TCR_Public/090910.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, September 10, 2009, Vol. 13, No. 251

                            Headlines

155 EAST TROPICANA: To Miss Oct. 1 Interest Payment on 8.75% Notes
1ST CENTURY BANCSHARES: Stays in FDIC Guaranty Program
517 MADISON MANAGEMENT: Case Summary & Largest Unsecured Creditor
ADVANCED CELL: June 30 Balance Sheet Upside-Down by $74 Million
ADVANCED CELL: Special Stockholders' Meeting Today

ADVANCED CELL: Warns of Liquidity Crisis, Going Concern
ALLIED SECURITY: Posts $357,708 Net Loss for June 30 Quarter
ALSET OWNERS: Checkers Drive-In Acquires 14 Rally's Restaurants
AMERICAN HOME: Faces Underwriting Suit Sought by Triad Guaranty
AMERICAN HOME: Court Approves $5.6 Mil. Settlement With Executives

ANACAPA REAL ESTATE: Case Summary & 7 Largest Unsecured Creditors
ANNIE LEIBOVITZ: Deadline to Repay $24MM Loan Passes
ANTHONY PIERPONT: Case Summary & 19 Largest Unsecured Creditors
ARTO ATMADJIAN: Case Summary & 19 Largest Unsecured Creditors
ARVINMERITOR INC: Enters Into 2-Year U.S. Receivable Pact

ASSURANCE WATERPROOFING: Case Summary & Largest Unsec. Creditors
AVAGO TECHNOLOGIES: Moody's Raises Corp. Family Rating to Ba3
AXCESS INTERNATIONAL: Warns of Impending Liquidity Crisis
BASELINE OIL: Court Sets Sept. 25 Plan Confirmation Hearing
BAYWOOD INT'L: Won't Seek Shareholder Proxy on Nutra Deal

BERNARD MADOFF: National Liquidators to Auction Yachts
BIOBASED TECHNOLOGIES: Files for Chapter 11 Bankruptcy Protection
BKF CAPITAL: Posts $31,000 Net Loss for June 30 Quarter
BOB BISNO: Files for Ch 11 Bankruptcy Due to Slow Sales
BRIEN MCMAHON: Case Summary & 20 Largest Unsecured Creditors

BROOKSIDE TECHNOLOGY: Vicis Capital Discloses 9.99% Equity Stake
BUSSON DIGITAL: Case Summary & 20 Largest Unsecured Creditors
CABI DOWNTOWN: To Sell Six Co-op Units for $3 Million
CAFE DES ARTISTAS: Files Chapter 7 After Closing Restaurant
CAPMARK FINANCIAL: Fitch Junks Issuer Default Ratings From 'B-'

CATHY GIESEKER: Case Summary & 8 Largest Unsecured Creditors
COLORADO DENVER: Case Summary & 20 Largest Unsecured Creditors
CENTRO NP: May Not Repay Short-Term Debt Amid Strict Loan Terms
CHIYODA AMERICA: Gets Interim OK to Access $1.6MM DIP Financing
COMMERCECONNECT MEDIA: Plan Okayed Despite Genesis Objection

COOPER COMPANIES: Moody's Retains 'Ba3' Corporate Family Rating
CORD BLOOD: In Talks to Sell CorCell Notes to Third Party
COYOTES HOCKEY: Ice Edge Drops Out of Bidding; NHL Vs. Balsillie
CRUSADER ENERGY: Gets Short Extension of Plan Filing Deadline
CRYOPORT INC: 2009 Annual Stockholders' Meeting on October 9

DALTON HOMES: Case Summary & 2 Largest Unsecured Creditors
DAVIDSON DIVERSIFIED: Expects to Liquidate During 2010
DIAS HOLDING: Posts $442,500 Net Loss in Six Months Ended June 30
DPP ARCADIA: Section 341(a) Meeting Scheduled for October 5
EAT AT JOE'S: Actively Pursuing Alternative Financing

ELYRIA FOUNDRY: S&P Gives Negative Outlook on 'B' Rating
ENRICO'S: Files for Chapter 11 Bankruptcy Protection
ESCADA AG: Seeks Buyer for Whole Company, US Lawyer Says
FLOYD & BEASLEY: Case Summary & 29 Largest Unsecured Creditors
FORD MOTOR: China's Geely Automovite Mulls Volvo Bid

FORT CHERRY AMBULANCE: Voluntary Chapter 11 Case Summary
FRONTIER AIRLINES: Files Revised Plan of Reorganization
FRONTIER AIRLINES: Proposes Software Support Pact With RPA
FRONTIER AIRLINES: Reports August Preliminary Traffic Results
FRONTIER AIRLINES: Republic Considers Relocation of Frontier Jobs

G & S METAL: To Auction Off Assets September 16
GENERAL MOTORS: New GM to Cut 1,000 Jobs to Trim Costs
GOLDSPRING INC: June 30 Balance Sheet Upside Down by $26 Million
EVERGREEN TANK: Moody's Changes Outlook of 'Caa1' Rating to Neg.
FONIX CORP: Says Payments to Vendors Have Been Delayed

GENERAL DATACOMM: Can't Pay Loans Owed to Modlin & Segall
GLOBAL CROSSING: Moody's Assigns 'B2' Rating on $650 Mil. Notes
GLOBAL CROSSING: S&P Assigns 'B-' Rating on $650 Mil. Notes
GOLDSPRING INC: In Default Under Winfield Group Notes Payable
GRAND SEAS RESORT: Case Summary & 20 Largest Unsecured Creditors

HANA BIOSCIENCES: June 30 Balance Sheet Upside-Down by $19 Million
HC INNOVATIONS: To Increase Issued Common Shares to 1 Billion
HENDRICKS ISLE: Case Summary & Largest Unsecured Creditor
IMAGINE ADOPTION: Clients Have Until Sept. 21 to Vote on BDO Plan
INSTACARE CORP: Posts $1.3MM Net Loss in Quarter Ended June 30

INSURANCE CORP: AM Best Withdraws 'B-' Financial Strength Rating
JASPER LAND DEVELOPMENT: Case Summary & Largest Unsec. Creditor
JOAN ELIZABETH REINHEIMER: Voluntary Chapter 11 Case Summary
LABELCORP HOLDINGS: Moody's Affirms 'B2' Corporate Family Rating
LEAR CORP: EEDS's Schedules of Assets & Liabilities

LEAR CORP: EEDS's Statement of Financial Affairs
LEAR CORP: European's Schedules of Assets and Debts
LEAR CORP: European's Statement of Financial Affairs
LEAR CORP: Operations' Schedules of Assets & Debts
LEAR CORP: Operations' Statement of Financial Affairs

LEHMAN BROTHERS: Claims for Lehman Program Securities Due Nov. 2
LEHMAN BROTHERS: PwC to Meet With LBIE Clients to Mull Options
LINCOLN GENERAL: AM Best Drops Financial Strength Rating to 'D'
LOK REDWOOD EMPIRE: Case Summary & 16 Largest Unsecured Creditors
LRC THE GROVE LLC: Case Summary & Largest Unsecured Creditor

LUNA INNOVATIONS: Revenues Decline by $1.2MM in Q2
LYONDELL CHEMICAL: Court OKs Kent Potter as Chief Fin'l Officer
MAGNA ENTERTAINMENT: MID Had No Consent for Loans, Investors Say
MAGNA ENTERTAINMENT: No Opposition on Sale to Global Gaming
MAYWOOD CAPITAL: Chapter 11 Trustee to Resolve Ponzi Suit

MERRILL LYNCH: BofA Fights Back Against Andrew Cuomo's Allegations
MPM TECHNOLOGIES: Talks Continue Regarding Note Payable
NATIONAL CONSUMER: Fitch Downgrades Issuer Default Rating to 'BB-'
NEW YORK TIMES: Says Selling Boston Globe No Longer Imperative
NORTEL NETWORKS: French Unit Soliciting Bids for GSM Business

NORTEL NETWORKS: Canadians Support Sale to Ericsson
NORTEL NETWORKS: Nortel Receives More Bids for Enterprise
NORTEL NETWORKS: Proposes to Pay Benefits to Foreign Employees
NORTEL NETWORKS: Wants February 1 Extension for Plan Filing
OCA INC: District Court Will Hear Physician Disputes

ONE LAND: U.S. Trustee Sets Meeting of Creditors for September 29
ONE LAND: Files List of 20 Largest Unsecured Creditors
ONE LAND: Wants to Hire Yaspan Law Office as Counsel
PHILIP BARRY: Arrested for Running $40 Million Ponzi Scheme
PHYSICIAN IMAGING: Files for Chapter 11 Bankruptcy Protection

PHOENIX COMPANIES: Moody's Downgrades Senior Debt Rating to 'B1'
PINE PRAIRIE: S&P Withdraws 'B-' Rating on $365 Mil. Facilities
PLAINS EXPLORATION: S&P Assigns 'BB' Rating on $300 Mil. Notes
PORTA SYSTEMS: To Continue Plan to Sell Assets; Bankruptcy Warning

PROTOSTAR LIMITED: Judge Adjourns Insolvency Case Until Nov. 27
PROVIDENT ROYALTIES: To Sell Mineral Rights for $12.5 Million
QUEST MINERALS: June 30 Balance Sheet Upside-Down by $4 Million
REAL ESTATE ASSOCIATES: Seeks to Extend Notes Payable Maturity
RPM SOLUTIONS: Closes 3 Franchises; May be Put Under Ch 7 Bankr.

SAINT ANNE ADOPTION: Not Enough Money in Bank; Will be Dissolved
SEMGROUP LP: Selects New Executive Team, Board of Directors
SOUTH LOUISIANA: Court Approves Turner Law Office as Counsel
SOUTH LOUISIANA: Section 341(a) Meeting Slated for October 2
STATION CASINOS: Cash Collateral Hearing Moved to Sept. 25

STATION CASINOS: Committee Proposes Fried Frank as Counsel
STATION CASINOS: Committee Proposes Quinn as Conflicts Counsel
STATION CASINOS: Sec. 341 Meeting Continued to October 5
SUN-TIMES MEDIA: Sale to Tyree Won't Pay All Administrative Costs
TETON ENERGY: Posts $19 Million Net Loss in Quarter Ended June 30

TEXANS CUSO: Blames Ch 11 Bankr. on Market Woes & Litigation
TONY AKINSETE: Meeting of Creditors Scheduled for September 24
TONY AKINSETE: Wants Access to Residential Buildings Revenues
TRIDENT RESOURCES: Files for Bankruptcy in U.S. and Canada
UCBH HOLDINGS: Picks Doreen Woo Ho as CEO, Enters Pact With FDIC

UNIGENE LABORATORIES: Needs Add'l Cash to Keep Operations
VICTORIA FINANCE: To Liquidate $8.4 Billion of Holdings
VICTORIA FINANCE: Deutsche Bank to Auction Off Collateral
WENTWORTH ENERGY: Remains in Default of Sr. Notes and Debentures
WEST HAWK: Expects Losses to Continue Through 2010

WILLIAM TURNER: U.S. Trustee Sets Meeting of Creditor for Oct. 1
WL HOMES: Binswanger and The Flynn Arrange Sale of 22 Properties
WR GRACE: Bankruptcy Court Begins Final Phase of Plan Hearings
WR GRACE: Libby Claimants Appeal Arrowood Settlement
WR GRACE: Settles Environmental Claims of Cambridge, et al.

WR GRACE: Stipulation Settling Asbestos Property Damage Claims

* Aon Says D&O Insurance Climbed 4.1% as Bankruptcies Increased
* Fed Says Economy Stable or Improving in Most of U.S.
* Social Security Report Shows Cash Shortages Expected Next Year

* States Close Some Agencies to Save Cash
* Wealthy Individuals' Chapter 11 Filings Jumps 73% in Q2
* Barney Frank to Revive Home Mortgage Cram-Down Bill

* Joel Rosenthal Leaving Massachusetts Bankruptcy Bench
* KPS Capital Has Additional $800MM for Turnarounds, Bankruptcies

* Chapter 11 Cases With Assets and Liabilities Below $1,000,000

                            *********

155 EAST TROPICANA: To Miss Oct. 1 Interest Payment on 8.75% Notes
------------------------------------------------------------------
155 East Tropicana, LLC, said it does not anticipate making the
scheduled interest payment on October 1, 2009, with respect to its
8.75% senior secured notes issued on March 29, 2005 and due in
2012.

The Company was unable to make a $5.7 million interest payment on
the 8.75% Notes on April 1, 2009, or within the 30-day grace
period.  The Notes are currently in default and the Note holders
have the ability to exercise the remedies set forth in the
indenture, including accelerating repayment of all amounts
outstanding under the indenture ($138.5 million in principal and
interest at June 30, 2009).

The Company said its other obligations are being paid in the
normal course of business.

The Company has received Notice of Default and Reservation of
Rights letters from the lenders under its senior secured credit
facility.  The Default Letters state that (i) an event of default
exists under the Credit Facility as a result of the Company's
failure to obtain control agreements for one or more deposit
accounts established and maintained by the Company and as a result
of failure to pay interest on the Notes, (ii) as a result of the
event of default, the lenders are under no further obligation to
extend further credit under the Credit Facility, (iii) the lenders
will continue to evaluate its response to the event of default,
and (iv) the Company no longer has an option of paying the LIBOR
interest rate, but must pay the Wells Fargo prime rate  plus the
default rate, which is equal to four percentage points above prime
rate.  The lenders have not elected to accelerate the indebtedness
under the Credit Facility.

The Company has entered into discussions with the note holders and
the Credit Facility lenders to attempt to negotiate forbearance
agreements pursuant to which they would agree not to exercise, for
a specified period of time, their remedies under the indenture or
the Credit Facility.  The Company has engaged a financial advisor
to assist with its evaluation of financial and strategic
alternatives, which may include a recapitalization, refinancing,
restructuring or reorganization of its obligations or a sale of
some or all of its business.  The Company and its advisors are
actively working toward such a transaction.  The Company cannot be
assured that it will be successful in negotiating forbearance with
the note holders or Credit Facility lender or in undertaking any
such alternative in the near term.

If the Company is not successful in obtaining a forbearance or
entering into a transaction to address its liquidity and capital
structure, the note holders have the ability to accelerate
repayment of all amounts outstanding under the indenture and the
Credit Facility lenders have the ability to accelerate repayment
of all amounts outstanding under the Credit Facility
($14.5 million at June 30, 2009, plus an irrevocable letter of
credit for $0.5 million at June 30, 2009).  If either the Notes
indebtedness or the Credit Facility indebtedness were to be
accelerated, the Company would be required to refinance or
restructure the payments on that debt.  The Company cannot be
assured that it will be successful in completing a refinancing or
restructuring.  If the Company is unable to do so, it may
determine to seek protection under Chapter 11 of the U.S.
Bankruptcy Code.

The Company posted a net loss of $5.1 million for the quarter
ended June 30, 2009, compared to a net income of $2.4 million for
the same quarter in 2008.  Net income for the second quarter of
2008 was bolstered by the $5.5 million taken to income from
forfeited deposits and extension fees in connection with the
termination of the purchase agreement with a potential buyer.  The
remaining portion of the increase in net loss was due largely to
the $4.8 million decline in net revenues, offset partially by
operating cost savings of $2.9 million.

Net operating revenues for the quarter ended June 30, 2009, were
$11.7 million, a decrease of $4.8 million, or 29.0%, from
$16.5 million of net operating revenues generated during the same
period in the previous year.  The decline in net revenue, as
previously stated, was substantially impacted by the decline of
$1.8 million in hotel revenue caused by falling room rates.  Other
Las Vegas casino/hotel market leaders announced they discounted
room rates during the second quarter of 2009 to attract visitation
in the current soft economy and expect the trend to continue for
the foreseeable future.

Restructuring costs related to expenses associated with financial
advisory services and related legal expenses for the quarter ended
June 30, 2009, were $500,000.  These costs are expected to
continue in future months until the Company's recapitalization,
refinancing, restructuring or reorganization of its obligations or
a sale of some or all of its business assets is completed.

As of June 30, 2009, the Company had $128,325,439 in total assets
and $163,693,163 in total liabilities, resulting in $35,367,724 in
stockholders' deficit.  At June 30, 2009, the Company has cash on
hand of $8.0 million.

A full-text copy of the Company's quarterly report on Form 10-Q is
available at no charge at http://ResearchArchives.com/t/s?447f

155 East Tropicana, LLC, was incorporated on June 17, 2004, to
acquire the real and personal property of the Hotel San Remo
Casino and Resort in Las Vegas, Nevada.  Upon acquisition, the
property was renovated with a "Hooters" entertainment concept and
theme and the Hotel San Remo property was reopened as the new
Hooters Casino Hotel on February 3, 2006.  The Company's business
is concentrated at the one casino and hotel property in Las Vegas,
Nevada.  The renovations were financed by the Company and its
wholly owned subsidiary, 155 East Tropicana Finance Corp., through
a $130.0 million Senior Secured Notes offering that closed on
March 29, 2005.  The Company's membership interests are held two-
thirds through Florida Hooters LLC and one-third through EW Common
LLC.  The initial capitalization of the Company was provided by
Florida Hooters LLC in the form of a $5.1 million cash
contribution and the assignment of rights with respect to the
Hooters trademark and logo and other intellectual property and by
EW Common LLC in the form of a $25.0 million deemed capital
contribution.  The deemed capital contribution from EW Common LLC
carries with it a priority return of four percent on the
contribution annually.  The payment of this priority return is
subject to meeting certain financial covenants associated with the
Company's debt.

Florida Hooters LLC is a joint venture between Hooters Gaming LLC
and Lags Ventures, LLC.  Hooters Gaming LLC is owned by the
holders of licenses to operate Hooters restaurants in Tampa Bay,
Florida, Chicago, Illinois and downtown Manhattan in New York as
well as for the sale of wholesale foods and calendars and Nevada
hotel/gaming and includes most of the original founders of the
Hooters brand.  Pursuant to these license rights, the owners of
Florida Hooters LLC operate 39 Hooters restaurants, publish
Hooters calendars and operate a Hooters food business.  Lags
Ventures, LLC, is owned by a holder of the license rights to
Hooters restaurants in South Florida and the state of Nevada.  The
owner of Lags Ventures, LLC, is also the founder of the Dan Marino
concept restaurants and owns and operates two Dan Marino concept
restaurants.

EW Common LLC is owned 90% by Eastern & Western Hotel Corporation
and 10% by Michael J. Hessling, president of the Company.  Eastern
& Western and its affiliates owned the real property and non-
gaming assets of Hotel San Remo from November 1988 until the
Company's acquisition of the Hotel San Remo in August 2004.

Florida Hooters LLC and EW Common LLC entered into a joint venture
agreement for the purpose of forming the Company and documenting
the terms of their investments and business venture.


1ST CENTURY BANCSHARES: Stays in FDIC Guaranty Program
------------------------------------------------------
1st Century Bancshares, Inc., the holding company of 1st Century
Bank, N.A., on September 9 said the Bank has opted to stay in the
FDIC's Transaction Account Guarantee Program as a result of the
FDIC's recent announcement to extend the program, effective
October 1, 2009.

The FDIC recently extended the TAGP portion of the Temporary
Liquidity Guarantee Program for six months, through June 30, 2010.
This extension is valid for institutions that choose to remain in
the program.

"1st Century Bank is proud to say that it opted into the TAGP when
it was initially offered and is pleased that the FDIC has decided
to extend it," said Chairman, Alan Rothenberg. "This extension,
coupled with our strong capital position, allows us to continue to
provide the safe, sound and secure banking experience for our
customers during this uncertain time."

Under TAGP, the FDIC will provide deposit insurance coverage for
the full amount in all of the Bank's customers' non-interest
bearing deposit accounts now through June 30, 2010.  This includes
traditional non-interest bearing checking accounts and certain
types of attorney trust accounts, as well as negotiable order of
withdrawal (NOW) accounts with interest rates of 0.50 percent or
less.  The TAGP insurance coverage is in addition to the increased
coverage provided by the Emergency Economic Stabilization Act of
2008, which temporarily raises the basic FDIC deposit insurance
coverage limits to $250,000 through December 31, 2013, from the
normal coverage limit of $100,000.

                About 1st Century Bancshares, Inc.

1st Century Bancshares, Inc.'s (NASDAQ: FCTY) --
http://www.1stcenturybank.com/-- wholly owned subsidiary, 1st
Century Bank, N.A., is a full service commercial bank
headquartered in the Century City area of Los Angeles. The Bank's
primary focus is relationship banking to family owned and closely
held small and middle market businesses, professional service
firms and high net worth individuals, real estate investors,
medical professionals, and entrepreneurs.


517 MADISON MANAGEMENT: Case Summary & Largest Unsecured Creditor
-----------------------------------------------------------------
Debtor: 517 Madison Management LLC
        40800 Woodward Avenue
        Bloomfield Hills, MI 48304

Bankruptcy Case No.: 09-67907

Chapter 11 Petition Date: September 8, 2009

Court: United States Bankruptcy Court
       Eastern District of Michigan (Detroit)

Judge: Steven W. Rhodes

Debtor's Counsel: Morris B. Lefkowitz, Esq.
                  24100 Southfield Rd., Suite 203
                  Southfield, MI 48075
                  Tel: (248) 559-0180
                  Email: morris.lefkowitz@yahoo.com

Estimated Assets: $1,000,001 to $10,000,000

Estimated Debts: $1,000,001 to $10,000,000

The Debtor identified Flagstar Bank with a debt claim (30095
Northwestern Highway, Farmington Hills, MI 48334) for $2,481,694
($1,400,000 secured) as its largest unsecured creditor.  A list of
the Company's largest unsecured creditor is available for free at:

          http://bankrupt.com/misc/mieb09-67907.pdf

The petition was signed by Hana Karcho, managing member of the
Company.


ADVANCED CELL: June 30 Balance Sheet Upside-Down by $74 Million
----------------------------------------------------------------
Advanced Cell Technology Inc.'s balance sheet at June 30, 2009,
showed total assets of $6,431,749 and total liabilities of
$80,241,766, resulting in a stockholders' deficit of $73,810,017.

For three months ended June 30, 2009, the Company posted a net
loss of $29,436,804 compared with a net loss of $5,589,417 for the
same period in 2008.

For six months ended June 30, 2009, the Company posted a net loss
of $48,436,680 compared with a net loss of $15,109,076 for the
same period in 2008.

The Company said that there is substantial doubt about its ability
to continue as a going concern.  The Company noted that it has
losses from operations, negative cash flows from operations, a
substantial stockholders' deficit and current liabilities exceed
current assets.  The Company added that it may not be able to
continue as a going concern and fund cash requirements for
operations through the next 12 months with current cash reserves.

The Company further added that the recoverability of a major
portion of the recorded asset amounts in the consolidated balance
sheets is dependent upon continued operations of the Company,
which, in turn, is dependent upon the Company's ability to
continue to raise capital and ultimately generate positive cash
flows from operations.

A full-text copy of the Company's Form 10-Q is available for free
at http://ResearchArchives.com/t/s?4468

                        About Advanced Cell

Based in Worcester, Massachusetts, Advanced Cell Technology Inc.
(OTC BB: ACTC) -- http://www.advancedcell.com/-- is a
biotechnology company focused on developing and commercializing
human embryonic and adult stem cell technology in the emerging
fields of regenerative medicine.  Principal activities to date
have included obtaining financing, securing operating facilities,
and conducting research and development.  The Company has no
therapeutic products currently available for sale and does not
expect to have any therapeutic products commercially available for
sale for a period of years, if at all.


ADVANCED CELL: Special Stockholders' Meeting Today
--------------------------------------------------
A Special Meeting of Stockholders of Advanced Cell Technology,
Inc., will be held today, September 10, 2009, at 10:00 a.m.,
Pacific Daylight Time, at the Westin Monache Hotel, Mammoth, 50
Hillside Drive, in Mammoth Lakes, California, for these purposes:

     -- To consider and act upon a proposal to approve an
        amendment to the Company's 2005 Stock Incentive Plan to
        increase the number of shares issuable thereunder to a
        total of 145,837,250 shares; and

     -- To consider and act upon a proposal to approve an
        amendment to the Certificate of Incorporation of the
        Company to effect an increase in the authorized shares of
        common stock, par value $0.001 of the Company from
        500,000,000 to 1,750,000,000.

Only holders of record of the Company's Common Stock as reflected
on the stock transfer books of the Company at the close of
business on August 3, 2009, will be entitled to notice of and to
vote at the meeting.  All stockholders are cordially invited to
attend the meeting.

A full-text copy of the proxy statement is available at no charge
at http://ResearchArchives.com/t/s?4475

                        About Advanced Cell

Based in Worcester, Massachusetts, Advanced Cell Technology Inc.
(OTC BB: ACTC) -- http://www.advancedcell.com/-- is a
biotechnology company focused on developing and commercializing
human embryonic and adult stem cell technology in the emerging
fields of regenerative medicine.  Principal activities to date
have included obtaining financing, securing operating facilities,
and conducting research and development.  The Company has no
therapeutic products currently available for sale and does not
expect to have any therapeutic products commercially available for
sale for a period of years, if at all.

Advanced Cell warned in an August 2009 regulatory filing it may
not be able to continue as a going concern and fund cash
requirements for operations through the next 12 months with
current cash reserves.

At June 30, 2009, the Company had $6,431,749 in total assets,
including $918,575 in total current assets, against $78,661,772 in
total liabilities, including $72,472,134 in total current
liabilities, and $1,579,994 in Series A-1 redeemable convertible
preferred stock, $0.001 par value.  At June 30, 2009, the Company
had accumulated deficit of $138,254,284 and stockholders' deficit
of $73,810,017.


ADVANCED CELL: Warns of Liquidity Crisis, Going Concern
-------------------------------------------------------
Advanced Cell Technology, Inc., warned in an August regulatory
filing it may not be able to continue as a going concern and fund
cash requirements for operations through the next 12 months with
current cash reserves.

The Company has losses from operations, negative cash flows from
operations, a substantial stockholders' deficit and current
liabilities exceed current assets.

The Company was able to raise additional cash during the first six
months of 2009.  Notwithstanding success in raising capital, there
continues to be substantial doubt about the Company's ability to
continue as a going concern.

Management anticipates raising additional future capital from its
current convertible debenture holders, or other financing sources,
that will be used to fund any capital shortfalls.  The terms of
any financing will likely be negotiated based upon current market
terms for similar financings.  No commitments have been received
for additional investment and no assurances can be given that this
financing will ultimately be completed.

Management has focused its scientific operations on product
development to accelerate the time to market products which will
ultimately generate revenues.  While the amount or timing of such
revenues cannot be determined, management believes that focused
development will ultimately provide a quicker path to revenues,
and an increased likelihood of raising additional financing.

Management will continue to pursue licensing opportunities of the
Company's extensive intellectual property portfolio.

On July 29, 2009, the Company entered into a consent, amendment
and exchange agreement with holders of the Company's outstanding
convertible debentures and warrants, which were issued in private
placements to the 2005, 2006, 2007, and 2008 debentures.  The
Company agreed to issue to each debenture holder in exchange for
the holder's debenture an amended and restated debenture in a
principle amount equal to the principal amount of the holder's
debenture times 1.35 minus any interest paid thereon.  The
conversion price under the amended and restated debentures was
reduced to $0.10, subject to certain customary anti-dilution
adjustments.  The maturity date under the amended and restated
debentures was extended until December 30, 2010.  The amended and
restated debentures bear interest at 12% per annum.

Further, the Company agreed to issue to each holder in exchange
for the holder's warrant an amended and restated warrant, which
exercise price was reduced to $0.10, subject to certain customary
anti-dilution adjustments.  The termination date under the amended
and restated warrants was extended until June 30, 2014.
Simultaneously with the signing of this agreement, the Company and
the debenture holders entered into a standstill and forbearance
agreement, whereby the debenture holders agreed to forbear from
exercising their rights and remedies under the original debentures
and transaction documents.

The Company reported a net loss for the three months ended
June 30, 2009 and 2008, of $29,436,804 and $5,589,417,
respectively. The change in loss in the current period is the
result of changes to the fair value of derivatives and interest
charges related to convertible debentures.

Revenue for the three months ended June 30, 2009 and 2008 was
$242,995 and $174,388, respectively.  These amounts relate
primarily to license fees and royalties collected that are being
amortized over the period of the license granted, and are
therefore typically consistent between periods.  The increase in
revenue during the three months ended June 30, 2009, was due to
more new licenses being granted as compared to the three months
ended June 30, 2008.

Net loss for the six months ended June 30, 2009 and 2008 was
$48,436,680 and $15,109,076, respectively.  The change in loss in
the current period is the result of changes to the fair value of
derivatives, interest charges related to convertible debentures, a
loss on the court order settlement of accounts payable, and loss
on modification of debt.

Revenue for the six months ended June 30, 2009 and 2008 was
$536,971 and $298,731, respectively.  These amounts relate
primarily to license fees and royalties collected that are being
amortized over the period of the license granted, and are
therefore typically consistent between periods. The increase in
revenue during the six months ended June 30, 2009, was due to more
new licenses being granted as compared to the six months ended
June 30, 2008.

At June 30, 2009, the Company had $6,431,749 in total assets,
including $918,575 in total current assets, against $78,661,772 in
total liabilities, including $72,472,134 in total current
liabilities, and $1,579,994 in Series A-1 redeemable convertible
preferred stock, $0.001 par value.  At June 30, 2009, the Company
had accumulated deficit of $138,254,284 and stockholders' deficit
of $73,810,017.

A full-text copy of the Company's quarterly report on Form 10-Q is
available at no charge at http://ResearchArchives.com/t/s?4468

                        About Advanced Cell

Based in Worcester, Massachusetts, Advanced Cell Technology Inc.
(OTC BB: ACTC) -- http://www.advancedcell.com/-- is a
biotechnology company focused on developing and commercializing
human embryonic and adult stem cell technology in the emerging
fields of regenerative medicine.  Principal activities to date
have included obtaining financing, securing operating facilities,
and conducting research and development.  The Company has no
therapeutic products currently available for sale and does not
expect to have any therapeutic products commercially available for
sale for a period of years, if at all.


ALLIED SECURITY: Posts $357,708 Net Loss for June 30 Quarter
------------------------------------------------------------
Allied Security Innovations, Inc., formerly Digital Descriptor
Systems, Inc., said in an August 2009 filing there is substantial
doubt about its ability to continue as a going concern.  The
Company cited sustained recurring losses and a significant deficit
as of June 30, 2009.

According to the Company, 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

"Presently, the Company cannot ascertain the eventual success of
management's plan with any degree of certainty.  Each objective is
contingent upon a number of factors and the Company does not
represent that any or all of these objectives will occur," the
Company said.

In August, the Company reported a net loss for the three months
ended June 30, 2009, of $357,708 compared to a net loss for the
three months ended June 30, 2008, of $10,325,340.  Revenues for
the three months ended June 30, 2009, were $978,933 compared to
$1,134,954 for the three months ended June 30, 2008, a decrease of
$156,021 or 13.7%.

ASII had a net loss for the six months ended June 30, 2009, of
$607,665 and a net loss for the six months ended June 30, 2008, of
$2,774,454.  Revenues for the six months ended June 30, 2009, were
$2,117,814 compared to $2,129,008 for the six months ended
June 30, 2008, a decrease of $11,194 or 0.5%.

Over the next 12 months, management is hopeful that sufficient
working capital may be obtained from operations and external
financing to meet ASII's liabilities and commitments as they
become payable.  However, there can be no assurance that the
Company will be able to generate sufficient working capital.  If
the Company is unable to obtain additional funding in the future,
it may be forced to curtail or terminate operations.

At June 30, 2009, ASII had assets of $3,332,610 compared to
$3,471,662 on December 31, 2008, a decrease of $139,052 and
shareholder deficit of $33,844,602 on June 30, 2009, compared to
shareholder deficit of $33,271,043 on December 31, 2008, an
increase of $573,559.

The Company as of June 30, 2009, had a cash balance of $264,055
and current liabilities of $19,156,423.  The total amount of notes
payable and debentures is $18,053,552.  The Company said it may
not have sufficient cash or other assets to meet current
liabilities.  "In order to meet these obligations, we may need to
raise cash from the sale of securities or from borrowings," the
Company said.

A full-text copy of the Company's quarterly report on Form 10-Q is
available at no charge at http://ResearchArchives.com/t/s?447e

                 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".


ALSET OWNERS: Checkers Drive-In Acquires 14 Rally's Restaurants
---------------------------------------------------------------
Bill Chronister at The Columbus Dispatch reports that Checkers
Drive-In Restaurants has acquired 14 of the 16 Rally's restaurants
in Columbus, as part of Alset Owners, LLC's Chapter 11
reorganization plan in bankruptcy court.  Two of the restaurants
at 4044 W. Broad St. on the Hilltop and 4047 Cleveland Ave. on the
North Side will be closed, says The Columbus Dispatch.

Alset Owners LLC is a franchisee of Rally's and Checkers'
Restaurants.  The Company and certain affiliates filed for
Chapter 11 on June 5, 2009 (Bankr. D. Del. Case No. 09-11960).
The Company, in its petition, listed assets of $19.7 million and
debt totaling $17.4 million.  Attorneys at Blank Rome LLP
represent the Debtor.  BMC Group is the claims and noticing agent.


AMERICAN HOME: Faces Underwriting Suit Sought by Triad Guaranty
---------------------------------------------------------------
Triad Guaranty Insurance Corp. has filed an adversary proceeding
against American Home Mortgage Holdings Inc., claiming the
bankrupt mortgage lender failed to properly underwrite thousands
of loans covered by the insurer, causing defaults and rescissions
to skyrocket, according Law360.

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

American Home Mortgage and seven affiliates filed for Chapter 11
protection on August 6, 2007 (Bankr. D. Del. Case Nos. 07-11047
through 07-11054).  James L. Patton, Jr., Esq., Joel A. Waite,
Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt &
Taylor LLP represent the Debtors.  Epiq Bankruptcy Solutions LLC
acts as the Debtors' claims and noticing agent.  The Official
Committee of Unsecured Creditors selected Hahn & Hessen LLP as
its counsel.  As of March 31, 2007, American Home Mortgage's
balance sheet showed total assets of $20,553,935,000, total
liabilities of $19,330,191,000.

American Home filed a de-consolidated plan of liquidation on
August 15, 2008.  The former home mortgage lender's liquidating
Chapter 11 plan was confirmed in February 2009


AMERICAN HOME: Court Approves $5.6 Mil. Settlement With Executives
------------------------------------------------------------------
Ten former executives of American Home Mortgage Holdings Inc.'s
investment unit have obtained approval from the Bankruptcy Court
of a $5.6 million settlement to resolve claims the estate could
have against them.  The former executives can use a directors and
officers liability insurance policy to cover the payment, the
bankruptcy judge has ruled, according to Law360.

                       About American Home

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

American Home Mortgage and seven affiliates filed for Chapter 11
protection on August 6, 2007 (Bankr. D. Del. Case Nos. 07-11047
through 07-11054).  James L. Patton, Jr., Esq., Joel A. Waite,
Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt &
Taylor LLP represent the Debtors.  Epiq Bankruptcy Solutions LLC
acts as the Debtors' claims and noticing agent.  The Official
Committee of Unsecured Creditors selected Hahn & Hessen LLP as
its counsel.  As of March 31, 2007, American Home Mortgage's
balance sheet showed total assets of $20,553,935,000, total
liabilities of $19,330,191,000.

American Home filed a de-consolidated plan of liquidation on
August 15, 2008.  The former home mortgage lender's liquidating
Chapter 11 plan was confirmed in February 2009


ANACAPA REAL ESTATE: Case Summary & 7 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Anacapa Real Estate Investments, LLC
        11726 San Vicente Blvd., Suite 290
        Los Angeles, CA 90049

Bankruptcy Case No.: 09-34174

Chapter 11 Petition Date: September 8, 2009

Court: United States Bankruptcy Court
       Central District of California (Los Angeles)

Debtor's Counsel: Stephen F. Biegenzahn, Esq.
                  4300 Via Marisol, Ste. 764
                  Los Angeles, CA 90042-5079
                  Tel: (213) 617-0017
                  Fax: (213) 247-5977
                  Email: efile@sfblaw.com

Estimated Assets: $1,000,001 to $10,000,000

Estimated Debts: $1,000,001 to $10,000,000

According to the schedules, the Company has assets of at least
$4,500,300, and total debts of $1,098,789.

A full-text copy of the Debtor's petition, including a list of its
7 largest unsecured creditors, is available for free at:

         http://bankrupt.com/misc/cacb09-34174.pdf

The petition was signed by Bryan Mashian, managing member of the
Company.


ANNIE LEIBOVITZ: Deadline to Repay $24MM Loan Passes
----------------------------------------------------
Katya Kazakina at Bloomberg News reports that Annie Leibovitz's
deadline to repay her $24 million loan to Art Capital Group passed
September 9.  Art Capital, according to Bloomberg, declined to
comment on whether Ms. Leibovitz is now in default, or whether new
loan terms are being worked out.  While a default notice would
allow ART to sell the collateral, it could also spark a flurry of
cross-defaults by other lenders, according to Marc Abrams, Esq.,
head of bankruptcy and restructuring at Willkie Farr & Gallagher
LLP, in New York.  At the same time, a default declaration could
force the photographer into bankruptcy court, which would stay
actions against her, Bloomberg said.

As reported by the Troubled Company Reporter on September 7, 2009,
Justice Bernard Fried of the New York State Supreme Court gave
Annie Leibovitz until October 1 to respond to the lawsuit filed by
Art Capital Group against her.  As a result, Ms. Leibovitz will
have an extra month to deal with her financial woes.

Art Capital Group, in September 2008, gave the celebrity
photographer access to a $24 million loan, backed by rights to her
photograph and real estate in New York.  Their agreement was that
Art Capital would be the "irrevocable, exclusive agent" for the
sale of her works and property for the loan's length and for two
years after she pays it off.

Ms. Leibovitz has been unable to pay off the loan.  Art Capital
has sued Ms. Leibovitz before the New York State Supreme Court,
New York County, in Manhattan (Case No. 09-602334), for breach of
contract, claiming that Ms. Leibovitz has not cooperated with the
sale of her photographs and has not granted access to the real
estate backing the loans.

According to an August 5 report by Bloomberg News, Thomas Kline,
Esq., a partner at Andrews Kurth, which specializes in art law and
litigation, said that filing for bankruptcy rather than
challenging the lawsuit, may be better legal strategy for
Ms. Leibovitz.

Mr. Kline, Bloomberg relates, said that while a bankruptcy filing
would make Ms. Leibovitz's finances public, it would stay the
lawsuit while she considers her options.  According to Mr. Kline,
the bankruptcy court may be "may be more attuned to fairness
issues with regard to her and to all her creditors."

Annie Leibovitz, 59, is the creator of famous photographs
including a nude of John Lennon in a fetal position with Yoko Ono,
and a portrait of a pregnant, naked Demi Moore published on the
cover of Vanity Fair magazine.


ANTHONY PIERPONT: Case Summary & 19 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Anthony A. Pierpont
           asf Royal Commercial Investments, LLC
           asf Royal Commercial Capital, LLC
           asf Royal Financial, LLC
           asf Expedia Home Loan, LLC
        2257 Wagon Wheel Court
        Mendota Heights, MN 55120

Bankruptcy Case No.: 09-36268

Chapter 11 Petition Date: September 8, 2009

Court: United States Bankruptcy Court
       District of Minnesota (St Paul)

Judge: Gregory F. Kishel

Debtor's Counsel: Joseph W. Dicker, Esq.
                  1406 West Lake Street, Suite 208
                  Minneapolis, MN 55408
                  Tel: (612) 827-5941
                  Fax: (612) 822-1873
                  Email: joe@joedickerlaw.com

Estimated Assets: $1,000,001 to $10,000,000

Estimated Debts: $1,000,001 to $10,000,000

A full-text copy of Mr. Pierpont's petition, including a list of
its 19 largest unsecured creditors, is available for free at:

           http://bankrupt.com/misc/mnb09-36268.pdf

The petition was signed by Mr. Pierpont.


ARTO ATMADJIAN: Case Summary & 19 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Arto Atmadjian
        2378 Buckingham Lane
        Los Angeles, CA 90077

Bankruptcy Case No.: 09-34162

Chapter 11 Petition Date: September 8, 2009

Court: United States Bankruptcy Court
       Central District of California (Los Angeles)

Judge: Samuel L. Bufford

Debtor's Counsel: Vahak Papasian, Esq.
                  Law Office of Vahak A. Papasian
                  21031 Ventura Blvd, Ste. 315
                  Woodland Hills, CA 91364
                  Tel: (818) 914-2515
                  Fax: (818) 702-6605
                  Email: vahak@vaplaw.com

Estimated Assets: $1,000,001 to $10,000,000

Estimated Debts: $1,000,001 to $10,000,000

A full-text copy of Mr. Atmadjian's petition, including a list of
his 19 largest unsecured creditors, is available for free at:

             http://bankrupt.com/misc/cacb09-34162.pdf

The petition was signed by Mr. Atmadjian.


ARVINMERITOR INC: Enters Into 2-Year U.S. Receivable Pact
---------------------------------------------------------
ArvinMeritor, Inc., said it has entered into a new, two-year U.S.
receivables financing arrangement.  Under the terms of the New
Facility, ArvinMeritor's subsidiary, ArvinMeritor Receivables
Corporation, will purchase eligible accounts receivable from
certain other ArvinMeritor subsidiaries and will borrow under a
credit facility funded by multiple lenders.  ARC's borrowings will
be secured by an interest in the purchased receivables, and ARC
will use the proceeds of the borrowings to fund purchases of
receivables from the Originators. The purchased receivables under
the New Facility are expected to be substantially similar to those
under the facility it replaces.

Under the New Facility, ARC will be able to borrow monies from a
bank group led by GMAC Commercial Finance LLC in an aggregate
principal amount outstanding at any one time of not to exceed $105
million.  This amount may be increased at the request of ARC and
with the consent of the Agent to $125 million upon the
identification of lenders that may be willing to provide such
additional funding. As of the closing date, the borrowing
availability under the New Facility is expected to exceed the
availability under the facility it replaces.

"The new facility demonstrates ArvinMeritor's continued focus on
our liquidity," said Chip McClure, chairman, CEO and president.
"We appreciate the support of the New Facility lenders, and look
forward to continuing to implement our strategic initiatives that
are designed to drive growth."

                      About ArvinMeritor Inc.

ArvinMeritor, Inc. -- http://www.arvinmeritor.com/-- is a premier
global supplier of a broad range of integrated systems, modules
and components to the motor vehicle industry. The company marks
its centennial anniversary in 2009, celebrating a long history of
'forward thinking.' The company serves commercial truck, trailer
and specialty original equipment manufacturers and certain
aftermarkets, and light vehicle manufacturers. ArvinMeritor common
stock is traded on the New York Stock Exchange under the ticker
symbol ARM.   In August, Fitch Ratings said it is keeping
ArvinMeritor's issuer default rating at 'CCC' on Rating Watch
Negative.


ASSURANCE WATERPROOFING: Case Summary & Largest Unsec. Creditors
----------------------------------------------------------------
Debtor: Assurance Waterproofing Co., Inc.
        100 Kaminer Way Parkway
        Columbia, SC 29210

Bankruptcy Case No.: 09-06627

Chapter 11 Petition Date: September 8, 2009

Court: United States Bankruptcy Court
       District of South Carolina (Columbia)

Judge: Chief Judge John E. Waites

Debtor's Counsel: Reid B. Smith, Esq.
                  Price Bird Smith & Boulware PA
                  1712 St Julian Place, Suite 102
                  Columbia, SC 29204
                  Tel: (803) 779-2255
                  Email: reid@pricebirdlaw.com

Estimated Assets: $1,000,001 to $10,000,000

Estimated Debts: $1,000,001 to $10,000,000

According to the schedules, the Company has assets of at least
$2,016,362, and total debts of $1,459,244.

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/scb09-06627.pdf

The petition was signed by Charles Vincent Heacock, president of
the Company.


AVAGO TECHNOLOGIES: Moody's Raises Corp. Family Rating to Ba3
-------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of Avago
Technologies Finance Pte. Ltd.'s and placed the ratings under
review for possible further upgrade following the company's recent
IPO and definitive announcement last week that it plans to use the
net IPO proceeds to purchase up to $250 million of its outstanding
notes via a tender offer.  Priority of the tender will be given to
the senior unsecured subordinated notes due 2015, followed by the
senior unsecured fixed-rate notes due 2013 and then the senior
unsecured floating-rate notes due 2013.  To the extent any debt
tranches are fully retired, Moody's will withdraw the rating on
those notes.

The upgrade reflects Avago's continued market share gains in the
high-end wireless communications segment, evidence of
stabilization in the wired infrastructure and industrial and
automotive segments as those end markets gradually recover and
Moody's expectation that gross margins will be sustainable above
40% due to the company's focus on higher margin products and cost
reduction efforts.

The review for possible upgrade reflects the potential for higher-
than-expected debt reduction as a result of better than
anticipated results from the IPO and the high likelihood the
tender offer will be accepted by noteholders.  The review will
focus on the success of the tender, Avago's eventual capital
structure, as well as the potential that actual end market
semiconductor demand may be subdued going forward, which could
offset recent sequential revenue growth that was driven primarily
by inventory restocking at OEMs, distributors and ODM/EMS
providers.

Moody's expects fairly material improvement in leverage and credit
metrics following the company's planned purchase of its notes.  To
the extent Avago retires the entire $250 million of notes, pro
forma leverage as measured by debt/ LTM EBITDA improves to 1.9x
from 2.6x and EBIT/interest expense increases to 1.9x from 1.5x as
of August 2, 2009.

Moody's noted the likelihood that the rating on the senior
unsecured notes would remain Ba3 (rather than receive another one
notch upgrade) if Avago's CFR is upgraded one additional notch to
Ba2 following the review and the company retires at least
$200 million of the subordinated notes and $50 million of the
senior notes.  This is consistent with Moody's LGD (Loss Given
Default) Methodology, and the fact that senior unsecured creditors
would not benefit as much in terms of expected loss reduction as
secured creditors (or subordinated creditors that are being
repaid) as reduced default risk would be offset by a higher LGD
assumption due to the substantial reduction of the (subordinated)
junior capital that exists in the consolidated debt structure.
Under this scenario, the ratio of outstanding senior debt to
subordinated debt would be much higher, resulting in higher loss
absorption for the senior unsecured creditor class.

In August 2009, Avago sold a total of 49.7 million ordinary common
shares via an IPO at a price of $15/share.  Of the total shares
offered, 21.5 million was offered by the company and 28.2 million
was offered by members of Avago's senior management team and
entities affiliated with the company's private equity investors,
KKR and Silver Lake Partners.  Avago, which was formerly the
Semiconductor Products Group of Agilent Technologies
(Ba1/Positive), was spun-off from that company in December 2005
and taken private via a $2.785 billion leveraged buyout.  The
notes to be tendered are part of the initial financing for the
LBO.

With no debt maturities until 2013, Avago's liquidity position
remains solid as evidenced by its SGL-1 rating.  Internal
liquidity has strengthened owing to better working capital
management, increased cash levels ($254 million as of August 2,
2009) and solid levels of FCF generation ($149 million for the LTM
period).  External liquidity is supported by its $350 million
secured revolving credit facility, which is currently drawn to
$17 million for bankers' guarantees (letters of credit).  The
company, which maintains a $200 million accordion feature on its
credit facility, has sufficient cushion under its bank covenants
(maintenance and incurrence tests) and is expected to remain
covenant compliant over the next twelve months.

Ratings upgraded and placed under review for possible further
upgrade are:

* Corporate Family Rating to Ba3 from B1

* Probability of Default Rating to Ba3 from B1

* $350 Million (originally $375 Million) Senior Secured Revolving
  Credit Facility due 2011 to Baa3 (LGD-1, 5%) from Ba1 (LGD-1,
  8%)

* $453 Million (originally $750 Million) Senior Unsecured Fixed
  and Floating Rate Notes due 2013 to Ba3 (LGD-3, 45%) from B1
  (LGD-4, 51%)

* $247 Million (originally $250 Million) Senior Unsecured
  Subordinated Notes due 2015 to B2 (LGD-5, 88%) from B3 (LGD-5,
  89%)

Ratings unchanged:

* Speculative Grade Liquidity Rating - SGL-1

The last rating action was on June 20, 2008, when Moody's upgraded
Avago's CFR to B1 with a positive outlook.

Avago's ratings were assigned by evaluating factors Moody's
believe are relevant to the credit profile of the issuer, such as:
(i) the business risk and competitive position of the company
versus others within the 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.

Co-headquartered in San Jose, California and Singapore, Avago
designs, develops, manufactures and sells a broad array of
semiconductor components for consumer, industrial and commercial
electronic applications.  For the twelve months ended August 2,
2009, revenues were $1.5 billion.


AXCESS INTERNATIONAL: Warns of Impending Liquidity Crisis
---------------------------------------------------------
Axcess International Inc. said its business plan for 2009 is
predicated principally upon the successful marketing of its Radio
Frequency Identification products.  During the first six months of
2009, operating activities generated roughly $242,000 of cash.
However, the Company anticipates that its existing working capital
resources and revenues from operations will not be adequate to
satisfy its funding requirements for all of 2009.  The Company is
currently experiencing declining liquidity, modest profits from
operations and modest positive cash flows, which make it difficult
for the Company to meet current cash requirements, including
payments to vendors, and may jeopardize its ability to continue as
a going concern.  Management is attempting to obtain equity
financing for use in the Company's operations.  In addition,
management is trying to expand the Company's sales and obtain
profitable operations.

If the Company's losses or lack of operating capital continue, the
Company will have to obtain funds to meet its cash requirements
through business alliances, such as strategic or financial
transactions with third parties, the sale of securities or other
financing arrangements, or the Company may be required to curtail
its operations, seek a merger partner, or seek protection under
federal bankruptcy laws.  Any of the foregoing may be on terms
that are unfavorable to the Company or disadvantageous to existing
stockholders.  In addition, no assurance may be given that the
Company will be successful in raising additional funds or entering
into business alliances.

The Company has received working capital in various forms from
Amphion Ventures, L. P. and affiliates of Amphion Ventures, L. P.
including Amphion Partners, Amphion Investments LLC, Antiope
Partners LLC, VennWorks LLC (formerly incuVest LLC), Amphion
Capital Management LLC, Amphion Innovations plc, Amphion
Innovations US Inc. and NVW, LLC.  The Amphion Group owns roughly
49% of the outstanding voting common stock of the Company.

The Company posted a net loss of $1,115,779 for the three months
ended June 30, 2009, from a net loss of $1,162,175 for the same
quarter a year ago.  It posted a $355,901 net income for the first
six months of 2009, from a net loss of $2,797,206 for the first
half of 2008.

As of June 30, 2009, the Company had total assets of $951,767
against total liabilities of $6,278,396.  As of June 30, 2009, the
Company had accumulated deficit of $172,040,612 and stockholders'
deficit of $5,326,629.

