TCR_Public/080929.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

            Monday, September 29, 2008, Vol. 12, No. 232           

                             Headlines

2510 WASHINGTON: Case Summary & 20 Largest Unsecured Creditors
ACCELLENT INC: S&P Holds 'B' Rating; Changes Outlook to Stable
ACCEPTANCE INSURANCE: Terminates Employment of Pres. and Treasurer
AFFINIA GROUP: S&P's Rating Unmoved by Suspended Debt Refinancing
AMDL INC: Private Placement of Convertible Notes Closes

AMERALIA INC: Sept. 2007 Balance Sheet Upside-down by $22 Mil.
AMERIBUILD CONSTRUCTION: Voluntary Chapter 11 Case Summary
ARIAD PHARMACEUTICALS: Board Approves Subsidiary's Integration
ASARCO LLC: Bondholders Spurn at Parent's Disclosure Statement
BANC OF AMERICA: Moody's Affirms 'Ba1' Rating on Class H Certs.

BANC OF AMERICA: S&P Slashes Certificate Ratings to 'B' from 'A'
BAYBERRY FUNDING: Moody's Trims $96MM Notes Rating to B3 from Aaa
CARROLS CORP: S&P Chips Corp. Credit to 'B'; Keeps Neg. Outlook
CASH TECHNOLOGIES: Posts $800,052 Loss for Year Ended May 31
CENTAUR LLC: S&P Affirms 'CCC' Credit Rating; Outlook Developing

CENTERLINE 2007-1: Moody's Downgrades Ratings on 16 Cert. Classes
CFM US: Court Okays Amendment of Huntington Closing Agreement
CFM US: Seeks Court Okay to Dispose of Books & Records  
CFM US: Court Extends Lease Decision Period Until November 6
CHUKCHANSI ECONOMIC: Moody's Holds 'B2' Rating; Outlook Negative

CLAIRE'S STORES: Moody's Confirms PD Rating at 'Caa1'
COLLYBUS CDO: Moody's Cuts Ratings on Two Note Classes to 'C'
CREEK COURSE: Case Summary & Three Largest Unsecured Creditors
DD-OH FAMILY: Hearing on Going-Out-of-Business Sale Set for Oct. 6
DETROIT MEDICAL: Fitch Rates $342.1MM Refunding Bonds 'BB'

DIOGENES CDO: Moody's Chips $364.8MM Notes Rating to 'Ca'
DOMARK INT'L: Liquidity Concerns Cue Auditor's Substantial Doubt
DPP BEAVERTON: Case Summary & Largest Unsecured Creditor
DVA ARENA: Developer Files Appeal on Chapter 11 Case Dismissal
ENERGAS RESOURCES: Posts $81,514 Losses for Quarter Ended July 31

ENVIRONMENTAL TECTONICS: H.F. Lenfest Unit Withdraws Buyout Offer
ENVIRONMENTAL TECTONICS: Amex Accepts Compliance Plan
EPICEPT CORP: Amends DURECT License; Gets $2.25MM Cash Payment
ESTATE FINANCIAL: Files List of 20 Largest Unsecured Creditors
EURAMAX INTERNATIONAL: Moody's Reviews Ratings for Possible Cut

FANNIE MAE: FBI Investigating Firm's Financial Troubles
FAWCETT BOAT: Reorganization Plan OKd, Emerges from Chapter 11
FORT APACHE: Voluntary Chapter 11 Case Summary
FREDDIE MAC: FBI Investigating Firm's Financial Troubles
FT APACHE: Voluntary Chapter 11 Case Summary

FUEGO ENT: Moore & Associates Expresses Going Concern Doubt
GE COMMERCIAL: S&P Junks Rating on Class O Commercial Certificates
GEORGIA GULF: Suspends Quarterly Dividend Due to Weak Economy
GOODYEAR TIRE: To Tap $600MM Credit Facility Due to Fund Woes
GOODYEAR TIRE: Drawing $600MM Facility Won't Affect S&P's Ratings

GOODY'S FAMILY: Closing Almost 70 Stores, Opens Richmond Unit
GREATER ATLANTA: Files Chapter 11 Bankruptcy in Atlanta Court
GREAT LAKES TISSUE: Files For Chapter 11 Bankruptcy Protection
GREEKTOWN CASINO: Wants Until December 15 to File Chapter 11 Plan
GREYSTONE LOGISTICS: Deficits Cue Auditor's Going Concern Doubt

GS MORTGAGE: Moody's Lowers Ratings on Six Classes of Securities
HAMILTON BEACH: S&P Changes Outlook to Neg. on Weaker Income
HAMILTON GARDENS: Moody's Junks $315MM Class A-1 Notes Rating
HARBOR SERIES: Moody's Slashes Ratings on Two Classes to 'Ca'
HEARTLAND AUTOMOTIVE: Wants Ties with BP Plc Subsidiary to Emerge

HINES HORTICULTURE: Files Schedules of Assets and Liabilities
ICFQ DESARROLLOS: U.S. Trustee Sets 341(a) Meeting for October 10
INTERGRAPH CORP: S&P Holds 'B+' Rating; Revises Outlook to Pos.
INTERMET CORP: Court Gives Final Authority to Use Cash Collateral
INTERMET CORP: CapitalSource to Withdraw Case Conversion Bid

INTERMUNE INC: June 30 Balance Sheet Upside-Down by $81.5 Million
INTERMUNE INC: BNP Paribas Discloses 5.8% Equity Stake
IRIDIUM SATELLITE: GHL Agreement Cues S&P to Put on Positive Watch
J&D RESTAURANT: Files for Chapter 11 Bankruptcy
JEFFERSON COUNTY: Moody's Cuts $270MM GO Debt Rating to 'B3'

JPMORGAN AUTO: Fitch Assigns 'BB' Rating on $6.37MM Certificates
JUNIPER NETWORKS: S&P Puts 'BB' Corp. Credit Under Positive Watch
KING PHARMACEUTICALS: Moody's Rates Proposed $1BB Facilities 'Ba2'
LEHMAN BROTHERS: SEC Subpoenas Funds on Share Manipulation
LEHMAN BROTHERS: S&P Withdraws Ratings in All Related Entities

LOEHAMNN'S CAPITAL: S&P Retains 'CCC-' Issue-Level Notes Rating
LVPR ENTERPRISES: Case Summary & 11 Largest Unsecured Creditors
LYNX 2002-1: S&P Maintains 'CCC' Rating on Class D  Notes
MEDAVANT HEALTHCARE: Completes Sale of Business to Marlin Equity
MERISANT WORLDWIDE: June 30 Balance Sheet Upside-Down by $212.5MM

MERISANT WORLDWIDE: Operating Unit Has $83MM Deficit at June 30
MILLENNIUM INORGANIC: S&P Cuts Rating to 'CCC+'; Outlook Negative
NORTHERN BERKSHIRE: Fitch Lifts Revenue Bonds Rating to 'BB+'
OAKRIDGE HOMES: Wants Exclusivity Period Extended to Jan. 9, 2009
OAKRIDGE HOMES: Files Schedules of Assets and Liabilities

PIERRE FOODS: Seeks to Employ Battelle as General Tax Advisors
PIERRE FOODS: Wants Ernst & Young as Bankruptcy Tax Advisors
PILGRIM'S PRIDE: Cut By Moody's on 4Q Loss, Covenant Waiver Talks
PILGRIM'S PRIDE: Likely Covenant Breach Cues S&P to Junk Rating
PLAINS EXPLORATION: Permian Interest Sale Won't Affect S&P's Rtngs

POWER EFFICIENCY: Files Amendment to Share Registration Statement
QUICKSILVER RESOURCES: S&P Lowers Rating on $700MM Term Loan to B
RENAISSANCE CUSTOM: Case Summary & 20 Largest Unsecured Creditors
REVLON CONSUMER: Moody's Lifts Corp. Family Rating to B3 from Caa1
REVLON INC: Completes 1-for-10 Reverse Split for Class A & B Stock

RETAIL PRO: John C. Redding Quits as Secretary and General Counsel
RGIS HOLDINGS: Weak Performance Cues Moody's to Cut Rating to 'B3'
RITE AID: Moody's Junks Probability of Default Rating
ROUNDY'S SUPERMARKETS: S&P Trims Corp. Credit Rating to B from B+
SCO GROUP: July 31 Balance Sheet Upside-Down by $3.2 Million

SOUTH STREET: Moody's Trims Class B-2 Notes Rating to Ca from C
SOUTHEAST WAFFLES: Agrees to Have CRO Rather than Trustee
SPORTSQUEST INC: Kramer Weisman Expresses Going Concern Doubt
ST LOUIS CHARTER: Fitch Holds 'BB' Rating on $5.32MM Revenue Bonds
STONE ARTIST: Files for Chapter 11 Protection

TORRENT ENERGY: Lender Withdraws from DIP Credit and Guaranty Deal
TURKEY LAKE: Chapter 11 Petition Incomplete; Needs to Hire Counsel
US MEDICAL: Case Summary & 12 Largest Unsecured Creditors
VALENA LAND: Case Summary & Eight Largest Unsecured Creditors
WACHOVIA BANK: Moody's Cuts $32.793MM Certificate Rating to 'Ba3'

WASHINGTON MUTUAL: Files for Chapter 11 in Delaware
WASHINGTON MUTUAL: Case Summary & 13 Largest Unsecured Creditors
WASHINGTON MUTUAL: Moody's Places 31 Trusts Ratings Under Review
WCI COMMUNITIES: Gets Final Nod to Use $150MM Wachovia DIP Loan
WHITEHALL JEWELERS: Court Sets Dec. 1 General Bar Date

WHITEHALL JEWELERS: May Obtain Up to $80MM in Postpetition Loans
WII COMPONENTS: S&P Trims Rating to 'B'; Puts on Negative Watch
WILMA SHORE: Case Summary & Four Largest Unsecured Creditors
YOUNG BROADCASTING: Continued Cash Burn Cues Moody's Ratings Cut

* Moody's Says Pressures Build Up in Rate-Regulated Gas Sectors
* Moody's Downgrades Ratings on 35 Credit Linked Notes
* Fitch Puts Ratings on 22 Hedge Fund CFOs Under Negative Watch
* S&P Cuts Ratings on 110 Tranches from 30 Cash Flow & Hybrid CDOs
* S&P Lowers Ratings on 48 Classes from 14 RMBS Transactions

* S&P Puts 884 Ratings on 117 US RMBS Under Negative CreditWatch
* S&P: Consumer Discretionary & Auto Sectors Leads Debt Market
* S&P: Capital Goods Shift to Lower Gear as Global Growth Slows
* S&P: Composite Credit Spread Hits 314 Bps, Highest in Five Yrs

* BOND PRICING: For the Week of Sept. 22 - Sept. 26, 2008

                             *********

2510 WASHINGTON: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: 2510 Washington LLC
        2510 Washington Blvd.
        Ogden, UT 84401

Bankruptcy Case No.: 08-26464

Chapter 11 Petition Date: September 25, 2008

Court: District of Utah (Salt Lake City)

Debtor's Counsel: Russell S. Walker, Esq.
                  rwalker@wklawpc.com
                  Woodbury & Kesler
                  265 East 100 South, Suite 300
                  Salt Lake City, UT 84111
                  Tel: (801) 364-1100
                  Fax: (801) 359-2320

Estimated Assets: $10 million to $50 million

Estimated Debts: $1 million to $10 million

Debtor's 20 Largest Unsecured Creditors:

   Entity                      Nature of Claim       Claim Amount
   ------                      ---------------       ------------
Saunders Construction          Improvements to       $120,660
                               realty

JG Johnson                     Architectural         $114,000
                              
Moyes Glass                    Services rendered      $90,000
1590 Wall Avenue              
Ogden, UT 84404               

Dan Tabish                                            $88,137

Ken Free                       Consulting             $80,000
                               services

Internal Revenue Service       Withholding and        $76,067

David Watson Architect         Services rendered      $62,614

Daniel & Tracey Marz                                  $55,000

Jeff Van Dyke                                         $52,077

Utah State Tax Commission                             $27,909



Heritage Consulting            Services rendered      $13,000

Carpet Giant Carpet One        Carpet purchases       $12,000

Serta                          Miscellaneous          $10,730
                               purchase

Thyssen-Krupp Elevators        Services rendered      $8,846

Durham, Jones & Pinegar        Services rendered      $7,135

Kone, Inc.                                            $7,006

Ogden City Corporation                                $6,623

Augie DiGiacomo                Loan                   $5,300

Kevin Wiese                    Consulting             $5,000
                               Services

Ulrich & Assoc.                Services rendered
$4,335                       


ACCELLENT INC: S&P Holds 'B' Rating; Changes Outlook to Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Wilmington, Massachusetts-based Accellent Inc. to stable from
negative.  At the same time, Standard & Poor's affirmed its
'B' corporate credit rating and other ratings on the company.
      
"The outlook revision reflects improved liquidity, as demonstrated
by development of a 12.8% cushion under its leverage covenant, a
17.2% cushion under its interest coverage covenant, and financial
performance that has exceeded our expectations," said Standard &
Poor's credit analyst Michael Berrian.
      
"The 'B' rating on Accellent reflects the company's high debt
leverage, still-tight liquidity, end-market challenges, and
ongoing operational improvement efforts at its wholly owned
subsidiary, Accellent Corp.," added Mr. Berrian.  "These concerns
are partly mitigated by the company's position as a leading
participant in the fragmented, niche medical device contract
manufacturing business."
     
Accellent is a participant in the niche medical device contracting
business that has been affected by industry difficulties and has
been working to overcome operational issues that overshadow the
company's business risk profile.  The company offers a low-cost
outsource alternative for the manufacturers of commoditized
devices and components in the orthopedic, cardio, and endoscopy
markets.  While recent safety concerns for implantable cardiac
defibrillators and drug-eluting stents have abated, the industry
remains subject to cyclical swings and periods of softness.

Accellent also has some revenue concentration, with cardio and
endoscopy accounting for more than one-half of the company's
sales, and only two customers accounting for more than 20% of
sales.  The pricing power and the competitive and fragmented
nature of the market require that Accellent retain a strong
manufacturing track record and excellent customer relationships in
order to win and renew contracts.  This was a concern since the
operational difficulties, which included an inefficient use of
manufacturing capacity and resources, had strained some customer
relationships.
     
The outlook is stable.  Industry conditions have stabilized and
Accellent has exceeded Standard & Poor's expectations of at least
7% sales growth for the first half of the year, and improved its
liquidity and covenant cushion.  While Standard & Poor's expects
growth during the second half of 2008 and for 2009 to decline to
the mid-to-high single digits, Accellent will still be able
to generate free cash flow for debt repayment, aided by improving
margins.  If margins do not improve through more efficient plant
utilization over the next 12 to 18 months and result in a lease-
adjusted leverage of 7x or higher, or result in a covenant cushion
that is less than 10%, an outlook revision to negative could
occur.  Conversely, if the company continues to generate free
cash flow, retaining substantial revolver availability and a
covenant cushion of more than 12%, the outlook could be revised to
positive.


ACCEPTANCE INSURANCE: Terminates Employment of Pres. and Treasurer
-----------------------------------------------------------------
The Special Deputy Rehabilitator for Acceptance Insurance Company,
a subsidiary of Acceptance Insurance Companies Inc., has notified
John Martin and Gary Thompson that their employment with AIC as
president and treasurer will be terminated on Sept. 30, 2008.

Headquartered in Council Bluffs, Iowa, Acceptance Insurance
Companies, Inc. -- http://www.aicins.com/-- owns, either directly
or indirectly, several companies, one of which is an insurance
company that accounts for substantially all of the business
operations and assets of the corporate groups.

The company filed for chapter 11 protection on Jan. 7, 2005
(Bankr. D. Nebr. Case No. 05-80059).  The Debtor's affiliates --
Acceptance Insurance Services, Inc. and American Agrisurance, Inc.
-- each filed chapter 7 petitions (Bankr. D. Nebr. Case Nos.
05-80056 and 05-80058) on Jan. 7, 2005.  John J. Jolley, Esq.,
at Kutak Rock LLP, represents the Debtor in its restructuring
efforts.  Lawyers at McGrath North Mullin & Kratz PC, LLO
represent the Official Committee of Unsecured Creditors in
Acceptance Insurance's case.


AFFINIA GROUP: S&P's Rating Unmoved by Suspended Debt Refinancing
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on auto
aftermarket supplier Affinia Group Inc. (B/Negative/--) are not
immediately affected by the company's suspension of its debt
refinancing plans.  Affinia cited difficult credit market
conditions in announcing that it is suspending plans to syndicate
a $340 million asset-based revolving credit facility and issue up
to $200 million in senior secured notes.  

The refinancing would have improved liquidity by eliminating the
threat of restrictive financial covenants in Affinia's existing
secured term loan.  Absent an improvement in market conditions
that allows Affinia to return to the debt markets, the company
could face substantially lower borrowing availability in the
fourth quarter of 2008, when its leverage covenant steps down to
3.75x from 4x, and this is a risk to the rating.  S&P will closely
monitor Affinia's financial performance in the third and fourth
quarters, including the company's ability to sustain recent price
increases to offset raw material price increases.
     
As S&P noted in its research update published Sept. 24, 2008, it
could lower the ratings if it came to expect that the company
would fail to remain in compliance with its covenants, if free
operating cash flow turned substantially negative in the third and
fourth quarters, or if liquidity otherwise deteriorated from
current levels.


AMDL INC: Private Placement of Convertible Notes Closes
-------------------------------------------------------
AMDL, Inc., a pharmaceutical company with major operations in
China and the U.S., said it closed a $2,510,000 private placement
offering of 10% convertible notes on Sept. 15, 2008.  The
placement agents for the offering were Jesup & Lamont Securities
Corporation and Dawson James Securities, Inc.

Gary Dreher, president and CEO of AMDL, Inc., said, "This
financing strengthens our cash position and allows us to
accelerate key business initiatives. We appreciate the financial
support from our investors and their vote of confidence in AMDL's
China and US-led operations."

AMDL sold $2,510,000 of 10% convertible notes at par value. The
notes mature at the earlier of 12 months from the completion of a
registered follow-on public offering or 24 months after issuance.
The notes will be repaid either at maturity in cash equal to 150%
of the principal amount of the notes plus an amount equivalent to
10% per annum interest, or upon forced mandatory conversion into
shares of the Company's common stock in the event of a public
offering of at least $25 million in gross proceeds to AMDL. At any
time after February 15, 2009, the holders of the notes have the
right to convert the entire principal and interest due thereon
into common stock of the Company.

The conversion price will be at a discount of fifty percent (50%)
to the: (i) price of the Company's common stock on the closing of
the public offering; or (ii) common stock on February 15, 2009;
provided, however, in no event shall the conversion price be less
than $1.20 per share. In the event of a voluntary conversion, the
shares issued will not be registered. The shares issuable on
conversion carry "piggy-back" registration rights should the
Company file a registration statement subsequent to conversion.

In the event of a forced conversion into common shares in the
public offering, note holders will be subject to a lock-up on any
remaining shares not sold in the offering for 90 days after the
public offering. Upon any conversion of the notes into common
stock of the Company, the Company shall also issue warrants to
purchase common stock to the converting investors in the amount
equal to 50% of the number of shares of common stock into which
their notes were converted. Warrants shall have a term of five
years from the date of issuance and shall be exercisable at a
price equal to 120% of the closing price of the Company's common
stock on the date of conversion; provided however, in no event
shall the exercise price of the warrants be less than 120% of the
five day volume average weighted price (VWAP) of the Company's
common stock the on closing date of the debt offering.

The placement agents received cash commissions of $251,000,
representing 10% of the principal amount of the notes purchased,
$62,750 in non-accountable expenses and due diligence fees
(2-1/2% of the principal amount of the notes purchased), and five
year warrants to purchase a maximum of 209,167 shares of the
Company's common stock (which number will be adjusted and reduced
when the initial conversion price of the notes is determined)
exercisable at $2.69 per share, representing a price equal to 115%
of the five day VWAP of the common stock of the Company up to the
closing.

AMDL structured the debt financing so the conversion price will be
determined at or about the same time as an anticipated 1st quarter
2009 "at market" public offering. Prior to this event, the Company
expects to meet certain milestones that it believes will
positively impact the conversion price. Specifically, AMDL intends
to a secure new comprehensive credit facility in China. The credit
facility is anticipated to include collateralized mortgage
financing, construction financing, as well as lines of credit for
accounts payable and research and development. AMDL intends to use
proceeds from these financings for, among other things, the
release of new pharmaceutical products in the China market; to
advance business development efforts for the recently FDA-approved
DR-70(R) ELISA cancer monitoring test; accelerate the product
development pipeline for leading products that include Goodnak(R),
the MyHPV Chip Test Kit(R), and Domperidone; and to fund AMDL's
other general working capital needs in China and the US. No
assurances can be given that these milestones can be achieved or
what the timing thereof will be.

                         About AMDL Inc.

Based in Tustin, California, AMDL, Inc., (AMEX: ADL) --
http://www.amdl.com/-- with operations in Shenzhen, Jiangxi, and    
Jilin, China, is a vertically integrated specialty pharmaceutical
company.  In combination with its subsidiary Jade Pharmaceutical
Inc., AMDL engages in the research, development, manufacture, and
marketing of diagnostic products.

                       Going Concern Doubt

As reported in the Troubled Company Reporter on April 25, 2008,
KMJ Corbin & Company LLP expressed substantial doubt about AMDL
Inc.'s ability to continue as a going concern after auditing the
company's consolidated financial statements for the year ended
Dec. 31, 2007.  The auditing firm pointed to the company's
significant operating losses and negative cash flows from
operations through Dec. 31, 2007, and accumulated deficit at
Dec. 31, 2007.

The company incurred net losses off $429,567 and $2,264,305 during
the three months ended June 30, 2008 and 2007, respectively, and
had an accumulated deficit of $38,788,660 at June 30, 2008.  In
addition, the company used cash in operations of $1,348,241 and
$2,876,356 during the six months ended June 30, 2008 and 2007,
respectively.

At June 30, 2008, the company's consolidated balance sheet showed
$33,531,920 in total assets, $5,901,153 in total liabilities, and
$27,630,767 in total stockholders' equity.


AMERALIA INC: Sept. 2007 Balance Sheet Upside-down by $22 Mil.
--------------------------------------------------------------
AmerAlia Inc. disclosed in form 10-Q, filed with the Securities
and Exchange Commission on Sept. 24, 2008, its consolidated
balance sheets for Sept. 30, 2007, showing $37,627,851 in total
assets, $44,429,728 in total liabilities, $15,360,103 in minority
interest, resulting in a $22,161,980 stockholders' deficit.

The company consolidated balance sheets further showed strained
liquidity with $4,061,400 in total current assets available to pay
$43,492,238 in total current liabilities.

At Sept. 30, 2008, the company reported $1,015,687 net loss on
revenues of $4,212,711 for the three months ended Sept. 30, 2007,
compared with $1,707,365 net loss on revenues of $3,980,888 for
the same period a year ago.

According to the company's regulatory filing, during the quarter
ended Sept. 30, 2007, it increased its accrued expenses due to
related parties by $709,244, interest payable by $177,633, reduced
inventory by $57,193 and raised $350,000 through issuing a
promissory note to Sentient II and increased its factoring
facility with the Wells Fargo bank by $960,480.

In addition, it borrowed $94,464 as a bank overdraft.  it utilized
these funds to place $960,480 on deposit to secure its bonding
arrangements, increased other accrued expenses by $228,926,
increased other deposits and prepaid expenses by $130,409,
increased accounts receivable by $19,509, paid creditors $460,343,
applied payments of $85,309 to our cavities development and $4,430
to equipment purchases and reduced our capital leases by $12,037
and repaid other loans by $36,494.  The net reduction in cash for
the quarter represented $7,139.

Furthermore, the company said that it has agreed to some interim
arrangements with various Sentient funds:

  -- effective as of Oct. 31, 2007, Sentient I acquired from  
     NSI its $750,000 Series A Secured debenture and accrued
     interest of $271,215 for consideration of $1,021,215.

  -- effective as of March 31, 2008, Sentient Global Resources
     Fund III LP purchased AmerAlia's rights to outstanding
     interest due on its Series A Secured 10% Debentures for
     $1,406,875.  AmerAlia used these funds to pay some of the
     outstanding interest owed to the holders of its Series A
     Debenture Secured promissory notes.  Sentient III also
     acquired Sentient I's rights to interest owed on its Series A
     debentures, including the interest due on the debenture
     previously owned by NSI, for $2,076,334.

  -- in May 2008, Sentient I loaned AmerAlia $465,000 for the
     purpose of contributing capital to NSHI which, in turn,
     contributed $465,000 to NSI as its proportionate share of
     $1,000,000 raised by NSI for well field development
     expenditures.

  -- In June 2008, the company issued another promissory note to
     Sentient III for $300,000 at 6% per annum interest repayable
     on Sept. 30, 2008 to enable us to access funds to pay
     ordinary trade payables as approved by Sentient III.  It has    
     borrowed $283,000 against this note to pay various expenses
     and creditors.  In June, it was also advised that Sentient
     III had acquired the promissory note for $1,200,000 it has
     issued to US Filter and had since been assigned to HPD, LLC.  
     As a material inducement to Sentient III to acquire the note,
     HPD agreed to provide Sentient III with up to $600,000 of
     discounts on any contracts awarded by Sentient III or its
     nominee to HPD for the supply of equipment or services within
     a twelve month period of its acquisition of the note.

A full-text copy of the company's financial statement is available
for free at http://ResearchArchives.com/t/s?32db

                        Going Concern Doubt

HJ & Associates LLC in Salt Lake City, Utah, expressed on July 16,
2008, substantial doubt about AmerAlia Inc.'s ability to continue
as a going concern after auditing the company's financial
statements for the years ended June 30, 2007 and 2006.  The firm
reported that the company has suffered losses from operations,
stockholders' deficit and minimal working capital.

AmerAlia, Inc., produces and sells natural sodium bicarbonate,
commonly known as baking soda, for use in a wide variety of
products and activities.


AMERIBUILD CONSTRUCTION: Voluntary Chapter 11 Case Summary
----------------------------------------------------------
Debtor: Ameribuild Construction Management, Inc.
        c/o Ameribuild Program Mgt.
        1122 East Atlantic Avenue
        Delray Beach, FL 33483

Bankruptcy Case No.: 08-13707

Chapter 11 Petition Date: September 25, 2008

Court: Southern District of New York (Manhattan)

Judge: Allan L. Gropper

Debtor's Counsel: Gerard DiConza, Esq.
                  gdiconza@dlawpc.com
                  DiConza Law, P.C.
                  630 Third Avenue
                  Seventh Floor
                  New York, NY 10017
                  Tel: (212) 682-4940
                  Fax: (212) 682-4942

Estimated Assets: $1 million to $10 million

Estimated Debts: $1 million to $10 million

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


ARIAD PHARMACEUTICALS: Board Approves Subsidiary's Integration
--------------------------------------------------------------
ARIAD Pharmaceuticals Inc. disclosed in a Securities and Exchange
Commission filing that on September 11, 2008, its Board of
Directors approved a transaction to merge ARIAD Gene Therapeutics,
Inc. (AGTI), an 80%-owned subsidiary of ARIAD, with and into
ARIAD.

The transaction was approved by the unanimous vote of ARIAD's
independent and disinterested Board members.  As stockholders of
AGTI, Harvey J. Berger, M.D., ARIAD's chairman and chief executive
officer, and Jay R. LaMarche, a member of the ARIAD Board, are not
independent and disinterested with regard to this transaction and,
therefore, abstained from the vote.

Under the terms of the merger agreement, each outstanding share of
AGTI common stock owned by AGTI's minority stockholders will be
converted into the right to receive two shares of ARIAD common
stock.  The exchange ratio was determined by the independent and
disinterested members of ARIAD's Board based on analyses received
from an investment banking firm.  A total of 2,252,128 shares of
ARIAD common stock will be issued, representing approximately 3.1%
of the outstanding common stock of ARIAD following the
transaction. The shares will not be registered under the
Securities Act of 1933 and will become eligible for sale under
Rule 144 in six months.

"In order to create additional value for our stockholders, the
independent and disinterested members of the ARIAD Board
undertook, with the assistance of an investment banking firm, an
extensive evaluation of strategic alternatives with respect to
acquiring the 20 percent minority interest of AGTI that ARIAD did
not own," stated Sandford D. Smith, vice chairman of the ARIAD
Board. "Based on our evaluation, we believe that this is an
appropriate time to combine the companies and that this agreement
is in the best interests of all parties."

"Upon the consummation of this merger, ARIAD is poised to realize
all of the potential future economic benefit from deforolimus and
other assets previously owned by AGTI," stated Dr. Berger.

                    About ARIAD Pharmaceuticals

Headquartered in Cambridge, Mass., ARIAD Pharmaceuticals Inc.
(Nasdaq: ARIA) -- http://www.ariad.com/-- is engaged in the     
discovery and development of breakthrough medicines to treat
cancer by regulating cell signaling with small molecules.  ARIAD
has a global partnership with Merck & Co. Inc. to develop and
commercialize deforolimus, ARIAD's lead cancer product candidate,
which is in Phase 3 clinical development.  

At June 30, 2008, the company's consolidated balance sheet showed
$82.0 million in total assets and $121.1 million in total
liabilities, resulting in a $39.1 million total stockholders'
deficit.


ASARCO LLC: Bondholders Spurn at Parent's Disclosure Statement
--------------------------------------------------------------
Harbinger Capital Partners Master Fund I Ltd., Harbinger Capital
Partners Special Situations Fund L.P. and Citigroup Global
Markets Inc. -- the Majority Bondholders; Deutsche Bank
Securities Inc.; Mitsui & Co. (U.S.A.); the Indenture Trustees;
Plainfield Special Situations Master Fund Limited; The Pension
Benefit Guaranty Corporation; and the Official Committee of
Unsecured Creditors filed objections with the U.S. Bankruptcy
Court for the Southern District of Texas to the Disclosure
Statement explaining the Asarco LLC's Parent's Plan of
Reorganization for selected Debtors.

(a) Majority Bondholders

The Majority Bondholders, holding approximately two-thirds of the
principal amount of unsecured bonds and debentures issued by
ASARCO LLC, assert that the Parent's Plan cannot be confirmed as
a matter of law, saying that the proposed alterations of
Bondholders' rights, under either of Grupo's options, are
unacceptable to the because  bonds to be paid in whatever amount
the Court determines -- is a "litigation plan" unacceptable to
Majority Bonds which does not qualify as "unimpairment" under
Section 1124 of the Bankruptcy Code.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP
in New York, contends that the Parent's plan is unconfirmable
because the Plan does not cure all defaults required by Section
1124 of the Bankruptcy Code.  Moreover, Grupo's Disclosure
Statement fails to contain "adequate information" as required by
Section 1125 of the Bankruptcy Code.  The Court should decline to
approve Grupo's Disclosure Statement, Mr. Moer says.

Babson Capital Management LLC is an assignee of Murray Capital
Management, Inc. under one or more investment management
agreements.

Babson joins in the Majority Bondholders' objection to the
Parent's motion for approval of its Disclosure Statement.

(b) Deutsche Bank

Deutsche Bank Securities, Inc., a creditor of ASARCO LLC,
requests the Court to disapprove the parent's Disclosure
Statement  because of its failure to provide sufficient factual
disclosure to enable creditors to fully evaluate the Parent Plan  
as a result of the parent's exclusion of, among others, the
proposed interest rate for postpetition interest to be paid
unsecured creditors of the Debtors under the Parent Plan.  The
plan for which the Disclosure Statement is prepared is
unconfirmable, and as a matter of law, both the plan and the
Disclosure Statement should be denied, William L. Wallander,
Esq., at Vinson & Elkins L.L.P. in Dallas, Texas says.

(c) Mitsui

Mitsui, a creditor in these Chapter 11 cases says that the
Parent's Disclosure Statement contains multiple incorrect
statements that may prejudice Mitsui's interests.  Mitsui
requests the Court to direct the Parent to amend its Disclosure
Statement  so as to include the changes and corrective language
proposed by Mitsui to the parent's disclosure Statement, the plan
and Exhibits.

(d) Indenture Trustees

Wells Fargo Bank, national Association, Wilmington Trust Company,
and Deutsche Bank Trust Company Americas are the Debtors'
Indenture Trustees in these Chapter 11 cases.

The Indenture Trustees request the Court to deny the Parent's
Disclosure Statement, saying a Disclosure Statement must contain
"adequate information."

The Indenture Trustees in in the Majority Bondholders' objection
to the parent's Disclosure Statement.

(e) Plainfield Special Situations

Plainfield Special Situations Master Fund Limited joins in the
objections made by the Majority Bondholders to the Parent's
Disclosure Statement, and states further that the Parent's
Disclosure Statement cannot be approved because the parent plan
incorrectly specifies allowed claims general unsecured claims
including trade claims, bondholders' claims, toxic tort claims,
and previously settled environmental claims as unimpaired, thus
depriving holders of those Allowed Claims of the opportunity to
vote for or against the Parent Plan.

(f) PBGC

The Pension Benefit Guaranty Corporation is a U.S. Government
corporation established by the Employee Retirement Income
Security Act or 1974.  PBGC guarantees the payment of certain
pension benefits upon termination of a pension plan.

PBGC contends that the Parent and Americas Mining Corporation's
proposed Disclosure Statement does not meet the basic
requirements of the Bankruptcy Code.  

(g) Creditors' Panel

The Official Committee of Unsecured Creditors moves to strike the
parent's Disclosure Statement because it does not contain
"adequate information" that would make a reasonable investor
typical of holders of claims or interests of the relevant class
to make an informed judgment of the plan.  Another information
that the Committee wants to see in the disclosure Statement
concerns the Debtors' collective bargaining agreement and the
related pending litigation.

                          About ASARCO LLC

Based in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/--   
is an integrated copper mining, smelting and refining company.
Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent.

The Company filed for Chapter 11 protection on Aug. 9, 2005
(Bankr. S.D. Tex. Case No. 05-21207).  James R. Prince, Esq., Jack
L. Kinzie, Esq., and Eric A. Soderlund, Esq., at Baker Botts
L.L.P., and Nathaniel Peter Holzer, Esq., Shelby A. Jordan, Esq.,
and Harlin C. Womble, Esq., at Jordan, Hyden, Womble & Culbreth,
P.C., represent the Debtor in its restructuring efforts.  Lehman
Brothers Inc. provides the ASARCO with financial advisory services
and investment banking services.  Paul M. Singer, Esq., James C.
McCarroll, Esq., and Derek J. Baker, Esq., at Reed Smith LLP give
legal advice to the Official Committee of Unsecured Creditors and
David J. Beckman at FTI Consulting, Inc., gives financial advisory
services to the Committee.

When the Debtor filed for protection from its creditors, it listed
$600 million in total assets and $1 billion in total debts.

The Debtor has five affiliates that filed for chapter 11
protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos.
05-20521 through 05-20525).  They are Lac d'Amiante Du Quebec
Ltee, CAPCO Pipe Company, Inc., Cement Asbestos Products Company,
Lake Asbestos of Quebec, Ltd., and LAQ Canada, Ltd.  Sander L.
Esserman, Esq., at Stutzman, Bromberg, Esserman & Plifka, APC, in
Dallas, Texas, represents the Official Committee of Unsecured
Creditors for the Asbestos Debtors.  Former judge Robert C. Pate
has been appointed as the future claims representative.  Details
about their asbestos-driven Chapter 11 filings have appeared in
the Troubled Company Reporter since April 18, 2005.

Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle,
Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No. 05-
21346) also filed for chapter 11 protection, and ASARCO has asked
that the three subsidiary cases be jointly administered with its
chapter 11 case.  On Oct. 24, 2005, Encycle/Texas' case was
converted to a Chapter 7 liquidation proceeding.  The Court
appointed Michael Boudloche as Encycle/Texas, Inc.'s Chapter 7
Trustee.  Michael B. Schmidt, Esq., and John Vardeman, Esq., at
Law Offices of Michael B. Schmidt represent the Chapter 7 Trustee.

ASARCO's affiliates, AR Sacaton LLC, Southern Peru Holdings LLC,
and ASARCO Exploration Company Inc., filed for Chapter 11
protection on Dec. 12, 2006.  (Bankr. S.D. Tex. Case No. 06-20774
to 06-20776).

Six of ASARCO's affiliates, Wyoming Mining & Milling Co., Alta
Mining & Development Co., Tulipan Co., Inc., Blackhawk Mining &
Development Co., Ltd., Peru Mining Exploration & Development Co.,
and Green Hill Cleveland Mining Co. filed for Chapter 11
protection on April 21, 2008.  (Bank. S.D. Tex. Case No. 08-20197
to 08-20202).

The Debtors submitted to the Court a joint plan of reorganization
and disclosure statement on July 31, 2008.  The plan incorporates
the sale of substantially all of the Debtors' assets to Sterlite
Industries, Ltd., for $2,600,000,000.

Americas Mining Corporation, an affiliate of Grupo Mexico SAB de
CV, submitted a reorganization plan to retain its equity interest
in ASARCO LLC, by offering full payment to ASARCO's creditors in
connection with ASARCO's Chapter 11 case.  AMC would provide up to
$2.7 billion in cash as well as a $440 million guarantee to assure
payment of all allowed creditor claims, including payment of
liabilities relating to asbestos and environmental claims.  AMC's
plan is premised on the estimation of the approximate allowed
amount of the claims against ASARCO.

Asarco Inc. and AMC are represented by Luc A. Despins, Esq., at
Milbank, Tweed, Hadley & McCloy LLP, in New York.

(ASARCO Bankruptcy News Issue No. 85; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).  


BANC OF AMERICA: Moody's Affirms 'Ba1' Rating on Class H Certs.
---------------------------------------------------------------
Moody's Investors Service downgraded the ratings of two classes
and affirmed 11 classes of Banc of America Commercial Mortgage
Inc., Commercial Mortgage Pass-Through Certificates, Series 2000-1
as:

  -- Class A-2A, $269,939,065, affirmed at Aaa
  -- Class A-3B, $4,751,840, affirmed at Aaa
  -- Class X, Notional, affirmed at Aaa
  -- Class B, $40,999,766, affirmed at Aaa
  -- Class C, $35,142,657, affirmed at Aaa
  -- Class D, $11,714,219, affirmed at Aaa
  -- Class E, $27,333,177, affirmed at Aa1
  -- Class F, $11,714,219, affirmed at Aa3
  -- Class G, $11,714,219, affirmed at A3
  -- Class H, $19,523,698, affirmed at Ba1
  -- Class K, $3,904,740, affirmed at Ba3
  -- Class L, $15,618,958, downgraded to B3 from B2
  -- Class M, $7,809,479, downgrade to Caa1 from B3

Moody's downgraded Classes L and M due to an overall decline in
the performance of the pool, realized and anticipated losses from
specially serviced loans and increased dispersion.

As of the September 15, 2008 distribution date, the transaction's
aggregate certificate balance has decreased by approximately 38.4%
to $475.3 million from $771.2 million at securitization.  The
Certificates are collateralized by 95 mortgage loans ranging in
size from less than 1.0% to 5.7% of the pool, with the top 10
loans representing 32.9% of the pool.  Thirty loans, representing
43.5% of the pool, have defeased and are collateralized with U.S.
Government securities.

Seven loans have been liquidated from the pool, resulting in an
aggregate realized loss of approximately $4.4 million.  Currently
there is one real estate owned loan, representing 1.0% of the
pool, in special servicing.  Moody's is estimating a $2.5 million
loss from this loan.

Twenty-three loans, representing 22.4% of the pool, are on the
master servicer's watchlist.  The watchlist includes loans which
meet certain portfolio review guidelines established as part of
the Commercial Mortgage Securities Association's monthly reporting
package.  As part of Moody's ongoing monitoring of a transaction,
Moody's reviews the watchlist to assess which loans have material
issues that could impact performance.  

Moody's is concerned about two loans that are currently on the
watch list due to debt service coverage ratios below 1.0x.  The
first, the Cimarron and Farmstead Apartments Loan ($15.8 million -
3.3%), is secured by two multifamily properties located in Mesa,
Arizona.  Performance has declined due to a significant decline in
occupancy.  Currently the properties are 50.0% occupied.  The
second loan is the Radisson Suites Loan ($11.9 million - 2.5%),
which is secured by a limited service hotel located in Secaucus,
New Jersey.  RevPAR has declined to $63.30 for calendar year 2007
compared to $72.30 in 2005.  The hotel, which is currently flagged
as La Qunita, has changed flags four times since securitization.

Moody's was provided with partial and year-end 2007 operating
results for 90.7% of the pool.  Moody's loan to value ratio is
83.7% compared to 81.1% at Moody's prior full review in September
2007 and 85.1% at securitization.  Based on Moody's analysis,
14.3% of the pool has an LTV greater than 120.0% compared to 12.6%
at last review.  Approximately 29.0% of the pool has a Moody's
stressed DSCR less than 1.0x.

The top three non-defeased loans represent 15.0% of the
outstanding pool balance.  The largest loan is the Worth Avenue
Retail Portfolio Loan ($26.9 million -- 5.7%), which is secured by
two retail properties located on Worth Avenue in Palm Beach,
Florida.  The two properties total 66,300 square feet and have
been 100.0% occupied by high-end retailers since securitization.  
Financial performance has improved since last review due to
increased rental revenues and amortization.  The loan has
amortized 8.5% since securitization.  Moody's LTV is 78.5%
compared to 82.6% at last review.

The second largest loan is the SCI Portfolio Loan ($22.9 million
-- 4.8%), which is secured by a 350,000 square foot office
building located in downtown Dallas, Texas.  The property is
100.0% occupied, the same as at last review and at securitization.
Bank of America Corporation (Moody's senior unsecured rating Aa2,
on review for possible downgrade) occupies 99.0% of the building
through December 2009 with two five-year renewal options.  The
value of this property would be significantly impacted if Bank of
America were not to renew.  The most recently reported data for
the Class B/C Dallas office sub-market reflects a 29.0% vacancy
rate and $10.40 per square foot rental rate.  Moody's value has
been stressed to reflect the possibility of Bank of America not
renewing and current market conditions.  Moody's LTV is 74.3%
compared to 74.9% at last review.

The third largest loan is the Dutch Square Center Loan
($21.3 million -- 4.5%), which is secured by a 540,000 square foot
retail center located in Columbia, South Carolina.  The center is
anchored by Belks, Burlington Coat Factory and a 14-screen AMC
cinema.  Belks and Burlington Coat Factory recently renewed their
leases for 10 and five year terms, respectively.  As of January
2008 the in-line space was 80.0% leased.  The loan matures in
February 2009 and is on the servicer's watchlist due to a DSCR
below 1.0x.  Performance has declined since last review due to
higher operating expenses and lower occupancy.  Moody's LTV is
94.1% compared to 83.9% at last review.

Moody's periodically completes full reviews in addition to
monitoring transactions on a monthly basis.  Moody's prior full
review is summarized in a press release dated September 12, 2007.

Moody's has published rating methodologies outlining its  
analytical approach to surveillance and its approach to rating
conduit and fusion transactions.  In addition, Moody's has
published numerous articles outlining its ratings approach to the
various property types customarily deposited within these
transactions along with other articles on credit issues unique to
CMBS.  The major rating methodologies employed in analyzing this
transaction include:

CMBS: Moody's Approach to Surveillance, September 30, 2002 -- this
paper provides an overview of Moody's surveillance philosophy, an
indication of what prompts a conduit review, how conduit and large
loan monitoring is performed, and what its objectives are with
respect to post-closing requests and servicer reviews; and

CMBS: Moody's Approach to Rating U.S. Conduit Transactions,
September 15, 2000 -- this paper provides an overview of rating
methodology and process with details on property level analysis,
loan level analysis, legal and structural characteristics, and
portfolio characteristics with supplementary information on legal
issues, a research summary, helpful information for commercial
real estate transactions, capitalization rates, and guidelines for
capital reserves.


BANC OF AMERICA: S&P Slashes Certificate Ratings to 'B' from 'A'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class A-1 and A-3 mortgage-backed certificates from Banc of
America Funding 2006-R1 Trust to 'B' from 'A-' and removed them
from CreditWatch, where they were placed with negative
implications on June 10, 2008.  In addition, S&P raised its rating
on class A-2 from this transaction to 'AAA' from 'A-' and removed
it from CreditWatch negative.  The transaction is a re-REMIC
structure.
     
The downgrades of the class A-1 and A-3 certificates reflect S&P's
belief that these classes may no longer have sufficient credit
enhancement to support the ratings at their previous levels.  
S&P's belief is based on its projected lifetime losses on the
underlying transactions, which S&P derived from the dollar amount
of loans currently in the underlying deals' delinquency pipelines.  
Credit support is provided by subordinate classes within the re-
REMIC structure, as well as from classes subordinate to the class
pledged to the re-REMIC within the underlying deal.  In addition,
CIFG Assurance North America Inc. provides a bond insurance policy
that reimburses bondholders for any losses allocated to these
classes.
     
S&P upgraded class A-2 to reflect its super-senior status, whereby
any losses allocable to class A-2 will instead be allocated to
class A-3 until class A-3 is no longer outstanding.  Class A-2
also has the support of the bond insurance policy from CIFG.
     
The standard long-term rating assigned to a fully credit-enhanced
class is the higher of the rating on the credit enhancer and
Standard & Poor's underlying rating on the affected class.  The
revised ratings on these classes reflect this methodology.
     
The transaction is a resecuritization of 41 certificates from
eight previously issued prime jumbo transactions and four
Alternative-A transactions.  The underlying transactions were
issued by Bank of America N.A. and Countrywide Home Loans in 2005
and 2006.  The collateral for these deals consists primarily of
U.S. residential prime jumbo and Alt-A first-lien mortgage loans.  
Subordination is the sole means of credit support in the
underlying transactions.
     
Classes A-1, A-2, and A-3 had an original total principal balance
of approximately $121.42 million and have a current balance of
approximately $118.54 million.

       Ratings Lowered and Removed from Creditwatch Negative

               Banc of America Funding 2006-R1 Trust

                                          Rating
                                          ------
             Class                 To                From
             -----                 --                ----
             A-1                   B                 A-/Watch Neg
             A-3                   B                 A-/Watch Neg

       Rating Raised and Removed from Creditwatch Negative

               Banc of America Funding 2006-R1 Trust

                                      Rating
                                      ------
              Class            To                From
              -----            --                ----
              A-2              AAA               A-/Watch Neg


BAYBERRY FUNDING: Moody's Trims $96MM Notes Rating to B3 from Aaa
-----------------------------------------------------------------
Moody's Investors Service has downgraded and left on review for
possible further downgrade the rating on the notes issued by
Bayberry Funding, Ltd.:

Class Description: $96,000,000 Class II Senior Floating Rate Notes
Due 2041

  -- Prior Rating: Aaa, on review for possible downgrade
  -- Prior Rating Date: April 9, 2008
  -- Current Rating: B3, on review for possible downgrade

In addition, Moody's has downgraded these notes:

Class Description: $86,000,000 Class III Senior Floating Rate
Notes Due 2041

  -- Prior Rating: A2, on review for possible downgrade
  -- Prior Rating Date: April 24, 2008
  -- Current Rating: Ca

Class Description: $17,250,000 Class IV Mezzanine Floating Rate
Deferrable Notes Due 2041

  -- Prior Rating: Baa2, on review for possible downgrade
  -- Prior Rating Date: April 24, 2008
  -- Current Rating: C

Class Description: $42,500,000 Class V Mezzanine Floating Rate
Deferrable Notes Due 2041

  -- Prior Rating: Ba2, on review for possible downgrade
  -- Prior Rating Date: April 24, 2008
  -- Current Rating: C

According to Moody's, the rating actions reflect increased
deterioration in the credit quality of the underlying portfolio.


CARROLS CORP: S&P Chips Corp. Credit to 'B'; Keeps Neg. Outlook
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Syracuse, New York-based Carrols Corp. to 'B' from 'B+.'  
The outlook remains negative.
     
"The downgrade reflects our concern that Carrols' cushion over
financial covenants of its senior secured credit facility will
significantly narrow in the fourth quarter of fiscal 2008, when
the covenants become more restrictive," said Standard & Poor's
credit analyst Jackie E. Oberoi.  Specifically, should debt levels
remain at June 30, 2008, levels and EBITDA decline slightly,
EBITDA cushion over financial covenants would narrow to less than
5% of EBITDA at year-end.  "Profitability has weakened at Carrols
during the first half of 2008 and we believes the company will
have a difficult time improving profitability or free cash flows
significantly over the next few quarters," added Ms. Oberoi,
"given the cost and competitive pressures facing the restaurant
industry." Therefore, any meaningful improvement of the leverage
ratios for covenant purposes is unlikely.


CASH TECHNOLOGIES: Posts $800,052 Loss for Year Ended May 31
------------------------------------------------------------
Cash Technologies Inc. posted $800,052 in net losses on $336,615
in net revenues for fiscal year ended May 31, 2008, compared with
$3,065,247 in net losses on $313,946 in net revenues for fiscal
year ended May 31, 2007.

As of May 31, 2008, Cash Technologies' balance sheet showed
$17.71 million in total assets, $10.07 million in total
liabilities, and $7.76 million in shareholders' equity.

The company has generated limited revenues since our inception,
and, while it expects to generate significant revenues within the
next fiscal year, there is no assurance that it will be
successful.  Losses will continue until and unless its products
are more widely sold.

The company is unable to pay current liabilities, and must rely on
the continued forbearance of specific creditors to avoid
bankruptcy.

As of May 31, 2008, the company had outstanding current
liabilities of $8,142,075, consisting of obligations and accruals
for loans, dividends and notes payable, trade payables, taxes,
unpaid salaries and other items of which approximately $1,400,000
is not being paid as agreed.

Cash Technologies creditors have, to date, agreed not to
accelerate on these obligations and not to foreclose on the
company's assets.  However, should the creditors demand immediate
repayment, the company said it would have to raise the needed
funds to satisfy the obligations, possibly on unsatisfactory terms
or failing that, it would have to consider ceasing operations or
filing for bankruptcy protection.

"We have an immediate need for capital and if we are unable to
obtain the financing we need, our business may fail," Bruce
Korman, the company's President and Chief Executive Officer, said.

                      Going Concern Doubt

Vasquez & Company LLP expressed substantial doubt about Cash
Technologies Inc.'s ability to continue as a going concern after
auditing the company's consolidated financial statements for the
year ended May 31, 2007.  The auditing firm noted that the company
has suffered significant recurring losses and is in immediate need
of substantial working capital to continue its business and
operations.

At Feb, 29, 2008, the company had a working capital deficit of
$8,511,620 compared to working capital deficit of $6,662,505 at
May 31, 2007.  The large change is a direct result of a write off
of the Champion note receivable.  

To date, the company has been funding its operations primarily
through the issuance of equity in private placement transactions
with existing stockholders or affiliates of stockholders.

                     About Cash Technologies

Headquartered in Los Angeles, Cash Technologies Inc. (AMEX: TQ)
-- http://www.cashtechnologies.com/-- develops and markets
innovative data processing solutions in the healthcare and
financial services industries.


CENTAUR LLC: S&P Affirms 'CCC' Credit Rating; Outlook Developing
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC' corporate
credit rating on Indianapolis-based Centaur LLC, and removed them
from CreditWatch, where they were initially placed with developing
implications on July 11, 2008.  The outlook is developing.
     
At the same time, S&P lowered its ratings on Centaur's first-lien
senior secured facility to 'CCC+' from 'B-', and revised its
recovery rating on the facility to '2' from '1'.  The '2' recovery
rating indicates that lenders can expect substantial (70%-90%)
recovery in the event of a payment default.  Standard & Poor's
also lowered its issue-level rating on Centaur's second-lien
credit facility to 'CC' from 'CCC-'.  S&P also revised the
recovery rating on this debt to '6' from '5'.  The '6' recovery
rating indicates that lenders can expect negligible (0%-10%)
recovery in the event of a payment default.
     
"We have removed the ratings from CreditWatch as it will likely
take a few more months to determine whether Centaur's Indiana-
based racino Hoosier Park, which opened on June 2, 2008, will
generate sufficient cash flow to service its obligations,"
explained Standard & Poor's credit analyst Ariel Silverberg.  
Recent credit agreement amendments will reduce outstanding debt,
but fixed charges remain significant, and a meaningful ramp-up of
the property is necessary to satisfy these requirements.


CENTERLINE 2007-1: Moody's Downgrades Ratings on 16 Cert. Classes
-----------------------------------------------------------------
Moody's Investors Service downgraded 16 classes of Certificates,
issued by Centerline 2007-1 Resecuritization Trust:

  -- Class A-1, $276,040,000, Certificates due December 2049,
     downgraded to Aa1 from Aaa

  -- Class A-2, $51,757,000, Certificates due December 2049,
     downgraded to A1 from Aa1

  -- Class B, $35,737,000, Certificates due December 2049,
     downgraded to A2 from Aa2

  -- Class C, $30,808,000, Certificates due December 2049,
     downgraded to A3 from Aa3

  -- Class D, $40,666,000, Certificates due December 2049,
     downgraded to Baa1 from A1

  -- Class E, $41,899,000, Certificates due December 2049,
     downgraded to Baa2 from A2

  -- Class F, $43,131,000, Certificates due December 2049,
     downgraded to Baa3 from A3

  -- Class G, $36,969,000, Certificates due December 2049,      
     downgraded to Ba1 from Baa1

  -- Class H, $29,575,000, Certificates due December 2049,
     downgraded to Ba2 from Baa2

  -- Class J, $34,505,000, Certificates due December 2049,
     downgraded to Ba3 from Baa3

  -- Class K, $44,363,000, Certificates due December 2049,
     downgraded to B2 from Ba1

  -- Class L, $29,575,000, Certificates due December 2049,
     downgraded to B3 from Ba2

  -- Class M, $29,575,000, Certificates due December 2049,
     downgraded to Caa1 from Ba3

  -- Class N, $49,292,000, Certificates due December 2049,
     downgraded to Caa2 from B1

  -- Class O, $34,505,000, Certificates due December 2049,
     downgraded to Caa3 from B2

  -- Class P, $34,505,000, Certificates due December 2049,
     downgraded to Caa3 from B3

Moody's is downgrading the deal, which was previously put on
review for downgrade, due to deteriorating pool performance.

As of the September 22, 2008 distribution date, the transaction's
aggregate collateral balance is $ 985.8 million, the same as that
at issuance.  The Certificates are currently collateralized by 114
classes of CMBS securities from 18 separate transactions (89.5% of
the pool balance) and three classes from one CRE Re-Remic
transaction (10.5%).

Since issuance, among the Moody's rated securities (49.7%), there
have been no upgrades or downgrades to the CMBS securities.  
Credit estimates were performed on 51 non-Moody's rated CMBS / CRE
Re-Remic classes (50.3%) resulting in a deterioration in credit
quality.

Moody's uses a weighted average rating factor (WARF) as an overall
indicator of the credit quality of a CRE CDO transaction.  Based
on Moody's analysis, the current WARF is 5,875 compared to 4,522
at issuance.  Moody's reviewed the ratings or performed credit
estimates on all the collateral supporting the Certificates.  The
distribution is as follows: Baa1 -- Baa3 (1.9% compared to 8.3% at
issuance), Ba1 -- Ba3 (26.0% compared to 31.1% at issuance), B1-B3
(20.9% compared to 24.5% at issuance), and Caa1-NR (51.2% compared
to 36.1% at issuance).

The CMBS securities are from pools securitized between 2004 and
2007.  The two largest vintage exposures are 2006 (58.4%) and 2007
(27.3%).  The five largest CMBS/CRE Re-Remic exposures are JPMCC
2007-CB18 (10.9%), ARCAP 2006-RR7 (10.5 %), BSCMS 2007-PWR15
(7.8%), BSCMS 2006-PWR14 (6.9%) and MSC 2006-IQ12 (6.6%).

Moody's periodically completes full reviews in addition to
monitoring transactions on a monthly basis.  Moody's had placed 15
classes on review for possible downgrade as summarized in a press
release dated May 16, 2008.  Moody's prior full review is
summarized in a Presale Report dated July 10, 2007.

Moody's has published rating methodologies outlining its
analytical approach to surveillance and its approach to rating
static commercial real estate collateralized debt obligations.  In
addition, Moody's has published numerous articles outlining its
ratings approach to the various collateral types customarily
deposited within these transactions along with other articles on
credit issues unique to the sector.  The major rating
methodologies employed in analyzing this transaction include:

  -- CMBS: Moody's Approach to Rating Static CDOs Backed by
     Commercial Real Estate Securities, June 17, 2004 -- this
     paper details the evolution of its analytic approach to
     rating CRE CDOs touching on the binomial expansion model,
     extension risk, correlation, severity rates, pari passu
     notes, diversity, and interest shortfalls with a discussion
     of simulation engines, cash flow analysis, scenario analysis,
     and other elements in Moody's analysis with detailed
     supplementary information on deriving a CDO collateral loss
     distribution by simulating pool loss for each CMBS
     transaction and by simulating default probability and
     severity for each CMBS certificate; and

  -- The Inclusion of Commercial Real Estate Assets in CDOs,
     October 8, 1999 -- this paper describes the development of
     commercial real estate backed CDOs, speaks to collateral pool
     analysis including industry classifications, diversification,
     credit quality, recovery rate, and cash flow characteristics,
     and refers to other aspects of CMBS as CDO collateral
     including prepayment risk, sequential pay structure, ability
     to defer interest payments temporarily, servicer advancing,
     losses, extension risk, recovery rates, and servicer risk.


CFM US: Court Okays Amendment of Huntington Closing Agreement
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware approved  
CFM U.S. Corp. and its debtor-affiliate's amended Huntington
Closing Agreement with Sheet Metal Workers International
Association.

The Debtors and the union are parties to a collective bargaining
agreement that expires on May 6, 2010.  On April 9, the Debtors
gave the union written notice that later this year, they would be
closing their facility at 1000 East Market Street, Huntington,
Indiana.  After engaging in negotiations on the closing of the
facility, the Debtors and the union reached a Closing Agreement on
July 29 and July 30.

Under the agreement, the Debtors will work with the union to
secure any local, state or federal funding to provide retraining
for bargaining unit employees affected by the closing of the
facility.  The Debtors will pay all bargaining unit employees
affected by the closing, including unused and accrued vacation
with their last payroll checks.  The Debtors agreed to sign the
Addendum to the Collective Bargaining Agreement Adopting the 2008
Alternative Schedule regarding the union's national Pension Fund.  
As agreed, the Debtors will provide health insurance coverage to
affected bargaining unit employees in compliance with the
Contract.

The Debtors agreed to offer any buyer of the facility the names
and last known contact information for the bargaining unit
employees who worked at the facility.  The Debtors will follow the
Contract for any remaining bargaining unit work done by the
employees during the phase down and the closing of the facility.  
The Contract will end when the last bargaining unit employee is
terminated as a result of the closing of the facility.

During the phase down and closing of the facility, the Debtors can
use outside contractors and non-bargaining unit employees to close
the facility in an orderly manner.

Any dispute between the parties on the terms of the Closing
Agreement will be resolved pursuant to the grievance and
arbitration procedures contained in the Contract.

On Aug. 26, the Debtors and the union amended the Closing
Agreement.  Under the amended agreement, the Debtors will provide
the remaining employed union workers with a monthly payment in
lieu of providing insurance to those employees pursuant to the
terms of the Contract.  The two parties agreed that these Montly
Payments will be made to each union employee during the employment
and during the month after the worker is laid off:

  Employee's Current Coverage Category       Monthly Payment
  ------------------------------------       ---------------
  Single                                          $477
  Employee Plus One                               $943
  Family                                        $1,622

The parties agreed that all remaining provisions of the Closing
Agreement remain valid.  

The Court held a hearing on the amended agreement on Sept. 18.

                           About CFM

Headquartered in Huntington, Indiana, CFM U.S. Corp. --
http://www.majesticproducts.com/-- manufactures two product
categories: Hearth and Heating Products and Barbecue and Outdoor
Products.  The company and its affiliate, CFM Majestic U.S.
Holdings, Inc., filed for Chapter 11 protection on April 9, 2008
(Bankr. D. Del. Lead Case No. 08-10668).  William Pierce Bowden,
Esq., at Ashby & Geddes, represents the Debtors.  The Debtors
selected Administar Services Group LLC as their claims agent.  The
U.S. Trustee for Region 3 appointed seven creditors to serve on an
Official Committee of Unsecured Creditors.  Patrick J. Reilley,
Esq., at Cole Schotz Meisel Forman & Leonard, P.A., represents the
Committee in these cases.  As reported in the Troubled Company
Reporter on June 18, 2008, the Debtors' summary of schedules
showed total assets of $91,316,300 and total debts of
$32,7367,890.

The Debtors' Canadian affiliates filed for protection under
Companies' Creditors Arrangement Act with the Ontario Court of
Justice on April 9, 2008.


CFM US: Seeks Court Okay to Dispose of Books & Records  
------------------------------------------------------
CFM U.S. Corp. and its debtor-affiliate, CFM Majestic U.S.
Holdings, Inc., ask the U.S. Bankruptcy Court for the District of
Delaware for permission to dispose of certain books and records.

The Debtors tell the Court that the documents to be disposed of --
which include financial and management records -- are of
inconsequential to the estate and irrelevant to the wind-down of
the Debtors' operations, resolution of claims against the Debtors,
any pending litigation, or any potential litigation of preference
or other avoidance actions.

As a result of the sale of all of the Debtors' assets, the Debtors
no longer need to retain the documents currently in their
possession.  A list of the documents is available at:

   http://bankrupt.com/misc/CFM_records_to_be_disposed_of.pdf

The Debtors are winding-down their operations and recently closed
on the sale of all their assets.  The Debtors assure the Court
that they have spent a substantial period of time reviewing their
records to determine, among other things, records that could be
disposed of.

The Debtors assure the Court that the documents are not necessary
to in the performance of their duties and responsibilities, any
pending litigation, the filing of any tax returns, the resolution
of claims against the Debtors, and in any potential causes of
action that the Debtors may have.

The Debtors tell the Court that they have no proposed future
operations and the documents have no independent value to the
Debtors' Chapter 11 cases.  According to the Debtors, the cost to
store the records far exceeds the benefit of maintaining the
records.  The Debtors have determined that disposing of the
records will advance their efforts for an orderly wind-down of the
cases by eliminating this unnecessary cost.

The Debtors are exploring various means of disposing of the
records.  

                           About CFM

Headquartered in Huntington, Indiana, CFM U.S. Corp. --
http://www.majesticproducts.com/-- manufactures two product
categories: Hearth and Heating Products and Barbecue and Outdoor
Products.  The company and its affiliate, CFM Majestic U.S.
Holdings, Inc., filed for Chapter 11 protection on
April 9, 2008 (Bankr. D. Del. Lead Case No. 08-10668).  William
Pierce Bowden, Esq., at Ashby & Geddes, represents the Debtors.  
The Debtors selected Administar Services Group LLC as their claims
agent.  The U.S. Trustee for Region 3 appointed seven creditors to
serve on an Official Committee of Unsecured Creditors.  Patrick J.
Reilley, Esq., at Cole Schotz Meisel Forman & Leonard, P.A.,
represents the Committee in these cases.  As reported in the
Troubled Company Reporter on June 18, 2008, the Debtors' summary
of schedules showed total assets of $91,316,300 and total debts of
$32,7367,890.

