TCR_Public/100118.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, January 18, 2010, Vol. 14, No. 17

                            Headlines


294 5TH AVENUE: Case Summary & 4 Largest Unsecured Creditors
AEJU LEE: Case Summary & 5 Largest Unsecured Creditors
AFFILIATED MEDIA: Says Prepack Ch. 11 to Cut $930MM Debt to $165MM
AFFINITY GROUP: Lenders Extend Interest Payment Date
ALFRED CLARK: Voluntary Chapter 11 Case Summary

ALL AMERICAN PROPERTIES: Voluntary Chapter 11 Case Summary
AMC ENTERTAINMENT: Bank Debt Trades at 3% Off in Secondary Market
AMERICAN HOMEPATIENT: Forbearance Period Extended Until Feb. 16
ANAVERDE LLC: Case Summary & 20 Largest Unsecured Creditors
ARCLIN US: Completes Financial Restructuring

AUDATEX HOLDINGS: Moody's Upgrades Corp. Family Rating to 'Ba2'
BARNES BANKING: Closed by Regulators; FDIC Creates DINB
BERNARD KOSAR: Faces $2 Mil. Foreclosure Suit from Ocean Bank
BERNIE'S AUDIO: Liquidating Assets Under Chapter 11
BERNIE'S AUDIO: Voluntary Chapter 11 Case Summary

BLACK CROW: Case Summary & 20 Largest Unsecured Creditors
BLACK CROW: GE Capital Wants Dismissal of Chapter 11 Case
BRUCE ELKINS: Case Summary & 5 Largest Unsecured Creditors
CANWEST GLOBAL: LP Entities Have C$645 Million in Assets
CANWEST GLOBAL: LP Entities CCAA Stay Expires February 5

CANWEST GLOBAL: LP Entities Get C$25-Mil. DIP Loan
CAPMARK INVESTMENTS: Voluntary Chapter 11 Case Summary
CARIS DIAGNOSTICS: Moody's Assigns 'B2' Rating on Proposed Loans
CARIS DIAGNOSTICS: S&P Assigns Corporate Credit Rating at 'B+'
CEDAR FAIR: Moody's Assigns 'Ba3' Rating on $1.25 Bil. Loan

CEDAR FAIR: S&P Assigns 'BB' Rating on $1.25 Bil. Senior Loan
CHARTER COMMS: Bank Debt Trades at 6% Off in Secondary Market
CHEMTURA CORP: Reaches Settlement with BP Energy
CHEMTURA CORP: Gets Nod to Release Rabbi Trust Funds
CHEMTURA CORP: Wins Approval of USW Holiday Pay Agreement

CHEMTURA CORP: Creditors Want to Disband Equity Committee
CHEMTURA CORPORATION: Discloses Deal with Albemarle Corporation
CHESAPEAKE CORPORATION: PBGC Assumes Plan for 1,700 Workers
CINRAM INTERNATIONAL: S&P Raises Rating on $675 Mil. Notes to 'B'
CITADEL BROADCASTING: Bank Debt Trades at 22% Off

CITADEL BROADCASTING: Proposes A&M as Restructuring Advisor
CITADEL BROADCASTING: Wants Lazard as Financial Advisor
CITADEL BROADCASTING: Wants Deloitte as Accountants
CLAIRE'S STORES: Bank Debt Trades at 15% Off in Secondary Market
CLARION RIVER: Files for Chapter 11 Bankruptcy in Pennsylvania

CONSTRUCTION MACHINE: Case Summary & 16 Largest Unsec. Creditors
CLEAR CHANNEL: Bank Debt Trades at 19% Off in Secondary Market
CONSTELLATION BRANDS: Bank Debt Trades at Less Than 1% Off
CRACKER BARREL: Bank Debt Trades at 4% Off in Secondary Market
DAN HAGGERTY'S: Case Summary & 20 Largest Unsecured Creditors

DEX MEDIA EAST: Bank Debt Trades at 14% Off in Secondary Market
DJO FINANCE: Moody's Assigns 'B3' Rating on $100 Mil. Notes
DJO INC: S&P Assigns 'B-' Rating on $100 Mil. Senior Notes
DYNAMIC -283: Case Summary & 20 Largest Unsecured Creditors
DYNAMIC RESPONSE: Board Opts for Orderly Liquidation of Assets

EAST CHICAGO COMMUNITY: Case Summary & 20 Largest Unsec. Creditors
EMMIS COMMUNICATIONS: Ohio Teachers' Board Discloses 4.97% Stake
EPICEPT CORP: Reverse Split of Common Stock Consummated
ERT SALE: Files for Chapter 11 Bankruptcy in Honolulu
ERT SALES: Case Summary & 20 Largest Unsecured Creditors

EXTENDED STAY: Has Agreement with Centerbridge on Plan Funding
FAMILY WORSHIP: Voluntary Chapter 11 Case Summary
FANNIE MAE: Government Completes Initiative to Support HFAs
FORBES MEDI-TECH: Appeals NASDAQ Listing Suspension
FORD MOTOR: Bank Debt Trades at 7% Off in Secondary Market

FORD MOTOR: In Talks to Split Mazda Joint Venture in China
FREDDIE MAC: Government Completes Initiative to Support HFAs
FREMONT GENERAL: Amended Plan For Fremont Calls for Merger
GENERAL GROWTH: Equity Committee Proposes Saul Ewing as Counsel
GENERAL GROWTH: Ivanhoe Assets Liens for $93.7-Mil. Loan

GENERATIONS BRANDS: Reorganization Plan Wins Court Approval
GPX INTERNATIONAL: MITL Acquisition Closes $11MM Purchase
GRAFTECH INTERNATIONAL: S&P Raises Corp. Credit Rating to 'BB+'
GRANVILLE TRIUMPH: Case Summary & 20 Largest Unsecured Creditors
GREEN BROOK: Voluntary Chapter 11 Case Summary

GREYSTONE PHARMACEUTICALS: Gets Final Nod for BLN Capital Loan
HEXION SPECIALTY: S&P Puts 'CCC+' Rating on CreditWatch Positive
GSC INVESTMENT: Lenders Opt to Not Accelerate Defaulted Facility
HACIENDA STRUCTURES: Case Summary & 3 Largest Unsecured Creditors
HCA INC: Bank Debt Trades at 5% Off in Secondary Market

I & C PROPERTY: Case Summary & Unsecured Creditor
ICAHN ENTEPRISES: Closes $2.0 Billion Senior Notes Offering
IMAGE ENTERTAINMENT: Receives NASDAQ Staff Deficiency Letters
INDUSTRY WEST: Case Summary & 7 Largest Unsecured Creditors
INTELSAT JACKSON: Bank Debt Trades at 7% Off in Secondary Market

JHCI ACQUISITION: Moody's Gives Stable Outlook, Keeps 'B3' Rating
JIMMY HARDEN: Case Summary & 15 Largest Unsecured Creditors
JLT ENTERPRISES: Case Summary & 20 Largest Unsecured Creditors
JOHN MANEELY: Bank Debt Trades at 5% Off in Secondary Market
JURGIELEWUCZ DUCK FARM: Case Summary & 20 Largest Unsec. Creditors

KENDALL BROOK: Files Schedules of Assets & Liabilities
KENDALL BROOK: Taps Sender & Wasserman as Bankruptcy Counsel
KPT ENTERPRISES: Wants Lift Stay to Seize Trucks & Trailers
LABRANCHE & CO: Moody's Gives Positive Outlook on 'B2' Rating
LAS VEGAS MONORAIL: Wells Fargo Joins Ambac, Seeks Case Dismissal

LAS VEGAS MONORAIL: Case Summary & 20 Largest Unsecured Creditors
LATHAM INT'L: Obtains $30 Million Loan From Bank of America
LATITUDES INVESTMENTS: Case Summary & 14 Largest Unsec. Creditors
LBJ LAKEFRONT: Foreclosure Sought by Lenders on Texas Property
LEAP WIRELESS: Thornburg Investment Discloses 10.08% Equity Stake

LUNA INNVOVATIONS: Complies with All NASDAQ Listing Criteria
LYONDELL CHEMICAL: Settles $2.5M Rita Damage Claims
LYONDELL CHEMICAL: Creditors Want Examiner's Role Expanded
M2M FASHION: Voluntary Chapter 11 Case Summary
MAGNUM D'OR: Weinberg & Company Raises Going Concern Doubt

MANITOWOC CO: Bank Debt Trades at Less Than 1% Off
MANORS ALLEGHENY: Case Summary & 3 Largest Unsecured Creditors
MARIA WARE: Case Summary & 20 Largest Unsecured Creditors
MARIO HERNANDEZ: Case Summary & 13 Largest Unsecured Creditors
MARKETING WORLDWIDE: Auditors Raise Going Concern Doubt

MAX & ERMA'S: Closes Store in Central Ohio
MERUELO MADDUX: Gets Final OK to Use Creditors' Cash Collateral
MESA AIR: Proposes Jones Day as Special Counsel
MESA AIR: BNP Paribas No Longer a Shareholder
METRO-GOLDWYN-MAYER: Bank Debt Trades at 37% Off

MIO DC LLC: Case Summary & 7 Largest Unsecured Creditors
MOMENTIVE PERFORMANCE: Bank Debt Trades at 8% Off
MOVIE GALLERY: May Close 1,000 Stores; In Talks with Liquidators
MULTIPLAN INC: Bank Debt Trades at 4% Off in Secondary Market
MYLAN LABORATORIES: Bank Debt Trades at 1% Off in Secondary Market

NATIONAL BEEF: Moody's Withdraws 'B2' Corporate Family Rating
NCO GROUP: Bank Debt Trades at 2% Off in Secondary Market
NEENAH FOUNDRY: Ernst & Young Raises Going Concern Doubt
NEW TIMES MEDIA: SF Bay Guardian Mulls Involuntary Bankruptcy
NOVELIS INC: Bank Debt Trades at 6% Off in Secondary Market

NPC ACQUISITION: Case Summary & 20 Largest Unsecured Creditors
NUTCREA: Effects 17% Reduction in U.S. Workforce
PENN TRAFFIC: Auction to Challenge Tops Market Bid Set for Jan. 21
PENN TRAFFIC: C&S Wholesale to Clear Out Warehouses in 60 Days
PETCO ANIMAL: Bank Debt Trades at 3% Off in Secondary Market

PETER PIETRANGELO: Voluntary Chapter 11 Case Summary
PETROHUNTER ENERGY: Eide Bailly Raises Going Concern Doubt
PH GLATFELTER: Moody's Affirms Corporate Family Rating at 'Ba2'
PHILADELPHIA NEWSPAPERS: Rejects Deal with McClatchy
PNG VENTURES: Set for March 5 Hearing on Prepack Plan

PROTECTION ONE: Ohio Teachers' Board Reports 6.32% Equity Stake
PROTECTION ONE: Receives $22.75 Mil. in Westar Settlement
PROTECTIVE PRODUCTS: Files for Chapter 11 to Sell Assets
PROTECTIVE PRODUCTS: Case Summary & 11 Largest Unsecured Creditors
RAJCOOMAR HARKIE: Case Summary & 20 Largest Unsecured Creditors

RAMSEY HOLDINGS: Gets Interim OK to Access CIT Lending's Cash
READER'S DIGEST: Restructuring Plan Confirmed by Court
REMOTEMDX INC: Announces Initial Closing of Series D Preferred
REMOTEMDX INC: Auditors Raise Going Concern Doubt
REVLON INC: Seeks to Enforce MOU on Shareholder Suits

R.H. DONNELLEY: Court Enters Order Confirming Plan
R.H. DONNELLEY: Removal Period Extended Through February 22
RICCO INC: Files Schedules of Assets & Liabilities
RICCO INC: Taps John Wiley & Todd Johnson as Bankruptcy Counsel
RICHARD SADALA: Case Summary & 20 Largest Unsecured Creditors

RITZ COURT: Case Summary & 20 Largest Unsecured Creditors
ROBIN BUNDY: Case Summary & 20 Largest Unsecured Creditors
RUMSEY LAND CO: Voluntary Chapter 11 Case Summary
SANDY HOROWITZ: Owes $600,000 in Back Property Taxes
SEQUA CORP: Bank Debt Trades at 8% Off in Secondary Market

SHERWOOD FARMS: Case Summary & 15 Largest Unsecured Creditors
SHERWOOD INVESTMENTS: Case Summary & 2 Largest Unsecured Creditors
SMURFIT-STONE CONTAINER: IRS Seeks Interest On Overdue Taxes
SOUTHEAST TELEPHONE: Has Until March 29 to File Chapter 11 Plan
SPANSION INC: Seeks Approval of $450MM Exit Financing

SPANSION INC: Longacre, Et Al., Buy Claims
SPURLOCK LOGGING: Voluntary Chapter 11 Case Summary
ST STEPHEN STATE BANK: First State Bank Assumes All Deposits
STATION CASINOS: Creditors' Fraud Claims Trigger Protest
SUN MICROSYSTEMS: Oracle Deal Won't Affect Moody's 'Ba1' Rating

SWIFT TRANSPORTATION: Bank Debt Trades at 5% Off
SYNCORA HOLDINGS: Unit Expects Decrease in Statutory Capital
TEEKAY CORP: S&P Corrects Press Release on January 30
TELECONNECT INC: Auditors Raise Going Concern Doubt
TERREL REID: Case Summary & 20 Largest Unsecured Creditors

TOWN COMMUNITY BANK: Closed; First American to Assume Deposits
TOYS "R" US: Bank Debt Trades at Less Than 1% Off
TRIBECA FIVE: Files for Chapter 11 Bankruptcy
TRIBUNE CO: Wilmington Trust Seeks Examiner
TROPICANA ENTERTAINMENT: Board to Have Session on Aztar License

TSG INCORPORATED: Gets Temporary OK to Access PNC Bank's Cash
TSG INCORPORATED: Wants Schedules Filing Extended Until January 29
TXCO RESOURCES: Western National Balks at TXCO Ch. 11 Plan
UNISYS CORP: Registers 5,242,165 Shares for Resale
UNITED AIR: Bank Debt Trades at 20% Off in Secondary Market

VERENIUM CORP: Linden Capital Discloses Holding Warrants
VIP EMPEROR ESTATES: Case Summary & 11 Largest Unsecured Creditors
VISION CARE: Files for Bankruptcy With More Than $50MM in Debts
VISTA LANE LLC: Case Summary & 5 Largest Unsecured Creditors
VISTEON CORP: Bank Debt Trades at 110.84% in Secondary Market

WIDEOPENWEST FINANCE: S&P Affirms 'B-' Rating on $250 Mil. Loan
WILLIAM LYON: Expects Up to $95MM Income Tax Benefit for FY2009
YAIR LEVY: Garrison Special To Foreclose Park Columbus
YRC WORLDWIDE: Inks Non-Compete Deal with President & COO Wicks
ZUFFA LLC: Flash Entertainment Deal Won't Affect Moody's Ratings

* 2010 Bank Closings Now at 4 After 3 Banks Shut Friday
* Bing Chen Joins Houlihan as Managing Director in Hong Kong
* David Angarola Joins TransPerfect Legal Solutions Sales Team

* Hoge Fenton Welcomes New Associate
* Steven Tyrrell Joins Weil Gotshal's Washington, D.C. Office
* Wendy Webb Joins Tennenbaum Capital as Managing Director

* BOND PRICING -- For the Week From January 11 to 15, 2010


                            *********

294 5TH AVENUE: Case Summary & 4 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: 294 5th Avenue Associates, LLC
        1033 86th St.
        Brooklyn, NY 11228

Bankruptcy Case No.: 10-40222

Debtor-affiliate filing separate Chapter 11 petition:

        Entity                                     Case No.
        ------                                     --------
296 5th Avenue Group, LLC                          10-40223

Chapter 11 Petition Date: January 13, 2010

Court: United States Bankruptcy Court
       Eastern District of New York (Brooklyn)

Judge: Elizabeth S. Stong

Debtor's Counsel: Bruce Weiner, Esq.
                  Rosenberg Musso & Weiner LLP
                  26 Court Street, Suite 2211
                  Brooklyn, NY 11242
                  Tel: (718) 855-6840
                  Fax: (718) 625-1966
                  Email: rmwlaw@att.net

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

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

According to the schedules, the Company has assets of 1,805,100,
and total debts of $2,022,982.

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/nyeb10-40222.pdf

The petition was signed by Dev Murjani, managing member of the
Company.


AEJU LEE: Case Summary & 5 Largest Unsecured Creditors
------------------------------------------------------
Debtor: Aeju Lee
        4001 Wilshire Blvd., #132
        Los Angeles, CA 90005

Bankruptcy Case No.: 10-11105

Chapter 11 Petition Date: January 12, 2010

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

Judge: Vincent P. Zurzolo

Debtor's Counsel: Joon M. Khang, Esq.
                  Khang & Khang LLP
                  1901 Avenue of the Stars 2nd FL
                  Los Angeles, CA 90067
                  Tel: (310) 461-1342
                  Fax: (310) 461-1343
                  Email: joon@khanglaw.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
5 largest unsecured creditors, is available for free at:

            http://bankrupt.com/misc/cacb10-11105.pdf

The petition was signed by Aeju Lee.


AFFILIATED MEDIA: Says Prepack Ch. 11 to Cut $930MM Debt to $165MM
------------------------------------------------------------------
Affiliated Media, Inc., on Friday announced that it has obtained
the approval of its lenders for a financial restructuring of the
company that will sharply reduce its debt, boost its cash flow and
allow greater financial flexibility.  The plan will be implemented
in the near future through a "prepackaged" chapter 11 filing.

Affiliated Media, Inc. is the holding company for the MediaNews
Group family of newspapers, the nation's second-largest newspaper
publisher by circulation and owner of 54 daily newspapers, over
100 non-daily newspapers, as well as Web sites, television and
radio broadcasters that serve markets in 12 states.

Unlike other media company reorganizations, this one does not
involve the newspaper operations or have any effect on employees
or vendors of the newspapers.  Only the holding company will
restructure.

The reorganization, structured in consultation with the company's
senior lenders, provides for the swap by senior lenders of debt
for equity, and reduction of the company's debt of approximately
$930 million to $165 million. There will be no management change
or change in control of the company. William Dean Singleton,
Chairman and Chief Executive Officer of MediaNews Group, will
continue to select a majority of the members on the Board of
Directors. The Singleton led management will be authorized to own
20% of the company through stock and warrants. Singleton and
company President Joseph J. Lodovic IV will control the company
through their ownership of all class A shares of the company,
which entitles them to elect a majority of the board of directors.
Other stockholders will own class B and class C shares.

"In our search for a new model that reflects the realities of
today's changing newspaper environment, we have come up with a
solution that restores financial strength and flexibility to our
balance sheet," said Mr. Singleton. "It does not affect the
operations of any of our newspapers or vendors or other
operations. It gives us one of the strongest balance sheets in the
industry. It gives us breathing space to create a new model for
the newspapers we publish."

Mr. Singleton added: "One critical advantage of our plan, compared
with those by some other media companies, is that it is a
prepackaged plan that has the approval of lenders and unlike other
filings, this one does not involve our newspaper operations."  He
noted that the plan allows for claims of Affiliated Media's trade
creditors, suppliers and employees to be unaffected by the filing
and paid in the ordinary course as they come due. Almost all of
the company's trade creditors, suppliers and employees are totally
unaffected in any event since none of the individual newspaper
operations are involved in the reorganization plan. "For them,
it's business as usual," he said.  The company is current on all
vendor payments, he said, and expects to remain so. He said the
company has adequate cash to fund all its operations in a normal
fashion.

At present, senior lenders to the company are owed approximately
$590 million, guaranteed by certain affiliates. The company also
owes an aggregate principal amount of about $326 million to
holders of subordinated notes. By accepting the prepackaged plan,
senior lenders will trade their existing claims and guarantees for
a pro rata share of the new secured term loan, in a smaller
principal amount but with more collateral and a more financially
sound borrower, as well as ownership of a majority of the new
equity of the reorganized company, subject to a gradual dilution
as a result of grants of restricted stock.  Subordinated note
holders will receive warrants for future equity.  All existing
equity interests in Affiliated Media will be cancelled.

In contrast with most filings, where creditors may oppose the
proposed plan for re-organization, a prepackaged filing means that
affected creditors have already seen and accepted the plan prior
to the time it is filed, so that it can proceed with little debate
or negotiation, and can swiftly win approval from the court.

The newspaper industry is undergoing a major transformation,
exacerbated by the current recession, which is causing falling
advertising, a slumping retail market and significant drops in
classified advertising. About 80 percent of the company's revenues
are generated by advertising sales, and those sales will likely
continue to be affected by the economic downturn. In recent years,
the company has undertaken a number of strategic initiatives to
improve operating cash flow and to reduce costs. But it became
clear yesterday's balance sheet couldn't be sustained by today's
business environment.

Even as the newspaper environment has badly deteriorated over the
past three years, MediaNews newspapers have performed better than
the industry as a whole.  Circulation of the company's newspapers
grew for the September Audit Bureau of Circulations 6-month
reporting period, while industry circulation dropped 10.6 percent.
The growth included gains by the Denver Post after its primary
competitor ceased publication.  Excluding the Denver gain, the
company's circulation dropped 4.8%, still well below the
industry's 10.6% decline.

And the company's innovative advertising sales initiatives have
resulted in advertising declines lower than the industry as a
whole. December quarter advertising results have shown
substantially smaller declines than were experienced in the first
nine months of the year.

All but one of the company's newspapers are profitable.

"This reorganization does not come without pain," Mr. Singleton
said. "Current shareholders will be losing the value of their
holdings. But we believe that adopting this plan will give us a
far better platform from which to develop, grow and participate in
the consolidation and re-invention of the newspaper industry."

                           *     *     *

Affiliated Media has not indicated the actual date it would file
for bankruptcy.  The Huffington Post says the reorganization plan
was expected to be filed in federal bankruptcy court in Delaware.
It would be at least the 13th bankruptcy filing by a U.S.
newspaper publisher in the past 13 months, Post relates.

The Hearst Corp. and the Scudder family are giving up interests in
MediaNews, according to Huffington Post, citing a person who had
knowledge of the plan but spoke on condition of anonymity because
he did not want discuss the plan publicly.  A spokesman for Hearst
declined to comment Friday, according to Huffington Post.

Sources told The Wall Street Journal's Mike Spector and Shira
Ovide report that  Hearst has at least $400 million in equity and
debt tied to MediaNews, and the investment will be wiped out by
the bankruptcy filing.  "We have worked side-by-side with Hearst
on this," Mr. Singleton said, the Journal notes.

The Journal also relates people in the newspaper industry have
pointed to MediaNews's paper in St. Paul and the Star Tribune in
Minneapolis as potential candidates for a combination, as well as
to adjacent papers in Southern California published by MediaNews,
Tribune Co. and Freedom Communications Inc.  There are potential
regulatory hurdles to some newspaper combinations.  Asked which
newspapers or groups of newspapers might be combined, according to
the Journal, Mr. Singleton answered: "You can look at the map."


AFFINITY GROUP: Lenders Extend Interest Payment Date
----------------------------------------------------
Affinity Group Holding, Inc., on September 14, 2009, received
consent letters from certain institutional holders of its 10-7/8%
Senior Notes Due 2012 holding in the aggregate $65,835,969
principal amount of the AGHI Notes outstanding and consent letters
from certain non-institutional holders of the AGHI Notes holding
in the aggregate $46,555,946 principal amount of the AGHI Notes
outstanding.  The aggregate principal amount of the AGHI Notes
outstanding is $113,648,603 so the holders executing the Consents
held 98.9% of the outstanding principal amount of the AGHI Notes.
On September 14, 2009, the Company paid the interest on the
remaining $1,256,688 principal amount of AGHI Notes that are
outstanding and for which an Institutional Consent or an Other
Consent was not obtained.

The Company has engaged in discussions with the holders of the
AGHI Notes regarding a refinancing or restructuring of the
indebtedness of the Company and its subsidiary, Affinity Group,
Inc.  As part of those discussions, the Company did not pay the
interest on the AGHI Notes that was due on August 15, 2009, but
the indenture governing the AGHI Notes provides a 30 day grace
period for the payment of interest that was to have been paid on
that date.  Pursuant to the Institutional Consents, the Company
has agreed to pay the legal fees for a law firm to represent the
holders who signed the Institutional Consents in connection with
such discussions and has paid a $150,000 retainer to that law
firm.  In addition, the Company has paid a consent fee equal to
1/4 of 1% of the principal amount to the holders who signed the
Institutional Consents or an aggregate of $164,600.  As of
January 12, 2010, the holders who signed the Institutional
Consents have agreed to extend the interest payment date on their
AGHI Notes to January 15, 2010.  As of October 28, 2009, the
holders who signed the Other Consents have agreed to extend the
interest payment date on their AGHI Notes to the date that is five
business days after the date of termination of the Institutional
Consents, including any additional extensions of the Institutional
Consents.

                    About Affinity Group

Affinity Group Holding, Inc., is a large member-based direct
marketing company, targeting North American recreational vehicle
owners and outdoor enthusiasts.  The company reported net revenue
of $506 million for the LTM period ended March 31, 2009.

At September 30, 2009, the Company had $230,111,000 in total
assets against $560,760,000 in total liabilities, resulting in
$330,649,000 in stockholders' deficit.  The September 30 balance
sheet showed strained liquidity: The Company had $117,673,000 in
total current assets against $291,986,000 in total current
liabilities.

Affinity Group carries a 'Caa1' long term corporate family rating
from Moody's and a 'CCC' issuer credit rating from Standard &
Poor's.


ALFRED CLARK: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Joint Debtors: Alfred Wiley Clark
                 aka Butch Clark
               Janice Oglesby Clark
               185 Battery Row
               Wilsonville, AL 35007

Case No.: 10-00216

Chapter 11 Petition Date: January 14, 2010

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

Judge: Albert E. Radcliffe

Debtors' Counsel: Frederick Mott Garfield, Esq.
                  Sexton & Associates, PC
                  1330 21st Way South
                  Birmingham, AL 35205
                  Tel: (205) 558-4999
                  Fax: (205) 558-4997
                  Email: fmgarfield@sextonattorneys.com

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

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

The Debtors did not file a list of their 20 largest unsecured
creditors when they filed their petition.


ALL AMERICAN PROPERTIES: Voluntary Chapter 11 Case Summary
----------------------------------------------------------
Debtor: All American Properties, Inc.
        1140 Avenue of the Americas, Suite 1800
        New York, NY 10036

Bankruptcy Case No.: 10-00273

Chapter 11 Petition Date: January 14, 2010

Court: United States Bankruptcy Court
       Middle District of Pennsylvania (Harrisburg)

Judge: Letitia Z. Paul

Debtor's Counsel: Robert E. Chernicoff, Esq.
                  Cunningham and Chernicoff PC
                  2320 North Second Street
                  Harrisburg, PA 17110
                  Tel: (717) 238-6570
                  Fax: (717) 238-4809
                  Email: rec@cclawpc.com

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

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

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


AMC ENTERTAINMENT: Bank Debt Trades at 3% Off in Secondary Market
-----------------------------------------------------------------
Participations in a syndicated loan under which AMC Entertainment,
Inc., is a borrower traded in the secondary market at 97.30 cents-
on-the-dollar during the week ended Friday, Jan. 15, 2010,
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 Company pays 175 basis points above LIBOR to borrow under the
facility.  The bank loan matures on Jan. 23, 2013, and carries
Moody's Ba2 rating and Standard & Poor's BB- rating.  The debt is
one of the biggest gainers and losers among 168 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Jan. 15.

Headquartered in Kansas City, Missouri, AMC Entertainment, Inc. --
http://www.amctheatres.com/-- is organized as an intermediate
holding company.  Its principal directly owned subsidiaries are
American Multi-Cinema, Inc., and AMC Entertainment International,
Inc.  The Company conducts its theatrical exhibition business
through AMC and its subsidiaries and AMCEI.

Fitch Ratings in October 2009 affirmed AMC Entertainment's issuer
default rating affirmed at 'B', senior secured credit facilities
at 'BB/RR1'; senior unsecured notes at 'B/RR4'.  It also revised
the Company's senior subordinated notes to 'CCC/RR6' from
'CCC+/RR6'.


AMERICAN HOMEPATIENT: Forbearance Period Extended Until Feb. 16
---------------------------------------------------------------
American HomePatient, Inc., has entered into a seventh forbearance
agreement with NexBank, SSB, the agent for its senior debt, and
the holders in interest of a majority of the senior debt.

Approximately $226 million was due to be repaid in full on the
maturity date of August 1, 2009, pursuant to the terms of the
Company's secured promissory note.  The Company and its lenders
continue to work toward a resolution of the debt maturity issue.
Joseph F. Furlong, President and Chief Executive Officer, stated,
"We are confident a resolution will be reached that will allow the
Company to continue providing the excellent care that our patients
have come to expect.  However, discussions are ongoing and as a
result we cannot provide any assurances as to the specifics of any
resolution."  Under the forbearance agreement, the lenders may not
take any actions against the Company available to them as a result
of the default, prior to February 16, 2010.

American HomePatient, Inc., is one of the nation's largest home
health care providers with operations in 33 states.  Its product
and service offerings include respiratory services, infusion
therapy, parenteral and enteral nutrition, and medical equipment
for patients in their home.  American HomePatient, Inc.'s common
stock is currently traded in the over-the-counter market or, on
application by broker-dealers, in the NASD's Electronic Bulletin
Board under the symbol AHOM or AHOM.OB.


ANAVERDE LLC: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Anaverde LLC
        One Maritime Plaza, Suite 1103
        San Francisco, CA 94111

Bankruptcy Case No.: 10-10113

Chapter 11 Petition Date: January 15, 2010

Court: United States Bankruptcy Court
       District of Delaware (Delaware)

Judge: Mary F. Walrath

Debtor's Counsel: Kevin Scott Mann, Esq.
                  Cross & Simon, LLC
                  913 N. Market Street, 11th Floor
                  P.O. Box 1380
                  Wilmington, DE 19899-1380
                  Tel: (302) 777-4200
                  Fax: (302) 777-4224
                  Email: kmann@crosslaw.com

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

Estimated Debts: $50,000,001 to $100,000,000

The petition was signed by Christopher Yelich.

Debtor's List of 20 Largest Unsecured Creditors:

  Entity                   Nature of Claim        Claim Amount
  ------                   ---------------        ------------
Cadim, Inc.                Note                   $63,907.748
63 Kendrick Street,                               Value of
Suite One                                         security:
Needham, MA 02494-2708                            $13,000,000

Lockton Insurance Brokers, Trade debt             $255,582
LLC
aka Bond Safeguard
1919 S Highland Ave.
Suite 300a
Lombard, IL 60148

West Union School District Trade debt             $212,969

Los Angeles County         Trade debt             $198,638
Tax Collector

Summit Envirosolutions,    Trade debt             $90,594
Inc.

Goodwin Procter            Trade debt             $75,805

Modular Space Corporation  Trade debt             $34,996

Griffin Dewatering         Trade debt             $33,824
Corporation

Lewis Brisbois Bisgaard    Trade debt             $33,261
& Smith

R.C. Becker & Son, Inc.    Trade debt             $30,378

SIKAND Engineering         Trade debt             $24,039

American Heritage          Trade debt             $19,409
Landscape

RAFS, Inc.                 Trade debt             $9,528

Michelson Environmental    Trade debt             $6,832
Inc.

Andy Gump, Inc.            Trade debt             $4,578

Terry Foster Equipment     Trade debt             $4,280
Rentals

Lucas Austin Alexander     Trade debt             $3,936

Rutan & Tucker, LLP        Trade debt             $2,106

SR Consultants West        Trade debt             $1,358

Pacific Business Capital   Trade debt             $1,320
Corp.


ARCLIN US: Completes Financial Restructuring
--------------------------------------------
Arclin has successfully completed its financial restructuring and
emerged from protection under Chapter 11 of the United States
Bankruptcy Code and the Companies' Creditors Arrangement Act in
Canada.

Claudio D'Ambrosio, Arclin's President and Chief Executive
Officer, said, "Today marks the successful completion of our
financial restructuring and the start of a new chapter for our
company.  We are pleased to emerge from this process with one of
the strongest balance sheets in our industry and enhanced
financial flexibility, better positioned than ever to provide our
customers with the product quality, innovation and service they
have come to expect from Arclin.  We sincerely appreciate the
support of our employees, customers, suppliers and other
stakeholders throughout this process and we are excited to move
forward as a financially stronger company."

Arclin has met all closing conditions of its Plan of
Reorganization and Plan of Arrangement.  As previously announced,
Arclin's Plan of Reorganization was confirmed by the United States
Bankruptcy Court for the District of Delaware on December 8, 2009,
and Arclin's Plan of Arrangement was approved by the Ontario
Superior Court of Justice on December 11, 2009.

Arclin's funded indebtedness has been reduced from US$234 million
to US$60 million.  Affiliates of Black Diamond Capital Management,
L.L.C. and Silver Point Capital, L.P., the Company's lenders, have
exchanged debt for equity and are now majority owners of the
Company.  Additionally, the Company has obtained a revolving line
of credit facility for US$25 million with Bank of America.

Arclin will continue to further enhance its position as an
innovative supplier and its commitment to environmental
stewardship.

Mr. D'Ambrosio added, "Our commitment to exceeding our customers'
needs with innovative and sustainable solutions has never been
stronger.  In parallel with the financial restructuring process,
we have made important operational enhancements.  In particular,
we have brought our two remaining overlays facilities under our
FSC Chain of Custody certification, making the majority of
Arclin's industrial and decorative overlay products Chain of
Custody certified to a variety of industries.  We have also
introduced E-Natural(TM) and E-Sorb(TM), low/zero emitting wood
panel binding systems that will give our customers the ability to
target specific green markets and provide architects and design
specifiers the ability to control emissions for a given project.
We believe these strategic product developments, coupled with our
strong balance sheet, position Arclin well for 2010 and beyond."

                  About Arclin US Holdings, Inc.

Based in Mississauga, Ontario, Arclin is a leading provider of
innovative bonding and surfacing solutions for the building and
construction, engineered materials and natural resource markets.
Arclin provides bonding solutions for a number of applications
including wood based panels, engineered wood, non-wovens and paper
impregnation. As a world leader in paper overlays technology,
Arclin provides high value surfacing solutions for decorative
panels, building products and industrial specialty applications
for North American and export markets.

Arclin's U.S. companies -- Arclin US Holdnigs, Inc.; Marmorandum
LLC; Arclin Chemicals Holding Inc.; Arclin Industries U.S.A., Inc;
Arclin Fort Smith Inc., Arclin U.S.A. Inc.; and Arclin Surfaces
Inc. -- filed voluntary petitions for Chapter 11 on July 27, 2009
(Bankr. D. Del. Lead Case No. 09-12628).  Frederick Brian Rosner,
Esq., at Messana Rosner & Stern, LLP, serves as counsel for the
Debtors. Dechert LLP is co-counsel while Alvarez & Marsal
securities LLC is the investment banker.  Kurtzman Carson
Consultants LLC serves as claims and noticing agent.  The petition
says that Arclin US's assets and debts are between $100,000,001
and $500,000,000.

Arclin's Canadian companies also made a filing with the Ontario
Superior Court of Justice and have obtained an Initial Order
authorizing Arclin to reorganize under the Companies' Creditors
Arrangement Act.  Ernst & Young serves as CCAA monitor.

Arclin's subsidiaries in Mexico are not included in the filings.
The Mexican affiliates -- Arclin Mexican Holdings S.A. de C.V.,
Arclin Mexico S.A. de C.V., and Arclin Operadora S.A. de C.V. --
are not subject to any insolvency proceedings.


AUDATEX HOLDINGS: Moody's Upgrades Corp. Family Rating to 'Ba2'
---------------------------------------------------------------
Moody's Investors Service upgraded the Corporate Family Rating,
Probability of Default Rating and secured credit facility rating
of Audatex Holdings, LLC, to Ba2 from Ba3.  The rating outlook
remains positive.

"The upgrade reflects improved credit metrics driven by solid
organic revenue and profit growth in the EMEA and Americas
segments.  The company's business model has proved resilient
during the global economic downturn and the company has
significant growth potential in Europe and in developing markets"
stated Lenny Ajzenman, Senior Vice President.

The positive rating outlook anticipates further improvements in
credit metrics over the next 12 to 18 months driven by moderate
organic revenue and profit growth.  The company's performance
should continue to benefit from the roll out of additional
software and services to existing customers, the expansion of
automated claims penetration and insured claims growth,
particularly in developing markets.

The ratings are principally constrained by a relatively small
revenue base for the rating category, dependence on a group of
large property and casualty insurance carriers for a significant
portion of revenues and concentration of revenues in estimation
and workflow software products which are subject to technology
risks.

Moody's upgraded these ratings:

Audatex Holdings, LLC:

* Corporate Family Rating, to Ba2 from Ba3
* Probability of Default Rating, to Ba2 from Ba3

Audatex Holdings IV B.V. (an indirect wholly owned subsidiary of
Audatex and a holding company for operating subsidiaries outside
of North America):

* $25 million First Lien Revolving Credit Facility due 2012, to
  Ba2 (LGD 3, 46%) from Ba3 (LGD 3, 46%)

* $376.1 million First Lien Term Loan due 2014, to Ba2 (LGD 3,
  46%) from Ba3 (LGD 3, 46%)

Audatex North America, Inc. (an indirect wholly owned subsidiary
of Audatex and a holding company for the North American operating
subsidiaries):

* $25 million First Lien Revolving Credit Facility due 2012, Ba2
  (LGD 3, 46%) from Ba3 (LGD 3, 46%)

* $215.9 million First Lien Term Loan due 2014, (LGD 3, 46%) from
  Ba3 (LGD 3, 46%)

The last rating action on Audatex was on February 12, 2009 when
Moody's affirmed the Ba3 Corporate Family Rating and changed the
rating outlook to positive from stable.

Audatex, headquartered in San Diego, California, is a leading
global provider of software and services to the automobile
insurance claims processing industry.  The company reported
revenues of $565 million for the twelve month period ended
September 30, 2009.


BARNES BANKING: Closed by Regulators; FDIC Creates DINB
-------------------------------------------------------
Barnes Banking Company, Kaysville, Utah, was closed January 15 by
the Utah Department of Financial Institutions, which appointed
Federal Deposit Insurance Corporation (FDIC) as receiver.  To
protect the depositors, the FDIC created the Deposit Insurance
National Bank of Kaysville (DINB), which will remain open until
February 12, 2010 to allow depositors access to their insured
deposits and time to open accounts at other insured institutions.

At the time of closing, the receiver immediately transferred to
the DINB all insured deposits of Barnes Banking Company, except
for brokered deposits, certificates of deposits (CDs) and
individual retirement accounts (IRAs). The receiver also
transferred to the DINB all secured deposits by public entities.

The FDIC will mail checks directly to customers with CDs and IRAs.
For the brokered deposit customers, the FDIC will pay the brokers
directly for the amount of their insured funds. Customers with
brokered deposits should contact their brokers directly for
information concerning their money.

The DINB will maintain Barnes Banking Company's normal business
hours thereafter. Zions First National Bank, Salt Lake City, Utah,
will provide operational management of the DINB. Banking
activities, such as direct deposit and writing checks, ATM and
debit cards, can continue normally for former customers of Barnes
Banking Company until February 12, 2010. Barnes Banking Company
official checks will continue to clear and will be issued to
customers closing accounts.

All insured depositors of Barnes Banking Company are encouraged to
transfer their insured funds to other banks during this
transitional period. They may do so by asking their new bank to
electronically transfer their deposits from the DINB or by writing
checks for the amount in their accounts. For depositors who have
not closed or transferred their accounts on or before February 12,
2010, the FDIC will mail checks to the address of record for the
amount of the insured funds.

Under the FDI Act, the FDIC may create a deposit insurance
national bank to ensure that depositors have continued access to
their insured funds where no other bank has agreed to assume the
insured deposits. This arrangement allows for uninterrupted direct
deposits and automated payments from customers' accounts and
allows them time to find another institution with which to do
business.

As of September 30, 2009, Barnes Banking Company had
$827.8 million in total assets and $786.5 million in total
deposits. At the time of closing, the amount of deposits exceeding
the insurance limits were undetermined.  Uninsured deposits were
not transferred to the DINB. The amount of uninsured deposits will
be determined once the FDIC obtains additional from those
customers.

Customers with accounts in excess of $250,000 should contact the
FDIC toll-free at 1-800-528-4893 to set up an appointment to
discuss their deposits. This phone number will be operational this
evening until 9 p.m., Mountain Standard Time (MST); on Saturday
from 9 a.m. to 6 p.m., MST; on Sunday from noon to 6 p.m., MST;
and thereafter from 8 a.m. to 8 p.m., MST. Customers who would
like more information on the transaction should visit the FDIC's
Web site at http://www.fdic.gov/bank/individual/failed/barnes.html

Beginning Monday, depositors of Barnes Banking Company with more
than $250,000 at the bank may visit the FDIC's Web page "Is My
Account Fully Insured?" at http://www2.fdic.gov/dip/Index.aspto
determine their insurance coverage.

The FDIC as receiver will retain all the assets from Barnes
Banking Company for later disposition. Loan customers should
continue to make their payments as usual.

The cost to the FDIC's Deposit Insurance Fund is estimated to be
$271.3 million. Barnes Banking Company is the fourth bank to fail
this year and the first in Utah. The last FDIC-insured institution
closed in the state was America West Bank, Layton, on May 1, 2009.


BERNARD KOSAR: Faces $2 Mil. Foreclosure Suit from Ocean Bank
-------------------------------------------------------------
Business First of Columbus reports that Ocean Bank filed a
$2 million foreclosure suit in Broward County Circuit Court in
Florida against Bernie Kosar Jr.  The bank wants to seize
Mr. Kosar's 9,901 square-foot house.

Bernard J. Kosar, Jr., is a former Cleveland Browns and University
of Miami quarterback.  He lives in the Fort Lauderdale suburb of
Weston.  Mr. Kosar filed for Chapter 11 on June 19, 2009 (Bankr.
S.D. Fla. Case No. 09-22371).  Julianne R. Frank, Esq., represents
Mr. Kosar.  Mr. Kosar listed assets listed $9.2 million in assets
and $18.9 million in debt.

In January 2010, the Hon. Raymond B. Ray of the U.S. Bankruptcy
Court in Florida (i) converted the Chapter 11 case of Bernard
Kosar to a Chapter 7 liquidation proceeding and (ii) appointed
Robert C. Furr, as trustee to sell and distribute the proceeds to
creditors.


BERNIE'S AUDIO: Liquidating Assets Under Chapter 11
---------------------------------------------------
Bernie's Audio Video TV Appliance Co. filed for Chapter 11
bankruptcy in the U.S. Bankruptcy Court in Hartford, Connecticut
(Bankr. D. Conn. Case No. 10-20087).

The Company blames the "challenging retail environment" for its
decision to liquidate under Chapter 11.

After more than 60 years, the family-owned business has requested
permission from the United States Bankruptcy Court for the
District of Connecticut to conduct a going out of business sale.

Bernie's operates electronic appliance stores.  The Company is
closing all 15 stores.  The Company listed assets and debts of
between $10 million and $50 million in its petition.

According to Bloomberg News, Bernie's has an agency agreement with
the liquidator, Hilco Merchant Resources LLC.  Hilco is
guaranteeing a recovery of 80.3% of the cost of the merchandise,
based on estimated total cost between $13.2 million and $15.2
million.  Hilco also will pay the expense of the sale.

Hilco Merchant Resources will manage all remaining sales at its 15
store locations in Connecticut (9 stores), Massachusetts (5
stores) and Rhode Island (1 store) effective as of January 15,
2010.  A hearing to approve the going out of business sale is
scheduled for tomorrow morning.

Every item, every brand, in every store will be on sale with no
exclusions or exceptions.  Discounts of up to 50% off original
price will be found storewide.  Consumers who shop can save on
famous brand HD and LCD TVs, Blu-Ray and DVD players, i-Pods and
MP3 players, digital cameras, washers, dryers, refrigerators and
other home appliances, furniture, mattresses and other home
furnishings.  Manufacturers' warrantees are in full effect.

Michael Keefe, President of Hilco Merchant Resources, stated,
"This is an outstanding opportunity for consumers in the region to
save on a broad selection of brand names in home entertainment
equipment, major appliances and more. Shoppers will find these
stores very well stocked.  Savings on every item plus a great
selection will make for a very short sale.  Consumers should not
miss this exceptional opportunity for savings at a time when value
is so important to so many people."

                           *     *     *

According to THEDAY.COM, the U.S. Bankruptcy Court approved
Bernie's application to close its 15 stores in Connecticut,
Massachusetts and Rhode Island and begin liquidating its inventory
as part of a Chapter 11 bankruptcy filing. About 350 people are
expected to lose their jobs, THEDAY said.


BERNIE'S AUDIO: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: Bernie's Audio Video TV Appliance Co., Inc.
        1559 King Street
        Enfield, CT 06082

Bankruptcy Case No.: 10-20087

Type of Business: Bernie's operates 15 electronic appliance
                  stores.

Chapter 11 Petition Date: January 14, 2010

Court: United States Bankruptcy Court
       District of Connecticut (Hartford)

Judge: Chief Judge Albert S. Dabrowski

Debtor's Counsel: Barry S. Feigenbaum, Esq.
                  Rogin Nassau LLC.
                  185 Asylum Street, 22nd Floor
                  Hartford, CT 06103
                  Tel: (860) 278-7480
                  Fax: (860) 278-2179
                  Email: bfeigenbaum@roginlaw.com

                  Matthew Wax-Krell, Esq.
                  Rogin Nassau LLC
                  185 Asylum Street
                  CityPlace I 22nd Floor
                  Hartford, CT 06103
                  Tel: (860) 278-7480
                  Fax: (860) 278-2179
                  Email: mwax-krell@roginlaw.com

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

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

The petition was signed by Milton P. Rosenberg, the company's
chief executive officer.


BLACK CROW: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: Black Crow Media Group, LLC
        126 W International Speedway Blvd
        Daytona Beach, FL 32114

Bankruptcy Case No.: 10-00172

Debtor-affiliates filing separate Chapter 11 petitions:

        Entity                                     Case No.
        ------                                     --------
Black Crow Media, LLC                              10-00175
Black Crow Broadcasting, Inc.                      10-00174
Black Crow Radio, LLC                              10-00177
Rocket City Broadcasting, LLC                      10-00180
BCA Radio, LLC                                     10-00173
Black Crow Media of Valdosta, LLC                  10-00176
RTG Radio, LLC                                     10-00178
Thomas Media Operations, LLC                       10-00182
Thomas Radio, LLC                                  10-00183
Rainbow Media, Inc.                                10-00179
Thomas Media, Inc.                                 10-00181

Type of Business: Black Crow Media Group owns and operates 17 FM
                  and 5 AM radio stations in Daytona Beach, Live
                  Oak, Valdosta, Huntsville, Alabama, and Jackson,
                  Tennessee.


Chapter 11 Petition Date: January 11, 2010

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

Judge: A. Bruce Campbell

Debtor's Counsel: Mariane L. Dorris, Esq.
                  Latham Shuker Eden & Beaudine LLP
                  390 North Orange Avenue, Suite 600
                  Orlando, FL 32801
                  Tel: (407) 481-5800
                  Fax: (407) 481-5801
                  Email: bankruptcynotice@lseblaw.com

                  R Scott Shuker, Esq.
                  Latham Shuker Eden & Beaudine LLP
                  Post Office Box 3353
                  Orlando, FL 32802
                  Tel: (407) 481-5800
                  Fax: (407) 481-5801
                  Email: bankruptcynotice@lseblaw.com

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

Estimated Debts: $50,000,001 to $100,000,000

The petition was signed by James L. Davis, the Company's chief
financial officer.

Debtor's List of 20 Largest Unsecured Creditors:

  Entity                   Nature of Claim        Claim Amount
  ------                   ---------------        ------------
Arbitron, Inc.             Trade Debt             $547,313
PO Box 3228
Carol Stream, IL 60132

ASCAP                      Trade Debt             $275,220
PO Box 70547
Chicago, IL 60673

AT&T                       Utility                $1,626

BMI Radio                  Trade Debt             $300,321
PO Box 406833
Atlanta, GA 30384

EME Communications         Trade Debt             $1,800

Florida Power & Light      Utility                $6,040
FPL General Mail Facility

Frank Barnas               Trade Debt             $1,667

Frederic M. Wells          Note                   $1,573,616
10022 Westleigh Drive
Huntsville, AL 35803

Gabriel Media              Trade Debt             $5,579

Grant Thornton LLP         Trade Debt             $4,231

Greater Media Charlotte,   Trade Debt             $807
Inc.

ISP Georgia Sports         Trade Debt             $2,667

John Hancock               Trade Debt             $15,240

Paetec Communications      Utility                $1,989

Premiere Radio Networks,   Trade Debt             $6,193
Inc.

Radio Music Licensee       Trade Debt             $8,622
Committee

SESAC                      Trade Debt             $55,451

Titans Radio               Trade Debt             $1,750

William Morris Talent      Trade Debt             $1,190

Wolfe Communications       Trade Debt             $304,980
438 East Main Street
Jackson, TN 38301


BLACK CROW: GE Capital Wants Dismissal of Chapter 11 Case
---------------------------------------------------------
Bill Rochelle at Bloomberg News reports that General Electric
Capital Corp. is asking the Bankruptcy Court to dismiss the
Chapter 11 case of Black Crow Media Group LLC.  GECC filed the
motion a day after Black Crow filed its bankruptcy petition on
January 12.

According to the report, GECC said that the filing was not made in
good faith, noting that it came two days before a scheduled
hearing in U.S. District Court for the appointment of a receiver
because of Black Crow's default on $38.9 million in term loans and
a revolving credit.  The bankruptcy filing automatically stayed
the suit seeking appointment of a receiver.

Black Crow Media Group owns and operates 17 FM and 5 AM radio
stations in Daytona Beach, Live Oak, Valdosta, Huntsville,
Alabama, and Jackson, Tennessee.  Black Crow, along with
affiliates, filed for Chapter 11 on Jan. 12, 2010 (Bankr. M.D.
Fla. Case No. 10-00172).  Attorneys at Latham Shuker Eden &
Beaudine LLP represent the Debtors in their Chapter 11 effort.
Black Crow disclosed assets of $10 million to $50 million and
debts of $50 million to $100 million in its petition.


BRUCE ELKINS: Case Summary & 5 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Bruce R. Elkins
        5854 Woodglen Dr.
        Agoura Hills, CA 91301

Bankruptcy Case No.: 10-10381

Chapter 11 Petition Date: January 12, 2010

Court: United States Bankruptcy Court
       Central District of California (San Fernando Valley)

Judge: Geraldine Mund

Debtor's Counsel: Summer Saad, Esq.
                  12121 Wilshire Blvd, Ste 1300
                  Los Angeles, CA 90025
                  Tel: (310) 207-1494
                  Fax: (310) 442-0660
                  Email: summer@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 Mr. Elkins' petition, including a list of hits
5 largest unsecured creditors, is available for free at:

            http://bankrupt.com/misc/cacb10-10381.pdf

The petition was signed by Mr. Elkins.


CANWEST GLOBAL: LP Entities Have C$645 Million in Assets
--------------------------------------------------------
Canwest Global Communications Corp. announced on January 8, 2010,
that its subsidiary, Canwest Limited Partnership/Canwest Societe
en Commandite and certain of its subsidiaries -- the LP Entities
-- have entered into an agreement with certain senior secured
lenders to support a pre-packed financial restructuring plan.

To advance the proposed financial restructuring transaction,
Canwest's Board of Directors has authorized the LP Entities to
voluntarily file for creditor protection under the Companies'
Creditors Arrangement Act in the Ontario Superior Court of
Justice (Commercial Division).

The CCAA filing applies to Canwest Publishing Inc./Publications
Canwest Inc., Canwest Books Inc. (inactive), Canwest (Canada)
Inc., and the Limited Partnership and includes all of Canwest's
newspaper publishing and associated digital media, online and
mobile operations, with the exception of National Post Inc. and
its associated properties.

The Company and the LP Entities believe that this is the best
course of action because it will address the LP Entities' current
debt level, preserve jobs and protect newspaper publishing brands
that Canadians have come to know and trust over the past 100
years.  Creditor protection will enable an orderly financial
restructuring of the LP Entities and ensure they continue as a
stronger, integrated newspaper and digital media publishing
business with a renewed financial outlook.

The proposed financial restructuring transaction is supported by
members of the senior secured lending syndicate representing over
48% in principal amount of the Limited Partnership's senior
secured obligations and represents the culmination of lengthy
arm's length discussions between the LP Entities and their senior
secured lenders.  The LP Entities and the senior secured lenders
have entered into a Support Agreement and have negotiated an
Acquisition and Assumption Agreement (the "AA Agreement")
together with a Plan of Compromise and Arrangement in respect of
the senior secured lenders' claims (a "Plan") which have been
filed with the Court.  In addition, the LP Entities have engaged
RBC Capital Markets to conduct a comprehensive sale and investor
solicitation process (the "Sale and Investor Process") within the
restructuring proceeding to canvass the market for superior
offers for the business than the one put forth by the AA
Agreement.

The Company believes that the Support Agreement, the proposed
Acquisition and Assumption Agreement and conducting the Sale and
Investor Solicitation Process under Court supervision represent
the best alternative for the long-term interests of the LP
Entities, its approximately 5,300 employees, suppliers, customers
and other stakeholders.  Protection under the CCAA will provide
the LP Entities with the time and stability needed to implement a
controlled financial restructuring of their businesses, and to
complete the Sale and Investor Solicitation Process while day-to-
day business operations continue uninterrupted.

The LP Entities' operations will continue uninterrupted during
the financial restructuring with operating cash flow sufficient
to fund ongoing operations.  In addition, the LP Entities have
arranged debtor-in-possession ("DIP") financing of up to C$25
million from certain members of the senior secured lenders.  The
LP Entities cash flow from operations together with the DIP
facility will enable its business units to meet obligations to
current employees and suppliers of post-filing goods and
services.

The Support Agreement, which includes the Plan and the AA
Agreement, must be approved by a majority in number of the senior
secured lenders and two-thirds in amount of their claims.  Senior
secured lenders representing 48% of the amount of senior secured
claims have signed a support agreement in which they have agreed
to vote in favor of the Plan which includes any superior cash
offer received in connection with the Sale and Investor Process.
The support of the senior secured lenders for the proposed
financial restructuring transaction and implementation of the
plan is subject to the satisfaction of a number of conditions and
the Support Agreement may be terminated in certain events.

Under the proposed AA Agreement, a new company incorporated by
the senior secured lenders ("Acquireco") would acquire
substantially all of the LP Entities' assets and assume certain
of their operating liabilities.  The AA Agreement contemplates,
subject to certain exceptions, the transfer of substantially all
of the LP Entities' current employees, existing pension plans and
existing post-retirement and post-employment benefit plans to
Acquireco.  Subject to senior secured lender and Court approval
and any superior offer emerging from the Sale and Investor
Process, the senior secured debt will be transferred to
"Acquireco" in exchange for debt and equity in Acquireco.  On
completion of the transaction, the senior secured debt (less a
discount of $25 million) will be deemed to have satisfied and the
$25 million discount will continue to constitute an outstanding
unsecured claim of Acquireco against the LP Entities.

CW Media Inc.'s industry leading specialty channels are not under
creditor protection.  Similarly, TVtropolis, MysteryTV or MenTV
are also not affected by this ruling as they are not under
creditor protection.  Other business units, including Canwest
Global Communications Corp., Canwest Media Inc., Canwest
Television Limited Partnership (including Global Television
Network, MovieTime, DejaView and Fox Sports World), remain under
separate CCAA creditor protection granted by the Court on October
6, 2009.

The LP Entities and their advisors will continue their
discussions with a number of key stakeholders and third parties
as they implement the restructuring and the Sale and Investor
Solicitation Process.

        Background and Description of LP Entities

Canwest Global Communications Corp., through its ownership of LP
Entities, and its other subsidiaries which are not applicants in
the CCAA Proceedings, is Canada's largest publisher of English-
language daily and non-daily newspapers and owns and operates
substantial digital media and online businesses.

Canwest also directly or indirectly owns, operates or holds
substantial interests in free-to-air television stations,
subscription-based specialty television channels, and Web sites
in Canada.

Papers filed in the Canadian court note that Canwest Limited
Partnership has been included in the CCAA Application because it
performs an integral role in the Applicants' ongoing operations
and is the administrative backbone of the LP Entities.

The filings note that starting in the second half of 2008, the LP
Entities began to experience declines in advertising revenues
which had a negative impact on their cash flows, resulting in the
LP Entities breaching certain covenants, missing certain
principal and interest payments, and defaulting under their
various credit facilities in May 2009.  As a result of these
events of default, amounts under the LP Entities' various credit
facilities became immediately due and payable which has led the
LP Entities to conclude that a restructuring of their balance
sheets is required and must be pursued in order to preserve the
enterprise values of their businesses.

Following extensive negotiations, on August 31, 2009, the LP
Entities and the LP Administrative Agent entered into a
Forbearance Agreement under which the LP Administrative Agent
agreed to forbear from enforcing the LP Secured Lenders' security
in order to allow the LP Entities and the LP Secured Lenders the
opportunity to negotiate a pre-packaged restructuring or
reorganization of the business and affairs of the LP Entities.

The Forbearance Agreement expressly contemplated that the LP
Entities and the LP Secured Lenders would negotiate the terms of
a pre-packaged credit acquisition, restructuring or
recapitalization to be implemented under CCAA protection.

The LP Entities and the LP Administrative Agent have negotiated a
pre-arranged support transaction pursuant to which an entity to
be initially capitalized as described in the Acquireco
Capitalization Term Sheet will acquire substantially all of the
assets of the LP Entities, assume the liabilities of the LP
Entities and offer employment to all or substantially all of the
employees of the LP Entities on terms and conditions consistent
with their current employment.

The advisor to the LP Entities will conduct a sale and investor
solicitation, the SISP, in an effort to attract an alternative
offer to the one contained in the Acquisition Agreement.

The LP Entities are seeking a stay of proceedings under the CCAA
in order to allow them to implement the Support Transaction and
allow their financial advisor to conduct the SISP in order to
restructure and reorganize their businesses and preserve their
enterprise values.

              LP Entities' Assets and Liabilities

As of August 31, 2009, the LP Entities had total consolidated
assets with a net book value of C$645 million (C$183 million in
current assets, C$462 million in non-current assets), total
consolidated liabilities of approximately C$1.7 billion (C$1.6
billion in current liabilities and C$106 million in non-current
liabilities), and a total consolidated partners' deficiency of
approximately $1.1 billion.

In Fiscal Year 2009, the LP Entities reported consolidated
revenue of $1.02 billion and a consolidated net loss of
approximately $66 million.

In Fiscal Year 2009, the LP Entities suffered a consolidated net
loss of $66 million as compared to consolidated net earnings of
$143.5 million in Fiscal Year 2008.

The LP Entities' management expects weak economic conditions to
continue through the fiscal year ending August 31, 2010.

                   LP Entities' Debt Structure

As of August 31, 2009, the LP Entities reported consolidated
indebtedness of approximately C$1.4 billion pursuant to these
credit facilities:

(a) the LP Credit Agreement - C$883 million
(b) the LP Senior Subordinated Credit Agreement - C$75 million
(c) the LP Senior Subordinated Notes - C$438 million

In addition, the LP Entities have Swap Obligations outstanding in
the amount of approximately C$68.9 million.

The Bank of Nova Scotia, as administrative agent for a syndicate
of lenders have agreed to provide the Limited Partnership these
credit facilities in the aggregate maximum amount of C$1.017
billion, at foreign currency exchange rates in effect at the LP
Entities' latest fiscal year end,:

  (a) a revolving credit facility of up to C$250 million,
      balance drawn of C$116 million as of May 2009;

  (b) a non-revolving term credit facility in the amount of
      C$265 million; and

  (c) a non-revolving term credit facility in the amount of
      US$458.

The LP Subordinated Lenders have also agreed to provide the
Limited Partnership with access to a term credit facility of up
to C$75 million.

