T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, January 15, 2008, Vol. 12, No. 12 Headlines 70 EAST: Case Summary & 20 Largest Unsecured Creditors ACA FINANCIAL: S&P Suspends Ratings on Corporate Transactions ACAMBARO MEXICAN: Court Okays John Blair as Bankruptcy Counsel ALATEX HOTEL: Case Summary & 20 Largest Unsecured Creditors ALERIS INT'L: Completes $295 Million Sale of US Zinc Business AMERICAN DENTAL: Lenders Extend Forbearance Deal to February 29 AMERICAN HOME: Moody's Junks Ratings on Five Tranches APPLEBEE'S ENTERPRISES: Fitch Rates $119MM Class M-1 Notes at BB BASCOM MELLON: Case Summary & 19 Largest Unsecured Creditors BROOKLYN STRUCTURED: Moody's Junks Ratings on Three Note Classes BUFFETS HOLDINGS: Unit Inks Forbearance Agreement with Lenders BUFFETS HOLDINGS: S&P Ratings Unmoved by Forebearance Agreement CABELA'S CREDIT: Moody's Puts (P) Ba2 Rating on Class D Notes CANTERN CORP: Section 341(a) Meeting Scheduled for January 30 CAPITAL LAND: Trustee Asks Court to Approve $150,000 DIP Fund CAPITAL LAND: Compass FP Files Limited Objection to DIP Financing CAPITAL LAND: Trustee to Evaluate Buy Offers for Property CHASEFLEX TRUST: Moody's Cuts Ratings on Five Tranches to Low-B CHRYSLER LLC: Wants Getrag Joint Venture Resumed for 2009 Opening CITIGROUP MORTGAGE: Moody's Junks Ratings on Three Tranches COAST INTELLIGEN: Case Summary & 20 Largest Unsecured Creditors COLONIAL BANK: Moody's Chips Financial Strength Rating to C- COLONIAL PROPERTIES: Secures Add'l $175 Million Credit Facility COLUMBUS MCKINNON: Evaluating Strategic Options CONNIE BURFORD: Voluntary Chapter 11 Case Summary CONSTELLATION COPPER: Sept. 30 Shareholders' Deficit is $17.7 Mil. COUNTRYWIDE FINANCIAL: Inks $4 Billion Merger Agreement with BofA COUNTRYWIDE FINANCIAL: Incurs Repeated Payment Crediting Errors COUNTRYWIDE FINANCIAL: Moody's Puts Ratings under Review DAGHER GROUP: Case Summary & 20 Largest Unsecured Creditors DANIEL HAYNES: Case Summary & Seven Largest Unsecured Creditors DELPHI CORP: Bank of America Opposes Confirmation of Plan DERCO INC: Files List of 19 Largest Unsecured Creditors DERCO INC: Can Hire Macdonald & Associates as Bankruptcy Counsel DERCO INC: Section 341(a) Meeting Scheduled for January 22 DUQUESNE LIGHT: Fitch Simultaneously Affirms and Withdraws Ratings EL POLLO: S&P Places Stable Outlook on $45MM Equity Investment EQUIFIRST MORTGAGE: S&P Slashes Rating to D on Class B-2 Certs. FIRST DATA: Moody's Junks Rating on Untendered Notes from A2 FIRST MAGNUS: Court Says Disclosure Statement is "Adequate" FIRST MAGNUS: Court Plans February 7 and 8 Confirmation Hearings FIRST NLC: Will File for Chapter 11 Protection & Liquidate Assets FORD MOTOR: Creates the Verve to Ride in Small Car Popularity FORD MOTOR: St. Thomas Assembly Plant in Ontario Starts Production FORD MOTOR: Tata May Tap Ford Executive to Head Two Luxury Brands FRUIT OF THE LOOM: AIG Unit to Pay $42.5MM in EPA Suit Settlement GAP INC: December 2007 Sales Decrease by 6% to $2.2 Billion GEOEYE INC: Elects Michael Horn, Sr. to Board of Directors GINN-LA CS: Housing Recession Cues S&P to Junk Corporate Rating HARMAN INTERNATIONAL: Revises Fiscal Year 2008 Earnings Guidance HEARTLAND AUTOMOTIVE: Filing of Schedules Extended to April 6 HOMEBANC MORTGAGE: Moody's Cuts Rating on Class I-B-3 to Ba1 INDYMAC IMSC: Eight Tranches Obtain Moody's Junk Ratings INNOVATIVE COMM: Court Okays Sale of V.I. Community Bank to FBNC J&J CASINO: Case Summary & 20 Largest Unsecured Creditors J&R PALLET: Case Summary & 18 Largest Unsecured Creditors JJC ENTERPRISES: Case Summary & 21 Largest Unsecured Creditors KIDS CONNECTION: Case Summary & 15 Largest Unsecured Creditors MACY'S INC: December 2007 Total Sales Down 7.4% at $4.6 Billion MASTR ASSET: Realized Losses Cue S&P to Give D Rating MAXJET AIRWAYS: Taps Pachulski Stang as Bankruptcy Counsel MAXJET AIRWAYS: Wants Until Feb. 19 to File Schedules & Statement MAXJET AIRWAYS: Section 341(a) Meeting Scheduled for February 1 MCCLATCHY CO: Moody's Puts Corporate Family Rating at Ba2 METTS CONSTRUCTION: Case Summary & 19 Largest Unsecured Creditors MJ CIGELSKE: Case Summary & 16 Largest Unsecured Creditors MOSAIC CO: Debt Reduction Cues S&P to Lift Rating to BB+ NELSON HERNANDEZ: Case Summary & 14 Largest Unsecured Creditors NESTOR INC: Non-Registration Cues Two Shareholders to Sell Stake NOVASTAR FINANCIAL: Cuts Jobs; Drops Retail & Brokerage Operations NOVASTAR FINANCIAL: NYSE to Suspend Common Stock on January 17 OM GROUP: Moody's Withdraws B1 Corp. Rating with Stable Outlook OMNOVA SOLUTIONS: S&P Keeps B+ Rating on $150 Mil. Senior Loan PARKLINE PROPERTIES: Case Summary & 14 Largest Unsecured Creditors PENN TREATY: S&P Ratings Unaffected by Financial Restatements PETER BORLO: Voluntary Chapter 11 Case Summary PETROLEUM DEVELOPMENT: S&P Puts 'B' Rating with Stable Outlook PHARMED GROUP: Court Approves Bidding Procedure for Sale of Asset PLASTECH ENGINEERED: Moody's Junks Corporate Family Rating POLYONE CORP: Completes Acquisition of Ngai Hing PlastChem PRIVA INC: Court Approves Bankruptcy Proposal Under Canadian Laws PROLONG INT'L: Case Summary & Five Largest Unsecured Creditors PROSPECT MEDICAL: Moody's Reviews Ratings for Likely Downgrade QUEBECOR WORLD: Gets Offer for $400 Mil. Rescue Financing Facility ROCHELLE CALHOUN: Case Summary & 15 Largest Unsecured Creditors ROCK-TENN CO: Inks $851MM Merger Deal with Southern Container ROCK-TENN CO: Moody's Places Ratings on Review for Possible Cut ROCK-TENN CO: S&P Puts BB+ Corp. Rating on CreditWatch Negative SACRED HEART: Moody's Holds B1 Rating on $40.6 Million Debt SEARS HOLDINGS: Same Store Sales Drop 3.5% for Period Ended Jan. 5 SHAW COMM: Earnings Rise to $112MM in Quarter Ended November 30 SOLUTIA INC: Plans to Offer $400 Million Senior Unsecured Notes SOUTHERN STAR: Section 341(a) Meeting Scheduled for January 28 STEAKHOUSE PARTNERS: Inks Mgt. & Srvs. Deal with Equity Holders STEPHEN BEUKAS: Case Summary & 14 Largest Unsecured Creditors SUN-WEST LIFESTYLE: Case Summary & 18 Largest Unsecured Creditors SUSSER HOLDINGS: Gives Progress Updates on Town & Country Merger URBAN MALL: Court Approves Sale of Houston Shopping District URS CORP: Taps Thomas H. Zarges as Washington Division President WASTEQUIP INC: Weak Operations Prompts S&P's Outlook Revision WATERFORD EQUITIES: Case Summary & 50 Largest Unsecured Creditors YOUNG BROADCASTING: Debt Burden Cues S&P to Retain Junk Rating YOUNG BROADCASTING: Moody's Junk Corporate Family Rating * Fitch Says Homebuilders Face Dismal Days w/ Continued Pressures * S&P Cuts Ratings 149 Tranches from 31 Cash Flows and CDOs * Western Arkansas Bankruptcy Filings Up By 31 Percent from 2006 * AlixPartners Promotes 11 to Managing Director * Large Companies with Insolvent Balance Sheets ********* 70 EAST: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------ Debtor: 70 East 127th Street HDFC 70 East 127th Street New York, NY 10035 Bankruptcy Case No.: 08-10072 Chapter 11 Petition Date: January 11, 2008 Court: Southern District of New York (Manhattan) Judge: Robert E. Gerber Debtor's Counsel: Dennis O'Donnell, Esq. Milbank, Tweed, Hadley & McCloy, LLP One Chase Manhattan Plaza New York, NY 10005 Tel: (212) 530-5287 Fax: (212) 822-5287 http://www.milbank.com/ Estimated Assets: $1 million to $10 million Estimated Debts: $500,000 to $1 million Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Big A Fuel Oil Company heating oil $15,000 2568 Park Avenue Bronx, New York 10451 Tel: (718) 665-5050 Urban Property fees $2,750 Management Corp. NYC Department of Finance taxes $0 P.O. Box 32 New York, NY 10008-0032 NYC Department of taxes $0 Environmental Protection NYC Department of Housing repairs $0 Preservation and Development Con Edison electricity $0 Galgano & Associates legal fees $0 Thomas S. Fleishell & legal fees $0 Associates P.C. KOJO Pest Extermination extermination $0 Company LLC Bollinger Ins. Co. insurance $0 AICCO insurance $0 Ambassador Fuel & Oil heating oil $0 Burner Company V&P Fuel Oil Company heating oil $0 C.T. Plastics Inc. supplies $0 Clotildes Piping and Heating repairs $0 E.R. Maintenance Company repairs $0 Heating & Burner Supply Inc. repairs $0 Robert Young Services repairs $0 Corporation Michael McLaurin repairs $0 James McLaurin repairs $0 ACA FINANCIAL: S&P Suspends Ratings on Corporate Transactions ------------------------------------------------------------- Standard & Poor's Ratings Services suspended its ratings on public finance and corporate transactions insured by ACA Financial Guaranty Corp. that do not have an underlying public rating from Standard & Poor's. Following the downgrade of ACA's financial strength rating to 'CCC/CreditWatch Developing' from 'A/CreditWatch Negative' on Dec. 19, 2007, and after receiving feedback from ACA management and market participants, Standard & Poor's has concluded that current ACA-enhanced issue ratings may not adequately reflect the underlying credit characteristics of these transactions. In the vast majority of cases, at the time of issuance, issuers chose not to request a Standard & Poor's public underlying rating, but instead proceeded solely on the basis of the insurer's rating that Standard & Poor's assigned to the transaction. As a result, Standard & Poor's has suspended its ratings on those transactions to which it had not assigned a SPUR. Issues to which Standard & Poor's originally assigned a SPUR will retain that rating. The option to enter a rating process in order to obtain a SPUR is available to issuers. The 'CCC/CreditWatch Developing' financial strength, issuer credit, and financial enhancement ratings of ACA are unaffected by this action. ACAMBARO MEXICAN: Court Okays John Blair as Bankruptcy Counsel -------------------------------------------------------------- Acambaro Mexican Restaurant, Inc. and its debtor-affiliates obtained permission from the U.S. Bankruptcy Court for the Western District of Arkansas to employ John M. Blair, Esq. as their