/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/090723.mbx T R O U B L E D C O M P A N Y R E P O R T E R Thursday, July 23, 2009, Vol. 13, No. 202 Headlines 322 WEST: Interests in 322 West to Be Auctioned on August 6 ABRAHAM PETROLEUM: Case Summary & 17 Largest Unsecured Creditors ADVANCE AUTO: S&P Changes Outlook to Stable; Affirms 'BB+' Rating ADVANCED LAMINATING: Case Summary & 20 Largest Unsec. Creditors ALLIED SECURITY: FINRA Assigns "ADSV" as New Stock Symbol AMBASSADORS INT'L: Case Summary & 20 Largest Unsec. Creditors AMERICAN ACHIEVEMENT: Raises Exchange Offer; Moves Deadline AMERICAN CONSOLIDATED: Case Summary & 20 Largest Unsec. Creditors ARCHITECTURAL WALL: Case Summary 10 Largest Unsecured Creditors ASHLAND BOWLING: Files for Chapter 11 to Avert Foreclosure ASHLAND BOWLING: Case Summary & 13 Largest Unsecured Creditors AURORA OIL: Gets Initially OK to Access Lenders' Cash Collateral AURORA OIL: Requests Beachwalk Capital as Advisor AURORA OIL: Proposes Donlin Recano as Claims & Balloting Agent AURORA OIL: Wants Huron Consulting as Restructuring Officer AURORA OIL & GAS: U.S. Trustee Names 4-Member Creditors Panel BADR CORPORATION: Case Summary & 12 Largest Unsecured Creditors BALDWIN COUNTY PROPERTIES: Voluntary Chapter 11 Case Summary BAMBOO ABBOTT: Case Summary & 20 Largest Unsecured Creditors BASHAS' INC: Excludes Willcox Store From Closures BAYOU SCAPE LANDSCAPING: Voluntary Chapter 11 Case Summary BERTHEL SBIC: Iowa Court Establishes Claims Bar Date BLACK VIPER ENERGY: Case Summary & 20 Largest Unsecured Creditors BRIAN SHANNON: Voluntary Chapter 11 Case Summary BROBECK PHLEGER: Judge Montali Rules on Some Avoidance Actions BULLSEYE INVESTMENT: Case Summary & Largest Unsecured Creditor CALIFORNIA STATE: Gov., Lawmakers Agree to Cut $15.6BB in Spending CANWEST MEDIA: Continues Talks with Noteholder Group CLAUDE HARRIS: Case Summary & 20 Largest Unsecured Creditors CASTLE HORIZON: Case Summary & 2 Largest Unsecured Creditors CEDAR FUNDING: Ponzi Scheme Investors' Lien Arguments Fail CHICAGOLAND-QUAD: Voluntary Chapter 11 Case Summary CHRISTO BARDIS: Court Sets July 29 Plan Confirmation Hearing CIT GROUP: Fitch Puts Various Student Loans Under Analysis CIT GROUP: Urban Outfitters Prepares for Potential Bankruptcy CITIGROUP INC: To Raise $2.5 Bil. Through Issuance of Notes 2039 CITIGROUP INC: Explains Dividend Blocker, Director Amendments CITIGROUP INC: Includes Safety First Trusts as Registrants CLARIENT INC: Files Copies of Gemino Credit Agreement, et al. CLUB SUSHI: Case Summary & 18 Largest Unsecured Creditors COINMACH SERVICE: S&P Downgrades Corporate Credit Rating to 'B-' COMED FINANCING: Fitch Ratings Termination of Exelon-NRG Deal COMMONWEALTH EDISON: Fitch Ratings Unaffected by NRG Buyout Halt COMPSEC ELECTRIC: Case Summary & 12 Largest Unsecured Creditors CRUSADER ENERGY: Can Employ James Latimer and Blackhill as CRO CRUSADER ENERGY: Deadline to Remove Actions Extended to Sept 26 DANTAM INC: Case Summary & 13 Largest Unsecured Creditors DAVID BERRY: Case Summary 20 Largest Unsecured Creditors DAYTON SUPERIOR: Panel Can Hire Morris Nichols as Del. Counsel DAYTON SUPERIOR: Time to File Removal of Civil Actions Extended DCNC NORTH: Unable to Reorganize, Case Is Dismissed DELPHI CORP: PBGC to Assume Underfunded Pension Plan DENNIS CONNOR: Case Summary & 3 Largest Unsecured Creditors DEVELOPERS DIVERSIFIED: Working on Bond Sales to Raise $600MM DOMINO'S PIZZA: June 14 Balance Sheet Upside-Down by $1.37 Billion DOMINO'S PIZZA: Panel Approves New Form of Stock Option Agreements DONALD ERNEST BRANDT: Case Summary & 20 Largest Unsec. Creditors DREIER LLP: Founder's Apartment Sold for $8.2MM at Auction EDGE SHARFF PROPERTIES: Case Summary & 15 Unsecured Creditors EDWARD LEE DURHAM: Case Summary & 20 Largest Unsecured Creditors ENNIS LAND: Case Summary & 20 Largest Unsecured Creditors EZZATOLLAH FARIDI: Case Summary & 20 Largest Unsecured Creditors FAIRVIEW APARTMENTS LLC: Voluntary Chapter 11 Case Summary FIVE STAR LIMOUSINE: Case Summary & 20 Largest Unsec. Creditors FIVE STAR PROPERTY: Case Summary & 20 Largest Unsec. Creditors FLINTKOTE COMPANY: Supplemental Disc. Statement Hearing on July 27 FORD MOTOR: Unveils Key Leadership Changes; 2 Execs Retire GATEWAY CASINOS: S&P Junks Corporate Credit Rating From 'B-' GENERAL MOTORS: Court OKs Rejection of Stillwater Supply Contract GILBERTO CORONA: Case Summary & 15 Largest Unsecured Creditors GLOBAL AVIATION: Moody's Assigns Corporate Family Rating at 'B3' GREAT AMERICAN RADIO: Case Summary & 18 Largest Unsec. Creditors HAGE CONSTRUCTION: Case Summary & 12 Largest Unsecured Creditors HALKIS PIZZA CORP: Case Summary & 3 Largest Unsecured Creditors HARDWARE HOUSE: Voluntary Chapter 11 Case Summary HC INNOVATIONS: Amends March Quarterly & December Annual Reports HC INNOVATIONS: Inks Vendor Services Deal with Touchstone HEALTH NET: UnitedHealthcare Sale Won't Affect S&P's 'BB-' Rating HEALTH NET: AM Best Affirms bb- Rating on Sr. Unsecured Notes HERTZ CORPORATION: Fitch Downgrades Issuer Default Rating to 'BB-' HHGREGG INC: S&P Retains Negative CreditWatch on 'B+' Corp. Rating HILLSIDE BALBOA LLC: Voluntary Chapter 11 Case Summary HINES POINT LLC: Voluntary Chapter 11 Case Summary HITCHIN POST STEAK: Case Summary 20 Largest Unsecured Creditors JACK JACKSON: Voluntary Chapter 11 Case Summary JAMES LARRY BAIN: Case Summary & 11 Largest Unsecured Creditors JAYAMPATH DHARMASURIYA: Case Summary & 28 Largest Unsec. Creditors JHJ PLASTICS: Involuntary Chapter 11 Case Summary J.L. FRENCH: Taps Pachulski Stang as Counsel J.L. FRENCH: To Slash $240 Million in Debt Under Joint Plan J.L. FRENCH: Wants $15MM DIP Financing from Prepetition Lenders JOSEPH MARSANO: Case Summary & 16 Largest Unsecured Creditors KAINOS PARTNERS: Taps Reed Smith as Co-Counsel JULIO'S WELDING: Case Summary & 20 Largest Unsecured Creditors KAINOS PARTNERS: Taps RMG as Financial and Management Advisor KAINOS PARTNERS: U.S. Trustee Appoints 3-Member Panel KERUSSO REAL ESTATE: Case Summary & 13 Largest Unsec. Creditors KIYOSHI NAGAI: Voluntary Chapter 15 Case Summary LA JOLLA NETWORKS: Case Summary & 15 Largest Unsecured Creditors LAKE CUMBERLAND MARINE: Case Summary & 20 Largest Unsec. Creditors LANDAMERICA CREDIT: Case Summary & 20 Largest Unsecured Creditors LARRY VAN DEN HEUVEL: Case Summary & 20 Largest Unsec. Creditors LEOSTEIN LLC: Voluntary Chapter 11 Case Summary LEXINGTON PRECISION: Wants to Borrow $623,854 to Pay Premiums LIGHTNING PRINTING: Case Summary & 20 Largest Unsecured Creditors LINCOLN SQUARE GROUP: Case Summary & 20 Largest Unsec. Creditors LLOYD STUART CURTIS: Case Summary & 5 Largest Unsecured Creditors LLS AMERICA, LLC: Case Summary & 20 Largest Unsecured Creditors LOOP 76 LLC: Voluntary Chapter 11 Case Summary LUNA TECHNOLOGIES: Case Summary & 35 Largest Unsecured Creditors LYONDELL CHEMICAL: Court Lets Creditors Proceed With Fraud Lawsuit M & M EQUITIES: Case Summary & 20 Largest Unsecured Creditors MARCO FERNANDEZ: Voluntary Chapter 11 Case Summary MARIO PALAZZO: Voluntary Chapter 11 Case Summary MARSHALL SMITH: Case Summary 20 Largest Unsecured Creditors MEDICAL CONNECTIONS: Won't Replace Jansen as Vice President MEMORIAL HOSPICE: Case Summary 20 Largest Unsecured Creditors MONEYGRAM INT'L: Johnson Resigns as EVP, Gen. Counsel & Secretary MONTGOMERY REALTY: Section 341(a) Meeting Set for August 11 MONTGOMERY REALTY: Wants Court's Nod to Use Cash Collateral MONTGOMERY REALTY: Wants to Access Cash Securing GMAC CMBS Loan MONTGOMERY REALTY: Wants to Hire St. James and McNutt as Counsel MOORE-HANDLEY: Case Summary & 20 Largest Unsecured Creditors NEWPARK RESOURCES: S&P Downgrades Corporate Credit Rating to 'B-' NEXCEN BRANDS: To File Restated 2007 Annual Report by July 31 NEXSTAR BROADCASTING: Appoints Carter as Chief Financial Officer NOVA CHEMICALS: Cancels Registration of Common Shares NRG ENERGY: Fitch Retains Evolving Watch on 'B' Issuer Rating NV BROADCASTING: Selects BMC Group as Claims and Balloting Agent OCCULOGIX INC: Raises $1.55MM by Selling 12% Convertible Notes OCCULOGIX INC: Slashes Executive Officers' Annual Base Salaries OCCULOGIX INC: To Raise $30,000,000 by Issuing Securities ONCOLOGY CORPORATION: Case Summary 9 Largest Unsecured Creditors OPUS SOUTH: Can Obtain Advances to Pay Laguna at Riviera Bills OPUS SOUTH: Can Obtain Protective Advances to Pay La Serena Bills ORLANDA CUNNINGHAM: Case Summary & 20 Largest Unsecured Creditors OSCIENT PHARMACEUTICALS: U.S. Trustee Names 3-Member Panel PINELLAS COUNTY: Fitch Upgrades Ratings on Bonds From 'BB-/B' PACIFIC ENERGY: Auctions Beta Asset on July 31; Bids Due July 24 PACIFIC ENERGY: Wants SPBPC Case Dismissed After Beta Assets Sale PLASTIPAK HOLDINGS: Moody's Assigns 'B3' Rating on $150 Mil. Notes PROVIDENCE SERVICE: Moody's Confirms 'B2' Corp. Family Rating QUALITY HOME: High Financial Leverage Cues Moody's to Junk Rating REGENCY PARTNERS: Case Summary & 6 Largest Unsecured Creditors RENO QUALITY HOMES: Case Summary & 20 Largest Unsecured Creditors RITZ CAMERA: CEO Outbids Three Liquidators for Firm ROC PREF: S&P Downgrades Ratings on Preferred Shares to 'BB-' RONALD SCHENA: Case Summary & 13 Largest Unsecured Creditors SBA TELECOMMUNICATIONS: S&P Cuts Rating on $750 Mil. Notes to BB- SANITARY AND IMPROVEMENT: Files for Chapter 9 in Nebraska SCARLETT INVESTMENTS: Voluntary Chapter 11 Case Summary SOUND HEALTH SOLUTIONS: Voluntary Chapter 11 Case Summary SOURCE INTERLINK: S&P Withdraws 'D' Corporate Credit Rating SOUTHEAST WAFFLES: Files Competing Plan Of Reorganization STAR TRIBUNE: US Trustee Balks at Legal Defenses for Shareholder STEPHEN BALDWIN: Files for Chapter 11 Bankruptcy Protection STEPHEN BALDWIN: Voluntary Chapter 11 Case Summary STILLWATER MINING: GM Gets OK to Walk Away From Supply Contract SWM MANAGEMENT: Case Summary & 2 Largest Unsecured Creditors SYNTAX-BRILLIAN: Plaintiffs in Fraud Suit Certified as Class THOMAS SAHROW: Case Summary & 20 Largest Unsecured Creditors TRANSALTA CORPORATION: Moody's Reviews Ba1 Preferred Shelf Rating VERANDA PARK COMMERCIAL: Case Summary 5 Largest Unsec. Creditors VINEYARD NATIONAL: Case Summary & 20 Largest Unsecured Creditors WABASH NATIONAL: Inks Third Amendment to BofA Loan Agreement WALK ABOUT CREEK: Case Summary & 20 Largest Unsecured Creditors WALLACE & SONS INC: Case Summary & 20 Largest Unsecured Creditors WESTSIDE DEVELOPMENT: Case Summary & 11 Largest Unsec. Creditors WILLIAM HEGGER: Case Summary & 8 Largest Unsecured Creditors WJL EQUITIES: U.S. Trustee Sets Meeting of Creditors for August 12 WJL EQUITIES: Wants Schedules Filing Extended until August 22 WISSOTA VIEW INC: Case Summary & 20 Largest Unsecured Creditors WOORI BANK: S&P Reports 'CCC+srp' Rating on Credit Default Swap ZIM CORP: Posts $153,513 Net Income for March 2009 Fiscal Year * Chapter 11 Cases With Assets and Liabilities Below $1,000,000 ********* 322 WEST: Interests in 322 West to Be Auctioned on August 6 ----------------------------------------------------------- One hundred percent of the membership interests in 322 West 57th Owner LLC will be offered at a public auction and sold to the highest qualified bidder on August 6, 2009, at 10:00 a.m. at the law offices of Allen & Overy LLP, 1221 Avenue of the Americas. New York, NY 10020. The sale is to enforce the rights of the secured party under that certain first mezzanine loan agreement dated as of July 7, 2006, as amended, executed by 322 West 57th I LLC. The secured party reserves the right to reject all bids and terminate or adjourn the sale to another time, without further notice. The principal asset of the Company is a building commonly known as "Sheffield 57" located at 316-328 West 57th Street, New York NY 10019. Interested parties may visit the Web site http://eastdilsecured.com/notices/Sheffield-TOPS1.pdf or contact: Adam Spies or Christian Dalzell Eastdil Secured, L.L.C. (212) 315-7200 ABRAHAM PETROLEUM: Case Summary & 17 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Abraham Petroleum Corporation 335 Tiburon Paseo Las Olas Dorado, PR 00646 Bankruptcy Case No.: 09-05928 Chapter 11 Petition Date: July 17, 2009 Court: United States Bankruptcy Court District of Puerto Rico (Old San Juan) Judge: Bankruptcy Judge Enrique S. Lamoutte Inclan Debtor's Counsel: Charles Alfred Cuprill, Esq. Charles A Cuprill, PSC Law Office 356 Calle Fortaleza, Second Floor San Juan, PR 00901 Tel: (787) 977-0515 Email: cacuprill@aol.com Estimated Assets: $1,000,001 to $10,000,000 Estimated Debts: $1,000,001 to $10,000,000 A full-text copy of the Debtor's petition, including a list of its 17 largest unsecured creditors, is available for free at: http://bankrupt.com/misc/prb09-05928.pdf The petition was signed by Sami Abraham. ADVANCE AUTO: S&P Changes Outlook to Stable; Affirms 'BB+' Rating ----------------------------------------------------------------- Standard & Poor's Ratings Services said that it has revised its outlook on Advance Auto Parts Inc. and its primary operating subsidiary, Advance Stores Co. Inc., to stable from negative, and affirmed the 'BB+' corporate credit rating. "The action reflects improved near to medium term fundamentals for the retail auto parts industry and Advance's more conservative financial policy, including the company's maximum 2.5x rent- adjusted leverage ratio, and S&P's belief that supplier risk has declined since the end of 2008," said Standard & Poor's credit analyst Jerry Phelan. The rating on Roanoke, Va.-based Advance Auto Parts Inc. and its primary operating subsidiary, Advance Stores Co. Inc., reflects recent positive industry dynamics, the company's predictable cash flow generating ability in a historically stable but low growth industry, successful expansion of its do-it-for-me business, and more conservative financial profile. Concerns include the company's participation in the highly competitive retail automotive parts industry, high level of selling, general, & administrative (SG&A) expenses, historically declining comparable sales performance in the do-it-yourself segment prior to the current economic downturn, and historically aggressive new store expansion. Advance Auto, with over 3,400 stores, is the second-largest company in the highly competitive retail automotive parts industry, compared with market leader AutoZone Inc. (BBB/Stable/A- 2). In addition to over 36,000 retail auto part stores industry- wide, including stores operated by the company, AutoZone, O'Reilly Automotive Inc. (unrated), and The Pep Boys--Manny, Moe and Jack Inc. (B-/Negative/--), the company faces intense competition from large discounters, gas stations, auto dealerships, repair shops, drug stores, and grocery stores. Overall, the company's sales growth over the past few years has exceeded that of its largest direct competitors, mainly as a result of new store openings and its emphasis on the higher-growth DIFM business. It is larger and more fragmented than the DIY segment, but carries lower margins. This partly was offset by low-single-digit comparable sales declines at the company's DIY segment, which accounts for about 70% of sales. ADVANCED LAMINATING: Case Summary & 20 Largest Unsec. Creditors --------------------------------------------------------------- Debtor: Advanced Laminating Inc. 171 Tosca Drive Stoughton, MA 02072 Bankruptcy Case No.: 09-16778 Chapter 11 Petition Date: July 17, 2009 Court: United States Bankruptcy Court District of Massachusetts (Boston) Judge: Joan N. Feeney Debtor's Counsel: David B. Madoff, Esq. Madoff & Khoury LLP 124 Washington Street - Suite 202 Foxboro, MA 02035 Tel: (508) 543-0040 Fax: (508) 543-0020 Email: madoff@mandkllp.com Total Assets: $459,298 Total Debts: $1,236,030 A full-text copy of the Debtor's petition, including a list of its 20 largest unsecured creditors, is available for free at: http://bankrupt.com/misc/mab09-16778.pdf The petition was signed by William W. Turner Jr., president of the Company. ALLIED SECURITY: FINRA Assigns "ADSV" as New Stock Symbol --------------------------------------------------------- Allied Security Innovations, Inc., was notified by the FINRA, the body governing the OTC Bulletin Board, that its request for a 1 for 1,000 reverse split of its issued and outstanding common stock had been processed and that the FINRA had assigned ADSV to be the new trading symbol for the Company's common stock. The assignment was effective as of the open of business on July 13, 2009. "We believe that this new development is in the best interest of the Company. With the reverse, our price per share could rise significantly which may make the shares more attractive to prospective investors, and enable us to gain more traction in the public market." said Anthony R. Shupin, CEO and President. "We believe that our CGM-AST products are the best tamper-evident security products in the industry and that we have focused the Company on a market that continues to show demand. We have put personnel in place that will enable us to achieve those goals, even in this tough economy". Going Concern Doubt In its Form 10-Q report for the quarterly period ended March 31, 2009, the Company said it has sustained recurring losses and has accumulated a significant deficit as of March 31, 2009. These factors raise substantial doubt about its ability to continue as a going concern. Management has formulated and is in the process of implementing its business plan intended to develop steady revenues and income, as well as reducing expenses in the areas of operations. The plan includes these management objectives: -- Soliciting new customers in the U.S. -- Expanding sales in the international market -- Expanding sales through E-commerce -- Adding new distributor both in the U.S and internationally -- The introduction of new products into the market -- Seeking out possible merger candidates At March 31, 2009, the Company had $3,449,834 in total assets and $36,941,728 in total liabilities, resulting in $33,491,894 in stockholders' deficit. About Allied Security Innovations Based in Farmingdale, New Jersey, Allied Security Innovations, Inc. -- http://www.cgm-ast.com/-- provides homeland security products and proprietary criminal justice software to over 3,000 clients worldwide. It is composed of the original DDSI Company, a public company since 1995, and its wholly owned subsidiary, CGM- Applied Security Technologies, Inc., (established in 1978). With manufacturing in Staten Island, ASI is a manufacturer and distributor of Homeland Security products, including indicative and barrier security seals, security tapes and related packaging security systems, protective security products for palletized cargo, physical security systems for tractors, trailers and containers, as well as a number of highly specialized authentication products. Allied Security Innovations stock trades on the OTC Bulletin Board under the symbol "ADSV". AMBASSADORS INT'L: Case Summary & 20 Largest Unsec. Creditors ------------------------------------------------------------- Debtor: Ambassadors International Ministries dba Embassy Church dba Ambassadors Christian Center dba Torrance Jacko Ministries dba Embassy Church International P.O. Box 503680 San Diego, CA 92150 Bankruptcy Case No.: 09-10335 Chapter 11 Petition Date: July 19, 2009 Court: United States Bankruptcy Court Southern District of California (San Diego) Judge: Chief Judge Peter W. Bowie Debtor's Counsel: Steven R. Houbeck, Esq. PO Box 150 Cardiff, CA 92007 Tel: (619) 463-4357 Email: Cicero68@AOL.com Total Assets: $4,011,000 Total Debts: $4,205,034 A full-text copy of the Debtor's petition, including a list of its 20 largest unsecured creditors, is available for free at: http://bankrupt.com/misc/casb09-10335.pdf The petition was signed by Torrance A. Jacko. AMERICAN ACHIEVEMENT: Raises Exchange Offer; Moves Deadline ----------------------------------------------------------- American Achievement Group Holding Corp. is amending its cash tender offer with respect to its outstanding 12.75% Senior PIK Notes due 2012 (CUSIP No. 02369BAB2, 02369BAA4, 02369BAE6, 02369BAD8). It has distributed a supplement to its offer to purchase, dated June 4, 2009. As of 11:59 p.m., New York City time, July 17, 2009, $37,335,720 aggregate principal amount of the Notes, representing roughly 34% of the outstanding Notes, had been validly tendered and not withdrawn. The amended terms of the Offer apply to the Previously Tendered Notes as well as any Notes that are tendered on or after the date hereof and prior to the new offer expiration date. The Company is amending the Offer as: -- The Offer has been extended to 11:59 p.m., New York City time, on July 31, 2009, and will expire at such time unless further extended or earlier terminated by the Company in its sole discretion; -- The Company will purchase up to $85,000,000 aggregate principal amount of the Notes, representing roughly 77% of the outstanding Notes. The Company may increase or waive the Tender Cap at its sole discretion. If the aggregate principal amount of Notes validly tendered pursuant to the Offer exceeds the Tender Cap, then, if the Company accepts Notes for purchase, it will purchase any Previously Tendered Notes in full and will purchase any Subsequently Tendered Notes on a pro rata basis among such tendering holders of such Subsequently Tendered Notes up to the remaining Tender Offer Cap, based on the aggregate principal amount of Subsequently Tendered Notes tendered by each such holder; -- Subject to the terms and conditions of the Offer, including the Minimum Tender Condition, each holder of Notes who validly tenders, and does not withdraw, their Notes, including Previously Tendered Notes, will be eligible to receive $350.00 per $1,000.00 per principal amount of the Notes on or prior to the Offer Expiration Date. No additional amounts will be payable with respect to any accrued or unpaid interest on the Notes since April 1, 2009; -- The Company's obligation to accept for purchase any Subsequently Tendered Notes and pay the New Total Consideration for any Notes validly tendered pursuant to the Offer is subject to the condition that holders of at least $70,000,000 aggregate principal amount of the Notes, representing roughly 64% of the outstanding Notes, including any Previously Tendered Notes, validly tender, and do not subsequently withdraw, their Notes prior to the Offer Expiration Date. The Company may waive the Minimum Tender Condition at its sole discretion. If the Minimum Tender Condition is not satisfied or waived, any Subsequently Tendered Notes will not be accepted for purchase in the Offer. In such event, subject to the other terms and conditions of the Offer, the Company will accept for purchase only the Previously Tendered Notes, but such holders will be eligible to receive only the original Total Consideration of $230.11 per $1,000.00 per principal amount of any Previously Tendered Notes. The New Total Consideration will not be payable with respect to any Notes if the Minimum Tender Condition is not satisfied or waived; -- Holders of Subsequently Tendered Notes may withdraw their Subsequently Tendered Notes in accordance with the withdrawal provisions set forth in the Offer to Purchase at any time prior to 11:59 p.m. New York City time, on July 31, 2009, unless extended. Holders of Previously Tendered Notes may not withdraw their Previously Tendered Notes; -- The Early Tender Premium has been eliminated. Each holder who validly tenders their Notes on or prior to the Offer Expiration Date will be eligible to receive either the New Total Consideration or the original Total Consideration; All other material terms of the Offer remain unchanged. The Offer is being made solely pursuant to the Offer to Purchase, as amended by the Supplement. Goldman, Sachs & Co. is acting as the dealer manager for the Offer. The depositary and information agent for the Offer is Global Bondholder Services Corporation. Questions regarding the Offer may be directed to Goldman, Sachs & Co., at (800) 828-3182 (toll free) or (212) 357-4692 (collect). Requests for copies of the Offer to Purchase and related documents may be directed to Global Bondholder Services Corporation at (866) 873-6300 (toll free) or (212) 430-3774 (banks and brokerage firms). About American Achievement AAC Group Holding Corp., together with American Achievement Corporation, manufactures and supplies class rings, yearbooks and other graduation-related scholastic products for the high school, college, junior high school and elementary school markets and of recognition products, such as letter jackets, and affinity jewelry designed to commemorate significant events, achievements and affiliations. The Company markets its products and services primarily in the United States and operates in four reporting segments: class rings, yearbooks, graduation products and other. The Company's corporate office is located in Austin, Texas and its manufacturing facilities are located in Austin, Dallas, El Paso and Waco, Texas; Louisville, Kentucky; Manhattan, Kansas; and Juarez, Mexico. * * * As reported by the Troubled Company Reporter on June 5, 2009, Moody's Investors Service upgraded American Achievement Group Holding Corp.'s corporate family rating to Caa1 from Caa2 and its probability of default rating to Caa2 from Caa3. The upgrade is due largely to debt reduction and improved liquidity as a result of the Company's amended Credit Agreement extends the company's revolving credit facility until March 2011 and more flexibility under its financial covenants. In addition, Moody's upgraded the AAC Group Holdings senior discount notes to Caa2 from Caa3 and American Achievement Corporation's senior subordinated notes to B2 from B3 also based on the Loss Given Default methodology and changes to the capital structure following the repayment of $28 million of the company's term loan. The rating outlook is stable. The TCR on June 9, 2009., said Standard & Poor's Ratings Services lowered its corporate credit rating on American Achievement to 'CC', with a negative outlook, from 'CCC+'. At the same time, S&P lowered the issue-level rating on ultimate parent company American Achievement Group Holding Corp.'s 12.75% senior PIK notes to 'C' from 'CCC-'. S&P placed the 'B' issue-level rating for AAC's senior secured credit facilities, the 'CCC+' issue-level rating for the company's 8.25% senior subordinated notes, and the 'CCC-' rating for intermediate holding company AAC Group Holding Corp.'s 10.25% senior discount notes on CreditWatch with positive implications. S&P's rating actions follow the company's announcement of the cash tender offer. S&P expects to raise these ratings if the tender offer is successful. AMERICAN CONSOLIDATED: Case Summary & 20 Largest Unsec. Creditors ----------------------------------------------------------------- Debtor: American Consolidated Transportation Companies, Inc. 2513 East Higgins Road Elk Grove Village, IL 60007 Bankruptcy Case No.: 09-26062 Debtor-affiliates filing separate Chapter 11 petitions: Entity Case No. ------ -------- Davidsmeyer Bus Service, Inc. 09-26067 Mid-America Charter Lines, Inc. � 09-26069 Central States Coach Parts, Inc. 09-26072 Mid-America Tours, Inc. � 09-26073 Central States Coach Repairs, Inc. 09-26074 Mid-America Travel, Inc. 09-26075 Colorado Charter Lines, Inc. 09-26078 Central West Motor Stages, Inc. 09-26079 D&B Rental, LLC 09-26083 Chapter 11 Petition Date: July 18, 2009 Court: United States Bankruptcy Court Northern District of Illinois (Chicago) Judge: Jack B. Schmetterer Debtor's Counsel: Joel A. Schechter, Esq. Law Offices of Joel Schechter 53 W Jackson Blvd, Suite 1025 Chicago, IL 60604 Tel: (312) 332-0267 Fax: (312) 939-4714 Email: joelschechter@covad.net Estimated Assets: $0 to $50,000 Estimated Debts: $1,000,001 to $10,000,000 A full-text copy of the Debtor's petition, including a list of its 20 largest unsecured creditors, is available for free at: http://bankrupt.com/misc/ilnb09-26062.pdf The petition was signed by Karen A. Bingham, president of the Company. ARCHITECTURAL WALL: Case Summary 10 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: Architectural Wall Products, LLC 209 Industrial Boulevard Tullahoma, TN 37388 Bankruptcy Case No.: 09-14506 Chapter 11 Petition Date: July 21, 2009 Court: United States Bankruptcy Court Eastern District of Tennessee (Winchester) Judge: R. Thomas Stinnett Debtor's Counsel: Robert S. Peters, Esq. Swafford, Peters, Priest & Hall 120 North Jefferson Street Winchester, TN 37398 Tel: (931)967-3888 Fax: (931) 967-2172 Email: rspeters@spphlaw.com Total Assets: $1,945,486 Total Debts: $2,576,982 A list of the Company's 10 largest unsecured creditors is available for free at: http://bankrupt.com/misc/tneb09-14506.pdf The petition was signed by Ronald L. Blazier, president of the Company. ASHLAND BOWLING: Files for Chapter 11 to Avert Foreclosure ---------------------------------------------------------- Ashland Bowling Center has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Northern District of Ohio. Linda Martz at Mansfield News Journal reports that Ashland Bowling owners Michael and Donna Szerwinski said that the recession and increased unemployment have further eroded income. Citing the Szerwinskis, News Journal states that Ashland Bowling owners Michael and Donna Szerwinski were facing a $1.26 million judgment against them and their businesses this spring. According to the report, Business Loan Center LLC foreclosed against: -- Ashland Bowling Center Inc.; -- the Szerwinskis; -- Dantem Inc. of Onteonta, N.Y.; and -- Razem Inc. of Johnstown, N.Y. The Szerwinskis each own 50% shares in Ashland Bowling Center and Dantam. The Szerwinskis said last week that they were working on a plan to keep Park Lanes open, News Journal relates. News Journal says that because of the bankruptcy filing, Park Lanes is no longer headed to sheriff's sale, and it will continue to operate this fall. The case is expected to take at least three to six months, as long as operating funds are available, News Journal states, citing Marc Merklin, the Szerwinskis' lawyer. Mr. Merklin said that his clients will either get the Business Loan Center loan restructured or sell the business, News Journal relates. Court documents say that the businesses were slightly profitable in 2007 and 2008. Gross income for Ashland Bowling Center was listed as $1.1 million in 2007, $923,042 in 2008 and $633,875 this year. Park Lanes, according to court documents, suffered a 25% decline in revenues in 2007 related to league bowling. The Szerwinskis claimed that the business suffered under Ohio's smoking ban, which took effect in May 2007. "The recent announcement of a GM plant closure in Mansfield ... may further affect its operations," News Journal quoted Mr. Merklin as saying. According to News Journal, the Szerwinskis are seeking the Court's permission to: -- keep Park Lanes open, -- continue to pay employees, -- release funds for benefits costs that have gone unpaid, and -- to stave off utility shutdowns. Court documents say that Park Lanes have an average payroll of $3,450 per week, and that the Szerwinskis' combined weekly pay is about $400. According to News Journal, the Szerwinskis claimed themselves as creditors, saying that they're owed some $197,000 related to the Park Lanes filing and $81,589 in the Dantam bankruptcy. The report says that the creditors include: -- Ciena Capital, owed about $1,303,025; and -- several parties with shares from a $225,000 note by the Szerwinskis to buy the bowling alley, including estate of: * Dorothy Lewis, Davis Road, Mansfield, $168,750; * Dennis O'Neill of Davis Road, Mansfield, $28125; and * Bill Lewis of Davis Road, Mansfield, $28,125. Ashland Bowling Center is operating as Park Lanes, 1410 Park Avenue West, and Dantem Inc., 945 Trout Drive in Mansfield. ASHLAND BOWLING: Case Summary & 13 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: The Ashland Bowling Center, Inc. dba Park Lanes 1410 Park Avenue West Mansfield, OH 44906 Bankruptcy Case No.: 09-62906 Chapter 11 Petition Date: July 17, 2009 Court: United States Bankruptcy Court Northern District of Ohio (Canton) Judge: Russ Kendig Debtor's Counsel: Marc Merklin, Esq. Brouse McDowell, LPA 388 S. Main Street, Suite 500 Akron, OH 44311 Tel: (330) 535-5711 Fax: (330) 253-8601 Email: mmerklin@brouse.com Total Assets: $931,586 Total Debts: $1,792,466 A full-text copy of the Debtor's petition, including a list of its 13 largest unsecured creditors, is available for free at: http://bankrupt.com/misc/ohnb09-62906.pdf The petition was signed by Michael Szerwinski, president of the Company. AURORA OIL: Gets Initially OK to Access Lenders' Cash Collateral ---------------------------------------------------------------- The Hon. Scott W. Dales of the U.S. Bankruptcy Court for the Western District of Michigan authorized, on an interim basis, Aurora Oil & Gas Corporation and its debtor-affiliates to: -- use cash securing repayment of loan with the syndicate of prepetition senior secured lenders; and -- provide adequate protection to the lenders. The final hearing on the continued use of cash collateral is scheduled for August 5, 2009, at 1:30 p.m. before the Court. As of Aurora Oil's petition date, the Debtors owe BNP Paribas; Comerica Bank; KeyBank National Association; and CIT Capital USA Inc. $70 million, plus accrued and unpaid interest and other asserted charges, pursuant to the First Lien Loan Agreement. Obligations are secured by senior, first-priority liens upon certain of the Debtors' assets. The Debtors owe D.E. Shaw Laminar Portfolios, L.L.C.; BNP Paribas; CIT Capital USA, Inc.; and Energy Components SPC UP-and Midstream Segregated Portfolio $50 million plus accrued and unpaid interest pursuant to the Second Lien Loan Agreement. Obligations are secured by second-priority liens upon the collateral and are also guaranteed by the Debtor Hudson Pipeline & Processing, Co., LLC. As of the petition date, the balance on the September 19, 2005, promissory note with Northwestern Bank is $2.6 million. The note is secured by a mortgage on Aurora's corporate headquarters in Traverse City. About Aurora Oil & Gas Based in Traverse City, Michigan, Aurora Oil & Gas Corporation (Pink Sheets: AOGS) is an independent energy company focused on unconventional natural gas exploration, acquisition, development and production, with its primary operations in the Antrim Shale of Michigan, the New Albany Shale of Indiana and Kentucky. The Company and one affiliate filed for Chapter 11 protection on July 12, 2009 (Bankr. W.D. Mich. Case Nos. 09-08254 and 09-08255). Judge Scott W. Dales presides over the case. Stephen B. Grow, Esq., at Warner Norcross & Judd, LLP, in Grand Rapids, Michigan; and Joel H. Levitin, Esq., and Richard A. Stieglitz Jr., at Cahill Gordon & Reindel LLP in New York, serve as the Debtors' counsel. Aurora listed assets and debts both ranging from $100,000,001 to $500,000,000. AURORA OIL: Requests Beachwalk Capital as Advisor ------------------------------------------------- Aurora Oil & Gas Corporation and Hudson Pipeline & Processing Co. LLC ask the U.S. Bankruptcy Court for the Western District of Michigan for authority to employ Beachwalk Capital LLC as advisor in connection with their restructuring efforts. The firm will, among other things: a) undertake, in consultation with members of management of the Debtors and its other advisors, a review of a comprehensive business and financial analysis of the Debtors; b) review and analyze the business plans and financial projections prepared by the Debtors; c) evaluate the Debtors' debt capacity and assist in the determination of an appropriate capital structure for the Debtors; and d) advise the Debtors on the general state of the restructuring market. The Debtors will pay the firm $1,800 per day for this engagement. The Debtors assure the Court that the firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. About Aurora Oil & Gas Based in Traverse City, Michigan, Aurora Oil & Gas Corporation (Pink Sheets: AOGS) is an independent energy company focused on unconventional natural gas exploration, acquisition, development and production, with its primary operations in the Antrim Shale of Michigan, the New Albany Shale of Indiana and Kentucky. The Company and an affiliate filed for Chapter 11 protection on July 12, 2009 (Bankr. W.D. Mich. Case Nos. 09-08254 and 09-08255). Judge Scott W. Dales presides over the case. Stephen B. Grow, Esq., at Warner Norcross & Judd, LLP, in Grand Rapids, Michigan; and Joel H. Levitin, Esq., and Richard A. Stieglitz Jr., at Cahill Gordon & Reindel LLP in New York, serve as the Debtors' counsel. Aurora listed assets and debts both ranging from $100,000,001 to $500,000,000. AURORA OIL: Proposes Donlin Recano as Claims & Balloting Agent -------------------------------------------------------------- Aurora Oil & Gas Corporation and Hudson Pipeline & Processing Co. LLC ask the U.S. Bankruptcy Court for the Western District of Michigan for authority to employ Donlin Recano & Company Inc. as their claims, notice, and balloting agent. The firm will (a) distribute notices; (b) process proofs of claim that may be filed in the Chapter 11 cases; and (c) assist in the balloting process for any Chapter 11 plan. The Debtors assure the Court that the firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. About Aurora Oil & Gas Based in Traverse City, Michigan, Aurora Oil & Gas Corporation (Pink Sheets: AOGS) is an independent energy company focused on unconventional natural gas exploration, acquisition, development and production, with its primary operations in the Antrim Shale of Michigan, the New Albany Shale of Indiana and Kentucky. The Company and an affiliate filed for Chapter 11 protection on July 12, 2009 (Bankr. W.D. Mich. Case Nos. 09-08254 and 09-08255). Judge Scott W. Dales presides over the case. Stephen B. Grow, Esq., at Warner Norcross & Judd, LLP, in Grand Rapids, Michigan; and Joel H. Levitin, Esq., and Richard A. Stieglitz Jr., at Cahill Gordon & Reindel LLP in New York, serve as the Debtors' counsel. Aurora listed assets and debts both ranging from $100,000,001 to $500,000,000. AURORA OIL: Wants Huron Consulting as Restructuring Officer ----------------------------------------------------------- Aurora Oil & Gas Corporation and Hudson Pipeline & Processing Co. LLC ask the U.S. Bankruptcy Court for the Western District of Michigan for authority to employ Huron Consulting Services LLC as restructuring officer. The firm will: a) review and implement a cash management system; b) supervise vendor payment control and oversight of vendor negotiations; c) design and develop 13-week rolling and annual cash budgets; d) review and analyze of cash and budget variances and supervision of forecast revisions; e) provide liquidity planning and contingency analysis; f) review and analyze operational activities, revenue enhancements, and expense controls; g) evaluate business operations, products, services, and customers; i) work with the management team and review the Debtors' strategy, identify alternatives, and options and suggest changes to improve revenue, operational, and financial performance and cash flow; j) assist in the feasibility analysis in connection with the Debtors' restructuring efforts; and k) assist in restructuring process as requested. The hourly rates for the firm's professionals range from $300 to $525 per hour. The Debtors assure the Court that the firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. About Aurora Oil & Gas Based in Traverse City, Michigan, Aurora Oil & Gas Corporation (Pink Sheets: AOGS) is an independent energy company focused on unconventional natural gas exploration, acquisition, development and production, with its primary operations in the Antrim Shale of Michigan, the New Albany Shale of Indiana and Kentucky. The Company and an affiliate filed for Chapter 11 protection on July 12, 2009 (Bankr. W.D. Mich. Case Nos. 09-08254 and 09-08255). Judge Scott W. Dales presides over the case. Stephen B. Grow, Esq., at Warner Norcross & Judd, LLP, in Grand Rapids, Michigan; and Joel H. Levitin, Esq., and Richard A. Stieglitz Jr., at Cahill Gordon & Reindel LLP in New York, serve as the Debtors' counsel. Aurora listed assets and debts both ranging from $100,000,001 to $500,000,000. AURORA OIL & GAS: U.S. Trustee Names 4-Member Creditors Panel ------------------------------------------------------------- The United States Trustee for the Western District of Michigan has appointed four members to the Official Committee of Unsecured Creditors in the bankruptcy cases of Aurora Oil & Gas Corporation and Hudson Pipeline & Processing Co., LLC. The Committee members are: -- PMR Services, Inc. -- Jet Subsurface Rod Pumps Corporation -- O.I.L Energy Corp. -- Copper Ridge Professional Condo Association Five (CRPC5) OIL Energy and Jet Subsurface are among the Debtors' 21 largest unsecured creditors. According to the list of largest unsecured creditors filed by the Debtors, OIL Energy is owed $60,444 in trade debt and Jet Subsurface is owed $13,291 in trade debt. About Aurora Oil & Gas Based in Traverse City, Michigan, Aurora Oil & Gas Corporation (Pink Sheets: AOGS) is an independent energy company focused on unconventional natural gas exploration, acquisition, development and production, with its primary operations in the Antrim Shale of Michigan, the New Albany Shale of Indiana and Kentucky. The Company and one affiliate filed for Chapter 11 protection on July 12, 2009 (Bankr. W.D. Mich. Case Nos. 09-08254 and 09-08255). Judge Scott W. Dales presides over the case. Stephen B. Grow, Esq., at Warner Norcross & Judd, LLP, in Grand Rapids, Michigan; and Joel H. Levitin, Esq., and Richard A. Stieglitz Jr., at Cahill Gordon & Reindel LLP in New York, serve as the Debtors' counsel. Aurora listed assets and debts both ranging from $100,000,001 to $500,000,000. BADR CORPORATION: Case Summary & 12 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: BADR Corporation dba Super Amigos Grocery 7002 Military Parkway Dallas, TX 75227 Bankruptcy Case No.: 09-34652 Chapter 11 Petition Date: July 21, 2009 Court: United States Bankruptcy Court Northern District of Texas (Dallas) Judge: Harlin DeWayne Hale Debtor's Counsel: Joyce W. Lindauer, Esq. 8140 Walnut Hill Lane, Suite 301 Dallas, TX 75231 Tel: (972) 503-4033 Fax: (972) 503-4034 Email: courts@joycelindauer.com Total Assets: $1,600,500 Total Debts: $1,940,816 A full-text copy of the Debtor's petition, including a list of its 12 largest unsecured creditors, is available for free at: http://bankrupt.com/misc/txnb09-34652.pdf The petition was signed by Budri Amruddin, president of the Company. BALDWIN COUNTY PROPERTIES: Voluntary Chapter 11 Case Summary ------------------------------------------------------------ Debtor: Baldwin County Properties, LLC 9657 Stagecoach Comm. Park Cr. Spanish Fort, AL 36527 Bankruptcy Case No.: 09-13268 Chapter 11 Petition Date: July 20, 2009 Court: United States Bankruptcy Court Southern District of Alabama (Mobile) Debtor's Counsel: Irvin Grodsky, Esq. P.O. BOX 3123 Mobile, AL 36652-3123 Tel: (251) 433-3657 Email: igpc@irvingrodskypc.com Estimated Assets: $1,000,001 to $10,000,000 Estimated Debts: $1,000,001 to $10,000,000 The Debtor did not file a list of its 20 largest unsecured creditors when it filed its petition. The petition was signed by Danny R. Beebe, managing member of the Company. BAMBOO ABBOTT: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Bamboo Abbott, Inc. dba Prestige Window Fashions 195 Raritan Center Parkway Edison, NJ 08837 Case No.: 09-28689 Chapter 11 Petition Date: July 19, 2009 Court: United States Bankruptcy Court District of New Jersey (Trenton) Judge: Michael B. Kaplan Debtor's Counsel: Michael D. Sirota, Esq. Cole, Schotz, Meisel, Forman & Leonard 25 Main St. Hackensack, NJ 07601 Tel: (201) 489-3000 Email: msirota@coleschotz.com Estimated Assets: $10,000,001 to $50,000,000 Estimated Debts: $10,000,001 to $50,000,000 The petition was signed by Joel S. Botwick, the Company's president. Debtor's List of 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ All-Ways Forwarding Int'l $189,529 Alumafold Pacific, Inc. $240,440 Astra Products, Ltd $120,377 C & M Wood Industries $335,649 17229 Lemon Street Suite D Hesperia, CA 92345 Elegant Windows $1,029,446 3709 E Randol Mill Rd. Ste 200 Arlington, TX 76011 Evashin Wood Products Co. $227,674 Faber Industries, Ltd. $198,634 Hr Industries, Inc. $97,759 Mooney-General Paper Co $310,916 1451 Chestnut Avenue PO Box 3800 Hillside, NJ 07205 New Penn Motor Express $103,283 NJM Insurance Co. $144,300 Phase II Products, Inc. $465,606 4975 Preston Park Blvd. Suite 540 Plano, TX 75093 Phifer Incorporated $201,934 Prosper Source Int'l Ltd $121,479 Rollease, Inc. $191,346 Tumils North America $770,868 PO Box 404395 Atlanta, GA 30384 UPS $781,021 Plan # 07271G PO Box 7247-0244 Philadelphia, PA 19170-0001 Victory Packaging $125,008 Vinatech Trading Limited $261,506 228 Queen's Road East Wan Chai, Hong Kong Vogue Enterprise, Inc. $451,685 1801 Kettering Irvine, CA 92614 BASHAS' INC: Excludes Willcox Store From Closures ------------------------------------------------- Carol Broeder at Wick Communications reports that Bashas' Inc. won't close its Willcox store. As reported by the Troubled Company Reporter on July 15, 2009, Bashas' would close 10 stores on July 21. Bashas' said in April 2009 that it was evaluating underperforming stores. The closure will affect seven Bashas' stores and three Food City stores. Bashas' had already closed five other stores in February. According to Wick Communications, all other stores in the statewide chain, including the Food City in Willcox, will remain open and continue regular operations. Citing Bashas' spokesperson Kristy Nied, Wick Communications states that company executives said that the Company was put into Chapter 11 bankruptcy protection after evaluating a combination of three factors: -- the national credit crisis, which has caused credit markets to tighten; -- an especially challenging Arizona economy and stagnation of growth which has, in effect, caused the state to be "over-stored;" and -- the repeated, ongoing attacks from the international and local grocery workers' union, designed to defame and intentionally interfere with the grocers' operations. Bashas' Inc. is a 77-year-old grocery chain in Chandler, Arizona. The Company and its affiliates filed for Chapter 11 bankruptcy protection on July 12, 2009 (Bankr. D. Ariz. Case No. 09-16050). Frederick J. Petersen, Esq., at Mesch, Clark & Rothschild, P.C., assists the Debtors in their restructuring efforts. Bashas' listed $100,000,001 to $500,000,000 in assets and $100,000,001 to $500,000,000 in debts. BAYOU SCAPE LANDSCAPING: Voluntary Chapter 11 Case Summary ---------------------------------------------------------- Debtor: Bayou Scape Landscaping, Inc. dba Bayou Scapes Landscaping, Inc. P.O. Box 2908 Duluth, GA 30096 Bankruptcy Case No.: 09-78790 Chapter 11 Petition Date: July 20, 2009 Court: United States Bankruptcy Court Northern District of Georgia (Atlanta) Debtor's Counsel: Paul Reece Marr, Esq. 300 Galleria Parkway, N.W., Suite 960 Atlanta, GA 30339 Tel: (770) 984-2255 Fax: (770) 984-0044 Email: pmarr@mindspring.com Estimated Assets: $1,000,001 to $10,000,000 Estimated Debts: $1,000,001 to $10,000,000 The Debtor did not file a list of its 20 largest unsecured creditors when it filed its petition. The petition was signed by James D. Bernard, CEO of the Company. BERTHEL SBIC: Iowa Court Establishes Claims Bar Date ---------------------------------------------------- Berthel Growth & Income Trust I, on its own behalf and on behalf of Berthel SBIC, LLC, reports that on July 10, 2009, in the matter of the receivership of Berthel SBIC, LLC, the Federal District Court for the Northern District of Iowa entered an order establishing a "claims bar date." The order provides that all persons or entities having claims against Berthel SBIC, LLC, the Receivership Estate, or assets or funds in the possession of the Receiver, other than the SBA and parties contracted or retained by the SBA as Receiver, are ordered to file such claims in writing and in the prescribed form with the receiver: c/o Barbara R. Klein Principal Agent for SBA as Receiver of Berthel SBIC, LLC 1100 G Street, N.W., Suite 200 Washington, D.C. 20005 within 30 days of the last day of notice by publication, which date will be stated in the mailed and published notices. The Court ordered the Receiver to publish notice once each week for two weeks in the Cedar Rapids Gazette, a newspaper of general circulation serving the Cedar Rapids, Iowa, metropolitan area. The Berthel Growth & Income Trust I dissolved on June 21, 2009, in accordance with the terms of its declaration of trust. Pursuant to Delaware statutes and the declaration of trust, the Trust will continue to exist after the Dissolution Date for up to three years for the purpose of prosecuting and defending suits, whether civil, criminal or administrative, by or against it, and enabling the Trust gradually to settle and close its business, to dispose of and convey its property, to discharge its liabilities, and to distribute any remaining assets to the holders of beneficial interests in the Trust, but not for the purpose of continuing the business for which the Trust was organized. The SBIC is now in receivership. The Trust noted that (i) on January 7, 2009, the Iowa Court entered an order appointing the Small