TCR_Public/090928.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

            Monday, September 28, 2009, Vol. 13, No. 268

                            Headlines

925 ORIOLE LLC: Case Summary & 5 Largest Unsecured Creditors
ABITIBIBOWATER INC: Bank Debt Trades at 20% Off
ACCO BRANDS: Note Upsizing Cues S&P to Retain 'BB-' Rating
ADAK FISHERIES: Political & Business Woes Cause Chapter 11 Filing
ALFRED FRAUMENI: Cape Cod Broadcasting Files for Chapter 11 Bankr.

ALION SCIENCE: S&P Puts 'B-' Ratings on CreditWatch Negative
ALIZADEH'S JACK: Went Bankrupt After Losing License for Franchises
AMERICAN AXLE: New GM Discloses 6.9% Equity Stake
AMERICAN MEDIA: Bank Debt Trades at 14% Off in Secondary Market
AMR CORP: American to Raise $450MM to Refinance Bank Debt

AMR CORP: To Raise $800MM by Issuing Convertible Notes, Shares
ANGLO SUMMIT HOLDINGS: Case Summary & 4 Largest Unsec. Creditors
APPLETON PAPERS: Obtains Lenders' Support to Amend Bank Loan
AQUILEX HOLDINGS: S&P Gives Negative Outlook, Affirms 'B' Rating
ARENA FOOTBALL: Teams to Transfer to New League

ARVINMERITOR INC: Receivables Facility Increased to $125 Million
ASARCO LLC: Bankruptcy Exit Before End of Year, Says Grupo
ASYST TECHNOLOGIES: Completes Sale of Three Divisions
AVIS BUDGET: Fidelity Discloses 11.7% Equity Stake
AVIS BUDGET: Offers $450 Million Term Asset-Backed Notes

BEAR STEARNS: Ex-CEO Sued by PCM for Alleged Misrepresentations
BIOFUEL ENERGY: Posts $9MM Net Loss in Quarter Ended June 30
BLOCKBUSTER INC: Bank Debt Trades at 1.25% Off in Secondary Market
BROWN JORDAN: Moody's Gives Negative Outlook, Affirms 'B2' Rating
CANWEST MEDIA: Ten Network Deal Won't Affect Moody's Ca/LD Rating

CAPITAL CORP: Plans to Pay Impaired Creditors Up To 29%
CATALYST PAPER: Proposes Elk Falls Mill Restart Plan to Union
CENTENNIAL COMMUNICATIONS: CEO Receives $2.8MM in Fiscal 2009
CHANA TAUB: Fraudulent Transfer Litigation Goes to State Court
CHESTNUT HILL HEALTHCARE: Creditors' Claims Due by February 5

CHRISTOPHER LAMB: Case Summary & 20 Largest Unsecured Creditors
CLAIRE'S STORES: Bank Debt Trades at 26.17% Off
COLONIAL BANCGROUP: FDIC Balks at Bid to Use $38MM Cash Collateral
COMBIMATRIX CORP: Posts $4.6MM Net Loss in Quarter Ended June 30
CONVERTED ORGANICS: Posts $3MM Net Loss in Quarter Ended June 30

COUNTRYWIDE FIN'L: Congress Wants More Info on Mortgage Program
COYOTES HOCKEY: Committee Gets Green Light to Bring Claims
COYOTES HOCKEY: Jim Balsillie Adds New Terms to Bid for Team
COYOTES HOCKEY: Gretzky Quits Post as Phoenix Coyotes Head Coach
CRESCENT RESOURCES: Get Release From 64 Toxic Tort Actions

CRESCENT RESOURCES: To Resume Building One Greenway Centre
CROWE MANUFACTURING: Case Summary & 20 Largest Unsecured Creditors
CRUCIBLE MATERIALS: Plea to End Bargaining Pacts Angers Union
CRUCIBLE MATERIALS: Wins Court Nod to Sell Almost All Assets
CYBERDEFENDER CORP: June 30 Balance Sheet Upside-Down by $7.4MM

DEAN BATHESON: NCA to Auction Off Commercial Real Estate
DEAN FOODS: Bank Debt Trades at 5% Off in Secondary Market
DELTA AIR: S&P Assigns 'CCC+' Rating on $600 Mil. Notes
DEX MEDIA WEST: Bank Debt Trades at 16.35% Off in Secondary Market
DISH DBS: Fitch Assigns 'BB-' Rating on $300 Mil. Senior Notes

DISH DBS: Moody's Assigns 'Ba3' Rating on $300 Mil. Bond Issue
DOLL & DOLL: Can Continue to Meet Payroll Obligations
DOWNEY REGIONAL: Wants to Hire HNB Capital as Investment Banker
EASTMAN KODAK: Closes Placement of $400-Mil. Notes Due 2017
EMMIS OPERATING: Bank Debt Trades at 31.3% Off

FAGAN RANCH: Files for Ch 11 Bankr. After Spat With Lender
FAIRPOINT COMM: Bank Debt Trades at 20% Off in Secondary Market
FORD MOTOR: Bank Debt Trades at 10.25% Off in Secondary Market
FREDDIE MAC: Appoints Ross Kari as EVP & CFO
FORD MOTOR: CEO Sees Return to Profitability in 2011

FORTUNOFF HOLDINGS: Will Launch Six Outdoor Stores
FORUM HEALTH: To Continue to Explore Opportunities to Expand
FREDDIE MAC: Files August 2009 Monthly Volume Summary
G & S METAL: SRT Investments Sole Bidder for Assets
GAYLORD ENTERTAINMENT: S&P Affirms 'B' Corporate Credit Rating

GEORGIA-PACIFIC LLC: Fitch Affirms 'B+' Issuer Default Rating
GEORGETOWN GOLF CLUB: Awaits Foreclosure Auction by Sovereign Bank
GEORGIAN BANK, ATLANTA: Closed; First Citizens Assumes Deposits
GEORGIAN BANK, ATLANTA: Closing Raises 2009 Failures List to 95
GOLDEN AGE PROPERTIES: Case Summary & 20 Largest Unsec. Creditors

GUMBA INVESTORS LLC: Case Summary & 11 Largest Unsecured Creditors
HARTMARX CORP: Two Buyers Block Western in Licensing Spat
HERBST GAMING: Sponsor Tries to Block Emergence From Bankruptcy
HERTZ CORP: Bank Debt Trades at 5.21% Off in Secondary Market
HERTZ CORP: Inclusion in Near Bankrupt List Baseless & Misguided

HIGHLANDS ACQUISITION: To Dissolve Business Effective Oct. 3
HUGHES TELEMATICS: Posts $19.6MM Net Loss in Quarter Ended June 30
IMH SECURED: Earnings Slides to $14MM in Six Months Ended June 30
INDALEX HOLDINGS: Case Conversion Hearing Set for October 13
INTELSAT JACKSON: Bank Debt Trades at 12% Off in Secondary Market

INTERSTATE EQUITIES: Voluntary Chapter 11 Case Summary
IRIDIUM SATELLITE: To Go Public on September 29
ISMAEL GUILLEN: Case Summary & 20 Largest Unsecured Creditors
ISP CHEMCO: Bank Debt Trades at 6.25% Off in Secondary Market
JOHN MANEELY: Bank Debt Trades at 20% Off in Secondary Market

JOHN STOKES: KGEZ Radio Station Shut Down
JON COURRIER ZIMMER: Files for Chapter 11 Bankruptcy Protection
JOSHUA MOSES: Case Summary & 20 Largest Unsecured Creditors
K.D.L. UNDERGROUND: Voluntary Chapter 11 Case Summary
KANSAS PUBLIC: Not Bankrupt, Says State Treasurer

KEYPORT AUTO MART: Voluntary Chapter 11 Case Summary
KIRK CORP: To Return Money to Homebuyers
KL ENERGY: June 30 Balance Sheet Upside-Down by $2.2 Million
LAKEWOOD CENTER: Voluntary Chapter 11 Case Summary
LAS VEGAS SANDS: Bank Debt Trades at 16.49% Off

LAUREATE EDUCATION: Loan Upsizing Won't Affect S&P's 'B' Rating
LEAR CORP: Bank Debt Trades at 12.17% Off in Secondary Market
LEHMAN BROTHERS: World's Top Banks File Billions in Claims
LEHMAN BROTHERS: KDB, et al., Object to Rule 2004 Subpoena
LEHMAN BROTHERS: Stipulation Permitting HSBC to Effect Setoff

LEHMAN BROTHERS: Swabsin, et al, File Class Suit for Unpaid Salary
LEHMAN BROTHERS: PT Bank Negara File Suit for Return of Funds
LEHMAN BROTHERS: Phoenix Life Sue to Recover Erroneous Transfer
LEHMAN BROTHERS: Investor Class Sues for Securities Laws Violation
LINENS 'N THINGS: Faces Complaint Sought by Several Investors

LLC PONY EXPRESS: Case Summary & 13 Largest Unsecured Creditors
LOK REDWOOD EMPIRE: Blames Chapter 11 Bankruptcy on Economic Woes
LTV CORP: Bankruptcy Court Has Yet to Rule on Ch. 7 Conversion Bid
LUNA INNOVATIONS: Working on Settlement With Hansen Medical
MARKETXT HOLDINGS: Appeals Court Affirms Bankr. Court's Ruling

MCCLATCHY CO: Ariel Investments Discloses 9.7% Equity Stake
MEDLINK INTERNATIONAL: Amends Annual Report, Posts $4.3MM Net Loss
METOKOTE CORPORATION: Covenant Breach Cues Moody's Rating Review
MOMENTIVE PERFORMANCE: S&P Puts 'CCC-' Rating on Positive Watch
MOMENTIVE PERFORMANCE: Bank Debt Trades at 14.5% Off

NATASHA DREMLYUGA: Case Summary & 9 Largest Unsecured Creditors
NEHMAS PETRO MART: Voluntary Chapter 11 Case Summary
NEVILLE TOWNSEND: Case Summary & 20 Largest Unsecured Creditors
NORTHEAST BIOFUELS: Panel, Trustee Protest FTI's Fee Request
OCTAVIAN GLOBAL: June 30 Balance Sheet Upside-Down by $9 Million

NORTHERN ILLINOIS: Case Summary & 20 Largest Unsecured Creditors
OSI RESTAURANT: Bank Debt Trades at 16.2% Off in Secondary Market
OZBURN-HESSEY HOLDING: Moody's Affirms 'B3' Corp. Family Rating
PHILADELPHIA NEWSPAPERS: Vague on Paying Pensions, PBGC Says
PNG VENTURES: Taps Logan and Company Noticing and Claims Agent

PROVIDENT FINANCIAL: Wants to Liquidate Assets
PSYCHIATRIC SOLUTIONS: Bank Debt Trades at 4% Off
PT-1 COMMS: One-Year Delay to Reconsider Claim Was Unreasonable
READER'S DIGEST: Committee Proposes BDO as Financial Advisor
READER'S DIGEST: Appoints Officers for New U.S. Affinities

READER'S DIGEST: Launches New Web Platform in 40 Countries
REALOGY CORP: Bank Debt Trades at 15% Off in Secondary Market
REALOGY CORP: S&P Assigns 'C' Rating on $475 Mil. Facility
REPEATSEAT LTD: Gives Up Business Following Lenders' Claims
REVETT MINERALS: Posts $1MM Net Loss in Quarter Ended June 30

SANSWIRE CORP: Restates Annual Report to Correct Accounting Errors
SCOTTISH HILLS: Voluntary Chapter 11 Case Summary
SERVICE MASTER: Bank Debt Trades at 10.53% Off in Secondary Market
SFD@HOLLYWOOD: LLC Owner Has Right to Intervene in Claim Objection
SIMMONS COMPANY: To File for Ch. 11; Sell Biz to Ares & TPC

SK PLAZA LLC: Case Summary & 5 Largest Unsecured Creditors
SNIZHANA WILLIS: Case Summary & 6 Largest Unsecured Creditors
SPLINTERNET HOLDINGS: Add'l. Financing Raise Going Concern Doubt
SPRINGDALE CIVIC CENTER: Case Summary & 3 Largest Unsec. Creditors
SUN-TIMES MEDIA: Liquidators May Win Auction Absent CBA Changes

SUNGARD DATA: Bank Debt Trades at 3% Off in Secondary Market
SUNWEST MANAGEMENT: Blackstone Agrees on Terms of Purchase
SWIFT TRANSPORTATION: Bank Debt Trades at 17% Off
TAVERN ON THE GREEN: Workers to Protest Revised Labor Pact
TEXANS CUSO: Gets Temporary Access to Credit Union Cash Collateral

TOPS HOLDING: S&P Assigns Corporate Credit Rating at 'B'
TRIBUNE CO: Bank Debt Trades at 50% Off in Secondary Market
TRIDENT RESOURCES: Has Until October 23 to File Schedules and SOFA
TRIDENT RESOURCES: Taps Garden City as Claims and Noticing Agent
TRONOX INC: Huntsman Seeks Antitrust Clearance for Purchase

TV-32 DIGITAL VENTURES: Case Summary & 2 Largest Unsec. Creditors
UNITED SECURITY: Opts to Defer Payments to Trust Preferred Holders
VASPIAN LLC: Voluntary Chapter 11 Case Summary
VELOCITY EXPRESS: Case Summary & 31 Largest Unsecured Creditors
VENETIAN MACAU: Bank Debt Trades at 5% Off in Secondary Market

W/C IMPORTS: Court Sets October 15 Deadline to Consider Sale
W/C IMPORTS: Has Until October 9 to File Schedules and Statement
W/C IMPORTS: Wants to Auction Substantially All Assets October 13
WEBB MTN: Bankr. Court Declines to Revisit Dismissal of Case
WEBDIGS INC: Posts $855,000 Net Loss in Nine Months Ended July 31

WORLD NUTRITION: Case Summary & 20 Largest Unsecured Creditors
YOUNG BROADCASTING: Bank Debt Trades at 49% Off

* Credit Quality Declines in Annual Shared National Credits Review
* FDIC Running Out of Funds, May Need Taxpayers' Money
* U.S. Airline Industry Remains Fragile, Says Fitch

* BOND PRICING -- For The Week From September 21 to 25, 2009

                            *********

925 ORIOLE LLC: Case Summary & 5 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: 925 Oriole LLC
        5405 Alton Pkwy #5a-#545
        Irvine, CA 92604

Bankruptcy Case No.: 09-20166

Chapter 11 Petition Date: September 24, 2009

Court: United States Bankruptcy Court
       Central District of California (Santa Ana)

Judge: Robert N. Kwan

Debtor's Counsel: David G. Epstein, Esq.
                  PO Box 4858
                  Laguna Beach, CA 92651
                  Tel: (949) 715-1500

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
5 largest unsecured creditors, is available for free at:

            http://bankrupt.com/misc/cacb09-20166.pdf

The petition was signed by Dave Thomas, managing member of the
Company.


ABITIBIBOWATER INC: Bank Debt Trades at 20% Off
-----------------------------------------------
Participations in a syndicated loan under which AbitibiBowater,
Inc., is a borrower traded in the secondary market at 80.00 cents-
on-the-dollar during the week ended Friday, Sept. 25, 2009,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal.  This represents an increase of 1.90
percentage points from the previous week, The Journal relates.
The loan matures on March 30, 2009.  The Company pays 800 basis
points above LIBOR to borrow under the facility.  The bank debt is
not rated by Moody's and Standard & Poor's.  The debt is one of
the biggest gainers and losers among widely quoted syndicated
loans in secondary trading in the week ended Sept. 25, among the
149 loans with five or more bids.

Headquartered in Montreal, Canada, AbitibiBowater, Inc. --
http://www.abitibibowater.com/-- produces a wide range of
newsprint, commercial printing papers, market pulp and wood
products.  It is the eighth largest publicly traded pulp and paper
manufacturer in the world.  AbitibiBowater owns or operates 23
pulp and paper facilities and 29 wood products facilities located
in the United States, Canada, the United Kingdom and South Korea.
Marketing its products in more than 90 countries, the Company is
also among the world's largest recyclers of old newspapers and
magazines, and has third-party certified 100% of its managed
woodlands to sustainable forest management standards.
AbitibiBowater's shares trade over-the-counter on the Pink Sheets
and on the OTC Bulletin Board under the stock symbol ABWTQ.

The Company and several of its affiliates filed for protection
under Chapter 11 of the U.S. Bankruptcy Code on April 16, 2009
(Bankr. D. Del. Lead Case No. 09-11296).  Judge Kevin J. Carey
presides over the case.  The Company and its Canadian affiliates
commenced parallel restructuring proceedings under the Companies'
Creditors Arrangement Act before the Quebec Superior Court
Commercial Division the next day.  Alex F. Morrison at Ernst &
Young, Inc., was appointed CCAA monitor.

Paul, Weiss, Rifkind, Wharton & Garrison LLP, serves as the
Debtors' U.S. bankruptcy counsel.  Stikeman Elliot LLP, acts as
the Debtors' CCAA counsel.  Young, Conaway, Stargatt & Taylor, in
Wilmington, Delaware, serves as the Debtors' co-counsel, while
Troutman Sanders LLP in New York, serves as the Debtors' conflicts
counsel in the Chapter 11 proceedings.  The Debtors' financial
advisors are Advisory Services LP, and their noticing and claims
agent is Epiq Bankruptcy Solutions LLC.  The CCAA Monitor's
counsel is Thornton, Grout & Finnigan LLP, in Toronto, Ontario.
Abitibi-Consolidated Inc. and various Canadian subsidiaries filed
for protection under Chapter 15 of the U.S. Bankruptcy Code on
April 17, 2009 (Bankr. D. Del. 09-11348).  Judge Carey also
handles the Chapter 15 case.  Pauline K. Morgan, Esq., and Sean T.
Greecher, Esq., at Young, Conaway, Stargatt & Taylor, in
Wilmington, represent the Chapter 15 Debtors.

As of Sept. 30, 2008, the Company had $9,937,000,000 in total
assets and $8,783,000,000 in total debts.

Bankruptcy Creditors' Service, Inc., publishes AbitibiBowater
Bankruptcy News.  The newsletter provides gavel-to-gavel coverage
of the Chapter 11 proceedings and parallel proceedings under the
Companies' Creditors Arrangement Act in Canada undertaken by
Abitibibowater Inc. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000).


ACCO BRANDS: Note Upsizing Cues S&P to Retain 'BB-' Rating
----------------------------------------------------------
Standard & Poor's Ratings Services said that its 'BB-' issue-level
and recovery ratings on ACCO Brands Corp.'s senior secured notes
due 2015 remain unchanged following a $35 million upsize on the
notes for a new total principal amount outstanding of
$460 million.

Net proceeds of the issue, along with borrowings under a proposed
new multicurrency $175 million asset-based revolving credit
facility (unrated), will be used to refinance and replace its
existing senior secured credit facilities and accounts receivable
securitization program (unrated) and pay transaction and related
costs.

"Although this transaction addresses S&P's prior concern about the
company's ability to maintain adequate cushion on its existing
bank financial covenants in the second half of 2009, given the
seasonal nature of ACCO's business, along with S&P's continued
concerns about the continuing effects of the weak economic
environment on the company's operating results, S&P believes it
could result in credit measures that may weaken from current
levels," said Standard & Poor's credit analyst Jean C.  Stout.
S&P could lower the ratings on ACCO if leverage increases further.

The 'B+' rating on Lincolnshire, Illinois-based ACCO Brands Corp.
reflects the highly competitive and cyclical operating environment
in which it operates, some customer concentration, and the
company's leveraged financial profile.  ACCO benefits from its
leading market position, a portfolio of well-known brands, and
wide geographic distribution.

                          Ratings List

                        ACCO Brands Corp.

        Corporate credit rating             B+/Negative/--
        Senior secured debt rating          BB-


ADAK FISHERIES: Political & Business Woes Cause Chapter 11 Filing
-----------------------------------------------------------------
Anchorage Daily News reports that Adak Fisheries, LLC, has filed
for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court
for the District of Alaska, after a complicated political and
business battle.

Deckboss blog relates that Adak Fisheries has been facing lawsuits
filed by:

     -- the local electric utility, TDX Adak Generating, which is
        seeking for payment of potentially more than $1 million
        overdue power bills and damages for "intentionally
        tampering" with an electric meter to show the plant used
        way less juice than it actually did;

     -- Coastal Transportation Inc., which is seeking $56,520 in
        unpaid bills for shipping everything from boots and rain
        gear to pallets of salt.  According to court documents, a
        default judgment has been entered against Adak Fisheries
        for failure to answer the lawsuit; and

     -- Toyota Motor Credit Corp. and Daimler Chrysler Financial
        Services.

Adak Fisheries listed $10 million to $50 million in liabilities
against $10 million to $50 million in assets.  According to
Deckboss, some of Adak Fisheries' largest creditors include:

     -- Drevik International AS, which has a $3.8 million claim;
     -- Aleut Enterprise LLC, which has a $1.3 million claim;
     -- Muir Milach Management LLC, which has a $402,000 claim;
     -- TDX Adak Generating LLC, which has a $268,000 claim;
     -- Trident Seafoods Corp., which has a $255,000 claim; and
     -- the IRS, which has a $231,000 claim.

Deckboss says that Independence Bank has sought to convert Adak
Fisheries' Chapter 11 reorganization case to Chapter 7
liquidation.  Deckboss states that Independence Bank claims it
loaned Adak Fisheries and founder Kjetil Solberg $4.35 million in
2007 and that it "has a first position security interest in
essentially all of Adak's assets."

Anchorage, Alaska-based Adak Fisheries, LLC, is a seafood
processor.  It runs a plant for processing cod and other fish on
distant Adak Island in the Aleutians.


ALFRED FRAUMENI: Cape Cod Broadcasting Files for Chapter 11 Bankr.
------------------------------------------------------------------
Cape Cod Broadcasting has filed for Chapter 11 bankruptcy
protection.

Court documents say that Cape Cod Broadcasting is out of operating
cash, unless the court approves a loan of up to $500,000.  Radio
Online relates that Cape Cod Broadcasting has less than $50,000 in
assets, against $10 million to $50 million in debt.

Hyannis-based Cape Cod Broadcasting owns four FM outlets in Cap
Cod: AC WQRC-FM (99.9), Soft AC WOCN-FM (104.7), Country WKPE-FM
(103.9 FM), and Classical WFCC-FM (107.5), the flagship station
for the World Classical Music Network.

Lynnfield, Massachusetts-based Alfred V. Fraumeni Jr., Inc., filed
for Chapter 11 bankruptcy protection on September 23, 2009 (Bankr.
D. Mass. Case No. 09-19043).  Its affiliates -- which include
Sandab Communications Limited Partnership II; Cape Cod
Broadcasting I, LLC; and World Classical Network LLC -- also filed
for Chapter 11 bankruptcy.  Jay P. Johnson, Esq., who has an
office in Peabody, Massachusetts, assists Alfred V. Fraumeni in
its restructuring efforts.  Alfred V. Fraumeni listed $1,000,001
to $10,000,000 in assets and $100,001 to $500,000 in liabilities.
According to the schedules, the Company has assets of at least
$5,780,000, and total debts of $150,135.


ALION SCIENCE: S&P Puts 'B-' Ratings on CreditWatch Negative
------------------------------------------------------------
Standard & Poor's Ratings Services said it placed its 'B-'
corporate credit, senior credit facility, and senior unsecured
debt ratings on Alion Science and Technology Corp. on CreditWatch
with negative implications while the company seeks an amendment to
its revolving credit facility.  If the company is unable to obtain
this amendment, Alion's liquidity would be severely constrained.

Alion is seeking an extension of its revolver beyond its September
2009 expiration.  In addition, the company is seeking an amendment
to its senior leverage covenant which will step down to 3.00x in
December 2009 from 4.25x.  With any new amendment, S&P expects the
company to reset covenants to allow for more headroom starting in
the December 2009 quarter.  The company was in compliance with all
financial covenants as of June 30, 2009.

"We will monitor Alion's ability to amend its credit facility,"
said Standard & Poor's credit analyst Jennifer Pepper.  The
company has indicated that it expects to close on an amendment by
Sept. 30, 2009.  "If the company achieves meaningful covenant
relief and extends the revolver," added Ms. Pepper, "we would
expect to change the outlook to stable." Conversely, in the
absence of an executed amendment, S&P would lower the rating.


ALIZADEH'S JACK: Went Bankrupt After Losing License for Franchises
------------------------------------------------------------------
Nathan Donato-Weinstein at Rosevill Press-Tribune reports that Abe
Alizadeh was forced to seek bankruptcy protection after the state
of California revoked his license to operate the 70 Northern
California Jack in the Box franchises he owns due to millions in
back taxes.

Court documents say that Mr. Alizadeh's 70 Jack in the Box
restaurants ran into trouble after he used their profits to prop
up a failing real-estate empire.  Mr. Alizadeh's Kobra Associates
Inc., Central Valley Food Services Inc., Food Service Management
Inc., and Sierra Valley Restaurants owe four banks more than
$40 million, according to court documents.

Press-Tribune relates that unsecured debt totals $18 million to
more than 150 suppliers and vendors, including city, state and
federal tax authorities.

According to Press-Tribune, Jack in the Box operations were
profitable, with combined annualized revenues of $92 million.  In
the last fiscal year, the companies reported net income of more
than $5.6 million, says the report.  But ". . . a sizeable portion
of the (Jack in the Box) Debtors' income has been used in recent
years to subsidize operating losses in certain real estate
ventures that are affiliates of the JIB Debtors . . . although all
such uses of the JIB Debtors' income has long since ended, the
prior use of funds left the JIB Debtors with insufficient cash
flow and delinquencies owing to its own creditors," the report
quoted Mr. Alizadeh as saying.

Abe Alizadeh is a longtime Jack in the Box Inc. franchisee in
Northern California.  He has sent four entities that operate his
Jack in the Box Inc. franchised restaurants to Chapter 11
bankruptcy protection.


AMERICAN AXLE: New GM Discloses 6.9% Equity Stake
-------------------------------------------------
General Motors Company disclosed holding 4,093,729 shares or
roughly 6.9% of the common stock of American Axle & Manufacturing
Holdings, Inc.

New GM, Axle's customer, acquired warrants for the purchase of
4,093,729 shares of Axle Common Stock on September 16, 2009.  The
Warrants are exercisable at any time prior to September 16, 2014,
5:00 p.m. New York City time, at an exercise price of $2.76 per
share.  The exercise price and the number of shares issuable upon
exercise of the warrants are subject to adjustment pursuant to a
Warrant Agreement, dated as of September 16, 2009, by and between
Axle and New GM.

Pursuant to the Warrant Agreement, New GM has agreed that, except
for a limited period after any exercise of the Warrants before the
30th day preceding the Warrant expiration date, it will vote any
shares of Common Stock acquired upon exercise of the Warrants
proportionally with all other stockholders of Axle.  In addition,
pursuant to the terms of the Warrant Agreement, while New GM (or
any of its affiliates) holds any Warrants or Warrant Shares, New
GM has agreed that, among other things, neither it nor its
affiliates will, without the prior written consent of Axle, (a)
acquire, directly or indirectly, any securities if, following such
acquisition, New GM and its affiliates would be the beneficial
owners of more than 20% of the then outstanding Common Stock, or
(b) seek, propose or take other action, whether by itself or with
others, for the purpose of, directly or indirectly, influencing or
controlling the management or policies of Axle.

As reported by the Troubled Company Reporter on September 18,
2009, Axle obtained amended terms from lenders and a $110 million
payment from New GM.  GM also agreed to make payments for parts in
about 10 days rather than previous terms of about 45 days, through
June 30, 2011.

The deals likely prevented a bankruptcy filing by American Axle,
The Associated Press has said.

                        About American Axle

Headquartered in Detroit, Michigan, American Axle & Manufacturing
Holdings Inc. (NYSE: AXL) -- http://www.aam.com/-- is a world
leader in the manufacture, engineering, design and validation of
driveline and drivetrain systems and related components and
modules, chassis systems and metal-formed products for trucks,
sport utility vehicles, passenger cars and crossover utility
vehicles.  In addition to locations in the United States
(Michigan, New York, Ohio and Indiana), the Company also has
offices or facilities in Brazil, China, Germany, India, Japan,
Luxembourg, Mexico, Poland, South Korea, Thailand and the United
Kingdom.

Axle had assets of $1,920,600,000 against debts of $2,656,600,000
as of June 30, 2009.

                           *     *     *

As reported by the Troubled Company Reporter on September 24,
2009, Moody's Investors Service raised Axle's Corporate Family
Rating to Caa3 from Ca, and raised the rating on Axle's secured
guaranteed term loan to B3 from Caa2.  Moody's affirmed the
company's Probability of Default Rating at Caa3, and affirmed the
ratings on the unsecured guaranteed notes and the unsecured
convertible notes at Ca.  The Speculative Grade Liquidity Rating
is SGL-4.  The outlook is changed to stable from negative.

The TCR also said Standard & Poor's Ratings Services revised its
outlook on Axle to developing from negative and affirmed its
'CCC+' corporate credit rating and other ratings.


AMERICAN MEDIA: Bank Debt Trades at 14% Off in Secondary Market
---------------------------------------------------------------
Participations in a syndicated loan under which American Media
Operations, Inc., is a borrower traded in the secondary market at
86.30 cents-on-the-dollar during the week ended Sept. 25, 2009,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal.  This represents a drop of 0.64
percentage points from the previous week, The Journal relates.
The loan matures on Jan. 27, 2013.  The Company pays 275 basis
points above LIBOR to borrow under the facility.  The bank debt
carries Moody's B3 rating and Standard & Poor's B- rating.  The
debt is one of the biggest gainers and losers among widely quoted
syndicated loans in secondary trading in the week ended Sept. 25,
among the 149 loans with five or more bids.

American Media Operations, Inc. --
http://www.americanmediainc.com/-- is a publisher in the field of
celebrity journalism and health and fitness magazines. The
Company's publications include Star, Shape, Men's Fitness, Fit
Pregnancy, Natural Health, Muscle & Fitness, Muscle & Fitness
Hers, Flex, National Enquirer, Globe, Country Weekly, Mira!, Sun,
National Examiner, and other publications.  The Company has
aggregated its business into five reporting segments: Celebrity
Publications, Tabloid Publications, Women's Health and Fitness
Publications, Distribution Services and Corporate/Other.


AMR CORP: American to Raise $450MM to Refinance Bank Debt
---------------------------------------------------------
American Airlines Inc. is offering in a private placement
$450,000,000 aggregate principal amount of 10-1/2% senior secured
notes due 2012.  The notes are expected to be secured by certain
of the Company's aircraft, and proceeds from the offering of the
notes will be used to refinance the Company's existing
$432,000,000 secured bank term loan facility.  In connection with
the refinancing, the Company will give the requisite notice under
the facility to prepay all borrowings thereunder on September 28,
2009.  The notes will be guaranteed by AMR.  Completion of the
offering of the notes is subject to customary closing conditions
and is expected to occur on October 9, 2009.

                          About AMR Corp.

Headquartered in Forth Worth, Texas, AMR Corporation (NYSE:
AMR) operates with its principal subsidiary, American Airlines
Inc. -- http://www.aa.com/-- a worldwide scheduled passenger
airline.  At the end of 2006, American provided scheduled jet
service to about 150 destinations throughout North America, the
Caribbean, Latin America, including Brazil, Europe and Asia.
American is also a scheduled airfreight carrier, providing
freight and mail services to shippers throughout its system.

Its wholly owned subsidiary, AMR Eagle Holding Corp., owns two
regional airlines, American Eagle Airlines Inc. and Executive
Airlines Inc., and does business as "American Eagle."  American
Beacon Advisors Inc., a wholly owned subsidiary of AMR, is
responsible for the investment and oversight of assets of AMR's
U.S. employee benefit plans, as well as AMR's short-term
investments.

AMR Corp. reported a net loss of $390 million for the second
quarter of 2009, or $1.39 per share.  At June 30, 2009, the
Company had $24.1 billion in total assets; $8.2 billion in total
current liabilities, $8.3 billion in long- term debt, less current
maturities, $572 million in obligations under capital leases, less
current obligations, $6.8 billion in pension and postretirement
benefits, and $3.1 billion in other liabilities, deferred gains
and deferred credits; resulting in a $3.0 billion stockholders'
deficit.

                           *     *     *

As reported by the Troubled Company Reporter on September 25,
2009, Fitch Ratings has assigned a rating of 'C' and a Recovery
Rating of 'RR6' to AMR's $400 million senior convertible note
issue.  Fitch's current Issuer Default Rating for AMR is 'CCC'.

On September 24, the TCR said Standard & Poor's Ratings Services
assigned its 'CCC+' issue-level rating and '5' recovery rating to
AMR's $250 million senior convertible notes due 2014.  In
addition, S&P placed the rating on CreditWatch with negative
implications, and will review it in conjunction with its
resolution of the CreditWatch listing on AMR.

Also on September 24, Moody's Investors Service affirmed its Caa1
corporate family and probability of default ratings of AMR.
Moody's changed the speculative grade liquidity rating to SGL-2
from SGL-3 and the outlook to stable from negative.  Moody's also
affirmed the B2 rating of the first lien senior secured term loan
of American Airlines, AMR's wholly owned subsidiary, and lowered
its ratings on the company's 2001-1 Series of Enhanced Equipment
Trust Certificates.


AMR CORP: To Raise $800MM by Issuing Convertible Notes, Shares
--------------------------------------------------------------
AMR Corporation seeks to raise roughly $800,000,000 by issuing
securities.

     -- $400,000,000 of 6.25% Convertible Senior Notes due 2014;
        and

     -- $400,000,004 in AMR common stock.

AMR intends to use the net proceeds from the offering for general
corporate purposes.

     (A) 6.25% Convertible Senior Notes due 2014

The Convertible Senior Notes due 2014 will bear interest at the
rate of 6.25% per year.  Interest on the notes is payable on April
15 and October 15 of each year, beginning on April 15, 2010.  The
notes will mature on October 15, 2014.  The notes are not
redeemable prior to maturity.

The notes are convertible by holders into shares of AMR common
stock at an initial conversion rate of 101.0101 shares per $1,000
principal amount of the notes, equivalent to an initial conversion
price of approximately $9.90 per share, subject to adjustment upon
the occurrence of certain events, at any time prior to the close
of business on the business day immediately preceding the maturity
date of the notes.

AMR has granted the underwriters an option to purchase up to an
additional $60,000,000 aggregate principal amount of notes to
cover over-allotments.

AMR estimates that the net proceeds of the offering will be
roughly $388,000,000 -- roughly $447,000,000 if the underwriters'
over-allotment option is exercised in full -- after deducting the
underwriters' discount and estimated expenses of the offering
payable by AMR.

The notes will be AMR's unsecured senior obligations and will rank
equally with all of its other unsecured senior indebtedness.  Its
wholly owned subsidiary, American Airlines, Inc., will guarantee
the notes on an unsecured senior basis.  The guarantee will rank
equal in right of payment with all existing and future unsecured
and unsubordinated indebtedness of American Airlines.

Interest on the notes will accrue from September 28, 2009, to the
date of delivery.  The underwriters expect to deliver the notes to
purchasers on or about September 28 only in book-entry form
through the facilities of The Depository Trust Company.

Citigroup Global Markets Inc., Morgan Stanley & Co. Incorporated
and UBS Securities LLC are acting as joint book-running managers
of the offering and as representatives of the underwriters.  Each
underwriter has severally agreed to purchase this amount of notes:

                                                Principal
                                                Amount of
     Underwriter                                    Notes
     -----------                                ---------
     Citigroup Global Markets Inc.           $200,000,000
     UBS Securities LLC                       100,000,000
     Morgan Stanley & Co. Incorporated         60,000,000
     Credit Suisse Securities (USA) LLC        20,000,000
     Goldman, Sachs & Co.                      20,000,000
                                             ------------
           Total                             $400,000,000

Any notes sold by the underwriters to securities dealers may be
sold at a discount from the initial public offering price not to
exceed $16.50 per note.  If all the notes are not sold at the
initial offering price, the underwriters may change the offering
price and the other selling terms.

Prior to this offering, there has been no public market in the
notes.

A full-text copy of the prospectus supplement related to the
Convertible Notes Offering is available at no charge at:

               http://ResearchArchives.com/t/s?4593

A full-text copy of the free writing prospectus related to
the Convertible Notes Offering is available at no charge at:

               http://ResearchArchives.com/t/s?4595

AMR initially planned to offer $250,000,000 in 2014 convertible
senior notes.

     (B) AMR Common Stock

AMR is offering 48,484,849 shares of common stock at $8.25 -- or a
total of 55,757,576 shares if the underwriters in this offering
exercise their option to purchase additional shares in full -- in
an underwritten offering pursuant to a separate prospectus
supplement.  The consummation of this offering is not contingent
upon the consummation of the common stock offering and vice versa.

AMR estimates that the net proceeds of the common stock offering
will be roughly $382,000,000 -- roughly $440,000,000 if the
underwriters' over-allotment option is exercised in full -- after
deducting the underwriters' discount and estimated expenses of the
offering payable by AMR.

Citigroup Global Markets, Morgan Stanley and UBS Securities are
acting as joint book-running managers of the offering and as
representatives of the underwriters.  Each underwriter has agreed
to purchase this number of shares:

                                                  Number
    Underwriter                                of Shares
    -----------                                ---------
    Citigroup Global Markets Inc.             24,242,425
    UBS Securities LLC                        12,121,213
    Morgan Stanley & Co. Incorporated          7,272,727
    Credit Suisse Securities (USA) LLC         2,424,242
    Goldman, Sachs & Co.                       2,424,242
                                             -----------
          Total                              $48,484,849

Shares sold by the underwriters to the public will initially be
offered at the initial public offering price.  Any shares sold by
the underwriters to securities dealers may be sold at a discount
from the initial public offering price not to exceed $0.2104 per
share.  If all the shares are not sold at the initial offering
price, the underwriters may change the offering price and the
other selling terms.

A full-text copy of the prospectus supplement related to
the Common Stock Offering is available at no charge at:

               http://ResearchArchives.com/t/s?4594

A full-text copy of the free writing prospectus related to the
Common Stock Offering is available at no charge at:

               http://ResearchArchives.com/t/s?4595

AMR initially planned to offer 30,000,000 in common shares.

The reported price of the common stock on September 22, 2009, was
$8.44 per share.

                          About AMR Corp.

Headquartered in Forth Worth, Texas, AMR Corporation (NYSE:
AMR) operates with its principal subsidiary, American Airlines
Inc. -- http://www.aa.com/-- a worldwide scheduled passenger
airline.  At the end of 2006, American provided scheduled jet
service to about 150 destinations throughout North America, the
Caribbean, Latin America, including Brazil, Europe and Asia.
American is also a scheduled airfreight carrier, providing
freight and mail services to shippers throughout its system.

Its wholly owned subsidiary, AMR Eagle Holding Corp., owns two
regional airlines, American Eagle Airlines Inc. and Executive
Airlines Inc., and does business as "American Eagle."  American
Beacon Advisors Inc., a wholly owned subsidiary of AMR, is
responsible for the investment and oversight of assets of AMR's
U.S. employee benefit plans, as well as AMR's short-term
investments.

AMR Corp. reported a net loss of $390 million for the second
quarter of 2009, or $1.39 per share.  At June 30, 2009, the
Company had $24.1 billion in total assets; $8.2 billion in total
current liabilities, $8.3 billion in long- term debt, less current
maturities, $572 million in obligations under capital leases, less
current obligations, $6.8 billion in pension and postretirement
benefits, and $3.1 billion in other liabilities, deferred gains
and deferred credits; resulting in a $3.0 billion stockholders'
deficit.

                           *     *     *

As reported by the Troubled Company Reporter on September 25,
2009, Fitch Ratings has assigned a rating of 'C' and a Recovery
Rating of 'RR6' to AMR's $400 million senior convertible note
issue.  Fitch's current Issuer Default Rating for AMR is 'CCC'.

On September 24, the TCR said Standard & Poor's Ratings Services
assigned its 'CCC+' issue-level rating and '5' recovery rating to
AMR's $250 million senior convertible notes due 2014.  In
addition, S&P placed the rating on CreditWatch with negative
implications, and will review it in conjunction with its
resolution of the CreditWatch listing on AMR.

Also on September 24, Moody's Investors Service affirmed its Caa1
corporate family and probability of default ratings of AMR.
Moody's changed the speculative grade liquidity rating to SGL-2
from SGL-3 and the outlook to stable from negative.  Moody's also
affirmed the B2 rating of the first lien senior secured term loan
of American Airlines, AMR's wholly owned subsidiary, and lowered
its ratings on the company's 2001-1 Series of Enhanced Equipment
Trust Certificates.


ANGLO SUMMIT HOLDINGS: Case Summary & 4 Largest Unsec. Creditors
----------------------------------------------------------------
Debtor: Anglo Summit Holdings, LLC
        7001 N Scottsdale Rd #2000
        Scottsdale, AZ 85253

Bankruptcy Case No.: 09-23811

Chapter 11 Petition Date: September 24, 2009

Court: United States Bankruptcy Court
       District of Arizona (Phoenix)

Judge: Chief Judge James M. Marlar

Debtor's Counsel: Alisa C. Lacey, Esq.
                  Stinson Morrison Hecker LLP
                  1850 N Central Ave #2100
                  Phoenix, AZ 85004
                  Tel: (602) 279-1600
                  Fax: (602) 240-6925
                  Email: alacey@stinson.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
4 largest unsecured creditors, is available for free at:

             http://bankrupt.com/misc/azb09-23811.pdf

The petition was signed by Ryuji Hirooka, manager of the Company.


APPLETON PAPERS: Obtains Lenders' Support to Amend Bank Loan
------------------------------------------------------------
Appleton Papers Inc. said Friday that, as of 5:00 p.m., New York
City time, on September 24, it had received approvals from a
sufficient number of its bank lenders to effect an amendment to
its credit agreement.

The amendment was required to permit Appleton to issue new 11.25%
Second Lien Notes due 2015 in exchange for its outstanding 8.125%
Senior Notes due 2011 and 9.75% Senior Subordinated Notes due
2014.  The private exchange offers were scheduled to expire at
12:00 midnight September 25.

The exchange offers are being made only to qualified institutional
buyers, accredited investors and certain investors located outside
the United States.  The new notes have not been and will not be
registered under the Securities Act or any state securities law,
may not be offered or sold in the United States absent
registration or an exemption from registration requirements and
will be subject to substantial restrictions on transfer.

                       Distressed Exchange

As reported by the Troubled Company Reporter on August 20, 2009,
Standard & Poor's Ratings Services lowered its corporate credit
rating on Appleton Papers to 'CC' from 'B'.  At the same time, S&P
lowered the issue-level ratings on the company's senior notes and
subordinated notes to 'C' from 'CCC+'.  The outlook is negative.

S&P also placed 'B+' issue-level rating on the Company's secured
bank credit facilities on CreditWatch with negative implications.
The recovery rating remains '2', indicating S&P's expectation of
substantial (70% to 90%) recovery in the event of payment default.

The rating actions follow Appleton's announcement that it is
offering to exchange $200 million of proposed new second-lien
secured notes for the outstanding senior unsecured and
subordinated notes in its capital structure.  In the case of the
subordinated notes, the exchange for the new notes would represent
a substantial discount to the par amount.  For the senior
unsecured notes, the exchange for the new notes would be at par,
while the maturity would be extended beyond the original maturity
of the existing notes.  "As a result, S&P view the exchanges as
being tantamount to default given Appleton's stressed and highly
leveraged financial risk profile and S&P's concerns around
Appleton's ability to service its current capital structure over
the intermediate term due to the challenging operating
environment," said Standard & Poor's credit analyst Andy Sookram.

The TCR also said Moody's Investors Service assigned a B3 rating
to Appleton Papers' proposed new secured notes due 2015 and
downgraded the company's existing senior subordinated notes to Ca
from Caa1.  At the same time, Moody's downgraded the company's
probability of default rating to Caa3 from B2.  Moody's also
affirmed the company's B2 corporate family rating and speculative
grade liquidity rating of SGL-4.  The outlook remains negative.

Because the exchange offer for the senior subordinated debt is
being done at 60% of par, and nonconsenting holders of the
existing senior unsecured and senior subordinated notes will lose
certain rights and be effectively subordinated to the new notes,
Moody's views the exchange offer to be a distressed exchange,
which is an event of default under Moody's definition of default.

                        About Appleton Papers

Appleton Papers Inc., headquartered in Appleton, Wisconsin,
develops and manufactures specialty coated paper products,
including carbonless paper, thermal paper, and other specialty
papers.  It also develops and manufactures flexible packaging
products.


AQUILEX HOLDINGS: S&P Gives Negative Outlook, Affirms 'B' Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlook on Atlanta, Georgia-based Aquilex Holdings LLC to negative
from stable.  At the same time, S&P affirmed all its ratings,
including the 'B' corporate credit rating, on the company.

"The outlook revision follows weaker-than expected earnings as
cyclical lows in petrochemical end-markets, postponed work by
nuclear generators, and intensified competitive pricing conditions
have affected demand and profitability," said Standard & Poor's
credit analyst Ket Gondha.  "We are also somewhat concerned
because cushions under financial covenants have diminished, and a
weak fall outage season could further affect the company's ability
to maintain covenant compliance and sufficient liquidity,
particularly as the spring outage season approaches."

The ratings on Aquilex reflect a narrow scope of operations in a
fragmented market, a moderately concentrated customer base,
exposure to cyclicality in certain end-markets, limited liquidity,
and high debt leverage.  Partially offsetting these weaknesses are
Aquilex's leading market position in its niche markets, variable
cost structure, and long-term customer relationships.


ARENA FOOTBALL: Teams to Transfer to New League
-----------------------------------------------
Terez A. Paylor at The Kansas City Star reports that teams from
the Arena Football League and the arenafootball2 minor league
would disclose on September 27 the formation of a new league.

According to The Kansas City Star, brigade owner Chris Likens said
that he wasn't joining the new league, which could be called Arena
Football 1, as players will make significantly less.  Mr. Likens
said that he's only aware of a handful of AFL teams -- Arizona,
San Jose and maybe Orlando -- that will transfer to the new
league, The Kansas City Star states.  "We're staying with the AFL,
we still believe in the AFL," the report quoted Mr. Likens as
saying.  According to the report, Mr. Likens said that AFL's
remaining owners are still planning on coming back in 2011, and
"currently, we are working on a single-operating business model
where all the teams would work together to control costs and sell
tickets."

The Arena Football League was founded in 1987 as an American
football indoor league by Jim Foster.  It is played indoors on a
smaller field than American football, resulting in a faster and
higher-scoring game.  Almost two months after the New Orleans
Voodoo folded on the league's owners chose to cancel the 2009
season to work on developing a long-term plan to improve its
economic model.

As reported by the TCR on August 14, 2009, Arena Football League
LLC was sent to Chapter 7 liquidation on August 7 by creditors
owed a total of $300,000.  The involuntary petition was signed by
Gridiron Enterprises Inc., Johnson & Bell Ltd., and Sheraton New
Orleans Hotel.  Gridiron is the largest of the three creditors,
with $272,000 owed to it.  Attorney Richard Lauter of Freeborn &
Peters LLP in Chicago is representing the petitioners.  The case
is In re Arena Football League LLC, 09-29024, U.S. Bankruptcy
Court, Northern District of Illinois (Chicago).

Chris Likens confirmed that the league is in Chapter 11
bankruptcy, The Kansas City Star says.


ARVINMERITOR INC: Receivables Facility Increased to $125 Million
----------------------------------------------------------------
ArvinMeritor Inc. on September 8, 2009, entered into a new, two-
year U.S. receivables financing arrangement in an aggregate
principal amount outstanding at any one time of not to exceed
$105 million.  On September 23, ArvinMeritor increased the total
commitment under the New Facility from $105 million to
$125 million.

The increase is a result of additional Lenders added to the
commitment.  GMAC Commercial Finance LLC, as Agent, consented to
the increase.  Availability under the New Facility will continue
to be subject to a borrowing base formula that provides for an 80%
advance rate against eligible receivables less certain reserves.

The original lending syndicate consists of:

     Lender                                  Commitment
     ------                                  ----------
     GMAC Commercial Finance LLC             $50,000,000
     Wachovia Bank, National Association     $35,000,000
     Cole Taylor Bank                        $20,000,000

Baker & Daniels LLP represents ArvinMeritor under the Loan and
Security Agreement:

     Baker & Daniels LLP
     300 North Meridian Street, Suite 2700
     Indianapolis, Indiana 46204-1782
     Telephone: (317) 237-1189
     Telecopier: (317) 237-1000
     Attn: Rebecca A. Richardson, Esq.