bankruptcy counsel. Mr. Blair is expected to: a. prepare applications, motions, proposed orders, records and reports as required by the bankruptcy rules, interim and local bankruptcy rules; b. prosecute claims and causes of action assertable by the Debtors on behalf of the estate; c. examine proofs of claim to be filed and the possible prosecution of objections to certain of such claims; d. advise the Debtors and prepare documents in connection with the contemplated ongoing operation of the Debtors' business; e. assist and advise the Debtors in performing their other official functions; and f. represent the Debtors at hearings before the Court and in dealings with counsel for other parties-in-interest. Mr. Blair told the Court that he will bill the Debtors $200 per hour for his services. He also assured the Court that he is a disinterested person as the term is defined in Section 101(14) of the U.S. Bankruptcy Code. Mr. Blair can be contacted at: John M. Blair, Esq. P.O. Box 1715 Rogers, AK 72757 Tel: (479) 631-0100 About Acambaro Restaurant Based in Lowell, Arkansas, Acambaro Mexican Restaurant, Inc. -- http://acambaromexicanrestaurant.com/-- operates a Mexican-themed restaurant, and provides catering services. The company and two of its affiliates filed for Chapter 11 protection on Dec. 18, 2007 (Bankr. W.D. Ark. Lead Case No. 07-74066). John M. Blair, Esq. represents the Debtors in their restructuring efforts. When the Acambaro Mexican Restaurant Inc. filed for protection from its creditors, it listed total assets of $4,183,347, and total liabilities of $3,230,197. Garibaldi Mexican Restaurant Inc. had $3,315,859 of total assets and $3,230,197 of total liabilities at the time of filing. Garcia's Distributor Inc. also listed total assets of $3,730,603, and total liabilities of $3,230,196. ALATEX HOTEL: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Alatex Hotel Partners, L.L.C. dba Baymont Inn & Suites dba Howard Johnson Inn & Suites dba San Antonio-Balcones Heights c/o D.J. Doran, President 110 Columbia Street Vancouver, WA 98660 Bankruptcy Case No.: 08-40110 Type of Business: The Debtor owns and manages hotels. Chapter 11 Petition Date: January 11, 2008 Court: Western District of Washington (Tacoma) Judge: Paul B. Snyder Debtor's Counsel: Jeffrey B. Wells, Esq. 500 Union Street, Suite 927 Seattle, WA 98101 Tel: (206) 624-0088 Estimated Assets: $1 Million to $10 Million Estimated Debts: $1 Million to $10 Million Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Bexar County Business debt $46,670 P.O. Box 839950 San Antonio, TX 78283 City Of Balcones Heights Business debt $42,091 3300 Hillcrest Balcones Heights, TX 78201 Comptroller Of Public Account debt owed to $33,000 111 East 17th Street gov. indentity Austin, TX 78774 Howard Johnson International Business debt $20,750 Van Ru Credit Corp. Business debt $18,310 Internal Revenue Service Taxes $14,119 Hawley Troxell Ennis & Hawley Business debt $7,444 Allure Hospitality Business debt $6,706 Dennis J. Doran Business debt $6,176 C.P.S. Energy Business debt $5,937 Allied Insurance $5,432 Eschelon Telecom, Inc. Business debt $5,161 Baymont Franchise System Business debt $4,355 City Of San Antonio Business debt $3,313 Bexar County Business debt $2,985 A.B.C. Pest And Lawn Services Business debt $2,664 Plant Interscapes Business debt $2,215 San Antonio Water System Business debt $2,052 Russell & Associates Business debt $2,000 Performance Food Group Business debt $1,961 ALERIS INT'L: Completes $295 Million Sale of US Zinc Business ------------------------------------------------------------- Aleris International Inc. has completed the sale of its Zinc business, which operates under the name US Zinc, to affiliates of Votorantim Metais Ltda. for $295 million with certain adjustments for working capital and other items. As reported in the Troubled Company Reporter on Nov. 26, 2007, Aleris International has entered into a definitive agreement to sell its Zinc business to affiliates of Votorantim Metais Ltda. US Zinc recycles zinc metal for use in the manufacture of galvanized steel and produces value-added zinc products, zinc oxide and zinc dust, which are used in the vulcanization of rubber products, the production of corrosion-resistant paint and in other specialty chemical applications. US Zinc operates six zinc facilities in the United States and a newly built zinc oxide facility located outside of Shanghai, China. The company will use net proceeds from the divestiture to reduce outstanding debt. Headquartered in Beachwood, Ohio, Aleris International Inc. (NYSE: ARS) -- http://www.aleris.com/-- manufactures rolled aluminum products and offers aluminum recycling and the production of specification alloys. The company also manufactures value-added zinc products that include zinc oxide, zinc dust and zinc metal. The company operates 42 production facilities in the United States, Brazil, Germany, Mexico and Wales, and employs approximately 4,200 employees. * * * As reported in the Troubled Company Reporter on Sept. 21, 2007, Standard & Poor's Ratings Services revised its outlook on Aleris International Inc. to negative from stable. At the same time S&P affirmed its 'B+' corporate credit rating and the other ratings on the company. Concurrently, S&P assigned a 'B-' rating to the company's $105 million 9% senior notes due 2014, which are an add- on to the company's existing $600 million 9% senior notes due 2014. AMERICAN DENTAL: Lenders Extend Forbearance Deal to February 29 --------------------------------------------------------------- American Dental Partners Inc. and the lenders under its revolving credit agreement and term loan agreement have entered into amended forbearance agreements pursuant to which forbearance has been extended to Feb. 29, 2008, from Jan. 11, 2008. The lenders under the revolving credit agreement and term loan agreement also will not exercise certain of their default-related rights and remedies, including acceleration of the maturity of the loans, and have agreed to release the collateral under their loan agreements necessary for the company to meet the obligations of the Settlement Agreement related to the litigation among PDG P.A., PDHC Ltd., one of the company's Minnesota subsidiaries, and the company. The lenders under the revolving credit agreement will continue to make revolving loans and issue letters of credit to the company until Feb. 29, 2008, up to an aggregate principal amount of $61,424,000, an increase from $51,424,000 initially allowed, to be used for the operation of the company's business, provided no other default exists and certain conditions are met. The capacity of the revolving credit agreement is reduced to $75 million from $130 million and borrowings under both the revolving credit agreement and term loan agreement will be made at the Eurodollar rate plus 250 basis points rather than the default interest rate permitted under the revolving credit and term loan agreements. The principal amount outstanding under the revolving credit agreement, including outstanding letters of credit, was $41,424,000 as of Dec. 14, 2007. The company expects negotiation of the definitive agreement as required under the Settlement Agreement related to the litigation among PDG, P.A., PDHC, Ltd. and the company to extend beyond Jan. 11, 2008. "We are pleased our lenders have agreed to extend and amend their forbearance agreements providing us with the time necessary to negotiate and complete new permanent bank financing," Gregory A. Serrao, chairman, chief executive officer and president of the company, stated. "Based upon the lenders' commitments in the forbearance agreements, we have notified PDG that the lender approval condition in the Settlement Agreement has been satisfied, which means we now have a binding Settlement Agreement with PDG. We will continue to negotiate the definitive agreements with PDG with an intention to close the transaction on Feb. 29, 2008," Mr. Serrao said. About American Dental Partners Inc. Based in Wakefield, Massachussetts, American Dental Partners Inc. (NASDAQ:ADPI) -- http://www.amdpi.com/-- is a provider of business services to multidisciplinary dental group practices in selected markets throughout the United States. It provides or assists with organizational planning and development, recruiting, retention and training programs, quality assurance initiatives, facilities development and management, employee benefits administration, procurement, information systems and practice technology, marketing and payor relations, and financial planning, reporting and analysis. The company is affiliated with 26 dental group practices which have 261 dental facilities with approximately 2,301 operatories located in 18 states. AMERICAN HOME: Moody's Junks Ratings on Five Tranches ----------------------------------------------------- Moody's Investors Service downgraded the ratings of 8 tranches and has placed under review for possible downgrade the ratings of 9 tranches from 3 deals issued by American Home in 2007. The collateral backing these classes consists of primarily first lien, fixed and adjustable-rate, Alt-A mortgage loans. The ratings were downgraded and placed under review for downgrade based on higher than anticipated rates of delinquency, foreclosure, and REO in the underlying collateral relative to credit enhancement levels. In its re-rating Moody's has also applied its published methodology updates to the non delinquent portion of the transactions. Complete list of rating actions: Issuer: American Home Mortgage Assets Trust 2007-3 -- Cl. I-1A-2 Currently Aaa on review for possible downgrade, -- Cl. I-2A-2 Currently Aaa on review for possible downgrade, -- Cl. I-M-1, Downgraded to Baa3 on review for possible further downgrade, previously Aa2, -- Cl. I-M-2, Downgraded to Caa1, previously A2, -- Cl. I-M-3, Downgraded to Ca, previously Baa3, -- Cl. II-M-1 Currently Aa2 on review for possible