Business Administration the receiver for the purpose of marshalling and liquidating in an orderly manner all of the SBIC's assets and satisfying the claims of the SBIC's creditors in the order of priority as determined by the Court; and (ii) the Court entered an order in favor of the SBA in the amount of $2,773,841.50, plus accrued interest of $17,598.79 through November 17, 2008, plus accrued interest of $566.15 per day up to the date of the order, together with post-judgment interest. The SBA debt is secured by all assets of the SBIC. The only activity the Trust now has is to pay creditors and make distributions to holders of beneficial interests if and when the SBIC distributes cash to the Trust. From and after the Dissolution Date, the Trust Advisor will act without compensation as Liquidating Trust Advisor. When the Liquidating Trust Advisor has completed the winding up of the Trust, the Trust will file a certificate of cancellation with the Delaware Secretary of State. As soon as it is legally permitted in each case to do so, the Trust, on behalf the SBIC, will file on N-54C to notify the Securities and Exchange Commission of the SBIC's voluntary withdrawal of its election under Section 54(a) of the Investment Company Act, and the Trust will file on Form 15 to terminate the registration of the beneficial interests of the Trust. As reported by the Troubled Company Reporter on September 22, 2008, the Trust's wholly owned subsidiary, Berthel SBIC, violated on September 1, 2008, the terms of its loan agreement dated September 1, 2003, with the United States Small Business Administration by failing to pay the balance of the loan in full. As of September 1, 2008, the balance of the loan is $2,777,946.30. As a result of the default, the United States Small Business Administration on September 3, 2008, issued Berthel SBIC, LLC a notice of default, indicating that if Berthel SBIC, LLC does not pay the amount in full within 30 days, the United States Small Business Administration will take appropriate legal action. About Berthel Growth Based in Marion, Iowa, Berthel Growth & Income Trust I was a Delaware business trust that has elected to be treated as a business development company under the Investment Company Act of 1940. The trust's Registration Statement was declared effective June 21, 1995, at which time the trust began offering Shares of Beneficial Interest. The underwriting period was completed on June 21, 1997, with a total of $10,541,000 raised. The trust is a closed-end management investment company intended as a long-term investment and not as a trading vehicle. At September 30, 2008, the Trust had $2,760,919 in total assets and $9,565,186 in total liquidation. BLACK VIPER ENERGY: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: Black Viper Energy Services, Ltd. 11220 West County Road 127 P.O. Box 2552 Midland, TX 79792 Bankruptcy Case No.: 09-70168 Debtor-affiliates filing separate Chapter 11 petitions: Entity Case No. ------ -------- Taylor Equipment Leasing, LP 09-70169 Viper Bit Services, LP � 09-70170 Chapter 11 Petition Date: July 19, 2009 Court: United States Bankruptcy Court Western District of Texas (Midland) Judge: Craig A. Gargotta Debtor's Counsel: Wiley France James III, Esq. James & Haugland, P.C. P.O. Box 1770 El Paso, TX 79949-1770 Tel: (915) 532-3911 Fax: (915) 541-6440 Email: wjames@jghpc.com A full-text copy of the Debtor's petition, including a list of its 20 largest unsecured creditors, is available for free at: http://bankrupt.com/misc/txwb09-70168.pdf The petition was signed by Randall J. Taylor. BRIAN SHANNON: Voluntary Chapter 11 Case Summary ------------------------------------------------ Joint Debtors: Brian E. Shannon Kathryn E. Shannon 4100 Masterpiece Dr Modesto, CA 95357 Bankruptcy Case No.: 09-92255 Chapter 11 Petition Date: July 21, 2009 Court: United States Bankruptcy Court Eastern District of California (Modesto) Judge: Robert S. Bardwil Debtors' Counsel: David C. Johnston, Esq. 1014 16th St PO Box 3212 Modesto, CA 95353-3212 Tel: (209) 521-6260 Estimated Assets: $1,000,001 to $10,000,000 Estimated Debts: $1,000,001 to $10,000,000 The Debtors did not file a list of their 20 largest unsecured creditors when they filed their petition. The petition was signed by the Joint Debtors. BROBECK PHLEGER: Judge Montali Rules on Some Avoidance Actions -------------------------------------------------------------- WestLaw reports that even assuming that the consideration which the partner defendants allegedly provided to a dissolved debtor- law firm on or after the amendment of the partnership agreement to waive the debtor's interest, on dissolution, in profits realized or to be realized from any unfinished partnership business, consisting of a right to receive profits on certain excluded matters, or of the assistance of the partners in billing and collecting pre-dissolution receivables, in assembling and returning client files, and in ensuring the orderly transition of client work, constituted "value," any such value was not provided "in exchange for" a waiver of debtor's right to profits, for constructive fraudulent transfer avoidance purposes. In the case of the right to receive profits on excluded matters, this was a right that the debtor already possessed, and that it did not receive in exchange for its waiver. Moreover, the partners' other activities were activities that they were ethically obligated to perform. In re Brobeck, Phleger & Harrison LLP, --- B.R. ----, 2009 WL 2045344 (Bankr. N.D. Calif.). Ronald F. Greenspan, the Chapter 7 Trustee liquidating and winding up Brobeck, Phleger & Harrison LLP, brought adversary proceedings against the firm's former partners and the new firms to which they went after Brobeck's dissolution -- see Greenspan v. Orrick, Herrington & Sutcliffe LLP, et al. (Bankr. N.D. Calif. Adv. Pro. No. 08-3027) and Greenspan v. Dorsey & Whitney LLP, et al. (Bankr. N.D. Calif. Adv. Pro. No. 08-3028) -- seeking to set aside, on fraudulent transfer grounds, the firm's prepetition waiver of interest in profits realized or to be realized from any unfinished partnership business. Mr. Greenspan also sought a determination that the waiver was unenforceable under California law. On cross-motions for summary judgment, the Honorable Dennis Montali held that: (1) the language in the amended partnership agreement, purporting to waive the law firm's interest, on dissolution thereof, in profits realized or to be realized from any unfinished partnership business, with the exception of two specific matters for which the partners would have continuing obligation to account to firm, was not manifestly unreasonable and unenforceable under California law; (2) the waiver was not in nature of a "disclaimer," and did not effect transfer of any property interest of the partnership; (3) a genuine issue of material fact as to the partners' intent in amending the partnership agreement precluded entry of summary judgment on the trustee's actual fraudulent transfer claims; (4) with one exception, the alleged value was not provided "in exchange for" waiver of the debtor's right to profits, for constructive fraudulent transfer avoidance purposes; and (5) the new law firms to which former Brobeck partners brought unfinished partnership business were liable as immediate transferees. Judge Montali noted at the outset of his Memorandum Decision that, "[t]his case presents the court with a matter of apparent first impression: a dramatic intersection of well-established and necessary rules appropriate for the winding up and dissolution of a law firm with the equally well-established principles recognizing rights of third-party creditors that protect them from the adverse financial consequences of an otherwise valid transaction. In a time when the financial collapse of legacy institutions can occur quickly, a last minute attempt at order rather than chaos cannot prevail over the rights of that firm's creditors." Brobeck, Phleger & Harrison LLP started business in 1926. It was a prominent national law firm with over 900 attorneys and offices in California, New York, Colorado, Virginia, Texas, Washington D.C., and, through a joint-venture, in London, England. In the late 1990's and early 2000s, Brobeck enjoyed rapid growth, almost doubling its number of attorneys in just over three years in its booming technology-sector practice. In the course of its expansion, Brobeck incurred substantial debt as well as lease obligations for several new offices. On September 17, 2003, certain of Brobeck's creditors filed an involuntary chapter 7 bankruptcy petition (Bankr. N.D. Calif. Case No. 03-32715). Thereafter, Ronald F. Greenspan was elected as the Chapter 7 Trustee. BULLSEYE INVESTMENT: Case Summary & Largest Unsecured Creditor -------------------------------------------------------------- Debtor: Bullseye Investment Group, Inc. PO Box 520 Alexander, AR 72002 Bankruptcy Case No.: 09-15108 Chapter 11 Petition Date: July 21, 2009 Court: United States Bankruptcy Court Eastern District of Arkansas (Little Rock) Judge: James G. Mixon Debtor's Counsel: Geoffrey B. Treece, Esq. Quattlebaum, Grooms, Tull & Burrow PLLC 111 Center St., Suite 1900 Little Rock, AR 72201 Tel: (501) 379-1700 Fax: (501) 379-1701 Email: gtreece@qgtb.com Estimated Assets: $1,000,001 to $10,000,000 Estimated Debts: $1,000,001 to $10,000,000 The Debtor identified Compass Bank with financed truck maintenance and repairs at Freightliner debt claim for $6,157 as its largest unsecured creditor. A full-text copy of the Debtor's petition, including a list of its largest unsecured creditor, is available for free at: http://bankrupt.com/misc/areb09-15108.pdf The petition was signed by Steve Glenn, president of the Company. CALIFORNIA STATE: Gov., Lawmakers Agree to Cut $15.6BB in Spending ------------------------------------------------------------------ Stu Woo and Ryan Knutson at The Wall Street Journal report that California Gov. Arnold Schwarzenegger and lawmakers agreed to close the budget shortfall by slashing $15.6 billion in spending. According to The Journal, the major cuts in the budget include: -- $6 billion from kindergartens and community colleges, -- $2.8 billion from other higher education, -- $1.3 billion saved through state-worker furloughs, -- $1.3 billion cut from a state health-care plan and -- $1.2 billion trimmed from prison spending. Under the plan, California would take $4.7 billion from its cities and counties, The Journal relates. The Journal states the deal calls for raising $1 billion in revenue by selling an insurance fund, as well as for raising $100 million by drilling for oil off the Santa Barbara coast. The plan, according to the report, also addresses what remains of the deficit with one-time fixes and accounting maneuvers like pushing state-worker paychecks from June 2010 to July 2010, the next fiscal year. The Journal reports that lawmakers will vote on the budget plan on July 23. Citing Standard and Poor's analyst Gabriel Petek, The Journal says that the budget package would likely stop credit-rating agencies from further. Mr. Petek warned that California's rating can still be downgraded because the budget deal relies on "unconventional" fixes and its revenue forecast may be too optimistic, according to the report. Fiscal experts said that the negative effects of the budget deal would offset much of the intended benefits of the government's federal stimulus package, The Journal states. Citing economists, WSJ relates that the proposed cuts in the budget deal will compound the continuing impact from other recessionary blows, including an 11.6% state unemployment rate, widespread foreclosures on homes, and depressed real-estate values. "There will be less of a stimulus effect rising from the federal government policies by an amount that's obvious. That will mean there will be slower recovery than otherwise would have been the case," The Journal quoted Stanford University economist Roger Noll as saying. "The budget is a pure Band-aid. It just transfers the problem to next year." CANWEST MEDIA: Continues Talks with Noteholder Group ---------------------------------------------------- Canwest Global Communications Corp. said Canwest Media Inc. is continuing discussions with the members of an ad hoc committee of 8% noteholders of CMI regarding a recapitalization transaction. The holders of the new 12% senior secured notes of CMI and Canwest Television Limited Partnership as well as CIT Business Credit Canada Inc., the provider of a senior secured revolving asset- based loan facility to CMI, have agreed to extend to July 31, 2009 certain milestones that were to be have been achieved by July 17, 2009. The date by which CMI must enter into an agreement in respect of a recapitalization transaction is July 31, 2009. CMI and the members of the Ad Hoc Committee have also entered into a further extension agreement and forbearance to July 31, 2009. As reported by the Troubled Company Reporter on May 26, 2009, Canwest Media and Canwest Television and certain parties entered into an agreement, pursuant to which the parties will purchase the U.S. dollar equivalent of C$105 million principal amount of 12% senior secured notes of CMI and CTLP for an aggregate purchase price of the U.S. dollar equivalent of C$100 million. CIT agreed to provide a senior secured revolving ABL facility for C$75 million to CMI. Both transactions were expected to close May 21, 2009. Canwest has kept the identity of the Purchasers confidential. Moreover, the Note Purchase Agreement provides that in the event Canwest Media or Canwest Television seeks creditor protection under the Companies' Creditors Arrangement Act or comparable legislation, the Notes will be converted into a debtor-in- possession financing arrangement. The Purchasers also suggested FTI Consulting to be appointed as monitor in the event of a CCAA filing. Canwest also said in May that the senior lenders under the CMI existing credit facility extended their waiver agreement until June 2, 2009, and also agreed to defer certain payments aggregating approximately $10 million until June 2, which would allow completion of the new facilities. Additionally, Canwest also said CMI and the members of the Ad Hoc Committee entered into a further agreement and forbearance until June 15, subject, among other things, to closing of the issuance of the Senior Secured Notes. Under the terms of the new financing arrangements, CMI originally agreed to satisfy certain milestones within certain time frames: * On or before June 15, 2009, reaching an agreement in principle with members of the Ad Hoc Committee in respect of a recapitalization transaction. * On or before July 15, 2009, entering into a definitive agreement with members of the Ad Hoc Committee with respect to the recapitalization transaction. CMI used proceeds from the issue and sale of the Senior Secured Notes and from CIT's ABL facility to, among other things, repay the current lenders all amounts owing under CMI's existing senior credit facility and settle related obligations. About Canwest Global Communications Corp. Canwest Global Communications Corp. -- http://www.canwest.com/-- (TSX: CGS and CGS.A,) an international media company, is Canada's largest media company. In addition to owning the Global Television Network, Canwest is Canada's largest publisher of English language daily newspapers and owns, operates and/or holds substantial interests in conventional television, out-of-home advertising, specialty cable channels, web sites and radio stations and networks in Canada, New Zealand, Australia, Turkey,Indonesia, Singapore, the United Kingdom and the United States. * * * As reported in the Troubled Company Reporter on June 9, 2009, Moody's Investors Service downgraded Canwest Limited Partnership's probability of default rating to Ca/LD and its corporate family to Caa3 on news the company decided to not make payments totaling $10 million due under its senior secured credit facility on May 29, 2009, the end of the company's fiscal quarter. This suggests that CLP has chosen to force the issue with its bank lenders, and is also likely an indication that ongoing negotiations with the bank lenders were not going well, according to Moody's. Given the recent experience of CLP's parent company, Canwest Media Inc., this step was likely unavoidable. Since the payment includes a principal component and there is no cure period, the bank credit facility is now in default. The lenders have not accelerated repayment. The TCR on June 2, 2009, said Standard & Poor's Ratings Services lowered its ratings on Canwest LP, including the corporate credit and senior secured ratings to 'D' (default) from 'CCC' and the rating on the C$75 million senior subordinated credit facility due 2015 to 'D' from 'CC'. S&P also lowered the rating on the company's US$400 million senior subordinated notes due 2015 to 'C' from 'CC'. The recovery ratings on the debt obligations are unchanged. CLAUDE HARRIS: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Claude F. Harris 11790 Jamie Drive Concord Township, OH 44077 Bankruptcy Case No.: 09-16645 Chapter 11 Petition Date: July 21, 2009 Court: United States Bankruptcy Court Northern District of Ohio (Cleveland) Judge: Randolph Baxter Debtor's Counsel: Stephen D. Hobt, Esq. 1370 Ontario St., Suite 450 Cleveland, OH 44113-1744 Tel: (216) 771-4949 Fax: (216) 771-5353 Email: shobt@aol.com Total Assets: $3,247,050 Total Debts: $7,037,205 A full-text copy of Mr. Harris' petition, including a list of his 20 largest unsecured creditors, is available for free at: http://bankrupt.com/misc/ohnb09-16645.pdf The petition was signed by Mr. Harris. CASTLE HORIZON: Case Summary & 2 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Castle Horizon Real Estate, LLC 171 Magnolia Country Club Lane Magnolia, NC 28453 Bankruptcy Case No.: 09-05992 Chapter 11 Petition Date: July 20, 2009 Court: United States Bankruptcy Court Eastern District of North Carolina (Wilson) Judge: J. Rich Leonard Debtor's Counsel: George M. Oliver, Esq. Oliver & Friesen, PLLC P. O. Box 1548 New Bern, NC 28563 Tel: (252) 633-1930 Fax: (252) 633-1950 Email: efile@oliverandfriesen.com Estimated Assets: $1,000,001 to $10,000,000 Estimated Debts: $1,000,001 to $10,000,000 A full-text copy of the Debtor's petition, including a list of its 2 largest unsecured creditors, is available for free at: http://bankrupt.com/misc/nceb09-05992.pdf The petition was signed by Giles Tomkin, member/manager of the Company. CEDAR FUNDING: Ponzi Scheme Investors' Lien Arguments Fail ---------------------------------------------------------- WestLaw reports that investors in a company that its principal had allegedly operated as a Ponzi scheme, while purporting to sell fractionalized interests in deed of trust loans, were never intended to have any equitable interest in the deed of trust property, which was merely presented as security for their investments. Thus, they were not entitled to a resulting trust in the deed of trust property to remedy the company's failure to properly perfect their security interests and were at most entitled to equitable liens, any determination as to which, following commencement of the company's Chapter 11 case, had to take into consideration the Bankruptcy Code's policy of ratable distribution between creditors. Under California law, a resulting trust is a judicial recognition that parties' relationship is and was always intended to be that of trustee and beneficiary, not debtor and creditor, and for that reason, property subject to a resulting trust never belongs to the titleholder, and does not become property of the estate if the titleholder files for bankruptcy. In re Cedar Funding, Inc., --- B.R. ----, 2009 WL 2038121 (Bankr. N.D. Calif.). Monterey, California-based Cedar Funding Inc. -- <http://www.cedarfundinginc.com/>http://www.cedarfundinginc.com/ -- is a mortgage lender. It filed a Chapter 11 petition on May 26, 2008 (Bankr. N.D. Calif. Case No. 08-52709). Judge Marilyn Morgan presides over the case. Cecily A. Dumas, Esq., at Friedman, Dumas and Springwater, in San Francisco, represents the Debtor, and R. Todd Neilson serves as the Chapter 11 Trustee. Cedar Funding, Inc., accepted many millions of dollars from hundreds of individuals who believed they were acquiring fractional interests in loans that were secured by real property. Many more invested with CFI through a related entity, Cedar Funding Mortgage Fund LLP, that acquired fractional interests in the name of the Fund. CFI failed to record assignments of its deeds of trust that would have provided security interests to most of its investors, including the Fund. The Debtor estimated assets of less than $50,000 and debts of $100 million to $500 million in its chapter 11 petition. CHICAGOLAND-QUAD: Voluntary Chapter 11 Case Summary --------------------------------------------------- Debtor: Chicagoland-Quad Cities Express, Inc. 7715 S. 78th Ave., Bldg 5 Bridgeview, IL 60445 Bankruptcy Case No.: 09-26160 Chapter 11 Petition Date: July 20, 2009 Court: United States Bankruptcy Court Northern District of Illinois (Chicago) Judge: John H. Squires Debtor's Counsel: Michael D. Lee, Esq. Schuyler Roche, P.C. 130 East Randolph Street, Suite 3800 Chicago, IL 60601 Tel: (312) 565-8349 Fax: (312) 565-8300 Email: mlee@schuylerroche.com David M. Giangrossi, Esq. Schuyler Roche, P.C. 130 East Randolph Street, Suite 3800 Chicago, IL 60601 Tel: (312) 565-2400 Estimated Assets: $100,001 to $500,000 Estimated Debts: $1,000,001 to $10,000,000 The Debtor did not file a list of its 20 largest unsecured creditors when it filed its petition. The petition was signed by Terri Wintermute, president of the Company. CHRISTO BARDIS: Court Sets July 29 Plan Confirmation Hearing ------------------------------------------------------------ The U.S. Bankruptcy Court for the Eastern District of California approved the amended disclosure statement with respect to John D. Reynen and Judith M. Reynen, and Christo Bardis and Sara Bardis' First Amended Joint Plan of Reorganization dated May 29, 2009. The Court set the confirmation hearing for the Amended Joint Plan for July 29, 2009, at 10:00 a.m. Plan Terms Pursuant to the Plan, the Debtor Group estimates that the appointed plan agent will pay between 2.8% and 6.1% of all allowed general unsecured claims and between 2.2% and $5.2% of all allowed general unsecured claims Bardis case, over time, using the proceeds of the Debtor Group's tax refunds, as well as cash generated by the sale of most of the Debtor Group's non-exempt asseta and the recovery of avoidable transfers. On or after the Plan's Effective Date, the Plan Agent will direct the liquidation of the estates' assets and to oversee the buildout of certain existing projects. The official committee of unsecured creditors of John D. Reynen and Judith M. Reynen and the Debtor Group have selected Hank Spacone, the Committee's consultant, as Plan Agent. Following the Plan's Effective Date, the Debtor Group will assist the Plan Agent in: (a) selling the estates' assets, (b) the potential defense of the estates' income tax refunds, (c) the operation of Buildco, (d) the review of claims, and (e) the prosecution of avoidance and other claims against the estates. In consideration of these efforts, the Debtor Group will receive post-confirmation incentive compensation pursuant to formulae as negotiated with the Creditors' Committee. Classification of Claims Against and Interests The Plan segregates the various claims against and interests in the Debtor group into 29 classes (including subclasses): Class Description Treatment ----- --------------------------- ------------------ A1 Reynen Priority Claims Paid in full. A2 Bardin Priority Claims Paid in full. B1.1 Silver Oak Reynen Secured Unimpaired. Permitted to Claim foreclose. B1.2 AKT Secured Claim Impaired. B1.3 Bank of America-Sacramento Impaired. Secured Claim B1.4 CBT Secured Claim Impaired. B1.5 Chase Secured Claim Impaired. B1.6 Merrill Lynch Secured Claim Impaired. B1.7 PNB Secured Claim Impaired. B1.8 Wells-Wallace Secured Claim Impaired. B1.9 Wells-Mendocino Secured Impaired. Claim B1.10 Wells-Truckee Secured Claim Impaired. B1.11 Wells-Reno Secured Claim Impaired. B1.12 All other Reynen Secured Unimpaired. Fully cured or Claims reinstated, or paid in full, or alalowed to foreclose. B2.1 ATAP Secured Claim Unimpaired. Permitted to foreclose. B2.2 Silver Oak Bardis Secured Unimpaired. Permitted to Claim foreclose. B2.3 Wachovia Gold River Secured Unimpaired. All arrearages Claim will be cured and loan will be reinstated by the Reorganized Bardises. B2.4 Wachovia-L.A. Secured Claim Impaired. Permitted to foreclose. B2.5 Bank of West-Gold River Unimpaired. Permitted to Secured Claim exercise nonbankruptcy law remedies. B2.6 BankFirst-Gold River Impaired. Permitted to Secured Claim exercise nonbankruptcy law remedies. B2.7 First Tennessee Secured Impaired. Permitted to Claim exercise nonbankruptcy law remedies. B2.8 BankFirst-Pebble Proceeds Unimpaired. Permitted to Secured Claim exercise nonbankruptcy law remedies. B2.9 All other Bardis Secured Unimpaired. Fully cured or Claims reinstated, or paid in full, or allowed to foreclose. C1 Reynen Convenience Claims Impaired. Payment equal to 5% of allowed claim. C2 Bardis Convenience Claims Impaired. Payment equal to 5% of allowed claim. D1 Reynen Unsecured Claims Impaired. 2.8%-5.2% recovery. D2 Bardis Unsecured Claims Impaired. 2.2%-5.2% recovery. E1 Reynen Equity Interests Will receive the Reynen Excluded Assets and will be entitled to certain incentive payments. E2 Bardis Equity Interests Will receive the Bardis Excluded Assets and will be entitled to certain incentive payments. A full-text copy of the disclosure statement with respect to the Debtor Group's First Amended Joint Plan is available for free at: http://bankrupt.com/misc/christobardis.DS.pdf Real estate broker Christo Bardis filed a voluntary petition under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Eastern District of California, Sacramento, on Oct. 15, 2008 (Case No. 08-34878). Mr. Bardis is co-founder of homebuilder Reynen & Bardis Communities. David M. Meegan, Esq., at Meegan, Hanschu & Kassenbrock, represents Mr. Bardis as counsel. Partner John D. Reynen filed for bankruptcy on April 23, 2008, in Sacramento (Case No. 08-25145) to avert Bank of the West's foreclosure of his personal property securing a $26 million loan. Messrs. Reynen and Bardis guaranteed at least $740 million used by their company that was obtained from several creditors but failed to repay the loan, according to the Troubled Company Reporter on April 25, 2008. Mr. Bardis owes as much as $582,593,701 in loans to his unsecured creditors including, among others, Wells Fargo Bank owed $81,082,143; Indymac Bank owed $70,233,564; Comerica owed $52,235,143. Mr. Reynen disclosed in its filing assets between $50 million and $100 million, and debts between $500 million and $100 million. He owes $286,616,222 to his unsecured creditors including Lennar Rennaissance Inc. asserting $47,000,000 in trade debt; Wells Fargo asserting $29,387,928 in bank loan; and Indymac Bank asserting $26,833,087 in bank loan. Howard S. Nevins, Esq., at Hefner, Stark & Marols, LLP, in Sacramento, California, represents Mr. Reynen. Both cases are assigned to the Hon. Christopher M. Klein. CIT GROUP: Fitch Puts Various Student Loans Under Analysis ---------------------------------------------------------- Following its monthly surveillance review of U.S. Student Loan asset-backed securities transactions, Fitch Ratings designated 17 U.S. FFELP and private student loan ABS deals as 'Under Analysis', indicating that Fitch intends to issue a rating action within 30 days. A rating action could include an affirmation, upgrade, downgrade or placement on Rating Watch. Fitch has also designated 527 Student Loan ABS deals with a SMARTView date of July 21, 2009, indicating that performance has been reviewed and a rating action is not anticipated within the next 30 days. This transaction has been placed 'Under Analysis' because its performance is outside of Fitch's expectations: -- Education Loans Inc. - 1998 Indenture Trust 1998. These transactions have been placed 'Under Analysis' due to operational risk involved with CIT Group, Inc. Entities directly or indirectly fully owned by CIT serve as administrator, sponsor, paying agent or master servicer for these transactions. CIT was recently downgraded by Fitch to 'C' from 'BB-': -- Arizona Higher Education Loan Authority - 2005 Trust Indenture 2005; -- Arizona Higher Education Loan Authority - 2005 Trust Indenture 2006; -- Arizona Higher Education Loan Authority - 2005 Trust Indenture 2007; -- Education Lending Group, Inc. - CIT Education Loan Trust 2005-1; -- Education Lending Group, Inc. - Education Funding Capital Trust II; -- Education Lending Group, Inc. - Education Funding Capital Trust III; -- Education Lending Group, Inc. - Education Funding Capital Trust IV; -- PARTS Private Student Loan Trust Series 2007-CT1. These transactions have been placed 'Under Analysis' because they will be subject to a periodic in-depth review: -- Connecticut Higher Education Supplemental Loan Authority - Amended and Restated 1996 Master (CT) 1998; -- Connecticut Higher Education Supplemental Loan Authority - Amended and Restated 1996 Master (CT) 1999; -- Connecticut Higher Education Supplemental Loan Authority - Amended and Restated 1996 Master (CT) 2000; -- Connecticut Higher Education Supplemental Loan Authority - Amended and Restated 1996 Master (CT) 2001; -- Kentucky Higher Education Student Loan Corporation Insured Student Loan Revenue Bonds 2008; -- Massachusetts Educational Financing Authority - Series 2008; -- SLM Student Loan Trust 2008-6; -- SLM Student Loan Trust 2008-7. A transaction may also be designated as 'Under Analysis' when a review is undertaken because of a material event affecting the transaction or when a regular, more in-depth periodic review is being performed. While transaction performance is reviewed monthly, Fitch conducts detailed portfolio reviews at least annually. CIT GROUP: Urban Outfitters Prepares for Potential Bankruptcy ------------------------------------------------------------- Maria Panaritis at The Philadelphia Inquirer reports that Urban Outfitters chief financial officer John Kyees said that the firm has started "identifying all the vendors that are factored by CIT (Group) and working with out merchants," in the event of a bankruptcy filing by the Company. According to the Troubled Company Reporter on July 14, 2009, Bloomberg News reported that CIT said its demise would put 760 manufacturing clients at risk of failure and "precipitate a crisis" for as many as 300,000 retailers. Alistair Barr and Ronald D. Orol at MarketWatch said that analysts believe a bankruptcy filing by CIT Group probably wouldn't solve the lender's long-term problems, and that a short period of government support followed by an acquisition by a large bank or another deep-pocketed investor may be its best hope. Citing Mr. Kyees, The Inquirer relates that Urban Outfitters orders merchandise from 140 vendors that use CIT as a factor, mostly for goods shipped to its 266 Anthropologie and Urban Outfitters stores. According to The Inquirer, Urban Outfitters and Boscov's Department Store L.L.C. Officials worked to ensure that even if CIT were to go under they would continue receiving merchandise. CIT is one of four lenders holding a slice of a $200 million loan that financed Boscov's emergence from bankruptcy in 2008. The other lenders would cover CIT's loan obligations if necessary, The Inquirer states, citing Boscov's. The Inquirer quoted Boscov's CEO Albert Boscov as saying, "We're sending letters to all of them asking, if something were to happen to CIT, what is their plan," while Mr. Kyees said that at Urban Outfitters, "we called our folks at Wachovia, who are now Wells [Fargo], and said, 'How would you feel about factoring if CIT fell apart on some of our vendors?' and they said, 'No question.' Our balance sheet is pristine." "Very few retailers will pay up front, to make sure they get the goods and the goods are in the right quantity and so forth. So it's a real problem," The Inquirer quoted Boscov's as saying. About CIT Group CIT Group Inc.-- http://www.cit.com/-- is a bank holding company with more than $60 billion in finance and leasing assets that provides financial products and advisory services to small and middle market businesses. Operating in more than 50 countries across 30 industries, CIT provides an unparalleled combination of relationship, intellectual and financial capital to its customers worldwide. CIT maintains leadership positions in small business and middle market lending, retail finance, aerospace, equipment and rail leasing, and vendor finance. Founded in 1908 and headquartered in New York City, CIT is a member of the Fortune 500. CIT Group reported $75.7 billion in assets and $68.2 billion in liabilities, including $3 billion in deposits, at the end of the first quarter. As reported by the TCR on July 15, Standard & Poor's Ratings Services said that it lowered its ratings on CIT Group Inc., including lowering the counterparty credit ratings to 'CCC+/C' from 'BB-/B'. The ratings remain on CreditWatch, where they were placed with negative implications on June 12, 2009. "The downgrade reflects increased near-term liquidity concerns," said Standard & Poor's credit analyst Rian Pressman. Moody's Investors Service simultaneously downgraded the senior unsecured rating of CIT Group Inc. to B3 from Ba2. Additionally, Moody's placed CIT's long-term ratings on review for further possible downgrade. The Company's short-term rating remains Not Prime. The downgrade of CIT's ratings is based on Moody's growing concern with CIT's liquidity position and prospects for survival of the franchise. CITIGROUP INC: To Raise $2.5 Bil. Through Issuance of Notes 2039 ---------------------------------------------------------------- Citigroup Inc. filed with the Securities and Exchange Commission a prospectus on Form 424B2 relating to its offer to issue $2,500,000,000 in 8.125% Notes due 2039. The notes will mature on July 15, 2039. The notes will bear interest at a fixed rate of 8.125% per annum. Interest on the notes is payable semi-annually on the 15th day of each January and July, commencing January 15, 2010. The notes may not be redeemed prior to maturity unless changes involving United States taxation occur which could require Citigroup to pay additional amounts. The notes are being offered globally for sale in the United States, Europe, Asia and elsewhere where it is lawful to make such offers. Application will be made to list the notes on the regulated market of the Luxembourg Stock Exchange, but Citigroup is not required to maintain this listing. The notes are not deposits or savings accounts but are unsecured debt obligations of Citigroup. The notes are not insured by the Federal Deposit Insurance Corporation or by any other governmental agency or instrumentality. The debt is not guaranteed under the Federal Deposit Insurance Corporation's Temporary Liquidity Guarantee Program. Other terms of the Offering are available in a free writing prospectus on Form FWP filed with the SEC, a copy of which is available at http://ResearchArchives.com/t/s?3fc3 A full-text copy of the Prospectus on Form 424B2 is available at no charge at http://ResearchArchives.com/t/s?3fc2 Citigroup Global Markets Inc. is acting as sole bookrunning manager for the offering and as representative of the underwriters. Each underwriter has severally agreed to purchase from Citigroup, and Citigroup has agreed to sell to each underwriter, the principal amount of notes set forth opposite the name of each underwriter: Principal Amount Underwriter of Notes ----------- ---------------- Book Manager: Citigroup Global Markets Inc. $2,131,250,000 Senior Co-Managers: Banc of America Securities LLC 50,000,000 Deutsche Bank Securities Inc. 50,000,000 Goldman, Sachs & Co. 50,000,000 RBS Securities Inc. 50,000,000 Junior Co-Managers: Barclays Capital Inc. 18,750,000 BNP Paribas Securities Corp. 18,750,000 CastleOak Securities, L.P. 18,750,000 Credit Suisse Securities (USA) LLC 18,750,000 ING Financial Markets LLC 18,750,000 RBC Capital Markets Corporation 18,750,000 Samuel A. Ramirez & Co., Inc. 18,750,000 TD Securities (USA) LLC 18,750,000 UBS Securities LLC 18,750,000 ---------------- Total $2,500,000,000 The underwriting agreement provides that the obligations of the underwriters to pay for and accept delivery of the notes are subject to the approval of legal matters by their counsel and to other conditions. he underwriters are committed to take and pay for all of the notes if any are taken. The underwriters propose to offer part of the notes directly to the public at the public offering price set forth on the cover page of this prospectus supplement and to certain dealers at the public offering price less a concession not in excess of 0.500% of the principal amount of the notes. The underwriters may allow, and such dealers may reallow, a concession to certain other dealers not in excess of 0.250% of the principal amount of the notes. About Citigroup Based in New York, Citigroup Inc. (NYSE: C) -- http://www.citigroup.com/-- is organized into four major segments -- Consumer Banking, Global Cards, Institutional Clients Group, and Global Wealth Management. Citigroup had $2.0 trillion in total assets on $1.9 trillion in total liabilities as of September 30, 2008. As reported in the Troubled Company Reporter on November 25, 2008, the U.S. government entered into an agreement with Citigroup to provide a package of guarantees, liquidity access, and capital. As part of the agreement, the U.S. Treasury and the Federal Deposit Insurance Corporation will provide protection against the possibility of unusually large losses on an asset pool of approximately $306 billion of loans and securities backed by residential and commercial real estate and other such assets, which will remain on Citigroup's balance sheet. As a fee for this arrangement, Citigroup issued preferred shares to the Treasury and FDIC. The Federal Reserve agreed to backstop residual risk in the asset pool through a non-recourse loan. Citigroup is one of the banks that, according to results of the government's stress test, need more capital. CITIGROUP INC: Explains Dividend Blocker, Director Amendments ------------------------------------------------------------- Citigroup Inc. filed with the Securities and Exchange Commission a Form 425 to talk about the Dividend Blocker Amendment and Director Amendment and how they affect holders of Citi common stock. Citi explains the Dividend Blocker Amendment will allow it to pay dividends on its Common Stock without first paying dividends to holders of Public Preferred Stock. According to Citi, the Dividend Blocker Amendment eliminates a potentially significant expense if the Board considers reinstating dividends on the Common Stock in the future. Citigroup may not be able to reinstate dividends on the Common Stock in the future if this amendment is not approved. Citi also relates if the Director Amendment is not approved by Citigroup stockholders and Citigroup does not pay dividends on the Public Preferred Stock for six quarterly periods -- or for three semi-annual dividend periods in the case of Series E preferred stock -- the holders of the Public Preferred Stock will be entitled to elect two directors to Citigroup's board of directors. Common stockholders would not have the right to vote on the two directors. About Citigroup Based in New York, Citigroup Inc. (NYSE: C) -- http://www.citigroup.com/-- is organized into four major segments -- Consumer Banking, Global Cards, Institutional Clients Group, and Global Wealth Management. Citigroup had $2.0 trillion in total assets on $1.9 trillion in total liabilities as of September 30, 2008. As reported in the Troubled Company Reporter on November 25, 2008, the U.S. government entered into an agreement with Citigroup to provide a package of guarantees, liquidity access, and capital. As part of the agreement, the U.S. Treasury and the Federal Deposit Insurance Corporation will provide protection against the possibility of unusually large losses on an asset pool of approximately $306 billion of loans and securities backed by residential and commercial real estate and other such assets, which will remain on Citigroup's balance sheet. As a fee for this arrangement, Citigroup issued preferred shares to the Treasury and FDIC. The Federal Reserve agreed to backstop residual risk in the asset pool through a non-recourse loan. Citigroup is one of the banks that, according to results of the government's stress test, need more capital. CITIGROUP INC: Includes Safety First Trusts as Registrants ---------------------------------------------------------- Citigroup Inc. filed with the Securities and Exchange Commission Post-Effective Amendment No. 1 to the Registration Statement No. 333-154914 filed for the purpose of: (1) adding Safety First Trust Series 2006-1, Safety First Trust Series 2007-1, Safety First Trust Series 2007-2, Safety First Trust Series 2007-3, Safety First Trust Series 2007-4, Safety First Trust Series 2008-1, Safety First Trust Series 2008-2, Safety First Trust Series 2008-3, Safety First Trust Series 2008-4 and Safety First Trust Series 2008-5, as issuers and co-registrants to the Registration Statement, (2) registering additional securities pursuant to Rule 413(b) and filing an additional prospectus relating to such additional securities, and (3) filing additional exhibits to the Registration Statement. The securities to be registered are: -- Principal-Protected Trust Certificates of the Trusts; -- Guarantees of Citigroup Funding Inc. with respect to the Certificates of the Trusts; and -- Guarantees of Citigroup Inc. Citigroup Funding Inc. and Citigroup Inc. are also registrants in the registration statement. The prospectus contained in the Post-Effective Amendment No. 1 to the Registration Statement, together with the prospectus describing the terms of the specific securities being offered and sold, may be used by the Registrants' broker-dealer affiliates, including Citigroup Global Markets Inc., in connection with offers and sales of such securities in market-making transactions. The prospectus applies to market-making offers and sales of all the outstanding principal-protected trust certificates that were previously issued by the referenced trusts under the Registration Statement No. 333-135867. Any payments due from the Trusts under the certificates are guaranteed by Citigroup Funding Inc. to the extent illustrated in the prospectus describing the terms of the specific series of certificates. Any payments due from Citigroup Funding Inc. are guaranteed by Citigroup Inc. A full-text copy of Post-Effective Amendment No. 1 to Form S-3 Registration Statement under the Securities Act of 1933 is available at no charge at http://ResearchArchives.com/t/s?3fc4 About Citigroup Based in New York, Citigroup Inc. (NYSE: C) -- http://www.citigroup.com/-- is organized into four major segments -- Consumer Banking, Global Cards, Institutional Clients Group, and Global Wealth Management. Citigroup had $2.0 trillion in total assets on $1.9 trillion in total liabilities as of September 30, 2008. As reported in the Troubled Company Reporter on November 25, 2008, the U.S. government entered into an agreement with Citigroup to provide a package of guarantees, liquidity access, and capital. As part of the agreement, the U.S. Treasury and the Federal Deposit Insurance Corporation will provide protection against the possibility of unusually large losses on an asset pool of approximately $306 billion of loans and securities backed by residential and commercial real estate and other such assets, which will remain on Citigroup's balance sheet. As a fee for this arrangement, Citigroup issued preferred shares to the Treasury and FDIC. The Federal Reserve agreed to backstop residual risk in the asset pool through a non-recourse loan. Citigroup is one of the banks that, according to results of the government's stress test, need more capital. CLARIENT INC: Files Copies of Gemino Credit Agreement, et al. ------------------------------------------------------------- Clarient, Inc., filed with the Securities and Exchange Commission copies of: (1) the Credit Agreement, dated as of July 31, 2008, by and among Clarient, Inc., Clarient Diagnostic Services, Inc., ChromaVision International, Inc. and Gemino Healthcare Finance, LLC. The Agreement provides for up to $8,000,000 in financing which is secured by a first priority perfected security interest in the Collateral of the Borrowers. The Borrowers are required to perform and comply with each of the financial covenants: (a) Commencing with the calendar month ending May 31, 2008, and continuing through and including the calendar month ending January 31, 2009, the Borrowers will maintain a Loan Turn Days of not greater than 50 days, in each case measured monthly at the end of each calendar month. (b) The Borrowers will maintain EBITDA, on a cumulative, year to date basis, of at least (i) $2,000,000 for the fiscal quarters ending March 31, 2008, June 30, 2008, and September 30, 2008, combined and (ii) $2,900,000 for the fiscal quarters ending March 31, 2008, June 30, 2008, September 30, 2008 and December 31, 2008, combined, in each case measured quarterly at the end of each fiscal quarter. (c) The Borrowers will maintain at all times a minimum Excess Liquidity of not less than $2,000,000. See http://ResearchArchives.com/t/s?3fb0 (2) the Third Amendment and Waiver to Amended and Restated Loan Agreement, dated as of July 31, 2008, by and between Comerica Bank and Clarient, Inc. Clarient requested that the Bank consent to the incurrence and repayment of additional debt pursuant to the facility extended by Gemino Healthcare, and the Bank has agreed to do so in accordance with the Amendment. The Bank waives any default or event of default resulting from the Borrower's incurrence of the Additional Debt and its execution of the Gemino Credit Agreement. Clarient agrees to maintain minimum EBITDA on a cumulative, year to date basis for periods set forth, of at least the stated amount, in each case measured quarterly at the end of each fiscal quarter: Period Minimum EBITDA ------ -------------- For the period from 1/01/08 -- 9/30/08 $2,000,000 For the period from 1/01/08 -- 12/31/08 $2,900,000 Thereafter As may be re-set based on Borrower's Board-approved plan for FYE 2009 See http://ResearchArchives.com/t/s?3fb1 (3) First Amendment and Waiver of Amended and Restated Senior Subordinated Revolving Credit Agreement, dated July 31, 2008, by and between Clarient, Inc. and Safeguard Delaware, Inc. Safeguard consented to the Gemino Financing, and amend and waive certain terms of its Agreement with Clarient, to accommodate the Gemino Financing. Immediately upon the closing of the Gemino facility, the Borrower paid to Safeguard a one-time repayment of Outstanding Amounts in an amount equal to $4,600,000. See http://ResearchArchives.com/t/s?3fb2 Clarient also filed with the SEC a copy of its Stock Purchase Agreement, dated March 25, 2009, with Oak Investment Partners XII, LP. Clarient's Board of Directors authorized 6,578,948 shares of its preferred stock, par value $0.01 per share to be denominated as the Company's Series A Convertible Preferred Stock, which will be convertible into shares of the Company's common stock, par value $0.01 per share, in accordance with the terms of the Company's Certificate of Designations, Preferences and Rights of Series A Convertible Preferred Stock. Oak Investment wanted to initially purchase an aggregate of up to 5,263,158 shares of the Series A Preferred Stock, and up to an additional 1,315,790 shares of the Series A Preferred Stock in one or more Subsequent Closings, at a purchase price per share of $7.60. See http://ResearchArchives.com/t/s?3fb3 About Clarient Inc. Based in Aliso Viejo, California, Clarient Inc. (Nasdaq: CLRT) -- http://www.clarientinc.com/-- is an advanced oncology diagnostics services company. The Company's principal customers include pathologists, oncologists, hospitals and biopharmaceutical companies. Going Concern Doubt KPMG LLP in Irvine, California -- in its audit report dated March 19, 2009 -- raised substantial doubt about the Company's ability to continue as a going concern. KPMG cited the Company's recurring losses from operations and negative cash flows from operations, and working capital and net capital deficiencies. KPMG said it is not probable that the Company can remain in compliance with the restrictive financial covenants in its bank credit facilities. At March 31, 2009, the Company had $49,981,000 in total assets; $21,278,000 in total current liabilities, $1,152,000 in Long-term capital lease obligations, and $3,861,000 in Deferred rent and other non-current liabilities. CLUB SUSHI: Case Summary & 18 Largest Unsecured Creditors --------------------------------------------------------- Debtor: Club Sushi Restaurants LLC, an AZ LLC dba Club Sushi Hollywood 6374 Sunset Bl. Los Angeles, CA 90028 Bankruptcy Case No.: 09-28299 Chapter 11 Petition Date: July 16, 2009 Court: United States Bankruptcy Court Central District of California (Los Angeles) Judge: Ernest M. Robles Debtor's Counsel: Dennis E. Mcgoldrick, Esq. 350 S Crenshaw Blvd, Suite A207B Torrance, CA 90503 Tel: (310) 328-1001 Email: dmcgoldricklaw@yahoo.com Estimated Assets: $1,000,001 to $10,000,000 Estimated Debts: $1,000,001 to $10,000,000 A full-text copy of the Debtor's petition, including a list of its 18 largest unsecured creditors, is available for free at: http://bankrupt.com/misc/cacb09-28299.pdf The petition was signed by Gregory Alan, managing member of the Company. COINMACH SERVICE: S&P Downgrades Corporate Credit Rating to 'B-' ---------------------------------------------------------------- On July 21, 2009, Standard & Poor's Ratings Services said that it lowered its ratings on Coinmach Service Corp., including the long- term corporate credit rating to 'B-' from 'B'. The outlook is negative. "The ratings on CSC reflect its very highly leveraged financial profile and near-term potential for declining liquidity due to tightening financial covenants and negative free cash flows, despite a currently ample cash balance," said Standard & Poor's credit analyst Christopher Johnson. "The negative outlook reflects S&P's concerns about the company's ability to maintain compliance with its financial covenants over the near term, and the company's continued negative free cash flow generation." Offsetting these negative factors are the company's relatively stable and predictable operating earnings. CSC, through its operating company Coinmach Corp., is the leading supplier of outsourced laundry services for multifamily housing properties in the highly fragmented North American market, with a strong presence in the Northeast, Mid-Atlantic, Southwest, and Southeast regions. S&P believes the long-term renewable nature of lease contracts provides a barrier to market entry which, together with the relatively constant demand and somewhat recession- resistant nature of its services, has provided CSC with a relatively stable revenue stream. S&P could lower the ratings further in the very near term if the company fails to comply with its financial covenants. S&P estimates the company could breach its net debt to EBITDA covenant in the coming quarters if EBITDA were to decline by less than 5% on a trailing 12 month basis. Although unlikely over the next year, S&P would consider a stable outlook if the company is able to reduce leverage and restore sufficient cushion on its financial covenants. COMED FINANCING: Fitch Ratings Termination of Exelon-NRG Deal ------------------------------------------------------------- The 'BBB+' Issuer Default Ratings and senior unsecured debt ratings of Exelon Corp. and its wholesale electric generation subsidiary Exelon Generation Company, LLC, are affirmed and removed from Rating Watch Negative by Fitch Ratings following the termination of an offer to acquire NRG Inc. (IDR rated 'B', Rating Watch Evolving by Fitch). The Rating Outlook for each entity is Stable. In Fitch's view, ending the pursuit of NRG is favorable for EXC's credit quality. It eliminates the prospect of a substantial increase in leverage that would have resulted from completing the transaction and assuming approximately $8.8 billion of NRG debt and preferred stock. On a standalone basis both EXC and Exgen have healthy credit profiles that are strong within their rating category. As of March 31, 2009, EXC's ratio of debt to EBITDA was below 2.0 times (x) and Exgen's below 1.0x. Other credit metrics were equally strong. EXC terminated the offer after a proxy vote in which NRG shareholders voted to reelect all of the company's director nominees. None of the four directors nominated by EXC to run in opposition to the incumbent directors were elected. An EXC resolution to increase the size of the NRG board to 19 directors from 14 directors was also defeated. These ratings are affirmed and removed from Ratings Watch Negative, where they were originally placed on October 20, 2008, and are assigned a Stable Ratings Outlook: Exelon Corp. -- IDR at 'BBB+'; -- Senior unsecured debt at 'BBB+' -- Commercial paper at 'F2'; -- Short-term IDR at 'F2'. Exelon Generation Co., LLC -- IDR at 'BBB+'; -- Senior unsecured debt at 'BBB+' -- Commercial paper at 'F2'; -- Short-term IDR at 'F2'. These ratings are unaffected: PECO Energy Co. -- IDR 'BBB+'; -- First mortgage bonds 'A'; -- Preferred stock 'BBB+'; -- Commercial paper 'F2'; -- Short-term IDR 'F2'. PECO Energy Capital Trusts III -- Preferred stock 'BBB+'. PECO Energy Capital Trusts IV -- Preferred stock 'BBB+'. Commonwealth Edison Co. -- IDR 'BB+'; -- First mortgage bonds 'BBB'; -- Senior unsecured debt 'BBB-'; -- Preferred stock 'BB'; -- Commercial paper 'B'. ComEd Financing Trust III -- Preferred securities 'BB'. COMMONWEALTH EDISON: Fitch Ratings Unaffected by NRG Buyout Halt ---------------------------------------------------------------- The 'BBB+' Issuer Default Ratings and senior unsecured debt ratings of Exelon Corp. and its wholesale electric generation subsidiary Exelon Generation Company, LLC, are affirmed and removed from Rating Watch Negative by Fitch Ratings following the termination of an offer to acquire NRG Inc. (IDR rated 'B', Rating Watch Evolving by Fitch). The Rating Outlook for each entity is Stable. In Fitch's view, ending the pursuit of NRG is favorable for EXC's credit quality. It eliminates the prospect of a substantial increase in leverage that would have resulted from completing the transaction and assuming approximately $8.8 billion of NRG debt and preferred stock. On a standalone basis both EXC and Exgen have healthy credit profiles that are strong within their rating category. As of March 31, 2009, EXC's ratio of debt to EBITDA was below 2.0 times (x) and Exgen's below 1.0x. Other credit metrics were equally strong. EXC terminated the offer after a proxy vote in which NRG shareholders voted to reelect all of the company's director nominees. None of the four directors nominated by EXC to run in opposition to the incumbent directors were elected. An EXC resolution to increase the size of the NRG board to 19 directors from 14 directors was also defeated. These ratings are affirmed and removed from Ratings Watch Negative, where they were originally placed on October 20, 2008, and are assigned a Stable Ratings Outlook: Exelon Corp. -- IDR at 'BBB+'; -- Senior unsecured debt at 'BBB+' -- Commercial paper at 'F2'; -- Short-term IDR at 'F2'. Exelon Generation Co., LLC -- IDR at 'BBB+'; -- Senior unsecured debt at 'BBB+' -- Commercial paper at 'F2'; -- Short-term IDR at 'F2'. These ratings are unaffected: PECO Energy Co. -- IDR 'BBB+'; -- First mortgage bonds 'A'; -- Preferred stock 'BBB+'; -- Commercial paper 'F2'; -- Short-term IDR 'F2'. PECO Energy Capital Trusts III -- Preferred stock 'BBB+'. PECO Energy Capital Trusts IV -- Preferred stock 'BBB+'. Commonwealth Edison Co. -- IDR 'BB+'; -- First mortgage bonds 'BBB'; -- Senior unsecured debt 'BBB-'; -- Preferred stock 'BB'; -- Commercial paper 'B'. ComEd Financing Trust III -- Preferred securities 'BB'. COMPSEC ELECTRIC: Case Summary & 12 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: Compsec Electric Corp. dba Compsec Electric Corporation 2701 41st Avenue Long Island City, NY 11101 Bankruptcy Case No.: 09-46053 Chapter 11 Petition Date: July 20, 2009 Court: United States Bankruptcy Court Eastern District of New York (Brooklyn) Judge: Dennis E. Milton Debtor's Counsel: David J. Doyaga, Esq. Doyaga & Schaefer 26 Court Street, Suite 1002 Brooklyn, NY 11242 Tel: (718) 488-7500 Fax: (718) 488-7505 Email: david.doyaga@verizon.net Total Assets: $899,019 Total Debts: $1,583,665 A full-text copy of the Debtor's petition, including a list of its 12 largest unsecured creditors, is available for free at: http://bankrupt.com/misc/nyeb09-46053.pdf The petition was signed by Joe Zago, president and sole share owner of the Company. CRUSADER ENERGY: Can Employ James Latimer and Blackhill as CRO -------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas has approved the employment of James R. Latimer, III, and Blackhill Partners LLC as chief restructuring officer for Crusader Energy Group Inc., et al. As CRO, Mr. Latimer will: a) oversee and facilitate the process of seeking strategic sale, reorganization, or recapitalization options; b) report, and make recommendations, to the Board of Directors of the Debtors and/or CRO Committee of the Board, as appropriate with respect to said options which in the judgment of the CRO represent a prudent and value maximizing option for the Debtors; and c) provide such other services as are determined by the Board or CRO Committee to be necessary or desirable for the Debtors in maximizing value for their stakeholders. Blackhill will be paid advisory fees based on the hourly rates of its professionals: Principals $300 to $350 Associates $150 to $200 If the CRO's service is terminated without cause, Debtor will, upon said termination, pay to Blackhill a termination fee in an amount of not more than $25,000. James R. Latimer, III, a managing diretor at Blackhill Partners, assures the Court that the firm does not hold or represent any interest adverse to the Debtors or their estate, and is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. Based in Oklahoma City, Oklahoma, Crusader Energy Group Inc. -- http://www.ir.crusaderenergy.com/-- explores, develops and acquires oil and gas properties, primarily in the Anadarko Basin, Williston Basin, Permian Basin, and Fort Worth Basin in the United States. It has working interests in more than 1,000 wells. Crusader Energy and its affiliates filed for Chapter 11 protection on March 30, 2009 (Bankr. N.D. Tex. Lead Case No. 09-31797). The Debtors' financial condition as of September 30, 2008, showed total assets of $749,978,331 and total debts of $325,839,980. Beth Lloyd, Esq., Richard H. London, Esq., and William Louis Wallander, Esq., at Vinson & Elkins, L.L.P., represent the Debtors as counsel. Holland N. Oneil, Esq., Michael S. Haynes, Esq., and Richard McCoy Roberson, Esq., at Gardere, Wynne & Sewell, represent the official committee of unsecured creditors as counsel. CRUSADER ENERGY: Deadline to Remove Actions Extended to Sept 26 --------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas has extended the period within which Crusader Energy Group Inc., et al., may remove civil actions pursuant to Rule 9027(a)(2)(A) of the Federal Rules of Bankruptcy Procedure through and including September 26, 2009. Based in Oklahoma City, Oklahoma, Crusader Energy Group Inc. -- http://www.ir.crusaderenergy.com/-- explores, develops and acquires oil and gas properties, primarily in the Anadarko Basin, Williston Basin, Permian Basin, and Fort Worth Basin in the United States. It has working interests in more than 1,000 wells. Crusader Energy and its affiliates filed for Chapter 11 protection on March 30, 2009 (Bankr. N.D. Tex. Lead Case No. 09-31797). The Debtors' financial condition as of September 30, 2008, showed total assets of $749,978,331 and total debts of $325,839,980. Beth Lloyd, Esq., Richard H. London, Esq., and William Louis Wallander, Esq., at Vinson & Elkins, L.L.P., represent the Debtors as counsel. Holland N. Oneil, Esq., Michael S. Haynes, Esq., and Richard McCoy Roberson, Esq., at Gardere, Wynne & Sewell, represent the official committee of unsecured creditors as counsel. DANTAM INC: Case Summary & 13 Largest Unsecured Creditors --------------------------------------------------------- Debtor: Dantam, Inc. dba Holiday Lanes Family Recreation Center 945 Trout Dr Mansfield, OH 44903 Bankruptcy Case No.: 09-62908 Chapter 11 Petition Date: July 17, 2009 Court: United States Bankruptcy Court Northern District of Ohio (Canton) Judge: Russ Kendig Debtor's Counsel: Marc Merklin, Esq. Brouse McDowell, LPA 388 S. Main Street, Suite 500 Akron, OH 44311 Tel: (330) 535-5711 Fax: (330) 253-8601 Email: mmerklin@brouse.com Total Assets: $447,897 Total Debts: $1,662,044 A full-text copy of the Debtor's petition, including a list of its 13 largest unsecured creditors, is available for free at: http://bankrupt.com/misc/ohnb09-62908.pdf The petition was signed by Michael Szerwinski, president of the Company. DAVID BERRY: Case Summary 20 Largest Unsecured Creditors -------------------------------------------------------- Debtor: David W. Berry, Sr. dba Berry Construction dba Berry Transportation 106 Coes Hill Road Southwick, MA 01077 Bankruptcy Case No.: 09-31231 Chapter 11 Petition Date: July 20, 2009 Court: United States Bankruptcy Court District of Massachusetts (Springfield) Judge: Henry J. Boroff Debtor's Counsel: James P. Ehrhard, Esq. Ehrhard & Associates, P.C. 418 Main Street, 4th Floor Worcester, MA 01608 Tel: (508) 791-8411 Email: ehrhard@ehrhardlaw.com Estimated Assets: $1,000,001 to $10,000,000 Estimated Debts: $1,000,001 to $10,000,000 A list of the Company's 20 largest unsecured creditors is available for free at: http://bankrupt.com/misc/mab09-31231.pdf The petition was signed by David W. Berry Sr. DAYTON SUPERIOR: Panel Can Hire Morris Nichols as Del. Counsel -------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware has granted the official committee of unsecured creditors of Dayton Superior Corporation permission to employ Morris, Nichols, Arsht & Tunnell LLP as its Delaware co-counsel, nunc pro tunc to April 30, 2009. As Delaware co-counsel, Morris Nichols will: -- advise the Committee with respect to its rights, duties, and powers in this case; -- assist and advise the Committee in its consultations and negotiations with the Debtor relative to the administration of this case; and -- assist the Committee in analyzing the claims of the Debtors' creditors and in negotiating with said creditors. Robert J. Dehney, Esq., a member at Morris Nichols, assures the Cout that the firm does not hold or represent any interest adverse to the Debtor or its estate, and that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. Current hourly rates of Morris Nichols' professionals are: Partners $480-$800 Associates $265-$445 Paraprofessionals $190-$245 Case Clerks $125 Morris Nichols may be reached at: Morris, Nichols, Arsht & Tunnell LLP 1201 N. Market Street, 18th Floor P.O. Box 1347 Wilmington, DE 19899-1347 Tel: (302) 658-9200 Fax: (302) 658-3989 Headquartered in Dayton, Ohio, Dayton Superior Corporation -- http://www.daytonsuperior.com/-- makes and distributes construction products. Aztec Concrete Accessories Inc., Dayton Superior Specialty Chemical Corporation, Dur-O-Wa Inc., Southern Construction Products Inc., Symons Corporation and Trevecca Holdings Inc. were merged with the Company on December 31, 2004. The Company filed for Chapter 11 protection on April 19, 2009 (Bankr. D. Del. Case No. 09-11351). Keith A. Simon, Esq., Jude M. Gorman, Esq., and Joseph S. Fabiani, Esq., at Latham & Watkins LLP serve as the Debtors' bankruptcy counsel.. Russell C. Silberglied, Esq., John H. Knight, Esq., Paul N. Heath, Esq., and Lee E. Kaufman, Esq., at Richards, Layton & Finger, P.A., serve as Delaware counsel. Dayton Superior had $288,709,000 in assets and $405,867,000 in debts as of February 27, 2009. DAYTON SUPERIOR: Time to File Removal of Civil Actions Extended --------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware has extended the time provided by Federal Rule of Bankruptcy Procedure 9027 within which Dayton Superior Corporation may file notices of removal of civil actions to which it is a party or may become a party, through and including September 15, 2009. Headquartered in Dayton, Ohio, Dayton Superior Corporation -- http://www.daytonsuperior.com/-- makes and distributes construction products. Aztec Concrete Accessories Inc., Dayton Superior Specialty Chemical Corporation, Dur-O-Wa Inc., Southern Construction Products Inc., Symons Corporation and Trevecca Holdings Inc. were merged with the Company on December 31, 2004. The Company filed for Chapter 11 protection on April 19, 2009 (Bankr. D. Del. Case No. 09-11351). Keith A. Simon, Esq., Jude M. Gorman, Esq., and Joseph S. Fabiani, Esq., at Latham & Watkins LLP serve as the Debtors' bankruptcy counsel.. Russell C. Silberglied, Esq., John H. Knight, Esq., Paul N. Heath, Esq., and Lee E. Kaufman, Esq., at Richards, Layton & Finger, P.A., serve as Delaware counsel. Dayton Superior had $288,709,000 in assets and $405,867,000 in debts as of February 27, 2009. DCNC NORTH: Unable to Reorganize, Case Is Dismissed --------------------------------------------------- WestLaw reports that Chapter 11 cases that were filed by single asset real estate debtors on the eve of a deed of trust lender's foreclosure on its trust deeds could not be dismissed as not having been filed in "good faith," given evidence that, when the petitions were filed, prior to entry of an order dismissing the debtors' state court lender liability claims, the debtors had a reasonable belief not only that they could develop their properties and ultimately sell them for a sum sufficient to satisfy all claims, but that they might either succeed in compelling the lender to provide development financing or, at very least, succeed in reducing its claims and in thereby facilitating their reorganization through the development of the subject properties. However, dismissal of the lender liability claims and the lender's ability to block acceptance of any plan proposed by the unsecured class warranted dismissal based on the debtors' "inability to effectuate a plan." In re DCNC North Carolina I, LLC, --- B.R. ----, 2009 WL 2038123 (Bankr. E.D. Pa.). DCNC North Carolina I, L.L.C., filed for chapter 11 protection (Bankr. E.D. Pa. Case No. 09-11825), represented by Leslie Beth Baskin, Esq., at Spector Gadon Rosen, in Philadelphia, and estimating assets and debts of $1 million to $10 million. DELPHI CORP: PBGC to Assume Underfunded Pension Plan ---------------------------------------------------- The Pension Benefit Guaranty Corporation will assume responsibility for the pension plans of 70,000 workers and retirees of Delphi Corp., the nation�s largest producer of automotive parts. The PBGC will initiate action to become trustee of the plans, a process that could last up to several months. The PBGC is stepping in to protect the Delphi pensions because the restructuring Delphi cannot afford to maintain its pension plans and General Motors has stated it will not assume them. Delphi was spun off from GM in 1999. Since Delphi entered bankruptcy protection in 2005, the PBGC has worked intensively with Delphi, GM and other stakeholders to keep the pension plans ongoing. In September 2008 GM took on approximately $2.5 billion in liabilities of the Delphi Hourly Plan, and until its recent restructuring in bankruptcy, GM had been expected to assume the entire obligation for the hourly plan. Delphi sponsors six defined benefit plans for its workers. The Delphi Hourly Pension Plan covers 47,000 participants and has about $3.7 billion in assets and more than $8 billion in liabilities, according to PBGC estimates. The PBGC expects to be responsible for about $4 billion of the plan's shortfall of nearly $4.4 billion. The Delphi Salaried Pension Plan covers about 20,000 workers and retirees, and has $2.4 billion in assets and liabilities of $5 billion, according to PBGC estimates. The PBGC expects to be responsible for about $2.2 billion of its estimated $2.6 billion in underfunding. In addition, the agency will be responsible for $50 million in underfunding of four smaller Delphi plans with 2,000 participants. These plans are the ASEC Manufacturing Retirement Program; Delphi Mechatronic Systems Retirement Program; Packard-Hughes Interconnect Bargaining Retirement Plan; and Packard-Hughes Interconnect Non-Bargaining Retirement Plan. The PBGC will pay pension benefits up to the limits set by law. In 2009, the maximum benefit for a 65-year-old is $54,000 per year. The maximum is lower for those who retire earlier or elect survivor benefits. In addition, certain early retirement subsidies and supplements are generally not insured, and benefit increases made within the past five years may not be fully guaranteed. The PBGC insures defined-benefit pension plans, and pays benefits earned in those plans up to legal limits. The PBGC does not insure pension benefits above the legal limits, health benefits or other types of employee benefits. Workers and retirees with questions about non-insured benefits offered by Delphi or guaranteed by General Motors should contact those companies. Answers to frequently asked questions from Delphi workers and retirees, as well as general PBGC information and an introductory video may be found on the Auto Sector Information page on the PBGC Web site, http://www.pbgc.gov/ Delphi workers with questions may also call toll-free at 1-800-400-7242. For TTY/TDD users, call the federal relay service toll-free at 1-800-877-8339 and ask for 800-400-7242. Until the PBGC becomes trustee, the pension plans will remain ongoing under company sponsorship. The agency will send notification letters to all plan participants when it becomes trustee. Retirees and beneficiaries will continue to receive their monthly benefit checks without interruption, and other workers will receive their pensions when they are eligible to retire. Delphi retirees who draw a benefit from the PBGC may be eligible for the federal Health Coverage Tax Credit. Assumption of the plans' unfunded liabilities will increase the PBGC's claims by approximately $3.5 billion, as the claim was previously included at a lower estimated amount in the agency's fiscal year 2008 financial statements, in accordance with generally accepted accounting principles. The PBGC is a federal corporation created under the Employee Retirement Income Security Act of 1974. It currently guarantees payment of basic pension benefits earned by 44 million American workers and retirees participating in over 29,000 private-sector defined benefit pension plans. The agency receives no funds from general tax revenues. Operations are financed largely by insurance premiums paid by companies that sponsor pension plans and by investment returns. About Delphi Corp Based in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ) -- http://www.delphi.com/-- is a global supplier of mobile electronics and transportation systems, including powertrain, safety, steering, thermal, and controls & security systems, electrical/electronic architecture, and in-car entertainment technologies. Delphi technology is also found in computing, communications, consumer accessories, energy and medical applications. Delphi has approximately 146,600 employees and operates 150 wholly owned manufacturing sites in 34 countries with sales of $18.1 billion in 2008. The Company filed for Chapter 11 protection on October 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represent the Official Committee of Unsecured Creditors. As of June 30, 2008, the Debtors' balance sheet showed US$9,162,000,000 in total assets and US$23,742,000,000 in total debts. The Court approved Delphi's First Amended Joint Disclosure Statement and related solicitation procedures for the solicitation of votes on the First Amended Plan on December 20, 2007. The Court confirmed the Debtors' First Amended Plan on January 25, 2008. The Plan has not been consummated after a group led by Appaloosa Management, L.P., backed out from their proposal to provide US$2,550,000,000 in equity financing to Delphi. Bankruptcy Creditors' Service, Inc., publishes Delphi Bankruptcy News. The newsletter tracks the Chapter 11 proceedings of Delphi Corp. and its debtor-affiliates. (http://bankrupt.com/newsstand/ or 215/945-7000) DENNIS CONNOR: Case Summary & 3 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Dennis M. Connor 219 Sugartown Road Apt. P301 Wayne, PA 19087 Bankruptcy Case No.: 09-15263 Chapter 11 Petition Date: July 18, 2009 Court: United States Bankruptcy Court Eastern District of Pennsylvania (Philadelphia) Judge: Bruce I. Fox Debtor's Counsel: Ellen M. Mcdowell, Esq. Mcdowell Riga Pc 46 West Main Street Maple Shade, NJ 08052 Tel: (856) 482-5544 Fax: (856) 482-5511 Email: emcdowell@mrattorneys.com Total Assets: $1,497,622 Total Debts: $1,498,350 A full-text copy of Mr. Connor's petition, including a list of his 3 largest unsecured creditors, is available for free at: http://bankrupt.com/misc/paeb09-15263.pdf The petition was signed by Mr. Connor. DEVELOPERS DIVERSIFIED: Working on Bond Sales to Raise $600MM ------------------------------------------------------------- Lingling Wei at The Wall Street Journal reports that Developers Diversified Realty Corp. is working on raising $600 million through two bond sales. According to The Journal, the bond sales are on track to be the first major offerings of commercial-mortgage-backed securities that will take advantage of the Term Asset-Backed Securities Loan Facility, or TALF, program, which is designed to jump-start lending by increasing investor demand for securities tied to all kinds of assets, including consumer and commercial loans. The Journal states that the two deals will likely be made up of only triple-A-rated bonds, the ones eligible for TALF funding. Developers Diversified, The Journal says, hopes to use the proceeds to refinance maturing mortgages and generate new capital through the deals led by Goldman Sachs Group Inc. and Citigroup Inc. Developers Diversified hopes to borrow more than $600 million against two pools of assets -- valued at $800 million each -- that consist of some 60 shopping centers across the country, according to The Journal. The TALF program is "helpful for us and very important to help restart one of the important means of financing," The Journal quoted Developers Diversified chief investment officer David Oakes as saying. Based in Beachwood, Ohio, Developers Diversified Realty Corp. (NYSE: DDR) -- http://www.ddr.com/-- owns and manages over 740 retail operating and development properties in 45 states, plus Puerto Rico, Brazil, Russia and Canada, totaling over 160 million square feet. Developers Diversified Realty is a self-administered and self-managed real estate investment trust operating as a fully integrated real estate company which acquires, develops, leases and manages shopping centers. * * * As reported by the Troubled Company Reporter on May 21, 2009, Fitch Ratings downgraded Developers Diversified Realty Corporation's Issuer Default Rating to 'BB' with a Negative Rating Outlook. According to the TCR on April 6, 2009, Standard & Poor's Ratings Services lowered its corporate credit rating on Developers Diversified Realty Corp. to 'BB' from 'BBB-'. S&P also lowered its ratings on the company's unsecured debt to 'BB+' from 'BBB-' and on its preferred stock to 'B' from 'BB' and removed all of the ratings from CreditWatch, where they were placed on March 6, 2009. At the same time, S&P assigned a recovery rating of '2' to the company's senior unsecured debt, indicating S&P's expectation of a substantial recovery (70%-90%) in the event of a payment default. S& said that the outlook on DDR is negative. The TCR reported on March 13, 2009, that Moody's Investors Service downgraded to Baa3 from Baa2 the senior unsecured debt rating of Developers Diversified Realty Corporation. The rating agency also downgraded DDR's preferred stock rating to Ba1 from Baa3. The rating outlook remains negative. DOMINO'S PIZZA: June 14 Balance Sheet Upside-Down by $1.37 Billion ------------------------------------------------------------------ Domino's Pizza, Inc., reports that as at June 14, 2009, the Company had $461.9 million in total assets; $158.8 million in total current liabilities and $1.67 billion in total long-term liabilities, resulting in $1.37 billion in stockholders' deficit. Domino's Pizza posted net income of $14,527,000 for the fiscal quarter ended June 14, 2009, compared to $18,730,000 for the fiscal quarter ended June 15, 2008. It posted net income of $38,297,000 for the two fiscal quarters ended June 14, 2009, compared to net income of $32,849,000 for the two fiscal quarters ended June 15, 2008. Domino's Pizza reports that for the second quarter ended June 14, 2009, domestic same store sales were down 0.7% and international same store sales grew 4.1%. The international division continued its strong performance, posting its 62nd consecutive quarter of same store sales growth. Net income as-reported was down 22.4% versus the prior year, due primarily to the negative impacts of foreign currency, gains on the sale of Company-owned stores in 2008 and expenses incurred in connection with changes made to the Company's stock option plans, offset in part by gains on the extinguishment of debt. As of June 14, 2009, the Company had: -- approximately $1.65 billion in total debt, -- $61.7 million of unrestricted cash and cash equivalents, -- $21.3 million of borrowings under its $60.0 million variable funding note facility, -- $6.0 million of available borrowings under its variable funding note facility, and -- letters of credit issued under the variable funding note facility of $32.7 million. Subsequent to the second quarter of 2009, Domino's Pizza LLC, a wholly-owned subsidiary of the Company, entered into a Letter of Credit Agreement, pursuant to which the counterparty will issue, at DPL's request, up to $50.0 million of standby letters of credit for the account of DPL and its subsidiaries. Pursuant to the L/C Agreement, DPL will maintain a cash collateral account holding an amount equal to 105% of any outstanding letters of credit and pay to the counterparty quarterly commitment fees of 0.375% per annum of the unused portion of the commitment and quarterly letter of credit fees of 0.75% per annum of the undrawn face amount of any outstanding letters of credit. Subsequent to the second quarter of 2009, the counterparty issued $33.5 million of standby letters of credit and the Company restricted an additional $35.2 million of cash on its consolidated balance sheet as collateral for these outstanding letters of credit. As a result of and concurrent with the L/C Agreement, the Company terminated substantially all of its pre-existing letters of credit which provided additional availability under its variable funding notes. Subsequent to the second quarter of 2009, the Company borrowed an additional $35.1 million on the variable funding notes and currently has no borrowings available on the $60.0 million facility. The Company's cash borrowing rate for the second quarter of 2009 was 6.1%. The Company incurred $9.4 million in capital expenditures during the first two quarters of 2009 versus $7.0 million in the first two quarters of the prior year. Debt Repurchase During the second quarter, the Company repurchased and retired $25.0 million of principal of its outstanding fixed rate senior notes; and roughly $68.3 million for the first two quarters of 2009, for a total purchase price of roughly $12.3 million and $34.6 million, respectively, including $200,000 and $0.5 million of accrued interest for each of the periods. The activities resulted in pre-tax gains of roughly $12.9 million in the second quarter and $34.1 million in the first two quarters of 2009. Subsequent to the second quarter of 2009, the Company repurchased and retired $20.0 million of additional principal of its outstanding fixed rate senior notes for a total purchase price of approximately $15.6 million, including $200,000 of accrued interest, resulting in a pre-tax gain of roughly $4.6 million which will be recorded in the third quarter of 2009. The Company has classified the $20.0 million of outstanding fixed rate senior notes as a current liability in the consolidated balance sheet as of June 14, 2009. Stock Option Plan Changes The Company's shareholders approved a stock option exchange program at the 2009 Annual Meeting of Shareholders, held April 28, 2009, and the Company executed the program during the second quarter of 2009. The incremental value to the option holders created as a result of the modification will be recognized as additional compensation expense over the remaining service period. This amount has been calculated to be approximately $1.3 million (after-tax), of which approximately $600,000 (after-tax) was recognized during the second quarter of 2009. The Company's Board of Directors authorized management to amend existing stock option agreements to allow for accelerated vesting and extended exercise periods upon the retirement of option holders who have achieved specified service and age requirements. The amended terms of the relevant stock option agreements became effective in the second quarter of 2009. The incremental value to option holders created as a result of the modification will be recognized as additional compensation expense over the remaining service period. This amount has been calculated to be approximately $300,000 (after-tax), of which roughly $200,000 (after-tax) was recognized during the second quarter of 2009. The Company is required to accelerate previously unrecognized compensation expense that it would have been required to expense in future periods for these stock options. This resulted in the acceleration of approximately $2.1 million (after-tax) of compensation expense in the second quarter of 2009 for certain employees who elected to receive the aforementioned amendment and who will meet the specified service and age requirements prior to the original vesting date. The $2.1 million (after-tax) of compensation expense recognized in the second quarter of 2009 was not incremental expense, but merely an acceleration of expense that would have been recognized in future periods. David A. Brandon, Domino's Chairman and Chief Executive Officer, said: "I'm putting this quarter in the "win" column for Domino's Pizza. I'm proud of my team and our accomplishment of emerging as a leader during tough times. Our franchisees are engaged and have embraced the expansion of our products and day parts. The predictability of our model continues to be a plus in an unpredictable landscape." Mr. Brandon added, "Our international business continues to thrive despite the dampening effect of foreign exchange. We are driving positive sales at a robust rate . . . and we've done so for more than the past fifteen years. We are consistently opening new stores and new markets, driving future growth for Domino's Pizza." A full-text copy of the Company's quarterly report is available at no charge at http://ResearchArchives.com/t/s?3fc1 About Domino's Pizza Headquartered in Ann Arbor, Michigan, Domino's Pizza Inc. is the number one pizza delivery company in the United States and has a leading international presence. The Company operates through a network of Company-owned stores, all of which are in the United States, and franchise stores located in all 50 states and in more than 60 countries. In addition, Domino's Pizza operates regional dough manufacturing and supply chain centers in the United States and Canada. DOMINO'S PIZZA: Panel Approves New Form of Stock Option Agreements ------------------------------------------------------------------ Domino's Pizza, Inc., reports that on July 15, 2008, its Compensation Committee approved a new form of Non-Qualified Stock Option Agreement for executive officers under the Domino's Pizza, Inc. 2004 Equity Incentive Plan. The New Form Option Agreement is substantially similar to the previous form of option agreement for executive officers under the EIP, except that the New Form Option Agreement provides for a three-year vesting period. The Compensation Committee also approved the issuance of performance-based restricted stock awards to executive officers and directors of the Company and the issuance of performance-based restricted stock unit awards to certain employees of the Company through the following new forms of award agreements under the Equity Incentive Plan: (1) Performance-Based Restricted Stock Agreement; and (2) Performance-Based Restricted Stock Unit Award Agreement. The performance-based restricted stock awards have both time-based and performance-based vesting conditions. The awards provide for a three-year vesting period with each vesting tranche also requiring the achievement of certain applicable performance-based conditions. On July 16, 2009, these named executive officers each received the number of stock options and shares of performance-based restricted stock listed after their name: * J. Patrick Doyle, 60,000 stock options and 65,000 shares of performance-based restricted stock; * Wendy Beck, 30,000 stock options and 35,000 shares of performance-based restricted stock; * Michael Lawton, 30,000 stock options and 35,000 shares of performance-based restricted stock; and * L. David Mounts, 30,000 stock options and 40,000 shares of performance-based restricted stock. The value of the equity awards granted to the named executive officers on July 16 consistent with the value of long-term compensation awards given to named executive officer in prior years. Historically, stock options have been the primary vehicle for equity compensation of our executive officers. The equity awards differ from historical practice in that a portion of the equity component of our management compensation is now awarded in performance-based restricted stock as an attempt to diversify the types of awards but not the overall value. Headquartered in Ann Arbor, Michigan, Domino's Pizza Inc. is the number one pizza delivery company in the United States and has a leading international presence. The Company operates through a network of Company-owned stores, all of which are in the United States, and franchise stores located in all 50 states and in more than 60 countries. In addition, Domino's Pizza operates regional dough manufacturing and supply chain centers in the United States and Canada. DONALD ERNEST BRANDT: Case Summary & 20 Largest Unsec. Creditors ---------------------------------------------------------------- Debtor: Donald Ernest Brandt dba Brandt Enterprises dba Wilbur Group dba Brandt And Father 57 Chinook Drive Daleville, AL 36322 Bankruptcy Case No.: 09-08066 Chapter 11 Petition Date: July 20, 2009 Court: United States Bankruptcy Court Middle District of Tennessee (Nashville) Judge: Keith M. Lundin Debtor's Counsel: Steven L. Lefkovitz, Esq. Law Offices Lefkovitz & Lefkovitz 618 Church St., Suite 410 Nashville, TN 37219 Tel: (615) 256-8300 Fax: (615) 250-4926 Email: Stevelefkovitz@aol.com Total Assets: $2,038,659 Total Debts: $2,432,341 A full-text copy of Mr. Brandt's petition, including a list of his 20 largest unsecured creditors, is available for free at: http://bankrupt.com/misc/tnmb09-08066.pdf The petition was signed by Mr. Brandt. DREIER LLP: Founder's Apartment Sold for $8.2MM at Auction ---------------------------------------------------------- Noeleen G. Walder at New York Law Journal says Marc S. Dreier's 3,000-square-foot luxury midtown Manhattan apartment in the Bloomberg Building at One Beacon Court was sold at auction Tuesday for $8.2 million, about $2 million less than the $10.43 million he paid in 2007. Forty-six bidders registered for the auction, according to the report. Peter Maltz at David R. Maltz & Co. served as auctioneer. The report notes the winning bidder declined to identify himself. A source told Law Journal said the buyer is Indian-born Ajit Jain, head of the reinsurance business of Berkshire Hathaway Inc., who has been touted as a possible successor to Warren Buffett at Berkshire. According to Ms. Walder, the sale of the condominium at 151 E. 58th St. came one week after Judge Jed S. Rakoff sentenced Mr. Dreier to 20 years in prison for orchestrating a multiyear Ponzi scheme that fleeced more than $400 million from clients of Dreier LLP and investors to whom he sold bogus promissory notes. Mr. Dreier, 59, spent his last weeks of freedom under the watch of around-the-clock armed guards at the apartment, according to the report. Since his sentencing, he has been jailed at the Metropolitan Correctional Center, pending assignment to a federal prison, the report adds. Marc Dreier founded New York-based law firm Dreier LLP -- http://www.dreierllp.com/-- in 1996. On December 8, 2008, the U.S. Securities and Exchange Commission filed a suit, alleging that Mr. Dreier made fraudulent offers and sales of securities in several cities, selling fake promissory notes to hedge and other private investment funds. The SEC asserted that Mr. Dreier also distributed phony financial statements and audit opinions, and recruited accomplices in connection with that scheme. Mr. Dreier has been charged by the U.S. government for conspiracy, securities fraud and wire fraud before the U.S. District Court for the Southern District of New York (Manhattan) (Case No. 09-cr-00085-JSR). Dreier LLP filed for Chapter 11 on December 16, 2008 (Bankr. S.D. N.Y., Case No. 08-15051). Judge Robert E. Gerber handles the case. Stephen J. Shimshak, Esq., at Paul, Weiss, Rifkind, Wharton & Garrison LLP, has been retained as counsel. The Debtor listed assets between $100 million and $500 million, and debts between $10 million and $50 million in its filing. Wachovia Bank National Association, Sheila M. Gowan as trustee for Chapter 11 estate of Dreier LLP, and Steven J. Reisman as post- confirmation representative of the bankruptcy estate of 360networks (USA) Inc. signed a petition that sent Mr. Dreier to bankruptcy under Chapter 7 on January 26, 2009 (Bankr. S.D. N.Y., Case No. 09-10371). EDGE SHARFF PROPERTIES: Case Summary & 15 Unsecured Creditors ------------------------------------------------------------- Debtor: Edge Sharff Properties, LLP fdba Edge Sharff Properties Inc.2019 5th Street West Bradenton, FL 34205 Bankruptcy Case No.: 09-15614 Chapter 11 Petition Date: July 21, 2009 Court: United States Bankruptcy Court Middle District of Florida (Ft. Myers) Judge: Alexander L. Paskay Debtor's Counsel: Sacha Ross, Esq. Grimes Goebel Grimes Hawkins, etal 1023 Manatee Avenue West Bradenton, FL 34205 Tel: (941) 748-0151 Fax: (941) 748-0158 Email:�sross@grimesgoebel.com Total Assets: $26,000 Total Debts: $8,586,164 A full-text copy of the Debtor's petition, including a list of its 15 largest unsecured creditors, is available for free at: http://bankrupt.com/misc/flmb09-15614.pdf The petition was signed by Paul A. Sharff, vice-president of the Company. EDWARD LEE DURHAM: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Joint Debtors: Edward Lee Durham Sara Elizabeth Durham aka Sara E. Bird 2745 Bothwick Avenue Henderson, NV 89044 Bankruptcy Case No.: 09-22739 Chapter 11 Petition Date: July 17, 2009 Court: United States Bankruptcy Court District of Nevada (Las Vegas) Judge: Linda B. Riegle Debtors' Counsel: Samuel A. Schwartz, Esq. 626 S Third St Las Vegas, NV 89101 Tel: (702) 385-5544 Fax: (702) 385-2741 Email: sam@schwartzlawyers.com Total Assets: $1,783,538 Total Debts: $3,075,269 A full-text copy of the Debtors' petition, including a list of their 20 largest unsecured creditors, is available for free at: http://bankrupt.com/misc/nvb09-22739.pdf The petition was signed by the Joint Debtors. ENNIS LAND: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------- Debtor: Ennis Land Development, Inc. fdba Ennis Land Development, LLC 643 N Westwood St Porterville, CA 93257 Case No.: 09-16750 Chapter 11 Petition Date: July 17, 2009 Debtor-affiliate that filed separate Chapter 11 petition June 5, 2009: Entity Case No. ------ -------- Ennis Enterprises 190, LLC � 09-15237 Debtor-affiliate that filed separate Chapter 11 petition February 2, 2009: Entity Case No. ------ -------- Ennis Homes, Inc. � 09-10848 Court: United States Bankruptcy Court Eastern District of California (Fresno) Judge: Whitney Rimel Debtor's Counsel: Hagop T. Bedoyan, Esq. 5260 N Palm Ave #217 Fresno, CA 93704 Tel: (559) 438-4374 Estimated Assets: $100,000,001 to $500,000,000 Estimated Debts: $100,000,001 to $500,000,000 The petition was signed by Brian Ennis, the Company's president. Ennis Land's List of 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ McMillin Land Development $552,378 111 S Johnson St Visalla, CA 93291 P & G Communications Inc $40,033 Buckman-Mitchell Inc $37,409 PG&E Development $34,250 S & S Homes $32,302 Landscape Development Inc $32,278 PG&E 32,138 City of Dinuba $30,274 City of Fresno $17,963 McClard Masonry Inc $14,802 Gill Reeves Co Inc $8,964 Quad Knopf Inc $8,705 Bakersfield Concrete LP $6,238 L & E Striping $4,542 City of Clovis $2,473 State Water Resources $1,883 Cox Castle Nicolson $815 City of Tulare $398 Kenyon Plastering, Inc. Unknown Mcintosh & Associates Unknown EZZATOLLAH FARIDI: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Joint Debtors: Ezzatollah Vahedi-Faridi aka Edward Vahedi aka Ed Faridi aka Ed Vahedi Shirin Vahedi-Faridi aka Sheri Vahedi-Faridi aka Sheri Vahedi aka Shirin Vahedi 7 Scotts Moore Court Phoenix, MD 21131 Bankruptcy Case No.: 09-23132 Chapter 11 Petition Date: July 20, 2009 Court: United States Bankruptcy Court District of Maryland (Baltimore) Judge: James F. Schneider Debtors' Counsel: Adam M. Freiman, Esq. Sirody, Freiman & Feldman,P.C. 1777 Reisterstown Road, Suite 360 E Baltimore, MD 21208 Tel: (410) 415-0445 Fax: (410) 415-0744 Email:�afreiman@sfflegal.com Total Assets: $2,407,423 Total Debts: $1,685,391 A full-text copy of the Debtors' petition, including a list of their 20 largest unsecured creditors, is available for free at: http://bankrupt.com/misc/mdb09-23132.pdf The petition was signed by the Joint Debtors. FAIRVIEW APARTMENTS LLC: Voluntary Chapter 11 Case Summary ---------------------------------------------------------- Debtor: Fairview Apartments LLC 8445 Springtree Drive Ft. Lauderdale, FL 33351 Bankruptcy Case No.: 09-24750 Chapter 11 Petition Date: July 20, 2009 Court: United States Bankruptcy Court Southern District of Florida (Fort Lauderdale) Judge: John K. Olson Debtor's Counsel: Ronald G. Neiwirth, Esq. 1395 Brickell Ave 14 Fl. Miami, FL 33131 Tel: (305) 789-9200 Email: rgn@fowler-white.com Total Assets: $6,750,000 Total Debts: $4,000,000 The Company says it does not have unsecured creditors who are non insiders when they filed their petition. The petition was signed by Constantin Ardelean, managing member of the Company. FIVE STAR LIMOUSINE: Case Summary & 20 Largest Unsec. Creditors --------------------------------------------------------------- Debtor: Five Star Limousine Service, Inc. 2340 Torrence Avenue Lynwood, IL 60411 Bankruptcy Case No.: 09-26027 Chapter 11 Petition Date: July 17, 2009 Court: United States Bankruptcy Court Northern District of Illinois (Chicago) Judge: Susan Pierson Sonderby Debtor's Counsel: Wade B. Arends, Esq. Arends & Callahan 10129 S. Western Avenue Chicago, IL 60643 Tel: (773) 298-1500 Fax: (773) 445-7190 Email: arendsandcallahan@gmail.com Estimated Assets: $0 to $50,000 Estimated Debts: $1,000,001 to $10,000,000 A full-text copy of the Debtor's petition, including a list of its 20 largest unsecured creditors, is available for free at: http://bankrupt.com/misc/ilnb09-26027.pdf The petition was signed by Nick Mihlajevic, vice president/secretary of the Company. FIVE STAR PROPERTY: Case Summary & 20 Largest Unsec. Creditors -------------------------------------------------------------- Debtor: Five Star Property Development, LLC PO Box 22469 Portland, OR 97269 Bankruptcy Case No.: 09-35708 Chapter 11 Petition Date: July 20, 2009 Court: United States Bankruptcy Court District of Oregon Debtor's Counsel: J Stephen Werts, Esq. 1001 Sw 5th Ave., #2000 Portland, OR 97204 Tel: (503) 224-3092 Email: swerts@cablehuston.com Estimated Assets: $0 to $50,000 Estimated Debts: $1,000,001 to $10,000,000 A full-text copy of the Debtor's petition, including a list of its 20 largest unsecured creditors, is available for free at: http://bankrupt.com/misc/orb09-35708.pdf The petition was signed by Lawrence Cornell, managing member of the Company. FLINTKOTE COMPANY: Supplemental Disc. Statement Hearing on July 27 ------------------------------------------------------------------ The U.S. Bankruptcy Court for the District of Delaware has set a hearing for July 27, 2009, at 9:15 a.m. to consider whether the supplemental disclosure statement submitted by The Flintkote Company and Flintkote Mines Limited, the official committee of asbestos personal injury claimants, and the legal representative for future asbestos claimants contains "adequate information" sufficient to enable asbestos personal injury claimants whose votes are being resolicited on the Plan to make an informed judgment on the Plan and approving the supplemental disclosure statement. The Bankruptcy Court previously approved a disclosure statement regarding the amended joint plan of reorganization dated September 8, 2008. As reported in the Troubled Company Reporter on July 8, 2009, the plan proponents filed with the Bankruptcy Court a supplemental disclosure statement in connection with the re-solicitation of votes from holders of asbestos personal injury claims. On June 22, 2009, the Debtors modified their Amended Joint Plan of Reorganization, which was sent for voting in September 2008. The modifications affect only the Flintkote asbestos personal injury claims under Class 7 and the mines asbestos personal injury claims under Class 8. As a result of these modifications, all the holders of asbestos personal injury claims are being asked to vote again on the modified amended plan. Other than the asbestos personal injury claims, the claims and interests in the Debtors is identical to the treatment that was provided to said claims and interests under the September 2008 plan. As a result, holders of said claim will not vote anew on the modified amended plan. As proposed by Debtors to the Court, service of solicitation packages will be made no later than August 7, 2009, and the supplemental voting deadline by which ballots and master ballots to accept or reject the modified amended plan must be received by the voting agent will be September 21, 2009, at 5:00 p.m. Eastern time. Modifications to the Plan A. Trust Distribution Procedures 1. Change in Claims Payment Ratios The modified amended plan changes the claims payment ratio set forth in Section 2.5 of the Trust Distribution Procedures from the 88%/12% ratio contained in the original amended plan to an 80%/20% ratio. 