TCR_Public/100318.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

             Thursday, March 18, 2010, Vol. 14, No. 76

                            Headlines

ABITIBIBOWATER INC: Lays Off 30 Workers at York County Plant
ABITIBIBOWATER INC: Woodridge Appeals Call Pact Rejection Order
ABITIBIBOWATER INC: Woodridge Wants Partnership Pact Rejected
ADVANTA CORP: Passes Up $54 Million Tax Refund
ADVOCATE FINANCIAL: Hancock Wants to Block Cash Collateral Use

ALMADEN ASSOCIATES: Has Until March 22 to File Schedules
AMERICAN HOMEPATIENT: NexBank Forbearance Extended to April 16
AMERICAN INT'L: Draws $2.2-Bil. More From Treasury to Help Units
AMERICAN INT'L: AHA Unit to Sell Shares in Transatlantic Holdings
AMERICAN INT'L: No Longer Holds Shares in Avalon Pharmaceuticals

AMERICAN INT'L: Reports De Minimis Stake in IPCS
ANGIOTECH PHARMACEUTICALS: Highland Capital Holds 7.46% of Stake
ANGIOTECH PHARMACEUTICALS: Letko Brosseau Cuts Stake to 4.78%
ANGIOTECH PHARMACEUTICALS: West Coast Asset Holds 3.3% Stake
ANGIOTECH PHARMACEUTICALS: Wisconsin Board Holds Small Stake

AQUILEX HOLDINGS: S&P Assigns 'BB-' Rating on $50 Mil. Loan
ATLANTIC FACILITIES: Has Until May 24 to Propose a Chapter 11 Plan
ATLANTIC FACILITIES: Has Interim Access to Rental Proceeds
ATRIUM CORP: Griffon Corp. Bidding for Assets
AVAYA INC: S&P Downgrades Corporate Credit Rating to 'B-'

AVIS BUDGET: S&P Raises Issuer Ratings on Senior Notes to 'B'
AXM PHARMA: Tracey O'Neill Steps Down as Director
BERNARD MADOFF: Family Members Ask Judge to Throw Out Suit
BLOCKBUSTER INC: Posts $558.2-Mil. Net Loss in FY Ended Jan. 3
BLOCKBUSTER INC: Jackie Clegg to Resign Board of Directors

BOMBARDIER INC: S&P Assigns 'BB+' Rating on Two Senior Notes
CATHOLIC CHURCH: District Court Stays Pilgrims Springs Sale
CATHOLIC CHURCH: Fairbanks Arbitrator Complies With Plan
CATHOLIC CHURCH: Fee Examiner Appointed in Wilmington Case
CEDAR FAIR: Moody's Retains Rating Review on 'Ba3' Corp. Rating

CENTRAL PACIFIC: John Dean Appointed as New Executive Chairman
CENTRAL PACIFIC: KPMG LLP Raises Going Concern Doubt
CHRISTOPHER CUMMING: Case Summary & 20 Largest Unsecured Creditors
CHRYSLER LLC: Court Approves Sale of Sterling Heights Plant
CHRYSLER LLC: Court Approves Sale of Twinsburg Plant

CHRYSLER LLC: Court OKs Abandonment of Three Dealerships
CHRYSLER LLC: Gets Overwhelming Support for Liquidation Plan
CHUCK'S CONSTRUCTION: Asset Sale to Professional Is Denied
CINCINNATI BELL: Issues $625-Mil. of Senior Subordinated Notes
CITADEL BROADCASTING: Panel Gets Nod to Tap Epiq to Provide Info

CITADEL BROADCASTING: Panel Has OK for Stroock as Lead Counsel
CITADEL BROADCASTING: Quinn Okayed as Panel's Conflicts Counsel
CITIGROUP INC: Trust to Sell Capital Securities to Raise $290.5MM
CMC LLC: Creditors Have Until June 3 to File Proofs of Claim
CRESCENT RESOURCES: Puts Off Disclosure Hearing Until March 23

CROWN MEDIA: Hallmark Gets TV Rights to Martha Stewart Programing
DAVID MINER: Case Summary & 20 Largest Unsecured Creditors
DEAN FOODS: Moody's Raises Corporate Family Rating to 'Ba3'
DELPHI CORP: Microchip Wants Sealed $1.5M Suit Axed
DELUXE CORP: S&P Retains 'BB-' Rating on 7.375% Senior Notes

DIMOSTHENIS ANGELAKOS: Case Summary & 20 Largest Unsec. Creditors
DREIER LLP: Operating Report Shows $65MM in Assets
DTE ENERGY: Fitch Affirms Preferred Stock Rating at 'BB+'
DYNAVAX TECHNOLOGIES: Recurring Losses Prompt Going Concern Doubt
DYNAVAX TECHNOLOGIES: Inks Settlement Agreement with Merck Sharp

EAST WEST: Sets April 9 Auction for Golf Courses
EPICEPT CORPORATION: Deloitte Raises Going Concern Doubt
ESCADA AG: Buyer Wants Sale Order Enforced on NY Store Landlord
EXTENDED STAY: ESA Units File Schedules & Statements
EXTENDED STAY: U.S. Trustee Adds Two to Creditors Committee

FAIR FINANCE: Trustee Finds 13,000 Investment Certificates
FINAL ANALYSIS: Court Dismisses Chapter 11 Reorganization Case
FIREFLY ENERGY: Seeks Chapter 7 Bankruptcy Protection
FLEETWOOD ENTERPRISES: Has April 14 Plan Outline Hearing
FONTAINEBLEAU MIAMI: Said to Offer Restructuring Plan

FORD MOTOR: Hiked to B2 by Moody's; On Review for Further Upgrade
FRED RAINE: Case Summary & 20 Largest Unsecured Creditors
FRONTIER FIN'L: Restates Q4 Loss; Going Concern Hit by Bank Woes
GENERAL GROWTH: Simon to Sweeten Bid, Lines Up Financing
GENERAL GROWTH: Bidders Seek Sovereign Wealth Funds Support

GENERAL GROWTH: UBS Securities Approved as M&A Advisor
GENERAL GROWTH: W. Ackman Resigns From Board of Directors
GENERAL MOTORS: CFO Sees Return to Profits in 2010
GLADIOLA WOOD-TOLSON: Case Summary & 9 Largest Unsecured Creditors
GRACEWAY PHARMACEUTICALS: S&P Cuts Corp. Credit Rating to 'B-'

GRAND PARKWAY: Has Until June 15 to Propose a Chapter 11 Plan
GRAND PARKWAY: Files Schedules of Assets and liabilities
GRAND PARKWAY: U.S. Trustee Sets Meeting of Creditors for April 8
HARTFORD FINANCIAL: Fitch Keeps BB Ratings on Jr. Sub. Debentures
HERNDON BROTHERS: Case Summary & 21 Largest Unsecured Creditors

INFOLOGIX INC: Gets Non-Compliance Letter from Nasdaq Market
INTERMUNE INC: Posts $116MM 2009 Loss; Accum. Loss now $915MM
IRVINE SENSORS: Fails to Comply with Nasdaq's Bid Price Rule
KIKO FOODS INC: Case Summary & 20 Largest Unsecured Creditors
LAKE SHORE ASSET: Investors to Get Back $104 Million

LCGI FAIRFIELD: Court Rejects Bad Faith Filing Arguments
LEHMAN BROTHERS: Whistle-Blower Fired After Raising Red Flags
LEHMAN BROTHERS: Schapiro Says SEC's Oversight Inadequate
LEHMAN BROTHERS: Congress to Conduct Probe on Examiner's Report
LEHMAN BROTHERS: $300 Million in Claims Change Hands March 8-15

LEHMAN BROTHERS: Agrees Lift Stay for Nomura to Exercise Rights
LEHMAN BROTHERS: Files Quarterly Report on Loan Transactions
LEHMAN BROTHERS: UBS Sued by New Hampshire Agencies Over Notes
LENNY DYKSTRA: Sues JPMorgan for Predatory Lending
LEXARIA CORP: Posts $282,815 Net Loss in Quarter Ended January 31

LIBBEY INC: Balance Sheet at Dec. 31 Upside-Down by $66 Million
LIMITED BRANDS: Special Dividend Won't Affect Moody's 'Ba2' Rating
LIONS GATE: Moody's Comments on Unsolicited Carl Icahn Offer
LNR PROPERTY: S&P Maintains 'CCC/Negative' Credit Ratings
LODGIAN INC: Posts $53.9 Million Net Loss in 2009

LUCKY CHASE: Has Access to AmTrust Cash Collateral Until April 30
LYONDELL CHEMICAL: L. Blavatnik to Seek About 15% Stake in Parent
LYONDELL CHEMICAL: Proposes Settlement With Medco
LYONDELL CHEMICAL: Wants to Conduct Rule 2004 Exam on Aspen
MAGELLAN HEALTH: S&P Raises Counterparty Credit Rating to 'BB+'

MAJESTIC STAR: Court Extends Ch. 11 Plan Filing Until June 21
MARKETXT HOLDINGS: Middleman Fund Added No Value to MarketXT
MEGA BRANDS: Shareholders Approve Recapitalization Transaction
MERIDIAN RESOURCES: Provides Alta Mesa Merger Valuation Info
METRO-GOLDWYN-MAYER: Liberty Media Said to Drop Out of Bidding

MGM MIRAGE: New Jersey Commission Approves Deal on Borgata Sale
MGM MIRAGE: Closes Notes Offering & Restatement of Loan
MOBILE TEAM LLC: Case Summary & 20 Largest Unsecured Creditors
MOLECULAR INSIGHT: Has 180 Days to Comply with Nasdaq Requirement
MONEYGRAM INTERNATIONAL: Files 2009 Annual Report With SEC

NEENAH FOUNDRY: S&P Withdraws 'D' Corporate Credit Rating
NEENAH PAPER: S&P Raises Corporate Credit Rating to 'BB-'
NEVIOT REALTY: Case to be Transferred to Florida
NEW ENERGY: Closes Exchange Deal with Shenzhen NewPower
NEXSTAR BROADCASTING: Balance Sheet 2009 Upside-Down by $176MM

NEXT INC: Independent Auditors Raise Going Concern Doubt
NORVERGENCE INC: Customers Told to Amend Adversary Complaints
PACIFIC ETHANOL: Wants Plan Exclusivity Until March 31
PAETEC HOLDING: Reports $28.6 Million Net Loss for 2009
PALLADON VENTURES: Discloses Full Equitization of Luxor Loans

PANTRY INC: S&P Affirms Corporate Credit Rating at 'B+'
PARK AT BRIARCLIFF: Files Schedules of Assets and Liabilities
PARK AT BRIARCLIFF: Taps Moore Law to Handle Reorganization Case
PARK AT BRIARCLIFF: U.S. Trustee Unable to Form Creditors Panel
PARK AT BRIARCLIFF: Wants Access to Fannie Mae's Cash Collateral

PATRIOT NATIONAL: McGladrey & Pullen Raises Going Concern Doubt
PHILADELPHIA NEWSPAPERS: Workers Comp Rejection Was Appropriate
PLAINS EXPLORATION: Moody's Affirms 'Ba3' Corp. Family Rating
PRIDE INTERNATIONAL: Fitch Affirms 'BB+' Issuer Default Rating
PROCTOR HOSPITAL: Moody's Downgrades Long-Term Rating to 'Ba1'

RAHAXI INC: Fionn Stakelum Steps Down as Directors
RAILPOWER TECHNOLOGIES: Involuntary Chapter 7 Petition Survives
RC SOONER: Court Sets Cash Collateral Hearing for March 18
REDDY ICE: Completes Transactions to Refinance Outstanding Debt
REGENCY DEVELOPMENT: Voluntary Chapter 11 Case Summary

REMEDIAL CYPRUS: Support Vessels Up for Auction on April 12
SAKS INCORPORATED: Moody's Raises Ratings on Senior Notes to 'B3'
SANTA FE HOLDING: Wants Case Converted to Chapter 7
SEQUENOM INC: Reports $18.4 Million Net Loss for December 2009
SEVERN BANCORP: Reports $15.2 Million Net Loss for FY 2009

SIRIUS XM: S&P Raises Rating on Senior Notes to 'B' From 'B-'
SKY KING: Asks for Court's Nod to Use Cash Collateral
SKY KING: Section 341(a) Meeting Scheduled for April 8
SKY KING: Taps Eason & Tambornini as Bankruptcy Counsel
SOAPSTONE NETWORKS: Awaiting Delaware Order on Distributions

SPHERIS INC: Proposes $850,000 Incentive Bonus Program
STATION CASINOS: Boyd Still Interested in Pursuing Assets
STATION CASINOS: Court OKs Milbank's $3.99MM Fees
STATION CASINOS: Denies T. Wright Charges on GV Ranch
STEPHEN RIGGS: Asks for Court Okay to Use Cash Collateral

STERLING FINANCIAL: Reveals Plan to Improve Capital Position
SYMBIO SOLUTIONS: Gets Court's Nod to Obtain DIP Financing
TACO DEL MAR: Court Fixes April 15 as Claims Bar Date
TAYLOR BEAN: Creditors May Sue Officers and Directors
TERRA INDUSTRIES: S&P Shifts Watch on 'BB' Rating to Developing

TROPICANA ENTERTAINMENT: LV Names B. Feuer as Marketing Director
US STEEL: Fitch Assigns 'BB+' Rating on $500 Mil. Senior Notes
US STEEL: Moody's Assigns 'Ba2' Rating on Proposed Senior Notes
US STEEL: S&P Assigns 'BB' Rating on $500 Proposed Mil. Notes
USEC INC: Board Approves Annual Performance Objectives & Targets

UTSTARCOM INC: Submits 2009 Annual Report with SEC
VIANT HOLDINGS: S&P Raises Counterparty Credit Rating to 'B+'
VINEYARD NATIONAL: Files Monthly Report In Lieu of Form 10-K
WASHINGTON MUTUAL: Bank Creditors, Shareholders Review Settlement
WATERFALL COUNTRY CLUB: Voluntary Chapter 11 Case Summary

WELLINGTON PARK: Chapter 11 Case Dismissed; Bank Forecloses
WORLDSPACE INC: Gets Plan Exclusivity Until April 17
XECHEM INTERNATIONAL: Founder's Amended Claim Upheld in Part
XOMA LIMITED: Gets Anticipated Non-Compliance Notice From NASDAQ
YRC WORLDWIDE: KPMG LLP Raises Going Concern Doubt

* Blackstone Said to Weigh Raising $1 Billion for Failed Banks

* 1st Service Solutions Announces Partnership With BSC Group
* 5 Bankruptcy Attorneys Join Sullivan & Worcester
* Judge Lifland Honored at Duberstein Dinner in New York
* NewOak Names Donald Layton as Investment Committee Co-Chairman

* Chapter 11 Cases with Assets & Liabilities Below $1,000,000


                            *********


ABITIBIBOWATER INC: Lays Off 30 Workers at York County Plant
------------------------------------------------------------
AbitibiBowater has laid off 30 employees at its York County paper
mill to cut cost, as part of the Company's efforts to emerge from
bankruptcy, Charlotte Business Journal reported.

The lay-offs reduce the current number of employees to 860, down
from 940 in 2009, Barry Baker, human-resources manager at the
pulp and paper production complex southeast of Rock Hill, told
the newspaper.

AbitibiBowater also made known plans to "indefinitely idle" one
of its two paper machines at its Thorold South facility, which is
expected to cut 100 jobs.

According to AbitibiBowater spokesman Jean-Philippe Cote, the
shutdown is effective April 12, 2010, and "is related mainly to
the decline in its North American newsprint market." according to
a report by The St. Catharines Standard.

"Management and related stakeholders will work on a viable plan
so the mill becomes and remains competitive going forward," Mr.
Cote said.

                     About AbitibiBowater Inc.

Headquartered in Montreal, Canada, AbitibiBowater Inc. --
http://www.abitibibowater.com/-- produces a wide range of
newsprint, commercial printing papers, market pulp and wood
products.  It is the eighth largest publicly traded pulp and paper
manufacturer in the world.  AbitibiBowater owns or operates 23
pulp and paper facilities and 28 wood products facilities located
in the United States, Canada, the United Kingdom and South Korea.
Marketing its products in more than 90 countries, the Company is
also among the world's largest recyclers of old newspapers and
magazines, and has third-party certified 100% of its managed
woodlands to sustainable forest management standards.
AbitibiBowater's shares trade over-the-counter on the Pink Sheets
and on the OTC Bulletin Board under the stock symbol ABWTQ.

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

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

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

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


ABITIBIBOWATER INC: Woodridge Appeals Call Pact Rejection Order
---------------------------------------------------------------
Judge Joseph J. Farnan, Jr., of the U.S. District Court for the
District of Delaware denied the request of The Woodbridge Company
Limited, Woodbridge International Holdings Limited and Woodbridge
International Holdings SA to expedite their appeal "to avoid the
significant possibility that confirmation of a reorganization
plan in the Debtors' Chapter 11 cases will moot the appeal before
a determination on the merits, thereby eviscerating [Appellants']
appellate rights" and to prevent undue delay the administration
of the Debtors' cases.

Woodbridge took an Appeal from Judge Carey's Order authorizing
the Debtors to reject an Amended and Restated Call Agreement with
Woodridge effective immediately.  Judge Carey noted that the Call
Agreement stands as a separate agreement from the other
agreements because it (i) was executed at different times, (ii)
relates to different subject matters, (iii) was executed with
different parties, and (iv) contains an integration clause.

The District Court concluded that Woodbridge has not demonstrated
that its Appeal requires expedited consideration.   The harm to
which Woodbridge cites is, at this juncture, speculative, the
District Court opined, as Woodbridge has rights that it can
pursue in the Bankruptcy Court to prevent harm.

Judge Farnan also compelled Woodbridge to file its opening brief
and answering brief on the Appeal on March 17, 2010.  Woodbridge
was also required to file its reply brief on Appeal on March 12.

                     About AbitibiBowater Inc.

Headquartered in Montreal, Canada, AbitibiBowater Inc. --
http://www.abitibibowater.com/-- produces a wide range of
newsprint, commercial printing papers, market pulp and wood
products.  It is the eighth largest publicly traded pulp and paper
manufacturer in the world.  AbitibiBowater owns or operates 23
pulp and paper facilities and 28 wood products facilities located
in the United States, Canada, the United Kingdom and South Korea.
Marketing its products in more than 90 countries, the Company is
also among the world's largest recyclers of old newspapers and
magazines, and has third-party certified 100% of its managed
woodlands to sustainable forest management standards.
AbitibiBowater's shares trade over-the-counter on the Pink Sheets
and on the OTC Bulletin Board under the stock symbol ABWTQ.

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

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

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

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


ABITIBIBOWATER INC: Woodridge Wants Partnership Pact Rejected
-------------------------------------------------------------
The Woodbridge Company Limited, Woodbridge International Holdings
Limited and Woodbridge International Holdings SA asked Judge
Kevin J. Carey of the U.S. Bankruptcy Court for the District of
Delaware to compel Debtors Abitibi Consolidated Sales Corporation
and Abitibi-Consolidated Inc. to reject a partnership agreement
dated as of August 17 1981, as last amended on July 1, 2004.

David P. Primack, Esq., at Drinker Biddle & Reath LLP, in
Wilmington, Delaware, related on behalf of Wilmington, that since
2001, ACSC and a Woodbridge subsidiary have been partners in the
Augusta Newsprint Company, a partnership that operates a
newsprint mill in Augusta, Georgia.  Woodbridge and Abitibi
formed the current Partnership on September 6, 2001, when they
entered into these three agreements:

  * A "Consent," allowing Woodbridge to purchase the 50%
    Partnership interest of an outgoing partner;

  * An "Amendment to Partnership Agreement," establishing the
    partnership between Woodbridge and Abitibi; and

  * "A Call Agreement," giving each of Abitibi and Woodbridge
    certain exit options from the Partnership, and establishing
    each party's interest in Partnership assets upon dissolution
    or merger.

The Call Agreement also provides that if ACSC does not exercise
its option and the Partnership or its assets are sold or merged,
first-out proceeds from the transaction up to an agreed amount
will be allocated to Woodbridge.  In June 2009, ACSC sought and
obtained the Court's authority to reject the Call Agreement,
without also rejecting the Amended Partnership Agreement.

More than 10 months after the Petition Date, ACSC and ACI have
taken no steps to assume or reject the Partnership Agreement, Mr.
Primack lamented.

Under Section 365(c)(1) of the Bankruptcy Code and well-settled
Third Circuit law, ACSC cannot assume its Partnership Agreement
with Woodbridge without Woodbridge's consent, Mr. Primack noted.
"Because Woodbridge does not consent to Abitibi and ACI assuming
the Partnership Agreement, ASCS and ACI have no alternative
except to reject the agreement," he pointed out.

ACSC may argue that it can assume the Partnership Agreement
because the prohibition against assignment under Georgia Law can
be altered by agreement between the Partners.  The Partnership
Agreement, however, prohibits transfer of Partnership interests,
Mr. Primack emphasized.

                     About AbitibiBowater Inc.

Headquartered in Montreal, Canada, AbitibiBowater Inc. --
http://www.abitibibowater.com/-- produces a wide range of
newsprint, commercial printing papers, market pulp and wood
products.  It is the eighth largest publicly traded pulp and paper
manufacturer in the world.  AbitibiBowater owns or operates 23
pulp and paper facilities and 28 wood products facilities located
in the United States, Canada, the United Kingdom and South Korea.
Marketing its products in more than 90 countries, the Company is
also among the world's largest recyclers of old newspapers and
magazines, and has third-party certified 100% of its managed
woodlands to sustainable forest management standards.
AbitibiBowater's shares trade over-the-counter on the Pink Sheets
and on the OTC Bulletin Board under the stock symbol ABWTQ.

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

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

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

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


ADVANTA CORP: Passes Up $54 Million Tax Refund
----------------------------------------------
Advanta Corp. is in a dispute with its non-debtor banking unit
Advanta Bank Corp. over whether to file a tax return and carry
back losses for five years.

Advanta Bank Corp. filed an emergency motion on March 12 asking
the Bankruptcy Court to compel its parent to seek an extension of
the March 15 deadline to file 2009 consolidated federal income tax
return, or, in the alternative, if it files the tax return, elect
to carry back consolidated net operating losses for five years.
Advanta Corp. would have a $54 million refund if it makes the
five-year NOL carryback election.  ABC believes it is entitled to
a portion of the refunds pursuant to a tax sharing agreement.

"Should Advanta file the 2009 Tax Return without affirmatively
electing the five-year NOL carryback, it is beyond cavil that ABC
will be severely prejudiced," Advanta Bank said.

The holding company elected not to claim the refund when filing
the 2009 return on March 14.  Advanta Corp. explained in its
response to the Motion to Compel that it is a valid exercise of
its business judgment to forego the carryback in its 2009 NOL.  It
noted that by electing the carryback, it would have exposed itself
to assertion by ABC under the TSA of a general unsecured claim of
$170 million.  The holding company said that giving rise to the
claim would have a dilutive effect on recovery by other unsecured
creditors.

Advanta Corp. also noted that with the waiver of the carryback of
the 2009 NOL, the 2009 NOL is carried forward for 20 years, and
the tax basis in the stock of ABC is preserve.  By preserving the
basis, the holding company in the future could take a worthless
stock deduction that wouldn't give rise to the $170 million claim
by the bank.  The stock loss could offset any gains triggered
during Advanta's Chapter 11 case pursuant to the terms of its
Chapter 11 plan.

Advanta Corp. believes there is little or no value for creditors
of its estate in its equity position in ABC.  Advanta believes
that any equity position that it has in ABC is quickly dissipating
in light of ABC's liquidity position and inability to generate new
business.

                        About Advanta Corp.

Advanta Corp. -- http://www.advanta.com/-- has had a 59-year
history of being a leading innovator in the financial services
industry and of providing great value to its stakeholders,
including its senior retail note holders and shareholders, prior
to the recent reversals.  It has also been a major civic and
charitable force in the communities in which it is based,
particularly in the Greater Philadelphia area.

The Federal Deposit Insurance Corporation placed significant
restrictions on the activities of Advanta Corp.'s Advanta Bank
Corp. following financial woes by the banking unit.

As of Sept. 30, 2009, the Company had $2,497,897,000 in assets
against total liabilities of $2,465,936,000 but the figures
included those of the banking units.

On November 8, 2009, Advanta Corp. filed for Chapter 11 (Bankr. D.
Del. Case No. 09-13931).  Attorneys at Weil, Gotshal & Manges LLP,
and Richards, Layton & Finger, P.A., serve as bankruptcy counsel.
Alvarez & Marsal serves as financial advisor.  The Garden City
Group, Inc., serves as claims agent.  The filing did not include
Advanta Bank.  The petition says that Advanta Corp.'s assets
totaled $363,000,000 while debts totaled $331,000,000 as of
Sept. 30, 2009.


ADVOCATE FINANCIAL: Hancock Wants to Block Cash Collateral Use
--------------------------------------------------------------
Hancock Bank of Louisiana has asked the U.S. Bankruptcy Court for
the Eastern District of Louisiana to prohibit Advocate Financial,
LLC, from using cash collateral.

Hancock wants to protect its interests in the collateral and has
asked that it be granted adequate protection of its security
interest in the form of compelling the Debtor to, among other
things, account for and turnover the loan documents and their
proceeds to Hancock Bank.

Hancock Bank is the holder of a properly perfected first-in-right
security interest in and to all of the loans owned and made by the
Debtor to its attorney-borrowers.  Since 2003, Hancock Bank has
provided a line of credit loan to the Debtor to enable the Debtor
to expand its business providing case specific and other
litigation related financing to the plaintiff's attorneys and law
firms in and around the southeast United States.  As of the
Petition Date, the note evidencing the Loan is a promissory note
made and executed by the Debtor dated January 31, 2008, and
payable to the order of Hancock Bank, in the principal amount of
$10 million, and bearing an initial interest rate of 6.50% per
annum.

"For many weeks now, the Debtor has apparently been in a
liquidation mode, informing its attorney clients that it will no
longer be lending any money to them and advising them to move
their lines of credit elsewhere," Hancock Bank avers.

Hancock Bank points out that the Debtor has neither sought nor
obtained permission from the Court to utilize the cash collateral
in any operation of its business and Hancock Bank doesn't consent
to the Debtor's use of the cash collateral.

Hancock Bank says that despite amicable demand, the Debtor has
refused to turnover paper collateral or any of the supporting
files to Hancock Bank as it is required to do under Hancock Bank's
loan documents.  Hancock Bank has become aware that the Debtor's
owners, who are apparently citizens of France, are transferring
the proceeds of the paper collateral to France.

Hancock Bank requests that the Court recognize Hancock Bank's
rights under the security agreements to directly collect payments
on the paper collateral and issue an order instructing account
debtors under the paper collateral to make any and all payments
thereon directly into an escrow account to be maintained at
Hancock Bank and controlled by Hancock Bank.

Hancock Bank asks that the Debtor be prohibited from collecting
upon, enforcing, compromising, and/or otherwise recovering any
amounts owed on the paper collateral and that Hancock Bank be
given the specific right to engage in these activities.

Hancock Bank is represented by McGlinchey Stafford, PLLC.

                     About Advocate Financial

Baton Rouge, Louisiana-based Advocate Financial, L.L.C., filed for
Chapter 11 bankruptcy protection on March 2, 2010 (Bankr. E.D. La.
Case No. 10-10615).  Dennis M. LaBorde, Esq., at Baldwin Haspel
Burke & Mayer, LLC, assists the Company in its restructuring
effort.  The Company estimated its assets and liabilities at
$10,000,001 to $50,000,000 as of the Petition Date.


ALMADEN ASSOCIATES: Has Until March 22 to File Schedules
--------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of California
extended until March 22, 2010, Almaden Associates, LLC's time to
file its schedules of assets and liabilities and statement of
affairs.

Dublin, California-based Almaden Associates, LLC, filed for
Chapter 11 bankruptcy protection on Feb. 22, 2010 (Bankr. N.D.
Calif. Case No. 10-41903).  Joel K. Belway, Esq., at Law Offices
of Joel K. Belway, assists the Company in its restructuring
effort.  The Company estimated its assets and debts at $10,000,001
to $50,000,000.


AMERICAN HOMEPATIENT: NexBank Forbearance Extended to April 16
--------------------------------------------------------------
American HomePatient, Inc., disclosed in a regulatory filing
Monday that it has entered into an ninth 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.
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 April 16, 2010.

                    About American HomePatient

Brentwood, Tenn.-based American HomePatient, Inc. (OTC BB: AHOM)
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.

The Company's balance sheet as of Dec. 31, 2009, showed
$239.3 million in assets and $276.3 million of debts, for a
stockholders' deficit of $37.0 million.

                       Going Concern Doubt

KPMG LLP, in Nashville, Tennessee, expressed substantial doubt
about the Company's ability to continue as a going concern in its
report on the Company's consolidated financial statements for the
year ended December 31, 2009.  The independent auditors noted that
of the Company's net capital deficiency and net working capital
deficiency resulting from $226.4 million of debt that matured on
August 1, 2009.


AMERICAN INT'L: Draws $2.2-Bil. More From Treasury to Help Units
----------------------------------------------------------------
Bloomberg News reports that American International Group Inc. has
decided to draw $2.2 billion from a Treasury Department facility.
Bloomberg reported that according to a company spokesman, AIG used
the cash to redeem securities held by insurance subsidiaries,
improving liquidity and a measure of capital adequacy watched by
rating firms and regulators.  AIG owes more than $70 billion on
Federal Reserve and Treasury facilities.

                             About AIG

Based in New York, American International Group, Inc., is the
leading international insurance organization with operation in
more than 130 countries and jurisdictions.  AIG companies serve
commercial, institutional and individual customers through the
most extensive worldwide property-casualty and life insurance
networks of any insurer.  In addition, AIG companies are leading
providers of retirement services, financial services and asset
management around the world.  AIG's common stock is listed on the
New York Stock Exchange, as well as the stock exchanges in Ireland
and Tokyo.

In September 2008, AIG experienced a liquidity crunch when its
credit ratings were downgraded below "AA" levels by Standard &
Poor's, Moody's Investors Service and Fitch Ratings.  On
September 16, 2008, the Federal Reserve Bank created an
$85 billion credit facility to enable AIG to meet increased
collateral obligations consequent to the ratings downgrade, in
exchange for the issuance of a stock warrant to the Fed for 79.9%
of the equity of AIG.  The credit facility was eventually
increased to as much as $182.5 billion.

AIG has sold a number of its subsidiaries and other assets to pay
down loans received from the U.S. government, and continues to
seek buyers of its assets.


AMERICAN INT'L: AHA Unit to Sell Shares in Transatlantic Holdings
-----------------------------------------------------------------
American Home Assurance Company, Inc., an indirect, wholly owned
subsidiary of American International Group, Inc., is seeking to
sell shares of Transatlantic Holdings, Inc. common stock pursuant
to a Stock Offering Agreement, dated March 7, 2010, with
Transatlantic Holdings, and Goldman, Sachs & Co., Wells Fargo
Securities, LLC and Merrill Lynch, Pierce, Fenner & Smith
Incorporated as representatives of several underwriters.

AHA is the record and beneficial owner of 9,192,662 shares of
common stock, par value $1.00 per share, of Transatlantic.  The
Underwriters intend to purchase the Transatlantic shares held by
AHA pursuant to a firm commitment underwriting agreement.

Pursuant to an underwriting agreement dated March 9, 2010, the
underwriters intend to acquire these shares:

                                           Number of Shares
     Underwriters                          To Be Purchased
     ------------                          ----------------
     Goldman, Sachs & Co.                         3,762,598
     Wells Fargo Securities, LLC                  3,762,598
     Merrill Lynch, Pierce, Fenner & Smith          941,497
                                           ----------------
          TOTAL                                   8,466,693

Transatlantic is an international reinsurance organization
headquartered in New York, with operations worldwide.  TRH's
subsidiaries, Transatlantic Reinsurance Company(R), Trans Re
Zurich and Putnam Reinsurance Company, offer reinsurance capacity
on both a treaty and facultative basis -- structuring programs for
a full range of property and casualty products, with an emphasis
on specialty risks.

Transatlantic has filed with the Securities Exchange Commission an
automatic shelf registration statement, including related
prospectus in connection with the Offering.  The Underwriters
intend to offer Shares for sale in a public offering.

A full-text copy of the Stock Offering Agreement is available at
no charge at http://ResearchArchives.com/t/s?59f2

A full-text copy of the Underwriting Agreement is available at no
charge at http://ResearchArchives.com/t/s?59f5

                             About AIG

Based in New York, American International Group, Inc., is the
leading international insurance organization with operation in
more than 130 countries and jurisdictions.  AIG companies serve
commercial, institutional and individual customers through the
most extensive worldwide property-casualty and life insurance
networks of any insurer.  In addition, AIG companies are leading
providers of retirement services, financial services and asset
management around the world.  AIG's common stock is listed on the
New York Stock Exchange, as well as the stock exchanges in Ireland
and Tokyo.

In September 2008, AIG experienced a liquidity crunch when its
credit ratings were downgraded below "AA" levels by Standard &
Poor's, Moody's Investors Service and Fitch Ratings.  On
September 16, 2008, the Federal Reserve Bank created an
$85 billion credit facility to enable AIG to meet increased
collateral obligations consequent to the ratings downgrade, in
exchange for the issuance of a stock warrant to the Fed for 79.9%
of the equity of AIG.  The credit facility was eventually
increased to as much as $182.5 billion.

AIG has sold a number of its subsidiaries and other assets to pay
down loans received from the U.S. government, and continues to
seek buyers of its assets.


AMERICAN INT'L: No Longer Holds Shares in Avalon Pharmaceuticals
----------------------------------------------------------------
American International Group, Inc., AIG Global Asset Management
Holdings Corp., and AIG Global Investment Corp., now known as
PineBridge Investments LLC, have disclosed that as of December 31,
2009, they no longer held shares of Avalon Pharmaceuticals, Inc.

Based in New York, American International Group, Inc., is the
leading international insurance organization with operation in
more than 130 countries and jurisdictions.  AIG companies serve
commercial, institutional and individual customers through the
most extensive worldwide property-casualty and life insurance
networks of any insurer.  In addition, AIG companies are leading
providers of retirement services, financial services and asset
management around the world.  AIG's common stock is listed on the
New York Stock Exchange, as well as the stock exchanges in Ireland
and Tokyo.

In September 2008, AIG experienced a liquidity crunch when its
credit ratings were downgraded below "AA" levels by Standard &
Poor's, Moody's Investors Service and Fitch Ratings.  On
September 16, 2008, the Federal Reserve Bank created an
$85 billion credit facility to enable AIG to meet increased
collateral obligations consequent to the ratings downgrade, in
exchange for the issuance of a stock warrant to the Fed for 79.9%
of the equity of AIG.  The credit facility was eventually
increased to as much as $182.5 billion.

AIG has sold a number of its subsidiaries and other assets to pay
down loans received from the U.S. government, and continues to
seek buyers of its assets.


AMERICAN INT'L: Reports De Minimis Stake in IPCS
------------------------------------------------
American International Group, Inc., AIG Global Asset Management
Holdings Corp., and AIG Global Investment Corp., now known as
PineBridge Investments LLC, have disclosed that as of December 31,
2009, they held 6,000 shares or roughly 0.03% of the common stock
of IPCS, Inc.

Based in New York, American International Group, Inc., is the
leading international insurance organization with operation in
more than 130 countries and jurisdictions.  AIG companies serve
commercial, institutional and individual customers through the
most extensive worldwide property-casualty and life insurance
networks of any insurer.  In addition, AIG companies are leading
providers of retirement services, financial services and asset
management around the world.  AIG's common stock is listed on the
New York Stock Exchange, as well as the stock exchanges in Ireland
and Tokyo.

In September 2008, AIG experienced a liquidity crunch when its
credit ratings were downgraded below "AA" levels by Standard &
Poor's, Moody's Investors Service and Fitch Ratings.  On
September 16, 2008, the Federal Reserve Bank created an
$85 billion credit facility to enable AIG to meet increased
collateral obligations consequent to the ratings downgrade, in
exchange for the issuance of a stock warrant to the Fed for 79.9%
of the equity of AIG.  The credit facility was eventually
increased to as much as $182.5 billion.

AIG has sold a number of its subsidiaries and other assets to pay
down loans received from the U.S. government, and continues to
seek buyers of its assets.


ANGIOTECH PHARMACEUTICALS: Highland Capital Holds 7.46% of Stake
----------------------------------------------------------------
Dallas, Texas-based Highland Capital Management, L.P.; Strand
Advisors, Inc.; and James D. Dondero disclosed that as of December
31, 2009, they may be deemed to beneficially own in the aggregate
6,354,559 shares or roughly 7.46% of the common stock of Angiotech
Pharmaceuticals Inc.

Vancouver, Canada-based Angiotech Pharmaceuticals, Inc. (NASDAQ:
ANPI, TSX: ANP) -- http://www.angiotech.com/-- is a global
specialty pharmaceutical and medical device company.  Angiotech
discovers, develops and markets innovative treatment solutions for
diseases or complications associated with medical device implants,
surgical interventions and acute injury.

The Company's balance sheet at December 31, 2009, showed
$370.0 million in total assets and $620.0 million in total
liabilities, resulting to a $313.0 million stockholders' deficit
as of December 31, 2009.  The Company said it has $129.0 million
total current assets and $63.0 million total current liabilities
at December 31.

Angiotech Pharmaceuticals carries 'CCC' corporate credit ratings
from Standard & Poor's.


ANGIOTECH PHARMACEUTICALS: Letko Brosseau Cuts Stake to 4.78%
-------------------------------------------------------------
Letko, Brosseau & Ass. Inc., in Montreal, Canada, disclosed that
as of February 24, 2010, it may be deemed to beneficially own
4,067,972 shares or roughly 4.78% of the common stock of Angiotech
Pharmaceuticals Inc.

Letko Brosseau disclosed that as of December 31, 2009, it held
6,412,022 shares or roughly 7.54% of the common stock of Angiotech
Pharmaceuticals.

Vancouver, Canada-based Angiotech Pharmaceuticals, Inc. (NASDAQ:
ANPI, TSX: ANP) -- http://www.angiotech.com/-- is a global
specialty pharmaceutical and medical device company.  Angiotech
discovers, develops and markets innovative treatment solutions for
diseases or complications associated with medical device implants,
surgical interventions and acute injury.

The Company's balance sheet at December 31, 2009, showed
$370.0 million in total assets and $620.0 million in total
liabilities, resulting to a $313.0 million stockholders' deficit
as of December 31, 2009.  The Company said it has $129.0 million
total current assets and $63.0 million total current liabilities
at December 31.

Angiotech Pharmaceuticals carries 'CCC' corporate credit ratings
from Standard & Poor's.


ANGIOTECH PHARMACEUTICALS: West Coast Asset Holds 3.3% Stake
------------------------------------------------------------
West Coast Asset Management, Inc.; R. Atticus Lowe; Lance W.
Helfert; and Paul J. Orfalea in Montecito, California, disclosed
that as of December 31, 2009, they may be deemed to beneficially
own in the aggregate 2,795,538 shares or roughly 3.3% of the
common stock of Angiotech Pharmaceuticals Inc.

Messrs. Lowe and Helfert serve on the investment committee of West
Coast Asset Management.  Mr. Orfalea is involved with a range of
business ventures including West Coast Asset Management and not-
for-profit organizations.

West Coast Asset Management provides investment management
services to West Coast Opportunity Fund, LLC, a private investment
vehicle, and separately managed accounts.

Vancouver, Canada-based Angiotech Pharmaceuticals, Inc. (NASDAQ:
ANPI, TSX: ANP) -- http://www.angiotech.com/-- is a global
specialty pharmaceutical and medical device company.  Angiotech
discovers, develops and markets innovative treatment solutions for
diseases or complications associated with medical device implants,
surgical interventions and acute injury.

The Company's balance sheet at December 31, 2009, showed $370.0
million in total assets and $620.0 million in total liabilities,
resulting to a $313.0 million stockholders' deficit as of December
31, 2009.  The Company said it has $129.0 million total current
assets and $63.0 million total current liabilities at December 31.

Angiotech Pharmaceuticals carries 'CCC' corporate credit ratings
from Standard & Poor's.


ANGIOTECH PHARMACEUTICALS: Wisconsin Board Holds Small Stake
------------------------------------------------------------
The State of Wisconsin Investment Board in Madison, Wisconsin,
disclosed that it may be deemed to beneficially own 26,657 shares
or roughly 0.03% of the common stock of Angiotech Pharmaceuticals
Inc.

Vancouver, Canada-based Angiotech Pharmaceuticals, Inc. (NASDAQ:
ANPI, TSX: ANP) -- http://www.angiotech.com/-- is a global
specialty pharmaceutical and medical device company.  Angiotech
discovers, develops and markets innovative treatment solutions for
diseases or complications associated with medical device implants,
surgical interventions and acute injury.

The Company's balance sheet at December 31, 2009, showed
$370.0 million in total assets and $620.0 million in total
liabilities, resulting to a $313.0 million stockholders' deficit
as of December 31, 2009.  The Company said it has $129.0 million
total current assets and $63.0 million total current liabilities
at December 31.

Angiotech Pharmaceuticals carries 'CCC' corporate credit ratings
from Standard & Poor's.


AQUILEX HOLDINGS: S&P Assigns 'BB-' Rating on $50 Mil. Loan
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'BB-'
issue rating and '1' recovery rating to Atlanta, Ga.-based Aquilex
Holdings LLC's proposed $50 million revolving credit facility due
2015 and $185 million term loan due 2016.  S&P also lowered its
issue rating and recovery rating on the company's $225 million
senior unsecured notes to 'B-' from 'B' and to '5' from '4',
respectively.

At the same time, S&P affirmed all of its other ratings, including
the 'B' corporate credit rating, on the company.  In addition, S&P
revised the outlook to stable from negative.

Proceeds from the term loan issuance will be used to refinance
existing balances under Aquilex's term loans due in 2012, 2013,
and 2014.  S&P will withdraw the ratings on the existing term
loans once the refinancing has been completed.  Pro forma for its
December 2009 senior note refinancing, Aquilex had total debt of
roughly $374 million at Sept. 30, 2009.

"The ratings affirmation and the outlook revision to stable
reflect the additional headroom under financial covenants and an
improved debt maturity profile that Aquilex receives in
conjunction with this term loan refinancing," said Standard &
Poor's credit analyst James Siahaan.  "The lower issue rating and
revised recovery rating on the senior unsecured notes reflect a
modest increase in secured debt outstanding at default."

Headroom under the company's financial covenants was set to
tighten at the end of the first quarter of 2010, and there was
uncertainty as to whether Aquilex's earnings would be sufficient
to provide for compliance.  With the refinancing, S&P expects that
the level of headroom under the amended financial covenants will
improve to sufficient levels.

Aquilex Holdings LLC is the holding company of energy industry
maintenance services provider Aquilex Corp. With annual revenues
of approximately $480 million, operations are narrowly focused on
maintenance, repair, and cleaning services in energy sector end-
markets.


ATLANTIC FACILITIES: Has Until May 24 to Propose a Chapter 11 Plan
------------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of North
Carolina set May 24, 2010, as the last day for Atlantic
Facilities, L.L.C., to file its Chapter 11 Plan and explanatory
Disclosure Statement.

Wilmington, North Carolina-based Atlantic Facilities, L.L.C. --
dba Audubon Properties LLC; East Metro Properties, LLC; South
Metro Properties LLC; Myrtle Properties, L.L.C.; and North Metro
Properties LLC -- filed for Chapter 11 bankruptcy protection on
February 22, 2010 (Bankr. E.D. N.C. Case No. 10-01347).  Trawick
H. Stubbs, Jr., Esq., at Stubbs & Perdue, P.A., assists the
Company in its restructuring effort.  The Company has assets of
$14,481,403, and total debts of $15,767,067.


ATLANTIC FACILITIES: Has Interim Access to Rental Proceeds
----------------------------------------------------------
The Hon. Stephani W. Humrickhouse of the U.S. Bankruptcy Court for
the Eastern District of North Carolina authorized, on an interim
basis, Atlantic Facilities, L.L.C., to use the cash proceeds
generated from the postpetition rental of the properties.

A further hearing on the cash collateral use will be held on
April 1, 2010, at 1:00 p.m. at the U.S. Post Office & Federal
Building, Third Floor Courtroom, 301 Green Street, Court,
Fayetteville, North Carolina.

The Debtor would use the money to fund its operating expenses
postpetition.

The Debtor related that it granted security interests to Carolina
First Bank, Crescent State Bank, First Federal Savings & Loan of
Charleston, NewBridge Bank, Regions Bank, Woodlands Bank, and
Roland S. Tilden, III and Judith K. Tilden.

The creditors' liens on the collateral securing the indebtedness
will extend to the Debtor's postpetition assets.

Wilmington, North Carolina-based Atlantic Facilities, L.L.C. --
dba Audubon Properties LLC; East Metro Properties, LLC; South
Metro Properties LLC; Myrtle Properties, L.L.C.; and North Metro
Properties LLC -- filed for Chapter 11 bankruptcy protection on
February 22, 2010 (Bankr. E.D. N.C. Case No. 10-01347).  Trawick
H. Stubbs, Jr., Esq., at Stubbs & Perdue, P.A., assists the
Company in its restructuring effort.  The Company has assets of
$14,481,403, and total debts of $15,767,067.


ATRIUM CORP: Griffon Corp. Bidding for Assets
---------------------------------------------
Bloomberg News reports that Griffon Corp., a garage-door maker
partly owned by Goldman Sachs Group Inc., is competing with two
private equity firms to buy Atrium Cos.

Private equity firms Golden Gate Capital and Kenner & Co. have
offered to buy Atrium's assets for $465 million.

Atrium, founded in 1948, said it is one of the largest
manufacturers and distributors of aluminum and vinyl windows and
patio doors. Atrium had about $531 million in net sales in 2009
and about $611.6 million in net sales in 2008, court papers show.
Griffon had net income of $22.8 million on sales of $1.2 billion
for the 12 months ending in September.

                           About Atrium

Headquartered in Dallas, Texas, Atrium Corporation --
http://www.atrium.com/-- is a manufacturer and supplier of
residential windows and doors in North America.  The Company has
5,100 employees and 63 manufacturing facilities and distribution
centers in 21 U.S. states, Canada and Mexico.

Atrium Corporation and various affiliates filed for Chapter 11
bankruptcy protection on January 20, 2010 (Bankr. D. Del. Case No.
10-10150).  The Company's Canadian subsidiary also initiated
reorganization proceedings under the Companies' Creditors
Arrangement Act (CCAA) in the Ontario Superior Court of Justice in
Toronto.

Richard M. Cieri, Esq.; Joshua A. Sussberg, Esq.; and Brian E.
Schartz, Esq., at Kirkland & Ellis LLP, and Dominic E.
Pacitti, Esq.; and Michael W. Yurkewicz, Esq., at Klehr Harrison
Harvey Branzburg LLP, assist the U.S. Debtors in their
restructuring efforts.  Deloitte Financial Advisory Services LLP
is the Debtors' financial advisor.  Moelis & Company is the
Debtors' investment banker.  Goodmans LLP is the Debtors' Canadian
counsel.  Garden City Group Inc. is the Debtors' claims agent.

As of December 31, 2009, the Debtors listed $655.9 million in
consolidated debts, but didn't state their consolidated assets.

Atrium Corp.'s petition says assets are up to $500,000 while debts
range from $100 million to $500 million.


AVAYA INC: S&P Downgrades Corporate Credit Rating to 'B-'
---------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its corporate
credit rating on Basking Ridge, New Jersey-based communications
systems, applications, and services supplier Avaya Inc. to 'B-'
from 'B'.  At the same time, S&P removed the rating from
CreditWatch with negative implications, where they had been placed
on Sept. 14, 2009.  S&P also assigned a 'B' rating with a '2'
recovery rating to the company's newly issued term loan B-2,
proceeds of which were used to finance the acquisition of Nortel
Networks Corp.'s Enterprise Solutions businesses.  The outlook is
negative.

"The action reflects Avaya's increasing leverage and the
challenges the company is likely to face integrating the recently
acquired NES business," said Standard & Poor's credit analyst
Bruce Hyman.  Avaya's and NES' historically good positions in
their markets and a good degree of recurring revenues offset those
factors in part.


AVIS BUDGET: S&P Raises Issuer Ratings on Senior Notes to 'B'
-------------------------------------------------------------
Standard & Poor's Ratings Services said it has raised its issue
ratings on the senior unsecured notes of Avis Budget Car Rental
LLC, a unit of Avis Budget Group, to 'B' from 'B-' and revised the
recovery ratings on these notes to '5' from '6', indicating S&P's
expectation that lenders would receive modest (10% to 30%)
recovery in a payment default scenario.  These are the same
ratings S&P assigned on March 3, 2010, to the company's new
$450 million notes issue.  The company's 'B+' corporate credit
rating and stable outlook remain unchanged.

The changes to the recovery and issue ratings reflect S&P's
expectation that lenders will have improved recovery prospects,
given recent financing activities due to a reduction in secured
borrowing in the capital structure.  Avis recently issued
$450 million in senior unsecured notes due 2018 and used proceeds
to repay a portion of its term loan B.  The company also amended
and extended its senior secured credit facility.  The amended
credit facility consists of an amended revolving credit facility,
which now totals $1.169 billion, of which $977.1 million matures
in April 2014, and $192 million matures in April 2011; and a term
loan, which now totals $324.8 million, of which $272.8 million
matures in April 2014, and $52 million matures in April 2012.  The
balance of the term loan facility reflects the repayment of a
significant portion of that facility with proceeds from the recent
$450 million note offering.

Financial covenants were also revised in the amended agreement and
now consist of a maximum consolidated leverage ratio, which begins
at 6.25x for the quarter ending June 2010 and reduces to 4.25x by
the September 2013 quarter, and a minimum consolidated interest
coverage ratio, which begins at 1.30x in the June 2010 quarter and
increases to 1.75x in the September 2013 quarter.

                           Ratings List

                    Avis Budget Car Rental LLC

       Corporate credit rating                B+/Stable/--

                           New Rating

                    Avis Budget Car Rental LLC

                         Senior Secured

             US$192 mil. revolving bank ln due     BB
             04/30/2011
              Recovery Rating                      1
             US$272.8 mil. term bank ln due        BB
             04/30/2014
              Recovery Rating                      1

                             Upgraded

                                        To                 From
                                        --                 ----
Senior Unsecured                       B                  B-
  Recovery Rating                       5                  6

                         Not Rated Action

                                        To                 From
                                        --                 ----
Senior Secured                         NR                 B+
  Recovery Rating                       NR                 3


AXM PHARMA: Tracey O'Neill Steps Down as Director
-------------------------------------------------
AXM Pharma, Inc., disclosed that it received the resignation of
Tracey O'Neill from her position as a member of the Company's
Board of Directors on February 17, 2010.  Ms. O'Neill did not note
any disagreement with the Company concerning any matter relating
to the Company's operations, policies or practices as a reason for
her resignation.

AXM Pharma in January 2009 filed an amended Form 10-K/A with the
U.S. Securities and Exchange Commission to amend and restate the
Form 10-KSB the Company filed for the year ended December 31,
2005.  The Original Form 10-KSB was initially filed with the
Securities and Exchange Commission on April 17, 2006.

The Form 10-K/A was filed to correct errors and omissions
contained the Original Filing.  The errors and omissions, the
Company explained, resulted from failure to properly record
certain liabilities and expenses related to the issuance of
Secured Convertible Promissory Notes and associated Common Stock
Purchase Warrants during the quarter ended April 30, 2005, and
certain liabilities and expenses related to the issuance of Series
C Preferred Stock and associated Common Stock Purchase Warrants
during the quarter ended June 30, 2004.

The Company has not filed financial reports for the quarterly
period and year 2007, 2008 and 2009.

In the Amended Annual Report, the Company indicated it is in
urgent need of additional capital.  "Our cash resources have been
depleted.  We have not paid our employees in China since January
2006.  We are in default under the terms of certain promissory
notes," the Company said.

"Our lack of capital has severely constrained our ability to grow
our business.  These conditions raise substantial doubt about our
ability to continue as a going concern," the Company said.

The audit report prepared by LBB & Associates Ltd., LLP --
formerly Lopez, Blevins, Bork & Associates Ltd., LLP -- in
Houston, Texas, its independent registered public accounting firm
relating to its consolidated financial statements for the year
ended December 31, 2005, included an explanatory paragraph
expressing the substantial doubt about the Company's ability to
continue as a going concern.

"We are currently in discussions with several funding sources in
China to obtain financing to support operations going forward, but
to date none of these discussions have resulted in additional
financing.  If we are unable to raise additional capital in the
immediate future, we may be forced to cease business operations,"
the Company said in January 2009.

The Company also said in January 2009 it was in default on its
obligations under its Series C Convertible Promissory Notes, and
that it was in talks with the note holders with a view to
restructuring the terms of the Notes.  The Company has not
provided any further disclosure in this regard.

Based in Diamond Bar, California, AXM Pharma Inc. (Other OTC:
AXMP.PK) -- http://www.axmpharma.com/-- is a pharmaceutical
company engaged in the production, marketing and distribution of
pharmaceutical products in China.  The company produces, markets,
and distributes medicines in various dosages and forms in most
areas of medicinal treatment, as well as herbal remedies, vitamins
and adjunctive therapies.

As of March 31, 2006, the company's consolidated balance sheet
showed $10,641,129 in total assets and $10,763,844 in total
liabilities, resulting in a $122,715 total stockholders' deficit.


BERNARD MADOFF: Family Members Ask Judge to Throw Out Suit
----------------------------------------------------------
Bob Van Voris at Bloomberg News reports that Bernard Madoff's
brother, sons and niece asked Bankruptcy Judge Burton Lifland to
dismiss a suit filed against them by the trustee liquidating
Madoff's firm, who claims they contributed to investor losses at
the firm.

According to the report, sons Andrew and Mark Madoff want the
judge to throw out the suit, pointing out that they immediately
reported the fraud to authorities when they learned of it and that
they are "among the numerous victims of their father's terrible
crimes."

The sons, as well as Bernard Madoff's brother, Peter Madoff, niece
Shana Madoff Swanson, who are defendants in the suit, held
positions in the defunct firm.

