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         T R O U B L E D   C O M P A N Y   R E P O R T E R

           Thursday, December 20, 2007, Vol. 11, No. 301

                             Headlines



ALLIED DEFENSE: Earns $22.3 Million in 3rd Quarter Ended Sept. 30
AMERIQUEST MORTGAGE: Moody's Reviews Ratings on Two Class Certs.
BANC OF AMERICA: S&P Puts Low-B Ratings on Six Class Certificates
CARBIZ INC: Oct. 31 Balance Sheet Upside-Down by $8.7 Million
CETUS ABS: Moody's Junks Ratings on Four Classes of Notes

CHAMPIONS BIOTECH: Posts $145,563 Net Loss in Qtr. Ended Oct. 31
CHERRY CREEK: Moody's Junks Ratings on Two Notes Classes
CELANESE US: S&P Upgrades Corporate Credit Rating to BB from BB-
CHESAPEAKE CORP: S&P Puts BB- Rating Under Negative Watch
CHICAGO H&S: Court Okays Use of Canyon Capital's Cash Collateral

CIENA CORP: Moody's Affirms B2 Rating on $542 Mil. Conv. Debt
CLEAR CHANNEL: Fitch to Cut IDR to B Upon Transaction Closing
CLEAR CHANNEL: Moody's Likely to Cut Corporate Family Rating to B2
CLEAR CHANNEL: S&P Chips Rating on $6.32 Billion Notes to B-
COLEMAN CABLE: Earns $4.0 Million in Third Quarter Ended Sept. 30

CONCHITA SUPERMARKET: Files Schedules of Assets and Liabilities
CORPUS CHRISTI: Court Sets January 18 as Claims Bar Date
CORPUS CHRISTI: Disclosure Statement Hearing Slated for January 30
CROWN CASTLE: S&P Downgrades Corporate Credit Rating to BB-
DAE AVIATION: High Leverage Prompts S&P to Affirm Low-B Ratings

DEAN FOODS: High Leverage Cues Moody's to Lower Rating to B1
DEUTSCHE ALT: S&P Affirms Ratings on 103 Classes
DOLE FOOD: Moody's Places B2 Corp. Family Rating Under Review
DORAL FINANCIAL: Ample Liquidity Cues Moody's to Lift Rating to B1
DR HORTON: Sued by Land Developers for Breach of Contract

DURA AUTOMOTIVE: Resolves Magna Objections to Plan Reorganization
DURA AUTOMOTIVE: Wants to Pay Lenders $358K to Ignore Violations
EDWARD KOHLHEIM: Voluntary Chapter 11 Case Summary
FIELDSTONE MORTGAGE: Fitch Chips Ratings on Three Classes to BB
FIRST MAGNUS: Court Wants Further Revisions to Liquidation Plan

FIRST MAGNUS: Judge Marlar Issues Rulings on Creditors' Objections
FOUNDATION COAL: Moody's Revises Rating Outlook to Negative
FRENCH LICK: Moody's Confirms Caa3 Corporate Family Rating
FTI CONSULTING: S&P Puts BB- Rating Under Positive CreditWatch
GENOA HEALTHCARE: Moody's Affirms B2 Corporate Family Rating

GMAC COMMERCIAL: Fitch Junks Rating on $20 Mil. Class J Certs.
GULEN ENTERPRISES: Files Schedules of Assets and Liabilities
HARTSHORNE CDO: Moody's Junks Ratings on Five Classes of Notes
HASCO: Fitch Junks Ratings on Two Certificate Classes
HIGDON FURNITURE: Gets Interim OK to Use Lender's Cash Collateral

ISONICS CORP: Oct. 31 Balance Sheet Upside-Down by $1.9 Million
LAS VEGAS JOINT: Cash Flow Deficits Cue S&P to Cut Ratings
LB-UBS: S&P Holds Low-B Ratings on Six 2004-C6 Class Certificates
LB-UBS COMMERCIAL: S&P Junks Rating on Class N Certificates
LEARNING CENTER: Moody's Holds Ba2 Rating with Stable Outlook

LIONEL LLC: Disclosure Statement Hearing Set for January [10]
MANOR CARE: Presses Regulators to Decide on Stay Dissolution Issue
MAPCO EXPRESS: Weak Performance Prompts S&P to Downgrade Rating
MEDCATH HOLDINGS: S&P Maintains B+ Corporate Credit Rating
MERIDIAN AUTOMOTIVE: Judge Walrath Re-Opens Chapter 11 Cases

MERRILL LYNCH: S&P Holds Low-B Ratings on Classes H and J Certs.
MILLSTONE IV: Low Credit Quality Cues Moody's to Junk Rating
MKP CBO: Moody's Junks Rating on Class B Senior Secured Notes
MONITOR OIL: Reacts Against Bondholder's Case Dismissal Plea
MORGAN STANLEY: S&P Assigns B Preliminary Ratings

NON-INVASIVE: Posts $221,556 Net Loss in 2nd Qtr. Ended Oct. 31
NOVASTAR MORTGAGE: Fitch Cuts Rating on $25MM Certificates to B
OCTANS III: Two Notes Classes' Ratings Downgraded by Moody's
OLDHAM CONSTRUCTION: Voluntary Chapter 11 Case Summary
ON THE GO: Posts $2.9 Million Net Loss in 2nd Qtr. Ended Oct. 31

PALM INC: Posts $9.6 Million Net Loss in 2nd Qtr. Ended Nov. 30
PARAMOUNT RESOURCES: Posts $82.2 Million Net Loss in Third Quarter
PAUL HARRIS: Judge Lorch Dismisses Chapter 11 Cases
PETRO ACQUISITIONS: Wants to Hire Cohen Todd as Conflicts Counsel
PETRO ACQUISITIONS: Wants to Hire CRG Partners as Sales Advisors

PNC MORTGAGE: Fitch Affirms 'B+' Rating on $5.7 Million Certs.
PRUDENTIAL AMERICANA: Gets Interim Approval to Use Cash Collateral
PRUDENTIAL AMERICANA: Wants Rawlings Olson as Special Counsel
QUEBECOR WORLD: S&P Junks Senior Unsecured Debt's Rating
RASC 2005-KS7: Fitch Lowers Ratings on $9MM Certs. to BB

REDDY ICE: Paying $0.42 Dividend to Jan. 15 Record Stockholders
RESIDENTIAL ASSET: Fitch Holds 'BB+' Rating on $4.9MM Certs.
ROCKBOUND CDO: Moody's Junks Rating on $103 Mil. Class A2 Notes
TEKNI-PLEX: Interest Non-Payment Cues S&P's D Ratings
THORPE INSULATION: Insurers Say Counsel is Not "Disinterested"

TINA TOMARCHIO: Voluntary Chapter 11 Case Summary
TRIBUNE CO: Increase in Leverage Cues Moody's to Cut Rating
TRIBUNE CO: S&P Puts B- Rating on Planned $1.6 Billion Bridge Loan
UNIVERSAL HOSPITAL: Posts $6.9 Million Net Loss in Third Quarter
US SHIPPING: Limited Cash Flow Spurs S&P to Cut Ratings to B-

* Events of Default Prompts S&P's Negative Watch on 39 Classes
* Fitch Says Increased Delinquency Led to Rise of CMBS Late-Pays
* S&P Downgrades Ratings on 156 Tranches from Hybrid CDOs

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



                             *********

ALLIED DEFENSE: Earns $22.3 Million in 3rd Quarter Ended Sept. 30
-----------------------------------------------------------------
The Allied Defense Group Inc. reported net income of $22.3 million
on revenues of $14.4 million for the third quarter ended Sept. 30,
2007, compared with net income of $492,000 on revenues of
$17.3 million in the comparable period in 2006.

This increase in net income was a result of a sale of The VSK
Group in September 2007.  The company recorded a net gain from the
sale of The VSK Group of $29.8 million, and reduced operating loss
from continuing operations of $477,000 despite a goodwill
impairment charge of $1.4 million.  Offsetting those improvements,
the company had a decrease in the net gains recorded from the fair
value of convertible notes and warrants in the same period in the
prior year of $3.1 million and increased net interest expense of
$781,000.

For the three months ended Sept. 30, 2007, Allied reported a net
loss from continuing operations of $8.0 million, compared with
a net loss from continuing operations of $639,000 in the same
period of 2006.

For the nine months ended Sept. 30, 2007, Allied reported a net
loss from continuing operations of $46.4 million on revenues of
$32.3 million, compared to a net loss from continuing operations
of $9.8 million on revenues of $67.7 million, for the same period
in 2006.  The loss from continuing operations for the first nine
months of 2007 includes $10.4 million in non-recurring and
restructuring costs.   

Net loss, including discontinued operations, was $19.7 million,
compared to a net loss, including discontinued operations, of
$8.3 million in the corresponding period last year.

Major General (Ret.) John Marcello, president and chief executive
officer of The Allied Defense Group said, "While we are never
pleased with reporting a loss, substantial operating improvements
have been made over the past six months, and this quarter marks
the turnaround for ADG.  Third quarter revenues and profits are
significantly improved over those of the first and second quarters
and we expect a further meaningful improvement in sales during the
fourth quarter and in 2008 as we begin delivery on several of our
recent large contract wins.  While the company has gone through a
difficult two year period, our restructuring and recapitalization
efforts, as well as our significant backlog of new orders, are
beginning to have a tangible effect on our financial performance.
This trend is expected to continue as we target sustained
profitability.

"After hitting a trough earlier this year, we have been able to
announce a series of positive events for the company, including
the long-awaited receipt of the very substantial contract from our
largest customer, new business development initiatives, and the
divestiture of two non-strategic operating units in support of our
strategy to streamline the company and focus on our core
competencies.  The sale of non-strategic assets has enabled the
company to reduce debt and improve liquidity.  The company has
also committed to sell Titan Dynamics, which we anticipate
accomplishing before the end of the year.

"Looking ahead, we are in the process of defining key
partnerships, developing new products, and tapping new markets in
our remaining business.  We will continue to build on the momentum
of the last few months and implement these promising initiatives
while further exploring our strategic options.  To that end, we
continue to work very closely with our financial advisors and to
evaluate all strategic alternatives for the company in order to
maximize value for our shareholders," concluded Major General
Marcello.