2. Change to Description of Valuation Factors to be Considered in Individual Review The modified amended plan changes the description of the valuation factors to be considered in Individual Review contained in Section 5.3(b)(2) of the trust distribution procedures to allow for consideration of results of cases in which a claimant's law firm has played a substantial role in the resolution of the cases even if the claimant's law firm was not the firm of record in such cases. B. Litigation Neutrality and the Preservation of Third Party Causes of Action 1. Changes to Litigation Neutrality Provisions In response to confirmation objections asserted by ITCAN that the original amended plan might impact upon the rights of co-insureds to shared insurance with the Debtors, the Plan Proponents have amended Section 12.3.2(b) of the Plan to clarify that the injunction set forth in 12.3.2(b) of the Plan does not impair the rights of any co- insured of the Debtors (a) with respect to any Asbestos Insurance Policy or Asbestos Insurance Settlement Agreement or against any Asbestos Insurance Company and (b) as specified under any final order of the Bankruptcy Court approving an Asbestos Insurance Settlement Agreement. 2. Changes to Preservation of Third Party Causes of Action The plan proponents have added language to Section 11.3 of the modified amended plan to clarify that, on and after the Effective Date, Reorganized Flintkote may take any action to realize upon said claims, rights, or causes of action as it determines in accordance with its best interests and without Bankruptcy Court approval; provided that any determination to take action to realize upon said claim, right or cause of action related to the Third Party Causes of Action will require the consent of the Trustees or such other person as specified in the Trust Documents. A full-text copy of the Supplementary Disclosure Statement dated June 22, 2009, is available for free at: http://bankrupt.com/misc/flintkote.supplementalds.pdf Headquartered in San Francisco, California, The Flintkote Company is engaged in the business of manufacturing, processing and distributing building materials. Flintkote Mines Limited is a subsidiary of Flintkote Company and is engaged in the mining of base-precious metals. The Flintkote Company filed for Chapter 11 protection on April 30, 2004 (Bankr. D. Del. Case No. 04-11300). Flintkote Mines Limited filed for Chapter 11 relief of August 25, 2004 (Bankr. D. Del. Case No. 04-12440). James E. O'Neill, Esq., Kathleen P. Makowswki, Esq., Laura Davis Jones, Esq., Sandra G.M, Selzer, Esq., and Scotta Edelen McFarland, Esq., at Pachulski Stang Ziehl & Jones LLP, represent the Debtors in their restructuring efforts. Kathleen Campbell Davis, Esq., and Mark T. Hurford, Esq., at Campbell & Levine, LLC, represent the official committee of unsecured creditors. When Flintkote Company filed for protection from its creditors, it listed more than $100 million each in assets and debts. When Flintkote Mines Limited filed for protection from its creditors, it listed assets of $1 million to $50 million, and debts of more than $100 million. FORD MOTOR: Unveils Key Leadership Changes; 2 Execs Retire ---------------------------------------------------------- Ford Motor Company announced the retirement of two senior executives and announced a series of key leadership changes that further strengthen Ford's management team and support the company's "One Ford" transformation plan. Peter Daniel, 62, senior vice president and controller, Ford Motor Company, is retiring effective October 1, after 38 years with Ford. Mr. Daniel joined Ford in 1971 and has held finance positions in numerous markets, including Thailand, Japan, Taiwan, Australia, Malaysia and Brazil. Prior to his current assignment, he served as controller of the Americas and president of Ford Asia Pacific and Africa. "Peter's financial expertise and leadership has been extremely valuable for Ford. He deserves credit for his partnering with operations to improve performance, helping Ford maintain a laser focus on cash during a critical period for the company and for his role in negotiating the landmark VEBA agreement with the UAW," said Alan Mulally, Ford president and CEO. Darryl Hazel, 61, senior vice president and president, Ford Customer Service Division, is retiring after 37 years with the company. He will serve as a special advisor to Ford on global service initiatives through the end of the year. Mr. Hazel joined Ford in 1972 and served in several senior level marketing, sales and service roles, including president of Lincoln Mercury division and president of Ford division. He has been in his current position since 2006. "Darryl has been a truly distinguished marketing, sales and service leader who is leaving a legacy of consistently delivering strong results and mentoring future executives over the course of four decades," Mr. Mulally said. "We will miss Peter and Darryl but are very fortunate to have a deep and talented management team poised to continue our progress toward building an exciting and profitably growing Ford." Succeeding Mr. Daniel will be Bob Shanks, 56, who currently is vice president and controller of Ford's Americas operations. Mr. Shanks becomes vice president and controller, Ford Motor Company, on September 1. He will report to Lewis Booth, Ford executive vice president and chief financial officer, and will work with Daniel to ensure a seamless transition. Mr. Shanks has been a corporate officer of Ford Motor Company since July 2004, when he was elected vice president, Operations Support, Finance and Strategy, Ford of Europe and Premier Automotive Group. Prior to that assignment, Shanks served as chief financial officer for PAG, as well as for Mazda Motor Corporation. In addition to other finance positions within Ford's North America, South America and Asia Pacific and Africa operations, he led the business development activities in Ford's Asia-Pacific operations. "Bob brings a wealth of global experience and a proven track record to an important job at a critical time for Ford and the auto industry," Mr. Booth said. "His leadership will be invaluable as we continue to strengthen our balance sheet, reduce costs and maximize our investment in more great new products around the world." Dave Schoch, 58, currently head of Canada, Mexico and South America, will become controller, the Americas, effective September 1. Schoch has held several key finance roles within Ford's global operations, including chief financial officer of both Ford of Europe and Ford Asia Pacific. Mr. Schoch will report to Mark Fields, Ford's president, The Americas, in his new role. "Dave has done a great job further integrating our operations in Canada, Mexico and South America, building on his many years of successful leadership in Ford's finance operations around the world," Mr. Fields said. "I am pleased to work with Dave as the senior finance leader for all of The Americas." Jim Farley, 47, group vice president, Global Marketing and Canada, Mexico and South America operations, will continue his role as Ford's global marketing leader, reporting to Alan Mulally. Effective September 1, he adds leadership of Ford's operations in Canada, Mexico and South America, reporting to Fields. "Jim has made great progress connecting with our customers and building a strong foundation for our success in North America," Mr. Mulally said. "He will continue to lead marketing globally, focusing on building the Ford brand around the world and working closely with our product development organization on strategy and planning. Jim's experience and passion for our business will be invaluable in his expanded role leading our Canada, Mexico and South America operations." Concurrent with Mr. Farley's expanded operational role, Ray Day, vice president, Communications, now will report to Mulally. Ken Czubay, 60, is appointed to the expanded role of vice president, U.S. Marketing, Sales and Service. He now reports to Mr. Fields. "Working together with Jim Farley, Ken's leadership of our U.S. sales team has helped Ford deliver market share gains for seven of the past eight months while at the same time reducing incentives, improving transaction prices and growing resale values for our customers," Mr. Fields said. "Ken now will build on those achievements taking on leadership of our entire integrated sales, marketing and service teams." Reporting to Mr. Czubay and succeeding Mr. Hazel will be Frederiek Toney, who is elected vice president, Ford Customer Service Division and a corporate officer of Ford Motor Company, effective September 1. Mr. Toney, 53, joined Ford in 2000 after a career at Caterpillar and Honda. He has served as director, North American logistics, FCSD; director, North American operations, Material Planning and Logistics; and director, global parts supply and logistics, FCSD. He was named to his current position, executive director, Material Planning and Logistics in November 2005. "Frederiek is an excellent choice to succeed me and I am confident that he will continue to deliver strong results for FCSD," Mr. Hazel said. "I have had the opportunity to work closely with Frederiek and watch him develop as a very strong leader." Mr. Fields said The Americas team is well positioned to build on the progress of the past three years. "We are proud to have a team of proven leaders who will help us continue the strong progress we are making in the Americas," Mr. Fields said. "In the most severe economic downturn in decades, we are introducing an unprecedented number of great new products, winning new customers and fixing the fundamentals of the business for the long term. This new team will help us keep gaining momentum going forward." About Ford Motor Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) -- http://www.ford.com/-- manufactures or distributes automobiles in 200 markets across six continents. With about 260,000 employees and about 100 plants worldwide, the company's core and affiliated automotive brands include Ford, Jaguar, Land Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The Company provides financial services through Ford Motor Credit Company. The Company has operations in Japan in the Asia Pacific region. In Europe, the Company maintains a presence in Sweden, and the United Kingdom. The Company also distributes its brands in various Latin-American regions, including Argentina and Brazil. * * * As reported by the Troubled Company Reporter on April 15, 2009, Standard & Poor's Ratings Services said it raised its ratings on Ford Motor Co. and related entities, including the corporate credit rating, to 'CCC+' from 'SD-'. The ratings on Ford Motor Credit Co. are unchanged, at 'CCC+', and the ratings on FCE Bank PLC, Ford Credit's European bank, are also unchanged, at 'B-', maintaining the one-notch rating differential between FCE and its parent Ford Credit. S&P said that the outlook on all entities is negative. Moody's Investors Service in December 2008 lowered the Corporate Family Rating and Probability of Default Rating of Ford Motor Company to Caa3 from Caa1 and lowered the company's Speculative Grade Liquidity rating to SGL-4 from SGL-3. The outlook is negative. The downgrade reflects the increased risk that Ford will have to undertake some form of balance sheet restructuring to achieve the same UAW concessions that General Motors and Chrysler are likely to achieve as a result of the recently-approved government bailout loans. Such a balance sheet restructuring would likely entail a loss for bond holders and would be viewed by Moody's as a distressed exchange and consequently treated as a default for analytic purposes. GATEWAY CASINOS: S&P Junks Corporate Credit Rating From 'B-' ------------------------------------------------------------ Standard & Poor's Ratings Services lowered its ratings on British Columbia, Canada-based gaming company Gateway Casinos & Entertainment Inc. S&P lowered the corporate credit rating to 'CCC-' from 'B-'. The rating outlook is negative. At the same time, S&P revised its recovery rating on Gateway's first-lien credit facilities to '3', indicating S&P's expectation for meaningful (50% to 70%) recovery in the event of a payment default, from '1'. S&P lowered its issue-level rating on this debt to 'CCC-' (at the same level as the 'CCC-' corporate credit rating on the company) from 'B+', in accordance with S&P's notching criteria for a '3' recovery rating. In addition, S&P revised its recovery rating on the company's second-lien credit facility to '6', indicating S&P's expectation for negligible (0% to 10%) recovery in the event of a payment default, from '5'. S&P lowered its issue-level rating on this debt to 'C' (two notches lower than the corporate credit rating) from 'CCC+', in accordance with S&P's notching criteria for a '6' recovery rating. The revised recovery ratings reflect a lower level of cash flow in S&P's simulated default scenario than S&P used in its previous analysis due to the company's weaker operating prospects, as well as a change in S&P's exchange rate assumptions. "The downgrade to 'CCC-' reflects S&P's expectations that, given Gateway's excessive debt burden relative to cash flow, its ability to service its current capital structure over the intermediate term will be challenged," said Standard & Poor's credit analyst Melissa Long. S&P remains concerned about the company's ability to remain in compliance with its minimum EBITDA covenant in 2009 -- a factor S&P cited in S&P's August 2008 downgrade of the rating to 'B-'. However, S&P is now less certain that there are sufficient economic incentives in place such that the owners would step in to cure a covenant default under the equity cure provision in the credit facility. S&P had previously cited an expectation that sponsors would initially inject equity into the company to cure a covenant breach, although S&P expected sponsor support would have its limits. In 2010, Gateway will be subject a maximum total leverage test, as opposed to a minimum EBITDA test. The measure is initially set at 8.50x at the March 31, 2010 test date and steps down in the next two quarters. S&P estimate that the company's leverage, as S&P believes it would be measured per the credit agreement, is over 10x. Although Gateway has experienced year-over-year revenue and EBITDA growth for the six months ended June 30, 2009, operating performance continues to be below management's expectations. The company continues to be challenged in ramping up operating performance at its Starlight Casino (which opened in December 2007) and its Grand Villa Casino (which opened in November 2008, several months later than initially expected). Given its private company status, Gateway does not publicly disclose its financial performance. The 'CCC-' rating reflects Gateway's very high debt leverage, thin expected EBITDA coverage of interest expense, thin covenant cushion, a concentration of cash flows in its three Vancouver casinos, and ramp-up-related challenges associated with two of its Vancouver-based properties. GENERAL MOTORS: Court OKs Rejection of Stillwater Supply Contract ----------------------------------------------------------------- Stillwater Mining Company was advised yesterday that the bankruptcy court has approved a petition from General Motors Corporation to reject the existing Palladium & Rhodium Supply Agreement between GM and Stillwater Mining Company, with retroactive effect from July 7, 2009. The Company had filed an objection to the GM petition with the bankruptcy court, but after a hearing this morning the judge upheld the GM request. Commenting on the bankruptcy court's decision, Stillwater's Chairman and CEO, Francis R. McAllister, noted, "We clearly are very disappointed with this outcome and are still assessing what additional avenues may be open to us in this matter. At the same time, we are extremely appreciative of the generous expressions of support we have received from so many in our communities, our industry, from Governor Schweitzer and other leaders in Montana and from the far corners of our nation. A special thank you to all for your kind efforts in our behalf. "As I had commented previously, while the GM contract has been very beneficial to us in view of today's relatively low PGM prices, I believe in the current environment the Company has adequate financial resources to absorb the effect of this loss. Despite the absence of the GM agreement, the Company will still be able to sell all of its mine production into the market, although obviously we will no longer enjoy the benefit of the GM pricing floors. I noted earlier that loss of the GM agreement will likely cost the Company, at current PGM prices, between $5 and $10 million annually. However, the Company's cash position remains strong, and we have made substantial progress in recent months toward our goal of becoming a safe, low-cost operator in our industry. While losing our GM supply agreement certainly increases the Company's exposure to any sustained decline in PGM prices, I believe the longer-term fundamentals of our industry are favorable and our competitive position is strengthening." Expanding on the Company's recent performance, Mr. McAllister added, "Although the Company's second-quarter financial results are not yet finalized, I am pleased to report that mine production in the quarter of about 137,700 platinum and palladium ounces was substantially better than planned and is trending well ahead of our mine production guidance of 495,000 ounces for the year. Cost reduction measures also appear to be taking effect at both mines, and total cash costs for the quarter are likely to come in far below our combined annual guidance of $399 per PGM ounce. At the same time, our cash position remains solid. All of this reflects the broad-based dedication of our employees toward improving productivity throughout our operations and finding better ways to coordinate our diverse efforts. "These initial second-quarter results clearly suggest that our current initiatives are meeting with some success. This is particularly gratifying in view of both the apparent loss of the GM contract and the increased urgency to reposition our operations prior to the expiration of the Ford contract at the end of next year. While we have not yet demonstrated that our second-quarter performance will be sustainable over the longer term, I am optimistic that the quarter's results do demonstrate the Company's capacity to perform at a level that is competitive in the absence of the pricing floors in our contracts. Although there is no assurance that PGM prices in the future will remain high enough to sustain our operations, the recent increases in efficiency appear to bode well for the future." About Stillwater Mining Billings, Montana-based Stillwater Mining Company -- http://www.stillwatermining.com/-- is the only U.S. producer of palladium and platinum and is the largest primary producer of platinum group metals outside of South Africa and Russia. The Company's shares are traded on the New York Stock Exchange under the symbol "SWC." As reported by the Troubled Company Reporter on July 13, 2009, Standard & Poor's Ratings Services placed its ratings, including its 'B-' corporate credit rating on Stillwater Mining, on CreditWatch with negative implications. "The CreditWatch listing reflects S&P's concern regarding the possible loss of the supply contract between Stillwater and General Motors Corp. The company's platinum group metals supply agreements with GM and Ford Motor Co. include provisions that guarantee a minimum purchase price for palladium and platinum even when prices fall below stipulated levels, a benefit to Stillwater given the relatively low PGM prices," said Standard & Poor's credit analyst Maurice Austin. About General Motors Headquartered in Detroit, Michigan, General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- was founded in 1908. GM employs about 266,000 people around the world and manufactures cars and trucks in 35 countries. In 2007, nearly 9.37 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn, Vauxhall and Wuling. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. GM Europe is based in Zurich, Switzerland, while General Motors Latin America, Africa and Middle East is headquartered in Miramar, Florida. As reported by the Troubled Company Reporter, GM reported net loss of US$6.0 billion, including special items, in the first quarter of 2009. This compares with a reported net loss of US$3.3 billion in the year-ago quarter. As of March 31, 2009, GM had US$82.2 billion in total assets and US$172.8 billion in total liabilities, resulting in US$90.5 billion in stockholders' deficit. General Motors Corporation and three of its affiliates filed for Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case No. 09-50026). The Honorable Robert E. Gerber presides over the Chapter 11 cases. Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors in their restructuring efforts. Al Koch at AP Services, LLC, an affiliate of AlixPartners, LLP, is the Debtors' restructuring officer. GM is also represented by Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as counsel. Cravath, Swaine, & Moore LLP is providing legal advice to the GM Board of Directors. GM's financial advisors are Morgan Stanley, Evercore Partners and the Blackstone Group LLP. General Motors changed its name to Motors Liquidation Co. following the sale of its key assets to a company 60.8% owned by the U.S. Government. Bankruptcy Creditors' Service, Inc., publishes General Motors Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by General Motors Corp. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) GILBERTO CORONA: Case Summary & 15 Largest Unsecured Creditors -------------------------------------------------------------- Joint Debtors: Gilberto Corona Graciela Corona 6821 71st East Bradenton, FL 34203 Bankruptcy Case No.: 09-15479 Chapter 11 Petition Date: July 19, 2009 Court: United States Bankruptcy Court Middle District of Florida (Tampa) Judge: Catherine Peek McEwen Debtors' Counsel: William Galarza, Esq. Law Office of William Galarza 1100 Tamiami Trail South Venice, FL 34285 Tel: (941) 488-4700 Fax: (941) 488-4730 Email:�wgalarza@wgalarzalaw.com Total Assets: $1,564,203 Total Debts: $2,443,646 A full-text copy of the Debtors' petition, including a list of their 15 largest unsecured creditors, is available for free at: http://bankrupt.com/misc/flmb09-15479.pdf The petition was signed by the Joint Debtors. GLOBAL AVIATION: Moody's Assigns Corporate Family Rating at 'B3' ---------------------------------------------------------------- Moody's Investors Service assigned ratings to Global Aviation Holdings, Inc.; corporate family and probability of default, each of B3. Moody's also assigned a rating of Ba3 to the planned issuance of $165 million of First Lien Senior Secured Notes due 2013. The outlook is stable. These are first time ratings being assigned to GAH. The B3 corporate family rating reflects GAH's position as the largest provider of air transportation and air cargo services to the U.S. Department of Defense' Air Mobility Command. GAH is a co-manager, and lead passenger operator of the Alliance team, the largest of the three teams that serve the AMC program. The B3 rating considers the expectation of ongoing sizeable demand from the AMC program over the intermediate term because of the multiple theaters of operations of the U.S. military forces. Moody's also believes that the U.S. military is likely to maintain higher troop levels in foreign bases as operations in current theaters wind down over time. This would further support demand from the AMC. Moody's did not utilize its Global Passenger Airlines Rating Methodology as part of its analysis of GAH's credit profile because GAH's business model differs from that of a commercial airline operating scheduled services. "The cost plus pricing of the government business and the pass through of 100% of the company's fuel costs meaningfully lower market risk and price risk relative to that of commercial airlines operating scheduled services," said Moody's Analyst Jonathan Root. "This is a key difference between GAH and commercial airlines that serve price competitive markets and that are exposed to volatile fuel prices and supports the B3 rating outcome," continued Root. Moody's considers GAH's liquidity to be adequate. GAH will not have a revolving credit facility, relying on its funds from operations and cash balance to fund any required amortization of the new first lien notes and any unexpected peak working capital demands. The cushion with the one maintenance covenant, EBITDA less capital expenditures, of the first lien notes indenture is expected to be modest. However, according to the company, it has significant flexibility to defer capital spending in the event AMC and or commercial cargo or passenger charter volumes trail the levels incorporated in its refinancing business case. The ongoing challenging fundamentals of the company's commercial charter and leasing operations and the potential of fluctuating demand from the AMC program balance the B3 credit profile. The B3 ratings are also based on the expectation of a timely closing of the refinancing of GAH's debt structure, which the proceeds of the rated notes and $64.1 million second lien loan due July 2014 (not rated) will partially fund. As of March 31, 2009, GAH's debt structure was comprised of a $370 million term loan. The stable outlook reflects Moody's belief that the U.S. military's deployment strategy will cause demand from the AMC program to remain at levels that should allow GAH to generate cash flows that adequately cover required maintenance reserves and debt service obligations, even if demand in GAH's commercial wet lease charter segment remains muted should current weak economic conditions continue. Downwards rating pressure would result if actual results trail the company's refinancing business case projections or if unrestricted cash falls below $25 million. FFO + Interest to Interest that approaches 2.0 times, negative free cash flow or Debt to EBITDA that is sustained above 6.0 times could lead to a negative outlook or downgrade of the ratings. The outlook could be changed to positive if GAH outperforms its business plan, leading to sustained annual free cash flow in excess of $30 million per year, after funding required maintenance reserves. FFO + Interest to Interest that approaches 3.5 times and Debt to EBITDA that is sustained below 4.5 times could also lead to an outlook change or an upgrade of the ratings. Moody's anticipates that GAH's and the Alliance team's important, long-tenured positions in the Civil Reserve Air Fleet and the DoD's high reliance on it would support an enterprise value that approaches 50% of the obligations modeled in the Loss Given Default waterfall. Moody's thus used the standard 50% family recovery rate assumption when applying its LGD Methodology. This results in the B3 probability of default rating. More than half of the liabilities in the LGD waterfall are junior in priority to the first lien notes. This large first loss position causes the three notch lift of the first lien note rating, to Ba3. GAH's ratings were assigned by evaluating factors Moody's believes are relevant to the credit profile of the issuer, such as i) the business risk and competitive position of the company versus others within its industry, ii) the capital structure and financial risk of the company, iii) the projected performance of the company over the near to intermediate term, and iv) management's track record and tolerance for risk. These attributes were compared against other issuers both within and outside of GAH's core industry and GAH's ratings are believed to be comparable to those of other issuers of similar credit risk. Assignments: Issuer: Global Aviation Holdings, Inc -- Probability of Default Rating, Assigned B3 -- Corporate Family Rating, Assigned B3 -- Senior Secured Regular Bond/Debenture, Assigned a range of 23 - LGD2 to Ba3 Global Aviation Holdings, Inc., through its subsidiaries, is a leading provider of passenger and cargo air transportation to the commercial and government sector. GREAT AMERICAN RADIO: Case Summary & 18 Largest Unsec. Creditors ---------------------------------------------------------------- Debtor: Great American Radio Network, Inc. Post Office Box 578 Robertsdale, AL 36567 Bankruptcy Case No.: 09-13271 Chapter 11 Petition Date: July 20, 2009 Court: United States Bankruptcy Court Southern District of Alabama (Mobile) Debtor's Counsel: Robert M. Galloway, Esq. Galloway Wettermark Everest Rutens & Gaillard P. O. Box 16629 Mobile, AL 36616-0629 Tel: (251) 476-4493 Email: bgalloway@gallowayllp.com Total Assets: $336,920 Total Debts: $1,212,889 A full-text copy of the Debtor's petition, including a list of its 18 largest unsecured creditors, is available for free at: http://bankrupt.com/misc/alsb09-13271.pdf The petition was signed by Walter J. Bowen, president of the Company. HAGE CONSTRUCTION: Case Summary & 12 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Hage Construction Company 5200 W. 74th St Edina, MN 55439 Bankruptcy Case No.: 09-44755 Chapter 11 Petition Date: July 21, 2009 Court: United States Bankruptcy Court District of Minnesota (Minneapolis) Judge: Robert J. Kressel Debtor's Counsel: Jamie R. Pierce, Esq. Hinshaw & Culbertson LLP 333 South Seventh Street, Suite 2000 Minneapolis, MN 55402 Tel: (612) 333-3434 Email: jpierce@hinshawlaw.com Total Assets: $573,746 Total Debts: $2,599,057 A full-text copy of the Debtor's petition, including a list of its 12 largest unsecured creditors, is available for free at: http://bankrupt.com/misc/mnb09-44755.pdf The petition was signed by Oliver M. Hage, president of the Company. HALKIS PIZZA CORP: Case Summary & 3 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: Halkis Pizza Corp dba Intermezzo 10-12 and 12A Fort Salonga Road Fort Salonga, NY 11768 Bankruptcy Case No.: 09-75311 Chapter 11 Petition Date: July 17, 2009 Court: United States Bankruptcy Court Eastern District of New York (Central Islip) Judge: Alan S. Trust Debtor's Counsel: Ronald D. Weiss, Esq. 734 Walt Whitman Road, Suite 203 Melville, NY 11747 Tel: (631) 271-3737 Fax: (631) 271-3784 Email: weiss@ny-bankruptcy.com Total Assets: $239,300 Total Debts: $1,014,458 A full-text copy of the Debtor's petition, including a list of its 3 largest unsecured creditors, is available for free at: http://bankrupt.com/misc/nyeb09-75311.pdf The petition was signed by George Mermigis, president of the Company. HARDWARE HOUSE: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: Hardware House, Inc. 3140 Pelham Parkway Pelham, AL 35124 Bankruptcy Case No.: 09-04200 Chapter 11 Petition Date: July 17, 2009 Court: United States Bankruptcy Court Northern District Of Alabama (Birmingham) Judge: Thomas B. Bennett Debtor's Counsel: Christopher L. Hawkins, Esq. Bradley Arant Rose & White 1819 5th Ave N Birmingham, AL 35203 Tel: (205) 521-8556 Email: chawkins@bradleyarant.com Estimated Assets: $0 to $50,000 Estimated Debts: $1,000,001 to $10,000,000 The Debtor did not file a list of its 20 largest unsecured creditors when it filed its petition. The petition was signed by Michael J. Gaines. HC INNOVATIONS: Amends March Quarterly & December Annual Reports ---------------------------------------------------------------- HC Innovations, Inc., filed with the Securities and Exchange Commission: (1) Amendment No. 2 on Form 10-Q/A to the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2009, filed on May 15, 2009 and as amended by Form 10-Q/A on June 11, 2009. The Amendment relates to "Part I, Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations" and Part I, Item 4: Controls and Procedures. In addition, new Certifications are filed as exhibits to the Amendment. However, the Amendment sets forth the Form 10-Q in its entirety. The Amendment is filed in response to comment letter the Company received from the staff of the Securities and Exchange Commission on the 10-Q/A. See http://ResearchArchives.com/t/s?3fb5 (2) Amendment No. 2 on Form 10-K/A to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2008, filed on March 27, 2009 and amended by Form 10-K/A (Amendment No. 1) on June 11, 2009. The Amendment relates to "Item 9A: Controls and Procedures," "Item 10: Directors, Executive Officers and Corporate Governance, and Item 15: Exhibits. In addition, new Certifications are filed as exhibits to the Amendment. The Amendment sets forth the Form 10-K in its entirety and is filed in response to comment letter the Company received from the staff of the Securities and Exchange Commission the 10-K/A. See http://ResearchArchives.com/t/s?3fb6 As reported by the Troubled Company Reporter on June 29, 2009, CCR LLP in Glastonbury, Connecticut, in its audit report in March 2009, raised substantial doubt about the ability of HC Innovations to continue as a going concern. The auditor noted that the Company has a working capital deficiency of roughly $9.6 million as of December 31, 2008, has had net losses of roughly $14.5 million and $10.7 million for the years ended December 31, 2008, and 2007, respectively, has an accumulated deficit of approximately $30.4 million as of December 31, 2008. Management, however, believes that the Company will be successful in its efforts to adequately meet its capital needs and continue to grow its businesses, despite the auditors' adverse opinion. At March 31, 2009, the Company had $4,813,449 in total assets and $22,286,630 in total liabilities, resulting in $17,473,181 in stockholders' deficit. HC Innovations, Inc., is a specialty care management company comprised of separate divisions each with a specific focus and intervention. The Company identifies subgroups of people with high costs and disability, and create and implement programs and interventions that improve their health, intended to result in dramatic reductions in the cost of their care. The Company also develops and implements medical management systems for the long term care industry. Enhanced Care Initiatives, Inc., a wholly owned subsidiary of HCI was founded in 2002 and is the management company for all HCI entities. ECI has five wholly owned subsidiaries operating in Tennessee, Texas, Massachusetts, Alabama, and New York. ECI markets its proprietary specialty care management programs for the medically frail and other costly sub-populations to Health Maintenance Organizations and other managed care organizations as well as state Medicaid departments. NP Care, LLCs, are nursing home medical management systems. The LLCs care program provides onsite medical care by Physicians and Advanced Practice Registered Nurse under the oversight of the patients' individual physician to residents in nursing homes and assisted living facilities. The LLCs operate in the states of Illinois and Tennessee and are managed exclusively by ECI. HC INNOVATIONS: Inks Vendor Services Deal with Touchstone --------------------------------------------------------- HC Innovations, Inc., has entered into a Vendor Services Agreement with Touchstone Health HMO, Inc. Under the terms of the Agreement, the Company will provide certain care management services for Touchstone plan members who are deemed to be medically complex. A full-text copy of the agreement is available at no charge at: http://ResearchArchives.com/t/s?3fb4 About HC Innovations HC Innovations, Inc., is a specialty care management company comprised of separate divisions each with a specific focus and intervention. The Company identifies subgroups of people with high costs and disability, and create and implement programs and interventions that improve their health, intended to result in dramatic reductions in the cost of their care. The Company also develops and implements medical management systems for the long term care industry. Enhanced Care Initiatives, Inc., a wholly owned subsidiary of HCI was founded in 2002 and is the management company for all HCI entities. ECI has five wholly owned subsidiaries operating in Tennessee, Texas, Massachusetts, Alabama, and New York. ECI markets its proprietary specialty care management programs for the medically frail and other costly sub-populations to Health Maintenance Organizations and other managed care organizations as well as state Medicaid departments. NP Care, LLCs, are nursing home medical management systems. The LLCs care program provides onsite medical care by Physicians and Advanced Practice Registered Nurse under the oversight of the patients' individual physician to residents in nursing homes and assisted living facilities. The LLCs operate in the states of Illinois and Tennessee and are managed exclusively by ECI. As reported by the Troubled Company Reporter on June 29, 2009, CCR LLP in Glastonbury, Connecticut, in its audit report in March 2009, raised substantial doubt about the ability of HC Innovations to continue as a going concern. The auditor noted that the Company has a working capital deficiency of roughly $9.6 million as of December 31, 2008, has had net losses of roughly $14.5 million and $10.7 million for the years ended December 31, 2008 and 2007, respectively, has an accumulated deficit of approximately $30.4 million as of December 31, 2008. Management, however, believes that the Company will be successful in its efforts to adequately meet its capital needs and continue to grow its businesses, despite the auditors' adverse opinion. At March 31, 2009, the Company had $4,813,449 in total assets and $22,286,630 in total liabilities, resulting in $17,473,181 in stockholders' deficit. HEALTH NET: UnitedHealthcare Sale Won't Affect S&P's 'BB-' Rating ----------------------------------------------------------------- Standard & Poor's Ratings Services commented on Health Net Inc.'s (BB-/Negative/--) announcement that it has reached a definitive agreement to sell Health Net of the Northeast's licensed subsidiaries to UnitedHealthcare, a UnitedHealth Group Inc. (A-/Negative/A-2) company. This announcement will have no effect on the ratings on Health Net Inc., its core operating subsidiaries, or Health Net of the Northeast's licensed subsidiaries. There is also no ratings impact from Health Net's announcement that it is retaining Health Net of Arizona Inc. (BB+/Negative/--). The outlook on all of these companies remains negative. Standard & Poor's will be reviewing Health Net Inc.'s use of the proceeds from the transaction, which it expects to close within 12 months, and its overall capital-management strategy. S&P will also continue to monitor operating performance and capitalization--both on a consolidated basis and at Health Net of the Northeast and Health Net of Arizona. Under the terms of the agreement, at closing, UnitedHealthcare will transfer about $290 million to Health Net, which is a portion of the estimated $450 million in tangible net equity. It will distribute the remaining estimated $160 million of tangible net equity to Health Net as the business transitions over the next two years. In addition, at closing, UnitedHealthcare will pay Health Net $60 million for the Medicare business, the Medicaid business, and the renewal rights for the commercial membership. UnitedHealthcare will also pay Health Net additional consideration based on the number of commercial members that transition to UnitedHealthcare. This additional consideration could be as much as $120 million if all commercial members move to UnitedHealthcare. HEALTH NET: AM Best Affirms bb- Rating on Sr. Unsecured Notes ------------------------------------------------------------- A.M. Best Co. has affirmed the financial strength ratings (FSR) of B+ (Good) and issuer credit ratings (ICR) of "bbb-" of Health Net of California, Inc., Health Net Life Insurance Company and Health Net Health Plan of Oregon. Additionally, the ICR and debt rating of "bb-" on Health Net, Inc., and its $400 million 6.375% of senior unsecured notes due 2017 have been affirmed. The outlook for all the above ratings has been revised to negative from stable. A.M. Best also has affirmed the FSRs of B+ (Good) and ICRs of "bbb-" of Health Net's remaining subsidiaries, Health Net of Connecticut, Inc., Health Net of New Jersey, Inc., Health Net of New York, Inc., Health Net Insurance of New York, Inc. and Health Net of Arizona, Inc. The outlook for these ratings remains negative. The outlook change is based on the loss of the TRICARE contract; the contract comprised 17.5% of Health Net's total 2008 revenue. Pre-tax earnings have been in the range of $130-$195 million over the past three years, and 3.0 million military-based members in 23 states and the District of Columbia will be transitioned out. The earnings from the government contracts segment have been a source of rating strength for Health Net, and the loss of the TRICARE contract and economic pressures in the marketplace may present challenges to the company in replacing the TRICARE earnings in 2010, following the current option period. That option period will end on March 31, 2010. The FSRs of B+ (Good) and ICRs of "bbb-" have been affirmed with a revised outlook to negative from stable for the following subsidiaries of Health Net, Inc.: --Health Net of California, Inc. --Health Net Life Insurance Company --Health Net Health Plan of Oregon, Inc. The FSRs of B+ (Good) and ICRs of "bbb-" have been affirmed and the outlook remains negative for the following subsidiaries of Health Net, Inc.: --Health Net of Connecticut, Inc. --Health Net of New Jersey, Inc. --Health Net of New York, Inc. --Health Net Insurance of New York, Inc. --Health Net of Arizona, Inc. The ICR of "bb-" has been affirmed with a revised outlook to negative from stable for Health Net, Inc. The following debt rating has been affirmed with a revised outlook to negative from stable: Health Net, Inc. -- "bb-" on $400 million 6.375% of senior unsecured notes, due 2017. About Health Net Health Net, Inc., -- https://www.healthnet.com/ -- is an integrated managed care organization that delivers managed healthcare services through health plans and government-sponsored, managed-care plans. HERTZ CORPORATION: Fitch Downgrades Issuer Default Rating to 'BB-' ------------------------------------------------------------------ Fitch Ratings has downgraded Hertz Corporation's Issuer Default Rating to 'BB-' from 'BB'. In addition, Fitch has taken other actions on certain classes of debt. The Rating Outlook is Negative. Approximately $4.5 billion of debt is affected by this action. The ratings downgrade reflects Fitch's view of the deterioration in overall operating trends over the past year and near-term refinancing risk. Although Fitch recognizes modestly improving trends in leisure pricing and in the form of advance bookings for the peak rental car season, it is Fitch's expectation that longer- term profitability and cash flow will not return to previous peak levels. Furthermore, Hertz has approximately $4.3 billion of fleet debt maturing in 2010. It is Fitch's expectation that Hertz will be able to obtain necessary financing; however, all-in borrowing costs are expected to be materially higher. The company is actively addressing this risk as evidenced by its recent capital raising efforts, at the parent company Hertz Global Holdings, which included $544 million common equity offering and $475 million of convertible debt. Proceeds from these issuances have been down-streamed to Hertz to support future liquidity requirements. Nonetheless, Fitch views this risk as a material rating driver until greater clarity on refinancing is obtained. As such, Fitch will evaluate the company's progress in addressing this risk, and absent progress, would likely downgrade the ratings further. The Negative Rating Outlook recognizes the potential for further downward pressure on EBITDA due to the impact of relatively weak demand for rental cars and equipment coupled with potential inability to offset higher expected borrowing costs through price increases or cost reductions. The company has taken aggressive steps to lower costs and reduce fleet in line with expected demand. Fitch believes the company's headroom under existing debt covenants is currently sufficient. At March 31, 2009, leverage equaled 4.11 times (x) and interest coverage was 2.64x. The maximum leverage covenant increases to 5.5x during the second and third quarter of 2009 and the minimum interest coverage covenant falls to 2.0x. Although these changes provide additional cushion, any significant deterioration in existing headroom due to further deterioration in financial performance would have likely have negative impact on the current ratings As part of this action, Fitch downgraded the company's $1.8 billion asset-based lending facility and equalized it with Hertz's other secured borrowings. This reflects the comparable recovery prospects across the company's secured facilities as well as the maximum amount of notching above the IDR for a secured borrowing. Fitch continues to believe overall collateral coverage remains adequate and supports full repayment of all debt classes, assuming an orderly liquidation. Fitch has downgraded these ratings: Hertz Corporation -- IDR to 'BB-' from 'BB'; -- Senior secured revolving facility to 'BBB-' from 'BBB'; -- Senior unsecured debt to 'B+' from 'BB-'; -- Subordinated debt to 'B' from 'B+'. Fitch has affirmed these ratings: -- Secured term facility at 'BBB-'; -- Letter of credit facility at 'BBB-'; The Rating Outlook is Negative. HHGREGG INC: S&P Retains Negative CreditWatch on 'B+' Corp. Rating ------------------------------------------------------------------ Standard and Poor's Ratings Services said that its ratings on Indianapolis-based hhgregg Inc. and subsidiary Gregg Appliances Inc., including the 'B+' corporate credit rating, remain on CreditWatch with negative implications, where they were placed on July 9, 2009. "The ratings remain on CreditWatch with negative implications because of the company's recent announcement that it plans to accelerate new store openings (including the addition of 20 to 22 new stores this fiscal year and 40 to 45 new stores next fiscal year) and construct a new distribution center to support its expansion into certain Mid-Atlantic markets during a period of substantial economic weakness, and the possible strain on management resources," said Standard & Poor's credit analyst Jerry Phelan. As of March 31, 2009, Gregg had approximately $92.6 million of debt outstanding. S&P could lower the rating if it appears the planned expansion will strain the company's management and financial resources, potentially resulting in reduced liquidity, credit measure deterioration, and increased risk. However, S&P views the equity offering, if completed as proposed, as a significant positive, and could affirm the 'B+' corporate credit rating if S&P believes the company's forecasted credit profile will remain near medians for its rating category, as well as maintaining adequate liquidity. HILLSIDE BALBOA LLC: Voluntary Chapter 11 Case Summary ------------------------------------------------------ Debtor: Hillside Balboa LLC 1111 Bayside Drive, #111 Corona del Mar, CA 92625 Bankruptcy Case No.: 09-17084 Chapter 11 Petition Date: July 17, 2009 Court: United States Bankruptcy Court Western District of Washington (Seattle) Judge: Karen A. Overstreet Debtor's Counsel: Mark D. Northrup, Esq. Pier 70 2801 Alaskan Wy, Suite 300 Seattle, WA 98121-1128 Tel: (206) 340-9628 Email: mnorthrup@grahamdunn.com Total Assets: $7,830,183 Total Debts: $5,941,992 The Debtor did not file a list of its 20 largest unsecured creditors when it filed its petition. The petition was signed by Lawrence Kates, manager of the Company. HINES POINT LLC: Voluntary Chapter 11 Case Summary -------------------------------------------------- Debtor: Hines Point LLC Po Box 10742 Phoenix, AZ 85064 Bankruptcy Case No.: 09-16972 Chapter 11 Petition Date: July 21, 2009 Court: United States Bankruptcy Court District of Arizona (Phoenix) Judge: Eileen W. Hollowell Debtor's Counsel: Dennis J. Wortman, Esq. 202 East Earll Drive, Suite 490 Phoenix, AZ 85012 Tel: (602) 257-0101 Fax: (602) 279-5650 Email: djwortman@azbar.org Estimated Assets: $1,000,001 to $10,000,000 Estimated Debts: $1,000,001 to $10,000,000 The Debtor did not file a list of its 20 largest unsecured creditors when it filed its petition. The petition was signed by David L. Mackenney, managing member of the Company. HITCHIN POST STEAK: Case Summary 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: Hitchin Post Steak Co. 1101 S 5th St Kansas City, KS 66105 