In their legal brief, Madoff sons Mark and Andrew Madoff claim
they immediately reported the fraud to authorities when they
learned of it and that they are "among the numerous victims of
their father's terrible crimes."

                   About Bernard L. Madoff

Bernard L. Madoff Investment Securities LLC and Bernard L.
Madoff orchestrated the largest Ponzi scheme in history, with
losses topping US$50 billion.

On December 15, 2008, the Honorable Louis A. Stanton of the
U.S. District Court for the Southern District of New York granted
the application of the Securities Investor Protection Corporation
for a decree adjudicating that the customers of BLMIS are in need
of the protection afforded by the Securities Investor Protection
Act of 1970.  The District Court's Protective Order (i) appointed
Irving H. Picard, Esq., as trustee for the liquidation of BLMIS,
(ii) appointed Baker & Hostetler LLP as his counsel, and (iii)
removed the SIPA Liquidation proceeding to the Bankruptcy Court
(Bankr. S.D.N.Y. Adv. Pro. No. 08-01789) (Lifland, J.).

On April 13, 2009, former BLMIS clients filed an involuntary
Chapter 7 bankruptcy petition against Bernard Madoff (Bankr.
S.D.N.Y. 09-11893).  The case is before Hon. Burton Lifland.  The
petitioning creditors -- Blumenthal & Associates Florida General
Partnership, Martin Rappaport Charitable Remainder Unitrust,
Martin Rappaport, Marc Cherno, and Steven Morganstern -- assert
$64 million in claims against Mr. Madoff based on the balances
contained in the last statements they got from BLMIS.

On April 14, 2009, Grant Thornton UK LLP as receiver placed Madoff
Securities International Limited in London under bankruptcy
protection pursuant to Chapter 15 of the U.S. Bankruptcy Code
(Bankr. S.D. Fla. 09-16751).

The Chapter 15 case was later transferred to Manhattan.  In June
2009, Judge Lifland approved the consolidation of the Madoff SIPA
proceedings and the bankruptcy case.

Judge Denny Chin of the U.S. District Court for the Southern
District of New York on June 29, 2009, sentenced Mr. Madoff to
150 years of life imprisonment for defrauding investors in
United States v. Madoff, No. 09-CR-213 (S.D.N.Y.)


BLOCKBUSTER INC: Posts $558.2-Mil. Net Loss in FY Ended Jan. 3
--------------------------------------------------------------
Blockbuster Inc. filed its annual report on Form 10-K, showing a
net loss of $558.2 million on $4.062 billion of revenue for the
year ended January 3, 2010, compared with a net loss of
$374.1 million on $5.065 billion of revenue for the year ended
January 4, 2009.

The Company's balance sheet as of January 3, 2010, showed
$1.538 billion in assets and $1.852 billion of debts, for a
stockholders' deficit of $314.3 million.

PricewaterhouseCoopers LLP, in Dallas, expressed substantial doubt
about the Company's ability to continue as a going concern.  The
independent auditors noted that the Company has incurred a net
loss from operations for the year ended January 3, 2010, and has a
stockholders' deficit as of January 3, 2010.  In addition, the
increasingly competitive industry conditions under which the
Company operates have negatively impacted the Company's results of
operations and cash flows and may continue to in the future.

A full-text copy of the annual report is available for free at:

                  http://researcharchives.com/t/s?59a7

Dallas-Tex.-based Blockbuster Inc. is a leading global provider of
rental and retail movie and game entertainment, with over 6,500
stores in the United States, its territories and 17 other
countries as of January 3, 2010.


BLOCKBUSTER INC: Jackie Clegg to Resign Board of Directors
----------------------------------------------------------
Blockbuster Inc. director Jackie M. Clegg provided the Company
with notice of her intention to resign from the Company's board of
directors effective as of March 5, 2010.

                      About Blockbuster Inc.

Dallas-based Blockbuster Inc. (NYSE: BBI, BBI.B) is a global
provider of rental and retail movie and game entertainment.  The
Company provides its customers with convenient access to media
entertainment anywhere and any way they want it -- whether in-
store, by-mail, through vending and kiosks or digital download.
With a highly recognized brand name and a library of over 125,000
movie and game titles, Blockbuster leverages its multi-channel
presence to further build upon its leadership position in the
media entertainment industry and to best serve the two million
daily global customers and over 50 million annual global
customers.  The Company may be accessed worldwide at
http://www.blockbuster.com/

Blockbuster Inc. filed its annual report on Form 10-K, showing a
net loss of $558.2 million on $4.062 billion of revenue for the
year ended January 3, 2010, compared with a net loss of
$374.1 million on $5.065 billion of revenue for the year ended
January 4, 2009.

The Company's balance sheet as of January 3, 2010, showed
$1.538 billion in assets and $1.852 billion of debts, for a
stockholders' deficit of $314.3 million.

Blockbuster said it is pursuing an exchange of all or part of its
$300 million Senior Subordinated Notes for Class A common stock.
"It is possible that a successful and efficient implementation of
an exchange or any of the other strategies we are pursuing will
require us to make a pre-packaged, pre-arranged or other type of
filing for protection under Chapter 11 of the U.S. Bankruptcy
Code," Blockbuster said.

As reported by the Troubled Company Reporter on March 4, 2010,
Moody's Investors Service downgraded Blockbuster's long term
ratings, including its Probability of Default Rating and its
Corporate Family Rating to Caa3 from Caa1.  The outlook is
negative.

Blockbuster carries a 'CCC' corporate credit rating from Standard
& Poor's.


BOMBARDIER INC: S&P Assigns 'BB+' Rating on Two Senior Notes
------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'BB+' debt
rating (the same as the corporate credit rating on the company)
and '4' recovery rating to Montreal-based Bombardier Inc.'s
proposed US$650 million senior unsecured notes due 2018 and
US$850 million senior unsecured notes due 2020.  The '4' recovery
rating indicates S&P's expectation of an average (30%-50%)
recovery in the event of a payment default.

"Although Bombardier will be increasing its funded debt through
the proposed note offerings, S&P believes the greater liquidity
offsets the higher debt in its assessment of the company's
financial risk profile," said Standard & Poor's credit analyst
Jamie Koutsoukis.  "The rating, however, also incorporates S&P's
expectation that Bombardier will maintain its substantial
liquidity position.  Should the weakness in aerospace demand
persist, or slower-than-expected cash flow from transportation
significantly weaken its liquidity position, S&P could lower the
ratings," Ms. Koutsoukis added.

Officials from the company expect to use proceeds of this issue to
repurchase and retire existing debt pursuant to the tender offer
announced, and for general corporate purposes.

The 'BB+' ratings on Bombardier reflect Standard & Poor's view of
the company's leading market positions in the transportation and
business aircraft segments, its good cost efficiency, and
increasing product range and diversity.  Furthermore, the ratings
incorporate Bombardier's consistent maintenance of what S&P
consider its significant financial risk profile and strong
liquidity.  These positive factors are partially offset in S&P's
opinion by the challenging market conditions the aerospace
industry faces and resultant negative pressure on cash generation,
indirect exposure to a customer base with weak credit quality, and
high execution risk of new aircraft programs in the current
business down cycle.

                           Ratings List

                          Bombardier Inc.

    Corporate credit rating                      BB+/Stable/--

                         Ratings Assigned

         US$650 mil. sr unsecured notes due 2018      BB+
          Recovery rating                             4

         US$850 mil. sr unsecured notes due 2020      BB+
          Recovery rating                             4


CATHOLIC CHURCH: District Court Stays Pilgrims Springs Sale
-----------------------------------------------------------
According to the minutes of a February 26, 2010 hearing, the U.S.
Bankruptcy Court for the District of Alaska (i) heard arguments
and evidence from the parties regarding the Catholic Bishop of
Northern Alaska's objection to Louis H. and Nancy E. Green's
appeal, which includes requests for a preliminary injunction
preventing sale of the Pilgrim Hot Springs, a lien on Pilgrim Hot
Springs as and for adequate protection of the Greens' claimed
interest and a stay pending appeal, and (ii) has taken the matter
under advisement.

          District Court Issues Temporary Injunction

In a separate filing, the Greens notify the Bankruptcy Court and
parties-in-interest that U.S. District Court Judge Ralph Beistline
has issued an order directing the Bankruptcy Court to stay the
sale of the Pilgrim Springs Property until the District Court
resolves the Greens' appeal.

The temporary injunction was issued in the Greens' appeal case,
which appeals the Bankruptcy Court's order requiring the Greens to
dismiss their state court action to quiet title claim of their
ownership of Pilgrim Hot Springs.

                 About the Diocese of Fairbanks

The Roman Catholic Diocese of Fairbanks in Alaska, aka Catholic
Bishop of Northern Alaska, aka Catholic Diocese of Fairbanks, aka
The Diocese of Fairbanks, aka CBNA -- http://www.cbna.info/--
filed for chapter 11 bankruptcy on March 1, 2008 (Bankr. D. Alaska
Case No. 08-00110).  Susan G. Boswell, Esq., at Quarles & Brady
LLP represents the Debtor in its restructuring efforts.  Michael
R. Mills, Esq., of Dorsey & Whitney LLP serves as the Debtor's
local counsel and Cook, Schuhmann & Groseclose Inc. as its special
counsel.  Judge Donald MacDonald, IV, of the United States
Bankruptcy Court for the District of Alaska presides over
Fairbanks' Chapter 11 case.  The Debtor's schedules show total
assets of $13,316,864 and total liabilities of $1,838,719.

The church's plans to file its bankruptcy plan and disclosure
statement on July 15, 2008.  Its exclusive plan filing period
expires on January 15, 2009.  (Catholic Church Bankruptcy News;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


CATHOLIC CHURCH: Fairbanks Arbitrator Complies With Plan
--------------------------------------------------------
Retired Judge William L. Bettinelli, the special arbitrator under
the Third Amended and Restated Joint Plan of Reorganization for
the Catholic Bishop of Northern Alaska notifies the U.S.
Bankruptcy Court for the District of Alaska that he has determined
that the filed proofs of claim for sexual abuse satisfy the
requirement that Settling Tort Claimants complete a Uniform
Questionnaire as part of the process for determining the Settling
Tort Claimants' share of the Settlement Trust.

Section 13.4(c)(i) of the Plan contemplates that Settling Tort
Claimants will be served with a Uniform Questionnaire and that the
Uniform Questionnaire must be returned within 30 days after
service.  The consequence to a Settling Tort Claimant of failing
to return the completed Uniform Questionnaire is that the Settling
Tort Claimant's claim will be treated and paid as a Convenience
Tort Claim.  A holder of a Convenience Tort Claim is paid $2,500
in full and complete satisfaction of the claim.

In the interests of economy and prompt distribution of funds to
Settling Tort Claimants entitled to receive funds from the
Settlement Trust, Judge Bettinelli says that he will not send out
Uniform Questionnaires that would be duplicative of the Court-
approved form of proof of claim for sexual abuse claims.  He notes
that Settling Tort Claimants, who filed proofs of claim, will not
be treated as holders of Convenience Tort Claims on the basis that
they did not return Uniform Questionnaires.  He adds that
March 22, 2010, is the deadline for Non-Settling Insurers to
submit up to 15 questions for a custom questionnaire.

                 About the Diocese of Fairbanks

The Roman Catholic Diocese of Fairbanks in Alaska, aka Catholic
Bishop of Northern Alaska, aka Catholic Diocese of Fairbanks, aka
The Diocese of Fairbanks, aka CBNA -- http://www.cbna.info/--
filed for Chapter 11 bankruptcy on March 1, 2008 (Bankr. D. Alaska
Case No. 08-00110).  Susan G. Boswell, Esq., at Quarles & Brady
LLP represents the Debtor in its restructuring efforts.  Michael
R. Mills, Esq., of Dorsey & Whitney LLP serves as the Debtor's
local counsel and Cook, Schuhmann & Groseclose Inc. as its special
counsel.  Judge Donald MacDonald, IV, of the United States
Bankruptcy Court for the District of Alaska presides over
Fairbanks' Chapter 11 case.  The Debtor's schedules show total
assets of $13,316,864 and total liabilities of $1,838,719.

The church's plans to file its bankruptcy plan and disclosure
statement on July 15, 2008.  Its exclusive plan filing period
expires on January 15, 2009.  (Catholic Church Bankruptcy News;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


CATHOLIC CHURCH: Fee Examiner Appointed in Wilmington Case
----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware appointed
Stuart Maue as fee examiner to act as a special consultant to the
Court for professional fee and expense analysis and review in
connection with the Catholic Diocese of Wilmington, Inc.'s
bankruptcy case.  The Diocese and the Official Committee of
Unsecured Creditors agreed to Stuart Maue's appointment.

Stuart Maue, which is based in St. Louis, Missouri, develops
customized cost management solutions in the areas of legal cost
management, legal bill review audit and analysis, bankruptcy, and
vendor invoice review.

Judge Sonthi noted that his Order applies to (i) all professionals
employed or to be employed in the case pursuant to Sections 327,
328 or 1103 of the Bankruptcy Code, (ii) all members of the
Creditors Committee or any other official committee appointed in
the case, and (iii) any claims for reimbursement of professional
fees and expenses under Section 503(b) of the Bankruptcy Code to
the extent permitted by the Court.  The Order, however, does not
apply to ordinary course professionals employed by the Diocese,
provided that to the extent that the fees and expenses of any
ordinary course professional exceed the compensation cap, the fees
and expenses will be reviewed by the Fee Examiner.

The Order is effective December 23, 2009.

The terms of the order establishing procedures for interim
compensation and reimbursement of expenses for professionals,
dated November 12, 2009, will be modified by the Order to provide
that the Monthly Fee Applications and the Interim Fee Applications
filed by any Professional will also be sent to the Fee Examiner.
With respect to any Fee Applications that have been filed prior to
the entry of the Order, the Professionals will provide the Fee
Examiner with the fee and expense detail within 15 days.

Aside from reviewing all Fee Applications, the Fee Examiner will
also serve initial reports and engage in informal communication
with each Professional to resolve matters raised in the Initial
Report, among other tasks.  Following communication between the
Fee Examiner and the Professional, and the Fee Examiner's review
of any supplemental information provided by the Professional, the
Fee Examiner will conclude the informal response period by filing
with the Court a final report with respect to each Fee
Application.

The Court maintained that the Fee Examiner's fees and expenses
will be subject to application and review, pursuant to Rule 706(b)
of the Federal Rules of Evidence, and will be paid from the
bankruptcy estate as an administrative expense under Section
503(b)(2) of the Bankruptcy Code.

                  About the Diocese of Wilmington

The Diocese of Wilmington covers Delaware and the Eastern Shore of
Maryland and serves about 230,000 Catholics.  The Delaware diocese
is the seventh Roman Catholic diocese to file for Chapter 11
protection to deal with lawsuits for sexual abuse.  Previous
filings were by the dioceses in Spokane, Washington; Portland,
Oregon; Tucson, Arizona; Davenport, Iowa, Fairbanks, Alaska; and
San Diego, California.

The bankruptcy filing automatically stayed eight consecutive abuse
trials scheduled in Delaware scheduled to begin October 19.  There
are 131 cases filed against the Diocese, with 30 scheduled for
trial.

The Diocese filed for Chapter 11 on Oct. 18, 2009 (Bankr. D. Del.
Case No. 09-13560).  Attorneys at Young Conaway Stargatt & Taylor,
LLP, serve as counsel to the Diocese.  The Ramaekers Group, LLC is
the financial advisor.  The petition says assets range $50,000,001
to $100,000,000 while debts are between $100,000,001 to
$500,000,000. (Catholic Church Bankruptcy News; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


CEDAR FAIR: Moody's Retains Rating Review on 'Ba3' Corp. Rating
---------------------------------------------------------------
Moody's Investors Service said that Cedar Fair, L.P.'s Ba3
Corporate Family Rating remains on review for possible downgrade
following the company's announcement that it has postponed a
special shareholders' meeting until April 8, 2010, to vote on the
company's buyout by Apollo Global Management.  In December 2009,
the company announced that it had entered into a definitive
agreement to be acquired by Apollo for $11.50 per unit, or
approximately $2.4 billion.  Certain significant shareholders have
indicated they would vote against the merger and Moody's believes
this will make it difficult for the company to obtain approval for
the merger from the required two-thirds of outstanding unit
holders.  The delay in the shareholder vote will provide unit
holders additional time to evaluate the proposed transaction and,
in Moody's opinion, for Apollo to evaluate their alternatives
including whether they are willing to raise the proposed purchase
price.

Moody's indicated in January 2010 that Cedar Fair's CFR would be
lowered to B1 upon completion of the Apollo transaction and
assigned respective ratings of (P)Ba3 and (P)B3 to the proposed
senior secured credit facility and senior unsecured notes that
would be utilized, along with a cash contribution from Apollo, to
fund the buyout.  Moody's will continue to monitor developments
with the transaction and would need to consider the funding source
should a higher bid materialize.  Downward rating pressure on the
(P)B1 CFR, (P)B1 Probability of Default Rating and individual
instrument ratings could occur if a higher purchase price results
in a meaningful increase in debt and leverage relative to the
original Apollo transaction structure.

Moody's is also evaluating the company's operating and financial
plans in the event the Apollo transaction is terminated.  Moody's
anticipates Cedar Fair will generate sufficient cash flow to meet
its cash obligations over the next 12 months.  However, the
company faces several liquidity hurdles including the expiration
of its $310 million revolving credit facilities in August 2011,
approximately $645 million of debt maturities in 2012 and limited
projected cushion under the maximum leverage covenant in its
credit facility, which covenant steps down to 5.0x from 5.25x at
the end of 2010.  Cedar Fair's speculative-grade liquidity rating
remains SGL-3 due to the limited covenant cushion.

Moody's believes the company's free cash flow generation
(approximately $115 million in 2009 prior to the now suspended
distribution) will provide it some flexibility to address its
liquidity challenges, but an amendment to increase covenant
headroom or a refinancing could result in an increase in interest
expense that weakens cash flow and interest coverage.  The company
could also face some strategic uncertainty including with respect
to the master limited partnership ownership structure given the
suspension of the partnership distribution at the end of 2009.
The end result could be actions that in terms of the credit
profile could be favorable (debt paydown to reduce leverage to a
level that would allow for a reinstatement of the distribution) or
unfavorable (refinance the debt to increase leverage in connection
with an acquisition or large shareholder distribution in an effort
to drive the unit price higher).  Downward rating pressure could
occur if Moody's expects liquidity to weaken, EBITDA less CapEx to
interest (1.83x in FY 2009 incorporating Moody's standard
adjustments) to be sustained below 1.75x or debt-to-EBITDA
leverage (5.5x FY 2009 incorporating Moody's standard adjustments)
to remain elevated.

Cedar Fair is required to reimburse Apollo for up to $6.5 million
of merger-related expenses incurred by Apollo if the proposed
transaction is terminated under certain conditions.  The payment
is unlikely to materially affect Cedar Fair's liquidity position
as it has the option to pay the fee by issuing additional
partnership units if its consolidated leverage ratio (as defined
in the credit agreement) is greater than 5.0x after giving effect
to the payment of the fee.

The last rating action was on January 14, 2010, when Moody's
assigned ratings to Cedar Fair's proposed LBO financing.

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 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 2009 revenue was approximately
$916 million.


CENTRAL PACIFIC: John Dean Appointed as New Executive Chairman
--------------------------------------------------------------
In a regulatory filing Tuesday, Central Pacific Financial Corp.,
the parent company of Central Pacific Bank, disclosed the
appointment of John C. Dean, as Executive Chairman of the Board of
the Company and Central Pacific Bank, acting subject to regulatory
approval.  Ronald K. Migita will be retiring as President and CEO
and stepping down as Chairman of the Company and the bank upon the
appointment of Mr. Dean, but will remain as director the Company
and the Bank.  Mr. Dean is currently managing general partner of
Startup Capital Ventures based in Palo Alto, in California.

The Company says that Mr. Dean's appointment is part of the
implementation of a Recovery Plan designed to improve the
Company's capital ratios by downsizing Central Pacific Bank and
focusing the Bank on its core business and traditional markets in
Hawaii.  The Plan was developed with the aid of the Promontory
Financial Group.  The Company says it continues to work with
investment advisors Sandler O'Neill & Partners, LLP and RBC
Capital to explore all options for raising additional capital
concurrently with the implementation of its Recovery Plan.

"While we have received interest from private equity investors,
our Board of Directors determined that consummation of a
transaction on the terms and conditions proposed to date is not
likely to occur in the near term," said Mr. Migita.  "Our Board
also determined that immediately implementing this Recovery Plan
while continuing to seek new capital is in the best interests of
our stakeholders."

"I know that John is the right person to lead our Company through
the recovery and to re-establish a business model that has been
highly successful in the past, as his stellar track record of
turning banks around speaks for itself," Mr. Migita added.

                          Recovery Plan

Under the Recovery Plan, Central Pacific Bank will be a smaller
bank with a restructured business model focused on its core
business and traditional markets in Hawaii.  According to the
Company, the Plan is designed to maintain the Company's adequately
capitalized ratios and improve its capital position over time
while the Company continues to seek new capital.  Essential
elements of the Plan include:

  -- Aggressively manage the bank's existing loan portfolios to
     minimize further credit losses and to maximize recoveries,

  -- Shrink the Bank's balance sheet, including the sale of
     pledged securities and reducing public deposits and repo
     positions,

  -- Reduce the Bank's loan portfolio through paydowns,
     restructuring, and significantly reducing lending activity,

  -- Significantly lower operating costs to align with the
     restructured business model.

                       About Central Pacific

Based in Honolulu, Hawaii, Central Pacific Financial Corp. (NYSE:
CPF) -- http://www.centralpacificbank.com/-- is the parent
company of Central Pacific Pank, a full-service commercial bank
with 37 bank branches and approximately 100 ATMs located
throughout the state of Hawaii.

The Company's balance sheet as of Dec. 31, 2009, showed
$4.870 billion in assets, $4.524 billion of debts, and
$346.0 million of stockholders' equity.  At December 31, 2009, the
Company had net loans and leases of roughly $2.837 billion and
deposits of roughly $3.569 billion.

                          *     *     *

KPMG LLP, in Honolulu, Hawaii, expressed substantial doubt about
the Company's ability to continue as a going concern in its report
on the Company's consolidated financial statements as of and for
the year ended December 31, 2009.  The independent auditors noted
that the Company entered into a consent order dated December 8,
2009, with its primary banking regulators which among other things
restricts certain operations and requires the Company to increase
its leverage and total risk-based capital ratios to at least 10%
and 12%, respectively, by March 31, 2010, and maintain these
levels thereafter.  Failure to increase its capital ratios or
further declines in its capital ratios exposes the Company to
additional restrictions and regulatory actions, including seizure
of Central Pacific Bank.


CENTRAL PACIFIC: KPMG LLP Raises Going Concern Doubt
----------------------------------------------------
On March 16, 2010, Central Pacific Financial Corp. Inc. filed its
annual report on Form 10-K for the year ended December 31, 2009,
with the Securities and Exchange Commission.

KPMG LLP, in Honolulu, Hawaii, expressed substantial doubt about
the Company's ability to continue as a going concern in its report
on the Company's consolidated financial statements as of and for
the year ended December 31, 2009.  The independent auditors noted
that the Company entered into a consent order dated December 8,
2009, with its primary banking regulators which among other things
restricts certain operations and requires the Company to increase
its leverage and total risk-based capital ratios to at least 10%
and 12%, respectively, by March 31, 2010, and maintain these
levels thereafter.  Failure to increase its capital ratios or
further declines in its capital ratios exposes the Company to
additional restrictions and regulatory actions, including seizure
of Central Pacific Bank.

The Company reported a net loss of $313.7 million for the year
ended December 31, 2009, compared with a net loss of
$138.4 million for 2008.  Net interest income totaled
$174.5 million in 2009, as compared to $202.0 million in 2008.

The Company's balance sheet as of Dec. 31, 2009, showed
$4.870 billion in assets, $4.524 billion of debts, and
$346.0 million of stockholders' equity.  At December 31, 2009, the
Company had net loans and leases of roughly $2.837 billion and
deposits of roughly $3.569 billion.

A full-text copy of the annual report is available for free at:

               http://researcharchives.com/t/s?5983

Based in Honolulu, Hawaii, Central Pacific Financial Corp. (NYSE:
CPF) -- http://www.centralpacificbank.com/-- is the parent
company of Central Pacific Bank, a full-service commercial bank
with 37 bank branches and approximately 100 ATMs located
throughout the state of Hawaii.


CHRISTOPHER CUMMING: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------------
Joint Debtors: Christopher Gordon Cumming
                 4528 Belleview
                 Kansas City, MO 64112

               Brenda Kay Cumming
                 1833 Norton Creek Road
                 Cottonwood Falls, KS 66845

Bankruptcy Case No.: 10-41129

Chapter 11 Petition Date: March 15, 2010

Court: United States Bankruptcy Court
       Western District of Missouri (Kansas City)

Judge: Dennis R. Dow

Debtors' Counsel: Victor F. Weber, Esq.
                  Merrick Baker & Strauss
                  1044 Main St., Ste. 400
                  Kansas City, MO 64111
                  Tel: (816) 221-8855
                  Fax: (816) 221-7886
                  Email: victor@merrickbakerstrauss.com

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 $2,226,613
and total debts of $998,145.

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/mowb10-41129.pdf

The petition was signed by the Joint Debtors.


CHRYSLER LLC: Court Approves Sale of Sterling Heights Plant
-----------------------------------------------------------
Bankruptcy Judge Arthur Gonzalez authorized Chrysler LLC to sell
their Sterling Heights, Michigan assembly plant for $20,000,000,
pursuant to a private sale to Chrysler Group LLC free and clear of
liens.

"[U]nder the circumstances, the private sale of the Property on
the terms and conditions set forth in the Purchase Agreement
maximizes the value of the Property for the Debtors' estates,"
Judge Gonzalez opined.

Corinne Ball, Esq., at Jones Day, in New York, relates that the
Debtors have executed a purchase agreement dated February 18,
2010, for the sale of the Property to New Chrysler.  The Property
consists of (i) a parcel of real property located at 38111 Van
Dyke, Sterling Heights, Macomb County, Michigan, which also
includes a manufacturing and assembly facility, and (ii) all of
the Debtors' right, title and interest, if any, in and to all
personalty, trade fixtures and equipment currently located on the
Land.

The Property was pledged as collateral to secure the Debtors'
obligations under the Amended and Restated First Lien Credit
Agreement, dated as of November 29, 2007, among Carco Intermediate
Holdco II LLC, Old Carco, the lender parties and JPMorgan Chase
Bank, N.A., as agent.  The First Lien Lenders hold the first
priority lien on all of the Property, subject to certain permitted
liens, as set forth in the Court's "First Lien Winddown Order"
between the Debtors and the First Lien Agent on behalf of the
First Lien Lenders, entered on November 19, 2009.

DTE provides Utility Assets with various utility services at the
Property.  The related Easement Agreement between DTE and Old
Carco governs DTE's access to the Property in connection with its
provision of the Utility Services.  Non-Debtor West Bay
Exploration Company conducted natural gas exploration activities
on the Land, and constructed a well, drilling facility and piping
system for the recovery and transmission of natural gas and other
liquid hydrocarbons to both the assembly plant located on the
Property and certain third-party distributors of natural gas or
other consumers of Natural Gas.

Pursuant to the TSA, New Chrysler (i) is entitled to use the
Property through the license period until April 30, 2011, and (ii)
since the Closing Date, has been conducting, and currently
conducts, operations at the Property.  Pursuant to the TSA, New
Chrysler does not pay rent for use of the Property during the
License Period, but is responsible for all carrying costs during
the License Period, and the phase out and deactivation of the
premises at the conclusion of the License Period.

                      Purchase Agreement

The principal terms of the Purchase Agreement are:

  (a) Purchase Price: $20,000,000;

  (b) Deposit: $1,000,000 in immediately available funds payable
      to First American Title Insurance Company -- the Title
      Company -- which will hold the deposit in an interest
      bearing escrow account and will apply it toward the
      Purchase Price upon closing of the Transaction.

      A title company is a company involved in examining and
      insuring title claims, usually for real estate, on behalf
      of its customers;

  (c) New Chrysler's obligation to close the Transaction is
      conditioned on, among other things, Old Carco's delivery
      to the Title Company of a quitclaim deed conveying fee
      simple title to the Property, subject only to Permitted
      Liens;

  (d) Old Carco's obligation to close the Transaction is
      conditioned on, among other things, New Chrysler's
      delivery to the Title Company of an acceptable closing
      statement;

  (e) At the Closing, Old Carco will pay, out of the proceeds of
      the Transaction:

      -- any fees incurred in connection with the removal of
         unpermitted exceptions with respect to the Property;

      -- all city, state and county transfer taxes and fees
         payable in connection with the sale; and

      -- one-half of any escrow fee; and

  (f) New Chrysler will take title to the Property on an "as is"
      and "where is" basis.

New Chrysler has agreed to assume the environmental condition of
the Property in its condition at the Closing, and to indemnify Old
Carco from and against any claim that may arise regarding the
environmental condition of the Property caused by the Purchaser's
activities and operation, whether existing prior to, on or after
the Closing.

A full-text copy of the Purchase Agreement can be obtained for
free at:

   http://bankrupt.com/misc/Chrysler_PurchaseSterling_021810.pdf

                     About Chrysler Group LLC

Chrysler Group LLC, formed in 2009 from a global strategic
alliance with Fiat Group, produces Chrysler, Jeep(R), Dodge, Ram
Truck, Mopar(R) and Global Electric Motorcars (GEM) brand vehicles
and products.  Headquartered in Auburn Hills, Michigan, Chrysler
Group LLC's product lineup features some of the world's most
recognizable vehicles, including the Chrysler 300, Jeep Wrangler
and Ram Truck.  Fiat will contribute world-class technology,
platforms and powertrains for small- and medium-sized cars,
allowing Chrysler Group to offer an expanded product line
including environmentally friendly vehicles.

                        About Chrysler LLC

Chrysler LLC and 24 affiliates on April 30 sought Chapter 11
protection from creditors (Bankr. S.D.N.Y (Mega-case), Lead Case
No. 09-50002).  Chrysler hired Jones Day, as lead counsel; Togut
Segal & Segal LLP, as conflicts counsel; Capstone Advisory Group
LLC, and Greenhill & Co. LLC, for financial advisory services; and
Epiq Bankruptcy Solutions LLC, as its claims agent.  Chrysler has
changed its corporate name to Old CarCo following its sale to a
Fiat-owned company.  As of December 31, 2008, Chrysler had
$39,336,000,000 in assets and $55,233,000,000 in debts.  Chrysler
had $1.9 billion in cash at that time.

In connection with the bankruptcy filing, Chrysler reached an
agreement with Fiat SpA, the U.S. and Canadian governments and
other key constituents regarding a transaction under Section 363
of the Bankruptcy Code that would effect an alliance between
Chrysler and Italian automobile manufacturer Fiat.  Under the
terms approved by the Bankruptcy Court, the company formerly known
as Chrysler LLC on June 10, 2009, formally sold substantially all
of its assets, without certain debts and liabilities, to a new
company that will operate as Chrysler Group LLC.  Fiat has a 20
percent equity interest in Chrysler Group.

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


CHRYSLER LLC: Court Approves Sale of Twinsburg Plant
----------------------------------------------------
Bankruptcy Judge Arthur Gonzalez approved the sale of Chrysler
LLC's Ohio, Twinsburg stamping plant to Maynards Industries (1991)
Inc.

The Sale will constitute a legal, valid and effective transfer of
the Property notwithstanding any requirement for approval or
consent by any person and will vest Maynard Industries with all
right, title and interest of the Debtors in the Property, free and
clear of all interests, pursuant to Section 363(b) and (f) of the
Bankruptcy Code.

The Debtors held an auction of their stamping plant on March 10,
2010.  At the auction's conclusion, the Debtors with the consent
of JPMorgan Chase Bank, N.A., as agent of the Amended and Restated
First Lien Credit Agreement, selected Maynards as the successful
bidder, with a bid totaling $45,500,000.

The next highest bidder was Twinsburg Industrial Park LLC with a
$45,000,000 bid.

A copy of the asset purchase agreement between the Debtors and
Maynard Industries is available for free at:

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

Maynards, a Canada-based company that specializes in liquidating
old factories, acquired the property and all the equipment inside
for $45.5 million or a 65% increase from the lead bid, according
to a March 11, 2010 report by WKYC-TV.  The sale also included the
site on which the plant is located.

Proceeds from the sale will go to first-lien lenders, according to
Bloomberg News.

Maynards is one of the two bidders for the 2.4 million-square-foot
plant.  Cleveland-based Park Corporation, which makes industrial
machinery, had also offered to buy the plant, 90.3 WCPN reported.

The 53-year old plant, which once had 4,000 workers and used to be
one of the biggest employers in northeast Ohio, is scheduled to
cease its production in June of this year.

Maynards is expected to sell the assets piece by piece but has not
yet confirmed its intention.  Meanwhile, many of the 400 workers
who are still employed at the plant said they do not know what
will happen to the plant and need to know as soon as possible,
according to WKYC-TV.

"They're treating us like little kids, and we can handle the news.
But we want the news," WKYC-TV quoted Ron Rini, financial
secretary of UAW Local 122, as saying.

Ed Rundle, an employee at the plant, feels it is going to be
liquidated and that there is little hope that a buyer would buy
the whole facility from Maynards intact.  He considers
transferring to another Chrysler facility in Toledo or Detroit if
it is offered, WKYC-TV reported.

Meanwhile, Twinsburg Mayor Katherine Procop also expressed concern
for the remaining workers.

"The lives of these workers is . . . in limbo right now.  What's
going to happen to their families and their careers?" WKYC-TV
quoted Ms. Procop as saying.

Ms. Procop called the sale one of the worst things that could have
happened from the city's perspective.  She said there is little
hope that the plant will be utilized as it was, 90.3 WCPN
reported.

Ms. Procop, who talked with the officers at Maynards on Thursday,
said the firm does not have final plans yet but has agreed to meet
with her at the end of the month.

"I believe there's a lot of opportunities for the property itself.
We know that there's some state assistance out there that we can
tap into," 90.3 WCPN quoted Ms. Procop as saying.
"Redevelopment possibilities are certainly in the future but that
doesn't help the employment situation right now for those people
who are working there."

                     About Chrysler Group LLC

Chrysler Group LLC, formed in 2009 from a global strategic
alliance with Fiat Group, produces Chrysler, Jeep(R), Dodge, Ram
Truck, Mopar(R) and Global Electric Motorcars (GEM) brand vehicles
and products.  Headquartered in Auburn Hills, Michigan, Chrysler
Group LLC's product lineup features some of the world's most
recognizable vehicles, including the Chrysler 300, Jeep Wrangler
and Ram Truck.  Fiat will contribute world-class technology,
platforms and powertrains for small- and medium-sized cars,
allowing Chrysler Group to offer an expanded product line
including environmentally friendly vehicles.

                        About Chrysler LLC

Chrysler LLC and 24 affiliates on April 30 sought Chapter 11
protection from creditors (Bankr. S.D.N.Y (Mega-case), Lead Case
No. 09-50002).  Chrysler hired Jones Day, as lead counsel; Togut
Segal & Segal LLP, as conflicts counsel; Capstone Advisory Group
LLC, and Greenhill & Co. LLC, for financial advisory services; and
Epiq Bankruptcy Solutions LLC, as its claims agent.  Chrysler has
changed its corporate name to Old CarCo following its sale to a
Fiat-owned company.  As of December 31, 2008, Chrysler had
$39,336,000,000 in assets and $55,233,000,000 in debts.  Chrysler
had $1.9 billion in cash at that time.

In connection with the bankruptcy filing, Chrysler reached an
agreement with Fiat SpA, the U.S. and Canadian governments and
other key constituents regarding a transaction under Section 363
of the Bankruptcy Code that would effect an alliance between
Chrysler and Italian automobile manufacturer Fiat.  Under the
terms approved by the Bankruptcy Court, the company formerly known
as Chrysler LLC on June 10, 2009, formally sold substantially all
of its assets, without certain debts and liabilities, to a new
company that will operate as Chrysler Group LLC.  Fiat has a 20
percent equity interest in Chrysler Group.

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


CHRYSLER LLC: Court OKs Abandonment of Three Dealerships
--------------------------------------------------------
The Bankruptcy Court, in a second order, authorized Chrysler LLC
and its units to abandon their ownership interests in three
domestic nondebtor subsidiaries that previously operated Chrysler,
Dodge and Jeep dealerships:

(a) El Monte MID Inc., formerly known as El Monte Chrysler
     Jeep Dodge, Inc.;

(b) Fox Lake MID Inc., formerly known as Chrysler Jeep Dodge
     of Fox Lake, Inc.; and

(c) Stoneridge Motors, Inc.

                     About Chrysler Group LLC

Chrysler Group LLC, formed in 2009 from a global strategic
alliance with Fiat Group, produces Chrysler, Jeep(R), Dodge, Ram
Truck, Mopar(R) and Global Electric Motorcars (GEM) brand vehicles
and products.  Headquartered in Auburn Hills, Michigan, Chrysler
Group LLC's product lineup features some of the world's most
recognizable vehicles, including the Chrysler 300, Jeep Wrangler
and Ram Truck.  Fiat will contribute world-class technology,
platforms and powertrains for small- and medium-sized cars,
allowing Chrysler Group to offer an expanded product line
including environmentally friendly vehicles.

                        About Chrysler LLC

Chrysler LLC and 24 affiliates on April 30 sought Chapter 11
protection from creditors (Bankr. S.D.N.Y (Mega-case), Lead Case
No. 09-50002).  Chrysler hired Jones Day, as lead counsel; Togut
Segal & Segal LLP, as conflicts counsel; Capstone Advisory Group
LLC, and Greenhill & Co. LLC, for financial advisory services; and
Epiq Bankruptcy Solutions LLC, as its claims agent.  Chrysler has
changed its corporate name to Old CarCo following its sale to a
Fiat-owned company.  As of December 31, 2008, Chrysler had
$39,336,000,000 in assets and $55,233,000,000 in debts.  Chrysler
had $1.9 billion in cash at that time.

In connection with the bankruptcy filing, Chrysler reached an
agreement with Fiat SpA, the U.S. and Canadian governments and
other key constituents regarding a transaction under Section 363
of the Bankruptcy Code that would effect an alliance between
Chrysler and Italian automobile manufacturer Fiat.  Under the
terms approved by the Bankruptcy Court, the company formerly known
as Chrysler LLC on June 10, 2009, formally sold substantially all
of its assets, without certain debts and liabilities, to a new
company that will operate as Chrysler Group LLC.  Fiat has a 20
percent equity interest in Chrysler Group.

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


CHRYSLER LLC: Gets Overwhelming Support for Liquidation Plan
------------------------------------------------------------
The hearing to consider confirmation of the Debtors' Second
Amended Joint Plan of Liquidation has been adjourned to April 5,
2010, at 10:00 a.m., Eastern Time.  The Confirmation Hearing was
originally scheduled for March 16.

The adjournment will provide the Debtors with additional time to
address unresolved objections relating to confirmation of the
Plan, Corinne Ball, Esq., at Jones Day, in New York, tells Judge
Arthur J. Gonzalez of the United States Bankruptcy Court for the
Southern District of New York.

Prior to the submission of the Notice of Adjournment, the Debtors
filed with the Court a memorandum of law in support of the Plan's
confirmation pursuant to Section 1129 of the Bankruptcy Code, and
a consolidated reply to eight remaining objections to the Plan's
confirmation.  In support of the Memorandum, the Debtors also
filed (i) a declaration by Robert J. Manzo, executive director of
Capstone Advisory Group LLC, the Debtors' financial advisor, and
(ii) a declaration by Jeffrey B. Ellman, Esq., certifying the
tabulation of votes on, and the results of voting with respect to
the Plan.

A copy of the Manzo Declaration, which includes a Plan feasibility
analysis, can be obtained for free at:

      http://bankrupt.com/misc/Chrysler_ManzoDec_03112010.pdf

The Plan provides for the liquidation of the Debtors' remaining
assets and the distribution of net proceeds and other available
funds to creditors in accordance with the Bankruptcy Code and the
Winddown Orders.

According to their Plan, the Debtors will not be paying the
initial $4 billion loan it availed from the U.S. government
through the Troubled Asset Relief Program in January 2008.
Unsecured creditors will not recover anything, unless they vote to
accept the Plan and the Daimler Litigation will bring in more than
$25 million.  The Daimler Litigation was commenced by the Official
Committee of Unsecured Creditors on August 17, 2009, against
certain Daimler Parties for intentional and constructive
fraudulent transfer, unjust enrichment, corporate alter ego and
breach of fiduciary duty.  The Daimler Parties oppose these
allegations, and have recently asked Judge Gonzalez to dismiss the
complaint.

                        Voting Results

The Plan has the full support of each of the Debtors' primary
constituencies, and has been overwhelmingly accepted by voting
creditors in Classes 2A and 3A, according to a declaration filed
by the Debtors' counsel, Jeffrey B. Ellman, Esq., at Jones Day, in
New York.

                         Accept                       Reject
                ------------------------- | --------------------
                Votes                     | Votes
Impaired Class   Counted           Amount | Counted       Amount
--------------   ------------------------ | --------------------
Class 2A              76      $66,783,117 |      3      $612,882
First Lien       96.20%           99.09% |  3.80%         0.91%
Secured Claims                           |
                                          |
Class 3A           9,074  $11,738,894,166 |    183  $203,607,267
General          98.02%           98.30% |  1.98%         1.70%
Unsecured Claims                         |

None of the parties voting in Class 2A are insiders, Mr. Ellman
says.  He adds that four parties voting a total of six claims in
Class 3A are identified as insiders.  The results of the
tabulation of Ballots in Class 3A, excluding the votes of insiders
are:

                         Accept                       Reject
                -------------------------- | ---------------------
                Votes                      | Votes
Impaired Class   Counted            Amount | Counted        Amount
--------------   ------------------------- | ---------------------
Class 3A           9,068  $11,728,824,358 |    183   $203,607,270
General Unsecured 98.02%           98.29% |   1.98%         1.71%
Claims                                   |

Mr. Ellman notes that his declaration is based on another
declaration by Stephenie Kjontvedt, vice president and senior
consultant of Epiq Bankruptcy Solutions, LLC.  Epiq is the
Debtors' claims, noticing and balloting agent.

Pursuant to the Solicitation Order, Classes 1, 2B, 2C, 2D, 3B, 4A
and 4B were identified as Non-Voting Classes, with respect to
which votes to accept or reject the Plan were not required.
Therefore, the holders of Claims in these Classes were not
entitled to be solicited to vote, Mr. Ellman tells Judge Gonzalez.

The voting results demonstrate that Classes 2A and 3A have
accepted the Plan under the standards of Section 1126 of the
Bankruptcy Code, Mr. Ellman asserts.

A copy of the Epic Declaration, together with tabulation and
exception reports, is available for free at:

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

           Kozich: Voting Results Must be Thrown Out

Don Kozich objects to the Ellman Declaration arguing that
(i) notwithstanding the Court's Disclosure Statement Order,
(ii) contrary to the Bankruptcy Rules, and (iii) even after voting
on the acceptance or rejection of the Plan has taken place, the
Debtors continue to untimely file exhibits to their Plan.  He
insists that voters cannot make intelligent choices with
incomplete and inaccurate information from the Debtors.

Mr. Don Kozich, an unsecured creditor, previously asked the Court
in his confirmation objection to require the Debtors to file their
final amended Plan, Disclosure Statement and exhibits at least 25
days before the deadline for creditors to cast votes.  He has also
asked the Court for a rehearing on the Disclosure Statement Order,
which Judge Gonzalez denied.

The Ellman Declaration is inaccurate and should be rejected and
disallowed in its entirety, Mr. Kozich contends.  He argues that
the future possibility of his claim being expunged or disallowed
is no reason for the Debtors to disallow his Ballot especially
when the Court has not made any determination on the claim.
Hence, he asks the Court to throw out the voting result and
require a new vote, and require the Debtors to file their final
Amended Plan, Plan Exhibits, and Disclosure Statement at least 25
days prior to the creditors having to vote or file objections.

                      Plan Modifications

The Debtors have made certain non-material modifications to the
Plan dated as of March 11, 2010, to clarify and consensually
resolve objections or potential objections to its confirmation.

A blacklined copy of the Modified Plan can be accessed for free at
http://bankrupt.com/misc/Chysler_ModifiedPlan_03112010.pdf

The Modifications included in the Plan do not materially and
adversely affect the treatment of any Claim or Interest as set
forth in the version of the Plan that was circulated or made
available to creditors as Exhibit A to the Disclosure Statement,
Ms. Ball assures the Court and parties-in-interest.

The non-material Modifications include:

  (a) Consistent with Section 503(b)(1)(D) of the Bankruptcy
      Code, a new provision was added, clarifying that a
      governmental unit will not be required to file and serve a
      request for payment of an Administrative Claim with
      respect to any administrative expense as described in
      Section 503(b)(1)(B) or 503(b)(1)(C) as a condition to the
      Claim being treated as an allowed administrative expense;

  (b) At the request of the holder of the Owners' Secured
      Claims, modifications were made to clarify that the
      treatment of the Owners' Secured Claims, including the
      allowance of those claims  for $0, will not modify,
      expand, limit or otherwise alter any right of setoff or
      recoupment of the holders of the Owners' Secured Claims,
      or the rights of the Debtors or the Liquidation Trust to
      contest any alleged setoff or recoupment rights;

  (c) In response to requests of several creditors, the Debtors
      clarify that to the extent an Allowed Class 2D Claim is
      secured by a valid right of set-off, the Claim may be
      satisfied by the exercise of that set-off right, to the
      extent permitted under the Bankruptcy Code;

  (d) The Plan injunction language was modified to clarify that
      parties may defend themselves in any litigation pursued by
      the Liquidation Trust, including by permitting the
      defensive assertion of certain claims or counterclaims for
      purposes of set-off, recoupment, reduction of damages or
      otherwise and subject to the rights of the Debtors and the
      Liquidation Trust to contest those assertions;

  (e) In consultation with the U.S. Treasury, the Official
      Committee of Unsecured Creditors, the First Lien Agent,
      the U.S. Trustee and certain other parties, the terms of
      the releases were modified to eliminate the carve-out for
      gross negligence of willful misconduct for releases given
      by the Debtors and the Liquidation Trust, to eliminate the
      general releases by Claim holders by those holders, who
      are deemed to accept the Plan, to clarify the terms of the
      release carve-out granted to the United States of America
      and Canada, and to clarify the impact of the releases,
      injunctions and exculpation on Daimler Parties and the
      Daimler Litigation;

  (f) Additional language has been added to the Plan to clarify
      that:

      * Holders of Allowed Priority Tax Claims are entitled to
        the payment of interest rates consistent with Section
        511 of the Bankruptcy Code;

      * Allowed Secured Tax Claims will accrue Postpetition
        Interest if and to the extent that those Claims are
        oversecured; and

      * Administrative Tax Claims are entitled to post-Effective
        Date interest to the extent required by law;

  (g) The definition of "Additional Winddown Cost Escrow" was
      modified to clarify that this is the source of funding for
      the payment of Allowed Priority Claims in Class 1; and

  (h) The definition of "Tax Trust Accounts" was modified to
      indicate that the U.S. Treasury has agreed that up to
      $4 million in excess amounts in any Tax Trust Account may be
      used to fund deficiencies without the further consent of
      the U.S. Treasury.

The Modifications are not material, are in compliance with Section
1127 of the Bankruptcy Code and have been agreed to among all
parties, Ms. Ball points out.

Hence, the Debtors ask the Judge Gonzalez to overrule the
Objections and confirm the Plan.

                        Plan Objections

The Debtors received only 18 timely objections to the Plan, which
is a small number considering the total number of interested
parties of approximately 450,000, Ms. Ball asserts.  She notes
that the Debtors have resolved most of the objections consensually
resulting to only eight contested Objections remaining as of
March 11, 2010.

The unresolved objections are those filed by the Michigan
Department of Environmental Quality, Aramark Uniform & Career
Apparel LLC, Ronnie Eugene Denton, Bruce Abrahamson, Paula
Johnson, Richard Olson, Don Kozich and Leonard McCall.

A copy of the summary of the Debtors' replies to the Plan
objections is available for free at:

    http://bankrupt.com/misc/Chysler_Objection_Reply_031110.pdf

Ms. Ball contends that the Plan fully complies with all
requirements of the Bankruptcy Code, and each of the remaining
eight Objections should be overruled on the merits, to the extent
not otherwise addressed or resolved.  Hence, she says, the Plan
should be confirmed.

                        Winddown Orders

The Court-approved Winddown Orders, which provisions were
negotiated by the Debtors with their primary stakeholders, are the
critical agreements that paved the way for a global resolution of
the key disputed issues among certain of the Debtors'
constituents, and established a comprehensive funding arrangement
with respect to the orderly liquidation of the bankruptcy estates,
Ms. Ball reminds Judge Gonzalez.

Specifically, the Winddown Orders established the terms under
which:

  (a) the Government DIP Lenders will permit the ongoing use of
      the Winddown Funds and certain other amounts to fund the
      Plan and related activities;

  (b) the First Lien Lenders will permit the use of their cash
      collateral to fund the administration and liquidation of
      the First Lien Collateral; and

  (c) the various other disputes among the parties were resolved
      in a manner that minimizes the need for additional
      litigation and provided the potential for a recovery to
      general unsecured creditors.

The First Lien Winddown Order expires on the earlier of
(i) March 31, 2010, or as later agreed, and (ii) the first date
that none of the First Lien Collateral remains in the Estates.
The First Lien Winddown Order sets forth the terms and procedures
governing the administration and liquidation of the First Lien
Collateral.

In light of the adjournment of the Confirmation Hearing, the
Debtors and the First Lien Agent agree in a stipulation signed by
Judge Gonzalez to extend the Outside Termination Date of the First
Lien Winddown Order through May 31, 2010.  All references to the
"Outside Termination Date" in the First Lien Winddown Order will
mean May 31, 2010.

The parties agree that upon consummation of the Plan, the
stipulation will be subject to the Plan and any provision in the
Plan with respect to the Outside Termination Date will govern.
Pending consummation of the Plan, the parties may agree to further
extensions of the Outside Termination Date from time to time
without the need for further Court approval.

                 Consolidation of the Debtors

Section VII.B of the Plan provides that the Plan will "serve[] as
a motion seeking entry of an order consolidating the Debtors"
solely for the purpose of implementing the Plan, including for
purposes of voting, Confirmation and distributions to be made
under the Plan, and not for any other purpose, Ms. Ball asserts.
She notes that the consolidation, other than for the purpose of
implementing the Plan, will not affect (i) the legal and corporate
structures of the Debtors, subject to the right of the Debtors to
effect the Restructuring Transactions as provided in the Plan,
(ii) Interests among the Debtors, and (iii) distributions from any
insurance policies or proceeds of those policies.

The Debtors also propose the consolidation solely to facilitate
the implementation of the Plan, and not to improperly enhance or
impair the recoveries of any creditors, Ms. Ball explains.
Indeed, she adds, the consolidation is an important component of
the Plan, which provides the best opportunity -- and for most
creditors, the only opportunity -- for a recovery from the
Estates.

The Debtors, therefore, ask the Court to approve their proposed
consolidation as set forth in the Plan.

              Plan Compliance under Section 1129

The Plan and its contemplated actions, Ms. Ball asserts, will
facilitate the liquidation of the Estates and the winddown of
their affairs, which actions include:

  -- the assumption and assignment, or rejection, of Executory
     Contracts and Unexpired Leases;

  -- the substantive consolidation of the Debtors' Estates for
     purposes of implementing the Plan;

  -- the Restructuring Transactions;

  -- the creation of the Liquidation Trust and transfer of
     assets to the Liquidation Trust; and

  -- the subsequent liquidation of the Debtors' remaining assets
     and distribution of the resulting proceeds.

Ms. Ball contends that the Plan complies with each of the
requirements for confirmation set forth in the Bankruptcy Code.
She points out that prompt confirmation and consummation of the
Plan will permit the Debtors to complete the orderly winddown of
their Estates, successfully conclude these historic cases and
permit the payment or satisfaction of Allowed Administrative
Priority Claims, Allowed Priority Tax Claims, Allowed Priority
Claims and Allowed Secured Claims, as well as provide the
possibility of recoveries to holders of Allowed General Unsecured
Claims.

A copy of the chart summarizing the Plan's compliance of the
requirements for confirmation under Section 1129 is available for
free at:

   http://bankrupt.com/misc/Chysler_S1129Compliance_031110.pdf

Accordingly, the Debtors ask the Court to overrule unresolved
objections to the Plan, allow their proposed consolidation, and
confirm their Plan of Liquidation.
y first priority liens on the Debtors'
real and personal properties.

                        The Chapter 11 Plan

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

   http://bankrupt.com/misc/Chrysler_2ndAmendedPlan_012210.pdf
   http://bankrupt.com/misc/Chrysler_2ndAmendedDS_012210.pdf

The Joint Plan provides for the liquidation of the Debtors'
remaining assets and the implementation of certain restructuring
transactions and other agreements.  As of the effective date of
the Plan, each of the Debtors will cease to exist, and the
Liquidation Trust Assets will be transferred to and vest in the
Liquidation Trust free and clear of all Liens, Claims and
Interests.

The Debtors, according to their Plan, will not be paying the
initial $4 billion loan it availed from the U.S. government
through the Troubled Asset Relief Program in January 2008.
Unsecured creditors will not recover anything, unless they vote to
accept the Plan and the Daimler Litigation will bring in more than
$25 million.  The Daimler Litigation was commenced by the Official
Committee of Unsecured Creditors on August 17, 2009, against
certain Daimler Parties for intentional and constructive
fraudulent transfer, unjust enrichment, corporate alter ego and
breach of fiduciary duty.

                     About Chrysler Group LLC

Chrysler Group LLC, formed in 2009 from a global strategic
alliance with Fiat Group, produces Chrysler, Jeep(R), Dodge, Ram
Truck, Mopar(R) and Global Electric Motorcars (GEM) brand vehicles
and products.  Headquartered in Auburn Hills, Michigan, Chrysler
Group LLC's product lineup features some of the world's most
recognizable vehicles, including the Chrysler 300, Jeep Wrangler
and Ram Truck.  Fiat will contribute world-class technology,
platforms and powertrains for small- and medium-sized cars,
allowing Chrysler Group to offer an expanded product line
including environmentally friendly vehicles.