Revenues for the company's Ammunition & Weapons Effects segment  
decreased 19% and 62% from the prior year three and nine month
periods ended Sept. 30, 2006, respectively.  The decreases
resulted primarily from a lower volume of MECAR contracts in
process due to an extended delay in the receipt of new orders from
its largest customer.  

Revenues for the company's Electronic Security segment decreased
10% from both the prior year three month and nine month periods
ended Sept. 30, 2007.  Order volume at NS Microwave was lower as a
result of a lag in follow-on contracts from NSM's largest
customer.  

The loss for the first nine months of 2007 also includes
significant charges related to the company's June 2007 refinancing
transaction, including increased legal and professional fees, an
increase in interest expense, and a loss on the fair value of the
convertible notes.  The company recorded a net loss from the
change in the fair value of the convertible notes and warrants of
$6.7 million and $4.6 million of costs associated with
registration delay payments, the write-off of unamortized debt
issue costs of the March 2006 issuance, and restructuring costs
associated with the refinancing completed in June 2007.  Also, the
loss includes the write down of goodwill and intangible assets of
$1.4 million to Titan.

                     Discontinued Operations

During the third quarter, the company completed the sale of two of
its operating units - SeaSpace Corporation and The VSK Group -
which closed in July and September of 2007, respectively.  The
results of operations, financial position, and cash flows of
SeaSpace and The VSK Group have been reported as discontinued
operations for all periods presented.

The income from discontinued operations for the three months ended
Sept. 30, 2007, was $30.3 million compared to income of
$1.1 million in 2006.  This increase in income was mainly due to
the gain from the sale of The VSK Group in the current period of
$29.8 million.

                          Balance Sheet

At Sept. 30, 2007, the company's consolidated balance sheet showed
$154.8 million in total assets, $109.6 million in total
liabilities, and $45.2 million in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended Sept. 30, 2007, are available for
free at http://researcharchives.com/t/s?2676

                Resolution of Note Holder Disputes

In February and March 2007, the company received letters from all
of the holders of the senior subordinated convertible notes issued
in 2006 asserting events of default under the facility.  On or
after March 30, 2007, all four note holders, by separate letter,
provided an additional event of default based on the company's
failure to timely effect the registration of shares of the
company's common stock.  On April 27, 2007, the company was served
notice that Kings Road, one of the note holders, filed suit in the
Southern District of New York seeking payment of the principal
amount, redemption premium and accrued and unpaid interest of not
less than $16.7 million.  As part of its June 19, 2007, agreement
with its note holders to refinance its $30,000,000 convertible
notes, the company and the note holders, at that time, agreed to
full and mutual releases of all alleged wrong doings under the
prior note holder agreement.

                  MECAR Credit Facility Default

In addition, the company has been in default of the loan covenants
with MECAR's credit facility at Sept. 30, 2007. and Dec. 31, 2006,
due to a violation of financial performance covenants.  The
company has obtained a waiver for the year ending Dec. 31, 2006.  
The company will restructure the credit facility and address
MECAR's failure to meet financial covenants over the next few
months.  The company has committed to the banking group that MECAR
will refinance its credit facility, no later than Feb. 28, 2008.

                       Going Concern Doubt

As reported in the Troubled Company Reporter on May 18, 2007,
BDO Seidman LLP, in Bethesda, Maryland, expressed substantial
doubt about The Allied Defense Group Inc.'s ability to continue as
a going concern after auditing the company's financial statements
for the years ended Dec. 31, 2006, and 2005.  The auditing firm
pointed to the company's losses from operations in 2006 and 2005.

                      About Allied Defense

Headquartered in Vienna, Va., The Allied Defense Group Inc.
-- (AMEX: ADG) -- http://www.allieddefensegroup.com/-- is a  
diversified international defense and security firm which develops
and produces conventional medium caliber ammunition marketed to
defense departments worldwide; designs, produces and markets
sophisticated microwave security systems; and manufactures
battlefield effects simulators and other training devices for the
military.


AMERIQUEST MORTGAGE: Moody's Reviews Ratings on Two Class Certs.
----------------------------------------------------------------
Moody's Investors Service placed on review for possible downgrade
two certificates issued by Ameriquest Mortgage Securities Inc. in
2005.  The actions are based on the analysis of the credit
enhancement provided by subordination, overcollateralization and
excess spread relative to expected losses.  The transactions are
backed by subprime, fixed and adjustable-rate mortgage loans.

Complete rating actions are:

   * Issuer: Ameriquest Mortgage Securities Inc., Series 2005-R2

     -- Class M-10, Placed on Review for Possible Downgrade,
        currently Ba1; and

     -- Class M-11, Placed on Review for Possible Downgrade,
        currently Ba2.


BANC OF AMERICA: S&P Puts Low-B Ratings on Six Class Certificates
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to Banc of America Commercial Mortgage Trust 2007-5's
$1.86 billion commercial mortgage pass-through certificates
series 2007-5.
     
The preliminary ratings are based on information as of Dec. 18,
2007.  Subsequent information may result in the assignment of
final ratings that differ from the preliminary ratings.
     
The preliminary ratings reflect the credit support provided by the
subordinate classes of certificates, the liquidity provided by the
trustee, the economics of the underlying loans, and the geographic
and property type diversity of the loans.

Classes A-1, A-2, A-3, A-SB, A-4, A-1A, A-M, and A-J are currently
being offered publicly.  Standard & Poor's analysis of the
portfolio determined that, on a weighted average basis, the pool
has a debt service coverage of 1.18x, a beginning LTV of 113.6%,
and an ending LTV of 107.9%.  The rated final maturity date for
these certificates is February 2051.      
    
                  Preliminary Ratings Assigned
         Banc of America Commercial Mortgage Trust 2007-5                    
               
    
                                            Recommended
     Class    Rating           Amount       Credit Support
     -----    ------           ------       --------------             
     A-1      AAA         $25,000,000           30.000%
     A-2      AAA         $77,000,000           30.000%
     A-3      AAA        $281,000,000           30.000%
     A-SB     AAA         $48,335,000           30.000%
     A-4      AAA        $614,000,000            0.000%
     A-1A     AAA        $257,694,000           30.000%
     A-M      AAA        $186,140,000           20.000%
     A-J      AAA        $139,617,000           12.500%
     XW*      AAA      $1,861,470,583              N/A
     B        AA+         $20,941,000           11.375%
     C        AA          $13,961,000           10.625%
     D        AA-         $20,941,000            9.500%
     E        A+          $18,614,000            8.500%
     F        A           $11,634,000            7.875%
     G        A-          $18,614,000            6.875%
     H        BBB+        $20,941,000            5.750%
     J        BBB         $16,287,000            4.875%
     K        BBB-        $18,614,000            3.875%
     L        BB+         $11,634,000            3.250%
     M        BB           $6,980,000            2.875%
     N        BB-          $4,653,000            2.625%
     O        B+           $6,980,000            2.250%
     P        B            $2,326,000            2.125%
     Q        B-           $4,653,000            1.875%
     S        NR          $34,911,583            0.000%
   
            Interest-only class with a notional amount.
                      N/A -- Not applicable.
                         NR -- Not rated.


CARBIZ INC: Oct. 31 Balance Sheet Upside-Down by $8.7 Million
-------------------------------------------------------------
Carbiz Inc.'s consolidated balance sheet at Oct. 31, 2007, showed
$24.2 million in total assets, $32.7 million in total liabilities,  
and $194,449 in minority interest, resulting in a $8.7 million
total stockholders' deficit.

At Oct. 31, 2007, the company's consolidated balance sheet showed
strained liquidity with $13.9 million in total current assets
available to pay $22.7 million in total current liabilities.

The company reported a net loss of $2.7 million on revenues of
$1.4 million for the third quarter ended Oct. 31, 2007, compared
with a net loss of $3.3 million on revenues of $804,241 in the
same period ended Oct. 31, 2006.  

The increase in revenues was due to an increase of $637,152 in
sales by the company's Carbiz Auto Credit operating unit and a
decrease of $39,211 in sales by the software and consulting
division during the three month period ending Oct. 31, 2007, when
compared to the same period of 2006.

For the three months ended Oct. 31, 2007, operating expenses
increased by $816,204 compared to the same period ended Oct. 31,
2006.  

Interest and other expenses increased by $547,775 for the three
months ended Oc. 31, 2007, compared to the same period ended
Oct. 31, 2006.

Loss on derivative instruments decreased by $2.2 million for the
three months ended Oct. 31, 2007, compared to the same period
ended Oct. 31, 2006.  

                  Acquisition of Calcars AB Inc.
                and Astra Financial Services Inc.

On Oct. 1, 2007, through its newly formed wholly-owned subsidiary,
Carbiz Auto Credit AQ Inc., the company completed the acquisition
of substantially all of the assets of Calcars AB Inc. and Astra
Financial Services Inc., each of which were solely owned by John
Calcott.  Under the terms of the transaction, the company paid
Calcars cash in the amount of approximately $18.6 million and
assumed certain immaterial liabilities of Calcars.  

Full-text copies of the company's consolidated financial
statements for the quarter ended Oct. 31, 2007, are available for
free at http://researcharchives.com/t/s?267b

                       Going Concern Doubt

Christopher, Smith, Leonard, Bristow & Stanell P.A., in Sarasota,
Fla., expressed substantial doubt about Carbiz Inc.'s ability
to continue as a going concern after auditing the company's
consolidated financial statements for the years ended Jan. 31,
2007, and 2006.  The auditing firm pointed to the company's
recurring losses from operations and net capital deficiency.

                        About Carbiz Inc.

Headquartered in Sarasota, Fla., CarBiz Inc. (OTC BB: CBZFF.OB)--
http://www.carbiz.com/-- owns and operates a chain of "buy-here  
pay-here" dealerships through its CarBiz Auto Credit division.  
The company is also a leading provider of software, training and
consulting solutions to the United States automotive industry.
CarBiz's suite of business solutions includes dealer software
products focused on the "buy-here pay-here," sub-prime finance and
automotive accounting markets.  Capitalizing on expertise
developed over 10 years of providing software and consulting
services to "buy-here pay-here" businesses across the United
States, CarBiz entered the market in 2004 with a location in
Palmetto, Florida.  CarBiz has added two more credit centers since
- in Tampa and St. Petersburg - and recently acquired a large
regional chain in the Midwest, bringing the total number of
dealerships to 26 in eight states.