Bankruptcy Case No.: 09-12308 Chapter 11 Petition Date: July 21, 2009 Court: United States Bankruptcy Court District of Kansas (Wichita) Judge: Chief Judge Robert E. Nugent Debtor's Counsel: Mark J. Lazzo, Esq. 129 E Second St. Wichita, KS 67202 Tel: (316) 263-6895 Fax: (316) 264-4704 Email: mark@lazzolaw.com Estimated Assets: $0 to $50,000 Estimated Debts: $1,000,001 to $10,000,000 A list of the Company's 20 largest unsecured creditors is available for free at: http://bankrupt.com/misc/ksb09-12308.pdf The petition was signed by Craig A. Cunningham, general manager of the Company. JACK JACKSON: Voluntary Chapter 11 Case Summary ----------------------------------------------- Joint Debtors: Jack A. Jackson dba Triple J Fruit Janet A. Jackson 401 Parkway Drive, #15 PO Box 231 Rock Island, WA 98850 Bankruptcy Case No.: 09-04088 Chapter 11 Petition Date: July 20, 2009 Court: United States Bankruptcy Court Eastern District Of Washington (Spokane/Yakima) Judge: Patricia C. Williams Debtors' Counsel: Allan L. Galbraith, Esq. Davis Arneil Law Firm LLP 617 Washington Street Wenatchee, WA 98801 Tel: (509) 662-3551 Fax: (509) 662-9074 Email: allan@dadkp.com Estimated Assets: $1,000,001 to $10,000,000 The Company says it does not have unsecured creditors who are non insiders when they filed their petition. The petition was signed by the Joint Debtors. JAMES LARRY BAIN: Case Summary & 11 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: James Larry Bain aka Buddy Bain 750 Mount Oak Dr NE Arab, AL 35016-3902 Bankruptcy Case No.: 09-42142 Chapter 11 Petition Date: July 21, 2009 Court: United States Bankruptcy Court Northern District Of Alabama (Anniston) Debtor's Counsel: Tameria S. Driskill, Esq. PO Box 8505 Gadsden, AL 35902 Tel: (256) 546-5591 Fax: (256) 546-6557 Email: tamerialaw@bellsouth.net Total Assets: $1,447,050 Total Debts: $1,603,524 A full-text copy of Mr. Bain's petition, including a list of his 11 largest unsecured creditors, is available for free at: http://bankrupt.com/misc/alnb09-42142.pdf The petition was signed by Mr. Bain. JAYAMPATH DHARMASURIYA: Case Summary & 28 Largest Unsec. Creditors ------------------------------------------------------------------ Debtor: Jayampath P. Dharmasuriya aka Jay Dhamasuiya 29315 Stadia Hill Ln Rancho Palos Verdes, CA 90275 Case No.: 09-28606 Chapter 11 Petition Date: July 20, 2009 Court: United States Bankruptcy Court Central District of California (Los Angeles) Judge: Samuel L. Bufford Debtor's Counsel: William H. Brownstein, Esq. 1250 Sixth St., Suite 205 Santa Monica, CA 90401 Tel: (310) 458-0048 Fax: (310) 576-3581 Email: Brownsteinlaw.bill@gmail.com Estimated Assets: $10,000,001 to $50,000,000 Estimated Debts: $10,000,001 to $50,000,000 The petition was signed by Mr. Dharmasuriya. Debtor's List of 28 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Regina Smith $189,000 Donald H. Eller $250,000 3111 Bel Aire Drive SECURED Unit 18G VALUE: Las Vegas, NV 89109 $900,000 Donald H. Eller $102,099 SECURED VALUE: $240,000 Donald H. Eller $569,197 3111 Bel Aire Drive SECURED Unit 18G VALUE: Las Vegas, NV 89109 $1,200,000 Dave Hunter $25,000 SECURED VALUE: $300,000 Donald H. Eller $466,880 3111 Bel Aire Drive SECURED Unit 18G VALUE: Las Vegas, NV 89109 $1,700,000 Donald H. Eller $104,156 SECURED VALUE: $850,000 Suzanne Oftedal $182,183 SECURED VALUE: $950,000 Donald H. Eller $606,564 3111 Bel Aire Drive SECURED Unit 18G VALUE: Las Vegas, NV 89109 $315,000 Bank of America $14,389 SECURED VALUE: $360,000 Bank of America $51,707 SECURED VALUE: $395,000 Citibusiness $55,000 SECURED VALUE: $400,000 United Commercial Bank $558,403 1320 Willow Pass Rd, Suite 706 SECURED Concord, CA 94520-5246 VALUE: Glen Swette $76,000 SECURED VALUE: $2,400,000 Bank of America $50,568 SECURED VALUE: $550,000 United Commercial Bank $1,417,783 1320 Willow Pass Rd, Suite 706 SECURED Concord, CA 94520-5246 VALUE: Indymac Bank Home Lo $36,000 SECURED VALUE: $600,000 Aurora Loan Services $141,250 SECURED VALUE: $566,250 Donald H. Eller $1,490 SECURED VALUE: $18,510 Donald H. Eller $690,000 3111 Bel Aire Drive SECURED Unit 18G VALUE: Las Vegas, NV 89109 $160,000 Stan Dennis $100,000 Citimortgage $78,872 Citimortgage $61,626 American Express $917 American Express $5,065 Forry Law Group $60,000 Donald H. Eller $460,000 3111 Bel Aire Drive Unit 18G Las Vegas, NV 89109 Donald H. Eller $273,917 3111 Bel Aire Drive SECURED Unit 18G VALUE: Las Vegas, NV 89109 $950,000 JHJ PLASTICS: Involuntary Chapter 11 Case Summary ------------------------------------------------- Alleged Debtor: JHJ Plastics Inc. fka Leathertone Inc. 31 Condor Road Sharon, MA 02067 Case Number: 09-16845 Involuntary Petition Date: July 21, 2009 Court: District of Massachusetts Judge: Joan N. Feeney Petitioner Nature of Claim Claim Amount ---------- --------------- ------------ AndyCibulka Inc. business invoices $27,853 dba Kapcore c/o Noel Kappus 357 W. Cedar St. Allentown, PA 18102 J.L. FRENCH: Taps Pachulski Stang as Counsel -------------------------------------------- J.L. French Automotive Castings Inc. and its debtor-affiliates ask the U.S. Bankruptcy Court for the District of Delaware for permission to employ Pachulski Stang Ziehl & Jones LLP as their counsel. The firm will: * provide legal advice with respect to the Debtors' powers and duties as debtors-in-possession in the continued operation of their business and management of their property; * prepare on behalf of the Debtors necessary applications, motions, answers, reports and other legal papers; * appear in Court on behalf of the Debtors and in order to protect the interest of the Debtors before the Court; * prepare and pursue confirmation of a plan and approval of disclosure statement; and * perform all other legal services for the Debtors that may be necessary and proper in these proceedings. The firm's professionals and their standard hourly rates are: Designation Hourly Rate ----------- ----------- Laura Davis Jones, Esq. $825 James E. O'Neill, Esq. $595 Curtis A. Hehn, Esq. $495 Mark M. Billion, Esq. $375 Kathe Finlayson, Esq. $225 The Debtors assure the Court that the firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. About J.L. French Based in Sheboygan, Wisconsin, J.L. French Automotive Castings Inc. -- http://www.jlfrench.com/-- supplies aluminum die castings specializing in powertrain and automotive components. The Company has four manufacturing locations around the world including plants in the United States, and Spain. The Company has six engineering/ customer service offices to globally support its customers near its regional engineering and manufacturing locations. The Company began making aluminum die castings in 1968 in Sheboygan, Wisconsin as a small, family owned business and is now an industry leader in technical resources. The Company and six of its affiliates filed for Chapter 11 protection on July 13, 2009 (Bankr. D. Del. Lead Case No. 09-12445). Pachulski Stang Ziehl & Jones LLP, and Milbank, Tweed, Hadley & McCloy LLP, represent the Debtors in their restructuring efforts. The Debtors selected BMC Group Inc. as claims agent; Conway MacKenzie & Dunleavy Inc. as financial advisor; Houlihan Lokey Howard & Zukin Capital Inc. as investment banker. The U.S. Trustee for Region 3 has not appointed creditors to serve on the Official Committee of Unsecured Creditors. When the Debtors sought for protection from their creditors, they listed assets and debts between $100 million and $500 million. J.L. FRENCH: To Slash $240 Million in Debt Under Joint Plan ----------------------------------------------------------- J.L. French Automotive Castings Inc. and its debtor-affiliates delivered to the U.S. Bankruptcy Court for the District of Delaware a disclosure statement describing their joint Chapter 11 plan of reorganization to reduce the amount of their outstanding debt by more than $240 million. The Debtors said that the restructuring will (i) improve customer and vendor confidence in their prospects, and (ii) enable them to devote more resources to research and development, capital expenditures and other strategic initiatives. According to the Disclosure Statement, the Plan's primary purpose is to effectuate a restructuring consistent with the terms and conditions of the consent agreement entered by the Debtors and their first and second lien lenders. In February 2009, the Debtors defaulted under several provisions of a certain credit agreements for failure to make scheduled interest payments. Under the Plan, holders of general unsecured claims will receive a pro rata share of the $75,000 Class 5 recovery, in full and final satisfaction of each of the allowed Class 5 claim. Preferred and Common equity interests will be canceled and holders will not receive any distribution. A hearing is set for August 25, 2009, 2:00 p.m., to consider approval of the Debtors' disclosure statement and confirmation of the plan. Objections, if any, are due August 18, 2009, at 4:00 p.m. The Debtors proposed August 21, 2009, as voting deadline to accept or reject the plan. A full-text copy of the Disclosure Statement is available for free at http://ResearchArchives.com/t/s?3fae A full-text copy of the Joint Chapter 11 Plan is available for free at http://ResearchArchives.com/t/s?3faf About J.L. French Based in Sheboygan, Wisconsin, J.L. French Automotive Castings Inc. -- http://www.jlfrench.com/-- supplies aluminum die castings specializing in powertrain and automotive components. The Company has four manufacturing locations around the world including plants in the United States, and Spain. The Company has six engineering/ customer service offices to globally support its customers near its regional engineering and manufacturing locations. The Company began making aluminum die castings in 1968 in Sheboygan, Wisconsin as a small, family owned business and is now an industry leader in technical resources. The Company and six of its affiliates filed for Chapter 11 protection on July 13, 2009 (Bankr. D. Del. Lead Case No. 09-12445). Pachulski Stang Ziehl & Jones LLP, and Milbank, Tweed, Hadley & McCloy LLP, represent the Debtors in their restructuring efforts. The Debtors selected BMC Group Inc. as claims agent; Conway MacKenzie & Dunleavy Inc. as financial advisor; Houlihan Lokey Howard & Zukin Capital Inc. as investment banker. The U.S. Trustee for Region 3 has not appointed creditors to serve on the Official Committee of Unsecured Creditors. When the Debtors sought for protection from their creditors, they listed assets and debts between $100 million and $500 million. J.L. FRENCH: Wants $15MM DIP Financing from Prepetition Lenders --------------------------------------------------------------- J.L. French Automotive Castings, Inc., and its debtor-affiliates ask the U.S. Bankruptcy Court for the District of Delaware for authority to: -- obtain postpetition financing on a superpriority administrative claim and first priority priming lien basis; -- use cash collateral; and -- grant adequate protection to the Debtors' prepetition secured lenders. As of the petition date, the Debtors owed $204 million of borrowings under the prepetition first lien credit facilities; $60 million of borrowings under the prepetition second lien credit facility; and $15 million under an unsecured interest rate swap with Morgan Stanley Capital Services which MSCS asserts is a secured claim. Prepetition first lien lenders are consisted of Wilmington Trust FSB as term loan administrative agent, arranger, syndication agent and sole bookrunner, and CapitalSource Finance LLC as revolving loan administrative agent. Prepetition second lien lenders are consist of the Bank of New York as administrative agent and together with the prepetition first lien administrative agents an collateral agents. The Salient Terms of the DIP Financing Borrower: J.L. French Automotive Castings, Inc. Guarantors: Nelson Metal Products LLC, Allotech International LLC, J.L. French Automotive, LLC; French Holdings LLC; J.L. French LLC, Central Die, LLC Syndication Agent: DDJ Capital Management, LLC Administrative Agent/ Collateral Agent: Wilmington Trust FSB as administrative agent and collateral agent for the lenders. Lenders: Some or all of the lenders under the prepetition first lien credit facility and the prepetition second lien credit facility. Amount of Facilities: Up to $15 million of senior secured bank financing to include up to $10 million senior secured Tranche A term loan, and up to $5 million senior secured Tranche B Term loan. Purpose/Use of Proceeds: Fund expenses in accordance with a budget prepared by the borrower and approved by the lenders. Closing Date: The Date on which the interim order is entered by the Court and the other conditions precedent to the DIP facilities are satisfied and waived, as determined and approved by the lenders. Maturity/Term: The earlier of (a) 120 days after the closing date and the (b) the effective date of the plan of reorganization, the terms and condition of which will be substantially the same as described in the restructuring lock-up agreement; provided that the DIP facilities may be rolled out into an exist facility on terms and conditions acceptable to the requisite lenders and the borrower in their sole discretion. Interest Rate: All amounts outstanding under the facilities will bear interest at the borrower's option as: (i) at the base rate and plus 4% per annum; or (ii) at the reserve adjusted Eurodollar Rate plus 5% per annum. Interest Payments: Monthly for loans bearing interest with reference to the base rate, on the last day of the applicable interest period for loans bearing interest with reference to the reserve adjusted Eurodollar Rate; and upon prepayment, in each case payable in arrears and computed on the basis of a 360-day year. Fees: The borrower has agreed to these: -- Syndication agent, arranger and administrative agent fees; -- Upfront Commitment Fees; -- On-Going Commitment Fees; -- Backstop Fees; and -- Funding Fees of (i) Tranch A Term Facility and (ii) Tranche B Term Facility. Security: The DIP facilities will be secured by valid, enforceable and automatically perfected first priority security interests in (i) all assets; ; (ii) 100% of the capital stock of the borrower and each direct and indirect domestic subsidiary of the borrower; (iii) 100% of the non-voting stock of any foreign subsidiaries; (iv) 65% of the capital stock of each first tier foreign subsidiary of the borrower or any guarantor; (v) all intercompany debt, and (vi) subject to the entry of the Final order, all avoidance and other bankruptcy-related actions of the borrower and guarantors. Carve Out: Up t0 $2 million of all unpaid and allowed fees are subject to carve out. About J.L. French Automotive Based in Sheboygan, Wisconsin, J.L. French Automotive Castings, Inc., is adesigner and manufacturer of highly engineered aluminum die cast automotive parts including oil pans, engine front covers, engine blocks and transmission cases. The company has manufacturing facilities in Sheboygan, WI.; Glasgow, KY; Ansola, Spain; as well as a joint venture in, China. J. L. French Automotive Castings Inc., makes transmission casings for Ford Motor Co. and General Motors Co. The Company, together with six affiliates, filed for Chapter 11 on July 13, 2009 (Bankr. D. Del. Case No. 09-12445). Pachulski Stang Ziehl & Jones LLP and Milbank, Tweed, Hadley & McCloy LLP represents the Debtors in their restructuring efforts. The Debtors selected BMC Group Inc. as claims agent; Conway MacKenzie & Dunleavy Inc. as financial advisor; Houlihan Lokey Howard & Zukin Capital, Inc., as investment banker. The Creditors Committee is represented by The Abernathy MacGregor Group. The Debtors have assets and debts bothe ranging from $100 million to $500 million. The Company first filed for Chapter 11 protection on February 10, 2006 (Bankr. D. Del. Case No. 06-10119 to 06-06-10127). Attorneys at Pachulski Stang Ziehl Young & Jones, and Marc Kiesolstein, P.C., at Kirkland & Ellis LLP, represented the Debtors in their restructuring efforts. Attorneys at Ashby Geddes, PA, represented the Official Committee of Unsecured Creditors. When the Debtor filed for bankruptcy, it estimated assets and debts of more than $100 million. In June 2006, the Bankruptcy Court confirmed J.L. French's reorganization plan, and days later the J.L. French emerged from bankruptcy. JOSEPH MARSANO: Case Summary & 16 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Joseph G. Marsano, Jr. aka Joe Marsano Marsha A. Marsano 2260 Silver Stone Street Watsonville, CA 95076 Bankruptcy Case No.: 09-55847 Chapter 11 Petition Date: July 20, 2009 Court: United States Bankruptcy Court Northern District of California (San Jose) Debtor's Counsel: Judson T. Farley, Esq. Law Offices of Judson T. Farley 830 Bay Ave. #B Capitola, CA 95010-2173 Tel: (831) 476-1766 Email: judsonfarley@sbcglobal.net Estimated Assets: $1,000,001 to $10,000,000 Estimated Debts: $1,000,001 to $10,000,000 A full-text copy of the Debtor's petition, including a list of its 16 largest unsecured creditors, is available for free at: http://bankrupt.com/misc/canb09-55847.pdf The petition was signed by George Mermigis, president of the Company. KAINOS PARTNERS: Taps Reed Smith as Co-Counsel ---------------------------------------------- Kainos Partners Holding Company LLC asks the U.S. Bankruptcy Court for the District of Delaware for authority to employ Reed Smith LLP as bankruptcy co-counsel, nunc pro tunc to the petition date. As co-counsel, Reed Smith will supplement the legal services of the Law Offices of Joseph J. Bodnar to the extent instructed to do so by the Debtors and as necessary during these Chapter 11 cases. Particularly, Reed Smith will assist Mr. Bodnar in the preparation of necessary motions, replies and represent the Debtor in the investigation into certain activities of the Debtor's former chief financial officer. J. Andrew Rahl, Jr. Esq., a partner at Reed Smith, assures the Court that the firm does not hold or represent any interest adverse to the Debtor or its estate, and that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. Reed Smiths's professionals who will be primarily responible for this engagement and their hourly rates are: J. Andrew Rahl, Jr., Esq., Partner $875 Joel Schaider, Esq., Partner $590 Rihard A. Robinson, Esq., Partner $590 Mark W. Eckard, Esq., Associate $360 Adam C. Hull, Esq., Associate $350 Kainos Partners Holding Company LLC of Greer, S.C., is a franchisee of doughnut and coffee chain Dunkin' Donuts. It operates 56 Dunkin' Donuts locations in New York, South Carolina and Nevada and employs about 700 people. The Company has eight stores under construction. The Company filed for Chapter 11 relief on July 6, 2009 (Bankr. D. Del. Case No. 09-12292). When the Debtor filed for protection from its creditors, it listed between $10 million and $50 million each in assets and debts. JULIO'S WELDING: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Julio's Welding, L.L.C. 1004 E. Fiesta Carlsbad, NM 88220 Bankruptcy Case No.: 09-13153 Chapter 11 Petition Date: July 21, 2009 Court: United States Bankruptcy Court New Mexico (Albuquerque) Judge: Mark B. McFeeley Debtor's Counsel: R Trey Arvizu III, Esq. PO Box 1479 Las Cruces, NM 88004-1479 Tel: (575) 527-8600 Fax: (575) 527-1199 Email: arvizulawoffices@qwestoffice.net Estimated Assets: $0 to $50,000 Estimated Debts: $1,000,001 to $10,000,000 A full-text copy of the Debtor's petition, including a list of its 20 largest unsecured creditors, is available for free at: http://bankrupt.com/misc/nmb09-13153.pdf The petition was signed by Julio Martinez, operating manager of the Company. KAINOS PARTNERS: Taps RMG as Financial and Management Advisor ------------------------------------------------------------- Kainos Partners Holding Company LLC asks the U.S. Bankruptcy Court for the District of Delaware for authority to employ Complete Asset Management Company d/b/a The Restaurant Management Group as its financial and management advisor, nunc pro tunc to the petition date. As financial and management advisor, RMG will render restaurant management and financial advice and services to the Debtor in connection with its restructuring efforts. As compensation, Kainos proposes to pay RMG a flat fee of $55,000 per month, payable weekly at the rate of $13,750. If approved, RMG will be employed and retained to provide restructuring management services pursuant to Section 363 of the Bankruptcy Code, rather than as a professional under Section 327 of the Bankruptcy Code. Jim Balis, a managing director at RMG, assures the Court that the firm does not hold or represent any interest adverse to the Debtor or its estate, and that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. Kainos Partners Holding Company LLC of Greer, S.C., is a franchisee of doughnut and coffee chain Dunkin' Donuts. It operates 56 Dunkin' Donuts locations in New York, South Carolina and Nevada and employs about 700 people. The Company has eight stores under construction. The Company filed for Chapter 11 relief on July 6, 2009 (Bankr. D. Del. Case No. 09-12292). When the Debtor filed for protection from its creditors, it listed between $10 million and $50 million each in assets and debts. KAINOS PARTNERS: U.S. Trustee Appoints 3-Member Panel ----------------------------------------------------- Roberta A. DeAngelis, the acting United States Trustee for Region 3, appointed three creditors to serve on the official committee of unsecured creditors in Kainos Partners Holding Company LLC's bankruptcy case. The Creditors Committee members are: a) Progressive Builders, Inc. Attn: Steve C. Roach P.O. Box 4367 Greenville, SC 29608 Tel: (864) 246-3386 Fax: (864) 246-5575 b) Hilton Displays, Inc. Attn: Steve McDowell 125 Hillside Drive Greenville, SC 29607 Tel: (864) 233-0401 Fax: (864) 242-2204 c) JAMD, LLC Attn: Daniel Tarkanian 3009 Campbell Circle Las Vegas, NV 89107 Tel: (702) 378-5213 Fax: (702) 871-5123 Official creditors' committees have the right to employ legal and accounting professionals and financial advisors, at the Debtor's expense. They may investigate the Debtor's business and financial affairs. Importantly, official committees serve as fiduciaries to the general population of creditors they represent. Those committees will also attempt to negotiate the terms of a consensual Chapter 11 plan -- almost always subject to the terms of strict confidentiality agreements with the Debtors and other core parties-in-interest. If negotiations break down, the Committee may ask the Bankruptcy Court to replace management with an independent trustee. If the Committee concludes reorganization of the Debtor is impossible, the Committee will urge the Bankruptcy Court to convert the Chapter 11 cases to a liquidation proceeding. Kainos Partners Holding Company LLC of Greer, S.C., is a franchisee of doughnut and coffee chain Dunkin' Donuts. It operates 56 Dunkin' Donuts locations in New York, South Carolina and Nevada and employs about 700 people. The Company has eight stores under construction. The Company filed for Chapter 11 relief on July 6, 2009 (Bankr. D. Del. Case No. 09-12292). Attorneys at Law Offices of Joseph J. Bodnar and Reed Smith LLP represent the Debtor. Kainos has hired Complete Asset Management Company, d/b/a The Restaurant Management Group, as its financial and management advisor. When the Debtor filed for protection from its creditors, it listed between $10 million and $50 million each in assets and debts. KERUSSO REAL ESTATE: Case Summary & 13 Largest Unsec. Creditors --------------------------------------------------------------- Debtor: Kerusso Real Estate, LLC 2931 Jewett Avenue Highland, IN 46322 Bankruptcy Case No.: 09-22954 Debtor-affiliate filing separate Chapter 11 petition: Entity Case No. ------ -------- Kerusso Konstruction Kompany, LLC 09-22955 Chapter 11 Petition Date: July 21, 2009 Court: United States Bankruptcy Court Northern District of Indiana (Hammond Division) Judge: J. Philip Klingeberger Debtor's Counsel: Catherine Molnar-Boncela, Esq. Gordon E. Gouveia & Associates 433 West 84th Drive Merrillville, IN 46410 Tel: (219) 736-6020 Email: geg_law@ameritech.net Estimated Assets: $1,000,001 to $10,000,000 Estimated Debts: $10,000,001 to $50,000,000 A full-text copy of the Debtor's petition, including a list of its 13 largest unsecured creditors, is available for free at: http://bankrupt.com/misc/innb09-22954.pdf The petition was signed by Sergio Garcia, managing member of the Company. KIYOSHI NAGAI: Voluntary Chapter 15 Case Summary ------------------------------------------------ Chapter 15 Petitioner: Yuji Onuki Nishimura & Asahi Law Office 1-12-32 Ark Mori Bldg., 29th Flr. Akasaka, Minato-ku, Tokyo, Japan 107-6029 Chapter 15 Debtor: Kiyoshi Nagai Nishimura & Asahi Law Office c/o Yuji Onuki 1-12-32 Ark Mori Bldg., 29th Flr. Akasaka, Minato-ku Tokyo-to Japan Chapter 15 Case No.: 09-01619 Type of Business: The Debtor owns a health clinic. Chapter 15 Petition Date: July 17, 2009 Court: District of Hawaii Judge: Robert J. Faris Chapter 15 Petitioner's Counsel: Christine A. Kubota, Esq. cak@hawaiilawyer.com Todd Hirai, Esq. tyh@hawaii.lawyer.com Michael A. Yoshida, Esq. bknotice@hawaiilawyer.com Damon Key Leong Kupchak Hastert 1003 Bishop St., 1600 Pauahi Tower Honolulu, HI 96813 Tel: (808) 531-8031 Fax: (808) 533-2242 Estimated Assets: $1 million to $10 million Estimated Debts: $10 million to $50 million LA JOLLA NETWORKS: Case Summary & 15 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: La Jolla Networks, Inc. 765 Academy Drive Solana Beach, CA 92075 Case No.: 09-10233 Chapter 11 Petition Date: July 17, 2009 Court: United States Bankruptcy Court Southern District of California (San Diego) Judge: James W. Meyers Debtor's Counsel: Kit J. Gardner, Esq. Law Offices of Kit J. Gardner 402 W. Broadway, Suite 400 San Diego, Ca 92101 Tel: (619) 321-6951 Email: kgardner@gardnerlegal.com Estimated Assets: $50,000,001 to $100,000,000 Estimated Debts: $1,000,001 to $10,000,000 The petition was signed by James C. Tiernan, the company's president. Debtor's List of 15 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Dr. Sanford Wright Loans � $89,500 Steven Winter Loans $3,000 James C. Tiernan ��Loans $19,800 131 Saltillo Court Salary $1,939,446 Solana Beach, CA 92075 Miguel Cubillas ��Contract � $6,700 Paul Harmon � Contract �� $2,700 Dr. Sandeep Rajpal � Contract $6,000 Attn: Bernard Kleinke �� Legal fees �� $50,000 Attn: Michael Garrett �� Legal fees �� $18,000 Dr. Richard Posner�� Contract $49,950 G.E.M. Freriks �� Contract � $6,750 Yoshihiko Itami �� Contract � $72,000 Douglas Roberts �� Contract $72,000 Charles E. DuPont, Jr.�� Contract �� $1,200,000 13740 Nob Avenue Del Mar, California 92014 Wee Peng Goh �� Contract �� $5,000 Dr. Leonard Gross�� Contract �� $4,000 LAKE CUMBERLAND MARINE: Case Summary & 20 Largest Unsec. Creditors ------------------------------------------------------------------ Debtor: Lake Cumberland Marine, LLC 105 Collins Avenue Somerset, KY 42503 Case No.: 09-61089 Type of Business: The Debtor operates a motor boat dealership business. Chapter 11 Petition Date: July 19, 2009 Court: United States Bankruptcy Court Eastern District of Kentucky (London) Judge: Chief Judge Joseph M. Scott, Jr. Debtor's Counsel: Taft A. McKinstry, Esq. 300 W Vine, St #600 Lexington, KY 40507-1680 Tel: (859) 252-6700 Email: bankruptcy@fowlerlaw.com Estimated Assets: $10,000,001 to $50,000,000 Estimated Debts: $10,000,001 to $50,000,000 The petition was signed by Randall Hartmann, the company's managing member. Debtor's List of 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Abdullah Al-Khalifa Trade debt $4,100,000 c/o Peter L. Haviland, Esq. Kay Scholer LLP 1999 Avenue of the Stars, Suite 1700 Los Angeles, CA 90067 Affinity Media, Boating Trade debt $14,380 American Express ��Trade debt $125,242 American Jet Management, Inc. �Trade debt � $35,780 Bumside Marina � Trade debt �� $15,664 Correct Craft, Inc. � Trade debt $9,351 duPont Registry �� Trade debt �� $26,500 Ehlert Publishing Group �� Trade debt �� $17,220 Firemans Fund Insurance�� Trade debt $117,864 Geremarie Corporation�� Trade debt � $17,200 Hart Production, Inc. �� Trade debt � $9,864 Land-N-Sea �� Trade debt $13,752 Mercury Marine �� Trade debt �� $21,797 Myco Trailers �� Trade debt�� $13,965 Poker Runs of America�� Trade debt�� $67,700 State Dock Marina Services�� Trade debt�� $20,480 The Papers, Inc.�� Trade debt�� $9,537 Triumph Aerospace Systems Trade debt $29,646 Wells Fargo Credit Card $37,529 Yellow Book-West Trade debt $9,944 LANDAMERICA CREDIT: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: LandAmerica Credit Services, Inc. dba ACT dba Atlanta Credit dba Commco Credit dba Consumer Credentials dba Credit Decisions dba Credit Reporting Information Services dba Credit Resources Inc. dba CRS Credit dba Far West Credit, Inc. dba Fuchs-Little, Inc. dba INFO1 dba Info1 Credit Reporting, Inc. dba Info1 Holding Company, Inc. dba Lender's Credit Inc. dba LSSI dba Mortgage Credit Solutions (MCS) dba Southern Mortgage Reporting (SMR) 2445 Fire Mesa Drive, Suite 150 Las Vegas, NV 89128 Bankruptcy Case No.: 09-34607 Debtor-affiliates filing separate Chapter 11 petitions November 26, 2008: Entity Case No. ------ -------- LandAmerica Financial Group, Inc. 08-35994 LandAmerica 1031 Exchange Services, Inc. 08-35995 Debtor-affiliates filing separate Chapter 11 petition March 6, 2009: Entity Case No. ------ -------- LandAmerica Assessment Corporation 09-31453 Debtor-affiliates filing separate Chapter 11 petition March 27, 2009: Entity Case No. ------ -------- LandAmerica Title Corporation 09-31943 Debtor-affiliates filing separate Chapter 11 petitions March 31, 2009: Entity Case No. ------ -------- Southland Title Corporation 09-32063 Southland Title of San Diego 09-32064 Southland Title of Orange County 09-32065 Chapter 11 Petition Date: July 17, 2009 Court: United States Bankruptcy Court Eastern District of Virginia (Richmond) Judge: Kevin R. Huennekens Debtor's Counsel: John H. Maddock III, Esq. McGuireWoods LLP One James Center, 901 E. Cary St. Richmond, VA 23219-4030 Tel: (804) 775-1178 Email: jmaddock@mcguirewoods.com Richard Francis Blair, Esq. McGuire Woods LLP 901 East Cary Street, One James Center Richmond, VA 23219-4030 Tel: (804) 775-1147 Email: rfblair@mcguirewoods.com Estimated Assets: $1,000,001 to $10,000,000 Estimated Debts: $10,000,001 to $50,000,000 A full-text copy of the Debtor's petition, including a list of its 20 largest unsecured creditors, is available for free at: http://bankrupt.com/misc/vaeb09-34607.pdf The petition was signed by G. Willian Evans, president of the Company. LARRY VAN DEN HEUVEL: Case Summary & 20 Largest Unsec. Creditors ---------------------------------------------------------------- Joint Debtors: Larry J. Van Den Heuvel Lora J. Van Den Heuvel 1500 Brommer Street Santa Cruz, CA 95062 Bankruptcy Case No.: 09-55795 Chapter 11 Petition Date: July 17, 2009 Court: United States Bankruptcy Court Northern District of California (San Jose) Judge: Arthur S. Weissbrodt Debtors' Counsel: Judson T. Farley, Esq. Law Offices of Judson T. Farley 830 Bay Ave., #B Capitola, CA 95010-2173 Tel: (831)476-1766 Email: judsonfarley@sbcglobal.net Total Assets: $3,488,600 Total Debts: $5,153,931 A full-text copy of the Debtors' petition, including a list of their 20 largest unsecured creditors, is available for free at: http://bankrupt.com/misc/canb09-55795.pdf The petition was signed by the Joint Debtors. LEOSTEIN LLC: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: Leostein, LLC 211-31 Jamaica Avenue Queens Village, NY 11429 Bankruptcy Case No.: 09-45976 Chapter 11 Petition Date: July 17, 2009 Court: United States Bankruptcy Court Eastern District of New York (Brooklyn) Judge: Elizabeth S. Stong Debtor's Counsel: James G. DeBrosse, Esq. 211-31 Jamaica Ave Queens Village, NY 11429 Tel: (718) 740-3000 Fax: (718) 425-0863 Email: WorldRealtyny@yahoo.com Estimated Assets: $1,000,001 to $10,000,000 Estimated Debts: $1,000,001 to $10,000,000 The Debtor did not file a list of its 20 largest unsecured creditors when it filed its petition. The petition was signed by Leostein, LLC. LEXINGTON PRECISION: Wants to Borrow $623,854 to Pay Premiums ------------------------------------------------------------- Lexington Precision Corporation and Lexington Rubber Group, Inc. ask the U.S. Bankruptcy Court for the Southern District of New York for authorization to incur secured debt in the amount of $623,854 from Westfield Bank, FSB for the purpose of financing premiums for their workmen's compensation liability, employment practices liability, fiduciary, crime & kidnap & ransom liability, umbrella liability, and excess umbrella liability policies. The Debtors' insurance policies expired on July 1, 2009, but have been renewed subject to the down payment that will be made on July 30, 2009, and the first premium installment upon the Bankruptcy Court's approval of the Debtors' proposal. The $623,854 secured debt represents 75% of the $830,000 insurance premium under the renewal policies. As security, Westfiled will be granted a security interest in the policies which will extend to all unearned insurance premiums which may become payable under the policies and loss payments which reduce the unearned insurance premiums subject to any mortgagee or loss payee interests. Pursuant to the terms of the Financing Agreement, the Debtors propose to finance the insurance premiums as follows: (i) the Debtors will make a cash down payment of $207,951.50 on or before July 30, 2009 and (ii) an aggregate financed amount of $623,854, which includes a finance charge equal to an annual percentage rate of interest of 4.999%, will be payable in nine equal monthly installment payments, each in the approximate amount of $70,774, with the initial monthly payment due upon approval of the motion. About Lexington Precision Headquartered in New York, Lexington Precision Corp. -- http://www.lexingtonprecision.com/-- manufactures tight-tolerance rubber and metal components for use in medical, automotive, and industrial applications. As of February 29, 2008, the Company employed about 651 regular and 22 temporary personnel. The Company and its affiliate, Lexington Rubber Group Inc., filed for Chapter 11 protection on April 1, 2008 (Bankr. S.D.N.Y. Lead Case No.08-11153). Christopher J. Marcus, Esq., and Victoria Vron, Esq., at Weil, Gotshal & Manges, represent the Debtors in their restructuring efforts. The Debtors selected Epiq Systems - Bankruptcy Solutions LLC as claims agent. The U.S. Trustee for Region 2 appointed six creditors to serve on an official committee of unsecured creditors. Paul N. Silverstein, Esq., and Jonathan Levine, Esq., at Andrews Kurth LLP, represent the Committee as counsel. On June 30, 2008, the Debtors filed with the Bankruptcy Court a plan of reorganization. It was amended twice, the latest amendment dated December 8, 2008. The Debtors currently plan to complete the liquidation of their connector-seal business before seeking approval of the Amended Plan. LIGHTNING PRINTING: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: Lightning Printing, Inc. dba Wallace Carlson Company 10825 Greenbrier Road Minnetonka, MN 55305 Bankruptcy Case No.: 09-44727 Chapter 11 Petition Date: July 20, 2009 Court: United States Bankruptcy Court District of Minnesota (Minneapolis) Judge: Gregory F. Kishel Debtor's Counsel: Steven B. Nosek, Esq. 2855 Anthony Ln S, Suite 201 St Anthony, MN 55418 Tel: (612) 335-9171 Fax: (612) 789-2109 Email: snosek@visi.com Estimated Assets: $0 to $50,000 Estimated Debts: $1,000,001 to $10,000,000 A full-text copy of the Debtor's petition, including a list of its 20 largest unsecured creditors, is available for free at: http://bankrupt.com/misc/mnb09-44727.pdf The petition was signed by Brian Turbeville, president of the Company. LINCOLN SQUARE GROUP: Case Summary & 20 Largest Unsec. Creditors ---------------------------------------------------------------- Debtor: Lincoln Square Group, LLC 27 Stonehill Road Unit D Oswego, IL 60543 Bankruptcy Case No.: 09-26152 Chapter 11 Petition Date: July 20, 2009 Court: United States Bankruptcy Court Northern District of Illinois (Chicago) Judge: Bruce W. Black Debtor's Counsel: Paul M. Bach, Esq. Law Offices of Paul M. Bach P.O. Box 1285 Northbrook, IL 60065 Tel: (847) 564-0808 Fax: (847) 564-0985 Email: paul@bachoffices.com Estimated Assets: $1,000,001 to $10,000,000 Estimated Debts: $1,000,001 to $10,000,000 A full-text copy of the Debtor's petition, including a list of its 20 largest unsecured creditors, is available for free at: http://bankrupt.com/misc/ilnb09-26152.pdf The petition was signed by Denise Elizondo, member of the Company. LLOYD STUART CURTIS: Case Summary & 5 Largest Unsecured Creditors ----------------------------------------------------------------- Joint Debtors: Lloyd Stuart Curtis, Sr. aka Stuart Curtis aka L. Stuart Curtis Betty Jane Curtis aka Janie Curtis P.O. Box 2349 Marco Island, FL 34146 Bankruptcy Case No.: 09-15589 Chapter 11 Petition Date: July 20, 2009 Court: United States Bankruptcy Court Middle District of Florida (Ft. Myers) Debtors' Counsel: Stephen R. Leslie, Esq. Stichter, Riedel, Blain & Prosser 110 East Madison Street, Suite 200 Tampa, FL 33602-4700 Tel: (813) 229-0144 Email:�sleslie.ecf@srbp.com Estimated Assets: $1,000,001 to $10,000,000 Estimated Debts: $1,000,001 to $10,000,000 A list of the Company's 5 largest unsecured creditors is available for free at: http://bankrupt.com/misc/flmb09-15589.pdf The petition was signed by the Joint Debtors. LLS AMERICA, LLC: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: LLS America, LLC 90 West 500 South #2001 Bountiful, UT 84010 Bankruptcy Case No.: 09-23021 Chapter 11 Petition Date: July 21, 2009 Court: United States Bankruptcy Court District of Nevada (Las Vegas) Judge: Linda B. Riegle Debtor's Counsel: Gregory E. Garman, Esq. 3960 Howard Hughes Pky 9th Flr Las Vegas, NV 89109 Tel: (702) 796-5555 Email: bankruptcynotices@gordonsilver.com Total Assets: $2,661,584 Total Debts: $24,013,837 A full-text copy of the Debtor's petition, including a list of its 20 largest unsecured creditors, is available for free at: http://bankrupt.com/misc/nvb09-23021.pdf The petition was signed by Ralph Gamble, CEO of the Company. LOOP 76 LLC: Voluntary Chapter 11 Case Summary ---------------------------------------------- Debtor: Loop 76, LLC 9943 E. Bell Road Scottsdale, AZ 85267 Case No.: 09-16799 Chapter 11 Petition Date: July 20, 2009 Court: United States Bankruptcy Court District of Arizona (Phoenix) Judge: Randolph J. Haines Debtor's Counsel: Arturo A. Thompson, Esq. Polsinelli Shughart P.C. 3636 N. Central Ave., #1200 Phoenix, AZ 85012 Tel: (602) 650-2084 Fax: (602) 916-1646 Email: athompson@polsinelli.com John J. Hebert, Esq. Polsinelli Shughart, P.C. 3636 N. Central Avenue, Suite 1200 Phoenix, AZ 85012 Tel: (602) 650-2011 Fax: (602) 391-2546 Email: jhebert@polsinelli.com Mark W. Roth, Esq. Polsinelli Shughart P.C. 3636 N. Central Avenue, Suite 1200 Phoenix, AZ 85012 Tel: (602) 650-2012 Fax: (602) 926.8562 Email: mroth@polsinelli.com Estimated Assets: $10,000,001 to $50,000,000 Estimated Debts: $10,000,001 to $50,000,000 The Debtor did not file a list of its 20 largest unsecured creditors when it filed its petition. LUNA TECHNOLOGIES: Case Summary & 35 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Luna Technologies, Inc. 1 Riverside Circle, Suite 400 Roanoke, VA 24016 Bankruptcy Case No.: 09-71810 Debtor-affiliates filing separate Chapter 11 petition: Entity Case No. ------ -------- Luna Innovations Incorporated Stone 09-71811 Chapter 11 Petition Date: July 17, 2009 Court: United States Bankruptcy Court Western District of Virginia (Roanoke) Judge: William F. Stone, Jr. Debtor's Counsel: A. Carter Magee Jr., Esq. Magee Foster Goldstein & Sayers Po Box 404 Roanoke, VA 24003 Tel: (540) 343-9800 Email: cmagee@mfgs.com Garren Robert Laymon, Esq. Magee Foster Goldstein & Sayers Po Box 404 Roanoke, VA 24003 Tel: (540) 343-9800 Email: glaymon@mfgs.com William J. Charboneau, Esq. Magee Foster Goldstein & Sayers Po Box 404 Roanoke, VA 24003 Tel: (540) 343-9800 Email: jcharboneau@mfgs.com Estimated Assets: $1,000,001 to $10,000,000 Estimated Debts: $100,001 to $500,000 A full-text copy of the Debtor's petition, including a list of its 35 largest unsecured creditors, is available for free at: http://bankrupt.com/misc/vawb09-71810.pdf The petition was signed by Kent A. Murphy, chief executive officer of the Company. LYONDELL CHEMICAL: Court Lets Creditors Proceed With Fraud Lawsuit ------------------------------------------------------------------ Brett Clanton at Houston Chronicle reports that the Hon. Robert Gerber of the U.S. Bankruptcy Court for the Southern District of New York has allowed official committee of unsecured creditors to move forward with fraud claims against Access Industries, the debtor LyondellBasell's parent, as part of the Company's Chapter 11 bankruptcy case. Houston Chronicle relates that the creditors are suing Access Industries chairperson Len Blavatnik and other merger architects including Wall Street banks. According to Houston Chronicle, the committee alleged that backers of LyondellBasell's $12.7 billion buyout of Lyondell Chemical Co. intentionally pushed a flawed merger in 2007 to reap short-term profit on the deal. The complainants want the Court to require the defendants to pay LyondellBasell, increasing the amount it has to pay creditors, Houston Chronicle says. Citing LyondllellBasell and Access spokespersons, Houston Chronicle reports that Judge Gerber said that the case must proceed quickly so it doesn't interfere with LyondellBasell's plan to emerge from bankruptcy by year-end. According to the report, LyondellBasell expects to file the reorganization plan in September. Delays could cost $3 million a day, the report states, citing LyondellBasell. LyondellBasell spokesperson David Harpole said that the Company is believes that "the parties to this lawsuit will resolve their differences in a timely manner," Houston Chronicle relates. Access Industries has denied the creditors' claims, but a company spokesperson said that it is pleased Judge Gerber wants to make the parties speed the case along, Houston Chronicle states. LyondellBasell Industries is one of the world's largest polymers, petrochemicals and fuels companies. It is the global leader in polyolefins technology, production and marketing; a pioneer in propylene oxide and derivatives; and a significant producer of fuels and refined products, including biofuels. Through research and development, LyondellBasell develops innovative materials and technologies that deliver exceptional customer value and products that improve quality of life for people around the world. Headquartered in The Netherlands, LyondellBasell -- http://www.lyondellbasell.com/-- is privately owned by Access Industries. Basell AF and Lyondell Chemical Company merged operations in 2007 to form LyondellBasell Industries, the world's third largest independent chemical company. LyondellBasell became saddled with debt as part of the US$12.7 billion merger. On January 6, 2009, LyondellBasell Industries' U.S. operations and one of its European holding companies -- Basell Germany Holdings GmbH -- filed voluntary petitions to reorganize under Chapter 11 of the U.S. Bankruptcy Code to facilitate a restructuring of the company's debts. The case is In re Lyondell Chemical Company, et al., Bankr. S.D. N.Y. Lead Case No. 09-10023). Seventy-nine Lyondell entities, including Equistar Chemicals, LP, Lyondell Chemical Company, Millennium Chemicals Inc., and Wyatt Industries, Inc. filed for Chapter 11. In May 2009, one of the cases was dismissed -- Case No. 09-10068 -- because it is duplicative of Case No. 09- 10040 relating to Debtor Glidden Latin America Holdings. The Hon. Robert E. Gerber presides over the case. Deryck A. Palmer, Esq., at Cadwalader, Wickersham & Taft LLP, in New York, serves as the Debtors' bankruptcy counsel. Evercore Partners serves as financial advisors, and Alix Partners and its subsidiary AP Services LLC, serves as restructuring advisors. AlixPartners' Kevin M. McShea acts as the Debtors' Chief Restructuring Officer. Clifford Chance LLP serves as restructuring advisors to the European entities. Lyondell Chemical estimated that consolidated assets total US$27.12 billion and debts total US$19.34 billion as of the bankruptcy filing date. Lyondell has obtained approximately $8 billion in DIP financing to fund continuing operations. The DIP financing includes two credit agreements: a $6.5 billion term loan, which comprises a $3.25 billion in new loans and a $3.25 billion roll-up of existing loans; and a $1.57 billion asset-backed lending facility. Luxembourg-based LyondellBasell Industries AF S.C.A. and another affiliate were voluntarily added to Lyondell Chemical's reorganization filing under Chapter 11 on April 24, 2009, in order to seek protection against claims by certain financial and U.S. trade creditors. On May 8, 2009, LyondellBasell Industries added 13 non-operating entities to Lyondell Chemical Company's reorganization filing under Chapter 11 of the U.S. Bankruptcy Code. All of the entities are U.S. companies and were added to the original Chapter 11 filing for administrative purposes. The filings will have no impact on current business or operations as none of the entities manufactures or sells products. Bankruptcy Creditors' Service, Inc., publishes Lyondell Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by Lyondell Chemical Company and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) M & M EQUITIES: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: M & M Equities, LLC P.O. Box 5251 West Lebanon, NH 03784 Bankruptcy Case No.: 09-12633 Chapter 11 Petition Date: July 16, 2009 Court: United States Bankruptcy Court District of New Hampshire Live Database (Manchester) Judge: Mark W. Vaughn Debtor's Counsel: Michelle Kainen, Esq. Kainen Law Office, P.C. PO Box 919 White River Jct, VT 05001 Tel: (802) 296-2100 Fax: (802) 296-2055 Email: mkainen@sover.net Estimated Assets: $1,000,001 to $10,000,000 Estimated Debts: $1,000,001 to $10,000,000 A full-text copy of the Debtor's petition, including a list of its 20 largest unsecured creditors, is available for free at: http://bankrupt.com/misc/nhb09-12633.pdf The petition was signed by Treff Moulton, member of the Company. MARCO FERNANDEZ: Voluntary Chapter 11 Case Summary -------------------------------------------------- Joint Debtors: Marco Sales Fernandez Edith Vea Fernandez 5029 Gazania Drive San Jose, CA 95111 Bankruptcy Case No.: 09-55769 Chapter 11 Petition Date: July 17, 2009 Court: United States Bankruptcy Court Northern District of California (San Jose) Judge: Roger L. Efremsky Debtors' Counsel: Kenneth R. Graham, Esq. Law Office of Kenneth R. Graham 171 Mayhew Way #208 Pleasant Hill, CA 94523 Tel: (925) 932-0170 Email: ken@1031focus.com Estimated Assets: $1,000,001 to $10,000,000 Estimated Debts: $1,000,001 to $10,000,000 The Debtors did not file a list of their 20 largest unsecured creditors when they filed their petition. The petition was signed by the Joint Debtors. MARIO PALAZZO: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: Mario C. Palazzo 600 Hilltop Ter Cliffside Park, NJ 07010 Bankruptcy Case No.: 09-28629 Chapter 11 Petition Date: July 17, 2009 Court: United States Bankruptcy Court District of New Jersey (Newark) Judge: Novalyn L. Winfield Debtor's Counsel: Michael S. Kopelman, Esq. Kopelman & Kopelman LLP 55 Main Street Hackensack, NJ 07601 Tel: (201) 489-5500 Email: kopelaw@yahoo.com Estimated Assets: $1,000,001 to $10,000,000 Estimated Debts: $1,000,001 to $10,000,000 The Company says it does not have unsecured creditors who are non insiders when they filed their petition. The petition was signed by Mr. Palazzo. MARSHALL SMITH: Case Summary 20 Largest Unsecured Creditors ----------------------------------------------------------- Joint Debtors: Marshall Smith Betsy Smith 1429 Nita Pinckney, MI 48169 Bankruptcy Case No.: 09-33911 Chapter 11 Petition Date: July 21, 2009 Court: United States Bankruptcy Court Eastern District of Michigan (Flint) Judge: Daniel S. Opperman.Flint Debtors' Counsel: Peter T. Mooney, Esq. Simen, Figura & Parker 5206 Gateway Centre #200 Flint, MI 48507 Tel: (810) 235-9000 Email: pmooney@sfplaw.com Total Assets: $2,005,700 Total Debts: $3,319,406 A list of the Company's 20 largest unsecured creditors is available for free at: http://bankrupt.com/misc/mieb09-33911.pdf The petition was signed by the Joint Debtors. MEDICAL CONNECTIONS: Won't Replace Jansen as Vice President ----------------------------------------------------------- Medical Connections Holdings, Inc., reports that Luke Jansen resigned as the Company's vice president effective July 10, 2009. The resignation was for personal reasons. The Company does not have any plans to replace Mr. Jansen as vice president. Going Concern Doubt The Company has sustained operating losses and its revenue stream is not sufficient to fund expenses at this time. The Company has issued stock to continue to fund operations. In its quarterly report on Form 10-Q for the quarterly period ended March 31, 2009, the Company indicated its continued existence is dependent upon its ability to generate sufficient cash flows from equity financing and product revenues. These