A full-text copy of the Company's quarterly report on Form 10-Q is
available at no charge at http://ResearchArchives.com/t/s?4476

Axcess International Inc. provides patented Radio Frequency
Identification and Real Time Location Systems solutions that
locate, track, monitor, count and protect people, assets, and
vehicles, thereby improving productivity, security and access to
real-time intelligence.  Axcess' web-based software provides a
suite of management tools that include reporting, display,
decision and control functions that enable productivity, security
and local positioning.


BASELINE OIL: Court Sets Sept. 25 Plan Confirmation Hearing
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas has
agreed to convene a combined hearing on September 25 to consider
(i) the adequacy of the disclosure statement attached to the
prepackaged Chapter 11 plan of Baseline Oil & Gas Corp., and (i)
confirmation of the reorganization plan, Bill Rochelle at
Bloomberg News said.

Prior to filing for bankruptcy, Baseline Oil solicited votes on a
Chapter 11 plan from holders of 15% Senior Secured Notes due 2009
and 12.5% Senior Secured Notes due 2012.  The Plan was accepted by
100% in number and 100% in aggregate principal amount of the
Prepetition Noteholders that returned ballots.  Aside from voting
in favor of the Plan, the noteholders also agreed to make a $5
million exit facility available to the Company upon consummation
of the Plan.

The material terms of the Plan are:

   -- Prepetition Noteholders Claims.  The claims of the
      Prepetition Noteholders (Class 4 under the Plan) are
      impaired.  Upon the later of (x) the Effective Date of the
      Plan and (y) the date on which the claim of a class 4 claim
      becomes an Allowed Claim under applicable law, each holder
      of a Class 4 Allowed Claim will be entitled to receive
      securities in the reorganized Debtor, consisting of: (i) new
      10% Subordinated Secured Notes; (ii) shares of Junior
      Preferred Stock; and (iii) shares of New Common Stock.

   -- Exit Facility.  All Prepetition Noteholders were offered the
      opportunity to participate in an exit financing where
      $5 million of new cash will be made available to the Company
      on the Effective date.  In addition to those securities, the
      Exit Facility Lenders will also receive (i) new Series A 20%
      Senior Secured Notes; (ii) new Series B 20% Senior Secured
      Notes; and (iii) shares of Senior Preferred Stock.

   -- Trade Creditors and Customers.  The Debtor expects to
      continue normal operations during the Chapter 11 Case.  The
      Plan contemplates payment in full of claims held by trade
      creditors and uninterrupted performance of agreements with
      customers in accordance with existing business terms.

   -- Cancellation of Existing Equity; Cessation as Publicly
      Reporting Company.  On the Effective Date, all existing
      equity in the Debtor will be cancelled for no consideration
      and the Company will no longer file periodic and or other
      reports with the Securities and Exchange Commission.

   -- Administrative, Tax and other Priority Claims.  These claims
      are not impaired and each holder of an allowed
      Administrative, Tax or other Priority Claim is to be paid in
      full, in cash, under the Plan.

   -- Royalty and other Secured Claims.  These claims are not
      impaired and each holder of an allowed Royalty or other
      Secured Claim shall be paid in full, in cash under the Plan.

A copy of the Prepackaged Plan is available for free at:

           http://researcharchives.com/t/s?43ac

                        About Baseline Oil

Baseline Oil & Gas Corp. is an independent oil and natural gas
company engaged in the exploration, production, development,
acquisition and exploitation of natural gas and crude oil
properties.  The Company has interests in three core areas: the
Eliasville Field located in Stephens County in North Texas; the
Blessing Field in Matagorda County located onshore along the Texas
Gulf Coast, and the New Albany Shale play located in Southern
Indiana.  Its core properties cover approximately 39,945 net
acres. As of December 31, 2008, the Company's proved reserves were
60.2 billion cubic feet equivalent (Bcfe), of which 46.5% were
natural gas and 68.2% were proved developed.  During the year
ended December 31, 2008, it produced 2.8 Bcfe and had a proved
reserve reduction of 6.7 Bcfe as a result of reserve revisions.

Baseline Oil filed a voluntary petition for reorganization under
Chapter on August 28, 2009 (Bankr. S.D. Tex. Case No. 09-36291).
Attorneys at Thompson & Knight LLP represent Baseline Oil in its
restructuring effort.

Baseline Oil had total assets of $80,053,903 against total debts
of $138,913,478 as of June 30, 2009.


BAYWOOD INT'L: Won't Seek Shareholder Proxy on Nutra Deal
---------------------------------------------------------
Baywood International, Inc., circulated to shareholders an
Information Statement explaining:

     -- the terms of the Asset Purchase Agreement in connection
        with the sale of substantially all of the assets in
        its wholly owned subsidiary, Nutritional Specialties,
        Inc.; and

     -- the amendment of its Articles of Incorporation to change
        its name from "Baywood International, Inc." to "New Leaf
        Brands, Inc."

"WE ARE NOT ASKING FOR YOUR PROXY AND YOU ARE REQUESTED NOT TO
SEND US A PROXY.  Because the written consent of a majority of
stockholders satisfies any applicable stockholder voting
requirement of the Nevada Revised Statutes, our Articles of
Incorporation, as amended, and our Amended and Restated By-Laws,
we are not asking for a proxy and you are not requested to send
one," Neil Reithinger, the Company's secretary, said in a letter
to shareholders.

According to the Company, holders of a majority of its total
voting capital stock adopted, by written consent, adopted
resolutions giving the Company authority to (1) sell all or
substantially all of the rights and assets of Nutritional
Specialties to Nutra, Inc., a subsidiary of Nutraceutical
International Corporation; and (2) amend the Articles of
Incorporation, as amended, to change the corporate name.

"We are not aware of any substantial interest, direct or indirect,
by security holders or otherwise, that is in opposition to the
. . . actions.  In addition, pursuant to the laws of the State of
Nevada, the actions taken by majority written consent in lieu of a
special stockholder meeting do not create appraisal or dissenters'
rights," the Company indicated.

Nutra Inc. agreed to pay an aggregate purchase price of $8,250,000
in cash, less payment of liabilities and certain pre-closing
working capital adjustments.  The purchase price includes
$1,000,000 for the LifeTIME trademark and the goodwill associated
with the trademark.  A third party has a right of first refusal to
purchase the LifeTIME trademark and the goodwill associated with
the trademark.  On August 6, 2009, the third party waived its
right of first refusal to purchase the LifeTIME trademark and the
goodwill associated with the trademark therefore Nutra, Inc. will
pay the entire purchase price, assuming all other conditions are
met.

If the estimated net asset value of the assets being sold is
greater or less than the minimum net asset value of $1,848,604,
the purchase price payable at closing will be increased or
decreased by the amount of such difference on a dollar-for-dollar
basis.

Pursuant to the Agreement, $250,000 of the purchase price will be
held back by Nutra, Inc. for one year following the closing of the
Asset Sale to satisfy any amounts owed by the Company to Nutra,
Inc., including, at Nutra, Inc.'s option, any post-closing
adjustments to the purchase price.

The closing of the Asset Sale was subject to the approval by a
majority vote of the outstanding shares of the Company which was
received on August 6, 2009.  The final closing of the Agreement is
subject to certain releases including final consents from the
Company's senior lender, Vineyard Bank, N.A.

If the closing of the Asset Sale has not occurred by October 15,
2009, due to any failure of any of the conditions to closing
described in the Agreement, then Nutra, Inc., may terminate the
Agreement at its sole option unless Nutra, Inc., elects in writing
to extend the Agreement for one or more successive periods of 30
days.

The Company has agreed to indemnify Nutra, Inc., for any losses
arising out of the Company's breach of the representations and
warranties or covenants contained in the Agreement.  Nutra, Inc.
may only bring claims for losses which exceed, in the aggregate,
$50,000 and only for that amount by which the losses exceed
$50,000.

A full-text copy of the Information Statement filed with the
Securities and Exchange Commission on Form PRER14C is available at
no charge at http://ResearchArchives.com/t/s?4473

                        Going Concern Doubt

The Company had negative net working capital of roughly
$17,292,059 at June 30, 2009.  The Company has not yet created
positive cash flows from operating activities and its ability to
generate profitable operations on a sustainable basis is
uncertain.  The Company is in default on a number of notes payable
and financing agreements.  These factors raise substantial doubt
about the Company's ability to continue as a going concern.

The Company believes that its existing cash resources, combined
with projected cash flows from operations may not be sufficient to
execute its business plan and continue operations for the next
twelve months.  Management has taken steps to reduce the Company's
operating expenses.  Additionally, the Company intends to change
its strategic direction with the sale of its Lifetime and Baywood
brands to provide the necessary resources aimed at achieving
profitability and positive cash flow.  The Company will continue
to explore various strategic alternatives, including business
combinations and private placements of debt and or equity
securities.

In April 2009, the Company engaged an investment banking firm to
assist management in exploring raising additional capital.
However, the Company may not be successful in obtaining additional
financing on acceptable terms, on a timely basis, or at all, in
which case, the Company may be forced to make further cut backs,
or cease operations.

Mayer Hoffman McCann P.C., expressed substantial doubt about
Baywood International Inc.'s ability to continue as a going
concern after auditing the Company's consolidated financial
statements for the year ended Dec. 31, 2008.  The Company, the
auditor pointed out, has suffered recurring losses from
operations, has a working capital deficiency, was not in
compliance with certain financial covenants related to debt
agreements, and has a significant amount of debt of which
roughly $8.3 million matures in 2009.

As of June 30, 2009, the Company had $13,934,099 in total assets
and $20,888,913 in total liabilities, resulting in stockholders'
deficit of $6,954,814.

                    About Baywood International

Headquartered in Scottsdale, Ariz., Baywood International Inc.
(OTC BB: BYWD) -- http://www.bywd.com/-- is a nutraceutical
company specializing in the development, marketing and
distribution of nutraceutical products under the LifeTime(R) and
Baywood brands.


BERNARD MADOFF: National Liquidators to Auction Yachts
------------------------------------------------------
National Liquidators, the largest boat and ship recovery and
remarketing company in the U.S., will auction off three vessels
previously owned by Bernard Madoff on Tuesday, November 17, 2009
at 4:00 pm.  The auction will be held at National Liquidators'
headquarters, 1915 Southwest 21st Avenue, Fort Lauderdale, and
will include M/V "THE BULL," a 55 foot 1969 Rybovich that has been
meticulously restored.

The United States Marshals Service seized the vessels on April 1,
2009, immediately turning the assets over to National Liquidators
for maintenance and disposal. National Liquidators is conducting
the auction as the exclusive sales agent for the vessels as a part
of the company's contract with the U.S. Marshals Service. The U.S.
Marshals Service is responsible for the management and disposition
of Bernard and Ruth Madoff's assets, and for collecting sales
proceeds of the assets, which will be used for victim restitution.

In addition to "THE BULL," the auction will include Madoff's M/V
SITTING BULL, a 38 foot, 2003 Shelter Island Runabout, LITTLE
BULL, a 23 foot, 2000 Maverick Boat Company 2400 Center Console
and a 1999 Mercedes Benz CLK 320 convertible with 12,827 miles.
And a 2003 61 foot Viking convertible previously owned by a former
Madoff associate will be a part of the auction.

The auction also will feature three yachts offered for sale that
are unrelated to the Madoff case: a 2008 Novatec 74 foot Euro
Pilothouse, a 2004 Uniesee 68 foot Sport Motor Yacht and a 94 foot
Devo Mill luxury yacht.

"We anticipate strong interest in the auction," according to Matt
Amata, vice president of National Liquidators. "We've heard from
several potential bidders, who are interested in both the quality
and notoriety of purchasing a `piece of history' in the Madoff and
Madoff associate boats. We also have three additional wonderful
yachts in the auction that represent incredible opportunities to
purchase a high-end yacht in a truly unique setting."

Bidders are required to pre-register for the live auction, and may
obtain registration information at www.yachtauctions.com/madoff.
Attendance at the auction will be restricted to pre-registered
bidders and invited guests.

National Liquidators is the largest vessel recovery, custody and
remarketing company in the U.S. The company provides services for
lenders, government agencies, marine dealers, marine
manufacturers, attorneys, insurance companies as well as
individual sellers. National Liquidators is one of the nation's
largest resellers of boats to retail and wholesale buyers in the
U.S. and around the world, maintaining an online inventory at
www.yachtauctions.com. The company has locations in Fort
Lauderdale and Fort Myers, FL, Capistrano Beach & Newport Beach,
CA, and Cleveland, OH.

                        About Bernard Madoff

Bernard L. Madoff Investment Securities LLC was a market maker in
U.S. stocks, including all of the S&P 500 and more than 350 Nasdaq
stocks. The firm moved large blocks of stock for institutional
clients by splitting up orders or arranging off-exchange
transactions between parties. It also performed clearing and
settlement services. Clients included brokerages, banks, and
other financial institutions. In addition, Madoff Securities
managed assets for high-net-worth individuals, hedge funds, and
other institutional investors.

The firm is being liquidated in the aftermath of a fraud scandal
involving founder Bernard L. Madoff.

As reported by the Troubled Company Reporter on December 15, 2008,
the Securities and Exchange Commission charged Mr. Madoff and his
investment firm with securities fraud for a multi-billion dollar
Ponzi scheme that he perpetrated on advisory clients of his firm.
The estimated losses from Mr. Madoff's fraud were allegedly at
least US$50 billion.

Also on December 15, 2008, the Honorable Louis A. Stanton of the
U.S. District Court for the Southern District of New York granted
the application of the Securities Investor Protection Corporation
for a decree adjudicating that the customers of BLMIS are in need
of the protection afforded by the Securities Investor Protection
Act of 1970. Irving H. Picard, Esq., was appointed as trustee for
the liquidation of BLMIS, and Baker & Hostetler LLP was appointed
as counsel.

As reported by the TCR, Judge Denny Chin of the U.S. District
Court for the Southern District of New York on June 29, 2009,
sentenced Mr. Madoff to 150 years of life imprisonment for
defrauding investors.


BIOBASED TECHNOLOGIES: Files for Chapter 11 Bankruptcy Protection
-----------------------------------------------------------------
BioBased Technologies LLC has filed for Chapter 11 bankruptcy
protection in the U.S. Bankruptcy Court for the Western District
of Arkansas, listing $1 million to $10 million in assets and
$10 million to $50 million in liabilities.

According to Worth Sparkman at ArkansasBusiness.com, BioBased
Technologies' unsecured debts include:

     -- $10,251 to Arkansas Department of Finance & Administration
        for payroll taxes;

     -- $14,593 for personal property taxes in Benton County;

     -- $192,000 to Tosh Specialty Products of Cincinnati for
        inventory; and

     -- $157,898 to Bayer Material Science of Dallas for
        inventory.

Citing BioBased Technologies spokesperson Jennifer Wilson,
ArkansasBusiness.com reports that the Company's bankruptcy filing
isn't related to the slowdown in the construction industry.
According to the report, BioBased Technologies had debt come due
in August.  The report says that BioBased Technologies' investors
developed a plan to restructure the debt.

BioBased Technologies quoted Ms. Wilson as saying, "The focus of
this bankruptcy filing is on restructuring debt.  The filing is
not expected to negatively impact business operations of the
company, its employees, its customers or vendors."

Fayetteville, Arkansas-based BioBased Technologies LLC, dba
BioBased Systems, BioBased Insulation, and BioBased Chemicals, is
is best known for its soy-based spray foam insulation, its primary
consumer product, which was used in many homes built in northwest
Arkansas over the past several years.  It also manufactures Agrol,
a family of bio-based polyols for use in polyurethane products
such as rigid and flexible molded foam.


BKF CAPITAL: Posts $31,000 Net Loss for June 30 Quarter
-------------------------------------------------------
BKF Capital Group, Inc., posted a net loss of $31,000 for the
three months ended June 30, 2009, from a $156,000 net income for
the same quarter in 2008.  It posted a net loss of $87,000 for the
six months ended June 30, 2009, from a net loss of $300,000 for
the same period a year ago.

Total income for the three months ended June 30, 2009, was
$181,000, reflecting a decrease of 65% from $515,000 in the same
period in 2008.  This decrease is primarily attributable to a
decrease in interest income, due to a decrease in the amount of
outstanding Treasury Bills owned by the Company as well as lower
interest rates, as compared to the prior period.

Total income for the six months ended June 30, 2009 was $428,000,
reflecting a decrease of 67% from 1,284,000 in the same period in
2008.  This decrease is primarily attributable to a decrease in
interest income, due to a decrease in the amount of outstanding
Treasury Bills owned by the Company as well as lower interest
rates, as compared to the prior period.

As of June 30, 2009, the Company had $14,959,000 in total assets
and $3,520,000 in total liabilities.  At June 30, 2009, BKF had
cash and cash equivalents of $14,531,000.  BKF's current assets as
of June 30, 2009 consist primarily of cash, receivables and
security deposits.

While BKF has historically met its cash and liquidity needs
through cash generated by operating activities, cash flow from
current activities will not be sufficient to fund operations in
the future.  BKF will use a portion of its existing working
capital for such purposes.

A full-text copy of the Company's quarterly report on Form 10-Q is
available at no charge at http://ResearchArchives.com/t/s?4474

                       Going Concern Doubt

Holtz Rubenstein Reminick LLP, in New York, expressed substantial
doubt about BKF Capital Group Inc.'s ability to continue as a
going concern after auditing the company's consolidated financial
statements for the year ended December 31, 2007.

The auditing firm stated that the Company experienced a total loss
of assets under management and as a result the Company has had a
significant decline in revenues in 2007 and no longer has an
operating business.

However, the audit report dated April 13, 2009, by Mark Bailey &
Company, Ltd., in Reno, Nevada, on the Company's annual report for
the year ended December 31, 2008, did not include any adverse
opinion on the Company's ability to continue as a going concern.

                      About BKF Capital Group

BKF Capital Group, Inc., operates through a wholly owned
subsidiary, BKF Management Co., Inc. and its subsidiaries.  The
Company trades on the over the counter market under the symbol
(BKFG).  The Company is seeking to consummate an acquisition,
merger or business combination with an operating entity to enhance
BKF's revenues and increase shareholder value.

Since January 1, 2007, the Company has had no operating business
and no assets under management.  The Company's principal assets
consist of a significant cash position, sizable net operating tax
losses to potentially carry forward, its status as a publicly
traded Exchange Act reporting company and a small revenue stream
consisting of royalty payments from a departed portfolio manager.
BKF's current revenue stream will not be sufficient to cover BKF's
ongoing expenses.

This concludes the Troubled Company Reporter's coverage of BKF
Capital Group until facts and circumstances, if any, emerge that
demonstrate financial or operational strain or difficulty at a
level sufficient to warrant renewed coverage.


BOB BISNO: Files for Ch 11 Bankruptcy Due to Slow Sales
-------------------------------------------------------
Bob Bisno has filed for Chapter 11 bankruptcy protection.  The Los
Angeles Business Journal relates that Mr. Bisno owes his largest
20 unsecured creditors more than $250 million.   Business Journal
says that Mr. Bisno's company, Bisno Development Co., has suffered
a series of setbacks, including slow sales at luxury condominiums
constructed in Santa Ana.

Bob Bisno is a developer who led initial plans to build the Ponte
Vista gated community in San Pedro.  He stepped down from the
Ponte Vista project in 2008.


BRIEN MCMAHON: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Joint Debtors: Brien F. McMahon
               Sandra W. McMahon
               4985 Pinecroft Way
               Santa Rosa, CA 95404

Bankruptcy Case No.: 09-12906

Chapter 11 Petition Date: September 8, 2009

Court: United States Bankruptcy Court
       Northern District of California (Santa Rosa)

Judge: Alan Jaroslovsky

Debtors' Counsel: Michael C. Fallon, Esq.
                  Law Offices of Michael C. Fallon
                  100 E, St. #219
                  Santa Rosa, CA 95404
                  Tel: (707) 546-6770
                  Email: mcfallon@fallonlaw.net

Estimated Assets: $1,000,001 to $10,000,000

Estimated Debts: $1,000,001 to $10,000,000

According to the schedules, the Company has assets of at least
$1,835,352, and total debts of $2,402,332.

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/canb09-12906.pdf

The petition was signed by the Joint Debtors.


BROOKSIDE TECHNOLOGY: Vicis Capital Discloses 9.99% Equity Stake
----------------------------------------------------------------
Vicis Capital LLC may be deemed to beneficially own 14,651,044
shares -- or 9.99% -- of the common stock of Brookside Technology
Holdings Corp.  Vicis said all the shares are held directly by
Vicis Capital Master Fund, for which Vicis acts as investment
advisor.

Effective June 1, 2009, the Company entered into a Securities
Purchase Agreement with Vicis Capital Master Fund, a sub-trust of
Vicis Capital Series Master Trust, and the Company's largest
preferred stockholder, pursuant to which Vicis invested an
additional $1,000,000 in the Company and the Company issued to
Vicis 1,000,000 shares of the Company's Series A Convertible
Preferred Stock and a warrant to purchase 100,000,000 shares of
Common Stock at an exercise price of $0.01 per share.

Brookside Technology Holdings Corp., is the holding company for
Brookside Technology Partners, Inc., US Voice & Data, LLC,
Standard Tel Acquisitions, Inc., Trans-West Network Solutions,
Inc., and Standard Tel Networks, LLC, and all operations are
conducted through these wholly owned subsidiaries.  Collectively,
the subsidiary companies provide converged business communications
products and services from Mitel, Inter-tel (owned by Mitel),
Nortel and NEC.  The Company, as the 2nd largest MITEL dealer, is
recognized as a Diamond Dealer.

Effective August 13, 2009, the Company and its senior creditor,
Chatham Credit Management III, LLC, further updated its letter
agreement dated May 29, 2009 pursuant to which, among other
things, Chatham agreed, for the period July 31, 2009 through
June 30, 2010, to suspend the Company's compliance of the minimum
fixed charge coverage ratio and maximum leverage ratio contained
in the credit agreement.  The Company is in full compliance with
its financial covenants under this agreement.


BUSSON DIGITAL: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Busson Digital Printing, Inc.
           fdba Busson Photography, Inc.
        523 West Tuscarawas Avenue
        Barberton, OH 44203

Bankruptcy Case No.: 09-54018

Chapter 11 Petition Date: September 7, 2009

Court: United States Bankruptcy Court
       Northern District of Ohio (Akron)

Judge: Marilyn Shea-Stonum

Debtor's Counsel: Christine K. Corzin, Esq.
                  304 N Cleveland-Massillon Rd
                  Akron, OH 44333
                  Tel: (330) 670-0770
                  Email: ccorzin@csu-law.com

                  Harold A. Corzin, Esq.
                  304 N Cleveland Massillon Rd
                  Commonwealth Square
                  Akron, OH 44333
                  Tel: (330) 670-0770
                  Email: hcorzin@csu-law.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
20 largest unsecured creditors, is available for free at:

         http://bankrupt.com/misc/ohnb09-54018.pdf

The petition was signed by Dennis R. Busson, president of the
Company.


CABI DOWNTOWN: To Sell Six Co-op Units for $3 Million
-----------------------------------------------------
Cabi Downtown LLC obtained approval from the Bankruptcy Court to
sell six units for about $3 million to generate around
$2.6 million for the construction lender Bank of America, N.A.,
Bill Rochelle at Bloomberg said.  Owed $209 million, BofA
previously filed a motion asking for dismissal of the bankruptcy,
claiming it was filed in "bad faith" to prevent foreclosure.

Aventura, Florida-based Cabi Downtown, LLC, operates a real estate
Business and owns the 49-story Everglades on the Bay condominium
in Miami.  The condominium project has 849 units in two towers,
with 60,000 square feet of retail space.  The Company filed for
Chapter 11 on Aug. 18, 2009 (Bankr. S.D. Fla. Case No. 09-27168).
Mindy A. Mora, Esq., represents the Debtor in its restructuring
efforts.  In its petition, the Debtor listed assets and debts both
ranging from $100,000,001 to $500,000,000.


CAFE DES ARTISTAS: Files Chapter 7 After Closing Restaurant
-----------------------------------------------------------
Cafe des Artistes filed for Chapter 7 bankruptcy in Manhattan
(Bankr. S.D.N.Y Case No. 09-15437) after closing down last month.
According to Christopher Scinta at Bloomberg News, the restaurant
listed debts of $494,657 against assets of $84,490 in its Chapter
7 petition.  Mr. Scinta relates Cafe des Artistes owes a union
benefit trust $116,471 and is facing a lawsuit from the Hotel
Employees and Restaurant Employees International Union Welfare
Fund, it said in court papers.  The Chapter 7 filing automatically
stops the lawsuit.

According to Mr. Scinta, the closing is the latest blow to New
York's restaurant industry, which has endured an 11% sales decline
over the past three months.  This year, 512 New York restaurants
have closed, according to NDP Group, a market research company.

Cafe des Artistes, on West 67th Street, in New York, is a
restaurant that attracted people attending theater, music and
dance events at nearby Lincoln Center.  The restaurant, open since
1917, was run by George Lang and his wife, Jenifer, who signed the
bankruptcy petition. On the walls are murals of naked nymphs and
satyrs by the American artist Howard Chandler Christy.


CAPMARK FINANCIAL: Fitch Junks Issuer Default Ratings From 'B-'
---------------------------------------------------------------
Fitch Ratings has downgraded the long-term Issuer Default Ratings
of Capmark Financial Group to 'C' from 'B-' and Capmark Bank to
'CC' from 'B-'.  An IDR of 'C' indicates that default of some kind
appears imminent or inevitable.  Approximately $8.5 billion of
debt is affected by the action.

The action follows Capmark's announcement of a $1.6 billion second
quarter net loss, resulting in a $1.1 billion stockholder's
deficit and its agreement to enter into a Asset Put Agreement
which gives Capmark the right to sell its domestic servicing and
mortgage banking businesses to a third-party.  The net loss is
primarily due to continued deteriorating conditions in the
commercial real estate market impacting Capmark's loan portfolio,
downward pressure on fair values resulting in losses on its equity
and real estate investments, increased provision expense, and an
impairment charge on mortgage servicing rights and intangible
assets.  The potential sale of the servicing and mortgage banking
business reflects management's ongoing efforts to explore
strategic alternatives for all its businesses.  In addition, the
company has been active in negotiations with its lenders to
restructure its debt obligations.  Fitch expects that the end
result will be either a bankruptcy filing or a debt restructuring.
Fitch would consider a debt restructuring a 'restricted default'
under its Coercive Debt Exchange criteria.

Fitch's downgrade of Capmark Bank follows the announcement that
the bank has received notification from the FDIC that it intends
to issue an administrative order, which will impose certain
requirements and restrictions on Capmark Bank.  Although the bank
continues to report regulatory capital levels in excess of 'well
capitalized', the extent of further losses on its loan portfolio
could impair current capital.

Fitch has assigned recovery ratings to the secured term bank
credit facility and unsecured debt.  The $1.5 billion term secured
facility was assigned a 'RR3' rating reflecting recovery prospects
between 51%-70%, while remaining current unsecured obligations
were assigned a 'RR5' reflecting recovery expectations between
11%-30%.

Going forward, Fitch will evaluate the level of information and
transparency in maintaining ratings on Capmark and Capmark Bank.

                        Ratings downgraded

Capmark Financial Group Inc.
Capmark Commercial Mortgage Funding PLC

  -- Long-term IDR to 'C' from 'B-';
  -- Short-term IDR to 'C' from 'B';
  -- Senior unsecured debt to 'C/RR5' from 'B-'.

Capmark Commercial Funding Asia K.K. (Japan)

  -- Long-term IDR to 'C' from 'B-';
  -- Short-term IDR to 'C' from 'B'.

Capmark Bank

  -- Long-term IDR to 'CC' from 'B-';
  -- Short-term IDR to 'C' from 'B';
  -- Individual to 'E' from 'D/E';
  -- Long-term deposits to 'CCC' from 'B-';
  -- Short-term deposits to 'C' from 'B'.

                         Ratings Assigned

Capmark Financial Group Inc.

  -- Term secured bank facility 'CC/RR3';
  -- Revolving credit facility 'C/RR5';
  -- Term Bank facility 'C/RR5'.


CATHY GIESEKER: Case Summary & 8 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Cathy Gieseker
        20041 Highway 24
        Holliday, MO 65258

Bankruptcy Case No.: 09-20462

Chapter 11 Petition Date: September 8, 2009

Court: United States Bankruptcy Court
       Eastern District of Missouri (Hannibal)

Debtor's Counsel: Spencer P. Desai, Esq.
                  Capes, Sokol, Goodman and Sarachan, P.C.
                  Pierre Laclede Center
                  7701 Forsyth Boulevard, 12th Floor
                  St. Louis, MO 63105
                  Tel: (314) 721-7701
                  Fax: (314) 721-0554
                  Email: desai@capessokol.com

Estimated Assets: $1,000,001 to $10,000,000

Estimated Debts: $1,000,001 to $10,000,000

A full-text copy of Ms. Gieseker's petition, including a list of
her 8 largest unsecured creditors, is available for free at:

          http://bankrupt.com/misc/moeb09-20462.pdf

The petition was signed by Ms. Gieseker.


COLORADO DENVER: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Colorado Denver Delivery Inc
        PO Box 17569
        Denver, CO 80217-0569

Bankruptcy Case No.: 09-28669

Chapter 11 Petition Date: September 8, 2009

Court: United States Bankruptcy Court
       District of Colorado (Denver)

Judge: Elizabeth E. Brown

Debtor's Counsel: Harvey Sender, Esq.
                  1660 Lincoln St., Ste. 2200
                  Denver, CO 80264
                  Tel: (303) 296-1999
                  Fax: (303) 296-7600
                  Email: Sendertrustee@sendwass.com

Estimated Assets: $1,000,001 to $10,000,000

Estimated Debts: $1,000,001 to $10,000,000

According to the schedules, the Company has assets of at least
$1,382,555, and total debts of $2,181,332.

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/cob09-28669.pdf

The petition was signed by Thomas Haney, president of the Company.


CENTRO NP: May Not Repay Short-Term Debt Amid Strict Loan Terms
---------------------------------------------------------------
Centro NP LLC warned in an August 2009 regulatory filing it has
substantial short-term liquidity obligations consisting primarily
of short-term indebtedness, which it may be unable to refinance on
favorable terms or at all.  During the remaining six months of
2009, the Company has an aggregate of $47.5 million of mortgage
debt, notes payable and credit facilities scheduled to mature and
$13.9 million of scheduled mortgage amortization payments.

If principal payments on debt due at maturity cannot be
refinanced, extended or paid, the Company will be in default under
its debt obligations, and it may be forced to dispose of
properties on disadvantageous terms.  The defaults may in turn
cause cross defaults in certain of the Company's or its
affiliates' other debt obligations.

Centro NP also noted it is no longer permitted to make draws under
an Amended July 2007 Facility.  As a result, and because of the
restrictions imposed on the Company by the Amended July 2007
Facility, as well as its Super Bridge Loan, its Residual Credit
Facility and the Indentures, it may not be able to repay or
refinance short-term debt obligations that comes due.

The Company said there is substantial doubt about its ability to
continue as a going concern.  In addition, uncertainty also exists
due to the liquidity issues currently experienced by the Company's
parent and the ultimate parent investors, Centro Properties
Limited and Centro Property Trust.

According to the Company, the half yearly financial statements of
the Company's ultimate parents, Centro Properties Limited and
Centro Property Trust, which were filed with Australian regulatory
bodies on February 26, 2009, identified material uncertainty
(equivalent to substantial doubt) about those entities' ability to
continue as a going concern.

The Amended July 2007 Facility is a $350.0 million revolving
credit facility with Bank of America N.A.

The Super Bridge Loan is a $1.9 billion second amended and
restated loan agreement entered into by Super LLC with JPMorgan
Chase Bank, N.A., as administrative agent.

The Residual Credit Facility is a $370.0 million credit facility
entered into by certain subsidiaries of Centro NP Residual Holding
LLC -- Residual Joint Venture -- with JPMorgan Chase Bank, N.A.,
as agent and lender.

The Indentures govern the unsecured senior notes issued by Centro
NP's predecessor, New Plan Excel Realty Trust, Inc.  U.S. Bank
Trust National Association is the trustee under the Indentures.

Centro NP said management is working with both its lenders and the
lenders of its affiliated entities, and also with management of
the ultimate parent investors of the Company, to access a number
of options that address the Company's ongoing liquidity issues.
Factors that may impact this include the current and future
condition of the credit market and the U.S. retail real estate
market.

The Company said the extension of certain debt facilities to
December 31, 2010, gives it more time to consider a range of
different plans to address its longer term liquidity issues and
potential funding from distributions from the Residual Joint
Venture and potential asset sales, among other things, should
provide the Company with the ability to pay its debts as and when
they become due and payable.

Centro NP posted a net loss of $179,304,000 for the three months
ended June 30, 2009, from a net loss of $297,866,000 for the same
quarter in 2008.  It recorded a net loss of $195,019,000 for the
six months ended June 30, 2009, from a net loss of $303,052,000
for the same period a year ago.

Centro NP recorded total revenues of $78,096,000 for the three
months ended June 30, 2009, from $104,929,000 for the same quarter
in 2008.  It recorded total revenues of $161,765,000 for the first
half of 2009 from $228,429,000 for the first half of 2008.

During the six months ended June 30, 2009, the Company sold three
shopping centers for aggregate gross proceeds of approximately
$19.9 million.  Net proceeds after closing costs were
approximately $18.6 million.

At June 30, 2009, the Company had $3,434,106,000 in total assets,
including $28,514,000 in cash and cash equivalents and $9,678,000
in marketable securities; against $1,896,991,000 in total
liabilities and $24,542,000 in redeemable non-controlling
interests in partnerships.

Centro NP's credit ratings are all below investment grade.
Standard & Poor's current rating is CCC+; outlook negative.
Fitch's current rating is CCC/RR4; rating watch negative.  Moody's
current rating is Caa2; negative outlook.

A full-text copy of the Company's quarterly report on Form 10-Q is
available at no charge at http://ResearchArchives.com/t/s?447d

Centro NP LLC owns and develops community and neighborhood
shopping centers throughout the United States.  The Company was
formed in February 2007 to succeed the operations of New Plan
Excel Realty Trust, Inc.


CHIYODA AMERICA: Gets Interim OK to Access $1.6MM DIP Financing
---------------------------------------------------------------
The Hon. Arthur J. Gonzalez of U.S. Bankruptcy Court for the
Southern District of New York authorized, on an interim basis,
Chiyoda America, Inc. to:

   -- obtain secured postpetition financing on a superpriority
      basis from Chiyoda Gravure Corporation; and

   -- provide adequate protection for any diminution in value of
      the prepetition collateral in favor of the prepetition
      lender.

A final hearing on the Debtor's DIP financing is scheduled for
Sept. 16, 2009, at 11:00 a.m. in Courtroom 523 in the U.S.
Bankruptcy Court for the Southern District of New York.
Objections, if any, are due at 5:00 p.m. on Sept. 11, 2009.

The Debtor related that as of the petition date, the outstanding
principal amount of all loans under the prepetition financing from
Chiyoda Gravure was $17,223,632.

The Debtor requires immediate financing for the continued
operation of its business.  The Debtor was unable to obtain
financing from sources other than the DIP Lender on terms more
favorable than the DIP Facility.  The Debtor was also unable to
obtain interim unsecured credit.

Chiyoda Gravure has indicated a willingness to continue to provide
financing to the Debtor.

The Debtor is authorized to request extensions of credit up to an
aggregate outstanding principal amount of $1,675,000 at any one
time outstanding.  The amount of credit extended over each two-
week period will be capped in accordance with the updated budget.

The DIP Liens will be subordinate only to the carve-out expenses.

The Debtor's DIP financing will expire on: (i) the maturity date;
(ii) the occurrence and continuation of an event of default; (iii)
the effective date of any plan for the Debtor; (iv) the date of
consummation of a sale of substantially all of the
Debtor's assets; (v) the dismissal of the case or any successor
case, or the conversion of the Case into a case under Chapter 7 ;
and (vi) the appointment of a trustee or examiner.

As adequate protection, the Debtor will grant the DIP lender
superpriority administrative expense claims and automatically
perfected security interests in and liens on all of the DIP
Collateral.

                    About Chiyoda America, Inc.

New York City-based Chiyoda America, Inc., fka Cosmopolitan
Graphics Corporation and Advanced Printing filed for Chapter 11 on
Aug. 19, 2009 (Bankr. S.D.N.Y. Case No. 09-15059).  Michael Z.
Brownstein, Esq., at Blank Rome LLP represents the Debtor in its
restructuring effort.  In its petition, the Debtor listed assets
and debts both ranging from $10,000,001 to $50,000,000.


COMMERCECONNECT MEDIA: Plan Okayed Despite Genesis Objection
------------------------------------------------------------
U.S. Bankruptcy Judge Brendan L. Shannon had indicated that that
he would approve Cygnus Business Media Inc.'s Chapter 11
reorganization plan.

Citing lawyers, Dow Jones Daily Bankruptcy Review relates that
Genesis CLO 2007-2 Ltd., the investment fund that forced Cygnus
Business into bankruptcy protection by refusing to agree to an
out-of-court restructuring, voted against the Company's Plan,
claiming that the debt-service requirement contemplated by the
plan would consume most of the Debtor's cash flow and would
ultimately bring the Company back into bankruptcy protection.
Genesis, says the report, eventually agreed to withdraw the
objection when Cygnus Business released the creditor from a clause
barring it from pursuing causes of action against the Company.

Dow Jones states that Cygnus Business' remaining 24 creditors
eligible to vote supported the plan.

As reported by the Troubled Company Reporter on August 5, 2009,
CommerceConnect filed together with its bankruptcy petition, a
plan of reorganization negotiated with lenders prepetition.  The
proposed Chapter 11 plan provides for the conversion of a large
portion of its existing first lien debt and all of the existing
second lien debt to equity.

According to the disclosure statement explaining the Plan:

  -- Holders of first lien facility claims owed not less than
     $173,000,000 will recover not more than 70% of their claims.
     Holders of first lien debt will receive their pro rata share
     of the $60 million of new term debt and new common stock.

  -- Holders of second lien facility claims owed $32,000,000 to
     $35,000,000 will recover not more than 4% of their claims.
     They will receive warrants to purchase 7,600 shares of Class
     A common stock at a price of $450 per share, based on an
     assumed total enterprise value of $105 million.

  -- The rights of holders of allowed general unsecured claims
     will be reinstated.  They will recover 100% of their claims
     in the ordinary course.  These claimants are unimpaired under
     the Plan and are deemed to have accepted the Plan.

  -- All existing stock will be cancelled, and holders of these
     interests won't recover anything.

That plan is supported by all of the holders of the second lien
debt and all but one of the holders of the first lien debt.  The
dissenting first lien lender is Genesis CLO 2007-2, Ltd., managed
by Levine Leichtman, and owed $6.4 million of the $173 million in
first lien obligations.  The agreements governing the first lien
debt required unanimous consent for an out-of-court restructuring
forcing the Debtors to file for bankruptcy to implement its plan.

With the majority of the impaired voting creditors that have
accepted the Plan, the Debtors will ask the Court on September 8
to confirm the Plan.  Pursuant to Section 1126 of the Bankruptcy
Code, an impaired class of claims has accepted the Plan if the
holders of at least two-thirds in dollar amount and more than one-
half in number of the allowed claims in the call actually voting
to have voted to accept the Plan.

Holders of existing stock are deemed to reject the Plan owing to
their zero recovery.

Copies of the Plan and Disclosure Statement are available for free
at:

     http://bankrupt.com/misc/CC_Prepack_DS.pdf
     http://bankrupt.com/misc/CC_Prepack_Plan.pdf

                       About CommerceConnect

CommerceConnect Media, doing business as Cygnus, is a business-to-
business publisher and communications company.  CommerceConnect's
brands include Qualified Remodeler, Firehouse, Equipment Today,
Kitchen and Bath Design News, and the CPA Technology Advisor.  In
total, CommerceConnect publishes 42 trade publications in 13
markets, with total circulation of more than 3 million.
CommerceConnect also operates 38 Web sites which generated more
than 180 million page views in 2008.  CommerceConnect also
produces more than 30 trade shows and events each year.

CommerceConnect Media Holdings, Inc., together with affiliates,
including Cygnus Business Media Inc., filed for Chapter 11 on
August 3, 2009 (Bankr. D. Del. Case No. 09-12765).  Attorneys at
Richards, Layton & Finger, P.A., and Curtis, Mallet-Prevost, Colt
& Mosle LLP, serve as counsel to the Debtors.  Garden City Group
Inc. serves as noticing and claims agent.  Miller Buckfire & Co.,
LLC, is the Debtors' financial advisor.  Attorneys at Sidley
Austin represent General Electric Capital Corp., the first lien
agent, while attorneys at Paul, Hastings, Janofsky & Walker LLP
serve as counsel to Barclays Bank PLC, the second lien agent.
Judge Brendan Linehan Shannon presides over the case.  The
petition says CommerceConnect has $100,000,001 to $500,000,000 in
assets and debts.


COOPER COMPANIES: Moody's Retains 'Ba3' Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service said that the ratings of The Cooper
Companies Incorporated, including the Ba3 Corporate Family Rating,
and stable outlook remained unchanged following Cooper's solid
third quarter performance which included meaningful debt
reduction.

The previous rating action on Cooper was the April 1, 2009, change
in outlook to stable from negative.

Headquartered in Pleasanton, California, The Cooper Companies,
Inc., through its principal business units, develops, manufactures
and markets healthcare products.  CooperVision develops,
manufactures and markets a broad range of contact lenses for the
worldwide vision correction market.  CooperSurgical develops,
manufactures and markets medical devices, diagnostic products and
surgical instruments and accessories used primarily by
gynecologists and obstetricians.  For the twelve months ended
July 31, 2009, the company reported approximately $1.1 billion in
revenues.


CORD BLOOD: In Talks to Sell CorCell Notes to Third Party
---------------------------------------------------------
Cord Blood America, Inc., is in default on its notes payable to
CorCell Inc.  CBAI is currently in negotiations to sell the notes
to a third party.  The notes are:

                                                 Amount Due as of
                                                 June 30, 2009
                                                 ----------------
     Convertible Note payable to CorCell, Inc.,       $212,959
     interest at 8% per annum, due in 2008

     Promissory Note payable to CorCell, Inc.,
     interest at 10.5% per annum, due March, 2008      $83,480

CBAI posted a net loss of $1,901,093 for the three months ended
June 30, 2009, from a net loss of $2,499,142 for the same quarter
a year ago.  CBAI posted a net loss of $3,624,369 for the six
months ended June 30, 2009, from a net loss of $3,748,552 for the
same period a year ago.

For the three months ended June 30, 2009, total revenue decreased
roughly $200,000, or 23% to roughly $800,000.  For the six months
ended June 30, 2009, total revenue decreased roughly $600,000, or
26.9% to $1.8 million.

As of June 30, 2009, CBAI had total assets of $4,639,876 against
total current liabilities of $9,036,573, resulting in $4,396,697
stockholders' deficit.

A full-text copy of the Company's quarterly report on Form 10-Q is
available at no charge at http://ResearchArchives.com/t/s?4472

CBAI has experienced recurring net losses from operations, which
losses have caused an accumulated deficit of roughly $28,581,153
as of June 30, 2009.  In addition, CBAI has a working capital
deficit of roughly $8.6 million as of June 30, 2009.  These
factors, among others, raise substantial doubt about CBAI's
ability to continue as a going concern.

According to CBAI, management has been able, thus far, to finance
the losses and the growth of the business, through private
placements of its common stock, the issuance of debt and proceeds
from the Equity Distribution Agreement, the Shelter Securities
Purchase Agreement and the Enable Securities Purchase Agreement.
CBAI is continuing to attempt to increase revenues within its core
businesses.  In addition, CBAI is exploring alternate ways of
generating revenues through acquiring other businesses in the stem
cell industry.

In June 2008, the Company announced the signing of a Securities
Purchase Agreement with Tangiers Investors, LP, whereby Tangiers
may purchase up to $4 million of the Company's common stock.  In
the first six months of the year, Tangiers has purchased $325,000
of common stock.  In May 2009, the Company announced the signing
of a Secured & Collateralized Convertible Promissory Note for
$1.3 million.  The Company has drawn $325,000 of this Note as of
June 30, 2009.

On July 2, 2009, the Company executed a Preferred Stock Purchase
Agreement with Optimus Capital Partners, LLC pursuant to which it
has secured a $7.5 million capital commitment which may be drawn
down in increments, under certain conditions.  On August 3, 2009,
the company filed its registration statement for these shares.  A
full-text copy of the registration statement is available at no
charge at http://ResearchArchives.com/t/s?4471

The Company has also taken steps to reduce its overall spending
through the reduction of headcount and cuts in sales and
administrative expenses.  The ongoing execution of CBAI's business
plan is expected to result in operating losses over the next 12
months.  There are no assurances that CBAI will be successful in
achieving its goals of increasing revenues and reaching
profitability.

                       About Cord Blood

Headquartered in West Hollywood, California, Cord Blood America
Inc. (OTC BB: CBAI) -- http://www.cordblood-america.com/-- is an
umbilical cord blood stem cell preservation company with a
particular focus on the acquisition of customers in need of family
based products and services.  The Company also provides
television, radio and internet advertising services to businesses
that sell family based products and services.


COYOTES HOCKEY: Ice Edge Drops Out of Bidding; NHL Vs. Balsillie
----------------------------------------------------------------
Ice Edge Holdings confirmed that it has dropped out of bidding for
the Phoenix Coyotes.  In a September 9 statement, it said that in
the last ten weeks, it has been able to secure financing for its
offer, come to terms with key creditors, and put together what we
feel is the strongest proposal for the Phoenix Coyotes.

"Our proposal would build on the strengths of the team and would
make it a great brand throughout the Southwestern United States.
We even were able to add some unique Canadian twists," Ice Edge
said.  It said, however, that despite its best intent, it has been
unable to finalize with the City of Glendale details of the
amended lease for the Jobing.com Arena in time for today's Phoenix
Coyotes' auction.

"We continue to strongly believe in the potential of the Phoenix
Coyotes for the long term in Glendale, and therefore we will be
examining our options after the conclusion of the bankruptcy
auction process," Ice Edge said.

Ice Edge offered $150 million for the Phoenix Coyotes and pledge
to keep the team in Glendale, Arizona, as the National Hockey
League demanded.

                         Balsillie vs. NHL

The September 10 Phoenix Coyotes auction is now between James L.
Balsillie's group PSE Sports and Entertainment -- which offers
$242.5 million for the team -- and NHL, which bids $140 million
for the team.  According to Slap Shot, Mr. Balsillie's lawyers
said that if PSE wins, Phoenix Coyotes could start the 2009-10
games in Arizona, but might move to Hamilton's Copps Coliseum at
some point during the season.

Ben Klayman at Reuters quoted a sports banker as saying, "I would
be fairly surprised now if (NHL officials) don't raise the bid."

According to Reuters, analysts said that Mr. Balsillie's bid puts
pressure on the Hon. Redfield Baum of the U.S. Bankruptcy Court
for the District of Arizona, who is looking to maximize the return
on the team.  Reuters relates that BBK Ltd. managing director Tim
Turek said, "There will be significant pressure on the court to
mandate that it take the highest and best offer.  The court may
have no choice but to award him the deal."

Slap Shot says that after the auction, the bankruptcy court would
issue further rulings by next Monday that will validate or
invalidate the winning bid.

                       About Coyotes Hockey

Dewey Ranch Hockey LLC, Arena Management Group, LLC, Coyotes
Holdings, LLC, and Coyotes Hockey, LLC -- owners and affiliates of
the Phoenix Coyotes National Hockey League team -- filed for
Chapter 11 protection (Bankr. D. Ariz. Case No. 09-09488) on
May 5, 2009.  The Debtors are represented by Thomas J. Salerno,
Esq., at Squire, Sanders & Dempsey, LLP, in Phoenix, and estimate
their assets and liabilities are between $100 million and
$500 million.

Jim Balsillie, Research in Motion Ltd.'s co-chief executive
officer, offered to buy the Phoenix Coyotes for $212 million and
move the NHL team to Hamilton, Ontario, and the League balked at
the relocation proposal.  Mr. Balsillie was unsuccessful in 2007
when he attempted to buy and relocate the Nashville Predators, and
lost a similar bid in 2006 to buy and relocate the Pittsburgh
Penguins.


CRUSADER ENERGY: Gets Short Extension of Plan Filing Deadline
-------------------------------------------------------------
The Bankruptcy Court granted Crusader Energy Group a September 28
extension of its exclusive period to file a Chapter 11 plan.
According to Bill Rochelle at Bloomberg News, under an agreement
with the first- and second-lien lenders, the plan exclusivity was
pushed back to Sept. 28, on conditions.  He relates that if
Crusader decides to sell the business, the motion to approve bid
procedures must be filed by Sept. 18, followed by a plan of
liquidation on Sept. 28, approval of a disclosure statement by
Oct. 30 and confirmation of the plan by Dec. 7.  If Crusader
instead intends to complete the reorganization through a plan, it
must be filed by Sept. 18, with confirmation occurring by Nov. 25.

According to Mr. Rochelle, Crusader also was given an extension of
the privilege to use cash representing collateral for lenders'
secured claims.  The extension comes at the cost of paying
$488,000 to the first-lien lender.  Previously, Crusader said it
was "likely" that the business would be sold.

                       About Crusader Energy

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.


CRYOPORT INC: 2009 Annual Stockholders' Meeting on October 9
------------------------------------------------------------
The 2009 Annual Meeting of the Stockholders of CryoPort, Inc.,
will be held at the offices of Snell & Wilmer L.L.P., 600 Anton
Boulevard, Suite 1400, in Costa Mesa, California, on Friday,
October 9, 2009, at 10:00 a.m. local time, for these purposes:

     (1) To re-elect three directors;

     (2) To ratify the appointment of KMJ Corbin & Company LLP as
         the independent registered public accounting firm of the
         Company and its subsidiary for the fiscal year ended
         March 31, 2010;

    (3) To approve an amendment to the Company's Amended and
        Restated Articles of Incorporation to increase the number
        of shares of common stock authorized for issuance
        thereunder from 125,000,000 to 250,000,000;

    (4) To approve an amendment to the Company's Amended and
        Restated Articles of Incorporation to authorize a class of
        undesignated or "blank check" preferred stock, consisting
        of 25,000,000 authorized shares, which may be issued in
        one or more series, with such rights, preferences,
        privileges and restrictions as shall be fixed by the
        Company's Board of Directors;

     (5) To approve an amendment to the Amended and Restated
         Articles of Incorporation to effect a reverse stock split
         of shares of common stock issued and outstanding at a
         ratio to be established by the Company's Board of
         Directors in its discretion, of up to one for 15 (but not
         less than one for two);

     (6) To approve the Company's 2009 Stock Incentive Plan; and

     (7) To transact such other business as may properly come
         before the meeting or any adjournment thereof.