CETUS ABS: Moody's Junks Ratings on Four Classes of Notes
---------------------------------------------------------
Moody's Investors Service downgraded ratings of seven classes of
notes issued by Cetus ABS CDO 2006-3, Ltd.  Four of these ratings
were left on review by Moody's for possible further downgrade.  
The notes affected are:

   * Class Description: Up to $757,000,000 Class A-1A Floating
     Rate Senior Secured Variable-Funding Notes Due 2051

     -- Prior Rating: Aaa, on review for possible downgrade
     -- Current Rating: A1, on review for possible downgrade

   * Class Description: $29,000,000 Class S Floating Rate Senior
     Secured Notes Due 2051

     -- Prior Rating: Aaa, on review for possible downgrade
     -- Current Rating: Baa3, on review for possible downgrade

   * Class Description: $30,000,000 Class A-1B Floating Rate
     Senior Secured Notes Due 2051

     -- Prior Rating: Aaa, on review for possible downgrade
     -- Current Rating: Baa2, on review for possible downgrade

   * Class Description: $163,000,000 Class A-2 Floating Rate   
     Senior Secured Notes Due 2051

     -- Prior Rating: A2, on review for possible downgrade
     -- Current Rating: Caa3, on review for possible downgrade

   * Class Description: $90,000,000 Class B Floating Rate Secured
     Notes Due 2051

     -- Prior Rating: Baa2, on review for possible downgrade
   
     -- Current Rating: Ca

   * Class Description: $65,000,000 Class C-1 Floating Rate
     Deferrable Secured Notes Due 2051

     -- Prior Rating: Caa1, on review for possible downgrade
     -- Current Rating: Ca

   * Class Description: $15,500,000 Class X Fixed Rate Deferrable
     Secured Notes Due 2051

     -- Prior Rating: Ba1, on review for possible downgrade
     -- Current Rating: Ca

The rating actions reflect severe deterioration in the credit
quality of the underlying portfolio, as well as the occurrence, as
reported by the Trustee on Dec. 7, 2007, of an event of default
caused when the Net Outstanding Portfolio Collateral Balance plus
the MVS Account Excess was less than the sum of the Commitment
Amount plus the Aggregate Outstanding Amount of the Class A-1A
Notes, Class A-1B Notes and Class A-2 Notes, as required under
Section 5.1(h) of the Indenture dated Nov. 28, 2006.

Cetus ABS CDO 2006-3, Ltd is a collateralized debt obligation
backed primarily by a portfolio of RMBS and CDO securities.

Recent ratings downgrades on the underlying portfolio caused
ratings-based haircuts to affect the calculation of
overcollateralization.  Thus, the amount described above failed to
meet the required level

As provided in Article 5 of the Indenture during the occurrence
and continuance of an Event of Default, holders of Notes may be
entitled to direct the Trustee to take particular actions with
respect to the Collateral Debt Securities and the Notes.

The rating downgrades taken today reflect the increased expected
loss associated with each tranche.  Losses are attributed to
diminished credit quality on the underlying portfolio.  The
severity of losses of certain tranches may be different, however,
depending on the timing and choice of remedy to be pursued by
certain Noteholders.  Because of this uncertainty, the ratings of
Class A-1A, A-1B, A-2 and S Notes remain on review for possible
downgrade.


CHAMPIONS BIOTECH: Posts $145,563 Net Loss in Qtr. Ended Oct. 31
-----------------------------------------------------------------
Champions Biotechnology Inc. reported a net loss of $145,563 for
the second quarter ended Oct. 31, 2007, compared with a net loss
of $19,568 for the same period ended Oct. 31, 2006.

The company had $0 operating revenues in both comparable periods.  

At Oct. 31, 2007, the company's consolidated balance sheet showed
$1.2 million in total assets, $394,343 in total liabilities, and
$825,227 in total stockholders' equity.

The company's consolidated balance sheet at Oct. 31, 2007, also
showed strained liquidity with $365,919 in total current assets
available to pay $394,343 in total current liabilities.

Full-text copies of the company's consolidated financial
statements for the quarter ended Oct. 31, 2007, are available for
free at http://researcharchives.com/t/s?267d

                        Going Concern Doubt

Bagell, Josephs, Levine & Company L.L.C., in Gibbsboro, N.J.,
expressed substantial doubt about Champions Biotechnology Inc.'s
ability to continue as a going concern after auditing the
company's consolidated financial statements for the years ended
April 30, 2007, and 2006.  The auditing firm pointed to the
company's net operating losses and large accumulated deficits.  

                  About Champions Biotechnology

Headquartered in Arlington, Virginia, Champions Biotechnology Inc.
(OTC BB: CSBR) is a biotechnology company.  The company has
acquired the patent rights to two compounds with potential for
targeting certain tumors associated with prostate and pancreatic
cancers.  Previously, the company owned and operated the Champions
Sports Bar Restaurant in San Antonio until that business ceased
operations in 2005.


CHERRY CREEK: Moody's Junks Ratings on Two Notes Classes
--------------------------------------------------------
Moody's Investors Service downgraded ratings of three classes of
notes issued by Cherry Creek CDO II, Ltd. and left on review for
possible further downgrade ratings of two of these classes of
notes.  The notes affected by rating action are:

   * Class Description: $57,000,000 Class A1J Senior Secured
     Floating Rate Notes Due 2047

     -- Prior Rating: A3, on review for possible downgrade
     -- Current Rating: Baa1, on review for possible downgrade

   * Class Description: $20,500,000 Class A3 Secured Deferrable
     Interest Floating Rate Notes Due 2047

     -- Prior Rating: Ba3, on review for possible downgrade
     -- Current Rating: Caa2, on review for possible downgrade

   * Class Description: $22,000,000 Class B Mezzanine Secured
     Deferrable Interest Floating Rate Notes Due 2047

     -- Prior Rating: B3, on review for possible downgrade
     -- Current Rating: Ca

The rating actions reflect severe deterioration in the credit
quality of the underlying portfolio, as well as the occurrence, as
reported by the Trustee on Nov. 14, 2007, of an event of default
caused by a failure of the Senior Credit Test to equal or exceed
100%, as required under Section 5.1(h) of the Indenture dated
March 15, 2007.

Cherry Creek CDO II, Ltd is a collateralized debt obligation
backed primarily by a portfolio of RMBS and CDO securities.

Recent ratings downgrades on the underlying portfolio caused
ratings-based haircuts to affect the calculation of
overcollateralization.  Thus, the Senior Credit Test failed.

As provided in Article V of the Indenture during the occurrence
and continuance of an Event of Default, holders of Notes may be
entitled to direct the Trustee to take particular actions with
respect to the Collateral Debt Securities and the Notes.

The rating downgrades taken reflect the increased expected loss
associated with each tranche.  Losses are attributed to diminished
credit quality on the underlying portfolio.  The expected losses
of certain tranches may be different, however, depending on the
timing and choice of remedy to be pursued by certain Noteholders.  
Because of this uncertainty, the Class A1J and the Class A3 Notes
remain on review for possible downgrade.


CELANESE US: S&P Upgrades Corporate Credit Rating to BB from BB-
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings, including
the corporate credit rating to 'BB' from 'BB-' on Celanese US
Holdings LLC (formerly BCP Crystal US Holdings Corp.), a
subsidiary of Celanese Corp.  The outlook is positive.
     
The upgrades incorporate the likelihood that cash flow protection
measures will be sustained at improved levels because of higher
earnings and still favorable industry prospects.  "Moreover,
increasing discretionary funds generation bolsters Celanese's
ability to address acquisitions and capital projects without
harming the revised ratings," said Standard & Poor's credit
analyst Wesley E. Chinn.  At the same time, S&P raised the senior
secured bank loan rating to 'BB+' from 'BB' and affirmed the '2'
recovery rating.
     
The ratings on chemical producer Celanese US Holdings reflect its
still-aggressive debt load, the cyclicality of the company's
businesses, and exposure of operating margins to oil and natural
gas-based raw materials.  A key factor offsetting these weaknesses
is the company's investment-grade business risk profile as an
integrated producer of diverse commodity and industrial chemicals.  
Another offset is the significant internal funds generation that
enhances the flexibility to continue to make bolt-on acquisitions
and capital investments and thus bolster earnings.
     
With annual revenues of about $6.4 billion, Celanese ranks among
the larger and more diversified global chemical businesses.  
Celanese is the No. 1 or No. 2 global producer of products
representing virtually all of its sales and has broad product
diversity, balanced end-market positions, and an earnings base
distributed across North America, Europe, and Asia.  This status
injects a meaningful degree of stability to overall financial
performance.
     
Still, the company's results remain subject to general economic
activity as well as the cyclicality of certain industries it
serves, particularly the automotive, electrical, and construction
industries.  Moreover, Celanese generates about 50% of
consolidated earnings from its acetyls intermediates business,
which consists primarily of products with commodity-like
characteristics.  However, the company's expansion into downstream
products lessens cyclicality compared to producers of mainstream
commodity chemicals.


CHESAPEAKE CORP: S&P Puts BB- Rating Under Negative Watch
---------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings for
Chesapeake Corp., including its 'BB-' corporate credit rating, on
CreditWatch with negative implications.
     
"The CreditWatch listing followed the company's announcement that
operating results for 2007 would be slightly below the 2006
results, as well as below previously issued earnings guidance,"
said Standard & Poor's credit analyst Andy Sookram.
     
The decline results from lower-than-expected sales at Chesapeake's
South African drink business and certain parts of its
pharmaceutical and health care business.  In addition, the company
cited increased start-up costs for a line of alcoholic drink
packaging products and investment at its pharmaceutical and health
care unit.  As a result, credit measures will not improve to a
level more consistent with the rating.
     
"Given this earnings expectation, we believe the potential exists
for the company to violate its bank agreement covenants, including
its minimum interest coverage and maximum leverage ratio," Mr.
Sookram said. "In resolving the CreditWatch listing, we will meet
with management to get an update on recent operating performance
and outlook, along with ongoing compliance under the credit
facility."
     
Richmond, Va.-based Chesapeake manufactures specialty paperboard
and plastic packaging.  The company had adjusted debt outstanding
of $581 million at Sept. 30, 2007.


