Completes Shares for Debt Deal with Creditors
FERRO CORPORATION: Board Declares Regular Quarterly Dividend
FLEETWOOD ENTERPRISES: S&P Affirms 'B' Corporate Credit Rating
GREYFRIARS INSURANCE: Court Sets Oct. 23 Chap. 15 Petition Hearing

INT'L COAL: Sells Illinois Property to Arch Coal for $39 Million
JP MORGAN: Fitch Holds B- Rating on $5.3MM Class P Certificates
KONINKLIJKE AHOLD: Faces Racketeering Complaint in Illinois
KONINKLIJKE AHOLD: Reacquires Common Shares for EUR119.2 Million
LAMAR ADVERTISING: Moody's Holds Ba2 Corporate Family Rating

LAMAR ADVERTISING: S&P Affirms BB- Corporate Credit Rating
LEAR CORP: Names Matthew Simoncini as Chief Financial Officer
MEDICOR LTD: Court Approves NHB as Committee's Financial Advisor
MITSUBISHI MATERIALS: Eyes 12% Boost in 2008 Pretax Profit
MYLAN LABS: Earns $79.7 Million in Quarter Ended June 30

NATIONAL EASTERN: Wants Anthony Novak as Bankruptcy Counsel
NEW YORK RACING: Court Approves Getnick as Integrity Counsel
NORTHWEST AIRLINE: Moody's Rates Class B Certificates at Ba1
NUTRITIONAL SOURCING: Court Okays Mesirow Financial as Consultant
OUR LADY OF MERCY: Has Until December 31 to File Chapter 11 Plan

PALM INC: Posts $841,000 Net Loss in First Quarter Ended Aug. 31
PARMALAT SPA: Plans Expansion Via Acquisitions & Joint Ventures
PARMALAT SPA: Sees Citigroup Trial Starting in March 2008
PASCACK VALLEY: Organizational Meeting Scheduled on October 11
PASCACK VALLEY: Bankruptcy Filing Cues Fitch to Lower Ratings

PEOPLE’S CHOICE: Credit Support Erosion Cues S&P to Cut Ratings
PLAINS EXPLORATION: Special Stockholders Meeting Set for Nov. 6
PLAYTEX PRODUCTS: Completes Energizer Merger Deal
PLAYTEX PRODUCTS: Energizer Deal Cues Moody's to Withdraw Ratings
PLAYTEX PRODUCTS: Energizer Deal Cues S&P to Withdraw Ratings

POGO PRODUCING: Special Stockholders Meeting Set for November 6
RAM-MAR DEVELOPMENT: Voluntary Chapter 11 Case Summary
RELIANT ENERGY: Court Approves Delaware Claims as Claims Agent
RELIANT ENERGY: Court Okays Richards Layton as Bankruptcy Counsel
REMY INT'L: Noteholders Support Prepackaged Reorganization Plan

REVERE INDUSTRIES: Moody's Cuts Corporate Family Rating to Caa2
RFC CDO: Overcollateralization Prompts S&P to Lift Ratings
RK MANUFACTURING: Voluntary Chapter 11 Case Summary
ROPER INDUSTRIES: Moody's Lifts Corporate Family Rating to Ba1
SCO GROUP: Section 341(a) Creditors Meeting Set for October 18

SCO GROUP: Court Approves Epiq Bankruptcy as Claims Agent
SCOTTISH RE: Declares Cash Dividend for Preferred Shares
SECURUS TECHNOLOGIES: Moody's Junks Corporate Family Rating
SPECTRUM BRANDS: Closes $225 Million Revolving Credit Facility
SPECTRUM BRAND: Fitch Rates $225 Million Sr. Secured Loan at B

STATESBORO CYCLE: Voluntary Chapter 11 Case Summary
SUL AMERICA: Fitch Lifts Issuer Default Rating to BB- from B+
VISION REAL: Case Summary & 17 Largest Unsecured Creditors
WACHOVIA BANK: S&P Affirms Ratings on 32 Certificate Classes
WESTWAYS FUNDING: Fitch Withdraws Ratings on Three Note Classes

WETCO RESTAURANT: Case Summary & 17 Largest Unsecured Creditors
X-RITE INC: Moody's Holds Corporate Family Rating at B1
X-RITE INC: S&P Holds 'B+' Rating and Removes Negative Watch

* Alvarez & Marsal Names Kurt Babe as Sr. Director at NE Region
* Chadbourne & Parke Names Karl Buch as Counsel in NY Office
* Thacher Proffitt Names Patrick Smith as Partner

* Upcoming Meetings, Conferences and Seminars

                             *********

ACE AVIATION: Selling 35.5MM Jazz Air Units for $7.75 Per Unit
--------------------------------------------------------------
ACE Aviation Holdings Inc. entered into an agreement with a group
of underwriters to sell an aggregate of 35.5 million trust units
of Jazz Air Income Fund at a price of $7.75 per Unit, for gross
proceeds of $275.1 million.  Jazz Air Income Fund will not receive
any of the proceeds from the offering.

A preliminary short form prospectus will be filed in each of the
provinces and territories of Canada by Oct. 5, 2007.  The offering
is expected to close on or about Oct. 22, 2007 and is subject to
certain conditions including the receipt of all required
regulatory approvals.  The underwriting syndicate is being led by
RBC Capital Markets and CIBC World Markets Inc.

Immediately following the offering, ACE Aviation Holdings Inc.
will retain 24,726,920 units of Jazz Air Income Fund, representing
20.1% of the 122,865,143 units issued and outstanding.

ACE Aviation Holdings Inc. -- http://www.aceaviation.com/-- is  
the parent holding company of Air Canada, Aeroplan, Jazz, Air
Canada Technical Services, Air Canada Vacations, Air Canada Cargo,
and Air Canada Ground Handling Services.

                          *     *     *

Dominion Bond Rating Service confirmed ACE Aviation Holdings'
Senior Unsecured Convertible Notes and Senior Unsecured Debt at B
(high) with a Stable trend on April 2007.  DBRS expects the rating
to remain steady amid solid performance of its underlying
portfolio of businesses and strong liquidity due to a well-
executed divestiture strategy.  Despite this, the rating continues
to be hampered by structural challenges facing the airline
industry and uncertainty related to ACE's portfolio going forward.


ACE AVIATION: Selling 22MM Aeroplan Units for $21.90 Per Unit
-------------------------------------------------------------
ACE Aviation Holdings Inc. entered into an agreement with a group
of underwriters to sell an aggregate of 22.0 million trust units
of Aeroplan Income Fund at a price of $21.90 per Unit, for gross
proceeds of $481.8 million.  Aeroplan Income Fund will not receive
any of the proceeds from the offering.

A preliminary short form prospectus will be filed in each of the
provinces and territories of Canada by October 5, 2007. The
offering is expected to close on or about October 22, 2007 and is
subject to certain conditions including the receipt of all
required regulatory approvals. The underwriting syndicate is being
led by RBC Capital Markets and CIBC World Markets Inc.

Immediately following the offering, ACE Aviation Holdings Inc.
will retain 40,285,585 units of Aeroplan Income Fund, representing
20.1% of the 200,000,000 units issued and outstanding.

ACE Aviation Holdings Inc. -- http://www.aceaviation.com/-- is  
the parent holding company of Air Canada, Aeroplan, Jazz, Air
Canada Technical Services, Air Canada Vacations, Air Canada Cargo,
and Air Canada Ground Handling Services.

                          *     *     *

Dominion Bond Rating Service confirmed ACE Aviation Holdings'
Senior Unsecured Convertible Notes and Senior Unsecured Debt at B
(high) with a Stable trend on April 2007.  DBRS expects the rating
to remain steady amid solid performance of its underlying
portfolio of businesses and strong liquidity due to a well-
executed divestiture strategy.  Despite this, the rating continues
to be hampered by structural challenges facing the airline
industry and uncertainty related to ACE's portfolio going forward.


ACXIOM CORP: Silver Lake and ValueAct Terminates Merger Deal
------------------------------------------------------------
Acxiom(R) Corporation has reached an agreement with Silver Lake
Partners and ValueAct Capital Partners LP to terminate the
acquisition of Acxiom by Axio Holdings, LLC, a company controlled
by Silver Lake and ValueAct Partners.  Acxiom, Silver Lake and
ValueAct Partners have signed a settlement agreement pursuant to
which Acxiom will receive $65 million in cash to terminate the
merger agreement.

As reported in the Troubled Company on May 17, 2007, Silver Lake
and ValueAct Capital will acquire 100% of the outstanding equity
interests in the company in an all-cash transaction valued at
$3 billion, including the assumption of approximately $756 million
of debt.

Under the terms of the agreement, Acxiom stockholders will receive
$27.10 in cash for each outstanding share of stock.  This
represents a premium of approximately 14% over the closing share
price on May 16, 2007, the last trading day before disclosure of
the agreement with Silver Lake and ValueAct Capital with respect
to the acquisition of the company and a premium of approximately
20% per share over Acxiom's average closing price per share during
the 30 trading.

"Acxiom has been an industry leader for over three decades, and we
will continue to execute on our long-term strategy to remain the
market leader in database marketing, services and data products,”
Charles Morgan, Acxiom Chairman and Company Leader said.  "While I
am disappointed that we could not conclude the merger, we have
renewed energy and remain focused and committed to delivering
value for our shareholders and clients."

Based in Little Rock, Arkansas, Acxiom(R) Corporation (Nasdaq:
ACXM) -- http://www.acxiom.com/-- integrates data, services and  
technology to create and deliver customer and information
management solutions for many of the largest, most respected
companies in the world.  The core components of Acxiom's solutions
are Customer Data Integration technology, data, database services,
IT outsourcing, consulting and analytics, and privacy leadership.  
Founded in 1969, Acxiom has locations throughout the United
States, Europe, Australia and China.


ACXIOM CORP: Charles Morgan to Retire as Chairman
-------------------------------------------------
Charles Morgan, Acxiom(R) Corporation's Chairman and Company
Leader, will retire as Company Leader upon the selection of a
successor.

"For 35 years I have had the privilege of leading Acxiom as we
have created value for our shareholders, clients and associates,"
Mr. Morgan said.  "I had been considering stepping down as the
leader of Acxiom and thought the completion of our going-private
transaction would be the natural time to begin an orderly
transition.  As Acxiom will now remain public it is the right time
for a change.  While I had been planning to retire from Acxiom, I
have agreed to stay as Company Leader during this interim period."

The board disclosed that a search committee comprised of Halsey
Wise, Mack McLarty, Ann Die Hasselmo and Morgan has been formed
and a search will begin.  The search will include both internal
and external candidates.

"Charles Morgan is an outstanding leader," William T. Dillard, II,
Lead Director said.  "The Board is pleased that he will continue
to lead the company as we search for his successor.  We are all
very appreciative of his enormous contributions to the success of
the Acxiom.  We are working toward an ongoing role for Charles,
recognizing that much of the success of the Company is
attributable to his leadership, technological vision and his
direct relationship with many of the clients of the company.  His
contributions to the entire industry over the last three decades
have been recognized by the recent announcement of his induction
to the Direct Marketing Association’s Hall of Fame for 2007."

Based in Little Rock, Arkansas, Acxiom(R) Corporation (Nasdaq:
ACXM) -- http://www.acxiom.com/-- integrates data, services and  
technology to create and deliver customer and information
management solutions for many of the largest, most respected
companies in the world.  The core components of Acxiom's solutions
are Customer Data Integration technology, data, database services,
IT outsourcing, consulting and analytics, and privacy leadership.  
Founded in 1969, Acxiom has locations throughout the United
States, Europe, Australia and China.


ACXIOM CORP: Cancelled Buyout Cues S&P to Retain Negative Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services said its 'BB' corporate credit
rating on Little Rock, Arkansas-based Acxiom Corp. remains on
CreditWatch with negative implications, where it was placed on
May 17, 2007.  At the same time, S&P also placed the 'BB' senior
secured debt ratings on CreditWatch with negative implications,
because the debt will no longer be refinanced as part of the LBO
financing.
     
The CreditWatch update follows the announcement that the
$3 billion buyout by private-equity firm Silver Lake and hedge
fund ValueAct Capital has been canceled.  Additionally, the
company's chairman and CEO has announced his retirement.  The
company will receive $65 million related to the termination of
the merger agreement, and it is expected to be substantially more
than any one-time expenses related to the merger agreement.
     
"Our review will focus on Acxiom's operating performance, business
strategy, management succession plans, and financial policy," said
Standard & Poor's credit analyst Phil Schrank.
     
Although Acxiom's current debt levels are moderate for the rating,
in the 2x area, the company has exhibited a much more aggressive
financial policy and could continue to pursue ongoing acquisitions
and share repurchases.  Additionally, Acxiom's dissident
shareholder, ValueAct Capital Partners L.P., retains its seat on
Acxiom's board, and could continue to pursue a more aggressive
shareholder oriented agenda.


AES CORPORATION: Plans to Construct 170 MW Wind Project in Texas
----------------------------------------------------------------
The AES Corporation said it plans to begin construction of Buffalo
Gap 3, a 170 megawatts expansion of its Buffalo Gap wind farm near
Abilene, Texas.  Once completed, the project will increase
capacity at Buffalo Gap to 524 MW, making it one of the largest
operating wind farms in the United States.  Commercial operations
are expected to begin mid-2008.  AES signed a seven-year power
purchase agreement to sell all of the electricity it produces at
the Buffalo Gap 3 wind generation facility to Direct Energy, a
subsidiary of Centrica plc.  Financial terms of the agreement were
not disclosed.

"This expansion underscores AES's ongoing commitment to renewable
energy," said Ned Hall, President, AES Renewable Generation.  
"With more than 1,000 MW of wind projects in operation in the
United States and another 4,000 MW in various stages of
development throughout the world, AES is well positioned to meet
growing demand for wind generated power."

"The Buffalo Gap 3 expansion will allow AES to continue developing
renewable energy sources in West Texas, benefiting the local
economy through the creation of new jobs and an increased tax
base," said Ryan Pfaff, Managing Director, AES Wind Generation.  
"We are also pleased to further expand our relationship with
Direct Energy, a world-class organization that shares our
commitment to the West Texas wind market."

AES purchased 74 Siemens model SWT-2.3-93 60 Hz wind turbine
generators for the Buffalo Gap 3 project.

"This expansion is consistent with AES's long-term goal to be a
major wind energy producer, and is part of our plan to more than
triple our wind-generated megawatts globally by 2011," said
William Luraschi, AES Executive Vice President and President of
Alterative Energy.  "As one of the cleanest, lowest-cost
renewables, wind generation will be an area of continuing focus
and priority for AES."

AES's Alternative Energy business comprises the company's
activities in wind generation, greenhouse gas emissions offset
projects, liquefied natural gas and other technologies.

AES entered the wind generation business in 2004.  The company's
wind development projects are located primarily in the United
States and Europe.  AES has plans to expand its wind business to
other countries where it does business, including countries in
Asia and Latin America.

                       About AES Corporation

Headquartered in Arlington, Virginia, AES Corporation (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'.


AES CORP: NY Attorney General Wants Greenhouse Risks Disclosed
--------------------------------------------------------------
Environment News Service reports that New York Attorney General
Andrew Cuomo has subpoenaed the AES Corporation, demanding that
the firm disclose the financial risks of its greenhouse gas
emissions to shareholders, specifically to the New York State
Common Retirement Fund.

Environment News relates that Mr. Cuomo also sent the subpoenas
to:

         -- Dominion Resources,
         -- Xcel Energy,
         -- Dynegy, and
         -- Peabody Energy.

Mr. Cuomo told Environment News that AES is among the US' largest
producers of greenhouse gas pollutants, including carbon dioxide.

AES' 2006 Form 10-K filing with the U.S. Securities and Exchange
Commission failed to disclose projected emissions, nor evaluate
the effect of upcoming greenhouse gas regulations on the firm's
"financial picture," Environment News says, citing Mr. Cuomo.

Mr. Cuomo commented to Environment News, "Climate change is one of
the most pressing environmental challenges facing the world
today."  He reminded the executives that emissions from US power
plants "constitute 30% of total US carbon emissions."

"Regulation of greenhouse gas emissions on the state level through
the Regional Greenhouse Gas Initiative will begin," Environment
News notes, citing Mr. Cuomo.

Mr. Cuomo told Environment News, "Any one of the several new or
likely regulatory initiatives for CO2 emissions from power plants
-- including state carbon controls, E.P.A.'s regulations under the
Clean Air Act, or the enactment of federal global warming
legislation -- would add a significant cost to carbon-intensive
coal generation.  Selective disclosure of favorable information or
omission of unfavorable information concerning climate change is
misleading."

                       About AES Corporation

Headquartered in Arlington, Virginia, AES Corporation (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'.


ALLIANCE ONE: Exchange Offer for 8-1/2% Senior Notes Expires
------------------------------------------------------------
Alliance One International, Inc.'s exchange offer for all of its
outstanding 8-1/2 % Senior Notes due 2012 expired at 5:00 p.m. on
Oct. 1, 2007.

On Aug. 30, 2007, Alliance One offered to exchange up to
$150,000,000 aggregate principal amount of its 8-1/2% Senior Notes
due 2012 which have been registered under the Securities Act of
1933, as amended, for a like principal amount of its original
unregistered 8-1/2 % Senior Notes due 2012.  The terms of the
exchange securities are identical in all material respects to the
terms of the original securities for which they are being
exchanged, except that the registration rights and the transfer
restrictions, applicable to the original securities are not
applicable to the exchange securities.

The exchange offer is made only pursuant to Alliance One's
prospectus, dated Aug. 30, 2007, which has been filed with the
Securities and Exchange Commission as part of Alliance One's
Registration Statement on Form S-4.  The Registration Statement
was declared effective by the Securities and Exchange Commission
on Aug. 29, 2007.

Copies of the prospectus and transmittal materials governing the
exchange offer may be obtained from the Exchange Agent, Deutsche
Bank Trust Company Americas, at:

     Deutsche Bank Trust Company Americas
     DB Services Tennessee, Inc.
     Reorganization Unit
     P.O. Box 305050
     Nashville, Tennessee  37211
     Telephone (800) 735-7777
     Fax (615) 835-3701           

Based in Morrisville, North Carolina, Alliance One International
Inc. (NYSE: AOI) -- http://www.aointl.com/-- is a leaf tobacco  
merchant.  The company has worldwide operations in Argentina,
Bangladesh, Brazil, Bulgaria, Canada, China, France, Philippines,
Malaysia, and Singapore.

                          *     *     *

Alliance One International Inc. continues to carry Moody's
Investors Service's B2 long-term corporate family rating,
B1 bank loan debt rating, B2 senior unsecured debt rating,
Caa1 subordinated debt rating, and B2 probability-of-default
rating.  The ratings outlook is stable.

The company also carries Standard & Poor's B+ long-term foreign
and local issuer credit ratings.  The ratings outlook negative.


AMERICAN AIRLINES: Intends to Prepay $545 Million in Aircraft Debt
------------------------------------------------------------------
AMR Corp., parent company of American Airlines Inc. and American
Eagle Airlines, Inc., said that American Airlines intends to
prepay $545 million in aircraft debt in the fourth quarter of 2007
as part of AMR’s ongoing efforts to buttress its financial
foundation and strengthen its balance sheet.

The prepayment is expected to take place toward the end of the
fourth quarter during the first available prepayment window.  The
prepayment, which would be in addition to AMR’s $1.3 billion in
scheduled principal payments in 2007, is expected to initially
eliminate approximately $25 million of annual net interest expense
and release 16 aircraft used to secure the loan, which has been
outstanding since December 2002 and is scheduled to mature in
December 2012.  The company emphasized that any final
determination to prepay this debt, and any decisions to prepay
other debt, will depend on future economic and industry
conditions, the financial condition of the company, and other
factors -- many of which are beyond the company’s control.

AMR also said that its wholly owned subsidiary, American Eagle
Airlines Inc., made a $32 million aircraft debt prepayment in the
third quarter that brought AMR’s prepayment of debt on its
Canadair regional jets to $159 million this year -- all of the
prepayments were in addition to scheduled principal payments.  The
final payment in July released 10 CRJ-700 aircraft that were used
to secure the debt and which are operated by American Eagle
Airlines.

"With our improving financial performance, we have bolstered our
liquidity position and we have opportunistically strengthened our
balance sheet by reducing debt," said Thomas W. Horton, Executive
Vice President of Finance and Planning and Chief Financial Officer
of AMR.  "While we have more work to do, our recent decisions not
only improve our balance sheet, but also reduce our interest
burden going forward and give us more financial flexibility for
the future."

The plans and actions disclosed are in addition to actions taken
by the company in the first half of 2007 including debt
prepayments, bond refinancings and the lowering of the interest
rate on a credit facility.  The actions eliminated an incremental
$27 million of annual net interest expense, in addition to the net
interest expense savings from AMR’s scheduled debt amortization.  
As a result of scheduled principal payments as well as incremental
efforts to strengthen its balance sheet, the company estimates
that its net interest expense for the nine months ended Sept. 30,
2007, will be approximately $130 million lower than its net
interest expense for the same period in 2006.

Going forward, depending on market conditions, the company’s cash
position, and other considerations, the company may from time to
time refinance, redeem or repurchase its debt or take other steps
to reduce its debt or lease obligations or otherwise improve its
balance sheet.

AMR expects to end the third quarter of 2007 with approximately
$5.7 billion in cash and short-term investments, including a
restricted balance of approximately $450 million. That compares to
a cash and short-term investment balance of $5.5 billion,
including a restricted balance of $464 million, at the end of the
third quarter of 2006.

The company expects to end the third quarter of 2007 with Total
Debt, which the company defines as the aggregate of its long-term
debt, capital lease obligations, the principal amount of airport
facility tax-exempt bonds and the present value of aircraft
operating lease obligations, of approximately $16.6 billion. AMR’s
Total Debt was approximately $19 billion at the end of the third
quarter of 2006 and approximately $20.1 billion at the end of
2005.

The company expects to end the third quarter of 2007 with Net
Debt, which the Company defines as Total Debt less unrestricted
cash and short-term investments, of approximately $11.3 billion,
compared to Net Debt of approximately $14.0 billion at the end of
the third quarter of 2006 and approximately $16.3 billion at the
end of 2005.

                   About American Airlines Inc.

Based in Fort Worth, Texas, American Airlines Inc., a wholly owned
subsidiary of AMR Corp., operates the largest scheduled passenger
airline in the world with service throughout North America, the
Caribbean, Latin America, Europe and Asia.

                          *     *     *

The company continues to carry Standard & Poor's Ratings Services'
B rating.


AMERICAN HOME: Resolves Security Guaranty Dispute with GNMA
-----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware approved a
stipulation between American Home Mortgage Investment Corp. and
its debtor-affiliates and Government National Mortgage Association
relating to the Debtors' default on an agreement with GNMA, in
which GNMA guarantees the timely payment of principal and interest
on the securities issued by the Debtors.

Among the key terms of the stipulation are:

   -- the Debtors will have until October 9, 2007 to execute a
      binding contract to sell the Ginnie Mae Portfolio to a
      Ginnie Mae-approved issuer or servicer, without any further
      extensions or contingencies.  The Sale Contract will
      include a deadline to close the sale and the transition of
      the servicing to the Purchaser by November 1;

   -- the Sale Contract will provide sufficient proceeds to
      reimburse Ginnie Mae for all of its actual costs and
      expenditures associated with the alleged default by
      American Home Servicing, Inc., and the transfer of
      servicing rights associated with the Ginnie Mae Portfolio.
      The sufficiency of proceeds will also be a condition
      precedent to closing the Sale;

   -- the reimbursement will occur as part of and simultaneously
      with the closing of the Sale before any other payment from
      or disbursement of Sale proceeds.  The exact amount of
      costs and expenses is to be determined by Ginnie Mae, and
      estimated as of September 19, to be $1,650,000.  Ginnie
      Mae's costs and expenses include:

      (a) P&I payments to owners of securities backed by the
          Ginnie Mae Portfolio;

      (b) T&I payments on behalf of mortgages in the Ginnie Mae
          Portfolio;

      (c) expenses incurred related to the Ginnie Mae Portfolio,
          including settlement negotiations expenses like actual
          travel expenses;

      (d) customary pool transfer fees; and

      (e) the cost of funds used to make payments or cover
          expenses on account of the Ginnie Mae Portfolio;

   -- the Sale Contract will recognize that Ginnie Mae will not
      reimburse any advances to AHM Servicing, or any other
      party, or to fund any shortfalls to any custodial accounts.
      The Parties reserve all rights with respect to a certain
      August 2007 T&I payments made by AHM Servicing of
      approximately $600,000;

   -- the transition of the Servicing to the Purchaser will be
      completed in accordance with the transfer procedures
      established in Ginnie Mae's mortgage-backed securities
      guide.  The Debtors and the Purchaser will submit to Ginnie
      Mae a complete and accurate application for transfer of
      issuer responsibility.  The Sale may not be consummated
      prior to Ginnie Mae's approval of the application;

   -- Ginnie Mae will allow AHM Servicing to service the Ginnie
      Mae Portfolio until the earlier of (i) the date of the
      transition to Purchaser, (ii) November 1, 2007, or (iii)
      the return of servicing to Ginnie Mae.  The Debtors will
      provide Ginnie Mae with access and information necessary to
      monitor the servicing of the Ginnie Mae Portfolio;

   -- if the October 9 deadline is not satisfied or extended by
      Ginnie Mae in its sole discretion, the Debtors will not
      contest that Ginnie Mae is the sole owner of the right to
      service the Ginnie Mae Portfolio, that Ginnie Mae has the
      authority to dispose of or assign the servicing, or that
      Ginnie Mae is not subject to the automatic stay pursuant to
      Section 362 of the Bankruptcy Code; and

   -- nothing in the Stipulation will preclude Ginnie Mae from
      filing proofs of claim or requests for payment of
      administrative expense claims in the bankruptcy cases or
      the Debtors rights to object to the claims.

Based in Melville, New York, American Home Mortgage Investment
Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage        
real estate investment trust engaged in the business of investing
in mortgage-backed securities and mortgage loans resulting from
the securitization of residential mortgage loans originated and
serviced by its subsidiaries.  

American Home Mortgage and seven affiliates filed for chapter 11
protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047
through 07-11054).  James L. Patton, Jr., Esq., Joel A. Waite,
Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt &
Taylor LLP represent the Debtors.  Epiq Bankruptcy Solutions LLC
acts as the Debtors' claims and noticing agent.  The Official
Committee of Unsecured Creditors has selected Hahn & Hessen LLP as
its counsel.  As of March 31, 2007, American Home Mortgage's
balance sheet showed total assets of $20,553,935,000, total
liabilities of $19,330,191,000.  The Debtors' exclusive period to
file a plan expires on Dec. 4, 2007.  (American Home Bankruptcy
News, Issue No. 8, Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


AMERIQUEST MORTGAGE: Moody's Cuts Ratings on Four Certificates
--------------------------------------------------------------
Moody's Investors Service downgraded and placed on review for
possible downgrade 30 certificates from 13 deals originated in
2002 and 2003 by Ameriquest Mortgage Company and Argent Mortgage
Company, the retail and wholesale mortgage loan originators of ACC
Capital Holdings.  

The transactions are backed by adjustable and fixed-rate subprime
mortgage loans.  The Quest Trust 2003-X4 transaction is backed by
"scratch and dent" seasoned and reperforming subprime mortgage
loans.

The actions and reviews are based on the analysis of the current
credit enhancement levels provided by excess spread,
overcollateralization, and subordinate classes relative to the
expected loss.

Complete rating actions are:

Issuer: Ameriquest Mortgage Securities Inc.

Downgrade:

   -- Series 2003-7, Class M-4, Downgraded from Baa2 to Ba2,
   -- Series 2003-7, Class M-5, Downgraded from Ba1 to Caa1,
   -- Series 2003-AR2, Class M-3, Downgraded from Ba1 to Caa1,
   -- Series 2003-AR2, Class M-4, Downgraded from Ba3 to Ca,

Review for Possible Downgrade:

   -- Series 2002-AR1, Class M-3, Current Rating Baa2, under  
      review for possible downgrade,

   -- Series 2002-AR1, Class M-4, Current Rating Baa3, under
      review for possible downgrade,

   -- Series 2002-4, Class M-3, Current Rating A3, under review
      for possible downgrade,

   -- Series 2002-4, Class M-4, Current Rating Ba2, under
      review for possible downgrade,

   -- Quest Trust 2003-X4, Class M-2, Current Rating Baa2,
      under review for possible downgrade,

   -- Quest Trust 2003-X4, Class M-3, Current Rating Ba3, under
      review for possible downgrade,

   -- Series 2003-1, Class M-2, Current Rating A2, under review
      for possible downgrade,

   -- Series 2003-1, Class MF-3, Current Rating B1, under
      review for possible downgrade,

   -- Series 2003-1, Class MV-3, Current Rating B1, under  
      review for possible downgrade,

   -- Series 2003-1, Class M-4, Current Rating Caa3, under
      review for possible downgrade,

   -- Series 2003-6, Class M-5, Current Rating Baa2, under
      review for possible downgrade,

   -- Series 2003-6, Class M-6, Current Rating Caa1, under
      review for possible downgrade,

   -- Series 2003-10, Class MV-6, Current Rating Baa3, under
      review for possible downgrade,

   -- Series 2003-10, Class MF-6, Current Rating Baa3, under
      review for possible downgrade,

   -- Series 2003-11, Class M-5, Current Rating Baa2, under
      review for possible downgrade,

   -- Series 2003-11, Class M-6, Current Rating Baa3, under
      review for possible downgrade,

   -- Series 2003-12, Class M-4, Current Rating Baa1, under
      review for possible downgrade,

   -- Series 2003-12, Class M-5, Current Rating Baa2, under
      review for possible downgrade,

   -- Series 2003-12, Class M-6, Current Rating Baa3, under
      review for possible downgrade,

Issuer: Argent Securities Inc.

