TCR_Public/100329.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Monday, March 29, 2010, Vol. 14, No. 87

                            Headlines

2665 GENEVA: Section 341(a) Meeting Scheduled for April 27
4KINDS ENTERTAINMENT: Gets Notice on NYSE Listing Standard
ACCESS PHARMACEUTICALS: Whitely Penn Raises Going Concern Doubt
AFFINION GROUP: Bank Debt Trades at 1% Off in Secondary Market
AFFINION GROUP: Moody's Assigns 'Ba2' Rating on $1 Billion Loan

AIRTAN HOLDINGS: Expects Total Capacity to Hike 6% in 2010
ALERIS INT'L: Begins Soliciting Votes for Reorganization Plan
AMBAC ASSURANCE: S&P Changes Counterparty Credit Rating to 'R'
AMERICA'S SUPPLIERS: MaloneBailey Raises Going Concern Doubt
AMERICAN INT'L: Plueger to Retire; Lund Becomes Interim CEO

AMERISTAR CASINOS: Moody's Withdraws Rating on $150 Mil. Loan
AMES TAPING: Completes Restructuring, Emerges From Bankruptcy
ASARCO LLC: Bankruptcy Court Denies $6.5M in Asarco Bonuses
ASPEN MAIN: Files for Chapter 11 Bankruptcy in Dallas
AVIS BUDGET: Unit Completes $580 Mil. Asset-Backed Bond Offering

AXESSTEL INC: Posts $10.1 Million Net Loss in 2009
BANK OF AMERICA: To Reduce Mortgage Balances
BERNARD MADOFF: Long Island Country Club on Auction Block
BEST BRANDS: Moody's Withdraws 'Caa1' Corporate Family Rating
BEST BRANDS: S&P Withdraws 'B-' Corporate Credit Rating

BLUEKNIGHT ENERGY: Posts Restated Net Loss of $4.4MM for Q3
BUCYRUS COMMUNITY: Court Extends Schedules Filing Until May 3
BUCYRUS COMMUNITY: Gets Court's Nod to Use Cash Collateral
BUCYRUS COMMUNITY: Section 341(a) Meeting Scheduled for May 14
BUCYRUS COMMUNITY: Taps McDonald Hopkins as Bankruptcy Counsel

BUCYRUS COMMUNITY: US Trustee Names 7 Members to Creditors Panel
BURLINGTON COAT: Bank Debt Trades at 5% Off in Secondary Market
BUSHNELL REGENCY: Files for Chapter 11 Bankruptcy Protection
CAL INVESTMENTS: U.S. Trustee Wants Case Converted to Chapter 7
CHARTER COMMS: Investor Cries Foul on Ch. 11 Deal With Allen

CHRYSLER GROUP: Offers Letters of Intent to 50 U.S. Dealers
CIB MARINE: Earns $13.7 Million in 2009; Going Concern Eliminated
CITADEL BROADCASTING: Bank Debt Trades at 12% Off
CITY CAPITAL: Posts $2.2 Million Net Loss in Q3 2009
CITY OF VALLEJO: Reaches Agreement with IAFF on Labor Contract

CJL HOLDINGS LLC: Case Summary & 3 Largest Unsecured Creditors
CLEARPOINT BUSINESS: Enters Loan Modification & Restructure Deal
COMFORCE CORP: Dec. 31 Balance Sheet Upside-Down by $15.4 Mil.
COMMUNITY HEALTH: Bank Debt Trades at 3% Off in Secondary Market
COMPUTER SYSTEMS: Seeks July 12 Extension of Exclusive Period

CONSECO INC: To Change Name to CNO Financial Group
CONSHOHOCKEN RAIL: Cash Collateral Use Deal Gets Court OK
CONVERGEX HOLDINGS: Moody's Affirms 'B1' Corporate Family Rating
COOPER-STANDARD: Begins Filing of Omnibus Claims Objection
COOPER-STANDARD: CSA Canada Files Plan of Arrangement

COOPER-STANDARD: CSA Canada Obtains May 31 Stay Extension
COPANO ENERGY: Moody's Confirms 'Ba3' Corporate Family Rating
CROWN HOLDINGS: S&P Affirms Corporate Credit Rating at 'BB'
CRYSTAL RIVER: May End Up in Bankruptcy if Merger Not Completed
CRYSTAL RIVER: Ernst & Young Raises Going Concern Doubt

DAVIE YARDS: Obtains an Extension of CCAA Stay Order
DEAN FOODS: Bank Debt Trades at 2% Off in Secondary Market
DELTA AIR: Seeks DOT Nod to Offer Flights to Haneda, Tokyo
DELTA AIR: Offers Investor Update for First Quarter
DELTA AIR: FMR LLC Discloses 15% Equity Stake

DELPHI CORP: Lawmakers Want Obama to Help Pensioners
DELPHI CORP: Microchip Wants Lawsuit Dismissed
DELPHI CORP: Reaches Deal with Toyota on Assignment of Contracts
DELPHI CORP: Invests $200 Million in India
DESERT HILLS BANK: Closed; NY Community Bank Assumes All Deposits

DUBAI WORLD: "More Economic Sense" to Pay Sukuk, Gov't Says
DUKE REALTY: Fitch Affirms 'BB+' Rating on Preferred Stock
DUNE ENERGY: Dec. 31 Balance Sheet Upside-Down by $185.1 Million
EL PASO: Fitch Assigns 'BBB-' Issuer Default Rating to EPBO
EL PASO: Moody's Gives 'Ba1' Corporate Family Rating to EPBO

EMISPHERE TECHNOLOGIES: Posts $21.2 Million Net Loss in 2009
EMPIRE RESORTS: Friedman LLP Raises Going Concern Doubt
ENNIS COMMERCIAL: Section 341(a) Meeting Scheduled for April 16
ENNIS COMMERCIAL: Taps Peter L. Fear as Bankruptcy Counsel
ENVIROSOLUTIONS HOLDINGS: U.S. Trustee Names 5-Member Panel

ERNIE LEE JACOBSEN: Seeks 90 Days' Extension of Exclusivity
FAIRPOINT COMMS: Bank Debt Trades at 19% Off in Secondary Market
FINLAY ENTERPRISES: Wants Plan Filing Exclusivity Until Oct. 2
FLINT TELECOM: Posts $10.1 Million Net Loss in Q2 Ended Dec. 31
FORD MOTOR: Reaches Deal to Sell Volvo Cars and Assets to Geely

FOXCO ACQUISITION: S&P Affirms Corporate Credit Rating at 'B-'
FRANK CULOTTA III: Voluntary Chapter 11 Case Summary
FUSION TELECOM: Posts $15.6 Million Net Loss in 2009
GENCORP INC: February 28 Balance Sheet Upside-Down by $273.5MM
GENERAL GROWTH: Attorneys Evade Sanctions in Shareholder Action

GENERAL GROWTH: Court OKs More Tax Service Work for PwC
GENERAL GROWTH: Ernst & Young Tax Work Expanded
GENERAL GROWTH: Gets OK to Expand Deloitte Work
GENERAL MOTORS: Royal Bank of Scotland Acquires $20 Mil. Claim
GEORGIA-PACIFIC LLC: Moody's Upgrades Corp. Family Rating to 'Ba2'

GENTA INC: Investors Exercise Purchase Options of $86,000 F Notes
GILBERT SPENCER: Case Summary & 16 Largest Unsecured Creditors
GREEKTOWN HOLDINGS: Stout Risius "Nunc Pro Tunc" Hiring Denied
GOLDSPRING INC: To Mail Consent for Reverse Stock Split
GRANT FOREST: Georgia-Pacific is Closer to Acquiring of Firm

GTS PROPERTY: Judge Clears KT Terraza Joint Administration
GUIDED THERAPEUTICS: UHY LLP Raises Going Concern Doubt
HALO COMPANIES: Montgomery Coscia Raises Going Concern Doubt
HANA BIOSCIENCES: BDO Seidman Raises Going Concern Doubt
HARMAN INTERNATIONAL: Moody's Affirms 'B1' Corp. Family Rating

HAWKER BEECHCRAFT: Bank Debt Trades at 16% Off in Secondary Market
HOFFMASTER GROUP: Moody's Assigns 'B2' Corporate Family Rating
HSN INC: S&P Changes Outlook to Stable; Affirms 'BB-' Rating
INTELSAT LTD: Bank Debt Trades at 3% Off in Secondary Market
INTERNATIONAL COAL: Accepts Purchase of $169MM of 10.25% Sr. Notes

INT'L LEASE FINANCE: Plueger to Retire; Lund Becomes Interim CEO
INT'L TEXTILE: Dec. 31 Balance Sheet Upside-Down by $68.1-Mil.
ITC^DELTACOM INC: Moody's Assigns 'B3' Rating on $325 Mil. Notes
ITC DELTACOM: S&P Assigns 'B-' Rating on $325 Mil. Senior Notes
JAMES BOUWENS: Case Summary & 21 Largest Unsecured Creditors

JM VIDAL INC: Voluntary Chapter 11 Case Summary
JOSEPH CHARLES LOOMIS: Owes $199,626 in Fees to Bryan Cave
K-V PHARMACEUTICAL: KPMG LLP Raises Going Concern Doubt
KERYX BIOPHARMA: KPMG LLP Raises Going Concern Doubt
KEY WEST BANK: Closed; Centennial Bank Assumes All Deposits

KEYSTONE PROPERTIES: Case Summary & 20 Largest Unsecured Creditors
KT TERRAZA: Asks for Court Okay to Use Cash Collateral
LAND DEVELOPMENT: Case Summary & 20 Largest Unsecured Creditors
LAND O'LAKES: Moody's Reviews 'Ba1' Corporate Family Ratings
LAS VEGAS SANDS: Bank Debt Trades at 9% Off in Secondary Market

LEHMAN BROTHERS: Fla. City Sues Wachovia Over $15M Lehman Loss
LEHMAN BROTHERS: PCAOB to Weigh Auditor, Board Communications
LEVEL 3 COMMS: Bank Debt Trades at 8% Off in Secondary Market
LIONS GATE: Commences Mailing of Proxy for Shareholder Meeting
LOGAN'S ROADHOUSE: Moody's Affirms 'B2' Corporate Family Rating

MCINTOSH COMMERCIAL: Closed; CharterBank Assumes All Deposits
MEDICAL STAFFING: Operating Losses Cue Going Concern Doubt
MERVYN'S LLC: Banks Escape Fraudulent Conveyance Litigation
METRO-GOLDWYN-MAYER: Bank Debt Trades at 53% Off
METRO-GOLDWYN-MAYER: Creditors to Discuss Standalone Plan

MGM MIRAGE: Management Joins Barclays 2010 Conference
MICHAEL HARDES: Case Summary & 27 Largest Unsecured Creditors
MICHAELS STORES: Bank Debt Trades at 7% Off in Secondary Market
MIDSOUTH UTILITY GROUP: Case Summary & 20 Largest Unsec. Creditors
MOH INVESTMENT GROUP: Case Summary & 3 Largest Unsecured Creditors

MONTGOMERY TERRACE: Case Summary & 4 Largest Unsecured Creditors
NAVISTAR INT'L: Files Blue Diamond Parts 2009 Financial Results
NAVISTAR INT'L: To Web Cast Business Opportunities on April 8
NORTH AMERICAN TECH: Gets Interim Nod to Use Opus' Cash Collateral
NORTH AMERICAN TECH: Gets Interim OK to Hire RM as Bankr. Counsel

NORTH AMERICAN TECH: Sec. 341(a) Meeting Scheduled for April 21
N.Y.C. OFF-TRACK BETTING: Gov. Paterson Reject NYRA Takeover Plan
ORANGE COUNTY MOTORSPORTS: Has Until April 14 to File Plan
ORANGE COUNTY MOTORSPORTS: May 15 Established as Claims Bar Date
ORLEANS HOMEBUILDERS: Seeks April 12 Extension to File Schedules

ORLEANS HOMEBUILDERS: U.S. Trustee Names 7-Member Creditors Panel
OSAGE EXPLORATION: Recurring Losses Cue Going Concern Doubt
OSI RESTAURANT: Bank Debt Trades at 10% Off in Secondary Market
PANAMSAT CORP: Bank Debts Trades at 3% Off in Secondary Market
PETTERS GROUP: Criminal Case Judge Grants Forfeiture Request

PHILADELPHIA NEWSPAPERS: Lenders Plan Cash Offer
PRESSTEK INC: Posts $49.8 Million Net Loss in Year Ended January 2
PROTECTION ONE: Dec. 31 Balance Sheet Upside-Down by $59.1-Mil.
PROTECTION ONE: Earns $23 Million in Fourth Quarter 2009
PROTECTIVE LIFE: Fitch Affirms 'BB+' Trust Preferred Ratings

PTS CARDINAL: Bank Debt Trades at 7% Off in Secondary Market
RADIENT PHARMACEUTICALS: Gets Extension to Regain Compliance
RAFAELLA APPAREL: Moody's Retains 'Caa3' Corporate Family Rating
RBDB INVESTMENTS: Files Schedules of Assets & Liabilities
RBDB INVESTMENTS: Section 341(a) Meeting Scheduled for April 19

REAL MEX: Names Richard Dutkiewicz as Executive VP and CFO
RED LINE SPORTS: Case Summary & 20 Largest Unsecured Creditors
REDDY ICE: S&P Downgrades Corporate Credit Rating to 'SD'
RITE AID: Bank Debt Trades at 10% Off in Secondary Market
RTL-WESTCAN LIMITED: S&P Assigns 'B+' Corporate Credit Rating

SANSAI ENVIRONMENTAL: Case Summary & 4 Largest Unsecured Creditors
SCHEHERAZADE INC: Files for Bankruptcy Due to Credit Crunch
SEITEL INC: Posts $18.3 Million Net Loss in Fourth Quarter
SINCLAIR BROADCAST: CEO Smith Sold 4850,000 Shares Early in March
SINCLAIR BROADCAST: Renews ABC Affiliation Agreements

SIX FLAGS: Moody's Downgrades Corporate Family Rating to 'B2'
SMURFIT-STONE: Proposes to Assume Cedar Bay Ground Lease
SMURFIT-STONE: Wants Full Disclosure from Mariner, Aurelius
SMURFIT-STONE: Wins OK to Pay USW Fees and Expenses
SMURFIT-STONE: 940 Claims Change Hands Since Feb. 1

STAYTON SW: Court Approves Sunwest Purchase & Sale Agreement
SUGARHOUSE HSP: S&P Affirms 'B-' Ratings on Senior Facilities
SWIFT TRANSPORTATION: Bank Debt Trades at 5% Off
TELTRONICS INC: December 31 Balance Sheet Upside-Down by $4.7MM
TEXAS INDUSTRIES: S&P Downgrades Corporate Credit Rating to 'B'

TOR MINERALS: UHP LLP Raises Going Concern Doubt
TRIBUNE CO: Bank Debt Trades at 37% Off in Secondary Market
TSU YUE WANG: Case Summary & 8 Largest Unsecured Creditors
UNITED AIR LINES: Bank Debt Trades at 14% Off in Secondary Market
UNITY NATIONAL: Closed; Bank of the Ozarks Assumes All Deposits

UNIVAR NV: Bank Debt Trades at 4% Off in Secondary Market
UNIVAR NV: Bank Debt Trades at 4% Off in Secondary Market
US FOODSERVICE: Bank Debt Trades at 10% Off in Secondary Market
USEC INC: Inks Cooperative Agreement with Dept. of Energy
VALLEY COUNTRY: Files for Chapter 11 Bankruptcy Protection

VENETIAN MACAU: Bank Debt Trades at 3% Off in Secondary Market
VIEWCREST INVESTMENTS: Sec. 341(a) Meeting Scheduled for April 27
VYTERIS INC: Recurring Losses Cue Going Concern Doubt
VYTERIS INC: Selects Joel Kanter to Board of Directors
WADE MICHAEL HARDES: Case Summary & 29 Largest Unsecured Creditors

WASHINGTON MUTUAL: Files Plan of Reorganization
WHITE ENERGY: To Pay $13M to End Spat With Creditor
USEC INC: Annual Shareholders' Meeting on April 29
USEC INC: CEO Welch Receives 22% Pay Hike in Fiscal 2009
YRC WORLDWIDE: Delays Effective Date of Registration Statement

* 36 Banks Agreed to Cease and Desist Consent Orders in February
* Bank Failures This Year Now 41 as Four Banks Are Shut
* FDIC Raises $653 Million in Sale of Guaranteed Notes

* James Savin Named as One of Law360's Bankruptcy Lawyers to Watch
* Protopapas Named as One of Law360's Bankruptcy Lawyers to Watch
* U.S. Labor Pushes for Bankruptcy Reform, Executive Pay Curbs

* BOND PRICING -- For the Week From March 22 to 26, 2010


                            *********


2665 GENEVA: Section 341(a) Meeting Scheduled for April 27
----------------------------------------------------------
The U.S. Trustee for Region 17 will convene a meeting of creditors
in 2665 GENEVA, LLC's Chapter 11 case on April 27, 2010, at 9:00
a.m.  The meeting will be held at the Office of the U.S. Trustee,
235 Pine Street, Suite 700, San Francisco, CA 94104.

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.

San Francisco, California-based 2665 GENEVA, LLC, filed for
Chapter 11 bankruptcy protection on March 18, 2010 (Bankr. N.D.
Calif. Case No. 10-30951).  Jay T. Jambeck, Esq., at The Schinner
Law Group, assists the Company in its restructuring effort.  The
Company estimated its assets and debts at $10,000,001 to
$50,000,000.


4KINDS ENTERTAINMENT: Gets Notice on NYSE Listing Standard
----------------------------------------------------------
4Kids Entertainment, Inc., has been notified by NYSE Regulation,
Inc., that it is not in compliance with one of the continued
listing standards of the New York Stock Exchange.

4Kids is considered below criteria for the continued listing
standards because over a 30 trading-day period its total market
capitalization was less than $50 million and its most recently
reported stockholders' equity was $35.1 million, below the minimum
threshold of $50 million.  The NYSE has informed 4Kids that it is
prepared to proceed with its normal business plan procedures, and
4Kids intends to submit a plan to the NYSE within the required 45-
day period demonstrating how it plans to comply with the NYSE's
continued listing standards.

If, over a 30 trading-day period, 4Kids' average market
capitalization falls below the $15 million minimum threshold, the
plan and cure process otherwise available under NYSE rules would
be pre-empted and suspension and delisting procedures would be
initiated.  As of March 25, 2010, the Company's 30 trading-day
average market capitalization was approximately $17.3 million,
with the absolute market capitalization on March 25, 2010 of
approximately $15.2 million. In addition, if, over a 30 trading-
day period, the average closing price of a share of 4Kids' common
stock is less than $1.00, 4Kids must bring its share price back
above $1.00 within six months of receiving notification from NYSE.

                      About 4Kids Entertainment

With U.S. headquarters in New York City, regional offices for its
trading card business in San Diego, California and international
offices in London, 4Kids Entertainment, Inc. is a global
organization devoted to the creation, development, production,
broadcasting, distribution, licensing and manufacturing of
children's entertainment products.

Through its subsidiaries, 4Kids produces animated television
series and films, distributes 4Kids' produced or licensed animated
television series for the domestic and international television
and home video markets, licenses merchandising rights worldwide to
4Kids' owned or represented properties, operates Websites to
support 4Kids' owned or represented properties, and produces and
markets collectible trading card games.  Additionally, the Company
programs and sells the national advertising time in "TheCW4Kids"
five-hour Saturday morning block on The CW television network.


ACCESS PHARMACEUTICALS: Whitely Penn Raises Going Concern Doubt
---------------------------------------------------------------
Whitely Penn LP of Dallas, Texas, expressed substantial doubt
against Access Pharmaceuticals Inc.'s ability as a going concern.
The firm reported that the Company has had recurring losses from
operations, negative cash flows from operating activities and has
an accumulated deficit.

The Company's balance sheet showed $1,583,000 in total assets and
$28,572,000 in total liabilities for a $26,989,000 total
stockholders' deficit.

The Company reported a $17,340,000 net loss on $352,000 of total
revenues for December 31, 2009, compared with a $31,431,000 net
loss on $291,000 of total revenues for December 31, 2008.

A full-text copy of the Company's Form 10-K is available for free
at http://ResearchArchives.com/t/s?5c1b

Access Pharmaceuticals, Inc., is an emerging biopharmaceutical
company focused on developing a range of pharmaceutical products
primarily based upon the Company's nanopolymer chemistry
technologies and other drug delivery technologies.  The Company
currently has one approved product, one product candidate at Phase
3 of clinical development, three product candidates in Phase 2 of
clinical development and other product candidates in pre-clinical
development.