The Debtors' Canadian affiliates filed for protection under
Companies' Creditors Arrangement Act with the Ontario Court of
Justice on April 9, 2008.


CFM US: Court Extends Lease Decision Period Until November 6
------------------------------------------------------------
The Hon. Kevin J. Carey of the U.S. Bankruptcy Court for the
District of Delaware granted CFM U.S. Corp. and its affiliate's
request to extend their deadline to assume or reject unexpired
leases of nonresidential real property for 90 days, through and
including Nov. 6, 2008.

Headquartered in Huntington, Indiana, CFM U.S. Corp. --
http://www.majesticproducts.com/-- manufactures two product
categories: Hearth and Heating Products and Barbecue and Outdoor
Products.  The company and its affiliate, CFM Majestic U.S.
Holdings, Inc., filed for Chapter 11 protection on
April 9, 2008 (Bankr. D. Del. Lead Case No. 08-10668).  William
Pierce Bowden, Esq., at Ashby & Geddes, represents the Debtors.  
The Debtors selected Administar Services Group LLC as their claims
agent.  The U.S. Trustee for Region 3 appointed seven creditors to
serve on an Official Committee of Unsecured Creditors.  Patrick J.
Reilley, Esq., at Cole Schotz Meisel Forman & Leonard, P.A.,
represents the Committee in these cases.  As reported in the
Troubled Company Reporter on June 18, 2008, the Debtors' summary
of schedules showed total assets of $91,316,300 and total debts of
$32,7367,890.

The Debtors' Canadian affiliates filed protection under Companies'
Creditors Arrangement Act with the Ontario Court of Justice on
April 9, 2008.


CHUKCHANSI ECONOMIC: Moody's Holds 'B2' Rating; Outlook Negative
----------------------------------------------------------------
Moody's Investors Service revised the rating outlook on Chukchansi
Economic Development Authority to negative from stable.  It also
affirmed the B2 corporate family rating, B1 probability of default
rating and B2 senior note rating.  The change in outlook reflects
Moody's expectation that the challenging economic environment
could continue to negatively affect EBITDA and preclude a
sufficient improvement in financial condition in the near term to
adequately position Chukchansi in its rating category.

In Moody's opinion, the downward economic pressure observed in the
first half of 2008 is unlikely to abate in the near term and could
more than offset the benefits linked to the recently completed
expansion project.  While additional non-gaming amenities and
hotel rooms aim at capturing guests from a broader geographic
radius, extend the length of stay and ultimately increase
revenues, they might not provide the expected upside in a weak
economy.  As a result, Moody's believes that total debt/EBITDA
could remain above 5 times in the near term, which weakly
positions the Authority in its rating category.  Additionally,
free cash flow is expected to be near breakeven in the next twelve
months, constrained by tribal distributions and capital spending
beyond maintenance capex.

The outlook could return to stable, should total debt/EBITDA
decline and remain sustainably below 5 times, the expansion
project resulting in improved EBITDA.  A downgrade is likely if
total debt/EBITDA deteriorates and approaches 6 times or if free
cash flow turns materially negative.

Moody's assigned a B2 corporate family rating to Chukchansi on
October 25, 2005.

Ratings affirmed:

  -- B2 Corporate Family Rating
  -- B1 Probability of Default Rating
  -- B2 Senior Note Rating (LGD assessment slightly revised to
     LGD4/66% from LGD4/65%)

Chukchansi is a wholly owned enterprise of the Picayune Rancheria
of Chukchansi Indians, a federally-recognized Indian tribe with
approximately 1,250 enrolled members.  Chukchansi operates the
Chukchansi Gold Resort & Casino, a property located 35 north of
Fresno, California.


CLAIRE'S STORES: Moody's Confirms PD Rating at 'Caa1'
-----------------------------------------------------
Moody's Investors Service confirmed Claire's Stores, Inc., long
term ratings, including its probability of default rating at Caa1.   
In addition, Moody's affirmed Claire's speculative grade liquidity
rating at SGL-4.  The rating outlook is negative.  The
confirmation reflects Moody's view that the Caa1 appropriately
reflects higher-than-average probability of default over the near
to medium term, given what Moody's views as an overleveraged and
unsustainable capital structure.  It also reflects the view that
the company will be able to fund its free cash flow deficits with
excess cash over the next twelve months, providing it some time in
order to improve operating performance.

In addition, given the reduction in capital expenditures,
improvements in working capital, and the company's election to
defer paying cash interest on a portion of its debt, the
confirmation reflects that Claire's is not likely to need to
utilize its revolving credit facility over the next twelve months.

Claire's Caa1 corporate family rating is primarily driven by the
company's very weak credit metrics as a result of its heavy debt
load and its weak operating performance.  The rating also
considers the company's concentration in specialty retail, the
current challenging economic environment, and the likelihood of
the company continuing to generate free cash flow deficits.
Positive ratings consideration is given to the fact that there are
no near-term scheduled debt maturities, and the fact that Claire's
revolving credit facility has no financial covenants.

The negative outlook reflects the risk Claire's faces that it will
be unable to support its capital structure without stabilizing its
free cash flow deficit and improving its operating performance
over the medium term.

The SGL-4 reflects Claire's weak liquidity primarily driven by its
continued free cash flow deficits.  While Claire's will likely be
able to finance its level of free cash flow deficits with excess
cash over the next twelve months, a further weakening in operating
results and/or working capital changes during the next twelve
months could rapidly absorb this excess cash cushion.  In
addition, Claire's ability to finance its free cash flow deficits
is driven by the fact that it is able to defer paying a portion of
its interest expense in cash.  The company currently has adequate
external liquidity provided by a covenant free $200 million
revolving credit facility.  The revolving credit facility is only
expected to be utilized for about $6 million of letters of credit,
leaving $194 million available and has no financial covenants.

These ratings are confirmed:

  -- Corporate family rating at Caa1;
  -- Probability of default rating at Caa1;
  -- $200 million senior secured revolving credit facility at B2
     (LGD3; 32%);

  -- $1,450 million senior secured term loan to B2 (LGD3, 32%);
  -- Senior unsecured notes at Caa2 (LGD4, 67%);
  -- Senior subordinated notes at Caa3(LGD6, 93%).

This rating is affirmed:

  -- Speculative grade liquidity rating at SGL-4.

Claire's Stores, Inc., headquartered in Pembroke Pines, Florida,
is the leading specialty retailer of value-price jewelry and
fashion accessories for pre-teens, teenagers, and young adults.  
It operates 3,053 stores in North America and Europe. Revenues for
the fiscal year ended LTM period ending August 2, 2008 were about
$1.5 billion.


COLLYBUS CDO: Moody's Cuts Ratings on Two Note Classes to 'C'
-------------------------------------------------------------
Moody's Investors Service has downgraded and left on review for
possible downgrade, the ratings on the notes issued by Collybus
CDO I Ltd.:

Class Description: $675,000,000 Class A-2 Senior Secured Floating
Rate Notes due 2047

  -- Prior Rating: Aa3, on review for possible downgrade
  -- Prior Rating Action Date: June 5, 2008
  -- Current Rating: Baa2, on review for possible downgrade

Class Description: $55,000,000 Class A-3 Senior Secured Floating
Rate Notes due 2047

  -- Prior Rating: A1, on review for possible downgrade
  -- Prior Rating Action Date: June 5, 2008
  -- Current Rating: B2, on review for possible downgrade

Class Description: $53,000,000 Class B Senior Secured Floating
Rate Notes due 2047

  -- Prior Rating: A2, on review for possible downgrade
  -- Prior Rating Action Date: June 5, 2008
  -- Current Rating: Caa2, on review for possible downgrade

In addition, Moody's downgraded the ratings on these notes:

Class Description: $35,000,000 Class C Deferrable Senior Secured
Floating Rate Notes due 2047

  -- Prior Rating: Baa3, on review for possible downgrade
  -- Prior Rating Action Date: June 5, 2008
  -- Current Rating: C

Class Description: $44,000,000 Class D Deferrable Senior Secured
Floating Rate Notes due 2047

  -- Prior Rating: B2, on review for possible downgrade
  -- Prior Rating Action Date: June 5, 2008
  -- Current Rating: C

According to Moody's, these rating actions are as a result of the
increased deterioration in the credit quality of the transaction's
underlying collateral pool consisting primarily of structured
finance securities.

                       
CREEK COURSE: Case Summary & Three Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: The Creek Course, LLC
        101 Back Creek Drive
        Middletown, DE 19709

Bankruptcy Case No.: 08-12219

Chapter 11 Petition Date: September 25, 2008

Court: District of Delaware (Delaware)

Debtor's Counsel: Anthony M. Saccullo, Esq.
                  asaccullo@ciardilaw.com
                  Ciardi, Ciardi & Astin, P.C.
                  919 N. Market Street, Suite 725
                  Wilmington, DE 19899-2323
                  Tel: (302) 658-1100
                  Fax: (302) 658-1300

Estimated Assets: $1 million to $10 million

Estimated Debts: $1 million to $10 million

A list of the Debtor's largest unsecured creditors is available
for free at:

             http://bankrupt.com/misc/deb08-12219.pdf

                       
DD-OH FAMILY: Hearing on Going-Out-of-Business Sale Set for Oct. 6
------------------------------------------------------------------
John Anastasi at Bucks County Courier Times reports that the U.S.
Bankruptcy Court for the District of New Jersey has scheduled an
Oct. 6 hearing for DD-OH Family Partners LLC's proposed going-out-
of-business sale.

Bucks County Courier quoted the attorney for DD-OH Family Hal
Baume, Esq., at Fox Rothschild LLP as saying, "Our immediate
objective is to hold a going-out-of-business sale to generate
money for the creditors.  Then it will be determined if it is
feasible to reorganize around a smaller number of stores.  But
that analysis is not done yet."

Acording to Bucks County Courier, D&D Home Furnishings and Oskar
Huber Furniture & Design merged operations six months ago and
operated under DD-OH Family, "hoping to achieve economies of scale
in purchasing and advertising."  Court documents indicate that a
few months after the merger, DD-OH Family quickly saw sales
decline 40 to 50 percent from pre-merger levels, while costs of
inventory "skyrocketed, affected by the sharp increase in the cost
of manufacturing and shipping finished goods."

Bucks County Courier relates that DD-OH's profit margins were
slashed by higher freight costs and fuel prices, which made it
harder to secure financing.

According to court documents, DD-OH Family owes:

     -- $729,000 to Sealy Mattress Co.,
     -- $409,000 to Hooker Furniture Corp.,
     -- $308,000 to Kohl's Department Stores,
     -- $220,000 to Lane Home Furnishings,
     -- $131,000 to KYW TV-3, and
     -- $118,830 to ABC Inc.

Bucks County Courier states that the merger lessened expenses by
allowing DD-OH Family to have better deals on purchases,
advertisements, warehousing, and overhead due to their size.  
"[Despite that], the reductions were more than offset by the
declining sales, tighter credit options, increased fuel costs and
the sagging economy.  This left the [company] with few options and
the ultimate decision was to pursue the [going out of business]
sale and file for relief under Chapter 11," court documents say.

                     About DD-OH Family

Upper Southampton-based DD-OH Family Partners LLC runs D&D Home
Furnishings and Oskar Huber Furniture & Design.  It operates nine
locations, including a D&D Home Furnishings store on Route 309 in
Hatfield Township and an Oskar Huber Furniture & Design on Second
Street Pike in Upper Southampton.  

The company filed for Chapter 11 bankruptcy protection on
Sept. 22, 2008 (Bankr. D. N.J. Case No. 08-28140).  It disclosed
assets below $50,000 and debts below $50,000 when it filed for
bankruptcy.


DETROIT MEDICAL: Fitch Rates $342.1MM Refunding Bonds 'BB'
----------------------------------------------------------
Fitch Ratings has assigned a 'BB' rating to approximately $342.1
million Michigan State Hospital Finance Authority hospital revenue
and refunding bonds series 2008 (Detroit Medical Center Obligated
Group). In addition, Fitch upgrades to the rating on Detroit
Medical Center's approximately $524.5 million of outstanding bonds
to 'BB' from 'B+'. The Rating Outlook has been revised to Stable
from Positive.

Bond proceeds are expected to refund DMC outstanding series 1988,
1993A and 1995 bonds (aggregating $139.6 million), to fund
approximately $85 million of prior and future capital
expenditures, fund $92 million of new capital projects including a
new outpatient center for Children's Hospital of Detroit, fund a
debt service reserve fund and pay associated costs of issuance.
The series 2008 bonds are expected to be structured as traditional
fixed rate bonds with pricing the week of Oct. 13 via negotiated
sale.

The 'BB' rating reflects the improved reimbursement under the
Michigan Medicaid program, excellent management practices
resulting in year over year improvement in operating performance
since 2003 and DMC's excellent clinical outcomes and reputation.
As the safety net hospital in metropolitan Detroit, DMC's payor
mix is heavily weighted towards Medicaid payors. In fiscal 2003,
the state implemented a provider tax program to increase the
federal match under the Medicaid program. Fitch believes the
program in its current form should continue to provide adequate
funding to provide services to the Medicaid population.

In addition, DMC's improved profitability reflects strong
management practices which have controlled expenses and increased
efficiency and coordination throughout the system. The
renegotiated contract with Wayne State University physicians has
increased the productivity of certain faculty practioners as well
as improved the environment for independent physicians admitting
to DMC and allowed for successful recruitment of new physicians
and specialists.

DMC has posted year over year improvements in operating
profitability since fiscal 2003. Operating profitability has
improved in each of the last five fiscal years with operating
EBITDA margins strengthening from negative 0.3% in fiscal 2003 to
a solid 8.0% in fiscal 2007. Not surprisingly, coverage of pro
forma maximum annual is a solid 2.5 times in fiscal 2007. Finally,
DMC hospitals have been recognized nationally for their clinical
excellence. In 2008, DMC was the only hospital system with three
hospitals (Children's, Harper and Sinai-Grace) named to US News
and World Reports Best Hospitals List. Further, four DMC hospitals
were among the 33 hospital named '2008 Top Hospitals' for quality
and patient safety by Leapfrog Group.

Primary credit concerns include DMC's thin liquidity position, a
high level of bad debt expense and increased debt burden. At
July 31, 2008 DMC had $133.5 million of unrestricted cash and
investments which translates into very low 30 days cash on hand
and 25.4% of long-term debt. However, Fitch expects liquidity
measures to improve from reimbursement of prior capital
expenditures from bond proceeds and DMC fully funding its pension
obligation as of Jan. 1, 2008.

DMC's bad debt as percentage of total revenue was a high 13.8% of
total revenues in 2007. Given DMC's role as the safety net
hospital, the tougher economic conditions in southeast Michigan
and the on-going cost shifting onto employees and patients Fitch
believes bad debt expense will be a continuing challenge. Lastly,
upon closing of the series 2008 bond issue maximum annual debt
service increases to $61.2 million from $57.3 million causing
historical pro-forma MADS coverage to drop to 2.5x in 2007 from
2.7x actual MADS coverage.

The Stable Rating Outlook reflects Fitch's belief that DMC will
maintain its operating profitability at current levels. Management
expects to maintain liquidity at or above at least 50 DCOH as the
system balances liquidity growth against capital reinvestment in
operations. Liquidity growth from current levels will be necessary
for upward movement in the rating.

Detroit Medical Center operates eight hospitals, five of which are
located on the main campus west of downtown Detroit. In 2007, DMC
had total revenues of $1.9 billion. DMC will covenant to provide
audited annual financial statements, utilization data and a
management discussion and analysis as well as quarterly financial
statements, utilization data and a MD&A. Historically, DMC's
disclosure to Fitch has been excellent.


DIOGENES CDO: Moody's Chips $364.8MM Notes Rating to 'Ca'
---------------------------------------------------------
Moody's Investors Service has downgraded the note issued by
Diogenes CDO II, Ltd.:

Class Description: Up to $364,800,000 Class A-1 Floating Rate
Notes Due June 15, 2049

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

According to Moody's, the rating actions reflect increased
deterioration in the credit quality of the underlying portfolio.


DOMARK INT'L: Liquidity Concerns Cue Auditor's Substantial Doubt
----------------------------------------------------------------
Davis, Fla.-based Kramer Weisman and Associates LLP raised
substantial doubt about the ability of DoMark International, Inc.,
to continue as a going concern after it audited the company's
financial statements for the year ended May 31, 2008.  

The auditor reported that the company has operating and liquidity
concerns, has incurred an accumulated deficit of $1,431,970
through the period ended May 31, 2008, and current liabilities
exceeded current assets by $3,828,255 at May 31, 2008.

The company has inadequate working capital to maintain or develop
its operations, and is dependent upon funds from private investors
and the support of certain stockholders.  Management is planning
to raise any necessary additional funds through loans and
additional sales of its common stock.  There is no assurance that
the company will be successful in raising additional capital.

The company posted a net loss of $1,419,170 on total revenues of
$15,750 for the year ended May 31, 2008, as compared with a net
loss of $12,460 on zero revenues in the prior year.

At May 31, 2008, the company's balance sheet showed $14,796,347 in
total assets, $4,981,949 in total liabilities, and $9,814,398 in
total stockholders' equity.  

The company's consolidated balance sheet at May 31, 2008, showed
strained liquidity with $165,181 in total current assets available
to pay $3,993,436 in total current liabilities.

A full-text copy of the company's 2008 annual report is available
for free at http://ResearchArchives.com/t/s?32d0   

                   Results of Operations

Revenues for fiscal 2008 increased to $15,750 from $0.00 during
fiscal 2007.  This increase in revenue is directly the result of
changes in the company's strategic direction in core operations.  
The company continues to aggressively pursue and devote its
resources and focus its direction in building asset value.  The
company has further refocused in new acquisitions to increase its
revenues and cash flow.

General and administrative expenses for the fiscal 2008 increased
to $1,007,027 as compared with fiscal 2007 of $12,460.  This
increase is attributed to the company's increase in acquisitions
and issuance of stock for assets delivered.

Interest expense for fiscal 2008 increased to $245,643 as compared
with fiscal 2007.  This increase is a result of embedded warrants
in certain bond and loan payables of the company's majority owned
subsidiary SportsQuest, Inc., which required the company to accrue
for the beneficial conversations feature in theses derivatives.

The loss for fiscal 2007 increased to ($1,419,170) as compared to
fiscal 2007 of ($12,460).  The increase is due to the increase in
non-cash transactions for assets delivered.

No tax benefit was recorded on the expected operating loss for
fiscal 2008 and 2007 as required by Statement of Financial
Accounting Standards No. 109, Accounting for Income Taxes.  For
the year ended the company does not expect to realize a deferred
tax asset and it is uncertain, therefore the company has provided
a 100% valuation of the tax benefit and assets until the company
is certain to experience net profits in the future to fully
realize the tax benefit and tax assets.

               Liquidity & Capital Resources

The company's operating requirements have been funded primarily on
its sale of media content, financing facilities, and sales of its
common stock.  During the fiscal 2008, the company's net proceeds
from the media content were $15,000 as compared with fiscal 2007
of $28,183.  The company has received $0.00 in fiscal 2008 as
compared with Fiscal 2007 of $50,000 in proceeds from the sale of
common stock.  The management believes that the cash flows are
inadequate to repay the capital obligations and has relied upon
the sale of common stock to sustain its operations.  Cash provided
in operating activities for the fiscal year 2008 was $75,490
compared with ($14,027) for fiscal year 2007.  The company has its
focus on core operations results in an increase in acquisitions.  
However the company is still operating in a deficit.  The company
has depreciation expenses for fiscal 2008 of $449 as compared with
fiscal 2007 of $5.00

Cash provided in investing activities was ($724,569) for fiscal
2008, compared with $(302) for fiscal 2007.  The company has
advanced financing to affiliates of $717,076, and purchased new
equipment of $7,493.

Cash provided by financing activities was $647,313 for fiscal 2008
as compared with $50,000 for fiscal 2007.  Financing activities
primarily consisted of proceeds from bond and loan payables from
third parties.  The company does not have adequate cash flows to
satisfy its obligations although have improved cash flow and
anticipates has adequate cash flows in the upcoming fiscal period.  
The company received proceeds from its bond issuance of $733,308.  
The company received proceeds from its loan payables of $255,205
and has advanced proceeds to its affiliate of ($341,200).

DoMark International, Inc., acquires and manages majority owned
public entities and privately owned companies in various
industries.  The company, through its subsidiary, JAVACO, Inc.,
distributes equipment and tools for cable television and
telecommunications industry in North and Latin America.  The
company, through its other subsidiary, SportsQuest, Inc., creates,
develops, and manages high end sports events, as well as executing
a growth strategy involving acquisition of diverse and effective
sports marketing platforms.  Formerly known as DoMar Exotic
Furnishings, Inc., the company was incorporated in 2006 and is
based in Oviedo, Fla.


DPP BEAVERTON: Case Summary & Largest Unsecured Creditor
--------------------------------------------------------
Debtor: DPP Beaverton Condominiums LLC
        210 S Orange Grove Blvd.
        Pasadena, CA 91105

Bankruptcy Case No.: 08-25891

Chapter 11 Petition Date: September 25, 2008

Court: Central District of California (Los Angeles)

Judge: Richard M Neiter

Debtor's Counsel: John P. Schock, Esq.
                  Shock & Shock
                  210 S Orange Grove #200
                  Pasadena, CA 91105
                  Tel: (626) 298-6444

Estimated Assets: $1 million to $10 million

Estimated Debts: $1 million to $10 million

A list of the Debtor's largest unsecured creditors is available
for free at:

           http://bankrupt.com/misc/califcb08-25891.pdf

                       
DVA ARENA: Developer Files Appeal on Chapter 11 Case Dismissal
--------------------------------------------------------------
Frank Gluck at HeraldTribune.com (Fla.) reports that Sal Diaz-
Verson, the developer of DVA Arena, LLC, filed an "emergency
appeal" against the dismissal of his company's Chapter 11 case.

According to HeraldTribune.com, Mr. Diaz-Verson filed for
bankruptcy on the day a foreclosure sale of DVA Arena property had
been scheduled.  Mr. Diaz-Verson, according to HeraldTribune.com,
wanted to stave off $16 million in liens held by Schroeder-Manatee
Ranch and other creditors while he searched for financiers to help
him get DVA Arena's $70 million hockey arena project in Lakewood
Ranch started again.  The report says that Schroeder-Manatee,
which holds the $6.5 million mortgage, had hoped to reclaim the
property and find a new developer to finish the project, the
report states.  

The Hon. Caryl Delano of the U.S. Bankruptcy Court for the Middle
District of Florida dismissed DVA Arena's Chapter 11 case when Mr.
Diaz Verson failedto  make $60,000 in interest payments to
Schroeder-Manatee by a Sept. 18 deadline, HeraldTribune.com
states.  

A court hearing is scheduled for Oct. 2 for Mr. Diaz-Verson's
appeal, according to HeraldTribune.com.  HeraldTribune.com says
that Mr. Diaz-Verson explained that he could not sell off some
unspecified retirement holdings in time to meet the Sept. 18
payment deadline.  Mr. Diaz-Verson has until Oct. 2 to pay the
$60,000 in interest he owes to Schroeder-Manatee to avoid losing
the unfinished hockey arena in Lakewood Ranch, the report states.

Mr. Diaz-Verson said in court filings that he will use some of his
retirement funds to pay the debt, HeraldTribune.com relates.

                         About DVA Arena

Based in Sarasota, Fla., DVA Arena, LLC owns and operates a hockey
arena.  The Debtor filed for Chapter 11 reorganization on July 25,
2008 (Bankr. M.D. Fla., Case No. 08-11099).  Buddy D. Ford, Esq.,
of Buddy D. Ford P.A. represents the Debtor as counsel.  When the
Debtor filed for protection from its creditors, it listed assets
of between $10 million and $50 million, and debts of between $10
million and $50 million.


ENERGAS RESOURCES: Posts $81,514 Losses for Quarter Ended July 31
-----------------------------------------------------------------
Energas Resources, Inc. posted $81,514 in net losses on $84,109 in
net revenues for the three months ended July 31, 2008, compared
with $258,699 in net losses on $121,565 in net revenues for three
months ended July 31, 2007.

The company posted $124,428 in net losses on $204,821 in net
revenues for six months ended July 31, 2008, compared with
$470,597 in net losses on $260,229 million in net revenues for six
months ended July 31, 2007.

As of July 31, 2008, Energas' balance sheet showed $3,650,989 in
total assets, $450,374 in total liabilities, and $3,200,615 in
shareholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended July 31, 2008, are available for
free at http://researcharchives.com/t/s?329a

                     About Energas Resources

Based in Oklahoma City, Okla., Energas Resources Inc. (OTC BB:
EGSR) -- http://www.energasresources.com/-- is primarily engaged   
in the operation, development, production, exploration and
acquisition of petroleum and natural gas properties in the
United States through its wholly-owned subsidiary, A.T. Gas
Gathering Systems Inc.  In addition, the company owns and operates
natural gas gathering systems located in Oklahoma, which serve
wells operated by the company for delivery to a mainline
transmission system.  The majority of the company's operations are
maintained and occur through A.T. Gas.

                       Going Concern Doubt

As reported in the Troubled Company Reporter on May 26, 2008,
Murrell, Hall, McIntosh & Co PLLP, in Oklahoma City, Okla.,
expressed substantial doubt about Energas Resources Inc.'s ability
to continue as a going concern after auditing the company's
consolidated financial statements for the years ended Jan. 31,
2008, and 2007.  The auditing firm pointed to the company's
recurring losses from operations.

The company is in the process of acquiring and developing
petroleum and natural gas properties with adequate production and
reserves to operate profitability.  However, in excess of 41% of
the company's proved reserves are proved not producing or proved
undeveloped and will require substantial funds to bring into
production.


ENVIRONMENTAL TECTONICS: H.F. Lenfest Unit Withdraws Buyout Offer
-----------------------------------------------------------------
Environmental Tectonics Corporation disclosed that on Sept. 11,
2008, it was informed by an affiliate of H. F. Lenfest that
Lenfest was withdrawing its proposal to purchase all of the
publicly traded shares of the common stock of the Company not
already owned by Lenfest.  H. F. Lenfest is a member of the Board
of Directors of the Company and beneficially owns 48.7% of the
Company's common stock, on a fully diluted basis assuming the
conversion of outstanding convertible notes and convertible
preferred stock.

Specifically, Mr. Lenfest may be deemed to beneficially own:

   (a) 2,370,449 shares of common stock,

   (b) 1,818,182 shares of common stock issuable upon conversion
       of the 10.0% Senior Subordinated Convertible Note
       purchased by H.F. Lenfest on February 18, 2003,

   (c) 606,060 shares of common stock issuable upon conversion of
       the Series B Convertible Preferred Stock purchased by H.F.
       Lenfest on April 6, 2006,

   (d) 449,101 shares of common stock issuable upon conversion of
       the Series B Cumulative Convertible Preferred Stock
       purchased by H.F. Lenfest on July 31, 2006, and

   (e) 1,089,108 shares of common stock issuable upon conversion
       of the Series C Cumulative Convertible Participating
       Preferred Stock purchased by H. F. Lenfest on August 23,
       2007.

In connection with the withdrawal of the acquisition proposal, Mr.
Lenfest, who is a member of the Company's Board of Directors and
its largest shareholder, stated: "I continue to be optimistic
regarding the Company's prospects and remain committed to its
success."

William F. Mitchell, the Company's Chairman and Chief Executive
Officer, stated: "The Company appreciates all of the support that
Mr. Lenfest has provided to the Company and looks forward to
continuing to work with Mr. Lenfest to build on the Company's
recent successes to enhance shareholder value."

                  About Environmental Tectonics
    
Southampton, Pennsylvania-based Environmental Tectonics
Corporation (AMEX: ETC) -- http://www.etcusa.com/-- designs,   
develops, installs and maintains aircrew training systems
(aeromedical, tactical combat and general), disaster management
training systems and services, entertainment products, sterilizers
(steam and gas), environmental testing products, hyperbaric
chambers and related products for domestic and international
customers.

At May 30, 2008, the company had long-term obligations of
$19.1 million, as compared with long-term obligations of
$18.2 million at Feb. 29, 2008.  At May 30, 2008, the company's
consolidated balance sheet showed $35.2 million in total assets,
$36.2 million in total liabilities, $6.0 million in Series B
cumulative convertible preferred stock, and $3.3 million in Series
C cumulative convertible participating preferred stock, resulting
in a $10.4 million stockholders' deficit.
    
The company had a net loss of $1.5 million during the first fiscal
quarter ended May 30, 2008, compared to a net loss of $5.7 million
for the first quarter of fiscal 2008.  The company attributed the
decrease in net loss to a significant increase in sales and
corresponding gross profit and reduced claim settlement costs,
attributable to claims costs associated with a U.S. Navy
settlement.  Acting as partial offsets were higher research and
development expenses and interest expenses.

      
ENVIRONMENTAL TECTONICS: Amex Accepts Compliance Plan
-----------------------------------------------------
Environmental Tectonics Corporation reported that on Sept. 16,
2008, the American Stock Exchange had accepted the company's
Compliance Plan and agreed to continue the listing of the
company's common stock through at least March 16, 2009, subject to
the company attaining certain milestones set forth.  

The Plan had been submitted on July 31, 2008, in response to a
letter received from AMEX on July 2, 2008, stating that the
company was not in compliance with Section 1003 of the AMEX
Company Guide.  Specifically, the company is not in compliance
with:

   -- Section 1003(a)(i) of the AMEX Company Guide with
      stockholders' equity of less than $2,000,000 and losses
      from continuing operations and net losses in two out of its
      three most recent fiscal years,

   -- Section 1003(a)(ii) of the AMEX Company Guide with
      stockholders' equity of less than $4,000,000 and losses
      from continuing operations and net losses in three out of
      its four most recent fiscal years, and

   -- Section 1003(a)(iii) of the AMEX Company Guide with
      stockholders' equity of less than $6,000,000 and net losses
      in its five most recent fiscal years.

This non-compliance by the company with Section 1003 of the AMEX
Company Guide made the company's common stock subject to being
delisted from AMEX.

The Company has been granted an extension until March 16, 2009, to
regain compliance with the continued listing standards and must
meet certain milestones during that timeframe.  The Company will
be subject to periodic review by AMEX Exchange Staff during the
extension period.  Failure to make progress consistent with the
Plan or to regain compliance with the continued listing standards
by the end of the extension period could result in the company
being delisted from the AMEX.

As a consequence of falling below the continued listing standards
of the AMEX Company Guide, the company will be included in a list
of issuers that are not in compliance with AMEX's continued
listing standards.  Additionally, an indicator will be added to
the company's trading symbol noting the company's non-compliance
with the continued listing standards of the AMEX Company Guide
until such time as the company regains compliance with the
applicable listing standards.

                  About Environmental Tectonics
    
Southampton, Pennsylvania-based Environmental Tectonics
Corporation (AMEX: ETC) -- http://www.etcusa.com/-- designs,   
develops, installs and maintains aircrew training systems
(aeromedical, tactical combat and general), disaster management
training systems and services, entertainment products, sterilizers
(steam and gas), environmental testing products, hyperbaric
chambers and related products for domestic and international
customers.

At May 30, 2008, the company had long-term obligations of
$19.1 million, as compared with long-term obligations of
$18.2 million at Feb. 29, 2008.  At May 30, 2008, the company's
consolidated balance sheet showed $35.2 million in total assets,
$36.2 million in total liabilities, $6.0 million in Series B
cumulative convertible preferred stock, and $3.3 million in Series
C cumulative convertible participating preferred stock, resulting
in a $10.4 million stockholders' deficit.
    
The company had a net loss of $1.5 million during the first fiscal
quarter ended May 30, 2008, compared to a net loss of $5.7 million
for the first quarter of fiscal 2008.  The company attributed the
decrease in net loss to a significant increase in sales and
corresponding gross profit and reduced claim settlement costs,
attributable to claims costs associated with a U.S. Navy
settlement.  Acting as partial offsets were higher research and
development expenses and interest expenses.
      

EPICEPT CORP: Amends DURECT License; Gets $2.25MM Cash Payment
--------------------------------------------------------------
EpiCept Corporation has amended its Dec. 20, 2006 licensing
agreement with DURECT Corporation granting DURECT exclusive,
worldwide rights to certain EpiCept intellectual property for a
transdermal patch containing bupivacaine for the treatment of back
pain.

Under the terms of the amended agreement, EpiCept has granted
DURECT royalty-free, fully paid up, perpetual and irrevocable
rights to the intellectual property licensed as part of the
original agreement in exchange for a cash payment of $2,250,000
from DURECT.

EpiCept intends to use the proceeds of this non-dilutive cash
payment as working capital and for general corporate purposes as
the Company prepares for the launch of Ceplene(R) (histamine
dihydrochloride) following receipt of final marketing
authorization in Europe, which EpiCept anticipates receiving
within the next several weeks.

                    About EpiCept Corporation

Based in Tarrytown, New York, EpiCept Corporation (NASDAQ:EPCT) --
http://www.epicept.com/-- is a specialty pharmaceutical company      
focused on the development of pharmaceutical products for the
treatment of cancer and pain.  The company has a portfolio of five
product candidates in active stages of development.  It includes
an oncology product candidate submitted for European registration,
two oncology compounds, a pain product candidate for the treatment
of peripheral neuropathies and another pain product candidate for
the treatment of acute back pain.  The two wholly owned
subsidiaries of the company are Maxim, based in San Diego,
California, and EpiCept GmbH, based in Munich, Germany, which are
engaged in research and development activities.

                       Going Concern Doubt

Deloitte & Touche LLP, in Parsippany, New Jersey, expressed
substantial doubt about EpiCept Corp.'s ability to continue as a
going concern after auditing the company's consolidated financial
statements for the year ended Dec. 31, 2007.  The auditing firm
pointed to the company's recurring losses from operations and
stockholders' deficit.

The company disclosed in its Form 10-Q for the second quarter
ended June 30, 2008, a net loss of $7,765,000.  EpiCept Corp.'s
consolidated balance sheet at June 30, 2008, showed total assets
of $3,093,000, total liabilities of $22,598,000, and a
stockholders' deficit of $19,505,000, compared to a deficit of
$14,177,000 at Dec. 31, 2007.  The company said it expects to
incur substantial net losses, in the aggregate and on a per share
basis, for the foreseeable future as it attempts to market and
sell Ceplene(R).  "We are unable to predict the extent of these
future net losses, or when we may attain profitability, if at all.  
These net losses, among other things, have had and will continue
to have an adverse effect on our stockholders' equity. We
anticipate that for the foreseeable future our ability to generate
revenues and achieve profitability will be dependent on the
successful commercialization of Ceplene(R).  There is no assurance
that we will be able to obtain or maintain governmental regulatory
approvals to market Ceplene(R) in Europe.  If we are unable to
generate significant revenue from Ceplene(R), or attain
profitability, we may not be able to sustain our operations."


ESTATE FINANCIAL: Files List of 20 Largest Unsecured Creditors
--------------------------------------------------------------
Estate Financial Inc. files a list of its 20 largest unsecured
creditors.

Name of Entity               Nature of Claim      Amount of Claim
--------------               ---------------      ---------------
Estate Financial             Investment                $39,305872
Mortgage Fund LLC
Chapter 11 Trustee
333 S. Grand Avenue
Los Angeles, CA 90071

Conselho Supremo da          Investment                  $650,090   
Sociedade do Espirito Santo
P.O. Box 247
Santa Clara, CA 95052-0247

Jim W. Davis                 Investment                  $575,209
P.O. Box 15
Lemoore, 93245s

John L. Sommer               Investment                  $574,172
5094 Avenida Hacienda
Tarzana, CA 91356-4223

Thomas K. Schultheis         Investment                  $504,581
Toni L. Schultheis
4455 Via Bendita
Santa Barbara, CA 93110

Burdette H. Andersen         Investment                  $434,222
Georgina C. Andersen
Trustees of the Andersen
Living Trust Dated
February 4, 1985
565 Oak Lane
Paso Robles, CA 93446

Clifford Andreas Munk        Investment                  $409,620
Trustee of the Clifford
Andreas Munk and Lois
Elaine Munk Revocable
Trust Dated April 10, 1991
P.O. Box 433
Paso Robles, CA 93447

Frances L. Bellis, IRA       Investment                  $384,188
P.O. Box 548
Paso Robles, CA 93447

Marilynn M. Hanson,          Investment                  $367,500
Trustee of the Restated
Marilynn M. Hanson Trust
Dated June 15, 2004
5030 Vineyard Drive
Paso Robles, CA 93446

Donna & Robert Berg          Investment                  $353,247
Foundation
5161 Vineyard Drive
Paso Robles, CA 93446

Melvin L. DeYoung            Investment                  $353,237
Marjorie L. DeYoung
312 Travis Drive
Los Osos, CA 93402

Nancy Lee Missakian Trotter  Investment                  $325,537
Trustee of The Nancy Lee
Missakian Trotter Trust
Dated August 11, 1998
amended November 5, 2002
3901 Laguna Blanca Drive
Santa Barbara, CA 93110

John G. Henry, M.D.          Investment                  $320,103
Pension Fund
1905 Hidden Valley Road
Templeton, CA 93465

Robin Fairbairn              Investment                  $308,155
Rossie Fairbairn
2195 Cloudy Meadow Road
Templeton, CA 93465

Bryan Cave LLP               Investment                  $308,101
120 Broadway, Suite 300
Santa Monica, CA 90401-
2386

Marjorie L. Jacobsen         Investment                  $307,530
Trustee of the Marjorie
La Verne Jacobsen 2002
Revocable Trust Dated
August 19, 2002
261 Leighton
Cambria, CA 93428

Lorraine Cagliero            Investment                  $272,000
Trustee of the Cagliero
Family Trust Dated
September 1971
Survivors Trust
76362 Vineyard Cyn. Rd.
San Miguel, CA 93451

Richard G. Alvarez           Investment                  $252,224
Patricia A. Alvarez
4750 N. Engleheart Ave.
Reedley, CA 93654

Clavis Development           Investment                  $247,874
International LLC
300F Danville Boulevard,
Ste. #547
Alamo, CA 94507

Russell F. Beglau, Trustee   Investment                  $235,328
of the Russell F. Beglau
Family Trust under
agreement dated 7/24/91
6030 Kathy Court
San Luis Obispo, CA 9340

Five creditors of Paso Robles, California-based Estate Financial
Inc. -- http://www.estatefinancial.com/-- filed an involuntary  
chapter 11 petition against the real estate broker on June 25,
2008 (Bankr. C.D. Calif. Case Number 08-11457).  Petitioner Steve
Gardality asserted a claim of $6,269,768.  Estate Financial Inc.
consented to the bankruptcy filing on July 16, 2008.  A Chapter 11
trustee, Thomas P. Jeremiassen, was appointed by the Court on July
23, 2008.

Estate Financial Mortgage Fund, LLC, is a fund organized by sole
manager Estate Financial Inc. to invest in construction loans for
residential and commercial properties.  The Fund filed for Chapter
11 protection on July 1, 2008 (Bankr. C.D. Calif. 08-11535).  
Lewis R. Landau, Esq., in Calabasas, California, represents the
Debtor as counsel.  When the Fund filed for protection from its
creditors, it listed assets of more than $100,000,000, and debts
of $100,001 to $1,000,000.  Bradley D. Sharp was appointed as
Chapter 11 trustee for the case.


EURAMAX INTERNATIONAL: Moody's Reviews Ratings for Possible Cut
--------------------------------------------------------------
Moody's Investors Service placed the ratings of Euramax
International, Inc. under review for possible downgrade.  Moody's
believes that the risk of financial covenant violations in 2008
has heightened due to growing softness in the company's end-
markets, particularly within its European operations and building
products segment.  Moody's believes these markets will continue to
soften into 2009.  As a result, the company's access to its
revolving credit facility may be limited by financial covenant
challenges.  Specifically, the company's maximum leverage ratio
begins to step down in the third quarter of 2008 and further
tightens into 2009.

In order to fully consider these matters, Moody's will look to
clarify and review 1) the third quarter operating results and 2009
business outlook, 2) the likelihood of covenant compliance over
the near term and the company's ability to re-negotiate financial
covenants with its lenders, if necessary, and 3) the financial
strategy of the company's sponsor.  Moody's expects this review to
be completed within 45 days.

Ratings Under Review:

Issuer: Euramax International, Inc.

  -- Corporate Family Rating, B2
  -- First Lien Sr. Secured Term Loan, B1 (LGD3, 34%)
  -- First Lien Sr. Secured Revolver, B1 (LGD3, 34%)
  -- Second Lien Sr, Secured Term Loan, Caa1 (LGD5, 81%)
  -- Outlook, Changed To Review for Possible Downgrade From
     Negative

Issuer: Euramax Netherlands B.V.

  -- First Lien Sr. Secured Term Loan, B1 (LGD3, 34%)
  -- First Lien Sr. Secured Revolver, B1 (LGD3, 34%)
  -- Outlook, Changed To Review for Possible Downgrade From
     Negative

Headquartered in Norcross, Georgia, Euramax International Inc. is
an international producer of value-added aluminum, steel, vinyl
and fiberglass products.


FANNIE MAE: FBI Investigating Firm's Financial Troubles
--------------------------------------------------------
Bloomberg News reported that the Federal Bureau of Investigation
is probing the financial troubles of American International Group,
Lehman Brothers, Fannie Mae and Freddie Mac.  

Evan Perez at The Wall Street Journal relates that law enforcement
officials said that the FBI's preliminary inquiries are focusing
on whether fraud helped cause some of the troubles at these four
companies.  Stephen Foley at The Independent reports that the FBI
are checking documents and e-mails related to the collapse of
Lehman Brothers and AIG and the events leading to the
nationalization of Fannie Mae and Freddie Mac.

The Indpendent states that the FBI launched more than 500
prosecutions against mortgage brokers and appraisers who helped
foist millions of inappropriate loans on people who could never
afford to pay them back.  According to WSJ, the U.S. Attorney in
Brooklyn has brought charges against brokers who allegedly tricked
some institutional investors into purchasing risky auction-rate
securities.

                         About Fannie Mae

The Federal National Mortgage Association -- (FNMA) (NYSE: FNM) --
commonly known as Fannie Mae, is a shareholder-owned U.S.
government-sponsored enterprise.  Fannie Mae has a federal charter
and operates in America's secondary mortgage market, providing
mortgage bankers and other lenders funds to lend to home buyers at
low rates.

Fannie Mae was created in 1938, under President Franklin D.
Roosevelt, at a time when millions of families could not become
homeowners, or risked losing their homes, for lack of a consistent
supply of mortgage funds across America.  The government
established Fannie Mae to expand the flow of mortgage funds in all
communities, at all times, under all economic conditions, and to
help lower the costs to buy a home.

In 1968, Fannie Mae was re-chartered by the U.S. Congress as a
shareholder-owned company, funded solely with private capital
raised from investors on Wall Street and around the world.

Fannie Mae is the U.S. largest mortgage buyer, according to The
New York Times.


FAWCETT BOAT: Reorganization Plan OKd, Emerges from Chapter 11
--------------------------------------------------------------
Katie Arcieri at Hometownannapolis.com (Maryland) reports that
Fawcett Boat Supplies, Inc., has emerged from Chapter 11
bankruptcy protection after the U.S. Bankruptcy Court for the
District of Maryland approved the company's reorganization plan on
Sept. 10.

According to Hometownannapolis.com, Fawcett Boat said the plan
will repay more than 100 creditors and fuel growth.  It addresses
38 classes of creditors holding $5.6 million in claims against the
company, the report says, citing Fawcett Boat President Steve
Ripley.  According to the report, Mr. Ripley said that majority of
the creditors will be paid back 10 cents on the dollar.

Hometownannapolis.com relates that Fawcett Boat will continue
retail operations from its Compromise Street building with 25
workers.  Mr. Ripley said that Jammet Investment Associates,
headed by investor Bernard Jammet, has recapitalized Fawcett Boat,  
the report states.

Citing Mr. Ripley, Hometownannapolis.com says that Fawcett Boat
has reopened a Fawcett walk-in store at 1811 Virginia Street.   
According to Hometownannapolis.com, the company also entered into
a deal with Richard Sadler, owner of Chesapeake Marine Fasteners,
to sell inventory including nuts, bolts, and screws at Fawcett
Boat's second location.

Headquartered in Annapolis, Maryland, Fawcett Boat Supplies, Inc.
-- http://www.fawcettboat.com/-- serves customers throughout the  
Chesapeake Bay region, the US, and the world.  Boatyards, riggers,
cruisers, live-aboards and racers have relied upon Fawcett since
1948.  

The company filed for Chapter 11 bankruptcy protection on
Dec. 12, 2007 (Bankr. D.Md. Case No. 07-22624).  Alan M. Grochal,
Esq., at Tydings & Rosenberg, LLP, represents the company in its
restructuring efforts.  The company listed assets of between
$1 million and $100 million and debts of between $1 million and
$100 million when it filed for bankruptcy.


FORT APACHE: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: Fort Apache & Martin LLC
        2967 Soft Horizon Way
        Las Vegas, NV 89135

Bankruptcy Case No.: 08-21122

Chapter 11 Petition Date: September 25, 2008

Court: District of Nevada (Las Vegas)

Judge: Bruce A. Markell

Debtor's Counsel: David J. Winterton, Esq.
                  david@davidwinterton.com
                  David J. Winterton & Assoc. Ltd.
                  211 N. Buffalo Dr. #A
                  LAS VEGAS, NV 89145
                  Tel: (702) 363-0317

Estimated Assets: $3,700,000

Estimated Debts: $3,017,503

The Debtor does not have any creditors who are not insiders.


FREDDIE MAC: FBI Investigating Firm's Financial Troubles
--------------------------------------------------------
Bloomberg News reported that the Federal Bureau of Investigation
is probing the financial troubles of American International Group,
Lehman Brothers, Fannie Mae and Freddie Mac.  

Evan Perez at The Wall Street Journal relates that law enforcement
officials said that the FBI's preliminary inquiries are focusing
on whether fraud helped cause some of the troubles at these four
companies.  Stephen Foley at The Independent reports that the FBI
are checking documents and e-mails related to the collapse of
Lehman Brothers and AIG and the events leading to the
nationalization of Fannie Mae and Freddie Mac.

The Indpendent states that the FBI launched more than 500
prosecutions against mortgage brokers and appraisers who helped
foist millions of inappropriate loans on people who could never
afford to pay them back.  According to WSJ, the U.S. Attorney in
Brooklyn has brought charges against brokers who allegedly tricked
some institutional investors into purchasing risky auction-rate
securities.

                        About Freddie Mac

The Federal Home Loan Mortgage Corporation -- (FHLMC) NYSE: FRE --
commonly known as Freddie Mac, is a stockholder-owned government-
sponsored enterprise authorized to make loans and loan guarantees.  
Freddie Mac was created in 1970 to provide a continuous and low
cost source of credit to finance America's housing.

Freddie Mac conducts its business primarily by buying mortgages
from lenders, packaging the mortgages into securities and selling
the securities -- guaranteed by Freddie Mac -- to investors.  
Mortgage lenders use the proceeds from selling loans to Freddie
Mac to fund new mortgages, constantly replenishing the pool of
funds available for lending to homebuyers and apartment owners.
                       

FT APACHE: Voluntary Chapter 11 Case Summary
--------------------------------------------
Debtor: Ft. Apache Tompkins, LLC
        2697 Soft Horizon Way
        Las Vegas, NV 89135

Bankruptcy Case No.: 08-21124

Chapter 11 Petition Date: September 25, 2008

Court: District of Nevada (Las Vegas)

Judge: Bruce A. Markell

Debtor's Counsel: David J. Winterton, Esq.
                  david@davidwinterton.com
                  David J. Winterton & Assoc. Ltd.
                  211 N. Buffalo Dr. #A
                  LAS VEGAS, NV 89145
                  Tel: (702) 363-0317

Total Assets: $6,000,000

Total Debts: $3,354,614

The Debtor does not have any creditors who are not insiders.


FUEGO ENT: Moore & Associates Expresses Going Concern Doubt
-----------------------------------------------------------
Las Vegas-based Moore & Associates Chartered raised substantial
doubt about Fuego Entertainment, Inc.'s ability to continue as a
going concern after it audited the company's financial statements
for the year ended May 31, 2008.  

According to the auditing firm, the company sustained significant
losses in the last two years, and has deficits in working capital.  
The company has an accumulated deficit of $1,036,317 as of May 31,
2008.

The company's ability to continue in existence is dependent on its
ability to develop additional sources of capital, or achieve
profitable operations.  The company sustained significant losses
in the last two years, and has deficits in working capital as of
May 31, 2008, and 2007 as well as a stockholders' deficit as of
May 31, 2007.  The company's financial position at those dates and
presently is of great concern to the management and to the
company's investors, however, management's plan is to obtain
additional capital and to continue to develop, market and
distribute musical tracks through Fuego and its new joint venture,
Echo-Fuego Music Group, LLC.

The company posted net loss of $444,593 on total revenues of
$559,214 for the year ended May 31, 2008, as compared with a net
loss of $505,558 on total revenues of $184,243 in the prior year.

At May 31, 2008, the company's balance sheet showed $1,167,118 in
total assets, $498,720 in total liabilities, and $668,398 in total
stockholders' equity.  

The company's consolidated balance sheet at May 31, 2008, showed
strained liquidity with $108,077 in total current assets available
to pay $217,171 in total current liabilities.

A full-text copy of the company's 2008 annual report is available
for free at http://ResearchArchives.com/t/s?32d6

                   About Fuego Entertainment

Fuego Entertainment, Inc. (OTC BB: FUGO) --
www.fuegoentertainment.net/ -- directs, produces, markets, and
distributes entertainment products, including short films,
documentaries, television shows, music, and tour productions.  The
company also produces and markets filmed and television content,
and music content through traditional distribution channels and
digital downloads; and manages, promotes, and exploits music
compositions, as well as provides management, marketing, and
public relations services to the entertainment industry.  It
primarily focuses on Hispanic/Latin and English-speaking markets.  
The company was founded in 2004 as Durango Entertainment, Inc.,
and changed its name to Fuego Entertainment, Inc., in 2005.  Fuego
Entertainment is based in Miami Lakes, Fla.


GE COMMERCIAL: S&P Junks Rating on Class O Commercial Certificates
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the class
O commercial mortgage pass-through certificates from GE Commercial
Mortgage Corp. Series 2006-C1 Trust to 'CCC+' from 'B-'.  
Concurrently, S&P affirmed its ratings on the remaining 21 classes
from this series.
     
The downgrade reflects credit concerns with one of the seven loans
in the pool that have reported debt service coverage of less than
1.0x, as well as the weakened performance of the ninth-largest
exposure.

The affirmed ratings reflect credit enhancement levels that
provide adequate support through various stress scenarios.
     
The seven loans ($82.1 million, 5%) in the pool that have reported
low DSCs are secured by a variety of retail, multifamily, and
mixed-use properties.  They have an average balance of $11.7
million and have experienced a weighted average decline in DSC of
52% since issuance.  Six of these loans have, however, posted
improved occupancy and performance in 2008.  The loan that is a
credit concern, Knight Chase Apartments ($6.6 million), is secured
by a 158-unit multifamily apartment complex in Stockbridge,
California.

The low reported DSC of 0.16x for the 12 months ended Dec. 31,
2007, was attributable primarily to 115 units that were under
renovation in 2007.  The borrower indicated that it has
subsequently re-leased these units at a higher rental rate and
that the property's performance should stabilize this year.  Even
after recalculating the DSC assuming the higher rental income, S&P
still arrived at a low DSC.

The ninth-largest exposure, Atlanta Mall Area Portfolio
($29.1 million, 2%), is secured by two retail properties totaling
158,300 sq. ft. in Lithonia and Buford, Georgia.  The 50,980-sq.-
ft. retail property in Buford is currently 49% occupied after the
largest tenant vacated before its March 31, 2009, lease expiration
date.  The vacated tenant is paying rent through its lease
expiration date.  The borrower is currently marketing the vacant
space.  The adjusted DSC, including amortization, was 1.01x for
the 12 months ended Dec. 31, 2007, and combined occupancy is 80%
as of September 2008.  The DSC will fall below 1.0x if the space
remains vacant.
     
As of the Sept. 10, 2008, remittance report, the trust collateral
consisted of 145 loans with an aggregate principal balance of
$1.59 billion, compared with $1.61 billion and the same number of
loans at issuance.  The master servicer, Wachovia Bank N.A.,
reported financial information for 100% of the loans in the pool.  
Ninety-one percent of the servicer-reported information was full-
year 2007 data.  Based on this information, Standard & Poor's
calculated a weighted average DSC of 1.69x, down from 1.81x at
issuance.  The current weighted average DSC includes amortization
for loans totaling 39% of the trust balance that originally had
partial interest-only periods from seven to 60 months. All of the
loans in the trust are current, and no loans are with the special
servicer.  To date, the trust has not experienced any losses.
     
The top 10 exposures secured by real estate have an aggregate
principal balance of $697.0 million (44%) and a weighted average
DSC of 2.00x, down from 2.32x at issuance.  The calculation
includes additional debt service for three of the top 10 exposures
that have initial IO periods but did not begin to fully amortize
in 2007.  The seventh-largest exposure is on the master servicer's
watchlist and is discussed below.  Standard & Poor's reviewed the
property inspection reports provided by Wachovia for the assets
underlying the top 10 exposures.  All of the properties were
characterized as "good."   
     
The credit characteristics of 277 Park Avenue, KinderCare
Portfolio, Level 3 Communications, and Embassy Suites are
consistent with those of investment-grade obligations.  Standard &
Poor's adjusted values for these loans are comparable to their
levels at issuance.
     
Wachovia reported a watchlist of 14 loans totaling $142.9 million
(9%).  The largest loan on the watchlist, and the seventh-largest
exposure in the pool, Grand Marc at Riverside ($42.1 million, 3%),
is secured by a 212-unit (760-bed) class A gated student housing
property in Riverside, California.  The loan is on the watchlist
because of a low reported DSC of 0.63x and low occupancy of 73%
for the 12 months ended Dec. 31, 2007.  The loan was assumed in
May 2008.  The new borrower indicated that performance should
improve because the property is currently 100% occupied for the
2008-2009 school term.
     
The remaining loans are on the watchlist due to declines in DSC
since issuance or deferred maintenance items.      
     
Standard & Poor's identified 30 properties in areas affected by
Hurricane Ike, which are part of the KinderCare Portfolio
($632.1 million, 9%), Michelin North America ($24.5 million, 2%),
Bay Area Self Storage ($4.8 million, 0.3%), and Bullseye Storage
Gulfgate ($2.7 million, 0.2%) exposures.  Wachovia notified S&P
that five of the properties securing the KinderCare Portfolio loan
experienced no damage, while the remaining 25 properties securing
the four loans incurred minor to moderate damage, mainly to the
roof, ceiling, and fencing.  Standard & Poor's was able to confirm
that the KinderCare Portfolio loan has flood and windstorm
insurance, while the remaining three loans have windstorm
insurance.  In addition, three of the four loans have business
interruption insurance. S&P will continue to monitor the
situation.
     
Standard & Poor's stressed the loans on the watchlist and other
loans with credit issues as part of its analysis.  The resultant
credit enhancement levels adequately support the lowered and
affirmed ratings.
   
                         Rating Lowered

         GE Commercial Mortgage Corp. Series 2006-C1 Trust
           Commercial mortgage pass-through certificates

                        Rating
                        ------
         Class       To         From   Credit enhancement
         -----       --         ----   ------------------
         O           CCC+       B-           1.14%

                        Ratings Affirmed

        GE Commercial Mortgage Corp. Series 2006-C1 Trust
          Commercial mortgage pass-through certificates

            Class         Rating    Credit enhancement
            -----         ------    ------------------
            A-1           AAA             30.34%
            A-2           AAA             30.34%
            A-3           AAA             30.34%
            A-AB          AAA             30.34%
            A-4           AAA             30.34%
            A-1A          AAA             30.34%
            A-M           AAA             20.23%
            A-J           AAA             11.00%
            B             AA               8.72%
            C             AA-              7.84%
            D             A                6.32%
            E             A-               5.44%
            F             BBB+             4.55%
            G             BBB              3.67%
            H             BBB-             2.78%
            J             BB+              2.40%
            K             BB               2.02%
            L             BB-              1.64%
            M             B+               1.52%
            N             B                1.26%
            X-W           AAA               N/A


                      N/A -- Not applicable.


GEORGIA GULF: Suspends Quarterly Dividend Due to Weak Economy
-------------------------------------------------------------
Georgia Gulf Corporation disclosed in a Securities and Exchange
Commission filing that its board of directors has suspended the
quarterly cash dividend due to the impact of continued weak
economic conditions, particularly the U.S. housing market.

Georgia Gulf remains focused on targeted cost, working capital and
debt reduction initiatives.  The Company announced an amendment to
its senior credit facility on September 11, 2008, that adjusted
certain financial covenant ratios to reflect current market
conditions.  The Company continues to evaluate options to
refinance the senior credit facility to obtain a structure with
greater long-term flexibility.

                       About Georgia Gulf

Headquartered in Atlanta, Georgia, Georgia Gulf Corporation
(NYSE:GGC) -- http://www.ggc.com/-- manufactures and markets two     
integrated product lines: chlorovinyls and aromatics.  The
company's primary chlorovinyls products are chlorine, caustic
soda, vinyl chloride monomer, vinyl resins and vinyl compounds,
and itsaromatics products are cumene, phenol and acetone.  GGC
operates through four segments: chlorovinyls; window and door
profiles and mouldings products; outdoor building products, and
aromatics.  On Oct. 3, 2006, GGC completed the acquisition of
Royal Group Technologies Limited, a North American manufacturer
and marketer of vinyl-based building and home improvement
products.

                         *     *     *

As reported in the Troubled company Reporter on May 12, 2008,
Standard & Poor's Ratings Services lowered its ratings on Georgia
Gulf Corp. by one notch, including its corporate credit rating to
'CCC+' from 'B-'.  The outlook is negative.

The Troubled Company Reporter reported on July 17, 2008, that
Georgia Gulf Corporation entered into a settlement agreement with
certain holders of its 7-1/8% senior notes due 2013 that sent a
notice of default on June 6, 2008.  The company has agreed to pay
$1.4 million of the legal fees of the signing holders.


GOODYEAR TIRE: To Tap $600MM Credit Facility Due to Fund Woes
-------------------------------------------------------------
The Goodyear Tire & Rubber Co. will draw $600 million from its
existing U.S. revolving credit facility due to a temporary delay
in its ability to access $360 million of cash currently invested
with The Reserve Primary Fund.  The funds will also be used to
support seasonal working capital needs and to enhance the
company's cash liquidity position.

The Reserve Primary Fund, a money market fund, has delayed the
payment of requested redemptions pursuant to a U.S. Securities and
Exchange Commission Order allowing an orderly disposition of its
securities.  

David Horn at The North Carolina News Network relates that a run
on redemptions had led to the Reserve Primary Fund losing more
than 60% of its assets, as the fund lost value because some of its
investments were in Lehman Brothers' debt.

Goodyear's other U.S. cash investments remain fully accessible by
the company.

Goodyear also said that the expiration of the 30-day period to
appeal the U.S. District Court's Order approving the settlement
agreement that established the Voluntary Employees' Beneficiary
Association trust, which will provide healthcare benefits to the
company's current and future United Steelworkers retirees.  No
appeals were filed.  Goodyear now can remove liabilities for USW
union retiree healthcare benefits from its balance sheet.  As of
year-end 2007, these liabilities were approximately $1.2 billion.  
As previously announced, the company fully funded the $1 billion
VEBA following the court's Aug. 22 settlement approval.  At the
end of the second quarter, Goodyear reported a global cash balance
of approximately $2.1 billion prior to funding the VEBA.

                       About Goodyear Tire

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest  
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 60 facilities in 26 countries
and employs 80,000 people worldwide.  Goodyear has subsidiaries in
New Zealand, Venezuela, Peru, Mexico, Luxembourg, Finland, Korea
and Japan, among others.  

                          *     *     *

As reported by the Troubled Company Reporter-Europe on March 6,
2008, Fitch Ratings upgraded The Goodyear Tire & Rubber Company's
Issuer Default Rating to 'BB-' from 'B+' and senior unsecured debt
rating to 'B+' from 'B-/RR6'.    


GOODYEAR TIRE: Drawing $600MM Facility Won't Affect S&P's Ratings
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on The
Goodyear Tire & Rubber Co. (BB-/Positive/--) are not immediately
affected by the company's announcement that it will draw down
$600 million of its U.S. revolving credit facility because
Goodyear's access to $360 million of cash invested with The
Reserve Primary Fund has been delayed temporarily.  Once the
drawdown has been completed, S&P believes the company's cash
position and available credit facilities will be sufficient to
support near-term cash needs.
     
In light of the anxious state of the capital markets, S&P believes
the company's action reflects prudent steps to minimize the
effects of any unexpected credit disruptions.  Although recent
events have diminished Goodyear's liquidity, S&P expects the
impact to be temporary and therefore will not significantly affect
the company's financial risk profile.  Nevertheless, S&P remains
concerned that weak credit markets, if sustained, could complicate
Goodyear's funding of its business plan.


GOODY'S FAMILY: Closing Almost 70 Stores, Opens Richmond Unit
-------------------------------------------------------------
Laura Butler at The Eastern Progress Online (Ky.) reports that
Goody's Family Clothing, Inc., has opened a store in Richmond
Centre, a new outlet-style mall near Goggins Lane, while it is
closing almost 70 stores across the country, including a store at
Richmond Mall.

The Eastern Progress relates that Goody's, which is in need of new
business, is "embracing a reorganization plan to restore its
ability to function and thrive in a competitive market."  A new
store at Richmond Centre could encourage growth for Goody's,
according to the report.

The new shopping center will provide "a more expedient shopping
experience, allowing patrons to park in front of the door and get
in and out quickly," The Eastern Progress says.  Richmond Centre
is larger compared to Richmond Mall and will house a wider variety
of merchandise, the report states, citing Bill Birkenmeier, a
store manager of Richmond JCPenney.

                      About Goody's Family

Headquartered in Knoxville, Tennessee, Goody's Family Clothing
Inc. -- http://www.shopgoodys.com/-- operates chains of clothing  
stores.  The company is owned by Goody's Holdings Inc., a non-
debtor entity.  As of May 31, 2008, the company operates 355
stores in several states with approximately 9,868 personnel, of
which 170 employees are covered under a collective bargaining
agreement.  The company and 19 of its affiliates filed for Chapter
11 protection on June 9, 2008 (Bankr. D. Del. Lead Case No.
08-11133).  Gregg M. Galardi, Esq., and Marion M. Quirk, Esq., at
Skadden Arps Slate Meagher & Flom LLP, and Paul G. Jennings, Esq.,
at Bass, Berry & Sims PLC, represent the Debtors.  The Debtors
selected Logan and Company Inc. as their claims agent.

The U.S. Trustee for Region 3 appointed seven creditors to serve
on an Official Committee of Unsecured Creditors.  Frederick Brian
Rosner, Esq., at Duane Morris LLP, and Lawrence C. Gottlieb, Esq.,
Cathy Herschopf, Esq., and Jeffrey L. Cohen, Esq., at Cooley
Godward Kronish LLP, represent the Committee in these cases.

When the Debtors filed for protection from their creditors, they
listed assets and debts of between $100 million and $500 million.  
As of May 3, 2008, the Debtors' records reflected total assets of
$313,000,000 -- book value -- and total debts of $443,000,000.