The Board of Directors has fixed the close of business on Tuesday,
September 8, 2009 as the record date for the determination of
stockholders who are entitled to notice of and to vote at the
meeting, or any adjournments thereof.   A full-text copy of the
Company's Proxy Statement is available at no charge at:

               http://ResearchArchives.com/t/s?447c

                        Going Concern Doubt

Management has projected that cash on hand, including cash
borrowed under the convertible debentures issued in the first and
second quarter of fiscal 2010, will be sufficient to allow the
Company to continue its operations only into the third quarter of
fiscal 2010 until more significant funding can be secured.

KMJ Corbin & Company LLP raised substantial doubt about CryoPort,
Inc.'s ability to continue as a going concern after it audited the
Company's financial statements for the year ended March 31, 2009,
and 2008.  The auditor pointed to the Company's recurring losses
and negative cash flows from operations since inception.

As of June 30, 2009, the Company had $1,876,237 in total assets
and $18,474,572 in total liabilities, resulting in stockholders'
deficit of $16,598,335.

The Company had a working capital deficit of $15,556,522, and has
cash and cash equivalents of $556,922 at June 30, 2009.

                        About Cryoport Inc.

Headquartered in Lake Forest, Calif., CryoPort Inc. (OTCBB: CYRX)
-- http://www.cryoport.com/-- develops proprietary, technology-
driven shipping and storage products for use in the rapidly
growing global biotechnology and biopharmaceutical cold chain.
The products developed by CryoPort are essential components of the
infrastructure required for the testing, research and end user
delivery of temperature-sensitive medicines and biomaterials in an
increasingly complex logistical environment.


DALTON HOMES: Case Summary & 2 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Dalton Homes, Inc.
        113 Buermann Ave
        Toms River, NJ 08753-8226

Bankruptcy Case No.: 09-33578

Chapter 11 Petition Date: September 8, 2009

Court: United States Bankruptcy Court
       District of New Jersey (Trenton)

Debtor's Counsel: Timothy P. Neumann, Esq.
                  Broege, Neumann, Fischer & Shaver
                  25 Abe Voorhees Drive
                  Manasquan, NJ 08736
                  Tel: (732) 223-8484
                  Email: tneumann@bnfsbankruptcy.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/njb09-33578.pdf

The petition was signed by Christopher Colosa, president of the
Company.


DAVIDSON DIVERSIFIED: Expects to Liquidate During 2010
------------------------------------------------------
Davidson Diversified Real Estate III, L.P., expects to liquidate
during 2010 due to the sale of its remaining investment property.

Its managing general partner, Davidson Diversified Properties,
Inc., estimates that the liquidation process will be completed by
June 30, 2010.

On June 5, 2009, the Partnership sold its sole investment
property, Plainview Apartments, to a third party for a gross sale
price of $20,535,000.  The net proceeds realized by the
Partnership were roughly $5,178,000 after payment of closing costs
of roughly $21,000 and the assumption of the mortgage debt
encumbering the property of roughly $15,336,000 by the purchaser.
The Partnership recognized a gain of roughly $9,233,000 as a
result of the sale.  In addition, the Partnership recognized a
loss on early extinguishment of debt of roughly $151,000 due to
the write-off of unamortized loan costs and payment of a loan
assumption fee.

As of June 30, 2009, the Partnership adopted the liquidation basis
of accounting due to the sale of Plainview Apartments.  Prior to
adopting the liquidation basis of accounting, the Partnership's
net income was roughly $8,625,000 and $8,392,000 for the three and
six months ended June 30, 2009, respectively, compared to net loss
of roughly $102,000 and $497,000 for the three and six months
ended June 30, 2008, respectively.  The increase in net income for
both the three and six months ended June 30, 2009, is due to the
gain from sale of discontinued operations in 2009, partially
offset by an increase in loss from discontinued operations.

Total revenues decreased for both the three and six months ended
June 30, 2009, as a result of the sale of the Partnership's only
investment property on June 5, 2009.

At June 30, 2009, the Partnership had cash and cash equivalents of
roughly $629,000, compared to roughly $138,000 at June 30, 2008.
Cash and cash equivalents increased roughly $553,000 from
December 31, 2008, due to roughly $4,815,000 of cash provided by
investing activities, partially offset by roughly $2,795,000 and
$1,467,000 of cash used in financing and operating activities,
respectively.

A full-text copy of the Partnership's quarterly report is
available at no charge at http://ResearchArchives.com/t/s?446d

               Davidson Diversified Real Estate III

Based in Greenville, South Carolina, Davidson Diversified Real
Estate III, L.P., operates and holds for investment existing
income-producing residential real estate properties.  The general
partners of Davidson Diversified III are Davidson Diversified
Properties, Inc., as Managing General Partner; Freeman Equities,
Limited, as Associate General Partner; and David W. Talley and
James T. Gunn as Individual General Partners.  The Managing
General Partner is a wholly owned subsidiary of Apartment
Investment and Management Company, a publicly traded real estate
investment trust.  The Partnership Agreement provides that the
Partnership is to terminate on December 31, 2010, unless
terminated prior to such date.

                        Going Concern Doubt

Ernst & Young LLP in Greenville, South Carolina -- in its March
2009 audit report on the Partnership's Annual Report on Form 10-K
for the year ended December 31, 2008 -- said there is substantial
doubt about the Partnership's ability to continue as a going
concern, citing recurring operating losses and an accumulated
deficit incurred by the Partnership.


DIAS HOLDING: Posts $442,500 Net Loss in Six Months Ended June 30
-----------------------------------------------------------------
DIAS Holding, Inc., posted a net loss of $442,521 for six months
ended June 30, 2009, compared with a net loss of $76,705 for the
same period in 2008.

For three months ended June 30, 2009, the Company posted a net
loss of $154,296 compared with a net loss of $252,699 for the same
period in 2008.

The Company's balance sheet at June 30, 2009, showed total assets
of $10,322,572, total liabilities of $8,942,329 and stockholders'
equity of $1,380,243.

The Company said that there is substantial doubt about its ability
to continue as a going concern.  The Company noted that it
incurred a net loss of $757,880 for the fiscal year ended Dec. 31,
2007, and a loss of $562,367 for the fiscal year ended Dec. 31,
2008.

The Company added that there is no assurance that it will achieve
profitability in fiscal 2009 or thereafter.  Continuing losses may
exhaust its capital resources and force it to discontinue
operations.

A full-text copy of the Company's Form 10-Q is available for free
at http://ResearchArchives.com/t/s?4465

DIAS Holding, Inc. (OTC:DSHL) is a global source for developing
and distributing forgings and automotive metal products from Asia
to the automotive, heavy equipment, and furniture makers.  The
Company established a automotive components marketplace in the
Detroit metropolitan area called the Detroit International Auto
Salon, featuring year-round exhibition and displays of qualified
component sources from Asia.  In this regard, DIAS cooperates with
the Wayne County Airport Authority; the Charter County of Wayne,
Michigan; Wayne County Economic Development Corporation, and other
industry alliances, as Global Auto Industry.


DPP ARCADIA: Section 341(a) Meeting Scheduled for October 5
-----------------------------------------------------------
The U.S. Trustee for Region 16 will convene a meeting of creditors
in DPP Arcadia LLC's Chapter 11 case on Oct. 5, 2009, at
10:30 a.m.  The meeting will be held at Rm. 2610, 725 S. Figueroa
St., Los Angeles, California.

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.

Pasadena, California-based DPP Arcadia LLC filed for Chapter 11 on
Aug. 24, 2009 (Bankr. C.D. Calif. Case No. 09-32576).  John P.
Schock, Esq., represents the Debtor in its restructuring effort.
In its petition, the Debtor listed assets and debts both ranging
from $10,000,001 to $50,000,000.


EAT AT JOE'S: Actively Pursuing Alternative Financing
-----------------------------------------------------
Eat At Joe's, LTD., has incurred a net loss for the six months
ended June 30, 2009, and 2008 of $33,858 and $745,900,
respectively, and the Company had a working capital deficit of
$3,486,097.  These conditions raise substantial doubt as to the
Company's ability to continue as a going concern.

Eat At Joe's said its continued existence is dependent upon its
ability to execute its operating plan and to obtain additional
debt or equity financing.  There can be no assurance the necessary
debt or equity financing will be available, or will be available
on terms acceptable to the Company.

Management plans include opening one new restaurant during the
next 12 months and obtaining additional financing to fund payment
of obligations and to provide working capital for operations and
to finance future growth.

The Company is actively pursuing alternative financing and has had
discussions with various third parties, although no firm
commitments have been obtained.  In the interim, shareholders of
the Company have committed to meeting its operating expenses.
Management believes these efforts will generate sufficient cash
flows from future operations to pay the Company's obligations and
realize other assets.  There is no assurance any of these
transactions will occur.

At June 30, 2009, the Company had $1,496,039 in total assets and
$4,971,902 in total liabilities, all current, including related
party notes payable of $2,582,449 and convertible debentures of
$2,043,702.  At June 30, 2009, the Company had retained deficit of
$16,673,948 and stockholders' deficit of $3,475,863.

A full-text copy of the Company's quarterly report on Form 10-Q is
available at no charge at http://ResearchArchives.com/t/s?447b

Eat At Joe's, LTD., is developing, owns and operates theme
restaurants styled in an "American Diner" atmosphere.


ELYRIA FOUNDRY: S&P Gives Negative Outlook on 'B' Rating
--------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Elyria
Foundry Co. LLC to negative from stable, while keeping the 'B'
corporate credit rating unchanged.

"The outlook revision reflects weaker-than-expected operating
performance," said Standard & Poor's credit analyst Sarah Wyeth.
Key end markets, particularly energy and industrial equipment,
have affected earnings and cash flow.  Declining profitability and
lower cash generation could pressure the company's liquidity in
the next 12-18 months.  In particular, Elyria's secured notes
require the company to comply with a leverage covenant, which will
likely come under pressure in the near term.

Following the outlook revision, Standard & Poor's withdrew the
ratings on Elyria.  "The company does not file financial
statements with the SEC, and S&P does not expect to receive the
requisite information to maintain the ratings," she continued.


ENRICO'S: Files for Chapter 11 Bankruptcy Protection
----------------------------------------------------
Enrico's has filed for Chapter 11 bankruptcy protection, listing
$100,000 to $500,000 in liabilities.  NBC Bay Area relates that
Enrico's blames its bankruptcy on significant financial
difficulties.  According to the report, Enrico's will stay open.
Enrico's is based in San Francisco.


ESCADA AG: Seeks Buyer for Whole Company, US Lawyer Says
--------------------------------------------------------
Gerard C. Bender, Esq., at O'Melveny & Myers LLP, in New York,
representing Escada (USA) Inc., told Judge Stuart Bernstein at a
hearing in Manhattan that Escada AG is seeking a buyer for the
whole company, which would include the U.S. unit.  The proposed
sale's impact on Escada USA's reorganization hasn't been
determined, Mr. Bender said, according to Bloomberg News.  "It
will be similar to 363 sale process, in Germany," Mr. Bender said.
Under a 11 U.S.C. Sec. 363 sale, a company is sold to the highest
bidder free of liens and other legal claims.

As reported by the Troubled Company Reporter on September 9, 2009,
the state of Bavaria said that it was presented with a proposal by
a group of potential investors to buy Escada.

Escada AG's preliminary insolvency administrator, Dr. Christian
Gerloff, said on September 1 that it has commissioned KPMG's
Munich M&A divisions with the task of preparing and accompanying
negotiations with potential investors for the women's fashion
Group.

                          About ESCADA AG

The ESCADA Group -- http://www.escada.com/-- is an international
fashion group for women's apparel and accessories, which is active
on the international luxury goods market.  It has pursued a course
of steady expansion since its founding in 1976 by Margaretha and
Wolfgang Ley and today has 182 own shops and 225 franchise
shops/corners in more than 60 countries.

As of August 10, 2009 the Escada Group operated 176 owned stores
and so-called shop in shops, of which 26 owned stores are located
in the United States and operated by Escada (USA) Inc. and 2
stores are planned to be opened in the United States before year
end.  Escada Group products are also sold in 163 stores worldwide
which are operated by franchisees.  Escada Group had total assets
of EUR322.2 million against total liabilities of 338.9 million as
of April 30, 2009.

ESCADA AG filed of an insolvency petition in Munich, Germany, on
August 13, 2009.  The competent Municipal Court of Munich has
appointed Dr. jur. Christian Gerloff as preliminary insolvency
administrator.

Wholly owned subsidiary Escada (USA) Inc. filed for Chapter 11 on
August 14, 2009 (Bankr. S.D.N.Y. Case No. 09-15008).  O'Melveny &
Myers LLP has been tapped as bankruptcy counsel.  Kurtzman Carson
Consultants serves as claims and notice agent.  Judge Stuart M.
Bernstein handles the case.  Escada US listed US$50 million to
US$100 million in assets and US$100 million to US$500 million in
debts in its petition.


FLOYD & BEASLEY: Case Summary & 29 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Floyd & Beasley Transfer Company, Inc.
        Post Office Box 8
        Sycamore, AL 35149

Bankruptcy Case No.: 09-42653

Chapter 11 Petition Date: September 8, 2009

Court: United States Bankruptcy Court
       Northern District Of Alabama (Anniston)

Judge: James J. Robinson

Debtor's Counsel: Harry P. Long, Esq.
                  PO Box 1468
                  Anniston, AL 36202
                  Tel: (256) 237-3266
                  Email: hlonglegal@aol.com

                  Thomas J. Knight, Esq.
                  P.O. Drawer 1850
                  Anniston, AL 36202
                  Tel: (256) 237-9586
                  Email: hubbardknight@msn.com

Estimated Assets: $1,000,001 to $10,000,000

Estimated Debts: $10,000,001 to $50,000,000

According to the schedules, the Company has assets of at least
$7,156,862, and total debts of $10,200,118.

A full-text copy of the Debtor's petition, including a list of its
29 largest unsecured creditors, is available for free at:

        http://bankrupt.com/misc/alnb09-42653.pdf

The petition was signed by Jeff Floyd, president of the Company.


FORD MOTOR: China's Geely Automovite Mulls Volvo Bid
----------------------------------------------------
John Reed at The Financial Times reports that China's Geely
Automobile is interested in acquiring Volvo, Ford Motor Co.'s
Swedish car brand.

The FT relates Gui Shengyue, Geely's chief executive, said in
Hongk Kong the carkmaker may work with Chinese state investment
companies on a bid.  According to the FT, Geely said it wanted to
buy all of Volvo, which Ford wants to sell in its entirety.

Citing two people close to Geely, the FT discloses the company
made an offer for Volvo in August and is talking to banks and
other government entities about financing.

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.

Ford Motor carries a 'Ca' issuer credit and a 'Caa3' long term
corporate ratings, with negative outlook, from Moody's.

Fitch Ratings said via Business Wire on August 26 that it has
revised the Rating Outlook on Ford Motor Company and Ford Motor
Credit Company to Stable from Negative.  In addition, the Issuer
Default Rating of Ford is affirmed at 'CCC'.


FORT CHERRY AMBULANCE: Voluntary Chapter 11 Case Summary
--------------------------------------------------------
Debtor: Fort Cherry Ambulance Service, Inc.
        8200 Noblestown Road
        McDonald, PA 15057

Bankruptcy Case No.: 09-26629

Chapter 11 Petition Date: September 8, 2009

Court: United States Bankruptcy Court
       Western District of Pennsylvania (Pittsburgh)

Debtor's Counsel: Donald R. Calaiaro, Esq.
                  Calaiaro & Corbett, P.C.
                  Grant Building, Suite 1105
                  310 Grant Street
                  Pittsburgh, PA 15219-2230
                  Tel: (412) 232-0930
                  Fax: (412) 232-3858
                  Email: dcalaiaro@calaiarocorbett.com

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 Thomas W. Bruce, president of the
Company.


FRONTIER AIRLINES: Files Revised Plan of Reorganization
-------------------------------------------------------
Frontier Airlines Holdings, Inc., and its debtor-affiliates
submitted on September 8, 2009, to Judge Robert D. Drain of the
U.S. Bankruptcy Court for the Southern District of New York, a
revised version of their Chapter 11 Joint Plan of Reorganization.

The Revised Plan essentially (i) outlines the terms of the
Investment Agreement with Republic Airways Holdings Inc. and (ii)
reflects the resolutions reached with respect to the objections to
the Plan.  "The Debtors believe that they have resolved every
objection -- formal or informal, filed or unfilled -- in
connection with the Plan," Damian S. Schaible, Esq., at Davis Polk
& Wardwell LLP, in New York, told the Court.

A blacklined copy of the pages in the Plan containing the
revisions is available for free at:

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

Edward M. Christie, III, senior vice president and chief
financial officer of Frontier Holdings, confirms that the Plan
satisfies, and fully complies, with the feasibility requirement
of Section 1129 of the Bankruptcy Code.

Michael B. Cox, a managing director and head of the corporate
advisory practice for the Aerospace and Aviation division of
Seabury Group -- the Debtors' financial advisor and investment
banker -- attests that the Plan maximizes value for creditors and
stakeholders, and the confirmation of which is not likely to be
followed by the liquidation or the need for a further financial
reorganization of the Debtors or the Reorganized Debtors.
Moreover, the Debtors have shown that the Reorganized Debtors
will have adequate capital to meet their ongoing obligations
after the Effective Date, according to Mr. Cox.

             Frontier Files Supplement to Plan

The Debtors also submitted to the Court on September 4, 2009,
amended schedules of unexpired leases and executory contracts.
To assist parties in identifying changes to the Amended
Schedules, each entry includes a notation indicating whether its
treatment differs from the prior treatment.

Complete copies of the Schedules are available for free at:

  * http://bankrupt.com/misc/FAH_RejectedLeasesUnderPlan.pdf
  * http://bankrupt.com/misc/FAH_AssumedLeasesUnderPlan.pdf

             Disputed Claims Reserve Procedures

In a separate notice filed with the Court, Mr. Schaible said that
if the Plan is confirmed and the Plan Effective Date occurs, they
intend to utilize these procedures for determining the portion of
the Class 3 Allocation to be allocated to the Disputed Claims
Reserve at the time of the Initial Distribution under the Plan.

The Procedures include:

  (a) With respect to all Disputed General Unsecured Claims
      filed in a liquidated amount, the portion of the Class 3
      Allocation to be initially allocated to the Disputed
      Claims Reserve on account of the Claims will be equal to
      the amount potentially distributable if all the Claims
      were Allowed in full, unless otherwise agreed by the
      Debtors and the relevant holder of a Disputed General
      Unsecured Claim.

  (b) With respect to all Disputed General Unsecured Claims
      filed in unliquidated amounts, unless otherwise agreed by
      the Debtors and the relevant holder of a Disputed General
      Unsecured Claim, the Debtors will, solely for purposes of
      the initial allocation to the Disputed Claims Reserve,
      reasonably estimate the amount, if any, for the Claims
      based on the Debtors' good faith analysis of the amount
      that may be Allowed when the allowance or disallowance of
      each Claim is ultimately determined.

  (3) Only General Unsecured Claims filed as of September 1,
      2009, that are Disputed Claims will be considered.

  (4) The Debtors will consult with the Creditors' Committee in
      connection with determinations to be made regarding
      allocations to the Disputed Claims Reserve.

  (5) The Debtors will retain all rights with respect to all
      claims, including, without limitation, (i) the right to
      request estimation of any Disputed Claim and the right to
      request authority from the Bankruptcy Court to allocate to
      the Disputed Claims Reserve less than 100% of the amount
      potentially distributable on account of a Disputed Claim
      and (ii) the right to agree with the holder of a Disputed
      Claim to allocate to the Disputed Claims Reserve less than
      100% of the amount potentially distributable on account of
      a Disputed Claim.

  (6) To the extent a Disputed Claim ceases to be Disputed after
      the initial calculation of the Disputed Claims Reserve is
      made, the Debtors will adjust the portion of the Class 3
      Allocation to be allocated to the Disputed Claims Reserve
      accordingly.

The Procedures may be revised by the Debtors after consultation
with the Creditors' Committee or the Post-Effective Date
Committee, if then in existence, Mr. Schaible said.

The Debtors' Plan will come before the Court for confirmation at
a hearing on September 10, 2009, at 10:00 a.m., Eastern Standard
Time.

                 About Frontier Airlines Holdings

Frontier Airlines Holdings, Inc. (Pink Sheets: FRNTQ) --
http://www.FrontierAirlines.com/-- is the parent company of
Denver-based Frontier Airlines.  Currently in its 15th year of
operations, Frontier Airlines is the second-largest jet service
carrier at Denver International Airport, employing approximately
5,000 aviation professionals.  Frontier Airlines' mainline
operation has 51 aircraft with one of the youngest Airbus fleets
in North America.  In conjunction with a fleet of 10 Bombardier
Q400 aircraft operated by Lynx Aviation -- a subsidiary of
Frontier Airlines Holdings, Inc. -- Frontier offers routes to more
than 50 destinations in the U.S., Mexico and Costa Rica.

Frontier Airlines and its debtor-affiliates filed for Chapter 11
protection on April 10, 2008 (Bankr. S.D.N.Y. Case No. 08-11297
thru 08-11299).  Benjamin S. Kaminetzky, Esq., and Hugh R.
McCullough, Esq., at Davis Polk & Wardwell, represent the Debtors
in their restructuring efforts. Togul, Segal & Segal LLP is the
Debtors' Conflicts Counsel, Faegre & Benson LLP is the Debtors'
Special Counsel, and Kekst and Company is the Debtors'
Communications Advisors.

The Debtors' exclusive period to file a plan of reorganization
will expire on October 9, 2009.  Their exclusive period to solicit
and obtain acceptances of that plan will expire December 9, 2009.

As reported by the TCR on August 14, Republic Airways Holdings,
Inc. has been declared the winning bidder in the auction to
acquire Frontier, beating Southwest Airlines.

Bankruptcy Creditors' Service, Inc., publishes Frontier Airlines
Bankruptcy News.  The newsletter tracks the Chapter 11 proceedings
of Frontier Airlines Inc. and its debtor-affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


FRONTIER AIRLINES: Proposes Software Support Pact With RPA
----------------------------------------------------------
Frontier Airlines Holdings Inc. and its units seek the Court's
authority to enter into and perform under the terms of an
Application Software and Support Agreement dated as of
September 4, 2009, with Rene Perez & Associates, Inc., pursuant to
Sections 105(a) and 363(b) of the Bankruptcy Code.  In connection
with the eREV Agreement, the Debtors also seek the Court's
permission to reject agreements with TRXData, Inc., and SITA
Information Networking Computing, B.V., pursuant to Section 365(a)
of the Bankruptcy Code.

Damian S. Schaible, Esq., at Davis Polk & Wardwell LLP, in New
York, told the Court that Frontier currently uses a revenue
accounting system that results in considerably higher costs than
is otherwise necessary and requires two providers, TRXData and
SITA.  Frontier contracts with TRXData for the processing of
ticket purchases.  Frontier has contracted with SITA to provide
revenue accounting software.

RPA, on the other hand, has a strong reputation as a market
leader in revenue accounting for airlines and currently manages
accounts for five different airlines.  Its eRev revenue
accounting software -- which can be used in place of the services
provided by both TRXData and SITA -- is fully automated,
eliminating the need for additional personnel to process ticket
purchases and refunds manually.  The eRev Software also provides
real time information about ticket sales and gives RPA's clients
an operational advantage by keeping track of exactly how many
tickets have been purchased or returned at different times.

According to Mr. Schaible, Frontier's internal cost analysis
projects that operating under the eRev Agreement will result in
direct cost savings of approximately $440,000 per year over the
TRXData and SITA Agreements.  The eRev Agreement will provide
further cost savings by reducing accounting mistakes and
processing delays and by allowing Frontier to make more informed
operational decisions.

Furthermore, the implementation time for the eRev Software is
only four months, which is faster than or equal to the
implementation time projected for the competing systems
considered by Frontier, Mr. Schaible added.

Accordingly, the Debtors have determined that entry into and
performance under the eRev Agreement is in the best interests of
the Debtors, their estates, their creditors and other parties-in-
interest.

                 About Frontier Airlines Holdings

Frontier Airlines Holdings, Inc. (Pink Sheets: FRNTQ) --
http://www.FrontierAirlines.com/-- is the parent company of
Denver-based Frontier Airlines.  Currently in its 15th year of
operations, Frontier Airlines is the second-largest jet service
carrier at Denver International Airport, employing approximately
5,000 aviation professionals.  Frontier Airlines' mainline
operation has 51 aircraft with one of the youngest Airbus fleets
in North America.  In conjunction with a fleet of 10 Bombardier
Q400 aircraft operated by Lynx Aviation -- a subsidiary of
Frontier Airlines Holdings, Inc. -- Frontier offers routes to more
than 50 destinations in the U.S., Mexico and Costa Rica.

Frontier Airlines and its debtor-affiliates filed for Chapter 11
protection on April 10, 2008 (Bankr. S.D.N.Y. Case No. 08-11297
thru 08-11299).  Benjamin S. Kaminetzky, Esq., and Hugh R.
McCullough, Esq., at Davis Polk & Wardwell, represent the Debtors
in their restructuring efforts. Togul, Segal & Segal LLP is the
Debtors' Conflicts Counsel, Faegre & Benson LLP is the Debtors'
Special Counsel, and Kekst and Company is the Debtors'
Communications Advisors.

The Debtors' exclusive period to file a plan of reorganization
will expire on October 9, 2009.  Their exclusive period to solicit
and obtain acceptances of that plan will expire December 9, 2009.

As reported by the TCR on August 14, Republic Airways Holdings,
Inc. has been declared the winning bidder in the auction to
acquire Frontier, beating Southwest Airlines.

Bankruptcy Creditors' Service, Inc., publishes Frontier Airlines
Bankruptcy News.  The newsletter tracks the Chapter 11 proceedings
of Frontier Airlines Inc. and its debtor-affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


FRONTIER AIRLINES: Reports August Preliminary Traffic Results
-------------------------------------------------------------
Frontier Airlines Holdings, Inc., announced preliminary traffic
results for August 2009 for both Frontier's mainline operation and
its wholly owned subsidiary, Lynx Aviation.

    Mainline Results for August 2009:

    * Revenue passenger miles decreased 10.3 percent to
      826,752,000, and capacity (as measured by available seat
      miles) was down 13.8% to 932,579,000 from the same
      period last year.  This resulted in a load factor of 88.7%,
      an increase of 2.7 points from August 2008.

    * The airline carried 915,970 passengers, a 9.5% decrease from
      the same period last year.

    * The airline's average length of haul decreased 0.8% to 903
      miles.

    Lynx Aviation Results for August 2009:

    * Revenue passenger miles increased 21.2% to 42,493,000 and
      capacity was up 6.8% to 54,746,000.  This resulted in a load
      factor for August 2009 of 77.6%, an increase of 9.2 points
      over August 2008.

    * Lynx carried 125,934 passengers, a 22.0% increase from
      August 2008.

    * The airline's average length of haul decreased 0.9% to 337
      miles.

Frontier estimates that mainline passenger unit revenue decreased
year-over-year by 11 percent to 13% in the month of August 2009.

             Frontier Airlines Mainline Operations

                                                         Increase/
                          August 2009  August 2009    (Decrease) Percent
                          -----------  -----------    ----------  -------
Available Seat
Miles (ASM)              932,579,000 1,071,798,000 (139,219,000) (13.0%)
Revenue Passenger Miles  826,752,000   921,282,000  (94,530,000) (10.3%)
Load Factor                     88.7%         86.0%  2.7 points     NA
Revenue Passengers Carried   915,970    1,012,102       (96,132)  (9.5%)
Average Length of Haul           903          910            (7)  (0.8%)

                              Fiscal         Fiscal     Increase/
                            YTD 2010       YTD 2009    (Decrease) Percent
                           ----------    ----------    ---------- ------
Available Seat Miles    4,567,865,000 5,371,515,000 (803,650,000) (15.0%)
Revenue Passenger
Miles                  3,941,798,000 4,563,668,000 (621,870,000) (13.6%)
Load Factor                      86.3%         85.0%   1.3 points    NA
Revenue Passengers
Carried                     4,375,884     4,916,008    (540,124) (11.0%)
Average Length of Haul             901           928         (27) (2.9%)

                        Calendar       Calendar    Increase/
                        YTD 2009       YTD 2008    Decrease)     Percent
                      ----------     ----------   ----------     -------
Available Seat
  Miles            7,177,462,000  8,485,942,000  (1,308,480,000) (15.4%)
Revenue Passenger
  Miles            5,887,574,000  7,004,451,000  (1,116,877,000) (15.9%)
Load Factor                 82.0%          82.5%    (0.5 points)    NA
Revenue Passengers
Carried               6,535,258      7,392,786        (857,528) (11.6%)
Average Length of Haul       901            947             (46)  (4.9%)

                          Lynx Aviation

                                                         Increase/
                           August 2009   August 2009   (Decrease) Percent
                           -----------   -----------   ---------- -------
Available Seat Miles (ASM)  54,746,000    51,247,000    3,499,000 6.8%
Revenue Passenger Miles     42,493,000    35,057,000    7,436,000 21.2%
Load Factor                      77.6%         68.4%   9.2 points NA
Revenue Passengers Carried     125,934       103,194       22,740 22.0%
Average Length of Haul             337           340          (3) (0.9%)

                               Fiscal        Fiscal    Increase/
                             YTD 2010      YTD 2009   (Decrease) Percent
                           ----------    ----------    --------- -------
Available Seat Miles       258,040,000   235,543,000   22,497,000 9.6%
Revenue Passenger Miles    175,031,000   154,221,000   20,810,000 13.5%
Load Factor                      67.8%         65.5%   2.3 points NA
Revenue Passengers Carried     518,235       446,853       71,382 16.0%
Average Length of Haul             338           345          (7) (2.0%)

                            Calendar        Calendar    Increase/
                            YTD 2009        YTD 2008    Decrease) Percent
                          ----------      ----------   ---------- -------
Available Seat Miles      394,785,000    383,768,000   11,017,000 2.9%
Revenue Passenger Miles   248,492,000    243,776,000    4,716,000 1.9%
Load Factor                     62.9%          63.5% (0.6 points) NA
Revenue Passengers
Carried                      731,894        649,305       82,589 12.7%
Average Length of Haul            340            375         (35) (9.3%)

                 About Frontier Airlines Holdings

Frontier Airlines Holdings, Inc. (Pink Sheets: FRNTQ) --
http://www.FrontierAirlines.com/-- is the parent company of
Denver-based Frontier Airlines.  Currently in its 15th year of
operations, Frontier Airlines is the second-largest jet service
carrier at Denver International Airport, employing approximately
5,000 aviation professionals.  Frontier Airlines' mainline
operation has 51 aircraft with one of the youngest Airbus fleets
in North America.  In conjunction with a fleet of 10 Bombardier
Q400 aircraft operated by Lynx Aviation -- a subsidiary of
Frontier Airlines Holdings, Inc. -- Frontier offers routes to more
than 50 destinations in the U.S., Mexico and Costa Rica.

Frontier Airlines and its debtor-affiliates filed for Chapter 11
protection on April 10, 2008 (Bankr. S.D.N.Y. Case No. 08-11297
thru 08-11299).  Benjamin S. Kaminetzky, Esq., and Hugh R.
McCullough, Esq., at Davis Polk & Wardwell, represent the Debtors
in their restructuring efforts. Togul, Segal & Segal LLP is the
Debtors' Conflicts Counsel, Faegre & Benson LLP is the Debtors'
Special Counsel, and Kekst and Company is the Debtors'
Communications Advisors.

The Debtors' exclusive period to file a plan of reorganization
will expire on October 9, 2009.  Their exclusive period to solicit
and obtain acceptances of that plan will expire December 9, 2009.

As reported by the TCR on August 14, Republic Airways Holdings,
Inc. has been declared the winning bidder in the auction to
acquire Frontier, beating Southwest Airlines.

Bankruptcy Creditors' Service, Inc., publishes Frontier Airlines
Bankruptcy News.  The newsletter tracks the Chapter 11 proceedings
of Frontier Airlines Inc. and its debtor-affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


FRONTIER AIRLINES: Republic Considers Relocation of Frontier Jobs
-----------------------------------------------------------------
Republic Airways Holdings, Inc., the Plan sponsor that will allow
Frontier Airlines Holdings, Inc., to emerge from bankruptcy as a
well-financed, competitive and sustainable airline, while
maintaining normal operations as a subsidiary of Republic, is
considering shifting up to 250 Frontier jobs in Denver to
Milwaukee or Indianapolis, according to The Journal Sentinel of
Milwaukee.

Republic executives could make a decision within 30 days, to make
the job shifts which will include a customer service center in
Las Cruces, N.M., with 150 employees, 150 heavy maintenance jobs
at Denver International Airport, and 100 other Denver-based
positions, Republic Chief Executive Officer Bryan Bedford told
the Journal Sentinel.

Mr. Bedford confirmed to the newspaper that The Las Cruces
customer service center will be relocated to save on costs.  The
Milwaukee area is being considered in part because both the
Midwest operations center at 6744 S. Howell Ave. in Oak Creek,
and the Midwest maintenance hangar near Mitchell International
Airport have a lot of available space, according to Mr. Bedford.

Republic is scheduled to complete its purchase of Frontier on
Oct. 1, 2009.

                 About Frontier Airlines Holdings

Frontier Airlines Holdings, Inc. (Pink Sheets: FRNTQ) --
http://www.FrontierAirlines.com/-- is the parent company of
Denver-based Frontier Airlines.  Currently in its 15th year of
operations, Frontier Airlines is the second-largest jet service
carrier at Denver International Airport, employing approximately
5,000 aviation professionals.  Frontier Airlines' mainline
operation has 51 aircraft with one of the youngest Airbus fleets
in North America.  In conjunction with a fleet of 10 Bombardier
Q400 aircraft operated by Lynx Aviation -- a subsidiary of
Frontier Airlines Holdings, Inc. -- Frontier offers routes to more
than 50 destinations in the U.S., Mexico and Costa Rica.

Frontier Airlines and its debtor-affiliates filed for Chapter 11
protection on April 10, 2008 (Bankr. S.D.N.Y. Case No. 08-11297
thru 08-11299).  Benjamin S. Kaminetzky, Esq., and Hugh R.
McCullough, Esq., at Davis Polk & Wardwell, represent the Debtors
in their restructuring efforts. Togul, Segal & Segal LLP is the
Debtors' Conflicts Counsel, Faegre & Benson LLP is the Debtors'
Special Counsel, and Kekst and Company is the Debtors'
Communications Advisors.

The Debtors' exclusive period to file a plan of reorganization
will expire on October 9, 2009.  Their exclusive period to solicit
and obtain acceptances of that plan will expire December 9, 2009.

As reported by the TCR on August 14, Republic Airways Holdings,
Inc. has been declared the winning bidder in the auction to
acquire Frontier, beating Southwest Airlines.

Bankruptcy Creditors' Service, Inc., publishes Frontier Airlines
Bankruptcy News.  The newsletter tracks the Chapter 11 proceedings
of Frontier Airlines Inc. and its debtor-affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


G & S METAL: To Auction Off Assets September 16
-----------------------------------------------
Paul Schaffer at AMM.com reports G&S Metal Consultants Inc. will
be auctioning assets on September 16 as part of its plan to
emergence from bankruptcy protection.  G&S Metal, according to the
report, has won a new tolling contract, under which it will be
processing 395,000 pounds of scrap a month.

Based in Wabash, Indiana, G & S Metal Consultants Inc. --
http://www.gsmetalinc.com/-- buys, processes, converts and sells
aluminum.  The Company and its affiliate, G & S Transport Inc.,
filed for Chapter 11 protection on June 24, 2009 (Bankr. N.D.
Ind. Lead Case No. 09-32979).  The Debtors posted both assets and
debts between $10 million and $50 million.


GENERAL MOTORS: New GM to Cut 1,000 Jobs to Trim Costs
------------------------------------------------------
Katie Merx at Bloomberg reports that General Motors Co. will cut
about 1,000 salaried jobs this month after 1,900 non-union workers
accepted buyout and early-retirement offers to help trim costs.
Most of the employees will be gone by Oct. 1, a spokesman,
Tom Wilkinson, said in a September 9 interview with Bloomberg.
According to the report, those who volunteered to retire will
receive enhanced benefits, while less-senior workers will get as
much as six months of pay and benefits, or as much as a year for
executives, Wilkinson said.

New GM, Bloomberg relates, is shrinking its workforce to match
reductions across its operations, including the shutdown of 14
U.S. plants and three warehouses by the end of 2011 and the
planned sale or elimination of half its eight domestic brands.

                       About General Motors

Headquartered in Detroit, Michigan, General Motors Corp.
(NYSE: GM) -- http://www.gm.com/-- as 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).  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.

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, serves as the Chief Executive
Officer for Motors Liquidation Company.  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.

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)


GOLDSPRING INC: June 30 Balance Sheet Upside Down by $26 Million
----------------------------------------------------------------
GoldSpring, Inc.'s balance sheet at June 30, 2009, showed total
assets of $5.28 million, total liabilities of $31.45 million,
resulting in a stockholders' deficit of $26.17 million.

For three months ended June 30, 2009, the Company posted a net
loss of $2.36 million compared with a net loss of $2.33 million
for the same period in 2008.

For six months ended June 30, 2009, the Company posted a net loss
of $6.41 million compared with a net loss of $3.63 million for the
same period in 2008.

A full-text copy of the Company's Form 10-Q is available for free
at http://ResearchArchives.com/t/s?4461

GoldSpring, Inc., is a North American precious metals mining
company, focused in Nevada, with extensive, contiguous property in
the Comstock Lode District.  The Company was formed in mid-2003,
and it acquired two properties in the Comstock Lode before the end
of the year.  The company secured permits, built an infrastructure
and brought the exploration project into test mining production
within a year of its acquisition.  The Company, in 2005, began
consolidating the Comstock Lode by acquiring additional properties
in the district, expanding its footprint and creating
opportunities for exploration and mining.

                       Going Concern Doubt

On April 10, 2009, Jewett, Schwartz, Wolfe & Associates, in
Hollywood, Florida, expressed substantial doubt about Goldspring
Inc.'s ability to continue as a going concern after auditing the
Company's consolidated financial statements for the year ended
Dec. 31, 2008, and 2007.  The auditor noted that the Company has
operating and liquidity concerns, has incurred net losses
approximating $48 million as of Dec. 31, 2008.


EVERGREEN TANK: Moody's Changes Outlook of 'Caa1' Rating to Neg.
-----------------------------------------------------------------
Moody's Investors Service has changed the rating outlook of
Evergreen Tank Solutions, Inc., to negative from stable and
affirmed the Caa1 corporate family and probability of default
ratings.

The negative outlook reflects weakening performance of revenues
and earnings in the past two quarters, coupled with limited
visibility for rental demand in Evergreen's petrochemical, oil and
gas markets.  Volumes have been severely impacted by lower natural
gas production activity and the deferment or cancellation of
refinery and petrochemical plant expansions.  The outlook reflects
uncertain end market prospects which could result in a prolonged
period of weak performance, which in turn threatens the existing
ratings.  Additionally, the negative outlook acknowledges that,
with excess containment tank supply in the oil and gas market,
collateral value declines of Evergreen's asset-based revolver
could lessen liquidity profile adequacy in 2010.

The Caa1 rating affirmation reflects historically high margins
within the containment tank rental niche, Evergreen's established
market position and adequate liquidity profile.  Liquidity profile
adequacy stems from a lack of scheduled debt maturities, and
ability to defer capital spending and thereby limit internal
deficit borrowing.  The company's $65 million asset-based
revolving credit facility expires in April 2012; as of June 2009,
approximately $24 million of borrowing availability existed on the
facility.

Additional ratings affirmed:

* $100 million second lien term loan due 2014 Caa2, LGD 4, to 60%
  from 61%

Moody's last rating action occurred June 10, 2008 when the
corporate family rating was downgraded to Caa1 from B2.

Evergreen Tank Solutions, Inc., headquartered outside Houston,
Texas, is the third largest provider of temporary liquid and solid
storage containers in the U.S. Gulf operates 20 locations covering
the Gulf region and has a fleet of approximately 7,710 units.


FONIX CORP: Says Payments to Vendors Have Been Delayed
------------------------------------------------------
Fonix Corporation said in an August regulatory filing its cash
resources, limited to collections from customers, sales of equity
and debt securities and loans, have not been sufficient to cover
operating expenses.  As a result, some payments to vendors have
been delayed.

For the three months ended June 30, 2009 and 2008, the Company
generated revenues of $750,000 and $560,000, respectively, and
incurred net income of $367,000 and a net loss of $1,293,000,
respectively.  For the six months ended June 30, 2009 and 2008,
the Company generated revenues of $891,000 and $846,000,
respectively, incurred net losses attributable to common
stockholders of $375,000 and $2,334,000, respectively, and had
negative cash flows from operating activities of $563,000 and
$82,000, respectively.

As of June 30, 2009, the Company had $3,994,000 in total assets
and $50,480,000 in total liabilities, all current, resulting in
$46,486,000 in stockholders' deficit.  As of June 30, 2009, the
Company had an accumulated deficit of $288,644,000; negative
working capital of $47,216,000; derivative liabilities of
$37,404,000 related to the issuance of Series P Preferred Stock,
Series L Preferred Stock, Series M Preferred stock, Series N
Preferred Stock, Series O Preferred Stock, Series E Convertible
Debentures and Series B Preferred Stock of its subsidiary; accrued
liabilities of $8,435,000; accounts payable of $2,315,000; tax
payable of $27,000; deferred tax liabilities of $250,000; related
party notes payable of $843,000; and deferred revenues of
$445,000.  The Company expects to continue to incur significant
losses and negative cash flows from operating activities at least
through December 31, 2009, primarily due to expenditure
requirements associated with continued marketing and development
of the Company's speech-enabling technologies.

The Company said there is substantial doubt about its ability to
continue as a going concern.  Management plans to fund further
operations of the Company from cash flows from future license and
royalty arrangements and with proceeds from additional issuance of
debt and equity securities.  There can be no assurance that
management's plans will be successful.  If additional financing is
not obtained in the near future, the Company said it will be
required to more significantly curtail operations or seek
protection under bankruptcy laws.

A full-text copy of the Company's quarterly report on Form 10-Q is
available at no charge at http://ResearchArchives.com/t/s?446d

Based in Lindon, Utah, Fonix Corporation's operations are managed
through its two wholly owned subsidiaries, Fonix Speech, Inc., and
Fonix GS Acquisition Co., Inc.

Fonix Speech provides value-added speech-enabling technologies,
speech interface development tools, and speech solutions and
applications, including automated speech recognition and text-to-
speech that empower consumers to interact conversationally with
information systems and devices.

Fonix GS was formed on June 27, 2008, to facilitate the
acquisition of Shanghai Gaozhi Software Systems Limited, a Chinese
software developer and solutions provider in second-generation and
third-generation telecommunication operation support systems in
China and throughout the Asian Pacific region.  Gaozhisoft is a
qualified competitor for telecommunication operation supports
systems.  GaozhiSoft's products are designed to increase data
transferring speed, reduce telecommunications data loss and
provide network management, billing accuracy and improved
implementation techniques to telecom carriers.


GENERAL DATACOMM: Can't Pay Loans Owed to Modlin & Segall
---------------------------------------------------------
General DataComm Industries, Inc., warned in an August regulatory
filing that it doesn't have the means to pay loans owed to Howard
S. Modlin, its Chairman of the Board and Chief Executive Officer,
and John Segall, a Director.

General DataComm said all loans made by Mr. Modlin and Mr. Segall
are collateralized by all the assets of the Company and are
presently due and payable.  While no demand for payment of the
loans has been made by either Mr. Modlin or Mr. Segall, if made,
the Company said it presently would be unable to make the
payments.

On December 9, 2005, Messrs. Modlin and Segall restructured
existing loans and entered into new senior secured loans with the
Company in the principal amounts of $1,198,418 and $632,527,
respectively.  Interest accrues at the rate of 10% per annum.
In connection with the transactions, Mr. Modlin and Mr. Segall
each received seven year warrants expiring December 8, 2012, to
purchase common stock at $0.575 per share covering 2,084,204
shares and 1,100,047 shares, respectively.

On February 17, 2006, the Company borrowed $250,000 from Mr.
Modlin in the form of a demand note which bore interest at the
rate of 10% per annum.  On April 20, 2006, the Company entered
into an amendment of its loan arrangement with Mr. Modlin whereby
the $250,000 demand loan made by Mr. Modlin on February 17, 2006,
was amended and restated into a term note, 50% of which was
payable February 17, 2007, and 50% of which was payable February
17, 2008 (such payments were deferred until July 30, 2009 in
agreement with Mr. Modlin).  Mr. Modlin received a seven-year
warrant expiring April 19, 2013 to purchase 909,000 shares of
common stock at $0.275 per share.  The warrant was valued at
$69,000 based upon an appraisal by an outside consultant and was
recorded as debt discount and amortized as additional interest
expense over the initial term of the debt.

In the quarters ended March 31, 2007, and December 31, 2007, Mr.
Modlin made demand loans to the Company totaling $270,000 and
$125,000, respectively, and which bore interest at the annual rate
of 10%.  The loans were paid off in the quarter ended March 31,
2008.  On April 30, May 13, July 9, September 18, and October 1,
2008, Mr. Modlin made demand loans to the Company bearing interest
at the annual rate of 10% in the amounts of $175,000, $75,000,
$110,000, $175,000 and $250,000, respectively.

Accrued interest on all the loans amounted to $311,762 and
$111,866 at June 30, 2009, and September 30, 2008, respectively.

All warrants have exercise prices that are above the current
market price of common stock, the Company said.

In November 2001, General DataComm and its domestic subsidiaries
filed a voluntary petition for relief under Chapter 11 of the
Bankruptcy Code in the United States Bankruptcy Court for the
District of Delaware.  The Company emerged from Chapter 11
effective on September 15, 2003, pursuant to a court-approved plan
of reorganization.  Under this plan, the Company was to pay all
creditors 100% of their allowed claims based upon a five year
business plan.  Debentures were issued to unsecured creditors as
part of the plan.  However, the Company has not met its business
plan objectives since emerging from Chapter 11 and, therefore,
there can be no assurance that any outstanding claims will be
paid.

In its quarterly report on Form 10-Q filed with the Securities and
Exchange Commission in August, the Company reported a net loss of
$1,056,000 for the three months ended June 30, 2009, from a net
loss of $1,568,000 for the same quarter in 2008.  The Company
reported a net loss of $4,217,000 for the nine months ended
June 30, 2009, from a net loss of $802,000 during the same period
in 2008.

Revenues for the three months ended June 30, 2009, decreased
$1,395,000, or 38.7%, to $2,206,000 from $3,601,000 reported for
the three months ended June 30, 2008.  Product revenues decreased
$1,164,000, or 37.8%, while service revenues decreased $231,000,
or 44.2%.  Revenues in the nine months ended June 30, 2009,
decreased $3,139,000, or 32.2%, to $6,608,000 from $9,747,000
reported for the nine months ended June 30, 2008.  Product
revenues decreased $2,946,000, or 36.1%, while service revenues
decreased $193,000, or 12.1%.

As of June 30, 2009, the Company had $5,847,000 in total assets
and $44,353,000 in total liabilities.  The Company had an
accumulated deficit of $238,703,000 and stockholders' deficiency
of $38,506,000 as of June 30, 2009.  In addition, at June 30,
2009, the Company had a working capital deficit of roughly
$36,900,000, including debentures in the principal amount of
$19,400,000, together with $11,200,000 in accrued interest
thereon, which matured on October 1, 2008.

In July 2009, the Company reorganized its European operations and
transferred responsibility for its European sales activities from
its Paris location to its headquarters in Connecticut.  The action
resulted in the termination of the two remaining employees of its
French subsidiary and ultimately will result in the closure of the
Paris office.  The Company anticipates that severance and other
dismissal obligations, remaining lease obligations and other costs
related to the closure of the office aggregating roughly $375,000,
will be recorded in the quarter ending September 30, 2009.

The Company indicated it has no current ability to borrow
additional funds except as may be provided pursuant to a
receivable sales agreement with a related party.  It must,
therefore, plan on funding operations from cash balances, cash
generated from operating activities and any cash that may be
generated from the sale of non-core assets such as real estate and
others.  While a subordinated security agreement signed by the
indenture trustee on behalf of the debenture holders provides that
no payments may be made to debenture holders, and that no event of
default may be declared under the indenture, while senior secured
debt is outstanding, in the absence of such restrictions the
Company does not have the ability to repay the debentures.  As of
June 30, 2009, senior secured debt consists of notes payable to
related parties and a real estate mortgage.  A failure to pay the
debentures when they become due and payable could result in an
event of default being declared under the indenture governing the
debentures.

The Company said there is substantial doubt about its ability to
continue as a going concern.  To continue operations, management
has responded by entering into a receivable sales agreement with a
related party to provide liquidity and by selling its patents in
2008 for proceeds of $4,000,000 while retaining rights to use the
patented technologies.  In addition, management has implemented
operational changes, including closing its foreign offices,
reducing certain salaries, restructuring the sales force,
increasing factory and office shutdown time, constraining expenses
and reducing the employee workforce.  The Company also continues
to pursue the sale or lease of its headquarters' land and building
in Naugatuck, CT.

Eisner LLP, in New York, expressed substantial doubt about General
DataComm Industries Inc.'s ability to continue as a going concern
after auditing the company's consolidated financial statements for
the year ended Sept. 30, 2007.

A full-text copy of the Company's quarterly report on Form 10-Q is
available at no charge at http://ResearchArchives.com/t/s?446c

Based in Naugatuck, Connecticut, General DataComm Industries Inc.
(Other OTC: GNRD.PK) -- http://www.gdc.com/-- provides secure,
NEBS-compliant networking for telcos, governments and businesses.
GDC's solutions help customers to bridge technologies, maximize
their investments in existing voice and data networks, and
transition to the newest network architectures.  GDC's product
offerings enable legacy and DSL network access; bandwidth
management, multi-protocol label switching (MPLS), voice over IP
(VoIP), Ethernet, power over Ethernet (PoE), and wireless
networking, and are supported by services for network
installation, maintenance, operations, repair, enterprise security
management and complete network outsourcing.


GLOBAL CROSSING: Moody's Assigns 'B2' Rating on $650 Mil. Notes
---------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to Global Crossing
Limited's new $650 million 6-year senior secured notes due 2015.
At the same time, GCL's Caa1 corporate family and probability of
default ratings were placed on review for possible upgrade pending
completion of the note issue and related transactions.  The new
notes are being issued to repay amounts outstanding under an
existing $342 million term loan and to fund a tender offer that is
expected to eliminate $225 million of debt at GC Impsat Holdings I
Plc (B2 Stable), a GCL subsidiary.  Remaining proceeds will
bolster GCL's liquidity and, from Moody's perspective, "provide
quasi-assured funding for GCL's $144 million convertible notes
that mature in May of 2011" noted Bill Wolfe, Moody's Vice
President/Senior Credit Officer.