CHICAGO H&S: Court Okays Use of Canyon Capital's Cash Collateral
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Illinois
gave authority to Chicago H&S Hotel Property, LLC to use the cash
collateral of its senior lender Canyon Capital Realty Advisors
LLC.

Chicago H&S purchased a full service hotel in downtown Chicago
called Hotel 71, which acquisition and intended improvement was
backed by a $100 million senior and mezzanine loan with Column
Financial, Inc. as the agent.  In time, the senior loan was
subsequently assigned to Wells Fargo Bank, N.A. as Trustee for
Credit Suisse First Boston Mortgage Securities Corp.  CSFB then
assigned its rights in the senior loan to Canyon Capital Realty
Advisors LLC before the Debtor filed for bankruptcy.  As of the
Debtor's bankruptcy filing, the principal amount of the senior
loan was approximately $95 million.

The Debtor related that the condominium conversion proved to be
improvident and was abruptly halted when the Debtor expended most
of the proceeds of the senior loan that had been set aside for
such purposes.  Both the senior and the mezzanine loans were
declared in default.

The Debtor further said that it filed for bankruptcy in order to
stabilize the property, resolve mechanic lien claims and
facilitate a going concern sale of Hotel 71, since there had been
little progress in the renovation of the hotel.

The Debtor tells the Court that the use of its cash collateral
will allow it to operate as a going concern pending the asset
sale, and thus maximize the value of the estate for all creditors.

In addition, the Court authorized the Debtor to include in its
cash collateral budget the amount of $1,032,424 used to pay its
2006 real property taxes for Cook County, Illinois.

                        About Chicago H&S

Based in Chicago, Illinois, Chicago H&S Hotel Property, LLC, dba
Hotel 71, owns and operates a 40-story, 437 guestroom full service
hotel.  The company filed for Chapter 11 protection on Oct. 29,
2007 (Bankr. N.D. Ill. Case No. 07-20088).  Charles R. Gibbs, Esq.
at Akin Gump Strauus Hauer & Feld LLP, and Daniel A. Zazove, Esq.,
and Jason d. Horwitz, Esq., at Perkins Coie LLP, represent the
Debtor in its restructuring efforts.  The Official Committee of
Unsecured Creditors in the Debtor's case chose Polsinelli Shalton
Flanigan Suelthaus P.C. as their counsel.

The Debtor's schedules reflected total assets of $133,553,529, and
total liabilities of $106,862,713.


CIENA CORP: Moody's Affirms B2 Rating on $542 Mil. Conv. Debt
-------------------------------------------------------------
Moody's Investors Service changed Ciena Corp.'s ratings outlook to
stable from negative and affirmed the company's B2 corporate
family rating.  Additionally, Moody's affirmed the company's B2
senior unsecured rating for the company's $542 million 3.75%
convertible debt due February 2008.  The change in outlook
reflects the company's improved operating performance and cash
generation capabilities as well as the improved positioning of the
company's product portfolio enabling the company to compete in
current optical networking markets.

The market for optical networking equipment sold primarily to
telecom operators has been growing in recent years due to growing
demand for bandwidth.  This demand has originated from multiple
sources including telecom carrier build-out of converged voice,
video and data networks, growing utilization and complexity of
enterprise networks, and anticipated increased multimedia traffic
across mobile wireless networks.  Ciena's product portfolio which
includes next generation core, metro, and access optical
networking capabilities based on the company's FlexSelect
architecture and a commitment to Ethernet functionality has
enabled the company to benefit from this demand.

Ciena's revenues, which had been rebounding since the telecom
collapse in 2002, more than doubled from 2005 to 2007.  For fiscal
2007, the company grew revenues approximately 38%.  The company
reached an inflection point in operational performance in the
second quarter of 2007 by producing positive Moody's adjusted cash
flow from operations of $46 million ending several years of
negative cash from operations.  The company followed this
performance with positive cash flow from operations in the third
quarter and consequently Moody's adjusted free cash flow for last
twelve months as of July 31, 2007 was $56 million.  Although the
company's revenue growth and gross margins may moderate in fiscal
2008 as competitors including Alcatel-Lucent, Nortel, Cisco, and
others continue to vie for the same markets, Ciena is expected to
remain competitive.

Moody's notes that Ciena's cash and short term investments exceed
total debt as of July 31, 2007.  Consequently, the company is
unleveraged on a net debt (debt net of cash balance) basis.  
Additionally, the company is expected to pay down $542 million in
convertible debt due February 2008 which would reduce total debt
levels to $800 million.  Although a large cash balance continues
to be an important ratings driver for Ciena, the company will
become less reliant on cash reserves as it continues to produce
positive cash from operations.

Ciena's B2 corporate family rating reflects the company's growing
presence in next-generation Ethernet-based networking markets,
strong cash position, strong gross margins, and recently improved
cash generating capabilities.  The ratings remain constrained by
the limited diversity of the company's customer base, past
volatility in operating performance, and continued competition
from larger, better capitalized entrenched competitors.

The ratings could face upward pressure if the company produces
sustained revenue growth while maintaining profitability and
positive cash flow from operations.  Alternatively, the ratings
could face downward pressure or the outlook returned to negative
if the company's revenue growth and operating performance decline
significantly.  Additionally, the ratings could be negatively
impacted by debt financed acquisitions or share repurchase
programs.

Headquartered in Linthicum, Maryland, Ciena Corporation is a
leading provider of network solutions to telecommunications
service providers.  The company had revenues of approximately
$780 million for fiscal 2007.


CLEAR CHANNEL: Fitch to Cut IDR to B Upon Transaction Closing
-------------------------------------------------------------
Clear Channel Communications gave greater detail on its pro forma
capital structure post-closing of its going-private transaction.

The filing states that the new secured debt will be granted, among
other things, a first-priority security interests in certain
assets of Clear Channel and the guarantor subsidiaries that will
not require Clear Channel's existing senior notes that remain
outstanding to be equally and ratably secured under the indenture.  
In addition, new secured and unsecured debt are expected to be
guaranteed by each of Clear Channel's existing and future wholly
owned material domestic restricted subsidiaries, subject to
certain exceptions.  Existing notes will not receive any
guarantees from Clear Channel subsidiaries.

These details are in-line with Fitch's Sept. 25, 2007 press
release that stated that the existing Clear Channel indenture does
not appear to limit subsidiary guarantees and that this could
ultimately structurally subordinate existing bondholders behind
any new secured and unsecured financings.  Furthermore, Fitch
stated in that press release that the Limitation on Mortgages
language in the company's existing indenture is only applicable to
Principal Property in the United States.  As defined in the
indenture, Fitch believes Principal Property may exclude FCC
licenses and outdoor permits in the United States, as well as
international assets.  While the language in yesterday's filings
was still vague in what assets will be secured with the new
financings, the company could potentially carve-out these specific
assets in its security packages to the new secured financings.

Upon close of the going-private transaction, Fitch has indicated
they expect to downgrade Clear Channel's IDR to 'B'.  Fitch expect
to rate CCU's bank facility equal to or one notch above the IDR;
new unsecured would be one or two notches below the IDR and
existing senior unsecured could be two to three notches below the
IDR.  The Rating Outlook is expected to be Stable.


CLEAR CHANNEL: Moody's Likely to Cut Corporate Family Rating to B2
------------------------------------------------------------------
Moody's Investors Service stated that it will likely downgrade
Clear Channel Communications, Inc.'s Corporate Family Rating to B2
when its change of control is completed.  On Dec. 17, 2007, Clear
Channel disclosed a tender offer and consent solicitation for its
outstanding 7.65% senior notes due 2010 and its subsidiary, AMFM
Operating Inc. announced a tender offer and consent solicitation
for its 8% senior notes due 2008.

The company also provided additional details, including the
expected collateral and guarantee package, regarding the new debt
financing and the existing senior notes that remain outstanding
after its merger with the private equity group co-led by Thomas H.
Lee Partners, L.P. and Bain Capital Partners, LLC.

While Moody's continues to maintain Clear Channel's ratings under
review for downgrade, the company's pro-forma leverage is expected
to increase substantially as a result of the proposed $19.6
billion acquisition of the company by the private equity group and
the post acquisition company will have significantly weaker credit
metrics.  Assuming the transaction is completed as currently
contemplated, Clear Channel will likely be assigned a Corporate
Family Rating of B2.  The rating on the existing senior notes is
likely to be notched down to Caa1 based on their expected
subordination to the new senior secured debt facilities and the
new senior notes.

Clear Channel Communications, Inc., with its headquarters in San
Antonio, Texas, is a global media and entertainment company
specializing in "gone from home" entertainment and information
services for local communities and premiere opportunities for
advertisers.  The company's businesses include radio, television
and outdoor displays.


CLEAR CHANNEL: S&P Chips Rating on $6.32 Billion Notes to B-
------------------------------------------------------------
Standard & Poor's Rating Services lowered its issue-level ratings
on Clear Channel Communication Inc.'s roughly $6.32 billion of
existing senior unsecured notes to 'B-', two notches below the
corporate credit rating, from 'B+'.  All ratings remain on
CreditWatch with negative implications, where they were originally
placed on Oct. 26, 2007, pending the completion of Clear Channel's
LBO.
      
"The two-notch downgrade is based on the company's disclosure that
following its pending LBO transaction, it will roll over existing
debt on an unsecured basis into the new capital structure, and
structurally subordinate it to proposed new bank debt," explained
Standard & Poor's credit analyst Michael Altberg.
     
The new bank debt will benefit from operating company guarantees.  
Therefore, the downgrade of the existing senior notes reflects the
large amount of priority debt in the capital structure.  This
disclosure accompanied Clear Channel's tender offer for its
outstanding $750 million of 7.65% senior notes due 2010 and its
outstanding $644.9 million of 8% senior notes due 2008 at its AMFM
Operating Inc. subsidiary.
     
The proposed financing for the transaction consists of about
$18.5 billion of new senior secured credit facilities and
$2.6 billion of new senior unsecured notes.  The new senior
secured facilities, as proposed, will be guaranteed by Clear
Channel's immediate parent entity and, more importantly, by its
existing and future wholly owned domestic restricted subsidiaries
that hold FCC licenses and radio stations assets.  The company's
existing senior notes, which are being downgraded, will not have
any guarantees.  The indentures governing the borrower's existing
debt significantly limit the pledge of collateral to the proposed
$18.5 billion senior secured debt.  The amount of debt secured by
collateral from principal properties cannot exceed 15% of
consolidated stockholder equity.  The permitted collateral amount
is not fixed at the closing of the transaction and will fluctuate
in line with changes in stockholders equity.  The existing
bondholders are entitled to equal and ratable security if this
limitation is breached.  S&P understands that the proposed debt
will be structured to avoid breach of this covenant.
     