downgrade, -- Cl. II-M-2 Currently Aa3 on review for possible downgrade, -- Cl. II-M-3, Downgraded to B3, previously A2, -- Cl. II-M-4, Downgraded to Caa1, previously A3, -- Cl. II-M-5, Downgraded to Caa2, previously Baa2, -- Cl. II-M-6, Downgraded to Caa3, previously Baa3. Issuer: American Home Mortgage Investment Trust 2007-2 -- Cl. I-M-1 Currently Aa3 on review for possible downgrade, -- Cl. I-M-2, Downgraded to Baa2, previously A3. Issuer: American Home Mortgage Investment Trust 2007-A -- Cl. I-1A Currently Aaa on review for possible downgrade, -- Cl. I-2A Currently Aaa on review for possible downgrade, -- Cl. I-3A-2 Currently Aaa on review for possible downgrade, -- Cl. I-M-1 Currently Aa3 on review for possible downgrade. APPLEBEE'S ENTERPRISES: Fitch Rates $119MM Class M-1 Notes at BB ---------------------------------------------------------------- Fitch has rated the series 2007-1 notes co-issued by Applebee's Enterprises LLC, Applebee's IP LLC and Restaurant Holders as: -- $30,000,000 class A-1-A 'AAA'; -- $70,000,000 Class A-1-X 'BBB-'; -- $350,000,000 Class A-2-I-X 'BBB-'; -- $675,000,000 Class A-2-II-A 'AAA'; -- $650,000,000 Class A-2-II-X 'BBB-'; -- $119,000,000 Class M-1 'BB'. The ratings on the class A-1-A notes and the class A-2-II-A notes are based on a financial guaranty insurance policy issued by Assured Guaranty Corp. whose insurer financial strength is rated 'AAA' by Fitch. The notes are expected to be repaid from cash flows generated by substantially all of Applebee's International, Inc.'s business activities in the United States and consist predominantly of franchise royalty payments from franchise- and company-owned restaurants, as well as profits from company-owned restaurants. Proceeds from the note issuance were used by IHOP Corp. to partially finance its $2.3 billion acquisition of Applebee's on Nov. 29, 2007. BASCOM MELLON: Case Summary & 19 Largest Unsecured Creditors ------------------------------------------------------------ Debtors: Bascom Lowell Mellon, Jr. aka Buck Mellon aka Bascom L. Mellon Connie Lynn Mellon Connie L. Mellon 22945 Rio Lobos Road Diamond Bar, CA 91765 Bankruptcy Case No.: 08-10442 Chapter 11 Petition Date: January 10, 2008 Court: Central District Of California (Los Angeles) Judge: Victoria S. Kaufman Debtors' Counsel: James C. Bastian, Jr., Esq. Shulman Hodges & Bastian LLP 26632 Towne Centre Drive, Suite 300 Foothill Ranch, CA 92610-2808 Tel: (949) 340-3400 Estimated Assets: $1 Million to $10 Million Estimated Debts: $1 Million to $10 Million Debtors' list of their 19 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Financial Federal Credit Inc. Business debt $1,627,531 Attn: Steve Marsh related to Mellon Regional Vice President Grading, Inc. and 7 Corporate Park, Suite 240 personal obligation Irvine, CA 92606 of the Debtors Cosby Oil Co Business debt $520,549 Attn: Martin related to 12902 East Park Street Mellon Grading, Inc. Santa Fe Springs, CA 90670 Poole Commercial Fuels Business debt $87,253 P.O. Box 11531 related to Santa Ana, CA 92711 Mellon Grading, Inc. Godspeed Dist. Business debt $66,416 related to Mellon Grading, Inc. Dalton Trucking Business debt $51,667 related to Mellon Grading, Inc. Rodriguez Sweeping Service Business debt $49,910 related to Mellon Grading, Inc. Francisco Paz Business debt $47,620 related to Mellon Grading, Inc. CitiCards Credit crad - Wife $42,297 Bank of America Credit Card $35,151 GCR Truck Tires Center Business debt $30,526 related to Mellon Grading, Inc. Recat Inc Business debt $29,598 related to Mellon Grading, Inc. Coastline Equipment Business debt $25,960 related to Mellon Grading, Inc. Baldy Mesa Water District Business debt $21,521 related to Mellon Grading Inc. C & C Trucking Business debt $18,650 related to Mellon Grading, Inc. Chase Bank One Credit Card - Wife $16,105 BAB Steering Hydraulics Inc. Business debt $14,349 related to Mellon Grading, Inc. Hoseman Inc. Business debt $14,259 related to Mellon Grading, Inc. ACE Rental & Repair Inc Business debt $13,420 related to Mellon Grading, Inc. Southern Counties Lube Business debt $12,983 related to Mellon Grading, Inc. BROOKLYN STRUCTURED: Moody's Junks Ratings on Three Note Classes ---------------------------------------------------------------- Moody's Investors Service downgraded ratings of six classes of notes issued by Brooklyn Structured Finance CDO, Ltd., and left on review for possible further downgrade ratings of three of these classes of notes. The notes affected by this rating action are: Class Description: $890,000,000 Class A1S Senior Floating Rate Notes Due 2047 -- Prior Rating: Aaa, on review for possible downgrade -- Current Rating: Aa2, on review for possible downgrade Class Description: $40,000,000 Class A1J Senior Floating Rate Notes Due 2047 -- Prior Rating: Aaa, on review for possible downgrade -- Current Rating: Baa3, on review for possible downgrade Class Description: $35,000,000 Class A2 Senior Floating Rate Notes Due 2047 -- Prior Rating: Aa2, on review for possible downgrade -- Current Rating: Ba3, on review for possible downgrade Class Description: $14,000,000 Class A3 Deferrable Floating Rate Notes Due 2047 -- Prior Rating: Baa3, on review for possible downgrade -- Current Rating: Ca Class Description: $11,000,000 Class B Deferrable Floating Rate Notes Due 2047 -- Prior Rating: Ba3, on review for possible downgrade -- Current Rating: Ca Class Description: $3,500,000 Class C Deferrable Floating Rate Notes Due 2047 -- Prior Rating: B3, on review for possible downgrade -- Current Rating: Ca The rating actions reflect deterioration in the credit quality of the underlying portfolio, as well as the occurrence on Nov. 30, 2007, as reported by the Trustee, of an event of default caused by a failure of the ratio calculated by dividing the Net Outstanding Portfolio Collateral Balance by the sum of the Aggregate Outstanding Amount of the Class A1S Notes plus the Aggregate Outstanding Amount of the Class A1J Notes to be greater than or equal to 100 percent, as required under Section 5.01(i) of the Indenture dated Nov. 30, 2006. Brooklyn Structured Finance CDO, 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 ratio calculated by dividing the Net Outstanding Portfolio Collateral Balance by the sum of the Aggregate Outstanding Amount of the Class A1S Notes plus the Aggregate Outstanding Amount of the Class A1J Notes failed to meet the required level. 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 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 assigned to Class A1S, Class A1J and the Class A2 Notes remain on review for possible further action. BUFFETS HOLDINGS: Unit Inks Forbearance Agreement with Lenders -------------------------------------------------------------- Buffets, Inc., a wholly-owned subsidiary of Buffets Holdings Inc., entered into a Forbearance Agreement and Second Amendment to its Credit Agreement with its senior lenders on Jan. 10, 2008. The Forbearance Agreement provides Buffets with continued access to its $640 million credit facility and for the lenders to forbear from exercising certain rights in connection with certain anticipated defaults under the Credit Agreement while Buffets pursues a restructuring of its balance sheet that will better support the Company\u2019s long-term objectives. As previously announced, the company has engaged Houlihan Lokey Howard & Zukin Capital, Inc. to act as financial advisor to review the company's business plan and advise the company with respect to its capital structure. Buffets has also engaged Kroll Zolfo Cooper LLC to assist the company and Houlihan in connection with cash-flow reporting and developing long-term capital restructuring alternatives. Mike Andrews, Chief Executive Officer of Buffets said: "The actions we are announcing [] are intended to make Buffets a stronger and more financially secure company as we continue to contend with the current difficult operating environment. We do not expect any disruptions to the business during our negotiations with our lenders and noteholders and pledge to continue to provide our customers with the highest quality food and service." About Buffets Headquartered in Eagan, Minnesota, Buffets Holdings Inc., is the holding company of Buffets Inc. -- http://www.buffet.com/-- which operates 626 restaurants in 39 states, comprised of 615 steak-buffet restaurants and eleven Tahoe Joe's Famous Steakhouse(R) restaurants, and franchises sixteen steak-buffet restaurants in six states. The restaurants are principally operated under the Old Country Buffet(R), HomeTown Buffet(R), Ryan's(R) and Fire Mountain(R) brands. Buffets employs approximately 37,000 team members and serves approximately 200 million customers annually. BUFFETS HOLDINGS: S&P Ratings Unmoved by Forebearance Agreement --------------------------------------------------------------- Standard & Poor's Ratings Services said its ratings on Buffets Holdings Inc. (Buffets; D/--/--) are unaffected by the company's announcement that it reached a forbearance agreement with lenders of its senior secured credit facility. These lenders have effectively agreed to waive their default rights during the forbearance period (which will likely end on April 2, 2008, unless the company breaches certain provisions of the agreement). The agreement stipulates that the company cannot make any voluntary payments to its senior noteholders and also specifies that on or before Jan. 31, 2008, the company will present to its lenders reasonably detailed terms of its restructuring plan. These conditions make clear that Buffets will not pay interest due Jan. 2, 2008, to its senior noteholders by Jan. 31, 2008 (the end of the cure period). The rating on the company's senior secured credit facility is 'CC', the highest rating for a security with a 'D' corporate credit rating that has not filed for bankruptcy protection. CABELA'S CREDIT: Moody's Puts (P) Ba2 Rating on Class D Notes ------------------------------------------------------------- Moody's Investors Service assigned provisional ratings to the Series 2008-I notes issued out of Cabela's Credit Card Master Note Trust. The complete rating actions are: Issuer: Cabela's Credit Card Master Note Trust -- Class A-1 Fixed Rate Asset-Backed Notes, Series 2008-I, rated (P)Aaa -- Class A-2 Floating Rate Asset-Backed Notes, Series 2008-I, rated (P)Aaa -- Class B-1 Fixed Rate Asset-Backed Notes, Series 2008-I, rated (P)A2 -- Class B-2 Floating Rate Asset-Backed Notes, Series 2008-I, rated (P)A2 -- Class C-1 Fixed Rate Asset-Backed Notes, Series 2008-I, rated (P)Baa2 -- Class C-2 Floating Rate Asset-Backed Notes, Series 2008-I, rated (P)Baa2 -- Class D Floating Rate Asset-Backed, Series 2008-I, rated (P)Ba2 Structure The ratings on the notes are based on the relatively high credit quality of the underlying pool of credit card receivables, and the transaction's structural protections, including early amortization trigger events, interest rate swap agreements, and credit enhancement derived mainly from subordination. Collateral The Trust collateral consists of a certificate (Series 2004-1) issued out of Cabela's Master Credit Card Trust. This certificate represents an undivided interest in an underlying pool of unsecured, revolving co-branded VISA credit card receivables. Compared to performance measures tracked by Moody's Credit Card Indices, the Trust receivables have low charge-off rates and high principal payment rates. Origination and Servicing Cabela's Incorporated originates and services its approximate $1.8 billion credit card program through a wholly-owned, unrated subsidiary, World's Foremost Bank. WFB is a limited purpose credit card bank, with servicing operations located in Lincoln, Nebraska. About Cabela's Cabela's, is a public retail company headquartered in Sidney, Nebraska. Cabela's was established in 1961 and sells outdoor apparel, camping, hunting, and fishing supplies through its mail order catalogs, twenty-six retail superstores located across the United States, outlet stores, and its web site. CANTERN CORP: Section 341(a) Meeting Scheduled for January 30 ------------------------------------------------------------- The U.S. Trustee for Region 17 will convene a meeting of Cantern Corp.'s creditors on Jan. 30, 2008, at 1:00 p.m., at the Foley Building, Room 1500 in Las Vegas, Nevada. This is the first meeting of creditors required under Section 341(a) of the Bankruptcy Code in all bankruptcy cases. All creditors are invited, but not required, to attend. This Meeting of Creditors offers the one opportunity in a bankruptcy proceeding for creditors to question a responsible office of the Debtor under oath about the company's financial affairs and operations that would be of interest to the general body of creditors. Based in Henderson, Nevada, Cantern Corp. filed for Chapter 11 protection on Dec. 21, 2007 (Bankr. D. Nev. Case No. 07-18630). Bonnie Jean Boyce, Esq., at Albright, Stoddard, Warnick & Albright, represents the Debtor in their restructuring efforts. When the Debtor filed for protection from their creditors, it listed total assets of $16,000,155 and total debts of $9,793,898. CAPITAL LAND: Trustee Asks Court to Approve $150,000 DIP Fund ------------------------------------------------------------- Lisa M. Poulin, proposed chapter 11 case trustee for Capital Land Investors LLC, asks the U.S. Bankruptcy Court for the District of Nevada to allow Capital Land to access up to $150,000 postpetition financing from its affiliate, USA Investment Partners LLC. Ms. Poulin relates to the Court that the postpetition financing will be used to pay the Debtor's administrative expenses, including allowed fees and costs incurred by Gordon & Silver Ltd, the Debtor's counsel, and the trustee's other duly retained professionals. The loan, Ms. Poulin says, will be repaid from proceeds generated from sale of the Debtor's assets after full payment of its secured claims. The Court has set a hearing on Jan. 24, 2008, at 9:30 a.m. to consider approval of the postpetition financing motion. About Capital Land Las Vegas, Nevada-based Capital Land Investors LLC owns and manages real estate. It is a single asset real company whose primary assets is located in Perris, California, a 695-acre unimproved land intended for development into a residential community. The property is presently in the late stages of the entitlement phase. Under an operating agreement, Capital Land's members are USA Investment Partners LLC (holds 25% membership); Jabral Investments LLC (25%); The Richard Craig Ashby Irrevocable Trust UTD July 27, 1998 (6.25%); The Bradly Ashby Irrevocable Trust UTD July 27, 1998 (6.25%); and The Justin Ashby Irrevocable Trust UTD July 27, 1998 (6.25%). On April 4, 2007, USA Capital Diversified First Trust Deed Fund LLC, USACM Liquidating Trust, and Alabruj Investments LLC filed involuntary petition for relief under chapter 11 against USAIP, Capital Land's affiliate. Lisa M. Poulin, in her capacity as chapter 11 case trustee of USAIP, with the consent of Capital Land's remaining members, caused Capital Land to file voluntary bankruptcy petition. The Debtor filed for chapter 11 protection on Dec. 4, 2007 (Bankr. D. Nev. Case No. 07-18099). Lisa M. Poulin is the proposed chapter 11 trustee for Capital Land. Talitha B. Gray, Esq., at Gordon & Silver Ltd. represents the Debtor in its restructuring efforts and is also the proposed counsel for the case trustee. Peter C. Bernhard, Esq., and Georganne W. Bradley, Esq., at Bullivant Houser Bailey PC serve as the Debtor's local counsels. The Debtor's schedules showed total assets of $30,000,321 and total liabilities of $63,522,426. CAPITAL LAND: Compass FP Files Limited Objection to DIP Financing ----------------------------------------------------------------- Compass FP Corp., creditor, tells the U.S. Bankruptcy Court for the District of Nevada that it opposes on an limited basis the request of Lisa M. Poulin, proposed chapter 11 case trustee, to allow Capital Land Investors LLC to use $150,000 postpetition financing from its affiliate, USA Investment Partners LLC. Compass related that it does not oppose the case trustee's request on substantive grounds since Compass is not in a proper position to substantively evaluate the postpetition credit agreement. Compass says that the credit agreement did not accompany the case trustee's motion filed with the Court. Hence, Compass requests that the case trustee filed the credit agreement and adds that it reserves the right to fule a further response regarding the postpetition financing motion. The Court will hear the matter on Jan. 24, 2008, at 9:30 a.m. Steven H. Winick, Esq., Oriz Katz, Esq., and Michael H. Ahrens, Esq., of Sheppard Mullin Richter & Hampton LLP represent Compass Financial Partners LLC and Compass FP Corp., creditors. About Capital Land Las Vegas, Nevada-based Capital Land Investors LLC owns and manages real estate. It is a single asset real company whose primary assets is located in Perris, California, a 695-acre unimproved land intended for development into a residential community. The property is presently in the late stages of the entitlement phase. Under an operating agreement, Capital Land's members are USA Investment Partners LLC (holds 25% membership); Jabral Investments LLC (25%); The Richard Craig Ashby Irrevocable Trust UTD July 27, 1998 (6.25%); The Bradly Ashby Irrevocable Trust UTD July 27, 1998 (6.25%); and The Justin Ashby Irrevocable Trust UTD July 27, 1998 (6.25%). On April 4, 2007, USA Capital Diversified First Trust Deed Fund LLC, USACM Liquidating Trust, and Alabruj Investments LLC filed involuntary petition for relief under chapter 11 against USAIP, Capital Land's affiliate. Lisa M. Poulin, in her capacity as chapter 11 case trustee of USAIP, with the consent of Capital Land's remaining members, caused Capital Land to file voluntary bankruptcy petition. The Debtor filed for chapter 11 protection on Dec. 4, 2007 (Bankr. D. Nev. Case No. 07-18099). Lisa M. Poulin is the proposed chapter 11 trustee for Capital Land. Talitha B. Gray, Esq., at Gordon & Silver Ltd. represents the Debtor in its restructuring efforts and is also the proposed counsel for the case trustee. Peter C. Bernhard, Esq., and Georganne W. Bradley, Esq., at Bullivant Houser Bailey PC serve as the Debtor's local counsels. The Debtor's schedules showed total assets of $30,000,321 and total liabilities of $63,522,426. CAPITAL LAND: Trustee to Evaluate Buy Offers for Property --------------------------------------------------------- Lisa M. Poulin, proposed chapter 11 case trustee for Capital Land Investors LLC, intends to expeditiously evaluate the Debtor's received buy offers for its property in Perris, California. The case trustee will also continue canvassing local and national market for the best possible offer, negotiate optimal bid, and complete a sale of the property subject to the approval of the U.S. Bankruptcy Court for the District of Nevada. Based on the case trustee's information, it is estimated that the sale of the property will generate sufficient funds to satisfy the debt owed to Compass Financial Partners LLC and may potentially also satisfy or reduce the debt owed to Ohio Savings Bank. Debts Secured by the Property The Debtor obtained a $10 million loan from 89 individual investors, previously serviced by USA Commercial Mortgage and is currently serviced by Compass. The Compass Loan is secured by a first position deed of trust on the Debtor's property. Meanwhile, Ohio Savings Bank provided the Debtor's affiliate, USA Investment Partners LLC, a loan secured in a sum not to exceed $44 million. USAIP's promissory note has a present balance due of about $13.9 million. Additionally, as of Dec. 4, 2007, the Debtor owes $76,150 in unpaid property taxes secured by the property. Default on the Compass Loan The Debtor defaulted on the Compass Loan and Compass commenced