The new $650 million notes are rated at the same B2 level as
applies to the term loan they are to replace.  In this regard,
Wolfe noted that "the rating's benefit of the significantly
improved liquidity and reduced refinance risk that the notes
contribute is largely offset by the prospect that the loss
absorption benefit provided by the $144 million junior-ranking
convertible notes will be relatively short-lived."  However, "by
bolstering liquidity and significantly reducing refinance risk,
the transaction is potentially credit-positive and GCL's Caa1 CFR
and PDR have been placed on review for possible upgrade," said
Wolfe.

It was also noted that any resulting rating action is unlikely to
affect the new notes' B2 rating, however, it is likely that GCL's
SGL-3 speculative grade liquidity rating (indicating adequate
liquidity) will require positive repositioning.  Also, upon the
term loan being repaid, its rating will be withdrawn.

Moody's rates two other entities in the GCL family, Impsat and
Global Crossing (UK) Telecommunications Limited (GCUK; B3 Stable;
Global Crossing (UK) Finance plc is the issuing entity).  Should
the tender offer cause the Impsat notes to be fully retired, it is
anticipated that related ratings will be withdrawn.  The
transactions have no ratings impact on GCUK.

Assignments:

Issuer: Global Crossing Limited

  -- Senior Secured Regular Bond/Debenture, Assigned B2 (LGD3,
     32%)

On Review for Possible Upgrade:

Issuer: Global Crossing Limited

  -- Probability of Default Rating, Placed on Review for Possible
     Upgrade, currently Caa1

  -- Corporate Family Rating, Placed on Review for Possible
     Upgrade, currently Caa1

Outlook Actions:

  -- Outlook, Changed to Under Review for Possible Upgrade From
     Stable

Moody's most recent rating action for GCL was January 21, 2009,
when ratings were initially assigned.

Headquartered in Hamilton, Bermuda and with administrative offices
in Florham Park, New Jersey, Global Crossing Limited offers
Internet Protocol and legacy telecommunications services in most
major business centers in the world.


GLOBAL CROSSING: S&P Assigns 'B-' Rating on $650 Mil. Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'B-'
issue-level and '4' recovery ratings to Global Crossing Ltd.'s
proposed $650 million of senior secured notes due 2015.  The '4'
recovery rating indicates expectations for average (30%-50%)
recovery in the event of a payment default.  Issue proceeds will
be used to refinance both the senior secured credit facility at
GCL and the 9.875% notes at subsidiary GC Impsat Holdings I PLC
and for general corporate purposes.  S&P will withdraw the ratings
on the credit facility and 9.875% notes when those refinancings
occur.  Ratings are based on preliminary documentation and are
subject to review of final documents.

S&P is also affirming the 'B-' corporate credit rating on GCL.
The outlook on the company is positive.

"The ratings on Bermuda-based global communications solutions
provider GCL reflect the company's vulnerable position in the
highly competitive long-haul telecommunications industry that is
dominated by large, well-capitalized competitors, including many
national telephone companies," said Standard & Poor's credit
analyst Naveen Sarma.  Other factors include negative industry
dynamics, including continued price compression despite rising
demand for bandwidth from increased broadband communications
services and Internet content; and the company's improved-but
still aggressive-capital structure.  Tempering factors include the
company's differentiated, global network and adequate liquidity
from sizable cash on its balance sheet.


GOLDSPRING INC: In Default Under Winfield Group Notes Payable
-------------------------------------------------------------
GoldSpring, Inc., said as of June 30, 2009, it is in default of
the terms on several outstanding notes payable with the Winfield
Group totaling $11,869,986 of principal and $3,206,442 of
interest.  The Winfield Group consists of John V. Winfield, a
major shareholder; Santa Fe Financial Corporation; Portsmouth
Square; and InterGroup Corporation.  Combined, the Winfield Group
represents the Company's largest creditor and a significant
stockholder.  Mr. Winfield is affiliated with these Companies
through a direct controlling interest or as their Chairman of the
Board.

GoldSpring acknowledged that its cash resources are limited.  In
an August regulatory filing with the Securities and Exchange
Commission, the Company said, "Our continued existence and plans
for mining production depend on our ability to obtain the capital
necessary to operate, through the issuance of additional debt,
royalty financing or equity."

During the first six months of 2009, the Company secured an
aggregate of $2,950,000 in financing.  Specifically, it raised
$950,000 through six private placements during the first calendar
quarter of 2009 and in May 2009 it secured $2 million in formal
debt commitments of which $1.5 million has been funded as of
August.

"While this additional funding may meet our immediate working
capital needs, if we are not able to generate sufficient revenues
and cash flows or obtain additional or alternative funding, we
will be unable to continue as a going concern.  We have yet to
realize an operating profit at our Company," the Company said.

GoldSpring's independent registered public accounting firm, in its
report on the Company's financial statements on Form 10-K for the
year ended December 31, 2008, said recurring losses and negative
cash flow from operations raise substantial doubt about the
Company's ability to continue as a going concern.

The Company posted a net loss of $2,362,067 for the three months
ended June 30, 2009, from a net loss of $2,333,047 for the same
quarter in 2008.  The Company posted a net loss of $6,412,171 for
the six months ended June 30, 2009, from a net loss of $3,631,374
for the same period a year ago.

As of June 30, 2009, the Company had $5,282,594 in total assets
and $31,458,557 in total liabilities.  The Company has an
accumulated deficit of $55,275,894 and stockholders' deficiency of
$26,175,963.

A full-text copy of the Company's quarterly report is available at
no charge at http://ResearchArchives.com/t/s?446a

                         About GoldSpring

GoldSpring, Inc., is a North American precious metals mining
company, focused in Nevada, with an extensive land position of 334
claims that controls 4,300 acres comprised of 590 acres of
patented claims (private lands) and 3,710 acres unpatented claims
subject to various underlying royalties, in the historic Silver
City and Comstock mining districts, Storey County and Lyon County,
Nevada, USA.  The Company was formed in mid-2003, and during that
year acquired two properties in the Comstock Lode District. The
Company deployed several million dollars securing permits,
building an infrastructure and bringing the exploration project
into test mining production within a year of its acquisition.


GRAND SEAS RESORT: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Grand Seas Resort Partners, a Florida general partnership
        P.O. Box 331669
        Miami, FL 33233

Case No.: 09-28973

Type of Business: The Debtor operates a real estate business.

Chapter 11 Petition Date: September 8, 2009

Court: United States Bankruptcy Court
       Southern District of Florida (Miami)

Judge: Laurel M. Isicoff

Debtor's Counsel: Michael D. Seese, Esq.
            1 E Broward Blvd #1010
            Fort Lauderdale, FL 33301
            Tel: (954) 467-7900
            Fax: (954) 467-1024
            Email: mseese@hinshawlaw.com

Estimated Assets: $10,000,001 to $50,000,000

Estimated Debts: $10,000,001 to $50,000,000

The petition was signed by Marsha G. Madorsky.

Debtor's List of 20 Largest Unsecured Creditors:

  Entity                       Nature of Claim        Claim Amount
  ------                       ---------------        ------------
2424 North Atlantic Avenue                            $10,074

Accumen Sales & Marketing                             $19,770

Accumen Sales & Marketing                             $16,620

Blue Cross & Blue Shield                              $4,738
Of Florida

Cheney Brothers, Inc.                                 $3,445

Club Navigo                                           $28,679

County of Volusia                                     $40,000

Equiant Financial Services                            $35,356

Food Supply, Inc.                                     $6,182

Grand Seas M, Inc.                                    $346,524
PO Box 331669
Miami, FL 33233

Icee Company                                          $959

InSource, Inc.                                        $10,454

Island One, Inc.                                      $153,182

Labor Ready Southeast, Inc.                           $1,081

Muzak-Florida                                         $926

Office Depot Credit Plan                              $1,100

Paetec                                                $1,190

Paetec                                                $2,381

Southern Wine and Spirits                             $1,249

State of Florida, Department                          $8,556
Department of Revenue


HANA BIOSCIENCES: June 30 Balance Sheet Upside-Down by $19 Million
------------------------------------------------------------------
Hana Biosciences, Inc.'s balance sheet at June 30, 2009, showed
total assets of $10,091,370 and total liabilities of $29,425,736,
resulting in a stockholders' deficit of $19,334,366.

For three months ended June 30, 2009, the Company posted a net
loss of $7,850,881 compared with a net loss of $4,678,230 for the
same period in 2008.

For six months ended June 30, 2009, the Company posted a net loss
of $13,477,236 compared with a net loss of $10,937,730 for the
same period in 2008.

                   Liquidity and Capital Resources

As of June 30, 2009, the Company had cash and cash equivalents and
available-for-sale securities of $8,300,000.  In addition,
pursuant to the loan facility provided by affiliates of Deerfield
Management, the Company has $2,500,000 that may become available
if it achieves a certain milestone in the development of its
product candidate Menadione.  As of June 30, 2009, the Company had
drawn down $27,500,000 of the total $30,000,000 available under
the agreement.

Through June 30, 2009, the Company has an accumulated deficit of
$124,500,000.  The management expects this deficit to increase in
future periods as it continues to develop its product candidates.
Through June 30, 2009, a significant portion of its financing has
been and will continue to be through private placements of common
stock, preferred stock and debt financing.

The Company can give no assurance that any additional capital that
it will obtain will be sufficient to meet its needs which raises
substantial doubt about its ability to continue operating as a
going concern.  If the Company is unable to raise additional
capital or enter into strategic partnerships or license
agreements, it will be required to cease operations or curtail its
desired development activities, which will delay the development
of its product candidates.

Further, the terms of certain warrants issued to Deerfield
pursuant to its loan facility provide that Deerfield may require
the Company to redeem the warrants upon the occurrence of certain
events, including the delisting of its common stock from a
national securities exchange.  As of June 30, 2009, the redemption
price that would be payable to Deerfield in the event it made the
election was $2.9 million.

A full-text copy of the Company's Form 10-Q is available for free
at http://ResearchArchives.com/t/s?4467

Based in South San Francisco, California, Hana Biosciences, Inc.
(NASDAQ:HNAB) -- http://www.hanabiosciences.com/-- is a
biopharmaceutical company that develops new, differentiated cancer
therapies designed to improve and enable current standards of
care.


HC INNOVATIONS: To Increase Issued Common Shares to 1 Billion
-------------------------------------------------------------
R. Scott Walker, Chief Financial Officer of HC Innovations, Inc.,
said stockholders owning a majority of the voting stock of the
Company have taken action by written consent to approve an
amendment to the Company's Certificate of Incorporation, which
amendment will increase the number of authorized shares of common
stock, par value $0.001 per share, from 100,000,000 to
1,000,000,000.

"Stockholders of record at the close of business on August 21,
2009, will be entitled to notice of this stockholder action by
written consent.  Since the action was approved by the holders of
the required majority of the outstanding shares of our voting
stock, no proxies were or are being solicited," according to Mr.
Walker.

As of August 31, 2009, there were 99,713,128 shares of the
Company's Common Stock issued and outstanding.

The Company entered into a Securities Amendment and Purchase
Agreement dated December 23, 2008, pursuant to which certain
holders of certain senior secured promissory notes previously
issued by the Company agreed to amend the Notes to provide for,
among other matters, the amendment of the conversion price to
$0.20 per share, and the extension of the maturity date.  The
Amended Notes also provided for 100% warrant coverage of the face
value of the Amended Notes, plus Interest, exercisable at $0.30
per share.  The New Warrants will be exercisable after May 31,
2009, (in the event a Qualifying Transaction, as defined in the
SAPA, does not close) for a period of five years.

Given that the Company may not have sufficient authorized shares
to effect the conversion of the Amended Notes and the exercise of
the New Warrants, the Company agreed, under the SAPA, to take all
actions necessary to increase its authorized common stock.

Thereafter, the Company entered into two agreements with one of
the noteholders, Brahma Finance (BVI) Limited, a company organized
under the laws of the British Virgin Islands -- Purchaser: (i) a
Stock Purchase Agreement; and (ii) a Standby Purchase Agreement,
each dated August 4, 2009.  The Company has agreed to sell to the
Purchaser shares of the Company's Common Stock, par value $0.001
per share in two separate transactions.

The first transaction, which is pursuant to the Stock Purchase
Agreement, includes an initial purchase by the Purchaser of
60,000,000 shares of the Common Stock at a purchase price of $0.01
per share, for an aggregate purchase price of $600,000.

The second transaction is pursuant to the Standby Purchase
Agreement, whereby the Company will agree, by means of a rights
offering, to offer to the existing holders of its Common Stock and
holders of securities issued by the Company that are convertible
into or exercisable or exchangeable for its Common Stock, an
aggregate of 240,000,000 shares of Common Stock at a purchase
price of $0.01 per share.  The Purchaser has agreed to provide a
standby commitment to purchase, on the terms and conditions set
forth in the Standby Purchase Agreement, all of the shares of
Common Stock offered but not purchased pursuant to the Rights
Offering.  In consideration for its obligations under the Standby
Purchase Agreement, the Purchaser will receive a fee of $600,000,
payable by the issuance of further shares of Common Stock at a
price of $0.01 per share.

The Purchaser's obligations under the Standby Purchase Agreement
are subject to certain conditions precedent being met including,
but are not limited to: (i) the completion of the Rights Offering
in accordance with the terms of the Standby Purchase Agreement;
(ii) the Noteholders converting all of the Amended Notes and
transferring all of the New Warrants; (iii) the termination and
repayment of all the outstanding debt by the Company in connection
with the Line of Credit Agreement, dated March 12, 2009; and (iv)
each of the Noteholders having made certain investments in shares
of Common Stock.

As a result of the transactions contemplated by the Stock Purchase
Agreement, the Purchaser currently owns 60,000,000 shares of
Common Stock, or roughly 60% of the total issued Common Stock.

Mr. Walker said the issuance of additional shares may have a
dilutive effect on earnings per share and on the equity and voting
power of existing security holders of the Company's Common Stock.
It may also adversely affect the market price of the Common Stock.
However, if additional shares are issued in transactions whereby
favorable business opportunities are provided which allow the
Company to pursue its business plans, the market price of the
Common Stock may increase.

HC Innovations swung to a $552,567 net income for the three months
ended June 30, 2009, from a net loss of $7,140,127 for the same
quarter in 2008.  It posted a $7,074,753 net income for the first
six months of 2009, from a net loss of $3,533,075 for the first
half of 2008.

For the three months ended June 30, 2009, net revenue was
$7,012,831, representing an increase of $179,398 (3%), as compared
to the net revenue of $6,833,433 for the three months ended June
30, 2008.  The increase is a result of membership growth from
existing customers.  For the six months ended June 30, 2009, net
revenue was $14,636,570, representing an increase of $2,484,787
(20%), as compared to the net revenue of $12,151,783 for the six
months ended June 20, 2008, primarily a result of membership
growth from existing customers.

As of June 30, 2009, the Company had $4,484,521 in total assets
and $14,740,440 in total liabilities, resulting in $10,255,919
stockholders' deficit.

A full-text copy of the Company's quarterly report on Form 10-Q is
available at no charge at http://ResearchArchives.com/t/s?446a

                       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
roughly $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.


HENDRICKS ISLE: Case Summary & Largest Unsecured Creditor
---------------------------------------------------------
Debtor: Hendricks Isle Properties, LLC
        3500 Powerline Rd
        Oakland Park, FL 33309

Bankruptcy Case No.: 09-28968

Chapter 11 Petition Date: September 8, 2009

Court: United States Bankruptcy Court
       Southern District of Florida (Fort Lauderdale)

Judge: Raymond B. Ray

Debtor's Counsel: David Marshall Brown, Esq.
                  33 NE 2 St # 208
                  Ft. Lauderdale, FL 33301
                  Tel: (954) 765-3166
                  Email: dmbrownpa@bellsouth.net

Estimated Assets: $1,000,001 to $10,000,000

Estimated Debts: $1,000,001 to $10,000,000

The Debtor identified Morton A. Katz, MBA, CA with a contingent
debt claim for $2,000,000 as its largest unsecured creditor. A
list of the Company's largest unsecured creditor is available for
free at:

          http://bankrupt.com/misc/flsb09-28968.pdf

The petition was signed by Oon Teong Ko, president of the Company.


IMAGINE ADOPTION: Clients Have Until Sept. 21 to Vote on BDO Plan
-----------------------------------------------------------------
Winnipeg Free Press reports that about 350 Canadian families are
working with bankruptcy trustee BDO Dunwoody to put together a
proposal to rescue Imagine Adoption.   Free Press relates that
families have until September 21 to vote on the bailout plan.  The
restructuring plan would provide a new board of directors, an
advisory committee, and staff, the report says, citing Laura
Morrison, one of Imagine Adoption's clients.

According to Free Press, BDO Dunwoody asked the families to donate
$4,000 each to help complete Imagine Adoption's unfinished
adoptions.  Free Press notes that an average international
adoption costs C$20,000.  Ms. Morrison said that the families have
been assured that C$4,000 per family would be enough to activate
the Company and that adoptions will be completed in 30 to 36
months, Free Press states.

Free Press says that if the families will lose more money if they
don't get Imagine Adoption reactivated, as they lose the many
months of work they put into the adoption process, securing police
checks, fingerprints, medical certificates, reference letters, and
more.

Operating as Imagine Adoption Agency, Kids Link International
Adoption Agency is a Christian Non-Profit International Adoption
Agency incorporated within the Province of Ontario, and fully
licensed by the Ontario Ministry of Children and Youth Services to
facilitate international adoptions for Canadian families.

Imagine Adoption filed for bankruptcy in Canada on July 14, 2009.
Imagine Adoption said it owed C$800,000 to 400 families and that
its assets of C$723,004 were C$363,000 less than its liabilities.
BDO Dunwoody Limited was appointed as trustee.


INSTACARE CORP: Posts $1.3MM Net Loss in Quarter Ended June 30
--------------------------------------------------------------
InstaCare Corp. reported a net income of $1,310,983 for three
months ended June 30, 2009, compared with a net income of $17,652
for the same period in 2008.

For six months ended June 30, 2009, the Company reported a net
income of $1,407,341 compared with a net income of $59,381 for the
same period in 2008.

At June 30, 2009, the Company's balance sheet showed total assets
of $3,476,439, total liabilities of $3,736,498 and stockholders'
equity of $260,059.

A full-text copy of the Company's Form 10-Q is available for free
at http://ResearchArchives.com/t/s?4469

                       Going Concern Doubt

On May 18, 2009, Beckstead & Watts, LLP in Henderson, Nevada
expressed substantial doubt about Instacare Corp.'s ability to
continue as a going concern after auditing the Company's financial
statements for fiscal year ended Dec. 31, 2008.  The auditor noted
that the Company suffered recurring losses from operations.

                      About InstaCare Corp.

Headquartered in Westlake Village, California, InstaCare Corp.
(OTC BB: ISCR) -- http://www.instacare.net/-- is a distributor of
at-home testing diagnostics for the chronically ill, life-saving
prescription drugs and a developer of patent-pending technologies
for e-health and EMR applications.


INSURANCE CORP: AM Best Withdraws 'B-' Financial Strength Rating
----------------------------------------------------------------
A.M. Best Co. has withdrawn the financial strength rating (FSR) of
B- (Fair) and issuer credit rating (ICR) of "bb-" and assigned a
category NR-5 (Not Formally Followed) to the FSR and an "nr" to
the ICR of Insurance Corporation of America (ICA).

These rating actions follow the recent merger of ICA with and into
its former affiliate, American Physicians Assurance Corporation
(American Physicians).  In conjunction with the merger, the
corporate existence of ICA was dissolved effective September 1,
2009.

All of the above companies are insurance subsidiaries of American
Physicians Capital, Inc. [NASDAQ: ACAP] and are located in East
Lansing, MI.  The ratings of American Physicians' and American
Physicians Capital, Inc. are unaffected by this transaction.

Insurance Corporation of America -- http://i-c-america.com/-- is
a licensed insurance marketing & service organization doing
business in the Midwest, primarily in Indiana, Illinois and
Kentucky.  The company has insureds in almost all states through
its various group plans.


JASPER LAND DEVELOPMENT: Case Summary & Largest Unsec. Creditor
---------------------------------------------------------------
Debtor: Jasper Land Development, LLC
        2138 Route 522
        Selinsgrove, PA 17870

Bankruptcy Case No.: 09-06640

Chapter 11 Petition Date: September 8, 2009

Court: United States Bankruptcy Court
       District of South Carolina (Charleston)

Debtor's Counsel: G. William McCarthy Jr., Esq.
                  1715 Pickens, St. (29201)
                  PO Box 11332
                  Columbia, SC 29211-1332
                  Tel: (803) 771-8836
                  Email: bmccarthy@mccarthy-lawfirm.com

Estimated Assets: $1,000,001 to $10,000,000

Estimated Debts: $1,000,001 to $10,000,000

According to the schedules, the Company has assets of at least
$3,119,381 and total debts of $1,424,160.

The Debtor identified Sea Island Bank with a debt claim for
$12,556 ($1,200,000 secured) 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:

A list of the Company's largest unsecured creditor is available
for free at http://bankrupt.com/misc/scb09-06640.pdf

The petition was signed by Gary L. Grossman.


JOAN ELIZABETH REINHEIMER: Voluntary Chapter 11 Case Summary
------------------------------------------------------------
Debtor: Joan Elizabeth Reinheimer
        405 Blue Bay Road
        Stevensville, MD 21666

Bankruptcy Case No.: 09-26888

Chapter 11 Petition Date: September 8, 2009

Court: United States Bankruptcy Court
       District of Maryland (Baltimore)

Debtor's Counsel: Augustus T. Curtis, Esq.
                  Cohen, Baldinger & Greenfeld, L.L.C.
                  7910 Woodmont Avenue, Suite 1103
                  Bethesda, MD 20814
                  Tel: (301) 881-8300
                  Fax: (301) 881-8350
                  Email: augie.curtis@cohenbaldinger.com

Estimated Assets: $1,000,001 to $10,000,000

Estimated Debts: $100,001 to $500,000

The Debtor did not file a list of its 20 largest unsecured
creditors when it filed its petition.

The petition was signed by Ms. Reinheimer.


LABELCORP HOLDINGS: Moody's Affirms 'B2' Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service affirmed the B2 Corporate Family Rating
of LabelCorp Holdings, Inc., and revised the ratings outlook to
negative from stable.  Additional instrument ratings are detailed
below.

The negative ratings outlook reflects the weak credit metrics for
the rating category, uncertainty related to the ramp up of new
business, difficult operating and competitive environment, and
continued tightness in certain financial covenants under the
credit agreement.  York is dependent upon the ramp up of new
business to restore credit metrics to a level commensurate with
the rating category due to the recent loss of a major customer.
However, the company's high customer concentration of sales and
difficult operating environment heighten the risk of negative
variance in operating performance and ratings risk.  Additionally,
cushion under financial covenants in the credit agreement remains
tight despite the recent amendment.

The B2 corporate family rating reflects York's weak leverage and
interest coverage for the rating category, continued tightness
under certain financial covenants in the credit agreement, and
customer concentration.  The rating also reflects the company's
acquisitiveness, small revenue base and fragmented industry
structure.

Strengths in York's credit profile include long-standing customer
relationships, relative stability of its core market segments and
expected savings from cost-cutting measures including capacity
rationalizations.  The company has historically generated strong
free cash flow for the rating category and is one of the largest
companies in the industry despite its small revenue base.

Moody's took these rating actions for LabelCorp Holdings, Inc.:

  -- Affirmed $20.7 million senior secured revolver maturing 2013,
     B1 (LGD 3, 34% from 32%)

  -- Affirmed $135 million senior secured term loan due 2014, B1
     (LGD 3, 34% from 32%)

  -- Affirmed corporate family rating, B2

  -- Affirmed probability of default rating, B2

Moody's also took these rating actions for York Label Canada Ltd.:

  -- Affirmed CDN $1.8 million senior secured revolver maturing
     2013, B1 (LGD 3, 34% from 32%)

  -- Affirmed CDN $15 million senior secured term loan due 2014,
     B1 (LGD 3, 34% from 32%)

  -- Affirmed US$ $15 million senior secured term loan due 2014,
     B1 (LGD 3, 34% from 32%)

The ratings outlook is revised to negative from stable for both
entities.

Moody's last rating action on York occurred on July 11, 2008, when
Moody's assigned a first time corporate family rating of B2.

Headquartered in Omaha, Nebraska, LabelCorp Holdings, Inc., is a
provider of prime labels for the consumer products, wine and
spirits, food and beverage, and pharmaceutical markets.  The
Company produces primarily pressure sensitive labels and has 14
facilities in the U.S., Canada, and Chile.  Revenue for the twelve
months ended June 30, 2008 was approximately $208 million.  York
has been a portfolio company of Diamond Castle Holdings, LLC,
since August 2008.


LEAR CORP: EEDS's Schedules of Assets & Liabilities
---------------------------------------------------

A.   Real Property
      Land                                             $76,300
      Buildings & Leasehold Improvements             9,611,550
      Accumulated Depreciation                      (6,734,100)
B.   Personal Property
B.1  Cash on hand
      Cash-Petty/Cash in Transit                         5,772
B.2  Bank Accounts
      Citibank                                         355,278
      JP Morgan Chase                                        0
      JP Morgan Chase                                   19,503
      Scotia Bank                                        5,228
B.9  Interests in Insurance Policies              Undetermined
    See http://bankrupt.com/misc/LearEEDSInsurance.pdf
B.13 Business Interests and stocks                Undetermined
B.14 Interests in partnerships                    Undetermined
B.16 Accounts Receivable
      Aggregated 3rd Party A/R                      19,647,479
      Intercompany A/R-Debtor Entity               443,803,330
      Intercompany A/R-NonDebtor Entity            194,382,200
B.18 Other Liquidated Debts                                361
B.21 Other Contingent & Unliquidated claims       Undetermined
B.22 Patents and other intellectual property      Undetermined
B.29 Machinery
      Machinery & Equipment-Purchase               230,983,768
      Accumulated Depreciation-M&E                (204,371,804)
B.30 Inventory
      Raw Material                                  53,102,246
      Work in Process                                2,277,652
      Finished Goods                                44,567,479
      Inventory Reserves                           (24,589,664)
B.35 Other Personal Property
      Customer Tooling and Engineering               4,479,546
      Long term receivable                             948,705
      Prepaid Expenses                               3,523,728
      Miscellaneous Receivables                      3,103,935
      Other assets                                      75,744
      Other Deferred Charge                                  6

        TOTAL SCHEDULED ASSETS                    $775,274,241
        ======================================================

C.   Property Claimed as Exempt                              0

D.   Secured Claim                                 Undetermined
    See http://bankrupt.com/misc/LearEEDS_SchedD.pdf

E.   Unsecured Priority Claims                               0
    See http://bankrupt.com/misc/LearCorporationEEDS_SchedE.pdf

F.   Unsecured Non-priority Claims
      Celestica Philippines Inc.                     1,122,120
      Consorcio Industrial Mexicano De Autopartes    2,080,852
      Draka Philippines Inc.                         1,575,580
      Greenfield Holdings, LLC                       5,788,706
      LASNBV-Philippine Branch                      13,201,530
      Lear Automotive Dearborn, Inc.               222,079,509
      Lear Electrical Systems De Mexico              5,792,401
      Lear Operations Corporation                   41,404,002
      Panasonic Electric Works Asia                  1,205,840
      Tyco Electronics                               1,307,956
      Tyco Electronics                               1,084,130
      Yazaki North America Inc.                      1,255,383
      Others                                        19,992,356
    See http://bankrupt.com/misc/LearCorporationEEDS_SchedF.pdf

        TOTAL SCHEDULED ASSETS                    $317,890,365
        ======================================================

                          About Lear Corp

Lear Corporation -- http://www.lear.com/-- is one of the world's
leading suppliers of automotive seating systems, electrical
distribution systems and electronic products.  The Company's
products are designed, engineered and manufactured by a diverse
team of 80,000 employees at 210 facilities in 36 countries.
Lear's headquarters are in Southfield, Michigan, and Lear is
traded on the New York Stock Exchange under the symbol [LEA].
Outside the United States, Lear has subsidiaries in Germany,
Luxembourg, Sweden, Singapore, China, India and Mexico, among
others.

Lear Corporation and its affiliates filed for Chapter 11 on July
7, 2009 (Bankr. S.D.N.Y. Case No. 09-14326).  Affiliates part of
the Chapter 11 filing include Lear South Africa Limited, Lear
Corporation (Germany) Ltd., Lear Corporation Canada Ltd., Lear
Mexican Holdings Corporation, and Lear South American Holdings
Corporation.

Attorneys at Kirkland & Ellis LLP, serve as the Debtors'
bankruptcy counsel.  McCarthy Tetrault LLP has been engaged as
CCAA counsel.  Bodman LLP has been hired as special Michigan
counsel.  Winston & Strawn LLP and Brooks Kushman P.C. have also
been tapped as special counsel.  Alvarez & Marsal North America
LLC, is the Debtors' restructuring advisors.  Ernst & Young LLP is
the Debtors' auditors and tax advisors.  Kurtzman Carson
Consultants LLC is the Debtors' claims and notice agent.  Simpson
Thacher & Bartlett LLP represents JP Morgan, as admin. agent for
senior secured lenders and DIP lenders.

As of May 30, 2009, Lear has assets of $1,270,800,000 against
debts of $4,536,000,000.

Bankruptcy Creditors' Service, Inc., publishes Lear Bankruptcy
News.  The newsletter tracks the Chapter 11 proceedings undertaken
by Lear Corp.  (http://bankrupt.com/newsstand/or 215/945-7000)


LEAR CORP: EEDS's Statement of Financial Affairs
------------------------------------------------
Matthew J. Simoncini, director, president, principal executive
officer, and principal financial & accounting officer of Lear
Corporation, discloses that Lear Corporation EEDS and Interiors
earned income from employment, trade, or operation of business
within two years before the Petition Date:

  Source                              Amount
  ------                              ------
  01/01/07-12/31/07           $1,031,804,763
  01/01/08-12/31/08              698,289,106
  01/01/09-07/07/09              267,442,685

Mr. Simoncini further discloses that the Company earned income
within two years prior to the Petition Date other than from
operation of business:

  Source                              Amount
  ------                              ------
  01/01/07-12/31/07            ($229,122,275)
  01/01/08-12/31/08               (9,906,362)
  01/01/09-07/07/09                2,116,115

The Company also made payments to creditors within 90 days
immediately preceding the Petition Date totaling $5,699:

  Creditor                            Amount
  --------                            ------
  A-A Electric SE, Inc.                 $609
  A-Tek LLC                              700
  EMC Global Technologies                112
  HD Supply Inc.                          94
  Magid Globe & Safety                    31
  Nasco Industries                       375
  Office Depot                           202
  Pasternack Enterprises               1,647
  Power & Signal Group                 1,180
  Production Machine Equip Inc.          209
  Treasurer of State of Ohio             228
  Vecmar Computer Solutions              308

The Debtor also made payments to creditors who are insiders
within one year immediately preceding the Petition Date.  A list
of the payments is available for free at:

          http://bankrupt.com/misc/LearEEDS_Stmt3c.pdf

The Company was also a party of suits and administrative
proceedings within one year before the Petition Date, a list of
which is available for free at:

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

                          About Lear Corp

Lear Corporation -- http://www.lear.com/-- is one of the world's
leading suppliers of automotive seating systems, electrical
distribution systems and electronic products.  The Company's
products are designed, engineered and manufactured by a diverse
team of 80,000 employees at 210 facilities in 36 countries.
Lear's headquarters are in Southfield, Michigan, and Lear is
traded on the New York Stock Exchange under the symbol [LEA].
Outside the United States, Lear has subsidiaries in Germany,
Luxembourg, Sweden, Singapore, China, India and Mexico, among
others.

Lear Corporation and its affiliates filed for Chapter 11 on July
7, 2009 (Bankr. S.D.N.Y. Case No. 09-14326).  Affiliates part of
the Chapter 11 filing include Lear South Africa Limited, Lear
Corporation (Germany) Ltd., Lear Corporation Canada Ltd., Lear
Mexican Holdings Corporation, and Lear South American Holdings
Corporation.

Attorneys at Kirkland & Ellis LLP, serve as the Debtors'
bankruptcy counsel.  McCarthy Tetrault LLP has been engaged as
CCAA counsel.  Bodman LLP has been hired as special Michigan
counsel.  Winston & Strawn LLP and Brooks Kushman P.C. have also
been tapped as special counsel.  Alvarez & Marsal North America
LLC, is the Debtors' restructuring advisors.  Ernst & Young LLP is
the Debtors' auditors and tax advisors.  Kurtzman Carson
Consultants LLC is the Debtors' claims and notice agent.  Simpson
Thacher & Bartlett LLP represents JP Morgan, as admin. agent for
senior secured lenders and DIP lenders.

As of May 30, 2009, Lear has assets of $1,270,800,000 against
debts of $4,536,000,000.

Bankruptcy Creditors' Service, Inc., publishes Lear Bankruptcy
News.  The newsletter tracks the Chapter 11 proceedings undertaken
by Lear Corp.  (http://bankrupt.com/newsstand/or 215/945-7000)


LEAR CORP: European's Schedules of Assets and Debts
---------------------------------------------------

A.   Real Property                                           0

B.   Personal Property                                       0
B.9  Interests in Insurance Policies              Undetermined
    See http://bankrupt.com/misc/LearEuropean_Insurance
B.13 Business Interests and stocks                Undetermined
B.16 Accounts Receivable
      Intercompany A/R - Debtor Entity           1,073,170,854
      Intercompany A/R - NonDebtor Entity           29,394,553

        TOTAL SCHEDULED ASSETS                   1,102,565,407
       =======================================================

C.   Property Claimed as Exempt                              0

D.   Secured Claim                                           0

E.   Unsecured Priority Claims                    Undetermined
    See http://bankrupt.com/misc/LearEuropean_SchedE.pd

F.   Unsecured Non-priority Claims                Undetermined
       Lear Luxembourg SARL                                  0
       Pension Benefit Guarantee Corporation      Undetermined
       United States Department of Energy         Undetermined
       United States Department of Transportation Undetermined
       United States Environmental Protection
         Agency                                   Undetermined
       United States Geological Survey            Undetermined


       TOTAL SCHEDULED LIABILITIES                          $0
       =======================================================

                          About Lear Corp

Lear Corporation -- http://www.lear.com/-- is one of the world's
leading suppliers of automotive seating systems, electrical
distribution systems and electronic products.  The Company's
products are designed, engineered and manufactured by a diverse
team of 80,000 employees at 210 facilities in 36 countries.
Lear's headquarters are in Southfield, Michigan, and Lear is
traded on the New York Stock Exchange under the symbol [LEA].
Outside the United States, Lear has subsidiaries in Germany,
Luxembourg, Sweden, Singapore, China, India and Mexico, among
others.

Lear Corporation and its affiliates filed for Chapter 11 on July
7, 2009 (Bankr. S.D.N.Y. Case No. 09-14326).  Affiliates part of
the Chapter 11 filing include Lear South Africa Limited, Lear
Corporation (Germany) Ltd., Lear Corporation Canada Ltd., Lear
Mexican Holdings Corporation, and Lear South American Holdings
Corporation.

Attorneys at Kirkland & Ellis LLP, serve as the Debtors'
bankruptcy counsel.  McCarthy Tetrault LLP has been engaged as
CCAA counsel.  Bodman LLP has been hired as special Michigan
counsel.  Winston & Strawn LLP and Brooks Kushman P.C. have also
been tapped as special counsel.  Alvarez & Marsal North America
LLC, is the Debtors' restructuring advisors.  Ernst & Young LLP is
the Debtors' auditors and tax advisors.  Kurtzman Carson
Consultants LLC is the Debtors' claims and notice agent.  Simpson
Thacher & Bartlett LLP represents JP Morgan, as admin. agent for
senior secured lenders and DIP lenders.

As of May 30, 2009, Lear has assets of $1,270,800,000 against
debts of $4,536,000,000.

Bankruptcy Creditors' Service, Inc., publishes Lear Bankruptcy
News.  The newsletter tracks the Chapter 11 proceedings undertaken
by Lear Corp.  (http://bankrupt.com/newsstand/or 215/945-7000)


LEAR CORP: European's Statement of Financial Affairs
----------------------------------------------------
Matthew J. Simoncini, director, president, principal executive
officer, and principal & accounting officer of Lear Corporation
discloses that Lear European Operations Corporation earned income
other than from employment or operation of business during the
two years before the Petition Date:

  Source                                 Amount
  ------                                 ------
  01/01/07-12/31/07                 $94,922,352
  01/01/08-12/31/08                  71,617,887
  01/01/09-07/07/09                  20,872,344

Mr. Simoncini adds that within one year before the Petition Date,
the Debtor made payments to creditors who were insiders, a list
of the payments is available for free at:

           http://bankrupt.com/misc/LearEuropean_3c.pdf

                          About Lear Corp

Lear Corporation -- http://www.lear.com/-- is one of the world's
leading suppliers of automotive seating systems, electrical
distribution systems and electronic products.  The Company's
products are designed, engineered and manufactured by a diverse
team of 80,000 employees at 210 facilities in 36 countries.
Lear's headquarters are in Southfield, Michigan, and Lear is
traded on the New York Stock Exchange under the symbol [LEA].
Outside the United States, Lear has subsidiaries in Germany,
Luxembourg, Sweden, Singapore, China, India and Mexico, among
others.

Lear Corporation and its affiliates filed for Chapter 11 on July
7, 2009 (Bankr. S.D.N.Y. Case No. 09-14326).  Affiliates part of
the Chapter 11 filing include Lear South Africa Limited, Lear
Corporation (Germany) Ltd., Lear Corporation Canada Ltd., Lear
Mexican Holdings Corporation, and Lear South American Holdings
Corporation.

Attorneys at Kirkland & Ellis LLP, serve as the Debtors'
bankruptcy counsel.  McCarthy Tetrault LLP has been engaged as
CCAA counsel.  Bodman LLP has been hired as special Michigan
counsel.  Winston & Strawn LLP and Brooks Kushman P.C. have also
been tapped as special counsel.  Alvarez & Marsal North America
LLC, is the Debtors' restructuring advisors.  Ernst & Young LLP is
the Debtors' auditors and tax advisors.  Kurtzman Carson
Consultants LLC is the Debtors' claims and notice agent.  Simpson
Thacher & Bartlett LLP represents JP Morgan, as admin. agent for
senior secured lenders and DIP lenders.

As of May 30, 2009, Lear has assets of $1,270,800,000 against
debts of $4,536,000,000.

Bankruptcy Creditors' Service, Inc., publishes Lear Bankruptcy
News.  The newsletter tracks the Chapter 11 proceedings undertaken
by Lear Corp.  (http://bankrupt.com/newsstand/or 215/945-7000)


LEAR CORP: Operations' Schedules of Assets & Debts
--------------------------------------------------

A.   Real Property
      Land                                          $1,971,926
      Buildings & Leasehold Improvements            28,145,440
      Accumulated Depreciation                     (17,867,738)
B.   Personal Property
B.1  Cash on hand
      Cash-Petty/Cash in Transit                         2,995
B.2  Bank Accounts
      Suntrust Bank                                     13,760
      Frost Bank                                        49,230
      United Missouri Bank Northeast                    48,780
      Bank of America                                   32,622
B.9  Interests in Insurance Policies              Undetermined
B.13 Business Interests and stocks                Undetermined
B.14 Interests in partnerships                    Undetermined
B.16 Accounts Receivable                            96,713,527
B.18 Other Liquidated Debts                             16,636
B.21 Other Contingent & Unliquidated claims       Undetermined
B.29 Machinery
      Machinery & Equipment - Purchase             165,804,416
      Accumulated Depreciation - M&E              (132,014,719)
B.30 Inventory
      Raw material                                  22,042,311
      Work in Process                                1,010,750
      Finished Goods                                 1,681,919
      Inventory Reserves                            (2,674,992)
B.35 Other Personal Property
      Customer Tooling and Engineering                (198,518)
      Long term receivable                          17,015,495
      Prepaid Expenses                               4,332,329
      Miscellaneous Receivables                         55,294
      Other assets                                     600,997

        TOTAL SCHEDULED ASSETS                    $186,782,461
        ======================================================

C.   Property Claimed as Exempt                             $0

D.   Secured Claim                                           0

E.   Unsecured Priority Claims                    Undetermined

F.   Unsecured Non-priority Claims
      Autoliv ASP Inc.                                 607,694
      Autoliv Mexico SA DE CV                          173,732
      BAE Industries                                   590,284
      BEHR GMBH and Co. KG                             229,863
      Bock Boddecker and Co.                           315,316
      Borg Instruments AG                              428,751
      CRH-DAS LLC                                    5,781,929
      Fehrer South Carolina LLC                        662,185
      Fisher Dynamics                                1,100,166
      Grammer Automotive                             1,435,720
      Integrated Manufacturing                         731,431
      International Automotive                       2,050,000
      Jay MID South LLC                              2,814,707
      Lear Corporation                           1,481,288,775
      Lear Corporation Global                        1,558,839
      Lear Mexican Seating                           3,789,017
      Lear Trim L.P.                                10,178,952
      Porter Engineered Systems                      1,719,228
      Renosol Seating, LLC                           2,548,330
      Others                                        10,726,949

       TOTAL SCHEDULED LIABILITIES              $1,528,731,868
       =======================================================

                          About Lear Corp

Lear Corporation -- http://www.lear.com/-- is one of the world's
leading suppliers of automotive seating systems, electrical
distribution systems and electronic products.  The Company's
products are designed, engineered and manufactured by a diverse
team of 80,000 employees at 210 facilities in 36 countries.
Lear's headquarters are in Southfield, Michigan, and Lear is
traded on the New York Stock Exchange under the symbol [LEA].
Outside the United States, Lear has subsidiaries in Germany,
Luxembourg, Sweden, Singapore, China, India and Mexico, among
others.

Lear Corporation and its affiliates filed for Chapter 11 on July
7, 2009 (Bankr. S.D.N.Y. Case No. 09-14326).  Affiliates part of
the Chapter 11 filing include Lear South Africa Limited, Lear
Corporation (Germany) Ltd., Lear Corporation Canada Ltd., Lear
Mexican Holdings Corporation, and Lear South American Holdings
Corporation.

Attorneys at Kirkland & Ellis LLP, serve as the Debtors'
bankruptcy counsel.  McCarthy Tetrault LLP has been engaged as
CCAA counsel.  Bodman LLP has been hired as special Michigan
counsel.  Winston & Strawn LLP and Brooks Kushman P.C. have also
been tapped as special counsel.  Alvarez & Marsal North America
LLC, is the Debtors' restructuring advisors.  Ernst & Young LLP is
the Debtors' auditors and tax advisors.  Kurtzman Carson
Consultants LLC is the Debtors' claims and notice agent.  Simpson
Thacher & Bartlett LLP represents JP Morgan, as admin. agent for
senior secured lenders and DIP lenders.

As of May 30, 2009, Lear has assets of $1,270,800,000 against
debts of $4,536,000,000.

Bankruptcy Creditors' Service, Inc., publishes Lear Bankruptcy
News.  The newsletter tracks the Chapter 11 proceedings undertaken
by Lear Corp.  (http://bankrupt.com/newsstand/or 215/945-7000)


LEAR CORP: Operations' Statement of Financial Affairs
-----------------------------------------------------
Matthew J. Simoncini, president, principal executive officer,
principal finance and accounting officer of Lear Operations
Corporation discloses with the Court that the company earned
income from employment or operation of business during the two
years immediately preceding the Petition Date:

    Source                          Amount
    ------                          ------
    01/01/07-12/31/07       $2,600,443,680
    01/01/08-12/31/08        1,642,311,753
    01/01/09-07/07/09          415,604,162

Mr. Simoncini further discloses that Lear Operations earned
income other than from operation of business within two years
before the Petition Date:

    Source                          Amount
    ------                          ------
    01/01/07-12/31/07        ($321,658,802)
    01/01/08-12/31/08         ($70,419,449)
    01/01/09-07/07/09         ($33,216,622)

The Company was also a party to more than 100 suits and
administrative proceedings within one year before the Petition
Date, a list of which is available for free at:

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

Mr. Simoncini further discloses that the Company gave gifts
within one year before the Petition Date:

    Recipient                           Amount
    ---------                           ------
    South Carolina Charities, Inc.     $79,500
    National Kidney Foundation           2,100
    South Carolina Charities, Inc.       1,600
    Meals on Wheels                      2,160
    South Carolina Charities, Inc.      39,500

The Company also transferred properties within two years
immediately preceding the Petition Date:

   Transferee                                          Value
   ----------                                          -----
   Toyota Boshoku America, Inc.                  $35,000,000
   Lear Operations Joint Venture Holdings LLC      ($674,822)
   Lear Operations Joint Venture Holdings LLC        512,093
   Kyungshin Industrial Co.                        1,268,190

                          About Lear Corp

Lear Corporation -- http://www.lear.com/-- is one of the world's
leading suppliers of automotive seating systems, electrical
distribution systems and electronic products.  The Company's
products are designed, engineered and manufactured by a diverse
team of 80,000 employees at 210 facilities in 36 countries.
Lear's headquarters are in Southfield, Michigan, and Lear is
traded on the New York Stock Exchange under the symbol [LEA].
Outside the United States, Lear has subsidiaries in Germany,
Luxembourg, Sweden, Singapore, China, India and Mexico, among
others.

Lear Corporation and its affiliates filed for Chapter 11 on
July 7, 2009 (Bankr. S.D.N.Y. Case No. 09-14326).  Affiliates part
of the Chapter 11 filing include Lear South Africa Limited, Lear
Corporation (Germany) Ltd., Lear Corporation Canada Ltd., Lear
Mexican Holdings Corporation, and Lear South American Holdings
Corporation.

Attorneys at Kirkland & Ellis LLP, serve as the Debtors'
bankruptcy counsel.  McCarthy Tetrault LLP has been engaged as
CCAA counsel.  Bodman LLP has been hired as special Michigan
counsel.  Winston & Strawn LLP and Brooks Kushman P.C. have also
been tapped as special counsel.  Alvarez & Marsal North America
LLC, is the Debtors' restructuring advisors.  Ernst & Young LLP is
the Debtors' auditors and tax advisors.  Kurtzman Carson
Consultants LLC is the Debtors' claims and notice agent.  Simpson
Thacher & Bartlett LLP represents JP Morgan, as admin. agent for
senior secured lenders and DIP lenders.

As of May 30, 2009, Lear has assets of $1,270,800,000 against
debts of $4,536,000,000.

Bankruptcy Creditors' Service, Inc., publishes Lear Bankruptcy
News.  The newsletter tracks the Chapter 11 proceedings undertaken
by Lear Corp.  (http://bankrupt.com/newsstand/or 215/945-7000)


LEHMAN BROTHERS: Claims for Lehman Program Securities Due Nov. 2
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York,
having jurisdiction of the chapter 11 cases of Lehman Brothers
Holdings Inc., has set a November 2 deadline for parties to submit
claims based on Lehman Programs Securities.

The November 2 bar date applies only to claims against LBHI based
on securities identified on the "Lehman Programs Securities" list
available on http://www.lehman-docket.com/that arose prior to
September 15, the date Lehman sought bankruptcy protection.

The Court has set a Sept. 22 general claims bar date.

                      About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed $639 billion in assets and $613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

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

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for $2
dollars plus the retention of most of employees.  Nomura also
bought Lehman's operations in the Asia Pacific for US$225 million.

               International Operations Collapse

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

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and its various
affiliates.  (http://bankrupt.com/newsstand/or 215/945-7000)


LEHMAN BROTHERS: PwC to Meet With LBIE Clients to Mull Options
--------------------------------------------------------------
According to Ainsley Thomson at The Wall Street Journal, Lehman
Brothers' European administrators PricewaterhouseCoopers will meet
with the former clients of Lehman to discuss possible measures
meant to speed the return of about $9 billion of their assets.

As reported by the TCR on Aug. 24, 2009, PwC said that the U.K.
High Court handed down its judgement in relation to its
application to establish whether the court had jurisdiction to
sanction the proposed scheme of arrangement under Part 26 of the
Companies Act 2006.  The proposed scheme sought to significantly
reduce the period clients have to wait before they get their
assets back.  PwC has said it could take up to a decade to return
assets via bilateral agreements, instead of the proposed scheme.

In an interview with Dow Jones Newswires, PwC's Steven Pearson and
Tony Lomas said that aside from meeting with hedge-fund
representatives -- one of Lehman Brothers' biggest client groups
-- they will also appeal the High Court ruling.  "We will find a
way of expediting the return of assets, of that I am confident,"
Mr. Pearson said.

Bloomberg relates that if the Court of Appeal determines in favor
of the administrators' appeal, the former clients of Lehman
Brothers' European operations, who number around 1,000, will be
asked to vote on the scheme of arrangement.  At least 50% of the
total number of creditors representing no less than 75% of the $9
billion in assets need to approve for it to be sanctioned.

                      About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed $639 billion in assets and $613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

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

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for $2
dollars plus the retention of most of employees.  Nomura also
bought Lehman's operations in the Asia Pacific for US$225 million.

               International Operations Collapse

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

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and its various
affiliates.  (http://bankrupt.com/newsstand/or 215/945-7000)


LINCOLN GENERAL: AM Best Drops Financial Strength Rating to 'D'
---------------------------------------------------------------
A.M. Best Co. has downgraded the financial strength rating to D
(Poor) from B- (Fair) and the issuer credit rating to "c" from
"bb-" of Lincoln General Insurance Company (York, PA).  The
ratings have been removed from under review with negative
implications and assigned a negative outlook.

The downgrades are a result of a significant drop in Lincoln's
risk-adjusted capitalization and change in business profile
following its submission on May 7, 2009, of a proposed RBC Plan
(the Plan) for the company.  This action comes from a decision by
Lincoln's ultimate parent, Kingsway Financial Services Inc. (KFSI)
(Mississauga, Ontario) [NYSE/TSX: KFS] not to continue operations
at Lincoln following several years of significant operating
losses, which culminated in a regulatory action level event on
March 1, 2009.

The Commonwealth of Pennsylvania Insurance Department accepted the
Plan on May 29, 2009.  The Plan calls for the solvent run off of
all of Lincoln's liabilities and the cessation of all underwriting
activity except where Lincoln has a contractual or legal
obligation to maintain.  Included in the Plan is the commutation
of all intercompany reinsurance with Kingsway Reinsurance
Corporation, a Barbados affiliate, which provided Lincoln with
significant reinsurance protection.  As a result of the
commutation, which was effective January 1, 2009, and continued
unprofitable operating performance, risk-adjusted capitalization
has declined.

Partially offsetting these negative rating factors is the change
in senior management at Lincoln.  The company has contracted
Rockwall Financial Advisors, LLC, a company whose executives have
many years of successfully managing the run-off of insurance
businesses.  Several of Rockwall's top executives have been hired
by Lincoln to manage the company through the first five years of
its run off.  In addition, limited capital support is being
provided by KFSI and an extensive expense reduction initiative is
underway to help Lincoln remain solvent during the run-off period.
The positive factors are partially mitigated by the significant
execution risk in the Plan, including the timing and amount of
claims payments, adverse reserve development remaining within
projected amounts, investment returns meeting expectations and
expenses being prudently managed.

The ratings of KFSI and its remaining insurance subsidiaries
remain under review with negative implications pending A.M. Best's
completion of its analysis of these companies.