GREATER ATLANTA: Files Chapter 11 Bankruptcy in Atlanta Court
-------------------------------------------------------------
Greater Atlanta Bar-B-Q LLC filed for bankruptcy protection in the
U.S. Bankruptcy Court for the Northern District of Georgia, J.
Scott Trubey of the Atlanta Business Chronicle reported Thursday.

According to Mr. Trubey, the Norcross, Ga.-based operator of 10
metro Atlanta Sonny's Real Pit Bar-B-Q restaurants listed secured
debts of $8.8 million and assets of between $1 million and
$10 million.  

Greater Atlanta Bar-B-Q will close its Smyrna, Austell, Indian
Trail Road and Cheshire Bridge Road locations, but its restaurants
in Athen, conyers, Marietta, Buford, Jonesboro and Lawrenceville
will remain open, the report said.

The report says that Greater Atlanta Bar-B-Q purchased 14
distressed Sonny's locations from The Georgia Bar-B-Q Co. in 2006,
but sales at certain locations continued to wane and rents were
too high, the filing stated.

                  About Greater Atlanta Bar-B-Q

Based in Norcross, Georgia, Greater Atlanta Bar-B-Q, LLC is an
operator of 10 Sonny's Real Pit Bar-B-Q eateries in metro Atlanta.  
The company filed for Chapter 11 relief on Sept. 25, 2008 (Bankr.
N.D. Ga. 08-78865).  Wendy L. Hagenau, Esq., at Powell Goldstein
LLP represents the Debtor as counsel.  When the Debtor filed for
protection from its creditors, it listed assets of $1 million to
$10 million, and debts of $1 million to $10 million.  


GREAT LAKES TISSUE: Files For Chapter 11 Bankruptcy Protection
--------------------------------------------------------------
Bill Rochelle of Bloomberg News reports that Great Lakes Tissue
Co. filed for Chapter 11 bankruptcy protection on Sept. 22, 2008,
with the U.S. Bankruptcy Court for the Eastern District of
Michigan (Case No. 08-22796).

The filing took place after a sale to Wisconsin-based National
Packaging Services Corp. fell through, according to the report.

The Debtor listed assets of $7.7 million and debt of $14.2 million
in its filing.

Cheboygan, Michigan-based Great Lakes Tissue Co. is a paper
products maker.


GREEKTOWN CASINO: Wants Until December 15 to File Chapter 11 Plan
-----------------------------------------------------------------
After negotiating with the objecting parties to their request
for an extension of the exclusivity period, Greektown Holdings
LLC and its debtor-affiliates noted in a recent filing with the
United States Bankruptcy Court for the Eastern District of
Michigan that they now seek to extend their exclusivity period
through December 15, 2008, without prejudice to seek further
extensions.

The Debtors originally sought an extension of the Exclusivity
Period through June 1, 2009.

On the Debtors' behalf, Michael R. Wernette, Esq., at Schafer and
Weiner, in Bloomfield Hills, Michigan, reminds the Court that as
noted in an August 18, 2008 hearing, the Michigan Gaming Board,
the Official Committee of Unsecured Creditors, and Dimitrios and
Viola Papas do not object to a December 15 extension.

The Debtors agree that a relatively short, first request for
extension of exclusive periods under Section 1121(d) of the
Bankruptcy Code is subject to a lighter burden.  The Debtors add
that the large nature of their bankruptcy cases weighs heavily in
favor of an exclusivity extension.  

In addition, the Debtors believe a rapid sale of the Greektown
Casino, as to which the city of Detroit, Michigan, is pushing for,
will not maximize value for their estates.  

               Exclusivity Hearing Set for Sept. 23

Before the Debtors proposed a new extension date of their
Exclusivity Period, the Debtors stipulated with Objecting Parties  
Daniel M. McDermott as U.S. Trustee for Region 9; the Official
Committee of Unsecured Creditors; Deutsche Bank Trust Company
Americas; the City of Detroit, Michigan; the Michigan Gaming
Control Board; Ted and Maria Gatzaros; and Dimitrios and Viola
Papas for the adjournment of the Exclusivity Motion Hearing to
September 23, at 1:30 p.m.  An evidentiary hearing with respect to
the Exclusivity Motion was originally set for September 15, 2008.  
That hearing has been adjourned to September 23.  

The Court approved the parties' Stipulation.

                     Creditors Committee Opposes
                Exclusivity Extension Proposed Order

"The Court in no way granted the [Exclusivity] Motion at the
[Aug. 18 hearing] but rather extended the Plan Period and the
Acceptance Period solely to accommodate the Evidentiary Hearing,"  
Robert D. Gordon, Esq., at Clark Hill PLC, in Detroit, Michigan,
clarifies, on the Committee's behalf.

The Creditors Committee is concerned that certain provisions of
the Debtors' proposed order for the Exclusivity Motion failed to
comport with decisions made by the Court during the August 18
hearing.  The Creditors Committee does not believe that the Court
found the Exclusivity Motion to be in the best interests of
anyone or that it established cause for any extension.  

Mr. Gordon adds that contrary to the language of the Debtors'
Proposed Exclusivity Order, the participation and approval of
certain prepetition and postpetition lender agents is not
required for the resolution of objections to the Exclusivity
Motion.  

The Committee reiterates that the Court never suggested it would
extend the plan period and the plan acceptance period after the
Evidentiary Hearing or at any other time.   Including those
provisions in the Proposed Order is improper as the Court never
made those determinations and they are not in accordance with
Section 1121 of the Bankruptcy Code, Mr. Gordon asserts.

Mr. Gordon relates that at the August 18 hearing, the Debtors
revised their requested Plan Period extension from June 1, 2009,
through February 12, 2009, and the Debtors also discussed on the
record for a December 15, 2008, or shorter extension.  

The Committee notes that it asked the Debtors' counsel during the
August 18 hearing to clarify in the Proposed Order what specific
relief the Debtors were seeking as to both the Plan Period and
the Acceptance Period.  The Debtors, however, ignored the
requested clarification, Mr. Gordon elaborates.

The Committee maintains that a clarification must be made in the
Debtor's Proposed Exclusivity Order to avoid any confusion in
discovery and at the Evidentiary Hearing.  In this light, the
Committee presented its own proposed exclusivity order, with
changes that more precisely comports with the Court's decisions
and ruling at the August 18 Hearing.

                      About Greektown Casino

Based in Detroit, Michigan, Greektown Holdings, LLC and its
affiliates -- http://www.greektowncasino.com/-- operates world-
class casino gaming facilities located in Detroit's historic
Greektown district featuring more than 75,000 square feet of
casino gaming space with more than 2,400 slot machines, over 70
tables games, a 12,500-square foot salon dedicated to high limit
gaming and the largest live poker room in the metropolitan Detroit
gaming market.

Greektown Casino employs approximately 1,971 employees, and
estimates that it attracts over 15,800 patrons each day, many of
whom make regular visits to its casino complex and related
properties.  In 2007, Greektown Casino achieved a 25.6% market
share of the metropolitan Detroit gaming market.  Greektown Casino
has also been rated as the "Best Casino in Michigan" and "Best
Casino in Detroit" numerous times in annual readers' polls in
Detroit's two largest newspapers.

The company and seven of its affiliates filed for Chapter 11
protection on May 29, 2008 (Bankr. E.D. Mich. Lead Case No.
08-53104).  Daniel J. Weiner, Esq., Michael E. Baum, Esq., and
Ryan D. Heilman, Esq., at Schafer and Weiner PLLC, represent the
Debtors in their restructuring efforts.  Judy B. Calton, Esq., at
Honigman Miller Schwartz and Cohn LLP, represents the Debtors as
their special counsel.  The Debtors chose Conway MacKenzie &
Dunleavy as their financial advisor, and Kurtzman Carson
Consultants LLC as claims, noticing, and balloting agent.

When the Debtor filed for protection from its creditors, it listed
consolidated estimated assets and debts of $100 million to
$500 million.  (Greektown Casino Bankruptcy News, Issue No. 12;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).   
                       

GREYSTONE LOGISTICS: Deficits Cue Auditor's Going Concern Doubt
---------------------------------------------------------------
Taylor Sartain & Sartain LLP in Tulsa, Oklahoma, stated in its
report dated Sept. 15, 2008, that in previous years, Greystone
Logistics, Inc., suffered significant losses from operations,
which resulted in a cumulative stockholders' deficit of $9,279,367
and a working capital deficit of $13,223,360.  The auditor pointed
out that these deficits at May 31, 2008 raise substantial doubt
about the company's ability to continue as a going concern.

                     Management Statement

The company was incorporated on Feb. 24, 1969.  From April 1993 to
December 1997, the company was engaged in various businesses,
including the business of exploration, production, and development
of oil and gas properties in the continental United States and the
operation of a related service business.  In December 1997, the
company acquired all of the issued and outstanding stock of
Plastic Pallet Production, Inc., and its principal business
changed to selling plastic pallets.  Since such time, the company
has continued to incur losses from operations until the year ended
May 31, 2008, when it showed an operating profit and positive cash
flows.  There is no assurance that Greystone will continue to
achieve a positive operating profit or otherwise obtain funds to
finance continued operations.

Greystone achieved its first year of profitable operations in
recent years, reporting net income available to common
stockholders of $419,729 and cash provided by operations of
$744,240.  However, total stockholder deficit still exceeds
$9,000,000 and working capital deficit still exceeds $13,000,000.  
The company's ability to continue to exist as a going concern for
the next fiscal year depends primarily on the forbearance of the
company's creditors.  The most significant creditors include
related party Greystone Plastics, Inc., and lending institution
F&M Bank & Trust Company.  Some refinancing has already occurred
and F&M Bank has communicated to the company that it anticipates
it will renew the debt that is currently due on terms similar to
existing terms.  While management is optimistic about the
forbearance of its creditors and the conversion of its credit
facilities to long-term, there can be no assurance that
management's efforts will allow the company to meet its
obligations when due.

While 2008 results are viewed by the management with optimism, the
company does not have an adequate history of profitable operations
to provide reasonable assurance of continuation as a going
concern.  Management is working to enhance the value of the
company's contracts with its two most significant customers, which
accounted for about 75% and 85% of sales, respectively, for the
fiscal year ended May 31, 2008, and 2007, and expand its customer
base and product offerings.  Some of these efforts will require
additional capital to implement.  There is no assurance that
management's efforts will be sufficiently successful, or that
needed capital will be available, for the company to continue as a
going concern.

                          Financials

The company posted a net income of $928,420 on total sales of
$21,081,114 for the year ended May 31, 2008, as compared with a
net loss of $2,599,976 on total sales of $12,454,293 in the prior
year.

At May 31, 2008, the company's consolidated balance sheet showed
$11,446,004 in total assets and $20,725,371 in total liabilities,
resulting in a $9,279,367 stockholders' deficit.  

The company's consolidated balance sheet at May 31, 2008, also
showed strained liquidity with $2,448,848 in total current assets
available to pay $15,471,208 in total current liabilities.

A full-text copy of the company's 2008 annual report is available
for free at http://ResearchArchives.com/t/s?32d5  

                About Greystone Logistics

Headquartered in Tulsa, Oklahoma, Greystone Logistics, Inc. (OTC
BB: GLGI) -- http://greystonelogistics-glgi.com/-- manufactures  
and sells plastic pallets, made from recycled plastic, through its
wholly owned subsidiaries, Greystone Manufacturing LLC and Plastic
Pallet Production, Inc.

Greystone sells its pallets through an exclusive distribution
arrangement with Decade Products whereby Decade sells Greystone's
pallets nationwide through direct sales and a network of
independent contractor distributors.  Greystone also sells its
pallets and pallet leasing services to certain large customers
direct through its president, senior vice president of Sales and
Marketing and other employees.

Greystone currently derives approximately 86% of its revenue from
two national brewers.


GS MORTGAGE: Moody's Lowers Ratings on Six Classes of Securities
----------------------------------------------------------------
Moody's Investors Service downgraded the ratings of six classes of
GS Mortgage Securities Corporation II, Series 2006-RR2 as:

  -- Class E, $11,564,000, Certificates Due 2017, downgraded to A2
     from A1

  -- Class F, $8,673,000, Certificates Due 2017, downgraded to A3
     from A2

  -- Class G, $8,673,000, Certificates Due 2017, downgraded to
     Baa1 from A3

  -- Class H, $13,491,000, Certificates Due 2018, downgraded to
     Baa2 from Baa1

  -- Class J, $9,637,000, Certificates Due 2018, downgraded to
     Baa3 from Baa2

  -- Class K, $7,709,000, Certificates Due 2018, downgraded to Ba1
     from Baa3

Moody's is downgrading the six classes due to deteriorating pool
performance.

As of the September 25, 2008 distribution date, the transaction's
aggregate collateral balance has decreased to $770.1 million from
$770.9 million at issuance, due to $0.8 million in pay-downs to
the Class A-1 Certificates.  The Certificates are currently
collateralized by 77 classes of CMBS securities from 57 separate
transactions (95.6% of the pool balance) and one CTL transaction
(4.4%).

Since issuance, among the Moody's rated securities (59.7%), there
have been two upgrades and two downgrades to CMBS securities.   
Credit estimates were performed on 31 non-Moody's rated CMBS / CTL
classes (40.3 %) resulting in a deterioration in credit quality.

Moody's uses a weighted average rating factor as an overall
indicator of the credit quality of a CRE CDO transaction.  Based
on Moody's analysis, the current WARF is 876 compared to 799 at
issuance.  Moody's reviewed the ratings or performed credit
estimates on all the collateral supporting the Certificates.  The
distribution is as follows: A1-A3 (7.7% compared to 6.7% at
issuance), Baa1-Baa3 (70.7% compared to 73.4% at issuance), Ba1-
Ba3 (8.3% compared to 11.5% at issuance), B1-B3 (9.7% compared to
6.2% at issuance), and Caa1-NR (3.6% compared to 2.2% at
issuance).

The CMBS securities are from pools securitized between 1996 and
2006.  The two largest vintage exposures are 2005 (55.1%) and 2006
(18.7 %).  The five largest exposures are WBCMT 2006-C23 (6.5%),
GGCFC 2005-GG5 (6.1%), GSMS 2006-GG6 (5.2%), CSFB 2005-C5 (4.8%)
and BC 2000-A (4.4%).

Moody's periodically completes full reviews in addition to
monitoring transactions on a monthly basis.  Moody's had placed
the classes on review for possible downgrade as summarized in a
press release dated August 1, 2008.  Moody's prior full review is
summarized in a Presale Report dated July 10, 2006.

Moody's has published rating methodologies outlining its
analytical approach to surveillance and its approach to rating
static commercial real estate collateralized debt obligations.  In
addition, Moody's has published numerous articles outlining its
ratings approach to the various collateral types customarily
deposited within these transactions along with other articles on
credit issues unique to the sector.  The major rating
methodologies employed in analyzing this transaction include:

  -- CMBS: Moody's Approach to Rating Static CDOs Backed by
     Commercial Real Estate Securities, June 17, 2004 -- this
     paper details the evolution of its analytic approach to
     rating CRE CDOs touching on the binomial expansion model,
     extension risk, correlation, severity rates, pari passu
     notes, diversity, and interest shortfalls with a discussion
     of simulation engines, cash flow analysis, scenario analysis,
     and other elements in Moody's analysis with detailed
     supplementary information on deriving a CDO collateral loss
     distribution by simulating pool loss for each CMBS
     transaction and by simulating default probability and
     severity for each CMBS certificate; and

  -- The Inclusion of Commercial Real Estate Assets in CDOs,
     October 8, 1999 -- this paper describes the development of
     commercial real estate backed CDOs, speaks to collateral pool
     analysis including industry classifications, diversification,
     credit quality, recovery rate, and cash flow characteristics,
     and refers to other aspects of CMBS as CDO collateral
     including prepayment risk, sequential pay structure, ability
     to defer interest payments temporarily, servicer advancing,
     losses, extension risk, recovery rates, and servicer risk.

These methodologies are available on Moodys.com.  The analysis of
this transaction is consistent with Moody's published rating
methodologies.


HAMILTON BEACH: S&P Changes Outlook to Neg. on Weaker Income
------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Glen
Allen, Virginia-based Hamilton Beach Brands Inc. to negative from
stable.  At the same time, Standard & Poor's affirmed its ratings
on the company, including its 'B' corporate credit rating.  As of
June 30, 2006, the company had about $146 million of debt.
     
The outlook revision reflects S&P's concerns about the company's
weaker-than-anticipated operating income and very tight cushion on
its financial covenants.  S&P expects that the operating
environment for Hamilton Beach will remain difficult and its
financial covenants will likely further tighten over the next few
quarters as a result of the effect of reduced consumer spending
and inflationary cost pressures on its business.  While the
company received a $3 million capital contribution from its
parent, NACCO Industries Inc. (unrated) during first-quarter 2008,
covenant cushion remains limited.  In addition, S&P is concerned
about Hamilton Beach's future ability to comply with these
covenants, given a step-down in the required debt leverage
covenant level beginning in fourth-quarter 2008.  
     
The negative outlook on Hamilton Beach reflects Standard & Poor's
expectation that the company's operating environment will remain
challenging over the next 12 months and that covenant cushion will
remain very constrained or diminish further.  "We could lower the
ratings in the event that Hamilton Beach does not meet financial
covenants, if credit protection measures meaningfully weaken,
and/or if operating performance weakens further," noted Standard &
Poor's credit analyst Rick Joy.  S&P estimates that a
7.5% decline in EBITDA could result in a leverage covenant
violation in the third quarter, absent any further capital
contribution from NACCO, and that an EBITDA decline of less than
2% in the fourth quarter would result in a covenant violation.

"Although unlikely over the near term, we could consider a
stable outlook if the company can restore sufficient cushion on
its financial covenants, stabilize margins, and maintain credit
measures comfortably above medians for the rating category," he
continued.


HAMILTON GARDENS: Moody's Junks $315MM Class A-1 Notes Rating
-------------------------------------------------------------
Moody's Investors Service has downgraded the ratings on the two
notes issued by Hamilton Gardens CDO Ltd, and left one of them on
review for further possible downgrade:

Class Description: Up to $315,000,000 Class A-1 Floating Rate
Variable Funding Notes Due 2046

  -- Prior Rating: Baa3, on review for possible downgrade
  -- Prior Rating Action Date: May 18, 2008
  -- Current Rating: Caa3, on review for possible downgrade

Class Description: $54,250,000 Class A-2 Floating Rate Notes Due
2046

  -- Prior Rating: Caa1, on review for possible downgrade
  -- Prior Rating Action Date: May 18, 2008
  -- Current Rating: Ca

According to Moody's, these rating actions are as a result of the
increased deterioration in the credit quality of the transaction's
underlying collateral pool consisting primarily of structured
finance securities.


HARBOR SERIES: Moody's Slashes Ratings on Two Classes to 'Ca'
-------------------------------------------------------------
Moody's Investors Service has downgraded the ratings on the notes
issued by Harbor Series 2006-3:

Class Description: $46,000,000 Class A Variable Rate Notes Due
2051

  -- Prior Rating: Aa1, on review for possible downgrade
  -- Prior Rating Action Date: 04/22/2008
  -- Current Rating: Ca

Class Description: $8,000,000 Class B Variable Rate Notes Due 2051

  -- Prior Rating: Aa3, on review for possible downgrade
  -- Prior Rating Action Date: 04/22/2008
  -- Current Rating: Ca

Class Description: $10,500,000 Class C Variable Rate Notes Due
2051

  -- Prior Rating: Baa1, on review for possible downgrade
  -- Prior Rating Action Date: 04/03/2008
  -- Current Rating: C

Class Description: $5,500,000 Class D Variable Rate Notes Due 2051

  -- Prior Rating: Baa3, on review for possible downgrade
  -- Prior Rating Action Date: 04/03/2008
  -- Current Rating: C

According to Moody's, these rating actions are as a result of the
increased deterioration in the credit quality of the transaction's
underlying collateral pool consisting primarily of structured
finance securities.


HEARTLAND AUTOMOTIVE: Wants Ties with BP Plc Subsidiary to Emerge
-----------------------------------------------------------------
Bill Rochelle of Bloomberg News reports that Heartland Automotive
Holdings, Inc., and its debtor-affiliates asked for authority from
the United States Bankruptcy Court for the Northern District of
Texas on Sept. 22, 2008, to enter into an agreement to pay London-
based BP Plc a breakup fee ranging between $150,000 and $500,000
if the agreement with BP subsidiary to finance the Debtors'
Chapter 11 plan in exchange for dropping the Jiffy Lube brand and
reflagging the locations as Castrol Premium Lube Express doesn't
work out.

According to Mr. Rochelle, the Debtors say they will switch to
using BP products exclusively while BP will "fund a major portion
of the conversion costs" together with providing "competitive
pricing."

The Debtors, according to the report, say current franchisor,
Jiffy Lube International, Inc., "embarked on a strategy designed
to break up the Debtors' enterprise."  The Debtors concluded that
even successful lawsuits against Jiffy Lube would be less
beneficial than the proposed new arrangements with BP, according
to the report.

The Court, according to the report, arranged an Oct. 20 hearing to
consider approving the breakup fees.  The terms of a Chapter 11
reorganization plan weren't mentioned in the court filing,
according to the report.  The details of the prospective
arrangements with BP are secret, according to the report.

                   About Heartland Automotive

Based in Omaha, Nebraska, Heartland Automotive Holdings Inc. --
http://www.heartlandjiffylube.com/-- and its debtor-affiliates       
are franchisees of Jiffy Lube International Inc. since 1980.  The
Debtors operate 438 quick-oil-change stores in 20 states across
the Eastern, Midwestern and Western U.S.  They employed in excess
of 4,000 employees.

The company and its nine affiliates filed for Chapter 11
protection on Jan. 7, 2008 (Bank. N.D. Tex. Lead Case No.
08-40057).  Jeff P. Prostok, Esq., at Forshey & Prostok, LLP
represents the Debtors in their restructuring efforts.  The
Debtors selected Epiq Bankruptcy Solutions LLC as claims, noticing
and balloting agent.  The U.S. Trustee for Region 6 appointed
five creditors to serve on an Official Committee of Unsecured
Creditors on these cases.  The Committee selected Cadwalader
Wickersham & Taft LLP as counsel.

As of Nov. 29, 2007, the Debtors' financial statements reflected
assets totaling about $334 million and liabilities totaling about
$396 million.


HINES HORTICULTURE: Files Schedules of Assets and Liabilities
-------------------------------------------------------------
Bill Rochelle of Bloomberg News reports that Hines Horticulture,
Inc., filed its schedule of assets and liabilities with the U.S.
Bankruptcy Court for the District of Delaware on Sept. 19, 2008,
listing assets of $30 million and debt of $218 million.

It isn't clear from the schedule how much overlap there is between
the Debtor and its Hines Nurseries, Inc., affiliate, although both
show secured claims of $36 million, according to the report.

                    About Hines Horticulture

Headquartered in Irvine, California, Hines Horticulture, Inc. --
http://www.hineshorticulture.com/-- operates nursery facilities
located in Arizona, California, Oregon and Texas.  Through its
affiliate, the company produces and distributes horticultural
products.  As of August 2008, the Debtors employed about 1,600
workers.

The company and its affiliate, Hines Nurseries, Inc., filed for
Chapter 11 protection on Aug. 20, 2008 (Bankr. D. Del. Case No.
08-11922).  Anup Sathy, Esq., and Ross M. Kwasteniet, Esq., at
Kirkland & Ellis, LLP, represent the Debtors in their
restructuring efforts.  Robert S. Brady, Esq., and Edmon L.
Morton, Esq., at Young, Conaway, Stargatt & Taylor, serve as the
Debtors' co-counsel.  The Debtors selected Epiq Bankruptcy
Solutions LLC as their voting and claims agent, and Financial
Balloting Group LLC as their securities voting agent.  When the
Debtors filed for protection against their creditors, they listed
assets and debts of between $100 million and $500 million each.


ICFQ DESARROLLOS: U.S. Trustee Sets 341(a) Meeting for October 10
-----------------------------------------------------------------
The United States Trustee for the District of Puerto Rico will
convene a meeting of creditors of ICFQ Desarrollos Carraizo Inc.
at 11:00 a.m., on Oct. 10, 2008, in Courtroom 1 at the U.S. Post
Office and Courthouse Building in San Juan, Puerto Rico.

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 Caguas, Puerto Rico, real estate developer ICFQ Desarrollos
Carraizo, Inc., filed for Chapter 11 protection on July 3, 2008
(Bankr. D. P.R. Case No. 08-04351).  Charles A. Cuprill, P.S.C.,
Law Offices, serves as the Debtor's bankruptcy counsel.  When the
Debtor filed for protection from its creditors, it listed
estimated assets of $55,985,918 and debts of $3,687,843.


INTERGRAPH CORP: S&P Holds 'B+' Rating; Revises Outlook to Pos.
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Huntsville, Alabama-based Intergraph Corp. to positive from stable
as a result of favorable operating trends and improved debt
leverage.  At the same time, S&P affirmed the ratings on the
company, including the 'B+' corporate credit rating.
     
The rating on Intergraph reflects the highly competitive and
consolidating government information technology services industry,
a short track record at current profitability levels, and high
leverage.  A recurring and predictable revenue stream stemming
from long-term contracts and entrenched customer relationships
offsets these factors.
     
Privately held Intergraph designs and provides computer graphics
software and services for the commercial and government sectors.
     
The outlook on Intergraph is positive, with support from
expectations for solid growth, continued free operating cash flow
generation, and a recurring revenue base.  "Further improvement in
business mix, with continued higher growth in the company's
Process, Power & Marine segment, leading to an increase in
profitability and free cash flow, and debt-to-EBITDA in the mid-3x
area, could result in a ratings upgrade," noted Standard & Poor's
credit analyst David Tsui.
     
"We could revise the outlook to stable if Intergraph experiences
customer defections and margin erosions because of loss of
technology leadership, or if discretionary management decisions on
investments or shareholder returns lead to an increase in the
debt-to-EBITDA ratio to the 5x level," he continued.


INTERMET CORP: Court Gives Final Authority to Use Cash Collateral
-----------------------------------------------------------------
Bill Rochelle of Bloomberg News reports that Intermet Corp. and
its debtor-affiliates were given final authority on Sept. 19,
2008, to use cash representing collateral for the secured lenders.

The revolving credit lenders owed $20 million are to receive
$1.5 million at the end of every month until the loan is paid off,
according to the report.  The first-lien lenders, owed almost $53
million including contingent liabilities on letters of credit, are
to receive interest payments at an increased rate, according to
the report.

The third-lien lenders, owed $97.4 million, won't be paid
interest, although interest will continue to accrue, according to
the report.

As reported by the Troubled Company Reporter on August 22, 2008,
the Bankruptcy Court authorized the Debtors to use, on an interim
basis, cash collateral of several lenders including CapitalSource
Finance LLC, as collateral agent.  The proceeds of the cash
collateral will be used to maintain daily operations and to fund
working capital needs.  The Debtors told the Court at that time
that the absence of cash collateral will cause irreparable harm
and prejudice to their estates and all parties in interest.

                        About Intermet Corp.

Based in Fort Worth, Texas, Intermet Corp. designs and
manufactures machine precision iron and aluminum castings for the
automotive and industrial markets.  The company and its debtor-
affiliates filed for chapter 11 protection on Aug. 12, 2008
(D. Del. Case Nos. 08-11859 to 08-11866 and 08-11868 to 08-11878).
Dennis F. Dunne, Esq., Matthew S. Barr, Esq., and Michael E.
Comerford, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New
York, serve as the Debtors' counsel.  James E. O'Neill, Esq.,
Laura Davis Jones, Esq. and Timothy P. Cairns, Esq., at Pachulski
Stang Ziehl & Jones LLP, in Wilmington, Delaware, serve as the
Debtors' co-counsel.  Kurtzman Carson Consultants LLC serves as
the Debtors' claims, notice and balloting agent.  An Official
Committee of Unsecured Creditors has been formed in this case.

When the Debtors filed for protection from their creditors, they
listed assets of between $50 million and $100 million and debts of
between $100 million and $500 million.

This is the Debtors' second bankruptcy filing.  Intermet Corp.,
along with its debtor-affiliates, filed for Chapter 11 protection
on Sept. 29, 2004 (Bankr. E.D. Mich. Case Nos. 04-67597 through
04-67614).  Salvatore A. Barbatano, Esq., at Foley & Lardner LLP,
represents the Debtors.  In their previous bankruptcy filing, they
listed $735,821,000 in total assets and $592,816,000 in total
debts.  Intermet Corporation emerged from this first bankruptcy
filing in November 2005.


INTERMET CORP: CapitalSource to Withdraw Case Conversion Bid
------------------------------------------------------------
Kenneth J. Ottaviano, Esq., at KATTEN, MUCHIN, ROSENMAN, LLP, in
Chicago, Illinois, counsel to CapitalSource Finance LLC, advised
the U.S. Bankruptcy Court for the District of Delaware at a Sept.
16 hearing that the first lien revolving lenders "have reached an
economic accommodation" with Intermet Corp. and its debtor-
affiliates.  With respect to CapitalSource's motion to convert the
case, Mr. Ottaviano said "we will be asking the Court for
permission to withdraw that motion without prejudice and hopefully
this case can move forward."

As reported by the Troubled Company Reporter on Sept. 11, 2008,
the Debtors' prepetition lenders pressed the Court to convert the
Debtors' chapter 11 case to a chapter 7 liquidation proceeding.  
CapitalSource, as administrative and collateral agent for the
prepetition revolving lenders, said that the Debtors' financial
condition is continuing to rapidly deteriorate.  It added that the
Debtors have no realistic hope for a constructive rehabilitation
of their business operations.  CapitalSource pointed to the
Debtors substantial, continuing operating losses since the
bankruptcy filing.  Although the Debtors' estates include fixed
assets, these assets are already fully encumbered, and do not
provide working capital needed to continue operations under
chapter 11 of the U.S. Bankruptcy Code, CapitalSource argued.

CapitalSource also pointed out that the Debtors simply cannot
survive on cash collateral alone, and that the Debtors are on the
verge of being administratively insolvent.  The Debtors are unable
to replenish their cash given their cash burn rate of more than
$250,000 per day coupled with the devastating effects of their
contracts with 19 major customers, including Ford, GM and Chysler.  
A temporary concession from these customers, CapitalSource
contended, is merely a temporary band-aid to slow the hemorrhage.

The TCR, citing The Lake Gazette, said on Sept. 26 that since the
bankruptcy filing, Intermet has been working with major customer
representatives to negotiate an accommodation agreement.  Matthew
Barr, Esq., counsel to Intermet, told the Court at the Sept. 16
hearing that "Intermet has agreements in principal with most of
its major customers." Intermet, the Lake Gazette report says, is
proposing a 21-month price agreement with its suppliers while it
"endeavors consolidation of its operation as it transitions
through filing and getting out of bankruptcy through a merger sale
or through a standalone plan of reorganization."

A meeting of creditors pursuant to Section 341 of the Bankruptcy
Code was held September 22, 2008, at 2:00 p.m. in the case.

                        About Intermet Corp.

Based in Fort Worth, Texas, Intermet Corp. designs and
manufactures machine precision iron and aluminum castings for the
automotive and industrial markets.  The company and its debtor-
affiliates filed for chapter 11 protection on Aug. 12, 2008
(D. Del. Case Nos. 08-11859 to 08-11866 and 08-11868 to 08-11878).
Dennis F. Dunne, Esq., Matthew S. Barr, Esq., and Michael E.
Comerford, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New
York, serve as the Debtors' counsel.  James E. O'Neill, Esq.,
Laura Davis Jones, Esq. and Timothy P. Cairns, Esq., at Pachulski
Stang Ziehl & Jones LLP, in Wilmington, Delaware, serve as the
Debtors' co-counsel.  Kurtzman Carson Consultants LLC serves as
the Debtors' claims, notice and balloting agent.  An Official
Committee of Unsecured Creditors has been formed in this case.

When the Debtors filed for protection from their creditors, they
listed assets of between $50 million and $100 million and debts of
between $100 million and $500 million.

This is the Debtors' second bankruptcy filing.  Intermet Corp.,
along with its debtor-affiliates, filed for Chapter 11 protection
on Sept. 29, 2004 (Bankr. E.D. Mich. Case Nos. 04-67597 through
04-67614).  Salvatore A. Barbatano, Esq., at Foley & Lardner LLP,
represents the Debtors.  In their previous bankruptcy filing, they
listed $735,821,000 in total assets and $592,816,000 in total
debts.  Intermet Corporation emerged from this first bankruptcy
filing in November 2005.


INTERMUNE INC: June 30 Balance Sheet Upside-Down by $81.5 Million
-----------------------------------------------------------------
Intermune, Inc. disclosed in a Securities and Exchange Commission
filing that as of June 30, 3008, its balance sheet showed
$210.4 million in total assets, $128.9 million in total
liabilities, resulting to $81.5 million in shareholders' deficit.

Intermune posted $26.5 million in net losses on $8.1 million in
net revenues for three months ended June 30, 2008, compared with
$19.8 million in net losses on $25.4 million in net revenues for
three months ended June 30, 2007.

The company posted $52.8 million in net losses on $17.4 million in
net revenues for six months ended June 30, 2008, compared with
$40.6 million in net losses on $45.7 million in net revenues for
six months ended June 30, 2007.

Intermune's quarterly report on Form 10-Q is available free of
charge at http://researcharchives.com/t/s?32c2

                       About InterMune Inc.

Brisbane, Calif.-based InterMune Inc. (Nasdaq: ITMN) --
http://www.intermune.com/-- is a biotechnology company, engages  
in the research, development, and commercialization of therapies
in pulmonology and hepatology.


INTERMUNE INC: BNP Paribas Discloses 5.8% Equity Stake
------------------------------------------------------
BNP Paribas Arbitrage SA disclosed in a Securities and Exchange
Commission filing that it beneficially owns 2,284,758 shares of
InterMune, Inc.'s common stock, representing 5.8% of the shares
issued and outstanding.

Brisbane, Calif.-based InterMune Inc. (Nasdaq: ITMN) --
http://www.intermune.com/-- is a biotechnology company, engages  
in the research, development, and commercialization of therapies
in pulmonology and hepatology.

Intermune, Inc. disclosed in a Securities and Exchange Commission
filing that as of June 30, 3008, its balance sheet showed $210.4
million in total assets, $128.9 million in total liabilities,
resulting to $81.5 million in shareholders' deficit.

Intermune posted $26.5 million in net losses on $8.1 million in
net revenues for three months ended June 30, 2008, compared with
$19.8 million in net losses on $25.4 million in net revenues for
three months ended June 30, 2007.


IRIDIUM SATELLITE: GHL Agreement Cues S&P to Put on Positive Watch
------------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on Bethesda,
Maryland-based satellite services provider Iridium Satellite LLC,
including the 'B-' corporate credit rating, on CreditWatch with
positive implications.
     
This action follows the announcement that Iridium has signed a
definitive agreement to combine with GHL Acquisition Corp., a
special-purpose acquisition company sponsored by Greenhill & Co.,
Inc.  Upon completion of the transaction, the combined enterprise
will be renamed Iridium Communications Inc. and will apply for
listing on the NASDAQ.  The transaction is expected to close in
early 2009, and is subject to approval by GHL shareholders and the
FCC, and the expiration of the applicable Hart-Scot-Rodino waiting
period.
     
"The CreditWatch listing reflects our view that the proposed
transaction will provide additional capital to partially fund
Iridium's development of its second-generation satellite fleet,
Iridium NEXT," said Standard & Poor's credit analyst Susan
Madison.  Iridium NEXT is estimated to cost approximately
$2 billion.  "We also expect that as a publicly traded company,
Iridium will benefit from better access to capital and greater
financial transparency," added Ms. Madison.


J&D RESTAURANT: Files for Chapter 11 Bankruptcy
-----------------------------------------------
J&D Restaurant Holdings, LLC has filed for Chapter 11 bankruptcy
protection, Paul Brinkmann of the South Florida Business Journal
reported Thursday.  

J&D Restaurant Holdings, LLC, owns 13 R.J. Gator's restaurants in
Florida, including locations in Jupiter, Palm Beach Gardens and
Boynton Beach.  The restaurant chain is owned by Kevin Dalton and
business partner Timothy Jeffrey.  

According to Mr. Brinkmann, J&D purchased R.J. Gators last year
for $1.85 million, citing previously published reports.  

The report said that other casual dining restaurants in South
Florida had earlier filed for Chapter 11, including Shells Seafood
and T.G.I. Friday's.

                       About J&D Restaurant

Based in West Palm Beach, Florida, J&D Restaurant Holdings, LLC
owns a chain of R.J. Gator's restaurants.  The company filed for
Chapter 11 relief on Sept. 24, 2008 (Bankr. S.D. Fla. Case No.
08-23858)  Bradley S. Shraiberg, Esq. at Kluger Peretz Kaplan &
Berlin represents the Debtor as counsel.  When the Debtor filed
for protection from its creditors, it listed assets of $1 million
to $10 million, and debts of $1 million to $10 million.  The
company listed the Internal Revenue Service in Philadelphia as its
largest unsecured creditor with a claim of $354,668 followed by
the Florida Department of Revenue ($247,000) and the Indian River
Mall in Pittsburgh, PA (trade debt - $115,024).


JEFFERSON COUNTY: Moody's Cuts $270MM GO Debt Rating to 'B3'
------------------------------------------------------------
Moody's Investors Service has downgraded to B3 from Ba3 the rating
on Jefferson County's $270 million in outstanding general
obligation debt.  At this time, Moody's has also downgraded: to
Caa1 from B1 the rating on the county's $86.7 million in
outstanding lease revenue warrants issued through the Jefferson
County Public Building Authority; to B3 from B1 the rating on the
county's $996.8 million in limited obligation school warrants
secured by sales taxes; to B3 from Ba3 the rating on $20.3 million
in special tax bonds issued by the Birmingham-Jefferson Civic
Center Authority partially secured by the county's occupational
tax; and to B3 from B1 the rating on $40.86 million in debt issued
by BJCCA partially secured by a beverage tax and lodging tax
levied and the collected by the county.  

The county's sewer revenue bonds have been affirmed at Caa3.  All
ratings remain on review for possible downgrade

The downgrade of the rating on the county's general obligation
debt reflects the county's failure to make a principal payment on
Bank Bonds held by liquidity providers due September 15, 2008,
constituting an Event of Default under the Trust Indenture and the
Liquidity Facility.  Given that Moody's ratings do not apply to
Bank Bonds, Moody's does not view the default on the Bank Bonds as
a default on the general obligations that it rates.  While a
forbearance agreement is in place with the liquidity provider who
is owed the payment, the nonpayment indicates further weakening of
the county's overall credit quality.  The downgrade on the lease
revenue bonds reflects the nature of the security, which is
subject to annual budget and appropriation of the county and
therefore is weaker than the general obligation rating.

Moody's has downgraded the sales tax-secured limited obligation
school warrants and the two BJCCA obligations to B3.  Moody's
believes that there is high risk that the county will pursue a
bankruptcy filing given that the county has continued to be unable
to craft a solution to the sewer system financial crisis, has
missed a payment on the general obligation Bank Bonds, and is now
embroiled in a lawsuit and countersuit with the sewer debt bond
insurers.  Given the lack of history of municipal bankruptcy,
Moody's is unable to determine what county revenues, assets and
debt obligations could be affected by bankruptcy proceedings and
that a bankruptcy filing could weaken the county's ability to meet
these other debt obligations.

The affirmation of the Caa3 sewer rating reflects the ongoing
strong risk of nonpayment on the sewer debt.  At this time, the
Bond Trustee is utilizing the cash in the Debt Service Reserve
Fund to make debt service payments on its outstanding sewer debt.  
The trustee reports that the cash in the Debt Service Reserve Fund
will be depleted by the end of this month, at which time the
trustee will draw on surety policies to meet debt service on the
sewer obligations.


JPMORGAN AUTO: Fitch Assigns 'BB' Rating on $6.37MM Certificates
----------------------------------------------------------------
Fitch rated JPMorgan Auto Receivables Trust 2008-A as:

-- $121,000,000 3.41250% class A-1 notes 'F1+';
-- $81,000,000 4.82% class A-2 notes 'AAA';
-- $86,000,000 5.22% class A-3 notes 'AAA';
-- $19,700,000 5.22% class A-4 notes AAA';
-- $14,570,000 5.22% class B notes 'AA';
-- $11,840,000 5.22% class C notes 'A';
-- $12,740,000 5.22% class D notes 'BBB';
-- $6,370,000 5.22% certificates 'BB'.


JUNIPER NETWORKS: S&P Puts 'BB' Corp. Credit Under Positive Watch
-----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' corporate
credit rating on Juniper Networks Inc. on CreditWatch with
positive implications.
     
The Sunnyvale, California-based company derives about 75% of its
revenues from its Infrastructure segment, which provides router
and Ethernet switching products, and the balance from networking
solutions that provides network security and bandwidth
optimization.  Juniper Networks continues to post impressive
revenue gains including a 32% year-over-year increase in sales in
the June quarter, with particular strength in the Infrastructure
segment, enabling it to generate strong discretionary cash flow.  
Cash has grown to $2.3 billion and the company's sole debt issue,
$400 million of senior notes, converted into stock on June 16.
     
"An important factor that we will examine in consideration of a
possible upgrade," said Standard & Poor's credit analyst Richard
Siderman, "will include the company's ability to maintain growth
momentum in what will continue to be an intensely competitive
environment."  Another factor is the company's financial policy,
given that there are over $1 billion of stock repurchase
authorizations remaining.


KING PHARMACEUTICALS: Moody's Rates Proposed $1BB Facilities 'Ba2'
------------------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to the proposed
new $1 billion senior secured credit facilities of King
Pharmaceuticals, Inc.  At the same time, Moody's affirmed King's
Ba3 Corporate Family Rating.  The outlook for King's ratings
remains stable.  King is entering the new senior secured credit
facilities in conjunction with its revised proposal to acquire
Alpharma, Inc. for approximately $1.6 billion in cash.  The
acquisition proposal is subject to shareholder and required
regulatory approvals.

Moody's most recent previous rating action on King was an
affirmation of its ratings on August 25, 2008 when the company
announced its proposal to acquire Alpharma for $1.4 billion.

"The affirmation of King's Ba3 ratings reflects sound strategic
rationale for acquiring Alpharma, and good cushion in King's
credit metrics even following the recent launch of Altace
generics," stated Michael Levesque, Moody's Senior Vice President.

Despite the increased offer price for Alpharma, the affirmation of
King's Ba3 Corporate Family rating continues to reflect: (1)
cushion within the rating category based on good CFO/Debt and
FCF/Debt metrics; (2) the sound strategic rationale for the
transaction, which would significantly expand King's product
offerings for chronic pain and also provide increased product
diversification; and (3) the expectation that free cash flow will
be applied to debt reduction.  In addition, Moody's expects the
combined company to achieve annual cost synergies at between
$50 million and $70 million in the second year following the close
of the transaction.

Moody's believes the acquisition should provide an improved growth
platform, helping to mitigate negative rating pressure that could
otherwise develop based on King's exposure to generic competition.  
King is already facing rapidly declining revenues resulting from
the recent loss of exclusivity on Altace, one of its key products.  
Successful execution of King's late stage pipeline, including the
recent FDA filing for Remoxy and two additional potential FDA
filings in 2008, will be a critical factor in the company's
rating.

The stable rating outlook reflects Moody's assumption that King
will comfortably maintain key credit ratios within Moody's "Ba"
ranges for pharmaceutical companies, including adjusted CFO/Debt
of 15% to 25% and FCF/Debt of 10% to 15%.  Moody's anticipates
that liquidity will remain strong, based on good free cash flow,
availability under the credit agreement, and ample cushion under
financial covenants.

The Ba2 rating on the new senior secured credit facilities is 1-
notch higher than the Ba3 Corporate Family rating based on its
senior position in King's capital structure, and Moody's
understanding that collateral will consist of an all-asset pledge
including hard assets and intellectual property.  The Ba2 rating
on the secured credit facilities also reflects loss absorption
provided by King's $400 million senior unsecured convertible notes
due 2026, which Moody's does not rate.

Following is a summary of ratings assigned.  The ratings remain
subject to Moody's review of final documentation.

  -- $150 million senior secured first lien revolving credit
     facility, Ba2 (LGD3, 33%)

  -- $350 million senior secured first lien term loan A due 2013,
     Ba2 (LGD3, 33%)

  -- $500 million senior secured first lien term loan B due 2014,
     Ba2 (LGD3, 33%)

Ratings affirmed:

  -- Ba3 Corporate Family Rating
  -- Ba3 Probability of Default Rating
  -- Speculative grade liquidity rating of SGL-1

Moody's anticipate withdrawing the existing Ba3 (LGD4, 52%) rating
on King's $475 million senior secured credit facility due 2012
upon closing of the transaction.

King Pharmaceuticals, Inc., headquartered in Bristol, Tennessee,
is a vertically integrated pharmaceutical company that develops,
manufactures, markets and sells branded pharmaceutical products.  
The company targets specialty-driven pharmaceutical markets, with
a focus on neuroscience, hospital and acute care medicines.  King
had total revenues of approximately $1.91 billion during the
twelve months ended June 30, 2008.


LEHMAN BROTHERS: SEC Subpoenas Funds on Share Manipulation
----------------------------------------------------------
The U.S. Securities and Exchange Commission subpoenaed more than
two dozen hedge funds on Sept. 22 as part of its probe on whether
traders were spreading rumors to manipulate shares, Kara Scannell
at The Wall Street Journal reports, citing people familiar with
the matter.

Elizabeth MacDonald at Foxbusiness.com relates that the SEC has
subpoenaed 50 hedge funds to find out if they were engaging in
rumor mongering to drive down shares in 19 financial companies
"they had shorted in naked short sales to book a profit."

According to WSJ, the subpoenas identified these financial
institutions affected by manipulation:

     -- American International Group Inc.,
     -- Goldman Sachs Group Inc.,
     -- Lehman Brothers Holdings Inc.,
     -- Morgan Stanley,
     -- Washington Mutual Inc., and
     -- Merrill Lynch & Co.

WSJ relates that the subpoenas seek trading data -- include
details of funds' positions in stocks, derivatives, swaps and
other financial instruments, when trades were initiated and
settled, and whom they involved -- and e-mail communications
between Sept. 1 and Sept. 19, when certain financial markets came
close to freezing up.  

Bloomberg News relates that the Federal Bureau of Investigation is
probing the financial troubles of AIG, Lehman Brothers, Fannie Mae
and Freddie Mac.  Evan Perez at WSJ relates that law enforcement
officials said that the FBI's preliminary inquiries are focusing
on whether fraud helped cause some of the troubles at these four
companies.  According to WSJ, the U.S. Attorney in Brooklyn has
brought charges against brokers who allegedly tricked some
institutional investors into purchasing risky auction-rate
securities.

                      About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com-- is the  
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.  Through its team of more than 25,000 employees, Lehman
Brothers offers a full array of financial services in equity and
fixed income sales, trading and research, investment banking,
asset management, private investment management and private
equity.  Its worldwide headquarters in New York and regional
headquarters in London and Tokyo are complemented by a network of
offices in North America, Europe, the Middle East, Latin America
and the Asia Pacific region.  The firm, through predecessor
entities, was founded in 1850.

Lehman filed for chapter 11 bankruptcy September 15, 2008 (Bankr.
S.D.N.Y. Case No.: 08-13555).  Lehman's bankruptcy petition listed
$639 billion in assets and $613 billion in debts, effectively
making the firm's bankruptcy filing the largest in U.S. history.  
The September 15 Chapter 11 filing by Lehman Brothers Holdings,
Inc., does not include any of its subsidiaries.

Subsidiary LB 745 LLC, submitted a Chapter 11 petition on Sept. 16
(Case No. 08-13600).

The Debtors' bankruptcy cases are handled by Judge James M. Peck.  
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Luc A. Despins, Esq., and Wilbur F. Foster,
Jr., Esq., at MILBANK, TWEED, HADLEY & McCLOY LLP, in New York,
and Paul Aronzon, Esq., and Gregory A. Bray, Esq., at MILBANK in
Los Angeles, California, represent the official unsecured
creditors committee.

                International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd., LB Holdings PLC and LB UK RE
Holdings Ltd. These are currently the only UK incorporated
companies in administration.  Tony Lomas, Steven Pearson, Dan
Schwarzmann and Mike Jervis, partners at PricewaterhouseCoopers
LLP, have been appointed as joint administrators to Lehman
Brothers International (Europe) on September 15, 2008. The joint
administrators have been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.  
The two units of Lehman Brothers Holdings, Inc., which have filed
for bankruptcy protection in the U.S. Bankruptcy Court for the
Southern District of New York, have combined liabilities of JPY4
trillion -- US$38 billion).  Lehman Brothers Japan Inc. reported
about JPY3.4 trillion ($33 billion) in liabilities in its
petition.  Akio Katsuragi, a former Morgan Stanley executive, runs
Lehman's Japan units.

Lehman Brothers Asia Limited, Lehman Brothers Securities Asia
Limited and Lehman Brothers Futures Asia Limited have suspended
its operations with immediate effect, including ceasing to trade
on the Hong Kong Securities Exchange and Hong Kong Futures
Exchange, until further notice.  The Asian units' asset management
company, Lehman Brothers Asset Management Limited, will continue
to operate on a business as usual basis.  A further notice
concerning the retail structured products issued by or arranged by
any Lehman Brothers group company will be issued as soon as
possible, a press statement said.


LEHMAN BROTHERS: S&P Withdraws Ratings in All Related Entities
--------------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn its ratings on
Lehman Brothers Holdings Inc. and all related entities.
     
"LBHI filed for Chapter 11 bankruptcy protection on Sept. 15,
2008.  Subsequently, a court order was granted to Securities
Investor Protection Corp. beginning a liquidation proceeding
against Lehman Brothers Inc., LBHI's principal U.S. broker-dealer
subsidiary, while its U.K.-based broker-dealer affiliate, Lehman
Brothers International (Europe), was placed under an
administrator," said Standard & Poor's credit analyst Scott
Sprinzen.


LOEHAMNN'S CAPITAL: S&P Retains 'CCC-' Issue-Level Notes Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned a recovery rating to
Loehamnn's Capital Corp.'s $110 million senior secured notes due
2011.  S&P assigned a recovery rating of '6' to the notes,
indicating the expectation for negligible (0%-10%) recovery in the
event of a payment default.  The 'CCC-' issue-level rating on the
notes remains unchanged.
     
The corporate credit rating on parent Loehmann's Holdings Inc. is
'CCC+' and the rating outlook is negative, reflecting the S&P
could lower the rating if continued declines in operations further
impair liquidity.

Ratings List

Loehmann's Holdings Inc.
Corporate Credit Rating             CCC+/Negative/--

Loehmann's Capital Corp.
Senior Secured                      CCC-

New Rating
Loehmann's Capital Corp.
Senior Secured
  Recovery Rating                    6


LVPR ENTERPRISES: Case Summary & 11 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: LVPR Enterprises, LLC
        aka Belmont Steaks
        139 Flatbush Avenue
        Brooklyn, NY 11217

Bankruptcy Case No.: 08-46382

Type of Business: The Debtor operates steak house restaurants.

Chapter 11 Petition Date: September 25, 2008

Court: Eastern District of New York (Brooklyn)

Judge: Carla E. Craig

Debtor's Counsel: Jonathan S. Pasternak, Esq.
                  jsp@rattetlaw.com
                  Rattet, Pasternak & Gordon Oliver, LLP
                  550 Mamaroneck Avenue, Suite 510
                  Harrison, NY 10528
                  Tel: (914) 381-7400
                  Fax: (914) 381-7406

Total Assets: $1,258,000

Total Debts: $558,200

A list of the Debtor's largest unsecured creditors is available
for free at:

            http://bankrupt.com/misc/nyeb08-46382.pdf


LYNX 2002-1: S&P Maintains 'CCC' Rating on Class D  Notes
---------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'AAA' rating on
the class A notes issued by Lynx 2002-1 Ltd., a cash flow CDO of
CDO transaction collateralized primarily by CDOs and commercial
mortgage-backed securities managed by Structured
Credit Partners LLC.
     
The rating withdrawal follows the complete paydown of the class A
notes after the class D failed its par coverage test on the
Aug. 8, 2008, payment date.

                         Rating Withdrawn

                         Lynx 2002-1 Ltd.

                     Rating                Balance
                     ------                -------
          Class     To    From       Current     Original
          -----     --    ----       -------     --------
          A         NR    AAA          0.000    $300,000,000

                     Other Outstanding Ratings

                          Lynx 2002-1 Ltd.

                                       Balance
                                       -------
                Class   Rating   Current    Original
                -----   ------   -------    --------
                B       AAA       63.587      65.000
                C       BBB       97.000      97.000
                D       CCC-      25.685      20.000


                            NR -- Not rated.

                       
MEDAVANT HEALTHCARE: Completes Sale of Business to Marlin Equity
---------------------------------------------------------------
MedAvant Healthcare Solutions closed the sale of its business to
Marlin Equity, a private equity firm with more than $300 million
under management.

As reported in the Troubled Company Reporter on Sept. 11, 2008,
MedAvant Healthcare Solutions said that an affiliate of Marlin
Equity emerged as the winning bidder in the company's Sept. 8
auction with a final purchase price of $24.35 million.

The U.S. Bankruptcy Court for the District of Delaware approved
the results of the auction on Sept. 9.

"Building long-term value is our core investment strategy," said
George Kase, Partner, of Marlin Equity.  "And this is our plan
with MedAvant.  The company will continue its long-term commitment
to providing its clients with quality services and support.  The
relationship with Marlin Equity Partners will enable MedAvant to
pursue an aggressive growth strategy."

"We are very pleased with the results of our reorganization
process and our new partnership with Marlin Equity," Peter
Fleming, MedAvant's interim chief executive officer, said.  
"During the past year we have divested our non-core business
lines in order to focus on our electronic data interchange
business."  

In addition, we needed to transform our balance sheet in order to
provide the company with the freedom it needs to operate in this
market," Mr. Fleming said.  "Lastly, we needed a new financial
partner to invest capital toward the growth of our company.
We have accomplished all of these objectives and we are now 100%
focused on building a new, stronger company."

               About MedAvant Healthcare Solutions

Headquartered in Norcross, Georgia, MedAvant Healthcare Solutions
(NASDAQ:PILL) -- http://www.medavanthealth.com/-- provides
healthcare transaction processing, medical cost containment
services, business process outsourcing services and related value-
added products to physicians, payers, pharmacies, medical
laboratories, and other healthcare suppliers.  MedAvant is a trade
name of ProxyMed Inc.

Headquartered in Norcross, Georgia, ProxyMed Inc. fka MedUnite,
Inc. -- http://www.medavanthealth.com-- facilitates the exchange
of medical claim and clinical information.  The company and two of
its affiliates filed for Chapter 11 protection on July 23, 2008
(Bankr. D. Del. Lead Case No.08-11551).  Kara Hammond Coyle, Esq.,
and Michael R. Nestor, Esq., at Young Conaway Stargatt & Taylor,
L.L.P., Michael P. Richman at Foley & Lardner LLP, and Court H.
Houseworth at Cain Brothers & Company LLC represent the Debtors in
their restructuring efforts.

The Debtors disclosed $40,655,000 in total consolidated assets and
$47,640,000 in total consolidated debts as of December 31, 2007.
In its petition, ProxyMed Transaction Services, Inc. disclosed
$10,000,0000 in estimated assets and $10,000,000 in estimated


MERISANT WORLDWIDE: June 30 Balance Sheet Upside-Down by $212.5MM
-----------------------------------------------------------------
Merisant Worldwide, Inc. disclosed in a Securities and Exchange
Commission that as of June 30, 2008, its balance sheet showed
$429.1 million in total assets, $641.4 million in total
liabilities, resulting to $212.5 million in shareholders' deficit.

Merisant Worldwide posted $14.4 million in net losses on $67
million in net revenues for three months ended June 30, 2008,
compared with $10.5 million in net profit on $71.1 million in net
revenues for three months ended June 30, 2007.

The company posted $23.7 million in net losses on $135.9 billion
in net revenues for six months ended June 30, 2008, compared with
$1.6 million in net losses on $140.4 billion in net revenues for
six months ended June 30, 2007.

To maximize value, the company management is focused on
refinancing or restructuring all or part of its debt obligations.
On Jan. 11, 2009, approximately $4.1 million principal amount of
the Term A loans and any revolving loans outstanding under its
senior credit facility will become due and payable, and it will no
longer be able to draw revolving loans or issue letters of credit
under Merisant Worldwide's senior credit facility.

In addition, interest on the company's 12-1/4% senior subordinated
discount notes due 2014 will become payable in cash commencing on
May 15, 2009.  The indenture governing the Notes limits Merisant
Worldwide's ability to pay dividends or loan cash to our company,
which has no operations of its own.

On March 17, 2008, Merisant Worldwide launched efforts to arrange
a new $245 million senior secured credit facility, comprised of
$210 million of term loans and a $35 million revolving loan
facility. On April 2, 2008, Merisant Worldwide ceased these
particular refinancing efforts due to adverse market conditions
that prevented it from obtaining favorable terms.  The company may
engage in discussions from time to time with its noteholders on
ways to restructure all or part of its other debt obligations.

Copy of Merisant Worldwide's quarterly report is available free of
charge at http://researcharchives.com/t/s?32b3

                    About Merisant Worldwide

Headquartered in Chicago, Illinois, Merisant Worldwide Inc. --
http://www.merisant.com/-- through its operating company Merisant  
Co. is a player in marketing of low-calorie tabletop sweeteners.  
The company's premium-priced brands include Equal and Canderel.  
In addition to Equal and Canderel, Merisant Company markets its
products under 18 other regional brands.  The company sells its
brands in over 90 countries.

                           *     *     *

In April 2008, Standard & Poor's Ratings Services said that the
ratings and outlook on Merisant Worldwide Inc. (CCC/Negative/--)
and operating company Merisant Co. would not be immediately
affected by the company's announcement that it would cease its
efforts to refinance its existing senior secured credit
facilities.


MERISANT WORLDWIDE: Operating Unit Has $83MM Deficit at June 30
---------------------------------------------------------------
Merisant Company disclosed in a Securities and Exchange Commission
that as of June 30, 2008, its balance sheet showed $427.2 million
in total assets, $510.2 million in total liabilities, resulting to
$83 million in shareholders' deficit.

Merisant Co. posted $10.5 million in net losses on $67 million in
net revenues for three months ended June 30, 2008, compared with
$14 million in net profit on $71.1 million in net revenues for
three months ended June 30, 2007.

The company posted $16.9 million in net losses on $135.9 billion
in net revenues for six months ended June 30, 2008, compared with
$5.4 million in net profit on $140.4 billion in net revenues for
six months ended June 30, 2007.

A copy of Merisant's quarterly report is available free of charge
at http://researcharchives.com/t/s?32b4

                          About Merisant

Headquartered in Chicago, Illinois, Merisant Worldwide Inc. --
http://www.merisant.com/-- through its operating company Merisant  
Co. is a player in marketing of low-calorie tabletop sweeteners.  
The company's premium-priced brands include Equal and Canderel.  
In addition to Equal and Canderel, Merisant Company markets its
products under 18 other regional brands.  The company sells its
brands in over 90 countries.

                           *     *     *

In April 2008, Standard & Poor's Ratings Services said that the
ratings and outlook on Merisant Worldwide Inc. (CCC/Negative/--)
and operating company Merisant Co. would not be immediately
affected by the company's announcement that it would cease its
efforts to refinance its existing senior secured credit
facilities.


MILLENNIUM INORGANIC: S&P Cuts Rating to 'CCC+'; Outlook Negative
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Millennium Inorganic Chemicals to 'CCC+' from 'B-' and
removed the rating from CreditWatch where it was placed with
negative implications on April 3, 2008.  The outlook is
negative.
     
At the same time S&P lowered the issue-level rating on
Millennium's revolving credit facility and first-lien bank loans
to 'B-' from 'B+'.  S&P revised the recovery rating to '2', which
indicates its expectation of substantial (70% to 90%) recovery in
the event of a payment default, from '1'.  S&P lowered the issue-
level rating on the second-lien bank loan to 'CCC-' from 'CCC'.  
The recovery rating is unchanged at '6', which indicates its
expectation of negligible (0% to 10%) recovery in the event of
default.  All issue-level ratings were removed from CreditWatch
where they were placed with negative implications on April 3,
2008.
     
"The downgrades reflect our heightened concern about Millennium's
financial covenants, expectation of weaker operating results in
the next few quarters, and an increased concern about liquidity
and financial flexibility as the company navigates through a
difficult operating environment," said Standard & Poor's credit
analyst Henry Fukuchi.  "The downgrade also reflects our
expectation of continued challenging market conditions as a result
of weak economic conditions, the domestic housing downturn, and
elevated energy and input costs for titanium dioxide producers."  
     
In light of ongoing operating challenges and difficult credit
market conditions, tight financial covenants could constrain
liquidity in the next few quarters, or, if covenants are amended,
credit margins could meaningfully increase on the company's
borrowing, which would further weaken profitability and credit
metrics.  S&P notes the company's total leverage covenant steps
down to 5x in the fourth quarter of 2008 from 5.5x, and the
interest coverage ratio increases to 2.25x in the fourth quarter
of 2008 from 2x.  S&P believes an equity cure could be necessary
for the company to with its covenants in the fourth quarter of
2008. In addition, the company's availability on its revolving
credit facility has not improved as expected.    
     
The rating on Millennium reflects the company's limited business
diversity, exposure to cyclical end markets and commodity product
cycles, mediocre operating margins in recent years, and weak cash
flow protection measures.  Mitigating factors include the
company's good geographic diversity, solid position in TiO2
markets, and ownership by The National Titanium Dioxide Co. Ltd.
(Cristal), an industry player with experience operating a very
profitable TiO2 plant in the Middle East.  Cristal acquired
Millennium in May 2007 from Lyondell Chemical Co.


NORTHERN BERKSHIRE: Fitch Lifts Revenue Bonds Rating to 'BB+'
-------------------------------------------------------------
Fitch Ratings has upgraded the rating on approximately
$26.7 million of Massachusetts Health and Educational Facilities
Authority (Northern Berkshire Healthcare) revenue bonds, series
2004, to 'BB+' from 'BB'. The Rating Outlook is Stable.

The upgrade is based on Northern Berkshire Healthcare's continued
financial success demonstrated by positive operating
profitability, NBH's strong market position of approximately 68.2%
in the service area, and continued inpatient and outpatient
utilization growth. NBH implemented a turnaround plan in fiscal
2006 under the direction of FTI Cambio Health Solutions and has
witnessed financial and operational improvement to date.

As of the 10-month interim period ending July 31, 2008
(unaudited), NBH earned approximately $1.3 million (1.9% margin)
from operations, which marks the first time since 2000 NBH has
been profitable. Subsequently, NBH's overall financial profile has
improved as liquidity and coverage indicators have increased.
Through the July 2008 interim period, NBH had 81 days cash on hand
and MADS coverage of 2.5x, which compare favorably to Fitch's
'Below Investment Grade' medians of 53.6 days and coverage of
2.0x. Other factors contributing to NBH's ongoing profitability is
the fact that NBH gained Medicare-dependent status in December
2007 and was awarded essential community provider grants by
Massachusetts for two consecutive years.