AFFINION GROUP: Bank Debt Trades at 1% Off in Secondary Market
--------------------------------------------------------------
Participations in a syndicated loan under which Affinion Group,
Inc., is a borrower traded in the secondary market at 98.85 cents-
on-the-dollar during the week ended Friday, March 26, 2010,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal.  This represents an increase of 1.15
percentage points from the previous week, The Journal relates.
The Company pays 250 basis points above LIBOR to borrow under the
facility.  The bank loan matures on March 1, 2012, and carries
Moody's Ba2 rating and Standard & Poor's BB rating.  The debt is
one of the biggest gainers and losers among 185 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.

As reported by the Troubled Company Reporter on June 3, 2009,
Moody's assigned a B2 rating to $125 million principal amount of
proposed senior unsecured notes of Affinion Group, Inc., and
affirmed the B2 Corporate Family Rating and SGL-1 speculative
grade liquidity rating.  The proceeds of the $125 million note
offering are expected to be used for general corporate purposes
which may include debt buybacks and acquisitions.  Moody's also
affirmed the Ba2 rating on the senior secured credit facility and
the B2 rating on $304 million of existing senior notes.  Moody's
lowered the rating on the senior subordinated notes due 2015 to
Caa1 from B3 because of higher levels of senior debt in the
capital structure pro forma for the pending senior note issuance.

Affinion is a leading provider of marketing services and loyalty
programs to many of the largest financial service companies
globally.  The company provides credit monitoring and identity-
theft resolution, accidental death and dismemberment insurance,
discount travel services, loyalty programs, various checking
account and credit card enhancement services.  Apollo Management
V, L.P., owns 97% of Affinion's common stock.


AFFINION GROUP: Moody's Assigns 'Ba2' Rating on $1 Billion Loan
---------------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to a proposed
$1 billion secured credit facility of Affinion Group, Inc.,
lowered the rating on the senior unsecured notes to B3 from B2,
and affirmed the B2 Corporate Family Rating and SGL-1 speculative
grade liquidity rating.

The proceeds from an $875 million secured term loan facility are
expected to be used to refinance the existing secured term loan
facility, pay related fees and expenses, and initially increase
balance sheet cash.  Pro forma for the refinancing at December 31,
2009, the unrestricted cash balance would be approximately
$271 million.  Moody's expects Affinion to use a significant
portion of such cash balance for either acquisitions or junior
debt repayments during 2010.  A new $125 million revolving credit
facility is expected to be largely undrawn at closing.

The B2 Corporate Family Rating reflects modestly weak financial
strength metrics for the rating category, declining member counts
in the North American membership and supplemental insured product
lines, and the risk that a difficult economic environment could
continue to pressure consumer response rates to the company's
product offerings.  The ratings are supported by the company's
large member base, direct marketing expertise, track record of
steady financial performance and growth opportunities in
international markets.

The one notch downgrade of the senior unsecured notes of Affinion
to B3 from B2 reflects the increase in the proportion of the
capital structure comprised of senior secured debt.  The senior
unsecured notes are effectively subordinated to the secured debt.

Moody's took these rating actions:

Affinion Group, Inc.

  -- Assigned $125 million 5 year senior secured revolver, Ba2
     (LGD 2, 18%)

  -- Assigned $875 million 6 year senior secured term loan, Ba2
     (to LGD 2, 18%)

  -- Downgraded $454 million senior unsecured notes due 2013, to
     B3 (LGD 4, 60%) from B2 (LGD 4, 53%)

  -- Affirmed $356 million senior subordinated notes due 2015,
     Caa1 (to LGD 5, 82% from LGD 5, 79%)

  -- Affirmed $100 million senior secured revolver due 2011, Ba2
     LGD 2, 14%) - rating to be withdrawn upon completion of the
     proposed refinancing

  -- Affirmed $649 million senior secured term loan due 2012, Ba2
     (LGD 2, 14%)- rating to be withdrawn upon completion of the
     proposed refinancing

Affinion Group Holdings, Inc.

  -- Affirmed $281 million senior unsecured term loan due 2012,
     Caa1 (to LGD 6, 93% from LGD 6, 92%)

  -- Affirmed Corporate Family Rating, B2

  -- Affirmed Probability of Default Rating, B2

  -- Affirmed Speculative Grade Liquidity Rating, SGL-1

The last rating action on Affinion was on June 1, 2009 when
Moody's assigned a B2 rating to $125 million of proposed senior
unsecured notes and affirmed the B2 Corporate Family Rating and
SGL-1 speculative grade liquidity rating.

Affinion is a leading provider of marketing services and loyalty
programs to many leading firms globally.  The company provides
credit monitoring and identity-theft resolution, accidental death
and dismemberment insurance, discount travel services, loyalty
programs, various checking account and credit card enhancement
services.  Apollo Management V, L.P., owns 97% of Affinion's
common stock.


AIRTAN HOLDINGS: Expects Total Capacity to Hike 6% in 2010
----------------------------------------------------------
The management of AirTran Holdings Inc. conducted a presentation
at the Sidoti & Company Emerging Growth Institutional Forum.

The Company reported its year-over-year outlook for the first
quarter of 2010 total capacity as measured by available seat
miles, total unit revenues, average cost per gallon of fuel, all-
in and net of hedges, and non-fuel unit operating costs:

                                        Q1 2010 Outlook
                                        ---------------
  Total capacity (ASMs)                 Up ~ 6%
  Total unit revenue per ASM            Up 4.75% to 5.25%
  Average cost per gallon of fuel,
   all-in and net of hedges             $2.27 to $2.32
  Non-fuel unit operating cost per ASM  Up 4.5% to 5%

A full-text copy of the Company's presentation is available for
free at http://ResearchArchives.com/t/s?5be4

                      About AirTran Holdings

Headquartered in Orlando Florida, AirTran Holdings Inc. (NYSE:
AAI) -- http://www.airtran.com/-- through its wholly owned
subsidiary, AirTran Airways, Inc., operates scheduled airline
service throughout the United States and to selected international
locations.  As of February 1, 2010, the Company operated 86 Boeing
B717-200 aircraft and 52 Boeing B737-700 aircraft offering
approximately 700 scheduled flights per day to 63 locations in the
United States, including San Juan, Puerto Rico, and to Orangestad,
Aruba, Cancun, Mexico, and Nassau, The Bahamas.

The Company's balance sheet as of Dec. 31, 2009, showed
$2.3 billion in assets, $726.5 million of debts, and
$501.9 million in stockholders' equity.

                          *     *     *

As reported by the Troubled Company Reporter on December 28, 2009,
Moody's Investors Service raised its ratings of AirTran Holdings'
corporate family and probability of default ratings each to Caa1
from Caa2.  The 'Caa1' corporate family rating considers the still
high leverage and AirTran's exposure to cyclical risks in the
airline industry.

The airline's carries a corporate credit rating of CCC+/Stable/--
from Standard & Poor's.


ALERIS INT'L: Begins Soliciting Votes for Reorganization Plan
-------------------------------------------------------------
Aleris International, Inc., has reached a settlement with the
Committee of Unsecured Creditors appointed in the Company's
chapter 11 case, under which the amount of money available for
payment to holders of Class 5 Claims was increased from an initial
proposed amount of $4.0 million to $16.5 million.  The settlement
has no impact on the potential recovery of any other classes of
creditors under the plan.

The Company also said that it has begun the process of soliciting
approval from eligible creditors for the Company's proposed Plan
of Reorganization.  The solicitation package mailed today contains
the Disclosure Statement and information on the amended Plan and
includes a letter stating the clear support for the Plan by the
Committee of Unsecured Creditors.

"We are pleased to have the support of the unsecured creditors as
we solicit votes to approve the Plan, bringing us closer to
completion of the Chapter 11 process," said Steven J. Demetriou,
Aleris Chairman and CEO.  "This support, along with the support of
our largest lenders, reflects their confidence in our ability to
emerge by mid-year as planned."

As previously reported, the confirmation hearing for the Plan has
been scheduled for May 13, 2010.  Claims information and Court
filings, including the proposed Plan and Disclosure Statement are
available at http://www.kccllc.net/Aleris.

                       About Aleris International

Aleris International, Inc., produces and sells aluminum rolled and
extruded products.  Aleris operates primarily through two
reportable business segments: (i) global rolled and extruded
products and (ii) global recycling.  Headquartered in Beachwood,
Ohio, a suburb of Cleveland, the Company operates over 40
production facilities in North America, Europe, South America and
Asia, and employs approximately 8,400 employees.  Aleris operates
27 production facilities in the United States with eight
production facilities that provided rolled and extruded aluminum
products and 19 recycling production plants.

Aleris International, Inc., aka IMCO Recycling Inc., and various
affiliates filed for bankruptcy on February 12, 2009 (Bankr. D.
Del. Case No. 09-10478).  The Hon. Brendan Linehan Shannon
presides over the cases.  Stephen Karotkin, Esq., and Debra A.
Dandeneau, Esq., at Weil, Gotshal & Manges LLP in New York, serve
as lead counsel for the Debtors.  L. Katherine Good, Esq., and
Paul Noble Heath, Esq., at Richards, Layton & Finger, P.A.  In
Wilmington, Delaware, serves as local counsel.  Moelis & Company
LLC, acts as financial advisors; Alvarez & Marsal LLC as
restructuring advisors, and Kurtzman Carson Consultants LLC as
claims and noticing agent for the Debtors.  As of December 31,
2008, the Debtors had total assets of US$4,168,700,000; and total
debts of US$3,978,699,000.

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


AMBAC ASSURANCE: S&P Changes Counterparty Credit Rating to 'R'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
counterparty credit, financial strength, and financial enhancement
ratings on Ambac Assurance Corp. to 'R' from 'CC'.

"S&P took this action following a directive by the Commissioner of
Insurance of the State of Wisconsin," explained Standard & Poor's
credit analyst David Veno.  The directive is for Ambac to
establish a segregated account for certain insured exposure,
primarily policies related to credit derivatives, residential
mortgage-backed securities, and other structured finance
transactions.  It is S&P's understanding that a plan for
rehabilitation of the segregated account calls for cessation of
claim payments on this exposure.

It is S&P's view that the regulatory directive with respect to the
segregated account indicates a level of regulatory intervention at
Ambac that is consistent with an 'R' rating.  S&P believes that
such a move will lead to concern that it favors one class of
policyholders over another.


AMERICA'S SUPPLIERS: MaloneBailey Raises Going Concern Doubt
------------------------------------------------------------
MaloneBailey LLP of Houston, Texas, expressed substantial doubt
about America's Suppliers Inc.'s ability to continue as a going
concern.  The auditor noted that America's Suppliers, fka Insignia
Solution PLC, has suffered an accumulated deficit of $6.9 million
as of December 31, 2009.

The Company's balance sheet showed $1.3 million in total assets
and $1.6 million in total liabilities for a $360,000 total
stockholders' deficit.

The Company incurred a $848,000 net loss on $12.5 million of net
revenues for the year ended December 31, 2009, compared with a
$102,000 net income on $12.0 million of net revenues for the same
period a year ago.

A full-text copy of the Company's Form 10-K is available for free
at http://ResearchArchives.com/t/s?5c17

America's Suppliers Inc. is an internet supplier of general
merchandise to small and medium-sized businesses and not-for-
profit organizations.


AMERICAN INT'L: Plueger to Retire; Lund Becomes Interim CEO
-----------------------------------------------------------
American International Group, Inc., and International Lease
Finance Corporation said Friday that John Plueger will retire,
effective immediately.

Mr. Plueger assumed the CEO position on February 5, when then-ILFC
director and CEO Steven F. Udvar-Hazy announced his retirement.

"On behalf of AIG, I would like to thank John for his tireless
service to ILFC," said Robert H. Benmosche, AIG President and
Chief Executive Officer.

Douglas M. Steenland, non-executive Chairman of the ILFC Board of
Directors, said, "We are grateful for the work John has done to
continue ILFC's leadership in the industry."

ILFC Vice Chairman and Chief Financial Officer Alan Lund will
succeed Mr. Plueger as ILFC's interim President and Chief
Executive Officer, and Mr. Benmosche said that AIG expects a
smooth transition as AIG conducts a search for a permanent
successor.  In addition, ILFC Senior Vice President-Finance Fred
Cromer will succeed Mr. Lund as ILFC CFO.

Mr. Lund has worked at ILFC for 28 years, the entire time as CFO,
and has served as Vice Chairman and CFO since 2002. Prior to
joining ILFC, Mr. Lund worked for the company currently known as
Deloitte & Touche as an Audit Manager and for California-World
Financial Corporation as Vice President and Chief Financial
Officer.  Mr. Lund graduated from Whittier College in 1971 with a
B.A. in Business Administration. He became a Certified Public
Accountant, State of California, in 1973.

Prior to joining ILFC in July 2008, Mr. Cromer spent 17 years in
various airline finance and planning positions at ExpressJet
Airlines, Continental Airlines, and Northwest Airlines. Most
recently, he served as Vice President and CFO of ExpressJet
Airlines. Mr. Cromer received a Bachelor of Arts in Economics from
the University of Michigan and a Master of Business Administration
in Finance from DePaul University.

"ILFC and AIG are confident in the long term potential of ILFC as
a leader in its marketplace," Mr. Benmosche said.  "Recently, ILFC
raised $1.3 billion in secured term loans and $2 billion in senior
unsecured notes, reflecting the strength of its underlying
business. ILFC anticipates selling a limited number of aircraft in
the future in addition to issuing incremental debt as needed."

The Wall Street Journal's Joann S. Lublin and Serena Ng, and Dow
Jones Newswires' Doug Cameron report that federal pay restrictions
played a role in the surprise departure of Mr. Plueger, according
to people familiar with the matter.  These people, however, said
AIG expects to have little difficulty in filling the post, with
likely candidates coming from smaller rivals to its unit.

The sources said Mr. Plueger's retirement caught associates and
AIG insiders off guard.  The report says Mr. Plueger's decision
came shortly after U.S. pay czar Kenneth Feinberg announced 2010
pay determinations for top employees at AIG and other companies
that have received large amounts of U.S. aid.

                            About ILFC

International Lease Finance Corporation, headquartered in Los
Angeles, California, is the international market leader in the
leasing and remarketing of advanced technology commercial jet
aircraft to airlines around the world.  ILFC owns a portfolio
consisting of more than 1,000 jet aircraft.

                           *     *     *

ILFC carries Fitch's 'BB' Issuer Default Rating.  ILFC holds S&P's
(BBB-/Watch Neg/--) Corp. credit rating.  It holds 'B1' corporate
family and senior unsecured ratings at Moody's.

                             About AIG

Based in New York, American International Group, Inc., is an
international insurance organization with operations in more than
130 countries and jurisdictions.  AIG companies serve commercial,
institutional, and individual customers through one of the most
extensive worldwide property-casualty networks of any insurer.  In
addition, AIG companies provide life insurance and retirement
services around the world.  AIG 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.


AMERISTAR CASINOS: Moody's Withdraws Rating on $150 Mil. Loan
-------------------------------------------------------------
Moody's Investors Service withdrew the rating on Ameristar
Casinos, Inc.'s $150 million senior secured revolving credit
facility that expires in November 2010 because of business
reasons.  Moody's does not rate Ameristar's $600 million revolving
credit facility that expires in August 2012.

Moody's affirmed Ameristar's Ba3 Corporate Family and Probability
of Default ratings along with its Ba2 senior secured term loan and
B2 senior unsecured note ratings.  The company's SGL-2 Speculative
Grade Liquidity rating was also affirmed.  The rating outlook is
stable.

Ameristar's Ba3 Corporate Family Rating reflects the company's
very profitable operation relative to its peers, and positive free
cash flow profile despite weak U.S. gaming industry fundamentals.
Key concerns include Ameristar's moderate cash flow
diversification and Moody's current expectation that business
fundamentals for the sector will continue to weaken through 2010
and possibly 2011.

The stable rating outlook anticipates that Ameristar will be able
to boost its free cash flow and reduce leverage despite weak
demand conditions.  These factors along with Ameristar's good
liquidity should make it possible for the company to achieve and
sustain debt/EBITDA at below 5 times -- the target leverage level
needed for the company to maintain its current rating.
Debt/EBITDA for the period ended Dec. 31, 2009, was about 5.2
times.

Rating withdrawn:

  -- $150 million senior secured revolver credit facility expiring
     November 2010 at Ba2 (LGD 3, 34%)

Ratings affirmed and LGD assessments revised:

  -- Corporate Family Rating at Ba3

  -- Probability of Default Rating at Ba3

  -- $388 million term loan B due 2012 at Ba2 (LGD 3, to 30% from
     34%)

  -- $650 million 9 % senior unsecured notes due 2014 at B2 (LGD
     5, to 84% from 87%)

Speculative Grade Liquidity rating at SGL-2

The last rating action for Ameristar occurred on May 21, 2009,
when Moody's commented that the company's Ba3 Corporate Family
Rating, long-term debt ratings, and stable outlook were not
affected by an increase in a senior note issuance to $650 million
from $500 million.

Ameristar Casinos, Inc., owns and operates eight hotel/casinos
in six jurisdictions.  The company generates approximately
$1.2 billion of consolidated net revenues.


AMES TAPING: Completes Restructuring, Emerges From Bankruptcy
-------------------------------------------------------------
Ames Taping Tools has completed its financial restructuring and
successfully emerged from Chapter 11.

"Our company faced unprecedented challenges with the residential
and commercial construction decline since 2006," says Peter
Alexander of Ames.  "The financial restructuring allowed Ames to
emerge with a stronger balance sheet, enhanced liquidity, and a
streamlined cost structure.  The New Ames will continue its
heritage of product innovation and close customer relationships,
while working to create new product lines and cost effective
solutions for the drywall industry."

Ames also announced a new Board of Directors drawing upon a wide
range of skills and background: William T. Allen, Chairman, CEO
and President of Werner Company, David Gilchrist, President and
CEO of Robert Family Holdings, Steven Kunkel, Managing Director of
AEG Partners, Christopher S. Brothers, Managing Director of
Saybrook Capital, Philip Raygorodetsky, Senior Managing Partner of
GSC Group, Mark C. Hardy, Partner of Aurora Capital Group, and
Peter Alexander, Turnaround Consultant and former CEO of ORCO
Construction Supply.

                            About Ames

Ames, owned by Axia Acquisition Corp., is the #1 designer,
manufacturer, marketer and distributor of Automatic Taping and
Finishing (ATF) tools used by residential and commercial interior
drywall contractors to finish drywall joints prior to painting,
wallpapering or other forms of final treatment.  Ames invented ATF
tools and today is the leader in the ATF tool rental and sold
market industry.  Ames was founded over 70 years ago in California
and is now headquartered in Atlanta, Georgia.


ASARCO LLC: Bankruptcy Court Denies $6.5M in Asarco Bonuses
-----------------------------------------------------------
A bankruptcy court in Texas has denied $6.5 million in bonuses to
the former CEO and board members of troubled copper mining company
Asarco LLC, Bankruptcy Law360 reports.

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

ASARCO LLC filed for Chapter 11 protection on August 9, 2005
(Bankr. S.D. Tex. Case No. 05-21207).  Attorneys at Baker Botts
L.L.P., and Jordan, Hyden, Womble & Culbreth, P.C., represented
the Debtor in its restructuring efforts.

On December 9, 2009, Grupo Mexico, S.A.B. consummated the Chapter
11 plan that it sponsored for Asarco LLC.  The Plan, which was
confirmed both by the bankruptcy and district courts, reintegrated
Asarco LLC back to parent Grupo Mexico concluding the four-year
Chapter 11 proceeding.

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


ASPEN MAIN: Files for Chapter 11 Bankruptcy in Dallas
-----------------------------------------------------
Rick Carroll at The Aspen Times says property developer Aspen Main
Street Properties L.P. filed for Chapter 11 bankruptcy in the U.S.
Bankruptcy Court in Dallas, Texas, listing both assets and debts
of between $10 million and $50 million.  The filing blocked the
foreclosure proceeding on the Company's 625 E. Main St. property
in Dallas.

The Company said it owes $125,454 to Swift Property Fund;
$104,568, John Olson Builders; $21,322, Pitkin County Treasurer;
$16,430, City of Aspen; $10,967, Gallagher Sharp West; $7,858,
Charles Cunniffe; $3,300 Hunter Square; and $59,643 for August
interest; $57,719 for July interest; $59,643 for June interest;
$57,719 for May interest; and $8,753 in late charges to Alpine
Bank, reports The Aspen Times, citing papers filed with the Court.