Lincoln General Insurance Company --
http://www.lincolngeneral.com/-- has specialized in the
transportation industry since 1977.  Lincoln became part of the
Kingsway Financial Services Group (NYSE-KFS) in 1998 and has grown
to become the largest company in the group.


LOK REDWOOD EMPIRE: Case Summary & 16 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Lok Redwood Empire Properties, Inc.
           dba Quality Inn - Petaluma
        5050 Petaluma Hill Rd.
        Santa Rosa, CA 95404-9764

Bankruptcy Case No.: 09-12912

Chapter 11 Petition Date: September 8, 2009

Court: United States Bankruptcy Court
       Northern District of California (Santa Rosa)

Judge: Alan Jaroslovsky

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

Estimated Assets: $1,000,001 to $10,000,000

Estimated Debts: $1,000,001 to $10,000,000

According to the schedules, the Company has assets of at least
$7,337,886, and total debts of $3,887,430.

A list of the Company's 16 largest unsecured creditors is
available for free at:

         http://bankrupt.com/misc/canb09-12912.pdf

The petition was signed by Kirkman L. Lok, president of the
Company.


LRC THE GROVE LLC: Case Summary & Largest Unsecured Creditor
------------------------------------------------------------
Debtor: LRC The Grove, LLC
        2138 Route 522
        Selinsgrove, PA 17870

Bankruptcy Case No.: 09-06639

Chapter 11 Petition Date: September 8, 2009

Court: United States Bankruptcy Court
       District of South Carolina (Charleston)

Judge: Chief Judge John E. Waites

Debtor's Counsel: G. William McCarthy Jr., Esq.
                  1715 Pickens St. (29201)
                  PO Box 11332
                  Columbia, SC 29211-1332
                  Tel: (803) 771-8836
                  Email: bmccarthy@mccarthy-lawfirm.com

Estimated Assets: $1,000,001 to $10,000,000

Estimated Debts: $1,000,001 to $10,000,000

According to the schedules, the Company has assets of at least
$1,082,300 and total debts of $1,101,636.

The Debtor identified Jasper County Treasurer with a debt claim
for $17 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/scb09-06639.pdf

The petition was signed by Gary L. Grossman, president of the
Company.


LUNA INNOVATIONS: Revenues Decline by $1.2MM in Q2
--------------------------------------------------
Luna Innovations Incorporated announced its financial results for
the quarter ended June 30, 2009.

As compared to the same quarter last year, second quarter 2009
revenues decreased from $9.9 million to $8.7 million, gross profit
decreased from $4.1 million to $3.3 million, and loss per share
increased from $0.16 to $0.21. The increase in loss per share
resulted from lower product sales in addition to higher costs
associated with continuing litigation activities, partially offset
by improvements in other areas of operating expenses.

Kent Murphy, Chairman and Chief Executive Officer, provided this
comment related to the second quarter results and the company's
decision to file for reorganization under Chapter 11 in July: "The
slowdown in product sales that began in the fourth quarter of last
year with the country's overall economic decline continued to
affect our product sales in the second quarter. While the costs of
our ongoing litigation with Hansen Medical also continue to
adversely impact our bottom-line results, we have made significant
improvements in the efficiency of our operations and continue to
conduct business in the ordinary course. Our costs associated with
legal matters increased approximately $1 million, to $1.6 million,
in the second quarter of 2009 compared with approximately $0.8
million in the second quarter of 2008. Excluding that increase in
our legal costs, our operating expenses for the most recent
quarter would have decreased by approximately $1 million compared
to the same period last year. When we filed for reorganization in
mid-July, our objective was to protect the interests of all of our
stakeholders while trying to resolve our legal matters as quickly
as possible. If we are able to emerge from Chapter 11 quickly and
in accordance with the plan that we have filed with the court, we
will be positioned for continued success into the future."

The company also announced it received notice on September 8,
2009, that the Nasdaq Listing Qualifications Panel decided to
transfer its common stock from the NASDAQ Global Market to the
NASDAQ Capital Market and continue listing of its common stock.
The company had previously received a delisting letter on July 17,
2009, and the company had appealed the proposed delisting to the
Panel. The hearing on the appeal was held on August 27, 2009. The
company's continued listing is subject to several conditions,
including its emergence from Chapter 11 reorganization by December
31, 2009.

Second Quarter Financial Highlights

    * Total revenues for the second quarter of 2009 decreased by
$1.2 million to $8.7 million compared to $9.9 million during the
second quarter of 2008.

    * Product and license revenues decreased $0.7 million to
approximately $2.2 million in the second quarter of 2009 compared
to $2.9 million in the second quarter of 2008.

    * Technology Development Division revenues decreased by $0.5
million as compared to the second quarter of 2008.

    * Gross profit for the second quarter of 2009 decreased to
$3.3 million from $4.1 million for the corresponding period of
2008.

    * Operating expenses decreased to $5.6 million in the second
quarter of 2009 from $5.8 million during the second quarter of
2008, notwithstanding an increase in legal fees of approximately
$1 million.

    * Net loss per share for the second quarter of 2009 was $0.21
per share, an increase from a loss per share of $0.16 for the
second quarter of 2008.

    * Cash and cash equivalents decreased to $12.1 million at June
30, 2009, as compared to $13.2 million at March 31, 2009 and $15.5
million at December 31, 2008.

Second Quarter Business Highlights

Technology Development Division

    * Awarded $1.5 million corrosion test methods contract

    * Selected for negotiations in NREL's Photovoltaic Technology
      Pre-Incubator Program

    * Demonstrated advanced material technologies in hydrophobic
      watershedding coatings for windshields and impact damage
      indicating paints during the Warrior 2009 demonstration
      sponsored by the Air Force Research Laboratory (AFRL), which
      highlights promising new technologies in the field during
      actual military exercise scenarios

    * With the Mayo Clinic, published a paper in the international
      journal Annals of Biomedical Engineering discussing a next-
      generation fiber optic pressure microsensor that improves
      size and performance over previous generation sensors

Pharmaceuticals / Nanomedicine

    * Published a paper titled "Fullerene nanomaterials potentiate
      hair growth" in the international, peer-reviewed journal
      Nanomedicine: Nanotechnology, Biology, and Medicine (NBM)

Instrumentation, Test & Measurement

    * Launched our distributed sensing system with potential
      application in areas such as structural health monitoring of
      carbon fiber reinforced materials of new aircraft, aviation
      electronic systems and sink hole monitoring systems for
      railways

                  Outlook for Remainder of 2009

Given the uncertainties associated with Luna's Chapter 11
reorganization and the Hansen litigation, the company is unable to
provide a reasonable projection for its expected results of
operations for the remainder of 2009 at this time.

                     About Luna Innovations

Headquartered in Roanoke, Virginia, Luna Innovations Inc.
(NASDAQ:LUNA) -- http://www.lunainnovations.com-- is focused on
sensing and instrumentation, and pharmaceutical nanomedicines.
Luna develops and manufactures new-generation products for the
healthcare, telecommunications, energy and defense markets.
Luna's products are used to measure, monitor, protect and improve
critical processes in the markets it serves.

Luna Innovations in July 2009 filed for reorganization under
Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy
Court for the Western District of Virginia.


LYONDELL CHEMICAL: Court OKs Kent Potter as Chief Fin'l Officer
---------------------------------------------------------------
Reuters reports that the Hon. Robert Gerber of the U.S. Bankruptcy
Court for the Southern District of New York has approved the
appointment of Kent Potter as Lyondell Chemical Co.'s chief
financial officer.

As reported by the TCR on August 20, 2009, Alan S. Bigman resigned
as LyondellBasell's CFO, effective as of August 1, 2009.  After a
thorough selection process, the Debtors selected Mr. Potter as
their CFO because of his diverse experience, extensive knowledge
of the industry and impressive financial acumen.  Mr. Potter will
be an employee of Lyondell Chemical who is also a member of the
board of managers of LyondellBasell AFGP S.a.r.l., the general
partner of LyondellBasell Industries AF S.C.A.

According to Reuters, ABN AMRO Bank NV had opposed the appointment
of Mr. Potter, because he had helped supervise those responsible
for Lyondell Chemical's financial management in the year before
the Company's bankruptcy.  Reuters states that ABN AMRO proposed
that Mr. Potter be employed for six months and asked that his
duties exclude involvement with the Lyondell Chemical's
restructuring process.

Judge Gerber didn't impose any special conditions, Reuters
relates.

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 US$8 billion in DIP financing
to fund continuing operations.  The DIP financing includes two
credit agreements: a US$6.5 billion term loan, which comprises a
US$3.25 billion in new loans and a US$3.25 billion roll-up of
existing loans; and a US$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)


MAGNA ENTERTAINMENT: MID Had No Consent for Loans, Investors Say
----------------------------------------------------------------
Richard Blackwell at The Globe and Mail reports that minority
shareholders of MI Developments Inc. said at a hearing before the
Ontario Securities and Exchange Commission that MID has been
making loans to Magna Entertainment without a vote by MID
shareholders.  The minority shareholders, composed of several U.S.
hedge funds, say MID's actions violate securities laws.

According to The Globe and Mail, the hedge funds, led by
Greenlight Capital Inc., a New York-based investment firm, along
with Farallon Capital Management LLC. of San Francisco, also claim
that MID is trying to buy assets from MEC, again without proper
approval from minority shareholders.  The hedge funds are unhappy
that MID, which is still controlled by Magna founder Frank
Stronach, used exemptions in the securities rules that are
designed to let some "related-party" transactions take place
without the input of minority shareholders.

                     About Magna Entertainment

Based in Aurora, Ontario, Magna Entertainment Corp. is North
America's largest owner and operator of horse racetracks based on
revenue.  The Company develops, owns and operates horse racetracks
and related pari-mutuel wagering operations, including off-track
betting facilities.  MEC also develops, owns and operates casinos
in conjunction with its racetracks where permitted by law.

MEC owns and operates AmTote International, Inc., a provider of
totalisator services to the pari-mutuel industry, XpressBet(R), a
national Internet and telephone account wagering system, as well
as MagnaBet(TM) internationally.  Pursuant to joint ventures, MEC
has a 50% interest in HorseRacing TV(R), a 24-hour horse racing
television network, and TrackNet Media Group LLC, a content
management company formed for distribution of the full breadth of
MEC's horse racing content.

Following its failure to meet obligations to lenders led by PNC
Bank, National Association, and Wells Fargo Bank, National
Association, and controlling shareholder MI Developments Inc.'s
decision not to provide further financial backing, Magna
Entertainment Corp. and 24 affiliates filed for Chapter 11 on
March 5, 2009 (Bankr. D. Del. Lead Case No. 09-10720).

Marcia L. Goldstein, Esq., and Brian S. Rosen, Esq., at Weil,
Gotshal & Manges LLP, have been engaged as bankruptcy counsel.
Mark D. Collins, Esq., L. Katherine Good, Esq., and Maris J.
Finnegan, Esq., at Richards, Layton & Finger, P.A., are the
Debtors' local counsel.  Miller Buckfire & Co. LLC is the Debtors'
investment banker and financial advisor.  Kurtzman Carson
Consultants LLC is the claims and noticing agent for the Debtors.

Magna Entertainment Corp. had total assets of US$1.054 billion and
total liabilities of US$947.3 million based on unaudited
consolidated financial statements as of December 31, 2008.


MAGNA ENTERTAINMENT: No Opposition on Sale to Global Gaming
-----------------------------------------------------------
Murray Evans at The Associated Press reports that there was no
opposition to Global Gaming Solutions RP LLC's acquisition of the
Remington Park.

According to The AP, Global Gaming emerged as the winning bidder
for Remington Park during an auction held in a New York law office
on Tuesday.

The AP relates that the deal is awaiting approval from U.S.
Bankruptcy Judge Mary Walrath.  A hearing on the approval will be
held next week, says The AP.  The report states that once the sale
get court approval, the Oklahoma Horse Racing Commission would
then have to approve the deal.

Based in Aurora, Ontario, Magna Entertainment Corp. is North
America's largest owner and operator of horse racetracks based on
revenue.  The Company develops, owns and operates horse racetracks
and related pari-mutuel wagering operations, including off-track
betting facilities.  MEC also develops, owns and operates casinos
in conjunction with its racetracks where permitted by law.

MEC owns and operates AmTote International, Inc., a provider of
totalisator services to the pari-mutuel industry, XpressBet(R), a
national Internet and telephone account wagering system, as well
as MagnaBet(TM) internationally.  Pursuant to joint ventures, MEC
has a 50% interest in HorseRacing TV(R), a 24-hour horse racing
television network, and TrackNet Media Group LLC, a content
management company formed for distribution of the full breadth of
MEC's horse racing content.

Following its failure to meet obligations to lenders led by PNC
Bank, National Association, and Wells Fargo Bank, National
Association, and controlling shareholder MI Developments Inc.'s
decision not to provide further financial backing, Magna
Entertainment Corp. and 24 affiliates filed for Chapter 11 on
March 5, 2009 (Bankr. D. Del. Lead Case No. 09-10720).

Marcia L. Goldstein, Esq., and Brian S. Rosen, Esq., at Weil,
Gotshal & Manges LLP, have been engaged as bankruptcy counsel.
Mark D. Collins, Esq., L. Katherine Good, Esq., and Maris J.
Finnegan, Esq., at Richards, Layton & Finger, P.A., are the
Debtors' local counsel.  Miller Buckfire & Co. LLC is the Debtors'
investment banker and financial advisor.  Kurtzman Carson
Consultants LLC is the claims and noticing agent for the Debtors.

Magna Entertainment Corp. had total assets of US$1.054 billion and
total liabilities of US$947.3 million based on unaudited
consolidated financial statements as of December 31, 2008.


MAYWOOD CAPITAL: Chapter 11 Trustee to Resolve Ponzi Suit
---------------------------------------------------------
John S. Pereira, the Chapter 11 trustee appointed for Maywood
Capital Corp., has proposed a settlement between the real estate
company and the New Jersey Bureau of Securities in an effort to
resolve claims related to an alleged multimillion-dollar mortgage
loan Ponzi scheme, according to Law360.

Headquartered in New York City, Maywood Consolidated Properties
Inc. acquires, owns, operates and develops real property.  The
company and its affiliates filed for chapter 11 protection on
February 19, 2005 (Bankr. S.D.N.Y. Case No. 05-10986).  Wayne M.
Greenwald, Esq., at Wayne M. Greenwald, P.C., serves as the
Debtors' counsel.  Maywood Consolidated Properties did not list
total assets but reported total debts of $4,338,004 when it sought
protection from its creditors.


MERRILL LYNCH: BofA Fights Back Against Andrew Cuomo's Allegations
------------------------------------------------------------------
Dan Fitzpatrick and Kara Scannell at The Wall Street Journal
report that Bank of America Corp. has denied New York Attorney
General Andrew Cuomo's allegations in the bank's handling of the
Merrill Lynch & Co. takeover, rejecting claims that the bank is
hiding behind its lawyers.

Lewis Liman, BofA's lawyer, said in a letter to Mr. Cuomo that
bank officials made no "false or misleading statements" about the
payment of bonuses to Merrill employees and that there is no law
requiring BofA to disclose that Merrill's losses were growing
before the deal was completed January 1, 2009, The Journal
relates.  Citing Mr. Cuomo's spokesperson, The Journal states that
BofA's letter was "riddled with inaccuracies."

BofA said in court documents that there was "no basis" for any
suggestion that it lied about compensation at Merrill.

BofA, according to The Journal, said that it didn't invoke
reliance on counsel as a defense while discussing the SEC's case
and repeated prior assertions that a proxy statement "was neither
false nor materially misleading" about the Merrill bonuses, since
it was widely known through press reports and financial reports
that the bonuses would be paid.

The SEC responded, saying in court documents that BofA's claims
"run counter to the fundamental principle that it is the
responsibility of the issuer" to provide accurate proxy
statements.

                       About Bank of America

Based in Charlotte, North Carolina, Bank of America --
http://www.bankofamerica.com/-- is one of the world's largest
financial institutions, serving individual consumers, small and
middle market businesses and large corporations with a full range
of banking, investing, asset management and other financial and
risk-management products and services.  The Company serves more
than 59 million consumer and small business relationships with
more than 6,100 retail banking offices, nearly 18,700 ATMs and
online banking with nearly 29 million active users.  Following the
acquisition of Merrill Lynch on January 1, 2009, Bank of America
is among the world's leading wealth management companies and is a
global leader in corporate and investment banking and trading
across a broad range of asset classes serving corporations,
governments, institutions and individuals around the world.  Bank
of America offers support to more than 4 million small business
owners.  The Company serves clients in more than 150 countries.
Bank of America Corporation stock is a component of the Dow Jones
Industrial Average and is listed on the New York Stock Exchange.

The bank needed the government's financial help in completing its
acquisition of Merrill Lynch.

Merrill Lynch & Co. Inc. -- http://www.ml.com/-- is a wealth
management, capital markets and advisory companies with offices in
40 countries and territories.  As an investment bank, it is a
leading global trader and underwriter of securities and
derivatives across a broad range of asset classes and serves as a
strategic advisor to corporations, governments, institutions and
individuals worldwide.  Merrill Lynch owns approximately half of
BlackRock, one of the world's largest publicly traded investment
management companies with more than $1 trillion in assets under
management.  Merrill Lynch's operations are organized into two
business segments: Global Markets and Investment Banking (GMI) and
Global Wealth Management (GWM).

As reported by the Troubled Company Reporter on March 27, 2009,
Moody's Investors Service lowered the senior debt rating of Bank
of America Corporation to A2 from A1, the senior subordinated debt
rating to A3 from A2, and the junior subordinated debt rating to
Baa3 from A2.  The preferred stock rating was downgraded to B3
from Baa1.  The holding company's short-term rating was affirmed
at Prime-1.


MPM TECHNOLOGIES: Talks Continue Regarding Note Payable
-------------------------------------------------------
MPM Technologies Inc. disclosed in an August 2009 regulatory
filing that negotiations continue regarding a note payable, but no
revised agreement has been reached.  The note payable was not paid
at maturity.  The lender has informally agreed to not pursue
collection while revised terms are being negotiated.

The Company explained that in December 2002, it entered into a
revolving credit agreement with an insurance company.  Under the
terms of its agreement, the Company may borrow up to $500,000 at
5.25% per annum, which was increased to $3,000,000 in 2003.  The
note is secured by stock and mineral property held for investment
and matured on January 2, 2008.  As of June 30, 2009, the Company
has $4,326,499 of principal advances and accrued interest and
expenses of $1,274,074.  As of December 31, 2008, the Company had
$4,326,499 of principal advances and accrued interest and expenses
of $1,131,066.  During the six months ended June 30, 2009 and
2008, the Company recorded interest expense of $143,008 and
$136,119, respectively.

MPM also indicated it has not been able to generate any
significant revenues and has a working capital deficiency of
$13,745,235 at June 30, 2009.  The Company said these conditions
raise substantial doubt about its ability to continue as a going
concern without the raising of additional debt or equity financing
to fund operations.

For the six months ended June 30, 2009, MPM had a net loss of
$754,494, or $0.12 per share compared to net loss of $810,817, or
$0.13 per share for the six months ended June 30, 2008.  Revenues
increased 59% to $360,639 for the six months ended June 30, 2009
compared to $227,516 for the six months ended June 30, 2008.  The
revenue increase was due to the completion of a project in the
first quarter, and improved revenues from sales of parts and
service.

For the three months ended June 30, 2009, MPM had a net loss of
$391,972, or $0.06 per share compared to a net loss of $441,264,
or $0.07 per share for the three months ended June 30, 2008.
Revenues increased 47% to $176,566 for the three months ended
June 30, 2009 compared to $120,122 for the three months ended
June 30, 2008.  This was due to improved parts and service sales
in the second quarter of 2009.

The Company currently has no backlog of project work.

For the six months ended June 30, 2009, the Company relied
principally on cash from operations and loans from an
officer/director to fund its activities.  Working capital deficit
at June 30, 2009, was $13,745,235 compared to $13,388,664 at
December 31, 2008.  The Company continues to work to narrow its
losses and get to a cash flow neutral position. There can be no
assurances that management will be successful in attaining this
goal.  Accordingly, management is continuing to seek alternative
sources of capital such as private placements, stock offerings and
other financing alternatives.

At June 30, 2009, the Company had total assets of $1,298,848
against total current liabilities of $13,833,773, resulting in
stockholders' impairment of $12,534,925.

A full-text copy of the Company's quarterly report on Form 10-Q is
available at no charge at http://ResearchArchives.com/t/s?4477

                      About MPM Technologies

Headquartered in Parsippany, N.J., MPM Technologies Inc.
(OTC BB: MPML) -- http://www.mpmtech.com/-- operates through its
three wholly owned subsidiaries: AirPol Inc., NuPower Inc. and MPM
Mining Inc.  During the year ended Dec. 31, 2007, AirPol was the
only revenue generating entity.  AirPol operates in the air
pollution control industry.  It sells air pollution control
systems to companies in the United States and worldwide.

The company through its wholly owned subsidiary NuPower is engaged
in the development and commercialization of a waste-to-energy
process known as Skygas.  These efforts are through NuPower's
participation in NuPower Partnership, in which MPM has a 58.21%
partnership interest.  NuPower Partnership owns 85% of the Skygas
Venture.  In addition to its partnership interest through NuPower
Inc., MPM also owns 15% of the Venture.


NATIONAL CONSUMER: Fitch Downgrades Issuer Default Rating to 'BB-'
------------------------------------------------------------------
Fitch Ratings has downgraded the long-term Issuer Default Rating
of National Consumer Cooperative Bank and its subsidiary NCB, FSB
to 'BB-' from 'BBB' and placed the ratings on Rating Watch
Negative following the company's disclosure that it has entered
into a forbearance agreement with the holders of its senior notes
and its revolving credit facility.  Approximately $1.5 billion of
debt is affected by this action.  A complete list of ratings is
provided at the end of this release.

Fitch's downgrade reflects the rapid deterioration in asset
quality which has again put the company in violation of financial
covenants in its bank and debt agreements.  Due to the company's
$13 million loss for the six months ended June 30, 2009, NCB was
in violation several financial covenants, including profit
maintenance, asset quality and fixed charge coverage.  As a
result, the company has entered into a forbearance agreement with
its creditors.  The company had previously amended its financial
covenants in March 2009.  The company's non-performing assets
spiked to 4.44% at June 30, 2009 from only 1.07% at year-end 2008.
The company's loss is a result of the increased provisioning
necessary to address the rise in NPAs.  Fitch is concerned that
the company's historically weak profitability will make addressing
NPAs more challenging.  Moreover, given its cooperative nature,
which limits its ability to raise outside capital, and recent
trends in capital, Fitch believes NCB may need to bolster capital
if asset quality continues to deteriorate.

In addition, Fitch has downgraded the Individual ratings of NCB
and FSB to 'D' and 'C/D', respectively.  The Individual ratings of
NCB and FSB have been differentiated primarily to reflect the
better funding profile of FSB relative to NCB.  Individual ratings
measure the intrinsic financial strength absent any support and
are not comparable to IDRs.  Although NCB is a government
sponsored enterprise, Fitch does not consider the potential for
support in the rating.  The downgrade of the trust preferred
rating to the 'CCC' level reflects Fitch's view that the risk of
deferral is heightened as a result of the forbearance.

Fitch will resolve the Negative Rating Watch upon satisfactory
resolution of the forbearance which is expected mid-November.
Further negative rating actions could result from continued
deterioration in asset quality and/or negative liquidity needs
driven by resolution of forbearance.  Until a further agreement is
reached with the banks under the revolving credit facility, NCB
does not have access to the revolving line of credit.

Fitch has downgraded these ratings and placed them on Rating Watch
Negative:

National Consumer Cooperative Bank

  -- Long-term IDR to 'BB-' from 'BBB';
  -- Senior secured debt to 'BB' from 'BBB'
  -- Short-term IDR to 'B' from 'F3';
  -- Individual to 'D' from 'C'.

NCB, FSB

  -- Long-term IDR to 'BB-' from 'BBB';
  -- Short-term IDR to 'B' from 'F3';
  -- Long-term deposit obligations to 'BB+' from 'BBB+';
  -- Short-term deposit obligations to 'B' from 'F2'.
  -- Individual to 'C/D' from 'C'.

NCB Capital Trust I

  -- Trust preferred stock to 'CCC' from 'BB+'.

Fitch has downgraded this rating:

NCB, FSB

  -- Support to '5' from '1'.

Fitch also rates these:

National Consumer Cooperative Bank

  -- Support '5';
  -- Support floor 'NF'.


NEW YORK TIMES: Says Selling Boston Globe No Longer Imperative
--------------------------------------------------------------
According to Chris Burritt at Bloomberg, New York Times Co. Chief
Executive Officer Janet Robinson said selling the Boston Globe is
no longer a financial imperative after cost reductions.

Mr. Robinson told Globe workers September 9 at a staff meeting
that pay cuts and other savings have put the newspaper on stronger
financial footing.  The newspaper has cut jobs, wages, benefits
and trimmed sections as ad sales plunge.

In July, the Boston Newspaper Guild, the largest union at The New
York Times Co.'s The Boston Globe, ratified a package of wage and
benefits cuts by a vote of 366 to 179.  The labor contract saves
Boston Globe about $10 million per year.

The New York Times Co., a leading media company with 2008 revenues
of $2.9 billion, includes The New York Times, the International
Herald Tribune, The Boston Globe, 16 other daily newspapers, WQXR-
FM and more than 50 Web sites, including NYTimes.com, Boston.com
and About.com.  The Company was founded in 1896.

                           *     *     *

As reported in the Troubled Company Reporter on December 4, 2008,
the NY Times cut its quarterly dividend by 74%, as part of an
effort to conserve cash.  The NY Times said that it took steps to
lower debt and increase liquidity, including reevaluating its
assets.  The NY Times has laid off employees, merged sections of
the NY Times and Globe to reduce printing costs, and consolidated
New York area printing plants this year.

The TCR reported on May 25, 2009, that Standard & Poor's Ratings
Services lowered its corporate credit and senior unsecured issue-
level ratings on New York City-based newspaper publisher The New
York Times Co. to 'B' from 'B+'.  These ratings were removed from
CreditWatch, where they were placed with negative implications
April 22, 2009.  The rating outlook is stable.

According to the TCR on April 28, 2009, Moody's Investors Service
downgraded The New York Times Company's Corporate Family Rating
and Probability of Default ratings to B1 from Ba3 and ratings on
the senior unsecured notes to B1 from Ba3.  The Company's
speculative grade liquidity rating remains SGL-3 and the rating
outlook is negative.


NORTEL NETWORKS: French Unit Soliciting Bids for GSM Business
-------------------------------------------------------------
Nortel Networks SA is currently soliciting interests for its
GSM/GSM-R business in France, which comprise of these three major
segments:

  1. GSM Access - primarily GSM network infrastructure

  2. GSM/UMTS Voice Core - hardware and software authenticating
     and connecting users to their networks

  3. GSM/UMTS Packet Core - hardware and software authenticating
     and connecting users to their networks

The Versailles Commercial Court opened on May 28, 2009, second
insolvency proceedings or "liquidation with continuity of certain
activities" with respect to Nortel Networks SSA.  In connection
with this, the Administrateur Judiciaire for Nortel Networks SA
is assisting the Company's management in selling its French GSM
or global systems for mobile communications business.

The Versailles Commercial Court must set a deadline for the
submission of offers for Nortel Networks SA's GSM/GSM-R business
from eligible interested parties on September 24, 2009.

Expressions of interest should be made in writing to:

    Lazard & Co, Limited
    50 Stratton Street,
    London WIJ 8LL, UK
    Attn: Ian Mombru

with a copy to:

    Me. Franck Michel
    Adminisrateur Judiciaire
    AJA Associes
    10 allee Pierre de Coubertin
    78000 Versailles (France)
    Email: versailles@AJAssocies.fr
    Tel No.: +33(0) 139-504656
    Fax No.: +33(0) 139-508752

    Me Cosme Rogeau
    Mandataire Judiciaire
    Tel No.: +33(0) 139-495208
    Fax No.: +33(0) 139-494463
    cosmerogeau@wanadoo.fr

    Me Antoine TChekhoff, FTF&A
    1 bis Avenue Foch 75116 Paris
    @fttpa.fr

The Nortel Group sought and obtained an order from the Versailles
Commercial Court in mid-August 2009, for an extension of the
deadline to file a buyer for its French unit through Nov. 30,
according to Bloomberg News.

Headquartered in Chateaufort, Yvelines, France, Nortel Networks
SA is a subsidiary of Nortel Networks Limited in Canada.  It
currently employs 129 workers.  In 2008, Nortel Networks SA's
earnings accounted for roughly 14% of the Nortel Group's
revenues.

                      About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers next-
generation technologies, for both service provider and enterprise
networks, support multimedia and business-critical applications.
Nortel's technologies are designed to help eliminate today's
barriers to efficiency, speed and performance by simplifying
networks and connecting people to the information they need, when
they need it.  Nortel does business in more than 150 countries
around the world.  Nortel Networks Limited is the principal direct
operating subsidiary of Nortel Networks Corporation.

Nortel Networks Corp., Nortel Networks Inc., and other affiliated
corporations in Canada sought insolvency protection under the
Companies' Creditors Arrangement Act in the Ontario Superior Court
of Justice (Commercial List).  Ernst & Young has been appointed to
serve as monitor and foreign representative of the Canadian Nortel
Group.  The Monitor also sought recognition of the CCAA
Proceedings in the Bankruptcy Court under Chapter 15 of the
Bankruptcy Code.

Nortel Networks Inc. and 14 affiliates filed separate Chapter 11
petitions on January 14, 2009 (Bankr. D. Del. Case No. 09-10138).
Judge Kevin Gross presides over the case.  James L. Bromley, Esq.,
at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as
general bankruptcy counsel; Derek C. Abbott, Esq., at Morris
Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware
counsel.  The Chapter 11 Debtors' other professionals are Lazard
Freres & Co. LLC as financial advisors; and Epiq Bankruptcy
Solutions LLC as claims and notice agent.

The Chapter 15 case is Bankr. D. Del. Case No. 09-10164.  Mary
Caloway, Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll
& Rooney PC, in Wilmington, Delaware, serves as Chapter 15
petitioner's counsel.

Certain of Nortel's European subsidiaries have also made
consequential filings for creditor protection.  The Nortel
Companies related in a press release that Nortel Networks UK
Limited and certain subsidiaries of the Nortel group incorporated
in the EMEA region have each obtained an administration order
from the English High Court of Justice under the Insolvency Act
1986.  The applications were made by the EMEA Subsidiaries under
the provisions of the European Union's Council Regulation (EC)
No. 1346/2000 on Insolvency Proceedings and on the basis that
each EMEA Subsidiary's centre of main interests is in England.
Under the terms of the orders, representatives of Ernst & Young
LLP have been appointed as administrators of each of the EMEA
Companies and will continue to manage the EMEA Companies and
operate their businesses under the jurisdiction of the English
Court and in accordance with the applicable provisions of the
Insolvency Act.

Several entities, particularly, Nortel Government Solutions
Incorporated have material operations and are not part of the
bankruptcy proceedings.

As of September 30, 2008, Nortel Networks Corp. reported
consolidated assets of $11.6 billion and consolidated liabilities
of $11.8 billion.  The Nortel Companies' U.S. businesses are
primarily conducted through Nortel Networks Inc., which is the
parent of majority of the U.S. Nortel Companies.  As of
September 30, 2008, NNI had assets of about $9 billion and
liabilities of $3.2 billion, which do not include NNI's guarantee
of some or all of the Nortel Companies' about $4.2 billion of
unsecured public debt.

Bankruptcy Creditors' Service, Inc., publishes Nortel Networks
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
and ancillary foreign proceedings undertaken by Nortel Networks
Corp. and its various affiliates.  (http://bankrupt.com/newsstand/
or 215/945-7000)


NORTEL NETWORKS: Canadians Support Sale to Ericsson
---------------------------------------------------
Weighing in on the debate over the sale of troubled Nortel's
assets to Swedish-based Ericsson and Research in Motion's
subsequent bid to stop the sale, a new Ipsos Reid poll conducted
on behalf of Ericsson has revealed that Canadians believe the sale
would be a 'good deal' for Canada (83%), Nortel employees in
Canada (84%) and the future of Canada's technology sector (82%)
when they hear what's in store under the new ownership.

Canadian high-tech firm Nortel has been in bankruptcy protection
since January and it is selling off assets under the court-ordered
supervision of accountants Ernst & Young.  Its CEO and most of its
directors resigned last month.  Swedish-based company Ericsson,
which has been operating in Canada for 56 years and in the past
decade has invested more than $2 billion in research and
development in Canada, has purchased a Nortel wireless business,
which is based in the US but has some operations in Canada, for
$1.13 Billion.

As part of the deal, Ericsson is offering to keep 817 former
Nortel employees who work in the wireless operations in Canada
with substantively the same pay, benefits and place of work.
These employees will join Ericsson's 1900 other Canadian
employees, including those working in its top-rated research and
development facility in Montreal.  The former Nortel researchers
will join Ericsson's global research force helping to keep Canada
at the forefront of technological development in the telecom
sector.


Based on this information, most Canadians believe the transaction
would be a 'good deal' in each of the following areas:

    Good for Canada's ability to attract foreign investment
    dollars: 88% total (28% very/59% somewhat)

    Good for Nortel employees in Canada: 84% total (33% very
    /51% somewhat)

    Good for employment in Canada: 84% total (30% very/54%
    somewhat)

    Good for Canada's research and development sector: 82% total
    (28% very/54% somewhat)

    Good for Canada as a whole: 82% total (27% very/56%
    somewhat)

    Good for the future of Canada's technology sector: 81% total
    (27% very/55% somewhat)

    Good for Nortel, the company: 80% total (26% very/54%
    somewhat)

    Good for The Government of Canada: 80% total (21% very/59%
    somewhat)

Conversely, two in ten Canadians thought that this transaction
would be a 'bad deal' for the Government of Canada (20%, 5%
very/15% somewhat), Nortel (20%, 4% strongly/16% somewhat), the
future of Canada's technology sector (19%, 5% very/14% somewhat),
Canada as a whole (18%, 4% very/14% somewhat), Canada's research
and development sector (18% 4% very/14% somewhat), Nortel
employees in Canada (16%, 4% very/12% somewhat), employment in
Canada (16%, 3% very/12% somewhat), or Canada's ability to attract
foreign investment dollars (12%, 2% very/10% somewhat).

These are some of the findings of an Ipsos Reid poll conducted
between August 24 and 31, 2009, on behalf of Ericsson.  For this
survey, a national sample of 1,067 adults from Ipsos' Canadian
online panel was interviewed online.  Weighting was then employed
to balance demographics and ensure that the sample's composition
reflects that of the adult population according to Census data and
to provide results intended to approximate the sample universe.  A
survey with an unweighted probability sample of this size and a
100% response rate would have an estimated margin of error of +/-
3.1 percentage points 19 times out of 20 of what the results would
have been had the entire population of adults in Canada been
polled.  All sample surveys and polls may be subject to other
sources of error, including, but not limited to coverage error,
and measurement error.

                         About Ipsos Reid

Ipsos Reid is Canada's market intelligence leader, the country's
leading provider of public opinion research, and research partner
for loyalty and forecasting and modelling insights.  With
operations in eight cities, Ipsos Reid employs more than 600
research professionals and support staff in Canada.  The company
has the biggest network of telephone call centres in the country,
as well as the largest pre-recruited household and online panels.
Ipsos Reid's marketing research and public affairs practices offer
the premier suite of research vehicles in Canada, all of which
provide clients with actionable and relevant information. Staffed
with seasoned research consultants with extensive industry-
specific backgrounds, Ipsos Reid offers syndicated information or
custom solutions across key sectors of the Canadian economy,
including consumer packaged goods, financial services, automotive,
retail, and technology & telecommunications.  Ipsos Reid is an
Ipsos company, a leading global survey-based market research
group.

                      About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers next-
generation technologies, for both service provider and enterprise
networks, support multimedia and business-critical applications.
Nortel's technologies are designed to help eliminate today's
barriers to efficiency, speed and performance by simplifying
networks and connecting people to the information they need, when
they need it.  Nortel does business in more than 150 countries
around the world.  Nortel Networks Limited is the principal direct
operating subsidiary of Nortel Networks Corporation.

Nortel Networks Corp., Nortel Networks Inc., and other affiliated
corporations in Canada sought insolvency protection under the
Companies' Creditors Arrangement Act in the Ontario Superior Court
of Justice (Commercial List).  Ernst & Young has been appointed to
serve as monitor and foreign representative of the Canadian Nortel
Group.  The Monitor also sought recognition of the CCAA
Proceedings in the Bankruptcy Court under Chapter 15 of the
Bankruptcy Code.

Nortel Networks Inc. and 14 affiliates filed separate Chapter 11
petitions on January 14, 2009 (Bankr. D. Del. Case No. 09-10138).
Judge Kevin Gross presides over the case.  James L. Bromley, Esq.,
at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as
general bankruptcy counsel; Derek C. Abbott, Esq., at Morris
Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware
counsel.  The Chapter 11 Debtors' other professionals are Lazard
Freres & Co. LLC as financial advisors; and Epiq Bankruptcy
Solutions LLC as claims and notice agent.

The Chapter 15 case is Bankr. D. Del. Case No. 09-10164.  Mary
Caloway, Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll
& Rooney PC, in Wilmington, Delaware, serves as Chapter 15
petitioner's counsel.

Certain of Nortel's European subsidiaries have also made
consequential filings for creditor protection.  The Nortel
Companies related in a press release that Nortel Networks UK
Limited and certain subsidiaries of the Nortel group incorporated
in the EMEA region have each obtained an administration order
from the English High Court of Justice under the Insolvency Act
1986.  The applications were made by the EMEA Subsidiaries under
the provisions of the European Union's Council Regulation (EC)
No. 1346/2000 on Insolvency Proceedings and on the basis that
each EMEA Subsidiary's centre of main interests is in England.
Under the terms of the orders, representatives of Ernst & Young
LLP have been appointed as administrators of each of the EMEA
Companies and will continue to manage the EMEA Companies and
operate their businesses under the jurisdiction of the English
Court and in accordance with the applicable provisions of the
Insolvency Act.

Several entities, particularly, Nortel Government Solutions
Incorporated have material operations and are not part of the
bankruptcy proceedings.

As of September 30, 2008, Nortel Networks Corp. reported
consolidated assets of $11.6 billion and consolidated liabilities
of $11.8 billion.  The Nortel Companies' U.S. businesses are
primarily conducted through Nortel Networks Inc., which is the
parent of majority of the U.S. Nortel Companies.  As of
September 30, 2008, NNI had assets of about $9 billion and
liabilities of $3.2 billion, which do not include NNI's guarantee
of some or all of the Nortel Companies' about $4.2 billion of
unsecured public debt.

Bankruptcy Creditors' Service, Inc., publishes Nortel Networks
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
and ancillary foreign proceedings undertaken by Nortel Networks
Corp. and its various affiliates.  (http://bankrupt.com/newsstand/
or 215/945-7000)


NORTEL NETWORKS: Nortel Receives More Bids for Enterprise
---------------------------------------------------------
Nortel Networks Corporation has confirmed that it received
additional bids for its Enterprise Solutions unit in addition to
Avaya Inc.'s $475 million offer, but did not provide any other
details, according to a Sept. 4 report by Reuters.  It is also
not clear when the winning bidder would be announced, the news
source related.

Ottawa Citizen noted in a separate report that the likely bidders
for the Enterprise Solutions unit is Enterprise Networks
Holdings, a joint venture of Gores Group and Siemens of Germany.

The deadline for submitting bids for the unit was last Sept. 4,
2009.  A bankruptcy auction for the Nortel assets will be held on
September 11, 2009, at the offices of Cleary Gottlieb Steen &
Hamilton LLP, One Liberty Plaza, in New York.

The assets to be auctioned off comprise of Nortel's Enterprise
Solutions business in North American, Caribbean and Latin
American and Asian region as well as a portion of their business
in Europe, Middle East and Africa.  Avaya's $475 million offer
for the assets will serve as the "stalking horse" bid at the
auction.  In a bankruptcy auction, a "stalking horse" typically
sets the floor for bidding and makes the lead bid at the auction.

Sandra Pupatello, Ontario's Minister of Economic Development and
Trade, said the provincial government of Ontario is watching the
auction process "with great interest" and is ready to work with
the winning bidder to maintain as much of the unit's operations
in Ontario as possible, according to The Wall Street Journal.

"In my view, it goes without saying that there's an expectation
that the footprint be maintained here and that's certainly what I
would look for in a successful bidder," Ms. Pupatello told Dow
Jones Newswires.  She said that keeping the business in Ontario
makes the most business sense because the province has the
support mechanisms and talent pool that make it a leader in
information and communications technologies.

                  Flextronics, et al., Object

Two major suppliers of Nortel Networks Inc. say they won't allow
their agreements with NNI to be subjected to what they call a
"back-to-back" arrangement in connection with the sale of NNI's
Enterprise Solutions business.

In court papers, Flextronics Corp. and Flextronics Telecom
Systems Ltd. assert that they disapprove of the implementation of
a "back-to-back" arrangement that would allow NNI to "pass
through its rights and remedies" under their manufacturing and
service agreements with NNI to the buyer of the Enterprise
Solutions business without an assignment of those Service
Contracts.  The "back-to-back" arrangement, the suppliers say,
constitutes a de facto and impermissible assignment.

Both suppliers also disapprove of a transfer of any equipment in
their possession to the successful buyer of the Enterprise
Solutions business, free and clear of their interest.  They
demand that NNI establish a reserve of $10 million as adequate
protection of their interests in the equipment.

AT&T Services Inc., Motorola Inc., Intoto LLC, Freescale
Semiconductor Inc., SNMP Research International Inc., Oracle USA
Inc., and a group of creditors represented by Illinois-based
Tishler & Wald Ltd., also filed objections in Court in connection
with the proposed sale of NNI's Enterprise Solutions business.
The Objectors disapprove of the assignment of their agreements
with NNI to the successful purchaser, unless confidential and
proprietary information is protected, the sale of intellectual
property is free of their interest, and modifications to the
terms of their agreements with NNI is accomplished with their
consent.

           Debtors Amend Asset & Share Sale Agreement

The Debtors submitted to the Court a letter, amending the Asset
and Share Sale Agreement executed by NNI, Avaya Inc. and other
parties in connection with the sale of the Enterprise Solutions
business.  A full-text copy of the document is available without
charge at http://bankrupt.com/misc/NortelLetterSaleESB.pdf

                      About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers next-
generation technologies, for both service provider and enterprise
networks, support multimedia and business-critical applications.
Nortel's technologies are designed to help eliminate today's
barriers to efficiency, speed and performance by simplifying
networks and connecting people to the information they need, when
they need it.  Nortel does business in more than 150 countries
around the world.  Nortel Networks Limited is the principal direct
operating subsidiary of Nortel Networks Corporation.

Nortel Networks Corp., Nortel Networks Inc., and other affiliated
corporations in Canada sought insolvency protection under the
Companies' Creditors Arrangement Act in the Ontario Superior Court
of Justice (Commercial List).  Ernst & Young has been appointed to
serve as monitor and foreign representative of the Canadian Nortel
Group.  The Monitor also sought recognition of the CCAA
Proceedings in the Bankruptcy Court under Chapter 15 of the
Bankruptcy Code.

Nortel Networks Inc. and 14 affiliates filed separate Chapter 11
petitions on January 14, 2009 (Bankr. D. Del. Case No. 09-10138).
Judge Kevin Gross presides over the case.  James L. Bromley, Esq.,
at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as
general bankruptcy counsel; Derek C. Abbott, Esq., at Morris
Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware
counsel.  The Chapter 11 Debtors' other professionals are Lazard
Freres & Co. LLC as financial advisors; and Epiq Bankruptcy
Solutions LLC as claims and notice agent.

The Chapter 15 case is Bankr. D. Del. Case No. 09-10164.  Mary
Caloway, Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll
& Rooney PC, in Wilmington, Delaware, serves as Chapter 15
petitioner's counsel.

Certain of Nortel's European subsidiaries have also made
consequential filings for creditor protection.  The Nortel
Companies related in a press release that Nortel Networks UK
Limited and certain subsidiaries of the Nortel group incorporated
in the EMEA region have each obtained an administration order
from the English High Court of Justice under the Insolvency Act
1986.  The applications were made by the EMEA Subsidiaries under
the provisions of the European Union's Council Regulation (EC)
No. 1346/2000 on Insolvency Proceedings and on the basis that
each EMEA Subsidiary's centre of main interests is in England.
Under the terms of the orders, representatives of Ernst & Young
LLP have been appointed as administrators of each of the EMEA
Companies and will continue to manage the EMEA Companies and
operate their businesses under the jurisdiction of the English
Court and in accordance with the applicable provisions of the
Insolvency Act.

Several entities, particularly, Nortel Government Solutions
Incorporated have material operations and are not part of the
bankruptcy proceedings.

As of September 30, 2008, Nortel Networks Corp. reported
consolidated assets of $11.6 billion and consolidated liabilities
of $11.8 billion.  The Nortel Companies' U.S. businesses are
primarily conducted through Nortel Networks Inc., which is the
parent of majority of the U.S. Nortel Companies.  As of
September 30, 2008, NNI had assets of about $9 billion and
liabilities of $3.2 billion, which do not include NNI's guarantee
of some or all of the Nortel Companies' about $4.2 billion of
unsecured public debt.

Bankruptcy Creditors' Service, Inc., publishes Nortel Networks
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
and ancillary foreign proceedings undertaken by Nortel Networks
Corp. and its various affiliates.  (http://bankrupt.com/newsstand/
or 215/945-7000)


NORTEL NETWORKS: Proposes to Pay Benefits to Foreign Employees
--------------------------------------------------------------
Nortel Networks Inc. and its affiliated debtors seek authority
from the U.S. Bankruptcy Court for the District of Delaware to
pay their employees in the United Arab of Emirates and Saudi
Arabia who will be terminated as part of their restructuring
process.  The employees to be terminated are also connected with
the Debtors' Enterprise Solutions business.

The Debtors intend to terminate eight employees in their office
in Dubai by the end of September, and another batch of employees
including those who are based in Saudi Arabia in the next few
months.  The Debtors employ 41 workers for their Enterprise
Solutions and Carrier VoIP and Application Solutions business in
the Dubai office, and 11 employees are based in Saudi Arabia.

Employees who won't be laid off will be offered a new job in
Avaya Inc. or in another company that will be selected as the
winning bidder for the Debtors' Enterprise Solutions business,
which is scheduled for auction come September 11, 2009.

The Debtors estimate that they would have to pay as much as
$1,468,135 to the employees scheduled for termination.

A hearing to consider approval of the proposed payments is
scheduled for September 15, 2009.  Creditors and other concerned
parties have until September 8, 2009, to file their objections.

                      About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers next-
generation technologies, for both service provider and enterprise
networks, support multimedia and business-critical applications.
Nortel's technologies are designed to help eliminate today's
barriers to efficiency, speed and performance by simplifying
networks and connecting people to the information they need, when
they need it.  Nortel does business in more than 150 countries
around the world.  Nortel Networks Limited is the principal direct
operating subsidiary of Nortel Networks Corporation.

Nortel Networks Corp., Nortel Networks Inc., and other affiliated
corporations in Canada sought insolvency protection under the
Companies' Creditors Arrangement Act in the Ontario Superior Court
of Justice (Commercial List).  Ernst & Young has been appointed to
serve as monitor and foreign representative of the Canadian Nortel
Group.  The Monitor also sought recognition of the CCAA
Proceedings in the Bankruptcy Court under Chapter 15 of the
Bankruptcy Code.

Nortel Networks Inc. and 14 affiliates filed separate Chapter 11
petitions on January 14, 2009 (Bankr. D. Del. Case No. 09-10138).
Judge Kevin Gross presides over the case.  James L. Bromley, Esq.,
at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as
general bankruptcy counsel; Derek C. Abbott, Esq., at Morris
Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware
counsel.  The Chapter 11 Debtors' other professionals are Lazard
Freres & Co. LLC as financial advisors; and Epiq Bankruptcy
Solutions LLC as claims and notice agent.

The Chapter 15 case is Bankr. D. Del. Case No. 09-10164.  Mary
Caloway, Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll
& Rooney PC, in Wilmington, Delaware, serves as Chapter 15
petitioner's counsel.

Certain of Nortel's European subsidiaries have also made
consequential filings for creditor protection.  The Nortel
Companies related in a press release that Nortel Networks UK
Limited and certain subsidiaries of the Nortel group incorporated
in the EMEA region have each obtained an administration order
from the English High Court of Justice under the Insolvency Act
1986.  The applications were made by the EMEA Subsidiaries under
the provisions of the European Union's Council Regulation (EC)
No. 1346/2000 on Insolvency Proceedings and on the basis that
each EMEA Subsidiary's centre of main interests is in England.
Under the terms of the orders, representatives of Ernst & Young
LLP have been appointed as administrators of each of the EMEA
Companies and will continue to manage the EMEA Companies and
operate their businesses under the jurisdiction of the English
Court and in accordance with the applicable provisions of the
Insolvency Act.

Several entities, particularly, Nortel Government Solutions
Incorporated have material operations and are not part of the
bankruptcy proceedings.

As of September 30, 2008, Nortel Networks Corp. reported
consolidated assets of $11.6 billion and consolidated liabilities
of $11.8 billion.  The Nortel Companies' U.S. businesses are
primarily conducted through Nortel Networks Inc., which is the
parent of majority of the U.S. Nortel Companies.  As of
September 30, 2008, NNI had assets of about $9 billion and
liabilities of $3.2 billion, which do not include NNI's guarantee
of some or all of the Nortel Companies' about $4.2 billion of
unsecured public debt.

Bankruptcy Creditors' Service, Inc., publishes Nortel Networks
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
and ancillary foreign proceedings undertaken by Nortel Networks
Corp. and its various affiliates.  (http://bankrupt.com/newsstand/
or 215/945-7000)


NORTEL NETWORKS: Wants February 1 Extension for Plan Filing
-----------------------------------------------------------
Nortel Networks Inc. and its affiliated debtors ask the U.S.
Bankruptcy Court for the District of Delaware to give them more
time to file their Chapter 11 plan and solicit votes for that
plan.

The Debtors want their exclusive deadline for filing a Chapter 11
plan in their cases extended through February 1, 2010, and for
soliciting votes of that plan from creditors extended through
April 2, 2010.

The Court previously extended the Debtors' Exclusive Plan Filing
Deadline through September 11, 2009, and their Exclusive Plan
Solicitation Deadline through November 10, 2009.  By their
current request, the Debtors are seeking a five-month extension
of their Exclusivity Periods.

"The extension will afford the Debtors and all other parties-in-
interest an opportunity to develop fully the grounds upon which
serious negotiations toward a plan of reorganization can be
based," says Andrew Remming, Esq., at Cleary Gottlieb Steen &
Hamilton LLP, in New York.  The Debtors, he says, will also use
the five-month extension to continue their business operations,
pursue strategic transactions and review claims of creditors.