Revenue and EBITDA increased 5.5% and 4.8%, respectively, for the
third quarter of 2007, as 14% growth in outdoor advertising more
than offset a 1% decline in radio revenue.  Gross balance sheet
debt to EBITDA was 3.1x at Sept. 30, 2007, down from 3.6x at year-
end 2006.  Lease-adjusted total debt (which capitalizes operating
leases and minimum franchise payments associated with
outdoor advertising, and includes third-party debt, guaranteed
letters of credit, and acquisition-related earn-out payments) to
EBIDA was 4.4x.  Pro forma for the proposed merger, S&P expects
the debt to EBITDA to be about 10x.
     
The closing of the merger is still subject to the acquirer's
receipt of FCC approval, which it expects to receive in the first
quarter of 2008.  S&P will continue to monitor developments
surrounding the proposed merger and will review the business and
financial strategies, as well as post-transaction liquidity, in
determining the ultimate corporate credit rating for Clear
Channel.  S&P could further lower issue-level ratings on the
existing debt, depending on how much flexibility is built into the
deal structure.


COLEMAN CABLE: Earns $4.0 Million in Third Quarter Ended Sept. 30
-----------------------------------------------------------------
Coleman Cable Inc. reported net income applicable to common
shareholders of $4.0 million for the third quarter ended Sept. 30,
2007, compared to net income of $9.8 million in the third quarter
of 2006.

Coleman reported revenues for the 2007 third quarter of
$253.5 million compared to revenues of $114.9 million in the same
period of last year, which represents an increase of 120.5%,
primarily due to the addition of Copperfield.  Total pounds
shipped increased 118.5% in the third quarter of 2007 compared to
the prior-year third quarter, also primarily due to the
acquisition of Copperfield.

Gross profit margin for the third quarter of 2007 was 11.5%
compared to 21.1% for the same period of 2006 due primarily to the
Copperfield acquisition.  Copperfield prices its products to earn
a fixed dollar margin per pound of goods sold, which causes
Copperfield's margins to compress in higher copper price
environments.  Gross profit margin was also negatively impacted by
pricing pressures caused by contracting market conditions in a
number of Coleman's segments and factory variances.

Selling, engineering, general and administrative expense for the
2007 third quarter was $11.8 million compared to $9.2 million for
the 2006 third quarter, with the increase resulting primarily from
the Copperfield acquisition and an increase in stock compensation
expense of $1.1 million.

Intangible amortization expense for the 2007 third quarter was
$2.5 million due to the Copperfield acquisition in the second
quarter.

Restructuring charges for the third quarter of 2007 were $53,000
as the result of the planned closure of the company's Siler City,
N.C., facility.  Restructuring charges for the third quarter of
2006 were $891,000 as the result of the planned closure of the
company's Miami Lakes, Fla., facility.

Interest expense, net, for the third quarter of 2007 was
$8.2 million compared to $4.2 million for the same period of 2006,
due primarily to additional expense related to the 2007 Notes and
increased borrowings under the company's revolving line of credit,
both due to the Copperfield acquisition.

Income tax expense was $2.6 million in the 2007 third quarter
compared to $235,000 for the 2006 third quarter.  The increase is
due to the company's change from an S corporation to a C
corporation.

Gary Yetman, president and chief executive officer, said, "In the
third quarter, we again produced record revenues and increased
adjusted EBITDA and adjusted EPS in challenging market conditions.

"Copperfield operations are transitioning well.  Our board
approved the planned Copperfield integration strategy of
streamlining manufacturing operations and reducing costs.  This
plan involves the closure and consolidation of Copperfield
manufacturing and distribution facilities located in Avilla, Ind.,
Nogales, Ariz., and El Paso, Texas, into one modern facility in El
Paso, Texas.  The integration strategy also includes the
realignment of existing Copperfield facilities.

"As the company previously announced last week," continued Yetman,
"the pending acquisition of Woods U.S. and Woods Canada is an
exceptional opportunity to expand our U.S. and Canadian presence,
making Coleman, we believe, a preeminent supplier of assembled
wire and cable products in North America.

"We believe the planned integration of Coleman, Copperfield and
Woods into one company provides significant opportunities to add
value for our shareholders.

"We typically experience softness in the fourth quarter as many of
end markets reduce their inventory stocking levels in conjunction
with the year-end holidays.  Not withstanding, we started the
fourth quarter with strong results in October.  While we continue
to experience inflationary cost pressures from higher material and
fuel costs, we have been successful in offsetting some of these
pressures by the implementation of our cost reduction initiatives.
However, the recent, significant downturn in copper prices and
fluctuating market demands could potentially have a negative
impact on our fourth quarter revenues and profitability.  With
these factors in mind, we are projecting fourth-quarter revenues
between $220 million and $240 million and adjusted EBITDA in a
range of $17 million to $21 million."

Net sales for the nine months of 2007 were $609.9 million compared
to $320.1 million for the same period of 2006, an increase of
90.5%.  The increase in net sales was primarily due to the
acquisition of Copperfield.  Volume increased 74.1% in the 2007
period compared to the 2006 period due to the acquisition of
Copperfield, which accounted for essentially all of the increase.

Gross profit margin for the nine months ended Sept. 30, 2007, was
12.1% compared to 20.4% for the same period of 2006.

Net income applicable to common shareholders for the nine months
of 2007 was $10.9 million, compared to $27.7 million for the nine
months of 2006.

At Sept. 30, 2007, the company's consolidated balance sheet showed
$546.0 million in total assets, $454.6 million in total
liabilities, and $91.4 million in total liabilities.

Full-text copies of the company's consolidated financial
statements for the quarter ended Sept. 30, 2007, are available for
free at http://researcharchives.com/t/s?2678

                      About Coleman Cable

Headquartered in Waukegan, Ill., Coleman Cable Inc. (Nasdaq: CCIX)
-- http://www.colemancable.com/-- is a manufacturer and innovator  
of electrical and electronic wire and cable products for the
security, sound, telecommunications, and electrical, commercial,
industrial and automotive industries.  

                          *     *     *

On March 21, 2007, Moody's Investors Service placed the long term
corporate family and probability of default ratings of Coleman
Cable Inc. at "B1" with a stable outlook.  The ratings apply to
date.


CONCHITA SUPERMARKET: Files Schedules of Assets and Liabilities
---------------------------------------------------------------
Conchita Supermarket submitted to the U.S. Bankruptcy Court for
the District of Puerto Rico its schedules of assets and
liabilities, disclosing:

   Name of Schedule                     Assets     Liabilities
   ----------------                   ----------   -----------
   A. Real Property                   $1,889,000
   B. Personal Property                4,294,271
   C. Property Claimed
      as Exempt
   D. Creditors Holding                             $3,321,600
      Secured Claims
   E. Creditors Holding                                494,383
      Unsecured Priority
      Claims
   F. Creditors Holding                              7,481,297
      Unsecured Nonpriority
      Claims
                                      ----------   -----------
      TOTAL                           $6,183,271   $11,297,280

San Juan, Puerto Rico-based Conchita Supermarket filed for chapter
11 protection on Nov. 13, 2007 (Bankr. D. P.R. Case No. 07-06722).  
Francisco R. Moya Huff, Esq., represents the Debtor in its
restructuring efforts.


CORPUS CHRISTI: Court Sets January 18 as Claims Bar Date
--------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas has
set Jan. 18, 2008, as the last day for creditor owed by Corpus
Christi Resources LLC to file their proofs of claims.

The deadline for government units to file their proofs of claims
against the Debtor is on the same date.

Based in Corpus Christi, Texas, Corpus Christi Resources LLC, is a
privately owned real estate development company that seeks to
develop raw land and to remediate property in New York.  The
company filed for Chapter 11 protection on Oct. 29, 2007 (Bankr.
S.D. Tex. Case No. 07-20576).  Rhett G. Campbell, Esq., at
Thompson & Knight LLP represents the Debtor in its restructuring
efforts.  When it filed for bankruptcy, the company disclosed
estimated assets of less than $10,000 but disclosed estimated
debts between $1 million and $100 million.  The Debtor's list of
its five largest unsecured creditors showed claims aggregating to
more than $15 million.


CORPUS CHRISTI: Disclosure Statement Hearing Slated for January 30
------------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas has
set a hearing to consider approval and the adequacy of Corpus
Christi Resources LLC's disclosure statement explaining its plan
of reorganization on Jan. 30, 2008, at 10:00 a.m.

As reported in the Troubled Company Reporter on Dec. 19, 2007,
Corpus Christi submitted to the Court its plan of reorganization
and disclosure statement.

The plan provides for Liberty Trust to loan up to $8.8 million to
the Debtor and make a capital contribution of $25,000 in exchange
for 80% of the Debtor's equity.  The proceeds of the loan will be
used to pay claims and to remediate and develop the property at
200 Morgan Avenue in Brooklyn, New York.

Included in the claims is $100,000 to be paid to the New York
State Department of Environmental Conservation in connection with
the assumption of a settlement agreement regarding the remediation
of the 200 Morgan Avenue property.  The NYS DEC's allowed claim of
will be paid in full.

On the effective date, the reorganized Debtor will issue and
assign to Liberty Trust membership units, after which, Liberty
Trust will own 80% of the reorganized Debtor and the Tree of Life
Trust will own the remaining 20%.

Under the plan, holders ad valorem property tax claims will
receive 1% of their claims.  Bryant Plaza LLC's secured claims
will also be paid at the recovery rate of 1%.

                        About Corpus Christi

Based in Corpus Christi, Texas, Corpus Christi Resources LLC, is a
privately owned real estate development company that seeks to
develop raw land and to remediate property in New York.  The
company filed for Chapter 11 protection on Oct. 29, 2007 (Bankr.
S.D. Tex. Case No. 07-20576).  Rhett G. Campbell, Esq., at
Thompson & Knight LLP represents the Debtor in its restructuring
efforts.  When it filed for bankruptcy, the company disclosed
estimated assets of less than $10,000 but disclosed estimated
debts between $1 million and $100 million.  The Debtor's list of
its five largest unsecured creditors showed claims aggregating to
more than $15 million.