foreclosure proceedings against the property, with a non-judicial foreclosure sale set for Dec. 5, 2007. However, due to the Debtor's prepetition marketing efforts, including efforts of its broker, CB Richard Ellis, the Debtor received three offers on the property, which exceed the principal debt owed on the Compass Loan. About Capital Land Las Vegas, Nevada-based Capital Land Investors LLC owns and manages real estate. It is a single asset real company whose primary assets is located in Perris, California, a 695-acre unimproved land intended for development into a residential community. The property is presently in the late stages of the entitlement phase. Under an operating agreement, Capital Land's members are USA Investment Partners LLC (holds 25% membership); Jabral Investments LLC (25%); The Richard Craig Ashby Irrevocable Trust UTD July 27, 1998 (6.25%); The Bradly Ashby Irrevocable Trust UTD July 27, 1998 (6.25%); and The Justin Ashby Irrevocable Trust UTD July 27, 1998 (6.25%). On April 4, 2007, USA Capital Diversified First Trust Deed Fund LLC, USACM Liquidating Trust, and Alabruj Investments LLC filed involuntary petition for relief under chapter 11 against USAIP, Capital Land's affiliate. Lisa M. Poulin, in her capacity as chapter 11 case trustee of USAIP, with the consent of Capital Land's remaining members, caused Capital Land to file voluntary bankruptcy petition. The Debtor filed for chapter 11 protection on Dec. 4, 2007 (Bankr. D. Nev. Case No. 07-18099). Lisa M. Poulin is the proposed chapter 11 trustee for Capital Land. Talitha B. Gray, Esq., at Gordon & Silver Ltd. represents the Debtor in its restructuring efforts and is also the proposed counsel for the case trustee. Peter C. Bernhard, Esq., and Georganne W. Bradley, Esq., at Bullivant Houser Bailey PC serve as the Debtor's local counsels. The Debtor's schedules showed total assets of $30,000,321 and total liabilities of $63,522,426. CHASEFLEX TRUST: Moody's Cuts Ratings on Five Tranches to Low-B --------------------------------------------------------------- Moody's Investors Service downgraded the ratings of 14 tranches and has placed under review for possible downgrade the ratings of 1 tranches from 2 deals issued by ChaseFlex in 2007. The collateral backing these classes consists of first lien, fixed and adjustable-rate, Alt-A mortgage loans. The ratings were downgraded and placed under review for downgrade based on higher than anticipated rates of delinquency, foreclosure, and REO in the underlying collateral relative to credit enhancement levels. In its re-rating Moody's has also applied its published methodology updates to the non delinquent portion of the transactions. Complete list of rating actions: Issuer: ChaseFlex Trust Series 2007-3 -- Cl. II-M4, Downgraded to A2, previously A1, -- Cl. II-M5, Downgraded to A3, previously A2, -- Cl. II-M6, Downgraded to Baa1, previously A3, -- Cl. II-B1, Downgraded to Baa3, previously Baa1, -- Cl. II-B2, Downgraded to Ba1, previously Baa2. Issuer: ChaseFlex Trust Series 2007-M1 -- Cl. 1-M5, Downgraded to Baa1, previously A2, -- Cl. 1-M6, Downgraded to Baa2, previously A3, -- Cl. 1-B1, Downgraded to Ba1, previously Baa1, -- Cl. 1-B2, Downgraded to Ba2, previously Baa2, -- Cl. 2-M3 Currently Aa3 on review for possible downgrade, -- Cl. 2-M4, Downgraded to A3, previously A1, -- Cl. 2-M5, Downgraded to Baa2, previously A2, -- Cl. 2-M6, Downgraded to Baa3, previously A3, -- Cl. 2-B1, Downgraded to Ba2, previously Baa1, -- Cl. 2-B2, Downgraded to Ba3, previously Baa2. CHRYSLER LLC: Wants Getrag Joint Venture Resumed for 2009 Opening ----------------------------------------------------------------- Chrysler LLC is anxious that work on a joint venture with Getrag Corp. will resume next week in time for the 2009 opening, various sources report. Construction of a $530 million transmission plant in Tipton County, Indiana, was suspended on Dec. 21, 2007, due to a rift between Chrysler and Getrag. As reported in the Troubled Company Reporter on June 22, 2007, Chrysler, which was still under DaimlerChrysler AG, named Tipton as the site of a new dual-clutch transmission manufacturing plant with partner company, Getrag. The $530 million investment is another step in Chrysler's "Powertrain Offensive" -- $3 billion in investments to produce more fuel-efficient engines, transmissions and axles for the carmaker. The Indianapolis Star disclosed that Chrysler has not cited particular reasons of its discord with Getrag, however, auto analysts say that the problem lies with Chrysler's streamlining strategy, affecting the number of Getrag transmissions to be produced once the plant opens in 2009. A company spokesperson related that the deal will push through, insisting that transmissions are needed for a new line of engines, Reuters reports. Government officials are hopeful that the parties will resolve their differences because the investment is likely to bring 1,400 jobs to the county. Headquartered in Auburn Hills, Michigan, Chrysler LLC -- http://www.chrysler.com/-- a unit of Cerberus Capital Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R) brand vehicles and products. The company has dealers worldwide, including Canada, Mexico, U.S., Germany, France, U.K., Argentina, Brazil, Venezuela, China, Japan and Australia. * * * As reported in the Troubled Company Reporter on Nov. 12, 2007, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating on Chrysler LLC and DaimlerChrysler Financial Services Americas LLC and removed it from CreditWatch with positive implications, where it was placed Sept. 26, 2007. S&P said the outlook is negative. CITIGROUP MORTGAGE: Moody's Junks Ratings on Three Tranches ----------------------------------------------------------- Moody's Investors Service downgraded the ratings of 8 tranches and placed on review for possible downgrade the ratings of 11 tranches from 3 transactions issued by Citigroup in 2007. Additionally, one downgraded class remains on review for possible further downgrade. The collateral backing this class consists of primarily first-lien, fixed and adjustable-rate, Alt-A mortgage loans. The ratings were downgraded and placed under review for downgrade based on higher than anticipated rates of delinquency, foreclosure, and REO in the underlying collateral relative to credit enhancement levels. In its re-rating Moody's has also applied its published methodology updates to the non delinquent portion of the transactions. Complete list of rating actions: Issuer: Citigroup Mortgage Loan Trust 2007-AR1 -- Cl. A3, Currently Aaa on review for possible downgrade, -- Cl. A4, Currently Aaa on review for possible downgrade, -- Cl. M1, Currently Aa2 on review for possible downgrade, -- Cl. M2, Downgraded to B1, previously A2, -- Cl. M3, Downgraded to Ca, previously Baa2, -- Cl. M4, Downgraded to C, previously Baa3. Issuer: Citigroup Mortgage Loan Trust 2007-AR7 -- Cl. A2A, Currently Aaa on review for possible downgrade, -- Cl. A4A, Currently Aaa on review for possible downgrade, -- Cl. A5A, Currently Aaa on review for possible downgrade, -- Cl. A2B, Currently Aa1 on review for possible downgrade, -- Cl. A134B, Currently Aa1 on review for possible downgrade, -- Cl. A5B, Currently Aa1 on review for possible downgrade, -- Cl. B1, Currently Aa2 on review for possible downgrade, -- Cl. B2, Downgraded to B3 on review for possible further downgrade, previously A2, -- Cl. B3, Downgraded to Caa3, previously Baa2. Issuer: Citigroup Mortgage Loan Trust 2007-OPX1 -- Cl. M-1, Currently Aa2 on review for possible downgrade, -- Cl. M-2, Downgraded to Baa2, previously A2, -- Cl. M-3, Downgraded to Ba3, previously Baa1, -- Cl. M-4, Downgraded to B1, previously Baa3. COAST INTELLIGEN: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: Coast Intelligen, Inc. 55 Edison Street West Babylon, NY 11704 Bankruptcy Case No.: 08-70163 Type of Business: The Debtor manufactures power generation and packaged cogeneration systems that provide primary power for small- and medium-sized facilities. See http://www.coastintelligen.com/ Chapter 11 Petition Date: January 11, 2008 Court: Eastern District of New York (Central Islip) Debtor's Counsel: Gerard R. Luckman, Esq. Silverman, Perlstein & Acampora, L.L.P. 100 Jericho Quadrangle, Suite 300 Jericho, NY 11753 Tel: (516) 479-6300 Total Assets: $1,808,654 Total Debts: $5,601,848 Debtor's 20 Largest Unsecured Creditors: Entity Claim Amount ------ ------------ Dana Commercial Credit $1,032,174 Attention: David H. Lesser 206 East 63rd Street New York, NY 10021 Ray Raffesberger $200,000 1364 Corvidae Street Carlsbad, CA 92011-4851 Monterey Bay Academy $39,007 786 San Andreas Road La Selva Beach, CA 95076 Electrical Maintenance $9,315 Consultants Chase Business Credit Card $6,292 Investors Property Management $4,742 Group Davis Industrial Pipe & Supply $4,671 Quality Thermistor, Inc. $3,840 Superior Automatic Sprinklers $3,356 Co. Document Technologies, Inc. $3,318 Reliable Emmissions $2,760 A.T.