The Debtors aver that since the Petition Date, they have made
substantial progress in their Chapter 11 cases and continue to
work on matters related to their reorganization.  The Debtors,
Mr. Remming tells the Court, have been successful in pursuing
major sales of their assets in coordination with their foreign
affiliates.  As a result of those efforts, the Debtors obtained
court approval to sell their Code Division Multiple Access or
CDMA business and Long Term Evolution or LTE assets for $1.13
billion to Telefonaktiebolaget LM Ericsson.  The Debtors also
obtained approval to implement a bidding process for the sale of
their Enterprise Solutions business to Avaya Inc. or to the
winning bidder.

The Debtors relate that they have also engaged in talks with
representatives of their foreign affiliates and other parties
regarding intercompany issues, including transfer pricing.  Those
discussions culminated, in part, with the execution of an interim
funding and settlement agreement among the Debtors and their
foreign affiliates that provides for certain payments to be made
to the Canadian estates in lieu of transfer pricing payments.
The Interim Funding and Settlement Agreement was approved by the
Court on June 29, 2009.  A cross-border protocol was also
approved by the Court on that date, to further facilitate the
consideration and resolution of cross-border issues.

The hearing to consider approval of the proposed exclusivity
extension is scheduled for September 15, 2009.  Creditors and
other concerned parties have until September 8, 2009, to file
their objections.

                      About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers next-
generation technologies, for both service provider and enterprise
networks, support multimedia and business-critical applications.
Nortel's technologies are designed to help eliminate today's
barriers to efficiency, speed and performance by simplifying
networks and connecting people to the information they need, when
they need it.  Nortel does business in more than 150 countries
around the world.  Nortel Networks Limited is the principal direct
operating subsidiary of Nortel Networks Corporation.

Nortel Networks Corp., Nortel Networks Inc., and other affiliated
corporations in Canada sought insolvency protection under the
Companies' Creditors Arrangement Act in the Ontario Superior Court
of Justice (Commercial List).  Ernst & Young has been appointed to
serve as monitor and foreign representative of the Canadian Nortel
Group.  The Monitor also sought recognition of the CCAA
Proceedings in the Bankruptcy Court under Chapter 15 of the
Bankruptcy Code.

Nortel Networks Inc. and 14 affiliates filed separate Chapter 11
petitions on January 14, 2009 (Bankr. D. Del. Case No. 09-10138).
Judge Kevin Gross presides over the case.  James L. Bromley, Esq.,
at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as
general bankruptcy counsel; Derek C. Abbott, Esq., at Morris
Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware
counsel.  The Chapter 11 Debtors' other professionals are Lazard
Freres & Co. LLC as financial advisors; and Epiq Bankruptcy
Solutions LLC as claims and notice agent.

The Chapter 15 case is Bankr. D. Del. Case No. 09-10164.  Mary
Caloway, Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll
& Rooney PC, in Wilmington, Delaware, serves as Chapter 15
petitioner's counsel.

Certain of Nortel's European subsidiaries have also made
consequential filings for creditor protection.  The Nortel
Companies related in a press release that Nortel Networks UK
Limited and certain subsidiaries of the Nortel group incorporated
in the EMEA region have each obtained an administration order
from the English High Court of Justice under the Insolvency Act
1986.  The applications were made by the EMEA Subsidiaries under
the provisions of the European Union's Council Regulation (EC)
No. 1346/2000 on Insolvency Proceedings and on the basis that
each EMEA Subsidiary's centre of main interests is in England.
Under the terms of the orders, representatives of Ernst & Young
LLP have been appointed as administrators of each of the EMEA
Companies and will continue to manage the EMEA Companies and
operate their businesses under the jurisdiction of the English
Court and in accordance with the applicable provisions of the
Insolvency Act.

Several entities, particularly, Nortel Government Solutions
Incorporated have material operations and are not part of the
bankruptcy proceedings.

As of September 30, 2008, Nortel Networks Corp. reported
consolidated assets of $11.6 billion and consolidated liabilities
of $11.8 billion.  The Nortel Companies' U.S. businesses are
primarily conducted through Nortel Networks Inc., which is the
parent of majority of the U.S. Nortel Companies.  As of
September 30, 2008, NNI had assets of about $9 billion and
liabilities of $3.2 billion, which do not include NNI's guarantee
of some or all of the Nortel Companies' about $4.2 billion of
unsecured public debt.

Bankruptcy Creditors' Service, Inc., publishes Nortel Networks
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
and ancillary foreign proceedings undertaken by Nortel Networks
Corp. and its various affiliates.  (http://bankrupt.com/newsstand/
or 215/945-7000)


OCA INC: District Court Will Hear Physician Disputes
----------------------------------------------------
WestLaw reports that a district court would exercise its
discretion to permissively withdraw reference of non-core
proceedings that involved a state law contract dispute between a
Chapter 11 debtor and physicians for whom it had agreed to provide
office management and patient billing support.  The physicians had
timely filed jury trial demands, that the bankruptcy court was not
empowered to conduct.  Moreover, withdrawal of reference would not
interfere with uniformity of bankruptcy administration, given that
a plan of reorganization had already been confirmed that was not
contingent on resolution of the proceedings.  In re OCA, Inc., ---
B.R. ----, 2007 WL 3274930 (E.D. La.).

Based in Metairie, Louisiana, OCA, Inc. -- http://www.ocai.com/--
provides a full range of operational, purchasing, financial,
marketing, administrative and other business services, as well
as capital and proprietary information systems to approximately
200 orthodontic and dental practices representing approximately
almost 400 offices.  The Debtor's client practices provide
treatment to patients throughout the United States and in Japan,
Mexico, Spain, Brazil and Puerto Rico.

The Debtor and its debtor-affiliates filed for Chapter 11
protection on March 14, 2006 (Bankr. E.D. La. Case No.
06-10179).  Three debtor-affiliates also filed for bankruptcy
protection on June 1, 2006 (Bankr. E.D. La. Case No. 06-10503).
William H. Patrick, III, Esq., at Heller Draper Hayden Patrick &
Horn, LLC, represents the Debtors.  Patrick S. Garrity, Esq., and
William E. Steffes, Esq., at Steffes Vingiello & McKenzie LLC
represent the Official Committee of Unsecured Creditors.  Carmen
H. Lonstein, Esq., at Bell Boyd & Lloyd LLC and Robin B. Cheatham,
Esq., at Adams and Reese LLP represent the Official Committee of
Equity Security Holders.  When the Debtors filed for protection
from their creditors, they listed $545,220,000 in total assets and
$196,337,000 in total debts.

OCA emerged from Chapter 11 in early 2007 under a confirmed
Chapter 11 plan that transferred ownership of the debtors to
Silver Point Capital, reduced senior debt obligations by
$43 million, and put a new $25 million working capital facility
in place for the Reorganized Debtors.


ONE LAND: U.S. Trustee Sets Meeting of Creditors for September 29
-----------------------------------------------------------------
The U.S. Trustee for Region 16 will convene a meeting of creditors
in One Land LLC's Chapter 11 case on Sept. 29, 2009, at 10:00 a.m.
The meeting will be held at Rm. 105, 21051 Warner Center Lane,
Woodland Hills, California.

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.

Headquartered in Calabasas, California, One Land LLC dba County
Inn & Suites at Calabasas operates a hotel.  The Company filed for
Chapter 11 on Aug. 24, 2009 (Bankr. Case C.D. Calif. No. 09-
20989).  Robert M. Yaspan, Esq., at Law Offices of Robert M.
Yaspan represents the Debtor in its restructuring effort.  In its
petition, the Debtor listed total assets of $15,000,000 and
total debts of $15,196,799.


ONE LAND: Files List of 20 Largest Unsecured Creditors
------------------------------------------------------
One Land LLC filed with the U.S. Bankruptcy Court for the Central
District of California a list of 20 largest unsecured creditors.
A full-text copy of the Debtor's list of 20 largest unsecured
creditors is available for free at:

               http://ResearchArchives.com/t/s?4464

Based Calabasas, California, One Land LLC operates a hotel.  The
company file for Chapter 11 on Aug. 24, 2009 (Bankr. C.D. Calif.
Case No. 09-20989).  Robert M. Yaspan, Esq., Law Offices of Robert
M. Yaspan represents the Debtor in its restructuring efforts.  In
its petition, the Debtor posted $15,000,000 in total assets, and
$15,196,799 in total debts.


ONE LAND: Wants to Hire Yaspan Law Office as Counsel
----------------------------------------------------
One Land LLC asks the U.S. Bankruptcy Court for the Central
District of California for permission to employ the Law Offices of
Robert M. Yaspan as its counsel.

The firm has agreed to:

   a) negotiate with the creditors of the Debtor;

   b) assist the Debtor with the negotiation, confirmation, and
      implementation of the Debtor's plan of reorganization under
      Chapter 11;

   c) prepare schedule of current income and current expenses,
      statement of financial affairs, statement of all liabilities
      of the Debtor, and statement of all property of the Debtor;

   d) prepare pleadings, attendance at Court hearings and work
      with the various parties interested in the case;

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

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

   g) perform all other legal services for the Debtor.

Robert M. Yaspan, Esq., charges $457 per hour and Debra Brand,
Esq., bills $350 per hour for this engagement.

The Debtor assures the Court that the firm is a "disinterested
person" as that term defined in Section 101(14) of the Bankruptcy
Code.

Based Calabasas, California, One Land LLC operates a hotel.  The
company file for Chapter 11 on Aug. 24, 2009 (Bankr. C.D. Calif.
Case No. 09-20989).  Robert M. Yaspan, Esq., Law Offices of Robert
M. Yaspan, represents the Debtor in its restructuring efforts.  In
its petition, the Debtor posted $15,000,000 in total assets, and
$15,196,799 in total debts.


PHILIP BARRY: Arrested for Running $40 Million Ponzi Scheme
-----------------------------------------------------------
Investigators said that Philip Barry has been arrested and charged
with running a $40 million Ponzi scheme over three decades through
his firms Leverage Option Management Co, Leverage Group, and North
American Financial Services, Jonathan Stempel at Reuters reports.

The government, Reuters relates, filed criminal and civil fraud
charges on Tuesday against Mr. Barry.  Mr. Barry's reported ending
balance of more than $45 million "far exceeded" assets on hand,
leading to "substantial losses" for investors, the report says,
citing the government.  According to the report, Mr. Barry
promised investors guaranteed positive returns of as much as 21%.

Reuters quoted Alan Nisselson, a partner at Windels Marx Lane &
Mittendorf LLP and the court-appointed trustee for Mr. Barry's
bankruptcy estate, as saying, "He ran these investment schemes for
relatively small, unsophisticated investors.  Unfortunately, they
were duped."

Mr. Barry had stopped investing funds by 1999, Reuters says,
citing U.S. Securities and Exchange Commission.  The SEC alleged
that Mr. Barry instead used new investor cash to repay earlier
investors or for other uses, including buying real estate, paying
expenses of a mail-order business that sold pornographic
materials, and supporting his lifestyle, Reuters relates.

According to Reuters, prosecutors said that Mr. Barry faces up to
20 years in prison on the criminal charge.  Reuters says that the
SEC said that Mr. Barry has settled its claims without admitting
wrongdoing, and agreed to a civil fine in an amount to be
determined later.

Mr. Nisselson is asking the court to convert Mr. Barry's Chapter
11 reorganization case into a Chapter 7 liquidation, saying in
court documents that the estate is "insolvent," and that the
Debtor's sole apparent business is a mail-order video business
generating $4,500 of income a month.

Philip Barry filed for bankruptcy protection last fall.  He is
facing a series of suits filed by former clients in Brooklyn
Federal Court.  Over the past two decades, Mr. Barry promised
clients a 12% annual return on their investments.  The scheme
began to unravel in 2007 when investors tried to withdraw funds.


PHYSICIAN IMAGING: Files for Chapter 11 Bankruptcy Protection
-------------------------------------------------------------
Physician Imaging Center of Florida has filed for Chapter 11
bankruptcy protection.

Citing Fort Lauderdale lawyer Craig A. Pugatch, Brian Bandell at
South Florida Business Journal reports that Physician Imaging
blames its bankruptcy filing on the high debt burden on its
imaging equipment and a general downturn in business.  The report
quoted Mr. Pugatch as saying, "They need to either get terms they
can live with on the equipment with these lenders or go get other
equipment."

Court documents say that Physician Imaging listed $1 million to
$10 million in assets and $8.7 million in unsecured debt.
Business Journal relates that Physician Imaging's largest
unsecured creditors include:

     -- General Electric Capital Corp., owed two loans for a
        combined $5.5 million outstanding;

     -- IBM Credit, owed almost $2.7 million outstanding; and

     -- Wachovia Bank, owed almost $283,000 owed.

Physician Imaging Center of Florida is an imaging center near
Memorial Regional Hospital on Johnson Street in Hollywood.  It is
owned by Dr. Herbert L. Shick and Rolla Shick.


PHOENIX COMPANIES: Moody's Downgrades Senior Debt Rating to 'B1'
----------------------------------------------------------------
Moody's Investors Service has downgraded the senior debt rating of
The Phoenix Companies, Inc., to B1 from Ba2, and the insurance
financial strength rating of the company's life insurance
subsidiaries, led by Phoenix Life Insurance Company, has been
lowered to Ba1 from Baa2.  The outlook on Phoenix and its life
insurance subsidiaries remains negative.

Moody's said the downgrade was driven primarily by the significant
erosion of Phoenix Life's statutory capital, which Moody's expects
to continue absent remedial actions, on both a nominal and risk
adjusted basis; constrained financial flexibility, which has been
exacerbated by the deterioration in capital adequacy; continued
negative GAAP earnings including the establishment of valuation
allowances on deferred tax assets; and by further weakening of the
business franchise -- Moody's expects that the company will be
very challenged to restore its new business production to
significant levels.

The rating agency commented that Phoenix Life's regulatory capital
position has been weakened by a combination of credit-related
impairments on fixed income investments, realized losses on sales
of investment holdings, declining carrying values of marked-to-
market assets such as alternative equity oriented investments, and
by increasing capital requirements on downgraded fixed-income
investments.  As of June 30, 2009, Phoenix Life's company action
level risk-based capital ratio had declined to an estimated 260%
from 338% as of year-end 2008.  Phoenix Life's capitalization has
been particularly pressured by increasing capital requirements
resulting from downgrades on structured and other fixed-income
investments damaged by the current economic environment.  Phoenix
has stated that it is actively considering a variety of actions to
raise its RBC ratio to 300%, including entering into various
reinsurance transactions.

In addition, Moody's believes the company's significant decline in
new business production should over time make a positive
contribution to the company's capital position once the capital
strain from new business written in prior years subsides in 2010.

Moody's added that Phoenix's core business franchise has
substantially contracted from its previous market presence in the
upper end of the life insurance business.  New product sales have
declined dramatically in 2009, and Moody's believes that there is
very limited likelihood that product sales will return to a
meaningful level.  Consequently, as a company with limited premium
inflows from new business production, Phoenix may be subject to
increasing liquidity pressures over time, especially if surrenders
and other policy related cash demands trend substantially upward
from current levels.  Helping to mitigate this risk, Moody's
believes that the company has more than adequate liquidity at the
operating companies to handle currently expected product cash
demands with its substantial holdings of highly liquid Treasury
and agency securities.

The rating agency stated that the negative rating outlook reflects
the challenges that management faces in maintaining the company's
liquidity position without overly compromising investment
earnings, the pace of negative cash flows from the company's in-
force block, as well as concerns about the ability of the company
to stabilize and improve its capital position given its weak
earnings capacity.  Moody's believes it is especially critical to
the company's long-term viability that Phoenix is able to maintain
its existing client relationships, especially with clients that
have policies of substantial size.

Somewhat offsetting these negatives, the rating agency said, are
Phoenix's significant existing block of permanent life insurance
to affluent individuals and businesses, the very long-term
maturities of its debt obligations (next maturity in 2032), and
the modest near-term cash needs at the holding company, which
currently holds enough cash to cover several years' worth of
interest and holding company expenses.

Given the negative outlook on Phoenix's ratings, Moody's stated
that is unlikely that the company's ratings would have any near-
term upward rating pressure, but the outlook could return to
stable if these occurred: 1) Phoenix Life's capital levels
successfully stabilize at a 275% company action level RBC ratio or
higher; 2) Phoenix Life achieves statutory earnings sufficient to
organically generate needed levels of capital and adequately
service holding company obligations; 3) persistency rates on the
company's existing policies remain consistent with current levels;
and 4) 2009 pre-tax gross investment losses are less than
$125 million.

Conversely, the ratings could be downgraded further if these
occurs: 1) the NAIC company action level RBC ratio declines to
200% or lower; 2) cash outflows on the company's existing policies
substantially increase from their current pace; or 3) 2009 pre-tax
gross investment losses exceed $250 million.

These ratings have been downgraded with a negative outlook:

* Phoenix Companies, Inc. -- senior unsecured debt rating to B1
  from Ba2;

* Phoenix Life Insurance Company -- insurance financial strength
  to Ba1 from Baa2,

* surplus notes to Ba3 from Ba1;

* PHL Variable Insurance Company -- insurance financial strength
  to Ba1 from Baa2.

Phoenix is an insurance organization headquartered in Hartford,
Connecticut.  As of June 30, 2009, Phoenix reported total assets
of about $25 billion and stockholders' equity of approximately
$922 million.

The last rating action on Phoenix occurred on March 10, 2009, when
Moody's downgraded Phoenix's senior debt rating to Ba2 (negative
outlook) from Ba1.  The rating action was primarily prompted by
the suspension of sales of Phoenix's products by the company's
largest distribution partner.

Moody's insurance financial strength ratings are opinions of the
ability of insurance companies to punctually pay senior
policyholder claims and obligations.


PINE PRAIRIE: S&P Withdraws 'B-' Rating on $365 Mil. Facilities
---------------------------------------------------------------
Standard & Poor's Ratings Services said it withdrew its 'B-'
issue-level rating on Pine Prairie Energy Center LLC's
$365 million of credit facilities.  The rating had been on
CreditWatch with positive implications after the Aug. 27, 2009
announcement by Plains All American Pipeline L.P. (BBB-/Stable/--)
that it had executed definitive agreements for a PAA subsidiary to
acquire Vulcan Capital's indirect interest in PAA Natural Gas
Storage LLC, the parent of Pine Prairie.

As a result of PAA's Sept. 3, 2009 acquisition, it now owns 100%
of PPEC and its other gas storage facility, Blue Water, and it has
repaid the consolidated project finance debt of $450 million
($398 million net of $52 million in project cash) through its
revolving credit facility.  S&P is therefore withdrawing the
ratings on PPEC.


PLAINS EXPLORATION: S&P Assigns 'BB' Rating on $300 Mil. Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' issue-level
rating to Plains Exploration & Production Co.'s new $300 million
senior unsecured notes due 2019.  In addition, S&P assigned a
recovery rating of '4', indicating expectations of average (30%-
50%) recovery in a payment default.  PXP will use proceeds from
the new notes for general corporate purposes and to fund partially
the remaining drilling carry under PXP's agreement with Chesapeake
Energy Corp.

The corporate credit rating on PXP is 'BB' and the outlook is
stable.

                           Ratings List

                Plains Exploration & Production Co.
          Corporate Credit Rating              BB/Stable

                         Ratings Assigned

                Plains Exploration & Production Co.

             $300 Mil. Sr Unsec Notes Due 2019    BB
               Recovery Rating                    4


PORTA SYSTEMS: To Continue Plan to Sell Assets; Bankruptcy Warning
------------------------------------------------------------------
Porta Systems Corp. said in an August 2009 regulatory filing it
expects to continue to engage in negotiations to divest assets.

"During the past several years we have, on a number of occasions,
engaged in negotiations with respect to the sale of one or more of
our divisions.  None of our discussions resulted in an agreement.
We expect to continue to engage in such negotiations in the
future," Porta Systems said.

"We cannot give any assurance that we would be able to effect any
sale of our business or that such a sale would not be part of
bankruptcy reorganization," Porta Systems added.  "Further, our
senior debt is secured by a lien on substantially all of our and
our subsidiaries' assets, and substantially all, if not all, of
the proceeds from any sale may be required to be paid to our debt
holders, principally the holder of our senior debt.

Porta Systems also disclosed its only source of funds other than
normal operations is its senior lender, Cheyne Special Situations
Fund, L.P.  During the fourth quarter of 2008, Porta required
additional funds from Cheyne, and Cheyne provided those funds.
Cheyne also rescheduled the payments on the senior debt as of
January 1, 2009, and rescheduled the payments on the floating rate
working capital note on May 1, 2009, June 1, 2009, and August 1,
2009.  Due to the Company's continued losses and the uncertainty
of any significant, if any, increase in business from British
Telecommunications or Telmex, together with the worldwide economic
downturn and the general lack of credit even for companies with
strong balance sheets and positive operation results, the
Company's difficulties in obtaining financings from other sources
is increasing.  According to Porta Systems, these factors may
continue to affect its ability to generate business from new
customers as well as its ability to make the payments that are due
to Cheyne, even under the revised payment terms.

Porta Systems also noted Cheyne has advised it would not advance
new funds to the Company.

"If we are not able to generate sufficient revenue to enable us to
meet our obligations or obtain financing from Cheyne, we would not
be able to continue in business, and it would be likely that we
would seek protection under the Bankruptcy Code," Porta Systems
said.

On July 31, 2008, the Company implemented a trouble debt
restructuring plan which restructured and reduced its senior and
subordinated debt.  As part of the debt restructuring, the Company
issued to Cheyne, as the holder of the senior debt, 7,038,236
shares of common stock, which represents 70% of the outstanding
common stock.

For the six months ended June 30, 2009, the Company paid senior
and subordinated debt of $410,000 of which $124,000 was paid in
the second quarter.  The Company paid fees related to its
financing arrangements with Lloyds of $42,000 during the June 2009
Period, of which $26,000 were incurred in the second quarter.

Porta Systems generated a net loss of $395,000, or $0.04 per share
(basic and diluted), for the six months ended June 30, 2009,
compared with net loss of $946,000, or $1.05 per share (basic and
diluted) in the June 2008 Period.  The net loss for the quarter
ended June 30, 2009, was $571,000, or $0.06 per share (basic and
diluted), compared with net loss of $408,000, or $0.45 per share
(basic and diluted) in the June 2008 Quarter.  The change in the
net loss per share reflects the effect of the debt restructuring
which resulted in the issuance of additional shares of common
stock which, as of June 30, 2009, represents 91% of the Company's
outstanding common stock.

Sales were $6,422,000 for the quarter ended June 30, 2009, versus
$6,677,000 for the quarter ended June 30, 2008, a decrease of
roughly $255,000 (4%).  Sales were $14,075,000 for the six months
ended June 30, 2009, versus $13,222,000 for the six months ended
June 30, 2008, an increase of roughly $853,000 (6%).

At June 30, 2009, the Company had $13,459,000 in total assets
against $30,209,000 in total liabilities, resulting in $16,750,000
stockholders' deficit.  At June 30, 2009, the Company had cash
and cash equivalents of $375,000 compared with $292,000 at
December 31, 2008, and a working capital deficit of $441,000, as
compared with working capital of $827,000 at December 31, 2008.

A full-text copy of the Company's quarterly report on Form 10-Q is
available at no charge at http://ResearchArchives.com/t/s?4478

Porta Systems Corp. designs, manufactures, markets and supports
communication equipment used in telecommunications, video and data
networks worldwide.


PROTOSTAR LIMITED: Judge Adjourns Insolvency Case Until Nov. 27
---------------------------------------------------------------
Alex Wright at the Royal Gazette reports that Judge Geoffrey Bell
adjourned the matter of the insolvent companies Protostar,
Protostar I Ltd., Protostar II Ltd. and Protostar Development Ltd.
to November 27 to allow for Chapter 11 U.S. bankruptcy proceedings
against the firms to progress.

According to the report, John Riihiluoma, representing the
petitioner, applied for the adjournment of the case concerning the
company, which was granted permission by a U.S. Bankruptcy Court
Judge last month to sell virtually all of the assets belonging to
Protostar I and Protstar II, including two satellites and ground
equipment, software and contracts needed to operate them at an
auction next month, according to court papers.  The report relates
that ProtoStar wants all bids submitted by October 8 and to call a
hearing to approve the sale between October 19 and October 23.

The Gazette notes that the company asked the judge for permission
to appoint a stalking horse, or lead bidder, for the assets, to
increase bidding and "induce others to put real money on the
table", ProtoStar lawyers argued at the hearing.  Judge Mary
Walrath said the proposal would be considered later, the report
says.

                       About ProtoStar Ltd.

Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite
operator formed in 2005 to acquire, modify, launch and operate
high-power geostationary communication satellites for direct-to-
home satellite television and broadband internet access across the
Asia-Pacific region.

The Company and its affiliates filed for Chapter 11 on July 29,
2009 (Bankr. D. Del. Lead Case No. 09-12659.)  The Debtor selected
Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of
Appleby as their Bermuda counsel; UBS Securities LLC as financial
advisor & investment banker and Kurtzman Carson Consultants LLC as
claims and noticing agent.  In their petition, the Debtors listed
between US$100 million and US$500 million each in assets and
debts.  As of December 31, 2008, ProtoStar's consolidated
financial statements, which include non-debtor affiliates, showed
total assets of US$463,000,000 against debts of US$528,000,000.


PROVIDENT ROYALTIES: To Sell Mineral Rights for $12.5 Million
-------------------------------------------------------------
According to Bill Rochelle at Bloomberg News, the Chapter 11
trustee for Provident Royalties LLC signed a contract to sell
mineral rights to Consul Properties LLC $12.5 million.  These
assets weren't  part of the previous sale in which Sinclair Oil
Corp. swapped $150 million of secured debt for assets.

The sale to Consul is subject to higher and better offers.  The
Chapter 11 trustee proposes an Oct. 19 deadline for competing
bids., followed by an Oct. 22 auction and an Oct. 26 sale hearing.

Based in Dallas, Texas, Provident Royalties LLC owned working
interests in oil and gas properties primarily in Oklahoma.
Provident and its affiliates filed for Chapter 11 on June 22, 2009
(Bankr. N.D. Tex. Case No. 09-33886).  Judge Harlin DeWayne Hale
presides over the case.  Epiq Bankruptcy Solutions, LLC is
the claims and noticing agent.  The United States Trustee for
the Northern District of Texas appointed nine members to the
Official Committee of Unsecured Creditors.

On July 2, 2009, the Securities and Exchange Commission filed,
under seal, a complaint in District Court for the Northern
District of Texas against the Debtors and certain of their
principals and managing partners on allegations that they sold
stock and limited partnership interest to over 7,700 investors as
part of a $485 million Ponzi scheme.

On July 2, 2009, the District Court for the Northern District of
Texas appointed Dennis L. Roossien, Jr., at Munsch Hardt Kopf &
Harr P.C. in Dallas, Texas, as receiver for the Debtors.  On
July 20, 2009, the Bankruptcy Court appointed the receiver as the
Debtors' Chapter 11 trustee.  Mr. Roossien, Jr., has taken
possession and control of the Debtors' property and business.

Mr. Roossien, Jr., has selected Patton Boggs, LLP, as his special
counsel.  Patton Boggs, LLP, was Debtors' counsel before the
appointment of Mr. Roossien, Jr., as Chapter 11 trustee.  Mr.
Roossien, Jr., has selected Munsch Hardt Koph & Harr, P.C., as
counsel.  Gardere, Wynne, Sewell, LLP, is the proposed counsel to
the official committee of unsecured creditors.

The Company, in its petition, listed between $100 million and $500
million each in assets and debts.


QUEST MINERALS: June 30 Balance Sheet Upside-Down by $4 Million
---------------------------------------------------------------
Quest Minerals & Mining Corp.'s balance sheet at June 30, 2009,
showed total assets of $5,570,486 and total liabilities of
$9,566,975, resulting in a stockholders' deficit of $3,996,489.

For three months ended June 30, 2009, the Company posted a net
loss of $662,958 compared with a net loss of $358,048 for the same
period in 2008.

For six months ended June 30, 2009, the Company posted a net loss
of $1,450,885 compared with a net loss of $893,608 for the same
period in 2008.

A full-text copy of the Company's Form 10-Q is available for free
at http://ResearchArchives.com/t/s?4462

                       Going Concern Doubt

On June 15, 2009, RBSM LLP in New York City expressed substantial
doubt about Quest Minerals & Mining Corp.'s ability to continue as
a going concern after auditing the Company's financial statements
for the fiscal year ended Dec. 31, 2008.  The auditor noted that
the Company has suffered recurring losses from operations and the
company's primary operating subsidiary has filed for
reorganization under Chapter 11 of U.S. Bankruptcy Code.

                       About Quest Minerals

Headquartered in Paterson, New Jersey, Quest Minerals & Mining
Corp. (OTC BB: QMNM) -- http://www.questmining.net/-- acquires
and operates energy and mineral related properties in the
southeastern part of the United States.

Quest is a holding company for Quest Minerals & Mining, Ltd., a
Nevada corporation, or Quest (Nevada), which in turn is a holding
company for Quest Energy, Ltd., a Kentucky corporation, or Quest
Energy, and of Gwenco, Inc., a Kentucky corporation, or Gwenco.

Quest Energy is the parent corporation of E-Z Mining Co., Inc, a
Kentucky corporation, or E-Z Mining, and of Quest Marine Terminal,
Ltd., a Kentucky corporation, or Quest Marine.

Gwenco leases over 700 acres of coal mines, with approximately
12,999,000 tons of coal in place in six seams.  In 2004, Gwenco
had reopened Gwenco's two former drift mines at Pond Creek and
Lower Cedar Grove, and had begun production at the Pond Creek
seam.  This seam of high quality compliance coal is located at
Slater's Branch, South Williamson, Kentucky.

On Feb. 28, 2007, Gwenco, Inc., filed a voluntary petition for
reorganization under Chapter 11 of the Bankruptcy Code (Bankr.
E.D. Ky. Case No. 07-10081).  Gwenco has submitted a preliminary
plan of reorganization to the court and the creditors for
approval.


REAL ESTATE ASSOCIATES: Seeks to Extend Notes Payable Maturity
--------------------------------------------------------------
Real Estate Associates Limited VII said in an August 2009
regulatory filing it continues to generate recurring operating
losses.  In addition, the Partnership is in default on notes
payable and related accrued interest payable that matured between
December 1999 and December 2004.

According to the Partnership, nine of its 20 remaining investments
involved purchases of partnership interests from partners who
subsequently withdrew from the operating partnership.  According
to the Partnership, as of June 30, 2009, it is obligated for non-
recourse notes payable of roughly $6,320,000 to the sellers of the
partnership interests, bearing interest at 9.5% to 10%.  Total
outstanding accrued interest is roughly $14,419,000 at June 30,
2009.  The obligations and the related interest are collateralized
by the Partnership's investment in the local limited partnerships
and are payable only out of cash distributions from the Local
Limited Partnerships, as defined in the notes.  Unpaid interest
was due at maturity of the notes.  All notes payable have matured
and remain unpaid at June 30, 2009.

The Partnership entered into an agreement with the non-recourse
note holder for six of the Local Limited Partnerships with notes
payable totaling roughly $2,579,000 and accrued interest of
roughly $5,931,000 at June 30, 2009, in which the note holder
agreed to forebear taking any action under the notes pending the
purchase by the note holder of a series of projects including the
properties owned by 10 of the remaining Local Limited
Partnerships.

According to the Partnership, management is attempting to
negotiate extensions of the maturity dates on the three notes
payable that are not subject to the forbearance agreement.  If the
negotiations are unsuccessful, the Partnership could lose its
investment in the Local Limited Partnerships to foreclosure.  In
addition, the Partnership may seek operating advances from the
general partner of the Partnership.  However, the general partner
of the Partnership is not obligated to fund such advances.

According to the Partnership, there is substantial doubt about its
ability to continue as a going concern.

For the three months ended June 30, 2009, the Partnership recorded
a $34,000 net income versus a net loss of $217,000 for the same
period a year ago.  For the first half of 2009, the Partnership
recorded a net loss of $183,000 versus a net loss of $366,000 for
the same period a year ago.

At June 30, 2009, the Partnership had $1,836,000 in total assets
and $20,782,000 in total liabilities, resulting in partners'
deficit of $18,946,000.

Cash and cash equivalents of roughly $1,798,000 at June 30, 2009,
are on deposit with a financial institution earning interest at
market rates.  Cash equivalents can be converted to cash to meet
obligations of the Partnership as they arise.  The Partnership
intends to continue investing available funds in this manner.

A full-text copy of the Partnership's report on Form 10-Q is
available at no charge at http://ResearchArchives.com/t/s?4479

                   About Real Estate Associates

Real Estate Associates Limited VII is a limited partnership
formed under the laws of the State of California on May 24, 1983.
The general partners of the partnership are National Partnership
Investments Corp. and National Partnership Investments Associates
II.

                       Going Concern Doubt

Ernst & Young LLP, in Greenville, South Carolina, expressed
substantial doubt about Real Estate Associates Limited VII's
ability to continue as a going concern after auditing the
company's consolidated financial statements for the year ended
Dec. 31, 2007.  The auditing firm reported that the company
continues to generate recurring operating losses.


RPM SOLUTIONS: Closes 3 Franchises; May be Put Under Ch 7 Bankr.
----------------------------------------------------------------
Ben Sutherly at Dayton Daily News reports that three Precision
Tune Auto Care franchises operating under bankruptcy protection by
RPM Solutions, Inc., have closed.

Citing RPM Solutions lawyer Anne Frayne, Dayton Daily relates that
work at the franchises in Dayton, Kettering, and Moraine was
transferred to other local Precision Tune franchises.  According
to Dayton Daily, Ms. Frayne said that the franchiser has expressed
some interest in taking over the closed locations.

Court documents say that Jeffrey N. Caldwell, RPM Solutions'
owner, was the only person who had check-writing authority with
RPM Solutions.  Mr. Caldwell died on August 24, 2009.

A Chapter 7 filing is more appropriate for RPM, as there "is no
reasonable likelihood of rehabilitation" of the business, and
there's been a failure to maintain appropriate insurance and pay
taxes in a timely manner, Dayton Daily reports, citing the office
of the U.S. Trustee.

Dayton, Ohio-based RPM Solutions Inc. is engaged in the general
auto repair business.  The Company has three local Precision Tune
Auto Care franchises.

The Company filed for Chapter 11 bankruptcy protection on December
22, 2008 (Bankr. S.D. Ohio Case No. 08-36529).  Anne M. Frayne,
Esq., who has an office at 18 West First Street, assists the
Company in its restructuring effort.  The Company listed $100,001
to $500,000 in assets and $1,000,001 to $10,000,000 in debts.


SAINT ANNE ADOPTION: Not Enough Money in Bank; Will be Dissolved
----------------------------------------------------------------
Brian Caldwell at The Record reports that the Saint Anne Adoption
Agency doesn't have enough money left to save the Company.

The Record relates that Saint Anne had $45,000 in bank accounts
when it collapsed, and 25 of 29 affected families filed claims
totaling $425,000.

According to The Record, Saint Anne's clients voted to let the
Company die and take their case files to other agencies in the
hopes of completing their adoptions.  The Record states that the
clients also directed bankruptcy trustees from DBO Dunwoody in
Kitchener to take a closer look at financial records to try to
determine how their money was spent.  The report quoted bankruptcy
trustee Susan Taves as saying, "Funds were being prioritized in a
lot of different directions.  It's just not clear all of those
directions were understood, agreed to and quantified."

Saint Anne Adoption Agency is the sister agency of Cambridge
adoption agency Kids Link International Adoption Agency.  It
shares a Web site with Kids Link at:

As reported by the TCR on August 26, 2009, Saint Anne stopped
operations after its assets were frozen.  Money had been moving
between Saint Anne and Kids Link International Adoption Agency, a
non-profit group operating under the name Imagine Adoption and
which already went bankrupt.


SEMGROUP LP: Selects New Executive Team, Board of Directors
-----------------------------------------------------------
SemGroup, LP announced September 9 the selection of a new chief
executive officer, chief financial officer and board of directors
to lead the company upon its emergence from Chapter 11
reorganization. SemGroup is expected to exit Chapter 11 in
November 2009 and become a publicly traded company.

"The new management team and board will be comprised of the best
and brightest members of the midstream energy industry," said
Terry Ronan, the company's president and CEO during the company's
Chapter 11 reorganization.  "Their experience, together with their
many notable accomplishments, gives SemGroup a remarkable
leadership team to execute its post Chapter 11 strategies and
build value for its stakeholders."

The new management team and board will be effective upon
confirmation and implementation of SemGroup's plan of
reorganization. The U.S. Bankruptcy Court, District of Delaware,
is scheduled to consider confirmation of the plan in October.

Norm Szydlowski has been selected president and chief executive
officer. Szydlowski has more than 28 years of experience working
in the transportation, management and production of refined fuel
products. He most recently served as president and CEO of Colonial
Pipeline Co. Prior to joining Colonial in 2006, Szydlowski was
recruited by the Pentagon to aid the ongoing effort to rebuild the
Iraqi Oil sector and served as a Senior Consultant to the Iraqi
Ministry of Oil. Szydlowski has an MBA from Indiana University and
a bachelor's from Kettering University, formerly General Motors
Institute.

Philip J. Reedy has been selected chief financial officer. Reedy
most recently served as CFO of CITGO Petroleum where he was
responsible for all of the traditional financial functions
concerning general accounting, tax, treasury, and budgeting, as
well as risk management.

Reedy has an MBA from the University of Miami and a bachelor's
from the University of Tulsa. He is also a CPA.

The company will file a motion with the court for authority to
immediately retain Szydlowski and Reedy as consultants to work
alongside Ronan for the remainder of the Chapter 11 restructuring.
Szydlowski and Reedy are scheduled to attend the exit financing
syndication meeting in New York on September 10.

John F. Chlebowski has been selected as SemGroup's Chairman. He
will begin his tenure upon the company's exit from Chapter 11
protection. Chlebowski currently serves as a Director of NRG
Energy Inc., where he served as chairman of the Audit Committee
from 2003 to 2008. He previously served as president and CEO of
GATX Terminals. Chlebowski has an MBA from Pennsylvania State
University and a bachelor's from the University of Delaware.

In addition to Chlebowski and Szydlowski, the new board will
consist of:

    * Ronald A. Ballschmiede, executive vice president and CFO of
      Chicago Bridge & Iron Co. N.V.

    * Sarah M. Barpoulis, president and founder of Interim Energy
      Solutions LLC.

    * Stanley C. Horton, founder, principal owner and CEO of
      Semoran Holdings, LLC.

    * Karl Frederick Kurz, COO of Anadarko Petroleum Corp.

    * Thomas R. McDaniel, retired energy executive.

For full biographies of Messrs. Szydlowski, Reedy and the
directors, see:

     http://www.semgrouplp.com/newofficersanddirectors.aspx

                        About SemGroup L.P.

SemGroup, L.P., -- http://www.semgrouplp.com/-- is a midstream
service company that provides diversified services for end users
and consumers of crude oil, natural gas, natural gas liquids and
refined products.  Services include purchasing, selling,
processing, transporting, terminalling and storing energy.
SemGroup serves customers in the United States, Canada, Mexico and
Wales.

SemGroup L.P. and its debtor-affiliates filed for Chapter 11
protection on July 22, 2008 (Bankr. D. Del. Lead Case No.
08-11525).  John H. Knight, Esq., L. Katherine Good, Esq. and Mark
D. Collins, Esq., at Richards Layton & Finger; Harvey R. Miller,
Esq., Michael P. Kessler, Esq., and Sherri L. Toub, Esq., at Weil,
Gotshal & Manges LLP; and Martin A. Sosland, Esq., and Sylvia A.
Mayer, Esq., at Weil Gotshal & Manges LLP, represent the Debtors
in their restructuring efforts.  Kurtzman Carson Consultants
L.L.C. is the Debtors' claims agent.  The Debtors' financial
advisors are The Blackstone Group L.P. and A.P. Services LLC.

Margot B. Schonholtz, Esq., and Scott D. Talmadge, Esq., at Kaye
Scholer LLP; and Laurie Selber Silverstein, Esq., at Potter
Anderson & Corroon LLP, represent the Debtors' prepetition
lenders.

SemGroup L.P.'s affiliates, SemCAMS ULC and SemCanada Crude
Company, sought protection under the Companies' Creditors
Arrangement Act (Canada) on July 22, 2008.  Ernst & Young, Inc.,
is the appointed monitor of SemCanada Crude Company and its
affiliates' reorganization proceedings before the Canadian
Companies' Creditors Arrangement Act.  The CCAA stay expires on
November 21, 2008.

SemGroup L.P.'s consolidated, unaudited financial conditions as of
June 30, 2007, showed $5,429,038,000 in total assets and
$5,033,214,000 in total debts.  In their petition, they showed
more than $1,000,000,000 in estimated total assets and more than
$1,000,000,000 in total debts.

Bankruptcy Creditors' Service, Inc., publishes SemGroup Bankruptcy
News.  The newsletter tracks the Chapter 11 proceedings undertaken
by SemGroup L.P. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-700)


SOUTH LOUISIANA: Court Approves Turner Law Office as Counsel
------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Louisiana
authorized South Louisiana Ethanol LLC to employ the Law Office of
Emile L. Turner, Jr., LLC, as its counsel to represent the Debtor
in legal matters arising out of the administration of the Chapter
11 proceeding.

Emile L. Turner, Jr., Esq., charges $300 per hour and Loe D.
Congeni, Esq., bills $210 per hour for this engagement.

The Debtor assured the Court that the firm is a "disinterested
person" as defined in Section 101(14) of the Bankruptcy Code.

Based in Belle Chasse, Louisiana, South Louisiana Ethanol, L.L.C.,
filed for Chapter 11 protection on Aug. 25, 2009 (Bankr. E.D. La.
Case No. 09-12676).  Emile L. Turner Jr., Esq., represents the
Debtor in its restructuring efforts.  In its petition, the Debtor
listed assets between $10 million and $50 million, and debts
between $50 million and $100 million.


SOUTH LOUISIANA: Section 341(a) Meeting Slated for October 2
------------------------------------------------------------
The U.S. Trustee for Region 5 will convene a meeting of creditors
in South Louisiana Ethanol, L.L.C.'s Chapter 11 case on Oct. 2,
2009, at 2:00 p.m.  The meeting will be held at F. Edward Hebert
Federal Building, Room 111, 600 S. Maestri Street, New Orleans,
Louisiana.

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.

Belle Chasse, Louisiana-based South Louisiana Ethanol, L.L.C.,
filed for Chapter 11 on August 25, 2009 (Benk. E.D. La. Case No.
09-12676).  Emile L. Turner Jr., Esq., represents the Debtor in
its restructuring effort.  In its petition, the Debtor listed
10,000,001 to $50,000,000 in assets and $50,000,001 to
$100,000,000 in debts.


STATION CASINOS: Cash Collateral Hearing Moved to Sept. 25
----------------------------------------------------------
To give the Official Committee of Unsecured Creditors, Station
Casinos, Inc., and Deutsche Bank Trust Company Americas, in its
capacity as duly appointed administrative agent for the lenders
to the Credit Agreement, dated November 7, 2007, an opportunity
to agree on the terms of a final order granting the SCI Cash
Collateral Motion, the parties entered into a Court-approved
stipulation mutually agreeing that:

  (a) the Final Cash Collateral Hearing Date is continued from
      September 2 to September 25, 2009 at 9:30 a.m.; and

  (b) the deadline for the Committee to file its objections, if
      any, to the entry of a final order granting the SCI Cash
      Collateral Motion is extended from August 21 to
      September 18, 2009, with any reply by SCI or the
      Prepetition Agent to the objection due on September 23,
      2009.

Pending the entry of a final Cash Collateral order, SCI and the
Prepetition Agent have agreed that the Interim Cash Collateral
Order is modified so that SCI, the other Debtors, the Credit
Parties, the Drop Down Borrowers, Past Enterprises, Inc., CV
HoldCo, LLC, CV PropCo, LLC, and Vista Holdings, LLC, a wholly
owned non-debtor subsidiary of SCI, may continue to operate as
contemplated in the Interim Cash Collateral Order and the budget
attached to it.  Modifications to the Interim Cash Collateral
Order include these terms:

  (a) Each reference set forth in the Interim Order to a cash
      balance at Vista being equal to, greater than or less than
      "$100,000,000" will be amended for all purposes to instead
      be a reference to the cash balance being "$111,500,000."
      It is the intention of the parties that Past Enterprises
      may start making postpetition loans to SCI under the
      Interim Order to fund any use of cash by SCI that is
      permitted under the Interim Order and the Budget at the
      time as the cash balance at Vista is reduced to
      $111,500,000.

  (b) The Interim Order will be amended to state that the
      Interim Order will cease to be in full force and effect
      and the Final Order will not have been granted on or
      before the New Final Hearing Date and within five days
      after being so granted the Final Order will be entered, be
      in full force and effect and not subject to any stay, or
      the Final Order will cease to be in full force and effect
      and unstayed at any time thereafter.

  (c) The Interim Order is amended insofar as necessary to
      provide that the date for filing of objections by the
      Committee will be the New Objection Deadline.

  (d) The Interim Order is amended insofar as necessary to
      provide that the date for the final hearing on the SCI
      Cash Collateral Motion will be the New Final Hearing Date.

SCI agrees that, upon entry of the Final Order, SCI will borrow
from Vista $11,500,000 and the use the $11,500,000 exclusively to
(i) repay Past Enterprises for any postpetition lending to SCI
for the purpose of funding any Budgeted use of cash other than in
respect of Excluded Line Items, and (ii) the remaining balance of
the $11,500,000 borrowing will be used by SCI to fund
expenditures permitted under the Budget that do not constitute
Excluded Line Items.

            Committee Files Supplemental Objection

The Creditors' Committee files with the Court a supplemental
objection to the Cash Collateral Motion.

Brad Eric Scheler, Esq., at Fried, Frank, Harris, Shriver &
Jacobson LLP, in New York, tells the Court that to the extent
that the Mortgage Lenders' collateral is adequate to cover the
principal amount of the Mortgage Lenders' claim under the
Mortgage Loan Agreement, then the Committee has no objection to
the use of cash collateral to satisfy the Mortgage Lenders' claim
for fees and interest under the Mortgage Loan Agreement pursuant
to Section 506(b) of the Bankruptcy Code.

Although the Debtors have not yet provided a valuation, Mr.
Scheler says the Committee has no reason to believe that the
Mortgage Lenders are not adequately secured.  However, to the
extent that the Mortgage Lenders are undersecured, then the
Mortgage Lenders will only have an unsecured deficiency claim for
any amount of interest or fees that exceed the value of the
collateral.

Therefore, Mr. Scheler adds, if the Mortgage Lenders are
determined to be undersecured, then the Debtors' estates should
recapture any amounts paid to the Mortgage Lenders after the
Petition Date for fees and interest in excess of the value of the
collateral or recharacterize the payments as payments against
outstanding principal under the Mortgage Loan Agreement.

German American Capital Corporation, as Collateral Agent for
itself and JP Morgan Chase as lenders, sought and obtained from
the Court a leave from Court to file a brief reply to address the
Committee's original Cash Collateral objection.

GACC believes its Reply will assist the Court in fully
understanding the issues raised by the Objection and will advance
the equitable purpose of the Court by permitting both sides to be
heard.  Among other things, the Reply will provide the Court with
copies of the legal opinions obtained at closing, which consider
the recharacterization argument advanced by the Committee, and
conclude that the transaction is not subject to the
recharacterization.  Both the Las Vegas Sun and Las Vegas Review-
Journal published stories regarding the Objection.

A full-text copy of the Reply with accompanying exhibits is
available for free at:

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

                       About Station Casinos

Station Casinos, Inc., is a gaming and entertainment company that
currently owns and operates nine major hotel/casino properties
(one of which is 50% owned) and eight smaller casino properties
(three of which are 50% owned), in the Las Vegas metropolitan
area, as well as manages a casino for a Native American tribe.

Station Casinos Inc., together with its affiliates, filed for
Chapter 11 on July 28, 2009 (Bankr. D. Nev. Case No. 09-52477).
Station Casinos has hired Milbank, Tweed, Hadley & McCloy LLP as
legal counsel in the Chapter 11 case; Brownstein Hyatt Farber
Schreck, LLP, as regulatory counsel; and Lewis and Roca LLP as
local counsel.  The Debtor is also hiring Lazard Freres & Co. LLC
as investment banker and financial advisor.  Kurtzman Carson
Consultants LLC is the claims and noticing agent.

In its bankruptcy petition, Station Casinos said that it had
assets of $5,725,001,325 against debts of $6,482,637,653 as of
June 30, 2009.  About 4,378,929,997 of its liabilities constitute
unsecured or subordinated debt securities.

Bankruptcy Creditors' Service, Inc., publishes Station Casinos
Bankruptcy News.  The newsletter tracks the Chapter 11 proceedings
of Station Casinos Inc. and its debtor-affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


STATION CASINOS: Committee Proposes Fried Frank as Counsel
----------------------------------------------------------
The Official Committee of Unsecured Creditors in Station Casinos
Inc.'s cases asks the Court for permission to retain Fried, Frank,
Harris, Shriver & Jacobson LLP as counsel, effective as of
August 19, 2009.

As counsel to the Committee, Fried Frank will provide these
services:

  (a) Advise the Committee of its rights and obligations and
      performance of its duties during the administration of
      the Chapter 11 cases, including in the performance of its
      duties as set forth in Section 1103 of the Bankruptcy
      Code;

  (b) Attend meetings and negotiations with the Debtors and
      other parties-in-interest in the Cases;

  (c) Take all necessary action to protect and preserve the
      Debtors' estates for the benefit of the Creditors'
      Committee and unsecured creditors generally, including:
      the prosecution of actions on the Committee's behalf, the
      defense of actions taken against the Committee,
      negotiations concerning litigation in which the Committee
      is involved, and objecting to claims filed against the
      estate which are believed to be inaccurate;

  (d) Negotiate and prepare, on the Committee's behalf, any
      revisions, objections or necessary changes to any proposed
      plan of reorganization and related papers;

  (e) Represent the Committee in proceedings before the Court
      or other courts of jurisdiction over the Cases,
      including: preparing and reviewing motions, answers and
      orders necessary to protect the interests of the
      Committee;

  (f) Assist the Committee and its professionals in developing
      legal positions and strategies with respect to all facets
      of the Cases;

  (g) Provide other counsel and advice as the Committee or its
      professionals may require in connection with the Cases;
      and

  (h) Perform any other legal services requested by the
      Committee in connection with the Cases and the
      confirmation and implementation of a plan reorganization.

The Debtors will pay and reimburse Fried Frank for fees and out-
of-pocket expenses it incurred in the Chapter 11 case.