Honigman Miller Schwartz and Cohn LLP represents GMAC Commercial
Finance LLC under the Agreement:

     Honigman Miller Schwartz and Cohn LLP
     660 Woodward Avenue
     2290 First National Building
     Detroit, Michigan 48226-3506
     Attn: Donald F. Baty, Jr. Esq.
     Fax/Telecopy No: (313) 465-7315

A full-text copy of the Loan and Security Agreement dated
September 8, 2009, among ArvinMeritor Receivables Corporation,
ArvinMeritor, Inc., GMAC Commercial Finance LLC, and the Lenders
from time to time party thereto, is available at no charge at:

              http://ResearchArchives.com/t/s?448e

A full-text copy of the Third Amended and Restated Purchase and
Sale Agreement dated September 8, 2009, among ArvinMeritor
Receivables Corporation and Meritor Heavy Vehicle Braking Systems
(U.S.A.), Inc. and Meritor Heavy Vehicle Systems LLC, is available
at no charge at http://ResearchArchives.com/t/s?448f

                      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.


ASARCO LLC: Bankruptcy Exit Before End of Year, Says Grupo
----------------------------------------------------------
The U.S. Bankruptcy Court Judge Richard Schmidt on Sept. 24 issued
a report to the U.S. District Court ratifying his previous
recommendation for confirmation of the Reorganization Plan for
ASARCO filed by Americas Mining Corporation, a subsidiary of GRUPO
MÉXICO, S.A.B. DE C.V.   The Report and Recommendation reinforces
Judge Schmidt's belief that the AMC plan should be confirmed by
U.S. District Court Judge Andrew S. Hanen.

According to Grupo Mexico, Judge Schmidt in his opinion determined
that notwithstanding the post-deadline modifications made by
Sterlite to its offer and the accompanying late amendments to the
Debtor's plan made at the direction of the independent members of
the ASARCO Board of Directors following the Bankruptcy Court's
rejection of the Debtors' Plan in its previous Report and
Recommendation dated August 31, 2009, ". . .the Parent's plan is
superior and should be confirmed because it provides higher
payment for the assets of the estate . . . " and ". . .the
treatment of equity under Parent's Plan is superior." Judge
Schmidt also states that confirmation of the Parent's Plan should
be expected by the end of October.

The resolution from Judge Schmidt also states that the Bankruptcy
Code does not provide an unlimited right to modify a plan of
reorganization after it has been rejected in favor of a superior
plan, as Sterlite and the independent members of the ASARCO Board
attempted to do.

Finally, Judge Schmidt concluded, "If the Parent's Plan is closed
it will culminate perhaps the most successful major bankruptcy
reorganization in history."

Grupo Mexico is extremely pleased with the resolution from the
Corpus Christi Bankruptcy Court and considers it a complete
victory for the Parent, ASARCO and its creditors.  In addition to
recommending confirmation of its Reorganization Plan by the
Brownsville District Court in the very near term, the decision
will assure the full payment to the ASARCO creditors, payment of
the environmental and asbestos claims, a definite exit of Asarco
from the Chapter 11 before the end of year, and a full release of
the Brownsville judgment.

A copy of Judge Schmidt's latest recommendation to the District
Court is available for free at:

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

                        About ASARCO LLC

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

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

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

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

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

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

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

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


ASYST TECHNOLOGIES: Completes Sale of Three Divisions
-----------------------------------------------------
Asyst Technologies, Inc., reports that as of September 1, 2009, it
concluded the sales transactions of all U.S. assets for Fab
Automation, Connectivity Software, and AMHS.

During July and August 2009, the Company entered separate into
asset purchase agreements with each of Murata Machinery, Ltd.,
Crossing Automation, Inc., and PEER Intellectual Property, Inc.:

   (A) Fab Automation

       Crossing Automation, Inc., a designer and manufacturer of
       integrated vacuum wafer handling systems, has agreed to
       acquire the assets of Asyst's market-leading Fab Automation
       business, which designs and markets loadports, EFEMs, wafer
       sorters, and RFID devices for semiconductor and
       semiconductor equipment manufacturers.

   (B) Connectivity Software

       The PEER Group Inc., a software development and consulting
       firm serving the semiconductor, automotive, electronics and
       life sciences industries, will be acquiring the Asyst
       Connectivity Software business.

   (C) Automated Material Handling

       In addition, Asyst and Murata, a diversified manufacturer
       of logistics and automation equipment and systems, have
       agreed that Muratec will purchase the US assets from
       Asyst's intellectual property associated with new products
       relating to the Company's Automated Material Handling
       Systems business.  The transaction also includes the U.S.
       AMHS field service and installation business.

As a result, the Company received roughly $7.4 million in net cash
proceeds from the Murata and PEER sales in August and recorded a
net loss on the transactions of approximately $3.1 million.  The
Crossing Automation sale closed on September 1 and will be
reported in the September 2009 monthly operating report.

                      About Asyst Technologies

Headquartered in Fremont, California, Asyst Technologies, Inc. --
http://www.asyst.com/-- is a leading provider of integrated
automation solutions primarily for the semiconductor and flat
panel display manufacturing industries.  The Company is the parent
company of seven subsidiaries located in various jurisdictions
worldwide.  Principally, the Company is the owner of a non-
operating holding company organized under the laws of Japan, Asyst
Technologies Holdings Company, Inc. ("Asyst Japan Holdings").
Asyst Japan Holdings in turn owns the operating company Asyst
Technologies Japan, Inc.

The Company filed for Chapter 11 on April 20, 2009 (Bankr. N.D.
Calif. Case No. 09-43246).  Ali M.M. Mojdehi, Esq., Janet D.
Gertz, Esq., and Rayla Dawn Boyd, Esq., at the Law Offices of
Baker and McKenzie, serve as the Debtor's bankruptcy counsel.
Epiq Bankruptcy Solutions LLC is the Debtors' notice and claims
agent.  AlixPartners, LLP  serves as financial advisor.  Andrew I.
Silfen, Esq., Mette H. Kurth, Esq., Michael S. Cryan, Esq., and
Schuyler G. Carroll, Esq., at Arent Fox LLP, represent the
official committee of unsecured creditors.  As of December 31,
2008, Asyst had total assets of $295,782,000 and total debts of
$315,364,000.

The Company's Japanese subsidiaries, Asyst Technologies Holdings
Company, Inc., and Asyst Technologies Japan, Inc., entered into
related voluntary proceedings under Japan's Corporate
Reorganization Law (Kaisha Kosei Ho) on April 20, 2009.  Kosei
Watanabe was appointed as Trustee of Asyst Japan Holdings and ATJ.


AVIS BUDGET: Fidelity Discloses 11.7% Equity Stake
--------------------------------------------------
Fidelity Management & Research Company a wholly owned subsidiary
of FMR LLC and an investment adviser registered under Section 203
of the Investment Advisers Act of 1940, is the beneficial owner of
12,011,432 shares or 11.778% of the Common Stock outstanding of
Avis Budget Group Inc. as a result of acting as investment adviser
to various investment companies registered under Section 8 of the
Investment Company Act of 1940.

Edward C. Johnson 3d and FMR LLC, through its control of Fidelity,
and the funds each has sole power to dispose of the 12,011,432
shares owned by the Funds.

Strategic Advisers, a wholly owned subsidiary of FMR LLC and an
investment adviser registered under Section 203 of the Investment
Advisers Act of 1940, provides investment advisory services to
individuals.  As such, FMR LLC's beneficial ownership includes 50
shares, or 0.000%, of the Common Stock stock outstanding of Avis
Budget Group Inc, beneficially owned through Strategic Advisers,
Inc.

Pyramis Global Advisors Trust Company, an indirect wholly owned
subsidiary of FMR LLC and a bank as defined in Section 3(a)(6) of
the Securities Exchange Act of 1934, is the beneficial owner of
3,220 shares or 0.003% of the outstanding Common Stock of the Avis
Budget as a result of its serving as investment manager of
institutional accounts owning such shares.

Edward C. Johnson 3d and FMR LLC, through its control of Pyramis,
each has sole dispositive power over 3,220 shares and sole power
to vote or to direct the voting of 3,220 shares of Common Stock
owned by the institutional accounts managed by PGATC.

Avis Budget Group (NYSE: CAR) -- http://www.avisbudgetgroup.com/
-- provides vehicle rental services, with operations in more than
70 countries.  Through its Avis and Budget brands, the Company is
a general-use vehicle rental company in each of North America,
Australia, New Zealand and certain other regions based on
published airport statistics.  Avis Budget Group is headquartered
in Parsippany, N.J. and has roughly 24,000 employees.

                           *     *     *

As reported by the Troubled Company Reporter on April 30, 2009,
Standard & Poor's Ratings Services assigned a '6' recovery rating
to Avis Budget Car Rental LLC's (CCC+/Developing/--) unsecured
notes, indicating expectations of negligible (0%-10%) recovery of
principal in the event of a payment default.  Avis Budget Car
Rental LLC is a subsidiary of Avis Budget Group Inc.
(CCC+/Developing/--).


AVIS BUDGET: Offers $450 Million Term Asset-Backed Notes
--------------------------------------------------------
Avis Budget Group, Inc., said Avis Budget Rental Car Funding
(AESOP) LLC subsidiary has priced $450 million of its Series
2009-2 asset-backed term notes to finance the Company's domestic
car rental fleet.  The notes will bear interest at 5.68% per
annum, will have an expected final payment date in February 2013
and are expected to be rated Aaa by Moody's Investors Service upon
issuance.  The transaction is expected to close in early October,
subject to customary closing conditions.

The Series 2009-2 Notes have not been and will not be registered
under the Securities Act of 1933, as amended, or any applicable
state securities laws, and may not be offered or sold in the
United States without registration under the Securities Act or
pursuant to any applicable exemption from such registration.

Avis Budget Group (NYSE: CAR) -- http://www.avisbudgetgroup.com/
-- provides vehicle rental services, with operations in more than
70 countries.  Through its Avis and Budget brands, the Company is
a general-use vehicle rental company in each of North America,
Australia, New Zealand and certain other regions based on
published airport statistics.  Avis Budget Group is headquartered
in Parsippany, N.J. and has roughly 24,000 employees.

                           *     *     *

As reported by the Troubled Company Reporter on April 30, 2009,
Standard & Poor's Ratings Services assigned a '6' recovery rating
to Avis Budget Car Rental LLC's (CCC+/Developing/--) unsecured
notes, indicating expectations of negligible (0%-10%) recovery of
principal in the event of a payment default.  Avis Budget Car
Rental LLC is a subsidiary of Avis Budget Group Inc.
(CCC+/Developing/--).


BEAR STEARNS: Ex-CEO Sued by PCM for Alleged Misrepresentations
---------------------------------------------------------------
Chad Bray at The Wall Street Journal reports that Private Capital
Management LP co-founder Bruce Sherman has sued former Bear
Stearns CEO James Cayne and others at the Company, claiming that
the defendants made material misrepresentations about the
Company's financial health and risk management before it collapsed
in 2008.

The Journal relates that other defendants are:

     -- Bear Stearns,

     -- former Co-President and Chief Operating Officer Warren
        Spector, and

     -- outside auditor Deloitte & Touche LLP.

According to court documents, Mr. Sherman suffered steep losses on
his Bear Stearns.  Mr. Sherman, who at one point had investment
control over 5.9% of Bear Stearns' outstanding shares, said in
court documents that the misrepresentations made him hold onto
shares he "would otherwise have sold months before Bear ultimately
collapsed".  "Defendants knew that the market and the financial
press would view Sherman's sale of his Bear stock as a loss of
confidence in Bear by a well-known and long-standing investor,"
Mr. Sherman said.

"Deloitte believes the complaint to be totally without merit and
we will defend against it vigorously," the auditing firm said in a
statement.

New York City-based The Bear Stearns Companies Inc. (NYSE: BSC)
-- http://www.bearstearns.com/-- was a leading financial services
firm serving governments, corporations, institutions and
individuals worldwide.  The investment bank collapsed in 2008 and
was sold in a distressed sale to JPMorgan Chase in a transaction
backed by the U.S. government.

Grand Cayman, Cayman Islands-based Bear Stearns High-Grade
Structured Credit Strategies Enhanced Leverage Master Fund Ltd.
and Bear Stearns High-Grade Structured Credit Strategies Master
Fund Ltd. were open-ended investment companies, which sought high
income and capital appreciation relative to the London Interbank
Offered Rate, and designed for long-term investors.  On July 30,
2007, the Funds filed winding up petitions under the Companies Law
of the Cayman Islands.  Simon Lovell Clayton Whicker and Kristen
Beighton at KPMG were appointed joint provisional liquidators.


BIOFUEL ENERGY: Posts $9MM Net Loss in Quarter Ended June 30
------------------------------------------------------------
BioFuel Energy Corp. posted a net loss of $8,988,000 for three
months ended June 30, 2009, compared with a net income of
$2,383,000 for the same period in 2008.

For six months ended June 30, 2009, the Company posted a net loss
of $20,166,000 compared with a net loss $1,193,000 for the same
period in 2008.

The Company's balance sheet at June 30, 2009, showed total assets
of $346,601,000 and total liabilities of $270,516,000 and a
stockholders' equity of $76,085,000.

The Company said that there is substantial doubt about its ability
to continue as a going concern.  The Company noted that it the net
loss incurred during the three and six months ended June 30, 2009,
resulted from poor operating margins due to the relative prices of
corn and ethanol.

In addition, on June 30, 2009, as a result of a continuing dispute
with BNP Paribas and the other lenders under the senior secured
credit facility entered into by certain of the Company's
subsidiaries and the lenders, the entire outstanding amount of
construction loans under the Senior Debt facility became due and
payable.  As part of the continuing dispute, the Operating
Subsidiaries were not able to convert the outstanding construction
loans into term loans maturing in 2014, as provided under the
terms of the Senior Debt facility.  The conversion would have
prevented the construction loans from becoming due and payable on
June 30, 2009.  Under the terms of the Senior Debt facility,
minimum quarterly principal payments of $3,150,000 were scheduled
to begin on June 30, 2009, provided the loans had converted to
term loans on or prior to the date.

A full-text copy of the Company's Form 10-Q is available for free
at http://ResearchArchives.com/t/s?457d

BioFuel Energy Corp. (NASDAQ:BIOF) is engaged in the manufacture
and sale of ethanol and its co-products, through its two ethanol
production facilities located in Wood River, Nebraska, and
Fairmont, Minnesota.  The Company's ethanol plants are owned and
operated by the operating subsidiaries of BioFuel Energy, LLC.
The Company produces ethanol at both its plants, each having a
nameplate capacity, based on the maximum amount of permitted
denaturant, of 115 million gallons per year.  The Company's
primary source of revenue is the sale of ethanol.  It also
receives revenue from the sale of distillers grain, which is a
residual co-product of the processed corn and is sold as animal
feed.


BLOCKBUSTER INC: Bank Debt Trades at 1.25% Off in Secondary Market
------------------------------------------------------------------
Participations in a syndicated loan under which Blockbuster, Inc.,
is a borrower traded in the secondary market at 98.75 cents-on-
the-dollar during the week ended Sept. 25, 2009, according to data
compiled by Loan Pricing Corp. and reported in The Wall Street
Journal.  This represents an increase of 3.44 percentage points
from the previous week, The Journal relates.  The loan matures on
Aug. 20, 2011.  The Company pays 375 basis points above LIBOR to
borrow under the facility.  The bank debt carries Moody's B1
rating and Standard & Poor's B rating.  The debt is one of the
biggest gainers and losers among widely quoted syndicated loans in
secondary trading in the week ended Sept. 25, among the 149 loans
with five or more bids.

Blockbuster, Inc., headquartered in Dallas, Texas, is a leading
global provider of in-home movie and game entertainment with
approximately 7,400 stores throughout the Americas, Europe, Asia,
and Australia.  Revenues are about $5.3 billion.

As reported by the Troubled Company Reporter, Sept. 18, 2009,
Standard & Poor's Ratings Services raised its corporate credit
rating on Blockbuster, Inc., to 'B-' from 'CCC'.  The outlook is
stable.  At the same time, S&P assigned a 'B' rating to the
company's $675 million senior secured notes with a recovery rating
of '2', indicating S&P's expectation for substantial (70%-90%)
recovery in the event of payment default.  In addition, S&P raised
the senior secured debt rating on the company's revolver and term
loan to 'B' from 'CCC+'; raised the subordinated debt issue to
'CCC+' from 'CC'; and revised the recovery rating on the
subordinated debt to '5', indicating S&P's expectation for modest
(10% - 30%) recovery in the event of payment default, from '6'.

"The upgrade reflects S&P's estimation that the refinancing
enhances the company's liquidity profile and is likely to improve
operating flexibility," said Standard & Poor's credit analyst
David M. Kuntz.

The ratings on Blockbuster Inc. reflect its participation in an
extremely competitive home entertainment market, the technology
risks associated with video delivery to the end user, its
dependence on decisions made by the movie studios, and a highly
leveraged capital structure.

The TCR also stated on Sept. 18, 2009, Moody's Investors Service
placed Blockbuster, Inc.'s Caa2 Corporate Family Rating, Caa3
Probability of Default Rating, and Ca senior subordinated notes on
review for possible upgrade.  Moody's also assigned a B1 rating to
Blockbuster, Inc.'s proposed $675 million senior secured notes due
2014.  The B1 rating on the company's existing $550 million senior
secured credit facilities was affirmed.  Blockbuster has an SGL-4
Speculative Grade Liquidity rating.

Proceeds from the proposed $675 million senior secured notes will
be used to repay Blockbuster's fully drawn $250 million revolving
credit facility, $300 million senior secured term loan B, and
amounts outstanding under its Canadian asset-based revolving
credit facility.

The review for upgrade considers that the successful closing of
the proposed senior secured note transaction and full repayment of
its existing senior secured credit facilities would strengthen the
company's capital structure and address key constraints to its
liquidity.  This would likely result in a one-notch upgrade of the
company's CFR, PDR, and senior subordinated notes, as well as an
improvement in the company's Speculative Grade Liquidity rating.


BROWN JORDAN: Moody's Gives Negative Outlook, Affirms 'B2' Rating
-----------------------------------------------------------------
Moody's Investors Service revised Brown Jordan International,
Inc.'s ratings outlook to negative from stable.  Concurrently,
Moody's affirmed Brown Jordan's debt ratings, including its B2
Corporate Family Rating.

The outlook change to negative reflects Moody's concern that weak
economic conditions will continue to negatively impact Brown
Jordan's sales volume and profitability over the near term,
potentially depleting the modest cushion under its financial
covenants, particularly when considering the upcoming contractual
tightening of its leverage covenant.

Brown Jordan's B2 corporate family rating reflects the company's
small size, limited diversity, and the highly discretionary nature
of its products.  Moody's concern regarding the current severe
economic downturn and weak discretionary consumer spending is a
significant constraint to the rating.  The rating is supported by
the company's position as one of the leading outdoor furniture
companies in North America, well-known brands and established
customer relationships, as well as distribution breadth and
strength.  Management's focus on reducing costs and improving
efficiencies have contributed to historically stable margins and
solid credit metrics for the rating.  Notwithstanding modest
covenant cushion, Brown Jordan's liquidity appears adequate,
supported by balance sheet cash and the expectation for positive,
yet highly seasonal, free cash flow generation and ample
availability under its revolving credit facility.

Brown Jordan's ratings are:

  -- Corporate Family Rating at B2;
  -- Probability of Default Rating at B3;
  -- Senior Secured Revolving Credit Facility at Ba3 (LGD2, 17%);
  -- Senior Secured Term Loan at B2 (LGD3, 35%);
  -- Senior Secured Second Lien Loan at Caa1 (LGD4, 65%)

The ratings outlook is negative.

Moody's last commented on Brown Jordan on December 17, 2008.  The
last rating action on Brown Jordan occurred on October 2, 2006,
when Moody's assigned the B2 CFR and stable outlook.

Brown Jordan is one of the premier designers, manufacturers and
marketers of outdoor retail and contract furnishings with brand
names that include Brown Jordan and Winston among others, as well
as other retailer-branded and licensed brand names.  Consolidated
revenue for the latest twelve month period ending June 30, 2009,
is estimated to be around $300 million.


CANWEST MEDIA: Ten Network Deal Won't Affect Moody's Ca/LD Rating
-----------------------------------------------------------------
Moody's Investors Service said Canwest Media Inc.'s pending sale
of its indirect interest in Ten Network Holdings Limited, while a
positive development, has no impact on Canwest's ratings.

Moody's most recent rating action concerning Canwest was taken on
April 20, 2009 at which time the company's probability of default
rating was downgraded to Ca/LD as a consequence an interest
payment on its US$761 million 8% senior subordinated notes due 15
September, 2012, not having been paid prior to the expiration of
the applicable cure period.

Canwest's ratings were assigned by evaluating factors Moody's
believes are relevant to the credit profile of the issuer, such as
i) the business risk and competitive position of the company
versus others within its industry, ii) the capital structure and
financial risk of the company, iii) the projected performance of
the company over the near to intermediate term, and iv)
management's track record and tolerance for risk.  These
attributes were compared against other issuers both within and
outside of Canwest's core industries and Canwest's ratings are
believed to be comparable to those of other issuers of similar
credit risk.

Canwest Media Inc. is wholly-owned by Winnipeg, Manitoba, Canada-
based Canwest Global Communications Corp., a publicly traded
international media company with interests in broadcast
television, publications, radio, specialty television channels,
out-of-home advertising and interactive operations.  Substantially
all of the publicly traded parent company's operations are held
though Canwest.


CAPITAL CORP: Plans to Pay Impaired Creditors Up To 29%
-------------------------------------------------------
Capital Corp. of the West has filed a Chapter 11 liquidation plan,
saying creditors should expect recoveries of between 8% and 29% on
impaired claims.

Incorporated on April 26, 2005, Capital Corp of the West is a bank
holding company whose primary asset and source of income is County
Bank.  County Bank is a community bank with operations located
mainly in the San Joaquin Valley of Central California with
additional business banking operations in the San Francisco Bay
Area.  The corporate headquarters of the Company and the Bank's
main branch facility are located at 550 West Main Street, Merced,
California.

County Bank was closed February 6, 2009, by the California
Department of Financial Institutions, which appointed the Federal
Deposit Insurance Corporation as receiver.  To protect the
depositors, the FDIC entered into a purchase and assumption
agreement with Westamerica Bank, based in San Rafael, California,
to assume all of the deposits of County Bank.  As of February 2,
2009, County Bank had total assets of approximately $1.7 billion
and total deposits of $1.3 billion.  In addition to assuming all
of the failed bank's deposits, including those from brokers,
Westamerica Bank agreed to purchase all of County Bank's assets.

According to Capital Corp, although County Bank made no "subprime
mortgages," it had made substantial loans to developers for
acquisition, development and construction of residential homes and
condominiums throughout California's Central Valley.  Overbuilding
and an increase in foreclosures in the market resulted in rapidly
declining real property values, and contributed to the rise in
nonperforming loans.

Capital Corp of the West filed for bankruptcy on May 11, 2009
(Bankr. E.D. Calif. Case No. 09-14298).  Judge W. Richard Lee
presides over the case.  Paul J. Pascuzzi, Esq., at Felderstein
Fitzgerald Willoughby & Pascuzzi, serves as the Debtor's
bankruptcy counsel.  Hagop T. Bedoyan, Esq., serves as counsel to
the official committee of unsecured creditors.  As of Sept. 30,
2008, Capital Corp of the West had $1.87 million in total assets,
$1.80 million in total liabilities and shareholders' equity of
$73,896.  In its Chapter 11 petition, the Company disclosed
$6,789,058 in total assets and $68,096,190 in total debts.


CATALYST PAPER: Proposes Elk Falls Mill Restart Plan to Union
-------------------------------------------------------------
Catalyst Paper Corp. on September 18, 2009, presented the two
union locals representing workers at its Elk Falls paper mill in
British Columbia, Canada, with a plan that would result in the
restart of production.  The company's plan provides for the start
up of at least two of the mill's paper machines and a profit
sharing system based on the company's earnings, in return for
changes to wages and benefits.  Under the company's plan, the
average hourly wage rate would remain in excess of $26.00.

"Our business is in the grip of a deep cyclical downturn, coupled
with demand shifts and structural changes. We have to make
adjustments to the cost structure of each of our mills to give
them the greatest opportunity for a successful operation long-
term," said Richard Garneau, president and chief executive
officer.

"We would rather work through the details of the issues facing the
Elk Falls mill together with the union locals, but they declined
that opportunity and asked the company for a plan," he said.  "We
recognize our plan proposes changes to the status quo at the mill
but believe it reflects the need to adapt to the lower-cost
demands of our new, smaller, highly competitive market," he added.

The Elk Falls mill was indefinitely idled in early February with
resulting layoffs affecting approximately 400 hourly and staff
employees. Elk Falls hourly employees are represented by
Communications, Energy and Paperworkers Union of Canada (CEP)
locals 630 and 1123.

On June 23, 2009, the Company said it is reviewing alternatives to
address the maturity of its senior unsecured notes of
US$354 million, 8.625% notes and US$250 million, 7.375% notes
which mature in June 2011 and March 2014, respectively.  The
Company intends to take proactive steps towards refinancing in
light of current adverse credit conditions and the absence of any
signs of a meaningful recovery for the Company's product lines.

The Company's long-term corporate credit ratings were lowered from
B to CCC+ by Standard & Poor's Rating in June 2009 and from B1 to
B3 by Moody's Investors Service in July 2009.  The rating declines
reflect both the announced review of refinancing alternatives and
the weak market environment for the Company's products.

                      About Catalyst Paper

Catalyst Paper Corporation (TSX:CTL) manufactures diverse
specialty printing papers, newsprint and pulp.  Its customers
include retailers, publishers and commercial printers in North
America, Latin America, the Pacific Rim and Europe.  With six
mills strategically located in British Columbia and Arizona,
Catalyst has a combined annual production capacity of 2.5 million
tonnes.  The company is headquartered in Richmond, British
Columbia, Canada and its common shares trade on the Toronto Stock
Exchange under the symbol CTL.

At June 30, 2009, Catalyst had C$2.2 billion in total assets and
C$1.3 billion in total liabilities.


CENTENNIAL COMMUNICATIONS: CEO Receives $2.8MM in Fiscal 2009
-------------------------------------------------------------
Centennial Communications Corp. and its subsidiaries filed
Amendment No. 1 on Form 10-K/A to amends its Annual Report on Form
10-K for the year ended May 31, 2009, originally filed July 30,
2009.

The Company filed the Amendment to include information regarding
its Directors, Executive Officers and Corporate Governance, and a
discussion on Executive Compensation, which were not included in
the Original Filing.  The Company said it does not expect to file
its definitive proxy statement within 120 days of the end of its
fiscal year ended May 31, 2009.  No other changes have been made
to the Original Filing.

The Company said it paid CEO Michael J. Small $2,837,986 for
fiscal year 2009, including $1,560,241 in option awards and
$741,650 in non-equity incentive plan compensation.  Mr. Small
received $2,736,419 salary in fiscal 2008.

Chief financial officer Thomas J. Fitzpatrick received $1,371,319
in fiscal 2009, including $652,965 in option awards and $313,775
in non-equity incentive plan compensation.  Mr. Fitzpatrick
received $1,646,357 in fiscal 2008.

A full-text copy of Amendment No. 1 on Form 10-K/A is available at
no charge at http://ResearchArchives.com/t/s?45a2

Centennial reported $1.45 billion in total assets; and
$195.2 million in total current liabilities, $2.02 billion in
long-term debt, $155.5 million in deferred income taxes,
$31.9 million in other liabilities, $1.44 million in minority
interest in subsidiaries; resulting in $949.8 million in
stockholders' deficit at May 31, 2009.

Centennial reported net income of $37.1 million, or $0.33 per
diluted share, for the fiscal fourth quarter of 2009 as compared
to net income of $12.9 million, or $0.10 per diluted share, in the
fiscal fourth quarter of 2008.

For the full year, the Company reported net income of
$67.3 million, or $0.60 per diluted share, as compared to net
income of $25.1 million, or $0.22 per diluted share, for fiscal
year 2008.

                         About Centennial

Based in Wall, New Jersey, Centennial Communications
(NASDAQ: CYCL) -- http://www.centennialwireless.com/and
http://www.centennialpr.com/-- provides regional wireless and
integrated communications services in the United States and Puerto
Rico with roughly 1.1 million wireless subscribers and 694,900
access lines and equivalents.  The U.S. business owns and operates
wireless networks in the Midwest and Southeast covering parts of
six states.  Centennial's Puerto Rico business owns and operates
wireless networks in Puerto Rico and the U.S. Virgin Islands and
provides facilities-based integrated voice, data and Internet
solutions.  Welsh, Carson, Anderson & Stowe is a significant
shareholder of Centennial.

Standard & Poor's Ratings Services said affected ratings,
including the 'B' corporate credit rating on Centennial
Communications remain on CreditWatch with positive implications,
where they were placed on Nov. 10, 2008, pending the company's
acquisition by AT&T Inc. (A/Negative/A-1).


CHANA TAUB: Fraudulent Transfer Litigation Goes to State Court
--------------------------------------------------------------
WestLaw reports that permissive abstention was warranted in a
Chapter 11 debtor's adversary proceeding seeking an order that
certain properties were transferred fraudulently by her estranged
husband to his daughters or, alternatively, the imposition of a
constructive trust in her favor or the appointment of a receiver
as to the properties.  Abstention would aid the administration of
the bankruptcy estate in light of the bankruptcy court's
inability, absent all parties' consent, to enter a judgment on
non-core issues, including the debtor's claims related to the
properties.  Moreover, state-law issues predominated over
bankruptcy issues and the relief sought could be pursued in
pending state-court proceedings.  In addition, the issues to be
determined were remote from those raised in the debtor's main
case, and it was feasible to allow the claims to be determined by
the state court, with enforcement as appropriate in the bankruptcy
court.  In re Taub, --- B.R. ----, 2009 WL 2837353 (Bankr.
E.D.N.Y.).

Chana Taub brought an adversary proceeding (Bankr. E.D.N.Y. Adv.
Pro. No. 09-1027) against her estranged husband, his two daughters
from a prior marriage, and 10 Grand Avenue LLC, seeking an order
that certain real property was transferred fraudulently by Mr.
Taub to the daughters or, alternatively, imposition of
constructive trust in her favor or appointment of receiver for the
property.  The Defendants moved for abstention.  The Honorable
Elizabeth S. Stong held that (1) the adversary proceeding was a
non-core, "related to" proceeding, as required for mandatory
abstention to apply; (2) no basis for exercise of federal
jurisdiction existed other than bankruptcy jurisdiction, as
required for mandatory abstention to apply; and (3) permissive
abstention was warranted.

Chana Taub filed a chapter 11 petition (Bankr. E.D.N.Y. Case No.
08-44210) on July 1, 2008, and is represented by:

         Dennis W. Houdek, Esq.
         305 Broadway, Seventh Floor
         New York, NY 10007
         Phone: (212) 822-1470
         Fax: (212) 693-1410


CHESTNUT HILL HEALTHCARE: Creditors' Claims Due by February 5
-------------------------------------------------------------
CHHC Transition Co. (formerly known as Chestnut Hill Healthcare),
Chestnut Hill Hospital Springfield Center, CHH Liquidating Company
(formerly known as Chestnut Hill Hospital), Chestnut Hill Health
System, Chestnut Hill Healthcare Medical Associates, and Chestnut
Hill Buildings Corp., each a Pennsylvania nonprofit corporation,
have adopted a resolution of voluntary dissolution pursuant to 15
Pa. C.S. Secs. 5972 and 5975, and, on or about February 28, 2008,
filed and served a "Petition For Judicial Supervision Of
Dissolution Proceedings Of Domestic Nonprofit Corporations
Pursuant To 15 PA. C.S. Sec. 5976", which Petition bears E-Filing
Number 0801053 and Control Number 080369.

The Court of Common Pleas of Philadelphia County, Orphans' Court
Division, has entered an Amended Decree dated September 18, 2009,
setting February 5, 2010, as the last date to file Proof Of Claim
Forms against the Petitioners.  All Proof Of Claim Forms must be
filed on or before Friday, February 5, 2010, at 4:00 p.m.,
prevailing eastern time, in the Office of the Clerk of the
Orphans' Court, Room 415, City Hall, Philadelphia, Pennsylvania
19107, with a copy to Petitioners' counsel:

         Jesse N. Silverman, Esq.
         Vincent J. Marriott, III, Esq.
         Ballard Spahr Andrews & Ingersoll, LLP
         1735 Market Street, 51st Floor
         Philadelphia, PA 19103-7599
         Telephone: (215) 864-8127
         Fax: (215) 864-9035

Pursuant to 15 Pa. C.S. Sec. 5987, all parties asserting claims
against the Petitioners must file a Proof Of Claim Form that has
been approved by the Court.  The Court has approved two Proof Of
Claim Forms for use in this matter.  One Proof Of Claim Form is to
be used by any general creditor of a Petitioner (including a
creditor asserting a claim based on medical malpractice or medical
negligence that has already been liquidated through trial,
settlement, arbitration, or otherwise).  Another Proof Of Claim
Form is to be used by parties asserting claims against one or more
of the Petitioners based on medical malpractice or medical
negligence, which claims have not already been liquidated through
trial, settlement, arbitration, or otherwise.

The Court will hold a status conference on Tuesday, February 9,
2010, at 11:00 a.m., in Room 414, City Hall, Philadelphia, at
which time the Court shall schedule a subsequent evidentiary
hearing to consider entry of an order dissolving the Petitioners
pursuant to 15 Pa. C.S. Sec. 5989.


CHRISTOPHER LAMB: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Christopher S. Lamb
        299 Taylor Road
        Hendersonville, NC 28792

Bankruptcy Case No.: 09-11058

Chapter 11 Petition Date: September 24, 2009

Court: United States Bankruptcy Court
       Western District of North Carolina (Asheville)

Judge: George R. Hodges

Debtor's Counsel: H. Trade Elkins, Esq.
                  Elkins and Elkins
                  228 6th Avenue East, Suite 1B
                  Hendersonville, NC 28792
                  Tel: (828) 692-2205
                  Fax: (828) 692-8469
                  Email: htelkins@prodigy.net

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

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

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

            http://bankrupt.com/misc/ncwb09-11058.pdf

The petition was signed by Mr. Lamb.


CLAIRE'S STORES: Bank Debt Trades at 26.17% Off
-----------------------------------------------
Participations in a syndicated loan under which Claire's Stores,
Inc., is a borrower traded in the secondary market at 73.83 cents-
on-the-dollar during the week ended Sept. 25, 2009, according to
data compiled by Loan Pricing Corp. and reported in The Wall
Street Journal.  This represents a drop of 2.67 percentage points
from the previous week, The Journal relates.  The loan matures on
May 29, 2014.  The Company pays 275 basis points above LIBOR to
borrow under the facility.  The bank debt carries Moody's Caa2
rating while it carries Standard & Poor's B- rating.  The debt is
one of the biggest gainers and losers among widely quoted
syndicated loans in secondary trading in the week ended Sept. 25,
among the 149 loans with five or more bids.

Claire's Stores, Inc. -- http://www.clairestores.com/-- operates
as a specialty retailer of fashion accessories and jewelry for
preteens and teenagers, as well as for young adults in North
America and internationally. It offers jewelry products that
comprise costume jewelry, earrings, and ear piercing services; and
accessories, including fashion accessories, hair ornaments,
handbags, and novelty items.

Based in Pembroke Pines, Florida, Claire's Stores operates under
two brands: Claire's(R), which operates worldwide and Icing(R),
which operates only in North America.  As of Jan. 31, 2009,
Claire's Stores, Inc., operated 2,969 stores in North America and
Europe.  Claire's Stores, Inc., also operates through its
subsidiary, Claire's Nippon, Co., Ltd., 213 stores in Japan as a
50:50 joint venture with AEON, Co., Ltd.  The Company also
franchises 198 stores in the Middle East, Turkey, Russia, South
Africa, Poland and Guatemala.

As stated by the Troubled Company Reporter on Sept. 14, 2009,
Claire's Stores, Inc., reported a net loss of $3.733 million for
the three months ended Aug. 1, 2009, from a net loss of
$16.93 million for the three months ended Aug. 2, 2008.  The
Company reported a net loss of $32.75 million for the six months
ended Aug. 1, 2009, from a net loss of $52.50 million for the six
months ended Aug. 2, 2008.

At Aug. 1, 2009, the Company had $2.85 billion in total assets;
and $190.73 million in total current liabilities and $2.72 billion
in total long-term and other liabilities, resulting in
$60.10 million in stockholders' deficit.


COLONIAL BANCGROUP: FDIC Balks at Bid to Use $38MM Cash Collateral
------------------------------------------------------------------
Law360 reports that the Federal Deposit Insurance Corp. has
challenged a motion by Colonial BancGroup Inc., the holding
company for the defunct Colonial Bank, to tap $38 million in cash
collateral, asserting that the Debtor has no right to the funds
and that hiring outside professionals would only drain the firm's
few remaining assets for the professionals' own benefit.

The FDIC, which is serving as the receiver for Colonial, filed its
objection Sept. 23, 2009, to the Debtor's emergency motion seeking
authorization to use cash collateral, the report says.

Headquartered in Montgomery, Alabama, The Colonial BancGroup
(NYSE: CNB) provides diversified financial services, including
retail and commercial banking, wealth management services,
mortgage banking and insurance products.  The BancGroup derives
substantially all of its income from Colonial Bank, N.A (Colonial
Bank) its banking subsidiary.  Colonial bank --
http://www.colonialbank.com/-- operates 354 branches in Florida,
Alabama, Georgia, Nevada and Texas with over $26 billion in
assets.

On August 14, 2009, Colonial BancGroup's banking unit Colonial
Bank, Montgomery, AL, was closed by the Alabama State Banking
Department and the Federal Deposit Insurance Corporation was named
receiver.  The FDIC sold most of the assets to Branch Banking and
Trust, Winston-Salem, North Carolina.  BB&T acquired $22 billion
in assets and assumed $20 billion in deposits of the Bank.

Colonial BancGroup filed for Chapter 11 bankruptcy protection on
August 25, 2009 (Bankr. M.D. Ala. Case No. 09-32303).  W. Clark
Watson, Esq., at Balch & Bingham LLP and Rufus T. Dorsey IV,
Esq., at Parker Hudson Rainer & Dobbs LLP assist the Company in
its restructuring efforts.  The Company listed $45,000,000 in
assets and $380,000,000 in debts in its bankruptcy filing.


COMBIMATRIX CORP: Posts $4.6MM Net Loss in Quarter Ended June 30
----------------------------------------------------------------
CombiMatrix Corp. posted a net loss of $4,631,000 for three months
ended June 30, 2009, compared with a net loss of $3,263,000 for
the same period in 2008.

For six months ended June 30, 2009, the Company posted a net loss
of $10,763,000 compared with a net loss of $6,632,000 for the same
period in 2008.

The Company's balance sheet at June 30, 2009, showed total assets
of $35,179,000, total liabilities of $11,944,000 and a
stockholders' equity of $23,235,000.

A full-text copy of the Company's Form 10-Q is available for free
at http://ResearchArchives.com/t/s?4578

Headquartered in Mukilteo, Washington, CombiMatrix Corp.
(NasdaqGM: CBMX) -- http://www.combimatrix.com/-- is a
diversified biotechnology company that develops and sells
proprietary technologies, products and services in the areas of
drug development, genetic analysis, molecular diagnostics,
nanotechnology research, defense and homeland security, as well as
other potential markets where the company's products and services
could be utilized.

                       Going Concern Doubt

On March 16, 2009, Peterson Sullivan PLLC, in Seattle, Washington,
expressed substantial doubt about the company's ability to
continue as a going concern after auditing CombiMatrix's financial
statements for the year ended Dec. 31, 2008, and 2007.  The firm
pointed to the company's history of incurring net losses and net
operating cash flow deficits.


CONVERTED ORGANICS: Posts $3MM Net Loss in Quarter Ended June 30
----------------------------------------------------------------
Converted Organics Inc. posted a net loss of $3,023,581 for three
months ended June 30, 2009, compared with a net loss of $6,142,793
for the same period in 2008.

For six months ended June 30, 2009, the Company posted a net loss
of $6,926,402 compared with a net loss of $8,538,374 for the same
period in 2008.

The Company's balance sheet at June 30, 2009, showed total assets
of $30,964,067, total liabilities of $26,006,202 and an owners'
equity of $4,957,865.

A full-text copy of the Company's Form 10-Q is available for free
at http://ResearchArchives.com/t/s?457e

Converted Organics Inc. (NASDAQ:COIN) operates processing
facilities that use food waste as raw material to manufacture all-
natural soil amendment products combining nutritional and disease
suppression characteristics.  In addition to its sales in the
agribusiness market, the Company sells and distributes its
products in the turf management and retail markets.  As of
Dec. 31, 2008, the Company operated two facilities: Woodbridge
facility and Gonzales facility.  The Company derives revenue from
two sources: tip fees and product sales.  Waste haulers pay the
tip fees to the Company for accepting food waste generated by food
distributors, as grocery stores, produce docks, fish markets and
food processors, and by hospitality venues, as hotels,
restaurants, convention centers and airports.

                        Going Concern Doubt

On March 27, 2009, CCR LLP in Glastonbury, Connecticut expressed
substantial doubt about Converted Organics Inc.'s ability to
continue as a going concern after auditing the Company's financial
statements for the fiscal years ended Dec. 31, 2008, and 2007.
The auditor noted that the Company incurred a net loss of
$16,200,000 during the year ended Dec. 31, 2008, has a working
capital deficiency as of Dec. 31, 2008, and an accumulated deficit
of $26,600,000.


COUNTRYWIDE FIN'L: Congress Wants More Info on Mortgage Program
---------------------------------------------------------------
John R. Emshwiller at The Wall Street Journal reports that the
congress has called for more information about Countrywide
Financial Corp.'s mortgage program.

According to The Journal, the calls were prompted by the discovery
that Countrywide Financial recorded phone conversations with
borrowers in a controversial mortgage program that included public
officials.  The Journal says that the recordings have been
destroyed.  The Journal relates that Rep. Darrell Issa of
California, a member of the House Oversight and Government Reform
Committee, is trying to subpoena the remaining records of
Countrywide's VIP loan program, but the committee's chairperson,
New York Democratic Rep. Edolphus Towns, has turned down that
request.

Citing Mr. Issa's spokesperson, The Journal states that the
committee's Republican staff investigators have spent months
looking into the VIP program and learned of the call-recording
system from a former Countrywide Financial worker.  According to
the report, the spokesperson said that when the investigators
contacted Bank of America Corp., which purchased Countrywide
Financial in July 2008, and the bank acknowledged the existence of
the recording system but said that the VIP program-related calls
had been disposed of.  VIP recordings "were retained only for a
limited time or until available recording space was utilized. Due
to these limitations, we have no recordings from before July 2008
when Bank of America assumed management of Countrywide and
terminated the VIP program," a BofA spokesperson said in a
statement.

Mr. Issa said that BofA's "refusal to fully explain" what happened
to the recordings "raises important questions," according to The
Journal.

Based in Calabasas, California, Countrywide Financial Corporation
(NYSE: CFC) -- http://www.countrywide.com/-- is a diversified
financial services provider and a member of the S&P 500, Forbes
2000 and Fortune 500.  Through its family of companies,
Countrywide originates, purchases, securitizes, sells, and
services residential and commercial loans; provides loan closing
services such as credit reports, appraisals and flood
determinations; offers banking services which include depository
and home loan products; conducts fixed income securities
underwriting and trading activities; provides property, life and
casualty insurance; and manages a captive mortgage reinsurance
company.

As reported by the Troubled Company Reporter, Bank of America
closed its purchase of Countrywide Financial for $2.5 billion on
July 1, 2008.  The mortgage lender was originally priced at
$4 billion, but the purchase price eventually was whittled down to
$2.5 billion based on BofA's stock prices that fell over 40% since
the time it agreed to buy the ailing lender.


COYOTES HOCKEY: Committee Gets Green Light to Bring Claims
----------------------------------------------------------
The Phoenix Coyotes hockey team has agreed to give its official
committee of unsecured creditors the right to bring claims against
team owner Jerry Moyes and other insiders on behalf of the estate.
The Coyotes' holding company, its affiliates and the committee
stipulated to the entry of an order on Wednesday in the U.S.
Bankruptcy Court for the District, according to Law360.

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.


COYOTES HOCKEY: Jim Balsillie Adds New Terms to Bid for Team
------------------------------------------------------------
Jim Balsillie's lawyers have added new terms of his $242.5 million
bid for Phoenix Coyotes, court documents say.

Mr. Balsillie had offered Glendale $50 million to address concerns
and mitigate losses connected with the relocation of the team.  He
said that he would pay $25 million of that amount immediately
after the court approves the sale, Ajay Kamalakaran at Reuters
reports.  Reuters relates that Glendale would be able to keep the
$25 million even if the National Hockey League wins an appeal and
Mr. Balsillie loses his bid to acquire Phoenix Coyotes.

According to Reuters, Mr. Balsillie's lawyers said that they
understood that Glendale believed that it could find a buyer to
keep the team from moving, and offered to defer their bid's
closing date till after December 31, 2009, and up to June 30,
2010.  Reuters relates that Mr. Balsillie would drop his bid if
another buyer managed within that time to match the NHL's
$140 million offer and paid the debtor-in-possession financing
costs for the current hockey season.

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.


COYOTES HOCKEY: Gretzky Quits Post as Phoenix Coyotes Head Coach
----------------------------------------------------------------
Mike Sunnucks at Phoenix Business Journal reports that Wayne
Gretzky gave up his job as head coach of the Phoenix Coyotes on
Thursday, after missing all of the team's preseason games.  "This
was a difficult decision that I've thought long and hard about.
We all hoped there would be a resolution earlier this month to the
Coyotes ownership situation, but the decision is taking longer
than expected.  Since both remaining bidders have made it clear
that I don't fit into their future plans, I approached General
Manger Don Maloney and suggested he begin looking for someone to
replace me as coach.  Don has worked hard and explored many
options.  I think he has made an excellent choice, and so now it's
time for me to step aside," Mr. Gretzky posted on his Web site.

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.


CRESCENT RESOURCES: Get Release From 64 Toxic Tort Actions
----------------------------------------------------------
The Hon. Craig A. Gargotta of the U.S. Bankruptcy Court for the
Western District of Texas approved a bid to sever Crescent
Resources LLC from 64 toxic tort actions pending in Florida state
court so that the plaintiffs may proceed against a number of other
defendants, which include Siemens Communications Inc., General
Dynamics Corp. and Plessey Inc., according to Law360.

Crescent Resources, LLC -- http://www.crescent-resources.com/--
is a land management and real estate development company with
interests in 10 states in the southeastern and southwestern United
States.  Based in Charlotte, North Carolina, Crescent Resources is
a joint venture between Duke Energy and the Morgan Stanley Real
Estate Funds.  Established in 1969, Crescent creates mixed-use
developments, award-winning country club communities, single-
family neighborhoods, apartment and condominium communities, Class
A office space, business and industrial parks and shopping
centers.

Crescent Resources and 120 affiliates filed separate chapter 11
petitions on June 10, 2009 (Bankr. W.D. Tex. Lead Case No. 09-
11507).  The Hon. Craig A. Gargotta presides over the case.
Attorneys at Weil Gotshal Manges LLP represent the Debtors in
their Chapter 11 cases.  Eric J. Taube, Esq., at Hohmann, Taube &
Summers, L.L.P., serves as the Debtors' co-counsel.  Garden City
Group serves as claims and notice agent.  The Debtors disclosed
more than $1 billion each in assets and debts when they filed for
bankruptcy.


CRESCENT RESOURCES: To Resume Building One Greenway Centre
----------------------------------------------------------
Eric Snyder at Nashville Business Journal reports that Crescent
Resources LLC said that it will resume construction of the
$33 million One Greenway Centre in Cool Springs on September 30,
after work on the project stopped this spring.

According to Business Journal, general contractor Bell &
Associates had stopped work and filed a $1.9 million lien against
Crescent Resources.  Business Journal relates that other
subcontractors had also stopped work and placed an additional
$600,000 in liens against Crescent Resources.

Business Journal states that the court has approved an agreement
that resolves the lien and lawsuit between Crescent Resources and
the general contractor of the building.