Ongoing strengths include NBH's location in a rural, isolated
area, with a market share that remains near 70%. The nearest
competitor is Berkshire Medical Center (rated 'BBB+' by Fitch),
which is approximately 25 miles away. In addition, acute
discharges, outpatient surgeries, and emergency room visits
continued to increase as of fiscal year-end 2007.

Credit concerns remain NBH's high debt burden, light liquidity,
and historical operating losses. NBH's debt burden is high as MADS
as a percentage of revenue at 5.3% and debt to capitalization of
86.4% in fiscal 2007, compare unfavorably to Fitch's below
investment grade medians of 3.4% and 67.1%, respectively. While
NBH's liquidity position is improving it still remains light with
a cushion ratio of 3.6x and cash to debt measuring 28% in 2007.

The Stable Outlook reflects Fitch's expectation that NBH will
remain profitable and continue to build its balance sheet.

NBH is located in North Adams, Massachusetts with North Adams
Regional Hospital (70 staffed bed hospital), Sweetwood Continuing
Care Retirement Community (70 independent living units), and Sweet
Brook Care Centers (184 bed skilled nursing facility) as the main
revenue generating components. Operating revenue of the health
system was approximately $79 million in fiscal 2007. NBH covenants
to provide quarterly disclosure to bondholders, which includes a
consolidated and consolidating balance sheet, income statement,
utilization statistics, and management discussion and analysis.
Financial disclosure is disseminated through the nationally
recognized municipal securities information repositories.


OAKRIDGE HOMES: Wants Exclusivity Period Extended to Jan. 9, 2009
-----------------------------------------------------------------
Oakridge Homes LLC asks the U.S. Bankruptcy Court for the Central
District of California to further extend its exclusive periods to:

   a) file a Plan of Reorganization to Jan. 9, 2009, and
   b) solicit acceptances of that plan to March 10, 2009.

The Debtor's exclusive periods will expire Oct. 11 and Dec. 10.

The Debtor tells the Court that it has not had sufficient time to
make a final determination as to the ultimate direction and ideal
exit strategy for its bankruptcy case.  The Debtor believes that
an extension of the exclusive periods will provide the Debtor with
the necessary time to allow the Debtor to fully evaluate all
possible exit strategies.

The Debtor further relates that if it proceeded to file a Plan at
this time, it is likely that the Plan would have to be modified
given the current circumstances in this case because:

   (i) the claims bar date has not been set and the full scope of  
       the creditor body would not be known until after the
       expiration of the plan exclusivity period; and

  (ii) the Debtor is still attempting to formulate the optimal
       exit strategy for this case through sales or financing.

A hearing on the matter is scheduled for Oct. 7, 2008, at
10:00 a.m., in Courtroom 301 at 21041 Burbank Boulevard in
Woodland Hills, California.

                     Cathay Bank's Objection

Secured creditor Cathay Bank opposes the Debtor's request to
extend exclusivity periods insisting that the Debtor has
demonstrated its inability to effectively manage and develop the
property, all to the detriment of the estate and the creditors.  
Instead of honesty and due diligence, the Debtor's motion is based
on fraud and gross mismanagement.

Furthermore, Cathay Bank recounts that the Debtor provided no
facts or details as to its alleged marketing afforts and alleged
efforts to obtain financing or refinancing, or as to the current
status of those efforts.

                       About Oakridge Homes

Based in Valencia, California, Oakridge Homes, LLC is a
homebuilder.  The company filed for Chapter 11 on June 13, 2008
(C.D. Calif. Case No. 08-13977).  Ron Bender, Esq., at Levene,
Neale, Bender, Rankin & Brill LLP, represents the Debtor as
counsel.  The Debtor's Schedules disclosed assets of $20,038,129
and liabilities of $28,552,123.


OAKRIDGE HOMES: Files Schedules of Assets and Liabilities
---------------------------------------------------------
Oakridge Homes LLC delivered to the United States Bankruptcy Court
for the Central District of California its schedules of assets and
liabilities disclosing:

   Name of Schedule                   Assets      Liabilities
   ----------------                -----------    -----------
   A. Real Property                $17,000,000
   B. Personal Property              3,038,129
   C. Property Claimed
      as Exempt
   D. Creditors Holding                            $9,570,000
      Secured Claims
   E. Creditors Holding                                    $0
      Unsecured Priority
      Claims
   F. Creditors Holding                           $18,982,123
      Unsecured Nonpriority
      Claims
                                   -----------   ------------
      TOTAL                        $20,038,129    $28,552,123

Based in Valencia, California, Oakridge Homes, LLC is a
homebuilder.  The company filed for Chapter 11 on June 13, 2008
(C.D. Calif. Case No. 08-13977).  Ron Bender, Esq., at Levene,
Neale, Bender, Rankin & Brill LLP, represents the Debtor as
counsel.  


PIERRE FOODS: Seeks to Employ Battelle as General Tax Advisors
--------------------------------------------------------------
Pierre Foods, Inc., and its debtor-affiliates ask the Hon. Kevin
Gross of the U.S. Bankruptcy Court for the District of Delaware to
approve the employment of Battelle & Battelle LLP as general tax
consultants and advisors for the Debtors.

Battelle will perform certain tax advisory services for the
Debtors, including auditing services and tax compliance services.  
Battelle will gather, comput and analyze financial information
related to the tax issues

Battelle will charge the Debtors these hourly rates:

     Partners             $225-$285
     Principal            $200-$220
     Manager              $155-$175
     Senior               $105-$140
     Staff                $90-$120
     Intern               $75

The Debtors assure the Court that services performed by Battelle
won't duplicate or overlap with the services being performed by
Earnst & Young, whom the Debtors want to retain as specialized
bankruptcy tax advisors.  Battelle will coordinate with Earnst &
Young, who will provide specialized and strategic bankruptcy tax
consulting services including analyzing the tax implications of
various restructuring alternatives, research and documentation of
complex tax matters, reviewing tax language contained in various
filings, and assessing the validity of tax claims.

The Debtors tell the Court that the employment of Battelle will
reduce professional fees associated with tax professionals.  
Because Battelle is a local accounting firm, it can provide
general tax consulting and advisory services to the Debtors at a
lower cost compared to a larger, national public accounting firm
like Earnst & Young, which has higher rates.  

Jay J. Moeller, a partner at Battelle, assures the Court that
Battelle is a "disinterested person" and does not hold or
represent an interest adverse to the Debtors' estates.

                       About Pierre Foods

Based in Cincinnati, Ohio, Pierre Foods, Inc. --
http://www.pierrefoods.com-- manufactures and sells ready-to-cook  
and pre-cook products.  The company and and 13 of its affiliates
filed for Chapter 11 protection on July 15, 2008 (Bankr. D. Del.
Lead Case No. 08-11469).  Jonathan S. Henes, Esq., a partner at
Kirkland & Ellis, and Paul Noble Heath, Esq., at Richards, Layton
& Finger P.A., represent the Debtors in their restructuring
efforts.  The Debtors selected Kurtzman Carson Consultants LLC as
their claims agent.  The United States Trustee for Region 3
appointed creditors to serve on an Official Committee of Unsecured
Creditors.  The Committee selected Akin Gump Strauss Hauer & Feld
LLP as its co-counsel.


PIERRE FOODS: Wants Ernst & Young as Bankruptcy Tax Advisors
------------------------------------------------------------
Pierre Foods, Inc., and its affiliates ask the Hon. Kevin Gross of
the U.S. Bankruptcy Court for the District of Delaware to approve
the employment of Ernst & Young LLP as the specialized bankruptcy
tax advisors for the Debtors.

Alan Greenwell, a partner at Ernst & Young, tells the Court that
the firm will provide specialized bankruptcy tax advisory services
to the Debtors.

Ernst & Young will charge the Debtors these hourly rates:

  National Executive/Director/Principal/Partner     $850
  Executive Director/Principal/Partner              $750
  Manager/Senior Manager                            $480-$600
  Staff/Senior                                      $150-290

Ernst & Young's employment is intended to provide more specialized
bankruptcy tax advisory services with respect to the tax
consequences arising during and upon emergence from the Chapter 11
cases.  The Debtors assure the Court that services performed by
Ernst & Young won't duplicate or overlap with the services being
performed by Battelle & Battelle LLP, whom the Debtors want to
retain as general tax consultant.

Ernst & Young will be largely responsible for providing
specialized bankruptcy tax consulting services including:

    -- analysis of the tax matters,
    -- review of tax language contained in various filings, and
    -- assessment of the validity of tax claims.  

Battelle, in addition to rendering general tax services, will be
responsible for gathering, computing, and analyzing financial
information related to the tax issues arising in the Chapter 11
cases.

The Debtors tell the Court that the employment of Battelle will
reduce professional fees associated with tax professionals.  
Because Battelle is a local accounting firm, it can provide
general tax consulting and advisory services to the Debtors at a
lower cost compared to a larger, national public accounting firm
like Ernst & Young, which has higher rates.  Hiring Ernst & Young
for the purpose of rendering specialized bankruptcy tax advice
allows the Debtors to obtain comprehensive tax advice related to
its various restructuring aleternatives from a well-qualified firm
in a cost-effective manner.   

Ernst & Young is aware that the Debtors may retain additional
professionals and agrees to work cooperatively with Battelle and
any other professionals to integrate any respective work conducted
by the professionals on behalf of the Debtors.  The Debtors will
also ensure that the services performed by Ernst & Young won't
duplicate or overlap with the services being performed by
Battelle.

Mr. Greenwell assures the Court that Ernst & Young is a
"disinterested person" and does not hold or represent an interest
adverse to the Debtors' estates.  

Objections to the employment of Ernst & Young as the Debtors'
specialized bankruptcy tax advisors must be filed in the Court by
on Oct. 1, 2008,  at 4:00 p.m.  A hearing on the objections will
be held on Oct. 8, 2008, at 10:00 a.m.

                       About Pierre Foods

Based in Cincinnati, Ohio, Pierre Foods, Inc. --
http://www.pierrefoods.com-- manufactures and sells ready-to-cook  
and pre-cook products.  The company and and 13 of its affiliates
filed for Chapter 11 protection on July 15, 2008 (Bankr. D. Del.
Lead Case No. 08-11469).  Jonathan S. Henes, Esq., a partner at
Kirkland & Ellis, and Paul Noble Heath, Esq., at Richards, Layton
& Finger P.A., represent the Debtors in their restructuring
efforts.  The Debtors selected Kurtzman Carson Consultants LLC as
their claims agent.  The United States Trustee for Region 3
appointed creditors to serve on an Official Committee of Unsecured
Creditors.  The Committee selected Akin Gump Strauss Hauer & Feld
LLP as its co-counsel.


PILGRIM'S PRIDE: Cut By Moody's on 4Q Loss, Covenant Waiver Talks
-----------------------------------------------------------------
Moody's Investors Service lowered the ratings of Pilgrim's Pride
Corporation, including the company's corporate family rating and
probability of default rating to B2 from B1.  LGD assessments are
also subject to adjustment. This action follows Pilgrim's Pride's
announcement that it expects to report a significant loss in the
fiscal fourth quarter ending September 27, 2008, and that it is in
discussion with its revolving credit banks on a temporary waiver
of the fixed charge coverage covenant for that quarter.

The review for possible downgrade of the company's ratings
continues pending receipt of permanent amendments to its revolving
credit agreements and improved liquidity.  Moody's previous rating
action was to place the company's ratings under review for
possible downgrade on September 3, 2008.

Ratings lowered and continuing under review for possible
downgrade:

  -- Corporate family rating to B2 from B1
  -- Probability of default rating to B2 from B1
  -- $400 million 7.625% senior notes due 2015 to Caa1 from B3
  -- $250 million senior subordinated notes due in 2017 and
     $5.1 million (original $100 million) senior subordinated
     notes due 2013 to Caa1 from B3

Pilgrim's Pride believes that it has reached an understanding with
the agents for its revolving credit agreements to temporarily
waive the fixed charge coverage covenant through October 28, 2008
and to provide continued liquidity under these facilities during
the same period.  This temporary waiver is subject to the
negotiation and execution of a written agreement.  Moody's is
concerned that the current credit environment could make the
timely resolution of a permanent waiver or amendment challenging.

Pilgrim's Pride anticipates that its fiscal 2008 feed grain costs
will rise by more than $900 million over fiscal 2007's.  Chicken
prices have not kept pace with this input cost inflation;
Pilgrim's Pride has noted that the market price for breast meat on
August 11th was approximately $1.33 per pound, well below the
average price of over $1.80 four years earlier.

Moody's review will focus on the company's liquidity and on its
efforts to restore the profitability of its operations.

Headquartered in Pittsburg, Texas, Pilgrim's Pride Corporation is
the world's largest chicken company.  Sales for the twelve months
ended June 28, 2008 were approximately $8.5 billion.


PILGRIM'S PRIDE: Likely Covenant Breach Cues S&P to Junk Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on
Pilgrim's Pride Corp., including its corporate credit rating to
'CCC+' from 'BB-'.  In addition, S&P revised the CreditWatch
implications to developing from negative.
     
The downgrade follows the company's announcement that it will not
likely be in compliance with the fixed-charge ratio covenant as of
its fiscal year-end, Sept. 27, 2008, due to the expected
significant loss in the fourth fiscal quarter.  The loss is due to
the negative effect of hedged grain positions during the quarter,
higher feed costs, and weak pricing and demand for breast meat.  
The company does expect to be in compliance with its other
covenants.  S&P expects that Pilgrim's Pride will receive a
temporary waiver from its bank group through Oct. 28, 2008.

However, this waiver is subject to the negotiation of a definitive
agreement with the company's lenders.  Pilgrim's Pride's failure
to negotiate a permanent waiver or amendment could result in the
lenders declaring an event of default and precluding the company
from drawing under the facilities.  The company does have interest
payments on its senior unsecured debt and subordinated notes on
Nov. 1, 2008 of approximately $26 million.  As of Sept. 24, 2008,
Pilgrim's Pride had more than $250 million in cash and
availability under its credit facilities.

Developing implications mean that the rating could be raised or
lowered depending on the outcome of negotiations with the bank.  
If the company were to successfully renegotiate covenants, S&P
would review the ratings for a possible affirmation or an upgrade.  
Alternatively, the ratings could be lowered if the company does
not successfully execute an amendment to its bank facilities.


PLAINS EXPLORATION: Permian Interest Sale Won't Affect S&P's Rtngs
------------------------------------------------------------------
Standard & Poor's Ratings Services said that the ratings on Plains
Exploration & Production Co. (PXP; BB/Stable/--) are not affected
by the company's announcement that it will sell its remaining
interests in oil and gas properties in the Permian and
Piceance Basins to Occidental Petroleum Corp. (A/Stable/A-1) for
$1.25 billion.  S&P notes that PXP had previously sold assets in
these areas to Occidental in a transaction that closed earlier in
the year.  The properties to be sold include approximately 92
million barrels of oil equivalent of proved reserves and 13,000
barrels of net production.  As a result of the sale, PXP's
portfolio will become once again more weighted toward crude oil
(70% of production versus 56% currently).
     
>From a financial perspective, S&P views the transaction
positively.  After deploying asset sale proceeds to debt
reduction, S&P expects PXP will have improved liquidity with more
than $1 billion in borrowing capacity under its senior secured
revolving credit facility.  Borrowings under PXP's credit facility
have increased over recent months due to outlays associated with
its joint venture agreement with Chesapeake Energy Corp. (BB/Watch
Pos/--) in the Haynesville Shale play.  Pro forma debt leverage
(on a proved per barrel basis) is expected to recover to $4 to $5
per boe from $5 to $6 currently.


POWER EFFICIENCY: Files Amendment to Share Registration Statement
-----------------------------------------------------------------
Power Efficiency Corporation has filed a Registration Statement on
Form S-1 to the Registration Statements on Form SB-2.  The
prospectus contained in the Registration Statement will, upon
effectiveness, supersede the prospectuses dated May 18, 2007.

The company amended the registration statement to delay its
effective date.  The company will file a further amendment to
state:

  -- the date the Registration Statement becomes effective; or
  -- until the Registration statement becomes effective on a
     date as the Securities and Exchange Commission may determine.

A full-text copy of the Power Efficiency's Registration Statement
is available free of charge at:

                http://researcharchives.com/t/s?328a

                       Going Concern Doubt

As reported in the Troubled Company Reporter on April 4, 2008,
Livingston, N.J.-based Sobel & Co., LLC, expressed substantial
doubt about Power Efficiency Corporation's ability to continue as
a going concern after the firm audited the company's financial
statements for the year ended Dec. 31, 2007.  The auditing firm  
pointed to the company's recurring losses from operations and
deficiency of cash from operations.

                   About Power Efficiency Corp.

Based in Las Vegas, Power Efficiency Corporation (OTC BB: PEFF)
-- http://www.powerefficiency.com/-- is a green energy company   
focused on efficiency technologies for electric motors.  The
company has developed a patented and patent-pending technology
platform, called E-Save Technology(TM), which has been
demonstrated in independent testing to improve the efficiency of
electric motors by 15% to 35% in appropriate application.


QUICKSILVER RESOURCES: S&P Lowers Rating on $700MM Term Loan to B
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its issue-level rating
on Quicksilver Resources Inc.'s $700 million second-lien term loan
and $475 million senior notes to 'B' from 'B+', based on its  
revision of the recovery rating on the second-lien debt to '6',
which indicates S&P's expectation of negligible (0% to 10%)
recovery in the event of a payment default, from '5'.  The issue-
level rating on the company's $350 million subordinated notes is
unchanged at 'B'.  The unsubordinated notes have a recovery rating
of '6', which indicates S&P's expectation for negligible (0% to
10%) recovery in the event of a default.
     
"These changes follow Quicksilver's announcement that it increased
its first-lien secured asset-based revolving loan facility to
$1.45 billion from $1.2 billion (borrowing base increase to
$1.2 billion from $1 billion)," said Standard & Poor's credit
analyst Amy Eddy.  "We previously cited a potential increase in
the amount of first-lien debt as a trigger for lower issue-level
and recovery ratings on the second lien debt.  S&P does not rate
the revolving credit facility or the company's $150 million
convertible debentures."
     
The rating on Fort Worth, Texas-based independent oil and gas
exploration and production company Quicksilver reflects the
company's weak business profile and aggressive financial risk
profile.  The business risk assessment is based on the company's
participation in a competitive, capital-intensive, and highly
cyclical industry; its small- to medium-size reserve base (2.1
trillion cubic feet of natural gas equivalent); low but increasing
production; and its competitive cost structure.  The aggressive
financial profile incorporates an ambitious drilling program that
will exceed cash flow under current commodity prices.


RENAISSANCE CUSTOM: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Renaissance Custom Homes, LLC
        16771 Boones Ferry Rd.
        Lake Oswego, OR 97035

Bankruptcy Case No.: 08-35023

Debtor-affiliates filing separate Chapter 11 petitions:

        Entity                                     Case No.
        ------                                     --------
Renaissance Development Corporation                08-35025
The Lakes at Fishers Landing LLC                   08-35026

Type of Business: The Debtors is in the residential real estate
                  and home-building business.
                  See: http://www.renaissance-homes.com/

Chapter 11 Petition Date: September 25, 2008

Court: District of Oregon

Judge: Trish M. Brown

Debtor's Counsel: Albert N. Kennedy, Esq.
                  al.kennedy@tonkon.com
                  Ava L. Schoen, Esq.
                  avas@tonkon.com
                  Timothy J. Conway, Esq.
                  tim.conway@tonkon.com
                  Tonkon Torp LLP
                  888 SW 5th Ave #1600
                  Portland, OR 97204
                  (503) 802-2013

Estimated Assets: $50 million to $100 million

Estimated Debts: $50 million to $100 million

Debtor's 20 Largest Unsecured Creditors:

   Entity                      Nature of Claim       Claim Amount
   ------                      ---------------       ------------
Howells Custom Cabinets        Trade Debt            $541,372
dba David Howells       
7609 SE Overland        
Portland, OR 97222      
Tel: (503) 849-3734

Curt Heintz Excavating         Trade Debt            $415,825
POB 1105                
Sherwood, OR 97140      
Tel: (503) 519-6613

TruGreen Landcare LLC          Trade Debt            $378,070
7920 SW Hunziker St.    
Tigard, OR 97223        
Tel: (503) 793-1794

Precision Countertops          Trade Debt            $275,284
POB 387                 
Wilsonville, OR 97070   
Tel: (503) 692-6660

Rex Hill Masonry Inc           Trade Debt            $218,708

Parr Lumber Co. Inc.           Trade Debt            $185,362

General Electric Co.           Trade Debt            $160,029

Teufels Nursery Inc.           Trade Debt            $153,952

Globe Lighting                 Trade Debt            $124,902

Ulven Design Group Inc.        Trade Debt            $121,775

Lighthouse Electric LLC        Trade Debt            $107,766

West Lake Coatings             Trade Debt            $101,787

White Wykoff and Co.           Trade Debt            $97,600

Tualatin Valley Paint          Trade Debt            $96,938

Canby Plumbing Inc.            Trade Debt            $84,291

Milgard Mfg.                   Trade Debt            $82,211

J and S Concrete Inc.          Trade Debt            $75,895

Azimuth Comm Inc.              Trade Debt            $75,674

Lance Dunning Const. Inc.      Trade Debt            $73,468

Trus-Way Inc.                  Trade Debt            $66,520          


REVLON CONSUMER: Moody's Lifts Corp. Family Rating to B3 from Caa1
------------------------------------------------------------------
Moody's Investors Service upgraded Revlon Consumer Products
Corporation's corporate family rating to B3 from Caa1 and
speculative grade liquidity rating to SGL-3 from SGL-4 while
retaining a positive outlook.  At the same time, Moody's upgraded
the company's rating for its $160 million senior secured asset-
based revolving credit facility to Ba3 from B1 while affirming the
Caa2 rating for its $387 million 9.5% senior notes.

The upgrade of Revlon's corporate family rating to B3 reflects the
company's sustained improvement in operating profit and cash flow
which have contributed to meaningful gains in Revlon's
profitability and credit metrics.  The upgrade of the company's
SGL rating to SGL-3 from SGL-4 reflects Revlon's significantly
improved liquidity position following it's recent sale of a non-
core asset with net proceeds used in part to reduce the current
senior subordinated term loan from its affiliate MacAndrews and
Forbes.  Moody's affirmation of the senior notes reflects the
elimination of more junior subordinated debt in the capital
structure following Revlon's partial repayment of the $170 million
subordinated term loan.

The positive outlook reflects Moody's expectation that the company
will proceed with its planned $107 million equity rights offering
as early as the fourth quarter of 2008 and use the gross proceeds
to repay the remaining balance under its senior subordinated term
loan which will further improve the company's liquidity position
and credit metrics.  Should the company be successful in
completing the equity rights offering while maintaining its
current operating performance, Revlon's ratings could be further
upgraded.

"Over the last twelve months, Revlon's has continued to improve
its profitability and reduce financial leverage while showing
early evidence of sustainable growth in its core Revlon and Almay
franchises through successful new product initiatives," says
Moody's Vice President Janice Hofferber.

These ratings of Revlon were upgraded:

  -- Corporate family rating to B3 from Caa1;

  -- Probability of default rating to B3 from Caa1;

  -- $160 million senior secured asset based revolving credit
     facility due 2012 to Ba3 (LGD 2, 24%) from B1 (LGD 2, 12%);

  -- $840 million senior secured term loan facility to B1
     (LGD 2, 28%) from B3 (LGD 3, 37%); and

  -- Speculative grade liquidity rating to SGL-3 from SGL-4.

These ratings of Revlon were affirmed/LGD assessments revised:

  -- $387 million 9.5% senior notes due 2011 to Caa2 (LGD 5, 79%)
     from Caa2 (LGD 4, 63%)

Outlook is positive.

Revlon's B3 corporate family rating reflects the company's marked
improvement in profitability and cash flow metrics, stabilized
market share position for its well known core global brand
franchises offset by its relatively weaker position in the highly
competitive cosmetics and personal care category.  In addition,
the ratings are constrained by the company's still high leverage
and near-term maturity of the remaining $107 senior subordinated
term loan due to its indirect parent, M&F, in August 2009.

The last rating action regarding Revlon was in December 2007 when
Moody's revised the company's ratings outlook to positive from
stable and affirmed all of its ratings including its Caa1
corporate family rating.

Headquartered in New York, Revlon Consumer Products Corporation
(NYSE: REV) is a worldwide cosmetics, skin care, fragrance, and
personal care products company. The company is a wholly-owned
subsidiary of Revlon, Inc., which is majority-owned by MacAndrews
& Forbes, which is in turn wholly-owned by Ronald O. Perelman.  
Revlon's net sales for the twelve-month period ended June 2008
were approximately $1.4 billion.  MacAndrews & Forbes beneficially
owns approximately 61% of Revlon's outstanding Class A common
stock, 100% of Revlon's Class B common stock and 60% of the
Revlon's combined outstanding shares of Class A and Class B common
stock, which together represent approximately 74% of the combined
voting power of such shares.


REVLON INC: Completes 1-for-10 Reverse Split for Class A & B Stock
------------------------------------------------------------------
Revlon, Inc. disclosed in a Securities and Exchange Commission
filing that the 1-for-10 reverse stock split of its Class A and
Class B common stock became effective as of 11:59 p.m., New York
City time, on Sept. 15, 2008.

Revlon effected the reverse stock split by filing a charter
amendment with the Delaware Secretary of State.  The reverse stock
split was previously approved by the Company's Board of Directors
and stockholders pursuant to Sections 228 and 242 of the Delaware
General Corporation Law.

Revlon's Class A common stock began trading on the NYSE on a
split-adjusted basis when the market opened September 16, 2008,
under a new CUSIP number -- 761525 609.

As a result of the reverse stock split, each 10 shares of Revlon's
Class A and Class B common stock issued and outstanding
immediately prior to the Effective Time were automatically
combined into one share of Class A common stock and Class B common
stock, respectively, subject to the elimination of fractional
shares.

The same 1-for-10 reverse stock split ratio was used to effect the
reverse stock split of both Revlon Class A and Class B common
stock, and accordingly, all stockholders were affected
proportionately.  The reverse stock split reduced the Company's
issued and outstanding shares of common stock from approximately
481,887,883 shares of Class A common stock and 31,250,000 shares
of Class B common stock to approximately 48,188,788 and 3,125,000
shares, respectively.

The number of shares of Class A common stock subject to Revlon's
outstanding employee and director stock options and unvested
employee and director restricted stock, as well as the relevant
exercise price per share, were proportionately adjusted to reflect
the reverse stock split.  Accordingly, the approximately
20,786,384 outstanding stock options and approximately 8,219,892
unvested restricted shares were reduced to approximately 2,078,638
outstanding stock options and approximately 821,989 unvested
restricted shares, respectively.  The number of shares authorized
for issuance under Revlon's stock plan was also reduced from
65,500,000 shares of Class A common stock to 6,550,000 shares
using the same 1-for-10 split ratio.

Revlon has retained its transfer agent, American Stock Transfer &
Trust Company, to act as exchange agent for the reverse stock
split.  AST will manage the exchange of old, pre-reverse stock
split shares for new post-split shares.  Stockholders of record as
of the Effective Time will receive a letter of transmittal
providing instructions for the exchange of their shares as soon as
practicable following the Effective Time.  Stockholders who hold
their shares in "street name" will be contacted by their banks or
brokers with any instructions.

                        About Revlon Inc.

Headquartered in New York City, Revlon Inc. (NYSE: REV)
-- http://www.revloninc.com/-- is a worldwide cosmetics, hair      
color, beauty tools, fragrances, skincare, anti-
perspirants/deodorants and personal care products company.  The
company's brands, which are sold worldwide, include Revlon(R),
Almay(R), Mitchum(R), Charlie(R), Gatineau(R) and Ultima II(R).

At June 30, 2008, the company's consolidated balance sheet showed
$883.7 million in total assets and $1.94 billion in total
liabilities, resulting in roughly $1.06 billion in stockholders'
deficit.


RETAIL PRO: John C. Redding Quits as Secretary and General Counsel
------------------------------------------------------------------
Retail Pro, Inc. disclosed in a Securities and Exchange Commission
filing that effective Sept. 12, 2008, John C. Redding resigned as
the company's Secretary and General Counsel.

Headquartered in La Jolla, California, Retail Pro, Inc. (OTC:
IPIN.PK) -- http://www.retailpro.com/--provides Point of Sale,     
Store Operations, Merchandising, Planning, Business Intelligence,
and Payment Processing software applications for the specialty
retail industry.

Retail Pro(R) is delivered through a world-wide network of channel
partners.  The company maintains offices in the United States,
United Kingdom, Australia, Mexico, Italy, Poland and China.

                       Going Concern Doubt

Goldman & Parks LLP, in Encino, California, expressed substantial
doubt about Island Pacific Inc. nka. Retail Pro Inc.'s ability to
continue as a going concern after auditing the company's
consolidated financial statements for the years ended March 31,
2007, and 2006.  The auditing firm reported that the company has
suffered recurring losses from operations and has an accumulated
deficit of $81,979,000 as of March 31, 2007.


RGIS HOLDINGS: Weak Performance Cues Moody's to Cut Rating to 'B3'
------------------------------------------------------------------
Moody's downgraded the Corporate Family Rating and Probability of
Default Rating of RGIS Holdings, LLC to B3 from B2 and lowered the
rating on the secured bank facility to B1 from Ba3.  The downgrade
reflected weaker than expected financial performance, aggressive
pricing actions by competitors and a difficult retail climate in
the US.  The rating outlook is stable.

The B3 Corporate Family Rating also reflects credit metrics that
are adequate for the rating category, moderate customer
concentration and concern that tightening covenant requirements
during the remainder of 2008 and 2009 could lead to reduced
effective availability under the revolving credit facility.  The
ratings are supported by the company's leading market position and
scale in the outsourced inventory verification market, long
standing relationships with large retail accounts and the
potential for further efficiency initiatives to improve
profitability.

These ratings were downgraded (no changes to assessments):

  -- $75 million senior secured revolver due 2013, to B1
     (LGD 3, 31%) from Ba3 (LGD 3, 31%)

  -- $520 million senior secured term loan due 2014, to B1
     (LGD 3, 31%) from Ba3 (LGD 3, 31%)

  -- Corporate Family Rating, to B3 from B2
  -- Probability of Default Rating, to B3 from B2

Moody's last rating action on RGIS was the assignment of a Ba3
rating to a $25 million delayed draw term loan on April 10, 2007.

Headquartered in Auburn Hills, Michigan, RGIS Holdings, LLC is the
leading supplier of inventory services for retailers, warehouses,
and distributors in North America.  Revenues for the twelve month
period ended June 30, 2008 were $695 million.


RITE AID: Moody's Junks Probability of Default Rating
-----------------------------------------------------
Moody's Investors Service downgraded Rite Aid Corporation's long
term ratings, including its probability of default rating, to Caa1
from B3 and affirmed its speculative grade liquidity rating at
SGL-4.  In addition, Rite Aid's long term ratings were placed on
review for further possible downgrade.  The downgrade to Caa1
reflects Rite Aid's very weak operating performance for the second
quarter ended August 30, 2008 (EBIT fell to negative $62 million
versus positive $29 million in the prior period) which has
resulted in a weakening in credit metrics.  The review for further
possible downgrade reflects Rite Aid's continued difficulties at
its Eckert subsidiary, management's downward earnings revision, as
well as the high likelihood that EBIT will be unable to cover
interest for the full year ended March 2009 and that many of Rite
Aid's debt protection measures will deteriorate further.

Moody's review for downgrade will focus on the outlook for the
company's near term operating performance, the expected levels of
cash flow, as well as its availability under its credit facilities
and overall liquidity.  Moody's review will also focus on any new
strategies implemented by the new members of senior management as
well as the performance of the acquired Eckerd stores.

Rite Aid's SGL-4 speculative grade liquidity rating indicates weak
liquidity. The company reported negative free cash flow of
$194 million for the six months ended August 30, 2008.  Given the
steep hurdles Rite Aid faces to improve its cash flow through
working capital and operating performance improvements, Moody's
believes that the company will continue to report a free cash flow
deficit in fiscal 2009.  As a result, Moody's believes that the
company will remain a net borrower under its revolving credit
facilities over the next twelve months.  

At August 30, 2008, Rite Aid had about $549 million in
availability under its revolver.  While the company appears to
have enough availability to fund its free cash deficit over the
next twelve months, unfavorable operating results or working
capital changes during the period could rapidly absorb this
availability.  Despite the company's operating and liquidity
challenges, positive consideration is given to the fact that there
are no near-term scheduled debt maturities, and Rite Aid's
revolving credit facility only requires the testing of one
financial covenant, fixed charge coverage, when total availability
falls below $100 million.

These ratings are downgraded and placed on review for further
possible downgrade:

  -- Corporate family rating to Caa1 from B3;
  -- Probability of default rating to Caa1 from B3;
  -- First-lien bank facilities to B2 from Ba3;
  -- Second-lien secured notes to Caa1 from B3;
  -- Guaranteed senior notes to Caa2 from Caa1;
  -- Senior notes and debentures to Caa3 from Caa2.

This rating is affirmed:

  -- Speculative grade liquidity rating at SGL-4.

The current LGD assessments remain subject to change.

The last rating action on this company was on June 12, 2008 when
Moody's rated the company's $350 million senior secured term loan
tranche 2 and its senior secured notes due 2016.

Rite Aid Corporation, headquartered in Camp Hill, Pennsylvania, is
the third largest domestic drug store chain with more than 4,900
stores in 31 states and the District of Columbia.  Revenues in
FY08 amounted to $24.3 billion.


ROUNDY'S SUPERMARKETS: S&P Trims Corp. Credit Rating to B from B+
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on
Milwaukee-based Roundy's Supermarkets Inc., including the
corporate credit rating, to 'B' from 'B+'.  At the same time, S&P
placed the ratings on CreditWatch with negative implications.
     
"The downgrade and CreditWatch placement reflect our concern that
the weak results in the second quarter increase the likelihood
that Roundy's will breach financial covenants of its senior
secured credit facility in the coming quarters," said Standard &
Poor's credit analyst Charles Pinson-Rose.  Furthermore, the
decline in EBITDA was a result of sales declines and from
operating fewer stores and negative comparable-store sales, in
addition to margin contraction from increased promotional
activity.  "In the future, we expect these trends will likely
continue based on weak consumer spending trends, coupled with
competitive and cost pressures in the supermarket industry," added
Mr. Pinson-Rose.
     
S&P will resolve the CreditWatch after reviewing the company's
third-quarter results and determining Roundy's ability to maintain
covenant compliance.


SCO GROUP: July 31 Balance Sheet Upside-Down by $3.2 Million
------------------------------------------------------------
The SCO Group Inc.'s balance sheet at July 31, 2008, showed total
assets of $9,522,000 and total liabilities of $12,740,000,
resulting in a shareholders' deficit of $3,218,000.

The company reported that net loss for three months ended July 31,
2008, was $4,071,000 compared to net loss of $2,511,000 for the
same period in the previous year.

Net loss for nine month ended July 31, 2008, was $5,493,000
compared to net loss of $4,839,000 for the same period in the
previous year.

                  Liquidity and Capital Resources
    
The company's cash and cash equivalents balance decreased from
$5,554,000 as of Oct. 31, 2007, to $2,117,000 as of July 31, 2008.
As of July 31, 2008, the company also had $2,680,000 of
restricted cash, of which $1,639,000 is set aside to cover expert
and other costs related to the SCO Litigation and $1,041,000
payable to Novell for royalties earned by Novell post bankruptcy
petition.
     
The company intend to use the cash as of July 31, 2008 to run
its UNIX business and pursue the SCO Litigation, and believe that
it has sufficient liquidity resources to fund its operations
through at least April 30, 2009.  However, as a result of both
the Court's Aug. 10, 2007, order and its entry into Chapter 11,
among other matters, there is substantial doubt about its ability
to continue as a going concern.
     
The company is operating pursuant to Chapter 11 of the Bankruptcy
Code and continuation of its business as a going concern is
contingent upon, among other things, its ability to (i) construct
and obtain confirmation of a plan of reorganization under the
Bankruptcy Code; (ii) reduce payroll and benefits costs and
liabilities under the bankruptcy process; (iii) achieve
profitability; (iv) achieve sufficient cash flows from operating
activities; and (v) obtain financing sources to meet its future
obligations. These matters well as the aforementioned ruling in
favor of Novell create substantial doubt about its ability to
continue as a going concern.

The company's net cash used in operating activities during the
nine months ended July 31, 2008, was $3,602,000 and was
attributable to a net loss of $7,623,000, and a net decrease in
operating assets and liabilities of $107,000, partially offset by
increase in liabilities subject to compromise of $3,343,000 for
Novell under the court order as full discussed in Recent
Developments and by non-cash items of $785,000.
     
The company's net cash used in operating activities during the
nine months ended July 31, 2007, was $690,000 and was
attributable to a net loss of $4,565,000, partially offset by
a net increase in operating assets and liabilities of $2,309,000
and non-cash items of $1,566,000.
     
The company's investing activities have consisted of equipment
purchases and the purchase and sale of available-for-sale
marketable securities.  During the nine months ended July 31,
2008, cash provided by investing activities was $104,000, which
was from distributions from our 30% ownership in a Chinese
company of $114,000, partially offset by the purchases of
equipment of $10,000.
     
During the nine months ended July 31, 2007, cash provided by
investing activities was $2,168,000, which was a result of
proceeds from the sale of available-for-sale marketable
securities of $2,249,000, offset by purchases of equipment of
$81,000.
     
The company's financing activities provided $22,000 of cash during
the nine months ended July 31, 2008, which were generated from
proceeds received from the sale of common stock through its
employee stock purchase plan.
     
The company's financing activities provided $493,000 of cash
during the nine months ended July 31, 2007.  The sources of cash
were from the exercise of options to acquire common stock of
$57,000 and proceeds of $436,000 received from the sale of common
stock through its employee stock purchase plan.
     
The company's net accounts receivable balance decreased from
$3,365,000 as of Oct. 31, 2007, to $2,592,000 as of July 31, 2008,
as a result of lower sales generated during the three months ended
July 31, 2008, as compared to the three months ended Oct. 31,
2007.  The majority of its accounts receivable are current and its
allowance for doubtful accounts was $124,000 as of July 31, 2008,
which represented approximately 5% of its gross accounts
receivable balance.  The company's write-offs of uncollectible
accounts during the three and nine months ended  July 31, 2008,
and 2007 were not significant.
     
The company continues to pay for expert, consulting and other
expenses relating to the SCO Litigation.  These expenses have been
material in the past and even though we expect these expenses to
be lower for the year ending Oct. 31, 2008, as compared to the
year ended Oct. 31, 2007, the company expects to continue to be
material to its financial statements.
    
In addition, the company may pay one or more contingency fees
upon certain amounts the company or its stockholders may receive
as a result of a settlement, judgment, or a sale of the company.

As of July 31, 2008, the company did not have any long-term debt
obligations, purchase obligations or material capital lease
obligations.

     
The company stated that the restructuring imposed by the
Bankruptcy Court may also adversely affect its ability to raise
debt or equity capital.  Its delisting from NASDAQ will also
impair its ability to raise capital.

                        About The SCO Group

Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq:SCOX)
fka Caldera International Inc. -- http://www.sco.com/--     
provides software technology for distributed, embedded and
network-based systems, offering SCO OpenServer for small to
medium business and UnixWare for enterprise applications and
digital network services.

The company has office locations in Australia, Austria,
Argentina, Brazil, China, Japan, Poland, Russia, the United
Kingdom, among others.

The company and its affiliate, SCO Operations Inc., filed for
Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead
Case No. 07-11337).  Paul Steven Singerman, Esq., and Arthur
Spector, Esq., at Berger Singerman P.A., represent the Debtors in
their restructuring efforts.  James O'Neill, Esq., and Laura Davis
Jones, Esq., at Pachulski Stang Ziehl & Jones LLP, are the
Debtors' Delaware and conflicts counsels.  Epiq Bankruptcy
Solutions LLC, acts as the Debtors' claims and noticing agent.  
The United States Trustee failed to form an Official Committee of
Unsecured Creditors in these cases due to insufficient response
from creditors.  The Debtors' schedules showed total assets of
$9,549,519 and total liabilities of $3,018,489.


SOUTH STREET: Moody's Trims Class B-2 Notes Rating to Ca from C
---------------------------------------------------------------
Moody's Investors Service has withdrawn the rating on the
following notes issued by South Street CBO 2000-1 Ltd.:

Class Description: Class A-2L Floating Rate Notes due 2012

  -- Prior Rating: Aaa
  -- Prior Rating Action Date: 5/4/2000
  -- Current Rating: WR

According to Moody's, this rating action is a result of the Class
A-2L Notes being redeemed in full.

In addition, Moody's has downgraded these notes:

Class Description: Class B-2 Notes due 2012

  -- Prior Rating: Ca
  -- Prior Rating Action Date: 8/20/2002
  -- Current Rating: C

According to Moody's, this rating action is a result of par loss
due to defaulted securities in the portfolio.


SOUTHEAST WAFFLES: Agrees to Have CRO Rather than Trustee
---------------------------------------------------------
Bill Rochelle of Bloomberg News reports that Southeast Waffles,
LLC, agreed to the appointment of a chief restructuring officer
and to end its exclusive right to propose a plan in late December
2008 as a compromise in the face of a motion by secured creditor
FirstBank for the appointment of a Chapter 11 trustee.

The agreement to avoid a trustee provides that the Debtor's
principal, Jim Shaub, will have no operating authority, although
he will receive $80,000 in compensation in the next four months,
according to the report.

If the Debtor files a Chapter 11 plan, the exclusive right to
propose a reorganization will end automatically so any other
creditor could file a plan, Mr. Rochelle says.

                      About SouthEast Waffles

Headquartered in Nashville, Tennessee, SouthEast Waffles, LLC dba
Waffle House -- http://www.southeastwaffles.com-- operates    
restaurants.  The company filed for Chapter 11 protection on
Aug. 25, 2008 (Bankr. M.D. Tenn. Case No. 08-07552).  Barbara Dale
Holmes, Esq., David Phillip Canas, Esq., Glenn Benton Rose, Esq.,
and Tracy M. Lujan, Esq., at Harwell Howard Hyne Gabbert & Manner
represent the Debtor in its restructuring efforts.  When the
Debtor filed for protection from its creditors, it listed assets
and debt of between $10 million and $50 million each.


SPORTSQUEST INC: Kramer Weisman Expresses Going Concern Doubt
-------------------------------------------------------------
Davis, Fla.-based Kramer Weisman and Associates LLP raised
substantial doubt about the ability of SportsQuest, Inc., to
continue as a going concern after it audited the company's
financial statements for the year ended May 31, 2008.  

The auditor stated in its report that the company has operating
and liquidity concerns, has incurred an accumulated deficit of
$2,852,972 through the period ended May 31, 2008, and current
liabilities exceeded current assets by $3,854,841 at May 31, 2008.

The company has inadequate working capital to maintain or develop
its operations, and is dependent upon funds from private investors
and the support of certain stockholders.

The company posted a net loss of $1,406,796 on total revenues of
$15,750 for the year ended May 31, 2008, as compared with zero
income on zero sales in the prior year.

At May 31, 2008, the company's consolidated balance sheet showed
$14,766,521 in total assets, $4,981,950 in total liabilities, and
$9,784,572 in total stockholders' equity.  

The company's consolidated balance sheet at May 31, 2008, showed
strained liquidity with $138,595 in total current assets available
to pay $3,993,436 in total current liabilities.

A full-text copy of the company's 2008 annual report is available
for free at http://ResearchArchives.com/t/s?32d3

                    Results of Operations

Revenues for period ended May 31, 2008, was $15,750.  This revenue
is directly the result of changes in the company's strategic
direction in core operations.  The company continues to
aggressively pursue and devote its resources and focus its
direction in building asset value.  The company has further
refocused in new acquisitions to increase its revenues and cash
flow.  General and administrative expenses for the period ended
May 31, 2008, was $994,708.  This increase is attributed to the
company's increase in acquisitions and issuance of stock for
compensations and issuance of warrants with convertible debt.

The loss for period ended May 31, 2008, was $1,406,796.  The loss
was due to the increase in non-cash transactions for services
rendered and warrants issued for convertible debt.

No tax benefit was recorded on the expected operating loss for
period ended May 31, 2008, as required by Statement of Financial
Accounting Standards No. 109, Accounting for Income Taxes.  For
the quarter ended the company does not expect to realize a
deferred tax asset and it is uncertain, therefore the company has
provided a 100% valuation of the tax benefit and assets until it
is certain to experience net profits in the future to fully
realize the tax benefit and tax assets.

               Liquidity And Capital Resources

The company's operating requirements have been funded primarily on
its sale of media content, financing facilities, and sales of its
common stock.  During the period ended May 31, 2008, the net
proceeds from the media content were $15,750.  Management believes
that the cash flows are inadequate to repay the capital
obligations and has relied upon the sale of common stock to
sustain its operations.

Cash used in operating activities for the period ended May 31,
2008, was $312,489.  The company has focused on core operations,
which resulted in an increase in acquisitions.  However, the
company is still operating in a deficit.  The company has
depreciation expenses for the period ended May 31, 2008, of $394.

Cash used in investing activities was ($179,937) for the period
ended May 31, 2008.  The company has advanced to affiliates of
$179,937.

Cash provided by financing activities was $327,910 for the period
ended May 31, 2008.  Financing activities primarily consisted of
proceeds from bond and loan payables from third parties.  The
company does not have adequate cash flows to satisfy its
obligations although has improved cash flow and anticipates has
adequate cash flows in the upcoming fiscal period.  The company
received proceeds from its bond issuance of $70,448.  It also
received proceeds from its loan payables of $255,205.

As of Oct. 31, 2007, the company's open convertible secured note
balance was $662,860.

                     About SportQuest, Inc.

SportQuest, Inc., (Other OTC: SPQS.PK) --
http://www.sportquest.org/--  SportsQuest, Inc., creates,  
develops, owns and manages high-end sports events and their
operating entities.  The company manages the US Pro Golf Tour.  
Before March 2007, its primary business activity was the
realization of commissions from the operation by Air Brook
Limousine, Inc., one of its stockholders, of two airport ground
transportation terminals in New Jersey.  In March 2007, Air Brook
Limousine notified SportsQuest of its intent to cancel certain
agreements relating to the payment of such commissions, and as a
result of such cancellation, the company lost its source of
revenue.  On Aug. 16, 2007, Lextra Management Group, Inc.,
acquired 51.16% of the company's issued and outstanding common
stock.  On Aug. 21, 2007, SportsQuest acquired all of the assets
of Lextra pursuant to an asset purchase agreement dated Aug. 21,
2007.  The assets of Lextra were transferred to its wholly owned
subsidiary, SportsQuest Management Group, Inc.


ST LOUIS CHARTER: Fitch Holds 'BB' Rating on $5.32MM Revenue Bonds
------------------------------------------------------------------
Fitch Ratings affirmed the 'BB' rating on St. Louis Charter
School's $5,320,000 of Missouri Health and Educational Facilities
Authority, revenue bonds, series 2002A. The Rating Outlook is
revised to Stable from Negative. The bonds are secured by a gross
revenue pledge, a leasehold mortgage over the school's facility,
and a debt service reserve fund.

The 'BB' rating is based on the school's weak liquidity;
historically negative operating performance; and standard charter
renewal risk. Importantly, Fitch notes that weak liquidity and
weak operating performance are not atypical for charter schools
rated in the non-investment grade category. The school's operating
margin has been approximately negative 5% for each of the past
three fiscal years. Other considerations reflected in the 'BB'
rating include the school's stable enrollment levels; stable
operating performance; and solid academic performance, which
earned the school its third consecutive charter renewal in 2007.

The Stable Rating Outlook reflects Fitch's expectation that the
school will maintain enrollment levels at or near capacity;
continue to produce solid student academic performance; and
maintain stable, albeit weak, financial operations. Following
reductions in 2002 and 2003, per pupil funding received from the
state has improved and increased three of the past four years. PPF
was $11,456 and $10,254 in academic years 2007 and 2006
respectively. The school continues to maintain a positive
relationship with the St. Louis City School District and the
University of Missouri, St. Louis, its charter granting agency.
Payments made from the school district are made in a timely manner
and the school does not anticipate any funding reductions in the
foreseeable future.

The current enrollment of 930 students has remained stable and is
at the school's capacity level. It also maintains an actively
managed waiting list, which currently has 165 students for
kindergarten through grade 8. The average daily attendance at the
school has averaged between 93% and 94%.

The school terminated its management contract with Imagine Schools
Inc. in May 2007 in favor of managing itself internally. As part
of the separation agreement with Imagine Schools Inc., the school
negotiated a $500,000 management fee reduction for fiscal 2007 and
$664,000 in debt forgiveness. This also eliminates the $600,000
annual management fee. The school hired a new controller in 2006
who now serves as the Head of Finance and oversees all non-
educational functions of the school. Concerns over the new
management structure are partially mitigated by the proactive
management steps taken by the Head of Finance, to include cost
cutting measures and seeking new revenue sources.

St. Louis Charter School is a public charter school serving 930
students in kindergarten through eighth grade. The school was
established in 2000 and is located in St. Louis, Missouri.


STONE ARTIST: Files for Chapter 11 Protection
---------------------------------------------
The Business Review reports that Stone Artist, Inc., filed for  
Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for
the Northern District of New York.

According to The Business Reivew, Stone Artist filed for
bankruptcy after its board of directors weighed "various options
and alternatives to rehabilitate the company."  Court documents
indicate that the company's assets and debts are no greater than
$1 million each.

Jerome Pollock, Jr., Stone Artist, Inc., is a masonry business in
Argyle, New York.  It has more than 50 workers, and has done work
on multi-million-dollar homes in Saratoga Springs.  The company
performed work on the Colonie home featured on ABC's "Extreme Home
Makeover" show in 2007.

The company filed for Chapter 11 bankruptcy protection on Sept.
22, 2008 (Bankr. N.D. N.Y. Case No. 08-13130).  Lisa M. Penpraze,
Esq., at Segel Goldman Mazzotta & Siegel, P.C., represents the
company in its restructuring effort.


TORRENT ENERGY: Lender Withdraws from DIP Credit and Guaranty Deal
------------------------------------------------------------------
Torrent Energy Corporation disclosed that YA Global issued a
Notice of Lender's Election to Cease Funding pursuant to the DIP
Credit Agreement.  

On June 6, 2008, the company entered into a senior secured super-
priority debtor-in-possession credit and guaranty agreement with
YA Global Investments L.P., as lender, pursuant to which YA Global
provided the company with funds to permit the company to continue
its operations during its reorganization under Chapter 11.

The notice stated that YA Global has elected to exercise its right
to cease funding the company, and will provide no further advances
to the company, under the DIP Credit Agreement, except for
advances for compensation payable to certain employees of the
company.  YA Global has informed the company that its election to
cease funding is irrevocable.  YA Global has not claimed that the
company is in default, and the company does not believe it is in
default, under the DIP Credit Agreement.

The stated that as a result of YA Global's election to cease
funding under the DIP Credit Agreement and the company's
limited cash resources, the company's ability to continue
operations is severely limited.  The company is considering its
options in light of YA Global's election.

                       About Torrent Energy

Headquartered in Portland, Oregon, Torrent Energy Corporation
-- http://www.torrentenergy.com/-- is an exploration stage   
company engaged in the exploration for coalbed methane in the Coos
Bay region of Oregon and in the Chehalis Basin region of
Washington State.  The company and two of its affiliates filed for
Chapter 11 protection on June 2, 2008 (Bankr. D. Ore. Case Nos.
08-32638 through 08-32640).  Jeanette L. Thomas, Esq., at
Perkins Coie LLP, represents the Debtors in their restructuring
efforts.  

                       Going Concern Doubt

Peterson Sullivan PLLC, in Seattle, Washington, expressed
substantial doubt about Torrent Energy Corporation's ability to
continue as a going concern after auditing the company's
consolidated financial statements for the year ended March 31,
2008.  The auditing firm pointed to the company's recurring
losses from operations since inception, substantial accumulated
deficit, and the company's filing for reorganization under Chapter
11 of the U.S. Bankruptcy Code.  


TURKEY LAKE: Chapter 11 Petition Incomplete; Needs to Hire Counsel
------------------------------------------------------------------
Orlando Business Journal reports that the Chapter 11 petition
filed by the Turkey Lake Partners LLC in the U.S. Bankruptcy Court
for the Middle District of Florida lacked several required
documents.

Orlando Business relates that Turkey Lake petition was missing
documents, including:

          -- a list of 20 largest unsecured creditors,
          -- a corporate ownership statement,
          -- statement of financial affairs, and
          -- a case summary.

Court records filed on Sept. 16 indicated that Raymond Sussman,
the attorney for Turkey Lake, was not a member of the bar of the
Court.  This, according to the court documents, would prevent Mr.
Sussman from acting as counsel for Turkey Lake's bankruptcy case.

Turkey Lake must employ another or an additional qualified
attorney by Oct. 7, or the case would be dismissed, court records
say.

Brooklyn, New York-based Turkey Lake Partners LLC owns a single
assets real estate.  It had planned to open the Sage Resort near
Big Sand Lake by 2009.  The company's managing partner is Ryze
Group Holdings LLC, whose principal is Orlando-based Faiza
Khanani.  

The company filed for Chapter 11 bankruptcy protection on
Sept. 12, 2008 (Bankr. M.D.Fla. Case No. 08-08174).  Raymond S.
Sussman, Esq., who has an office at Hartsdale, New York,
represents the company in its restructuring effort.  The company
listed assets of between $1 million and $10 million and debts of
between $1 million and $10 million when it filed for bankruptcy.


US MEDICAL: Case Summary & 12 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: U.S. Medical Care Holdings, L.L.C.
        3350 NW Boca Raton Blvd., #B38
        Boca Raton, FL 33431

Bankruptcy Case No.: 08-24027

Chapter 11 Petition Date: September 25, 2008

Court: Southern District of Florida (West Palm Beach)

Judge: Erik P. Kimball

Debtor's Counsel: Kenneth S. Rappaport, Esq.
                  rappaport@kennethrappaportlawoffice.com
                  Rappaport Osborne & Rappaport, PL
                  1300 N. Federal Hwy. #203
                  Boca Raton, FL 33432
                  Tel: (561) 368-2200

Total Assets: $361,280

Total Debts: $1,520,391

A list of the Debtor's largest unsecured creditors is available
for free at:

             http://bankrupt.com/misc/flsb08-24027.pdf

                       
VALENA LAND: Case Summary & Eight Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Valena Land Co., Inc.
        613 College Ave.
        Santa Rosa, CA 95404

Bankruptcy Case No.: 08-12016

Type of Business: The Debtor offers interior design services.

Chapter 11 Petition Date: September 25, 2008

Court: Northern District of California (Santa Rosa)

Judge: Alan Jaroslovsky

Debtor's Counsel: David N. Chandler, Esq.
                  DChandler1747@yahoo.com
                  Law Offices of David N. Chandler
                  1747 4th St.
                  Santa Rosa, CA 95404
                  Tel: (707) 528-4331

Total Assets: $12,476,866

Total Debts: $8,957,282

Debtor's Eight Largest Unsecured Creditors:

   Entity                      Nature of Claim       Claim Amount
   ------                      ---------------       ------------
Alice Valena                                         $63,077
14885 McDonough Hgts. Rd.
Healdsburg, CA 95448

Clement Fitzpatrick &          legal fees            $4,420
Kenworthy                 
3333 Mendocino Ave., #200
Santa Rosa, CA 95403   

Beyers Costin                  legal fees            $3,065
200 Fourth St.            
Santa Rosa, CA 95402

Anderson & Co.                 accounting            $1,355

Bellisima Hair Studio          tenant security       $1,450
                               deposit                     

City of Santa Rosa             weed abatement        $420

Godfrey Engineering            Engineering           $988

Muegge Baldi & Hardcastle      Tax Accounting        $816


WACHOVIA BANK: Moody's Cuts $32.793MM Certificate Rating to 'Ba3'
-----------------------------------------------------------------
Moody's Investors Service upgraded the rating of two classes,
downgraded the rating of one class and affirmed the ratings of two
classes of Wachovia Bank Commercial Mortgage Trust, Commercial
Mortgage Pass-Through Certificates, Series 2005-Whale 6 as:

  -- Class X-1B, Notional, affirmed at Aaa
  -- Class X-2, Notional, affirmed at Aaa
  -- Class H, $13,346,000, upgraded to Aaa from A3
  -- Class J, $21,861,000, upgraded to A2 from Baa2
  -- Class K, $32,793,000, downgraded to Ba3 from Ba2

Moody's is upgrading Class H and Class J due to increased credit
support from the payoff of the One Oliver Plaza Loan
($40.0 million pooled balance).  Moody's is downgrading Class K
due to performance issues related to the 230 Peachtree Loan.

The transaction's aggregate certificate balance has decreased by
approximately 94.0% to $68.0 million from $1.1 billion at
securitization due to the payoff of 13 loans initially in the
pool.  Currently the Certificates are collateralized by two loans
ranging in size from 26.5% to 73.5% of the pool.  The trust has
not realized any losses since securitization and no loans are
currently in special servicing.

The Grand Resort Apartments Loan ($50.0 million -- 73.5%) is
secured by a 768-unit multifamily property located in Anaheim,
California.  The property, which was built in 1969, is located
approximately five miles northwest of Disneyland.  Occupancy as of
March 2008 was 92.3%, compared to 86.9% in March 2007 and 94.7% at
securitization.  Property performance during 2006 and 2007 was
adversely affected by a renovation program.  However, as of
September 2008, the renovations are substantially finished and
occupancy levels have improved. The $80.0 million mortgage loan
includes two non-trust junior participation interests with a
combined balance of $17.9 million and a non-trust advance
participation interest in the maximum amount of $12.1 million to
fund capital improvements.  As of September 2008, $11.4 million of
the $12.1 million advance participation interest has been funded.
There is also mezzanine debt in the amount of $20.0 million.

The property consists of 12 three-story garden-style apartment
buildings constructed in 1969.  The property benefits from various
amenities including an elevator in each building, three swimming
pools, tennis courts and fitness facilities.  Monthly average in-
place rents range from approximately $2.30 to $2.70 per square
foot for studio units (28.1% of total units), $1.82 to $2.05 PSF
for one-bedroom/one-bath units (51.6 %) and $1.68 to $1.75 PSF for
two-bedroom/two-bath units (20.3%).  Torto Wheaton Research
reports a Second Quarter 2008 multifamily market occupancy rate in
Anaheim of 3.9% and average market rent equal to $1.54 PSF.

The loan matures in May, 2010 and is interest only.  The loan
sponsor is Pacific Property Company.  PPC was formed in 1998 as a
wholly-owned subsidiary of Marcus & Millichap and is one of the
top five apartment investors in California.  Moody's loan to value
ratio is 62.1%, compared to 59.7% at Moody's last review in
October, 2007 and at securitization.  Moody's current underlying
rating is Baa3, the same as at Moody's last review and compared to
Baa2 at securitization.

The 230 Peachtree Loan ($18.0 million -- 26.5%) is secured by a
414,768 square foot Class A office building located in downtown
Atlanta, Georgia.  The building was built in 1965 and renovated in
1997.  Occupancy as of March 2008 was 67.0%, compared to 67.7% in
June 2007 and 73.6% at securitization.  At securitization, Moody's
had anticipated a stabilized occupancy rate of 83.0%.  As of March
2008, the in-place gross rent was $16.12 PSF, compared to
$18.73 PSF at securitization.  The building is leased to
approximately 40 tenants.  The two largest tenants are Booz Allen
Hamilton - 12.2% of net rentable area, and Constangy Brooks &
Smith - 7.8% of NRA.  Lease expirations for these two tenants are
in 2012 and 2016, respectively.  Torto Wheaton Research reports a
Second Quarter 2008 Class A office market vacancy rate of 21.2%
for downtown Atlanta.  230 Peachtree has been underperforming the
market.

The $28.0 million mortgage loan includes a $10.0 million non-trust
junior component.  The interest-only loan matured in July, 2007
with three 12-month extension options.  The loan sponsor is
Southcoast Capital Management Corporation.  Moody's LTV is 72.7%,
compared to 67.1% at Moody's last review and 56.1% at
securitization.  Moody's current underlying rating is Ba3,
compared to Ba2 at Moody's last review and Baa2 at securitization.

Moody's periodically completes full reviews in addition to
monitoring transactions on a monthly basis.  Moody's prior full
review is summarized in a press release dated October 4, 2007.

Moody's has published rating methodologies outlining its
analytical approach to surveillance and its approach to rating
large loan/single borrower transactions.  In addition, Moody's has
published numerous articles outlining its ratings approach to the
various property types customarily deposited within these
transactions along with other articles on credit issues unique to
CMBS.  The major rating methodologies employed in analyzing this
transaction include:

US CMBS: Moody's Approach to Surveillance of Large Loan
Transactions, March 8, 2006 -- this paper details a brief review
of Moody's new issue ratings approach, the specific steps in a
surveillance review of a large loan deal, additional methods of
evaluation, a discussion of pro rata pay and rake classes,
information on the impact of paydowns and credit drift on ratings,
a discussion of pool diversity and leverage adjustments, and an
indication of the equivalency of surveillance and new issue
ratings;

CMBS: Moody's Approach to Rating Large Loan/Single Borrower
Transactions, July 7, 2000 -- this paper defines large loans,
details Moody's large loan rating approach, discusses target LTV
levels and how changes in credit risk impact LTV levels, speaks to
how Moody's determines an assets credit risk profile, comments on
pooling and diversity benefits along with structural and legal
issues and borrower quality, and provides supplementary
information on the impact of changes in amortization schedules,
capitalization rates for different property types, and the
information requirements for ratings these types of deals;

CMBS: Moody's Approach to Rating Floating Rate Transactions,
May 12, 2000 -- this paper discusses the market drivers behind
floating rate deals, Moody's CMBS floating rate methodology, how
interest rate volatility impacts credit risk, how to calculate the
floating rate credit enhancement adjustment, and the potential
credit benefits of interest rate caps; and

Positive and Negative Pooling: Moody's Approach to Tranching Large
Loan CMBS, December 18, 2001 -- this paper provides an evaluation
of how diversity affects the bond capital structure leading to a
rationale for positive and negative pooling, discusses the Monte
Carlo simulation approach, and indicates some general ratings
guidelines based on simulation results.


WASHINGTON MUTUAL: Files for Chapter 11 in Delaware
---------------------------------------------------
Washington Mutual, Inc., together with its wholly owned
subsidiary, WMI Investment Corp., commenced on Friday voluntary
cases under chapter 11 of the United States Bankruptcy Code in the
United States Bankruptcy Court for the District of Delaware. The
chapter 11 filings were a result of the appointment, by the Office
of Thrift Supervision, of the Federal Deposit Insurance Company as
receiver of Washington Mutual Bank, Washington Mutual, Inc.'s
banking subsidiary on Sept. 25, 2008.

WaMu's banking subsidiary was taken over by U.S. government
regulators after customers withdrew $16.7 billion over 10 days,
making it the biggest U.S. bank to fail, Bloomberg's Jef Feeley
and Steven Church say.

WaMu is the latest casualty of the liquidity crunch in the
financial markets.  Lehman Brothers Holdings Inc. and IndyMac
Bancorp Inc. have filed for bankruptcy.  Merrill Lynch & Co. sold
itself to Bank of America Corp, and Wachovia is reportedly in
takeover talks with Citigroup, Wells Fargo and Spain's Santander.  
The Federal Reserve financed the purchase of Bear Stearns Cos. by
JPMorgan Chase & Co., and issued an $85 billion bailout loan to
American International Group.