items raise substantial doubt about the Company's ability to continue as a going concern, it said. The Company has entered into an agreement to sell its Investment � N. Carolina House for $400,000. The transaction was successfully completed in April 2009. The agreement is an accommodation to the Company with a less than 5% shareholder. The Investment � N. Carolina House was appraised for $740,000. In the event that the contract did not close by March 1, 2009, the Company would have been obligated to issue the buyer 400,000 shares of restricted common stock. The buyer agreed to an extension while the Company worked on closing the transaction. The Company received a $125,000 deposit against the purchase in the first quarter of 2009 which has been applied against the carrying value of the asset. At March 31, 2009, the Company had $1,683,134 in total assets, $246,720 in total liabilities, and $27,312,817 in accumulated deficit. About Medical Connections Medical Connections Holdings, Inc., and subsidiaries, (the "Company") is an employment and executive search firm that provides recruiting services to its clients within the healthcare and medical industries. The Company was formed in Florida for the purpose of specializing in the recruitment and placement of healthcare professionals in a variety of employment settings. Medical Connections Holdings, Inc., is the parent company of Medical Connections, Inc., and trades on the NASDAQ OTC B/B as a fully reporting company under the ticker symbol MCTH. MEMORIAL HOSPICE: Case Summary 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Memorial Hospice, Inc. PO Box 1726 Clarksdale, MS 38614 Bankruptcy Case No.: 09-13630 Chapter 11 Petition Date: July 17, 2009 Court: United States Bankruptcy Court Northern District of Mississippi (Aberdeen) Judge: David W. Houston III Debtor's Counsel: Jeffrey K. Tyree, Esq. Harris Jernigan & Geno, PLLC P.O. Box 3380 Ridgeland, MS 39158-3380 Tel: (601) 427-0048 Email: jktyree@harrisgeno.com Estimated Assets: $1,000,001 to $10,000,000 Estimated Debts: $1,000,001 to $10,000,000 A list of the Company's 20 largest unsecured creditors is available for free at: http://bankrupt.com/misc/msnb09-13630.pdf The petition was signed by Vanella N. Campbell, president of the Company. MONEYGRAM INT'L: Johnson Resigns as EVP, Gen. Counsel & Secretary ----------------------------------------------------------------- Teresa H. Johnson, Executive Vice President, General Counsel and Secretary of MoneyGram International, Inc., and MGI have entered into a Separation Agreement and Release of All Claims, dated as of July 16, 2009, pursuant to which Ms. Johnson's employment with MGI will cease due to retirement effective September 30, 2009. Under the Separation Agreement, contingent upon Ms. Johnson signing a release of claims, Ms. Johnson will receive these benefits: (i) $875,000 as severance payable in a lump sum on the first business day of the 7th month following Ms. Johnson's separation from service; (ii)(x) provided that MGI actually achieves the criteria requisite to make payments in respect of awards for 2009 under MGI's Management and Line of Business Incentive Plan or the Board of Directors of MGI authorizes MGI to make payments in respect of MIP awards as if the requisite criteria for 2009 had been met for such year under the MIP and (y) MGI in fact makes payments in respect of MIP awards for 2009 to all or substantially all of the MGI Leadership Team MIP participants for such year, a prorated MIP award for 2009 (not to exceed 75% of Ms. Johnson's annual target incentive opportunity for 2009) payable on the date payments are made to the other MIP participants; (iii) special retirement benefits under MGI's Supplemental Pension Plan as she would have been entitled to be paid had her employment been terminated by MGI without "Cause" -- as such term is defined in MGI's Special Executive Severance Plan (Tier I)) on the Separation Date; (iv) reimbursement of up to $7,500 of legal fees associated with the Separation Agreement, and (vi) a lump sum payment of (x) Ms. Johnson's unpaid but accrued salary as of the Separation Date, (y) Ms. Johnson's unused vacation days for 2009 and (z) any accrued but unpaid business expenses incurred by Ms. Johnson as of the Separation Date. Ms. Johnson also will be eligible for retiree medical insurance coverage under MGI's retiree medical plan. The Separation Agreement provides that if the payments to Ms. Johnson under the Separation Agreement cause Ms. Johnson to be subject to an excise tax under Section 4999 of the Internal Revenue Code of 1986, MGI will pay Ms. Johnson a tax "gross-up" payment in an amount sufficient to allow Ms. Johnson to pay all excise taxes without a reduction in severance benefits. The Separation Agreement also provides for mutual non- disparagement obligations and provides that Ms. Johnson continues to be bound by the obligations set forth in the Employee Trade Secret, Confidential Information and Post-Employment Restriction Agreement between Ms. Johnson and MoneyGram Payment Systems, Inc. The Separation Agreement provides that on the Separation Date Ms. Johnson and MGI will enter into a Consulting Agreement in substantially the form attached to the Separation Agreement. Ms. Johnson will provide consulting services to MGI for a period of three years following the Separation Date. The Consulting Agreement provides that the consulting services will in no event be in excess of 20% of the average level of services performed by Ms. Johnson for MGI during the 36 months preceding the effective date of the Consulting Agreement. Ms. Johnson will receive a consulting fee of $175,000 per annum for such services payable in quarterly installments. In the event of a termination of the Consulting Agreement due to Ms. Johnson's death or by MGI without Cause, Ms. Johnson, or her estate, as applicable, will receive the portion of the consulting fees she would have received had she continued to render consulting services to MGI through the consulting period, payable in a lump sum within 30 days of termination of the Consulting Agreement. The Consulting Agreement includes mutual non- disparagement obligations and provides that Ms. Johnson continues to be bound by the obligations set forth in the Post-Employment Restriction Agreement through the end of the consulting period. About MoneyGram International Headquartered in Minneapolis, Minnesota, MoneyGram International Inc. (NYSE: MGI) -- http://www.moneygram.com/-- is a global payment services company. The company's major products and services include global money transfers, money orders and payment processing solutions for financial institutions and retail customers. MoneyGram is a New York Stock Exchange listed company with approximately 157,000 global money transfer agent locations in 180 countries and territories. At March 31, 2009, the Company had $6,253,027,000 in total assets; $6,278,617,000 in total liabilities; $770,431,000 in total mezzanine equity; and $796,021,000 in stockholders' deficit. * * * As reported by the Troubled Company Reporter on April 1, 2009, Fitch Ratings has affirmed the Issuer Default Ratings for MoneyGram International Inc. and MoneyGram Payment Systems Worldwide, Inc., at 'B+'. MONTGOMERY REALTY: Section 341(a) Meeting Set for August 11 ----------------------------------------------------------- The first meeting of creditors in Montgomery Realty Group, Inc.'s bankruptcy case will be held on August 11, 2009, at 10:00 a.m. at the San Francisco U.S. Trustee Office. Proofs of claim are due by November 9, 2009. This is the first meeting of creditors required under Section 341(a) of the Bankruptcy Code in all bankruptcy cases. All creditors are invited, but not required, to attend. This meeting of creditors offers the one opportunity in a bankruptcy proceeding for creditors to question a responsible officer of the Debtor under oath about the Debtor's financial affairs and operations that would be of interest to the general body of creditors. Based in San Francisco, Montgomery Realty Group, Inc. filed for Chapter 11 relief on July 6, 2009 (Bankr. C.D. Calif. Case No. 09-31879. Montgomery leases and operates improved properties. Michael St. James, Esq., at St. James Law, represents the Debtor as counsel. When the Debtor filed for protection from its creditors, it listed total assets of between $10 million and $50 million each in assets and debts. MONTGOMERY REALTY: Wants Court's Nod to Use Cash Collateral ----------------------------------------------------------- Montgomery Realty Group, Inc., asks the U.S. Bankruptcy Court for the Central District of California for authority to use its secured creditors' cash collateral, principally consisting of rents generated from its properties, to pay property expenses, to fund payments of interest to its secured creditors, and to use any excess rents in the ordinary course of its operations. MRG has four real property assets: commercial office buildings located at 710 Sansome Street and 447 Battery Street in San Francisco, the Glen Oaks Apartment house in Austin, Texas and the sole member's interest in Montgomery Realty Group, LLC, an affiliated Debtor, which owns the Concord Park & Shop shopping center. Montgomery's Sansome property is subject to a first deed of trust securing a promissory note in the amount of $4,206,028 payable to Bank of America, N.A., as trustee for the Registered Certificate Holders of GMAC Commercial Mortgage Securities, Inc. Mortgage Pass Through Certificate Series 1999-WF2, acting through Capmark Financial, Inc. (GMAC CMBS). The property is also encumbered by a second deed of trust in favor of California Mortgage and Realty Trust, securing a debt in the amount of $1,110,517. As adequate protection, Montgomery proposes to pay from the monthly rents derived from the Sansome property the amount of $18,174 per month, equivalent to interest at 5.25%, which it believes will be more than sufficient to protect GMAC CMBS' interest in the property. Montgomery also proposes to pay the amount of $6,250 per month, equivalent to interest at 7.5%, as adequate protection to California Mortgage and Realty Trust's interest in the property. Montgomery's Battery property is encumbered to East West Bank for $5,735,000. As adequate protection, the Debtor proposes to pay the unused balance of the monthly rents derived from the Battery property, to protect East West Bank's interest. California Mortgage & Realty Trust holds a first deed of trust in the Glen Oaks property which secures a note in the amount of $2,300,000 and a second deed of trust which secures another note in the same amount of $2,300,000. The first deed of trust has been assigned to First Street Commercial Mortgate. The Debtor does not propose to fund adequate protection payments for the secured creditors of the Glen Oaks property since all revenues to be generated by the property will be spent for urgent repairs, and because, according to the Debtor, the funding for these repairs constitutes a form of adequate protection to the secured creditors. Based in San Francisco, Montgomery Realty Group, Inc. filed for Chapter 11 relief on July 6, 2009 (Bankr. C.D. Calif. Case No. 09-31879. Montgomery leases and operates improved properties. Michael St. James, Esq., at St. James Law, represents the Debtor as counsel. When the Debtor filed for protection from its creditors, it listed total assets of between $10 million and $50 million each in assets and debts. MONTGOMERY REALTY: Wants to Access Cash Securing GMAC CMBS Loan --------------------------------------------------------------- Montgomery Realty Group, Inc., asks the U.S. Bankruptcy Court for the Northern District of California for authority to: -- use cash securing repayment of loan with Bank of America, N.A. as Trustee for the Registered Certificate Holders of GMAC Commercial Mortgage Securities, Inc. Mortgage Pass Through Certificate Series 1999-WF2, acting through Capmark Financial, Inc.; and -- to fund payments of adequate protection. The Debtor has four real property assets: commercial office buildings located at 710 Sansome Street and 447 Battery Street in San Francisco, the Glen Oaks Apartment house in Austin, Texas and the sole member's interest in Montgomery Realty Group, LLC, an affiliated Debtor, which owns the Concord Park & Shop shopping center. The Debtor related that it needs to use the monthly rents, separately for each property, to fund the payment of ordinary operating expenses of the property. San Francisco, California-based Montgomery Realty Group, Inc. leases and operates improved properties. The Company filed for Chapter 11 on July 6, 2009 (Bank. N. D. Calif. Case No. 09-31879.) The Debtor has assets and debts both ranging from $10,000,001 to $50,000,000. MONTGOMERY REALTY: Wants to Hire St. James and McNutt as Counsel ---------------------------------------------------------------- Montgomery Realty Group, Inc., asks the U.S. Bankruptcy Court for the Central District of California for authority to employ St. James Law, P.C., and McNutt Law Group LLP as its counsel. St. James Law will act as lead counsel, and will take primary responsibility for the preparation and prosecution of the Debtor's plan of reorganization and its response to any motions for relief from stay. St. James Law has a single full-time professional employee, Michael St. James, whose current hourly rate is $525.00 per hour. McNutt Law Group will take primary responsibility for the preparation of the schedules and statement of financial affairs, and the Debtor's representation at the Section 341 hearing and in connection with the initial debtor interview to be administered by the Office of the United States Trustee, as well as with respect to the preparation and filing of monthly operating reports. Marianne Dickson, Esq., who is expected to perform most of these services, currently bills at $275 per hour. Based in San Francisco, Montgomery Realty Group, Inc. filed for Chapter 11 relief on July 6, 2009 (Bankr. C.D. Calif. Case No. 09-31879). Montgomery leases and operates improved properties. Michael St. James, Esq., at St. James Law, represents the Debtor as counsel. When the Debtor filed for protection from its creditors, it listed total assets of between $10 million and $50 million each in assets and debts. MOORE-HANDLEY: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Moore-Handley, Inc. 3140 Pelham Parkway Pelham, AL 35124 Case No.: 09-04198 Type of Business: The Debtor operates a hardware and building material distributing business. Chapter 11 Petition Date: July 17, 2009 Court: United States Bankruptcy Court Northern District Of Alabama (Birmingham) Judge: Thomas B. Bennett Debtor's Counsel: Christopher L. Hawkins, Esq. Bradley Arant Rose & White 1819 5th Ave N Birmingham, AL 35203 Tel: (205) 521-8556 Email: chawkins@bradleyarant.com Jennifer Anne Harris, Esq. Bradley Arant Rose & White LLP One Federal Place 1819 Fifth Avenue North Birmingham, AL 35203 Tel: (205) 521-8400 Fax: (205) 488-6400 Email: jharris@bradleyarant.com Estimated Assets: $10,000,001 to $50,000,000 Estimated Debts: $10,000,001 to $50,000,000 The petition was signed by Michael J. Gaines, the company's president. Debtor's List of 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Moore-Handley, Inc. Employee pension $3,735,236 Salaried Pension plan-underfunded Plan Moore-Handley, Inc. Employee pension $689,478 Hourly Employee's plan-underfunded Retirement Plan Midwest Fasteners Corp ��Trade debt $453,416 Reliance Water Heater Ind �Trade debt � $426,217 Croft LLC � Trade debt �� $384,263 Great Southern Wood Pres � Trade debt $310,881 Quikrete Co �� Trade debt �� $273,729 Lomanco �� Trade debt �� $255,914 Gardner Asphalt Corp �� Trade debt $229,514 Tamko Roofing Corporation�� Trade debt � $224,445 B & K/Mueller Industries �� Trade debt � $211,037 Advanced Drainage �� Trade debt $203,925 Nibco Inc. �� Trade debt �� $203,739 Silver-Line Plastics�� Trade debt�� $202,233 Oatey Supply Chain Serv�� Trade debt�� $192,511 Primesource Bldg Product �� Trade debt�� $182,114 Cooper Wiring Devices �� Trade debt�� $159,959 Irwin Industrial Tool Co Trade debt $154,007 PPG/Lucite Trade debt $147,351 Minwax Co Inc. Trade debt $145,877 NEWPARK RESOURCES: S&P Downgrades Corporate Credit Rating to 'B-' ----------------------------------------------------------------- Standard & Poor's Ratings Services lowered its corporate credit rating on Newpark Resources Inc. to 'B-' from 'B'. S&P removed the rating from CreditWatch, where it was placed with negative implications on May 27, 2009. The outlook is negative. "The downgrade of the corporate credit rating to 'B-' from 'B' takes into account S&P's concerns about the very challenging market conditions that the North American oilfield service industry is currently facing," said Standard & Poor's credit analyst Amy Eddy. Low natural gas prices have prompted many exploration and production companies to significantly curtail capital spending, which has caused a severe drop-off in demand for oilfield services. S&P expects that poor industry conditions may exist for several quarters, resulting in depressed operating levels and pricing pressure that could further erode profitability and cash flow. Houston-based Newpark had $204 million of total adjusted debt as of March 31, 2009. In S&P's opinion, the company's business risk profile is vulnerable. Although Newpark has a solid niche position in the oilfield services sector through its drilling fluid business, revenue in this segment is highly correlated to the level of drilling activity in North America. For example, during the first quarter of 2009, the North American rig count was down by nearly 50% from mid-2008 peak levels and the company's revenue decreased a similar amount quarter over quarter. Although Newpark has announced cost-cutting initiatives of roughly $40 million per year, natural gas prices which dictate future industry demand are beyond the company's control. Newpark's highly leveraged financial risk profile reflects a sharp drop in credit metrics as a result of tepid industry demand. Although, debt to EBITDA and EBITDA to interest on a trailing-12- month basis compare favorably to industrial medians at slightly more than 2x and more than 5x, respectively, S&P expects these measures to worsen considerably for the next several months. During the first quarter of 2009, the company reported negative levels of EBITDA. The negative outlook reflects S&P's concern that continued weakness in oilfield services markets over the near term could continue to pressure Newpark's credit quality. If liquidity deteriorates materially from current levels S&P could lower the rating. Stabilization of ratings at the current 'B-' level would necessitate a few quarters of strengthening operating levels, margins, and cash flow. NEXCEN BRANDS: To File Restated 2007 Annual Report by July 31 ------------------------------------------------------------- NexCen Brands, Inc., anticipates being able to file with the Securities and Exchange Commission by July 31, 2009, an amended Annual Report on Form 10-K/A for the year ended December 31, 2007, which will include a restatement of its 2007 financial results. The Company anticipates being able to file by August 31, 2009, its Annual Report on Form 10-K for the year ended December 31, 2008, and its Quarterly Report on Form 10-Q for the quarter ending March 31, 2009. The Company plans to hold an investor conference call following each of the filings to review in greater detail the respective financial and operating results. On July 1, 2009, NexCen Brands reported selected preliminary unaudited financial results for the first quarter of 2009, announced second quarter 2009 operational highlights and reported selected preliminary unaudited financial results for the 2008 fiscal year. The Company said it is in the final stages of completing its 2008 audited financial statements and 2008 Annual Report on Form 10-K, along with the restatement and amendment of its 2007 Annual Report on Form 10-K. NexCen expects to report revenues from its franchise business, its only operating segment, of roughly $12 million for the first quarter of 2009, a $2 million and 15% increase over first quarter 2008 revenues of roughly $10 million. First quarter 2009 results fully reflect the acquisition of Great American Cookies and the joint venture interest in Shoebox New York, which were completed in January 2008. On a pro-forma basis, assuming the two transactions had been completed on January 1, 2008, revenues from continuing operations were roughly $12 million for the first quarter of 2008. Among other things, the preliminary financial results for the first quarter of 2009 include: -- The Company's cash on hand at March 31, 2009, was roughly $8 million, remaining consistent with cash on hand at December 31, 2008; -- The amount of the Company's outstanding debt was roughly $142 million at March 31, 2009, remaining level with the amount of outstanding debt at December 31, 2008; -- The Company's overall effective interest rate and related interest expense related to its outstanding debt declined due to repayments of principal in the fourth quarter of 2008, modification of interest rates in the first quarter of 2009 and declines in LIBOR rates. The Company's average effective interest rate for its credit facility was 6.8% and 6.6% in the first and second quarters of 2009, respectively, as compared to an average rate of 8.6% in the fourth quarter of 2008. The average monthly cash interest expense was $822,000 and $780,000 in the first and second quarters of 2009, respectively, as compared to average monthly cash interest expense of $1.0 million in the fourth quarter of 2008. The Company also provided an update regarding business activities during the second quarter ending June 30, 2009, which includes, among other things: -- The Company has executed franchise agreements for 20 new franchise units across its seven franchise businesses in the second quarter, versus franchise agreements for 24 new franchise units in the first quarter of 2009. -- NexCen's pipeline of franchise stores to be opened pursuant to Letters of Intent and Franchise Agreements increased to 367 stores at June 30, 2009, versus 310 stores at March 31, 2009. -- The Company continued to expand its global footprint and international presence in the second quarter of 2009. -- NexCen continued to make progress with the integration of Pretzel Time and Pretzelmaker into one brand, Pretzelmaker, which will be the second largest pretzel concept in the United States by number of franchised stores. -- The Company executed on much of its rebranding strategy for Marble Slab Creamery. NexCen expects to report revenues from continuing operations of its franchise business of roughly $47 million for the year ended December 31, 2008, compared to roughly $20 million for the year ended December 31, 2007, an increase of $27 million or 139%. The results for 2008 fully reflect the acquisitions completed in 2007, and include the acquisition of Great American Cookies and the joint venture interest in Shoebox New York that were completed in January 2008. On a pro forma basis, assuming all acquisitions of franchised brands had been completed on January 1, 2007, revenues from continuing operations were roughly $50 million for 2007 and $49 million for 2008. Among other things, the preliminary financial results for the year ended December 31, 2008, from continuing operations include: -- The Company's cash on hand at December 31, 2008, was roughly $8 million as compared to cash on hand of $47 million at December 31, 2007. -- The amount of the Company's outstanding debt was roughly $142 million at December 31, 2008, an increase of $32 million as compared to the amount of outstanding debt of roughly $110 million at December 31, 2007. The acquisition of Great American Cookies completed in January 2008 substantially increased the outstanding debt to roughly $179 million, which was then subsequently reduced. Revenues relating to NexCen's consumer branded licensing business, which consisted of Bill Blass and Waverly, will be reported as discontinued operations due to the sale of those businesses completed in 2008. The Company's efforts in 2008 to stabilize its financial condition, enhance its liquidity, and position itself for long- term viability and future growth had a significant negative impact on its 2008 financial results. The Company's total operating expenses increased materially in 2008, as compared to 2007, due primarily to impairment related to intangible assets, significant increases in restructuring charges, loss on the sale of Bill Blass and Waverly, and increased professional fees related to internal and external investigations and the restructuring of its debt facility. The Company expects that its balance sheet as of December 31, 2008, will reflect significant reductions in the value of its intangibles, which comprise its principal assets, due to anticipated impairment charges of roughly $242 million in 2008 and the sale of the Bill Blass and Waverly businesses. The anticipated loss on sale for those businesses is roughly $7 million. About NexCen Brands Based in New York, NexCen Brands, Inc. (PINK SHEETS: NEXC.PK) -- http://www.nexcenbrands.com/-- acquires and manages global brands, generating revenue through licensing and franchising. The Company own and license the Bill Blass and Waverly brands, well as seven franchised brands. Two franchised brands -- The Athlete's Foot and Shoebox New York -- sell retail footwear and accessories. Five are quick-service restaurants -- Marble Slab Creamery, MaggieMoo's, Pretzel Time, Pretzelmaker, and Great American Cookies. The Company licenses and franchises its brands to a network of leading retailers, manufacturers and franchisees that generate $1.3 billion in retail sales in more than 50 countries around the world. The franchisees operate approximately 1,900 franchised stores. Franchisee support and training is provided at NexCen University, a state-of-the-art facility located in Atlanta. * * * The company believes that there is substantial doubt about its ability to continue as a going concern, and pending completion of an independent review, that this substantial doubt also may have existed at the time the company filed its 2007 10-K. The audit committee of the Company's Board of Directors has retained independent counsel to conduct an independent review of the situation. The company has concluded that its 2007 financial statements should no longer be relied upon and no reliance should be placed upon KPMG's audit report dated March 20, 2008, or its report dated March 20, 2008, on the effectiveness of internal control over financial reporting as of December 31, 2007. NexCen also announced that it is actively exploring all strategic alternatives to enhance its liquidity, including potential capital market transactions, the possible sale of one or more of its businesses, and discussions with the company's lender. In addition, the company will take immediate steps to reduce operating expenses. NEXSTAR BROADCASTING: Appoints Carter as Chief Financial Officer ---------------------------------------------------------------- Nexstar Broadcasting Group, Inc., reports that effective August 3, 2009, it is appointing Thomas E. Carter as Chief Financial Officer of the Company. Mr. Carter will assume the CFO position from Shirley E. Green, who has served as the Company's Interim CFO since May 11, 2009 and who will continue as Nexstar's Vice President, Controller and Secretary. Prior to joining Nexstar, Mr. Carter, 51, most recently served as Managing Director, Media Telecom Corporate Investment Banking at Banc of America Securities, which he joined in 1985. In this position, he acted as the senior banker responsible for delivering bank products and services including M&A, private and public equity, high-yield debt, fixed income derivatives, syndicated financial products and treasury management for selected clients across the broadcasting, cable, publishing and media industries, including Nexstar. Mr. Carter began his banking career in 1980, serving for five years in various roles in Corporate and International Banking at a predecessor to JPMorgan Chase. Under the terms of Mr. Carter's employment agreement, which is dated July 13, 2009, Mr. Carter will receive an annual base salary as set forth: Period Base Salary ------ ----------- From August 3, 2009 through August 2, 2010 $390,000 From August 3, 2010 through August 2, 2011 $400,000 From August 3, 2011 through August 2, 2012 $410,000 From August 3, 2012 through August 2, 2013 $420,000 After August 3, 2013 $430,000 In addition, Mr. Carter is eligible to receive a discretionary annual bonus targeted at 50% of his annual base salary, which is determined by the achievement of certain criteria established by the CEO and the Compensation Committee of the Board of Directors of the Company. Mr. Carter is further granted a nonqualified stock option, under the Company's equity incentive plan, to purchase 100,000 shares of the Company's common stock at an exercise price per share equal to the closing price of the Company's common stock on August 3, 2009. The option will vest and become exercisable 20% per year beginning on the first anniversary of the Grant Date. The option expires 10 years from the Grant Date. Pursuant to the terms of the employment agreement, Mr. Carter is entitled to severance benefits in the event that either the Company terminates him without cause or he resigns for good reason. The severance amount consists of one year of Mr. Carter's annual base salary and paid COBRA premiums for the one year period following termination. Mr. Carter's employment is at will. Mr. Carter will not be allowed to compete with Nexstar and its business during his employment with the Company and for a one-year period thereafter. There are no family relationships between Mr. Carter and any director or executive officer of Nexstar and no arrangement or understanding, outside of the employment agreement, pursuant to which Mr. Carter was appointed as Chief Financial Officer of the Company. About Nexstar Broadcasting Nexstar Broadcasting Group, Inc., as of March 31, 2009, owned, operated, programmed or provided sales and other services to 58 television stations, all of which were affiliated with the NBC, ABC, CBS, Fox, MyNetworkTV, The CW, RTN and TVA television networks, in markets located in New York, Pennsylvania, Illinois, Indiana, Missouri, Texas, Louisiana, Arkansas, Alabama, Utah, Massachusetts Florida, Montana and Maryland. Through various local service agreements, Nexstar provided sales, programming and other services to stations owned or operated by independent third parties. Nexstar operates in one reportable television broadcasting segment. Nexstar is highly leveraged, which makes it vulnerable to changes in general economic conditions. Nexstar's ability to repay or refinance its debt will depend on, among other things, financial, business, market, competitive and other conditions, many of which are beyond Nexstar's control. As of March 31, 2009, the Company had $615,439,000 in total assets and $774,114,000 in total liabilities, resulting in $158,675,000 in stockholders' deficit. NOVA CHEMICALS: Cancels Registration of Common Shares ----------------------------------------------------- Nova Chemicals Corporation made a Form 15 filing with the Securities and Exchange Commission to terminate the registration of its common shares. Nova Chemicals also filed a Post-Effective Amendment relating to various Form S-8 Registration Statements pertaining to NOVA Chemicals' common shares. As reported by the Troubled Company Reporter on July 8, 2009, International Petroleum Investment Company and NOVA Chemicals Corporation completed on July 6, 2009, the acquisition of NOVA Chemicals by way of a plan of arrangement. NOVA Chemicals will continue to operate its chemicals and plastics business from its North American base. As reported by the TCR on July 20, 2009, Moody's Investors Service raised Nova Chemicals' Corporate Family Rating to Ba3 from B2 following the closing of its acquisition by the International Petroleum Investment Company (rated Aa2) for $6.00 per share. Coincident with the acquisition IPIC contributed $350 million of additional equity ($200 million in cash and conversion of $150 million loan to equity). The outlook is stable. Moody's also raised its ratings on NOVA's unsecured debt to B1 from B3 and affirmed its Speculative Grade Liquidity rating at SGL-3. These actions conclude the review initiated on February 23, 2009. The TCR said July 9, 2009, Fitch Ratings took various rating actions on the Issuer Default Rating and outstanding debt ratings of NOVA Chemicals after the closing of its acquisition by the International Petroleum. The company's Rating Outlook is Stable. Fitch took these actions: -- IDR upgraded to 'B+' from 'B-'; -- Secured revolver upgraded to 'BB+/RR1' from 'BB-/RR1'; -- Series 'A' preferred notes upgraded to 'BB+/RR1' from 'BB- /RR1'; -- Senior unsecured revolver revised to 'B+/RR4' from 'BB- /RR1'. -- Senior unsecured notes revised to 'B+/RR4' from 'BB-/RR1'. About Nova Chemicals NOVA Chemicals Corporation -- http://www.novachemicals.com/-- develops and manufactures chemicals, plastics and other end- products. NOVA Chemicals shares are traded as NCX on the Toronto and New York stock exchanges. NRG ENERGY: Fitch Retains Evolving Watch on 'B' Issuer Rating ------------------------------------------------------------- NRG Energy Inc. (IDR 'B') remains on Rating Watch Evolving following the termination of Exelon Corp's (EXC, IDR 'BBB+') unsolicited offer to acquire NRG. The Rating Watch Evolving signifies that Fitch may upgrade, downgrade or affirm NRG's ratings. Ratings on Rating Watch Evolving: -- Issuer Default Rating (IDR) at 'B'; -- Senior secured term loan B at 'BB/RR1'; -- Senior secured revolving credit facility at 'BB/RR1'; -- Senior secured synthetic letter of credit facility at 'BB/RR1'; -- Senior notes at 'B+/RR3'. Fitch believes that NRG's operating and financial performance in light of the current recessionary economy and falling wholesale power price environment has been strong. However, the continued low commodity price environment, as well as, the recent closing of the acquisition of the Reliant Energy retail business, which has the potential to be very capital intensive, and the subsequent issuance of $700 million of senior notes to unwind the Merrill Lynch credit sleeve related to that businesses could impact Fitch's ratings and recovery estimates. Fitch expects to update the Rating Watch status following a full review NRG in the coming weeks. NV BROADCASTING: Selects BMC Group as Claims and Balloting Agent ---------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware authorized NV Broadcasting LLC and its debtor-affiliates to employ BMC Group, Inc., as claims, noticing, and balloting agent. The firm will: a) prepare and serve those notices required in the bankruptcy cases; b) receive, record and maintain copies of all proofs of claim and proofs of interest filed in the bankruptcy cases; c) create and maintain the official claims register(s); d) receive and record all transfers of claims pursuant to Bankruptcy Rule 3001(e); e) maintain an up-to-date mailing list for all entities who have filed proofs of claim and requests for notices in the bankruptcy cases; f) assist the Debtors and their counsel with the administrative management, reconciliation and resolution of claims; g) print, mail and tabulate ballots for purposes of plan voting; h) assist with the preparation of and maintenance of the Debtors' schedule of assets and liabilities, statements of financial affairs and other master lists and databases of creditors, assets and liabilities; l) assist with the production of reports, exhibits and schedules of information to be used by the Debtors or to be delivered by the Court, the Clerk's Office, the U.S. Trustee or third parties; j) provide other technical and document management services of a similar nature requested by Debtors or the Clerk's office; k) facilitate or perform distributions; and i) assist the Debtors with all analyses and collections of avoidance actions pursuant to Chapter 5 of the Bankruptcy Code. Papers filed with the Court did not show the firm's standard hourly rates. The Debtors assure the Court that the firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. About New Vision Television New Vision Television -- http://newvisiontv.com/-- owns and operates 14 major network-affiliated television stations across the United States. It has corporate offices in Atlanta and Los Angeles. NV Broadcasting LLC, doing business as New Vision Television, and its affiliates, NV Media LLC and NV Television LLC, filed for Chapter 11 on July 13, 2009 (Bankr. D. Del. Case No. 09-12473). NV Broadcasting listed $10 million to $50 million in assets and $100 million to $500 million in liabilities in its petition. Attorneys at Locke Lord Bissell & Liddell LLP serve as general bankruptcy counsel. The PBC Debtors selected Womble Carlyle Sandridge & Rice, PLLC, as their counsel. Moelis & Company LLC serves a financial advisor. The claims agent is BMC Group Inc. OCCULOGIX INC: Raises $1.55MM by Selling 12% Convertible Notes -------------------------------------------------------------- OccuLogix, Inc., dba TearLab Corporation, last week entered into and closed an agreement with certain investors whereby the investors agreed to provide financing to the Company through the purchase of convertible secured notes, in the aggregate amount of $1.55 million. The convertible secured notes evidencing the Financing, mature on the second anniversary of their issuance, bear interest at a rate of 12% per annum, and are convertible into shares of the Company's common stock upon the request of holders of 51% or more of the outstanding principal amount of the Notes at any time after August 31, 2009, and prior to the Maturity Date. The conversion price of the Notes -- Discount Price -- will be 80% of the volume weighted average price on the NASDAQ stock market for the ten trading days prior to August 31, 2009, provided that the Discount Price will not exceed $2.40 per share and will not be less than $0.25 per share. Any conversion is limited to prevent the number of shares issued upon conversion of the Notes from exceeding 19.9% of the outstanding common stock of the Company, measured prior to the date of the Financing. In connection with the Financing, the Company will issue warrants to purchase shares of common stock equal in value to 10% of the aggregate principal amount of the notes. The exercise price of the Warrants is $1.60 per common share representing the price per share equal to the closing bid price per share of the Company's common stock on the NASDAQ stock market on July 15, 2009. The Notes are secured by substantially all of the assets of the Company and the financing is subject to customary conditions to closing. The Financing is subject to final acceptance by the Toronto Stock Exchange. Richard Lindstrom, M.D., and Tom Davidson, both of whom are directors of the Company, invested $100,000 each in the Financing. Greybrook Corporation, an entity controlled by Elias Vamvakas, Chairman and Interim CEO of the Company, or members of his family, invested $110,000 in the Financing. Nasdaq Listing Rule 5635(c) states that any sale of discounted stock to employees, officers or directors constitutes "equity compensation," and therefore requires stockholder consent prior to issuance. In connection with the investment, the Company has entered into side letter agreements with Dr. Lindstrom and Messrs. Vamvakas and Davidson pursuant to which they each agreed not to convert their Note into shares of common stock of the Company unless and until the stockholders have approved such conversion in accordance with NASDAQ rules. Prior to closing the Financing, the Company entered into agreements with all salaried members of the management team where they agreed to reductions of up to one-third in their salaries. These salary reductions are part of a number of cost cutting measures put in place by the management team. "Currently, in difficult economic times it's essential for companies to properly manage and allocate capital. TearLab is fortunate to have a team of dedicated individuals who understand the realities and constraints of today's economy and are committed to making the Company's long term success their top priority." commented Elias Vamvakas, Chairman and Interim CEO of the Company. Going Concern Doubt In its Form 10-Q report for the quarterly period ended March 31, 2009, the Company indicated it has sustained substantial losses of $14,181,433 for the year ended December 31, 2008, and $1,002,591 and $2,277,075 for the three months ended March 31, 2009, and 2008, respectively. The Company's working capital at March 31, 2009, was $326,714, which represented a $1,222,867 decrease in its working capital from $1,549,581 at December 31, 2008. As a result of the Company's history of losses and financial condition, there is substantial doubt about the ability of the Company to continue as a going concern. Management believes the Company's existing cash will be sufficient to cover its operating and other cash demands only until the beginning of June 2009, if it does not successfully complete the first stage of its current fund raising activities by the beginning of June 2009. The Company said a successful transition to attaining profitable operations is dependent upon obtaining additional financing adequate to fund its planned expenses and achieving a level of revenues adequate to support the Company's cost structure. The Company said it was seeking additional convertible debt financing to support its operations until it becomes cash flow positive. There can be no assurances that there will be adequate financing available to the Company on acceptable terms or at all. "If the Company is unable to obtain additional financing, the Company would need to significantly curtail or reorient its operations during 2009, which could have a material adverse effect on the Company's ability to achieve its business objectives and as a result may require the Company to file for bankruptcy or cease operations," the Company said. At March 31, 2009, the Company had $11,641,845 in total assets, including $1,939,352 in total current assets; $1,612,638 in total current liabilities, $942,622 in deferred income tax liability, and $250,000 in contingently redeemable common stock; and $368,659,962 in accumulated deficit. About OccuLogix Headquartered in San Diego, California, OccuLogix, Inc., dba TearLab Corporation (NASDAQ:TEAR)(TSX:TLB) -- http://www.tearlab.com-- develops and commercializes lab-on-a- chip technologies that enable eye care practitioners to improve standard of care by quantitatively testing for disease markers in tears at the point-of-care. TearLab is currently marketed globally in more than 14 countries including the US. OCCULOGIX INC: Slashes Executive Officers' Annual Base Salaries --------------------------------------------------------------- OccuLogix, Inc., dba TearLab Corporation, on July 13, 2009, entered into agreements with William G. Dumencu, Chief Financial Officer, and Benjamin Sullivan, Chief Scientific Officer, providing for reductions to such named executive officers' annual base salaries, with retroactive effect to July 1, 2009. The Company also entered similar agreements with certain other officers detailed below. The current annual base salaries and the new base salaries for the affected officers are: Existing New Base Name Base Salary Salary ---- ----------- -------- William G. Dumencu C$184,271 C$122,844 Benjamin Sullivan US$180,000 US$120,000 Robert Walder US$145,000 US$120,000 Steve Zmina US$180,000 US$120,000 Tracy Puckett US$180,000 US$120,000 Mike Berg US$180,000 US$120,000 Eric Donsky resigned from his position as the Company's Chief Executive Officer, effective as of June 29, 2009. Effective that day, Elias Vamvakas, the Chairman of the Board, served as the Company's Interim Chief Executive Officer until a new Chief Executive Officer is appointed. In connection with Mr. Donsky's resignation as the Company's Chief Executive Officer, on July 13, Mr. Donsky entered into a separation agreement and release, or the Release. Pursuant to the Release, Mr. Donsky will receive payments totaling $84,189.82, comprising: (i) $77,000 in severance payments, paid at a rate of $12,833.33 per month, less applicable withholding, in accordance with the Company's regular payroll practices until December 31, 2009; (ii) $4,156.21 related to accrued vacation as of June 29, 2009; and (iii) $3,033.61 in expense reimbursement. The Release provides that Mr. Donsky waives any claims against the Company and releases the Company from any claims arising from Mr. Donsky's employment relationship with the Company and the termination of that relationship. 