The building should be completed later this year, according to a
press release.

Crescent Resources, LLC -- http://www.crescent-resources.com/--
is a land management and real estate development company with
interests in 10 states in the southeastern and southwestern United
States.  Based in Charlotte, North Carolina, Crescent Resources is
a joint venture between Duke Energy and the Morgan Stanley Real
Estate Funds.  Established in 1969, Crescent creates mixed-use
developments, award-winning country club communities, single-
family neighborhoods, apartment and condominium communities, Class
A office space, business and industrial parks and shopping
centers.

Crescent Resources and 120 affiliates filed separate chapter 11
petitions on June 10, 2009 (Bankr. W.D. Tex. Lead Case No. 09-
11507).  The Hon. Craig A. Gargotta presides over the case.
Attorneys at Weil Gotshal Manges LLP represent the Debtors in
their Chapter 11 cases.  Eric J. Taube, Esq., at Hohmann, Taube &
Summers, L.L.P., serves as the Debtors' co-counsel.  Garden City
Group serves as claims and notice agent.  The Debtors disclosed
more than $1 billion each in assets and debts when they filed for
bankruptcy.


CROWE MANUFACTURING: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------------
Debtor: Crowe Manufacturing Services, Inc.
        216 South Torrence St.
        Dayton, OH 45403

Bankruptcy Case No.: 09-35939

Chapter 11 Petition Date: September 24, 2009

Court: United States Bankruptcy Court
       Southern District of Ohio (Dayton)

Judge: Lawrence S. Walter

Debtor's Counsel: Anne M. Frayne, Esq.
                  18 West First Street
                  Dayton, OH 45402
                  Tel: (937) 224-0077
                  Fax: (937) 224-5782
                  Email: annefrayne@myersandfrayne.com

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

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

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

            http://bankrupt.com/misc/ohsb09-35939.pdf

The petition was signed by Jamie King, CEO of the Company.


CRUCIBLE MATERIALS: Plea to End Bargaining Pacts Angers Union
-------------------------------------------------------------
Maria Guzzo at AMM reports that Crucible Materials Corp.'s request
to reject bargaining accords and termination of retiree benefits
has angered United Steelworkers representatives.

AMM quoted United Steelworkers' subdistrict director Richard J.
Knowles as saying, "We are surprised and shocked about the motions
Crucible filed.  We have considered it to be a hostile action by
them and we are taking a look at it.  But I think the Company is
just wasting time and money filing these motions."

Jeffrey Rich at Pittsburgh law firm K&L Gates LLP, who assists
Crucible Materials in its restructuring efforts, said that the
request is a regular part of the Chapter 11 process, AMM states.
According to the report, he said, "It's a protective step we feel
we have to do."

Based in Syracuse, New York, Crucible Materials Corporation -- aka
Crucible Specialty Metals, Crucible Service Centers, Crucible
Compaction Metals, Crucible Research and Trent Tube -- makes
stainless and alloy steel for use in the aircraft, automotive,
petrochemical, and other industries.  The Company is currently
employee-owned.  Its Web site is http://www.crucible.com/

The Company and its affiliate, Crucible Development Corporation,
filed for Chapter 11 protection on May 6, 2009 (Bankr. D. Del.
Lead Case No. 09-11582).  Mark Minuti, Esq., at Saul Ewing LLP
represents the Debtors in their restructuring efforts.  The
Debtors engaged Duff & Phelps Securities LLP as investment banker;
RAS Management Advisors LLC as business advisor; and Epiq
Bankruptcy Solutions LLC as claims agent.  Roberta A. DeAngelis,
United States Trustee for Region 3, appointed five creditors to
serve on the Official Committee of Unsecured Creditors.  The
Debtors listed assets and debts both ranging from $100 million to
$500 million.


CRUCIBLE MATERIALS: Wins Court Nod to Sell Almost All Assets
------------------------------------------------------------
Crucible Materials Corp. approval from Judge Mary Walrath to sell
almost all of its assets for about $51 million, Michael Bathon at
Bloomberg reports.  Judge Walrath, according to the report,
granted Crucible permission to sell its assets to multiple buyers,
saying "the proposed sales are the highest and best offer," at a
hearing Sept. 25 in Wilmington, Delaware.

"It was a better result than we thought we would get," Jeffrey
Rich, a Crucible lawyer, said in an interview after the
hearing. "It was a very successful sale. We obtained a good
value for the assets."

As reported by the Troubled Company Reporter on Sept. 22, Crucible
conducted an auction on Sept. 21 where Allegheny Technologies
Incorporated emerged as the winning bidder for its compaction
metals and research divisions with its $40.95 million offer.  The
transaction is expected to close no later than October 31, 2009.
Carpenter Technology Corp. was the stalking horse bidder for the
compact metals and research divisions, with its $20 million offer.

The Debtors, according to the Bloomberg report, also received the
Bankruptcy Court's approval to sell (i) their specialty metals
division located in Syracuse, New York, to Crucible Industries
LLC, for $8 million, and (ii) their service center in Romeoville,
Illinois, to Erasteel Inc., a unit of Eramet SA, for $2 million.]

Mr. Bathon relates that Crucible put off selling a service center
in Huntsville, Alabama, to ALRO Steel, saying it needs to get a
more definitive value of the property.  A hearing as been set for
Oct. 8 for sale approval and Crucible will seek an appraisal in
the interim.

The Company said it could generate about $16.8 million by
liquidating the assets that weren't sold at the auction, and the
unsecured creditors could see a "significant distribution" in the
end.

                   About Allegheny Technologies

Based in Pittsburgh, Allegheny Technologies Incorporated --
http://www.alleghenytechnologies.com/-- is one of the largest and
most diversified specialty metals producers in the world with
revenues of $5.3 billion during 2008.  ATI has approximately 8,700
full-time employees world-wide who use innovative technologies to
offer global markets a wide range of specialty metals solutions.
Its major markets are aerospace and defense, chemical process
industry/oil and gas, electrical energy, medical, automotive, food
equipment and appliance, machine and cutting tools, and
construction and mining.  Its products include titanium and
titanium alloys, nickel-based alloys and superalloys, grain-
oriented electrical steel, stainless and specialty steels,
zirconium, hafnium, and niobium, tungsten materials, and forgings
and castings.

                     About Crucible Materials

Based in Syracuse, New York, Crucible Materials Corporation -- aka
Crucible Specialty Metals, Crucible Service Centers, Crucible
Compaction Metals, Crucible Research and Trent Tube -- makes
stainless and alloy steel for use in the aircraft, automotive,
petrochemical, and other industries.  The Company is currently
employee-owned.  Its Web site is http://www.crucible.com/

The Company and its affiliate, Crucible Development Corporation,
filed for Chapter 11 protection on May 6, 2009 (Bankr. D. Del.
Lead Case No. 09-11582).  Mark Minuti, Esq., at Saul Ewing LLP
represents the Debtors in their restructuring efforts.  The
Debtors engaged Duff & Phelps Securities LLP as investment banker;
RAS Management Advisors LLC as business advisor; and Epiq
Bankruptcy Solutions LLC as claims agent.  Roberta A. DeAngelis,
United States Trustee for Region 3, appointed five creditors to
serve on the Official Committee of Unsecured Creditors.  The
Debtors listed assets and debts both ranging from $100 million to
$500 million.


CYBERDEFENDER CORP: June 30 Balance Sheet Upside-Down by $7.4MM
---------------------------------------------------------------
CyberDefender Corporation's balance sheet at June 30, 2009, showed
total assets of $6,282,682 and total liabilities of $13,717,621,
resulting in a stockholders' deficit of $7,434,939.

For three months ended June 30, 2009, the Company posted net loss
of $4,815,567 compared with a net loss of $2,034,433 for the same
period in 2008.

For six months ended June 30, 2009, the Company posted a net loss
of $9,632,618 compared with a net loss of $3,510,468 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?4579

Based in Los Angeles, CyberDefender Corporation (OTC BB: CYDE) --
http://www.cyberdefender.com/-- is an Internet security software
company.  The company's Internet security technology offers the
earliest possible detection and most aggressive defense against
Internet security attacks.  CyberDefender uses a secure client-to-
client distributed network, enabling protection that the company
believes is unparalleled in speed and flexibility.

                      Going Concern Doubt

March 31, 2009, KMJ Corbin & Company LLP, in Costa Mesa,
California, expressed substantial doubt about Cyberdefender
Corp.'s ability to continue as a going concern after auditing the
company's financial statements for the fiscal years ended Dec. 31,
2008, and 2007.  The auditing firm reported that the Company has
recurring losses from operations, negative working capital, an
accumulated deficit and has not generated significant revenues to
cover costs to date.


DEAN BATHESON: NCA to Auction Off Commercial Real Estate
--------------------------------------------------------
National Commercial Auctioneers, LLC, a national auction company
specializing in the sale of commercial real estate and land at
auction, said Sept. 25 it is conducting the Absolute Bankruptcy
Auction of 715 acres with improvements, including a 7,500 sq ft
mostly-completed estate-style home, 60 x 130 shop, and a bungalow-
style home located on 11 different tracts in Tryon, Oklahoma, a
town about 18 miles north of Chandler.  The auction will also
include a large inventory of equipment and personal property,
including John Deere and Caterpillar equipment.

The offering is divided into three different categories -- vacant
land, land with improvements, and personal property.  There are 11
tracts being offered through the multi-parcel auction process.
Most of the tracts are vacant land with rolling hills, ponds, wood
enclaves, fencing and incredible views of the Oklahoma skyline.

"One of the parcels even has a spring-fed creek with a
natural stone bridge across it," reflected Whitey Mason, Corporate
Auctioneer, National Commercial Auctioneers and the Senior Project
Manager for this auction.  "It is truly a hidden gem that any land
buyer would love to have."

In addition to the extensive real estate offering, NCA will be
selling personal property and farm equipment, including a John
Deere 7810 Tractor, JD 566 Round Baler, Caterpillar 613 Elevating
Scraper, Cat D6 D Bulldozer, a 1997 Ford F-800, 1999 PTRB 379 DS
Semi-Truck, and Talbert Semi-Trailer, plus other farm equipment
and personal property.  "Everything sells to the highest bidder
so you need to be at this auction," notes Stephen Karbelk, CAI,
AARE, President of National Commercial Auctioneers, LLC.

"This will be one of the biggest, if not the biggest, Absolute
Bankruptcy Auctions of land in Oklahoma this year," Stephen
further notes.  "We are honored to be selected by Joe Bellinger,
the Chapter 7 Trustee, to market and sell these valuable assets."

The property will be open for inspection on Sunday, October 25,
Sunday, November 1st and several days before the November 7
auction. To get the property package, sale terms and the
inspection times, please contact National
Commercial Auctioneers at 877-895-7077 or visit
http://www.natcomauctions.com/

This sale is under the control of the US Bankruptcy Court,
District of Maryland, Case Number 08-17706, Dean and Cynthia
Bateson.


DEAN FOODS: Bank Debt Trades at 5% Off in Secondary Market
----------------------------------------------------------
Participations in a syndicated loan under which Dean Foods is a
borrower traded in the secondary market at 94.91 cents-on-the-
dollar during the week ended Sept. 25, 2009, according to data
compiled by Loan Pricing Corp. and reported in The Wall Street
Journal.  This represents a drop of 0.64 percentage points from
the previous week, The Journal relates.  The loan matures on
March 22, 2014.  The Company pays 175 basis points above LIBOR to
borrow under the facility.  The bank debt carries Moody's B1
rating and Standard & Poor's BB rating.  The debt is one of the
biggest gainers and losers among widely quoted syndicated loans in
secondary trading in the week ended Sept. 25, among the 149 loans
with five or more bids.

Dean Foods Company is the largest processor and distributor of
milk and various other dairy products in the United States, with
dairy operations accounting for around 79% of its net sales in
FY2008.  The company also markets and sells a variety of branded
dairy and dairy-related products including, Silk soymilk and
cultured soy products, Horizon Organic dairy products,
International Delight coffee creamers and LAND O'LAKES creamers
and fluid dairy products.  Headquartered in Dallas, Texas, Dean
Foods had sales in the last twelve months ending March 31, 2009,
of approximately $12.1 billion.

Dean Foods carries a 'B1' corporate family rating from Moody's.


DELTA AIR: S&P Assigns 'CCC+' Rating on $600 Mil. Notes
-------------------------------------------------------
Standard & Poor's Ratings Service assigned its 'CCC+' rating and
'6' recovery rating to Delta Air Lines Inc.'s $600 million second-
lien notes due 2015.  The '6' recovery rating indicates S&P's
expectation of minimal (0%-10%) recovery in a payment default
scenario.  All material direct and indirect subsidiaries of Delta,
including Northwest Airlines Corp. and Northwest Airlines Inc.,
guarantee the notes.

"Our ratings are based on S&P's modeling of estimated recovery in
a default scenario, which concluded that the second-lien notes
would receive no value after the senior claim of first-lien
lenders and noteholders is satisfied," said Standard & Poor's
credit analyst Betsy R. Snyder.

Northwest Airlines Inc.'s and Delta Air Lines Inc.'s international
Pacific route rights secure the notes on a junior basis.  The
first lien on that collateral secures $1.5 billion of bank
facilities and senior secured notes, which Delta is also issuing.
On Sept. 16, 2009, S&P assigned its 'BB-' issue-level rating and
'1' recovery rating, indicating S&P's expectation of a very high
(90%-100%) recovery in a payment default scenario.  In S&P's
simulated default scenario, S&P started with an appraised value of
$2.64 billion, the low end of a range of values, and applied a 40%
reduction in value to simulate the adverse conditions in which
Delta would file for bankruptcy.  The resulting $1.585 billion
stressed value would result in 95% recovery on $1.5 billion of
first-lien secured debt, up to $100 million of potential pari
passu hedge claims, and an estimated $67.5 million for six months
of interest.  Accordingly, in that scenario, there would be no
remaining value for second-lien noteholders.  The noteholders
would have a senior unsecured claim against Delta and the various
subsidiary guarantors, but S&P has analyzed recovery prospects for
senior unsecured creditors and concluded that they would also
likely receive minimal recovery.

The first- and second-lien financings should improve Delta's
liquidity outlook by refinancing a majority of the $1.8 billion of
current maturities of debt and capital leases (as of June 30,
2009) and by bolstering the company's cash balance.  S&P's
negative outlook reflects the continuing risk that a weaker-than-
expected economic recovery or renewed spike in fuel prices could
place renewed pressure on Delta's liquidity.  This would cause us
to lower the rating.  Alternatively, continued progress on
restoring financial performance could support an outlook revision
to stable.

                           Ratings List

                     Northwest Airlines Inc.
                     Northwest Airlines Corp.
                       Delta Air Lines Inc.

        Corp. credit rating                 B/Negative/--

                         Ratings Assigned

             $600 million second-lien notes      CCC+
              Recovery rating                    6


DEX MEDIA WEST: Bank Debt Trades at 16.35% Off in Secondary Market
------------------------------------------------------------------
Participations in a syndicated loan under which Dex Media West LLC
is a borrower traded in the secondary market at 83.65 cents-on-
the-dollar during the week ended Friday, Sept. 25, 2009, according
to data compiled by Loan Pricing Corp. and reported in The Wall
Street Journal.  This represents an increase of 1.78 percentage
points from the previous week, The Journal relates.  The loan
matures on Oct. 22, 2014.  The Company pays 400 basis points above
LIBOR to borrow under the facility.  Moody's has withdrawn its
rating on the bank debt while Standard & Poor's has assigned a
default rating on the bank debt.  The debt is one of the biggest
gainers and losers among widely quoted syndicated loans in
secondary trading in the week ended Sept. 25, among the 149 loans
with five or more bids.

Dex Media West LLC is a subsidiary of Dex Media West, Inc., and an
indirect wholly owned subsidiary of Dex Media, Inc.  Dex Media is
a direct wholly owned subsidiary of R.H. Donnelley Corporation.
Dex Media West is the exclusive publisher of the official yellow
pages and white pages directories for Qwest Corporation, the local
exchange carrier of Qwest Communications International Inc., in
Arizona, Idaho, Montana, Oregon, Utah, Washington, and Wyoming.

R.H. Donnelley Corp. and 19 of its affiliates, including Dex Media
East LLC and Dex Media West LLC, filed for Chapter 11 protection
on May 28, 2009 (Bank. D. Del. Case No. 09-11833 through 09-
11852), after missing a $55 million interest payment on its senior
unsecured notes due April 15.  James F. Conlan, Esq., Larry J.
Nyhan, Esq., Jeffrey C. Steen, Esq., Jeffrey E. Bjork, Esq., and
Peter K. Booth, Esq., at Sidley Austin LLP, in Chicago, Illinois
represent the Debtors in their restructuring efforts.  Edmon L.
Morton, Esq., and Robert S. Brady, Esq., at Young, Conaway,
Stargatt & Taylor LLP, in Wilmington, Delaware, serve as the
Debtors' local counsel.  The Debtors' financial advisor is
Deloitte Financial Advisory Services LLP while its investment
banker is Lazard Freres & Co. LLC.  The Garden City Group, Inc.,
is claims and noticing agent.

As of March 31, 2009, the Company had $929,829,000 in total assets
and $1,023,526,000 in total liabilities, resulting in $93,697,000
in total shareholders' deficit.

Bankruptcy Creditors' Service, Inc., publishes R.H. Donnelley
Bankruptcy News.  The newsletter tracks the Chapter 11 proceedings
of R.H. Donnelley Corp. and its debtor-affiliates.
(http://bankrupt.com/newsstand/or 215/945-700)


DISH DBS: Fitch Assigns 'BB-' Rating on $300 Mil. Senior Notes
--------------------------------------------------------------
Fitch Ratings has assigned a 'BB-' rating to DISH DBS
Corporation's proposed $300 million offering of senior unsecured
notes.  The notes are expected to be placed under the Securities
and Exchange Commission's rule 144A.  DDBS is a wholly owned
subsidiary of DISH Network Corporation (DISH, Fitch Issuer Default
Rating of 'BB-').  Proceeds from the offering are expected to be
used for general corporate purposes.  As of June 30, 2009, DISH
had approximately $5.1 billion of debt outstanding.  The Rating
Outlook is Negative.

From Fitch's perspective, the issuance, coupled with DDBS'
issuance of $1 billion of 7.875% senior notes due 2019, will
bolster DISH's somewhat constrained liquidity position (relative
to a historical perspective) and Fitch believes that DISH's credit
profile has sufficient flexibility to accommodate a modest
increase in leverage.  Cash balances as of June 30, 2009 totaled
approximately $113 million.  Additional liquidity can be derived
from nearly $838 million of variable-rate demand notes held by
DISH.  Fitch notes that DISH does not maintain a revolver to
support its liquidity position.  Cash balances pro forma for the
issuance of the 7.875% senior notes and the proposed offering
approximated $1.4 billion as of June 30, 2009.

DISH's leverage on a latest 12-month basis as of June 30, 2009,
was 1.75 times (x), and is expected to increase to 2.2x on a pro
forma basis considering the new debt issuance.

Cash balances have been depleted to some extent due to large cash
requirements during 2008 related to the spinoff of Echostar
Corporation, acquisition of 700-megahertz wireless spectrum, the
redemption of senior notes and subordinated debt, and the cash
payment to Tivo, Inc., related to ongoing litigation.  While Fitch
expects DISH will continue to generate material amounts of free
cash flow during the ratings horizon, the company's liquidity
position will remain a rating issue given the uncertain cash
requirements related to the litigation with Tivo.  The U.S.
District Court in Texas in June 2009 awarded Tivo $103 million in
supplemental damages and interest for the period from September
2006 to April 2008.  The court's decision has been stayed pending
DISH's appeal to the Federal Circuit Court of Appeals.
Additionally, on Sept. 2, 2009, the U.S. District Court awarded
Tivo $200 million in contempt sanctions for violating a court-
ordered permanent injunction from April 2009 through July 2009.

Overall, Fitch's ratings reflect the operating leverage derived
from DISH's size and scale as the third-largest multichannel video
programming distributor in the U.S., and Fitch's expectation for
continued free cash flow generation.  The Negative Rating Outlook
reflects DISH's deteriorating operating profile and eroding
competitive position in an increasing competitive environment.
DISH reported a subscriber churn rate of 1.73%, marking a 14 basis
point year-over-year decline.  The second-quarter churn rate was
the first year-over-year decline since June of 2007.  In
comparison, DIRECTV Group, Inc.'s U.S. segment churn during the
second quarter was 22 basis points lower at 1.51%.  The higher
churn rate continues to be driven by a combination of economic,
competitive and operational factors, including piracy and fraud.
In Fitch's opinion, some of these factors, such as higher non-pay
disconnects and decreased customer satisfaction, appear to require
longer-term fixes, and churn may remain elevated for an extended
period of time, reflecting the company's relatively weak
competitive position.

Net additions during the second quarter were approximately 26,000,
marking the first quarter of positive net subscriber additions
since the 1Q'08.  While the second quarter subscriber additions
metrics were positive, net subscriber additions during 1H'09 were
negative.

During 1H'09, DISH generated approximately $780 million of free
cash flow (defined as cash flows from operating activities less
capital expenditures and dividends) reflecting a 4.2% decline
compared with the free cash flow generated during 1H'08.  An 11.7%
reduction in capital expenditures during 1H'09 (relative to 1H'08)
was more than offset by an EBITDA decline during 1H'09 of nearly
9%.  Fitch expects that DISH's weakened operating profile will
continue pressuring free cash flow generation during the balance
of 2009 and 2010.

Factors that could lead to a revision of the Rating Outlook to
Stable include a determination that DISH's liquidity position is
balanced with cash requirements, free cash flow expectations,
capital market access, further clarity surrounding potential cash
requirements related to the Tivo litigation and wireless network
strategy, and sustainable positive trends in operating results,
particularly subscriber churn.  Key considerations that could lead
to a downgrade of DISH's ratings include, but are not limited to,
DISH's inability to reverse the negative operating trends and
improve its competitive positioning, a sustained erosion of DISH's
free cash flow generation, and further deterioration of DISH's
liquidity profile.


DISH DBS: Moody's Assigns 'Ba3' Rating on $300 Mil. Bond Issue
--------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to the new
$300 million bond issuance of Dish DBS Corporation, a wholly owned
subsidiary of Dish Network Corporation (Ba3 Corporate Family
Rating).  The senior note offering ranks pari passu with existing
DDBS debt (all rated debt currently resides at DDBS).  Proceeds
are intended to be used for general corporate purposes.

Assigned:

Issuer: Dish DBS Corporation

* New senior notes -- Ba3 (LGD 4, 68%)

Dish currently maintains a significant degree of debt capacity
within its Ba3 rating and continues to benefit from its strong
liquidity profile with more than $1.2 billion of cash and
marketable securities (at June 30, 2009).  Additionally, Moody's
anticipates that the company will be able to adequately fund all
maturities over the intermediate-term with cash, marketable
securities and free cash flow.

Moody's believes that the proposed debt issuance will enhance the
company's liquidity, and effectively, help prefund future
maturities while taking advantage of the present attractive
interest rate environment.  However, should Dish begin to
aggressively incur debt and use proceeds for heavy share
repurchase activity, dividends or acquisitions that adversely
impact the company's credit metrics, or if there is an unexpected
significant increase in subscriber loss trends, downward pressure
on the ratings is possible.

The last rating action was on September 28, 2006, when Moody's
affirmed Dish's Ba3 CFR.

Dish's ratings were assigned by evaluating factors that Moody's
considers relevant to the credit profile of the issuer, such as
the company's (i) business risk and competitive position compared
with others within the industry; (iii) capital structure and
financial risk; (iii) projected performance over the near to
intermediate term; and (iv) management's track record and
tolerance for risk.  Moody's compared these attributes against
other issuers both within and outside Dish's core industry and
believes Dish's ratings are comparable to those of other issuers
with similar credit risk.

Dish Network Corporation is the third largest pay television
provider in the United States with 13.6 million subscribers as of
6/30/2009.


DOLL & DOLL: Can Continue to Meet Payroll Obligations
-----------------------------------------------------
Chuck Williams at Ledger-Enquirer.com reports that Bankruptcy
Judge John Laney has signed an order on Thursday allowing Rob Doll
Nissan to continue to meet payroll obligations for Doll & Doll
Motor Company and to operate as the Company undergoes a Chapter 11
reorganization.

Ledger-Enquirer.com states that Doll's attorney, J. Robert
Williamson, presented a financial plan to the court that he claims
will keep Doll's Rob Doll Nissan afloat until an October 26
hearing.  According to Ledger-Enquirer.com, part of that plan
provides for the ongoing payment of worker salaries.

Ledger-Enquirer.com relates that Doll's Nissan location on Box
Road is faced with an October 6 foreclosure by Falcon Financial
LLC.

Doll & Doll Motor Company operates Rob Doll Nissan in Columbus.
The Company filed for Chapter 11 bankruptcy protection in the U.S.
Bankruptcy Court for the Middle District of Georgia, listing
$10 million to $50 million in liabilities and $1 million to
$10 million in assets.


DOWNEY REGIONAL: Wants to Hire HNB Capital as Investment Banker
---------------------------------------------------------------
Downey Regional Medical Center-Hospital Inc. asks the U.S.
Bankruptcy Court for the Central District of California for
authority to employ HNB Capital LLC as investment banker.

HNB will:

   a. review financial history of the Debtor;
   b. evaluation the potential financial structures;
   c. review the Debtor's business documents and operations;
   d. review the expected collection analysis and static pool
      analysis;
   e. review the financial projections and forecasts;
   f. search for potential lenders;
   g. provide information to potential lenders;
   h. discuss with potential lenders;
   i. participate in evaluating potential lender proposals; and
   j. participation in chosen lender negotiations.

The Debtor intends for HNB's services to complement, and not
duplicate, the services to be rendered by any other professional
retained in the Chapter 11 case.

HNB's fee structure consists of a monthly retainer of $35,000 for
the period from July 7, 2009, to the final approval and closing of
the DIP Loan, payable at the beginning of every month; and a
success fee of 1.25% of the full approved amount of the DIP Loan.
HNB has agreed that the Success Fee will be 50% payable upon
funding of the initial advance under the DIP Loan, and 50% payable
on the earlier of five business days after entry of the final
order approving the DIP Loan or 30 days after entry of the interim
order approving the DIP Loan, provided that a failure to obtain
entry of the final DIP order by that date is not due to a default
or breach of the DIP Loan agreements by HFG.

To the best of Debtor's knowledge, HNB is a "disinterested person"
as described in Section 101(14) of the Bankruptcy Code.

                  About Downey Regional Medical

Los Angeles, California-based Downey Regional Medical Center-
Hospital Inc. operates a non-profit community hospital.  The
Company filed for Chapter 11 on Sept. 14, 2009 (Bankr. C. D.
Calif. Case No. 09-34714).  Lisa Hill Fenning, Esq., represents
the Debtor in its restructuring effort.  The Debtor did not file a
list of its 20 largest unsecured creditors when it filed its
petition.  In its petition, the Debtor listed assets and debts
both ranging from $10,000,001 to $50,000,000.


EASTMAN KODAK: Closes Placement of $400-Mil. Notes Due 2017
-----------------------------------------------------------
Eastman Kodak Company on September 23, 2009, closed its private
placement of $400 million aggregate principal amount of
Convertible Senior Notes due 2017 to qualified institutional
buyers pursuant to Rule 144A under the Securities Act, as amended.
The notes are unsecured obligations of Kodak and bear interest of
7.00% per year.

The Notes are convertible at any time prior to the business day
immediately preceding maturity.  Upon conversion, Kodak will
deliver, at its option, solely shares of its common stock or
solely cash.  The initial conversion rate is 134.9528 shares of
common stock per $1,000 principal amount of notes (which is
equivalent to an initial conversion price of approximately $7.41
per share).  Kodak has the right to redeem the notes in whole or
in part at a specified redemption price at any time on or after
October 1, 2014 and before October 1, 2016 if certain conditions
are met, and on and after October 1, 2016 regardless of such
conditions.  Kodak may be required to repurchase some or all of
the notes by the holders thereof in the event of certain
fundamental changes at 100% principal amount, plus accrued and
unpaid interest up to, but excluding, the purchase date.

As disclosed on September 16, 2009, the convertible senior notes
offering was part of an overall $700 million financing
transaction.  The sale of $400 million in convertible senior notes
means that Kodak will sell $300 million in aggregate principal
amount of Senior Secured Notes Due 2017, to Kohlberg Kravis
Roberts & Co. L.P. managed investment vehicles.  As part of that
transaction, Kodak will issue to KKR warrants to purchase
40 million shares of Kodak common stock.

Kodak intends to use the net proceeds from these transactions to
repurchase its 3.375% Convertible Notes due 2033 through a tender
offer and for general corporate purposes, including the redemption
of 2033 Notes, which holders can require Kodak to purchase on
October 15, 2010, and are also redeemable by Kodak on or after
October 15, 2010.

Kodak on September 23 entered into an Indenture with The Bank of
New York Mellon, as trustee, relating to the issuance by the
Company of its convertible senior notes due 2017.

The Notes were sold to Citigroup Global Markets Inc., Merrill
Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co.
Incorporated, BNY Mellon Capital Markets, LLC, Daiwa Securities
America Inc., Mizuho Securities USA Inc. and PNC Capital Markets
LLC, as initial purchasers, in a transaction exempt from the
registration requirements of the Securities Act of 1933 under to
Rule 144A promulgated thereunder.

A full-text copy of the Indenture is available at no charge at
http://ResearchArchives.com/t/s?4596

                        About Eastman Kodak

Headquartered in Rochester, New York, Eastman Kodak Company --
http://www.kodak.com/-- provides imaging technology products and
services to the photographic and graphic communications markets.

Kodak'S balance sheet at June 30, 2009, showed total assets of
$7,106,000,000 and total liabilities of $7,215,000,000, resulting
in shareholders' deficit attributable to Kodak of $112,000,000.

The Troubled Company Reporter on September 22, 2009, said Fitch
Ratings affirmed Kodak's Issuer Default Rating at 'B-'; Senior
secured revolving credit facility at 'BB-/RR1'; and Senior
unsecured debt at 'B-/RR4'.

On Sept. 18, 2009, Standard & Poor's Ratings Services revised its
recovery rating on Eastman Kodak's senior unsecured debt to '6',
indicating S&P's expectation of negligible (0% to 10%) recovery in
the event of a payment default, from '5'.  S&P lowered the issue-
level rating to 'CCC' (two notches lower than the 'B-' corporate
credit rating on the company) from 'CCC+', in accordance with
S&P's notching criteria for a '6' recovery rating.


EMMIS OPERATING: Bank Debt Trades at 31.3% Off
----------------------------------------------
Participations in a syndicated loan under which Emmis Operating
Company is a borrower traded in the secondary market at 68.70
cents-on-the-dollar during the week ended Sept. 25, 2009,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal.  This represents an increase of 1.20
percentage points from the previous week, The Journal relates.
The loan matures on Nov. 1, 2013.  The Company pays 200 basis
points above LIBOR to borrow under the facility.  The bank debt
carries Moody's Caa2 rating while it is not rated by Standard &
Poor's.  The debt is one of the biggest gainers and losers among
widely quoted syndicated loans in secondary trading in the week
ended Sept. 25, among the 149 loans with five or more bids.

As stated by the Troubled Company Reporter on April 17, 2009,
Standard & Poor's Ratings Services lowered its corporate credit
rating on Emmis Communications Corp. and Emmis Operating Co. to
'CCC+' from 'B'.  The rating outlook is negative.  At the same
time, S&P revised its recovery rating on Emmis Operating Co.'s
secured credit facilities due 2012 to '4', indicating S&P's
expectation of average (30% to 50%) recovery in the event of a
payment default, from '2'.  S&P lowered the issue-level rating on
this debt to 'CCC+' (at the same level as the 'CCC+' corporate
credit rating on the company) from 'B+', in accordance with S&P's
notching criteria for a '4' recovery rating.

"The ratings downgrade reflects Emmis' very weak preliminary
fourth-quarter results, as well as uncertainty regarding the
ultimate outcome of the company's decision to hire Blackstone
Advisory Services L.P. to explore a potential amendment or
restructuring," said Standard & Poor's credit analyst Michael
Altberg.

Emmis Operating Company is a wholly owned subsidiary of Emmis
Communications Corp., which owns and operates radio stations,
including abroad, and TV stations and which publishes books and
several magazines in the U.S.


FAGAN RANCH: Files for Ch 11 Bankr. After Spat With Lender
----------------------------------------------------------
Fagan Ranch Investments, L.L.C., has filed for Chapter 11
bankruptcy protection in the U.S. Bankruptcy Court for the
District of Arizona.

According to The Arizona Daily, the bankruptcy filing stopped a
trustee sale scheduled last week.

Josh Brodesky at The Arizona Daily Star reports that Fagan Ranch
received a $7.45 million loan in May 2005 from National Bank of
Arizona for the development of a community on 568 acres at the
southern end of Houghton Road.  Jim Campbell, the managing partner
in the project, said that plans for the development call for a mix
of residential and commercial projects as well as a school, park,
and resort.

The Arizona Daily says that Fagan Ranch Investments was current on
its interest-only payments to National Bank, but at the start of
2009 the bank called the loan, requiring two substantial principal
paydowns.  "National Bank had required that there be a very
significant principal paydown in the loan amount, and in this
economy the partnership felt it would be imprudent to take all of
their working capital and use it to reduce principal," the report
quoted Michael McGrath, Fagan Ranch's lawyer, as saying.  Mr.
McGrath said that he expects a settlement within six months.

Mr. Campbell, The Arizona Daily relates, said that he and his
brother have continued making interest payments since December
2008, though none of the other partners has contributed any funds.
The report quoted Mr. Campbell as saying, "All of our partners
defaulted in December.  We continued to make payments even though
we are just minority partners."

The Arizona Daily quoted Mr. Quinlan as saying, "If the bank is
going to take the property, then there would be no reason to
continue making the payments.  Had the bank simply said 'OK, we'll
continue to accept interest payments,' then I think all of the
investors would have continued making those payments."

According to The Arizona Daily, the bankruptcy filing can change
the terms with National Bank and sever the partnerships between
Mr. Campbell, Stephen Quinlan, and Stan and Eric Abrams.  Mr.
Quinlan owns 30% of Fagan Ranch, Mr. Campbell and his brother own
40%, and the Abramses own 20% of the Company.  The remaining 10%
is owned by Elliott Obedin.  The Arizona Daily states that Mr.
Campbell said he expects to reach a settlement with National Bank
over the loan and that he will find new partners for the project.

Tucson, Arizona-based Fagan Ranch Investments, L.L.C., is the
development group behind a proposed master-planned community in
Corona de Tucson, on the city's far southeast side.


FAIRPOINT COMM: Bank Debt Trades at 20% Off in Secondary Market
---------------------------------------------------------------
Participations in a syndicated loan under which FairPoint
Communications, Inc., is a borrower traded in the secondary market
at 80.11 cents-on-the-dollar during the week ended Sept. 25, 2009,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal.  This represents an increase of 1.53
percentage points from the previous week, The Journal relates.
The loan matures on March 31, 2015.  The Company pays 275 basis
points above LIBOR to borrow under the facility.  The bank debt
carries Moody's Caa1 rating and Standard & Poor's CC rating.  The
debt is one of the biggest gainers and losers among widely quoted
syndicated loans in secondary trading in the week ended Sept. 25,
among the 149 loans with five or more bids.

Headquartered in Charlotte, North Carolina, FairPoint
Communications, Inc. -- http://www.fairpoint.com/-- owns and
operates local exchange companies in 18 states offering advanced
communications with a personal touch, including local and long
distance voice, data, Internet, television, and broadband
services.  FairPoint is traded on the New York Stock Exchange
under the symbol FRP.

As reported by Troubled Company Reporter on Aug. 5, 2009, Standard
& Poor's Ratings Services said it reassigned a 'CC' corporate
credit rating, with a negative outlook to FairPoint, from the
previous 'SD'.  S&P also raised the rating to 'C' from 'D' on the
approximate $90 million of aggregate principal amount remaining on
the company's unsecured notes that did not participate in its
exchange offer.  The recovery rating on the notes is '6',
representing negligible (0%-10%) recovery prospects in the event
of a payment default.  S&P also removed the 'CC' secured bank loan
rating from CreditWatch, where it had been placed with negative
implications on June 25, 2009, following the company's announced
note exchange.  The loan has a '3' recovery rating, representing
meaningful (50%-80%) recovery prospects in the event of a payment
default.


FORD MOTOR: Bank Debt Trades at 10.25% Off in Secondary Market
--------------------------------------------------------------
Participations in a syndicated loan under which Ford Motor Co. is
a borrower traded in the secondary market at 89.75 cents-on-the-
dollar during the week ended Sept. 25, 2009, according to data
compiled by Loan Pricing Corp. and reported in The Wall Street
Journal.  This represents a drop of 0.67 percentage points from
the previous week, The Journal relates.  The loan matures on
Dec. 15, 2013.  The Company pays 300 basis points above LIBOR to
borrow under the facility.  The bank debt carries Moody's B1
rating and Standard & Poor's CCC+ rating.  The debt is one of the
biggest gainers and losers among widely quoted syndicated loans in
secondary trading in the week ended Sept. 25, among the 149 loans
with five or more bids.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in
200 markets across six continents.  With about 260,000 employees
and about 100 plants worldwide, the company's core and affiliated
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mercury, Volvo, Aston Martin, and Mazda.  The Company provides
financial services through Ford Motor Credit Company.  The Company
has operations in Japan in the Asia Pacific region.  In Europe,
the Company maintains a presence in Sweden, and the United
Kingdom.  The Company also distributes its brands in various
Latin-American regions, including Argentina and Brazil.

As reported in the Troubled Company Reporter on Sept. 7, 2009,
Moody's upgraded the Corporate Family Rating of Ford Motor Company
to Caa1 from Caa3, and also raised the company's Speculative Grade
Liquidity rating to SGL-3 from SGL-4.  The rating outlook was
changed to Stable from Negative.  Ford's Probability of Default
Rating remains at Caa3.  In a related action, Moody's placed the
Caa1 senior unsecured rating of Ford Motor Credit Company LLC on
review for possible upgrade.

The rating actions reflect Moody's belief that after a period of
intensive restructuring of its operations and balance sheet,
Ford's business viability has significantly improved.  The
positioning of the CFR rating at Caa1 balances the substantial
achievements the company has made in restructuring its operations
and rebuilding competitiveness against the expectation that even
with these improvements meaningful earnings and cash flow
generation will not be evident before 2011.  Moody's believes that
Ford has adequate liquidity to bridge itself until 2011 as
reflected in the upgrade of the SGL rating to SGL-3.
Notwithstanding the upgrade of the CFR rating, Ford's PDR is being
maintained at Caa3 due to the continuing potential that the
company might undertake further balance sheet restructuring
initiatives (such as an exchange offer or below-par tender for
outstanding obligations) that Moody's would view as a default for
rating purposes.


FREDDIE MAC: Appoints Ross Kari as EVP & CFO
--------------------------------------------
Freddie Mac (formally known as the Federal Home Loan Mortgage
Corporation) has appointed Ross J. Kari as the company's executive
vice president and chief financial officer, effective October 12,
2009.

Mr. Kari, 51, joins Freddie Mac from Fifth Third Bancorp, a
financial services firm, where he served as executive vice
president and chief financial officer beginning in November 2008.
Previously, Mr. Kari served as executive vice president and chief
financial officer of Safeco Corporation, an insurance firm, from
June 2006 to October 2008.  Prior to that, Mr. Kari served as
executive vice president and chief operating officer of Federal
Home Loan Bank of San Francisco, a government sponsored enterprise
and part of the Federal Home Loan Bank System, from February 2002
to June 2006.

Freddie Mac has entered into a Memorandum Agreement with Mr. Kari,
which provides for his employment as executive vice president and
chief financial officer of Freddie Mac.

A full-text copy of the Memorandum Agreement is available at n o
charge at http://ResearchArchives.com/t/s?45a3

The Federal Housing Finance Agency, the company's conservator, has
approved the Memorandum Agreement and consulted with the U.S.
Department of the Treasury.

The terms of his Memorandum Agreement provide Mr. Kari with the
following during his employment with Freddie Mac:

     -- A base salary of no less than $675,000;

     -- A target annual total direct compensation opportunity of
        $3,500,000, which will consist of the base salary of
        $675,000, an additional annual salary of $1,658,333 paid
        over time in installments and an annual target incentive
        opportunity of $1,166,667.  The actual dollar amount of
        the incentive opportunity Mr. Kari will receive will be
        determined in the discretion of Freddie Mac, subject to
        approval by FHFA;

     -- A cash sign-on award of $1,950,000 in recognition of the
        forfeited annual incentive opportunity and unvested equity
        at his current employer.  This award will be paid in
        installments during Mr. Kari's first year of employment
        with Freddie Mac.  If Mr. Kari is not an employee of
        Freddie Mac on an installment payment date, the
        installment will be forfeited.  A portion of each
        installment will be subject to repayment in the event
        that, prior to the first anniversary of an installment
        payment date, Mr. Kari terminates his employment with
        Freddie Mac for any reason or Freddie Mac terminates his
        employment for cause;

     -- Relocation benefits generally consistent with Freddie
        Mac's standard executive relocation package, as well as
        six months temporary lodging at a local apartment (in lieu
        of Freddie Mac's standard temporary living relocation
        benefit), reimbursement for reasonable local commuting and
        necessary living expenses, and reimbursement for travel
        between the Washington, D.C. area and his current
        residences for Mr. Kari and his immediate family members
        for the first six months of his employment;

     -- The opportunity to participate in all employee benefit
        plans offered to Freddie Mac's senior executive officers,
        including the company's Supplemental Executive Retirement
        Plan, pursuant to the standard terms of these plans; and

     -- If Freddie Mac terminates Mr. Kari's employment for
        reasons other than cause, he will be eligible to receive
        severance pay and other benefits pursuant to the terms of
        any then-applicable Freddie Mac severance policy, subject
        to the approval of FHFA.

Mr. Kari is subject to restrictions with respect to non-
competition and non-solicitation of employees for a period of two
years and one year, respectively, following any termination of his
employment, and he is also subject to certain restrictions with
respect to confidential information obtained during the course of
his employment.

Freddie Mac also has entered into a Recapture Agreement with Mr.
Kari, sometimes referred to as a "clawback" agreement.  A full-
text copy of the Recapture Agreement is available at no charge at:

               http://ResearchArchives.com/t/s?45a4

The Recapture Agreement provides for Freddie Mac's recapture from
Mr. Kari of Recapture Eligible Compensation (which, as defined in
the Recapture Agreement, varies depending on which Triggering
Event has occurred) if, at any time during Mr. Kari's employment
with Freddie Mac (or, under certain circumstances after
termination of his employment), the board of directors determines
and notifies Mr. Kari in writing that any Triggering Event (as
defined in the Recapture Agreement) has occurred.  The Recapture
Period also varies depending on which Triggering Event has
occurred. In the event that Mr. Kari is terminated for cause (as
defined in the Recapture Agreement), he forfeits rights to any
future payment of annual short-term incentive, long-term incentive
or severance benefits that might otherwise have been due pursuant
to the terms of applicable plans or awards from the date of Mr.
Kari's termination forward.  The board has discretion to determine
the appropriate amount required to be recaptured, if any, upon a
Triggering Event, which is intended to be the compensation in
excess of what Freddie Mac would have paid Mr. Kari had Freddie
Mac taken into consideration the impact of the Triggering Event at
the time such compensation was awarded.

Freddie Mac also agreed to enter into an indemnification agreement
with Mr. Kari.

                        About Freddie Mac

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

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

                         Conservatorship

As reported by the Troubled Company Reporter, the U.S. government
took direct responsibility for Fannie Mae and Freddie Mac, placing
the government sponsored enterprises under conservatorship on
September 7, 2008.  James B. Lockhart, director of Federal Housing
Finance Agency, said that Fannie Mae and Freddie Mac share the
critical mission of providing stability and liquidity to the
housing market.  Between them, the Enterprises have $5.4 trillion
of guaranteed mortgage-backed securities (MBS) and debt
outstanding, which is equal to the publicly held debt of the
United States.  Among the key components of the conservatorship,
the FHFA, as conservator, assumed the power of the Board and
management.


FORD MOTOR: CEO Sees Return to Profitability in 2011
----------------------------------------------------
Ford Motor Co. President and CEO Alan Mulally said that he expects
to see the Company return to profitability in 2011, The Motor
Report says.

TMR relates that Ford expects its U.S. sales increase to
14.5 million units in 2011 from 10.5 million to 11 million units
this year, which will see the Company's balance sheet back in the
black.  Ford reported a $2.3 billion profit in the second quarter
2009, while U.S. sales increased 17% in August.

Kimberly S. Johnson at The Associated Press reports that the
United Auto Workers union president Ron Gettelfinger said that the
group continues to discuss additional contract modifications with
Ford, which is seeking to make minor contract changes to things
like work rules to make its latest modified contract on par with
General Motors Corp. and Chrysler Group LLC.

Ford is in a "unique position" due to decisions it made in recent
years to leverage assets, borrow $24 billion, hire a new CEO, and
design new and improved vehicles that are in showrooms today, or
expected in 2010, The AP says, citing Mr. Gettelfinger.  According
to the report, Mr. Gettelfinger said that he met with
administration officials a few weeks ago regarding the UAW's
support for health care reform and that he would soon meet with
Treasury Secretary Timothy Geithner and Lawrence Summers, director
of the White House National Economic Council.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in
200 markets across six continents.  With about 260,000 employees
and about 100 plants worldwide, the company's core and affiliated
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mercury, Volvo, Aston Martin, and Mazda.  The company provides
financial services through Ford Motor Credit Company.

The Company has operations in Japan in the Asia Pacific region. In
Europe, the Company maintains a presence in Sweden, and the United
Kingdom.  The Company also distributes its brands in various
Latin-American regions, including Argentina and Brazil.

                           *     *     *

As reported by the Troubled Company Reporter on April 15, 2009,
Standard & Poor's Ratings Services said it raised its ratings on
Ford Motor Co. and related entities, including the corporate
credit rating, to 'CCC+' from 'SD-'.  The ratings on Ford Motor
Credit Co. are unchanged, at 'CCC+', and the ratings on FCE Bank
PLC, Ford Credit's European bank, are also unchanged, at 'B-',
maintaining the one-notch rating differential between FCE and its
parent Ford Credit.  S&P said that the outlook on all entities is
negative.

Moody's Investors Service in December 2008 lowered the Corporate
Family Rating and Probability of Default Rating of Ford Motor
Company to Caa3 from Caa1 and lowered the company's Speculative
Grade Liquidity rating to SGL-4 from SGL-3.  The outlook is
negative.  The downgrade reflects the increased risk that Ford
will have to undertake some form of balance sheet restructuring in
order to achieve the same UAW concessions that General Motors and
Chrysler are likely to achieve as a result of the recently-
approved government bailout loans.  Such a balance sheet
restructuring would likely entail a loss for bond holders and
would be viewed by Moody's as a distressed exchange and
consequently treated as a default for analytic purposes.


FORTUNOFF HOLDINGS: Will Launch Six Outdoor Stores
--------------------------------------------------
Newsday.com reports that The Chair King has formed an alliance
with a member of the Fortunoff family and two former executives to
open six Fortunoff Backyard Stores on Long Island and New Jersey
on February 1, 2010.

According to Newsday.com, The Chair King President David Barish
said that the company bought a controlling interest in Furniture
Concepts Llc last week.  Furniture Concepts is a company formed by
the Fortunoff and Mayrock family members and which owns licensing
rights to the Fortunoff brand of outdoor furniture and seasonal
products in the U.S.

Newsday.com says that the terms of the deal weren't disclosed.

New York-based Fortunoff Fine Jewelry and Silverware LLC --
http://www.fortunoff.com/-- started out as a family-owned
business founded by Max and Clara Fortunoff in 1922, until it
merged with M. Fortunoff of Westbury, L.L.C., and Source Financing
Corporation in 2004.  Fortunoff offers customers fine jewelry and
watches, antique jewelry and silver, everything for the table,
fine gifts, home furnishings including bedroom and bath, fireplace
furnishings, housewares, and seasonal shops including outdoor
furniture shop in summer and enchanting Christmas Store in the
winter.