"The expectation is we may see more banks being forced to take
this route," said Kevin Mangan, a Wilmington bankruptcy lawyer
with Womble Caryle Sandridge & Rice, Bloomberg relates.  Mr.
Mangan is not connected with the case.

Bloomberg says JPMorgan Chase & Co. became the biggest U.S. bank
by deposits when it bought WaMu's branches with a $1.9 billion
payment to the Federal Deposit Insurance Corp.

Bloomberg notes that WaMu shares had fallen 98% over the past year
on losses tied to subprime lending before trading was halted on
news of the FDIC seizure.  According to Bloomberg, WaMu was one of
the financial firms the U.S. Securities and Exchange Commission
protected from short selling this month as part of an effort to
stabilize equity markets.  WaMu's bank had $188 billion in
deposits.  The savings and loan itself may not seek bankruptcy
protection under federal law, Bloomberg notes.

According to Bloomberg, Ronald Greenspan, a senior managing
director with FTI Consulting Inc., said WaMu's court filings don't
reflect the company's entire debt because many liabilities are
spread out among its various units, many of which haven't sought
court protection.  Mr. Greenspan has represented creditors in
bankruptcies of the biggest subprime mortgage companies, including
New Century Financial Corp., Bloomberg notes.

"[W]e are going to see a meaningful number of additional
insolvencies" among banks, said Mr. Greenspan said, according to
Bloomberg.

                     About Washington Mutual

Based in Seattle, Washington, Washington Mutual Inc. --
http://www.wamu.com/-- is a holding company for Washington Mutual  
Bank as well as numerous non-bank subsidiaries.  The company
operates in four segments: the Retail Banking Group, which
operates a retail bank network of 2,257 stores in California,
Florida, Texas, New York, Washington, Illinois, Oregon, New
Jersey, Georgia, Arizona, Colorado, Nevada, Utah, Idaho and
Connecticut; the Card Services Group, which operates a nationwide
credit card lending business; the Commercial Group, which conducts
a multi-family and commercial real estate lending business in
selected markets, and the Home Loans Group, which engages in
nationwide single-family residential real estate lending,
servicing and capital markets activities.

Washington Mutual Bank was taken over Sept. 25 by U.S. government
regulators.  The next day, WaMu and its debtor-affiliate, WMI
Investment Corp., filed separate petitions for Chapter 11 relief
(Bankr. D. Del. 08-12229 and 08-12228, respectively).  Wamu owns
100% of the equity in WMI Investment.  Weil Gotshal & Manges
represents the Debtors as counsel. When WaMu filed for protection
from its creditors, it listed assets of $32,896,605,516 and debts
of $8,167,022,695.  WMI Investment listed assets of $500,000,000
to $1,000,000,000 with zero debts.

Bloomberg notes that WaMu's debt ranks it among the largest U.S.
bankruptcies by indebtedness.  Lehman Brothers Holdings'
bankruptcy filing on Sept. 15 is the largest, with $613 billion in
debt.  WorldCom Inc., the telecommunications firm that filed for
protection in 2002 after accounting malfeasance was disclosed,
listed $41 billion in debt in what's now the second-largest
Chapter 11 case, according to Bloomberg.


WASHINGTON MUTUAL: Case Summary & 13 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Washington Mutual, Inc.
        1301 Second Avenue
        Seattle, WA 98101

Bankruptcy Case No.: 08-12229

Debtor-affiliates filing separate Chapter 11 petitions:

        Entity                                     Case No.
        ------                                     --------
WMI Investment Corp.                               08-12228

Type of Business: Washington Mutual is a consumer and small
                  business banking company with operations in
                  United States markets.  The Company is a savings
                  and loan holding company.  It owns two banking
                  subsidiaries, Washington Mutual Bank and
                  Washington Mutual Bank fsb, as well as numerous
                  non-bank subsidiaries.  The company operates in
                  four segments: the Retail Banking Group, which
                  operates a retail bank network of 2,257
                  stores in California, Florida, Texas, New York,
                  Washington, Illinois, Oregon, New Jersey,
                  Georgia, Arizona, Colorado, Nevada, Utah, Idaho
                  and Connecticut; the Card Services Group, which
                  operates a nationwide credit card lending
                  business; the Commercial Group, which conducts a
                  multi-family and commercial real estate
                  lending business in selected markets, and the
                  Home Loans Group, which engages in nationwide
                  single-family residential real estate lending,
                  servicing and capital markets activities.

                  As reported in the Troubled Company Reporter on
                  Sept. 16, 2008, Standard & Poor's Ratings
                  Services lowered its counterparty credit rating
                  on WaMu to 'BB-/B' from 'BBB-/A-3'.

                  As reported by the TCR on Sept. 22, Fitch
                  Ratings placed the ratings of Washington Mutual,
                  Inc. ('BBB-/F3'), Washington Mutual Bank
                  ('BBB/F3') and related entities on Rating Watch
                  Evolving.  This action reflects recent market
                  developments, specifically, the waiver by WaMu's
                  largest investors of the price reset rights
                  under their investment agreement and warrants
                  associated with their June 2008 capital
                  investments.

                  Washington Mutual owns 100% of the equity in
                  WMI Investment.

                  See: http://www.wamu.com/

Chapter 11 Petition Date: September 26, 2008

Court: District of Delaware (Delaware)

Judge: Mary F. Walrath

Debtors' Counsel: Weil Gotshal & Manges LLP

Debtors' Local Counsel: Mark D. Collins, Esq.
                        collins@RLF.com
                        Richards Layton & Finger
                        One Rodney Square
                        P.O. Box 551
                        Wilmington, DE 19899
                        Tel: (302) 651-7700
                        Fax: (302) 651-7701

Special Counsel: Simpson Thacher & Bartlett LLP

                  Estimated Assets  Estimated Debts
                  ----------------  ---------------  
Washington Mutual $32,896,605,516   $8,167,022,695

WMI Investment    $500 million to   $0
                  $1 billion

Debtor's 13 Largest Unsecured Creditors:

   Entity                      Nature of Claim      Claim Amount
   ------                      ---------------      ------------
The Bank of New York, as       junior subordinated  $1,150,000,000
trustee for holders of Junior  debentures
Subordinated Debentures

Corporate Trust Administration
100 Barclay St. 8W
New York, NY 10286

The Bank of New York, as       senior debt          $805,000,000
trustee for holders of 4.00%
Fixed Rate Notes due 2009

Corporate Trust Administration
100 Barclay St. 8W
New York, NY 10286

The Bank of New York, as       subordinate          $732,000,000
successor to Harris Trust and
Savings Bank, as trustee for
holders of 4.625% Subordinated
Notes due 2014

Corporate Trust Administration
100 Barclay St. 8W
New York, NY 10286

The Bank of New York, as       senior debt         $730,000,000
trustee for holders of 5.25%
Fixed Rate Notes due 2017

Corporate Trust Administration
100 Barclay St. 8W
New York, NY 10286

The Bank of New York, as       senior debt         $504,000,000
trustee for holders of 4.2%
Fixed Rate Notes due 2010

The Bank of New York, as       senior debt         $359,000,000
trustee for holders of
$500,000,000 Floating Rate
Notes due 2009

Corporate Trust Administration
100 Barclay St. 8W
New York, NY 10286

The Bank of New York, as       subordinate         $452,000,000
successor to Harris Trustee
and Savings Bank, as trustee
for holders of 8.250%
Subordinated Notes due 2010

Corporate Trust Administration
100 Barclay St. 8W
New York, NY 10286

The Bank of New York, as       senior debt         $447,000,000
successor to Harris Trust
and Savings Bank, as trustee
for holders of $500,000,000
Floating Rate Notes due 2012

Corporate Trust Administration
100 Barclay St. 8W
New York, NY 10286

The Bank of New York, as       subordinate         $440,000,000
trustee for holders of 7.250%
Subordinated Notes due 2017

Corporate Trust Administration
100 Barclay St. 8W
New York, NY 10286

The Bank of New York, as       senior debt         $376,000,000
trustee for holders of 5.0%
Fixed Rate Notes due 2012

Corporate Trust Administration
100 Barclay St. 8W
New York, NY 10286

The Bank of New York, as       senior debt         $363,000,000
trustee for holders of
$450,000,000 Floating Rate
Notes due 2012

Corporate Trust Administration
100 Barclay St. 8W
New York, NY 10286

The Bank of New York, as       senior debt         $361,000,000
trustee for holders of 5.50%
Fixed Rate Notes due 2011

Corporate Trust Administration
100 Barclay St. 8W
New York, NY 10286

The Bank of New York, as       senior debt         $176,000,000
trustee for holders of
$250,000,000 Floating Rate
Notes due 2010

Corporate Trust Administration
100 Barclay St. 8W
New York, NY 10286


WASHINGTON MUTUAL: Moody's Places 31 Trusts Ratings Under Review
----------------------------------------------------------------
Moody's Investors Service has placed under review for possible
downgrade the ratings on 31 classes of credit card receivable-
backed securities issued through the Washington Mutual Master Note
Trust and the Washington Mutual Master Trust.

The complete rating actions are:

Under Review for Possible Downgrade

Issuer: Washington Mutual Master Note Trust

  -- $775,000,000 Floating Rate Class 2005-A2 Asset Backed Notes,
     rated A1

  -- $125,000,000 Floating Rate Class 2005-M2 Asset Backed Notes,
     rated A3

  -- $150,000,000 Fixed Rate Class 2005-B2 Asset Backed Notes,
     rated Baa3

  -- $150,000,000 Floating Rate Class 2005-C2 Asset Backed Notes,
     rated Ba2

  -- $900,000,000 Floating Rate Class 2006-A1 Asset Backed Notes,
     rated A1

  -- $750,000,000 Floating Rate Class 2006-A2 Asset Backed Notes,
     rated A1

  -- $1,250,000,000 Floating Rate Class 2006-A3 Asset Backed
     Notes, rated A1

  -- $500,000,000 Floating Rate Class 2006-A4 Asset Backed Notes,
     rated A1

  -- $300,000,000 Floating Rate Class 2006-M1 Asset Backed Notes,
     rated A3

  -- $200,000,000 Fixed Rate Class 2006-B1 Asset Backed Notes,
     rated Baa3

  -- $200,000,000 Floating Rate Class 2006-C1 Asset Backed Notes,
     rated Ba2

  -- $150,000,000 Floating Rate Class 2006-C2 Asset Backed Notes,
     rated Ba2

  -- $200,000,000 Floating Rate Class 2006-C3 Asset Backed Notes,
     rated Ba2

  -- $1,100,000,000 Floating Rate Class 2007-A1 Asset Backed
     Notes, rated A1

  -- $875,000,000 Floating Rate Class 2007-A2 Asset Backed Notes,
     rated A1

  -- $425,000,000 Fixed Rate Class 2007-A4 Asset Backed Notes,
     rated A1

  -- $200,000,000 Floating Rate Class 2007-A5 Asset Backed Notes,
     rated A1

  -- $150,000,000 Fixed Rate Class 2007-B1 Asset Backed Notes,
     rated Baa3

  -- $125,000,000 Floating Rate Class 2007-C1 Asset Backed Notes,
     rated Ba2

  -- Class 2005-D2 Variable Funding Asset Backed Notes, rated B3
  -- Class 2007-C2 Variable Funding Asset Backed Notes, rated Ba2

Issuer: Washington Mutual Master Trust

  -- Class D Certificates, Variable Funding Series 2004-G, rated
     Ba2

  -- Class E Certificates, Variable Funding Series 2004-G, rated
     B3

  -- Class A Certificates, Variable Funding Series 2007-A, rated
     A1

  -- Class B Certificates, Variable Funding Series 2007-A, rated
     A3

  -- Class C Certificates, Variable Funding Series 2007-A, rated
     Baa3

  -- Class D Certificates, Variable Funding Series 2007-A, rated
     Ba2

  -- Class A Certificates, Variable Funding Series 2007-B, rated
     A1

  -- Class B Certificates, Variable Funding Series 2007-B, rated
     A3

  -- Class C Certificates, Variable Funding Series 2007-B, rated
     Baa3

  -- Class D Certificates, Variable Funding Series 2007-B, rated
     Ba2

Rationale

The rating actions were prompted by the September 22nd review of
Washington Mutual Bank's deposit and issuer ratings, and follows
Moody's September 15 downgrade of 31 outstanding classes of notes
from the Trusts.

The September 15 action took into account the potential negative
impact that restricted access to funding could have on the
economic viability of WaMu's credit card program given the severe
asset quality issues that continue to deplete WaMu's capital base
which, in turn, could lead to further erosion of the bank's
franchise.

As WaMu considers potential alternatives for stabilizing its
funding base, including possible acquisition with or without
regulatory assistance, uncertainty about the future of the credit
card portfolio increases.  The   -- Current Rating action reflects
Moody's concern that even in an acquisition scenario an acquiring
entity may elect to either not purchase the credit card operation
or to discontinue funding it.  The credit card portfolio is
characterized by sub- and near-prime accounts with geographic
conentrations in states that have been most negatively impacted by
housing-related economic factors.  Given these characteristics,
and its current performance, the future profitability of the
portfolio is in doubt.

During its review, Moody's focus will be on the company's ability
to maintain the viability of its credit card franchise through a
potential sale or other strategic initiatives.

Bank Rating Action

On September 22, Moody's placed all outstanding ratings of the
bank (Baa3 senior unsecured) under review for possible downgrade,
and downgraded the bank's financial strength rating to E from D+.  
These actions stemmed from asset quality issues that are
substantially limiting WaMu's financial flexibility and
potentially preventing it from replenishing capital and preserving
diversified and stable funding sources.  This could lead to the
acquisition of WaMu by a stronger financial institution with or
without regulatory assistance.

Although Moody's believes that the US Treasury's $700 billion
asset purchase program has the potential to restore confidence in
US banks, benefits of the program to WaMu are uncertain in the
short-term.  WaMu's troubled asset portfolios are sizeable in
relation to its capital base.  Although details of the program are
still being worked out, mark-downs that could be required if a
large portion of its troubled assets were sold into the program
are likely to erode its capital position.  Additionally, the
imminence of WaMu's need to restore confidence in its funding base
may not be consistent with the timing of the implementation of the
Treasury's proposed program.

Background

Washington Mutual Bank is a wholly owned subsidiary of Washington
Mutual, Inc. (Ba2) headquartered in Seattle, Washington.  As of
June 30, 2008 Washington Mutual, Inc. had reported assets of
$310 billion.


WCI COMMUNITIES: Gets Final Nod to Use $150MM Wachovia DIP Loan
---------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
authorized WCI Communities Inc. and its debtor-affiliates, on a
final basis, to borrow money and obtain letters of credit in the
aggregate principal amount of $150,000,000 from Wachovia Bank,
N.A., as administrative agent, and a syndicate of lenders.

The Court entered the Final DIP Order on September 23, 2008.

The designated Debtor subsidiaries are authorized to guarantee
the Debtor borrowers' borrowings and obligations with respect to
the letter of credit committed by the DIP Lenders.

The Debtors are authorized to use the DIP Loan to provide for
their working capital, to pay certain interests, fees and
expenses noted in the DIP Credit Agreement, and to make adequate
protection payments, cure amounts and any other payments
permitted to be made by the Court.  They are also directed to use
a portion of the DIP Loan to repay debt obligations with respect
to a September 2005 Revolving Credit Construction Loan Agreement
among the Debtors, Wachovia Bank and certain other lenders --  
the "Tower Debt."

All of the Debtors' Obligations under the DIP Credit Agreement
constitute "superpriority claims" or allowed claims against the
Debtors with priority over all administrative expenses,
diminution claims and all other claims, subject only to the
Carve-Out.

As security for the DIP Obligations, those obligations are
granted (i) first priority liens on all of the Debtors'
unencumbered property; (ii) liens priming the liens of the
Debtors' prepetition lenders; and (iii) liens junior to certain
other liens valid and unavoidable liens.

Subject to Court approval, the Debtors may amend the DIP Credit
Agreement for any purpose, including to add additional financial
institutions as DIP Lenders and reallocate financing commitments
among the DIP Lenders.

No portion of the DIP Loan or cash collateral may be used to
challenge the validity and priority of the DIP Loan amounts or
assert any claim or cause of action against the Prepetition
Lenders and the DIP Lenders, Judge Carey ruled.

Advisors to the Official Committee of Unsecured Creditors may,
however, investigate prepetition liens of the Prepetition
Lenders, at an expense not to exceed $250,000, incurred from and
after September 23, 2008 or the DIP Order date, the Court
clarified.

In a separate order, Judge Carey permitted the Debtors to file
the Fee Letter related to the DIP Credit Agreement under seal.  
The Fee Letter will remain under seal and confidential and will
only be made available to certain parties under appropriate
confidentiality agreements reasonably satisfactory to the Debtors
and the DIP Lenders.

The Judge ruled that service of the Debtors' DIP financing
request is enough without transmittal of the Fee Letter.

The terms of the DIP Credit Agreement will mature on
September 23, 2009.

                            *  *  *

The Court also authorized the Debtors to use, on a final basis,
the cash collateral of their prepetition lenders.  The Prepetition
Lenders are also granted adequate protection for the aggregate net
diminution in the value of their security interests in and liens
on the prepetition collateral.

                      About WCI Communities

Headquartered in Bonita Springs, Florida, WCI Communities, Inc. --
http://www.wcicommunities.com/-- is a fully integrated       
homebuilding and real estate services company.  It has operations
in Florida, New York, New Jersey, Connecticut, Massachusetts,
Virginia and Maryland.  The company directly employs roughly 1,800
people, as well as roughly 1,800 sales representatives as
independent contract employees.

The company and 126 of its affiliates filed for Chapter 11
protection on Aug. 4, 2008 (Bankr. D. Del. Lead Case No. 08-11643
through 08-11770).  Thomas E. Lauria, Esq., Frank L. Eaton, Esq.,
Linda M. Leali, Esq., at White & Case LLP, in Miami, Florida.  
Eric Michael Sutty, Esq., and Jeffrey M. Schlerf, Esq., at Bayard,
P.A, are the Debtors' local bankruptcy counsel.  Lazard Freres &
Co. represents the Debtors as financial advisors.  The Debtors
selected Epiq Bankruptcy Solutions LLC as their claims & notice
agent.  The U.S. Trustee for Region 3 appointed five creditors to
serve on an Official Committee of Unsecured Creditors.  Daniel H.
Golden, Esq., Lisa Beckerman, Esq., and Philip C. Dublin, Esq.,
at Akin Gump Strauss Hauer & Feld LLP, and Laura Davis Jones,
Esq., Michael R. Seidl, Esq., and Timothy P. Cairns, Esq., at
Pachulski Stang Ziehl & Jones LLP, represent the Committee in
these cases.  When the Debtors filed for protection from their
creditors, they listed total assets of $2,178,179,000 and total
debts of $1,915,034,000.

(WCI Communities Bankruptcy News, Bankruptcy Creditors' Service
Inc.; http://bankrupt.com/newsstand/or 215/945-7000).   

                       
WHITEHALL JEWELERS: Court Sets Dec. 1 General Bar Date
------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware has granted
Whitehall Jewelers Holdings, Inc. and Whitehall Jewelers, Inc.'s
request to extend the deadlines for filing proofs of claim in
their bankruptcy cases, to:

     i) General Bar Date    - Dec. 1, 2008

    ii) Government Bar Date - Dec. 23, 2008

Proofs of Claim, if sent by mail, should be sent to:

     Whitehall Jewelers Holdings, Inc.
     Claims Processing Center
     c/o Epiq Bankruptcy Solution, LLC
     FDR Station, P.O. Box 5015
     New York, NY 10150-5015

Proofs of claim, if delivered by hand, courier service or
overnight service, should be sent to:

     Whitehall Jewelers Holdings, Inc.
     Claims Processing Center
     c/o Epiq Bankruptcy Solutions, LLC
     757 Third Avenue, 3rd Floor
     New York, NY 10017

                    About Whitehall Jewelers  

Headquartered in Chicago, Illinois, Whitehall Jewelers Holdings
Inc. -- http://www.whitehalljewellers.com/-- owns and operates     
375 stores jewelry stores in 39 states.  The company operates
stores in regional and regional shopping malls under the brand
names Whitehall Jewellers, Marks Bros. Jewellers and Lundstrom
Jewellers.  The Debtors' retail stores operate under the names
Whitehall (271 locations), Lundstrom (24 locations), Friedman's
(56 locations, and Crescent (22 locations).  As of June 23, 2008,
the Debtors have about 2,852 workers.

The company and its affiliates, Whitehall Jewelers Inc., filed for
Chapter 11 protection on June 23, 2008 (Bankr. D. Del. Lead Case
No. 08-11261).  James E. O'Neill, Esq., Kathleen P. Makowski,
Esq., and Laura Davis Jones, Esq., at Pachulski Stang Ziehl &
Jones, LLP, represent the Debtors in their restructuring efforts.  
Epiq Bankruptcy Solutions LLC is their claims, noticing and
balloting agent.

Whitehall Jewelers Holdings, Inc. and Whitehall Jewelers, Inc.
filed their schedules of assets and liabilties on Aug. 5, 2008.  
Whitehall Jewelers Holdings disclosed that it had $112,707,780 in
secured debts.  Whitehall Jewelers Inc. disclosed $246,571,775 in
total assets and $173,694,918 in total debts.


WHITEHALL JEWELERS: May Obtain Up to $80MM in Postpetition Loans
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware has granted
Whitehall Jewelers Holdings, Inc. and Whitehall Jewelers, Inc.
authority, on a final basis, to obtain post-petition secured
indebtedness of up to $80,000,000, as follows:

     DIP Facility:     A senior secured, superpriority revolving
                       credit facility in the aggregate amount of
                       $80 million

     Lenders:          BofA, Wells Fargo Retail Finance, LLC, and
                       GMAC Commercial Finance LLC

     Purpose:          (a) working capital and general corporate
                       purposes, (b) payment of costs of
                       administration of the Debtor's cases, to
                       the extent set forth in the Budget or this
                       Final Order, (c) re-issuance of  all pre-
                       petition L/C's issued under the Pre-
                       Petition Credit Agreement, and (d) payment
                       in full of the remaining obligations
                       under the Pre-Petition Revolving Facility.

     Interest:         Prime plus 1.50% p.a. or LIBOR plus 2.75%
                       p.a.  Default rate interest shall be at the
                       otherwise applicable interest rate plus 2%   

     Superpriority     To secure the prompt payment of the DIP
     Claims:           Facility, the DIP Lenders shall be granted
                       first priority priming, valid, perfected,
                       and enforceable liens, subject only to the
                       Carve-Out and the Prior Permitted Liens,
                       upon all of the Debtors' real and personal
                       property, including, without limitation,
                       the PrePetition Collateral, as provided in
                       the DIP Credit Agreement.

     Superpriority     Subject to the Carve-Out, all DIP
     Administrative    Obligations shall be an allowed  
     Claims            superpriority administrative claim with
                       priority in the Debtors' cases and
                       otherwise over all administrative expense
                       claims and unsecured claims against the
                       Debtors and theri estates

     Carve-Out:        (a) allowed administrative expense pursuant
                       to 28 U.S.C. Section 1930(a)(6)(the "U.S.
                       Trustee Fees"); (b) allowed actual and
                       necessary expenses incurred by members of
                       the Creditors' Committee, and (c) allowed
                       fees and expenses of attorneys and            
                       financial advisors employed by the Debtors
                       and the Creditors' Committee pursuant
to          
                       Sections 327 and 1103 of the
Bankruptcy                   
                       Code.

Termination Date:      Date that is the earliest to occur of:
                       (i) Dec. 31, 2008, unless a Plan, which is
                       either acceptable to the DIP Lenders or
                       provides for payment in full in cash on the
                       effective date of the Plan of all DIP
                       Obligations, has been filed and then such
                       date that may be mutually agreed but in no
                       event later than the effective date of such
                       Plan; (ii) the occurence and continuance of
                       an Event of Default and delivery of a DIP
                       Commitment Termination Notice; (iii) the
                       sale of all or substantially all of the
                       assts of the Debtors; or (iv) the effective
                       date of the Plan related to the Debtors and
                       their assets.

The Court also authorized the use of Cash Collateral in which the
Pre-Petition Secured Parties and the Term Lenders have an       
interest solely in accordance with the terms and conditions of the
DIP Facility and the DIP Credit Agreement, and in accordance with
the Budget.  

The Pre-Petition Revolving lenders and the Pre-Petition Term
Lenders shall be granted Pre-Petition Replacement Liens and Pre-
Petition Superpriority Claims to the extent of any diminution in
the value of their interest in the Pre-Petition Collateral and the
Term Lenders' Collateral resulting from the implementation of the
DIP Credit Facility.  In addition, they shall be granted Adequate
Protection Payments as adequate protection for the granting of the
DIP Liens to the Post-Petition Lenders, the use of Cash
Collateral, and the imposition of the automatic stay.

The automatic stay imposed under Bankruptcy Code Section 362(a) is
vacated and modified to the extent necessary to implement and
effectuate the terms and provisions of the DIP Credit Agreement
and this Final Order.

The 10-day stay provisions of Bankruptcy Rule 6004(h) are waived
and shall not apply to this Final Order.

                    About Whitehall Jewelers  

Headquartered in Chicago, Illinois, Whitehall Jewelers Holdings
Inc. -- http://www.whitehalljewellers.com/-- owns and operates     
375 stores jewelry stores in 39 states.  The company operates
stores in regional and regional shopping malls under the brand
names Whitehall Jewellers, Marks Bros.  Jewellers and Lundstrom
Jewellers.  The Debtors' retail stores operate under the names
Whitehall (271 locations), Lundstrom (24 locations), Friedman's
(56 locations, and Crescent (22 locations).  As of June 23, 2008,
the Debtors have about 2,852 workers.

The company and its affiliates, Whitehall Jewelers Inc., filed for
Chapter 11 protection on June 23, 2008 (Bankr. D. Del. Lead Case
No. 08-11261).  James E. O'Neill, Esq., Kathleen P. Makowski,
Esq., and Laura Davis Jones, Esq., at Pachulski Stang Ziehl &
Jones, LLP, represent the Debtors in their restructuring efforts.  
Epiq Bankruptcy Solutions LLC is their claims, noticing and
balloting agent.

Whitehall Jewelers Holdings, Inc. and Whitehall Jewelers, Inc.
filed their schedules of assets and liabilties on Aug. 5, 2008.  
Whitehall Jewelers Holdings disclosed that it had $112,707,780 in
secured debts.  Whitehall Jewelers Inc. disclosed $246,571,775 in
total assets and $173,694,918 in total debts.


WII COMPONENTS: S&P Trims Rating to 'B'; Puts on Negative Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on WII
Components Inc.  The corporate credit rating was lowered to 'B-'
from 'B'.  At the same time, S&P placed all ratings on CreditWatch
with negative implications.
     
"The downgrade reflects our belief that WII's earnings and credit
measures will continue to weaken because of slowing demand for
residential remodeling products," said Standard & Poor's credit
analyst Pamela Rice.
     
The company's adjusted debt leverage, including its parent
payment-in-kind notes, at June 30, 2008, was weaker than the 5x to
6x S&P considered acceptable for the former rating and provides
only minimal cushion under its credit agreement financial
covenants.  With continuing turmoil in the credit markets and
waning consumer confidence, S&P believes demand for kitchen and
bath cabinets could continue to fall.  In addition, S&P does not
expect new housing construction to rebound before 2010.  As a
result, if trailing 12 months EBITDA declines by 10% to 20% over
the next few quarters, adjusted leverage could exceed WII's credit
facility maximum leverage covenant of 7.8x.
     
In addition, the company's $110 million senior unsecured notes due
2012 must be redeemed, repurchased, refinanced, or defeased prior
to March 31, 2009, or it will be an event of default under its
credit agreement.  Because of the current credit market turmoil,
S&P expects that the company will seek to negotiate with its sole
lender under the credit facility to waive or delay this
requirement.  Alternatively, WII could repay the $4 million
outstanding under the facility.  If the company is unsuccessful in
resolving the issue and liquidity for seasonal working capital
purposes is impaired, S&P could lower the ratings.

In resolving the CreditWatch listing, S&P will discuss with
management its plans to address potential near-term liquidity
constraints caused by tight covenants, and potential refinancing
risk given the difficult operating and credit market conditions
that are likely to continue during this period.


WILMA SHORE: Case Summary & Four Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Wilma V. Shore
        1710 W Browning Avenue
        Fresno, CA 93711

Bankruptcy Case No.: 08-16002

Chapter 11 Petition Date: September 24, 2008

Court: Eastern District of California (Fresno)

Judge: Whitney Rimel

Debtor's Counsel: Hilton A. Ryder, Esq.
                  5 River Park Place East
                  PO Box 28912
                  Fresno, CA 93729-8912
                  Tel: (559) 433-1300

Estimated Assets: $1 million to $10 million

Estimated Debts: $1 million to $10 million

A list of the Debtor's largest unsecured creditors is available
for free at:

           http://bankrupt.com/misc/califeb08-16002.pdf


YOUNG BROADCASTING: Continued Cash Burn Cues Moody's Ratings Cut
----------------------------------------------------------------
Moody's Investors Service downgraded Young Broadcasting Inc.'s
Corporate Family Rating to Caa3 from Caa1, its Probability of
Default Rating to Caa3 from Caa2 and its $370 million secured
credit facility ($20 million revolver, $350 million term loan) to
B2 from B1.  In addition, Moody's downgraded Young's 10% Senior
Subordinated Notes due 2011 and 8 % Senior Subordinated Notes due
2014 to Ca from Caa2.  The rating outlook is negative.

The downgrades reflect Young's continuing cash burn which
contributes to an eroding liquidity profile.  The company's
operating performance continues to be weak and has been adversely
affected by the soft economy and the related pullback in
advertising.  Moody's believes that the fundamental credit profile
of the company as projected continues to look weak and that the
company will need to execute on cost reductions and/or revenue
enhancements and take additional steps to reduce leverage.

Moody's notes that the company has not yet reached an agreement to
sell KRON-TV, a station that has been "for sale" since January
2008.  The negative outlook reflects Moody's concerns over the
company's liquidity and ability to maintain the minimum cash
balances in 2009 as required under the secured credit facility
agreement, especially in light of the uncertainty regarding the
occurrence and timing of the sale of KRON and the ongoing cash
burn after debt service costs.

The PDR downgrade incorporates the company's elevated risk of
default.  Moody's believes that there is significant value in
Young's television station assets, however, Moody's expectations
are tempered by the current financing environment and asset
valuations, uncertainty surrounding the sale of KRON and the
writedown in KRON's asset value.  Additionally, Moody's continues
to believe that Young's asset value will likely not adequately
cover the company's debt obligations in a distress scenario, and
that junior-ranking bondholders in particular are exposed to
potentially material loss absorption in an event of default.

Moody's has taken these ratings actions:

Young Broadcasting Inc.

  -- Corporate family rating - downgraded to Caa3 from Caa1
  -- Probability-of-default rating - downgraded to Caa3 from Caa2
  -- $370 million senior secured credit facility -- downgraded to
     B2 (LGD 2, 13%) from B1 (LGD 1, 7%)

  -- 10% Senior Subordinated Notes due 2011 -- downgraded to Ca
     (LGD 4, 68%) from Caa2 (LGD 4, 54%)

  -- 8 3/4 % Senior Subordinated Notes due 2014 -- downgraded to
     Ca (LGD 4, 68%) from Caa2 (LGD 4, 54%)

The outlook is negative.

Young Broadcasting Inc.'s Caa3 corporate family rating reflects
its significant debt-to-EBITDA leverage and the expectation that
the company will continue to generate negative free cash flow over
the rating horizon.  The rating also reflects the soft advertising
climate which has pressured the company's operating performance,
the weak performance of KRON-TV due to market conditions and
under-performance of MyNetworkTV, the inherent cyclicality of
advertising spending and the increasing business risk associated
with the broadcast television industry as advertising spending
gets diversified over a growing number of media.

The ratings benefit from the higher proportion of comparatively
stable local advertising revenue (approximately 68% of gross
revenue during the second quarter ended 6/30/2008), strong
positions in several markets and the company's presence in the
sixth largest DMA.

Young Broadcasting Inc., headquartered in New York, owns and
operates 10 television stations in 10 markets and a national
television sales representative firm, Adam Young Inc.


* Moody's Says Pressures Build Up in Rate-Regulated Gas Sectors
---------------------------------------------------------------
While the outlook for the North American natural gas transmission
and distribution industry is stable, pressures are building on the
rate-regulated sector as the U.S. economy weakens and capital
spending for new pipeline construction soars, says Moody's
Investors Service.

"The North American natural gas transmission and distribution
industry's financial performance and credit profile remain solid,
and ratings remain generally stable," said Moody's Vice President
Mihoko Manabe, author of the report, which updates a sector
outlook published in March and expresses Moody's expectations for
the industry's fundamental credit conditions over the next 12 to
18 months.

"U.S. economic weakness is starting to increase bad debt expense
for local gas distribution companies as the housing and energy
crises strain household budgets, leading to more rate case filings
and regulatory risk," said Mr. Manabe, senior credit officer for
Moody's Infrastructure Finance Group.

She said 2008 could be a high-water mark in the long-term cycles
for regulated gas companies in terms of the number of greenfield
long-haul pipeline construction and local gas distribution rate
case filings.  Since the March industry outlook, LDCs have seen an
increase in bad debt expense, and pipeline companies have raised
their estimates of the cost and the time involved to complete the
current construction boom.

"Gas LDCs in some regions are seeing buildups in accounts
receivable as customers struggle to pay bills," said Mr. Manabe.  
"This could presage lower margins if regulators hesitate to
provide full and timely relief."

Moody's reports that the pipeline business is in the midst of an
historic construction phase that could lead to some temporary
financial stress, particularly as construction costs soar.  
Construction spending is hitting a peak this year, and Moody's
expects a second peak around 2011.

"The construction boom is slowly reshaping the industry," said Mr.
Manabe.  "Emerging shale gas plays are stimulating construction of
greenfield pipelines and expansions of existing facilities that
could create overcapacity in some areas."

The analyst said it is too soon to know which pipelines might be
affected, but, over the long term, companies may have difficulty
in renewing agreements with some shippers, or may have to do so on
less-favorable terms.

"These pressures have yet to affect ratings in the sector as most
companies enjoy a cushion of strong financial metrics for their
ratings categories," said Mr. Manabe.  "Financial performance
remains steady, and investment-grade gas T&D companies retain good
access to capital markets as the credit crisis unfolds."

Mergers and acquisitions have been fairly light, she said, but M&A
activity remains a primary catalyst of rating actions in the
industry.

The title of the report is "North American Natural Gas
Transmission and Distribution: Six-Month Update."


* Moody's Downgrades Ratings on 35 Credit Linked Notes
------------------------------------------------------
Moody's Investors Service has placed 1 credit linked note on
review for downgrade and downgraded the ratings of 35 credit
linked notes, 3 credit default swaps and 1 CDO with respect to
which the Reference Obligations are ABX.HE 07-1, ABX.HE 06-2,
ABX.HE 06-1, or TABX.HE 07-1 06-2, and left 1 of these ratings on
review for downgrade.  The ABX.HE and TABX.HE indices are static
and are 100% exposed to subprime residential mortgage backed
securities issued in 2005 and 2006.

In response to continued credit deterioration of first lien
subprime residential mortgages securitized in 2006, Moody's has
increased its loss projection to an average of 22%. See "Subprime
RMBS Loss Projection Update: September 2008," Moody's Structured
Finance Special Report, September 18, 2008.  The rating actions
reflect Moody's updated loss projections for the Reference
Obligations and the increased expected loss associated with each
security.

The rating actions are:

(i) Transactions referencing TABX.HE 07-1 06-2:

Issuer: Hudson Mezzanine Funding 2006-2, Ltd.:

Class Description: $7,900,000 Class S Floating Rate Notes due 2012

  -- Prior Rating: Aaa
  -- Prior Rating Date: March 29, 2007
  -- Current Rating: B1, on review for possible downgrade

Class Description: $240,000,000 Class A-1 Floating Rate Notes due
2042

  -- Prior Rating: Ba2, on review for possible downgrade
  -- Prior Rating Date: April 24, 2008
  -- Current Rating: Ca

Class Description: $46,000,000 Class A-2 Floating Rate Notes due
2042

  -- Prior Rating: B3, on review for possible downgrade
  -- Prior Rating Date: April 24, 2008
  -- Current Rating: C

Class Description: $56,000,000 Class B Floating Rate Notes due
2042

  -- Prior Rating: Caa3, on review for possible downgrade
  -- Prior Rating Date: April 24, 2008
  -- Current Rating: C

Notes and Class Description: Ixion plc 2007 Series 21
US$20,000,000 Floating Rate Portfolio Credit Linked Secured Notes
Due 2045

  -- Prior Rating: Ca
  -- Prior Rating Date: March 3, 2008
  -- Current Rating: C

Notes and Class Description: Ixion plc 2007 Series 22
US$100,000,000 Floating Rate Portfolio Credit Linked Secured Notes
Due 2046

  -- Prior Rating: Caa3, on review for possible downgrade
  -- Prior Rating Date: March 3, 2008
  -- Current Rating: C

Notes and Class Description: Ixion plc 2007 Series 23
US$85,625,000 Floating Rate Portfolio Credit Linked Secured Notes
Due 2046

  -- Prior Rating: Caa3, on review for possible downgrade
  -- Prior Rating Date: March 3, 2008
  -- Current Rating: C

Notes and Class Description: Ixion plc 2007 Series 24
EUR20,000,000 Floating Rate Portfolio Credit Linked Secured Notes
Due 2046

  -- Prior Rating: Caa3, on review for possible downgrade
  -- Prior Rating Date: March 3, 2008
  -- Current Rating: C

Notes and Class Description: Ixion plc 2007 Series 25
US$50,000,000 Floating Rate Portfolio Credit Linked Secured Notes
Due 2046

  -- Prior Rating: Ca
  -- Prior Rating Date: March 3, 2008
  -- Current Rating: C

Notes and Class Description: Ixion plc 2007 Series 26
US$70,000,000 Floating Rate Portfolio Credit Linked Secured Notes
Due 2045

  -- Prior Rating: Caa2, on review for possible downgrade
  -- Prior Rating Date: March 3, 2008
  -- Current Rating: C

Notes and Class Description: Ixion plc 2007 Series 27
US$47,000,000 Floating Rate Portfolio Credit Linked Secured Notes
Due 2046

  -- Prior Rating: Caa2, on review for possible downgrade
  -- Prior Rating Date: March 3, 2008
  -- Current Rating: C

Notes and Class Description: Securitized Product of Restructured
Collateral Limited SPC, Series 2007-1 TABXSPOKE (07-1 40-100)
Segregated Portfolio US$15,000,000 Class A Floating Rate Notes Due
2046

  -- Prior Rating: Caa3, on review for possible downgrade
  -- Prior Rating Date: March 3, 2008
  -- Current Rating: C

Notes and Class Description: Credit Default Swap Reference Number
NE7JS US$15,000,000 Due 2046

  -- Prior Rating: Caa3, on review for possible downgrade
  -- Prior Rating Date: March 3, 2008
  -- Current Rating: C

Notes and Class Description: Credit Default Swap Reference Number
CN098112 US$30,000,000 Due 2046

  -- Prior Rating: Caa3, on review for possible downgrade
  -- Prior Rating Date: March 3, 2008
  -- Current Rating: C

Notes and Class Description: Rutland Rated Investment Series 43
US$10,000,000 Credit Linked Notes Due 2046

  -- Prior Rating: Caa2, on review for possible downgrade
  -- Prior Rating Date: March 3, 2008
  -- Current Rating: C

Notes and Class Description: Rutland Rated Investment Series 50
US$20,000,000 Credit Linked Notes Due 2046

  -- Prior Rating: Caa2, on review for possible downgrade
  -- Prior Rating Date: March 3, 2008
  -- Current Rating: C

Notes and Class Description: Coliseum SPC, TACLs 2007-I Segregated
Portfolio US$ 100,000,000 Floating Rate Notes Due 2046

  -- Prior Rating: Ca
  -- Prior Rating Date: March 3, 2008
  -- Current Rating: C

Notes and Class Description: Coliseum SPC, TACLs 2007-II
Segregated Portfolio US$25,000,000 Floating Rate Notes Due 2038

  -- Prior Rating: Caa2, on review for possible downgrade
  -- Prior Rating Date: March 3, 2008
  -- Current Rating: C

Notes and Class Description: Coliseum SPC, TACLs 2007-III
Segregated Portfolio US$ 37,500,000 Class I Floating Rate Notes
Due 2046

  -- Prior Rating: Caa2, on review for possible downgrade
  -- Prior Rating Date: March 3, 2008
  -- Current Rating: C

Notes and Class Description: Coliseum SPC, TACLs 2007-III
Segregated Portfolio US$ 1,974,000 Subordinated Notes Due 2046

  -- Prior Rating: Ca
  -- Prior Rating Date: March 3, 2008
  -- Current Rating: C

Notes and Class Description: Coliseum SPC, TACLs 2007-IV
Segregated Portfolio US$30,000,000 Class I Floating Rate Notes Due
2046

  -- Prior Rating: Caa2, on review for possible downgrade
  -- Prior Rating Date: March 3, 2008
  -- Current Rating: C

Notes and Class Description: Coliseum SPC, TACLs 2007-IV
Segregated Portfolio US$1,600,000 Subordinated Notes Due 2046

  -- Prior Rating: Ca
  -- Prior Rating Date: March 3, 2008
  -- Current Rating: C

Notes and Class Description: Coliseum SPC, TACLs 2007-V Segregated
Portfolio US$20,000,000 Class I Floating Rate Notes Due 2046

  -- Prior Rating: Caa2, on review for possible downgrade
  -- Prior Rating Date: March 3, 2008
  -- Current Rating: C

Notes and Class Description: Coliseum SPC, TACLs 2007-V Segregated
Portfolio US$1,100,000 Subordinated Notes Due 2046

  -- Prior Rating: Ca
  -- Prior Rating Date: March 3, 2008
  -- Current Rating: C

Notes and Class Description: Coliseum SPC, TACLs 2007-VI
Segregated Portfolio US$40,000,000 Class I Floating Rate Notes Due
2046

  -- Prior Rating: Caa2, on review for possible downgrade
  -- Prior Rating Date: March 3, 2008
  -- Current Rating: C

Notes and Class Description: Coliseum SPC, TACLs 2007-VI
Segregated Portfolio US$2,200,000 Subordinated Notes Due 2046

  -- Prior Rating: Ca
  -- Prior Rating Date: March 3, 2008
  -- Current Rating: C

Notes and Class Description: Cloverie plc Series 2007-12 EUR
30,000,000 Class A Notes Due 2010

  -- Prior Rating: Caa3, on review for possible downgrade
  -- Prior Rating Date: March 3, 2008
  -- Current Rating: C

Notes and Class Description: Cloverie plc Series 2007-13 EUR
35,000,000 Class A Notes Due 2010

  -- Prior Rating: Caa3, on review for possible downgrade
  -- Prior Rating Date: March 3, 2008
  -- Current Rating: C

Notes and Class Description: Gloucester SPC, acting for the
account of Cheyenne 2007-I Segregated Portfolio US$20,000,000
Senior Class A Floating Rate Notes Due 2046

  -- Prior Rating: Aa1, on review for possible downgrade
  -- Prior Rating Date: March 3, 2008
  -- Current Rating: C

(ii) Transactions referencing ABX.HE 06-2 and ABX.HE 06-1:

Notes and Class Description: Calculus MABS Resecuritization Trust,
US$12,500,000 Series 2007-1 Units Due 2046

  -- Prior Rating: B2, on review for possible downgrade
  -- Prior Rating Date: March 3, 2008
  -- Current Rating: C

Notes and Class Description: Calculus MABS Resecuritization Trust,
US$125,000,000 Series 2007-2 Units Due 2046

  -- Prior Rating: B2, on review for possible downgrade
  -- Prior Rating Date: March 3, 2008
  -- Current Rating: C

Notes and Class Description: Calculus ABS Resecuritization Trust,
US$7,000,000 Series 2007-1 Units Due 2046

  -- Prior Rating: Aa3, on review for possible downgrade
  -- Prior Rating Date: March 3, 2008
  -- Current Rating: Ca

Notes and Class Description: Calculus ABS Resecuritization Trust,
US$2,000,000 Series 2007-2 Units Due 2046

  -- Prior Rating: A2, on review for possible downgrade
  -- Prior Rating Date: March 3, 2008
  -- Current Rating: Ca

Notes and Class Description: Credit Default Swap Reference Number
07ML45110A US$6,000,000 Due 2046

  -- Prior Rating: A2, on review for possible downgrade
  -- Prior Rating Date: March 3, 2008
  -- Current Rating: Ca

Notes and Class Description: Coliseum SPC, Ballista 2007-II
Segregated Portfolio US$ 20,000,000 Floating Rate Notes Due 2046

  -- Prior Rating: Ca
  -- Prior Rating Date: March 3, 2008
  -- Current Rating: C

Notes and Class Description: Coliseum SPC, Ballista 2007-III
Segregated Portfolio US$ 8,000,000 Floating Rate Notes Due 2046

  -- Prior Rating: Ca
  -- Prior Rating Date: March 3, 2008
  -- Current Rating: C

Notes and Class Description: Ixion plc 2006-7 Series 9
US$72,000,000 Floating Rate Portfolio Credit Linked Secured Notes
Due 2038

  -- Prior Rating: Ca
  -- Prior Rating Date: March 3, 2008
  -- Current Rating: C

Notes and Class Description: Ixion plc 2006-7 Series 11
US$10,000,000 Floating Rate Portfolio Credit Linked Secured Notes
Due 2038

  -- Prior Rating: Ca
  -- Prior Rating Date: March 3, 2008
  -- Current Rating: C

Notes and Class Description: Restructured Asset Certificates with
Enhanced Returns, Series 2006-20AT US$40,500,000 Variable
Certificate Due 2046

  -- Prior Rating: Ca
  -- Prior Rating Date: March 3, 2008
  -- Current Rating: C

(iii) Transactions referencing ABX.HE 07-1, ABX.HE 06-2 and ABX.HE
06-1:

Notes and Class Description: Coliseum SPC acting for the account
of Neapolitan 2007-I Segregated Portfolio Class I Floating Rate
Notes Due 2046

  -- Prior Rating: Ba1, on review for possible downgrade
  -- Prior Rating Date: March 3, 2008
  -- Current Rating: C

Notes and Class Description: Coliseum SPC acting for the account
of Neapolitan 2007-I Segregated Portfolio Subordinated Notes Due
2046

  -- Prior Rating: B1, on review for possible downgrade
  -- Prior Rating Date: March 3, 2008
  -- Current Rating: C

(iv) Transactions referencing ABX.HE 06-1:

Notes and Class Description: AMP ABX 2006-1, Ltd. US$65,000,000
Notes Due 2036

  -- Prior Rating: Aa3
  -- Prior Rating Date: November 29, 2006
  -- Current Rating: Aa3, on review for possible downgrade


* Fitch Puts Ratings on 22 Hedge Fund CFOs Under Negative Watch
---------------------------------------------------------------
Effective immediately, Fitch Ratings has placed 22 tranches from
five hedge fund collateralized fund obligations on Rating Watch
Negative, as:

Man Glenwood Alternative Strategies II Ltd.
-- $250,000,000 class A 'AAA'
-- $40,000,000 class B 'AA';
-- $15,000,000 class C 'A';
-- $43,750,000 class D 'BBB'.

Phenix CFO Ltd.
-- EUR 60,000,000 class S 'AAA';
-- EUR 24,000,000 class M1 'AA';
-- EUR 15,000,000 class M2 'A';
-- EUR 21,000,000 class M3 'BBB'.

RMF Four Seasons CFO Ltd.
-- EUR 23,500,000 class S 'AAA';
-- EUR 18,800,000 class M1 'AA+';
-- EUR 11,750,000 class M2 'A';
-- EUR 16,450,000 class M3 'BBB'.

Sciens CFO I Limited
-- EUR 121,200,000 class A 'AAA';
-- EUR 21,000,000 class B 'AA';
-- EUR 13,900,000 class C 'A';
-- EUR 18,600,000 class D 'BBB+';
-- EUR 7,800,000 class E 'BB+'.

Zoo HF 3 plc
-- EUR 94,500,000 class A 'AAA';
-- EUR 8,000,000 class B 'AA';
-- EUR 6,500,000 class C 'A';
-- EUR 12,500,000 class D 'BBB';
-- EUR 5,500,000 class E 'BB'.

The Negative Watch designations are primarily the result of the
application of Fitch's revised market value structures criteria,
published April 18, 2008. Fitch's current criteria state that MVS
backed by less liquid asset types may not be eligible to receive
ratings above 'A'. Hedge fund CFOs invest, either directly or
indirectly, in underlying hedge fund LP interests, which may be
classified as less liquid. As such, it is possible that the
ratings on the senior tranches of these transactions may be capped
at 'A'.

Fitch is currently reassessing its prior model-based approach for
analyzing HF CFOs, given the recent market environment. Fitch is
also requesting that additional detailed information be provided
on an ongoing basis from managers. Where managers are unable or
unwilling to provide this additional information, Fitch may be
forced to withdraw its ratings. Fitch expects to finalize its
review of these transactions within the next 90 days.


* S&P Cuts Ratings on 110 Tranches from 30 Cash Flow & Hybrid CDOs
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 110 tranches
from 30 U.S. cash flow and hybrid collateralized debt obligation
transactions.  S&P removed 61 of the lowered ratings from CreditWatch
with negative implications.  At the same time,
S&P placed 15 additional ratings from eight transactions on CreditWatch
negative.  

In addition, S&P affirmed three ratings from two transactions and
removed them from CreditWatch negative.  The ratings on 48 of the
downgraded tranches are on CreditWatch with negative implications,
indicating a significant likelihood of further downgrades.  The
CreditWatch placements primarily affect transactions for which a
significant portion of the collateral assets currently have ratings on
CreditWatch negative or have significant exposure to assets rated in
the
'CCC' category.

The 110 downgraded U.S. cash flow and hybrid tranches have a total
issuance amount of $13.929 billion.  Sixteen of the 30 affected
transactions are mezzanine structured finance CDOs of asset-backed
securities, which are collateralized in large part by mezzanine
tranches
of residential mortgage-backed securities and other SF securities.  
Eleven of the 30 transactions are high-grade SF CDOs of ABS, which were
collateralized at origination primarily by 'AAA' through 'A' rated
tranches of RMBS and other SF securities.  The other three transactions
are CDOs of CDOs that were collateralized at origination primarily by
notes from other CDOs, as well as by tranches from RMBS and other SF
transactions.

The CDO downgrades reflect a number of factors, including credit
deterioration and recent negative rating actions on U.S. subprime RMBS.
     
In addition, S&P reviewed the ratings assigned to Parkridge Lane
Structured Finance Special Opportunities CDO I Ltd. and Synthetic
Residential Asset Hybrid CDO 2004-10 Ltd., and based on the current
credit support available to the tranches, S&P left the ratings at their
current levels.
     
To date, including the CDO tranches listed and including actions on
both
publicly and confidentially rated tranches, S&P has lowered its ratings
on 3,795 tranches from 864 U.S. cash flow, hybrid, and synthetic CDO
transactions as a result of stress in the U.S. residential mortgage
market and credit deterioration of U.S. RMBS.  In addition, 1,358
ratings
from 461 transactions are currently on CreditWatch negative for the
same
reasons.  In
all, S&P has downgraded $439.050 billion of CDO issuance.  

Additionally, S&P's ratings on $36.836 billion in securities have not
been lowered but are currently on CreditWatch negative, indicating a
high
likelihood of future downgrades.
     
Rating Actions

                                                Rating
                                                ------
  Transaction                 Class      To                From
  -----------                 -----      --                ----
Aardvark ABS CDO 2007-1       A-1        CC                B/Watch
Neg       
Aardvark ABS CDO 2007-1       A-2        CC                CCC-/Watch
Neg    
Acacia CDO 9 Ltd              A          AA-/Watch Neg     AAA/Watch
Neg     
Acacia CDO 9 Ltd              B          BBB+/Watch Neg    AA-/Watch
Neg     
Acacia CDO 9 Ltd              C          BBB/Watch Neg     A/Watch
Neg       
Acacia CDO 9 Ltd              D          BB+/Watch Neg     BBB/Watch
Neg     
Adams Square Funding II Ltd.  S          CC                CCC/Watch
Neg     
Adams Square Funding II Ltd.  A1         CC                B/Watch
Neg       
Altius II Funding Ltd.        A-1        AA/Watch Neg
AAA               
Altius II Funding Ltd.        A-2        BBB+/Watch Neg
AAA               
Altius II Funding Ltd.        B          B-/Watch Neg
AA                
Altius II Funding Ltd.        C          CCC-/Watch Neg    A/Watch
Neg       
Altius II Funding Ltd.        D          CC                BBB/Watch
Neg     
Broderick CDO 2 Ltd           A-1AD      AA                AA/Watch
Neg      
Broderick CDO 2 Ltd           A-1AT      AA                AA/Watch
Neg      
Broderick CDO 2 Ltd           A-1B       CC                CCC/Watch
Neg     
Broderick CDO 2 Ltd           A-2        CC                CCC-/Watch
Neg    
Broderick CDO 3 Ltd           A-1        BB+/Watch Neg     AA+/Watch
Neg     
Broderick CDO 3 Ltd           A-2        CC                BB-/Watch
Neg     
Cairn Mezz ABS CDO IV Ltd     A1S        CC                BB-/Watch
Neg     
Cairn Mezz ABS CDO IV Ltd     A1J        CC                CCC+/Watch
Neg    
Cairn Mezz ABS CDO IV Ltd     A2         CC                CCC-/Watch
Neg    
C-BASS CBO XVI Ltd            A          CC                BB+/Watch
Neg     
C-BASS CBO XVI Ltd            B          CC                BB/Watch
Neg      
C-BASS CBO XVI Ltd            C          CC                CCC+/Watch
Neg    
C-BASS CBO XVI Ltd            D          CC                CCC-/Watch
Neg    
Citation High Grade ABS CDO I, Ltd.   
                              A-1       CCC-/Watch Neg     B+/Watch
Neg      
Citation High Grade ABS CDO   A-2        CC                CCC/Watch
Neg     
I Ltd.
Citation High Grade ABS CDO   B-1        CC                CCC-/Watch
Neg    
I Ltd.
Delphinus CDO 2007-1 Ltd      S          CC                CCC/Watch
Neg     
Delphinus CDO 2007-1 Ltd      A-1A       CC                CCC/Watch
Neg     
Delphinus CDO 2007-1 Ltd      A-1B       CC                CCC/Watch
Neg     
Delphinus CDO 2007-1 Ltd      A-1C       CC                CCC-/Watch
Neg    
Delphinus CDO 2007-1 Ltd      A-2        CC                CCC-/Watch
Neg    
Dutch Hill Funding II Ltd     A-2        BB+               BB+/Watch
Neg     
Dutch Hill Funding II Ltd     C          CC                B-/Watch
Neg      
Dutch Hill Funding II Ltd     C Loan     CC                B-/Watch
Neg      
Dutch Hill Funding II Ltd     D-1        CC                CCC+/Watch
Neg    
Dutch Hill Funding II Ltd     D-2        CC                CCC/Watch
Neg     
Dutch Hill Funding II Ltd     D-3        CC                CCC-/Watch
Neg    
Glacier Funding CDO I Ltd.   Pref Shrs   B/Watch Neg       BB-/Watch
Neg     
Glacier Funding CDO II Ltd.  A-1NV       AAA/Watch Neg
AAA               
Glacier Funding CDO II Ltd.  A-1V        AAA/Watch Neg
AAA               
Glacier Funding CDO II Ltd.  A-2         AAA/Watch Neg
AAA               
GSC ABS CDO 2006-1c Ltd       A-1        CCC-/Watch Neg    AA-/Watch
Neg     
GSC ABS CDO 2006-1c Ltd       A-2        CC                A/Watch
Neg       
GSC ABS CDO 2006-1c Ltd       B          CC                BBB/Watch
Neg     
GSC ABS CDO 2006-1c Ltd       C          CC                BB+/Watch
Neg     
GSC ABS CDO 2006-4u Ltd.     A-S1VF      CC                BB/Watch
Neg      
GSC ABS CDO 2006-4u Ltd.     A1          CC                B/Watch
Neg       
GSC ABS CDO 2006-4u Ltd.     A2          CC                CCC/Watch
Neg     
High Grade Structured Credit  A-1        AAA/Watch Neg
AAA               
CDO 2005-1 Ltd.
High Grade Structured Credit  A-2        AA/Watch Neg
AAA               
CDO 2005-1 Ltd.
High Grade Structured Credit  B          A+/Watch Neg      AA
+               
CDO 2005-1 Ltd.
High Grade Structured Credit  X          A-/Watch Neg
A                 
CDO 2005-1 Ltd.
High Grade Structured Credit  C          BBB-/Watch Neg    A/Watch
Neg       
CDO 2005-1 Ltd.
Highgate ABS CDO Ltd          A-1        CC                BBB/Watch
Neg     
Highgate ABS CDO Ltd          A-2        CC                BB/Watch
Neg      
Highgate ABS CDO Ltd          B          CC                B/Watch
Neg       
Highgate ABS CDO Ltd          C          CC                CCC-/Watch
Neg    
HSPI Diversified CDO Fund II  S          BB+/Watch Neg     A+/Watch
Neg      
HSPI Diversified CDO Fund II  A-1        CC                CCC-/Watch
Neg    
Kent Funding Ltd              ABCP       BBB+/NR/WatchNeg  AA+/A-
1+/WatchNeg
Kent Funding Ltd              A-1        BBB+/Watch Neg    AA+/Watch
Neg     
Kent Funding Ltd              A-2        B/Watch Neg       BBB/Watch
Neg     
Kent Funding Ltd              B          CCC-/Watch Neg    B-/Watch
Neg      
Laguna ABS CDO Ltd            A1SB-1     AAA/Watch Neg
AAA               
Laguna ABS CDO Ltd            A1SB-2     AAA/Watch Neg
AAA               
Laguna ABS CDO Ltd            A1ST       AAA/Watch Neg
AAA               
Lakeside CDO II Ltd           B          B/Watch Neg
A                 
Lakeside CDO II Ltd           C          CC                BBB/Watch
Neg     
Libertas Preferred Funding V  X          CC                CCC+/Watch
Neg    
Libertas Preferred Funding V  A-1        CC                CCC+/Watch
Neg    
Libertas Preferred Funding V  A-2        CC                CCC/Watch
Neg     
Libertas Preferred Funding V  A-3        CC                CCC-/Watch
Neg    
Longport Funding II Ltd.      A1J        AA-/Watch Neg     AA/Watch
Neg      
Longport Funding II Ltd.      A2         BBB+/Watch Neg    A+/Watch
Neg      
Longport Funding II Ltd.      A3         B/Watch Neg       BBB-/Watch
Neg    
Longport Funding II Ltd.      B          CC                B/Watch
Neg       
Longport Funding II Ltd.      Combo Sec  B/Watch Neg       BBB-/Watch
Neg    
Longport Funding II Ltd.      Income Nts CC                CCC-/Watch
Neg    
Longport Funding Ltd          A-1A       AAA/Watch Neg
AAA               
Longport Funding Ltd          A-1B       A+/Watch Neg      AAA
Longport Funding Ltd          A-2-P**    A+/Watch Neg
AAA                              
Longport Funding Ltd          Part. Note BBB/Watch Neg     AA
+               
Longport Funding Ltd          A-3        CCC-/Watch Neg    A-/Watch
Neg      
Longport Funding Ltd          B          CC                BBB-/Watch
Neg    
Longport Funding Ltd          C          CC                BB+/Watch
Neg     
Longport Funding Ltd          D-1        CC                B/Watch
Neg       
Longport Funding Ltd          D-2        CC                B/Watch
Neg       
Manasquan CDO 2005-1 Ltd.     A-1LA      BBB-/Watch Neg    AAA/Watch
Neg     
Manasquan CDO 2005-1 Ltd.     A-1LB      B/Watch Neg       AA-/Watch
Neg     
Manasquan CDO 2005-1 Ltd.     A-2L       CC                BBB/Watch
Neg     
Manasquan CDO 2005-1 Ltd.     A-3L       CC                BB+/Watch
Neg     
Manasquan CDO 2005-1 Ltd.     B-1L       CC                CCC+/Watch
Neg    
Manasquan CDO 2005-1 Ltd.     B-2L       CC                CCC-/Watch
Neg    
Nordic Valley 2007-1 CDO Ltd  A-1        CC                CCC-/Watch
Neg    
Nordic Valley 2007-1 CDO Ltd  A-X        CC                CCC-/Watch
Neg    
Opus CDO I Ltd.               A          BB+/Watch Neg     AA
+               
Opus CDO I Ltd.               B          CCC-/Watch Neg    A+/Watch
Neg      
Opus CDO I Ltd.               C          CC                BBB/Watch
Neg     
Opus CDO I Ltd.               D          CC                BB+/Watch
Neg     
Opus CDO I Ltd.               Combo Note CCC-/Watch Neg    BBB/Watch
Neg     
Opus CDO I Ltd.               Sub Notes  CC                B-/Watch
Neg      
Raffles Place Funding Ltd.    CP Notes   BBB+/A-2/         AAA/A-1+
                                         Watch Neg
Raffles Place Funding Ltd.    A-1a       BB/Watch Neg      AAA/Watch
Neg     
Raffles Place Funding Ltd.    A-1b       B/Watch Neg       AAA/Watch
Neg     
Raffles Place Funding Ltd.    A-2        CCC-/Watch Neg    AA/Watch
Neg      
Raffles Place Funding Ltd.    B          CC                A/Watch
Neg       
Robeco High Grade CDO I Ltd   A-1        AA/Watch Neg
AA                 
South Coast Funding V Ltd.    B          AA/Watch Neg
AA                
South Coast Funding V Ltd.    C-1        B+/Watch Neg      BBB-/Watch
Neg    
South Coast Funding V Ltd.    C-2        B+/Watch Neg      BBB-/Watch
Neg    
South Coast Funding VI Ltd    A-2        AAA/Watch Neg
AAA               
South Coast Funding VI Ltd    B          A-/Watch Neg      AA/Watch
Neg      
South Coast Funding VI Ltd    C          B/Watch Neg       BBB/Watch
Neg     
Tricadia CDO 2006-5 Ltd       B          A
AAA               
Tricadia CDO 2006-5 Ltd       C          BBB-/Watch Neg
AA                
Tricadia CDO 2006-5 Ltd       D          CCC-/Watch Neg    A/Watch
Neg       
Tricadia CDO 2006-5 Ltd       E          CC                BB+/Watch
Neg     
Tricadia CDO 2006-5 Ltd       F          CC                B-/Watch
Neg      
Witherspoon CDO Funding Ltd.  A-1 CP     AAA/A-1+/         AAA/A-1+
                                         Watch Neg
Witherspoon CDO Funding Ltd.  A-1 LT-a   AAA/Watch Neg
AAA               
Witherspoon CDO Funding Ltd.  A-2        AAA/Watch Neg
AAA               
Witherspoon CDO Funding Ltd.  B          A/Watch Neg
A                 
Witherspoon CDO Funding Ltd.  C          B+/Watch Neg      BBB-/Watch
Neg    
Witherspoon CDO Funding Ltd.  D          CCC-/Watch Neg    B+/Watch
Neg      
Witherspoon CDO Funding Ltd.  Combo Secs CCC-/Watch Neg    BBB+/Watch
Neg    

                           Other Outstanding Ratings

  Transaction                 Class      Rating
  -----------                 -----      ------
Aardvark ABS CDO 2007-1       B
CC                                  
Aardvark ABS CDO 2007-1       C
CC                                  
Aardvark ABS CDO 2007-1       D
CC                                  
Aardvark ABS CDO 2007-1       Sub Notes
CC                                  
Adams Square Funding II, Ltd. A2
CC                                  
Adams Square Funding II, Ltd. A3
CC                                  
Adams Square Funding II, Ltd. B
CC                                  
Adams Square Funding II, Ltd. C
CC                                  
Adams Square Funding II, Ltd. D
CC                                  
Adams Square Funding II, Ltd. E
CC                                  
Broderick CDO 2 Ltd           B
CC                                  
Broderick CDO 2 Ltd           C
CC                                  
Broderick CDO 2 Ltd           D
CC                                  
Broderick CDO 2 Ltd           E
CC                                  
Broderick CDO 3 Ltd           A-3
CC                                  
Broderick CDO 3 Ltd           A-4
CC                                  
Broderick CDO 3 Ltd           A-5
CC                                  
Broderick CDO 3 Ltd           B
CC                                  
Broderick CDO 3 Ltd           C
CC                                  
Broderick CDO 3 Ltd           D
CC                                  
Broderick CDO 3 Ltd           E
CC                                  
Cairn Mezz ABS CDO IV Ltd     A3
CC                                  
Cairn Mezz ABS CDO IV Ltd     B1
CC                                  
Cairn Mezz ABS CDO IV Ltd     B2
CC                                  
Citation High Grade ABS CDO   B-2
CC                                  
I, Ltd.
Citation High Grade ABS CDO   C
CC                                  
I, Ltd.
Citation High Grade ABS CDO   D
CC                                  
I, Ltd.
Delphinus CDO 2007-1 Ltd      A-3
CC                                  
Delphinus CDO 2007-1 Ltd      B
CC                                  
Delphinus CDO 2007-1 Ltd      C
CC                                  
Delphinus CDO 2007-1 Ltd      D-1
CC                                  
Delphinus CDO 2007-1 Ltd      D-2
CC                                  
Delphinus CDO 2007-1 Ltd      D-3
CC                                  
Delphinus CDO 2007-1 Ltd      E
CC                                  
Dutch Hill Funding II Ltd     B          BB-/Watch
Neg                       
Glacier Funding CDO I, Ltd.   A-1
AAA                                 
Glacier Funding CDO I, Ltd.   A-2
AAA                                 
Glacier Funding CDO I, Ltd.   B
AA                                  
Glacier Funding CDO I, Ltd.   C          BBB/Watch
Neg                       
Glacier Funding CDO II, Ltd.  B
CC                                  
Glacier Funding CDO II, Ltd.  C
CC                                  
Glacier Funding CDO II, Ltd.  D
CC                                  
Glacier Funding CDO II, Ltd.  Pref Shrs
CC                                  
GSC ABS CDO 2006-4u, Ltd.     A3
CC                                  
GSC ABS CDO 2006-4u, Ltd.     B
CC                                  
GSC ABS CDO 2006-4u, Ltd.     C
CC                                  
Highgate ABS CDO Ltd          D
CC                                  
HSPI Diversified CDO Fund     A-2
CC                                  
II, Ltd.
HSPI Diversified CDO Fund     A-3
CC                                  
II, Ltd.
HSPI Diversified CDO Fund     A-4
CC                                  
II, Ltd.
HSPI Diversified CDO Fund     B-1
CC                                  
II, Ltd.
HSPI Diversified CDO Fund     C
CC                                  
II, Ltd.
HSPI Diversified CDO Fund     Comp Oblig
CC                                  
II, Ltd.
HSPI Diversified CDO Fund     D
CC                                  
II, Ltd.
Laguna ABS CDO Ltd            A1J        AAA/Watch
Neg                       
Laguna ABS CDO Ltd            A2         AA/Watch
Neg                        
Laguna ABS CDO Ltd            A3         BBB-/Watch
Neg                      
Laguna ABS CDO Ltd            Class 1 Co BBB-/Watch
Neg                      
Laguna ABS CDO Ltd            Class II C
AAA                                 
Laguna ABS CDO Ltd            Pref Share CCC/Watch
Neg                       
Lakeside CDO II Ltd           A-1
AAA                                 
Libertas Preferred Funding V  B
CC                                  
Libertas Preferred Funding V  C
CC                                  
Libertas Preferred Funding V  D
CC                                  
Libertas Preferred Funding V  E
CC                                  
Longport Funding II, Ltd.     A1S
AAA                                 
Longport Funding Ltd          A-1*       AAA
Longport Funding Ltd          A-2-I*
AAA                                   
                               
Nordic Valley 2007-1 CDO Ltd  A-2a
CC                                  
Nordic Valley 2007-1 CDO Ltd  A-2b
CC                                  
Nordic Valley 2007-1 CDO Ltd  B
CC                                  
Nordic Valley 2007-1 CDO Ltd  C
CC                                  
Nordic Valley 2007-1 CDO Ltd  D
CC                                  
Nordic Valley 2007-1 CDO Ltd  E
CC                                  
Parkridge Lane Structured     A-1
AAA                                 
Finance Special Opportunities
CDO I Ltd
Parkridge Lane Structured     A-2
AAA                                 
Finance Special Opportunities
CDO I Ltd
Parkridge Lane Structured     B
AA                                  
Finance Special Opportunities
CDO I Ltd
Parkridge Lane Structured     C
A                                   
Finance Special Opportunities
CDO I Ltd
Parkridge Lane Structured     D
BBB                                 
Finance Special Opportunities
CDO I Ltd
Parkridge Lane Structured     E          BB/Watch
Neg                        
Finance Special Opportunities
CDO I Ltd
Robeco High Grade CDO I Ltd   A-2        CC
Robeco High Grade CDO I Ltd   A-3        CC
Robeco High Grade CDO I Ltd   A-4        CC
Robeco High Grade CDO I Ltd   B          CC
Robeco High Grade CDO I Ltd   C          CC
Robeco High Grade CDO I Ltd   D          CC
South Coast Funding V Ltd.    A-1
AAA                                 
South Coast Funding V Ltd.    A-2
AAA                                 
South Coast Funding V Ltd.    A-3
AAA                                 
South Coast Funding VI Ltd    A-1
AAA                                 
Synthetic Residential Asset   B          AA/Watch
Neg                        
Hybrid CDO 2004-10, Ltd.
Synthetic Residential Asset   C          A/Watch
Neg                         
Hybrid CDO 2004-10, Ltd.
Synthetic Residential Asset   D          BBB/Watch
Neg                       
Hybrid CDO 2004-10, Ltd.