   -- Series 2003-W3, Class M-5, Current Rating Baa2, under
      review for possible downgrade,

   -- Series 2003-W3, Class MV-6, Current Rating Baa3, under
      review for possible downgrade,

   -- Series 2003-W3, Class MF-6, Current Rating Baa3, under
      review for possible downgrade,

   -- Series 2003-W8, Class M-5, Current Rating Baa2, under
      review for possible downgrade,

   -- Series 2003-W8, Class M-6, Current Rating Baa3, under
      review for possible downgrade,

   -- Series 2003-W10, Class M-5, Current Rating Baa2, under
      review for possible downgrade,

   -- Series 2003-W10, Class M-6, Current Rating Baa3, under
      review for possible downgrade.


AMERISOURCEBERGEN CORP: Acquires Bellco Health for $190 Million
---------------------------------------------------------------
AmerisourceBergen Corporation acquired Bellco Health for a revised
purchase price of approximately $190 million in cash.  

AmerisourceBergen expects this acquisition will be neutral to
diluted earnings per share for fiscal year 2008 and approximately
$0.05 accretive to diluted earnings per share in fiscal year 2009.

"Bellco is a great strategic fit and is a perfect example of our
acquisition strategy, which focuses on adding complementary
companies in the pharmaceutical supply channel," AmerisourceBergen
President and Chief Executive Officer R. David Yost said.

When AmerisourceBergen first disclosed the proposed acquisition in
March 2007, the purchase price was estimated to be
$235 million.  The price was decreased due to a now resolved
regulatory issue and other business matters.

AmerisourceBergen said its diluted earnings per share from
continuing operations expectations for fiscal year 2007 remain
unchanged in a range of $2.50 to $2.58, including a net benefit of
$0.05 from special items.  This range reflects the spin off of its
institutional pharmacy business, which becomes a discontinued
operation for the full year.  The company also remains optimistic
about fiscal year 2008 and expects its performance to be in line
with its long-term financial goals.

                        About Bellco Health

Headquartered in North Amityville, New York, Bellco Health is a
major pharmaceutical distributor in the Metro New York City Area,
where it primarily services independent retail community
pharmacies.  Nationally, the company markets and sells generic
pharmaceuticals to individual retail pharmacies, and provides
pharmaceutical products and services to dialysis clinics.

                      About AmerisourceBergen

Headquartered in Valley Forge, Pennsylvania, AmerisourceBergen
Corporation (NYSE:ABC) -- http://www.amerisourcebergen.com/-- is  
one of the pharmaceutical services companies serving the United
States, Canada and selected global markets.  AmerisourceBergen's
service solutions range from pharmacy automation and
pharmaceutical packaging to pharmacy services for skilled nursing
and assisted living facilities, reimbursement and pharmaceutical
consulting services, and physician education.  AmerisourceBergen
employs more than 14,000 people.

                           *     *     *

AmerisourceBergen continues to carry Moody's Investor Services'
Ba1 long term corporate family and Ba1 probability of default.  
The outlook is positive.


ANDREW CRAIG: Case Summary & 12 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Andrew Craig
        Teresa Craig
        2378 Mile Road
        Perkasie, PA 18944

Bankruptcy Case No.: 07-15743

Chapter 11 Petition Date: October 1, 2007

Court: Eastern District of Pennsylvania (Philadelphia)

Debtor's Counsel: Allen B. Dubroff, Esq.
                  Friedman, Schuman, Applebaum, Nemeroff &
                  McCaffery, P.C.
                  7848 Old York Road, Suite 200
                  Elkins Park, PA 19027
                  Tel: (215) 635-7200

Estimated Assets: $1 Million to $100 Million

Estimated Debts:  $1 Million to $100 Million

Debtor's 12 Largest Unsecured Creditors:

   Entity                                            Claim Amount
   ------                                            ------------
American Express                                          $34,982
P.O. Box 1270
Newark, NJ 07101-1270

Discover Card                                             $24,176
P.O. Box 15251
Wilmington, DE 19886-5251

F.I.A. Card Services                                      $20,952
P.O. Box 15726
Wilmington, DE 19886-5726

Advanta Bank Corp.                                        $20,413

CitiBusiness Card                                         $15,364

First Equity Card                                         $14,326

Capital One Bank                                           $7,145

Chase Cardmember Service                                   $5,565

Juniper Card Services                                      $3,663

Citizens Bank                                              $1,359

G.E. Money Bank                                              $977

G.M. Cardmember Services                                     $232


ARES XII: S&P Assigns Preliminary BB Rating on Class E Notes
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to Ares XII CLO Ltd./Ares XII CLO Corp.'s $644 million
floating-rate notes due 2020.
     
The preliminary ratings are based on information as of Oct. 1,
2007.  Subsequent information may result in the assignment of
final ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

     -- The credit enhancement provided through the
        subordination of cash flows to the more junior classes
        and subordinated notes;

     -- The transaction's cash flow structure, which was
        subjected to various stresses requested by Standard &
        Poor's;

     -- The asset manager's experience; and

     -- The transaction's legal structure, including the
        issuer's bankruptcy remoteness.

                  Preliminary Ratings Assigned
              Ares XII CLO Ltd./Ares XII CLO Corp.
    
          Class                  Rating        Amount
          -----                  ------        ------
           A                      AAA        $479,500,000
           B                      AA          $52,500,000
           C                      A           $42,000,000
           D                      BBB         $35,000,000
           E                      BB          $35,000,000
           Subordinated notes     NR          $56,000,000
                     
                        NR — Not rated.


ASHBY ACADEMY: Case Summary & 19 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Ashby Academy, L.L.C.
        250 Spring Hill Road
        Ashby, MA 01431

Bankruptcy Case No.: 07-43631

Type of business: The Debtor owns and operates a therapeutic
                  junior boarding school for boys in grades 5
                  through 9, ages 10 to 15.
                  See http://ashbyacademy.com/

Chapter 11 Petition Date: October 1, 2007

Court: District of Massachusetts (Worcester)

Judge: Henry J. Boroff

Debtor's Counsel: Alexander L. Cataldo, Esq.
                  894 Main Street
                  Norwell, MA 02061
                  Tel: (781) 659-4849
                  Fax: (781) 659-7801

Estimated Assets: Less than $10,000

Estimated Debts:  $1 Million to $100 Million

Debtor's 19 Largest Unsecured Creditors:

   Entity                      Nature of Claim       Claim Amount
   ------                      ---------------       ------------
Chrysler Financial             vehicles:                  $83,878
P.O. Box 2993                  $68,000; value of
Milwaukee, WI 53201            security: $68,000

Stuart Lager                   Personal loan to           $82,000
4237 Stewart Avenue
Los Angeles, CA 90066

Lisa Sandri                    Estimated prorated         $47,000
1A Mountain Road Estates       claim for tuition
Montague, MA 01351             paid

Jaguar Credit                  Purchase money             $25,303
                               loan for automobile;
                               collateral repossessed

Willima Hagaman and Claim      Estimated prorated         $20,749
Diane Hagaman                  claim for tuition paid

Jennifer Heymann               Estimated prorated         $19,120
                               claim for tuition
                               paid

Fast Cash Trading Center       pledge of $250,000-        $18,000
                               worth jewelry for
                               an $18,000 loan

Alfred Allen                   Employee wage              $14,860
                               claim

Paychecks                      Employee wages             $11,127

UNITEL                         Estimated unpaid            $5,003
                               insurance premiums
                       
                               Utility                     $5,003

Great American Insurance Co.   Unpaid Insurance            $8,031
                               premiums

Atilla Ceranoglu, M.D.         Medical services            $8,021

Roy Bros. Oil and Propane      Prepetition utility         $7,939
                               services and products

Renee Rotto                    Estimated prorated          $7,700
                               claim for tuition
                               paid

Gwynne Weinberg                Estimated prorated          $7,500
                               claim for tuition
                               paid

Etta Davidson                  Estimated prorated          $7,170
                               claim for tuition
                               paid

Ira Schwidel                   Estimated prorated          $7,120
                               claim for tuition
                               paid

Michael Schroer and Claim      Estimated prorated          $7,120
Elise Schroer                  claim for tuition
                               paid

Kristine Healy                 Estimated prorated          $6,984
                               claim for tuition
                               paid


ASPEN EXECUTIVE: Section 341(a) Meeting Scheduled on October 23
---------------------------------------------------------------
The U.S. Trustee for Region 3 will hold a meeting for creditors of
Aspen Executive Air, LLC at 2:00 p.m., on Oct. 23, 2007, at Room
2112, 2nd Floor, J. Caleb Boggs Federal Building, 844 Street in
Wilmington, Delaware.

This is the first meeting of creditors pursuant to Section 341(a)
of the Bankruptcy Code.

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

Based in Basalt, Colorado, Aspen Executive Air, L.L.C., aka AEXJet
-- http://www.aexjet.com/-- is a private jet travel company.  The   
company filed for chapter 11 protection on Sept. 14, 2007 (Bankr.
D. Del. Case No. 07-11341).  Laura Davis Jones, Esq., at
Pachulski, Stang, Ziehl & Jones, L.L.P., represents the Debtor.  
When the Debtor filed for protection form its creditors, it listed
estimated assets between $1 million and $100 million.  The
Debtor's list of 20 largest unsecured creditors showed claims of
more than $20 million.


ASSOCIATED HEALTHCARE: Case Summary & 20 Largest Unsec. Creditors
-----------------------------------------------------------------
Debtor: Associated Healthcare Systems, Inc.
        214 Overlook Court, Suite 260
        Brentwood, TN 37027-3215

Bankruptcy Case No.: 07-07219

Type of business: The Debtor owns and operates a hospital and
                  nursing home.

Chapter 11 Petition Date: October 1, 2007

Court: Middle District of Tennessee (Nashville)

Judge: Marian F. Harrison

Debtor's Counsel: G. Rhea Lucy, Esq.
                  Gullett, Sanford, Robinson, Martin, p.l.l.c.
                  P.O. Box 198888
                  Nashville, TN 37219-8888
                  Tel: (615) 244-4994
                  Fax: (615) 256-6339

Estimated Assets: $1 Million to $10 Million

Estimated Debts:  $1 Million to $10 Million

Debtor's 20 Largest Unsecured Creditors:

   Entity                      Nature of Claim       Claim Amount
   ------                      ---------------       ------------
Republic Bank                  lawsuit                 $1,808,273
c/o Stephen C. Tingey
P.O. Box 45385
Salt Lake City, UT
84145-0385

Norton Hospitals, Inc.         action to domesticate   $1,213,414
c/o Andrew J. Pulliam
2525 West End Avenue,
Suite 1500
Nashville, TN 37203

Winthrop Resources Corp.       lawsuit                   $978,474
c/o Matthew R. McBride, Esq.
225 South 6th Street,
Suite 3500
Minneapolis, MN 55402

St. Claude Medical Center,     lawsuit                   $900,000
L.L.C.
c/o James Cobb; John Emmett
1515 Poydras Street, Suite
1950
New Orleans, LA 70112

Delange Landen Financial                                 $691,248
Service
P.O. Box 848411
Dallas, TX 75284-8411

Marquette Equipment Finance    lawsuit                   $608,059
c/o Joseph E. Wrona
1816 Prospector Avenue,
Suite 100
Park City, UT 84060

Randolph Emergency Group,      lawsuit                   $426,073
L.L.C.                         
c/o Robert S. Patterson
P.O. Box 340025
Nashville, TN 37203

First State Financial, Inc.    suit on guaranty          $421,386
c/o Shon Leverett
204 East Market Street
Louisville, KY 40202

Shared Imaging, Inc.           lawsuit                   $337,900
c/o David J. Bressler
4200 Commerce Court,
Suite 300
Lisle, IL 60532

A.H.S. Samaritan Hospital,     lawsuit                   $310,829
L.L.C.
c/o Brian D. Roark; Michael
Dagley
315 Deaderick Street,
Suite 2700
Nashville, TN 37238

G.E.S.F. Structured Finance,   deficiencies              $285,184
Inc.                           on equipment leases
c/o David G. Mangum
2303 Franklin Road
Nashville, TN 37204

Smith & Nephew Capital         guarantor of lease        $202,554

National Radiology Group       promissory notes          $151,544
of Arkansas, P.L.L.C.

A.H.S., Inc.                   lawsuit                    $57,000
formerly Angel Healthcare

Allegro                                                   $64,914

Boston Scientific                                         $53,617

Carrollton Utilities                                      $30,000

Citadel Outsource Group,                                  $26,985
L.L.C.

Health Infotechnics                                       $19,125

Sprint                                                    $57,708


BARRY CALLEBAUT: Sells Brach's Business to Farley & Sathers
-----------------------------------------------------------
Barry Callebaut AG sold its U.S. consumer confectionery business
Brach's to Farley's & Sathers Candy Co. Inc. for an undisclosed
amount.  The sale will include all of the business and all assets
of Brach's and its affiliates, including three factories in
Chattanooga and Winona, in the U.S. and Vernell in Mexico.

The two parties expect the transaction to close by end of November
2007.  The two companies agreed not to disclose any financial
details of the transaction.

Brach’s has annual gross sales of about $270 million, with sugar
candy accounting for around 75% and chocolate products making up
around 25%.  In Barry Callebaut's annual report for fiscal year
2006/07, which closed on Aug. 31, 2007, Brach's will be classified
as discontinued business.  The Group's figures for fiscal year
2005/06 will be restated accordingly.

"We are very pleased that we have found an optimal new owner for
Brach's in Farley's & Sathers that, based on its industrial
expertise, will be able to further develop the Brach's brand and
to secure a great future for the Brach's people.  We acquired
Brach's because we wanted to get access to the large U.S.
retailers and manufacture private label chocolate for the U.S.
market.  However the market for private label products in the U.S.
has not developed in the same way as in Europe.  Therefore we
decided we should concentrate on other priorities like outsourcing
and geographical expansion," Patrick De Maeseneire, Barry
Callebaut CEO disclosed.

"We are very pleased to be adding Brach’s to Farley's & Sathers
Candy Company," Dennis Nemeth, President of Farley's & Sathers
Candy Company, Inc. said.

"Brach's is a well-established brand and its products are highly
regarded.  This addition clearly marks our continued commitment to
the candy business, and gives us additional brands with long
traditions of quality that perfectly fit our long-term strategy.
In addition to broadening our current portfolio of brands, this
acquisition will allow opportunities to increase manufacturing
capacity," Mr. Nemeth added.

                     About Farley's & Sathers

Headquartered in Round Lake, Minnesota, Farley's & Sathers --
http://www.farleysandsathers.com/-- manufactures and distributes  
quality confections, gum products and snacks to all classes of
trade in the U.S.  As a portfolio company of Catterton Partners,
Farley’s & Sathers has developed its business both through
internal growth and through the acquisition of confectionery
brands, including the Heide business from Hershey and the Trolli
business from Wrigley.

                      About Barry Callebaut

Headquartered in Zurich, Switzerland, Barry Callebaut --
http://www.barry-callebaut.com/-- manufactures cocoa, chocolate,  
and confectionery products.  Barry Callebaut is present in 25
countries, operates more than 30 production facilities and employs
around 8,000 people.  The company serves the entire food industry,
from food manufacturers to professional users of chocolate, to
global retailers.  It also provides a comprehensive range of
services in the fields of product development, processing,
training, and marketing.

                          *     *     *

On July 2, 2007, the TCR-Europe reported that Moody's Investors
Service affirmed the Ba1 Corporate Family Rating of Barry
Callebaut, with a stable outlook.  At the same time, the agency
assigned a (P) Ba1 rating to the proposed EUR350 million Senior
Notes due 2017.


BARTON CREEK: Case Summary & 17 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Barton Creek Art Center, Ltd.
        7701 Bee Cave Road
        Austin, TX 78746

Bankruptcy Case No.: 07-11826

Type of business: The Debtor is responsible for renting the
                  One World Theatre for private events.
                  See http://www.oneworldtheatre.org/

Chapter 11 Petition Date: October 1, 2007

Court: Western District of Texas (Austin)

Judge: Craig A. Gargotta

Debtor's Counsel: Eric J. Taube, Esq.
                  Hohmann, Taube & Summers, L.L.P.
                  100 Congress Avenue, Suite 1800
                  Austin, TX 78701
                  Tel: (512) 472-5997
                  Fax: (512) 472-5248

Estimated Assets: Less than $10,000

Estimated Debts:  $1 Million to $100 Million

Debtor's 17 Largest Unsecured Creditors:

   Entity                      Nature of Claim       Claim Amount
   ------                      ---------------       ------------
Gary Goldstein                 Loan                      $107,597
9105 Tara Lane
Austin, TX 78737

                               Services                   $10,295

Lorraine Balshan               Loans                      $77,358
9105 Tara Lane
Austin, TX 78737

Austin Catering                Services                   $60,679
1106 West 38th Street,
Suite 200
Austin, TX 78705

Dorothy Balshan Trust          Loan                       $33,648

Bernard & Iris Goldstein       Loan                       $31,724

Hartt Stearns                  Services                   $11,200

Wells Fargo Bank               Credit Card                $15,676
Payment Remittance Center

Loomis Austin, Inc.            Services                    $7,577

Colleen Reilly                 Services                    $7,314

Marquee Rents                  Services                    $6,924

Paragon Transport & Equipment  Services                    $5,400
Co.

C.L. Clawson                   Services                    $5,337

Caroline Rhea                  Performance Deposit         $5,000

Texas Comptoller               Taxes                       $4,662

Austin Chronicle               Services                    $4,294

Austin American Statesman      Services                    $2,766

K.U.T.                         Services                    $2,570


BELO CORP: Spins-Off Television & Newspaper Business to A.H. Belo
-----------------------------------------------------------------
Belo Corp. disclosed that following a comprehensive review of the
company’s businesses, structure and value creation strategies, its
Board of Directors has unanimously approved a plan to create
separate television and newspaper businesses by spinning off the
newspaper business into a publicly-traded company called A. H.
Belo Corporation.

The spin-off will be accomplished through a tax-free distribution
of A. H. Belo shares to Belo Corp. shareholders, and is expected
to occur in the first quarter of 2008 subject to customary
regulatory approvals.  Both the new A. H. Belo and Belo Corp. will
be headquartered in Dallas, Texas and the Series A common shares
of both companies are expected to be listed on the New York Stock
Exchange.

Robert W. Decherd, currently chairman and Chief Executive Officer
of Belo Corp., will become chairman, president and Chief Executive
Officer of A. H. Belo, and non-executive chairman of Belo Corp. A.
H. Belo will be debt-free upon completion of the spin-off.

Dunia A. Shive, currently president and Chief Operating Officer of
Belo Corp., will become president and Chief Executive Officer of
Belo Corp.

Said Mr. Decherd: "The decision to create separate television and
newspaper companies recognizes the profound yet distinct changes
occurring in these industries and the appeal of the separate
businesses to discrete investor groups.  This action should
provide shareholders with greater insight into each business,
while making each business more nimble and better able to allocate
capital to compete and grow within its respective industry."

Commenting on the new A. H. Belo, Mr. Decherd said: "As a separate
public company focused exclusively on newspapers and online news
and information, A. H. Belo will be better able to respond to the
diverse and rapidly-evolving needs of customers in the local
markets it serves, and with no debt, the Company will have the
financial flexibility to compete in this challenging operating
environment and return cash to shareholders through an attractive
recurring annual dividend yield.  We will maintain our focus on
producing high-quality print products to reach targeted audiences,
while at the same time leveraging resources, content and
technology to build a sustainable and rapidly-growing portfolio of
online assets.  We will look for innovative online revenue
streams, such as the ones we are pursuing through our partnership
with Yahoo!, and we will implement a number of initiatives to
better reach the readers that advertisers most desire."

Said Ms. Shive: "Robert and I strongly believe, as does our Board,
that both companies will benefit from the increased focus and
flexibility this transaction will bring. Creating two companies
will allow Belo Corp. to focus exclusively on unique opportunities
that exist within our television and online businesses. Belo
television stations are among the premier properties in the
industry. This new structure will allow us to place even greater
emphasis on the needs of our loyal audience and advertiser base.
It will also continue to provide excellent career opportunities
for our employees."

Mr. Decherd said: "There will be changes at corporate headquarters
to accommodate and serve the needs of two separate publicly-traded
companies in today’s marketplace, yet the companies will continue
to be led by substantially the same experienced management and
employee teams and the spin-off should not meaningfully affect the
day-to-day lives of most of our operating company employees."

Mr. Decherd noted that the standalone companies will have
corporate staff and expenses appropriate for their size and
purpose.  The combined corporate expense of the two entities,
after an initial transition period, is expected to be less than
Belo Corp.’s corporate expense today.  Corporate expenses are
expected to be reduced over time, particularly at A. H. Belo.

Mr. Decherd continued: "The spin-off will not affect the important
and durable relationships that Belo and its operating units have
established with advertisers, vendors and the local communities in
which we operate."

Mr. Decherd added: "Regrettably, regulatory obstacles to cross-
ownership remain in place.  We have been firm believers in media
convergence for a long time and continue to think convergence is
very important to the long-term interests of newspapers and
television stations.  Relaxation of media ownership rules is long
overdue.  That notwithstanding, our experience with virtual cross-
ownership in numerous markets suggests that some synergies across
print, broadcast and online media can be effectively achieved
through alliances and partnerships."

Mr. Decherd concluded: "Both Belo and A. H. Belo will have
excellent assets with balance sheets appropriate for their
businesses and capable of supporting future growth and innovation.
This transaction marks an exciting new era for both companies and
should unlock significant value for our shareholders."

                   Additional Transaction Details

The spin-off is expected to be completed in the first quarter of
2008.  The stock distribution ratio and record date will be
determined and communicated in late 2007 or early 2008.  Following
the spin-off, each company will maintain two voting classes of
common stock. A.H. Belo Series A shares will have one vote per
share and its Series B shares will have ten votes per share.  This
is the same as Belo’s current Series A and Series B shares.

It is expected that upon completion of the transaction, Series A
shares for the new A. H. Belo will be listed on the New York Stock
Exchange under a ticker symbol to be determined, while the Series
B shares for the new A. H. Belo will not be listed on any exchange
for trading.  This is the same structure currently in place at
Belo.  Series A shares of Belo Corp. will continue to trade on the
NYSE under the ticker BLC.

In addition to Mr. Decherd, current Belo directors J. McDonald
Williams (lead director), Douglas G. Carlston, Louis E. Caldera,
Dealey D. Herndon and Laurence E. Hirsch will serve on the board
of the new A. H. Belo.

In addition to Mr. Decherd, Ms. Shive and James M. Moroney III,
current Belo directors Henry P. Becton, Jr. (lead director),
Judith L. Craven, M.D., M.P.H., Dealey D. Herndon, Wayne R.
Sanders, William T. Solomon, M. Anne Szostak and Lloyd D. Ward
will serve on the board of Belo Corp.

Following the spin-off, A. H. Belo intends to pay an annual
dividend of approximately $0.20 per share, paid quarterly, and
Belo Corp. intends to pay an annual dividend of approximately
$0.30 per share, paid quarterly.  The actual amount and timing of
each dividend are subject to final determination by the boards of
the two companies.  Annual capital expenditures are expected to be
approximately $30 million for each company.

Belo Corp. will retain all outstanding indebtedness under its
existing notes, debentures, and credit facility, which today
aggregates to approximately $1.2 billion.  Following the spin-off,
Belo expects to have a debt-to-cash flow ratio of approximately
4.6 times or slightly higher, which is lower than the television
industry average.

The company will have sufficient financial flexibility to service
its debt and pay a recurring cash dividend while continuing to
invest in other business development opportunities.  Allocating
any portion of the existing debt to A. H. Belo might limit its
ability to obtain a separate and reasonable credit facility. After
considering these and other factors, Belo’s Board of Directors
determined that retaining Belo’s existing debt structure results
in an appropriate capitalization for both companies.

Consummation of the spin-off transaction is subject to several
conditions, including receipt of confirmation of the tax-free
treatment of the spin-off by the Internal Revenue Service, receipt
of NYSE listing and other regulatory approvals, and the filing and
effectiveness of a registration statement on Form 10 with the
Securities and Exchange Commission.

Belo will distribute the final information statement to Belo
shareholders of record as of the record date established by the
Belo board.  Approval of the transaction by Belo shareholders,
noteholders and debenture holders is not required and no FCC
approval relating to Belo’s television station licenses is needed.

Goldman, Sachs & Co. is acting as financial advisor, and Baker
Botts, Locke Liddell & Sapp, Jones Day, and Wiley Rein are serving
as legal advisors to Belo and A. H. Belo.

                          Other Matters

On Sept. 28, 2007, the Belo Board of Directors, upon the
recommendation of its Compensation Committee, adopted a change in
control severance plan which provides for severance benefits for
designated participants in the event of a change in control of
Belo and a termination of employment under specified
circumstances.  The executive officers of the company were
designated as the initial participants.

                           A. H. Belo

A. H. Belo Corporation will own and operate the Belo Corp.’s
flagship newspaper, The Dallas Morning News, winner of eight
Pulitzer Prizes since 1986 and the 9th largest daily and 12th
largest Sunday newspaper in the nation based on circulation; The
Providence Journal, the oldest continuously published daily
newspaper in the U.S.; and The Press-Enterprise, serving Southern
California’s Inland Empire region, one of the fastest-growing
areas in the U.S. A. H. Belo will also own and manage the various
Web sites associated with these properties, as well as certain
niche products and direct mail and commercial printing businesses.
A. H. Belo’s combined newspaper and related online businesses
reach a total audience of 3.7 million people in markets with
attractive long-term demographics.  These businesses currently
have annual revenues of approximately $750 million and about 3,800
employees.

                            Belo Corp.

At the effective date of the spin-off, Belo Corp. (NYSE: BLC) --
http://www.belo.com/-- with approximately 3,200 employees and  
revenues of more than $750 million, will be the largest pure-play
publicly-traded television station company in the nation.  Belo
will own and operate 20 television stations (including ABC, CBS,
NBC, FOX, CW and MyNetwork TV affiliates) reaching 14 percent of
U.S. television households, and their associated Web sites, in 15
highly-attractive markets across the U.S. Nearly all Belo stations
rank first or second in their local market based on audience
reach.  Belo operates 9 stations in 7 of the top 25 markets in the
nation, with 6 stations located in the fast-growing, top-15
markets of Dallas/Fort Worth, Houston, Seattle/Tacoma and Phoenix.  
Belo stations consistently deliver distinguished journalism for
which they have received significant industry recognition
including six Alfred I. duPont-Columbia University Silver Baton
Awards; five George Foster Peabody Awards; and 19 national Edward
R. Murrow Awards — all since 2000, more than any other commercial
station group in the nation.

Belo will also own two 24-hour regional cable news channels:
Northwest Cable News and Texas Cable News.  NWCN is the nation’s
second-largest regional cable news channel, reaching 2.1 million
households in the Pacific Northwest.  TXCN is Texas’ only regional
cable news channel, reaching more than 1.8 million homes.  Belo
will also retain ownership of two additional news channels and
will continue to operate two others through partnerships.


BELO CORP: Fitch Lowers Issuer Default Rating to BB+ from BBB-
--------------------------------------------------------------
Fitch Ratings has downgraded the Issuer Default Rating and debt
ratings of Belo Corporation as:

  -- Long-term IDR to 'BB+' from 'BBB-';
  -- Senior unsecured debt to 'BB+' from 'BBB-';
  -- Bank facility 'BB+' from 'BBB-'.

Fitch has also placed Belo on Rating Watch Negative the
announcement that the company will spin-off its newspaper segment
to shareholders, allocating all debt to the television segment.

The proposed split will take away approximately one-third of
EBITDA resulting in weakened credit metrics for existing
bondholders.  Fitch estimates proforma leverage in the 4.5 times -
5.0x range and Interest coverage in the 2.5x - 3.0x range for the
stand-alone television entity.  In addition to heightened
financial risk, Fitch views this move as a material change in
Belo's financial policies and an indication of increased financial
risk appetite on the part of Belo's key voting shareholders.  
Belo's former track record with conservative financial policies
and Fitch's previous comfort with Belo's risk appetite had been
favorable considerations in its prior 'BBB-' ratings.

Based on current information, Fitch believes any downside to
existing bondholders is limited to a maximum of one additional
notch in the ratings.  Depending on specific details of the split
and long-term strategy of the stand-alone television entity,
including any commitment, plan and ability to de-lever to the 4x
range or lower, further clarity on corporate cost saving
initiatives, and overall financial and strategic policies going
forward, the ratings could be affirmed at BB+.

Belo's ratings are still supported by the strong local presence of
the stand-alone entity in the Top 50 U.S. markets and its top
affiliations.  The spin-off of the newspaper division eliminates
the more secularly challenged business in Fitch's view.  However,
the elimination of those cash flows, synergies, and revenue
diversification result in a weakened credit profile.

Fitch will continue to monitor developments in the TV broadcasting
industry related to the networks' video-on-demand initiatives and
any potential local spots designated for affiliates, digital video
recorder subscriptions, and retransmission fees from the MSOs.

Belo's $1 billion credit facility due 2011 ($815 million available
at June 30, 2007) has a minimum interest coverage covenant of 3x
and maximum leverage covenant of 5x.  The Indenture governing all
outstanding bonds does not appear to have any material transfer of
asset restrictions or financial covenants.  The indenture has a
cross-default provision only related to principal payments of
other debt.


BELO CORP: S&P Cuts Corporate Credit Rating to BB+ from BBB-
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
and senior unsecured debt ratings for Belo Corp. to 'BB+' from
'BBB-', and placed them on CreditWatch with negative implications.
     
"These actions are based on our concern that financial risk could
increase as a result of the company's announcement that it will
spin off its newspaper business into a publicly traded company
called A.H. Belo Corporation," said Standard & Poor's credit
analyst Emile Courtney.
     
The spin-off will be a tax-free distribution of A.H. Belo shares
to Belo Corp. shareholders, and is expected to occur in the first
quarter of 2008, subject to regulatory approvals.  Following the
spin-off, each company will maintain two voting classes of common
stock.  Belo Corp. will be a pure-play publicly traded television
station company operating 20 stations in 15 markets across the
U.S. Belo Corp. will retain all outstanding indebtedness under the
company's existing notes, debentures, and credit facilities.
     