Fortunoff and its two affiliates filed for chapter 11 petition on
February 4, 2008 (Bankr. S.D.N.Y. Case Nos. 08-10353 through 08-
10355) to effectuate a sale to NRDC Equity Partners LLC --
http://www.nrdcequity.com/-- a private equity firm that bought
Lord & Taylor from Federated Department Stores.

In their schedules, Fortunoff Fine Jewelry listed $5,052,315 total
assets and $136,626,948 total liabilities; Source Financing Corp.
listed $154,680,100 total assets and $176,961,631 total
liabilities; and M. Fortunoff of Westbury LLC listed $6,300,955
total assets and $119,985,788 total liabilities.

Fortunoff sold substantially all of their assets, including their
"Fortunoff" and "The Source" trademarks, on March 7, 2008, to NRDC
Equity Partners LLC's H Acquisition LLC, now known as Fortunoff
Holdings LLC.

One year later, Fortunoff Holdings and its affiliate, Fortunoff
Card Company LLC, filed for Chapter 11 protection on Feb. 5, 2009
(Bankr. S.D.N.Y. Lead Case No. 09-10497).  Lee Stein Attanasio,
Esq., at Sidley Austin LLP, represents the Debtors in their
restructuring efforts.  The Debtors proposed Zolfo Cooper LLC as
their special financial advisor and The Garden City Group Inc. as
their claims agent.  When the Debtors filed for protection from
their creditors, they listed assets and debts between $100 million
to $500 million each.


FORUM HEALTH: To Continue to Explore Opportunities to Expand
------------------------------------------------------------
George Nelson at The Business Journal reports that a Forum Health
Inc. official said that the Company will continue to explore
opportunities to expand.

Expanding Forum Health's reach through centers like the Hubbard
Immediate care center is key to the Company's long-term plans, The
Business Journal relates, citing Michael Seelman, chief operating
officer at Forum's Northside Medical Center in Youngstown and
Forum Health Services.  According to The Business Journal, Forum
Health is evaluating how to move forward on expanding services,
with additional hours being considered at Austintown Immediate
Care in anticipation of the upcoming flu season.

The Business Journal quoted Mr. Seelman as saying, "As far as
progressing with satellites in the future, I think that's going to
be incremental.  It'll be a business-driven decision" based on the
success of Northside, Trumbull Memorial Hospital and Hillside
Rehabilitation Hospital.

The Business Journal relates that the development of additional
offices to serve as feeders for Forum Health's core hospitals was
a key element of the recovery strategy promoted by former Forum
Health CEO Walter Pishkur.

Based in Warren, Ohio, Forum Health -- http://www.forumhealth.org/
-- offers health care services.  The primary service area consists
of the northeast Ohio counties of Mahoning, Trumbull and
Columbiana; and northeast Ohio counties of Ashtabula, Geauga and
Portage and the Pennsylvania counties of Mercer and Lawrence.

Forum Health and its affiliates filed for Chapter 11 protection on
March 16, 2009 (Bankr. N.D. Ohio Lead Case No. 09-40795).  Paul W.
Linehan, Esq., and Shawn M Riley, Esq., at McDonald Hopkins LLC,
serve as lead counsel to the Debtors.  The Debtors have also
tapped Michael A. Gallo, Esq. at Nadler Nadler & Burdman Co., LPA
as co- counsel; Kurtzman Carson Consultants LLC as claims,
noticing and balloting agent; and Huron Consulting Services LLC as
financial advisors.  Alston & Bird LLP represents the official
committee of unsecured creditors formed in the Chapter 11 cases.
At the time of its filing, Forum Health estimated that it had
assets and debts both ranging from $100 million to $500 million.


FREDDIE MAC: Files August 2009 Monthly Volume Summary
-----------------------------------------------------
Freddie Mac, formally known as the Federal Home Loan Mortgage
Corporation, on September 25, 2009, issued its August Monthly
Volume Summary.

A full-text copy of the Monthly Volume Summary is available at no
charge at http://ResearchArchives.com/t/s?45a5

                        About Freddie Mac

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

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

                         Conservatorship

As reported by the Troubled Company Reporter, the U.S. government
took direct responsibility for Fannie Mae and Freddie Mac, placing
the government sponsored enterprises under conservatorship on
September 7, 2008.  James B. Lockhart, director of Federal Housing
Finance Agency, said that Fannie Mae and Freddie Mac share the
critical mission of providing stability and liquidity to the
housing market.  Between them, the Enterprises have $5.4 trillion
of guaranteed mortgage-backed securities (MBS) and debt
outstanding, which is equal to the publicly held debt of the
United States.  Among the key components of the conservatorship,
the FHFA, as conservator, assumed the power of the Board and
management.


G & S METAL: SRT Investments Sole Bidder for Assets
---------------------------------------------------
Paul Schaffer at AMM reports that G & S Metal Consultants Inc.'s
asset auction has drawn one bidder, SRT Investments LLC, owned by
Bruce Warshauer and Jerome Henry.  According to AMM, Mr. Warshauer
was G&S Metal's former chief.  AMM relates that the offer will
transfer G & S Metal's Wabash, Indiana, smelter to SRT
Investments.

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.


GAYLORD ENTERTAINMENT: S&P Affirms 'B' Corporate Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said it revised its outlook for
Nashville, Tennessee-based Gaylord Entertainment Co. to stable
from negative.  At the same time, S&P affirmed the 'B' corporate
credit rating and all other ratings for Gaylord.

"The outlook revision to stable from negative reflects Gaylord's
improved liquidity position resulting from a number of actions
announced yesterday," said Standard & Poor's credit analyst Liz
Fairbanks.

Gaylord raised approximately $125 million through a common share
issuance and issued a $300 million convertible note due 2014,
which may be upsized by an additional $60 million.  The company
will use the proceeds to tender for $260 million of existing 8%
unsecured notes due 2013, a warrant to mitigate shareholder
dilution relating to the convertible notes, fees related to the
transactions, repay outstanding revolver balances and for general
corporate purposes.  While S&P expects leverage to remain high
over the intermediate term, the capital actions improve S&P's
measure of coverage and Gaylord's liquidity position, improving
the company's prospects for managing through the difficult
operating environment.

Additionally, yesterday Gaylord reaffirmed its 2009 consolidated
cash flow guidance.  While S&P views the affirmation positively,
S&P continues to expect leverage to remain in the high 6x-area
over the intermediate term.  The 'B' rating and stable outlook
reflect S&P's expectation that that EBITDA (pro forma for a full
year of the Gaylord National Resort and Convention Center) could
decline by up to 20% in 2009.  Pro forma EBITDA declined by about
25% in the first six months of 2009.  Given S&P's expectation for
EBITDA, S&P anticipates that its measure of adjusted interest
coverage will remain in the low 2x-area over the intermediate
term.  The outlook revision also reflects S&P's expectation that
Gaylord will maintain an adequate cushion relative to its 2x fixed
charge covenant (calculated differently than the interest coverage
measure S&P cited earlier).

The 'B' corporate credit rating on Gaylord reflects the company's
high debt leverage, limited asset diversity with a small hotel
portfolio, reliance on external sources of capital to fund growth,
and the cyclical nature of the lodging industry.  The company's
good-quality properties and its focused business strategy on
targeting group and convention customers, which, through attrition
fees, provides some cushion against revenue per available room
(RevPAR) declines and provides advance booking visibility,
somewhat temper these factors.


GEORGIA-PACIFIC LLC: Fitch Affirms 'B+' Issuer Default Rating
-------------------------------------------------------------
Fitch Ratings has affirmed Georgia-Pacific LLC's ratings:

  -- Issuer Default Rating at 'B+';
  -- Senior secured revolver at 'BB/RR2';
  -- First lien term loans at 'BB'/RR2';
  -- Senior unsecured at 'B+/RR4'.

Fitch has revised the Rating Outlook to Positive.

The basis for the Outlook revision has been a better than
anticipated earnings performance in all of GP's business lines
other than Building Products.  Together with the alternate fuel
tax credit and controlled operating and capital expenses, GP has
been able to reduce its net debt by just over $1.6 billion since
the start of the year.  The alternate fuel tax credit accounted
for 19% of this reduction.  Earnings before taxes, interest and
depreciation is 25% ahead of Fitch's early year projections.

Accounting for better operating earnings has been GP's domestic
and international tissue operations, which have benefited from
higher prices, lower distribution and advertising costs and
predicted lower fiber and energy costs with modestly better
volumes.  Packaging operations have stabilized while Building
Products continues to suffer from the malaise in housing, which
has depressed both the prices for and the volumes of plywood,
oriented strand board and lumber.

Fitch expects some slowing in the run rate of earnings in the
second half of the year, largely due to increased fiber costs
offsetting the benefits of lower energy prices.  This will likely
have a more pronounced impact in Packaging (affecting both virgin
and recycled fiber feedstock costs) than tissue operations but
should benefit GP's pulp business.  Building Products is not
expected to turn the corner this year, but its influence on
consolidated earnings and cash flow is small.  In combination and
with the continuation of the alternate fuel tax credit, which is
set to expire at the end of this year, Fitch expects that GP
should be able to reduce net debt by an additional $700 million or
so.  This would bring leverage metrics down to an estimated 3.4
times (x) net debt/EBITDA from 4.7x at the start of the year.

GP has also improved the maturity profile and mix of its debt
portfolio.  The proceeds of a $750 million senior unsecured seven-
year bond sold last April (priced to yield 9%) were used this past
July to prepay earlier maturing secured bank debt.  GP also
extended the repayment date of $1 billion of the secured bank debt
out to 2014 from 2012.  Roughly $6.2 billion of secured debt
(excluding accounts receivable securitizations) and letters of
credit now stand ahead of $6 billion of unsecured debt.
Maturities are reasonable with approximately $1 billion due
through the end of 2010 and slightly over $5 billion due in 2011
and 2012.  Liquidity is amply provided by a committed
$1.675 billion secured revolver, which is mostly available, and a
receivables securitization facility that had $743 million of
availability as of June 30, 2009.

GP was taken private in 2005 by Koch Industries, Inc., in a
transaction valued at just over $21 billion.


GEORGETOWN GOLF CLUB: Awaits Foreclosure Auction by Sovereign Bank
------------------------------------------------------------------
Angeljean Chiaramida at The Eagle-Tribune reports that Georgetown
Golf Club's owner and president, Peter Wojtkun, said that the
Company will likely go to foreclosure auction in the next 45 to 60
days.

Sovereign Bank representatives were expected to secure the
property and prepare it for foreclosure auction, The Eagle-Tribune
states, citing Mr. Wojtkun.  According to the report, Mr. Wojtkun
said that he advised Sovereign Bank to move to sell it as soon as
possible.

As reported by the TCR on September 25, 2009, the U.S. Bankruptcy
Judge William Hillman dismissed the Georgetown Golf's bankruptcy
case.

Citing Mr. Wojtkun, The Eagle-Tribune relates that Georgetown Golf
is no longer at its tax assessed value of $6.6 million, due to the
recession and real estate market crash.  The Eagle-Tribune says
that Mr. Wojtkun doesn't expect the selling price to bring in the
more than $10 million it owes creditors, or even the $6.6 million
it owes its two largest mortgage holders, leaving many others
holding notes or bills that won't be paid.

Mr. Wojtkun said that the roughly $150,000 in Georgetown Golf's
bank accounts that Judge Hillman allowed him to use to pay off
workers and tie up loose ends is now gone and the club is closed,
The Eagle-Tribune states.

Georgetown, Massachusetts-based Georgetown Golf Club, Inc., and
its affiliates filed for Chapter 11 bankruptcy protection on
September 11, 2009 (Bankr. D. Mass. Case No. 09-18710).  Kara
Zaleskas, Esq., and Paul D. Moore, Esq., at Duane Morris LLP and
assist Georgetown Golf Club in its restructuring efforts.
Georgetown Golf Club listed $1,000,001 to $10,000,000 in assets
and $10,000,001 to $50,000,000 in liabilities.


GEORGIAN BANK, ATLANTA: Closed; First Citizens Assumes Deposits
---------------------------------------------------------------
Georgian Bank, Atlanta, Georgia, was closed September 25 by the
Georgia Department of Banking and Finance, which appointed the
Federal Deposit Insurance Corporation as receiver.  To protect the
depositors, the FDIC entered into a purchase and assumption
agreement with First Citizens Bank and Trust Company, Inc.,
Columbia, South Carolina, to assume all of the deposits of
Georgian Bank.

The five branches of Georgian Bank will reopen on Monday as
branches of First Citizens Bank.  Depositors of Georgian Bank will
automatically become depositors of First Citizens Bank.  Deposits
will continue to be insured by the FDIC, so there is no need for
customers to change their banking relationship to retain their
deposit insurance coverage.  Customers should continue to use
their existing branches until First Citizens Bank can fully
integrate the deposit records of Georgian Bank.

As of July 24, 2009, Georgian Bank had total assets of $2 billion
and total deposits of approximately $2 billion.  In addition to
assuming all of the deposits of the failed bank, First Citizens
Bank agreed to purchase essentially all of the assets.

The FDIC and First Citizens Bank entered into a loss-share
transaction on approximately $2 billion of Georgian Bank's assets.
First Citizens Bank will share in the losses on the asset pools
covered under the loss-share agreement.  The loss-sharing
arrangement is projected to maximize returns on the assets covered
by keeping them in the private sector.  The agreement also is
expected to minimize disruptions for loan customers.  For more
information on loss share, please visit:
http://www.fdic.gov/bank/individual/failed/lossshare/index.html

Customers who have questions about the transaction can call the
FDIC toll-free at 1-800-405-1498.  Interested parties can also
visit the FDIC's Web site at
http://www.fdic.gov/bank/individual/failed/georgian.html

The FDIC estimates that the cost to the Deposit Insurance Fund
(DIF) will be $892 million.  First Citizens Bank's acquisition of
all the deposits was the "least costly" resolution for the FDIC's
DIF compared to alternatives.  Georgian Bank is the 95th FDIC-
insured institution to fail in the nation this year, and the
nineteenth in Georgia.  The last FDIC-insured institution closed
in the state was First Coweta, Newnan, on August 21, 2009.


GEORGIAN BANK, ATLANTA: Closing Raises 2009 Failures List to 95
---------------------------------------------------------------
This year's closed banks have risen to 95 after Georgian Bank,
Atlanta, Georgia, was closed September 25 by the Georgia
Department of Banking and Finance, which appointed the Federal
Deposit Insurance Corporation (FDIC) as receiver.  To protect the
depositors, the FDIC entered into a purchase and assumption
agreement with First Citizens Bank and Trust Company, Inc.,
Columbia, South Carolina, to assume all of the deposits of
Georgian Bank.

In accordance with Federal law, allowed claims against failed
financial institutions will be paid, after administrative
expenses, in this order of priority:

       1. Depositors
       2. General Unsecured Creditors
       3. Subordinated Debt
       4. Stockholders

                     416 Banks on Problem List

The Federal Deposit Insurance Corporation said August 27 that the
number of banks and savings institutions in its "Problem List"
increased to 416 at the end of the second quarter compared with
305 at March 31.

The 416 banks have combined assets of $299.8 billion.  The FDIC
said this is the largest number of "problem" institutions since
June 30, 1994, and the largest amount of assets on the list since
December 31, 1993.

At the end of the 2008, there were 252 banks on the Problem List.

"Problem" institutions are those institutions with financial,
operational, or managerial weaknesses that threaten their
continued financial viability.  They are rated by the FDIC or
Office of the Thrift Supervision as either a "4" or "5", based on
a scale of 1 to 5 in ascending order of supervisory concern.
The Problem List is not divulged to the public.  No advance notice
is given to the public when a financial institution is closed.

The Deposit Insurance Fund (DIF) decreased by $2.6 billion --
20.3% -- during the second quarter to $10.4 billion, based on
unaudited figures.

According to the FDIC, the reduction in the DIF was primarily due
to an $11.6 billion increase in loss provisions for bank failures.
Twenty-four insured institutions with combined assets of
$26.4 billion failed during the second quarter of 2009, the
largest number of quarterly failures since the fourth quarter of
1992, when 42 insured institutions failed.  For 2009 through the
end of the second quarter, 45 insured institutions with combined
assets of $35.9 billion failed at an estimated current cost to the
DIF of $10.5 billion.

                 Problem Institutions      Failed Institutions
                 --------------------      -------------------
  Year           Number  Assets (Mil)      Number  Assets (Mil)
  ----           ------  ------------      ------  ------------
  Q2'09             416      $299,800          24        $26,400
  Q1'09             305      $220,047          21         $9,498
  2008              252      $159,405          25       $371,945
  2007               76       $22,189           3         $2,615
  2006               50        $8,265           0             $0
  2005               52        $6,607           0             $0
  2004               80       $28,250           4           $170

A copy of the FDIC's Quarterly Banking Profile for the second
quarter of 2009 is available for free at:

        http://bankrupt.com/misc/FDIC_QBP_2Q_09.pdf

                      2009 Failed Banks List

The FDIC was appointed as receiver for the closed banks.  To
protect the depositors, the FDIC entered into a purchase and
assumption agreement with various banks that agreed to assume the
deposits of most of the closed banks.  The FDIC also entered into
loss-share transactions on assets bought by the banks.

                                 Loss-Share
                                 Transaction Party     FDIC Cost
                    Assets of    Bank That Assumed   to Insurance
                    Closed Bank  Deposits & Bought      Fund
  Closed Bank       (millions)   Certain Assets       (millions)
  -----------       ----------   --------------      -----------
Georgian Bank         $2,000.0    First Citizens B&T      $892.0
Irwin Union FSB         $493.0    First Financial Bank }  $850.0
Irwin Union B&T       $2,700.0    First Financial Bank }
Brickwell Community      $72.0    CorTrust Bank            $22.0
Corus Bank, NA        $7,000.0    MB Fin'l              $1,700.0
Venture Bank            $970.0    First-Citizens          $298.0
First State Bank        $105.0    Sunwest Bank             $47.0
Vantus Bank             $458.0    Great Southern          $168.0
First Bank, Kansas       $16.0    Great American            $6.0
Platinum Community      $345.6    -- None --              $114.3
InBank                  $212.0    MB Financial             $66.0
Mainstreet Bank         $459.0    Central Bank             $95.0
Affinity Bank         $1,000.0    Pacific Western         $254.0
Bradford Bank           $452.0    M&T Buffalo              $97.0
First Coweta Bank       $167.0    United Bank              $48.0
Guaranty Bank        $13,000.0    BBVA Compass          $3,000.0
CapitalSouth Bank       $617.0    IBERIABANK              $151.0
ebank, Atlanta, GA      $143.0    Stearns Bank            $163.0
Colonial Bank        $25,000.0    BB&T                  $2,800.0
Union Bank, N.A.        $124.0    MidFirst                 $61.0
Community Bank Nev    $1,520.0    FDIC-Created            $781.5
Community Bank Ariz     $158.5    MidFirst Bank            $25.5
Dwelling House           $13.4    PNC Bank, N.A.            $6.8
First State Bank        $463.0    Stearns Bank, N.A.      $116.0
Community National       $97.0    Stearns Bank, N.A.       $24.0
Community First         $209.0    Home Federal             $45.0
Integrity Bank          $119.0    Stonegate Bank,          $46.0
Mutual Bank           $1,600.0    United Central          $696.0
First BankAmericano     $166.0    Crown Bank               $15.0
First State, Altus      $103.4    Herring Bank, Amarillo   $25.2
Peoples Community       $705.8    First Financial Bank    $129.5
Waterford Village        $61.4    Evans Bank, N.A.          $5.6
SB - Gwinnett       }             State Bank & Trust   }
SB - North Fulton   }             State Bank & Trust   }
SB - Jones County   } $2,800.0    State Bank & Trust   }  $807.0
SB - Houston County }             State Bank & Trust   }
SB - North Metro    }             State Bank & Trust   }
SB - Bibb County    }             State Bank & Trust   }
Temecula Valley       $1,500.0    First-Citizen           $391.0
Vineyard Bank         $1,900.0    Calif. Bank             $579.0
BankFIrst, Sioux        $275.0    Alerus Financial         $91.0
First Piedmont          $115.0    First American           $29.0
Bank of Wyoming          $70.0    Central Bank             $27.0
John Warner Bank         $70.0    State Bank               $10.0
1st State Winchest.      $36.0    First Nat'l               $6.0
Rock River Bank          $77.0    Harvard State            $27.6
Elizabeth State          $55.5    Galena State             $11.2
1st Nat'l Danville      $166.0    First Financial          $24.0
Founders Bank           $962.5    PrivateBank             $188.5
Millennium State        $118.0    State Bank of Tex        $47.0
Mirae Bank              $456.0    Wilshire State Bank      $50.0
Metro Pacific Bank       $80.0    Sunwest Bank, Tustin     $29.0
Horizon Bank             $87.6    Stearns Bank, N.A.       $33.5
Neighborhood Comm       $221.6    CharterBank, West Point  $66.7
Community Bank          $199.4    -- None --               $85.0
First National Bank     $156.9    Bank of Kansas           $32.2
Cooperative Bank        $970.0    First Bank, Troy, N.C.  $217.0
Southern Community      $377.0    United Community        $114.0
Bank of Lincolnwood     $214.0    Republic Bank, Chicago   $83.0
Citizens National       $437.0    Morton Community        $106.0
Strategic Capital       $537.0    Midland States Bank     $173.0
BankUnited FSB       $12,800.0    WL Ross-Led Investors $4,900.0
Westsound Bank          $334.6    Kitsap Bank             $108.0
America West            $299.4    Cache Valley Bank       $119.4
Citizens Community       $45.1    N.J. Community Bank      $18.1
Silverton Bank        $4,100.0    -- None --            $1,300.0
First Bank of Id        $488.9    US Bank, Minneapolis    $191.2
First Bank of BH      $1,500.0    -- None --              $394.0
Heritage Bank           $184.6    Level One Bank           $71.3
American Southern       $112.3    Bank of North Georgia    $41.9
Great Basin Bank        $270.9    Nevada State Bank        $42.0
American Sterling       $181.0    Metcalf Bank, Lee        $42.0
New Frontier Bank     $2,000.0    -- None --              $670.0
Cape Fear Bank          $492.0    First Federal,          $131.0
Omni National           $956.0    -- None --              $290.0
TeamBank, N.A.          $669.8    Great Southern Bank      $98.0
Colorado National       $123.5    Herring Bank, Amarillo    $9.0
FirstCity Bank          $297.0    -- None --              $100.0
Freedom Bank            $173.0    Nat'l Georgia Bank       $36.2
Security Savings        $238.3    Bank of Nevada, L.V.     $59.1
Heritage Community      $232.9    MB Financial Bank, N.A.  $41.6
Silver Falls            $131.4    Citizens Bank            $50.0
Pinnacle Bank            $73.0    Washington Trust Bank    $12.1
Corn Belt Bank          $271.8    Carlinville Nat'l Bank  $100.0
Riverside Bank          $539.0    TIB Bank                $201.5
Sherman County          $129.8    Heritage Bank            $28.0
County Bank           $1,700.0    Westamerica Bank        $135.0
Alliance Bank         $1,140.0    California Bank & Trust $206.0
FirstBank Fin'l         $337.0    Regions Bank            $111.0
Ocala National          $223.5    CenterState Bank         $99.6
Suburban Federal        $360.0    Bank of Essex           $126.0
MagnetBank              $292.2    -- None --              $119.4
1st Centennial          $803.3    First California Bank   $227.0
Bank of Clark           $446.5    Umpqua Bank       $120.0-145.0
Nat'l Commerce          $430.9    Republic Bank of Chi.    $97.1

In 2008, 25 banks with total assets of $372 billion failed.
IndyMac Bank, FSB, was closed by the Office of Thrift Supervision
on July 11, and the FDIC was named conservator.  At the time it
was closed, IndyMac's assets of $32 billion made it the second
largest bank failure in FDIC history.

A complete list of banks that failed since 2000 is available at:

  http://www.fdic.gov/bank/individual/failed/banklist.html

                 Public August Enforcement Actions

The Federal Deposit Insurance Corporation (FDIC) on Sept. 25
released a list of orders of administrative enforcement actions
taken against banks and individuals in August.  One administrative
hearing is scheduled for October.

The FDIC processed a total of 48 matters in August.  These
included twenty-four cease and desist orders; one temporary cease
and desist order; fourteen civil money penalties; two prompt
corrective action directives; and five orders terminating an order
to cease and desist; and two Notices.

Copies of the orders referred to above can be obtained from or
inspected at the FDIC's Public Information Center, 3501 Fairfax
Drive, Room E-1002, Arlington, VA (telephone 703-562-2200 or 1-
877-275-3342).  To view individual orders below, click the link
for the PDF next to the order.  To view all orders online, visit
the FDIC's Web page at
http://www.fdic.gov/bank/individual/enforcement/index.html

           FDIC Seeking TARP Aid for Community Banks

Alison Vekshin at Bloomberg reported Sept. 25 that the FDIC is
asking the Treasury Department to match capital raised by
community banks to help lenders that don't qualify for aid,
reversing a policy that denied assistance to weak institutions.
The FDIC has suggested helping the banks with money from
the $700 billion Troubled Asset Relief Program, Chairman Sheila
Bair said.

House Financial Services Committee Chairman Barney Frank has
also urged Treasury Secretary Timothy Geithner to extend TARP
funds to community banks, Frank's spokesman said Sept. 25,
according to Bloomberg.


GOLDEN AGE PROPERTIES: Case Summary & 20 Largest Unsec. Creditors
-----------------------------------------------------------------
Debtor: Golden Age Properties, LLC.
        3024 E Independence Blvd.
        Charlotte, NC 28205

Bankruptcy Case No.: 09-32606

Chapter 11 Petition Date: September 24, 2009

Court: United States Bankruptcy Court
       Western District of North Carolina (Charlotte)

Judge: J. Craig Whitley

Debtor's Counsel: Bryan W. Stone, Esq.
                  The Stone Law Firm
                  301 S. McDowell St., Suite 1011
                  Charlotte, NC 28204
                  Tel: (704) 333-5184
                  Fax: (704)333-5185
                  Email: bstone@stonelawnc.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 $3,726,013,
and total debts of $2,296,144.

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/ncwb09-32606.pdf

The petition was signed by Fred Lawing, managing director of the
Company.


GUMBA INVESTORS LLC: Case Summary & 11 Largest Unsecured Creditors
------------------------------------------------------------------
Debtor: Gumba Investors, LLC
        JD Zink Attorney At Law
        250 Vallombrosa Ave #175
        Chico, CA 95973

Case No.: 09-40571

Chapter 11 Petition Date: September 24, 2009

Court: United States Bankruptcy Court
       Eastern District of California (Sacramento)

Judge: Thomas Holman

Debtor's Counsel: J. D. Zink, Esq.
            250 Vallombrosa Ave., #175
            Chico, CA 95973
            Tel: (530) 895-1234

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

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

According to the schedules, the Company has assets of at least
$304,875,000, and total debts of $4,140,000.

The petition was signed by Kevin Avila, the company's managing
member.

Debtor's List of 11 Largest Unsecured Creditors:

  Entity                       Nature of Claim        Claim Amount
  ------                       ---------------        ------------
Merchant Investments           Bank loan              $175,000
                                                      Collateral:
                                                      ($220,000)
                                                      Unsecured:
                                                      $0

Merchant Investments           Bank loan              $35,000
                                                      Collateral:
                                                      ($50,000)
                                                      Unsecured:
                                                      $0

Merchant Investments           Bank loan              $250,000
2237 Woodside Lane #8                                 Collateral:
Sacramento, CA 95825                                ($300,000,000)
                                                      Unsecured:
                                                      $0

Merchant Investments           Bank loan              $1,100,000
2237 Woodsige Lane #8                                 Collateral:
Sacramento, CA 95825                                ($300,000,000)
                                                      Unsecured:
                                                      $0

Merchant Investments           Bank loan              $300,000
2237 Woodside Lane #8                                 Collateral:
Sacramento, CA 95825                                 ($3,000,000)
                                                      Unsecured:
                                                      $0

Merchant Investments           Bank loan              $100,000
                                                      Collateral:
                                                      ($110,000)
                                                      Unsecured:
                                                      $0

Freedom Financial              Bank loan              $220,000
                                                      Collateral:
                                                      ($275,000)
                                                      Unsecured:
                                                      $0

Merchant Investments           Bank loan              $260,000
2237 Woodside Lane #8                                 Collateral:
Sacramento, CA 95825                                 ($360,000)
                                                      Unsecured:
                                                      $0

Merchant Investments           Bank loan              $1,000,000
2237 Woodside Lane #8                                 Collateral:
Sacramento, CA 95825                                ($300,000,000)
                                                      Unsecured:
                                                      $0

James McArthur                 Bank loan              $100,000
                                                      Collateral:
                                                    ($300,000,000)
                                                      Unsecured:
                                                      $0

Merchant Investments           Bank loan              $500,000
2237 Woodside Lane #8                                 Collateral:
Sacramento, CA 95825                                 ($750,000)
                                                      Unsecured:
                                                      $0


HARTMARX CORP: Two Buyers Block Western in Licensing Spat
---------------------------------------------------------
Emerisque Brands UK Ltd. and SKNL North America BV that bought
bankrupt suit maker Hartmarx Corp.'s assets for $85 million filed
motions in opposition to creditor Western Glove Works of forum
shopping in a dispute over a trademark licensing agreement that
Western says was improperly assumed by the buyers as part of the
sale, according to Law360.

Based in Chicago, Illinois, Hartmarx Corporation --
http://www.hartmarx.com/-- produces and markets business, casual
and golf apparel under its own brands, including Hart Schaffner
Marx, Hickey-Freeman, Palm Beach, Coppley, Monarchy, Manchester
Escapes, Society Brand, Racquet Club, Naturalife, Pusser's of the
West Indies, Brannoch, Sansabelt, Exclusively Misook, Barrie Pace,
Eye, Christopher Blue, Worn, One Girl Who . . . and b.chyll.  In
addition, the company has certain exclusive rights under licensing
agreements to market selected products under a number of premier
brands such as Austin Reed, Burberry men's tailored clothing, Ted
Baker, Bobby Jones, Jack Nicklaus, Claiborne, Pierre Cardin, Lyle
& Scott, Golden Bear, Jag and Dr. Martens.  The Company's broad
range of distribution channels includes fine specialty and leading
department stores, value-oriented retailers and direct mail
catalogs.

Hartmarx and certain affiliates filed for bankruptcy protection on
January 23, 2009 (Bankr. N.D. Ill. Lead Case No. 09-02046).
George N. Panagakis, Esq., Felicia Gerber Perlman, Esq., and Eric
J. Howe, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP,
represent the Debtors in their restructuring efforts.  When the
Debtors filed for bankruptcy, they listed $483,108,000 in total
assets and $261,220,000 in total debts as of August 31, 2008.


HERBST GAMING: Sponsor Tries to Block Emergence From Bankruptcy
---------------------------------------------------------------
Steve Green at Las Vegas Sun reports that Clarke County
Development Corp., the nonprofit sponsor of Herbst Gaming Inc.'s
casino license in Iowa, has filed an objection against the
Company's plan to emerge from bankruptcy.

According to Las Vegas Sun, CCDC said that it hasn't consented to
a deal in which lenders will obtain control of Herbst Gaming.
CCDC said in court documents that Herbst Gaming can't unilaterally
transfer the gaming license for its Osceola, Iowa casino to the
new corporate entity that would emerge from the Nevada bankruptcy
proceedings.  CCDC said that the Iowa law requires it to maintain
its license as a sponsoring organization and allows it to enter
into a management agreement for the casino boat, Las Vegas Sun
states.

Las Vegas Sun relates that the management agreement that Herbst
Gaming obtained in September 2004 with CCDC's consent requires the
Company to pay to CCDC 1.5% of monthly adjusted gross gaming
revenue.  CCDC said in court documents that Herbst Gaming
"proposes to unilaterally assume the management agreement and
assign it to Reorganized Herbst Gaming.  The assignee is a
separate and distinct entity from the debtor.  The assignee will
have different owners (senior creditors), and will be an entirely
different entity than the debtor.  However, the debtor did not
seek CCDC's consent to the assumption and assignment of the
management agreement to the assignee prior to the filing of the
(reorganization) plan and since then has rebuffed CCDC's efforts
to reach mutually agreeable terms effectuating a mutual assumption
and assignment of the management agreement.  The management
agreement may not be assigned without CCDC's consent.  Clearly,
the debtor is attempting to side-step its obligation under the
Bankruptcy Code to obtain CCDC's consent by simply, but
inappropriately, providing in its plan for the assignment of the
management agreement even though it has not received CCDC's
consent.  The court should not countenance the debtor's conduct."

According to Las Vegas Sun, CCDC said that under Iowa law, "the
licensing of the operator for a gambling boat requires extensive
investigation into the background of the individual owners or
directors of the operating entity."

CCDC President Helen Kimes said in court documents that she had
been told by Herbst Gaming's counsel that the Debtor didn't agree
with the corporation's position that its consent was required for
assignment of the management agreement.

Headquartered in Reno, Nevada, Herbst Gaming Inc. --
http://www.herbstgaming.com/-- is a diversified gaming company.
The Company and its subsidaries focuses on two business lines,
slot route operations and casino operations.

The slot route business involves the exclusive installation and
operation of slot machines in non-casino locations, such as
grocery stores, drug stores, convenience stores, bars and
restaurants throughout Nevada.  As of March 31, 2009, the slot
route Debtors operated approximately 6,900 slot machines machines
through Nevada.

The casino business consists of 12 casinos in Nevada, and two in
Missouri and one in Iowa.  As of the petition date, the Nevada
casinos had an aggregate of roughly 5,082 hotel rooms, 329
recreational vehicle spaces/hookups, 6,800 slot machines and 138
table games.  As of the petition date, the non-Nevada casinos had
an aggregate of roughly 2,300 slot machines and 47 table games.
The Iowa casino also offers roughly 60 all-suite hotel rooms and
65 RV spaces with utility hookups.

The Company and 17 of its affiliates filed for Chapter
11 protection on March 22, 2009 (Bankr. D. Nev. Lead Case No.
09-50752).  Thomas H. Fell, Esq., and Gerald M. Gordon, Esq., at
Gordon Silver, represent the Debtors in their restructuring
efforts.  Herbst Gaming had $919.1 million in total assets; and
$33.5 million in total liabilities not subject to compromise and
$1.24 billion in liabilities subject to compromise, resulting in
$361.0 million in stockholders' deficiency as of March 31, 2009.


HERTZ CORP: Bank Debt Trades at 5.21% Off in Secondary Market
-------------------------------------------------------------
Participations in a syndicated loan under which Hertz Corporation
is a borrower traded in the secondary market at 94.79 cents-on-
the-dollar during the week ended Sept. 25, 2009, according to data
compiled by Loan Pricing Corp. and reported in The Wall Street
Journal.  This represents a drop of 0.82 percentage points from
the previous week, The Journal relates.  The loan matures on
Dec. 21, 2012.  The Company pays 175 basis points above LIBOR to
borrow under the facility.  The bank debt carries Moody's Ba1
rating and S&P's BB- rating.  The debt is one of the biggest
gainers and losers among widely quoted syndicated loans in
secondary trading in the week ended Sept. 25, among the 149 loans
with five or more bids.

The Hertz Corporation, a subsidiary of Hertz Global Holdings, Inc.
(NYSE: HTZ), based in Park Ridge, New Jersey, is the world's
largest general use car rental brand, operating from approximately
8,000 locations in 147 countries worldwide.  Hertz also operates
one of the world's largest equipment rental businesses, Hertz
Equipment Rental Corporation, through more than 375 branches in
the United States, Canada, France, Spain and China.

In July, Fitch Ratings downgraded Hertz Corporation's Issuer
Default Rating to 'BB-' from 'BB', and Moody's Investors Service
lowered Hertz's Corporate Family Rating and Probability of Default
to 'B1' from 'Ba3'.


HERTZ CORP: Inclusion in Near Bankrupt List Baseless & Misguided
----------------------------------------------------------------
Joe Weisenthal at The Business Insider reports that Hertz Corp.
has opposed an Audit Integrity report that claims that the Company
could go bankrupt or suffer severe financial distress.

According to The Business Insider, Hertz believes its inclusion in
the Audit Integrity report is baseless and misguided, as the
authors ignore quantitative and qualitative data commonly relied
upon by financial analysts, lenders and rating agencies and
provides an unfounded conclusion that the Company is a bankruptcy
risk.

The Business Insider states that Hertz's solid financial
performance contradicts the findings.  According to the report,
solid financial performance includes, among others, the
refinancing of $2.1 billion in asset-backed fleet debt a year
ahead of schedule, and Moody's Investors Service's  Aa1 credit
rating for these notes, as well as the advance  by a consortium of
major banks.  Hertz also raised $544 million of net proceeds in an
equity offering, with $200 million of the proceeds coming from two
of the Company's private equity sponsors, the report says.

The Hertz Corporation, a subsidiary of Hertz Global Holdings,
Inc.(NYSE: HTZ), based in Park Ridge, New Jersey, is the world's
largest general use car rental brand, operating from approximately
8,000 locations in 147 countries worldwide.  Hertz also operates
one of the world's largest equipment rental businesses, Hertz
Equipment Rental Corporation, through more than 375 branches in
the United States, Canada, France, Spain and China.

In July, Fitch Ratings downgraded Hertz Corporation's Issuer
Default Rating to 'BB-' from 'BB', and Moody's Investors Service
lowered Hertz's Corporate Family Rating and Probability of Default
to 'B1' from 'Ba3'.


HIGHLANDS ACQUISITION: To Dissolve Business Effective Oct. 3
------------------------------------------------------------
Highlands Acquisition Corp., said Sept. 25 that its existence will
terminate on October 3, 2009 and that the Company's board of
directors has approved a plan of liquidation.  As of the close of
business on October 2, 2009, the Company's share transfer books
will close and the NYSE Amex will suspend trading.

The Company is a "blank check" company formed for the purpose of
acquiring, through a merger, stock purchase, asset acquisition or
other similar business combination, one or more operating
businesses.  Since the Company will not consummate a business
combination by October 3, 2009, the time frame required by its
amended and restated certificate of incorporation and the terms of
its initial public offering, the Company's existence will
terminate and the Company has adopted a plan of liquidation in
accordance with its amended and restated certificate of
incorporation and applicable Delaware law.

The Company expects to distribute the amounts held in its trust
account, which consist of proceeds from the Company's initial
public offering, together with the deferred portion of the
underwriters' discount and commission and unexpended interest (net
of applicable taxes and reserves for contingent liabilities).
Liquidating distributions will be made to holders of shares of the
Company's common stock issued in the Company's initial public
offering payable upon presentation of certificates evidencing
shares in the Company.

Stockholders whose stock is held in "street name" through a broker
will automatically receive payment through the Depository Trust
Company.  The liquidating distribution is expected to be
approximately $9.85 per share.  In addition, if and when received
by the Company, stockholders will receive their proportionate
share of any federal tax refund claimed by the Company in the
Company's 2009 federal income tax return.  No payments will be
made with respect to any of the Company's outstanding warrants or
shares of common stock that were issued prior to the Company's
initial public offering.

The Company will deregister its securities under the Securities
and Exchange Act of 1934, as amended, and delist its shares on the
NYSE Amex.  As a result, the Company will no longer be a public
reporting company and its securities will cease trading on the
NYSE Amex as of the close of business on October 2, 2009.

                    About Highlands Acquisition

Highlands Acquisition Corp. (NYSE Amex: HIA.U, HIA, and HIA.WS) is
a blank check company formed for the purpose of effecting a
merger, capital stock exchange, stock purchase, asset acquisition
or other similar business combination with one or more operating
businesses.  The Company had assets of $137,489,255 against debts
of $4,424,244 as of June 30, 2009.


HUGHES TELEMATICS: Posts $19.6MM Net Loss in Quarter Ended June 30
------------------------------------------------------------------
HUGHES Telematics, Inc. posted a net loss of $19,644,000 for three
months ended June 30, 2009, compared with a net loss of
$13,380,000 for the same period in 2008.

For six months ended June 30, 2009, the Company posted a net loss
of $100,317,000 compared with a net loss of $24,251,000 for the
same period in 2008.

The Company's balance sheet at June 30, 2009, showed total assets
of $156,870,000, total liabilities of $112,507,000 and a
stockholders' equity of $44,363,000.

The Company said that there is substantial doubt about its ability
to continue as a going concern.  The Company noted that for the
six months ended June 30, 2009, the years ended Dec. 31, 2008, and
2007, and for the period from Jan. 9, 2006 to Dec. 31, 2006, it
incurred net losses and used cash in operations in connection with
the development of its factory-installed hardware devices and
telematics system and the operations of its Networkfleet
subsidiary.

The Company expects its net losses and negative cash flow to
continue for the foreseeable future, as it completes the
development of its telematics system, make further expenditures
under its various contracts and begin to incur marketing costs
associated with the launch of service in automotive manufacturer
vehicles in the fourth quarter of 2009.

A full-text copy of the Company's Form 10-Q is available for free
at http://ResearchArchives.com/t/s?458b

HUGHES Telematics, Inc. (OTC:HUTC) fka Polaris Acquisition Corp.
is engaged in implementing the next generation of connected
services for the automobile.  Centered on a core platform of
safety and security offerings, the Company develops and manages
vehicle- and driver-centric solutions to improve the driving and
ownership experience.  The Company offers a portfolio of consumer,
manufacturer, fleet and dealer services provided through two-way
connectivity to the vehicle.  The wholly owned subsidiary of the
Company is Networkfleet, Inc.  Networkfleet Inc. is engaged in
offering remote vehicle diagnostics, an integrated global
positioning system tracking and emissions monitoring system for
wireless fleet vehicle management.


IMH SECURED: Earnings Slides to $14MM in Six Months Ended June 30
-----------------------------------------------------------------
IMH Secured Loan Fund, LLC, reported a net earnings of $14,217,000
for six months ended June 30, 2009, compared with a net earning of
$32,923,000 for the same period in 2008.

For three months ended June 30, 2009, the Company net earnings of
$3,140,000 compared with a net earning of $16,689,000 for the same
period in 2008.

The Company's balance sheet at June 30, 2009, showed total assets
of $418,654,000, total liabilities of $8,092,000 and a members'
equity of $410,562,000.

The Company said that there is substantial doubt about its ability
to continue as a going concern.  The Company noted that as of
June 30, 2009, the Fund's accumulated deficit aggregated $319,821
as a direct result of the recording a valuation provision relating
to the Fund's loan portfolio and real estate owned assets during
2008.

The Company's business model relies on market capital availability
to refinance the short-term bridge loans it provides to facilitate
real estate entitlement and development.  However, the erosion of
the U.S. and global credit markets during 2008, including a
significant and rapid deterioration of the mortgage lending and
related real estate markets, has virtually eliminated traditional
sources of take-out financing.  As a result, the Fund has
experienced increased default and foreclosure rates on its
mortgage loans.  In addition, the manager found it necessary to
modify certain loans, which have resulted in an extended maturity
of two years or longer, and may need to modify additional loans in
an effort to, among other things, protect the Fund's collateral.

Additionally, during the quarter ended June 30, 2009, the Fund
suspended distributions to members.  The election was made in
order to preserve the Fund's capital and to stabilize the Fund's
operations and liquid assets in order to meet future obligations,
including those pursuant to current loan commitments.  The freeze
was precipitated by increased default and foreclosure rates and a
reduction in new Member investment, compounded by a significant
number of redemption requests submitted during the latter part of
the third quarter of 2008, the payment of which would have
rendered the Fund without the sufficient capital necessary to fund
outstanding lending commitments.

A full-text copy of the Company's Form 10-Q is available for free
at http://ResearchArchives.com/t/s?458a

Headquartered in Scottsdale, Arizona, IMH Secured Loan Fund, LLC
was incorporated in Arizona in June 1997, and is licensed as a
mortgage broker by the State of Arizona. IMH has a wholly-owned
subsidiary, Investors Mortgage Holdings California, Inc., which is
licensed as a real estate broker by the California Department of
Real Estate.  As of Dec. 31, 2008, IMH was not managing any other
private or public funds similar to the Fund, although principals
of IMH have subsequently begun to engage in such activities.


INDALEX HOLDINGS: Case Conversion Hearing Set for October 13
------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware sets
Oct. 13, 2009, at 10:00 a.m., to consider the request to convert
the Chapter 11 bankruptcy cases of Indalex Holdings Inc. and its
debtor-affiliates to Chapter 7 liquidation proceedings filed by
the Official Committee of Unsecured Creditors.  Objections, if
any, are due Oct. 5, 2009, by 4:00 p.m.

The Committee relates that the Debtors, which are non-operating
entities and insider Sun Capital Partners Inc. have postured
these cases to eliminate any remainig chance of another creditor -
- other than Sun Capital -- receiving a distribution from
these Chapter 11 cases.  While there are Chapter 11 cases that
primarily benefit only secured creditors, in the present matter
the purported secured creditor, Sun, is an insider that has
received in excess of $80 million in potentially avoidable
transactions and now seeks, among other things, waivers of those
very actions in exchange for these cases continuing another few
months, which continued period will result in a projected net
loss to the bankruptcy estates of $761,000.  According to the
Committee, potential value can be dervied for the benefit of
creditors in these cases but only if the Court immediately
converts these
cases to Chapter 7.

Sun Capital, through an affiliates, bought all of the outstanding
capital stock of the Debtor Indalex Inc. and Canadian non-Debtor
Indalex Limited from Honeywell International Inc. in a highly
leveraged transaction on Feb. 2, 2006, it infused Sun Capital
personnel throughout the Indalex organization and made certain
that it maintained control going forward, said Michael J.
Roeschenthaler, Esq., at McGuirewoods LLP in Pittsburgh,
Pennsylvania.

                      About Indalex Holdings

Indalex Holdings Corp., a wholly owned subsidiary of Indalex
Holdings Finance Inc., through its operating subsidiaries Indalex
Inc. and Indalex Ltd., with headquarters in Lincolnshire,
Illinois, is the second largest producer of soft alloy extrusion
products in North America.  The Company's aluminum extrusion
products are widely used throughout industrial, commercial, and
residential applications and are customized to meet specific end-
user requirements.  Indalex operates 10 extrusion facilities, 29
extrusion presses with circle sizes up to 20 inches, a variety of
fabrication and close tolerance capabilities, two anodizing
operations, two billet casting facilities, and six electrostatic
paint lines, including powder coat capability.

Indalex is indirectly controlled by private-equity investor Sun
Capital Partners Inc.  Sun Capital purchased Indalex in 2005 from
Honeywell International Inc. for $425 million.  Indalex is the
12th investment by Boca Raton, Florida-based Sun Capital to file
in Chapter 11 since January 2006.

Indalex Holdings and four affiliates filed for Chapter 11 on
March 20 (Bankr. D. Del., Lead Case No. 09-10982).  Donald J.
Bowman, Jr., Esq., at Young, Conaway, Stargatt & Taylor, in
Wilmington, Delaware, has been tapped as counsel.  Epiq Bankruptcy
Solutions LLC is the claims and noticing agent.  In its bankruptcy
petition, Indalex listed assets of $356 million against debt
totalling $456 million.

As reported in the TCR on July 28, 2009, the Bankruptcy Court has
authorized Indalex to sell its business to Sapa Holding AB.  Sapa
offered to pay (i) $90.1 million in cash and for the Debtors' U.S.
assets; and (ii) $31.7 million in cash for the Canadian assets.


INTELSAT JACKSON: Bank Debt Trades at 12% Off in Secondary Market
-----------------------------------------------------------------
Participations in a syndicated loan under which Intelsat Jackson
Holdings Ltd. is a borrower traded in the secondary market at
88.08 cents-on-the-dollar during the week ended Sept. 25, 2009,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal.  This represents an increase of 0.64
percentage points from the previous week, The Journal relates.
The loan matures on February 5, 2014.  The Company pays 300 basis
points above LIBOR to borrow under the facility.  The bank debt
carries Moody's B3 rating and Standard & Poor's BB- rating.  The
debt is one of the biggest gainers and losers among widely quoted
syndicated loans in secondary trading in the week ended Sept. 25,
among the 149 loans with five or more bids.

Intelsat Jackson Holdings is an indirect subsidiary of Intelsat
Ltd.  Headquartered in Penbroke, Bermuda, Intelsat is the largest
fixed satellite service operator in the world and is privately
held by financial investors.