CROWN CASTLE: S&P Downgrades Corporate Credit Rating to BB-
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on Houston,
Texas-based tower operator Crown Castle International Corp.,
including its corporate credit rating, which was cut to 'BB-' from
'BB'.  The outlook is negative.  The company had about $6 billion
of funded debt outstanding as of Sept. 30, 2007.
      
"The downgrade reflects our current expectation that Crown
Castle's management is comfortable operating at a higher level of
leverage than was anticipated in our previous rating even though
we had expected the company to remain aggressive in repurchasing
common stock," said Standard & Poor's credit
analyst Catherine Cosentino.
     
Management had indicated in their third-quarter earnings call on
Oct. 31, 2007, that they expect leverage to be at the higher end
of their 6x-8x target, which equates to about 9x under our
adjusted leverage calculation.  S&P previously said that the
ratings would be lowered if the company was not able to reduce
debt to the low-8x area in 2008.
     
The ratings on Crown Castle reflect the company's aggressive
financial policy, which anticipates substantial repurchases of
common stock and attendant high leverage, which was about 9x debt
to annualized EBITDA, adjusted for operating leases, for the three
months ended Sept. 30, 2007 (9.3x, including redeemable preferred
stock).
     
Such high financial risk overshadows the company's strong
business.  A good portion of the assumed stock repurchases likely
will be funded with additional debt, mostly in the form of
securitized revenue notes, which can be issued subject to a 2x
minimum securitization fixed-charge coverage ratio at the Crown
Castle legacy securitization, and could exceed $1 billion over the
next several years.


DAE AVIATION: High Leverage Prompts S&P to Affirm Low-B Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings, including
the 'B+' corporate credit rating and 'BB-' bank loan rating, on
DAE Aviation Holdings Inc.  The '2' recovery rating on the
company's secured credit facility is unchanged.  The outlook is
stable.
      
"The ratings on DAE Aviation are not affected by the pending sale
of its airport services unit for $436 million, which we have
already incorporated into the rating," said Standard & Poor's
credit analyst Christopher DeNicolo.  The amount of net proceeds
has not yet been determined, but S&P expects them to
be sufficient to at least pay off the $280 million asset sale
facility and $75 million of the term loans.  Although the recovery
prospects for the company's secured credit facility improve with
the planned debt repayment, it will not result in a higher
recovery rating.  The transaction is likely to close early next
year.
     
The ratings on DAE Aviation reflect a highly leveraged financial
profile, weak credit protection measures, and exposure to the
competitive and cyclical general and commercial aviation markets.  
These factors are offset somewhat by the company's leading
positions in markets served and less cyclical military business.
     
DAE Aviation was formed by Dubai Aerospace Enterprises Ltd. to
affect the acquisition of Standard Aero Holdings Inc. and Piedmont
Hawthorne Holdings Inc. from the Carlyle Group for a total
consideration of $1.9 billion.  Although DAE contributed
$810 million of cash equity, leverage is high with pro forma debt
to EBITDA more than 7x at close.  However, this will decline to
less than 5.5x following the pending sale of the airport services
business and associated debt reduction and lower leases.  Because
of the large equity component, debt to capital is not as
aggressive at about 65% at close, declining to about 50% after the
airport services sale.  S&P expects other credit protection
measures to also be weak, with funds from operations to debt of
5%-10% and EBITDA interest coverage 1.5x-2x.
     
DAE Aviation is a leading provider of maintenance, repair and
overhaul of engines for business and regional jets.  In addition,
the company provides component and airframe repairs, large
business jet completions and modifications, MRO services for
certain military engines, and engineering services.  Although
leverage is initially quite high, debt reduction using the
proceeds from the pending sale of the airport services business
and free cash flow should enable the company to attain credit
protection measures more appropriate for the rating.

Although not likely, S&P could revise the outlook to negative or
lower the ratings if the pending sale falls through and DAE
Aviation is unable to sell the unit for an amount sufficient to
repay the asset sale facility before it matures in 2009.  A
revision of the outlook to positive is also not likely in the
intermediate term.


DEAN FOODS: High Leverage Cues Moody's to Lower Rating to B1
------------------------------------------------------------
Moody's Investors Service lowered the Corporate Family Rating of
Dean Foods, Inc. to B1 from Ba3 after the company reported lower
than expected third quarter 2007 and year to date results.  The
Speculative Grade Liquidity rating was affirmed at SGL-3.  The
outlook is stable.  This concludes the review for downgrade
initiated on Oct. 2, 2007.

Moody's said that the downgrade, the second this year, was based
on the extremely high leverage sustained by the company as a
result the payment of a $1.94 billion special dividend to
shareholders earlier in 2007, compounded by poor results stemming
from unprecedented and sustained increases in milk and other
commodity prices.

Moody's expects Dean's leverage to be well above the targets of
5.5 times and 5.0 times for 2007 and 2008 respectively that
Moody's set out as necessary to sustain the previous rating level
at the time of the last downgrade.  Likewise, EBIT to interest is
expected to remain below the minimum 2.0 times set out at the time
of the last downgrade.

Dean has been facing not only higher input costs but several other
structural shifts that in Moody's opinion, could have longer term
impact on the company's ability to de-lever.  These include a
shift from higher-margin branded product to private label in some
of its regional brands and an oversupply of organic milk.  While
some of these issues will self correct in time, the company will
be well behind its earlier plan to reduce leverage.  Moody's also
noted that any increase in acquisition activity could further slow
the pace of recovery.

These ratings were lowered:

  * Dean Foods Company

    -- Corporate family rating to B1 from Ba3;

    -- Probability of Default Rating to B1 from Ba3;

    -- Senior secured $1.5 billion Revolving Credit Facility to
       B1, LGD 3, 48%, from Ba3, LGD 3, 46%;

    -- Senior secured $1.5 billion Tranche A term loan to B1,
       LGD 3, 48%, from Ba3, LGD 3, 46%;

    -- Senior Secured $1.8 billion Tranche B term loan to B1,
       LGD 3, 48% from Ba3, LGD 3, 46%; and

    -- $500 million Guaranteed Senior Notes to B3, LGD 5 78% from
       B1, LGD 5, 77%.

Rating affirmed:

    -- Speculative Grade Liquidity rating at SGL-3

  * Dean Holding Company

    -- Guaranteed senior notes totaling $350 million to B3,
       LGD 5, 78% from B1, LGD 5, 77%

The stable rating outlook reflects Moody's expectation that Dean's
financial performance will improve in 2008 especially if commodity
milk prices begin to moderate in 2008, which could benefit the
company as price reductions to the consumer lag falling input
costs.  While financial ratios are likely to remain weak, there
should nevertheless be improvement in 2008.  Dean's weak financial
ratios are partially offset by a number of stronger qualitative
factors including:

   1) its national market share and scale in the US dairy industry
      which gives it a favorable cost position,

   2) relatively stable earnings and cash flow,

   3) diverse customer base supported by a large direct store
      delivery system and

   4) adequate liquidity.

Dean's rating incorporates a business franchise that falls into
the Baa rating category on many measures, offset by weaker credit
metrics, including high leverage and low margins, and the
company's historical track record of acquisition activity, share
repurchases and comfort with relatively high leverage as evidenced
by this year's special dividend.  Additionally, corporate
governance constrains Dean's rating level given the board's
approval of aggressive shareholder return policies and Moody's
concern regarding the heavy presence of insider directors.

Moody's notes the potential for additional cost savings and
efficiency improvements as the company enters the next stage of
its evolution in streamlining operations to take advantage of its
scale.

The affirmation of the SGL-3 reflects the company's adequate
liquidity profile resulting from its relatively predictable cash
flows and large committed credit facilities, offset by covenants
that Moody's believe may be somewhat tight both this year and
next, especially since the company's leverage covenant steps down
to 6.25 times at year end 2007 from its current level of 6.5 times
and steps down further to 5.75 times in the fourth quarter of
2008.  The coverage covenant also steps up to 2.5 times in fourth
quarter 2008.

Dean Foods Corporation, based in Dallas, Texas is a leading
processor, producer and distributor of dairy and dairy-related
products in the United States.


DEUTSCHE ALT: S&P Affirms Ratings on 103 Classes
------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on 103
classes from eight Deutsche Alt-A mortgage-backed transactions.
     
The affirmations reflect sufficient credit support available to
support the current ratings.  As of the November 2007 remittance
period, cumulative realized losses ranged from 0.00% (loan group 1
from series 2004-1) to 0.45% (series 2003-2XS) of the original
pool balances.  In addition, serious delinquencies (90-plus days,
REOs, and foreclosures) ranged from 0.23% (series 2003-1) to 6.08%
(loan group 2 from series 2004-3) of the current pool balances.
     
Subordination provides credit enhancement for series 2003-1, 2003-
3, loan groups 1 and 2 from series 2004-1, and loan groups 3
through 7 from series 2004-4. A combination of
overcollateralization, excess spread, and subordination provide
credit enhancement for series 2003-2XS, loan group 3 from series
2004-1, series 2004-2, series 2004-3, loan groups 1 and 2 from
series 2004-4, and series 2004-5.         
     
The underlying collateral consists of 15- and 30-year fixed- or
adjustable-rate prime or Alternative-A mortgage loans secured by
first liens on residential properties.