Following the spin-off, Standard & Poor's expects Belo Corp. to
have total adjusted debt to EBITDA in the high-4x area.  In
addition, Belo Corp. intends to pay an annual dividend of
approximately $0.30 per share, paid quarterly.
     
"The new corporate credit rating of 'BB+' reflects our expectation
that the spin-off will be completed, and represents the highest
outcome that we deem appropriate given our preliminary review of
information available," said Mr. Courtney.

Standard & Poor's will resolve the CreditWatch listing once it has
had the opportunity to fully evaluate the transaction.


BUFFETS INC: Weak Performance Cues Moody's to Cut Ratings
---------------------------------------------------------
Moody's Investors Service downgraded Buffets, Inc.'s corporate
family rating to Caa1 from B2, senior secured credit facilities
rating to B2 from Ba3, senior unsecured notes rating to Caa2 from
Caa1.  The rating outlook is negative.

The downgrade to Caa1 from B2 reflects Buffets' very weak
operating performance in the past year, evidenced by much lower
than anticipated EBITDA in part due to persistently negative trend
in guest counts and mounting cost pressures.  A slower-than-
expected realization of merger-related synergies has further
exacerbated the weakening operating results.  The Caa1 rating also
incorporates Buffets' significant scale and diversification within
the family dining sector of the restaurant industry and its solid
brand recognition.

"Despite improved scale and diversification after the Buffets and
Ryan's concepts merged, the operating performance of the combined
entity has been significantly below Moody's previous expectation,"
said Moody's analyst John Zhao, CFA.  "Sluggish top-line growth
particularly for the Ryan's concept, mounting cost pressures
stemming from commodity and wage inflation, and delayed merger
synergy realization, all contributed to the earnings shortfall and
weak credit metrics."

Buffets' EBITDA of $148 million as defined by its credit agreement
as of June 27, 2007 fell far short of Moody's original expectation
when the merger transaction was rated in October 2006.  In
addition, the company targeted about $55.7 million of merger-
related synergies to be realized within one year on a run-rate
basis; however, only $13.9 million (25%) has been realized so far.

The negative outlook reflects the company's declining operating
results and Moody's view that free cash flow will likely be
negative in the near term.  The outlook also reflects the
company's weak liquidity, as compliance with financial covenants
of its bank credit agreement appears tight.

"The ratings could be lowered further if the company's liquidity
deteriorates, or the decline in operating performance does not
show signs of improvement in the near to intermediate term," said
Mr. Zhao.

Moody's last rating action on Buffets was on Oct. 6, 2006 when the
rating agency assigned the B2 corporate family rating with stable
outlook on Buffets, following the company's announcement in July
2006 to acquire Ryan's Restaurant Group Inc. for a total
consideration of approximately $834 million with a new capital
structure.

These ratings are affected by the action:

Buffets, Inc.

   -- corporate family rating, downgraded to Caa1 from B2

   -- probability of default rating, downgraded to Caa1 from B2

   -- $40 million revolver maturing in 2011, downgraded to
      B2(LGD2, 28%) from Ba3 (LGD2, 27%)

   -- $70 million synthetic letter of credit facility maturing
      in 2013, downgraded to B2(LGD2, 28%) from Ba3 (LGD2, 27%)

   -- $530 million term loan B maturing in 2013, downgraded to
      B2(LGD2, 28%) from Ba3 (LGD2, 27%)

   -- $300 million senior unsecured notes, downgraded to
      Caa2(LGD5, 82%) from Caa1(LGD5, 81%)

   -- Rating outlook: changed to negative from stable.

Buffets Inc., headquartered in Eagan, Minnesota, operates and
franchises steak-buffet style restaurants principally under the
"Old Country Buffet", "Hometown Buffet" brand names and
grill/buffet format restaurants under the brand names "Ryan's" and
"Fire Mountain".  The company is the second largest family dining
restaurant in the industry, operating 632 restaurants in 42
states.  Total reported revenues as of June 27, 2007 were about
$1.4 billion.


CATHOLIC CHURCH: Davenport Wants Plan-filing Deadline Extended
--------------------------------------------------------------
The Diocese of Davenport and the Official Committee of Unsecured
Creditors ask the U.S. Bankruptcy Court for the Southern District
of Iowa to further extend the Diocese's exclusive periods to file
a plan of reorganization through and including Nov. 16, 2007, and
to solicit acceptances of that plan through Jan. 16, 2008.

Richard A. Davidson, Esq., at Lane & Waterman LLP, in Davenport,
Iowa, says the Diocese and the Committee have, in the past months,
undertaken a comprehensive and extensive investigation and
analysis to determine what liability insurance coverage may exist
for the 156 claims filed by alleged victims of clergy sexual
abuse, and are presently attempting to reconstruct insurance
coverage for the periods of time when the Diocese has no actual
insurance policies, but has secondary evidence of insurance
coverage in various forms.

In that regard, Mr. Davidson says, the Diocese has employed
experts Insurance Archeology Group and Robert Hughes and
Associates to assist it in reconstructing proof of past liability
insurance coverage.  The Diocese and the Committee also intend to
appoint a future claims representative.

"After an exhaustive process, the Debtor and the Committee have
agreed to seek approval of the appointment of Michael Murphy of
Alix Partners LLC as the FCR," Mr. Davidson discloses.  "The FCR
has asked that the parties not file a plan and disclosure
statement and provide the FCR with some time to perform his duties
and investigation," he explains.

In addition, the Diocese, the Committee and the Diocese's main
insurer have agreed to attend mediation in early November in an
attempt to reach a settlement of the claims of the estate against
the insurer.

The Diocese and Committee believe that filing a plan of
reorganization and disclosure statement at this time would be both
counterproductive and inefficient use of judicial and the estate
resources, Mr. Dadvidson tells the Court.  The same issues will
still have to be negotiated and the parties would then need to
spend time and money in preparation for hearings on the disclosure
statement and confirmation while negotiating open issues.  "Both
parties believe that this case will be more efficiently resolved
through a joint and consensual plan, rather than a plan proposed
only by the Diocese or through an attempted cram down."

Mr. Davidson further notes that the Diocese and the Committee do
not intend to seek another extension of exclusivity.  The parties
are committed to confirming a plan of reorganization and expect to
accomplish this goal with this revised schedule.  The parties will
either reach a settlement, or the confirmation process will begin,
he says.

                    About Diocese of Davenport

The Diocese of Davenport in Iowa filed for chapter 11 protection
(Bankr. S.D. Ia. Case No. 06-02229) on October 10, 2006.  Richard
A. Davidson, Esq., at Lane & Waterman LLP, represents the
Davenport Diocese in its restructuring efforts.  Hamid R.
Rafatjoo, Esq., and Gillian M. Brown, Esq., of Pachulski Stang
Zhiel Young Jones & Weintraub LLP represent the Official Committee
of Unsecured Creditors.  In its schedules of assets and
liabilities, the Davenport Diocese reported $4,492,809 in assets
and $1,650,439 in liabilities.


CDC MORTGAGE: Moody's Reviews Ratings on Certs. from Eight Deals
----------------------------------------------------------------
Moody's Investors Service placed on review for possible downgrade
certain certificates from eight deals issued by CDC Mortgage
Capital Trust in 2001, 2002 and 2003, and two deals issued by IXIS
Real Estate Capital Trust in 2005.  The actions are based on the
analysis of the credit enhancement provided by subordination,
overcollateralization and excess spread relative to the expected
loss.  All of the ten transactions are backed by first and second-
lien fixed and adjustable subprime mortgage loans.

The eight deals issued by CDC Mortgage Capital Trust have very low
pool factors.  The stepping down and continuous losses have left
them with thin credit enhancement level and made them more
vulnerable to pool deterioration in the tail end of a deal's life.

The Class M-1 certificates from each of CDC Mortgage Capital Trust
series 2002-HE2, 2003-HE2 and 2003-HE3 were placed on review for
possible downgrade because of the extremely high loss severities
caused by the tail-end performance of the deals and the remaining
delinquencies in the pools.

The actions on the IXIS Real Estate Capital Trust series 2005-HE1
and 2005-HE2 are based on credit enhancement currently available
comparing against the high pipelines for both deals. As of August
2007, significant delinquent loans (loans over 60 days delinquent,
in bankruptcy, foreclosure and REO) are 30.11% and 29.10% of the
current pool balance of the two deals respectively.

The complete rating actions are:

Issuer: CDC Mortgage Capital Trust

Review for Possible Downgrade:

   -- Series 2001-HE1, Class M-2, current rating A2, under
      review for possible downgrade;

   -- Series 2001-HE1, Class B, current rating Caa2, under         
      review for possible downgrade;

   -- Series 2002-HE1, Class M, current rating A2, under             
      review for possible downgrade;

   -- Series 2002-HE1, Class B, current rating Caa1, under       
      review for possible downgrade;

   -- Series 2002-HE2, Class M-1, current rating Aa2, under        
      review for possible downgrade;

   -- Series 2002-HE2, Class M-2, current rating A2, under       
      review for possible downgrade;

   -- Series 2002-HE2, Class B-1, current rating B2, under       
      review for possible downgrade;

   -- Series 2002-HE3, Class M-2, current rating Baa2, under       
      review for possible downgrade;

   -- Series 2002-HE3, Class B-1, current rating Ca, under       
      review for possible downgrade;

   -- Series 2003-HE1, Class M-2, current rating A2, under       
      review for possible downgrade;

   -- Series 2003-HE1, Class M-3, current rating A3, under       
      review for possible downgrade;

   -- Series 2003-HE1, Class B-1, current rating Caa1, under       
      review for possible downgrade;

   -- Series 2003-HE2, Class M-1, current rating Aa2, under       
      review for possible downgrade;

   -- Series 2003-HE2, Class M-2, current rating A2, under       
      review for possible downgrade;

   -- Series 2003-HE2, Class M-3, current rating A3, under       
      review for possible downgrade;

   -- Series 2003-HE2, Class B-1, current rating Baa1, under       
      review for possible downgrade;

   -- Series 2003-HE2, Class B-2, current rating Ba1, under       
      review for possible downgrade;

   -- Series 2003-HE2, Class B-3, current rating B1, under       
      review for possible downgrade;

   -- Series 2003-HE3, Class M-1, current rating Aa2, under       
      review for possible downgrade;

   -- Series 2003-HE3, Class M-2, current rating A2, under       
      review for possible downgrade;

   -- Series 2003-HE3, Class M-3, current rating A3, under       
      review for possible downgrade;

   -- Series 2003-HE3, Class B-1, current rating Baa3, under       
      review for possible downgrade;

   -- Series 2003-HE3, Class B-2, current rating B1, under       
      review for possible downgrade;

   -- Series 2003-HE3, Class B-3, current rating Ca, under       
      review for possible downgrade;

   -- Series 2003-HE4, Class M-3, current rating A3, under       
      review for possible downgrade;

   -- Series 2003-HE4, Class B-1, current rating Baa1, under       
      review for possible downgrade;

   -- Series 2003-HE4, Class B-2, current rating Ba2, under       
      review for possible downgrade;

   -- Series 2003-HE4, Class B-3, current rating B1, under       
      review for possible downgrade.

Issuer: IXIS Real Estate Capital Trust review for Possible
Downgrade:

   -- Series 2005-HE1, Class B2, current rating Baa2, under       
      review for possible downgrade;

   -- Series 2005-HE1, Class B3, current rating Baa3, under       
      review for possible downgrade;

   -- Series 2005-HE1, Class B4, current rating Ba1, under       
      review for possible downgrade;

   -- Series 2005-HE2, Class B2, current rating Baa2, under       
      review for possible downgrade;

   -- Series 2005-HE2, Class B3, current rating Baa3, under       
      review for possible downgrade;

   -- Series 2005-HE2, Class B4, current rating Ba1, under       
      review for possible downgrade.


CDX.NA.HY.9: Fitch Assigns 'B' Bond Fund Credit Rating
------------------------------------------------------
Fitch Ratings has assigned bond fund credit and volatility ratings
of 'B/V4' to two CDX.NA.HY.9 trusts.  The credit-linked
certificates of each trust enable investors to gain funded non-
levered exposure to the reference entities of the current
CDX.NA.HY.9 credit default swap index of, largely, non-investment
grade corporations.  Trust 1 and Trust 2 are scheduled to mature
on Dec. 29, 2012 and Dec. 29, 2010, respectively.

Fitch's bond fund credit rating is based on the weighted average
credit rating of the underlying reference entities. A rating of
'B' is considered highly speculative.  It indicates that
significant credit risk is present, but that a limited margin of
safety remains.

The bond fund volatility rating reflects the relative sensitivity
of the fund's total return and market price to changes in interest
rates and other market conditions.  Funds rated in the 'V4'
category are considered to have moderate market risk.  Total
returns perform consistently over intermediate- to long-term
holding periods but will exhibit some variability over shorter
periods due to greater exposure to interest rates and changing
market conditions.

The exposure to the index constituents in respect to a particular
trust is obtained via credit default swaps between such trust and
Bear, Stearns & Co. Inc., Deutsche Bank Securities Inc., Goldman,
Sachs & Co. and J.P. Morgan Securities Inc., acting jointly.  The
obligations of each trust under the credit default swaps are
collateralized via a reverse repurchase agreement. U.S. Bank Trust
N.A. serves as a Trustee.

Markit is the administration, calculation and marketing agent for
the CDS IndexCo indices, including CDX.  Markit is the leading
provider of independent data, portfolio valuations and OTC
derivatives trade processing to the global financial markets.  The
company receives daily data contributions from 90 dealing firms,
and its services are used by almost 1,000 institutions to enhance
trading operations, reduce risk and manage compliance.
The effective date for this rating is Sept. 27, 2007.


CHIQUITA BRANDS: Names Howard Baker to Board of Directors
---------------------------------------------------------
Chiquita Brands International Inc.'s board of directors has
decided to increase its size from seven to eight members and has
elected Howard (Skip) W. Barker, Jr. to fill the new position.  
Mr. Barker, who brings more than 30 years of experience in finance
and accounting practices, will also serve as a member of the
company's audit committee.

"We are delighted to welcome Skip to Chiquita's board," said
Fernando Aguirre, chairman and chief executive officer.  "His
leadership and extensive finance and audit skills accentuate an
already strong group of independent board members whose vision and
experience will continue to advance Chiquita's sustainable growth
strategy."

"Chiquita is an exciting company that is becoming a global leader
in branded, healthy, fresh foods," Mr.Barker said.  "I look
forward to adding my experience and joining Chiquita's board to
work with this management team."

Mr. Barker's accounting career spanned 30 years with KPMG LLP,
where he became a partner in 1982 and served as the firm's
partner-in-charge of several departments, including business
development; mergers and acquisitions, information, communications
and entertainment businesses; and executive education.  Mr. Barker
retired from KPMG in 2002, and since 2003, he has served on the
boards of directors at Medco Health Solutions, Inc., and
priceline.com Incorporated.  He is chairman of the audit
committees at both companies.

Mr. Barker is a member of several professional societies,
including the American Institute of Certified Public Accountants,
the Connecticut Society of Certified Public Accountants and the
Florida Society of Certified Public Accountants.

In addition to Messrs. Aguirre and Barker, the board includes:

   a) Morten Arntzen, president and chief executive officer for
      Overseas Shipholding Group, an oceangoing vessel operator;

   b) Robert W. Fisher, a private investor with more than 35
      years senior management experience at various banana
      companies;

   c) Clare M. Hasler, executive director of the Robert Mondavi
      Institute for Wine and Food Science at the University of
      California at Davis;

   d) Durk I. Jager, former chairman, president and chief
      executive officer at the Procter & Gamble Co.;

   e) Jaime Serra, senior partner of Serra Associates
      International, a consulting firm in law and economics, and
      Mexico's former secretary of finance and secretary of
      trade and industry; and

   f) Steven P. Stanbrook, president, developing markets
      platform at S.C. Johnson & Son, 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
Belgium, Columbia, Germany, Panama, Philippines, among others.

                        *     *     *

In May 2007, Moody's Investors Service Ratings affirmed these
ratings on Chiquita Brands International Inc.: (i) corporate
family rating at B3; (ii) probability of default rating at B3;
(iii) $250 million 7.5% senior unsecured notes due 2014 at
Caa2(LGD5, 89%); and (iv)  $225 million 8.875% senior unsecured
notes due 2015 at Caa2 (LGD5, 89%).  Moody's changed the rating
outlook for Chiquita Brands to negative from stable.


CHL MORTGAGE: Moody's Holds Ba2 Rating on Class B-3 Certificates
----------------------------------------------------------------
Moody's Investors Service upgraded, downgraded, confirmed, and
placed under review for possible downgrade certain certificates
issued by CHL Mortgage Pass-Through Trust and Alternative Loan
Trust in 2004.  All transactions are backed by first-lien fixed
and adjustable-rate Alternative-A mortgage loans originated or
acquired by Countrywide Home Loans, Inc.

The Class B from Alternative Loan Trust series 2004-J13 is placed
under review for possible downgrade due to the growing pipeline
and higher than expected losses.

The Class A-4 from CHL Mortgage Pass-Through Trust series 2004-
HYB6 is upgraded based on the strong build-up in credit
enhancement.  The projected pipeline losses are not expected to
significantly affect the credit support for these certificates.

Four classes of certificates from Alternative Loan Trust series
2004-6CB, 2004-8CB and 2004-J5 are downgraded because the current
credit enhancement provided by subordination,
overcollateralization and excess spread is low compared to the
projected pipeline losses of the underlying pool.

Ratings of the Class M, Class B-1, Class B-2 and Class B-3 from
CHL Mortgage Pass-Through Trust series 2004-15 are confirmed based
on the higher than expected loss severity, which will negatively
affect the current credit enhancement for the four classes of
certificates.

The complete rating actions are:

Issuer: CHL Mortgage Pass-Through Trust

Upgrade:

   -- Series 2004-HYB6, Class A-4, Upgraded to Aaa from Aa1.

Confirm:

   -- Series 2004-15, Class M, current rating Aa2, Confirmed;

   -- Series 2004-15, Class B-1, current rating A2, Confirmed;

   -- Series 2004-15, Class B-2, current rating Baa2,
      Confirmed;

   -- Series 2004-15, Class B-3, current rating Ba2, Confirmed.

Issuer: Alternative Loan Trust

Review for Possible Downgrade:

   -- Series 2004-J13, Class B, current rating Baa2, under
      review for possible downgrade.

Downgrade:

   -- Series 2004-6CB, Class M-2, Downgraded to Baa3 from A2;
   -- Series 2004-6CB, Class M-3, Downgraded to B3 from Baa2;
   -- Series 2004-8CB, Class M-3, Downgraded to Baa3 from Baa2;
   -- Series 2004-J5, Class B, Downgraded to Ba1 from Baa2


D.R. HORTON: Posts $823.8 Million Net Loss in Qtr. Ended June 30
----------------------------------------------------------------
D.R. Horton Inc. reported a net loss for its third fiscal quarter
ended June 30, 2007, of $823.8 million, compared to net income of
$292.8 million for the same quarter of fiscal 2006.

The quarterly results included pre-tax charges to cost of sales of  
$835.8 million for inventory impairments and $16.2 million for
write-offs of deposits and pre-acquisition costs related to land
option contracts that the company does not intend to pursue.  
Additionally, the results included a pre-tax goodwill impairment
charge of $425.6 million.

Homebuilding revenue for the third quarter of fiscal 2007 totaled
$2.5 billion, compared to $3.6 billion in the same quarter of
fiscal 2006.  Homes closed in the current quarter totaled 9,643,
compared to 13,377 homes closed in the year ago quarter.

For the nine months ended June 30, 2007, the company reported a
net loss totaling $662.3 million, compared to net income of
$955.6 million for the same period of fiscal 2006.  The nine-month
results included pre-tax charges to cost of sales of
$943.9 million for inventory impairments and $66.9 million for
write-offs of deposits and pre-acquisition costs related to land
option contracts that the company does not intend to pursue.  
Additionally, the results included a pre-tax goodwill impairment
charge of $425.6 million.

Homebuilding revenue for the nine months ended June 30, 2007,
totaled $8.0 billion, compared to $10.0 billion for the same
period of fiscal 2006.  Homes closed in the nine-month period
totaled 29,637, compared to 35,838 homes closed in the same period
of fiscal 2006.

The company's sales backlog of homes under contract at June 30,
2007, was 15,801 homes ($4.4 billion), compared to 24,956 homes
($7.4 billion) at June 30, 2006.  Net sales orders for the third
quarter ended June 30, 2007, totaled 8,559 homes ($2.0 billion),
compared to 14,316 homes ($3.8 billion) for the same quarter of
fiscal 2006.  Net sales orders for the first nine months of fiscal
2007 were 27,313 homes ($6.9 billion), compared to 41,550 homes
($11.4 billion) for the same period of fiscal 2006.

Donald R. Horton, chairman of the board, said, "Market conditions
in the homebuilding industry continue to be challenging as
inventory levels of both new and existing homes remain at
historically high levels, both as an absolute number and in terms
of months' supply.  Increased use of sales incentives continues to
put pressure on profit margins.  In addition, home price
appreciation over the past few years, higher interest rates and
tightened credit standards in the mortgage industry are all
negatively impacting affordability.  Even in the midst of this
volatile housing market, we produced an operating profit before
impairments this quarter and generated positive cash flow from
operations for the fourth consecutive quarter.

"We believe that market conditions will continue to be
challenging, and our quarter-end impairment evaluations
incorporated our more cautious outlook for the industry.  For the
remainder of fiscal 2007, we will focus on generating cash,
reducing inventory balances and paying down outstanding debt to
maintain a strong balance sheet."

At June 30, 2007, the company's consolidated balance sheet showed
$12.5 billion in total assets, $6.7 billion in total liabilities,
$85.1 million in minority interests, and $5.7 billion 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?23ea

                        About D.R. Horton

Headquartered in Fort Worth, Texas, D.R. Horton Inc. (NYSE: DHI)
-- http://www.drhorton.com/-- is engaged in the construction and
sale of high quality homes with sales prices ranging from $90,000
to over $900,000.  D.R. Horton also provides mortgage financing
and title services for homebuyers through its mortgage and title
subsidiaries.  D.R. Horton operates in 83 markets in 27 states in
the Northeast, Southeast, South Central, Southwest, California and
West regions of the United States.

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 30, 2007,
Fitch Ratings affirmed D.R. Horton Inc.'s Senior Subordinated debt
rating at 'BB+'.  Fitch also revised D.R. Horton's Rating Outlook
to Negative from Stable.


DELTA SYSTEMS: Arkansas Unit Files for Chapter 11 Protection
------------------------------------------------------------
Delta Systems, Inc., a corporation incorporated under the laws of
Canada, disclosed that its wholly owned Arkansas-based subsidiary
Delta Systems Inc., and certain of its subsidiaries filed for
Chapter 11 bankruptcy protection.  The action to file for Chapter
11 bankruptcy protection is being taken by Delta in the best
interest of the Delta stakeholders.

In the third quarter of this year, Delta's order inflow has been
significantly below expectations in spite of normal project quote
flow and an active quote portfolio of $37 million.  Delta
management had expected orders to strengthen in September and for
the rest of 2007.

An order in excess of $1 million was expected by early September
2007.  While Delta management was informed by its customer that
Delta was selected as the supplier, it was also advised that the
placing of the order would be delayed until November 2007.  
Another significant potential order totaling up to $2 million had
a scope revision reducing the size of the potential order to below
$1 million.  The date on which the customer may place this
potential order is also undetermined.

There have also been delays in the receipt of other smaller yet
significant orders.  These delays in major order inflow have had a
significant negative impact on Delta's financial condition and
future.

Delta has implemented a reduction in work force headcount from
approximately 60 employees to less than 30.

During 2007, Delta Canada raised over $3 million of new capital
which was invested in Delta.  Over $1 million of this new capital
was provided by insiders of the Company by way of investments in
common shares and secured and unsecured debt.  Given Delta's
current financial condition and business circumstances, management
of the Company does not believe that additional new capital will
be available to it for investment in Delta in the near term.

Management of the company has been exploring strategic
alternatives since the spring of this year and has had discussions
with a number of interested parties.  The company retained a
Toronto based investment dealer to assist with this process.  To
date, no offers or proposals have been made and management has
concluded that no transaction is likely to take place in the
immediate future.

Apart from its Delta Arkansas common shares, Delta Canada has no
significant assets.  Delta Canada does not expect to receive any
proceeds or income from the bankruptcy proceedings of Delta in
light of the significant amounts that are owed to secured and
unsecured creditors of Delta.

All of the independent directors of the company have resigned.

Delta Systems Inc. -- http://www.delta-systems-inc.com/-- (TSX-V:  
DLT) develops factory automation solutions for consumer packaged
goods companies and offers a comprehensive line of automation
equipment that includes high-speed flow wrappers, feeding and
distribution, labeling and product tracking systems. Delta
System’s PC-based motion control software, Softflow(TM), is
designed to enhance the speed, efficiency, precision and
flexibility of automation applications on the plant floor, and
provide connectivity to other enterprise systems.  The company
offers a range of customer support services to optimize
deployment, utilization and systems integration.

At June 30, 2007, the company's balance sheet showed total
shareholders' deficit of $8,058,904 compared to a total
shareholders' deficit at Dec. 31, 2006.


DELTA SYSTEMS: Case Summary & 75 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Delta Systems, Inc.
        P.O. Box 1986
        Rogers, AR 72756

Bankruptcy Case No.: 07-73144

Debtor-affiliates filing separate Chapter 11 petitions:

      Entity                                   Case No.
      ------                                   --------
      Delta Controls, Inc.                     07-73146
      Delta Automation Solutions, Inc.         07-73147
      Food Machinery Sales, Inc.               07-73148

Type of Business: The Debtors design and manufacture electrical
                  and electronic products for OEMs.
                  See http://www.deltasystemsinc.com/

Chapter 11 Petition Date: October 1, 2007

Court: Western District of Arkansas (Fayetteville)

Debtors' Counsel: Jill R. Jacoway, Esq.
                  Jacoway Law Firm, Ltd.
                  P.O. Drawer 3456
                  Fayetteville, AR 72702-3456
                  Tel: (479) 521-2621
                  Fax: (479) 521-1465

                       -- and --

                  Stanley V. Bond, Esq.
                  Bond Law Office
                  P.O. Box 1893
                  Fayetteville, AR 72701-1893
                  Tel: (479) 444-0255
                  Fax: (479) 444-7141

Estimated Assets: $1 Million to $100 Million

Estimated Debts:  $1 Million to $100 Million

A. Delta Systems, Inc.'s list of its 19 Largest Unsecured
Creditors:

   Entity                     Nature of Claim         Claim Amount
   ------                     ---------------         ------------
AEGON Capital Management Inc. private placement of      $4,800,000
5000 Yonge Street             9% unsecured convertible
Toronto, Ontario              convertible debentures
Canada M2N 7J8                due on May 2008

Jyever S.A.                   commission                  $205,425
Rio San Juan 4560
Villa Del Rio 64850
Monterry, NL
Mexico 64850

William F. Greene             guarantee                   $118,150
1230 Tallahassee Road
Athens, GA 30606
                              guarantee of lease for       $58,327
                              Georgia plant

JAECO                         commission                  $113,000

The Equicom Group, Inc.                                      
$64,745

Bill Cegles                   commission due to            $56,012
                              former salaried employee

McCarthy Tetrault                                            
$52,261

Liam Buckley                  commission due to            $49,584
                              former salaried employee

EM Packaging                  commission                   $47,279

Actionpaq Solutions           commission                   $41,887

HSD Partners Inc.                                            
$40,940

Westlink                      commission                   $37,503

Ken Zajdel                    commission                   $23,001

J Harper                      commission                   $15,537

Winston & Strawn LLP                                         
$10,255

J Campbell                    commission                    $9,150

CIBC Mellon T46205                                          $6,419

CORT Furniture Rental                                       $5,888

Dynamic Enterprises                                         $5,670

B. Delta Controls, Inc.'s list of its 16 Largest Unsecured
   Creditors:

   Entity                                             Claim Amount
   ------                                             ------------
Beckhoff Automation, LLC                                   $25,406
12150 Nicollett Avenue
Burnsville, MN 55337

Precision Controls Integration                             $18,345
5303 Bent Tree Drive
Rogers, AR 72758

Nabholtz Industrial Services                                $7,962
307 West Stribling Drive
Rogers, AR 72756

E-Vault                                                     $7,271

Brunner's Fabrication, Inc.                                 $2,396

Averitt Express                                             $1,961

Hobbs Mountain Tooling                                      $1,670

Motion Industries                                             $818

Dan Charles                                                   $775

Fed Ex Freight                                                $641

Abraham Technical Service, Inc.                               $523

Saginaw Control & Engineering                                 $495

Bosch-Rexroth Corporation                                     $484

McMaster Carr Supply Co.                                      $247

Keyence Corp. of America                                      $199

State Farm Insurance                                          $183

A-Tech                                                        $155

C. Delta Automation Solutions, Inc.'s list of its 20 Largest
   Unsecured Creditors:

   Entity                                             Claim Amount
   ------                                             ------------
Motion Industries                                         $291,178
P.O. Box 849737
Dallas, TX 75284-9737

Bosch Rexroth Corporation                                 $175,699
Harris Trust and Savings
33920 Treasury Center
Chicago, IL 60694-3900

Met-Craft Machine                                         $144,322
P.O. Box 1656
Auburn, ME 04210

The Machining Center                                      $139,587

Technical Machining Service                                $98,694

Cupples' J&J Co., Inc.                                     $69,878

Earl's Machine Shop                                        $67,627

Videojet                                                   $62,631

Treadway Electric Company, Inc.                            $48,129

Brunner's Fabrication, Inc.                                $42,463

Schaedler Yesco Distribution                               $41,332

DV Enterprises LLC                                         $38,935

PBI Dansensor America                                      $31,125

Laserfab, Inc.                                             $30,348

CIC Precision Machining, Inc.                              $30,082

JESCO                                                      $28,618

Industrial Electronic Supply                               $28,417

Fleenor Tool & Die, Inc.                                   $26,179

Markem Corp.                                               $26,606

McMaster-Carr Supply Co.                                   $26,563

D. Food Machinery Sales's list of its 20 Largest Unsecured
   Creditors:

   Entity                        Nature of Claim      Claim Amount
   ------                        ---------------      ------------
Delta Systems, Inc.              Loans from parent      $1,700,000
535 West Dyke Road
Rogers, AR 72758

Dye Sheet Metal Products Inc.                             $212,566
P.O. Box 80186
Athens, GA 30608

Englewood Electrical Supply                                $96,398
P.O. Box 530409
Atlanta, GA 30353

Boswell Electrical & Communications Supplies               $58,878

Euro Machien Building Co., Inc.                            $60,259

Stan Kinney                                                $49,733

Hi-Tec Machining Center                                    $41,070

Mike Morrison                                              $40,739

Motion Industries                                          $32,606

Span Tech                                                  $32,385

Chastain & Associates Ins.                                 $29,741

Centerline Machine Company                                 $24,341

Clake Co. Tax Commissioner                                 $24,069

Applied Industrial Tech                                    $23,643

Alpha Gear Drive, Inc.                                     $23,441

Quality Engineering & Automation                           $21,900

McGinn-Wilkins, Inc.                                       $19,804

Bishop Machine Works, Inc.                                 $18,624

Diaserve, Inc.                                             $17,610

Beckhoff Automation LLC                                    $17,334


DYNEGY INC: Former CFO to Pay $375,000 to Settle SEC Charges
------------------------------------------------------------
The U.S. Securities and Exchange Commission disclosed settled
enforcement actions against former Dynegy Inc. chief financial
officer Robert D. Doty, Jr. and two other former executives for
their roles in a $300 million accounting fraud known as Project
Alpha.