                        About Chrysler LLC

Chrysler LLC and 24 affiliates on April 30 sought Chapter 11
protection from creditors (Bankr. S.D.N.Y (Mega-case), Lead Case
No. 09-50002).  Chrysler hired Jones Day, as lead counsel; Togut
Segal & Segal LLP, as conflicts counsel; Capstone Advisory Group
LLC, and Greenhill & Co. LLC, for financial advisory services; and
Epiq Bankruptcy Solutions LLC, as its claims agent.  Chrysler has
changed its corporate name to Old CarCo following its sale to a
Fiat-owned company.  As of December 31, 2008, Chrysler had
$39,336,000,000 in assets and $55,233,000,000 in debts.  Chrysler
had $1.9 billion in cash at that time.

In connection with the bankruptcy filing, Chrysler reached an
agreement with Fiat SpA, the U.S. and Canadian governments and
other key constituents regarding a transaction under Section 363
of the Bankruptcy Code that would effect an alliance between
Chrysler and Italian automobile manufacturer Fiat.  Under the
terms approved by the Bankruptcy Court, the company formerly known
as Chrysler LLC on June 10, 2009, formally sold substantially all
of its assets, without certain debts and liabilities, to a new
company that will operate as Chrysler Group LLC.  Fiat has a 20
percent equity interest in Chrysler Group.

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


CHUCK'S CONSTRUCTION: Asset Sale to Professional Is Denied
----------------------------------------------------------
WestLaw reports that regardless of whether the court adopted a per
se rule against the sale of estate assets to any professional
employed in the bankruptcy case or merely prohibited such sales
except following arms-length, good faith negotiations and full
disclosure, the court could not approve a proposed sale of a
Chapter 11 debtor's machinery, outside the ordinary course of
business, to a professional who had previously been retained by
the debtor to assist it in selling other equipment.  The
professional, rather than find a buyer for the machinery and
receive a commission as it had previously done, used insider
information that it had learned and took advantage of its
preexisting relationship with the debtor, to conceive a plan to
putatively purchase the machinery in its own right, while actually
facilitating its transfer to a third party at an undisclosed
profit.  In re Chuck's Const.  Co., Inc., --- B.R. ----, 2010 WL
725635 (Bankr. D. S.C.).

Chuck's Construction Co., Inc., sought chapter 11 protection
(Bankr. D. S.C. Case No. 09-05005) on July 7, 2009.  The Debtor is
represented by Kevin Campbell, Esq., in Mt. Pleasant, S.C.  At the
time of the filing, the Debtor estimated its assets at less than
$50,000 and its debts at $1 million to
$10 million.


CINCINNATI BELL: Issues $625-Mil. of Senior Subordinated Notes
--------------------------------------------------------------
Cincinnati Bell Inc. issued and sold $625,000,000 aggregate
principal amount of its 8 3/4% Senior Subordinated Notes due 2018.

In connection with the issuance and sale of the Notes, the Company
and certain of its subsidiaries entered into an underwriting
agreement dated as of March 10, 2010, with Banc of America
Securities LLC, as manager for the several underwriters.  Delivery
of the Notes was made under the Underwriting Agreement on
March 15, 2010.

The Underwriters or their affiliates have from time to time
provided and may in the future provide investment banking,
commercial banking and financial advisory services to the Company,
for which they have received or will receive customary
compensation.

In connection with the issuance and sale of the Notes, the Company
and the Guarantors entered into an indenture dated as of March 15,
2010, by and among the Company, the Guarantors and The Bank of New
York Mellon, as trustee.

The terms of the Notes are governed by the Indenture.  The Notes
will mature on March 15, 2018.  Interest on the Notes accrues at
the rate of 8.75% per annum, payable semiannually in cash in
arrears on each March 15 and September 15, commencing on
September 15, 2010.  The Notes are unsecured senior subordinated
obligations of the Company, are subordinated to all of its
existing and future senior indebtedness, rank equally with all of
its existing and future senior subordinated indebtedness and rank
senior to all of its existing and future subordinated
indebtedness. The Notes are jointly and severally guaranteed on an
unsecured senior subordinated basis by each of the Company's
current and future restricted subsidiaries that is a guarantor
under its credit facility.  The Company, at its option, may redeem
the Notes in whole or in part prior to March 15, 2014, by paying
100% of the principal amount of the Notes, together with accrued
and unpaid interest, if any, plus a "make whole" premium.  The
Company may also redeem some or all of the Notes on or after March
15, 2014, at the redemption prices set forth in the Notes, plus
accrued and unpaid interest, if any.  In addition, until March 15,
2013, and subject to certain conditions, the Company may, at its
option, redeem up to 35% of the Notes at the redemption price set
forth in the Indenture with the proceeds of certain equity
offerings by the Company.

The Indenture contains certain covenants that, subject to a number
of important exceptions and qualifications, limit, among other
things, the Company's ability and the ability of its restricted
subsidiaries to incur additional indebtedness or issue preferred
stock, create liens, make investments, enter into transactions
with affiliates, sell assets, guarantee indebtedness, declare or
pay dividends or other distributions to shareholders, repurchase
equity interests, redeem debt that is junior in right of payment
to the Notes, enter into agreements that restrict dividends or
other payments from subsidiaries, issue or sell capital stock of
certain of its subsidiaries, and consolidate, merge or transfer
all or substantially all of the Company's assets and the assets of
its subsidiaries on a consolidated basis.  In addition, if the
Company experiences specific kinds of changes in control, holders
of the Notes will have the right to require the Company to
purchase their Notes, in whole or in part, at a price equal to
101% of the principal amount, together with any accrued and unpaid
interest to the date of such purchase.

A full-text copy of the Underwriting Agreement is available for
free at http://ResearchArchives.com/t/s?59f3

                       About Cincinnati Bell

Headquartered in Cincinnati, Ohio, Cincinnati Bell Inc. (NYSE:
CBB) -- http://www.cincinnatibell.com/-- is a full-service
regional provider of data and voice communications services over
wireline and wireless networks and a full-service provider of data
center operations, related managed services and equipment.

                           *     *     *

Cincinnati Bell Inc. filed its annual report on Form 10-K, showing
net income of $89.8 million on $1.3 billion of revenue for 2009,
compared with net income of 102.6 million on $1.4 billion of
revenue for 2008.

The Company's balance sheet as of Dec. 31, 2009, showed
$2.064 billion in assets and $2.719 billion of debts, for a
stockholders' deficit of $654.6 million.

Fitch Ratings has assigned a 'B/RR5' rating to Cincinnati Bell
Inc.'s offering of $625 million of 8.75% senior subordinated notes
due 2018.  The company's Issuer Default Rating is 'B+', and the
Rating Outlook is Stable.


CITADEL BROADCASTING: Panel Gets Nod to Tap Epiq to Provide Info
----------------------------------------------------------------
The Official Committee of Unsecured Creditors in Citadel
Broadcasting Corp. obtained permission from the Bankruptcy Court
to implement certain procedures to enable the Committee's
compliance with Section 1102(b)(3) of the Bankruptcy Code,
including, without limitation, establishing a "Committee Website".

According to Kristopher M. Hansen, Esq., at Stroock & Stroock &
Lavin LLP, in New York, the Procedures will allow the Committee
to satisfy its statutory obligations to provide access to
information to the Debtors' general unsecured creditors and to
solicit and receive comments from the unsecured creditors in
accordance with Section 1102(b)(3).  In connection with the
implementation of the Procedures, and to further fulfill its
statutory obligations in an efficient and effective manner, the
Committee seeks to retain Epiq Bankruptcy Solutions LLC as its
Web site administration agent.

The information available on the Committee Web site will include:

  a. general information regarding the Chapter 11 Cases;

  b. the contact information for the Debtors, the Debtors'
     counsel and the Committee's counsel;

  c. the date by which unsecured creditors must file proofs of
     claim;

  d. the voting deadline with respect to any Chapter 11 plan of
     reorganization filed in the Chapter 11 Cases;

  e. the claims docket, as and when established by the Debtors
     or their claims agent;

  f. a general overview of the Chapter 11 process;

  g. press releases (if any) issued by the Debtors or the
     Committee;

  h. filings, if any, made by the Debtors with the Securities
     and Exchange Commission;

  i. the Debtors' monthly operating reports;

  j. a list of upcoming omnibus hearing dates and the calendar
     of matters on the hearing dates;

  k. available transcripts from all hearings in the Chapter 11
     Cases;

  l. material pleadings and orders filed in the Chapter 11
     Cases;

  m. answers to frequently asked questions;

  n. links to other relevant Web sites; and

  o. any other information that the Committee, in its sole and
     absolute discretion, deems appropriate, which may include
     contact information for entities that have appeared as
     transferees of claims under Rule 3001(e)(2) of the Federal
     Rules of Bankruptcy Procedure.

In addition to establishing the Committee Web site, the Committee
will establish an e-mail address to allow unsecured creditors to
send questions and comments concerning the Chapter 11 Cases.  A
link to the Committee E-mail Address will be made available on
the Committee Web site.

                        Epiq's Retention

In order to establish and maintain the Committee Web site in an
efficient manner, the Committee seeks to retain Epiq as its Web
site Administration Agent.

Mr. Hansen says that the reasonable fees and expenses of the
Committee and its agents, including Epiq, relating to the
establishment and maintenance of the Committee Web site, other
than the fees and expenses of the Committee's retained
professionals, will be payable by the Debtors in the ordinary
course and treated as administrative expenses pursuant to Section
503(b) of the Bankruptcy Code.

The Debtors will pay Epiq based on its hourly rates:

  Clerk                          $40 to $60
  Case Manager (Level 1)        $125 to $175
  IT Programming Consultant     $140 to $190
  Case Manager (Level 2)        $185 to $220
  Senior Case Manager           $225 to $275
  Senior Consultant             $295

                    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: Panel Has OK for Stroock as Lead Counsel
--------------------------------------------------------------
The Official Committee of Unsecured Creditors in Citadel
Broadcasting Corp.'s cases received permission from the Bankruptcy
Court to retain Stroock & Stroock & Lavan LLP as its counsel, nunc
pro tunc to January 15, 2010.

At a January 15, 2010 meeting, the Committee disclosed that it
selected Stroock as bankruptcy counsel and appointed The Walt
Disney Company as chairman.

As the Committee's lead counsel, Stroock will render legal
services, which include:

  (a) advising the Committee with respect to its rights, duties
      and powers in the Chapter 11 Cases;

  (b) assisting and advising the Committee in its consultations
      and negotiations with the Debtors relative to the
      administration of the Chapter 11 Cases;

  (c) assisting the Committee in analyzing the claims of the
      Debtors' creditors and in negotiating with creditors;

  (d) assisting with the Committee's investigation of the acts,
      conduct, assets, liabilities and financial condition of
      the Debtors and of the operation of the Debtors' business;

  (e) assisting the Committee in its analysis of, and
      negotiations with, the Debtors or their creditors
      concerning matters related to, among other things, the
      terms of the Joint Plan of Reorganization dated
      February 3, 2010, as may be amended or supplemented and
      related disclosure statement filed in connection with the
      Plan and all ancillary documents related thereto;

  (f) assisting and advising the Committee with respect to its
      communications with the general creditor body regarding
      significant matters in the case;

  (g) assisting and counseling the Committee with respect to its
      organization and governance; the conduct of its business
      and meetings; the dissemination of information to its
      constituency; and other matters as are reasonably deemed
      necessary to facilitate the administrative activities of
      the Committee;

  (h) attending the meetings of the Committee and participate on
      Committee calls;

  (i) representing the Committee at all hearings and other
      proceedings;

  (j) reviewing and analyzing all applications, orders,
      statements of operations and schedules filed with the
      Court and advising the Committee as to their propriety;

  (k) assisting the Committee in preparing pleadings and
      applications as may be necessary in furtherance of the
      Committee's interests and objectives; and

  (l) performing other legal services as may be required and are
      deemed to be in the interests of the Committee in
      accordance with the Committee's powers and duties as set
      in the Bankruptcy Code.

The Debtors will pay Stroock based on its hourly rates:

    Partners                  $675 to $995
    Counsel                   $630 to $720
    Associates                $310 to $630
    Paraprofessionals         $235 to $305
    Litigation Support        $175 to $280

In addition, the Debtors will reimburse Stroock for necessary
out-of-pocket expenses.

Kristopher Hansen, Esq., a member of Stroock, assures the Court
that his firm is a "disinterested person" as the 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: Quinn Okayed as Panel's Conflicts Counsel
---------------------------------------------------------------
The Official Committee of Unsecured Creditors in Citadel
Broadcasting Corp.'s cases received authority to retain
Quinn Emanuel Urquhart Oliver & Hedges LLP as its conflicts
counsel, nunc pro tunc to February 3, 2010.

The Committee asserts that it is necessary and appropriate to
retain Quinn Emanuel to render services, including, among others:

  (a) assisting the Committee on matters involving any and all
      entities as to which Stroock & Stroock & Lavan LLP, the
      Committee's lead counsel, has an actual or potential
      conflict of interest;

  (b) assisting the Committee's investigation of the acts,
      conduct, assets, liabilities, intercompany relationships
      and claims and financial condition of the Debtors and
      their non-debtor subsidiaries, the existence of estate
      causes of action and the operation of their businesses to
      the extent that Stroock is conflicted from conducting that
      investigation; and

  (c) performing other legal services as asked by the Committee
      to the extent not duplicative of Stroock.

The Debtors will pay Quinn Emanuel based on its currently hourly
rates, which are $750 to $995 for partners, $400 to $830 for
other attorneys, including counsel positions, and $270 to $320
for legal assistants, case assistants, and law clerks range.

Joseph Minias, Esq., a member of Quinn Emanuel, asserts 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)


CITIGROUP INC: Trust to Sell Capital Securities to Raise $290.5MM
-----------------------------------------------------------------
Citigroup Capital XII, a Delaware statutory trust, established by
Citigroup Inc., is seeking to sell 80,000,000 capital securities
-- 92,000,000 capital securities if the over-allotment option is
exercised in full -- at a price of $25 for each capital security.
Each capital security represents an undivided beneficial interest
in the assets of Citigroup Capital XII and entitles the holder to
receive quarterly cash distributions.

All of the common securities of Citigroup Capital will be owned by
Citigroup Inc.  Citigroup Capital will use the proceeds from the
sale of the capital securities and the common securities to buy a
series of 8.500% fixed rated/floating rate junior subordinated
deferrable interest debentures due March 30, 2040 from Citigroup
with the same financial terms as the capital securities.

Net Proceeds to Citigroup (over-allotment) is expected to be
$290,550,000 (before expenses).

Citigroup Global Markets Inc. serves as Sole Structuring
Coordinator and Sole Bookrunner of the Offering.  The Senior Co-
Managers are Banc of America Securities LLC; J.P. Morgan
Securities Inc.; Morgan Stanley & Co. Incorporated; UBS Securities
LLC; and Wells Fargo Securities, LLC.

A full-text copy of the offering prospectus is available at no
charge at http://ResearchArchives.com/t/s?59f6

A full-text copy of the free writing prospectus is available at no
charge at http://ResearchArchives.com/t/s?59f7

                          About Citigroup

Based in New York, Citigroup Inc. (NYSE: C) -- is a global
diversified financial services holding company whose businesses
provide a broad range of financial services to consumer and
corporate customers.  Citigroup has roughly 200 million customer
accounts and does business in more than 140 countries.
Citigroup's businesses are aligned in three reporting segments:
(i) Citicorp, which consists of Regional Consumer Banking (in
North America, EMEA, Asia, and Latin America) and the
Institutional Clients Group (Securities and Banking, including the
Private Bank, and Transaction Services); (ii) Citi Holdings, which
consists of Brokerage and Asset Management, Local Consumer
Lending, and a Special Asset Pool; and (iii) Corporate/Other.

As reported in the Troubled Company Reporter on November 25, 2008,
the U.S. government entered into an agreement with Citigroup to
provide a package of guarantees, liquidity access, and capital.
The U.S. Treasury and the Federal Deposit Insurance Corporation
agreed to provide protection against the possibility of unusually
large losses on an asset pool of roughly $306 billion of loans and
securities backed by residential and commercial real estate and
other such assets, which will remain on Citigroup's balance sheet.
As a fee for this arrangement, Citigroup issued preferred shares
to the Treasury and FDIC.  The Federal Reserve agreed to backstop
residual risk in the asset pool through a non-recourse loan.

Citigroup, the third-biggest U.S. bank, received $45 billion in
bailout aid.  Other bailed-out banks, including Bank of America
Corp., Wells Fargo & Co., have pledged to repay TARP money.
JPMorgan Chase & Co., Goldman Sachs Group Inc. and Morgan Stanley,
repaid TARP funds in June.  Citigroup is selling assets to repay
the bailout funds.

Citigroup is one of the banks that, according to results of the
government's stress test, need more capital.


CMC LLC: Creditors Have Until June 3 to File Proofs of Claim
------------------------------------------------------------
The Hon. Benjamin Cohen of the U.S. Bankruptcy Court for the
Northern District of Alabama has established June 3, 2010, as the
last day for any individual or entity to file proofs of claim
against CMC LLC.

The Court also set July 6, 2010, as claims bar date for all
governmental units.

Alabaster, Alabama-based CMC, LLC, filed for Chapter 11 bankruptcy
protection on December 23, 2009 (Bankr. N.D. Ala. Case No. 09-
07455).  Steven D. Altmann, Esq., at Najjar Denaburg, P.C.,
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 in its petition.


CRESCENT RESOURCES: Puts Off Disclosure Hearing Until March 23
---------------------------------------------------------------
Bill Rochelle at Bloomberg News reports that Crescent Resources
LLC put off until March 23 the hearing for approval of the
disclosure statement explaining the Chapter 11 plan.  The hearing
was to have been held March 12.

According to the report, the Official Committee of Unsecured
Creditors is seeking authorization to send a letter to creditors
urging them to vote against the plan.  The Committee believes
unsecured creditors would come out better through a liquidation in
Chapter 7.

Crescent Resources LLC filed an amended reorganization plan on
March 11.  Significant terms of the Amended Plan include:

   -- Holders of prepetition secured debt will receive a
      combination of reinstated debt and 100% of the equity of the
      reorganized company.  Holders of the prepetition lenders
      claims aggregating $1.55 billion will recover 38% of their
      claims.

   -- General unsecured creditors owed a total of $305.4 million
      will receive an interest in a litigation trust to be formed
      as part of the Plan.

   -- Various project level lenders will have their existing debt
      reinstated.

Lazard estimates the Reorganized Debtors' enterprise value to
range from approximately $588 million to approximately $665
million, with a midpoint of roughly $626 million.  The
Reorganization Value was based on the estimated enterprise value
of the operations and assets of the Reorganized Debtors through
the application of, among other analyses, a discounted cash flow
valuation methodology of the Debtors' operations using a range of
discount rates from 15% to 20%, which imputed a present value of
free cash flows of those operations over the life of the business.

Black-lined versions of the Amended Plan and Disclosure Statement
are available for free at:

    http://bankrupt.com/misc/Crescent_AmendedDS.pdf
    http://bankrupt.com/misc/Crescent_AmendedPlan.pdf

Crescent has received a June 1 extension of its exclusive period
to propose a Chapter 11 plan.

                     About Crescent Resources

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

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


CROWN MEDIA: Hallmark Gets TV Rights to Martha Stewart Programing
-----------------------------------------------------------------
Georg Szalai of the Hollywood Reporter reported Tuesday that The
Hallmark Channel has acquired exclusive U.S. TV rights to
programming from the library of Martha Stewart Living Omnimedia.

According to the report, the network will use the content in a new
seven-hour daytime programming block as it refocuses its daytime
schedule on lifestyle and home content.

The Hallmark Channel is owned by Crown Media Holdings, Inc., which
recently disclosed that the recapitalization and significant
reduction in its debt will help it maintain its operating health.

                    About Crown Media Holdings

Studio City, Calif.-based Crown Media Holdings, Inc. (NASDAQ:
CRWN) -- http://www.hallmarkchannel.com/-- owns and operates
cable television channels dedicated to high quality, broad appeal,
entertainment programming.  The Company currently operates and
distributes Hallmark Channel in both high definition (HD) and
standard definition (SD) to nearly 90 million subscribers in the
U.S.  Crown Media also operates a second 24-hour linear channel,
Hallmark Movie Channel, available in both HD and SD.  Significant
investors in Crown Media Holdings include: Hallmark Entertainment
Holdings, Inc., a subsidiary of Hallmark Cards, Incorporated,
Liberty Media Corp., and J.P. Morgan Partners (BHCA), LP, each
through their investments in Hallmark Entertainment Investments
Co.; VISN Management Corp., a for-profit subsidiary of the
National Interfaith Cable Coalition: and The DIRECTV Group, Inc.

The Company's balance sheet as of Dec. 31, 2009, showed
$739.3 million in assets and $1.4 billion of debts, for a
stockholders' deficit of $666.9 million.

                       Going Concern Doubt

KPMG LLP, in Denver, expressed substantial doubt about Crown Media
Holdings, Inc. and subsidiaries' ability to continue as a going
concern in its report on the Company's consolidated financial
statements as of and for the year ended December 31, 2009.  The
independent auditors noted that of the Company's significant
short-term debt obligations.


DAVID MINER: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Joint Debtors: David C. Miner
               Heather D. Miner
               11116 Penderwood Court
               Raleigh, NC 27617

Bankruptcy Case No.: 10-02012

Chapter 11 Petition Date: March 15, 2010

Court: United States Bankruptcy Court
       Eastern District of North Carolina (Wilson)

Judge: Randy D. Doub

Debtors' Counsel: J.M. Cook, Esq.
                  Attorney at Law
                  PO Box 2241
                  Raleigh, NC 27602
                  Tel: (919) 424-6342
                  Email: JM_Cook@jmcookesq.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 $1,139,317
and total debts of $2,366,550.

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/nceb10-02012.pdf

The petition was signed by the Joint Debtors.


DEAN FOODS: Moody's Raises Corporate Family Rating to 'Ba3'
-----------------------------------------------------------
Moody's raised the Corporate Family Rating of Dean Foods Company
to Ba3 from B1.  The company's senior secured bank facilities were
also upgraded to Ba3 from B1 while the senior unsecured ratings at
Dean Foods and Dean Holdings were raised to B2 from B3.  The
rating outlook is stable.

The upgrade reflects the substantial improvement in credit metrics
that has occurred since the rating was lowered in 2007, with
leverage having fallen from 6.4 times at the end of 2007 to just
under 5 times by December 2009 (per Moody's FM) said Linda Montag,
Moody's Senior Vice President.  Some of the improvement since the
last downgrade comes from the company's issuance of new capital
that was used to repay debt, with approximately $400 million
equity raised in March 2008 and $445 million in proceeds from an
equity issuance last May.  However, buoyed by lower input prices
through much of last year, the company also turned in the best
operating performance in its history in 2009, further enabling
accelerated debt repayment.  The company has articulated a
leverage target of 3.5 times or less, suggesting that leverage
improvement should continue over time.

Dean's Ba3 rating and stable outlook are based on the company's
leading market share and national scale in the US Dairy industry,
improving leverage, liquidity and cash flows, the potential for
further cost efficiencies/ productivity improvements as management
focuses on internal integration and streamlining of operations, as
well as its strong distribution network with comprehensive
refrigerated direct store delivery systems.  These positives are
offset by very narrow margins inherent in its largest, commodity-
oriented, milk business, more limited product/geographic/customer
diversification than certain other large global food and
agriculture firms, and the potential for both volatility in milk
prices as well as shifts in the pricing strategies of retailers to
erode profitability.  While the company can generally pass on
increases in the price of milk monthly, the volatility of all of
its inputs has swung much more widely in recent years than in past
history.  The company benefits as prices fall, as was the case
though most of 2009, but it suffered more during the last price
upswing than it had historically as prices rose faster and to
higher levels than in previous cycles.  The company showed good
overall results in 2009, but its 4th quarter was weak, and the
weakness is likely to remain through the early part of 2010
compared with a strong first part of 2009, as milk prices have
again risen.  While Moody's expect metrics to improve over time,
Moody's also anticipate continued volatility in results.  There is
also still a lot of progress to be made in the areas of cost
cutting and integration, and margins, while improved in the last
year, remain slim overall.

These ratings were upgraded:

Dean Foods Company:

  -- Corporate Family Rating to Ba3 from B1

  -- Probability of Default Rating to Ba3 from B1

  -- Senior Secured Revolver and term loan facilities to Ba3,
     LGD3; 42% from B1, LGD3; 48%

  -- Guaranteed Senior notes (unsecured) to B2, LGD5; 89% from B3,
     LGD5; 78%

Dean Holding Company

  -- 6.9% backed Senior Unsecured Notes due 10/15/17 to B2, LGD5;
     89% from B3, LGD5; 78%

The Speculative Grade Liquidity Rating was affirmed at SGL-2.

The last rating action took place on December 22, 2009, when
Moody's placed the company's ratings on review for possible
upgrade.

Dean Foods, based in Dallas, TX, is the largest processor and
distributor of milk and various other dairy products in the United
States, and the largest producer of soy milk in Europe through its
Alpro division, with consolidated net sales of approximately $
$11.2 billion in 2009, of which dairy operations accounted for
around 76%.


DELPHI CORP: Microchip Wants Sealed $1.5M Suit Axed
---------------------------------------------------
Bankruptcy Law360 reports that Microchip Technology Inc. has hit
back at Delphi Corp., asking a bankruptcy judge to throw out
Delphi's $1.5 million adversary case and accusing the formerly
bankrupt auto parts supplier of manipulating the Bankruptcy Code.

Based in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ)
-- http://www.delphi.com/-- was a global supplier of mobile
electronics and transportation systems, including powertrain,
safety, steering, thermal, and controls & security systems,
electrical/electronic architecture, and in-car entertainment
technologies.  Delphi had approximately 146,600 employees and
operates 150 wholly owned manufacturing sites in 34 countries with
sales of $18.1 billion in 2008.

The Company filed for Chapter 11 protection on October 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represent the Official Committee of Unsecured Creditors.  As of
June 30, 2008, the Debtors' balance sheet showed US$9,162,000,000
in total assets and US$23,742,000,000 in total debts.

The Court confirmed Delphi's plan on January 25, 2008.  The Plan
was not consummated after a group led by Appaloosa Management,
L.P., backed out from their proposal to provide US$2,550,000,000
in equity financing to Delphi.  At the end of July 2009, Delphi
obtained confirmation of a revised plan, build upon a sale of the
assets to a entity formed by some of the lenders who provided
$4 billion of debtor-in-possession financing, and General Motors
Company.

On October 6, 2009, Delphi Corp.'s Chapter 11 plan of
reorganization became effective.  A Master Disposition Agreement
executed among Delphi Corporation, Motors Liquidation Company,
General Motors Company, GM Components Holdings LLC, and DIP Holdco
3, LLC, divides Delphi's business among three separate parties --
DPH Holdings LLC, GM Components, and DIP Holdco 3.

Delphi emerged from Chapter 11 as DPH Holdings.  DPH Holdings will
remain responsible for the post-Effective Date administration and
eventual closing of the Chapter 11 cases as well as the
disposition of certain retained assets and payment of certain
retained liabilities as provided under the Modified Plan.

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


DELUXE CORP: S&P Retains 'BB-' Rating on 7.375% Senior Notes
------------------------------------------------------------
Standard & Poor's Ratings Services revised its recovery rating on
St. Paul, Minn.-based Deluxe Corp.'s 7.375% senior notes due 2015
to '3', indicating S&P's expectation of meaningful (50% to 70%)
recovery for noteholders in the event of a payment default, from
'4'.  The issue-level rating on these securities remains at 'BB-'
(the same level as the 'BB-' corporate credit rating on the
company), in accordance with S&P's notching criteria for a '3'
recovery rating.

At the same time, S&P revised its recovery rating on Deluxe's 5%
senior notes due 2012 and 5.125% senior notes due 2014 to '6',
indicating its expectation of negligible (0% to 10%) recovery for
noteholders in the event of a payment default, from '4'.  In
addition, S&P lowered its issue-level rating on these securities
to 'B' (two notches lower than the 'BB-' corporate credit rating)
from 'BB-', in accordance with its notching criteria for a '6'
recovery rating.

"The revised recovery ratings reflect a change in the company's
debt structure as a result of the recent closing of a $200 million
guaranteed senior secured revolving credit facility, which S&P
does not rate," explained Standard & Poor's credit analyst Ariel
Silverberg.

Previously, the former revolver (unrated) and all the senior notes
issues were unsecured with no subsidiary guarantors.  The new
revolving credit facility is guaranteed by Deluxe's material
domestic subsidiaries and is secured by the personal property of
the company and guarantors.  As a result of the limitation on
subsidiary guarantees provision in the 2015 notes indenture, these
notes became guaranteed by the same material domestic subsidiaries
as those that guarantee the new revolver.  The 2015 notes now rank
behind the secured revolving credit facility, but ahead of the
2012 and 2014 notes, which are not guaranteed.  All three notes
issues remain unsecured.

In addition, S&P affirmed its 'BB-' corporate credit rating on
Deluxe.  The rating outlook is stable.

The 'BB-' corporate credit rating reflects Deluxe's intermediate-
and long-term operating challenges, primarily resulting from
secular declines and competitive conditions in its check printing
segment, and the vulnerability of its Small Business Services
segment to economic cycles.  The company's financial profile,
which incorporates a level of flexibility which, in S&P's view,
will enable Deluxe to absorb operating weakness at the current
rating level and provide the capacity for acquisitions, somewhat
tempers these negative rating factors.

At Dec. 31, 2009, adjusted debt to EBITDA and EBITDA coverage of
interest were 2.7x and 6.2x, respectively.  Both measures are
adequate for the current rating.  S&P believes that credit
measures will remain in line with the current rating over the
intermediate term, despite S&P's expectation for continued revenue
declines in all of Deluxe's business segments, which S&P
anticipate will be partially tempered by a modest improvement in
the operating margin following a continuation of cost-reduction
initiatives.  S&P currently expects 2010 revenue to decline in the
mid- to high-single-digit percentage area year over year, and
EBITDA to decline in the mid-single-digit area.  This would result
in leverage being maintained in the high 2.0x area and interest
coverage in the low- to mid-6x area.


DIMOSTHENIS ANGELAKOS: Case Summary & 20 Largest Unsec. Creditors
-----------------------------------------------------------------
Debtor: Dimosthenis L. Angelakos
          aka Thomas Angelakos
          aka Dimos Angelakos
        100 E. Tarpon Ave., Ste. 14
        Tarpon Springs, FL 34689

Bankruptcy Case No.: 10-05667

Chapter 11 Petition Date: March 15, 2010

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

Judge: Caryl E. Delano

Debtor's Counsel: Buddy D. Ford, Esq.
                  115 N. MacDill Avenue
                  Tampa, FL 33609-1521
                  Tel: (813) 877-4669
                  Fax: (813) 877-5543
                  Email: Buddy@tampaesq.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 $2,531,215,
and total debts of $2,469,972.

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/flmb10-05667.pdf

The petition was signed by Dimosthenis L. Angelakos.


DREIER LLP: Operating Report Shows $65MM in Assets
--------------------------------------------------
The trustee Dreier LLP filed an operating report saying that the
defunct law firm has $716,933 in cash at the end of January.
Receipts during the month totaled $351,332, while disbursements
totaled $158,678.  The firm's balance sheet shows assets of
$65,083,678 against prepetition debt of $6,799,753 and
postpetition debt of $285,993.

In February, U.S. District Judge Jed S. Rakoff entered a
memorandum order approving a global settlement among GSO Capital
Partners LP, an affiliate of Blackstone Group LP, and the trustees
for convicted lawyer Marc Dreier and the firm he founded, Dreier
LLP.  The agreements were approved despite opposition by certain
hedge funds and other creditors.  The agreements included:

   * Under a coordination agreement, the U.S. government will not
     seek forfeiture of any recoveries generated through avoidance
     actions brought by the Chapter 11 trustee of Dreier LLP.  The
     U.S. Government will release to the Chapter 11 trustee 97
     seized artworks that the Government is presently unable to
     trace to the proceeds of Marc Dreier's offenses.  In return,
     the Chapter 11 trustee will not contest forfeiture of certain
     identified properties.  The trustee also won't challenge the
     forfeiture of funds disgorged by GSO Capital Partners.  GSO
     will forfeit $30.9 million to the Government.

   * Pursuant to a stipulation, in exchange for the efforts of the
     Chapter 7 trustee of the estate of Marc Dreier, the Chapter 7
     trustee will have 10% of the proceeds of the sale of two
     houses in East Quogue and a Manhattan condominum.

   * Pursuant to a stipulation, the U.S. Government has agreed not
     to seek forfeiture of certain note fraud proceeds received by
     certain facilities managed by Fortress Investment Group LLC.
     The Fortress facilities lost over $84 million form their
     investments in Mr. Dreier's fictitious notes.

                          About Dreier LLP

Marc Dreier founded New York-based law firm Dreier LLP --
http://www.dreierllp.com/-- in 1996.

On December 8, 2008, the U.S. Securities and Exchange Commission
filed a suit, alleging that Mr. Dreier made fraudulent offers and
sales of securities in several cities, selling fake promissory
notes to hedge and other private investment funds.  The SEC
asserted that Mr. Dreier also distributed phony financial
statements and audit opinions, and recruited accomplices in
connection with that scheme.  Mr. Dreier has been charged by the
U.S. government for conspiracy, securities fraud and wire fraud
before the U.S. District Court for the Southern District of New
York (Manhattan) (Case No. 09-cr-00085-JSR).

Dreier LLP filed for Chapter 11 on December 16, 2008 (Bankr.
S.D.N.Y. Case No. 08-15051).  Judge Robert E. Gerber handles the
case.  Stephen J. Shimshak, Esq., at Paul, Weiss, Rifkind, Wharton
& Garrison LLP, has been retained as counsel.  The Debtor listed
assets between $100 million and $500 million, and debts between
$10 million and $50 million in its filing.

Wachovia Bank National Association, Sheila M. Gowan as trustee for
Chapter 11 estate of Dreier LLP, and Steven J. Reisman as post-
confirmation representative of the bankruptcy estate of
360networks (USA) Inc. signed a petition that sent Mr. Dreier to
bankruptcy under Chapter 7 on January 26, 2009 (Bankr. S.D.N.Y.,
Case No. 09-10371).


DTE ENERGY: Fitch Affirms Preferred Stock Rating at 'BB+'
---------------------------------------------------------
Fitch Ratings has affirmed the ratings of DTE Energy Co. as shown
below and revised the Rating Outlook to Stable from Negative.

  -- Long-term Issuer Default Rating at 'BBB';
  -- Senior unsecured debt at 'BBB';
  -- Preferred stock at 'BB+';
  -- Short-term IDR at 'F2';
  -- Commercial paper at 'F2'.

The Outlook revision takes into account the company's solid
financial performance in 2009, which was due largely to a
sustainable improvement in its operating cost structure and the
implementation of higher base rates by utility subsidiary Detroit
Edison Company (Fitch IDR of 'BBB', with a Stable Outlook).  The
Stable Outlook also considers the lower business risk that results
from the Michigan Public Service Commission's approval of a
revenue decoupling mechanism for losses associated with energy
efficiency initiatives and an uncollectible expense tracker.  In
addition, Fitch expects cash flow to benefit from the resolution
of the pending Michigan Consolidated Gas Company (IDR of 'BBB-',
with a Stable Outlook) rate case in 2010.

For 2009, consolidated results were solid despite a decline in
volumetric sales as a result of the weak economy, lower natural
gas and electricity commodity prices, and mild weather.  Cash from
operations increased by $261 million in 2009, mainly due to
reductions in operating and maintenance costs, the previously
mentioned DECO rate increase and lower working capital
requirements.  DTE's consolidated EBITDA-to-interest ratio for
2009 improved to 4.0 times in 2009, compared with 3.9x in 2008,
and the debt to EBITDA ratio decreased to 3.7x from 4.4x in the
same time period.

DTE's ratings reflect the stability of cash flows from the utility
business of its two Michigan state regulated subsidiaries, which
currently account for approximately 85% of consolidated cash
flows, a conservative strategy in managing operating expenses, and
a constructive regulatory environment in Michigan.  Credit
concerns include the continuing impact of a weak economy on
electric and natural gas demand and the ability to reduce parent
level debt through divesture of non-core asset or other strategic
initiatives.

DECO's regulated electric generation and distribution business
benefits from low-cost generation assets, constructive regulatory
mechanisms that provide for the timely recovery of fuel,
uncollected accounts, storm related expenses, and legislation that
has reduced regulatory lag by allowing Michigan utilities to self-
implement rate increases six months after requesting a rate change
and a statutory one-year timeframe for a rate decision from MPSC.
In December 2009, the MPSC approved a $217 million rate increase,
approximately 78% of the amount implemented, subject to refund, in
July 2009.  The rate increase was based on a return on equity of
11%.  DECO's financial results were strong in 2009, with adjusted
EBITDA of $1.53 billion compared to $1.35 billion in 2008.  The
ratio of debt to EBITDA was 2.  7x in 2009, compared with 3.1x in
2008 and funds from operations-to-debt for the same periods were
28.9% and 24.7%, respectively.  The ratings and Stable Outlook are
supported by constructive regulation and solid credit protection
measures.

DTE is a holding company whose primary subsidiaries, DECO and
MichCon, serve more than 3.5 million electric and natural gas
customers in Michigan.


DYNAVAX TECHNOLOGIES: Recurring Losses Prompt Going Concern Doubt
-----------------------------------------------------------------
On March 16, 2010, Dynavax Technologies Corporation filed its
annual report on Form 10-K for the year ended December 31, 2009,
with the Securities and Exchange Commission.

Ernst & Young LLP, in San Francisco, Calif., expressed substantial
doubt about the Company's ability to continue as a going concern.
The independent auditors noted that of the Company's recurring
losses from operations and negative cash flows from operations
since the Company's inception.

Net loss attributable to Dynavax was $30.6 million on
$40.3 million of revenue for the year ended December 31, 2009,
compared with a net loss attributable to Dynavax of $20.8 million
on $37.1 million of revenue for 2008.

The Company's balance sheet as of Dec. 31, 2009, showed
$50.5 million in assets, $44.1 million of debts, and $6.4 million
of stockholders' equity.

A full-text copy of the Annual Report is available for free at:

               http://researcharchives.com/t/s?59ab

Berkeley, Calif.-based Dynavax Technologies Corporation, a
clinical-stage biopharmaceutical company, discovers and develops
novel products to prevent and treat infectious diseases, asthma
and inflammatory and autoimmune diseases.  The Company's lead
product candidate is HEPLISAVTM, a Phase 3 investigational adult
hepatitis B vaccine designed to enhance protection more rapidly
and with fewer doses than current licensed vaccines.


DYNAVAX TECHNOLOGIES: Inks Settlement Agreement with Merck Sharp
----------------------------------------------------------------
Dynavax Technologies Corporation disclosed Monday the successful
completion of negotiations relating to Merck Sharp & Dohme Corp.
f/k/a Merck & Co., Inc.'s reimbursement obligations under the
former partnership agreements covering the clinical development
and commercialization of HEPLISAV(TM), the Company's enhanced
hepatitis B vaccine.  Merck has agreed to make a $4.0 million
payment to Dynavax covering expenses for the wind down period that
followed its December 2008 written notification of the
collaboration's conclusion.

HEPLISAV is an investigational adult hepatitis B vaccine.
According to Dynavax, in a completed pivotal Phase 3 trial,
HEPLISAV demonstrated increased, rapid protection with fewer doses
than current licensed vaccines.  The Company says that currently
available hepatitis B vaccines require three doses over six months
to achieve full immunogenicity in healthy patient populations, and
because compliance with this vaccine regimen is low, new vaccines
are needed to provide increased protection in a shorter timeframe.

A full-text copy of the settlement agreement, dated as of
March 12, 2010, between Dynavax and Merck is available for free at
http://researcharchives.com/t/s?59ad

                    About Dynavax Technologies

Berkeley, Calif.-based Dynavax Technologies Corporation, a
clinical-stage biopharmaceutical company, discovers and develops
novel products to prevent and treat infectious diseases, asthma
and inflammatory and autoimmune diseases.  The Company's lead
product candidate is HEPLISAV(TM), a Phase 3 investigational adult
hepatitis B vaccine designed to enhance protection more rapidly
and with fewer doses than current licensed vaccines.

The Company's balance sheet as of Dec. 31, 2009, showed
$50.5 million in assets, $44.1 million of debts, and $6.4 million
of stockholders' equity.

                          *     *     *

Ernst & Young LLP, in San Francisco, Calif., expressed substantial
doubt about the Company's ability to continue as a going concern.
The independent auditors noted that of the Company's recurring
losses from operations and negative cash flows from operations
since the Company's inception.


EAST WEST: Sets April 9 Auction for Golf Courses
------------------------------------------------
Bill Rochelle at Bloomberg News reports that East West Resort
Development V LP will hold an auction on April 9 to sell two golf
courses and other assets.  No buyers are yet under contract to
start the bidding.  Bids are due April 7, followed by the April 9
auction and a hearing on April 13 for approval of the sale.

According to the report, one course was designed by Jack Nicklaus,
the other by Peter Jacobson and Jim Hardy.  Also being sold is a
resort community near the Nicklaus course.

                      About East West Resort

Avon, Colorado-based East West Resort Development V, L.P.,
L.L.L.P., is a limited partnership between Crescent Resort
Development, Inc., and long-standing developer East West Partners,
Inc., that was formed to develop residential and commercial real
estate projects on and around the Northstar at Tahoe Resort in
Lake Tahoe, California.

East West Resort filed for Chapter 11 bankruptcy protection on
February 16, 2010 (Bankr. D. Del. Case No. 10-10452), disclosing
estimated assets and debts at $100,000,001 to $500,000,000.  The
Company's affiliates -- Tahoe Club Company, LLC Tahoe Club
Company, LLC; Tahoe Mountain Resorts, LLC; NMP Holdings, LLC;
Grays Station, LLC; Old Greenwood, LLC; Old Greenwood Realty,
Inc.; Northstar Village Townhomes, LLC; Northstar Big Horn, LLC;
Northstar Trailside Townhomes, LLC; Northstar Iron Horse, LLC; and
Northstar Mountain Properties, LLC -- filed separate Chapter 11
petitions.

Attorneys at Paul, Hastings, Janofsky & Walker LLP, and Richards,
Layton & Finger, P.A., serve as the Debtors' bankruptcy counsel.
The Debtors' financial advisor is Houlihan Lokey Howard & Zukin
Capital, Inc.  The Debtors' claims agent is Epiq Bankruptcy
Solutions.


EPICEPT CORPORATION: Deloitte Raises Going Concern Doubt
--------------------------------------------------------
Deloitte & Touche LLP in Parsippany, New Jersey, expressed
substantial doubt against Epicept Corporation's ability as a going
concern.  The firm noted that the Company has recurring losses
from operations and stockholders' deficit.

The Company's balance sheet for December 31, 2009, showed
$7.5 million in total assets and $16.5 million in total
liabilities for a $9.0 million stockholders' deficit.

The Company reported a net loss of $38.8 million on $414,000 of
revenue for the year ended December 31, 2009, compared with a net
loss of $25.3 million on $265,000 revenue for the year ended
December 31, 2008.

The Company has incurred significant losses since its inception in
1993, and it expects that it will experience net losses and
negative cash flow for the foreseeable future.  The Company's
losses have resulted principally from expenses incurred in
connection with its development activities and from general and
administrative expenses associated with its operations.

A full-text copy of the Company's Form 10-K is available for free
at http://ResearchArchives.com/t/s?59a9

                           About EpiCept

Tarrytown, N.Y.-based EpiCept Corporation is a specialty
pharmaceutical company focused on the clinical development and
commercialization of pharmaceutical products for the treatment of
cancer and pain.  The Company's lead product is Ceplene(R), which
when used concomitantly with low-dose interleukin-2 is intended as
remission maintenance therapy in the treatment of acute myeloid
leukemia, or AML, for adult patients who are in their first
complete remission.


ESCADA AG: Buyer Wants Sale Order Enforced on NY Store Landlord
---------------------------------------------------------------
netDockets reports that ESCADA US Subco, LLC, which acquired
substantially all of the assets of ESCADA (USA) Inc., asks the
U.S. Bankruptcy Court for the Southern District of New York to
enforce a court order approving the asset sale and stop the
landlord of ESCADA's flagship New York City store from taking
certain actions with respect to the store or an outstanding letter
of credit.

netDockets relates that landlord 717 GFC LLC has asserted that a
guaranty provided by Subco's parent company, ESCADA Luxembourg,
S.a.r.l., is inadequate and, as a result, Subco is in default of
the lease.  netDockets says it appears that the landlord is
considering:

     -- terminating the lease for the flagship store, located at
        717 Fifth Avenue in New York City,
     -- drawing on an Irrevocable Standby Letter of Credit dated
        January 15, 2010, issued by Deutsche Bank in favor of the
        landlord on behalf of the purchaser, or
     -- commencing a holdover proceeding in New York Civil Court.

According to netDockets, Subco asserts that the landlord's
position constitutes an impermissible collateral attack on the
Bankruptcy Court's January 7, 2010 order which approved the sale
of the assets and the assignment of the flagship store's lease to
ESCADA US Subco.  netDockets says Subco contends that the order
specifically addressed the issue of whether landlords were
adequately assured of the purchaser's future performance and
included a finding that "[a]ll entities, including without
limitation governmental units, that have not objected to the Sale
Motion are deemed now to have consented to the relief sought by
the Sale Motion and the transactions contemplated therein."

netDockets relates that Subco told the Court the landlord failed
to file any pleadings before the Sale Hearing challenging the
adequacy of the replacement guarantee to be provided by ESCADA
Luxembourg or timely appeal the Sale Order.  However, Subco said
the landlord sent a notice of default less than two weeks
following the closing of the sale.  That notice asserted a default
on the basis that an existing guaranty from ESCADA AG prior to the
sale had not been replaced.  Subco provided replacement guaranty
from ESCADA Luxembourg, but the landlord provided a second notice
of default on February 12 asserting that the replacement guaranty
failed to cure the default.  The second notice also stated that
the purchaser was required to cure the default by March 1.  While
that period was consensually extended to March 15, the landlord
refused a request by Subco to further extend the period last
Friday, netDockets says.

According to netDockets, the landlord believes that the situation
between Subco and the landlord has changed significantly since the
Sale Hearing.  netDockets relates that the landlord appears to
have expected that the existing lease would be rejected by the
Debtor and a new lease would be negotiated with Subco.  netDockets
reports that according to the landlord, negotiations between the
landlord and Subco "have not been able to agree upon terms" which
resulted in the assumption and assignment of the existing lease.
netDockets also relates that the landlord appears to have new
concerns regarding the financial wherewithal of ESCADA Luxembourg.

netDockets also relates that Subco told the Court the landlord
intends to terminate the Fifth Avenue Lease on five-days' notice
immediately following the close of Subco's alleged "cure" period
on March 15, 2010, and may attempt to draw on the Letter of Credit
due to the purported inadequacy of the Replacement Guarantee.

                        About Escada AG

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

As of August 10, 2009, the Escada Group operated 176 owned stores
and so-called shop in shops, of which 26 owned stores are located
in the United States and operated by Escada (USA) Inc. and 2
stores are planned to be opened in the United States before year
end.  Escada Group products are also sold in 163 stores worldwide
which are operated by franchisees.  Escada Group had total assets
of EUR322.2 million against total liabilities of EUR338.9 million
as of April 30, 2009.

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

Bankruptcy Creditors' Service, Inc., publishes Escada USA
Bankruptcy News.  The newsletter tracks the Chapter 11 proceedings
of Escada USA, and the insolvency proceedings of ESCADA AG and its
units.  (http://bankrupt.com/newsstand/or 215/945-7000)


EXTENDED STAY: ESA Units File Schedules & Statements
----------------------------------------------------
Debtors ESA P Portfolio TXNC GP LLC, ESA TXGP LLC, ESH/MSTX GP
LLC, ESH/TXGP LLC and ESH/TN Member Inc. reported zero assets and
liabilities in documents filed with the U.S. Bankruptcy Court for
the Southern District of New York on March 4, 2010.

ESA P Portfolio GP, et al., are affiliates of Extended Stay Inc.,
which filed for Chapter 11 protection on February 18, 2010, to
effectuate certain transfer of businesses.  They are referred to
the "Subsequent Debtors."

In their schedules of assets and liabilities, the Subsequent
Debtors also reported that each of them holds a 1% general
partnership interest in a Debtor or a 1% member interest in a
limited liability company.  They noted that as parent-only
entities, they do not record on their books a 1% single-line,
equity method share of the income or loss for their 1% interest.

The documents noted that there may be additional liabilities or
additional assets of the Subsequent Debtors that have not been
included in the Schedules and Statement of Financial Affairs
filed.  The Subsequent Debtors thus reserve their right to amend
or adjust the value of each asset and liability, and to include
additional assets and liabilities if such information becomes
available.

The Subsequent Debtors, in their Statements of Financial Affairs,
disclosed that HVM L.L.C. and The Lightstone Group kept or
supervised the keeping of their books of account and records for
the period from June 11, 2007 to June 15, 2009.

The Subsequent Debtors' books of account and records were also
under the custody of HVM and Lightstone at the time they filed
for bankruptcy protection.

HVM audited the books of account and records, or prepared the
financial statement of the Subsequent Debtors for 2007 to 2009,
while Ernst & Young LLP did the auditing for 2007 to 2008.

The Statements also showed that these entities directly or
indirectly own, control or hold 5% or more of the voting or
equity securities of the Subsequent Debtors:

                                              Percentage of
Entities                Debtor Affiliates     Stock Ownership
--------                -----------------     ---------------
ESA P Mezz LLC          ESA P Portfolio TXNC       100%
ESA Mezz LLC            ESA TXGP                   100%
ESH/Homestead Mezz LLC  ESH/MSTX GP                100%
ESH/Homestead Mezz LLC  ESH/TXGP                   100%
ESH/Homestead Mezz LLC  ESH/TN Member Inc.         100%

                        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.

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. Extended Stay had assets of
$7.1 billion and debts of $7.6 billion as of the end of 2008.

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).


EXTENDED STAY: U.S. Trustee Adds Two to Creditors Committee
-----------------------------------------------------------
Diana Adams, the United States Trustee for Region 2, appointed
KeyBank National Association and Atlas Venutre I LLC to the
Official Committee of Unsecured Creditors in the Chapter 11 cases
of Extended Stay Inc. and its debtor affiliates.

The Creditors Committee is now composed of:

  (1) Manufacturers and Traders Trust Company
      25 South Charles Street - 16th Floor
      Baltimore, Maryland 21201
      Attn: Robert D. Brown, Administrative Vice President
      Tel. No. (410) 244-4238

  (2) Ashford Hospitality Finance L.P.
      14185 Dallas Parkway, Suite 1100
      Dallas, Texas 75254
      Attn: David A. Brooks, Vice President
      Tel. No. (972) 778-9207

  (3) Hospitality F LLC
      c/o Greenberg Nicoletta & Stein
      370 Lexington Avenue
      New York, New York 10017
      Attn: Sam Weiss, Member
      Tel. No. (718) 384-0472

  (4) KeyBank National Association
      127 Public Square
      Mail Code OH-01-27-0844
      Cleveland, OH 44114
      Attn: Scott Childs, Vice President
      Tel No. (216) 689-5989

  (5) Atlas Venutre I, LLC
      c/o E2M Partners, LLC
      3401 Armstrong Avenue
      Dallas, TX 75205
      Attn: Mark D. Van Kirk
      Tel No. (214) 443-1924

                        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.

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. Extended Stay had assets of
$7.1 billion and debts of $7.6 billion as of the end of 2008.

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).


FAIR FINANCE: Trustee Finds 13,000 Investment Certificates
----------------------------------------------------------
Jim Mackinnon at Beacon Journal reports that trustee Brian Bash
told the U.S. Bankruptcy Court in Akron that Fair Finance's record
showed 13,169 investment certificates outstanding as of Nov. 19,
2010, valued at $208,641,993.

According to the report, federal investigators suspect the Company
has been operated as a Ponzi scheme.  The Company sold investment
certificates, which were not government insured, that promised
high rates of return to Ohio residents.

According to Bill Rochelle at Bloomberg News, the bankruptcy judge
in February directed the appointment of an interim trustee in the
involuntary Chapter 7 case filed against Fair Finance Co.

                        About Fair Finance

Akron, Ohio-based Fair Finance Co., an investment company, has
been closed since a November raid by the U.S. Federal Bureau of
Investigation.  Fair Finance's owner, Indiana businessman Timothy
S. Durham, a Republican political contributor whose holdings
include National Lampoon Inc., has been targeted in lawsuits and
investigations over claims he funded a luxurious lifestyle with
the proceeds of a Ponzi scheme.

A motion to appoint a trustee filed by the petitioning creditors
said that Durham and co-owner James Cochran took $176 million in
loans transferred from the investment fund into Fair Holdings LLC
and DC Investments LLC.  They used the money to fund $220 million
in other loans, according to the filing.

Three creditors -- Nick Spada, Jacques Dunaway, and Robert Ripley
-- filed on February 8, 2010, a petition to send Fair Finance to
Chapter 7 liquidation (Bankr. N.D. Oh. Case No. 10-50494).  David
Mucklow, Esq., serves as counsel to the petitioners.


FINAL ANALYSIS: Court Dismisses Chapter 11 Reorganization Case
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Maryland denied the
Final Analysis Communication Services, Inc.'s motion to convert
its case to one under Chapter 7, instead the Court ordered for the
dismissal of the Chapter 11 case.

As reported in the Troubled Company Reporter on December 22, 2009,
the Debtor sought for the conversion of its case stating that the
estate is administratively insolvent and it is unlikely that it
can confirm a plan of reorganization.