50% of the unvested options to purchase shares of the Company's common stock held by Mr. Donsky as of July 21, 2009, will become fully vested on that date and such stock options shall remain exercisable for a period of 30 months from June 29, 2009. Pursuant to the Release, Mr. Donsky also agreed to resign as a member of the Company's Board of Directors, effective July 21, 2009. Going Concern Doubt In its Form 10-Q report for the quarterly period ended March 31, 2009, the Company indicated it has sustained substantial losses of $14,181,433 for the year ended December 31, 2008, and $1,002,591 and $2,277,075 for the three months ended March 31, 2009, and 2008, respectively. The Company's working capital at March 31, 2009 was $326,714, which represented a $1,222,867 decrease in its working capital from $1,549,581 at December 31, 2008. As a result of the Company's history of losses and financial condition, there is substantial doubt about the ability of the Company to continue as a going concern. Management believes the Company's existing cash will be sufficient to cover its operating and other cash demands only until the beginning of June 2009, if it does not successfully complete the first stage of its current fund raising activities by the beginning of June 2009. The Company said a successful transition to attaining profitable operations is dependent upon obtaining additional financing adequate to fund its planned expenses and achieving a level of revenues adequate to support the Company's cost structure. The Company said it was seeking additional convertible debt financing to support its operations until it becomes cash flow positive. There can be no assurances that there will be adequate financing available to the Company on acceptable terms or at all. "If the Company is unable to obtain additional financing, the Company would need to significantly curtail or reorient its operations during 2009, which could have a material adverse effect on the Company's ability to achieve its business objectives and as a result may require the Company to file for bankruptcy or cease operations," the Company said. At March 31, 2009, the Company had $11,641,845 in total assets, including $1,939,352 in total current assets; $1,612,638 in total current liabilities, $942,622 in deferred income tax liability, and $250,000 in contingently redeemable common stock; and $368,659,962 in accumulated deficit. About OccuLogix Headquartered in San Diego, California, OccuLogix, Inc., dba TearLab Corporation (NASDAQ:TEAR)(TSX:TLB) -- http://www.tearlab.com-- develops and commercializes lab-on-a- chip technologies that enable eye care practitioners to improve standard of care by quantitatively testing for disease markers in tears at the point-of-care. TearLab is currently marketed globally in more than 14 countries including the U.S. OCCULOGIX INC: To Raise $30,000,000 by Issuing Securities --------------------------------------------------------- OccuLogix, Inc., dba TearLab Corporation, filed with the Securities and Exchange Commission Amendment No. 2 to its Form S-3 registration statement to register an indeterminate amount or number of the securities that the Company may issue may from time to time. The Company intends to raise $30,000,000 through the issuance of securities. According to the Company, General Instruction I.B.6 of Form S-3 permits certain issuers, including OccuLogix, to sell no more than one-third of the aggregate market value of the voting and non- voting common equity held by non-affiliates of the issuer during a 12-month period. On June 18, 2009, the market value of common equity held by non-affiliates was $13,852,396 based on a closing market price of $2.00 per share on June 18 as reported by the NASDAQ Capital Market. OccuLogix has not offered any securities pursuant to General Instruction I.B.6 during the 12-calendar month period ending on and including the date of this prospectus. A full-text copy of Amendment No. 2 to the Registration Statement is available at no charge at http://ResearchArchives.com/t/s?3fbb Going Concern Doubt In its Form 10-Q report for the quarterly period ended March 31, 2009, the Company indicated it has sustained substantial losses of $14,181,433 for the year ended December 31, 2008, and $1,002,591 and $2,277,075 for the three months ended March 31, 2009 and 2008, respectively. The Company's working capital at March 31, 2009 was $326,714, which represented a $1,222,867 decrease in its working capital from $1,549,581 at December 31, 2008. As a result of the Company's history of losses and financial condition, there is substantial doubt about the ability of the Company to continue as a going concern. Management believes the Company's existing cash will be sufficient to cover its operating and other cash demands only until the beginning of June 2009, if it does not successfully complete the first stage of its current fund raising activities by the beginning of June 2009. The Company said a successful transition to attaining profitable operations is dependent upon obtaining additional financing adequate to fund its planned expenses and achieving a level of revenues adequate to support the Company's cost structure. The Company said it was seeking additional convertible debt financing to support its operations until it becomes cash flow positive. There can be no assurances that there will be adequate financing available to the Company on acceptable terms or at all. "If the Company is unable to obtain additional financing, the Company would need to significantly curtail or reorient its operations during 2009, which could have a material adverse effect on the Company's ability to achieve its business objectives and as a result may require the Company to file for bankruptcy or cease operations," the Company said. At March 31, 2009, the Company had $11,641,845 in total assets, including $1,939,352 in total current assets; $1,612,638 in total current liabilities, $942,622 in deferred income tax liability, and $250,000 in contingently redeemable common stock; and $368,659,962 in accumulated deficit. About OccuLogix Headquartered in San Diego, California, OccuLogix, Inc., dba TearLab Corporation (NASDAQ:TEAR)(TSX:TLB) -- http://www.tearlab.com-- develops and commercializes lab-on-a- chip technologies that enable eye care practitioners to improve standard of care by quantitatively testing for disease markers in tears at the point-of-care. TearLab is currently marketed globally in more than 14 countries including the US. ONCOLOGY CORPORATION: Case Summary 9 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: The Oncology Corporation 44 Farragut Ave. Piedmont, CA 94610 Bankruptcy Case No.: 09-46368 Chapter 11 Petition Date: July 17, 2009 Court: United States Bankruptcy Court Northern District of California (Oakland) Judge: Randall J. Newsome Debtor's Counsel: Matthew J. Shier, Esq. Pinnacle Law Group 425 California St. #1800 San Francisco, CA 94104 Tel: (415) 394-5700 Email: mshier@pinnaclelawgroup.com Estimated Assets: $1,000,001 to $10,000,000 Estimated Debts: $500,001 to $1,000,000 A list of the Company's 9 largest unsecured creditors is available for free at: http://bankrupt.com/misc/canb09-46368.pdf The petition was signed by John J. Fuery, president and CEO of the Company. OPUS SOUTH: Can Obtain Advances to Pay Laguna at Riviera Bills -------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware has authorized National City Bank and the other Laguna lenders to make immediate advances to pay budgeted expenses at Opus South Corporation and Laguna Riviera Ventures, L.L.C.'s Laguna at Riviera Dunes Project, in total amount of $290,821 from the petition date through July 9, 2009. Laguna at Riviera Dunes Project, located in Palmetto, Florida, is a four-phase/building condominium project, with each building containing 42 units. Laguna still owns 49 units in buildings 3 and 4 and is in charge of the homeowners' association for these buildings. Laguna tells the Court that due to its inability to sell the remaining units at the project, it is unable to generate sufficient cash on a monthly basis to pay critical expenses, including vendor charges for electricity, water, sewer, maintenance, facility management, security and other necessary items. In return for making said advances, National City and the other Laguna lenders will be granted an additional security interest in the project and other collateral securing the Laguna lenders' prepetition claims. Headquartered in Atlanta, Georgia, Opus South Corporation -- http://www.opuscorp.com/-- provides an array of real estate related services across the United States including real estate development, architecture & engineering, construction and project management, property management and financial services. The Company and its affiliates filed for Chapter 11 on April 22, 2009 (Bankr. D. Del. Lead Case No. 09-11390). Victoria Watson Counihan, Esq., at Greenberg Traurig, LLP, represents the Debtors in their restructuring efforts. The Debtors propose to employ Landis, Rath & Cobb, LLP, as conflicts counsel, Chatham Financial Corporation as real estate broker, Delaware Claims Agency LLC as claims agent. The Debtors have assets and debts both ranging from $50 million to $100 million. OPUS SOUTH: Can Obtain Protective Advances to Pay La Serena Bills ----------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware has authorized Wachovia Bank, National Association to make immediate protective advances to pay critical expenses at Calm Waters, LLC's La Serena Project in the total amount of $136,000 for the 11-week period from June 7 to August 16. La Serena project, located on Perdido Key near Pensacola Florida, was completed in September 2007 and consists of 51 condominium units. As of the petition date, 18 of the 51 units had been sold. Wachovia is owed $13,551,878 as of April 1, 2009. In papers filed with the Court, Calm Waters relate that they have immediate need to pay vendor charges for electricity, water, sewer, other utilities, maintenance, facility management, security, and other necessary items. In return for making said advances. Wachovia will be granted an additional security interest in the La Serena Project to the extent of the protective advances as approved by the Court. Headquartered in Atlanta, Georgia, Opus South Corporation -- http://www.opuscorp.com/-- provides an array of real estate related services across the United States including real estate development, architecture & engineering, construction and project management, property management and financial services. The Company and its affiliates filed for Chapter 11 on April 22, 2009 (Bankr. D. Del. Lead Case No. 09-11390). Victoria Watson Counihan, Esq., at Greenberg Traurig, LLP, represents the Debtors in their restructuring efforts. The Debtors propose to employ Landis, Rath & Cobb, LLP, as conflicts counsel, Chatham Financial Corporation as real estate broker, Delaware Claims Agency LLC as claims agent. The Debtors have assets and debts both ranging from $50 million to $100 million. ORLANDA CUNNINGHAM: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: Orlanda Cunningham 4711 4th Ave Los Angeles, CA 90043 Bankruptcy Case No.: 09-28533 Chapter 11 Petition Date: July 20, 2009 Court: United States Bankruptcy Court Central District of California (Los Angeles) Judge: Alan M. Ahart Debtor's Counsel: Mark A. Nelson, Esq. Law Office of Mark A. Nelson POB 4461 Oceanside, CA 92052-4461 Tel: (760) 613-1234 Fax: (760) 721-4980 Email: marka.nelson@yahoo.com Estimated Assets: $1,000,001 to $10,000,000 Estimated Debts: $1,000,001 to $10,000,000 A full-text copy of the Debtor's petition, including a list of its 20 largest unsecured creditors, is available for free at: http://bankrupt.com/misc/cacb09-28533.pdf The petition was signed by Orlanda Cunningham. OSCIENT PHARMACEUTICALS: U.S. Trustee Names 3-Member Panel ---------------------------------------------------------- The United States Trustee for the District of Massachusetts appointed three members to the Official Committee of Unsecured Creditors in the bankruptcy cases of Oscient Pharmaceuticals Corporation. The Committee members are: -- U.S. Bank, N.A.; -- Motorlease Corp. -- RxSolutions, Inc. U.S. Bank serves as indenture trustee of 3.5% convertible promissory notes due in 2011. According to NetDockets, a representative of U.S. Bank has been appointed as the chairperson of the Committee. As reported by the Troubled Company Reporter, Oscient Pharmaceuticals and its wholly owned subsidiary, Guardian II Acquisition Corporation, each filed on July 13, 2009, a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case No. 09-16576). In connection with the filing Oscient entered into a definitive asset purchase agreement with a subsidiary of Cornerstone Therapeutics Inc. for the sale of the commercial rights to the antibiotic Factive(R) (gemifloxacin mesylate) in North America and certain countries in Europe. Cornerstone will pay Oscient $5 million plus the value of FACTIVE inventory at closing and a royalty on Cornerstone's sales of FACTIVE, less certain adjustments, through the fifth anniversary of the closing date. Oscient and Guardian are continuing to explore strategic alternatives, including seeking a buyer for the ANTARA product and other assets. It is Oscient's belief that there will be no value for the common stockholders in the bankruptcy liquidation process. Stockholders of a company in Chapter 11 generally receive value only if all claims of the company's secured and unsecured creditors are fully satisfied. Oscient believes all such claims will not be fully satisfied. About Oscient Pharmaceuticals Based in Waltham, Massachusetts, Oscient Pharmaceuticals Corporation -- http://www.antararx.com/and http://www.factive.com/-- markets two FDA-approved products in the United States: ANTARA(R) (fenofibrate) capsules, a cardiovascular product and FACTIVE(R) (gemifloxacin mesylate) tablets, a fluoroquinolone antibiotic. ANTARA is indicated for the adjunct treatment of hypercholesterolemia (high blood cholesterol) and hypertriglyceridemia (high triglycerides) in combination with diet. FACTIVE is approved for the treatment of acute bacterial exacerbations of chronic bronchitis and community- acquired pneumonia of mild to moderate severity. Judge Henry J. Boroff presides over the case. Charles A. Dale III, Esq., at K&L Gates LLP, in Boston, serves as counsel to the Debtors. Oscient listed assets ranging from $50,000,001 to $100,000,000, and debts ranging from $100,000,001 to $500,000,000. PINELLAS COUNTY: Fitch Upgrades Ratings on Bonds From 'BB-/B' ------------------------------------------------------------- Fitch Ratings upgrades the ratings assigned to the $12,000,000 Pinellas County Education Facilities Authority (Florida) variable rate demand revenue and revenue refunding bonds (Shorecrest Preparatory School Project), series 2007 to 'AA-/F1+' from 'BB-/B'. The rating is based on the support provided by an irrevocable, direct-pay letter of credit issued by The Northern Trust Company, securing the bonds. The bank is obligated to make payments of principal and interest when due, as well as the purchase price for tendered bonds. Effective on July 23, 2009, The Northern Trust Company will replace Columbus Bank and Trust Company as the provider of the LOC supporting the bonds. The Northern Trust Company LOC provides full coverage of principal plus an amount equal to 40 days' interest at a maximum rate of 10%, based on a 360-day year and the purchase price for tendered bonds. The remarketing agent for the bonds is also The Northern Trust Company. The rating will expire upon the earliest of: July 15, 2012, the stated expiration date of the LOC, unless such date is extended; any prior termination of the LOC; and defeasance of the bonds. PACIFIC ENERGY: Auctions Beta Asset on July 31; Bids Due July 24 ---------------------------------------------------------------- Pacific Energy Resources Ltd., et al., ask the U.S. Bankruptcy Court for the District of Delaware to approve the sale of their �Beta Assets� to a successful bidder at an auction. Bids are due July 24, with an auction slated for July 31. Objections to the sale must be filed no later than July 28. The Court has scheduled a sale hearing for August 4, 2009, to approve the sale of the Beta assets to the successful bidder at the auction. The Beta Assets consist of PERL's interest in leased oil and gas production assets located offshore near Huntington Beach, California and related assets and contracts; and stock in the San Pedro Bay Pipeline Company, which owns the pipeline that runs from the Beta interests to shore. The Debtors tell the Court that they actively marketed the sale of the Beta assets and received seven expressions of interests for all or portions of the Beta Assets, but not one has agreed to act as stalking horse bidder. Pursuant to the proposed agreement, sale of the Beta Assets will be on an "as is, where is, with all faults" basis. The sale of the Beta assets is contemplated to occur on or before August 13, 2009, or on such other date as the parties may agree. Headquartered in Long Beach, California, Pacific Energy Resources Ltd. -- http://www.pacenergy.com/-- engages in the acquisition and development of oil and gas properties, primarily in the United States. The Company and seven of its affiliates filed for Chapter 11 protection on March 8, 2009 (Bankr. D. Del. Lead Case No. 09-10785). Attorneys at Pachulski Stang Ziehl & Jones LLP, represent the Debtors as counsel. The Debtors proposed Rutan & Tucker LLP as special corporation and litigation counsel; Schully, Roberts, Slattery & Marino, PLC, as special oil and gas and transactional counsel; Devlin Jensen as special Canadian counsel; Scott W. Winn, at Zolfo Cooper Management, LLC, as chief restructuring officer; Lazard Freres & Co. LLC as investment banker; and Albrecht & Associates, Inc., as agent for the Debtors in the sale of their oil and gas properties. Omni Management Group, LLC, is the claims, balloting, notice and administrative agent for the Debtors. When the Debtors filed for protection from their creditors, they listed between $100 million and $500 million each in assets and debts. PACIFIC ENERGY: Wants SPBPC Case Dismissed After Beta Assets Sale ----------------------------------------------------------------- Pacific Energy Resources Ltd., et al., ask the U.S. Bankruptcy Court for the District of Delaware to dismiss the Chapter 11 case of San Pedro Bay Pipeline Company, one of the Debtors, upon the PERL's sale of 100% of its issued and outstanding common stock pursuant to the approved sale procedures for the Beta Assets. The Debtors further request the Court to authorize and approve the release of claims by and between SPBPC and other Debtors, as contemplated by the Debtors' July 2 sale motion and the proposed purchase and sale agreement attached thereto. The Beta Assets consist of PERL's interest in leased oil and gas production assets located offshore near Huntington Beach, California and related assets and contracts; and stock in the San Pedro Bay Pipeline Company. PBPC owns the pipeline that runs from the Beta interests to shore. The PBPC Pipeline is operated by the PERL. The draft purchase and sale agreement provides as conditions to closing, the Bankruptcy Court will have entered a final order, which will not have been stayed, which (i) dismisses SPBPC from its Chapter 11 case effective as of the closing and (ii) releases any and all claims in favor of or against, SPBPC, on one hand, and seller and its affiliates (other than SPBPC), on the other hand, effective as of the closing. Headquartered in Long Beach, California, Pacific Energy Resources Ltd. -- http://www.pacenergy.com/-- engages in the acquisition and development of oil and gas properties, primarily in the United States. The Company and seven of its affiliates filed for Chapter 11 protection on March 8, 2009 (Bankr. D. Del. Lead Case No. 09-10785). Attorneys at Pachulski Stang Ziehl & Jones LLP, represent the Debtors as counsel. The Debtors proposed Rutan & Tucker LLP as special corporation and litigation counsel; Schully, Roberts, Slattery & Marino, PLC, as special oil and gas and transactional counsel; Devlin Jensen as special Canadian counsel; Scott W. Winn, at Zolfo Cooper Management, LLC, as chief restructuring officer; Lazard Freres & Co. LLC as investment banker; and Albrecht & Associates, Inc., as agent for the Debtors in the sale of their oil and gas properties. Omni Management Group, LLC, is the claims, balloting, notice and administrative agent for the Debtors. When the Debtors filed for protection from their creditors, they listed between $100 million and $500 million each in assets and debts. PLASTIPAK HOLDINGS: Moody's Assigns 'B3' Rating on $150 Mil. Notes ------------------------------------------------------------------ Moody's Investors Service assigned a B3 rating to the new $150 million senior unsecured notes due 2019 of Plastipak Holdings, Inc. Moody's also affirmed the company's B2 corporate family rating and stable rating outlook. The company announced on July 20, 2009, that it had commenced a private offering of approximately $150 million of senior unsecured notes due 2019. The proceeds of the offering will be used to pay down borrowings under the company's $350 million revolver (not rated by Moody's) and otherwise for general corporate purposes. The affirmation of Plastipak's B2 corporate family rating despite the expected deterioration in interest coverage due to the transaction reflects the company's strong leverage and interest coverage for the rating category. The rating is further supported by the company's strong market position and long standing relationships with multi-national and well-established customers. Plastipak also benefits from an expected ramp up in new contracts, a high percentage of multi-year contracts and a low percentage of contract renegotiations over the next twelve months. The company has also stated its intention to discontinue its acquisition strategy. The rating is constrained by an EBIT margin and free cash flow that are weak for the rating category and the company's high concentration of sales. The rating also reflects the company's large percentage of commodity products and the risk inherent in its strategic transition to higher margin, less commoditized products. While the company's and the industry competitive position is improving, the industry remains fragmented and competitive with strong price pressure. Moody's took these rating actions: -- Assigned $150 million senior unsecured notes due 2019, B3 (LGD 5, 75%) -- Affirmed $250 million 8.5% senior unsecured notes due 12/15/2015, B3 (LGD 5, 75% from LGD 5, 77%) -- Affirmed corporate family rating, B2 -- Affirmed probability of default rating, B2 The ratings outlook is stable. Moody's last rating action on Plastipak occurred on October 10, 2008, when the ratings outlook was revised to stable from positive and the B2 corporate family rating affirmed. Plastipak Holdings, Inc., is a privately held leading manufacturer of plastic packaging containers used by branded companies in the beverage, food, personal care, industrial, and automotive industries worldwide. Headquartered in Plymouth, Michigan, Plastipak generated revenues of roughly $1.9 billion for the twelve months ended May 2, 2009. PROVIDENCE SERVICE: Moody's Confirms 'B2' Corp. Family Rating ------------------------------------------------------------- Moody's Investors Service has confirmed Providence Service Corporation's B2 corporate family rating, B2 probability of default rating, and B1 senior secured credit facilities rating. Simultaneously, Moody's raised the company's speculative grade liquidity rating to SGL-3 from SGL-4. The rating confirmation concludes the review for possible downgrade that was extended on February 12, 2009, to focus on the company's liquidity profile, financial covenant compliance and review of strategic options. The rating outlook is negative. The B2 CFR reflects Moody's expectation that Providence's financial performance will continue to improve as a result of a more supportive federal funding environment, favorable demographic trends related to growth in Medicaid eligible individuals, earnings and cash flow growth from recently signed contracts and cost savings initiatives and the integration of its Logisticare business. The B2 rating is prospective in its anticipation of significant de-leveraging over the next twelve months through a combination of improved earnings and debt reduction. The SGL-3 rating reflects Moody's view that the company's liquidity profile will be adequate over the near term. While the liquidity rating reflects the expectation for improved cash generation and the recent amendment to the credit facility that loosened covenants following covenant violations in 2008, Moody's anticipates that covenant headroom could weaken over time as covenant levels begin to tighten in September 2009. Therefore, Providence's ability to de-leverage over the near term is critical to the SGL rating. Moody's expects that strong cash generation and healthy balance sheet cash levels should foster the debt reduction activities. In addition, Moody's does not anticipate that Providence will be required to access its revolver over the near term. The negative outlook reflects Moody's belief that Providence's exposure to state payors with declining tax revenues and weakened budgets could create volatility in cash generation and may limit debt reduction. Further, the outlook recognizes that the significant step-downs in Providence's leverage covenants require the company to execute on plans to reduce leverage over the near term or face potential covenant violations. This rating was upgraded: * Speculative Grade Liquidity Rating to SGL-3 from SGL-4 These ratings were confirmed: * Corporate Family Rating of B2; * Probability of Default Rating of B2; * Senior Secured Revolving Credit Facility of B1 (LGD3, 33%) -- Point estimate revision from (LGD3, 37%); and * Senior Secured Term Loan of B1 (LGD3, 33%) -- Point estimate revision from (LGD3, 37%) The last rating action on Providence was on February 12, 2009, where Moody's lowered its speculative grade liquidity rating to SGL-4. Providence's ratings were assigned by evaluating factors Moody's believe are relevant to the credit profile of the issuer, such as i) scale, diversity and competitive position, ii) revenue concentration and Medicaid enrollment trends iii) cost structure and profitability and iv) financial policies, including liquidity and acquisition risk. These attributes were compared against other issuers both within and outside of Providence's core industry and Providence's ratings are believed to be comparable to those of other issuers of similar credit risk. Providence Service Corporation, headquartered in Tucson, Arizona, is a provider and manager of government sponsored social services including home and community based social services and non- emergency transportation services management. The company reported revenues of $705 million for the last twelve month period ended March 31, 2009. QUALITY HOME: High Financial Leverage Cues Moody's to Junk Rating ----------------------------------------------------------------- Moody's Investors Service downgraded Quality Home Brands Holdings LLC's corporate family rating to Caa1 from B3 and its probability- of-default rating to Caa2 from Caa1. Moody's also affirmed the B2 rating on the first lien credit facilities and the Caa2 rating on the second lien term loan. The downgrade of the corporate family rating reflects the company's high financial leverage, inadequate EBIT coverage of interest, deteriorated sales and earnings, and the likelihood that its operating performance will remain under pressure due to ongoing weakness in consumer spending and the housing market. The downgrade of the probability-of-default rating reflects Moody's concern over the company's ability to maintain compliance with the financial covenants governing the credit facilities and uncertainty over its ability to secure another amendment or additional sponsor equity, if needed. However, the corporate family rating derives some support from the company's continued positive cash flows. The ratings outlook remains negative. These ratings were downgraded: -- Corporate family rating to Caa1 from B3; -- Probability-of-default rating to Caa2 from Caa1. These ratings were affirmed: -- $20 million 1st lien senior secured revolver due 2012 at B2. Point estimate revised to (LGD2, 16%) from (LGD2, 23%); -- $248 million 1st lien senior secured term loan due 2012 at B2. Point estimate revised to (LGD2, 16%) from (LGD2, 23%); -- $100 million 2nd lien term loan due 2013 at Caa2. Point estimate revised to (LGD4, 56%) from (LGD4, 61%). The negative outlook reflects Moody's concerns over Quality Home Brands' high financial leverage in the context of challenging market conditions and a weak credit market. The last rating action was on September 9, 2008, when Moody's affirmed the company's B3 corporate family rating following the amendment of its senior credit facility and concurrent equity infusion from its financial sponsors. At the same time, Moody's affirmed the company's first lien credit facility (term loan and revolver) at B2 and its second lien term loan at Caa2, but downgraded the company's probability-of-default rating to Caa1 from B3. The ratings outlook remained negative. Quality Home Brands Holdings LLC is a designer, manufacturer, importer, and marketer of lighting fixtures headquartered in North Carolina. Sales were approximately $297 million for the twelve months ended March 27, 2009. REGENCY PARTNERS: Case Summary & 6 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Regency Partners, LLC 1420 La Jolla Knoll La Jolla, CA 92037 Bankruptcy Case No.: 09-22926 Chapter 11 Petition Date: July 20, 2009 Court: United States Bankruptcy Court District of Nevada (Las Vegas) Judge: Bruce A. Markell Debtor's Counsel: Zachariah Larson, Esq. Larson & Stephens 810 S. Casino Center Blvd., Suite 104 Las Vegas, NV 89101 Tel: (702) 382-1170 Fax: (702) 382-1169 Email: ecf@lslawnv.com Total Assets: $5,061 Total Debts: $6,918,429 A full-text copy of the Debtor's petition, including a list of its 6 largest unsecured creditors, is available for free at: http://bankrupt.com/misc/nvb09-22926.pdf The petition was signed by Harold Dennis, owner of the Company. RENO QUALITY HOMES: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------------ Debtor: Reno Quality Homes, INC. P.O. BOX 8070 RENO, NV 89507 Bankruptcy Case No.: 09-52371 Chapter 11 Petition Date: July 21, 2009 Court: United States Bankruptcy Court District of Nevada (Reno) Debtor's Counsel: Alan R. Smith, Esq. 505 Ridge St Reno, NV 89501 Tel: (775) 786-4579 Email: mail@asmithlaw.com Estimated Assets: $1,000,001 to $10,000,000 Estimated Debts: $10,000,001 to $50,000,000 A full-text copy of the Debtor's petition, including a list of its 20 largest unsecured creditors, is available for free at: http://bankrupt.com/misc/nvb09-52371.pdf The petition was signed by Luke R. Fitzgerald, president of the Company. RITZ CAMERA: CEO Outbids Three Liquidators for Firm --------------------------------------------------- David Ritz, the CEO of Ritz Camera Centers Inc., has collaborated with a group of investors to prevail in a 23 1/2 -hour auction in New York with the top bid of $33.1 million, outbidding three liquidators who probably would have sold off the Company's assets, V. Dion Haynes at Washington Post reports, citing Jay Indyke, a partner in the law firm of Cooley Godward Kronish, which represented the creditors' committee. Mr. Indyke said that Mr. Ritz's team included representatives of Ritz Camera's online business, Ritz Interactive, which was not in bankruptcy protection, Washington Post states. According to the report, Mr. Indyke said that the team placed a bid against a Hilco Trading-Gordon Brothers Group tie-up and Great American Group, both of which specialize in liquidating failed retailers. Citing Millman Search Group President Mark Millman, Washington Post says that each of the 375 stores could be worth several hundred thousand dollars, and "David Ritz and his partners absolutely got a buy of a lifetime, getting the stores and all the equipment for as little as $90,000 per store." According to Washington Post, Mr. Indyke said that between 163 and 375 stores will continue operating as a going concern if Mr. Ritz's bid secures the approval of the U.S. Bankruptcy Court for the District of Delaware. Washington Post relates that Mr. Ritz's group plans to create a separate new photo chain out of the old company, similar to the restructurings involving Chrysler LLC and General Motors Corp. Washington Post, citing Mr. Indyke, states that the new company would be placed under a payment plan allowing it to take care of a portion of the remaining debt from the old company over time. Mr. Indyke said that the creditors committee approved Mr. Ritz's business plan for the new company, according to the report. Ritz Camera officials "need additional marketing and advertising to bring customers back to the store. They need to renegotiate leases with all landlords . . . and bring in high-energy professionals to run the business," Washington Post quoted Mr. Millman as saying. Headquartered in Beltsville, Maryland, Ritz Camera Centers, Inc. - - http://www.ritzcamera.com/-- sells digital cameras and accessories, and electronic products. The Company filed for Chapter 11 protection on February 22, 2009 (Bankr. D. Del. Case No. 09-10617). Irving E. Walker, Esq., Gary H. Leibowitz, Esq., at Cole, Schotz, Meisel, Forman & Leonard, P.A., in Baltimore, are bankruptcy counsel to the Debtor. Norman L. Pernick, Esq., and Karen M. Mckinley, Esq., at Cole, Schotz, Meisel, Forman & Leonard, P.A., in Wilmington, Delaware, serve as local counsel. Thomas & Libowitz, P.A., is Debtor's special corporate counsel and conflicts counsel. Marc S. Seinsweig, at FTI Consulting, Inc, acts as the Debtor's chief restructuring officer. Kurtzman Carson Consultants LLC is the claims and noticing agent. Attorneys at Cooley Godward Kronish LLP represent the official committee of unsecured creditors as lead counsel. The Committee selected Bifferato LLC as Delaware counsel. In its schedules, the Debtor listed total assets of $277 million and total debts of $172.1 million. ROC PREF: S&P Downgrades Ratings on Preferred Shares to 'BB-' ------------------------------------------------------------- Standard & Poor's Ratings Services lowered its ratings on ROC Pref Corp.'s preferred shares and removed them from CreditWatch with negative implications. These actions mirror the lowering and CreditWatch negative removal of the rating on Tranched Investment-Grade Enhanced Return Securities 2004-11's credit-linked notes, to which the rating on the preferred shares are linked. Ratings Lowered And Removed From Creditwatch Negative ROC Pref Corp. Rating ------ Class To From ----- -- ---- Preferred shares Global scale: BB- BBB+/Watch Neg Canada scale: P-3(Low) P-2(High)/Watch Neg RONALD SCHENA: Case Summary & 13 Largest Unsecured Creditors ------------------------------------------------------------ Joint Debtors: Ronald A. Schena aka Ronald Schena Rachael Schena 9124 Wilshire Ct NE Albuquerque, NM 87122-3050 Bankruptcy Case No.: 09-13165 Chapter 11 Petition Date: July 21, 2009 Court: United States Bankruptcy Court New Mexico (Albuquerque) Debtors' Counsel: Louis Puccini Jr., Esq. PO Box 50700 Albuquerque, NM 87181-0700 Tel: (505) 255-0202 Email: pmlaw@puccinilaw.com Estimated Assets: $1,000,001 to $10,000,000 Estimated Debts: $1,000,001 to $10,000,000 A full-text copy of the Debtors� petition, including a list of their 13 largest unsecured creditors, is available for free at: http://bankrupt.com/misc/nmb09-13165.pdf The petition was signed by the Joint Debtors. SBA TELECOMMUNICATIONS: S&P Cuts Rating on $750 Mil. Notes to BB- ----------------------------------------------------------------- Standard & Poor's Ratings Services said it lowered its issue rating and revised its recovery rating on SBA Telecommunications Inc.'s proposed $750 million of new senior unsecured notes, consisting of $375 million due in 2016 and $375 million due in 2019. S&P lowered the issue rating to 'BB-' from 'BB'. S&P revised the recovery rating to '2' from '1'. Proceeds will be used for the repayment of debt and for general corporate purposes. The downgrade does not reflect any change in Boca Raton, Florida- based parent tower operator SBA Communications Corp.'s credit profile (B+/Stable/--). Rather, it reflects the fact that the prior 'BB' issue-level and '1' recovery ratings incorporated only $500 million of unsecured debt at SBA Telecommunications. With the larger debt issue, the recovery is now substantial (70%-90%) rather than very high (90%-100%). SANITARY AND IMPROVEMENT: Files for Chapter 9 in Nebraska --------------------------------------------------------- Sanitary and Improvement District Number 251 of Sarpy County, Nebraska has filed a voluntary petition under Chapter 9 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Nebraska on July 13, 2009. The case is docketed as Bankruptcy Proceeding No. 09-81825. In a legal notice, Brian C. Doyle, Esq., at Fullenkamp, Doyle & Jobeun, attorney for the Debtor, said that on July 16, 2009, the Bankruptcy Court issued a notice of commencement of case under Chapter 9, notice of automatic stay, notice of time for filing of resistances to the petition, order for relief, notice of time for filing proofs of claims, and related orders combined with notice thereof. Chapter 9 is the chapter of the Bankruptcy Code which provides for reorganization of municipalities, including cities and towns, villages, counties, taxing districts, municipal utilities, and school districts. The purpose of Chapter 9 is to provide a financially-distressed municipality protection from its creditors while it develops and negotiates a plan for adjusting its debts. Reorganization of the debts of a municipality is typically accomplished either by extending debt maturities, reducing the amount of principal or interest, or refinancing the debt by obtaining a new loan. Although similar to other chapters in some respects, Chapter 9 is significantly different in that there is no provision in the law for liquidation of the assets of the municipality and distribution of the proceeds to creditors. The functions of the bankruptcy court in Chapter 9 cases are generally limited to approving the petition, confirming a plan of debt adjustment, and ensuring implementation of the plan. Sanitary and Improvement District No. 251 of Sarpy County a.k.a. SID #251 filed for Chapter 9 protection on July 13, 2009 (Bankr. Neb. Case No. 09-81825. Brian C. Doyle, Esq., at Fullenkamp Doyle & Jobeun, serves as bankruptcy counsel. SID #251 listed between $10 million and $50 million each in assets and debts. SCARLETT INVESTMENTS: Voluntary Chapter 11 Case Summary ------------------------------------------------------- Debtor: Scarlett Investments, L.L.C. 1150 N. Farm Road 185 Springfield, MO 65802 Bankruptcy Case No.: 09-61635 Chapter 11 Petition Date: July 20, 2009 Court: United States Bankruptcy Court Western District of Missouri (Springfield) Debtor's Counsel: James M. Poe, Esq. Law Office of James M. Poe, LLC 4411 East Sunshine, Suite B Springfield, MO 65804 Tel: (417) 887-1807 Fax: (417) 429-2142 Email: jamespoe@ozarksbankruptcy.com Estimated Assets: $1,000,001 to $10,000,000 Estimated Debts: $1,000,001 to $10,000,000 The Debtor did not file a list of its 20 largest unsecured creditors when it filed its petition. The petition was signed by Freddie Ray, member of the Company. SOUND HEALTH SOLUTIONS: Voluntary Chapter 11 Case Summary --------------------------------------------------------- Debtor: Sound Health Solutions Inc. 301 NE 100th St., Suite 100 Seattle, WA 98125 Bankruptcy Case No.: 09-17094 Chapter 11 Petition Date: July 17, 2009 Court: United States Bankruptcy Court Western District of Washington (Seattle) Judge: Thomas T. Glover Debtor's Counsel: Donald A. Bailey, Esq. 1218 3rd Ave., Suite 1808 Seattle, WA 98101 Tel: (206) 682-4802 Email: donald.bailey@shaferbailey.com Edward S. Adams, Esq. Adams Monahan, LLP 60 South Sixth Street, Suite 2540 Minneapolis, MN 55402 Tel: (612) 465-8098 Estimated Assets: $1,000,001 to $10,000,000 Estimated Debts: $1,000,001 to $10,000,000 The Debtor did not file a list of its 20 largest unsecured creditors when it filed its petition. The petition was signed by Steven Morton. SOURCE INTERLINK: S&P Withdraws 'D' Corporate Credit Rating ----------------------------------------------------------- Standard & Poor's Ratings Services withdrew its ratings on Source Interlink Cos. Inc., as all of the company's rated debt has been extinguished as part of a pre-packaged plan of reorganization under Chapter 11 of the U.S. Bankruptcy Code. Bonita Springs, Florida-based Source Interlink is a leading magazine publisher and distributor of magazines, DVDs, and CDs. Ratings List Withdrawn Source Interlink Cos. Inc. To From -- ---- Corporate Credit Rating NR D/--/-- Secured Revolver NR D Recovery Rating NR 1 Secured Term Loan NR D Recovery Rating NR 5 Senior Unsecured NR D Recovery Rating NR 6 SOUTHEAST WAFFLES: Files Competing Plan Of Reorganization --------------------------------------------------------- SouthEast Waffles, LLC, has filed a competing Plan of Reorganization with the U.S. Bankruptcy Court for the Middle District of Tennessee. The plan proposes to sell substantially all SouthEast's assets and operations to an affiliate of Gaylord Sports Management LLC in exchange for cash and principal payments over time totaling more than $20 million. On July 6, 2009, Waffle House, Inc., the Norcross, Georgia-based franchisor, filed its own Plan of Reorganization under which all of SouthEast's assets and operations would be sold to an affiliate of Waffle House. "This is an exciting development," said Gary Murphey of Atlanta- based Resurgence Financial Services LLC. Mr. Murphey became SouthEast's court-appointed chief restructuring officer in September 2009 amid allegations of fraud and mismanagement made by certain creditors against SouthEast's CEO James Shaub. Since that time, Mr. Murphey has had control over all SouthEast's activities. "To have two financially capable suitors in today's economic climate is a wonderful situation for our creditors, employees and customers," Mr. Murphey said. Under the Waffle House plan, creditors are paid over a ten-year period out of the company's future cash flow. Under the plan filed by SouthEast, Gaylord will pay almost $5 million at closing for the benefit of creditors, as well as making payments over time. Mr. Murphey estimates that on a present-value basis, the Gaylord plan would pay unsecured creditors approximately 10 percent more than Waffle House's plan. Both plans propose to retain substantially all of SouthEast's employees. SouthEast filed for bankruptcy on August 25, 2009, amid allegations of the company passing $3.7 million of worthless checks between bank accounts and failure to pay over $2 million in payroll taxes. Court records reflect that at the time of the filing, SouthEast's debts exceeded its assets. "We were unprofitable and upside down when the company filed," said Mr. Murphey. "In August of last year, we had about $1.8 million more in payables than cash. However, today we have more cash than payables. We've had tremendous support from Waffle House, our employees and our customers. Everyone was on board with the changes we wanted to implement since day one." From September 2008 through June 2009, court records report that SouthEast has reported profit of approximately $3 million. At this point, it appears the SouthEast's creditors will have a choice between the two competing plans. However, SouthEast recognizes that there are many more hurdles to clear before either plan can be confirmed and a sale take place. "I suspect Waffle House may have some difficulty convincing creditors to vote for a plan that offers less. But on the other hand, Waffle House has the right to challenge Gaylord as a suitable owner/operator of SouthEast's restaurants," Mr. Murphey said. Glenn Rose of Harwell, Howard, Hyne, Gabbert & Manner PC, counsel to SouthEast, explains, "Under the bankruptcy laws, the Bankruptcy Court must approve the transfer of the franchise rights to Gaylord, and Waffle House, as franchisor of the Waffle House brand, has the right to oppose the transfer. However, we believe that Gaylord is a financially strong company that will perform well as a Waffle House franchisee for years to come and will thus have no difficulty meeting the requirements in the Bankruptcy Code regarding assignment of the franchise rights." Rose continued, "Because Waffle House has filed its own plan pursuant to which it would acquire SouthEast's restaurants at a lower overall purchase price, Waffle House is now wearing two very different and conflicting hats. In my opinion, Waffle House's desire to obtain the restaurants for its own benefit limits its ability to effectively challenge Gaylord's qualifications as a potential franchisee, especially given the strength of the team put together by Gaylord." According to attorney Rose, "If more than one plan meets the requirements for confirmation, then the bankruptcy laws direct the court to consider the preferences of creditors and equity holders in determining which plan to confirm." Murphey noted, "As the debtor's chief restructuring officer, my primary responsibility is to find ways to maximize the return to creditors, and I believe that goal will be achieved. Creditors will vote to accept or reject each of these plans and to express their opinion to the Court about which plan provides them with the greatest recovery, which is, after all, what Chapter 11 is all about." Headquartered in Nashville, Tennessee, SouthEast Waffles, LLC dba Waffle House -- http://www.southeastwaffles.com-- operates restaurants. The Company filed for Chapter 11 protection on August 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. STAR TRIBUNE: US Trustee Balks at Legal Defenses for Shareholder ---------------------------------------------------------------- Diana Adams, the U.S. Trustee for Region 2, has objected to the Star Tribune Holdings Corporation's request to give broad legal protections to its largest shareholder Avista Capital Partners, publisher Chris Harte's family trust, and the rest of the Company's employees and affiliates, Dow Jones News Service reports. According to Dow Jones, the Star Tribune made the request as part of its Chapter 11 reorganization plan. Dow Jones relates that under the Plan, secured lenders would exchange $493 million in debt for control of the Star Tribune and $100 million in new notes. Dow Jones reports that the Star Tribune will submit its Plan to the Court on July 29. Ms. Adams conveyed its opposition to the legal protections in its objection to the disclosure statement explaining Star Tribune's Chapter 11 plan. Ms. Adams, Dow Jones relates, said that the plan shouldn't be sent to creditors for a vote unless changes are made. She said in court documents that it's appropriate for Star Tribune and members of its creditors committee to receive releases, but those protections should be extended to third parties only in "rare cases" when the plan's confirmation is contingent upon the release. According to Dow Jones, Ms. Adams said that the Star Tribune has "not shown, or attempted to show, that this case meets any of the requirements for uniqueness." "We believe what we are seeking is standard, limited and appropriate, and we intend to work with the U.S. Trustee to resolve the objection," Dow Jones quoted Star Tribune spokesperson Ben Taylor as saying. Headquartered in Minneapolis, Minnesota, The Star Tribune Company -- http://www.startribune.com/-- operates the largest newspaper in the state of Minnesota and published seven days each week in an edition for the Minneapolis-Saint Paul metropolitan area. The Company and its affiliate, Star Tribune Holdings Corporation, filed for Chapter 11 protection on January 15, 2009 (Bankr. S.D.N.Y. Lead Case No. 09-10245). Marshall Scott Huebner, Esq., James I. McClammy, Esq., and Lynn Poss, Esq., at Davis Polk & Wardwell, represent the Debtors in their restructuring efforts. Blackstone Advisory Services L.P. is the Debtors' financial advisor. Diana G. Adams, the U.S. Trustee for Region 2, selected seven members to the official committee of unsecured creditors in the Debtors' Chapter 11 cases. Scott Cargill, Esq., and Sharon L. Levine, Esq., at Lowenstein Sandler PC, represent the Committee as counsel. When the Debtors filed for protection from their creditors, they listed between $100 million and $500 million each in assets and debts. The Court has extended the Debtors' exclusive periods to file a plan of reorganization until August 13, 2009. STEPHEN BALDWIN: Files for Chapter 11 Bankruptcy Protection ----------------------------------------------------------- Stephen Baldwin, along with his wife Kennya Baldwin, has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of New York. Mr. Baldwin listed less than $10 million assets and less than $10 million debts which, according to Reuters, include over $2.3 million for mortgage payments, more than $70,000 in credit card debt, and other expenses. Court documents say that Mr. Baldwin listed a $1.1 million Upper Grandview, N.Y., home as his asset, but he owes $1.19 million on two mortgages. Mr. Baldwin also owes $749,974 to the IRS on taxes as far back as 1999 and a $139,288 debt for unpaid withholding taxes, as well as $194,527 in unpaid state income taxes. Court documents say that Mr. Baldwin listed other than the mortgaged-to-the rooftop house. Even Baldwin's "HM" tattoo, which he agreed to get in a deal that allowed him to appear on Miley Cyrus's show, is not listed as an asset. Mr. Baldwin's wife Kennya is also listed in the filing. Actor Stephen Baldwin is known for films like "The Usual Suspects" and recently appeared on the reality television show "I'm a Celebrity Get Me Out of Here." He is the youngest of the acting Baldwin brothers, which include Alec. STEPHEN BALDWIN: Voluntary Chapter 11 Case Summary -------------------------------------------------- Debtor: Stephen Baldwin Kennya Baldwin aka Kennya Deodato Baldwin aka Kennya Rhode Santos De Almeida Deodato Baldwin 71 Old Mountain Road South Upper Grandview, NY 10960 Bankruptcy Case No.: 09-23296 Chapter 11 Petition Date: July 21, 2009 Court: United States Bankruptcy Court Southern District of New York (White Plains) Judge: Robert D. Drain Debtor's Counsel: Bruce Weiner, Esq. Rosenberg, Musso & Weiner, LLP 26 Court Street, Suite 2211 Brooklyn, NY 11242 Tel: (718) 855-6840 Fax: (718) 625-1966 Email: rmwlaw@att.net Estimated Assets: $1,000,001 to $10,000,000 Estimated Debts: $1,000,001 to $10,000,000 The Debtors did not file a list of their 20 largest unsecured creditors when they filed their petition. The petition was signed by the Joint Debtors. STILLWATER MINING: GM Gets OK to Walk Away From Supply Contract --------------------------------------------------------------- Stillwater Mining Company was advised yesterday that the bankruptcy court has approved a petition from General Motors Corporation to reject the existing Palladium & Rhodium Supply Agreement between GM and Stillwater Mining Company, with retroactive effect from July 7, 2009. The Company had filed an objection to the GM petition with the bankruptcy court, but after a hearing this morning the judge upheld the GM request. Commenting on the bankruptcy court's decision, Stillwater's Chairman and CEO, Francis R. McAllister, noted, "We clearly are very disappointed with this outcome and are still assessing what additional avenues may be open to us in this matter. At the same time, we are extremely appreciative of the generous expressions of support we have received from so many in our communities, our industry, from Governor Schweitzer and other leaders in Montana and from the far corners of our nation. A special thank you to all for your kind efforts in our behalf. "As I had commented previously, while the GM contract has been very beneficial to us in view of today's relatively low PGM prices, I believe in the current environment the Company has adequate financial resources to absorb the effect of this loss. Despite the absence of the GM agreement, the Company will still be able to sell all of its mine production into the market, although obviously we will no longer enjoy the benefit of the GM pricing floors. I noted earlier that loss of the GM agreement will likely cost the Company, at current PGM prices, between $5 and $10 million annually. However, the Company's cash position remains strong, and we have made substantial progress in recent months toward our goal of becoming a safe, low-cost operator in our industry. While losing our GM supply agreement certainly increases the Company's exposure to any sustained decline in PGM prices, I believe the longer-term fundamentals of our industry are favorable and our competitive position is strengthening." Expanding on the Company's recent performance, Mr. McAllister added, "Although the Company's second-quarter financial results are not yet finalized, I am pleased to report that mine production in the quarter of about 137,700 platinum and palladium ounces was substantially better than planned and is trending well ahead of our mine production guidance of 495,000 ounces for the year. Cost reduction measures also appear to be taking effect at both mines, and total cash costs for the quarter are likely to come in far below our combined annual guidance of $399 per PGM ounce. At the same time, our cash position remains solid. All of this reflects the broad-based dedication of our employees toward improving productivity throughout our operations and finding better ways to coordinate our diverse efforts. "These initial second-quarter results clearly suggest that our current initiatives are meeting with some success. This is particularly gratifying in view of both the apparent loss of the GM contract and the increased urgency to reposition our operations prior to the expiration of the Ford contract at the end of next year. While we have not yet demonstrated that our second-quarter performance will be sustainable over the longer term, I am optimistic that the quarter's results do demonstrate the Company's capacity to perform at a level that is competitive in the absence of the pricing floors in our contracts. Although there is no assurance that PGM prices in the future will remain high enough to sustain our operations, the recent increases in efficiency appear to bode well for the future." About General Motors Headquartered in Detroit, Michigan, General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- was founded in 1908. GM employs about 266,000 people around the world and manufactures cars and trucks in 35 countries. In 2007, nearly 9.37 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn, Vauxhall and Wuling. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. GM Europe is based in Zurich, Switzerland, while General Motors Latin America, Africa and Middle East is headquartered in Miramar, Florida. As reported by the Troubled Company Reporter, GM reported net loss of US$6.0 billion, including special items, in the first quarter of 2009. This compares with a reported net loss of US$3.3 billion in the year-ago quarter. As of March 31, 2009, GM had US$82.2 billion in total assets and US$172.8 billion in total liabilities, resulting in US$90.5 billion in stockholders' deficit. General Motors Corporation and three of its affiliates filed for Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case No. 09-50026). The Honorable Robert E. Gerber presides over the Chapter 11 cases. Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors in their restructuring efforts. Al Koch at AP Services, LLC, an affiliate of AlixPartners, LLP, is the Debtors' restructuring officer. GM is also represented by Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as counsel. Cravath, Swaine, & Moore LLP is providing legal advice to the GM Board of Directors. GM's financial advisors are Morgan Stanley, Evercore Partners and the Blackstone Group LLP. General Motors changed its name to Motors Liquidation Co. following the sale of its key assets to a company 60.8% owned by the U.S. Government. Bankruptcy Creditors' Service, Inc., publishes General Motors Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by General Motors Corp. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) About Stillwater Mining Billings, Montana-based Stillwater Mining Company -- http://www.stillwatermining.com/-- is the only U.S. producer of palladium and platinum and is the largest primary producer of platinum group metals outside of South Africa and Russia. The Company's shares are traded on the New York Stock Exchange under the symbol "SWC." As reported by the Troubled Company Reporter on July 13, 2009, Standard & Poor's Ratings Services placed its ratings, including its 'B-' corporate credit rating on Stillwater Mining, on CreditWatch with negative implications. "The CreditWatch listing reflects S&P's concern regarding the possible loss of the supply contract between Stillwater and General Motors Corp. The company's platinum group metals supply agreements with GM and Ford Motor Co. include provisions that guarantee a minimum purchase price for palladium and platinum even when prices fall below stipulated levels, a benefit to Stillwater given the relatively low PGM prices," said Standard & Poor's credit analyst Maurice Austin. SWM MANAGEMENT: Case Summary & 2 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: SWM Management Corporation 9421 Haven Avenue, Suite 200 Rancho Cucamonga, CA 91730 Bankruptcy Case No.: 09-26135 Chapter 11 Petition Date: July 17, 2009 Court: United States Bankruptcy Court Central District of California (Riverside) Judge: Sheri Bluebond Debtor's Counsel: Stephen R. Wade, Esq. The Law Offices of Stephen R. Wade 400 N Mountain Ave., Suite 214B Upland, CA 91786 Tel: (909) 985-6500 Fax: (909) 985-2865 Email: dp@srwadelaw.com Estimated Assets: $1,000,001 to $10,000,000 Estimated Debts: $1,000,001 to $10,000,000 A full-text copy of the Debtor's petition, including a list of its 2 largest unsecured creditors, is available for free at: http://bankrupt.com/misc/cacb09-26135.pdf The petition was signed by Jeffrey A. Walker, president of the Company. SYNTAX-BRILLIAN: Plaintiffs in Fraud Suit Certified as Class ------------------------------------------------------------ The Hon. Frederick J. Martone of the U.S. District Court for the District of Arizona certified a class in a securities fraud action accusing officials at Syntax-Brillian Corp. of concealing problems at the once high-flying television maker, according to Law360. Judge Martone's order rejected the defendants' argument that common questions did not predominate the plaintiffs' claims, the report says. Based in Tempe, Arizona, Syntax-Brillian Corporation (Nasdaq: BRLC) -- http://www.syntaxbrillian.com/-- and its affiliated debtors, Syntax-Brillian SPE, Inc., and Syntax Groups Corp. design, develop, and distribute high-definition televisions (HDTVs) utilizing liquid crystal display (LCD) and, formerly, liquid crystal (LCoS) technologies. The Debtors sell their HDTVs under the Olevia brand name. SBC is also the sole shareholder of Vivitar Corp., a supplier of film cameras and a line of digital imaging products, including digital cameras. The Debtors filed separate petitions for Chapter 11 relief on July 8, 2008 (Bankr. D. Del. Lead Case No. 08-11407). Nancy A. Mitchell, Esq., Allen G. Kadish, Esq., and John W. Weiss, Esq., at Greenberg Traurig LLP in New York, represent the Debtors as counsel. Victoria Counihan, Esq., at Greenburg Traurig LLP in Wilmington, Delaware, represents the Debtors as Delaware counsel. Five members compose the official committee of unsecured creditors. Pepper Hamilton, LLP, represents the Committee as counsel. Epiq Bankruptcy Solutions, LLC, is the Debtors' balloting, notice, and claims agent. When the Debtors filed for protection from their creditors, they listed total assets of $175,714,000 and total debts of $259,389,000. THOMAS SAHROW: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Joint Debtors: Thomas H. Sahrow Kathleen D. Sahrow PO Box 684 Venice, FL 34284 Bankruptcy Case No.: 09-15688 Chapter 11 Petition Date: July 21, 2009 Court: United States Bankruptcy Court Middle District of Florida (Tampa) Debtors' Counsel: R. John Cole II, Esq. 46 N Washington Blvd, Suite 24 Sarasota, FL 34236 Tel: (941) 365-4055 Fax: (941) 365-4219 Email:�rjc@rjcolelaw.com Total Assets: $3,016,692 Total Debts: $4,789,948 A full-text copy of the Debtors� petition, including a list of their 20 largest unsecured creditors, is available for free at: http://bankrupt.com/misc/flmb09-15688.pdf The petition was signed by the Joint Debtors. TRANSALTA CORPORATION: Moody's Reviews Ba1 Preferred Shelf Rating ----------------------------------------------------------------- Moody's Investors Service announced that it placed TransAlta Corporation's Baa2 senior unsecured and (P)Ba1 preferred shelf ratings under review for possible downgrade following TA's announcement of an unsolicited $1.5 billion bid for Canadian Hydro Developers. The review for downgrade reflects the unsolicited nature of TA's bid for CHD and the fact that the terms of any transaction that might result could be significantly different from those outlined in TA's bid. However, Moody's notes that TA's management has consistently stated the importance of the company's current Baa2 senior unsecured rating and stable outlook. Accordingly, Moody's believes that there is a good likelihood that TA will attempt to structure any transaction in a manner that is consistent with its current rating and outlook. The review also reflects the fact that while CHD is significantly smaller than TA, the total enterprise value of the bid represents approximately 20% of TA's assets at March 31, 2009, and therefore is not immaterial. The decision to place TA's rating under review also reflects the fact that, based on the preliminary information that Moody's has been able to review to date, the acquisition of CHD would, at the outset, increase TA's debt levels by approximately $1.2 billion, a increase of more than 40% relative to TA's March 31, 2009 debt balances. Moody's review will focus on the ultimate value of any transaction that might result from TA's bid as well as TA's financing strategy. Moody's review will also focus on the cash flow generating potential of CHD's portfolio of highly contracted renewable energy assets. Moody's will assess the impact of the acquisition and associated financing on TA's financial profile in the near to medium-term. Moody's acknowledges that TA's bid contemplates a common equity issuance in the range of $250 million to $300 million and that management expects the acquisition to be immediately accretive to cash flow. Nevertheless, Moody's needs to more fully assess the probable extent and duration of any weakening of TA's credit metrics calculated on a Moody's adjusted basis. Moody's will also evaluate the impact of the proposed acquisition on TA's business and operating risk profile. Moody's understands that TA believes that CHD's assets represent a good strategic fit with TA's existing portfolio in that they are exclusively renewable energy assets that are highly contracted for long durations. TA's ratings were assigned by evaluating factors believed to be relevant to its credit profile, such as i) the business risk and competitive position of TA versus others within its industry or sector, ii) the capital structure and financial risk of TA, iii) the projected performance of TA over the near to intermediate term, and iv) TA's historical operating performance and financial performance relative to its business plan goals. These attributes were compared against other issuers both within and outside of TA's core peer group and TA's ratings are believed to be comparable to ratings assigned to other issuers of similar credit risk. The last rating action occurred on September 28, 2006, when TA's rating outlook was changed to stable from negative. TransAlta Corporation is a wholesale power and energy marketing company headquartered in Calgary, Alberta. VERANDA PARK COMMERCIAL: Case Summary 5 Largest Unsec. Creditors ---------------------------------------------------------------- Debtor: Veranda Park Commercial Property Owners Association, Inc. 7065 Westpointe Blvd., Suite 318 Orlando, FL 32835 Bankruptcy Case No.: 09-10338 Chapter 11 Petition Date: July 20, 2009 Court: United States Bankruptcy Court Middle District of Florida (Orlando) Debtor's Counsel: Norman L. Hull, Esq. 746 North Magnolia Avenue Orlando, FL 32803 Tel: (407) 422-1235 Fax: (407) 423-2842 Email:�flabankruptcy@earthlink.net Estimated Assets: $1,000,001 to $10,000,000 Estimated Debts: $100,001 to $500,000 A list of the Company's 5 largest unsecured creditors is available for free at: http://bankrupt.com/misc/flmb09-10338.pdf The petition was signed by Kevin H. Azzouz, vice-president and CEO of the Company. VINEYARD NATIONAL: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Vineyard National Bancorp 1260 Corona Pointe Court Corona, CA 92879 Bankruptcy Case No.: 09-26401 Chapter 11 Petition Date: July 21, 2009 Court: United States Bankruptcy Court Central District of California (Riverside) Judge: Richard M. Neiter Debtor's Counsel: Rodger M. Landau, Esq. 1801 Century Park E, Suite 1250 Los Angeles, CA 90067 Tel: (310) 557-0051 Email: rlandau@lblawllp.com Estimated Assets: $1,000,001 to $10,000,000 Estimated Debts: $100,000,001 to $500,000,000 A full-text copy of the Debtor's petition, including a list of its 20 largest unsecured creditors, is available for free at: http://bankrupt.com/misc/cacb09-26401.pdf The petition was signed by Glen C. Terry, president and CEO of the Company. WABASH NATIONAL: Inks Third Amendment to BofA Loan Agreement ------------------------------------------------------------ Wabash National Corporation and certain of its subsidiaries on July 17, 2009, entered into the Third Amended and Restated Loan and Security Agreement with Bank of America, N.A., as a Lender and as Agent, and the other Lender parties. The Amended Facility is guaranteed by certain subsidiaries of the Company and secured by substantially all of the assets of the Borrowers and Guarantors. The Amended Facility amends and restates the Company's current revolving credit facility, and will be effective upon the consummation of the investment contemplated by the securities purchase agreement and satisfaction of other customary closing conditions. When effective, the Amended Facility will provide for borrowings of up to $100 million, subject to a borrowing base, a $12.5 million reserve and other discretionary reserves. The interest rate on borrowings under the Amended Facility from the date of effectiveness through July 31, 2010, is LIBOR plus 4.25% or the prime rate of Bank of America, N.A. plus 2.75%. After July 31, 2010, the interest rate is based upon average unused availability and will range between LIBOR plus 3.75% to 4.25% and the Prime Rate plus 2.25% to 2.75%. Upon effectiveness, the Borrowers are required to pay a monthly unused line fee equal 0.375% times the average daily unused availability along with other customary fees and expenses of the Agent and the lenders. The Amended Facility contains customary representations, warranties, affirmative and negative covenants, including, without limitation, restrictions on mergers, dissolutions, acquisitions, indebtedness, affiliate transactions, the occurrence of liens, payments of subordinated indebtedness, disposition of assets, leases and changes to organizational documents. Under the Amended Facility, the Company may not repurchase or redeem its common stock and may not pay cash dividends to the Company's common stockholders until the second anniversary of the effectiveness of the Amended Facility and then only if (i) no default or events of default are then in existence or would be caused by such purchase, redemption or payment, (ii) immediately after such purchase, redemption or payment, the Borrowers have unused availability of at least $40 million, (iii) the amount of all cash dividends paid by the Company does not exceed $20 million in any fiscal year and (iv) at least 5 business days prior to the purchase, redemption or payment, an officer of the company has delivered a certificate to the Agent certifying that the conditions precedent in clauses (i)-(iii) have been satisfied. The Company is, however, permitted to repurchase stock from employees upon termination of their employment so long as no default or event of default exists at the time or would be caused by such repurchase and such repurchases do not exceed $2.5 million in any fiscal year. In addition, the Company may not repurchase or redeem the Preferred Stock and may not pay cash dividends to the holders of the Preferred Stock until July 1, 2010. At any time after July 1, 2010, until the second anniversary of the effectiveness of the Amended Facility, the Company may pay cash dividends or redeem or repurchase the Preferred Stock if (i) no default or events of default are then in existence or would be caused by such purchase, redemption or payment, (ii) immediately after such purchase, redemption or payment, the Borrowers have unused availability of at least $25 million and (iii) at least 5 business days prior to the purchase, redemption or payment, an officer of the company has delivered a certificate to the Agent certifying that the conditions precedent in clauses (i)-(iii) have been satisfied. After the second anniversary of the effectiveness of the Amended Facility, the unused availability condition precedent is reduced to $12.5 million. The Amended Facility contains customary events of default including, without limitation, failure to pay obligations when due under the Amended Facility, false and misleading representations, breaches of covenants (subject in some instances to cure and grace periods), defaults by the Borrowers on certain other indebtedness, the occurrence of certain uninsured losses, business disruptions for a period of time that materially adversely affects the capacity to continue business on a profitable basis, changes of control (including a change of control as described in Item 1.01 relating to the Preferred Stock) and the incurrence of certain judgments that are not stayed, released or discharged within 30 days. Upon the effectiveness of the Amended Facility, the lenders will waive certain events of default that have occurred under the existing credit facility and will waive the right to receive default interest during the time the events of default have continued. As reported by the Troubled Company Reporter, Wabash National on July 17, entered into a Securities Purchase Agreement with Trailer Investments, LLC, an entity formed for this purpose by Lincolnshire Equity Fund III, L.P., a private equity investment fund managed by Lincolnshire Management, Inc., pursuant to which Trailer Investments will invest $35 million in the Company. The Company will issue and sell to Trailer Investments these preferred stock: $20,000,000 of the Company's Series E redeemable preferred stock comprised of 20,000 shares of Series E Preferred at a price per share of $1,000; $5,000,000 of the Company's Series F redeemable preferred stock comprised of 5,000 shares of Series F Preferred at a price per share of $1,000; and $10,000,000 of the Company's Series G redeemable preferred stock comprised of 10,000 shares of Series G Preferred at a price per share of $1,000. The Company's Series E redeemable preferred stock, Series F redeemable preferred stock and Series G redeemable preferred stock, and the Warrant for up to 44.21% of the shares of Wabash's common stock to Trailer Investments, will be issued in reliance on Section 4(2) under the Securities Act of 1933 and Regulation D promulgated thereunder in a transaction not involving a public offering. Similarly, the shares of common stock issuable upon exercise of the Warrant, when and if exercised, will be issued in reliance on Section 4(2) under the Securities Act and Regulation D promulgated thereunder in a transaction not involving a public offering. On July 17, 2009, Wabash entered into an Amendment to the Rights Agreement, dated as of December 28, 2005, with National City Bank, as Rights Agent, for the purpose of amending the Rights Agreement to render it inapplicable to Trailer Investments and its Affiliates. Wabash's exclusive financial advisor for the transaction is BB&T Capital Markets, Inc., and its legal advisor is Hogan & Hartson LLP. Lincolnshire Management's legal advisor is Kirkland & Ellis LLP. Forbearance Agreement As reported by the Troubled Company Reporter on June 4, 2009, Wabash National said it entered into (i) a first amendment to its forbearance agreement with its lenders, and (ii) a fourth amendment to its second amended and restated loan and security agreement with its lenders. On April 28, 2009, the Company entered into a Forbearance Agreement and Third Amendment to Second Amended and Restated Loan and Security Agreement, whereby Wabash's lenders under a Revolving Credit Facility agreed, among other things, to refrain from accelerating maturity of the Revolver Facility due to specified existing or anticipated events of default through the earlier of May 29, 2009, or the occurrence or existence of any event of default other than the existing and anticipated events of default. Under the further amendment, the lenders under the Revolver Facility agreed to continue to refrain from accelerating maturity of the Revolver Facility due to the existing and anticipated events of default through the earlier of July 31, 2009, or the occurrence or existence of any event of default other than the existing and anticipated events of default. In addition to the 60-day extension of the forbearance period, the lenders under the Revolver Facility also agreed, among other things, to reduce the previously established availability reserve from $22.5 million to $17.5 million through July 31, 2009, and to decrease the borrowing availability of eligible accounts receivable from 90% to 85%. Bank of America, N.A., a Rhode Island corporation, serves as agent for the Lenders. The Existing and Anticipated Events of Default covered by the Forbearance Agreement include: -- the Company's failure to deliver audited financial statements for fiscal year 2008 by March 31, 2009; -- the report of the Company's independent registered public accounting firm accompanying the Company's audited financial statements for fiscal year 2008 included an explanatory paragraph with respect to the Company's ability to continue as a going concern; -- the Company's failure to deliver prompt written notification of name changes of subsidiaries; -- the Company's failure to have a minimum fixed charge coverage ratio of 1.1:1.0 when the available borrowing capacity under the Revolving Credit Facility is below $30 million; and -- the Company requesting loans under the Revolving Credit Facility during the existence of a default or event of default under the Revolving Credit Facility. Wabash National owes the lenders $61,357,817 as of April 27, 2009. About Wabash National Headquartered in Lafayette, Indiana, Wabash National Corporation is one of the leading manufacturers of semi-trailers in North America. Established in 1985, the company specializes in the design and production of dry freight vans, refrigerated vans, flatbed trailers, drop deck trailers, dump trailers, truck bodies and intermodal equipment. Its innovative core products are sold under the DuraPlate(R), ArcticLite(R), FreightPro(TM) Eagle(R) and Benson(TM) brand names. The company operates two wholly owned subsidiaries; Transcraft (R) Corporation, a manufacturer of flatbed, drop deck, dump trailers and truck bodies; and Wabash National Trailer Centers, trailer service centers and retail distributors of new and used trailers and aftermarket parts throughout the U.S. WALK ABOUT CREEK: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: Walk About Creek Limited Dividend Housing Association Limited Partnership 1066 30th Street, NW Washington, DC 20007 Bankruptcy Case No.: 09-00632 Debtor-affiliates filing separate Chapter 11 petition: Entity Case No. ------ -------- Walkabout Creek II Limited Dividend Housing 09-00633 Chapter 11 Petition Date: July 21, 2009 Court: United States Bankruptcy Court United States Bankruptcy Court for the District of Columbia (Washington, D.C.) Debtor's Counsel: Janet M. Nesse, Esq. Stinson, Morrison & Hecker LLP 1150 18th St., NW, Suite 800 Washington, DC 20036 Tel: (202) 785-9100 Email: jnesse@stinson.com Total Assets: $3,756,371 Total Debts: $3,375,504 A full-text copy of the Debtor's petition, including a list of its 20 largest unsecured creditors, is available for free at: http://bankrupt.com/misc/cob09-00632.pdf The petition was signed by John K. Freeman. WALLACE & SONS INC: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: Wallace & Sons, Inc. dba Colonial Lighting Supply 120 Peachtree Industrial Blvd. Sugar Hill, GA 30518 Bankruptcy Case No.: 09-78681 Chapter 11 Petition Date: July 20, 2009 Court: United States Bankruptcy Court Northern District of Georgia (Atlanta) Debtor's Counsel: Jerry A. Daniels, Esq. Suite 301, 33 S. Clayton St. Lawrenceville, GA 30045 Tel: (770) 962-4070 Fax: (770) 513-8462 Email: jerry@danielstaylor.com Total Assets: $1,394,495 Total Debts: $1,773,023 A full-text copy of the Debtor's petition, including a list of its 20 largest unsecured creditors, is available for free at: http://bankrupt.com/misc/ganb09-78681.pdf The petition was signed by Larry E. Wallace, president of the Company. WESTSIDE DEVELOPMENT: Case Summary & 11 Largest Unsec. Creditors ---------------------------------------------------------------- Debtor: Westside Development Group LLC aka Sorano Commercial Village 390 Park Street, Suite 200 Birmingham, MI 48009 Case No.: 09-62646 Type of Business: The Debtor operates a real estate business. Chapter 11 Petition Date: July 21, 2009 Court: United States Bankruptcy Court Eastern District of Michigan (Detroit) Judge: Phillip J. Shefferly Debtor's Counsel: Kenneth J. Wrobel Jr., Esq. 390 Park St., Suite 200 Birmingham, MI 48009 Tel: (248) 645-2200 Email: kenwrobel@wrobellaw.net Estimated Assets: $10,000,001 to $50,000,000 Estimated Debts: $10,000,001 to $50,000,000 The petition was signed by Anthony A. Yezbick, the company�s manager. Debtor's List of 11 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Community Bank of Nevada Mortgage $20,965,269 8945 W. Russell Road ($10,000,000 Ste 300 secured by Las Vegas, NV 89148 value of the land) Clark County Treasurer Taxes $223,009 (as of 5/6/09) Lochsa Engineering ��Engineering $46,352 Redneck Enterprises, LLC �Engineering � $14,679 Dekker/Perich/Sabtini � Architect �� $88,259 LTD. LAS Studion VBM, LLC � Landscape Architect $18,065 Bentar Development Inc.�� Contractor �� $86,966 Colliers International �� Commission �� $93,000 Apap & Everly, PLLC �� Accounting $1,160 Wenderski & Associates, CPA PC Accounting � $1,070 Kummer Kaempfer Bonner �� Legal Fee � $413 Renshaw & Ferrario WILLIAM HEGGER: Case Summary & 8 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: William R. Hegger, Sr. 223845 NE Adair Road Redmond, WA 98053 Bankruptcy Case No.: 09-17062 Chapter 11 Petition Date: July 17, 2009 Court: United States Bankruptcy Court Western District of Washington (Seattle) Judge: Thomas T. Glover Debtor's Counsel: Dallas W. Jolley, Esq. Attorney at Law 4707 S Junett St., Suite B Tacoma, WA 98409 Tel: (253) 761-8970 Email: t_steenson@yahoo.com Estimated Assets: $500,001 to $1,000,000 Estimated Debts: $1,000,001 to $10,000,000 A full-text copy of the Debtor's petition, including a list of its 8 largest unsecured creditors, is available for free at: http://bankrupt.com/misc/wawb09-17062.pdf The petition was signed by William R. Hegger, Sr. WJL EQUITIES: U.S. Trustee Sets Meeting of Creditors for August 12 ------------------------------------------------------------------ The U.S. Trustee for Region 2 will convene a meeting of creditors in WJL Equities Corporation's Chapter 11 case on August 12, 2009, at 10:00 a.m. The meeting will be held at the Office of the United States Trustee, 80 Broad Street, Fourth Floor, New York City. 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. Eastchester, New York-based WJL Equities Corporation fka Wjl Trucking & Paving Corp. operates a Highway/Street Construction Local Trucking corporation. The Company filed for Chapter 11 on July 14, 2009 (Bankr. S. D. N.Y. Case No. 09-23248) Arlene Gordon-Oliver, Esq. at Rattet, Pasternak & Gordon-Oliver, LLP represents the Debtor in its restructuring efforts. The Debtor said its assets and debts both range from $10,000,001 to $50,000,000. WJL EQUITIES: Wants Schedules Filing Extended until August 22 ------------------------------------------------------------- WJL Equities Corporation asks the U.S. Bankruptcy Court for the Southern District of New York to extend until August 22, 2009, the time to file its statements of financial affairs and schedules of assets and liabilities. Eastchester, New York-based WJL Equities Corporation fka Wjl Trucking & Paving Corp. operates a Highway/Street Construction Local Trucking corporation. The Company filed for Chapter 11 on July 14, 2009 (Bankr. S. D. N.Y. Case No. 09-23248) Arlene Gordon-Oliver, Esq. at Rattet, Pasternak & Gordon-Oliver, LLP represents the Debtor in its restructuring efforts. The Debtor said its assets and debts both range from $10,000,001 to $50,000,000. WISSOTA VIEW INC: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: Wissota View Inc. dba Wissota View dba The View 333 East Prairie View Road #355 Chippewa Falls, WI 54729 Bankruptcy Case No.: 09-14765 Chapter 11 Petition Date: July 20, 2009 Court: United States Bankruptcy Court Western District of Wisconsin http://www.wiw.uscourts.gov(Eau Claire) Judge: Thomas S. Utschig Debtor's Counsel: Erwin H. Steiner, Esq. 2522 Golf Road, Suite 3 Eau Claire, WI 54701 Tel: (715) 832-2040 Email: steinerwright@charterinternet.com Total Assets: $1,860,000 Total Debts: $1,767,994 A full-text copy of the Debtor's petition, including a list of its 20 largest unsecured creditors, is available for free at: http://bankrupt.com/misc/wiwb09-14765.pdf The petition was signed by David Lambert, president of the Company. WOORI BANK: S&P Reports 'CCC+srp' Rating on Credit Default Swap --------------------------------------------------------------- Standard & Poor's Ratings Services made public its 'CCC+srp' rating on the credit default swap between Woori Bank and Citibank N.A., a synthetic corporate investment-grade collateralized debt obligation, at the issuer's request. ZIM CORP: Posts $153,513 Net Income for March 2009 Fiscal Year -------------------------------------------------------------- ZIM Corporation filed with the Securities and Exchange Commission its Annual Report on Form 20-F for the fiscal year ended March 31, 2009. ZIM posted a net income of $153,513 for the fiscal year, compared to $82,536 for the same period last year. At March 31, 2009, ZIM had $1,156,931 in total assets, $355,956 in current liabilities, $23,785 in deferred rent, and $777,190 in shareholders' equity. At March 31, 2009, the Company had $21,235,095 in accumulated deficit. At March 31, 2009, ZIM had cash and cash equivalents of $640,214 and working capital of $705,857, as compared to cash of $299,943 and working capital of $545,568 at March 31, 2008. As at March 31, 2007, ZIM had cash and cash equivalents of $441,637 and working capital of $93,085. At March 31, 2009, the Company had access to a line of credit for approximately $396,416 from its Chief Executive Officer and a working capital line from its principal banker for approximately $39,642, in addition to a cash and cash equivalent balance of $640,214. Management believes that these funds, together with cash from on-going operations, will be sufficient to fund existing operations for the next 12 months. However, there is no guarantee that unanticipated circumstances will not require additional liquidity, and in any event, these funds alone may not allow for any additional expenditures or growth. A full-text copy of the Annual Report is available at no charge at: http://ResearchArchives.com/t/s?3fbc About ZIM Corp. Ottawa, Canada-based ZIM Corporation (OTC BB: ZIMCF) -- http://www.zim.biz/-- is a mobile content, Enterprise Database Software and Internet TV service provider. Through its global infrastructure, ZIM provides publishing and licensing services for market-leading mobile content and for Internet TV broadcasting. Going Concern Doubt Raymond Chabot Grant Thornton LLP raised substantial doubt on the ability of ZIM Corporation to continue as a going concern after it audited the company's financial statements for the year ended March 31, 2008. The auditor disclosed that the Company has an accumulated deficit of $21,455,824 and generated negative cash flows from operations of $315,458 during the year ended March 31, 2008. The Company also has generated negative cash flows from operations during four of the previous five years. * Chapter 11 Cases With Assets and Liabilities Below $1,000,000 --------------------------------------------------------------- In Re UFNA Inc. fdba All Century Inc. Bankr. C.D. Calif. Case No. 09-18715 Chapter 11 Petition filed July 14, 2009 Filed as Pro Se In Re Martin D. Hess Bankr. N.D. Calif. Case No. 09-46224 Chapter 11 Petition filed July 14, 2009 See http://bankrupt.com/misc/canb09-46224.pdf In Re Miraflor E. Lumpkin Bankr. S.D. Calif. Case No. 09-10074 Chapter 11 Petition filed July 14, 2009 See http://bankrupt.com/misc/casb09-10074.pdf In Re CSM Cabinetry LLC Bankr. D. Conn. Case No. 09-31902 Chapter 11 Petition filed July 14, 2009 See http://bankrupt.com/misc/ctb09-31902.pdf In Re Greenwich Landing LLC dba 88 South Water Street LLC Bankr. D. Conn. Case No. 09-51360 Chapter 11 Petition filed July 14, 2009 See http://bankrupt.com/misc/ctb09-51360.pdf In Re Ross Ranch & Retreat Center, LLC Bankr. D. Colo. Case No. 09-24011 Chapter 11 Petition filed July 14, 2009 See http://bankrupt.com/misc/cob09-24011.pdf In Re Jam-N-Sounds, LLC Bankr. D. Colo. Case No. 09-24012 Chapter 11 Petition filed July 14, 2009 See http://bankrupt.com/misc/cob09-24012.pdf In Re Floid Ray McCord dba McCord Enterprises dba Quail Valley Fund Barn LLC dba Joe's Carpet & Interiors dba Quailey Productions Partnership dba A&F Concessions Veleda Marie McCord Bankr. D. Kans. Case No. 09-12220 Chapter 11 Petition filed July 14, 2009 See http://bankrupt.com/misc/ksb09-12220.pdf In Re Victory Outreach - Detroit Bankr. E.D. Mich. Case No. 09-61898 Chapter 11 Petition filed July 14, 2009 See http://bankrupt.com/misc/mieb09-61898p.pdf See http://bankrupt.com/misc/mieb09-61898c.pdf In Re Shane Hagel Lynette D. Hagel Bankr. D. Nev. Case No. 09-22482 Chapter 11 Petition filed July 14, 2009 See http://bankrupt.com/misc/nvb09-22482.pdf In Re Amityville Auto Glass, Inc. dba Amity Auto Glass Bankr. E.D. N.Y. Case No. 09-75181 Chapter 11 Petition filed July 14, 2009 See http://bankrupt.com/misc/nyeb09-75181.pdf In Re Millenium Pure Water Bottlers Corp. aka Agua Le Marie aka Natural Spring Water Bankr. D. P.R. Case No. 09-05791 Chapter 11 Petition filed July 14, 2009 An illegible copy of the petition was filed. In Re Frisco Restaurants, LLC dba Kotta Sushi Lounge Bankr. E.D. Tex. Case No. 09-42244 Chapter 11 Petition filed July 14, 2009 See http://bankrupt.com/misc/txeb09-42244.pdf In Re Thueringia, LLC Bankr. N.D. Tex. Case No. 09-34555 Chapter 11 Petition filed July 14, 2009 See http://bankrupt.com/misc/txnb09-34555.pdf In Re Quality Leads, Inc. Bankr. D. Ariz. Case No. 09-16428 Chapter 11 Petition filed July 15, 2009 See http://bankrupt.com/misc/azb09-16428.pdf In Re Lorraine M. Nichols Bankr. C.D. Calif. Case No. 09-17098 Chapter 11 Petition filed July 15, 2009 See http://bankrupt.com/misc/cacb09-17098.pdf In Re W.C. Brown Welding, Inc. Bankr. C.D. Calif. Case No. 09-25956 Chapter 11 Petition filed July 15, 2009 See http://bankrupt.com/misc/cacb09-25956.pdf In Re Gregory Breunich aka Greg Breunich Bankr. M.D. Fla. Case No. 09-15106 Chapter 11 Petition filed July 15, 2009 See http://bankrupt.com/misc/flmb09-15106.pdf In Re Lifesaver Investments & Holdings, Inc. Bankr. S.D. Fla. Case No. 09-24443 Chapter 11 Petition filed July 15, 2009 See http://bankrupt.com/misc/flsb09-24443.pdf In Re Michael George Visconte Danielle DeCarlo Visconte aka Danielle Ann Visconte Bankr. S.D. Fla. Case No. 09-24414 Chapter 11 Petition filed July 15, 2009 See http://bankrupt.com/misc/flsb09-24414.pdf In Re LLC Kingston Grill Bankr. N.D. Ill. Case No. 09-25542 Chapter 11 Petition filed July 15, 2009 See http://bankrupt.com/misc/ilnb09-25542.pdf In Re 120 Foster Street Realty Trust Bankr. D. Mass. Case No. 09-16658 Chapter 11 Petition filed July 15, 2009 See http://bankrupt.com/misc/mab09-16658.pdf In Re Amerish Foods, LLC dba The Country Gourmet dba Metro West Catering aka Metrowest Catering Bankr. D. Mass. Case No. 09-42847 Chapter 11 Petition filed July 15, 2009 See http://bankrupt.com/misc/mab09-42847.pdf In Re Paul D. McCarthy Tacheryn A. McCarthy Bankr. D. Mass. Case No. 09-42842 Chapter 11 Petition filed July 15, 2009 See http://bankrupt.com/misc/mab09-42842.pdf In Re Tanners Cafe, Inc. Bankr. D. Mass. Case No. 09-16656 Chapter 11 Petition filed July 15, 2009 See http://bankrupt.com/misc/mab09-16656.pdf In Re Thomas Burns Bankr. D. Mass. Case No. 09-16621 Chapter 11 Petition filed July 15, 2009 See http://bankrupt.com/misc/mab09-16621.pdf In Re Bella Sposa, LLC Bankr. D. Nev. Case No. 09-22538 Chapter 11 Petition filed July 15, 2009 Filed as Pro Se In Re Lloyd Ray Trackwell, Sr. Judith Christine Trackwell Bankr. W.D. Mo. Case No. 09-61596 Chapter 11 Petition filed July 15, 2009 See http://bankrupt.com/misc/mowb09-61596p.pdf See http://bankrupt.com/misc/mowb09-61596c.pdf In Re Gotham Trading Partners Inc. Bankr. E.D. N.Y. Case No. 09-45920 Chapter 11 Petition filed July 15, 2009 See http://bankrupt.com/misc/nyeb09-45920.pdf In Re Centro De Cuidado Titi Norma Inc. aka Norma Inc. aka Titi Norma Centro Pre-Escolar dba Centro Desarrollo Preescolar Titi dba Centro Cuidado Y Desarrollo Pre Esc dba Centro Diurnon Cuidado Bankr. D. P.R. Case No. 09-05827 Chapter 11 Petition filed July 15, 2009 See http://bankrupt.com/misc/prb09-05827.pdf In Re Rural Developments, LLC Bankr. M.D. Tenn. Case No. 09-07796 Chapter 11 Petition filed July 15, 2009 Filed as Pro Se In Re First Money Financial Services, Incorporated Bankr. W.D. Tenn. Case No. 09-27585 Chapter 11 Petition filed July 15, 2009 See http://bankrupt.com/misc/tnwb09-27585.pdf In Re Triangle Motors, Inc. Bankr. W.D. Tenn. Case No. 09-27588 Chapter 11 Petition filed July 15, 2009 In Re American Recycling, Inc. fdba American Recycling, LLC Bankr. N.D. W.Va. Case No. 09-01565 Chapter 11 Petition filed July 15, 2009 See http://bankrupt.com/misc/wvnb09-01565.pdf In Re Dera Inc. Bankr. W.D. Wash. Case No. 09-16945 Chapter 11 Petition filed July 15, 2009 See http://bankrupt.com/misc/wawb09-16945.pdf In Re Brick Floor Specialists, Inc. aka Moshe's Brick Floor Specialist Bankr. D. Ariz. Case No. 09-16555 Chapter 11 Petition filed July 16, 2009 See http://bankrupt.com/misc/azb09-16555.pdf In Re Penguin Cafe aka Penguin Froyo Bankr. N.D. Calif. Case No. 09-55766 Chapter 11 Petition filed July 16, 2009 See http://bankrupt.com/misc/canb09-55766.pdf In Re Robert W. Kilbourne, Sr. Bankr. N.D. Calif. Case No. 09-46331 Chapter 11 Petition filed July 16, 2009 See http://bankrupt.com/misc/canb09-46331.pdf In Re STTN Enterprise, Inc. Bankr. N.D. Calif. Case No. 09-55759 Chapter 11 Petition filed July 16, 2009 Filed as Pro Se In Re Middletown Estate Developers, Inc. Bankr. D. Del. Case No. 09-12530 Chapter 11 Petition filed July 16, 2009 See http://bankrupt.com/misc/deb09-12530.pdf In Re Willam R. Russell, Jr. Bankr. S.D. Fla. Case No. 09-24458 Chapter 11 Petition filed July 16, 2009 See http://bankrupt.com/misc/flsb09-24458p.pdf See http://bankrupt.com/misc/flsb09-24458c.pdf In Re Femi M. Akindele Bankr. N.D. Ga. Case No. 09-78495 Chapter 11 Petition filed July 16, 2009 Filed as Pro Se In Re Next Generation Mechanic, Inc. aka T&S Towing Bankr. D. Md. Case No. 09-22929 Chapter 11 Petition filed July 16, 2009 See http://bankrupt.com/misc/mdb09-22929p.pdf See http://bankrupt.com/misc/mdb09-22929c.pdf In Re Aladdin Jewelers Inc. dba Mirage Jewelers Bankr. E.D. Mich. Case No. 09-62199 Chapter 11 Petition filed July 16, 2009 See http://bankrupt.com/misc/mieb09-62199p.pdf See http://bankrupt.com/misc/mieb09-62199c.pdf In Re Fire Creek Corporation Bankr. D. Mont. Case No. 09-61378 Chapter 11 Petition filed July 16, 2009 See http://bankrupt.com/misc/mtb09-61378.pdf In Re Michael Joseph Matulka Bankr. D. Neb. Case No. 09-81868 Chapter 11 Petition filed July 16, 2009 Filed as Pro Se In Re Air Power, Inc. Bankr. D. N.J. Case No. 09-28451 Chapter 11 Petition filed July 16, 2009 See http://bankrupt.com/misc/njb09-28451.pdf In Re John Kall Bankr. S.D.N.Y. Case No. 09-23276 Chapter 11 Petition filed July 16, 2009 See http://bankrupt.com/misc/nysb09-23276.pdf In Re Master Machine Incorporated Bankr. W.D. N.Y. Case No. 09-13293 Chapter 11 Petition filed July 16, 2009 See http://bankrupt.com/misc/nywb09-13293.pdf In Re Paul S. McLemore Bankr. M.D. Tenn. Case No. 09-07961 Chapter 11 Petition filed July 16, 2009 See http://bankrupt.com/misc/tnmb09-07961.pdf In Re Spencer Mill Construction, LLC Bankr. M.D. Tenn. Case No. 09-07938 Chapter 11 Petition filed July 16, 2009 See http://bankrupt.com/misc/tnmb09-07938.pdf In Re Jason C. Whittle Bankr. N.D. Ala. Case No. 09-82892 Chapter 11 Petition filed July 17, 2009 See http://bankrupt.com/misc/alnb09-82892p.pdf See http://bankrupt.com/misc/alnb09-82892c.pdf In Re Ronald Schorr Camille Maksym-Schorr Bankr. D. Ariz. Case No. 09-16622 Chapter 11 Petition filed July 17, 2009 See http://bankrupt.com/misc/azb09-16622p.pdf See http://bankrupt.com/misc/azb09-16622c.pdf In Re W.T.R. INC. Bankr. D. Ariz. Case No. 09-16674 Chapter 11 Petition filed July 17, 2009 See http://bankrupt.com/misc/azb09-16674.pdf In Re Delia A. Grasso Bankr. C.D. Calif. Case No. 09-18864 Chapter 11 Petition filed July 17, 2009 See http://bankrupt.com/misc/cacb09-18864.pdf In Re Frank Fred Joseph aka Joseph's Construction Helen Teresa Joseph aka Helen's Closet and Salon Bankr. E.D. Calif. Case No. 09-34912 Chapter 11 Petition filed July 17, 2009 See http://bankrupt.com/misc/caeb09-34912.pdf In Re Dennis Q. Astilla Diane L. Astilla Bankr. N.D. Calif. Case No. 09-46360 Chapter 11 Petition filed July 17, 2009 Filed as Pro Se In Re Mesa Verde Aviation, Inc. Bankr. D. Colo. Case No. 09-24323 Chapter 11 Petition filed July 17, 2009 See http://bankrupt.com/misc/cob09-24323p.pdf See http://bankrupt.com/misc/cob09-24323c.pdf In Re NWO Properties Associates, LLC Bankr. D. Conn. Case No. 09-22004 Chapter 11 Petition filed July 17, 2009 Filed as Pro Se In Re Coastal Granite & Marble of Sarasota LLC Bankr. M.D. Fla. Case No. 09-15337 Chapter 11 Petition filed July 17, 2009 See http://bankrupt.com/misc/flmb09-15337p.pdf See http://bankrupt.com/misc/flmb09-15337c.pdf In Re Jonathan Phillip Hanley Bankr. N.D. Ill. Case No. 09-25826 Chapter 11 Petition filed July 17, 2009 Filed as Pro Se In Re Daniel R. Moxley, Inc. Bankr. D. Md. Case No. 09-23016 Chapter 11 Petition filed July 17, 2009 See http://bankrupt.com/misc/mdb09-23016.pdf In Re Kelvin Leonard Wright Bankr. W.D. Mo. Case No. 09-61621 Chapter 11 Petition filed July 17, 2009 Filed as Pro Se In Re Good Times Watch, Inc. Bankr. D. N.J. Case No. 09-28631 Chapter 11 Petition filed July 17, 2009 See http://bankrupt.com/misc/njb09-28631.pdf In Re Hobart Cabinet Company Bankr. S.D. Ohio Case No. 09-34343 Chapter 11 Petition filed July 17, 2009 See http://bankrupt.com/misc/ohsb09-34343.pdf In Re Digital Ingenuity, Inc. Bankr. E.D. Pa. 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Case No. 09-14724 Chapter 11 Petition filed July 17, 2009 See http://bankrupt.com/misc/wiwb09-14724.pdf In Re Ronald Canonica Renee M. Canonica Bankr. D. Mass. Case No. 09-42912 Chapter 11 Petition filed July 19, 2009 See http://bankrupt.com/misc/mab09-42912.pdf In Re David Eugene Green aka D.E. Green Lara Crowder Green aka Lara C. Green aka Lara Green Bankr. E.D. Va. Case No. 09-34626 Chapter 11 Petition filed July 19, 2009 See http://bankrupt.com/misc/vaeb09-34626.pdf In Re United Apostolic Church of God, Inc. Bankr. E.D. Wisc. Case No. 09-30301 Chapter 11 Petition filed July 19, 2009 See http://bankrupt.com/misc/wieb09-30301.pdf In Re Kenai Riverfront Condominiums, LLC Bankr. D. Alaska Case No. 09-00493 Chapter 11 Petition filed July 20, 2009 See http://bankrupt.com/misc/akb09-00493p.pdf See http://bankrupt.com/misc/akb09-00493c.pdf In Re Irma Telmi Bankr. C.D. Calif. Case No. 09-28623 Chapter 11 Petition filed July 20, 2009 Filed as Pro Se In Re Ligaya F. Taruc Bankr. C.D. Calif. Case No. 09-28574 Chapter 11 Petition filed July 20, 2009 Filed as Pro Se In Re Heart N' Soul Tax Service of Vallejo, Inc. Bankr. E.D. Calif. Case No. 09-35041 Chapter 11 Petition filed July 20, 2009 See http://bankrupt.com/misc/caeb09-35041.PDF In Re Jack Gindi Bankr. D. Colo. Case No. 09-24436 Chapter 11 Petition filed July 20, 2009 See http://bankrupt.com/misc/cob09-24436p.pdf See http://bankrupt.com/misc/cob09-24436c.pdf In Re Richard A. Barker dba High Speed Service of Jacksonville Bankr. M.D. Fla. Case No. 09-05952 Chapter 11 Petition filed July 20, 2009 See http://bankrupt.com/misc/flmb09-05952.pdf In Re S&J Curtis Holding Corp. Bankr. M.D. Fla. Case No. 09-15587 Chapter 11 Petition filed July 20, 2009 See http://bankrupt.com/misc/flmb09-15587p.pdf See http://bankrupt.com/misc/flmb09-15587c.pdf In Re Charles Kenneth Schmandt Phyllis Marie Schmandt Bankr. N.D. Ga. Case No. 09-22946 Chapter 11 Petition filed July 20, 2009 See http://bankrupt.com/misc/ganb09-22946.pdf In Re Stroker Enterprises, Inc. Bankr. D. Idaho Case No. 09-41063 Chapter 11 Petition filed July 20, 2009 See http://bankrupt.com/misc/idb09-41063.pdf In Re The Furniture Box of Illinois, LLC fdba The Furniture Box, LLC Bankr. N.D. Ill. Case No. 09-26241 Chapter 11 Petition filed July 20, 2009 See http://bankrupt.com/misc/ilnb09-26241.pdf In Re MCT Services LLC Bankr. W.D. Ky. Case No. 09-33551 Chapter 11 Petition filed July 20, 2009 See http://bankrupt.com/misc/kywb09-33551.pdf In Re Future Heritage, Inc. Bankr. D. Mass. Case No. 09-16826 Chapter 11 Petition filed July 20, 2009 See http://bankrupt.com/misc/mab09-16826.pdf In Re MEG Jamaican Bakery & Restaurant, Inc. Bankr. E.D. N.Y. Case No. 09-46049 Chapter 11 Petition filed July 20, 2009 See http://bankrupt.com/misc/nyeb09-46049.pdf In Re Ramreddy, Inc. Bankr. E.D. Pa. Case No. 09-15283 Chapter 11 Petition filed July 20, 2009 See http://bankrupt.com/misc/paeb09-15283.pdf In Re Keith S. Tobias aka Keith Tobias Karen A. Tobias aka Karen Tobias Bankr. M.D. Tenn. Case No. 09-08107 Chapter 11 Petition filed July 20, 2009 See http://bankrupt.com/misc/tnmb09-08107.pdf In Re Robert C. Rinehart Bankr. D. Utah Case No. 09-27541 Chapter 11 Petition filed July 20, 2009 Filed as Pro Se In Re Buddy's Antique Auction, Inc. Bankr. N.D. Ala. Case No. 09-42145 Chapter 11 Petition filed July 21, 2009 See http://bankrupt.com/misc/alnb09-42145.pdf In Re Bedrock Properties Bankr. D. Ariz. Case No. 09-16970 Chapter 11 Petition filed July 21, 2009 Filed as Pro Se In Re Drainmasters, L.L.C. Bankr. D. Ariz. Case No. 09-16975 Chapter 11 Petition filed July 21, 2009 See http://bankrupt.com/misc/azb09-16975.pdf In Re Francisco Saez Bankr. C.D. Calif. Case No. 09-19059 Chapter 11 Petition filed July 21, 2009 Filed as Pro Se In Re Benchmark Homes - Aspen Meadows, LLC Bankr. N.D. Calif. Case No. 09-55875 Chapter 11 Petition filed July 21, 2009 Filed as Pro Se In Re HP Distribution, LLP Bankr. D. Kans. Case No. 09-12310 Chapter 11 Petition filed July 21, 2009 See http://bankrupt.com/misc/ksb09-12310p.pdf See http://bankrupt.com/misc/ksb09-12310c.pdf In Re Advanced Electrical, Inc. Bankr. D. N.J. Case No. 09-28862 Chapter 11 Petition filed July 21, 2009 See http://bankrupt.com/misc/njb09-28862p.pdf See http://bankrupt.com/misc/njb09-28862c.pdf In Re Kwang Ho Keh aka John Keh Bankr. D. N.J. Case No. 09-28922 Chapter 11 Petition filed July 21, 2009 See http://bankrupt.com/misc/njb09-28922p.pdf See http://bankrupt.com/misc/njb09-28922c.pdf In Re Samuel Franco Bankr. D. N.J. Case No. 09-28850 Chapter 11 Petition filed July 21, 2009 Filed as Pro Se In Re Rock 49th Rest. Corp. dba City Lobster & Steak Bankr. S.D.N.Y. Case No. 09-14557 Chapter 11 Petition filed July 21, 2009 See http://bankrupt.com/misc/nysb09-14557.pdf In Re Driver Transport, LLC Bankr. E.D. N.C. Case No. 09-06028 Chapter 11 Petition filed July 21, 2009 See http://bankrupt.com/misc/nceb09-06028p.pdf See http://bankrupt.com/misc/nceb09-06028c.pdf In Re Yarbrough Properties, LLC Bankr. M.D. N.C. Case No. 09-51446 Chapter 11 Petition filed July 21, 2009 See http://bankrupt.com/misc/ncmb09-51446p.pdf See http://bankrupt.com/misc/ncmb09-51446c.pdf In Re Rock of Faith Baptist Church Bankr. S.D. Ohio Case No. 09-58205 Chapter 11 Petition filed July 21, 2009 See http://bankrupt.com/misc/ohsb09-58205.pdf In Re Jeffrey Scott Fiscus aka Jeff Fiscus aka Jeffrey Fiscus aka Jeffrey S. Fiscus Kimberly Michelle Fiscus aka Kimberly Fiscus aka Kimberly M. Fiscus aka Kim Fiscus Bankr. D. Ore. Case No. 09-63863 Chapter 11 Petition filed July 21, 2009 Filed as Pro Se In Re Beginnings A New, LLC Bankr. E.D. Va. Case No. 09-34670 Chapter 11 Petition filed July 21, 2009 See http://bankrupt.com/misc/vaeb09-34670.pdf In Re Ganess Maharaj aka Dave Maharaj Vena Maharaj Bankr. E.D. Va. Case No. 09-15777 Chapter 11 Petition filed July 21, 2009 See http://bankrupt.com/misc/vaeb09-15777.pdf In Re David Alan Development LLC Bankr. W.D. Wash. Case No. 09-17168 Chapter 11 Petition filed July 21, 2009 Filed as Pro Se ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Wednesday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com/ On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. For copies of court documents filed in the District of Delaware, please contact Vito at Parcels, Inc., at 302-658-9911. For bankruptcy documents filed in cases pending outside the District of Delaware, contact Ken Troubh at Nationwide Research & Consulting at 207/791-2852. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland, USA. Joseph Medel C. Martirez, Denise Marie Varquez, Philline Reluya, Ronald C. Sy, Joel Anthony G. Lopez, Cecil R. Villacampa, Sheryl Joy P. Olano, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2009. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. 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