According to the SEC's Order, Mr. Doty was involved in the
decision to proceed with Project Alpha and improperly disguise a
loan as operating cash flow in order to minimize the gap between
Dynegy's reported net income and cash flow from operations, and to
realize as net income a related $79 million tax benefit that was
invalid.  Furthermore, Mr. Doty was involved in the decision not
to make any separate disclosure to investors about Alpha's unique,
non-commercial pricing characteristics.  Mr. Doty will pay more
than $375,000 to settle the SEC's charges.

"This case demonstrates that we will hold accountable anyone
involved in manipulating a public company's financial statements,"
Rose Romero, Regional Director of the SEC's Fort Worth Regional
Office, said.  "The enforcement actions announced today reflect
the Commission's commitment to ensuring that both companies and
the individuals who work for them are honest and straightforward
with investors."

Dynegy's former vice president of taxation, Gene S. Foster, and
former manager of accounting-deal structure, Helen C. Sharkey,
also settled with the SEC regarding their roles in the creation
and implementation of Project Alpha.  According to the
Commission's Orders, both willfully disregarded accounting advice
from Dynegy's outside auditor, and concealed critical transaction
details from the auditor in violation of federal securities laws.  
Without admitting or denying the Commission's findings, Foster and
Sharkey consented to orders permanently enjoining them from future
violations of the antifraud and internal controls provisions of
federal securities laws.  They also consented to administrative
orders barring them from appearing or practicing before the
Commission as accountants.

A third defendant in the Commission's civil enforcement action,
Jamie Olis, recently asserted a counterclaim for attorney fees and
costs.  The Court struck down his counterclaim on Sept. 7, 2007,
and then granted the Commission's motion to dismiss its claims
against Mr. Olis, Dynegy's former vice president of finance.  Mr.
Olis is currently incarcerated after being convicted in a parallel
criminal proceeding of six felony counts relating to his role in
Project Alpha.  The SEC also issued an administrative order
permanently suspending Olis from appearing or practicing before
the SEC based on his criminal convictions.

Mr. Doty, without admitting or denying the Commission's findings,
agreed to a federal district court judgment requiring him to pay a
civil penalty of $120,000 and prohibiting him from serving as an
officer or director of a public company for a period of five
years.  Mr. Doty also consented to a public administrative and
cease-and-desist order requiring him to pay disgorgement of
$200,000 and prejudgment interest of $56,560, and suspending him
from appearing or practicing before the Commission as an
accountant for five years.  The order also directs Doty to cease
and desist from committing or causing future violations of the
antifraud and internal controls provisions of the federal
securities laws, or aiding and abetting or causing violations of
the record-keeping and reporting provisions.

Dynegy previously settled SEC charges in 2002 that it had engaged
in accounting improprieties and made misleading disclosures about
a financing transaction involving special-purpose entities.  The
Commission had found that Dynegy violated federal securities laws
by improperly disguising the $300 million loan as cash flow from
operations on its financial statements, thereby misleading
investors about the level of its energy trading activity.

In July 2003, the SEC issued a settled cease-and-desist order
against Citigroup for its role in Project Alpha.  In its order,
the SEC found that Citigroup was a cause of Dynegy's violations.  
Citigroup paid $19 million to settle the proceeding.

The SEC acknowledges the assistance of the United States
Attorney's Office for the Southern District of Texas, the Federal
Bureau of Investigation and the United States Postal Inspection
Service.

                       About Dynegy Inc.

Headquartered in Houston, Texas, Dynegy Inc. (NYSE: DYN) --
http://www.dynegy.com/-- produces and sells electric energy,  
capacity and ancillary services in key U.S. markets.  The
company's power generation portfolio consists of more than 12,800
megawatts of baseload, intermediate and peaking power plants
fueled by a mix of coal, fuel oil and natural gas.

                          *     *     *

As reported in the Troubled Company Reporter on May 18, 2007,
Moody's Investors Service affirmed the ratings of Dynegy Holdings,
Inc., including the company's Corporate Family Rating at B1, its
senior unsecured rating at B2, its Bank Loan Rating at Ba1, and
its Speculative Grade Liquidity Rating at SGL-3.

Moody's also assigned a B2 rating to the company's planned
issuance of $1.1 billion in senior unsecured notes, and upgraded
DHI's second lien notes to Ba1 from Ba2.


EASTMAN KODAK: Board Promotes Philip Faraci to President & COO
--------------------------------------------------------------
Eastman Kodak Company's board of directors has promoted Philip J.
Faraci to the position of President and Chief Operating Officer,
effective immediately.

As President and COO, Mr. Faraci will be responsible for the day-
to-day management of Kodak’s two major digital businesses: the
Consumer Digital Imaging Group and the Graphic Communications
Group.  Mr. Faraci has been President of CDG and a Senior Vice
President of the company.

He assumes responsibility for GCG from James T. Langley, who
remains a Senior Vice President until his departure at the end of
the year.  Since the company is eliminating the position of
president for both CDG and GCG, Mr. Langley will leave Kodak once
he completes the transition of his responsibilities for GCG.

Kodak’s major traditional business, the Film Products Group, will
continue to report to Chairman and Chief Executive Officer Antonio
M. Perez under the leadership of Mary Jane Hellyar, President,
FPG, and a Senior Vice President of the company.

The changes are part of Kodak’s larger effort to create an
organization geared for sustained, profitable growth in digital
markets.  As Kodak nears the conclusion of its four-year
restructuring effort, these moves position the company for the
next phase of its transformation, during which it will build
bigger digital businesses and continue the effective management of
its traditional business.

"This new structure will allow us to better capitalize on the
opportunities before us," Mr. Perez said. "With a single leader
for the digital businesses, we will be able to leverage our
technology across product lines more effectively, while keeping
independent business models and go-to-market strategies for both
CDG and GCG.  At the same time, it's important that we continue to
pursue strategies that extend the strong cash generation of our
FPG business.  The new structure provides the necessary
differentiated focus between our digital and our traditional
businesses."

As Chairman and CEO, Perez continues to have the primary
responsibility for setting the company’s strategy, managing broad
issues of corporate governance, and delivering the overall
financial and operating performance of the company.  Mr. Faraci,
who joined Kodak in December 2004, will be responsible for the
performance of the two businesses reporting to him as well as the
operating activities of those units.

"Phil has made enormous contributions to the progress of Kodak’s
digital transformation," Mr. Perez said.  "He drove the recent
introduction of our revolutionary consumer inkjet printers,
improved the earnings of our digital capture business, and created
a more profitable go-to-market model for our consumer digital
business.  The leadership that Phil has exhibited makes him well
suited to take on additional responsibilities and to build on
Jim’s success.  I am confident that these businesses will reach
new heights under Phil’s leadership."

Mr. Langley, who joined Kodak in August 2003, led the series of
acquisitions that resulted in what is now Kodak’s Graphic
Communications Group, a $3.6 billion business that offers the
broadest portfolio of blended solutions in the industry.

"Kodak’s promising future reflects in large part the great
business that Jim built for us," Mr. Perez said.  "I cannot thank
him enough for coming out of retirement to help establish Kodak as
a leading participant in the graphic communications industry.  Jim
has completed the work he came to do, and the result is that the
position of GCG president is no longer necessary in this new
structure.  I wish Jim all the best upon his return to his private
life, and I thank him for all of his many contributions."

The new management structure also positions the Film Products
Group to continue making significant contributions to the success
of Kodak well into the future.

"FPG’s performance has been exceptional, reflecting the strong
leadership of Mary Jane Hellyar and her team," Mr. Perez said.  
"Kodak remains committed to the business and technology of film."

Following these changes, the reporting structure of the company
will be as follows:

   -- Finance, Legal, the Chief Technical Office, Human
      Resources, the Global Diversity office, and the Chief
      Information Officer will report to Mr. Perez; and

   -- Worldwide Information Systems, and all manufacturing and
      logistics activity of CDG and GCG will report to
      Mr. Faraci.

"I am honored to be given the responsibility of helping to lead
Kodak through the next stage of its exciting future," Mr. Faraci
said.  "My work is made easier by Jim Langley’s exceptional
contributions to GCG and Mary Jane’s continued excellence in
managing our traditional business.  Through their efforts and
those of many others, Kodak is now participating in a number of
digital markets that allow us to leverage our expertise in image
science and materials science, built up over the decades by
Kodak’s great technologists.  My mission is to make the most of
the digital opportunity, and I know we will succeed by leveraging
the assets of our consumer and commercial businesses."

Today’s announcement represents one of the final steps in the
company’s four-year long restructuring, which will conclude this
year.

"We will enter 2008 with the company that I came here to run," Mr.
Perez said.  "We now have in place the right management, the right
structure, the right products and, most importantly, the right
people for Kodak to generate sustained profits in digital markets.  
Together, we look forward to delivering on the promise of the
Kodak brand for the benefit of our shareholders and employees."

                       About Eastman Kodak

Headquartered in Rochester, New York, Eastman Kodak Co. (NYSE:
EK)-- http://www.kodak.com/-- develops, manufactures, and  
markets digital and traditional imaging products, services, and
solutions to consumers, businesses, the graphic communications
market, the entertainment industry, professionals, healthcare
providers, and other customers.

The company has operations in Argentina, Chile, Denmark, Greece,
Jordan, Yemen, Australia, China among others.

                          *     *     *

As reported in the Troubled Company Reporter on Sept. 14, 2007,
Standard & Poor's Ratings Services has affirmed its 'B+' corporate
credit rating on Eastman Kodak Co. and removed the ratings from
CreditWatch, where they had been placed with negative implications
on Aug. 2, 2006.  The outlook is negative.


EMPIRE BEEF: Files Schedules of Assets and Liabilities
------------------------------------------------------
Empire Beef Co. submitted to the U.S. Bankruptcy Court for the
Western District of New York its schedules of assets and
liabilities, disclosing:

     Name of Schedule                Assets      Liabilities
     ----------------             -----------    -----------
  A. Real Property                   $807,062                       
  B. Personal Property             58,112,836
  C. Property Claimed as
     Exempt                                            
  D. Creditors Holding
     Secured Claims                              38,957,224
  E. Creditors Holding                              651,743
     Unsecured Priority
     Claims                                          
  F. Creditors Holding
     Unsecured Non-priority
     Claims
25,484,204                                     
                                  -----------    -----------
     TOTAL                        $58,919,898   $65,093,171

Headquartered in Rochester, New York, Empire Beef Co. --
http://www.empirebeef.com/-- is a wholesaler of meat and  
foodservice distributor that ships more than 6 million pounds of
meat each week.  Purchased from packers such as Hormel, JBS Swift,
and Perdue Farms, Empire Beef & Redistribution distributes
packers' beef, cheese, lamb, pork, poultry, seafood, and veal in a
20 state area of the northeastern US. The firm also offers
portion-controlled marinated and flavor-enhanced fresh and frozen
meat products for foodservice companies as well as for retail
sale. Empire has portion-control facilities in New York and
Pennsylvania.

The company filed for Chapter 11 protection on Sept. 6, 2007,
(Bankr. W. D. NY Case No. 07-22226).  Garry M. Graber, Esq. at
Hodgson Russ LLP represents the Debtor in its restructuring
efforts.


EMPIRE BEEF: Trustee Appoints Seven-Member Creditors Committee
--------------------------------------------------------------
Kathleen Schmitt, the U.S. Trustee for Region 2, appointed seven
creditors to the Official Committee of Unsecured Creditors in the
Chapter 11 case of Empire Beef Co.

The Committee members are:

     1. Ryder Truck Rental Inc.
        Attn: Kevin P. Sauntry
        6000 Windward Parkway
        Alpharetta, GA 30005
        Tel (770) 569-6511
        Fax (770) 569-6712

     2. New York State Teamsters Pension &
        Retirement Fund and NYS
        Attn: Vincent M. DeBella, Esq.
        Paravati Karl Green & DeBella
        12 Steuben Park
        Utica, NY 13501-2992
        Tel (315) 735-6481
        Fax (315) 735-6406

     3. Tyson Foods Inc. and Tyson Fresh Means Inc.
        fka IBP Inc.
        Attn: Larry Alsip
        2210 W. Oaklawn Drive
        Springdale, AR 72762
        Tel (479) 290-4521
        Fax (479) 290-7967

     4. Pilgrim's Pride Corporation
        Attn: Kim Lawrence
        4845 U.S. Highway, 271 North
        Pittsburg, TX 75686
        Tel (903) 434-1624
        Fax (972) 290-8779

     5. Mountaire Farms Inc./Mountaire Corporation
        Attn: Andrew Cobb
        P.O. Box 5726
        No. Little Rock, AR 72119
        Tel (501)399-8805
        Fax (501) 399-8846

     6. Viking Seafoods Inc.
        Charles J. Gulino
        50 Crystal Street
        Malden, MA 02148
        Tel (781) 322-2000
        Fax (781) 397-0527

     7. National Beef Packing Co. LLC.
        Dale Robertson
        12200 North Ambassador Drive
        Kansas City, MO 64163
        Tel (816) 713-8524
        Fax (816) 713-8856

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

Headquartered in Rochester, New York, Empire Beef Co. --
http://www.empirebeef.com/-- is a wholesaler of meat and  
foodservice distributor that ships more than 6 million pounds of
meat each week.  Purchased from packers such as Hormel, JBS Swift,
and Perdue Farms, Empire Beef & Redistribution distributes
packers' beef, cheese, lamb, pork, poultry, seafood, and veal in a
20 state area of the northeastern US. The firm also offers
portion-controlled marinated and flavor-enhanced fresh and frozen
meat products for foodservice companies as well as for retail
sale. Empire has portion-control facilities in New York and
Pennsylvania.

The company filed for Chapter 11 protection on Sept. 6, 2007,
(Bankr. W. D. NY Case No. 07-22226).  Garry M. Graber, Esq. at
Hodgson Russ LLP represents the Debtor in its restructuring
efforts.


ENVIROSOLUTIONS HOLDINGS: Moody's Cuts Rating to B3 from B2
-----------------------------------------------------------
Moody's Investors Service downgraded the ratings of
EnviroSolutions Holdings Inc. to B3 from B2 reflecting weak top
line performance trends and internal cash flow generation in
relation to capital expenditure requirements and debt obligations.

The downgrade incorporates Moody's expectation of weak interest
coverage over the next several quarters (defined as EBITDA less
capital expenditures divided by interest expense) in the context
of frailty in residential construction and the potential for a
broader economic slowdown.  Improvement in this area is highly
dependent on incremental profitable volumes in a competitive
marketplace.

The outlook for the company had been negative since December 2006.

Moody's took these rating actions:

   -- Downgraded to B2 (LGD 3, 41%) from B1 (LGD 3, 41%) the
      $40 million senior secured revolver due 2011;

   -- Downgraded to B2 (LGD 3, 41%) from B1 (LGD 3, 41%) the
      $185 million senior secured term loan B due 2012;

   -- Downgraded to B3 from B2 the Corporate Family and
      Probability of Default ratings of EnviroSolutions
      Holdings Inc.

The outlook for the ratings is stable.

EnviroSolutions' operating strategy is partially dependent on a
regional shift in transportation of waste from a primarily truck-
based model, in which waste is transported to landfills which are
relatively close to urban centers (e.g., less than 200 miles), to
a rail-based model, in which waste is transported to more distant
landfills.  The rail-based model creates some degree of dependence
on railroad companies, and is significantly more capital intensive
in the early stages.

The B3 rating is supported by enterprise value considerations
arising from the ownership of three valuable landfills and three
transfer stations in the east, as well as sizeable cash balances
as of June 30, 2007.  Over time, the company is likely to benefit
from the increasing paucity and distance of landfills serving
northern New Jersey and the New York City area which could boost
rail-based disposal over time.

EnviroSolutions Holdings Inc., based in Manassas, Virginia, is an
integrated solid waste management company with a presence in the
Northeastern and Mid-Atlantic United States.  Revenue for the
twelve months ended June 30, 2007 was about $164 million.


FAREPORT CAPITAL: Completes Shares for Debt Deal with Creditors
---------------------------------------------------------------
Fareport Capital Inc. said A to Z SPI 3 Inc. became its
controlling shareholder Friday, with A to Z SPI holding about 83%
of the outstanding common shares of Fareport on a fully diluted
basis.  The change in control by way of shares was as a result of
the completion of Fareport's previously announced shares for debt,
private placement and share consolidation transactions.

Fareport completed the shares for debt transaction pursuant to
previously signed debt settlement agreements with secured and
unsecured creditors of the company.  The company owed to secured
creditors an aggregate amount of $1,588,885 on the outstanding
secured debentures and had outstanding loans to unsecured parties
in an aggregate amount of $790,000.  

   * Secured creditors received 30% of the total outstanding debt
     owed to them by the company in an aggregate amount of
     $476,665 with 10% being paid in the form of pre-consolidation
     common shares and 20% being paid in the form of cash for a
     total amount of $317,777.  

   * Unsecured creditors received 15% of the total outstanding
     debt owed to them by the company in the aggregate amount of
     $118,500 with 5% being paid in the form of pre-consolidation
     common shares and 10% being paid in the form of cash for a
     total amount of $79,000.

A to Z SPI also converted its outstanding debt in the sum of
$200,000 pursuant to a demand debenture dated March 19, 2007, into
pre-consolidation common shares of the company.

Fareport also completed a private placement transaction in the
amount of $1,800,000 pursuant to a subscription agreement dated
June 13, 2007, with A to Z SPI, for 240,000,000 pre-consolidation
common shares of the company.  In addition, Fareport issued a
common share purchase warrant to A to Z SPI equalling 12% of the
total aggregate amount invested in the company.  The warrant is
non-transferable, exercisable at $0.01 per share and has a term of
two years.  The net effect of the foregoing transactions is that A
to Z SPI now becomes the controlling shareholder of Fareport.

Fareport also effected a share consolidation of its common shares
on the basis of 100 pre-consolidation common shares for each one
post-consolidation common share in the capital of the company.

Fareport also settled certain longstanding litigation between
itself and other past and present stakeholders of the Company.

It is currently expected that Fareport's common shares will
commence trading on the TSX Venture Exchange on a post-
consolidation basis the week of Oct. 1, 2007, under its current
symbol "CAB".

The shareholders of the company approved the Transactions at the
company's special meeting of shareholders held in Toronto on
Sept. 26, 2007.  All materials necessary to effect the
consolidation have been filed with the TSXV.

Registered shareholders may also obtain copies of the letter of
transmittal by contacting their brokers or other intermediary or
the company's transfer agent, Equity Transfer & Trust Company.

                  Cease Trade Order Still Applies

The company currently expects its financial statements for the
three months ended March 31, 2007, will be filed under applicable
securities laws on or prior to Dec. 31, 2007.  The temporary
management and insider cease trade order previously imposed
pursuant to OSC Policy 57-603 will continue to be in effect until
the financial statements for the period are filed under applicable
securities laws.  The MCTO imposed pursuant to OSC Policy 57-603
continues to be in effect.  The MCTO prohibits present and certain
past directors, officers and insiders of Fareport from trading in
securities of Fareport.  Fareport will continue to provide updates
on these and related matters in accordance with OSC Policy 57-603.

            Fareport Defaults on 17 Secured Debentures

As reported in the Troubled Company Reporter on July 10, 2007,
Fareport Capital Inc. has seventeen secured creditors each of whom
hold debentures payable by Fareport.  Fareport has ceased to make
payments on these secured debentures and these debentures are
currently in default.

Fareport and A to Z Capital Corp., and its affiliate A to Z SPI 3
Inc., have negotiated settlement agreements with all seventeen of
Fareport's secured creditors well as five of Fareport's largest
unsecured debt holders, which agreements are subject to certain
conditions.

                        About A to Z SPI 3

A to Z SPI 3 Inc. is an Ontario corporation controlled by Andrew
A. DeFrancesco, is an affiliate of A to Z Holdco Corp. and A to Z
Capital Corp.

                       About A to Z Capital

A to Z Capital Corp. is a private issuer engaged in private equity
transactions, including the restructuring and reorganization of
distressed entities, acquisitions and business combinations,
change in control transactions and mezzanine and subordinated debt
financings.

A to Z Capital has five subsidiaries, four of which are each
special purpose vehicles holding direct investments in other
private issuers and one of which, A to Z Lending Corp., is engaged
only in mezzanine and gap debt financing, primarily in the North
American film and television production industry.  Each subsidiary
also has preferred shareholders who are accredited investors.

                    About Fareport Capital Inc.

Founded in 1997, Fareport Capital Inc. (TSX VENTURE: CAB) --
http://www.fareport.com/-- is a progressive personal & company   
transportation services corporation, established in the taxicab
and transportation industries in Toronto, Ontario, Canada.

Consolidating and financing its taxi brokerages, licensing, and
dispatch operations in Greater Toronto, Fareport has evolved to
offer customized financing solutions and products for a wide
spectrum of ventures in the personal & company transportation
industry, including lease or purchase of equipment, technology,
and fixed assets.

At Jan. 31, 2007, the company's balance sheet showed a
stockholders' deficit of $3.2 million, compared to a deficit of
$2.8 million at July 31, 2006.


FERRO CORPORATION: Board Declares Regular Quarterly Dividend
------------------------------------------------------------
Ferro Corporation's Board of Directors has declared a regular
quarterly dividend of 14.5 cents per share of common stock.  The
dividend is payable on Dec. 10, 2007, to shareholders of record on
Nov. 15, 2007.

Headquartered in Cleveland, Ohio, Ferro Corporation (NYSE: FOE)
-- http://www.ferro.com/-- is a global producer of an array of  
specialty chemicals including coatings, enamels, pigments,
plastic compounds, and specialty chemicals for use in industries
ranging from construction, pharmaceuticals and
telecommunications.  Ferro operates through the following five
primary business segments: Performance Coatings, Electronic
Materials, Color and Performance Glass Materials, Polymer
Additives, and Specialty Plastics.  Revenues were $2 billion
for the FYE ended Dec. 31, 2006.

Ferro Corp. has global locations in Argentina, Australia,
Belgium, Brazil, China, among others.

                        *     *     *

Ferro Corp. carries Moody's Investors Service's B1 corporate
family rating assigned on May 2007.  Moody's also assigned a B1
rating to the company's $200 million senior secured notes (issued
as unsecured notes in 2001) due in January 2009 and an SGL-3
speculative grade liquidity rating.


FLEETWOOD ENTERPRISES: S&P Affirms 'B' Corporate Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit, 'CCC+' senior subordinated debt, and 'CCC' trust preferred
securities ratings on Fleetwood Enterprises Inc.  The affirmations
affect $260 million in securities.  The outlook is negative.
      
"The ratings acknowledge continued earnings pressure resulting
from soft consumer demand for the company's factory-built homes
and certain recreational vehicle products," explained Standard &
Poor's credit analyst James Fielding.  Despite recent cost
reductions, Fleetwood reported a modest GAAP loss and an
operating cash flow deficit in the most recent fiscal quarter.  
"However, despite lower cash and marketable securities balances,
Fleetwood retains sufficient financial flexibility in the near
term under a renegotiated revolving credit facility," Mr. Fielding
said.
     
The negative outlook acknowledges difficult market conditions that
continue to depress sales of certain recreational vehicles and
manufactured homes.  Standard & Poor's would consider revising the
outlook back to stable and raising the ratings on Fleetwood if
industry trends improve or the company materially reduces its cost
structure and generates sustainable profits at lower volume
levels.  However, Standard & Poor's would lower the ratings if
trends worsen and further pressure earnings and liquidity.  A
recent call from an activist shareholder to explore the potential
for Fleetwood's consolidation with a competitor does not influence
the outlook at this time.


GREYFRIARS INSURANCE: Court Sets Oct. 23 Chap. 15 Petition Hearing
------------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
will convene a hearing at 10:00 a.m. Eastern Time on Oct. 23,
2007, to consider the Chapter 15 petitions filed by PRO Insurance
Solutions, Ltd., as foreign representative of the these debtors.:

   1. Greyfriars Insurance Co., Ltd.
   2. Sovereign Insurance (U.K.), Ltd.
   3. Allianz Insurance, P.L.C.
   4. Heddington Insurance (U.K.), Ltd.
   5. Mitsui Sumitomo Insurance Co. (Europe), Ltd.
   6. The Ocean Marine Insurance Co., Ltd.
   7. Oslo Reinsurance Co. (U.K.), Ltd.
   8. The Sea Insurance Co., Ltd.
   9. Tokio Marine Europe Insurance, Ltd.
   10. Wausau Insurance Co. (U.K.), Ltd.
   11. Allianz Global Corporate & Specialty (France)

Responses to the petition are due no later 4:00 p.m., Eastern Time
on Oct. 16, 2007.

The Debtors underwrote insurance and reinsurance business in
pooling arrangements through Willis Faber(Underwriting Management)
Ltd. and its affiliates.  They underwrote risks until the end of
1991, when they ceased accepting new businesses and went into run-
off.

Lawyers at Chadbourne & Parke, L.L.P. in New York City represent
the Foreign Representative in these cases.

On Sept. 18, 2007, PRO Insurance Solutions Limited, as petitioner
filed chapter 15 petitions for these Debtors: Greyfriars Insurance
Company Limited; Sovereign Insurance (UK) Ltd.; Allianz Insurance
PLC; Heddington Insurance (UK) Ltd.; Mitsui Sumitomo Insurance
Company (Europe), Ltd.; The Ocean Marine Insurance Company, Ltd.;
Oslo Renisurance Company (UK) Ltd.; The Sea Insurance Company
Ltd.; Tokio Marine Europe Insurance Ltd.; and Wausau Insurance
Company (UK) Ltd. (Bankr. S.D.N.Y. Case Nos. 07-12934 to
07-12943).  The Debtors, with certain other insurance companies,
underwrote insurance and reinsurance business in pooling
arrangements through Willis Faber (Underwriting Management) Ltd.
and affiliates.  The group underwrote risks until the end of 1991,
when they ceased accepting new business and went into run-off.

Howard Seife, Esq., and Francisco Vazquez, Esq., at Chadbourne &
Parke LLP, and Ken Coleman, Esq., and Stephen Doody, Esq., at
Allen & Overy, LLP, represent PRO Insurance.


INT'L COAL: Sells Illinois Property to Arch Coal for $39 Million
----------------------------------------------------------------
International Coal Group Inc. reported the sale of its Denmark
Property in Southern Illinois to Ark Land Company, a subsidiary of
St. Louis-based Arch Coal Inc., for approximately $39 million in
cash at closing on Sept. 28, 2007.

Under the terms of the transaction, Arch Coal also is obligated to
pay to ICG an overriding royalty totaling approximately $4 million
on certain future production.

"This transaction is a good move for both International Coal
Group and Arch Coal," said Ben Hatfield, president and CEO of ICG.  
"We have several attractive Illinois properties that could be
developed as market demand increases."

"However, with our present focus on expanding production at ICG
Illinois's Viper Mine, development of the Denmark reserves is not
part of our business plan" Mr. Hatlfield said.  "On the other
hand, Denmark fits nicely with other strategic properties
controlled by Arch."

                     About International Coal

International Coal Group, headquartered in Scott Depot, West
Virginia, is engaged in the mining and marketing of coal.  The
company has 11 active mining complexes, of which 10 are located in
Northern and Central Appalachia and one in Central Illinois.  
ICG's mining operations and reserves are strategically located to
serve utility, metallurgical and industrial customers throughout
the Eastern United States.

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 6, 2007,
Standard & Poor's Ratings Services raised its rating on the
$175 million 10.25% senior unsecured notes due 2014 of
International Coal Group Inc. to 'B-' from 'CCC+'.


JP MORGAN: Fitch Holds B- Rating on $5.3MM Class P Certificates
---------------------------------------------------------------
Fitch Ratings has affirmed J.P. Morgan Chase Commercial Mortgage
Securities Corp. 2006 CIBC 15, commercial mortgage pass-through
certificates as:

  -- $63.0 million class A-1 at 'AAA';
  -- $73.7 million class A-3 at 'AAA';
  -- $1.0 billion class A-4 at 'AAA';
  -- $101.0 million class A-SB at 'AAA';
  -- $230.8 million class A-1A at 'AAA';
  -- $211.8 million class A-M at 'AAA';
  -- $164.2 million class A-J at 'AAA';
  -- Interest-only class X-1 at 'AAA';
  -- Interest-only class X-2 at 'AAA';
  -- $37.1 million class B at 'AA';
  -- $15.9 million class C at 'AA-';
  -- $31.8 million class D at 'A';
  -- $26.5 million class E at 'A-';
  -- $29.1 million class F at 'BBB+';
  -- $26.5 million class G at 'BBB';
  -- $21.2 million class H at 'BBB-';
  -- $7.9 million class J at 'BB+';
  -- $10.6 million class K at 'BB';
  -- $7.9 million class L at 'BB-';
  -- $2.6 million class M at 'B+';
  -- $5.3 million class N at 'B';
  -- $5.3 million class P at 'B-'.