                        Ratings Affirmed
   
     Deutsche Alt-A Securities Inc. Alternative Loan Trust

    Series    Class                                Rating
    ------    -----                                ------
    2003-1    A-1, A-2, A-3, A-PO, A-X,            AAA
    2003-1    M                                    AA+
    2003-1    B-1                                  A+
    2003-1    B-2                                  BBB
    2003-1    B-3                                  BB
    2003-1    B-4                                  B

      Deutsche Alt-A Securities Inc. Mortgage Loan Trust

  Series    Class                                     Rating
  ------    -----                                     ------
  2003-2XS  A-4, A-5, A-6                             AAA
  2003-2XS  M-1                                       AA
  2003-2XS  M-2                                       A
  2003-2XS  M-3                                       BBB
  2003-3    I-A-1, I-A-X, II-A-1, II-A-5, II-A-6,     AAA
  2003-3    II-A-7, II-A-X, A-PO-1, III-A-1, IV-A-1   AAA
  2003-3    A-PO-2, M-X                               AAA
  2003-3    M                                         AA
  2003-3    B-1                                       A
  2003-3    B-2                                       BBB
  2003-3    B-3                                       BB
  2003-3    B-4                                       B

      Deutsche Mortgage Securities Inc. Mortgage Loan Trust
   
Series    Class                                      Rating
------    -----                                      ------
2004-1    I-A-1, I-A-X, I-A-PO, II-A-1, II-A-2       AAA
2004-1    II-A-3, II-A-X, II-A-PO, III-A-4, III-A-5  AAA
2004-1    III-A-6                                    AAA
2004-1    M, III-M-1                                 AA
2004-1    III-M-2                                    A+
2004-1    B-1                                        A
2004-1    III-M-3                                    BBB+
2004-1    B-2                                        BBB
2004-1    B-3                                        BB
2004-1    B-4                                        B
2004-2    A-4, A-5, A-6                              AAA
2004-2    M-1                                        AA
2004-2    M-2                                        A+
2004-2    M-3                                        BBB+
2004-3    I-A-4, I-A-5, I-A-6, I-A-7, II-AR-1        AAA
2004-3    II-AR-2                                    AAA
2004-3    II-MR-1                                    AA+
2004-3    I-M-1                                      AA
2004-3    II-MR-2                                    AA-
2004-3    I-M-2                                      A
2004-3    I-M-3, II-MR-3                             BBB+
2004-4    I-A-4, I-A-5, I-A-6, II-AR-1, II-AR-2      AAA
2004-4    III-AR-1, IV-AR-1, V-AR-1, VI-AR-1         AAA
2004-4    VII-AR-1 VII-AR-2, VII-AR-3                AAA
2004-4    II-MR-1                                    AA+
2004-4    I-M-1, M                                   AA
2004-4    I-M-2, II-MR-2, B-1                        A
2004-4    I-M-3, II-MR-3, B-2                        BBB
2004-4    B-3                                        BB
2004-4    B-4                                        B
2004-5    A-1, A-2, A-3, A-4A, A-4B, A-5A, A-5B      AAA
2004-5    M-1                                        AA+
2004-5    M-2                                        A+
2004-5    M-3                                        BBB+


DOLE FOOD: Moody's Places B2 Corp. Family Rating Under Review
-------------------------------------------------------------
Moody's Investors Service placed under review for possible
downgrade the ratings of Dole Food Company, Inc., including the
company's B2 corporate family rating and B2 probability of default
rating.  LGD assessments are also subject to change.

Ratings placed under review for possible downgrade:

   * Dole Food Company, Inc.:

     -- Corporate family rating at B2

     -- Probability of default rating at B2

     -- Senior secured term loan B at Ba3

     -- Senior secured pre-funded letter of credit facility at Ba3

     -- Senior unsecured notes, bonds and debentures at Caa1

     -- Senior unsecured shelf, senior subordinated shelf and
        junior subordinated shelf at (P)Caa1

   * Solvest. Ltd.

    -- Senior secured term loan C at Ba3

Dole's operating performance has been weaker than anticipated in
its fresh vegetable segment, which is slowly recovering from the
industry-wide September 2006 spinach recall.  In addition, margins
are under pressure in its packaged foods division from cost
inflation, and the company has not succeeded in turning around its
small flowers business.  As a result, Dole's credit metrics remain
weak -- debt to EBITDA at Oct. 6, 2007 was high at 8.2 times, and
unlikely to improve to the 7.5 times threshold before 2009, which
was articulated in Moody's January 2007 credit opinion as
appropriate for the company's rating level.  Free cash flow has
been negative since the end of fiscal 2004, stemming from low
profitability.

Moody's review will focus on the company's plans to boost
operating profitability in fresh vegetables and packaged foods, on
initiatives to stabilize the flower business, and on financial
policies regarding capital expenditures and optimum capital
structure.

Headquartered in Westlake Village, California, Dole Food Company,
Inc. is the world's largest producer of fresh fruit, fresh
vegetables and fresh-cut flowers.  The company also sells value-
added fruits and vegetables.  Sales for the twelve months ended
Oct. 6, 2007 exceeded $6.7 billion.


DORAL FINANCIAL: Ample Liquidity Cues Moody's to Lift Rating to B1
------------------------------------------------------------------
Moody's Investors Service upgraded the senior debt rating of Doral
Financial Corporation to B1 from B2.  Following the upgrade, the
rating outlook is stable.

The rating action reflects Moody's view that Doral's substantial
capital base and ample liquidity allows the company to begin
executing its community bank business strategy on Puerto Rico.  
Doral's board and managerial ranks continue to be strengthened.  
In addition, Doral's expense base in future periods will no longer
be burdened to the same extent by costs associated with its
accounting, regulatory and legal challenges.

Doral's risk management and compliance capabilities have been
enhanced, which should help it navigate through a number of
remaining challenges.  These challenges include agreements with
its regulators and a very high level of nonperforming assets,
particularly in its construction portfolio.  These issues will
take time to resolve.  Furthermore, the timing of Doral's return
to profitability is uncertain and will be hampered by the ongoing
recession in Puerto Rico.

As a result of these challenges, successful implementation of
Doral's business strategy is not assured.  Nonetheless, Moody's
expects Doral to make some progress in resolving its regulatory
and asset quality challenges in the near- to intermediate-term,
which further supports the rating upgrade.

   * Upgrades:

     -- Issuer: Doral Financial Corporation

     -- Senior Unsecured Regular Bond/Debenture, Upgraded to B1
        from B2

Doral Financial Corporation, headquartered in San Juan, Puerto
Rico, reported total assets of $9.5 billion at Sept. 30, 2007.


DR HORTON: Sued by Land Developers for Breach of Contract
---------------------------------------------------------
MTBR LLC filed a $10 million lawsuit against D.R. Horton Inc.,
with the U.S. District Court for the District of Maryland,
alleging breach of a 2004 parcel contract, Robbie Whelan of The
Daily Record reports.

Developers Manekin LLC, Clark Turner Signature Homes of Belcamp,
and H&S Properties alleged that D.R. Horton defaulted on a 2004
land contract in which the homebuilder had to purchase 196 lots of  
single-family houses on Parcel O, relates the Daily Record.  The
piece of land included the Bulle Rock golf course and community
owned by MTBR, of which D.R. Horton planned to build a luxury
community.

According to the Daily Record, D.R. Horton ignored a "closing
default notice", which requires the homebuilder to close the
purchase.  MTBR has records showing the developers' fervent
efforts to contact representatives from Horton and urge the
payment of the lots.

"[Horton] had an obligation to perform, and they didn't perform.  
Did we make repeated requests for them to perform?  Of course,"
Richard M. Alter, Manekin president, told the Daily Record.

Mr. Alter could only speculate at what made D.R. Horton back out
of the deal.  "I don't know what happened... If I knew what
happened, I wouldn't have had to file suit," the Daily Record
quoted Mr. Alter as saying.

                        About D.R. Horton

Based 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 Nov. 6, 2007,
Standard & Poor's Ratings Services lowered its corporate credit
and senior unsecured ratings on D.R. Horton Inc. to 'BB+' from
'BBB-' and lowered its subordinated debt rating on Horton to 'BB-'
from 'BB+'.  The outlook remains negative.  The rating actions
affect approximately $3.8 billion in rated securities.


DURA AUTOMOTIVE: Resolves Magna Objections to Plan Reorganization
-----------------------------------------------------------------
DURA Automotive Systems, Inc., and its debtor-affiliates and Magna
Donnelly Corporation have decided to resolve a lift automatic stay
issue and certain related issues related to the Debtors' Plan of
Reorganization.
        
In March 2007, the Debtors commenced a lawsuit against Magna in
the United States Court for the Eastern District of Michigan,
which alleges, among other things, that Magna infringed on certain
of the Debtors' patents and misappropriated trade secrets.
        
Magna wanted to lift the automatic stay to ensure that the
Debtors' Plan of Reorganization does not restrict its ability to
pursue its counterclaim against the Debtors.  
        
Thus, in a Court-approved stipulation, the parties agree, among
other things, that:
        
   (a) the automatic stay will be immediately lifted to allow the
       District Court action to proceed and for Magna to assert
       and pursue its counterclaim and any other claims against
       the Debtors; and  
        
   (b) Magna will be allowed to liquidate and enforce any        
       damage claims against the Debtors, whether pre- or post-       
       confirmation, and the District Court will have the sole and        
       exclusive jurisdiction over the liquidation, provided,
       however, the Bankruptcy Court will have sole and exclusive
       jurisdiction over the enforcement of any monetary damage
       award related to prepetition monetary claims that Magna may
       have against the Debtors.

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

The company has three locations in Asia -- China, Japan and Korea.  
It has locations in Europe and Latin-America, particularly in
Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006 (Bankr.
D. Del. Case No. 06-11202).  Richard M. Cieri, Esq., Marc
Kieselstein, Esq., Roger James Higgins, Esq., and Ryan Blaine
Bennett, Esq., of Kirkland & Ellis LLP are lead counsel for the
Debtors' bankruptcy proceedings.  Mark D. Collins, Esq., Daniel J.
DeFranseschi, Esq., and Jason M. Madron, Esq., of Richards Layton
& Finger, P.A. Attorneys are the Debtors' co-counsel.  Baker &
McKenzie acts as the Debtors' special counsel.

Togut, Segal & Segal LLP is the Debtors' conflicts counsel.  
Miller Buckfire & Co., LLC is the Debtors' investment banker.  
Glass & Associates Inc., gives financial advice to the Debtor.  
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had $1,993,178,000 in total assets and
$1,730,758,000 in total liabilities.   (Dura Automotive Bankruptcy
News, Issue No. 41 Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).  


DURA AUTOMOTIVE: Wants to Pay Lenders $358K to Ignore Violations
----------------------------------------------------------------
DURA Automotive Systems, Inc., and its debtor-affiliates seek
authority from the U.S. Bankruptcy Court for the District of
Delaware to pay postpetition lenders $358,000 to overlook loan
covenant violations.