Lanham, Maryland-based Final Analysis Communication Services Inc.
filed a voluntary Chapter 11 petition on Dec. 29, 2006 (Bankr. D.
Md. Case No. 06-18520).  Edward J. Tolchin, Esq., at Fettmann,
Tolchin & Majors PC; J. Daniel Vorsteg, Esq., Martin T. Fletcher,
Esq., Cameron J. Macdonald, Esq., Chengzhi Yu, Esq., and Stephen
B. Gerald, Esq., at Whiteford, Taylor & Preston, LLP, represented
the Debtor as counsel.  No official committee of unsecured
creditors has been appointed in the case.  When it filed for
bankruptcy, the Debtor estimated its assets at more than
$100 million and debts at $1 million to $100 million.


FIREFLY ENERGY: Seeks Chapter 7 Bankruptcy Protection
-----------------------------------------------------
Firefly Energy Inc. made a voluntary filing under Chapter 7,
according to reporting by Steve Tarter at Journal Star.

The Company, the report relates, said it failed to raise
$20 million in equity capital to enable its transition to full
production and commercial sales.

According to report, the Company has several military contracts
totaling more than $5 million were not enough to keep the company
afloat.

Firefly Energy Inc. is a high tech battery firm.


FLEETWOOD ENTERPRISES: Has April 14 Plan Outline Hearing
--------------------------------------------------------
Fleetwood Enterprises Inc. scheduled an April 14 hearing for
approval of the disclosure statement explaining its liquidating
Chapter 11 plan.

According to the report, the terms of the Plan are:

   * Holders of secured claims are to be paid in full;

   * Holders of the $84.3 million in 14% notes are expected to
     have a 23.9% recovery from receiving 43.5% of net proceeds
     from the liquidation after claims with higher priorities are
     paid;

   * General unsecured creditors, with $115 million to
     $195 million in claims, are promised a 11.8% and 20.1%
     recovery from sharing 56.5% of net liquidation proceeds;

   * Holders of the 6% notes are to recover 1.2% from the
     $2 million cash they are to be given; and

   * Holders of the $1.1 million in 5% notes are not to receive
     anything.

                   About Fleetwood Enterprises

Based in Riverside, California, Fleetwood Enterprises, Inc. was
the second largest manufactured housing maker in the U.S. and the
largest manufacturer of recreational vehicles over 30 feet in
length.

Fleetwood Enterprises listed assets of $560 million against debt
totaling $624 million in its bankruptcy petition.  Fleetwood
Enterprises, together with 19 of affiliates, filed for Chapter 11
protection on March 10, 2009 (Bankr. C.D. Calif. Lead Case No.
09-14254).  Craig Millet, Esq., and Solmaz Kraus, Esq., at Gibson,
Dunn & Crutcher LLP, represent the Debtors in their restructuring
efforts.  FTI Consulting Inc. is the financial advisors to the
Debtors.  The Debtors tapped Greenhill & Co. LLC as its investment
banker.


FONTAINEBLEAU MIAMI: Said to Offer Restructuring Plan
-----------------------------------------------------
Fontainebleau Miami Beach owners Dubai World and Jeffrey Soffer,
chief executive officer of Turnberry Ltd., offered the resort's
lenders a debt-restructuring plan that includes $100 million of
new equity, Bloomberg News reports, citing three people with
knowledge of the talks.

Bloomberg, citing the unidentified people, said Fontainebleau
borrowed more than $620 million to help fund renovations and
hasn't made loan payments since September.

According to the report, Dubai World, half-owner of the resort, is
leading negotiations with lenders.  Lenders, led by Bank of
America Corp., haven't given final approval to the plan, which
would extend senior debt maturities by four years to 2016 and
increase loan fees and interest rates.

                  About Fontainebleau Miami

Fontainebleau Hotel & Resort in Miami is the largest hotel in
South Florida.  The Fontainebleau Miami reopened in November 2008,
seven months after Dubai World unit Nakheel bought its stake in
the property for $375 million, and two months after the collapse
of Lehman Brothers Holdings Inc. that triggered the global
financial crisis.  The resort, which faces the Atlantic Ocean, now
features more than 1,500 rooms, 11 restaurants and lounges and a
40,000 square-foot spa.


FORD MOTOR: Hiked to B2 by Moody's; On Review for Further Upgrade
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of Ford Motor
Company and Ford Motor Credit Company, and is reviewing the
ratings for further possible upgrade.

Ratings raised include Ford's Corporate Family Rating (CFR) and
Probability of Default Rating (PDR) to B2 from B3, secured credit
facility to Ba2 from Ba3, senior unsecured debt to B3 from Caa1,
trust preferred to Caa1 from Caa2, and Speculative Grade Liquidity
rating to SGL-2 from SGL-3. Also raised is Ford Credit's senior
debt rating to B1 from B2.

The upgrade of Ford's long-term ratings anticipates that the
company's restructured business model will generate significantly
improved operating and financial performance.  The strength of
this model is supported by a robust new-product program, a more
disciplined approach toward production levels and incentives, the
expanding cost benefits associated with the new UAW agreement, and
solid progress in globalizing platforms and product offerings.
This model is generating market share gains in the US, healthy
price realization, and operating performance which is stronger
than that which Moody's had earlier anticipated.

Bruce Clark, senior vice president with Moody's, said "Ford
clearly has a much more robust and competitive business model that
is capable of supporting significant improvement in performance
over time.  The key issue we're assessing is the degree to which
this pace of improvement could be delayed by things like a
slowdown in demand, or an escalating use of incentives by
competitors".

Moody's notes that Ford's debt levels remain high and its current
credit metrics are weak.  This is reflected in 2009 debt/EBITDA of
more than 13x and a negative ratio of EBITA/interest.  However,
over the next twelve to eighteen months Ford should generate
performance and credit metrics that are solidly supportive of the
B2 CFR.  Moreover, the company's competitive strengths and
liquidity profile should provide an adequate level of operating
and financial cushion to accommodate the risks and challenges
facing the company.  These risks include high debt levels, the
fragility of the US recovery, the significant level of excess
capacity in the global automotive sector, and the possibility that
competitor actions could spark an escalation in incentives.

Ford's B2 CFR can accommodate a degree of negative variance from
the expected level of performance.  A higher rating, however,
could be supported if Ford's business model is resilient enough to
narrow the potential degree of negative variance in performance
relative to that which can be tolerated at the B2 level.  The
review for further possible upgrade is considering the potential
for further progress over a more extended time horizon, and is
assessing Ford's capacity to limit the potential for down-side
variance in performance.

Estimating the sensitivity of Ford's future performance to various
stress factors will be an important element in this review.  Key
inputs in this assessment, for both the North American and
European operations, will include: the product renewal cycle
beyond 2011, vehicle mix and price realization, structural cost
performance, and market share.  The review will also consider Ford
Credit's ability to provide adequate retail and wholesale funding
in support of Ford. Points of stress in the analysis will include
a moderation in the pace of recovery in demand, and a potential
escalation in the use of incentives.

Within its stress assessment, Moody's says it will be critical for
Ford to preserve an ample liquidity cushion above all cash
requirements -- including debt repayments, capital investment and
working capital requirements, pension contributions, and
potentially negative free cash generation.  Ford's current SGL-2
Speculative Grade Liquidity rating is supported by the company's
approximately $25 billion cash position.  This cash position
should provide solid coverage of the company's liquidity
requirements during the coming twelve months.  These requirements
include $2.1 billion in debt maturities, and the need to maintain
minimum cash balances of approximately $8 billion to fund peak
intra-month working capital requirements.  Moody's current working
assumption is for break-even free cash generation during 2010,
similar to that generated in 2009.

Moody's upgrade of Ford Credit's long-term ratings reflects the
ties that exist between it and its parent.  A strengthening of
Ford's credit profile has positive implications for Ford Credit's
stand-alone credit profile, in terms of its asset quality and
profitability measures, capital adequacy and access to funding.
Ford Credit's rating is currently one notch higher than Ford's
rating, based upon Moody's view that loss severity in the event of
default for Ford Credit would be meaningfully lower than for Ford.

Ford Credit's ratings remain on review for possible upgrade, in
recognition that a further improvement in Ford's ratings could
provide additional benefit to Ford Credit's fundamental profile.
During its rating review, Moody's will reassess Ford Credit's
prospects for improving its asset quality and earnings,
strengthening its capital markets access, and maintaining a
reasonable capital profile, including the effects on these factors
of the evolving operating and financial condition of Ford. Moody's
notes that to sustain the one notch rating differential with Ford,
Ford Credit must demonstrate fundamental characteristics that
merit the higher credit grade.  In Moody's view, Ford
Credit's reliance on confidence-sensitive wholesale funding is a
constraint on the firm's stand-alone profile.

To further discuss these actions Moody's will host a
teleconference beginning at 12:00PM EDT/16:00 GMT/9:00AM PDT on
Thursday, March 18.  To register and for additional information
please visit http://www.moodys.com/events

The last rating action on Ford was an upgrade of the company's
Corporate Family Rating to B3 on November 2, 2009.  The last
rating action on Ford Credit was an upgrade of the firm's senior
unsecured rating to B2 with a stable outlook on March 4, 2010.

                           *     *     *

According to Bloomberg News reported March 17 Ford Motor rose to a
5-year high in New York trading and its bonds gained after Moody's
Investors Service upgraded the automaker's credit rating.  The
Company's shares climbed 61 cents, or 4.5%, to $14.10 at 4:15 p.m.
in New York Stock Exchange composite trading, the highest close
since Jan. 12, 2005.  Its $1.8 billion of 7.45% notes due in 2031
rose 2.5 cents on the dollar to 92.5 cents, according to Trace,
the bond-price reporting system of the Financial Industry
Regulatory Authority.


FRED RAINE: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Joint Debtors: Fred Raine
               Gina Raine
               P.O. Box 28
               Sulfer Bluff, TX 75481

Bankruptcy Case No.: 10-40837

Chapter 11 Petition Date: March 15, 2010

Court: United States Bankruptcy Court
       Eastern District of Texas (Sherman)

Debtors' Counsel: Eric A. Liepins, Esq.
                  12770 Coit Road, Suite 1100
                  Dallas, TX 75251
                  Tel: (972) 991-5591
                  Email: eric@ealpc.com

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

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

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

                http://bankrupt.com/misc/txeb10-40837.pdf

The petition was signed by the Joint Debtors.


FRONTIER FIN'L: Restates Q4 Loss; Going Concern Hit by Bank Woes
----------------------------------------------------------------
In a regulatory filing Tuesday, Frontier Financial Corporation
disclosed revised results for the quarter and year ended
December 31, 2009.  The revised results for the quarter and year
ended December 31, 2009, reflect an additional $30.0 million to
the provision for loan losses, an additional $3.5 million
valuation adjustment on other real estate owned and a $4.3 million
(pre-tax) other-than-temporary impairment loss on available for
sale securities.

For the three months and year ended December 31, 2009, the
Corporation reported revised net losses of $70.2 million, or
($14.89) per diluted share, and $295.1 million, or ($62.61) per
diluted share, respectively.  In its press release dated
January 29, 2010, the Company reported a net loss of
$33.9 million, or ($7.19) per diluted share, for the quarter ended
December 31, 2009, and a net loss of $258.8 million, or ($54.91)
per diluted share for the year ended December 31, 2009.

The Company says it sold two available for sale equity securities,
which were in unrealized loss positions at December 31, 2009, at a
loss subsequent to year end.  In accordance with U.S. generally
accepted accounting principles, due to the close proximity of the
sale to year-end, these securities were deemed other-than-
temporary impairment at December 31, 2009.

"Collectively, these adjustments reduced Frontier Bank's Tier 1
capital to $59.8 million, which resulted in a Tier 1 Leverage
Capital ratio of 1.65%, thus designating Frontier Bank as
"critically undercapitalized" for purposes of Prompt Corrective
Action ("PCA") as of December 31, 2009."

Under the Federal Deposit Insurance Act's PCA capital
requirements, depository institutions that are "critically
undercapitalized", in addition to being subject to a number of
additional restrictions, must be placed into conservatorship or
receivership within 90 days of becoming critically
undercapitalized, unless the institution's primary Federal
regulatory authority determines and documents that "other action"
would better achieve the purposes of PCA.

"If Frontier Bank is placed into conservatorship or receivership,
the Corporation would suffer a complete loss of the value of its
ownership interest in Frontier Bank.  These events raise
substantial doubt about our ability to continue as a going
concern."

The Company's revised consolidated balance sheet at December 31,
2009, showed $3.595 billion in assets, $3.533 billion debts, and
$61.5 million stockholders' equity.  At December 31, 2009, the
Company had net loans of roughly $2.718 billion and deposits of
roughly $3.122 billion.

A full-text copy of the press release is available at no charge
at http://researcharchives.com/t/s?5981

Frontier Financial Corporation (NASDAQ: FTBK) is a Washington-
based financial holding company providing financial services
through its commercial bank subsidiary, Frontier Bank.


GENERAL GROWTH: Simon to Sweeten Bid, Lines Up Financing
--------------------------------------------------------
The Wall Street Journal's Kris Hudson, Mike Spector and Jeffrey
McCracken, citing people familiar with the matter, report that
Simon Property Group Inc. sent a letter Monday night to General
Growth Properties Inc.'s lawyers saying it expects to deliver its
improved proposal late this week or early next.  Sources told the
Journal Simon didn't outline details of its offer, which are still
in flux.

Sources told the Journal Simon indicated in the letter that it
will resolve antitrust concerns that may arise from its proposed
combination.  According to Simon's letter, it is working to come
up with a better offer in partnership with Blackstone Group LP and
two sovereign-wealth funds it hasn't identified.  Simon also is
lining up a $6 billion credit line led by J.P. Morgan Chase & Co.
to help finance the bid, according to the letter.  One person
familiar with the matter told the Journal that Citigroup Inc. and
Morgan Stanley are part of the bank group that JP Morgan is
leading.  It remained unclear exactly how the $6 billion in
financing would play into Simon's new bid, the Journal notes.

As reported by the Troubled Company Reporter, earlier this month
property investor Brookfield Asset Management Inc. and General
Growth investors Fairholme Capital Management and Pershing Square
Capital Management LP unveiled a recapitalization proposal that
would split General Growth into two entities upon emerging from
bankruptcy and values the company at $15 per share.

The Journal says the timing of Simon's increased bid will depend
on how soon competing bidders file definitive documents outlining
their offer in the bankruptcy case.  That filing is expected
within the next week.  The Journal also relates Simon stated in
its letter that it will stop participating in the bidding after
the April 13 hearing if the Brookfield plan is approved as the
stalking horse.

The Journal says General Growth declined to comment other than to
say, "Our goal is to maximize value for all stakeholders."  The
Journal adds that the letter was a response to a written inquiry
from General Growth's advisers for additional details about
Simon's initial bid.

                       About General Growth

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: Bidders Seek Sovereign Wealth Funds Support
-----------------------------------------------------------
Bidders for General Growth Properties, Inc.'s assets are seeking
financial support from sovereign wealth funds in the Middle East
and Asia, according to Henry Sender of the Financial Times, citing
people familiar with the matter.

Mr. Sender notes that the talks between the bidders and the
sovereign wealth funds are in the early stages.  In light of Simon
Property Group, Inc., and Brookfield Asset Management, Inc., vying
for GGP's assets, "several of the larger sovereign funds are
working with both parties," the Financial Times quoted Guy
Metcalfe, head of real estate investment banking for Morgan
Stanley, as saying.

For one, Simon is talking to SWFS like the Qatar Investment
Authority about contributing its bid, Mr. Sender relates, citing
people privy to the matter.  Blackstone is also reported to join
forces with Simon and may tap investors like the Abu Dhabi
Investment Authority for additional financial resources, Mr.
Sender discloses.

Brookfield, the report says, is likely to raise money for the deal
from at least some of the sovereign wealth funds that have
invested in its $5.5 billion distressed real estate opportunity
fund, which according to people familiar with the matter, is set
up for opportunities like GGP.  The investors of Brookfield's
opportunity fund include China Investment Corporation, the
Australian Fund for the Future, Government Investment Corp. of
Singapore and the Canadian Pension Plan Investment Board, each of
which contributed a minimum of $500 million, Mr. Sender discloses.
Mr. Sender's sources say that China Investment has signed a
confidentiality agreement, indicating that it might join a GGP
bid.

In related news, David Simon, chief executive officer of Simon
Property commented that GGP's latest plan in light of Fairholme
Capital Management LLC and Pershing Square Capital Management
LLP's $3.925-billion equity commitment to the company resolves
some uncertainty Simon previously pointed out, IndyStar.com
reports.  "The first plan had a tremendous amount of uncertainty
on how ultimately it would impact shareholders," Mr. Simon said,
referring Brookfield's $2.625 billion proposal.  As to the
Fairholme/Pershing Offer, Mr. Simon was quoted as saying, "the
second plan eliminates some of the uncertainty, but not all of
it."

                    About General Growth

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: UBS Securities Approved as M&A Advisor
------------------------------------------------------
Bankruptcy Judge Allan Gropper issued a formal order on March 11,
2010, approving General Growth Properties Inc.'s application to
tap UBS Securities LLC as their M&A advisor, nunc pro tunc to
March 3, 2010.

Moreover, Judge Gropper scheduled another hearing on March 18,
2010, to consider the Debtors' request to indemnify UBS Securities
for the period from December 16, 2009 to March 2, 2010 to
March 18, 2010, and portions of the Application that:

  (a) seek approval of an Opinion Fee and Completion Fee;

  (b) seek approval of reimbursement of UBS Securities' legal
      expenses; and

  (c) concern UBS AG and UBS Financial Services Inc.

Objections to the proposed Opinion and Completion Fees are due
March 12, 2010.

Judge Gropper ruled that UBS Securities' Advisory Fee will begin
to accrue from March 3, 2010.

The Official Committee of Unsecured Creditors and Diana G. Adams,
the U.S. Trustee for Region 2, asked the Bankruptcy Court to deny
approval of General Growth Properties' proposed employment of UBS
Securities LLC as their capital markets and merger and acquisition
or "M&A" advisor.  The Creditors' Committee complained that the
Debtors seek unprecedented relief -- authority to employ a second
full service investment bank, UBS, and to pay it a completion fee
of not less than $17.5 million.  The Creditors Committee and the
U.S. Trustee also said the services of UBS proposes to provide are
duplicative of the services contemplated in the Debtors'
engagement of Miller Buckfire & Co., LLC, which cost the Debtors'
estates about $30 million;

UBS will provide these services as M&A advisor to the Debtors:

   (a) advise and assist GGP in analyzing, structuring, and
       negotiating the financial aspects of any Exit Transaction
       defined as a Financing, M&A Transaction or confirmation of
       a plan of reorganization, including:

         (i) evaluating potential Exit Transactions by GGP,

        (ii) advising and assisting GGP in structuring and
             effecting the terms of an Exit Transaction for
             GGP,

       (iii) advising and assisting GGP in evaluating alternative
             proposals relating to an Exit Transaction,

        (iv) advising and assisting GGP in developing and
             preparing materials to be used in soliciting
             potential investors for an Exit Transaction, and

         (v) advising and assisting GGP with raising sources of
             capital for an Exit Transaction, in each case
             consistent with its ordinary course of business
             for transactions of this type;

   (b) advise and assist GGP in identifying and evaluating third-
       party candidates as potential purchasers or capital
       sources for an Exit Transaction, advise GGP in
       negotiations and on the structure of that Exit
       Transaction, and assist GGP in the consummation of
       that Exit Transaction;

   (c) attend meetings of GGP's board of directors and its
       committees with respect to matters on which UBS has been
       engaged to advise GGP;

   (d) at GGP's request, UBS will undertake a study to enable it
       to render an opinion with respect to the fairness, from a
       financial point of view, to GGP or to holders of common
       stock, of the consideration to be received in an M&A
       Transaction.  If requested, any opinion will be in written
       form;

   (e) at GGP's request,

         (i) advise and assist GGP in identifying potential
             financing sources and strategies necessary or
             desirable to consummate a Financing and

        (ii) advise and assist GGP Company in raising funds for a
             Financing, in each case as is reasonable and
             customary for these transactions; and

   (f) provide testimony in the Debtors' Chapter 11 cases on
       behalf of GGP with respect to any of the services, if
       necessary.

                    About General Growth

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: W. Ackman Resigns From Board of Directors
---------------------------------------------------------
In a regulatory filing with the Securities and Exchange Commission
on March 11, 2010, General Growth Properties, Inc., clarified that
the resignation of William A. Ackman from the company's Board of
the Directors was not due to any disagreement between him and the
company or its management on any matter relating to the company's
operations, policies or practices.

GGP Senior Vice President and Chief Financial Officer Edmund Hoyt,
explained that Mr. Ackman, on his own behalf and on behalf of
Pershing Square Capital Management, L.P. and the investment funds
it advises entered into a letter agreement dated March 5, 2010
with GGP, whereby he resigned from the Board of Directors.

Pursuant to the March 5 Agreement, Mr. Ackman and GGP agreed to
terminate a letter agreement dated June 5, 2009, and amended on
February 24, 2010, other than:

  (i) certain confidentiality restrictions with respect to any
      confidential information received by him during the
      term of his service as a director of the company; and

(ii) certain agreements not to bring or join in claims, suits
      or actions against the Board for actions taken during his
      tenure on the Board.

Mr. Ackman's resignation was contingent acceptance of the terms of
the March 5 Agreement by GGP, Mr. Hoyt said.

                    About General Growth

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 MOTORS: CFO Sees Return to Profits in 2010
--------------------------------------------------
Bloomberg News reports that General Motors Co. Chief Financial
Officer Chris Liddell said the automaker may be profitable in
2010, ending five years of annual losses.

According to the report, Mr. Liddell said the Company needs to be
profitable to undertake an initial public offering, which he says
is still possible in the second half.  A stock offering requires
health in the Company's auto sales and in the financial market,
Mr. Liddell said, adding that he's "encouraged" about the IPO
path.

Bloomberg relates that an IPO will help pay back the U.S.
government after a $50 billion bailout of the company left
taxpayers with a 61% equity stake.  The automaker plans to repay
about $5.7 billion in remaining debt by June as it relies on sales
of Chevrolet, Buick, GMC and Cadillac brands.

The company last posted an annual profit in 2004, ringing up
$88 billion in losses from 2005 through last year's first quarter.

                       About General Motors

General Motors Company -- http://www.gm.com/-- is one of the
world's largest automakers, tracing its roots back to 1908.  With
its global headquarters in Detroit, GM employs 209,000 people in
every major region of the world and does business in some 140
countries.  GM and its strategic partners produce cars and trucks
in 34 countries, and sell and service these vehicles through these
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel,
Vauxhall and Wuling.  GM's largest national market is the United
States, followed by China, Brazil, the United Kingdom, Canada,
Russia and Germany.  GM's OnStar subsidiary is the industry leader
in vehicle safety, security and information services.

GM acquired its operations from General Motors Company, n/k/a
Motors Liquidation Company, on July 10, 2009, pursuant to a sale
under Section 363 of the Bankruptcy Code.  Motors Liquidation or
Old GM is the subject of a pending Chapter 11 reorganization case
before the U.S. Bankruptcy Court for the Southern District of New
York.

At September 30, 2009, GM had US$107.45 billion in total assets
against US$135.60 billion in total liabilities.

                    About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.

The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts.  Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company.  GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel.  Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors.  GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.

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


GLADIOLA WOOD-TOLSON: Case Summary & 9 Largest Unsecured Creditors
------------------------------------------------------------------
Debtor: Gladiola Delores Wood-Tolson
          aka Gladiola D. Wood-Tolson
          aka Gladiola Wood
          aka Gladiola Delores Wood
          aka Gladiola D. Wood
          aka Gladiola Tolson
          aka Gladiola Wood-Tolson
          aka Gladiola D. Tolson
        14315 Wicklow Lane
        Laurel, MD 20707-6887

Bankruptcy Case No.: 10-15331

Chapter 11 Petition Date: March 15, 2010

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

Judge: Caryl E. Delano

Debtor's Counsel: Rudolph Ettore DeMeo, Esq.
                  The Law Office of Rudolph E. DeMeo, PC
                  1449 Light Street
                  Baltimore, MD 21230
                  Tel: (410) 244-6544
                  Fax: (410) 547-1010
                  Email: redemeo@yahoo.com

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

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

According to the schedules, the Company has assets of $3,442,238,
and total debts of $2,467,774.

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

                 http://bankrupt.com/misc/mdb10-15331.pdf

The petition was signed by Gladiola Delores Wood-Tolson.


GRACEWAY PHARMACEUTICALS: S&P Cuts Corp. Credit Rating to 'B-'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
ratings, including its corporate credit rating, on Bristol,
Tennessee-based specialty pharmaceutical company Graceway
Pharmaceuticals LLC.  The corporate credit rating is lowered to
'B-' from 'B'.  At the same time, Standard & Poor's lowered its
issue-level ratings and revised its recovery ratings on Graceway's
first-lien senior secured credit facilities.  S&P lowered the
issue-level rating to 'B-', the same as the corporate credit
rating on Graceway, from 'BB-'.  S&P revised the recovery rating
to '4', indicating S&P's expectation for average (30%-50%)
recovery in the event of a payment default, from '1'.  S&P also
lowered its ratings on Graceway's existing $330 million second-
lien term loan, due 2013, to 'CCC', two notches lower than the
corporate credit rating.  The recovery rating remains at '6',
indicating S&P's expectation for negligible (0%-10%) recovery in
the event of a payment default.  The rating outlook is negative.

"The ratings on Graceway reflect the company's limited size, heavy
reliance on one niche product, aggressive debt leverage, and
looming debt maturities," said Standard & Poor's credit analyst
Arthur Wong.  These factors partly are offset by the company's
currently adequate liquidity.  Formed mainly from the late-2006
acquisition of 3M Co.'s pharmaceutical business, Graceway competes
in the niche dermatology and respiratory markets.  The company's
product portfolio is limited, consisting largely of one
significant drug, Aldara, a prescription cream for external
genital warts.  Aldara accounts for more than 85% of Graceway's
sales base.  This cream-based treatment holds a leading position
in the market.

However, Aldara's pediatric exclusivity on the compound patent
expired in February 2010 and multiple generic competitors have
filed for approval of their generic version.  Graceway's efforts
to block their introduction, such as filing multiple Citizen
Petitions with the U.S. Food and Drug Administration to require
potential generic competitors to include clinical studies in their
applications, have thus far been unsuccessful.  Thus, generic
versions of Aldara may reach market as early as the first half of
2010.  The number of potential generic competitors to Aldara may
be limited, given that it is a cream-based product with some
formulation difficulties.  Still, it is likely that Aldara will
lose a significant share of the market to lower priced generics.
Graceway has also deployed life-cycle management strategies, such
as its lower-dose formulation, Zyclara.  However, while Zyclara
has been approved in Canada, FDA approval for the all-important
U.S. market has been delayed.  With the potentially imminent
launch of generic versions of Aldara, Graceway will have increased
difficulty in maximizing Zyclara's market share.  Furthermore,
there is increased direct competition from a branded competitor,
Veregen.

S&P believes that Aldara's sales and cash flows are critical to
Graceway's ability to repay its upcoming debt maturities.
Graceway has steadily reduced its debt leverage, to just under 4x
on an adjusted basis from nearly 6x at the beginning of 2008.
Cash flows have been solid and EBITDA margins are routinely above
50%.  Funds from operations to debt in the mid-teens and EBITDA
interest coverage at roughly 2.5x, credit measures that are solid
for the rating.  However, these credit measures can deteriorate
quickly if Aldara-related cash flows experience a steep decline.
Such a decline will also challenge Graceway's ability to meet
significant debt maturities in the 2011 to 2013 time frame.


GRAND PARKWAY: Has Until June 15 to Propose a Chapter 11 Plan
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas has
set June 15, 2010, as the last day for Grand Parkway Equities,
Ltd. to file a Chapter 11 Plan and explanatory Disclosure
Statement.

Richmond, Texas-based Grand Parkway Equities, Ltd. filed for
Chapter 11 on February 2, 2010 (Bankr. S.D. Tex.Case No. 10-
31013.)  Richard L. Fuqua, II, Esq. at Fuqua & Keim assists the
Debtor in its restructuring effort.  In its petition, it listed
assets ranging between $10,000,001 to $50,000,000 and debts
ranging between $1,000,001 to $10,000,000.  In its schedules, the
Debtor listed total assets of $38,000,000 and total liabilities of
$7,835,548.


GRAND PARKWAY: Files Schedules of Assets and liabilities
--------------------------------------------------------
Grand Parkway Equities, Ltd., filed with the U.S. Bankruptcy Court
for the Southern District of Texas its schedules of assets and
liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property               $38,000,000
  B. Personal Property                    $0
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                                $5,892,913
  E. Creditors Holding
     Unsecured Priority
     Claims                                                $0
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                        $1,942,635
                                 -----------      -----------
        TOTAL                    $38,000,000       $7,835,548

Richmond, Texas-based Grand Parkway Equities, Ltd. filed for
Chapter 11 on February 2, 2010 (Bankr. S.D. Tex.Case No. 10-
31013).  Richard L. Fuqua, II, Esq. at Fuqua & Keim assists the
Debtor in its restructuring effort.  In its petition, it listed
assets ranging between $10,000,001 to $50,000,000 and debts
ranging between $1,000,001 to $10,000,000.


GRAND PARKWAY: U.S. Trustee Sets Meeting of Creditors for April 8
-----------------------------------------------------------------
The U.S. Trustee for Region 7 will convene a meeting of creditors
in Grand Parkway Equities, Ltd.'s Chapter 11 case on April 8,
2010, at 10:00 a.m.  The meeting will be held at Suite 3401, 515
Rusk Ave, Houston, Texas.

This is the first meeting of creditors required under Section
341(a) of the Bankruptcy Code in all bankruptcy cases.

All creditors are invited, but not required, to attend.  This
Meeting of Creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtor under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

Richmond, Texas-based Grand Parkway Equities, Ltd. filed for
Chapter 11 on February 2, 2010 (Bankr. S.D. Tex.Case No. 10-
31013.)  Richard L. Fuqua, II, Esq. at Fuqua & Keim assists the
Debtor in its restructuring effort.  In its petition, it listed
assets ranging between $10,000,001 to $50,000,000 and debts
ranging between $1,000,001 to $10,000,000.


HARTFORD FINANCIAL: Fitch Keeps BB Ratings on Jr. Sub. Debentures
-----------------------------------------------------------------
Fitch Ratings has affirmed all Issuer Default Ratings, debt and
Insurer Financial Strength ratings for the Hartford Financial
Services Group, Inc., and its primary life and property/casualty
insurance subsidiaries.  The Rating Outlook remains Negative.

The affirmation follows Fitch's periodic review of HFSG and the
company's announcement that it intends to repurchase its
$3.4 billion of perpetual preferred stock issued in June 2009
under the U.S. Treasury's Capital Purchase Program with
$2.4 billion of additional capital expected to be raised in March
2010 and with existing funds.

Overall, Fitch views the replacement of CPP funds with more
permanent capital market financing as marginally positive in that
it demonstrates an overall improved financial position and
increased access to capital markets, although having the CPP
capital on hand provided HFSG an additional cushion for near-term
uncertainties.  However, ultimately, it should favorably reduce
the potential negative impact to HFSG's business position,
franchise value and management team that are concerns for
companies that operate under federal government support and
related restrictions.

The affirmation reflects HFSG's improved earnings and
capitalization, particularly in the property/casualty group where
underwriting results continue to be favorable, reduced levels of
net unrealized investment losses and sizable levels of holding
company cash and financial resources.

The Negative Rating Outlook continues to reflect HFSG's exposure
to the volatile credit and investment market conditions,
particularly in its life asset portfolio where it has above
average credit risk exposure to commercial real estate related
investments as well as equity market exposure in its large book of
inforce variable annuities with withdrawal benefit guarantees.
The life operations received over $2 billion in capital
contributions in 2009 to support its statutory capital levels.  If
the company suffers additional significant losses, the ratings
could be downgraded.  However, if the company is able to improve
its life earnings and generate internal capital growth in the life
operations, the Outlook could return to Stable.

The Negative Outlook also reflects the potential in Fitch's view
for the property/casualty insurance operations to fund the capital
needs of the holding company and life insurance subsidiaries,
although in 2009 the property/casualty company did not provide any
capital to the life operations, following $1 billion of support in
2008.

HFSG posted GAAP net income of $557 million in the fourth quarter
of 2009, following five consecutive quarters of net losses.
However, the company still reported a net loss of $887 million for
the full year 2009, which included $2 billion of net realized
losses (before-tax), driven by $1.5 billion of other-than-
temporary impairment losses (before-tax).  Furthermore, HFSG still
has a sizable net unrealized loss position of $5 billion
($4.1 billion in life; $858 million in property/casualty) at
Dec. 31, 2009, although this is significantly improved from
$13.2 billion at year-end 2008.  The unrealized losses reflect
HFSG's exposure to commercial mortgage backed securities,
collateralized debt obligations, investments in the financial
services sector and sub-prime residential mortgage-backed
securities.

Favorably, HFSG's shareholders' equity increased to $17.9 billion
at Dec. 31, 2009, from $9.3 billion at year-end 2008 due to the
$3.4 billion CPP, $4.2 billion decrease in accumulated other
comprehensive income losses and $900 million common stock issuance
in August 2009.  As a result, HFSG's equity credit adjusted debt-
to-total capital ratio (including AOCI) improved significantly to
19.2% at Dec. 31, 2009, down from 31.7% at Dec. 31, 2008.
Following the expected $3.05 billion capital issuance (including
$675 million of debt to pre-fund maturities through 2012) and
redemption of CPP, pro forma debt-to-total-capital increases to
24.2%, but remains below Fitch's expected range of 25%-30%.  Fitch
also expects HFSG to maintain GAAP operating earnings interest
coverage of at least 3 times-5x.

HFSG maintains financial flexibility with approximately
$2.2 billion in holding company cash, fixed maturities and short-
term investments at year-end 2009, and expects to have in excess
of $1.8 billion following completion of the capital raise and CPP
redemption, in addition to a $1.9 billion revolving credit
facility and a $500 million contingent capital facility.

Fitch has affirmed these ratings with a Negative Rating Outlook:

Hartford Financial Services Group, Inc.

  -- Long-Term IDR at 'BBB';

  -- $275 million 7.9% notes due 2010 at 'BBB-';

  -- $400 million 5.25% notes due 2011 at 'BBB-';

  -- $320 million 4.625% notes due 2013 at 'BBB-';

  -- $199 million 4.75% notes due 2014 at 'BBB-';

  -- $200 million 7.3% notes due 2015 at 'BBB-';

  -- $300 million 5.5% notes due 2016 at 'BBB-';

  -- $499 million 5.375% notes due 2017 at 'BBB-';

  -- $500 million 6.3% notes due 2018 at 'BBB-';

  -- $499 million 6% notes due 2019 at 'BBB-';

  -- $298 million 5.95% notes due 2036 at 'BBB-';

  -- $323 million 6.1% notes due 2041 at 'BBB-';

  -- $500 million 8.125% junior subordinated debentures due 2068
     at 'BB';

  -- $1.75 billion 10% junior subordinated debentures due 2068 at
     'BB';

  -- $3.4 billion perpetual preferred stock at 'BB';

  -- Short-term IDR at 'F2';

  -- Commercial paper at 'F2'.

Hartford Life, Inc.

  -- Long-term IDR at 'BBB';
  -- $149 million 7.65% notes due 2027 at 'BBB-';
  -- $92 million 7.375% notes due 2031 at 'BBB-';
  -- Short-term IDR at 'F2'.

Hartford Life Global Funding

  -- Secured notes program at 'A-'.

Hartford Life Institutional Funding

  -- Secured notes program at 'A-'.

Hartford Life and Accident Insurance Company

  -- IFS at 'A-'.

Hartford Life Insurance Company

  -- IFS at 'A-';
  -- Medium-term note program at 'BBB+'.

Hartford Life and Annuity Insurance Company

  -- IFS at 'A-'.

Members of the Hartford Fire Insurance Intercompany Pool:
Hartford Fire Insurance Company
Nutmeg Insurance Company
Hartford Accident & Indemnity Company
Hartford Casualty Insurance Company
Twin City Fire Insurance Company
Pacific Insurance Company, Limited
Property and Casualty Insurance Company of Hartford
Sentinel Insurance Company, Ltd.
Hartford Insurance Company of Illinois
Hartford Insurance Company of the Midwest
Hartford Underwriters Insurance Company
Hartford Insurance Company of the Southeast
Hartford Lloyd's Insurance Company
Trumbull Insurance Company

  -- IFS at 'A+'.


HERNDON BROTHERS: Case Summary & 21 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Herndon Brothers, Inc.
        P.O. Box 393
        Baldwin, FL 32234

Bankruptcy Case No.: 10-02034

Chapter 11 Petition Date: March 15, 2010

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

Debtor's Counsel: Janet H. Thurston, Esq.
                  Cohen & Thurston, P.A.
                  1723 Blanding Blvd Suite 102
                  Jacksonville, FL 32210
                  Tel: (904) 388-6500
                  Email: cohenthurston@cs.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
21 largest unsecured creditors, is available for free at:

                http://bankrupt.com/misc/flmb10-02034.pdf

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


INFOLOGIX INC: Gets Non-Compliance Letter from Nasdaq Market
------------------------------------------------------------
InfoLogix Inc. received a letter, dated March 9, 2010, from the
Nasdaq Stock Market notifying it that InfoLogix is not in
compliance with Nasdaq's audit committee requirements under
Listing Rule 5605.

As a result of Wayne Hoch's resignation from the Company's Board
of Directors and the audit committee of the Board of Directors on
February 17, 2010, the audit committee has only two members rather
than the required three and the Company cannot certify that the
audit committee has at least one member with the requisite level
of financial sophistication.

Nasdaq has provided InfoLogix with a cure period in order to
regain compliance as follows:

   * until the earlier of InfoLogix's next annual stockholders'
     meeting or February 17, 2011; or

   * if the next annual stockholders' meeting is held before
     August 16, 2010, then InfoLogix must evidence compliance no
     later than August 16, 2010.

InfoLogix currently expects to regain compliance within the
available cure period.

Based Hatboro, Pennsylvania, InfoLogix Inc. (NASDAQ: IFLG) --
http://www.infologix.com/-- provides enterprise mobility
solutions for the healthcare and commercial industries.  InfoLogix
uses the industry's most advanced technologies to increase the
efficiency, accuracy, and transparency of complex business and
clinical processes.  With 19 issued patents, InfoLogix provides
mobile managed solutions, on-demand software applications, mobile
infrastructure products, and strategic consulting services to over
2,000 clients in North America including Kraft Foods, Merck and
Company, General Electric, Kaiser Permanente, MultiCare Health
System and Stanford School of Medicine.

At September 30, 2009, the Company had total assets of $42,332,000
against total liabilities of $45,512,000, resulting in
stockholders' deficiency of $3,180,000.

                           Going Concern

The Company has said, "Our condensed consolidated financial
statements for the three and nine months ended September 30, 2009
have been prepared on a going concern basis, which contemplates
continuing operations, securing additional debt or equity
financing, selling certain assets, and realizing assets and
liabilities in the ordinary course of business.  However, we have
incurred significant net losses from 2006 through 2009, including
net losses of $11,513 for the nine months ended September 30, 2009
and have accumulated a stockholders' deficiency of $3,180.  We
have substantial liquidity requirements including monthly interest
on our outstanding debt and those related to the repayment of our
revolving line of credit that comes due on May 1, 2011, as well as
to earn out payments for past acquisitions.  Though we are taking
measures to improve our liquidity, we do not currently expect to
generate sufficient cash flow from operations to fund those
obligations."


INTERMUNE INC: Posts $116MM 2009 Loss; Accum. Loss now $915MM
-------------------------------------------------------------
InterMune, Inc., filed its annual report on Form 10-K, showing a
net loss of $116.0 million on $48.7 million of revenue for the
year ended December 31, 2009, compared with a net loss of
$106.5 million on $48.2 million of revenue for 2008.

The Company's balance sheet as of Dec. 31, 2009, showed
$114.7 million in assets and $220.5 million of debts, for a
stockholders' deficit of $105.8 million.

The Company has an accumulated deficit of roughly $915.5 million
at December 31, 2009.  The Company says that to date, it has
generated revenue primarily through the sale of Actimmune.
"However, Actimmune sales have decreased in recent periods and we
expect this trend to continue into the future.  We have not
generated operating profits to date from our products.  If the
time required for us to achieve profitability is longer than we
anticipate, we may not be able to continue our business."

A full-text copy of the annual report is available for free at:

               http://researcharchives.com/t/s?59cf

Brisbane, Calif.-based InterMune, Inc. a biotech company focused
on developing and commercializing innovative therapies in
pulmonology and hepatology.  Pulmonology is the field of medicine
concerned with the diagnosis and treatment of lung conditions.
Hepatology is the field of medicine concerned with the diagnosis
and treatment of disorders of the liver.


IRVINE SENSORS: Fails to Comply with Nasdaq's Bid Price Rule
------------------------------------------------------------
Irvine Sensors Corporation received a Nasdaq Staff Determination
on March 16, 2010, indicating that the Company has not regained
compliance with the $1.00 minimum bid price requirement for
continued listing set forth in Nasdaq Marketplace Rule 5550(a)(2),
and that the Company's securities are, therefore, subject to
delisting from The Nasdaq Capital Market. Accordingly, unless the
Company requests a hearing to appeal the Staff Determination
before a Nasdaq Hearings Panel, trading of the Company's common
stock will be suspended at the opening of business on March 25,
2010, and the Company's securities will be delisted from The
Nasdaq Stock Market.  The Company intends to request a hearing
before the Panel to present the Company's plan for regaining
compliance with Rule 5550(a)(2).  The Staff Determination states
that the submission of such a hearing request not later than 4:00
p.m. Eastern Time on March 23, 2010, will stay the suspension of
trading of the Company's common stock and the delisting of the
Company's securities pending the Panel's decision.  There can be
no assurance that the Panel will grant the Company's request for
continued listing.

                      About Irvine Sensors

Irvine Sensors Corporation is a vision systems company engaged in
the development and sale of miniaturized infrared and electro-
optical cameras, image processors and stacked chip assemblies and
sale of higher level systems incorporating such products. Irvine
Sensors also conducts research and development related to high
density electronics, miniaturized sensors, optical interconnection
technology, high speed network security, image processing and low-
power analog and mixed-signal integrated circuits for diverse
systems applications.


KIKO FOODS INC: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Kiko Foods, Inc.
        2628 Lexington Avenue
        Kenner, LA 70062

Bankruptcy Case No.: 10-10806

Chapter 11 Petition Date: March 15, 2010

Court: United States Bankruptcy Court
       Eastern District of Louisiana (New Orleans)

Judge: Elizabeth W. Magner

Debtor's Counsel: William E. Steffes, Esq.
                  Steffes Vingiello & McKenzie LLC
                  13702 Coursey Boulevard, Building 3
                  Baton Rouge, LA 70817
                  Tel: (225) 751-1751
                  Fax: (225) 751-1998
                  Email: bsteffes@steffeslaw.com

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

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

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

                http://bankrupt.com/misc/laeb10-10806.pdf

The petition was signed by Max H. Burnell, president of the
company.


LAKE SHORE ASSET: Investors to Get Back $104 Million
----------------------------------------------------
Chicago Sun-Times reports that U.S. District Judge Blanche Manning
signed an order allowing investors in Lake Shore Asset Management
Ltd. to recover $103.9 million of the more than $268 million they
lost in the collapsed Chicago hedge fund.

According to the report, Judge Manning said a receiver overseeing
Lake Shore has located $110 million in its accounts and that Lake
Shore has been "completely uncooperative."  She said $3 million
will be set aside for the receiver's costs or for appeals of
disallowed claims.

Ira Bodenstein, an attorney for receiver Robb Evans & Associates
LLC, said a timetable for the payments hasn't been decided.

                         About Lake Shore

Lake Shore was shut down in 2007 after federal authorities charged
that it concealed $30 million in trading losses.  Lake Shore
claimed it lost around $130 million in the bankruptcy of an
investment firm based in Northbrook, Sentinel Management Group
Inc.  Sentinel's former chief executive was a member of Lake
Shore's board.

Lake Shore's former managing director, Philip Baker, is being held
without bond for a criminal trial due to start Aug. 30.

The former chairman of Lake Shore is Laurence Rosenberg, who was
chairman of the Chicago Mercantile Exchange from 1977 to 1979.
Mr. Rosenberg faces no criminal charges.


LCGI FAIRFIELD: Court Rejects Bad Faith Filing Arguments
--------------------------------------------------------
WestLaw reports that chapter 11 cases filed by newly created
subsidiaries that a junior deed of trust holder had established to
take title to two parcels of property after the junior deed of
trust holder submitted the winning bid at a foreclosure sale would
not be dismissed as having been filed in "bad faith," though both
cases were single-asset "real estate" cases filed by debtors which
had no ongoing business operations and no employees and which had
less than $47,000 in unsecured debt, and though the cases were
allegedly filed solely to keep the senior deed of trust holder
from foreclosing.  The debtors appeared to have equity in the
parcels.  Moreover, the debtor's parent had proposed to advance
substantial new funds to permit a reorganization plan to be
confirmed.  In re LCGI Fairfield, LLC, --- B.R. ----, 2010 WL
702815 (Bankr. N.D. Calif.).

LCGI Fairfield, LLC, sought chapter 11 protection (Bankr. N.D.
Calif. Case No. 09-48466) on Sept. 10, 2009.  John H. MacConaghy,
Esq., at MacConaghy and Barnier in Sonoma, Calif., represents the
Debtor.  At the time of the filing, the debtor estimated its
assets and debts at less than $10 million.


LEHMAN BROTHERS: Whistle-Blower Fired After Raising Red Flags
-------------------------------------------------------------
The Wall Street Journal's Michael Corkery reports that Lehman
Brothers Holdings Inc. ousted a whistle-blower just weeks after he
raised red flags about the securities firm's accounting in 2008.
The Journal says Matthew Lee, a 14-year Lehman veteran, was let go
in late June 2008 amid steep losses at the firm as it tried to
maneuver through the global financial crisis.  Earlier that month,
according to the Journal, Mr. Lee had raised concerns with
Lehman's auditor, Ernst & Young, that the securities firm was
temporarily moving $50 billion in assets off its balance sheet
which helped to mask the risks Lehman was taking amid scrutiny by
investors and regulators about the health of Wall Street firms.

Mr. Lee's firing was disclosed in a report by the Court-appointed
examiner in Lehman's case, which was unsealed last week.  The
examiner's report said Ernst & Young never mentioned Mr. Lee's
concerns to Lehman's board.  The Journal relates Ernst & Young
said in a statement that Lehman's management investigated Mr.
Lee's allegations and informed the board that "the allegations
were unfounded and there were no material issues identified."

As reported by the Troubled Company Reporter on March 12, 2010,
Judge James Peck of the U.S. Bankruptcy Court for the Southern
District of New York unsealed the 2,200-page report prepared by
Chapter 11 examiner Anton Valukas, Esq., at Jenner & Block, on the
collapse of Lehman Brothers.  According to the Journal, Mr.
Valukas spent more than a year and $38 million to investigate the
events surrounding Lehman's downfall.  The Journal's Mike Spector,
Peter Lattman and Jeffrey McCracken said the examiner's report
singles out senior executives, Ernst & Young and other investment
banks for serious lapses that led to Lehman's bankruptcy.  The
report contains fresh allegations of balance sheet manipulation,
with Lehman used using accounting methods to move assets off its
books.  The report also noted that investment banks, including
J.P. Morgan Chase & Co., made demands for collateral and modified
agreements with Lehman that hurt Lehman's liquidity and pushed it
into bankruptcy.

                      About Lehman Brothers

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

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

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

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

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

               International Operations Collapse

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

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

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


LEHMAN BROTHERS: Schapiro Says SEC's Oversight Inadequate
---------------------------------------------------------
Dow Jones Newswires' Fawn Johnson reports that U.S. Securities and
Exchange Commission Chairman Mary Schapiro on Wednesday told the
House Appropriations Subcommittee on Financial Services that the
SEC's oversight of Lehman Brothers Holdings may have been
inadequate during a critical period when Lehman may have masked
its losses.  According to Dow Jones, Ms. Schapiro said the SEC
wasn't aware of an accounting method, dubbed Repo 105, that
allegedly allowed Lehman to hide some of the risks it took before
collapsing in 2008.

According to Dow Jones, after the hearing, Ms. Schapiro wouldn't
comment on whether the SEC is investigating Lehman or its auditor,
Ernst & Young.  "Our review of activity during this period is
taking us down a broad path, and we're looking broadly," she said,
according to Dow Jones.

Dow Jones relates Ms. Schapiro said SEC staff who were on site at
Lehman during some of the times in question were looking at the
company's capital and liquidity-related issues rather than asking
questions about public transparency.  But the SEC's relationship
with Lehman at the time wouldn't have prevented the SEC's
enforcement division from starting an investigation if it
suspected irregularities, she said, according to Dow Jones.

Dow Jones also relates Ms. Schapiro told lawmakers that the SEC is
addressing some of the shortcomings throughout the agency, in part
by trying to eliminate the lack of communication among its
bureaus.

Dow Jones recalls the SEC was the consolidated supervisor of
Lehman during 2007 and 2008 as a result of Lehman's participation
in a voluntary oversight program that existed under former SEC
Chairman Christopher Cox.  That program was dismantled about a
year and a half ago, Ms. Schapiro said.  Ms. Schapiro took the
helm of the SEC just over a year ago, Dow Jones relates.

                      About Lehman Brothers

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

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

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

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

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

               International Operations Collapse

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

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

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



LEHMAN BROTHERS: Congress to Conduct Probe on Examiner's Report
---------------------------------------------------------------
Dow Jones Newswires' Fawn Johnson reports that the House Financial
Services Committee said Wednesday it will hold a hearing on the
recent report from a bankruptcy court accusing Lehman Brothers
Holdings of routinely hiding $50 billion in debt from the public.

                            "Best Seller"

As reported by the Troubled Company Reporter, Judge James Peck of
the U.S. Bankruptcy Court for the Southern District of New York on
March 11, 2010, unsealed a 2,200-page report prepared by Chapter
11 examiner Anton Valukas, Esq., at Jenner & Block, on the
collapse of Lehman Brothers.  According to The Wall Street
Journal, Judge Peck said the report reads like a "best seller."

The Journal says Mr. Valukas spent more than a year and $38
million to investigate the events surrounding Lehman's downfall.
The Journal's Mike Spector, Peter Lattman and Jeffrey McCracken
relate that the examiner's report singles out senior executives,
auditor Ernst & Young and other investment banks for serious
lapses that led to Lehman's bankruptcy.  The report contains fresh
allegations of balance sheet manipulation, with Lehman used using
accounting methods to move assets off its books.  The report also
noted that investment banks, including J.P. Morgan Chase & Co.,
made demands for collateral and modified agreements with Lehman
that hurt Lehman's liquidity and pushed it into bankruptcy.

According to the Journal, the examiner said that Lehman -- anxious
to maintain favorable credit ratings -- engaged in an accounting
device known within the firm as "Repo 105" to essentially park $50
billion of assets away from Lehman's balance sheet and reduce
leverage ratios.

The Journal explains that in an ordinary repo transaction, Lehman
would raise cash by selling assets with a simultaneous obligation
to buy them back within days, according to the report.  The
transactions would be accounted for as financings, and the assets
would remain on Lehman's balance sheet.  In a Repo 105
transaction, according to the Journal, Lehman did the same thing.
But because the moved assets represented 105% or more of the cash
it received in return, accounting rules allowed the transactions
to be treated as "sales" rather than financings.  The result:
Assets shifted away from Lehman's balance sheet, reducing the
leverage ratios it reported to investors.

The examiner's report said that in a November 2009 interview with
the examiner, former Lehman Brothers CEO Richard Fuld said he had
no recollection of Lehman's use of Repo 105 transactions but that
if he had known about them he would have been concerned.
According to the Journal, the examiner's report says Mr. Fuld's
denial of recollection must be weighed by a trier of fact against
other evidence.

Patricia Hynes, Esq., at Allen & Overy LLP, counsel to Mr. Fuld,
has said, "Mr. Fuld did not know what those transactions were --
he didn't structure or negotiate them, nor was he aware of the
accounting treatment."

                      About Lehman Brothers

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

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

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

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

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

               International Operations Collapse

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

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

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


LEHMAN BROTHERS: $300 Million in Claims Change Hands March 8-15
---------------------------------------------------------------
The Office of the Clerk of the Bankruptcy Court received more
than 30 notices of transfer of claims, aggregating more than
$300 million, in the Debtors' Chapter 11 cases from March 8 to 15,
2010:

* Banc of America Securities LLC

Transferors                          Claim No.   Claim Amount
-----------                          ---------   ------------
Merrill Lynch International           44629       $7,616,490
                                       44630      $21,677,702
                                       59399       $4,272,900
                                       59506       $2,221,447
                                       59509       $4,366,932

* Citigroup Financial Products Inc.

Transferors                          Claim No.   Claim Amount
-----------                          ---------   ------------
VR-LIW GmbH                            55174       $1,091,267

* CVI GVF (Lux) Master S.a.r.l.

Transferors                          Claim No.   Claim Amount
-----------                          ---------   ------------
Goldman Sachs Lending Partners LLC     15160      $21,158,078

* Deutsche Bank AG, London Branch

Transferors                          Claim No.   Claim Amount
-----------                          ---------   ------------
SK Securities Co. Ltd.                 24372       $1,177,639

* Deutsche Bank AG, Tokyo Branch

Transferors                          Claim No.   Claim Amount
-----------                          ---------   ------------
Mizuho Corporate Bank Ltd.             12791     $107,462,473

* Ellington Overseas Partners Ltd.

Transferors                          Claim No.   Claim Amount
-----------                          ---------   ------------
Ellington Emerging Markets Fund Ltd.   29586       $9,346,793

* Goldman Sachs & Co.

Transferors                          Claim No.   Claim Amount
-----------                          ---------   ------------
Goldman Sachs Japan Co. Ltd.          54989       $4,740,519
                                       62783       $4,746,760

* Goldman Sachs Lending Partners LLC

Transferors                          Claim No.   Claim Amount
-----------                          ---------   ------------
Plainfield Special Situations         33646      $12,482,338
  Master Fund Limited                  33647      $12,482,338
                                       33467      $12,482,338
                                       33468      $12,482,338

* JPMorgan Chase Bank N.A.