Fitch does not rate the $31.8 million NR class.

The affirmations are the result of stable pool performance and
minimal paydown.  As of the September 2007 distribution date the
transaction has paid down 0.6% to $2.11 billion from $2.12 billion
at issuance.  There have been no delinquent or specially serviced
loans since issuance.

The largest loan (13.9%) in the transaction is collateralized by a
602,471 square foot office building in Washington, DC.  As of
August 2007 occupancy was 99%.

Three retail loans maintain investment grade credit assessments
(1.6%): Southington Plaza in Southington, CT (0.6%); Waterford
Square in Waterford, CT (0.6%); and, Parkway Plaza in Clinton
Township, MI (0.4%).  All have maintained stable occupancy since
issuance.


KONINKLIJKE AHOLD: Faces Racketeering Complaint in Illinois
-----------------------------------------------------------
Koninklijke Ahold N.V., U.S. Foodservice, Gordon Redgate and Brady
Schofield face a racketeering complaint filed Aug. 24, 2007, in
the U.S. District Court for the Eastern District of Illinois, the
CourtHouse News Service reports.

Named plaintiff Thomas & King, Inc. accuses defendants of
inflating customers prices through shell companies, sham
transactions and phony invoice.

The suit is Thomas & King, Inc. v. Koninklijke Ahold N.V. et al.,
Case No. 3:07-cv-00608-DRH-PMF, filed in the U.S. District Court
for the Eastern District of Illinois, under Judge David R.
Herndon, with referral to Judge Philip M. Frazier.

Representing the plaintiffs are:

          Richard Laurence Macon
          Karen K. Gulde
          Akin, Gump et al. - San Antonio
          300 Convent Street, Suite 1600
          San Antonio, TX 78205
          Tel: (210) 281-7222 or (210) 281-7055

          Todd M. Stenerson
          Richard L. Wyatt, Jr.
          Akin, Gump et al. - Washington
          1333 New Hampshire Avenue, N.W., Suite 400
          Washington, DC 20036
          Tel: (202) 887-4000
          Fax: (202) 887-4288

          Patricia S. Murphy
          Murphy Law Office
          Generally Admitted
          Post Office Box 220
          Energy, IL 62933-0220
          Tel: (618) 964-9640

Headquartered in Amsterdam, Koninklijke Ahold N.V. (fka Royal
Ahold) -- http://www.ahold.com/-- retails food through     
supermarkets, hypermarkets and discount stores in North and
South America, Europe.  It has operations in Argentina.  The
company's chain stores include Stop & Shop, Giant, TOPS, Albert
Heijn and Bompreco.  Ahold also supplies food to restaurants,
hotels, healthcare institutions, government facilities,
universities, stadiums, and caterers.

                            *   *   *

Moody's Investors Service, in May 2007, placed the Ba1 Corporate
Family Rating and the Ba1 Senior Unsecured Long-Term Rating of
Koninklijke Ahold N.V. on review for possible upgrade.


KONINKLIJKE AHOLD: Reacquires Common Shares for EUR119.2 Million
----------------------------------------------------------------
Koninklijke Ahold N.V. has repurchased 11,702,830 of its own
common shares in the period from Sept. 10, 2007, up to and
including Sept. 14, 2007.

Shares were repurchased at an average price of EUR10.1821 per
share for a total amount of EUR119.2 million.  These repurchases
were made as part of the EUR1 billion share buyback program
announced on Aug. 30, 2007.

The total number of shares repurchased under this program to
date is 22,258,162 common shares for a total consideration of
EUR225.7 million.

Headquartered in Amsterdam, Koninklijke Ahold N.V. (fka Royal
Ahold) -- http://www.ahold.com/-- retails food through     
supermarkets, hypermarkets and discount stores in North and
South America, Europe.  It has operations in Argentina.  The
company's chain stores include Stop & Shop, Giant, TOPS, Albert
Heijn and Bompreco.  Ahold also supplies food to restaurants,
hotels, healthcare institutions, government facilities,
universities, stadiums, and caterers.

                            *   *   *

Moody's Investors Service, in May 2007, placed the Ba1 Corporate
Family Rating and the Ba1 Senior Unsecured Long-Term Rating of
Koninklijke Ahold N.V. on review for possible upgrade.


LAMAR ADVERTISING: Moody's Holds Ba2 Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service affirmed Lamar Advertising Company's Ba2
Corporate Family Rating and assigned a Ba3 rating to Lamar Media
Corporation's new Senior Subordinated Notes due 2015 -- Series C.  

In addition, Moody's withdrew the B1 rating on Lamar's 2-7/8%
Convertible Notes due 2010 since 99.9% of these notes were
exchanged into 2 7/8% Convertible Notes- Series B due 2010
(unrated) on July 3, 2007. The outlook remains negative.

Additionally, Moody's upgraded Lamar Media Corporation's senior
secured credit facility from Ba1 to Baa3 and the senior unsecured
shelf from (P)Ba1 to (P)Baa3.  The upgrades reflect the addition
of junior debt cushion beneath the secured facilities.  Lamar's
SGL-rating has been upgraded to SGL-1 from SGL-2.

Proceeds from the new Senior Subordinated Notes will be used to
repay borrowings under the company's revolving credit facility,
for working capital and other general corporate purposes.

Moody's has taken these ratings actions:

Lamar Advertising Company:

   -- Corporate Family Rating -- Affirmed Ba2

   -- Probability-of-default rating -- Affirmed Ba2

   -- 2 7/8% convertible notes due 2010 -- Withdrew B1 (LGD 6,
      94%)

   -- Speculative Grade Liquidity Assessment -- Upgraded SGL-2
      to SGL-1

Lamar Media Corporation:

   -- Secured revolver -- Upgraded Ba1 to Baa3 (LGD 2, 25% to
      LGD 2, 23%)

   -- Secured term loan -- Upgraded Ba1 to Baa3 (LGD 2, 25% to
      LGD 2, 23%)

   -- 7-1/4% senior subordinated notes due 2013 - Affirmed Ba3
      (LGD 5, 76% to LGD 5, 75%)

   -- 6 5/8% senior subordinated notes due 2015 -- Affirmed Ba3
      (LGD 5, 76% to LGD 5, 75%)

   -- 6 5/8% senior subordinated notes due 2015 -- Series C --
      Assigned Ba3 (LGD 5, 75%)

   -- Senior unsecured shelf -- Upgraded (P)Ba1 to (P)Baa3 (LGD
      2, 25% to LGD 2, 23%)

   -- Senior subordinated shelf -- Affirmed (P) Ba3 (LGD 5, 76%
      to LGD 5, 75%)

   -- Preferred shelf -- Affirmed (P)B1 (LGD 6, 92%)

The outlook is negative.

Lamar's rating and outlook continue to reflect Moody's concerns
relating to the company's appetite for incremental leverage to
return capital to shareholders while it continues its digital
deployment.  In addition, the ratings reflect Lamar's on-going
acquisition activity and the inherent cyclicality of the
advertising business balanced by Lamar's scale, its geographically
diverse outdoor portfolio, strong EBITDA margins and underlying
asset value.

The SGL upgrade reflects the company's ability to cover its
capital expenditures and other operating requirements through
internally generated cash flow as well as the availability of the
entire revolving credit facility pro forma for the new notes
issue.

Based in Baton Rouge, Louisiana, Lamar Advertising Company is a
leading owner and operator of outdoor advertising structures in
the U.S. and Canada.


LAMAR ADVERTISING: S&P Affirms BB- Corporate Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' rating to
Lamar Media Corp.'s proposed $225 million 6.625% senior
subordinated notes series C due 2015.  The notes will be privately
placed under Rule 144A of the Securities Act of 1933, with
registration rights.  Proceeds from the notes will be used to
repay the current $175 million outstanding balance on Lamar's $400
million revolving credit facilities, and for general corporate
purposes.
     
At the same time, Standard & Poor's Ratings Services affirmed its
existing ratings on Lamar Media and parent Lamar Advertising Co.,
including the 'BB-' corporate credit rating.  The rating outlook
is stable.  Ratings are based on the consolidated creditworthiness
of the parent company.
      
"The 'BB-' corporate credit rating reflects Lamar's high debt
leverage resulting from acquisitions, share repurchases, and
aggressive capital spending," said Standard & Poor's credit
analyst Ariel Silverberg.  "This is somewhat tempered by the
company's satisfactory business profile, which reflects its strong
position in the small-to-midsize outdoor advertising industry,
high and stable operating margins, and solid cash flow
generation."


LEAR CORP: Names Matthew Simoncini as Chief Financial Officer
-------------------------------------------------------------
Matthew J. Simoncini has been appointed as Lear Corporation's
chief financial officer, effective immediately, reporting to Lear
Vice Chairman James H. Vandenberghe.

Daniel A. Ninivaggi, Lear Executive Vice President, General
Counsel and Chief Administrative Officer, will continue to oversee
Corporate Development and Strategic Planning activities.

Most recently, Mr. Simoncini served as senior vice president of
Global Finance and chief accounting officer where he was
responsible for Lear's worldwide operational finance and
accounting.  Prior to this position, he served as vice president,
Operational Finance since 2004, during which time he was
responsible for Lear's divisional finance organization.  He also
served as the chief financial officer of Lear's Europe, Asia and
Africa operations from 2001-2004.

"Matt has done an outstanding job in a wide variety of key finance
and accounting roles, and his promotion to chief financial officer
is well deserved," said Bob Rossiter, Lear Chairman, CEO and
President.  "His business skills, operational knowledge and broad
financial experience make him the perfect candidate to lead the
Finance function.  I look forward to working with him to further
strengthen Lear's financial position and continue to reposition
our company for future success."

In addition to his qualifications with Lear, Simoncini served in a
variety of senior finance positions for United Technologies
Automotive, which Lear acquired in 1999.  He began his career in
1985 with Deloitte & Touche after earning a bachelor's degree from
Wayne State University in Detroit.  He is a Certified Public
Accountant and a member of the Michigan Association of Certified
Public Accountants.

                         About Lear Corp.

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

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

                         *     *     *

As reported in the Troubled Company Reporter on Sept. 4, 2007,
Moody's Investors Service affirmed Lear Corporation's Corporate
Family Rating of B2 with a stable outlook.  Ratings on the
company's term loan of B2 and on its unsecured notes of B3 were
similarly affirmed but with slight revisions to their respective
LGD point estimates.  

As reported in the Troubled Company Reporter on July 26, 2007,
Standard & Poor's Ratings Services raised its corporate credit
rating on Lear Corp. to 'B+' from 'B' and removed the ratings from
CreditWatch with positive implications where they were placed on
July 17, 2007.  The outlook is negative.


MEDICOR LTD: Court Approves NHB as Committee's Financial Advisor
----------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
gave the Official Committee of Unsecured Creditors of Medicor Ltd.
and its debtor-affiliates' bankruptcy cases, permission to employ
NachmanHaysBrownstein Inc., as their financial advisor.

As financial advisor, NachmanHaysBrownstein is expected to:

   a. review and analyze the business, managament, operations,
      properties, financial condition and prospects of the
      Debtors;

   b. review the assumptions underlying the business plans and
      cash flow projections for the assets involved in any
      potential plan of reorganization;

   c. determine the reasonableness of the projected performance of
      the Debtors;

   d. monitor, evaluate and report to the Committee with respect
      to the Debtors' near-term liquidity needs, material
      operational changes and related financial and operational
      issues;

   e. review and analyze all material contracts and agreements;

   f. assist, procure and assemble any necessary validations of
      assets values;

   g. provide ongoing assistance to the Committee and its legal
      counsel;

   h. evaluate the Debtors' capital structure and making
      recommendations to the Committee with respect to the
      Debtors' efforts to reorganize its business operations and
      confirm a plan;

   i. assist the Committee in preparing documentation required in
      connection with creating, supporting or opposing a plan and
      participating in negotiations on behalf of the Committee
      with the Debtors or any groups affected by a plan;

   j. assist the Committee in preparing documentation required in
      connection with support or opposing a sale of the Debtors'
      assets and participating in negotiations on behalf of the
      Committee with the Debtors or any group affected by a sale;

   k. provide ongoing analysis of the Debtors' financial
      condition, business plans, capital spending budgets,
      operating forecasts, management and the prospects for its
      future performance;

   l. render testimony on behalf of the Committee;

   m. provide a valuation of the assets and business of the
      Debtors and the property of the Debtors' estates;

   n. review and analyze any intercompany claims and transfers
      between the Debtors and its non-debtor affiliates;

   o. provide any forensic services that may be required by the
      Committee; and

   p. provide other services as requested by the Committee and
      agreed to by the firm.

The firm's primary professionals will bill the Committee on these
rates:

      professionals              Hourly Rates
      -------------              ------------
      John Bambach, Jr., CTP        $425
      Edward T. Gawin, CTP          $425
      Laurence E. Sax, CTP          $325

Additionally, the firm's principals, advisors and associates will
charge between $250 and $450 per hour.  If the Committee requests
forensic accounting services, the firm bills between $150 and $200
per hour for this service.

John Bambach, Jr., CTP, a principal of the firm, assures the Court
that the firm is a "disinterested person" as defined in Section
101(14) of the Bankruptcy Code.

Mr. Bambach can be reached at:

   John Bambach, Jr., CTP
   NachmanHaysBrownstein Inc.
   822 Montgomery Avenue, Suite 204
   Narberth, PA 19072
   Tel: (610) 660-0060
   http://www.nhbteam.com/

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

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


MITSUBISHI MATERIALS: Eyes 12% Boost in 2008 Pretax Profit
----------------------------------------------------------
Mitsubishi Materials Corp. is expected to post pretax profit of
JPY120 billion in the year to March 2008 due to rising copper
prices, Yasuhiko Seki of Thomson Financial reports, citing the
Nikkei business daily.

The figure will be JPY10 billion higher than the company's
forecast, and is 12% up compared to the previous fiscal year,
notes Mr. Seki.

According to Thomson Financial, sales for the year ending
March 31, 2008, is seen to rise 3% to JPY1.5 trillion, up from a
previous estimate of JPY1.46 trillion, while operating profit is
likely to jump 14% to JPY90 billion, which is up from an earlier
projection of JPY86 billion.

The Nikkei, notes Mr. Seki, said that sales for the first half
through September are seen increasing 11% to JPY770 billion, as
compared to the previous approximation of JPY730 billion and
pretax profit to rise 2% to JPY60 billion, up from the company's
estimate of JPY54 billion.

                  About Mitsubishi Materials

Headquartered in Tokyo, Mitsubishi Materials Corp. --
http://www.mmc.co.jp/english/-- was formed on Dec. 21, 1990,
from the merger of two firms, Mitsubishi Metal Mining Company
Limited and Mitsubishi Cement Limited.  The company manufactures
metals and ceramics products.

The company has international offices in the United States,
Canada, Brazil, Chile, France, Italy, Indonesia and the rest of
Asia.

                          *     *     *

As reported on Feb. 19, 2007, that Standard & Poor's Ratings
Services revised to positive from stable the outlook on its 'BB'
long-term corporate credit rating on Mitsubishi Materials Corp.
based on the company's increasing level and stability of cash
flows, and expectations for further improvement in the company's
financial profile.


MYLAN LABS: Earns $79.7 Million in Quarter Ended June 30
--------------------------------------------------------
Mylan Laboratories Inc. reported net earnings of $79.7 million for
the quarter ended June 30, 2007, compared to net earnings of
$75.6 million in the same prior year period.

Net revenues for the first quarter of fiscal 2008 increased by
55.6% or $193.9 million to $542.7 million from $348.8 million in
the same prior year period.  Mylan Segment net revenues increased
by $102.6 million, while the Matrix Segment had net revenues of
$91.3 million which represents a 15% increase from the fourth
quarter of fiscal 2007, the first quarter in which Mylan
consolidated their financial results.

Robert J. Coury, Mylan's vice chairman and chief executive
officer, commented: "Once again, I am extremely pleased with our
first quarter results which include record revenues even before
the contribution from Matrix, which served to further enhance our
top-line growth.  Additionally, sales of amlodipine, which were
approximately $84.0 million, coupled with the continued strong
performance of other core products in our portfolio, including
fentanyl, have translated into the most successful operational
quarter in the company's history."

Mr. Coury further commented: "Because analyst estimates showed a
wide range of contribution for amlodipine, we believe that the
mean estimate was not representative of the record quarter we have
delivered and as such felt it was important to break out
amlodipine revenue.  Excluding amlodipine, we believe our results
have met or exceeded Wall Street expectations and as we have
maintained all along, even with the challenging market dynamics
surrounding this product, we were able to fulfill our promise by
substantially monetizing this first-to-file opportunity."

On May 12, 2007, Mylan and Merck KGaA announced the signing of a
definitive agreement under which Mylan will acquire Merck's
generics business.  The transaction remains subject to regulatory
review in the United States and certain other customary closing
conditions, and is expected to close in the second half of
calendar 2007.

At June 30, 2007, the company's consolidated balance sheet showed
$4.47 billion in total assets, $2.71 billion in total liabilities,
$36.7 million in minority interest, and $1.72 billion in total
shareholders' 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?23eb

                     About Mylan Laboratories

Headquartered in Canonsburg, Pennsylvania, Mylan Laboratories Inc.  
(NYSE: MYL) -- http://www.mylan.com/-- is engaged in developing,   
licensing, manufacturing, marketing and distributing generic,
brand and branded generic pharmaceutical products.  The company
obtains new generic products primarily through internal product
development.  In addition, it licenses or co-develops products
through arrangements with other companies.  New generic product
approvals are obtained from the United States Food and Drug
Administration through the Abbreviated New Drug Application
process, which requires the company to demonstrate bioequivalence
to a reference brand product.  

                          *     *     *

Moody's Investor Services placed Mylan Laboratories Inc.'s
probability of default and long term corporate family ratings at
"Ba1" in May 2007, which still holds to date.


NATIONAL EASTERN: Wants Anthony Novak as Bankruptcy Counsel
-----------------------------------------------------------
National Eastern Corporation asks the U.S. bankruptcy Court for
the District of Connecticut for authority to employ Chorches &
Novak, P.C. as its bankruptcy counsel.

Chorches & Novak will:

   (a) give the Debtor legal advice with respect to its
       powers and duties as debtor-in possession in the
       continued operation of its business and management of
       its property;

   (b) take any and all legal action in record to any possible
       preferences within ninety 90 days before the filing
       petition;

   (c) prepare on behalf of the Debtor, necessary applications,
       answers, orders, reports and other legal papers;

   (d) perform all other legal services for debtor-in-
       possession to employ an attorney for such professional
       services.

The Debtor will pay the firm based on these rates:

            Designation                   Hourly Rate
            -----------                   -----------
            Partners                         $325
            Associates                       $215
            Legal Assistants/Law Clerks    $65 - $125

The company will also pay the firm's professional liability
insurance in the amount of $2 million through Zurich Insurance
Group, Policy No. LPL 4908278-4, and will maintain the said
insurance coverage during the pendency of appointment.

To the best of the Debtor's knowledge, the firm does not hold or
represent any interest adverse to the Debtor's estate and is
"disinterested" as the term is defined in the Bankruptcy Code.

The firm can be reached at:

             Anthony S. Novak, Esq.
             Chorches & Novak, P.C.
             1260 Silas Deane Highway
             Wethersfield, Connecticut 06109
             Tel: (860)257-1980

Headquartered in Plainville, Connecticut, National Eastern Corp.
fabricates steel.  The Debtor filed for Chapter 11 protection on
Sept. 17, 2007 (Bankr. D. Conn. Case No. 07-21290).  When the
company filed for bankruptcy, it listed total assets of
$20,786,808 and total debts of $15,398,616.


NEW YORK RACING: Court Approves Getnick as Integrity Counsel
------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
gave New York Racing Association Inc., authority to employ Getnick
& Getnick as its special business integrity Counsel.

As reported in the Troubled Company Reporter on Aug. 8, 2007, the
firm is expected to, among others, monitor and investigate the
Debtor's business practices and operations in these areas:

   (i) living and working conditions on the backstretch;

  (ii) simulcast signal sales and rebate shops;

(iii) horse drug testing and sanctions;

  (iv) pre-race horse monitoring;

   (v) segregation and maintenance of horsemen's funds;

  (vi) implementation of the company Code of Ethics;

(vii) preparation and presentation of financial statements; and

(viii) implementation of anti-money laundering policies and other
       financial system protections.

Getnick & Getnick professionals agreed to provide services to the
Debtor at these hourly rates:

         Designations                Hourly Rates
         ------------                ------------
         Principal                       $290
         Executive Project Manager       $290
         Project Manager                 $255
         Forensic Auditor                $255
         Investigator                    $165
         Project Administrator           $100

Pursuant to a retainer agreement, G&G's monthly retainer and
minimum fee for professional services is $125,000 to be billed
against hourly billings by G&G and person working under the
direction of G&G.

In addition, the term of G&G's representation will run for five
years, starting on the effective date of any plan, provided
however, that, should the Debtor cease to maintain its franchise
to conduct racing and operating pari-mutual wagering on its
racetracks, the term of G&G's representation will automatically
terminate.

The Debtor's franchise is scheduled to expire on Dec. 31, 2007.

Neil V. Getnick, managing partner at the firm, assured the Court
that G&G does not represent or hold any interest adverse to the
Debtor or its estate with respect to the matters as to which G&G
is to be employed.

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


NORTHWEST AIRLINE: Moody's Rates Class B Certificates at Ba1
------------------------------------------------------------
Moody's Investors Service assigned ratings of A3 and Ba1 to the
Class A and Class B Certificates, respectively of the Northwest
Airlines Pass Through Certificates, Series 2007-1.

Each certificate will represent 100% of the fractional undivided
interest in the assets of the corresponding Trust and related
Deposits.  Property of the Trust will be Equipment notes to be
issued by Northwest Airlines Inc. which will be secured by a
security interest in the aircraft being financed by this
transaction.  The notes with respect to each aircraft will be
issued under a separate indenture with a separate loan trustee for
each indenture.

Moody's affirmed all ratings of Northwest, corporate family rating
at B1, and the outlook remains stable.

General Structure of the Northwest Airlines 2007-1 EETCs

Proceeds from the sale of the Certificates will be used to
purchase notes to finance 27 new EMB-175 LR regional jet aircraft
manufactured by Embraer scheduled to be delivered from January
2008 to December 2008.  All of the Aircraft will be owned by
Northwest and leased and operated by Compass Airlines Inc., a
wholly owned subsidiary.

Proceeds from the certificates initially will be held in escrow
and subsequently will be used by the trusts to acquire equipment
notes to be issued by Northwest on a full recourse basis.  The
proceeds of the offering of each class of certificates will be
held in escrow by the Depository, Credit Suisse, New York Branch
to which Moody's has assigned a short term unsecured debt rating
of P-1, until the Aircraft are delivered.  The risk of the
difference between the coupon rate on the certificates and the
investment rate on the cash held in escrow is borne by the
depositary, which will hold the proceeds of the certificate
offerings as interest-bearing deposits.

The certificates issued to finance the aircraft do not represent
interests in and are not obligations of Northwest. However, the
underlying Notes will be full recourse obligations of Northwest,
and Northwest Airlines Corporation, the indirect parent
corporation of Northwest, will unconditionally guarantee the
payments by Northwest under each note issued by Northwest.

The amounts payable by Northwest under the notes will be
sufficient to pay in full all principal and interest on the
certificates when due.  The notes will be secured by a perfected
security interest in the Aircraft and it is the opinion of counsel
to Northwest, that the notes will be entitled to the benefits of
Section 1110 of the U.S. Bankruptcy Code.  The Class B
Certificates rank junior in priority to the Class A Certificates.

The Class A Certificates and Class B Certificates will each be
supported by a liquidity facility intended to pay up to three
semi-annual interest payments (up to 18 months) in the event
Northwest defaults on its obligations under the notes.  The
liquidity facilities will not provide for payments of principal
due.  The liquidity provider for the Class A and Class B
Certificates is Calyon, acting through its New York Branch, which
has a Moody's short-term rating of P-1.  The liquidity provider
has a priority claim on proceeds from liquidation ahead of any of
the certificate holders and is also the controlling party
following default under certain circumstances.

              Cross Collateralization and Waterfall

The ratings reflect Moody's belief that the certificates derive
only modest benefit from the cross collateralization feature
included in the transaction.  This feature provides that any
proceeds from the exercise of remedies with respect to an aircraft
will be available to cover shortfalls then due under the notes
issued with respect to the other aircraft, thus potentially
enhancing recovery in the event of default.

However, Moody's believes the fact that a single model of aircraft
(EMB-175 LR) is financed and that the collateral pool comprises a
modest number of aircraft indicates a lack of critical diversity
in utility of the aircraft to produce a more significant benefit
resulting from cross collateralization.

The rating on the Class A Certificates considers the credit
quality of Northwest as obligor under the notes, the unconditional
payment guarantee provided by NWA Corp., the value of the aircraft
pledged as security for the Notes, the credit support provided by
the liquidity facility, and the additional structural features of
the transaction.

The rating on the Class B Certificates reflects both the
subordination of the interests of the holders of the Class B
Certificates to those of Class A Certificate holders as well as a
high peak loan-to-value ratio which mitigates the expected
recovery to holders of the Class B Certificates.

        Collateral for the Northwest Airlines 2007-1 EETC

While it has a very limited operator base at this time in its own
right primarily because of its recent introduction, the EMB-175 LR
has a long range and is part of the deep family of Embraer
regional jets which enjoy broader acceptance.  Moody's believes
the values of the aircraft are supported by strong current market
conditions which may be nearing the peak of the demand cycle.  
Should a downturn in the demand for aircraft occur in the future,
Moody's believes the impact on the values of these aircraft would
be greater than for other larger aircraft types for several
reasons.

First, as fuel costs continue to rise for airlines, operators may
in the future decide the operating efficiency gains associated
with utilization of regional jets is offset by the expense of
higher flight frequencies necessary to offset the lower capacity
of the RJs.  Second, while the EMB-175 LR is a member of a larger
regional jet family, the proliferation of model variants
manufactured by Embraer may have dilutive effects on the future
values of specific models such as the EMB-175 LR that has a
relatively small operator base.  Moody's believes the loan to
value ratios on the certificates mitigates the incremental
volatility of EMB-175 LR values.

Ratings assigned:

Northwest Airlines, Inc.'s Enhanced Equipment Trust Certificates
Series 2007-1:

   -- Class A at A3
   -- Class B at Ba1

Northwest, a wholly owned subsidiary of NWA Corp., is the 6th
largest airline that provides scheduled passenger service
throughout North America and Asia (and access to Europe through an
alliance with KLM-Air France) and is headquartered in Eagan,
Minnesota.


NUTRITIONAL SOURCING: Court Okays Mesirow Financial as Consultant
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware gave
Nutritional Sourcing Corp. and its debtor-affiliates, permission
to employ Mesirow Financial Consulting LLC, as their consultant,
nunc pro tunc to Aug. 13, 2007.

As reported in the Troubled Company Reporter on Sept. 20, 2007,
the Debtors related to the Court that because their resources and
personnel are focused on consummating a sale of their assets, they
need additional assistance to compile, analyze and prepare the
financial reports and schedules required by the Bankruptcy Code.

Mesirow will assist the Debtors in the preparation and review of
the reports and filings, including schedule of assets and
liabilities and statements of financial affairs.

The Debtors will pay Mesirow a fixed monthly fee of $35,000 for
the services of one senior vice president, plus reimbursement of
out-of-pocket expenses.

To the best of the Debtors' knowledge, Mesirow is a "disinterested
person" within the meaning of section 101(14) of the Code, as
modified by section 1107(b) of the Code.

The firm can be reached at:

   Thomas J. Allison
   Sr. Managing Director
   Mesirow Financial Consulting, LLC
   350 North Clark Street
   Chicago, IL 60610
   Tel: (800) 453-0600
   http://www.mesirowfinancial.com/

Based in Pompano, Florida, Nutritional Sourcing Corp., fdba Pueblo
Xtra International, Inc. -- http://www.puebloxtra.com/-- owns and     
operates supermarkets and video rental shops in Puerto Rico and
the US Virgin Islands.  The company and two affiliates, Pueblo
International, L.L.C., and F.L.B.N., L.L.C., filed for chapter 11
protection on Aug. 3, 2007 (Bankr. D. Del. Case Nos. 07-11038
through 07-11040).  Kay Scholer LLC represents the Debtors in
their restructuring efforts.  Pepper Hamilton LLP serves as their
Delaware counsel.  Skadden, Arps, Slate, Meagher & Flom LLP
represent the Official Committee of Unsecured Creditors.  When the
Debtors filed for protection from their creditors, they listed
estimated assets and debts between $1 million and $100 million.


OUR LADY OF MERCY: Has Until December 31 to File Chapter 11 Plan
----------------------------------------------------------------
The United States Bankruptcy Court for the Southern District of
New York further extended Our Lady of Mercy Medical Center and its
debtor-affiliate, O.L.M Parking Corporation's exclusive periods
to:

   a. file a Chapter 11 plan through and including Dec. 31, 2007;
      and

   b. solicit acceptances of that plan until Feb. 28, 2008.

The Debtors' exclusive period to file a plan expired on Sept. 30,
2007.

As reported in the Troubled Company Reporter in Sept. 11, 2007,
the Debtors told the Court that they need more time to complete
the sale of its assets to Mentefiore Medical Center and obtained
certain necessary regulatory Court approvals.  The Debtors expect
to obtain these approvals after Nov. 16, 2007.

In addition, the Debtors contended they need more time to review
the validity of approximately 450 proofs of claim, of which 130 of
those are malpractice and personal injury claims against the
Debtors.  The Debtors discloses that the amount on some of these
claims is overstated.