Moreover, the Limited Partnership issued 9.25% per annum senior
subordinated unsecured notes due 2015 in the aggregate principal
amount of US$400 million.

               LP Entities' Cash Flow Projections

The LP Entities, with the assistance of the FTI Consulting Canada
Inc., the Monitor, have prepared consolidated 13-week cash flow
projections of their receipts, disbursements and financing
requirements.  The Cash Flow Projections, estimate that for the
period from January 4, 2010 to April 4, 2010, the LP Entities
will have total operating receipts of $284.7 million, total
operating disbursements of $255.2 million, funding requirements
for its subsidiary, National Post Inc. (not an Applicant in the
proceeding), totaling $2.3 million, and total disbursements
relating to the restructuring of $27.0 million for net cash
inflows during the period of $0.2 million.

A full-text copy of the Cash Flow Projections is available for
free at http://bankrupt.com/misc/CanwestLP_13WCashFlow.pdf

                       About Canwest Global

Canwest Global Communications Corp. (TSX: CGS and CGS.A) --
http://www.canwest.com/-- an international media company, is
Canada's largest media company.  In addition to owning the Global
Television Network, Canwest is Canada's largest publisher of
English language daily newspapers and owns, operates and holds
substantial interests in conventional television, out-of-home
advertising, specialty cable channels, web sites and radio
stations and networks in Canada, New Zealand, Australia, Turkey,
Indonesia, Singapore, the United Kingdom and the United States.

On October 6, 2009, Canwest Global, Canwest Media Inc., Canwest
Television Limited Partnership (including Global Television,
MovieTime, DejaView and Fox Sports World), The National Post
Company and certain subsidiaries voluntarily entered into, and
successfully obtained an Order from the Ontario Superior Court of
Justice (Commercial Division) commencing proceedings under the
Companies' Creditors Arrangement Act.  The CMI Entities'
commencement of these proceedings was undertaken in furtherance of
a proposed recapitalization transaction that is supported by over
70% of holders of the 8% senior subordinated notes issued by CMI.

On the same day, FTI Consulting Canada Inc., the Court-appointed
Monitor in the CCAA proceedings, sought protection in the United
States Bankruptcy Court under Chapter 15 of the United States
Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 09-15994) for
certain of the entities involved in Canwest's television business
that filed for protection under the CCAA, including Canwest,
Canwest Media Inc. and Canwest Global Broadcasting
Inc./Radiodiffusion Canwest Global Inc.

Judge Stuart M. Bernstein presides over the Chapter 15 cases.
Evan D. Flaschen, Esq., at Bracewell & Giuliani LLP, in Hartford,
Connecticut, serves as Chapter 15 Petitioner's counsel.  The
Chapter 15 Debtors disclosed estimated assets of $500 million to
$1 billion and estimated debts of $50 million to $100 million.

In a regulatory filing with the U.S. Securities and Exchange
Commission, Canwest Media disclosed C$4,847,020,000 in total
assets and C$5,826,522,000 in total liabilities at May 31, 2009.

Bankruptcy Creditors' Service, Inc., publishes Canwest Bankruptcy
News.  The newsletter tracks the CCAA proceedings and Chapter 15
proceedings undertaken by Canwest Global Communications Corp. and
its affiliates (http://bankrupt.com/newsstand/or 215/945-7000).


CANWEST GLOBAL: LP Entities CCAA Stay Expires February 5
--------------------------------------------------------
Canwest Publishing Inc./Publications Canwest Inc., Canwest Books
Inc. and Canwest (Canada) Inc. voluntarily entered into, and
obtained an order from the Ontario Superior Court of Justice
(Commercial Division) to commence proceedings under the
Companies' Creditors Arrangement Act, R.S.C. 1985, c. C-36, as
amended.

The CCAA stay and other relief provided under the CCAA is also
extended to Canwest Limited Partnership/Canwest Societe en
Commandite.

Canwest Publishing Inc./Publications Canwest Inc., Canwest Books
Inc. and Canwest (Canada) Inc., and Canwest Limited Partnership /
Canwest Societe en Commandite are referred to as the LP Entities.

The Honorable Madame Justice Sarah E. Pepall ruled that until
February 5, 2010, no proceeding or enforcement process in any
court or tribunal should be commenced or continued against the
LP Entities, FTI Consulting Canada, Inc., as the court-appointed
monitor, or affecting the Applicants' properties and business
except with their written consent or with leave of the Court.

The Ontario Court further ruled that during the Stay Period, no
Person will discontinue, fail to honor, alter, interfere with,
repudiate, terminate or cease to perform any right, renewal
right, contract, agreement, license or permit in favor of or held
by the LP Entities, except with the written consent of the
relevant LP Entity, and the Monitor, or leave of the Ontario
Court.

Subject to availability under the LP DIP Facility, subject to the
LP DIP Definitive Documents and the LP Support Agreement, and
subject to the Approved Cash Flow, the LP Entities will be
entitled but not required to make available to National Post Inc.
(formerly known as 4513401 Canada Inc.) secured revolving loans
pursuant to the terms of a certain NP Intercompany Loan
Agreement.

The LP Entities are authorized to enter into a Support Agreement
dated as of January 7, 2010 between the LP Entities and the LP
Administrative Agent.  The LP Entities are also directed to pay
and perform all of their indebtedness, liabilities and
obligations under and pursuant to the Support Agreement.

The Ontario Court has approved the Sale and Investor Solicitation
Process and the LP Entities are directed and authorized to
proceed with the SISP.  The LP Entities will, Subject to
requirements imposed by the CCAA, subject to the LP DIP Facility,
and subject to the consent of the Monitor, acting with the,
assistance of and in consultation with the LP Chief Restructuring
Officer, have the right to, among others,:

  (a) to the extent not inconsistent with the SISP, to dispose
      of redundant or non-material assets, and to sell assets or
      operations not exceeding C$1 million in any one
      transaction or C$5 million in the aggregate, so long as
      the proceeds of all the sales are applied to reduce the
      principal amount owed to the Senior Lenders under a Senior
      Credit Agreement;

  (b) terminate the employment of their employees or temporarily
      layoff the employees as the relevant LP Entity deems
      appropriate in the ordinary course of business; and

  (c) abandon or quit the whole but not part of any leased
      premises or disclaim any real property lease and
      any ancillary agreements relating to any leased premises.

                Charges Under the Initial Order

The LP Entities will jointly and severally indemnify their
directors and officers from all claims, costs, charges and
expenses relating to the failure of any of the LP Entities to
make certain payments.  Directors and officers of the LP Entities
will be entitled to the benefit of and are granted a charge on
the LP Property, which charge will not exceed an aggregate amount
of C$35,000,000 as security for the indemnity.

RBC Dominion Securities Inc., a member company of RBC Capital
Markets, the Financial Advisor, will be entitled to the benefit
of and is granted a charge on the LP Property, which charge will
not exceed an aggregate amount of C$10 million, as security for
the fees and disbursements, including a success fee, if any,
payable to the Financial Advisor pursuant to the engagement
letter dated October 1, 2009, between Canwest Publishing
Inc./Publications Canwest Inc., Canwest Limited
Partnership/Canwest Societe en Commandite and Financial Advisor.

The key employees referred to in the LP Management Incentive Plan
and the beneficiaries of the employee special arrangements will
be entitled to the benefit of and are granted a charge on the LP
Property, which charge, will not exceed an aggregate amount of
C$3,000,000, to secure amounts owing to the key employees under
the LP MIP and amounts owing to the beneficiaries of the Special
Arrangements.

               Senior Lenders Meeting On Jan. 27

The Ontario Court has authorized the holding and conduct of a
meeting of the Senior Lenders on January 27, 2010, for the
purpose of voting on, with or without variation, a resolution to
approve the Senior Lenders CCAA Plan.

An officer of the Monitor will preside as the chair of the Senior
Lenders Meeting and, subject to the Initial Order and any further
order of the Ontario Court, will decide all matters relating to
the conduct of the Senior Lenders Meeting.

The Monitor will file a report to the Ontario Court by no later
than February 5, 2010, with respect to the results of the vote.

                       About Canwest Global

Canwest Global Communications Corp. (TSX: CGS and CGS.A) --
http://www.canwest.com/-- an international media company, is
Canada's largest media company.  In addition to owning the Global
Television Network, Canwest is Canada's largest publisher of
English language daily newspapers and owns, operates and holds
substantial interests in conventional television, out-of-home
advertising, specialty cable channels, web sites and radio
stations and networks in Canada, New Zealand, Australia, Turkey,
Indonesia, Singapore, the United Kingdom and the United States.

On October 6, 2009, Canwest Global, Canwest Media Inc., Canwest
Television Limited Partnership (including Global Television,
MovieTime, DejaView and Fox Sports World), The National Post
Company and certain subsidiaries voluntarily entered into, and
successfully obtained an Order from the Ontario Superior Court of
Justice (Commercial Division) commencing proceedings under the
Companies' Creditors Arrangement Act.  The CMI Entities'
commencement of these proceedings was undertaken in furtherance of
a proposed recapitalization transaction that is supported by over
70% of holders of the 8% senior subordinated notes issued by CMI.

On the same day, FTI Consulting Canada Inc., the Court-appointed
Monitor in the CCAA proceedings, sought protection in the United
States Bankruptcy Court under Chapter 15 of the United States
Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 09-15994) for
certain of the entities involved in Canwest's television business
that filed for protection under the CCAA, including Canwest,
Canwest Media Inc. and Canwest Global Broadcasting
Inc./Radiodiffusion Canwest Global Inc.

Judge Stuart M. Bernstein presides over the Chapter 15 cases.
Evan D. Flaschen, Esq., at Bracewell & Giuliani LLP, in Hartford,
Connecticut, serves as Chapter 15 Petitioner's counsel.  The
Chapter 15 Debtors disclosed estimated assets of $500 million to
$1 billion and estimated debts of $50 million to $100 million.

In a regulatory filing with the U.S. Securities and Exchange
Commission, Canwest Media disclosed C$4,847,020,000 in total
assets and C$5,826,522,000 in total liabilities at May 31, 2009.

Bankruptcy Creditors' Service, Inc., publishes Canwest Bankruptcy
News.  The newsletter tracks the CCAA proceedings and Chapter 15
proceedings undertaken by Canwest Global Communications Corp. and
its affiliates (http://bankrupt.com/newsstand/or 215/945-7000).


CANWEST GLOBAL: LP Entities Get C$25-Mil. DIP Loan
--------------------------------------------------
The Honorable Madame Justice Sarah E. Pepall of the Ontario
Superior Court of Justice (Commercial Division), in the Initial
CCAA Order, authorized Canwest Limited Partnership/Canwest Societe
en Commandite and certain of its subsidiaries --the LP Entities --
to obtain and borrow under a credit facility from The Bank of Nova
Scotia as Administrative Agent, the LP DIP Agent, and certain
other lenders from time to time party to the LP DIP Definitive
Documents in order to finance the LP Entities' working capital
requirements and other general corporate purposes and capital
expenditures.

However, Madame Justice Pepall said borrowings under the credit
facility will not exceed C$25,000,000 unless permitted by further
Order of the Ontario Court.

The credit facility will be on the terms and subject to the
conditions set forth in the commitment letter between the LP
Entities, the LP DIP Lenders and LP DIP Agent dated as of
January 8, 2010.

The Ontario Court ruled that the LP DIP Lenders' will be treated
as unaffected in any plan of compromise or arrangement filed by
the LP Entities under the CCAA, any proposal filed by the LP
Entities under the Bankruptcy and Insolvency Act of Canada or any
restructuring with respect to any advances made under the LP DIP
Definitive Documents.

                       About Canwest Global

Canwest Global Communications Corp. (TSX: CGS and CGS.A) --
http://www.canwest.com/-- an international media company, is
Canada's largest media company.  In addition to owning the Global
Television Network, Canwest is Canada's largest publisher of
English language daily newspapers and owns, operates and holds
substantial interests in conventional television, out-of-home
advertising, specialty cable channels, web sites and radio
stations and networks in Canada, New Zealand, Australia, Turkey,
Indonesia, Singapore, the United Kingdom and the United States.

On October 6, 2009, Canwest Global, Canwest Media Inc., Canwest
Television Limited Partnership (including Global Television,
MovieTime, DejaView and Fox Sports World), The National Post
Company and certain subsidiaries voluntarily entered into, and
successfully obtained an Order from the Ontario Superior Court of
Justice (Commercial Division) commencing proceedings under the
Companies' Creditors Arrangement Act.  The CMI Entities'
commencement of these proceedings was undertaken in furtherance of
a proposed recapitalization transaction that is supported by over
70% of holders of the 8% senior subordinated notes issued by CMI.

On the same day, FTI Consulting Canada Inc., the Court-appointed
Monitor in the CCAA proceedings, sought protection in the United
States Bankruptcy Court under Chapter 15 of the United States
Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 09-15994) for
certain of the entities involved in Canwest's television business
that filed for protection under the CCAA, including Canwest,
Canwest Media Inc. and Canwest Global Broadcasting
Inc./Radiodiffusion Canwest Global Inc.

Judge Stuart M. Bernstein presides over the Chapter 15 cases.
Evan D. Flaschen, Esq., at Bracewell & Giuliani LLP, in Hartford,
Connecticut, serves as Chapter 15 Petitioner's counsel.  The
Chapter 15 Debtors disclosed estimated assets of $500 million to
$1 billion and estimated debts of $50 million to $100 million.

In a regulatory filing with the U.S. Securities and Exchange
Commission, Canwest Media disclosed C$4,847,020,000 in total
assets and C$5,826,522,000 in total liabilities at May 31, 2009.

Bankruptcy Creditors' Service, Inc., publishes Canwest Bankruptcy
News.  The newsletter tracks the CCAA proceedings and Chapter 15
proceedings undertaken by Canwest Global Communications Corp. and
its affiliates (http://bankrupt.com/newsstand/or 215/945-7000).


CAPMARK INVESTMENTS: Voluntary Chapter 11 Case Summary
------------------------------------------------------
Debtor: Capmark Investments LP
          aka GMAC Institutional Advisors LP
          aka GMAC Institutional Advisors LLC
        116 Welsh Rd.
        Horsham, PA 19044

Bankruptcy Case No.: 10-10124

Chapter 11 Petition Date: January 15, 2010

Estimated Assets: More than $1,000,000,000

Estimated Debts: More than $1,000,000,000

Debtor-affiliate filing separate Chapter 11 petitions October 25,
2009:

    Entity                                 Case No.
    ------                                 --------
Summit Crest Ventures, LLC                 09-13683
Capmark Financial Group Inc.               09-13684
Capmark Capital inc.                       09-13687
Capmark Finance Inc.                       09-13689
Commercial Equity Investments, Inc.        09-13692
Mortgage Investments, LLC                  09-13696
Net Lease Acquisition LLC                  09-13699
SJM Cap, LLC                               09-13701
Capmark Affordable Equity Holdings Inc.    09-13704
Capmark REO Holding LLC                    09-13707
Member AMBAC II, LLC                       09-13710
Member AMBAC III, LLC                      09-13713
Member AMBAC IV, LLC                       09-13716
Member AMBAC V, LLC                        09-13719
Paramount Managing Member LLC              09-13685
Paramount Managing Member II, LLC          09-13686
Paramount Managing Member III, LLC         09-13688
Paramount Managing Member IV, LLC          09-13690
Paramount Managing Member V, LLC           09-13693
Paramount Managing Member VI, LLC          09-13695
Paramount Managing Member VII, LLC         09-13697
Paramount Managing Member IX, LLC          09-13702
Paramount Managing Member XI, LLC          09-13705
Paramount Managing Member XII, LLC         09-13708
Paramount Managing Member XIII, LLC        09-13711
Paramount Managing Member XIV, LLC         09-13715
Paramount Managing Member XV, LLC          09-13717
Paramount Managing Member XVI, LLC         09-13720
Paramount Northeastern Managing            09-13723
Member, LLC
Capmark Affordable Properties Inc.         09-13691
Paramount Managing Member XXIII, LLC       09-13694
Paramount Managing Member XXIV, LLC        09-13694
Paramount Managing Member 30, LLC          09-13703
Paramount Managing Member 31, LLC          09-13706
Paramount Managing Member 33, LLC          09-13709
Broadway Street California, LP             09-13712
Broadway Street 2001, LP                   09-13714
Broadway Street XV, LP                     09-13718
Broadway Street XVI, LP                    09-13721
Broadway Street XVIII, LP                  09-13722
Broadway Street Georgia I, LLC             09-13724
Capmark Managing Member 4.5, LLC           09-13725
Capmark Affordable Equity, LLC             09-13726

Type of Business: The Debtors are commercial real estate financial
                  and other services.

Chapter 11 Petition Date: October 25, 2009

Court: District of Delaware

Debtors' Counsel: Martin J. Bienstock, Esq.
                  Michael P. Kessler, Esq.
                  Judy G.Z. Liu, Esq.
                  Dewey & LeBoeuf LLP
                  1301 Avenue of the Americas
                  New York, New York 10019
                  Tel: (212) 259-8000
                  Fax: (212) 259-6333
                  http://www.dl.com

Debtors'
Co-Counsel:       Mark D. Collins, Esq.
                  Paul N. Heath, Esq.
                  Jason M. Madron, Esq.
                  Richards Layton & Finger P.A.
                  One Rodney Square
                  920 Market Street
                  Wilmington, DE 19801
                  Tel: (302) 651-7700
                  Fax: (302) 651-7701
                  http://www.rlf.com

Debtors'
Special
Insurance
Counsel:          Reed Smith LLP
                  599 Lexington Avenue, 22nd Floor
                  New York, NY 10022
                  Tel: (212) 521 5400
                  Fax: (212) 521 5450
                  http://www.reedsmith.com/

Debtors'
Strategic
Advisor:          Beekman Advisors Inc.
                  8000 Westpark Drive, Suite 250
                  McLean, Virginia 22102
                  Tel: (703) 752-8320
                  Fax: (703) 940-8003
                  http://beekmanadvisors.com/

Debtors'
Financial
Advisor:          Lazard Freres & Co. LLC
                  30 Rockefeller Plaza
                  New York, NY 10020
                  Tel: (212) 632-6000
                  http://www.lazard.com/

Debtors'
Crisis Manager:   Loughlin Meghji + Company
                  220 West 42nd Street, 9th Floor
                  New York, NY 10036
                  Tel: (212) 340-8420
                  Fax: (212) 725-9322
                  http://www.lmco-ny.com/

Debtors'
Accounting
Advisor:          KPMG LLP
                  345 Park Avenue
                  New York, NY 10154
                  Tel: (212) 758-9700
                  http://www.kpmg.com/

Debtors'
Claims Agent:     Epiq Bankruptcy Solutions, LLC
                  757 Third Avenue, 3rd Floor
                  New York, NY 10017

Capmark Financial, et al.'s financial condition as of June 30,
2009:

Total Assets: $20,100,000,000

Total Debts: $21,000,000,000

Capmark Financial Group's Largest Unsecured Creditors:

   Entity                      Nature of Claim   Claim Amount
   ------                      ---------------   ------------
Citibank, N.A., as             Bank loan         $4,623,967,719
administrative agent under
the $5,500,000,000 Credit
Agreement, dated as of
March 23, 2006.
2 Penns Way, Suite 200
New Castle, DE 19720
Tel: (212) 816-8102
Fax: (646) 291-3357

Deutsche Bank Trust            Bond debt         $1,200,000,000
Company Americas, as
trustee for the 5.875%
Senior Notes.
60 Wall Street, 27th Floor
MS:NYC60-2710
New York, NY 10005
Tel: (908) 608-3191
Fax: (732) 578-4635

Deutsche Bank Trust            Bond debt         $637,500,000
Company Americas, as
Trustee for the Floating
Senior Notes due 2010.
60 Wall Street, 27th Floor
MS:NYC60-2710
New York, NY 10005
Tel: (908) 608-3191
Fax: (732) 578-4635

Wilmington Trust FSB, as       Bond debt          $500,000,000
successor trustee for the
6.300% Senior Notes due
2017.
166 Mercer St., Suite 2-R
New York, NY 10012-3249
Tel: (212) 941-4415
Fax: (212)343-1079

Capmark Trust                  Bond debt          $259,784,695
Law Debenture Trust
Company ofNew York, as 767
Trustee under the Floating
Rate Junior Subordinated
Indenture.
767 Third Ave., 31st Floor
New York, NY 10017
Fax: (212) 750-1361

Citicorp North America         Bank loan          $234,203,621
Inc., as administrative
agent for the Bridge Loan
Agreement, dated as of
March 23, 2006.
2 Penns Way, Suite 200
New Castle, DE 19720
Tel: (212) 816-8102
Fax: (646) 291-3357

GMAC LLC                       Guaranty           $13,200,317
200 Renaissance Center
Detroit, MI 200
Detroit, MI 48265-2000

Citibank, N.A.                  Reimbursement     $5,600,000
2 Penns Way, Suite 200          obligation under
Clients Group                   letter of credit
New Castle, DE 19720
Tel: (212) 816-8102
Fax: (646) 291-3357

Fannie Mae                      Guaranty          $11,480,000
3900 Wisconsin Ave., NW
Washington, D.C. 20016-2892
Tel: (301) 204-8178

JP Morgan Chase Bank            Guaranty          $5,043,276
National Assn
Mail Code ILI-0502
21 Clark St., 12th Floor
Chicago,IL 60670

Freddie Mac                     Guaranty          $3,500,000
8200 Jones Branch Dr.
McLean, VA 22102
8200 Jones Branch Dr.
Tel: (703) 903-2000
Fax: (703) 714-3273

Natixis Financial Products      Guaranty          $3,037,145
Inc.
45, rue Saint Dominique 75007
Paris, France

Prairie Enterprises Ltd.        Lease             $2,292,000
PO Box 496
3825 Columbus Rd SW
Bldg. F
Granville, OH 43023
Tel: (740) 587-4150

Lehman Brothers Special         Derivative        $738,000
Financing Inc. and Lehman       termination
Brothers Holdings Inc.
1271 Sixth Ave., 40th Floor
New York, NY 10019 10019
Tel: (646) 333-9526

411 Borel, LLC                  Lease             $261,180
1590 Drew Ave.                  termination
Suite 200
Davis, CA 95616

CLPF-Plaza Del Mar III, LP      Lease             $246,300
110 West A Street L.P.          termination
Suite 900
San Diego, CA 92101

Wachovia Bank NA                Reimbursement     $200,000
301 South Tryon St.             obligation under
Charlotte, NC 28288-0200        letter of credit
Tel: (212) 214-5411
Fax: (212) 214-8955

Affiliated Computer             Trade debt        $156,000
Systems
510 West Parkland Dr.
Sandy, UT 84070

Crown Advisors Inc.             Trade debt        $129,000
30 Isabella St., Suite 203
Pittsburgh, PA 15212
Tel: (412) 566-1100

Techicon Software               Trade debt        $121,000
Solutions Inc.
Unit 1205, Bldg. 12
720 Johnsville Blvd.
Warminster, PA 18974
Tel: (267) 614-2871
Fax: (215) 997-0780

PS WebWorks, Inc.                Trade debt       $100,000
477 Riverwood Ln.
Phoenixville, PA 19460

Walton Houston Galleria          Lease            $108,000
Office LP                        termination
2700 Post Oak Blvd., Suite 200
Houston, TX 77056

McCracken Financial              Trade debt       $95,000
Solutions
8 Suburban Park Dr.
Billerica, MA 01821-3903

OpSource Inc.                    Trade debt       $67,800
5201 Great America Pkwy.
Suite 120
Santa Clara, CA 95054

GRE 800 Brickell LP              Lease            $62,900
300 SE 2nd St.                   termination
Fort Lauderdale, FL 33301

The Fentress Group LLC           Trade debt       $55,150
8001 Ravines Edge Ct., Suite 112
Columbus, OH 43235
Tel: (614) 825-0011
Fax: (614) 825-0014

Data Select Systems, Inc.        Trade debt       $40,000
2829 Townsgate Rd., Suite 300
Westlake Village, CA 91361

Evolution Staffing               Trade debt       $30,000
111 S. Independence Mall
Suite 835
Philadelphia, PA 19106

JVR Consulting Inc.              Trade debt       $30,000
49 Cranberry Lane
Delran, NJ 08075

BTZ Technologies                 Trade debt       $20,000
119 S. Franklin St.
Lambertville, NJ 08530

The petition was signed by Jane N. Levine, president and chief
executive officer.


CARIS DIAGNOSTICS: Moody's Assigns 'B2' Rating on Proposed Loans
----------------------------------------------------------------
Moody's Investors Service assigned a B2 (LGD3, 31%) rating to
Caris Diagnostics, Inc.'s proposed credit facilities, consisting
of a $30 million revolver and a $185 million term loan.  Moody's
also assigned a B2 Corporate Family Rating and a B3 Probability of
Default Rating to the company.  The outlook for the ratings is
stable.  This is the first time Moody's has assigned ratings to
Caris.

Moody's understands that the proceeds of the loans will be used to
refinance existing debt, pre-fund certain capital expenditures,
fulfill the last earn-out payment related to a previous
acquisition, fund a dividend to the parent holding company and pay
fees and expenses associated with the transaction.

The B2 Corporate Family Rating reflects the increased debt levels
and the related interest burden following the transaction to
levels considered appropriate for the single B rating category.
The rating also reflects Moody's expectation of continued growth
as the company builds on its position as a leader in the still
fragmented market for anatomic pathology services.  Continued
growth in both profitability and free cash flow are expected to
allow for reduction in financial leverage.  However, the ratings
also reflect the relatively small scale of the company,
characterized by a revenue base that is considerably below the
median for the rating category and a fairly modest amount of
absolute free cash flow.

The stable rating outlook reflects Moody's expectations that the
company can effectively implement its planned facility expansions,
funded in part by the proceeds of the proposed financing; continue
to successfully manage its rapid growth in its existing business
lines; and maintain a measured approach to entry into new service
lines.  However, given the company's growth rate to date, Moody's
acknowledges the potential for rapid improvement in financial
metrics if prospective targets are met, which could result in
positive rating pressure.

These ratings have been assigned:

* $30 million senior secured revolving credit facility due 2014,
  B2 (LGD3, 31%)

* $185 million senior secured term loan due 2016, B2 (LGD3, 31%)

* Corporate Family Rating, B2

* Probability of Default Rating, B3

Caris, headquartered in Irving, Texas, is a privately owned
provider of anatomic pathology laboratory services, with a focus
on gastrointestinal pathology, dermatopatholgy and
hematopathology.  The company offers testing and information
services used by physicians in the detection, diagnosis,
evaluation and treatment of cancer and other medical conditions.
The company recognized approximately $157 million of revenue for
the twelve months ended September 30, 2009.


CARIS DIAGNOSTICS: S&P Assigns Corporate Credit Rating at 'B+'
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned a 'B+' corporate
credit rating to Irving, Texas-based Caris Diagnostics Inc.  At
the same time, S&P assigned a 'B+' issue-level rating (the same as
the corporate credit rating) to Caris Diagnostics Inc.'s proposed
$185 million senior secured term loan maturing in 2016 and
$30 million revolving credit facility maturing in 2014.  The
recovery rating on these credit facilities is '3', indicating
S&P's expectation for meaningful (50% to 70%) recovery in the
event of payment default.  The rating outlook is stable.

The speculative-grade ratings reflect Caris' narrow operating
focus, early-stage status, relatively small scale, potential for
reimbursement pressure, and the near-term risks associated with
its large expansion projects.

Caris' weak business risk profile overwhelmingly reflects the
company's narrow operating focus and relatively small scale.
Notwithstanding Caris' solid niche position as a diagnostic
services provider to the gastroenterology and dermatopathology
markets (with a small presence in hematopathology), the company is
much smaller and its offerings are much less diverse than those of
competitors like Quest Diagnostics Inc. (BBB+/Stable/--) and
Laboratory Corp.  of America Holdings (BBB+/Stable/--).  In
addition, Caris must compete in its highly fragmented markets with
many smaller providers.  Caris has posted a relatively short track
record of competing effectively with larger competitors through
its expertise in its subsectors, relationships with referring
physicians, and recruitment and retention of pathologists.  Caris'
organic revenue growth has averaged more than 40% over the past
five years on a pro forma basis.  S&P believes that it will be
very difficult for Caris to maintain this growth rate given its
now larger revenue base and the potential for reimbursement
pressures.

Despite Caris' weak business risk, there are some positive aspects
to the company and industry.  Caris' EBITDA margins are roughly
30%, while its larger competitors are in the low to mid-20% area.
Caris is able to command higher margins in an industry that
generally favors economies of scale because of its strong
relationships with referring physicians and the negotiating
leverage with commercial payors that these relationships create.
In fact, Caris maintains high reimbursement from its largest
commercial payors by remaining an out-of-network provider, and its
volumes continue to grow despite its out-of-network status.  In
addition, Caris should benefit from the generally favorable trends
in the diagnostic services, such as the trend toward outsourcing
and the potential for increased volumes through government health
care reform for the uninsured.


CEDAR FAIR: Moody's Assigns 'Ba3' Rating on $1.25 Bil. Loan
-----------------------------------------------------------
Moody's Investors Service assigned a (P)Ba3 rating to Cedar Fair,
L.P.'s proposed $1.25 billion senior secured credit facility due
2014 and a (P)B3 rating to Siddur Merger Sub, LLC's proposed
$700 million senior unsecured notes due 2018.  Moody's is also
assigning Cedar Fair a (P)B1 CFR and (P)B1 Probability of Default
Rating to provide an indication of the rating levels during the
marketing of the proposed debt instruments.  The ratings are
prospective and based on Moody's expectation that Cedar Fair's
Corporate Family Rating will be B1 following the completion of the
$2.4 billion acquisition of the company by Apollo Global
Management announced on December 16, 2009.  Proceeds from the debt
offerings along with a contribution from Apollo will be used to
fund the acquisition, refinancing of existing debt, and related
fees.  Merger Sub is an acquisition vehicle that will be merged
into Cedar Fair to complete the acquisition with Cedar Fair
continuing as the survivor and note issuer post closing.

Assignments:

Issuer: Cedar Fair, L.P.

  -- Corporate Family Rating, Assigned (P)B1

  -- Probability of Default Rating, Assigned (P)B1

  -- Senior Secured Bank Credit Facility, Assigned a (P)Ba3, LGD3
     - 31%

Issuer: Siddur Merger Sub, LLC

  -- Senior Unsecured Regular Bond/Debenture, Assigned a (P)B3,
     LGD5 - 85%

Confirmations:

Issuer: Cedar Fair, L.P.  (Old)

  -- Probability of Default Rating, Confirmed at B1

Cedar Fair's existing Ba3 CFR remains on review for possible
downgrade.  Moody's expects to conclude the review and lower the
CFR to B1 from Ba3 once the acquisition by Apollo is completed.
The downgrade reflects the modestly higher leverage that will
result from the acquisition and Moody's opinion that exposure to
event risk and more aggressive financial policies will be higher
under sponsor ownership.  The proposed financing will favorably
push out maturities and reset the financial maintenance covenants
to provide additional cushion.  However, these actions will
meaningfully improve Cedar Fair's liquidity profile, which Moody's
expects will support a stable rating outlook at the B1 CFR level
as well as an upgrade of the speculative-grade liquidity rating to
SGL-2 from SGL-3 once the transactions are completed.  Moody's
confirmed the B1 Probability of Default Rating as the rating will
remain unchanged following the completion of the acquisition.

Cedar Fair's (P)B1 CFR reflects the good operating cash flow and
strong EBITDA margins generated from the portfolio of regional
amusement parks, supported by an experienced management team,
entertainment value of the rides and attractions, and high entry
barriers.  The parks deliver good entertainment value that drives
substantial attendance.  These strengths are tempered by exposure
to cyclical discretionary consumer spending, competition with a
wide variety of other leisure and entertainment activities, the
high debt-to-EBITDA leverage (5.4x LTM 9/30/09 pro forma for the
transaction and incorporating Moody's standard adjustments)
resulting from the acquisition and risks related to the future use
of cash flow and leveraging actions by the equity sponsor.  The
rating also incorporates Cedar Fair's good prospective liquidity
profile supported by Moody's estimate of approximately $80 million
of projected 2010 free cash flow, modest required term loan
amortization, and good anticipated cushion under financial
maintenance covenants.

The credit facilities will consist of a $1 billion term loan and a
$250 million revolver and will be secured by substantially all the
assets of the borrower and current and future domestic
subsidiaries.  Moody's does not expect the ratings will be
affected if Cedar Fair allocates a portion of the term loan and
the revolver to a Canadian borrower (as is the case with the
existing credit facility) because the U.S. and Canadian credit
facilities are expected to be cross-guaranteed and cross-
collateralized by all of the operating entities of the company.
Cedar Fair may establish the new credit facility through an
amendment and restatement of the existing facility.  Moody's would
view the existing facility as being effectively retired and,
accordingly, expects to withdraw the Ba3 rating on the existing
facilities if the proposed financing is completed.  The B3 rating
on the senior unsecured notes reflects the effective subordination
to the secured credit facility.  The notes will have senior
unsecured guarantees from Cedar Fair's domestic operating
subsidiaries.

The prospective ratings are based on Moody's expectation that the
existing management team will remain in tact and on a review of
the acquisition financing plan, priority of claim of the proposed
instruments, and summary term sheets for the credit facility and
senior unsecured notes that have important elements -- such as
detailed covenants -- remaining to be negotiated.  Apollo's
acquisition is subject to a satisfaction of a number of
contingencies including Cedar Fair obtaining the approval of two-
thirds of its unit holders, the absence of any successful
competing acquisition bids, and successful placement of the
proposed debt.  The conclusion of the review for downgrade and
assignment of definitive ratings is subject to completion of the
acquisition, a review of the final amounts, terms and conditions
of the debt instruments, and an evaluation of the company's
liquidity position including headroom under financial maintenance
covenants.

Moody's last rating on Cedar Fair was on December 17, 2009, when
the Ba3 CFR and B1 PDR were placed on review for possible
downgrade following the announcement of the definitive agreement
to be acquired by Apollo.

Cedar Fair'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 Cedar Fair's core industry and Cedar Fair's ratings are
believed to be comparable to those of other issuers of similar
credit risk.

Cedar Fair, headquartered in Sandusky, Ohio, is a publicly traded
Delaware master limited partnership (MLP) formed in 1987 that owns
and operates 11 amusement parks, seven water parks (six outdoor
and one indoor) and hotels in North America.  Properties are
located in the U.S. and Canada and include Cedar Point (OH),
Knott's Berry Farm (CA), and Canada's Wonderland (Toronto).  In
June 2006, Cedar Fair, L.P., completed the acquisition of
Paramount Parks, Inc. from a subsidiary of CBS Corporation for a
purchase price of 1.24 billion.  Cedar Fair's LTM 9/27/09 revenue
was approximately $930 million.


CEDAR FAIR: S&P Assigns 'BB' Rating on $1.25 Bil. Senior Loan
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its issue-level and
recovery ratings to Sandusky, Ohio-based Cedar Fair L.P.'s amended
and restated $1.25 billion senior secured credit facilities,
consisting of $1 billion in term loan facilities due 2014 and a
$250 million revolving credit facility due 2014.  S&P assigned the
loans an issue-level rating of 'BB' (two notches higher than the
'B+' corporate credit rating on the company), with a recovery
rating of '1', indicating S&P's expectation of very high (90% to
100%) recovery for lenders in the event of a payment default.

In addition, S&P affirmed its 'B+' corporate credit rating on
Cedar Fair and removed the rating from CreditWatch, where it was
placed with negative implications Dec. 17, 2009, following the
announcement that the company entered into a definitive agreement
to be acquired by an affiliate of Apollo Global Management.  The
rating outlook is stable.

The 'BB-' issue-level ratings on the company's existing senior
secured credit facilities remain on CreditWatch with negative
implications.  These ratings will be withdrawn upon completion of
the transaction.  If the company does not complete the
transaction, S&P could lower these ratings to reflect the existing
all-secured debt capital structure and what S&P believes would be
a reduction in enterprise value at the time of a hypothetical
simulated default.

The transaction extends debt maturities and resets financial
covenants, which had been tight, while only modestly negatively
affecting credit measures.  The capital structure contemplates the
issuance of $700 million of senior unsecured debt that will be
marketed prior to the close of the transaction.

Sandusky, Ohio-based Cedar Fair is the second-largest regional
amusement park concern in the U.S. in attendance.  Pro forma total
debt was $1.7 billion as of Sept. 27, 2009.

"The rating on Cedar Fair reflects cyclically lower profitability,
seasonality risks, some EBITDA concentration in Ohio and Michigan,
a weak near-term operating outlook, and increasing debt leverage,"
said Standard & Poor's credit analyst Hal Diamond.  "The company's
competitive position and its operating track record are modest
positives that do not offset these risks."

Pro forma debt to EBITDA increases to 5.4x for the 12 months ended
Sept. 27, 2009, versus the actual level of 5.0x, largely due to
debt incurred to terminate an interest rate swap liability.  Pro
forma EBITDA coverage of interest expense decreases to 2.4x from
2.6x over the same period.

Conversion of EBITDA to discretionary cash flow for the 12 months
ended Sept. 27, 2009 increased to 15.5% from 10.3%, because of
reduced capital spending and a 48% reduction in distribution
payouts beginning in the second quarter of 2009.  S&P expects
conversion to improve in 2010, notwithstanding higher capital
spending and the increase in interest expense due to the
elimination of the substantial dividend and lower taxes.


CHARTER COMMS: Bank Debt Trades at 6% Off in Secondary Market
-------------------------------------------------------------
Participations in a syndicated loan under which Charter
Communications, Inc., is a borrower traded in the secondary market
at 93.68 cents-on-the-dollar during the week ended Friday,
Jan. 15, 2010, according to data compiled by Loan Pricing Corp.
and reported in The Wall Street Journal.  This represents a drop
of 1.00 percentage points from the previous week, The Journal
relates.  The Company pays 262.5 basis points above LIBOR to
borrow under the loan facility, which matures on March 6, 2014.
Moody's has withdrawn its rating, while Standard & Poor's has
assigned a BB+ rating, on the bank debt.  The debt is one of the
biggest gainers and losers among 168 widely quoted syndicated
loans with five or more bids in secondary trading for the week
ended Jan. 15.

About Charter Communications

Based in St. Louis, Missouri, Charter Communications, Inc. (Pink
OTC: CHTRQ) -- http://www.charter.com/-- is a broadband
communications company and the fourth-largest cable operator in
the United States.  Charter provides a full range of advanced
broadband services, including advanced Charter Digital Cable(R)
video entertainment programming, Charter High-Speed(R) Internet
access, and Charter Telephone(R).  Charter Business(TM) similarly
provides scalable, tailored, and cost-effective broadband
communications solutions to business organizations, such as
business-to-business Internet access, data networking, video and
music entertainment services, and business telephone.  Charter's
advertising sales and production services are sold under the
Charter Media(R) brand.

Charter Communications and more than a hundred affiliates filed
voluntary Chapter 11 petitions on March 27, 2009 (Bankr. S.D.N.Y.
Case No. 09-11435).  As of March 31, 2009, the Debtors had total
assets of $13,650,000,000, and total liabilities of
$24,501,000,000.  Pacific Microwave filed for bankruptcy April 20,
2009, disclosing assets of not more than $50,000 and debts of more
than $1 billion.

The Hon. James M. Peck presides over the cases.  Richard M. Cieri,
Esq., Paul M. Basta, Esq., and Stephen E. Hessler, Esq., at
Kirkland & Ellis LLP, in New York, serve as counsel to the
Debtors, excluding Charter Investment Inc.  Albert Togut, Esq., at
Togut, Segal & Segal LLP in New York, serves as Charter
Investment, Inc.'s bankruptcy counsel.  Curtis, Mallet-Prevost,
Colt & Mosel LLP, in New York, is the Debtors' conflicts counsel.
Ernst & Young LLP is the Debtors' tax advisors.  KPMG LLP is the
Debtors' independent auditor.  The Debtors' valuation consultants
are Duff & Phelps LLC; the Debtors' financial advisors are Lazard
Freres & Co. LLC; and the Debtors' restructuring consultants are
AlixPartners LLC.  The Debtors' regulatory counsel is Davis Wright
Tremaine LLP, and Friend Hudak & Harris LLP.  The Debtors' claims
agent is Kurtzman Carson Consultants LLC.

Judge James M. Peck of the U.S. Bankruptcy Court for the Southern
District of New York approved the Debtors' pre-arranged joint plan
of reorganization in a bench ruling on Oct. 15, 2009.

On Nov. 30, 2009, Charter Communications, Inc., announced that it
has successfully completed its financial restructuring, which
significantly improves the Company's capital structure by reducing
debt by approximately 40 percent, or approximately $8 billion.

Charter Communications, Inc., has emerged from Chapter 11 under
its pre-arranged Joint Plan of Reorganization, which was confirmed
by the United States Bankruptcy Court for the Southern District of
New York on Nov. 17, 2009.


CHEMTURA CORP: Reaches Settlement with BP Energy
------------------------------------------------
Chemtura Corp. and its units previously asked the Court for
authority to reject a certain base contract for sale and purchase
of natural gas between Debtor Great Lakes Chemical Corporation and
BP Energy Company, which was subsequently assigned to Chemtura
Corporation.

After the Petition Date, Chemtura provided BP Energy with a
$1,200,000 cash payment as a postpetition security deposit.

Prior to and subsequent to the Petition Date, Chemtura purchased
from BP Energy more natural gas than it used pursuant to the
Contract, which left Chemtura with prepetition and postpetition
credits due and owing from BP Energy, totaling $689,364.

The Parties subsequently held extensive negotiations and
accordingly, in a Court-approved stipulation, agreed that:

  -- The Natural Gas Contract will be deemed rejected effective
     as of June 2, 2009;

  -- BP Energy will return any remaining postpetition collateral
     not previously returned to Chemtura, plus interest at the
     rate of LIBOR 75 basis points from the date the amount was
     posted with BP Energy to the date it is returned to
     Chemtura;

  -- BP Energy will return to Chemtura the Payment Credits
     totaling $15,000 and, to the extent not already returned to
     Chemtura, any additional Payment Credits other than credits
     amounting to $368,880;

  -- Upon receipt of the Payments by Chemtura, BP Energy will be
     deemed to have an allowed general unsecured claim against
     Chemtura arising from the rejection of the Contract
     amounting to $5,206,165;

  -- BP Energy will be permitted, without any further Court
     order, to withhold an amount of the Payment Credits equal
     to $368,880, and set off and apply the amount against the
     Initial Unsecured Claim, thereby leaving BP Energy with an
     allowed general unsecured claim against Chemtura amounting
     to $4,837,284, provided that BP Energy may file a claim
     against Chemtura in an amount and classification of the
     Final Allowed Unsecured Claim and that the claim will be
     deemed to have been filed timely; and

  -- BP Energy and the Debtors and their estates will waive and
     release each other from all prepetition and postpetition
     claims, lawsuits, causes of action and damages.

                      About Chemtura Corp.

Based in Middlebury, Connecticut, Chemtura Corporation (CEM) --
http://www.chemtura.com/-- with 2008 sales of $3.5 billion, is a
global manufacturer and marketer of specialty chemicals, crop
protection products, and pool, spa and home care products.

Chemtura Corporation and 26 of its U.S. affiliates filed voluntary
petitions for relief under Chapter 11 on March 18, 2009 (Bankr.
S.D.N.Y. Case No. 09-11233).  M. Natasha Labovitz, Esq., at
Kirkland & Ellis LLP, in New York, serves as bankruptcy counsel.
Wolfblock LLP serves as the Debtors' special counsel.  The
Debtors' auditors and accountant are KPMG LLP; their investment
bankers are Lazard Freres & Co.; their strategic communications
advisors are Joele Frank, Wilkinson Brimmer Katcher; their
business advisors are Alvarez & Marsal LLC and Ray Dombrowski
serves as their chief restructuring officer; and their claims and
noticing agent is Kurtzman Carson Consultants LLC.

As of December 31, 2008, the Debtors had total assets of
$3.06 billion and total debts of $1.02 billion.

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


CHEMTURA CORP: Gets Nod to Release Rabbi Trust Funds
----------------------------------------------------
Chemtura Corp. and its units sought and obtained the Bankruptcy
Court's permission to release certain funds contributed
postpetition to a "rabbi trust" under a certain plan known as
"Supplemental Savings Plan" to the participating employees,
provided that the employees undertake to pay all applicable taxes
and penalties on the transferred funds.

The Supplemental Savings Plan is designed to provide benefits
similar to those available under the Debtors' 401(k) plan for
contributions that are in excess of the limits imposed by federal
law on contributions to that plan.  Four executive employees
currently participate in the Supplemental Savings Plan.  Accounts
under the Supplemental Savings Plan have been held pursuant to a
Rabbi Trust established by the Debtors, the terms of which are
governed by a separate trust agreement.

In the U.S., a Rabbi trust is a type of trust used by businesses
or other entities to defer the taxability to the person or entity
receiving those payments as employee compensation, or purchase
payment in the acquisition of another business.  It is called a
'rabbi trust' because apparently the first trust was established
for the benefit of a rabbi.

After the Petition Date, the Debtors continued to administer the
Supplemental Savings Plan in the ordinary course of business and
through July 31, 2009, continued to contribute funds on account
of the SSP Participants to the Rabbi Trust.  The Postpetition
Trust Contributions include deferrals of compensation earned by
the SSP Participants for services they performed postpetition,
totaling approximately $62,000, as well as the employer matching
portion of the Supplemental Savings Plan.

However, shortly before the Petition Date, a certain section of
the Internal Revenue Code was amended to impose restrictions on
an employer operating under Chapter 11 with respect to the
funding of trusts that provide deferred compensation benefits.
In particular, a transfer of funds to a trust triggers these
adverse tax consequences:

  -- the amounts transferred become subject to taxation;

  -- the amounts become subject to an additional 20% tax and
     interest at the Internal Revenue Service underpayment rate
     plus one percent from the date of the initial deferral or
     vesting;

  -- any tax gross-up payments to the employee to ameliorate the
     adverse tax consequences are also subject to the same
     adverse tax treatment; and

  -- any tax gross up payments are nondeductible by the
     employer.

Against this backdrop, the Debtors have proposed, and each of the
affected SSP Participants has agreed to, certain changes to the
administration of the Supplemental Savings Plan.

As a result, Richard M. Cieri, Esq., at Kirkland & Ellis LLP, in
New York, points out, since August 1, 2009, no additional
Postpetition Trust Contributions have been made pursuant to the
Supplemental Savings Plan.  Instead, he relates, contributions
after August 1, 2009, under the Supplemental Savings Plan were
deposited into a general unsegregated account maintained by the
Debtors.

The Debtors now propose to release directly to the SSP
Participants from the Rabbi Trust the Postpetition Employee
Contributions because:

(i) the Debtors believe that a distribution is permitted under
     Section 409A of the Internal Revenue Code, and

(ii) the SSP Participants have agreed to use the funds to pay
     any taxes and penalties due and owing under Section 409A of
     the Internal Revenue Code on account of the adverse
     taxation triggered by the Postpetition Trust Contributions.

Mr. Cieri clarifies that the Debtors do not seek to release the
postpetition employer contributions to the SSP Participants at
the current time.  Instead, they intend to release the funds and
all earnings on the Postpetition Trust Contributions to a general
account of the Debtors.

Although the Debtors believe that they are permitted to make
changes to the administration of the Supplemental Savings Plan
postpetition to comply with provisions of the Internal Revenue
Code in the ordinary course of business, the Debtors seek a Court
order, in an abundance of caution, authorizing them to release to
the SSP Participants the Postpetition Employee Contributions that
were made to the Rabbi Trust by each SSP Participant, provided
that the SSP Participants undertake to pay all applicable taxes
and penalties relating to the released funds.

For the avoidance of doubt, the Debtors make clear that they are
not seeking any relief with respect to any prepetition
contributions to the Rabbi Trust.

                      About Chemtura Corp.

Based in Middlebury, Connecticut, Chemtura Corporation (CEM) --
http://www.chemtura.com/-- with 2008 sales of $3.5 billion, is a
global manufacturer and marketer of specialty chemicals, crop
protection products, and pool, spa and home care products.

Chemtura Corporation and 26 of its U.S. affiliates filed voluntary
petitions for relief under Chapter 11 on March 18, 2009 (Bankr.
S.D.N.Y. Case No. 09-11233).  M. Natasha Labovitz, Esq., at
Kirkland & Ellis LLP, in New York, serves as bankruptcy counsel.
Wolfblock LLP serves as the Debtors' special counsel.  The
Debtors' auditors and accountant are KPMG LLP; their investment
bankers are Lazard Freres & Co.; their strategic communications
advisors are Joele Frank, Wilkinson Brimmer Katcher; their
business advisors are Alvarez & Marsal LLC and Ray Dombrowski
serves as their chief restructuring officer; and their claims and
noticing agent is Kurtzman Carson Consultants LLC.

As of December 31, 2008, the Debtors had total assets of
$3.06 billion and total debts of $1.02 billion.

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


CHEMTURA CORP: Wins Approval of USW Holiday Pay Agreement
---------------------------------------------------------
Chemtura Corp. and its units sought and obtained the Court's
authority to enter into a settlement with the United Steel, Paper
and Forestry, Rubber, Manufacturing, Energy, Allied Industrial and
Service Workers International Union with respect to the unpaid
prepetition holiday pay of certain current and former bargaining
unit employees at their facility in Morgantown, West Virginia.

According to Richard M. Cieri, Esq., at Kirkland & Ellis LLP, in
New York, the Settlement resolves two pending grievance actions
brought by union employees under a collective bargaining
agreement concerning prepetition holiday pay without further
litigation.

The two Grievance Actions allege that certain employees are
entitled to holiday pay, totaling approximately $33,136.

Mr. Cieri relates that the Grievance Actions and the Unpaid
Holiday Pay relate to two periods of time where the Debtors shut
down the operation of the Morgantown Facility for two weeks
spanning certain holidays.  Employees of the Morgantown Facility
were asked to schedule their vacation during the shutdown period.

The Employees commenced the Grievance Actions to recover the
Unpaid Holiday Pay pursuant to the terms of the corresponding
collective bargaining agreement covering union employees at the
Morgantown Facility.  The Debtors, however, disputed the amounts.

Subsequently, the United Steelworkers filed, on its behalf and on
behalf of the bargaining unit employees that it represents, a
$97,529 claim related to, among other things, the Grievance
Actions and other obligations owed by the Debtors on account of
obligations relating to postretirement benefits and other
employee benefits.

Specifically, the Steelworkers Claim includes amounts relating to
the Grievance Actions of at least $32,525.

The parties subsequently engaged in extensive arm's-length
negotiations to settle the Grievance Actions and as a result, the
parties ultimately reached a settlement pursuant to which
Chemtura will pay the Employees $33,136 in total and in full and
final satisfaction of all claims based on the Unpaid Holiday Pay.

Mr. Cieri contends that the Settlement results from the Debtors'
evaluation of the merits of the Grievance Actions and their
weighing of the costs of pursuing arbitration and challenging the
Grievance Actions.  In particular, the Debtors have determined
that the benefits of the settlement, including protecting
employee morale during a difficult time and the unnecessary cost,
expense and distraction that would be incurred in challenging the
Grievance Actions, outweigh proceeding with a formal arbitration.

                      About Chemtura Corp.

Based in Middlebury, Connecticut, Chemtura Corporation (CEM) --
http://www.chemtura.com/-- with 2008 sales of $3.5 billion, is a
global manufacturer and marketer of specialty chemicals, crop
protection products, and pool, spa and home care products.

Chemtura Corporation and 26 of its U.S. affiliates filed voluntary
petitions for relief under Chapter 11 on March 18, 2009 (Bankr.
S.D.N.Y. Case No. 09-11233).  M. Natasha Labovitz, Esq., at
Kirkland & Ellis LLP, in New York, serves as bankruptcy counsel.
Wolfblock LLP serves as the Debtors' special counsel.  The
Debtors' auditors and accountant are KPMG LLP; their investment
bankers are Lazard Freres & Co.; their strategic communications
advisors are Joele Frank, Wilkinson Brimmer Katcher; their
business advisors are Alvarez & Marsal LLC and Ray Dombrowski
serves as their chief restructuring officer; and their claims and
noticing agent is Kurtzman Carson Consultants LLC.

As of December 31, 2008, the Debtors had total assets of
$3.06 billion and total debts of $1.02 billion.

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


CHEMTURA CORP: Creditors Want to Disband Equity Committee
---------------------------------------------------------
Bill Rochelle at Bloomberg News reports that the Official
Committee of Unsecured Creditors in Chemtura Corp.'s chapter 11
cases intends to file a motion to disband the official
shareholders' committee that was formed in December.

The U.S. Trustee has appointed an official shareholders' committee
with seven members.  The Committee members include Strategic Value
Master Fund, Ltd., Kwok S. Wong, and Canyon Capital Advisors.

                      About Chemtura Corp.

Based in Middlebury, Connecticut, Chemtura Corporation (CEM) --
http://www.chemtura.com/-- with 2008 sales of $3.5 billion, is a
global manufacturer and marketer of specialty chemicals, crop
protection products, and pool, spa and home care products.

Chemtura Corporation and 26 of its U.S. affiliates filed voluntary
petitions for relief under Chapter 11 on March 18, 2009 (Bankr.
S.D.N.Y. Case No. 09-11233).  M. Natasha Labovitz, Esq., at
Kirkland & Ellis LLP, in New York, serves as bankruptcy counsel.
Wolfblock LLP serves as the Debtors' special counsel.  The
Debtors' auditors and accountant are KPMG LLP; their investment
bankers are Lazard Freres & Co.; their strategic communications
advisors are Joele Frank, Wilkinson Brimmer Katcher; their
business advisors are Alvarez & Marsal LLC and Ray Dombrowski
serves as their chief restructuring officer; and their claims and
noticing agent is Kurtzman Carson Consultants LLC.

As of December 31, 2008, the Debtors had total assets of
$3.06 billion and total debts of $1.02 billion.

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


CHEMTURA CORPORATION: Discloses Deal with Albemarle Corporation
---------------------------------------------------------------
Chemtura Corporation, debtor-in-possession disclosed a long-term
strategic sourcing agreement with global specialty chemicals
company Albemarle Corporation.  The transaction represents a key
milestone in Chemtura's Flame Retardants business strategic
reorganization process.

Under the agreement, Chemtura will source BA-59P(TM), DE-83R(TM),
Firemaster(R) 2100, n-propyl bromide and sodium bromide from
Albemarle.  Additionally, Albemarle is assigning its brine
interests in Chemtura's West Brine production unit located in
Union County, South Arkansas to Chemtura, which will further
strengthen Chemtura's bromine operations and maximize
productivity.

The parties have also settled ongoing decabromodiphenyl ethane and
bromine litigation, which will end the dispute over Chemtura's
right to sell decabromodiphenyl ethane to the global market.
Chemtura and Albemarle have executed a settlement agreement
covering the litigation which, among other things, provides that
each company will grant a cross license for their respective
decabromodiphenyl ethane products.  The settlement agreement has
been executed by both parties but is pending Bankruptcy Court
approval.

"This strategic sourcing deal reflects Chemtura's commitment to
reinforcing the sustainability of our business," said Chemtura
Chairman, President and CEO Craig Rogerson.  "Specifically, the
transaction furthers our strategic plan to emerge from Chapter 11
status a stronger company by focusing on growth products and
services that differentiate us in the marketplace and provide more
sustainable solutions for our customers."

The strategic agreement will allow Chemtura to further strengthen
operations at its most productive brine field in South Arkansas.
In addition, this agreement will provide greater opportunities for
the company to reinvest in new, innovative flame retardants and
brominated performance products designed as part of Chemtura's
"Greener is Better" program, which is focused on offering
customers greener solutions without sacrificing safety or quality.

"Many of the changes we are making to our Flame Retardant
portfolio are aligned with our overall reorganization plan," said
Anne Noonan, Vice President of Flame Retardants at Chemtura.
"This particular deal allows us to optimize value for our
customers and stakeholders while further strengthening our overall
bromine franchise by reinvestment of dollars in new, innovative
and sustainable product options in 2010."

In addition to bromine and bromine derivatives, Chemtura's product
line includes a broad range of bromine, phosphorous and antimony
based flame retardants, which are used to reduce fire hazards from
materials used in automobiles, home furnishings, insulating
materials, consumer electronics, and electrical equipment, among
other applications.

                     About Chemtura Corporation

Based in Middlebury, Connecticut, Chemtura Corporation (CEM) --
http://www.chemtura.com/-- with 2008 sales of $3.5 billion, is a
global manufacturer and marketer of specialty chemicals, crop
protection products, and pool, spa and home care products.

Chemtura Corporation and 26 of its U.S. affiliates filed voluntary
petitions for relief under Chapter 11 on March 18, 2009 (Bankr.
S.D.N.Y. Case No. 09-11233).  M. Natasha Labovitz, Esq., at
Kirkland & Ellis LLP, in New York, serves as bankruptcy counsel.
Wolfblock LLP serves as the Debtors' special counsel.  The
Debtors' auditors and accountant are KPMG LLP; their investment
bankers are Lazard Freres & Co.; their strategic communications
advisors are Joele Frank, Wilkinson Brimmer Katcher; their
business advisors are Alvarez & Marsal LLC and Ray Dombrowski
serves as their chief restructuring officer; and their claims and
noticing agent is Kurtzman Carson Consultants LLC.

As of December 31, 2008, the Debtors had total assets of
$3.06 billion and total debts of $1.02 billion.

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


CHESAPEAKE CORPORATION: PBGC Assumes Plan for 1,700 Workers
-----------------------------------------------------------
The Pension Benefit Guaranty Corporation on January 14 announced
it has assumed responsibility for the underfunded pension plan
covering nearly 1,700 workers and retirees of Chesapeake Corp.,
Richmond, Va., a maker of paperboard and plastic packaging
materials for the food, beverage, pharmaceutical and specialty
chemical industries.

The PBGC stepped in because the pension plan faced abandonment
after the company, in bankruptcy, sold substantially all of it
assets to buyers unwilling to assume the plan. Retirees and
beneficiaries will continue to receive their monthly benefit
checks without interruption, and other participants will receive
their pensions when they are eligible to retire.

According to PBGC estimates, the Chesapeake Corp. Retirement Plan
is 68 percent funded, with assets of $43.4 million and benefit
liabilities of $63.5 million. The agency expects to cover the
entire $20.1 million shortfall. The PBGC will take over the assets
and use insurance funds to pay guaranteed benefits earned under
the plan, which ended on March 23, 2009, when the bankruptcy court
approved the asset sale.

Within the next several weeks, the PBGC will send notification
letters to all participants in the Chesapeake plan. Under
provisions of the Pension Protection Act of 2006, the maximum
guaranteed pension the PBGC can pay is determined by the legal
limits in force on the date of the plan sponsor's bankruptcy.
Therefore participants in the plan are subject to the limits in
effect when Chesapeake filed for bankruptcy protection on December
29, 2008, which set a maximum guaranteed amount of $51,750 a year
for a 65-year-old.

The maximum guaranteed amount is lower for those who retire
earlier or elect survivor benefits. In addition, certain early
retirement subsidies and benefit increases made within the past
five years may not be fully guaranteed. The Chesapeake plan has
been frozen since December 31, 2005.

Workers and retirees with questions may consult the PBGC Web site,
www.pbgc.gov or call toll-free at 1-800-400-7242. For TTY/TDD
users, call the federal relay service toll-free at 1-800-877-8339
and ask for 800-400-7242.

Retirees of Chesapeake Corp. who draw a benefit from the PBGC may
be eligible for the federal Health Coverage Tax Credit. Further
information may be found on the PBGC Web site at
http://www.pbgc.gov/workers-retirees/benefits-
information/content/page13692.html.

Assumption of the plan's unfunded liabilities will have no
significant effect on the PBGC's financial statements because the
claim was previously included in the agency's fiscal year 2009
financial statements, in accordance with generally accepted
accounting principles.