Transferors                          Claim No.   Claim Amount
-----------                          ---------   ------------
Chiba Bank Ltd.                       66130      $10,000,000
                                       10406      $10,000,000
                                        3433      $10,000,000

* Merrill Lynch Credit Products LLC

Transferors                          Claim No.   Claim Amount
-----------                          ---------   ------------
Raven Credits Opportunities           23748       $1,993,056
  Master Fund Ltd.                     22934       $1,993,056

* Merrill Lynch International

Transferors                          Claim No.   Claim Amount
-----------                          ---------   ------------
Arrowgrass Master Fund Ltd.            44630      $21,677,702
Arrowgrass Distressed Opportunities    44629       $7,616,490
  Fund Limited

* Morgan Stanley & Co. International plc

Transferors                          Claim No.   Claim Amount
-----------                          ---------   ------------
South Yorkshire Pension Authority     60741       $2,668,858
FCDB LBU 2009 LLC                     62870       $1,073,850
FCDB LBU LLC                          62931         $215,238
                                       62931         $702,114
                                       62931         $477,349
                                       62931       $1,255,194

* Neuberger Berman Management LLC

Transferors                          Claim No.   Claim Amount
-----------                          ---------   ------------
Cantab Capital Partners LLP            22011       $1,649,066

* Nomura International Plc

Transferors                          Claim No.   Claim Amount
-----------                          ---------   ------------
Cat Brokerage AG                       58690               --

* RBS Securities Japan Limited

Transferors                          Claim No.   Claim Amount
-----------                          ---------   ------------
Mizuho Securities Co. Ltd.             44616         $473,917

* Royal Bank of Scotland plc

Transferors                          Claim No.   Claim Amount
-----------                          ---------   ------------
RBS Securities Japan Limited           44616         $473,917

* York Asian Opportunities Master Fund L.P.

Transferors                          Claim No.   Claim Amount
-----------                          ---------   ------------
Banc of America Securities LLC         62931               --
Deutsche Bank AG, London Branch        59718               --

* York European Focus Master Fund L.P.

Transferors                          Claim No.   Claim Amount
-----------                          ---------   ------------
Nomura International PLC               42676               --

                      About Lehman Brothers

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

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

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

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

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

               International Operations Collapse

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

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

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


LEHMAN BROTHERS: Agrees Lift Stay for Nomura to Exercise Rights
---------------------------------------------------------------
Debtor Lehman Brothers Special Financing Inc. has negotiated an
International Swaps and Derivatives Association master agreement
with Nomura International PLC, pursuant to which hedging
transactions will occur from time to time.  LBSF has agreed to
post collateral with Nomura under the Agreement.

The Court has authorized the Debtors, including LBSF, to grant
first priority liens to third parties in cash, securities, and
other collateral posted in connection with hedging transactions
the Debtors enter into for to reduce the risk associated with the
market fluctuations that could cause the value in certain
prepetition derivative contracts to deteriorate.

By a Court-approved stipulation, LBSF and Nomura have agreed to
modify the automatic stay for the limited purpose of permitting
Nomura to exercise its rights under the Agreement and with
respect to the Collateral posted in connection with the
Agreement, including if an "Event of Default"  with respect to
LBSF has occurred and is continuing or Nomura otherwise has the
contractual right under the Agreement to designate an early
termination date.

LBSF waives the right to seek to invalidate the Agreement
pursuant to Section 549 of the Bankruptcy Code or invoke Section
362 of the Bankruptcy Code with respect to the Agreement.  LBSF
and Nomura agree that for so long as the Debtors' bankruptcy
cases remain pending, the Court will be the exclusive forum with
respect to any disputes or controversies relating to or arising
under the stipulation, Agreement, and order.

                      About Lehman Brothers

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

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

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

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

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

               International Operations Collapse

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

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

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


LEHMAN BROTHERS: Files Quarterly Report on Loan Transactions
------------------------------------------------------------
Pursuant to the November 23, 2009 court order, Lehman Brothers
Holdings Inc. and its affiliated debtors filed a quarterly report
of the real estate loan transactions they entered into for the
period November 23, 2009 to February 28, 2010.

These loan transactions include:

                        Value of Real           Amount of
  Transactions        Estate Investment      New Investment
  ------------        -----------------      --------------
  New Investment            $14,686,471            $184,554
  New Investment            $56,030,312             $46,731
  New Investment               $255,705             $60,000
  New Investment            $21,034,295                $684
  New Investment             $2,670,504                $918
  New Investment            $10,260,991              $7,000
  New Investment            $13,215,261                 $65
  New Investment            $20,427,787            $522,796
  New Investment            $20,427,787            $150,450
  New Investment            $15,719,740                 $11
  New Investment             $7,409,987              $2,034
  Restructure                       N/A                 N/A
  New Investment             $8,858,281             $99,795
  New Investment               $255,705             $60,000
  New Investment             $4,686,097             $12,000
  Restructure               $46,392,946                 N/A
  New Investment             $1,381,718             $33,236
  New Investment            $70,021,856          $1,500,000
  Restructure                       N/A                 N/A
  Restructure               $70,917,581                 N/A
  Restructure, Settlement   $50,186,977                 N/A
  New Investment            $14,686,470          $2,063,462
  New Investment            $37,144,739            $123,770
  New Investment            $56,030,312             $43,134
  New Investment               $255,705            $102,546
  New Investment               $255,705             $42,546
  New Investment            $18,059,177              $5,181
  New Investment            $10,260,991             $20,593
  New Investment            $70,021,856          $2,000,000
  New Investment             $5,367,560              $4,000
  New Investment            $10,276,960             $56,000
  New Investment            $15,719,740                $526
  New Investment             $7,409,987              $6,009
  New Investment            $15,000,000              $1,604
  New Investment            $56,030,312             $10,000
  New Investment            $70,021,856                $300
  New Investment            $10,276,960                $129
  New Investment             $8,360,020             $41,325
  Restructure                       N/A                 N/A
  New Investment             $5,585,802              $4,500
  New Investment                    N/A          $3,890,444
  New Investment             $4,958,537             $36,312
  New Investment            $15,409,111            $111,501
  New Investment               $746,044                $200
  New Investment            $16,548,049            $132,500
  Settlement                         $0                 N/A
  Restructure                       N/A                 N/A
  New Investment            $17,760,780              $4,750
  New Investment                    N/A          $1,477,372
  New Investment            $14,686,471            $413,152
  New Investment               $255,708             $62,000
  New Investment            $15,719,740             $52,109
  New Investment            $10,260,991             $20,804
  New Investment            $37,144,739              $9,785
  New Investment             $7,409,987              $7,949
  New Investment             $5,367,560              $1,975
  New Investment            $15,602,708             $74,708

A copy of the quarterly report is available without charge at:

http://bankrupt.com/misc/LBHI_RELoanTransactionsNov09toFeb10.pdf

                      About Lehman Brothers

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

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

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

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

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

               International Operations Collapse

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

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

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


LEHMAN BROTHERS: UBS Sued by New Hampshire Agencies Over Notes
--------------------------------------------------------------
A civil complaint filed in New Hampshire in 2009 involves the
same sort of Lehman Brothers investment that is the subject of a
$1 million claim filed in February by Vernon Healy.

Vernon Healy filed the claim on behalf of a Texas investor, a
retired executive to whom UBS marketed and sold $1 million in
Lehman Brothers principal protected notes.  These notes were part
of a Lehman Brothers' so-called Asian Currency Basket Principal
Protected Notes structured product.

Vernon Healy alleges that UBS committed gross malfeasance by
representing these notes as safe, with 100 percent of the
investor's principal protected.  In fact, the investment was a
highly complex product designed by UBS that carried significant
credit risk.

This deceptive practice is similar to what the New Hampshire
securities regulators accused UBS of in June.  According to the
New Hampshire Bureau of Securities Regulation, UBS sold investors
the same Asian Currency Basket notes and portrayed the securities
as safe.

New Hampshire regulators further allege that UBS failed to caution
investors about the potential risks of the Lehman Brothers
structured products once Lehman Brothers began to experience
financial problems.

"UBS presented these notes as simple, safe investments when in
fact they are highly volatile and are subject to shifting market
conditions.  The safety of these products was exaggerated.  We
believe UBS engaged in unfair and unlawful sales practices when
presenting these investments," Jeff Spill, Deputy Director of
Securities Regulation Enforcement, said in a statement when
announcing New Hampshire's case against UBS in June.

With the September 2008 bankruptcy of Lehman Brothers, many who
invested in the company's principal protected notes are likely to
lose the majority of their investments.  The Lehman Brothers
bankruptcy is the largest such collapse in United States
history, with more than $600 billion in debt.

According to Vernon Healy's February claim, UBS was one of the
architects of these Lehman Brothers structured products, and thus
knew or should have known of Lehman Brothers' troubled financial
position.  Yet UBS encouraged its financial advisors through
internal "road shows" to pitch Lehman Brothers principal protected
notes to their clients.

These UBS-engineered investment products served to infuse Lehman
Brothers with unsecured loans from main street investors, even as
the housing market declined and the credit crisis threatened
Lehman Brothers' solvency, according the Vernon Healy claim.

The Vernon Healy law firm is representing multiple Lehman Brothers
principal protected notes investors in multiple states in cases
against UBS.  Most of these investors suffered losses in excess of
$500,000. Vernon Healy is also investigating the sale of these
Lehman Brothers structured products by the Florida-based brokerage
firm Raymond James.

Since Vernon Healy launched its investigation almost 18 months
ago, investors from around the world, especially in the UK and
elsewhere in Europe, have approached the firm for information
about Lehman notes.  Many of these international investors were
pitched Lehman structured notes by affiliates of Credit Suisse or
Citi Bank as well as UBS.

Vernon Healy is a Naples, Florida based law firm that is
representing multiple Lehman structured product investors in
FINRA arbitration.  Vernon Healy securities attorneys represent
investors who are victims of stock fraud and stock losses due to
broker fraud and brokerage firm fraud and misconduct.  The firm
assists clients in attempting to recover losses caused by all
manner of financial fraud and negligence.  It focuses its
practice on complex financial litigation and arbitration as well
as business and commercial litigation.

                      About Lehman Brothers

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

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

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

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

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

               International Operations Collapse

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

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

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


LENNY DYKSTRA: Sues JPMorgan for Predatory Lending
--------------------------------------------------
David Glovin at Bloomberg News reports that Lenny Dykstra sued
JPMorgan Chase & Co., claiming that the bank reneged on loan
commitments after he bought the California home of former National
Hockey League star Wayne Gretzky.

Mr. Dykstra, in his complaint, claimed he lost $100 million when
he was forced to sell promissory notes he owned because the bank
didn't go through with a promised refinancing.

Mr. Dykstra accuses JPMorgan of engaging in predatory lending.
The bank "created a scenario" in which it "issued a loan designed
to fail and in which" the bank "now stands to profit by acquiring
the property through plaintiff's default, rather than by receiving
payment on the loan," according to the complaint.

                        About Lenny Dykstra

Lenny Dykstra is a former Major League Baseball all-star player.
He was center fielder for the New York Mets and Philadelphia
Phillies.  He filed for Chapter 11 bankruptcy protection on July
7, 2009 (Bankr. C.D. Calif. Case No. 09-18409).  M Jonathan Hayes,
Esq., at the Law Office of M Jonathan Hayes, in Northridge,
California, assisted the Debtor in his restructuring effort.  The
Debtor listed up to $50,000 in assets and $10,000,001 to
$50,000,000 in debts.

A Chapter 11 trustee was appointed in September, and the case was
converted to a liquidation in Chapter 7 in October.  The Chapter
11 trustee was investigating the disposition of personal property
both before and after the Chapter 11 filing.


LEXARIA CORP: Posts $282,815 Net Loss in Quarter Ended January 31
-----------------------------------------------------------------
Lexaria Corp. filed its quarterly report on Form 10-Q, showing a
net loss of $282,815 on $67,096 of revenue for the three months
ended January 31, 2010, compared with a net loss of $162,859 on
$129,258 of revenue for the same period ended January 31, 2009.

The Company's balance sheet as of Dec. 31, 2009, showed
$3.4 million in assets, $1.1 million of debts, and $2.3 million of
stockholders' equity.

"The Company has incurred an operating loss and required
additional funds to maintain its operations.  Management's plans
in this regard are to raise equity and/or debt financing as
required.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern."

A full-text copy of the quarterly report is available for free at:

                   http://researcharchives.com/t/s?59d1

Based in Vancouver, British Columbia, Lexaria Corporation is an
independent natural gas and oil company engaged in the
exploration, development and acquisition of oil and gas properties
in the United States and Canada.  The Company's entry into the oil
and gas business began on February 3, 2005.  The Company has
offices in Vancouver and Kelowna, B.C., Canada.


LIBBEY INC: Balance Sheet at Dec. 31 Upside-Down by $66 Million
---------------------------------------------------------------
Libbey Inc.'s balance sheet at December 31, 2009, showed
$794.8 million in total assets and $861.7 million in total
liabilities for a $66.9 million stockholders' deficit.

The Company reported a net loss of $28.7 million on sales of
$748.6 million for the year ended Dec. 31, 2009, compared with a
net loss of $80.4 million net sales of $810.2 million for the same
period in 2008.

A full-text copy of the Company's annual report on Form 10-K is
available for free at http://ResearchArchives.com/t/s?5986

Based in Toledo, Ohio, since 1888, Libbey operates glass tableware
manufacturing plants in the United States in Louisiana and Ohio,
as well as in Mexico, China, Portugal and the Netherlands.  Libbey
supplies tabletop products to foodservice, retail, industrial and
business-to-business customers in over 100 countries.  In 2008,
Libbey Inc.'s net sales totaled $810.2 million.

                           *    *    *

According to the Troubled Company Reporter on Feb. 1, 2010,
Standard & Poor's Ratings Services said that it affirmed its "B"
corporate credit rating on Libbey Inc.  The outlook is stable.

In November, the TCR reported that Standard & Poor's lowered its
corporate credit rating on Libbey Inc. to 'SD' (selective default)
from 'B'.  The issue-level ratings remained on CreditWatch, where
S&P had placed them on June 11, 2009, following S&P's concerns
about the difficult operating environment facing Libbey, increased
leverage, and its ability to improve credit metrics.

In January 2010, Libbey's wholly owned subsidiary Libbey Glass
Inc. commenced a cash tender offer to purchase its outstanding
$306.0 million aggregate principal amount of Floating Rate Senior
Secured Notes due 2011.  The Tender Offer is scheduled to expire
February 22, 2010.  Holders who validly tender (and do not validly
withdraw) Notes and deliver their Consents at or prior to the
Consent Date will receive total consideration of $1,027.50 per
$1,000 principal amount of Notes, which includes $30 cash premium
per $1,000 if tendered early.


LIMITED BRANDS: Special Dividend Won't Affect Moody's 'Ba2' Rating
------------------------------------------------------------------
Moody's Investors Service stated that Limited Brands' announcement
that it was paying a special dividend of $1 per share and
authorized a $200 million share repurchase program would have no
immediate impact on either the Ba2 Corporate Family Rating or the
positive outlook.

"Limited Brands has ample excess cash to fund this special
dividend and share repurchase program with no incremental increase
in debt.  As a result Moody's expect leverage to remain below 4.0
times", stated Moody's Senior Credit Officer Maggie Taylor.
"However, this is a clear sign that Limited Brands' financial
policy will likely continue to focus on returning value to
shareholders", Taylor added.

The last rating action for Limited Brands was on March 9, 2010,
when the rating outlook was changed to positive from stable and
the Ba2 Corporate Family Rating was affirmed.

Headquartered in Columbus, Ohio, Limited Brands, Inc., operates
2,970 specialty stores under the Victoria's Secret, Bath & Body
Works, C.O. Bigelow, La Senza, White Barn Candle Co., and Henri
Bendel name plates.  The company's products are also available
online.  Revenues are about $8.6 billion.


LIONS GATE: Moody's Comments on Unsolicited Carl Icahn Offer
------------------------------------------------------------
On March 1, 2010, Lions Gate Entertainment Corp.'s (B2 CFR)
shareholders received an unsolicited partial tender from Carl
Icahn and certain of his affiliated entities to purchase up to
13,164,420 common shares of the company for $6.00 per share.  The
tender offer would increase Mr. Icahn's position in Lions Gate to
just under 30%.  Lions Gate followed with an announcement that its
Board of Directors had determined by a unanimous vote of directors
present recommending that shareholders reject that offer.

"A successful tender would put negative pressure on the company's
credit rating as the company does not presently have material
financial flexibility within its current credit rating" stated
Neil Begley, Senior Vice President at Moody's Investors Service.
The tender would also provide Mr. Icahn with effective control
given the size of the stake and the largest shareholder position,
and therefore significant influence to either move the company in
a direction that may be harmful to debt investors or potential
veto capability over certain significant transactions and other
matters requiring approval by a special resolution of
shareholders.

The successful completion by Mr. Icahn to acquire or control in
excess of 20% of Lions Gate stock would also trigger a "change of
control" under the company's senior revolving credit facility and
constitute an event of default that would permit the lenders to
accelerate the maturity of outstanding borrowings (approximately
$12 million as of December 31, 2009).  Additionally, under an
unlikely such event of default, if it were not waived or cured,
the holders of certain outstanding notes would have the right to
accelerate ($472 million in total principal amount of such notes
were outstanding as of March 8, 2010).  The more likely impact
might be a waiver of the change of control, but at the cost of an
increase in the interest rate and/or fees for the company's bank
facility given perception of greater risk associated with Mr.
Icahn's influence.  Should such a waiver be required, Moody's
would expect that the rising interest cost would place additional
pressure on Lions Gate's ability to achieve becoming free cash
flow positive.  Moody's believes amended pricing of the facility
would likely incorporate increased event risk associated with Mr.
Icahn's influential stake in the company, given his lack of
expertise in the film and television production business and his
history of more aggressive shareholder friendly activities.  "Time
Warner Inc. and Motorola are both examples, among others, where
Mr. Icahn has exerted pressure on boards to increase shareholder
value at the expense of issuer credit worthiness," Begley also
stated.

The last rating action was on October 13, 2009, when Moody's
assigned a B2 CFR and PDR to Lions Gate.

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

Lions Gate Entertainment Corp., domiciled in British Columbia,
Canada (headquartered in Santa Monica, CA), is a motion picture
studio with a diversified presence in the production and
distribution of motion pictures, television programming, home
entertainment, family entertainment, video-on-demand and digitally
delivered content.  Revenues for the twelve months ended
December 31, 2009, were $1.6 billion.


LNR PROPERTY: S&P Maintains 'CCC/Negative' Credit Ratings
---------------------------------------------------------
Standard & Poor's Ratings Services placed its STRONG commercial
mortgage special servicer ranking and ABOVE AVERAGE construction
loan special servicer ranking on LNR Partners Inc. on CreditWatch
with negative implications.  Although Standard & Poor's maintains
'CCC/Negative' credit ratings on LNR Property Corp. (parent of the
servicer) and LNR Property Holdings Ltd., LNR remains on S&P's
Select Servicer List consistent with its criteria regarding its
evaluation of a servicer's financial position.

The CreditWatch placements reflect S&P's assessment of the ongoing
financial stress facing LNR Property Corp., the corresponding
uncertainties that this presents for LNR, and LNR's extremely high
volume of specially serviced assets.  Collectively, S&P believe,
these factors may affect LNR's ability to sustain operational
stability and perform its asset management duties and recovery
work in an optimal manner.

LNR currently manages the largest active special servicing
portfolio of Standard & Poor's ranked special servicers.  In
addition to having a historically large special servicing
portfolio, LNR experienced an exceptionally high inflow of new
special servicing volume last year, which has continued into this
year.  To address the added volume, LNR has hired additional asset
managers.  Accordingly, S&P believes LNR's ratio of assets per
asset manager is comparable with its peers, although it has risen
slightly since last year.

S&P believes LNR continues to maintain a sound and highly
effective special servicing operation.  S&P will, however,
continue to monitor LNR's ability to maintain appropriate staff
levels, along with its corresponding ability to generate asset
recovery results and execute all of its special servicing duties
in a manner commensurate with the current rankings.

As of Dec 31, 2009, LNR was the named special servicer for 135
commercial mortgage-backed securities transactions with an unpaid
principal balance of $190.1 billion covering 14,809 remaining
loans.  During 2009, LNR resolved 158 loans and sold 38 REO assets
with combined balances of more than $2.1 billion.  The company
also converted 132 loans to real estate owned status.  The
company's active special servicing portfolio (all CMBS) comprised
945 loans and 147 REO properties with an unpaid balance of
approximately $16.5 billion.  At year-end 2009, LNR had 62 asset
managers, equating to almost 18 assets per asset manager.

During January and February 2010, LNR received 205 new loans into
special servicing with a total unpaid principal balance of
approximately $3.75 billion.  Year-to-date, the company has
resolved 21 loans and two REO assets totaling approximately
$260 million.  As of Feb. 28, 2010, the company's total special
servicing portfolio had grown to 1,274 loan and REO assets with a
combined principal balance of $19.9 billion.  As of Feb, 28, 2010,
LNR employed 67 asset managers, equating to 19 assets per asset
manager.


LODGIAN INC: Posts $53.9 Million Net Loss in 2009
-------------------------------------------------
Lodgian, Inc., filed its annual report on Form 10-K, showing a net
loss of $53.9 million on $188.5 million of revenue for the year
ended December 31, 2009, compared with a net loss of $12.0 million
on $228.2 million of revenue for 2008.

At December 31, 2009, the Company's consolidated balance
sheets showed $453.0 million in total assets, $319.7 million in
total liabilities, and $133.3 million in total stockholders'
equity.

The Company's consolidated balance sheets at December 31, 2009,
also showed strained liquidity with $58.0 million in total current
assets available to pay $134.6 milion in total current
liabilities.

Deloitee & Touche LLP, in Atlanta, expressed substantial doubt
about the Company's ability to continue as a going concern.  The
independent auditors noted that of the Company's inability to
refinance approximately $101.2 million of its debt on a long-term
basis.

A full-text copy of the annual report is available for free at:

                 http://researcharchives.com/t/s?59f9

                        About Lodgian, Inc.

Atlanta, Ga.-based Lodgian, Inc. (NYSE Amex Equities: LGN)
-- http://www.lodgian.com/-- is one of the largest independent
owners and operators in the United States.  The Company operates
substantially all of its hotels under nationally recognized
brands, such as "Crowne Plaza,", "Four Points by Sheraton",
"Hilton," "Holiday Inn," "Marriott," and "Wyndham".  As of
March 1, 2010, the Company operated 28 hotels with an aggregate of
5,359 rooms, located in 19 states.


LUCKY CHASE: Has Access to AmTrust Cash Collateral Until April 30
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Florida, in
its seventh interim order, authorized the Chapter 11 trustee in
Lucky Chase II, LLC's case, to access the cash collateral of
AmTrust Bank, formerly known as Ohio Saving Bank until April 30,
2010.

A further hearing on the trustee's continued access to cash
collateral is set for April 27, 2010, at 2:00 p.m. at the U.S.
Bankruptcy Court, Claude Pepper Federal Building, 51 Southwest
First Avenue, Courtroom 1406, Miami, Florida.

As reported in the Troubled Company Reporter on July 22, 2009, the
trustee will use cash collateral to pay operating expenses, and
maintain the estate's property, in accordance with a budget.

AmTrust Bank claims a first priority mortgage on real property
located at 13841 Southwest 90th Avenue, Miami, Florida, and a
security interest in the Debtor's cash collateral.

As adequate protection or the use of cash collateral, AmTrust is
granted replacement liens in all postpetition assets of the
Debtor, which shall be in addition to all interests, liens and
rights of set-off existing in favor of Amtrust.

                    About Lucky Chase II, LLC

Headquartered in Pittsburgh, Pennsylvania, Lucky Chase II, LLC,
operates a single-asset, real estate company.  The Company filed
for Chapter 11 on April 29, 2009 (Bankr. S.D. Fla. Case No.
09-18087).  Arthur J. Spector, Esq., represents the Debtor in its
restructuring effort.  The Debtor listed assets and debts between
$10 million and $50 million each.


LYONDELL CHEMICAL: L. Blavatnik to Seek About 15% Stake in Parent
-----------------------------------------------------------------
Leonard Blavatnik, who controlled pre-bankrupt LyondellBasell
Industries AF S.C.A., is seeking a 15% equity stake in the
reorganized company, Bloomberg News discloses, citing a person
with knowledge of the matter.

Mr. Blavatnik, through Access Industrial Holdings, LLC, his
industrial holding company, is putting up $800 million to
guarantee a rights offering, according to the source who declined
to be named as the transaction is not public, Bloomberg relates.
Access may get from five to 15% of the stock, the source added.

"Access has believed in the combination of Lyondell Chemical
Company and Basell AF S.C.A. from the outset and has remained
supportive of the company throughout the reorganization, both
through its active involvement on the board and its recent
commitment to invest up to $800 million," Mr. Blavatnik said in an
e-mailed statement to Bloomberg.

As previously reported, under the Debtors' Equity Commitment
Agreement and Third Amended Joint Plan of Reorganization, Access,
as a rights offering sponsor, will commit up to $805,919,017 to
purchase LyondellBasell Industries N.V., referred to as New
Topco's 263,901,979 Class B shares valued at $2.55 billion and
23,562,677 additional shares worth $250 million.

                     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.

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.

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: Proposes Settlement With Medco
-------------------------------------------------
Debtor Basell USA Inc. seeks the Court's authority to enter into a
settlement agreement with Medco Health Solutions Inc.  Basell and
Medco were parties to an Integrated Prescription Drug Program
Master Agreement, whereby Medco provided certain services relating
to the prescription drug program Basell offered to its employees.

Basell terminated the Contract as of December 31, 2008.

Medco asserted that Basell breached the Contract by terminating it
before its term expired, and asserted that damages for the alleged
breach totaled $265,164.

Basell asserted that Medco breached its obligations to properly
administer and process certain claims related to Basell retirees
prior to the termination of the Contract, and asserted that the
damages for the alleged breach totaled $200,000.

Under the Contract, Medco was required to pay certain rebates to
Basell.  As a result of the disputes between Basell and Medco,
Medco withheld rebates totaling $620,863 due to Basell.

Basell and Medco pursued settlement negotiations and eventually
agreed to resolve their dispute on the terms set forth in the
Settlement Agreement.  The salient terms of the Agreement are:

  (1) Medco will pay Basell $620,863 by check, without
      reduction, setoff or counterclaim, immediately upon
      Court approval of the Settlement Agreement.

  (2) Upon payment to Basell of the Settlement Amount, Basell
      and Medco agree to fully release each other from any and
      all further liability for all claims arising from the
      Contract.

Christopher R. Mirick, Esq., at Cadwalader, Wickersham & Taft
LLP, in New York, asserts that absent the Settlement Agreement,
Basell will have to litigate its disputes with Medco under the
Contract, resulting in significant additional expenses to the
Debtors' estates and additional delay, with no assurance that the
Debtors will succeed at trial.

                     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.

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.

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: Wants to Conduct Rule 2004 Exam on Aspen
-----------------------------------------------------------
Lyondell Chemical co. and its units and Aspen Technology, Inc.,
entered into a series of agreements in 2007, whereby the Debtors
allowed AspenTech to use the Debtors' facilities to develop
further and improve AspenTech's software products.  In 1999,
Lyondell Chemical Company's affiliates entered into these
agreements with AspenTech:

  (i) a Special Option Software License Agreement, whereby in
      exchange for the Lyondell Parties' highly confidential
      production operations data from their plant facilities, a
      one-time cash payment of $9.9 million, and other
      consideration, the Lyondell Parties received non-
      exclusive, 99-year term, worldwide, unlimited use,
      royalty-free licenses to AspenTech's software; and

(ii) a Joint Development Agreement to engage the parties in a
      mutual relationship to, among others, improve AspenTech's
      software products; and

(iii) a support agreement with the Lyondell Parties, which
      required AspenTech to provide support services for the
      software.

The Lyondell Parties have made significant investments in the
development of the AspenTech software.  The Lyondell
Parties have capitalized about $35 million as the value of these
investments, Peter M. Friedman, Esq., at Cadwalader, Wickersham &
Taft LLP, in New York, relates.

Mr. Friedman asserts that AspenTech concocted baseless
allegations that LyondellBasell Industries AF S.C.A. and the
Lyondell Parties were in breach of the 1999 License Agreement and
in violation of the terms of the 1999 Licenses.  Under this
pretext, AspenTech threatened that unless the Lyondell Parties
and LBI gave up their rights under the 1999 License Agreement and
entered into a new agreement, AspenTech will cease providing
critical support services that were necessary to the continued
functionality of the AspenTech software, he points out.

"Thus, with a proverbial gun to their head, the Lyondell Parties
agreed to enter into a new software license and maintenance
agreement, effective December 22, 2008," he explains.

Under the 2008 Transaction, the Lyondell Parties lost their
fully-paid, 99-year term licenses and their right to unlimited
usage of the software.  Instead, the Lyondell Parties were given
licenses that are severely restricted in scope and duration of
use and require millions of dollars in ongoing annual payments,
noted Mr. Friedman.

In this light, the Debtors ask the United States Bankruptcy Court
for the Southern District of New York to:

  (i) authorize them to examine and obtain discovery from
      AspenTech pursuant to Rule 2004 of the Federal Rules of
      Bankruptcy Procedure regarding the facts and circumstances
      surrounding, and issues related to, the 2008 Transaction;

(ii) direct AspenTech to produce the documents requested by
      the Debtors, a list of which is available for free at:

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

(iii) require AspenTech's representative to appear for oral
      examination.

The Rule 2004 Motion is necessary for the success of the Debtors'
investigation regarding the potential claims and causes that they
may have against AspenTech, including avoidance actions arising
under Sections 544 and 548 of the Bankruptcy Code, Mr. Friedman
asserts.  The documents sought by the Debtors are uniquely within
the possession, or under the control, of AspenTech, he says.

                     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.

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.

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)


MAGELLAN HEALTH: S&P Raises Counterparty Credit Rating to 'BB+'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its
counterparty credit rating on Magellan Health Services Inc. to
'BB+' from 'BB'.

Standard & Poor's also said that the outlook on Magellan is
stable.

"The upgrade reflects Magellan's consistent earnings performance
and the increasing diversity of the company's earnings sources,"
noted Standard & Poor's credit analyst Neal Freedman.  The
company's 2009 segment profit (EBITDA plus stock compensation
expense less interest income) -- excluding the July, 31, 2009,
First Health Services Corp. acquisition -- was $219.2 million,
which exceeded S&P's expectations of $190 million-$210 million.
The higher profit stemmed from the successful implementation of
care-management practices on accounts experiencing increased
utilization.  Magellan's lines of business other than those
related to managed behavioral health care constituted 29% of 2009
segment profits compared with 20% in 2008 and 8% in 2007, which
demonstrates its increased earnings diversity.

In addition to Magellan's consistent and diversifying operating
performance, the rating also reflects the company's established
competitive position and good liquidity and financial flexibility.
Offsetting these positive factors are some client concentrations
and an acquisition-oriented growth strategy.

The stable outlook reflects S&P's expectation that the ratings are
unlikely to change over the next 12 months.

S&P expects that Magellan's revenue will increase to $3.0 billion-
$3.2 billion, with segment profits (EBITDA plus stock compensation
expense less interest income) increasing to $245 million-
$255 million (an 8% return on revenue; ROR) from $227.2 million in
2009 (an 8.6% ROR).  The increase reflects the full-year impact of
the First Health acquisition as well as revenue growth in all
business segments.  For 2010, S&P anticipate pretax income of
$165 million-$185 million (a 6% ROR).  Magellan's debt leverage
will likely remain very conservative for the rating category, but
S&P believes that it could migrate toward 20% and that the company
could exhibit debt to EBITDA of 1.0x-2.0x over the intermediate
term in connection with acquisition activity or financial policy.


MAJESTIC STAR: Court Extends Ch. 11 Plan Filing Until June 21
-------------------------------------------------------------
The Hon. Kevin Gross of the U.S. Bankruptcy Court for the District
of Delaware extended The Majestic Star Casino, LLC, et al.'s
exclusive periods to propose a Chapter 11 plan until June 21 and
their exclusive period to solicit acceptances of that plan until
August 19.

The Majestic Star Casino, LLC -- aka Majestic Star Casino, aka
Majestic Star -- is based in Las Vegas, Nevada.  It is a wholly
owned subsidiary of Majestic Holdco, LLC, which is a wholly owned
subsidiary of Barden Development, Inc.  The Company was formed on
December 8, 1993, as an Indiana limited liability company to
provide gaming and related entertainment to the public.  The
Company commenced gaming operations in the City of Gary at
Buffington Harbor, located in Lake County, Indiana on June 7,
1996.  The Company is a multi-jurisdictional gaming company with
operations in three states -- Indiana, Mississippi and Colorado.

The Company filed for Chapter 11 bankruptcy protection on
November 23, 2009 (Bankr. D. Del. Case No. 09-14136).

The Company's affiliates -- The Majestic Star Casino II, Inc., The
Majestic Star Casino Capital Corp., Majestic Star Casino Capital
Corp. II, Barden Mississippi Gaming, LLC, Barden Colorado Gaming,
LLC, Majestic Holdco, LLC, and Majestic Star Holdco, Inc. -- also
filed separate Chapter 11 petitions.

Kirkland & Ellis LLP is the Debtors' bankruptcy counsel.  James E.
O'Neill, Esq., Laura Davis Jones, Esq., and Timothy P. Cairns,
Esq., at Pachulski Stang Ziehl & Jones LLP are the Debtors'
Delaware counsel.  Xroads Solutions Group, LLC, is the Debtors'
financial advisor, while EPIQ Bankruptcy Solutions LLC are the
Debtors' claims and notice agent.

The Majestic Star Casino, LLC's balance sheet at June 30, 2009,
showed total assets of $406.42 million and total liabilities of
$749.55 million.  When it filed for bankruptcy, the Company listed
up to $500 million in assets and up to $1 billion in debts.


MARKETXT HOLDINGS: Middleman Fund Added No Value to MarketXT
------------------------------------------------------------
Bankruptcy Law360 reports that a federal judge has found that
Empyrean Investment Fund LP neither acted in good faith nor
provided value in MarketXT Holdings Corp.'s bankruptcy when it
acted as an intermediary in what turned out to be a fraudulent
stock trade that gleaned them $15.5 million.

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


MEGA BRANDS: Shareholders Approve Recapitalization Transaction
--------------------------------------------------------------
MEGA Brands Inc.'s common shareholders and holders of its senior
secured debt have approved the Corporation's recapitalization
transaction by the required majorities at separate meetings held
today.

"Today's meetings were important steps towards the completion of
the transaction and we thank shareholders and debtholders for
voting in favour," said Marc Bertrand, President and CEO of MEGA
Brands.

The Special Meeting of Shareholders and Meeting of Secured Debt
Holders were held in accordance with an interim order of the
Superior Court of Quebec granted on February 12, 2010. The
transaction was approved by holders of 99.4% of common shares, who
voted in person or by proxy, as well as by 98.8% of holders of
common shares who voted in person or by proxy, excluding
"interested parties" (as defined in the information circular in
respect of the meetings of holders of secured debt and common
shares) participating in the transaction. Holders of 91.4% of the
dollar amount of senior secured debt, who voted in person or by
proxy, also approved the transaction.

These votes allow the Corporation to proceed with the remaining
steps, which include final court approval in Canada, recognition
of the transaction in the U.S., as well as the satisfaction of
customary closing conditions. Subject to the satisfaction or
waiver of these remaining steps, the Corporation expects to
complete the transaction on or about March 31, 2010.

Initiated by the Corporation on January 14, 2010, this transaction
will reduce its debt by approximately US$286.6 million and annual
interest expenses by approximately US$30.0 million.

                         About MEGA Brands

MEGA Brands Inc. claims to be a trusted family of leading global
brands in construction toys, games & puzzles, arts & crafts and
stationery.  The Company employs from 1,300 to 1,500 people, more
than half of them in Canada.

Mega Brands has commenced a proposed recapitalization, which will
repay the secured lenders at 70 cents on the dollar (including the
cash and equity portions) and extinguish all of the current debt.


MERIDIAN RESOURCES: Provides Alta Mesa Merger Valuation Info
------------------------------------------------------------
The Meridian Resource Corporation has posted a new presentation to
its Web site with information related to the proposed merger with
Alta Mesa Holdings. This presentation includes:

  -- GulfCoast Transactions Comparisons
  -- Alta Mesa Valuation Summary
  -- A Schedule of Incremental Liabilities
  -- Merger Background
  -- Recommendations from the Board of Directors

Based in Houston, Texas, The Meridian Resource Corporation
(NYSE:TMR) -- http://www.tmrc.com/-- is an independent oil and
natural gas company engaged in the exploration, exploitation,
acquisition and development of oil and natural gas in Louisiana,
Texas, and the Gulf of Mexico.  Meridian has access to an
extensive inventory of seismic data and, among independent
producers, is a leader in using 3-D seismic and other technologies
to analyze prospects, define risk, target and complete high-
potential wells for exploration and development. Meridian has a
field office in Weeks Island, Louisiana.

At September 30, 2009, the Company had $190,339,000 in total
assets, including $18,090,000 in total current assets, against
$120,634,000 in total current liabilities and $17,736,000 in asset
retirement obligations.

The Company noted that its default under the debt agreements,
which has been mitigated in the short term by certain forbearance
agreements, negatively impacts future cash flow and the Company's
access to credit or other forms of capital.  There is substantial
doubt as to the Company's ability to continue as a going concern
for a period longer than the next 12 months, the Company said.
It added that it might have to seek protection under federal
bankruptcy laws if it is unable to comply with the forbearance
agreements or if those agreements expire.


METRO-GOLDWYN-MAYER: Liberty Media Said to Drop Out of Bidding
--------------------------------------------------------------
John Malone's Liberty Media Corp. has decided against making a bid
for the Metro-Goldwyn-Mayer Inc. movie studio, Bloomberg News
reported, citing two people with knowledge of the media company's
plans.  According to the people, MGM's value fell below a price
Liberty executives believed would be acceptable to the Los
Angeles-based studio's creditors.

According to Bloomberg, Liberty Media, owner of the Starz
Entertainment pay television service, was among five parties
considering second-round bids for MGM.  Others exploring a second-
round bid included billionaire Len Blavatnik's Access Industries,
Time Warner Inc., Lions Gate Entertainment Corp. and producer Ryan
Kavanaugh's Relativity Media, in conjunction with New York-based
Elliott Management.  MGM has set a March 19 deadline for formal
offers.

                     About Metro-Goldwyn-Mayer

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.  An investor
consortium, comprised of Providence Equity Partners, TPG Capital,
Sony Corporation of America, Comcast Corporation, DLJ Merchant
Banking Partners and Quadrangle Group, owns MGM.

As reported by the Troubled Company Reporter on Sept. 30, 2009,
The New York Post, citing multiple sources, said discussions
between debt holders 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.


MGM MIRAGE: New Jersey Commission Approves Deal on Borgata Sale
---------------------------------------------------------------
Alexandra Berzon and A.D. Pruitt at The Wall Street Journal report
that the New Jersey Casino Control Commission on Wednesday
approved a Stipulation of Settlement that MGM MIRAGE and Marina
District Development Company, LLC, entered into Friday with the
State of New Jersey, Department of Law and Public Safety, Division
of Gaming Enforcement.

Pursuant to the deal, MGM MIRAGE agreed to sell its 50% ownership
interest in the Borgata Hotel Casino & Spa and related leased land
in Atlantic City.  MGM MIRAGE said upon the Commission's approval
of the settlement, the Company will cease doing business as a
gaming licensee in New Jersey.

The DGE has recommended to the CCC that MGM MIRAGE's joint venture
partner in Macau be found unsuitable and the Company be directed
to disengage itself from any business association with this
partner.

Ms. Berzon and Mr. Pruitt report that the DGE said MGM MIRAGE
knowingly signed on an unfit partner as it tried to gain a
foothold in Macau after Chinese officials denied it a license to
operate there.  "From the beginning of its efforts to enter Macau,
MGM pursued partnerships with persons that it knew were associated
with those aspects of gaming in Macau most heavily penetrated by
organized crime," the regulator said in a previously confidential
report to the Casino Control Commission, the Journal relates.

According to the Journal, the report -- some of which is redacted
-- held that the enforcement division found sufficient evidence to
conclude that Macau casino heiress Pansy Ho, MGM MIRAGE's joint-
venture partner in Macau, could be susceptible to influence by
"unsuitable persons" because of her tight business relationship
with her father, Stanley Ho.  The Journal notes Mr. Ho, who once
held a casino monopoly in Macau, has long been suspected by
parties including the U.S. State Department of ties to organized
crime.

The Journal relates that MGM MIRAGE disclosed the report's
existence nearly a year ago, but it was kept confidential until a
hearing Wednesday before the casino commission.  The Journal says
the New Jersey commission had planned to consider the findings and
decide whether to revoke the New Jersey license of MGM MIRAGE.
Instead, MGM Mirage worked out the settlement with the enforcement
division.

As reported by the Troubled Company Reporter on March 15, 2010,
under the terms of the settlement agreement, MGM MIRAGE will cause
MAC CORP., a wholly owned, indirect subsidiary of the Company, to
place into a divestiture trust all of its 50% ownership interest
in MDDH and its title to certain leased real property in Atlantic
City and related leases -- Trust Property -- within five business
days following approval of the settlement by the CCC.  The purpose
of the trust is to allow for the orderly divestiture of the
Company's indirect interest in Borgata.  The trustee is to be
independent of the Company and will be appointed by the Company
subject to being acceptable to the DGE and approved by the CCC.

The settlement mandates the sale of the Trust Property within a
30-month period following the Trust Property being placed in
trust.  During the first 18 months, the Company will have the
right to direct the trustee to sell all or a part of the Trust
Property, subject to approval of the CCC, to any person who
satisfies the New Jersey Casino Control Act.

If the Company has not directed the trustee to sell all of the
Trust Property by the end of such 18-month period, the trustee
will be responsible for selling all then remaining Trust Property
for cash within 12 months, subject to the approval of the CCC.
Until all the Trust Property is sold and the trust terminates, the
trust may not distribute to the Company any funds, including
earnings, lease payments or sale proceeds received in connection
with the Trust Property.

                        About MGM MIRAGE

Headquartered in Las Vegas, Nevada, MGM MIRAGE (NYSE: MGM) --
http://www.mgmmirage.com/-- owns and operates 16 properties
located in Nevada, Mississippi and Michigan, and has 50%
investments in four other properties in Nevada, New Jersey,
Illinois and Macau.  CityCenter, an urban metropolis on the Las
Vegas Strip scheduled to open in late 2009, is a joint venture
between MGM MIRAGE and Infinity World Development Corp, a
subsidiary of Dubai World.  MGM MIRAGE Hospitality has entered
into management agreements for future casino and non-casino
resorts throughout the world.

At September 30, 2009, MGM MIRAGE had $21.7 billion in total
assets against total current liabilities of $1.15 billion,
deferred income taxes of $3.14 billion, long-term debt of
$12.9 billion, other long-term obligations of $221.70 million;
resulting in stockholders' equity of $4.29 billion.

                         *     *     *

As reported by the Troubled Company Reporter on March 11, 2010,
Moody's Investors Service upgraded MGM MIRAGE's Probability of
Default Rating to Caa2 from Caa3, and Corporate Family Rating to
Caa1 from Caa2.  Moody's also raised MGM's senior unsecured
ratings to Caa1 from Caa2, and senior subordinate ratings to Caa3
from Ca.  A B1 was assigned to MGM's proposed $845 million senior
secured notes due 2020.  The rating outlook is stable.

The TCR also said Standard & Poor's Ratings Services assigned its
issue-level and recovery ratings to Las Vegas-based MGM MIRAGE's
proposed $845 million senior secured notes due 2020.  The notes
were rated 'B' (two notches higher than the 'CCC+' 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 noteholders in the event of a payment default.  The company
plans to use proceeds from the proposed offering to repay a
portion of its credit facilities in connection with the recently
executed amendment.  At the same time, S&P affirmed all of its
existing ratings on MGM MIRAGE, including the 'CCC+' corporate
credit rating.  The rating outlook is developing.

"The 'CCC+ corporate credit rating reflects MGM MIRAGE's
significant debt burden, S&P's expectation for continued declines
in cash flow generation in 2010, and the company's tight liquidity
position," said Standard & Poor's credit analyst Ben Bubeck.


MGM MIRAGE: Closes Notes Offering & Restatement of Loan
-------------------------------------------------------
MGM MIRAGE said Wednesday it closed the private offering of
$845 million of its 9% senior secured notes due March 2020.  The
Company also completed the restatement of its senior credit
facility.

The notes were issued at par with a four-year no call feature.

The Company received approximately $826 million in net proceeds
from the offering, which have been applied to the prepayment of
approximately $820 million of loans under its senior credit
facility and to related fees and expenses.

The prepayment satisfied the requirement for a 20% reduction to
the credit exposures of the Company's lenders which agreed to the
credit facility amendment announced on February 25. The prepayment
also resulted in a re-tranching of the Company's senior credit
facility pursuant to a restatement of the related agreement.

"The closing of this much anticipated transaction is a milestone
for our Company and its shareholders.  It is a re-affirmation of
our bank partners' commitments and their long term view of our
prospects.  These transactions punctuate our many achievements
over the last several months and provides our Company with a solid
financial foundation," said Jim Murren, Chairman and Chief
Executive Officer of MGM MIRAGE.

"We are pleased with the strong level of interest this offering
attracted and by the restatement of the Company's senior credit
facility. The restated credit facility permits the extension of a
significant portion of our credit facilities to February of 2014.
These events significantly enhance the liquidity and maturity
profile of our Company," said Dan D'Arrigo, Executive Vice
President and Chief Financial Officer of MGM MIRAGE.

The notes are secured by a mortgage on MGM Grand Las Vegas and
substantially all existing and future property of MGM Grand Hotel,
LLC, and (upon the receipt of required regulatory approvals) will
be secured by a pledge of the limited liability company interests
in MGM Grand Hotel, LLC.

                        About MGM MIRAGE

Headquartered in Las Vegas, Nevada, MGM MIRAGE (NYSE: MGM) --
http://www.mgmmirage.com/-- owns and operates 16 properties
located in Nevada, Mississippi and Michigan, and has 50%
investments in four other properties in Nevada, New Jersey,
Illinois and Macau.  CityCenter, an urban metropolis on the Las
Vegas Strip scheduled to open in late 2009, is a joint venture
between MGM MIRAGE and Infinity World Development Corp, a
subsidiary of Dubai World.  MGM MIRAGE Hospitality has entered
into management agreements for future casino and non-casino
resorts throughout the world.

At September 30, 2009, MGM MIRAGE had $21.7 billion in total
assets against total current liabilities of $1.15 billion,
deferred income taxes of $3.14 billion, long-term debt of
$12.9 billion, other long-term obligations of $221.70 million;
resulting in stockholders' equity of $4.29 billion.

                         *     *     *

As reported by the Troubled Company Reporter on March 11, 2010,
Moody's Investors Service upgraded MGM MIRAGE's Probability of
Default Rating to Caa2 from Caa3, and Corporate Family Rating to
Caa1 from Caa2.  Moody's also raised MGM's senior unsecured
ratings to Caa1 from Caa2, and senior subordinate ratings to Caa3
from Ca.  A B1 was assigned to MGM's proposed $845 million senior
secured notes due 2020.  The rating outlook is stable.

The TCR also said Standard & Poor's Ratings Services assigned its
issue-level and recovery ratings to Las Vegas-based MGM MIRAGE's
proposed $845 million senior secured notes due 2020.  The notes
were rated 'B' (two notches higher than the 'CCC+' 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 noteholders in the event of a payment default.  The company
plans to use proceeds from the proposed offering to repay a
portion of its credit facilities in connection with the recently
executed amendment.  At the same time, S&P affirmed all of its
existing ratings on MGM MIRAGE, including the 'CCC+' corporate
credit rating.  The rating outlook is developing.

"The 'CCC+ corporate credit rating reflects MGM MIRAGE's
significant debt burden, S&P's expectation for continued declines
in cash flow generation in 2010, and the company's tight liquidity
position," said Standard & Poor's credit analyst Ben Bubeck.


MOBILE TEAM LLC: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: The Mobile Team, LLC
          dba Team Mobile
          dba WPB Communications
        301 Concourse Blvd, Suite 300
        Glen Allen, VA 23059

Bankruptcy Case No.: 10-31771

Chapter 11 Petition Date: March 15, 2010

Court: United States Bankruptcy Court
       Eastern District of Virginia (Richmond)

Judge: Chief Judge Douglas O. Tice Jr.

Debtor's Counsel: David K. Spiro, Esq.
                  Hirschler Fleischer
                  Post Office Box 500
                  Richmond, VA 23218-0500
                  Tel: (804) 771-9500
                  Fax: (804) 644-0957
                  Email: dspiro@hf-law.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 $1,250,000,
and total debts of $5,098,108.

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/vaeb10-31771.pdf

The petition was signed by Thomas R. Evans, vice president of
operations of the Company.


MOLECULAR INSIGHT: Has 180 Days to Comply with Nasdaq Requirement
-----------------------------------------------------------------
Molecular Insight Pharmaceuticals, Inc., disclosed Monday that it
received a letter from The NASDAQ Stock Market on March 9, 2010,
notifying the Company that for the 30 consecutive business days
preceding the date of the letter the Company's listed securities
did not meet the minimum $50 million Market Value of Listed
Securities requirement for continued listing on the NASDAQ Global
Market pursuant to Listing Rule 5450(b)(2)(A).  In accordance with
NASDAQ Marketplace Rules, Molecular Insight has a grace period of
180 calendar days to regain compliance.  NASDAQ will deem the
Company to have regained compliance with the requirement if the
Company's market value of listed securities closes at
$50 million or more for at least ten consecutive business days
prior to September 7, 2010.

This notification does not impact the listing of Molecular
Insight's common stock at this time.

Cambridge, Mass.-based Molecular Insight Pharmaceuticals, Inc.
(NASDAQ: MIPI) -- http://www.molecularinsight.com/-- is a
clinical-stage biopharmaceutical company that is focused on the
discovery and development of targeted therapeutic and imaging
radiopharmaceuticals for use in oncology.

The Company's balance sheet as of Dec. 31, 2009, showed
$74.6 million in assets and $185.1 million of debts, for a
stockholders' deficit of $110.5 million.

                          *     *     *

Deloitte & Touche LLP expressed substantial doubt about the
Company's ability to continue as a going concern in its report on
the Company's consolidated financial statements as of and for the
year ended December 31, 2009.  The internal auditors noted that of
the Company's difficulties in meeting its bond indenture covenants
and its recurring losses from operations.


MONEYGRAM INTERNATIONAL: Files 2009 Annual Report With SEC
----------------------------------------------------------
MoneyGram International Inc. filed its Form 10-K for the fiscal
year ended December 31, 2009, with the Securities and Exchange
Commission.

MoneyGram swung to a net income of $18.344 million for the year
ended December 31, 2009, from a net loss of $261.385 million for
year 2008.  Net income for the fourth quarter of 2009 was
$28.124 million from $122.861 million for the same period in 2008.

Full-year total revenue in 2009 was $1.171 billion, up from
$927.1 million in 2008.  Total revenue in 2008 included net
securities losses of $340.7 million and investment revenue that
was $128.9 million more favorable compared with 2009.  Total
revenue in the fourth quarter 2009 was $296.4 million compared
with $319.0 million in the same period in 2008.  Fourth quarter
2008 total revenue included net securities gains of $10.2 million
and investment revenue that was $27.6 million more favorable
compared with 2009.

At December 31, 2009, the Company had total assets of
$5.879 billion against $5.877 billion in total liabilities,
$864.328 million in mezzanine equity and $862.763 million in
stockholders' deficit.

In the fourth quarter of 2009, MoneyGram paid the remaining
$45.0 million outstanding on its revolving credit facility and
made a $40.0 million prepayment on its Senior Tranche B Loan under
its Senior Facility.  In 2009, the Company paid down
$186.9 million, or 19%, of its total outstanding debt.  The
Company ended the year with assets in excess of payment service
obligations of $313.3 million.

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?59aa

                  About MoneyGram International

Minneapolis, Minnesota, MoneyGram International (NYSE:MGI) --
http://www.moneygram.com/-- offers more control and more choices
for people separated by distance or with limited bank
relationships to meet their financial needs.  MoneyGram helps
consumers to pay bills quickly and safely send money around the
world in as little as 10 minutes.  Its global network is comprised
of 180,000 agent locations in nearly 190 countries and
territories.  MoneyGram's convenient and reliable network includes
retailers, international post offices and financial institutions.


NEENAH FOUNDRY: S&P Withdraws 'D' Corporate Credit Rating
---------------------------------------------------------
Standard & Poor's Ratings Services withdrew its ratings on Neenah,
Wis.-based Neenah Foundry Co. at the company's request.  S&P
lowered the corporate credit rating and issue-level ratings to 'D'
in January 2010 because Neenah had failed to make its semiannual
interest payment that was due on its $225 million senior secured
notes Jan. 1, 2010.  Subsequently, on Feb. 3, 2010, the company
filed voluntary petitions for relief under Chapter 11 of the U.S.
Bankruptcy Code.

Neenah manufactures metal castings for the municipal and
industrial markets.  The recession severely affected these
markets.

                        Ratings Withdrawn

                        Neenah Foundry Co.

                                     To        From
                                     --        ----
            Corp. credit rating      NR        D/--/--
             Senior secured          NR        D
              Recovery rating        NR        4


NEENAH PAPER: S&P Raises Corporate Credit Rating to 'BB-'
---------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Alpharetta, Ga.-based Neenah Paper Inc. to 'BB-' from
'B+'.  At the same time, S&P removed all ratings from CreditWatch,
where they were placed with positive implications on March 2,
2010.  The outlook is stable.

S&P also raised the issue-level rating and revised the recovery
rating on Neenah Paper's unsecured debt.  S&P raised the issue-
level rating to 'BB-', the same as the corporate credit rating,
from 'B+'.  At the same time, S&P revised the recovery rating to
'3' indicating its expectation for meaningful (50% to 70%)
recovery, from '4' reflecting lower secured debt in the company's
capital structure.