AVIS BUDGET: Unit Completes $580 Mil. Asset-Backed Bond Offering
----------------------------------------------------------------
Avis Budget Group Inc. said that its Avis Budget Rental Car
Funding LLC subsidiary has completed a multi-tranche offering of
approximately $580 million of three-year and five-year asset-
backed bonds.  The transaction is the first multi-tranche asset-
backed securities offering by a rental-car company since 2003.
Based on the Company's current fleet composition, the bonds are
expected to provide the Company with an advance rate of
approximately 72% on applicable collateral.

"We are very pleased by the strong investor interest in our asset-
backed securities.  This transaction allows us to achieve advance
rates and interest rates comparable to pre-2008 levels," said
David B. Wyshner, Avis Budget Group Executive Vice President and
Chief Financial Officer.  "Our strategy is to opportunistically
refinance upcoming debt maturities well in advance of their stated
maturities dates, and this offering is in line with that
practice."

The multi-tranche $463 million Series 2010-3 asset-backed bonds
were priced to yield 4.98% in the aggregate and have an expected
final payment date in May 2015.  The multi-tranche $116 million
Series 2010-2 asset-backed bonds were priced to yield 3.96% in the
aggregate and have an expected final payment date in August 2013.
The combined series have $500 million of asset-backed bonds
rated Aaa by Moody's Investors Service and AAA by DBRS, and
approximately $79 million of asset-backed bonds rated Baa2 by
Moody's Investors Service and BBB (high) by DBRS.

                      About Avis Budget Group

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

At December 31, 2009, the Company had $10.093 billion in total
assets against total current liabilities of 1.284 billion, total
liabilities exclusive of liabilities under vehicle programs of
$4.033 billion, and liabilities under vehicle programs of
$5.828 billion, resulting in stockholders' equity of $222 million.

                           *     *     *

As reported by the Troubled Company Reporter on February 19, 2010,
Moody's Investors Service changed the rating outlook for Avis
Budget Car Rental LLC to Positive from Negative.  The company's
ratings remain unchanged -- Corporate Family Rating at B2;
Probability of Default Rating at B2; senior secured credit
facilities at Ba3; senior unsecured at Caa1; and Speculative Grade
Liquidity rating at SGL-3.  The change in outlook reflects the
considerable improvement that continues to take place in Avis'
operating, competitive, and funding environment.

As reported by the TCR on February 4, 2010, Standard & Poor's
Ratings Services raised its corporate credit rating on Avis Budget
Group Inc. to 'B+' from 'B-'.  S&P also raised the other ratings
on the company by two notches, and the recovery ratings on the
company's secured and unsecured debt remain unchanged.

DBRS has commented that the ratings of AvisBudget Group, Inc.,
including its Issuer Rating of B (high) are unaffected following
the Company's announcement of 4Q09 earnings results.  The trend on
all ratings is Stable.


AXESSTEL INC: Posts $10.1 Million Net Loss in 2009
--------------------------------------------------
Axesstel, Inc. filed its annual report on Form 10-K, showing a
net loss of $10.1 million on $50.8 million revenue for 2009,
compared with net income of $1.4 million on $109.6 million of
revenue for 2008.

The Company's balance sheet as of December 31, 2009, showed
$16.2 million in assets and $22.8 million of debts, for a
stockholders' deficit of $6.6 million.

Gumbiner Savett Inc., in Santa Monica, Calif., expressed
substantial doubt about the Company's ability to continue as a
going concern.  The independent auditors noted that the Company
has historically incurred substantial losses from operations, and
the Company may not have sufficient working capital or outside
financing available to meet its planned operating activities over
the next twelve months.

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

                   http://researcharchives.com/t/s?5c5a

San Diego, Calif.-based Axestel, Inc., is a provider of fixed
wireless voice and broadband access solutions for the worldwide
telecommunications market.


BANK OF AMERICA: To Reduce Mortgage Balances
--------------------------------------------
American Bankruptcy Institute reports that Bank of America said it
would begin forgiving some mortgage debt in an effort to keep
distressed borrowers from losing their homes.

Based in Charlotte, North Carolina, Bank of America --
http://www.bankofamerica.com/-- is one of the world's largest
financial institutions, serving individual consumers, small and
middle market businesses and large corporations with a full range
of banking, investing, asset management and other financial and
risk-management products and services.  The Company serves more
than 59 million consumer and small business relationships with
more than 6,100 retail banking offices, nearly 18,700 ATMs and
online banking with nearly 29 million active users.  Following the
acquisition of Merrill Lynch on January 1, 2009, Bank of America
is among the world's leading wealth management companies and is a
global leader in corporate and investment banking and trading
across a broad range of asset classes serving corporations,
governments, institutions and individuals around the world.  Bank
of America offers support to more than 4 million small business
owners.  The Company serves clients in more than 150 countries.
Bank of America Corporation stock is a component of the Dow Jones
Industrial Average and is listed on the New York Stock Exchange.

BofA sought government backing in completing its acquisition of
Merrill Lynch.  Merrill Lynch & Co. Inc. -- http://www.ml.com/--
is a wealth management, capital markets and advisory companies
with offices in 40 countries and territories.

                           *     *     *

BofA has received US$45 billion in government bailout money since
the economic collapse in 2008.

As reported by the Troubled Company Reporter on March 27, 2009,
Moody's Investors Service lowered the senior debt rating of Bank
of America Corporation to A2 from A1, the senior subordinated debt
rating to A3 from A2, and the junior subordinated debt rating to
Baa3 from A2.  The preferred stock rating was downgraded to B3
from Baa1.  The holding company's short-term rating was affirmed
at Prime-1.

Bank of America reported a third-quarter 2009 net loss of
$1.0 billion.


BERNARD MADOFF: Long Island Country Club on Auction Block
---------------------------------------------------------
The New York Post reports that a venerable old Long Island country
club, bankrupted in part because some of its members were wiped
out by Bernard Madoff, is on the auction block.

According to the report, the 107-acre Woodcrest Club in Muttontown
is the second exclusive Gold Coast club to suffer fallout from
Madoff.  The troubled North Shore Country Club avoided a similar
fate when a white knight rode to its rescue.

The New York Post relates that the Woodcrest had a $6.5 million
mortgage and owed an additional $1 million in payroll and unpaid
bills.  Ken Silverman, the lawyer handing the bankruptcy, said he
expects the club to sell for more than $13 million at a May 6
auction.

                   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.)


BEST BRANDS: Moody's Withdraws 'Caa1' Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service has withdrawn all ratings of Best Brands
Corporation, including the Caa1 corporate family rating, following
the completion of the $510 million acquisition of Best Brands by
Dutch bakery supplier CSM NV (not rated by Moody's) and repayment
of all Best Brands' debt.

Moody's has taken these ratings actions:

* Corporate Family Rating, withdrawn, previously rated Caa1;

* Probability of Default Rating, withdrawn, previously rated
  Caa1;

* First lien revolving credit facility and term loan B --
  withdrawn, previously rated B3 (LGD3, 33%); and

* Second lien term loan C -- Withdrawn, previously rated Caa2
  (LGD5, 81%).

The last rating action on Best Brands was the October 13, 2009
upgrade of the corporate family rating to Caa1 from Caa3.

Headquartered in Minnetonka, Minnesota, Best Brands Corporation is
a manufacturer and distributor of specialty bakery products in the
U.S., specializing in frozen laminated dough, frozen baked cakes,
frozen muffins and bakery mixes, as well as other value-added
services sold to in-store bakeries and institutional baking
clients.


BEST BRANDS: S&P Withdraws 'B-' Corporate Credit Rating
-------------------------------------------------------
Standard & Poor's Ratings Services said that it withdrew its 'B-'
corporate credit rating and other ratings on Minnetonka, Minn.-
based Best Brands Corp. (B-/Stable/--) following its acquisition
by CSM nv (unrated) for $510 million.

                            Ratings List

                          Not Rated Action

                          Best Brands Corp.

                                        To          From
                                        --          ----
   Corporate Credit Rating              NR/--       B-/Stable/--
   Senior Secured                       NR          B-
     Recovery Rating                    NR          3
   Senior Secured                       NR          CCC
     Recovery Rating                    NR          6


BLUEKNIGHT ENERGY: Posts Restated Net Loss of $4.4MM for Q3
-----------------------------------------------------------
On March 26, 2010, Blueknight Energy Partners, L.P., formerly
SemGroup Energy Partners, L.P., filed an amendment to its
quarterly report on Form 10-Q/A for the three months ended
September 30, 2009, which was originally filed on November 13,
2009.  The Partnership restated its consolidated financial
statements for the three and nine month periods ended
September 30, 2009, to record additional interest expense of
$1.5 million and $2.9 million for the three and nine month
periods, respectively.

The Partnership reported a net loss, as restated, of $4.4 million
on $40.0 million of revenue for the three months ended
September 30, 2009, compared with a net loss of $11.9 million on
$53.8 million of revenue for the same period of 2008.

The Company's balance sheet as of September 30, 2009, as restated,
showed 316.8 million in assets and $453.4 million of debts, for a
stockholders' deficit of $136.5 million.

In its amended quarterly report, the Partnership relates that
prior to consummating the April 7, 2009 settlement with its former
parent company, SemGroup, L.P., events of default existed under
the Partnership's credit facility.  The Partnership says that due
to the events surrounding the bankruptcy of SemGroup, L.P.,
including decreased revenues in its crude oil gathering and
transportation and asphalt services segments, increased general
and administrative expenses related to legal and financial
advisors as well as other related costs, and uncertainties related
to securities and other litigation, it continues to face
uncertainties with respect to its ability to comply with covenants
under its credit facility.  "These factors raise substantial doubt
about the Partnership's ability to continue as a going concern."

A full-text copy of the amended quarterly report is available for
free at http://researcharchives.com/t/s?5c8e

                     About Blueknight Energy

Tulsa, Okla.-based Blueknight Energy Partners, L.P., formerly
SemGroup Energy Partners, L.P. -- http://www.BKEP.com/-- owns and
operates a diversified portfolio of complementary midstream energy
assets consisting of roughly 8.2 million barrels of crude oil
storage located in Oklahoma and Texas, roughly 6.7 million barrels
of which are located at the Cushing, Oklahoma interchange; roughly
1,150 miles of crude oil pipeline located primarily in Oklahoma
and Texas; over 200 crude oil transportation and oilfield services
vehicles deployed in Kansas, Colorado, New Mexico, Oklahoma and
Texas; and roughly 7.4 million barrels of combined asphalt and
residual fuel storage located at 46 terminals in 23 states.


BUCYRUS COMMUNITY: Court Extends Schedules Filing Until May 3
-------------------------------------------------------------
The Hon. Russ Kendig of the U.S. Bankruptcy Court for the Northern
District of Ohio extended, at the behest of Bucyrus Community
Hospital, Inc., et al., the deadline for the filing of schedules
of assets and liabilities, statements of financial affairs, a
schedule of current income and expenditures, statements of
executory contracts and unexpired leases, and lists of equity
security holders for an additional 30 days until May 3, 2010.

The Debtors estimated that they have more than 800 creditors or
other interested parties.  The Debtors said that given the size
and complexity of their businesses and the fact that certain
prepetition invoices have not yet been received and/or entered
into their financial systems, they have not had the opportunity to
gather the necessary information to prepare and file their
respective schedules and statements.

Bucyrus, Ohio-based Bucyrus Community Hospital, Inc., filed for
Chapter 11 bankruptcy protection on March 19, 2010 (Bankr. N.D.
Ohio Case No. 10-61078).  Melissa Asbrock, Esq., and Shawn M.
Riley, Esq., at McDonald Hopkins LLC, assist the Company in its
restructuring effort.  The Company estimated its assets and debts
at $10,000,001 to $50,000,000.

The Company's affiliate, Bucyrus Community Physicians, Inc., filed
a separate Chapter 11 petition (Case No. 10-61081) on March 19,
2010, estimating its assets and debts at $500,000 to $1 million.


BUCYRUS COMMUNITY: Gets Court's Nod to Use Cash Collateral
----------------------------------------------------------
Bucyrus Community Hospital, Inc. and its debtor-affiliates sought
and obtained interim authorization from the Hon. Russ Kendig of
the U.S. Bankruptcy Court for the Northern District of Ohio to use
cash collateral securing their obligation to their prepetition
lenders.

The Debtors believe that Lancaster Pollard Mortgage Company has a
first priority and only security interest in substantially all of
Bucyrus Community's assets, including accounts receivable and the
proceeds thereof.  The United Bank, Division of the Park National
Bank, and the First Federal Community Bank also purport to hold
security interests in certain assets of each of the Debtors,
including cash collateral.  The Debtors believe that the security
interests of United are unperfected and that the security
interests of FFCB don't cover cash collateral.

Shawn M. Riley, Esq., at McDonald Hopkins LLC, the attorney for
the Debtors, explained that the Debtors need the money to fund
their Chapter 11 case, pay suppliers and other parties.  The
Debtors will use the collateral pursuant to a budget, a copy of
which is available for free at:

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

In exchange for using the cash collateral, the Debtors propose to
grant the prepetition lenders replacement liens.  The Debtors will
also provide the prepetition lenders regular reporting.

The Court has set a final meeting for April 5, 2010, at 2:00 p.m.,
on the Debtor's request to use cash collateral.

Bucyrus, Ohio-based Bucyrus Community Hospital, Inc., filed for
Chapter 11 bankruptcy protection on March 19, 2010 (Bankr. N.D.
Ohio Case No. 10-61078).  Melissa Asbrock, Esq., and Shawn M.
Riley, Esq., at McDonald Hopkins LLC, assist the Company in its
restructuring effort.  The Company estimated its assets and debts
at $10,000,001 to $50,000,000.

The Company's affiliate, Bucyrus Community Physicians, Inc., filed
a separate Chapter 11 petition (Case No. 10-61081) on March 19,
2010, estimating its assets and debts at $500,000 to $1 million.


BUCYRUS COMMUNITY: Section 341(a) Meeting Scheduled for May 14
--------------------------------------------------------------
The U.S. Trustee for Region 9 will convene a meeting of creditors
in Bucyrus Community Hospital, Inc.'s Chapter 11 case on May 14,
2010, at 1:30 p.m.  The meeting will be held at Frank T Bow Fed
Building, 201 Cleveland Avenue SW, Basement B-13, Canton, OH
44702.

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.

Bucyrus, Ohio-based Bucyrus Community Hospital, Inc., filed for
Chapter 11 bankruptcy protection on March 19, 2010 (Bankr. N.D.
Ohio Case No. 10-61078).  Melissa Asbrock, Esq., and Shawn M.
Riley, Esq., at McDonald Hopkins LLC, assist the Company in its
restructuring effort.  The Company estimated its assets and debts
at $10,000,001 to $50,000,000.

The Company's affiliate, Bucyrus Community Physicians, Inc., filed
a separate Chapter 11 petition (Case No. 10-61081) on March 19,
2010, estimating its assets and debts at $500,000 to $1 million.


BUCYRUS COMMUNITY: Taps McDonald Hopkins as Bankruptcy Counsel
--------------------------------------------------------------
Bucyrus Community Hospital, Inc., et al., has sought authorization
from the U.S. Bankruptcy Court for the Northern District of Ohio
to employ McDonald Hopkins LLC as bankruptcy counsel, nunc pro
tunc to the Petition Date.

McDonald Hopkins will, among other things:

     a. file and monitor the Debtors' Chapter 11 cases;

     b. advise the Debtors of their obligations and duties in
        bankruptcy;

     c. execute the Debtors' decisions by filing with the Court
        motions, objections, and other relevant documents; and

     d. appear before the Court on all matters in the Debtors'
        bankruptcy cases relevant to the interests of the Debtors.

McDonald Hopkins will be paid based on the hourly rates of its
personnel:

        Members                 $280-$625
        Of Counsel              $275-$550
        Associates              $185-$360
        Paralegals              $120-$225
        Law Clerks               $80-$120

Shawn M. Riley, a member at McDonald Hopkins, assures the Court
that the firm is "disinterested" as that term is defined in
Section 101(14) of the Bankruptcy Code.

Bucyrus, Ohio-based Bucyrus Community Hospital, Inc., filed for
Chapter 11 bankruptcy protection on March 19, 2010 (Bankr. N.D.
Ohio Case No. 10-61078).  The Company estimated its assets and
debts at $10,000,001 to $50,000,000.

The Company's affiliate, Bucyrus Community Physicians, Inc., filed
a separate Chapter 11 petition (Case No. 10-61081) on March 19,
2010, estimating its assets and debts at $500,000 to $1 million.


BUCYRUS COMMUNITY: US Trustee Names 7 Members to Creditors Panel
----------------------------------------------------------------
Daniel M. McDermott, the U.S. Trustee for Region 9, appoints seven
members to the Official Committee of Unsecured Creditors in
Bucyrus Community Hospital, Inc., et al.'s Chapter 11 cases.

The Committee members include:

1) Depuy Orthopaedics, Inc.
   c/o Ted Mager
   700 Orthopaedic Lane
   Warsaw IN 46581
   Phone: (574) 243-9855
   Fax: (574) 372-7596

2) Stryker Orthopaedics
   c/o Lori L. Purkey
   2251 East Paris Avenue, SE
   Suite B
   Grand Rapids MI 49546
   Phone: (616) 940-0553
   Fax: (616) 940-0554

3) SODEXO
   c/o Mary Beth Riley
   100 Osceola Road
   Syracuse NY 13209
   Phone: (315) 487-5908 x15
   Fax: (315) 468-1648

4) Owens & Minor Distribution, Inc.
   c/o Terry L. Rachuy
   9120 Lockwood Blvd.
   Mechanicsville VA 23116-2015
   Phone: (804) 723-7545
   Fax: (804) 723-7118

5) Donley's, Inc.
   c/o Patrick Powers
   5430 Warner Road
   Cleveland OH 44125
   Phone: (216) 986-8426
   Fax: (216) 986-8411

6) Beckman Coulter, Inc.
   c/o Debbie Clyde
   250 S Kraemer Drive
   Brea CA 92822
   Phone: (714) 792-1420
   Fax: (714) 459-1589

7) Ohio Hospital Association
   c/o Mary L. Gallagher
   155 East Broad Street
   15th Floor
   Columbus OH 43215
   Phone: (614) 221-7614
   Fax: (614) 221-4771

Bucyrus, Ohio-based Bucyrus Community Hospital, Inc., filed for
Chapter 11 bankruptcy protection on March 19, 2010 (Bankr. N.D.
Ohio Case No. 10-61078).  Melissa Asbrock, Esq., and Shawn M.
Riley, Esq., at McDonald Hopkins LLC, assist the Company in its
restructuring effort.  The Company estimated its assets and debts
at $10,000,001 to $50,000,000.

The Company's affiliate, Bucyrus Community Physicians, Inc., filed
a separate Chapter 11 petition (Case No. 10-61081) on March 19,
2010, estimating its assets and debts at $500,000 to $1 million.


BURLINGTON COAT: Bank Debt Trades at 5% Off in Secondary Market
---------------------------------------------------------------
Participations in a syndicated loan under which Burlington Coat
Factory Warehouse Corp. is a borrower traded in the secondary
market at 95.30 cents-on-the-dollar during the week ended Friday,
March 26, 2010, according to data compiled by Loan Pricing Corp.
and reported in The Wall Street Journal.  This represents an
increase of 2.69 percentage points from the previous week, The
Journal relates.  The Company pays 225 basis points above LIBOR to
borrow under the facility.  The bank loan matures on May 28, 2013,
and carries Moody's B3 rating and Standard & Poor's B- rating.
The debt is one of the biggest gainers and losers among 185 widely
quoted syndicated loans with five or more bids in secondary
trading for the week ended Friday.

Burlington Coat Factory Warehouse Corp. operates stores in 44
states and Puerto Rico, which sell apparel, shoes and accessories
for men, women and children.  A majority of the stores offer a
home furnishing and linens department and a juvenile furniture
department.  As of Sept. 4, 2009, the Company operates 433 stores
under the names "Burlington Coat Factory Warehouse" (415 stores),
"MJM Designer Shoes" (15 stores), "Cohoes Fashions" (two stores),
and "Super Baby Depot" (one store) in 44 states and Puerto Rico.

The Troubled Company Reporter said on Jan. 29, 2010, Moody's
affirmed Burlington Coat Factory Warehouse Corp.'s ratings
including its B3 Corporate Family Rating and its SGL-3 Speculative
Grade Liquidity rating.  The rating outlook is stable.  The
affirmation of Burlington Coat's rating and outlook is in response
to the company's announcement that it completed an amendment to
its asset based revolving credit facility that extends the
expiration date of $600 million of the total facility to February
2014 from May 2011.