The PBGC is a federal corporation created under the Employee
Retirement Income Security Act of 1974. It currently guarantees
payment of basic pension benefits earned by 44 million American
workers and retirees participating in over 29,000 private-sector
defined benefit pension plans. The agency receives no funds from
general tax revenues. Operations are financed largely by insurance
premiums paid by companies that sponsor pension plans and by
investment returns.

                   About Chesapeake Corporation

Headquartered in Richmond, Virginia, Chesapeake Corporation (NYSE:
CSK) -- http://www.cskcorp.com/-- supplies specialty paperboard
packaging products in Europe and an international supplier of
plastic packaging products to niche end-use markets.  The Company
has 44 locations in Europe, North America, Africa and Asia and
employs approximately 5,400 people worldwide.

As of Dec. 31, 2007, Dimensional Fund Advisors LLP owned 7.98% of
the Company; T. Rowe Price Associates Inc., 8.4%; and Wells Fargo
& Company, 14.71%.  Edelmann GmbH & Co. KG and Joachim W. Dziallas
owned 13.5% of the company as of Sept. 19, 2008.

The New York Stock Exchange suspended the listing of the Company's
common stock effective Oct. 8, 2008, due to its inability to meet
the global market capitalization requirements for continued
listing on the exchange.  Subsequently, the Company's stock began
to be quoted on the over-the-counter bulletin board under the
trading symbol "CSKE.PK."

Chesapeake Corporation, and 18 affiliates filed Chapter 11
petitions (Bankr. E.D. Virginia, Lead Case No. 08-336642) on
Dec. 29, 2008.  Chesapeake has tapped Alvarez and Marsal North
America LLC, and Goldman Sachs & Co. as financial advisors.
It also brought along Tavenner & Beran PLC as conflicts counsel
and Hammonds LLP as special counsel.  Its claims agent is Kurtzman
Carson Consultants LLC.  The United States Trustee for Region 4
appointed seven creditors to serve on an Official Committee of
Unsecured Creditors for the Debtors' Chapter 11 cases.

As of September 30, 2008, Chesapeake's consolidated balance sheets
showed $936.4 million in total assets, including $340.7 million in
current assets; and $937.1 million in total liabilities, including
$469.2 million in current liabilities, resulting in $500,000 in
stockholders' deficit.


CINRAM INTERNATIONAL: S&P Raises Rating on $675 Mil. Notes to 'B'
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it raised its issue-level
rating on Scarborough, Ontario-based Cinram International Inc.'s
US$675 million senior secured term loan to 'B' (the same as the
corporate credit rating on Cinram) from 'D'.  S&P also revised the
recovery rating on the term loan to '3' from '4'.  The 3' recovery
rating indicates an expectation of a meaningful (50%-70%) recovery
in the event of a payment default, compared with a '4' recovery
rating, indicating an expectation of an average (30%-50%) recovery
for lenders in a default scenario.  The change in the recovery
rating reflects S&P's expectations for higher recovery for
debtholders in a simulated default scenario, following the
material reduction in Cinram's total debt in 2009.  Cinram is a
wholly owned indirect subsidiary of Cinram International Income
Fund.

At the same time, S&P affirmed the 'B' long-term corporate credit
rating on Cinram and the 'B' issue-level rating on the company's
US$100 million senior secured revolving credit facility.  S&P also
revised the recovery rating on the revolver to '3' from '4'.

"We raised the rating on the term loan following the company's
early termination of its program to apply up to US$150 million to
buy back debt below par, which was originally to be in place until
March 29, 2010," said Standard & Poor's credit analyst Lori
Harris.  "We had viewed the program as a distressed exchange
offer, which resulted in S&P's lowering the rating on the term
loan to 'D' in April 2009 following the settlement of the
company's below-par debt tender offer," Ms. Harris added.

The ratings on Cinram reflect what S&P view as the company's weak
operating performance, limited financial flexibility, and
vulnerable business risk profile (resulting from product and
customer concentration, seasonality, and the commodity-like nature
of the media replication industry).  Furthermore, the ratings
reflect Standard & Poor's concerns about long-term industry
fundamentals, including limited pricing power and S&P's
expectation that digital distribution will become a larger source
of studio revenues.  S&P believes these factors are partially
offset by Cinram's strong market position as the world's largest
manufacturer of prerecorded multimedia products and solid credit
protection measures for the ratings.

The negative outlook reflects Standard & Poor's view of Cinram's
challenges, including the expectation of continued declining
revenue and EBITDA, which could pose a renewed possibility of a
covenant breach.  S&P could consider lowering its ratings on
Cinram if the company suffers a worse-than-expected decline in
EBITDA.  On the other hand, S&P could revise the outlook to stable
if Cinram's operating performance stabilizes and there is a
material increase in covenant headroom.


CITADEL BROADCASTING: Bank Debt Trades at 22% Off
-------------------------------------------------
Participations in a syndicated loan under which Citadel
Broadcasting Corporation is a borrower traded in the secondary
market at 77.65cents-on-the-dollar during the week ended Friday,
Jan. 15, 2010, according to data compiled by Loan Pricing Corp.
and reported in The Wall Street Journal.  This represents an
increase of 2.06 percentage points from the previous week, The
Journal relates.  Citadel Broadcasting pays 175 basis points above
LIBOR to borrow under the loan facility, which matures on June 1,
2014.  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 168 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Jan. 15.

Citadel Broadcasting Corporation (OTC BB: CTDB) --
http://www.citadelbroadcasting.com/-- is the third largest radio
group in the United States, with a national footprint reaching
more than 50 markets. Citadel is comprised of 166 FM stations and
58 AM stations in the nation's leading markets, in addition to
Citadel Media, which is one of the three largest radio networks in
the United States.

Citadel Broadcasting filed for Chapter 11 with 50 affiliates on
Dec. 20, 2009, in Manhattan (Bankr. S.D.N.Y. Case No. 09-17422).
The Company listed assets of $1.4 billion and debt of $2.5 billion
in its Chapter 11 filing.  Kirkland & Ellis LLP is serving as
legal counsel and Lazard Freres & Co. LLC. As financial advisor
for the restructuring.  Kurtzman Carson Consultants is serving as
claims and notice agent.

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


CITADEL BROADCASTING: Proposes A&M as Restructuring Advisor
-----------------------------------------------------------
Citadel Broadcasting Corp. and its units ask the Court for
authority to employ Alvarez & Marsal North America LLC as their
restructuring advisor, nunc pro tunc to the Petition Date.

To effectively restructure their business and implement a
successful plan of reorganization, the Debtors submit that they
require the services of a capable and experienced restructuring-
advisory firm to assist with various operational issues that will
arise during the course of the Chapter 11 cases.  They tell the
Court that A&M's resources and capabilities, together with its
prepetition experience advising the Debtors, complements the
services offered by the Debtors' other restructuring
professionals and render its retention integral to the Debtors'
success in the Chapter 11 cases.

Before the Petition Date, the Debtors engaged A&M to provide
restructuring advisory services in preparation for the Chapter 11
cases on June 18, 2009.  Since the beginning of its engagement,
A&M has, among other things, familiarized itself with the
Debtors' businesses, advised the Debtors on short-term cash
management and coordinated the Debtors' preparation for their
Chapter 11 cases.

As the Debtors' restructuring advisor, A&M will provide these
services:

  (a) assistance in planning and preparation for a potential
      Chapter 11 bankruptcy filing, including assistance with
      the preparation of the Debtors' schedules and statements
      of financial affairs;

  (b) assistance, upon request, with the evaluation of financial
      restructuring-related issues and with the preparation of
      related documentation, including, without limitation 13-
      week cash flow projections, cash collateral projections
      and debtor-in-possession financing projections as related
      to a potential Chapter 11 filing;

  (c) assistance with preparation of the plan and disclosure
      statement including, without limitation assistance with
      preparation of a liquidation analysis;

  (d) assistance with Chapter 11 administrative and reporting
      requirements, including assistance with preparation of
      monthly operating reports and other Chapter 11 reporting
      requirements;

  (e) assistance with claims management services; and

  (f) other activities as are approved by the Debtors' Board of
      Directors and agreed to by A&M.

The Debtors, in addition to reimbursement of A&M's necessary out-
of-pocket expenses, will pay A&M based on its standard hourly
rates:

     Managing Director          $650 to $850
     Directors                  $450 to $650
     Associates                 $350 to $450
     Analysts                   $250 to $350
     Claims Management Services $250 to $625

The Debtors will indemnify and hold harmless A&M and its
affiliates, directors, officers, partners, members, agents,
employees or controlling persons of A&M or any of its affiliates
under certain circumstances.  However, A&M will not be
indemnified in the case of its own bad-faith, self-dealing,
breach of fiduciary duty, gross negligence or willful misconduct.
Furthermore, in no event will A&M be indemnified if the Debtors
or their representative asserts a claim for, and a court
determines by final order that the claim arose out of, A&M's own
bad-faith, self-dealing, breach of fiduciary duty, gross
negligence or willful misconduct.

Michael D. Kang, a managing director at A&M, assures the Court
that his firm is a "disinterested person" as that term is defined
in Section 101(14) of the Bankruptcy Code.

                    About Citadel Broadcasting

Citadel Broadcasting Corporation (OTC BB: CTDB) --
http://www.citadelbroadcasting.com/-- is the third largest radio
group in the United States, with a national footprint reaching
more than 50 markets. Citadel is comprised of 166 FM stations and
58 AM stations in the nation's leading markets, in addition to
Citadel Media, which is one of the three largest radio networks in
the United States.

Citadel Broadcasting filed for Chapter 11 with 50 affiliates on
Dec. 20, 2009, in Manhattan (Bankr. S.D.N.Y. Case No. 09-17422).
The Company listed assets of $1.4 billion and debt of $2.5 billion
in its Chapter 11 filing.  Kirkland & Ellis LLP is serving as
legal counsel and Lazard Freres & Co. LLC.  As financial advisor
for the restructuring.  Kurtzman Carson Consultants is serving as
claims and notice agent.

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


CITADEL BROADCASTING: Wants Lazard as Financial Advisor
-------------------------------------------------------
Citadel Broadcasting Corp. and its units submit that they require
the services of a capable and experienced financial advisory and
investment banking firm and Lazard Freres & Co. LLC's resources
and capabilities, together with its prepetition experience
advising the Debtors, complements the services offered by the
Debtors' other restructuring professionals and render its
retention integral to the Debtors' success in their Chapter 11
cases.

By this application, the Debtors seek the Court's authority to
engage Lazard as their financial advisor and investment banker,
nunc pro tunc to the Petition Date.

Before the Petition Date, the Debtors engaged Lazard to provide
general investment banking and financial advice in connection
with the Debtors' attempts to complete a strategic restructuring,
reorganization or recapitalization on May 20, 2009.  Since the
commencement of its engagement, the Debtors assert that Lazard
has, among other things, familiarized itself with the Debtors'
businesses, evaluated the Debtors' liquidity positions and
assisted in identifying areas to improve and preserve liquidity,
evaluated the Debtors' range of financial and strategic
alternatives, including the possible sale of the Debtors to a
third party, and presented certain analyses and recommendations
to the Debtors' management and board of directors.

In addition, the Debtors relate that Lazard played a key role in
a negotiation with the Debtors' prepetition secured lenders,
which led to over 60% of the lenders supporting the framework for
a global restructuring solution.

As the Debtors' finance advisor, Lazard will provide these
services:

  (a) review and analyze the Debtors' business, operations and
      financial projections;

  (b) evaluate the Debtors' potential debt capacity in light of
      its projected cash flows;

  (c) assist in the determination of a capital structure for the
      Debtors;

  (d) assist in the determination of a range of values for
      Debtors on a going concern basis;

  (e) advise the Debtors on tactics and strategies for
      negotiating with stakeholders;

  (f) render financial advice to the Debtors and participate in
      meetings or negotiations with stakeholders or rating
      agencies or other appropriate parties in connection with
      any restructuring;

  (g) advise the Debtors on the timing, nature, and terms of new
      securities, other consideration or other inducements to be
      offered pursuant to restructuring;

  (h) advise and assist the Debtors in evaluating potential
      financing transactions and, subject to Lazard's agreement
      so to act and, if requested by Lazard, to execution of
      appropriate agreements, on behalf of the Debtors, contact
      potential sources of capital as the Debtors may designate
      and assist the Debtors in implementing such a financing;

  (i) assist the Debtors in preparing documentation within
      Lazard's area of expertise that is required in connection
      with the restructuring;

  (j) assist the Debtors in identifying and evaluating
      candidates for a potential sale transaction, advise the
      Debtors in connection with negotiations and aiding in the
      consummation of a sale transaction;

  (k) attend meetings of the board of directors and its
      committees with respect to matters on which Lazard has
      been engaged to advise the Debtors;

  (l) provide testimony, as necessary, with respect to matters
      on which Lazard has been engaged to advise the Debtors in
      any proceeding before the Bankruptcy Court; and

  (m) provide the Debtors with other financial restructuring
      advice.

The Debtors will pay Lazard a $175,000 monthly fee on the third
day of each month until the earlier of the completion of the
restructuring or the termination of Lazard's engagement.  Monthly
Fees paid with respect to the first four months of Lazard's
engagement will be credited against any Restructuring Fee, Sale
Transaction Fee, Minority Sale Transaction Fee or Financing Fee
payable; provided that, the credit will only apply to the extent
that the fees are approved in their entirety by the Court.

In addition, the Debtors will pay Lazard these additional fees:

  * Restructuring Fee equal to $6,000,000 payable upon
    consummation of a restructuring;

  * Sale Transaction Fee:

    -- If, whether in connection with the consummation of a
       Restructuring or otherwise, the Debtors consummate a
       Sale Transaction incorporating all or a majority of the
       assets or all or a majority or controlling interest in
       the equity securities of the Debtors, Lazard will be
       paid a fee equal to the greater of a certain fee
       calculated based on a certain aggregate consideration or
       the Restructuring Fee.

    -- If, whether in connection with the consummation of a
       Restructuring or otherwise, the Debtors consummate any
       other Sale Transaction, the Debtors will pay Lazard a fee
       based on the Aggregate Consideration calculated.  One-
       half of any Minority Sale Transaction Fee will be
       credited against any Restructuring Fee or Sale
       Transaction Fee.

    -- Any Sale Transaction Fee or Minority Sale Transaction
       Fee will be payable upon consummation of the applicable
       Sale Transaction.

  * Financing Fee:

    -- If the Debtors consummate a Financing for which cash
       proceeds are provided or made available by certain
       entities, upon consummation the Debtors will pay Lazard a
       fee by the entities, up to a maximum of $4,000,000.  Any
       Specified Financing Fee will not be credited against any
       Restructuring Fee or Sale Transaction Fee subsequently
       payable.

    -- If the Debtors consummate any Financing involving other
       entities, upon consummation the Debtors will pay Lazard a
       fee equal to the amount set in a certain schedule in the
       engagement letter with respect to any cash proceeds
       provided or made available by other persons or entities.
       One-half of any Financing Fee will be credited against
       any Restructuring Fee or Sale Transaction Fee
       subsequently payable.

In addition to any fees payable to Lazard and, regardless of
whether any transaction occurs, the Debtors will promptly
reimburse Lazard for all (a) reasonable expenses and (b) other
reasonable fees and expenses, including expenses of counsel, if
any.

The Debtors will indemnify and hold harmless Lazard and its
affiliates and its and their directors, officers, agents,
employees and controlling persons under certain circumstances.

Barry Ridings, a managing director of Lazard, assures the Court
that his firm is a "disinterested person" as that term is defined
in Section 101(14) of the Bankruptcy Code.

A copy of the engagement letter of the Parties is available for
free at http://bankrupt.com/misc/CtdlLazardLttr.pdf

                    About Citadel Broadcasting

Citadel Broadcasting Corporation (OTC BB: CTDB) --
http://www.citadelbroadcasting.com/-- is the third largest radio
group in the United States, with a national footprint reaching
more than 50 markets. Citadel is comprised of 166 FM stations and
58 AM stations in the nation's leading markets, in addition to
Citadel Media, which is one of the three largest radio networks in
the United States.

Citadel Broadcasting filed for Chapter 11 with 50 affiliates on
Dec. 20, 2009, in Manhattan (Bankr. S.D.N.Y. Case No. 09-17422).
The Company listed assets of $1.4 billion and debt of $2.5 billion
in its Chapter 11 filing.  Kirkland & Ellis LLP is serving as
legal counsel and Lazard Freres & Co. LLC.  As financial advisor
for the restructuring.  Kurtzman Carson Consultants is serving as
claims and notice agent.

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


CITADEL BROADCASTING: Wants Deloitte as Accountants
---------------------------------------------------
Citadel Broadcasting Corp. and its units ask the Court for
authority to employ Deloitte & Touche LLP and Deloitte Tax LLP to
provide auditing and accounting services and also serve as their
tax advisors, nunc pro tunc to the Petition Date.

According to the Debtors, they require the services of a capable
and experienced accounting and tax advisory firm, like Deloitte &
Touche and Deloitte Tax to provide audit, accounting and tax
services.  They assert that Deloitte & Touche's and Deloitte
Tax's resources and capabilities complement the services offered
by their other professionals and the Debtors believe Deloitte &
Touche's and Deloitte Tax's employment is important to the
success of the Chapter 11 cases.

The Debtors propose to engage Deloitte & Touche as their
independent auditor and accounting services provider and Deloitte
Tax as their tax services provider.

Specifically, the Two Firms will provide these services:

  * Deloitte & Touche will perform an integrated audit of the
    Debtors' financial statements for the year ending December
    31, 2009, and will express an opinion on the effectiveness
    of the Debtors' internal control over financial reporting;

  * To the extent not already completed, Deloitte & Touche will
    review the Debtors' interim financial information in
    accordance with the Public Company Accounting Oversight
    Board Standards for each of the quarters in the year ending
    December 31, 2009, prepared for submission to the Securities
    and Exchange Commission;

  * Deloitte & Touche will assist the Debtors with respect to
    their the accounting and disclosures during and upon
    emergence from bankruptcy as appropriate; and

  * Deloitte Tax will provide tax advisory services on federal,
    state and local tax matters on an as-requested basis related
    to debt-discharge and other reorganization issues arising in
    connection with the Chapter 11 case and debt restructuring.

The Debtors will pay Deloitte & Touche based on the hours
actually expended by each assigned staff member multiplied by the
staff member's hourly billing rate.  The fees for Deloitte &
Touche's services is estimated to be $1,197,500, the Debtors
note.  The fee structure will remain in place.  However, the fees
for additional audit-related services not anticipated will be
based on these hourly rates:

     Partners (National Office)          $302
     Partners/Directors                  $261
     Senior Managers                     $215
     Managers                            $195
     Senior Associates                   $156
     Staff                               $121

Deloitte & Touche's fees for additional services relating
specifically to audit matters associated with bankruptcy issues
will be based on these hourly rates:

     Partners (National Office)          $332
     Partners/Directors                  $287
     Senior Managers                     $236
     Managers                            $215
     Senior Associates                   $172
     Staff                               $133

Deloitte & Touche has already been paid $1,100,000 by the
Debtors.

With regard to tax services, the Debtors have agreed to
compensate Deloitte Tax for professional services rendered at
these hourly rates:

     Partners                            $600
     Directors                           $550
     Senior Managers                     $475
     Managers                            $400
     Senior Associates                   $300
     Staff                               $185

The Debtors will indemnify and hold harmless Deloitte Tax, its
subcontractors and its personnel from all claims, except to the
extent finally judicially determined to have resulted primarily
from the bad faith or intentional misconduct of Deloitte Tax or
its subcontractors.

John Ruddell, a partner of Deloitte & Touche, and Gregory
Wichman, a partner of Deloitte Tax, assure the Court that each of
their firms is a "disinterested person" as that term is defined
in Section 101(14) of the Bankruptcy Code.

                    About Citadel Broadcasting

Citadel Broadcasting Corporation (OTC BB: CTDB) --
http://www.citadelbroadcasting.com/-- is the third largest radio
group in the United States, with a national footprint reaching
more than 50 markets. Citadel is comprised of 166 FM stations and
58 AM stations in the nation's leading markets, in addition to
Citadel Media, which is one of the three largest radio networks in
the United States.

Citadel Broadcasting filed for Chapter 11 with 50 affiliates on
Dec. 20, 2009, in Manhattan (Bankr. S.D.N.Y. Case No. 09-17422).
The Company listed assets of $1.4 billion and debt of $2.5 billion
in its Chapter 11 filing.  Kirkland & Ellis LLP is serving as
legal counsel and Lazard Freres & Co. LLC.  As financial advisor
for the restructuring.  Kurtzman Carson Consultants is serving as
claims and notice agent.

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


CLAIRE'S STORES: Bank Debt Trades at 15% Off in Secondary Market
----------------------------------------------------------------
Participations in a syndicated loan under which Claire's Stores,
Inc., is a borrower traded in the secondary market at 84.58 cents-
on-the-dollar during the week ended Friday, Jan. 15, 2010,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal.  This represents an increase of 2.08
percentage points from the previous week, The Journal relates.
The Company pays 275 basis points above LIBOR to borrow under the
facility.  The bank loan matures on May 29, 2014, and carries
Moody's Caa2 rating and Standard & Poor's B- rating.  The debt is
one of the biggest gainers and losers among 168 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Jan. 15.

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.


CLARION RIVER: Files for Chapter 11 Bankruptcy in Pennsylvania
--------------------------------------------------------------
Clarion River Lodge Inc. sought Chapter 11 bankruptcy
reorganization in the U.S. Bankruptcy Court in Erie, Pennsylvania
(Bankr. W.D. Pa. Case No. 10-10024).

Marylynne Pitz at Pittsburgh Post-Gazette reports that Clarion
River filed for bankruptcy when C.A. Curtze Co. moved to seize the
Company's bank account to collect debt of about $21,000 after
owner missed weekly payments.

Clarion River Load owns a 20-room resort next to Cook Forest in
Forest County.  The Company said in its petition that assets are
between $0 to $50,000 and debts are between $100,000 to $500,000.


CONSTRUCTION MACHINE: Case Summary & 16 Largest Unsec. Creditors
----------------------------------------------------------------
Debtor: Construction Machine Services, LLC
          dba Max Equipment
        350 West Mapes Road
        Perris, CA 92570

Bankruptcy Case No.: 10-10877

Chapter 11 Petition Date: January 12, 2010

Debtor-affiliate filing separate Chapter 11 petition January 12,
2010:

Max Equipment Rental, LLC                          10-10880

Debtor-affiliate filing separate Chapter 11 petition December 16,
2009:

        Entity                                     Case No.
        ------                                     --------
Construction Labor, LLC                            09-40532

Court: United States Bankruptcy Court
       Central District of California (Riverside)

Debtor's Counsel: Ron Bender, Esq.
                  10250 Constellation Blvd Ste 1700
                  Los Angeles, CA 90067
                  Tel: (310) 229-1234
                  Email: rb@lnbrb.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/cacb10-10877.pdf

The petition was signed by Mason Bailey, managing member of the
Company.


CLEAR CHANNEL: Bank Debt Trades at 19% Off in Secondary Market
--------------------------------------------------------------
Participations in a syndicated loan under which Clear Channel
Communications, Inc ., is a borrower traded in the secondary
market at 81.15 cents-on-the-dollar during the week ended Friday,
Jan. 15, 2010, according to data compiled by Loan Pricing Corp.
and reported in The Wall Street Journal.  This represents a drop
of 1.47 percentage points from the previous week, The Journal
relates.  The Company pays 365 basis points above LIBOR to borrow
under the facility.  The bank loan matures on Jan. 30, 2016, and
carries Moody's Caa2 rating and Standard & Poor's CCC rating.  The
debt is one of the biggest gainers and losers among 168 widely
quoted syndicated loans with five or more bids in secondary
trading for the week ended Jan. 15.

Clear Channel Communications, Inc. -- http://www.clearchannel.com/
-- is a diversified media company with three primary business
segments: radio broadcasting, outdoor advertising and live
entertainment.  Clear Channel Communications is the operating
subsidiary of San Antonio, Texas-based CC Media Holdings, Inc.

As reported by the Troubled Company Reporter, Nov. 17, 2009, Clear
Channel Communications, Inc., reported a consolidated net loss of
$92.7 million for the three months ended Sept. 30, 2009, compared
with a consolidated net loss of $80.2 million for the same period
in 2008.  For the nine months ended Sept. 30, 2009, consolidated
net loss was $4.2 billion compared with consolidated net income of
$1.0 billion in the same period of 2008.  Consolidated revenue
decreased $290.6 million to $1.4 billion during the third quarter
of 2009 compared with the same period of 2008.  Consolidated
revenue decreased $1.0 billion during the first nine months of
2009 compared with the same period of 2008.

At Sept. 30, 2009, the Company's consolidated balance sheets
showed $17.7 billion in total assets and $24.7 billion in total
liabilities, resulting in a $7.0 billion total members' deficit.


CONSTELLATION BRANDS: Bank Debt Trades at Less Than 1% Off
----------------------------------------------------------
Participations in a syndicated loan under which Constellation
Brands, Inc., is a borrower traded in the secondary market at
99.05 cents-on-the-dollar during the week ended Friday, Jan. 15,
2010, 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.  The loan matures on May 11, 2013.  The Company pays 150
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 168 widely
quoted syndicated loans with five or more bids in secondary
trading for the week ended Jan. 15.

Headquartered in Fairport, New York, Constellation Brands, Inc.
(NYSE:STZ) -- http://www.cbrands.com/-- has more than 250 brands
in its portfolio, sales in approximately 150 countries and
operates approximately 60 wineries, distilleries and distribution
facilities.  The company has market presence in the U.K.,
Australia, Canada, New Zealand, and Mexico.

Barton Brands Ltd. is the spirits division of Constellation
Brands, Inc., is a producer, importer and exporter of a wide range
of spirits products, including brands such as Black Velvet
Canadian Whisky, Ridgemont Reserve 1792 bourbon, and Effen vodka.

As reported by the TCR on May 8, 2009, Fitch Ratings has affirmed
its 'BB-' issuer rating on Constellation Brands and revised the
Rating Outlook to Stable from Negative.


CRACKER BARREL: Bank Debt Trades at 4% Off in Secondary Market
--------------------------------------------------------------
Participations in a syndicated loan under which Cracker Barrel Old
Country Store, Inc., is a borrower traded in the secondary market
at 95.83 cents-on-the-dollar during the week ended Friday,
Jan. 15, 2010, according to data compiled by Loan Pricing Corp.
and reported in The Wall Street Journal.  This represents an
increase of 0.92 percentage points from the previous week, The
Journal relates.  The loan matures on April 27, 2013.  The Company
pays 150 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
168 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended Jan. 15.

                       About Cracker Barrel

Cracker Barrel Old Country Store, Inc., headquartered in
Tennessee, owns and operates the Cracker Barrel Old Country Store
restaurant and retail concept with approximately 590 restaurants
in 41 states.  Annual revenues are approximately $2.4 billion.

As reported by the Troubled Company Reporter on Oct. 22, 2009,
Moody's affirmed all ratings of Cracker Barrel Old Country Store,
Inc., including its Ba3 Corporate Family Rating and Probability of
Default Rating and Ba3 senior secured rating.  In addition, the
outlook for CBRL was changed to stable from negative.

On Oct. 16, 2009, The TCR stated that Standard & Poor's revised
its outlook on Cracker Barrel Old Country Store, Inc., to stable
from negative because of improved credit metrics and improved
cushion over financial covenants.  S&P also affirmed the ratings
on the company, including the 'BB-' corporate credit rating.


DAN HAGGERTY'S: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Dan Haggerty's International Products, Inc.
        10841 South Laurel Avenue
        Santa Fe Springs, CA 90670

Bankruptcy Case No.: 10-11181

Chapter 11 Petition Date: January 12, 2010

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

Judge: Ernest M. Robles

Debtor's Counsel: Steven R. Fox, Esq.
                  17835 Ventura Blvd, Ste 306
                  Encino, CA 91316
                  Tel: (818) 774-3545
                  Fax: (818) 774-3707
                  Email: emails@foxlaw.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 $1,368,333,
and total debts of $2,493,387.

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/cacb10-11181.pdf

The petition was signed by Robert Rester Jr., president of the
Company.


DEX MEDIA EAST: Bank Debt Trades at 14% Off in Secondary Market
---------------------------------------------------------------
Participations in a syndicated loan under which Dex Media East,
LLC, is a borrower traded in the secondary market at 85.95 cents-
on-the-dollar during the week ended Friday, Jan. 15, 2010,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal.  This represents an increase of 1.70
percentage points from the previous week, The Journal relates.
The loan matures on Nov. 8, 2009.  The Company pays 200 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 168 widely quoted syndicated
loans with five or more bids in secondary trading for the week
ended Jan. 15.

Based in Cary, North Carolina, R.H. Donnelley Corp., fka The Dun &
Bradstreet Corp. (NYSE: RHD) -- http://www.rhdonnelley.com/--
publishes and distributes print and online directories in the U.S.
It offers print directory advertising products, such as yellow
pages and white pages directories.  R.H. Donnelley Inc., Dex
Media, Inc., and Local Launch, Inc., are the company's only direct
wholly owned subsidiaries.

Dex Media East, LLC, is a publisher of the official yellow pages
and white pages directories for Qwest Communications International
Inc. (Qwest) in the states, where Qwest is the primary incumbent
local exchange carrier, such as Colorado, Iowa, Minnesota,
Nebraska, New Mexico, North Dakota and South Dakota.

R.H. Donnelley Corp. and 19 of its affiliates, including Dex Media
East LLC, Dex Media West LLC and Dex Media Inc., 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 215/945-7000)


DJO FINANCE: Moody's Assigns 'B3' Rating on $100 Mil. Notes
-----------------------------------------------------------
Moody's Investors Service assigned a B3 (LGD5, 75%) rating to DJO
Finance LLC's offering of $100 million of senior notes due 2014.
Moody's also upgraded the ratings of the company's existing senior
notes to B3 (LGD5, 75%) from Caa1 (LGD5, 78%).  Moody's
understands that the new notes will have the same terms as the
outstanding senior notes.  Moody's also affirmed the ratings of
DJO, including the B2 Corporate Family and Probability of Default
Ratings.  The ratings outlook is stable.

Moody's understands that the proceeds of the new notes will be
used to reduce the amount of senior secured debt outstanding.  The
resulting increase in the expected recovery at the senior
unsecured level results in the upgrade of the ratings on DJO's
existing notes.  Moody's also notes that the transaction does not
result in any incremental debt and should bolster the company's
liquidity position by providing additional headroom under the
senior secured leverage covenant requirement and extending the
maturity of a portion of the company's debt.

DJO's B2 Corporate Family Rating continues to reflect the
company's considerable financial leverage, limited interest
expense coverage and modest free cash flow generation.
Improvements in credit metrics anticipated at the time of the
combination of DJO and ReAble have been much slower than expected
resulting in a relatively weak credit profile for the B2 rating.
However, the ratings also reflect recent improvement as synergies
from the combination and cost containment initiatives, including
restructuring certain business lines, begin to be reflected in the
company's operating results.

Following is a summary of Moody's rating actions.

Ratings assigned:

* $100 million senior unsecured notes due 2014, B3 (LGD5, 75%)

Ratings upgraded:

* $575 million senior unsecured notes due 2014, to B3 (LGD5, 75%)
  from Caa1 (LGD5, 78%)

Ratings affirmed/LGD assessments revised:

* $100 million senior secured revolving credit facility due 2013,
  to Ba3 (LGD2, 24%) from Ba3 (LGD2, 27%)

* $1,055 million senior secured term loan due 2014, to Ba3 (LGD2,
  24%) from Ba3 (LGD2, 27%)

* $200 million senior subordinated notes due 2014, Caa1 (LGD6,
  94%)

* Corporate Family Rating at B2

* Probability of Default Rating at B2

* Speculative Grade Liquidity Rating at SGL-3

Moody's last rating action was on November 19, 2009, when Moody's
affirmed the ratings of the company.

DJO, through its subsidiaries, is a provider of orthopedic devices
used in rehabilitation, pain management and physical therapy.  The
company also develops, manufactures and distributes a broad range
of reconstructive joint implant products.  The company recognized
approximately $960 million of revenue for the twelve months ended
September 26, 2009.


DJO INC: S&P Assigns 'B-' Rating on $100 Mil. Senior Notes
----------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'B-'
senior unsecured rating to Vista, California-based DJO Inc.'s
proposed $100 million senior unsecured notes maturing 2014.  At
the same time, S&P assigned its '5' recovery rating, indicating
its expectation for modest recovery (10%-30%) in the event of a
default.  S&P also affirmed all outstanding ratings on the
company, and the outlook remains stable.

The notes will be issued by DJO Finance LLC and DJO Finance
Corporation and will have identical terms to the company's
existing senior unsecured notes.  Proceeds will be used to repay a
portion of the term loan outstanding under the company's existing
senior secured credit facilities.  The issuance of these notes
will leave the company's total debt outstanding essentially
unchanged and will provide enhanced flexibility with respect to
its senior secured leverage covenants.  S&P views the transaction
positively as it should lower the company's senior secured
leverage ratio by 0.4x, thus providing additional cushion under
the covenant.  DJO is not subject to a total leverage covenant.

The ratings on DJO Inc. overwhelmingly reflects the company's
large debt burden and associated interest expense as a result of
the merger between DJO and ReAble Therapeutics, Inc., in November
2007, as well as the potential for increased competition and
adverse changes to third-party reimbursements.  These
considerations are only somewhat offset by DJO's established
position in niche orthopedic markets, product and customer
diversity, and long-standing customer relationships.

                           Rating List

                             DJO Inc.

           Corporate credit rating         B/Stable/--

                          Rating Assigned

             DJO Finance LLC, DJO Finance Corporation

                $100 million sr unsec notes     B-
                 Recovery rating                5


DYNAMIC -283: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Dynamic -283 West Broadway LLC
        283 West Broadway
        New York, NY 10013

Bankruptcy Case No.: 10-10153

Chapter 11 Petition Date: January 13, 2010

Court: United States Bankruptcy Court
       Southern District of New York (Manhattan)

Judge: Burton R. Lifland

Debtor's Counsel: Kevin J. Nash, Esq.
                  Goldberg Weprin Finkel Goldstein LLP
                  1501 Broadway, 22nd Floor
                  New York, NY 10036
                  Tel: (212)-301-6944
                  Fax: (212) 422-6836
                  Email: KJNash@Finkgold.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/nysb10-10153.pdf

The petition was signed by Brad Zackson.


DYNAMIC RESPONSE: Board Opts for Orderly Liquidation of Assets
--------------------------------------------------------------
Following the unsuccessful efforts of Dynamic Response Group,
Inc., to restructure outstanding debt and to otherwise meet
creditor demands that would avoid insolvency, the Company's Board
of Directors determined that it was in the best interest of all
stakeholders including its stockholders and creditors to cease
operations and to provide for an orderly liquidation of its
assets.  All employees of the Company have been terminated from
employment and all officers and directors have resigned.  Also,
the Company entered into an irrevocable Assignment for the Benefit
of Creditors, a common law business liquidation mechanism under
Florida law that is an alternative to a formal bankruptcy
proceeding.  All assets of the Company have been placed in trust
with an Assignee, who will distribute them pro rata to all
creditors.
                       About Dynamic Response

Dynamic Response Group, Inc., is a marketing company engaged in
the business of Electronic & Multi Media Retailing, including
print, radio, television and the Internet and considers itself an
emerging leader in the use of direct response transactional
television programming, known as infomercials, to market consumer
products.


EAST CHICAGO COMMUNITY: Case Summary & 20 Largest Unsec. Creditors
------------------------------------------------------------------
Debtor: East Chicago Community Health Center, Inc.
        P.O. Box 59
        East Chicago, IN 46312

Bankruptcy Case No.: 10-20074

Chapter 11 Petition Date: January 12, 2010

Court: United States Bankruptcy Court
       Northern District of Indiana (Hammond Division)

Judge: J. Philip Klingeberger

Debtor's Counsel: Gordon E. Gouveia, Esq.
                  433 W. 84th Drive
                  Merrillville, IN 46410
                  Tel: (219) 736-6020
                  Fax: (219) 736-2545
                  Email: geglaw@gouveia.comcastbiz.net

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

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

According to the schedules, the Company has assets of $2,312,673,
and total debts of $5,126,624.

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/innb10-20074.pdf

The petition was signed by Gilda Orange, chairperson of the
Company.


EMMIS COMMUNICATIONS: Ohio Teachers' Board Discloses 4.97% Stake
----------------------------------------------------------------
The State Teachers Retirement Board of Ohio disclosed holding
1,622,956 shares or roughly 4.97% of the common stock of Emmis
Communications.

Headquartered in Indianapolis, Indiana, Emmis Communications
Corporation owns and operates radio stations and magazine
publications in the U.S. and in Europe.

As of November 30, 2009, the Company had $513,406,000 in total
assets against $497,070,000 in total liabilities and $140,459,000
in Series A Cumulative Convertible Preferred Stock.  As of
November 30, the Company had accumulated deficit of $697,805,000
and total shareholders' deficit of $173,894,000.

                          *     *     *

As reported by the Troubled Company Reporter on June 22, 2009,
Moody's Investors Service changed Emmis Communications' senior
secured term loan rating to Caa2 from Ca following the completion
of a series of Dutch auction transactions pursuant to a March 3,
2009 credit facility amendment.  The revised rating reflects the
Company's capital structure, pro-forma for an roughly
$78 million reduction of term loan debt which has resulted from
these transactions.  In addition, Moody's removed the "/LD"
designation previously appended to the Probability of Default
rating on April 27, 2009.

In April, Moody's cut its corporate family rating on the Company
to 'Caa2'.

In May, S&P raised its corporate credit rating on the Company to
'CCC+'.  In June, S&P withdrew the 'CCC+' Corp. Credit Rating at
the Company's request.


EPICEPT CORP: Reverse Split of Common Stock Consummated
-------------------------------------------------------
EpiCept Corporation announced that a previously authorized 1-for-3
reverse stock split of its common stock has been consummated and
will be in effect as follows:

                       Nasdaq Capital Market

The reverse stock split will be in effect at the start of trading
on Friday, January 15, 2010 on a 1-for-3 split-adjusted basis. The
Company's shares will trade under the symbol EPCTD for 20 business
days and will, after such 20-business day period, revert back to
the current trading symbol of EPCT.  The stock will also have a
new CUSIP number, 294264 304.

                    Nasdaq OMX Stockholm Exchange

The last day of trading in the Company's shares on the Nasdaq OMX
Stockholm Exchange before the reverse split will be Thursday,
January 14, 2010.  It is expected that the first day of trading in
the Company's post-split shares on a 1-for-3 split-adjusted basis
will be on Monday, January 18, 2010 and that there will be a
technical trading halt on Friday, January 15, 2010 . However, this
is to be decided by the Nasdaq OMX Stockholm Exchange. The record
date with Euroclear Sweden AB for the reverse split will be
Wednesday, January 20, 2010 and the new number of shares is
expected to be credited to each shareholder's securities account
on Thursday, January 21, 2010.  The Company's post-split shares
will have the new ISIN US2942643048.  A notice confirming the new
number of shares on the securities account will be sent out
shortly thereafter.

"Our actions [Thurs] day were taken because we believe it is in
the best interests of the stockholders to maintain our primary
listing on The Nasdaq Stock Market," stated Jack Talley, President
and CEO of EpiCept.  "This reverse split was overwhelmingly
authorized by our stockholders with almost 96 percent of the voted
shares voting in favor.  We believe that by reducing the total
number of shares issued and outstanding and the resulting increase
in the per-share trading price of our common stock, we will comply
with the Nasdaq Capital Market's minimum bid price rule and will
improve the attractiveness of our stock to a broader group of
investors."

The 1-for-3 reverse stock split automatically converted every
three outstanding pre-split shares of the Company's common stock
into one outstanding new post-split share of common stock.  If the
number of shares held by a particular stockholder is not evenly
divisible by the ratio of the reverse split, the stockholder's new
share count will be rounded up to the nearest whole share.  The
reverse split, which was authorized by the Company's stockholders
on January 7, 2010, reduces the number of outstanding shares of
common stock from approximately 132,470,230 to approximately
44,156,743.

The number of shares of common stock subject to outstanding stock
options, stock warrants or convertible securities, and the
exercise prices and conversion ratios of those securities, will
automatically be proportionately adjusted for the 1-for-3 ratio
provided for by the reverse stock split.

The reverse stock split was effected through the filing of a
Certificate of Amendment to EpiCept's Third Amended and Restated
Certificate of Incorporation with the Secretary of State of the
State of Delaware.

Stockholders holding shares in "street name" through a brokerage
account will have their shares automatically adjusted to reflect
the reverse stock split.  The issuance of new stock certificates
will not be required at this time.

                        Going Concern Doubt

As reported by the Troubled Company Reporter-Europe on Nov. 17,
2009, EpiCept Corporation posted a net loss of $4,813,000 for the
three months ended Sept. 30, 2009, from a net loss of $6,163,000
for the same period a year ago.  The Company posted a net loss of
$34,378,000 for the nine months ended September 30, 2009, from a
net loss of $20,006,000 for the same period a year ago.

Revenue was $116,000 for the three months ended September 30,
2009, from $78,000 for the same period a year ago.  Revenue was
$322,000 for the nine months ended September 30, 2009, from
$169,000 for the same period a year ago.

At September 30, 2009, the Company had $11,962,000 in total assets
against $17,122,000 in total liabilities, resulting in $5,160,000
in stockholders' deficit.

EpiCept's management believes that existing cash and cash
equivalents will be sufficient to meet projected operating and
debt service requirements into the second quarter of 2010.
Additional funding for the Company's operations is anticipated to
be derived from sales of Ceplene(R) in Europe, fees from the
Company's strategic partners including a marketing partner for
Ceplene(R) in Europe, strategic relationships for other product
candidates including NP-1 or other financing arrangements.

"We have devoted substantially all of our cash resources to
research and development programs and selling, general and
administrative expenses, and to date we have not generated
any meaningful revenues from the sale of products.  Since
inception, we have incurred significant net losses each year.  As
a result, we have an accumulated deficit of $230.6 million as of
September 30, 2009.  Our recurring losses from operations and the
accumulated deficit raise substantial doubt about our ability to
continue as a going concern," the Company said in its quarterly
report on Form 10-Q.

                           About EpiCept

Based in Tarrytown, New York, EpiCept Corporation (Nasdaq and OMX
Nordic Exchange: EPCT) is focused on the development and
commercialization of pharmaceutical products for the treatment of
cancer and pain.  The Company's lead product is Ceplene(R), which
has been granted full marketing authorization by the European
Commission for the remission maintenance and prevention of relapse
in adult patients with Acute Myeloid Leukemia in first remission.
The Company has two oncology drug candidates currently in clinical
development that were discovered using in-house technology and
have been shown to act as vascular disruption agents in a variety
of solid tumors.  The Company's pain portfolio includes EpiCeptTM
NP-1, a prescription topical analgesic cream in late-stage
clinical development designed to provide effective long-term
relief of pain associated with peripheral neuropathies.


ERT SALE: Files for Chapter 11 Bankruptcy in Honolulu
-----------------------------------------------------
E.R.T. Sales of Hawaii Inc. filed for Chapter 11 bankruptcy in the
U.S. Bankruptcy Court in Honolulu, listing assets and debts of
between $1 million and $10 million.

According to its list of largest unsecured creditors, the Company
owes $483,000 to Approved Freight Forwarders of San Diego;
$700,000, landlords of its nine Oahu stores; and $2.3 million,
American Savings Bank.

Based in Hawaii, ERT Sale of Hawaii dba Price Buster operates
retail shops.


ERT SALES: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------
Debtor: E.R.T. Sales of Hawaii
          dba Price Busters
          dba The Seasonal Stores
          dba Let's Party Hawaii
        98-746 Kuahao Place
        Pearl City, HI 96782

Bankruptcy Case No.: 10-00087

Chapter 11 Petition Date: January 12, 2010

Court: United States Bankruptcy Court
       District of Hawaii (Honolulu)

Judge: Bankruptcy Judge Robert J. Faris

Debtor's Counsel: Jerrold K. Guben, Esq.
                  O'Connor Playdon & Guben
                  733 Bishop St., Fl. 24
                  Honolulu, HI 96813
                  Tel: (808) 524.8350
                  Fax: (808) 531.8628
                  Email: jkg@roplaw.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/hib10-00087.pdf

The petition was signed by Elizabeth Tom, president of the
Company.


EXTENDED STAY: Has Agreement with Centerbridge on Plan Funding
--------------------------------------------------------------
Ari Lefkovits, at Lazard Freres & Co. LLC, said in a court filing
that Extended Stay Inc has reached an agreement in principle,
subject to resolution of certain points, with Centerbridge
Partners L.P., Paulson & Co., Inc. and certain other investors.
The Centerbridge/Paulson Proposal includes a commitment for a
$400 million cash infusion into the Debtors' operations, without a
due diligence requirement, and is subject to other potential
sponsors proposing higher offers.

In furtherance of their efforts to propose and confirm a plan in
an expeditious manner, the Debtors currently intend to file a
motion for authorization to enter into an investment agreement
with Centerbridge and Paulson and approval of, among other things,
investor protections for Centerbridge and Paulson by January 20,
2010, with the goal of having a hearing with respect thereto at
the February 18 omnibus hearing.

According to Ms. Lefkovits, the Debtors' professionals did not
attempt to "stonewall" Starwood Capital Group LLC's attempts to
participate in the plan negotiation process or to conduct due
diligence.

Starwood has claimed that the Debtors failed to provide
information with respect to its negotiations with
Centerbridge/Paulson.  Starwood says it intends to closely
scrutinize the facts and circumstances surrounding the Debtors'
negotiations with Centerbridge/Paulson and any other parties and
will continue to closely monitor the actions of the Debtors, in
particular their responsiveness to the diligence requests.

The Creditors Committee previously said that Starwood is working
with various constituencies on a reorganization plan that is based
on a "substantially higher enterprise value."  Starwood said its
potential proposal includes a higher valuation, $600 million in
equity, cash to pay down some debt, funds for capital investments,
and the possibility of distributions to junior creditors and
mezzanine lenders.

According to Daily Bankruptcy Review, Starwood said its proposal
has the support of numerous Extended Stay debt holders, including
Citigroup Inc., D.E. Shaw & Co. and Five Mile Capital Partners
LLC.  Through affiliates, Starwood itself holds $132 million in
Extended Stay mortgage debt and $123 million in the junior
mezzanine debt.

                        About Extended Stay

Extended Stay is the largest owner and operator of mid-price
extended stay hotels in the United States, holding one of the most
geographically diverse portfolios in the lodging sector with
properties located across 44 states (including 11 hotels located
in New York) and two provinces in Canada. As a result of
acquisitions and mergers, Extended Stay's portfolio has expanded
to encompass over 680 properties, consisting of hotels directly
owned or leased by Extended Stay or one of its affiliates.
Extended Stay currently operates five hotel brands: (i) Crossland
Economy Studios, (ii) Extended Stay America, (iii) Extended Stay
Deluxe, (iv) Homestead Studio Suites, and (v) StudioPLUS Deluxe
Studios.

For the year ending December 31, 2008, Extended Stay's audited
financial statements show consolidated assets (including nondebtor
affiliates) totaling approximately $7.1 billion and consolidated
liabilities totaling approximately $7.6 billion.  Consolidated
revenues for the 12 months ending December 31, 2008 were
approximately $1 billion.

Extended Stay Inc. and its affiliates filed for Chapter 11 on
June 15, 2009 (Bankr. S.D.N.Y. Case No. 09-13764).  Judge James M.
Peck handles the case.  Marcia L. Goldstein, Esq., at Weil Gotshal
& Manges LLP, in New York, represents the Debtors.  Lazard Freres
& Co. LLC is the Debtors' financial advisors.  Kurtzman Carson
Consultants LLC is the claims agent.

Bankruptcy Creditors' Service, Inc., publishes Extended Stay
Bankruptcy News.  The newsletter provides gavel-to-gavel coverage
of the Chapter 11 proceedings undertaken by Extended Stay Inc. and
its various affiliates. (http://bankrupt.com/newsstand/or
215/945-7000).


FAMILY WORSHIP: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: Family Worship Center
        3633 Highway 162
        Granite City, IL 62040

Bankruptcy Case No.: 10-30066

Chapter 11 Petition Date: January 13, 2010

Court: United States Bankruptcy Court
       Southern District of Illinois (East St Louis)

Judge: Kenneth J. Meyers

Debtor's Counsel: Neil Weintraub, Esq.
                  1515 N Warson Road, Suite 232
                  St. Louis, MO 63132
                  Tel: (314) 890-8800
                  Fax: (314) 890-9416
                  Email: weintraublaw@sbcglobal.net

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

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

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

The petition was signed by Eddy G. Brown, president of the
Company.


FANNIE MAE: Government Completes Initiative to Support HFAs
-----------------------------------------------------------
The U.S. Department of the Treasury, together with the Department
of Housing and Urban Development (HUD), and the Federal Housing
Finance Agency (FHFA), on Wednesday announced the completion of
all transactions under the recently-introduced state and local
Housing Finance Agency (HFA) Initiative, a key element of the
Obama Administration's Homeowner Affordability and Stability Plan.
With these transactions, the Obama Administration helps support
low mortgage rates and expands resources for low and middle income
borrowers to purchase or rent homes that are affordable over the
long term. Government Sponsored Enterprises Fannie Mae and Freddie
Mac played a central role in both Initiative design and
transaction execution.  The HFA Initiative is expected to come at
no cost to taxpayers.

Through more than 90 participating HFAs, the HFA Initiative will
make affordable financing available to hundreds of thousands of
new homebuyers and existing homeowners, as well as support the
development and rehabilitation of multi-family rental properties.
Mortgages can be used to purchase or rehabilitate homes, as well
as refinance existing mortgages at more affordable rates.
Participating HFAs are also expected to provide affordable
multifamily loans that will help keep rents affordable for tens of
thousands of renters.  Participating state and local agencies have
already begun providing affordable mortgages financed through the
HFA Initiative.

"Supporting the work of state and local HFAs is critical to the
Administration's broader initiative to stabilize the housing
market, which is helping to keep mortgage rates low and mortgage
finance flowing for American households across the country," said
Treasury Secretary Tim Geithner.

"The assistance provided under the HFA Initiative will help
maintain the viability of state and local HFAs which play key
roles in HUD's efforts to promote expanded access to affordable
rental housing and serve as important players in making
homeownership possible for hardworking Americans who otherwise
would not be able to purchase or remain in their homes," said HUD
Secretary Shaun Donovan.

"Working together we were able to address the stresses on HFAs
created by the housing market turmoil," said FHFA Acting Director
Edward J. DeMarco.  "The Enterprises played a critical role,
consistent with their mission and on commercially reasonable
terms. Their successful execution of over 125 separate
transactions, all in the final month of 2009, was an impressive
achievement."

"Given our long-standing partnership with state and local HFAs, we
were able to move quickly to support the Administration's
initiative, which is targeted directly at affordable housing for
America's working families," said Michael J. Williams, Fannie Mae
President and CEO.  "By creating $23 billion in much-needed, new
housing capital for the housing finance system, this initiative
will enable the HFAs to return to the level of market liquidity
they have provided historically."

"We applaud the successful completion of the HFA Initiative.
Freddie Mac is proud to provide an essential financial link to the
nation's state and local HFAs that will support affordable
homeownership and rental housing and help stimulate America's
housing markets," said Freddie Mac CEO Ed Haldeman.

             Local and State Impact of the Initiative

"These bond proceeds, combined with the $7.7 billion in retail
housing bonds the Initiative requires state HFAs to issue, will
allow HFAs to finance more than 200,000 affordable homes, while
generating jobs and tax revenue for the economy," said Susan
Dewey, president of the National Council of State Housing Agencies
(NCSHA) and executive director of the Virginia Housing Development
Authority.  "HFAs are already putting these resources to work to
provide first-time home buyer mortgages and finance rental
housing," Dewey added.

"The National Association of Local Housing Finance Agencies
(NALHFA) applauds the Treasury, Federal Housing Finance Agency,
and especially the Government-Sponsored Enterprises for putting
together, in a nearly impossible timeframe, this vital bond
purchase program and liquidity facility.  It will give
participating local housing finance agencies the ability to
significantly expand homeownership and rental housing
opportunities for their lower income households," said NALHFA
President Patricia Braynon, Executive Director of the Miami-Dade
County, FL Housing Finance Authority.

"The Treasury Initiative will provide loans to approximately
11,000 home buyers in Pennsylvania, as well as putting our home
builders back to work," said Executive Director of the
Pennsylvania Housing Finance Agency Brian Hudson.  "I believe a
new and stronger partnership has been formed between the
Administration, the GSEs, and state HFAs to deliver affordable
housing across the nation."

"As one of many HFAs that have participated in the
Administration's HFA Initiative, the Idaho Housing and Finance
Association has been able to once again access the tax-exempt bond
markets for affordable homeownership lending capital," said
President and Executive Director of the Idaho Housing and Finance
Association Gerald Hunter.  "Many prospective home buyers will be
able to purchase homes because of this financing opportunity.
And, it comes at a time when our economy needs all the assistance
it can get.  We appreciate the professional and focused efforts by
the many staff members at Treasury, HUD, FHFA, Fannie Mae, and
Freddie Mac to make this opportunity available for our citizens."

                 Background on the HFA Initiative

On October 19, Treasury announced a new initiative for state and
local HFAs to help support low mortgage rates and expand resources
for low and middle income borrowers to purchase or rent homes that
are affordable over the long term.  Following up on the intent to
support HFAs first outlined in February under the Homeowner
Affordability and Stability Plan, the Administration's Initiative
has two parts: a New Issue Bond Program (NIBP) to support new
lending by HFAs and a Temporary Credit and Liquidity Program
(TCLP) to improve the access of HFAs to liquidity for outstanding
HFA bonds.

                      New Issue Bond Program

The New Issue Bond Program (NIBP) provided temporary financing for
HFAs to issue new housing bonds.  Treasury purchased securities of
Fannie Mae and Freddie Mac backed by these new housing bonds.
With these investments, the HFAs have issued an amount of new
housing bonds equal to what they are authorized to issue with the
allocations provided them by Congress but have been unable to
issue given the current challenges in housing and related markets.
The program may support up to several hundred thousand new
mortgages to first time homebuyers this coming year, as well as
refinancing opportunities to put at-risk, but responsible and
performing, borrowers into more sustainable mortgages.  The NIBP
will also support development of tens of thousands of new rental
housing units for working families.

              Temporary Credit and Liquidity Program

Fannie Mae and Freddie Mac are administering a Temporary Credit
and Liquidity Program (TCLP) for HFAs to help relieve current
financial strains and enable them to continue to serve their
important role in providing housing resources to working families.

Treasury has agreed to purchase a participation interest in the
Temporary Credit and Liquidity Facilities (TCLFs) provided to HFAs
under the program, providing a credit and liquidity backstop.  The
TCLP provides HFAs with temporary credit and liquidity facilities
to help the HFAs maintain their financial health and preserve the
viability of the HFA infrastructure so that HFAs can continue
their Congressionally supported role in helping provide affordable
mortgage credit to low and moderate income Americans, as well as
continue their other important activities in communities.  Over 90
state and local HFAs representing 49 states participated in the
NIBP for an aggregate total new issuance of $15.3 billion.  Twelve
HFAs participated in the TCLP for an aggregate total usage of
$8.2 billion.  The Initiative is expected to come at no cost to
the taxpayers and to the Government Sponsored Enterprises.

For more information about the HFA Initiative, go to:

     http://www.financialstability.gov/latest/tg_10192009.html

                         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.

Freddie Mac narrowed its net loss to $5,013,000,000 for the
three months ended September 30, 2009, from a net loss of
$25,295,000,000 for the same quarter a year ago.  Freddie Mac
posted a net loss of $14,097,000,000 for the nine months ended
September 30, 2009, from a net loss of $26,263,000,000 for the
same period a year ago.

As of September 30, 2009, Freddie Mac had $866,601,000,000 in
total assets against $856,195,000,000 in total liabilities.  As of
September 30, 2009, Total Freddie Mac stockholders' equity was
$10,311,000,000; and Total equity was $10,406,000,000.

                        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.

                         About Fannie Mae

Fannie Mae -- http://www.fanniemae.com/-- is a government-
sponsored enterprise that was chartered by Congress in 1938.
Fannie Mae securitizes mortgage loans originated by lenders in the
primary mortgage market into mortgage-backed securities, which can
then be bought and sold in the secondary mortgage market.  Fannie
Mae also participates in the secondary mortgage market by
purchasing mortgage loans and mortgage-related securities,
including the Fannie Mae MBS, for its own mortgage portfolio.  In
addition, Fannie Mae makes other investments that increase the
supply of affordable housing.  Under its charter, Fannie Mae may
not lend money directly to consumers in the primary mortgage
market.  Although Fannie Mae is a corporation chartered by the
U.S. Congress, and although its conservator is a U.S. government
agency and Treasury owns its senior preferred stock and a warrant
to purchase its common stock, the U.S. government does not
guarantee its securities or other obligations.

                         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.


FORBES MEDI-TECH: Appeals NASDAQ Listing Suspension
---------------------------------------------------
Forbes Medi-Tech Inc. has provided The Nasdaq with a notice of
appeal of the Nasdaq Staff Deficiency determination to a Hearings
Panel.

The Nasdaq Staff Deficiency determination indicated that the
Company does not meet The Nasdaq Capital Market initial listing
standard as set forth in Listing Rule 5505.

The Company will be preparing a plan to regain compliance with the
NASDAQ initial listing standard and will be submitting the plan to
the Panel.

If the Company's appeal is not successful, the Company intends to
make application to have the Company's securities eligible to
trade on the OTC Bulletin Board.

                      About Forbes Medi-Tech

Forbes Medi-Tech Inc. is a life sciences company focused on
evidence-based nutritional solutions.  A leader in nutraceutical
technology, Forbes is a provider of value-added products and
cholesterol-lowering ingredients for use in functional foods and
dietary supplements.  Forbes successfully developed and
commercialized its Reducol(TM) plant sterol blend, which has
undergone clinical trials in various matrices and has been shown
to lower "LDL" cholesterol levels safely and naturally.  Building
upon established partnerships with leading retailers and
manufacturers across the globe, Forbes helps its customers to
develop private label and branded products.


FORD MOTOR: Bank Debt Trades at 7% Off in Secondary Market
----------------------------------------------------------
Participations in a syndicated loan under which Ford Motor Co. is
a borrower traded in the secondary market at 93.06 cents-on-the-
dollar during the week ended Friday, Jan. 15, 2010, according to
data compiled by Loan Pricing Corp. and reported in The Wall
Street Journal.  This represents a drop of 1.41 percentage points
from the previous week, The Journal relates.  The Company pays 300
basis points above LIBOR to borrow under the facility.  The bank
loan matures on Dec. 15, 2013, and carries Moody's Ba3 rating and
Standard & Poor's B- rating.  The debt is one of the biggest
gainers and losers among 168 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended Jan. 15.

                         About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
across six continents.  With about 200,000 employees and about 90
plants worldwide, the company's automotive brands include Ford,
Lincoln, Mercury and Volvo.  The company provides financial
services through Ford Motor Credit Company.

At Sept. 30, 2009, the Company had US$203.106 billion in total
assets against US$210.376 billion in total liabilities.

On March 4, 2009, Ford deferred future interest payments on its
6.50% Junior Subordinated Convertible Debentures due January 15,
2032, beginning with the April 15, 2009 quarterly interest
payment.

As reported by the Troubled Company Reporter on Nov. 4, 2009,
Moody's Investors Service upgraded the senior unsecured rating of
Ford Motor Credit Company LLC to B3 from Caa1.  This follows
Moody's upgrade of Ford Motor Company's corporate family rating to
B3 from Caa1, with a stable outlook.  Ford Credit's long-term
ratings remain on review for further possible upgrade.

On Nov. 3, 2009, S&P raised the corporate credit ratings on Ford
Motor Co. and Ford Motor Credit Co. LLC to 'B-' from 'CCC+'.  Ford
Motor Co. carries a long-term issuer default rating of 'CCC', with
a positive outlook, from Fitch Ratings.