* S&P Lowers Ratings on 48 Classes from 14 RMBS Transactions
-------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 48 classes
from
14 residential mortgage-backed securities transactions backed by U.S.
prime jumbo mortgage loan collateral issued in the first half of 2006.  
In addition, S&P affirmed its ratings on 154 classes from these
transactions, as well as on 130
classes from 12 other U.S. prime jumbo transactions also issued in the
first half of 2006.

The downgrades reflect S&P's opinion that projected credit support for
the affected classes is insufficient to maintain the previous ratings,
given its current projected losses.  S&P used the 1999 prime jumbo
vintage as its benchmark default curve to forecast the performance of
the
2006 vintage.  The 1999 vintage experienced the most stress of any
issuance year over the past 10 years in terms of foreclosures.  S&P
expects the losses in the 2006 vintage to significantly exceed those
experienced in the 1999 vintage; however, in its opinion, the timing of
the losses, and therefore
the shape of the loss curve, is more likely to be similar to that of
1999
than to any subsequent year.
     
S&P calculated individual transaction projections by multiplying the
current foreclosure amount by the rate of change that the foreclosure
curve forecasted for the upcoming periods.  In addition, S&P assumed
that
100% of the 90-plus-day delinquent loans and 50% of the 60-day
delinquent
loans would be in foreclosure within five months and added this amount
to
the current foreclosure amount for transactions for which this form of
analysis provided a forecast more consistent with the current
delinquency
performance trends.  Due to current market conditions, S&P is assuming
that it will take approximately 18 months to liquidate loans in
foreclosure and approximately eight months to
liquidate loans categorized as real estate owned.  S&P is now assuming
a
loss severity of 30% for U.S. prime jumbo RMBS transactions issued in
2006.
     
Additionally, S&P assumed that the loans that are currently REO will be
liquidated over the next eight months, and then it added the projected
loss amounts from the REO liquidations to the projected losses from
foreclosures.  S&P estimated the lifetime projected losses by adding
these projected losses to the actual losses that the transactions have
experienced to date.  Finally, S&P adjusted the lifetime projected
losses
figure upward, if necessary, to ensure that it adequately covered two
times S&P's estimated losses on the loans presently in the delinquency
pipeline.
     
S&P's lifetime projected losses, as a percentage of the original pool
balances, for these 26 U.S. RMBS transactions backed by prime jumbo
collateral issued in 2006 are :

Issuer          Series      Structure group       Projected loss
------          ------      ---------------       --------------
BofA            2006-3                  one                 0.65
BofA            2006-A                  one                 1.06
CHL             2006-J2                 one                 1.22
CHL             2006-J3                 one                 0.55
First Horizon   2006-1                  one                 0.91
First Horizon   2006-2                  one                 0.68
First Horizon   2006-AR2                one                 1.50
GMACM           2006-AR1                one                 2.24
GMACM           2006-AR2                one                 2.20
JPMorgan        2006-A2                 II                  0.10
MASTR           2006-1                  one                 0.60
MASTR           2006-2                  one                 0.85
Merrill MLCC    2006-1                  one                 0.61
Merrill MLCC    2006-2                  one                 0.25
RFMSI           2006-S2                 one                 1.11
RFMSI           2006-S4                 one                 1.06
RFMSI           2006-S5                 one                 1.24
Thornburg       2006-1                  one                 0.62
Thornburg       2006-2                  one                 0.66
Wachovia        2006-A                  one                 0.86
WaMu            2006-AR2                one                 0.83
Wells Fargo     2006-AR1                one                 1.01
Wells Fargo     2006-AR2                one                 1.17
Wells Fargo     2006-AR3                one                 1.35
Wells Fargo     2006-AR4                one                 0.99
Wells Fargo     2006-AR8                one                 1.31

To maintain a rating higher than 'B', a class had to absorb losses in
excess of the base case assumption S&P used in its analysis.  For
example, one prime jumbo class may have to withstand 150% of S&P's
projected loss assumption in order to maintain a 'BB' rating, while a
different class may have to withstand losses of approximately 200% of
S&P's base case loss assumption to maintain a 'BBB' rating.  Each class
that has an affirmed 'AAA' rating can
generally withstand approximately 350% of S&P's projected loss
assumptions under its analysis.

The rating affirmations reflect actual and projected credit enhancement
percentages that S&P believes are sufficient to support the current
ratings.
     
Subordination provides credit support for the affected transactions.
The
underlying collateral for these deals consists of fixed- and adjustable-
rate U.S. prime jumbo mortgage loans secured primarily by first liens
on
one- to four-family residential properties.
     
                         Ratings Lowered

Banc of America Funding 2006-3 Trust
Series    2006-3
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
B-5        058931BW5     CC             CCC

Banc of America Mortgage 2006-A Trust
Series    2006-A
                              Rating
                              ------  
Class      CUSIP         To             From
-----      -----         --             ----
B-5        05949CSC1     CC             CCC

GMACM Mortgage Loan Trust 2006-AR1
Series    2006-AR1
                              Rating
                              ------  
Class      CUSIP         To             From
-----      -----         --             ----
M-1        36185MDU3     BBB            AA
M-2        36185MDV1     B-             A
M-3        36185MDW9     CCC            BBB
B-1        36185MDX7     CC             BB
B-2        36185MDY5     D              CC

GMACM Mortgage Loan Trust 2006-AR2
Series    2006-AR2
                              Rating
                              ------  
Class      CUSIP         To             From
-----      -----         --             ----
M-1        36185MFE7     BB             AA
M-2        36185MFF4     B              A
M-3        36185MFG2     CCC            BBB
B-1        36185MFH0     CC             BB
B-2        36185MFJ6     D              B

JPMorgan Mortgage Trust 2006-A2
Series 2006-A2
                              Rating
                              ------  
Class      CUSIP         To             From
-----      -----         --             ----
II-B-5     466247H55     CCC            B

MASTR Adjustable Rate Mortgage Trust 2006-2
Series 2006-2
                              Rating
                              ------  
Class      CUSIP         To             From
-----      -----         --             ----
B-1        576438AM7     BBB            AA
B-2        576438AN5     BB             A
B-3        576438AP0     B-             BBB
B-4        576438AQ8     CCC            BB
B-5        576438AR6     CC             B

MASTR Asset Securitization Trust 2006-1
Series 2006-1
                              Rating
                              ------  
Class      CUSIP         To             From
-----      -----         --             ----
B-1        57643MMX9     A              AA
B-2        57643MMY7     BB             A
B-3        57643MMZ4     B              BBB
B-4        57643MNA8     CCC            BB
B-5        57643MNB6     CC             B

Merrill Lynch Mortgage Investors Trust Series MLCC 2006-1
Series 2006-1
                              Rating
                              ------  
Class      CUSIP         To             From
-----      -----         --             ----
B-1        59020U4W2     B              BB
B-2        59020U4X0     CCC            B

Thornburg Mortgage Securities Trust 2006-1
Series 2006-1
                              Rating
                              ------  
Class      CUSIP         To             From
-----      -----         --             ----
B-2        885220KL6     BBB            A
B-3        885220KM4     B              BBB
B-4        885220KN2     CCC            BB
B-5        885220KP7     CC             B

Thornburg Mortgage Securities Trust 2006-2
Series 2006-2
                              Rating
                              ------  
Class      CUSIP         To             From
-----      -----         --             ----
B-3        885220LD3     BB             BBB
B-4        885220LE1     CCC            BB
B-5        885220LF8     CC             B

Wachovia Mortgage Loan Trust LLC Series 2006-A Trust
Series 2006-A
                              Rating
                              ------  
Class      CUSIP         To             From
-----      -----         --             ----
B-1        92977TAK8     A              AA
B-2        92977TAL6     BB             A
B-3        92977TAM4     B              BBB
B-4        92978DAA4     CCC            B
B-5        92978DAC0     CC             CCC

WaMu Mortgage Pass-Through Certificates Series 2006-AR2 Trust
Series 2006-AR2
                              Rating
                              ------  
Class      CUSIP         To             From
-----      -----         --             ----
B-1        92925CDU3     BBB            AA
B-2        92925CDV1     BB             A
B-3        92925CDW9     B-             BBB
B-4        92925CDY5     CCC            BB
B-5        92925CDZ2     CC             B

Wells Fargo Mortgage Backed Securities 2006-AR1 Trust
Series 2006-AR1
                              Rating
                              ------  
Class      CUSIP         To             From
-----      -----         --             ----
B-2        94983JAK8     BBB-           A
B-3        94983JAL6     B-             BBB
B-4        94983JAM4     CCC            B
B-5        94983JAN2     CC             CCC

Wells Fargo Mortgage Backed Securities 2006-AR2 Trust
Series 2006-AR2
                              Rating
                              ------  
Class      CUSIP         To             From
-----      -----         --             ----
B-10       94983KAU3     CCC            B
B-11       94983KAV1     CC             CCC

                        Ratings Affirmed

Banc of America Funding 2006-3 Trust
Series 2006-3

Class      CUSIP         Rating
-----      -----         ------
1-A-1      058931AB2     AAA
1-A-2      058931AC0     AAA
2-A-1      058931AD8     AAA
2-A-2      058931AE6     AAA
3-A-1      058931AF3     AAA
3-A-2      058931AG1     AAA
4-A-1      058931AH9     AAA
4-A-2      058931AJ5     AAA
4-A-3      058931AK2     AAA
4-A-4      058931AL0     AAA
4-A-5      058931AM8     AAA
4-A-6      058931AN6     AAA
4-A-7      058931AP1     AAA
4-A-8      058931AQ9     AAA
4-A-9      058931AR7     AAA
4-A-10     058931AS5     AAA
4-A-11     058931AT3     AAA
4-A-12     058931AU0     AAA
4-A-13     058931AV8     AAA
4-A-14     058931AW6     AAA
4-A-15     058931AX4     AAA
4-A-16     058931AY2     AAA
4-A-17     058931AZ9     AAA
4-A-18     058931BA3     AAA
4-A-19     058931BB1     AAA
4-A-20     058931BC9     AAA
5-A-1      058931BD7     AAA
5-A-2      058931BE5     AAA
5-A-3      058931BF2     AAA
5-A-4      058931BG0     AAA
5-A-5      058931BH8     AAA
5-A-6      058931BJ4     AAA
5-A-7      058931BK1     AAA
5-A-8      058931BL9     AAA
5-A-9      058931BM7     AAA
6-A-1      058931BN5     AAA
X-IO       058931BP0     AAA
X-PO       058931BQ8     AAA
M          058931BR6     AA

Banc of America Mortgage 2006-A Trust
Series 2006-A

Class      CUSIP         Rating
-----      -----         ------
1-A-1      05949CRP3     AAA
1-A-2      05949CRQ1     AAA
2-A-1      05949CRS7     AAA
2-A-2      05949CRT5     AAA
3-A-1      05949CRU2     AAA
3-A-2      05949CRV0     AAA
4-A-1      05949CRW8     AAA
4-A-2      05949CRX6     AAA

CHL Mortgage Pass-Through Trust 2006-J2
Series 2006-J2

Class      CUSIP         Rating
-----      -----         ------
1-A-1      126694G93     AAA
1-A-2      126694H27     AAA
1-A-3      126694H35     AAA
1-A-4      126694H43     AAA
1-A-5      126694H50     AAA
1-A-6      126694H68     AAA
1-A-7      126694H76     AAA
1-A-8      126694H84     AAA
X          126694H92     AAA
PO         126694J25     AAA

CHL Mortgage Pass-Through Trust 2006-J3
Series 2006-J3

Class      CUSIP         Rating
-----      -----         ------
A-1        125433AA0     AAA
A-2        125433AB8     AAA
A-3        125433AC6     AAA
A-4        125433AD4     AAA
X          125433AF9     AAA
PO         125433AG7     AAA

First Horizon Mortgage Pass-Through Trust 2006-1
Series 2006-1

Class      CUSIP         Rating
-----      -----         ------
I-A-1      32051GZ81     AAA
I-A-2      32051GZ99     AAA
I-A-3      32051G2A2     AAA
I-A-4      32051G2B0     AAA
I-A-5      32051G2C8     AAA
I-A-6      32051G2D6     AAA
I-A-7      32051G2E4     AAA
I-A-8      32051G2F1     AAA
I-A-9      32051G2G9     AAA
I-A-10     32051G2H7     AAA
I-A-11     32051G2J3     AAA
I-A-PO     32051G2K0     AAA
II-A-1     32051G2M6     AAA
II-A-PO    32051G2N4     AAA

First Horizon Mortgage Pass Through Trust 2006-2
Series 2006-2

Class      CUSIP         Rating
-----      -----         ------
I-A-1      32052LAA1     AAA
I-A-2      32052LAB9     AAA
I-A-3      32052LAC7     AAA
I-A-4      32052LAD5     AAA
I-A-5      32052LAE3     AAA
I-A-6      32052LAF0     AAA
I-A-7      32052LAG8     AAA
I-A-8      32052LAH6     AAA
I-A-9      32052LAJ2     AAA
I-A-10     32052LAK9     AAA
I-A-11     32052LAL7     AAA
I-A-12     32052LAM5     AAA
I-A-13     32052LAN3     AAA
I-A-14     32052LAP8     AAA
I-A-15     32052LAQ6     AAA
I-A-16     32052LAZ6     AAA
I-A-PO     32052LBA0     AAA
II-A-1     32052LAR4     AAA
II-A-PO    32052LAS2     AAA

First Horizon Mortgage Pass-Through Trust 2006-AR2
Series 2006-AR2

Class      CUSIP         Rating
-----      -----         ------
I-A-1      32052KAA3     AAA
II-A-1     32052KAB1     AAA
III-A-1    32052KAD7     AAA
IV-A-1     32052KAE5     AAA
A-M        32052KAF2     AAA

GMACM Mortgage Loan Trust 2006-AR1
Series 2006-AR1

Class      CUSIP         Rating
-----      -----         ------
1-A-1      36185MDN9     AAA
1-A-2      36185MDP4     AAA
2-A-1      36185MDQ2     AAA
2-A-2      36185MDR0     AAA
3-A-1      36185MDS8     AAA
3-A-2      36185MDT6     AAA

GMACM Mortgage Loan Trust 2006-AR2
Series 2006-AR2

Class      CUSIP         Rating
-----      -----         ------
1-A-1      36185MET5     AAA
1-A-2      36185MEU2     AAA
2-A-1      36185MEV0     AAA
2-A-2      36185MEW8     AAA
3-A-1      36185MEX6     AAA
3-A-2      36185MEY4     AAA
4-A-1      36185MEZ1     AAA
4-A-2      36185MFA5     AAA
5-A-1A     36185MFB3     AAA
5-A-1B     36185MFC1     AAA
5-A-2      36185MFD9     AAA

JPMorgan Mortgage Trust 2006-A2
Series 2006-A2

Class      CUSIP         Rating
-----      -----         ------
4-A-1      466247K51     AAA
4-A-2      466247K69     AAA
5-A-1      466247K77     AAA
5-A-2      466247K85     AAA
5-A-3      466247K93     AAA
5-A-4      466247L27     AAA
II-B-1     466247L68     AA
II-B-2     466247L76     A
II-B-3     466247L84     BBB
II-B-4     466247H48     BB

MASTR Adjustable Rate Mortgage Trust 2006-2
Series 2006-2

Class      CUSIP         Rating
-----      -----         ------
1-A-1      576438AA3     AAA
1-A-2      576438AB1     AAA
2-A-1      576438AC9     AAA
3-A-1      576438AD7     AAA
3-A-2      576438AE5     AAA
4-A-1      576438AF2     AAA
4-A-2      576438AG0     AAA
5-A-1      576438AH8     AAA
5-A-2      576438AJ4     AAA

MASTR Asset Securitization Trust 2006-1
Series 2006-1

Class      CUSIP         Rating
-----      -----         ------
1-A-1      57643MLX0     AAA
1-A-2      57643MLY8     AAA
1-A-3      57643MLZ5     AAA
1-A-4      57643MMA9     AAA
1-A-5      57643MMB7     AAA
1-A-6      57643MMC5     AAA
1-A-7      57643MMD3     AAA
1-A-8      57643MME1     AAA
1-A-9      57643MMF8     AAA
1-A-11     57643MMH4     AAA
1-A-12     57643MMJ0     AAA
1-A-13     57643MMK7     AAA
1-A-14     57643MML5     AAA
2-A-1      57643MMM3     AAA
2-A-2      57643MMN1     AAA
3-A-1      57643MMP6     AAA
3-A-2      57643MNE0     AAA
4-A-1      57643MMQ4     AAA
15-A-X     57643MMT8     AAA
30-A-X     57643MMU5     AAA
15-PO      57643MMV3     AAA
30-PO      57643MMW1     AAA

Merrill Lynch Mortgage Investors Trust Series MLCC 2006-1
Series 2006-1

Class      CUSIP         Rating
-----      -----         ------
I-A        59020U4R3     AAA
II-A-1     59020U4S1     AAA
II-A-2     59020U4T9     AAA
M-1        59020U4U6     AA
M-2        59020U4V4     A
M-3        59020U5A9     BBB

Merrill Lynch Mortgage Investors Trust Series MLCC 2006-2
Series 2006-2

Class      CUSIP         Rating
-----      -----         ------
I-A        590219AD3     AAA
II-A       590219AE1     AAA
III-A      590219AF8     AAA
IV-A       590219AG6     AAA
M-1        590219AJ0     AA
M-2        590219AK7     A
M-3        590219AL5     BBB
B-1        590219AA9     BB
B-2        590219AB7     B

RFMSI Series 2006-S2 Trust
Series 2006-S2

Class      CUSIP         Rating
-----      -----         ------
A-1        76111XL76     AAA
A-2        76111XL84     AAA
A-3        76111XL92     AAA
A-4        76111XM26     AAA
A-5        76111XM34     AAA
A-6        76111XM42     AAA
A-7        76111XM59     AAA
A-P        76111XM67     AAA
A-V        76111XM75     AAA

RFMSI Series 2006-S4 Trust
Series 2006-S4

Class      CUSIP         Rating
-----      -----         ------
A-1        762010AA4     AAA
A-2        762010AB2     AAA
A-3        762010AC0     AAA
A-4        762010AD8     AAA
A-5        762010AE6     AAA
A-6        762010AF3     AAA
A-7        762010AG1     AAA
A-9        762010AJ5     AAA
A-10       762010AK2     AAA
A-P        762010AL0     AAA
A-V        762010AM8     AAA

RFMSI Series 2006-S5 Trust
Series 2006-S5

Class      CUSIP         Rating
-----      -----         ------
A-1        74957EAA5     AAA
A-2        74957EAB3     AAA
A-3        74957EAC1     AAA
A-4        74957EAD9     AAA
A-5        74957EAE7     AAA
A-6        74957EAF4     AAA
A-7        74957EAG2     AAA
A-9        74957EAJ6     AAA
A-10       74957EAK3     AAA
A-11       74957EAL1     AAA
A-12       74957EAM9     AAA
A-13       74957EAN7     AAA
A-14       74957EAP2     AAA
A-15       74957EAQ0     AAA
A-16       74957EAR8     AAA
A-17       74957EAS6     AAA
A-18       74957EAT4     AAA
A-P        74957EAW7     AAA
A-V        74957EAX5     AAA

Thornburg Mortgage Securities Trust 2006-1
Series 2006-1

Class      CUSIP         Rating
-----      -----         ------
A-1        885220KE2     AAA
A-2        885220KF9     AAA
A-3        885220KG7     AAA
A-X        885220KH5     AAA
B-1        885220KK8     AA

Thornburg Mortgage Securities Trust 2006-2
Series 2006-2

Class      CUSIP         Rating
-----      -----         ------
A-1-A      885220KS1     AAA
A-1-B      885220KT9     AAA
A-1-C      885220KU6     AAA
A-2-A      885220KV4     AAA
A-2-B      885220KW2     AAA
A-2-C      885220KX0     AAA
A-X-1      885220KY8     AAA
A-X-2      885220KZ5     AAA
B-1        885220LB7     AA
B-2        885220LC5     A

Wachovia Mortgage Loan Trust LLC Series 2006-A Trust
Series 2006-A

Class      CUSIP         Rating
-----      -----         ------
1-A1       92977TAA0     AAA
1-A2       92977TAB8     AAA
2-A1       92977TAC6     AAA
2-A2       92977TAD4     AAA
3-A1       92977TAE2     AAA
3-A2       92977TAF9     AAA
4-A1       92977TAG7     AAA
4-A2       92977TAH5     AAA

WaMu Mortgage Pass-Through Certificates Series 2006-AR2 Trust
Series 2006-AR2

Class      CUSIP         Rating
-----      -----         ------
1-A1       92925CDQ2     AAA
1-A2       92925CDR0     AAA
2-A1       92925CDS8     AAA
2-A2       92925CDT6     AAA

Wells Fargo Mortgage Backed Securities 2006-AR1 Trust
Series 2006-AR1

Class      CUSIP         Rating
-----      -----         ------
I-A-1      94983JAA0     AAA
II-A-1     94983JAC6     AAA
II-A-2     94983JAD4     AAA
II-A-3     94983JAE2     AAA
II-A-4     94983JAF9     AAA
II-A-5     94983JAG7     AAA
II-A-6     94983JAH5     AAA
B-1        94983JAJ1     AA

Wells Fargo Mortgage Backed Securities 2006-AR2 Trust
Series 2006-AR2

Class      CUSIP         Rating
-----      -----         ------
I-A-1      94983KAA7     AAA
II-A-1     94983KAC3     AAA
II-A-2     94983KAD1     AAA
II-A-3     94983KAE9     AAA
II-A-4     94983KAF6     AAA
II-A-5     94983KAG4     AAA
II-A-6     94983KAH2     AAA
II-A-IO    94983KAJ8     AAA

Wells Fargo Mortgage Backed Securities 2006-AR3 Trust
Series 2006-AR3

Class      CUSIP         Rating
-----      -----         ------
A-1        94983GAA6     AAA
A-2        94983GAB4     AAA
A-3        94983GAC2     AAA
A-4        94983GAD0     AAA
A-5        94983GAE8     AAA

Wells Fargo Mortgage Backed Securities 2006-AR4 Trust
Series 2006-AR4

Class      CUSIP         Rating
-----      -----         ------
I-A-1      94983PAA6     AAA
I-A-2      94983PAB4     AAA
II-A-1     94983PAC2     AAA
II-A-2     94983PAD0     AAA
II-A-3     94983PAE8     AAA
II-A-4     94983PAF5     AAA
II-A-5     94983PAG3     AAA
II-A-6     94983PAH1     AAA

Wells Fargo Mortgage Backed Securities 2006-AR8 Trust
Series 2006-AR8

Class      CUSIP         Rating
-----      -----         ------
I-A-1      94983VAA3     AAA
I-A-2      94983VAB1     AAA
I-A-3      94983VAC9     AAA
I-A-4      94983VAD7     AAA
II-A-1     94983VAF2     AAA
II-A-2     94983VAG0     AAA
II-A-3     94983VAH8     AAA
II-A-4     94983VAJ4     AAA
II-A-5     94983VAK1     AAA
II-A-6     94983VAL9     AAA
II-A-7     94983VAM7     AAA
III-A-1    94983VAN5     AAA
III-A-2    94983VAP0     AAA
III-A-3    94983VAQ8     AAA
B-5        94983VAW5     CC


* S&P Puts 884 Ratings on 117 US RMBS Under Negative CreditWatch
----------------------------------------------------------------
Standard & Poor's Ratings Services placed 884 ratings on 117 U.S.
residential mortgage-backed securities transactions backed by U.S.
Alternative-A mortgage collateral issued during 2006 and 2007 on
CreditWatch with negative implications.  Most of these Alt-A
transactions
are collateralized by negatively amortizing adjustable-rate mortgages.
     
The CreditWatch placements reflect an increase in S&P's loss severity
assumptions for these transactions, as outlined in "Standard & Poor's
Revises U.S. Subprime, Prime, And Alternative-A RMBS Loss Assumptions,"
originally published on July 29, 2008.  S&P has raised its loss
severity
assumptions for 2006 and 2007 Alt-A hybrid and neg-am transactions to
40%
from 35% based on
S&P's belief that continued foreclosures, distressed sales, an increase
in carrying costs for properties in inventory, costs associated with
foreclosures, and further declines in home sales will depress prices
further and push loss severities higher than it had previously assumed.
     
Additionally, there has been a persistent rise in the level of
delinquencies among the Alt-A mortgage loans supporting these
transactions.  As of the August 2008 distribution, severely delinquent
loans for the affected transactions made up an average
14.45% of the current pool balances.  This represents an increase of
almost 50% since May 2008.  This poor performance trend, along with the
increase in S&P's loss severity assumptions, prompted S&P to place the
ratings on these transactions on CreditWatch negative.  S&P will use
the
loss projections outlined in "Revised Projected Losses For 2006/First-
Half 2007 U.S. Alt-A Short-Reset Hybrid And Neg-Am RMBS," published
Aug.
20, 2008, for these
transactions.
     
In the aggregate, the affected classes represent an original par amount
of approximately $19.37 billion.  The current balance of the
certificates
with ratings placed on CreditWatch is
$16.47 billion.
     
S&P expects to review the affected classes and resolve the CreditWatch
placements over the next several weeks.

                        Creditwatch Actions

Alliance Bancorp Trust 2007-OA1
Series 2007-OA1
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
A-3        01852TAC7     AAA/Watch Neg  AAA
M-1        01852TAD5     AA+/Watch Neg  AA+
M-2        01852TAE3     AA/Watch Neg   AA
M-3        01852TAF0     AA-/Watch Neg  AA-
M-4        01852TAG8     A+/Watch Neg   A+
M-5        01852TAH6     A/Watch Neg    A
M-6        01852TAJ2     A-/Watch Neg   A-
M-7        01852TAK9     BBB/Watch Neg  BBB
M-8        01852TAL7     BBB-/Watch Neg BBB-
M-9        01852TAM5     BB+/Watch Neg  BB+

Alternative Loan Trust 2006-J7
Series 2006-J7
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
1-A-1      23244FAV6     AAA/Watch Neg  AAA
1-A-2      23244FAW4     AAA/Watch Neg  AAA
1-A-3      23244FAX2     AAA/Watch Neg  AAA
1-A-4      23244FAY0     AAA/Watch Neg  AAA
1-A-5      23244FAZ7     AAA/Watch Neg  AAA
1-A-6      23244FBA1     AAA/Watch Neg  AAA
1-A-7      23244FBB9     AAA/Watch Neg  AAA
1-A-8      23244FBC7     AAA/Watch Neg  AAA
1-A-9      23244FBD5     AAA/Watch Neg  AAA
1-A-10     23244FBE3     AAA/Watch Neg  AAA
1-A-11     23244FBF0     AAA/Watch Neg  AAA
1-A-12     23244FBG8     AAA/Watch Neg  AAA
1-A-13     23244FBH6     AAA/Watch Neg  AAA
1-PO       23244FBJ2     AAA/Watch Neg  AAA
1-M        23244FBL7     AA/Watch Neg   AA
1-B-1      23244FBM5     A/Watch Neg    A
1-B-2      23244FBN3     BBB/Watch Neg  BBB
1-B-3      23244FBP8     B/Watch Neg    B
2-A-2      23244FAB0     AAA/Watch Neg  AAA
2-X-2B     23244FAU8     AAA/Watch Neg  AAA
2-M-1      23244FAE4     AA+/Watch Neg  AA+
2-M-2      23244FAF1     AA/Watch Neg   AA
2-M-3      23244FAG9     AA-/Watch Neg  AA-
2-M-4      23244FAH7     A+/Watch Neg   A+
2-M-5      23244FAJ3     BBB/Watch Neg  BBB
2-M-6      23244FAK0     BB/Watch Neg   BB
2-M-7      23244FAL8     B/Watch Neg    B

Alternative Loan Trust 2006-OA1
Series 2006-OA1
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
1-A-3      126694ZZ4     AAA/Watch Neg  AAA
2-A-3      126694A57     AAA/Watch Neg  AAA
M-1        126694A65     AA+/Watch Neg  AA+
M-2        126694A73     BBB/Watch Neg  BBB
M-3        126694A81     BB/Watch Neg   BB
M-4        126694A99     B/Watch Neg    B

Alternative Loan Trust 2006-OA10
Series 2006-OA10
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
1-A-3      02146QBA0     AAA/Watch Neg  AAA
2-A-3      02146QBC6     AAA/Watch Neg  AAA
3-A-3      02146QBE2     AAA/Watch Neg  AAA
4-A-3      02146QBG7     AAA/Watch Neg  AAA
M-1        02146QAL7     BBB/Watch Neg  BBB
M-2        02146QAM5     BB/Watch Neg   BB
M-3        02146QAN3     B/Watch Neg    B

Alternative Loan Trust 2006-OA12
Series 2006-OA12
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
A-3        23243AAE6     BBB-/Watch Neg BBB-
M-1        23243AAH9     B/Watch Neg    B

Alternative Loan Trust 2006-OA14
Series 2006-OA14
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
1-A-3      02146SAC3     AAA/Watch Neg  AAA
2-A-3      02146SAF6     AAA/Watch Neg  AAA
3-A-2      02146SAH2     AAA/Watch Neg  AAA
M-1        02146SAM1     AA+/Watch Neg  AA+
M-4        02146SAQ2     A+/Watch Neg   A+
M-5        02146SAR0     A/Watch Neg    A
M-6        02146SAS8     BBB/Watch Neg  BBB
M-7        02146SAT6     BB/Watch Neg   BB
M-8        02146SAU3     B/Watch Neg    B
M-2        02146SAN9     AA/Watch Neg   AA
M-3        02146SAP4     AA-/Watch Neg  AA-

Alternative Loan Trust 2006-OA17
Series 2006-OA17
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
1-A3       12668PAJ1     A/Watch Neg    A
2-A-2      12668PAM4     A/Watch Neg    A
M-1        12668PAP7     BB/Watch Neg   BB
M-2        12668PAQ5     B/Watch Neg    B
M-3        12668PAR3     B/Watch Neg    B

Alternative Loan Trust 2006-OA18
Series 2006-OA18
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
A-3        23244GAF9     AAA/Watch Neg  AAA
M-1        23244GAG7     AA+/Watch Neg  AA+
M-2        23244GAH5     A/Watch Neg    A
M-3        23244GAJ1     BBB/Watch Neg  BBB
M-4        23244GAK8     BB/Watch Neg   BB
M-5        23244GAL6     B/Watch Neg    B

Alternative Loan Trust 2006-OA19
Series 2006-OA19
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
A-3B       12668RAD0     AAA/Watch Neg  AAA
A-5        12668RAF5     AAA/Watch Neg  AAA
M-1        12668RAJ7     A/Watch Neg    A
M-2        12668RAK4     BB/Watch Neg   BB
M-3        12668RAL2     BB/Watch Neg   BB
M-4        12668RAM0     BB/Watch Neg   BB

Alternative Loan Trust 2006-OA21
Series 2006-OA21
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
A-3        23245QAC3     AAA/Watch Neg  AAA
M-1        23245QAF6     A/Watch Neg    A
M-2        23245QAG4     BB/Watch Neg   BB
M-3        23245QAH2     B/Watch Neg    B
M-4        23245QAJ8     B/Watch Neg    B
M-5        23245QAK5     B/Watch Neg    B

Alternative Loan Trust 2006-OA22
Series 2006-OA22
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
A-3        23245PAC5     AAA/Watch Neg  AAA
M-1        23245PAE1     AA+/Watch Neg  AA+
M-2        23245PAF8     AA/Watch Neg   AA
M-3        23245PAG6     A/Watch Neg    A
M-4        23245PAH4     BBB/Watch Neg  BBB
M-5        23245PAJ0     BB/Watch Neg   BB
M-6        23245PAK7     B/Watch Neg    B

Alternative Loan Trust 2006-OA3
Series 2006-OA3
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
1A3        12668BB69     AAA/Watch Neg  AAA
2A2        12668BB85     AAA/Watch Neg  AAA
2A3        12668BB93     AAA/Watch Neg  AAA
M1         12668BC43     AA+/Watch Neg  AA+
M2         12668BC50     BB/Watch Neg   BB
M3         12668BC68     B/Watch Neg    B
M4         12668BC76     B/Watch Neg    B

Alternative Loan Trust 2006-OA7
Series 2006-OA7
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
1-A-1      02146BAA4     AAA/Watch Neg  AAA
1-A-4      02146BAD8     AAA/Watch Neg  AAA
2-A-2      02146BAG1     AAA/Watch Neg  AAA
2-A-3      02146BAH9     AAA/Watch Neg  AAA
3-A-1      02146BAK2     AAA/Watch Neg  AAA
3-A-2      02146BAL0     AAA/Watch Neg  AAA

Alternative Loan Trust 2006-OA9
Series 2006-OA9
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
1-A-2      02146YAB2     AAA/Watch Neg  AAA
2-A-2      02146YAE6     AAA/Watch Neg  AAA
2-A-3      02146YAF3     AAA/Watch Neg  AAA
M-1        02146YAL0     A/Watch Neg    A
M-2        02146YAM8     BB/Watch Neg   BB
M-3        02146YAN6     B/Watch Neg    B

Alternative Loan Trust 2007-OA2
Series 2007-OA2
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
1-A-3      02149LAC5     AAA/Watch Neg  AAA
2-A-2      02149LAF8     AAA/Watch Neg  AAA
2-A-3      02149LAG6     AAA/Watch Neg  AAA
M-1        02149LAK7     A/Watch Neg    A
M-2        02149LAL5     BB/Watch Neg   BB
M-3        02149LAM3     BB-/Watch Neg  BB-

Alternative Loan Trust 2007-OA3
Series 2007-OA3
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
1-A-3      02150TAC4     AAA/Watch Neg  AAA
2-A-3      02150TAF7     AAA/Watch Neg  AAA
M-1        02150TAK6     AA+/Watch Neg  AA+
M-2        02150TAL4     AA/Watch Neg   AA
M-3        02150TAM2     A/Watch Neg    A
M-4        02150TAN0     BBB+/Watch Neg BBB+
M-5        02150TAP5     BBB/Watch Neg  BBB
M-6        02150TAQ3     BB+/Watch Neg  BB+
M-7        02150TAR1     BB/Watch Neg   BB

Alternative Loan Trust 2007-OA4
Series 2007-OA4
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
A-3        02150DAC9     AAA/Watch Neg  AAA
M-1        02150DAD7     AA+/Watch Neg  AA+
M-2        02150DAE5     AA/Watch Neg   AA
M-3        02150DAF2     AA-/Watch Neg  AA-
M-4        02150DAG0     A+/Watch Neg   A+
M-5        02150DAH8     A-/Watch Neg   A-
M-6        02150DAJ4     BBB+/Watch Neg BBB+
M-7        02150DAK1     BB/Watch Neg   BB
M-8        02150DAL9     B/Watch Neg    B

Alternative Loan Trust 2007-OA7
Series 2007-OA7
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
A-3        126680AF4     AAA/Watch Neg  AAA
M-1        126680AH0     AA+/Watch Neg  AA+
M-2        126680AJ6     AA/Watch Neg   AA
M-3        126680AK3     AA-/Watch Neg  AA-
M-4        126680AL1     A+/Watch Neg   A+
M-5        126680AM9     BBB-/Watch Neg BBB-
M-6        126680AN7     BB+/Watch Neg  BB+
M-7        126680AP2     BB/Watch Neg   BB

Alternative Loan Trust 2007-OA8
Series 2007-OA8
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
1-A-3      02148GAC7     AAA/Watch Neg  AAA
2-A-3      02148GAF0     AAA/Watch Neg  AAA
M-1        02148GAJ2     AA+/Watch Neg  AA+
M-2        02148GAK9     A/Watch Neg    A
M-3        02148GAL7     BBB+/Watch Neg BBB+
M-4        02148GAM5     BBB/Watch Neg  BBB
M-5        02148GAN3     BB+/Watch Neg  BB+
M-6        02148GAP8     BB/Watch Neg   BB
M-7        02148GAQ6     B/Watch Neg    B

Alternative Loan Trust 2007-OH1
Series 2007-OH1
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
M-1        02150KAD1     AA+/Watch Neg  AA+
M-2        02150KAE9     BBB/Watch Neg  BBB
M-3        02150KAF6     BB/Watch Neg   BB
M-4        02150KAG4     B+/Watch Neg   B+
M-5        02150KAH2     B/Watch Neg    B
M-6        02150KAJ8     B-/Watch Neg   B-

Alternative Loan Trust 2007-OH2
Series 2007-OH2
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
A-2-B      02151RAQ6     AAA/Watch Neg  AAA
M-1        02151RAE3     AA+/Watch Neg  AA+
M-2        02151RAF0     AA/Watch Neg   AA
M-3        02151RAG8     AA-/Watch Neg  AA-
M-4        02151RAH6     A+/Watch Neg   A+
M-5        02151RAJ2     A-/Watch Neg   A-
M-6        02151RAK9     BBB/Watch Neg  BBB
M-7        02151RAL7     BB+/Watch Neg  BB+
M-8        02151RAM5     BB/Watch Neg   BB

American Home Mortgage Assets Trust 2006-2
Series 2006-2
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
M-1        02660XAJ3     BBB/Watch Neg  BBB
M-2        02660XAK0     BB/Watch Neg   BB
M-3        02660XAL8     B/Watch Neg    B

American Home Mortgage Assets Trust 2006-3
Series 2006-3
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
I-A-3      02660UAD2     A/Watch Neg    A
II-A-3-1   02660UAH3     A/Watch Neg    A
II-A-3-2   02660UAJ9     A/Watch Neg    A
III-A-3-1  02660UAN0     A/Watch Neg    A
III-A-3-2  02660UAP5     A/Watch Neg    A
M-1        02660UAQ3     BB/Watch Neg   BB
M-2        02660UAR1     B/Watch Neg    B
M-3        02660UAS9     B/Watch Neg    B

American Home Mortgage Assets Trust 2006-4
Series 2006-4
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
I-A-2-2    02660LAD2     AAA/Watch Neg  AAA
I-A-3      02660LAE0     A/Watch Neg    A
II-A-3     02660LAH3     A/Watch Neg    A
M-1        02660LAJ9     BB/Watch Neg   BB
M-2        02660LAK6     B/Watch Neg    B

American Home Mortgage Assets Trust 2006-5
Series 2006-5
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
A-3-1      02660KAC6     AAA/Watch Neg  AAA
A-3-2      02660KAD4     AAA/Watch Neg  AAA
M-1        02660KAE2     A/Watch Neg    A
M-2        02660KAF9     BBB/Watch Neg  BBB
M-3        02660KAG7     BB/Watch Neg   BB
M-4        02660KAH5     B/Watch Neg    B

American Home Mortgage Assets Trust 2006-6
Series 2006-6
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
A1-C       008684AC6     BBB/Watch Neg  BBB
A2-B       008684AE2     BBB/Watch Neg  BBB
M-1        008684AG7     B/Watch Neg    B

American Home Mortgage Assets Trust 2007-1
Series 2007-1
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
A-3        02660BAC6     AAA/Watch Neg  AAA
M-1        02660BAD4     AA/Watch Neg   AA
M-2        02660BAE2     AA-/Watch Neg  AA-
M-3        02660BAF9     A+/Watch Neg   A+
M-5        02660BAH5     BB+/Watch Neg  BB+
M-6        02660BAJ1     BB/Watch Neg   BB
M-4        02660BAG7     BBB/Watch Neg  BBB

American Home Mortgage Assets Trust 2007-2
Series 2007-2
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
M-1        026930AD9     AA+/Watch Neg  AA+
M-2        026930AE7     AA/Watch Neg   AA
M-3        026930AF4     AA-/Watch Neg  AA-
M-4        026930AG2     A+/Watch Neg   A+
M-5        026930AH0     A/Watch Neg    A
M-6        026930AJ6     A-/Watch Neg   A-
M-7        026930AK3     BB+/Watch Neg  BB+
M-8        026930AL1     B/Watch Neg    B

American Home Mortgage Assets Trust 2007-4
Series 2007-4
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
M1         026934AF6     AA+/Watch Neg  AA+
M2         026934AG4     AA/Watch Neg   AA
M3         026934AH2     AA/Watch Neg   AA
M4         026934AJ8     A-/Watch Neg   A-
M5         026934AK5     BBB/Watch Neg  BBB

American Home Mortgage Assets Trust 2007-5
Series 2007-5
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
M-2        026936AH7     BBB/Watch Neg  BBB
M-3        026936AJ3     BBB-/Watch Neg BBB-
M-4        026936AK0     BB/Watch Neg   BB
M-5        026936AL8     B/Watch Neg    B

American Home Mortgage Investment Trust 2007-1
Series 2007-1
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
M-2        026932AH6     BB/Watch Neg   BB
M-3        026932AJ2     BB-/Watch Neg  BB-
M-4        026932AK9     B+/Watch Neg   B+
M-5        026932AL7     B/Watch Neg    B
M-6        026932AM5     B-/Watch Neg   B-


Bear Stearns Mortgage Funding Trust 2007-AR1
Series 2007-AR1
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
I-A-3      07401MAC5     AAA/Watch Neg  AAA
I-B-1      07401MAJ0     AA+/Watch Neg  AA+
I-B-2      07401MAK7     AA/Watch Neg   AA
I-B-3      07401MAL5     A-/Watch Neg   A-
I-B-4      07401MAM3     BBB/Watch Neg  BBB
I-B-5      07401MAN1     BBB-/Watch Neg BBB-
I-B-6      07401MAP6     BB+/Watch Neg  BB+
I-B-7      07401MAQ4     BB-/Watch Neg  BB-
I-B-8      07401MAR2     B+/Watch Neg   B+
I-B-9      07401MAS0     B-/Watch Neg   B-
II-A-4     07401MAH4     AAA/Watch Neg  AAA
II-B-1     07401MAT8     A/Watch Neg    A
II-B-2     07401MAU5     BBB/Watch Neg  BBB

Bear Stearns Mortgage Funding Trust 2007-AR2
Series 2007-AR2
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
A-3        07401TAC0     AAA/Watch Neg  AAA
B-1        07401TAD8     AA-/Watch Neg  AA-
B-2        07401TAE6     BBB/Watch Neg  BBB
B-3        07401TAF3     BB/Watch Neg   BB
B-4        07401TAG1     B/Watch Neg    B

Bear Stearns Mortgage Funding Trust 2007-AR3
Series 2007-AR3
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
I-A-3      07401VAC5     AAA/Watch Neg  AAA
I-B-1      07401VAE1     AA+/Watch Neg  AA+
I-B-2      07401VAF8     AA/Watch Neg   AA
I-B-3      07401VAG6     AA-/Watch Neg  AA-
I-B-4      07401VAH4     A+/Watch Neg   A+
I-B-5      07401VAJ0     A/Watch Neg    A
I-B-6      07401VAK7     A-/Watch Neg   A-
I-B-7      07401VAL5     BBB+/Watch Neg BBB+
I-B-8      07401VAM3     BBB/Watch Neg  BBB
I-B-9      07401VAN1     BBB-/Watch Neg BBB-
II-1A-2    07401VAQ4     AAA/Watch Neg  AAA
II-1A-3    07401VAR2     AAA/Watch Neg  AAA
II-2A-1    07401VAS0     AAA/Watch Neg  AAA
II-B-1     07401VAT8     AA/Watch Neg   AA
II-B-2     07401VAU5     BBB+/Watch Neg BBB+
II-B-3     07401VAV3     BB+/Watch Neg  BB+
II-B-4     07401VAW1     BB/Watch Neg   BB

Bear Stearns Mortgage Funding Trust 2007-AR4
Series 2007-AR4
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
I-A-3      07401YAZ8     AAA/Watch Neg  AAA
I-B-2      07401YAG0     AA/Watch Neg   AA
I-B-3      07401YAH8     AA-/Watch Neg  AA-
I-B-4      07401YAJ4     A+/Watch Neg   A+
I-B-5      07401YAK1     A/Watch Neg    A
I-B-6      07401YAL9     A-/Watch Neg   A-
I-B-7      07401YAM7     BBB/Watch Neg  BBB
I-B-8      07401YAN5     BBB-/Watch Neg BBB-
I-B-9      07401YAP0     BB+/Watch Neg  BB+
II-A-2B    07401YBF1     AAA/Watch Neg  AAA
II-A-3     07401YAT2     AAA/Watch Neg  AAA
II-B-1     07401YAU9     BBB/Watch Neg  BBB
II-B-2     07401YAV7     BB/Watch Neg   BB
II-B-3     07401YAW5     B/Watch Neg    B
II-B-4     07401YAX3     B-/Watch Neg   B-

Bear Stearns Mortgage Funding Trust 2007-AR5
Series 2007-AR5
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
I-B-4      07400NAL4     A+/Watch Neg   A+
I-B-5      07400NAM2     A-/Watch Neg   A-
I-B-6      07400NAN0     BBB+/Watch Neg BBB+
I-B-7      07400NAP5     BBB-/Watch Neg BBB-
I-B-8      07400NAQ3     BB+/Watch Neg  BB+
I-B-9      07400NAR1     BB/Watch Neg   BB
II-B-1     07400NAV2     AA+/Watch Neg  AA+
II-B-2     07400NAW0     AA/Watch Neg   AA
II-B-3     07400NAX8     A/Watch Neg    A
II-B-4     07400NAY6     BBB/Watch Neg  BBB
II-B-5     07400NAZ3     BBB-/Watch Neg BBB-
II-B-6     07400NBK5     BB+/Watch Neg  BB+

Chevy Chase Funding LLC Mortgage-Backed Certificates, Series
2006-2 Trust Series 2006-2
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
IO                       AAA/Watch Neg  AAA
NIO                      AAA/Watch Neg  AAA
B-1        16678WAC0     A/Watch Neg    A
B-1NA                    A/Watch Neg    A
B-2        16678WAD8     B/Watch Neg    B
B-2NA                    B/Watch Neg    B

Chevy Chase Funding LLC Mortgage-Backed Certificates, Series 2006-4
Trust
Series 2006-4
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
A-2I                     AAA/Watch Neg  AAA
IO                       AAA/Watch Neg  AAA
NIO                      AAA/Watch Neg  AAA
B-1        16678XAC8     AA/Watch Neg   AA
B-1I                     AA/Watch Neg   AA
B-1NA                    AA/Watch Neg   AA
B-2        16678XAD6     BB/Watch Neg   BB
B-2I                     BB/Watch Neg   BB
B-2NA                    BB/Watch Neg   BB

Chevy Chase Funding LLC Mortgage-Backed Certificates, Series
2007-1 Trust Series 2007-1
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
A-2I                     AAA/Watch Neg  AAA
IO                       AAA/Watch Neg  AAA
NIO                      AAA/Watch Neg  AAA
B-1I                     A/Watch Neg    A
B-1NA                    A/Watch Neg    A
B-2        16679AAD5     B/Watch Neg    B
B-2I                     B/Watch Neg    B
B-2NA                    B/Watch Neg    B

Chevy Chase Funding LLC Mortgage-Backed Certificates, Series
2007-2 Trust Series 2007-2
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
A-2I                     AAA/Watch Neg  AAA
IO                       AAA/Watch Neg  AAA
NIO                      AAA/Watch Neg  AAA
B-1        16679BAC5     BBB/Watch Neg  BBB
B-1I                     BBB/Watch Neg  BBB
B-1NA                    BBB/Watch Neg  BBB
B-2        16679BAD3     B/Watch Neg    B
B-2I                     B/Watch Neg    B
B-2NA                    B/Watch Neg    B

Chevy Chase Funding LLC Trust, Series 2006-1
Series 2006-1
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
IO                       AAA/Watch Neg  AAA
NIO                      AAA/Watch Neg  AAA
B-1NA                    AA/Watch Neg   AA
B-2        16678RFE2     B/Watch Neg    B
B-2NA                    B/Watch Neg    B

CHL Mortgage Pass-Through Trust 2006-3
Series 2006-3
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
1-A-3      126694YL6     AAA/Watch Neg  AAA
1-M-1      126694YU6     AA/Watch Neg   AA
1-M-2      126694YV4     AA-/Watch Neg  AA-
1-M-3      126694YW2     A+/Watch Neg   A+
1-M-4      126694YX0     A/Watch Neg    A
1-M-5      126694YY8     BB/Watch Neg   BB
1-M-6      126694YZ5     B/Watch Neg    B
2-A-3      126694YP7     AAA/Watch Neg  AAA
2-M-1      126694ZB7     AA-/Watch Neg  AA-
3-A-2      126694YR3     AAA/Watch Neg  AAA
3-A-3      126694YS1     AAA/Watch Neg  AAA
3-M-1      126694ZJ0     BBB/Watch Neg  BBB
3-M-2      126694ZK7     BB/Watch Neg   BB
3-M-3      126694ZL5     B/Watch Neg    B

Deutsche Alt-A Securities Mortgage Loan Trust Series 2006-OA1
Series 2006-OA1
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
A-3        25150QAC1     AAA/Watch Neg  AAA
M-1        25150QAD9     AA-/Watch Neg  AA-
M-2        25150QAE7     A+/Watch Neg   A+
M-3        25150QAF4     A/Watch Neg    A
M-4        25150QAG2     A-/Watch Neg   A-
M-5        25150QAH0     BBB+/Watch Neg BBB+
M-6        25150QAJ6     BBB-/Watch Neg BBB-

Deutsche Alt-A Securities Mortgage Loan Trust Series 2007-OA3
Series 2007-OA3
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
M-1        25150WAD6     AA+/Watch Neg  AA+
M-2        25150WAE4     AA/Watch Neg   AA
M-3        25150WAF1     A+/Watch Neg   A+
M-4        25150WAG9     A/Watch Neg    A
M-5        25150WAH7     A-/Watch Neg   A-
M-6        25150WAJ3     BBB/Watch Neg  BBB
M-7        25150WAK0     BBB-/Watch Neg BBB-
M-8        25150WAL8     BB/Watch Neg   BB
M-9        25150WAM6     B/Watch Neg    B

Deutsche Alt-A Securities Mortgage Loan Trust Series 2007-OA4
Series 2007-OA4
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
M-1        25151XAK7     AA+/Watch Neg  AA+
M-2        25151XAL5     AA/Watch Neg   AA
M-3        25151XAM3     A+/Watch Neg   A+
M-4        25151XAN1     A/Watch Neg    A
M-5        25151XAP6     A-/Watch Neg   A-
M-6        25151XAQ4     BBB/Watch Neg  BBB
M-7        25151XAR2     BBB-/Watch Neg BBB-
M-8        25151XAS0     BB-/Watch Neg  BB-
M-9        25151XAT8     B/Watch Neg    B

DSLA Mortgage Loan Trust 2006-AR1
Series 2006-AR1
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
M1         23332UGQ1     AA+/Watch Neg  AA+
M2         23332UGR9     AA/Watch Neg   AA
M3         23332UGS7     A/Watch Neg    A
M4         23332UGT5     A/Watch Neg    A
M5         23332UGU2     BBB/Watch Neg  BBB
M6         23332UGV0     B/Watch Neg    B
M7         23332UGW8     B/Watch Neg    B

DSLA Mortgage Loan Trust 2006-AR2
Series 2006-AR2
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
M-1        23332QAG8     AA+/Watch Neg  AA+
M-2        23332QAH6     AA/Watch Neg   AA
M-3        23332QAJ2     AA-/Watch Neg  AA-
M-4        23332QAK9     A+/Watch Neg   A+
M-5        23332QAL7     A-/Watch Neg   A-
M-6        23332QAM5     BB/Watch Neg   BB

DSLA Mortgage Loan Trust 2007-AR1
Series 2007-AR1
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
M-2        23333YAG0     AA/Watch Neg   AA
M-3        23333YAH8     A+/Watch Neg   A+
M-4        23333YAJ4     A/Watch Neg    A
M-5        23333YAK1     BBB+/Watch Neg BBB+
M-6        23333YAL9     BBB/Watch Neg  BBB
M-7        23333YAM7     BBB-/Watch Neg BBB-
M-8        23333YAN5     B/Watch Neg    B


GreenPoint Mortgage Funding Trust 2006-AR1
Series 2006-AR1
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
A-3        39538WFM5     AAA/Watch Neg  AAA
M-1        39538WFN3     AA+/Watch Neg  AA+
M-2        39538WFP8     AA/Watch Neg   AA
M-3        39538WFQ6     AA-/Watch Neg  AA-
B-1        39538WFR4     BBB/Watch Neg  BBB
B-2        39538WFS2     BB/Watch Neg   BB
B-3        39538WFT0     B/Watch Neg    B

Greenpoint Mortgage Funding Trust 2006-AR2
Series 2006-AR2
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
III-A-2    39538WGG7     AAA/Watch Neg  AAA
III-A-3    39538WGH5     AAA/Watch Neg  AAA
IV-A-2     39538WGK8     AAA/Watch Neg  AAA
IV-A-3     39538WGL6     AAA/Watch Neg  AAA
M-1        39538WGN2     AA/Watch Neg   AA
M-2        39538WGP7     BBB/Watch Neg  BBB
M-3        39538WGQ5     BB/Watch Neg   BB
B-1        39538WGR3     B/Watch Neg    B
B-2        39538WGS1     B/Watch Neg    B

GreenPoint Mortgage Funding Trust 2006-AR3
Series 2006-AR3
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
I-A        39538WGZ5     AAA/Watch Neg  AAA
III-A-2    39538WHD3     AAA/Watch Neg  AAA
III-A-3    39538WHE1     AAA/Watch Neg  AAA
IV-A-3     39538WHH4     AAA/Watch Neg  AAA
B-1        39538WHK7     AA+/Watch Neg  AA+
B-2        39538WHL5     AA/Watch Neg   AA
B-3        39538WHM3     AA-/Watch Neg  AA-
B-4        39538WHN1     A/Watch Neg    A
B-5        39538WHP6     A/Watch Neg    A
B-6        39538WHQ4     BB/Watch Neg   BB
B-7        39538WHR2     BB/Watch Neg   BB

Greenpoint Mortgage Funding Trust 2006-OH1
Series 2006-OH1
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
A-3        39539GAC6     AAA/Watch Neg  AAA
M-1        39539GAD4     AA/Watch Neg   AA
M-2        39539GAE2     AA-/Watch Neg  AA-
M-3        39539GAF9     A+/Watch Neg   A+
M-4        39539GAG7     A/Watch Neg    A
M-5        39539GAH5     BBB+/Watch Neg BBB+
M-6        39539GAJ1     BBB/Watch Neg  BBB

GreenPoint Mortgage Funding Trust Series 2007-AR2
Series 2007-AR2
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
1-A1       39539LAA9     AAA/Watch Neg  AAA
1-A2B      39539LAC5     AAA/Watch Neg  AAA
1-A3       39539LAD3     AAA/Watch Neg  AAA
1-A4C      39539LAG6     AAA/Watch Neg  AAA
1-M1       39539LAL5     AA+/Watch Neg  AA+
1-M2       39539LAM3     AA/Watch Neg   AA
2-M1       39539LAV3     AA+/Watch Neg  AA+
2-M2       39539LAW1     AA/Watch Neg   AA
2-M3       39539LAX9     AA-/Watch Neg  AA-
2-M4       39539LAY7     A+/Watch Neg   A+
2-M5       39539LAZ4     A/Watch Neg    A
2-M6       39539LBA8     A-/Watch Neg   A-
2-M7       39539LBB6     BBB/Watch Neg  BBB

GreenPoint Mortgage Funding Trust Series 2006-AR4
Series 2006-AR4
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
A1-B       39539FAB0     AAA/Watch Neg  AAA
A2-B       39539FAD6     AAA/Watch Neg  AAA
A3-B       39539FAF1     AAA/Watch Neg  AAA
A4-B       39539FAH7     AAA/Watch Neg  AAA
A5-A       39539FAJ3     AAA/Watch Neg  AAA
A6-C       39539FAM6     AAA/Watch Neg  AAA
M-1        39539FAN4     A/Watch Neg    A
M-2        39539FAP9     BBB/Watch Neg  BBB
M-3        39539FAQ7     BB/Watch Neg   BB
M-4        39539FAR5     B/Watch Neg    B

GreenPoint Mortgage Funding Trust Series 2006-AR5
Series 2006-AR5
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
1-A1B      39538AAB2     AAA/Watch Neg  AAA
1-A2B      39538AAF3     AAA/Watch Neg  AAA
1-A3B      39538AAK2     AAA/Watch Neg  AAA
1-A4       39538AAL0     AAA/Watch Neg  AAA
2-A        39538AAM8     AAA/Watch Neg  AAA
M1         39538AAN6     AA+/Watch Neg  AA+
M2         39538AAP1     AA/Watch Neg   AA