As reported by the TCR on June 29, 2009, Fitch Ratings affirmed
its Issuer Default Rating at 'B-'; US$800 million asset-based
revolver rating at 'B+/RR1'; US$900 million term loan rating at
'B/RR3', on Burlington Coat Factory Warehouse Corp.  Fitch revised
these ratings to reflect the new issue rating definitions as of
March 2009 -- US$305 million senior unsecured notes revised to
'CC/RR6' from 'CCC/RR6'; US$99 million senior discount notes
revised to 'C/RR6' from 'CCC-/RR6'.


BUSHNELL REGENCY: Files for Chapter 11 Bankruptcy Protection
------------------------------------------------------------
Greg Bordonaro at Hartford Business reports that Bushnell Regency
filed for Chapter 11 bankruptcy more than a year after it ceased
payments to Well Fargo Co. on majority of the condominium units at
downtown Hartford's Bushnell on the Park.

Bushnell Regency listed $8.8 million in assets and $10.7 million
in liabilities.  Bushnell Regency owns 129 condominium units
within the 180-unit complex at 100 Wells St., which it uses for
rental apartments and office space.  The Company said it had until
March 26, 2010, pay $9.8 million to Wells Fargo to reclaim the
property.

According to Hartford Business, Bushnell Regency has been facing a
host of legal problems over the last year.  It started in April,
when the Company's property sank into foreclosure, after it failed
to make mortgage payments since November 2008.

Thomas Farrell, Esq., represents Bushnell Regency.


CAL INVESTMENTS: U.S. Trustee Wants Case Converted to Chapter 7
---------------------------------------------------------------
Sara L. Kistler, Acting United States Trustee for Region 17, asks
the U.S. Bankruptcy Court for the Northern District of California
to convert the Chapter 11 case of Cal Investments, Inc., to
Chapter 7 pursuant to 11 U.S.C. Sec. 1112(b).

The U.S. Trustee states the Debtor has failed to timely provide
relevant information that has been reasonably requested by the
U.S. Trustee.  This conduct constitutes cause for conversion, the
U.S. Trustee contends.

Specifically, the U.S. Trustee explains that the Debtor has still
failed to provide an accounting of notes receivable totaling
$120,000.  The U.S. Trustee wants the Debtor to provide the date
that the funds were received and an accounting of the disposition
of the funds and the timing of the disposition.

The Debtor had included the notes receivable on its 2008 tax
return but had not listed the notes receivable as estate assets on
Schedule B.  The U.S. Trustee relates that the Debtor, through its
counsel, acknowledged that the Debtor received the funds at some
point in 2009 prior to the bankruptcy filing.

According to the U.S. Trustee, since the amount of money involved
is substantial, its request for information and an accounting is
reasonable.

The U.S. Trustee's request is scheduled for hearing on April 14,
2010, at 10:30 a.m.

Soquel, California-based Cal Investments, Inc., filed for Chapter
11 bankruptcy protection on October 30, 2009 (Bankr. N.D. Calif.
Case No. 09-59405).  Scott J. Sagaria, Esq., and Patrick Calhoun,
Esq., at the Law Offices of Scott J. Sagaria assist the Company in
its restructuring efforts.  According to the Debtors' schedules of
assets and debts, the Company has assets of at least $13,957,842,
and total debts of $22,913,609.


CHARTER COMMS: Investor Cries Foul on Ch. 11 Deal With Allen
------------------------------------------------------------
Bankruptcy Law360 reports that an investor has urged a federal
judge to overturn the confirmation of Charter Communications
Inc.'s reorganization plan, saying the company cut an unfair deal
by largely handing itself over to controlling shareholder and
Microsoft Corp. co-founder Paul G. Allen while stiffing other
stockholders.

Based in St. Louis, Missouri, Charter Communications, Inc. (Pink
OTC: CHTRQ) -- http://www.charter.com/-- is a broadband
communications company and the fourth-largest cable operator in
the United States.

Charter Communications and more than a hundred affiliates filed
voluntary Chapter 11 petitions on March 27, 2009 (Bankr. S.D.N.Y.
Case No. 09-11435).  The Company listed $13.65 billion in assets
against debts of $24.5 billion as of the filing.  Attorneys at
Kirkland & Ellis LLP, in New York, served as bankruptcy counsel to
the Debtors.  In November 2009, Charter Communications emerged
from bankruptcy, after completing a financial restructuring that
reduced debt by $8 billion.


CHRYSLER GROUP: Offers Letters of Intent to 50 U.S. Dealers
-----------------------------------------------------------
In an effort to find a mutually beneficial resolution in
situations that make sense for the customer, the dealer and the
company, Chrysler Group LLC is offering Letters of Intent to 50
arbitrating dealers to join its dealer network as full-line
representatives.  These are dealers whose contracts were rejected
as a part of OldCarCo's bankruptcy proceedings last year.

The 50 dealers are in locations that offer customer service
benefits and will have limited adverse impact on the dealers
within our current network. Discussions to find mutually
beneficial alternatives to arbitration with other dealers are
under way.

The actions are in addition to the 36 Letters of Intent and/or
Sales and Service Agreements previously awarded to dealers whose
contracts had been rejected by OldCarCo.

                     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)


CIB MARINE: Earns $13.7 Million in 2009; Going Concern Eliminated
-----------------------------------------------------------------
CIB Marine Bancshres, Inc., filed its annual report on Form 10-K
for the year ended December 31, 2009, showing net income of
$13.7 million on $15.5 million of net interest income for 2009,
compared with a net loss of $34.4 million on $21.6 million of net
interest income for 2008.  In 2009, the Company recorded an
extraordinary gain of $54.5 million resulting from the successful
completion of its pre-packaged plan of reorganization.

The Company's balance sheet as of December 31, 2009, showed
$709.9 million in assets, $625.2 million of debts, and
$84.7 million of stockholders' equity.  At December 31, 2009, the
Company had net loans of $454.4 million and total deposits of
$589.5 million.

On September 16, 2009, the Company filed a pre-packaged plan
reorganization in the U.S. Bankruptcy Court for the Eastern
District of Wisconsin (Case No. 09-33318) under Chapter 11 of the
Bankruptcy Code.  The primary reason for the filing was that CIB
Marine had been unable to bring current the roughly $43.5 million
of aggregate accrued interest payable on its Junior Subordinated
Debentures issued in conjunction with four tranches of trust
preferred securities ("TruPS") offerings by the Company between
March 2000 and September 2002.

Under the Plan, the TruPS holders exchanged $107.2 million of
cumulative high-interest Debentures, comprising $61.9 million
principal and $45.3 million of accrued interest, for shares of CIB
Marine Preferred valued at $51 million.

On October 29, 2009, the Bankruptcy Court entered the Confirmation
Order confirming the Plan.  On December 30, 2009, CIB Marine
emerged from Bankruptcy pursuant to the terms of the Confirmation
Order.

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

               http://researcharchives.com/t/s?5c61

CIB Marine Bancshares, Inc. (PINKSHEETS: CIBH.PK)
-- http://www.cibmarine.com/-- is a one-bank holding company with
its principal executive offices in Pewaukee, Wisconsin, a suburb
of Milwaukee.  At December 31, 2008, CIB Marine had 17 banking
offices in central Illinois, Wisconsis, Indiana and Arizona.

                          *     *     *

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


CITADEL BROADCASTING: Bank Debt Trades at 12% Off
-------------------------------------------------
Participations in a syndicated loan under which Citadel
Broadcasting Corporation is a borrower traded in the secondary
market at 87.65 cents-on-the-dollar during the week ended Friday,
March 26, 2010, according to data compiled by Loan Pricing Corp.
and reported in The Wall Street Journal.  This represents an
increase of 2.84 percentage points from the previous week, The
Journal relates.  Citadel pays 175 basis points above LIBOR to
borrow under the loan facility, which matures on June 1, 2014.
Moody's has withdrawn its rating, while Standard & Poor's has
assigned a default rating, on the bank debt.  The debt is one of
the biggest gainers and losers among 185 widely quoted syndicated
loans with five or more bids in secondary trading for the week
ended Friday.

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)


CITY CAPITAL: Posts $2.2 Million Net Loss in Q3 2009
----------------------------------------------------
City Capital Corporation filed its quarterly report on Form 10-Q,
showing a net loss of $2,153,554 on $1,033,971 of revenue for the
three months ended September 30, 2009, compared with a net loss of
$442,048 on $41,608 of revenue for the same period of 2008.

The Company's balance sheet as of September 30, 2009, showed
$3,011,072 in assets and $8,450,591 of debts, for a stockholders'
deficit of $5,439,519.

"The Company has incurred a net loss of $4,691,973 for the nine
months ended September 30, 2009, and has reported an accumulated
deficit of $16,844,167 as of September 30, 2009.  This raises
substantial doubt as to 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?5c2c

Franklin, Tenn.-based City Capital is a professional management
and diversified holding company engaged in leveraging investments,
holdings and other assets to build value for investors and
shareholders.


CITY OF VALLEJO: Reaches Agreement with IAFF on Labor Contract
--------------------------------------------------------------
A labor contract between the City of Vallejo and the International
Association of Firefighters was approved by the Vallejo City
Council on March 23, 2010.  This agreement reduces short and long-
term costs by maintaining many of the cost saving measures that
were imposed under the auspices of Chapter 9 bankruptcy and
additional reductions in pension and health costs. Additionally,
the agreement reduces the city's long term liability for unfunded
retiree health costs.  The contract also provides flexibility for
service delivery in the event of worsening City revenues.

Mayor Osby Davis expressed his satisfaction with the agreement,
"The City and the Firefighters have worked closely to come to an
agreement that helps deal with the Vallejo's financial
difficulties which are the same as those being faced by cities
throughout the State."

The new contract between the City and IAFF includes significant
reductions from the rejected IAFF contract compensation levels.
The average cost for Firefighter/Paramedic salaries and benefits
has been reduced by 23%.  A second tier retirement (2% @ 50) for
new employees has been put in place with existing employees
picking up an additional retirement contribution of 4.4% which
funds the difference in the normal between the current 3 % @50 and
the new plan.  An additional $1.3 million in cost reductions in
the amount needed to fund IAFF retiree medical benefits was
achieved.  The new retiree medical benefit also reduces the
actuarial value of the long-term liability by $21 million, from
$33 million to $11 million.  This negotiated agreement fixes the
City's going forward costs for IAFF until June 2012.

On May 23, 2008, the City filed a petition for protection under
the provisions of chapter 9 of the U. S. Bankruptcy Code.
On June 17, 2008, the City filed a motion for approval of
rejection of its collective bargaining agreements with each of its
four labor groups: Vallejo Police Officers Association (VPOA);
International Brotherhood of Electrical Workers (IBEW);
Confidential Administrative, Managerial and Professional
Association (CAMP), and IAFF.  Prior to the hearing for the
consideration of the rejection of the agreements, the City reached
supplemental agreements with VPOA and CAMP.  On August 27, 2010,
the City and IAFF signed a stipulation that allowed the City to
reject the IAFF agreement that would have run through June 2010.
(On September 1, 2010, the Bankruptcy Court granted the City's
motion to reject the IBEW agreement.)  The City and IAFF spent 5
days in mediation and commenced binding arbitration hearings in
January 2010.  Additional hearing dates had been scheduled later
this month.  During the interim period, the City and IAFF resumed
negotiations and reached an agreement on the terms of a new
agreement on February 18, 2010.


CJL HOLDINGS LLC: Case Summary & 3 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: CJL Holdings LLC
        150 Sandlander
        Santa Fe, NM 87505

Bankruptcy Case No.: 10-11383

Chapter 11 Petition Date: March 22, 2010

Court: United States Bankruptcy Court
       New Mexico (Albuquerque)

Judge: James S. Starzynski

Debtor's Counsel: Jennie D. Behles, Esq.
                  PO Box 7070
                  Albuquerque, NM 87194-7070
                  Tel: (505) 242-7004
                  Fax: (505) 242-7066
                  Email: filings@jdbehles.com

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

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

A list of the Company's 3 largest unsecured creditors is available
for free at:

              http://bankrupt.com/misc/nmb10-11383.pdf


CLEARPOINT BUSINESS: Enters Loan Modification & Restructure Deal
----------------------------------------------------------------
ClearPoint Business Resources Inc. disclosed in its reports filed
with the Securities and Exchange Commission that the Company
entered into a Loan Modification and Restructure Agreement dated
June 20, 2008, with Manufacturers and Traders Trust Company,
pursuant to which the parties agreed to consolidate certain
amounts owed by the Company to M&T and to permit the Company to
repay such amounts on a deferred basis.  The Deferred Obligations
were initially $3 million.

In addition to repayment of the Deferred Obligations, the
Restructure Agreement provides that the Company must pay M&T cash
proceeds arising out of certain of its and its subsidiaries'
accounts receivable in an amount not less than $3 million prior
the earlier of the Company's full satisfaction of its obligations
owed to ComVest Capital, LLC or January 1, 2011.  In the event M&T
receives less than $3 million of proceeds arising out of the
Accounts, the shortfall will be added to and deemed part of the
Deferred Obligations.  The terms of the Restructure Agreement
provide that upon the occurrence of a default in the due
observance or performance of any covenant, condition or agreement
which, if capable of being cured, is not fully cured within thirty
days after the occurrence thereof, and at all times thereafter
during the continuance thereof, all Deferred Obligations shall be
accelerated and become immediately due and payable.  As of March
17, 2010, the Deferred Obligations were approximately $3.1
million, with approximately $1.5 million due to M & T in
connection with proceeds arising out of the Accounts.

On March 17, 2010, the Company received a letter from M&T in
connection with the Restructure Agreement.  The M&T Letter states
that it serves as a notice of existence of events of default under
the Restructure Agreement, including the Company's failure to
comply with its covenant to collect the Accounts, the Company's
failure to deliver certain financial information to M&T and the
existence of events of default under the Company's Amended and
Restated Loan Agreement with ComVest.  In addition, M&T requested
an explanation of the Company's efforts to collect the Accounts,
evidence that remittances from the Accounts were applied in
accordance with the Restructure Agreement and copies of all
information furnished to ComVest pursuant to the Loan Agreement.
The M&T Letter further provides that all of its rights, benefits
and security against the Company in connection with such alleged
defaults, including the right to accelerate the Deferred
Obligations, are reserved.

An event of default under the Restructure Agreement would trigger
a cross-default provision pursuant to the Loan Agreement with
ComVest, unless such default is waived in writing by ComVest.  If
the cross-default provision is triggered, ComVest may, among other
things, declare all outstanding obligations under the Loan
Agreement to be immediately due and payable.  As of March 17,
2010, the Company's outstanding obligations under the Loan
Agreement with ComVest were approximately $10.4 million, in
addition to interest fees of approximately $1.1 million.

The Company's obligations to M&T are subordinated to its
obligations to ComVest pursuant to a Subordination and
Intercreditor Agreement dated June 20, 2008 between ComVest and
M&T.  The Company is currently discussing the M&T Letter with M&T.

                About ClearPoint Business Resources

ClearPoint Business Resources, Inc., is a workplace management
solutions company.  Through the iLabor Network, ClearPoint
provides services to clients ranging from small businesses to
Fortune 500 companies.  The iLabor Network specializes in the
highly transactional "go to work" or "on-demand" segment of the
temporary labor market.  ClearPoint considers the hospitality,
distribution, warehouse, manufacturing, logistics, transportation,
convention services, hotel chains, retail and administrative
sectors among the segments best able to be served by the iLabor
Network.

During the fiscal year ended December 31, 2008, ClearPoint began
to transition its business model from a temporary staffing
provider through a network of branch-based offices or franchises
to a provider that manages clients' temporary staffing needs
through its open Internet portal-based iLabor Network.  ClearPoint
completed this transition during the three months ended June 30,
2008.  Under its new business model, ClearPoint acts as a broker
for its clients and network of temporary staffing suppliers.

ClearPoint derives its revenues from (i) royalty payments related
to client contracts which ClearPoint subcontracted or sold to
other providers of temporary staffing services; (ii) revenues
generated by the iLabor Network; and (iii) revenues related to
VMS.

As of September 30, 2009, the Company had $2,803,735 in total
assets and $27,426,894 in total liabilities, resulting in
$24,623,159 in stockholders' deficit.

                       Going Concern Opinion

Historically, ClearPoint has funded its cash and liquidity needs
through cash generated from operations and debt financing.  At
September 30, 2009, the Company had an accumulated deficit of
$57,278,493 and working capital deficiency of $9,466,342.  For the
nine months ended September 30, 2009, the Company incurred a net
loss of $2,787,950.   Although the Company restructured its debt
and obtained new financing in the third quarter of 2009, cash
projected to be generated from operations may not be sufficient to
fund operations and meet debt repayment obligations during the
next 12 months.  To meet its future cash and liquidity needs, the
Company may be required to raise additional financing and
restructure existing debt.  There is no assurance that the Company
will be successful in obtaining additional financing and
restructuring its existing debt.  If the Company does not generate
sufficient cash from operations, raise additional financing and
restructure existing debt, there is substantial doubt about the
ability of the Company to continue as a going concern.


COMFORCE CORP: Dec. 31 Balance Sheet Upside-Down by $15.4 Mil.
--------------------------------------------------------------
COMFORCE Corporation reported results for the fourth quarter ended
December 27, 2009.  The Company's balance sheet showed total
assets of $165.2 million and liabilities of $180.7 million for a
$15.4 million total stockholders' deficit.

Revenues for the quarter were $144.4 million compared to
$154.2 million for the fourth quarter of 2008, a 6.4% decline.
The lower revenues were primarily due to the adverse economic
conditions that prevailed during the period and negatively
impacted the labor markets overall. Sequentially, revenues
increased 3.3% over third quarter 2009.

Revenues of PRO Unlimited, the Company's Human Capital Management
segment, increased $7.4 million or 7.4%, over the prior year's
fourth quarter.   PRO's increase in the fourth quarter of 2009 was
primarily due to an increase in services provided to both new and
existing clients.  Staff Augmentation decreased $17.1 million or
31.5% reflecting a decrease in client demand for services in this
sector and a reduction in clients served.

COMFORCE's gross profit for the fourth quarter of 2009 was
$19.6 million, or 13.6% of sales, compared to $24.7 million, or
16.0% of sales in the fourth quarter of 2008.  The decrease in
gross profit is the result of pricing pressures the Company is
facing in the current economic environment, and also due to lower
sales volume on higher margin services. In addition, the Company
recorded an accrual of approximately $1.2 million in the fourth
quarter of 2009 related to the settlement of a state tax
examination.

Operating loss for the fourth quarter was $13.8 million, compared
to operating income of $4.6 million in the fourth quarter of 2008.
The operating loss in the fourth quarter 2009 includes a non-cash
charge for goodwill impairment in the amount of $16.1 million,
relating to the Company's Staff Augmentation segment.  Excluding
this non-cash charge, operating income for the fourth quarter was
$2.3 million.

Interest expense was $649,000 in the fourth quarter of 2009,
compared to $869,000 in the fourth quarter of 2008.  This decrease
was primarily due to lower borrowings under the Company's credit
facility during the fourth quarter of 2009 compared to the fourth
quarter 2008.

Other income, net, for the fourth quarter of 2009 of $44,000,
principally consists of a gain on the settlement of a third party
dispute, partially offset by losses on foreign currency exchanges,
compared to other expense, net, for the fourth quarter of 2008 of
$442,000, principally consisting of losses on foreign currency
exchanges.

COMFORCE recorded a loss before income taxes of $14.4 million for
the fourth quarter of 2009, compared to income before income taxes
of $3.3 million for the comparable period last year.

The Company recorded a tax benefit of $426,000 in the fourth
quarter of 2009, compared to a tax provision of $1.4 million in
the fourth quarter of 2008.

Net loss for the fourth quarter was $14.0 million, or $0.82 per
basic and diluted share, compared to net income of $1.9 million,
or $0.10 per basic and $0.06 per diluted share for the fourth
quarter of 2008.

                        Full Year Results

COMFORCE reported revenues of $563.8 million for the fiscal year
ended December 27, 2009, compared to revenues of $606.6 million
for the fiscal year ended December 28, 2008.   PRO Unlimited
revenues increased 1.3% for full year 2009.  Staff Augmentation
decreased 21.9% for the full year.

COMFORCE's gross profit for fiscal year 2009 was $80.4 million, or
14.3% of revenues, compared to $96.4 million, or 15.9% of revenues
for fiscal year 2008.  The decrease in gross profit is the result
of pricing pressures the Company faced throughout 2009 given the
prevailing economic conditions and lower sales volume on higher
margin services.  In addition, the Company recorded an additional
accrual of approximately $2.7 million in 2009 related to a state
tax examination, which was settled in January 2010 for
$2.8 million.

Operating loss for the year was $9.1 million, compared to
operating income of $16.2 million for 2008.  Included in the
operating loss for full year 2009 is a non-cash goodwill
impairment charge in the amount of $16.1 million relating to the
Company's Staff Augmentation segment.  Excluding this non-cash
charge, operating income for the full year 2009 was $7.0 million.