FORD MOTOR: In Talks to Split Mazda Joint Venture in China
----------------------------------------------------------
The Wall Street Journal's Norihiko Shirouzu reports that a person
close to Mazda Motor Corp. said the Japanese auto maker is
discussing with Ford Motor Co. possible ways to split their joint
venture in China and establish a new structure for cooperating
with their common Chinese partner.

The Journal says Ford and Mazda now jointly work with Chongqing
Changan Automotive Co. in China.  The three companies share two
major manufacturing bases, in the southwestern city of Chongqing
and the eastern city of Nanjing.

The Journal's source said Mazda and Ford are discussing possible
ways to split those China operations into two separate entities,
with the Chongqing operations owned and operated by Ford and
Changan, and the Nanjing base by Mazda and Changan.  According to
the Journal, Japan's Nihon Keizai Shimbun business daily reported
in its Sunday edition that Mazda and Ford will dissolve their
joint venture in China by 2012.

The person told the Journal said the move is partly driven by
Ford's decision in 2008 to raise money by reducing its controlling
stake in Mazda to 13% from one third.  That source said Mazda now
feels less need to coordinate its strategy in China with Ford and
is seeking "more operational freedom" to boost its presence in the
country, which last year surpassed the U.S. as the world's largest
auto market.

That source said the Companies haven't yet made a final decision,
however, and any such plan would require the Chinese government's
official blessing before it could go ahead. "It remains only a
possibility that we're trying to realize until Beijing approves
it," the knowledgeable person said, according to the Journal.

The Journal says moreover Mazda and Ford will continue to
cooperate around the world as "strategic partners" even if they do
change their China arrangement, the person said.  The two
companies remain committed to producing cars jointly at a plant
near Detroit.

The Journal relates that Ken Haruki, a Mazda spokesman in Japan,
declined to comment on the report, saying that "nothing has been
decided."  Spokesmen for Ford didn't immediately respond to
requests for comment.  A Changan spokesman couldn't be reached
Sunday night.

The Journal says Mr. Haruki confirmed that Mazda plans to move
production of its Mazda 3 compact car, currently made at the Ford
joint venture's plant in Chongqing, to its base in Nanjing by the
middle of this year.

The Journal's source said that shifting the production base for
the Mazda 3 is a precursor to the potential move change in the
Mazda-Ford joint venture with Changan.

                         About Mazda Motor

Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor
Corporation -- http://www.mazda.co.jp/-- together with its
subsidiaries and associates, is primarily involved in the
manufacture and distribution of automobiles.  The company
manufactures passenger cars and commercial vehicles.  Mazda
Motor distributes its products in both domestic and overseas
markets.  The company has 58 subsidiaries.  It has overseas
operations in the United States, Canada, Mexico, Germany,
Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand,
Indonesia and China.  The company has a global network.

                          *     *     *

Mazda Motor Corp. continues to carry Mikuni Credit Ratings'
mortgage debt and senior debt ratings of 'BB'.

                         About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
across six continents.  With about 200,000 employees and about 90
plants worldwide, the company's automotive brands include Ford,
Lincoln, Mercury and Volvo.  The company provides financial
services through Ford Motor Credit Company.

At September 30, 2009, the Company had US$203.106 billion in total
assets against US$210.376 billion in total liabilities.

On March 4, 2009, Ford deferred future interest payments on its
6.50% Junior Subordinated Convertible Debentures due January 15,
2032, beginning with the April 15, 2009 quarterly interest
payment.

                          *     *     *

As reported by the Troubled Company Reporter on November 4, 2009,
Moody's Investors Service upgraded the senior unsecured rating of
Ford Motor Credit Company LLC to B3 from Caa1.  This follows
Moody's upgrade of Ford Motor Company's corporate family rating to
B3 from Caa1, with a stable outlook.  Ford Credit's long-term
ratings remain on review for further possible upgrade.

On Nov. 3, 2009, S&P raised the corporate credit ratings on Ford
Motor Co. and Ford Motor Credit Co. LLC to 'B-' from 'CCC+'.  Ford
Motor Co. carries a long-term issuer default rating of 'CCC', with
a positive outlook, from Fitch Ratings.


FREDDIE MAC: Government Completes Initiative to Support HFAs
------------------------------------------------------------
The U.S. Department of the Treasury, together with the Department
of Housing and Urban Development (HUD), and the Federal Housing
Finance Agency (FHFA), on Wednesday announced the completion of
all transactions under the recently-introduced state and local
Housing Finance Agency (HFA) Initiative, a key element of the
Obama Administration's Homeowner Affordability and Stability Plan.
With these transactions, the Obama Administration helps support
low mortgage rates and expands resources for low and middle income
borrowers to purchase or rent homes that are affordable over the
long term. Government Sponsored Enterprises Fannie Mae and Freddie
Mac played a central role in both Initiative design and
transaction execution.  The HFA Initiative is expected to come at
no cost to taxpayers.

Through more than 90 participating HFAs, the HFA Initiative will
make affordable financing available to hundreds of thousands of
new homebuyers and existing homeowners, as well as support the
development and rehabilitation of multi-family rental properties.
Mortgages can be used to purchase or rehabilitate homes, as well
as refinance existing mortgages at more affordable rates.
Participating HFAs are also expected to provide affordable
multifamily loans that will help keep rents affordable for tens of
thousands of renters.  Participating state and local agencies have
already begun providing affordable mortgages financed through the
HFA Initiative.

"Supporting the work of state and local HFAs is critical to the
Administration's broader initiative to stabilize the housing
market, which is helping to keep mortgage rates low and mortgage
finance flowing for American households across the country," said
Treasury Secretary Tim Geithner.

"The assistance provided under the HFA Initiative will help
maintain the viability of state and local HFAs which play key
roles in HUD's efforts to promote expanded access to affordable
rental housing and serve as important players in making
homeownership possible for hardworking Americans who otherwise
would not be able to purchase or remain in their homes," said HUD
Secretary Shaun Donovan.

"Working together we were able to address the stresses on HFAs
created by the housing market turmoil," said FHFA Acting Director
Edward J. DeMarco.  "The Enterprises played a critical role,
consistent with their mission and on commercially reasonable
terms. Their successful execution of over 125 separate
transactions, all in the final month of 2009, was an impressive
achievement."

"Given our long-standing partnership with state and local HFAs, we
were able to move quickly to support the Administration's
initiative, which is targeted directly at affordable housing for
America's working families," said Michael J. Williams, Fannie Mae
President and CEO.  "By creating $23 billion in much-needed, new
housing capital for the housing finance system, this initiative
will enable the HFAs to return to the level of market liquidity
they have provided historically."

"We applaud the successful completion of the HFA Initiative.
Freddie Mac is proud to provide an essential financial link to the
nation's state and local HFAs that will support affordable
homeownership and rental housing and help stimulate America's
housing markets," said Freddie Mac CEO Ed Haldeman.

             Local and State Impact of the Initiative

"These bond proceeds, combined with the $7.7 billion in retail
housing bonds the Initiative requires state HFAs to issue, will
allow HFAs to finance more than 200,000 affordable homes, while
generating jobs and tax revenue for the economy," said Susan
Dewey, president of the National Council of State Housing Agencies
(NCSHA) and executive director of the Virginia Housing Development
Authority.  "HFAs are already putting these resources to work to
provide first-time home buyer mortgages and finance rental
housing," Dewey added.

"The National Association of Local Housing Finance Agencies
(NALHFA) applauds the Treasury, Federal Housing Finance Agency,
and especially the Government-Sponsored Enterprises for putting
together, in a nearly impossible timeframe, this vital bond
purchase program and liquidity facility.  It will give
participating local housing finance agencies the ability to
significantly expand homeownership and rental housing
opportunities for their lower income households," said NALHFA
President Patricia Braynon, Executive Director of the Miami-Dade
County, FL Housing Finance Authority.

"The Treasury Initiative will provide loans to approximately
11,000 home buyers in Pennsylvania, as well as putting our home
builders back to work," said Executive Director of the
Pennsylvania Housing Finance Agency Brian Hudson.  "I believe a
new and stronger partnership has been formed between the
Administration, the GSEs, and state HFAs to deliver affordable
housing across the nation."

"As one of many HFAs that have participated in the
Administration's HFA Initiative, the Idaho Housing and Finance
Association has been able to once again access the tax-exempt bond
markets for affordable homeownership lending capital," said
President and Executive Director of the Idaho Housing and Finance
Association Gerald Hunter.  "Many prospective home buyers will be
able to purchase homes because of this financing opportunity.
And, it comes at a time when our economy needs all the assistance
it can get.  We appreciate the professional and focused efforts by
the many staff members at Treasury, HUD, FHFA, Fannie Mae, and
Freddie Mac to make this opportunity available for our citizens."

                 Background on the HFA Initiative

On October 19, Treasury announced a new initiative for state and
local HFAs to help support low mortgage rates and expand resources
for low and middle income borrowers to purchase or rent homes that
are affordable over the long term.  Following up on the intent to
support HFAs first outlined in February under the Homeowner
Affordability and Stability Plan, the Administration's Initiative
has two parts: a New Issue Bond Program (NIBP) to support new
lending by HFAs and a Temporary Credit and Liquidity Program
(TCLP) to improve the access of HFAs to liquidity for outstanding
HFA bonds.

                      New Issue Bond Program

The New Issue Bond Program (NIBP) provided temporary financing for
HFAs to issue new housing bonds.  Treasury purchased securities of
Fannie Mae and Freddie Mac backed by these new housing bonds.
With these investments, the HFAs have issued an amount of new
housing bonds equal to what they are authorized to issue with the
allocations provided them by Congress but have been unable to
issue given the current challenges in housing and related markets.
The program may support up to several hundred thousand new
mortgages to first time homebuyers this coming year, as well as
refinancing opportunities to put at-risk, but responsible and
performing, borrowers into more sustainable mortgages.  The NIBP
will also support development of tens of thousands of new rental
housing units for working families.

              Temporary Credit and Liquidity Program

Fannie Mae and Freddie Mac are administering a Temporary Credit
and Liquidity Program (TCLP) for HFAs to help relieve current
financial strains and enable them to continue to serve their
important role in providing housing resources to working families.

Treasury has agreed to purchase a participation interest in the
Temporary Credit and Liquidity Facilities (TCLFs) provided to HFAs
under the program, providing a credit and liquidity backstop.  The
TCLP provides HFAs with temporary credit and liquidity facilities
to help the HFAs maintain their financial health and preserve the
viability of the HFA infrastructure so that HFAs can continue
their Congressionally supported role in helping provide affordable
mortgage credit to low and moderate income Americans, as well as
continue their other important activities in communities.  Over 90
state and local HFAs representing 49 states participated in the
NIBP for an aggregate total new issuance of $15.3 billion.  Twelve
HFAs participated in the TCLP for an aggregate total usage of
$8.2 billion.  The Initiative is expected to come at no cost to
the taxpayers and to the Government Sponsored Enterprises.

For more information about the HFA Initiative, go to:

     http://www.financialstability.gov/latest/tg_10192009.html

                         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.

Freddie Mac narrowed its net loss to $5,013,000,000 for the
three months ended September 30, 2009, from a net loss of
$25,295,000,000 for the same quarter a year ago.  Freddie Mac
posted a net loss of $14,097,000,000 for the nine months ended
September 30, 2009, from a net loss of $26,263,000,000 for the
same period a year ago.

As of September 30, 2009, Freddie Mac had $866,601,000,000 in
total assets against $856,195,000,000 in total liabilities.  As of
September 30, 2009, Total Freddie Mac stockholders' equity was
$10,311,000,000; and Total equity was $10,406,000,000.

                        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.

                         About Fannie Mae

Fannie Mae -- http://www.fanniemae.com/-- is a government-
sponsored enterprise that was chartered by Congress in 1938.
Fannie Mae securitizes mortgage loans originated by lenders in the
primary mortgage market into mortgage-backed securities, which can
then be bought and sold in the secondary mortgage market.  Fannie
Mae also participates in the secondary mortgage market by
purchasing mortgage loans and mortgage-related securities,
including the Fannie Mae MBS, for its own mortgage portfolio.  In
addition, Fannie Mae makes other investments that increase the
supply of affordable housing.  Under its charter, Fannie Mae may
not lend money directly to consumers in the primary mortgage
market.  Although Fannie Mae is a corporation chartered by the
U.S. Congress, and although its conservator is a U.S. government
agency and Treasury owns its senior preferred stock and a warrant
to purchase its common stock, the U.S. government does not
guarantee its securities or other obligations.

                         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.


FREMONT GENERAL: Amended Plan For Fremont Calls for Merger
----------------------------------------------------------
Equity holder Ranch Capital LLC has presented an amended plan
proposal and disclosure statement in Fremont General Corp.'s
Chapter 11 that advocates for a merger between Fremont and the
debtor's subsidiaries, according to Law360.

Based in Santa Monica, California, Fremont General Corp. (OTC:
FMNTQ) -- http://www.fremontgeneral.com/-- was a financial
services holding company with $8.8 billion in total assets at
September 30, 2007.  Fremont General ceased being a financial
services holding company on July 25, 2008, when its wholly owned
bank subsidiary, Fremont Reorganizing Corporation (f/k/a Fremont
Investment & Loan) completed the sale of its assets, including all
of its 22 branches, and 100% of its $5.2 billion of deposits to
CapitalSource Bank.

Fremont General filed for Chapter 11 protection on June 18, 2008,
(Bankr. C.D. Calif. Case No. 08-13421).  Robert W. Jones, Esq.,
and J. Maxwell Tucker, Esq., at Patton Boggs LLP, Theodore
Stolman, Esq., Scott H. Yun, Esq., and Whitman L. Holt, Esq., at
Stutman Treister & Glatt, represent the Debtor as counsel.
Kurtzman Carson Consultants LLC is the Debtor's noticing
agent and claims processor.  Lee R. Bogdanoff, Esq., Jonathan S.
Shenson, Esq., and Brian M. Metcalf, at Klee, Tuchin, Bogdanoff &
Stern LLP, represent the Official Committee of Unsecured
Creditors as counsel.  Fremont's formal schedules showed
$330,036,435 in total assets and $326,560,878 in total debts.


GENERAL GROWTH: Equity Committee Proposes Saul Ewing as Counsel
---------------------------------------------------------------
The Official Committee of Equity Security Holders in General
Growth Properties Inc.'s Chapter 11 cases seeks the Court's
authority to retain Saul Ewing LLP as its counsel, nunc pro tunc
to September 9, 2009.

As the Equity Committee's counsel, Saul Ewing will:

  (i) assist and advise the Equity Committee in its review,
      analysis of, and negotiations regarding the terms of one
      or more plans of reorganization for the Debtors and
      accompanying disclosure statements and related plan
      documents and with respect to valuation matters;

(ii) represent the Equity Committee at all hearings and other
      proceedings before the Court, as necessary consistent with
      the interests of the Equity Committee;

(iii) review and analyze motions, applications, orders,
      statements, operating reports and schedules filed with the
      Court affecting equity interests and advise the Equity
      Committee as to their propriety, and to the extent deemed
      appropriate by the Equity Committee support, join or
      object, as applicable; and

(iv) perform other legal services as may be required or are
      deemed to be in the interests of the Equity Committee in
      accordance with the Equity Committee's powers and duties
      as set forth in the Bankruptcy Code, Bankruptcy Rules or
      other applicable law.

The Debtors will pay the firm according to its professionals'
customary hourly rates:

        Title                         Range per Hour
        -----                         --------------
    Partners                            $340 to $800
    Special Counsel and Counsel         $290 to $550
    Associates                          $235 to $390
    Paraprofessionals                   $140 to $265

These Saul Ewing professionals will have primary responsibility
for providing services to the Equity Committee:

   Name                Title                   Rate per Hour
   ----                -----                   -------------
   John J. Jerome      Partner - Bankruptcy         $800
                       and Restructuring Dept.

   Joyce A. Kuhns      Partner - Bankruptcy         $520
                       and Restructuring Dept.

   Edith K. Altice     Associate - Bankruptcy       $315
                       and Restructuring Dept.

   John F. Stoviak     Partner - Litigation Dept.   $700

   Timothy Callahan    Partner - Litigation Dept.   $580

The Debtors will reimburse Saul Ewing for expenses incurred.

John J. Jerome, Esq., at Saul Ewing, discloses that his firm
represents RBC Capital Markets and Brookfield Asset Management in
matters unrelated to the Debtors' Chapter 11 cases.  Moreover, he
says that Saul Ewing represented certain parties in matters
unrelated to the Debtors' Chapter 11 cases, a list of which is
available for free at:

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

Despite these disclosures, Mr. Jerome maintains that Saul Ewing
represents no interest adverse to the Debtors, the Debtors'
individual creditors or the Equity Committee.  Accordingly, Saul
Ewing is a "disinterested person" as the term is defined under
Section 101(14) of the Bankruptcy Code.

                  About General Growth Properties

Based in Chicago, Illinois, General Growth Properties, Inc. --
http://www.ggp.com/-- is the second-largest U.S. mall owner,
having ownership interest in, or management responsibility for,
more than 200 regional shopping malls in 44 states, as well as
ownership in master planned community developments and commercial
office buildings.  The Company's portfolio totals roughly
200 million square feet of retail space and includes more than
24,000 retail stores nationwide.  General Growth is a self-
administered and self-managed real estate investment trust.  The
Company's common stock is trading in the pink sheets under the
symbol GGWPQ.

General Growth Properties Inc. and its affiliates filed for
Chapter 11 on April 16, 2009 (Bankr. S.D.N.Y., Case No.
09-11977).  Marcia L. Goldstein, Esq., Gary T. Holtzer, Esq.,
Adam P. Strochak, Esq., and Stephen A. Youngman, Esq., at Weil,
Gotshal & Manges LLP, have been tapped as bankruptcy counsel.
Kirkland & Ellis LLP is co-counsel.  Kurtzman Carson Consultants
LLC has been engaged as claims agent.  The Company also hired
AlixPartners LLP as financial advisor and Miller Buckfire Co. LLC,
as investment bankers.  The Debtors disclosed
$29,557,330,000 in assets and $27,293,734,000 in debts as of
December 31, 2008.

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


GENERAL GROWTH: Ivanhoe Assets Liens for $93.7-Mil. Loan
--------------------------------------------------------
Pursuant to Section 546(b) of the Bankruptcy Code and applicable
state laws, Ivanhoe Capital LP asserts that it has a valid and
perfected first priority security interest in and lien on Debtor
GGP Limited Partnership's shares and distributions to secure a
loan with a principal amount of $93,712,500 made by Ivanhoe
Capital.  Ivanhoe Capital says neither General Growth Properties,
Inc. nor GGP LP is permitted to use any distributions without
further Court approval or consent of Ivanhoe Capital.

Moreover, AB Calif Acquisition Corp., doing business as Acoustical
Material Services, asserts that the Debtors owe it $7,261 for
materials furnished on improvement of Debtor Visalia Mall's
property at Visalia Mall, Footlocker, 2031 S. Mooney Blvd., Suite
1800, in Visalia, California.

                  About General Growth Properties

Based in Chicago, Illinois, General Growth Properties, Inc. --
http://www.ggp.com/-- is the second-largest U.S. mall owner,
having ownership interest in, or management responsibility for,
more than 200 regional shopping malls in 44 states, as well as
ownership in master planned community developments and commercial
office buildings.  The Company's portfolio totals roughly
200 million square feet of retail space and includes more than
24,000 retail stores nationwide.  General Growth is a self-
administered and self-managed real estate investment trust.  The
Company's common stock is trading in the pink sheets under the
symbol GGWPQ.

General Growth Properties Inc. and its affiliates filed for
Chapter 11 on April 16, 2009 (Bankr. S.D.N.Y., Case No.
09-11977).  Marcia L. Goldstein, Esq., Gary T. Holtzer, Esq.,
Adam P. Strochak, Esq., and Stephen A. Youngman, Esq., at Weil,
Gotshal & Manges LLP, have been tapped as bankruptcy counsel.
Kirkland & Ellis LLP is co-counsel.  Kurtzman Carson Consultants
LLC has been engaged as claims agent.  The Company also hired
AlixPartners LLP as financial advisor and Miller Buckfire Co. LLC,
as investment bankers.  The Debtors disclosed
$29,557,330,000 in assets and $27,293,734,000 in debts as of
December 31, 2008.

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


GENERATIONS BRANDS: Reorganization Plan Wins Court Approval
-----------------------------------------------------------
Generation Brands disclosed that the U.S. Bankruptcy Court has
confirmed the Company's pre-packaged Chapter 11 plan of
reorganization.  The Court's approval of the plan, which had
received the strong support of the Company's lenders and
noteholders, clears the way for Generation Brands to emerge from
Chapter 11 by the end of January, less than two months after the
Dec. 4 filing.

Under the plan, as confirmed by the Court, Generation Brands will
improve its financial flexibility by eliminating more than $150
million of debt from its balance sheet, reducing interest expense
and extending maturities until 2014.  Upon its emergence from
Chapter 11, the Company is also receiving a new $20-million equity
investment from an affiliate of Quad-C Management, Inc., the
Company's principal stockholder.  At that time, Generation Brands
expects to have more than $30 million in liquidity.

"We are gratified by the confidence that our lenders, principal
stockholder, customers and suppliers have shown in us throughout
this process," said Generation Brands President and Chief
Executive Officer T. Tracy Bilbrough.  "With their support, we
have successfully addressed our balance-sheet issues and will
emerge from our brief restructuring with increased financial
strength and a renewed commitment to providing innovative designs
and quality products long into the future."

Mr. Bilbrough added: "I deeply appreciate the dedication and hard
work of our employees and sales agents.  Thanks to their efforts,
our operations have not missed a beat during our restructuring."

The Company filed its voluntary petitions in the U.S. Bankruptcy
Court for the District of Delaware in Wilmington.  The Company was
advised in connection with its pre-packaged Chapter 11 financial
reorganization by White & Case LLP and Barclays Capital.

                       About Generation Brands

Generation Brands is one of America's leading companies serving
the lighting, electrical wholesale, home improvement, home decor,
and building industries.  The Company has an outstanding portfolio
of fashionable and functional lighting fixtures, ceiling fans, and
decorative products that provide value and growth for its
customers and end-users.

Generation Brands Holdings, Inc., Quality Home Brands Holdings LLC
and other affiliates filed for bankruptcy protection on December
4, 2009 (Bankr. D. Del. Case No. 09-14312). QHB Holdings listed
$500,000,001 to $1,000,000,000 in assets and $500,000,001
to $1,000,000,000 in liabilities.  The Company was advised in
connection with its pre-packaged Chapter 11 financial
reorganization by White & Case LLP and Barclays Capital. Fox
Rothschild LLP also serves as counsel.


GPX INTERNATIONAL: MITL Acquisition Closes $11MM Purchase
---------------------------------------------------------
According to TireBusiness.com, MITL Acquisition Corp. L.L.C. has
completed its $11 million acquisition of GPX International Tire
Corp.'s solid tire business, paving way for the business to
transition to Maine Industrial Tire L.L.C.

                     About GPX International

GPX International Tire Corporation was one of the largest
independent global providers of specialty "off-the-road" tires for
the agricultural, construction, materials handling and
transportation industries.  GPX is a worldwide company,
headquartered in Malden, Massachusetts, with operations in
NorthAmerica, China, Canada, and Germany.  A third generation
family-owned business, GPX and its predecessor companies have been
in business since 1922.

GPX International filed for Chapter 11 on Oct. 26, 2009 (Bankr. D.
Mass. Case No. 09-20170).  GPX is represented in U.S. Bankruptcy
Court by attorneys Harry Murphy of Hanify & King, P.C., and Peggy
Farrell of Hinckley Allen & Snyder LLP as corporate counsel.  TM
Capital Corp. serves as investment banker to GPX in connection
with these transactions and Argus Management Corporation serves as
restructuring advisor to GPX.  The petition says assets and debts
range from $100 million to $500 million.


GRAFTECH INTERNATIONAL: S&P Raises Corp. Credit Rating to 'BB+'
---------------------------------------------------------------
Standard and Poor's Ratings Services raised its corporate credit
rating on GrafTech International Ltd. to 'BB+' from 'BB-'.  At the
same time, S&P raised its issue-level rating on the company's
$215 million revolving credit facility due 2010 to 'BBB' from
'BB+'.  The recovery rating on the facility remains unchanged at
'1', indicating S&P's expectation for very high (90% to 100%)
recovery in the event of a payment default.  The rating outlook is
stable.  In addition, S&P removed all ratings on GrafTech from
CreditWatch positive, where S&P placed them on Sept. 30, 2009.

The rating upgrades and CreditWatch removals reflect GrafTech's
better-than-expected operating performance in 2009, despite the
downturn in the steel industry that resulted in an average
operating rate of around 65% for electric arc furnaces globally
compared with almost 90% in 2008.  S&P estimates that the company
generated around $130 million of EBITDA in 2009, earning an
operating margin of around 20%.  In addition, the company utilized
free cash flow, which totaled around $100 million, to materially
reduce debt balances by about $50 million.  As a result, credit
metrics are currently at a level that S&P would consider good even
for the higher rating, total adjusted debt to EBITDA is well under
1x, and funds from operations to total adjusted debt are well over
100%.  While S&P believes the company will likely incur additional
debt in the future as it pursues both internal and external growth
opportunities, including potential acquisitions, S&P expects
management to continue to maintain its relatively conservative
financial policy and credit metrics at a level that S&P would
consider consistent with the 'BB+' rating given the company's fair
business risk profile; adjusted debt leverage is below 3.0x.

The 'BB+' rating and stable outlook incorporate S&P's expectation
that operating performance will improve in 2010 compared with
2009, which a significantly higher volume of graphite electrodes
and improved performance from the company's engineered solutions
segment that should benefit from the improving global economy
should drive.  Specifically, S&P is expecting graphite electrode
volume of around 140,000 metric tons in 2010 compared with around
93,000 metric tons in 2009.  As a result, S&P expects EBITDA to be
approximately $200 million and funds from operations to total
around $140 million.

The ratings on Parma, Ohio-based GrafTech reflect the company's
fair business risk profile, which its significant exposure to the
cyclical steel industry, high degree of supplier concentration,
and continued raw material cost pressures demonstrate.  Still, the
company maintains a good market position in graphite electrodes,
has healthy margins, and an intermediate financial risk profile
driven mainly by its very low book debt balances.


GRANVILLE TRIUMPH: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Joint Debtors: Granville O. Triumph
               Lorraine Triumph
               6 Kasey Street
               Somerset, NJ 08873-5006

Bankruptcy Case No.: 10-10742

Chapter 11 Petition Date: January 12, 2010

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

Debtors' Counsel: Melinda D. Middlebrooks, Esq.
                  Middlebrooks Shapiro & Nachbar, P.C.
                  1767 Morris Avenue, Suite 2A
                  Union, NJ 07083
                  Tel: (908) 687-6161
                  Fax: (908) 687-9090
                  Email: middlebrooks@middlebrooksshapiro.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 $2,075,245,
and total debts of $3,336,152.

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/njb10-10742.pdf

The petition was signed by the Joint Debtors.


GREEN BROOK: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: Green Brook Village, LLC
        802 East Front Street
        Plainfield, NJ 07060

Bankruptcy Case No.: 10-10718

Chapter 11 Petition Date: January 12, 2010

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

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

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

The petition was signed by David Connolly, manager of the Company.

Debtor-affiliates filing separate Chapter 11 petitions January 12,
2010:

Watchung Gardens Associates, LLC                   10-10722
Netherwood Village, LLC                            10-10725
609 Madison Avenue, LLC                            10-10759
Liberty Arms, LLC                                  10-10765
Central Avenue Apts., LLC                          10-10770

Debtor-affiliates filing separate Chapter 11 petitions July 29,
2009:

        Entity                                     Case No.
        ------                                     --------
Fulton-Harrison, LLC                               09-29666
179 South Harrison, LLC                            09-29667
Cypress House, LLC                                 09-29668
158 South Harrison Associates, LLC                 09-29669
Plainfield Apartments, LLC                         09-30679
Carteret Arms, LLC                                 09-31726
Carteret Arms Management                           09-31728
Connolly Properties, Inc.                          09-44498

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

Judge: Morris Stern

Debtors' Counsel: Richard D. Trenk, Esq.
                  Trenk, DiPasquale, Webster,
                  Della Fera & Sodono, P.C.
                  347 Mt. Pleasant Avenue, Suite 300
                  West Orange, NJ 07052
                  Tel: (973) 243-8600
                  Email: rtrenk@trenklawfirm.com


GREYSTONE PHARMACEUTICALS: Gets Final Nod for BLN Capital Loan
--------------------------------------------------------------
The Hon. Paulette J. Delk of the U.S. Bankruptcy Court for the
Western District of Tennessee authorized, on a final basis,
Greystone Pharmaceuticals, Inc., to:

   -- incur $300,000 in secured postpetition financing from BLN
      Capital Funding, LLC; and

   -- grant adequate protection to BLN.

As of the petition date, the Debtor was indebted to BLN, its
principal lender, $1.1 million, exclusive of interest, fees,
attorneys' fees, costs, expenses and other charges provided for
under the loan documents.

The Debtor could not obtain a postpetition credit facility to meet
its working capital needs.  BLN expressed willingness to lend
money to the Debtor.

In return for the line of credit, BLN will receive an equity
interest in the Reorganized Debtor equal to 0.5% for making the
loan available and an additional 0.5% if the Debtor draws more
than $150,000;

The debtor-in-possession loan will bear interest at 12% per annum,
and will be repayable with interest only charges until the first
quarter 2011.  At that time, principal will be due in four equal
quarterly payments;

To secure repayment of the DIP loan, BLN will receive (i) a
priority under Section 364 of the Bankruptcy Code; (ii) a senior
lien on property of the estate (other than avoidance actions) that
is not otherwise subject to a lien; (iii) a junior lien on
property of the estate (other than avoidance actions) that is
subject to valid, perfected and unavoidable liens; and (iv) a
senior priming lien on property of the estate that is subject to a
senior prepetition first lien in favor of BLN.

                  About Greystone Pharmaceuticals

Fort Myers, Florida-based Greystone Pharmaceuticals, Inc. -- aka
Greystone Medical, Inc., and Greystone Medical Group, Inc. --
operates a pharmaceutical company.  The Company filed for Chapter
11 bankruptcy protection on November 2, 2009 (Bankr. W.D. Tenn.
Case No. 09-32236).  John L. Ryder, Esq., assists the Company in
its restructuring effort.  According to the schedules, the Company
has assets of $25,467,546, and scheduled debts of $22,601,150.


HEXION SPECIALTY: S&P Puts 'CCC+' Rating on CreditWatch Positive
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it placed its ratings
on Columbus, Ohio-based Hexion Specialty Chemicals Inc. on
CreditWatch with positive implications.  Upon successful
completion of the proposed financing plan, S&P will raise the
corporate credit rating to 'B-' from 'CCC+'.  The outlook will be
stable.

"The ratings on Hexion reflect a highly leveraged financial
profile, despite an expected improvement in leverage, and a weak
business risk profile as a global manufacturer and marketer of
thermoset resins," said Standard & Poor's credit analyst Paul
Kurias.

Also upon completion of the financing plan, S&P will raise its
issue-level ratings on the company's senior secured facilities to
'B-' from 'CCC+' and revise the recovery ratings on these
facilities to '3' from '4'.  The '3' recovery rating indicates
S&P's expectation for meaningful recovery (50%-70%) in the event
of a payment default.  The senior secured facilities consist of a
$225 million revolving credit facility, a $2.3 billion term loan,
and a $50 million synthetic letter of credit facility.

S&P assigned a 'B-' issue-level rating and a '3' recovery rating
to the company's proposed $200 million revolving loan commitment,
which is effective when the current $225 million revolving credit
facility matures in May 2011.  S&P also assigned a 'B-' rating and
'3' recovery rating to a proposed $500 million extended term loan.
The company is seeking to extend the maturity of $500 million of
its existing $2.3 billion term loans to 2015 from 2013.

S&P also assigned a 'CCC+' issue-level rating and a '5' recovery
rating to a proposed $700 million second-lien notes issue.  The
'5' recovery rating indicates S&P's expectation for modest
recovery (10%-30%) in the event of a payment default.


GSC INVESTMENT: Lenders Opt to Not Accelerate Defaulted Facility
----------------------------------------------------------------
GSC Investment Corp. reported financial results for the fiscal
third quarter ended November 30, 2009.

                         Operating Results

For the quarter ended November 30, 2009, GSC Investment Corp.
reported net investment income of $0.9 million, or $0.10 per
share, and net gain on investments of $8.3 million, or $0.91 per
share, resulting in a net increase in net assets from operations
of $9.1 million, or $1.01 per share. $8.8 million of the net gain
was due to unrealized appreciation.  Net asset value was $3.80 per
share as of November 30, 2009 as compared to $6.91 per share as of
August 31, 2009.  The decrease in NAV per share from August 31,
2009 was primarily the result of the distribution of 8.6 million
shares of common stock on December 31, 2009, for the stock portion
of the dividend declared on November 13, 2009.  In accordance with
generally accepted accounting principals, the number of shares
outstanding used to calculate NAV per share as of November 30,
2009, was retroactively adjusted to reflect the additional shares
issued as a result of the stock dividend.  Excluding the issuance
of these additional shares, the NAV per share would have been
$7.76 as of November 30, 2009.

               Portfolio and Investment Activity

As of November 30, 2009, the value of the Company's investment
portfolio was $103.3 million, principally invested in 29 portfolio
companies and one collateralized loan obligation fund.  The
overall portfolio composition consisted of 15.4% first lien term
loans, 29.1% second lien term loans, 27.5% senior secured notes,
7.1% unsecured notes, 20.8% subordinated notes of GSCIC CLO and
0.1% equity/limited partnership interests.

During the third quarter, GSC Investment Corp. made no investments
in new or existing portfolio companies.  For the quarter, the
Company had $5.7 million in aggregate amount of exits and
repayments, resulting in net repayments of $5.7 million.

As of November 30, 2009, the weighted average current yield on the
Company's first lien term loans, second lien term loans, senior
secured notes, unsecured notes and the GSCIC CLO subordinated
notes were 7.8%, 8.0%, 11.6%, 12.3% and 11.0%, respectively, which
resulted in an aggregate weighted average current yield of 9.8%.

As of November 30, 2009, 43.2%, or $35.3 million, of the Company's
interest-bearing portfolio was fixed rate debt with a weighted
average current coupon of 11.7% and 56.8%, or $46.5 million, of
its interest-bearing portfolio was floating rate debt with a
weighted average current spread of LIBOR plus 7.1%.

                  Liquidity and Capital Resources

At November 30, 2009, the Company had $43.8 million in borrowings
under its credit facility and an asset coverage ratio of 247%.

On July 30, 2009, an unremedied borrowing base deficiency became
an event of default, which is currently continuing.  During the
continuance of an event of default, the lender has the ability to
terminate the facility and sell the underlying collateral
necessary to satisfy outstanding borrowings.  The lender has
elected not to accelerate the obligation to date, but has reserved
the right to do so.  Including $6.3 million of repayments made
subsequent to November 30, 2009, the Company has repaid
$18.3 million of outstanding borrowings since the event of default
consisting of $11.6 million of proceeds from asset sales and
repayments and $6.7 million from cash interest received in excess
of interest expense.

The Company continues to work with the investment banking firm of
Stifel Nicolaus & Company as it actively evaluates strategic
alternatives to maximize long-term shareholder value.

                             Dividend

On November 13, 2009, the Company's Board of Directors declared a
dividend of $1.825 per share is payable on December 31, 2009, to
shareholders of record as of November 25, 2009.  Shareholders had
until December 17, 2009, to elect whether to receive the dividend
in cash (up to an aggregate maximum cash amount of approximately
$2.1 million or approximately 13.7% of the total dividend paid) or
in shares of common stock.  The dividend consisted of $2.1 million
in cash and 8,648,725 shares of common stock or 104% of GSC
Investment Corp's outstanding shares prior to the dividend.  The
dividend included the balance of the Company's fiscal year 2009
taxable income and a significant portion of the Company's fiscal
year 2010 taxable income including a component for the third
quarter of fiscal year 2010.

                    About GSC Investment Corp.

GSC Investment Corp. is a specialty finance company that invests
primarily in leveraged loans and mezzanine debt issued by U.S.
middle-market companies, high yield bonds and collateralized loan
obligations.  It has elected to be treated as a business
development company under the Investment Company Act of 1940.  The
Company may also opportunistically invest in distressed debt, debt
issued by non-middle market companies, and equity securities
issued by middle and non-middle market companies.  The Company
draws upon the support and investment advice of its external
manager, GSC Group, an alternative asset investment manager that
focuses on complex, credit-driven strategies. GSC Investment Corp.
is traded on the New York Stock Exchange under the symbol "GNV."


HACIENDA STRUCTURES: Case Summary & 3 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Hacienda Structures, LLC
        8045 West Hacienda Ave.
        Las Vegas, NV 89113

Bankruptcy Case No.: 10-10437

Chapter 11 Petition Date: January 13, 2010

Court: United States Bankruptcy Court
       District of Nevada (Las Vegas)

Judge: Linda B. Riegle

Debtor's Counsel: Yvette R. Freedman, Esq.
                  John Peter Lee, Ltd
                  830 Las Vegas Blvd, SO
                  Las Vegas, NV 89101
                  Tel: (702) 382 4044
                  Fax: (702) 383 9950
                  Email: info@johnpeterlee.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 $2,431,400,
and total debts of $3,779,746.

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/nvb10-10437.pdf

The petition was signed by Hashem Mikail, manager of the Company.


HCA INC: Bank Debt Trades at 5% Off in Secondary Market
-------------------------------------------------------
Participations in a syndicated loan under which HCA, Inc., is a
borrower traded in the secondary market at 95.19 cents-on-the-
dollar during the week ended Friday, Jan. 15, 2010, according to
data compiled by Loan Pricing Corp. and reported in The Wall
Street Journal.  This represents a drop of 0.91 percentage points
from the previous week, The Journal relates.  The Company pays 225
basis points above LIBOR to borrow under the facility.  The bank
loan matures on Nov. 6, 2013, and carries Moody's Ba3 rating and
Standard & Poor's BB rating.  The debt is one of the biggest
gainers and losers among 168 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended Jan. 15.

Headquartered in Nashville, Tennessee, HCA, Inc. --
http://www.hcahealthcare.com/-- is the nation's leading provider
of healthcare services.  As of June 30, 2008, HCA operated 169
hospitals and 107 freestanding surgery centers, including eight
hospitals and eight freestanding surgery centers operated through
equity method joint ventures.

HCA, Inc. carries a 'B2' long term corporate family rating from
Moody's, a 'B' long term issuer default rating from Fitch, and
'B+' issuer credit ratings from Standard & Poor's.


I & C PROPERTY: Case Summary & Unsecured Creditor
-------------------------------------------------
Debtor: I & C Property Management, Inc.
        2800 W Oakland Park Blvd, Suite 209
        Oakland Park, FL 33311

Bankruptcy Case No.: 10-10539

Chapter 11 Petition Date: January 12, 2010

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

Judge: Raymond B. Ray

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

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

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

The petition was signed by Chuck Mogbo, the company's
Secretary/Treasurer.

Debtor's List of 1 Largest Unsecured Creditor:

  Entity                   Nature of Claim        Claim Amount
  ------                   ---------------        ------------
Home Depot                                        $8,669


ICAHN ENTEPRISES: Closes $2.0 Billion Senior Notes Offering
-----------------------------------------------------------
Icahn Enterprises L.P - Icahn Enterprises L.P., together with
Icahn Enterprises Finance Corp., announced today that they have
consummated their offering of $2.0 billion in aggregate principal
amount of their 7 3/4% Senior Notes due 2016 (the "2016 Notes")
and 8% Senior Notes due 2018 (the "2018 Notes" and, together with
the 2016 Notes, the "New Notes").  The New Notes were sold in a
private offering to qualified institutional buyers as defined in
Rule 144A under the Securities Act of 1933, as amended, and non-
U.S. persons outside the United States under Regulation S under
the Securities Act.

Icahn Enterprises used a portion of the proceeds from the offering
to purchase the approximately $1.28 billion in aggregate principal
amount (or approximately 97%) of the 7.125% Senior Notes due 2013
(CUSIP Nos. 029171AD7 and 029171AF2) (the "2013 Notes") and the
8.125% Senior Notes due 2012 (CUSIP No. 029171AC9) (the "2012
Notes" and, together with the 2013 Notes, the "Old Notes") that
were tendered pursuant to the previously announced cash tender
offers and consent solicitations (the "Tender Offers") and to pay
related fees and expenses.  The Tender Offers expire at 12:00
midnight, New York City time, on January 28, 2010.

Jefferies & Company, Inc., acted as sole book-running manager and
initial purchaser for the offering of the New Notes and as sole
dealer manager and solicitation agent for the Tender Offers.

Icahn Enterprises also announced that it consummated the
acquisition of approximately 54% of the issued and outstanding
common stock of American Railcar Industries, Inc., and the
acquisition of approximately 71% of the issued and outstanding
common stock of Viskase Companies, Inc., in each case, from
affiliates of Carl C. Icahn.  Icahn Enterprises issued
approximately 3.1 million depositary units in connection with the
ARI Acquisition and approximately 2.9 million depositary units in
connection with the Viskase Acquisition.  The Acquisitions were
approved by the Audit Committee of the Board of Directors of Icahn
Enterprises GP Inc., the general partner of Icahn Enterprises,
which retained independent counsel and an independent financial
advisor.

                         About Ichan

Icahn Enterprises L.P. /quotes/comstock/13*!iep/quotes/nls/iep
(IEP 45.24, -0.04, -0.09%) , a master limited partnership, is a
diversified holding company engaged in five primary business
segments: Investment Management, Automotive, Metals, Real Estate
and Home Fashion.

In January 2010, Moody's Investors Service affirmed the Ba3
Corporate Family Rating of Icahn Enterprises L.P. and assigned Ba3
ratings to $2 billion of new senior unsecured notes being issued
by the company.  The new debt is being offered in two tranches due
in 2016 and 2018.  The outlook on the ratings remains negative.


IMAGE ENTERTAINMENT: Receives NASDAQ Staff Deficiency Letters
-------------------------------------------------------------
Image Entertainment, Inc., had received letters from NASDAQ staff
on January 8, 2010 and January 13, 2010, citing various violations
of NASDAQ Listing Rules most of which are related to the Company's
recently concluded $22 million preferred stock financing.  Those
violations include Listing Rules 5635(d), 5635(b) and 5640
relating to the issuance of 20% or more of the pre-transaction
shares at a discount to market value and effecting a change in
control of the Company without obtaining shareholder approval, and
the issuance of "super-voting stock."  The NASDAQ staff also
stated its belief that the continued listing of the Company, after
it knowingly entered into a transaction in violation of NASDAQ's
shareholder approval and voting rights rules, raises public
interest concerns under Listing Rule 5101 and in that regard, the
continued listing of the Company would erode public confidence in
NASDAQ.  The NASDAQ staff also notified the Company that its
current board of directors that was elected immediately after the
closing of the preferred stock financing does not contain any
independent directors as defined in Listing Rule 5605(a)(2).  As a
result, the Company is in violation of Listing Rules 5605(b)(1),
which requires a majority of independent directors; 5605(c)(2)(A),
which requires an audit committee of three independent directors;
5605(d), which requires determination of executive compensation by
independent directors; and 5605(e), which requires nomination of
directors by independent directors.

As previously announced, the Company is appealing a notice of
delisting from The NASDAQ Global Market.  The NASDAQ staff noted
that the Company's recent violations will be considered by the
Hearings Panel in rendering a determination regarding the
continued listing of the Company's stock on The NASDAQ Global
Market.

The NASDAQ staff also noted that, as previously reported in a Form
8-K filed with the Securities and Exchange Commission, for
approximately 30 days the Company's audit committee consisted of
only two directors, in violation of Listing Rule 5605(c)(2)(A).
That violation has been cured although as discussed above the
current audit committee does not comply with Listing Rule
5605(c)(2)(A).

                    About Image Entertainment

Image Entertainment, Inc., is an independent licensee and
distributor of entertainment programming in North America, with
approximately 3,200 exclusive DVD titles and approximately 340
exclusive CD titles in domestic release and approximately 400
programs internationally via sublicense agreements.  For many of
its titles, the Company has exclusive audio and broadcast rights
and, through its subsidiary, Egami Media, Inc., has digital
download rights to approximately 2,000 video programs and over 300
audio titles containing more than 5,100 individual tracks.  The
Company is headquartered in Chatsworth, California.

Image Entertainment has assets of $81,121,000 against debts of
$80,188,000 as of September 30, 2009.

Image Entertainment received a Nasdaq Staff Determination Letter
from the staff of the Nasdaq Stock Market Listing Qualifications
Department on December 15, 2009.  The Letter indicated that the
Company had not regained compliance with the minimum market
value of publicly held shares requirement for continued listing
by December 14, 2009.


INDUSTRY WEST: Case Summary & 7 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Industry West Commerce Center, LLC,
        a California limited liability company
        1960 Los Alamos Rd.
        Santa Rosa, CA 95409

Bankruptcy Case No.: 10-10088

Type of Business:

Chapter 11 Petition Date: January 14, 2010

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

Debtor's Counsel: John H. MacConaghy, Esq.
                  MacConaghy and Barnier
                  645 1st St. W #D
                  Sonoma, CA 95476
                  Tel: (707) 935-3205
                  Email: macclaw@macbarlaw.com

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

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

The petition was signed by Vincent Rizzo, the company's authorized
agent.

Debtor's List of 7 Largest Unsecured Creditors:

  Entity                   Nature of Claim        Claim Amount
  ------                   ---------------        ------------
Catalyst Construction      Trade debt             $59,517

Pacific Gas & Electric     Construction services  $18,620
Debbie Farquahr

Cushman & Wakerfield of    Professional services  $6,403
CA Inc

Anderson, Ziegler, et al   Professional services  $4,529

McNutt Law Group           Professional services  $2,308

Pachulski Stang Ziehl      Professional services  $1,113
& Jones

Natural Images             Trade debt             $850


INTELSAT JACKSON: Bank Debt Trades at 7% Off in Secondary Market
----------------------------------------------------------------
Participations in a syndicated loan under which Intelsat Jackson
Holdings is a borrower traded in the secondary market at 92.60
cents-on-the-dollar during the week ended Friday, Jan. 15, 2010,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal.  This represents an increase of 1.35
percentage points from the previous week, The Journal relates.
The Company pays 300 basis points above LIBOR to borrow under the
loan facility, which matures on Feb. 5, 2014.  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 168 widely
quoted syndicated loans with five or more bids in secondary
trading for the week ended Jan. 15.

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 Oct. 16, 2009,
Standard & Poor's assigned its 'B+' issue-level and '2' recovery
ratings to Intelsat Jackson Holdings Ltd.'s proposed $500 million
senior notes due 2019.  The '2' recovery rating indicates
expectations for substantial (70%-90%) recovery in the event of a
payment default.  The proposed notes are also guaranteed by
Intelsat Subsidiary Holding Co. Ltd.  Issue proceeds will be used
to purchase and retire about $400 million of the 11.5%/12.5%
senior paid-in-kind election notes due 2017 that reside at
Intelsat Bermuda Ltd. ($2.4 billion outstanding as of June 30,
2009) and for general corporate purposes.  Ratings are based on
preliminary documentation and are subject to review of final
documents.

In addition, S&P lowered the issue-level ratings on Intelsat Sub
Holdco's unsecured debt to 'B+' from 'BB-'.  This rating action
also applies to the debt at Intelsat Jackson Holdings that is
guaranteed by Sub Holdco.  The downgrade of about $3.7 billion in
debt is due to the increased debt that is guaranteed by Intelsat
Sub Holdco.  S&P revised the recovery rating on these notes to '2'
from '1'.  Also, S&P affirmed the 'B' corporate credit rating on
parent Intelsat Ltd.  The outlook is stable.

The TCR reported on Oct. 16, 2009, that Moody's assigned a B3
rating to Intelsat Jackson Holdings, Ltd.'s new $500 million 10-
year note issue.  The new notes are guaranteed by Intelsat
Jackson's indirect, wholly owned subsidiary, Intelsat Subsidiary
Holding Company, Ltd. and, as they rank equally with existing B3-
rated senior notes issued by Intelsat SubHoldCo (and with senior
notes at Intelsat SubHoldCo's sister company, Intelsat
Corporation), they are rated at the same B3 level.


JHCI ACQUISITION: Moody's Gives Stable Outlook, Keeps 'B3' Rating
-----------------------------------------------------------------
Moody's Investors Service has changed JHCI Acquisition, Inc.'s
rating outlook to stable from negative.  In addition, all other
ratings were affirmed, including the B3 corporate family rating.

The stable rating outlook reflects Moody's view that JHCI's
earnings and operating margins have been gaining traction over the
past few quarters despite low activity levels by many of its
customers.  While soft economic conditions in the U.S.,
particularly the transportation sector, are expected to persist in
2010, Moody's anticipates JHCI to maintain its earnings momentum
in the near term as 2009 restructuring activities create increased
operating efficiencies.

Further, the stabilization of the ratings outlook reflects Moody's
view that liquidity concerns raised in 2008 have been somewhat
alleviated by the accumulation of cash balances in 2009.  While
Moody's continues to recognize that JHCI would not likely have
access to its revolver due to covenant restrictions, JHCI's strong
cash generation and conservative management of cash balances have
enhanced the company's operating flexibility.

JHCI's B3 corporate family rating continues to reflect the
company's highly levered capital structure, its modest interest
coverage, and exposure to underperforming sectors.  The B3 rating
is supported by the company's relatively stable financial
performance, supported by the long-term nature of dedicated
customer contracts, high cash balances, modest cash flow
generation, and an extended debt maturity profile.

These ratings were affirmed:

* Corporate Family Rating of B3;

* Probability of Default Rating of B3;

* Senior Secured Revolving Credit Facility of B1 (LGD3, 32%)

* Senior Secured Term Loan of B1 (LGD3, 32%)

* Senior Secured Second Lien Notes of Caa2 (LGD5, 82%) -- point
  estimate revision from Caa2 (LGD5, 81%)

The last rating action on JHCI was on June 11, 2008, when Moody's
lowered its corporate family rating to B3 from B2 and changed the
outlook to negative.

JHCI's ratings were assigned by evaluating factors Moody's believe
are relevant to the credit profile of the issuer, such as i)
scale, diversity and competitive position, ii) revenue
concentration iii) cost structure and profitability and iv)
financial policies, including liquidity and acquisition risk.
These attributes were compared against other issuers both within
and outside of JHCI's core industry and JHCI's ratings are
believed to be comparable to those of other issuers of similar
credit risk.

JHCI is a wholly-owned subsidiary of JHCI Holdings, Inc., the
vehicle majority owned by Oak Hill Capital Partners, created to
effect the acquisition of Jacobson Holding Co.  and the 2007
merger of Arnold Logistics, LLC.  JHCI operates its businesses
using the Jacobson Companies name.

Jacobson Companies, headquartered in Des Moines, Iowa, is a
leading national third-party logistics company that provides value
added warehousing, packaging, contract manufacturing, staffing,
contract logistics, transportation and freight management
services.


JIMMY HARDEN: Case Summary & 15 Largest Unsecured Creditors
-----------------------------------------------------------
Joint Debtors: Jimmy B. Harden
                 dba Harden Farms
               Gwen Harden
                 dba Harden Farms
               4016 Charleston Road
               Stanton, TN 38069

Bankruptcy Case No.: 10-20349

Chapter 11 Petition Date: January 13, 2010

Court: United States Bankruptcy Court
       Western District of Tennessee (Memphis)

Judge: David S. Kennedy

Debtors' Counsel: Stephanie Green Cole, Esq.
                  100 North Main Building, Suite 2601
                  Memphis, TN 38103
                  Tel: (901) 575-8712
                  Fax: (901) 575-8717
                  Email: offices@bellsouth.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 15 largest unsecured creditors, is available for free at:

            http://bankrupt.com/misc/tnwb10-20349.pdf

The petition was signed by the Joint Debtors.


JLT ENTERPRISES: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: JLT Enterprises, Inc.
        650 Henderson Drive, PMB 771
        Cartersville, GA 30120

Bankruptcy Case No.: 10-40129

Chapter 11 Petition Date: January 13, 2010

Court: United States Bankruptcy Court
       Northern District of Georgia (Rome)

Debtor's Counsel: Frank B. Wilensky, Esq.
                  Macey, Wilensky, Kessler & Hennings, LLC
                  Suite 2700, 230 Peachtree Street, NW
                  Atlanta, GA 30303-1561
                  Tel: (404) 584-1200
                  Fax: (404) 681-4355
                  Email: smcconnell@maceywilensky.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/ganb10-40129.pdf

The petition was signed by Jeff L. Tibbitts, secretary/treasurer
of the Company.


JOHN MANEELY: Bank Debt Trades at 5% Off in Secondary Market
------------------------------------------------------------
Participations in a syndicated loan under which John Maneely Co.
is a borrower traded in the secondary market at 95.39 cents-on-
the-dollar during the week ended Friday, Jan. 15, 2010, according
to data compiled by Loan Pricing Corp. and reported in The Wall
Street Journal.  This represents an increase of 1.33 percentage
points from the previous week, The Journal relates.  The Company
pays 325 basis points above LIBOR to borrow under the facility.
The bank loan matures on Dec. 9, 2013, and carries Moody's B3
rating and Standard & Poor's B rating.  The debt is one of the
biggest gainers and losers among 168 widely quoted syndicated
loans with five or more bids in secondary trading for the week
ended Jan. 15.

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.


JURGIELEWUCZ DUCK FARM: Case Summary & 20 Largest Unsec. Creditors
------------------------------------------------------------------
Debtor: Jurgielewucz Duck Farm
        68 Barnes Road
        Moriches, NY 11955

Bankruptcy Case No.: 10-70231

Chapter 11 Petition Date: January 12, 2010

Court: United States Bankruptcy Court
       Eastern District of New York (Central Islip)

Judge: Dorothy Eisenberg

Debtor's Counsel: Arnold Mitchell Greene, Esq.
                  Robinson Brog Leinwand Greene et al
                  1345 Avenue of the Americas, 31st Floor
                  New York, NY 10105
                  Tel: (212) 603-6399
                  Fax: (212) 956-2164
                  Email: amg@robinsonbrog.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/nyeb10-70231.pdf

The petition was signed by Benjamin Jurgielewicz, general partner
of the Company.


KENDALL BROOK: Files Schedules of Assets & Liabilities
------------------------------------------------------
Kendall Brook LLC filed with the U.S. Bankruptcy Court for the
District of Colorado its schedules of assets and liabilities,
disclosing:

   Name of Schedule                Assets             Liabilities
   ----------------                ------             -----------
A. Real Property                 $9,531,451
B. Personal Property               $603,469
C. Property Claimed as
    Exempt
D. Creditors Holding
   Secured Claims                                     $4,251,479
E. Creditors Holding
   Unsecured Priority
   Claims                                                     $0
F. Creditors Holding
   Unsecured Non-priority
   Claims                                                $49,358
                                 -----------          ----------
TOTAL                            $10,134,920          $4,300,837

Denver, Colorado-based Kendall Brook LLC filed for Chapter 11
bankruptcy protection on January 7, 2010 (Bankr. D. Colo. Case No.
10-10208).  David Wadsworth, Esq., who has an office in Denver,
Colorado, assists the Company in its restructuring effort.  The
Company has assets of $10,134,920, and total debts of $4,300,837.


KENDALL BROOK: Taps Sender & Wasserman as Bankruptcy Counsel
------------------------------------------------------------
Kendall Brook LLC has sought authorization from the U.S.
Bankruptcy Court for the District of Colorado to employ Sender &
Wasserman, P.C., as bankruptcy counsel.

Sender & Wasserman will:

     a. prepare necessary reports, orders and other legal papers
        required in this Chapter 11 proceeding;

     b. perform legal services for the Debtor as debtor-in-
        possession which may become necessary herein;

     c. represent the Debtor in any litigation which the Debtor
        determines is in the best interest of the estate.

Sender & Wasserman will be paid based on the hourly rates of its
personnel:

        Harvey Sender              $395
        John B. Wasserman          $395
        Kenneth J. Buechler        $275
        David V. Wadsworth         $275
        David J. Warner            $185
        Matthew T. Faga            $160
        Paralegals                  $95

David V. Wadsworth, a shareholder in Sender & Wasserman, assures
the Court that Sender & Wasserman is "disinterested" as that term
is defined in Section 101(14) of the Bankruptcy Code.

Denver, Colorado-based Kendall Brook LLC filed for Chapter 11
bankruptcy protection on January 7, 2010 (Bankr. D. Colo. Case No.
10-10208).  David Wadsworth, Esq., who has an office in Denver,
Colorado, assists the Company in its restructuring effort.  The
Company has assets of $10,134,920, and total debts of $4,300,837.


KPT ENTERPRISES: Wants Lift Stay to Seize Trucks & Trailers
-----------------------------------------------------------
Commercial Credit Group Inc., a creditor and party-in-interest in
KPT Enterprises, LLC's bankruptcy case, has asked the Eastern
District of Tennessee for relief from the automatic stay,
including termination of the stay, to permit CCG to take
possession of certain trucks and trailers in the custody and
control of the Debtor or, in the alternative, for adequate
protection of its properly-perfected security interest in the
equipment and proceeds there from.

CCG is a creditor of the Debtor by virtue of an equipment loan
evidenced by a security agreement (the Security Agreement) and
promissory note (the Promissory Note), each dated December 19,
2008, under which Debtor is required to remit monthly installment
payments to CCG totaling $1,074,420.

Under the Security Agreement, the Debtor financed with CCG these
equipment:

     a. Twenty-five 2004 Great Dane 741IT-SSLA 53' X 102" Dry Van
        Trailers; and

     b. Nineteen 2005 Volvo VNL64T670 Tractor Trucks with Full
        Integral Sleeper, Cummins ISX CM870 475HP Engine, Eaton
        Puller RTP 10 Speed Transmission.

CCG perfected its security interest in the Equipment and proceeds
there from by filing a UCC-Financing Statement with the Tennessee
Secretary of State on December 30, 2008.  CCG's security interests
and liens are also noted as a first priority lien on each
certificate of title to the Equipment.

Pursuant to the terms of the Promissory Note, the Debtor was to
make 30 monthly payments of $35,814 commencing on January 19,
2009.  As of December 30, 2009, the Debtor owed CCG $688,347.34
under the Promissory Note.

The Equipment is being used post-petition by non-debtor,
Morristown Drivers Service, Inc., and the Equipment continues to
depreciate in value.  As CCG's security interest expressly extends
to "proceeds" of the Equipment, the amounts generated by the non-
debtor's use of Debtor's Equipment are also subject to CCG's
security interest.  CCG is therefore entitled to an accounting of
the postpetition generation and use of the proceeds of the
Equipment, as well as adequate protection of such interest.

Since the Equipment is in the possession and being used by
Morristown Drivers, there is also a question as to whether the
Equipment is adequately insured.  "Debtor has not shown that
Morristown Drivers Service, Inc. is the 'insured' party under a
policy of insurance which specifically covers the Equipment.
Without such coverage, CCG is exposed to irreparable harm," CCG
says.

According to the Debtor's request to use cash collateral, the
Debtor has valued CCG's Equipment at $927,000.  The Debtor
estimates that each of the 25 trailers is worth $12,000 and each
of the 19 trucks is worth $33,000.  The Debtor has provided no
evidence to support its valuations, and CCG disputes the
valuations.

CCG estimates that each of the 25 trailers is worth $7,500 and
each of the 19 trucks is worth $17,500, totaling $725,000.  The
valuation provides CCG with an equity cushion of 5%.

The Debtor further contends, without support, that its entire
inventory of equipment which it values at $6,065,000 depreciates
at a rate of only $10,000 per month, which amounts to a
depreciation rate of approximately one tenth of 0.1% per month.
CCG disputes the Debtor's estimated rate of depreciation.