As reported by the Troubled Company Reporter on Feb. 6, 2009,
Moody's Investors Service assigned a B3 rating to Intelsat Ltd.'s
new $400 million note issue (in the name of Intelsat's indirect,
wholly owned subsidiary, Intelsat Subsidiary Holding Company,
Ltd.; terms and conditions of the new notes mirror those of an
existing senior unsecured 8.875% note issue that matures
January 15, 2015).  Moody's also adjusted Intelsat's probability
of default rating to Ca from Caa1.


INTERSTATE EQUITIES: Voluntary Chapter 11 Case Summary
------------------------------------------------------
Debtor: Interstate Equities, Inc.
        503 N. Third Street
        Oxford, PA 19363

Bankruptcy Case No.: 09-17219

Chapter 11 Petition Date: September 24, 2009

Court: United States Bankruptcy Court
       Eastern District of Pennsylvania (Philadelphia)

Debtor's Counsel: Albert A. Ciardi III, Esq.
                  Ciardi Ciardi & Astin, P.C.
                  One Commerce Square
                  2005 Market Street, Suite 1930
                  Philadelphia, PA 19103
                  Tel: (215) 557-3550
                  Fax: (215) 557-3551
                  Email: aciardi@ciardilaw.com

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

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

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

The petition was signed by Steve Gaus, president of the Company.


IRIDIUM SATELLITE: To Go Public on September 29
-----------------------------------------------
Patrick O'Grady at Phoenix Business Journal reports that Iridium
Satellite LLC will go public on September 29 through a merger with
publicly traded GHL Acquisition Corp.  According to Business
Journal, GHL shareholders already approved the deal.  Business
Journal notes that the merger would add more than $200 million in
capital to Iridium Satellite's coffers, which will allow the
Company to pay down debt and develop its new constellation of
satellites for launch in 2014.  Iridium Satellite issued an
additional 16 million shares at the $10 price, netting it at least
$160 million, says the report.  The report states that Iridium
Satellite, once merged with GHL, will be called Iridium
Communications Inc. and will be traded on the Nasdaq under the
symbol IRDM.

Iridium Operating LLC used to develop and deploy global wireless
personal communication systems.   Iridium was a spinoff from
Schaumburg, Illinois-based Motorola.

It was formerly a unit of Motorola Inc.  On August 19, 1999, some
holders of Iridium's senior notes filed an involuntary chapter 11
petition (Bankr. S.D.N.Y. Case No: 99-45005) against Iridium and
its subsidiary Capital Corp.  At that time, the Debtors were
highly leveraged with $3.9 billion in secured and unsecured debt.
On the
same date, Iridium and 7 other subsidiaries filed voluntary
chapter 11 petitions in Delaware.  They consented to the
jurisdiction of the N.Y. Court in Sept. 7, 1999.

William J. Perlstein, Esq., and Eric R. Markus, Esq., at Wilmer,
Cutler & Pickering represent the Debtors in their restructuring
efforts.  John J. Rapisardi, Esq., at Weil, Gotshal & Manges LLP
represent the petitioning creditors: Magten Partners, Wall
Financial Investments (USA) Ltd., and Canyon Capital Advisors LLC,
as Fund Manager for The Value Realization Fund, L.P.  Bruce
Weiner, Esq., at Rosenberg, Musso & Weiner LLP, represent the
Official Committee of Unsecured Creditors.

Iridium's operating unit sold all of its operating assets in 2000
to Iridium Satellite.


ISMAEL GUILLEN: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Joint Debtors: Ismael Guillen
               Maria Guillen
               1011 Soscol Ferry Road
               Napa, CA 94558

Bankruptcy Case No.: 09-13105

Chapter 11 Petition Date: September 24, 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

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/canb09-13105.pdf

The petition was signed by the Joint Debtors.


ISP CHEMCO: Bank Debt Trades at 6.25% Off in Secondary Market
-------------------------------------------------------------
Participations in a syndicated loan under which ISP Chemco, LLC,
is a borrower traded in the secondary market at 93.75 cents-on-
the-dollar during the week ended Sept. 25, 2009, according to data
compiled by Loan Pricing Corp. and reported in The Wall Street
Journal.  This represents a drop of 0.58 percentage points from
the previous week, The Journal relates.  The loan matures on
May 23, 2014.  The Company pays 175 basis points above LIBOR to
borrow under the facility.  The bank debt carries Moody's Ba3
rating and Standard & Poor's BB- rating.  The debt is one of the
biggest gainers and losers among widely quoted syndicated loans in
secondary trading in the week ended Sept. 25, among the 149 loans
with five or more bids.

ISP Chemco, LLC, headquartered in Wayne, New Jersey, manufactures
specialty chemicals and industrial chemicals and is part of a
group of companies which is a beneficially owned by Samuel Heyman.
Revenues for the twelve months ending April 5, 2009, were
$1.3 billion.

As reported by the Troubled Company Reporter on Aug. 6, 2009,
Moody's Investors Service revised the ratings outlook to stable
from negative and affirmed the Ba3 ratings on the guaranteed
senior secured credit facilities of ISP Chemco LLC (Ba3 Corporate
Family Rating), a wholly owned subsidiary of International
Specialty Holdings LLC.  The change in outlook to stable signals
that even after significant dividends and the effects of the
global downturn Chemco's credit metrics have remained relatively
stable.

The Ba3 ratings reflect the relatively heavy debt burden at Chemco
that has resulted in weak credit metrics along with the historic
dividends going up to the parent.  Moody's concern over such event
risk from Chemco's controlling member has served to keep Chemco's
ratings at the lower end of the Ba category.  A further concern is
the lack of SEC financials, which has limited the level of
disclosure provided.  Chemco's financial statements, while
audited, (with an unqualified opinion from Ernst & Young), provide
less detail than Moody's receive from other issuers with public
filings.


JOHN MANEELY: Bank Debt Trades at 20% Off in Secondary Market
-------------------------------------------------------------
Participations in a syndicated loan under which John Maneely
Company is a borrower traded in the secondary market at 80.46
cents-on-the-dollar during the week ended Sept. 25, 2009,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal.  This represents an increase of 1.86
percentage points from the previous week, The Journal relates.  he
loan matures on Dec. 9, 2013.  The Company pays 325 basis points
above LIBOR to borrow under the facility.  The bank debt carries
Moody's B3 rating and Standard & Poor's B rating.  The debt is one
of the biggest gainers and losers among widely quoted syndicated
loans in secondary trading in the week ended Sept. 25, among the
149 loans with five or more bids.

Headquartered in Beachwood, Ohio, John Maneely Company
manufactures steel pipe, hollow structural steel, electrical
conduit products and tubular products at ten manufacturing
facilities in the U.S. and Canada.  The Company is number one or
two in its key product areas: HSS, standard pipe and electrical
conduit.  JMC also enjoys leading market positions in the
galvanized mechanical tube and fittings markets.  Its products are
sold principally to plumbing and electrical distributors.  JMC's
parent, DBO Holdings, Inc., is approximately 55% owned by the
Carlyle Partners IV, LP.


JOHN STOKES: KGEZ Radio Station Shut Down
-----------------------------------------
Montana News Station reports that the Flathead County law
enforcement has shut down John Stokes KGEZ radio station.
Flathead County Sheriff Mike Meehan said that the bankruptcy court
requested the sheriff's department presence while they closed the
station, Montana News relates.

As reported by the TCR on September 24, 2009, the Hon. Ralph
B. Kirscher at the U.S. Bankruptcy Court for the District of
Montana denied John Stokes' bid to withdraw his Chapter 11
bankruptcy filing and granted the trustee's motion to convert the
bankruptcy to Chapter 7.

John Stokes owns a Kalispell radio station.  He filed for
Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for
the District of Montana.  Mr. Stokes' bankruptcy filing includes
his two unregistered corporations, Z-600 Inc. and Skyline
Broadcasting.


JON COURRIER ZIMMER: Files for Chapter 11 Bankruptcy Protection
---------------------------------------------------------------
Jon Courrier Zimmer and Judy Max Zimmer has filed for Chapter 11
bankruptcy protection in the U.S. Bankruptcy Court for the Western
District of Arkansas.

Susannah Patton at ArkansasBusiness.com reports that the Zimmers
listed 20 creditors with unsecured debts, the largest of which is
a $95,000 debt to Bath Junkie Branson.  Bath Junkie, according to
the report, filed a complaint against the Debtors in 2004,
claiming the Zimmers devised a scheme to defraud them and other
potential buyers of franchises by misrepresenting projected
profits.  The Zimmers were ordered on August 1, 2007, to pay Bath
Junkie $95,000, but when the Debtors failed to pay any portion of
the judgment, writs of garnishment were issued on September 9 and
September 11 to Arvest Bank, Metropolitan National Bank, and the
Bank of Fayetteville, says ArkansasBusiness.com.  The report
states that the banks must freeze the Zimmers' accounts until
directed by the court to release the funds to satisfy the
judgment.

According to ArkansasBusiness.com, the Zimmers sought on
September 23 to extend the automatic stay granted by the
bankruptcy petition, claiming that proceeding with any state or
federal litigation will:

     -- adversely affect the property of the bankruptcy estate,

     -- hinder their ability to develop a viable plan of
        reorganization,

     -- interfere with their emergence from bankruptcy, and

     -- drain the estate's assets to the detriment of other
        creditors.

Jon Courier and Judy Max Zimmer live in Fayetteville, Arizona.
They own Bath Junkie Inc.


JOSHUA MOSES: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Joshua A. Moses
        14919 Dinsdale Drive
        Silver Spring, MD 20906

Bankruptcy Case No.: 09-28027

Chapter 11 Petition Date: September 24, 2009

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

Judge: Wendelin I. Lipp

Debtor's Counsel: Brett Weiss, Esq.
                  Joseph, Greenwald & Laake, PA
                  6404 Ivy Lane, Suite 400
                  Greenbelt, MD 20770
                  Tel: (301) 220-2200
                  Fax: (301) 220-1214
                  Email: bweiss@jgllaw.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
$1,091,263, and total debts of $1,238,613.

A list of the Company's 20 largest unsecured creditors is
available for free at:

            http://bankrupt.com/misc/mdb09-28027.pdf

The petition was signed by Mr. Moses.


K.D.L. UNDERGROUND: Voluntary Chapter 11 Case Summary
-----------------------------------------------------
Debtor: K.D.L. Underground and Development, Inc.
        P.O. Box 1069
        Lake Placid, FL 33862

Bankruptcy Case No.: 09-21469

Chapter 11 Petition Date: September 24, 2009

Court: United States Bankruptcy Court
       Middle District of Florida (Tampa)

Judge: Michael G. Williamson

Debtor's Counsel: William J. Rinaldo, Esq.
                  The Rinaldo Law Firm, PA
                  1102 South Florida Avenue
                  Lakeland, FL 33803
                  Tel: (863) 686-7101
                  Fax: (863) 686-7323
                  Email: william.rinaldo@rinaldo-law.com

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

Estimated Debts: $0 to $50,000

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

The petition was signed by Kenneth Lagrow, president of the
Company.


KANSAS PUBLIC: Not Bankrupt, Says State Treasurer
-------------------------------------------------
Roger Cornish at kwch.com reports that Kansas State Treasurer
Dennis McKinney said that Kansas Public Employees Retirement
System isn't bankrupt.

As reported by the TCR on September 25, 2009, KPERS is bankrupt
under current operating assumptions, University of Kansas' Center
for Applied Economics said in its report.  KPERS, according to
University of Kansas' Center, is experiencing a funding crisis.
The recent collapse of financial markets has resulted in a
significant decrease in the value of the KPERS portfolio.  The
problems in the pension plan have emerged over several decades,
and are symptomatic of the poor incentive structure guiding the
governance of many defined-benefit public pension plans.  The
financial market turmoil has exacerbated these problems, but KPERS
is facing a long-run deterioration in its funding status.

kwch.com quoted Mr. McKinney as saying, "Currently there is over
$11 billion in assets being held by KPERS.  However, it is clear
to see that a problem lies ahead in the extended future.  This
situation exists primarily because the state has not contributed
at actuarially required levels for the past 15 years.  The sooner
that we act on this problem the easier it will be to navigate a
solution.  Retirees and those close to retiring are the safest in
the system as it stands right now.  But as I discuss the issue
with current employees it is clear to me that workers are willing
to do their part to make the system work better for everyone.
However, the first burden is on the state to meet its obligations.
Using the term bankrupt to describe KPERS is reckless and
needlessly scares our teachers, corrections officers, and other
state employees that have dedicated their lives to helping other
Kansans.  These people work hard each day and do not deserve to
live in fear of not having the ability to retire.  This problem is
manageable.  Now is the time to get our heads together to come up
with solutions.  The sooner that we act the easier it is going to
be to get us on the right track."

The Kansas Public Employees Retirement System (KPERS) was
established in 1961 for State of Kansas public employees to
provide a defined benefit pension plan.  KPERS membership is
mandatory for employees in eligible positions regardless of age.


KEYPORT AUTO MART: Voluntary Chapter 11 Case Summary
----------------------------------------------------
Debtor: Keyport Auto Mart, Inc.
        684 N. Beers St.
        Holmdel, NJ 07733

Bankruptcy Case No.: 09-35196

Debtor-affiliates filing separate Chapter 11 petitions:

        Entity                                     Case No.
        ------                                     --------
Keyport Hand Car Wash, LLC                         09-35182
Keyport Hand Car Wash, LLC                         09-35185
Tire Depot, LLC                                    09-35191

Chapter 11 Petition Date: September 24, 2009

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

Debtor's Counsel: Jules L. Rossi, Esq.
                  Law Office of Jules L. Rossi
                  208 Main Street
                  Asbury Park, NJ 07712
                  Tel: (732) 774-5520
                  Fax: (732) 744-5870
                  Email: jlrbk423@aol.com

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

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

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

The petition was signed by Leonard Rubinstein, president of the
Company.


KIRK CORP: To Return Money to Homebuyers
----------------------------------------
Anna Marie Kukec at the Daily Herald reports that Kirk Homes John
Carroll promised to refund homebuyers, continue to close on ready
homes, and keep the Company operating.  Those who have put down
earnest money, often ranging from $5,000 to $10,000, could expect
their money back in full, Daily Herald relates, citing Mr.
Carroll.  The report quoted him as syaing, "We have segregated out
that money into a separate account.  Those who put down deposits
will be fully refunded."  Mr. Carroll didn't reveal how much is in
that account, but he wants to reassure homebuyers that they won't
have to depend on the smaller amount stipulated in laws, according
to the report.

Kirk Homes, an industry leader in sustainable development
initiatives and preservation of open space, is currently building
communities in Bolingbrook, Hoffman Estates, Lakemoor, and
Woodstock.  Kirk Corporation is based in Streamwood, Illinois.

Kirk voluntarily filed for reorganization under Chapter 11 of the
U.S. Bankruptcy Code in the Northern District of Illinois.


KL ENERGY: June 30 Balance Sheet Upside-Down by $2.2 Million
------------------------------------------------------------
KL Energy Corporation's balance sheet at June 30, 2009, showed
total assets of $5,587,928 and total liabilities of $7,818,248,
resulting in a stockholders' deficit of $2,230,320.

For three months ended June 30, 2009, the Company posted a net
loss of $880,661 compared with a net loss of $738,340 for the same
period in 2008.

For six months ended June 30, 2009, the Company posted a net loss
of $3,918,538 compared with a net loss $2,099,714 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 at
June 30, 2009, total liabilities exceeded total assets by
$2,200,000, thus, the Company may be unable to meet its current
obligations. The grain based ethanol industry, the industry in
which the Company has historically operated, has also begun to
face new challenges including the rising cost of raw materials,
increased construction costs, and a reduction in public and
governmental support.  Engineering and construction management
represents a substantial amount of the Company's business and the
grain based ethanol industry challenges may be an impediment to
new grain based ethanol construction.  Furthermore, the Company
used cash flows generated by management contracts to fund the
construction of a demonstration cellulose based ethanol plant
which is considered to be the Company's future within the ethanol
industry.  Certain contractual payments that have been paid to the
engineering and construction management business may have to be
returned to two customers.  Furthermore, there is a risk that the
product produced at the demonstration cellulose based ethanol
plant may not be immediately commercially viable, or the Company
may not be able to produce sufficient saleable ethanol at this
facility to cover the costs of plant operations or to repay its
loans from outside debtors and affiliated companies.

A full-text copy of the Company's Form 10-Q is available for free
at http://ResearchArchives.com/t/s?4589

KL Energy Corporation (OTC:KLEG) is focused on designing cellulose
based ethanol facilities for, and licensing its CBE technology to,
third-party participants in the CBE industry.  The Company also
focuses to own and operate CBE facilities, which utilize its
technology.


LAKEWOOD CENTER: Voluntary Chapter 11 Case Summary
--------------------------------------------------
Debtor: Lakewood Center Building, L.L.C.
        P.O. Box 11145
        Tacoma, WA 98411

Bankruptcy Case No.: 09-47058

Chapter 11 Petition Date: September 24, 2009

Court: United States Bankruptcy Court
       Western District of Washington (Tacoma)

Debtor's Counsel: Benjamin J. Riley, Esq.
                  Brian L. Budsberg PLLC
                  1801 West Bay Drive, Ste. 301
                  Olympia, WA 98507
                  Tel: (360) 584-9093
                  Email: ben@budsberg.com

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

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

The Company says it does not have unsecured creditors who are non
insiders when they filed their petition.

The petition was signed by Claude A. Remy, managing member of the
Company.


LAS VEGAS SANDS: Bank Debt Trades at 16.49% Off
-----------------------------------------------
Participations in a syndicated loan under which Las Vegas Sands
Corp. is a borrower traded in the secondary market at 83.51 cents-
on-the-dollar during the week ended Sept. 25, 2009, according to
data compiled by Loan Pricing Corp. and reported in The Wall
Street Journal.  This represents a drop of 0.69 percentage points
from the previous week, The Journal relates.  The loan matures on
May 1, 2014.  The Company pays 175 basis points above LIBOR to
borrow under the facility.  The bank debt carries Moody's B3
rating and Standard & Poor's B- rating.  The debt is one of the
biggest gainers and losers among widely quoted syndicated loans in
secondary trading in the week ended Sept. 25, among the 149 loans
with five or more bids.

Meanwhile, participations in a syndicated loan under which
Venetian Macau US Finance Co., LLC, is a borrower traded in the
secondary market at 95.36 cents-on-the-dollar during the week
ended Sept. 25, 2009, according to data compiled by Loan Pricing
Corp. and reported in The Wall Street Journal.  This represents an
increase of 0.67 percentage points from the previous week, The
Journal relates.  The loan matures on May 25, 2013.  The Company
pays 550 basis points above LIBOR to borrow under the facility.
The bank debt carries Moody's B3 rating and Standard & Poor's B-
rating.  The debt is also one of the biggest gainers and losers
among widely quoted syndicated loans in secondary trading in the
week ended Sept. 25, among the 149 loans with five or more bids.

Venetian Macau US Finance Co., LLC, is a wholly owned subsidiary
of Las Vegas Sands.  VML owns the Sands Macau in the People's
Republic of China Special Administrative Region of Macau and is
also developing additional casino hotel resort properties in
Macau.

Based in Las Vegas, Nevada, Las Vegas Sands Corp. (NYSE: LVS) --
http://www.lasvegassands.com/-- owns and operates The Venetian
Resort Hotel Casino, The Palazzo Resort Hotel Casino, and an expo
and convention center.  The company also owns and operates the
Sands Macao, the first Las Vegas-style casino in Macao, China.


As reported by the TCR on Aug. 4, 2009, Moody's Investors Service
has placed Las Vegas Sands, Corp.'s ratings, including its B3
Corporate Family Rating, on review for possible downgrade.  The
review for possible downgrade reflects LVSC's weak fiscal 2009
second quarter operating results and Moody's heightened concern
regarding the company's ability to maintain an adequate liquidity
profile, reduce leverage, and remain in compliance with its
financial covenants.


LAUREATE EDUCATION: Loan Upsizing Won't Affect S&P's 'B' Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on
Laureate Education Inc. (B/Negative/--) remain unchanged following
the company's upsizing of its term loan A to $280 million from
$200 million.  The issue-level rating on the loan remains at 'B'
(at the same level as the corporate credit rating on the company)
and the recovery rating remains at '4', indicating S&P's
expectation of average (30% to 50%) recovery for lenders in the
event of a payment default.

Proceeds are expected to be used to repay borrowings under its
revolving credit facility (which totaled $160 million as of
June 30, 2009) and add to cash balances.  The upsizing results in
an increase in pro forma lease-adjusted gross debt to EBITDA at
8.5x for the 12 months ended June 30, 2009, from an actual level
of 8.2x.

S&P expects that an undrawn $400 million revolving credit facility
and pro forma cash balances of $256.5 million will be used to fund
acquisitions.

The outlook remains negative reflecting Standard & Poor's
expectation that the company's financial risk will remain high as
a result of its aggressive expansion plan.  S&P could lower the
rating if negative discretionary cash flow exceeds $75 million in
full-year 2009, if S&P becomes convinced that discretionary cash
flow will not approach breakeven in 2010, if profitability erodes
further, and if lease-adjusted interest coverage drops below
1.25x.

                           Ratings List

                      Laureate Education Inc.

        Corporate Credit Rating             B/Negative/--
        $280M term loan A due 2014          B
          Recovery Rating                   4


LEAR CORP: Bank Debt Trades at 12.17% Off in Secondary Market
-------------------------------------------------------------
Participations in a syndicated loan under which Lear Corporation
is a borrower traded in the secondary market at 87.83 cents-on-
the-dollar during the week ended Sept. 25, 2009, according to data
compiled by Loan Pricing Corp. and reported in The Wall Street
Journal.  This represents an increase of 2.33 percentage points
from the previous week, The Journal relates.  The loan matures on
March 29, 2012.  The Company pays 250 basis points above LIBOR to
borrow under the facility.  The bank debt is not rated by Moody's
and Standard & Poor's.  The debt is one of the biggest gainers and
losers among widely quoted syndicated loans in secondary trading
in the week ended Sept. 25, among the 149 loans with five or more
bids.

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: World's Top Banks File Billions in Claims
----------------------------------------------------------
Wilmington Trust Company, as indenture trustee for noteholders,
Pricewaterhouse Coopers as administrators of Lehman Brothers
International (Europe) and other European units of Lehman,
Bundesverbank Deuscher Banken E.V., Lehman Brothers Japan, and
Deutsche Bundesbank, have filed the largest claims by the Sept. 22
bar date for filing proofs of claim in the Chapter 11 cases of
Lehman Brothers Holdings Inc. and its U.S. units.

According to reports by Michael J. Moore and Heather Smith:

   * the U.K.'s biggest financial institutions, including
     Barclays Plc and HSBC Holdings Plc, filed more than
     $3.2 billion of claims.  arclays, which purchased Lehman's
     headquarters and North American brokerage last year, filed
     claims totaling more than $2.5 billion.  HSBC, Britain's
     biggest bank, is seeking to recover more than
     $440 million.

   * Japan's biggest financial institutions, including Nomura
     Holdings Inc. and Mizuho Financial Group Inc., filed more
     than $4 billion of claims.  Nomura, Japan's biggest
     brokerage, filed claims totaling more than $2 billion.
     Mitsubishi UFJ Financial Group Inc., the largest Japanese
     bank, is seeking to recover more than $510 million.
     Mizuho filed claims for at least $890 million.

   * the U.S.'s eight biggest banks, including U.S. Bancorp and
     Bank of America Corp., filed more than $20.8 billion of
     claims.  U.S. Bancorp, acting as a trustee, filed claims
     of more than $12.4 billion.  Bank of America, the biggest
     U.S. bank by assets, is seeking to recover more than
     $5.2 billion.  Morgan Stanley, which converted into a bank
     holding company less than a week after Lehman collapsed,
     is seeking at least $3 billion.

   * France's biggest financial institutions, including BNP
     Paribas SA and Societe Generale SA, filed more than
     $3.3 billion worth of claims against LBHI.  BNP Paribas,
     France's largest bank, said it's owed about $1.3 billion.
     Societe Generale, France's third biggest lender, filed
     claims totaling more than $1.2 billion.

According to the list posted by Epiq Bankruptcy Solutions, the
claims agent, parties who have filed claims in excess of $500
million against LBHI include:

  Claim No.     Claimant                            Claim Amount
  ---------     --------                            ------------
  10082         Wilmington Trust, as
                  Indenture Trustee              $48,779,932,734
  17894,17538   Bundesverband Deutscher
                  Banken E.V.                    $25,725,484,071
  21530         LB International (Europe)        $23,178,197,173
  21281         Lehman Brothers Japan            $21,803,510,131
  21527         LB International (Europe)        $11,834,607,665
  19951         Deutsche Bundesbank              $10,360,901,745
  23568         LB Re Financing No. Limited       $6,761,074,231
  22719, 22605  Citibank, N.A., as trustee        $5,041,254,234
  23465-23468   U.S. Bank N.A.                    $5,000,000,000
  14826         Heron Quays (HQ2) T1 Limited      $4,280,970,000
  22766, 22773  Wilmington Trust, as Trustee      $4,162,459,849
  22774, 22604  Citibank, N.A., as trustee        $3,386,836,805
  27994, 27995  Fenway Capital, LLC               $3,012,139,644
  21525         LB SF No. Ltd                     $2,875,036,778
  20137         Bank of America, N.A.             $2,857,969,396
  21529         LB International (Europe)         $2,807,719,562
  27141         Deutsche Bank AG                  $2,494,729,944
  20105         Bank of America N.A.              $2,349,153,939
  23463         Pamela Weder, VP                  $5,000,030,321
  1612          Lehman Brothers Bank, FSB         $2,192,000,000
  15079, 15078  Office of Thrift Supervision      $2,192,000,000
  20492         U.S. Bank N.A.                    $2,121,209,098
  21798         Bank of New York Mellon,
                  as indenture trustee            $2,051,666,667
  21800         Bank of New York Mellon,
                  as indenture trustee            $1,933,352,667
  27638         COMMERZBANK AG                    $1,790,927,595
  21802         Bank of New York Mellon,
  20504, 2055   U.S. Bank N.A.                    $1,742,758,407
  20829         Pacific International Finance     $1,600,000,000
                  as indenture trustee            $1,521,656,250
  20149         Merrill Lynch International       $1,536,014,058
  28103, 28099  Goldman Sachs Bank USA,
                  as successor                    $1,519,683,047
  21799         Bank of New York Mellon,
                  as indenture trustee            $1,516,614,583
  18074         Barclays Bank PLC                 $1,336,813,993
  21797         Bank Of New York Mellon,
                  as indenture trustee            $1,264,375,000
  18076         Barclays Bank PLC                 $1,125,806,565
  11037         NY State Department of
                  Taxation and Finance            $1,217,149,064
  27947, 27946  7th Avenue Inc.                   $1,200,000,000
  27634         COMMERZBANK AG                    $1,136,013,393
  20506, 20507  U.S. Bank N.A.                    $1,072,249,503
  11307, 11306  Morgan Stanley Capital Group      $1,019,588,693
  24366         CTLA Trustee Services Admin.      $1,000,000,000
  22721, 22606  Citibank, N.A., as trustee          $999,992,177
  28105, 28104  Goldman Sachs Bank USA,
                  as successor                      $999,304,164
  20148         Merrill Lynch International         $987,098,710
  22639, 22775  Citibank, N.A., as trustee          $927,988,327
  14971         BNP Paribas                         $895,971,755
  3813          Boise Land & Timber II, LLC         $833,781,693
  17120         OMX Timber Finance Investments
                  II, LLC                           $844,896,060
  1439          OMX Timber Finance Investments
                  II, LLC                           $833,171,475
  27635         COMMERZBANK AG                      $820,730,825
  17755         Deutsche Bank AG, London            $801,478,085
  21517         Storm Funding                       $795,799,364
  21693, 21685  Royal Bank of Scotland PLC          $791,596,534
  17321, 17319  Primary Fund of the Reserve Fund    $785,000,000
  21801         Bank of New York Mellon,
                  as indenture trustee              $766,500,000
  17199, 17198  Nomura International PLC            $722,417,698
  17247         Danske Bank A/S London Branch       $699,657,334
  14664         GLG European Long-Short Fund        $648,992,015
  5576, 4727    New York City Dept. of Finance      $626,999,222
  15649         Abu Dhabi Investment Authority      $609,695,486
  21285         Lehman Brothers Japan Inc.          $562,563,676
  12145         Chang Hwa Commercial Bank, Los Ang  $511,720,568

Wilmington Trust, as successor indenture trustee to Citibank,
N.A., filed a $48.8 billion claim against LBHI, on behalf of
holders of various unsecured senior notes due to mature 2009 to
2037 issued by Lehman.  WTC says that although the total claim is
undetermined at this time, it says the total claim falls within a
range of $49.2 billion, as provided by Citibank, to $73.1 billion,
as provided by the Debtor.

Heron Quays (HQ2) T1 Limited and Heron Quays (HQ2) T2 Limited
filed a $4.28 billion claim.  Heron Quays Lehman owes it money for
leases at former headquarters at Canary Wharf, in London.

The N.Y. State Department of Taxation made claim for $1.2 billion
in taxes, interest and penalties from Lehman Brothers Holdings
Inc.  The state is seeking payment for tax bills dating to 1994,
according to the proof of claim.  New York-based Lehman owes
$393 million in tax and interest for the 2003 tax year and
$387.9 million for 2007.  New York state said that $1.09 billion
constitutes as an "unsecured priority" claim, while the remaining
$131 million constitute as a "general unsecured" claim.

Lehman Brothers' creditors filed more than 16,000 claims against
the failed investment bank before the Sept. 22 deadline.

                      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: KDB, et al., Object to Rule 2004 Subpoena
----------------------------------------------------------
In separate filings, Korea Development Bank; Tishman Speyer Real
Estate Venture VII, L.P.; and Perella Weinberg Partners LP object
to the requests for documents contained in the subpoena, dated
July 28, 2009, for examination under Rule 2004 of the Federal
Rules of Bankruptcy Procedure, which subpoena was purportedly
served by counsel for Anton Valukas, in his capacity as examiner
for Lehman Brothers Holdings, Inc., and it debtor affiliates.

KDB objects to the Subpoena to the extent it seeks information or
documents that were prepared in anticipation of or in connection
with litigation, constitute work product, constitute or contain
attorney-client communications, or are otherwise protected
against disclosure pursuant to the attorney-client privilege.
KDB also objects to the Subpoena to the extent it seeks to impose
on KDB duties or obligations beyond those required by the Federal
Rules of Bankruptcy Procedure, the Federal Rules of Civil
Procedure, or any other applicable law or rules.

Tishman Speyer complains that the Requests called for documents
in eight overly broad categories, which are without any practical
limitations or qualifications whatsoever.  Read literally, the
Requests would thus have called for production of a volume of
documents in millions of pages, Tishman Speyer tells the Court.

PWP objects to specific points in the Requests but tells the
Court that it is in the process of collecting and reviewing for
production documents responsive to the Requests.

                      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: Stipulation Permitting HSBC to Effect Setoff
-------------------------------------------------------------
Prior to Sept. 15, 2008, HSBC Bank Plc and Lehman Brothers
Holdings, Inc., entered into an agreement, known as a "deed,"
which provides that funds held by HSBC in three accounts in the
name of LBHI may be used to secure "debts," as defined in the
deed, including potential overdrafts or debit balances that LBHI,
Lehman Brothers International (Europe), or Lehman Brothers
Limited may owe to HSBC arising from the normal operations of
their customer accounts.

The Collateral Accounts include: (i) account number 67850204 (the
"Euro Collateral Account"), (ii) account number 67850086 (the
"USD Collateral Account") and (iii) account number 67850196 (the
"GBP Collateral Account").   As of April 28, 2009, the balance in
the Euro Collateral Account was EUR343,446,459.  The USD and GBP
Collateral Accounts both have zero balances.

As of April 23, 2009, one of the Customer Accounts in the name of
LBHI, account number 57401113 (the "LBHI Customer Account"), was
overdrawn in the amount of GBP99,992,714 plus accrued interest in
the amount of GBP69,347.

LBHI and HSBC agree that on October 31, 2008, Royal Bank of
Scotland caused a misdirected payment in the approximate amount
of GBP605,000 to be deposited in the LBHI Customer Account, and
that, pursuant to Section 553(a) of the Bankruptcy Code and
subject to Sections 362 and 363 of the Bankruptcy Code, HSBC is
permitted to setoff the Mistaken Payment Claim, which will be
adjusted in accordance with the Final Determinations Process and
to remit the Mistaken Payment Claim to Royal Bank of Scotland.

LBHI and HSBC agree that HSBC is permitted to setoff the amount
it is owed on account of (i) the LBHI Overdraft, as adjusted in
accordance with the Final Determinations Process, plus accrued
interest and all costs and expenses, including any legal fees)
incurred by HSBC, and (ii) the Mistaken Payment Claim against the
Collateral Funds in full satisfaction of the HSBC Claim.

HSBC agrees to transfer EUR70,000,000 of the Collateral Funds
from the Euro Collateral Account to an account designated by
LBHI.

LBHI and HSBC agree to work in a commercially reasonable manner
to address issues surrounding HSBC's additional alleged setoff
rights against LBHI arising from any and all other and further
claims HSBC has asserted or may assert at a future date.

Accordingly, HSBC and LBHI sought and obtained Court approval of
a stipulation agreeing that the automatic stay is modified solely
to the extent necessary to permit HSBC to:

  (a) convert the monies in the Euro Collateral Account to
      British pounds in an amount equal to the HSBC Claim;

  (b) setoff the HSBC Claim against the Collateral Funds, which
      when complete will provide for the full satisfaction of
      the HSBC Claim; and

  (c) close the LBHI Customer Account.

                      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: Swabsin, et al, File Class Suit for Unpaid Salary
------------------------------------------------------------------
Two former employees of Lehman Brothers Holdings Inc. filed a
class action suit seeking declaratory ruling that their claims
against LBHI for unpaid salary are administrative expense or
priority claims.

In a 10-page complaint dated September 21, 2009, Cynthia Swabsin
and Alexander Leytman said that LBHI scheduled their claims as
unliquidated contingent claims and is treating them as general
unsecured claims.

"While [LBHI] appears to recognize these amounts are valid claims
in this proceeding, LBHI's characterization of them as general
unsecured claims is improper inasmuch as they should be deemed
administrative expense claims or alternatively wage priority
claims," the complaint said.

Ms. Swabsin and Mr. Leytman worked as assistant vice-presidents
and were among those who were laid off following LBHI's
bankruptcy filing on September 15, 2008.

LBHI offered Ms. Swabsin and Mr. Leytman and other employees
salary continuation and benefits through the date of their
termination.  The payment, however, stopped three days after the
investment bank filed its bankruptcy petition.  LBHI then
scheduled the remaining unpaid salary as a "general, nonpriority
unsecured unliquidated contingent claim."

The former employees also ask the U.S. Bankruptcy Court for the
Southern District of New York to appoint them as representatives
for other employees with similar claims, and appoint New York-
based Outten & Golden LLP, as their class counsel.

                      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: PT Bank Negara File Suit for Return of Funds
-------------------------------------------------------------
PT Bank Negara Indonesia (Persero) Tbk filed a lawsuit against
two subsidiaries of Lehman Brothers Holdings Inc. demanding them
to return the funds they received from the Indonesian bank.

The lawsuit stemmed from the alleged failure of Lehman Brothers
Special Financing Inc. and Lehman Brothers Inc. to return about
GBP1,000,000 to PT Bank Negara.  The money was supposed to be
returned on September 18, 2008, after LBSF failed to send about
$1,765,700 to PT Bank in exchange for the money.

PT Bank and LBSF were engaged in foreign currency exchange
transactions prior to LBSF's bankruptcy filing on September 15,
2008.  LBI served as LBSF's receiving agent under those
transactions.

"At no time did either LBI or LBSF acquire a legal or equitable
interest in the funds, neither entity, has any right to retain or
hold the funds, and each of them has been unjustly enriched by
its wrongful failure and refusal to deliver the funds to their
true owner," Hollace Cohen, Esq., at Troutman Sanders LLP, in New
York, said in a September 21 complaint.

The complaint was filed before the U.S. Bankruptcy Court for the
Southern District of New York, which oversees the chapter 11 case
of LBSF and the liquidation proceeding of LBI under the
Securities Investor Protection Act.

                      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: Phoenix Life Sue to Recover Erroneous Transfer
---------------------------------------------------------------
U.K.-based Phoenix Life Limited filed a lawsuit demanding Lehman
Brothers Commercial Corp. to return certain funds that were
erroneously transferred by Lehman Brothers International Europe.

The funds serve as collateral to secure Lehman Re Limited's
performance under a reinsurance agreement with Phoenix Life, and
were held by LBIE for the benefit of the U.K. company.  The funds
were allegedly transferred to an account in the name of Lehman Re
with LBCC without Phoenix Life's authorization.

In a complaint dated September 22, Phoenix Life asks the U.S.
Bankruptcy Court for the Southern District of New York to direct
LBCC to return the funds to the U.K.-based company and prohibit
LBCC from using the funds.

"The transferred collateral had been pledged to [Phoenix Life],
and LBCC therefore holds these funds in constructive trust for
the benefit of [Phoenix Life].  LBCC has no rights of possession
over the collateral or the proceeds," says Matthew Morris, Esq.,
at Lovells LLP, in New York.

Phoenix Life sent a demand letter to LBCC, stating that the
transferred funds were held in trust and seeking assurances that
it would not use the funds without the U.K. company's consent.
LBCC, however, allegedly did not respond, prompting Phoenix Life
to lodge the lawsuit.

                      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: Investor Class Sues for Securities Laws Violation
------------------------------------------------------------------
A group of investors filed a class suit against Lehman Brothers
Inc., the retail brokerage of Lehman Brothers Holdings Inc.,
alleging the company of violating securities laws.

The class suit stemmed from LBI's issuance of analyst reports on
RSL Communications Inc. to public investors, which the plaintiffs
alleged were false and misleading.  The reports were issued in
connection with the purchase by investors of RSL's common stock
for the period April 30, 1999 to December 29, 2000.

In a 49-page complaint, Lawrence Fogarazzo, et al. alleged that
LBI deliberately issued those reports to win or maintain
lucrative banking and financial advisory work from RSL in
violation of securities law.

"As a result of [LBI's] false and misleading statements, the
market price of RSL common stock was artificially inflated
throughout the class period, to the injury of plaintiffs and the
other class members who purchased RSL stock at that time, relying
upon the integrity of the market price of the stock," the
complaint said.

Mr. Fogarazzo, et al. sought payment for damages and allowance of
administrative priority claim for attorneys' fees and other
costs.  They also ask the U.S. Bankruptcy Court for the Southern
District of New York to appoint them as representatives for other
affected investors, and appoint the Law Offices of Curtis V.
Trinko LLP, as their class counsel.

                      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)


LINENS 'N THINGS: Faces Complaint Sought by Several Investors
-------------------------------------------------------------
Levine Leichtman Capital Partners Deep Value Fund LP, a unit of
Levine Leichtman Capital Partners, filed an amended complaint in
the U.S. District Court for the District of New Jersey claiming
that mismanagement of Linens 'N Things led to its bankruptcy
filing and steep losses for noteholders, according to Law360.

The investment firms, the report notes, pumped $43.5 million into
the Debtor when it was taken private by an Apollo Management LP-
led consortium of investors has sued the private equity firm.

Headquartered in Clifton, New Jersey, Linens 'n Things, Inc. --
http://www.lnt.com/-- was the second largest specialty retailer
of home textiles, housewares and home accessories in North
America. As of Sept. 30, 2008, Linens 'n Things operated 411
stores in 47 states and seven provinces across the United States
and Canada.  Linens 'n Things was acquired by private
equity firm Apollo Management in 2006.

On May 2, 2008, these Linens entities filed Chapter 11 petition
(Bankr. D. Del.): Linens Holding Co. (08-10832), Linens 'n Things,
Inc. (08-10833), Linens 'n Things Center, Inc. (08-10834),
Bloomington, MN., L.T., Inc. (08-10835), Vendor Finance, LLC (08-
10836), LNT, Inc. (08-10837), LNT Services, Inc. (08-10838), LNT
Leasing II, LLC (08-10839), LNT West, Inc. (08-10840), LNT
Virginia LLC (08-10841), LNT Merchandising company LLC (08-10842),
LNT Leasing III, LLC (08-10843), and Citadel LNT, LLC (08-10844).
Judge Christopher S. Sontchi presides over the case.

Mark D. Collins, Esq., John H. Knight, Esq., and Jason M. Madron,
Esq., at Richards, Layton & Finger, P.A., are Linens 'n Things'
bankruptcy counsel.  The Debtors' special corporate counsel are
Holland N. O'Neil, Esq., Ronald M. Gaswirth, Esq., Stephen A.
McCaretin, Esq., Randall G. Ray, Esq., and Michael S. Haynes,
Esq., at Morgan, Lewis & Bockius, LLP.  The Debtors'
restructuring management services provider is Conway Del Genio
Gries & Co., LLC.  The Debtors' CRO and Interim CEO is Michael F.
Gries, co-founder of Conways Del Genio Gries & Co., LLC.  The
Debtors' claims agent is Kurtzman Carson Consultants, LLC.  The
Debtors' consultants are Asset Disposition Advisors, LLC, and
Protivit, Inc.  The Debtors' investment bankers are Financo, Inc.,
and Genuity Capital Markets.


LLC PONY EXPRESS: Case Summary & 13 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: LLC Pony Express RV Resort
        1012 W Recreation Way
        North Salt Lake, UT 84054

Bankruptcy Case No.: 09-30365

Chapter 11 Petition Date: September 24, 2009

Court: United States Bankruptcy Court
       District of Utah (Salt Lake City)

Debtor's Counsel: Chad C. Shattuck, Esq.
                  Zoll & Tycksen
                  Pioneer Business Park
                  12401 South 450 East, Unit E-1
                  Draper, UT 84020
                  Tel: (801) 748-4081
                  Fax: (801) 748-4087
                  Email: chad@ztlaw.com

                  Steven C. Tycksen, Esq.
                  Tycksen & Shattuck, LC
                  Pioneer Business Park
                  12401 South 450 East, Unit E-1
                  Draper, UT 84020
                  Tel: (801) 748-4081
                  Fax: (801) 748-4087
                  Email: steve@tyshlaw.com

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

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

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

             http://bankrupt.com/misc/utb09-30365.pdf

The petition was signed by Dana G. Howland, manager of the
Company.


LOK REDWOOD EMPIRE: Blames Chapter 11 Bankruptcy on Economic Woes
-----------------------------------------------------------------
Steve Hart at The Press Democrat reports that Kirk Lok is seeking
bankruptcy protection for his Quality Inn in Petaluma, blaming it
on the recession.

Citing Mr. Lok, The Press Democrat states that Quality Inn never
defaulted on its loan, but it must restructure the business to get
through the downturn.

Mr. Lok said that Quality Inn reduced its work force to 25
employees and cut other expenses as business fell off, The Press
Democrat relates.  According to The Press Democrat, Mr. Lok
declined to disclose occupancy data for the Petaluma property, but
said that the business is down 20% over the past year.  "We hope
to have a plan in place in the next couple of months.  We want to
make sure all our vendors and creditors are taken care of," The
Press Democrat quoted Mr. Lok as saying.

Mr. Lok listed $7.3 million in assets and $3.9 million in
liabilities for Lok Redwood Empire Properties, which owns the
Quality Inn.

The Press Democrat says that the Sebastopol motel and proposed
Guernewood Park resort aren't included in the Chapter 11
bankruptcy filing, but Mr. Lok said that the Russian River project
is on hold until the economy improves.

Lok Redwood Empire Properties, Inc., dba Quality Inn - Petaluma is
a mid-range hotel in Santa Rosa, California, with rooms starting
at about $90 a night.


LTV CORP: Bankruptcy Court Has Yet to Rule on Ch. 7 Conversion Bid
------------------------------------------------------------------
The LTV Corporation disclosed that the United States Bankruptcy
Court for the Northern District of Ohio, Eastern Division, has yet
to rule on a request to convert its case to one under Chapter 7 of
the Bankruptcy Code.

Certain officers and directors of LTV Steel and LTV who have been
named as defendants in a suit initiated by the Official Committee
of Administrative Claimants filed the Chapter 7 Trustee Motion in
April and May 2007.  An evidentiary hearing on the Chapter 7
Trustee Motion was held in August 2007.

LTV is in the process of liquidating, and its stock is worthless.
According to LTV, there is no set of facts known to LTV that will
result in proceeds of asset sales exceeding LTV's known
liabilities.  Thus, there will be no recovery to LTV's
stockholders.

On April 15, 2005, the Administrative Claimants Committee filed a
motion with the Court authorizing the Committee to commence and
prosecute causes of action against certain officers and directors
of LTV Steel and LTV on behalf of the LTV Steel bankruptcy estate.
A hearing on the motion was held in Bankruptcy Court on June 7,
2005.  A written ruling was issued on September 2, 2005, whereby
the ACC's motion was granted, in part, as determined in the
Court's Order.

On September 13, 2005, the ACC filed a complaint in the United
States District Court for the Northern District of Ohio against
certain officers and directors of LTV Steel and LTV on behalf of
the LTV Steel bankruptcy estate.  On September 20, 2005, the Court
granted a motion filed by Glenn Moran, former director and
officer, for a stay pending appeal.  On January 30, 2006, the
Court entered an Agreed Order whereby, under a stipulation dated
as of November 30, 2005 between the ACC and the nine named
defendants of the Complaint, the Stay Order shall apply equally to
the ACC and all Defendants and shall stay the lawsuit until the
disposition of Mr. Moran's appeal.  Also, the parties have the
right to engage in limited discovery as permitted under terms of
the stipulation.  On April 2, 2009, the ACC filed its First
Amended Complaint and the ACC also filed a Notice of Lifting of
The Stipulated Stay of Proceedings.

On November 8, 2006, the District Court entered an order
dismissing the Moran Appeal.  On November 28, 2006, Mr. Moran
filed a notice of appeal of the Dismissal Order to the United
States Court of Appeals for the Sixth Circuit.  The Sixth Circuit
heard oral arguments on January 15, 2009, and issued its opinion
on March 23, 2009.  The opinion of the Sixth Circuit affirmed the
November 8, 2006 District Court's ruling.  On April 6, 2009, Mr.
Moran filed a Petition for Rehearing and Suggestion for Rehearing
En Banc and Mr. Moran also filed a Notice of Continuation of Stay
Pending Consideration by the Sixth Circuit of the Petition for
Rehearing.  On July 15, 2009, the District Court issued an order
lifting the Stay Order previously imposed.  On July 21, 2009, the
Sixth Circuit issued an order denying the Petition for Rehearing.

On March 28, 2007, the ACC filed a motion with the Court
requesting an order to approve the appointment of a Chapter 11
trustee.  On June 28, 2007, the ACC filed a motion to withdraw the
Chapter 11 Trustee Motion; the Court granted the ACC's withdrawal
motion on August 1, 2007.

Headquartered in Cleveland, Ohio, The LTV Corp. is a manufacturer
with interests in steel and steel-related businesses, employing
some 17,650 workers and operating 53 plants in Europe and the
Americas.  The Company filed for chapter 11 protection on
December 29, 2000 (Bankr. N.D. Ohio, Case No. 00-43866).  On
August 31, 2001, the company listed $4,853,100,000 in assets and
$4,823,200,000 in liabilities.


LUNA INNOVATIONS: Working on Settlement With Hansen Medical
-----------------------------------------------------------
Lawyers of Luna Innovations Incorporated and Hansen Medical have
developed a framework for settlement to end a lawsuit between the
two companies, court documents say.  wset.com reports that a
$36 million verdict forced Luna Innovations to file for Chapter 11
bankruptcy.  According to wset.com, the two parties have until
October 8 to finalize the agreement.

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.


MARKETXT HOLDINGS: Appeals Court Affirms Bankr. Court's Ruling
--------------------------------------------------------------
The U.S. Court of Appeals for the Second Circuit affirmed a
decision by the U.S. District Court for the Southern District of
of New York against two men fighting the subordination of their
$6.7 million claim against bankrupt securities trading service
provider MarketXT Holdings Corp., according to Law360.

MarketXT Holdings Corporation, fka Tradescape Corporation, is a
day-trading firm conducting electronic trades in equities on all
the major US stock exchanges including NASDAQ.  The Company filed
for chapter 11 protection on March 26, 2004 (Bankr. S.D. N.Y. Case
No. 04-12078).  Jonathan L. Flaxer, Esq., at Golenblock, Eisenman,
Assor, Bell & Peskoe, LLP, in New York City, represents the
Debtor.