Interest expense for fiscal 2009 was $2.1 million, compared to
$4.4 million for the prior year period.  This lower interest
expense was primarily due to the repurchase and redemption of the
12% Senior Notes during 2008 and lower interest rates under the
Company's credit facility.  In November 2009, the Company renewed
its credit facility for three years and under the new facility,
its borrowing costs will be higher than under the old facility.

Other income, net, for full year 2009 of $150,000, principally
consists of a gain on the settlement of a third party dispute and
gains on foreign currency exchanges, as compared to other expense,
net, of $1.1 million, principally consisting of losses on foreign
currency exchanges for the same period in 2008.

COMFORCE reported a loss before income taxes for fiscal 2009 of
$11.0 million, compared to income before income taxes of
$10.4 million for fiscal 2008.  The Company recognized a tax
provision of $1.1 million in fiscal 2009, compared to a tax
provision of $4.5 million for the same period last year.

COMFORCE reported net loss of $12.2 million, or $0.76 per basic
and diluted share for fiscal 2009, compared to net income of
$5.9 million, or $0.28 per basic share and $0.18 per diluted share
for fiscal 2008.

                      Comments from Management

John Fanning, Chairman and CEO of COMFORCE commented, "There have
been some indications recently that there is some improvement in
the labor markets, and we were pleased to have seen a sequential
improvement in revenues for the fourth quarter driven by PRO's
revenues increasing 6.8% over the third quarter.  And, while we
were pleased to report this, we still do not have a clear
indication as to when we will see a meaningful recovery in our
business."

Mr. Fanning continued, "We remain enthusiastic about the potential
for PRO Unlimited and RightSourcing(R) and expect these sectors of
our business to continue to be in demand.  As a result, we believe
we are well positioned to take advantage of opportunities to grow
our business for the future."

A full-text copy of the company's earnings release is available
for free at http://ResearchArchives.com/t/s?5c56

                          About COMFORCE

Based in Woodbury, New York, COMFORCE Corporation (NYSE Amex: CFS)
provides outsourced staffing management services that enable
Fortune 1000 companies and other large employers to consolidate,
automate and manage staffing, compliance and oversight processes
for their contingent workforces.  The Company also provides
specialty staffing, consulting and other outsourcing services to
Fortune 1000 companies and other large employers for their
healthcare support services, technical and engineering,
information technology, telecommunications and other staffing
needs.  In addition, the Company provides funding and back office
support services to independent consulting and staffing companies.


COMMUNITY HEALTH: Bank Debt Trades at 3% Off in Secondary Market
----------------------------------------------------------------
Participations in a syndicated loan under which Community Health
Systems, Inc., is a borrower traded in the secondary market at
96.70 cents-on-the-dollar during the week ended Friday, March 26,
2010, according to data compiled by Loan Pricing Corp. and
reported in The Wall Street Journal.  This represents an increase
of 1.10 percentage points from the previous week, The Journal
relates.  The Company pays 225 basis points above LIBOR to borrow
under the facility.  The bank loan matures on May 1, 2014, and
carries Moody's Ba3 rating and Standard & Poor's BB rating.  The
debt is one of the biggest gainers and losers among 185 widely
quoted syndicated loans with five or more bids in secondary
trading for the week ended Friday.

Based in Franklin, Tennessee, Community Health Systems, Inc. --
http://www.chs.net/-- is the largest publicly traded operator of
hospitals in the United States in terms of number of facilities
and net operating revenues.  The company provides healthcare
services through these hospitals that it owns and operates in non-
urban and selected urban markets throughout the United States.
The company also owns and operates home health agencies, including
four home health agencies located in markets where it does not
operate a hospital.  Through its wholly owned subsidiary, Quorum
Health Resources, LLC, the company provides management and
consulting services to non-affiliated general acute care hospitals
located throughout the United States.


COMPUTER SYSTEMS: Seeks July 12 Extension of Exclusive Period
-------------------------------------------------------------
Computer Systems Company, Inc., d/b/a The CSC Group, and R4, LLC,
ask the U.S. Bankruptcy Court for the Northern District of Ohio
for a 120-day extension of their exclusivity plan proposal
periods.  The extension would give the Debtors until July 12,
2010, to file a proposed plan and disclosure statement.

The Debtors informed the Court that they have worked diligently
during the initial exclusive period to maximize the value of their
business and assets for the estate and its creditors.  In addition
to working vigorously to stabilize their sources of revenue and to
create new sources of revenue from sales both of their products
and technology, the Debtors and their counsel secured the use of
their cash collateral for a sufficient period of time to enable
them to achieve a reorganization of their business and assets.
According to the Debtors, this should enable them to obtain
optimal value for their business and assets, through the pursuit
of available sale or investment opportunities, all of which will
directly benefit their creditors.

The Debtors also said they have focused much of their efforts on
accomplishing the requirements set forth the interim and final
cash collateral orders entered by the Court and in securing an
investment banking firm to locate additional DIP or exit financing
and assist with the successful reorganization and restructure of
the Debtors.

The Debtors are represented in the case by:

          Bruce J.L. Lowe, Esq.
          Kimberlie L. Huff, Esq.
          Adam D. Cornett, Esq.
          TAFT STETTINIUS & HOLLISTER LLP
          200 Public Square, Suite 3500
          Cleveland, Ohio 44114-2302
          Tel: (216) 241-2838
          Fax: (216) 241-3707
          E-mail: blowe@taftlaw.com
                  khuff@taftlaw.com
                  acornett@taftlaw.com

          -- and --

          Jerald I. Ancel, Esq.
          Marlene Reich, Esq.
          TAFT STETTINIUS & HOLLISTER LLP
          One Indiana Square, Suite 3500
          Indianapolis, Indiana 46204
          Tel: (317) 713-3560
          Fax: (317) 713-3699
          E-mail: jancel@taftlaw.com
                  mreich@taftlaw.com

The Official Committee of Unsecured Creditors is represented by:

          Ronald E. Gold, Esq.
          FROST BROWN TODD LLC
          2200 PNC Center, 201 East Fifth Street
          Cincinnati, Ohio 45202-4182
          Tel: (513) 651-6800
          Fax: (513) 651-6981
          E-mail: rgold@fbtlaw.com

                     About Computer Systems

Strongsville, Ohio-based Computer Systems Co., also known as CSC
Group, is a provider of information management software for
health-care providers.  The Company and its subsidiary, R4, LLC,
filed for Chapter 11 bankruptcy on November 13, 2009 (Bankr. N.D.
Ohio Case No. 09-20802).  Computer Systems said that its assets
were $49.1 million and debt was $33.9 million at September 30,
2009.


CONSECO INC: To Change Name to CNO Financial Group
--------------------------------------------------
In a press release Thursday, Conseco, Inc., disclosed that it will
ask shareholders at their annual meeting on May 11, 2010, to
approve a change in the holding company's name to CNO Financial
Group, Inc., to reflect the transformation of the Company that
management and employees have achieved over the past three years.

The name change will not affect the Company's ownership structure
or insurance business operations.

                        About Conseco Inc.

Headquartered in Carmel, Indiana, Conseco, Inc. (NYSE: CNO) --
http://www.conseco.com/-- is the holding company for a group of
insurance companies operating throughout the United States that
develop, market and administer supplemental health insurance,
annuity, individual life insurance and other insurance products.
The Company became the successor to Conseco Inc. (Old Conseco), in
connection with the Company's bankruptcy reorganization which
became effective on September 20, 2003.  CNO focuses on serving
the senior and middle-income markets.  The Company sells
its products through three distribution channels: career agents,
professional independent producers and direct marketing.

The Company's balance sheet as of Dec. 31, 2009, showed
$30.3 billion in assets, $26.8 billion of debts, and $3.5 billion
of stockholders' equity.

                          *     *     *

Conseco, Inc. carries Moody's Investors Service's "Caa1" senior
secured debt with a positive outlook.


CONSHOHOCKEN RAIL: Cash Collateral Use Deal Gets Court OK
---------------------------------------------------------
The Hon. Mary Walrath of the U.S. Bankruptcy Court for the
District of Delaware has approved a stipulation entered into by
Conshohocken Rail, LLC and its debtor affiliates with Bank of
America, N.A. for the use of cash collateral.

BofA has consented to the Debtors' use of cash collateral through
and including March 30, 2010, in an amount not to exceed $150,000
and as set forth in a budget.  A copy of the budget is available
for free at:

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

In exchange for using the cash collateral, the Debtors will grant
BofA replacement liens on all assets to the extent of any
diminution of value of the cash collateral.  The Debtors will
provide BofA a detailed report of the sources and uses of the
funds in the budget.

Michael Jason Barrie, Esq., at Benesch Friedlander Coplan &
Aronoff LLP, the attorney for the Debtors, explains the Debtors
need the money to fund their Chapter 11 cases, pay suppliers and
other parties.

An interim hearing on the Debtors' continued use of cash
collateral is scheduled for March 30, 2010, at 9:30 a.m.

Canfield, Ohio-based Conshohocken Rail, LLC, filed for Chapter 11
bankruptcy court for the District of Delaware on March 16, 2010
(Bankr. D. Del. Case No. 10-10907).  Michael Jason Barrie, Esq.,
at Benesch Friedlander Coplan & Aronoff LLP, assists the Company
in its restructuring effort.  The Company estimated its assets and
debts at $10,000,001 to $50,000,000.


CONVERGEX HOLDINGS: Moody's Affirms 'B1' Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service affirmed the B1 corporate family rating
and stable rating outlook of ConvergEx Holdings LLC.  The
affirmation reflects ConvergEx's reasonable operating performance
despite unfavorable market conditions, which has allowed it to
generate cash flow at levels that, relative to its large debt
service requirements, are consistent with its assigned rating.

Moody's noted that ConvergEx's 2009 performance was generally
consistent with expectations underpinning the upgrade of the
company's CFR to B1 from B2 in January, 2009.  While transaction
volumes in cash equities were depressed by low market volatility,
the company's technology business, which is more recurring in
nature, offset some of the revenue declines.  Additionally,
ConvergEx was able to reduce operating expenses to preserve a
stable level of operating cash flow during the year.

The rating agency observed that trading volumes in the first
quarter of 2010 suggest that material EBITDA growth in 2010 will
be difficult to achieve -- unless operating conditions improve
beyond current expectations.  At the same time, Moody's expects
ConvergEx to maintain cash-flow coverage of cash interest expenses
at over 2.25x, including in adverse earnings scenarios.
Furthermore, incorporating the expected modest pay-down of debt
during 2010, ConvergEx's cash-flow leverage, as calculated by
Moody's, should be in the 4.1x -- 4.7x range, lending support to
the stable outlook.  If ConvergEx's cash-flow leverage declines to
less than 4x, and is expected to remain at this level, positive
pressure on the rating could emerge.

As suggested by these metrics, ConvergEx's primary credit
challenge is its large debt burden, which at $750 million, is
higher than after ConvergEx's formative LBO in 2006.  Since that
time, ConvergEx has demonstrated a solid ability to generate cash-
flow to pay down debt, but management has primarily been focused
on broadening the franchise through acquisitions.  In 2009,
although debt did decline modestly, a significant portion of
ConvergEx's free cash-flow was spent on acquisitions of Northpoint
(a prime-brokerage business catering to very small hedge funds),
Millenium (an equities "dark pool" platform), and Cogent (a
provider of commission management software).

ConvergEx expects these businesses to be immediately accretive to
EBITDA, and if this is indeed the case, the company's deleveraging
trajectory should marginally accelerate.  Additionally, if these
acquisitions are well-integrated and become positive earnings
contributors, ConvergEx's business and customer mix would also
benefit.

However, insofar as acquisitions reflect management's financial
policy, Moody's will focus on how ConvergEx balances creditor
interests with those of shareholders.  The rating agency believes
that while franchise-enhancing acquisitions could bolster the
success of ConvergEx's eventual refinancing or recapitalization
efforts, such a strategy cannot, by definition, provide complete
certainty and comfort to existing bondholders.  Therefore, a more
pronounced commitment to debt reduction well ahead of the 2013
maturity, will remain an important factor in Moody's analysis.

The last rating action on ConvergEx was on January 8, 2009, when
the corporate family rating was upgraded to B1 from B2.

ConvergEx Holdings LLC, headquartered in New York City, New York,
is a global agency brokerage and technology company.


COOPER-STANDARD: Begins Filing of Omnibus Claims Objection
----------------------------------------------------------
Cooper-Standard Holdings Inc. and its debtor affiliates filed in
Court four omnibus objections to claims, seeking either the
disallowance or reclassification of more than 300 claims on
grounds that they were filed against the wrong entities, are
duplicate of, or have been amended and superseded by, other
claims.

The first and fourth omnibus objections seek to disallow 153
duplicate claims, a list of which is available for free at:

  http://bankrupt.com/misc/CSHI_60DuplicateClaims.pdf
  http://bankrupt.com/misc/CSHI_93DuplicateClaims.pdf

The second omnibus objection seeks to disallow 63 amended claims
while the third omnibus objection proposes the reclassification
of more than 90 claims.  A list of these disputed claims is
available for free at:

  http://bankrupt.com/misc/CSHI_63AmendedClaims.pdf
  http://bankrupt.com/misc/CSHI_90IncorrectClaims.pdf

The Court will hold a hearing on April 21, 2010, to consider the
objections.  Deadline for filing responses to the objections is
April 8, 2010.

BCSI Inc.'s COOPER-STANDARD BANKRUPTCY NEWS provides definitive
coverage of all omnibus claims objections, responses to claimants
with respect to those objections, related settlements entered into
by the parties, and orders entered by the Court.

                       About Cooper-Standard

Cooper-Standard Automotive Inc. -- http://www.cooperstandard.com/
-- headquartered in Novi, Michigan, is a leading global automotive
supplier specializing in the manufacture and marketing of systems
and components for the automotive industry.  Products include body
sealing systems, fluid handling systems and NVH control systems.
The Company is one of the leading suppliers of chassis products in
North America, with about 14% of market share.  The Company's main
custoemrs include Ford Motor Company, General Motors, Chrysler,
Audi, Volkswagen, BMW, Fiat and Honda, among other automakers.
Cooper-Standard Automotive employs approximately 16,000 people
globally with more than 70 facilities throughout the world.

Cooper-Standard is a privately held portfolio company of The
Cypress Group and Goldman Sachs Capital Partners Funds.

Cooper-Standard Holdings Inc., together with affiliates, filed for
Chapter 11 on August 4, 2009 (Bankr. D. Del. Case No. 09-12743).
Attorneys at Fried, Frank, Harris, Shriver & Jacobson LLP and
Richards, Layton & Finger, P.A., will serve as bankruptcy counsel
to the Debtors.  Lazard Freres & Co. is serving as investment
banker while Alvarez & Marsal is financial advisor.  Kurtzman
Carson Consultants LLC is notice, claims and solicitation agent.
In its bankruptcy petition, the Company said that assets on a
consolidated basis total $1,733,017,000 while debts total
$1,785,039,000 as of March 31, 2009.

The Company's Canadian subsidiary, Cooper-Standard Automotive
Canada Limited, also sought relief under the Companies' Creditors
Arrangement Act in the Ontario Superior Court of Justice in
Toronto, Ontario, Canada.

Bankruptcy Creditors' Service, Inc., publishes Cooper-Standard
Bankruptcy News.  The newsletter tracks the Chapter 11 and CCAA
proceedings undertaken by Cooper-Standard Holdings Inc. and its
various affiliates.  (http://bankrupt.com/newsstand/or 215/945-


COOPER-STANDARD: CSA Canada Files Plan of Arrangement
-----------------------------------------------------
Cooper-Standard Automotive Canada Ltd. filed with the Ontario
Superior Court of Justice a plan of compromise or arrangement on
March 12, 2010.

The plan provides for payment by CSA Canada of all claims that
stemmed from the December 23, 2004 credit agreement it reached
with a group of lenders led by Deutsche Bank Trust Company
Americas.  It will be funded through the proceeds from the rights
offering being conducted by U.S.-based Cooper-Standard Holdings
Inc. and its affiliated debtors.

Under the plan, there is only one class of creditors, which is
comprised by holders of claims on account of the 2004 credit
agreement.  Each of these creditors will receive full cash
payment for its claim.

Distributions to the affected creditors will be made by CSA
Canada to Deutsche Bank Trust, administrative agent under the
2004 credit agreement, which will serve as the Canadian unit's
designee for the purpose of making the distributions.

Payment to Deutsche Bank Trust for the credit facility claims
will be made on the day after the conditions to the plan's
implementation have been satisfied or waived, and after RSM
Richter Inc. files a certificate in the Canadian Court announcing
that those conditions have been met or waived.

RSM Richter is the firm appointed by the Canadian Court to
monitor the assets of CSA Canada.

The plan will be implemented upon the fulfillment of certain
conditions including the issuance of a non-appealable order of
the Canadian Court sanctioning the plan; satisfaction or waiver
of the conditions to the effective date set out in the Chapter 11
plan of CSHI, except for the condition requiring that CSA
Canada's plan be sanctioned; and execution and delivery of all
documents needed to implement the plan.

A full-text copy of CSA Canada's plan of compromise or
arrangement is available without charge at:

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

               Claims, Voting and Meeting Process

For the purposes of voting and distribution under the plan, CSA
Canada sought and obtained court approval to implement this
process for determining the amount of prepetition credit facility
claims:

  (1) Deutsche Bank Trust will send notices to CSA Canada
      stating the total amount of the prepetition credit
      facility claims owed directly by the Canadian unit and
      each of the lenders' pro rata share of the claims as of
      March 12, 2010; post a copy of the notice to the lenders
      Web site; and inform each lender through e-mail or notice
      of their pro rata share.

  (2) Each lender must advise Deutsche Bank Trust if its pro
      rata share of the claim is accurate within three days
      after the posting and service of the notices.  A lender
      will be deemed to have confirmed that its pro rata share
      of its claim is accurate if fails to file a notice of
      dispute.

  (3) If a notice of dispute is delivered, Deutsche Bank Trust
      and the lender will have three days to reach an agreement
      in writing as to the amount of the lender's claim.
      The agreement will govern and the lender's pro rata share
      of its claim as agreed will be deemed to be the lender's
      proven claim for the purposes of voting and distribution
      under the plan.

  (4) If a notice of dispute cannot be resolved in accordance
      with the process, the claim will be determined by the
      Canadian Court on a motion for advice and directions
      brought by CSA Canada on notice to all concerned parties.

  (5) If the amount of a lender's claim has not yet been
      determined on or before the second day prior to March 26,
      2010, then for voting purposes, that lender will be
      deemed to have an accepted claim for voting purposes equal
      to the amount of its pro rata share of the claim stated in
      the "pro rata notice."

The meeting of lenders for the purpose of voting on a resolution
to approve the plan is scheduled for March 26, 2010.

The only lenders entitled to vote at the meeting are those that
hold claims which have been or are otherwise deemed by the
Canadian Court to be finally determined and accepted as the
lenders' proven claims for voting purposes.

If no notice of opposition to the plan is filed with Deutsche
Bank Trust on or before March 26, 2010, lenders with proven
claims for voting purposes that have not filed that notice will
be deemed to have voted in favor of the plan.  Lenders with
proven claims for voting purposes that have timely filed a notice
of opposition will be deemed to have voted against the Plan.

The record date for purposes of voting on the Plan is March 12,
2010.

RSM Richter is required to submit by April 5, 2010, a report to
the Canadian Court about the results of the vote, including
whether the plan was approved in accordance with the provisions
of the Companies' Creditors Arrangement Act, and if the votes
cast by lenders that have unresolved claims would affect the
results of the vote.

If the approval or non-approval of the plan would be altered by
the votes with respect to unresolved claims, RSM Richter should,
in consultation with CSA Canada and Deutsche Bank Trust, request
the direction of the Canadian Court.

If the plan has been accepted by the requisite majority pursuant
to the CCAA, CSA Canada is required to file a motion to sanction
the Plan by April 8, 2010.

                       About Cooper-Standard

Cooper-Standard Automotive Inc. -- http://www.cooperstandard.com/
-- headquartered in Novi, Michigan, is a leading global automotive
supplier specializing in the manufacture and marketing of systems
and components for the automotive industry.  Products include body
sealing systems, fluid handling systems and NVH control systems.
The Company is one of the leading suppliers of chassis products in
North America, with about 14% of market share.  The Company's main
custoemrs include Ford Motor Company, General Motors, Chrysler,
Audi, Volkswagen, BMW, Fiat and Honda, among other automakers.
Cooper-Standard Automotive employs approximately 16,000 people
globally with more than 70 facilities throughout the world.