The Debtor's motion to use cash collateral proposes to make
adequate protection payments to CCG in the amount of $3,000 per
month.  CCG claims that the Debtor's proposed adequate protection
payments are wholly insufficient in that they do not cover
depreciation or interest.

"The Debtor's proposed payments do not adequately protect CCG's
interest because the Equipment continues to decline in value at a
rate far higher than the Debtor's estimated rate of depreciation,"
CCG states.   CCG is entitled to relief from the automatic stay in
order to enforce its security interest in the Equipment under
applicable nonbankruptcy law because CCG's interest is not
adequately protected.

CCG requests that, after notice and hearing, this Court grant CCG
relief from the automatic stay to permit CCG to take possession of
the Equipment and to liquidate the Equipment pursuant to the
Tennessee Uniform Commercial Code.

Alternatively, that this Court order the Debtor, Morristown
Drivers and any others in possession of any item of Equipment, to
discontinue further use of the Equipment until the Debtor has
provided CCG with adequate protection payments at least equal the
amount of depreciation in the Equipment resulting from Debtor's
continued use.

CCG is represented by Rachel E. Ralston at Hunter, Smith & Davis,
LLP.

                       About KPT Enterprises

Morristown, Tennessee-based KPT Enterprises, LLC, owns certain
over-the-road tractors and trailer rigs which it utilizes in
hauling freight on a commercial basis.  The Company filed for
Chapter 11 bankruptcy protection on December 30, 2009 (Bankr. E.D.
Tenn. Case No. 09-53521).  Dean B. Farmer, Esq., at Hodges,
Doughty & Carson PLLC, assists the Company in its restructuring
effort.  The Company listed $10,000,001 to $50,000,000 in assets
and $1,000,001 to $10,000,000 in liabilities.


LABRANCHE & CO: Moody's Gives Positive Outlook on 'B2' Rating
-------------------------------------------------------------
Moody's Investors Service changed to positive from stable the
rating outlook of LaBranche & Co Inc. LaBranche's senior unsecured
rating is B2.

The rating action reflects the expected improvement in the
LaBranche's financial flexibility following the announced sale of
its NYSE designated market-maker business to Barclays, and the
decision to retire all of its outstanding debt of approximately
$190 million, which had an original maturity of 2012.

The repayment of the debt will be financed with cash on hand.
When the sale is completed, LaBranche will have access to
$76 million of net capital released from the DMM entity.
Following the retirement of its senior debt, LaBranche will
realize $21 million in annual interest savings.  The debt
repayment will de-lever the company as well improve its financial
flexibility.

At the same time, Moody's noted, the company's B2 rating continues
to reflect the uncertainty around the long-term prospects of its
remaining businesses, which include ETF and options market-making,
and institutional brokerage.  Although these businesses have been
generally profitable, their long-term competitiveness and earnings
potential may be challenged by LaBranche's smaller scale and more
modest financial resources compared to many of its larger
competitors.  As revenue capture rates in the securities trading
business continue to compress, the importance of scale and
sustained technological investment will continue to increase.  The
extent to which LaBranche is able to successfully compete and
thrive in this environment, particularly in periods of cyclically
low trading volumes, will remain a critical ratings driver.

The last rating action on LaBranche was on October 2, 2007, when
Moody's downgraded the company to B2 from B1 and assigned a stable
outlook.

LaBranche is a New York based securities firm that reported
$78 million in net revenue and $44 million in pre-tax loss in the
first nine months of 2009.


LAS VEGAS MONORAIL: Wells Fargo Joins Ambac, Seeks Case Dismissal
-----------------------------------------------------------------
Wells Fargo Bank, N.A., in its role as trustee under the senior
indenture governing The Las Vegas Monorail's first tier and second
tier tax-exempt bonds, has filed documents supporting Ambac
Assurance Company's request to dismissal the Chapter 11 case.

According to NetDockets, Wells Fargo asserts that Monorail's only
options to restructure its debts are to do so consensually or to
do so in a chapter 9 case if "LVMC convinces the Nevada
legislature to grant it authority to file a Chapter 9 case."
According to NetDockets, Wells Fargo states that the issue
"matters to the Trustee because Congress intended for holders of
government-issued bonds to have special protections and rights in
any bankruptcy case filed by an entity like LVMC, including:

    * The automatic stay does not apply to application of pledged
      special revenues. 11 U.S.C. Section 922(d).

    * Payments to or for the benefit of bondholders may not be
      avoided. 11 U.S.C. Section 926(b).

    * Security interests in special revenues acquired by the
      debtor postpetition remain effective notwithstanding
      11 U.S.C. Section 552(a), subject to necessary operating
      expenses. 11 U.S.C. Section 928(a).

By attempting to file for protection under chapter 11 instead,
Wells Fargo, NetDockets says, asserts that the company is
attempting to "circumvent" the protections provided to holders of
government bonds under chapter 9.

The Troubled Company Reporter ran a story Friday on Monorail's
Chapter 11 filing and Ambac's Dismissal request.

                    About Las Vegas Monorail

Las Vegas Monorail Company, organized by the State of Nevada in
2000 as a nonprofit corporation, owns and manages the Las Vegas
Monorail.  The Monorail is a seven-stop, elevated train system
that travels along a 3.9-mile route near the Las Vegas Strip.
LVMC has contracted with Bombardier Transit Corporation to operate
the Monorail.

Though it benefits from its tax-exempt status due to being a
nonprofit entity, LVMC claims to be the first privately-owned
public transportation system in the nation to be funded solely by
fares and advertising.  LVMC says it receives no governmental
financial support or subsidies.

LVMC filed for Chapter 11 on Jan. 13, 2009 (Bankr. D. Nev. Case
No. 10-10464).  The petition says that assets are between $10
million to $50 million while debts are between $500 million to $1
billion.  Gordon Silver has been tapped as bankruptcy counsel.
Alvarez & Marsal North America, LLC, is the financial advisor.
Stradling Yocca Carlson & Rauth is the special bond counsel.
Jones Vargas is the special corporate counsel.


LAS VEGAS MONORAIL: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Las Vegas Monorail Company
        3960 Howard Hughes Parkway, Ste. 750
        Las Vegas, NV 89169

Bankruptcy Case No.: 10-10464

Type of Business: Las Vegas Monorail Company, organized by the
                  State of Nevada in 2000 as a nonprofit
                  corporation, owns and manages the Las Vegas
                  Monorail. The Monorail is a seven-stop, elevated
                  train system that travels along a 3.9-mile route
                  near the Las Vegas Strip. LVMC has contracted
                  with Bombardier Transit Corporation to operate
                  the Monorail.  Though it benefits from its tax-
                  exempt status due to being a nonprofit entity,
                  LVMC claims to be the first privately-owned
                  public transportation system in the nation to be
                  funded solely by fares and advertising. LVMC
                  says it receives no governmental financial
                  support or subsidies.

Chapter 11 Petition Date: January 13, 2010

Court: United States Bankruptcy Court
       District of Nevada (Las Vegas)

Judge: Linda B. Riegle

Debtor's Counsel: Gerald M. Gordon, Esq.
                  Gordon Silver
                  3960 Howard Hughes Pky 9th Flr
                  Las Vegas, NV 89109
                  Tel: (702) 796-5555
                  Fax: (702) 369-2666
                  Email: bankruptcynotices@gordonsilver.com

Debtor's
Fin'l Advisor:    Alvarez & Marsal North America, LLC

Debtor's
Special Bond
Counsel:          Stradling Yocca Carlson & Rauth

Debtor's
Special Corporate
Counsel:          Jones Vargas

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

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

The petition was signed by Curtis L. Myles III, the company's
president and chief executive officer.

Debtor's List of 20 Largest Unsecured Creditors:

  Entity                   Nature of Claim        Claim Amount
  ------                   ---------------        ------------
Bombardier Transit Corp.   Pension Obligations    $293,450
Attn: Managing member
1501 Lebanon Church Rd
Pittsburgh, PA 1523-1491

NV Energy                  Electric services      $56,638
Attn: Managing member

Allegiance Direct Bank                            $40,353
Attn: Managing member

Promethean Partners, LLC   Advertising brokerage  $29,842
Attn: Managing member      agreement

Team Grapx, Inc.           Vendor Services        $29,000
Attn: Managing member

Anthem Blue Cross Blue     Employee health        $14,309
Shield                     insurance policies
Attn: Managing member

Brink's US                 Cash collection        $6,521
Attn: Managing member      processing services

Nevada Department of       Taxes                  $5,600
Taxation
Bankruptcy Section

Jumbo Transportation, Inc. Services               $3,742
Attn: Managing member

OTO Labs, LLC              Services               $3,692
Attn: Managing member

Wells Fargo Business Card  Credit card purchases  $2,211
Attn: Managing member

Color Reflections          Vendor Services        $1,010

Ikon Financial Services    Services               $794
Attn: Managing member

Business Wire              Vendor Services        $675

Czarnowski Display         Booth storage (lease)  $510
Services Inc.
Attn: Managing member

Bearcom                    Services               $480
Attn: Managing member

Joe Dorsey                 Vendor services        $436

Schneider Electric, Inc.   Services               $303
Attn: Managing member

Quartermaster, Inc.        Vendor services        $297
Attn: Managing member

Intercall                  Vendor services        $267
Attn: Managing member


LATHAM INT'L: Obtains $30 Million Loan From Bank of America
-----------------------------------------------------------
Adam Sichko at the Business Review Latham International Inc.
secured a $30 million revolving loan from Bank of America to fund
operations after it emerges from bankruptcy protection.  The
facility will be used to to beef up the company's inventory.

Latham, New York-based Latham International, Inc., dba Latham
Acquisition Corporation, is the largest manufacturer of swimming
pool components and pool accessories in North America.  Latham
offers a broad product line, including in-ground and above ground
vinyl liners, polymer and steel pool wall systems, fiberglass
pools, steps, ladders, pool safety covers, automatic pool covers
and a variety of other pool related accessories sold under
recognized brand names such as Pacific Pools, Ft. Wayne Pools,
Elite, Sterling, Kafko, Performance, Technican, Triac, Viking, CPC
and Coverstar.  Latham's products are sold primarily to the in-
ground pool market both through a wide range of business-to-
business distribution channels in the US, Canada and Europe,
and direct to pool builders and dealers.

Latham International filed for Chapter 11 bankruptcy protection on
December 22, 2009 (Bankr. D. Delaware Case No. 09-14490).  The
Company's affiliates -- Latham Manufacturing Corp.; Viking Pools,
LLC; Coverstar, LLC; and Kafko (US) Corp. -- also filed Chapter 11
bankruptcy petition.  Laura Davis Jones, Esq.; Michael Seidl,
Esq.; and Timothy P. Cairns, Esq., at Pachulski Stang Young &
Jones LLP, assist the Debtors in their restructuring efforts.
Latham International listed $50,000,001 to $100,000,000 in assets
and $100,000,001 to $500,000,000 in liabilities.


LATITUDES INVESTMENTS: Case Summary & 14 Largest Unsec. Creditors
-----------------------------------------------------------------
Debtor: Latitudes Investments, LLC
        205 N. Water St
        Elizabeth City, NC 27909

Bankruptcy Case No.: 10-00247

Chapter 11 Petition Date: January 13, 2010

Court: United States Bankruptcy Court
       Eastern District of North Carolina (Wilson)

Judge: Randy D. Doub

Debtor's Counsel: Trawick H. Stubbs, Jr., Esq.
                  Stubbs & Perdue, P.A.
                  P.O. Drawer 1654
                  New Bern, NC 28563
                  Tel: (252) 633-2700
                  Fax: (252) 633-9600
                  Email: efile@stubbsperdue.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 $4,067,652,
and total debts of $4,180,665.

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

            http://bankrupt.com/misc/nceb10-00247.pdf

The petition was signed by Barry R. Gregory, member-manager of the
Company.


LBJ LAKEFRONT: Foreclosure Sought by Lenders on Texas Property
--------------------------------------------------------------
American Bank of Texas, N.A. -- holder of six promissory notes
executed by the LBJ Lakefront, Inc. -- and Compass Bank, the
noteholder of a promissory note executed by Kenneth G. Martin,
payable to Compass Bank, have filed a motion with the U.S.
Bankruptcy Court for the Western District of Texas, seeking to
terminate the automatic stay, to each foreclose on the Debtor's
property in or around Horseshoe Bay, Texas.

The American Bank debt matured a year ago, while the Compass Bank
debt matured on July 12, 2009.  Both banks haven't received any
payments on the debt.  Both Compass Bank and American Bank claim
that the Debtor filed for bankruptcy in bad faith.  The Debtor
hasn't offered any adequate protection payments to both banks.

It is anticipated that the Debtor will rely on American Bank's
alleged "equity cushion" and will attempt to propose a plan
previously characterized by counsel as "dirt for debt."

While the Debtor is not a "new debtor" in the sense that it is not
newly-created, unquestionably it is the new owner of the Property
by virtue of a deed from The Kenneth G. and Karen Jo Martin
Revocable Living Trust, an event stemming from a transparent
attempt to thwart a scheduled foreclosure sale.

Based on the testimony of Kenneth and Karen Martin, the trustees
of the Living Trust, the Debtor has no current business
operations, no office or employees other than the Martins.  While
the Debtor's financial condition is poor, that is a result of its
own conduct, says American Bank.  The assets involved in the
bankruptcy case consist primarily of the Horeshoe Bay property
that was recently transferred from the Living Trust (after its
bankruptcy case was dismissed) to the Debtor for the sole purpose
of filing this bankruptcy case and shielding the Property from
foreclosure.

Jack M. Kuykendall represents Compass Bank, while Fulbright &
Jaworski L.L.P. represents American Bank.

Morristown, Tennessee-based KPT Enterprises, LLC, owns certain
over-the-road tractors and trailer rigs which it utilizes in
hauling freight on a commercial basis.  The Company filed for
Chapter 11 bankruptcy protection on December 30, 2009 (Bankr. E.D.
Tenn. Case No. 09-53521).  Dean B. Farmer, Esq., at Hodges,
Doughty & Carson PLLC, assists the Company in its restructuring
effort.  The Company listed $10,000,001 to $50,000,000 in assets
and $1,000,001 to $10,000,000 in liabilities.


LEAP WIRELESS: Thornburg Investment Discloses 10.08% Equity Stake
-----------------------------------------------------------------
Thornburg Investment Management Inc. disclosed holding 7,804,342
shares or roughly 10.08% of the common stock of Leap Wireless
International Inc.

Headquartered in San Diego, California, Leap Wireless
International, Inc. (NASDAQ: LEAP) -- http://www.leapwireless.com/
-- and its joint ventures provide wireless services in 34 states
and the District of Columbia and hold licenses in 35 of the top 50
U.S. markets.  Through its affordable, flat-rate service plans,
Cricket offers customers a choice of unlimited voice, text, high-
speed data and mobile Web services.

As of September 30, 2009, Leap had $5.36 billion in total assets,
including $222.9 million in cash and cash equivalents, against
total liabilities of $3.55 billion and redeemable noncontrolling
interests of $75.7 million, resulting in $1.74 billion in
stockholders' equity.

                           *     *     *

According to the Troubled Company Reporter on April 29, 2009,
Standard & Poor's Ratings Services revised its outlook on Leap
Wireless International Inc. to positive from stable.  At the same
time, S&P affirmed its ratings on the San Diego-based wireless
carrier, including the 'B-' long-term corporate credit rating and
'B+' secured bank loan rating on subsidiary Cricket Communications
Inc.


LUNA INNVOVATIONS: Complies with All NASDAQ Listing Criteria
------------------------------------------------------------
Luna Innovations Incorporated has received notification from The
NASDAQ Stock Market LLC indicating that the Company timely
demonstrated compliance with all requirements for initial listing
on The NASDAQ Capital Market upon its emergence from bankruptcy,
as required by the NASDAQ Listing Rules and the December 28, 2009
decision of The NASDAQ Listing Qualifications Panel.  As a result,
the Company's securities will continue to trade on The NASDAQ
Capital Market and the matter is now closed.

                      About Luna Innovations:

Luna Innovations Incorporated is focused on sensing and
instrumentation, and pharmaceutical nanomedicines.  Luna develops
and manufactures new-generation products for the healthcare,
telecommunications, energy and defense markets.  The company's
products are used to measure, monitor, protect and improve
critical processes in the markets we serve.  Through its
disciplined commercialization business model, Luna has become a
recognized leader in transitioning science to solutions. L una is
headquartered in Roanoke, Virginia.


LYONDELL CHEMICAL: Settles $2.5M Rita Damage Claims
---------------------------------------------------
A bankruptcy judge has approved $2.5 million in settlements
between bankrupt energy and chemical company LyondellBasell and a
host of insurers over damage caused by Hurricane Rita in 2005 to
the company's Gulf Coast facilities, Law360 reports.

                      About Lyondell Chemical

LyondellBasell Industries is one of the world's largest polymers,
petrochemicals and fuels companies.  It is the global leader in
polyolefins technology, production and marketing; a pioneer in
propylene oxide and derivatives; and a significant producer of
fuels and refined products, including biofuels.  Through research
and development, LyondellBasell develops innovative materials and
technologies that deliver exceptional customer value and products
that improve quality of life for people around the world.
Headquartered in The Netherlands, LyondellBasell --
http://www.lyondellbasell.com/-- is privately owned by Access
Industries.

Basell AF and Lyondell Chemical Company merged operations in 2007
to form LyondellBasell Industries, the world's third largest
independent chemical company.  LyondellBasell became saddled with
debt as part of the US$12.7 billion merger.  On January 6, 2009,
LyondellBasell Industries' U.S. operations and one of its European
holding companies -- Basell Germany Holdings GmbH -- filed
voluntary petitions to reorganize under Chapter 11 of the U.S.
Bankruptcy Code to facilitate a restructuring of the company's
debts.  The case is In re Lyondell Chemical Company, et al.,
Bankr. S.D.N.Y. Lead Case No. 09-10023).  Seventy-nine Lyondell
entities, including Equistar Chemicals, LP, Lyondell Chemical
Company, Millennium Chemicals Inc., and Wyatt Industries, Inc.
filed for Chapter 11.  In May 2009, one of the cases was dismissed
-- Case No. 09-10068 -- because it is duplicative of Case No. 09-
10040 relating to Debtor Glidden Latin America Holdings.

The Hon. Robert E. Gerber presides over the case.  Deryck A.
Palmer, Esq., at Cadwalader, Wickersham & Taft LLP, in New York,
serves as the Debtors' bankruptcy counsel.  Evercore Partners
serves as financial advisors, and Alix Partners and its subsidiary
AP Services LLC, serves as restructuring advisors.  AlixPartners'
Kevin M. McShea acts as the Debtors' Chief Restructuring Officer.
Clifford Chance LLP serves as restructuring advisors to the
European entities.  Lyondell Chemical estimated that consolidated
assets total US$27.12 billion and debts total US$19.34 billion as
of the bankruptcy filing date.

Lyondell has obtained approximately US$8 billion in DIP financing
to fund continuing operations.  The DIP financing includes two
credit agreements: a US$6.5 billion term loan, which comprises a
US$3.25 billion in new loans and a US$3.25 billion roll-up of
existing loans; and a US$1.57 billion asset-backed lending
facility.

Luxembourg-based LyondellBasell Industries AF S.C.A. and another
affiliate were voluntarily added to Lyondell Chemical's
reorganization filing under Chapter 11 on April 24, 2009, in order
to seek protection against claims by certain financial and U.S.
trade creditors.  On May 8, 2009, LyondellBasell Industries added
13 non-operating entities to Lyondell Chemical Company's
reorganization filing under Chapter 11 of the U.S. Bankruptcy
Code.  All of the entities are U.S. companies and were added to
the original Chapter 11 filing for administrative purposes.  The
filings will have no impact on current business or operations as
none of the entities manufactures or sells products.

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


LYONDELL CHEMICAL: Creditors Want Examiner's Role Expanded
----------------------------------------------------------
Bill Rochelle at Bloomberg News reports that the Official
Committee of Unsecured Creditors in Lyondell Chemical Co.'s cases
wants to expand the role of the examiner to include an
investigation into how the company is dealing with a competing
offer from India's Reliance Industries Ltd.

The Committee will also be asking approval at the Jan. 19 hearing
of its request that payment of expenses for the first-lien lenders
be cut off. The committee contends it's now clear that the senior
secured lenders aren't fully secured.

                      About Lyondell Chemical

LyondellBasell Industries is one of the world's largest polymers,
petrochemicals and fuels companies.  It is the global leader in
polyolefins technology, production and marketing; a pioneer in
propylene oxide and derivatives; and a significant producer of
fuels and refined products, including biofuels.  Through research
and development, LyondellBasell develops innovative materials and
technologies that deliver exceptional customer value and products
that improve quality of life for people around the world.
Headquartered in The Netherlands, LyondellBasell --
http://www.lyondellbasell.com/-- is privately owned by Access
Industries.

Basell AF and Lyondell Chemical Company merged operations in 2007
to form LyondellBasell Industries, the world's third largest
independent chemical company.  LyondellBasell became saddled with
debt as part of the US$12.7 billion merger.  On January 6, 2009,
LyondellBasell Industries' U.S. operations and one of its European
holding companies -- Basell Germany Holdings GmbH -- filed
voluntary petitions to reorganize under Chapter 11 of the U.S.
Bankruptcy Code to facilitate a restructuring of the company's
debts.  The case is In re Lyondell Chemical Company, et al.,
Bankr. S.D.N.Y. Lead Case No. 09-10023).  Seventy-nine Lyondell
entities, including Equistar Chemicals, LP, Lyondell Chemical
Company, Millennium Chemicals Inc., and Wyatt Industries, Inc.
filed for Chapter 11.  In May 2009, one of the cases was dismissed
-- Case No. 09-10068 -- because it is duplicative of Case No. 09-
10040 relating to Debtor Glidden Latin America Holdings.

The Hon. Robert E. Gerber presides over the case.  Deryck A.
Palmer, Esq., at Cadwalader, Wickersham & Taft LLP, in New York,
serves as the Debtors' bankruptcy counsel.  Evercore Partners
serves as financial advisors, and Alix Partners and its subsidiary
AP Services LLC, serves as restructuring advisors.  AlixPartners'
Kevin M. McShea acts as the Debtors' Chief Restructuring Officer.
Clifford Chance LLP serves as restructuring advisors to the
European entities.  Lyondell Chemical estimated that consolidated
assets total US$27.12 billion and debts total US$19.34 billion as
of the bankruptcy filing date.

Lyondell has obtained approximately US$8 billion in DIP financing
to fund continuing operations.  The DIP financing includes two
credit agreements: a US$6.5 billion term loan, which comprises a
US$3.25 billion in new loans and a US$3.25 billion roll-up of
existing loans; and a US$1.57 billion asset-backed lending
facility.

Luxembourg-based LyondellBasell Industries AF S.C.A. and another
affiliate were voluntarily added to Lyondell Chemical's
reorganization filing under Chapter 11 on April 24, 2009, in order
to seek protection against claims by certain financial and U.S.
trade creditors.  On May 8, 2009, LyondellBasell Industries added
13 non-operating entities to Lyondell Chemical Company's
reorganization filing under Chapter 11 of the U.S. Bankruptcy
Code.  All of the entities are U.S. companies and were added to
the original Chapter 11 filing for administrative purposes.  The
filings will have no impact on current business or operations as
none of the entities manufactures or sells products.

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


M2M FASHION: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: M2M Fashion, Inc.
          dba Jeans Couture
          dba Detour
        941 West 21st Street, Unit D
        Houston, TX 77008

Bankruptcy Case No.: 10-30376

Chapter 11 Petition Date: January 13, 2010

Court: United States Bankruptcy Court
       Southern District of Texas (Houston)

Judge: Karen K. Brown

Debtor's Counsel: Margaret Maxwell McClure, Esq.
                  Attorney at Law
                  909 Fannin, Suite 3810
                  Houston, TX 77010
                  Tel: (713) 659-1333
                  Fax: (713) 658-0334
                  Email: mccluremar@aol.com

Estimated Assets: Not Stated

Estimated Debts: Not Stated

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

The petition was signed by Waheed Ishrat Malik, president of the
Company.


MAGNUM D'OR: Weinberg & Company Raises Going Concern Doubt
----------------------------------------------------------
Weinberg & Company, P.A., in Boca Raton, Florida, expressed
substantial doubt about Magnum d'Or Resources, Inc. and
subsidiaries' ability to continue as a going concern after
auditing the Company's consolidated financial statements as of and
for the years ended Septemer 30, 2009, and 2008.

The independent public accounting firm reported that the Company
has recurring losses from operations, negative cash flows from
operations and a working capital deficit.

At September 30, 2009, the Company had total assets of
$11,210,977, comprised of $57,844 in cash, $19,708 in receivables,
$6,997,207 in inventory, $66,550 in liens, $408,311 in prepaid
expenses, and $3,242,466 in property, plant and equipment.  In
addition, the company has a working capital deficit of $3,704,149,
and a negative cash flow form operations of $1,740,446.

In contrast, at September 30, 2008, the Company had total assets
of $1,364,941, comprised of $510,042 in cash, $36,228 in prepaid
expenses, $131,042 in deposits on equipment and $687,629 in
equipment.  In addition, the company had a working capital of
$157,427, and a negative cash flow from operations of $120,449.

The increase in assets is due primarily to the acquisition of the
Hudson, Colorado site, inventory, and property, plant and
equipment, while the increase in capital deficit is due to
additional debt financing activities.

The Company reported a net loss of $37,316,062 on sales of $85,070
for the year ended September 30, 2009, compared to a net loss of
$2,607,352 on no sales for the year ended September 30, 2008.

The increased loss was due to higher operating expenses that were
mainly attributed to an increase in consulting services, and to a
lesser extent, other professional services and accrued interest
expense.

The Company incurred consulting fees of $29,707,594 in fiscal
2009.  This compares to consulting fees of $1,968,700 in the
previous fiscal period.

                          Balance Sheet

At September 30, 2009, the Company's consolidated balance sheets
showed total assets of $11,210,977, total liabilities of
$5,821,495, and total stockholders' equity of $5,389,482.

The Company's consolidated balance sheets at September 30, 2009,
also showed strained liquidity with $577,922 in total current
assets available to pay $4,282,071 in total current liabilities.

A full-text copy of the Company's annual report on Form 10-K is
available at no charge at http://researcharchives.com/t/s?4d74

                   About Magnum d'Or Resources

Headquartered in Ft. Lauderdale, Fla., Magnum d'Or Resources, Inc.
(OTC BB: MDOR) is engaged in the business of providing modified
sources of recycled rubber products, reconstituted rubber
derivatives, and rubber powders to various distributors and
manufacturers.  It currently has one production facility located
in Magog, Canada.


MANITOWOC CO: Bank Debt Trades at Less Than 1% Off
--------------------------------------------------
Participations in a syndicated loan under which Manitowoc Co.,
Inc., is a borrower traded in the secondary market at 99.15 cents-
on-the-dollar during the week ended Friday, Jan. 15, 2010,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal.  This represents an increase of 2.00
percentage points from the previous week, The Journal relates.
The Company pays 350 basis points above LIBOR to borrow under the
facility.  The bank loan matures on April 14, 2014, and carries
Moody's B1 rating and Standard & Poor's BB rating.  The debt is
one of the biggest gainers and losers among 168 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Jan. 15.

Based in Manitowoc, Wisconsin, The Manitowoc Co., Inc. --
http://www.manitowoc.com/-- is a multi-industry, capital goods
manufacturer with over 100 manufacturing and service facilities in
27 countries.  It is recognized as one of the world's largest
providers of lifting equipment for the global construction
industry, including lattice-boom cranes, tower cranes, mobile
telescopic cranes, and boom trucks.  Manitowoc also is one of the
world's leading innovators and manufacturers of commercial
foodservice equipment serving the ice, beverage, refrigeration,
food prep, and cooking needs of restaurants, convenience stores,
hotels, healthcare, and institutional applications.


MANORS ALLEGHENY: Case Summary & 3 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Manors Allegheny, LLC
          dba Tuscany Villas
        703 Allegheny Drive
        Beaumont, CA 92223

Bankruptcy Case No.: 10-10790

Chapter 11 Petition Date: January 12, 2010

Court: United States Bankruptcy Court
       Central District of California (Riverside)

Judge: Meredith A. Jury

Debtor's Counsel: Leonard M. Shulman, Esq.
                  Shulman Hodges & Bastian LLP
                  26632 Towne Ctr Dr, Ste 300
                  Foothill Ranch, CA 92610
                  Tel: (949) 340-3400
                  Fax: (949) 340-3000
                  Email: lshulman@shbllp.com

                  Mark Bradshaw, Esq.
                  Shulman Hodges & Bastian LLP
                  26632 Towne Centre, Ste 300
                  Foothill Ranch, CA 92610-2808
                  Tel: (949) 340-3400
                  Fax: (949) 340-3000
                  Email: mbradshaw@shbllp.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 4,006,375,
and total debts of $8,096,042.

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/cacb10-10790.pdf

The petition was signed by Paul C. Minnick.


MARIA WARE: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: Maria C. Ware
        208 Zaharais Circle
        Daytona Beach, FL 32124

Bankruptcy Case No.: 10-00158

Chapter 11 Petition Date: January 12, 2010

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

Judge: Jerry A. Funk

Debtor's Counsel: Brett A. Mearkle, Esq.
                  Parker & Dufresne, P.A.
                  8777 San Jose Blvd Suite 301
                  Jacksonville, FL 32217
                  Tel: (904) 733-7766
                  Fax: (904) 7333-2919
                  Email: bmearkle@jaxlawcenter.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 $1,880,289,
and total debts of $2,382,848.

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

            http://bankrupt.com/misc/flmb10-00158.pdf

The petition was signed by Ms. Ware.


MARIO HERNANDEZ: Case Summary & 13 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Mario Jesus Hernandez
        6308 Gentry Street
        Huntington Park, CA 90255

Bankruptcy Case No.: 10-11201

Chapter 11 Petition Date: January 12, 2010

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

Judge: Alan M. Ahart

Debtor's Counsel: Giovanni Orantes, Esq.
                  Orantes Law Firm
                  3435 Wilshire Blvd 27th Fl
                  Los Angeles, CA 90010
                  Tel: (888) 619-8222
                  Fax: (877) 789-5776
                  Email: go@gobklaw.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 $1,033,850,
and total debts of $2,141,744.

A full-text copy of Mr. Hernandez's petition, including a list of
his 13 largest unsecured creditors, is available for free at:

            http://bankrupt.com/misc/cacb10-11201.pdf

The petition was signed by Mr. Hernandez.


MARKETING WORLDWIDE: Auditors Raise Going Concern Doubt
-------------------------------------------------------
RBSM LLP, in New York, expressed substantial doubt about Marketing
Worldwise Corporation's ability to continue as a going concern
after audting the Company's consolidated financial statements as
of and for the years ended Septmeber 30, 2009, and 2008.  The
independent public accounting firm said that the Company has
generated negative cash outflows from operating activities,
experienced recurring net operating losses, is in default of loan
certain covenants, and is dependent on securing additional equity
and debt financing to support its business efforts.

The Company reported a net loss of $2,915,622 on total revenue of
$4,507,941 for the year ended September 30, 2009, compared to a
net loss of $2,275,188 on total revenue of $8,305,661 for fiscal
2008.

The Company attributed the significant decrease in net revenues to
the severe economic downturn of the auto industry.

                          Balance Sheet

At September 30, 2009, the Company's consolidated balance sheets
showed $5,122,127 in total assets, $4,264,028 in total
liabilities, and $3,499,950 in Series A convertible preferred
stock, resulting in a $2,641,851 shareholders' deficit.

The Company's consolidated balance sheets also showed strained
liquidity with $1,603,105 in total current assets available to pay
$4,242,781 in total current liabilities.

A full-text copy of the Company's annual report on Form 10-K is
available at no charge at http://researcharchives.com/t/s?4d76

                    About Marketing Worldwide

Howell, Michigan, Marketing Worldwide operates in a niche of the
supply chain for new passenger motor vehicles in the United
States, Canada and Europe.  MWW is a designer and manufacturer of
accessories for the customization of cars, sport utility vehicles
and light trucks.  MWW provides design services and delivers its
products to large global automobile manufacturers and it's Vehicle
Processing Centers in the US, Canada, Mexico and Europe.


MAX & ERMA'S: Closes Store in Central Ohio
------------------------------------------
Max & Erma's shut down a store at 4500 Kenny Road, leaving 13 in
Central Ohio, and will try to place workers in other restaurants,
according to a report by Business First of Columbus.

Max & Erma's owns a chain of 106 restaurants around Pittsburgh.
The restaurants are mainly in Pennsylvania, Ohio, and Michigan,
with a few in Chicago, Washington, Atlanta, and Kentucky.  About
79 are company-owned and operated, while 27 belong to franchisees.
Max & Erma's is owned by G&R Acquisitions, North Side.  The chain
started operating in 1972, taking the Max & Erma's name from two
owners of a bar.


MERUELO MADDUX: Gets Final OK to Use Creditors' Cash Collateral
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
authorized, on a final basis, Meruelo Maddux Properties, Inc., et
al., to use cash collateral of the cash collateral creditors.

The Debtors related that after the payment of the expenses of
preserving, maintaining and operating the cash collateral
properties, any excess income may be utilized by any other Debtor
to pay its ordinary costs and expenses of preserving, maintaining
and operating its property and business.

As adequate protection, each cash collateral creditor is granted a
lien against the unencumbered real properties, to the extent of
the diminution in the value of their separate interests in their
collateral arising from the use of cash collateral.  As additional
protection, each cash collateral creditor is granted a replacement
lien upon its respective collateral with the same extent as the
pre-petition liens held by each cash collateral creditor.

As reported in the Troubled Company Reporter on April 3, 2009,
creditors of the Debtors that may be holding or claiming an
interest in the Debtors' real properties that generate cash
collateral are:

   a) Bank of America
   b) California Bank & Trust
   c) Capmark Finance, Inc.
   d) Cathay Bank
   e) Chinatrust Bank
   f) East West Bankruptcy
   g) Imperial Capital Bankruptcy
   h) Pacific Commerce Bank
   i) The Stafford Group
   j) United Commercial Bank
   k) V & A chamilian
   l) Western Mixers
   m) Y & F Murakami

                       About Meruelo Maddux

Based in Los Angeles, California, Meruelo Maddux Properties, Inc.,
-- http://www.meruelomaddux.com/-- together with its affiliates,
engage in residential, commercial and industrial development.

Meruelo Maddux and its affiliates filed for Chapter 11 protection
on March 26, 2009 (Bankr. C. D. Calif. Lead Case No. 09-13356).
Aaron De Leest, Esq., John J. Bingham, Jr., Esq., and John N.
Tedford, Esq., at Danning Gill Diamond & Kollitz, represent the
Debtors in their restructuring efforts.  Asa S. Hami, Esq., Tamar
Kouyoumjian, Esq., and Victor A. Sahn, Esq., at SulmeyerKupetz, A
Prof Corp, represent the official committee of unsecured creditors
as counsel.  The Debtors' financial condition as of December 31,
2008, showed estimated assets of $681,769,000 and estimated debts
of $342,022,000.


MESA AIR: Proposes Jones Day as Special Counsel
-----------------------------------------------
Debtors Mesa Air Group, Inc. and Freedom Airlines, Inc., and
Delta Air Lines, Inc., are parties to the Delta Connection
Agreement dated May 3, 2005, as amended on March 13, 2007, and
March 10, 2009.  The ERJ Agreement provides for operation by
Freedom Airlines of up to 36 ERJ-145 50-seat regional jet
aircraft for Delta.  In addition, Mesa, Freedom Airlines and
Delta are parties to a certain Delta Connection Agreement dated
March 13, 2007.  The CRJ Agreement provides for operation by
Freedom Airlines of 14 CRJ-900 76-seat regional jet aircraft for
Delta.

Mesa and Freedom Airlines initiated a lawsuit against Delta on
April 7, 2008, in the United States District Court for the
Northern District of Georgia to enjoin Delta's alleged
termination of the ERJ Agreement.  The case is captioned "Mesa
Air Group, Inc. and Freedom Airlines, Inc. v. Delta Air Lines,
Inc.," Case No. 1:08-CV-1334-CC.

Delta appealed the Georgia District Court's issuance of the
preliminary injunction in favor of Mesa and Freedom Airlines.  In
July 2009, the U.S. Court of Appeals for the Eleventh Circuit
affirmed the Georgia District Court's decision in the ERJ
Litigation.  A trial date has not yet been set by the Georgia
District Court.

On March 20, 2009, Mesa and Freedom Airlines filed a complaint in
the Georgia District Court against Delta for the relief from the
termination of the CRJ Agreement.  The case is captioned "Mesa
Air Group, Inc. and Freedom Airlines, Inc. v. Delta Air Lines,
Inc.," Case No. 1:09-CV-0772-ODE.

By the CRJ Litigation, Mesa and Freedom Airlines are seeking
money damages resulting from Delta's wrongful termination of the
CRJ Agreement.  In the original complaint initiating the CRJ
Litigation, Mesa and Freedom Airlines asserted damages in the
total amount of between $8,000,000 and $15,000,000; however, as a
result of updated damages calculations, the Debtors currently
believe the damages could be as high as $40,000,000.  The CRJ
Litigation remains pending.

According to Michael J. Lotz, the Debtors' president, Mesa is
also involved in other pending litigation with Delta, including:

  (a) On August 6, 2008, Mesa filed a complaint against Delta in
      the U.S District Court for the District of Arizona after
      Delta's unauthorized retention of seven aircraft engines,
      which case is captioned "Mesa Air Group, Inc. v. Delta Air
      Lines, Inc.," Case No. 2:08-CV -01449-DGC -- Engine
      Litigation; and

  (b) Delta initiated an action against Mesa and Freedom
      Airlines in the Georgia District Court on August 19, 2009,
      alleging that Mesa and Freedom Airlines breached the ERJ
      Agreement regarding a "most favored nation" provision,
      which case is captioned "Delta Air Lines, Inc. v. Mesa Air
      Group, Inc. and Freedom Airlines, Inc.," Case No.1 :09-CV-
      2267-CC -- Base Rate Litigation.

In addition, Mesa is a defendant in an action for declaratory
relief initiated by United Airlines, Inc. before the Petition
Date.  On November 23, 2009, United commenced a declaratory
judgment action in the U.S. District Court for the Northern
District of Illinois, which case is captioned "United Air Lines,
Inc. v. Mesa Air Group, Inc.," Case No. 1:09-CY -07352.

Pursuant to Section 327(e) of the Bankruptcy Code, Rules 2014 and
2016 of the Federal Rules of Bankruptcy Procedure, and Rules
2014-1 and 2016-1 of the Local Bankruptcy Rules for the
Bankruptcy Court for the Southern District of New York, the
Debtors seek the Court's authority to employ, nunc pro tunc to
the Petition Date, Jones Day as their special counsel with
respect to the Prepetition Litigation and any related or similar
litigation.

The Debtors' code-share relationships, and other business
relationships, with Delta, United and US Airways, Inc., serve as
the foundation of the Debtors' business operations and are
critical to the success of their restructuring efforts, Mr. Lotz
tells the Court.  Preserving and defending these relationships,
and related rights and claims, will be a critical component of
the Debtors' overall restructuring in these cases, he asserts.

Under the circumstances, as a fundamental component of their
reorganization, the Debtors are compelled to promptly pursue
claims against Delta, and to defend claims asserted, or to be
asserted, by Delta or United in connection with the Prepetition
Litigation and any related or similar litigation, Mr. Lotz says.

As Special Counsel, Jones Day will:

  (a) advice and counsel the Debtors on all aspects of the
      Prepetition Litigation;

  (b) represent the Debtors in any litigation or contested
      matter related to the Prepetition Litigation, and perform
      all other necessary legal services in furtherance of the
      firm's role as special counsel for the Debtors with
      respect to the Prepetition Litigation;

  (c) perform other specific litigation-related services, as
      requested by the Debtors; and

  (d) assist the Debtors' bankruptcy professiona1s from time to
      time in connection with any issues relating to the
      Prepetition Litigation or other similar or related
      matters.

Jones Day will be paid its customary hourly rates and reimbursed
for its actual and necessary expenses incurred in connection with
performing the Services.  The current hourly rates of the
attorneys and paraprofessionals currently expected to be most
active with respect to the Prepetition Litigation and the
Debtors' Chapter 11 cases are:

         G. Lee Garrett, Jr., partner          $675
         David M. Monde, partner               $625
         Morgan Hirst, associate               $525
         Paula Quist, associate                $500
         Robert Schmoll, associate             $400
         Jason Burnette, associate             $325
         Kacy Romig, associate                 $325
         Megan Taylor, associate               $275
         Trixie Jones, paralegal               $200
         Jeff Grogan, trial practice project   $150
           coordinator

Jones Day will also be reimbursed by the Debtors of any necessary
out-of-pocket expenses.

G. Lee Garrett, Jr., a partner at Jones Day, assures the Court
that the firm has not, does not, and will not represent any
entities other than the Debtors in matters related to the
Prepetition Litigation or these Chapter 11 cases.  Jones Day will
not represent any entity adverse to the Debtors in connection
with these Chapter 11 cases, the Prepetition Litigation or
otherwise.

Mr. Garrett discloses that the firm represented or currently
represents these entities in matters unrelated to the Debtors,
these bankruptcy cases, or the Prepetition Litigation:

    * Delta;
    * Wells Fargo Bank NW, N.A.; and
    * Airline Reporting Corporation.

The Debtors are estimated to owe Jones Day $10,743 for services
performed before the Petition Date.  However, Jones Day is not
seeking to collect this amount from the Debtors or their estates,
Mr. Garrett says.

He attests that Jones Day is a disinterested person, as the term
is defined in Section 101(14) of the Bankruptcy Code.

                       About Mesa Air Group

Mesa currently operates 130 aircraft with approximately 700 daily
system departures to 127 cities, 41 states, Canada, and Mexico.
Mesa operates as Delta Connection, US Airways Express and United
Express under contractual agreements with Delta Air Lines, US
Airways and United Airlines, respectively, and independently as
Mesa Airlines and go! Mokulele.  This operation links Honolulu to
the neighbor island airports of Hilo, Kahului, Kona and Lihue. The
Company, founded by Larry and Janie Risley in New Mexico in 1982,
has approximately 3,500 employees.

Mesa Air Group Inc. and its units filed their Chapter 11 petitions
Jan. 5 in New York (Bankr. S.D.N.Y. Case No. 10-10018), listing
assets of $976 million against debt totaling $869 million as of
Sept. 30, 2009.

Richard M. Pachulski, Esq., and Laura Davis Jones, Esq., at
Pachulski Stang Ziehl & Jones LLP, serve as local counsel.
Imperial Capital LLC is the investment banker.  Epiq Bankruptcy
Solutions is claims and notice agent.

Bankruptcy Creditors' Service, Inc., publishes Mesa Air Bankruptcy
News.  The newsletter tracks the Chapter 11 proceedings undertaken
by Mesa Air Group Inc. and its units.
(http://bankrupt.com/newsstand/or 215/945-7000)


MESA AIR: BNP Paribas No Longer a Shareholder
---------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, Thomas J. Mahoney, chief operating officer
of BNP Paribas Securities Corp., disclosed that BNP Paribas
Arbitrage SNC has ceased to be the beneficial owner of more than
5% of Mesa Air Group, Inc. common stock.

BNP Paribas does not beneficially own any shares of Mesa common
stock, Mr. Mahoney reported.

                       About Mesa Air Group

Mesa currently operates 130 aircraft with approximately 700 daily
system departures to 127 cities, 41 states, Canada, and Mexico.
Mesa operates as Delta Connection, US Airways Express and United
Express under contractual agreements with Delta Air Lines, US
Airways and United Airlines, respectively, and independently as
Mesa Airlines and go! Mokulele.  This operation links Honolulu to
the neighbor island airports of Hilo, Kahului, Kona and Lihue. The
Company, founded by Larry and Janie Risley in New Mexico in 1982,
has approximately 3,500 employees.

Mesa Air Group Inc. and its units filed their Chapter 11 petitions
Jan. 5 in New York (Bankr. S.D.N.Y. Case No. 10-10018), listing
assets of $976 million against debt totaling $869 million as of
Sept. 30, 2009.

Richard M. Pachulski, Esq., and Laura Davis Jones, Esq., at
Pachulski Stang Ziehl & Jones LLP, serve as local counsel.
Imperial Capital LLC is the investment banker.  Epiq Bankruptcy
Solutions is claims and notice agent.

Bankruptcy Creditors' Service, Inc., publishes Mesa Air Bankruptcy
News.  The newsletter tracks the Chapter 11 proceedings undertaken
by Mesa Air Group Inc. and its units.
(http://bankrupt.com/newsstand/or 215/945-7000)


METRO-GOLDWYN-MAYER: Bank Debt Trades at 37% Off
------------------------------------------------
Participations in a syndicated loan under which Metro-Goldwyn-
Mayer, Inc., is a borrower traded in the secondary market at 63.25
cents-on-the-dollar during the week ended Friday, Jan. 15, 2010,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal.  This represents a drop of 2.07
percentage points from the previous week, The Journal relates.
The loan matures April 8, 2012.  The Company pays 275 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 168 widely quoted syndicated
loans with five or more bids in secondary trading for the week
ended Jan. 15.

Metro-Goldwyn-Mayer, Inc., is an independent, privately held
motion picture, television, home video, and theatrical production
and distribution company.  The Company owns the world's largest
library of modern films, comprising approximately 4,000 titles,
and over 10,400 episodes of television programming.  MGM is owned
by an investor consortium, comprised of Providence Equity
Partners, TPG Capital, Sony Corporation of America, Comcast
Corporation, DLJ Merchant Banking Partners and Quadrangle Group.

As reported by the Troubled Company Reporter on Sept. 30, 2009,
The New York Post, citing multiple sources, said discussions
between debtholders and equity owners on a restructuring of Metro-
Goldwyn-Mayer's massive debt load have begun on a contentious
note, with both sides threatening to force MGM into bankruptcy in
order to gain leverage and extract better terms from the other.

Bloomberg also said that MGM is in talks to skip interest payments
and restructure $3.7 billion in bank loans.  MGM asked creditors
to waive $12 million monthly interest payments until Feb. 15,
2010.


MIO DC LLC: Case Summary & 7 Largest Unsecured Creditors
--------------------------------------------------------
Debtor: MIO DC, LLC
        1110 Vermont Avenue NW, Washington D.C.
        Washington, DC 20005

Bankruptcy Case No.: 10-00031

Chapter 11 Petition Date: January 12, 2010

Court: United States Bankruptcy Court
       United States Bankruptcy Court for the District of Columbia
       (Washington, D.C.)

Debtor's Counsel: Carol S. Blumenthal, Esq.
                  Blumenthal & Cordomen PLLC
                  1700 17th St., N.W., Suite 301
                  Washington, DC 20009
                  Tel: (202) 332-5279
                  Email: Blumshan@verizon.net

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

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

According to the schedules, the Company has assets of $1,300,000,
and total debts of $935,639.

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

            http://bankrupt.com/misc/dcb10-00031.pdf

The petition was signed by Manuel Iguina, president of the
Company.


MOMENTIVE PERFORMANCE: Bank Debt Trades at 8% Off
-------------------------------------------------
Participations in a syndicated loan under which Momentive
Performance Materials is a borrower traded in the secondary market
at 91.65 cents-on-the-dollar during the week ended Friday,
Jan. 15, 2010, according to data compiled by Loan Pricing Corp.
and reported in The Wall Street Journal.  This represents an
increase of 1.75 percentage points from the previous week, The
Journal relates.  The Company pays 250 basis points above LIBOR to
borrow under the facility.  The bank loan matures on Dec. 5, 2013,
and carries Moody's B1 rating and Standard & Poor's CCC+ rating.
The debt is one of the biggest gainers and losers among 168 widely
quoted syndicated loans with five or more bids in secondary
trading for the week ended Jan. 15.

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 June 28, 2009, Momentive had $3.41 billion in total assets
on $3.96 billion in total liabilities, resulting in $551.8 billion
in stockholders' deficit.

The Troubled Company Reporter said September 28, 2009, that
Standard & Poor's Ratings Services placed all its ratings on
Momentive Performance Materials 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.


MOVIE GALLERY: May Close 1,000 Stores; In Talks with Liquidators
----------------------------------------------------------------
Sources told The Wall Street Journal's Mike Spector and Peter
Lattman that Movie Gallery Inc. could close about 1,000 stores as
it embarks on its second major restructuring in a little more than
two years.

Movie Gallery has 2,700 video-rental locations across the U.S.
The Journal says Movie Gallery is struggling under some $600
million in debt and a continued decline in the store-based video-
rental business.

The Journal relates Movie Gallery has yet to decide on the number
of store closures as it weighs its restructuring options.  Closing
about 1,000 outlets is one of several options under discussion.
Sources told the Journal Movie Gallery has already asked
liquidators to bid for the inventory at an undisclosed number of
its stores.

The company is the nation's second-largest video-rental chain by
outlets behind Blockbuster Inc., and employs 21,000 workers. Some
of its strongest markets are in rural areas such as Clovis,
Calif., and Millinocket, Maine, where it runs stores under the
Movie Gallery and Hollywood Video nameplates.

The closings would accelerate the decline of the movie-rental
store business, which has suffered as consumers shift to
alternatives such as Redbox, a unit of Coinstar Inc. that operates
movie-vending machines in grocery stores and McDonald's Corp.
restaurants. Netflix Inc., which rents movies by mail and online,
has dented the traditional movie-rental business.

One source told the Journal the expected closings are part of
broader discussions between Movie Gallery and its lenders.  The
person familiar with the matter said the discussions are in the
early stages and no decisions have been made.  One possibility is
that Movie Gallery could file for Chapter 11 bankruptcy
reorganization in coming months, said source told the Journal.

As reported by the Troubled Company Reporter on December 16, 2009,
Financial Times said Movie Gallery selected Moelis & Company as
its financial advisor to help it navigate through the similar
pitfalls that catalyzed its original restructuring in 2007-2008.
FT said the company is operating under a 30-day grace period from
lenders after failing to files its audited financials.

                        About Movie Gallery

Based in Wilsonville, Oregon, Movie Gallery, Inc. is a home
entertainment specialty retailer serving urban, rural and suburban
markets in North America.  The Company operates through three
brands: Movie Gallery, Hollywood Video and Game Crazy. In March
2007, the Company acquired substantially all of the assets,
technology, network operations and customers of MovieBeam, Inc, an
on-demand movie service.  During the fiscal year ended January 6,
2008 (fiscal 2007), the Company ceased operations of its MovieBeam
business.

The Company and its affiliates filed for Chapter 11 protection on
Oct. 16, 2007 (Bankr. E.D. Va. Case Nos. 07-33849 to 07-33853).
Kirkland & Ellis LLP and Kutak Rock LLP represented the Debtors.
The Bankruptcy Court confirmed a reorganization plan for Movie
Gallery in April 2008.  The Company emerged from bankruptcy on May
20, 2008, with private-investment firms Sopris Capital Advisors
LLC and Aspen Advisors LLC as its principal owners.  William Kaye
was appointed plan administrator and litigation trustee.


MULTIPLAN INC: Bank Debt Trades at 4% Off in Secondary Market
-------------------------------------------------------------
Participations in a syndicated loan under which MultiPlan, Inc.,
is a borrower traded in the secondary market at 95.55 cents-on-
the-dollar during the week ended Friday, Jan. 15, 2010, according
to data compiled by Loan Pricing Corp. and reported in The Wall
Street Journal.  This represents an increase of 1.05 percentage
points from the previous week, The Journal relates.  The Company
pays 250 basis points above LIBOR to borrow under the facility.
The bank loan matures on April 12, 2013, and carries Moody's B1
rating and Standard & Poor's B+ rating.  The debt is one of the
biggest gainers and losers among 168 widely quoted syndicated
loans with five or more bids in secondary trading for the week
ended Jan. 15.

On Aug. 3, 2009, Multiplan and Viant announced that they agreed to
the acquisition of Viant by Multiplan.  The transaction presents
potential for economies of scale, cost synergies, and improved
network coverage.  The latter is an important component of the
value proposition offered to an insurer.  Viant's post-payment
businesses help diversify Multiplan's more limited service
offering.  The transaction remains contingent on customary
approvals, including HSR.

Viant Holdings, Inc., is a leading national provider of outsourced
cost management services to the managed care industry.  Viant
offers a broad array of services that are designed to decrease
medical and administrative costs for its customers.  Founded in
1990, Viant currently serves over 650 customers, including large
national and regional managed care companies, third party
administrators, Taft-Hartley sponsored plans and government
agencies such as the Centers for Medicare and Medicaid Services.
Viant's primary service offerings include Preferred Provider
Organization network services, non-network services and post-
payment audit services.  In 2008, Viant processed approximately
22 million medical bills totaling over $50 billion in billed
charges and achieved gross customer savings of approximately
$25 billion.

Multiplan Inc., based in New York, New York, operates principally
in the health care benefits field as a PPO, providing health care
cost management via contract arrangements between health care
providers and insurance carriers, HMO's, third party
administrators and Taft-Hartley benefit funds throughout the
United States.  Fees are generated from discounts provided for
payers that access the company's network.  Multiplan's network
includes 5,000 acute care hospitals, 625,000 practitioners and
115,000 ancillary facilities nationally.


MYLAN LABORATORIES: Bank Debt Trades at 1% Off in Secondary Market
------------------------------------------------------------------
Participations in a syndicated loan under which Mylan
Laboratories, Inc., is a borrower traded in the secondary market
at 98.99 cents-on-the-dollar during the week ended Friday,
Jan. 15, 2010, according to data compiled by Loan Pricing Corp.
and reported in The Wall Street Journal.  This represents an
increase of 0.87 percentage points from the previous week, The
Journal relates.  The Company pays 325 basis points above LIBOR to
borrow under the loan facility, which matures on Oct. 2, 2014.
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
168 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended Jan. 15.

Mylan, Inc., formerly known as Mylan Laboratories, Inc. (NYSE:
MYL) -- http://www.mylan.com/-- is a global pharmaceutical
company with market leading positions in generic pharmaceuticals,
transdermal technology and unit dose packaged products.  Mylan
operates through three principal subsidiaries: Mylan
Pharmaceuticals, a world leader in generic pharmaceuticals; Mylan
Technologies, the largest producer of generic and branded
transdermal patches for the U.S. market; and UDL Laboratories, the
top U.S.-supplier of unit dose pharmaceuticals.

Mylan also owns a controlling interest in Matrix Laboratories, one
of the world's premier suppliers of active pharmaceutical
ingredients.  Mylan also has a European platform through
Docpharma, a Matrix subsidiary, which is a marketer of branded
generics in Europe.  The company also has a production facility in
Puerto Rico.

As reported in the Troubled Company Reporter on Sept. 25, 2009,
Standard & Poor's said it raised its corporate credit rating on
Canonsburg, Pennsylvania-based Mylan, Inc., to 'BB' from 'BB-'.
S&P also raised the senior secured rating to 'BB+' from 'BB', the
senior unsecured rating to 'BB-' from 'B+', and the preferred
stock rating to 'B' from 'B-'.  The outlook is stable.


NATIONAL BEEF: Moody's Withdraws 'B2' Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service will withdraw National Beef Packing Co.
LLC's B2 corporate family and probability of default ratings as
well as its Caa1 senior notes rating as a result of the company's
redemption of its remaining senior notes.

Ratings to be withdrawn:

* Corporate family rating at B2
* Probability of default rating at B2
* 10.50% senior unsecured notes due 2011 at Caa1 (LGD5, 90%)

Moody's most recent rating action on January 14, 2009, changed
National Beef's outlook to stable from negative and affirmed all
other ratings.

National Beef Packing Company, LLC, headquartered in Kansas City,
Missouri, is a processor of fresh beef products.  The company also
provides refrigerated transportation services.  Revenues for the
last 12 months ended November 29, 2009, were approximately
$5.4 billion.


NCO GROUP: Bank Debt Trades at 2% Off in Secondary Market
---------------------------------------------------------
Participations in a syndicated loan under which NCO Group, Inc.,
is a borrower traded in the secondary market at 98.25 cents-on-
the-dollar during the week ended Friday, Jan. 15, 2010, according
to data compiled by Loan Pricing Corp. and reported in The Wall
Street Journal.  This represents an increase of 1.13 percentage
points from the previous week, The Journal relates.  The Company
pays 300 basis points above LIBOR to borrow under the facility.
The bank loan matures on Oct. 25, 2013, and carries Moody's Ba3
rating and Standard & Poor's B rating.  The debt is one of the
biggest gainers and losers among 168 widely quoted syndicated
loans with five or more bids in secondary trading for the week
ended Jan. 15.

As Reported by the Troubled Company Reporter on Dec. 29, 2009,
Standard & Poor's lowered its rating on NCO Group, Inc.'s senior
secured credit facility to 'B' from 'B+' and revised its recovery
rating to '3' from '2', indicating S&P's expectation of a
meaningful (50% to 70%) recovery in the event of a payment
default.  At the same time, S&P affirmed its 'B' long-term
counterparty credit rating on NCO.  The outlook is negative.  The
negative outlook reflects the potential for continued pressure on
financial results because of the difficult collections
environment.  If this or other circumstances cause NCO to
underperform further, relative to S&P's expectations, S&P will
lower the rating.  If circumstances stabilize, S&P will change the
outlook to stable.

Based in Horsham, Pennsylvania, NCO Group, Inc., is a global
provider of business process outsourcing services, primarily
focused on accounts receivable management and customer
relationship management.  The company also purchases and manages
past due consumer accounts receivable from consumer creditors such
as banks, finance companies, retail merchants, utilities,
healthcare companies, and other consumer-oriented companies.  NCO,
a portfolio company of One Equity Partners, reported revenues of
about $1.4 billion for the twelve month period ended Sept. 30,
2008.


NEENAH FOUNDRY: Ernst & Young Raises Going Concern Doubt
--------------------------------------------------------
Ernst & Young LLP, in Milwaukee, Wisconsin, expressed substantial
doubt about Neenah Foundry Company and subsidiaries' ability to
continue as a going concern after auditing the Company's
consolidated financial statements as of and for the years ended
September 30, 2009, and 2008.  The independent public accounting
firm pointed to the Company's recurring losses and lack of
liquidity.

The Company failed to satisfy its minimum fixed charge coverage
ratio under the 2006 Credit Facility with respect to its 2009
fiscal year.  On November 10, 2009, the borrowers under the 2006
Credit Facility entered into a forbearance agreement with the
lenders of the 2006 Credit Facility.  Pursuant to the forbearance
agreement, the lenders agreed to, among other things, forbear from
exercising certain of the lenders' rights and remedies in respect
of or arising out of certain specified defaults that had occurred
as of November 10, 2009, and that are expected to occur during the
effective period of the forbearance agreement

Effective December 23, 2009, the lenders agreed to, among other
things, waive certain additional specified defaults and extend the
expiration date of the forbearance agreement to January 15, 2010.
In the event the lenders under the 2006 Credit Facility cause the
amounts borrowed to become due and immediately payable, the 9 1/2%
Notes and 12 1/2% Notes would also become due and immediately
payable.

In addition, the Company has not made the interest payments due
January 1, 2010, on its 9 1/2% Notes and 12 1/2% Notes and may not
be able to make such payments prior to the expiration of the
applicable grace period.

          Reports $149.9 Million Net Loss in Fiscal 2009

The Company reported a net loss of $149.9 million on net sales of
$333.0 million for the year ended September 30, 2009, compared to
a net loss of $12.0 million on net sales of $510.8 million in the
corresponding period ended September 30, 2008.

Net sales was 34.8% lower than the year ended September 30, 2008.
Sales volume, as measured in tons sold, was down 35.0%.

Operating loss was $139.6 million for the year ended September 30,
2009, as compared to an operating income of $15.2 million for the
year ended September 30, 2008.  The Company attributes the
decrease in operating results to a goodwill impairment charge for
the entire goodwill balance of $88.1 million, reduced sales
volumes, and the additional depreciation charges related to long-
lived assets and shutdown related costs at the Kendallville
Facility and the Gregg Facility.