Greenpoint Mortgage Funding Trust Series 2006-AR6
Series 2006-AR6
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
1-A2BU     39538BAX2     AAA/Watch Neg  AAA
1-A3BU     39538BAY0     AAA/Watch Neg  AAA
2-A2       39538BAJ3     AAA/Watch Neg  AAA
M1         39538BAK0     AA+/Watch Neg  AA+
M2         39538BAL8     AA/Watch Neg   AA

GreenPoint Mortgage Funding Trust Series 2006-AR8
Series 2006-AR8
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
1-A1B      39539HAB6     AAA/Watch Neg  AAA
1-A3B      39539HAE0     AAA/Watch Neg  AAA
M1         39539HAG5     AA+/Watch Neg  AA+
M2         39539HAH3     AA/Watch Neg   AA

GreenPoint Mortgage Funding Trust Series 2007-AR1
Series 2007-AR1
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
1-A1B      39539KBD4     AAA/Watch Neg  AAA
1-A3       39539KAC7     AAA/Watch Neg  AAA
2-A1B      39539KAE3     AAA/Watch Neg  AAA
M1-II      39539KAT0     AA+/Watch Neg  AA+
M2-II      39539KAU7     AA/Watch Neg   AA
M3-II      39539KAV5     AA-/Watch Neg  AA-
M4-II      39539KAW3     A+/Watch Neg   A+
M5-II      39539KAX1     A/Watch Neg    A
M6-II      39539KAY9     A-/Watch Neg   A-
M7-II      39539KAZ6     BBB+/Watch Neg BBB+

Greenpoint Mortgage Funding Trust Series 2007-AR3
Series 2007-AR3
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
M2         39539MAE9     AA/Watch Neg   AA
M3         39539MAF6     A+/Watch Neg   A+
M4         39539MAG4     A/Watch Neg    A
M5         39539MAH2     BBB+/Watch Neg BBB+
M6         39539MAJ8     BBB-/Watch Neg BBB-

GSR Mortgage Loan Trust 2006-OA1
Series 2006-OA1
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
1-A-1      362631AA1     AAA/Watch Neg  AAA
2-A-3      362631AD5     AAA/Watch Neg  AAA
3-A-2      362631AF0     AAA/Watch Neg  AAA
M-1        362631AG8     AA+/Watch Neg  AA+
M-2        362631AH6     AA/Watch Neg   AA
M-3        362631AJ2     A/Watch Neg    A
M-4        362631AK9     BBB/Watch Neg  BBB
M-5        362631AL7     BB/Watch Neg   BB
M-6        362631AM5     BB/Watch Neg   BB
M-7        362631AN3     B/Watch Neg    B
M-8        362631AP8     B/Watch Neg    B

GSR Mortgage Loan Trust 2007-OA1
Series 2007-OA1
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
2A-M       3622NAAG5     AAA/Watch Neg  AAA
M-1        3622NAAH3     AA+/Watch Neg  AA+
M-2        3622NAAJ9     AA/Watch Neg   AA
M-3        3622NAAK6     AA-/Watch Neg  AA-
M-4        3622NAAL4     A/Watch Neg    A
M-5        3622NAAM2     BBB/Watch Neg  BBB
M-6        3622NAAN0     BBB-/Watch Neg BBB-
M-7        3622NAAP5     BB/Watch Neg   BB

HarborView Mortgage Loan Trust 2006-BU1
Series 2006-BU1
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
M-1        41161PH22     AA+/Watch Neg  AA+
M-2        41161PH30     AA/Watch Neg   AA
M-3        41161PH48     AA-/Watch Neg  AA-
M-4        41161PH55     A+/Watch Neg   A+
M-5        41161PH63     A/Watch Neg    A
M-6        41161PH71     A-/Watch Neg   A-
M-7        41161PH89     BBB+/Watch Neg BBB+
M-8        41161PH97     BBB/Watch Neg  BBB
M-9        41161PJ20     BB+/Watch Neg  BB+

HarborView Mortgage Loan Trust 2006-SB1
Series 2006-SB1
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
A-1B       41162BAB9     AAA/Watch Neg  AAA
M-1        41162BAC7     BBB/Watch Neg  BBB
M-2        41162BAD5     BB/Watch Neg   BB
M-3        41162BAE3     B/Watch Neg    B
M-4        41162BAF0     B/Watch Neg    B

HarborView Mortgage Loan Trust 2007-2
Series 2007-2
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
1A-1A      41164LAA7     A/Watch Neg    A
B-1        41164LAE9     BB/Watch Neg   BB
B-2        41164LAF6     BB-/Watch Neg  BB-
B-3        41164LAG4     B/Watch Neg    B

HarborView Mortgage Loan Trust 2007-3
Series 2007-3
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
2A-1C      41164UAD1     AAA/Watch Neg  AAA
B-2        41164UAF6     AA-/Watch Neg  AA-

IndyMac IMSC Mortgage Loan Trust 2007-HOA1
Series 2007-HOA1
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
B-1        45670LAJ6     BBB+/Watch Neg BBB+
B-2        45670LAK3     BBB/Watch Neg  BBB
B-3        45670LAL1     BBB-/Watch Neg BBB-
B-4        45670LAM9     BB/Watch Neg   BB
B-5        45670LAN7     B/Watch Neg    B

IndyMac INDX Mortgage Loan Trust 2006-AR12
Series 2006-AR12
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
A-3        45661VAC0     AAA/Watch Neg  AAA
M-1        45661VAD8     AA/Watch Neg   AA
M-2        45661VAE6     A/Watch Neg    A
M-3        45661VAF3     BBB/Watch Neg  BBB
M-4        45661VAG1     BBB-/Watch Neg BBB-

IndyMac INDX Mortgage Loan Trust 2006-AR14
Series 2006-AR14
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
1-A1B      45668GAB8     AAA/Watch Neg  AAA
1-A3BU     45668GAE2     AAA/Watch Neg  AAA
2-A        45668GAG7     AAA/Watch Neg  AAA
M-1        45668GAH5     AA+/Watch Neg  AA+
M-2        45668GAJ1     AA/Watch Neg   AA
M-3        45668GAK8     AA-/Watch Neg  AA-
M-4        45668GAL6     A+/Watch Neg   A+
M-5        45668GAM4     A/Watch Neg    A
M-6        45668GAN2     A-/Watch Neg   A-
M-7        45668GAP7     BBB+/Watch Neg BBB+
M-8        45668GAQ5     BBB/Watch Neg  BBB
M-9        45668GAR3     BBB-/Watch Neg BBB-

IndyMac INDX Mortgage Loan Trust 2006-AR8
Series 2006-AR8
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
A2-A2      456618AT4     AAA/Watch Neg  AAA
A2-B       456618AE7     AAA/Watch Neg  AAA
A3-B       456618AG2     AAA/Watch Neg  AAA
A4-B       456618AJ6     AAA/Watch Neg  AAA
M-1        456618AK3     AA+/Watch Neg  AA+
M-2        456618AL1     AA/Watch Neg   AA
M-3        456618AM9     AA-/Watch Neg  AA-
M-4        456618AN7     A+/Watch Neg   A+
M-5        456618AP2     A+/Watch Neg   A+
M-6        456618AQ0     A/Watch Neg    A
M-7        456618AR8     BBB+/Watch Neg BBB+
M-8        456618AS6     BBB/Watch Neg  BBB
M-9        456618AX5     BBB-/Watch Neg BBB-

IndyMac INDX Mortgage Loan Trust 2007-FLX1
Series 2007-FLX1
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
M-1        45668WAJ6     AA+/Watch Neg  AA+
M-2        45668WAK3     AA/Watch Neg   AA
M-3        45668WAL1     A+/Watch Neg   A+
M-4        45668WAM9     A/Watch Neg    A
M-5        45668WAN7     BBB/Watch Neg  BBB
M-6        45668WAP2     BBB-/Watch Neg BBB-

IndyMac INDX Mortgage Loan Trust 2007-FLX2
Series 2007-FLX2
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
M-1        45668RAG3     AA/Watch Neg   AA
M-2        45668RAH1     AA-/Watch Neg  AA-
M-3        45668RAJ7     A-/Watch Neg   A-
M-4        45668RAK4     BBB/Watch Neg  BBB
M-5        45668RAL2     BB+/Watch Neg  BB+

IndyMac INDX Mortgage Loan Trust 2007-FLX3
Series 2007-FLX3
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
A-3        45670AAC5     AAA/Watch Neg  AAA
M-1        45670AAE1     AA/Watch Neg   AA
M-2        45670AAF8     AA-/Watch Neg  AA-
M-3        45670AAG6     A-/Watch Neg   A-
M-4        45670AAH4     BBB/Watch Neg  BBB
M-5        45670AAJ0     BB+/Watch Neg  BB+
M-6        45670AAK7     BB/Watch Neg   BB

IndyMac INDX Mortgage Loan Trust 2007-FLX4
Series 2007-FLX4
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
M-1        456687AF9     AA+/Watch Neg  AA+
M-2        456687AG7     AA/Watch Neg   AA
M-3        456687AH5     AA-/Watch Neg  AA-
M-4        456687AJ1     A+/Watch Neg   A+
M-5        456687AK8     A-/Watch Neg   A-
M-6        456687AL6     BBB+/Watch Neg BBB+
M-7        456687AM4     BBB-/Watch Neg BBB-
M-8        456687AN2     BB+/Watch Neg  BB+

IndyMac INDX Mortgage Loan Trust 2007-FLX5
Series 2007-FLX5
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
M-3        45669WAH9     AA-/Watch Neg  AA-
M-4        45669WAJ5     A/Watch Neg    A
M-5        45669WAK2     A-/Watch Neg   A-
M-6        45669WAL0     BBB/Watch Neg  BBB
M-7        45669WAM8     BBB-/Watch Neg BBB-
M-8        45669WAN6     BB+/Watch Neg  BB+
M-9        45669WAP1     BB/Watch Neg   BB

Lehman XS Trust, Series 2007-12N
Series 2007-12N
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
1-M1       52524YAN3     AA+/Watch Neg  AA+
1-M2       52524YAP8     AA/Watch Neg   AA
1-M3       52524YAQ6     AA-/Watch Neg  AA-
1-M4       52524YAR4     A+/Watch Neg   A+
1-M5       52524YAS2     A/Watch Neg    A
1-M6       52524YAT0     BBB+/Watch Neg BBB+
1-M7       52524YAU7     BBB/Watch Neg  BBB
1-M8       52524YAV5     BBB-/Watch Neg BBB-
1-M9       52524YAW3     BB+/Watch Neg  BB+
2-M1       52524YAX1     AA+/Watch Neg  AA+
2-M2       52524YAY9     AA/Watch Neg   AA
2-M3       52524YAZ6     AA-/Watch Neg  AA-
2-M4       52524YBA0     A+/Watch Neg   A+
2-M5       52524YBB8     A/Watch Neg    A
2-M6       52524YBC6     BBB/Watch Neg  BBB
2-M7       52524YBD4     BB+/Watch Neg  BB+
2-M8       52524YBE2     B+/Watch Neg   B+
3-M5       52524YBL6     A/Watch Neg    A
3-M6       52524YBM4     BBB+/Watch Neg BBB+
3-M7       52524YBN2     BBB/Watch Neg  BBB

Lehman XS Trust, Series 2007-2N
Series 2007-2N
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
1-A1B      52524LAB7     AAA/Watch Neg  AAA
M1         52524LAJ0     AA+/Watch Neg  AA+
M2         52524LAK7     AA/Watch Neg   AA
M3         52524LAL5     AA-/Watch Neg  AA-
M4         52524LAM3     A+/Watch Neg   A+
M5         52524LAN1     A/Watch Neg    A
M6         52524LAP6     A-/Watch Neg   A-
M7         52524LAQ4     BBB+/Watch Neg BBB+
M8         52524LAR2     BBB+/Watch Neg BBB+
M9         52524LAS0     BBB-/Watch Neg BBB-
M10        52524LAT8     BB+/Watch Neg  BB+
M11        52524LAU5     BB/Watch Neg   BB
M12        52524LAV3     BB-/Watch Neg  BB-

Lehman XS Trust, Series 2007-4N
Series 2007-4N
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
1-A1       52524HAA8     AAA/Watch Neg  AAA
1-A2B      52524HAC4     AAA/Watch Neg  AAA
1-A3       52524HAD2     AAA/Watch Neg  AAA
3AC        52524HAL4     AAA/Watch Neg  AAA
M1         52524HAN0     AA+/Watch Neg  AA+
M2         52524HAP5     AA/Watch Neg   AA
M3         52524HAQ3     AA-/Watch Neg  AA-
M4         52524HAR1     A+/Watch Neg   A+
M5         52524HAS9     A/Watch Neg    A
M6         52524HAT7     A-/Watch Neg   A-
M7         52524HAU4     BBB+/Watch Neg BBB+
M8         52524HAV2     BB/Watch Neg   BB
M9         52524HAW0     BB-/Watch Neg  BB-

Lehman XS Trust, Series 2007-7N
Series 2007-7N
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
M1         52524GAM4     AA+/Watch Neg  AA+
M2         52524GAN2     AA/Watch Neg   AA
M3         52524GAP7     AA-/Watch Neg  AA-
M4         52524GAQ5     A+/Watch Neg   A+
M5         52524GAR3     A/Watch Neg    A
M6         52524GAS1     BBB+/Watch Neg BBB+
M7         52524GAT9     BBB/Watch Neg  BBB
M8         52524GAU6     B/Watch Neg    B

Luminent Mortgage Trust 2006-1
Series 2006-1
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
A3         550279AP8     AAA/Watch Neg  AAA
M          550279AS2     B/Watch Neg    B

Luminent Mortgage Trust 2006-2
Series 2006-2
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
B-1        550279BG7     B/Watch Neg    B

Luminent Mortgage Trust 2006-4
Series 2006-4
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
A1C        55027BAC2     BBB/Watch Neg  BBB
PO         55027BAE8     AAA/Watch Neg  AAA
B-1        55027BAG3     BB/Watch Neg   BB
B-2        55027BAH1     B/Watch Neg    B

Luminent Mortgage Trust 2006-5
Series 2006-5
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
A1C        55027XAC4     AAA/Watch Neg  AAA
B-1        55027XAG5     BBB/Watch Neg  BBB
PO         55027XAE0     AAA/Watch Neg  AAA

Luminent Mortgage Trust 2006-6
Series 2006-6
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
A-3        55027YAF5     AAA/Watch Neg  AAA
B-1        55027YAG3     AA+/Watch Neg  AA+
B-2        55027YAH1     AA/Watch Neg   AA
B-3        55027YAJ7     AA-/Watch Neg  AA-
B-4        55027YAK4     A+/Watch Neg   A+
B-5        55027YAL2     A/Watch Neg    A
B-6        55027YAM0     A-/Watch Neg   A-
B-7        55027YAN8     BBB/Watch Neg  BBB
B-8        55027YAP3     BB/Watch Neg   BB
B-9        55027YAQ1     B/Watch Neg    B

Luminent Mortgage Trust 2006-7
Series 2006-7
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
I-A-2      55028BAB3     AAA/Watch Neg  AAA
I-B-1      55028BAC1     AA/Watch Neg   AA
I-B-2      55028BAD9     A/Watch Neg    A
I-B-3      55028BAE7     BBB/Watch Neg  BBB
I-B-4      55028BAF4     BBB-/Watch Neg BBB-
II-A-3     55028BAJ6     AAA/Watch Neg  AAA
II-B-1     55028BAK3     AA+/Watch Neg  AA+
II-B-2     55028BAL1     AA/Watch Neg   AA
II-B-3     55028BAM9     AA-/Watch Neg  AA-
II-B-4     55028BAN7     A+/Watch Neg   A+
II-B-5     55028BAP2     A/Watch Neg    A
II-B-6     55028BAQ0     A-/Watch Neg   A-
II-B-7     55028BAR8     BBB+/Watch Neg BBB+
II-B-8     55028BAS6     BBB/Watch Neg  BBB

MASTR Adjustable Rate Mortgages Trust 2006-OA1
Series 2006-OA1
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
3-A-3      576433H25     AA/Watch Neg   AA
M-1        576433H82     B/Watch Neg    B

MASTR Adjustable Rate Mortgages Trust 2007-3
Series 2007-3
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
2-M1       57645NAW0     AA+/Watch Neg  AA+
2-M2       57645NAX8     AA/Watch Neg   AA
2-M3       57645NAY6     AA-/Watch Neg  AA-
2-M4       57645NAZ3     A+/Watch Neg   A+
2-M5       57645NBA7     BBB-/Watch Neg BBB-
2-M6       57645NBB5     BB/Watch Neg   BB

Merrill Lynch Alternative Note Asset Trust, Series 2007-OAR1
Series 2007-OAR1
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
A-3        59023TAC9     AAA/Watch Neg  AAA
M-1        59023TAD7     AA+/Watch Neg  AA+
M-2        59023TAE5     AA/Watch Neg   AA
M-3        59023TAF2     AA-/Watch Neg  AA-
M-4        59023TAG0     A+/Watch Neg   A+
M-5        59023TAH8     A-/Watch Neg   A-
M-6        59023TAJ4     BBB/Watch Neg  BBB
B-1        59023TAK1     BB+/Watch Neg  BB+
B-2        59023TAL9     B/Watch Neg    B

Merrill Lynch Alternative Note Asset Trust, Series 2007-OAR2
Series 2007-OAR2
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
M-1        59024BAD5     AA+/Watch Neg  AA+
M-2        59024BAE3     AA/Watch Neg   AA
M-3        59024BAF0     AA-/Watch Neg  AA-
M-4        59024BAG8     A+/Watch Neg   A+
M-5        59024BAH6     A/Watch Neg    A
M-6        59024BAJ2     BBB+/Watch Neg BBB+
B-1        59024BAK9     BBB-/Watch Neg BBB-
B-2        59024BAL7     BB/Watch Neg   BB
B-3        59024BAM5     B/Watch Neg    B

Merrill Lynch Alternative Note Asset Trust, Series 2007-OAR3
Series 2007-OAR3
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
A-3        59024JAC0     AAA/Watch Neg  AAA
M-1        59024JAD8     AA+/Watch Neg  AA+
M-2        59024JAE6     A/Watch Neg    A
M-3        59024JAF3     BBB+/Watch Neg BBB+
M-4        59024JAG1     BBB/Watch Neg  BBB
M-5        59024JAH9     BB+/Watch Neg  BB+
M-6        59024JAJ5     BB/Watch Neg   BB
B-1        59024JAK2     BB-/Watch Neg  BB-
B-2        59024JAL0     B/Watch Neg    B

RALI Series 2006-QH1 Trust
Series 2006-QH1
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
M-1        75115GAD0     BB/Watch Neg   BB
M-2        75115GAE8     B/Watch Neg    B

RALI Series 2006-QO1 Trust
Series 2006-QO1
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
1-A-2      761118RH3     BBB-/Watch Neg BBB-
2-A-2      761118RK6     AAA/Watch Neg  AAA
2-A-3      761118RL4     BBB-/Watch Neg BBB-
3-A-3      761118RP5     BBB-/Watch Neg BBB-
M-1        761118RQ3     BB/Watch Neg   BB
M-2        761118RR1     B/Watch Neg    B

RALI Series 2006-QO10 Trust
Series 2006-QO10
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
A-3        751153AC1     AAA/Watch Neg  AAA
M-1        751153AD9     BBB/Watch Neg  BBB
M-2        751153AE7     BB/Watch Neg   BB
M-3        751153AF4     B/Watch Neg    B
M-4        751153AG2     B/Watch Neg    B
M-5        751153AH0     B/Watch Neg    B
M-6        751153AJ6     B/Watch Neg    B
M-7        751153AK3     B/Watch Neg    B

RALI Series 2006-QO2 Trust
Series 2006-QO2
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
A-3        761118WA2     AAA/Watch Neg  AAA
M-1        761118WB0     AA+/Watch Neg  AA+
M-2        761118WC8     AA/Watch Neg   AA
M-3        761118WD6     AA-/Watch Neg  AA-
M-4        761118WE4     A+/Watch Neg   A+
M-5        761118WF1     A/Watch Neg    A
M-6        761118WG9     A-/Watch Neg   A-
M-7        761118WH7     BB/Watch Neg   BB
M-8        761118WJ3     B/Watch Neg    B

RALI Series 2006-QO3 Trust
Series 2006-QO3
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
A-3        761118WR5     AAA/Watch Neg  AAA
M-1        761118WS3     AA+/Watch Neg  AA+
M-2        761118WT1     AA/Watch Neg   AA
M-3        761118WU8     AA-/Watch Neg  AA-
M-4        761118WV6     A+/Watch Neg   A+
M-5        761118WW4     A+/Watch Neg   A+
M-6        761118WX2     A/Watch Neg    A
M-7        761118WY0     BBB+/Watch Neg BBB+
M-8        761118WZ7     BB/Watch Neg   BB

RALI Series 2006-QO4 Trust
Series 2006-QO4
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
M-1        75114GAF6     AA+/Watch Neg  AA+
M-2        75114GAG4     A/Watch Neg    A
M-3        75114GAH2     A-/Watch Neg   A-
M-4        75114GAJ8     BBB/Watch Neg  BBB
M-5        75114GAK5     BBB-/Watch Neg BBB-
M-6        75114GAL3     BB/Watch Neg   BB
M-7        75114GAM1     BB/Watch Neg   BB
M-8        75114GAN9     B/Watch Neg    B

RALI Series 2006-QO7 Trust
Series 2006-QO7
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
I-A-3      751150AC7     A/Watch Neg    A
II-A-3     751150AF0     A/Watch Neg    A
III-A-4    751150AK9     A/Watch Neg    A
M-1        751150AS2     B/Watch Neg    B

RALI Series 2006-QO8 Trust
Series 2006-QO8
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
I-A1B      75115FAB6     AAA/Watch Neg  AAA
I-A3B      75115FAE0     AAA/Watch Neg  AAA
I-A4B      75115FAR1     AAA/Watch Neg  AAA
II-A       75115FAT7     AAA/Watch Neg  AAA
M-1        75115FAF7     AA/Watch Neg   AA
M-2        75115FAG5     BBB/Watch Neg  BBB
M-3        75115FAH3     BBB/Watch Neg  BBB
M-4        75115FAJ9     B/Watch Neg    B
M-5        75115FAK6     BBB-/Watch Neg BBB-
M-6        75115FAL4     B/Watch Neg    B

RALI Series 2006-QO9 Trust
Series 2006-QO9
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
I-A1BU     75115HAW6     AAA/Watch Neg  AAA
I-A3BU     75115HAZ9     AAA/Watch Neg  AAA
II-A       75115HAB2     AAA/Watch Neg  AAA
M-1        75115HAC0     AA/Watch Neg   AA
M-2        75115HAD8     BBB/Watch Neg  BBB
M-3        75115HAE6     BB/Watch Neg   BB
M-4        75115HAF3     B/Watch Neg    B
M-5        75115HAG1     B/Watch Neg    B
M-6        75115HAH9     B/Watch Neg    B
M-7        75115HAJ5     B/Watch Neg    B

RALI Series 2007-QH1 Trust
Series 2007-QH1
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
A-3        74922HAC6     AAA/Watch Neg  AAA
M-1        74922HAD4     AA/Watch Neg   AA
M-2        74922HAE2     AA-/Watch Neg  AA-
M-3        74922HAF9     A-/Watch Neg   A-
M-4        74922HAG7     BBB/Watch Neg  BBB
M-5        74922HAH5     BB+/Watch Neg  BB+

RALI Series 2007-QH2 Trust
Series 2007-QH2
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
A-3        74922JAC2     AAA/Watch Neg  AAA
M-1        74922JAD0     AA/Watch Neg   AA
M-2        74922JAE8     AA-/Watch Neg  AA-
M-3        74922JAF5     A+/Watch Neg   A+
M-4        74922JAG3     BBB+/Watch Neg BBB+
M-5        74922JAH1     BBB-/Watch Neg BBB-
M-6        74922JAJ7     BB/Watch Neg   BB

RALI Series 2007-QH3 Trust
Series 2007-QH3
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
A-3        74922WAC3     AAA/Watch Neg  AAA
M-1        74922WAD1     AA+/Watch Neg  AA+
M-2        74922WAE9     AA/Watch Neg   AA
M-3        74922WAF6     AA-/Watch Neg  AA-
M-4        74922WAG4     A+/Watch Neg   A+
M-5        74922WAH2     A/Watch Neg    A
M-6        74922WAJ8     BBB-/Watch Neg BBB-

RALI Series 2007-QH4 Trust
Series 2007-QH4
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
A-3        74922TAC0     AAA/Watch Neg  AAA
M-1        74922TAD8     AA+/Watch Neg  AA+
M-2        74922TAE6     AA/Watch Neg   AA
M-3        74922TAF3     AA-/Watch Neg  AA-
M-4        74922TAG1     A+/Watch Neg   A+
M-5        74922TAH9     BBB+/Watch Neg BBB+
M-6        74922TAJ5     BBB-/Watch Neg BBB-
M-7        74922TAK2     BB/Watch Neg   BB
M-8        74922TAL0     BB-/Watch Neg  BB-
B          74922TAM8     B/Watch Neg    B

RALI Series 2007-QH5 Trust
Series 2007-QH5
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
A-I-3      75116EAC6     AAA/Watch Neg  AAA
A-II       75116EAD4     AAA/Watch Neg  AAA
M-1        75116EAE2     AA+/Watch Neg  AA+
M-2        75116EAF9     AA/Watch Neg   AA
M-3        75116EAG7     A+/Watch Neg   A+
M-4        75116EAH5     BBB+/Watch Neg BBB+
M-5        75116EAJ1     BBB/Watch Neg  BBB
M-6        75116EAK8     BB+/Watch Neg  BB+

RALI Series 2007-QH6 Trust
Series 2007-QH6
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
A-3        74922AAC1     AAA/Watch Neg  AAA
M-1        74922AAD9     AA+/Watch Neg  AA+
M-2        74922AAE7     AA/Watch Neg   AA
M-3        74922AAF4     A+/Watch Neg   A+
M-4        74922AAG2     A/Watch Neg    A
M-5        74922AAH0     BBB/Watch Neg  BBB
M-6        74922AAJ6     BB/Watch Neg   BB
M-7        74922AAK3     B/Watch Neg    B

RALI Series 2007-QO1 Trust
Series 2007-QO1
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
A-3        75115YAC3     AAA/Watch Neg  AAA
M-1        75115YAD1     AA+/Watch Neg  AA+
M-2        75115YAE9     AA/Watch Neg   AA
M-3        75115YAF6     AA-/Watch Neg  AA-
M-4        75115YAG4     A+/Watch Neg   A+
M-5        75115YAH2     A/Watch Neg    A
M-6        75115YAJ8     BBB-/Watch Neg BBB-
M-7        75115YAK5     B/Watch Neg    B

RALI Series 2007-QO2 Trust
Series 2007-QO2
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
A-3        75116AAC4     AAA/Watch Neg  AAA
M-1        75116AAD2     AA+/Watch Neg  AA+
M-2        75116AAE0     AA/Watch Neg   AA
M-3        75116AAF7     AA-/Watch Neg  AA-
M-4        75116AAG5     A+/Watch Neg   A+
M-5        75116AAH3     A-/Watch Neg   A-
M-6        75116AAJ9     BBB-/Watch Neg BBB-
M-7        75116AAK6     B/Watch Neg    B

RALI Series 2007-QO3 Trust
Series 2007-QO3
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
M-1        74923TAD7     AA+/Watch Neg  AA+
M-2        74923TAE5     AA/Watch Neg   AA
M-3        74923TAF2     AA-/Watch Neg  AA-
M-4        74923TAG0     A+/Watch Neg   A+
M-5        74923TAH8     A/Watch Neg    A
M-6        74923TAJ4     A-/Watch Neg   A-
M-7        74923TAK1     BBB+/Watch Neg BBB+
M-8        74923TAL9     BBB/Watch Neg  BBB
M-9        74923TAM7     BB+/Watch Neg  BB+

RALI Series 2007-QO4 Trust
Series 2007-QO4
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
A-3        74923LAD4     AAA/Watch Neg  AAA
M-1        74923LAE2     AA+/Watch Neg  AA+
M-2        74923LAF9     AA/Watch Neg   AA
M-3        74923LAG7     AA-/Watch Neg  AA-
M-4        74923LAH5     A+/Watch Neg   A+
M-5        74923LAJ1     A-/Watch Neg   A-
M-6        74923LAK8     A-/Watch Neg   A-
M-8        74923LAM4     BB/Watch Neg   BB
M-9        74923LAN2     BB-/Watch Neg  BB-
M-7        74923LAL6     BB+/Watch Neg  BB+


WaMu Mortgage Pass-Through Certificates Series 2006-AR3 Trust
Series 2006-AR3
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
B-4        92925CDJ8     A+/Watch Neg   A+
B-5        92925CDK5     A/Watch Neg    A
B-6        92925CDL3     A-/Watch Neg   A-
B-7        92925CDM1     BBB+/Watch Neg BBB+
B-8        92925CDN9     BBB/Watch Neg  BBB
B-9        92925CDP4     BBB-/Watch Neg BBB-
B-10       92925CEB4     BB+/Watch Neg  BB+
B-11       92925CEC2     BB/Watch Neg   BB
B-12       92925CED0     BB-/Watch Neg  BB-
B-13       92925CEE8     B/Watch Neg    B

WaMu Mortgage Pass-Through Certificates Series 2006-AR7 Trust
Series 2006-AR7
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
B-2        93363CAM1     B/Watch Neg    B
B-3        93363CAN9     B/Watch Neg    B

WaMu Mortgage Pass-Through Certificates Series 2007-OA1 Trust
Series 2007-OA1
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
B-2        92926WAG2     A/Watch Neg    A
B-3        92926WAH0     BBB/Watch Neg  BBB
B-4        92926WAJ6     BB/Watch Neg   BB
B-5        92926WAK3     B/Watch Neg    B
B-6        92926WAL1     B/Watch Neg    B

WaMu Mortgage Pass-Through Certificates Series 2007-OA2 Trust
Series 2007-OA2
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
B-2        933635AJ3     AA/Watch Neg   AA
B-3        933635AK0     A/Watch Neg    A
B-4        933635AL8     BB/Watch Neg   BB
B-5        933635AM6     B/Watch Neg    B
B-6        933635AN4     B/Watch Neg    B

WaMu Mortgage Pass-Through Certificates Series 2007-OA3 Trust
Series 2007-OA03
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
B-2        93364AAK8     BBB-/Watch Neg BBB-
B-3        93364AAL6     BB+/Watch Neg  BB+

WaMu Mortgage Pass-Through Certificates Series 2007-OA4 Trust
Series 2007-OA4
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
B-2        93364CAJ7     BBB/Watch Neg  BBB
B-3        93364CAK4     BBB-/Watch Neg BBB-

WaMu Mortgage Pass-Through Certificates Series 2007-OA5 Trust
Series 2007-OA5
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
B-1        93364BAH3     BBB+/Watch Neg BBB+
B-2        93364BAJ9     BB/Watch Neg   BB
B-3        93364BAK6     BB-/Watch Neg  BB-
B-4        93364BAL4     B/Watch Neg    B

WaMu Mortgage Pass-Through Certificates, Series 2006-AR9
Series 2006-AR9
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
B3         93363DAM9     AA-/Watch Neg  AA-
B4         93363DAN7     A+/Watch Neg   A+
B5         93363DAP2     A/Watch Neg    A
B6         93363DAQ0     A-/Watch Neg   A-
B7         93363DAR8     BBB+/Watch Neg BBB+
B8         93363DAS6     BB/Watch Neg   BB
B9         93363DAT4     B/Watch Neg    B

Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-
AR1 Trust
Series 2006-AR1
                              Rating
                              ------
Class      CUSIP         To             From
-----      -----         --             ----
A-1C       93934FJS2     AA/Watch Neg   AA
B-1        93934FJV5     B/Watch Neg    B


* S&P: Consumer Discretionary & Auto Sectors Leads Debt Market
--------------------------------------------------------------
Recent turmoil in the financial markets related to investment banks,
mortgage giants, and insurance companies is having repercussions far
and
wide, from Wall Street to Main Street,
according to an article published by Standard & Poor's.
     
The financial landscape is now characterized by widespread deleveraging
and continued tightening of lending as the speculative-grade corporate
spread hit 844 basis points on
Sept. 22.  Given these conditions, it comes as no surprise that another
measure of corporate stress within the credit markets--the Standard &
Poor's distress ratio--is also on the rise, hitting
29% on Sept. 15.
     
In September, the number of distressed issues rose to 374, with more
than
$190 billion in outstanding debt, attributable to 221 rated companies,
according to the article, titled "U.S. Credit Comment: The Top Of The
(Scrap) Heap-Leaders In The Distressed Debt Market."
     
"Within this pool of firms are those whose debt characteristics put
them
in dire circumstances, and should they default, the dollar amounts
affected would be in the billions," said Diane Vazza, head of Standard
&
Poor's Global Fixed Income Research Group.  From strictly a credit
perspective, issues trading at levels far in advance of the 1,000-bp
threshold pose the greatest
risk of default because of either recent sell-offs or a lack of buyers.

When looking at the distressed market purely from a credit perspective,
consumer discretionary firms lead the way, with issues trading at the
most elevated levels.  However, when considering the total distressed
debt outstanding, the distressed market is heavily concentrated on two
major automotive firms and their subsidiaries.


* S&P: Capital Goods Shift to Lower Gear as Global Growth Slows
---------------------------------------------------------------
U.S. capital goods companies are beginning to feel the pinch of weaker
economic times, according to a commentary published by Standard &
Poor's
Ratings Services.  Steady demand for capital equipment and industrial
componentry in late-cycle end markets combined with resilience from
Europe and emerging economies had
cushioned these companies from the impact of the U.S. economic
slowdown.  
But with a faster-than-expected contraction reported across Western
Europe and Japan in the second quarter and decelerating growth rates in
Eastern European and Asian economies, capital goods companies may not
be
able to rely on these markets for continued growth, according to the
report, "The U.S. Capital Goods Sector Shifts To A Lower Gear As Global
Growth Slows."
      
"We expect that weakening demand in the second half of 2008 and into
2009
will constrain the outlook for the capital goods sector, but the
deceleration should be gradual," said Standard & Poor's credit analyst
Peter Kelly.  Prospects for growth in Asia remain positive, and it
could
take a number of quarters for the slowdown to work through still
healthy
backlogs in many areas.  Earnings and cash flows should also, despite
the
expected slowdown in order intake, continue to benefit from more stable
aftermarket and service revenues and efforts to adjust cost structures
and capital spending plans to the weaker environment.
     
The report notes that turbulence in the financial markets is a more
immediate risk because it will likely continue to constrain
availability
of credit, increase counterparty risk, and ultimately may tighten
liquidity for those issuers that need to tap the capital markets for
either debt refinancing, financial covenant relief, or even working
capital funding.  S&P's review of capital goods issuers indicates that
the sector is not the most vulnerable at this stage compared with other
sectors.  Nevertheless, in early
September S&P recorded the first default in the capital goods sector
since the beginning of the credit crisis, and it will continue to
monitor
developments and any effects on credit quality.


* S&P: Composite Credit Spread Hits 314 Bps, Highest in Five Yrs
----------------------------------------------------------------
Standard & Poor's U.S. investment-grade composite credit spread widened
to 314 basis points, the widest spread in more than five years.  By
rating category, all investment-grade spreads widened by more than 10
bps, with the 'AA' spread at 313 bps and the 'A' and 'BBB' spreads both
at five-year highs, 307 bps and 367
bps, respectively.  This trend is in line with industry spreads.
Financial institutions widened to 412 bps, a five-year high, and banks
widened to 551 bps, the third-highest spread in five years.
     
In the Standard & Poor's speculative-grade domain, the composite spread
widened to 853 bps, driven largely by a big jump in the 'CCC' spread to
1,505 bps.  The 'BB' and 'B' spreads widened about 8 bps each to 544
bps
and 928 bps, respectively.  The speculative-grade credit spread is
poised
for continued volatility, commensurate with an escalation in
speculative-
grade defaults over
the course of this year.