Based in Bronx, New York, Our Lady of Mercy Medical Center
-- http://www.olmhs.org/-- provides health care services.  The   
medical center is a member of the Montefiore Health System and is
a University affiliate of New York Medical College.  The company
and its debtor-affiliate, O.L.M. Parking Corporation, sought
chapter 11 protection on March 8, 2007 (Bankr. S.D.N.Y. Case Nos.
07-10609 and 07-10610).  Frank A. Oswald, Esq. at Togut, Segal &
Segal LLP, and Burton S. Weston, Esq., at Garfunkel, Wild &
Travis, P.C., represent the Debtors in their restructuring
efforts.  The Garden City Group, Inc., is the Debtors' claims and
noticing agent.  Martin G. Bunin, Esq., Craig E. Freeman, Esq.,
and Catherine R. Fenoglio, Esq., at Alston & Bird LLP, represent
the Official Committee of Unsecured Creditors.  Daniel T.
McMurray, of Focus Management Group, is the Patient Care Ombudsman
and is represented by Mark I. Fishman, Esq., at Neubert, Pepe &
Monteith, P.C.  When the Debtors filed for protection from their
creditors, they listed total assets of $91 million and total
liabilities of $151 million.


PALM INC: Posts $841,000 Net Loss in First Quarter Ended Aug. 31
----------------------------------------------------------------
Palm Inc. disclosed Monday results of operations for its first
quarter of fiscal year 2008, ended Aug. 31.

Net loss for the quarter was $841,000.  Net loss included stock-
based compensation expense of approximately $5.1 million,
amortization of intangible assets of approximately $1.0 million,
patent acquisition cost of $5.0 million, restructuring charges of
approximately $6.6 million and gain on sale of land of
approximately $4.4 million.  This compares to net income for the
first quarter of fiscal year 2007 of $16.5 million.

Total revenue in the first quarter of fiscal year 2008, ended Aug.
31, was $360.8 million.   This compares to total revenue of
$355.8 million in the same period of fiscal year 2007.  Smartphone
sell-through for the quarter was 689,000 units, up 21% year over
year.  Smartphone revenue was $302.2 million, up 12%.

Non-GAAP net income in the first fiscal quarter totaled
$9.7 million, excluding stock-based compensation expense,
amortization of intangible assets, patent acquisition cost,
restructuring charges, gain on sale of land and the related income
tax provision.  This compares to non-GAAP net income in the first
quarter of fiscal year 2007 of $21.5 million, which excluded the
effects of amortization of intangible assets, stock-based
compensation and the related income tax provision.

Earnings before interest, taxes, depreciation and amortization, or
EBITDA, totaled $4.1 million.  EBITDA, adjusted to add back stock-
based compensation, other non-operating expense, patent
acquisition cost, restructuring charges and gain on sale of land,
or Adjusted EBITDA, totaled $16.7 million.

"The launch of our Palm(R)Treo(TM) 500v with Vodafone and the Palm
Centro(TM) with Sprint in September demonstrate our commitment to
delivering competitive, high-quality solutions and expanding our
reach to a broader market and range of customers," said Ed
Colligan, Palm president and chief executive officer.  "As we move
toward completing the recapitalization transaction with Elevation
Partners, we are excited to strengthen our ability to accelerate
Palm's growth in the future."

At Aug. 31, 2007, the company's consolidated balance sheet showed
$1.48 billion in total assets, $408.8 million in total
liabilities, and $1.07 billion in total stockholders' equity.

             Second Quarter Fiscal Year 2008 Guidance

Revenue is expected to be between $370 million and $380 million;
Net loss on a GAAP basis is expected to be in the range of
$3.2 million and $1.1 million and earnings before interest, taxes,
depreciation and amortization, adjusted to add back stock-based
compensation, restructuring charges and other non-operating
expenses, or Adjusted EBITDA, is expected to be in the range of
$13 million to $16 million.

                        About Palm Inc.

Headquartered in Sunnyvale, California, Palm Inc. (NasdaqGS: PALM)
-- http://palm.com/-- sells smartphones and handheld computers.   
The company's products include Palm(R) Treo(TM) smartphones and
Palm handheld computers, as well as software, services and
accessories.  Palm products are sold through select Internet,
retail, reseller and wireless operator channels throughout the
world, and at Palm Retail Stores and Palm online stores.

                      *     *     *

As reported in the Troubled Company Reporter on July 23, 2007,
Standard & Poor's Services Ratings Services assigned its 'B'
corporate credit rating to Palm Inc.  The outlook is stable.


PARMALAT SPA: Plans Expansion Via Acquisitions & Joint Ventures
---------------------------------------------------------------
Parmalat S.p.A. said that is ready to expand its dairy business
through acquisitions and joint ventures, with approximately
EUR570,000,000 in cash to finance the transactions, AFX News
reported, citing a report from Il Sole 24 Ore based on documents
produced during the Sept. 14, 2007, presentation of the company's
first half results to financial analysts.

Pursuant to the documents, Parmalat's expansion strategy will
enable it to "increase scale, improve mix and gain (a) position in
emerging markets."

"Today we have extraordinary income coming from litigations, but
we have to look at the phase when we will only have our
operational income," Dr. Enrico Bondi, Extraordinary
Administrator of Parmalat Finanziaria S.p.A., et al., told
analysts, according to AFX News.

For the period ending June 30, 2007, Parmalat made EUR278,300,000
from settlements, helping the company reach the end of the first
half with net cash of EUR570,200,000, AFX News disclosed.

"We are looking at developing countries.  A good opportunity
could be sub-Saharan Africa and other emerging markets," Dr.
Bondi told analysts, according to AFX News.

Dr. Bondi, however, noted that any settlement should:

   (i) preserve Parmalat's strong financial structure;

  (ii) avoid dilutive impacts in terms of valuation and
       profitability; and

(iii) preserve the company's capacity to distribute a dividend.

"I hope to be able to do something respecting these guidelines,
otherwise I think it will be difficult [to do anything]," Dr.
Bondi said, according to AFX News.

Dr. Bondi added that Parmalat is in the "study process," and the
"timing for any transaction is difficult to forecast."

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

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

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

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

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

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.  (Parmalat Lumber Bankruptcy News, Issue
No. 91; http://bankrupt.com/newsstand/or 215/945-7000).


PARMALAT SPA: Sees Citigroup Trial Starting in March 2008
---------------------------------------------------------
The trial against Citigroup for its involvement in Parmalat
S.p.A.'s bankruptcy proceedings should start around March 2008,
unless the U.S. group's time extension request is granted,
Parmalat attorney Nicola Palmieri said during the presentation of
the group's litigation timetable to analysts, AFX News reported.

The presentation also revealed that the trial against Bank of
America and Grant Thornton should commence by the second or third
quarter of 2008.

The U.S. class action procedure should currently maintain the
same schedule as the one set out in the multidistrict litigations
against BofA and Grant Thornton, Mr. Palmieri told AFX News.

"The class must first meet a set of criteria to get certified ...
and there is a good chance they may not get this certification,"
Mr. Palmieri told analysts, according to AFX News.

Mr. Palmieri said he expects a decline on the legal expenses,
which in the first half totaled EUR31,900,000, starting from
2008, AFX News reported.

"In 2009 there should be a completely different picture because
only Italian cases will be involved and that (the costs) are
nothing like they are in the U.S.," Mr. Palmieri further told AFX
News.

           Motion to Dismiss Foreign Plaintiffs' Claims

Parmalat S.p.A. asked the Hon. Lewis A. Kaplan of the United
States District for the Southern District of New York to dismiss,
with prejudice, the claims asserted by the Foreign Plaintiffs in
the Third Amended Consolidated Class Action Complaint, pursuant to
Rule 12(c) of the Federal Rules of Civil Procedure.

Peter E. Calamari, Esq., at Quinn, Emanuel, Urquhart, Oliver &
Hedges, LLP, in New York, tells Judge Kaplan that the Foreign
Plaintiffs' claims against Reorganized Parmalat pursuant to the
Securities Exchange Act can only be maintained if they can
overcome the general presumption that federal statutes do not
apply "extra-territorially."

To overcome that presumption, Mr. Calamari asserts, the Foreign
Plaintiffs must show that the wrongful conduct either occurred in
the United States, or had a substantial effect in the United
States or upon its citizens.

Mr. Calamari notes that the District Court had already dismissed
the claims asserted by the Foreign Plaintiff purchasers against
Grant Thornton, Deloitte & Touche, Bank of America, Citigroup,
Credit Suisse, and BNL.  In doing so, the District Court ruled
that the transactions forming the basis of the Foreign
Plaintiffs' allegations were overwhelmingly foreign.

Mr. Calamari says the District Court's ruling applies to the
claims asserted by the Foreign Plaintiffs against Reorganized
Parmalat.  Unlike the U.S.-based banks and auditors, the Old
Parmalat was an Italian company, and by definition, could not
have committed acts essential to the alleged fraud against
foreign purchasers outside of Italy.

Mr. Calamari contends that the Complaint asserts no domestic
conduct of Old Parmalat that relates to foreign purchasers.  Any
alleged conduct in the Unites States was incidental, and
therefore did not directly cause the losses of the Foreign
Plaintiffs, he maintains.

       Smith and Pappas Want to File 3rd Amended Complaint

Gerald K. Smith and G. Peter Pappas had asked the District Court
to reconsider its August 8 Order dismissing their Second Amended
Complaints to allow them to amend their pleadings and correct the
deficiencies described in the Order.

Messrs. Smith and Pappas asserted that the District Court had
overlooked facts alleged in the Second Amended Complaints, as
well as controlling law relevant to issues addressed in the
Order.  The plaintiffs added that the Order was the District
Court's first ruling on the sufficiency of their allegations,
hence, they should be granted leave to add the lacking
information.

However, Judge Kaplan dismissed the Reconsideration Motion as
without merit, and denied Messrs. Smith and Pappas leave to amend
their motion, stating that they had "more than sufficient
opportunity file sufficient complaints."

Judge Kaplan pointed out that the problems resulting in the
dismissal of the Second Amended Complaints should have been
apparent to the plaintiffs before they had filed their original
complaints.  They had not even indicated how they will cure the
deficiencies, Judge Kaplan noted.

Consequently, Messrs. Smith and Pappas ask the District Court to
alter its judgment and grant them leave to file Third Amended
Complaints, for basically the same relief as sought in their
Reconsideration Motion.

On the plaintiffs' behalf, Leo R. Beus, Esq., at Beus Gilbert
PLLC in Scottsdale, Arizona, asserts that the District Court made
errors of fact and of law in its analyses of the Plaintiffs'
claims with respect to issues of loss causation and damages, and
abused its discretion by dismissing the claims without leave to
amend.

Messrs. Smith and Pappas also seek to file certain documents
under seal, pursuant to an August 2005 Stipulated Protective
Order.  The documents include:

  (a) motion to alter or amend the judgment and other relief
      pursuant to Rule 59 of the Federal Rules of Civil
      Procedure;

  (b) declaration of Robert T. Mills, consisting of products
      of discovery, occurring since the filing of the Second
      Amended Complaints;

  (c) proposed Third Amended Complaint in Smith v. Bank of
      America, et al.; and

  (d) proposed Third Amended Complaint in Pappas v. Bank of
      America, et al.

Messrs. Smith and Pappas intend to submit those exhibits,
representing substantial discovery supporting their Complaints,
for the consideration of their Motion to Alter the District
Court's judgment.

                          About Parmalat

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

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

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

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

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

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.  (Parmalat Lumber Bankruptcy News, Issue
No. 91; http://bankrupt.com/newsstand/or 215/945-7000).


PASCACK VALLEY: Organizational Meeting Scheduled on October 11
--------------------------------------------------------------
The U.S. Trustee for Region 3 will hold an organizational meeting
to appoint an official committee of unsecured creditors in Pascack
Valley Hospital Association, Inc.'s chapter 11 case at 2:00 p.m.,
on Oct. 11, 2007, at the Office of the U.S. Trustee, Room 1401,
14th Floor, One Newark Center, in Newark, New Jersey.

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

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

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

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

Based in Westwood, New Jersey, Pascack Valley Hospital
Association, Inc. -- http://www.pvhospital.org/-- operates a  
full-service, 291-bed non-profit medical facility, part of a
system of healthcare affiliates known as the Well Care Group,
Inc., which provides a full range of the most advanced,
technically specialized healthcare services available.  The Debtor
filed for Chapter 11 protection on Sept. 24, 2007 (Bankr. D. N.J.
Case No. 07-23686).  Jack M. Zackin, Esq., Simon Kimmelman, Esq.,
Valerie A. Hamilton, Esq., at Sills Cummis Radin Tischman Epstein
& Gross, P.C., represent the Debtor.  When the Debtor filed for
protection from its creditor, it listed estimated assets and debts
between $1 million and $100 million.


PASCACK VALLEY: Bankruptcy Filing Cues Fitch to Lower Ratings
----------------------------------------------------------------
Fitch Ratings downgraded to 'CC' from 'CCC' two New Jersey Health
Care Facilities Financing Authority (Pascack Valley Hospital
Association Issue) revenue bonds, $49.4 million series 2003 and
$32.5 million series 1998.  The Rating Outlook is revised to
Evolving from Stable.  The downgrade reflects the hospital's
recent bankruptcy filing after failing to secure a strategic
partner.  The Evolving Rating Outlook reflects uncertainty
regarding bondholder recovery.

On Sept. 20, the Board of Trustees of Pascack Valley Hospital
Association filed a petition under Chapter 11 of the U.S.
Bankruptcy code, following several years of increasing operating
losses, a severe liquidity crisis, and failure to find a strategic
partner.  The hospital is working with the NJ Department of Health
and Senior Services to develop a plan to ensure the safe and
orderly closing of the institution.  Employees have received a 60
day notice of termination with November 21 announced as the
expected termination date.

For the seven month period ending July 31, 2007, Pascack's
unaudited results show $2.5 million of unrestricted cash and
investments, or only 8.3 days cash on hand, declining from $3.6
million (9.9 days) at Dec. 31, 2006.  Trustee-held funds were $7.1
million.  The hospital lost $7.1 million from operations (negative
10.3% operating margin) and $6.7 million in excess income
(negative 9.6% excess margin).  Pascack's bonds are secured by a
gross revenue pledge and a mortgage lien.


PEOPLE’S CHOICE: Credit Support Erosion Cues S&P to Cut Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on five
classes of mortgage pass-through certificates from People’s Choice
Home Loan Securities Trust Series 2004-1.  Additionally, S&P
removed the rating on class B1 from CreditWatch, where it was
placed with negative implications on June 25, 2007.
     
The lowered ratings reflect the erosion of credit support to the
affected classes.  S&P lowered the class B2 rating to 'D' because
overcollateralization had been depleted, and the class
subsequently realized $653,117 in losses during the August 2007
and September 2007 remittance periods.  As of the September 2007
reporting period, cumulative losses totaled approximately
$11.60 million, or 2.29% of the original principal balance.  The
six-month average monthly net loss amount of $571,352 has worsened
compared with the 12-month average monthly net loss amount of
$468,291.  Total delinquencies, as a percentage of the current
pool balance, were 24.53%, while serious delinquencies (90-plus
days, foreclosures, and REOs) were 20.55%; the deal has paid down
to 12.41% of its original principal balance.  
     
S&P removed the rating on class B1 from CreditWatch because it was
lowered to 'CCC'.  According to Standard & Poor's surveillance
practices, ratings lower than 'B-' on classes of certificates or
notes from RMBS transactions are not eligible to be on CreditWatch
negative.
     
The collateral for this transaction initially consisted of
conventional, one- to four-family, adjustable- and fixed-rate
mortgage loans secured by first and second liens on residential
real estate properties.

      Rating Lowered and Removed from Creditwatch Negative

    People's Choice Home Loan Securities Trust Series 2004-1

                                 Rating
                                 ------
                   Class     To          From
                   -----     --          ----
                   B1        CCC         BB-/Watch Neg

                        Ratings Lowered

    People's Choice Home Loan Securities Trust Series 2004-1

                                 Rating
                                 ------
                   Class     To          From
                  -----      --          -----
                   M6        BBB         BBB+
                   M7        B           BBB+
                   M8        CCC         BBB
                   B2        D           CCC


PLAINS EXPLORATION: Special Stockholders Meeting Set for Nov. 6
---------------------------------------------------------------
Plains Exploration & Production Company and Pogo Producing Company
each scheduled Nov. 6, 2007 as the date for their respective
upcoming special stockholder meetings.

As reported in the Troubled Company Reporter on July 19, 2007, PXP
and Pogo entered into a definitive agreement providing for the
merger of Pogo into a subsidiary of PXP in exchange for cash and
PXP common stock.  The transaction is valued at approximately $3.6
billion, based on PXP's closing price on July 16, 2007.

Under the terms of the agreement, Pogo stockholders will receive
0.68201 shares of PXP common stock and $24.88 of cash for each
share of Pogo common stock which represents a total consideration
of approximately $60 per Pogo share.  Total consideration for
outstanding Pogo shares is 40 million PXP shares and approximately
$1.5 billion in cash.

At these meetings, the Pogo stockholders will vote on, among other
items, the proposed merger with PXP and the PXP stockholders will
vote on, among other items, the issuance of PXP common stock to
Pogo stockholders pursuant to the merger.

As previously reported, the record date for the meetings is Sept.
25, 2007.

                     About Pogo Producing

Headquartered in Houston, Texas, Pogo Producing Company (NYSE:
PPP) -- http://www.pogoproducing.com/-- explores for, develops    
and produces oil and natural gas.  Pogo owns approximately
4,000,000 gross leasehold acres in major oil and gas provinces in
North America, 3,119,000 acres in New Zealand and 1,480,000 acres
in Vietnam.

              About Plains Exploration & Production

Headquartered in Houston, Plains Exploration & Production Co.
(NYSE: PXP) - http://www.plainsxp.com/-- is an independent oil     
and gas company primarily engaged in the upstream activities of
acquiring, developing, exploiting, exploring and producing oil and
gas in its core areas of operation: onshore and offshore
California, Colorado and the Gulf Coast region of the United
States.

                        *     *     *

As reported in the Troubled Company Reporter on July 20, 2007,
Standard & Poor's Ratings Services affirmed the 'BB' corporate
credit rating on independent oil and gas company Plains
Exploration & Production Co.  The outlook remains stable.


PLAYTEX PRODUCTS: Completes Energizer Merger Deal
-------------------------------------------------
Energizer Holdings, Inc., disclosed that it has completed its
acquisition of Playtex Products, Inc. for $18.30 per share in cash
plus the assumption of Playtex’s debt.  Shareholders of Playtex
approved the merger of Playtex with a wholly owned subsidiary of
Energizer on September 27, 2007.

Energizer also said that, under the previously announced tender
offer for the outstanding 8% Senior Secured Notes due 2011 and
9-3/8% Senior Subordinated Notes due 2011 of Playtex, the company
has purchased $286.3 million of the 8% notes, representing 98.7%
of the outstanding notes, and $276.7 million of the 9-3/8% notes,
representing 95.8% of the outstanding notes.  Energizer has
deposited funds with the trustees for each issue in order to
defease the remaining notes.

The 8% notes have been defeased to a March 3, 2008 redemption date
and the 9-3/8% notes have been defeased to an October 12, 2007
redemption date.  The tender offer remains open under 5:00 p.m.,
New York City time, on October 3, 2007, but holders tendering at
this time will not be entitled to receive the consent payment
referred to in the tender offer documents.

The funds required for the acquisition and the tender offer are
being provided primarily from Energizer’s previously announced
$1.5 billion term loan agreement entered into on September 14.
2007.

The company anticipates that the term loan will be refinanced in
the private placement market or through other credit facilities
over the next several months.

"The employees of Playtex and its strong consumer brands will be a
great addition to the Energizer family," said Ward M. Klein, Chief
Executive Officer.  "In addition to expanding our product
portfolio and our presence in the personal care industry, this
acquisition brings to us many talented and dedicated colleagues,
providing us with the benefits of their knowledge and experience
in the skin care, feminine care, and infant care segments."

                             About Playtex

Playtex Products, Inc. (NYSE: PYX) manufactures and distributes a
diversified portfolio of Skin Care, Feminine Care, and Infant Care
products, including Banana Boat, Hawaiian Tropic, Wet Ones,
Playtex gloves, Playtex tampons, Playtex infant feeding products,
and Diaper Genie.

                           About Energizer Holdings

Energizer Holdings, Inc. [NYSE: ENR], announced today that it has
completed its acquisition of Playtex Products, Inc. [NYSE:  PYX]

Headquartered in St. Louis, Missouri, Energizer Holdings, Inc.
(NYSE: ENR) manufacturer primary batteries and flashlights.  
Anchored by its universally recognized and respected Energizer and
Eveready brands, the portfolio of products includes household
batteries, specialty batteries and battery-powered lighting
products.  Energizer is also the parent company of Schick-
Wilkinson Sword, a manufacturer of wet shave products.  With two
widely recognized personal care brands, SWS competes successfully
in all three segments of the global wet shave market – men’s
systems, women’s systems and disposables.


PLAYTEX PRODUCTS: Energizer Deal Cues Moody's to Withdraw Ratings
-----------------------------------------------------------------
Moody's Investors Service confirmed and will withdraw the B2
corporate family rating and all other ratings for Playtex Products
Inc.

These actions reflect the successful completion of Energizer
Holdings Inc.'s acquisition of Playtex, as well as its tender for
all of Playtex's outstanding $290.2 million 8% senior secured
notes and outstanding $288.7 million 9-3/8% senior subordinated
notes due 2011.  Moody's notes that about $286.3 million and
$276.7 million of the senior secured and senior subordinated
notes, respectively, have been tendered. Moody's notes that ENG
has already deposited the funds with the trustees for each issue
in order to defease the remaining notes.  This concludes a review
for possible upgrade that was initiated on July 13, 2007.

These ratings of Playtex Products Inc. were confirmed and will be
withdrawn:

   -- Corporate family rating of B2;

   -- Probability of default rating of B2;

   -- $150 million senior secured revolving credit facility due
      2010 of Ba3 (LGD2, 23%);

   -- $290 million 8% senior secured notes due 2011 of Ba3
      (LGD3, 30%);

   -- $289 million 9.375% senior subordinated notes due 2011 of
      Caa1 (LGD5, 83%).

Playtex Products Inc., with executive offices in Westport,
Connecticut, is a leading manufacturer, marketer, and distributor
of a diversified portfolio of consumer and personal products
including infant care, feminine care, and skin care items.  Total
proforma revenues (including sales from Hawaiian Tropic) for the
last twelve months ended June 30, 2007 were about $750 million.


PLAYTEX PRODUCTS: Energizer Deal Cues S&P to Withdraw Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'B+' corporate
credit and senior unsecured debt ratings, and its 'B-' senior
subordinated debt rating, on Playtex Products Inc. following the
announcement that Playtex has been acquired by Energizer Holdings
Inc. (unrated) for $1.9 billion, and that substantially all of
Playtex's rated debt has been repaid.  Playtex had been placed on
CreditWatch with positive implications on July 13, 2007, following
the announcement that the company would be acquired by Energizer.

Ratings List

Ratings Withdrawn
Playtex Products Inc.              To        From
                                   --        ----
Corporate Credit Rating           NR        B+/Watch Pos
Senior Unsecured Debt Rating      NR        B+/Watch Pos
Senior Subordinated Debt Rating   NR        B-/Watch Pos


POGO PRODUCING: Special Stockholders Meeting Set for November 6
---------------------------------------------------------------
Plains Exploration & Production Company and Pogo Producing Company
each scheduled Nov. 6, 2007 as the date for their respective
upcoming special stockholder meetings.

As reported in the Troubled Company Reporter on July 19, 2007, PXP
and Pogo entered into a definitive agreement providing for the
merger of Pogo into a subsidiary of PXP in exchange for cash and
PXP common stock.  The transaction is valued at approximately $3.6
billion, based on PXP's closing price
on July 16, 2007.

Under the terms of the agreement, Pogo stockholders will receive
0.68201 shares of PXP common stock and $24.88 of cash for each
share of Pogo common stock which represents a total consideration
of approximately $60 per Pogo share.  Total consideration for
outstanding Pogo shares is 40 million PXP shares and approximately
$1.5 billion in cash.

As previously reported, the record date for the meetings is Sept.
25, 2007.

              About Plains Exploration & Production

Headquartered in Houston, Plains Exploration & Production Co.
(NYSE: PXP) - http://www.plainsxp.com/-- is an independent oil     
and gas company primarily engaged in the upstream activities of
acquiring, developing, exploiting, exploring and producing oil and
gas in its core areas of operation: onshore and offshore
California, Colorado and the Gulf Coast region of the United
States.

                    About Pogo Producing

Headquartered in Houston, Texas, Pogo Producing Company (NYSE:
PPP) -- http://www.pogoproducing.com/-- explores for, develops
and produces oil and natural gas.  Pogo owns approximately
4,000,000 gross leasehold acres in major oil and gas provinces in
North America, 3,119,000 acres in New Zealand and 1,480,000 acres
in Vietnam.

                         *     *     *

As reported in the Troubled Company Reporter on May 31, 2007,
Standard & Poor's Ratings Services said that its 'BB' corporate
credit rating on Pogo Producing Co. remains on CreditWatch with
developing implications following the company's announcement that
it is selling its Canadian oil- and gas-producing subsidiary for
$2 billion.


RAM-MAR DEVELOPMENT: Voluntary Chapter 11 Case Summary
------------------------------------------------------
Debtor: Ram-Mar Development, LLC
        Two Ravinia Drive, Suite 1330
        Atlanta, GA 30346

Bankruptcy Case No.: 07-76067

Chapter 11 Petition Date: October 1, 2007

Court: Northern District of Georgia (Atlanta)

Judge: Joyce Bihary

Debtor's Counsel: William L. Rothschild, Esq.
                  Ellenberg, Ogier, Rothschild & Rosenfeld
                  170 Mitchell Street, Southwest
                  Atlanta, GA 30303-3424
                  Tel: (404) 525-4000
                  Fax: (404) 526-8855

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.


RELIANT ENERGY: Court Approves Delaware Claims as Claims Agent
--------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
approved the request of Reliant Energy Channelview LP and its
debtor-affiliates for authority to employ Delaware Claims Agency
LLC as their claims and noticing agent.

As the Debtors' claims and noticing agent, DCA is expected to:

    (1) prepare and serve certain required notices in these
        chapter 11 cases, including:

        a) notice of the commencement of these chapter 11 cases
           and the initial meeting of creditors under section
           341(a) of the Bankruptcy Code;

        b) notice of the claims bar date;

        c) notice of objections to claims;

        d) notice of any hearings on a disclosure statement and
           confirmation of a plan; and

        e) other miscellaneous notices to any entities, as the
           Debtors or the Court may deem necessary or approriate
           for an orderly administration of these chapter 11
           cases;

    (2) within five days after mailing of a particular notice,
        file with the Clerk's Office a certificate or affidavit of
        service that includes a copy of the notice involved, an
        alphabetical list of persons to whom the notice was mailed
        and the date of mailing;

    (3) maintain copies of all proofs of claim and proofs of
        interest filed;

    (4) maintain official claims registers by docketing all proofs
        of claim and proofs of interest on claims registers,
        including the following information:

        a) the name and address of the claimant and any agent     
           thereof, if the proof of claim or proof of interest was
           filed by an agent;

        b) the date received;

        c) the claim number assigned; and

        d) the asserted amount and classification of the claim;

        e) assist the Debtors in the preparation of their
           bankruptcy schedules and statements, including the
           creation and administration of a claims database based
           upon a review of the claims against the Debtors'
           estates and the Debtors' books and records;

        f) implement necessary security measures to ensure the
           completeness and integrity of the claims registers;

        g) transmit to the Clerk's Office a copy of the claims
           registers requested by the Clerk's Office on a more or
           less frequent basis;

        h) maintain an up-to-date mailing list for all entities
           that have filed a proof of claim or proof of interest,
           which list shall be available upon request of a party
           in interest or the Clerk's Office;

        i) provide access to the public for examination of copies
           of the proofs of claim or interest without charge
           during regular business hours;

        j) record all transfers of claims pursuant to Bankruptcy  
           Rule 3001(e) and provide notice of such transfers as
           required by Bankrupty Rule 3001(e);

        k) comply with applicable federal, state, municipal and
           local statutes, ordinances, rules, regulations, orders
           and other requirements;

        l) provide temporary employees to process claims, as
           necessary; and

        m) promptly comply with such further conditions and
           requirements as the Clerk's Office or the Court may at
           any time prescribe.

In addition, DCA will also assist in:

   (a) the preparation of amendments to the master creditor list,

   (b) administrative tasks relating to the reconciliation and
       resolution of claims; and

   (c) the preparation, mailing and tabulation of ballots for the
       purpsoe of voting to accepts or reject a plan of
       reorganization.

The firm's professionals billing rates are:

       Designations                 Hourly Rates
       ------------                 ------------
       Senior Consultants              $130
       Technical Consultants           $115
       Associate Consultants           $100
       Processors and Coordinators      $50

Joseph L. King, vice president of DCA, assures the Court that the
firm does not hold any interest adverse to the Debtors' estate and
is a "disinterested person" as defined in Section 101(14) of the
Bankruptcy Code.

Based in Houston, Reliant Energy Channelview L.P. owns a power
plant located near Houston, and is an indirect wholly owned
subsidiary of Reliant Energy Inc. -- http://www.reliant.com/--
The company and its three affiliates, Reliant Energy Channelview
(Texas) LLC, Reliant Energy Channelview (Delaware) LLC, and
Reliant Energy Services Channelview LLC filed for chapter 11
protection on Aug. 20, 2007 (Bankr. D. Del. Lead Case No.
07-11160).  When the Debtors filed for protection from their
creditors, they listed total assets of $362,000,000 and total
debts of $342,000,000.


RELIANT ENERGY: Court Okays Richards Layton as Bankruptcy Counsel
-----------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
gave Reliant Energy Channelview LP and its debtor-affiliates
permission to employ Richards, Layton & Finger P.A., as their
bankruptcy counsel, nunc pro tunc to Aug. 20, 2007.