Cooper-Standard is a privately held portfolio company of The
Cypress Group and Goldman Sachs Capital Partners Funds.

Cooper-Standard Holdings Inc., together with affiliates, filed for
Chapter 11 on August 4, 2009 (Bankr. D. Del. Case No. 09-12743).
Attorneys at Fried, Frank, Harris, Shriver & Jacobson LLP and
Richards, Layton & Finger, P.A., will serve as bankruptcy counsel
to the Debtors.  Lazard Freres & Co. is serving as investment
banker while Alvarez & Marsal is financial advisor.  Kurtzman
Carson Consultants LLC is notice, claims and solicitation agent.
In its bankruptcy petition, the Company said that assets on a
consolidated basis total $1,733,017,000 while debts total
$1,785,039,000 as of March 31, 2009.

The Company's Canadian subsidiary, Cooper-Standard Automotive
Canada Limited, also sought relief under the Companies' Creditors
Arrangement Act in the Ontario Superior Court of Justice in
Toronto, Ontario, Canada.

Bankruptcy Creditors' Service, Inc., publishes Cooper-Standard
Bankruptcy News.  The newsletter tracks the Chapter 11 and CCAA
proceedings undertaken by Cooper-Standard Holdings Inc. and its
various affiliates.  (http://bankrupt.com/newsstand/or 215/945-


COOPER-STANDARD: CSA Canada Obtains May 31 Stay Extension
---------------------------------------------------------
Cooper-Standard Automotive Canada Ltd. sought and obtained a
court order granting the company a two-month extension of the
stay of proceedings.

The order issued by the Ontario Superior Court of Justice
extended the "stay period" from March 31 to May 31, 2010.

CSA Canada's lawyer, Robin Schwill, Esq., at Davies Ward Phillips
& Vineberg LLP, in Toronto, Ontario -- rschwill@dwpv.com -- said
the extension allows sufficient time for the implementation of
CSA Canada's plan of compromise or arrangement as well as the
confirmation and implementation of the Chapter 11 plan of
reorganization of its U.S.-based affiliates.

CSA Canada filed on March 12, 2010, its plan of compromise or
arrangement while its U.S.-based affiliates filed their Chapter
11 plan early last month.  Both plans are expected to be
implemented early in May or on April 21, which is also the date
scheduled for the confirmation of the Chapter 11 plan.

CSA Canada sought creditor protection under the Companies'
Creditors Arrangement Act on August 4, 2009, a day after its
U.S.-based affiliates filed Chapter 11 petitions in the U.S.
Bankruptcy Court for the District of Delaware.  Upon its filing,
CSA Canada obtained an order from the Ontario Superior Court of
Justice, prohibiting creditors from taking legal actions against
the company and its properties.

                       About Cooper-Standard

Cooper-Standard Automotive Inc. -- http://www.cooperstandard.com/
-- headquartered in Novi, Michigan, is a leading global automotive
supplier specializing in the manufacture and marketing of systems
and components for the automotive industry.  Products include body
sealing systems, fluid handling systems and NVH control systems.
The Company is one of the leading suppliers of chassis products in
North America, with about 14% of market share.  The Company's main
custoemrs include Ford Motor Company, General Motors, Chrysler,
Audi, Volkswagen, BMW, Fiat and Honda, among other automakers.
Cooper-Standard Automotive employs approximately 16,000 people
globally with more than 70 facilities throughout the world.

Cooper-Standard is a privately held portfolio company of The
Cypress Group and Goldman Sachs Capital Partners Funds.

Cooper-Standard Holdings Inc., together with affiliates, filed for
Chapter 11 on August 4, 2009 (Bankr. D. Del. Case No. 09-12743).
Attorneys at Fried, Frank, Harris, Shriver & Jacobson LLP and
Richards, Layton & Finger, P.A., will serve as bankruptcy counsel
to the Debtors.  Lazard Freres & Co. is serving as investment
banker while Alvarez & Marsal is financial advisor.  Kurtzman
Carson Consultants LLC is notice, claims and solicitation agent.
In its bankruptcy petition, the Company said that assets on a
consolidated basis total $1,733,017,000 while debts total
$1,785,039,000 as of March 31, 2009.

The Company's Canadian subsidiary, Cooper-Standard Automotive
Canada Limited, also sought relief under the Companies' Creditors
Arrangement Act in the Ontario Superior Court of Justice in
Toronto, Ontario, Canada.

Bankruptcy Creditors' Service, Inc., publishes Cooper-Standard
Bankruptcy News.  The newsletter tracks the Chapter 11 and CCAA
proceedings undertaken by Cooper-Standard Holdings Inc. and its
various affiliates.  (http://bankrupt.com/newsstand/or 215/945-


COPANO ENERGY: Moody's Confirms 'Ba3' Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service confirmed Copano Energy, LLC's Corporate
Family Rating at Ba3 and its senior unsecured rating at B1.
Moody's downgraded the Speculative Grade Liquidity Rating from
SGL-3 to SGL-2.  This concludes a review for possible downgrade
that was initiated on December 16, 2009.  The outlook is negative.

"The negative outlook reflects a growing leverage position which
began as a result of the Cantera acquisition," stated Francis
Joseph Messina, Moody's Vice-President.  "While the acquisition
increased the scale and provides a wealth of good assets and
greater geographic diversification, leverage has remained
elevated."

Copano's extensive capital investment and increased debt levels
have not led to a proportionate growth in EBITDA.  Moody's
realizes that the sector has come through a difficult cycle;
nevertheless, the company's financial metrics are pressured.  To
stabilize the rating Copano needs to continue to reduce its
Moody's adjusted leverage to consistently under 4.5x trending to
4x.  Copano's recent equity offering helped to improve,
considerably, its leverage position.

Copano's Ba3 CFR rating reflects the company's weakening financial
metrics, adequate distribution coverage, and the absence of
incentive distribution rights, which results in improved
governance and a competitive advantage due to a lower cost of
equity capital relative to its peers.  Copano's above average
exposure to commodity prices is mitigated by: (i) expected growth
in fee-based income, (ii) a partial natural hedge on its natural
gas position (its Mid-Continent volumes are priced on a
percentage-of-proceeds basis which helps offset its net short
position due to keep-whole exposure at its Houston Central
Processing Plant), and (iii) hedges at favorable prices on a
significant portion of its expected volumes of natural gas
liquids.  These benefits are tempered by Copano's higher leverage
and lower returns.

Copano's SGL-3 rating reflects its adequate liquidity over the
next twelve months.  Copano's internal cash flow is expected to
cover budgeted maintenance capital expenditures, interest
payments, working capital requirements, and cash distributions to
unit holders; with sufficient cushion under facility covenants;
and good availability under the $550 million credit facilities
maturing October 2012.  The SGL-3 rating continues to be tempered
by the company's need to distribute all of its free cash flow to
the LLC unit holders and high leverage financing of its expansion
projects in recent years.

As of December 31, 2009, pro-forma for the $142 million equity
offering the company maintained over $44 million of unrestricted
cash and cash equivalents on hand.  For the year ended
December 31, 2009, Copano generated approximately $143 million of
cash flow from operations; however free cash flow was negative
$61 million due to high capex and dividend payout.  As of
December 31, 2009, pro-forma for the recent equity offering
approximately $422 million remains available under Copano's credit
facility.  At December 31, 2009, Copano was in compliance with all
facility covenants with adequate cushion for the next twelve
months.  All Copano's assets are encumbered, serving as security
in the credit agreement, thereby leaving few assets to provide
alternative sources of liquidity.

The B1(LGD 5, 72%, down from LGD 4, 68%) rating for the unsecured
debt reflects both the overall PDR, to which Moody's assigns a PDR
of Ba3, and its position in its capital structure.

The last rating action on Copano was December 16, 2009, when
Moody's placed the CFR, PDR, and senior secured notes under review
for downgrade.

Copano Energy, L.L.C., is headquartered in Houston, Texas.


CROWN HOLDINGS: S&P Affirms Corporate Credit Rating at 'BB'
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed all its
ratings on Philadelphia-based Crown Holdings Inc., including the
'BB' corporate credit rating, and revised the outlook to positive
from stable.  As of Dec. 31, 2009, total adjusted debt was about
$4 billion.  S&P adjusts debt to include $1.3 billion of tax-
effected unfunded postretirement and asbestos liabilities, off-
balance-sheet accounts receivable financing, and capitalized
operating leases.

"The outlook revision reflects S&P's expectation that Crown's
financial profile will continue to strengthen as it applies strong
discretionary cash flows primarily to debt reduction, capital
expansions, and modest-size acquisitions," said Standard & Poor's
credit analyst Cynthia Werneth.  "Consequently, the FFO to debt
ratio should continue to increase from about 16% currently."

If the company is able to achieve and maintain FFO to debt of 20%
or more, S&P could raise the ratings by one notch.

The ratings on Crown reflect its satisfactory business risk
profile as a leading global can manufacturer with annual sales of
about $8 billion and a significant financial risk profile.

S&P believes that continued strong operating performance and
further debt reduction could lead to sufficient strengthening of
the financial profile to warrant a one-notch upgrade during the
next several quarters.  For us to consider a higher rating, funds
from operations to adjusted total debt would have to consistently
meet or exceed 20%.  The factor that would most likely slow down
the improvement in credit metrics is a larger-than-expected debt-
funded acquisition.  The probability of a downgrade appears remote
at this time.


CRYSTAL RIVER: May End Up in Bankruptcy if Merger Not Completed
---------------------------------------------------------------
Crystal River Capital, Inc., disclosed that its merger with
Brookfield Asset Management Inc. has been unanimously approved by
the independent members of its board of directors, and by the
special committee formed to oversee the process.

On February 24, 2010, the Company disclosed that it has entered
into a definitive merger agreement with Brookfield pursuant to
which Brookfield has agreed to acquire all the outstanding common
stock of Crystal River that Brookfield does not already own for
cash at a price of $0.60 per share.  Brookfield, directly or
through affiliates, currently owns approximately 8% of the
outstanding shares of common stock of Crystal River and also is
the lender under Crystal River's senior credit facility.

The transaction is subject to approval by Crystal River's
stockholders holding a majority of the shares entitled to vote at
a special meeting of stockholders, as well as other customary
closing conditions.  Consummation of the merger is not subject to
a financing condition and Brookfield has consented to the
transaction in its capacity as Crystal River's senior lender.  The
merger agreement does not prohibit Crystal River from receiving
and evaluating competing bids prior to completion of the merger
and does not require the payment of a termination fee if Crystal
River accepts a superior bid.  Crystal River will be obligated to
reimburse Brookfield for all of its transaction expenses if the
merger agreement is terminated other than as result of a breach by
Brookfield (subject to a cap in certain circumstances).  The
merger currently is expected to close in the second quarter of
2010.

The Company notes, "It is likely that if the merger is not
consummated and no superior bid is received, we may be required to
seek protection from our creditors by filing under the U.S.
Bankruptcy Code, or an involuntary petition for bankruptcy may be
filed against us in light of our financial condition."

                       About Crystal River

Based in New York, Crystal River Capital, Inc. (OTC BB: CYRV)
-- http://www.crystalriverreit.com/-- is a specialty finance
REIT.  The Company invests in commercial real estate, real estate
loans, and real estate-related securities, such as commercial and
residential mortgage-backed securities.

The Company's balance sheet as of December 31, 2009, showed
$382.0 million in assets and $440.1 million of debts, for a
stockholders' deficit of $58.1 million.

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

              http://researcharchives.com/t/s?5c2a

                          *     *     *

Ernst & Young LLP, in New York, expressed substantial doubt about
the Company's ability to continue as a going concern in its audit
report on the Company's consolidated financial statements for the
year ended December 31, 2009.  The independent auditors noted of
the Company's inability to refinance or extend the maturity of
indebtedness maturing in the next 12 months.


CRYSTAL RIVER: Ernst & Young Raises Going Concern Doubt
-------------------------------------------------------
On March 26, 2010, Crystal River Capital, Inc., filed its annual
report on Form 10-K for the year ended December 31, 2009.

Ernst & Young LLP, in New York, expressed substantial doubt about
the Company's ability to continue as a going concern.  The
independent auditors noted of the Company's inability to refinance
or extend the maturity of indebtedness maturing in the next 12
months.

The Company reported an $88.3 million net loss, or $3.50 per
share, on $50.8 million of revenue for the year ended December 31,
2009, compared with a net loss of $307.1 million, or $12.35 per
share, on $139.4 million of revenue for 2008.

Net loss for the fourth quarter ended December 31, 2009, totaled
$16.5 million, or $0.65 per share, compared to a net loss of
$37.1 million, or $1.48 per share, for the fourth quarter of 2008
and a net loss of $55.3 million, or $2.19 per share, for the third
quarter of 2009.

The Company's balance sheet as of December 31, 2009, showed
$382.0 million in assets and $440.1 million of debts, for a
stockholders' deficit of $58.1 million.

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

                  http://researcharchives.com/t/s?5c2a

Based in New York, Crystal River Capital, Inc. (OTC BB: CYRV)
-- http://www.crystalriverreit.com/-- is a specialty finance
REIT.  The Company invests in commercial real estate, real estate
loans, and real estate-related securities, such as commercial and
residential mortgage-backed securities.


DAVIE YARDS: Obtains an Extension of CCAA Stay Order
----------------------------------------------------
Davie Yards has obtained an order from the Quebec Superior Court
extending the stay of proceedings ordered by the Court to May 25,
2010, the whole pursuant to the Companies' Creditors Arrangement
Act.  The extension will allow Davie to continue its efforts to
develop and eventually submit a plan of arrangement to its
creditors under CCAA.

Davie also announced that, due to its CCAA proceedings, the filing
of its financial statements, management's discussion and analysis
and related CEO and CFO certifications, for the fourth quarter and
year ended December 31, 2009, as well as its annual information
form for the year ended December 31, 2009, will be delayed beyond
the filing deadline of March 31, 2010.  As a result of Davie's
ongoing review process while under CCAA protection, there is a
high degree of measurement uncertainty with respect to the
appropriate carrying value of certain of Davie's assets on its
balance sheet and as a result Davie is unable to prepare its
Filings.

Davie intends to file with securities regulatory authorities
throughout the period in which is in default, the same information
it provides to its creditors when the information is provided to
creditors and in the same manner as it would file a material
change report.

Davie plans to remedy the default and file the Filings as soon as
it able to do so.  However, Davie cannot confirm with certainty
when, or if it will be able to remedy the default and file its
Filings.

Davie also intends to satisfy the provisions of the alternate
information guidelines of section 4.4 of National Policy 12-203 as
long as it is in default of the filing requirement.

Any recovery for creditors and other stakeholders, including
shareholders, is uncertain and will depend on the outcome of
Davie's CCAA proceedings.

                     About Davie Yards

Davie Yards Inc. owns and operates the Davie yard in Quebec.  With
over 185 years of operating experience, the shipyard is the
largest in Canada and among the largest and most sophisticated in
North America.  The Corporation has a focus on building large and
complex offshore service vessels and rigs, and other sophisticated
vessels for commercial and governmental use.  Its shares are
traded on the Toronto Stock Exchange (DAV).


DEAN FOODS: Bank Debt Trades at 2% Off in Secondary Market
----------------------------------------------------------
Participations in a syndicated loan under which Dean Foods Company
is a borrower traded in the secondary market at 97.69 cents-on-
the-dollar during the week ended Friday, March 26, 2010, according
to data compiled by Loan Pricing Corp. and reported in The Wall
Street Journal.  This represents an increase of 0.81 percentage
points from the previous week, The Journal relates.  The Company
pays 175 basis points above LIBOR to borrow under the facility.
The bank loan matures on March 22, 2014, and carries Moody's Ba3
rating and Standard & Poor's BB rating.  The debt is one of the
biggest gainers and losers among 185 widely quoted syndicated
loans with five or more bids in secondary trading for the week
ended Friday.

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

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


DELTA AIR: Seeks DOT Nod to Offer Flights to Haneda, Tokyo
----------------------------------------------------------
Delta Air Lines filed an application with the U.S. Department of
Transportation to offer customers nonstop service between Tokyo's
Haneda Airport and Seattle, Detroit, Los Angeles and Honolulu.
Delta is seeking to compete at Tokyo's centrally located Haneda
airport, which is slated to be re-opened to U.S. carriers for the
first time since 1978 under a proposed new aviation treaty with
Japan.

The importance of Delta's application is underscored by the fact
that Delta's SkyTeam alliance is the only global network without
the ability to compete at Haneda.  The two other major alliances
serving Tokyo-Haneda -- Star and Oneworld -- have Japanese
partners that dominate service at the airport, with large hubs and
extensive networks across Asia.  Awarding Delta new slots to
Haneda would add a third major airline alliance flying between the
airport and the U.S., increasing competition and benefits to
consumers.

"Enabling Delta to enter Haneda is critical to advancing airline
competition in Tokyo, particularly considering the strong presence
that the Star and oneworld alliance carriers already enjoy at this
important and tightly controlled airport," said Glen Hauenstein,
Delta's executive vice president - Network and Revenue Management.
"No U.S. airline has invested more in Tokyo, and more customers
and communities stand to gain from new Delta service at Haneda
than can be served by competing applications."

Delta's application proposes new nonstop service, beginning
October 31, 2010, between Haneda and four U.S. cities:

    * Seattle: This city -- already Delta and partner Alaska
      Airlines' primary West Coast gateway to Asia -- would
      serve as a convenient connecting point to central Tokyo
      for customers in 55 U.S. cities, as well as providing
      nonstop service for Seattle's large local market.  Flights
      would be operated on 298-seat Airbus A330-300 aircraft.

    * Detroit: Service between Detroit and Haneda is a natural
      addition to Delta's Eastern U.S. gateway to Asia.  Delta's
      hub at Detroit, featuring a state-of-the-art 120-gate
      terminal designed for international connections, will
      provide one-stop service to Haneda for 106 U.S. cities.
      Service would be operated on 403-seat Boeing 747-400
      aircraft.

    * Los Angeles: With flights between Haneda and Los Angeles,
      Delta would be serving the largest U.S.-Tokyo market, as
      well as providing one-stop service for customers in 18
      U.S. cities.  Flights would be operated on Boeing 747-400
      aircraft.

    * Honolulu: Service between Haneda and Honolulu would
      provide new options for customers traveling the already
      popular and competitive leisure route between Tokyo and
      Hawaii's largest city.  Delta would operate service with
      Boeing 747-400 aircraft.

"Delta's proposed new service stands to advance the commercial and
tourism interests of both the U.S. and Japan by creating jobs and
boosting local economies in communities on both sides of the
Pacific, especially in Seattle, Detroit, Los Angeles, Honolulu and
Tokyo," said Andrea Fischer Newman, senior vice president for
Government Affairs.  "Delta needs to be able to meet the
competitive challenge of new services that soon will be launched
by Japanese airlines from Haneda, and our strong track record of
trans-Pacific service from communities across the United States
enables us to do that most effectively."

She noted that Haneda's popularity among business travelers could
attract new businesses to cities with nonstop service.

"We are looking forward to working with elected and community
leaders, our customers and Delta employees to make the case to the
Department of Transportation that our new Japan service will have
widespread benefits for consumers, residents and businesses
alike," Ms. Newman said.

Delta's new service at Haneda would complement the airline's
existing service at Tokyo's Narita airport.  Delta currently
offers flights between Narita and 11 U.S. cities.

Delta's complete proposed schedule for summer and winter service
at Haneda is available at:

    http://news.delta.com/index.php?s=18&item=123

                            About Delta

Atlanta, Georgia-based Delta Air Lines (NYSE: DAL) --
http://www.delta.com/or http://www.nwa.com/-- serves more than
160 million customers each year.  Delta and the Delta Connection
carriers offer service to 367 destinations in 66 countries on six
continents.  Delta employs more than 70,000 employees worldwide
and operates a mainline fleet of nearly 800 aircraft.  A founding
member of the SkyTeam global alliance, Delta participates in the
industry's trans-Atlantic joint venture with Air France KLM.
Including its worldwide alliance partners, Delta offers customers
more than 16,000 daily flights, with hubs in Amsterdam, Atlanta,
Cincinnati, Detroit, Memphis, Minneapolis-St. Paul, New York-JFK,
Paris-Charles de Gaulle, Salt Lake City and Tokyo-Narita.  The
airline's service includes the SkyMiles frequent flier program,
the world's largest airline loyalty program; the BusinessElite
service; and more than 50 Delta Sky Clubs in airports worldwide.

Delta became the world's largest airline following merger with
Northwest Airlines in 2008.

Northwest and 12 affiliates filed for Chapter 11 protection on
September 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17930).
On May 21, 2007, the Court confirmed the Northwest Debtors'
amended plan.  That amended plan took effect May 31, 2007.