&T. Long $2,449 South Coast Air Quality $2,388 Management San Diego Cabling $2,231 Gary Denman $1,714 Protection One $1,537 Emerson/Electric Reliability $1,500 Monterey Bay United Air $1,356 Pollution Porter Boiler $1,254 Coast Oil Co., L.L.C. $1,228 COLONIAL BANK: Moody's Chips Financial Strength Rating to C- ------------------------------------------------------------ Moody's Investors Service downgraded the ratings of Colonial Bank (bank financial strength to C- from C and long-term bank deposits to Baa1 from A3) and its affiliates, and placed a negative outlook on all ratings. Colonial Bank is the lead bank of Colonial BancGroup, Inc., an unrated financial services holding company. Moody's said the downgrade was based on Colonial's sizable concentration in Florida commercial real estate, residential development in particular. Moody's noted that Colonial's CRE exposure accounts for over six times tangible common equity, with construction lending comprising two-thirds of total CRE. Moody's believes this portfolio will worsen significantly beyond the deterioration experienced to date. The oversupply of Florida housing and the continuing drop in sales and prices of single family homes highlight Moody's concern over Colonial's Florida residential construction book. A further concern is Colonial's relatively large exposures to individual real estate developers. For example, a rise in third quarter nonperforming assets was largely attributable to four real estate construction credits, three in Florida and one in Georgia. Net charge-offs were similarly concentrated; 75% were comprised of three loan relationships, two in Florida and one in Alabama. Although Colonial's NPAs as a percentage of tangible common equity plus reserves remain a manageable 5.4%, Moody's notes the aforementioned conditions in Florida could lead to increased asset quality volatility. Moody's said the negative outlook reflects the possibility of a very sharp deterioration in the company's concentrated CRE portfolio and the resulting impact this would have on Colonial's profitability and capital metrics. Colonial enters this challenging period with good liquidity and regulatory capital ratios. Downgrades Issuer: CBG Florida REIT Corp. -- Preferred Stock Preferred Stock, Downgraded to Ba1 from Baa3 Issuer: Colonial Bank -- Bank Financial Strength Rating, Downgraded to C- from C -- Issuer Rating, Downgraded to Baa1 from A3 -- OSO Senior Unsecured OSO Rating, Downgraded to Baa1 from A3 -- Subordinate Regular Bond/Debenture, Downgraded to Baa2 from Baa1 -- Senior Unsecured Deposit Rating, Downgraded to Baa1 from A3 Issuer: Colonial Capital Trust III -- Preferred Stock Preferred Stock, Downgraded to Baa3 from Baa2 Issuer: Colonial Capital Trust IV -- Preferred Stock Preferred Stock, Downgraded to Baa3 from Baa2 Outlook Actions Issuer: CBG Florida REIT Corp. -- Outlook, Changed To Negative From Stable Issuer: Colonial Bank -- Outlook, Changed To Negative From Stable Issuer: Colonial Capital Trust III -- Outlook, Changed To Negative From Stable Issuer: Colonial Capital Trust IV -- Outlook, Changed To Negative From Stable Colonial, headquartered in Montgomery, Alabama had assets of $24.5 billion as of Sept. 30, 2007. COLONIAL PROPERTIES: Secures Add'l $175 Million Credit Facility --------------------------------------------------------------- Colonial Properties Trust has added $175 million of additional borrowing capacity through the accordion feature in its existing unsecured revolving credit facility, thereby increasing the company's revolving borrowing capacity to $675 million. The expanded credit facility, which matures in June 2012, will provide additional liquidity to be used to fund the company's development pipeline and for general corporate purposes. As of Jan. 10, 2008, the company had $27 million of borrowings outstanding under this facility. The additional capacity will provide the flexibility for the company to execute its business plan without having to access the public capital markets for the next twelve to eighteen months. The pricing of the credit facility remained unchanged and bears an interest rate of 75 basis points over the London Interbank Offering Rate, which can be adjusted up or down based on changes in the credit ratings of the company's senior unsecured debt. The $675 million unsecured credit facility also includes a competitive bid option generally for up to 50 percent of the facility. The facility also contains customary representations, covenants and events of default, which were not modified in conjunction with the expansion of the facility. Wachovia Bank N.A. and Banc of America N.A. were the lead arrangers for the $675 million unsecured credit facility, and the additional commitments were provided by a syndicate of banks that were existing lenders in the credit facility. About Colonial Properties Headquartered in Birmingham, Alabama, Colonial Properties Trust (NYSE:CLP) -- http://www.colonialprop.com/-- is a diversified REIT that, through its subsidiaries, owns a portfolio of multifamily, office and retail properties where you live, work and shop in Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina, Virginia, Tennessee, Texas, Arizona, Nevada and New Mexico. Colonial Properties Trust performs development, acquisition, management, leasing and brokerage services for its portfolio and properties owned by third parties. * * * As reported in the Troubled Company Reporter on Sept. 26, 2007, Moody's Investors Service affirmed these ratings on Colonial Properties Trust with a negative outlook: (i) preferred stock at Ba1; (ii) subordinated debt shelf at (P)Ba1; and (iii) preferred shelf at (P)Ba1. COLUMBUS MCKINNON: Evaluating Strategic Options ----------------------------------------------- Columbus McKinnon Corporation has decided to evaluate strategic alternatives, including the potential sale of the business. Columbus McKinnon is in the process of selecting a financial advisor to lead the initiative. Univeyor, which is part of the company's solutions segment, is a producer and supplier of both standard and custom-designed products and systems for integrated material handling and logistics applications. For the 12-month period ended Sept. 30, 2007, Univeyor's net sales were $30.1 million representing 58.4% of the solutions segment net sales of $51.5 million and 5% of the company's total consolidated net sales of $598.4 million. Univeyor sells directly to the end-users of its services and products and is based in Arden, Denmark. About Columbus McKinnon Headquartered in Amherst, New York, Columbus McKinnon Corp. (NasdaqGM: CMCO) -- http://www.cmworks.com/-- designs, manufactures and markets material handling products, systems and services, which efficiently and ergonomically move, lift, position or secure material. Key products include hoists, cranes, chain and forged attachments. * * * As reported in the Troubled Company Reporter on Nov. 30, 2007 Moody's Investors Service upgraded Columbus McKinnon's corporate family rating and its probability of default rating to Ba3 from B1 as the company continues to show strong operating performance and demonstrates its commitment to creating a conservative capital structure through debt reductions. At the same time, Moody's upgraded the company's senior subordinated notes to B1 from B2. The rating outlook is stable. CONNIE BURFORD: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: Connie B. Burford 1781 East Azalea Circle Greenville, MS 38701 Bankruptcy Case No.: 08-10102 Chapter 11 Petition Date: January 10, 2008 Court: Northern District of Mississippi (Aberdeen) Debtor's Counsel: Craig M. Geno, Esq. Harris Jernigan & Geno, PLLC P.O. Box 3380 Ridgeland, MS 39158-3380 Tel: (601) 427-0048 Estimated Assets: $100,000 to $500,000 Estimated Debts: $1 Million to $10 Million The Debtor did not file a list of her 20 largest unsecured creditors. CONSTELLATION COPPER: Sept. 30 Shareholders' Deficit is $17.7 Mil. ------------------------------------------------------------------ Constellation Copper Corporation reported its financial results for the quarter ended Sept. 30, 2007. The company's management had determined it was impractical to meet the original filing requirements and provide meaningful unaudited financial statements until a management evaluation was completed. The company had a net loss of $97.96 million for the third quarter of 2007, compared to a net loss of $10.13 million for the third quarter of 2006. The net loss in the third quarter of 2007 included an asset impairment of $92.92 million, related to continued production problems and the conversion to a leach only operation at Lisbon Valley. The net loss for the third quarter of 2007 included a realized loss of $6.46 million on derivative instruments, including $5.73 million on settlement of forward sales contracts, $549,000 on expiry of put options and $185,000 final settlement for deliveries of cathode copper under the terms of the company's offtake agreement. Liquidity and Capital Resources The company's cash balance at Sept. 30, 2007 was $10.87 million compared to $5,726,000 at Dec. 31, 2006. The higher cash balance in 2007 was due to proceeds from the issuance of convertible debentures in March 2007, net of repayment of the Lisbon Valley project financing, funding working capital, settling forward contracts as they become due and additions to mineral properties and property, plant and equipment. Cash used in operating activities was $8.03 million during the third quarter of 2007, compared to $17.74 million for the third quarter of 2006. Cash used to build inventories during the third quarter of 2007 was $7.04 million compared to $11.45 million during the third quarter of 2006. During the third quarter of 2007, the company received $519,000 in connection with the exercise of options compared to $19.31 million received in the third quarter of 2006 from the exercise of options and warrants. At Sept. 30, 2007, the company's balance sheet showed total assets of $72.68 million and total liabilities of $90.40 million, resulting to a total shareholders' deficit of $17.72 million. Going Concern The company related that there is significant doubt about the its ability to continue as a going concern. The cash balance of $10.87 million at September 30, has been reduced further to approximately $3.20 million at Dec. 31, 2007, and in order to provide liquidity, the company is pursuing various near term financing alternatives, including bank financing, equity investment, mergers, and sale of certain assets or sale of the entire company. In late November 2007, as a result of a comprehensive management evaluation of Lisbon Valley operations, the company disclosed its decision to cease mining and crushing activities and convert the Lisbon Valley mine to a leach only operation in early 2008. The evaluation included analyses of various mining plans, waste stripping requirements, contract