As Debtor's general bankruptcy counsel, Richards Layton is
expected to:

   a) advise the Debtors of their rights, powers and duties
      as debtors and debtors in possession;

   b) take all necessary action to protect and preserve the
      Debtors' estates, including the prosecution of actions on
      the Debtors' behalf, the defense of any actions commenced
      against the Debtors, the negotiation of disputes in which
      the Debtors are involved, and the preparation of objections
      to claims filed against the Debtors' estates;

   c) prepare on behalf of the Debtors all necessary motions,
      applications, answers, orders, reports and papers in
      connection with the administration of the Debtors' estates;
      and

   d) perform all other necessary legal services in connection
      with the bankruptcy cases.

The firm will bill Debtors in accordance with their customary
hourly rates, details of which were not provided.

Debtors tell the Court that it paid the firm a total retainer of
$150,000.  Retainer monies paid to the firm but not expended form
prepetition services and disbursements will be treated as an
evergreen retainer to be held by the firm as security throughout
the Debtors' bankruptcy cases.

Mark D. Collins, Esq., a director of Richards Layton, assures the
Court that the firm does not hold any interest adverse to the
Debtors and their estate.

Mr. Collins can be reached at:

   Mark D. Collins, Esq.
   Richards, Layton & Finger, P.A.
   One Rodney Square
   920 North King Street
   Wilmington, Delaware 19801
   Tel.: (302) 651-7531
   Fax.: (302) 498-7531
   http://www.rlf.com/

Based in Houston, Reliant Energy Channelview L.P. owns a power
plant located near Houston, and is an indirect wholly owned
subsidiary of Reliant Energy Inc. -- http://www.reliant.com/--
The company and its three affiliates, Reliant Energy Channelview
(Texas) LLC, Reliant Energy Channelview (Delaware) LLC, and
Reliant Energy Services Channelview LLC filed for chapter 11
protection on Aug. 20, 2007 (Bankr. D. Del. Lead Case No.
07-11160).  When the Debtors filed for protection from their
creditors, they listed total assets of $362,000,000 and total
debts of $342,000,000.


REMY INT'L: Noteholders Support Prepackaged Reorganization Plan
---------------------------------------------------------------
Remy International Inc. has received overwhelming acceptance of
its prepackaged plan of reorganization and will proceed to
promptly commence voluntary proceedings under Chapter 11 of the
U.S. Bankruptcy Code to seek confirmation of the plan.  
Specifically, in excess of 99.9% in dollar amount and 98.1% in
number of holders of 8-5/8% Senior Notes and 100% in dollar amount
and 100% in number of holders of 9-3/8% Senior Subordinated Notes
and 11% Senior Subordinated Notes that voted on the prepackaged
plan, voted to approve the plan.

As reported in the Troubled Company Reporter on Aug. 2, 2007, the
key elements of the prepackaged plan include:

   * Repayment of the Company's secured creditors in full.
   
   * Raise $85 million in preferred equity through a
     backstopped rights offering to be made to holders of the   
     company's Senior Notes and Senior Subordinated Notes.

   * Total debt reduction of $360 million through:

     -- Exchange of the company's $145 million of existing
        8-5/8% Senior Notes for $100 million of New Third-Lien
        Notes and $45 million in cash (plus an amount of cash
        equal to the accrued but unpaid interest through the
        filing date (estimated to be $10 million) and up to
        $2 million of new preferred stock in respect of post
        petition interest).  In addition, these noteholders
        will receive a $10 million consent fee for agreeing to    
        the overall restructuring.

     -- Reduction of the company's unsecured debt obligations
        by $315 million by converting the 9-3/8% Senior
        Subordinated Notes and 11% Senior Subordinated Notes
        into 100% of the common equity of the reorganized
        company.

     -- Cancellation of all of the company's existing equity
        interests.

"We are extremely pleased with the overwhelming support we
received from our noteholders and we are working expeditiously to
initiate our prepackaged chapter 11 filing as planned," John
Weber, President and CEO, said.

                   About Remy International Inc.
    
Headquartered in Anderson, Indiana, Remy International Inc.  is a
manufacturer, remanufacturer and distributor of Delco Remy brand
heavy-duty systems and Remy brand starters and alternators,
locomotive products and hybrid power technology.  The company also
provides a components core-exchange service for automobiles, light
trucks, medium and heavy-duty trucks and other heavy-duty, off-
road and industrial applications.

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 2, 2007,
Moody's Investors Service lowered the Probability of Default
Ratings of Remy International Inc. to C/LD from Ca/LD, and
confirmed the Corporate Family Rating at Ca.


REVERE INDUSTRIES: Moody's Cuts Corporate Family Rating to Caa2
---------------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating
of Revere Industries LLC to Caa2 from B3 reflecting the inability
of the company and its lenders to extend the existing waiver or
amend its credit facilities regarding its failure to meet existing
covenant compliance requirements.  Moody's also downgraded the
ratings on the first lien term loan and revolving credit facility
to Caa1 from B1 and the second lien term loan to Caa3 from Caa1.  
The rating outlook remains negative.

The rating and negative outlook reflect Moody's concerns regarding
ongoing operating challenges which could hinder EBITDA expansion
and free cash flow generation in the near term and the strain on
liquidity following the loss of access to its revolving credit
facility.  Moody's added that the outlook could stabilize upon the
successful execution of an amendment to the credit facilities and
the company's demonstrated ability to satisfactorily comply with
the amended financial covenants.

These rating actions were taken for Revere:

   -- Corporate Family Rating, downgrade to Caa2 from B3

   -- PDR Rating, downgraded to Caa2 from B3

   -- First lien revolving credit facility due 2010, downgraded
      to Caa1 from B1; LGD assessment changed to LGD 3, 35%
      from LGD 2, 28%

   -- First lien term loan due 2011, downgraded to Caa1 from
      B1; LGD assessment changed to LGD 3, 35% from LGD 2, 28%

   -- Second lien term loan, downgraded to Caa3 from Caa1; LGD
      assessment changed to LGD 5, 83% from LGD 5, 72%

Moody's previous rating action of Revere was the Dec. 15, 2006
downgrade of the corporate family rating to B3 from B2, with a
negative outook, reflecting a deterioration in operations and
increased reliance on its revolver.

Revere Industries LLC is a leading manufacturer of plastic and
metal custom-engineered components for major industrial customers
across a variety of industries.


RFC CDO: Overcollateralization Prompts S&P to Lift Ratings
----------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the class
B-1, B-2, C, D, and E notes issued by RFC CDO I Ltd., a static
cash flow arbitrage CDO of asset-backed securities transaction
collateralized primarily by residential mortgage-backed
securities, and removed them from CreditWatch with positive
implications.  At the same time, S&P affirmed its 'AAA' rating on
the class A notes.
     
The raised ratings reflect an increase in the level of
overcollateralization available to support the notes since the
transaction closed in June 2004.  Since origination, the
transaction has paid down $100.018 million to the class A notes.  
Additionally, due to a "turbo" feature in the waterfall that
redirects excess spread to pay down the subordinate notes,
$4.368 million of the class D note balance has been paid down.

As a result, the class A notes have been paid down to 55.90% of
their original balance and the class D notes have been paid down
to 66.13% of their original balance.  In addition, 89.65% of the
RMBS collateral in the portfolio is from the 2003 and
2004 vintage.  All of the other RMBS securities in the portfolio
are from earlier vintages.

      Ratings Raised and Removed from Creditwatch Positive

                       RFC CDO I Ltd.

                       Rating
                       ------
             Class   To     From           Balance
             -----   --     ----           -------
             B-1     AAA    AA/Watch Pos  $22,500,000
             B-2     AAA    AA/Watch Pos   $2,000,000
             C       A+     A/Watch Pos   $16,200,000
             D       A      BBB/Watch Pos  $8,531,000
             E       BB+    BB/Watch Pos   $9,450,000
   

                     Rating Affirmed
   
                      RFC CDO I Ltd.

            Class              Rating     Balance
            -----              ------     -------
            A                  AAA       $126,781,000


RK MANUFACTURING: Voluntary Chapter 11 Case Summary
---------------------------------------------------
Debtor: R.K. Manufacturing, Inc.
        222 Marketridge Drive
        Ridgeland, MS 39157

Bankruptcy Case No.: 07-03075

Type of business: The Debtor is engaged in the paving and
                  surfacing business.

Chapter 11 Petition Date: October 1, 2007

Court: Southern District of Mississippi (Jackson Office)

Debtor's Counsel: Craig M. Geno, Esq.
                  Harris, Jernigan & Geno, P.L.L.C.
                  587 Highland Colony Parkway
                  P.O. Box 3380
                  Ridgeland, MS 39157
                  Tel: 601 427-0048
                  Fax: 601-427-0050

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.


ROPER INDUSTRIES: Moody's Lifts Corporate Family Rating to Ba1
--------------------------------------------------------------
Moody's Investors Service upgraded the corporate family rating of
Roper Industries Inc. Ba1 from Ba2.  It also upgraded the rating
of Roper's convertible senior subordinated unsecured notes to Ba2
from B1 and affirmed the Ba1 rating of the senior secured bank
debt.  The rating outlook remains positive.

The rating actions reflect the acceleration of Roper's organic
top-line growth, its superior margins and strong free cash flow
driving the significant improvement of the company's credit
metrics since 2003.  Moody's also believes that over recent years,
Roper's business profile has materially improved thanks to its
well executed acquisitions, which have brought size, diversity and
recurrent growth.  Additionally, the rating agency expects the
company's disciplined financial policy to continue, with a
conservative funding mix with regards to large acquisitions and an
on-going focus on cash return on investment resulting in
significant free cash flow.

The positive outlook signals that Roper may be positioned for
additional upgrade if

   1. its cash flow generation and financial profile remain
      strong, i.e. debt/EBITDA on a Moody's adjusted basis
      below 2.5 times and free cash flow/debt above 20%,
      despite an anticipated weaker macro-economic backdrop in
      the US and an active acquisitive strategy

   2. its external sources of liquidity improve with the
      implementation of a senior unsecured revolving credit
      facility offering ample availability, and

   3. corporate governance practices, including succession
      planning and compensation program, reflect those of other
      investment grade companies.

The Ba2 rating of the convertible senior unsecured subordinated
notes is based on its contractual and effective subordination to
senior secured creditors.  The Ba1 rating of the secured bank debt
continues to reflect its senior position in Roper's capital
structure, full guarantees of existing and future domestic
subsidiaries and a pledge on all tangible and intangible assets of
domestic subsidiaries.  The narrower notching between convertible
senior unsecured subordinated notes and senior secured bank debt
results from the upgrade of the company's probability of default
rating to Ba1, while the loss given default assessments of the
respective debt instruments remain unchanged.

These ratings were affected by this action:

   -- Corporate family rating upgraded to Ba1 from Ba2

   -- Probability of default rating upgraded to Ba1 from Ba2

   -- Convertible senior subordinated notes upgraded to Ba2
      from B1

   -- Senior secured revolver and senior secured term loan
      affirmed to Ba1

Roper Industries Inc., headquartered in Sarasota, Florida, is a
diversified industrial company that designs, manufactures, and
distributes industrial technology products, comprising water meter
and automatic meter reading equipment, energy systems and
controls, scientific and industrial imaging products and software,
and radio frequency identification products and services.  The
company posted about $1.7 billion revenues in 2006.


SCO GROUP: Section 341(a) Creditors Meeting Set for October 18
--------------------------------------------------------------
The United States Trustee for Region 3, Kelly Beaudin Stapleton,
will convene a meeting of creditors of The SCO Group Inc. and its
debtor-affiliates on Oct. 18, 2007, at 10:00 a.m., at Room 2112,
2nd Floor, J. Caleb Boggs Federal Courthouse, in Wilmington,
Delaware.

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

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

                     About The SCO Group

Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX)
fka Caldera International Inc. -- http://www.sco.com/-- provides   
software technology for distributed, embedded and network-based
systems, offering SCO OpenServer for small to medium business and
UnixWare for enterprise applications and digital network services.  
The company and its affiliate filed for separate Chapter 11
protection on Sept. 14, 2007, (Bankr. D. Del. Case No. 07-11337
thru 07-11338).  James E. O'Neill, Esq., Laura Davis Jones, Esq.,
and Rachel Lowy Werkheiser, Esq. of Pachulski, Stang, Ziehl &
Jones LLP represent the Debtors in their restructuring efforts.  
The Debtor's total assets were $14,800,000 and its total debts
were $7,500,000 as of Sept. 10, 2007.


SCO GROUP: Court Approves Epiq Bankruptcy as Claims Agent
---------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
granted SCO Group Inc. and its debtor-affiliates authority to
employ Epiq Bankruptcy Solutions LLC as their noticing, claims and
balloting agent.

As the Debtors' claims agent, Epiq is expected to:

    (1) prepare and serve required notices in these chapter 11
        cases, including:

        a) notice of the commencement of these chapter 11 cases
           and the initial meeting of creditors under section
           341(a) of the Bankruptcy Code;

        b) notice of any auction sale hearing;

        c) notice of the claims claims bar date;

        d) notice of objection to claims;

        e) notice of any hearings on a disclosure statement and
           confirmation of a plan of reorganization; and
  
        f) other miscellaneous notices to any entities, as the
           Debtors or the Court may deem necessary or appropriate
           for an orderly administration of these chapter 11
           cases;

    (2) file with the clerk's office a certificate or affidavit of
        service that includes a copy of the notice involved, a
        list of persons to whom the notice was mailed and the date
        and manner of mailing, after the mailing of a particular
        notice;

    (3) maintain copies of all proofs of claim and proofs of
        interest filed;

    (4) maintain official claims registers, including, among other
        things, the following information for each proof of claim    
        or proof of interest:

        a) the name and address of the claimant and any agent    
           thereof, if the proof of claim or proof of interest was
           filed by an agent;

        b) the date received;

        c) the claim number assigned; and

        d) the asserted amount and classification of the claim;

    (5) assist the Debtors with administrative tasks in the
        preparation of their bankruptcy schedules and statements,
        including the creation and administration of a claims
        database based upon a review of the claims against the
        Debtors' schedules;

    (6) implement necessary security measures to ensure the
        completeness and integrty of the claims registers;
                                
    (7) transmit to the Clerk's office a copy of the claims
        registers on a monthly basis, unless requested by the
        Clerk's office on a more or less frequent basis; or, in
        the alternative, make available the claims register
        on-line;
                                
    (8) maintain an up-to-date mailing list for all entities that
        have filed a proof of claim, or proof of interest, or
        notice of appearance, which list shall be available upon
        request of a party in interest or the Clerk's office;

    (9) provide access to the public for examination of copies of
        the proofs of claim or interest without charge during
        regular business hours;

   (10) record all transfers of claims pursuant to Bankruptcy Rule
        3001(e) and provide notice of such transfers as required
        by Bankruptcy Rule 3001(e);

   (11) comply with applicable federal, state, municipal, and
        local statutes, ordinances, rules, regulations, orders and
        other requirements;

   (12) provide temporary employees to process claims, as
        necessary;

   (13) provide balloting services in connection with the
        solicitation process for any chapter 11 plan for which a
        disclosure statement has been approved by the Court;

   (14) provide other claims processing, noticing and related
        administrative services as may be requested from time to
        time by the Debtors; and

   (15) promptly comply with further conditions and requirements
        as the Court may at any time prescribe.

Under the terms set forth in the standard bankruptcy agreement
between the Debtors and Epiq, the Debtor will pay $25,000 retainer
fee to Epiq.

Daniel C. McElhinney, the senior vice president and director of
Epiq, assures the Court that the firm does not hold any interest
adverse to the Debtors' estate and is a "disinterested person" as
defined in Section 101(14) of the Bankruptcy Code.
                                                                             
Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX)
fka Caldera International Inc. -- http://www.sco.com/-- provides   
software technology for distributed, embedded and network-based
systems, offering SCO OpenServer for small to medium business and
UnixWare for enterprise applications and digital network services.  
The company and its affiliate filed for separate Chapter 11
protection on Sept. 14, 2007, (Bankr. D. Del. Case No. 07-11337
thru 07-11338).  James E. O'Neill, Esq., Laura Davis Jones, Esq.,
and Rachel Lowy Werkheiser, Esq. of Pachulski, Stang, Ziehl &
Jones LLP represent the Debtors in their restructuring efforts.  
The Debtor's total assets were $14,800,000 and its total debts
were $7,500,000 as of Sept. 10, 2007.


SCOTTISH RE: Declares Cash Dividend for Preferred Shares
--------------------------------------------------------
Scottish Re Group Ltd.'s Board of Directors declared a cash
dividend of $0.4531 per Perpetual Preferred Share outstanding to
be paid on Oct. 15, 2007, to Perpetual Preferred Share
shareholders of record as of Sept. 28, 2007.

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the
United Kingdom, United States, and Singapore.  Its flagship
operating subsidiaries include Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (US), Inc.  Scottish Re
Capital Markets, Inc., a member of Scottish Re Group Ltd., is a
registered broker dealer that specializes in securitization of
life insurance assets and liabilities.

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 24, 2007,
Moody's Investors Service affirmed the ratings of Scottish Re
Group Limited, with the outlook changed to stable from positive,
including its Senior unsecured shelf of (P)Ba3; its subordinate
shelf of (P)B1; its junior subordinate shelf of (P)B1; its
preferred stock of B2; and its preferred stock shelf of (P)B2.


SECURUS TECHNOLOGIES: Moody's Junks Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service lowered Securus Technologies Inc.'s
Corporate Family and Second Priority Senior Secured ratings to
Caa1 from B3 and B2 respectively following the company's
announcement that a combination of factors is expected to result
in a substantial shortfall to its third quarter earnings from
previous guidance.  At the same time, Moody's lowered the
company's liquidity rating to SGL-4 from SGL-3 signalling the
rating agency's expectation that the earnings shortfall may
jeopardize compliance with the company's minimum EBITDA covenant
pertaining to its working capital facility.  The outlook is
negative.

Downgrades:

Issuer: Securus Technologies, Inc.

   -- Probability of Default Rating, Downgraded to Caa1 from B3

   -- Speculative Grade Liquidity Rating, Downgraded to SGL-4
      from SGL-3

   -- Corporate Family Rating, Downgraded to Caa1 from B3

   -- Senior Secured Regular Bond/Debenture, Downgraded to
      Caa1, 47 - LGD3 from B2, 40 - LGD3

Outlook Actions:

Issuer: Securus Technologies, Inc.

   -- Outlook, Changed To Negative From Stable

On Sept. 27, 2007, Securus announced that project delays on a
major Syscon contract, elevated legal fees arising in part from
bid protests and higher than expected bad debt associated with a
recent billing system conversion would cause its Q3 earnings to
fall short of its previous guidance by approximately one-half.  
While the intensity of these challenges is expected to reduce
going forward, Moody's nonetheless expects near term quarters to
remain below previous expectations.  Consequently, Moody's
believes the company's adjusted leverage is likely to remain
closer to 7x through the next year, while free cash flow remains
essentially neutral despite a meaningful portion of Securus'
interest expense structured in a payment-in-kind manner.

The negative outlook considers Moody's view that Securus' key
credit metrics position the company weakly within the Caa1 rating
category and risks exist to the improvement in operating
performance required to sustain the current rating.  Specifically,
while the value of Syscon's large key contract is expected to be
on target over the longer term, the potential for further delays
remains possible, in Moody's opinion. Additionally, the negative
outlook and SGL-4 liquidity rating signal Moody's view that
Securus' liquidity is weak.   While the company has sufficient
operating lines to cover periodic cash needs through the next
year, and faces no meaningful near term debt maturities, Moody's
believes the company will be required to obtain a covenant waiver
within the next 45 days pursuant to terms in its working capital
facility.   Should Securus obtain a waiver and Moody's no longer
expect covenant issues to exist, Securus' SGL rating is likely to
be restored to SGL-3.

The increased probability of default implied from the ratings
downgrade in addition to standard modeling assumptions under
Moody's loss-given-default methodology has increased the expected
loss of the second priority senior secured notes.  As a result,
the expected loss of this instrument is now in line with the
overall corporate entity.  Accordingly, the second priority senior
secured rating has been downgraded two notches compared to one
notch for the corporate family rating.

Based in Dallas, TX, Securus Technologies, Inc. is one of the
largest providers of inmate telecommunication services to
correctional facilities in the United States and Canada.


SPECTRUM BRANDS: Closes $225 Million Revolving Credit Facility
--------------------------------------------------------------
Spectrum Brands, Inc., has closed a $225 million asset-based
revolving credit facility with Goldman Sachs Credit Partners L.P.
and Wachovia Bank, National Association.  This revolving credit
facility, un-drawn at closing, is available to finance seasonal
working capital and other general corporate needs.  Borrowings
against the facility will bear an interest rate of 225 basis
points over LIBOR or 125 basis points over the Base Rate as
defined in the company's Senior Secured Credit Facility.

Concurrently, the company used $200 million in cash on hand to pay
down the $200 million Dollar Term B II Facility under its Senior
Secured Credit Facility.

                    About Spectrum Brands Inc.

Headquartered in Atlanta, Georgia, Spectrum Brands Inc. (NYSE:
SPC) -- http://www.spectrumbrands.com/-- is a consumer products  
company and a supplier of batteries and portable lighting, lawn
and garden care products, specialty pet supplies, shaving and
grooming and personal care products, and household insecticides.  
Spectrum Brands' products are sold by the world's top 25 retailers
and are available in more than one million stores in 120 countries
around the world.  The company has manufacturing and distribution
facilities in China, Australia and New Zealand, and sales offices
in Melbourne, Shanghai, and Singapore.  The company has
approximately 8,400 employees worldwide.


SPECTRUM BRAND: Fitch Rates $225 Million Sr. Secured Loan at B
--------------------------------------------------------------
Fitch Ratings has assigned a 'B/RR1' rating to Spectrum Brand's
new four-year, $225 million senior secured asset-backed loan
facility priced at LIBOR +225 basis points.  The new facility will
replace the $200 million LIBOR Term Loan B II that is encompassed
within the $1.6 billion six-year Credit Agreement.

Specifically, the Term Loan B II facility will be repaid with cash
on hand reducing the company's total outstanding debt and interest
spread on the replacement by 175 basis points.

The ABL, which can be increased to $300 million, is secured
primarily by inventory and receivables and will be used to fund
working capital requirements.  Liens on the collateral under the
ABL will be senior in priority to liens under the existing credit
agreement. Unused availability shall be no less than $25 million.

Fitch has also affirmed these ratings:

  -- Issuer Default Rating at 'CCC';
  -- $1 billion term loan B at 'B/RR1';
  -- EUR350 million term loan at 'B/RR1';
  -- $700 million 7.4% senior subordinated notes at 'CCC-/RR5';       
  -- $2.9 million 8.5% senior subordinated notes at 'CCC-/RR5';   
  -- $347 million 11.25% variable rate toggle senior
     subordinated notes at 'CCC-/RR5'.

The Rating Outlook is Negative.

The ratings reflect SPC's high leverage (Debt/EBITDA) of 11.7
times, weak operating performance, and low EBITDA interest
coverage of 1.2x for the last twelve months ending July 1, 2007.  
Fitch recognizes that the metrics suffer from Home & Garden being
listed as a discontinued operation as that segment's EBITDA is
removed.  Management expects that Home & Garden will generate $50
million in EBITDA for 2007.  Pro-forma for this amount, leverage
remains high at around 10x.  SPC has approximately $2.5 billion in
annual revenues with no organic growth since fiscal 2004,
declining EBITDA, and $2.6 billion in debt derived mainly from
three major acquisitions since 2003.  The acquisitions were made
to lessen its dependence on batteries.

The negative outlook encompasses not only the deterioration in
financial and credit protection measures, but also the fact that
the business profile of the company is uncertain.  The company is
focused on asset sales and debt reduction with a public goal of
leverage under 6x.  To that end, Spectrum has two major segments
up for sale.  One of the segments is the previously mentioned Home
& Garden business which generated approximately $658 million in
net sales and $75 million of adjusted EBITDA during the fiscal
year ended Sept. 30, 2006.  In August 2007, management announced
that another segment is up for sale with the goal to complete a
transaction by the end of 2007.  It would appear that if
management meets its goal to sell either of these two major
assets, deliberate and positive strides could be made to de-lever
the business.

An additional concern however, is the potential for a poor holiday
season combined with the seasonal build-up of working capital in
the Home & Garden segment.  Barring major asset sales, liquidity
could be inadequate for the seasonal peak in the February-April
2008 timeframe.  Historically, poor performance and the need for
external sources of funds can be seen in the negative trend in
cash flow.  Free cash flow last peaked at $163 million in the
fiscal year ended Sept. 30, 2005 before declining to $68 million
in 2006.  Including the net cash used by discontinued operations,
for the last twelve months ended July 1, 2007 free cash flow was a
negative $141 million.  The shortfall was funded by additional
debt.

While the next six months will be closely monitored, it is noted
that the new ABL facility provides a level of financial
flexibility.  Additionally, on Sept. 28, 2007 the company
announced that it had signed a definitive agreement to sell the
Canadian division of its Home & Garden business segment.   The
sale is expected to close by Oct. 31, 2007 and the proceeds will
be used to reduce debt.

This segment had revenues of $100 million but was not a profit
contributor.  Most importantly from a liquidity standpoint, the
sale of this division will reduce peak 2008 borrowing needs by
approximately $45 million.  The ABL, reduced working capital needs
from the Canadian division sales, and the fact that management has
done a good job in reducing the company's cost base provides a
level of comfort in the short term.

Spectrum is a global branded consumer products company with
operations in seven product categories: consumer batteries; lawn
and garden; pet supplies; electric shaving and grooming; household
insect control; electric personal care products; and portable
lighting.


STATESBORO CYCLE: Voluntary Chapter 11 Case Summary
---------------------------------------------------
Debtor: Statesboro Cycle, Inc.
        5000 Drew Grade Road
        Metter, GA 30439

Bankruptcy Case No.: 07-60582

Chapter 11 Petition Date: October 1, 2007

Court: Southern District of Georgia (Statesboro)

Debtor's Counsel: Jesse C. Stone, Esq.
                  Merrill & Stone, LLC
                  P.O. Box 129
                  Swainsboro, GA 30401
                  Tel: (478) 237-7029
                  Fax: (478) 237-9211

Total Assets:   $842,200

Total Debts:  $1,139,495

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


SUL AMERICA: Fitch Lifts Issuer Default Rating to BB- from B+
-------------------------------------------------------------
Fitch has taken rating actions on Sul America S.A., the holding
company controlling the Sul America Seguros insurance group
activities:

  -- Foreign and local currency Issuer Default ratings upgraded
     to 'BB-' from 'B+'.

  -- Short-term foreign and local currency IDRs affirmed at
     'B'.

  -- SASA's senior notes upgraded to 'B+/RR5' from 'B/RR5'

The Rating Outlook is Stable.

The ratings actions reflect SAS's consistent enhancement of its
operational performance, due mainly to the improved underwriting
and pricing policies adopted since 2004 on the main segments of
its portfolio, especially health and automobiles, accounting for
54% and 27% respectively of the consolidated premiums at H107.  In
addition, the company's decision in 2004 to no longer underwrite
individual health plans and shift to other products has
substantially benefited the company's performance given the impact
of price control and coverage improvements on existing plans
profitability.

The SAS's high financial leverage has been declining since 2005,
from 76% to 41% at H107, through greater cash generation, which is
also evidenced by the evolution of its combined ratio, adjusted by
non-recurring effects, from 102.5% in 2005 to 99.8% at H107 and
its operational ratio, from 100.5% in 2005 to 91% at H107.  
Eurobond issuance of USD200 million in February 2007 due in 2012
was a key factor to reduce its refinancing risk, stretching the
maturity of its debt profile and reducing debt service impacts on
the company's financial results (which represented 8% of the gross
premiums written, adjusted by non-recurring effects, at H107
versus 2% in 2005).

Going forward, Fitch believes that SAS will benefit from its
established franchise in Brazil, as well as the good scenario
Fitch expects for the insurance industry.  The review of
underwriting policies and greater control over losses tends to
contribute positively on the insurer's performance and to the
development of its activities in a more competitive environment.  
The expected capitalization to be made thanks a current IPO
process that could result in an approximately BRL 800 million
capital infusion during the last quarter of the year should
strength its profile, allowing to grow business, improve
indebtedness profile and to comply more easily with the new
minimum solvency limits valid for 2008.

The ratings are still limited by high leverage ratios than its
peers, and that the company remains more concentrated and
dependent on premiums in the health and auto portfolios.
SAS is a traditional insurance group in Brazil, still active in
practically all insurance segments, with total insurance premiums
of BRL3.6 billion for the H107, ranking as the second largest
insurance group by total premiums with a total market share of 15%
according to Superintendency of Private Insurance - Susep and
National Health Agency.

Controlled by the Larragoiti family, SAS is directly and
indirectly 51% owned by this family, other minorities
shareholders, and 49% by the ING Group, a leading global banking
and insurance group located in the Netherlands, with a strong
franchise in a number of other countries. Although SAS benefits
from the name, brand and operational synergies with the ING Group
- exchanging methodologies, policies and expertise - according to
Fitch's support criteria, does not provide any uplift to SASA's
ratings.  SAS has established several joint ventures and
operational agreements to increase market penetration and to
diversify business lines.

Fitch's National ratings provide a relative measure of
creditworthiness for rated entities in countries with relatively
low international sovereign ratings and where there is demand for
such ratings.  The best risk within a country is rated 'AAA' and
other credits are rated only relative to this risk.  National
ratings are designed for use mainly by local investors in local
markets and are signified by the addition of an identifier for the
country concerned, such as 'AAA(bra)' for National ratings in
Brazil.  Specific letter grades are not therefore internationally
comparable.