Delta and 18 affiliates filed for Chapter 11 protection on
September 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17923).
Marshall S. Huebner, Esq., at Davis Polk & Wardwell, represented
the Delta Debtors in their restructuring efforts. On April 25,
2007, the Court confirmed the Delta Debtors' plan.  That plan
became effective on April 30, 2007.

At December 31, 2009, Delta had total assets of $43,539,000,000
against total current liabilities of $9,797,000,000 and total
noncurrent liabilities of $33,497,000,000, resulting in
stockholders' equity of $245,000,000.  At end-2008, Delta had
stockholders' equity of $874,000,000.  The December 31, 2009
balance sheet showed strained liquidity: Delta had total current
assets of $7,741,000,000 against total current liabilities of
$9,797,000,000.

(Bankruptcy Creditors Service Inc. publishes Delta Air Lines
Bankruptcy News, http://bankrupt.com/newsstand/or 215/945-7000).

                           *     *     *

Delta Air Lines and Northwest Airlines carry a 'B/Negative/--'
corporate ratings from Standard & Poor's.  They also continue to
carry 'B2' corporate family ratings from Moody's and "B-" LT
Issuer Default rating from Fitch.


DELTA AIR: Offers Investor Update for First Quarter
---------------------------------------------------
In an investor update filed with the Securities and Exchange
Commission on March 9, 2009, Delta Air Lines, Inc. provided
guidance for the March 2010 quarter.

Delta Senior Vice President and Chief Financial Officer Hank
Halter said that projected system load factors for March 2010 and
April 2010 of 84% and 82%, are expected to be 1-3 points higher
than the prior year period.

The Company expects passenger RASM to increase approximately 8%
in February and 16% in March, compared to the same period in
2009.  Corporate revenue and ticket volumes have increased
approximately 30% year-over-year for the last four weeks, Mr.
Halter said.

Mr. Halter noted that Delta cancelled approximately 7,000
flights, or 3.2% of system capacity, due to severe weather in
February 2010.  As a result of the cancellations, revenue
declined by $65 million and costs decreased $35 million -- for a
net impact of $30 million.

According to Mr. Halter, Delta expects to end the March 2010
quarter with $5.5 billion of unrestricted liquidity.  This is
lower than previous guidance due to $130 million of accelerated
pension funding.

Delta further expects approximately 832 million weighted average
shares outstanding for the March 2010 quarter, Mr. Halter told
the SEC.

                      Key Financial Metrics

                                       March Qtr 2010
                                       --------------
Operating margin                             1-2%

Consolidated fuel price,
net of realized hedges                     $2.22

Capital Expenditures                     $365 million

Cargo and other revenue                  $1.1 billion

Non-operating expense                    $325 million

                                 Mar Qtr 2010 vs. Mar Qtr 2009
                                 -----------------------------
Consolidated CASM ex-fuel                  Up 1 - 2%

System capacity                          Down 4 - 5%
    Domestic                            Down 2 - 3%
    International                       Down 7 - 8%

Mainline capacity                        Down 4 - 5%
    Domestic                            Down 2 - 3%
    International                       Down 7 - 8%

                   Fuel hedge update
                  As of March 5, 2010

                      % of Projected Fuel Requirements Hedged
                      ----------------------------------------
                                       Mar Qtr 2010
                                       ------------
Call options                                23%
Collars                                      6%
Swaps                                       18%

Total                                       47%

Projected fuel price/gallon               $2.22

According to Mr. Halter, fuel price-related projections of the
Company include:

* assumed $85.90 all-in price per barrel for crude oil plus
   refining spread;

* hedge gain of $0.07/gallon; and

* $0.24 for taxes, transportation and hedge premiums

A full-text copy of Delta's Investor Update is available for free
at http://ResearchArchives.com/t/s?5b5c

                            About Delta

Atlanta, Georgia-based Delta Air Lines (NYSE: DAL) --
http://www.delta.com/or http://www.nwa.com/-- serves more than
160 million customers each year.  Delta and the Delta Connection
carriers offer service to 367 destinations in 66 countries on six
continents.  Delta employs more than 70,000 employees worldwide
and operates a mainline fleet of nearly 800 aircraft.  A founding
member of the SkyTeam global alliance, Delta participates in the
industry's trans-Atlantic joint venture with Air France KLM.
Including its worldwide alliance partners, Delta offers customers
more than 16,000 daily flights, with hubs in Amsterdam, Atlanta,
Cincinnati, Detroit, Memphis, Minneapolis-St. Paul, New York-JFK,
Paris-Charles de Gaulle, Salt Lake City and Tokyo-Narita.  The
airline's service includes the SkyMiles frequent flier program,
the world's largest airline loyalty program; the BusinessElite
service; and more than 50 Delta Sky Clubs in airports worldwide.

Delta became the world's largest airline following merger with
Northwest Airlines in 2008.

Northwest and 12 affiliates filed for Chapter 11 protection on
September 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17930).
On May 21, 2007, the Court confirmed the Northwest Debtors'
amended plan.  That amended plan took effect May 31, 2007.

Delta and 18 affiliates filed for Chapter 11 protection on
September 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17923).
Marshall S. Huebner, Esq., at Davis Polk & Wardwell, represented
the Delta Debtors in their restructuring efforts. On April 25,
2007, the Court confirmed the Delta Debtors' plan.  That plan
became effective on April 30, 2007.

At December 31, 2009, Delta had total assets of $43,539,000,000
against total current liabilities of $9,797,000,000 and total
noncurrent liabilities of $33,497,000,000, resulting in
stockholders' equity of $245,000,000.  At end-2008, Delta had
stockholders' equity of $874,000,000.  The December 31, 2009
balance sheet showed strained liquidity: Delta had total current
assets of $7,741,000,000 against total current liabilities of
$9,797,000,000.

(Bankruptcy Creditors Service Inc. publishes Delta Air Lines
Bankruptcy News, http://bankrupt.com/newsstand/or 215/945-7000).

                           *     *     *

Delta Air Lines and Northwest Airlines carry a 'B/Negative/--'
corporate ratings from Standard & Poor's.  They also continue to
carry 'B2' corporate family ratings from Moody's and "B-" LT
Issuer Default rating from Fitch.


DELTA AIR: FMR LLC Discloses 15% Equity Stake
---------------------------------------------
In an amended Form 13G filed with the U.S. Securities and
Exchange Commission on February 16, 2010, FMR LLC said that it
beneficially owns 116,928,244 shares of Delta Air Lines, Inc.
Common Stock, representing 15% of Delta's shares outstanding.

Delta had 779,521,801 shares outstanding as of September 30,
2009.

FMR LLC has sole power to vote on 4,429,949 Delta shares, and
to dispose of 116,928,244 shares.

Fidelity Management & Research Company, a wholly owned subsidiary
of FMR LLC and an investment adviser registered under Section 203
of the Investment Advisers Act of 1940, is the beneficial owner
of 112,247,421 shares or 14.400% of the common Stock outstanding
of Delta as a result of acting as investment adviser to various
investment companies registered under Section 8 of the Investment
Company Act of 1940.

Pyramis Global Advisors Trust Company, an indirect wholly owned
subsidiary of FMR LLC and a bank, as defined in Section 3(a)(6)
of the Securities Exchange Act of 1934, is the beneficial owner
of 1,179,854 shares or 0.151% of the outstanding common stock of
Delta as a result of its serving as investment manager of
institutional accounts owning the shares.

Edward C. Johnson 3d and FMR LLC, through its control of
Fidelity, and the funds each has sole power to dispose of the
112,247,421 shares owned by the Funds.  Edward C. Johnson 3d and
FMR LLC, through its control of Pyramis Global Advisors, LLC,
each has sole dispositive power over 1,105,080 shares and sole
power to vote or to direct the voting of 1,105,080 shares of
Common Stock owned by the institutional accounts or funds advised
by PGALLC.

Edward C. Johnson 3d and FMR LLC, through its control of Pyramis
Global Advisors Trust Company, each has sole dispositive power
over 1,179,854 shares and sole power to vote or to direct the
voting of 981,670 shares of Delta stock owned by the
institutional accounts managed by PGATC.

                            About Delta

Atlanta, Georgia-based Delta Air Lines (NYSE: DAL) --
http://www.delta.com/or http://www.nwa.com/-- serves more than
160 million customers each year.  Delta and the Delta Connection
carriers offer service to 367 destinations in 66 countries on six
continents.  Delta employs more than 70,000 employees worldwide
and operates a mainline fleet of nearly 800 aircraft.  A founding
member of the SkyTeam global alliance, Delta participates in the
industry's trans-Atlantic joint venture with Air France KLM.
Including its worldwide alliance partners, Delta offers customers
more than 16,000 daily flights, with hubs in Amsterdam, Atlanta,
Cincinnati, Detroit, Memphis, Minneapolis-St. Paul, New York-JFK,
Paris-Charles de Gaulle, Salt Lake City and Tokyo-Narita.  The
airline's service includes the SkyMiles frequent flier program,
the world's largest airline loyalty program; the BusinessElite
service; and more than 50 Delta Sky Clubs in airports worldwide.

Delta became the world's largest airline following merger with
Northwest Airlines in 2008.

Northwest and 12 affiliates filed for Chapter 11 protection on
September 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17930).
On May 21, 2007, the Court confirmed the Northwest Debtors'
amended plan.  That amended plan took effect May 31, 2007.

Delta and 18 affiliates filed for Chapter 11 protection on
September 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17923).
Marshall S. Huebner, Esq., at Davis Polk & Wardwell, represented
the Delta Debtors in their restructuring efforts. On April 25,
2007, the Court confirmed the Delta Debtors' plan.  That plan
became effective on April 30, 2007.

At December 31, 2009, Delta had total assets of $43,539,000,000
against total current liabilities of $9,797,000,000 and total
noncurrent liabilities of $33,497,000,000, resulting in
stockholders' equity of $245,000,000.  At end-2008, Delta had
stockholders' equity of $874,000,000.  The December 31, 2009
balance sheet showed strained liquidity: Delta had total current
assets of $7,741,000,000 against total current liabilities of
$9,797,000,000.

(Bankruptcy Creditors Service Inc. publishes Delta Air Lines
Bankruptcy News, http://bankrupt.com/newsstand/or 215/945-7000).

                           *     *     *

Delta Air Lines and Northwest Airlines carry a 'B/Negative/--'
corporate ratings from Standard & Poor's.  They also continue to
carry 'B2' corporate family ratings from Moody's and "B-" LT
Issuer Default rating from Fitch.


DELPHI CORP: Lawmakers Want Obama to Help Pensioners
----------------------------------------------------
In a public statement dated February 24, 2010, U.S. Senator
Sherrod Brown and Representative Tim Ryan disclosed that they
wrote to U.S. President Barack Obama on February 23, 2010,
calling for his intervention on behalf of Delphi Corp.'s salaried
retirees who stand to lose a substantial portion of their
pensions in light of Delphi's and General Motors Corporation's
bankruptcies.

Messrs. Brown and Ryan were joined by about 30 U.S. senators and
representatives in their Letter requesting that the U.S.
government bring GM to the negotiating table to work out a fair
solution for the Delphi salaried retirees.

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

               http://ResearchArchives.com/t/s?5a1e

In the Letter, the U.S. Lawmakers said, "The auto industry helped
build America's middle class.  Now, the every people who built GM
through their labor are facing the prospect of losing the middle
class retirement that they earned over a lifetime of service."
However, more than 20,000 salaried retirees and 100 union
retirees were left with no additional pension benefit guarantee,
the U.S. Lawmakers emphasized in their Letter.  Moreover, those
retirees are receiving notification from the Pension Benefit
Guaranty Corporation of the reduction in their benefits, the U.S.
Lawmakers said.  The U.S. Lawmakers stressed that the reductions
that went into effect on February 1, 2010, as gathered from the
data collected by the DSRA, will have a profoundly negative
impact on the individual retirees, their families, and their
communities.

"As a 60% shareholder in New GM, the federal government is in a
position to do something to restore fairness for the Delphi
salaried retirees and to minimize the economic pact of the
pension loss on their communities," the U.S. Lawmakers asserted.

Mr. Brown said that he will join his colleagues in introducing
legislation that would curb abuses that deny employees and
retirees of their pensions when business collapse.  The
Protecting Employees and Retirees in Business Bankruptcies Act
would make several changes to Chapter 11 bankruptcy, emphasizing
worker and retiree interests when companies file for bankruptcy,
Mr. Brown added.

For his part, U.S. Representative Dave Camp is co-sponsoring a
bill that demands turnover of the U.S. government of documents
and communications regarding the U.S. Department of the Treasury
Auto Task Force in connection with GM's and Chrysler, LLC's
bankruptcies, Trading Markets reports.  Mr. Camp said that the
bill seeks answers as to why about 1,300 Delphi retirees in the
4th district will receive reduced monthly benefits, the report
notes.

                 Old GM Refuses to Negotiate,
             Retirees Flustered With Gov't.'s Stance

Old GM has declined to negotiate over the Pension Benefit
Guaranty Corporation's takeover of the pensions of Delphi
salaried retirees, Joseph Szczesny of The Oakland Press reports.

Tom Wilkinson, spokesperson of GM, confirmed that Old GM has not
changed its stance.  "The salaried pension was fully funded when
Delphi became an independent company 11 years ago and the
responsibility for the pension from that point became Delphi's,"
Mr. Wilkinson explained, The Oakland Press notes.

Delphi salaried retirees are, however, challenging Old GM's
assertion that the Delphi salaried pension was fully funded when
Delphi was spin off from GM in 1999, according to The Oakland
Press.  Delphi salaried retirees cited the figures in Delphi's
1999 annual report, indicating that Old GM knew from the start
that Delphi had insufficient resources, the report relates.

To these allegations, Mr. Wilkinson of GM related in an e-mailed
statement to the Oakland Press: "Based on the results published
in the GM 1999 Pension Expense Report, the Delphi F87 results at
the time of the spin-off showed a projected benefit obligation
for the salaried plan of $2.25 billion, and a market value of
assets of $2.45 billion."

Indeed, the DSRA previously urged GM to "top up" the pension
payments former salaried employees can receive from the PBGC as
GM did for Delphi's union employees.  A House of Representatives'
Health, Employment, Labor and Pension Subcommittee also demanded
Secretary Timothy Geithner of the Auto Task Force to provide all
documents and correspondence relating to the federal government's
involvement in the restructuring of GM's and Delphi's pension
plans.

"There have been at least six specific requests to Mr. Geithner
and the Treasury Department regarding our pension, but the
Department never responded once," Dennis Black, interim chairman
of the DSRA, told George Pyle of The Buffalo Business Today.

Mr. Black asserted that Old GM's decision to jettison its pension
obligations as it emerged from bankruptcy cannot be blamed on Old
GM alone given the federal government's involvement in Old GM's
restructuring, The Buffalo Business relates.  GM's decision could
not be reversed, but funded, if the Treasury or "White House"
would call for it, The Buffalo News notes.  "They have the power
to fix it in a minute if they will only do it," Mr. Black was
quoted by The Buffalo News as saying.

                      More Pension Cuts

Delphi retirees from Dayton, Ohio are receiving notices of
pension benefit cuts from the PBGC, whiotv.com reports.  The
article notes that this round of pension cuts is focused on
retirees who are under the age of 62.

whiotv.com discloses that the reduction notices not only inform
the retirees of the benefits cut, but also that some retirees
were overpaid and that these retirees have to return some of the
money.

                        About Delphi Corp.

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)


DELPHI CORP: Microchip Wants Lawsuit Dismissed
----------------------------------------------
Delphi Corp. and its units previously sought and obtained an order
on August 16, 2007, establishing procedures for certain adversary
proceedings, including those commenced by the Debtors under
Section 541, 544, 545, 547, 548 or 553 of the Bankruptcy Code.
At the Debtors' behest, the Court entered orders extending the
deadline under Rule 4(m) of the Federal Rules of Civil Procedure,
by which they would be required to serve process on March 28,
2008, April 30, 2008, and October 22, 2009.

In September 2007, the Debtors commenced an adversary complaint
under seal, seeking to recover alleged preferential transfers
made to Microchip Technology Incorporated in the aggregate amount
of $1,527,621.

Counsel to Microchip, Jonathan I. Levine, Esq., at Andrews Kurth
LLP, in New York, notes that his client was served with the
Complaint on or about February 18, 2010, over two years after the
limitations period provided by Section 546(a) expired on
October 8, 2007.

Against this backdrop, Microchip asks Judge Drain to:

  (1) vacate, with respect to Microchip, pursuant to Rule 60 of
      the Federal Rules of Civil Procedure and Rule 9024 of the
      Federal Rules of Bankruptcy Procedure the Preservation of
      Estate Claims Procedures Order entered on August 16, 2007,
      and the Extension Orders dated March 28, 2008, April 30,
      2008 and October 22, 2009, with respect to its case; and

  (2) dismiss the Complaint against Microchip pursuant to Rule
      12(b) of the Federal Rules of Civil Procedure and Rule
      7012(b) of the Federal Rules of Bankruptcy Procedure
      because it is barred by the two-year statute of
      limitations imposed by Section 546(a) and thus, fails to
      state a claim upon which relief may be granted; or

  (3) in the alternative, dismiss the Adversary Proceeding
      against Microchip because it is barred by judicial
      estoppel.

Mr. Levine asserts that the combination of permitting the Debtors
to file the Complaint under seal will result in a proceeding
completely devoid of procedural due process.  It will prevent
Microchip from discovering that it had been sued, while
continually extending the Debtors' time to serve process
exceeding two years past the two-year statute of limitations
under Section 546(a), he points out.

To bridge the gap between the time that Microchip should have
been served with the Complaint and the date on which it was
actually served with the Complaint, the Debtors seem to rely on
the Extension Orders, ex parte from the one entity that had an
adverse interest, namely, Microchip, Mr. Levine cites.

Civil Rule 4(m) made applicable by Rule 7004(a) of the Federal
Rules of Bankruptcy Procedures provides that if a defendant is
not served within 120 days after the complaint was filed, the
court, on motion or on its own notice to the plaintiff, must
dismiss the action against that defendant or order that service
be made within a specified time, Mr. Levine explains.  Against
this backdrop, the Extension Orders should not have been entered,
as good cause did not exist to extend the time to serve process
as a matter of law, he says.

In the alternative, the Complaint is barred by judicial estoppel,
Mr. Levine contends.  In two of their request to extend the Rule
4(m) deadline, the Debtors stated that of the 742 adversary
proceedings commenced under seal, only the claims relating to
Laneko Engineering Co.; Wachovia Bank, National Association;
Laneko Engineering Co. Inc.; and their affiliates were subject to
the Preservation of Estate Claims Procedures Order.  The Court
adopted the Debtors' position in entering the Extension Orders.
"Thus, by serving the Complaint on Microchip, the Debtors are now
attempting to reverse a legal position previously asserted in two
of their requests and adopted by the Court," he maintains.

                        About Delphi Corp.

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)


DELPHI CORP: Reaches Deal with Toyota on Assignment of Contracts
----------------------------------------------------------------
To resolve the remaining objections of Toyota Motor Engineering &
Manufacturing North America, Inc., Toyota Motor Corporation and
Toyota Motor Sales, U.S.A., Inc. to the assumption and assignment
of the Toyota Entities' contracts under Delphi Corp.'s Modified
First Amended Plan of Reorganization and the Master Disposition
Agreement, the Reorganized Debtors, the Toyota Entities and GM
Component Holdings LLC and Steering Solutions Services
Corporation entered into certain agreements.

Pursuant to the Agreements, the Parties stipulate that all of the
Toyota Entities' contracts and other executory contracts relating
to business conducted at the Debtors' manufacturing facilities in
Grand Rapids, Michigan; Rochester, New York; Kokomo, Indiana; and
Lockport, New York will:

  (i) if the Assigned Contracts were entered into prepetition,
      be assumed and assigned by Reorganized Debtors DPH-DAS LLC
      and DPH Furukawa Wiring Systems, LLC to GM Components; or

(ii) if the Assigned Contracts were entered into postpetititon,
      be assigned by DPH to GM Components.

The Parties further agree that the Contracts that are being
assumed and assigned under the Modified Plan and the Master
Disposition Agreement will have a cure amount of $0.

As stipulated to by the Parties under the Agreements, to the
extent not previously resolved, the Toyota Entities' objections
are deemed resolved and those objections are subject to all
findings and conclusions of the order confirming the Modified
Plan on July 30, 2009.

Judge Drain authorized the Debtors' entry into the Agreements.

The Reorganized Debtors also sought and obtained the Court's
authority to file the Agreements under seal.

Subsequently, the Toyota Entities withdrew their objections to
the assumption and assignment of their contracts under the
Modified Plan.