mining arrangements, available mining equipment, projected copper prices and extensive operating cost and cash flow projections. In connection with the evaluation and conversion to a leach only operation, the company recorded an asset impairment of $92,918,000. About Constellation Copper Headquartered in Lakewood, Colorado, Constellation Copper Corporation (CCU: TSX) -- http://www.constellationcopper.com/-- evaluates and develops mineral properties in the United States and Mexico. The company holds its properties primarily through three of its wholly owned subsidiaries, Lisbon Valley Mining Co. LLC, Minera Terrazas S.A. de C.V. and San Javier del Cobre S.A. de C.V. LVMC operates the Lisbon Valley copper mine, which comprises three main deposits: Sentinel, Centennial and GTO, plus the Cashin satellite deposit, with reserves and resources totalling +50 million tons and grading an average 0.48% copper. Minera Terrazas holds the company's interest in the Terrazas zinc-copper project located in north- central Mexico. The property has a total resource of 90 million tonnes grading 1.37% zinc and 0.32% copper in two adjacent deposits. San Javier del Cobre S.A. de C.V. holds the company's interest in the San Javier copper property located in northwestern Mexico. * * * As reported in the Troubled Company Reporter on Dec. 10, 2007, Constellation Copper said that negotiations with the counterparty on the company's forward sales contracts continue to progress but have not yet been finalized. The company has obtained a verbal temporary waiver of the payments that were due on Nov. 2, 2007, and Dec. 4, 2007, while the negotiations continue. The aggregate amount of the payments is approximately $3.8 million. COUNTRYWIDE FINANCIAL: Inks $4 Billion Merger Agreement with BofA ----------------------------------------------------------------- Countrywide Financial Corp. has signed a definitive agreement to sell its business to Bank of America Corporation in an all-stock transaction worth approximately $4 billion. Under the terms of the agreement, shareholders of Countrywide would receive .1822 of a share of Bank of America stock in exchange for each share of Countrywide. The purchase is expected to close in the third quarter and to be neutral to Bank of America earnings per share in 2008 and accretive in 2009, excluding merger and restructuring costs. Bank of America expects $670 million in after-tax cost savings in the transaction, or 11 percent of the expense base of the two companies' mortgage operations. About one third of those savings would come in 2009, two thirds would be realized in 2010 and savings would be fully realized in 2011. The agreement has been approved by Bank of America's board of directors and Countrywide's board of directors and is subject to approval by Countrywide's shareholders and customary regulatory approvals. In 2007, Countrywide had $408 billion in mortgage originations and has a servicing portfolio of about $1.5 trillion with 9 million loans. Countrywide's deep retail distribution will enhance Bank of America's network of more than 6,100 banking centers throughout the U.S. After closing, Bank of America plans to operate Countrywide separately under the Countrywide brand with integration occurring no sooner than 2009. Commenting on the transaction, Bank of America Chairman and Chief Executive Officer Kenneth D. Lewis said, "Countrywide presents a rare opportunity for Bank of America to add what we believe is the best domestic mortgage platform at an attractive price and to affirm our position as the nation's premier lender to consumers. Countrywide customers will gain access to a broad set of consumer products including credit cards and deposit services. Home ownership is a fundamental pillar of the U.S. economy and over time it will be a key area of growth for Bank of America." Countrywide Chairman and Chief Executive Officer Angelo R. Mozilo relates that "We believe this is the right decision for our shareholders, customers and employees. Bank of America is one of the largest financial institutions in the U.S. and internationally, and we are confident that the combination of Countrywide and Bank of America will create one of the most powerful mortgage franchises in the world. We have had a long and positive relationship with Bank of America and our servicing and origination businesses, as well as other aspects of our operations, will be substantially enhanced as a result of this transaction." Subprime Initiatives Origination of subprime loans is not planned for the combined company. Both Bank of America and Countrywide said they will continue to work with public officials and community groups to explore new initiatives to help homebuyers and communities affected by the subprime issue. Bank of America plans to expand the capacity and marketing of credit counseling programs and internal capacity and flexibility for loan modifications for loan workout teams following the purchase of Countrywide. Countrywide also has a number of programs in place designed to minimize foreclosures where feasible. * On Oct. 23, 2007, Countrywide announced a major expansion of its foreclosure prevention efforts by starting a $16 billion home preservation program to assist as many as 82,000 subprime hybrid ARM customers facing ARM resets through the end of 2008. * On Oct. 24, 2007, Countrywide entered into a groundbreaking partnership with the Neighborhood Assistance Corporation of America to leverage Countrywide's market leading home retention programs and NACA's unique model for counseling borrowers. * On Dec. 21, 2007, Countrywide announced work on an agreement with the Association of Community Organizations for Reform Now to serve as a blueprint for home retention and foreclosure prevention initiatives in the mortgage industry, with a particular focus on subprime borrowers. Bank of America was advised by Banc of America Securities and the law firms of Cleary, Gottlieb, Steen & Hamilton LLP and K&L Gates in the transaction. Countrywide was advised by Sandler O'Neill & Partners LP and Goldman Sachs Group Inc. and the law firm of Wachtell Lipton Rosen & Katz. Countrywide's Board of Directors was advised by Sandler O'Neill & Partners LP. Both Goldman Sachs and Sandler O'Neill delivered fairness opinions to the Countrywide Board. Equity Investment As reported in the Troubled Company Reporter on Aug. 24, 2007, BofA provided Countrywide with a $2 billion strategic equity investment, which transaction was completed and funded on Aug. 22, 2007. BofA's investment was in the form of a non-voting convertible preferred security yielding 7.25 percent annually. The security can be converted into common stock at $18 per share, with resulting shares subject to restrictions on trading for 18 months after conversion. About Bank of America Bank of America -- http://www.bankofamerica.com/-- is a financial institution, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk- management products and services. The company serves clients in 175 countries and has relationships with 99 percent of the U.S. Fortune 500 companies and 80 percent of the Fortune Global 500. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange. About Countrywide Financial Based in Calabasas, California, Countrywide Financial Corporation (NYSE: CFC) -- http://www.countrywide.com/-- is a diversified financial services provider and a member of the S&P 500, Forbes 2000 and Fortune 500. Through its family of companies, Countrywide originates, purchases, securitizes, sells, and services residential and commercial loans; provides loan closing services such as credit reports, appraisals and flood determinations; offers banking services which include depository and home loan products; conducts fixed income securities underwriting and trading activities; provides property, life and casualty insurance; and manages a captive mortgage reinsurance company. COUNTRYWIDE FINANCIAL: Incurs Repeated Payment Crediting Errors --------------------------------------------------------------- Two federal bankruptcy judges became impatient with Countrywide Financial Corp.'s repeated mistakes in crediting borrower's payments made during bankruptcy, The Wall Street Journal reports. Specifically, WSJ relates, U.S. Bankruptcy Judge Jeff Bohm is considering sanctions against Countrywide after the company represented to the court that William Allen Parsley, a homeowner which sought bankruptcy, owed fees which turned out to be unsubstantiated and erroneous. In addition, WSJ says, Miami Bankruptcy Judge A. Jay Cristol authorized a U.S. trustee to obtain information about how Countrywide made a mistake in claiming that the borrower in one case would need to pay $4,800 a month for a mortgage during bankruptcy. After the borrower objected, Countrywide admitted its mistake and reduced its claim to about $2,400 a month, according to WSJ. December Loan Defaults Increased Countrywide's operational data for the month ended Dec. 31, 2007, as reported in the Troubled Company Reporter on Jan. 10, 2008, showed that the delinquency as a percentage of the number of loans it serviced increased to 6.96% in month ended Dec. 31, 2007, from 5.02% in the same period last year. In addition, average daily mortgage loan application activity for December 2007 was $1.5 billion, which compares to $1.9 billion for November 2007. The mortgage loan pipeline was $35 billion at Dec. 31, 2007, as compared to $43 billion for November 2007. Countrywide's president and chief operating officer, David Sambol, commented that "[a]lthough average daily mortgage loan applications and the pipeline of mortgage loans-in-process decreased from November, this reflected a seasonal decline typically seen this time of year." He added that the company's fourth quarter ended with a number of positive operational trends, including "total loan fundings [of] $24 billion for the month of December, up slightly from November 2007." Bankruptcy