                          Balance Sheet

At September 30, 2009, the Company's consolidated balance sheets
showed $286.6 million in total assets and $449.4 million in total
liabilities, resulting in a $162.8 million shareholders' deficit.

The Company's consolidated balance sheets at September 30, 2009,
also showed strained liquidity with $99.4 million in total current
assets available to pay $101.9 million in total current
liabilities.

A full-text copy of Neenah Foundry Company's annual report on Form
10-K is available at no charge at:

               http://researcharchives.com/t/s?4d6f

             About Neenah Enterprises & Neenah Foundry

Headquartered in Neenah, Wisconsin, Neenah Enterprises, Inc. --
http://www.nfco.com/-- is the indirect parent holding company of
Neenah Foundry Company.  Neenah Foundry Company and its
subsidiaries manufacture and market a wide range of iron castings
and steel forgings for the heavy municipal market and selected
segments of the industrial markets.  Neenah is one of the largest
independent foundry companies in the United States, with
substantial market share in the municipal and various industrial
markets for gray and ductile iron castings and forged steel
products.

Neenah Enterprises (formerly ACP Holding Company) has no business
activity other than its ownership of NFC Castings, Inc.  Neenah
Foundry is a wholly owned subsidiary of NFC Castings, Inc.


NEW TIMES MEDIA: SF Bay Guardian Mulls Involuntary Bankruptcy
-------------------------------------------------------------
Bloomberg News's Phil Milford and Greg Bensinger report that New
Times Media LLC, which merged with the Village Voice newspaper's
parent company in 2006, might face bankruptcy proceedings after
losing a $15.9 million judgment for ad-price manipulation.

Bloomberg relates New Times, an affiliate of Village Voice Media
LLC, sued West Coast rival Bay Guardian Co., asking a judge to
rule it doesn't have to pay the judgment in a dispute over
advertising rates in San Francisco-area alternative papers,
according to a complaint made public Jan. 14 in Delaware Chancery
Court.

According to Bloomberg, Tim Redmond, the San Francisco Bay
Guardian's executive editor, said the Village Voice has not paid
the judgment.  He told Bloomberg in a phone interview that the
judgment has risen to $21 million, with interest.

Mr. Redmond told Bloomberg the ruling gives Bay Guardian a lien on
all the Village Voice group's newspaper properties.  Mr. Redmond
said Bay Guardian is considering petitioning to put the Village
Voice chain into involuntary bankruptcy to collect the debt.

According to Bloomberg, Randall Farrimond, an attorney
representing New Times Media and two affiliates named in the
original suit, said a forced bankruptcy wasn't possible. "It is
simply ludicrous to suggest that any of the companies that are not
parties to the California action might somehow be facing
bankruptcy as a result of that judgment," Mr. Farrimond said in a
letter, according to Bloomberg.  Mr. Farrimond said any lien would
apply only to the holding companies named in the original suit.
"It does not extend to the property of any other newspapers," he
said.

Jay Adkisson, a lawyer representing Bay Guardian, told Bloomberg
in a phone interview that while Village Voice Media claims it only
has enough assets to pay $80 million to lenders led by Bank of
Montreal, he believes it can afford to pay the judgment based on
court records showing it had $191 million in assets at the end of
2007.

Mr. Farrimond, Bloomberg relates, said assets of Village Voice
Media outside of California weren't subject to the original
ruling.  New Times Media has a pending appeal in California and
won't pay the amount of the judgment before the appeal has run its
course, he said.



NOVELIS INC: Bank Debt Trades at 6% Off in Secondary Market
-----------------------------------------------------------
Participations in a syndicated loan under which Novelis, Inc., is
a borrower traded in the secondary market at 94.38 cents-on-the-
dollar during the week ended Friday, Jan. 15, 2010, according to
data compiled by Loan Pricing Corp. and reported in The Wall
Street Journal.  This represents an increase of 0.98 percentage
points from the previous week, The Journal relates.  The loan
matures on July 6, 2014.  The Company pays 200 basis points above
LIBOR to borrow under the facility.  The bank debt is not rated by
Moody's while it carries Standard & Poor's BB- rating.  The debt
is one of the biggest gainers and losers among 168 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Jan. 15.

As reported by the Troubled Company Reporter on Nov. 19, 2009,
Moody's changed the outlook for Novelis, Inc., and Novelis
Corporation to stable from negative.  The speculative grade
liquidity rating of Novelis, Inc., was also upgraded to SGL-2 from
SGL-3.  At the same time, Moody's affirmed Novelis Inc's B2
corporate family rating, its B2 probability of default rating, the
Ba3 rating on its senior secured term loan, and the Caa1 senior
unsecured notes rating.  The Ba3 rating on Novelis Corporation's
senior secured term loan was also affirmed.

The change in outlook to stable reflects Moody's expectation that
Novelis will continue to show improvement in its earnings and cash
flow generation given the renegotiation of all of its can sheet
contracts, cost cutting efforts and the run off of virtually all
its hedge loss position.  The outlook anticipates that the company
will continue to focus on cash generation and liquidity and that
its performance will continue to benefit from the more robust
conditions in its can sheet business, which accounts for roughly
50% to 60% of sales.  Although Moody's does not expect that the
company will meaningfully reduce absolute debt levels over the
next twelve to fifteen months, the outlook reflects Moody's belief
that debt protection coverage ratios will continue to strengthen
as the company returns to a sustainable level of profitability.

Moody's last rating action on Novelis was Aug. 5, 2009, when the
company's senior unsecured ratings were downgraded to Caa1 from
B3.

Headquartered in Atlanta, Georgia, Novelis is the world's largest
producer of aluminum rolled products.  For the twelve months ended
Sept. 30, 2009, the company had total shipments of approximately
2,725 kilotonnes and generated $8.2 billion in revenues.


NPC ACQUISITION: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: NPC Acquisition Inc.
        550 Broad St., Attn Linda Garrido
        Newark, NJ 07102-4537

Bankruptcy Case No.: 10-10702

Chapter 11 Petition Date: January 12, 2010

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

Judge: Donald H. Steckroth

Debtor's Counsel: Gregory S. Kinoian, Esq.
                  Okin, Hollander & DeLuca, LLP
                  One Parker Plaza
                  Fort Lee, NJ 07024
                  Tel: (201) 947-7500 x226
                  Fax: (201) 947-2663
                  Email: gkinoian@ohdlaw.com

                  Paul S. Hollander, Esq.
                  Okin, Hollander & DeLuca
                  One Parker Plaza
                  Fort Lee, NJ 07024
                  Tel: (201) 947-7500
                  Email: phollander@ohdlaw.com

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

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

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

             http://bankrupt.com/misc/njb10-10702.pdf

The petition was signed by Barry Felenstein, acting chief
financial officer of the Company.


NUTCREA: Effects 17% Reduction in U.S. Workforce
------------------------------------------------
NutraCea disclosed a 17% reduction in its U.S. workforce as part
of management's continuing efforts to improve the company's cost
structure.  The reduction, which is anticipated to save NutraCea
approximately $1 million annually, does not impact the workforce
at Irgovel, NutraCea's Brazilian subsidiary.

W. John Short, Chairman & CEO of NutraCea, said, "We deeply regret
having to make this difficult but necessary decision as we
continue to restructure the Company.  Our goal continues to be to
reduce costs and increase profitable sales in an effort to enhance
our liquidity and become cash flow positive in the second half of
2010."  Mr. Short added, "I want to thank the employees affected
by this reduction for their dedication and efforts on behalf of
NutraCea and wish them the best in their future endeavors."

On November 10, 2009, NutraCea filed for court supervised
protection to restructure its operation under Chapter 11 of the US
Bankruptcy Code.

                         About NutraCea

NutraCea is a world leader in production and utilization of
stabilized rice bran.  NutraCea holds many patents for stabilized
rice bran (SRB) production technology and proprietary products
derived from SRB.  NutraCea's proprietary technology enables the
creation of food and nutrition products to be unlocked from rice
bran, normally a waste by-product of standard rice processing.


PENN TRAFFIC: Auction to Challenge Tops Market Bid Set for Jan. 21
------------------------------------------------------------------
The Hon. Peter J. Walsh of the U.S. Bankruptcy Court for the
District of Delaware approved The Penn Traffic Company and its
units proposal to sell most of their assets throught a sale
process where Tops Markets, LLC will start the auction.

Penn Traffic's agreement with Tops Markets provides for a purchase
price of $85 million in cash plus the assumption of certain
liabilities and the consensual reduction of certain claims against
Penn Traffic.  Tops Markets will buy the assets absent higher and
better bids.

The Court has set January 19, 2010, at 12:00 p.m. (prevailing
Eastern Time) as the last day to submit a qualified bid.

The Debtors will conduct an auction on January 21, 2010, at
9:00 a.m., at the offices of Morris, Nichols, Arsht & Tunnel LLP,
1201 N. Market St., 18th Floor, Wilmington, Delaware.

The Court will consider approval of the sale, pursuant to Section
363 of the Bankruptcy Code, to all successful bidders on January
25, 2010.  Objections, if any, are due on January 19, 2010, at
4:00 p.m. (prevailing E.T)

The Court also approved the 3% breakup fee payable to Tops Markets
in the event that it is not the winning bidder for the assets.

                        About Penn Traffic

Syracuse, New York-based The Penn Traffic Company -- dba P&C
Foods, Bi-Lo Foods, and Quality Markets -- operates supermarkets
in Pennsylvania, upstate New York, Vermont, and New Hampshire
under the Bilo, P&C and Quality trade names.  The Company filed
for Chapter 11 bankruptcy protection on November 18, 2009 (Bankr.
D. Delaware Case No. 09-14078).  Ann C. Cordo, Esq., and Gregory
W. Werkheiser, Esq., at Morris, Nichols, Arsht & Tunnell assist
the Company in its restructuring effort.  Donlin Recano is the
Company's claims agent.  The Company listed $150,347,730 in assets
and $136,874,394 in liabilities as of May 4, 2009.

These affiliates also filed separate Chapter 11 petition: Sunrise
Properties, Inc.; Pennway Express, Inc.; Penny Curtiss Baking
Company, Inc.; Big M Supermarkets, Inc.; Commander Foods Inc.; P
and C Food Markets, Inc. of Vermont; and P.T. Development, LLC.


PENN TRAFFIC: C&S Wholesale to Clear Out Warehouses in 60 Days
--------------------------------------------------------------
Tops Markets and C&S Wholesale Grocers entered into an agreement
wherein C&S Wholesale will clear out of the Syracuse warehouses
within 60 days after Tops closes on the pending deal to acquire
Penn Traffic.  C&S Wholesale said it will consolidated its current
two warehouses grocery wholesale business in Syracuse into a third
former Penn Traffic warehouse in DuBois, Pennsylvania, according
to syracuse.com.

Penn Traffic, which is headquartered in Syracuse, N.Y., filed for
protection under Chapter 11 of the Federal Bankruptcy Code on
November 18, 2009, in the U.S. Bankruptcy Court for the District
of Delaware.  On January 8, the Committee endorsed for Court
approval an approximate $85 million 'stalking horse' bid by
Williamsville, N.Y.-based Tops Markets LLC to acquire
substantially all assets of Penn Traffic, including 79 stores in
New York, Pennsylvania, Vermont and New Hampshire operating under
the Bi-Lo, P&C and Quality trade names.

Under its engagement, services to be provided by Abacus to the
Committee include the following: identify additional proposed
purchasers of select business operations and/or assets; review the
information package that has already been distributed to potential
purchasers; review all proposals that have been or will be
received by the Debtors for the purchase of the Debtors'
businesses and/or assets; assist in connection with any
negotiations with various interested parties to ensure maximum
recoveries; review the bid procedures and auction process for all
and/or parts of the Debtors' businesses and/or assets; monitor the
conduct and results of any sales efforts in connection with the
sale of businesses and/or assets; assist the Debtors with the
reduction, waiver, or mitigation of secured, administrative,
priority, and/or unsecured claims, where appropriate; assist in
negotiations with landlords, mortgages and other relevant parties
in the sale, assignment or termination of leases and/or owned
properties; and provide such other services as the Committee deem
necessary and as are mutually agreed between Abacus and the
Committee.

According to the Court filing, the Committee selected Abacus as
its business consultants/sale advisors "because of its nationally
known experience (particularly through the reputation of Chairman
Alan Cohen) in the disposition of assets, businesses and other
areas to maximize value, as well as its knowledge of business
reorganizations under Chapter 11 of the Bankruptcy Code, its
familiarity with the retail industry and its ability to perform
the needed services effectively, expeditiously and efficiently for
the benefit of the Committee and all unsecured creditors of the
Debtors' estates."


PETCO ANIMAL: Bank Debt Trades at 3% Off in Secondary Market
------------------------------------------------------------
Participations in a syndicated loan under which PETCO Animal
Supplies Stores, Inc., is a borrower traded in the secondary
market at 96.75 cents-on-the-dollar during the week ended Friday,
Jan. 15, 2010, according to data compiled by Loan Pricing Corp.
and reported in The Wall Street Journal.  This represents an
increase of 1.27 percentage points from the previous week, The
Journal relates.  The loan matures on Sept. 26, 2013.  The Company
pays 200 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
168 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended Jan. 15.

The Troubled Company Reporter said on June 29, 2009, that Moody's
affirmed PETCO Animal Supplies Stores, Inc.'s Corporate Family
Rating at B2; Probability of Default Rating at B2; $686 million
senior secured term loan due 2013 at B1 (LGD 3, 33%), and changed
the outlook to stable from negative.

PETCO Animal Supplies, Inc., headquartered in San Diego,
California, is a specialty retailer of premium supplies, food and
services for household pets.  The Company operates about 1,000
stores in all 50 U.S. states.  Revenues were about $2.6 billion
for the last twelve months ending May 2, 2009.


PETER PIETRANGELO: Voluntary Chapter 11 Case Summary
----------------------------------------------------
Debtor: Peter B. Pietrangelo
        1668 Peachtree Lane
        Warrington, PA 18976

Bankruptcy Case No.: 10-10256

Chapter 11 Petition Date: January 13, 2010

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

Judge: Bruce I. Fox

Debtor's Counsel: Jeffrey S. Cianciulli, Esq.
                  Weir & Partners LLP
                  1339 Chestnut Street, Suite 500
                  Philadelphia, PA 19107
                  Tel: (215) 665-8181
                  Email: jcianciulli@weirpartners.com

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

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

The petition was signed by Mr. Pietrangelo.


PETROHUNTER ENERGY: Eide Bailly Raises Going Concern Doubt
----------------------------------------------------------
Eide Bailly LLP, in Greenwood Village, Colorado, expressed
substantial doubt about PetroHunter Energy Corporation'a ability
to continue as a going concern after auditing the Company's
consolidated financial statements for the years ended
September 30, 2009, and 2008.

The independent public accounting firm reported that the Company
has an accumulated deficit of $279,219,000 and net loss of
$129,731,000 for the year ending September 30, 2009, and as of
that date has a working capital deficit of $64,934,000.

The Company reported a net loss of $129,731,000 on total revenues
of $128,000 for the year ended September 30, 2009, compared to a
net loss of $76,866,000 on total revenues of $2,180,000 for the
year ended September 30, 2008.

During the year ended September 30, 2009, the Company recorded
impairment expense of $90,404,000, and during the year ended
September 30, 2008, the Company recorded an impairment of
$30,847,000.  The increase in impairment oil and gas properties
was due to the impairment of the remaining book value of the U.S.
full cost pool due to unsuccessful exploration activity and the
Company's inability to fund additional exploration.

                          Balance Sheet

At September 30, 2009, the Company's consolidated balance sheets
showed $5,537,000 in total assets and $68,800,000 in total
liabilities, resulting in a $63,263,000 shareholders' deficit.

A full-text copy of the Company's annual report on Form 10-K is
available at no charge at http://researcharchives.com/t/s?4d77

                    About PetroHunter Energy

Based in Denver, Colorado, PetroHunter Energy Corporation
formerly Digital Ecosystems Corp.is an oil and gas exploration and
production company, which currently holds oil and gas interests
located in the Piceance Basin of Western Colorado, and in the
Beetaloo Basin in the Northern Territory in Australia.

PetroHunter currently owns a 25% working interest in four
exploration permits covering 7 million acres in Australia,
including one well (known as the Beetaloo Basin Project), and a
100% working interest in leases covering 20,000 acres and ten
wells in the Piceance Basin in Western Colorado.  These oil and
gas wells have not yet commenced oil and gas production.


PH GLATFELTER: Moody's Affirms Corporate Family Rating at 'Ba2'
---------------------------------------------------------------
Moody's Investors Service affirmed P. H. Glatfelter's Ba2
corporate family and senior unsecured debt ratings, and the stable
rating outlook following the company entering into a definitive
agreement to acquire Concert Industries Corporation, a
manufacturer of highly absorbent cellulose-based airlaid non-woven
materials.

The rating action reflects the expectation that the acquisition
will not materially change Glatfelter's credit risk profile.
Glatfelter intends to fund the transaction using a combination of
cash on hand, new debt and borrowings under its current revolving
credit facility.  The acquisition is valued at CND$246.5 million
(approximately $235 million) and as at November 30, 2009,
Glatfelter had about $135 million in cash and $194 million
available under its revolving credit facility due April 2011.  In
the short term, with debt increasing by a greater proportion than
cash flow, credit protection metrics are expected to weaken
slightly.  However, credit protection metrics at the current
rating have enough cushion to absorb the increased leverage.
Proforma Debt to EBITDA leverage is expected to increase
approximately one-half turn and is estimated to be around 3 times
at closing.  Glatfelter's liquidity will decline as cash on hand
and revolver drawings will be used to partially fund the
acquisition.  However, the company is expected to continue
generating positive free cash flow over the next several quarters
and also expects to receive additional funds from alternative fuel
tax credits accrued in 2009.  While execution risks related to
successfully integrating the acquisition exist, Concert's use of
technology familiar to Glatfelter and its participation in markets
that are adjacent to those Glatfelter partially mitigates some of
the risks.

Glatfelter's Ba2 corporate family rating reflects the company's
leading market position in niche segments of the specialty paper
markets, the company's timberland holdings whose sale proceeds may
be used for debt reduction and the company's limited exposure to
commodity products.  Offsetting these strengths is the decreasing
demand for some of the company's paper products due to electronic
substitution and competition from other grades of paper, the
company's relatively small size, and the company's exposure to
potential contingencies associated with environmental issues.  The
declining demand for the company's products such as carbonless
papers requires the company to continually invest to develop new
products and business initiatives.

The acquisition of Concert provides Glatfelter with the
opportunity to expand its product and geographic diversification,
further its technological capabilities, and improve its operating
margins and earnings stability.  Concert holds the leading market
share positions in the air-laid non-woven feminine hygiene, adult
incontinence, food pads and specialty wipes product segments.  The
acquisition will provide additional growth opportunities for
Glatfelter, particularly in Asian, Central and Eastern European
and South American markets.  Concert's airlaid technology
complements Glatfelter's leading wetlaid non-woven technology and
both companies share a track record of product innovation and new
business development.  With some of Glatfelter's existing products
such as carbonless paper and book publishing paper in decline, the
addition of slightly higher margin products which are expected to
continue to grow over the next few years should help improve the
company's overall margins and earnings stability.

Moody's last rating action was on October 18, 2007, when the
corporate family and senior unsecured debt ratings of Glatfelter
were downgraded to Ba2 from Ba1.

Headquartered in York, Pennsylvania, Glatfelter is a manufacturer
of specialty papers and engineered products.  The North American
based Specialty Papers business includes papers used for book
publishing, envelope and lightweight printing, carbonless paper
and engineered products used for digital printing, graphics
applications, signage and labeling.  The European based Composite
Fibers business includes tea bags, coffee filters, laminate
flooring and counter tops.

PHILADELPHIA NEWSPAPERS: Rejects Deal with McClatchy
----------------------------------------------------
Philadelphia Newspapers LLC and its units obtained approval from
the Bankruptcy Court to reject an asset purchase agreement and
related agreements with McClatchy Company.

McClatchy and PMH executed the APA on May 23, 2006.  The APA
provided for the purchase by PMH of stock and certain other assets
of McClatchy. In exchange for these assets, PMH: (a) paid
McClatchy approximately $515 million in cash; and (b) assumed
certain liabilities of McClatchy.  McClatchy and PMH substantially
consummated the APA in 2006; PMH made the cash payment and
McClatchy transferred to PMH the stock and other assets purchased.

In connection with the Sale, McClatchy and the Debtors executed
the Assumption Agreement, pursuant to which Debtors other than PMH
expressly assumed the Assumed Liabilities and became parties to
the APA.

The Assumed Liabilities included, among other things, payment of
historical workers' compensation and other insurance claims that
were incurred in or before 2006, but, as of the execution of the
APA, were not liquidated as to liability and amount.  Each month
from the closing of the Sale and the effectiveness of the
Assumption Agreement through the Petition Date, McClatchy provided
the Debtors with a schedule of Assumed Liabilities that had been
liquidated as to liability and amount and the Debtors paid such
claims.

In connection with the APA, the Debtors executed myriad APA
Agreements other than the APA and the Assumption Agreement.  To
the extent that any of the APA Agreements may be executory
contracts for purposes of section 365 of the Bankruptcy Code, the
Debtors sought to reject them.

                       About The McClatchy

The McClatchy Company (NYSE: MNI) -- http://www.mcclatchy.com/--
is the third largest newspaper company in the United States, with
31 daily newspapers and approximately 50 non-dailies. 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.

At September 27, 2009, the Company had $3,325,395,000 in total
assets against $275,532,000 in total current assets and
$2,947,256,000 in total non-current liabilities.

                           *     *     *

As reported by the Troubled Company Reporter on January 14, 2010,
Fitch Ratings has placed The McClatchy Company's Issuer Default
Rating of 'C' on Watch Positive:  In addition, Fitch has affirmed
these ratings:

  -- Senior secured credit facility at 'C/RR4';
  -- Senior secured term loan at 'C/RR4;
  -- Senior unsecured guaranteed notes at 'C/RR6';
  -- Senior unsecured notes/debentures at 'C/RR6'.

Approximately $2 billion of debt is affected by this action.

The Positive Watch reflects the improved capital markets and the
company's planned bank amendments, as the prospects of refinancing
have improved.  Proposed refinancing actions could potentially
push refinancing risk back to 2013, or later, providing the
company with some headroom to navigate its operational transition.
If successful in refinancing its 2011 maturities, Fitch could
upgrade the IDR at least one notch to 'CC'.  Depending on the
amount of debt issued and the debt instruments that are repaid,
the senior secured debt rating would also likely be upgraded to
the same level as the IDR, given Fitch's continued expectations
for 31%-50% recovery.  Fitch expects that ratings for all senior
unsecured debt (guaranteed or not) would remain unchanged.

Moody's Investors Service's on June 29, 2009, lowered the
company's corporate family rating to Caa2 from Caa1, and revised
the probability of default rating to Caa2/LD from Caa3 upon
completion of an exchange offer of $102.9 million of then existing
senior unsecured notes for $24.2 million of new 15.75% senior
unsecured guaranteed notes due July 2014.  At that time, Moody's
also assigned a Caa1 rating (LGD3 - 42%) to the new 2014 notes.
The PDR was subsequently changed to Caa2 from Caa2/LD on July 2,
2009.

                   About Philadelphia Newspapers

Philadelphia Newspapers -- http://www.philly.com/-- owns and
operates 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: Set for March 5 Hearing on Prepack Plan
-----------------------------------------------------
The Bankruptcy Court will convene a hearing on March 5 to consider
confirmation of PNG Ventures Inc.'s prepackaged Chapter 11 plan.

According to Bill Rochelle at Bloomberg News, creditors of PNG
Ventures are voting on a reorganization plan in which the first-
lien creditor owed $35.5 million will receive $5.5 million cash, a
new $9.8 million secured loan and 66% of the new stock.  In
exchange for financing the plan, lenders will receive a new four-
year term loan and 26.5% of the stock.  Unsecured creditors are to
be given about 28% in cash plus 7.5% of the new stock.  Existing
stock ownership will be canceled.

                        About PNG Ventures

PNG Ventures, Inc., produces, distributes, and sells liquefied
natural gas to customers within the transportation, industrial,
and municipal markets in the western United States and parts of
Mexico.  The Company sells substantially all of its LNG to fleet
customers, who typically own and operate their fueling stations.
The Company also sells a small volume of LNG to customers for non-
vehicle use.  The Company owns one public LNG fueling station from
which it sells LNG to numerous parties.  The Company produces LNG
at its liquefaction plant in Arizona, but also purchases, from
time to time, LNG supplies from third parties, typically on spot
contracts.  The Company sells LNG principally through supply
contracts that are normally on an index-plus basis, although it
also occasionally enters into fixed-price contracts.

The Company is headquartered in Dallas, Texas.  The LNG business
conducts its operations principally in Arizona and California.
Through the Company's LNG business, the Company offers turnkey
fuel solutions to its customers, including clean LNG fuel (99%
methane gas) and delivery, equipment storage, fuel dispensing
equipment and fuel loading facilities.

PNG Ventures and its affiliates filed for Chapter 11 on
September 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.


PROTECTION ONE: Ohio Teachers' Board Reports 6.32% Equity Stake
---------------------------------------------------------------
The State Teachers Retirement Board of Ohio disclosed holding
1,600,435 shares or roughly 6.32% of the common stock of
Protection One Inc.

State Teachers Retirement System of Ohio is an employee benefit
plan established for teachers of the public schools of Ohio to
provide retirement allowances and other benefits under the terms
of Chapter 3307 of the Ohio Revised Code.

                      About Protection One

Protection One, Inc., is principally engaged in the business of
providing security alarm monitoring services, including sales,
installation and related servicing of security alarm systems for
residential and business customers.  The Company also provides
monitoring and support services to independent security alarm
dealers on a wholesale basis.  Affiliates of Quadrangle Group LLC
and Monarch Alternative Capital LP own roughly 70% of the
Company's common stock.

At September 30, 2009, the Company had total assets of
$628,119,000 against total liabilities of $711,392,000, resulting
in stockholders' deficiency of $83,273,000.


PROTECTION ONE: Receives $22.75 Mil. in Westar Settlement
---------------------------------------------------------
Protection One, Inc., its wholly owned subsidiary, Protection One
Alarm Monitoring, Inc., POI Acquisition, L.L.C., on behalf of
itself and as a successor-in-interest to POI Acquisition I, Inc.,
and Monarch Master Funding Ltd, formerly known as Quadrangle
Master Funding Ltd, as a successor-in-interest to POI Acquisition
I, Inc., on December 30, 2009, entered into a Final Settlement
Agreement with Westar Energy, Inc., and its wholly owned
subsidiary, Westar Industries, Inc., the former owner of the
Company.

The parties agreed to settle all claims between Westar, on the one
hand, and the Company, POAMI and the Principal Stockholders on the
other hand, related to certain agreements entered into in
connection with Westar's sale of the Company's stock to POI
Acquisition I, Inc., in February 2004.

Pursuant to the Final Settlement Agreement, Westar paid the
Company $22.75 million on December 31, 2009.

Westar agreed pursuant to a settlement agreement entered into on
November 12, 2004, with the Company, POI Acquisition and POI
Acquisition I, Inc. to pay the Company an amount equal to 50% of
the net tax benefit, less certain adjustments, that Westar
received from any net operating loss carryforward arising from the
sale of the Company by Westar to POI Acquisition I, Inc., in
February 2004.  In January 2009, Westar reached a settlement with
the Internal Revenue Service resulting in a net tax benefit to
Westar, a portion of which the Company claimed to be owed under
the 2004 Settlement.  Westar claimed certain offsets to the
amounts the Company claimed to be owed under the 2004 Settlement,
including that POAMI owed Westar certain amounts under an
administrative services agreement for POAMI's use of certain
software systems shared by POAMI and Westar after the sale of the
Company to POI Acquisition I, Inc.

As final settlement of the claims and any and all other past or
future claims between Westar, on the one hand, and the Company,
POAMI and the Principal Stockholders, on the other hand, relating
to the 2004 Settlement, the administrative services agreement and
the Purchase Agreement, dated as of December 23, 2003, by and
among POI Acquisition and Westar, Westar paid $22.75 million to
the Company on December 31, 2009.

POI Acquisition is an affiliate of Quadrangle Group LLC, and
Monarch Master Funding Ltd is an affiliate of Monarch Alternative
Capital LP.

"We are pleased to finalize this tax matter and to use this
substantial payment to further bolster our balance sheet and our
ability to invest in future growth," said Richard Ginsburg,
Protection One's president and chief executive officer.  "As we
begin 2010, our cash balance exceeds $20 million even after having
made $30 million in prepayments on our bank credit facility in
December.  Our total outstanding debt is now approximately
$448 million, or $74 million lower than at the beginning of 2009."

                      About Protection One

Protection One, Inc., is principally engaged in the business of
providing security alarm monitoring services, including sales,
installation and related servicing of security alarm systems for
residential and business customers.  The Company also provides
monitoring and support services to independent security alarm
dealers on a wholesale basis.  Affiliates of Quadrangle Group LLC
and Monarch Alternative Capital LP own roughly 70% of the
Company's common stock.

At September 30, 2009, the Company had total assets of
$628,119,000 against total liabilities of $711,392,000, resulting
in stockholders' deficiency of $83,273,000.


PROTECTIVE PRODUCTS: Files for Chapter 11 to Sell Assets
--------------------------------------------------------
Protective Products of America Inc. and four of its subsidiaries
have filed a voluntary petition for Chapter 11 reorganization,
which also calls for the approval of their agreement to sell
substantially all of their assets and business as a going concern
to an affiliate of Sun Capital Partners Inc., a leading private
investment firm.

Under the terms of the agreement, the transaction is subject to a
higher and better offer by another party in approximately 35 days.
The Chapter 11 proceedings are pending in the Southern District of
Florida.  PPA is a publicly traded company on the Toronto Stock
Exchange.

"We are pleased with our agreement to be acquired by Sun Capital
in connection with our bankruptcy cases and with Bankruptcy Court
approval," said Patrick Caldwell, PPA's Chief Executive Officer.
"The firm is a premier global private equity firm with over
$8 billion in assets under management, and has managed the
successful turnaround of over 100 portfolio companies over the
past 15 years."

PPA intends to maintain all normal business operations throughout
the administration of the bankruptcy cases.  Subject to Bankruptcy
Court approval, PPA will use the cash flow from its ongoing
operations together with additional financing from its existing
lender, Canadian Imperial Bank of Commerce, to meet its working
capital needs throughout the reorganization process.  PPA has
filed a motion with the Bankruptcy Court seeking to establish
auction and sale procedures to facilitate a quick and orderly sale
of substantially all of PPA's and its subsidiaries' assets, using
the 35-day timeline set forth in the purchase agreement with Sun
Capital.  The reorganization and acquisition will eliminate PPA's
funded indebtedness and substantially reduce its other
liabilities.

PPA has filed a series of first day motions in the Bankruptcy
Court in Ft. Lauderdale, Florida, seeking to ensure that it will
not have any interruption in maintaining and honoring all of its
commitments to its employees and customers.  The motions also
address PPA's continued ability to pay its vendors, the retention
of various professional advisors and other matters.

A full-text of the asset purchase agreement dated Jan. 13, 2010,
between PPA and Sun Capital is available for free at:

               http://ResearchArchives.com/t/s?4d67

Headquartered in Sunrise, Florida, Protective Products of America,
Inc., formerly known as Ceramic Protection Corporation --
http://www.protectiveproductsofamerica.com/engages in the design,
manufacture and marketing of advanced products used to provide
ballistic protection for personnel and vehicles in the military
and law enforcement markets.  The Company's product portfolio
includes concealable soft body armor products for law enforcement
and the Modular Tactical Vest, a ballistic system for military
personnel.  PA produces and sells body armor to several branches
of the U.S. armed forces, federal agencies, and local and state
police forces.


PROTECTIVE PRODUCTS: Case Summary & 11 Largest Unsecured Creditors
------------------------------------------------------------------
Debtor: Protective Products of America, Inc.
        1649 NW 136th Avenue
        Sunrise, FL 33323

Bankruptcy Case No.: 10-10711

Debtor-affiliates filing separate Chapter 11 petitions:

        Entity                                     Case No.
        ------                                     --------
CPC Holding Corporation of America                 10-10713
Ceramic Protection Corporation of America          10-10714
Protective Products International Corp.            10-10715
Protective Products of North Carolina, LLC         10-10716

Type of Business: Headquartered in Sunrise, Florida, Protective
                  Products of America, Inc., formerly known as
                  Ceramic Protection Corporation --
                  http://www.protectiveproductsofamerica.com/
                  engages in the design, manufacture and marketing
                  of advanced products used to provide ballistic
                  protection for personnel and vehicles in the
                  military and law enforcement markets.

Chapter 11 Petition Date: January 13, 2010

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

Judge: John K. Olson

Debtor's Counsel: Debi Evans Galler, Esq.
                  200 S Biscayne Blvd #1000
                  Miami, FL 33131
                  Tel: (305) 755-9500
                  Email: dgaller@bergersingerman.com

                  Jordi Guso, Esq.
                  200 S Biscayne Blvd #1000
                  Miami, FL 33131
                  Tel: (305) 755-9500
                  Email: jguso@bergersingerman.com

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

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

The petition was signed by Neil E. Schwartzman, the company's
chief operating officer.

Debtor's List of 11 Largest Unsecured Creditors:

  Entity                   Nature of Claim        Claim Amount
  ------                   ---------------        ------------
N/S Sawgrass Office                               $755,097
Associates
c/o Stiles Property
Management
300 SE 2nd Street, 8th Floor
Fort Lauderdale, FL 33301

PriceWaterhouseCoopers                            $324,684
LLP-US
PO Box 932011
Atlanta, GA 31193-2011

Sidley Austin LLP                                 $203,736
c/o Lisa Reategui

PricewaterhouseCoopers LLP                        $180,690

Gowlings Lafleur Henderson                        $12,492
LLP

Valiant Trust Company                             $6,400

The Corporation Trust                             $4,572
Company
Corporation Trust Center

Global Tax Management                             $660
Radnor Financial Center

Skadden, Arps, Slate,                             $192
Meagher & Flom LLP

CT Corporation                                    $133

Telus                                             $11


A. CPC Holding Corporation of America's List of 12 Largest
Unsecured Creditors:

  Entity                   Nature of Claim        Claim Amount
  ------                   ---------------        ------------
The American Ceraminc                             $3,468
Society

Silverson Machines Inc.                           $2,736

Artesian Water Co.                                $2,113

Keen Compressed Gas                               $1,960

Ricoh Americas Corp                               $991

Washingtom Mills North                            $954
Grafton

Scheneider Trailer &                              $884
Container

Kelly Generator & Equipment                       $765

Warehouse Services                                $718

Saint-Gobain Abrasives                            $609

Allied Waste Services                             $274

Deer Park Direct                                  $204
Div. of Nestle Waters NA, Inc.


RAJCOOMAR HARKIE: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Joint Debtors: Rajcoomar Harkie
               Meenawatie Harkie
               6 Jerusalem Mill Court
               Kingsville, MD 21087

Bankruptcy Case No.: 10-10698

Chapter 11 Petition Date: January 12, 2010

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

Judge: Robert A. Gordon

Debtors' Counsel: Howard M. Heneson, Esq.
                  Howard M. Heneson, P.A.
                  810 Glen Eagles Court, Suite 301
                  Towson, MD 21286
                  Tel: (410) 494-8388
                  Fax: (410) 494-8389
                  Email: hheneson@bankruptcymd.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 $1,944,618,
and total debts of $3,244,762.

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/mdb10-10698.pdf

The petition was signed by the Joint Debtors.


RAMSEY HOLDINGS: Gets Interim OK to Access CIT Lending's Cash
-------------------------------------------------------------
The Hon. Terrence L. Michael of the U.S. Bankruptcy Court for the
Northern District of Oklahoma authorized, on a second interim
order, Ramsey Holdings, Inc., et al., to use the cash securing
their obligation to their prepetition lenders until January 28,
2010.

The final hearing on the Debtors' cash collateral use is set for
1:30 p.m. on January 28, 2010.  Objections, if any, are due on
January 25, 2010, at 4:00 p.m.

As reported on the Troubled Company Reporter on January 4, 2010,
the Debtor is indebted to CIT Lending Services Corp., as
administrative and collateral agent under the April 2007 Credit
Agreement and amended in January 2008, on behalf of the
prepetition lenders.

The Debtors would use the money to fund their Chapter 11 cases,
pay suppliers and other parties.

In exchange for using the cash collateral, the Debtors will grant
the prepetition agent replacement liens on any and all of the
Debtors' assets, and superpriority administrative expense claim.

                    About Ramsey Holdings, Inc.

Tulsa, Oklahoma-based Ramsey Holdings, Inc., filed for Chapter 11
bankruptcy protection on December 18, 2009 (Bankr. N.D. Okla. Case
No. 09-13998).  The Company's affiliates -- Auto Crane Company;
Eskridge, Inc.; Ramsey Industries, Inc.; and Ramsey Winch Company
-- also filed for Chapter 11 bankruptcy protection.  John D. Dale,
Esq., at Gable & Gotwals assists the Debtors in their
restructuring efforts.  Ramsey Holdings listed $10,000,001 to
$50,000,000 in assets and $50,000,001 to $100,000,000 in
liabilities.


READER'S DIGEST: Restructuring Plan Confirmed by Court
------------------------------------------------------
Reader's Digest Association disclosed that the United States
Bankruptcy Court for the Southern District of New York confirms
its Plan of Reorganization, clearing the way for RDA to emerge
from bankruptcy by January 31, 2010.

"The Court's confirmation of our restructuring plan is a major
step for our company and provides RDA with a strong foundation for
our future," said Mary Berner, RDA President and Chief Executive
Officer.

Under the terms of the Plan of Reorganization, RDA will reduce its
total debt by 75% from more than $2.2 billion to approximately
$555 million.  Pursuant to the Plan of Reorganization, holders of
RDA's senior secured debt will receive equity, effectively
transferring ownership of RDA to the lender group.


                          The Chapter 11 Plan

Reader's Digest presented its reorganization plan for confirmation
on January 15.

The Chapter 11 plan is designed to reduce funded debt by 75% to
$555 million.

According to the Disclosure Statement, the Plan contemplates these
transactions:

   * $150 million of loans outstanding under the Debtors' DIP
     Facility will be converted to a $150 million new first
     priority term loan.  The Debtors' prepetition Euro Term Loan
     in the approximate amount of $105.9 million outstanding under
     the prepetition credit agreement as of the Commencement Date
     will be reinstated.  The $300 million of secured loans --
     other than the Euro Term Loan -- will be converted into a new
     $300 million second priority term loan.  The remaining
     secured indebtedness will be converted into 100% of the new
     common stock, subject to dilution by the management equity
     plan and the rights offering.  The first lien lenders are
     expected to recover 53% to 63% of their claims.

   * The Debtors' outstanding $600 million senior subordinated
     notes will be canceled and discharged, but holders of these
     notes are entitled to participate in a rights offering.  The
     second lien noteholders are expected to recover 0%.

   * The general unsecured claims of trade creditors with whom the
     Debtors intend to conduct business post emergence will be
     paid in full in Cash on the Effective Date or in the ordinary
     course of business.  These trade creditors are expected to
     recover 100 cents on the dollar.

   * Holders of other general unsecured claims will receive Cash
     in an amount equal to their Pro Rata share of $3 million.
     They are expected to recover 2.5% to 2.7% of their claims.

   * Equity Interests in RDA Holding Co. will be extinguished.

The Plan provides that the New Board will grant equity awards in
the form of restricted stock, options and/or warrants for 7.5% of
the New Common Stock to continuing employees and directors of the
Reorganized Debtors; provided that such equity grants will not
include more than 2.5% in the form of restricted New Common Stock.

The Plan provides that Holders of Senior Subordinated Notes will
have the right to participate in a Rights Offering of New Common
Stock to be issued under the Plan on or soon after the Effective
Date.  Eligible Noteholders that participate in the Rights
Offering will be able to purchase up to $50 million to $100
million (of no more than 10%-20%) of New Common Stock Pro Rata
based on the principal amount of Senior Subordinated
Note Claims held by such Eligible Noteholder.

A copy of the Plan is available for free at:

      http://bankrupt.com/misc/RDA_Ch11Plan.pdf

A copy of the Disclosure Statement is available for free at:

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

               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)


REMOTEMDX INC: Announces Initial Closing of Series D Preferred
--------------------------------------------------------------
In a regulatory filing Thursday, RemoteMDx Inc. discloses that on
January 13, 2010, it closed on the exchange of debt and sale of
equity securities and is issuing a total of 25,186 shares of
Series D Convertible Preferred Stock having an aggregate stated
value of $20,323,204, convertible in the aggregate, to 151,116,000
shares of Common Stock.  The total cash paid for 9,200 shares of
the Series D Preferred was $4,600,000.

The face amount (including principal and interest) of debt
extinguished in exchange for a total of 15,986 shares of Series D
Preferred was $15,723,204.  The Company also received
subscriptions to purchase an additional 3,000 shares of Series D
Preferred for cash of $1,500,000, to be issued following receipt
of the funds related to such subscriptions.  Cash proceeds from
the offering will be used for operations, including expenses
related to the recapitalization and equity raise.  In total, cash
received, debt conversion and outstanding subscription agreements
equate to $21,823,204.

The issuance of such securities were exempt from the registration
requirements of the Securities Act of 1933, as amended, pursuant
to Section 4(2) of the Securities Act for transactions not
involving a public offering and Rule 506 promulgated by the United
States Securities and Exchange Commission under the Securities Act
of 1933, as amended.  The securities are being issued to 37
accredited investors in a private placement conducted by officers
and directors of the Company.  A Form D will be filed by the
Company reporting additional information regarding the sale of
the securities.

Effective December 3, 2009, the Company amended its Articles of
Incorporation to authorize 50,000 shares of Series D Preferred
stock, and establish the designations, rights and preferences for
the Series D Preferred stock.

A copy of the Amendment to Articles of Incorporation, Designation
of Rights and Privileges of Series D Convertible Preferred Stock
is available for free at http://researcharchives.com/t/s?4d71

A copy of the Series D Convertible Preferred Stock Purchase
Agreement form is available at no charge at:

                http://researcharchives.com/t/s?4d72

A copy of the Series D Convertible Preferred Stock Exchange
Agreement form is available at no charge at:

                http://researcharchives.com/t/s?4d73

                       About RemoteMDx Inc.

Headquartered in Sancy, Utah, RemoteMDx Inc. (OTCBB: RMDX),
http://www.remotemdx.com/-- markets and deploys offender
management programs, combining patented GPS tracking technologies,
fulltime 24/7/365 intervention-based monitoring capabilities and
case management services.

                          *     *     *

Hansen, Barnett & Maxwell, P.C., in Salt Lake City, expressed
substantial doubt about RemoteMDx, Inc. and subsidiaries' ability
to continue as a going concern after auditing the Company's
consolidated financial statements as of and for the years ended
September 30, 2009, and 2008.  The independent public accounting
firm reported that the Company has incurred losses and has an
accumulated deficit.


REMOTEMDX INC: Auditors Raise Going Concern Doubt
-------------------------------------------------
Hansen, Barnett & Maxwell, P.C., in Salt Lake City, expressed
substantial doubt about RemoteMDx, Inc., and subsidiaries' ability
to continue as a going concern after auditing the Company's
consolidated financial statements as of and for the years ended
September 30, 2009, and 2008.  The independent public accounting
firm reported that the Company has incurred losses and has an
accumulated deficit.

The Company reported a net loss of $23,081,500 on total revenues
of $12,625,908 for the year ended September 30, 2009, compared to
a net loss of $49,587,050 on total revenues of $12,403,677 for the
same period ended September 30, 2008.

The decrease in net loss of $26,505,550 is due primarily to
reductions in communication and device costs, bringing software
enhancements and product design in-house as opposed to using high
priced third-party vendors, and the reduced use of consulting
services by bringing these services in-house.

                          Balance Sheet

At September 30, 2009, the Company's consolidated balance sheets
showed $8,593,589 in total assets and $20,966,410 in total
liabilities, resulting in a $12,372,821 shareholders' deficit.

The Company's consolidated balance sheets at September 30, 2009,
also showed strained liquidity with $2,922,688 in total current
assets available to pay $19,399,585 in total current liabilities.

A full-text copy of the Company's annual report on Form 10-K is
available at no charge at http://researcharchives.com/t/s?4d70

                       About RemoteMDx Inc.

Headquartered in Sancy, Utah, RemoteMDx Inc. (OTCBB: RMDX),
http://www.remotemdx.com/-- markets and deploys offender
management programs, combining patented GPS tracking technologies,
fulltime 24/7/365 intervention-based monitoring capabilities and
case management services.


REVLON INC: Seeks to Enforce MOU on Shareholder Suits
-----------------------------------------------------
Revlon, Inc., is seeking to enforce a Memorandum of Understanding
(as amended) that the Company entered into to settle certain
lawsuits that were previously filed against the Company.  The
Company believes the lawsuits are without merit and intends to
defend them vigorously.

In October 2009, Revlon consummated an exchange offer pursuant to
which each issued and outstanding share of Revlon Class A common
stock was exchangeable for one share of newly-issued Revlon Series
A preferred stock.  Revlon issued 9,336,905 shares of Revlon
Series A preferred stock to exchanging holders of Revlon Class A
common stock on a share-for-share basis.

As disclosed by Revlon in the Offer to Exchange, as amended, filed
with the Securities and Exchange Commission, Revlon, each of its
directors, and MacAndrews & Forbes Holdings Inc. have been named
as defendants in five lawsuits challenging the proposal made by
MacAndrews & Forbes on April 13, 2009, which would have resulted
in MacAndrews & Forbes and certain of its affiliates owning 100%
of Revlon's outstanding Class A common stock and Class B common
stock.  Four of the lawsuits were filed in the Court of Chancery
of the State of Delaware: Mercier v. Perelman, et al., C.A. No.
4532; Jurkowitz v. Perelman, et al., C.A. No. 4557; Lefkowitz v.
Revlon, et al., C.A. No. 4563; and Heiser v. Revlon, et al., C.A.
No. 4578.  The actions were consolidated under the caption In re
Revlon, Inc. Shareholders Litigation, C.A. No. 4578.  The fifth
lawsuit was filed in the Supreme Court of New York, New York
County: Sullivan v. Perelman, et al., No. 650257/2009.

On August 10, 2009, Revlon announced that it had reached an
agreement in principle, set forth in a Memorandum of
Understanding, to settle the Consolidated Action.  On
September 23, 2009, the parties to the Consolidated Action amended
the Memorandum of Understanding.

On December 24, 2009, the plaintiffs in the Sullivan action filed
an amended complaint alleging, among other things, that the
defendants should have disclosed in the Offer to Exchange
information regarding the Company's financial results for the
fiscal quarter ended September 30, 2009.

On January 6, 2010, an amended complaint was filed by the
plaintiffs in the Consolidated Action making additional
allegations, which are similar to those in the amended Sullivan
complaint.  With their filing of the amended complaint, the
Company believes that the plaintiffs in the Consolidated Action
have formally repudiated the August 10, 2009 settlement agreement,
as amended on September 23, 2009.  The defendants filed a motion
on January 8, 2010, to enforce the Memorandum of Understanding,
and asking the Chancery Court for the opportunity to present the
settlement to the Chancery Court for its approval.

In addition to the amended complaints, on December 21, 2009, each
of Revlon's directors and MacAndrews & Forbes was named as a
defendant in an action filed in the Chancery Court:  Edward Gutman
v. Perelman, et al., C.A. No. 5158.  Also on December 21, 2009, a
second action was filed in the Chancery Court against Revlon's
directors:  Corneck v. Perelman, et al., C.A. No. 5160.  The
Gutman and Corneck actions make allegations similar to those in
the amended complaints in Sullivan and the Consolidated Action.

On December 31, 2009, an action was filed in the U.S. District
Court for the District of Delaware: John Garofalo v. Revlon, Inc.,
et al., C.A. No. 09-01008, against Revlon, Revlon's directors and
MacAndrews & Forbes alleging federal and state law claims stemming
from the same alleged failure to disclose information that
underlies the amended Sullivan and Consolidated Action complaints,
as well as the Gutman and Corneck complaints.

The plaintiffs in each of the actions are seeking, among other
things, an award of damages and of the costs and disbursements of
such action, including a reasonable allowance for the fees and
expenses of each such plaintiff's attorneys and experts.

The Company believes the amended Sullivan action, the amended
Consolidated Action, as well as the Gutman, Corneck and Garofalo
actions, are without merit and intends to defend them vigorously.

                           About Revlon

Based in New York, Revlon, Inc. (NYSE: REV) --
http://www.revloninc.com/-- is a worldwide cosmetics, hair color,
beauty tools, fragrances, skincare, anti-perspirants/deodorants
and beauty care products company.  The Company's vision is to
provide glamour, excitement and innovation to consumers through
high-quality products at affordable prices. Websites featuring
current product and promotional information can be reached at
http://www.revlon.com/ http://www.almay.com/and
http://www.mitchumman.com/ The Company's brands, which are sold
worldwide, include Revlon(R), Almay(R), ColorSilk(R), Mitchum (R),
Charlie (R), Gatineau(R) and Ultima II (R).

At September 30, 2009, Revlon had $802.0 million in total assets
against total current liabilities of $315.2 million, long-term
debt of $1.147 billion, long-term debt - affiliates of
$107.0 million, long-term pension and other post-retirement plan
liabilities of $209.3 million, other long-term liabilities of
$66.1 million, resulting in $1.04 billion in stockholders'
deficiency.  At September 30, 2009, the Company had a liquidity
position of $173.2 million, consisting of cash and cash
equivalents (net of any outstanding checks) of $59.7 million, as
well as $113.5 million in available borrowings under the 2006
Revolving Credit Facility.


R.H. DONNELLEY: Court Enters Order Confirming Plan
--------------------------------------------------
Judge Kevin Gross of the U.S. Bankruptcy Court for the District
of Delaware confirmed on January 12, 2010, the Chapter 11 Plan of
Reorganization filed by R.H. Donnelley Corporation and its debtor
affiliates after finding that the Plan satisfies the confirmation
requirements of Section 1129(a)(1) of the Bankruptcy Code.

Judge Gross ruled that:

  (a) the Plan satisfies Section 1129(a)(1) of the Bankruptcy
      Code because:

         * it constitutes a separate plan of reorganization for
           each of the Debtors;

         * properly classifies all claims and interests that
           require classification;

         * identities and describes each Class of Claims or
           Interests that is impaired or not impaired;

         * provides the same treatment for each Claim or
           Interest of a particular Class unless the holder
           agrees to less favorable treatment;

         * provides adequate means for its implementation;

         * contain provisions prohibiting the issuance of
           nonvoting equity securities and provide for the
           appropriate distribution of voting power among all
           classes of equity securities authorized for issuance;

         * the Reorganized Debtors' charters, bylaws and similar
           constituent documents regarding the manner of
           selection of officers and directors of the
           Reorganized Debtors are consistent with the interests
           of creditors and equity security holders and with
           public policy;

         * it modifies the rights of the holders of certain
           Claims and Interests and leaves the rights of others
           unaffected;

         * provide for the assumption, assumption and assignment
           or rejection of the executory contracts and unexpired
           leases of the Debtors that have not been previously
           assumed, assumed and assigned or rejected pursuant to
           Section 365 of the Bankruptcy Code and appropriate
           authorizing orders of the Bankruptcy Court;

         * the Plan's provisions are appropriate and consistent
           with the applicable provisions of the Bankruptcy
           Code, including, without limitation, provisions of:

              -- Article III of the Plan governing treatment on
                 account of Allowed Claims;

              -- Article VII of the Plan governing distributions
                 under the Plan; and

              -- Article XI of the Plan regarding retention of
                 jurisdiction by the Bankruptcy Court over
                 certain matters after the Effective Date; and

         * the Plan is dated and identifies the entities
           submitting it, thereby satisfying Rule 3016(a) of the
           Federal Rules of Bankruptcy Procedure;

  (b) the Debtors have complied with the applicable provisions
      of the Bankruptcy Code, thereby satisfying Section
      1129(a)(2) of the Bankruptcy Code.  Specifically, the
      Debtors are proper debtors under Section 109 of the
      Bankruptcy Code the Debtors and the Official Committee of
      Unsecured Creditors are and proper proponents of the Plan
      under Section 1121(a) of the Bankruptcy Code.  The Debtors
      have complied with the applicable provisions of the
      Bankruptcy Code, including as provided or permitted by
      orders of the Court.  The Debtors complied with the
      applicable provisions of the Bankruptcy Code, the
      Bankruptcy Rules, the Local Rules for the United States
      Bankruptcy Court for the District of Delaware, and the
      Solicitation Procedures Order in transmitting the Plan,
      the Disclosure Statement, the Ballots and related
      documents and notices, and in soliciting and tabulating
      votes on the Plan;

  (c) the Debtors have proposed the Plan in good faith and not
      by any means forbidden by law, thereby satisfying Section
      1129(a)(3) of the Bankruptcy Code.  In determining that
      the Plan has been proposed in good faith, the Court has
      examined the totality of the circumstances surrounding the
      filing of the Chapter 11 Cases and the formulation of the
      Plan and found out that the Plan was proposed with the
      legitimate and honest purposes of maximizing the recovery
      to Holders of Claims and Interests under the circumstances
      of the Chapter 11 Cases;

  (d) the Court-appointed professionals in the Chapter 11 Cases
      are subject to the requirements of Sections 330 and 331 of
      the Bankruptcy Code and, therefore, have been approved by,
      or are subject to approval of the Court as reasonable.
      Further, the Plan provides that all unpaid Professional
      Fees incurred prior to the Effective Date will be subject
      to final allowance or disallowance upon application to the
      Bankruptcy Court pursuant to Sections 330 or 503(b)(4) of
      the Bankruptcy Code;

  (e) the Debtors have complied with Section 1129(a)(5) of the
      Bankruptcy Code and have disclosed the initial officers of
      the Reorganized Debtors;

  (f) Section 1129(a)(6) of the Bankruptcy Code is satisfied
      because the Debtors' current businesses do not involve the
      establishment of rates over which any regulatory
      commission has or will have jurisdiction after
      Confirmation;

  (g) the Plan satisfies the requirements of Section 1129(a)(7)
      of the Bankruptcy Code.  Each Holder of an Impaired Claim
      that has not accepted the Plan will, as demonstrated by
      the liquidation analysis included as an exhibit to the
      Disclosure Statement, receive or retain property under the
      Plan having a value, as of the Effective Date, that is not
      less than the amount that the Holder would so receive or
      retain if the Debtors were liquidated under chapter 7 of
      the Bankruptcy Code on the Effective Date.

  (h) Section 1129(a)(8) of the Bankruptcy Code requires that,
      with respect to each class of claims or interests, each
      class has either accepted the plan or is unimpaired under
      the plan.

      Based on the tabulation of votes done by the Debtors'
      claims and balloting agent, The Garden City Group, Inc.,
      impaired classes overwhelmingly voted to accept the Plan.
      More than 96% of creditors who cast ballots voted in favor
      of confirmation.

      A full-text copy of the Solicitation and Tabulation
      Results is available for free at:

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

  (i) the treatment of Administrative Claims and Non-Tax
      Priority Claims under the Plan satisfies the requirements
      of Section 1129(a)(9)(A) and (B) of the Bankruptcy Code,
      and the treatment of Tax Priority Claims under the Plan
      satisfies the requirements of section 1129(a)(9)(C) of the
      Bankruptcy Code;

  (j) at least one Impaired Class of Claims has voted in
      sufficient number and amount to accept the Plan,
      determined without including the acceptance by any
      insider, with respect to every Debtor.  Accordingly,
      Section 1129(a)(1O) of the Bankruptcy Code has been
      satisfied in connection with each of the Debtors;

  (k) confirmation of the Plan is not likely to be followed by
      the liquidation, or the need for further financial
      reorganization, of the Debtors, the Reorganized Debtors or
      any successor to the Reorganized Debtors under the Plan,
      thus Section 1129(a)(11) of the Bankruptcy Code is
      satisfied;

  (l) the Plan provides that all fees payable pursuant to
      Section 1930 of the Bankruptcy Code will be paid on the
      Effective Date, thus the Plan satisfies Section
      1129(a)(12) of the Bankruptcy Code;

  (m) the Plan provides that except and to the extent previously
      assumed by an order of the Court, as of the Confirmation
      Date, but subject to the occurrence of the Effective Date,
      all Employee Pension Plans, all Employee Benefit Plans,
      including the Employment and Retirement Benefit
      Agreements, of the Debtors, as amended or modified,
      including programs subject to Sections 1114 and
      1129(a)(l3) of the Bankruptcy Code, entered into before,
      on or after the Petition Date and not since terminated,
      will be deemed to be, and will be treated as though they
      are, executory contracts that are assumed except for (i)
      executory contracts or plans specifically rejected
      pursuant to the Plan, and (ii) executory contracts or
      plans that have previously been rejected, are the subject
      of a motion to reject or have been specifically waived by
      the beneficiaries of any plans or contracts; provided,
      however, that (x) the Debtors will pay all "retiree
      benefits", and (y) the Debtors will amend those certain
      Employment and Retirement Benefit Agreements attached as
      an exhibit of the Plan.  Accordingly, the Plan satisfies
      Section 1129(a)(13) of the Bankruptcy Code;

  (n) each of the Debtors is a corporation and is not required
      to pay domestic support obligations.  Accordingly, Section
      1129(a)(14) is not implicated by the Plan;

  (o) each of the Debtors is a corporation and does not need to
      pay five years' worth of disposable income to unsecured
      creditors.  Accordingly, Section 1129(a)(15) is not
      implicated by the Plan; and

  (p) the Plan does not provide for transfers of property by
      nonprofit entities, and each of the Debtors is a moneyed,
      business, or commercial corporation.  Accordingly, Section
      1129(a)(16) is not implicated by the Plan.

Under the terms of the confirmed Plan:

  -- total debt will be reduced by $6.4 billion, including
     approximately $700 million of secured indebtedness.

  -- total cash interest expense will be reduced by
     approximately $500 million annually;

  -- post-emergence secured and consolidated debt will be
     approximately $3.1 billion and $3.4 billion, which
     represents approximately 3.0x and 3.3x net secured and net
     consolidated debt to EBITDA;

  -- cash balance at emergence will be at least $125 million;

  -- the approximately $6.0 billion of unsecured bond
     indebtedness will be exchanged for virtually 100 percent of
     the equity in and $300 million of unsecured notes issued by
     Reorganized Debtors; and

  -- all existing equity in the Debtors will be extinguished.

The confirmation of the Plan paves the way for the Debtors to
emerge from Chapter 11 protection and begin making distributions
to creditors by the end of January 2009.

"We are very pleased with the court's decision, which clears the
way for us to complete our balance sheet restructuring in the
next few weeks," David C. Swanson, chairman and CEO of R.H.
Donnelley Corp. said.  He adds that "the Plan confirmed today
allows us to reduce our debt by more than $6 billion and emerge
with a more manageable capital structure and a stronger financial
foundation."

A full-text copy of the findings of fact, conclusions of law and
order confirming the Debtors' Chapter 11 Plan is available for
free at http://bankrupt.com/misc/RHDConfORD.pdf

                      Objections Overruled

The Court overruled all objections to the confirmation of the
Plan to the extent not withdrawn or resolved.  Prior to the entry
of the Confirmation Order, the Debtors resolved the confirmation
objections.

A. New York State Department of Taxation and Finance

  Nothing in the Plan or the Confirmation Order will be deemed
  to, release, discharge, nullify, enjoin or preclude the
  enforcement or assessment by the New York State Department of
  Taxation and Finance of any liability, in the appropriate
  court or administrative body, against any non-Debtor entity
  subject to liability for sales taxes and withholding taxes by
  virtue of their positions with the Debtors as persons
  responsible for the collection and payment of pre petition
  sales taxes and withholding taxes owing by the Debtors to the
  State of New York, subject to any defenses that any such non-
  debtor entity may have under the applicable law and facts.