"The upgrade reflects Neenah Paper's improved financial risk
profile following its use of proceeds from the sale of its
remaining timberlands to reduce debt," said Standard & Poor's
credit analyst Andy Sookram.  The company received C$82.5 million
proceeds from the timberlands sale, using about US$70 million to
reduce borrowings under the bank credit facility and increasing
its cash balance by the remaining amount.  Following the debt
repayment in March 2010, S&P estimate total adjusted debt declined
to about $325 million from nearly $400 million at Dec. 31, 2009.
As a result, adjusted debt to EBITDA declined to 4.2x from nearly
5x at Dec. 31, 2009, and cash on hand increased to $20 million
from about $6 million.

S&P considers a positive rating action unlikely in the
intermediate term, given Neenah Paper's weak business risk profile
that incorporates S&P's expectation for declining demand for the
company's fine paper products due to shifting customer preferences
to greater electronic content.  S&P could take a negative rating
action if this decline is steeper than S&P anticipate, or if input
costs rise significantly without corresponding sales price
increases.  Under this scenario, S&P believes EBITDA could drop by
about 25%, resulting in leverage of around 5x on a sustained
basis.


NEVIOT REALTY: Case to be Transferred to Florida
------------------------------------------------
New York Community Bank, in its capacity as lender to Neviot
Realty Holdings, LLC, filed a motion to transfer the venue of the
Debtor's bankruptcy case to the U.S. Bankruptcy Court for the
Middle District of Florida, Tampa Division.

According to NYCB, at a hearing on March 9, the Debtor did not
object to transferring venue, but asked that the motion be
adjourned until March 16, when the Court is scheduled to convene a
hearing on a request by the Debtor to compel former Neviot owner
Mordechai Boaziz and his managing agent to turnover property and
books and records.

NYCB is opposing the request by the Debtor before the U.S.
Bankruptcy Court for the Southern District of New York for an
extension of its deadline to file its schedules and statements.
NYCB says the Florida court should handle such deadlines.

                    About Neviot Realty

Neviot Realty Holdings, LLC, is a condominium project in Tampa,
Florida.  The project is a 292-unit development on East Fletcher
Avenue in Tampa.  A total of 159 units remain unsold.

Wadsworth Equities Holdings LLC, a mezzanine lender, foreclosed
the ownership interest in the project, which was then owned by
Mordechai Boaziz.  Wadsworth sent Neviot to Chapter 11 to stop the
mortgage lender, New York Community Bank, from having a receiver
take over before foreclosure.

New York-based Neviot Realty Holdings, LLC, filed for Chapter 11
bankruptcy protection on February 11, 2010 (Bankr. S.D.N.Y. Case
No. 10-10705).  Kevin J. Nash, Esq., at Goldberg Weprin Finkel
Goldstein LLP, assists the Company in its restructuring effort.
The Company listed $10,000,001 to $50,000,000 in assets and
$10,000,001 to $50,000,000 in liabilities.


NEW ENERGY: Closes Exchange Deal with Shenzhen NewPower
-------------------------------------------------------
New Energy Systems Group closed the transactions contemplated by
the share exchange agreement dated December 11, 2009, with
Shenzhen NewPower Technology Co., Ltd.

Pursuant to the Share Exchange Agreement, the Company acquired
NewPower.  Further information about the Share Exchange Agreement
was provided above under Item 1.01 of the Current Report filed by
the Company on December 15, 2009.

Pursuant to the Share Exchange Agreement, the Company issued to
the shareholders of NewPower, proportionally among the NewPower
Shareholders in accordance with their respective ownership
interests in NewPower immediately before the closing of the Share
Exchange, an aggregate of 1,823,346 shares of the Company's Common
Stock with a restrictive legend, and US $3,000,000.  The Company
paid $3,000,000 in December of 2009.

                About New Energy Systems Group

With offices in New York and Shenzhen, China, New Energy Systems
Group (OTCBB: NEWN) -- http://www.chinadigitalcommunication.com/
-- manufactures and distributes lithium ion batteries.  The
company assembles and distributes finished batteries through its
sales network and channel partners.  The company also sells high-
quality lithium-ion battery shell and cap products to major
lithium-ion battery cell manufacturers in China. The company's
products are used to power mobile phones, MP3 players, laptops,
digital cameras, PDAs, camera recorders and other consumer
electronic digital devices.

On November 17, 2009, China Digital obtained approval from FINRA
to change its name to New Energy Systems Group.  In conjunction
with the name change, the company's CUSIP number was changed to
643847106 and the stock began trading under the ticker symbol
"NEWN" on November 18.

At September 30, 2009, the Company had $17,622,130 in total assets
against $3,197,717 in total liabilities, all current.  At
September 30, 2009, the Company had accumulated deficit of
$4,660,858 and stockholders' equity of $14,424,413.

                         Going Concern

In its quarterly report on Form 10-Q, the Company said it believes
it has sufficient cash to continue its current business through
September 30, 2010, due to expected increased sales revenue and
net income from operations.  "However we have suffered recurring
losses in the past and have a large accumulated deficit.  These
conditions raise substantial doubt about the Company's ability to
continue as a going concern," the Company said.

The Company has taken certain restructuring steps to provide the
necessary capital to continue its operations. These steps included
1) acquire profitable operations through issuance of equity
instruments, and 2) to continue actively seeking additional
funding and restructure the acquired subsidiaries to increase
profits and minimize the liabilities.


NEXSTAR BROADCASTING: Balance Sheet 2009 Upside-Down by $176MM
--------------------------------------------------------------
Nexstar Broadcasting Group Inc.'s balance sheet for December 31,
2009, showed $619.8 million in total assets and $796.0 million in
total liabilities for a $176.2 million stockholders' deficit.

The Company reported $12.6 million net loss on $251.9 million net
revenue for the year ended December 31, 2009, compared with
$83.3 million net loss on $284.9 million net revenue for the year
ended December 31, 2008.

A full-text copy of the company's 2009 annual report is available
for free at http://ResearchArchives.com/t/s?59a8

                    About Nexstar Broadcasting

Irving, Texas-based Nexstar Broadcasting Group, Inc. (NASDAQ:
NXST) currently owns, operates, programs or provides sales and
other services to 62 television stations in 34 markets in the
states of Illinois, Indiana, Maryland, Missouri, Montana, Texas,
Pennsylvania, Louisiana, Arkansas, Alabama, New York, Rhode
Island, Utah and Florida.  Nexstar's television station group
includes affiliates of NBC, CBS, ABC, FOX, MyNetworkTV and The CW
and reaches roughly 13 million viewers or roughly 11.5% of all
U.S. television households.

As of September 30, 2009, the Company had $628,055,000 in total
assets against $805,667,000 in total liabilities, resulting in
stockholders' deficit of $177,612,000.

                           *     *     *

According to the Troubled Company Reporter on October 21, 2009,
Standard & Poor's Ratings Services said it affirmed its ratings on
Irving, Texas-based TV broadcaster Nexstar Broadcasting Group
Inc., including the 'B-' corporate credit rating.  The rating
outlook is stable.


NEXT INC: Independent Auditors Raise Going Concern Doubt
--------------------------------------------------------
On March 15, 2010, Next, Inc., filed its annual report on Form 10-
K for the year ended November 29, 2009, with the Securities and
Exchange Commission.

Joseph Decosimo and Company, PLLC, in Chattanooga, Tennessee,
expressed substantial doubt about the Company's ability to
continue as a going concern.  The independent auditors noted that
the Company is in violation of certain term loan financial
covenants as of November 29, 2009, and has experienced difficulty
in obtaining debt financing at acceptable terms to fund continuing
operations.  The Company has also suffered recurring losses from
operations and has a working deficit as of November 29, 2009, and
November 28, 2008.

The Company reported a net loss of $1.4 million on $15.4 million
of revenue for the year ended November 29, 2009, compared with a
net loss of $6.4 million on $18.0 million of revenue for the year
ended November 28, 2008.

The Company's balance sheet as of November 29, 2009, showed
$8.5 million in assets, $7.8 million of debts, and $626,338 in
stockholders' equity.

A full-text copy of the annual report is available for free at:

                   http://researcharchives.com/t/s?59ce

Chattanooga, Tenn.-based Next, Inc. is a creative and innovative
sales and marketing organization that designs, develops, markets
and distributes licensed and branded imprinted sportswear
primarily through key licensing agreements in addition to the
Company's own proprietary designs.  Products are imported,
outsourced and embellished in-house via both the screenprint and
embroidery processes.  The Company has two wholly owned
subsidiaries: (i) Next Marketing, Inc., a Delaware corporation,
and (ii) Choice International, Inc., a Delaware corporation.


NORVERGENCE INC: Customers Told to Amend Adversary Complaints
-------------------------------------------------------------
WestLaw reports that due process interests required that the
customers of a Chapter 7 debtor-reseller of telecommunications
equipment and services supply the required information by amending
their adversary complaints where the customers' complaints, in
related adversary proceedings, failed to provide the necessary
information to permit a determination as to which state's laws
governed the customers' consumer fraud claims against the leasing
companies to which the debtor had sold or assigned its customer
contracts. The plaintiffs had a due process right to have their
claims governed by the state law applicable to their dispute.  In
re Norvergence, Inc., --- B.R. ----, 2010 WL 688053 (Bankr. D.
N.J.).

Headquartered in Newark, New Jersey, NorVergence, Inc., is a
reseller of wireless telecommunications services.  The Company
filed a Chapter 11 petition on June 30, 2004 (Bankr. D. N.J.
04-32079).  The Court converted the Debtor's chapter 11 case to a
chapter 7 proceeding at the behest of the Company's creditors.
Popular Leasing USA, Inc., OFC Capital, a division of ALFA
Financial Corp., and Partners Equity Capital Company, LLC,
asserting claims totalling $1.3 million.  Inez M. Markovich, Esq.,
and Peter J. Deeb, Esq., at Frey, Petrakis, Deeb, Blum, Briggs et
al., represents the Petitioners in their restructuring efforts.

NorVergence closed its stores located at 550 and 570 Broad St. and
laid off all of its employees.  This followed 1,300 firings
earlier in July 2004.


PACIFIC ETHANOL: Wants Plan Exclusivity Until March 31
------------------------------------------------------
Pacific Ethanol Inc. is asking the Bankruptcy Court to extend its
exclusive period to propose a Chapter 11 plan by 19 days, until
March 31.  A hearing on the extension is scheduled for March 23.

Absent approval of the request, other parties would be allowed to
submit competing plans.  The Bankruptcy Court last granted Pacific
Ethanol a March 12 extension of its plan exclusivity.

According to Bill Rochelle at Bloomberg News, Pacific Ethanol
evidently is on the verge of filing a reorganization plan.

Early this month, Pacific Ethanol announced that it has reached
agreements designed to satisfy $34.7 million of the Company's
outstanding debt, and to cure existing defaults on the debt.
Socius CG II, Ltd., has entered into agreements with the holders
of this debt pursuant to which Socius purchased $5.0 million of
the aggregate amount of the debt, and then settled the resulting
$5.0 million owed in exchange for free-trading shares of the
Company's common stock.  Socius intends to acquire the balance of
the debt and engage in further exchanges until the total debt is
completely retired.

The holders of the debt, Lyles United LLC and its affiliate Lyles
Mechanical Co., have entered into agreements with Socius under
which Lyles has sold $5.0 million of the aggregate debt owed.  The
agreements provide a mechanism whereby Lyles may sell to Socius,
in $5.0 million tranches, up to the remaining balance of the debt,
subject to certain conditions.

                     About Pacific Ethanol

Pacific Ethanol Holding Co. LLC and four affiliates filed for
Chapter 11 on May 17, 2009 (Bankr. D. Del. Case No. 09-11713).
Judge Kevin Gross handles the case.  Attorneys at Cooley Godward
Kronish LLP represent the Debtors as counsel.  Attorneys at Potter
Anderson & Corroon LLP are co-counsel.  Epiq Bankruptcy Solutions
LLC is the claims agent.  Pacific Ethanol Holding disclosed
$50 million to $100 million in assets and $100 million to
$500 million in debts in its petition.

Pacific Ethanol Inc. and its marketing subsidiaries, Kinergy
Marketing LLC, and Pacific Ag. Products, LLC, have not filed for
Chapter 11 bankruptcy protection.  The Company is expected to
continue to manage the Plant Subsidiaries under an Asset
Management Agreement and Kinergy and PAP are expected to continue
to market and sell the Plant Subsidiaries' ethanol and feed
production under existing Marketing Agreements.


PAETEC HOLDING: Reports $28.6 Million Net Loss for 2009
-------------------------------------------------------
PAETEC Holding Corp.'s annual report Form 10-K, revealed a
$28.6 million net loss on $1.58 billion of revenue for the year
ended December 31, 2009, compared with a $487.8 million net loss
on $1.57 billion of revenue for the year ended December 31, 2008.

The Company's balance sheet showed $1.4 billion in total assets
and $1.2 billion in total liabilities for a $2.0 million
stockholders' equity.

A full-text copy of the Company's annual report on Form 10-K is
available for free at http://ResearchArchives.com/t/s?59ac

                     About PAETEC Holding

PAETEC Holding Corp., through its subsidiaries, provides
integrated communications services, including local and long
distance voice, data, and broadband Internet access services,
primarily to business and institutional customers.  On February 8,
2008, PAETEC Holding completed its combination by merger with
McLeodUSA Incorporated, which became a wholly owned subsidiary of
PAETEC Holding upon completion of the merger.

As of June 30, 2009, PAETEC had in service 223,311 digital T1
transmission lines, which represented the equivalent of 5,359,464
access lines, for over 47,000 business customers in a service area
encompassing 82 of the country's top 100 metropolitan statistical
areas.

At September 30, 2009, the Company had $1.44 billion in total
assets against $1.25 billion in total liabilities.

Effective on June 1, 2009, the Company entered into a Second
Amendment and Waiver to its Credit Agreement with its lenders
which amends the Credit Agreement, dated as of February 28, 2007,
and amended as of June 27, 2007.  The Amendment grants the Company
the right, at its option and subject to specified conditions,
voluntarily to prepay term loans outstanding under its term loan
facilities at any time and from time to time during a period
beginning on the effective date of the Amendment and ending 18
months after such effective date.  The total cash payments to be
made by the Company in connection with such voluntary prepayments
may not exceed $100,000,000, excluding amounts applied to the
payment of accrued and unpaid interest and fees.

The Amendment also modifies some of the restrictive covenants in
the Credit Agreement primarily to permit the Company to issue
senior secured notes and to allow the Company and its subsidiaries
to incur indebtedness and related obligations under such notes if
specified conditions are satisfied.

                         *     *     *

As reported by the Troubled Company Reporter on June 18, 2009,
Standard & Poor's Ratings Services assigned PAETEC Holding's
proposed senior secured notes due 2017 an issue-level rating of
'B' (the same as the corporate credit rating) with a recovery
rating of '3', indicating expectations for meaningful (50%-70%)
recovery in the event of payment default.  At the same time, S&P
affirmed all other ratings on PAETEC, including the 'B' corporate
credit rating.  The outlook is stable.

Moody's Investors Service assigned a B1 rating to the senior
secured note issuance.  Moody's affirmed all other ratings,
including the SGL-1 liquidity rating.  The rating outlook remains
stable.


PALLADON VENTURES: Discloses Full Equitization of Luxor Loans
-------------------------------------------------------------
Palladon Ventures Ltd. disclosed the full equitization of the
Luxor Loans which amounted to US$40,557,000 including principal
and interest. This negotiated equitization comes as a result of
Luxor Capital Partners, LP realizing on its security interest and
provides for the full extinguishment of Palladon debt owed to
Luxor. Given the inability of the Company to make payments of the
foregoing amount when due, and in order to avoid enforcement or
foreclosure which could have resulted in the transfer of ownership
of all the Palladon Iron Corp. capital stock to Luxor, Luxor has
agreed to accept a 78.3% interest, in full satisfaction of all
amounts due under the loan agreements. Palladon Ventures Ltd. will
now own 21.7% of Palladon Iron Corporation.

Palladon CEO Dale Gilbert stated: "As a result of the TSX-V ruling
denying the Palladon - Luxor Letter Agreement of December 4, 2009,
the Company was immediately in default on the Luxor Loans and
entered into a short term Standstill Agreement expiring March 15,
2010.  Through last night the Company was searching for viable
financing alternatives to the executed equitization plan. Although
disappointed at the Company's inability to find an alternate
source to pay off the Luxor Loans, Palladon can now move forward
as a debt free enterprise working with Luxor to accomplish an off
take agreement and advance the concentrate plant process."

On Behalf of the Board of Directors,

Dale S. Gilbert, President and Chief Executive Officer

                         About Palladon

Palladon Ventures Ltd. is a junior resource company and remains
focused on advancing the Iron Mountain Project, an iron ore mine
located west of Cedar City, Utah.


PANTRY INC: S&P Affirms Corporate Credit Rating at 'B+'
-------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'B+'
corporate credit rating on Cary, North Carolina-based convenience
store operator Pantry Inc. and revised the rating outlook to
stable from positive.  At the same time, S&P affirmed its 'BB'
issue rating on the company's senior secured credit facility.  The
recovery rating on the secured debt remains '1', indicating that
lenders can expect very high (90%-100%) recovery in the event of a
payment default.  S&P also affirmed the 'B-' issue rating on the
company's subordinated debt.  The recovery rating on the
subordinated notes remain '6', indicating that lenders can expect
negligible (10%-30%) recovery in the event of a payment default.
"S&P's outlook revision is based on Pantry's weaker operating
performance in the first quarter ended Dec. 24, 2009, because of
lower fuel and declining merchandise margins, and its expectation
that credit measures are not likely to improve to levels needed to
support a higher rating given ongoing margin pressure," said
Standard & Poor's credit analyst Ana Lai.

S&P's rating on The Pantry Inc. reflects the company's
participation in the competitive, highly fragmented convenience
store industry; market concentrations in resort communities and in
the Southeastern U.S., where economic slowdowns can affect
operations; exposure to gasoline price volatility; an acquisitive
track record; and high debt leverage.

Pantry is a leading operator of about 1,655 convenience stores in
11 states as of Feb. 2, 2010.  The highly fragmented industry
includes oil companies that operate retail chains as well as
independent operators.  The company's stores are concentrated in
Florida, North Carolina, and South Carolina.  Operating
performance is affected by volatility in gasoline prices: Gasoline
sales accounted for about 78% of the company's total sales and
about 31% of gross profits in the past three fiscal years.


PARK AT BRIARCLIFF: Files Schedules of Assets and Liabilities
-------------------------------------------------------------
Park at Briarcliff, Inc., filed with the U.S. Bankruptcy Court for
the Northern District of Georgia its schedules of assets and
liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property               $43,668,752
  B. Personal Property            $1,828,757
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                               $36,677,623
  E. Creditors Holding
     Unsecured Priority
     Claims                                                $0
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                          $856,911
                                 -----------      -----------
        TOTAL                    $45,497,509      $37,534,534

Decatur, Georgia-based Park at Briarcliff, Inc., filed for Chapter
11 bankruptcy protection on February 2, 2010 (Bankr. N.D. Ga. Case
No. 10-63241).  John A. Moore, Esq., at The Moore Law Group, LLC,
assists the Company in its restructuring effort.  The Company
listed $10,000,001 to $50,000,000 in assets and $10,000,001 to
$50,000,000 in liabilities.


PARK AT BRIARCLIFF: Taps Moore Law to Handle Reorganization Case
----------------------------------------------------------------
Park at Briarcliff, Inc., asks the U.S. Bankruptcy Court for the
Northern District of Georgia for permission to employ The Moore
Law Group, LLC as counsel.

TMG will, among other things:

   a. advice, assist and represent the Debtor with respect to its
      rights, powers, duties, and obligations in the
      administration of the case, the operation of its business
      and, as appropriate, the disposition of assets, the
      management of property, and the collection, preservation and
      administration of assets;

   b. advice, assist and represent the Debtor in connection with
      analysis of the assets, liabilities and financial condition
      of the Debtor and other matters relating to the Debtor's
      business and development of a strategy in connection with
      the preparation and filing of a disclosure statement and
      plan of reorganization; and

   c. advice, assist, and represent the Debtor with regard to the
      investigation of the desirability and feasibility of the
      rejection or assumption and potential assignment of any
      executory contracts and unexpired leases and to provide
      review and analysis with regard to the requirements of the
      Bankruptcy Code and the Bankruptcy Rules and the estate's
      rights and powers with regard to the requirements, and the
      initiation and prosecution of appropriate proceedings in
      connection, therewith.

John A. Moore, Esq., an attorney at TMG, tells the Court that TMG
has been employed under a general retainer of $6,461 and his
hourly rate is $250.

Mr. Moore assures the Court that TMG is a "disinterested person"
as that term is defined in Section 101(14) of the Bankruptcy Code.

Mr. Moore can be reached at:

     The Moore Law Group, LLC
     1745 Martin Luther King Jr. Dr.
     Atlanta, GA 30314
     Tel: (678) 288-5600
     Fax: (888) 553-0071

Decatur, Georgia-based Park at Briarcliff, Inc., filed for Chapter
11 bankruptcy protection on February 2, 2010 (Bankr. N.D. Ga. Case
No. 10-63241).  In its schedules, the Debtor listed total assets
of $45,497,509 and total liabilities of $37,534,534.


PARK AT BRIARCLIFF: U.S. Trustee Unable to Form Creditors Panel
---------------------------------------------------------------
The Office of the U.S. Trustee for Region 21 notified the U.S.
Bankruptcy Court for the Northern District of Georgia that it was
unable to appoint an official committee of unsecured creditors in
the Chapter 11 case of Park at Briarcliff, Inc.

Decatur, Georgia-based Park at Briarcliff, Inc., filed for Chapter
11 bankruptcy protection on February 2, 2010 (Bankr. N.D. Ga. Case
No. 10-63241).  John A. Moore, Esq., at The Moore Law Group, LLC,
assists the Company in its restructuring effort.  The Company
listed $10,000,001 to $50,000,000 in assets and $10,000,001 to
$50,000,000 in liabilities.  In its schedules, the Debtor listed
total assets of $45,497,509 and total liabilities of $37,534,534.


PARK AT BRIARCLIFF: Wants Access to Fannie Mae's Cash Collateral
----------------------------------------------------------------
Park at Briarcliff, Inc., asks the U.S. Bankruptcy Court for the
Northern District of Georgia for authority to access cash securing
repayment of loan from Fannie Mae to operate its business
postpetition.

Fannie Mae holds a security interest in the Debtor's apartment
complex located at 1491 North Druid Valley Drive in DeKalb County,
Georgia, including rents.

The Debtor obtained a $44.2 million loan from the Housing
Authority of Dekalb County.  The Housing Authority transferred and
assigned the security deed to Fannie Mae.  The amount owed to
Fannie Mae, as of February 12, 2010, is
$36.5 million.

As adequate protection for any diminution in value of the lenders'
collateral, the Debtors will grant the Fannie Mae a replacement
lien on the postpetition accounts, inventory and any other assets
of the Debtor with the same extent and in the same priority as its
prepetition liens.

Decatur, Georgia-based Park at Briarcliff, Inc., filed for Chapter
11 bankruptcy protection on February 2, 2010 (Bankr. N.D. Ga. Case
No. 10-63241).  John A. Moore, Esq., at The Moore Law Group, LLC,
assists the Company in its restructuring effort.  The Company
listed $10,000,001 to $50,000,000 in assets and $10,000,001 to
$50,000,000 in liabilities.  In its schedules, the Debtor listed
total assets of $45,497,509 and total liabilities of $37,534,534.


PATRIOT NATIONAL: McGladrey & Pullen Raises Going Concern Doubt
---------------------------------------------------------------
On March 15, 2010, Patriot National Bancorp, Inc., filed its
annual report on Form 10-K for the year ended December 31, 2009,
with the Securities and Exchange Commission.

McGladrey & Pullen, LLP, in New Haven, Conn., expressed
substantial doubt about the Company's and the Bank's ability to
continue as a going concern.  The independent auditors noted that
of the Company's net losses for the years ended December 31, 2009,
and 2008, and uncertainty about the Company's ability to maintain
compliance with regulatory capital requirements.  In February
2009, the Company's subsidiary, Patriot National Bank, entered
into a formal written agreement with its primary regulator which
required the Bank to develop and maintain a capital plan.

The Company reported a net loss of $23.9 million for the year
ended December 31, 2009, compared with a net loss of $7.1 million
for 2008.  Net interest income for the year ended December 31,
2009 decreased $8.6 million, or 32%, to $18.6 million as compared
to $27.2 million for the year ended December 31, 2008.  This
primarily reflects the increased level of non-accrual loans and
reduced interest margin.

The Company's balance sheet as of Dec. 31, 2009, showed
$866.4 million in assets, $830.5 million of debts, and
$35.9 million of stockholders' equity.  At December 31, 2009, the
Company had net loans receivable of roughly $645.2 million and
deposits of roughly $761.3 million.

A full-text copy of the annual report is available for free at:

              http://researcharchives.com/t/s?59d0

Stamford, Conn.-based Patriot National Bancorp, Inc., is the
parent company of Patriot National Bank, a national banking
association headquartered in Stamford, Fairfield County, in
Connecticut, and Patriot National Statutory Trust I.  The Company
formed Patriot National Statutory Trust I for the sole purpose of
issuing trust preferred securities and investing the proceeds in
subordinated debentures issued by the Company.  Bancorp primarily
invested the funds from the issuance of the debt in the Bank,
which in turn used the proceeds to fund general operations of the
Bank.


PHILADELPHIA NEWSPAPERS: Workers Comp Rejection Was Appropriate
---------------------------------------------------------------
WestLaw reports that chapter 11 debtors, in seeking to reject
their executory contract to reimburse the entity from which they
acquired newspaper assets for any payments which it made to a
workers' compensation carrier in connection with pre-existing
claims, after other aspects of the asset purchase agreement had
been substantially consummated, were not seeking to assume the
favorable aspects of the agreement while rejecting the unfavorable
ones.  They were merely seeking to establish the universe of their
potential obligations prior to auctioning off their business, a
decision that did not smack of any bad faith, whim or caprice, but
of reasonable business decision-making, such as the court would
approve.  In re Philadelphia Newspapers, LLC, --- B.R. ----, 2010
WL 231123 (Bankr. E.D. Pa.).

                  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 (Bankr. E.D. Pa. Case No.
09-11204) on Feb. 22, 2008.  Mark K. Thomas, Esq., and Paul V.
Possinger, Esq., at PROSKAUER ROSE LLP in Chicago, Illinois; and
Lawrence G. McMichael, Esq., Christie Callahan Comerford, Esq.,
and Anne M. Aaronson, Esq., at DILWORTH PAXSON LLP, in
Philadelphia, Pennsylvania, serve as bankruptcy counsel.  The
Debtors' financial advisor is Jefferies & Company Inc.  The Garden
City Group, Inc., serves as claims and notice agent.

Ben Logan, Esq., at O'MELVENY & MYERS LLP in Los Angeles,
California; and Gary Schildhorn, Esq., at ECKERT SEAMANS CHERIN &
MELLOTT, LLC in Philadelphia, represent the Official Committee of
Unsecured Creditors.  Fred S. Hodara, Esq., Abid Qureshi, Esq.,
and Alexis Freeman, Esq., at AKIN GUMP STRAUSS HAUER & FELD LLP in
New York, represent the Steering Group of Prepetition Secured
Lenders.

Philadelphia Newspapers estimated its assets and debts at
$100 million to $500 million at the time of the filing.


PLAINS EXPLORATION: Moody's Affirms 'Ba3' Corp. Family Rating
-------------------------------------------------------------
Moody's Investors Service affirmed Plains Exploration and
Production's debt ratings and retained the existing negative
outlook.  The affirmed ratings include PXP's Ba3 Corporate Family
Rating, Ba3 Probability of Default, and existing B1 (LGD 4; 64%)
senior unsecured note ratings.

The negative outlook reflects the continuing weight of high
leverage, possible additional borrowings in first half 2010 to
fund the capital budget, and PXP's still pending need to now
sustain organic operating results of a Ba-rating caliber from its
transformed natural gas portfolio following completion of a two
year asset portfolio transition.  The transition leaves it over-
leveraged on units of production, on proven developed reserves
and, after properly weighting proven non-producing reserves for
matching required future FAS 69 development capital outlays, on
total proven reserves.

In order to retain the ratings, PXP will need to generate
convincing production growth by the end of second quarter 2010 and
begin significantly reducing leverage on units of production.
However, Moody's does not believe production growth alone will
reduce leverage on production enough to retain the ratings,
requiring debt reduction too.  The ratings could also suffer
during the remainder of 2010 if PXP fails to sustain production
growth commensurate with its heavy capital spending rate or, by
the end of the year, it posts uncompetitive reserve and production
replacement costs while still highly leveraged.

Conversely, the outlook could move to stable if PXP mounts
combined strong production growth, debt reduction, and competitive
reserve replacement costs.

In the meantime, the ratings are retained due to PXP's durable
California oil reserve base and supportive oil prices, sound
liquidity while PXP works this year on mounting production growth
at lower unit capital outlays than it has delivered for several
years, and seasoned management.  Any debt rating benefit from
PXP's costly Gulf of Mexico exploration activity would be
recognized when and if PXP either monetizes such properties for
debt reduction or, much less likely, in later years that portion
of PXP's portfolio moves past exploration and development to cash
flow positive after regional capital spending.

Interim risk mitigation also comes from price protection in the
form of 2010 puts on 40,000 barrels/day of oil production at
$55/barrel ($50 after a $5/barrel deferred premium) and by the
hedging of 85,000 mmbtu of natural gas with collars having floors
ranging from $4.64/ mmbtu to $6.12 / mmbtu and a ceiling of $8 /
mmbtu.

PXP's balance sheet reflects the high up-cycle cost at which PXP
transitioned into the Haynesville Shale.  PXP avoided higher
leverage by also divesting substantial properties at attractive
high up-cycle asset prices, issuing $648 million of equity and
monetizing deeply in-the-money oil hedges last year on 40,000
barrels per day of oil production.  This also enabled PXP to fund
the $1.1 billion discounted pre-payment in full of $1.250 billion
in capital spending carry PXP was required to fund on behalf of
its Haynesville Shale joint venture partner, Chesapeake Energy.

PXP's 2009 reported reserve replacement costs remained very high
but much of this was largely due to the inclusion in capital
outlays the $375 million in scheduled Chesapeake Haynesville
capital spending carry and the $1.1 billion buyout of PXP's
remaining obligations on that carry.  Absent those costs, PXP
reports much more competitive all-in reserve replacement costs.

Leverage on PD reserves, on proven reserves (fully-loaded for FAS
69 capital spending), and on production are very high for the
ratings, reflecting the front-end and carried costs of buying into
Chesapeake's Haynesville acreage and heavy Gulf of Mexico capital
outlays.

Moody's last rating action for PXP was on September 9, 2009, when
Moody's assigned a B1 (LGD 4; 64%) rating to its senior unsecured
note offering and affirmed its Ba3 Corporate Family Rating, Ba3
Probability of Default Rating, and B1 senior unsecured note
ratings, but changed the LGD statistics for PXP's existing notes
to LGD 4; 64% from LGD 4; 65%.

Plains Exploration & Production Company is headquartered in
Houston, Texas.


PRIDE INTERNATIONAL: Fitch Affirms 'BB+' Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings has affirmed Pride International Inc.'s Issuer
Default Rating and debt ratings:

  -- IDR at 'BB+';
  -- Senior unsecured credit facility at 'BB+';
  -- Senior unsecured notes at 'BB+'.

The Rating Outlook is Stable.  Approximately $1.2 billion in total
debt is affected.

The ratings continue to reflect Pride's improved balance sheet and
the company's $6.9 billion contract backlog providing significant
cash flow protections for the company in 2010 and beyond.
Offsetting factors include weak market conditions for offshore
drillers, particularly for mid-water floating rigs and jackups.
Fitch expects continued high capital expenditures associated with
the company's three remaining ultra-deepwater newbuild drillships
to result in the need for additional debt financing.  Credit
metrics are expected to continue weakening in 2010 before
improving in 2011 and 2012 upon completion of the company's
newbuild rigs.  While management has yet to pursue additional
acquisition activity, Fitch anticipates Pride will begin to
execute on its growth objectives once market conditions stabilize
or the company's newbuilds are complete.

Future rating upgrades will in part be determined by the length
and depth of the anticipated downturn in market conditions for
offshore drillers.  Pride's ability to manage through the current
newbuild program without experiencing delays in getting rigs out
of the shipyard and on contract is critical to the future credit
profile of the company.  The company's ability to minimize the
amount of external financing required for existing newbuild
capital expenditures combined with a willingness to proceed
extremely cautiously with regard to future expansion plans will
also be important to determining future rating upgrades.  In
addition, Fitch will monitor the company's ability to execute on
the existing contract backlog.  Despite the weaker near-term
expectations for Pride's credit profile, the company continues to
execute on existing newbuilds which will benefit the long-term
credit profile of the company.

For the year ending Dec. 31, 2009, Pride generated EBITDA of
$628.1 million and finished the period with debt of
$1,192 million.  As a result, debt-to-EBITDA finished the period
at 1.9 times with interest coverage of 8.4x.  Free cash flow for
the year was negative $367.3 million; however, cash balances
remained robust ending the year at $763.1 million.  Funding for
the company's three remaining newbuild drillships currently under
construction is expected to keep capital expenditures high in 2010
and 2011 and result in an estimated capex program of $910 million
during 2010 composed of $680 million related to the newbuilds with
the remaining related to maintaining the existing fleet and
increasing inventories of spare parts.

Liquidity remains sufficient at Pride, although Fitch estimates
the company will need additional debt financings of approximately
$450-$650 million during 2010/2011 after utilizing existing cash
balances to support capital expenditures and working capital
needs.  FCF levels are expected to remain negative in 2010 and
2011 before turning positive after all four newbuilds begin
working in 2012 (assuming no additional newbuilds).  Pride
maintains liquidity from cash and equivalents ($763.1 million at
Dec. 31, 2009), its $320 million credit facility (no borrowings at
Dec. 31, 2009) and operating cash flows.  The company's next
maturity is not until 2014 when $500 million of 7.375% senior
notes mature.  Pride's MARAD notes amortize at approximately
$30 million per year until their maturity in 2016 and the
company's credit facility matures in December 2011.

Key covenants are primarily associated with the senior unsecured
credit facility and include maximum debt to tangible
capitalization (50% covenant threshold), minimum LTM EBITDA to
interest coverage (2.95x covenant level), asset sale restrictions
and change of control protections (30% threshold of voting stock).
The 7.375% senior notes due 2014 also have change of control
protections (if the change of control is associated with a ratings
decline).  It should be noted, however, that change of control
protections for unsecured bondholders are expected to fall away
with the repayment of the 7.375% senior notes.  Despite
expectations of rising debt levels and weaker credit metrics
during 2010/2011, adequate flexibility remains under all
covenants.

Pride is one of the world's largest drilling contractors and
operates a diverse fleet of primarily offshore rigs.  The fleet
includes three ultra-deepwater drillships, three newbuild ultra-
deepwater drillships currently under construction, 12
semisubmersible rigs, seven jack-up rigs and two managed rigs.


PROCTOR HOSPITAL: Moody's Downgrades Long-Term Rating to 'Ba1'
--------------------------------------------------------------
Moody's Investors Service has downgraded Proctor Hospital's long-
term rating to Ba1 from Baa3.  The outlook remains negative.  The
downgrade and negative outlook reflect Proctor's decline in
operating performance since fiscal year 2007, weakened liquidity
position, and variable rate demand obligation bond exposure.
Proctor's VRDO debt exposure is particularly concerning given that
the letter of credit from JPMorgan Chase Bank supporting the VRDO
bonds expires May 11, 2011.  The action affects approximately
$22 million of rated Series 2006A fixed rate bonds outstanding.
Proctor also has approximately $17.5 million of Series 2006B VRDO
bonds outstanding.  The Series 2006B VRDO bonds do not carry an
underlying rating.

Legal Security: The bonds are secured by a security interest in
unrestricted receivables and a mortgage on certain real property
of the corporation.  Debt service reserve fund established.

Interest Rate Derivatives: None.

                            Challenges

* LOC debt structure adds additional credit risk of unexpected
  claims on liquidity should an event of default occur and any
  outstanding bank bonds are accelerated by the LOC provider or
  the LOC provider forces a mandatory tender; the LOC expires
  May 11, 2011, and covers $17.5 million of VRDO bonds compared to
  $20.3 million of unrestricted cash and investments as of fiscal
  year end (FYE) 2009 (December 31 year end)

* Significant weakening of liquidity since FYE 2006 as cash on
  hand decreased steadily from 116 days at FYE 2006 to 66 days at
  FYE 2009; cash-to-debt measured a somewhat modest 51% at FYE
  2009

* Weaker operating performance since FY 2008 as Proctor recorded
  an operating cash flow margin of 4.8% in FY 2008 and 5.1% in FY
  2009

* With an operating revenue base of approximately $117 million
  Proctor is a relatively small hospital competing with two larger
  hospitals in Peoria, IL; the top ten admitting physicians
  account for approximately 38% of Proctor's admissions

* Proctor's average of plant measured a high 18.9 years at FYE
  2008; Moody's note, however, that Proctor's capital spending
  level averaged a healthy 1.4 times between FY 2004 and FY 2008
  before capital spending tapered in FY 2009

* Proctor's frozen defined benefit pension plan was only 77%
  funded relative to the projected benefit obligation of
  $51 million at FYE 2009

                            Strengths

* Proctor has a relatively high acuity for a small community
  hospital, as evidenced by the hospital's Medicare case mix index
  of 1.46 in FY 2009, due in large part to growth of orthopedic,
  cardiac and interventional radiology services

* Demographics in Proctor's three-county service area are
  reasonably good; Proctor benefits from its location in north
  Peoria, as evidenced by Medicaid representing approximately 5%
  of gross revenues

* Starting July 2010, Proctor will have a contract with
  Caterpillar (the largest employer in the area) for the first
  time since the early 1990s

                    Recent Developments/Results

The rating downgrade and negative outlook reflect Proctor's
significant decline in liquidity since FYE 2006 and more modest
operating performance since FY 2007.  At unaudited FYE 2009
(December 31 year end), Proctor's unrestricted cash and
investments decreased to $20.3 million from $21.9 million at FYE
2008, $27.6 million at FYE 2007, and $31.6 million at FYE 2006.
As a result, cash on hand declined to 66 days at FYE 2009 from 72
days at FYE 2008, 98 days at FYE 2007, and 116 days at FYE 2006
(the Ba median is 63 days).  Cash-to-debt decreased to a somewhat
modest 51% at FYE 2009 (Ba median is 63%).  Proctor's liquidity is
allocated among approximately 57% equities and 43% cash/fixed
income.  Management notes that 100% of Proctor's cash and
investments could be liquidated within one month.

The cash position is particularly concerning with respect to
Proctor's VRDO debt.  The debt structure introduces put risk via
the variable rate structure on the Series 2006B bonds.  The Series
2006B VRDO bonds are secured by an LOC from JPMorgan Chase.  In FY
2008 Proctor violated certain financial covenants in the LOC.
JPMorgan Chase provided a waiver and the parties restructured the
agreement with new covenants, including: minimum days cash on hand
of 60 days at December 31, 2009, and 75 days at June 30, 2010, and
beyond (measured semi-annually); minimum unrestricted cash and
investments to funded debt of 50% at December 31, 2009, and 65% at
June, 30 2010, and beyond (measured semi-annually); minimum
maximum annual debt service coverage ratio of 1.25 times (measured
quarterly).  If an event of default occurs, JPMorgan Chase has the
right to demand immediate payment (rather than the one-year term
loan under non-event of default circumstances) of any bank bonds
outstanding or has the option to force a mandatory tender.  Based
on management estimates of FY 2009 results through December 31,
2009, Proctor met each covenant, albeit narrowly, as cash on hand
measured 63.1 days, unrestricted cash and investments to funded
debt measured 51.6%, and MADS coverage measured 1.27 times.
Moody's believe Proctor will be challenged to meet covenants at
June 30, 2010, particularly the days cash on hand and unrestricted
cash and investments to funded debt tests, both of which have
higher thresholds at June 30, 2010, than at December 31, 2009.
This places Proctor's liquidity position at potential material
risk under an event of default under the LOC agreement.  Cash-to-
puttable debt measured 122% at FYE 2009.  The LOC expires May 11,
2011, providing a somewhat narrow window for management to renew
the LOC, find replacement liquidity support, or restructure the
debt.

Proctor's operating performance was modest in FY 2008 and FY 2009.
In unaudited FY 2009, Proctor recorded an operating loss of
$2.0 million (-1.7% operating margin) and operating cash flow of
$5.9 million (5.1% operating cash flow margin).  In audited FY
2008, Proctor recorded an operating loss of $1.7 million (-1.5%
margin, adjusted to reclassify the portion of investment income
included in operating revenue to non-operating revenue) and
operating cash flow of $5.5 million (4.8% margin).  Between FY
2003 and FY 2007, Proctor's operating cash flow margin ranged from
a low of 8.6% (FY 2004) to a high of 10.0% (FY 2006).

Factors that contributed to the weaker performance include: (a)
reorganization and management transition costs, which management
estimates resulted in approximately $1 million of added expenses
in FY 2009; (b) increased benefit expenses in FY 2008 due to the
retirement of the prior CEO; (c) a 10% decrease in inpatient
admissions in FY 2009 as the economy resulted in increased
deferrals of elective procedures and due to a shift to outpatient
(observation stays increased 36% in FY 2009, resulting a 3.3% net
decrease in total admissions when combining inpatient admissions
and observation stays); and (d) accounts receivable days increased
to 59 days in FY 2009 from 52 days in FY 2008 and 48 days in FY
2007.

Proctor's Moody's adjusted debt ratios are modest.  Based on FY
2009 results, adjusted debt-to-cash flow measures an unfavorably
high 10.0 times and adjusted maximum annual debt service coverage
measures a weak 1.2 times.

Led by a new CFO, who joined the hospital in August 2009, Proctor
is implementing a number of initiatives to improve operating
performance in FY 2010 and beyond.  Key strategies include: (a) an
employee salary freeze in FY 2010; (b) a new hospitalist program,
which management believes will improve throughput and help to
create demand for more medical/surgical referrals to Proctor; (c)
a shift in the mix of surgical cases to higher margin service
lines such as orthopedics, general surgery, and gynecology; and
(d) starting July 2010, Proctor will have a contract with
Caterpillar (the largest employer in the area) for the first time
since the early 1990s.  Management is budgeting Proctor to improve
to a 1.1% operating margin and 7.6% operating cash flow margin in
FY 2010.  Additionally, management is budgeting 77.8 days cash on
hand and 65.1% unrestricted cash and investments to funded debt at
FYE 2010, both of which would leave little headroom compared to
the LOC covenants of 75 days and 65%, respectively, starting
June 30, 2010.

                             Outlook

The negative outlook reflects Proctor's weaker operating
performance in FY 2008 and FY 2009 and weakened liquidity
position, particularly with respect to the system's VRDO debt
exposure.  Moody's also note with concern that Proctor has little
headroom under key financial covenants in the LOC reimbursement
agreement with JPMorgan Chase, which expires on May 11, 2011.

                What could change the rating -- UP

Sustained improved operating performance and stronger debt ratios;
materially improved liquidity ratios

               What could change the rating -- DOWN

Continued deterioration of liquidity ratios; weaker operating
performance leading to further stressed debt ratios; failure to
meet financial covenants as mandated in the LOC reimbursement
agreement; failure to renew LOC or find replacement LOC or
restructure VRDO debt; additional new borrowing without
commensurate increase in cash flow

                          Key Indicators

Assumptions & Adjustments:

  -- Based on Proctor Health Care Incorporated and Related
     Organizations consolidated financial report

  -- First number reflects audited FY 2008 for the year ended
     December 31, 2008

  -- Second number reflects unaudited FY 2009 for the year ended
     December 31, 2009

  -- Investment returns reclassified from operating to non-
     operating revenue and normalized at 6%

* Inpatient admissions: 6,884; 6,184

* Total operating revenues: $114.3 million; $116.5 million

* Moody's-adjusted net revenues available for debt service:
  $6.5 million; $5.8 million

* Total debt outstanding: $42.9 million; $39.8 million

* Maximum annual debt service (MADS): $4.7 million; $4.7 million

* MADS Coverage with reported investment income: 1.11 times; 1.14
  times

* Moody's-adjusted MADS Coverage with normalized investment
  income: 1.37 times; 1.22 times

* Debt-to-cash flow: 9.32 times; 10.00 times

* Days cash on hand: 72.1 days; 66.0 days

* Cash-to-debt: 50.9%; 51.1%

* Operating margin: -1.5%; -1.7%

* Operating cash flow margin: 4.8%; 5.1%

                            Rated Debt

Issued through Illinois Finance Authority (debt outstanding as of
December 31, 2009):

  -- Series 2006A Fixed Rate Hospital Revenue Bonds ($22 million
     outstanding), rated Ba1

The rating assigned to Proctor was issued on Moody's municipal
rating scale.  Moody's has announced its plans to recalibrate all
U.S. municipal ratings to its global scale and therefore, upon
implementation of the methodology published in conjunction with
this initiative, the rating will be recalibrated to a global scale
rating comparable to other credits with a similar risk profile.
Market participants should not view the recalibration of municipal
ratings as rating upgrades, but rather as a recalibration of the
ratings to a different rating scale.  This recalibration does not
reflect an improvement in credit quality or a change in Moody's
credit opinion for rated municipal debt issuers.

The last rating action was on December 1, 2008, when Proctor's
Baa3 rating was affirmed and the outlook was revised to negative
from positive.


RAHAXI INC: Fionn Stakelum Steps Down as Directors
--------------------------------------------------
Fionn Stakelum submitted a letter of resignation from his
positions as a member of the Board of Directors of Rahaxi, Inc.,
and as Director of European Operations, with an effective date of
February 26, 2010.   Mr. Stakelum left the company to explore
other business opportunities.

Rahaxi, Inc., provides payment services and processing.  Its
principal offices are in Wicklow, Ireland; the Company also has
offices in Helsinki, Finland; and Santo Domingo, the Dominican
Republic.

At December 31, 2009, the Company had total assets of $2,881,216
against total current liabilities of $6,102,244 and long-term
portion of notes payable of $887,977; resulting in stockholders'
deficit of $4,602,784.

The Company believes that anticipated revenues from operations
will be insufficient to satisfy its ongoing capital requirements
for the next 12 months.  If the Company's financial resources are
insufficient, the Company will require additional financing in
order to execute its operating plan and continue as a going
concern.  The Company cannot predict whether this additional
financing will be in the form of equity or debt, or be in another
form.  The Company may not be able to obtain the necessary
additional capital on a timely basis, on acceptable terms, or at
all.  In any of these events, the Company may be unable to
implement its current plans for expansion, repay its debt
obligations as they become due, or respond to competitive
pressures, any of which circumstances would have a material
adverse effect on its business, prospects, financial condition and
results of operations.

Management is pursuing all available options to provide the
Company with the ability to continue as a going concern.  The
Company continues to pursue financing through the sale of its
stock in private placements to individual investors.  However,
given the challenges presented by the current capital markets, as
well as the decline in the Company's stock price and the Company's
continued losses, management is considering a broader range of
options, which may include a registered offering for investors,
additional debt issuances or financings at the subsidiary level,
such as the sale of a portion of Rahaxi Processing Oy. The Company
may also pursue the acquisition of certain strategic industry
partners where appropriate.


RAILPOWER TECHNOLOGIES: Involuntary Chapter 7 Petition Survives
---------------------------------------------------------------
WestLaw reports that the foreign representative in a Canadian
bankruptcy proceeding that was pending against a Canadian company
and its wholly-owned United States subsidiary in Quebec superior
court failed to satisfy the burden of showing that dismissal of a
parallel involuntary Chapter 7 petition that had been filed
against the subsidiary in the United States by American creditors
holding roughly 85% in number and amount of the subsidiary's non-
inside, unsecured debt would best serve purposes of Chapter 15, as
required for the bankruptcy court to dismiss involuntary case
under 11 U.S.C. Sec. 305(a)(2).  Dismissal was not necessarily
warranted on the grounds of comity, as it was unclear what
interest Canada had in application of Canadian insolvency law to a
United States company given that the funds to be distributed were
derived primarily from a sale of assets located in the United
States.  Dismissal did not appear to further the purpose of
providing legal certainty, as creditors or investors dealing with
a company from particular country and with most of its assets and
operations in that same country would presumably anticipate that
any liquidation of that company would also occur there. Finally,
petitioning creditors raised concerns about whether their
interests were being adequately protected in Canada.  In re RHTC
Liquidating Co., --- B.R. ----, 2010 WL 761211 (Bankr. W.D. Pa.)
(Agresti, C.J.).

Railpower Technologies Corp. (TSX: P) --
http://www.railpower.com/--is engaged in the development,
construction, marketing andsales of high performance, clean
locomotives and power plants forthe transportation and related
industries.  Railpower has designedand is marketing a range of
locomotives for the North American lowand medium horsepower
locomotive market.  It has also designed andis marketing hybrid
power plants for rubber tyred gantry cranes(Eco-Cranes(R)).  Its
technologies have broader potential and
applications in other markets and industries.

Railpower Technologies Corp. and its U.S. subsidiary, Railpower
Hybrid Technologies Corp., have obtained court protection under
the Companies' Creditors Arrangement Act in Canada pursuant to the
initial order granted by the Quebec Superior Court (No. 500-11-
035434-097).  Lawyers at McCarthy Tetrault LLP represent Railpower
in the CCAA proceedings, and Martin P. Rosenthal at Ernst & Young,
Inc., serves as the Canadian Monitor.  Mr. Rosenthal filed a
Chapter 15 petition (Bankr. W.D. Pa. Case No. 09-10198) to protect
Railpower Hybrid Technologies Corp.'s assets from U.S. creditors
on February 5, 2009, and asked the U.S. Court to recognize the
CCAA proceeding as the foreign main proceeding.

On August 14, 2009, Union Pacific Railroad Company, The Forquer
Group, Stauffer Diesel, and EFCO, Inc., d/b/a Erie Press Systems
filed an involuntary Chapter 7 petition (Bankr. W.D. Pa. Case No.
09-11492) against RHTC LIQUIDATING CO., fka Railpower Hybrid
Technologies Corp., fka Railpower Corporation, fka Technologies
Hybrides Railpower Corp.  The initial response to the involuntary
petition was a Motion to Dismiss Involuntary Chapter 7 Case filed
on Sept. 8, 2009, pursuant to 11 U.S.C Sec. 305(a) by the Alleged
Debtor's "foreign representative", Ernst and Young, Inc., which
had been appointed as the "Monitor" in the Canadian bankruptcy
proceeding.


RC SOONER: Court Sets Cash Collateral Hearing for March 18
----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware will
consider at a hearing on March 18, 2010, at 10:30 a.m., RC Sooner
Holdings, LLC, et al.'s request for continued access to the cash
collateral of Federal National Mortgage Association, aka Fannie
Mae.

The Court, in a second interim order, authorized the Debtors to
use the cash collateral until March 18, 2010.

The Debtors would use the money to fund their Chapter 11 case, pay
suppliers and other parties.

As reported in the Troubled Company Reporter on March 10, 2010, in
exchange for using the cash collateral, the Debtors will grant
Fannie Mae additional and replacement security interests and
liens.

The Debtors will provide Fannie Mae, within 20 days after the
end of each prior month, a report summarizing income received by
the Debtors and expenses paid by the Debtors during the prior
month.

                    About RC Sooner Holdings

Wilmington, Delaware-based RC Sooner Holdings, LLC, filed for
Chapter 11 bankruptcy protection on February 22, 2010 (Bankr. D.
Delaware Case No. 10-10528).  Christopher S. Chow, Esq., at
Ballard Spahr Andrews & Ingersoll, LLP, assists the Company in its
restructuring effort.  The Company estimated its assets and debts
at $10,000,001 to $50,000,000.


REDDY ICE: Completes Transactions to Refinance Outstanding Debt
---------------------------------------------------------------
Reddy Ice Holdings, Inc., on Monday completed financing
transactions which refinance substantially all of its outstanding
debt.

Reddy Corp closed its offering of $300 million aggregate principal
amount of 11.25% Senior Secured Notes due 2015 -- First Lien Notes
-- to qualified institutional buyers in the United States pursuant
to Rule 144A and outside the United States pursuant to Regulation
S under the Securities Act of 1933, as amended.  The issue price
was 100% of the principal amount of the First Lien Notes.

Reddy Corp used the proceeds from the sale of the First Lien Notes
to refinance its existing indebtedness, including all outstanding
indebtedness under Reddy Corp's existing credit facility, and to
pay estimated fees and expenses in connection with the
transactions, with the balance retained for general corporate
purposes.

Reddy Corp has also issued $137.6 million aggregate principal
amount of 13.25% Senior Secured Notes due 2015 -- Second Lien
Notes -- to qualified institutional buyers in the United States
pursuant to Rule 144A and institutional "accredited investors" as
defined in Rule 501(a) under the Securities Act in connection with
the exchange offer and consent solicitation by Reddy Corp for the
Company's outstanding 10-1/2% Senior Discount Notes due 2012.  In
connection with the issuance of the Second Lien Notes,
$136.9 million in aggregate principal amount of the Old Notes were
exchanged.  Upon the issuance of the Second Lien Notes, the
amendments to the indenture governing the Old Notes contained in
the supplemental indenture dated March 3, 2010, between the
Company and U.S. Bank National Association became operative.

Reddy Corp. entered into a credit agreement with the lenders party
thereto and JPMorgan Chase Bank, N.A., as administrative agent.
Wells Fargo Bank, National Association, serves as lender under the
facility.

The Credit Agreement provides for a new $35 million revolving
credit facility which may be used by Reddy Corp for working
capital and general corporate purposes.  Under the Credit
Agreement, Reddy Corp has the right to request the aggregate
commitments to be increased to $50 million, provided certain
conditions are met.  None of the lenders are obligated to provide
such additional commitments.