Rumors The company recently denied speculations that it might seek bankruptcy protection after its shares dropped 28%. "There is no substance to the rumor that Countrywide is planning to file for bankruptcy, and we are not aware of any basis for the rumor that any of the major rating agencies are contemplating negative action relative to the company," Countrywide said in a statement cited by Reuters. November last year, Countrywide modified its funding structure by reducing its reliance on the public debt and non-agency secondary mortgage markets after credit rating agencies downgraded the company's debt ratings due to current market conditions and constrained liquidity. For the third quarter ended Sept. 30, 2007, Countrywide reported a net loss of $1.2 billion, compared to net income of $648 million for the third quarter of 2006. Countrywide said it will report its 2007 Fourth Quarter and Year- End Earnings on Jan. 29, 2008. About Countrywide Financial Based in Calabasas, California, Countrywide Financial Corporation (NYSE: CFC) -- http://www.countrywide.com/-- is a diversified financial services provider and a member of the S&P 500, Forbes 2000 and Fortune 500. Through its family of companies, Countrywide originates, purchases, securitizes, sells, and services residential and commercial loans; provides loan closing services such as credit reports, appraisals and flood determinations; offers banking services which include depository and home loan products; conducts fixed income securities underwriting and trading activities; provides property, life and casualty insurance; and manages a captive mortgage reinsurance company. COUNTRYWIDE FINANCIAL: Moody's Puts Ratings under Review -------------------------------------------------------- Moody's placed the ratings of Countrywide Financial Corporation and its subsidiaries under review for upgrade. CFC and Countrywide Home Loans senior debt is rated Baa3 and short-term debt is rated Prime-3. Countrywide Bank FSB's bank financial strength rating is C-, deposits are rated Baa1 and short-term debt Prime-2. All long and short-term ratings are placed under review for possible upgrade. The rating action follows the Company's announcement that Bank of America will acquire Countrywide Financial Corporation for $4 billion in BAC stock. The transaction, subject to regulatory approval, is expected to close in the third quarter of 2008. In placing the company's ratings under review for possible upgrade, Moody's said Countrywide's creditors and depositors will benefit from becoming part of a highly rated entity which has superior franchise strength in robust markets throughout the US. The review will focus on whether the deal will be completed. Moody's will also consider explicit as well as implicit support that will be available to Countrywide's debtholders as a result of this transaction. In the ensuing period prior to the close of the transaction Moody's will monitor Countrywide's liquidity and capital management. In a related move Moody's placed BAC's holding company ratings (senior at Aa1) under review for possible downgrade. Moody's also placed Bank of America NA's A financial strength rating under review for possible downgrade, but affirmed the bank's Aaa deposit rating. On Review for Possible Upgrade Issuer: Countrywide Bank FSB -- Bank Financial Strength Rating, Placed on Review for Possible Upgrade, currently C- -- Issuer Rating, Placed on Review for Possible Upgrade, currently Baa1 -- OSO Rating, Placed on Review for Possible Upgrade, currently P-2 -- Deposit Rating, Placed on Review for Possible Upgrade, currently P-2 -- OSO Senior Unsecured OSO Rating, Placed on Review for Possible Upgrade, currently Baa1 -- Senior Unsecured Deposit Note/Takedown, Placed on Review for Possible Upgrade, currently Baa1 -- Senior Unsecured Deposit Rating, Placed on Review for Possible Upgrade, currently Baa1 Issuer: Countrywide Capital I -- Preferred Stock Preferred Stock, Placed on Review for Possible Upgrade, currently Ba1 Issuer: Countrywide Capital III -- Preferred Stock Preferred Stock, Placed on Review for Possible Upgrade, currently Ba1 Issuer: Countrywide Capital IV -- Preferred Stock Preferred Stock, Placed on Review for Possible Upgrade, currently Ba1 Issuer: Countrywide Capital V -- Preferred Stock Preferred Stock, Placed on Review for Possible Upgrade, currently Ba2 Issuer: Countrywide Financial Corporation -- Multiple Seniority Shelf, Placed on Review for Possible Upgrade, currently (P)Ba2 -- Subordinate Regular Bond/Debenture, Placed on Review for Possible Upgrade, currently Ba2 -- Senior Unsecured Conv./Exch. Bond/Debenture, Placed on Review for Possible Upgrade, currently Baa3 -- Senior Unsecured Commercial Paper, Placed on Review for Possible Upgrade, currently P-3 -- Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Upgrade, currently Baa3 -- Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Upgrade, currently Baa3 Issuer: Countrywide Home Loans, Inc. -- Commercial Paper, Placed on Review for Possible Upgrade, currently P-3 -- Junior Subordinated Regular Bond/Debenture, Placed on Review for Possible Upgrade, currently Ba1 -- Junior Subordinated Shelf, Placed on Review for Possible Upgrade, currently (P)Ba1 -- Multiple Seniority Shelf, Placed on Review for Possible Upgrade, currently (P)Ba1 -- Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Upgrade, currently Baa3 -- Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Upgrade, currently Baa3 Outlook Actions Issuer: Countrywide Bank FSB -- Outlook, Changed To Rating Under Review From Negative Issuer: Countrywide Capital I -- Outlook, Changed To Rating Under Review From Negative Issuer: Countrywide Capital III -- Outlook, Changed To Rating Under Review From Negative Issuer: Countrywide Capital IV -- Outlook, Changed To Rating Under Review From Negative Issuer: Countrywide Capital V -- Outlook, Changed To Rating Under Review From Negative Issuer: Countrywide Financial Corporation -- Outlook, Changed To Rating Under Review From Negative Issuer: Countrywide Home Loans, Inc. -- Outlook, Changed To Rating Under Review From Negative Countrywide Financial Corporation is a leading originator and servicer of residential mortgages based in Calabasas, California. At Sept. 30, 2007 the company reported assets of $209 billion and equity of $15.3 billion. DAGHER GROUP: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Dagher Group, L.L.C. 3300 Savell Drive 9731 Richmond Ave, Houston, TX 77063 Baytown, TX 77521 Bankruptcy Case No.: 08-30130 Chapter 11 Petition Date: January 11, 2008 Court: Southern District of Texas (Houston) Judge: Marvin Isgur Debtor's Counsel: Larry A. Vick, Esq. 800 West Sam Houston Parkway South, Suite 100 Houston, TX 77042 Tel: (713) 333-6440 Fax: (713) 236-1342 Total Assets: $560,000 Total Debts: $3,249,698 Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Strategic Energy Trade debt $24,000 Two Gateway Center Pittsburg, PA 15222 Constellation New Energy Trade debt $18,000 1221 Lamar, Suite 750 Houston, TX 77010 Coastal Conservation Deposit $10,000 Association 6919 Portwest, Suite 100 Houston, TX 77024 Digital Witness Trade debt $9,000 Jose Rodriquez Deposit $5,000 Taylor and Taylor, P.C. Trade debt $3,500 Ron Monshaugen Trade debt $3,500 C.&S. Janitorial Trade debt $3,000 Elite Waste Industries Trade debt $2,448 Paul Bettencourt Taxes $2,000 Village Plumbing Trade debt $1,400 Turbo Computers Trade debt $1,000 Security Sure Alarm Co. Trade debt $750 Centerpoint Energy Trade debt $500 Birch Telecom Trade debt $500 Cross Century Properties, Landlord $100 L.L.C. Richard's Liquor Trade debt $0 Houston Liquor and Bar Supply Trade debt $0 Heartland Payment System Trade debt $0 Greenwood Insurance Group Trade debt $0 DANIEL HAYNES: Case Summary & Seven Largest Unsecured Creditors --------------------------------------------------------------- Debtor: Daniel L. Haynes 3719 Thayer Way Sevierville, TN 37862 Bankruptcy Case No.: 08-30108 Chapter 11 Petition Date: January 10, 2008 Court: Eastern District of Tennessee (Knoxville) Debtor's Counsel: Thomas Lynn Tarpy, Esq. Hagood, Tarpy & Cox PLLC Suite 2100, Riverview Tower 900 South Gay Street Knoxville, TN 37902-1537 Tel: (865) 525-7313 Estimated Assets: $1 Million to $10 Million Estimated Debts: $1 Million to $10 Million Debtor's list of its Seven Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Citizens National Bank Lot 17R $3,500,000 Post Office Box 4610 113 Helicopter ($2,100,000 Sevierville, TN 37864 Ride Boulevard secured) Sevierville, TN 37876 Helen Haynes Personal Loan $1,000,000 2720 Clabo Road Sevierville, TN 37862 Rebecca Lea Haynes Lot 17R $325,000 P.O. Box 7 113 Helicopter ($2,100,000 Williams, OR 97544 Ride Boulevard secured) Sevierville, TN ($3,500,000 37876 senior lien) Priscilla R. Rockefeller Lot 17R $325,000 2431 Kacie Lane 113 Helicopter ($2,100,000 Saint Augustine, FL 32084 Ride Boulevard secured) Sevierville, TN ($3,825,000 senior lien) Pearson Leasing and Finance Equipment lease $88,000 guaranteed by debtor Chase Master Card Credit Card $5,900 Sevier County Electric System Utilities Unknown DELPHI CORP: Bank of America Opposes Confirmation of Plan --------------------------------------------------------- Bank of America, N.A., files an objection with the U.S. Bankruptcy Court for the Southern District of New York, opposing to confirmation of Delphi Corp. and its debtor-affiliates' First Amended Joint Plan of Reorganization. Representing Bank of America, N.A., John T. Gregg, Esq., at Barnes & Thornburg LLP, in Grand Rapids, Michigan, contends that the Plan proposes assumption and cure procedures that are contrary to Sections 1123(b)(2) and 365(b)(1) of the Bankruptcy Code. The Plan also potentially terminates the Bank of America's rights under its leases regardless of whether they are assumed or rejected, Mr. Gregg asserts. Bank of America clarifies that it does not oppose confirmation of the Plan as long as: (1) the Debtors ass