MCCLATCHY CO: Ariel Investments Discloses 9.7% Equity Stake
-----------------------------------------------------------
Ariel Investments, LLC, said it beneficially owns 5,777,857 shares
or roughly 9.7% of McClatchy Co. common stock.

The McClatchy Company is the third largest newspaper company in
the United States, with 30 daily newspapers, roughly 50 non-
dailies, and direct marketing and direct mail operations.
McClatchy also operates leading local Web sites in each of its
markets which extend its audience reach.  The Web sites offer
users comprehensive news and information, advertising, e-commerce
and other services.  Together with its newspapers and direct
marketing products, these interactive operations make McClatchy
the leading local media company in each of its premium high growth
markets.  McClatchy-owned newspapers include The Miami Herald, The
Sacramento Bee, the Fort Worth Star-Telegram, The Kansas City
Star, the Charlotte Observer, and The (Raleigh) News & Observer.

McClatchy also owns a portfolio of premium digital assets,
including 14.4% of CareerBuilder, the nation's largest online job
site, 25.6% of Classified Ventures, a newspaper industry
partnership that offers two of the nation's premier classified
websites: the auto Web site, cars.com, and the rental site,
apartments.com and 33.3% of HomeFinder, LLC which operates the
real estate website HomeFinder.com.  McClatchy is listed on the
New York Stock Exchange under the symbol MNI.

                           *     *     *

As reported by the Troubled Company Reporter on July 2, 2009,
Standard & Poor's Ratings Services raised its corporate credit
rating on McClatchy to 'CC' from 'SD' (selective default).  The
rating outlook is negative.  At the same time, S&P raised its
issue-level rating on each of McClatchy's senior unsecured notes
originally issued by Knight Ridder Inc. to 'C' from 'D'.  All
other outstanding ratings on the company were affirmed.

As reported in the TCR on May 25, 2009, Moody's Investors Service
downgraded McClatchy's Probability of Default rating to Caa3 from
Caa1 following the company's announcement that it has commenced a
private offer to exchange up to $1.15 billion of outstanding
senior unsecured and unguaranteed notes and debentures for up to
$60 million in cash and up to $175 million of new 15.75% senior
unsecured guaranteed notes due 2014.  Moody's also downgraded the
existing senior unsecured note ratings to Ca (2011 notes) and C
(2014, 2017, 2027 and 2029 notes), reflecting the expected loss
from the exchange offer and the high near term probability of
default.


MEDLINK INTERNATIONAL: Amends Annual Report, Posts $4.3MM Net Loss
------------------------------------------------------------------
MedLink International, Inc.'s balance sheet at Dec. 31, 2008,
showed total assets of $1,530,156 and total liabilities of
$2,210,138, resulting in a stockholders' deficit of $679,982.

For fiscal year ended Dec. 31, 2008, the Company posted a net loss
of $4,365,769 compared with a net loss of $2,462,829.

On April 15, 2009, Jewett, Schwartz, Wolfe & Associates in
Hollywood, Florida expressed  substantial doubt about the
Company's ability to continue as a going concern after auditing
the Company's financial statements for the fiscal years ended
Dec. 31, 2008, and 2007.  The auditor noted that the Company needs
to seek new sources or methods of financing or revenue to pursue
its business strategy.

The Company filed an amendment to its Annual Report on Form 10-K
for the fiscal year ended Dec. 31, 2008, to revise certain items.
As a result of the amendment, the certifications pursuant to
Section 302 and Section 906 of the Sarbanes-Oxley Act of 2002,
filed as exhibits to its Form 10-K have been revised, re-executed
and re-filed as of the date of the amendment.

A full-text copy of the Company's Form 10-K/A is available for
free at http://ResearchArchives.com/t/s?457a

A full-text copy of the Company's Form 10-K is available for free
at http://ResearchArchives.com/t/s?457f

MedLink International, Inc. (OTC:MLKNA) is engaged in the business
of selling, implementing and supporting software solutions that
give healthcare providers access to clinical, administrative and
financial data in real time.  The Company offers its services as
stand-alone, combined or enterprise-wide systems.  MedLink's main
product is the MedLink TotalOffice, which is an electronic health
record.  In addition, MedLink has developed a Lite version of
MedLink TotalOffice and a product offering that includes a
personal health record/e-Health Website, a picture archiving and
communication system, and a private communication network through
which healthcare content and information is delivered to a
physician's waiting room and displayed on a 40 inch flat screen
TV.  The Company's subsidiaries include Anywhere MD, Inc. and KRAD
Konsulting.


METOKOTE CORPORATION: Covenant Breach Cues Moody's Rating Review
----------------------------------------------------------------
Moody's Investors Service placed all ratings of MetoKote
Corporation on review for possible downgrade after the company
breached its leverage financial covenant at the end of the third
quarter ended July 31, 2009.

The sustained lower production volume at MetoKote's end markets,
most notably the automotive sector in North America (which
accounted for 42% of its total revenues), has resulted in
significant erosion of the company's sales (down 35% YOY) and
operating margin through the third quarter of 2009.  While Moody's
believes MetoKote's business model remains viable over the long
run given its leading position in the niche outsourced industrial
coating industry and its historically modest financial leverage,
its recent operating performance deteriorated very rapidly and the
near-term default risk has risen significantly due to the covenant
violation.  These factors in turn have resulted in the review by
Moody's.

Moody's review will focus on assessing the company's ability to
secure a timely cure of the covenant, as well as its plan to
enhance its operating performance and liquidity in the
intermediate term.  The liquidity review will evaluate MetoKote
ability to continue to generate free cash flow and to address the
upcoming maturity of its revolving credit facility due May 2010.
If the company was unable to obtain the covenant relief or its
future run-rate performance does not support the current rating
level, ratings will be downgraded.

These ratings were placed under review for possible downgrade:

* Corporate Family Rating - Caa1
* Probability of Default Rating - Caa2
* First-lien Senior Secured Credit Facilities -- Caa1

The last rating action was on May 5, 2009 when the company's PDR
was lowered to Caa2 from Caa1 with negative outlook.

MetoKote provides a full suite of outsourced industrial coating
services to manufacturers in North America, Europe, and Brazil.
The company offers solutions either within a customer's facility
or at one of MetoKote's regional facilities.  End markets served
include automotive, heavy truck, agriculture, construction, metal
furniture, appliances, and consumer products.  For the trailing
twelve month period ended July 31, 2009, the company's global
operations generated approximately $145 million in revenue.


MOMENTIVE PERFORMANCE: S&P Puts 'CCC-' Rating on Positive Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it placed all its
ratings on Albany, New York-based Momentive Performance Materials
Inc. and its subsidiaries on CreditWatch with positive
implications, including the 'CCC-' corporate credit rating on
Momentive Performance Materials.  S&P believes it is likely that
the waiver, together with improving operating performance,
significantly reduces the likelihood of a near-term covenant
breach.  Quarterly EBITDA has been climbing steadily since
reaching a low of about $15 million (as calculated for bank
covenant purposes) in the first quarter of 2009.  It was
$64 million in the second quarter, and management expects it to be
between $84 million and $94 million in the third quarter.

"Key to the CreditWatch resolution will be assessing whether the
company can increase earnings from current levels and, longer
term, whether it can generate positive free operating cash flow
and improve the capital structure," said Standard & Poor's credit
analyst Cynthia Werneth.  "We will also assess the likelihood of a
debt restructuring.  Earlier this year, Momentive completed a debt
exchange that S&P considered distressed and therefore tantamount
to a default."

Despite the recent earnings improvement, Momentive remains very
highly leveraged.  Total adjusted debt is close to $4 billion.
S&P adjusts debt to include pay-in-kind seller notes at the parent
holding company (currently about $540 million), approximately
$125 million in underfunded, tax-effected postretirement
obligations, and $40 million of capitalized operating leases.  As
of June 28, 2009, total adjusted debt to EBITDA was a very
aggressive 25x.  Even if the company can sustain EBITDA at the
projected third-quarter 2009 level, leverage would continue to
exceed 10x.

S&P expects to resolve the CreditWatch during the next few weeks.
S&P could raise the ratings modestly if S&P believes that the
near-term risk of default has diminished.  S&P's analysis will
center on earnings, cash flow, and liquidity prospects during the
next few quarters, the likelihood of a covenant breach following
the expiration of the two-quarter waiver, and the probability of
future debt restructurings.  In its analysis, S&P also expects to
form a judgment regarding the company's longer-term viability.


MOMENTIVE PERFORMANCE: Bank Debt Trades at 14.5% Off
----------------------------------------------------
Participations in a syndicated loan under which Momentive
Performance Materials, Inc., is a borrower traded in the secondary
market at 85.50 cents-on-the-dollar during the week ended Friday,
Sept. 25, 2009, according to data compiled by Loan Pricing Corp.
and reported in The Wall Street Journal.  This represents an
increase of 5.04 percentage points from the previous week, The
Journal relates.  The loan matures on Dec. 5, 2013.  The Company
pays 250 basis points above LIBOR to borrow under the facility.
The bank debt carries Moody's B1 rating and Standard & Poor's CCC-
rating.  The debt is one of the biggest gainers and losers among
widely quoted syndicated loans in secondary trading in the week
ended Sept. 25, among the 149 loans with five or more bids.

Momentive Performance Materials, Inc., is a producer of silicones
and silicone derivatives, and is engaged in the development and
manufacture of products derived from quartz and specialty
ceramics.  As of Dec. 31, 2008, the Company had 25 production
sites located worldwide, which allows it to produce the majority
of its products locally in the Americas, Europe and Asia.
Momentive's customers include companies in industries, such as
Procter & Gamble, 3M, Goodyear, Unilever, Saint Gobain, Motorola,
L'Oreal, BASF, The Home Depot and Lowe's.

As of March 29, 2009, Momentive had $3.42 billion in total assets
on $4.08 billion in total liabilities, resulting in $662.8 billion
in stockholders' deficit.

The Troubled Company Reporter said on June 17, 2009, that Standard
& Poor's Ratings Services lowered its corporate credit rating on
Momentive Performance Materials to 'SD' from 'CC' and its senior
unsecured and subordinated debt ratings on the company to 'D' from
'C' following the completion of what S&P considers to be a
distressed exchange offer.  In addition S&P has removed the
ratings from CreditWatch, where they were placed with negative
implications on March 17, 2009.  All S&P's other ratings on
Momentive and its subsidiaries remain unchanged.

Moody's Investors Service also deemed the recently concluded notes
exchange offer which included issuance of secured second lien
notes to be a distressed exchange, and lowered the Probability of
Default Rating of Momentive Performance Materials to Ca/LD from
Caa3.  Moody's also changed some of Momentive's other ratings to
reflect the occurrence of a distressed exchange.  The ratings on
Momentive's senior unsecured notes and senior subordinated notes
were changed to Ca from Caa2 and Caa3, respectively, reflecting
the low applicable clearing price resulting from the exchange
offer.  Moody's affirmed Momentive's Corporate Family Rating at
Caa1, its senior secured first lien debt (revolver and term loan)
at B1 and its Speculative Grade Liquidity Rating at SGL-3.  The
rating outlook is negative.


NATASHA DREMLYUGA: Case Summary & 9 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Natasha Dremlyuga
        25233 NE 52 Place
        Redmond, WA 98053

Bankruptcy Case No.: 09-19880

Chapter 11 Petition Date: September 24, 2009

Court: United States Bankruptcy Court
       Western District of Washington (Seattle)

Judge: Thomas T. Glover

Debtor's Counsel: Jeffrey B. Wells, Esq.
                  Attorney at Law
                  500 Union St, Ste. 927
                  Seattle, WA 98101
                  Tel: (206) 624-0088
                  Email: eajbwellaw@aol.com

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

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

A full-text copy of Ms. Dremlyuga's petition, including a list of
her 9 largest unsecured creditors, is available for free at:

            http://bankrupt.com/misc/wawb09-19880.pdf

The petition was signed by Ms. Dremlyuga.


NEHMAS PETRO MART: Voluntary Chapter 11 Case Summary
----------------------------------------------------
Debtor: Nehmas Petro Mart, Inc.
        27353 Eight Mile Road
        Redford, MI 48420

Bankruptcy Case No.: 09-69523

Chapter 11 Petition Date: September 24, 2009

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

Judge: Steven W. Rhodes

Debtor's Counsel: Robert N. Bassel, Esq.
                  P.O. Box T
                  Clinton, MI 49236
                  Tel: (248) 677-1234
                  Fax: (248) 369-4749
                  Email: bbassel@gmail.com

Estimated Assets: $500,001 to $1,000,000

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

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

The petition was signed by Kamal Chebli, president of the Company.


NEVILLE TOWNSEND: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Joint Debtors: Neville Townsend
                  aka Neville Townsend, Sr.
                  aka Neville A. Townsend
                  aka Neville Anthony Townsend
                  fdba Better Homes Improvement
               Carol Townsend
                  aka Carol O. Townsend
                  aka Carol Oather Townsend
               491 Piney View Ct.
               Sykesville, MD 21784-8673

Bankruptcy Case No.: 09-28056

Chapter 11 Petition Date: September 24, 2009

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

Judge: Nancy V. Alquist

Debtors' Counsel: Edward M. Miller, Esq.
                  Miller and Miller, LLP
                  129 E. Main St., Suite 205
                  Westminster, MD 21157
                  Tel: (410) 751-5444
                  Fax: (410) 751-6633
                  Email: mmllplawyers@verizon.net

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

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

A list of the Company's 20 largest unsecured creditors is
available for free at:

            http://bankrupt.com/misc/mdb09-28056.pdf

The petition was signed by the Joint Debtors.


NORTHEAST BIOFUELS: Panel, Trustee Protest FTI's Fee Request
------------------------------------------------------------
Law360 reports that both the creditors committee and the U.S.
trustee overseeing the Chapter 11 liquidation of Northeast
Biofuels LP have taken issue with the fees being charged by
financial adviser FTI Consulting Inc., saying they are
unreasonable and should be reduced.  According to the report,
FTI is seeking about $287,000 in fees and expenses for the
period from April 1 to July 31 for advising the Debtor, along
with a $378,000 transaction fee purportedly earned.

Headquartered in Fulton, New York, Northeast Biofuels LP aka
Northeast Biofuels LLC -- http://www.northeastbiofuels.com--
Operate as ethanol plants.  The company and two of its affiliates
filed for Chapter 11 protection on January 14, 2009 (Bankr. N.D.
N.Y. Lead Case No. 09-30057).  Jeffrey A. Dove, Esq., at Menter,
Rudin & Trivelpiece, P.C., represents the Debtors in their
restructuring efforts.  Blank Rome LLP will serve as the Debtors'
counsel.  The U.S. Trustee for Region 2 appointed creditors to
serve on an Official Committee of Unsecured Creditors.  Sara C.
Bond, Esq., and Stephen A. Donato, Esq., Bond, Schoeneck & King,
PLLC, represent the Committee.  When the Debtors filed for
protection from their creditors, they listed assets and debt
between $100 million to $500 million each.


OCTAVIAN GLOBAL: June 30 Balance Sheet Upside-Down by $9 Million
----------------------------------------------------------------
Octavian Global Technologies, Inc.'s balance sheet at June 30,
2009, showed total assets of $19,066,686 and total liabilities of
$28,185,748, resulting in a stockholders' deficit of $9,119,062.

For three months ended June 30, 2009, the Company posted a net
loss of $3,157,997 compared with a net loss $565,337 for the same
period in 2008.

For six months ended June 30, 2009, the Company posted a net loss
of $4,516,913 compared with a net loss of $2,802,770 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 the
Company incurred accumulated losses of $28,612,118 and net working
capital of $4,327,388 as of June 30, 2009.  In addition the
Company's operations are dependent on one major supplier, Austrian
Gaming Industries, to whom the Company owes $9,400,000 as of
June 30, 2009.

A full-text copy of the Company's Form 10-Q is available for free
at http://ResearchArchives.com/t/s?4583

Octavian Global Technologies, Inc. (OTC:OCTV) fka House Fly
Rentals, Inc., is a provider of end-to-end suites of gaming
systems and products.  The Company's solutions offer life-cycle
gaming support and system solutions; the design, manufacture and
marketing of computerized games; products for the lottery
industry, and third-party products.  Its products and services are
provided through four business sectors: OctaSystems, OctaGames,
OctaLotto and OctaSupplies.  The Company's wholly owned subsidiary
is Octavian International Limited.


NORTHERN ILLINOIS: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Northern Illinois Brick & Supply, Inc.
        908 S. Fleming
        Woodstock, IL 60098

Bankruptcy Case No.: 09-74109

Chapter 11 Petition Date: September 24, 2009

Court: United States Bankruptcy Court
       Northern District of Illinois (Rockford)

Judge: Judge Manuel Barbosa

Debtor's Counsel: Stephen J. Costello, Esq.
                  Costello & Costello
                  19 N Western Ave Rt 31
                  Carpentersville, IL 60110
                  Tel: (847) 428-4544
                  Email: steve@costellolaw.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
$1,762,261, and total debts of $3,212,907.

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

            http://bankrupt.com/misc/ilnb09-74109.pdf

The petition was signed by Steven G. Adams, president of the
Company.


OSI RESTAURANT: Bank Debt Trades at 16.2% Off in Secondary Market
-----------------------------------------------------------------
Participations in a syndicated loan under which OSI Restaurant
Partners, Inc., is a borrower traded in the secondary market at
83.79 cents-on-the-dollar during the week ended Sept. 25, 2009,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal.  This represents an increase of 1.11
percentage points from the previous week, The Journal relates.
The loan matures May 9, 2014.  The Company pays 225 basis points
above LIBOR to borrow under the facility.  The bank debt carries
Moody's B3 rating and Standard & Poor's B+ rating.  The debt is
one of the biggest gainers and losers among widely quoted
syndicated loans in secondary trading in the week ended Sept. 25,
among the 149 loans with five or more bids.

OSI Restaurant Partners, Inc., is the #3 operator of casual-dining
spots (behind Darden Restaurants and Brinker International), with
more than 1,400 locations in the U.S. and 20 other countries.  Its
flagship Outback Steakhouse chain boasts more than 950 locations
that serve steak, chicken, and seafood in Australian-themed
surroundings. OSI also operates the Carrabba's Italian Grill
chain, with about 240 locations.  Other concepts include Bonefish
Grill, Fleming's Prime Steakhouse, and Cheeseburger In Paradise.
Most of the restaurants are company owned.  A group led by
chairman Chris Sullivan took the company private in 2007.

As reported by the Troubled Company Reporter on Feb. 24, 2009,
Moody's Investors Service downgraded OSI Restaurant's Probability
of Default rating to Ca from Caa1 and lowered the rating on its
$550 million 10% senior unsecured notes to C from Caa3.  Moody's
also placed OSI's Corporate Family and senior secured ratings on
review for possible downgrade.

The review was prompted by the recent announcement that OSI
continues to experience a substantial decline in earnings and
store traffic to levels worse than Moody's previously expected.
The company also announced that it will likely need to take an
impairment charge of between $480 and $540 million for goodwill
due to a reduction in its projected results for future periods as
a result of poor overall economic conditions.


OZBURN-HESSEY HOLDING: Moody's Affirms 'B3' Corp. Family Rating
---------------------------------------------------------------
Moody's Investors Service has changed the rating outlook of
Ozburn-Hessey Holding Company, LLC to negative from stable and
affirmed the B3 corporate family and probability of default
rating.

The negative outlook reflects the near-term expiration of the
company's $40 million revolving credit line, high leverage, and
expectation of soft volumes into 2010 which could continue to
drive net losses.  Although the company currently has no
borrowings under its revolver, the cash on hand balance is low and
the revolver supports approximately $9 million in letters of
credit; furthermore, the revolver has been relied on in the past
to support seasonal working capital and capital spending needs.
In Moody's view some revolver borrowing could be required to
compensate for relatively low operating cash flow.  While covenant
headroom is currently adequate, test levels step-down over 2010-
2012 and tight headroom could become a more pressing concern in
2010.

The B3 corporate family rating affirmation reflects proactive
steps the company has taken to reduce fixed costs which has helped
support margins, Moody's expectation that the de-stocking by
customers is winding down which may offer modest near-term
internal revenue growth, existing interest coverage measures that
sustain the B3 rating, and progress the company has made to
bolster its financial reporting capabilities.  The affirmation
also acknowledges the asset-light nature of Ozburn-Hessey's third
party logistics business model which enables the company to
aggressively bid for transportation services from a currently
oversupplied surface transportation network, as well as the
company's promising new account pipeline that could indicate
market share gains.

Additional ratings affirmed:

* $40 million senior secured revolver due August 2010 B1 LGD 3,
  33%

* $237 million senior secured term loan due August 2012 B1 LGD 3,
  33%

Moody's last rating action on Ozburn-Hessey occurred March 12,
2008 when the B3 corporate family rating was affirmed.

Ozburn-Hessey'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 its industry, ii) the capital
structure and financial risk of the company, iii) the projected
performance of the company over the near to intermediate term, and
iv) management's track record and tolerance for risk.  These
attributes were compared against other issuers both within and
outside of Ozburn-Hessey's core industry and Ozburn-Hessey's
ratings are believed to be comparable to those of other issuers of
similar credit risk.

Ozburn-Hessey Holding Company, LLC, headquartered in Nashville,
TN, is a provider of third-party logistics and related services,
including warehouse management, truck brokerage, customs
brokerage, freight forwarding, and dedicated contract carriage.
Ozburn-Hessey is a wholly-owned subsidiary of OHH Acquisition
Corporation, which is controlled by private equity group Welsh,
Carson Anderson & Stowe.  Ozburn-Hessey had FY2008 gross revenue
of approximately $810 million.


PHILADELPHIA NEWSPAPERS: Vague on Paying Pensions, PBGC Says
------------------------------------------------------------
Eric Morath at The Wall Street Journal reports that The Pension
Benefit Guaranty Corp. is objecting to Philadelphia Newspapers
LLC's bankruptcy plan, saying the Company hasn't made clear how it
will address its pension obligations.

According to The Journal, PBGC said that Philadelphia Newspapers
has an unfunded pension liability of about $10.3 million.

The Journal says that Philadelphia Newspapers submitted a
reorganization plan in August that would sell the Company to a
group of investors seeking to pump $35 million into the Company
and provide it with a $17 million letter of credit.

PBGC's lawyers said that Philadelphia Newspapers' proposal
provides for the improper and unlawful treatment of its pension
plan because it claims it can deal with the program as it would
other contracts and choose to accept or reject the pension plan as
part of the bankruptcy process.  Philadelphia Newspapers must
instead follow specific laws that apply to the termination of
pension programs if it wants to dump the plan, claiming that the
Company failed to definitively state whether it will continue the
pension program for 251 current and former workers or if it will
use bankruptcy to dump the plan, The Journal relates, citing PBGC.

The court will hold on Tuesday a hearing to consider if
Philadelphia Newspapers' reorganization plan can be sent to
creditors for a vote.

Philadelphia Newspapers -- http://www.philly.com/-- owns and
operate numerous print and online publications in the Philadelphia
market, including the Philadelphia Inquirer, the Philadelphia
Daily News, several community newspapers, the region's number one
local Web site, philly.com, and a number of related online
products.  The Company's flagship publications are the Inquirer,
the third oldest newspaper in the country and the winner of
numerous Pulitzer Prizes and other journalistic recognitions, and
the Daily News.

Philadelphia Newspapers and its debtor-affiliates filed for
Chapter 11 bankruptcy protection on February 22, 2008 (Bankr. E.D.
Pa. Case No. 09-11204).  Proskauer Rose LLP is the Debtors'
bankruptcy counsel, while Lawrence G. McMichael, Esq., at Dilworth
Paxson LLP is the local counsel.  The Debtors' financial advisor
is Jefferies & Company Inc. The Garden City Group, Inc. serves as
claims and notice agent.   Philadelphia Newspapers listed assets
and debts of $100 million to $500 million in its bankruptcy
petition.


PNG VENTURES: Taps Logan and Company Noticing and Claims Agent
--------------------------------------------------------------
PNG Ventures, Inc., and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Delaware for authority to
employ Logan and Company, Inc., as official noticing, claims and
solicitation and balloting agent.

Logan will:

   -- provide services relating to the solicitation of acceptances
      and rejections of any plan of reorganization filed by the
      Debtors; and

   -- provide other services as may be requested by the Debtors or
      the Clerk's Office or the Debtors in connection with
      processing claims, providing notice to known creditors, and
      solicitation and balloting activities.

The compensation of Logan is not disclosed in the court document.

Kate Logan, president and CEO of Logan, assures the Court that the
firm is a "disinterested person" as that term is defined in
Section 101(14) of the Bankruptcy Code.

Through its Applied LNG Technologies and other subsidiaries, the
Company engages in the production, distribution, and sale of
liquefied natural gas to customers consisting of public utilities,
industrial end-users and other fleet customers within the
transportation, manufacturing, distribution, and municipal
markets, primarily in California, Arizona, and Nevada. The Company
also offers turnkey fuel solutions, including delivery, equipment
storage, fuel dispensing equipment, and fuel loading facilities.

PNG Ventures and its affiliates filed for Chapter 11 on Sept. 10,
2009 (Bankr. D. Del. Case No. 09-13162).  Attorneys at Fox
Rothschild LLP represent the Debtors in their restructuring
effort.  Logan & Co. serves as claims and notice agent.

As of June 30, 2009, PNG had total assets of $41,416,000 against
total debts of $47,519,000.


PROVIDENT FINANCIAL: Wants to Liquidate Assets
----------------------------------------------
K.J. Hascall at The Daily Inter Lake reports that Provident
Financial Inc. will liquidate its assets.

According to The Daily Inter Lake, Provident President and CEO
Brad Walterskirchen sought to assuage fears through his letter to
the Company's 500 investors and by fielding an onslaught of calls
from worried clients, assuring that the Company is "going forward
with an orderly liquidation.  We hope we'll have enough to pay
back our investors.  We can't predict what the economy is going to
do.  If it gets worse, it's going to put pressure on those assets.
We might absorb a loss.  If the market improves, we might be able
to sell assets at a profit."

The Daily Inter Lake relates that Provident a meeting of creditors
is set for October 9 in Missoula.  Provident's lawyer, Harold Dye
at Dye and Moe in Missoula, said that the Company will propose a
liquidation plan for creditors to vote on in the coming months,
The Daily Inter Lake states.  According to the report, creditors
will receive a disclosure statement, along with the plan, from the
Montana District of the U.S. Bankruptcy Court.  The report says
that investors will also receive ballots so they can vote on the
plan.  Mr. Dye expects the plan Provident is drawing up to win
approval, but if it doesn't, the case could be dismissed from
bankruptcy court or converted to Chapter 7 bankruptcy, the report
states.

Provident Financial Inc. provides loans, investments and
insurance.  It filed for Chapter 11 on Sept. 2 (Bankr. D. Mont.
Case No. 09-cv-61756), listing assets of up to $50,000 and debts
of $10 million to $50 million.


PSYCHIATRIC SOLUTIONS: Bank Debt Trades at 4% Off
-------------------------------------------------
Participations in a syndicated loan under which Psychiatric
Solutions, Inc., is a borrower traded in the secondary market at
96.28 cents-on-the-dollar during the week ended Sept. 25, 2009,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal.  This represents an increase of 0.74
percentage points from the previous week, The Journal relates.
The loan matures on July 17, 2012.  The Company pays 200 basis
points above LIBOR to borrow under the facility.  The bank debt
carries Moody's Ba2 rating and Standard & Poor's BB- rating.  The
debt is one of the biggest gainers and losers among widely quoted
syndicated loans in secondary trading in the week ended Sept. 25,
among the 149 loans with five or more bids.

Psychiatric Solutions, Inc., headquartered in Franklin, Tennessee,
provides a continuum of behavioral health programs to critically
ill children, adolescents and adults through its operation of
owned or leased psychiatric inpatient facilities.  PSI also
manages free-standing psychiatric inpatient facilities for
government agencies and psychiatric inpatient units within medical
and surgical hospitals owned by others.  The company recognized
approximately $1.8 billion in revenue for the year ended
December 31, 2008.

                           *     *     *

The Troubled Company Reporter stated on May 6, 2009, that Standard
& Poor's Ratings Services affirmed the 'B+' corporate credit and
other ratings on the company. The outlook is stable.

Moody's Investors Service also affirmed PSI's B1 Corporate Family
and Probability of Default Ratings.  The rating outlook remains
stable.


PT-1 COMMS: One-Year Delay to Reconsider Claim Was Unreasonable
---------------------------------------------------------------
WestLaw reports that a Chapter 11 debtor properly filed and served
its motion objecting to a creditor's claim.  Therefore, the order
reducing the amount of the claim was not "entered without a
contest," and the creditor's motion for relief from the order, on
the grounds of excusable neglect, had to be filed within a
reasonable time and not more than one year after the entry of the
order.  In re PT-1 Communications, Inc., --- B.R. ----, 2009 WL
2762631 (Bankr. E.D.N.Y.) (Craig, J.).

PT-1 Communications, Inc., PT-1 Long Distance, Inc., and PT-1
Technologies, Inc., sought chapter 11 protection (Bankr. E.D.N.Y.
Case Nos. 01-12655, 01-12658, and 01-12660) on March 9, 2001.  The
Debtors filed their Second Amended Joint Plan of Reorganization
dated as of August 31, 2004, and the Bankruptcy Court confirmed
that plan on November 23, 2004.

Laurence May, Esq., and Greg Friedman, Esq., at Cole, Schotz,
Meisel, Forman & Leonard, P.A., in New York, represent Edward P.
Bond, the Liquidating Trustee of the Liquidating Trust U/A/W PT-1
Communications, Inc., PT-1 Long Distance, Inc., and PT-1
Technologies, Inc.


READER'S DIGEST: Committee Proposes BDO as Financial Advisor
------------------------------------------------------------
The Official Committee of Unsecured Creditors of The Reader's
Digest Association, Inc., et al., seeks the Court's authority to
retain BDO Seidman, LLP, as financial advisor, nunc pro tunc to
September 1, 2009.

As financial advisor, BDO has agreed to:

  (a) advise the Committee on plan and sale strategies
      proposed by the Debtors' professionals, including
      presentations, scope, and compensation proposed by
      Debtors' investment bankers;

  (b) establish criteria for the Creditors' Committee to
      consider alternative strategies;

  (c) prepare certain valuation analyses using various
      methodologies on the Debtors' assets, including Debtor and
      Non-Debtor entities around the world;

  (d) prepare alternative business projections relating to the
      valuation of the Debtors' business enterprise;

  (e) evaluate financing proposals and alternatives proposed by
      the Debtors for debtor in possession financing, exit
      financing, any plan of reorganization, and other analyses;
      and

  (f) attend meetings of creditors and conferences with
      representatives of the creditor groups and their counsel.

BDO will be paid for its services at its customary hourly billing
rates, and will be reimbursed for actual costs incurred in
connection with its retention.  BDO's current hourly billing rates
are:

     Position               Hourly Rate
     --------               -----------
     Partners               $600 - $700
     Principals             $450 - $550
     Vice Presidents        $250 - $350
     Associates             $200 - $250
     Analysts & Staff       $150 - $200

David E. Berliner, a partner at BDO, assures the Court that BDO
believes is a "disinterested person," as defined in Section
101(14) of the Bankruptcy Code.

Judge Drain will commence a hearing on October 5, 2009, to
consider the application.

               About The Reader's Digest Association

RDA is a global multi-brand media and marketing company that
educates, entertains and connects audiences around the world.  The
company builds multi-platform communities based on branded
content.  With offices in 44 countries, it markets books,
magazines, and music, video and educational products reaching a
customer base of 130 million in 78 countries.  It publishes 94
magazines, including 50 editions of Reader's Digest, the world's
largest-circulation magazine, operates 65 branded Web sites
generating 22 million unique visitors per month, and sells
40 million books, music and video products across the world each
year.  Its global headquarters are in Pleasantville, N.Y.

Reader's Digest said that as of June 30, 2009, it had total assets
of $2.2 billion against total debts of $3.4 billion.

Reader's Digest, together with its 47 affiliates, filed for
Chapter 11 on August 24 (Bankr. S.D.N.Y. Case No. 09-23529).
Kirkland & Ellis LLP has been engaged as general restructuring
counsel.  Mallet-Prevost, Colt & Mosle LLP has been tapped as
conflicts counsel.  Ernst & Young LLP is auditor.  Miller Buckfire
& Co, LLC, is financial advisor.  AlixPartners, LLC, is
restructuring consultant.  Kurtzman Carson Consultants is notice
and claims agent.

The Official Committee of Unsecured Creditors is tapping BDO
Seidman, LLP, as financial advisor, Trenwith Securities, LLP, as
investment banker and Otterbourg, Steindler, Houston & Rosen,
P.C., as counsel.

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


READER'S DIGEST: Appoints Officers for New U.S. Affinities
----------------------------------------------------------
The Reader's Digest Association, Inc. announced expanded roles for
Lora Gier, Renee Jordan and Amber Dunn in the newly formed U.S.
Affinities under the leadership of Suzanne Grimes, President.

In her new position as Vice President/Publisher of the Taste of
Home and Home & Garden Media Group, Lora Gier will now oversee
the Home & Garden Media Group in addition to Taste of Home.  In
the digital space, Renee Jordan, general manager of
tasteofhome.com, will also be charged with building and growing
The Family Handyman and home sites as General Manager of the Taste
of Home and Home & Garden Digital Group.  Meanwhile, Amber Dunn,
Vice President of Sales for Digital Feast @RDA, will assume
digital advertising sales and operations responsibility for all
digital assets in the U.S. including readersdigest.com and
familyhandyman.com as well as allrecipes.com, tasteofhome.com and
rachaelraymag.com in her new role as ad sales and operations and
account management for U.S. Affinities.

"We have put together a great team of individuals to accelerate
growth and efficiency and enhance collaboration, effectiveness,
and best practices across all of these U.S. based businesses,"
said Ms. Grimes.  "Lora Gier, Renee Jordan and Amber Dunn have
been highly successful within the Food & Entertaining division,
and we can leverage their talent and experience to drive continued
profitable growth across the U.S. Affinities."

Since Ms. Grimes joined RDA in April 2007, the Food & Entertaining
affinity has seen a 73 percent growth among Every Day with Rachael
Ray, Taste of Home and Allrecipe.com brands in the print, digital
and experiential program.  This increase is due, in part, to the
launch of Digital FEAST, a centralized digital advertising sales
team for the Food & Entertaining Affinity.  This group leverages
multiple titles to best meet advertisers' needs through
innovative, multi-platform campaigns.

At the same time, digital development has soared, with
allrecipes.com achieving the #1 market position as the largest
food Web site in the U.S., while aggressively expanding globally
with site launches in 10 countries.  Taste of Home realized a 61
percent growth for its Web site in the first quarter of 2009
compared to an average growth rate for magazine Web sites of 7.2
percent for the same time period according to Nielsen.

Ms. Gier brings more than 20 years of experience to her position
and led a team in creating customized marketing programs.  She
joined Taste of Home in June 2007 from Conde Nast Publications
(CNP) where she spent ten years as Corporate Sales Director,
responsible for the corporate sales and marketing programs of all
CNP print and digital properties.  Prior to this, Lora managed the
Midwest sales office of Vogue.  She also held key sales management
positions at Globe Media, Esquire, Outside, Spectrum Television
and IT Subscription Television.

Ms. Jordan has served as General Manager for Tasteofhome.com since
June 2007.  She led the planning and execution of the site's re-
launch in December 2007, which has delivered a 160 percent annual
growth in monthly unique visitors (Comscore: December 2008 - 1.9
million unique visitors).  Prior to this role, Ms. Jordan served
as Vice President, Consumer Marketing for Taste of Home and the
company's 12 other Milwaukee-based magazines in the food and
home/garden affinities.  She joined Reader's Digest in 2001 as
Vice President, Circulation Operations.  Prior to joining Reader's
Digest, Renee held consumer marketing and circulation leadership
roles at Primedia, Cowles Business Media, and Fairchild
Publications.

Ms. Dunn is Vice President of Digital FEAST @RDA, the centralized
digital ad sales team created in February 2009 for the Food &
Entertaining Affinity, and has more than a dozen years of
experience in the Internet arena.  Prior to joining Allrecipes,
Amber was Senior Director of Marketing with Kinetix Living, an
early-stage Internet startup, and WildTangent Inc., a casual,
online games company, managing consumer marketing programs.  Her
earlier positions include serving as Senior Director of Product
Management at Classmates Online, and Senior Product Manager at
Reunion.com.

               About The Reader's Digest Association

RDA is a global multi-brand media and marketing company that
educates, entertains and connects audiences around the world.  The
company builds multi-platform communities based on branded
content.  With offices in 44 countries, it markets books,
magazines, and music, video and educational products reaching a
customer base of 130 million in 78 countries.  It publishes 94
magazines, including 50 editions of Reader's Digest, the world's
largest-circulation magazine, operates 65 branded Web sites
generating 22 million unique visitors per month, and sells
40 million books, music and video products across the world each
year.  Its global headquarters are in Pleasantville, N.Y.

Reader's Digest said that as of June 30, 2009, it had total assets
of $2.2 billion against total debts of $3.4 billion.

Reader's Digest, together with its 47 affiliates, filed for
Chapter 11 on August 24 (Bankr. S.D.N.Y. Case No. 09-23529).
Kirkland & Ellis LLP has been engaged as general restructuring
counsel.  Mallet-Prevost, Colt & Mosle LLP has been tapped as
conflicts counsel.  Ernst & Young LLP is auditor.  Miller Buckfire
& Co, LLC, is financial advisor.  AlixPartners, LLC, is
restructuring consultant.  Kurtzman Carson Consultants is notice
and claims agent.

The Official Committee of Unsecured Creditors is tapping BDO
Seidman, LLP, as financial advisor, Trenwith Securities, LLP, as
investment banker and Otterbourg, Steindler, Houston & Rosen,
P.C., as counsel.

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


READER'S DIGEST: Launches New Web Platform in 40 Countries
----------------------------------------------------------
The Reader's Digest Association, Inc. is launching a major new
global initiative to bring its flagship iconic brand into the
international digital arena, it was announced by Eva Dillon,
President, Reader's Digest Community.  The company is rolling out
a new Global Web Platform in more than 40 international markets
including China, where the platform is scheduled to debut live
this week.  The launch is a key part of a wider digital
monetization strategy that will see Reader's Digest leverage its
branded content on a variety of platforms.

Ms. Dillon, the company's global steward for the Reader's Digest
brand, said, "As one of the world's largest producers of original
content, Reader's Digest continues its transformation in creating
a global brand experience online.  This new platform allows each
of our international markets to focus on driving digital revenue
via advertising sales and e-commerce, and creates a compelling
online experience for new and existing customers."

The Global Web Platform is being developed by RDA Interactive
(RDAi), the company's core digital team.  The platform is
launching in the following countries through the end of 2009
including: The Netherlands (in August), China (this week),
followed by Portugal, Spain, Belgium (French and Flemish),
Germany, Austria, Switzerland, Russia, Romania, France, India,
Singapore, Malaysia, Philippines, Hong Kong, Brazil, Australia and
more.

Content re-packaging is a key component of the Global Web
Platform, and the company is looking to leverage its existing
material as well as develop Web-exclusive content going forward.

Amy Radin, Senior Vice President & Chief Marketing Officer, RDA,
to whom RDAi ultimately reports, said: "We have a wealth of high-
quality content from our magazines and books and now have the
ability to truly optimize this for the digital medium.  The new
global platform gives us the ability to create web original
content, encourage user-submitted content and also explore new
content mediums such as video."

The rollout complements the ongoing digital success enjoyed by the
company's U.S. flagship site, http://www.readersdigest.com/

Since January 2009, the site has posted record-breaking traffic
and revenue gains.  Unique visitors were up 82 percent to 2.5
million, and total page views climbed 102 percent to 12 million
versus last year.  Digital advertising revenues are up by over 60
percent with more than 40 new advertisers, which include brands
such as Proctor & Gamble, Campbell's, Unilever and Frito Lay.

               About The Reader's Digest Association

RDA is a global multi-brand media and marketing company that
educates, entertains and connects audiences around the world.  The
company builds multi-platform communities based on branded
content.  With offices in 44 countries, it markets books,
magazines, and music, video and educational products reaching a
customer base of 130 million in 78 countries.  It publishes 94
magazines, including 50 editions of Reader's Digest, the world's
largest-circulation magazine, operates 65 branded Web sites
generating 22 million unique visitors per month, and sells
40 million books, music and video products across the world each
year.  Its global headquarters are in Pleasantville, N.Y.

Reader's Digest said that as of June 30, 2009, it had total assets
of $2.2 billion against total debts of $3.4 billion.

Reader's Digest, together with its 47 affiliates, filed for
Chapter 11 on August 24 (Bankr. S.D.N.Y. Case No. 09-23529).
Kirkland & Ellis LLP has been engaged as general restructuring
counsel.  Mallet-Prevost, Colt & Mosle LLP has been tapped as
conflicts counsel.  Ernst & Young LLP is auditor.  Miller Buckfire
& Co, LLC, is financial advisor.  AlixPartners, LLC, is
restructuring consultant.  Kurtzman Carson Consultants is notice
and claims agent.

The Official Committee of Unsecured Creditors is tapping BDO
Seidman, LLP, as financial advisor, Trenwith Securities, LLP, as
investment banker and Otterbourg, Steindler, Houston & Rosen,
P.C., as counsel.

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


REALOGY CORP: Bank Debt Trades at 15% Off in Secondary Market
-------------------------------------------------------------
Participations in a syndicated loan under which Realogy
Corporation is a borrower traded in the secondary market at 85.36
cents-on-the-dollar during the week ended Sept. 25, 2009,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal.  This represents an increase of 2.11
percentage points from the previous week, The Journal relates The
loan matures on Sept. 30, 2013.  The Company pays 300 basis points
above LIBOR to borrow under the facility.  The bank debt carries
Moody's Caa1 rating and Standard & Poor's CCC- rating.  The debt
is one of the biggest gainers and losers among widely quoted
syndicated loans in secondary trading in the week ended Sept. 25,
among the 149 loans with five or more bids.

Realogy Corporation is one of the largest real estate service
companies in the United States with reported revenues of about
$4.7 billion for the year ended Dec. 31, 2008.  Realogy was
incorporated in January 2006 to facilitate a plan by Cendant
Corporation to separate Cendant into four independent companies -
one for each of Cendant's real estate services, travel
distribution services, hospitality services (including timeshare
resorts), and vehicle rental businesses.  The separation became
effective July 2006.

Headquartered in Parsippany, N.J., Realogy is owned by affiliates
of Apollo Management, L.P., a leading private equity and capital
markets investor.  Realogy fully supports the principles of the
Fair Housing Act.

At March 31, 2009, Realogy had $8.62 billion in total assets,
$9.62 billion in total liabilities, and $997 million in
stockholders' deficit.


REALOGY CORP: S&P Assigns 'C' Rating on $475 Mil. Facility
----------------------------------------------------------
Standard & Poor's Ratings Services said it assigned a 'C' issue-
level rating to Realogy Corp.'s proposed $475 million second-lien
term facility due January 2014 with a recovery rating of '6',
indicating S&P's expectation for negligible (0% to 10%) recovery
for lenders in the event of a payment default.

Upon the closing of the proposed $475 million second-lien term
loan, $150 million of the loan will be issued to Icahn Partners
L.P.  in a privately negotiated transaction in exchange for about
$218 million in face value of Realogy's senior toggle notes due
2014 held by Icahn Partners.  Realogy will receive $325 million in
proceeds from the second-lien term loan (net of the $150 million
issued in exchange for senior toggle notes), which will be used to
repay borrowings under the first-lien credit facilities and for
general corporate purposes.  Upon consummation of the exchange,
Icahn Partners has agreed to sell its remaining senior toggle
notes position, about $93 million in face value, to Realogy
sponsor Apollo Management L.P. for cash.  It will invest the cash
in the new second-lien term loan.

All other ratings on Realogy, including the 'CC' corporate credit
rating, were affirmed.  The rating outlook is negative.

"As a result of Realogy's plan to exchange $150 million of its new
second-lien term loan for about $218 million of its senior toggle
notes at less than par, S&P views the exchange as tantamount to
default given the distressed financial condition of the company,"
said Standard & Poor's credit analyst Emile Courtney.

As a result, upon consummation of the exchange, S&P would lower
the corporate credit rating to 'SD' for selective default from
'CC' and the issue-level rating on the senior toggle notes to 'D'
from 'C'.


REPEATSEAT LTD: Gives Up Business Following Lenders' Claims
-----------------------------------------------------------
RepeatSeat Ltd., its subsidiaries RepeatSeat Inc., Comptrol
Systems, Inc., and its officers and directors have been served a
statement of claim alleging negligent misrepresentation, breach of
contract, negligence and breach of fiduciary duties by its lenders
Roynat Capital Inc., RPS Capital LP, by its general partner
Knightsbridge Capital Partners inc., and Knights Bridge LP by its
general partner Knight's Bridge Capital Partners Inc.  This action
relates to the June 2007 loan made by the lenders to RepeatSeat.
The Company is in the process of preparing its response to this
action.

The claim by the lenders was not anticipated by the Company as it
was operating under the terms of a forbearance agreement with the
lenders dated April 16, 2009, that provided an option for the
Company to convert all outstanding debt owed to the lenders by a
combination of a payment of $630,000 no later than September 30,
2009 and the subsequent conversion of remaining debt to RepeatSeat
equity.

Due to the action, RepeatSeat is unable to proceed with its plan
to convert or purchase the lenders' secured loan position with the
Company.  Consequently, the Company is unable to operate, as
further access to the necessary capital is not available at this
time.  In response to this situation RepeatSeat has effective
September 22, 2009, reached an agreement with an arm's length
independent corporation that will assume the day to day operations
of the Company's key operating divisions notably the online and
mobile movie ticketing platform.  That agreement is for 90 days
with provisions for earlier termination.  RepeatSeat is
financially insolvent and the board has determined that it must
make an assignment pursuant to the Bankruptcy and Insolvency Act
and has retained David Bromwich of Bromwich and Smith, Inc., to
serve as trustee in this regard.

All directors of RepeatSeat have submitted their resignations. The
company also announces the previous resignations of George Watson,
board chairman and Dan Gerritsen, the company's Vice President
Finance and Chief Financial Officer.

                       About RepeatSeat Ltd.

RepeatSeat Ltd. (TSX VENTURE:RPS) -- http://www.repeatseat.com/--
is an interactive entertainment services company, offering private
label ticketing and arcade gaming throughout North America.
RepeatSeat's innovative Ticket Relationship Management (TRMTM)
solutions provide a proprietary portfolio of products to sporting
and live event venues, tour and excursion companies, ski hills and
the vast majority of Canada's movie theatres.  All solutions
feature full end-user data capture and management.


REVETT MINERALS: Posts $1MM Net Loss in Quarter Ended June 30
-------------------------------------------------------------
Revett Minerals Inc. posted a net loss of $1,057,000 for three
months ended June 30, 2009, compared with a net loss of $1,040,000
for the same period in 2008.

For six months ended June 30, 2009, the Company posted a net loss
of $2,491,000 compared with a net loss $2,682,000 for the same
period in 2008.

The Company's balance sheet at June 30, 2009, showed total assets
of $ 71,142,000, total liabilities of $22,183,000 and a
shareholders' equity of $48,959,000.

The Company said that there is substantial doubt about its ability
to continue as a going concern.  The Company noted that at
June 30, 2009, the Company had negative working capital and
incurred a loss.  The Company added that future declines in the
price of copper and silver could result in a further reduction in
working capital and cash flows.

The Company's continuing operations and the underlying value and
recoverability of the mineral property, plant and equipment of the
Troy mine and the Rock Creek property are dependent upon the
existence of economically recoverable mineral reserves, the
ability of the Company to profitability operate the Troy Mine,
obtaining the continued forbearance of its creditors and the
completion of additional financing in order to address its working
capital deficiency, obtaining the necessary financing to complete
exploration and development of the Rock Creek property, obtaining
the necessary operating permits for the Rock Creek property and
future profitable production or sufficient proceeds from the sale
of the Rock Creek property.