B. Treasurer of Douglas County, Colorado

  Notwithstanding any language in the Plan to the contrary, to
  the extent that Douglas County holds a valid Other Secured
  Claim against RHDC or DMI for 2009 personal property taxes, if
  and to the extent that any Other Secured Claim is Allowed,
  then the Allowed Claim will be treated as an Allowed
  Other Secured Claim for purposes of the Plan, and will be paid
  in full in Cash, together with any unpaid interest thereon
  accruing at the applicable statutory rate of 12% per annum,
  on, or as soon as reasonably practicable after, the later to
  occur of (a) the Effective Date and (b) the date on which
  those claims becomes an Allowed Other Secured Claim that is
  due and payable under applicable non-bankruptcy law.  To the
  extent that Douglas County holds an Allowed Other Secured
  Claim, then it will be entitled to retain any Liens that it
  may have and the priority of any Liens securing its Allowed
  Other Secured Claim pending the payment thereof.  The
  Reorganized Debtors will file any objection they may have
  to Douglas County's Claim for 2009 ad valorem commercial
  personal property taxes no later than 180 days after the
  Effective Date of the Plan, and the Reorganized Debtors will
  not seek any extension of time for objecting to Douglas
  County's Claim.

C. Jack B. Corwin, as Trustee of Jack B. Corwin Revocable Trust,
  and Charitable Remainder Stewardship Company, as Trustee of
  the Jack B. Corwin 2006 Charitable Remainder Unitrust

  As previously reported, Jack B. Corwin, as Trustee of Jack B.
  Corwin Revocable Trust, and Charitable Remainder Stewardship
  Company, as Trustee of the Jack B. Corwin 2006 Charitable
  Remainder Unitrust, filed a fraud lawsuit against certain
  officers of RHDC in the Superior Court of the State of
  California for the County of Los Angeles, West District.

  Notwithstanding anything to the contrary contained in the Plan
  or the Confirmation Order, neither the entry of the
  Confirmation Order nor the occurrence of the Effective Date of
  the Plan will be deemed to, prejudice, release, waive,
  discharge, enjoin or otherwise impair the claims or causes of
  action previously asserted, or that may be asserted, on behalf
  of or belonging to the Corwin Plaintiffs against the Corwin
  Defendants in the Corwin Lawsuit or against any other Person
  other than the Debtors, the Reorganized Debtors, or any of
  their respective affiliates, subsidiaries, predecessors or
  successors, that may subsequently be joined to the Corwin
  Lawsuit, or that may be the subject of any other suit, action,
  proceeding or claim on behalf of or belonging to the Corwin
  Plaintiffs, including with respect to any insurance policies
  or insurance proceeds which may be available or may afford
  coverage with respect to the foregoing claims or causes of
  action on behalf of or belonging to the Corwin Plaintiffs, and
  all the claims and causes of action are hereby expressly
  preserved.

D. Donald Biggerstaff and the Putative Class of Shareholders

  On October 26, 2009, Donald Biggerstaff and the putative class
  of shareholders filed a putative federal securities fraud
  class action lawsuit against certain officers of RHDC in the
  United States District Court for the District of Delaware.

  Notwithstanding anything to the contrary contained in the Plan
  or the Confirmation Order, neither the entry of the
  Confirmation Order nor the occurrence of the Effective Date of
  the Plan will be deemed to prejudice, release, discharge,
  enjoin or otherwise impair the claims or causes of action
  asserted or to be asserted, on behalf of the Biggerstaff
  Plaintiff against the Biggerstaff Defendants in the
  Biggerstaff Lawsuit or any other defendant that may
  subsequently be joined to the Biggerstaff Lawsuit in
  accordance with applicable law and procedure other than the
  Debtors, the Reorganized Debtors, or any of their affiliates,
  subsidiaries, predecessors, successors, interests or assigns,
  nor prejudice or impair any rights or remedies that the
  Biggerstaff Plaintiff may have to recover against the
  Biggerstaff Defendants for any such claims or causes of
  action, subject to any and all rights, counterclaims, defenses
  or remedies of the Biggerstaff Defendants which are hereby
  reserved.

E. Local 731 I.B. of T. Excavators and Pavers Pension Trust Fund,
  Private Scavenger and Garage Attendants Pension Trust Fund and
  Textile Maintenance and Laundry Craft Pension Fund, and
  Zhengxu He, Individually and as Trustee for the He and Fang
  Revocable Living Trust and the Putative Class of Securities
  Litigation Claimants

  On October 23,2009, Local 731 LB. of T. Excavators and Pavers
  Pension Trust Fund, Private Scavenger and Garage Attendants
  Pension Trust Fund and Textile Maintenance and Laundry Craft
  Pension Fund filed a putative federal securities fraud class
  action lawsuit against certain officers of RHDC.

  Notwithstanding anything to the contrary contained in the Plan
  or the Conl1rmation Order, neither the entry of the
  Confirmation Order nor the occurrence of the Effective Date of
  the Plan will be deemed to, prejudice, release, waive,
  discharge, enjoin or otherwise impair the claims or causes of
  action asserted or to be asserted, on behalf of or belonging
  to the Local 731 Plaintiffs against the Local 731 Defendants
  in the Local 731 Lawsuit or any other Person other than the
  Debtors, the Reorganized Debtors, or any of their affiliates,
  subsidiaries, predecessors or successors, that may
  subsequently be joined to the Local 731 Lawsuit in accordance
  with applicable law and procedure or that may be the subject
  of any other suit, action, proceeding or claim on behalf of or
  belonging to the Local 731 Plaintiffs, including with respect
  to any insurance policies or insurance proceeds which may be
  available or may afford coverage with respect to the foregoing
  claims or causes of action on behalf of or belonging to the
  Local 731 Plaintiffs, and all those claims and causes of
  action are expressly preserved.

F. Wilmington Trust Company

  Even though the Plan and the Confirmation Order each provide
  that, on the Effective Date, the reasonable Notes Indenture
  Trustee Fees will be paid in full in cash, in the event that
  (i) Wilmington Trust Company, in its capacity as Notes
  Indenture Trustee for the DMW Senior Notes, raises a dispute
  after the Effective Date with respect to the payment of its
  reasonable Notes Indenture Trustee Fees, and (ii) the
  Reorganized Debtors are unable to reasonably resolve any
  dispute, then any disputed amount of Wilmington Trust
  Company's Notes Indenture Trustee Fees will be subject to the
  jurisdiction of the Bankruptcy Court with respect to the
  reasonableness of those fees as provided under the DMW Senior
  Notes Indenture.  However, in the event that the Reorganized
  Debtors and the Wilmington Trust Company are unable to
  reasonably resolve any dispute with respect to the payment of
  its Notes Indenture Trustee Fees, Wilmington Trust Company
  may, in its sole discretion, elect to (i) submit any dispute
  to the Bankruptcy Court for resolution or (ii) assert its
  Notes Indenture Trustee Charging Lien against distributions to
  be made to the DMW Senior Notes Noteholders to obtain payment
  of the disputed Notes Indenture Trustee Fees.

  Nothing contained in the Plan will be deemed to impair, waive,
  extinguish or negatively impact Wilmington Trust Company's
  Notes Indenture Trustee Charging Lien against distributions to
  be made to the DMW Senior Notes Noteholders.

  The indemnification obligations of Dex Media West LLC and Dex
  Media West Finance Co. under the DMW Senior Notes Indentures
  in favor of Wilmington Trust Company in its capacity as
  Trustee under the DMW Senior Notes Indenture will survive
  solely against Reorganized Dex Media West, Inc. for a period
  of 12 months after the Effective Date; provided, however, that
  (i) the aggregate amount that may ultimately be paid pursuant
  to the indemnification obligations shall not exceed $250,000
  over the 12 month period; (ii) any claim for indemnification
  thereunder will solely be limited for actual losses incurred
  by Wilmington Trust Company and will be accompanied by
  supporting documentation, including but not limited to,
  invoices Of other demonstrative evidence reasonably acceptable
  to Reorganized Dex Media West, Inc.; and (iii) the settlement
  of any claim, cause of action or other action in an amount of
  $25,000 or more for which Wilmington Trust Company seeks
  indemnification from Reorganized Dex Media West, Inc. will be
  subject to the prior written consent of Reorganized Dex Media,
  Inc., which will not be unreasonably withheld.

  Wilmington Trust filed an untimely response to the Debtors'
  Plan on January 5, 2010, asserting that the Plan propose to
  improperly waive the rights of certain non-consenting
  noteholders to enforce certain subordination provisions.

             Estimated Value to be Distributed
           to DMW Senior Notes Noteholder Claims

The Confirmation Order states that at around the projected
emergence date of the Debtors by the end of January 2010, Holders
of DMW Senior Notes Noteholders Claims have an Allowed Claim in
the aggregate amount of $394 million, plus accrued but unpaid
interest, as of the Petition Date.

Based on Lazard Freres & Co. LLC's estimation of the range of
consolidated value of New RHDC Common Stock to be distributed to
the holders of certain Dex Media West Senior Notes Noteholders
Claims upon emergence, Lazard's consideration of the potential
value of the New RHDC Notes in the aggregate amount of $300
million to be distributed to the Holders of DMW Senior Notes
Noteholders Claims upon emergence, the implied market value of
the DMW Senior Notes based on recent trading metrics, and the
potential equity value of the New RHDC Common Stock upon
emergence implied by the recent trading metrics of the Notes,
Lazard believes that, considering the totality of the
circumstances, as of the projected end of January 2010 emergence
date, the value of the property to be distributed to Holders of
DMW Senior Notes Noteholders Claims under the Plan will not be
less than 100% of the amount of the Allowed Claims of the
Holders.

                Administrative Claims Bar Date

The Confirmation Order sets that all requests for payment of an
Administrative Claim will be filed with the Court and served on
the United States Trustee and counsel for the Debtors not later
than 45 days after the Effective Date of the Plan.  Unless the
U.S. Trustee, the Debtors or the Reorganized Debtors object to an
Administrative Claim within 45 days after receipt, the
Administrative Claim will be deemed allowed.

In the event that the U.S. Trustee, the Debtors or the
Reorganized Debtors object to an Administrative Claim, the Court
will determine the Allowed amount of the Administrative Claim,
provided that the U.S. Trustee, the Debtors or the Reorganized
Debtors, as applicable, and the applicant may resolve the
objection by stipulation, without further action of the Court.

No request for payment of an Administrative Claim need be filed
with respect to an Administrative Claim which is paid or payable
by a Debtor in the ordinary course of business.

       Deadline for Filing Final Professional Fee Requests

The Court also ruled that all final requests for compensation or
reimbursement of the fees of any bankruptcy professional,
including any claims for making a substantial contribution under
Section 503(b)(4) of the Bankruptcy Code, will be filed and
served on the Reorganized Debtors and their counsel and the U.S.
Trustee, not later than 45 days after the Effective Date, unless
otherwise ordered by the Bankruptcy Court.

                 Rejection Claims Bar Date

If the rejection by a Debtor, pursuant to the Plan, of an
executory contract or unexpired lease results in a Claim, then
the Claim will be forever barred and will not be enforceable
against any Debtor or Reorganized Debtor, or the properties of
any of them, unless a Proof of Claim is filed with the Claims
Agent and served upon counsel to the Debtors or the Reorganized
Debtors by the earlier of (i) 30 days after the Effective Date or
(ii) 30 days after entry of a Final Order rejecting any executory
contract or unexpired lease.

               Certificate of Incorporation

The Reorganized Debtors will file their Second Amended and
Restated Certificate of Incorporation with the Secretary of State
of the State of Delaware, which will among other things, provide
for:

  (i) the authorization of 310,000,000 shares of stock
      consisting of:

         (a) 300,000,000 of New RHDC Common Stock, of which
             50,000,000 will initially be issued and outstanding
             as of the Effective Date; and

         (b) 10,000,000 shares of preferred stock; provided,
             however, that shares representing 10% of the New
             RHDC Common Stock on a fully diluted basis will be
             reserved for issuance pursuant to the MIP
             Documents;

(ii) the prohibition of the issuance of non-voting equity
      securities; and

(iii) the change of Reorganized RHDC's corporate name to Dex One
      Corporation.

                     Technical Supplements

On January 8, 2010, the Debtors filed the technical supplements
to certain Plan Supplement Documents:

  * Second Amended and Restated Certificate of Incorporation of
    Reorganized RHDC;

  * Sixth Amended and Restated By-Laws of Reorganized RHDC;

  * Initial Directors and Officers of Reorganized RHDC,
    disclosing that these persons will lead the reorganized
    Debtors:

       Name                     Position
       ----                     --------
       David C. Swanson         Chairman and CEO
       W. Kirk Liddell          Lead Director
       Jonathan B. Bulkeley     Director
       Eugene I. Davis          Director
       Richard Kuersteiner      Director
       Mark A. McEachen         Director
       Alan F. Schultz          Director
       David C. Swanson         Chairman and CEO
       George F. Bednarz        Executive Vice President of
                                Sales and Operations

       Steven M. Blondy         Executive Vice President and
                                Chief Financial Officer

       Sean W. Greene           Senior Vice President,
                                Interactive

       Tyler D. Gronbach        Senior Vice President of
                                Corporate Communications and
                                Administration

       Mark W. Hianik           Senior Vice President, General
                                Counsel, and Corporate Secretary

       Margaret LeBeau          Senior Vice President and Chief
                                Marketing Officer

       Gretchen Zech            Senior Vice President, Human
                                Resources

       Jenny L. Apker           Vice President and Treasurer

       Sylvester J. Johnson     Vice President, Corporate
                                Controller and Chief Accounting
                                Officer

  * MIP Documents

       (a) Revised Management Incentive Plan;

       (b) Addendum to R.H. Donnelley Corporation Equity
           Incentive Plan; and

       (c) Stock Appreciation Right Agreement, which grants an
           employee, to receive a bonus equal to the
           appreciation in the  company's stock over a certain
           period.  SARs benefit employees with an increase in
           stock price without paying the exercise price and
           just receives the amount of the increase in cash or
           stock.

Full-text copies of the Plan Supplements are available for free
at http://bankrupt.com/misc/RHDPlanSupps1.pdf

                       About R.H. Donnelley

Based in Cary, North Carolina, R.H. Donnelley Corp., fka The Dun
& Bradstreet Corp. (OTC: RHDCQ) -- http://www.rhdonnelley.com/--
publishes and distributes print and online directories in the
U.S.  It offers print directory advertising products, such as
yellow pages and white pages directories.  R.H. Donnelley Inc.,
Dex Media, Inc. and Local Launch, Inc. are the company's only
direct wholly owned subsidiaries.

Dex Media East, LLC, is a publisher of the official yellow pages
and white pages directories for Qwest Communications International
Inc. (Qwest) in the states, where Qwest is the primary incumbent
local exchange carrier, such as Colorado, Iowa, Minnesota,
Nebraska, New Mexico, North Dakota and South Dakota.

R.H. Donnelley Corp. and 19 of its affiliates, including Dex
Media East LLC, Dex Media West LLC and Dex Media Inc., 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 215/945-7000)


R.H. DONNELLEY: Removal Period Extended Through February 22
-----------------------------------------------------------
The U.S. Bankruptcy Court has further extended the deadline within
which R.H. Donnelley Corp. and its units may file notices of
removal of claims and causes of action pursuant to Section 1452 of
the Bankruptcy Code and Rule 9027 of the Federal Rules of
Bankruptcy Procedure by 60 days, through and including February
22, 2010.

The Court's order was entered after the Debtors certified that
there were no objections as of January 8, 2010.

                       About R.H. Donnelley

Based in Cary, North Carolina, R.H. Donnelley Corp., fka The Dun
& Bradstreet Corp. (OTC: RHDCQ) -- http://www.rhdonnelley.com/--
publishes and distributes print and online directories in the
U.S.  It offers print directory advertising products, such as
yellow pages and white pages directories.  R.H. Donnelley Inc.,
Dex Media, Inc. and Local Launch, Inc. are the company's only
direct wholly owned subsidiaries.

Dex Media East, LLC, is a publisher of the official yellow pages
and white pages directories for Qwest Communications International
Inc. (Qwest) in the states, where Qwest is the primary incumbent
local exchange carrier, such as Colorado, Iowa, Minnesota,
Nebraska, New Mexico, North Dakota and South Dakota.

R.H. Donnelley Corp. and 19 of its affiliates, including Dex
Media East LLC, Dex Media West LLC and Dex Media Inc., 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 215/945-7000)


RICCO INC: Files Schedules of Assets & Liabilities
--------------------------------------------------
Ricco, Inc., filed with the U.S. Bankruptcy Court for the Northern
District of West Virginia its schedules of assets and liabilities,
disclosing:

  Name of Schedule                Assets             Liabilities
  ----------------                ------             -----------

A. Real Property             $14,227,000

B. Personal Property            $935,600

C. Property Claimed as
   Exempt

D. Creditors Holding
   Secured Claims                                        $25,000

E. Creditors Holding
   Unsecured Priority
   Claims                                                $43,000

F. Creditors Holding
   Unsecured Non-priority
   Claims                                             $4,025,674
                             -----------             -----------
TOTAL                        $15,162,600              $4,093,674

Elk Garden, West Virginia-based Ricco, Inc. -- aka Amico Partners,
Ambizioso Partners, Lupo Tana Partners, and Tre Manichinos
Partners -- filed for Chapter 11 bankruptcy protection on
January 7, 2010 (Bankr. N.D. W.V. Case No. 10-00023).  Todd
Johnson, Esq., at Johnson Law, PLLC, assists the Company in its
restructuring effort.  The Company has assets of $15,162,600, and
total debts of $4,093,674.


RICCO INC: Taps John Wiley & Todd Johnson as Bankruptcy Counsel
---------------------------------------------------------------
Ricco, Inc., has sought permission from the U.S. Bankruptcy Court
for the Northern District of West Virginia to employ John F. Wiley
and Todd Johnson as bankruptcy special counsel.

Mr. Wiley will assist in representation the estate.

Mr. Wiley says that the counsel will receive hourly rate and
compensation as set forth in the original fee agreement for legal
work, and the same is represented to be in the range of fees
generally charged and received in the bankruptcy industry as for
work performed.  The Debtor hasn't filed a copy of the agreement.

Messrs. Wiley and Johnson are acting as bankruptcy special counsel
for Debtors in regard to legal representation and has a combined
fee agreement covering the Calandrellas individually and Ricco,
including all partnership interests thereof, which includes Tre
Manichinos.

Messrs. Wiley and Johnson assure the Court that they are
"disinterested" as that term is defined in Section 101(14) of the
Bankruptcy Code.

Elk Garden, West Virginia-based Ricco, Inc. -- aka Amico Partners,
Ambizioso Partners, Lupo Tana Partners, and Tre Manichinos
Partners -- filed for Chapter 11 bankruptcy protection on
January 7, 2010 (Bankr. N.D. W.V. Case No. 10-00023).  Todd
Johnson, Esq., at Johnson Law, PLLC, assists the Company in its
restructuring effort.  The Company has assets of $15,162,600, and
total debts of $4,093,674.


RICHARD SADALA: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Richard L. Sadala
        3504 Aldie Rd.
        Catharpin, VA 20143

Bankruptcy Case No.: 10-10205

Chapter 11 Petition Date: January 12, 2010

Court: United States Bankruptcy Court
       Eastern District of Virginia (Alexandria)

Judge: Robert G. Mayer

Debtor's Counsel: Spencer D. Ault, Esq.
                  Law Office of Spencer D. Ault
                  13193 Mountain Road
                  Lovettsville, VA 20180
                  Tel: (703) 777-7800
                  Fax: (540) 822-3880
                  Email: Spencer@Aultlawyer.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 $1,564,250,
and total debts of $2,329,999.

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

            http://bankrupt.com/misc/vaeb10-10205.pdf

The petition was signed by Mr. Sadala.


RITZ COURT: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: Ritz Court, LLC
        128 East Seventh Street
        Plainfield, NJ 07060

Bankruptcy Case No.: 10-10852

Chapter 11 Petition Date: January 13, 2010

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

Judge: Morris Stern

Debtor's Counsel: Richard D. Trenk, Esq.
                  Trenk, DiPasquale, Webster,
                  Della Fera & Sodono, P.C.
                  347 Mt. Pleasant Avenue, Suite 300
                  West Orange, NJ 07052
                  Tel: (973) 243-8600
                  Email: rtrenk@trenklawfirm.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/njb10-10852.pdf

The petition was signed by David Connolly, member of the Company.


ROBIN BUNDY: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Robin Bundy
        2200 Jamaica Ct.
        Las Vegas, NV 89117

Bankruptcy Case No.: 10-10350

Chapter 11 Petition Date: January 12, 2010

Court: United States Bankruptcy Court
       District of Nevada (Las Vegas)

Judge: Mike K. Nakagawa

Debtor's Counsel: Gary S. Fink, Esq.
                  6600 W. Charleston Blvd., Ste 134
                  Las Vegas, NV 89146
                  Tel: (702) 834-7500
                  Fax: (702) 834-7505
                  Email: gary@omarlaw.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 $1,584,000,
and total debts of $3,504,476.

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

             http://bankrupt.com/misc/nvb10-10350.pdf

The petition was signed by Mr. Bundy.


RUMSEY LAND CO: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: Rumsey Land Co., LLC
        535 16th Street, Suite 600
        Denver, CO 80202

Bankruptcy Case No.: 10-10691

Type of Business:

Chapter 11 Petition Date: January 15, 2010

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

Judge: Howard R. Tallman

Debtor's Counsel: Aaron A. Garber, Esq.
                  303 E. 17th Ave., Ste. 500
                  Denver, CO 80203
                  Tel: (303) 832-2400
                  Email: aag@kutnerlaw.com

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

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

The petition was signed by Rod Guerrieri, the company's manager.


SANDY HOROWITZ: Owes $600,000 in Back Property Taxes
----------------------------------------------------
Eric Anderson at timesunion.com says Troy record showed that Sandy
Horowitz owes $600,000 in back property taxes, and has written off
a $400,000 loan he made to Troy Food & Beverage.

Based in Calabasa, California, Sanford Jay Horowitz aka Sandy
Horowitz filed for Chapter 11 protection on Nov. 3, 2009 (Bankr.
C.D. Calif. Case No. 09-24651).  Peter M. Lively, Esq., at The
Law Offices of Peter M Lively, represents the Debtor.  In its
petition, the debtor listed assets of between $10 million and
$50 million, and debts of between $1 million and $10 million.


SEQUA CORP: Bank Debt Trades at 8% Off in Secondary Market
----------------------------------------------------------
Participations in a syndicated loan under which Sequa Corporation
is a borrower traded in the secondary market at 92.45 cents-on-
the-dollar during the week ended Friday, Jan. 15, 2010, according
to data compiled by Loan Pricing Corp. and reported in The Wall
Street Journal.  This represents an increase of 2.70 percentage
points from the previous week, The Journal relates.  The Company
pays 325 basis points above LIBOR to borrow under the facility.
The bank loan matures on Nov. 28, 2014, and carries Moody's B2
rating and Standard & Poor's B- rating.  The debt is one of the
biggest gainers and losers among 168 widely quoted syndicated
loans with five or more bids in secondary trading for the week
ended Jan. 15.

The Troubled Company Reporter, on Oct. 12, 2009, related that
Moody's confirmed Sequa Corporation's Caa1 Corporate Family and
the Probability of Default Ratings.  Simultaneously, the company's
senior secured bank credit facility rating was confirmed at B2 and
the rating for the senior unsecured notes was confirmed at Caa2.
The rating outlook is negative.  This action completes the review
for possible downgrade that was
initiated on March 16, 2009.

On July 1, 2009, the TCR reported Standard & Poor's lowered its
corporate credit rating on Sequa Corporation to 'B-' from 'B'.
S&P also lowered its issue-level rating on the company's senior
debt to 'B-' (the same as the corporate credit rating) from 'BB-'.
In addition, Standard & Poor's revised the recovery rating on this
debt to '3' from '1', indicating S&P's expectations of meaningful
(50%-70%) recovery in the event of a payment default.  At the same
time, S&P lowered its issue-level rating on Sequa's senior
unsecured debt to 'CCC' (two notches below the corporate credit
rating) from 'B-'.  S&P also revised the recovery rating on this
debt to '6' from '5', indicating S&P's expectations of negligible
(0%-10%) recovery the event of a payment default.  S&P also
revised the outlook to negative from stable.

Sequa Corporation, headquartered in New York, is a diversified
industrial company operating in three business segments: aerospace
through Chromalloy Gas Turbine, automotive through ARC Automotive
and Casco Products and metal coating through Precoat Metals.  LTM
revenue as of 6/30/09 was approximately $1.5 billion.


SHERWOOD FARMS: Case Summary & 15 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Sherwood Farms, Inc.
          fdba American Mercantile Corporation
        13613 Honeycomb Road
        Groveland, FL 34736

Bankruptcy Case No.: 10-00578

Chapter 11 Petition Date: January 15, 2010

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

Debtor's Counsel: Mariane L. Dorris, Esq.
                  Latham Shuker Eden & Beaudine LLP
                  390 North Orange Avenue, Suite 600
                  Orlando, FL 32801
                  Tel: (407) 481-5800
                  Fax: (407) 481-5801
                  Email: bankruptcynotice@lseblaw.com

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

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

The petition was signed by Julian Benscher, the company's
president.

Debtor's List of 15 Largest Unsecured Creditors:

  Entity                   Nature of Claim        Claim Amount
  ------                   ---------------        ------------
AK Nursery Inc.            Trade debt             $3,000

Amerigas                   Trade debt             $53,893

Bank of America            Credit Card            $33,700

Best Plant Nursery         Trade debt             $1,522

BWI                        Trade debt             $1,328

Ceramo Company             Trade debt             $4,764

Chase Credit Card          Credit Card            $29,000

Floralife                  Trade debt             $820

IC Industries              Trade debt             $2,664

Industrial Battery         Trade debt             $730

John Henry Company         Trade debt             $982

Label It                   Trade debt             $2,162

Packaging Corp of America  Trade debt             $1,466

ProSource One              Trade debt             $14,816

Wholesale Plant Industry   Trade debt             $472


SHERWOOD INVESTMENTS: Case Summary & 2 Largest Unsecured Creditors
------------------------------------------------------------------
Debtor: Sherwood Investments Overseas Limited Incorporated
        5165 Isleworth Country Club Rd.
        Windermere, FL 34786

Bankruptcy Case No.: 10-00584

Chapter 11 Petition Date: January 15, 2010

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

Debtor's Counsel: Mariane L. Dorris, Esq.
                  Latham Shuker Eden & Beaudine LLP
                  390 North Orange Avenue, Suite 600
                  Orlando, FL 32801
                  Tel: (407) 481-5800
                  Fax: (407) 481-5801
                  Email: bankruptcynotice@lseblaw.com

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

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

The petition was signed by Julian Benscher, the company's
authorized agent.

Debtor's List of 2 Largest Unsecured Creditors:

  Entity                   Nature of Claim        Claim Amount
  ------                   ---------------        ------------
Julain Benscher            Loan                   $3,780,000
5165 Iselworth Country Club
Windermere, FL 34786

Lee J. Maher               Loan                   $1,128,900
c/o Solar Blue LLC
189 S Orange Avenue #2100
Orlando, FL 32801


SMURFIT-STONE CONTAINER: IRS Seeks Interest On Overdue Taxes
------------------------------------------------------------
While certain Smurfit-Stone Container Enterprises Inc. noteholders
are drumming to convert the company's restructuring to a Chapter 7
liquidation, the Internal Revenue Service has lodged an objection
to the bankrupt packaging maker's sweeping reorganization plan,
according to Law360.

Smurfit-Stone Container Corp. -- http://www.smurfit-stone.com/--
is one of the leading integrated manufacturers of paperboard and
paper-based packaging in North America and one of the world's
largest paper recyclers.  The Company operates 162 manufacturing
facilities that are primarily located in the United States and
Canada.  The Company also owns roughly one million acres of
timberland in Canada and operates wood harvesting facilities in
Canada and the United States.  The Company employs roughly 21,250
employees, 17,400 of which are based in the United States.  For
the quarterly period ended September 30, 2008, the Company
reported roughly $7.450 billion in total assets and $5.582 billion
in total liabilities on a consolidated basis.

Smurfit-Stone and its U.S. and Canadian subsidiaries filed for
Chapter 11 protection on January 26, 2009 (Bankr. D. Del. Lead
Case No. 09-10235).  Certain of the company's affiliates,
including Smurfit-Stone Container Canada Inc., a wholly owned
subsidiary of SSCE, and certain of its affiliates, filed to
reorganize under the Companies' Creditors Arrangement Act in the
Ontario Superior Court of Justice in Canada.

Smurfit-Stone joined pulp- and paper-related bankruptcies as
rising Internet use hurts magazines and newspapers.  Corporacion
Durango SAB, Mexico's largest papermaker, sought U.S. bankruptcy
in October.  Quebecor World Inc., a magazine printer and Pope &
Talbot Inc., a pulp-mill operator, also sought cross-border
bankruptcies for their operations in the U.S. and Canada.

James F. Conlan, Esq., Matthew A. Clemente, Esq., Dennis M.
Twomey, Esq., and Bojan Guzina, Esq., at Sidley Austin LLP, in
Chicago, Illinois; and Robert S. Brady, Esq., and Edmon L. Morton,
Esq., at Young Conaway Stargatt & Taylor in Wilmington, Delaware,
serve as the Debtors' bankruptcy counsel.  PricewaterhouseCooper
LLC, serves as the Debtors' financial and investment consultants.
Lazard Freres & Co. LLC acts as the Debtors' investment bankers.
Epiq Bankruptcy Solutions LLC acts as the Debtors' notice and
claims agent.

Bankruptcy Creditors' Service, Inc., publishes Smurfit-Stone
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
and ancillary foreign proceedings undertaken by Smurfit-Stone
Container Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


SOUTHEAST TELEPHONE: Has Until March 29 to File Chapter 11 Plan
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Kentucky
extended SouthEast Telephone, Inc.'s exclusivity periods to file
its Chapter 11 plan and disclosure statement until March 29, 2010,
and to solicit acceptances of that plan until May 29, 2010.

Pikeville, Kentucky-based SouthEast Telephone, Inc., operates a
telecommunication business.  The Company filed for Chapter 11 on
Sept. 28, 2009 (Bankr. E.D. Ky. Case No. 09-70731).  Jamie L.
Harris, Esq., and Laura Day DelCotto, Esq., at Wise DelCotto PLLC,
represent the Debtor in its restructuring effort.  In the Debtor's
schedules, it said it has assets of at least $15,573,655, and
total debts of $31,423,707.


SPANSION INC: Seeks Approval of $450MM Exit Financing
-----------------------------------------------------
BankruptcyData reports that Spansion Inc. and its units filed with
the U.S. Bankruptcy Court a motion for an order authorizing them
to (I) enter into a senior secured debt facility with Barclays
Capital and Morgan Stanley Senior Funding, as joint lead arrangers
and Barclays Bank as administrative agent and collateral agent,
(II) pay fees and expenses in connection therewith and (III)
scheduling a final hearing, pursuant to Bankruptcy Rule 4001.
The senior secured term loan facility is for an aggregate
principal amount of up to $450,000,000.

According to BData, the Company also filed with the Court a motion
for entry of an order (i) authorizing the Debtors to lodge and
maintain under seal a fee letter and term sheet containing
confidential information to be offered by the Debtors and/or
Barclays Capital, the investment banking division of Barclays Bank
PLC and/or Morgan Stanley Senior Funding.

                       Confidential Discovery

Meanwhile, Law360 reports that a bankruptcy judge has approved
confidentiality requirements for discovery in a patent-related
dispute between Spansion Inc. and rival Tessera Inc., which has
vowed to successfully assert an administrative expense claim for
hundreds of millions of dollars that could doom Spansion's Chapter
11 reorganization plan.

                        About Spansion Inc.

Spansion Inc. (Pink Sheets: SPSNQ) -- http://www.spansion.com/--
is a Flash memory solutions provider.  Spansion is a former joint
venture of AMD and Fujitsu.

Spansion Inc., Spansion LLC, Spansion Technology LLC, Spansion
International, Inc., and Cerium Laboratories LLC filed voluntary
petitions for Chapter 11 on March 1, 2009 (Bankr. D. Del. Lead
Case No. 09-10690).  On February 9, 2009, Spansion's Japanese
subsidiary, Spansion Japan Ltd., voluntarily entered into a
proceeding under the Corporate Reorganization Law (Kaisha Kosei
Ho) of Japan to obtain protection from its creditors as part of
the company's restructuring efforts. None of Spansion's
subsidiaries in countries other than the United States and Japan
are included in the U.S. or Japan filings.

Michael S. Lurey, Esq., Gregory O. Lunt, Esq., and Kimberly A.
Posin, Esq., at Latham & Watkins LLP, have been tapped as
bankruptcy counsel.  Michael R. Lastowski, Esq., at Duane Morris
LLP, is the Delaware counsel.  Epiq Bankruptcy Solutions LLC, is
the claims agent.  The United States Trustee has appointed an
official committee of unsecured creditors in the case.  As of
September 30, 2008, Spansion disclosed total assets of
US$3,840,000,000, and total debts of US$2,398,000,000.

Spansion Japan Ltd. filed a Chapter 15 petition on April 30, 2009
(Bankr. D. Del. Case No. 09-11480).  The Chapter 15 Petitioner's
counsel is Gregory Alan Taylor, Esq., at Ashby & Geddes.  It said
that Spansion Japan had US$10 million to US$50 million in assets
and US$50 million to US$100 million in debts.

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


SPANSION INC: Longacre, Et Al., Buy Claims
------------------------------------------
In separate Court filings, creditors of Spansion Inc. disclosed
that they intend to transfer each of their claims against the
Debtors to these parties:

Transferor            Transferee                        Amount
----------            ----------                       --------
Euler Hermes ACI      Longacre Opportunity Fund, L.P.  $120,604
Euler Hermes ACI      Longacre Opportunity Fund, L.P.   120,604
Solvay Chemicals Inc  Longacre Opportunity Fund, L.P.   108,414
Kobe Precision, Inc.  ASM Capital, L.P.                 274,550
Titan Solutions Group Liquidity Solutions, Inc.          82,355
MMBS Inc.             ASM Capital III, L.P.              11,952
Colletti-Fiss, LLC    ASM Capital III, L.P.              13,839
Fabcom Ltd            Liquidity Solutions Inc             1,028
Pfeiffer Vaccum Inc   Liquidity Solutions Inc            16,000
Volt Management Corp  Hain Capital Holdings, Ltd.       183,422
Basic Chemical
Solutions             ASM Capital, L.P.                   9,201
Economic Consulting
Services LLC          Liquidity Solutions, Inc.          54,611

Wireless Silicon
Group, Inc.           Hain Capital Holdings, Ltd.       160,000

Wireless Silicon
Group, Inc.           Hain Capital Holdings, Ltd.       160,000

Cymer, Inc.           ASM Capital III, L.P.             506,700

                        About Spansion Inc.

Spansion Inc. (Pink Sheets: SPSNQ) -- http://www.spansion.com/--
is a Flash memory solutions provider.  Spansion is a former joint
venture of AMD and Fujitsu.

Spansion Inc., Spansion LLC, Spansion Technology LLC, Spansion
International, Inc., and Cerium Laboratories LLC filed voluntary
petitions for Chapter 11 on March 1, 2009 (Bankr. D. Del. Lead
Case No. 09-10690).  On February 9, 2009, Spansion's Japanese
subsidiary, Spansion Japan Ltd., voluntarily entered into a
proceeding under the Corporate Reorganization Law (Kaisha Kosei
Ho) of Japan to obtain protection from its creditors as part of
the company's restructuring efforts. None of Spansion's
subsidiaries in countries other than the United States and Japan
are included in the U.S. or Japan filings.

Michael S. Lurey, Esq., Gregory O. Lunt, Esq., and Kimberly A.
Posin, Esq., at Latham & Watkins LLP, have been tapped as
bankruptcy counsel.  Michael R. Lastowski, Esq., at Duane Morris
LLP, is the Delaware counsel.  Epiq Bankruptcy Solutions LLC, is
the claims agent.  The United States Trustee has appointed an
official committee of unsecured creditors in the case.  As of
September 30, 2008, Spansion disclosed total assets of
US$3,840,000,000, and total debts of US$2,398,000,000.

Spansion Japan Ltd. filed a Chapter 15 petition on April 30, 2009
(Bankr. D. Del. Case No. 09-11480).  The Chapter 15 Petitioner's
counsel is Gregory Alan Taylor, Esq., at Ashby & Geddes.  It said
that Spansion Japan had US$10 million to US$50 million in assets
and US$50 million to US$100 million in debts.

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


SPURLOCK LOGGING: Voluntary Chapter 11 Case Summary
---------------------------------------------------
Debtor: Spurlock Logging, Inc.
        6395 County Road 4260
        P.O. Box 795
        Woodville, TX 75979

Bankruptcy Case No.: 10-90008

Chapter 11 Petition Date: January 12, 2010

Court: United States Bankruptcy Court
       Eastern District of Texas (Lufkin)

Debtor's Counsel: Frank J. Maida, Esq.
                  Maida Law Firm
                  4320 Calder Avenue
                  Beaumont, TX 77706-4631
                  Tel: (409) 898-8200
                  Fax: (409) 898-8400
                  Email: maidalawfirm@gt.rr.com

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

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

The petition was signed by Charles F. Spurlock, president of the
company.


ST STEPHEN STATE BANK: First State Bank Assumes All Deposits
------------------------------------------------------------
St. Stephen State Bank, St. Stephen, Minnesota, was closed January
15 by the Minnesota Department of Commerce, 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 State Bank of St. Joseph, St.
Joseph, Minnesota, to assume all of the deposits of St. Stephen
State Bank.

The two branches of St. Stephen State Bank will reopen during
normal business hours as branches of First State Bank of St.
Joseph.  Depositors of St. Stephen State Bank will automatically
become depositors of First State Bank of St. Joseph. 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 branch until they receive notice from First State Bank of
St. Joseph that it has completed systems changes to allow other
First State Bank of St. Joseph branches to process their accounts
as well.

As of September 30, 2009, St. Stephen State Bank had approximately
$24.7 million in total assets and $23.4 million in total deposits.
First State Bank of St. Joseph did not pay the FDIC a premium to
assume all of the deposits of St. Stephen State Bank. In addition
to assuming all of the deposits of the St. Stephen State Bank,
First State Bank of St. Joseph agreed to purchase essentially all
of the failed bank's assets.

The FDIC and First State Bank of St. Joseph entered into a loss-
share transaction on $20.4 million of St. Stephen State Bank's
assets. First State Bank of St. Joseph will share in the losses on
the asset pools covered under the loss-share agreement. The loss-
share transaction is projected to maximize returns on the assets
covered by keeping them in the private sector. The transaction
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 today's transaction can call
the FDIC toll-free at 1-800-591-2845. The phone number will be
operational this evening until 9:00 p.m., Central Standard Time
(CST); on Saturday from 9:00 a.m. to 6:00 p.m., CST; on Sunday
from noon to 6:00 p.m., CST; and thereafter from 8:00 a.m. to 8:00
p.m., CST. Interested parties also can visit the FDIC's Web site
at http://www.fdic.gov/bank/individual/failed/ststephen.html

The FDIC estimates that the cost to the Deposit Insurance Fund
(DIF) will be $7.2 million. First State Bank of St. Joseph's
acquisition of all the deposits was the "least costly" resolution
for the FDIC's DIF compared to all alternatives. St. Stephen State
Bank is the third FDIC-insured institution to fail in the nation
this year, and the first in Minnesota. The last FDIC-insured
institution closed in the state was Prosperan Bank, Oakdale, on
November 6, 2009.

First American Bank, Elk Grove Village, Illinois Assumes All of
the Deposits of Town Community Bank and Trust, Antioch, Illinois


STATION CASINOS: Creditors' Fraud Claims Trigger Protest
--------------------------------------------------------
Law360 reports that lenders are crying foul over a bid by
unsecured creditors of Station Casinos Inc. to pursue fraudulent
transfer claims related to the lenders' leveraged buyout and lease
agreement, which the creditors allege is responsible for the
casino company's insolvency.

Station Casinos, Inc., is a gaming and entertainment company that
currently owns and operates nine major hotel/casino properties
(one of which is 50% owned) and eight smaller casino properties
(three of which are 50% owned), in the Las Vegas metropolitan
area, as well as manages a casino for a Native American tribe.

Station Casinos Inc., together with its affiliates, filed for
Chapter 11 on July 28, 2009 (Bankr. D. Nev. Case No. 09-52477).
Station Casinos has hired Milbank, Tweed, Hadley & McCloy LLP as
legal counsel in the Chapter 11 case; Brownstein Hyatt Farber
Schreck, LLP, as regulatory counsel; and Lewis and Roca LLP as
local counsel.  The Debtor is also hiring Lazard Freres & Co. LLC
as investment banker and financial advisor.  Kurtzman Carson
Consultants LLC is the claims and noticing agent.

In its bankruptcy petition, Station Casinos said that it had
assets of $5,725,001,325 against debts of $6,482,637,653 as of
June 30, 2009.  About 4,378,929,997 of its liabilities constitute
unsecured or subordinated debt securities.

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


SUN MICROSYSTEMS: Oracle Deal Won't Affect Moody's 'Ba1' Rating
---------------------------------------------------------------
Moody's Investors Service said the European Commission's recent
communiqu‚ that it will likely approve Oracle Corporation's (A2)
pending acquisition of Sun Microsystems, Inc., does not affect the
review for possible upgrade of Sun's Ba1 rating.

The last rating action was on April 20, 2009, when Moody's placed
Sun's ratings on review for possible upgrade following the
announcement that it had entered into a definitive agreement to be
purchased by Oracle for approximately $7.4 billion.

Sun Microsystems, Inc., based in Santa Clara, California, is a
leading worldwide provider of network computing systems and
service solutions for enterprise customers.  Net revenues for the
last twelve months ended September 30, 2009 were $10.7 billion.
Oracle's pending acquisition of Sun has received approvals from
its board of directors and shareholders, as well as from the DOJ.
The company is awaiting approval from the EC, which is expected to
submit a final ruling by January 27, 2010.


SWIFT TRANSPORTATION: Bank Debt Trades at 5% Off
------------------------------------------------
Participations in a syndicated loan under which Swift
Transportation Co., Inc., is a borrower traded in the secondary
market at 94.61 cents-on-the-dollar during the week ended Friday,
Jan. 15, 2010, according to data compiled by Loan Pricing Corp.
and reported in The Wall Street Journal.  This represents an
increase of 2.44 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 debt carries Moody's B3 rating and Standard & Poor's B-
rating.  The debt is one of the biggest gainers and losers among
168 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended Jan. 15.

Swift Transportation Co., Inc. -- http://www.swifttrans.com/--
hauls freight such as building materials, paper products, and
retail merchandise throughout the U.S. 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.


SYNCORA HOLDINGS: Unit Expects Decrease in Statutory Capital
------------------------------------------------------------
Syncora Holdings Ltd.'s wholly owned New York financial guarantee
subsidiary, Syncora Guarantee Inc., expects, based on information
available to date, to record in the fourth quarter of 2009 a
material decrease in its statutory policyholders' surplus
principally as a result of an increase of its statutory basis
reserves for unpaid losses and loss adjustment expenses on its
guarantees of residential mortgage-backed securities, partially
offset by ongoing remediation efforts by the Company.  The Company
reported a policyholders' surplus of $181.7 million as of
September 30, 2009, and expects that it will remain in compliance
with the New York State Insurance Department's (the "NYID")
minimum policyholders' surplus requirement of $65 million.

In addition, in July 2009 the Company completed substantially all
the steps of its comprehensive restructuring, except for one
remaining transaction, which resulted in the Company's return to
compliance with its minimum policyholders' surplus as of
September 30, 2009.  When the remaining transaction is ready to
close, the Company expects to make a submission to the NYID
confirming that such closing is ready to proceed and that, upon
closing, the policyholders' surplus will not be impaired and
requesting that the claims suspension order of April 10, 2009, be
lifted.  Once the claims suspension order is lifted and the
closing occurs, the Company expects to recommence payment of
claims, including all suspended payments since April 27, 2009.
The Company is currently in advanced negotiations with respect to
the remaining transaction and anticipates that it may be able to
close the transaction in the near future, subject to obtaining
NYID approval and a waiver from certain parties.  However, there
can be no assurance that the transaction will close in the near
future or at all.  Furthermore, there can be no assurance that the
NYID will accept the Company's submission and lift the claims
suspension order.

Finally, Syncora announced that, effective January 19, 2010, its
U.S. headquarters will be relocated to One Worldwide Plaza, 825
8th Avenue, 24th Floor, New York, New York 10019-7416.  Telephone
and facsimile numbers will remain the same.

                    About Syncora Holdings Ltd.

Syncora Holdings Ltd is a Bermuda-domiciled holding company.
Syncora Guarantee Inc. is a wholly owned subsidiary of Syncora
Holdings Ltd.


TEEKAY CORP: S&P Corrects Press Release on January 30
-----------------------------------------------------
Standard & Poor's Ratings Services has corrected a media release
published Jan. 13, 2010, that incorrectly stated in the second
paragraph that the proposed notes were secured obligations, rather
than unsecured obligations.

S&P said it assigned its 'BB' issue-level rating to Teekay Corp.'s
proposed 10-year US$300 million senior unsecured notes.  S&P also
assigned a '4' recovery rating to the debt, indicating S&P's
expectation of an average (30%-50%) recovery in the event of a
payment default.

The proposed notes will be unsecured obligations and will rank
pari passu with all existing unsecured and unsubordinated
indebtedness of the issuer.  S&P understands that the company will
use the proceeds of the proposed notes to repay through a tender
offer the unsecured notes outstanding due 2011, as well as
borrowings under its revolving credit facilities.  This should
result in no material change in the company's consolidated debt
levels.  S&P rates the long-term corporate credit rating on Teekay
'BB', with a stable outlook.

"The ratings reflect what S&P see as Teekay's market-leading and
defendable position in the shuttle tanker business, increasing
revenue contribution from more stable liquefied gas and offshore
segments, improving product offering, and the high priority it has
given to restoring a more prudent capital structure," said
Standard & Poor's credit analyst Greg Pau.

S&P believes that these strengths are partially offset by the
company's continued, albeit reducing, participation in the highly
cyclical spot tanker segment.  They are also offset by Teekay's
aggressive financial risk profile brought about by its debt-
financed acquisitions, which are part of its strategy to become a
full-range service provider to the midstream oil and gas industry.

                           Ratings List

                           Teekay Corp.

           Corporate credit rating        BB/Stable/--

                          Rating Assigned

               US$300 million sr unsecured notes  BB
                Recovery rating                   4


TELECONNECT INC: Auditors Raise Going Concern Doubt
---------------------------------------------------
Coulter & Justus, P.C., in Knoxville, Tennessee, expressed
substantial doubt about Teleconnect Inc. and subsidiaries' ability
to continue as a going concern after auditing the Company's
consolidated financial statements as of and for the years ended
September 30, 2009, and 2008.  The independent public accounting
firm pointed to the Company's recurring losses and net capital
deficiency in addition to a working capital deficiency.

The Company reported a net loss of $1,828,443 on sales of $361,989
for the year ended September 30, 2009, compared to a net loss of
$3,510,739 on sales of $181,935 for the year ended September 30,
2008.

Net loss before discontinued operations was $1,597,872 in fiscal
2009, compared to $2,075,551 in the previous fiscal period.

In fiscal 2009 the Company reported a net loss from discontinued
operations of $230,571 compared to a net loss of $1,435,188 during
fiscal 2008.

In March 2009, the Company entered into an agreement to sell ITS
Europe, Teleconnect Spain, Teleconnect Telecom and Recarganet to
certain employees and officers of Teleconnect Spain with the
Company retaining 10% of Teleconnect SA.

The sale of ITS Europe to certain employees and officers of
Teleconnect Spain and the assumption of ITS Europe debts was
completed on May 14, 2009.

                          Balance Sheet

At September 30, 2009, Teleconnect Inc.'s consolidated balance
sheet showed $3,765,332 in total assets and $7,164,986 in total
current liabilities, resulting in a $3,399,654 shareholders'
deficit.

The Company reported current assets of $2,608,875 and current
liabilities of $7,164,986 at September 30, 2009, resulting in a
working capital deficit of $4,556,111.  The Company reported a
working capital deficit of $5,287,306 at September 30, 2008.

A full-text copy of the Company's annual report on Form 10-K is
available at no charge at http://researcharchives.com/t/s?4d75

                      About Teleconnect Inc.

Based in Breda, The Netherlands, Teleconnect Inc. (OTC: TLCO) --
http://teleconnect.es/-- through its subsidiary, PhotoWizz BV,
engages in the sale of multimedia kiosks and hardware components
to the suppliers of retail chains in the Netherlands.


TERREL REID: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Joint Debtors: Terrel Reid
               Sharon Davies
               131 First Avenue North
               Ketchum, ID 83340

Bankruptcy Case No.: 10-40057

Chapter 11 Petition Date: January 15, 2010

Court: United States Bankruptcy Court
       District of Idaho [LIVE] (Twin Falls)

Judge: Jim D. Pappas

Debtors' Counsel: Matthew Todd Christensen, Esq.
                  Angstman, Johnson & Associates, PLLC
                  3649 N. Lakeharbor Lane
                  Boise, ID 83703
                  Tel: (208) 384-8588
                  Fax: (208) 853-0117
                  Email: mtc@angstman.com

                  Thomas James Angstman, Esq.
                  Angstman Johnson & Associates, PLLC
                  3649 N Lakeharbor Ln
                  Boise, ID 83703
                  Tel: (208) 384-8588
                  Fax: (208) 853-0117
                  Email: mindy@angstman.com

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

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

The petition was signed by the Joint Debtors.

Debtor's List of 20 Largest Unsecured Creditors:

  Entity                   Nature of Claim        Claim Amount
  ------                   ---------------        ------------
American Express           Credit card            $14,837

American Express Optima    Credit card            $8,214

Bank of America            Van                    $10,588
                                                  ($0 secured)

Bank of America            15 East Deloney,       $709,000
233 S. Wacker Drive        Jackson, Wyoming and   ($0 secured)
Ste. 2800                  131 N. 1st Ave.,
Chicago, IL 60606          Ketchum, ID

Bank of America            Davies Reid, Inc.      $601,258
233 S. Wacker Drive        inventory              ($0 secured)
Ste. 2800
Chicago, IL 60606

Bank of America            Default fees           $75,000

Jackson Magazine           Advertising            $1,315

Keybank                    Credit card            $20,900

KPCW                       Advertising            $1,000

Mills Publication          Advertising            $486

Mountain Express           Advertising            $986

SLC Magazine/RMS           Advertising            $450

The Cabin Literary Center  Advertising            $1,200

The Catalogs               Advertising            $1,815

US Bank                    Credit card            $20,000

US Bank                    Credit card            $18,586

United Mileage Plus        Credit card            $25,100

United Mileage Plus        Credit card            $25,062

Wells Fargo                Credit card            $33,355

Wells Fargo                Credit card            $29,211


TOWN COMMUNITY BANK: Closed; First American to Assume Deposits
--------------------------------------------------------------
Town Community Bank and Trust, Antioch, Illinois, was closed
January 15 by the Illinois Department of Financial Professional
Regulation, Division of Banking, 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 American Bank, Elk Grove Village, Illinois,
to assume all of the deposits of Town Community Bank and Trust.

The sole branch of Town Community Bank and Trust will reopen on
Saturday as a branch of First American Bank. Depositors of Town
Community Bank and Trust will automatically become depositors of
First American 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 the former Town Community Bank and Trust
branch until they receive notice from First American Bank that it
has completed systems changes to allow other First American Bank
branches to process their accounts as well.

As of September 30, 2009, Town Community Bank and Trust had
approximately $69.6 million in total assets and $67.4 million in
total deposits. First American Bank did not pay the FDIC a premium
to assume all of the deposits of Town Community Bank and Trust. In
addition to assuming all of the deposits, First American Bank
agreed to purchase approximately $67.6 million of Town Community
Bank and Trust's assets. The FDIC retained the remaining assets
for later disposition.

The FDIC and First American Bank entered into a loss-share
transaction on $56.2 million of Town Community Bank and Trust's
assets. First American Bank will share in the losses on the asset
pools covered under the loss-share agreement. The loss-share
transaction is projected to maximize returns on the assets covered
by keeping them in the private sector. The transaction 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 1-877-894-4710.  Interested parties also can
visit the FDIC's Web site at
http://www.fdic.gov/bank/individual/failed/towncommunity.html

The FDIC estimates that the cost to the Deposit Insurance Fund
(DIF) will be $17.8 million.  First American Bank's acquisition of
all the deposits was the "least costly" resolution for the FDIC's
DIF compared to all alternatives. Town Community Bank and Trust is
the second FDIC-insured institution to fail in the nation this
year, and the first in Illinois. The last FDIC-insured institution
closed in the state was Independent Bankers' Bank, Springfield, on
December 18, 2009.


TOYS "R" US: Bank Debt Trades at Less Than 1% Off
-------------------------------------------------
Participations in a syndicated loan under which Toys R Us is a
borrower traded in the secondary market at 99.41 cents-on-the-
dollar during the week ended Friday, Jan. 15, 2010, according to
data compiled by Loan Pricing Corp. and reported in The Wall
Street Journal.  This represents an increase of 1.74 percentage
points from the previous week, The Journal relates.  The loan
matures on July 19, 2012.  The Company pays 425 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 168 widely quoted syndicated
loans with five or more bids in secondary trading for the week
ended Jan. 15.

Toys "R" Us, headquartered in Wayne, New Jersey, is the largest
specialty retailer of toys, with annual revenues of around
$14 billion.  It operates stores both in the U.S. and
internationally, as well as the Babies "R" Us format.


TRIBECA FIVE: Files for Chapter 11 Bankruptcy
---------------------------------------------
Amanda Fung at Crain's New York Business says Tribeca Five filed
for Chapter 11 bankruptcy.  The company relates the planned condo
conversion at 283 West Broadway failed when Inland Mortgage
Capital Corp. could not deliver its $11 million acquisition and
construction loan on time.  The company said the Chapter 11 filing
will address any disputed mortgage claim and accelerate final
disposition of the property, Ms Fung notes.  Tribeca Five is a
real estate developer.


TRIBUNE CO: Wilmington Trust Seeks Examiner
-------------------------------------------
Wilmington Trust Company, successor indenture trustee for the
Exchangeable Subordinated Debentures due 2029 in the aggregate
principal amount of approximately $1.2 billion issued in April
1999 by Tribune, filed a motion with the U.S. Bankruptcy Court for
entry of an order directing the appointment of an examiner.

Wilmington Trust says that to protect the interest of bondholders,
an examiner should investigate a 2007 leveraged buyout that left
Tribune with debts surpassing $11 billion.

Wilmington Trust adds that it has learned that the Debtors'
estates hold very significant causes of action against multiple
prospective defendants, including current and former members of
the official committee, arising from Tribune's 2007 leveraged buy-
out transaction.  Those causes of action include, but are not
limited to, claims for fraudulent conveyance, breach of fiduciary
duty, aiding and abetting the same and equitable subordination.

Wilmington Trust is a member of the official committee of
unsecured creditors appointed in the Debtors' Chapter 11 cases.
WTC noted that the Creditors Committee, which is investigating,
includes members who have "disabling conflicts of interest" or "no
financial incentive to pursue causes of action."

The motion for an examiner will be heard in Bankruptcy Court on
Jan. 27.

                         About Tribune Co.

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)


TROPICANA ENTERTAINMENT: Board to Have Session on Aztar License
---------------------------------------------------------------
The Indiana Gaming Commission's Web site noted that the Commission
has set an executive session for January 14, 2010, at 1:00 pm
Eastern Standard Time, for the consideration of the license
transfer of Casino Aztar to Tropicana Entertainment Inc.

Casino Aztar was previously owned by Tropicana Entertainment LLC,
which company has recently been acquired by a group of investors
led by Carl Icahn.  The Icahn investor group contemplates renaming
the newly acquired company as Tropicana Entertainment Inc.  The
parties are presently winding up, and are on the verge of closing,
the sale transaction process.

In light of the sale transaction, the Indiana Gaming Commission
held that the new owners of Casino Aztar should acquire a new
license for operating the Casino.

Mayor Jonathan Weinzapfel and Tom Dingman, an attorney-in-fact
appointed to manage the Casino, are expected to attend and testify
in the January 14 meeting before the Indiana Gaming Commission.

                   About Tropicana Entertainment

Tropicana Entertainment LLC and its units owned eleven casino
properties in eight distinct gaming markets with premier
properties in Las Vegas, Nevada, and Atlantic City, New Jersey.

Tropicana Entertainment LLC and certain affiliates filed for
Chapter 11 protection on May 5, 2008 (Bankr. D. Del. Case No. 08-
10856).  Kirkland & Ellis LLP and Mark D. Collins, Esq., at
Richards Layton & Finger, represent the Debtors in their
restructuring efforts.  Their financial advisor is Lazard Ltd.
Their notice, claims, and balloting agent is Kurtzman Carson
Consultants LLC.  Epiq Bankruptcy Solutions LLC is the Debtors'
Web site administration agent.  AlixPartners LLP is the Debtors'
restructuring advisor.  Stroock & Stroock & Lavan LLP and Morris
Nichols Arsht & Tunnell LLP represent the Official Committee of
Unsecured Creditors in this case.  Capstone Advisory Group LLC is
financial advisor to the Creditors' Committee.

The OpCo Debtors, a group of Tropicana entities owning casinos and
resorts in Atlantic City, New Jersey and Evansville, Indiana have
emerged from bankruptcy pursuant to a reorganization plan.  A
group of Tropicana entities, known as the LandCo Debtors, which
own Tropicana casino property in Las Vegas, have emerged from
Chapter 11 via a separate Chapter 11 plan.

On April 29, 2009, non-debtor units of the OpCo Debtors,
designated as the New Jersey Debtors -- Adamar of New Jersey,
Inc., and its affiliate, Manchester Mall, Inc. -- filed for
Chapter 11 (Bankr. D. N.J. Lead Case No. 09- 20711) to effectuate
a sale of the Atlantic City Resort and Casino to a group of
Investors-led by Carl Icahn.   Judge Judith H. Wizmur presides
over the cases.  Manchester Mall is a wholly owned subsidiary of
Adamar that owns and operates certain real property utilized in
the New Jersey Debtors' business operations.

Ilana Volkov, Esq., and Michael D. Sirota, Esq., at Cole, Schotz,
Meisel, Forman & Leonard, in Hackensack, New Jersey, represent the
New Jersey Debtors.  Kurtzman Carson Consultants LLC acts as their
claims and notice agent.  Adamar disclosed $500 million to
$1 billion both in total assets and debts in its petition.
Manchester Mall disclosed $1 million to $10 million in total
assets, and less than $50,000 in total debts in its petition.

Bankruptcy Creditors' Service, Inc., publishes Tropicana
Bankruptcy News.  The newsletter tracks the chapter 11
restructuring proceedings commenced by Tropicana Entertainment LLC
and its affiliates.  (http://bankrupt.com/newsstand/or
215/945-7000)


TSG INCORPORATED: Gets Temporary OK to Access PNC Bank's Cash
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Pennsylvania
authorized, in an interim basis, TSG Incorporated to:

   -- use cash collateral of their prepetition lenders; and

   -- grant adequate protection to prepetition lenders.

The Debtor owes PNC Bank, National Association, a total amount of
$4.9 million under three separate loans: (i) a term loan in the
original principal face amount of $6.5 million, of which
approximately $2.3 million is outstanding (the "Term Loan"),
(ii) a line of credit in the original principal face amount of
$2 million, of which approximately $1.745 million is outstanding
(the "Line of Credit"); and (iii) a line of credit (that was
subsequently converted into a term loan) in the original principal
face amount of $1.5 million, of which approximately $895,000 is
outstanding (the "Converted Line of Credit").

The Debtor would use the money to fund its Chapter 11 case, pay
suppliers and other parties.

In exchange for using the cash collateral, the Debtor will grant
PNC replacements liens.  The Debtor will also make periodic cash
payments to PNC.