* BOND PRICING: For the Week of Sept. 22 - Sept. 26, 2008
---------------------------------------------------------
Issuer                   Coupon    Maturity   Bid Price
------                   ------    --------   ---------
ABC RAIL PRODUCT          10.5%    12/31/2004     99.98
ABC RAIL PRODUCT          10.5%    1/15/2004      99.98
ACCURIDE CORP              8.5%    2/1/2015       68.50
ADVANCED MED OPT          3.25%    8/1/2026       66.03
ADVANCED MED OPT          3.25%    8/1/2026       65.33
ADVANTA CAP TR            8.99%    12/17/2026     46.75
AHERN RENTALS             9.25%    8/15/2013      55.50
AIRTRAN HOLDINGS             7%    7/1/2023       62.00
ALERIS INTL INC             10%    12/15/2016     68.60
ALESCO FINANCIAL          7.63%    5/15/2027      52.00
ALION SCIENCE            10.25%    2/1/2015       65.03
ALLEGIANCE TEL           11.75%    2/15/2008       0.00
ALLEGIANCE TEL           12.88%    5/15/2008       0.00
AMBAC INC                 6.15%    2/7/2087       33.90
AMBASSADORS INTL          3.75%    4/15/2027      38.00
AMD                          6%    5/1/2015       49.20
AMD                       5.75%    8/15/2012      58.00
AMD                          6%    5/1/2015       46.68
AMER & FORGN PWR             5%    3/1/2030       44.75
AMER AXLE & MFG           7.88%    3/1/2017       55.00
AMER AXLE & MFG           5.25%    2/11/2014      60.00
AMER GENL CORP             7.5%    8/11/2010      60.00
AMER GENL FIN              4.5%    8/15/2010      38.25
AMER GENL FIN                8%    8/15/2010      62.00
AMER GENL FIN             4.63%    9/1/2010       74.50
AMER GENL FIN              4.6%    9/15/2010      44.06
AMER GENL FIN                5%    9/15/2010      65.18
AMER GENL FIN              5.2%    9/15/2010      26.01
AMER GENL FIN             4.25%    10/15/2010     34.01
AMER GENL FIN              4.6%    10/15/2010     34.02
AMER GENL FIN                5%    11/15/2010     54.00
AMER GENL FIN                5%    12/15/2010     48.07
AMER GENL FIN              5.5%    12/15/2010     31.50
AMER GENL FIN                5%    1/15/2011      25.01
AMER GENL FIN              4.4%    10/15/2008     51.00
AMER GENL FIN             3.35%    5/15/2009      50.51
AMER GENL FIN              4.4%    5/15/2009      25.26
AMER GENL FIN             4.63%    5/15/2009      71.50
AMER GENL FIN                4%    6/15/2009      53.13
AMER GENL FIN             4.35%    6/15/2009      44.89
AMER GENL FIN              4.4%    7/15/2009      60.00
AMER GENL FIN             5.38%    9/1/2009       74.25
AMER GENL FIN              4.3%    9/15/2009      50.03
AMER GENL FIN                5%    9/15/2009      64.05
AMER GENL FIN             3.88%    10/1/2009      61.00
AMER GENL FIN             4.55%    10/15/2009     46.97
AMER GENL FIN                4%    11/15/2009     60.07
AMER GENL FIN              4.6%    11/15/2009     59.88
AMER GENL FIN             4.13%    1/15/2010      69.50
AMER GENL FIN             4.88%    5/15/2010      50.00
AMER GENL FIN              4.3%    6/15/2010      65.00
AMER GENL FIN             4.75%    6/15/2010      28.88
AMER GENL FIN              5.2%    6/15/2010      51.50
AMER GENL FIN              4.3%    7/15/2010      40.55
AMER GENL FIN             5.35%    7/15/2010      60.04
AMER GENL FIN             6.25%    7/15/2010      50.15
AMER GENL FIN             5.25%    4/15/2011      25.01
AMER GENL FIN                4%    3/15/2011      30.70
AMER GENL FIN                5%    3/15/2011      25.26
AMER GENL FIN                7%    7/15/2015      25.25
AMER GENL FIN              5.5%    4/15/2011      26.00
AMER GENL FIN              5.2%    5/15/2011      27.88
AMER GENL FIN              5.6%    6/15/2011      40.00
AMER GENL FIN                6%    7/15/2011      25.01
AMER GENL FIN             6.25%    7/15/2011      31.50
AMER GENL FIN             6.25%    7/15/2011      43.00
AMER GENL FIN             8.15%    8/15/2011      20.10
AMER GENL FIN             5.63%    8/17/2011      60.10
AMER GENL FIN              4.3%    10/15/2011     25.89
AMER GENL FIN              5.2%    12/15/2011     37.90
AMER GENL FIN             4.63%    3/15/2012      30.60
AMER GENL FIN              5.2%    5/15/2012      55.00
AMER GENL FIN              5.5%    6/15/2012      45.00
AMER GENL FIN              4.1%    7/15/2012      30.26
AMER GENL FIN             4.88%    7/15/2012      31.90
AMER GENL FIN             5.38%    10/1/2012      29.38
AMER GENL FIN             5.25%    12/15/2012     40.00
AMER GENL FIN              5.5%    12/15/2012     40.00
AMER GENL FIN             4.25%    3/15/2013      44.93
AMER GENL FIN                6%    4/15/2013      25.26
AMER GENL FIN              5.4%    5/15/2013      26.00
AMER GENL FIN             5.85%    6/1/2013       30.50
AMER GENL FIN              5.4%    9/15/2013      30.26
AMER GENL FIN              5.5%    5/15/2014      26.26
AMER GENL FIN              5.4%    6/15/2014      30.63
AMER GENL FIN              5.5%    6/15/2014      30.26
AMER GENL FIN             5.55%    9/15/2014      50.10
AMER GENL FIN                6%    10/15/2014     41.88
AMER GENL FIN                6%    10/15/2014     30.00
AMER GENL FIN                6%    12/15/2014     46.60
AMER GENL FIN                6%    12/15/2014     36.00
AMER GENL FIN                6%    12/15/2014     49.00
AMER GENL FIN                6%    1/15/2015      41.75
AMER GENL FIN             7.25%    7/15/2015      41.00
AMER GENL FIN              7.5%    7/15/2015      25.25
AMER GENL FIN              5.4%    12/1/2015      50.50
AMER GENL FIN             5.75%    9/15/2016      40.49
AMER GENL FIN              6.9%    12/15/2017     45.00
AMER GENL INSTIT          7.57%    12/1/2045      19.85
AMER INTL GROUP            5.6%    10/18/2016     35.00
AMER INTL GROUP           5.45%    5/18/2017      53.50
AMER INTL GROUP           5.85%    1/16/2018      52.37
AMER INTL GROUP           5.38%    10/18/2011     59.10
AMER INTL GROUP           8.25%    8/15/2018      56.80
AMER INTL GROUP           6.25%    3/15/2037      12.00
AMER INTL GROUP           4.95%    3/20/2012      46.90
AMER INTL GROUP           4.88%    3/15/2067      17.47
AMER INTL GROUP           7.25%    6/27/2022      28.00
AMER INTL GROUP           5.05%    10/1/2015      55.50
AMER INTL GROUP           4.25%    5/15/2013      58.00
AMER INTL GROUP           6.25%    5/1/2036       48.50
AMER INTL GROUP           5.75%    3/15/2067      49.93
AMERICREDIT CORP          0.75%    9/15/2011      58.03
AMERICREDIT CORP          2.13%    9/15/2013      59.75
AMES TRUE TEMPER            10%    7/15/2012      49.00
AMR CORP                  10.4%    3/10/2011      81.70
AMR CORP                   9.2%    1/30/2012      68.90
AMR CORP                     9%    8/1/2012       68.56
AMR CORP                     9%    9/15/2016      49.00
AMR CORP                  10.2%    3/15/2020      62.78
AMR CORP                 10.15%    5/15/2020      49.95
AMR CORP                  9.88%    6/15/2020      45.00
AMR CORP                 10.29%    3/8/2021       40.50
AMR CORP                    10%    4/15/2021      63.67
AMR CORP                  9.75%    8/15/2021      45.00
AMR CORP                   9.8%    10/1/2021      51.50
ANTIGENICS                5.25%    2/1/2025       30.50
ASBURY AUTO GRP           7.63%    3/15/2017      67.38
ASBURY AUTO GRP              3%    9/15/2012      58.25
ASHTON WOODS USA           9.5%    10/1/2015      58.25
ASPECT MEDICAL             2.5%    6/15/2014      57.25
ATHEROGENICS INC           4.5%    3/1/2011       11.50
ATHEROGENICS INC           4.5%    9/1/2008       11.50
ATHEROGENICS INC           1.5%    2/1/2012       11.50
AVENTINE RENEW              10%    4/1/2017       55.00
AVIS BUDGET CAR           7.63%    5/15/2014      71.00
AVIS BUDGET CAR           7.75%    5/15/2016      63.75
BALLY TOTAL FITN            13%    7/15/2011      17.00
BANK NEW ENGLAND          9.88%    9/15/1999       3.00
BANK NEW ENGLAND          8.75%    4/1/1999        5.75
BANK OF AMER CRP           4.5%    6/15/2028      68.38
BANK UNITED                  8%    3/15/2009       0.25
BANKUNITED CAP            3.13%    3/1/2034       22.90
BAUSCH & LOMB             7.13%    8/1/2028       66.50
BB&T CAPT TR IV           6.82%    6/12/2057      69.00
BBN CORP                     6%    4/1/2012        0.01
BEARINGPOINT INC           4.1%    12/15/2024     32.73
BEAZER HOMES USA          6.88%    7/15/2015      64.00
BEAZER HOMES USA           6.5%    11/15/2013     64.50
BEAZER HOMES USA          8.13%    6/15/2016      67.50
BERRY PLASTICS           10.25%    3/1/2016       71.00
BOISE CASCADE             7.13%    10/15/2014     68.25
BON-TON DEPT STR         10.25%    3/15/2014      31.50
BORDEN INC                8.38%    4/15/2016      44.00
BORDEN INC                 9.2%    3/15/2021      60.00
BORDEN INC                7.88%    2/15/2023      53.00
BOWATER INC               9.38%    12/15/2021     45.88
BOWATER INC                9.5%    10/15/2012     50.00
BOWATER INC                6.5%    6/15/2013      40.88
BRODER BROS CO           11.25%    10/15/2010     66.13
BUDGET GROUP INC          9.13%    4/1/2006        0.06
BUFFETS INC               12.5%    11/1/2014       1.50
BURLINGTON COAT          11.13%    4/15/2014      61.00
BURLINGTON NORTH           3.2%    1/1/2045       49.61
CAPITAL 1 IV              6.75%    2/17/2037      50.02
CAPITAL ONE III           7.69%    8/15/2036      46.50
CCH I LLC                   10%    5/15/2014      38.00
CCH I LLC                11.13%    1/15/2014      45.00
CCH I LLC                 9.92%    4/1/2014       44.00
CCH I/CCH I CP              11%    10/1/2015      68.25
CCH I/CCH I CP              11%    10/1/2015      66.50
CELL GENESYS INC          3.13%    11/1/2011      41.50
CELL THERAPEUTIC          5.75%    12/15/2011     10.25
CHAMPION ENTERPR          2.75%    11/1/2037      61.76
CHANDLER USA INC          8.75%    7/16/2014      70.00
CHARMING SHOPPES          1.13%    5/1/2014       64.95
CHARTER COMM HLD         11.13%    1/15/2011      49.68
CHARTER COMM HLD         11.75%    5/15/2011      65.00
CHARTER COMM HLD            10%    5/15/2011      54.00
CHARTER COMM INC           6.5%    10/1/2027      36.05
CHENIERE ENERGY           2.25%    8/1/2012       16.00
CHS ELECTRONICS           9.88%    4/15/2005      99.98
CIENA CORP                0.88%    6/15/2017      50.33
CIENA CORP                0.25%    5/1/2013       60.75
CIRCUS CIRCUS             7.63%    7/15/2013      71.30
CIT GROUP INC                6%    4/1/2036       41.00
CIT GROUP INC              5.4%    3/7/2013       47.82
CIT GROUP INC             7.25%    3/15/2013      68.68
CIT GROUP INC              7.9%    3/15/2013      45.00
CIT GROUP INC                5%    2/13/2014      53.40
CIT GROUP INC             5.13%    9/30/2014      51.00
CIT GROUP INC                5%    2/1/2015       55.02
CIT GROUP INC              5.8%    12/15/2015     45.10
CIT GROUP INC              5.4%    1/30/2016      55.15
CIT GROUP INC             5.85%    9/15/2016      44.75
CIT GROUP INC             5.95%    9/15/2016      45.00
CIT GROUP INC             6.05%    9/15/2016      26.00
CIT GROUP INC                6%    11/15/2016     30.62
CIT GROUP INC              5.8%    12/15/2016     29.73
CIT GROUP INC             5.65%    2/13/2017      42.00
CIT GROUP INC             6.25%    11/15/2017     59.76
CIT GROUP INC             6.15%    9/15/2021      23.73
CIT GROUP INC             6.25%    9/15/2021      49.00
CIT GROUP INC             6.25%    11/15/2021     39.10
CIT GROUP INC             5.95%    2/15/2022      33.50
CIT GROUP INC             5.85%    3/15/2022      39.50
CIT GROUP INC              5.9%    3/15/2022      46.50
CIT GROUP INC                6%    5/15/2022      44.55
CIT GROUP INC             6.75%    12/15/2022     71.30
CIT GROUP INC              6.1%    3/15/2067      39.75
CIT GROUP INC             4.25%    2/1/2010       60.90
CIT GROUP INC              5.2%    11/3/2010      57.00
CIT GROUP INC             5.25%    11/15/2010     54.96
CIT GROUP INC             4.75%    12/15/2010     50.05
CIT GROUP INC              6.5%    3/15/2011      64.50
CIT GROUP INC             6.75%    3/15/2011      70.00
CIT GROUP INC              5.6%    4/27/2011      62.00
CIT GROUP INC              5.8%    7/28/2011      49.90
CIT GROUP INC             5.25%    11/15/2011     68.00
CIT GROUP INC              5.4%    2/13/2012      49.82
CIT GROUP INC             7.63%    11/30/2012     61.82
CITIGROUP INC              8.4%    #N/A N Ap      61.00
CITIGROUP INC             5.88%    2/22/2033      73.47
CITIGROUP INC             5.88%    5/29/2037      77.14
CITIGROUP INC             6.13%    8/25/2036      65.00
CITIZENS UTIL CO             7%    11/1/2025      58.58
CITIZENS UTIL CO           6.8%    8/15/2026      66.00
CITIZENS UTIL CO          7.45%    7/1/2035       58.00
CITIZENS UTIL CO          7.05%    10/1/2046      49.50
CLAIRE'S STORES           9.25%    6/1/2015       44.00
CLAIRE'S STORES           9.63%    6/1/2015       30.00
CLAIRE'S STORES           10.5%    6/1/2017       36.63
CLEAR CHANNEL              5.5%    9/15/2014      40.00
CLEAR CHANNEL              4.9%    5/15/2015      38.46
CLEAR CHANNEL              5.5%    12/15/2016     38.40
CLEAR CHANNEL             6.88%    6/15/2018      43.20
CLEAR CHANNEL             7.25%    10/15/2027     42.50
CLEAR CHANNEL                5%    3/15/2012      56.50
CLEAR CHANNEL             5.75%    1/15/2013      50.24
CLEAR CHANNEL              4.4%    5/15/2011      65.00
CMP SUSQUEHANNA           9.88%    5/15/2014      63.50
COEUR D'ALENE             3.25%    3/15/2028      59.00
COGENT COMMUNICA             1%    6/15/2027      49.95
COLLINS & AIKMAN         10.75%    12/31/2011      0.00
COLUMBIA/HCA               7.5%    11/15/2095     68.50
COMERICA BANK             5.75%    11/21/2016     68.50
COMERICA CAP TR           6.58%    2/20/2037      39.50
COMPUCREDIT               3.63%    5/30/2025      33.15
COMPUCREDIT               5.88%    11/30/2035     27.88
CONSTAR INTL                11%    12/1/2012      20.00
COOPER TIRE&RUBR          7.63%    3/15/2027      71.07
COOPER-STANDARD           8.38%    12/15/2014     62.00
CROWN CORK &SEAL           7.5%    12/15/2096     69.11
DARDEN RESTAUR               6%    8/15/2035      70.05
DECODE GENETICS            3.5%    4/15/2011      32.10
DELPHI CORP                6.2%    11/15/2033      0.88
DELPHI CORP               8.25%    10/15/2033      0.06
DELPHI CORP                6.5%    8/15/2013      12.00
DELTA AIR LINES              8%    12/1/2015      45.75
DELTA MILLS INC           9.63%    9/1/2007        9.00
DEX MEDIA INC                8%    11/15/2013     53.50
DILLARDS INC                 7%    12/1/2028      58.00
DIVA SYSTEMS             12.63%    3/1/2008        0.00
ENCOMPASS SERVIC          10.5%    5/1/2009        0.01
EPICOR SOFTWARE           2.38%    5/15/2027      62.37
EPIX MEDICAL INC             3%    6/15/2024      60.75
EVERGREEN SOLAR              4%    7/15/2013      58.75
EXODUS COMM INC           4.75%    7/15/2008       0.01
EXODUS COMM INC          11.63%    7/15/2010       0.01
EXODUS COMM INC           5.25%    2/15/2008       0.01
EXPRESSJET HLDS          11.25%    8/1/2023       60.00
FEDDERS NORTH AM          9.88%    3/1/2014        1.25
FIBERTOWER CORP              9%    11/15/2012     65.00
FIFTH THIRD BANC           4.5%    6/1/2018       63.00
FIFTH THIRD BANK          4.75%    2/1/2015       69.55
FIFTH THIRD BANK          8.25%    3/1/2038       70.00
FIFTH THIRD CAP            6.5%    4/15/2037      43.00
FIN SEC ASSUR              6.4%    12/15/2066     60.17
FINLAY FINE JWLY          8.38%    6/1/2012       14.00
FINOVA GROUP               7.5%    11/15/2009     11.50
FIRST DATA CORP           5.63%    11/1/2011      40.60
FIRST DATA CORP            4.7%    8/1/2013       54.90
FIRST DATA CORP           4.95%    6/15/2015      54.18
FIRST DATA CORP           4.85%    10/1/2014      35.00
FIRST TEN CAP II           6.3%    4/15/2034      72.00
FIRST TENN CAP            8.07%    1/6/2027       56.00
FIRST UNION CORP          6.55%    10/15/2035     59.02
FIRST UNION INST          8.04%    12/1/2026      15.00
FIVE STAR QUALIT          3.75%    10/15/2026     61.50
FORD HOLDINGS             9.38%    3/1/2020       40.47
FORD HOLDINGS              9.3%    3/1/2030       53.43
FORD MOTOR CO              6.5%    8/1/2018       40.50
FORD MOTOR CO              7.7%    5/15/2097      41.87
FORD MOTOR CO             9.22%    9/15/2021      50.46
FORD MOTOR CO             8.88%    1/15/2022      50.10
FORD MOTOR CO             7.13%    11/15/2025     37.00
FORD MOTOR CO              7.5%    8/1/2026       40.00
FORD MOTOR CO             6.63%    2/15/2028      33.00
FORD MOTOR CO             6.63%    10/1/2028      33.50
FORD MOTOR CO             6.38%    2/1/2029       31.02
FORD MOTOR CO             9.98%    2/15/2047      43.76
FORD MOTOR CO             7.45%    7/16/2031      54.50
FORD MOTOR CO              8.9%    1/15/2032      45.00
FORD MOTOR CO             9.95%    2/15/2032      54.00
FORD MOTOR CO              7.4%    11/1/2046      37.00
FORD MOTOR CO             4.25%    12/15/2036     61.50
FORD MOTOR CO             7.75%    6/15/2043      41.29
FORD MOTOR CRED           6.15%    5/20/2011      70.00
FORD MOTOR CRED            6.2%    5/20/2011      62.60
FORD MOTOR CRED            6.1%    6/20/2011      68.64
FORD MOTOR CRED            6.2%    6/20/2011      64.79
FORD MOTOR CRED           6.25%    6/20/2011      69.19
FORD MOTOR CRED           5.65%    7/20/2011      57.00
FORD MOTOR CRED           5.85%    7/20/2011      73.92
FORD MOTOR CRED            5.9%    7/20/2011      58.25
FORD MOTOR CRED           5.55%    8/22/2011      62.66
FORD MOTOR CRED            5.6%    8/22/2011      57.10
FORD MOTOR CRED           5.75%    8/22/2011      53.75
FORD MOTOR CRED            5.8%    8/22/2011      67.00
FORD MOTOR CRED            5.4%    9/20/2011      55.64
FORD MOTOR CRED           5.25%    9/20/2011      46.00
FORD MOTOR CRED           5.55%    9/20/2011      64.41
FORD MOTOR CRED            5.5%    9/20/2011      67.00
FORD MOTOR CRED            5.4%    10/20/2011     60.13
FORD MOTOR CRED            5.6%    9/20/2011      64.13
FORD MOTOR CRED           5.45%    10/20/2011     57.26
FORD MOTOR CRED            5.4%    10/20/2011     60.46
FORD MOTOR CRED           7.25%    10/25/2011     63.00
FORD MOTOR CRED            5.5%    10/20/2011     65.00
FORD MOTOR CRED            5.6%    11/21/2011     67.00
FORD MOTOR CRED           7.35%    11/7/2011      47.00
FORD MOTOR CRED           5.65%    12/20/2011     53.07
FORD MOTOR CRED            5.6%    11/21/2011     46.83
FORD MOTOR CRED           5.75%    12/20/2011     48.50
FORD MOTOR CRED            5.7%    12/20/2011     65.37
FORD MOTOR CRED           5.85%    1/20/2012      64.19
FORD MOTOR CRED            5.7%    1/20/2012      63.85
FORD MOTOR CRED            7.3%    1/23/2012      45.49
FORD MOTOR CRED              6%    1/20/2012      54.00
FORD MOTOR CRED            5.9%    2/21/2012      63.72
FORD MOTOR CRED           5.75%    2/21/2012      61.40
FORD MOTOR CRED           6.05%    3/20/2012      59.81
FORD MOTOR CRED           6.25%    2/21/2012      46.72
FORD MOTOR CRED            6.6%    3/20/2012      53.30
FORD MOTOR CRED           6.25%    3/20/2012      65.74
FORD MOTOR CRED            7.8%    6/1/2012       64.00
FORD MOTOR CRED           7.35%    5/15/2012      46.41
FORD MOTOR CRED           6.52%    3/10/2013      57.00
FORD MOTOR CRED              7%    8/15/2012      45.33
FORD MOTOR CRED           7.05%    9/20/2013      50.84
FORD MOTOR CRED           6.85%    9/20/2013      39.87
FORD MOTOR CRED            7.1%    9/20/2013      53.30
FORD MOTOR CRED            7.1%    9/20/2013      53.00
FORD MOTOR CRED            6.6%    10/21/2013     39.00
FORD MOTOR CRED              7%    10/1/2013      62.50
FORD MOTOR CRED           6.75%    10/21/2013     45.86
FORD MOTOR CRED           6.65%    10/21/2013     46.35
FORD MOTOR CRED           6.25%    12/20/2013     43.50
FORD MOTOR CRED           6.25%    12/20/2013     45.90
FORD MOTOR CRED           6.55%    12/20/2013     43.25
FORD MOTOR CRED            6.5%    12/20/2013     49.50
FORD MOTOR CRED           5.75%    1/21/2014      47.88
FORD MOTOR CRED           5.65%    1/21/2014      52.80
FORD MOTOR CRED           5.75%    2/20/2014      50.00
FORD MOTOR CRED              6%    1/21/2014      44.00
FORD MOTOR CRED            5.9%    2/20/2014      55.75
FORD MOTOR CRED           5.75%    2/20/2014      36.45
FORD MOTOR CRED              6%    3/20/2014      45.00
FORD MOTOR CRED           6.05%    2/20/2014      62.00
FORD MOTOR CRED              6%    3/20/2014      42.96
FORD MOTOR CRED              6%    3/20/2014      41.25
FORD MOTOR CRED           6.05%    3/20/2014      38.45
FORD MOTOR CRED              6%    3/20/2014      41.00
FORD MOTOR CRED            6.2%    4/21/2014      40.59
FORD MOTOR CRED           6.05%    4/21/2014      41.90
FORD MOTOR CRED           6.35%    4/21/2014      36.78
FORD MOTOR CRED           6.25%    4/21/2014      39.00
FORD MOTOR CRED            6.3%    5/20/2014      36.00
FORD MOTOR CRED            6.3%    5/20/2014      41.00
FORD MOTOR CRED           6.95%    5/20/2014      45.00
FORD MOTOR CRED           6.85%    5/20/2014      42.63
FORD MOTOR CRED           6.75%    6/20/2014      41.50
FORD MOTOR CRED           6.65%    6/20/2014      51.64
FORD MOTOR CRED            6.8%    6/20/2014      40.50
FORD MOTOR CRED            6.8%    6/20/2014      44.12
FORD MOTOR CRED           6.55%    7/21/2014      44.83
FORD MOTOR CRED           6.85%    6/20/2014      51.25
FORD MOTOR CRED              6%    11/20/2014     49.29
FORD MOTOR CRED              6%    11/20/2014     39.30
FORD MOTOR CRED           6.05%    12/22/2014     37.64
FORD MOTOR CRED              6%    11/20/2014     43.70
FORD MOTOR CRED           6.05%    12/22/2014     39.77
FORD MOTOR CRED           6.05%    12/22/2014     40.00
FORD MOTOR CRED              6%    1/20/2015      39.15
FORD MOTOR CRED           6.15%    12/22/2014     40.42
FORD MOTOR CRED           6.25%    1/20/2015      38.00
FORD MOTOR CRED           6.15%    1/20/2015      46.30
FORD MOTOR CRED           6.05%    2/20/2015      32.57
FORD MOTOR CRED              6%    2/20/2015      30.66
FORD MOTOR CRED            6.5%    2/20/2015      31.78
FORD MOTOR CRED            6.1%    2/20/2015      33.47
FORD MOTOR CRED           6.25%    3/20/2015      33.55
FORD MOTOR CRED            6.2%    3/20/2015      50.00
FORD MOTOR CRED            6.8%    3/20/2015      42.19
FORD MOTOR CRED            6.5%    3/20/2015      50.60
FORD MOTOR CRED            7.3%    4/20/2015      50.66
FORD MOTOR CRED           7.35%    3/20/2015      43.00
FORD MOTOR CRED           7.35%    9/15/2015      46.44
FORD MOTOR CRED            7.9%    5/18/2015      55.75
FORD MOTOR CRED              8%    12/15/2016     66.50
FORD MOTOR CRED           7.55%    9/30/2015     100.40
FORD MOTOR CRED           7.25%    7/20/2017      45.04
FORD MOTOR CRED           7.25%    7/20/2017      40.00
FORD MOTOR CRED            6.4%    8/20/2010      62.19
FORD MOTOR CRED            7.4%    8/21/2017      53.00
FORD MOTOR CRED           6.15%    9/20/2010      61.65
FORD MOTOR CRED           5.75%    10/20/2010     59.69
FORD MOTOR CRED            5.6%    12/20/2010     62.01
FORD MOTOR CRED           5.65%    12/20/2010     57.33
FORD MOTOR CRED           7.38%    2/1/2011       67.02
FORD MOTOR CRED              5%    2/22/2011      69.21
FORD MOTOR CRED            5.1%    2/22/2011      68.98
FORD MOTOR CRED            5.2%    3/21/2011      63.00
FORD MOTOR CRED            5.2%    3/21/2011      67.93
FORD MOTOR CRED           5.25%    3/21/2011      58.72
FORD MOTOR CRED           5.25%    3/21/2011      59.00
FORD MOTOR CRED            5.3%    3/21/2011      68.96
FORD MOTOR CRED           5.45%    4/20/2011      58.99
FORD MOTOR CRED            5.5%    4/20/2011      67.65
FORD MOTOR CRED            5.6%    4/20/2011      68.00
FORD MOTOR CRED            5.7%    5/20/2011      69.00
FORD MOTOR CRED            7.5%    8/20/2032      45.38
FORD MOTOR CRED              6%    6/21/2010      63.35
FORD MOTOR CRED            6.3%    5/20/2010      75.71
FORD MOTOR CRED           5.95%    5/20/2010      65.62
FORD MOTOR CRED           6.05%    9/20/2010      61.00
FRANKLIN BANK              4.5%    5/1/2027       26.50
FREMONT GEN CORP          7.88%    3/17/2009      45.00
FRONTIER AIRLINE             5%    12/15/2025     25.00
GEN ELEC CAP CRP          5.05%    7/15/2034      82.00
GEN ELEC CAP CRP           4.8%    6/15/2028      73.25
GENERAL MOTORS             7.7%    4/15/2016      51.22
GENERAL MOTORS             8.8%    3/1/2021       42.00
GENERAL MOTORS            7.38%    5/23/2048      33.66
GENERAL MOTORS             9.4%    7/15/2021      42.00
GENERAL MOTORS            8.25%    7/15/2023      40.00
GENERAL MOTORS             7.2%    1/15/2011      60.50
GENERAL MOTORS            9.45%    11/1/2011      50.87
GENERAL MOTORS            7.13%    7/15/2013      49.00
GENERAL MOTORS            8.38%    7/15/2033      44.00
GENERAL MOTORS             8.1%    6/15/2024      39.00
GENERAL MOTORS            6.75%    5/1/2028       37.00
GENERAL MOTORS             7.4%    9/1/2025       30.00
GENL GROWTH PROP          3.98%    4/15/2027      67.78
GEORGIA GULF CRP          7.13%    12/15/2013     70.50
GLOBAL INDUS LTD          2.75%    8/1/2027       56.84
GLOBAL INDUS LTD          2.75%    8/1/2027       59.25
GLOBALSTAR INC            5.75%    4/1/2028       47.33
GMAC                      7.25%    12/15/2012     32.00
GMAC                      5.05%    7/15/2009      67.50
GMAC                         5%    8/15/2009      66.28
GMAC                       5.1%    8/15/2009      66.76
GMAC                       7.2%    8/15/2009      67.63
GMAC                         5%    9/15/2009      64.23
GMAC                       4.9%    10/15/2009     69.08
GMAC                         5%    10/15/2009     63.90
GMAC                       5.2%    11/15/2009     59.73
GMAC                       5.2%    11/15/2009     63.03
GMAC                      5.35%    12/15/2009     55.00
GMAC                       5.4%    12/15/2009     69.31
GMAC                       5.5%    1/15/2010      69.81
GMAC                         6%    1/15/2010      57.01
GMAC                      5.85%    2/15/2010      63.34
GMAC                         6%    2/15/2010      57.06
GMAC                         6%    2/15/2010      67.00
GMAC                      6.05%    3/15/2010      60.43
GMAC                         7%    3/15/2010      55.00
GMAC                      8.05%    4/15/2010      53.30
GMAC                         8%    6/15/2010      50.86
GMAC                         8%    6/15/2010      60.18
GMAC                         8%    7/15/2010      63.53
GMAC                       8.2%    7/15/2010      56.00
GMAC                       8.5%    10/15/2010     66.13
GMAC                      6.75%    9/15/2011      50.57
GMAC                      6.63%    10/15/2011     37.00
GMAC                      6.75%    10/15/2011     52.75
GMAC                      6.75%    10/15/2011     43.81
GMAC                         7%    10/15/2011     36.11
GMAC                       6.5%    7/15/2012      37.48
GMAC                      7.13%    8/15/2012      31.66
GMAC                      7.25%    8/15/2012      40.00
GMAC                      6.88%    8/28/2012      40.20
GMAC                      6.75%    9/15/2012      27.00
GMAC                      6.75%    9/15/2012      31.23
GMAC                         7%    9/15/2012      30.00
GMAC                       7.1%    9/15/2012      31.20
GMAC                      6.75%    10/15/2012     36.28
GMAC                      6.88%    10/15/2012     30.19
GMAC                         7%    10/15/2012     40.00
GMAC                       7.5%    10/15/2012     27.00
GMAC                      7.75%    10/15/2012     39.76
GMAC                         7%    11/15/2012     41.90
GMAC                      7.15%    11/15/2012     41.00
GMAC                      7.63%    11/15/2012     39.56
GMAC                      7.88%    11/15/2012     44.50
GMAC                         7%    12/15/2012     37.38
GMAC                      7.13%    12/15/2012     41.00
GMAC                      7.25%    12/15/2012     46.84
GMAC                         7%    1/15/2013      35.26
GMAC                       7.1%    1/15/2013      29.48
GMAC                       7.1%    1/15/2013      30.80
GMAC                      6.45%    2/15/2013      45.00
GMAC                       6.5%    2/15/2013      31.00
GMAC                      6.65%    2/15/2013      47.75
GMAC                       6.8%    2/15/2013      42.06
GMAC                      6.25%    3/15/2013      26.50
GMAC                       6.3%    3/15/2013      37.42
GMAC                       6.4%    3/15/2013      45.51
GMAC                       6.5%    3/15/2013      47.00
GMAC                       6.5%    4/15/2013      38.80
GMAC                      6.75%    4/15/2013      33.63
GMAC                      6.75%    4/15/2013      45.50
GMAC                       6.8%    4/15/2013      31.00
GMAC                      6.88%    4/15/2013      37.42
GMAC                      5.85%    5/15/2013      44.13
GMAC                       6.1%    5/15/2013      52.76
GMAC                      6.35%    5/15/2013      38.00
GMAC                       6.5%    5/15/2013      40.00
GMAC                       5.7%    6/15/2013      29.00
GMAC                      5.85%    6/15/2013      26.71
GMAC                      5.85%    6/15/2013      37.00
GMAC                      5.85%    6/15/2013      24.69
GMAC                       6.5%    6/15/2013      39.02
GMAC                         6%    7/15/2013      42.00
GMAC                      6.25%    7/15/2013      45.00
GMAC                      6.38%    8/1/2013       45.66
GMAC                       6.5%    8/15/2013      35.75
GMAC                      6.15%    9/15/2013      37.57
GMAC                       5.7%    10/15/2013     36.05
GMAC                      6.25%    10/15/2013     44.13
GMAC                       6.3%    10/15/2013     35.00
GMAC                         6%    11/15/2013     37.44
GMAC                       6.1%    11/15/2013     42.99
GMAC                      6.15%    11/15/2013     31.91
GMAC                       6.2%    11/15/2013     29.00
GMAC                      6.25%    11/15/2013     31.25
GMAC                       6.3%    11/15/2013     36.75
GMAC                       6.5%    11/15/2013     31.99
GMAC                       5.7%    12/15/2013     39.00
GMAC                       5.9%    12/15/2013     43.50
GMAC                       5.9%    12/15/2013     38.25
GMAC                         6%    12/15/2013     32.50
GMAC                      6.15%    12/15/2013     29.47
GMAC                      5.25%    1/15/2014      35.89
GMAC                      5.35%    1/15/2014      34.49
GMAC                      5.75%    1/15/2014      36.26
GMAC                      6.38%    1/15/2014      34.12
GMAC                       6.7%    5/15/2014      26.88
GMAC                       6.7%    5/15/2014      37.30
GMAC                       6.7%    6/15/2014      27.00
GMAC                      6.75%    6/15/2014      39.50
GMAC                      6.75%    12/1/2014      37.65
GMAC                         9%    7/15/2015      37.67
GMAC                         8%    8/15/2015      52.56
GMAC                       8.4%    8/15/2015      44.00
GMAC                       8.4%    8/15/2015      49.56
GMAC                      8.65%    8/15/2015      40.70
GMAC                      6.75%    7/15/2016      32.00
GMAC                       6.6%    8/15/2016      28.00
GMAC                       6.7%    8/15/2016      40.70
GMAC                      6.75%    8/15/2016      30.00
GMAC                      6.88%    8/15/2016      28.00
GMAC                      6.75%    9/15/2016      28.50
GMAC                      7.38%    11/15/2016     27.00
GMAC                       7.5%    11/15/2016     28.00
GMAC                      6.75%    6/15/2017      22.78
GMAC                       6.9%    6/15/2017      35.27
GMAC                      6.95%    6/15/2017      27.83
GMAC                         7%    6/15/2017      31.00
GMAC                         7%    7/15/2017      34.00
GMAC                       7.5%    8/15/2017      24.17
GMAC                      7.25%    9/15/2017      28.50
GMAC                      7.25%    9/15/2017      30.00
GMAC                      7.25%    9/15/2017      23.87
GMAC                      7.25%    9/15/2017      28.50
GMAC                      7.13%    10/15/2017     28.00
GMAC                       7.2%    10/15/2017     29.52
GMAC                       7.2%    10/15/2017     27.65
GMAC                      7.75%    10/15/2017     27.00
GMAC                         8%    10/15/2017     43.13
GMAC                       7.5%    11/15/2017     31.00
GMAC                       7.5%    11/15/2017     27.00
GMAC                         8%    11/15/2017     31.50
GMAC                      8.13%    11/15/2017     33.37
GMAC                       7.3%    12/15/2017     32.10
GMAC                       7.4%    12/15/2017     29.00
GMAC                       7.5%    12/15/2017     30.20
GMAC                       7.5%    12/15/2017     31.00
GMAC                      7.25%    1/15/2018      24.49
GMAC                       7.3%    1/15/2018      26.50
GMAC                       7.3%    1/15/2018      30.00
GMAC                         7%    2/15/2018      31.00
GMAC                         7%    2/15/2018      33.00
GMAC                         7%    2/15/2018      42.75
GMAC                      6.75%    3/15/2018      22.42
GMAC                         7%    3/15/2018      28.15
GMAC                      7.05%    3/15/2018      30.37
GMAC                      7.05%    3/15/2018      32.00
GMAC                      7.05%    4/15/2018      33.00
GMAC                      7.25%    4/15/2018      34.09
GMAC                      7.25%    4/15/2018      28.50
GMAC                      7.35%    4/15/2018      22.99
GMAC                      7.38%    4/15/2018      30.28
GMAC                       6.6%    5/15/2018      24.76
GMAC                      6.85%    5/15/2018      25.00
GMAC                         7%    5/15/2018      25.75
GMAC                       6.5%    6/15/2018      27.00
GMAC                      6.65%    6/15/2018      38.00
GMAC                       6.7%    6/15/2018      32.50
GMAC                       6.7%    6/15/2018      30.50
GMAC                      6.75%    7/15/2018      37.93
GMAC                      6.88%    7/15/2018      29.00
GMAC                       6.9%    7/15/2018      24.76
GMAC                       6.9%    8/15/2018      20.89
GMAC                         7%    8/15/2018      29.95
GMAC                      7.25%    8/15/2018      32.88
GMAC                      7.25%    8/15/2018      31.00
GMAC                      6.75%    9/15/2018      31.50
GMAC                       6.8%    9/15/2018      34.00
GMAC                         7%    9/15/2018      29.50
GMAC                      7.15%    9/15/2018      23.77
GMAC                      7.25%    9/15/2018      27.00
GMAC                      6.65%    10/15/2018     29.00
GMAC                      6.65%    10/15/2018     26.80
GMAC                      6.75%    10/15/2018     32.00
GMAC                       6.8%    10/15/2018     27.50
GMAC                       6.5%    11/15/2018     30.00
GMAC                       6.7%    11/15/2018     34.00
GMAC                      6.75%    11/15/2018     33.13
GMAC                      6.25%    12/15/2018     33.25
GMAC                       6.4%    12/15/2018     35.00
GMAC                       6.5%    12/15/2018     29.88
GMAC                       6.5%    12/15/2018     33.00
GMAC                       5.9%    1/15/2019      27.00
GMAC                       5.9%    1/15/2019      26.10
GMAC                      6.25%    1/15/2019      33.63
GMAC                       5.9%    2/15/2019      34.46
GMAC                         6%    2/15/2019      31.00
GMAC                         6%    2/15/2019      30.77
GMAC                         6%    2/15/2019      35.00
GMAC                         6%    3/15/2019      29.00
GMAC                         6%    3/15/2019      28.00
GMAC                         6%    3/15/2019      27.00
GMAC                         6%    3/15/2019      26.00
GMAC                         6%    3/15/2019      26.10
GMAC                         6%    4/15/2019      25.75
GMAC                       6.2%    4/15/2019      28.38
GMAC                      6.25%    4/15/2019      26.00
GMAC                      6.35%    4/15/2019      30.55
GMAC                      6.25%    5/15/2019      29.75
GMAC                       6.5%    5/15/2019      28.00
GMAC                      6.75%    5/15/2019      33.45
GMAC                      6.75%    5/15/2019      32.50
GMAC                       6.6%    6/15/2019      37.44
GMAC                       6.6%    6/15/2019      31.00
GMAC                       6.7%    6/15/2019      28.00
GMAC                      6.75%    6/15/2019      31.93
GMAC                      6.75%    6/15/2019      38.61
GMAC                      6.25%    7/15/2019      27.66
GMAC                      6.35%    7/15/2019      28.00
GMAC                      6.35%    7/15/2019      28.54
GMAC                      6.05%    8/15/2019      26.39
GMAC                      6.05%    8/15/2019      34.00
GMAC                      6.15%    8/15/2019      29.25
GMAC                       6.3%    8/15/2019      35.00
GMAC                       6.3%    8/15/2019      28.75
GMAC                         6%    9/15/2019      31.00
GMAC                         6%    9/15/2019      26.78
GMAC                       6.1%    9/15/2019      28.00
GMAC                      6.15%    9/15/2019      32.00
GMAC                       5.9%    10/15/2019     30.00
GMAC                      6.05%    10/15/2019     27.00
GMAC                      6.13%    10/15/2019     33.00
GMAC                      6.15%    10/15/2019     36.00
GMAC                       6.4%    11/15/2019     28.75
GMAC                       6.4%    11/15/2019     30.55
GMAC                      6.55%    12/15/2019     28.69
GMAC                      6.55%    12/15/2019     45.25
GMAC                       6.7%    12/15/2019     31.00
GMAC                       6.5%    1/15/2020      39.00
GMAC                       6.5%    2/15/2020      27.87
GMAC                      6.65%    2/15/2020      34.42
GMAC                      6.75%    3/15/2020      42.73
GMAC                         9%    7/15/2020      32.32
GMAC                         9%    7/15/2020      41.00
GMAC                         7%    2/15/2021      24.47
GMAC                         7%    9/15/2021      31.50
GMAC                         7%    9/15/2021      32.58
GMAC                         7%    6/15/2022      22.47
GMAC                         7%    11/15/2023     28.75
GMAC                         7%    11/15/2024     35.00
GMAC                         7%    11/15/2024     28.75
GMAC                         7%    11/15/2024     27.00
GMAC                      7.15%    1/15/2025      38.48
GMAC                      7.25%    1/15/2025      27.00
GMAC                      7.25%    2/15/2025      33.95
GMAC                      7.15%    3/15/2025      36.00
GMAC                      7.25%    3/15/2025      26.00
GMAC                       7.5%    3/15/2025      27.00
GMAC                         8%    3/15/2025      43.25
GMAC LLC                   6.6%    6/15/2012      54.58
GMAC LLC                   6.7%    7/15/2012      47.00
GMAC LLC                   6.6%    6/15/2012      54.58
GMAC LLC                  7.15%    7/15/2012      59.26
GMAC LLC                   6.5%    6/15/2012      54.34
GMAC LLC                   6.5%    6/15/2012      48.36
GMAC LLC                  6.63%    5/15/2012      40.00
GMAC LLC                   6.5%    5/15/2012      54.15
GMAC LLC                     6%    12/15/2011     45.02
GMAC LLC                     6%    4/1/2011       46.00
GMAC LLC                     7%    7/15/2012      54.91
GMAC LLC                   7.1%    7/15/2012      52.25
GMAC LLC                  6.75%    7/15/2012      41.00
GOLDMAN SACHS             6.35%    2/15/2034      68.18
GOLDMAN SACHS GP          6.75%    10/1/2037      64.49
GOLDMAN SACHS GP          6.45%    5/1/2036       64.00
GOLDMAN SACHS GP          5.95%    1/15/2027      81.00
HARRAHS OPER CO          10.75%    2/1/2016       53.01
HARRAHS OPER CO           5.75%    10/1/2017      26.50
HARRAHS OPER CO            6.5%    6/1/2016       24.62
HARRAHS OPER CO           5.63%    6/1/2015       29.50
HARRAHS OPER CO           5.38%    12/15/2013     30.00
HARRAHS OPER CO              8%    2/1/2011       61.50
HARRY & DAVID OP             9%    3/1/2013       55.17
HARTFORD LIFE GL           5.5%    1/15/2025      25.00
HAWAIIAN TELCOM           9.75%    5/1/2013       26.00
HAWAIIAN TELCOM           12.5%    5/1/2015       14.25
HERBST GAMING             8.13%    6/1/2012        6.00
HERBST GAMING                7%    11/15/2014     10.10
HERCULES INC               6.5%    6/30/2029      65.00
HERTZ CORP                   7%    1/15/2028      64.55
HIBERNIA CORP             5.35%    5/1/2014       65.49
HILTON HOTELS              7.5%    12/15/2017     63.50
HINES NURSERIES          10.25%    10/1/2011      15.00
HRP MYRTLE BEACH          12.5%    4/1/2013       49.50
HUMAN GENOME              2.25%    8/15/2012      67.08
HUNTINGTON CAPIT          6.65%    5/15/2037      30.00
HUTCHINSON TECH           3.25%    1/15/2026      56.86
IDEARC INC                   8%    11/15/2016     31.63
IMPERIAL CREDIT           9.88%    1/15/2007      99.98
INDEPENDENCE COM          3.75%    4/1/2014       40.25
INTL LEASE FIN            4.95%    2/1/2011       79.00
INTL LEASE FIN            5.65%    6/15/2011      35.00
INTL LEASE FIN            5.25%    1/10/2013      67.00
INTL LEASE FIN               5%    4/15/2010      67.50
INTL LEASE FIN            5.75%    6/15/2011      60.00
INTL LEASE FIN            5.15%    3/15/2010      60.26
INTL LEASE FIN             5.4%    2/15/2012      73.00
INTL LEASE FIN             5.3%    5/1/2012       77.46
INTL LEASE FIN            5.65%    6/1/2014       56.85
INTL LEASE FIN            5.88%    5/1/2013       54.20
INTL LEASE FIN            6.63%    11/15/2013     72.00
INTL LEASE FIN             6.5%    6/15/2015      65.00
INTL LEASE FIN            5.63%    9/20/2013      54.80
INTL LEASE FIN             7.5%    7/15/2013      40.00
INTL LEASE FIN             7.5%    7/15/2013      45.05
ION MEDIA                   11%    7/31/2013      27.50
IRIDIUM LLC/CAP             14%    7/15/2005       0.50
IRIDIUM LLC/CAP             13%    7/15/2005       0.81
IRIDIUM LLC/CAP          10.88%    7/15/2005       0.66
IRIDIUM LLC/CAP          11.25%    7/15/2005       0.71
ISOLAGEN INC               3.5%    11/1/2024      32.00
ISTAR FINANCIAL           8.63%    6/1/2013       59.00
ISTAR FINANCIAL           5.65%    9/15/2011      59.50
ISTAR FINANCIAL           5.15%    3/1/2012       55.00
ISTAR FINANCIAL           5.95%    10/15/2013     54.94
ISTAR FINANCIAL           5.88%    3/15/2016      52.00
JACOBS ENTERTAIN          9.75%    6/15/2014      64.50
JAZZ TECHNOLOGIE             8%    12/31/2011     48.50
JDS UNIPHASE                 1%    5/15/2026      68.18
JOHN HANCOCK LIF          4.55%    3/15/2015      62.50
JONES APPAREL             6.13%    11/15/2034     60.40
JPMC CAP XVIII            6.95%    8/17/2036      75.00
JPMORGAN CHASE            5.45%    3/15/2030      33.50
K HOVNANIAN ENTR          7.75%    5/15/2013      57.25
K HOVNANIAN ENTR           6.5%    1/15/2014      60.85
K HOVNANIAN ENTR          6.38%    12/15/2014     54.96
K HOVNANIAN ENTR          6.25%    1/15/2015      54.46
K HOVNANIAN ENTR          6.25%    1/15/2016      55.00
K HOVNANIAN ENTR           7.5%    5/15/2016      59.50
K HOVNANIAN ENTR          8.63%    1/15/2017      58.00
K HOVNANIAN ENTR          8.88%    4/1/2012       65.00
KAISER ALUMINUM          12.75%    2/1/2003        7.00
KAISER ALUMINUM           9.88%    2/15/2002       0.01
KELLWOOD CO               7.63%    10/15/2017     62.50
KEMET CORP                2.25%    11/15/2026     35.03
KEMET CORP                2.25%    11/15/2026     36.38
KEY BANK NA               5.45%    3/3/2016       68.76
KEY BANK NA               6.95%    2/1/2028       60.60
KEYCORP CAP VII            5.7%    6/15/2035      59.00
KEYSTONE AUTO OP          9.75%    11/1/2013      54.00
KIMBALL HILL INC          10.5%    12/15/2012      1.00
KNIGHT RIDDER             7.13%    6/1/2011       66.22
KNIGHT RIDDER             4.63%    11/1/2014      40.50
KNIGHT RIDDER             5.75%    9/1/2017       44.56
KNIGHT RIDDER             7.15%    11/1/2027      46.13
KNIGHT RIDDER             6.88%    3/15/2029      42.50
KOHLS CORP                   6%    1/15/2033      80.50
KRATON POLYMERS           8.13%    1/15/2014      60.50
KULICKE & SOFFA           0.88%    6/1/2012       69.00
LANDRY'S RESTAUR           7.5%    12/15/2014     70.00
LAZYDAYS RV              11.75%    5/15/2012      51.00
LEAR CORP                 5.75%    8/1/2014       70.00
LEHMAN BROS HLDG             5%    1/22/2013       8.88
LEHMAN BROS HLDG             6%    3/21/2031      18.00
LEHMAN BROS HLDG          6.15%    4/11/2031       8.42
LEHMAN BROS HLDG          6.25%    5/9/2031       64.82
LEHMAN BROS HLDG             6%    5/3/2032        0.25
LEHMAN BROS HLDG          6.85%    8/16/2032      14.00
LEHMAN BROS HLDG          6.85%    8/23/2032      20.00
LEHMAN BROS HLDG           6.9%    9/1/2032       14.00
LEHMAN BROS HLDG           6.8%    9/7/2032       17.00
LEHMAN BROS HLDG             7%    10/4/2032      12.50
LEHMAN BROS HLDG           6.5%    11/15/2032     11.00
LEHMAN BROS HLDG           6.5%    1/17/2033       7.65
LEHMAN BROS HLDG          6.75%    3/11/2033      12.30
LEHMAN BROS HLDG             6%    4/30/2034       4.60
LEHMAN BROS HLDG             6%    7/30/2034       7.75
LEHMAN BROS HLDG          5.55%    12/31/2034     13.75
LEHMAN BROS HLDG          5.65%    12/31/2034     23.00
LEHMAN BROS HLDG             6%    2/21/2036       5.00
LEHMAN BROS HLDG             6%    2/24/2036      13.75
LEHMAN BROS HLDG           6.4%    12/19/2036     18.25
LEHMAN BROS HLDG           6.5%    12/22/2036     12.25
LEHMAN BROS HLDG             6%    2/12/2037      10.50
LEHMAN BROS HLDG           6.5%    2/13/2037      11.00
LEHMAN BROS HLDG           6.3%    3/27/2037      14.00
LEHMAN BROS HLDG           6.5%    6/21/2037      12.46
LEHMAN BROS HLDG           6.5%    7/13/2037      13.10
LEHMAN BROS HLDG          6.88%    7/17/2037       0.24
LEHMAN BROS HLDG             7%    7/27/2037      17.27
LEHMAN BROS HLDG             7%    9/28/2037      12.63
LEHMAN BROS HLDG          6.75%    10/26/2037      7.48
LEHMAN BROS HLDG             7%    11/16/2037     23.60
LEHMAN BROS HLDG             7%    12/28/2037     17.60
LEHMAN BROS HLDG             7%    1/31/2038      10.13
LEHMAN BROS HLDG             7%    2/1/2038       20.24
LEHMAN BROS HLDG             7%    2/7/2038       44.00
LEHMAN BROS HLDG             7%    2/8/2038        4.00
LEHMAN BROS HLDG          7.05%    2/27/2038      11.94
LEHMAN BROS HLDG          7.25%    2/27/2038      11.50
LEHMAN BROS HLDG           7.1%    3/25/2038      22.00
LEHMAN BROS HLDG             7%    4/22/2038       5.04
LEHMAN BROS HLDG          7.25%    4/29/2038      13.85
LEHMAN BROS HLDG          7.35%    5/6/2038        8.00
LEHMAN BROS HLDG           7.5%    5/11/2038       0.25
LEHMAN BROS HLDG           3.6%    3/13/2009      13.90
LEHMAN BROS HLDG             4%    8/3/2009       26.88
LEHMAN BROS HLDG           7.2%    8/15/2009      13.00
LEHMAN BROS HLDG          7.88%    11/1/2009      12.60
LEHMAN BROS HLDG          3.95%    11/10/2009     13.00
LEHMAN BROS HLDG          4.25%    1/27/2010      13.02
LEHMAN BROS HLDG           4.5%    7/26/2010      14.65
LEHMAN BROS HLDG          7.88%    8/15/2010      13.13
LEHMAN BROS HLDG          4.38%    11/30/2010     14.50
LEHMAN BROS HLDG             5%    1/14/2011      15.13
LEHMAN BROS HLDG             6%    4/1/2011       27.00
LEHMAN BROS HLDG          5.75%    4/25/2011      14.00
LEHMAN BROS HLDG          5.75%    7/18/2011      11.00
LEHMAN BROS HLDG           4.5%    8/3/2011       22.17
LEHMAN BROS HLDG          6.63%    1/18/2012      13.50
LEHMAN BROS HLDG          5.25%    2/6/2012       15.38
LEHMAN BROS HLDG             6%    7/19/2012      15.38
LEHMAN BROS HLDG          5.25%    3/8/2020       13.06
LEHMAN BROS HLDG          5.63%    1/24/2013      16.25
LEHMAN BROS HLDG           5.1%    1/28/2013       8.00
LEHMAN BROS HLDG             5%    2/11/2013      13.00
LEHMAN BROS HLDG           4.8%    2/27/2013      12.00
LEHMAN BROS HLDG           4.7%    3/6/2013       13.00
LEHMAN BROS HLDG             5%    3/27/2013      13.00
LEHMAN BROS HLDG          5.75%    5/17/2013      15.50
LEHMAN BROS HLDG          5.25%    1/30/2014      20.00
LEHMAN BROS HLDG           4.8%    3/13/2014      15.50
LEHMAN BROS HLDG             5%    8/3/2014        8.25
LEHMAN BROS HLDG           6.2%    9/26/2014      15.38
LEHMAN BROS HLDG          5.15%    2/4/2015       14.00
LEHMAN BROS HLDG          5.25%    2/11/2015      13.50
LEHMAN BROS HLDG           8.8%    3/1/2015       15.00
LEHMAN BROS HLDG           8.5%    8/1/2015       11.01
LEHMAN BROS HLDG             5%    8/5/2015        8.75
LEHMAN BROS HLDG             5%    12/18/2015     13.50
LEHMAN BROS HLDG           5.5%    4/4/2016       15.55
LEHMAN BROS HLDG          5.75%    1/3/2017        0.25
LEHMAN BROS HLDG          8.92%    2/16/2017      17.50
LEHMAN BROS HLDG           6.5%    7/19/2017       0.24
LEHMAN BROS HLDG            11%    10/25/2017      7.00
LEHMAN BROS HLDG          5.88%    11/15/2017     13.00
LEHMAN BROS HLDG          6.75%    12/28/2017      0.25
LEHMAN BROS HLDG           5.6%    1/22/2018      13.06
LEHMAN BROS HLDG           5.7%    1/28/2018      11.20
LEHMAN BROS HLDG           5.5%    2/4/2018        9.90
LEHMAN BROS HLDG          5.55%    2/11/2018      10.00
LEHMAN BROS HLDG             6%    2/12/2018      57.80
LEHMAN BROS HLDG           5.5%    2/19/2018      14.00
LEHMAN BROS HLDG          5.35%    2/25/2018      12.13
LEHMAN BROS HLDG          5.25%    3/5/2018       20.00
LEHMAN BROS HLDG          6.88%    5/2/2018       16.25
LEHMAN BROS HLDG           5.5%    11/4/2018      13.56
LEHMAN BROS HLDG          8.05%    1/15/2019      16.05
LEHMAN BROS HLDG             4%    4/16/2019       9.31
LEHMAN BROS HLDG             6%    1/22/2020      12.63
LEHMAN BROS HLDG             6%    2/12/2020       8.00
LEHMAN BROS HLDG           5.1%    2/15/2020       9.90
LEHMAN BROS HLDG           5.5%    2/27/2020      11.50
LEHMAN BROS HLDG           5.4%    3/6/2020       13.56
LEHMAN BROS HLDG           6.5%    9/20/2027      12.50
LEHMAN BROS HLDG          5.35%    3/13/2020      13.06
LEHMAN BROS HLDG           5.4%    3/20/2020      13.06
LEHMAN BROS HLDG           5.2%    5/13/2020      13.00
LEHMAN BROS HLDG           5.5%    8/19/2020      45.38
LEHMAN BROS HLDG           5.8%    9/3/2020       11.00
LEHMAN BROS HLDG             6%    1/29/2021       9.90
LEHMAN BROS HLDG          6.25%    2/5/2021        9.50
LEHMAN BROS HLDG         10.75%    5/23/2022      12.00
LEHMAN BROS HLDG          6.75%    7/1/2022        9.65
LEHMAN BROS HLDG           6.6%    10/3/2022       8.40
LEHMAN BROS HLDG           6.4%    10/11/2022      8.00
LEHMAN BROS HLDG          6.25%    2/22/2023      13.00
LEHMAN BROS HLDG           9.5%    2/27/2023       6.00
LEHMAN BROS HLDG           6.5%    2/28/2023      15.00
LEHMAN BROS HLDG           6.5%    3/6/2023       14.00
LEHMAN BROS HLDG           5.5%    3/14/2023       9.90
LEHMAN BROS HLDG          5.75%    3/27/2023       9.90
LEHMAN BROS HLDG           5.5%    4/8/2023        9.90
LEHMAN BROS HLDG           5.5%    4/15/2023      16.00
LEHMAN BROS HLDG           5.5%    4/23/2023      13.00
LEHMAN BROS HLDG          5.38%    5/6/2023       22.50
LEHMAN BROS HLDG             7%    5/12/2023      54.80
LEHMAN BROS HLDG          5.25%    5/20/2023       9.00
LEHMAN BROS HLDG             5%    5/28/2023      44.35
LEHMAN BROS HLDG             5%    5/30/2023      11.52
LEHMAN BROS HLDG             5%    6/10/2023      10.00
LEHMAN BROS HLDG             5%    6/17/2023      10.00
LEHMAN BROS HLDG           4.8%    6/24/2023      16.00
LEHMAN BROS HLDG           6.1%    8/12/2023      10.00
LEHMAN BROS HLDG          5.75%    9/16/2023       9.50
LEHMAN BROS HLDG           5.6%    9/23/2023      17.00
LEHMAN BROS HLDG           5.5%    10/7/2023      11.50
LEHMAN BROS HLDG          5.75%    10/15/2023      8.75
LEHMAN BROS HLDG          5.75%    10/21/2023      8.00
LEHMAN BROS HLDG          5.75%    11/12/2023      7.00
LEHMAN BROS HLDG          5.75%    11/25/2023     13.00
LEHMAN BROS HLDG         10.38%    5/24/2024      64.00
LEHMAN BROS HLDG          5.45%    3/15/2025      14.00
LEHMAN BROS HLDG           6.2%    6/15/2027      12.63
LEHMAN BROS HLDG          6.63%    7/27/2027      13.52
LEHMAN BROS HLDG          5.65%    8/16/2030       8.88
LEHMAN BROS HLDG             7%    9/27/2027      15.63
LEHMAN BROS HLDG           6.5%    10/18/2027     10.03
LEHMAN BROS HLDG           6.5%    10/25/2027     11.60
LEHMAN BROS HLDG          6.75%    11/22/2027     14.25
LEHMAN BROS HLDG            11%    3/17/2028      11.40
LEHMAN BROS HLDG             6%    10/23/2028      4.41
LEHMAN BROS HLDG             6%    11/18/2028      9.00
LEHMAN BROS HLDG          5.75%    12/16/2028     13.06
LEHMAN BROS HLDG          5.75%    12/23/2028     14.25
LEHMAN BROS HLDG           5.5%    1/27/2029      65.24
LEHMAN BROS HLDG           5.5%    2/3/2029        7.00
LEHMAN BROS HLDG           5.7%    2/10/2029      14.00
LEHMAN BROS HLDG           5.6%    2/17/2029      11.00
LEHMAN BROS HLDG           5.6%    2/24/2029      14.04
LEHMAN BROS HLDG           5.6%    3/2/2029       13.06
LEHMAN BROS HLDG          5.55%    3/9/2029       13.78
LEHMAN BROS HLDG           5.4%    3/30/2029      20.01
LEHMAN BROS HLDG          5.45%    4/6/2029       14.00
LEHMAN BROS HLDG           5.7%    4/13/2029       9.06
LEHMAN BROS HLDG           5.9%    5/4/2029        8.00
LEHMAN BROS HLDG             6%    5/11/2029      13.75
LEHMAN BROS HLDG           6.2%    5/25/2029      13.75
LEHMAN BROS HLDG          6.05%    6/29/2029      12.00
LEHMAN BROS HLDG             6%    7/20/2029       8.50
LEHMAN BROS HLDG          5.75%    8/24/2029       9.00
LEHMAN BROS HLDG           5.7%    9/7/2029       10.13
LEHMAN BROS HLDG          5.75%    9/14/2029      11.50
LEHMAN BROS HLDG          5.75%    10/12/2029     17.12
LEHMAN BROS HLDG          5.65%    11/23/2029      8.00
LEHMAN BROS HLDG           5.7%    12/14/2029      7.00
LEHMAN BROS HLDG          5.55%    1/25/2030      13.10
LEHMAN BROS HLDG          5.45%    2/22/2030      20.00
LEHMAN BROS HLDG           5.6%    2/25/2030      16.00
LEHMAN BROS HLDG          5.63%    3/15/2030      14.10
LEHMAN BROS HLDG          5.75%    3/29/2030      16.00
LEHMAN BROS HLDG           5.6%    5/3/2030       11.50
LEHMAN BROS HLDG          5.35%    6/14/2030      20.00
LEHMAN BROS HLDG           5.4%    6/21/2030      20.00
LEHMAN BROS HLDG          5.45%    7/19/2030      13.50
LEHMAN BROS HLDG           5.5%    8/2/2030       20.00
LEHMAN BROS HLDG          5.45%    9/20/2030      13.75
LEHMAN BROS HLDG          5.55%    9/27/2030      20.00
LEHMAN BROS HLDG           5.8%    10/25/2030      9.06
LEHMAN BROS HLDG          6.75%    7/1/2022        9.65
LEHMAN BROS HLDG         10.75%    5/23/2022      12.00
LEHMAN BROS HLDG          6.25%    2/5/2021        9.50
LEHMAN BROS HLDG             6%    1/29/2021       9.90
LEHMAN BROS HLDG           5.8%    9/3/2020       11.00
LEHMAN BROS HLDG           5.5%    8/19/2020      45.38
LEHMAN BROS HLDG           5.2%    5/13/2020      13.00
LEHMAN BROS HLDG           5.4%    3/20/2020      13.06
LEHMAN BROS HLDG          5.35%    3/13/2020      13.06
LEHMAN BROS HLDG           6.5%    9/20/2027      12.50
LEHMAN BROS HLDG           5.4%    3/6/2020       13.56
LEHMAN BROS HLDG           5.5%    2/27/2020      11.50
LEHMAN BROS HLDG           5.1%    2/15/2020       9.90
LEHMAN BROS HLDG             6%    2/12/2020       8.00
LEHMAN BROS HLDG             6%    1/22/2020      12.63
LEHMAN BROS HLDG             4%    4/16/2019       9.31
LEHMAN BROS HLDG          8.05%    1/15/2019      16.05
LEHMAN BROS HLDG           5.5%    11/4/2018      13.56
LEHMAN BROS HLDG          6.88%    5/2/2018       16.25
LEHMAN BROS HLDG          5.25%    3/5/2018       20.00
LEHMAN BROS HLDG          5.35%    2/25/2018      12.13
LEHMAN BROS HLDG           5.5%    2/19/2018      14.00
LEHMAN BROS HLDG             6%    2/12/2018      57.80
LEHMAN BROS HLDG          5.55%    2/11/2018      10.00
LEHMAN BROS HLDG           5.5%    2/4/2018        9.90
LEHMAN BROS HLDG           5.7%    1/28/2018      11.20
LEHMAN BROS HLDG           5.6%    1/22/2018      13.06
LEHMAN BROS HLDG          6.75%    12/28/2017      0.25
LEHMAN BROS HLDG          5.88%    11/15/2017     13.00
LEHMAN BROS HLDG            11%    10/25/2017      7.00
LEHMAN BROS HLDG           6.5%    7/19/2017       0.24
LEHMAN BROS HLDG          8.92%    2/16/2017      17.50
LEHMAN BROS HLDG          5.75%    1/3/2017        0.25
LEHMAN BROS HLDG           5.5%    4/4/2016       15.55
LEHMAN BROS HLDG             5%    12/18/2015     13.50
LEHMAN BROS HLDG             5%    8/5/2015        8.75
LEHMAN BROS HLDG           8.5%    8/1/2015       11.01
LEHMAN BROS HLDG           8.8%    3/1/2015       15.00
LEHMAN BROS HLDG          5.25%    2/11/2015      13.50
LEHMAN BROS HLDG          5.15%    2/4/2015       14.00
LEHMAN BROS HLDG           6.2%    9/26/2014      15.38
LEHMAN BROS HLDG             5%    8/3/2014        8.25
LEHMAN BROS HLDG           4.8%    3/13/2014      15.50
LEHMAN BROS HLDG          5.25%    1/30/2014      20.00
LEHMAN BROS HLDG          5.75%    5/17/2013      15.50
LEHMAN BROS HLDG             5%    3/27/2013      13.00
LEHMAN BROS HLDG           4.7%    3/6/2013       13.00
LEHMAN BROS HLDG           4.8%    2/27/2013      12.00
LEHMAN BROS HLDG             5%    2/11/2013      13.00
LEHMAN BROS HLDG           5.1%    1/28/2013       8.00
LEHMAN BROS HLDG          5.63%    1/24/2013      16.25
LEHMAN BROS HLDG          5.25%    3/8/2020       13.06
LEHMAN BROS HLDG             6%    7/19/2012      15.38
LEHMAN BROS HLDG          5.25%    2/6/2012       15.38
LEHMAN BROS HLDG          6.63%    1/18/2012      13.50
LEHMAN BROS HLDG           5.5%    10/7/2023      11.50
LEHMAN BROS HLDG          5.75%    7/18/2011      11.00
LEHMAN BROS HLDG          5.75%    4/25/2011      14.00
LEHMAN BROS HLDG             6%    4/1/2011       27.00
LEHMAN BROS HLDG             5%    1/14/2011      15.13
LEHMAN BROS HLDG          4.38%    11/30/2010     14.50
LEHMAN BROS HLDG          7.88%    8/15/2010      13.13
LEHMAN BROS HLDG           4.5%    7/26/2010      14.65
LEHMAN BROS HLDG          4.25%    1/27/2010      13.02
LEHMAN BROS HLDG          3.95%    11/10/2009     13.00
LEHMAN BROS HLDG          7.88%    11/1/2009      12.60
LEHMAN BROS HLDG           7.2%    8/15/2009      13.00
LEHMAN BROS HLDG             4%    8/3/2009       26.88
LEHMAN BROS HLDG           3.6%    3/13/2009      13.90
LEHMAN BROS HLDG           7.5%    5/11/2038       0.25
LEHMAN BROS HLDG          7.35%    5/6/2038        8.00
LEHMAN BROS HLDG          7.25%    4/29/2038      13.85
LEHMAN BROS HLDG             7%    4/22/2038       5.04
LEHMAN BROS HLDG           7.1%    3/25/2038      22.00
LEHMAN BROS HLDG          7.25%    2/27/2038      11.50
LEHMAN BROS HLDG          7.05%    2/27/2038      11.94
LEHMAN BROS HLDG             7%    2/8/2038        4.00
LEHMAN BROS HLDG             7%    2/7/2038       44.00
LEHMAN BROS HLDG             7%    2/1/2038       20.24
LEHMAN BROS HLDG             7%    1/31/2038      10.13
LEHMAN BROS HLDG             7%    12/28/2037     17.60
LEHMAN BROS HLDG             7%    11/16/2037     23.60
LEHMAN BROS HLDG          6.75%    10/26/2037      7.48
LEHMAN BROS HLDG             7%    9/28/2037      12.63
LEHMAN BROS HLDG             7%    7/27/2037      17.27
LEHMAN BROS HLDG          6.88%    7/17/2037       0.24
LEHMAN BROS HLDG           6.5%    7/13/2037      13.10
LEHMAN BROS HLDG           6.5%    6/21/2037      12.46
LEHMAN BROS HLDG           6.3%    3/27/2037      14.00
LEHMAN BROS HLDG           6.5%    2/13/2037      11.00
LEHMAN BROS HLDG             6%    2/12/2037      10.50
LEHMAN BROS HLDG           6.5%    12/22/2036     12.25
LEHMAN BROS HLDG           6.4%    12/19/2036     18.25
LEHMAN BROS HLDG             6%    2/24/2036      13.75
LEHMAN BROS HLDG             6%    2/21/2036       5.00
LEHMAN BROS HLDG          5.65%    12/31/2034     23.00
LEHMAN BROS HLDG          5.55%    12/31/2034     13.75
LEHMAN BROS HLDG             6%    7/30/2034       7.75
LEHMAN BROS HLDG             6%    4/30/2034       4.60
LEHMAN BROS HLDG          6.75%    3/11/2033      12.30
LEHMAN BROS HLDG           6.5%    1/17/2033       7.65
LEHMAN BROS HLDG           6.5%    11/15/2032     11.00
LEHMAN BROS HLDG             7%    10/4/2032      12.50
LEHMAN BROS HLDG           6.8%    9/7/2032       17.00
LEHMAN BROS HLDG           6.9%    9/1/2032       14.00
LEHMAN BROS HLDG          6.85%    8/23/2032      20.00
LEHMAN BROS HLDG          6.85%    8/16/2032      14.00
LEHMAN BROS HLDG             6%    5/3/2032        0.25
LEHMAN BROS HLDG          6.25%    5/9/2031       64.82
LEHMAN BROS HLDG          6.15%    4/11/2031       8.42
LEHMAN BROS HLDG             6%    3/21/2031      18.00
LEHMAN BROS HLDG             5%    1/22/2013       8.88
LEHMAN BROS HLDG           5.9%    2/7/2031       17.12
LEHMAN BROS HLDG          5.95%    12/20/2030     20.00
LEHMAN BROS HLDG          5.85%    11/8/2030      13.75
LEHMAN BROS INC            7.5%    8/1/2026        8.00
LEHMAN CAP VII            5.86%    11/29/1949     99.98
LEINER HEALTH               11%    6/1/2012        9.75
LENNAR CORP                5.5%    9/1/2014       68.06
LENNAR CORP                5.6%    5/31/2015      65.00
LIBERTY MEDIA             3.25%    3/15/2031      42.50
LIBERTY MEDIA                4%    11/15/2029     44.00
LIBERTY MEDIA             3.75%    2/15/2030      45.63
LIBERTY MEDIA              3.5%    1/15/2031      29.50
LIFECARE HOLDING          9.25%    8/15/2013      56.25
LTV CORP                   8.2%    9/15/2007       0.01
LUCENT TECH                6.5%    1/15/2028      57.50
MAGNA ENTERTAINM          8.55%    6/15/2010      46.20
MAGNA ENTERTAINM          7.25%    12/15/2009     51.00
MAJESTIC STAR              9.5%    10/15/2010     48.50
MAJESTIC STAR             9.75%    1/15/2011      10.50
MANNKIND CORP             3.75%    12/15/2013     53.25
MASHANTUCKET PEQ           8.5%    11/15/2015     67.80
MASONITE CORP               11%    4/6/2015       31.01
MBIA INC                  6.63%    10/1/2028      53.22
MBIA INC                   6.4%    8/15/2022      43.83
MEDIANEWS GROUP           6.88%    10/1/2013      42.00
MERIX CORP                   4%    5/15/2013      47.10
MERRILL LYNCH             6.22%    9/15/2026      73.25
MERRILL LYNCH               10%    3/6/2009       17.23
MERRILL LYNCH               11%    4/28/2009      24.01
MERRILL LYNCH              8.1%    6/4/2009        9.23
MERRILL LYNCH             12.1%    6/25/2009       8.03
MERRILL LYNCH            11.86%    7/14/2009       6.81
MERRILL LYNCH            12.23%    8/17/2009       9.01
MERRILL LYNCH             9.25%    9/28/2010      22.45
MERRILL LYNCH              4.1%    10/4/2011      69.76
MERRILL LYNCH             6.11%    1/29/2037      55.00
MERRILL LYNCH               12%    3/26/2010      23.94
METALDYNE CORP              10%    11/1/2013      14.00
METALDYNE CORP              11%    6/15/2012      10.00
METRICOM INC                13%    2/15/2010       0.05
MICHAELS STORES          11.38%    11/1/2016      61.00
MICHAELS STORES             10%    11/1/2014      68.00
MICRON TECH               1.88%    6/1/2014       53.96
MILLENNIUM AMER           7.63%    11/15/2026     57.00
MISSOURI PAC RR              5%    1/1/2045       59.84
MORGAN STANLEY               6%    2/16/2027      64.12
MORGAN STANLEY               8%    2/23/2037      49.00
MORGAN STANLEY            8.25%    3/14/2028      52.00
MORGAN STANLEY            6.25%    8/9/2026       61.25
MORGAN STANLEY            8.38%    4/25/2023      95.00
MORGAN STANLEY              10%    5/20/2009      15.00
MORGAN STANLEY              10%    4/20/2009      15.21
MORGAN STANLEY               8%    7/20/2009       8.40
MORGAN STANLEY              12%    7/20/2009       9.15
MORGAN STANLEY            5.75%    8/31/2012      69.00
MORGAN STANLEY            4.75%    4/1/2014       39.00
MORGAN STANLEY               6%    4/28/2015      63.00
MORGAN STANLEY            5.75%    10/18/2016     65.50
MORGAN STANLEY            5.45%    1/9/2017       62.00
MORGAN STANLEY            5.55%    4/27/2017      61.60
MORGAN STANLEY            6.25%    8/28/2017      66.63
MORGAN STANLEY            5.95%    12/28/2017     62.25
MORGAN STANLEY            5.13%    2/11/2019      67.00
MORGAN STANLEY               8%    9/7/2021       60.00
MORGAN STANLEY             7.5%    2/22/2023      70.00
MORRIS PUBLISH               7%    8/1/2013       25.25
MOTOROLA INC               6.5%    9/1/2025       66.58
MRS FIELDS                   9%    3/15/2011      56.50
MRS FIELDS                11.5%    3/15/2011      60.00
NATL CITY BANK            4.63%    5/1/2013       23.80
NATL CITY BANK             6.2%    12/15/2011     50.00
NATL CITY BANK            6.25%    3/15/2011      40.62
NATL CITY BK IND          4.25%    7/1/2018       49.00
NATL CITY BK KEN           6.3%    2/15/2011      62.33
NATL CITY BK PA           7.25%    10/21/2011     64.00
NATL CITY CORP            6.88%    5/15/2019      45.00
NATL CITY CORP             4.9%    1/15/2015      55.00
NATL CITY CORP               4%    2/1/2011       49.00
NATL FINANCIAL            0.75%    2/1/2012       63.62
NEFF CORP                   10%    6/1/2015       38.00
NEKTAR THERAPEUT          3.25%    9/28/2012      50.00
NETWORK COMMUNIC         10.75%    12/1/2013      68.00
NETWORK EQUIPMNT          3.75%    12/15/2014     59.00
NEW ORL GRT N RR             5%    7/1/2032       50.95
NEW PLAN EXCEL             7.4%    9/15/2009      60.00
NEW PLAN EXCEL             7.5%    7/30/2029      38.00
NEW PLAN REALTY           7.65%    11/2/2026      39.12
NEW PLAN REALTY           7.68%    11/2/2026      43.52
NEW PLAN REALTY            6.9%    2/15/2028      62.38
NEW PLAN REALTY           7.97%    8/14/2026      37.62
NEW PLAN REALTY            6.9%    2/15/2028      38.00
NEWARK GROUP INC          9.75%    3/15/2014      40.00
NEXTEL COMMUNIC           5.95%    3/15/2014      70.50
NORTEK INC                 8.5%    9/1/2014       58.00
NORTH ATL TRADNG          9.25%    3/1/2012       42.00
NORTHERN PAC RY              3%    1/1/2047       51.88
NORTHERN PAC RY              3%    1/1/2047       52.63
NORTHERN TEL CAP          7.88%    6/15/2026      70.00
NTK HOLDINGS INC             0%    3/1/2014       44.50
NUTRITIONAL SRC          10.13%    8/1/2009       21.50
NUVEEN INVEST              5.5%    9/15/2015      40.00
OCWEN CAP TRST I         10.88%    8/1/2027       69.88
OMNICARE INC              3.25%    12/15/2035     66.50
OSCIENT PHARM              3.5%    4/15/2011      19.13
OSCIENT PHARM              3.5%    4/15/2011      25.75
OSI RESTAURANT              10%    6/15/2015      46.50
OUTBOARD MARINE           9.13%    4/15/2017       0.13
PACKAGING DYNAMI            10%    5/1/2016       64.93
PALM HARBOR               3.25%    5/15/2024      57.00
PANAMSAT CORP             6.88%    1/15/2028      76.00
PARK N VIEW INC             13%    5/15/2008       0.05
PARK PLACE ENT            8.13%    5/15/2011      57.50
PEGASUS SATELL            13.5%    3/1/2007        0.00
PEGASUS SATELLIT         12.38%    8/1/2008        0.00
PIEDMONT AVIAT           10.25%    1/15/2049       0.00
PIERRE FOODS INC          9.88%    7/15/2012       7.88
PILGRIM'S PRIDE           8.38%    5/1/2017       44.00
PILGRIM'S PRIDE           7.63%    5/1/2015       63.50
PINNACLE AIRLINE          3.25%    2/15/2025      73.32
PIXELWORKS INC            1.75%    5/15/2024      69.94
PLY GEM INDS                 9%    2/15/2012      55.25
PMI GROUP INC                6%    9/15/2016      58.00
POPE & TALBOT             8.38%    6/1/2013        0.25
POPE & TALBOT             8.38%    6/1/2013        0.38
PORTOLA PACKAGIN          8.25%    2/1/2012       51.75
POWERWAVE TECH            1.88%    11/15/2024     64.50
POWERWAVE TECH            3.88%    10/1/2027      65.75
PRIMUS TELECOM               8%    1/15/2014      32.00
PRIMUS TELECOM            3.75%    9/15/2010      51.75
PRIMUS TELECOM               5%    6/30/2009      64.50
PRIN LIFE INC FD           5.5%    10/15/2024     71.40
PROGRESSIVE CORP           6.7%    6/15/2037      68.16
PROLOGIS                  1.88%    11/15/2037     70.75
PROLOGIS                  2.63%    5/15/2038      70.00
PROPEX FABRICS              10%    12/1/2012       0.13
PROVIDENT FIN TR          7.41%    3/15/2038      70.00
PSINET INC                11.5%    11/1/2008       0.01
PSINET INC                10.5%    12/1/2006       0.01
PSINET INC                  11%    8/1/2009        0.01
PSINET INC                  10%    2/15/2005       0.01
QUALITY DISTRIBU             9%    11/15/2010     57.06
RADIAN GROUP              5.38%    6/15/2015      39.63
RADIAN GROUP              5.63%    2/15/2013      45.00
RADIAN GROUP              7.75%    6/1/2011       52.00
RADNOR HOLDINGS             11%    3/15/2010       0.00
RAFAELLA APPAREL         11.25%    6/15/2011      45.25
READER'S DIGEST              9%    2/15/2017      58.00
REALOGY CORP             12.38%    4/15/2015      37.00
REALOGY CORP              10.5%    4/15/2014      47.25
REGIONS FIN TR            6.63%    5/15/2047      53.00
RENTECH INC                  4%    4/15/2013      68.18
RESIDENTIAL CAP              8%    2/22/2011      22.40
RESIDENTIAL CAP            8.5%    4/17/2013      20.10
RESIDENTIAL CAP           8.88%    6/30/2015      21.00
RESIDENTIAL CAP           9.63%    5/15/2015      29.88
RESIDENTIAL CAP           8.38%    6/30/2010      23.00
RESIDENTIAL CAP            8.5%    6/1/2012       25.92
RESTAURANT CO               10%    10/1/2013      53.38
RF MICRO DEVICES             1%    4/15/2014      62.70
RH DONNELLEY              8.88%    10/15/2017     41.50
RH DONNELLEY              8.88%    1/15/2016      41.00
RH DONNELLEY              6.88%    1/15/2013      45.00
RH DONNELLEY              6.88%    1/15/2013      45.50
RH DONNELLEY              6.88%    1/15/2013      46.00
RH DONNELLEY INC         11.75%    5/15/2015      64.56
RITE AID CORP              9.5%    6/15/2017      58.90
RITE AID CORP              7.7%    2/15/2027      43.50
RITE AID CORP             9.38%    12/15/2015     53.00
RITE AID CORP             6.88%    8/15/2013      53.10
RITE AID CORP             8.63%    3/1/2015       58.37
RITE AID CORP             6.88%    12/15/2028     37.80
RJ TOWER CORP               12%    6/1/2013        2.09
ROTECH HEALTHCA            9.5%    4/1/2012       58.00
ROUSE COMPANY             5.38%    11/26/2013     77.50
S3 INC                    5.75%    10/1/2003       0.25
SABRE HOLDINGS            8.35%    3/15/2016      61.50
SAVVIS INC                   3%    5/15/2012      61.50
SEARS ROEBUCK AC           7.5%    10/15/2027     68.50
SEARS ROEBUCK AC          6.75%    1/15/2028      54.57
SEARS ROEBUCK AC           6.5%    12/1/2028      50.96
SERVICEMASTER CO          7.45%    8/15/2027      34.63
SERVICEMASTER CO           7.1%    3/1/2018       43.00
SERVICEMASTER CO          7.25%    3/1/2038       52.00
SIRIUS SATELLITE          9.63%    8/1/2013       52.50
SIRIUS SATELLITE          3.25%    10/15/2011     64.00
SIX FLAGS INC             9.75%    4/15/2013      55.00
SIX FLAGS INC              4.5%    5/15/2015      44.00
SIX FLAGS INC             9.63%    6/1/2014       56.00
SLM CORP                  5.75%    12/15/2029     59.71
SLM CORP                  5.75%    12/15/2029     40.00
SLM CORP                   5.7%    12/15/2029     38.92
SLM CORP                  5.65%    12/15/2029     56.85
SLM CORP                  5.65%    12/15/2029     53.69
SLM CORP                  5.65%    12/15/2029     58.34
SLM CORP                   5.6%    12/15/2029     56.80
SLM CORP                   5.6%    12/15/2029     59.82
SLM CORP                  6.25%    9/15/2029      62.66
SLM CORP                  6.25%    9/15/2029      50.13
SLM CORP                  6.25%    9/15/2029      61.18
SLM CORP                  6.15%    9/15/2029      58.54
SLM CORP                  6.15%    9/15/2029      54.67
SLM CORP                     6%    9/15/2029      61.72
SLM CORP                     6%    9/15/2029      58.94
SLM CORP                     6%    9/15/2029      54.61
SLM CORP                     6%    9/15/2029      59.85
SLM CORP                     6%    9/15/2029      42.23
SLM CORP                  5.85%    9/15/2029      56.50
SLM CORP                  5.85%    9/15/2029      39.75
SLM CORP                  5.75%    9/15/2029      59.53
SLM CORP                  6.25%    6/15/2029      53.80
SLM CORP                  6.25%    6/15/2029      54.63
SLM CORP                  6.25%    6/15/2029      61.27
SLM CORP                     6%    6/15/2029      52.73
SLM CORP                     6%    6/15/2029      58.12
SLM CORP                     6%    6/15/2029      54.49
SLM CORP                  5.75%    6/15/2029      58.09
SLM CORP                  5.75%    6/15/2029      54.54
SLM CORP                   5.5%    6/15/2029      55.07
SLM CORP                   5.5%    6/15/2029      60.00
SLM CORP                     6%    3/15/2029      42.35
SLM CORP                  5.75%    3/15/2029      60.06
SLM CORP                  5.75%    3/15/2029      66.45
SLM CORP                  5.75%    3/15/2029      55.38
SLM CORP                  5.75%    3/15/2029      57.30
SLM CORP                  5.75%    3/15/2029      52.50
SLM CORP                   5.5%    3/15/2019      68.89
SLM CORP                   5.7%    3/15/2029      53.56
SLM CORP                   5.7%    3/15/2029      60.00
SLM CORP                   5.7%    3/15/2029      58.73
SLM CORP                   5.7%    3/15/2029      51.09
SLM CORP                   5.7%    3/15/2029      53.00
SLM CORP                  5.65%    3/15/2029      58.32
SLM CORP                  5.65%    3/15/2029      60.61
SLM CORP                  5.65%    3/15/2029      51.70
SLM CORP                   5.6%    3/15/2029      67.45
SLM CORP                   6.1%    12/15/2028     51.05
SLM CORP                     6%    12/15/2028     59.43
SLM CORP                     5%    9/15/2015      68.07
SLM CORP                     5%    9/15/2015      59.00
SLM CORP                  5.15%    3/15/2014      64.10
SLM CORP                   5.1%    3/15/2014      64.65
SLM CORP                   4.7%    3/15/2014      63.25
SLM CORP                   4.7%    3/15/2014      67.63
SLM CORP                   4.3%    12/15/2013     64.59
SLM CORP                   5.2%    8/15/2012      66.59
SLM CORP                   4.7%    8/15/2012      66.73
SLM CORP                   5.6%    12/15/2028     56.54
SLM CORP                   5.3%    12/15/2028     55.32
SLM CORP                  5.25%    12/15/2028     57.64
SLM CORP                  5.45%    6/15/2028      59.05
SLM CORP                  5.45%    6/15/2028      59.40
SLM CORP                   5.3%    6/15/2028      51.36
SLM CORP                  5.55%    3/15/2028      55.00
SLM CORP                  5.25%    3/15/2028      53.00
SLM CORP                     6%    3/15/2027      62.11
SLM CORP                  6.05%    12/15/2026     41.70
SLM CORP                     6%    12/15/2026     57.20
SLM CORP                     6%    12/15/2026     58.72
SLM CORP                     6%    12/15/2026     54.67
SLM CORP                   6.2%    9/15/2026      63.75
SLM CORP                     6%    6/15/2026      43.24
SLM CORP                  5.55%    6/15/2025      52.80
SLM CORP                  5.35%    6/15/2025      58.86
SLM CORP                  5.35%    6/15/2025      53.75
SLM CORP                  5.63%    1/25/2025      61.96
SLM CORP                   5.6%    3/15/2024      59.89
SLM CORP                  5.35%    6/15/2023      52.45
SLM CORP                   5.4%    3/15/2023      61.30
SLM CORP                  5.65%    6/15/2022      64.17
SLM CORP                  5.65%    6/15/2022      62.50
SLM CORP                   5.6%    3/15/2022      64.82
SLM CORP                  6.15%    6/15/2021      64.21
SLM CORP                   6.1%    6/15/2021      65.20
SLM CORP                     6%    6/15/2021      57.29
SLM CORP                     6%    6/15/2021      56.34
SLM CORP                     6%    6/15/2021      58.10
SLM CORP                  6.15%    3/10/2021      69.26
SLM CORP                     6%    9/15/2019      63.00
SLM CORP                     6%    6/15/2019      47.27
SLM CORP                     6%    6/15/2019      64.16
SLM CORP                     6%    6/15/2019      54.00
SLM CORP                     5%    6/15/2019      62.65
SLM CORP                  5.19%    4/24/2019      65.75
SLM CORP                   5.4%    3/15/2019      68.22
SLM CORP                  5.25%    3/15/2019      54.05
SLM CORP                   5.6%    6/15/2018      65.42
SLM CORP                     5%    6/15/2018      68.00
SLM CORP                  5.65%    3/15/2018      58.79
SLM CORP                   5.6%    3/15/2018      66.16
SLM CORP                  5.55%    3/15/2018      63.28
SLM CORP                  5.45%    3/15/2018      62.90
SLM CORP                  5.25%    3/15/2018      62.86
SLM CORP                  5.15%    3/15/2017      61.30
SLM CORP                   4.1%    12/15/2015     67.80
SLM CORP                  5.15%    9/15/2015      66.10
SLM CORP                     6%    3/15/2037      60.82
SLM CORP                     6%    3/15/2037      40.82
SLM CORP                     6%    3/15/2037      56.41
SLM CORP                  6.85%    7/7/2036       67.35
SLM CORP                  5.85%    6/15/2032      51.41
SLM CORP                  5.85%    6/15/2032      58.38
SLM CORP                  5.75%    6/15/2032      57.26
SLM CORP                  5.75%    6/15/2032      58.91
SLM CORP                  5.85%    3/15/2032      61.15
SLM CORP                  5.85%    3/15/2032      54.00
SLM CORP                  5.85%    3/15/2032      51.51
SLM CORP                   5.8%    3/15/2032      58.69
SLM CORP                   5.8%    3/15/2032      40.76
SLM CORP                   5.8%    3/15/2032      54.93
SLM CORP                   5.7%    3/15/2032      59.00
SLM CORP                  5.65%    3/15/2032      52.86
SLM CORP                   6.2%    12/15/2031     53.59
SLM CORP                  6.15%    12/15/2031     60.82
SLM CORP                   6.1%    12/15/2031     53.10
SLM CORP                  6.05%    12/15/2031     59.53
SLM CORP                     6%    12/15/2031     52.36
SLM CORP                     6%    12/15/2031     56.52
SLM CORP                     6%    12/15/2031     58.78
SLM CORP                     6%    12/15/2031     51.79
SLM CORP                  5.85%    12/15/2031   &