A full-text copy of the Company's Form 10-Q is available for free
at http://ResearchArchives.com/t/s?4588

Based in Spokane Valley, Washington, Revett Minerals Inc., through
its subsidiaries, owns and operates the currently producing Troy
Mine and development-stage Rock Creek Project, both located in
northwestern Montana, USA.  The proven reserves at the Troy Mine
and significant resources at the Rock creek project will form the
basis of our plan to become a solid mid-tier base and precious
metals producer.  Revett plans on expanding production through
exploration in and around its current properties, as well as
through targeted business combinations of advanced stage projects.


SANSWIRE CORP: Restates Annual Report to Correct Accounting Errors
------------------------------------------------------------------
Sanswire Corp.'s balance sheet at Dec. 31, 2008, showed total
assets of $3,240,215 and total liabilities of $18,692,369,
resulting in a stockholders' deficit of $15,452,154.

For fiscal year ended Dec. 31, 2008, the Company posted a net loss
of $4,598,273 compared with a net loss of $10,519,861 for the same
period in 2008.

March 30, 2009, Weinberg & Company, P.A. in Boca Raton, Florida
expressed substantial doubt about the Company's ability to
continue as a going concern after auditing the Company's financial
statements for fiscal years ended Dec. 31, 2008, and 2007.  The
auditor noted that the Company experienced net losses and negative
cash flows from operations and expects the losses to continue.
These conditions raise.

Additionally, the Securities and Exchange Commission filed a
lawsuit in the U.S. District Court for the Southern District of
Florida against GlobeTel Communications Corp. and three former
officers of the Company, Timothy J. Huff, Thomas Y. Jimenez and
Lawrence E. Lynch.  The SEC alleges, among other things, that the
Company recorded $119,000,000 in revenue on the basis of
fraudulent invoices created by Joseph Monterosso and Luis Vargas,
two individuals formerly employed by the Company who were in
charge of its wholesale telecommunications business.  The SEC
alleges that the Company violated Sections 5(a), 5(c), and 17(a)
of the Securities Act of 1933, as amended, Sections 10(b), 13(a),
13(b)(2)(A) and 13(b)(2)(B) of the Securities Exchange Act of
1934, as amended, and Rules 10b-5, 12b-20, 13a-1, 13a-11 and 13a-
13 under the Exchange Act.  The SEC seeks as relief a permanent
injunction, civil penalties, and disgorgement with prejudgment
interest.  The Company advised that it intends to defend itself in
this action.  The SEC lawsuit states that the staff is also
considering recommending that the SEC authorize and institute
proceedings to revoke the registration of Company's securities
pursuant to Section 12(j) of the Exchange Act.

The Company filed an amendment to its Annual Report on Form 10-K
for the fiscal years ended Dec. 31, 2008, and 2007, to amend its
initial filings with the SEC.

On Sept. 11, 2009, the Company filed a Form 8-K with the SEC
disclosing that its management concluded that an accounting error
had been made in the Company's historical Dec. 31, 2008 and 2007,
financial statements in relation to the recording of derivative
liabilities related to the conversion feature and associated
warrants issued with convertible notes during 2006, 2007, and
2008.  As a result, the Company's financial statements for the
years ended Dec. 31, 2008 and 2007, must be restated.

A full-text copy of the Company's Form 10-K/A is available for
free at http://ResearchArchives.com/t/s?457c

A full-text copy of the Company's Form 10-K is available for free
at http://ResearchArchives.com/t/s?4580

Sanswire Corp. (OTC:SNSR) fka GlobeTel Communications Corp. is
focused on the design, construction and marketing of various
aerial vehicles most of which would be capable of carrying
payloads that provide persistent surveillance and security
solutions at various altitudes.  The airships and auxiliary
products are intended for end users that include military, defense
and government-related entities.  The Company seeks to build and
run a UAV business that includes low-, mid- and high-altitude,
lighter-than-air vehicles; adding value to their security,
surveillance and broadcasting abilities through the integration of
wireless technologies with an array of customer payloads.


SCOTTISH HILLS: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: Scottish Hills Development Corp.
        679 Grants Ferry Road
        Brandon, MS 39047

Bankruptcy Case No.: 09-03349

Chapter 11 Petition Date: September 24, 2009

Court: United States Bankruptcy Court
       Southern District of Mississippi
       (Jackson Divisional Office)

Judge: Neil P. Olack

Debtor's Counsel: Eileen N. Shaffer, Esq.
                  PO Box 1177
                  Jackson, MS 39215-1177
                  Tel: (601) 969-3006
                  Fax: (601) 949-4002
                  Email: enslaw@bellsouth.net

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

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

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

The petition was signed by Robert Houston, president of the
Company.


SERVICE MASTER: Bank Debt Trades at 10.53% Off in Secondary Market
------------------------------------------------------------------
Participations in a syndicated loan under which The ServiceMaster
Co. is a borrower traded in the secondary market at 89.47 cents-
on-the-dollar during the week ended Sept. 25, 2009, according to
data compiled by Loan Pricing Corp. and reported in The Wall
Street Journal.  This represents an increase of 0.81 percentage
points from the previous week, The Journal relates The loan
matures on July 24, 2014.  The Company pays 300 basis points above
LIBOR to borrow under the facility.  The bank debt carries Moody's
B1 rating and Standard & Poor's B+ rating.  The debt is one of the
biggest gainers and losers among widely quoted syndicated loans in
secondary trading in the week ended Sept. 25, among the 149 loans
with five or more bids.

The ServiceMaster Co. -- http://www.servicemaster.com/-- serves
residential and commercial customers through a network of over
5,500 company-owned locations and franchised licenses.  The
Company's brands include TruGreen, TruGreen LandCare, Terminix,
American Home Shield, ServiceMaster Clean, Merry Maids, Furniture
Medic, and AmeriSpec.  The core services of the Company include
lawn care and landscape maintenance, termite and pest control,
home warranties, disaster response and reconstruction, cleaning
and disaster restoration, house cleaning, furniture repair, and
home inspection.


SFD@HOLLYWOOD: LLC Owner Has Right to Intervene in Claim Objection
------------------------------------------------------------------
WestLaw reports that an equity holder in a limited liability
company that had filed for Chapter 11 relief, having been
designated by statute as a "party in interest" with a right to
appear and be heard on any issue in the case, had a right to
intervene in a contested matter arising out of an objection to a
creditor's claim, especially where the equity holder had a direct
financial stake in the outcome of the contested matter, as
potentially affecting whether there was any surplus available
after payment of creditors for the equity holders.  In re
SFD@Hollywood, LLC, --- B.R. ----, 2009 WL 2903572 (Bankr. S.D.
Fla.) (Ray, J.).

On October 14, 2008, SFD@Hollywood, LLC, the developer of
Hollywood's Great Southern Hotel, filed a voluntary Chapter 11
petition (Bankr. S.D. Fla. Case No. 08-25185), represented by
Thomas M. Messana, Esq., at Messana Weinstein & Stern, P.A., in
Fort Lauderdale.  The Debtor's schedules identify Ocean Bank as
holding a $2 million secured claim against real property valued at
approximately $6 million.  The schedules also disclose $90,000 in
priority claims and $150,000 in general unsecured claims.
Accordingly, the Debtor asserts that this case could result in
equity security holders receiving a distribution.


SIMMONS COMPANY: To File for Ch. 11; Sell Biz to Ares & TPC
-----------------------------------------------------------
Simmons Company and its indirect subsidiary Simmons Bedding
Company, a manufacturer of premium-branded bedding products, on
September 25 said their Boards of Directors have approved a
restructuring plan under which they have entered into an agreement
that provides for the acquisition of Simmons Bedding and all of
its subsidiaries, as well as its parent Bedding Holdco
Incorporated, by certain affiliates of Ares Management LLC and
Teachers' Private Capital, the private investment arm of the
Ontario Teachers' Pension Plan.

As part of the restructuring of its debt obligations and the
related transaction, Simmons will reduce its total indebtedness
from approximately $1 billion to approximately $450 million.

Simmons will emerge from this process with a stronger balance
sheet and increased financial flexibility.

The transaction is comprised of total consideration of
approximately $760 million, including equity from the purchaser
and certain of Simmons' and Simmons Bedding's current lenders as
well as debt commitments from certain of Simmons' and Simmons
Bedding's current lenders.  Further, a significant majority of
noteholders of Simmons and Simmons Bedding have agreed to support
the plan, including holders of 75.4% of Simmons Bedding's $200
million 7.875% senior subordinated notes and 72.6% of Simmons'
10% discount notes.

Stephen G. Fendrich, Simmons Bedding's President and Chief
Operating Officer, commented, "The purchase agreement we have
executed and the support we have secured from our noteholders for
this restructuring plan underscore the strength of the Simmons
brand, our strong performance in the marketplace, and the value of
the strategic and operational investments we have made in our
business, people and processes over the past several years.
Simmons Bedding is firmly positioned as an industry leader and
under this plan will retain its own identity and operational
structure, have a newly strengthened balance sheet, and will
remain committed to bringing innovative bedding products to
our customers. I am extremely pleased that the plan protects our
employees and provides for our senior lenders and suppliers to be
paid in full."

Mr. Fendrich continued, "I want to thank our employees and
advisors who have worked very hard in the face of an unprecedented
industry downturn to bring us to this significant and welcome
milestone, and I extend thanks as well to all of the stakeholders
who continue to play a part in ensuring that our business operates
as usual as we complete this process.  Our new investors
understand our industry and recognize that Simmons Bedding is a
great North American manufacturer; we look forward to working with
them to build upon its 139 year history of innovation, quality and
service in the bedding industry."

                      The Restructuring Plan

Under the plan, all of Simmons Bedding's trade vendors, suppliers,
employees and senior bank lenders will be paid in full, while each
holder of Simmons' senior subordinated notes will be entitled to
receive its pro rata share of $190 million in cash and each holder
of Simmons' discount notes will be entitled to receive its pro
rata share of $15 million in cash (which amount may be invested in
the equity of a new indirect holding company for Simmons Bedding
by holders of the discount notes who satisfy investment
requirements designed to assure compliance with securities laws
and specified in the plan).

Each of the senior subordinated notes and discount notes
distribution is subject to adjustment in certain circumstances.
Simmons and its domestic subsidiaries expect to launch a formal
process to solicit votes for its pre-packaged plan from the senior
bank lenders and the holders of the senior subordinated notes and
discount notes as soon as solicitation materials are ready. The
solicitation process is expected to be completed within 30 days
after launching.

Following the solicitation period, and to implement the
restructuring, Simmons and its domestic subsidiaries intend to
commence Chapter 11 cases under the U.S. Bankruptcy Code and seek
confirmation of the pre-packaged plan.  While the anticipated
bankruptcy filings will not include Simmons Bedding's subsidiaries
in Canada and Puerto Rico, these operations will be acquired under
the terms of the purchase agreement.  In connection with the plan,
Simmons Bedding also has arranged for a $35 million debtor in
possession revolving credit facility with certain lenders,
pursuant to which Deutsche Bank Trust Company Americas will act as
the administrative agent and collateral agent and Deutsche Bank
Securities Inc. will act as the sole book runner and lead
arranger.  Throughout the restructuring process, Simmons Bedding
expects to continue normal operations under its current ownership
structure and does not anticipate any changes to its overall
business or its ability to meet its customers' needs.

                       The Transaction

Ares and Teachers', the owner of National Bedding Company LLC, the
largest manufacturer of bedding under the Serta brand name in
North America, intend to operate Simmons Bedding and Serta as
separate and distinct entities that will continue to compete with
one another in the market.  The two companies will retain their
unique corporate and brand identities, product lines and
management teams.

Bennett Rosenthal, Senior Partner at Ares Management LLC,
commented, "Simmons' prestigious brand name, innovative products,
strong and experienced management, as well as positive
fundamentals we see for the industry, are characteristics that
make it a very attractive investment to us.  As such, our
goal is to enhance these attributes by keeping Simmons Bedding a
separate and distinct company, and a complementary investment to
our existing holding in Serta. We believe that the resiliency
Simmons Bedding has shown during these turbulent times is a sign
of its strength that should be apparent to all of
its key stakeholders."

Erol Uzumeri, Senior Vice-President, Teachers' Private Capital,
stated, "As long-term investors, we seek companies with proven
talent throughout the organization and a strong franchise.
Simmons' historical performance is excellent when measured against
our core investment criteria and we are confident this investment
will deliver sustainable value."

The transaction is subject to customary terms and conditions,
confirmation of the plan by the Bankruptcy Court and expiration of
the waiting period under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976, pursuant to which the Federal Trade
Commission is currently reviewing the proposed transaction.

A copy of the Plan Sponsor Agreement is available for free at:

          http://researcharchives.com/t/s?45a6

Weil, Gotshal & Manges LLP is acting as legal counsel and Miller
Buckfire & Co., LLC is acting as financial advisor to Simmons.
Sullivan & Cromwell LLP is acting as legal counsel and Goldman,
Sachs & Co., is acting as financial advisor to Ares and Teachers'.

                     About Ares Management

Ares Management -- http://www.aresmgmt.com/-- is an SEC-
registered investment adviser and alternative asset manager with
total committed capital under management of approximately $29
billion as of June 2009.  With complementary pools of capital in
private equity, private debt and capital markets, Ares Management
has the ability to invest across all levels of a company's capital
structure -- from senior debt to common equity -- in a variety of
industries in a growing number of international markets.  The Ares
Private Equity Group has a proven track record of partnering with
high quality, middle-market companies and creating value with its
flexible capital such as Serta. Other notable current investments
include General Nutrition Centers, Inc., Hanger Orthopedic Group,
Inc. (NYSE: HGR) and Maidenform Brands, Inc. (NYSE: MFB).  The
firm is headquartered in Los Angeles with approximately 250
employees and professionals located across the United States and
Europe.

                  About Teachers' Private Capital

With $15 billion in invested and committed capital, Teachers'
Private Capital is one of the world's largest private equity
investors.  It is the private investment arm of the $90 billion
Ontario Teachers' Pension Plan, the largest single-profession
pension plan in Canada.  The Ontario Teachers' Pension Plan
is an independent corporation responsible for investing the fund
and administering the pensions of Ontario's 278,000 active and
retired teachers.

                       About Simmons Company

Simmons Company -- http://www.simmons.com/-- is one of the top
three US mattress makers alongside rivals Sealy and Serta.

Simmons Bedding Company is the indirect subsidiary of Simmons
Company.  Simmons Bedding manufactures and markets a broad range
of products including Beautyrest(R), Beautyrest Black(R),
Beautyrest Studio(TM), ComforPedic by Simmons(TM), ComforPedic
Loft(TM), Natural Care(R), Beautyrest Beginnings(TM) and
BeautySleep(R).  Simmons Bedding operates 19 conventional bedding
manufacturing facilities and two juvenile bedding manufacturing
facilities across the United States, Canada and Puerto Rico.
Simmons Bedding also serves as a key supplier of beds to many of
the world's leading hotel groups and resort properties.  Simmons
Bedding is committed to developing superior mattresses and
promoting a higher quality sleep for consumers around the world.

As of June 27, 2009, Simmons Co. had $895.9 million in total
assets and $1.26 million in total liabilities, resulting in
stockholder's deficit of $367.5 million.


SK PLAZA LLC: Case Summary & 5 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: SK Plaza LLC
        886 Fallen Leaf Rd
        Arcadia, CA 91006

Bankruptcy Case No.: 09-35834

Chapter 11 Petition Date: September 24, 2009

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

Judge: Samuel L. Bufford

Debtor's Counsel: Kyungsoo Ken Park, Esq.
                  3600 Wilshire Blvd, Ste. 1722
                  Los Angeles, CA 90010
                  Tel: (213) 427-9727
                  Fax: (213) 427-9757

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
5 largest unsecured creditors, is available for free at:

            http://bankrupt.com/misc/cacb09-35834.pdf

The petition was signed by Theodore C. Yoon, manager of the
Company.


SNIZHANA WILLIS: Case Summary & 6 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Snizhana Willis
           aw Island Shore Services LLC
        9311 Cherokee Lane
        Beverly Hills, CA 90210

Bankruptcy Case No.: 09-35741

Chapter 11 Petition Date: September 23, 2009

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

Judge: Barry Russell

Debtor's Counsel: James R. Selth, Esq.
                  Weintraub & Selth, APC
                  12121 Wilshire Bvd, Ste 1300
                  Los Angeles, CA 90025
                  Tel: (310) 207-1494
                  Fax: (310) 207-0660
                  Email: jim@wsrlaw.net

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

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

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

            http://bankrupt.com/misc/cacb09-35741.pdf

The petition was signed by Snizhana Willis.


SPLINTERNET HOLDINGS: Add'l. Financing Raise Going Concern Doubt
----------------------------------------------------------------
Splinternet Holdings, Inc., posted a net loss of $282,830 for
three months ended June 30, 2009, compared with a net loss of
$515,010 for the same period in 2008.

For six months ended June 30, 2009, the Company posted a net loss
of $599,623 compared with a net loss of $773,912 for the same
period in 2008.

The Company's balance sheet at June 30, 2009, showed total assets
of $3,024,382, total liabilities of $706,329 and a stockholders'
equity of $2,318,053.

The Company related that it has a history of substantial operating
losses and an accumulated deficit of $4,339,106 as of June 30,
2009.  The Company has historically experienced cash flow
difficulties because expenses have exceeded revenues.  The Company
expects to incur additional operating losses for the immediate
near future.

The Company added that if it is unable to generate sufficient
revenue from its operations to pay expenses or its unable to
obtain additional financing on commercially reasonable terms, its
business, financial condition and results of operations will be
materially and adversely affected and it could be forced to cease
operations.

A full-text copy of the Company's Form 10-Q is available for free
at http://ResearchArchives.com/t/s?4581

Splinternet Holdings, Inc. (OTC:SLNH) through its subsidiary,
Splinternet Communications, Inc., is engaged in developing voice
over Internet protocol technology and services, which enable
customers to make phone calls utilizing the Internet as an
alternative to the traditional public switched telephone network.
On April 30, 2008, the Company acquired Vidiation, Inc., a
radiation detection sales and marketing company.

                        Going Concern Doubt

on April 13, 2009, McGladrey & Pullen, LLP, in New York City
expressed substantial doubt about Splinternet Holdings, Inc. 's
ability to continue as a going concern after auditing the
Company's financial statements for the fiscal years ended Dec. 31,
2008, and 2007.  The auditor noted that the Company has recurring
losses from operations and a working capital deficiency at
Dec. 31, 2008.


SPRINGDALE CIVIC CENTER: Case Summary & 3 Largest Unsec. Creditors
------------------------------------------------------------------
Debtor: Springdale Civic Center, LLC
        2323-D S. Old Missouri Rd.
        Springdale, AR 72764

Bankruptcy Case No.: 09-74791

Chapter 11 Petition Date: September 23, 2009

Court: United States Bankruptcy Court
       Western District of Arkansas (Fayetteville)

Judge: Ben T. Barry

Debtor's Counsel: Stanley V. Bond, Esq.
                  Attorney at Law
                  P.O. Box 1893
                  Fayetteville, AR 72701-1893
                  Tel: (479) 444-0255
                  Fax: (479) 444-7141
                  Email: attybond@me.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
3 largest unsecured creditors, is available for free at:

            http://bankrupt.com/misc/arwb09-74791.pdf

The petition was signed by Edward J. Vega, member of the Company.


SUN-TIMES MEDIA: Liquidators May Win Auction Absent CBA Changes
---------------------------------------------------------------
As reported by the Troubled Company Reporter on September 25,
Sun-Times Media Group Inc. won approval from the Bankruptcy Court
to conduct an auction where a group led by James C. Tyree will be
the lead bidder with an offer valued at $26.5 million.

Sun-Times Media will sell its business to James C. Tyree-led
STMG Holdings LLC, absent higher and better bids at an auction on
October 7.  The Debtors will seek the Court's approval of the
results of the auction on Oct. 8.

"One more step, an important one, has been taken in our process to
acquire the Chicago Sun-Times and its sister papers," STMG said in
a statement in connection with the approval of the bid procedures.

STMG noted, however that there are still several hurdles,
including four major ones.

"First, the agreement requires that no material adverse change
occur to the business between now and closing.  Second, it is
contingent upon the approval of amendments to the collective
bargaining agreements by each of the company's unions.  Third, we
must be the successful bidder at the company's upcoming auction on
October 7.  Fourth, time is of the essence -- the longer the
process takes, the less likely it is that we will be able to
succeed."

In connection with the objections from unions about the required
paycuts, STMG stated, "We understand the concerns of union members
about the amendments that we believe are necessary to save the
papers.  We are hopeful that as all facts become known, union
members will realize that we are supporters of organized labor,
not adversaries. We have proposed the only solution we know that
will give us a chance to retain 1,800 jobs, including over 600
union positions.  We have not suggested concessions beyond those
we truly believe are necessary to turn the business around."

STMG noted that at the Sept. 24 hearing, the judge agreed that
liquidation bidders, who might seek to buy and sell off the assets
of the Sun-Times, would be allowed to submit qualified bids to
compete with bids like ours that seek to continue operating the
newspapers.  Furthermore, representatives of the Sun-Times'
biggest competitor were in the courtroom.

STMG said that to protect the future of the Sun-Times Media Group
business, however, it is crucial for us to achieve the union
amendments promptly for a closing as quickly as possible after the
October 8 sale hearing.

                       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.


SUNGARD DATA: Bank Debt Trades at 3% Off in Secondary Market
------------------------------------------------------------
Participations in a syndicated loan under which SunGard Data
Systems, Inc., is a borrower traded in the secondary market at
96.92 cents-on-the-dollar during the week ended Friday, Sept. 25,
2009, according to data compiled by Loan Pricing Corp. and
reported in The Wall Street Journal.  This represents an increase
of 0.67 percentage points from the previous week, The Journal
relates The loan matures on Feb. 28, 2016.  The Company pays 362.5
basis points above LIBOR to borrow under the facility.  The bank
debt carries Moody's Ba3 rating while it carries Standard & Poor's
BB rating.  The debt is one of the biggest gainers and losers
among widely quoted syndicated loans in secondary trading in the
week ended Sept. 25, among the 149 loans with five or more bids.

SunGard Data Systems, Inc., headquartered in Wayne, Pennsylvania,
is a provider of software and IT services to the financial
services industry well as higher education institutions and the
public sector.  SunGard also provides disaster recovery/business
continuity services through its Availability Services division.

As stated by the Troubled Company Reporter on Sept. 1, 2009,
Moody's Investors Service assigned a Ba3 rating to SunGard Data
System's $2.7 billion senior secured term loan B.  Concurrently,
Moody's affirmed SunGard's B2 corporate family and probability of
default ratings, along with its SGL-2 speculative grade liquidity
rating.  These actions follow the company's amendment of its
credit agreement with its lenders.  The rating outlook remains
stable.

The amendment dated June 9, 2009 extended the maturity date of the
company's $2.7 billion term loan B to February 28, 2016.  The $2.7
billion term loan B was carved out of the company's original $4.2
billion term loan facility maturing February 28, 2014.  The credit
agreement amendment also reduced the existing revolving credit
facility to $829 million from $1 billion and extended the maturity
date to May 11, 2013.  Finally, the amendment also amended certain
other provisions of the Credit Agreement, including provisions
relating to negative covenants and financial covenants.

Standard & Poor's Ratings Services rates (i) SunGard's corporate
rating at 'B+', and its (ii) $2.7 billion tranche B secured term
loan maturing Feb. 28, 2016, and the $580 million secured
revolving credit facility maturing May 11, 2013, at 'BB'.


SUNWEST MANAGEMENT: Blackstone Agrees on Terms of Purchase
----------------------------------------------------------
Mark Heschmeyer at CoStar Group reports that Blackstone Real
Estate Advisors has agreed on the terms of the purchase of up to
148 senior living properties controlled and managed by Sunwest
Management.

CoStar relates that Blackstone is partnering with Emeritus Senior
Living, which would be appointed as manager of the newly acquired
facilities once the transaction is complete.  Emeritus, says
CoStar, will also have the option to invest up to 10% of the
equity in the joint venture entity along with Blackstone and
Columbia Pacific.

Founded in Oregon in 1991, Sunwest Management --
http://www.sunwestmanagement.com/-- is one of the largest private
senior living providers in the country and is a significant Oregon
employer.

In March 2009, U.S. District Judge Michael Hogan appointed Michael
Grassmueck as receiver after the Securities and Exchange
Commission filed suit against Sunwest and former CEO Jon Harder,
alleging securities fraud.

The Company engaged Clyde Hamstreet as chief restructuring officer
in late November 2008 to serve as CRO, an appointment continued in
March by the U.S. District Court after the SEC lawsuit was filed.

Sunwest Management has put 10 assisted living centers -- two in
Oregon -- into Chapter 11 bankruptcy.  Briarwood Retirement and
Assisted Living Community LLC, which owns a retirement center in
Springfield, and Century Fields Retirement and Assisted Living
Community LLC, which owns a center in Lebanon, filed for Chapter
11 on Aug. 19, 2008.  On Aug. 17, 2008, eight Sunwest-affiliated
LLCs filed for Chapter 11 bankruptcy protection from creditors in
Tennessee.


SWIFT TRANSPORTATION: Bank Debt Trades at 17% Off
-------------------------------------------------
Participations in a syndicated loan under which Swift
Transportation Co., Inc., is a borrower traded in the secondary
market at 83.14 cents-on-the-dollar during the week ended
Sept. 25, 2009, according to data compiled by Loan Pricing Corp.
and reported in The Wall Street Journal.  This represents an
increase of 1.48 percentage points from the previous week, The
Journal relates.  The loan matures on March 15, 2014.  The Company
pays 325 basis points above LIBOR to borrow under the facility.
The bank debt carries Moody's B3 rating and Standard & Poor's B-
rating.  The debt is one of the biggest gainers and losers among
widely quoted syndicated loans in secondary trading in the week
ended Sept. 25, among the 149 loans with five or more bids.

Swift Transportation Co., Inc. -- http://www.swifttrans.com/--
hauls freight such as building materials, paper products, and
retail merchandise throughout the US and in Mexico.  The Company
operates a fleet of about 18,000 tractors and 48,000 trailers from
a network of about 40 terminals.  Its services include dedicated
contract carriage, in which drivers and equipment are assigned to
a customer long-term.  Besides standard dry ans, Swift's fleet
includes refrigerated, flatbed, and other specialized trailers, as
well as about 5,800 intermodal containers.  Chairman and CEO Jerry
Moyes owns the company, which he founded in 1966, took public, and
took private again in 2007.


TAVERN ON THE GREEN: Workers to Protest Revised Labor Pact
----------------------------------------------------------
rimag.com reports that a group Tavern on the Green LP workers and
their supporters will gather outside the restaurant to protest the
revised labor contract proposed by Dean Poll, who will take over
the Company's operating license in 2010.  The New York Times
relates that Mr. Poll's proposal would cancel out most of the
provisions of the current contract.

Tavern on the Green LP is the operator of the 75-year-old
restaurant in New York's Central Park.  The Company filed for
Chapter 11 on September 9, 2009 (Bankr. S.D.N.Y. Case No. 09-
15450).  It listed assets and debts of as much as $50 million
each.


TEXANS CUSO: Gets Temporary Access to Credit Union Cash Collateral
------------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas
authorized, on an interim basis, Texans CUSO Insurance Group LLC
to:

   -- use cash securing repayment of loan from Texans Commerical
      Capital, LLC, nka Credit Union Liquidity services, LLC; and

   -- grant adequate protection to CULS.

As reported in the Troubled Company Reporter on Sept. 17, 2009,
Credit Union Times said that the final cash collateral hearing
is set for October 8.

The Debtor will use the cash collateral for the operation of its
business.

The Debtor owed CULS $15 million pursuant to a loan agreement
dated Jan. 3, 2007.  The loan is secured by substantially all of
the Debtor's assets.

As adequate protection, CULS will be provided: (a) replacement
liens; and (b) superpriority administrative expense claim.

The Debtor's use of cash collateral will expire upon the earliest
of: (i) the end of the forecast period; (ii) the Court's entry of
an order finding a violation, or an event of default; (iii) the
Court's order authorizing and providing postpetition financing;
(iii) the Court order corting or dismissing the case.

                 About Texans CUSO Insurance Group

Texans CUSO Insurance Group LLC, fka Curley Insurance Group, is a
nonprofit credit union and a subsidiary of Texans Credit Union.
The Company and its affiliates filed for Chapter 11 bankruptcy
protection on September 5, 2009 (Bankr. N.D. Texas Case No. 09-
35981).  Scott Mark DeWolf, Esq., at Rochelle McCullough L.L.P.
assists the Debtors in their restructuring efforts.  Texans CUSO
listed $10,000,001 to $50,000,000 in assets and $10,000,001 to
$50,000,000 in liabilities.


TOPS HOLDING: S&P Assigns Corporate Credit Rating at 'B'
--------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'B'
corporate credit rating to both Tops Holding Corp. and its
subsidiary Tops Markets LLC.  At the same time, S&P assigned its
'B' issue-level rating, with a recovery of '3' to the company's
proposed $250 million senior secured notes.  The '3' recovery
rating indicates S&P's expectation of a meaningful (50%-70%)
likelihood of recovery in the event of a payment default.  The
notes are co-issued by Tops Holding Corp. and Tops Markets LLC.
The proceeds from the notes, along with $13.5 million of
borrowings under a new $70 million asset-based loan revolving
facility, will be used to refinance existing debt, pay a
$80 million dividend to the shareholders, extend maturities, and
eliminate existing maintenance covenants.

"The ratings reflect Tops' participation in a very competitive
supermarket industry, its concentration in New York, its short
track record of operating independently, and a highly leveraged
capital structure with thin cash flow protection measures," said
Standard & Poor's credit analyst Mariola Borysiak.

Tops is a grocery retailer, operating 71 supermarkets primarily in
the Buffalo and Rochester, New York, markets, where it has an
approximate 32% market share.


TRIBUNE CO: Bank Debt Trades at 50% Off in Secondary Market
-----------------------------------------------------------
Participations in a syndicated loan under which Tribune Co. is a
borrower traded in the secondary market at 50.34 cents-on-the-
dollar during the week ended Friday, Sept. 25, 2009, according to
data compiled by Loan Pricing Corp. and reported in The Wall
Street Journal.  This represents an increase of 0.76 percentage
points from the previous week, The Journal relates.  The loan
matures May 17, 2014.  Tribune pays 300 basis points above LIBOR
to borrow under the facility.  Moody's has withdrawn its rating on
the bank debt, while it is not rated by Standard & Poor's.  The
debt is one of the biggest gainers and losers among widely quoted
syndicated loans in secondary trading in the week ended Sept. 25,
among the 149 loans with five or more bids.

Headquartered in Chicago, Illinois, Tribune Co. --
http://www.tribune.com/-- is a media company, operating
businesses in publishing, interactive and broadcasting, including
ten daily newspapers and commuter tabloids, 23 television
stations, WGN America, WGN-AM and the Chicago Cubs baseball team.

The Company and 110 of its affiliates filed for Chapter 11
protection on Dec. 8, 2008 (Bankr. D. Del. Lead Case No. 08-
13141).  The Debtors proposed Sidley Austion LLP as their counsel;
Cole, Schotz, Meisel, Forman & Leonard, PA, as Delaware counsel;
Lazard Ltd. and Alvarez & Marsal North Americal LLC as financial
advisors; and Epiq Bankruptcy Solutions LLC as claims agent.  As
of Dec. 8, 2008, the Debtors have $7,604,195,000 in total assets
and $12,972,541,148 in total debts.

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


TRIDENT RESOURCES: Has Until October 23 to File Schedules and SOFA
------------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware extended
until Oct. 23, 2009, Trident Resources Corp. and its debtor-
affiliates' time to file its schedules of assets and liabilities
and statement of financial affairs.

Calgary, ALberta-based Trident Resources Corp. operates a natural
gas exploration and development company.  The Company and its
affiliates filed for Chapter 11 on Sept. 8, 2009 (Bankr. D. Del.
Case Nos. 09-13150 to 09-13154).  In their petition, the Debtors
listed $10,000,001 to $50,000,000 in assets and $500,000,001 to
$1,000,000,000 in debts.


TRIDENT RESOURCES: Taps Garden City as Claims and Noticing Agent
----------------------------------------------------------------
Trident Resources Corp. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Delaware for authority to
employ The Garden City Group, Inc., as claims, noticing and
balloting agent.

GCG will, among other things:

   -- provide expertise, consultation, and assistance in claim and
      ballot processing and other administrative services with
      respect to the Chapter 11 cases;

   -- assist the Debtors in preparing and filing their schedules
      of assets and liabilities, schedules of executory contracts
      and unexpired leases, and statement of financial affairs;
      and

   -- assist the Debtors in the reconciliation and resolution of
      claims.

The compensation of GCG was not disclosed in the court document.

To the best of the Debtors' knowledge, GCG is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

Calgary, ALberta-based Trident Resources Corp. operates a natural
gas exploration and development company.  The Company and its
affiliates filed for Chapter 11 on Sept. 8, 2009 (Bankr. D. Del.
Case Nos. 09-13150 to 09-13154).  In their petition, the Debtors
listed $10,000,001 to $50,000,000 in assets and $500,000,001 to
$1,000,000,000 in debts.


TRONOX INC: Huntsman Seeks Antitrust Clearance for Purchase
-----------------------------------------------------------
Huntsman Corporation and Tronox Incorporated have made the U.S.
filings required under the Hart-Scott-Rodino Antitrust
Improvements Act in connection with its recently signed asset and
equity purchase agreement pursuant to which its wholly-owned
subsidiary Huntsman Pigments LLC has agreed to acquire certain
assets of Tronox and its subsidiaries under 11 U.S.C. Sec. 363 for
$415 million, including working capital.

Huntsman and Tronox have already been engaged in discussions with
the Federal Trade Commission.

The Huntsman and Tronox HSR filings follow the order by the
Bankruptcy Court for the Southern District of New York approving
the bidding procedures and granting certain benefits and bid
protections to Huntsman in its role as stalking horse bidder,
including a break-up fee and expense reimbursement.

A stalking horse bid is a binding proposal for a bankrupt
company's assets from an interested buyer chosen by the bankrupt
company, subject to a higher offer through an auction process
approved by the bankruptcy court.  If Huntsman is ultimately
approved by the bankruptcy court as the buyer and the sale is
approved, Huntsman's completion of the proposed acquisition of the
assets of Tronox as agreed remains subject to customary antitrust
and other regulatory approvals.

Huntsman has also initiated comparable approval processes in other
jurisdictions.

                          About Huntsman

Huntsman Corporation (NYSE: HUN) -- http://www.huntsman.com/-- is
a global manufacturer and marketer of differentiated chemicals.
Its operating companies manufacture products for a variety of
global industries, including chemicals, plastics, automotive,
aviation, textiles, footwear, paints and coatings, construction,
technology, agriculture, health care, detergent, personal care,
furniture, appliances and packaging.  Originally known for
pioneering innovations in packaging and, later, for rapid and
integrated growth in petrochemicals, Huntsman today has more than
12,000 employees and operates from multiple locations worldwide.
The Company had 2008 revenues exceeding US$10 billion.

                         About Tronox Inc.

Headquartered in Oklahoma City, Tronox Incorporated (Pink Sheets:
TRXAQ, TRXBQ) is the world's fourth-largest producer and marketer
of titanium dioxide pigment, with an annual production capacity of
535,000 tonnes.  Titanium dioxide pigment is an inorganic white
pigment used in paint, coatings, plastics, paper and many other
everyday products.  The Company's four pigment plants, which are
located in the United States, Australia and the Netherlands,
supply high-performance products to approximately 1,100 customers
in 100 countries.  In addition, Tronox produces electrolytic
products, including sodium chlorate, electrolytic manganese
dioxide, boron trichloride, elemental boron and lithium manganese
oxide.

Tronox has $1.6 billion in total assets, including $646.9 million
in current assets, as at September 30, 2008.  The Company has
$881.6 million in current debts and $355.9 million in total
noncurrent debts.

Tronox Inc., aka New-Co Chemical, Inc., and 14 other affiliates
filed for Chapter 11 protection on January 13, 2009 (Bankr. S.D.
N.Y. Case No. 09-10156).  The case is before Hon. Allan L.
Gropper. Richard M. Cieri, Esq., Jonathan S. Henes, Esq., and
Colin M. Adams, Esq., at Kirkland & Ellis LLP in New York,
represent the Debtors.  The Debtors also tapped Togut, Segal &
Segal LLP as conflicts counsel; Rothschild Inc. as investment
bankers; Alvarez & Marsal North America LLC, as restructuring
consultants; and Kurtzman Carson Consultants serves as notice and
claims agent.

An official committee of unsecured creditors and an official
committee of equity security holders have been appointed in the
cases.  The Creditors Committee has retained Paul, Weiss, Rifkind,
Wharton & Garrison LLP as counsel.

Until September 30, 2008, Tronox Inc. was publicly traded on the
New York Stock Exchange under the symbols TRX and TRX.B.  Since
then, Tronox Inc. has traded on the Over the Counter Bulletin
Board under the symbols TROX.A.PK and TROX.B.PK.  As of
December 31, 2008, Tronox Inc. had 19,107,367 outstanding shares
of class A common stock and 22,889,431 outstanding shares of class
B common stock.

Bankruptcy Creditors' Service, Inc., publishes Tronox Bankruptcy
News.  The newsletter tracks the Chapter 11 proceeding undertaken
by Tronox Inc. and its 14 affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


TV-32 DIGITAL VENTURES: Case Summary & 2 Largest Unsec. Creditors
-----------------------------------------------------------------
Debtor: TV-32 Digital Ventures Inc.
        1010 Corporation Way
        Palo Alto, CA 94303-4304

Bankruptcy Case No.: 09-58098

Chapter 11 Petition Date: September 23, 2009

Court: United States Bankruptcy Court
       Northern District of California (San Jose)

Judge: Arthur S. Weissbrodt

Debtor's Counsel: Matthew J. Shier, Esq.
                  Pinnacle Law Group
                  425 California, St. #1800
                  San Francisco, CA 94104
                  Tel: (415) 394-5700
                  Email: mshier@pinnaclelawgroup.com

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

Estimated Debts: $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/canb09-58098.pdf

The petition was signed by Booker T. Wade Jr., president of the
Company.


UNITED SECURITY: Opts to Defer Payments to Trust Preferred Holders
------------------------------------------------------------------
United Security Bancshares' (Nasdaq: UBFO) Board of Directors has
elected to defer interest payments on the Company's $15.0 million
of junior subordinated debentures relating to its trust preferred
securities beginning with the next interest payment date of
October 1, 2009.

The terms of the debentures and trust indentures allow for the
Company to defer interest payments for up to 20 consecutive
quarters without default or penalty. During the period that the
interest deferrals are elected, the Company will continue to
record interest expense associated with the debentures.  Upon the
expiration of the deferral period, all accrued and unpaid interest
will be due and payable.  During the deferral period, the Company
is precluded from paying cash dividends to shareholders or
repurchasing its stock.

The election to defer interest payments on the junior subordinated
debentures will allow the Company to maintain a stronger cash and
liquidity position.  "The decision to defer interest payments is
one that we took quite seriously, and was made after careful
consideration of the challenges current market conditions pose for
the Company," said Dennis R. Woods, President and Chief Executive
Officer.  Mr. Woods added, "Although the Company's capital level,
regulatory capital ratios and core earnings remain strong, we
believe our actions in this challenging economic environment are
in the best long-term interest of our shareholders and customers."

At June 30, 2009, all of the Company's capital ratios were above
the "well capitalized" minimums under regulatory guidelines, with
total risk-based capital ratio at 13.0% and the Tier 1 leverage
ratio at 11.2%.

United Security Bancshares -- http://www.unitedsecuritybank.com/-
- is a $730 million bank holding company.  United Security Bank,
its principal subsidiary is a state chartered bank and member of
the Federal Reserve Bank of San Francisco.


VASPIAN LLC: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: Vaspian, LLC
        266 Oak Street
        Buffalo, NY 14203

Bankruptcy Case No.: 09-14455

Chapter 11 Petition Date: September 24, 2009

Court: United States Bankruptcy Court
       Western District of New York (Buffalo)

Debtor's Counsel: Garry M. Graber, Esq.
                  Hodgson, Russ
                  The Guaranty Building, Suite 100
                  140 Pearl Street
                  Buffalo, NY 14202-4040
                  Tel: (716) 856-4000
                  Email: ggraber@hodgsonruss.com

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

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

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

The petition was signed by Brian Hurley, managing member of the
Company.


VELOCITY EXPRESS: Case Summary & 31 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Velocity Express Corporation
        One Morningside Drive North, Building B
        Westport, CT 06880

Case No.: 09-13294

Debtor-affiliates filing separate Chapter 11 petitions:

        Entity                                     Case No.
        ------                                     --------
Velocity Express, Inc.                             09-13295
VXP Mid-West, Inc.                                 09-13296
ARK Salem, Inc. and ARK Salem, Inc.                09-13297
Velocity Systems Franchising Corporation           09-13298
VXP Leasing Mid-West, Inc.                         09-13299
CD&L, Inc.                                         09-13300
AWG Salem, Inc. and AWG Salem, Inc.                09-13301
U-Ship International, Ltd.                         09-13302
DIH Salem, Inc. and DIH Salem, Inc.                09-13303
Click Messenger Service, Inc.                      09-13304
Velocity Express Leasing, Inc.                     09-13305
ARK Salem, LLC and ARK Salem, LLC                  09-13306
Securities Courier Corporation                     09-13307
AWG Salem, LLC and AWG Salem, LLC                  09-13308
Olympic Courier Systems, Inc.                      09-13309
DIH Salem, LLC and DIH Salem, LLC                  09-13310
Silver Star Express, Inc.                          09-13311
Clayton National Courier Systems, Inc.             09-13312

Chapter 11 Petition Date: September 24, 2009

Court: United States Bankruptcy Court
       District of Delaware (Delaware)

Judge: Mary F. Walrath

Debtor's Counsel: Andrew C. Irgens, Esq.
                  Richards, Layton & Finger
                  920 N. King Street
                  Wilmington, DE 19801
                  Tel: (302) 651-7839
                  Fax: (302) 498-7839
                  Email: irgens@rlf.com

                  Chun I. Jang, Esq.
                  Richards, Layton & Finger, P.A.
                  920 North King Street
                  P.O. Box 551
                  Wilmington, DE 19899
                  Tel: (302) 651-7700
                  Fax: (302) 651-7701
                  Email: jang@rlf.com

                  Russell C. Silberglied, Esq.
                  Richards, Layton & Finger
                  One Rodney Square
                  920 North King Street
                  Wilmington, DE 19801
                  Tel: (302) 651-7700
                  Fax: (302) 651-7701
                  Email: silberglied@rlf.com

Total assets: $94.1 million as of Sept. 1, 2009

Total debts: $120.6 million as of Sept. 1, 2009

The petition was signed by Vincent A. Wasik, the Company's chief
executive officer.

Velocity Express Corporation's List of 31 Largest Unsecured
Creditors:

  Entity                       Nature of Claim        Claim Amount
  ------                       ---------------        ------------
St. Paul Fire &                Trade Debt             $1,799,633
Marine Insurance
c/o Bank of America
92187 Collections Center Drive
Chicago, IL 60693-1287

California Employment          Settlement             $744,528
Development Department
PO Box 826203
MIC92, SFACO798
Sacramento, CA 94230

Cop-Western, LLC               Rent                   $860,000
c/o Essex Realty
Management, Inc.
18012 Sky Park Circle,
Suite 200
Irvine, CA 92614

Littler Mendelson, PC          Legal Fees             $874,177
PO Box 45547
San Francisco, CA 94145
Attn: Robert Hulteng, Esq.

Bank of America                                       $788,634
901 W. Trade Street
Charlotte, NC 28255
Attn: Louis Hotchkins

Houlihan Lokey Howard &        Trade Debt             $645,345
Zukin Capital Inc.
1930 Century Park West
Los Angeles, CA 90067-6802
Attn: Sue Leo

City Express Courier Services  Trade Debt             $450,000
6931 Arlington Road
Bethesda, MD 20814
Attn: Mike Davidson

Irish Twin Cities LLC          Rent                   $450,000
c/o Irish Realty Corporation
120 North Robinson,
Suite 2100
Oklahoma City, OK 73102

Budd Larner Gross Rosenbaum    Legal Fees             $431,461
Greenberg
150 John F. Kennedy Parkway
CN 1000
Short Hills, NJ 07078
Attn: Michael Rosenbaum, Esq.

Scura Rise                     Professional Fees      $400,000
1211 Avenue of the Americas
27th Floor
New York, NY 10036
Attn: Paul Scura

Jasinski and Williams PC       Legal Fees             $390,007
Ten Park Place, 8th Floor
Newark, NJ 07102
Attn: David Jasinski

King & Spalding                Legal Fees             $372,003
PO Box 116133
Atlanta, GA 30368-6133

Arthur J. Gallagher & Co.      Trade Debt             $364,528
39681 Treasury Center
Chicago, IL 60694-9600
Attn: Larry Pfeiffer

Bush Truck Leasing             Lease                  $363,817
11500 Northlake Drive,
Suite 450
Cincinnati, OH 45249
Attn: Michael Bush

Morton West LLC                Rent                   $310,000
c/o Newmark Knight Frank
125 Park Avenue
New York, NY 10017
Attn: Alphie Toro

Sunbeam Development            Rent                   $269,823
Corporation
1401 79th Street Causeway
Miami, FL 33141
Attn: Maridee Bell

American Expediting            Trade Debt             $248,000
Attn: Vic Finnigan

Jones Day                      Legal Fees             $244,796
Attn: Alex Gendzier, Esq.

UHY LLP                        Trade Debt             $231,105
Attn: Steve Jackson

Yarico Inc.                    Trade Debt             $225,047
Attn: Wendy Wilkins

Data Sales Co., Inc.           Lease                  $211,470
Attn: Dan Gannon

Arthur J. Gallagher Co.        Insurance              $209,412
Of NJ Inc.
Attn: Gayle Czeizler

First Insurance Funding Corp.  Insurance              $209,205
Attn: Karolyn Perkowski

Premium Financing Specialists  Insurance              $208,120
Attn: Dave Feller

Labor Ready Northwest, Inc.    Trade Debt             $196,361
Attn: Christine Jarvie

4 Revay Road LLC               Rent                   $141,145
Attn: John Demattia

AT&T Mobility                  Trade Debt             $127,205

MCI Telecommuncications        Trade Debt             $125,391
Attn: Bob Weber

Ohashi & Priver                Legal Fees             $123,513

DCT Boggy Creek Florida, LP    Rent                   $120,994
Attn: Kurt McLaughlin

Scopelitis, Garvin, Light      Legal Fees             $117,382
& Hanson, PC
Attn: Angela Cash


VENETIAN MACAU: Bank Debt Trades at 5% Off in Secondary Market
--------------------------------------------------------------
Participations in a syndicated loan under which Venetian Macau US
Finance Co., LLC, is a borrower traded in the secondary market at
95.36 cents-on-the-dollar during the week ended Friday, Sept. 25,
2009, according to data compiled by Loan Pricing Corp. and
reported in The Wall Street Journal.  This represents an increase
of 0.67 percentage points from the previous week, The Journal
relates.  The loan matures on May 25, 2013.  The Company pays 550
basis points above LIBOR to borrow under the facility.  The bank
debt carries Moody's B3 rating and Standard & Poor's B- rating.
The debt is one of the biggest gainers and losers among widely
quoted syndicated loans in secondary trading in the week ended
Sept. 25, among the 149 loans with five or more bids.

Meanwhile, participations in a syndicated loan under which Las
Vegas Sands Corp. is a borrower traded in the secondary market at
83.51 cents-on-the-dollar during the week ended Friday, Sept. 25,
2009, according to data compiled by Loan Pricing Corp. and
reported in The Wall Street Journal.  This represents a drop of
0.69 percentage points from the previous week, The Journal
relates.  The loan matures on May 1, 2014.  The Company pays 175
basis points above LIBOR to borrow under the facility.  The bank
debt carries Moody's B3 rating and Standard & Poor's B- rating.
The debt is also one of the biggest gainers and losers among
widely quoted syndicated loans in secondary trading in the week
ended Sept. 25, among the 149 loans with five or more bids.

Venetian Macau US Finance Co., LLC, is a wholly owned subsidiary
of Las Vegas Sands.  VML owns the Sands Macau in the People's
Republic of China Special Administrative Region of Macau and is
also developing additional casino hotel resort properties in
Macau.