North Wales, Pennsylvania-based TSG Incorporated operates a real
estate business.  Founded in 1901 under the name of Levy's
International Water Shrinking and Drying Company, the Debtor has
operated as a privately held, family owned business for over 108
years.  Locally headquartered in North Wales, Pennsylvania, the
Debtor is in the business of fabric finishing, coating and
embossing.  TSG -- which is an acronym for "The Synthetics Group"
-- is one of the largest commission finishers in the United
States.  The Company filed for Chapter 11 bankruptcy protection on
November 29, 2009 (Bankr. E.D. Pa. Case No. 09-19124).  Michael
Jason Barrie, Esq., at Benesch Friedlander Coplan & Aronoff LLP
assists the Company in its restructuring effort.  The Company
listed $10,000,001 to $50,000,000 in assets and $1,000,001 to
$10,000,000 in liabilities.


TSG INCORPORATED: Wants Schedules Filing Extended Until January 29
------------------------------------------------------------------
TSG Incorporated asks the U.S. Bankruptcy Court for the Eastern
District of Pennsylvania to extend until January 29, 2010, its
time to file schedules of assets and liabilities and statement of
financial affairs.

The Debtor relates that it requires additional time to accurately
compile information regarding its assets, liabilities and

creditors and other related information; and to coordinate its
facilities in various geographic locations.

North Wales, Pennsylvania-based TSG Incorporated operates a real
estate business.  Founded in 1901 under the name of Levy's
International Water Shrinking and Drying Company, the Debtor has
operated as a privately held, family owned business for over 108
years.  Locally headquartered in North Wales, Pennsylvania, the
Debtor is in the business of fabric finishing, coating and
embossing.  TSG -- which is an acronym for "The Synthetics Group"
-- is one of the largest commission finishers in the United
States.  The Company filed for Chapter 11 bankruptcy protection on
November 29, 2009 (Bankr. E.D. Pa. Case No. 09-19124).  Michael
Jason Barrie, Esq., at Benesch Friedlander Coplan & Aronoff LLP
assists the Company in its restructuring effort.  The Company
listed $10,000,001 to $50,000,000 in assets and $1,000,001 to
$10,000,000 in liabilities.


TXCO RESOURCES: Western National Balks at TXCO Ch. 11 Plan
----------------------------------------------------------
Law360 reports that Western National Bank has objected to TXCO
Resources Inc.'s Chapter 11 plan, saying it gives the creditor
short shrift on an outstanding loan.

TXCO Resources Inc. is an independent oil and natural gas
enterprise with interests in the Maverick Basin of Southwest
Texas, the Fort Trinidad area of East Texas, the onshore Gulf
Coast region and the Marfa Basin of Texas, the Midcontinent region
of Western Oklahoma and willow Gulf of Mexico waters.  The
Company's business strategy is to acquire undeveloped mineral
interests and internally develop a multi-year drilling inventory
through the use of advanced technologies, such as 3-D seismic and
horizontal drilling.  The Company accounts for its oil and natural
gas operations under the successful efforts method of accounting
and trade its common stock under the symbol "TXCOQ.pk."

The Company and its subsidiaries filed for Chapter 11 protection
on May 17, 2009 (Bankr. W.D. Tex. Case No. 09-51807).  The Debtors
hired Deborah D. Williamson, Esq., and Lindsey D. Graham, Esq., at
Cox Smith Matthews Incorporated, as general restructuring counsel;
Fulbright and Jaworski, L.L.P., as corporate counsel & conflicts
counsel; Albert S. Conly as chief restructuring officer and FTI
Consulting Inc. as financial advisor; Goldman, Sachs & Co. as
financial advisor for assets sale; Global Hunter Securities, LLC,
as financial advisors and investment bankers; and Administar
Services Group LLC as claims agent.  Gardere Wynne Sewell LLP
represents the Committee.


UNISYS CORP: Registers 5,242,165 Shares for Resale
--------------------------------------------------
Unisys Corporation has filed with the Securities and Exchange
Commission prospectus supplement no. 3, which supplements the
prospectus the Company filed in September 2009, as supplemented,
relating to the resale from time to time by selling stockholders
of 5,242,165 shares of the Company's common stock issued July 31,
2009, in private offers to exchange certain of the Company's
existing senior notes for a combination of new secured notes,
shares of common stock and cash.  The information in prospectus
supplement no. 3 gives effect to the one-for-ten reverse stock
split of the Company's common stock that became effective at 11:59
p.m. Eastern time, on October 23, 2009.

A full-text copy of prospectus supplement no. 3 is available at no
charge at http://ResearchArchives.com/t/s?4d6e

                           About Unisys

Based in Blue Bell, Pennsylvania, Unisys Corporation (NYSE: UIS)
-- http://www.unisys.com/-- provides a portfolio of IT services,
software, and technology that solves critical problems for
clients.  With more than 26,000 employees, Unisys serves
commercial organizations and government agencies throughout the
world.

At September 30, 2009, the Company had total assets of
$2.741 billion against total current liabilities of
$1.305 billion, long-term debt of $845.0 million, long-term
postretirement liabilities of $1.410 billion, and other long-term
liabilities of $325.4 million, resulting in stockholders' deficit
of $1.145 billion.


UNITED AIR: Bank Debt Trades at 20% Off in Secondary Market
-----------------------------------------------------------
Participations in a syndicated loan under which United Airlines,
Inc., is a borrower traded in the secondary market at 79.95 cents-
on-the-dollar during the week ended Friday, Jan. 15, 2010,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal.  This represents an increase of 1.30
percentage points from the previous week, The Journal relates.
The loan matures on Feb. 13, 2013.  United Air pays 200 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 168 widely
quoted syndicated loans with five or more bids in secondary
trading for the week ended Jan. 15.

Based in Chicago, Illinois, UAL Corporation (NASDAQ: UAUA) --
http://www.united.com/-- is the holding company for United
Airlines, Inc.  United Airlines is the world's second largest air
carrier.  The airline flies to Brazil, Korea and Germany.

The company filed for Chapter 11 protection on Dec. 9, 2002
(Bankr. N.D. Ill. Case No. 02-48191).  James H.M. Sprayregen,
Esq., Marc Kieselstein, Esq., David R. Seligman, Esq., and Steven
R. Kotarba, Esq., at Kirkland & Ellis, represented the Debtors in
their restructuring efforts.  Fruman Jacobson, Esq., at
Sonnenschein Nath & Rosenthal LLP represented the Official
Committee of Unsecured Creditors before the Committee was
dissolved when the Debtors emerged from bankruptcy.

Judge Eugene R. Wedoff confirmed the Debtors' Second Amended Plan
on Jan. 20, 2006.  The company emerged from bankruptcy protection
on Feb. 1, 2006.  (United Airlines Bankruptcy News; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)

UAL Corp. carries a 'Caa1' probability of default rating from
Moody's, 'B-' long term foreign issuer credit rating from Standard
& Poor's, and 'CCC' long term issuer default rating from Fitch.


VERENIUM CORP: Linden Capital Discloses Holding Warrants
--------------------------------------------------------
Linden Capital LP, a Bermuda limited partnership; Linden GP LLC, a
Delaware limited liability company; and Siu Min Wong disclosed
that they beneficially own warrants to purchase 40,313 shares of
Verenium Corp. Common Stock.

Linden et al. have beneficial ownership of shares constituting
less than 1% of all of the outstanding shares of Verenium Common
Stock.

                 Going Concern/Bankruptcy Warning

The Company has incurred a net loss of $18.9 million for the nine
months ended September 30, 2009, and has an accumulated deficit of
$632.5 million as of September 30, 2009.

Based on the Company's current operating plan, which includes
payments to be received by the Company or its consolidated
entities from BP relating to the first and second phases of the
strategic partnership, as well as proceeds from the Company's
recent equity financing, the Company says its existing working
capital may not be sufficient to meet the cash requirements to
fund the Company's planned operating expenses, capital
expenditures, required and potential payments under the 2007
Notes, the 2008 Notes, and the 2009 Notes, and working capital
requirements through 2010 without additional sources of cash
and/or the deferral, reduction or elimination of significant
planned expenditures.  These factors raise substantial doubt about
the Company's ability to continue as a going concern.

The Company adds that while it believes that it will be successful
in raising or generating additional cash through a combination of
corporate partnerships and collaborations, federal, state and
local grant funding, selling or financing assets, incremental
product sales and the additional sale of equity or debt
securities, if it is unsuccessful in raising additional capital
from any of these sources, it may need to defer, reduce or
eliminate certain planned expenditures, restructure or
significantly curtail its operations, file for bankruptcy or cease
operations.

                         About Verenium

Based in Cambridge, Mass., Verenium Corporation (NASDAQ: VRNM)
-- http://www.verenium.com/-- is a leader in the development and
commercialization of cellulosic ethanol, an environmentally-
friendly and renewable transportation fuel, as well as high-
performance specialty enzymes for applications within the
biofuels, industrial, and animal health markets.


VIP EMPEROR ESTATES: Case Summary & 11 Largest Unsecured Creditors
------------------------------------------------------------------
Debtor: VIP Emperor Estates, L.L.C.
        3048 E. Baseline Road, #102
        Mesa, AZ 85204

Bankruptcy Case No.: 10-00776

Chapter 11 Petition Date: January 12, 2010

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

Debtor's Counsel: John R. Clemency, Esq.
                  Gallagher & Kennedy PA
                  2575 East Camelback Road, Suite 1100
                  Phoenix, AZ 85016
                  Tel: (602) 530-8040
                  Email: john.clemency@gknet.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
11 largest unsecured creditors, is available for free at:

             http://bankrupt.com/misc/azb10-00776.pdf

The petition was signed by Evelyn H. Petersen, member of the
Company.


VISION CARE: Files for Bankruptcy With More Than $50MM in Debts
---------------------------------------------------------------
Vision Care Holdings filed for Chapter 11 bankruptcy protection
(Bankr. S.D. Fla. Case No. 10-10730), listing assets of less than
$10 million, and debts of between $50 million and $100 million.

The Company said it owes $499,000 to MUSA Realty; $158,000 Global
Crossing Telecommunications; and $130,000 Marketing Architects,
Mr. Brinkman relates.

Based in Lake Worth, Vision Care Holdings owns Eyeglass World and
Lasik Vision Institute, operating 60 vision care outlets and Lasik
surgery clinics. The Lake Worth, Florida-based company was created
in 2003 when Boston-based Summit Partners acquired the two
businesses, according to the Vision Care web site.  Bart Houston,
Esq., at Genovee Joblove & Battista, represents the Company.


VISTA LANE LLC: Case Summary & 5 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Vista Lane, LLC
        11726 San Vicente Blvd, Suite 290
        Los Angeles, CA 90049

Bankruptcy Case No.: 10-11135

Chapter 11 Petition Date: January 12, 2010

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

Debtor's Counsel: Thomas C. Corcovelos, Esq.
                  Sixth St Ste 150
                  Manhattan Beach, CA 90266
                  Tel: (310) 374-0116
                  Fax: (310) 318-3832
                  Email: corforlaw@corforlaw.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 $6,253,069,
and total debts of $2,941,066.

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/cacb10-11135.pdf

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


VISTEON CORP: Bank Debt Trades at 110.84% in Secondary Market
-------------------------------------------------------------
Participations in a syndicated loan under which Visteon
Corporation is a borrower traded in the secondary market at 110.84
cents-on-the-dollar during the week ended Friday, Jan. 15, 2010,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal.  This represents a drop of 1.56
percentage points from the previous week, The Journal relates.
The loan matures on May 30, 2013.  Visteon pays 300 basis points
above LIBOR to borrow under the facility.  Moody's has withdrawn
its rating on the bank debt and it is not rated by Standard &
Poor's.  The debt is one of the biggest gainers and losers among
168 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended Jan. 15.

Headquartered in Van Buren Township, Michigan, Visteon Corporation
(NYSE: VC) -- http://www.visteon.com/-- is a global automotive
supplier that designs, engineers and manufactures innovative
climate, interior, electronic and lighting products for vehicle
manufacturers, and also provides a range of products and services
to aftermarket customers.  The company has corporate offices in
Van Buren Township, Michigan (U.S.); Shanghai, China; and Kerpen,
Germany.  It has facilities in 27 countries and employs roughly
35,500 people.  The Company has assets of $4,561,000,000 and debts
of $5,311,000,000 as of March 31, 2009.

Visteon Corporation and 30 of its affiliates filed for Chapter 11
protection on May 28, 2009, (Bank. D. Del. Case No. 09-11786
through 09-11818).  Judge Christopher S. Sontchi oversees the
Chapter 11 cases.  James H.M. Sprayregen, Esq., Marc Kieselstein,
Esq., and James J. Mazza, Jr., Esq., at Kirkland & Ellis LLP, in
Chicago, Illinois, represent the Debtors in their restructuring
efforts.  Laura Davis Jones, Esq., James E. O'Neill, Esq., Timothy
P. Cairns, Esq., and Mark M. Billion, Esq., at Pachulski Stang
Ziehl & Jones LLP, in Wilmington, Delaware, serve as the Debtors'
local counsel.  The Debtors' investment banker and financial
advisor is Rothschild Inc.  The Debtors' notice, claims, and
solicitation agent is Kurtzman Carson Consultants LLC.  The
Debtors' restructuring advisor is Alvarez & Marsal North America,
LLC.

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


WIDEOPENWEST FINANCE: S&P Affirms 'B-' Rating on $250 Mil. Loan
---------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'B-'
issue-level rating on Englewood, Colorado-based WideOpenWest
Finance LLC's proposed $250 million add-on to its first-lien term
loan ($975 million outstanding).  The '4' recovery rating remains
unchanged and indicates expectations for average (30%-50%)
recovery in the event of payment default.

At the same time, S&P affirmed all other ratings on WOW, including
the 'B-' corporate credit rating.  The outlook is positive.

Net proceeds will initially be used to repay $50 million of
borrowings under the revolver, add about $195 million of cash to
the balance sheet, and pay related transaction fees.  However, the
company has signed a letter of intent to acquire an unidentified
cable system, in which case, it would use the proceeds to fund the
proposed acquisition.  If WOW is able to complete the acquisition
and the transaction is leverage neutral with a trajectory toward
deleveraging below 6x, S&P could raise the ratings.  S&P expects
total debt to be about $1.5 billion.

"The ratings on WOW continue to reflect a high degree of business
risk due to the company's vulnerable market position as a cable
overbuilder," said Standard & Poor's credit analyst Allyn Arden,
"and significant competition from financially stronger incumbent
cable operators and AT&T Inc. (A/Negative/A-1)."  The ratings also
reflect the company's elevated leverage and cost disadvantages,
particularly in negotiating programming contracts.


WILLIAM LYON: Expects Up to $95MM Income Tax Benefit for FY2009
---------------------------------------------------------------
The Worker, Homeownership, and Business Assistance Act of 2009 was
enacted into law on November 6, 2009.  The Act amended Section 172
of the Internal Revenue Code to allow net operating losses
realized in either (but not both) tax year 2008 or 2009 to be
carried back up to five years (previously limited to a two-year
carryback).   The change will allow William Lyon Homes and certain
of its subsidiaries to carry back 2009 taxable losses to prior
years and receive refunds of previously paid Federal income taxes.

The Act also extended and expanded the current homebuyer tax
credit until April 30, 2010.  While the ultimate impact of this
legislation is not yet determinable, the Company believes that it
could have a modest stimulative impact on the demand for new
housing.

In light of the new tax legislation, during the three months ended
December 31, 2009, the Company expects to record an income tax
benefit for the full year 2009 of roughly $80 million to
$95 million.  The Company anticipates receiving a federal income
tax refund for the same amount in the first or second quarter of
2010.  The ultimate amount of such refunds realized is dependent
on a variety of factors, including the Company's and its
subsidiaries' actual taxable losses for 2009, which are not yet
certain and may vary from current expectations.

                      About William Lyon Homes

Based in Newport Beach, California, William Lyon Homes and
subsidiaries -- http://www.lyonhomes.com/-- are primarily engaged
in designing, constructing and selling single family detached and
attached homes in California, Arizona and Nevada.

As of September 30, 2009, the Company had $738,740,000 in total
assets against $597,784,000 in total liabilities.

                           *     *     *

As reported by the Troubled Company Reporter on November 25, 2009,
Standard & Poor's Ratings Services raised its corporate credit
rating on William Lyon Homes to 'CCC' from 'CCC-' and removed it
from CreditWatch, where it was placed with positive implications
on Oct. 30, 2009.  At the same time, S&P raised its rating on the
company's senior unsecured notes to 'CC' from 'D'.  The outlook is
developing.

"S&P raised its rating on William Lyon Homes because S&P believes
that near-term liquidity pressure has eased somewhat following the
partial funding of a secured term loan and reduced maturing credit
facility debt," said credit analyst James Fielding.  "However,
this privately held homebuilder remains very highly leveraged and
may face challenges repaying or refinancing intermediate-term debt
maturities if its business prospects don't improve in the
interim."


YAIR LEVY: Garrison Special To Foreclose Park Columbus
------------------------------------------------------
Amanda Fung at Crain's New York Business reports that a federal
bankruptcy court allowed Garrison Special Opportunities Fund to
foreclose Yair Levy's Park Columbus property on West 87th street
and enforce its security interest in the property.

Yair Levy is a real estate developer.


YRC WORLDWIDE: Inks Non-Compete Deal with President & COO Wicks
---------------------------------------------------------------
YRC Worldwide Inc. entered into a Non-Competition, Non-
Solicitation, Non-Disparagement and Confidentiality Agreement with
Timothy A. Wicks, its President and Chief Operating Officer.

Mr. Wicks agreed that for one year following his termination of
employment not to compete with the business of the Company or do
any of the following:

     -- cause, solicit, induce or encourage any employees,
        consultants or contractors of the Company to leave their
        respective employment or service with the Company;

     -- solicit the employment of, or hire, employ or otherwise
        engage any employee of the Company; provided that it will
        not be a violation for an employer that Mr. Wicks works
        for or for a firm in which he maintains an interest to
        have hired an employee of the Company without his
        knowledge or participation;

     -- cause, induce, or encourage any actual or prospective
        client, customer, supplier or licensor of the Company
        (including any existing or former customers of the
        Company) to terminate or modify any actual or prospective
        business relationship with the Company; and

     -- develop or foster a business relationship with any actual
        or prospective client, customer, supplier or licensor to
        cause, induce, or encourage such individual to become a
        client, customer, supplier, or licensor of any business in
        which he is engaged that is competitive with the Company's
        business.

In exchange, the Company paid Mr. Wicks $400,000 on January 6,
2010.  In addition, the Company agreed to pay Mr. Wicks the
following amounts if these objectives are met:

     -- First Incentive Payment. The Company agreed to pay Mr.
        Wicks $200,000 on April 1, 2010, if Mr. Wicks is still
        employed by the Company on that date and the Company
        achieves certain specified operational and selling,
        general and administrative operating expense run rate
        improvements on an annual basis during the measurement
        period beginning on September 1, 2009 and ending on
        March 31, 2010.

     -- Second Incentive Payment.  The Company agreed to pay
        Mr. Wicks $200,000 on July 1, 2010, if Mr. Wicks is still
        employed by the Company on that date and the Company has
        increased its sales and marketing productivity by a
        specified percentage during the measurement period
        beginning on November 1, 2009 and ending on June 30, 2010.

     -- In determining if the objectives are met, the Company will
        calculate the measures consistent with past practice, and
        the Compensation Committee of the Board of Directors of
        the Company (or the full Board) will interpret, review and
        approve whether the objectives have been met on a
        reasonable basis of its choosing.

In addition, Mr. Wicks agreed not to disclose confidential
information of the Company and to refrain from disparaging the
Company and its officers and employees.

                          Exchange Offers

YRC Worldwide's previously disclosed exchange offers expired at
11:59 p.m., New York City time, on December 30, 2009.  The
exchange offers had sought to exchange up to 42 million shares of
the Company's common stock and up to 5 million shares of the
Company's new Class A convertible preferred stock for its (i) 5.0%
Net Share Settled Contingent Convertible Senior Notes due 2023 and
5.0% Contingent Convertible Senior Notes due 2023, (ii) 3.375% Net
Share Settled Contingent Convertible Senior Notes due 2023, and
3.375% Contingent Convertible Senior Notes due 2023, and (iii) the
USF-8-1/2% Notes due 2010 issued by the Company's subsidiary, YRC
Regional Transportation, Inc., with an aggregate face value of
roughly $536.8 million.

The Company received tenders for $470,209,000 in par value,
representing roughly 88% of the Company's outstanding notes,
including (i) $105,043,000, or 70%, of its 8-1/2% Notes, (i)
$2,350,000, or 100%, of Old 5% Notes, (ii) $214,417,000, or 91.4%,
of 5% Net Share Settled Notes, (iii) $5,384,000, or 100%, of Old
3.375% Notes and (iv) $143,015,000, or 98.9%, of 3.375% Net Share
Settled Notes.

On the December 31, 2009 Settlement Date, the Company issued to
tendering noteholders 36,504,043 shares of its common stock and
4,345,514 shares of its Preferred Stock (957,229,823.92 shares of
common stock, on an as-if converted basis as of December 31, 2009)
which, together on an as-if converted basis, represent
approximately 94% of the Company's total issued and outstanding
common stock.

In connection with the Exchange Offers, the Company solicited
consents to amend the indentures governing its outstanding notes
and consents to enter into a mutual release with the tendering
noteholders.

                      Supplemental Indentures

On December 31, 2009, the Company and the trustee for the 3.375%
Net Share Settled Notes and the 5% Net Share Settled Notes entered
into a supplemental indenture to the indenture governing the
3.375% Net Share Settled Notes and a supplemental indenture to the
indenture governing the 5% Net Share Settled Notes, each of which
removes substantially all material affirmative and negative
covenants and related events of default other than the obligation
to pay principal and interest on the notes, those relating to
conversion rights and those relating to a repurchase right at the
option of holders and certain limitations on the Company's ability
to merge or transfer assets.

On December 31, 2009, YRCRT and the trustee for the 8-1/2% Notes
entered into a supplemental indenture to the indenture governing
the 8-1/2% Notes, which removes substantially all material
affirmative and negative covenants and related events of default
other than the obligation to pay principal and interest on the
8-1/2% Notes.

                          Mutual Release

On December 31, 2009, the Company, YRCRT and the tendering
noteholders entered into a mutual release, under which they agreed
to release the other parties to the Mutual Release and certain of
their related parties from every, any and all claims, which claim
against such party and its related parties ever had, now have or
hereafter can, shall or may have, for, upon or by reason of any
matter, act, failure to act, transaction, event, occurrence, cause
or thing whatsoever up to the date of the consummation of the
Exchange Offers, directly or indirectly relating to the
outstanding notes, the indentures relating to the outstanding
notes and the Exchange Offers, subject to limited exceptions set
forth in the Mutual Release.  The Mutual Release also provides
that the tendering noteholders waive certain appraisal rights in
the event of a merger of the Company.

Upon issuance of the Preferred Stock on the Settlement Date, the
ability of the Company to declare or pay dividends on, make
distributions with respect to, or make a liquidation payment on
its common stock, became subject to certain restrictions.  In
addition, the holders of the Preferred Stock will be entitled to
vote on an as-converted basis with the holders of the common stock
on all matters submitted to a vote of the Company's stockholders,
and the Company may not take certain actions without the
affirmative vote or written consent of holders representing at
least a majority of the then outstanding Preferred Stock subject
to certain exceptions.

On December 31, 2009, the Company and the trustees entered into
supplemental indentures which materially modified the rights of
noteholders who did not tender their notes.

On December 31, 2009, the Company filed a Certificate of
Designations with the Delaware Secretary of State for the purposes
of amending its certificate of incorporation, as amended, to fix
the designations, preferences, powers and rights of the Preferred
Stock.

The Company will hold a Special Meeting of Stockholders at the
Company's General Office, 10990 Roe Avenue, in Overland Park,
Kansas 66211, to consider these matters:

     1. To amend the Company's Certificate of Incorporation to (i)
        reduce the par value of the Company's common stock from
        $1.00 to $0.01 -- Par Value Reduction -- and (ii) increase
        the number of authorized shares from 125,000,000 shares to
        2,005,000,000 shares, of which 5,000,000 shares shall be
        preferred stock, par value $1.00 per share, and
        2,000,000,000 shares shall be common stock, par value
        $0.01 per share -- Authorized Share Increase;

     2. To amend the Company's Certificate of Incorporation to
        (i) effect a reverse stock split of the Company's common
        stock following the effectiveness of the Par Value
        Reduction and the Authorized Share Increase, at a ratio
        that will be determined by the Company's board of
        directors and that will be within a range of one-for-five
        (1:5) to one-for-25 (1:25), and (ii) reduce the number of
        authorized shares of the Company's common stock by the
        reverse split ratio --- Authorized Share Reduction; and

     3. To approve the adjournment of the Special Meeting, if
        necessary, to solicit additional proxies, if there are not
        sufficient votes at the time of the Special Meeting to
        approve proposals No. 1 and/or No. 2.

The board of directors recommends a FOR vote for proposals No. 1,
No. 2 and No. 3.

                        Not of the Hook Yet

As reported by the Troubled Company Reporter on January 12, 2010,
Moody's Investors Service revised YRC Worldwide's Probability of
Default Rating to Caa2 from Ca\LD, and the ratings on the
company's convertible senior notes due 2023 and YRC Regional
Transportation, Inc.'s 8-1/2% notes due 2010 to Caa3 from Ca.
Moody's affirmed YRC's Caa3 corporate family rating.

Moody's said YRC's PDR was raised by two notches to Caa2 in
recognition of a reduction in default risk over the next 12 months
that can be ascribed to the recent completion of an exchange of
debt for equity.  Moody's said the exchange provided important
relief to YRC.  However, the Caa2 PDR reflects Moody's belief that
the company continues to face substantial risk and will be
challenged to significantly improve its financial performance
despite what is expected to be a period modest recovery in
trucking demand over the near term.  Moreover, Moody's notes that
YRC must still achieve a refinancing of about $45 million of
senior notes that mature in April 2010; under agreements with bank
lenders YRC is precluded from using existing financial resources
to repay the notes making it imperative that a refinancing plan be
implemented in the near term.

As reported by the TCR on January 14, 2010, Standard & Poor's
Ratings Services raised its corporate credit rating on YRC
Worldwide to 'CCC-' from 'SD' (selective default).  S&P raised the
senior unsecured issue-level ratings to 'CC' from 'D' on the
company's remaining notes that were subject to the exchange offer,
as well as a '6' recovery rating, indicating negligible (0%-10%)
recovery of principal in a payment default scenario.  The company
has issued a combination of common and preferred equity in
exchange for the existing notes.

Despite the company's improved capital structure, YRCW's liquidity
position remains constrained, due to the $45 million upcoming
April 15 maturity, S&P said.  S&P could lower the ratings if YRCW
is unsuccessful in raising new capital to fund upcoming
maturities, or if liquidity becomes further constrained.

                        About YRC Worldwide

YRC Worldwide Inc., a Fortune 500 company headquartered in
Overland Park, Kan., -- http://yrcw.com/-- is one of the largest
transportation service providers in the world and the holding
company for a portfolio of successful brands including YRC, YRC
Reimer, YRC Glen Moore, YRC Logistics, New Penn, Holland and
Reddaway.  YRC Worldwide has the largest, most comprehensive
network in North America with local, regional, national and
international capabilities.  Through its team of experienced
service professionals, YRC Worldwide offers industry-leading
expertise in heavyweight shipments and flexible supply chain
solutions, ensuring customers can ship industrial, commercial and
retail goods with confidence.

At September 30, 2009, the Company had $3.281 billion in total
assets against total current liabilities of $1.687 billion, long-
term debt, less current portion of $892.0 million, deferred
income taxes, net of $131.4 million, pension and post retirement
of $384.9 million, and claims and other liabilities of
$410.2 million, resulting in shareholders' deficit of
$225.5 million.


ZUFFA LLC: Flash Entertainment Deal Won't Affect Moody's Ratings
----------------------------------------------------------------
Moody's Investors Service said that the purchase of 10% of Zuffa,
LLC (Ba3 CFR - d/b/a Ultimate Fighting Championship) by Flash
Entertainment, an independent live events and entertainment
organization based in the United Arab Emirates, has no material
impact on Zuffa's credit ratings.  Flash is a wholly-owned
subsidiary of the Government of the Emirate of Abu Dhabi (Aa2).

The last rating action for Zuffa was on October 2, 2009, when
Moody's assigned a Ba3 rating to the company's senior secured
incremental term loan.

Zuffa'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 Zuffa's core industry and Zuffa's ratings are believed
to be comparable to those of other issuers of similar credit risk.

Zuffa, LLC, is the world's largest promoter of MMA sports
competition events.  Its most prominent brand, Ultimate Fighting
Championship or "UFC", has the largest platform in the sport.


* 2010 Bank Closings Now at 4 After 3 Banks Shut Friday
-------------------------------------------------------
Regulators closed three banks January 15 -- Town Community Bank &
Trust, Antioch, IL; St. Stephen State Bank, St. Stephen, MN; and
Barnes Banking Company, Kaysville, UT -- raising the total
closings for this year to four.

The Federal Deposit Insurance Corporation was appointed receiver
for the banks.

The FDIC has signed deals where three separate banks would assume
the assets of Town Community and St. Stephen State.  A deposit
insurance national bank was created for Barnes Banking to allow
depositors access to their insured deposits and time to open
accounts at other insured institutions.

The four banking failures this year are expected to cost the
FDIC's deposit insurance fund $539.1 million.

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

                   552 Banks on Problem List

The Federal Deposit Insurance Corp. said in its Quarterly Banking
Profile released November 24 that the number of insured
institutions on the agency's "Problem List" rose from 416 to 552
during the quarter, and total assets of "problem" institutions
increased from $299.8 billion to $345.9 billion.  Both the number
and assets of "problem" institutions are now at the highest level
since the end of 1993.

Total assets of the nation's 8,099 FDIC-insured commercial banks
and savings institutions decreased by $54.3 billion (0.4%) during
the third quarter of 2009.  Total deposits increased by $79.8
billion (0.9%) during the quarter, primarily due to activity in
foreign offices, which was up $81.9 billion (5.6%).

FDIC's deposit insurance fund (DIF) decreased by $18.6 billion
during the third quarter to a negative $8.2 billion primarily
because of $21.7 billion in additional provqisions for bank
failures.  Also, unrealized losses on available-for-sale
securities, combined with operating expenses, reduced the fund by
$1.1 billion.  Accrued assessment income added $3.0 billion to the
fund during the quarter, and interest earned, combined with
realized gains from sale of securities and surcharges from the
Temporary Liquidity Guarantee Program, added $1.2 billion.

Fifty insured institutions with combined assets of $68.8 billion
failed during the third quarter of 2009, the largest number since
the second quarter of 1990 when 65 insured institutions failed.
Ninety-five insured institutions with combined assets of $104.7
billion failed during the first three quarters of 2009, at a
currently estimated cost to the DIF of $25.0 billion.  As of
November 20, the list has risen to 124.

The DIF's reserve ratio was negative 0.16% on September 30, 2009,
down from 0.22% on June 30, 2009, and 0.76% one year ago. The
September 30, 2009, reserve ratio is the lowest reserve ratio for
a combined bank and thrift insurance fund since June 30, 1992,
when the ratio was negative 0.20%.

On November 12, 2009, the FDIC adopted a final rule amending the
assessment regulations to require insured depository institutions
to prepay their quarterly risk-based assessments for the fourth
quarter of 2009 and for all of 2010, 2011, and 2012 on December
30, 2009, along with each institution's risk-based assessment for
the third quarter of 2009.   The FDIC is asking banks to prepay
three years of premiums on Dec. 30 to raise $45 billion for the
fund.

"Today's report shows that while bank and thrift earnings
have improved, the effects of the recession continue to be
reflected in their financial performance," FDIC Chairman Sheila
Bair said in a November 24 statement.

"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.

               Problem Institutions      Failed Institutions
               --------------------      -------------------
Year           Number  Assets (Mil)      Number  Assets (Mil)
----           ------  ------------      ------  ------------
Q3'09             552      $345,900          50        $68,800
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 quarter
ended Sept. 30, 2009, is available for free at:

      http://bankrupt.com/misc/FDIC_QBP_Q3_09.pdf

                    2010 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.

For this year, the failed banks are:

                               Loss-Share
                               Transaction Party     FDIC Cost
                  Assets of    Bank That Assumed   to Insurance
                  Closed Bank  Deposits & Bought      Fund
Closed Bank       (millions)   Certain Assets       (millions)
-----------       ----------   --------------      -----------
Town Community           $69.6    Bank First American      $17.8
St. Stephen State        $24.7    First State Bank          $7.2
Barnes Banking          $827.8    {DINB Created}          $271.3
Horizon Bank          $1,400.0    Washington Federal      $539.1

In 2009, there were 140 failed banks, compared with just 25 for
2008.

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

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


* Bing Chen Joins Houlihan as Managing Director in Hong Kong
------------------------------------------------------------
Houlihan Lokey disclosed that Bing Chen has joined the Hong Kong
office as a Managing Director, further advancing the firm's
ongoing global expansion.

Mr. Chen will be responsible for spearheading the growth of
Houlihan Lokey's Financial Advisory Services business unit in
Asia.  With Mr. Chen's arrival, the firm now has expanded senior-
level executive presence in Asia across its full range of
investment banking services and can provide clients with seamless
access to an integrated global platform.

Houlihan Lokey launched its international expansion in London, and
has since established offices in Paris, Frankfurt, Hong Kong,
Tokyo and Beijing.

During the past two decades, Mr. Chen has held leadership
positions at global institutions in Asia, the United States and
Europe.  He has extensive experience and success in the areas of
corporate development, restructuring, investment banking and
financial advisory services.  Prior to joining Houlihan Lokey, Mr.
Chen served as the Chief Executive Officer of a European specialty
financing company.

Houlihan Lokey's Financial Advisory Services business unit
provides clients with assessments, advice and opinions on the
fairness or solvency of transactions, the valuation of assets,
businesses, securities and complex financial instruments.  As an
investment banking firm, Houlihan Lokey is able to offer these
services without the conflicts faced by other valuation service
providers, and is also able to leverage the transaction expertise
it gains from advising on hundreds of M&A and restructuring
assignments each year.  In 2009, Thomson Reuters ranked Houlihan
Lokey the No. 1 M&A fairness opinion adviser over the past 10
years.

"There is a growing opportunity in Asia for the independent
opinions and advisory services that Houlihan Lokey has come to be
known for during the past 40 years," said Jack W. Berka, Senior
Managing Director and Global Head of Financial Advisory Services.
"The addition of a seasoned professional such as Bing to our Asian
team will allow Houlihan Lokey to capitalize on this opportunity
and provide Asian clients with the full range of expertise and
service that we are recognized for elsewhere in the world."

Mr. Chen added: "Houlihan Lokey has a strong, established
reputation as a trusted financial adviser to clients throughout
North America and Europe, and this same reputation is rapidly
developing in Asia.  The convergence of global and local standards
for governance and regulation in Asia are creating a healthy
demand for quality valuation and advisory services.  I look
forward to accelerating the growth of our business by providing
premier services to existing and new clients in the region."

Earlier in his career, Mr. Chen was the Chief Financial Officer of
Comdisco Europe, where he restructured businesses in 14 countries
with a total value of more than $1.6 billion.  Previously, as
Director of Corporate Strategy at Deutsche Bank Americas, Mr. Chen
directed investment banking strategy, M&A and corporate
investments, regulatory compliance, risk and organizational
management.  He began his career at Arthur Andersen where he led
global projects in several groups, including Structured Finance,
Derivatives and Treasury Risk Management Consulting, and Audit
Services.  Mr. Chen holds an MBA in Finance with honors from
Columbia Business School and a BBA in Accountancy from the City
University of New York. He is a Certified Public Accountant in New
York State, and a member of AICPA and Beta Gamma Sigma of Columbia
University.

Houlihan Lokey offers a globally-integrated platform of investment
banking services to clients located throughout Asia, Europe and
the United States.  Recent clients served in Asia and Europe
include NTT Communications, Mandarin Oriental, Marubeni
Corporation, Peak International Limited, France Telecom, Monier
Group GmbH and EN+ Group.

                      About Houlihan Lokey

Houlihan Lokey, an international investment bank, provides a wide
range of advisory services in the areas of mergers and
acquisitions, financing, financial restructuring, and valuation.
The firm was ranked the No. 1 M&A adviser for U.S. transactions
under $2 billion in 2008 and the No. 1 fairness opinion adviser
over the past 10 years by Thomson Reuters.  In addition, the firm
advised on more than 500 restructuring transactions valued in
excess of $1.25 trillion over the past 10 years.  Notable
engagements cover numerous sectors and virtually all of the
largest U.S. corporate bankruptcies, including Lehman Brothers,
General Motors, WorldCom and Enron.  The firm has more than 800
employees in 14 offices in the United States, Europe and Asia.
Each year we serve more than 1,000 clients ranging from closely
held companies to Global 500 corporations.


* David Angarola Joins TransPerfect Legal Solutions Sales Team
--------------------------------------------------------------
TransPerfect Legal Solutions (TLS) disclosed that industry veteran
David Angarola has joined the company.  Angarola will manage
TransPerfect's lower Manhattan sales operations, focusing on
business development and strategic account development.  He will
report to Kyle Osborne, Vice President of TransPerfect Legal
Solutions.

In his previous position as Director of Business Development for a
leading New York-based competitor, David Angarola was instrumental
in developing and servicing key accounts that included some of the
world's most prestigious law firms.  Previously in his career, Mr.
Angarola gained his operational experience at IKON Business
Solutions, another leader in providing services to the legal
community.

"I look forward to working with David to grow TransPerfect Legal
Solutions and to better service our ever-expanding roster of
clients," stated Mr. Osborne.  "Angarola possesses a rare
combination of sales and operational knowledge that will prove
invaluable to clients.  His experience in managing complex, large-
scale services and technology initiatives for law firms will make
a valuable addition to our New York team."

Phil Shawe, President and CEO of TransPerfect, added, "Being able
to provide services alone is no longer sufficient to meet the
evolving needs of today's legal customers.  Leveraging technology
to help our clients manage the entire lifecycle of a global
litigation, including collection, processing, hosting, document
review and translation has become critical in our industry.  More
and more, we are being called upon to implement solutions
involving both services and technology.  David's experience makes
him ideally suited to help our team provide better solutions to
our global client base, which includes every member of the Am Law
200."

                 About TransPerfect Legal Solutions

TLS is the industry leader in global legal support services. Since
1992, we have been providing a comprehensive suite of solutions
that facilitates every aspect of our clients' legal matters.  From
court reporting and e-discovery for litigation to virtual data
rooms for M&A and bankruptcy cases, TLS is a one-stop shop for the
global legal industry.  As a specialized division of TransPerfect,
the world's largest privately held language services provider, TLS
is the only legal support services company that also offers a full
array of translation, interpretation, and other multilingual
solutions.  Supported by 57 offices on 4 continents, TLS is a
trusted provider to every Am Law 200 law firm, as well as
virtually all Fortune 500 companies.

                          About TransPerfect

With revenue of over $220 million, TransPerfect is the largest
privately held language services provider in the world.  From 57
offices on 4 continents, TransPerfect offers a full range of
services in over 100 languages to multinationals worldwide.  With
a network of over 4,000 linguists and subject-area specialists
worldwide, TransPerfect is the largest translation company to be
fully ISO 9001:2008 and EN 15038:2006 certified.  TransPerfect is
headquartered in New York and has regional headquarters in London
and Hong Kong.


* Hoge Fenton Welcomes New Associate
------------------------------------
Hoge Fenton Jones & Appel, a leading Northern California law firm,
today announced that Crystal N. Riggins has joined the firm as an
associate attorney.  She is based in the firm's Silicon Valley
office and is a member of its Litigation Group.

Riggins earned her B.A., cum laude, in Political Science from St.
Mary's College of California and her J.D. from Santa Clara
University School of Law.  An accomplished orator in law school,
Riggins was selected best oral advocate in Appellate Advocacy, and
was a finalist and recipient of the Gerald Marer Oral Advocacy
Award in the Santa Clara Internal Moot Court Competition.  Prior
to her recent admission to the California Bar, Riggins was a
summer associate at Hoge Fenton, and also spent a summer clerking
at the McNamara Dodge firm in Walnut Creek.

"We are honored to have a person of Crystal's character on our
team, and are thrilled that she has chosen to begin her legal
career with us," commented Steven D. Siner, the firm's Managing
Shareholder.  "We look forward to a long and mutually beneficial
relationship."

                       About Hoge Fenton

Since 1952 Hoge Fenton has been synonymous with excellence in
advocacy representation.  The company provides a single source of
outstanding legal service to businesses and individuals for their
most important needs, including business formation and
transactions, bankruptcy, mergers and acquisitions, intellectual
property, real estate and land use, labor and employment law,
estate planning and wealth management, complex family law matters,
and pretrial, trial, and appellate representation in all areas of
law.


* Steven Tyrrell Joins Weil Gotshal's Washington, D.C. Office
-------------------------------------------------------------
Weil, Gotshal & Manges LLP announced that Steven Tyrrell, former
Chief of the U.S. Department of Justice's Fraud Section, is
joining the firm as a partner in its Washington, D.C. office
effective February 1, 2010.  Tyrrell and Boston partner Thomas C.
Frongillo will serve as co-chairs of the firm's Investigations &
Criminal Defense practice.

As Chief of the DOJ's Fraud Section, Tyrrell supervised 60
attorneys and 25 support staff in connection with the development,
investigation, prosecution and coordination of sophisticated
economic crime matters and enforcement initiatives, including
issues involving corporate, securities, commodities and investment
fraud, Foreign Corrupt Practices Act, health care fraud,
procurement fraud, stimulus and rescue fraud, mortgage fraud and
identity theft.  Steve also played a key role advising Department
leadership on various matters, including legislation, crime
prevention, public education and the Department's recently
announced Financial Fraud Enforcement Task Force.

"We are delighted that Steve has decided to join Weil Gotshal,"
commented Executive Partner Barry Wolf.  "His formidable
accomplishments in government service will further elevate the
firm's capabilities in white collar investigations and defense
work."

"Steve's unparalleled depth of experience in investigation,
prosecution and enforcement makes him an excellent addition to our
D.C. team," noted Michael Lyle, Managing Partner of Weil Gotshal's
Washington, DC office and co-head of the firm's Product Liability
and Mass Tort practice.  "His expertise ideally complements that
of Bill Burck, former prosecutor and White House Deputy Counsel
who joined the firm last year, further supporting the growth of
our national practice with federal investigations and criminal
defense expertise."

Tyrrell spent the past 20 years at the DOJ, serving in various
capacities.  Prior to his appointment as Chief of the Fraud
Section of the Criminal Division in 2006, he served as Deputy
Chief of the Counterterrorism Section of the Criminal Division.
Tyrrell also served as Assistant US Attorney in the US Attorney's
Office in the Northern District of New York and the Southern
District of Florida.

"I am thrilled to be joining a law firm of the caliber and
prestige of Weil Gotshal," said Steven Tyrrell.  "The quality,
depth and sophistication of its people and practice have made it
one of the best firms in the world.  I look forward to
contributing my expertise and experience to the firm and, in
particular, its investigations and criminal defense practice."

Tyrrell earned a B.A. in Political Science from the State
University of New York at Oneonta and a J.D., cum laude, from New
York Law School, where he served as research editor of the Law
Review.  He is the recipient of the Attorney General's Award for
Distinguished Service (2005), the Inspector General's Integrity
Award, Department of Health and Human Services (1999), and the
Timothy J. Evans Memorial Award, U.S. Attorney's Office (S.D. Fla,
1998).

                  About Weil, Gotshal & Manges

Established in 1975, Weil Gotshal's Washington, D.C. office was
the firm's first domestic presence outside of New York.  The
office houses 30 partners and 81 total attorneys, focused in
practice areas ranging from Antitrust and Patent Litigation to
International Trade, Products Liability, SEC Disclosure and
Securities Regulation, Bankruptcy and Commercial Litigation and
Tax.

Led by an elite group of highly-ranked criminal defense lawyers,
Weil Gotshal's Investigations and Criminal Defense Practice
handles a wide array of complex criminal matters, including major
cartel, securities, environmental and fraud investigations for
corporations and their executives.  The group is also experienced
in conducting internal corporate investigations.  The group has
extensive experience in representing banks and other major
financial institutions in investigations related to allegations of
improprieties, including market-timing, conflicts of interests.


* Wendy Webb Joins Tennenbaum Capital as Managing Director
-----------------------------------------------------------
Tennenbaum Capital Partners, LLC, disclosed that Winifred "Wendy"
Markus Webb has joined the firm as Managing Director, Investor
Relations.

"We are pleased to welcome Wendy Webb to TCP," said Mark
Holdsworth, Managing Partner.  "As a highly-seasoned investor
relations professional with a sophisticated finance background,
she brings the right skill set to our communications program.
This new position further demonstrates our ongoing commitment to
excellent communications and superior standards of transparency
and disclosure."

"TCP's opportunities for the future are compelling," said Ms.
Webb.  "I'm excited to join such an innovative and skilled
organization, and I look forward to serving the firm's investors."

Ms. Webb brings to TCP more than twenty-five years of experience
in investor relations and investment banking.  She spent twenty
years at The Walt Disney Company, where she held a series of
senior level positions, including Executive Director of The Walt
Disney Company Foundation and Senior Vice President, Investor
Relations & Shareholder Services.  Ms. Webb also has a strong
background in finance, beginning her career as an investment
banker.  She served as Vice President at PaineWebber in New York,
where she focused on private placements and mezzanine and bridge
loan financing.  Before that, she was a Corporate Finance Analyst
at Lehman Brothers in New York and London.

Most recently, she was Chief Communications & Investor Relations
Officer at Ticketmaster Entertainment, Inc.

At Disney, Ms. Webb was instrumental in establishing a
professional investor relations function, dramatically upgrading
and expanding its scope and leading the company's strategic and
financial communications worldwide.  Prior to that, Ms. Webb was
engaged in Disney's corporate finance activities where she
structured several private placements and completed both public
and private financings.

She has been recognized for her leadership with several awards.
In 2009, Ms. Webb received 4 highest Telly Awards for best
corporate image in an online video.  Her team at Disney was
nominated for the Grand Prix award for best overall investor
relations-mega cap by Investor Relations Magazine and by Greenwich
Associates in 2006, and they won top interactive investor
relations recognition from Web Marketing Association in 2005 and
the best use of technology from Investor Relations Magazine in
2004.

Ms. Webb received her BA (honors) in English Literature from Smith
College and her MBA from Harvard.

She currently serves on the board of directors of San Diego-based
Jack in the Box, Inc., where she is a member of the Finance
Committee and Chair of the Nominating & Governance Committee.  She
recently attended Stanford's Directors' College.

           About Tennenbaum Capital Partners, LLC

Tennenbaum Capital Partners(TM) is a Santa Monica, California-
based private investment firm.  The firm's investment strategy is
grounded in a long-term, value approach.  It assists, both
financially and operationally, transitional middle market
companies in such industries as technology, healthcare, energy,
aerospace, business services, retail and general manufacturing.
TCP's core strengths include an in-depth knowledge of equity and
debt financing vehicles in the public and private markets, as well
as a thorough understanding of special situations.  These
situations may include legal, operational or financial challenges;
turnarounds, restructurings and bankruptcies; corporate
divestitures and buyouts; and complex ownership changes.


* BOND PRICING -- For the Week From January 11 to 15, 2010
----------------------------------------------------------
  Company              Coupon       Maturity   Bid Price
  -------              ------       --------   ---------
155 E TROPICANA          8.750%      4/1/2012      21.000
ABITIBI-CONS FIN         7.875%      8/1/2009      12.000
ADVANTA CAP TR           8.990%    12/17/2026      12.500
ALERIS INTL INC          9.000%    12/15/2014       1.500
ALERIS INTL INC         10.000%    12/15/2016       2.966
AMBAC INC                9.375%      8/1/2011      55.500
AMR CORP                10.450%     3/10/2011      76.125
ANTHRACITE CAP          11.750%      9/1/2027      20.000
APRIA HEALTHCARE         3.375%      9/1/2033      60.000
ARCO CHEMICAL CO        10.250%     11/1/2010      75.500
AT HOME CORP             0.525%    12/28/2018       0.125
ATHEROGENICS INC         1.500%      2/1/2012       0.375
BANK NEW ENGLAND         8.750%      4/1/1999      10.750
BANK NEW ENGLAND         9.875%     9/15/1999      10.750
BANKUNITED FINL          3.125%      3/1/2034       5.625
BANKUNITED FINL          6.370%     5/17/2012       6.950
BEAZER HOMES USA         8.625%     5/15/2011     100.000
BLOCKBUSTER INC          9.000%      9/1/2012      64.600
BOWATER INC              6.500%     6/15/2013      35.000
BOWATER INC              9.500%    10/15/2012      30.935
CAPMARK FINL GRP         5.875%     5/10/2012      29.500
CHAMPION ENTERPR         2.750%     11/1/2037       5.625
CITADEL BROADCAS         4.000%     2/15/2011       5.000
CMP SUSQUEHANNA          9.875%     5/15/2014      37.000
COLLINS & AIKMAN        10.750%    12/31/2011       1.000
COMPUCREDIT              3.625%     5/30/2025      43.750
CONGOLEUM CORP           8.625%      8/1/2008      21.003
CREDENCE SYSTEM          3.500%     5/15/2010      64.250
DECODE GENETICS          3.500%     4/15/2011       5.875
DECODE GENETICS          3.500%     4/15/2011       6.250
DECODE GENETICS          3.500%     4/15/2011       6.063
DEX MEDIA INC            8.000%    11/15/2013      35.000
DEX MEDIA INC            9.000%    11/15/2013      33.000
DEX MEDIA INC            9.000%    11/15/2013      33.000
DEX MEDIA WEST           9.875%     8/15/2013      40.000
FAIRPOINT COMMUN        13.125%      4/1/2018      11.313
FAIRPOINT COMMUN        13.125%      4/2/2018      12.750
FEDDERS NORTH AM         9.875%      3/1/2014       0.740
FINLAY FINE JWLY         8.375%      6/1/2012       0.600
FRANKLIN BANK            4.000%      5/1/2027       2.000
GENERAL MOTORS           7.125%     7/15/2013      26.430
GENERAL MOTORS           7.700%     4/15/2016      26.750
GENERAL MOTORS           9.450%     11/1/2011      23.150
HAIGHTS CROSS OP        11.750%     8/15/2011      40.500
HANNA (MA) CO            6.520%     2/23/2010      97.000
HAWAIIAN TELCOM          9.750%      5/1/2013       2.300
INDALEX HOLD            11.500%      2/1/2014       1.065
INN OF THE MOUNT        12.000%    11/15/2010      49.750
INTL LEASE FIN           4.200%     2/15/2010      96.066
LEHMAN BROS HLDG         1.500%     3/23/2012      17.000
LEHMAN BROS HLDG         4.375%    11/30/2010      20.000
LEHMAN BROS HLDG         4.500%     7/26/2010      21.250
LEHMAN BROS HLDG         4.500%      8/3/2011      18.000
LEHMAN BROS HLDG         4.700%      3/6/2013      14.000
LEHMAN BROS HLDG         4.800%     2/27/2013      12.500
LEHMAN BROS HLDG         4.800%     3/13/2014      21.000
LEHMAN BROS HLDG         5.000%     1/14/2011      19.500
LEHMAN BROS HLDG         5.000%     1/22/2013      18.500
LEHMAN BROS HLDG         5.000%     2/11/2013      17.010
LEHMAN BROS HLDG         5.000%     3/27/2013      16.500
LEHMAN BROS HLDG         5.000%      8/5/2015      17.375
LEHMAN BROS HLDG         5.100%     1/28/2013      17.500
LEHMAN BROS HLDG         5.150%      2/4/2015      16.250
LEHMAN BROS HLDG         5.250%      2/6/2012      20.965
LEHMAN BROS HLDG         5.250%     1/30/2014      12.000
LEHMAN BROS HLDG         5.250%     2/11/2015      16.000
LEHMAN BROS HLDG         5.400%     3/20/2020      15.500
LEHMAN BROS HLDG         5.500%      4/4/2016      20.303
LEHMAN BROS HLDG         5.500%      2/4/2018      15.000
LEHMAN BROS HLDG         5.550%     2/11/2018      17.500
LEHMAN BROS HLDG         5.600%     1/22/2018      18.500
LEHMAN BROS HLDG         5.625%     1/24/2013      21.938
LEHMAN BROS HLDG         5.700%     1/28/2018      18.070
LEHMAN BROS HLDG         5.700%     4/13/2029      14.063
LEHMAN BROS HLDG         5.750%     4/25/2011      20.300
LEHMAN BROS HLDG         5.750%     7/18/2011      20.000
LEHMAN BROS HLDG         5.750%     5/17/2013      19.933
LEHMAN BROS HLDG         6.000%      4/1/2011      15.375
LEHMAN BROS HLDG         6.000%     7/19/2012      20.375
LEHMAN BROS HLDG         6.000%     6/26/2015      12.875
LEHMAN BROS HLDG         6.000%    12/18/2015      16.500
LEHMAN BROS HLDG         6.000%     2/12/2018      17.010
LEHMAN BROS HLDG         6.000%     1/22/2020      16.500
LEHMAN BROS HLDG         6.000%     2/12/2020      18.000
LEHMAN BROS HLDG         6.200%     9/26/2014      21.250
LEHMAN BROS HLDG         6.250%      2/5/2021      17.090
LEHMAN BROS HLDG         6.500%      3/6/2023      17.000
LEHMAN BROS HLDG         6.500%     7/13/2037      16.625
LEHMAN BROS HLDG         6.600%     10/3/2022      15.250
LEHMAN BROS HLDG         6.625%     1/18/2012      21.250
LEHMAN BROS HLDG         6.625%     7/27/2027      16.000
LEHMAN BROS HLDG         6.800%      9/7/2032      17.000
LEHMAN BROS HLDG         6.850%     8/16/2032      16.900
LEHMAN BROS HLDG         6.850%     8/23/2032      17.000
LEHMAN BROS HLDG         6.900%      9/1/2032      16.750
LEHMAN BROS HLDG         6.900%     6/20/2036      11.900
LEHMAN BROS HLDG         7.000%     4/16/2019      16.301
LEHMAN BROS HLDG         7.000%     5/12/2023      17.000
LEHMAN BROS HLDG         7.000%     10/4/2032      17.000
LEHMAN BROS HLDG         7.000%     7/27/2037      16.650
LEHMAN BROS HLDG         7.000%      2/7/2038      15.000
LEHMAN BROS HLDG         7.100%     3/25/2038      18.500
LEHMAN BROS HLDG         7.250%     2/27/2038      16.033
LEHMAN BROS HLDG         7.730%    10/15/2023      15.500
LEHMAN BROS HLDG         7.875%     11/1/2009      20.500
LEHMAN BROS HLDG         7.875%     8/15/2010      21.750
LEHMAN BROS HLDG         8.000%      3/5/2022      14.000
LEHMAN BROS HLDG         8.000%     3/17/2023      16.625
LEHMAN BROS HLDG         8.050%     1/15/2019      15.500
LEHMAN BROS HLDG         8.500%      8/1/2015      20.680
LEHMAN BROS HLDG         8.500%     6/15/2022      15.500
LEHMAN BROS HLDG         8.750%    12/21/2021      17.000
LEHMAN BROS HLDG         8.800%      3/1/2015      20.500
LEHMAN BROS HLDG         8.920%     2/16/2017      20.000
LEHMAN BROS HLDG         9.500%    12/28/2022      20.000
LEHMAN BROS HLDG         9.500%     1/30/2023      18.125
LEHMAN BROS HLDG         9.500%     2/27/2023      17.000
LEHMAN BROS HLDG        10.000%     3/13/2023      18.750
LEHMAN BROS HLDG        10.375%     5/24/2024      15.000
LEHMAN BROS HLDG        11.000%    10/25/2017      18.625
LEHMAN BROS HLDG        11.000%     6/22/2022      16.375
LEHMAN BROS HLDG        11.000%     8/29/2022      17.250
LEHMAN BROS HLDG        11.000%     3/17/2028      16.000
LEHMAN BROS HLDG        11.500%     9/26/2022      18.125
LEHMAN BROS HLDG        18.000%     7/14/2023      18.250
LTX-CREDENCE             3.500%     5/15/2011      60.000
MAGNA ENTERTAINM         8.550%     6/15/2010      41.500
MAJESTIC STAR            9.500%    10/15/2010      76.000
MAJESTIC STAR            9.750%     1/15/2011      10.560
MERRILL LYNCH            0.000%      3/9/2011      96.250
METALDYNE CORP          10.000%     11/1/2013       3.500
METALDYNE CORP          11.000%     6/15/2012       2.000
MORRIS PUBLISH           7.000%      8/1/2013      32.500
NEFF CORP               10.000%      6/1/2015      12.000
NETWORK COMMUNIC        10.750%     12/1/2013      40.250
NEWARK GROUP INC         9.750%     3/15/2014      37.000
NORTH ATL TRADNG         9.250%      3/1/2012      36.500
OSCIENT PHARM           12.500%     1/15/2011       4.050
PMI CAPITAL I            8.309%      2/1/2027      19.500
RAFAELLA APPAREL        11.250%     6/15/2011      42.725
RAIT FINANCIAL           6.875%     4/15/2027      40.038
RH DONNELLEY             6.875%     1/15/2013      12.750
RH DONNELLEY             6.875%     1/15/2013      12.000
RH DONNELLEY             6.875%     1/15/2013      12.000
RH DONNELLEY             8.875%     1/15/2016      10.000
RH DONNELLEY             8.875%    10/15/2017      12.750
RJ TOWER CORP           12.000%      6/1/2013       1.000
SILVERLEAF RES           8.000%      4/1/2010      90.700
SIX FLAGS INC            9.625%      6/1/2014      34.000
SIX FLAGS INC            9.750%     4/15/2013      32.330
SPHERIS INC             11.000%    12/15/2012      38.215
STATION CASINOS          6.000%      4/1/2012      20.700
STATION CASINOS          6.500%      2/1/2014       1.688
STATION CASINOS          6.625%     3/15/2018       1.250
STATION CASINOS          7.750%     8/15/2016      16.000
THORNBURG MTG            8.000%     5/15/2013       8.000
TIMES MIRROR CO          7.250%      3/1/2013      24.500
TOUSA INC                7.500%     3/15/2011       7.000
TOUSA INC                7.500%     1/15/2015       6.000
TOUSA INC                9.000%      7/1/2010      51.000
TOUSA INC                9.000%      7/1/2010      50.000
TOUSA INC               10.375%      7/1/2012       3.500
TRANSMERIDIAN EX        12.000%    12/15/2010      12.114
TRIBUNE CO               4.875%     8/15/2010      28.250
TRIBUNE CO               5.250%     8/15/2015      24.000
TRUMP ENTERTNMNT         8.500%      6/1/2015       1.000
USFREIGHTWAYS            8.500%     4/15/2010      99.000
VERASUN ENERGY           9.375%      6/1/2017       6.625
VERENIUM CORP            5.500%      4/1/2027      44.000
VION PHARM INC           7.750%     2/15/2012      15.820
WASH MUT BANK FA         5.125%     1/15/2015       0.625
WASH MUT BANK FA         5.650%     8/15/2014       0.538
WASH MUT BANK NV         5.500%     1/15/2013       0.625
WASH MUT BANK NV         5.550%     6/16/2010      42.250
WASH MUT BANK NV         5.950%     5/20/2013       0.350
WASH MUT BANK NV         6.750%     5/20/2036       0.625
WCI COMMUNITIES          7.875%     10/1/2013       1.550
WII COMPONENTS          10.000%     2/15/2012      60.000
YELLOW CORP              5.000%      8/8/2023      83.125
YOUNG BROADCSTNG         8.750%     1/15/2014       0.393



                            *********

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.  Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Howard
C. Tolentino, 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 2010.  All rights reserved.  ISSN: 1520-9474.

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