VISION REAL: Case Summary & 17 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Vision Real Estate Management, Inc.
        1681 Fernleaf Circle
        Atlanta, GA 30318

Bankruptcy Case No.: 07-76148

Chapter 11 Petition Date: October 1, 2007

Court: Northern District of Georgia (Atlanta)

Debtor's Counsel: Scott B. Riddle, Esq.
                  Suite 2800, Tower Place
                  3340 Peachtree Road, Northeast
                  Atlanta, GA 30326
                  Tel: (404) 815-0164
                  Fax: (404) 815-0165

Estimated Assets: $1 Million to $100 Million

Estimated Debts:  $1 Million to $100 Million

Debtor's list of its 17 Largest Unsecured Creditors:

   Entity                               Claim Amount
   ------                               ------------
Action Mobile Industries                     Unknown
2930 Highway 78
Loganville, GA 30052

Ascent CPA Group, Inc.                       Unknown
Suite 200
3050 Amwiler Road
Atlanta, GA 30360

Bang! Accounting                             Unknown
2410 Daniel Street
Atlanta, GA 30312

Bayside Lakes Development                    Unknown

City of Buford                               Unknown

EMC Engineering                              Unknown

Gwinnett County Tax Commission               Unknown

Marketing Specifics                          Unknown

Marshall & Bollwerk Engineering              Unknown

Morris Manning & Martin                      Unknown

Piedmont Geotechnical Consulting             Unknown

Premium Assignment                           Unknown

SAW Enterprises, Inc.                        Unknown

Strickland & Sons Pipeline                   Unknown

TSW & Associates                             Unknown

Tyler Young Enterprises                      Unknown

Weissman Nowack, et al.                      Unknown


WACHOVIA BANK: S&P Affirms Ratings on 32 Certificate Classes
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on 32
classes of commercial mortgage pass-through certificates from
Wachovia Bank Commercial Mortgage Trust’s series 2004-C15.
     
The affirmed ratings on the class 175WJ and 180ML raked
certificates follow S&P's analysis of the 175 West Jackson and 180
Maiden Lane loans, respectively.  The cash flows for the class
175WJ and 180ML certificates are solely dependent on the operating
performance of the 175 West Jackson and 180 Maiden Lane office
properties, respectively.  
     
The affirmed ratings on the pooled certificates reflect credit
enhancement levels that provide adequate support through various
stress scenarios.
     
As of the Sept. 17, 2007, remittance report, the trust collateral
consisted of 87 mortgage loans with an outstanding principal
balance of $1.13 billion, compared with $1.15 billion and the same
number of loans at issuance.  Excluding the
$22.8 million (2%) defeased loan, the master servicer, Wachovia
Bank N.A., reported financial information for 100% of the loans in
the pool.  Ninety-four percent of the servicer-reported
information was full-year 2006 data.  Based on this information,
Standard & Poor's calculated a weighted average debt service
coverage of 1.67x, up from 1.56x at issuance.  All of the loans in
the pool are current and no loans are with the
special servicer.  The trust has experienced no losses to date.  
     
The top 10 exposures secured by real estate have an aggregate
outstanding balance of $576.6 million (51%).  Year-end 2006
financial information was available for nine of the top 10
exposures.  Based on this information, Standard & Poor's
calculated a weighted average DSC of 1.76x, compared with
1.73x at issuance.  The calculation includes additional debt
service for one of the top 10 exposures that have initial
interest-only periods but had not begun to fully amortize in 2006.

One of the top 10 exposures is on the master servicer's watchlist
and is discussed below.  In addition, the fourth-largest exposure,
the Gale Office pool ($72.1 million, 6%), does not appear on the
master servicer's watchlist; however, two of the four properties
that secure this loan, totaling 218,950 sq. ft. and situated in
Roseland, New Jersey, reported
low occupancies of 75% and 87%, respectively, as of May 2007.  

This loan is secured by four suburban office properties totaling
573,900 sq. ft. in Parsippany and Roseland, New Jersey.  Combined
DSC was reported at 1.39x as of Dec.
31, 2006, and occupancy was 91% as of May 31, 2007.  Standard &
Poor's reviewed the property inspection reports provided by
Wachovia for the assets underlying the top 10 exposures.  Four of
the properties were characterized as "fair," and the remaining
properties were reported as "good."
     
Three exposures exhibited investment-grade credit characteristics
at issuance and continue to do so. Details of these exposures are:

     -- The largest exposure in the pool, 175 West Jackson, is
        secured by a 22-story, 1.4 million-sq.-ft. class A
        office building in Chicago, Illinois.  The property is
        encumbered by a $225 million A note that is split into
        two pari passu pieces, of which $112.5 million (10%)
        serves as collateral.  In addition, there is a
        $55 million subordinate B note that is raked to the
        175WJ-A, 175WJ-B, 175WJ-C, 175WJ-D, and 175WJ-E
        certificates.  The borrower's equity interest in the
        property secures additional mezzanine financing up to
        $54 million, of which $40 million has been funded to
        date.  Standard & Poor's calculated a DSC of 1.54x as
        of Dec. 31, 2006, compared with 1.72x at issuance.  

        This calculation includes additional debt service for
        the loan that had an initial interest-only period for
        the first 36 months.  Occupancy was 95% as of June
        2007, compared with 90% at issuance. Standard & Poor's
        adjusted net cash flow is comparable to its level at
        issuance.

     -- The second-largest exposure, Coastal Grand Mall, has a
        whole-loan balance of $111.8 million that is split into
        three pieces: a $93.8 million (8%) A note that is in
        the trust and two pari passu subordinate B notes
        totaling $18 million held outside the trust.  The loan
        is secured by 444,400 sq. ft. of an 893,100-sq.-ft.
        regional mall in Myrtle Beach, South Carolina.  DSC was
        1.85x as of year-end 2006, and occupancy was 92% as of
        June 2007, compared with a DSC of 1.77x and occupancy
        of 95% at issuance.  Standard & Poor's underwritten NCF
        has been stable since issuance.

     -- The third-largest exposure, 180 Maiden Lane, is secured
        by a 1.1 million-sq.-ft. office building in lower
        Manhattan.  The property is encumbered by a
        $186 million interest-only A note that is split into
        two pari passu pieces, of which $93 million (8%) is the
        trust balance.  In addition, there is a $69.5 million
        subordinate B note that supports the class 180ML-A,
        180ML-B, 180ML-C, 180ML-D, 180ML-E, 180ML-F, and 180ML-
        G certificates.  The property is also encumbered by a
        $36.5 million C note held outside the trust.

        Additionally, there is a $36.5 million mezzanine loan
        secured by the borrower's equity interests in the
        property.  Reported DSC was 2.57x as of year-end 2006,
        and occupancy was 100% as of June 2007, compared with a
        DSC of 2.61x and occupancy of 100% at issuance.
        Standard & Poor's underwritten NCF is comparable to its
        level at issuance.

The master servicer reported 10 loans totaling $117 million (10%)
on the watchlist.  One of the four cross-collateralized and cross-
defaulted loans that make up the seventh-largest exposure in the
pool, the ADG portfolio, is on the watchlist.  The four crossed
loans total $41.7 million (4%) and are secured by 23 mobile home
parks totaling 1,920 pads and two multifamily apartment complexes
totaling 144 units located across three states.  The properties
are also encumbered by four subordinate B notes totaling
$2.6 million held outside the trust.
     
The $30.1 million loan is secured by 22 MHPs (totaling 1,754
pads), 21 of which are located in various areas of Wisconsin and
one is in Iron Mountain, Michigan.  The loan is on the watchlist
because the inspection reports for four of the 22 MHPs noted
various deferred maintenance items, such as cracked and potholed
pavement and broken light fixtures and fences.

Wachovia has indicated that the repairs on all deferred
maintenance items are scheduled to be completed by the end of
January 2008.  The combined DSC was 1.40x as of year-end 2006,
compared with 1.34x at issuance.  The borrower has not provided
the current combined occupancy for the portfolio; however,
occupancy was 91% at issuance.  
     
Standard & Poor's stressed various assets securing the loans in
the mortgage pool as part of its analysis, including those on the
watchlist or otherwise considered credit impaired.  The resultant
credit enhancement levels adequately support the affirmed ratings.

             Ratings Affirmed – Pooled Certificates
    
             Wachovia Bank Commercial Mortgage Trust
         Commercial mortgage pass-through certificates
                         series 2004-C15

           Class          Rating   Credit enhancement
           ------         ------   -----------------
           A-1            AAA            14.55%
           A-2            AAA            14.55%
           A-3            AAA            14.55%
           A-4            AAA            14.55%
           A-1A           AAA            14.55%
           B              AA             11.62%
           C              AA-            10.34%
           D              A               8.42%
           E              A-              7.40%
           F              BBB+            6.13%
           G              BBB             4.98%
           H              BBB-            3.57%
           J              BB+             2.94%
           K              BB              2.55%
           L              BB-             2.17%
           M              B+              1.91%
           N              B               1.66%
           O              B-              1.40%
           X-P            AAA              N/A
           X-C            AAA              N/A


          Ratings Affirmed – Nonpooled Certificates
    
            Wachovia Bank Commercial Mortgage Trust
         Commercial mortgage pass-through certificates
                        series 2004-C15

           Class          Rating   Credit enhancement
           ------         ------   ------------------
           175WJ-A        BB              N/A
           175WJ-B        BB-             N/A
           175WJ-C        B+              N/A
           175WJ-D        B               N/A
           175WJ-E        B-              N/A
           180ML-A        BB+             N/A
           180ML-B        BB+             N/A
           180ML-C        BB              N/A
           180ML-D        B+              N/A
           180ML-E        B               N/A
           180ML-F        B-              N/A
           180ML-G        B-              N/A


                    N/A - Not applicable.


WESTWAYS FUNDING: Fitch Withdraws Ratings on Three Note Classes
---------------------------------------------------------------
Fitch has withdrawn the ratings on three classes of notes issued
by Westways Funding X, Ltd.  These rating actions are the result
of Fitch's review process and are effective immediately.

  -- $435,000,000 class A notes have been paid in full;

  -- $30,000,000 class B notes have been paid in full;

  -- $10,000,000 class LB loan interests have been paid in
     full;

  -- $30,000,000 class C notes have been paid in full;

  -- $10,000,000 class LC loan interests have been paid in
     full;

  -- $30,000,000 class D notes rated 'C/DR5' have been
     withdrawn;

  -- $10,000,000 class LD loan interests rated 'C/DR5' have
     been withdrawn;

  -- $77,230,000 class income notes rated 'C/DR6' have been
     withdrawn.

The ratings of the class A, B, C and D notes and LB, LC and LD
loan interests reflected the likelihood that investors would
receive quarterly interest payments through the redemption date as
well as their respective stated principal balances.  The rating of
the income notes reflected the likelihood that investors would
receive aggregate payments in an amount equal to the principal
amount on or prior to the redemption date.

Westways X was a mortgage market value collateralized debt
obligation managed by TCW Asset Management Co.  This transaction
had violated over-collateralization tests and its portfolio was
liquidated.  The asset portfolio had floating rate 'AAA' mortgage-
backed securities and agency collateral with over half of the
portfolio having been in agency securities.

The liquidation proceeds were sufficient to pay class A, B, LB, C,
LC in full and class D and LD partially.  The recovery on class D,
LD notes was in 'DR5' range (10%-30%).  Class Income notes
suffered a complete loss.  Class Income notes recovery was in
'DR6' range (< 10%).


WETCO RESTAURANT: Case Summary & 17 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: WETCO Restaurant Group, L.L.C.
        1031 North Main Street
        Opelousas, LA 70570

Bankruptcy Case No.: 07-51169

Type of business: The Debtor operates Quick-Service Restaurants.  
                  It is headquartered in Baton Rouge, Louisiana
                  and currently owns and operates 34 Church's
                  Chicken restaurants: three in Chattanooga,
                  Tennessee, and 31 in Louisiana.
                  See http://www.wetcorestaurantgroup.com/

Chapter 11 Petition Date: September 28, 2007

Court: Western District of Louisiana (Lafayette/Opelousas)

Judge: Robert Summerhays

Debtor's Counsel: John H. Weinstein, Esq.
                  1414 Northeast Evangeline Thruway
                  Lafayette, LA 70501
                  Tel: (337) 235-4001
                  Fax: (337) 235-4020

Total Assets: $3,761,051

Total Debts:  $15,308,635

Debtor's 17 Largest Unsecured Creditors:

   Entity                      Nature of Claim       Claim Amount
   ------                      ---------------       ------------
G.E. Capital Franchise         restaurants in          $5,350,000
Finance                        Louisiana; value
1401 Elm Street, 5th Floor     of security:
Dallas, TX 75202               $3,215,000

                               Equipment lien          $1,500,000

                               Equipment--               $411,345
                               reimaging funds

S.B.A. Debenture/Southeast     Real Estate &             $544,000
Development                    Equipment

A.F.C. Enterprises, Inc.       Real Estate and         $3,875,000
                               Equipment

Community Trust & Banking Co.  Real Estate &             $752,500
Attention: Lloyd Congdon       Equipment
9125 Lee Highway
Ooltewah, TN 37363

Modern Business Associates,                              $469,048
Inc.
9455 Koger Boulevard,
Suite 200
Saint Petersburg, FL 33702

East Baton Rouge                                         $362,790
Service Fee Business
Department
4445 Plank Road B5
Baton Rouge, LA 70806

Church's Chicken                                         $319,630
c/o Vickie Stapleton
980 Hammon Drive, Suite 1100
Atlanta, GA 30328

Church's Ad Fund                                         $248,820

City of New Orleans                                      $225,600

P.F.G.-Magee                                             $223,387

Valley Capital Corp.           Real Estate &             $150,000
                               Equipment

State of Louisiana                                        $97,122
Department of Revenue &
Taxation

Cajun Operating Company                                   $79,003

Sher, Garner, Cahill,                                     $59,230
Richter, L.L.C.

Tax Collector, St. Tammany                                $54,938

Baton Rouge Coca Cola                                     $36,937
Bottling

St. Landry Parish School                                  $34,427


X-RITE INC: Moody's Holds Corporate Family Rating at B1
-------------------------------------------------------
Moody's Investors Service confirmed X-Rite, Inc.'s B1 corporate
family rating, affirmed the speculative grade liquidity rating of
SGL-1 and revised the outlook to negative in view of the
additional leverage and integration risk associated with the
company's recently announced acquisition of Pantone Inc., the
market leading color standards provider.  This concludes the
review for possible downgrade that was initiated in August 2007.  

Simultaneously, Moody's assigned ratings to X-Rite's new bank
credit facilities, which consist of a $250 million first lien term
loan (rated Ba3), $40 million first lien revolver (Ba3) (undrawn
at closing) and $125 million second lien term loan (B3).  Net
proceeds will be used to refinance the existing credit facilities
and fund X-Rite's purchase of Pantone for $180 million.  Once the
refinancing is completed, Moody's will withdraw ratings on the
existing bank credit facilities.  The assigned ratings are subject
to review of final documentation and no material change in the
terms and conditions of the transaction as advised to Moody's.

The confirmation recognizes the company's strong competitive
position with almost a 25% share of the $1 billion global
colormetrics market.  It also recognizes good internal execution
on achieving cost synergies related to the Amazys acquisition
ahead of schedule as X-Rite exceeded its target range for the
twelve months ended June 30, 2007.  The company has realized
$16.8 million or 67% of the planned $25 million acquisition
synergies, increasing Moody's confidence that the remaining $8.2
million of cost synergies should be attained at least by year end
2008.  The confirmation also factors in total Pantone synergies,
estimated to be $13.6 million resulting in additive adjusted
EBITDA from Pantone of about $19.5 million per annum.

The negative outlook reflects X-Rite's reduced financial
flexibility after nearly doubling gross debt to consummate the
acquisition resulting in pro forma debt to adjusted EBITDA of 5.3x
(Moody's adjusted through June 30, 2007 on a post synergies basis
including expected cash outlays for restructuring and integration
expenses) compared to 3.8x (Moody's adjusted) at present.  It also
factors the risk associated with the simultaneous integration of
Pantone together with the ongoing integration of Amazys.

Since Pantone is a small company and has limited operational
overlap with X-Rite, Moody's expects this integration to be less
involved compared to the Amazys combination.  Nonetheless,
management bandwidth will be stretched and the dual track
integration could act as a distraction, diverting resources away
from the technological innovation and product development that is
necessary to target the faster growth emerging segments of the
colormetrics market.  Moody's is also concerned that the total
expected cash outlay (roughly $14 million) associated with the
remaining integration and consolidation of Amazys's manufacturing
activities and Pantone's integration over the next 12 -- 15
months, will negatively impact EBITDA and operating cash flow.

X-Rite's B1 CFR is constrained by the company's:

   i. high financial leverage and weak credit protection
      measures pro forma for the Pantone acquisition;

  ii. declining free cash flow generation stemming from
      restructuring and integration costs associated with the
      July 2006 Amazys acquisition, delayed positive impact
      from acquisition cost synergies, one-time capex related
      to X-Rite's new headquarters and rising working capital;

iii. integration risk;

  iv. exposure to consumer end markets;

   v. potentially increasing competition longer term; and

  vi. limited asset protection from a very small base of pro
      forma tangible assets. The rating also acknowledges the
      company's increased scale and market leadership position
      in the niche colormetrics industry as well expanded
      growth opportunities in new and traditional markets
      afforded by the Pantone transaction.

It also recognizes the relatively stable competitive landscape
(notwithstanding potential threats from Internet-based color
management providers), mission-critical nature of its products
with high switching costs resulting in high stable gross margins
near 60%, historically consistent operating profitability,
propensity for positive free cash flow generation, large installed
customer base of 8,000 companies broadly diversified across
geographies and vertical markets and potential for operating
margin expansion via cost reductions and efficiency improvements.

Moody's could stabilize the outlook upon accelerated achievement
of the planned cost synergies, higher than anticipated cost
synergies or reduced cash outlays resulting in EBITDA and free
cash flow generation above expected levels such that financial
leverage is reduced and total debt to EBITDA (Moody's adjusted) is
commensurate with the B1 rating.

In contrast, ratings could experience downward pressure if:

   i. expected cost synergies and integration plans do not
      materialize as intended;

  ii. the company is unable to reduce leverage due to lower
      than expected EBITDA, alternative uses of free cash flow
      other than debt reduction, negative free cash flow
      generation or further sizeable debt-funded acquisitions;
      or

iii. Moody's witnesses an erosion in the company's competitive
      position or product functionality due to under-investment
      in R&D, as evidenced by below market revenue growth,
      diminished pricing power, gross margin erosion or
      significant customer losses.

These new ratings/assessments were assigned:

   -- $40 million Senior Secured First Lien Revolver due 2012
      -- Ba3 (LGD-3, 32%)

   -- $250 million Senior Secured First Lien Term Loan due 2012
      -- Ba3 (LGD-3, 32%)

   -- $125 million Senior Secured Second Lien Term Loan due
      2013 -- B3 (LGD-5, 85%)

These ratings/assessments will be withdrawn upon closing of the
new credit facility:

   -- $40 million Senior Secured First Priority Revolver due
      2011 -- Ba3 (LGD-3, 34%)

   -- $120 million Senior Secured First Priority Term Loan due
      2012 -- Ba3 (LGD-3, 34%)

   -- $60 million Senior Secured Second Priority Term Loan due
      2013 -- B3 (LGD-5, 86%)

These ratings were confirmed:

   -- Corporate Family Rating -- B1
   -- Probability of Default Rating -- B1

This rating was affirmed:

   -- Speculative Grade Liquidity Rating -- SGL-1

Grand Rapids, MI-based X-Rite Inc. is the world's largest provider
of color measurement systems offering hardware, software, and
support solutions that ensure color accuracy.  The company is
acquiring Pantone Inc., the leading color standards provider in a
leveraged transaction.  For the twelve months ended June 30, 2007,
X-Rite's pro forma revenue was
$281 million.


X-RITE INC: S&P Holds 'B+' Rating and Removes Negative Watch
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on X-Rite Inc. and removed the rating from
CreditWatch where it was placed with negative implications on
Aug. 24, 2007, following the announcement that it planned to
acquire unrated Pantone Inc. for $180 million as part of a
$415 million refinancing.  The outlook is stable.
     
At the same time, Standard & Poor's assigned its bank loan and
recovery ratings to Grand Rapids, Michigan-based X-Rite's secured
financing.  The first-lien facilities, consisting of a $40 million
five-year revolving credit agreement and a
$250 million term loan, are rated 'BB-', with a recovery rating of
'2', indicating the expectation for substantial (70%-90%) recovery
in the event of a payment default.  Standard & Poor's also
assigned its 'B' rating to the company's $125 million six-year
second-lien term loan.  The '5' recovery rating reflects the
expectation for modest (10%-30%) recovery in the event of a
payment default.  S&P will withdraw its ratings on the company's
existing bank debt concurrent with the closing of
the financing.
     
"The ratings on X-Rite reflect its relatively narrow business
profile in two related niche markets, the challenge of executing a
second major integration in less than two years, and its high
leverage," said Standard & Poor's credit analyst Bruce Hyman.  
"These factors are offset partially by a leading position in its
markets, high barriers to entry, and success in
integrating its competitor, Amazys, since the acquisition."
     
Debt is substantial, $375 million, or more than one year's
revenues, and pro forma debt to adjusted EBITDA was about 6.3x at
June 30, 2007.  Only modest acquisitions are expected in the
future, and the company is expected to use future free moderate
cash flows to repay term debt. Deleveraging is more likely to
reflect EBITDA growth.


* Alvarez & Marsal Names Kurt Babe as Sr. Director at NE Region
---------------------------------------------------------------
Alvarez & Marsal LLC's affiliate, Alvarez & Marsal Business
Consulting, LLC, disclosed that merger integration executive Kurt
Babe has joined as a senior director.  A member of the firm's
Northeast Region, he is based in both New York and Washington,
D.C.

Bringing more than two decades of mergers and acquisitions
experience, Mr. Babe assists clients with the pre-planning and
post-closing implementation of large scale transformations,
including mergers and acquisitions, divestitures, process
enhancements, re-engineering and cost containment initiatives.  He
also works with outside counsel to assist companies in working
with the Department of Justice and Federal Trade Commission in
connection with merger related issues.

"Kurt has a wealth of experience guiding clients through merger
and acquisition transactions, having worked with major
corporations including Nestle and Philip Morris," said Gary Moran,
a managing director and head of the New York Business Consulting
practice of Alvarez & Marsal.  "His background and expertise are
outstanding complements to our deep bench of senior professionals
who focus on helping companies navigate the myriad complex issues
associated with pre-merger planning and post-transaction
integration and execution."

"I am excited to be at Alvarez & Marsal," said Mr. Babe.  "The
firm's global reach and access to Boards and management of leading
organizations provide the perfect platform for me to continue to
lead complex merger integrations and other large scale
transformations."

Mr. Babe's experience spans the U.S, Europe, Latin and South
America and Asia, enabling him to build teams on a country-by-
country basis.  Prior to joining A&M, he was managing principal of
Harborplace Consulting, a boutique firm focused on mergers and
acquisitions which he co-founded.  Previously, he was managing
director and national director of business integration for
consumer goods with KPMG. Earlier in his career, Mr. Babe was a
principal with A.T. Kearney and he has also held various
management positions with Procter & Gamble, Phillip Morris and
PepsiCo.

Mr. Babe earned his bachelor's degree, with honors, from Muskingum
College.  He has served as president of the Queen Anne's County
Taxpayers Association and as member of The University of Texas
Graduate School Marketing Advisory Board.

                      A & M Business Consulting

Alvarez & Marsal Business Consulting, LLC works closely with both
high-performing and under-performing organizations to improve
businesses processes – efficiently, economically and without
disruption.  Unlike traditional advisory firms, Alvarez & Marsal
Business Consulting goes beyond strategy recommendations and works
closely with clients as an extension of executive management teams
to implement action plans and create positive change.

With a team of professionals that excels in helping to drive
process improvement and value creation, A&M Business Consulting
offers: Strategy and Corporate Solutions; Information Technology
Solutions; Finance Solutions; Human Resources Solutions; Customer
and Channel Solutions and Outsourcing Advisory Services.

                      About Alvarez & Marsal

Alvarez & Marsal -- http://www.alvarezandmarsal.com/-- is a     
professional services firm with expertise in guiding
underperforming companies and public sector entities through
complex operational, financial and organizational challenges.  The
firm excels in problem solving and value creation, and brings a
bias toward executing solutions with a distinctive hands-on
approach to serving clients, management and stakeholders.  

Founded in 1983, Alvarez & Marsal draws on its strong operational
heritage to provide specialized services, including Turnaround and
Management Advisory, Crisis and Interim Management, Performance
Improvement, Creditor Advisory Services, Corporate Finance,
Dispute Analysis and Forensics, Tax Advisory, Business Consulting,
Real Estate Advisory and Transaction Advisory.  A network of
experienced professionals in locations across the U.S., Europe,
Asia and Latin America, enables the firm to deliver on its proven
reputation for leadership, problem solving and value creation.


* Chadbourne & Parke Names Karl Buch as Counsel in NY Office
------------------------------------------------------------
Chadbourne & Parke LLP has named Karl H. Buch as counsel in the
New York office, focusing on white collar and securities
enforcement matters.

"Mr. Buch has a solid understanding of white collar and securities
enforcement issues from his work in litigation as an Assistant
U.S. Attorney," said Chadbourne Managing Partner Charles O'Neill.
"His addition to Chadbourne adds depth to our practice in the
white collar area."

Mr. Buch, 34, joins the Firm from the United States Attorney's
Office for the District of New Jersey in Newark, N.J. He was an
Assistant U.S. Attorney in the Criminal Division -- Securities &
Health Care Fraud Unit.

Mr. Buch represented the United States in criminal matters
involving securities, corporate, bank, health care, tax and
mortgage fraud, terrorism, espionage and racketeering. His
responsibilities included investigating and prosecuting
individuals and major corporations and their officers for
violations of securities laws and other federal crimes.

In September 2007, Mr. Buch received the Director's Annual Award
for Outstanding Counterintelligence Investigation from the
Director of the Federal Bureau of Investigation.  This is the
highest form of recognition the FBI can award for a counter-
intelligence investigation, and the only such case recognized this
year.

Prior to joining the United States Attorney's Office, Mr. Buch was
with Sullivan & Cromwell in New York. Before that, he was a law
clerk for United States District Judge John Sprizzo of the United
States District Court for the Southern District of New York.

Mr. Buch holds a B.A., with highest honors, distinction in history
and political science, from Rutgers University, and a J.D., with
high honors, from Rutgers University School of Law, where he
received Order of the Coif honors and was a Jack Solomon Memorial
Scholar.

"I'm very pleased to have Karl on board," said Alan Raylesberg,
co-head of Chadbourne's commercial litigation practice. "The
diversity of his practice has made him a well-rounded lawyer.  
[Mr. Buch] brings additional hands-on experience to our white
collar, securities enforcement and commercial litigation areas."

                 About Chadbourne & Parke LLP

Headquartered in New York City, Chadbourne & Parke LLP --
http://www.chadbourne.com/-- is a law firm that provides a full   
range of legal services, including mergers and acquisitions,
securities, project finance, private funds, corporate finance,
energy, communications and technology, commercial and products
liability litigation, securities litigation and regulatory
enforcement, special investigations and litigation, intellectual
property, antitrust, domestic and international tax, insurance and
reinsurance, environmental, real estate, bankruptcy and financial
restructuring, employment law and ERISA, trusts and estates and
government contract matters.  Major geographical areas of
concentration include Central and Eastern Europe, Russia and the
CIS, and Latin America.  The firm has offices in New York,
Washington, DC, Los Angeles, Houston, Moscow, St. Petersburg,
Warsaw (through a Polish partnership), Kyiv, Almaty, Tashkent,
Beijing, and a multinational partnership, Chadbourne & Parke, in
London.


* Thacher Proffitt Names Patrick Smith as Partner
-------------------------------------------------
Thacher Proffitt & Wood LLP disclosed that Patrick J. Smith
has joined the Firm as a partner in the Litigation & Dispute
Resolution Practice Group, resident in the New York
Office.

Prior to joining the Firm, Mr. Smith was a partner at King &
Spalding in New York.

Mr. Smith is a leading white-collar litigator whose practice is
focused on the representation of financial services firms in
criminal and regulatory investigations.  Mr. Smith has substantial
government experience, most notably as an Assistant United States
Attorney in the Southern District of New York, where he
specialized in the investigation and prosecution of complex
securities fraud cases.

Since returning to private practice in 2005, Mr. Smith has advised
clients in connection with government investigations conducted
by the U.S. Department of Justice, the Securities and Exchange
Commission, and the New York Attorney General's Office, and also
with respect to securities industry self-regulatory enforcement
matters.  Mr. Smith also represents organizations and individuals
in complex civil litigation arising out of securities industry
disputes.

"We are delighted to welcome Patrick to the Firm," said Paul D.
Tvetenstrand, chairman and managing partner of Thacher Proffitt.  
"His practice focus is a direct complement to our work in the
financial services industry."

"Patrick's cases run the gamut of white-collar defense, regulatory
and internal investigations. Having served in the U.S. Department
of Justice, he is uniquely in tune with the hurdles clients may
face when tackling these issues," said John M. Woods, partner and
chair of the Litigation & Dispute Resolution Practice Group.

"I am very enthusiastic about joining Thacher Proffitt's growing
litigation practice and being part of its continued success," said
Mr. Smith.  "I think there is a natural fit between the Firm's
client base and the type of practice I've built since leaving
government service."

                 About Thacher Proffitt & Wood LLP

A 158-year-old law firm that focuses on the capital markets and
financial services industries, Thacher Proffitt & Wood LLP --
http://www.tpw.com/-- advises domestic and global clients in a   
wide range of areas, including corporate and financial
institutions law, securities, structured finance, international
trade matters, investment funds, swaps and derivatives, cross-
border transactions, real estate, commercial lending, insurance,
admiralty and ship finance, litigation and dispute resolution,
technology and intellectual property, executive compensation and
employee benefits, taxation, trusts and estates, bankruptcy,
reorganizations and restructurings.  The Firm has over 300 lawyers
with five offices located in New York City; Washington, DC; White
Plains, New York; Summit, New Jersey and Mexico City.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
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://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, Joseph Medel C.
Martirez, 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 ***