The Credit Agreement provides that loans will bear interest at
rates based on LIBOR plus a margin ranging from 3.25% to 4.75% per
annum or, at the option of Reddy Corp, the Base Rate, as defined
in the Credit Agreement, plus a margin ranging from 2.25% to 3.75%
per annum, the relevant margin being the Applicable Margin.  The
Applicable Margin will be determined in accordance with a net
leverage-based pricing grid, as set forth in the Credit Agreement.
Swing line loans will bear interest at the Base Rate plus the
Applicable Margin.

The revolving credit facility will terminate and all amounts
outstanding thereunder, plus accrued interest, will be due on
January 31, 2014.

The Notes have not been registered under the Securities Act or any
state securities laws, and will be offered only to qualified
institutional buyers in reliance on Rule 144A and in offshore
transactions pursuant to Regulation S under the Securities Act, in
the case of the First Lien Notes, and to qualified institutional
buyers in Reliance on Rule 144A and institutional "accredited"
investors inside the United States and in offshore transactions
pursuant to Regulation S under the Securities Act, in the case of
the Second Lien Notes.  Unless so registered, the Notes may not be
offered or sold in the United States without registration or an
applicable exemption from registration requirements.

A full-text copy of the Credit Agreement is available at no charge
at http://ResearchArchives.com/t/s?59f8

                          About Reddy Ice

Based in Dallas, Texas, Reddy Ice Holdings, Inc. (NYSE: FRZ)
manufactures and distributes packaged ice in the United States.
With approximately 2,000 year-round employees, the Company sells
its products primarily under the widely known Reddy Ice(R) brand
to a variety of customers in 33 states and the District of
Columbia.


REGENCY DEVELOPMENT: Voluntary Chapter 11 Case Summary
------------------------------------------------------
Debtor: Regency Development of Salinas Inc.
        12 Calle Orquidea
        Urb. Santa Maria
        San Juan, PR 00927

Bankruptcy Case No.: 10-01990

Chapter 11 Petition Date: March 15, 2010

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtor's Counsel: Carlos Rodriguez Quesada, Esq.
                  Law Office Of Carlos Rodriguez Ques
                  Po Box 9023115
                  San Juan, PR 00902-3115
                  Tel: (787) 724-2867
                  Email: cerqlaw@coqui.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 $2,945,000,
and total debts of $2,242,437.

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

The petition was signed by Osvaldo Domenech, president of the
Company.


REMEDIAL CYPRUS: Support Vessels Up for Auction on April 12
-----------------------------------------------------------
Bill Rochelle at Bloomberg News reports that Remedial (Cyprus)
Public Co. will hold an auction for two elevated support vessels
for the offshore oil and gas industry on April 12 where secured
bondholders would start the bidding.  For other parties to
participate in the auction, initial bids must be sent April 9.
The hearing for approval of the sale is to occur on April 22.

Absent a higher offer, secured bondholders owed $230 million will
purchase the vessels in exchange for $120 million in debt plus
whatever is outstanding on the $5 million post-bankruptcy loan.
The bondholders will also pay costs to cure contract defaults.

                      About Remedial (Cyprus)

Based in Limassol, Cyprus, Remedial (Cyprus) Public Company owns
and operates self-propelled jack up rigs called Elevating Support
Vessels. The vessels facilitate offshore well intervention
activities and work-over services.

Remedial (Cyprus) Public Company Ltd. -- dba Brufani
Shipmanagement Limited and Remedial Cyprus Limited -- filed for
Chapter 11 bankruptcy protection on February 17, 2010 (Bankr.
S.D.N.Y. Case No. 10-10782).  Kenneth A. Rosen, Esq., at
Lowenstein Sandler, P.C., assists the Company in its restructuring
effort.  The Company estimated its assets and debts at
US$100,000,001 to US$500,000,000.


SAKS INCORPORATED: Moody's Raises Ratings on Senior Notes to 'B3'
-----------------------------------------------------------------
Moody's Investors Service upgraded Saks Incorporated's senior
unsecured notes to B3 from Caa1 and changed the rating outlook to
stable from negative.  All other existing ratings are affirmed
including the Corporate Family Rating at B2 and the Probability of
Default Rating at B3.

"The change in outlook to stable reflects Moody's belief that Saks
will improve its operating income and credit metrics over the next
two quarters to levels appropriate for its rating," said Moody's
Senior Credit Officer Maggie Taylor.  In addition, the upgrade of
the senior unsecured notes reflects Saks' repayment in full of its
revolving credit facility which places less debt ahead of the
senior unsecured notes.

The B3 Probability of Default Rating reflects Moody's expectation
that Saks' credit metrics will improve but remain weak and that
over the next twelve months it will turn to generating operating
income as compared to operating losses.  The rating also considers
the tepid consumer spending environment and Moody's opinion that
the luxury goods market will not fully recover to its pre-
recession levels.  Supporting the rating is the company's good
liquidity as provided by both its internal sources of cash as well
as its $500 million asset based revolving credit facility.
Positive ratings consideration is also given to the fact that Saks
has modest near term debt maturities as well as to its
unencumbered real estate holdings which include its flagship store
in New York City.

The stable outlook reflects Saks' good liquidity and Moody's
opinion that its interest coverage will improve to a level that is
appropriate for its ratings.

This rating was upgraded:

  -- Senior unsecured notes to B3 (LGD 4, 53%) from Caa1 (LGD 4,
     58%).

These ratings were affirmed:

  -- Corporate Family Rating at B2;
  -- Probability of Default Rating at B3.

The last rating action on Saks Incorporated was on March 17, 2009,
when its Probability of Default Rating was downgraded to B3 with a
negative outlook.

Saks Incorporated, headquartered in New York, NY, operates 53 Saks
Fifth Avenue luxury department stores, 55 Off Fifth off-price
stores, and saks.com.  Total revenues are about $2.6 billion.


SANTA FE HOLDING: Wants Case Converted to Chapter 7
---------------------------------------------------
netDockets reports that Santa Fe Holding Company and its debtor-
affiliates ask the U.S. Bankruptcy Court for the Middle District
of Tennessee to immediately convert their chapter 11 cases to
chapter 7 liquidations.

The Debtors closed the sale of substantially all of their assets
to DBMC Investments, LLC, on October 14, 2009.  netDockets relates
that pursuant to the sale agreement and the Court's order
approving the sale, the Debtors were required to continue in
chapter 11 for a minimum of 90 days and the Debtors agreed that
the bankruptcy cases would not be converted to chapter 7 cases
during that period.  netDockets says now that the 90-day period
has passed, Santa Fe asserts that the cases should now be
converted because "the Debtors are currently administratively
insolvent and DBMC, the DIP Lender, is still owed more than
$450,000 under the DIP Loan."  According to netDockets, the
Debtors said neither DBMC Investments nor the U.S. Trustee object
to the conversion.

Judge George Paine II will convene a hearing on March 23, 2010, at
9:00 a.m., to consider approval of the request.

Publicly traded Santa Fe Holding Company (PINKSHEETS: SFHD) --
http://www.santafecattle.com/-- of Brentwood, Tennessee, operated
Santa Fe Cattle Co., one of the nation's fastest growing casual
dining restaurant chains.  The Company owned 27 restaurants in six
states and one franchise unit.


SEQUENOM INC: Reports $18.4 Million Net Loss for December 2009
--------------------------------------------------------------
Sequenom Inc. reported its financial results for the fourth
quarter and year ended December 31, 2009. Net loss for the fourth
quarter of 2009 was $18.4 million compared with a net loss of
$15.4 million for the fourth quarter of 2008.

The Company's balance sheet for December 31, 2009, showed
$86.6 million in total assets, $17.4 million in total current
iabilities, $5.5 million long-term liabilities for a $63.6 million
stockholders' equity.

Gross margin in the fourth quarter of 2009 was 50.5% compared with
59.5% for the fourth quarter of 2008, reflecting increased costs
associated with the start-up of the diagnostics business and
changes in product mix, including lower average selling price for
systems, in the genetic analysis business.

Research and development expenses were $10.0 million for the
fourth quarter of 2009, compared with $9.1 million for the same
period in the prior year.

Selling, general and administration expenses of $12.9 million for
the fourth quarter of 2009 increased from $12.3 million for the
fourth quarter of 2008.

Total costs and expenses for the fourth quarter of 2009 were
$28.4 million, compared with $26.3 million for the comparable
quarter in 2008. For the three months ended December 31, 2009 and
2008, the company recorded $2.6 million and $2.3 million,
respectively, of stock-based compensation expense.

                       Full Year 2009 Results

Gross margin for 2009 was 61.5%, compared to 58.5% for 2008. The
improvement in overall gross margin was attributable to lower
system and contract research revenues which are sold at lower
margins and an increase in consumables revenue.

Research and development expenses were $37.5 million for 2009
compared to $27.5 million for 2008.  The increase in expenses was
due to higher investment in diagnostic development and clinical
studies, higher stock-based compensation expense and headcount
based overhead allocation expense related to our information
technology and facilities, as well as higher depreciation
associated with capital expenditure and our acquisition of
SensiGen, LLC.

Selling and marketing expenses were $26.9 million for 2009,
compared to $24.3 million for 2008.  The increase resulted
primarily from additional headcount associated with building our
diagnostics marketing and sales infrastructure and higher stock-
based compensation expense.

General and administrative expenses were $28.1 million for 2009,
compared to $18.4 million for 2008.  The increase resulted
primarily from increased legal expense, stock-based compensation
expense and facilities expense.

Total costs and expenses for 2009 were $108.6 million, versus
$89.8 million for 2008.  For the year ended 2009 and 2008, the
company recorded $11.8 million and $7.3 million, respectively, of
stock-based compensation expense.

As of December 31, 2009, Sequenom had total cash, cash equivalents
and short-term marketable securities of $42.7 million and
$8.5 million in accounts receivable.

A full-text copy of the Company's Earnings Release is available
for free at http://ResearchArchives.com/t/s?5984

                       About Sequenom, Inc.

Sequenom, Inc. (NASDAQ:SQNM) is a diagnostic testing and genetics
analysis company.  The Company is focused on providing products,
services, diagnostic testing, applications and genetic analysis
products that translate the results of genomic science into
solutions for biomedical research, translational research,
molecular medicine applications, and agricultural, livestock and
other areas of research.

As of September 30, 2009, the Company had total assets of
$101,942,000 against total current liabilities of $18,489,000,
deferred revenue, less current portion of $384,000, other long-
term liabilities of $3,693, and long-term portion debt and
obligations of $2,141,000.

The Company added that there is substantial doubt about its
ability to continue as a going concern.  Although the Company
related that its cash, cash equivalents and current marketable
securities will be sufficient to fund its operating expenses and
capital requirements through 2010, it will require significant
additional financing in the future to fund its operations.


SEVERN BANCORP: Reports $15.2 Million Net Loss for FY 2009
----------------------------------------------------------
Severn Bancorp had total assets of $967.7 million, total deposits
of $710.3 million, and total stockholders' equity of
$106.2 million as of December 31, 2009.

Bancorp reported a net loss of $15.2 million for the year ended
December 31, 2009, compared with net income of $4.1 million for
the year ended December 31, 2008.

A full-text copy of the annual report on Form 10-K is available
for free at http://ResearchArchives.com/t/s?59aa

As reported by the Troubled Company Reporter on December 28, 2009,
the Board of Directors of Severn Bancorp suspended the common
stock dividend for the fourth quarter of 2009.  This represents a
reduction of $0.03 per share from the common stock dividend
declared for the third quarter of 2009.

As reported by the TCR on November 25, 2009, Annapolis, Maryland-
based Severn Bancorp along with its Bank unit, has entered into
supervisory agreements with the Office of Thrift Supervision, the
Bank's primary federal regulator.  The agreements set forth steps
being taken in response to regulatory concerns with its operating
results and effects of the current economic environment facing the
financial services industry.

                     About Severn Savings Bank

Founded in 1946, Severn Savings Bank, FSB --
http://www.severnbank.com/-- is a full-service community bank
offering a wide array of personal and commercial banking products
as well as residential and commercial mortgage lending.  It has
assets of nearly $1 billion and four branches located in
Annapolis, Edgewater and Glen Burnie.  The bank specializes in
exceptional customer service and holds itself and its employees to
a high standard of community contribution.   Severn Bancorp, Inc.,
(Nasdaq: SVBI) is the parent company of Severn Savings Bank.


SIRIUS XM: S&P Raises Rating on Senior Notes to 'B' From 'B-'
-------------------------------------------------------------
Standard & Poor's Ratings Services said it revised its ratings on
New York City-based satellite radio company Sirius XM Radio Inc.'s
senior notes due 2015 following an increase in the size of the
issue to $800 million from $550 million.  The company plans to use
the incremental proceeds from the upsizing to prepay in full its
$244 million senior secured term loan.

Accordingly, S&P revised the recovery rating on the notes to '4'
from '5'.  The '4' recovery rating indicates S&P's expectation of
average (30%-50%) recovery for noteholders in the event of a
payment default.  S&P raised the issue-level rating on this debt
to 'B' (at the same level as the 'B' corporate credit rating on
the company) from 'B-', in accordance with its notching criteria
for a '4' recovery rating.  At the same time, S&P raised the
issue-level rating on the $230 million 3.25% convertible notes due
2011 to 'B' from 'B-' and revised the recovery rating on the notes
to '4' from '5'.  The revised recovery rating reflects the planned
repayment of the secured debt.  For the complete recovery
analysis, see Standard & Poor's recovery report on Sirius XM, to
be published on RatingsDirect as soon as possible following the
release of this report.

The company is evaluating options to consolidate the capital
structures of subsidiaries XM Satellite Radio Holdings Inc. and XM
Satellite Radio Inc. into Sirius XM Radio Inc.  Consolidating the
capital structures would have no impact on the corporate credit
rating, as S&P analyzes the companies on a consolidated basis.
However, S&P would reevaluate its issue-level and recovery ratings
on the company's debt issues if the consolidation is consummated.

                           Ratings List

                       Sirius XM Radio Inc.

             Corporate Credit Rating   B/Positive/--

                          Ratings Revised

                       Sirius XM Radio Inc.
                      $800M sr notes due 2015

                                          To     From
                                          --     ----
                                          B      B-
                 Recovery Rating          4      5

              $230M sr 3.25% convertible nts due 2011

                                          To     From
                                          --     ----
                                          B      B-
                 Recovery Rating          4      5


SKY KING: Asks for Court's Nod to Use Cash Collateral
-----------------------------------------------------
Sky King, Inc., has asked for permission from the U.S. Bankruptcy
Court for the Eastern District of California to use cash
collateral.

The Internal Revenue Service; the State of California; W.W.
Grainger, Inc.; and/pr Mercury Air Group, Inc., may potentially
assert interests, namely the cash proceeds or accounts
receivables, which constitute cash collateral.

Matthew R. Eason, Esq., at Eason & Tambornini, the attorney for
the Debtor, explains that the Debtor needs to use the cash
collateral to fund its Chapter 11 case, pay suppliers and other
parties.

Mr. Eason says that replacement liens will provide the required
adequate protection to the prepetition lenders.  "As long as the
Debtor's cash flow is positive, it is generating more cash than it
is expending, and the secured claimants' replacement liens will
more than cover the amounts expended," Mr. Eason states.
According to Mr. Eason, the very act of preserving the value of
the business operations will continue to generate replacement
revenues, as well as preserve the integrity of the estate, thus in
and of itself will provide protection.

Sacramento, California-based Sky King, Inc., is a charter airline
specializing in transporting professional basketball and hockey
teams.  Sky King has a fleet of nine Boeing 737 aircraft.  The
Company filed for Chapter 11 bankruptcy protection on March 9,
2010 (Bankr. E.D. Calif. Case No. 10-25657).  Matthew R. Eason,
Esq., who has an office in Sacramento, California, assists the
Company in its restructuring effort.  The Company estimated its
assets and debts at $10,000,001 to $50,000,000.


SKY KING: Section 341(a) Meeting Scheduled for April 8
------------------------------------------------------
The U.S. Trustee for Region 17 will convene a meeting of creditors
in Sky King, Inc.'s Chapter 11 case on April 8, 2010, at
10:00 a.m.  The meeting will be held at Robert T. Matsui United
States Courthouse, 501 I Street, Room 7-500, 7th Floor,
Sacramento, CA 95814.

This is the first meeting of creditors required under Section
341(a) of the Bankruptcy Code in all bankruptcy cases.

All creditors are invited, but not required, to attend.  This
Meeting of Creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtor under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

Sacramento, California-based Sky King, Inc., is a charter airline
specializing in transporting professional basketball and hockey
teams.  Sky King has a fleet of nine Boeing 737 aircraft.  The
Company filed for Chapter 11 bankruptcy protection on March 9,
2010 (Bankr. E.D. Calif. Case No. 10-25657).  Matthew R. Eason,
Esq., who has an office in Sacramento, California, assists the
Company in its restructuring effort.  The Company estimated its
assets and debts at $10,000,001 to $50,000,000.


SKY KING: Taps Eason & Tambornini as Bankruptcy Counsel
-------------------------------------------------------
Sky King, Inc., has sought permission from the U.S. Bankruptcy
Court for the Eastern District of California to employ Eason &
Tambornini as bankruptcy counsel.

E&T will, among other things:

     a. take necessary action to protect and preserve the Debtor's
        estate, including the prosecution of actions on the
        Debtor's behalf, the defense of any actions commenced
        against the Debtor, the negotiation of disputes in which
        the Debtor is involved, and the preparation of objections
        to the claims filed against the Debtor's estate;

     b. assist the Debtor in obtaining approval of disclosure
        statement and confirmation of the Debtor's Chapter 11 plan
        of reorganization;

     c. prepare applications, motions, answers, orders, reports nd
        other legal papers; and

     d. appear in Court and protect the interests of the Debtor
        before the Court.

E&T will be paid based on the hourly rates of its personnel:

        Matthew R. Eason                     $300
        Kyle K. Tambornini                   $300
        Alice Harkrider, Paralegal           $100

Matthew R. Eason, a partner at E&T, assures the Court that the
firm is "disinterested" as that term is defined in Section 101(14)
of the Bankruptcy Code.

Sacramento, California-based Sky King, Inc., is a charter airline
specializing in transporting professional basketball and hockey
teams.  Sky King has a fleet of nine Boeing 737 aircraft.  The
Company filed for Chapter 11 bankruptcy protection on March 9,
2010 (Bankr. E.D. Calif. Case No. 10-25657).  The Company
estimated its assets and debts at $10,000,001 to $50,000,000.


SOAPSTONE NETWORKS: Awaiting Delaware Order on Distributions
------------------------------------------------------------
Soapstone Networks Inc. said its board of directors has determined
not to file an Annual Report on Form 10-K for the fiscal year
ended December 31, 2009, because that filing would primarily
report on Soapstone's operations prior to Soapstone's adoption of
a Plan of Liquidation and Dissolution, which was effective as of
July 31, 2009.

Soapstone's Board of Directors determined not to make these
filings after careful consideration of its current circumstances,
including the fact that Soapstone is no longer engaged in any
active business or operations and no longer has any employees.
Soapstone is dissolving in accordance with the requirements of the
Delaware General Corporation Law and pursuant to a Plan of
Liquidation and Dissolution previously disclosed in Soapstone's
proxy statement filed with the Securities and Exchange Commission
on July 2, 2009 and approved by Soapstone's stockholders at an
annual meeting held on July 28, 2009.

Soapstone intends to continue to file Current Reports on Form 8-K
upon the occurrence of any event that is material to Soapstone.

          Delaware Petition for Liquidating Distribution

The Company has petitioned the Delaware Chancery Court to allow
the Company to make a liquidating distribution of $.76 per share
to the Company's stockholders of record as of July 31, 2009.  In
the petition, the Company has also requested the Court to approve
that the remainder of its assets, currently $0.7 million, be
retained by the Company to pay its ongoing liquidation expenses
over the more than two years remaining in the dissolution process.

The Court has not yet acted on the Company's petition.

                Statement of Changes in Net Assets
                    and Statement of Net Assets

The Company reported on its financial condition as of December 31,
2009.  The Company disclosed total assets of $15.86 million
against total debts of $4.19 million as of Dec. 31.


SPHERIS INC: Proposes $850,000 Incentive Bonus Program
------------------------------------------------------
Bill Rochelle at Bloomberg News reports that Spheris Inc. is
seeking approval to pay up to $850,000 in bonuses for 25 employees
and five top executives.  A hearing on the proposed bonus program
is scheduled for March 25.

According to the report, payment to the executives under the
program is contingent on a sale for more than the $75.25 million
cash offer to be made at the April 13 auction by subsidiaries of
CBay Holding Ltd.  At auction, lenders will be able to bid using
their pre- and post-bankruptcy loans rather than cash.

Based in Franklin, Tennessee, Spheris Inc. --
http://www.spheris.com/-- is a global provider of clinical
documentation technology and services.

Spheris Inc., along with five affiliates, filed for Chapter 11 on
Feb. 3, 2010 (Bankr. D. Del. Case No. 10-10352).  Attorneys at
Young Conaway Stargatt & Taylor, LLP, and Willkie Farr & Gallagher
LLP represent the Debtors in their Chapter 11 effort.  Jefferies &
Company serve as financial advisors to the Debtors.  Attorneys at
Schulte Roth & Zabel LLP and Landis Rath & Cobb LLP serve as
counsel to the prepetition and DIP lenders.  Garden City Group
Inc. is claims and notice agent.  The petition says that assets
range from $50,000,001 to $100,000,000 while debts range from
$100,000,001 to $500,000,000.


STATION CASINOS: Boyd Still Interested in Pursuing Assets
---------------------------------------------------------
Boyd Gaming Corp. said on a March 2, 2010 conference call that
it's still interested in buying the assets of Las Vegas rival
Station Casinos Inc. out of bankruptcy protection, according to
The Wall Street Journal.

In the conference call, Boyd Chief Executive Keith Smith said his
company stands by its $2.45 billion bid for Station's assets, the
Journal added.

Mr. Smith acknowledged that Station "asserted" it "may" have a
deal with some lenders but pointed out that it only involved four
of Station's 18 properties, the report related.  That would leave
"a considerable number of assets in play," Mr. Smith said, adding
"we'll continue to work diligently" to complete a deal "when
permitted," the Journal quoted.

According to the Journal, Mr. Smith said "Station's assets would
be a great fit" for Boyd's business as well as the company's
growth strategy for the market catering to local residents.

The Journal revealed that Boyd has been pursing Station for more
than a year.  The December 2009 bid followed an earlier $950
million offer for some of Station's gaming assets, an offer the
company rejected before opting to reorganize under bankruptcy
protection.

                     About Station Casinos

Station Casinos, Inc., is a gaming and entertainment company that
currently owns and operates nine major hotel/casino properties
(one of which is 50% owned) and eight smaller casino properties
(three of which are 50% owned), in the Las Vegas metropolitan
area, as well as manages a casino for a Native American tribe.

Station Casinos Inc., together with its affiliates, filed for
Chapter 11 on July 28, 2009 (Bankr. D. Nev. Case No. 09-52477).
Station Casinos has hired Milbank, Tweed, Hadley & McCloy LLP as
legal counsel in the Chapter 11 case; Brownstein Hyatt Farber
Schreck, LLP, as regulatory counsel; and Lewis and Roca LLP as
local counsel.  The Debtor is also hiring Lazard Freres & Co. LLC
as investment banker and financial advisor.  Kurtzman Carson
Consultants LLC is the claims and noticing agent.

In its bankruptcy petition, Station Casinos said that it had
assets of $5,725,001,325 against debts of $6,482,637,653 as of
June 30, 2009.  About 4,378,929,997 of its liabilities constitute
unsecured or subordinated debt securities.

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


STATION CASINOS: Court OKs Milbank's $3.99MM Fees
-------------------------------------------------
The Bankruptcy Court has approved the interim fee applications of
these professionals retained in Station Casinos Inc.'s Chapter 11
cases:

A. Debtors

Professional                  Period         Fees     Expenses
------------                  ------         ----     --------
Milbank, Tweed, Hadley &     07/28/2009- $3,985,219   $156,237
McCloy LLP                   11/30/2009

Ernst & Young LLP            07/28/2009-   $512,642     $3,088
                              11/30/2009

Gibson, Dunn & Crutcher LLP  07/28/2009-   $354,000     $2,600
                              11/30/2009

Lewis and Roca LLP           07/28/2009-   $134,672    $13,132
                              11/30/2009

A. The Official Committee of Unsecured Creditors

Professional                  Period         Fees     Expenses
------------                  ------         ----     --------
Greenberg Traurig, LLP       07/28/2009-   $253,338    $13,095
                              11/30/2009

The Court authorized the Debtors to pay GT all payments requested
in the Application, including to the holdback amount of $50,667.

The Debtors are also authorized to pay Milbank the total amount of
$948,482, which represents the present unpaid balance of
$4,141,457 in compensation and reimbursement sought in the Interim
Fee Application.  The Debtors have already paid Milbank $3,192,974
for fees and expenses incurred in the First Interim Period,
including $846,612 paid subsequent to the filing of the Interim
Fee Application.

The Debtors are authorized to immediately pay to GDC the total
amount of $70,583 which represents the unpaid compensation sought
in the First Interim Application.  An additional interim payment
of $189,576 was received by GDC on February 12, 2010, which has
reduced the requested payment amount stated in the First Interim
Application from $260,160 to $70,583.

The Debtors are also authorized to pay Ernst & Young LLP the total
amount of $102,528, which represents the unpaid compensation
sought in the First Interim Fee Application.

                     About Station Casinos

Station Casinos, Inc., is a gaming and entertainment company that
currently owns and operates nine major hotel/casino properties
(one of which is 50% owned) and eight smaller casino properties
(three of which are 50% owned), in the Las Vegas metropolitan
area, as well as manages a casino for a Native American tribe.

Station Casinos Inc., together with its affiliates, filed for
Chapter 11 on July 28, 2009 (Bankr. D. Nev. Case No. 09-52477).
Station Casinos has hired Milbank, Tweed, Hadley & McCloy LLP as
legal counsel in the Chapter 11 case; Brownstein Hyatt Farber
Schreck, LLP, as regulatory counsel; and Lewis and Roca LLP as
local counsel.  The Debtor is also hiring Lazard Freres & Co. LLC
as investment banker and financial advisor.  Kurtzman Carson
Consultants LLC is the claims and noticing agent.

In its bankruptcy petition, Station Casinos said that it had
assets of $5,725,001,325 against debts of $6,482,637,653 as of
June 30, 2009.  About 4,378,929,997 of its liabilities constitute
unsecured or subordinated debt securities.

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


STATION CASINOS: Denies T. Wright Charges on GV Ranch
-----------------------------------------------------
Station Casinos Inc. denied charges by Timony Wright that it tried
to "extort" its non-debtor joint venture affiliate, Green Valley
Ranch casino, by steering wealthy gamblers to Stations' wholly
owned Red Rock casino, The Wall Street Journal report.

Mr. Wright is former general manager of Green Valley Ranch, which
is 50% owned by Stations.  The other 50% is owned by The Greenspun
Corporation.

Greenspun has previously alleged that Station placed GV Ranch
Station, Inc., manager of Green Valley Ranch, into bankruptcy to
shield it from lawsuits and prevent creditors from seizing assets.
Station denied the allegation and maintained that the bankruptcy
is "entirely valid" given the debt-laden venture's $750 million in
secured debt, which, it says, is likely to be in default soon.

                     About Station Casinos

Station Casinos, Inc., is a gaming and entertainment company that
currently owns and operates nine major hotel/casino properties
(one of which is 50% owned) and eight smaller casino properties
(three of which are 50% owned), in the Las Vegas metropolitan
area, as well as manages a casino for a Native American tribe.

Station Casinos Inc., together with its affiliates, filed for
Chapter 11 on July 28, 2009 (Bankr. D. Nev. Case No. 09-52477).
Station Casinos has hired Milbank, Tweed, Hadley & McCloy LLP as
legal counsel in the Chapter 11 case; Brownstein Hyatt Farber
Schreck, LLP, as regulatory counsel; and Lewis and Roca LLP as
local counsel.  The Debtor is also hiring Lazard Freres & Co. LLC
as investment banker and financial advisor.  Kurtzman Carson
Consultants LLC is the claims and noticing agent.

In its bankruptcy petition, Station Casinos said that it had
assets of $5,725,001,325 against debts of $6,482,637,653 as of
June 30, 2009.  About 4,378,929,997 of its liabilities constitute
unsecured or subordinated debt securities.

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


STEPHEN RIGGS: Asks for Court Okay to Use Cash Collateral
---------------------------------------------------------
Stephen C. Riggs, III, has asked for authorization from the U.S.
Bankruptcy Court for the Northern District of Florida to use cash
collateral.

The Debtor believes that Richard A. Carter may claim a lien in the
funds in the Debtor's checking account at First Florida Bank or
any amounts that may be or may become owed to the Debtor.

David S. Jennis, Esq., at Jennis & Bowen, P.L., the attorney for
the Debtor, explains that the Debtor needs the money to fund his
Chapter 11 case, pay suppliers and other parties.

In exchange for using the cash collateral, the Debtor proposes to
grant the prepetition lender replacement liens in any property
earned by the Debtor post-petition.

Destin, Florida-based Stephen C. Riggs, III, filed for Chapter 11
bankruptcy protection on February 16, 2010 (Bankr. N.D. Fla. Case
No. 10-30236).  David S. Jennis, Esq., at Jennis Bowen & Brundage,
P.L., assists the Debtor in his restructuring effort.  The Debtor
listed $1,000,001 to $10,000,000 in assets and $10,000,001 to
$50,000,000 in liabilities.


STERLING FINANCIAL: Reveals Plan to Improve Capital Position
------------------------------------------------------------
Sterling Financial Corporation is in active negotiations with
several private equity investors, its major creditors and its
regulators about various strategic alternatives designed to put
Sterling on a sound financial footing and to allow it to
recapitalize and grow its business.

As part of that plan, Sterling requested and received a letter
from the U.S. Department of the Treasury expressing conditional
support for a plan to convert the Sterling preferred stock that
Treasury holds into Sterling common stock. In addition, Sterling
said it has received several non-binding proposals from private
equity firms, and has entered into a non-binding letter of intent
with one firm to provide additional capital to recapitalize
Sterling.

"We continue to make progress toward raising capital and improving
our financial condition. We are encouraged by the positive
recognition of the value of Sterling's franchise and the continued
loyalty of the customers and the communities we serve," said Greg
Seibly, president and chief executive officer of Sterling
Financial Corporation.  "Treasury's expression of support for this
proposed conversion of its preferred stock is a significant step
in Sterling's capital recovery plan."

Sterling's recovery plan is expected to include a restructuring of
its capital and liabilities.  As such, Sterling has been actively
engaged with two of its major stakeholders, the owners of its
outstanding trust preferred securities and Treasury, which holds
preferred stock that Sterling issued as part of Treasury's Capital
Purchase Program, and which was designed to support the health of
the nation's banking sector.

In its letter, Treasury set forth several conditions for its
approval of the conversion of the Treasury-owned securities to
common equity.  Among other things, Sterling must obtain the
consent for the repurchase of Sterling's TruPS by a substantial
portion of the holders of those securities; must raise at least
$650 million of additional capital through the issuance of new
common equity; and must execute a definitive agreement for that
conversion with Treasury.

Sterling also continues to consider and explore these and other
alternatives, including the raising of capital through public or
private equity offerings; the potential sale of Sterling or some
or all of its assets; or other substantial adjustments to
Sterling's balance sheet.  All proposals received by Sterling to
date contemplate a conversion of the Treasury's preferred stock at
a discount to the face value, and the exchange of a substantial
portion of the TruPS into cash at a significantly reduced price.

In February 2010, Sterling began making cash offers to repurchase
its outstanding series of TruPS at an 80 percent discount from the
stated value.  Formal offers have been extended to registered
owners of Sterling's managed TruPS series, who have until
March 23, 2010, to consent to the terms of Sterling's cash tender
offer.  Owners of Sterling's unmanaged TruPS series have until
March 31, 2010, to consent to the terms of Sterling's cash offer.
Sterling's cash tender offer is conditioned upon the completion of
a successful capital raise, as well as the receipt of all
applicable approvals from the Federal Reserve Bank of San
Francisco.

Sterling is being assisted in its exploration of these various
alternatives by financial advisors Sandler O'Neill+Partners,
Barclays Capital and FBR Capital Markets.

                     About Sterling Financial

Sterling Financial Corporation of Spokane, Washington --
http://www.sterlingfinancialcorporation-spokane.com/-- is the
bank holding company for Sterling Savings Bank, a commercial bank,
and Golf Savings Bank, a savings bank focused on single-family
mortgage originations. Both banks are state chartered and
federally insured. Sterling offers banking products and services,
mortgage lending, construction financing and investment products
to individuals, small businesses, commercial organizations and
corporations.  As of June 30, 2009, Sterling Financial Corporation
had assets of $12.40 billion and operated more than 175 depository
branches throughout Washington, Oregon, Idaho, Montana and
California.


SYMBIO SOLUTIONS: Gets Court's Nod to Obtain DIP Financing
----------------------------------------------------------
Symbio Solutions, Inc., sought and obtained authorization from the
U.S. Bankruptcy Court for the Northern District of Texas to obtain
postpetition secured financing from Peter Baronoff and Howard
Koslow.

The DIP lenders have committed to provide up to $50,000.  The DIP
Loan is secured by a lien senior to all other liens against the
pre- and post- petition assets of the Debtor's estate (including,
but not limited to, the liens asserted by the Debtor's largest
creditor, Sun Capital, Inc.) except for liens that secure ad
valorem property taxes.

Joseph F. Postnikoff, Esq., at Goodrich Postnikoff & Albertson,
LLP, the attorney for the Debtor explains that the Debtor needs
the money to fund its Chapter 11 case, pay suppliers and other
parties.

More information on the DIP financing is available for free at:

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

Sun Capital is represented by Franklin Skierski Lovall Hayward
LLP.

Dallas, Texas-based Symbio Solutions, Inc., filed for Chapter 11
bankruptcy protection on 10-30134 (Bankr. N.D. Texas Case No. 10-
30134).  Joseph F. Postnikoff, Esq., at Goodrich Postnikoff &
Albertson, LLP, assists the Company in its restructuring effort.
The Company listed $1,000,001 to $10,000,000 in assets and
$10,000,001 to $50,000,000 in liabilities.


TACO DEL MAR: Court Fixes April 15 as Claims Bar Date
-----------------------------------------------------
The Hon. Thomas T. Glover of the U.S. Bankruptcy Court for the
Western District of Washington has established April 15, 2010, as
the last day for individuals and entities to file proofs of claim
against Taco Del Mar Franchising Corp.

Proofs of claim must be filed with the:

     Clerk of the United States Bankruptcy Court
     700 Stewart Street, Room 6301
     Seattle, WA 98101

Founded in Seattle, Washington, in 1992 by brothers James and John
Schmidt, Taco Del Mar is a quick-service casual restaurant chain
inspired by southern Baja, Mexico, and coastal beach shacks known
for serving some of the tastiest burritos and tacos.  Today, Taco
Del Mar operates in more than 225 locations throughout the U.S.,
Canada and Guam.

Taco Del Mar Franchising Corp. filed for Chapter 11 bankruptcy
protection on January 22, 2010 (Bankr. W.D. Wash. Case No. 10-
10528).  Andrew J Liese, Esq., and George S. Treperinas, Esq., at
Karr Tuttle Campbell, assists the Company in its restructuring
effort.  The Company listed $10,000,001 to $50,000,000 in assets
and $50,000,001 to $100,000,000 in liabilities.

The Company's affiliate, Conrad & Barry Investments Inc., filed a
separate Chapter 11 petition.


TAYLOR BEAN: Creditors May Sue Officers and Directors
-----------------------------------------------------
The Official Committee of Unsecured Creditors for Taylor Bean &
Whitaker Mortgage Corp. received early March permission from the
bankruptcy judge to sue former directors and officers, including
former Chief Executive Lee B. Farkas.  The Company consented to
allowing the committee to prosecute the lawsuits.

Meanwhile, Dow Jones' Daily Bankruptcy Review reports that Freddie
Mac objects to being the target of Taylor Bean's probe.  DBR
reports that Freddie Mac said Taylor Bean's bid to investigate it
represents "an extreme invasion" into its operations.  Freddie Mac
is urging a Bankruptcy Court to deny the request, DBR says.

Taylor, Bean & Whitaker Mortgage Corp. is a 27-year-old company
that grew from a small Ocala-based mortgage broker to become one
of the largest mortgage bankers in the United States.  In 2009,
Taylor Bean was the country's third largest direct-endorsement
lender of FHA-insured loans of the largest wholesale mortgage
lenders and issuer of mortgage backed securities.  It also managed
a combined mortgage servicing portfolio of approximately
$80 billion.  The company employed more that 2,000 people in
offices located throughout the United States.

Taylor Bean filed for Chapter 11 on August 24 (Bankr. M.D. Fla.
Case No. 09-07047). Taylor Bean filed under Chapter 11 three weeks
after federal investigators searched its offices.  The day
following the search, the Federal Housing Administration, Ginnie
Mae and Freddie Mac prohibited the company from issuing new
mortgages and terminated servicing rights.

Taylor Bean has more than $1 billion of both assets and
liabilities, and between 1,000 and 5,000 creditors, according to
the bankruptcy petition.


TERRA INDUSTRIES: S&P Shifts Watch on 'BB' Rating to Developing
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised the
CreditWatch implications on Sioux City, Iowa-based Terra
Industries Inc., including its 'BB' corporate credit rating, to
developing from positive.  S&P is also revising the CreditWatch
implications on its rating on Terra's wholly owned subsidiary,
Terra Capital Inc., to developing from positive.  The ratings were
initially placed on CreditWatch with positive implications on
Feb. 16, 2010, following Terra's announcement that its Board of
Directors had approved a merger agreement with Yara International
ASA (BBB/Negative/A-2).

The rating actions follow the recent announcement by Terra
Industries that its Board of Directors has approved a definitive
merger agreement with CF Industries Holdings Inc. to combine the
two companies.  Terra has also terminated its previously announced
merger agreement with Yara.

Under the agreement with CF Industries, Terra shareholders will
receive $37.15 in cash and 0.0953 of a share of CF Industries
common stock for each share of Terra common stock.  The
transaction is valued at $4.7 billion.  Under the agreement, Terra
will become an indirect wholly owned subsidiary of CF Industries,
and Terra common stock will cease to be traded on the New York
Stock Exchange.

The merger will require the approval of Terra's stockholders
unless CF Industries owns at least 90% of the outstanding shares
of Terra common stock following the completion of an ongoing
exchange offer.  CF's exchange offer for Terra's shares currently
expires on April 2, 2010.  CF has announced that it has commitment
letters from financial institutions to partly fund the
acquisition.  The company also announced it could issue additional
common equity and utilize cash on its balance sheet and on Terra's
balance sheet to partly fund the acquisition.

With 2009 annual sales of about $1.6 billion, Terra produces
nitrogen fertilizer at six facilities in the U.S. and Canada, and
through joint ventures in Trinidad and Tobago and in the U.K.

According to public filings, CF recorded revenue of $2.6 billion
for 2009, and is engaged in the production of mainly nitrogen
fertilizer, but also produces phosphate fertilizer that
contributed about 30% of 2009 revenue.

Standard & Poor's will resolve the CreditWatch listing following a
review of the proposed business combination.  Developing
implications mean that S&P could raise, lower, or affirm the
ratings on Terra, depending on future developments.

"S&P's review will also include an assessment of the financial
profile of the combined entity including its capital structure,
and the business profile, including potential strengths from the
combination of two large nitrogen businesses," said Standard &
Poor's credit analyst Paul Kurias.

If the proposed acquisition does take place and the business and
financial profiles improve as a result, S&P could raise the
ratings.  S&P could affirm the ratings if the transaction results
in business and financial risk profiles that support credit risk
consistent with Terra's existing profile.  However, if the debt
burden in the combined capital structure increases meaningfully,
or near-term integration risks more than offset potential business
profile benefits, S&P could lower the ratings.  S&P could also
lower the ratings if the acquisition process takes longer than
anticipated and Terra's operating performance unexpectedly weakens
to the extent that the ratio of funds from operations to total
debt is less than S&P's expectations of 20%-30% with no prospect
for improvement.


TROPICANA ENTERTAINMENT: LV Names B. Feuer as Marketing Director
----------------------------------------------------------------
Tropicana Las Vegas Inc. President Thomas McCartney announced
March 5 the appointment of Brandie Feuer as Director of Marketing
for Tropicana Las Vegas.  Ms. Feuer is now responsible for all
marketing and public relations programs, with a specific focus on
interactive and emerging media, including building the Tropicana
brand through mobile and social channels such as Twitter, Facebook
and YouTube.

"Landing an established talent like Brandie speaks to the genuine
excitement surrounding the direction that Tropicana Las Vegas is
heading," said President Thomas McCartney.  "When you consider her
cutting edge emerging media expertise and extensive marketing
experience, it's easy to see she is perfectly suited to spread the
word about the new day at Tropicana Las Vegas."

Prior to Tropicana, Ms. Feuer worked with Planet Hollywood, Luxor
Hotel & Casino, MGM MIRAGE, Cirque du Soleil, MuscleTech, the UFC
and The Miami Herald.  While in Las Vegas, Ms. Feuer has made a
name for herself through a host of innovative digital programs,
including developing the first hotel desktop application, Las
Vegas' first viral game, and a mobile marketing program that
synched with a hotel's property management system.  Ms. Feuer's
vision earned Luxor Hotel & Casino a spot on Mashable's "Top 40
Brands that Twitter" list, and Planet Hollywood VegasTripping's
"Best Twitter Persona."

"The Tropicana Las Vegas' rich history and vibrant past has made
it a legend on The Strip for more than five decades," said
Ms. Feuer.  "Many Las Vegas Casinos have come and gone throughout
the years, but the Tropicana has stood the test of time.  I am
honored to work with a piece of Las Vegas history as it reinvents
itself once again."

Originally from Florida, Ms. Feuer holds a Bachelor of Science in
Marketing Communications and Psychology from the University of
Miami.  She is on the board of the National Interactive Marketing
Association, the Las Vegas Interactive Marketing Association, and
is President of Zeta Tau Alpha's Nevada Alumnae Chapter.  You can
follow her on twitter as @VegasGalB.

                   About Tropicana Las Vegas

In the heart of the famed Las Vegas Strip, Tropicana Las Vegas is
a true Las Vegas landmark.  The historic property is currently
transforming itself into a vibrant, South Beach, Miami themed
escape.  The revitalized Tropicana Las Vegas will feature a fresh
resort atmosphere, bright tropical colors and a sizzling nightlife
scene.  Construction is scheduled for completion in 2010 and
includes the redesign of every hotel room and suite, the casino,
the world-famous pool area, several new restaurants, bars, a new
poker room, a new race and sports book, and nightclub.  For
additional information on events, amenities or availability call
702-739-2222 or visit http://www.troplv.com/

                   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
obtained confirmation from the Bankruptcy Court of a
reorganization 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.
Effective March 8, Tropicana Entertainment successfully emerged
from the Chapter 11 reorganization process as an Carl Icahn-owned
entity.

A group of Tropicana entities, known as the LandCo Debtors, which
own Tropicana casino property in Las Vegas, have obtained approval
of a separate Chapter 11 plan.

Ilana Volkov, Esq., and Michael D. Sirota, Esq., at Cole, Schotz,
Meisel, Forman & Leonard, in Hackensack, New Jersey, represented
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)


US STEEL: Fitch Assigns 'BB+' Rating on $500 Mil. Senior Notes
--------------------------------------------------------------
Fitch Ratings has assigned a 'BB+' rating to United States Steel
Corporation's $500 million senior unsecured notes due 2020.
Proceeds of the notes are to be used for general corporate
purposes.

On Jan. 27, 2010, Fitch downgraded U.S. Steel's ratings to reflect
lack of visibility into the strength of the economic recovery and
the timing of the company's return to profitability.  The
downgrade also incorporated the possibility that U.S. Steel would
seek external financing in the near term for some portion of its
capital spending over the next 24-36 months.

Fitch currently rates U.S. Steel:

  -- Issuer Default Rating at 'BB+';
  -- Senior secured credit facility at 'BBB-'; and
  -- Senior unsecured notes at 'BB+'.

The Rating Outlook is Stable.

The Stable Outlook reflects Fitch's view that U.S. Steel's
liquidity is sufficient to support operations should the recovery
remain weak for the next 12-18 months.

Fitch believes that free cash flow will be negative for 2010
following negative free cash flow of $736 million in 2009.
Operating EBITDA was a loss of $1.1 billion for 2009, and debt at
year-end was $3.4 billion.

Cash on hand at year-end was $1.2 billion; the $750 million
revolver was available up to the amount above which the fixed
charges coverage ratio requirement is applicable ($637.5 million)
as was the $500 million accounts receivable facility.  The
revolver expires May 11, 2012, and the receivables facility
expires Sept. 24, 2010.  The revolver has a 1.10:1.00 fixed
charges coverage ratio requirement only at such times as
availability under the facility is less $112.5 million.

Scheduled maturities of debt are $19 million in 2010, $595 million
in 2011 and $20 million in 2012 following the repayment of the
term loans in 2009.  Capital expenditure guidance for 2010 is
$530 million, and Fitch expects interest expense in the range of
$230 million to $240 million.  Fitch expects U.S. Steel to
generate positive EBITDA in 2010.

A review of the ratings and Outlook would be warranted should
liquidity deteriorate or if results are much weaker than expected.

U.S. Steel ranks in the world's top steel producers with raw steel
capability of 31.7 million net tons per year.  The company
produces a wide variety of steel products, is a leading supplier
of carbon sheet to the automotive and appliance industries, and is
the second-largest tin mill product producer in North America.
U.S. Steel is the largest North American producer of seamless oil
country tubular goods used in oil/gas drilling.


US STEEL: Moody's Assigns 'Ba2' Rating on Proposed Senior Notes
---------------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to United States
Steel Corporation's (US Steel) proposed offering of senior
unsecured notes due 2020 and a (P)Ba2 rating to its well-known
seasoned issuer shelf registration for senior unsecured debt.  At
the same time Moody's upgraded the ratings on US Steel's senior
unsecured notes, pollution control revenue bonds, and convertible
notes due 2014 to Ba2 from Ba3.  Moody's affirmed the company's
Ba2 corporate family rating and Ba2 probability of default rating.
Net proceeds from the note offering will be used for general
corporate purposes.  The rating outlook remains negative.

The upgrade of US Steel's senior unsecured debt obligations and
convertible notes to Ba2 from Ba3 reflects the change in the
company's capital structure in that secured debt and
administrative and priority claims now comprise a smaller
proportion of the total liabilities in the waterfall under Moody's
Loss Given Default methodology.  This results in a higher than
expected recovery level on the company's unsecured debt.

US Steel's Ba2 corporate family rating reflects Moody's
expectation that debt protection ratios and leverage ratios, while
expected to improve as 2010 progresses, will nonetheless continue
to remain relatively weak.  Moody's expect 2010 to be a year of
only gradual recovery and improvement for the steel industry and
as a consequence, US Steel's metrics will only slowly recover to
levels more appropriate for the rating.

However, the rating considers the company's position as a leading
North American flat-rolled steel producer whose footprint is
further enhanced by its diversification in Central Europe combined
with its sizable tubular division.  In the first quarter of 2010,
the company's European operations are expected to generate an
operating profit around a break-even level while the tubular
segment is likely to be modestly profitable, in line with the
fourth quarter of 2009.

Moody's anticipates sequential quarterly improvement in US Steel's
flat rolled operations in 2010 due to increasing capacity
utilization levels, increased pricing, improving order entry, and
the cost benefits of captive iron ore production in the company's
U.S. operations.  Based upon current industry dynamics Moody's
expect the company's performance in its flat-rolled segment to be
noticeably better than the fourth quarter of 2009.  The ratings
also continue to be supported by US Steel's strong liquidity
position, characterized by its year-end 2009 $1.2 billion in cash
and cash equivalents position, the $638 million of availability
under its credit facility (secured by inventory), and its
$500 million accounts receivable purchase facility (expiring
September 2010).

The negative outlook reflects Moody's view that continuation of
the recent positive momentum being experienced in order entry and
higher operating rate remains uncertain.  The outlook reflects
Moody's expectation that US Steel's performance will continue to
be vulnerable to downside pressure given the lack of visibility as
to sustainable real demand improvement.  While several of US
Steel's major end markets (auto, appliance and service centers)
have benefited from improved order rates and pricing, Moody's
still expect challenges to remain in the company's tubular
operations and in the construction markets.  In addition, the
company remains subject to cost pressures, particularly in its
European operations, in the face of rising input costs.

Upgrades:

Issuer: Allegheny County Industrial Dev.  Auth., PA

  -- Senior Unsecured Revenue Bonds, Upgraded to Ba2, LGD 4, 60%
     from Ba3

Issuer: United States Steel Corporation

  -- Senior Unsecured Conv./Exch. Bond/Debenture, Upgraded to Ba2,
     LGD 4, 60% from Ba3

  -- Senior Unsecured Regular Bond/Debenture, Upgraded to Ba2, LGD
     4, 60% from Ba3

Assignments:

Issuer: United States Steel Corporation

  -- Multiple Seniority Shelf, Assigned: senior unsecured notes
     (P)Ba2

  -- Senior Unsecured Regular Bond/Debenture, Assigned Ba2, LGD 4,
     60%

The last rating action on US Steel was July 1, 2009, when Moody's
assigned an SGL-1 speculative grade liquidity rating to the
company.

Headquartered in Pittsburgh, PA, US Steel manufactures a wide
variety of steel sheet, tubular and tin products.  Revenues for
the year ended December 31, 2009, were approximately
$11.0 billion, a 53% decrease from 2008 revenue levels.


US STEEL: S&P Assigns 'BB' Rating on $500 Proposed Mil. Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its
issue-level and recovery ratings to United States Steel Corp.'s
proposed $500 million senior unsecured notes due 2020 based on
preliminary terms and conditions.  S&P assigned a 'BB' issue-level
rating (the same as the corporate credit rating) and a recovery
rating of '3' to the notes, indicating S&P's expectation of
meaningful (50%-70%) recovery in the event of a payment default.
The notes are being sold pursuant to a shelf registered on
Feb. 24, 2010.  Proceeds from the proposed notes are expected to
be used for general corporate purposes.

The issue-level and recovery ratings on U.S. Steel's existing
senior unsecured debt remain unchanged at 'BB' and '3',
respectively.

The 'BB' corporate credit rating on Pittsburgh, Pa.-based U.S.
Steel reflects the integrated steel producer's capital-intensive
operations, exposure to highly cyclical and competitive markets, a
high degree of operating leverage, and significant financial
leverage (including underfunded postretirement benefit
obligations).  Standard & Poor's ratings on the company also
reflect its good liquidity, good scope and breadth of product and
operations, and benefits of its backward integration into iron ore
and coke production.

                           Ratings List

                     United States Steel Corp.

    Corporate credit rating                        BB/Stable/--

                            New Rating

        $500 million senior unsecured notes due 2020   BB
         Recovery rating                               3


USEC INC: Board Approves Annual Performance Objectives & Targets
----------------------------------------------------------------
The Compensation Committee of the Board of Directors of USEC Inc.
approved on March 11, 2010, the annual performance objectives and
targets that will be used to determine the annual incentive awards
for its named executive officers and other participants under the
annual incentive program under the USEC Inc. 2009 Equity Incentive
Plan for 2010.  The 2010 annual incentive awards for the Named
Executive Officers will be based on a combination of corporate
financial performance measures, weighted 55%, and individual
performance measures, weighted 45%.

The Company corporate financial performance measures for 2010 are
to achieve for the year ended December 31, 2010: (1) a targeted
gross profit margin percentage; (2) a targeted cash flow from
operations before American Centrifuge project expenses, interest
and taxes; (3) a targeted selling, general and administrative
expense, not including other compensation and stock based
compensation; (4) a measure of the cash received from the
resolution of outstanding incurred cost submissions and the
approval of revised billing rates in the government services
segment; and (5) a targeted total shareholder return, as measured
by the Company's total shareholder return compared to the S&P 500
total shareholder return.  The individual performance goals for
2010 will consist of individual key performance objectives.

For 2010, annual incentive awards for the Named Executive Officers
and other participants will be paid 100% in cash, although a
participant can elect to receive any portion of his annual
incentive award in the form of restricted stock and receive an
incentive payment of restricted stock equal to 20% of the portion
of the annual incentive that he took in restricted stock in lieu
of cash.  The Compensation Committee retains the discretion to
direct that a portion of a participant's annual incentive be paid
in restricted stock if such participant is not making sufficient
progress in achieving or maintaining his stock ownership
guidelines.  Previously, awards were generally paid 65% in cash
and 35% in restricted stock, although a participant who had met
his stock ownership guidelines was eligible to receive all of his
annual incentive award in cash.

                          About USEC Inc.

Headquartered in Bethesda, Maryland, USEC Inc. (NYSE: USU) --
http://www.usec.com/-- a global energy company, is a supplier of
enriched uranium fuel for commercial nuclear power plants.

At December 31, 2009, the Company had total assets of
$3.532 billion against total current liabilities of
$1.082 billion, long-term debt of $575.0 million and total other
long-term liabilities of $598.9 million, resulting in
stockholders' equity of $1.275 billion.

                            *    *    *

According to the Troubled Company Reporter on Dec. 30, 2009,
USEC Inc. has a revolving credit that matures in August and a
corporate rating from Standard & Poor's that recently declined one
click to CCC+, matching the action taken on Dec. 18 by Moody's
Investors Service.


UTSTARCOM INC: Submits 2009 Annual Report with SEC
--------------------------------------------------
UTStarcom Inc. filed its annual report Form 10-K for the fiscal
year ended December 31, 2009, with the Securities and Exchange
Commission.

According to the Troubled Company Reporter on March 16, 2010, the
company reported financial results for the fourth quarter of 2009
and for the full year ended December 31, 2009.

The Company reported a net loss of $39.3 million on $116.3 million
of net sales for the three months ended Dec. 31, 2009, compared
with a net loss of $80.9 million net loss on $241.0 million of net
sales for the same period a year earlier.