Based in Las Vegas, Nevada, Las Vegas Sands Corp. (NYSE: LVS) --
http://www.lasvegassands.com/-- owns and operates The Venetian
Resort Hotel Casino, The Palazzo Resort Hotel Casino, and an expo
and convention center.  The company also owns and operates the
Sands Macao, the first Las Vegas-style casino in Macao, China.

As reported by the TCR on Aug. 4, 2009, Moody's Investors Service
has placed Las Vegas Sands, Corp.'s ratings, including its B3
Corporate Family Rating, on review for possible downgrade.  The
review for possible downgrade reflects LVSC's weak fiscal 2009
second quarter operating results and Moody's heightened concern
regarding the company's ability to maintain an adequate liquidity
profile, reduce leverage, and remain in compliance with its
financial covenants.


W/C IMPORTS: Court Sets October 15 Deadline to Consider Sale
------------------------------------------------------------
Home Textiles Today reports that the U.S. Bankruptcy Court for the
Central District of California will consider the sale of W-C
Designs' assets on October 15.

Home Textiles Today states that W-C Designs told the court that
without a rapid asset sale, it would be forced to liquidate.  W-C
Designs said in court documents that auctioning off its assets
would yield substantially more than a liquidation, which it
projects would raise $200,000.  According to court documents, W-C
Designs has been seeking buyer since June, but was told by all
interested parties that they would only acquire the business
through a Chapter 11.

Home Textiles Today relates that W-C Designs said that since its
Chapter 11 bankruptcy protection, 14 prospective buyers have
signed confidentially agreements and undertaken due diligence,
with 10 parties still interested in bidding on the Company.

According to Home Textiles Today, assets to be sold include:

     -- raw goods;

     -- materials inventory;

     -- customer lists;

     -- open purchase orders;

     -- trademarks like Waterford, Calvin Klein, Casa Cristina,
        Monique Lhuillier, Royal Daulton, and Tabletops Unlimited,
        and certain copyrighted designs;

     -- furniture,

     -- fixtures, and

     -- other office equipment and supplies.

Home Textiles Today says that sale of the trademarks is subject to
approval by each licensor.

Anaheim, California-based W/C Imports Inc. aka W-C Designs
operates a wholesale home furnishing business.  The Company filed
for Chapter 11 on Sept. 10, 2009 (Bankr. C.D. Calif. Case No.
09-19622).  Garrick A. Hollander, Esq., and Marc J. Winthrop,
Esq., at Winthrop Couchot represent 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.


W/C IMPORTS: Has Until October 9 to File Schedules and Statement
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
extended until Oct. 9, 2009, W/C Imports Inc.'s time to file its
(i) schedules of assets and liabilities; (ii) statement of
financial affairs; (iii) list of executory contracts and unexpired
leases; (iv) list of equity security holders; (v) disclosure of
compensation of attorney; (vi) venue disclosure form; (vii)
corporate ownership statement; and (viii) creditor matrix to
accompany schedules.

Anaheim, California-based W/C Imports Inc. aka W-C Designs
operates a wholesale home furnishing business.  The Company filed
for Chapter 11 on Sept. 10, 2009 (Bankr. C.D. Calif. Case No.
09-19622).  Garrick A. Hollander, Esq., and Marc J. Winthrop,
Esq., at Winthrop Couchot represent 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.


W/C IMPORTS: Wants to Auction Substantially All Assets October 13
-----------------------------------------------------------------
W/C Imports Inc. asks the U.S. Bankruptcy Court for the Central
District of California for authority to:

   -- sell substantially all of its assets pursuant to Section 363
      of the Bankruptcy Court, free and clear of liens, claims,
      and interest; and

   -- assume and assign certain unexpired leases and executory
      contracts.

The auction will be held on Oct. 13, 2009, at 10:00 a.m.,PDT, at
the law offices of Winthrop Couchot Professional corporation, 660
Newport Center Drive, Fourth Floor, Newport Beach, California
92660.

As reported in the Troubled Company Reporter on Sept. 15, 2009,
the Company owed $2.75 million to the secured lender CIT Group
Inc.

Patrick McCullagh, the Debtor's president, also asserted against
the Debtor's estate a secured claim of $450,000

The Debtor relates that the proposed sale will yield substantially
more than a liquidation sale, which is $200,000.  If the Debtor
cannot consummate the sale, the Debtor does not have the resources
to sustain its operations and will therefore be forced to sell the
assets at a liquidation value.

Interested parties has until 4:00 p.m. on Oct. 12, 2009, to submit
their competing bids.

The Debtor proposes a sale hearing on Oct. 15, 2009, at 10:30 a.m.
in Courtroom 5a, 411 W. Fourth St., Santa Ana, California.

                       About W/C Imports Inc.

Anaheim, California-based W/C Imports Inc. aka W-C Designs
operates a wholesale home furnishing business.  The Company filed
for Chapter 11 on Sept. 10, 2009 (Bankr. C.D. Calif. Case No.
09-19622).  Garrick A. Hollander, Esq., and Marc J. Winthrop,
Esq., at Winthrop Couchot represent 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.


WEBB MTN: Bankr. Court Declines to Revisit Dismissal of Case
------------------------------------------------------------
WestLaw reports that a Chapter 11 debtor was afforded an adequate
opportunity to obtain a stay of the execution of the order that
dismissed its bankruptcy case and terminated the automatic stay,
even though the automatic 10-day stay of execution on a final
judgment or order arising in adversary proceedings did not apply.
Therefore, no violation of the debtor's procedural due process
rights occurred that would affect the validity of the actions of
its secured lenders, which immediately recorded quitclaim deeds
that had been executed by the debtor prepetition, due to the
reinstatement of the debtor's case on appeal.  The mechanics under
the governing rule for obtaining a stay were in place and
available throughout the contested matter resulting in the
dismissal of the case; that those steps were not taken in the face
of a potential dismissal of the debtor's case did not deprive the
debtor of its due process rights.  In addition, the debtor could
have immediately filed a notice of appeal, via the electronic
filing system, and moved for a stay pending appeal, or could have
filed a state-court action seeking a temporary restraining order
against the recording of the deeds.  In re Webb Mtn, LLC, --- B.R.
----, 2009 WL 425033 (Bankr. E.D. Tenn.) (Stair, J.).

Owning nearly 1,900 acres of land known as Webb Mountain in
Sevierville, Tenn., purchased for nearly $28 million in 2005, Webb
Mtn, LLC, sought Chapter 11 protection (Bankr. E.D. Tenn. Case No.
07-32016) on June 25, 2007.  Webb Mtn is represented by:

         Maurice K. Guinn, Esq.
         Gentry, Tipton & McLemore, P.C.
         P.O. Box 1990
         Knoxville, TN 37901
         Tel: (865) 525-5300
         Fax: (865) 523-7315


WEBDIGS INC: Posts $855,000 Net Loss in Nine Months Ended July 31
-----------------------------------------------------------------
Webdigs, Inc., posted a net loss of $139,486 for three months
ended July 31, 2009, compared with a net loss of $554,423 for the
same period in 2008.

For nine months ended July 31, 2009, the Company posted a net loss
of $855,144 compared with a net loss of $1,746,494 for the same
period in 2008.

The Company's balance sheet at July 31, 2009, showed total assets
of $2,318,473, total liabilities of $1,199,062 and a stockholders'
equity of $1,119,411.

The Company said that there is substantial doubt about its ability
to continue as a going concern.  The Company noted that it
incurred significant operating losses for the nine month periods
ended July 31, 2009, and 2008.  At July 31, 2009, the Company
reports a negative working capital position of $1,084,360 and an
accumulated deficit of $3,548,092.

In order to meet its working capital needs through the next twelve
months, the Company plans to raise additional funds through the
issuance of additional shares of common stock and debt through
private placements.  Although the Company intends to obtain
additional financing to meet its cash needs, the Company may be
unable to secure any additional financing on terms that are
favorable or acceptable to it, if at all.  The Company has already
begun reducing operating expenditures and expects to increase
revenues through its existing Webdigs.com customer base and the
fourth quarter addition of revenue from its Iggyshouse.com
website.

A full-text copy of the Company's Form 10-Q is available for free
at http://ResearchArchives.com/t/s?457b

Webdigs, Inc. (OTC:WBDG) is a full-service real estate brokerage
for residential home buyers and sellers.  Through subsidiary
entities, the Company offers all services associated with a
typical residential real estate transaction, including mortgage
and insurance brokerage services.  Its mortgage brokerage services
are offered through Marketplace Home Mortgage-Webdigs, LLC a joint
venture, in which Webdigs has a 49% interest.  The Company markets
to customers principally through the Internet, print advertising,
television, radio, billboards, a variety of other media and word
of mouth.  Webdigs operates in two primary operating segments:
Web-assisted real estate brokerage, and mortgage brokerage.


WORLD NUTRITION: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: World Nutrition, Inc.
        7001 N Scottdale Rd #2000
        Scottsdale, AZ 85253

Bankruptcy Case No.: 09-23822

Chapter 11 Petition Date: September 24, 2009

Court: United States Bankruptcy Court
       District of Arizona (Phoenix)

Judge: Chief Judge James M. Marlar

Debtor's Counsel: Alisa C. Lacey, Esq.
                  Stinson Morrison Hecker LLP
                  1850 N Central Ave., #2100
                  Phoenix, AZ 85004
                  Tel: (602) 279-1600
                  Fax: (602) 240-6925
                  Email: alacey@stinson.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
$1,098,408, and total debts of $2,414,266.

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/azb09-23822.pdf

The petition was signed by Ryuji Hirooka, president/CEO/secretary
of the Company.


YOUNG BROADCASTING: Bank Debt Trades at 49% Off
-----------------------------------------------
Participations in a syndicated loan under which Young
Broadcasting, Inc., is a borrower traded in the secondary market
at 51.20 cents-on-the-dollar during the week ended on Sept. 25,
2009, according to data compiled by Loan Pricing Corp. and
reported in The Wall Street Journal.  This represents an increase
of 1.99 percentage points from the previous week, The Journal
relates.  The loan matures on Nov. 3, 2012.  The Company pays 225
basis points above LIBOR to borrow under the facility.  Moody's
has withdrawn its rating while Standard & Poor's has assigned a
default rating on the bank debt.  The debt is one of the biggest
gainers and losers among widely quoted syndicated loans in
secondary trading in the week ended Sept. 25, among the 149 loans
with five or more bids.

Young Broadcasting, Inc. -- http://www.youngbroadcasting.com/--
owns 10 television stations and the national television
representation firm, Adam Young, Inc.  Five stations are
affiliated with the ABC Television Network (WKRN-TV -Nashville,
TN, WTEN-TV - Albany, NY, WRIC-TV -Richmond, VA, WATE-TV -
Knoxville, TN, and WBAY-TV - Green Bay, WI), three are affiliated
with the CBS Television Network (WLNS-TV - Lansing, MI, KLFY-TV -
Lafayette, LA and KELO-TV - Sioux Falls, SD), one is affiliated
with the NBC Television Network (KWQC-TV - Davenport, IA) and one
is affiliated with MyNetwork (KRON-TV - San Francisco, CA).  In
addition, KELO- TV- Sioux Falls, SD is also the MyNetwork
affiliate in that market through the use of its digital channel
capacity.

The Company and its affiliates filed for Chapter 11 protection on
February 13, 2009 (Bankr. S.D.N.Y. Lead Case No. 09-10645).  Jo
Christine Reed, Esq., at Sonnenschein Nath & Rosenthal LLP,
represents the Debtors in their restructuring efforts.  Andrew N.
Rosenberg, Esq., at Paul Weiss Rifkind Wharton & Harrison LLP,
represents the official committtee of unsecured creditors as
counsel.  The Debtors selected UBS Securities LLC as consultant;
Ernst & Young LLP as accountant; Epiq Bankruptcy Solutions LLC as
claims agent; and David Pauker chief restructuring officer.  The
Debtors listed total assets of $575,600,070 and total debts of
$980,425,190.


* Credit Quality Declines in Annual Shared National Credits Review
------------------------------------------------------------------
Credit quality declined sharply for loan commitments of
$20 million or more held by multiple federally supervised
institutions, according to the 32nd annual review of Shared
National Credits.

The credit risk of these large loan commitments was shared among
U.S. bank organizations, foreign bank organizations (FBO), and
nonbanks such as securitization pools, hedge funds, insurance
companies, and pension funds.  Credit quality deteriorated across
all entities, but nonbanks held 47 percent of classified assets in
the SNC portfolio, despite making up only 21.2 percent of the SNC
portfolio. U.S. bank organizations held 30.2 percent of the
classified assets and made up 40.8 percent of the SNC portfolio.

The 2009 review covered 8,955 credits totaling $2.9 trillion
extended to approximately 5,900 borrowers.  Loans were reviewed
and categorized by the severity of their risk-special mention,
substandard, doubtful, or loss-in order of increasing severity.
The lowest risk loans, special mention, had potential weaknesses
that deserve management attention to prevent further deterioration
at the time of review.  The most severe category of loans, loss,
includes loans that were considered uncollectible.

Key findings were:

    * Criticized assets, which included SNCs classified as special
      mention, substandard, doubtful, or loss, reached
      $642 billion, up from $373 billion last year, and
      represented 22.3 percent of the SNC portfolio compared with
      13.4 percent in 2008.

    * SNC commitment volume increased $92 billion, or 3.3 percent,
      while the number of credits remained virtually unchanged.

    * Classified assets, which included SNCs classified as
      substandard, doubtful, or loss, rose to $447 billion from
      $163 billion and represented 15.5 percent of the SNC
      portfolio, compared with 5.8 percent in 2008. Classified
      dollar volume increased 174 percent from a year ago.

    * Special mention assets, which exhibited potential weakness
      and could result in further deterioration if uncorrected,
      declined to $195 billion from $210 billion and represented
      6.8 percent of the SNC portfolio, compared with 7.5 percent
      in 2008.

    * The severity of criticism increased with the volume of SNCs
      classified as doubtful and loss rising to $110 billion, up
      from $8 billion in 2008.  Loans in nonaccrual status also
      increased nearly eight times to $172 billion from
      $22 billion.  Nonaccrual loans included $32 billion in
      credits classified as loss and $56 billion classified
      doubtful.

    * The distribution of credits across U.S. bank organizations,
      foreign bank organizations, and nonbanks remained relatively
      unchanged.  U.S. bank organizations held 40.8 percent, while
      FBOs and nonbanks held 38 percent and 21.2 percent,
      respectively.  Nonbanks continued to hold a disproportionate
      share of classified assets.  Nonbanks held 47 percent of
      classified assets and 52 percent of nonaccrual loans.
      Federal Deposit Insurance Corporation-insured institutions
      held 24.2 percent of classified assets and 22.7 percent of
      nonaccrual loans.

    * Criticized volume was led by the Media and Telecom industry
      group with $112 billion, Finance and Insurance with
      $76 billion, and Real Estate and Construction with
      $72 billion.  These three groups also represented the
      highest shares of criticized credits with 17.3 percent,
      11.7 percent, and 11.2 percent of criticized credits in the
      SNC portfolio, respectively.

    * The review identified significant deterioration in credit
      quality of leveraged finance credits, with these loans
      representing more than 40 percent of the dollar volume of
      total criticized assets. About 72 percent of the dollar
      volume of the 50 largest leveraged finance SNCs were
      criticized, which represents one-third of all criticized
      assets.

    * Underwriting standards in 2008 improved from prior years,
      with examiners identifying fewer loans with structurally
      weak underwriting characteristics compared to credits
      written in 2007 and 2006.  However, the SNC portfolio
      contained loans with structurally weak underwriting
      characteristics that were committed before mid-2007 that
      contributed significantly to the increase in criticized
      assets.

The SNC program was established in 1977 to provide an efficient
and consistent review and classification of SNC, which includes
any loan and or/formal loan commitment, and any asset such as real
estate, stocks, notes, bonds, and debentures taken as debts
previously contracted, extended to borrowers by a federally
supervised institution, its subsidiaries, and affiliates that
aggregates to $20 million or more and is shared by three or more
unaffiliated supervised institutions. Many of these large loan
commitments are also shared with foreign banking organizations and
nonbanks, including securitization pools, hedge funds, insurance
companies, and pension funds.

In conducting the 2009 SNC review, agencies reviewed $1.2 trillion
of the $2.9 trillion credit commitments in the SNC portfolio, or
41 percent of the credits by dollar volume. The 2009 SNC sample
was heavily weighted toward non-investment grade and criticized
credits. The results of the review are based on analyses prepared
in the second quarter of 2009 using credit-related data provided
by federally supervised institutions as of December 31, 2008, and
March 31, 2009.


* FDIC Running Out of Funds, May Need Taxpayers' Money
------------------------------------------------------
Reuters reports that Federal Deposit Insurance Corp. Chairperson
Sheila Bair has admitted that the agency is running out of funds
due to a sharp increase in bank failures and would hold a meeting
at the end of September to discuss options to rebuild the fund.

According to Reuters, among options being considered by U.S. bank
regulators to replenish the dwindling fund that safeguards bank
deposits is tapping a line of credit with the U.S. Treasury
Department.  Reuters quoted Ms. Bair as saying, "We are carefully
considering all our options, including borrowing from Treasury."
Reuters relates that FDIC has a $500 billion line of credit with
the Treasury Department.  Regulators are still reluctant to tap
the line of credit because they want to avoid temporarily using
taxpayer money to clean up the banking mess, the report says,
citing Ms. Bair.

Ms. Biar, Reuters states, said that FDIC could also consider
prepayments of assessments on banks and issuing a note.  According
to the report, the FDIC has already charged the industry one
emergency fee of $5.6 billion in 2010, and is authorized to levy
two more.


* U.S. Airline Industry Remains Fragile, Says Fitch
---------------------------------------------------
Looking beyond the early indications of stabilization in the U.S.
airline industry operating environment, the sector remains fragile
and highly sensitive to changes in air travel demand and the price
of jet fuel, according to Fitch Ratings' Fall 2009 Airline Credit
Navigator released.  Following a period of extreme revenue
pressure driven by the collapse in premium air travel demand over
the past year, U.S. airlines enter the fall with growing
expectations that still-tentative signs of stabilization in
revenue trends over the last several weeks may pave the way for
modest improvement in credit fundamentals and reduced bankruptcy
risks moving into 2010.  Fitch believes modest improvements in
industry profit margins, cash flow and liquidity are more likely
over the next year.

"The strength of a global economic recovery and the pace of
improvement in high-fare business travel demand will be the
driving forces influencing airline credit quality through the
winter," said Bill Warlick, Senior Director at Fitch.  "Over the
next economic cycle, sustained improvements in airline credit
fundamentals will depend upon further progress toward industry
consolidation, as this provides carriers with the best opportunity
to generate pricing power."

Relative liquidity positions and capital market access remain the
primary factors influencing Fitch's assessment of U.S. airline
credit quality.  While recognizing the sensitivity of industry
cash flow to the timing of a prospective revenue recovery, it is
important to note that all of the U.S. legacy carriers have seen
their liquidity positions eroded materially as a result of almost
two years of sustained operating pressure and constrained access
to capital.  Thus, even if revenues continue their gradual firming
trend through the period of seasonally weak demand extending into
the winter, some airlines will face the risk that uncomfortably
low cash balances in early 2010 will again force them to seek out
emergency sources of capital.

Fitch expects tight credit market conditions and an absence of
owned and unencumbered assets to limit the ability of large
carriers to reliably raise capital at a time when heavy cash
obligations, including debt maturities, pension funding and
aircraft capital commitments, will continue to pressure liquidity.
In addition, higher borrowing costs, persistently high leverage
and chronically weak cash flow highlight the largely unsustainable
nature of U.S. airline capital structures.

Fitch-Rated U.S. Airlines:

  -- AMR Corp.: 'CCC'
  -- Continental Airlines, Inc.: 'B-', Stable Outlook
  -- Delta Air Lines, Inc.: 'B-', Negative Outlook
  -- JetBlue Airways Corp.: 'B-', Negative Outlook
  -- Southwest Airlines Co.: 'BBB', Negative Outlook
  -- UAL Corp.: 'CCC'
  -- US Airways Group, Inc.: 'CCC'


* BOND PRICING -- For The Week From September 21 to 25, 2009
------------------------------------------------------------
Company             Coupon        Maturity  Bid Price
-------             ------        --------  ---------
155 E TROPICANA        8.75%       4/1/2012       3.03
ABITIBI-CONS FIN       7.88%       8/1/2009      13.00
ADVANTA CAP TR         8.99%     12/17/2026       5.00
ALERIS INTL INC        9.00%     12/15/2014       0.01
AMBAC INC              9.38%       8/1/2011      59.50
AMER GENL FIN          3.40%     10/15/2009      97.50
AMER GENL FIN          5.65%      7/15/2010      79.00
AMER GENL FIN          8.75%      9/15/2012      38.00
AMR CORP              10.40%      3/10/2011      46.00
AMR CORP              10.45%     11/15/2011      49.00
ANTHRACITE CAP        11.75%       9/1/2027      40.75
ANTIGENICS             5.25%       2/1/2025      39.04
ARCO CHEMICAL CO      10.25%      11/1/2010      66.00
ARG-CALL10/09          6.25%      7/15/2014     103.13
BAC-CALL10/09          6.00%      4/15/2026      96.75
BANK NEW ENGLAND       8.75%       4/1/1999       9.55
BANK NEW ENGLAND       9.88%      9/15/1999       9.55
BANKUNITED FINL        3.13%       3/1/2034       3.25
BELL MICROPRODUC       3.75%       3/5/2024      40.00
BLYTH INDUSTRIES       7.90%      10/1/2009     100.00
BOWATER INC            6.50%      6/15/2013      20.00
BOWATER INC            9.00%       8/1/2009      20.65
BOWATER INC            9.38%     12/15/2021      22.25
BOWATER INC            9.50%     10/15/2012      24.00
BROOKSTONE CO         12.00%     10/15/2012      41.00
CALLON PETROLEUM       9.75%      12/8/2010      39.00
CAPMARK FINL GRP       7.88%      5/10/2012      22.50
CAPMARK FINL GRP       8.30%      5/10/2017      23.50
CCH I LLC              9.92%       4/1/2014       0.30
CCH I LLC             10.00%      5/15/2014       1.25
CCH I LLC             11.75%      5/15/2014       1.00
CCH I LLC             12.13%      1/15/2015       1.00
CCH I LLC             13.50%      1/15/2014       1.63
CCH I/CCH I CP        11.00%      10/1/2015      17.00
CCH I/CCH I CP        11.00%      10/1/2015      18.00
CHAMPION ENTERPR       2.75%      11/1/2037      17.00
CHARTER COMM HLD      10.00%      5/15/2011       1.00
CHARTER COMM HLD      11.13%      1/15/2011       0.13
CHARTER COMM INC       6.50%      10/1/2027      44.75
CIT GROUP INC          3.85%     11/15/2009      78.08
CIT GROUP INC          3.95%     12/15/2009      63.10
CIT GROUP INC          4.05%      2/15/2010      65.00
CIT GROUP INC          4.13%      11/3/2009      86.34
CIT GROUP INC          4.25%       2/1/2010      74.50
CIT GROUP INC          4.25%      9/15/2010      58.20
CIT GROUP INC          4.30%      3/15/2010      72.75
CIT GROUP INC          4.30%      6/15/2010      28.00
CIT GROUP INC          4.35%      6/15/2010      77.00
CIT GROUP INC          4.45%      5/15/2010      73.00
CIT GROUP INC          4.60%      8/15/2010      60.00
CIT GROUP INC          4.63%     11/15/2009      78.25
CIT GROUP INC          4.75%     12/15/2010      70.13
CIT GROUP INC          4.80%     12/15/2009      55.00
CIT GROUP INC          4.85%     12/15/2009      63.25
CIT GROUP INC          4.85%      3/15/2010      61.00
CIT GROUP INC          4.90%      3/15/2010      46.25
CIT GROUP INC          4.90%     12/15/2010      52.10
CIT GROUP INC          4.90%      3/15/2011      48.00
CIT GROUP INC          5.00%     11/15/2009      69.00
CIT GROUP INC          5.00%     11/15/2009      84.50
CIT GROUP INC          5.00%     11/15/2009      84.50
CIT GROUP INC          5.00%      3/15/2011      56.25
CIT GROUP INC          5.00%      3/15/2011      44.00
CIT GROUP INC          5.00%     12/15/2011      52.50
CIT GROUP INC          5.00%      3/15/2012      49.00
CIT GROUP INC          5.05%     11/15/2009      84.75
CIT GROUP INC          5.05%      2/15/2010      50.15
CIT GROUP INC          5.05%      3/15/2010      76.00
CIT GROUP INC          5.05%     11/15/2010      66.00
CIT GROUP INC          5.05%     12/15/2010      65.00
CIT GROUP INC          5.05%      3/15/2011      55.00
CIT GROUP INC          5.15%      2/15/2010      70.00
CIT GROUP INC          5.15%      3/15/2010      78.50
CIT GROUP INC          5.15%      2/15/2011      66.00
CIT GROUP INC          5.15%      2/15/2011      58.60
CIT GROUP INC          5.15%      4/15/2011      56.00
CIT GROUP INC          5.20%      11/3/2010      69.73
CIT GROUP INC          5.20%      9/15/2011      55.00
CIT GROUP INC          5.25%      5/15/2010      65.50
CIT GROUP INC          5.25%      9/15/2010      72.00
CIT GROUP INC          5.25%     11/15/2010      71.90
CIT GROUP INC          5.25%     11/15/2010      72.00
CIT GROUP INC          5.25%     12/15/2010      54.00
CIT GROUP INC          5.25%     11/15/2011      52.00
CIT GROUP INC          5.30%      6/15/2010      59.11
CIT GROUP INC          5.35%      6/15/2011      53.00
CIT GROUP INC          5.35%      8/15/2011      47.40
CIT GROUP INC          5.40%      5/15/2011      53.00
CIT GROUP INC          5.45%      8/15/2010      55.85
CIT GROUP INC          5.50%      8/15/2010      73.50
CIT GROUP INC          5.75%      8/15/2012      42.75
CIT GROUP INC          6.25%     12/15/2009      84.50
CIT GROUP INC          6.25%      2/15/2010      79.00
CIT GROUP INC          6.50%     12/15/2009      84.50
CIT GROUP INC          6.50%      2/15/2010      73.15
CIT GROUP INC          6.50%      3/15/2010      79.00
CIT GROUP INC          6.50%      1/15/2011      71.00
CIT GROUP INC          6.50%      3/15/2011      61.90
CIT GROUP INC          6.60%      2/15/2011      60.00
CIT GROUP INC          6.75%      3/15/2011      61.00
CIT GROUP INC          6.88%      11/1/2009      83.00
CIT GROUP INC         12.00%     12/18/2018      29.13
CITADEL BROADCAS       4.00%      2/15/2011      17.50
CLEAR CHANNEL          4.50%      1/15/2010      95.00
COOPER-STANDARD        7.00%     12/15/2012      42.00
COOPER-STANDARD        8.38%     12/15/2014      11.25
CRAY INC               3.00%      12/1/2024      92.25
CREDENCE SYSTEM        3.50%      5/15/2010      62.00
DAYTON SUPERIOR       13.00%      6/15/2009      20.00
DECODE GENETICS        3.50%      4/15/2011      15.00
DELPHI CORP            6.50%      8/15/2013       0.30
DEX MEDIA INC          8.00%     11/15/2013      18.00
DEX MEDIA INC          9.00%     11/15/2013      12.00
DEX MEDIA INC          9.00%     11/15/2013      19.00
DEX MEDIA WEST         9.88%      8/15/2013      20.00
DOWNEY FINANCIAL       6.50%       7/1/2014       9.00
DUNE ENERGY INC       10.50%       6/1/2012      52.00
F-CALL10/09            6.95%      4/20/2010     100.00
FAIRPOINT COMMUN      13.13%       4/1/2018      15.50
FAIRPOINT COMMUN      13.13%       4/1/2018      15.50
FEDDERS NORTH AM       9.88%       3/1/2014       0.10
FIBERTOWER CORP        9.00%     11/15/2012      54.50
FINLAY FINE JWLY       8.38%       6/1/2012       5.00
FIRST DATA CORP        3.90%      10/1/2009      99.36
FLEETWOOD ENTERP      14.00%     12/15/2011      40.75
FONTAINEBLEAU LA      10.25%      6/15/2015       2.00
FORD MOTOR CRED        5.00%     10/20/2009      99.13
FRANKLIN BANK          4.00%       5/1/2027       0.00
GASCO ENERGY INC       5.50%      10/5/2011      45.50
GENERAL MOTORS         7.13%      7/15/2013      15.07
GENERAL MOTORS         7.40%       9/1/2025      14.50
GENERAL MOTORS         7.70%      4/15/2016      15.00
GENERAL MOTORS         8.10%      6/15/2024      15.50
GENERAL MOTORS         8.25%      7/15/2023      15.00
GENERAL MOTORS         8.38%      7/15/2033      15.25
GENERAL MOTORS         8.80%       3/1/2021      15.50
GENERAL MOTORS         9.40%      7/15/2021      14.50
GENERAL MOTORS         9.45%      11/1/2011      15.00
GMAC LLC               4.90%     10/15/2009      98.00
GMAC LLC               7.00%     10/15/2009      97.00
HAIGHTS CROSS OP      11.75%      8/15/2011      43.00
HAWAIIAN TELCOM        9.75%       5/1/2013       1.75
HAWAIIAN TELCOM       12.50%       5/1/2015       1.00
HERBST GAMING          7.00%     11/15/2014       4.50
HERBST GAMING          8.13%       6/1/2012       4.94
HILTON HOTELS          8.25%      2/15/2011      77.76
IDEARC INC             8.00%     11/15/2016       5.23
INDALEX HOLD          11.50%       2/1/2014       1.00
INN OF THE MOUNT      12.00%     11/15/2010      45.88
INTCOMEX INC          11.75%      1/15/2011      62.50
INTL LEASE FIN         4.30%     10/15/2009      97.50
INTL LEASE FIN         4.45%     10/15/2009      98.50
IRIDIUM LLC/CAP       10.88%      7/15/2005       0.01
IRIDIUM LLC/CAP       14.00%     12/31/2005       1.25
KAISER ALUM&CHEM      12.75%       2/1/2003       3.80
KEYSTONE AUTO OP       9.75%      11/1/2013      26.63
LANDAMERICA            3.13%     11/15/2033      28.00
LAZYDAYS RV           11.75%      5/15/2012       3.00
LEHMAN BROS HLDG       4.00%       8/3/2009       9.00
LEHMAN BROS HLDG       4.38%     11/30/2010      15.40
LEHMAN BROS HLDG       4.50%      7/26/2010      16.22
LEHMAN BROS HLDG       4.70%       3/6/2013      13.60
LEHMAN BROS HLDG       4.80%      3/13/2014      17.25
LEHMAN BROS HLDG       4.80%      6/24/2023      12.65
LEHMAN BROS HLDG       5.00%      1/14/2011      16.25
LEHMAN BROS HLDG       5.00%      1/22/2013      12.75
LEHMAN BROS HLDG       5.00%      2/11/2013      12.50
LEHMAN BROS HLDG       5.00%      3/27/2013       6.95
LEHMAN BROS HLDG       5.00%       8/3/2014      12.50
LEHMAN BROS HLDG       5.00%       8/5/2015      12.35
LEHMAN BROS HLDG       5.00%      5/28/2023      11.75
LEHMAN BROS HLDG       5.00%      5/30/2023      12.15
LEHMAN BROS HLDG       5.00%      6/10/2023      12.26
LEHMAN BROS HLDG       5.00%      6/17/2023      12.03
LEHMAN BROS HLDG       5.10%      1/28/2013      12.50
LEHMAN BROS HLDG       5.10%      2/15/2020      13.50
LEHMAN BROS HLDG       5.15%       2/4/2015       9.50
LEHMAN BROS HLDG       5.20%      5/13/2020      13.50
LEHMAN BROS HLDG       5.25%       2/6/2012      16.50
LEHMAN BROS HLDG       5.25%      1/30/2014  #N/A N.A.
LEHMAN BROS HLDG       5.25%      2/11/2015      13.00
LEHMAN BROS HLDG       5.25%       3/5/2018       8.25
LEHMAN BROS HLDG       5.25%       3/8/2020      13.00
LEHMAN BROS HLDG       5.25%      5/20/2023      10.00
LEHMAN BROS HLDG       5.35%      2/25/2018      10.00
LEHMAN BROS HLDG       5.35%      3/13/2020      12.99
LEHMAN BROS HLDG       5.35%      6/14/2030      11.65
LEHMAN BROS HLDG       5.38%       5/6/2023      12.35
LEHMAN BROS HLDG       5.40%       3/6/2020      12.65
LEHMAN BROS HLDG       5.40%      3/20/2020      12.03
LEHMAN BROS HLDG       5.40%      3/30/2029      12.38
LEHMAN BROS HLDG       5.40%      6/21/2030      10.00
LEHMAN BROS HLDG       5.45%      3/15/2025      12.99
LEHMAN BROS HLDG       5.45%       4/6/2029      12.65
LEHMAN BROS HLDG       5.45%      2/22/2030      12.03
LEHMAN BROS HLDG       5.45%      7/19/2030      12.38
LEHMAN BROS HLDG       5.45%      9/20/2030      11.50
LEHMAN BROS HLDG       5.50%       4/4/2016      16.00
LEHMAN BROS HLDG       5.50%       2/4/2018      12.00
LEHMAN BROS HLDG       5.50%      2/19/2018      12.03
LEHMAN BROS HLDG       5.50%      11/4/2018      11.00
LEHMAN BROS HLDG       5.50%      2/27/2020      12.15
LEHMAN BROS HLDG       5.50%      8/19/2020      12.20
LEHMAN BROS HLDG       5.50%      3/14/2023      11.15
LEHMAN BROS HLDG       5.50%       4/8/2023      12.38
LEHMAN BROS HLDG       5.50%      4/15/2023      10.26
LEHMAN BROS HLDG       5.50%      4/23/2023      11.00
LEHMAN BROS HLDG       5.50%       8/5/2023      11.88
LEHMAN BROS HLDG       5.50%      10/7/2023      12.15
LEHMAN BROS HLDG       5.50%      1/27/2029      13.50
LEHMAN BROS HLDG       5.50%       2/3/2029      12.00
LEHMAN BROS HLDG       5.50%       8/2/2030      10.55
LEHMAN BROS HLDG       5.55%      2/11/2018      13.00
LEHMAN BROS HLDG       5.55%       3/9/2029      12.15
LEHMAN BROS HLDG       5.55%      1/25/2030      12.50
LEHMAN BROS HLDG       5.55%      9/27/2030      12.99
LEHMAN BROS HLDG       5.55%     12/31/2034      13.00
LEHMAN BROS HLDG       5.60%      1/22/2018      12.00
LEHMAN BROS HLDG       5.60%      9/23/2023      11.00
LEHMAN BROS HLDG       5.60%      2/17/2029      12.15
LEHMAN BROS HLDG       5.60%      2/24/2029      12.15
LEHMAN BROS HLDG       5.60%       3/2/2029      13.60
LEHMAN BROS HLDG       5.60%      2/25/2030      12.99
LEHMAN BROS HLDG       5.60%       5/3/2030      12.26
LEHMAN BROS HLDG       5.63%      1/24/2013      17.75
LEHMAN BROS HLDG       5.63%      3/15/2030      12.00
LEHMAN BROS HLDG       5.65%     11/23/2029      12.38
LEHMAN BROS HLDG       5.65%      8/16/2030      12.38
LEHMAN BROS HLDG       5.65%     12/31/2034      13.00
LEHMAN BROS HLDG       5.70%      1/28/2018      12.15
LEHMAN BROS HLDG       5.70%      2/10/2029      11.25
LEHMAN BROS HLDG       5.70%      4/13/2029      12.38
LEHMAN BROS HLDG       5.70%       9/7/2029      12.65
LEHMAN BROS HLDG       5.70%     12/14/2029      12.38
LEHMAN BROS HLDG       5.75%      4/25/2011      16.30
LEHMAN BROS HLDG       5.75%      7/18/2011      15.00
LEHMAN BROS HLDG       5.75%      5/17/2013      16.39
LEHMAN BROS HLDG       5.75%       1/3/2017       0.01
LEHMAN BROS HLDG       5.75%      3/27/2023      13.00
LEHMAN BROS HLDG       5.75%     10/15/2023       8.01
LEHMAN BROS HLDG       5.75%     10/21/2023      10.55
LEHMAN BROS HLDG       5.75%     11/12/2023      11.00
LEHMAN BROS HLDG       5.75%     11/25/2023      13.50
LEHMAN BROS HLDG       5.75%     12/16/2028      11.25
LEHMAN BROS HLDG       5.75%     12/23/2028      13.00
LEHMAN BROS HLDG       5.75%      8/24/2029      11.38
LEHMAN BROS HLDG       5.75%      9/14/2029      12.38
LEHMAN BROS HLDG       5.75%     10/12/2029      12.15
LEHMAN BROS HLDG       5.75%      3/29/2030      12.03
LEHMAN BROS HLDG       5.80%       9/3/2020      11.00
LEHMAN BROS HLDG       5.80%     10/25/2030      12.38
LEHMAN BROS HLDG       5.85%      11/8/2030      12.75
LEHMAN BROS HLDG       5.88%     11/15/2017      16.25
LEHMAN BROS HLDG       5.90%       5/4/2029      11.00
LEHMAN BROS HLDG       5.90%       2/7/2031      13.00
LEHMAN BROS HLDG       5.95%     12/20/2030      12.00
LEHMAN BROS HLDG       6.00%      7/19/2012      15.70
LEHMAN BROS HLDG       6.00%     12/18/2015      13.00
LEHMAN BROS HLDG       6.00%      2/12/2018      11.50
LEHMAN BROS HLDG       6.00%      1/22/2020      11.46
LEHMAN BROS HLDG       6.00%      2/12/2020      12.99
LEHMAN BROS HLDG       6.00%      1/29/2021      12.50
LEHMAN BROS HLDG       6.00%     10/23/2028      12.15
LEHMAN BROS HLDG       6.00%     11/18/2028      12.15
LEHMAN BROS HLDG       6.00%      5/11/2029      10.50
LEHMAN BROS HLDG       6.00%      7/20/2029      12.15
LEHMAN BROS HLDG       6.00%      4/30/2034      12.15
LEHMAN BROS HLDG       6.00%      7/30/2034      12.15
LEHMAN BROS HLDG       6.00%      2/21/2036      13.10
LEHMAN BROS HLDG       6.00%      2/24/2036      12.15
LEHMAN BROS HLDG       6.00%      2/12/2037      10.11
LEHMAN BROS HLDG       6.05%      6/29/2029      11.00
LEHMAN BROS HLDG       6.10%      8/12/2023      12.15
LEHMAN BROS HLDG       6.15%      4/11/2031      13.50
LEHMAN BROS HLDG       6.20%      9/26/2014      17.50
LEHMAN BROS HLDG       6.20%      6/15/2027      12.15
LEHMAN BROS HLDG       6.20%      5/25/2029      12.99
LEHMAN BROS HLDG       6.25%       2/5/2021      13.00
LEHMAN BROS HLDG       6.25%      2/22/2023      12.50
LEHMAN BROS HLDG       6.40%     10/11/2022      12.97
LEHMAN BROS HLDG       6.40%     12/19/2036      15.00
LEHMAN BROS HLDG       6.50%      7/19/2017       0.01
LEHMAN BROS HLDG       6.50%      2/28/2023      13.00
LEHMAN BROS HLDG       6.50%       3/6/2023      13.50
LEHMAN BROS HLDG       6.50%      9/20/2027      11.00
LEHMAN BROS HLDG       6.50%     10/18/2027      13.50
LEHMAN BROS HLDG       6.50%     10/25/2027      12.00
LEHMAN BROS HLDG       6.50%     11/15/2032      12.75
LEHMAN BROS HLDG       6.50%      1/17/2033      12.13
LEHMAN BROS HLDG       6.50%      2/13/2037      12.50
LEHMAN BROS HLDG       6.50%      6/21/2037      12.15
LEHMAN BROS HLDG       6.50%      7/13/2037      12.00
LEHMAN BROS HLDG       6.60%      10/3/2022      12.94
LEHMAN BROS HLDG       6.63%      1/18/2012      15.80
LEHMAN BROS HLDG       6.63%      7/27/2027      13.90
LEHMAN BROS HLDG       6.75%       7/1/2022      13.00
LEHMAN BROS HLDG       6.75%     11/22/2027      10.00
LEHMAN BROS HLDG       6.75%      3/11/2033      13.50
LEHMAN BROS HLDG       6.75%     10/26/2037      12.50
LEHMAN BROS HLDG       6.80%       9/7/2032      12.99
LEHMAN BROS HLDG       6.85%      8/16/2032      13.50
LEHMAN BROS HLDG       6.85%      8/23/2032      12.13
LEHMAN BROS HLDG       6.88%       5/2/2018      18.00
LEHMAN BROS HLDG       6.88%      7/17/2037       0.23
LEHMAN BROS HLDG       6.90%       9/1/2032      11.00
LEHMAN BROS HLDG       7.00%      4/16/2019      13.60
LEHMAN BROS HLDG       7.00%      5/12/2023      11.00
LEHMAN BROS HLDG       7.00%      9/27/2027      15.00
LEHMAN BROS HLDG       7.00%      10/4/2032      13.60
LEHMAN BROS HLDG       7.00%      7/27/2037      13.60
LEHMAN BROS HLDG       7.00%      9/28/2037      14.00
LEHMAN BROS HLDG       7.00%     11/16/2037      12.25
LEHMAN BROS HLDG       7.00%     12/28/2037      11.50
LEHMAN BROS HLDG       7.00%      1/31/2038      13.60
LEHMAN BROS HLDG       7.00%       2/1/2038      13.90
LEHMAN BROS HLDG       7.00%       2/7/2038      11.63
LEHMAN BROS HLDG       7.00%       2/8/2038      12.00
LEHMAN BROS HLDG       7.00%      4/22/2038      11.00
LEHMAN BROS HLDG       7.05%      2/27/2038      12.50
LEHMAN BROS HLDG       7.20%      8/15/2009      16.38
LEHMAN BROS HLDG       7.25%      2/27/2038      13.90
LEHMAN BROS HLDG       7.25%      4/29/2038      12.13
LEHMAN BROS HLDG       7.35%       5/6/2038      10.39
LEHMAN BROS HLDG       7.73%     10/15/2023      12.88
LEHMAN BROS HLDG       7.88%      8/15/2010      15.26
LEHMAN BROS HLDG       8.00%       3/5/2022       8.25
LEHMAN BROS HLDG       8.05%      1/15/2019      11.50
LEHMAN BROS HLDG       8.40%      2/22/2023      12.50
LEHMAN BROS HLDG       8.50%       8/1/2015      16.13
LEHMAN BROS HLDG       8.50%      6/15/2022       8.00
LEHMAN BROS HLDG       8.75%     12/21/2021      11.00
LEHMAN BROS HLDG       8.75%       2/6/2023      12.00
LEHMAN BROS HLDG       8.80%       3/1/2015      16.13
LEHMAN BROS HLDG       9.00%     12/28/2022      11.00
LEHMAN BROS HLDG       9.50%     12/28/2022      12.98
LEHMAN BROS HLDG       9.50%      1/30/2023      12.50
LEHMAN BROS HLDG       9.50%      2/27/2023      12.00
LEHMAN BROS HLDG      10.00%      3/13/2023      13.50
LEHMAN BROS HLDG      11.00%     10/25/2017      13.90
LEHMAN BROS HLDG      11.00%      6/22/2022      12.75
LEHMAN BROS HLDG      11.50%      9/26/2022      13.38
LIFECARE HOLDING       9.25%      8/15/2013      55.00
LTX-CREDENCE           3.50%      5/15/2011      44.00
MAJESTIC STAR          9.50%     10/15/2010      63.00
MAJESTIC STAR          9.75%      1/15/2011       6.84
MERISANT CO            9.50%      7/15/2013      22.04
MERRILL LYNCH          0.00%       3/9/2011      95.10
MGM MIRAGE             6.00%      10/1/2009      99.00
MILLENNIUM AMER        7.63%     11/15/2026      14.50
MORRIS PUBLISH         7.00%       8/1/2013       3.00
NEFF CORP             10.00%       6/1/2015       8.00
NEWARK GROUP INC       9.75%      3/15/2014      19.94
NEWPAGE CORP          12.00%       5/1/2013      49.00
NORTH ATL TRADNG       9.25%       3/1/2012      24.50
NTK HOLDINGS INC      10.75%       3/1/2014       2.69
OSCIENT PHARM         12.50%      1/15/2011       3.00
PAC-WEST TELECOM      13.50%       2/1/2009       4.00
PLY GEM INDS           9.00%      2/15/2012      55.75
POPE & TALBOT          8.38%       6/1/2013       0.51
QUALITY DISTRIBU       9.00%     11/15/2010      52.10
QUANTUM CORP           4.38%       8/1/2010      61.00
RADIO ONE INC          6.38%      2/15/2013      35.00
RADIO ONE INC          8.88%       7/1/2011      46.75
RAFAELLA APPAREL      11.25%      6/15/2011      30.25
RAIT FINANCIAL         6.88%      4/15/2027      40.34
READER'S DIGEST        9.00%      2/15/2017       3.00
RESIDENTIAL CAP        8.38%      6/30/2010      81.80
RH DONNELLEY           6.88%      1/15/2013       5.95
RH DONNELLEY           6.88%      1/15/2013       4.25
RH DONNELLEY           6.88%      1/15/2013       7.35
RH DONNELLEY           8.88%      1/15/2016       6.31
RH DONNELLEY           8.88%     10/15/2017       6.13
ROTECH HEALTHCA        9.50%       4/1/2012      30.50
SALEM COMM HLDG        7.75%     12/15/2010      66.22
SIX FLAGS INC          4.50%      5/15/2015      15.88
SIX FLAGS INC          9.63%       6/1/2014      15.00
SIX FLAGS INC          9.75%      4/15/2013      15.00
SPHERIS INC           11.00%     12/15/2012      42.25
STATION CASINOS        6.00%       4/1/2012      31.62
STATION CASINOS        6.50%       2/1/2014       4.50
STATION CASINOS        6.63%      3/15/2018       4.25
STATION CASINOS        6.88%       3/1/2016       3.50
TEKNI-PLEX INC        12.75%      6/15/2010      67.00
THORNBURG MTG          8.00%      5/15/2013       3.00
TIMES MIRROR CO        6.61%      9/15/2027       2.00
TIMES MIRROR CO        7.25%       3/1/2013       6.00
TIMES MIRROR CO        7.25%     11/15/2096       8.25
TIMES MIRROR CO        7.50%       7/1/2023       6.00
TOUSA INC              7.50%      1/15/2015       0.50
TRANSMERIDIAN EX      12.00%     12/15/2010       6.75
TRIBUNE CO             4.88%      8/15/2010       6.53
TRIBUNE CO             5.25%      8/15/2015       6.00
TRIBUNE CO             5.67%      12/8/2008       5.63
TRONOX WORLDWIDE       9.50%      12/1/2012      38.30
TRUE TEMPER            8.38%      9/15/2011       1.00
TRUMP ENTERTNMNT       8.50%       6/1/2015      11.00
TXU CORP               4.80%     11/15/2009      90.00
USFREIGHTWAYS          8.50%      4/15/2010      66.00
VERASUN ENERGY         9.38%       6/1/2017      13.63
VERENIUM CORP          5.50%       4/1/2027      44.06
VESTA INSUR GRP        8.75%      7/15/2025       0.73
VION PHARM INC         7.75%      2/15/2012      25.51
VISTEON CORP           7.00%      3/10/2014      26.00
WASH MUT BANK FA       5.65%      8/15/2014       0.25
WASH MUT BANK NV       5.50%      1/15/2013       0.25
WASH MUT BANK NV       5.55%      6/16/2010      30.31
WASH MUT BANK NV       5.95%      5/20/2013       0.25
WASH MUTUAL INC        4.20%      1/15/2010      87.75
WASH MUTUAL INC        8.25%       4/1/2010      66.40
WCI COMMUNITIES        4.00%       8/5/2023       1.56
WCI COMMUNITIES        6.63%      3/15/2015       4.00
WCI COMMUNITIES        9.13%       5/1/2012       1.25
WILLIAM LYONS          7.63%     12/15/2012      50.00
YELLOW CORP            5.00%       8/8/2023      29.00
YELLOW CORP            5.00%       8/8/2023      46.25



                           *********

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 **