As reported in the Troubled Company Reporter on Nov. 22, 2006, the
Debtors entered into a $300 million of debtor-in-possession
financing facility with Goldman Sachs Capital Partners L.P.,
General Electric Capital Corporation, and other lender parties.  
Under the DIP Credit Agreement, the Debtors are required to comply
with certain financial covenants.
        
Daniel J. DeFranceschi, Esq., at Richards, Layton & Finger, P.A.,
in Wilmington, Delaware, relates that Dura Operating Corp., as
borrower, and its debtor-affiliates, as guarantors, have agreed
to enter into amendments to the Postpetition Revolving Credit
Agreement dated Nov. 30, 2006, and Postpetition Term Loan
Agreement dated Oct. 31, 2006, to avoid violating certain
negative covenants in the DIP Facility as a result of the
Debtors' entry into Court-approved agreements with Johnson
Controls Systems, Inc., its affiliates and subsidiaries, and
Bridgewater Interiors LLC.
        
Mr. DeFranceschi says the $358,000 fee is equal to 0.05% of the
aggregate outstanding "Revolving Commitment provided by each of
the consenting Postpetition Lender or 0.25% of the aggregate
outstanding principal amount of "Loans" of each consenting
Postpetition Lender.
        
Anthony C. Flanagan, managing director of AlixPartners, LLP,
financial advisors to the Debtors, asserts that the aggregate
amount of the Amendment Fees is small and reasonable in comparison
to the benefits of the JCI Agreements to the Debtors' estates.
        
The Debtors, in February 2007, negotiated the JCI Agreements to
obtain improvements in the commercial terms of its existing
supply contracts with JCI.  DURA management believes that the JCI
Agreements contain:
        
   (a) favorable commercial terms adjustments and resourcing
       limitations;
        
   (b) certain commitments by the Debtors to protect JCI from
       supply disruptions;
        
   (c) purchase options for JCI in the event of a default by the
       Debtors or of a sale of the Debtors' facility in Stockton,
       Illinois, where the Debtors predominantly manufacture
       automotive components, including seat racks, for JCI; and
        
   (d) a general release of any existing claims of the Debtors
       against JCI.
        
Over the course of approximately 5 years, the Debtors expect that
the commercial term adjustments contained in the JCI Agreements
will result in an increase in EBITDA.  Mr. Flanagan, however,
redacted the projected EBITDA from the statement he filed with
the Court.
        
Under the JCI Agreements, JCI commits that it will not resource
parts produced at the Stockton Facility for one year, allowing the
Debtors time to enhance an already strong relationship with JCI.  
        
The Debtors asked the Court to convene an emergency hearing on
their request on Dec. 27, 2007, at 1:30 p.m. (ET).
        
Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent    
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies, structural
door modules and exterior trim systems for the global automotive
industry.  The company is also a supplier of similar products to
the recreation vehicle and specialty vehicle industries.  DURA
sells its automotive products to North American, Japanese and
European original equipment manufacturers and other automotive
suppliers.

The company has three locations in Asia -- China, Japan and Korea.  
It has locations in Europe and Latin-America, particularly in
Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006 (Bankr.
D. Del. Case No. 06-11202).  Richard M. Cieri, Esq., Marc
Kieselstein, Esq., Roger James Higgins, Esq., and Ryan Blaine
Bennett, Esq., of Kirkland & Ellis LLP are lead counsel for the
Debtors' bankruptcy proceedings.  Mark D. Collins, Esq., Daniel J.
DeFranseschi, Esq., and Jason M. Madron, Esq., of Richards Layton
& Finger, P.A. Attorneys are the Debtors' co-counsel.  Baker &
McKenzie acts as the Debtors' special counsel.

Togut, Segal & Segal LLP is the Debtors' conflicts counsel.  
Miller Buckfire & Co., LLC is the Debtors' investment banker.  
Glass & Associates Inc., gives financial advice to the Debtor.  
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had $1,993,178,000 in total assets and
$1,730,758,000 in total liabilities.   (Dura Automotive Bankruptcy
News, Issue No. 41 Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).  


EDWARD KOHLHEIM: Voluntary Chapter 11 Case Summary
--------------------------------------------------
Debtor: Edward Kohlheim
        16201 Bald Eagle School Road
        Brandywine, MD 20613

Bankruptcy Case No.: 07-22787

Chapter 11 Petition Date: December 17, 2007

Court: District of Maryland (Greenbelt)

Judge: Wendelin I. Lipp

Debtor's Counsel: Steven H. Greenfeld, Esq.
                  Cohen, Baldinger & Greenfeld, L.L.C.
                  7910 Woodmont Avenue, Suite 760
                  Bethesda, MD 20814
                  Tel: (301) 881-8300
                  Fax: (301) 881-8350

Estimated Assets: $1 Million to $100 Million

Estimated Debts:  $1 Million to $100 Million

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


FIELDSTONE MORTGAGE: Fitch Chips Ratings on Three Classes to BB
---------------------------------------------------------------
Fitch Ratings has taken these rating actions on two Fieldstone
mortgage pass-through certificates.  Affirmations total $993.2
million and downgrades total $87.4 million.  Break Loss
percentages and Loss Coverage Ratios for each class are included
with the rating actions as:

Fieldstone Mortgage Investments, Series 2005-2

   -- $234 million class A affirmed at 'AAA'
      (BL: 58.87, LCR: 3.43);

   -- $36.2 million class M1 affirmed at 'AA+'
      (BL: 50.52, LCR: 2.94);

   -- $33.3 million class M2 affirmed at 'AA'
      (BL: 42.44, LCR: 2.47);

   -- $21.7 million class M3 affirmed at 'AA-'
      (BL: 37.41, LCR: 2.18);

   -- $16.4 million class M4 affirmed at 'A+'
      (BL: 33.58, LCR: 1.96);

   -- $16.4 million class M5 affirmed at 'A'
      (BL: 29.75, LCR: 1.73);

   -- $14.9 million class M6 affirmed at 'A-'
      (BL: 26.23, LCR: 1.53);

   -- $15.4 million class M7 affirmed at 'BBB+'
      (BL: 22.58, LCR: 1.32);

   -- $11.1 million class M8 downgraded to 'BBB-' from 'BBB'
      (BL: 19.95, LCR: 1.16);

   -- $11.1 million class M9 downgraded to 'BB' from 'BBB-'
      (BL: 17.34, LCR: 1.01).

Deal Summary

   -- Originators: 100% Fieldstone;
   -- 60+ day Delinquency: 28.19%;
   -- Realized Losses to date (% of Original Balance): 1.31%;
   -- Expected Remaining Losses (% of Current Balance): 17.15%;
   -- Cumulative Expected Losses (% of Original Balance): 9.36%.

Fieldstone Mortgage Investments, Series 2005-3

   -- $451.9 million class A affirmed at 'AAA'
      (BL: 47.88, LCR: 2.69);

   -- $44.2 million class M1 affirmed at 'AA+'
      (BL: 42.51, LCR: 2.39);

   -- $41.3 million class M2 affirmed at 'AA'
      (BL: 36.63, LCR: 2.06);

   -- $27.9 million class M3 affirmed at 'AA-'
      (BL: 32.57, LCR: 1.83);

   -- $19.8 million class M4 affirmed at 'A+'
      (BL: 29.69, LCR: 1.67);

   -- $19.2 million class M5 affirmed at 'A'
      (BL: 26.87, LCR: 1.51);

   -- $18.6 million class M6 downgraded to 'BBB+' from 'A-'
      (BL: 24.13, LCR: 1.36);

   -- $18.6 million class M7 downgraded to 'BBB' from 'BBB+'
      (BL: 21.38, LCR: 1.2);

   -- $15.1 million class M8 downgraded to 'BB' from 'BBB'
      (BL: 19.14, LCR: 1.08);

   -- $12.8 million class M9 downgraded to 'BB' from 'BBB-'
      (BL: 17.28, LCR: 0.97).

Deal Summary

   -- Originators: 100% Fieldstone;
   -- 60+ day Delinquency: 22.51%;
   -- Realized Losses to date (% of Original Balance): 1.06%;
   -- Expected Remaining Losses (% of Current Balance): 17.77%;
   -- Cumulative Expected Losses (% of Original Balance): 12.13%.

The rating actions are based on changes that Fitch has made to its
subprime loss forecasting assumptions.  The updated assumptions
better capture the deteriorating performance of pools from 2007,
2006 and late 2005 with regard to continued poor loan performance
and home price weakness.  


FIRST MAGNUS: Court Wants Further Revisions to Liquidation Plan
---------------------------------------------------------------
At a Dec. 7, 2007 hearing on the adequacy of First Magnus
Financial Corporation's disclosure statement, the U.S. Bankruptcy
Court for the District of Arizona took the matter under advisement
to consider the issues in a more deliberate fashion.

"Having now done so, the [C]ourt suggests that, with the Debtor's
supplementation along the lines enumerated by the [C]ourt, the
disclosure statement can be completed and packaged for
dissemination to the creditor body," Judge James M. Marlar said.

The Court directs the Debtor to revise the disclosure
statement, which explains the terms of its chapter 11 plan of
liquidation, and submit a red-lined version of the
document on or before the close of business on Jan. 2, 2008.

               Court's Suggested Edits or Revisions

The Court, in its memorandum decision, requested that the Debtor,
among other things:

    -- state that "Creditors also have the option of voting
       against or rejecting the Plan," aside from just stating
       that it believes that creditors should vote to accept the
       Plan in order to maximize recovery of their claims;

    -- identify the the insider-transferees, and the amounts they
       received, within the two years preceding the filing of the
       bankruptcy case on Aug. 21, 2007;

    -- provide that its proposal to sell a commercial lot in
       Tucson, Arizona, to Rynoke LLC, for $1,600,000, will be
       heard by the Court in 2008, not in mid-November 2007, as
       earlier stated;

    -- describe how it intends to deal with each asset, or pay
       each associated liability in connection with its Warehouse
       Loan Portfolio;

    -- clarify whether "scratch and dent" loans are assets or
       liabilities, and if they are assets, describe how
       they will be liquidated and what net is expected to be
       realized for creditors;

    -- provide an estimate of JPMorgan Chase's anticipated
       deficiency claim, if any;

    -- update its prior statement it had 66 employees as of
       October 12, 2007, and provide the most current figure
       available on staffing;  

    -- clarify whether the wind-down projection has been refined
       from the early days of filing and specify what changes,
       positive or negative, now impact on the estimates;