Net sales for the year 2009 were $386 million as compared to
$1.6 billion for the year 2008.  Gross profit for the year 2009
was $65 million as compared to $261 million for the year 2008.
Gross margins for the year 2009 were 17% as compared to 16% in
2008.  The operating loss for the full year 2009 and 2008 was
$219 million and $176 million, respectively.

"I am pleased we managed to deliver sequential revenue growth in
the fourth quarter, particularly as we have repositioned the
Company to focus on our core IP-based technology.  Our fourth
quarter results also reflect continued progress towards executing
our restructuring aimed at returning the Company to
profitability," said Peter Blackmore, UTStarcom's chief executive
officer and president.

The Company's balance sheet at Dec. 31, 2009, showed
$929.1 million in total assets and $672.9 million in total
liabilities for a $256.1 million stockholders' equity.

Net cash, cash equivalents and short-term investments as of
December 31, 2009 was $267 million compared to $314 million on
December 31, 2008.  The cash balance of $267 million includes
$7 million deposit related to the sale of the Company's Hangzhou
facility, and the remaining net proceeds are expected to be
received upon closing of the transaction.

A full-text copy of the Company's earnings release is available
for free at http://ResearchArchives.com/t/s?58fb

A full-text copy of the Company's 2009 annual report is available
for free at http://ResearchArchives.com/t/s?59f4

                      Going Concern Doubt

At September 30, 2009, the Company's consolidated balance sheets
showed $1.004 billion in total assets, $707.0 million in total
liabilities, and $297 million in total stockholders' equity.

The Company incurred net losses of $150.3 million, $195.6 million
and $117.3 million during the years ended December 31, 2008, 2007,
and 2006, respectively.  During the nine months ended
September 30, 2009, the Company incurred a net loss of
$186.3 million.  The Company recorded operating losses in 18 of
the 19 consecutive quarters in the period ended September 30,
2009.  At September 30, 2009, the Company had an accumulated
deficit of $1.03 billion.  The Company incurred net cash outflows
from operations of $55.2 million and $225.1 million in 2008 and
2007 respectively.  Cash used in operations was $89.2 million
during the nine months ended September 30, 2009.  The Company
said it expects to continue to incur losses and negative cash
flows from operations over at least the remainder of 2009.

The Company's only committed source for borrowings is a credit
facility in China.  During the third quarter of 2009, a
$263.5 million credit facility expired and was not renewed.  The
remaining approximately $58.6 million credit facility expires in
the fourth quarter of 2009.

While improvements in operating results, cash flows and liquidity
are anticipated as management's initiatives to control and reduce
costs while maintaining and growing its revenue base are fully
implemented, the Company believes its recurring losses and
expected negative cash flows from operations raise substantial
doubt about its ability to continue as a going concern.  The
Company's  independent registered public accounting firm included
an explanatory paragraph highlighting this uncertainty in the
Company's annual Report on Form 10-K for the year ended
December 31, 2008.

                          About UTStarcom

UTStarcom, Inc. (Nasdaq: UTSI) -- http://www.utstar.com/-- is a
global leader in IP-based, end-to-end networking solutions and
international service and support.  The Company sells its
solutions to operators in both emerging and established
telecommunications markets around the world.  UTStarcom enables
its customers to rapidly deploy revenue-generating access services
using their existing infrastructure, while providing a migration
path to cost-efficient, end-to-end IP networks.  The Company was
founded in 1991 and is headquartered in Alameda, California.


VIANT HOLDINGS: S&P Raises Counterparty Credit Rating to 'B+'
-------------------------------------------------------------
Standard & Poor's Ratings Services said it raised its counterparty
credit rating on Viant Holdings Inc. to 'B+' from 'B' and removed
the rating from CreditWatch, where it was placed with positive
implications on Aug. 5, 2009.  The outlook is stable.  Standard &
Poor's subsequently withdrew its counterparty credit rating on
Viant.

At the same time, S&P raised its issue-level rating on Viant's
$185 million 10 1/8% senior subordinated notes to 'B-' from 'CCC+'
and removed the rating from CreditWatch, where it was placed with
positive implications on Aug. 5, 2009.  The recovery rating
remains unchanged at '6', indicating S&P's expectation for
negligible (0%-10%) recovery for lenders in the event of a payment
default.

"The rating actions follow the announcement that MultiPlan has
completed its acquisition of Viant," said Standard & Poor's credit
analyst James Sung.  "As part of the transaction, MultiPlan used
proceeds from its new $315 million incremental term loan due in
April 2013 under existing senior secured credit facilities to
repay Viant's senior secured credit facilities, of which
$264.7 million was outstanding at the time of the transaction."

Viant's $185 million 10 1/8% senior subordinated notes due in 2017
remain as part of MultiPlan's consolidated debt structure, and
MultiPlan and Viant now have cross guarantees on their respective
debt issues.

"S&P raised its rating on Viant's senior subordinated notes to
reflect standard notching, which is two notches below the 'B+'
counterparty credit rating on MultiPlan, for the '6' recovery
rating on the notes," said Mr. Sung.

The '6' recovery rating indicates S&P's expectation for negligible
(0%-10%) recovery for lenders in the event of a payment default.


VINEYARD NATIONAL: Files Monthly Report In Lieu of Form 10-K
------------------------------------------------------------
Vineyard National Bancorp said it is unable to its annual report
on Form 10-K for the year ended December 31, 2009, within the
prescribed time period, without unreasonable effort or expense,
because:

   * it has not yet filed its Annual Report on Form 10-K for the
     year ended December 31, 2008, for the reasons described in
     the Notification of Late Filing for the 2008 Form 10-K filed
     with the Securities Exchange Commission on April 1, 2009;

   * it has not yet filed its Quarterly Report on Form 10-Q for
     the quarter ended March 31, 2009, for the reasons described
     in the Notification of Late Filing for the March 2009 Form
     10-Q filed with the SEC on May 18, 2009;

   * it has not yet filed its Quarterly Report on Form 10-Q for
     the quarter ended June 30, 2009, for the reasons described in
     the Notification of Late Filing for the June 2009 Form 10-Q
     filed with the SEC on August 17, 2009;

   * it has not yet filed its Quarterly Report on Form 10-Q for
     the quarter ended September 30, 2009, for the reasons
     described in the Notification of Late Filing for the
     September 2009 Form 10-Q filed with the SEC on November 13,
     2009;

   * for the reasons described below under "Chapter 11 Case," the
     Company's independent external auditors were unable to
     complete the year-end audit of the Company's consolidated
     financial statements to enable the preparation of unaudited
     interim financial statements for subsequent quarterly
     periods;

   * for the reasons described in the Current Report on Form 8-K
     filed with the SEC on October 7, 2009, the Company was
     notified on October 2, 2009, of the resignation of its
     independent external auditors effective as of that date; and

   * for the reasons described below under "Chapter 11 Case," the
     Company lacks the available resources, qualified personnel
     and necessary records needed to complete such financial
     statements and filing of such periodic reports with the SEC.

Instead, the Company filed its Chapter 11 Monthly Operating
Reports which are required to be submitted to the Office of the
United States Trustee.

A full-text copy of the company's MOR for February is available
for free at http://ResearchArchives.com/t/s?5985

Vineyard National Bancorp (NASDAQ: VNBC) (AMEX: VXC.PR.D) --
http://www.vineyardbank.com/-- was the financial holding company,
which provides a variety of lending and depository services to
businesses and individuals through its wholly owned subsidiary,
Vineyard Bank, National Association.

Vineyard Bank was closed July 17 by regulators, which appointed
the Federal Deposit Insurance Corporation as receiver.  To protect
the depositors, the FDIC entered into a purchase and assumption
agreement with California Bank & Trust, San Diego, California, to
assume all of the deposits of Vineyard Bank, N.A., excluding those
from brokers.

As of March 31, 2009, Vineyard Bank, N.A., had total assets of
$1.9 billion and total deposits of approximately $1.6 billion.  In
addition to assuming all of the deposits of the failed bank,
California Bank & Trust agreed to purchase approximately
$1.8 billion of assets.  The FDIC will retain the remaining assets
for later disposition.  California Bank & Trust purchased all
deposits, except about $134 million in brokered deposits, held by
Vineyard Bank, N.A.

Vineyard National Bancorp filed for Chapter 11 on June 21, 2009
(Bankr. C.D. Calif. Case No. 09-26401).


WASHINGTON MUTUAL: Bank Creditors, Shareholders Review Settlement
-----------------------------------------------------------------
Peg Brickley at Dow Jones' Daily Bankruptcy Review says lawyers
for creditors of Washington Mutual Bank are still reviewing their
options in connection with the settlement announced Friday by
Washington Mutual Inc., WaMu's former owner, new owner J.P. Morgan
Chase & Co., and the Federal Deposit Insurance Corp.

Ms. Brickley also relates that WaMu's shareholders and preferred
shareholders are deliberating what, if anything, they can do about
the settlement.  Ms. Brickley says WaMu shareholders have vowed to
block the pact, which gives them nothing.  Ms. Brickley also says
preferred shareholders "are still running the numbers on what the
Washington Mutual settlement does for them and coming up with a
recovery of about 10 cents on the dollar for the deal."

As reported by the Troubled Company Reporter on March 15, 2010,
Washington Mutual Inc. said the significant terms of the
settlement have been read into the record of the United States
Bankruptcy Court for the District of Delaware, which oversees the
bank holding company's chapter 11 bankruptcy cases.

Ms. Brickley relates the settlement ends most of the litigation
involving the parties and gives WMI $6 billion to distribute
through a Chapter 11 liquidation plan.  It also gives the FDIC
$1.5 billion to offer WaMu's creditors as an enticement to win
their support for the settlement.  The report says JPMorgan stands
to get $2.1 billion in cash and trust preferred securities valued
at $4 billion, as well as a lawsuit shield worth $1.4 billion.
JPMorgan paid $1.9 billion for WaMu.

According to Ms. Brickley, Brian Rosen, Esq., at Weil, Gotshal &
Manges, counsel to WMI, said that the settlement hangs on making
the claims of WaMu bondholders against the former parent company
disappear, either:

     -- WaMu's bondholders voluntarily drop their claims and
        accept what they're being offered by an FDIC-run
        receivership, a fund of money that gets $1.5 billion out
        of the settlement; or

     -- the bondholders can lose a bankruptcy court fight over
        their claim for damages from the former parent company.

WaMu will appear before the Court in April to seek to squash the
bankruptcy claims filed by the bank's creditors.

"At the end of the day, if the (WaMu) bondholders are not
supportive of the transaction, it would still go forward as long
as the court makes a determination that they didn't have claims
against" Washington Mutual, Mr. Rosen said, according to Ms.
Brickley.  "What we want to avoid is them recovering twice."

                    About Washington Mutual

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

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

Peter Calamari, Esq., and David Elsberg, Esq., at Quinn Emanuel
Urquhart Oliver & Hedges, LLP served as legal counsel to WMI with
responsibility for the litigation.  Brian Rosen, Esq., at Weil,
Gotshal & Manges LLP served as legal counsel to WMI with
responsibility for the chapter 11 case.

Bankruptcy Creditors' Service Inc. publishes Washington Mutual
Bankruptcy News.  The newsletter tracks the Chapter 11 proceedings
of Washington Mutual Inc. (http://bankrupt.com/newsstand/or
215/945-7000).


WATERFALL COUNTRY CLUB: Voluntary Chapter 11 Case Summary
---------------------------------------------------------
Debtor: Waterfall Country Club, LLC
        1105 Waterfall Drive
        Clayton, GA 30525

Bankruptcy Case No.: 10-21133

Chapter 11 Petition Date: March 15, 2010

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

Judge: Robert Brizendine

Debtor's Counsel: George M. Geeslin, Esq.
                  Eight Piedmont Center, Suite 550
                  3525 Piedmont Road, N.E.
                  Atlanta, GA 30305-1565
                  Tel: (404) 841-3464
                  Fax: (404) 816-1108
                  Email: geeslingm@aol.com

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

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

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

The petition was signed by J.T. Williams.

Debtor-affiliate that filed separate Chapter 11 petition:

                                                    Petition
   Debtor                              Case No.      Date
   ------                              --------      ----
Lake Burton Development, LLC           09-22830     7/10/09
Waterfall Water and Sewer, LLC         10-21134     3/15/10
  Assets: $1 million to $10 million
  Debts:  $50,000 to $100,000


WELLINGTON PARK: Chapter 11 Case Dismissed; Bank Forecloses
-----------------------------------------------------------
Warren Kagarise at Issaquah Press reports that a federal
bankruptcy judge dismissed the Chapter 11 bankruptcy case of
Wellington Park Pointe LLC after it withdrew a plan to finance and
build its Park Pointe development.  The dismissal paved way for
Regal Financial Bank to foreclose Park Pointe and take control of
the Tiger Mountain land near Issaquah High School.

Wellington Park Pointe LLC is a real estate developer.  It filed
for bankruptcy in U.S. Bankruptcy Court in Tacoma to restructure a
loan from Regal Financial Bank of Seattle.  The Company failed to
make payments on a loan from the bank and defaulted $12 million in
June.  The company held $29 million in assets, but owes about $15
million.


WORLDSPACE INC: Gets Plan Exclusivity Until April 17
----------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware entered an
order extending WorldSpace Inc.'s exclusive period to propose a
Chapter 11 plan until April 17 and the Debtor's exclusive period
to solicit acceptances of the plan until June 17.

As reported in the Troubled Company Reporter on February 10, 2010,
the Debtors are negotiating a strategic transaction with their DIP
financing provider, Liberty Satellite Radio, Inc.  The Debtor
would use the money to pay certain critical expenses and conclude
negotiations.

Liberty has agreed to provide up to $1 million in additional
funding to enable the Debtors to, among other things, meet their
payroll obligations. Liberty is the only available source of
financing for the Debtors, and is wiling to fund the Debtors'
operating expenses.

                       About WorldSpace Inc.

WorldSpace, Inc. (WRSPQ.PK) -- http://www.1worldspace.com/--
provides satellite-based radio and data broadcasting services to
paying subscribers in 10 countries throughout Europe, India, the
Middle East, and Africa.  1worldspace(TM) satellites cover two-
thirds of the earth and enable the Company to offer a wide range
of services for enterprises and governments globally, including
distance learning, alert delivery, data delivery, and disaster
readiness and response systems.  1worldspace(TM) is a pioneer of
satellite-based digital radio services.

The Debtors and their affiliates operate two geostationary
satellites, AfriStar and Asia Star, which are in orbit over Africa
and Asia.  The Debtor and two of its affiliates filed for Chapter
11 bankruptcy protection on October 17, 2008 (Bankr. D. Del., Case
No. 08-12412 - 08-12414).  James E. O'Neill, Esq., Laura Davis
Jones, Esq., and Timothy P. Cairns, Esq., at Pachulski Stang Ziehl
& Jones, LLP, represent the Debtors as counsel.  Neil Raymond
Lapinski, Esq., and Rafael Xavier Zahralddin-Aravena, Esq., at
Elliot Greenleaf, represent the Official Committee of Unsecured
Creditors.  When the Debtors filed for bankruptcy, they listed
total assets of $307,382,000 and total debts of $2,122,904,000.


XECHEM INTERNATIONAL: Founder's Amended Claim Upheld in Part
------------------------------------------------------------
WestLaw reports that an amended proof of claim filed by the
founder and former officer of a corporate Chapter 11 debtor,
which, in addition to the unpaid compensation and loan repayment
claims asserted in the original proof of claim, also added claims
to recover severance pay, to enforce the debtor's indemnification
obligations, and to recover in tort for valuable personal property
that the founder lost when he was locked out of the debtor's
offices, generally related back to the date that the original
proof of claim was filed, except to the extent of the personal
property claim sounding in tort.  The other added claims, like
those asserted in the original proof of claim, all arose out of
same employment agreements and corporate bylaws, and added a total
of only $247,094 to the founder's original $1,669,000 claim.  In
re Xechem Intern., Inc., --- B.R. ----, 2010 WL 715504 (Bankr.
N.D. Ill.).

Headquartered in New Brunswick, New Jersey, Xechem International,
Inc. (PINKSHEETS: XKEM) is a holding company that owns all of the
capital stock of Xechem, Inc., a development stage
biopharmaceutical company engaged in the research and technology
development of generic and drugs from natural sources.  Research
and development efforts focus principally on antifungal,
anticancer, antiviral (including anti-AIDS) and anti-inflammatory
compounds, well as anti-aging and memory enhancing compounds.
Xechem is also focusing on phytopharmaceuticals and other
technologies for orphan diseases.

Xechem Inc. and XECHEM International, Inc. --
http://www.xechem.com/--sought chapter 11 protection (Bankr. N.D.
Ill. Case Nos. 08-30512 and 08-30513) on Nov. 9, 2008.  The
debtors are represented by Deborah W. Fallis, Esq., at Heller,
Draper, Hayden, Patrick LLC in New Orleans, La.  At the time of
the filing, the debtors estimated their assets and debts in the
$10 million to $50 million range.


XOMA LIMITED: Gets Anticipated Non-Compliance Notice From NASDAQ
----------------------------------------------------------------
XOMA Ltd. has received a Staff Determination letter from The
NASDAQ Stock Market LLC indicating that the company has not
regained compliance with the minimum $1.00 per share requirement
for continued inclusion on The NASDAQ Global Market, pursuant to
NASDAQ Listing Rule 5450(a)(1) . As a result, the company's common
shares would be subject to delisting from The NASDAQ Global Market
unless XOMA requests a hearing before a NASDAQ Listing
Qualifications Panel (the "Panel"). Accordingly, XOMA intends to
timely request a hearing before the Panel, which request will stay
the delisting of the company's common shares pending the issuance
of the Panel's decision following the hearing.

At the hearing, XOMA intends to request continued listing on The
NASDAQ Global Market based upon its plan for regaining compliance
with the minimum bid price requirement. Pursuant to Listing Rule
5815(c), the Panel has the authority to grant XOMA up to an
additional 180 days from the date of the Staff Determination
letter of March 16, 2010 (i.e., until September 13, 2010) to
implement its plan of compliance. However, there can be no
assurance that the Panel will grant XOMA's request for continued
listing on The NASDAQ Global Market.

As announced on September 21, 2009, XOMA received notice from
NASDAQ that for the 30 consecutive business days preceding
September 15, 2009, the bid price of its common shares closed
below the minimum $1.00 per share required under Listing Rule
5450(a)(1). In accordance with Listing Rule 5810(c)(3)(A), XOMA
had 180 calendar days, or until March 15, 2010, to regain
compliance with this requirement.

                              About XOMA

XOMA discovers, develops and manufactures antibody therapeutics
designed to treat inflammatory, autoimmune, infectious and
oncological diseases. The company's proprietary product pipeline
includes XOMA 052, an anti-IL-1 beta antibody, and XOMA 3AB, a
biodefense anti-botulism antibody candidate.


YRC WORLDWIDE: KPMG LLP Raises Going Concern Doubt
--------------------------------------------------
On March 16, 2010, YRC Worldwide Inc. filed its annual report on
Form 10-K for the year ended December 31, 2009, with the
Securities and Exchange Commission.

KPMG LLP, in Kansas City, Missouri, expressed substantial doubt
about YRC Worldwide Inc.'s ability to continue as a going concern
in its report on the Company's consolidated financial statements
as of and for the year ended December 31, 2009.  The independent
auditors noted that the Company has experienced significant
declines in operations, cash flows, and liquidity.

The Company reported a net loss of $622.0 million on
$5.283 billion of revenue for 2009, as compared to a net loss of
$976.4 million on $8.940 billion of revenue for 2008.

The Company's balance sheet as of Dec. 31, 2009, showed
$3.032 billion in assets, $2.865 billion and of debts, and
$167.2 million of stockholders' equity.

A full-text copy of the annual report is available for free at:

               http://researcharchives.com/t/s?5982

Overland Park, Kansas-based YRC Worldwide Inc., one of the largest
transportation service providers in the world, is a holding
company that through wholly owned operating subsidiaries offers a
wide range of transportation services.  These services include
global, national and regional transportation as well as logistics.


* Blackstone Said to Weigh Raising $1 Billion for Failed Banks
--------------------------------------------------------------
Blackstone Group LP is in preliminary talks to raise $1 billion to
buy failed banks, Bloomberg News reported, citing a person with
knowledge of the discussions.

New York-based Blackstone is the world's largest private-equity
firm.

Blackstone is working with R. Brad Oates, a former president of
Bluebonnet Savings Bank, to raise the funds for a blind pool,
Bloomberg reported, citing the unidentified person.

Forty-five insured institutions with combined assets of
$65.0 billion failed during the fourth quarter of 2009, at an
estimated cost of $10.2 billion.  For all of 2009, 140 FDIC-
insured institutions with assets of $169.7 billion failed, at an
estimated cost of $37.4 billion.  This was the largest number of
failures since 1990 when 168 institutions with combined assets of
$16.9 billion failed.

In its quarterly banking profile, the Federal Deposit Insurance
Corp. said that the number of institutions on its "Problem List"
rose to 702 at the end of 2009, from 552 at the end of the third
quarter and 252 at the end of 2008.


* 1st Service Solutions Announces Partnership With BSC Group
------------------------------------------------------------
1st Service Solutionshas formed a strategic partnership with The
BSC Group to exclusively provide loan restructuring services to
self-storage owners and investors with distressed properties.

Through this collaboration, 1st Service Solutions and The BSC
Group, a Chicago-based commercial real estate financing advisory
firm that specializes in the self-storage industry, will assist
self-storage property owners by creating strategic loan
restructuring and workout packages, handling all aspects of loan
assumptions and originations, preparing clients for the workout
process, and advocating on behalf of the borrower during lender
negotiations.  As a result, clients will be able to obtain lower
interest rates, reduced monthly payments, and modified loan terms
for their distressed properties.

"We are excited to join forces with The BSC Group -- a leading
advisory firm in the self-storage industry -- to offer specialized
loan restructuring services to propertyy owners," said Ann Hambly,
President and Chief Executive Officer of 1st Service Solutions.
"In today's uncertain market, property owners need to explore all
options available, and we look forward to working with them to
find the best solution to meet their needs."

"Given our firms' respective experience and expertise in CMBS
markets, there clearly is an overlap in our client and prospect
profiles.  This alliance presents an extraordinary opportunity to
capitalize upon a cross-pollination of services that will provide
both companies with additional business opportunities," said Shawn
Hill, a BSC Group principal.

                        1st Service Solutions

Founded in 2005, 1st Service Solutions --
http://www.1stservicesolutions.com-- was the first firm dedicated
to serving as a borrower advocate in loan restructuring and
assumptions. Its visionary leaders, with deep experience in the
servicing industry, recognized the need for a borrower advocate,
even before the collapse of the commercial real estate market.
Since its creation, 1st Service Solutions has resolved more than
$2 billion in loans for its clients.

                             The BSC Group

Based in Chicago, The BSC Group -- http://www.thebscgroup.com--
offers financial and loan advisory, mortgage brokerage and workout
solutions to commercial real estate property owners and investors,
with a special emphasis on the self-storage market.  Through its
capital source network, The BSC Group provides clients with access
to debt and equity financing for commercial real estate
investments nationwide.


* 5 Bankruptcy Attorneys Join Sullivan & Worcester
--------------------------------------------------
Sullivan & Worcester LLP said Monday a five-member team led by
Partners Richard Hiersteiner and Jeanne P. Darcey has joined the
firm's Bankruptcy, Reorganization & Creditors' Rights Group.  The
experienced lawyers will continue to serve their domestic and
international clients, and help the firm address the increasing
demand for services arising in the area of business bankruptcy,
defaulted public debt, and out-of-court restructurings.

According to data released in early March by the Administrative
Office of the U.S. Courts, business bankruptcy filings in 2009
were up 40% from 2008.

"With bankruptcy- and insolvency-related issues still clearly on
the rise, this is a strategically important area for the firm,"
said William J. Curry, Sullivan & Worcester's co-managing partner.
"The extensive national experience that Dick, Jeanne and their
colleagues bring to Sullivan & Worcester adds new depth to, and
complements, our firm's ability to provide comprehensive legal
counsel to new and existing clients who are facing these difficult
situations."

Sullivan & Worcester's new bankruptcy lawyers include:

     (A) Richard Hiersteiner, Partner

Dick Hiersteiner has over 30-years experience representing secured
and unsecured creditors, lessors and lessees, holders of public
and private debt and indenture trustees in all aspects of
workouts, bankruptcy and reorganization and purchasers and sellers
of distressed assets, including purchasers of assets out of
bankruptcy. He also advises clients with respect to bankruptcy
implications for commercial and financial transactions and
structuring and litigation strategies. He was most recently a
partner with Edwards Angell Palmer & Dodge LLP's Restructuring &
Insolvency Department.

He is also experienced in representing institutional investors in
net-lease financing, leveraged leases of equipment, real estate
mortgage financing, and secondary mortgage market transactions and
financial derivatives. He received his J.D. from Harvard Law
School and is a magna cum laude graduate of Williams College.

     (B) Jeanne P. Darcey, Partner

Jeanne Darcey has over 25-years experience representing debtors,
secured and unsecured creditors, indenture trustees, and
bondholders across the capital structure in workouts, out-of-court
restructurings, liquidations, and Chapter 11 proceedings. She
frequently advises clients concerning bankruptcy issues in
structuring transactions, bankruptcy litigation and other
strategies involving defaulted securities.

A former co-chair of Edwards Angell Palmer & Dodge LLP's
Restructuring & Insolvency Department, she is a frequent lecturer
on bankruptcy issues. In October 2009, she spoke at the National
Conference of Bankruptcy Judges on employee issues in bankruptcy.
She received her J.D. from Suffolk University Law School and is a
magna cum laude graduate of Boston College.

     (C) Amy A. Zuccarello, Associate

Amy practices in the areas of business restructuring, workouts and
bankruptcy. Her experience includes the representation of
creditors, including indenture trustees, lenders and landlords in
complex debt restructurings and insolvency matters. Amy has
extensive transactional experience in commercial aircraft
transactions, including restructurings, aircraft sales and leases,
and both public and private asset securitizations. She received
her J.D., cum laude, from Boston College Law School and is a summa
cum laude graduate of Boston University.

     (D) Judy A. Groves, Associate

Judy focuses her practice in the areas of bankruptcy and
reorganizations, representing both secured and unsecured lenders
as well as Chapter 11 debtors. She is also a qualified English
Chartered Accountant and practiced for several years in the United
Kingdom, where she lectured extensively on accounting and finance
issues. She also served as a law clerk to the Honorable Carol J.
Kenner of the U.S. Bankruptcy Court in Boston. Judy received her
J.D., cum laude, from Boston College Law School and is a cum laude
graduate of the University of Southampton in the United Kingdom.

     (E) Charlotte Bodell, Associate

Charlotte advises clients in the areas of bankruptcy,
reorganization, workouts and finance. She received her J.D. from
Suffolk University Law School and her B.S. from Northeastern
University.

                    About Sullivan & Worcester

Sullivan & Worcester LLP -- http://www.sandw.com/-- is a
corporate law firm providing counsel to domestic and international
clients ranging from Fortune 500 companies to emerging businesses.
With more than 185 lawyers in Boston, New York and Washington,
D.C., the firm offers services in a wide range of areas, including
corporate finance, securities, litigation, mergers and
acquisitions, tax, real estate, private equity and venture
capital, bankruptcy, regulatory law, and employment and benefits.
Sullivan & Worcester is also recognized for its representation of
REITs and its deep expertise in mutual fund law.


* Judge Lifland Honored at Duberstein Dinner in New York
--------------------------------------------------------
Nick Elliott at Dow Jones' Daily Bankruptcy Review says, amid talk
that the bankruptcy business is in something of a lull, some long-
term perspective is provided by Judge Burton Lifland.  Mr. Elliott
relates that Judge Lifland on Monday reflected on how much the
practice of bankruptcy law has advanced during his time on the
bench.  On the other hand, Judge Lifland said, he looks around at
the luxury cars being driven these days by his fellow bankruptcy
professionals and says "I just wonder what's going on in the
country."

Judge Lifland has served for 30 years as a bankruptcy judge for
the Southern District of New York.  DBR says Judge Lifland was
honored Monday night at the annual Duberstein dinner in New York.

Mr. Elliott also relates that Ray Warner, an organizer of the
dinner who also heads up the bankruptcy law program at St. John's
University School of Law, said enrollment and interest in his
courses is "way up," as is interest among other law students in
taking bankruptcy elective courses.


* NewOak Names Donald Layton as Investment Committee Co-Chairman
----------------------------------------------------------------
NewOak Capital LLC announces the appointment of Donald H. Layton
as Senior Advisor and Co-Chairman of its Investment Committee.  He
will take a lead role in developing the firm's private equity
vehicle for bank recapitalization investments, assisting in the
identification and full evaluation of investment opportunities as
well as providing ongoing advice regarding strategic and
operational improvements for the banks in the firm's investment
portfolio.

"We value Don's tremendous wealth of proven experience and
leadership in the financial industry, both as Vice Chairman at
J.P. Morgan Chase and as Chairman & CEO of E*Trade Financial
Corporation, where he led their turnaround to financial health.
Don's in-depth banking industry expertise will greatly enhance and
complement NewOak Capital's state-of-the-art credit loss
estimation, asset valuation and restructuring, and broad financial
industry advisory capabilities.  NewOak Capital will benefit
greatly by Don's invaluable role on the Board of Advisors of
NewOak Capital in providing ongoing strategic advice on the
overall direction of the Firm.  We are delighted to be working
closely with Don to take advantage of unparalleled opportunities
in the banking space for NewOak Capital's clients and grow the
firm," says Ron D'Vari, CEO and Co-Founder.

Mr. D'Vari states, "I am excited to be helping NewOak Capital with
its bank recapitalization investment initiatives, which I believe
to be one of the most creative opportunities in the field of bank
investing today.  More broadly, I think Ron and his associates at
NewOak Capital have developed, in just a short time, a firm with
great potential to grow beyond its core industry-leading expertise
in structured securities, and I look forward to helping them to do
just that."

Donald H. Layton was Chairman of E*TRADE Financial Corporation
from November 2007, and additionally Chief Executive Officer from
March 2008, retiring from both positions in December 2009.
Previously, he had retired from JP Morgan Chase in 2004 after 29
years at the firm and its predecessors, serving most recently as
Vice Chairman and a member of its three-person Office of the
Chairman, as well as its Executive Committee.  Mr. Layton also
serves as a director of Assured Guaranty Ltd, a leading provider
of financial guaranty and credit enhancement products.  He has
served as a Senior Advisor to The Securities Industry and
Financial Markets Association, and is a member of the Federal
Reserve Bank of New York's Capital Markets Advisory Committee and
the Massachusetts Institute of Technology Visiting Committee for
Economics.  Mr. Layton received Bachelor and Master of Science
degrees in economics from the Massachusetts Institute of
Technology, and a Master of Business Administration degree from
Harvard University.

                        About NewOak Capital

NewOak Capital -- http://www.newoakcapital.com/-- is an advisory,
asset management and capital markets firm organized to serve as an
ally to institutions in addressing the challenges of the global
credit markets.  Using an integrated analytics platform, the
Company provides analysis, valuation, restructuring, risk transfer
and investment management solutions and services to financial
institutions and other investors.  The NewOak Capital team
consists of more than 55 professionals with an average of more
than 17 years of experience across multiple asset classes and
credit cycles.  The Company's experts incorporate the interaction
of residential/commercial, consumer, and corporate credits via
capital markets, financial institutions, corporate
spending/capital needs, and consumer behavior.


* Chapter 11 Cases with Assets & Liabilities Below $1,000,000
-------------------------------------------------------------
Recent Chapter 11 cases filed with assets and liabilities below
$1,000,000:

In Re Coogan Preston
      Heidi Preston
  Bankr. N.D. Ala. Case No. 10-80948
     Chapter 11 Petition Filed March 10, 2010
         See http://bankrupt.com/misc/alnb10-80948p.pdf
         See http://bankrupt.com/misc/alnb10-80948c.pdf

In Re Eldan Properties LLC
   Bankr. Ariz. Case No. 10-06415
      Chapter 11 Petition Filed March 10, 2010
         Filed As Pro Se

In Re Patrice Michelle Kolebuck
   Bankr. C.D. Calif. Case No. 10-18859
      Chapter 11 Petition Filed March 10, 2010
         Filed As Pro Se

In Re Amy Emiko Awtrey Trust
  Bankr. N.D. Calif. Case No. 10-42626
     Chapter 11 Petition Filed March 10, 2010
         See http://bankrupt.com/misc/canb10-42626.pdf

In Re James DeWann Slayton, Sr.
      Tamara Barbara Slayton
  Bankr. M.D. Fla. Case No. 10-05340
     Chapter 11 Petition Filed March 10, 2010
         See http://bankrupt.com/misc/flmb10-05340.pdf

In Re Sharm, Inc.
   Bankr. S.D. Ill. Case No. 10-30549
     Chapter 11 Petition Filed March 10, 2010
         See http://bankrupt.com/misc/ilsb10-30549.pdf

In Re Arnie's Bowling & Recreation Center, Inc.
        dba Thunderbird Lanes
   Bankr. N.D. Ind. Case No. 10-30914
     Chapter 11 Petition Filed March 10, 2010
         See http://bankrupt.com/misc/innb10-30914p.pdf
         See http://bankrupt.com/misc/innb10-30914c.pdf

In Re Sanford Lamar Bailey
   Bankr. S.D. Miss. Case No. 10-00931
     Chapter 11 Petition Filed March 10, 2010
         See http://bankrupt.com/misc/mssb10-00931.pdf

In Re Ippolito And Son, LLC
   Bankr. N.J. Case No. 10-16952
     Chapter 11 Petition Filed March 10, 2010
         See http://bankrupt.com/misc/njb10-16952.pdf

In Re APSNY Inc.
   Bankr. N.D. Ohio Case No. 10-11921
     Chapter 11 Petition Filed March 10, 2010
         See http://bankrupt.com/misc/ohnb10-11921.pdf

In Re L.S. Sadler, Inc.
   Bankr. W.D. Pa. Case No. 10-70245
     Chapter 11 Petition Filed March 10, 2010
         See http://bankrupt.com/misc/pawb10-70245p.pdf
         See http://bankrupt.com/misc/pawb10-70245c.pdf

In Re M&M International Contractors Inc.
   Bankr. Puerto Rico Case No. 10-01831
     Chapter 11 Petition Filed March 10, 2010
         See http://bankrupt.com/misc/prb10-01831.pdf

In Re Elite Logistics Group, Inc.
   Bankr. M.D. Tenn. Case No. 10-02588
     Chapter 11 Petition Filed March 10, 2010
         See http://bankrupt.com/misc/tnmb10-02588.pdf

In Re SPPAB, LLC
        dba Luxor Contemporary Furniture
        fka Bellagio Contemporary Furniture
   Bankr. N.D. Texas Case No. 10-31741
     Chapter 11 Petition Filed March 10, 2010
         See http://bankrupt.com/misc/txnb10-31741.pdf

In Re Aero Jet Power Wash Company, Inc.
   Bankr. S.D. W.Va. Case No. 10-30194
     Chapter 11 Petition Filed March 10, 2010
         See http://bankrupt.com/misc/wvsb10-30194.pdf

In Re Adam & Eve Clothing Company LLC
   Bankr. W.D. Wash. Case No. 10-12655
     Chapter 11 Petition Filed March 10, 2010
         See http://bankrupt.com/misc/wawb10-12655.pdf

In Re David S. McMillan
   Bankr. N.D. Ala. Case No. 10-80975
     Chapter 11 Petition Filed March 11, 2010
         See http://bankrupt.com/misc/alnb10-80975.pdf

In Re Eric D. McMillan
   Bankr. N.D. Ala. Case No. 10-80976
     Chapter 11 Petition Filed March 11, 2010
         See http://bankrupt.com/misc/alnb10-80976.pdf

In Re Zoo, LLC
   Bankr. N.D. Ala. Case No. 10-80979
     Chapter 11 Petition Filed March 11, 2010
         See http://bankrupt.com/misc/alnb10-80979.pdf

In Re Alec Naman Catering, Inc.
        dba Naman's Middlebay Cafe
        dba Naman's at Magnolia Ballroom
        dba Naman's Catering
        dba Naman's at Stankey
   Bankr. S.D. Ala. Case No. 10-01073
     Chapter 11 Petition Filed March 11, 2010
         See http://bankrupt.com/misc/alsb10-01073.pdf

In Re Total Living Concepts LLC
   Bankr. Ariz. Case No. 10-06607
      Chapter 11 Petition Filed March 11, 2010
         Filed As Pro Se

In Re Aaron David Rafelle
        aka Aaron David Spore
   Bankr. C.D. Calif. Case No. 10-12750
      Chapter 11 Petition Filed March 11, 2010
         Filed As Pro Se

In Re Harold Franklin Mendenhall
        faw G&G Design, Inc.
        faw Mendenhall Productions, Inc.
        dba Mendenhall Productions
   Bankr. C.D. Calif. Case No. 10-19042
     Chapter 11 Petition Filed March 11, 2010
         See http://bankrupt.com/misc/cacb10-19042.pdf

In Re Lawrence K. C. Ko
        aka Lawrence Ko
        aka Lawrence Kwok Chuen Ko
        aka Kwok Chuen
   Bankr. N.D. Calif. Case No. 10-30823
     Chapter 11 Petition Filed March 11, 2010
         See http://bankrupt.com/misc/caeb10-26168.pdf

In Re Nationwide Parking Services of Shreveport, LLC
   Bankr. Colo. Case No. 10-15135
     Chapter 11 Petition Filed March 11, 2010
         See http://bankrupt.com/misc/cob10-15135p.pdf
         See http://bankrupt.com/misc/cob10-15135c.pdf

In Re Vaso Active Pharmaceuticals, Inc.
   Bankr. Del. Case No. 10-10855
     Chapter 11 Petition Filed March 11, 2010
         See http://bankrupt.com/misc/deb10-10855p.pdf
         See http://bankrupt.com/misc/deb10-10855c.pdf

In Re Dahl C. Phillips
      Jenny L. Phillips
   Bankr. M.D. Fla. Case No. 10-05458
     Chapter 11 Petition Filed March 11, 2010
         See http://bankrupt.com/misc/flmb10-05458.pdf

In Re CAC Transport, Inc.
   Bankr. S.D. Fla. Case No. 10-16080
     Chapter 11 Petition Filed March 11, 2010
         See http://bankrupt.com/misc/flsb10-16080.pdf

In Re Coastal Truss and Vinyl Siding, Inc.
        aka Coastal Cottage
   Bankr. S.D. Ga. Case No. 10-50220
     Chapter 11 Petition Filed March 11, 2010
         See http://bankrupt.com/misc/gasb10-50220.pdf

In Re Morgan Restaurant Ventures Inc.
        aka Good Morgan Kosher Fish
   Bankr. N.D. Ill. Case No. 10-10300
     Chapter 11 Petition Filed March 11, 2010
         See http://bankrupt.com/misc/ilnb10-10300.pdf

In Re A Quality Collision & Repair Center, Inc.
        dba Crash Doctor
   Bankr. S.D. Ind. Case No. 10-03053
     Chapter 11 Petition Filed March 11, 2010
         See http://bankrupt.com/misc/insb10-03053.pdf

In Re Automotive Services of Zionsville, Inc.
        dba A Quality Automotive
   Bankr. S.D. Ind. Case No. 10-03052
     Chapter 11 Petition Filed March 11, 2010
         See http://bankrupt.com/misc/insb10-03052.pdf

In Re Disaster Master Restoration/Cleaning, LLC
   Bankr. E.D. La. Case No. 10-10758
     Chapter 11 Petition Filed March 11, 2010
         See http://bankrupt.com/misc/laeb10-10758.pdf

In Re AVS Properties, LLC
   Bankr. Nev. Case No. 10-13969
     Chapter 11 Petition Filed March 11, 2010
         See http://bankrupt.com/misc/nvb10-13969.pdf

In Re The Periwinkle Group
         aka P Group
   Bankr. Nev. Case No. 10-13934
     Chapter 11 Petition Filed March 11, 2010
        Filed As Pro Se

In Re Amoskeag Inn Corporation
   Bankr. N.H. Case No. 10-11046
     Chapter 11 Petition Filed March 11, 2010
         See http://bankrupt.com/misc/nhb10-11046.pdf

In Re County Wide Realty, Inc.
        dba Century 21 Atlantic Realtors
   Bankr. N.J. Case No. 10-17018
     Chapter 11 Petition Filed March 11, 2010
         See http://bankrupt.com/misc/njb10-17018.pdf

In Re Four Seasons Wines & Liquors LLC
   Bankr. N.J. Case No. 10-16989
     Chapter 11 Petition Filed March 11, 2010
         See http://bankrupt.com/misc/njb10-16989.pdf

In Re Michael Alexander Antenucci
   Bankr. N.J. Case No. 10-17068
     Chapter 11 Petition Filed March 11, 2010
         See http://bankrupt.com/misc/njb10-17068.pdf

In Re Pride of Bayonne Lodge #461
   Bankr. N.J. Case No. 10-17025
     Chapter 11 Petition Filed March 11, 2010
         See http://bankrupt.com/misc/njb10-17025.pdf

In Re Richard Scott Sorge
   Bankr. N.J. Case No. 10-17070
     Chapter 11 Petition Filed March 11, 2010
         See http://bankrupt.com/misc/njb10-17070.pdf

In Re System Security Services Inc.
   Bankr. Puerto Rico Case No. 10-01882
     Chapter 11 Petition Filed March 11, 2010
         See http://bankrupt.com/misc/prb10-01882.pdf

In Re Corpus Christi Hardware, LLC
   Bankr. S.D. Texas Case No. 10-20213
     Chapter 11 Petition Filed March 11, 2010
         See http://bankrupt.com/misc/txeb10-40821.pdf

In Re Edward Marcus Asbury
    Bankr. S.D. Texas Case No. 10-20214
      Chapter 11 Petition Filed March 11, 2010
         See http://bankrupt.com/misc/txsb10-20214.pdf

In Re Anglers Marine Center, LLC
     dba Anglers Marine
   Bankr. S.D. Texas Case No. 10-20227
      Chapter 11 Petition Filed March 11, 2010
         See http://bankrupt.com/misc/txsb10-20227.pdf

In Re Mildred Elaine Sirmons
        aka Millie Sirmons
        aka Mildred Lynch
        fka Millie Manson
        fka Mildred Wiegand
        aka Mildred Sirmons
        fka Millie Wiegand
        aka Millie Lynch
   Bankr. W.D. Texas Case No. 10-10661
     Chapter 11 Petition Filed March 11, 2010
         See http://bankrupt.com/misc/txwb10-10661.pdf

In Re Brenda V. Silka
   Bankr. E.D. Va. Case No. 10-11811
     Chapter 11 Petition Filed March 11, 2010
         See http://bankrupt.com/misc/vaeb10-11811.pdf

In Re MS and SK Inc.
        dba Oyster Bay Inn and Restaurant
   Bankr. W.D. Wash. Case No. 10-12706
     Chapter 11 Petition Filed March 11, 2010
         See http://bankrupt.com/misc/wawb10-12706.pdf

In Re Singh 1-2-3 Inc.
   Bankr. W.D. Wash. Case No. 10-12719
     Chapter 11 Petition Filed March 11, 2010
         See http://bankrupt.com/misc/wawb10-12719.pdf

In Re T & M Petroleum, Inc.
        fdba T & M Petroleum, LLC
   Bankr. N.D. W.Va. Case No. 10-00495
     Chapter 11 Petition Filed March 11, 2010
         See http://bankrupt.com/misc/wvnb10-00495.pdf

In Re Desert Refrigeration & Heating Inc.
   Bankr. Ariz. Case No. 10-06723
      Chapter 11 Petition Filed March 12, 2010
         Filed As Pro Se

In Re KM Red Rock Events, LLC
   Bankr. Ariz. Case No. 10-06701
     Chapter 11 Petition Filed March 12, 2010
         See http://bankrupt.com/misc/azb10-06701.pdf

In Re Tiger Plumbing Inc.
   Bankr. Ariz. Case No. 10-06722
      Chapter 11 Petition Filed March 12, 2010
         Filed As Pro Se

In Re Renato R. Cuenca
      Perlita S. Cuenca
   Bankr. E.D. Calif. Case No. 10-26168
     Chapter 11 Petition Filed March 12, 2010
         See http://bankrupt.com/misc/caeb10-26168.pdf

In Re Munsill-Borden Mansion, LLC
   Bankr. Conn. Calif. Case No. 10-20772
      Chapter 11 Petition Filed March 12, 2010
         Filed As Pro Se

In Re Habana Cuba, LLC
   Bankr. Conn. Case No. 10-20774
     Chapter 11 Petition Filed March 12, 2010
         See http://bankrupt.com/misc/ctb10-20774.pdf

In Re Elevator Specialist, Inc.
        dba Elevator Specialists
   Bankr. N.D. Ga. Case No. 10-67408
     Chapter 11 Petition Filed March 12, 2010
         See http://bankrupt.com/misc/ganb10-67408.pdf

In Re Mubarak Corporation #3 Inc.
        dba Church's Chicken
   Bankr. N.D. Ga. Case No. 10-67336
     Chapter 11 Petition Filed March 12, 2010
         See http://bankrupt.com/misc/ganb10-67336.pdf

In Re Davis Neal Howard
      Arlene Howard
   Bankr. S.D. Ga. Case No. 10-50226
     Chapter 11 Petition Filed March 12, 2010
         See http://bankrupt.com/misc/gasb10-50226.pdf

In Re PAHRUMP 37.65, LLC
   Bankr. Nev. Case No. 10-14045
     Chapter 11 Petition Filed March 12, 2010
         See http://bankrupt.com/misc/nvb10-14045.pdf

In Re Carucci Development Corporation
        dba Carucci's Restaurant & Pub
   Bankr. N.J. Case No. 10-17242
     Chapter 11 Petition Filed March 12, 2010
         See http://bankrupt.com/misc/njb10-17242.pdf

In Re Emerich Giannotti
   Bankr. N.J. Case No. 10-17144
     Chapter 11 Petition Filed March 12, 2010
         See http://bankrupt.com/misc/njb10-17144.pdf

In Re MJ Olley Inc.
   Bankr. N.J. Case No. 10-17166
     Chapter 11 Petition Filed March 12, 2010
         See http://bankrupt.com/misc/njb10-17166.pdf

In Re T.S.B. Bearing Group America, Co.
   Bankr. N.J. Case No. 10-17246
     Chapter 11 Petition Filed March 12, 2010
         See http://bankrupt.com/misc/njb10-17246.pdf

In Re Carpet Depot, Inc.
   Bankr. E.D. N.Y. Case No. 10-71629
     Chapter 11 Petition Filed March 12, 2010
         See http://bankrupt.com/misc/nyeb10-71629.pdf

In Re Paulette Marie Long
        aka Office-C 220 Madison Avenue NY
        aka Endermologie-Cellulite Stud
   Bankr. S.D. N.Y. Calif. Case No. 10-11283
      Chapter 11 Petition Filed March 12, 2010
         Filed As Pro Se

In Re Coastal Press, Inc.
        dba Down East Printing
   Bankr. E.D. N.C. Case No. 10-01958
     Chapter 11 Petition Filed March 12, 2010
         See http://bankrupt.com/misc/nceb10-01958.pdf

In Re Royal Palms Developers at Fort Myers, LLC
   Bankr. N.D. Ohio Calif. Case No. 10-12049
      Chapter 11 Petition Filed March 12, 2010
         Filed As Pro Se

In Re Tansations LLC
   Bankr. M.D. Tenn. Case No. 10-02706
     Chapter 11 Petition Filed March 12, 2010
         See http://bankrupt.com/misc/tnmb10-02706.pdf

In Re 7722 Chapman Title Holding Trust
        aka Cala Grasio Apartments
   Bankr. E.D. Texas Case No. 10-40821
     Chapter 11 Petition Filed March 12, 2010
         See http://bankrupt.com/misc/txeb10-40821.pdf

In Re Randy Thomas Simonsen
   Bankr. Utah Case No. 10-22999
     Chapter 11 Petition Filed March 12, 2010
         See http://bankrupt.com/misc/utb10-2299p.pdf
         See http://bankrupt.com/misc/utb10-2299c.pdf

In Re Shannon Kirk Quillen
      Lisa Marie Quillen
   Bankr. E.D. Va. Case No. 10-11849
     Chapter 11 Petition Filed March 12, 2010
         See http://bankrupt.com/misc/vaeb10-11849.pdf

In Re G & O Mechanical Contractors, LLC
        aka G & O Mechanical, LLC
   Bankr. Conn. Case No. 10-50575
     Chapter 11 Petition Filed March 13, 2010
         See http://bankrupt.com/misc/ctb10-50575p.pdf
         See http://bankrupt.com/misc/ctb10-50575c.pdf

In Re AGD Properties, Inc.
   Bankr. N.D. Ill. Case No. 10-10870
     Chapter 11 Petition Filed March 13, 2010
         See http://bankrupt.com/misc/ilnb10-10870.pdf

In Re Lawrence F. Riley
   Bankr. N.D. Ohio Case No. 10-12076
     Chapter 11 Petition Filed March 13, 2010
         See http://bankrupt.com/misc/ohnb10-12076.pdf

In Re Forrest R. Hendrickson
        aka Disco Bay Properties
      Merly D. Hendrickson
   Bankr. N.D. Calif. Case No. 10-42782
     Chapter 11 Petition Filed March 14, 2010
         See http://bankrupt.com/misc/canb10-42782.pdf

In Re Jivko I. Jelev
        fdba Nolly Way, Inc.
        dba Arion 2008, Inc.
      Nikolinka Jeleva
        fka Nikolinka Jelev
   Bankr. N.D. Ill. Case No. 10-10902
     Chapter 11 Petition Filed March 14, 2010
         See http://bankrupt.com/misc/ilnb10-10902.pdf

In Re Gregory D. Dowler
        dba Sonoran Saints
      Susan S. Dowler
   Bankr. Ariz. Case No. 10-06945
     Chapter 11 Petition Filed March 15, 2010
         See http://bankrupt.com/misc/azb10-06945.pdf

In Re Hiep M. Nguyen
   Bankr. Ariz. Case No. 10-06855
     Chapter 11 Petition Filed March 15, 2010
         See http://bankrupt.com/misc/azb10-06855.pdf

In Re Rancho Mirage Hand Car Wash Inc.
   Bankr. C.D. Calif. Case No. 10-17306
      Chapter 11 Petition Filed March 15, 2010
         Filed As Pro Se

In Re Glenn V. Basina
   Bankr. N.D. Calif. Case No. 10-30871
     Chapter 11 Petition Filed March 15, 2010
         [ Redacted Feb. 20, 2013 ]

In Re Manuel L. Fernandez
      Reyna L. Fernandez
   Bankr. N.D. Calif. Case No. 10-30874
     Chapter 11 Petition Filed March 15, 2010
         See http://bankrupt.com/misc/canb10-30874.pdf

In Re NNM, LLC
   Bankr. Conn. Case No. 10-50581
     Chapter 11 Petition Filed March 15, 2010
         See http://bankrupt.com/misc/ctb10-50581.pdf

In Re John C. Green
   Bankr. M.D. Fla. Case No. 10-05734
      Chapter 11 Petition Filed March 15, 2010
         Filed As Pro Se

In Re Spencer Merrill Cason
   Bankr. M.D. Fla. Case No. 10-02024
     Chapter 11 Petition Filed March 15, 2010
         See http://bankrupt.com/misc/flmb10-02024.pdf

In Re Robert C. Wallerius
   Bankr. N.D. Fla. Case No. 10-40233
      Chapter 11 Petition Filed March 15, 2010
         Filed As Pro Se

In Re Nunyet, Inc.
   Bankr. S.D. Fla. Case No. 10-16462
     Chapter 11 Petition Filed March 15, 2010
         See http://bankrupt.com/misc/flsb10-16462.pdf

In Re Ormond Country Club
   Bankr. E.D. La. Case No. 10-10807
     Chapter 11 Petition Filed March 15, 2010
         See http://bankrupt.com/misc/laeb10-10807p.pdf
         See http://bankrupt.com/misc/laeb10-10807c.pdf

In Re Doaba Truck Stop Inc.
   Bankr. E.D. Mich. Case No. 10-48071
     Chapter 11 Petition Filed March 15, 2010
         See http://bankrupt.com/misc/mieb10-48071p.pdf
         See http://bankrupt.com/misc/mieb10-48071c.pdf

In Re First Call Staffing Solutions, Inc.
   Bankr. W.D. Mo. Case No. 10-41133
     Chapter 11 Petition Filed March 15, 2010
         See http://bankrupt.com/misc/mowb10-41133.pdf

In Re First Call Staffing Solutions, Inc.
   Bankr. W.D. Mo. Case No. 10-41135
     Chapter 11 Petition Filed March 15, 2010
         See http://bankrupt.com/misc/mowb10-41135.pdf

In Re Rosa E. Lascaibar
   Bankr. Nev. Case No. 10-14127
     Chapter 11 Petition Filed March 15, 2010
         See http://bankrupt.com/misc/nvb10-14127.pdf

In Re Old Creamery Properties, LLC
   Bankr. N.J. Case No. 10-17514
     Chapter 11 Petition Filed March 15, 2010
         See http://bankrupt.com/misc/njb10-17514.pdf

In Re Byzantine Holdings Ltd.
   Bankr. S.D. N.Y. Case No. 10-11333
     Chapter 11 Petition Filed March 15, 2010
         See http://bankrupt.com/misc/nysb10-11333.pdf

In Re Erin Enterprises, Ltd.
   Bankr. E.D. N.C. Case No. 10-01999
     Chapter 11 Petition Filed March 15, 2010
         See http://bankrupt.com/misc/nceb10-01999.pdf

In Re Mercury Group, Inc.
   Bankr. E.D. Pa. Case No. 10-11921
      Chapter 11 Petition Filed March 15, 2010
         Filed As Pro Se

In Re Kaware, L.P.
        dba Easy's
   Bankr. E.D. Texas Case No. 10-10142
     Chapter 11 Petition Filed March 15, 2010
         See http://bankrupt.com/misc/txeb10-10142p.pdf
         See http://bankrupt.com/misc/txeb10-10142c.pdf



                           *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911.  For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.

                           *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  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.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Christopher
Beard at 240/629-3300.

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