Fried Frank's hourly rates are:

Professional            Hourly Rate
------------            -----------
Partners                $735 - $1,100
Of Counsel              $735 - $950
Special Counsel         $665 - $690
Associates              $360 - $600
Legal Assistants        $180 - $265

These professionals are expected to take a lead in the
representing the Committee in the Debtors' cases:

Professional            Hourly Rate
------------            -----------
Brad Eric Scheler         $1,100
Bonnie Steingart            $880
Marissa Soto                $500
Melissa Weiss               $470
E.J. Shane                  $235

Bonnie Steingart, Esq., a member of Fried, Frank, Harris, Shriver
& Jacobson LLP, assures the Court that his firm (a) is not a
creditor or insider of the Debtors; (b) does not hold or
represent an interest adverse to the Committee or the Debtors;
(c) is a "disinterested person" as defined by Section 101(14) and
used in Section 328(c); (d) does not represent any other
creditor, party in interest, or entity in the Cases; and
(e) has no connection with the Committee the Debtors, their
creditors, or other parties in interest in the Cases.

Fried Frank is located at One New York Plaza, in New York.

                       About Station Casinos

Station Casinos, Inc., is a gaming and entertainment company that
currently owns and operates nine major hotel/casino properties
(one of which is 50% owned) and eight smaller casino properties
(three of which are 50% owned), in the Las Vegas metropolitan
area, as well as manages a casino for a Native American tribe.

Station Casinos Inc., together with its affiliates, filed for
Chapter 11 on July 28, 2009 (Bankr. D. Nev. Case No. 09-52477).
Station Casinos has hired Milbank, Tweed, Hadley & McCloy LLP as
legal counsel in the Chapter 11 case; Brownstein Hyatt Farber
Schreck, LLP, as regulatory counsel; and Lewis and Roca LLP as
local counsel.  The Debtor is also hiring Lazard Freres & Co. LLC
as investment banker and financial advisor.  Kurtzman Carson
Consultants LLC is the claims and noticing agent.

In its bankruptcy petition, Station Casinos said that it had
assets of $5,725,001,325 against debts of $6,482,637,653 as of
June 30, 2009.  About 4,378,929,997 of its liabilities constitute
unsecured or subordinated debt securities.

Bankruptcy Creditors' Service, Inc., publishes Station Casinos
Bankruptcy News.  The newsletter tracks the Chapter 11 proceedings
of Station Casinos Inc. and its debtor-affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


STATION CASINOS: Committee Proposes Quinn as Conflicts Counsel
--------------------------------------------------------------
The Official Committee of Unsecured Creditors in Station Casinos
Inc.'s cases asks the Court for permission to retain Quinn Emanuel
Urquhart Oliver & Hedges, LLP, effective as of August 20, 2009, as
its conflicts counsel.

As its conflicts counsel, Quinn will provide these services to
the Committee:

  (a) Assist the Committee on matters involving any entities as
      to which Fried, Frank, Harris, Shriver & Jacobson LLP has
      an actual or potential conflict of interest;

  (b) Assist the Committee's investigation of the acts, conduct,
      assets, liabilities, intercompany relationships and claims
      and financial condition of the Debtors, the existence of
      estate causes of action and the operation of their
      businesses to the extent that Fried Frank is conflicted
      from conducting that investigation;

  (c) Investigate the transactions, acts, and conduct relating
      to those certain transactions executed in or about
      November 2007 pursuant to which SCI became a privately-
      held company; and

  (d) Perform other legal services as requested or directed by
      the Committee to the extent not duplicative of Fried
      Frank.

Quinn Emanuel's current hourly rates are:

  Professional              Hourly Rate
  ------------              -----------
  Partners                  $730 - $970
  Other attorneys           $320 - $950
  Paraprofessionals         $265 - $310

The Debtors will pay and reimburse Quinn Emanuel for fees and
out-of-pocket expenses incurred in the Chapter 11 cases.

As of September 4 2009, Quinn Emanuel has not been paid any fees
or expenses for the representation, and Quinn Emanuel holds no
retainer.

Eric D. Winston, Esq., a member of Quinn Emanuel Urquhart Oliver
& Hedges, LLP, tells the Court that his firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code in that Quinn Emanuel, its partners, counsel, and
associates (a) are not creditors, equity security holders, or
insiders of the Debtors; (b) are not and were not, within two
years before the date of the filing of the Debtors' chapter Case,
a director, officer, or employee of the Debtors; and (c) do not
have an interest materially adverse to the Debtors' estates or of
any class of creditors, by reason of any direct or indirect
relationship to, connection with, or interest in the Debtors.
Nor does Quinn Emanuel have any relationship to, connection with,
or interest in the Debtors.

Quinn Emmanuel is located at 865 S. Figueroa St., 10th Floor, in
Los Angeles, California.

                       About Station Casinos

Station Casinos, Inc., is a gaming and entertainment company that
currently owns and operates nine major hotel/casino properties
(one of which is 50% owned) and eight smaller casino properties
(three of which are 50% owned), in the Las Vegas metropolitan
area, as well as manages a casino for a Native American tribe.

Station Casinos Inc., together with its affiliates, filed for
Chapter 11 on July 28, 2009 (Bankr. D. Nev. Case No. 09-52477).
Station Casinos has hired Milbank, Tweed, Hadley & McCloy LLP as
legal counsel in the Chapter 11 case; Brownstein Hyatt Farber
Schreck, LLP, as regulatory counsel; and Lewis and Roca LLP as
local counsel.  The Debtor is also hiring Lazard Freres & Co. LLC
as investment banker and financial advisor.  Kurtzman Carson
Consultants LLC is the claims and noticing agent.

In its bankruptcy petition, Station Casinos said that it had
assets of $5,725,001,325 against debts of $6,482,637,653 as of
June 30, 2009.  About 4,378,929,997 of its liabilities constitute
unsecured or subordinated debt securities.

Bankruptcy Creditors' Service, Inc., publishes Station Casinos
Bankruptcy News.  The newsletter tracks the Chapter 11 proceedings
of Station Casinos Inc. and its debtor-affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


STATION CASINOS: Sec. 341 Meeting Continued to October 5
--------------------------------------------------------
The United States Trustee for Region 17 has informed the United
States Bankruptcy Court for the District of Nevada that the
meeting of the creditors of Stations Casinos, Inc., and its
debtor affiliates has been continued from August 31, 2009, to
October 5, 2009, at 2:00 p.m. at Room 2110, at C. Clifton Young
Federal Building and U.S. Courthouse 300 Booth Street, in Reno,
Nevada.

Attendance by the Debtors' creditors at the meeting is welcome,
but not required.  The Sec. 341(a) meeting offers the creditors a
one-time opportunity to examine the Debtors' representative under
oath about the Debtors' financial affairs and operations that
would be of interest to the general body of creditors.

The meeting may be continued or adjourned from time to time by
notice at the meeting, without further written notice to the
creditors.

                       About Station Casinos

Station Casinos, Inc., is a gaming and entertainment company that
currently owns and operates nine major hotel/casino properties
(one of which is 50% owned) and eight smaller casino properties
(three of which are 50% owned), in the Las Vegas metropolitan
area, as well as manages a casino for a Native American tribe.

Station Casinos Inc., together with its affiliates, filed for
Chapter 11 on July 28, 2009 (Bankr. D. Nev. Case No. 09-52477).
Station Casinos has hired Milbank, Tweed, Hadley & McCloy LLP as
legal counsel in the Chapter 11 case; Brownstein Hyatt Farber
Schreck, LLP, as regulatory counsel; and Lewis and Roca LLP as
local counsel.  The Debtor is also hiring Lazard Freres & Co. LLC
as investment banker and financial advisor.  Kurtzman Carson
Consultants LLC is the claims and noticing agent.

In its bankruptcy petition, Station Casinos said that it had
assets of $5,725,001,325 against debts of $6,482,637,653 as of
June 30, 2009.  About 4,378,929,997 of its liabilities constitute
unsecured or subordinated debt securities.

Bankruptcy Creditors' Service, Inc., publishes Station Casinos
Bankruptcy News.  The newsletter tracks the Chapter 11 proceedings
of Station Casinos Inc. and its debtor-affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


SUN-TIMES MEDIA: Sale to Tyree Won't Pay All Administrative Costs
-----------------------------------------------------------------
Sun-Times Media Group Inc. filed with the Bankruptcy Court motions
seeking approval of the sale of its business to James C. Tyree-led
STMG Holdings LLC, absent higher and better bids at an auction on
October 7.

As reported by the Troubled Company Reporter on September 9, 2009,
Sun-Times Media Group said it has entered into a "stalking horse"
asset purchase agreement with STMG Holdings, LLC, a private
investor group led by Chicago businessman James C. Tyree, for
substantially all assets of Sun-Times Media Group.  The buyer will
acquire substantially all assets of the Company for $5 million in
cash, subject to a working capital adjustment, and will assume
certain liabilities of Sun-Times Media Group estimated to total
approximately $20 million.

The Company said that Rothschild Inc. conducted extensive
marketing efforts for its assets or business but only James
C. Tyree-led STMG Holdings LLC submitted an offer to purchase
assets on a going concern basis.

The Company proposes an October 7 auction, and an October 8 sale
hearing.  The Bankruptcy Court will consider approval of the
proposed auction procedures on September 24.

The Debtors do not seek to allow credit bidding pursuant to
11 U.S.C. Sec. 363(k).

If Sun-Times closes the sale with another party with a higher bid,
Mr. Tyree will receive a break-up fee of $500,000 and up to
$350,000 in expense reimbursement.

            Sale Won't Pay All Administrative Costs

Mr. Tyree has offered to pay $5 million in cash and assume $22
million in assumed liabilities.  Mindful of their fiduciary duties
to creditors, the Debtors have undertaken a preliminary
hypothetical liquidation analysis and an analysis of the estates'
projected post-closing cash position.

"The sale option likely will require that the estate be
administered for a period of time in Chapter 11 to realize a full
recovery for administrative creditors," says Pauline K. Morgan,
Esq., at Young Conaway Stargatt & Taylor, LLP, in Wilmington
Delaware, in the court filing.

Nonetheless, the sale option will preserve the Chicago Sun-Times
as a going-concern with substantial benefits for various
constituents, Ms. Morgan contends.  She notes that:

  -- The proposed sale option preserves jobs.  The Debtors
     currently employ 1,409 hourly employees (approximately 45% of
     which are unionized) and 495 salaried employees, all of whose
     jobs would be eliminated in a liquidation.

  -- A going concern will also continue to do business with the
     estates' suppliers, vendors and customers, and, importantly,
     it will continue to produce tax revenues.

  -- The sale option will preserve rather than destroy a vital
     part of Chicago's rich journalism history, which in the case
     of the Sun-Times traces its origins to 1948.

A copy of the Asset Purchase Agreement is available for free at:

        http://bankrupt.com/misc/Sun-Times_Tyree_APA.pdf

Mr. Tyree's group is represented by:

   Goldberg Kohn Bell black Rosenbloom & Moritz, Ltd.
   55 East Monroe Street, Suite 3300
   Chicago Illinois 6603-5792

                       About Sun-Times Media

Sun-Times Media Group, Inc. -- http://www.thesuntimesgroup.com/--
(Pink Sheets: SUTM) owns media properties including the Chicago
Sun-Times and Suntimes.com as well as newspapers and Web sites
serving more than 200 communities across Chicago.  The Company and
its affiliates conduct business as a single operating segment
which is concentrated in the publishing, printing, and
distribution of newspapers in greater Chicago, Illinois,
metropolitan area and the operation of various related Web sites.
The Company also has affiliates in Canada, the United Kingdom, and
Burma.

Sun-Times Media's balance sheet at September 30, 2008, showed
total assets of $479.9 million, total liabilities of
$801.7 million, resulting in a stockholders' deficit of roughly
$321.8 million.

The Company and its affiliates filed for Chapter 11 bankruptcy
protection on March 31, 2009 (Bankr. D. Del. Case No. 09-11092).
James H.M. Sprayregan, P.C., James A. Stempel, Esq., David A.
Agay, Esq., and Sarah H. Seewer, Esq., at Kirkland & Ellis LLP,
assist the Debtors in their restructuring efforts.  Kurtzman
Carson Consultants LLC is the Debtors' claims agent.  As of
November 7, 2008, the Debtors listed $479,000,000 in assets and
$801,000,000 in debts.


TETON ENERGY: Posts $19 Million Net Loss in Quarter Ended June 30
-----------------------------------------------------------------
Teton Energy Corporation posted a net loss applicable to common
shares of $19.09 million for three months ended June 30, 2009,
compared with a net loss of $30.02 million for the same period in
2008.

For six months ended June 30, 2009, the Company posted a net loss
applicable to common shares of $54.60 million compared with a net
loss of $38.25 million for the same period in 2008.

The Company's balance sheet at June 30, 2009, showed total assets
of $60.00 million, total liabilities of $50.90 million and
stockholders' equity of about $9.10 million.

The Company said that there is substantial doubt about its ability
to continue as a going concern.  The Company noted that it plans
to obtain additional capital and credit through alternative
financing arrangements with third parties.  Teton will require
additional sources of capital in order to reinstate a capital
program to develop its leasehold position in the Central Kansas
Uplift and drill the internally generated prospects, or implement
any other business plan intended to maximize the value for its
shareholders, well as for its creditors and other constituents.
However, there is no assurance that the Company's plans could be
consummated on acceptable terms or at all.  The adverse
developments in financial and credit markets during the fourth
quarter of 2008 have continued into 2009 and have made it
difficult to access capital and credit markets, relative to the
efforts that have historically been required in order to raise
capital.

The Company's ability to continue as a going concern is dependent
upon the success of the Company's financial and strategic
alternatives process, which may include the sale of some or all of
the Company's assets, a merger or other business combination
involving the Company or the restructuring or recapitalization of
the Company.  The Company has engaged RBC Richardson Barr as an
investment banker to assist further in the evaluation of the
Company's strategic and financial alternatives.  The Company had
also engaged Barrier Advisors, Inc. as its restructuring advisor,
however, that relationship was terminated effective June 22, 2009.
Until the possible completion of the financial and strategic
alternatives process, the Company's future remains uncertain and
there can be no assurance that the Company's efforts in this
regard will be successful.

A full-text copy of the Company's Form 10-Q is available for free
at http://ResearchArchives.com/t/s?4463

Teton Energy Corporation -- http://www.teton-energy.com/-- is an
independent oil and gas exploration and production company focused
on the acquisition, exploration and development of North American
properties.  The Company's current operations are concentrated in
the prolific Rocky Mountain and Mid-continent regions of the U.S.
Teton has leasehold interests in the Central Kansas Uplift,
eastern Denver-Julesburg Basin in Colorado and the Big Horn Basin
in Wyoming.  Teton is headquartered in Denver, Colorado.


TEXANS CUSO: Blames Ch 11 Bankr. on Market Woes & Litigation
------------------------------------------------------------
Texans CUSO Insurance Group LLC has filed for Chapter 11
bankruptcy protection in Dallas(Bankr. N.D. Tex. Case No. 09-
35981).

According Michelle Samaad at Credit Union Times, Texans CUSO
blamed its collapse a soft insurance market, the recession, the
loss of construction clients, and ongoing litigation expenses.

Credit Union Times says that Texans CUSO had been in a legal fight
with Kevin Curley, the former president of the Company, since
April 2007.  Mr. Curley, according to the report, filed a lawsuit
against Texans CUSO, alleging wrongful termination.  A Texas
arbitrator ruled in July 2008 that Mr. Curley's dismissal from his
post was unjustified and that the complainant was entitled to
$6.3 million in damages, says the report.

Texans CUSO, Credit Union Times relates, said that it is
negotiating a debtor-in-possession financing facility, which
should be finalized shortly.  Credit Union Times says that the DIP
financing will provide an immediate source of funds to Texans
CUSO, allowing it to satisfy on-going expenses associated with the
daily operation of its business.  Texans CUSO said that it has
sufficient cash to operate, as well as the consent of its secured
lender to utilize cash for operational purposes, the report
states.

Credit Union Times reports that Texans CUSO has asked the court's
permission to continue to pay employee wages and salaries, to
provide employee benefits without interruption, and to continue
with its various customer programs.

Citing Texans CUSO, Credit Union Times states that suppliers
should expect to be paid for post-petition purchases of goods and
services in the ordinary course of business.  According to the
report, payments of insurance premiums and commissions to agents
should also continue without interruption.  Texans CUSO said that
insurance policies issued through the Company are unaffected by
the filing, and clients are still insured through their carriers,
the report states.

Texans CUSO said in a statement that it filed for bankruptcy to
resolve its temporary operational and liquidity issues.

Texans CUSO Insurance Group LLC, fka Curley Insurance Group, is a
nonprofit credit union and a subsidiary of Texans Credit Union.

The petition says assets and debt are both less than $50 million.
It owes $14.9 million to the secured lender, Texas Commercial
Capital LLC.


TONY AKINSETE: Meeting of Creditors Scheduled for September 24
--------------------------------------------------------------
The U.S. Trustee for Region 17 will convene a meeting of creditors
in Tony Kukumo Akinsete's Chapter 11 case on Sept. 24, 2009, at
9:00 a.m.  The meeting will be held at the U.S. Trustee office,
501 I Street, Suite 7-500, Sacramento, California.

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.

Sacramento, California-based Tony Kukumo Akinsete dba T K A Rental
Properties and Anthony K. Akinsete filed for Chapter 11 on
Aug. 24, 2009 (Bankr. E.D. Calif. Case No. 09-37940).  Kenrick
Young, Esq., represents the Debtor in its restructuring efforts.
In its petition, the Debtor listed $10,000,001 to $50,000,000 in
assets and $1,000,001 to $10,000,000 in debts.


TONY AKINSETE: Wants Access to Residential Buildings Revenues
-------------------------------------------------------------
Tony Kukumo Akinsete asks the U.S. Bankruptcy Court for the
Eastern District of California for authority to:

   -- use revenues or proceeds generated by his 20 residential
      buildings; and

   -- grant adequate protection to the prepetition lenders.

The Debtor needs immediate use of cash collateral to fund general
operations.

The Debtor proposes a six-week evaluation period where it can
determine whether or not to retain certain properties.  The Debtor
has chosen a limited portfolio of 12 rental properties that he
wishes to keep.  The Debtor needs cash and time to maintain the
status quo while he determines which of the remaining 8 rental
properties belong to the good assets or can be sold for the
benefit of the unsecured creditors.

The Debtor relates that there is a sufficient equity cushion to
protect the lenders from loss.  The Debtor's total assets exceed
$50 million.

                    About Tony Kukumo Akinsete

Sacramento, California-based Tony Kukumo Akinsete dba T K A Rental
Properties and Anthony K. Akinsete filed for Chapter 11 on
Aug. 24, 2009 (Bankr. E.D. Calif. Case No. 09-37940).  Kenrick
Young, Esq., represents the Debtor in its restructuring efforts.
In its petition, the Debtor listed $10,000,001 to $50,000,000 in
assets and $1,000,001 to $10,000,000 in debts.


TRIDENT RESOURCES: Files for Bankruptcy in U.S. and Canada
----------------------------------------------------------
Trident Resources Corp. filed for Chapter 11 bankruptcy protection
in the U.S. (Bankr. D. Del. Case No. 09-13150), citing a drop in
prices and fluctuations in the Canada-U.S. currency exchange rate.
The company listed as much as $10 million in assets and as much as
$1 billion in liabilities.

Trident also sought relief from Canadian creditors.  The
proceedings in Canada were filed under the Companies' Creditors
Arrangement Act in the Court of Queen's Bench in Calgary.

According to Bloomberg News, Trident's debt includes $5.4 million
on letters of credit secured by a first lien and a $500 million
second-lien credit where Credit Suisse Group serves as agent.
There is also a $410 million unsecured term loan and a $136
million subordinated loan.

Revenue in 2008 was $210 million, declining to $84 million during
the first half of 2009.

Calgary, Alberta-based Trident Resources is an unconventional
natural gas exploration and development company principally
focused on CBM in the Western Canadian Sedimentary Basin. In
Alberta, TRC is the leading producer of Mannville CBM natural gas
in Canada achieving and operating the first commercial Mannville
CBM field at Corbett Creek. In addition, TRC is a significant
producer in the Horseshoe Canyon CBM trend.  From these two
resources, Trident produces in excess of 100 million cubic feet
per day of working interest natural gas. In addition, TRC has
high-quality exploration holdings in the Montney shale gas play in
British Columbia and in both the Columbia River and Snake River
basins in the Northwest United States.


UCBH HOLDINGS: Picks Doreen Woo Ho as CEO, Enters Pact With FDIC
----------------------------------------------------------------
The Board of Directors of UCBH Holdings, Inc., the holding company
of United Commercial Bank (Bank), has named Doreen Woo Ho as
acting President and Chief Executive Officer of the Company,
succeeding Thomas S. Wu, who has resigned from the Company and
from its Board.  Chief Operating Officer and former Chief Credit
Officer Ebrahim Shabudin is also resigning from the Company.

The Board has also:

     -- elected Lead Director Joseph J. Jou, who has over 20 years
        of banking experience including as founder and Vice
        Chairman of First Continental Bank, as Chairman;

     -- entered into an agreement with the Federal Deposit
        Insurance Corporation and the California Department of
        Financial Institutions (DFI) to enhance the strength and
        stability of the Bank and its operations;

     -- received and adopted the findings and recommendations of
        the Investigation Subcommittee of the Board Audit
        Committee's independent investigation, which began on
        May 15 enabling the Company to move forward with its
        financial restatement; and

     -- accelerated certain of the Company's capital planning
        initiatives, including a review of all capital raising and
        strategic alternatives to maximize shareholder value.

Chairman of the Board of Directors Joseph J. Jou said, "Doreen Woo
Ho is the right person to lead UCBH through this challenging
period and strengthen the foundation of the Company for our valued
customers, employees and shareholders.  Since joining UCBH in
January 2009, Doreen has provided strong leadership to the
Community Banking organization and since July, to the Commercial
Banking business as well.  Doreen has consistently demonstrated
effective leadership in driving operating performance and value
for clients in a number of executive management roles over more
than 35 years in the banking industry.  The full Board is
confident in Doreen's ability to the lead the Company."

"UCBH has a strong franchise, and we are working intensely to
address our operating challenges and further strengthen our
management team in this difficult economic environment," said Ms.
Ho.  "Together with our regulators -- the FDIC, DFI and the
Federal Reserve -- we are moving forward to put the Bank in a
solid position for the future, while we continue to provide our
customers in the U.S. and China with our high standards of service
and our full range of lending, commercial banking and retail
banking products and services.  As we do this, we are also
pursuing a full range of strategic alternatives to strengthen our
capital foundation and to maximize shareholder value."

Ms. Ho's and Mr. Jou's appointments are subject to final review
and approval by the Company's regulators, who have been informed
of the changes.  In addition, Director Joseph E. Vaez has resigned
from the Board of Directors of the Company for personal reasons,
but will continue to actively advise the Company in a consulting
capacity on risk oversight, credit administration and regulatory
matters.  He will continue to be engaged with the Risk Oversight
Committee, and is expected to be succeeded by Dennis Wu as
Chairman of the Committee.

The Bank also announced that Craig On will continue as Chief
Financial Officer until the Company recruits a new person for that
position.  The Company has requested that Mr. On re-assume his
former position as Deputy Chief Financial Officer at that time.
The Company is also actively engaged in a search for a Chief
Credit Officer.

China Minsheng Banking Corp., Ltd., expressed continued support of
UCBH and the new leadership under Doreen Woo Ho.  China Minsheng
views its investment in UCBH as long term and strategic, evidenced
by the trade finance and other business cooperation activities
between the two banks.  Most recently, China Minsheng has sent 17
training participants to UCBH for training in retail banking and
other departments.  China Minsheng's executive management is also
planning to visit UCBH in late September to further discuss and
enhance the strategic cooperation between the two banks.

                    Agreement with FDIC & DFI

The Bank also announced that it has entered into a consent
agreement with the FDIC and the DFI on September 3, relating to
the issuance of an Order to Cease and Desist.  This order formally
outlines specific steps the Bank must undertake to strengthen its
policies and procedures and enhance the soundness of the Bank.

The Agreement requires that the Bank perform an assessment of
management and address weaknesses in management policies and
practices, Board supervision, adequacy of capital, loan valuation
reserves, loan quality, lending and collections practices,
operational issues, liquidity and compliance.

Under the Agreement, the Bank will also submit a written three-
year strategic plan and profitability plan to the FDIC and the
DFI, notify both agencies in advance of any director and
management changes, and obtain prior written consent of both
agencies before opening new branches.  The Agreement also requires
the Company to obtain prior approval from its regulators before
paying dividends to shareholders.

Working in close consultation with its regulators, the Company and
the Bank have already taken a number of specific actions to
address many of the issues identified in the Agreement, as the
Company works to complete its financial restatement.  These
include:

     -- Establishing the Risk Oversight Committee of the Company's
        Board of Directors;

     -- Implementing the Company's comprehensive capital plan,
        including the engagement of a financial advisor;

     -- Suspending and/or deferring the cash dividends on the
        Company's common and preferred stocks, and deferred
        interest payments on its trust preferred securities;

     -- Completing a reassessment of the Bank's credit risk
        profile and building an appropriate loan loss allowance in
        the second quarter of  2009;

     -- Executing on strategies to improve credit quality and to
        develop core business performance, including executing
        nonperforming asset disposition strategies; and

     -- Initiating steps associated with its strategic plan,
        including strengthening the Bank's Community Banking and
        Commercial Banking businesses in the U.S to improve
        profitability.

The Company expects to finalize a similar agreement with the
Federal Reserve Bank of San Francisco (FRB) by the end of the
third quarter of 2009.

While the plan is being implemented, the Bank is also
participating in the FDIC's Transaction Account Guarantee Program
in which all funds in non-interest bearing transaction deposit
accounts are 100% insured.  These accounts include: all personal
and business checking deposit accounts that do not earn interest,
Demand Deposit (DDA) accounts, low-interest NOW accounts (NOW
accounts that cannot earn more than 0.5% interest) and Lawyer
Trust IOLTA accounts.  This insurance coverage on non-interest
bearing transaction accounts is over and above the $250,000
coverage already provided to customers.  The FDIC recently
announced that this coverage will be extended through June 30,
2010.

All customers' deposits in UCB's Hong Kong Branch are fully
guaranteed, with no maximum limit, by the Hong Kong government
until the end of 2010.

           Conclusion of Independent Investigation

The Investigation Subcommittee of the Board Audit Committee has
completed its previously disclosed independent investigation
regarding the recognition of impairment losses on nonperforming
loans and other real estate owned (OREO) assets.  This represents
an important step forward for UCBH and enables the Company to
complete its financial restatement as soon as practicable.

The Subcommittee's report identified problems resulting both from
weaknesses in the Bank's internal controls, consistent with the
material weakness previously reported, and from deliberate and
improper actions and omissions of certain Bank Officers.  The
report concluded that those problems were driven by an apparent
desire to downplay deteriorating financial conditions by delaying
or abating risk rating downgrades and minimizing the Bank's
overall loan loss allowance.

Key findings include instances of:

     -- Inappropriate modification of loan terms to delay negative
        consequences, including extending terms, lowering interest
        rates and improper use of interest reserve accounts;

     -- Delay in recognition of risk rating downgrades and
        specific reserves;

     -- Misrepresentation or omission of relevant information in
        communications with the Bank's Finance Department and with
        UCBH's independent auditors, KPMG LLP; and

     -- Modification of documents.

The report raised serious concerns regarding the actions of a
number of current and former Officers at various levels of the
Bank's management.  The Board and management are addressing the
concerns expressed by the Subcommittee through appropriate
actions, which include additional training, reprimands, re-
assignments and, in some instances, termination of employment.

On September 4, 2009, the UCBH Board of Directors adopted the
findings and recommendations of the Subcommittee.  In addition,
the Subcommittee has advised that, later this week, it will
provide additional recommendations relating to controls and
procedures to address the matters described above.

                  Business and Capital Update

The Company also provided an update to certain operating and
financial performance information for the second quarter of 2009
previously disclosed on August 6.  The financial information
provided in this release is subject to the implementation of the
recommendations in the Subcommittee's report and the Company's
financial restatement.

     -- Reflecting credit loss assumptions associated with
        management's ongoing review of the loan portfolio, the
        Company expects that its  provision for loan losses for
        the second quarter will be in a range of  $360 million to
        $390 million.

     -- Net loan charge-offs for the second quarter of 2009 remain
        estimated in a range of $275 million to $300 million.

     -- The allowance for loan losses is estimated to be in a
        range of $395 million to $415 million, or approximately
        5.0% of total loans at June 30, 2009.

     -- The Company's estimate of approximately $101 million in
        sales of nonperforming and other assets during the quarter
        remains unchanged.

     -- Nonperforming assets are estimated to be in a range of
        $985 million to $995 million at June 30, 2009.

     -- Total loan delinquencies for the second quarter of 2009
        are estimated to decline by approximately $148 million, or
        57.6%, from 3.13% of total loans in the first quarter of
        2009 to 1.17% of total loans in the second quarter of
        2009.

     -- Net interest income on a tax-equivalent basis is estimated
        at $70.6 million for the second quarter of 2009.

The Company will be establishing a deferred tax asset valuation
allowance and is anticipating a goodwill impairment.  Such
deferred tax asset valuation allowance and goodwill impairment
will be reflected in the Company's financial position as of
June 30, 2009.  The deferred tax asset valuation allowance is
estimated to be in the range of $315 million to $340 million.  The
goodwill impairment is currently under analysis and has not been
finalized, but the amount is expected to be material.

These updates reflect changes to some of the information included
as part of the Company's FRY-9C regulatory "Call Report" for the
period ended June 30, 2009.  The Company will file amended Call
Reports for all periods impacted by the financial restatement once
it has concluded its financial restatement efforts.

As announced on July 14, 2009, UCBH has engaged a financial
advisor to develop a comprehensive capital plan for a variety of
scenarios, and has begun executing a multi-step strategy to
significantly increase its tangible common equity levels,
including a review of all capital raising and strategic
alternatives to maximize shareholder value.

                    About UCBH Holdings, Inc.

UCBH Holdings, Inc. -- http://www.ucbh.com-- is the holding
company for United Commercial Bank, a state-chartered commercial
bank, which is a leading bank in the United States serving the
Chinese communities and American companies doing business in
Greater China.  Together, the Bank and its subsidiaries, including
United Commercial Bank (China) Limited, operate 50 California
branches/offices located in the San Francisco Bay Area,
Sacramento, Stockton, Los Angeles and Orange counties, nine
branches in New York, five branches in metropolitan Atlanta, three
branches in New England, two branches in the Pacific Northwest, a
branch in Houston, branches in Hong Kong, Shanghai and Shantou,
China, and representative offices in Beijing, Guangzhou and
Shenzhen, China, and Taipei, Taiwan.  UCB, with headquarters in
San Francisco, provides commercial banking services to small- and
medium-sized businesses and professionals in a variety of
industries, as well as consumer and private client services to
individuals.  The Bank offers a full range of lending activities,
including commercial real estate and construction loans,
commercial credit facilities, international trade finance, asset-
based financing, cash management, loans guaranteed by the U.S.
Small Business Administration, commercial, multifamily and
residential mortgages, home equity lines of credit, and online
banking services for businesses and consumers.

As reported by the TCR on August 18, 2009, Fitch Ratings
downgraded the long-term Issuer Default Ratings of UCBH Holdings,
Inc., and its bank subsidiary, United Commercial Bank, to 'CC'.


UNIGENE LABORATORIES: Needs Add'l Cash to Keep Operations
---------------------------------------------------------
"We need additional cash from increases in Fortical(R) sales or
royalties, milestones from existing agreements or upfront payments
from new agreements or from financings in order to meet our near-
term obligations.  These factors, among others, raise substantial
doubt about our ability to continue as a going concern," Unigene
Laboratories, Inc., warned in a regulatory filing last month.

The Company said net loss for the three months ended June 30,
2009, increased roughly $2,259,000, or 188%, to $3,460,000 from
$1,201,000 for the corresponding period in 2008.  This was due to
a reduction in revenue of $681,000, as well as increases in
operating expenses of $801,000 and in interest expense of
$806,000.  Net loss for the six months ended June 30, 2009
increased roughly $3,680,000, or 120%, to $6,735,000 from
$3,055,000 for the corresponding period in 2008.  This was
primarily due to a reduction in sales to USL of $1,248,000, as
well as an increase in interest expense of $1,547,000 and an
increase in research, development and facility expense of
$1,211,000.  These were partially offset by a decrease in cost of
goods sold of $1,635,000 due to reduced Fortical sales to USL, as
well as our more efficient manufacturing process.

The Company said it has incurred annual losses since inception.
As a result, at June 30, 2009, it had an accumulated deficit of
roughly $136,000,000.  The Company's gross revenues for the six
months ended June 30, 2009, and the years ended December 31, 2008,
2007 and 2006 were $7,488,000, $19,229,000, $20,423,000 and
$6,059,000, respectively.

At June 30, 2009, the Company had $27,691,179 in total assets and
$52,563,482 in total liabilities, resulting in $24,872,303 in
stockholders' deficit.  At June 30, 2009, the Company had cash and
cash equivalents of $4,599,000, a decrease of $3,985,000 from
December 31, 2008 primarily due to expenditures related to its
upcoming Phase III clinical trial for oral calcitonin.  The
Company had working capital of $10,468,000.

On September 30, 2008, the Company entered into a financing
agreement with Victory Park pursuant to which it borrowed
$15,000,000 from Victory Park and, in connection therewith, it
issued to Victory Park a three-year senior secured non-convertible
term note and 1,125,000 shares of common stock.  The Company
received net proceeds of $14,372,000 after fees and closing
expenses.

In May 2009, the Company issued an additional $5,000,000 of term
notes to affiliates of Victory Park, along with 375,000 shares of
common stock, under the same terms as the previous notes.  It
received net proceeds of $4,803,000 after fees and closing
expenses.  Other cash received during the second quarter of 2009
was primarily from Fortical sales and royalties received under the
Company's agreement with Upsher-Smith Laboratories, Inc.

The Company's independent registered public accounting firm has
added an explanatory paragraph to their audit opinion issued in
connection with the financial statements for each of the years
ended December 31, 2008, 2007 and 2006 concerning the substantial
doubt about our ability to continue as a going concern.

A full-text copy of the Company's quarterly report on Form 10-Q is
available at no charge at http://ResearchArchives.com/t/s?420a

The Company has filed registration statement on Form S-8 to
register an additional 2,000,000 shares of Common Stock under the
2006 Stock-Based Incentive Compensation Plan.  The original
registration statement on Form S-8 for the Plan registered
3,000,000 shares of Common Stock.  A copy of the Form S-8 is
available at no charge at http://ResearchArchives.com/t/s?447a

                           About Unigene

Unigene Laboratories, Inc. -- http://www.unigene.com/-- is a
biopharmaceutical company focusing on the oral and nasal delivery
of large-market peptide drugs.  Unigene has licensed the U.S.
rights for Fortical to Upsher-Smith Laboratories, worldwide rights
for its oral PTH technology to GlaxoSmithKline and worldwide
rights for its calcitonin manufacturing technology to Novartis.


VICTORIA FINANCE: To Liquidate $8.4 Billion of Holdings
-------------------------------------------------------
Victoria Finance Ltd., plans to liquidate its $8.4 billion of
holdings in an auction this month, Jody Shenn and Sarah Mulholland
at Bloomberg report, according to people familiar with the matter.
The notes to be sold Sept. 25 include $4.3 billion of
collateralized debt obligations, $2.3 billion of residential
mortgage-backed securities and almost $500 million of corporate
bonds, according to a list obtained by Bloomberg News.

The auction will help investors gauge demand for "non-agency"
home-loan bonds and other structured debt after Wall Street banks
"spent the summer" supporting higher values by boosting their
holdings amid sales by hedge funds, Bloomberg said, citing David
Castillo, a senior managing director at broker Further Lane
Securities.

Bloomberg recalls that as subprime-mortgage losses began mounting
in August 2007, SIVs such as Victoria Finance and Whistlejacket
Capital Ltd., which liquidated some assets this April, found
investors unwilling to buy the short-term debt they used to
finance holdings of higher-yielding notes on concern they owned
assets linked to defaulting home loans.

                      About Victoria Finance

Victoria Finance was a structured investment vehicle established
by Ceres Capital Partners.  Victoria is a bankruptcy-remote
company set up for the purposes of financing highly rated debt
securities and other debt-like financial assets through the
issuance of unrated capital notes and United States CP and MTNs.

Management of Victoria Finance was transferred to the Collateral
Agent, Deutsche Bank Trust Company Americas, when Victoria entered
enforcement on January 8, 2008.

Victoria Finance carries a "D" issuer credit ratings from Standard
& Poor's.  S&P issued those ratings after Victoria Finance
defaulted on its commercial paper that matured in January 2010,
that led to the SPV going into enforcement mode.

As of January 2008, Victoria Finance's debt investors included the
King County Investment Pool, one of the largest investment pools
in Washington state, which invested cash reserves for all the
municipality's agencies and about 100 special districts and other
government entities such as school, fire, sewer and water
districts, and other public authorities, according to a Standard &
Poor's statement at the time.


VICTORIA FINANCE: Deutsche Bank to Auction Off Collateral
---------------------------------------------------------
Deutsche Bank Trust Company, as collateral agent, will conduct a
public sale of all or portion of the securities pledged by
Victoria Finance Ltd. and Victoria Finance LLC.

A detailed list of the collateral is electronically posted at the
Web site https://tss.sfs.db.com/investpublic

The auction will be held September 25, 2009, beginning 9:00 a.m.
(New York time) at the offices of Deutsche, 60 Wall Street, New
York, NY 10005.

Stone Tower Debt Advisors has been retained as the auction agent.
The auction agent will accept binding bids until September 25.

Questions and inquiries must be addressed to:

     Dan Castaline
     Telephone: 212-584-5606
     E-mail: Dcastaline@stonetowercapital.com

     Charles Pettinato
     Telephone: 212-584-5609
     E-mail: cpettinato@stonetowercapital.com

                      About Victoria Finance

Victoria Finance was a structured investment vehicle established
by Ceres Capital Partners.  Victoria is a bankruptcy-remote
company set up for the purposes of financing highly rated debt
securities and other debt-like financial assets through the
issuance of unrated capital notes and United States CP and MTNs.

Management of Victoria Finance was transferred to the Collateral
Agent, Deutsche Bank Trust Company Americas, when Victoria entered
enforcement on January 8, 2008.

Victoria Finance carries a "D" issuer credit ratings from Standard
& Poor's.  S&P issued those ratings after Victoria Finance
defaulted on its commercial paper that matured in January 2010,
that led to the SPV going into enforcement mode.

As of January 2008, Victoria Finance's debt investors included the
King County Investment Pool, one of the largest investment pools
in Washington state, which invested cash reserves for all the
municipality's agencies and about 100 special districts and other
government entities such as school, fire, sewer and water
districts, and other public authorities, according to a Standard &
Poor's statement at the time.


WENTWORTH ENERGY: Remains in Default of Sr. Notes and Debentures
----------------------------------------------------------------
Wentworth Energy, Inc., remains in default of the terms of its
senior secured convertible notes and its convertible debentures
due to insufficient funds to make required payments on the debt.
The senior secured convertible note holders and convertible
debenture holders have denied further waiver of the default and
deferral of the interest payments.  Under the terms of the senior
secured convertible notes, the interest rate escalated from 9.15%
to 15% per annum effective on the date of the default.  Interest
on the convertible debentures continues to accrue at 10% per
annum.

The Company said as of June 30, 2009, Convertible debentures
payable total $1,210,473; while Senior secured convertible notes
payable total $53,776,572.

"We have not paid the quarterly interest payments on our senior
secured convertible notes of roughly $1.32 million for the quarter
ended September 30, 2008, and roughly $1.85 million per quarter
during each of the subsequent three quarters.  Payments of
interest were due to the holders of our senior secured convertible
notes on October 1, 2008, January 1, 2009, April 1, 2009, and
July 1, 2009.  We do not have sufficient funds to make these
payments.  With respect to the senior secured convertible notes,
we were granted a forbearance and deferral of interest payment
until January 1, 2009.  Since January 1, 2009 the note holders
have declined to grant further waivers of default and deferrals of
the quarterly interest payments and accordingly, we are in default
of the terms of the notes," the Company said.

The Company said there is substantial doubt about its ability to
continue as a going concern as a result of the default as well as
its significant, recurring losses from operations, and its working
capital deficiency.

The Company said its ability to continue as a going concern is
dependent upon achieving profitable operations, receiving
deferrals of the interest payments due and a waiver of its
defaults of the amended debt agreements from its senior secured
convertible note holders and convertible debenture holder, and
injection of additional capital.  The outcome of these matters
cannot be predicted at this time.  Management of the Company is
actively seeking potential partners who possess the necessary
resources to assist the Company in developing its remaining
properties in order to secure additional funds through lease
bonuses and overriding royalty interests.

The Company experienced net losses of $1.5 million and
$5.3 million for the three-month and six-month periods ended
June 30, 2009, respectively, compared to net income of
$6.0 million and $7.0 million for the three months and six months
ended June 30, 2008.  The decrease in net income was principally
due to the decrease in the non-cash gain on the derivative
liabilities as a result of the change in their fair values.

Revenue from oil and gas sales was $134,820 for the three months
ended June 30, 2009, compared to $142,139 for the three months
ended June 30, 2008.  Although production was higher during this
quarter in 2009 due to remedial work done on the Shiloh #3 well
completed in June 2008, it was offset by lower oil and gas prices
in 2009.  Total oil and gas revenue for the three months ending
June 30, 2009, was derived primarily from royalties of roughly
$28,000 and production from Shiloh #1 and #3 of roughly $107,000.

Revenue from oil and gas sales was $325,228 for the six months
ended June 30, 2009, compared to $220,252 for the six months ended
June 30, 2008.  The increase in production revenue was primarily
due to the completion of remedial work done on the Shiloh #3 well
and its perforation of the higher Rodessa zone in June 2008.  The
recompletion work on Shiloh #3 resulted in higher production in
subsequent periods.  Total oil and gas revenue for the six months
ending June 30, 2009, was derived from royalties of roughly
$43,000 and production from Shiloh #1 and #3 of roughly $282,000.

The Company also disclosed these developments during the six
months ended June 30, 2009:

     a) The Company paid management and consulting fees to its
        Directors, persons related to Directors or entities
        controlled by Directors.  The total expense for these fees
        during the six months ended June 30, 2009, was $198,986.

     b) As of June 30, 2009, the Company had an account receivable
        of $7,974 due from an entity owned by a former President
        and current director of the Company.  During the fourth
        quarter of 2008, the Company determined that it was
        overpaying overriding royalties to Roboco Energy, Inc., a
        corporation owned by Mike Studdard, the Company's former
        President and a current director. As a result, the Company
        recorded an account receivable for the overpayment.  This
        overpayment will be deducted from future overriding
        royalties.

     c) The Company paid overriding royalties to a corporation
        controlled by a director or a director's family member.
        The total overriding royalties paid to these parties
        during the six months ended June 30, 2009, was $6,247.

A full-text copy of the Company's quarterly report on Form 10-Q is
available at no charge at http://ResearchArchives.com/t/s?4466

Wentworth Energy, Inc., is an exploration and production company
engaged in oil and gas exploration and production in East Texas.
The Company's strategy is to lease all of its property in exchange
for royalty interests and working interest participation in
shallow zones.


WEST HAWK: Expects Losses to Continue Through 2010
--------------------------------------------------
West Hawk Development Corp. on Wednesday said it has released its
audited annual financial results for the year ended April 30,
2009.

Net loss for the year was $32.2 million, or $0.22 per share,
resulting in an accumulated deficit of $65.2 million. These
compare with a net loss of $4.7 million, or $0.07 per share for
the prior year.  The net loss includes a non-cash impairment of
assets in the amount of $33.9 million. The impairment relates to a
write-down of the Figure Four Natural Gas project. As of April 30,
2009, the Company has a working capital deficit of $17.5 million.
The Company expects losses to continue through 2010.

Mr. Gonzalo Torres Macchiavello, President and CEO, commented,
"Oil and gas prices have fallen sharply during 2008 and 2009. The
worldwide financial crisis, the low natural gas prices in the
United States and the moderate reduction in the drilling,
completion and operational expenses have decreased the Company's
expectations regarding an accelerated development pace of the
project.  These facts together with the shut-down of production at
the Figure Four property since December 2008 caused a reduction in
the projected forecast performance as disclosed in the independent
2009 NI 51-101 report recently filed.  The Company also took into
consideration the restricted access to funding due to the current
market condition."

"The Company recently announced US$1.8 million DIP financing
(Debtor in Possession Financing) as part of its natural gas
project reorganization process. The funds will be used primarily
to bring the existing 8 wells on line. We also recently announced
a $2.5 million equity financing. These funds will be used for the
development of the Groundhog project and general working capital.
If these transactions complete, we are optimistic in our ability
to continue moving the Company in the right direction," Mr.
Macchiavello said.

West Hawk Development Corp. -- http://www.westhawkdevelopment.com/
-- is focused on providing valuable, high-demand energy products
from a variety of sources.  Assets include the Figure Four natural
gas property located in the Piceance Basin, Colorado, being
developed under a drilling and development agreement and the
Groundhog coal property located in northwest British Columbia.

West Hawk Energy USA, LLC, in Englewood, Colorado, filed for
Chapter 11 on December 18, 2008 (Bankr. D. Colo. 08-30241).  Judge
Michael E. Romero presides over the case.  Cecilia Kupchik, Esq.,
at Kupchik Rossi LLC, in Denver, Colorado, represents the Debtor.
When it filed for bankruptcy, the Debtor disclosed assets and
debts ranging from $10 million to $50 million.


WILLIAM TURNER: U.S. Trustee Sets Meeting of Creditor for Oct. 1
----------------------------------------------------------------
The U.S. Trustee for Region 21 will convene a meeting of creditors
in William Deane Turner, III's Chapter 11 case on Oct. 1, 2009, at
1:30 p.m.  The meeting will be held at the U.S. Courthouse Federal
Bldg., 2110 First Street 2-101, Fort Myers, Florida.

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.

Fort Myers, Florida-based William Deane Turner, III filed for
Chapter 11 on Aug. 24, 2009 (Bankr. M.D. Fla. Case No. 09-18615.)
Richard Johnston Jr., Esq. at Fowler, White, Boggs, P.A.
represents the Debtor in his restructuring effort.  In its
petition, the Debtor listed total assets of $10,926,183 and total
debts of $2,929,976.


WL HOMES: Binswanger and The Flynn Arrange Sale of 22 Properties
----------------------------------------------------------------
Binswanger and The Flynn Company, as marketing advisors on behalf
of George L. Miller, Chapter 7 Trustee charged with the
liquidation of the assets of residential home builder WL
Homes/John Laing Homes, are pleased to announce that the Trustee
has awarded twenty-two of an initial pool of thirty-three
properties to winning bidders. Aggregate purchase price was
approximately $52 million.

Binswanger and The Flynn Company conducted an accelerated
marketing timeline mandated by the scheduling requirements of the
bankruptcy court. In less than two weeks, the marketing advisors
gathered and distilled information on the 33 residential
development properties offered for sale and were able to launch an
aggressive web and media-based marketing campaign that resulted in
almost 600 registered investors and 90 distinct offers in the
first round of bidding. Bidders ranged from local and regional
real estate investment firms to some of the largest publicly
traded national builders and developers.

Al Ciardi III, Esq., Managing Partner of Ciardi, Ciardi & Astin,
the law firm that represented the Trustee as its counsel during
this bid and sale process said, "We were delighted with the speed
at which Binswanger and Flynn were able to get the process up and
running. In these situations, exposure to a diverse group of
investors across all of the geographies involved was critical and
we were delighted with the amount of interest that we received."

Seventeen properties were sold as part of a stalking horse bid to
EJL Homes LLC, a wholly-owned subsidiary of EMAAR America
Corporation. The remaining five properties were awarded to a
diverse group of investors who participated in the bid process.
The properties are located in California, Colorado, Maryland,
Texas and Utah. The California properties include Sacramento,
Palmdale, Newport Beach, Playa Vista, San Clemente, Santa Clarita,
Santa Ana, Irvine, San Diego, Antelope, Sunnyvale and Folsom. The
locations in Colorado are Commerce City, Denver, Aurora, Colorado
Springs and Erie. The remaining properties are in Wheaton,
Maryland; Spring, Texas; and Grantsville, Utah.

Bids on the remaining eleven properties are still being reviewed
and considered by the Trustee. The properties are located in Port
Hueneme, Fullerton, Marina Del Ray, Sun City and Vallejo, CA;
Denver and Erie, CO; and Humble, TX.

None of the remaining eleven properties are subject to the EMAAR
stalking horse bid, meaning that the Trustee is free to sell any
of these properties at an acceptable price without any obligation
to EMAAR. It is not expected that EMAAR wants any continuing
interest in the remaining properties.

Ciardi, Ciardi & Astin, headquarted in Philadelphia, PA
specializes in commercial bankruptcy and reorganization,
commercial litigation, debtor and creditor rights, corporate
transactions, general litigation and real estate matters.

George L. Miller, the Chap. 7 Trustee, is a founding principal in
the CPA firm of Miller Coffey Tate, LLP, a full service
independent accounting firm which has extensive experience working
with companies in financial difficulty, especially reorganizations
under Chapter 11 and Chapter 7 of the Bankruptcy Code. Litigation
support and forensic accounting investigations also represent a
significant portion of the firm's practice.

Headquartered in Philadelphia, Pa., Binswanger is an international
full-service real estate organization with offices worldwide
throughout the U.S.A., Canada, Mexico and South America, the U.K.
and Europe, the Middle East, and Asia.

The Flynn Company is a full-service commercial real estate firm
headquartered in Philadelphia, Pa. The Flynn Company offers
comprehensive services including investment sales, leasing,
property management, asset management, property maintenance,
tenant representation, acquisition, disposition, and finance.

                          About WL Homes

Headquartered in Irvine, California, WL Homes LLC is a homebuilder
doing business as John Laing Homes.  John Laing traces its history
to 1848, when its predecessor was a U.K. homebuilder.  WL Homes
was formed in 1998 when John Laing merged with Watt Homes.

WL Homes and five of its affiliates filed for Chapter 11
protection on February 19, 2009 (Bankr. D. Del. Lead Case No. 09-
10571).  Laura Davis Jones, Esq., and Timothy P. Cairns, Esq., at
Pachulski Stang Ziehl & Jones LLP, represent the Debtors' in their
restructuring efforts.  Ashby & Geddes represents the Official
Committee of Unsecured Creditors.  In its bankruptcy petition, WL
Homes listed assets of more than $1 billion, and debts between
$500 million and $1 billion.

As reported in the TCR on June 10, 2009, the Bankruptcy Court
converted WL Homes LLC and its debtor affiliates' Chapter 11 cases
to cases under Chapter 7 liquidation, at the request of the
official committee of unsecured creditors.


WR GRACE: Bankruptcy Court Begins Final Phase of Plan Hearings
--------------------------------------------------------------
Judge Judith Fitzgerald of the U.S. Bankruptcy Court for the
District of Delaware commenced on September 8, 2009, Phase II of
the hearing to consider confirmation of the Joint Plan of
Reorganization filed by W.R. Grace & Co. and its debtor
affiliates, the Official Committee of Equity Security Holders, the
Official Committee of Asbestos Personal Injury Claimants, and the
Asbestos PI Future Claims Representative.

The Phase II Plan Confirmation Hearing is expected to last until
September 17, 2009.  Judge Fitzgerald, who has presided over the
Debtors' Chapter 11 cases since December 2001, conducted Phase I
of the Plan Confirmation Hearing from June 22-23, 2009.

Judge Fitzgerald, in the final round of confirmation hearings,
will
address the objections of:

    (i) parties classified under the Plan as Holders of Indirect
        Personal Injury or Property Damage Trust Claims,
        including insurers as Holders of Indirect PI or PD Trust
        Claims with respect to those Claims;

   (ii) the objections of the Libby Claimants; and

  (iii) any other confirmation objections not addressed and
        resolved in Phase I.

Phase I addressed (i) whether the Plan improperly affects the
rights of Debtors' insurers, (ii) the standing of the Debtors'
insurers to litigate confirmation objections that involve the
insurers' issues; and (iii) the confirmation objections raised on
behalf of and specific to lenders under the Prepetition Credit
Facilities and other Class 9 creditors with respect to impairment.

The weeks prior to the Phase II hearing, parties-in-interest in
the Debtors' bankruptcy cases exchanged requests for production of
documents and deposition of experts and witnesses.  Parties-in-
interest have also filed pre- and post-trial briefs encapsulating
their arguments for and against the proposed Plan.

In early June 2009, BMC Group, Inc., the Debtors' voting and
solicitation agent, reported that holders of more than one-half in
number of holders of claims that are impaired under the Plan and
at least two-thirds in amount of those impaired claims voted to
accept the Plan.

Impaired classes who voted to accept or reject the Plan include
Class 6 Asbestos Personal Injury Claims, Class 7B US Zonolite
Attic Insulation Property Damage Claims, Class 8 Canadian ZAI PD
Claims, and Class 10 Equity Interest in the Parent.  Holders of
Class 7A Asbestos PD Claims are unimpaired but their votes were
solicited for purposes of Section 524(g) of the Bankruptcy Code.
Mr. Martin says the result constitutes at least 75% in number for
classes voting for purposes pursuant to Section 524(g).

More than one-half in number of claimants holding Class 9 General
Unsecured Claims voted to accept the Plan but the provisional vote
did not obtain the requisite two-thirds dollar amount for
acceptance.  Class 9 is unimpaired but their provisional vote was
solicited pursuant to the Plan.

Class 1 Priority Claims, Class 2 Secured Claims, Class 3 Employee
Benefit Claims, Class 4 Workers' Compensation Claims, Class 5
Intercompany Claims, and Class 11 Equity Interest in Debtors other
than the Parent are unimpaired under the Plan.  Holders of the
unimpaired classes of claims were deemed to have accepted the
Plan and were not entitled to vote, and their votes were not
solicited.

                         About W.R. Grace

Headquartered in Columbia, Maryland, W.R. Grace & Co. (NYSE:GRA)
-- http://www.grace.com/-- supplies catalysts and silica
products, especially construction chemicals and building
materials, and container products globally.

The Company and its debtor-affiliates filed for Chapter 11
protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139).
David M. Bernick, P.C., Esq., at Kirkland & Ellis, LLP, and Laura
Davis Jones, Esq., at Pachulski Stang Ziehl & Jones, LLP,
represent the Debtors in their restructuring efforts.  The Debtors
hired Blackstone Group, L.P., for financial advice.
PricewaterhouseCoopers LLP is the Debtors' accountant.  Stroock &
Stroock & Lavan, LLP, and Duane Morris, LLP, represent the
Official Committee of Unsecured Creditors.  The Creditors
Committee tapped Capstone Corporate Recovery LLC for financial
advice.  David T. Austern, the legal representative of future
asbestos personal injury claimants, is represented by Orrick
Herrington & Sutcliffe LLP and Phillips Goldman & Spence, PA.
Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, and Marla
R. Eskin, Esq., at Campbell & Levine, LLC, represent the Official
Committee of Asbestos Personal Injury Claimants.  The Asbestos
Committee of Property Damage Claimants tapped Scott Baena, Esq.,
and Jay M. Sakalo, Esq., at Bilzin Sumberg Baena Price & Axelrod,
LLP, to represent it.  Thomas Moers Mayer, Esq., at Kramer Levin
Naftalis & Frankel, LLP, represents the Official Committee of
Equity Security Holders.

As reported by the Troubled Company Reporter on March 11, 2009,
the Bankruptcy Court approved the disclosure statement explaining
the First Amended Chapter 11 Joint Plan of Reorganization filed by
W.R. Grace and its debtor affiliates, the Official Committee of
Asbestos Personal Injury Claimants, the Asbestos PI Future
Claimants' Representative and the Official Committee of Equity
Security Holders, and authorized Grace to begin soliciting plan
votes.

The Chapter 11 plan is built around an April 2008 settlement for
all present and future asbestos personal injury claims, and a
subsequent settlement for asbestos property damage claims.

Bankruptcy Creditors' Service, Inc., publishes W.R. Grace
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by W.R. Grace, W.R. Grace Co. - Conn. and their
affiliates.  (http://bankrupt.com/newsstand/or 215/945-7000)


WR GRACE: Libby Claimants Appeal Arrowood Settlement
----------------------------------------------------
In separate notices filed with the Court, BNSF Railway Company and
the Libby Claimants said that they are taking an appeal from Judge
Fitzgerald's order approving in all respects, the settlement and
mutual release agreement with Arrowood Indemnity Company, as
corporate successor-in-interest to Royal Indemnity Company,
Arrowpoint Capital Corp., and Royal Indemnity Company.

The settlement and mutual release agreement, which pertains to
late-year excess policies allegedly issued by Royal to certain of
the Debtors on account of asbestos-related claims, provides that
Arrowood pay a settlement amount reflecting alleged liabilities
for amounts one or more of the Debtors are or may become liable
for certain asbestos claims.

BNSF wants the District Court to determine if the Bankruptcy Court
erred:

  * in refusing to defer consideration of the Settlement with
    mutual release between the Debtors and the Royal Parties
    to the Confirmation Hearing;

  * by approving the Settlement despite it constituting a sub
    rosa Plan of Reorganization;

  * by finding that BNSF Railway Company did not have rights in
    the insurance policies that are the subject of the
    Settlement that could not be compromised without BNSF's
    Consent;

  * by approving the Settlement that contained releases that
    operate as non-consensual third party non-debtor releases;

  * by finding that the Settlement was fair and equitable as to
    BNSF, in light of the separate policy limits, which have no
    annual aggregate limits; and

  * by finding that the Settlement was fair and equitable as to
    BNSF, where the Settlement extinguishes the duty to defend
    BNSF at the insurers' expense with no effect upon the
    Debtors.

The Libby Claimants submitted to the Court documents to be
included in the record on Appeal.

                         About W.R. Grace

Headquartered in Columbia, Maryland, W.R. Grace & Co. (NYSE:GRA)
-- http://www.grace.com/-- supplies catalysts and silica
products, especially construction chemicals and building
materials, and container products globally.

The Company and its debtor-affiliates filed for Chapter 11
protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139).
David M. Bernick, P.C., Esq., at Kirkland & Ellis, LLP, and Laura
Davis Jones, Esq., at Pachulski Stang Ziehl & Jones, LLP,
represent the Debtors in their restructuring efforts.  The Debtors
hired Blackstone Group, L.P., for financial advice.
PricewaterhouseCoopers LLP is the Debtors' accountant.  Stroock &
Stroock & Lavan, LLP, and Duane Morris, LLP, represent the
Official Committee of Unsecured Creditors.  The Creditors
Committee tapped Capstone Corporate Recovery LLC for financial
advice.  David T. Austern, the legal representative of future
asbestos personal injury claimants, is represented by Orrick
Herrington & Sutcliffe LLP and Phillips Goldman & Spence, PA.
Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, and Marla
R. Eskin, Esq., at Campbell & Levine, LLC, represent the Official
Committee of Asbestos Personal Injury Claimants.  The Asbestos
Committee of Property Damage Claimants tapped Scott Baena, Esq.,
and Jay M. Sakalo, Esq., at Bilzin Sumberg Baena Price & Axelrod,
LLP, to represent it.  Thomas Moers Mayer, Esq., at Kramer Levin
Naftalis & Frankel, LLP, represents the Official Committee of
Equity Security Holders.

As reported by the Troubled Company Reporter on March 11, 2009,
the Bankruptcy Court approved the disclosure statement explaining
the First Amended Chapter 11 Joint Plan of Reorganization filed by
W.R. Grace and its debtor affiliates, the Official Committee of
Asbestos Personal Injury Claimants, the Asbestos PI Future
Claimants' Representative and the Official Committee of Equity
Security Holders, and authorized Grace to begin soliciting plan
votes.

The Chapter 11 plan is built around an April 2008 settlement for
all present and future asbestos personal injury claims, and a
subsequent settlement for asbestos property damage claims.

Bankruptcy Creditors' Service, Inc., publishes W.R. Grace
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by W.R. Grace, W.R. Grace Co. - Conn. and their
affiliates.  (http://bankrupt.com/newsstand/or 215/945-7000)


WR GRACE: Settles Environmental Claims of Cambridge, et al.
-----------------------------------------------------------
W.R. Grace & Co., Inc., and its units notify the Court that they
have reached separate stipulations with (i) the City of Cambridge,
Massachusetts, (ii) the Massachusetts Bay Transportation
Authority, and (iii) Perini Corporation, as claimants, as well as
the Joint Venture of J.F. White Contracting Company/Morrison
Knudsen Company/Mergentime Corporation and Sverdrup & Parcel and
Associates, Inc., and its parent Jacobs Engineering Group, Inc.,
to resolve the companies' environmental claims in the Debtors'
cases.

The stipulations provide that:

  (1) City of Cambridge's Claim No. 4720 will be allowed as an
      unsecured, prepetition, non-priority claim against the
      Debtors' estates for $400,000.  Cambridge will not be
      entitled to pre- or postpetition interest on Claim No.
      4720 with respect to any period prior to the Stipulation
      becoming effective.

  (2) MBTA's Claim No. 9693 will be disallowed and expunged.

  (3) Perini's Claim No. 4704 will be disallowed and expunged.

The Claimants have also reached an agreement that resolves all
claims amongst them, which are associated with Russell Field and
with the allegations underlying Claims Nos. 4720, 9693 and 4704 in
a manner satisfactory to each of all parties.  Specifically, the
Claimants, the Joint Venture, and Sverdrup are executing a
Settlement and Release Agreement simultaneously with the execution
of the Stipulation.  The Debtors are not a party, and are
therefore not obligated, to the Settlement and Release Agreement.

In exchange for the settlement of Claim Nos. 4720, 9693 and 4704,
The Debtors release and forever discharge the Claimants, the Joint
Venture, and Sverdrup from all causes of action.  Likewise, the
Parties agree that the Debtors will be discharged from all
demands.

                         About W.R. Grace

Headquartered in Columbia, Maryland, W.R. Grace & Co. (NYSE:GRA)
-- http://www.grace.com/-- supplies catalysts and silica
products, especially construction chemicals and building
materials, and container products globally.

The Company and its debtor-affiliates filed for Chapter 11
protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139).
David M. Bernick, P.C., Esq., at Kirkland & Ellis, LLP, and Laura
Davis Jones, Esq., at Pachulski Stang Ziehl & Jones, LLP,
represent the Debtors in their restructuring efforts.  The Debtors
hired Blackstone Group, L.P., for financial advice.
PricewaterhouseCoopers LLP is the Debtors' accountant.  Stroock &
Stroock & Lavan, LLP, and Duane Morris, LLP, represent the
Official Committee of Unsecured Creditors.  The Creditors
Committee tapped Capstone Corporate Recovery LLC for financial
advice.  David T. Austern, the legal representative of future
asbestos personal injury claimants, is represented by Orrick
Herrington & Sutcliffe LLP and Phillips Goldman & Spence, PA.
Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, and Marla
R. Eskin, Esq., at Campbell & Levine, LLC, represent the Official
Committee of Asbestos Personal Injury Claimants.  The Asbestos
Committee of Property Damage Claimants tapped Scott Baena, Esq.,
and Jay M. Sakalo, Esq., at Bilzin Sumberg Baena Price & Axelrod,
LLP, to represent it.  Thomas Moers Mayer, Esq., at Kramer Levin
Naftalis & Frankel, LLP, represents the Official Committee of
Equity Security Holders.

As reported by the Troubled Company Reporter on March 11, 2009,
the Bankruptcy Court approved the disclosure statement explaining
the First Amended Chapter 11 Joint Plan of Reorganization filed by
W.R. Grace and its debtor affiliates, the Official Committee of
Asbestos Personal Injury Claimants, the Asbestos PI Future
Claimants' Representative and the Official Committee of Equity
Security Holders, and authorized Grace to begin soliciting plan
votes.

The Chapter 11 plan is built around an April 2008 settlement for
all present and future asbestos personal injury claims, and a
subsequent settlement for asbestos property damage claims.

Bankruptcy Creditors' Service, Inc., publishes W.R. Grace
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by W.R. Grace, W.R. Grace Co. - Conn. and their
affiliates.  (http://bankrupt.com/newsstand/or 215/945-7000)


WR GRACE: Stipulation Settling Asbestos Property Damage Claims
--------------------------------------------------------------
W.R. Grace & Co, Inc., submitted to the Court copies of separate
agreements reached with 14 claimants to settle their claims
asserting property damage allegedly caused by W.R. Grace & Co.'s
manufacture, use or sale of asbestos-containing products.

The Debtors and the Claimants averred that they have conducted
discovery and investigation into the facts of the Claims, and
concluded that entry into settlements on the amounts of claims to
be allowed in the Debtors' cases is in the best interest of the
parties, and of the Debtors' creditors.

Accordingly, the Debtors and these parties agree that these
Asbestos Property Damage Claims will be allowed in the Debtors'
cases:

                                                       Allowed
Claim No.    Claimant                               Claim Amount
--------     --------                               ------------
  1109       Main Plaza, LLC                          $6,137,362

  9915       Hyatt Corporation                         4,177,236

  6637       Gulf Atlantic Properties, Inc.            1,656,080

  9912       KARK-TV, Inc.                               809,844
& 9913

11428       Presidential Towers Condo,                  680,293
             f/k/a Americana

  9684       Olympus 555 Properties LLC                  638,310

11026       John Muir Hospital                          584,813

11036
& 11037       Allegheny Center Associates                 508,799

11104       Chicago Historical Society                  328,211

10749       Glen Oak Club                               139,906

11027       Burgdorf Building                           134,805

10995       North Arkansas Regional                     107,415
             Medical Center

  6636       FF Thompson Continuing                       55,386
             Care Center Inc.

11243       St. Joseph's Hospital                        41,540

                         About W.R. Grace

Headquartered in Columbia, Maryland, W.R. Grace & Co. (NYSE:GRA)
-- http://www.grace.com/-- supplies catalysts and silica
products, especially construction chemicals and building
materials, and container products globally.

The Company and its debtor-affiliates filed for Chapter 11
protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139).
David M. Bernick, P.C., Esq., at Kirkland & Ellis, LLP, and Laura
Davis Jones, Esq., at Pachulski Stang Ziehl & Jones, LLP,
represent the Debtors in their restructuring efforts.  The Debtors
hired Blackstone Group, L.P., for financial advice.
PricewaterhouseCoopers LLP is the Debtors' accountant.  Stroock &
Stroock & Lavan, LLP, and Duane Morris, LLP, represent the
Official Committee of Unsecured Creditors.  The Creditors
Committee tapped Capstone Corporate Recovery LLC for financial
advice.  David T. Austern, the legal representative of future
asbestos personal injury claimants, is represented by Orrick
Herrington & Sutcliffe LLP and Phillips Goldman & Spence, PA.
Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, and Marla
R. Eskin, Esq., at Campbell & Levine, LLC, represent the Official
Committee of Asbestos Personal Injury Claimants.  The Asbestos
Committee of Property Damage Claimants tapped Scott Baena, Esq.,
and Jay M. Sakalo, Esq., at Bilzin Sumberg Baena Price & Axelrod,
LLP, to represent it.  Thomas Moers Mayer, Esq., at Kramer Levin
Naftalis & Frankel, LLP, represents the Official Committee of
Equity Security Holders.

As reported by the Troubled Company Reporter on March 11, 2009,
the Bankruptcy Court approved the disclosure statement explaining
the First Amended Chapter 11 Joint Plan of Reorganization filed by
W.R. Grace and its debtor affiliates, the Official Committee of
Asbestos Personal Injury Claimants, the Asbestos PI Future
Claimants' Representative and the Official Committee of Equity
Security Holders, and authorized Grace to begin soliciting plan
votes.

The Chapter 11 plan is built around an April 2008 settlement for
all present and future asbestos personal injury claims, and a
subsequent settlement for asbestos property damage claims.

Bankruptcy Creditors' Service, Inc., publishes W.R. Grace
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by W.R. Grace, W.R. Grace Co. - Conn. and their
affiliates.  (http://bankrupt.com/newsstand/or 215/945-7000)


* Aon Says D&O Insurance Climbed 4.1% as Bankruptcies Increased
---------------------------------------------------------------
Carolyn Bandel at Bloomberg reports that Aon Corp., the world's
largest insurance broker, said this year's wave of bankruptcy
filings pushed up the price of policies protecting company
executives from claims related to their jobs in the second
quarter.

According to Bloomberg, companies routinely buy D&O products from
insurers like Ace Ltd., American International Group Inc., XL
Capital Ltd. and Axa SA to protect executives from claims and
legal costs related to management decisions.

"If the bankruptcy rate continues at the current pace, it will
continue to have an impact on the index in the latter part
of this year," Aon said, adding that prices will go up further.
The average price for $1 million in coverage increased 4.1% in the
past year, Aon said in a report published September 8.

There were 156 public and major company bankruptcy filings in the
first six months of 2009, an increase of 61% over the 97 filings
in the first half of last year, and almost four times the 41
filings in the first six months of 2007, according to
bankruptcydata.com.


* Fed Says Economy Stable or Improving in Most of U.S.
------------------------------------------------------
The Federal Reserve said 11 of its 12 regional banks reported
signs of a stable or improving economy in July and August, adding
anecdotal evidence that the worst U.S. recession in seven decades
is over, Bloomberg News said.

According to the Federal Reserve's Beige Book business survey,
"Reports from the 12 Federal Reserve Districts indicate that
economic activity continued to stabilize in July and August.
Relative to the last report, Dallas indicated that economic
activity had firmed, while Boston, Cleveland, Philadelphia,
Richmond, and San Francisco mentioned signs of improvement.
Atlanta, Chicago, Kansas City, Minneapolis, and New York generally
described economic activity as stable or showing signs of
stabilization; St. Louis remarked that the pace of decline
appeared to be moderating.  Most Districts noted that the outlook
for economic activity among their business contacts remained
cautiously positive."

Scott Lanman at Bloomberg says the central bank survey indicates
that while the worst of the downturn may be past, the economy has
yet to show broader growth.  "We are slowly on the road to
recovery," former Fed Governor Robert Heller said in an interview
with Bloomberg Television.

A copy of the Beige Book business survey is available for free at:

      http://bankrupt.com/misc/fullreport20090909.pdf


* Social Security Report Shows Cash Shortages Expected Next Year
----------------------------------------------------------------
Social Security will face a cash shortfall for the first time in
decades next year, according to a little noticed report released
late last month by the Congressional Budget Office.  This was
revealed in a news statement by The Senior Citizens League.

As a result, seniors could face benefit cuts in as little as three
years, the statement said.  Congress could instead raise taxes or
authorize new borrowing to close the shortfall, but has never
before addressed a Social Security deficit through long-term
borrowing, according to the statement.

According to the group, the annual summer CBO report reflects a
quickly deteriorating economic climate, and is dramatically more
pessimistic than a report issued just months ago. The CBO now
predicts a cash shortfall of $10 billion for next year,
significantly worse than the March report which forecast a surplus
of $3 billion for next year, and the January report which forecast
a $25 billion surplus.

The CBO report, entitled The Budget and Economic Outlook: An
Update, forecasts shortfalls for six of the next ten years.

"It's no surprise to seniors that the economy has taken an already
crippled Social Security system and brought it even closer to
bankruptcy," said Daniel O'Connell, chairman of The Senior
Citizens League. "Seniors are our most vulnerable citizens and
desperately need their benefits to keep up with inflation."

Almost 70% of beneficiaries depend on Social Security for 50% or
more of their income. Social Security is the sole source of income
for 15 percent of beneficiaries.

The 37 million Americans aged 65 and over who receive a Social
Security check each month are forecast to receive no Cost of
Living Adjustment in their Social Security checks until 2012.
Seniors have never failed to receive an annual increase of less
than 1.3 percent since the automatic COLA went into effect in
1975.

The Senior Citizens League is calling on Congress and the
Administration to enact major Social Security reforms this year.

With 1.2 million supporters, The Senior Citizens League --
http://www.SeniorsLeague.org/-- is one of the nation's largest
nonpartisan seniors groups.  TSCL is an affiliate of The Retired
Enlisted Association.


* States Close Some Agencies to Save Cash
-----------------------------------------
Leslie Eaton, Ryan Knutson, and Philip Shishkin at The Wall Street
Journal report that cash-strapped state governments shut down some
agencies for a day to save money.

The Journal relates that state offices were closed on Friday in
California, Maine, Maryland, and Michigan.  According to the
report, Rhode Island had planned to do the same until a judge on
Thursday blocked its closure plan.

The Journal states that most Colorado state offices would be
closed on Tuesday, while other states like Arizona have been
trying to keep their operations open while laying off thousands of
workers.

Citing managing attorney Tracy Green, The Journal says that
furloughs in the Detroit Center for Family Advocacy, which helps
low-income families avoid sending children to foster care, have
slowed assistance efforts.  According to the report, Ms. Green
said that the center's work often involves crisis intervention,
but some cases have sat unresolved for days because workers in the
Department of Human Services were on furlough.

that consumers have restrained in spending, eroding sales-tax
receipts, while job losses have cut income-tax collections, says
The Journal.  The report states that Rockefeller Institute of
Government in Albany, New York, said that states responded by
increasing fees and using rainy-day funds, and are now forced to
deal with wage costs, which make up 13% of their budgets.


* Wealthy Individuals' Chapter 11 Filings Jumps 73% in Q2
---------------------------------------------------------
Wealthy individuals' Chapter 11 bankruptcy filings jumped 73% in
the second quarter from a year earlier, Bloomberg reported, citing
the National Bankruptcy Research Center, a research firm in
Burlingame, California.  Jeff Plungis at Bloomberg says that
according to the report, more individuals or families with at
least $1,010,650 in secured debt and $336,900 unsecured are using
Chapter 11 of the U.S. bankruptcy code typically associated with
business reorganizations.

According to Bloomberg, Chapter 11 is more expensive and time-
consuming for debtors and creditors than a Chapter 7 liquidation
of assets.  But Congress amended the bankruptcy law in 2005,
making it harder to file for Chapter 7, which allows debts to be
completely discharged.  Chapter 11 gives individuals time to make
a plan to reorganize their finances.

Wealthier people filing for bankruptcy typically have large homes,
two car payments and children in private schools, said Leslie
Linfield, executive director of the Institute for Financial
Literacy in Portland, Maine, a credit-counseling and research
group.

Former NFL star Michael Vick obtained confirmation of his Chapter
11 plan last month, almost 14 months after her filed for
bankruptcy.  Actor Stephen Baldwin filed a Chapter 11 petition in
July this year, listing $1,000,001 to $10,000,000 in assets and
debts.


* Barney Frank to Revive Home Mortgage Cram-Down Bill
-----------------------------------------------------
Bill Rochelle at Bloomberg News reported that Barney Frank,
chairman of the House Financial Services Committee, said he
intends to include a provision in a bill tightening bank
regulations that would give bankruptcy judges power to cut down a
home mortgage to the underlying property's market value.
The House passed a so-called mortgage cram-down bill in
March, only to see the legislation falter in the Senate from
Republican opposition.  Frank says the cram-down bill has a
better chance of passage when attached to more popular
legislation.


* Joel Rosenthal Leaving Massachusetts Bankruptcy Bench
-------------------------------------------------------
Joel B. Rosenthal, a U.S. Bankruptcy Judge in Worcester,
Massachusetts, announced his retirement effective when his
successor is appointed, Bloomberg's Bill Rochelle said.  The
announcement last week from the Court of Appeals in Boston said
that Judge Rosenthal was leaving the bench "to have more time to
spend with family and to pursue other interests."  Judge Rosenthal
was appointed to the bench in 2000 for a 14-year term.


* KPS Capital Has Additional $800MM for Turnarounds, Bankruptcies
-----------------------------------------------------------------
KPS Capital Partners, LP, a leading special situations private
equity firm, on September 8 unveiled the final closing on $800
million of additional capital for KPS Special Situations Fund III,
bringing total commitments to $2.0 billion.  The additional
capital will be deployed for future investments in turnarounds,
restructurings, bankruptcies and other special situations and was
raised to capitalize on the unprecedented number of opportunities
in the market.

KPS Fund III originally closed in May 2007 with $1.2 billion of
committed capital and launched its investment campaign in November
2007.  Since that time the fund has made three platform
investments, all of which are exceeding KPS's expectations.

The additional capital was committed primarily by current KPS Fund
III limited partners and select new investors. After notifying
investors in June 2009 of its desire to upsize KPS Fund III by
$800 million, KPS quickly received subscription requests of more
than $1.3 billion, more than 50% above the $800 million target.
The upsizing is the fourth oversubscribed institutional fundraise
by KPS over the past eleven years.

Michael Psaros and David Shapiro, Co-Founders and Managing
Partners of KPS, said, "We are humbled by the decisive response to
KPS Fund III's upsizing, given the historic dislocation in the
global capital markets and especially for alternative investment
fundraising. The successful upsizing reflects our track record,
the strength of our investment strategy, our differentiated deal
flow and the long-term continuity and depth of our senior
investment team. We are very grateful to our Limited Partners for
their continued confidence and support of KPS and for providing
the additional resources necessary to fully capitalize on the
opportunities in the market."

Investors in KPS Fund III include leading public and private
sector pension funds, best-in-class fund of funds, major financial
institutions, endowments and foundations, and family offices from
North America, Europe, Japan and Australia.

Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal
counsel in the formation of KPS Fund III and the upsizing.

                    About KPS Capital Partners

KPS Capital Partners, LP is the manager of the KPS Special
Situations Funds, a family of private equity funds with over $2.6
billion of committed capital focused on constructive investing in
restructurings, turnarounds and other special situations. KPS has
created new companies to purchase operating assets out of
bankruptcy; established stand-alone entities to operate divested
assets; and recapitalized highly leveraged public and private
companies. The KPS investment strategy targets companies with
strong franchises that are experiencing operating and financial
problems. KPS invests its capital concurrently with a turnaround
plan predicated on cost reduction, capital investment and capital
availability. Typically, the KPS turnaround plan is accompanied by
a financial restructuring of the company's liabilities. The KPS
investment strategy and portfolio companies are described in
detail at the firm's website: www.kpsfund.com.


* Chapter 11 Cases With Assets and Liabilities Below $1,000,000
---------------------------------------------------------------
In Re Willow Creek Heath, Inc.
  Bankr. D. Utah Case No. 09-28671
     Chapter 11 Petition filed August 17, 2009
        Filed as Pro Se

In Re Kirby O. Johnson
  Bankr. W.D. Ark. Case No. 09-74186
     Chapter 11 Petition filed August 24, 2009
        See http://bankrupt.com/misc/areb09-74186.pdf

In Re Curt Lee Timm
      aw Stealth Action Enterprises, Inc.
      aw JC Retrofitting & Plumbing a dba of Stealth Action
         Enterprises, Inc.
  Bankr. C.D. Calif. Case No. 09-20987
     Chapter 11 Petition filed August 24, 2009
        See http://bankrupt.com/misc/cacb09-20987.pdf

In Re Yoon Joo Cha
  Bankr. C.D. Calif. Case No. 09-18885
     Chapter 11 Petition filed August 24, 2009
        Filed as Pro Se

In Re DG Restaurant Group
      dba Dulce Restaurant
  Bankr. D. Conn. Case No. 09-22381
     Chapter 11 Petition filed August 24, 2009
       Filed as Pro Se

In Re East Bay Waterfront Builders, LLC
  Bankr. N.D. Calif. Case No. 09-47827
     Chapter 11 Petition filed August 24, 2009
        See http://bankrupt.com/misc/canb09-47827.pdf

In Re Atlantic Sire Development Services, Inc.
  Bankr. M.D. Fla. Case No. 09-12347
     Chapter 11 Petition filed August 24, 2009
        See http://bankrupt.com/misc/flmb09-12347.pdf

In Re C & F Classic Rock, Inc.
  Bankr. M.D. Fla. Case No. 09-18629
     Chapter 11 Petition filed August 24, 2009
        See http://bankrupt.com/misc/flmb09-18629.pdf

In Re H & L Construction Corporation d/b/a H & L Auto Sales
  Bankr. M.D. Fla. Case No. 09-07048
     Chapter 11 Petition filed August 24, 2009
        See http://bankrupt.com/misc/flmb09-07048.pdf

In Re Ernest Joseph Tiller
     Twanna Monique Tiller
  Bankr. N.D. Ga. Case No. 09-82087
     Chapter 11 Petition filed August 24, 2009
        See http://bankrupt.com/misc/ganb09-82087.pdf

In Re Phoenix Masonry, Inc.
  Bankr. S.D. Miss. Case No. 09-02935
     Chapter 11 Petition filed August 24, 2009
        See http://bankrupt.com/misc/mssb09-02935.pdf

In Re Premier Hardware and Rentals, LLC t/a Grand Rental Station
  Bankr. D. N.J. Case No. 09-32121
     Chapter 11 Petition filed August 24, 2009
        See http://bankrupt.com/misc/njb09-32121.pdf

In Re Dar Real Estate LLC
  Bankr. E.D. Va. Case No. 09-16853
     Chapter 11 Petition filed August 24, 2009
        See http://bankrupt.com/misc/vaeb09-16853p.pdf
        See http://bankrupt.com/misc/vaeb09-16853c.pdf

In Re Gerald M. Bowen
      dba Law Offices of Gerald M. Bowen
  Bankr. E.D. Va. Case No. 09-16834
     Chapter 11 Petition filed August 24, 2009
        Filed as Pro Se

In Re Alta-Bluewater Holdings, Inc.
  Bankr. M.D. Ala. Case No. 09-32297
     Chapter 11 Petition filed August 25, 2009
        See http://bankrupt.com/misc/almb09-32297.pdf

In Re Boniface Enterprises
      dba Sage Tool
  Bankr. D. Ariz. Case No. 09-20511
     Chapter 11 Petition filed August 25, 2009
        Filed as Pro Se

In Re Mountain Village Corporation
  Bankr. W.D. Ark. Case No. 09-74212
     Chapter 11 Petition filed August 25, 2009
        See http://bankrupt.com/misc/arwb09-74212.pdf

In Re Anil Varma
  Bankr. C.D. Calif. Case No. 09-21073
     Chapter 11 Petition filed August 25, 2009
        See http://bankrupt.com/misc/cacb09-21073.pdf

In Re Coast to Coast Metal Finishing Corp.
  Bankr. C.D. Calif. Case No. 09-32699
     Chapter 11 Petition filed August 25, 2009
        See http://bankrupt.com/misc/cacb09-32699.pdf

In Re Drayage Express, Corp.
  Bankr. C.D. Calif. Case No. 09-32783
     Chapter 11 Petition filed August 25, 2009
        See http://bankrupt.com/misc/cacb09-32783.pdf

In Re Ha Noi Restaurant Inc.
  Bankr. C.D. Calif. Case No. 09-18908
     Chapter 11 Petition filed August 25, 2009
        See http://bankrupt.com/misc/cacb09-18908.pdf

In Re Stephen P. Kerr
     Denine L. Kerr
  Bankr. E.D. Calif. Case No. 09-92690
     Chapter 11 Petition filed August 25, 2009
        See http://bankrupt.com/misc/caeb09-92690.pdf

In Re Larold M. Davenport
     Erin M. Davenport
  Bankr. N.D. Calif. Case No. 09-47839
     Chapter 11 Petition filed August 25, 2009
        See http://bankrupt.com/misc/canb09-47839p.pdf
        See http://bankrupt.com/misc/canb09-47839c.pdf

In Re Paul John Dangler
     Mary Lou NMN Dangler
  Bankr. M.D. Fla. Case No. 09-18684
     Chapter 11 Petition filed August 25, 2009
        See http://bankrupt.com/misc/flmb09-18684.pdf

In Re CED Solutions, LLC
  Bankr. N.D. Ga. Case No. 09-82181
     Chapter 11 Petition filed August 25, 2009
        See http://bankrupt.com/misc/ganb09-82181.pdf

In Re Pizza Service, Ltd.
      dba Domino's Pizza #2751
      dba Domino's Pizza #2794
      dba Domino's Pizza #2961
  Bankr. N.D. Ill. Case No. 09-31208
     Chapter 11 Petition filed August 25, 2009
        See http://bankrupt.com/misc/ilnb09-31208.pdf

In Re Robert Griffin Pierson
  Bankr. M.D. La. Case No. 09-11310
     Chapter 11 Petition filed August 25, 2009
        See http://bankrupt.com/misc/lamb09-11310p.pdf
        See http://bankrupt.com/misc/lamb09-11310c.pdf

In Re Larry Clemmer
  Bankr. S.D. Miss. Case No. 09-02946
     Chapter 11 Petition filed August 25, 2009
        See http://bankrupt.com/misc/mssb09-02946.pdf

In Re HomeWorks St. Louis LLC
  Bankr. E.D. Mo. Case No. 09-48325
     Chapter 11 Petition filed August 25, 2009
        See http://bankrupt.com/misc/moeb09-48325.pdf

In Re Michael F. Surface
     Lisa B. Surface
  Bankr. W.D. Mo. Case No. 09-44072
     Chapter 11 Petition filed August 25, 2009
        See http://bankrupt.com/misc/mowb09-44072.pdf

In Re William H. Hoefling
  Bankr. D. N.J. Case No. 09-32214
     Chapter 11 Petition filed August 25, 2009
        See http://bankrupt.com/misc/njb09-32214.pdf

In Re Salanna Realty, LP
  Bankr. E.D. Pa. Case No. 09-16334
     Chapter 11 Petition filed August 25, 2009
        See http://bankrupt.com/misc/paeb09-16334.pdf

In Re Richard E. Howard
     Marilynn A. Howard
  Bankr. W.D. Pa. Case No. 09-26210
     Chapter 11 Petition filed August 25, 2009
        See http://bankrupt.com/misc/pawb09-26210.pdf

In Re Saw Machine Services, LTD
  Bankr. W.D. Pa. Case No. 09-26193
     Chapter 11 Petition filed August 25, 2009
        See http://bankrupt.com/misc/pawb09-26193.pdf

In Re Professional Tile Construction Inc.
  Bankr. D. P.R. Case No. 09-07025
     Chapter 11 Petition filed August 25, 2009
        See http://bankrupt.com/misc/prb09-07025.pdf

In Re FWR, Inc.
      aka Cultural Diversity Center
  Bankr. E.D. Va. Case No. 09-35439
     Chapter 11 Petition filed August 25, 2009
        See http://bankrupt.com/misc/vaeb09-35439.pdf

In Re Sante Fe Plumbing & Rooter, LLC
      dba Doctor Cool Air, Inc.
      dba Air Service of the Valley
  Bankr. D. Ariz. Case No. 09-20733
     Chapter 11 Petition filed August 26, 2009
        See http://bankrupt.com/misc/azb09-20733.pdf

In Re Anil Kumar
  Bankr. E.D. Calif. Case No. 09-38155
     Chapter 11 Petition filed August 26, 2009
        Filed as Pro Se

In Re David W. Baird
      aka David Wallace Baird
      aka David W. Baird, IV
      aka David Wallace Baird, IV
  Bankr. D. Md. Case No. 09-25915
     Chapter 11 Petition filed August 26, 2009
        See http://bankrupt.com/misc/mdb09-25915.pdf

In Re Gena Restaurant & Bar
  Bankr. S.D.N.Y. Case No. 09-15176
     Chapter 11 Petition filed August 26, 2009
        Filed as Pro Se

In Re Grogland Company LLC
      dba Cull Womens Health Care LLC
      dba Laurel Center Med Spa of Powell
      aka Kim Cull
      aka Kimberly Cull
  Bankr. S.D. Ohio Case No. 09-59790
     Chapter 11 Petition filed August 26, 2009
        Filed as Pro Se

In Re Rodney E. Gean, D.D.S., P.C.
  Bankr. M.D. Tenn. Case No. 09-09745
     Chapter 11 Petition filed August 26, 2009
        See http://bankrupt.com/misc/tnmb09-09745.pdf

In Re Andie's Saloons, Restaurant and Rentals, Inc.
      dba The Silver Dollar Saloon
  Bankr. W.D. Wisc. Case No. 09-15752
     Chapter 11 Petition filed August 26, 2009
        See http://bankrupt.com/misc/wiwb09-15752.pdf

In Re AG, LLC
  Bankr. N.D. Ala. Case No. 09-42535
     Chapter 11 Petition filed August 27, 2009
        See http://bankrupt.com/misc/alnb09-42535.pdf

In Re Avram Vasile
  Bankr. D. Ariz. Case No. 09-20887
     Chapter 11 Petition filed August 27, 2009
        Filed as Pro Se

In Re El Veasta Lampley
  Bankr. C.D. Calif. Case No. 09-19015
     Chapter 11 Petition filed August 27, 2009
        Filed as Pro Se

In Re Colorado Car Care Centers, Inc.
  Bankr. D. Colo. Case No. 09-27711
     Chapter 11 Petition filed August 27, 2009
        See http://bankrupt.com/misc/cob09-27711p.pdf
        See http://bankrupt.com/misc/cob09-27711c.pdf

In Re Lerocato Mfg., Inc.
  Bankr. D. Conn. Case No. 09-22420
     Chapter 11 Petition filed August 27, 2009
        See http://bankrupt.com/misc/ctb09-22420.pdf

In Re Timothy A. Tadlock, Sr.
      fdba Executive Transportation Services
      fdba TC Enterprises
      aka Tim Tadlock
  Bankr. M.D. Fla. Case No. 09-07212
     Chapter 11 Petition filed August 27, 2009
        See http://bankrupt.com/misc/flmb09-07212.pdf

In Re Robert N. Reichblum
     Diane S. Reichblum
  Bankr. N.D. Ill. Case No. 09-31596
     Chapter 11 Petition filed August 27, 2009
        See http://bankrupt.com/misc/ilnb09-31596.pdf

In Re Ngassa Esther Mbiakoup
  Bankr. D. Md. Case No. 09-25903
     Chapter 11 Petition filed August 26, 2009
        Filed as Pro Se

In Re WAYNE GAZZO
      aka INC. POLAZZO DEVELOPMENT
      aka INC. EXCLUSIVE PROPERTIES
      aka LLC. GAZZO INVESTMENTS
      aka LLC. GLENLOCK SALOON
     DIANE GAZZO
      dba POLAZZO DEVELOPMENT, INC.
      dba EXCLUSIVE PROPERTIES, INC.
      dba GAZZO INVESTMENTS, LLC.
      dba GLENLOCK SALOON, LLC.
  Bankr. D. Nev. Case No. 09-25879
     Chapter 11 Petition filed August 27, 2009
        See http://bankrupt.com/misc/nvb09-25879.pdf

In Re Superior Tractor Trailer Training Inc.
  Bankr. D. N.J. Case No. 09-32501
     Chapter 11 Petition filed August 27, 2009
        See http://bankrupt.com/misc/njb09-32501.pdf

In Re C.D. Autos, Inc.
      dba Mazda Automobiles of Great Neck
  Bankr. E.D.N.Y. Case No. 09-76424
     Chapter 11 Petition filed August 27, 2009
        See http://bankrupt.com/misc/nyeb09-76424.pdf

In Re Hunts Point Fuel Corp.
  Bankr. S.D.N.Y. Case No. 09-15227
     Chapter 11 Petition filed August 27, 2009
        See http://bankrupt.com/misc/nysb09-15227.pdf

In Re Indrani Pal-Chaudhuri
  Bankr. S.D.N.Y. Case No. 09-15217
     Chapter 11 Petition filed August 27, 2009
        See http://bankrupt.com/misc/nysb09-15217.pdf

In Re Markus Klinko
  Bankr. S.D.N.Y. Case No. 09-15205
     Chapter 11 Petition filed August 27, 2009
        See http://bankrupt.com/misc/nysb09-15205.pdf

In Re Peter S. Hollington
      aka Peter Hollington
  Bankr. N.D. Ohio Case No. 09-18090
     Chapter 11 Petition filed August 27, 2009
        See http://bankrupt.com/misc/ohnb09-18090.pdf

In Re Kathleen Tyger Bailey
      aka Melody Springs
      aka 958497011
  Bankr. D. Ore. Case No. 09-64614
     Chapter 11 Petition filed August 27, 2009
        Filed as Pro Se

In Re Christopher A. Beck
  Bankr. W.D. Pa. Case No. 09-26294
     Chapter 11 Petition filed August 27, 2009
        See http://bankrupt.com/misc/pawb09-26294.pdf

In Re Gail Hodgins
  Bankr. W.D. Pa. Case No. 09-26277
     Chapter 11 Petition filed August 27, 2009
        See http://bankrupt.com/misc/pawb09-26277.pdf

In Re Carolina Lighting of York County, Inc.
  Bankr. D. S.C. Case No. 09-06321
     Chapter 11 Petition filed August 27, 2009
        See http://bankrupt.com/misc/scb09-06321.pdf

In Re Inhouse Assist, LLC
  Bankr. N.D. Tex. Case No. 09-35590
     Chapter 11 Petition filed August 27, 2009
        See http://bankrupt.com/misc/txnb09-35590.pdf

In Re Robert Orosco
      dba K3 Pump Jack Service
  Bankr. W.D. Tex. Case No. 09-70229
     Chapter 11 Petition filed August 27, 2009
        See http://bankrupt.com/misc/txwb09-70229.pdf

In Re Stomper Automotive LLC
      dba Chrysler Jeep Dodge of Sealy
  Bankr. S.D. Tex. Case No. 09-36249
     Chapter 11 Petition filed August 27, 2009
        See http://bankrupt.com/misc/txsb09-36249.pdf

In Re American Mortgage & Real Estate, Inc.
  Bankr. E.D. Va. Case No. 09-35532
     Chapter 11 Petition filed August 27, 2009
        See http://bankrupt.com/misc/vaeb09-35532.pdf

In Re Supply Chain ASPX, Inc.
  Bankr. W.D. Wash. Case No. 09-46280
     Chapter 11 Petition filed August 27, 2009
        See http://bankrupt.com/misc/wawb09-46280.pdf

  In Re Financial ASPX, Inc.
     Bankr. W.D. Wash. Case No. 09-46282
        Chapter 11 Petition filed August 27, 2009
           See http://bankrupt.com/misc/wawb09-46282.pdf

  In Re Enucleus Management, Inc.
     Bankr. W.D. Wash. Case No. 09-46284
        Chapter 11 Petition filed August 27, 2009
           See http://bankrupt.com/misc/wawb09-46284.pdf

In Re David L. Herbrandson
     Deborah M. Herbrandson
  Bankr. C.D. Calif. Case No. 09-30148
     Chapter 11 Petition filed August 28, 2009
        Filed as Pro Se

In Re Elite Dyers and Finishing Inc.
  Bankr. C.D. Calif. Case No. 09-33170
     Chapter 11 Petition filed August 28, 2009
        Filed as Pro Se

In Re Nilop Investment LLC
      aka Coastline Camino Real Inc
  Bankr. C.D. Calif. Case No. 09-19089
     Chapter 11 Petition filed August 28, 2009
        Filed as Pro Se

In Re ADM Landscaping, Inc.
  Bankr. D. Colo. Case No. 09-27938
     Chapter 11 Petition filed August 28, 2009
        See http://bankrupt.com/misc/cob09-27938.pdf

In Re Reservoir Corporate Group, LLC
  Bankr. D. Conn. Case No. 09-51706
     Chapter 11 Petition filed August 28, 2009
        Filed as Pro Se

In Re Victor K. N'Guessan
  Bankr. D. Conn. Case No. 09-32373
     Chapter 11 Petition filed August 28, 2009
        See http://bankrupt.com/misc/ctb09-32373.pdf

In Re H&W Food Mart, LLC
  Bankr. N.D. Ga. Case No. 09-13079
     Chapter 11 Petition filed August 28, 2009
        See http://bankrupt.com/misc/ganb09-13079.pdf

In Re D & M Customs & Collision Repair, LLC
  Bankr. D. Kans. Case No. 09-12814
     Chapter 11 Petition filed August 28, 2009
        See http://bankrupt.com/misc/ksb09-12814.pdf

In Re Michigan Granite & Quartz Fabricators, Inc.
      dba Michigan Granite & Cabinetry, Inc.
  Bankr. W.D. Mich. Case No. 09-10229
     Chapter 11 Petition filed August 28, 2009
        See http://bankrupt.com/misc/miwb09-10229p.pdf
        See http://bankrupt.com/misc/miwb09-10229c.pdf

In Re Coastal Marble & Granite, LLC
  Bankr. D. N.H. Case No. 09-13290
     Chapter 11 Petition filed August 28, 2009
        See http://bankrupt.com/misc/nhb09-13290.pdf

In Re Aldine Technologies Inc.
  Bankr. D. N.J. Case No. 09-32609
     Chapter 11 Petition filed August 28, 2009
        See http://bankrupt.com/misc/njb09-32609.pdf

In Re Branford Press, Inc.
  Bankr. D. N.J. Case No. 09-32799
     Chapter 11 Petition filed August 28, 2009
        See http://bankrupt.com/misc/njb09-32799.pdf

In Re Mrs. John L. Strong Co., Inc.
  Bankr. S.D.N.Y. Case No. 09-15283
     Chapter 11 Petition filed August 28, 2009
        See http://bankrupt.com/misc/nysb09-15283p.pdf
        See http://bankrupt.com/misc/nysb09-15283c.pdf

In Re Bruno Herrerias Diaz
  Bankr. D. P.R. Case No. 09-07139
     Chapter 11 Petition filed August 28, 2009
        See http://bankrupt.com/misc/prb09-07139.pdf

In Re BLS Enterprises, LLC
      fdba Volunteer Manufactured Homes
  Bankr. E.D. Tenn Case No. 09-15507
     Chapter 11 Petition filed August 28, 2009
        See http://bankrupt.com/misc/tneb09-15507.pdf

In Re SWT Properties, Inc.
  Bankr. N.D. Tex. Case No. 09-35632
     Chapter 11 Petition filed August 28, 2009
        See http://bankrupt.com/misc/txnb09-35632.pdf

In Re I Buy, Inc.
  Bankr. S.D. Tex. Case No. 09-36282
     Chapter 11 Petition filed August 28, 2009
        See http://bankrupt.com/misc/txsb09-36282.pdf

In Re Aznar Texas Properties, LLC
      dba Jackson Square Apartments
  Bankr. W.D. Tex. Case No. 09-53308
     Chapter 11 Petition filed August 28, 2009
        See http://bankrupt.com/misc/txwb09-53308.pdf

In Re Sage Contracting, Inc.
  Bankr. D. Utah Case No. 09-29174
     Chapter 11 Petition filed August 28, 2009
        See http://bankrupt.com/misc/utb09-29174.pdf

In Re Tomoka Garden, LLC
  Bankr. M.D. Fla. Case No. 09-07266
     Chapter 11 Petition filed August 29, 2009
        See http://bankrupt.com/misc/flmb09-07266.pdf

In Re Diamond Gutter, Inc.
  Bankr. D. Ariz. Case No. 09-21248
     Chapter 11 Petition filed August 31, 2009
        See http://bankrupt.com/misc/azb09-21248.pdf

In Re Carrie Lynn Thomas
  Bankr. D. Idaho Case No. 09-02638
     Chapter 11 Petition filed August 31, 2009
        See http://bankrupt.com/misc/idb09-02638.pdf

In Re Belaire Distribution Company
  Bankr. N.D. Ill. Case No. 09-32420
     Chapter 11 Petition filed August 31, 2009
        See http://bankrupt.com/misc/ilnb09-32420.pdf

In Re Brenda S. Cheeks
  Bankr. N.D. Ga. Case No. 09-82848
     Chapter 11 Petition filed August 31, 2009
        See http://bankrupt.com/misc/ganb09-82848.pdf

In Re Draiman Enterprises, Inc.
  Bankr. D. Md. Case No. 09-26318
     Chapter 11 Petition filed August 31, 2009
        See http://bankrupt.com/misc/mdb09-26318.pdf

In Re BZ Inc.
  Bankr. D. Neb. Case No. 09-42534
     Chapter 11 Petition filed August 31, 2009
        See http://bankrupt.com/misc/neb09-42534.pdf

In Re Cedar Ranches, LLC
  Bankr. D. Nev. Case No. 09-52994
     Chapter 11 Petition filed August 31, 2009
        See http://bankrupt.com/misc/nvb09-52994.pdf

In Re 99 Third Ave Rest Corp.
  Bankr. S.D.N.Y. Case No. 09-15308
     Chapter 11 Petition filed August 31, 2009
        See http://bankrupt.com/misc/nysb09-15308.pdf

In Re First Colony Holdings, LLC
  Bankr. W.D. N.C. Case No. 09-32337
     Chapter 11 Petition filed August 31, 2009
        See http://bankrupt.com/misc/ncwb09-32337.pdf

  In Re First Colony Holdings II, LLC
     Bankr. W.D. N.C. Case No. 09-32338
        Chapter 11 Petition filed August 31, 2009
           See http://bankrupt.com/misc/ncwb09-32338.pdf

  In Re First Colony Healthcare Holdings, LLC
     Bankr. W.D. N.C. Case No. 09-32339
        Chapter 11 Petition filed August 31, 2009
           See http://bankrupt.com/misc/ncwb09-32339.pdf

  In Re Ethan Allen Brown, Jr.
     Bankr. W.D. N.C. Case No. 09-32340
        Chapter 11 Petition filed August 31, 2009
           See http://bankrupt.com/misc/ncwb09-32340.pdf

  In Re Cynthia B McCrory
     Bankr. W.D. N.C. Case No. 09-32341
        Chapter 11 Petition filed August 31, 2009
           See http://bankrupt.com/misc/ncwb09-32341.pdf

In Re Donald Everett Beatty
      dba Debco Trading
     Donna Johnson Beatty
  Bankr. M.D. Tenn. Case No. 09-09956
     Chapter 11 Petition filed August 31, 2009
        See http://bankrupt.com/misc/tnmb09-09956.pdf



                           *********

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.  Danilo Munnoz, 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.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Christopher
Beard at 240/629-3300.

                  *** End of Transmission **