                     Debtors & CGLIC Stipulate

In a separate filing, the Reorganized Debtors and Connecticut
General Life Insurance Company entered into a stipulation (i)
resolving Connecticut General's objections to the assumption and
assignment of its contracts under the Modified Plan; and (ii)
providing for the disallowance of Claim Nos. 18659, 18660, 19919
and 19920.

The Parties agree that:

  (a) the contracts that were entered into prior to the Petition
      Date by the Debtors and Connecticut General will be
      assumed by the Reorganized Debtors and assigned to DPH-DAS
      as of the effective date of the Modified Plan;

  (b) the contracts that were entered into on or after the
      Petition Date by the Debtors and the Connecticut General
      will be assigned by the Reorganized Debtors to DPH-DAS as
      of the Effective Date, pursuant to the terms of those
      Contracts;

  (c) the total cure amount for the Contracts listed on the
      notices of assumption and assignment under the Modified
      Plan is $0;

  (d) Connecticut General's objections to the assumption and
      assignment of its Contracts under the Modified Plan are
      deemed withdrawn;

  (e) Claim No. 18659 for $10,929,442; Claim No. 18660 for
      $47,153; Claim No. 19919 for $855,968 and Claim No. 19920
      for $24,885 asserted by Connecticut General against DAS
      are disallowed and expunged;

  (f) Connecticut General's response to the Debtors' 37th
      Omnibus Claims Objection is deemed withdrawn; and

  (g) any claims arising after the Plan Effective Date in
      connection with the Contracts will be paid in the ordinary
      course by DPH-DAS.

                           *     *     *

In separate filings, Carrier Corporation, XM Satellite Radio Inc.
and Columbia Industrial Sales, Inc. withdrew their objections to
the contract notices under the Modified Plan.  Carrier and the
Debtors have resolved all issues related to Carrier's objection.

                        About Delphi Corp.

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)


DELPHI CORP: Invests $200 Million in India
------------------------------------------
Delphi Automotive LLP disclosed that its investment in India has
reached over $200 million and it intends to invest more, The
Economic Times reports.

Delphi President and Managing Director Ashok Ramaswamy disclosed
that the Company is keen to invest more in response to the Indian
market's demand for new vehicles and new technologies, ET says.
The report notes that Delphi continues to invest in research and
development and technology, total spending of which is expected
to yield 11% of sales, ET says.

Mr. Ramaswamy declined to share revenue details of Delphi, saying
that Delphi is now a private company and do not break down
turnover by region, ET explains.  Mr. Ramaswamy, however, said
that Delphi sales in the current year have been on target and
that 80% to 90% of Delphi's sales is from the domestic market, ET
states.  Mr. Ramaswamy noted that Delphi's revenue mix will
increasing move towards electronics, the report notes.

                        About Delphi Corp.

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)


DESERT HILLS BANK: Closed; NY Community Bank Assumes All Deposits
-----------------------------------------------------------------
Desert Hills Bank, Phoenix, Arizona, was closed on March 26, 2010,
by the Arizona Department of Financial Institutions, which
appointed the Federal Deposit Insurance Corporation as receiver.
To protect the depositors, the FDIC entered into a purchase and
assumption agreement with New York Community Bank, Westbury, New
York, to assume all of the deposits of Desert Hills Bank.

The six branches of Desert Hills Bank are set to reopen on Monday,
March 29, as branches of New York Community Bank.  Depositors of
Desert Hills Bank will automatically become depositors of New York
Community Bank. Deposits will continue to be insured by the FDIC,
so there is no need for customers to change their banking
relationship to retain their deposit insurance coverage.
Customers should continue to use their former Desert Hills Bank
branch until they receive notice from New York Community Bank that
it has completed systems changes to allow other New York Community
Bank branches to process their accounts as well.

As of December 31, 2009, Desert Hills Bank had around
$496.6 million in total assets and $426.5 million in total
deposits.  New York Community Bank did not pay the FDIC a premium
to assume all of the deposits of Desert Hills Bank.  In addition
to assuming all of the deposits, New York Community Bank agreed to
purchase essentially all of the failed bank's assets.

The FDIC and New York Community Bank entered into a loss-share
transaction on $325.9 million of Desert Hills Bank's assets.  New
York Community Bank will share in the losses on the asset pools
covered under the loss-share agreement.  The loss-share
transaction is projected to maximize returns on the assets covered
by keeping them in the private sector.  The transaction also is
expected to minimize disruptions for loan customers. For more
information on loss share, visit:

http://www.fdic.gov/bank/individual/failed/lossshare/index.html

Customers who have questions about the transaction can call the
FDIC toll-free at 1-800-886-2504.  Interested parties also can
visit the FDIC's Web site at:

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

The FDIC estimates that the cost to the Deposit Insurance Fund
will be $106.7 million.  New York Community Bank's acquisition of
all the deposits was the "least costly" resolution for the FDIC's
DIF compared to all alternatives.  Desert Hills Bank is the 41st
FDIC-insured institution to fail in the nation this year, and the
first in Arizona.  The last FDIC-insured institution closed in the
state was Valley Capital Bank, N.A., Mesa, on December 11, 2009.


DUBAI WORLD: "More Economic Sense" to Pay Sukuk, Gov't Says
-----------------------------------------------------------
Dow Jones Newswire's Ainsley Thomson reports that a spokeswoman
for the Dubai government said a significant part of the rationale
behind repaying the sukuks issued by Dubai World's real estate
arm, Nakheel, was to get the "Nakheel engine running again".  "We
looked at the cost of restructuring against paying them as they
fell due and the conclusion was it would make more economic sense
to pay them as they fell due," she said, according to Dow Jones.

Dow Jones says one person familiar with the matter said those
involved with the negotiations were also mindful that they did not
want to damage the sukuk market.  Investor confidence in the sukuk
market, which in 2009 was worth $31 billion globally according to
Bank of America Merrill Lynch, has been shaken following defaults
in the past year from Investment Dar of Kuwait and Saudi Arabia's
Saad Group.

According to Dow Jones, Okan Akin, a credit strategist at Royal
Bank of Scotland in London, said, "The decision to pay-down
Nakheel's sukuk should be perceived pretty positively by the sukuk
market overall."

Dow Jones relates the person familiar with the matter said
protecting of the sukuk market was also of particular importance
because Nakheel's restructuring plan includes paying 60% of the
amount owed to trade creditors via the issuance of new sukuks.

Under the plan, Dow Jones relates, Nakheel and the Dubai
government will negotiate with banks to provide a liquid market
for the new sukuk, by acting as market-makers.  This will allow
trade creditors to cash-in the sukuks if they wish.  If confidence
in the sukuk market is hit, trade creditors could find their new
sukuks worth less than expected, and the ultimate goal of getting
Nakheel back on its feet would be defeated.

As reported by the Troubled Company Reporter on Friday, Stefania
Bianchi at Dow Jones Newswires said Dubai's government will inject
about $9.5 billion into Dubai World and real-estate developer
Nakheel.  Dow Jones said that, according to a statement by Dubai
government, cash for Dubai World "will be funded by $5.7 billion
remaining from the loan previously made available from the
Government of Abu Dhabi and from internal Dubai government
resources."  The statement also said "the government is offering
to recapitalize Dubai World through the equitization of the
Government's $8.9 billion claim and a commitment to fund up to
$1.5 billion in new funds."  The statement also said the
government "is offering to inject approximately $8 billion in new
funds, which will have a significant direct impact on the
construction and real estate sectors and the wider economy, and to
recapitalize Nakheel through the equitization of the government's
$1.2 billion claim."

Dow Jones also reported that a government financial advisor said
on a conference call that Dubai World's restructuring will include
the selling of some assets.  Dow Jones said the government has no
specific timeline and "there's no immediate action" on asset
sales.

                       6-Month Standstill

In November 2009, the Troubled Company Reporter ran a story
about Dubai World seeking a six-month standstill on its debt
obligations.  The government of Dubai said it would restructure
Dubai World and has appointed Deloitte LLP to lead the
restructuring effort, naming an executive at the consultancy as
the group's "chief restructuring officer."

Bloomberg News' Arif Sharif and Laura Cochrane said Dubai World
has US$59 billion in liabilities.  Bloomberg said Dubai
accumulated US$80 billion of debt by expanding in banking, real
estate and transportation before credit markets seized up last
year.

The Wall Street Journal said Standard & Poor's in an October
report estimated Dubai World could be responsible for as much as
50% of Dubai's total government and corporate debt load of some
US$80 billion to US$90 billion.

                         Large Exposure

As reported by the Troubled Company Reporter-Europe on Dec. 1,
2009, The Wall Street Journal's Chip Cummins, Dana Cimilluca and
Sara Schaefer Munoz, citing a person familiar with the matter,
said that U.K.'s Royal Bank of Scotland Group PLC, HSBC Holdings
PLC, Barclays PLC, Lloyds Banking Group PLC, Standard Chartered
PLC and ING Groep NV of the Netherlands, are among the
international banks that have large exposure in Dubai World.

RBS has lent roughly US$1 billion to Dubai World, another person
said, according to the Journal.  Sources also told the Journal
Barclays's exposure to Dubai World is roughly US$200 million, and
that exposure is effectively hedged.

David Robertson at The (U.K) Times reported Credit Suisse has
estimated that European banks could have EUR40 billion
(GBP36 billion) in loans to Dubai and much of this could be at
risk if the Gulf emirate defaults.

The Journal, citing people familiar with the matter, said the
banks with the greatest exposure to Dubai World are Abu Dhabi
Commercial Bank and Emirate NBD PJSC, people familiar with the
matter said.

Dow Jones Newswires' Margot Patrick related that a report by the
Emirates Banks Association said the top eight foreign banks in the
United Arab Emirates by lending volume -- HSBC, Standard
Chartered, Barclays, HSBC, Royal Bank of Scotland's ABN Amro,
Citigroup Inc., BNP Paribas SA, Lloyds and Credit Agricole SA's
Calyon, -- extended about US$36 billion in loans in 2008
throughout the federation, without breaking down the loans by
emirate or type of borrower.

                       About Dubai World

Dubai World -- http://www.dubaiworld.ae/-- is Dubai's flag bearer
in global investments.  As a holding company it operates a highly
diversified spectrum of industrial segments and plays a major role
in the emirate's rapid economic growth.  Dubai World's investment
spans four strategic growth areas of 21st Century commerce namely,
Transport & Logistics, Drydocks & Maritime, Urban Development and
Investment & Financial Services.  Dubai World's portfolio includes
DP World, one of the largest marine terminal operators in the
world; Drydocks World & Dubai Maritime City designed to turn Dubai
into a major ship-building and maritime hub; Economic Zones World
which operates several free zones around the world including Jafza
and TechnoPark in Dubai; Nakheel the property developer behind
iconic projects such as The Palm Islands and The World among
others; Limitless the international real estate master planner
with current development projects in various parts of the world;
Leisurecorp a global sports and leisure investment group,
reshaping the industry by unlocking value across investment,
development and brand opportunities; Dubai World Africa which
oversees the regional development and portfolio of investments in
the African continent; and Istithmar World, the group's investment
arm that has a global footprint in finance, capital, leisure,
aviation and various other business ventures.

The Sun Never Sets on Dubai World, its Web site says.


DUKE REALTY: Fitch Affirms 'BB+' Rating on Preferred Stock
----------------------------------------------------------
Fitch Ratings has affirmed these ratings of Duke Realty
Corporation and its operating partnership, Duke Realty Limited
Partnership:

Duke Realty Corporation

  -- Issuer Default Rating at 'BBB';
  -- $1 billion preferred stock at 'BB+'.

Duke Realty Limited Partnership

  -- IDR at 'BBB';
  -- $850 million unsecured line of credit at 'BBB';
  -- $2.85 billion senior unsecured notes at 'BBB';
  -- $259.4 million senior unsecured exchangeable notes at 'BBB'.

The Rating Outlook is Negative.

The affirmation of Duke's ratings reflects the company's moderate
leverage, large and diversified pool of industrial and office
properties, diversified tenant mix with a well-laddered lease
expiration schedule, strong unencumbered asset coverage of
unsecured debt, manageable debt maturity profile, and limited
development risk.

Balancing these strengths are continued weaknesses in the
company's operating markets, which will likely continue to result
in negative same store net operating income over the next two
years, as well as fixed charge coverage that is low for the
ratings.

The ratings factor in Duke's diversified portfolio of 762 bulk
distribution, suburban office, and health care properties located
across 20 markets.  Moreover, the company has a highly diversified
tenant roster and a manageable lease expiration schedule.  Duke's
20 largest tenants represented a low 15.6% of total annualized
base rents at Dec. 31, 2009.  In addition, the largest lease
expirations in any given year represent 12% of annual base rents,
reflecting the well-laddered lease expiration schedule.

The ratings also factor in the steps the company has taken since
the downturn to strengthen operations and the balance sheet and
boost liquidity.  Duke has reduced leverage by raising common
equity and tendering for unsecured debt, exiting the retail and
merchant building businesses, curtailing development and reducing
operating expenses.  Going forward, the company plans to de-lever
further through asset sales and has earmarked a sizeable portfolio
of non-strategic land and properties, primarily in the former
build-for-sale and mid-west office portfolios.

During 2009, Duke demonstrated access to various forms of capital
despite challenging capital market conditions, raising
approximately $1.3 billion by way of common equity ($525 million),
unsecured debt ($500 million), and secured debt ($270 million).
The company used the net proceeds to reduce leverage, including
repaying outstanding balances under its revolving line of credit
and tendering for bonds maturing over the near term.  Moreover,
the company's debt maturity profile improved as a result of the
unsecured debt issuance and tender offers.  As of Dec. 31, 2009,
debt maturities during the 2010 to 2012 period are $957 million
(24.6% of total consolidated debt), which represents a significant
reduction from the previous year, when maturities over the same
time period were $1.91 billion (44.5% of total debt).

In addition, during the fourth quarter of 2009, the company
renewed its unsecured revolving line of credit that was set to
expire in January 2010.  The new facility has a commitment of
$850 million, a reduction from the previous facility commitment of
$1.3 billion, and bears a rate of LIBOR+275 basis points (bps), up
from LIBOR+52.5 bps on the previous facility.  The facility also
has a $200 million accordion feature and matures in February 2013.
While it is smaller, Fitch believes the facility has been right-
sized to more appropriately fund Duke's more simplified business
model, and the new terms are consistent with broader trends seen
across the real estate investment trust sector.

As a result of these steps, Duke's leverage and capitalization
metrics have improved.  The company's risk-adjusted capital ratio
at a 'BBB' stress level rose to 1.0 times (x) at Dec. 31, 2009,
from 0.9x at Dec. 31, 2008 (a risk-adjusted capital ratio of at
least 1.0x is considered appropriate).  Leverage, measured by net
debt to recurring operating EBITDA, declined to 6.9x at Dec. 31,
2009 from 8.1x at Dec. 31, 2008, and was appropriate for the
rating category.  These improvements have prevented downward
rating migration.

Duke's large unencumbered asset pool also provides support for the
'BBB' ratings.  As of Dec. 31, 2009, the company had 446
stabilized unencumbered properties with a gross book value of
$5.5 billion.  While the company encumbered additional assets
during 2009, this was outpaced by a reduction in the company's
unsecured debt.  As a result, the company's unencumbered asset
coverage of unsecured debt, as calculated under its bond covenants
rose to 212.9% as of Dec. 31, 2009, from 193.8% as of Dec. 31,
2008, and is consistent with the company's ratings.  Given this
and other ratios, Duke's covenants do not restrict the company's
financial flexibility.

Moreover, illustrative unencumbered asset coverage of unsecured
debt, as measured by applying a capitalization rate of 8.5% to
unencumbered net operating income, was solid at 205%.  In
addition, as a result of Duke's curtailed development activities
the company's wholly owned development portfolio represents a
limited 1.4% of undepreciated assets as of Dec. 31, 2009, down
from 4.2% at Dec. 31, 2008.

Duke's liquidity position is average, based on full availability
on its recently renegotiated line of credit, and its demonstrated
access to various forms of capital.  Fitch calculates that Duke
has a liquidity shortfall of $72.5 million for 2010 and 2011,
calculated as sources (cash, availability under its unsecured
revolving credit facility and expected retained operating cash
flows after dividend payments) less uses (debt maturities and
expected recurring and development capital expenditures).  In
Duke's case, this includes the remaining costs on its development
pipeline of $56.9 million and Duke's pro-rata share of joint
venture debt maturities of $268.3 million.  This shortfall is not
a concern given its small size and the fact that this scenario
assumes that Duke is unable to refinance any of its debt.

Balancing these strengths, Duke's fixed charge coverage remains
low for the 'BBB' rating level.  Duke's fixed charge coverage
ratio, (defined as recurring operating EBITDA less capital
expenditures and straight-line rent adjustments divided by
interest expense, capitalized interest and preferred dividends)
has hovered in the 1.4x to 1.5x range since 2007 and was 1.4x
during 2009.  This metric reflects sizeable preferred dividends
($73.5 million in 2009), as well as the drag on performance
metrics from the sizeable pool of undeveloped land ($661 million;
7.7% of undepreciated book assets at Dec. 31, 2009).

Consistent with Fitch's criteria report, 'Equity Credit for
Hybrids & Other Capital Securities - Amended,' Dec. 29, 2009, a
two-notch differential between Duke's IDR and preferred stock
rating exists, as these preferred shares have cumulative coupon
deferral options exercisable by Duke and thus have readily
triggered loss absorption provisions in a going concern.

The Negative Outlook takes into account Fitch's expectation that
Duke's operating performance will continue to be pressured in
2010.  This is consistent with Fitch's Negative Outlook on both
the operating fundamentals for the industrial and office sectors
at large.  Fitch's projections factor in same store NOI declines
of 2.7% and 1.5% in 2010 and 2011, respectively.  Under this
scenario, Fitch estimates that fixed charge coverage will remain
stable at 1.4x but debt to recurring operating EBITDA will inch up
to 7.2x by Dec. 31, 2011.  Fitch's projections do not take into
account further lease-up of the un-stabilized pool and sales of
non-strategic assets as laid out in the company's plans for de-
levering over the next few years.  Management currently projects
asset sales of $150 million to $350 million and land sales of
$20 million to $50 million per year over the next three years.
Despite the challenging market conditions for asset sales, the
company sold 8.9 million and 2.7 million square feet of assets
during 2008 and 2009 at stabilized capitalization rates of 7.21%
and 8.28% for total proceeds of $426 million and $265 million,
respectively.  The company also generated gross proceeds of
$33.6 million from the sales of undeveloped land in 2009.

Any of these factors may result in downward momentum on Duke's
ratings:

  -- Fixed charge coverage falls to 1.3x (as of Dec. 31, 2009,
     this ratio was 1.4x)

  -- Unencumbered asset coverage falls below 180% as calculated
     using bond covenant definitions (as of Dec. 31, 2009, this
     ratio was 212.9%);

  -- Net debt to recurring operating EBITDA sustains above 7.5x
     (as of Dec. 31, 2009, this ratio was 6.9x).

These factors may result in positive momentum on Duke's ratings:

  -- Same store NOI returns to positive territory for several
     quarters and fixed charge coverage rises above 1.7x;

  -- Net debt to recurring operating EBITDA sustains at or below
     6.5x;

  -- Unencumbered asset coverage is maintained above 200%.


DUNE ENERGY: Dec. 31 Balance Sheet Upside-Down by $185.1 Million
----------------------------------------------------------------
Dune Energy, Inc., filed its annual report on Form 10-K for the
year ended December 31, 2009, with the Securities and Exchange
Commission on March 25, 2010.

The Company's balance sheet as of December 31, 2009, showed
$372.6 million in assets, $372.9 million of debts, and
$184.8 million in redeemable convertible preferred stock, for a
stockholders' deficit of $185.1 million.

The Company reported a net loss of $59.1 million on $64.9 million
of revenue for the year ended December 31, 2009, compared with a
net loss of $141.1 million on $146.6 million of revenue for 2008.
Dune recorded an impairment of oil and gas properties of
$125.7 million for the year ended December 31, 2008, primarily
related to dramatically lower commodity prices at year end 2008
versus the same level in 2007 resulting in significant impairment
in two of the Company's major fields.

The primary reasons behind the decrease in revenue were lower
production and lower average sales prices in 2009 versus 2008.  In
2009, oil production decreased 18% from 2008 levels and gas
production declined 15%.  Oil prices declined 41% and gas prices
declined 55% in 2009 versus 2008.

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

                  http://researcharchives.com/t/s?5c2e

Dune Energy, Inc. (NYSE AMEX: DNE) -- http://www.duneenergy.com/-
- is an independent energy company based in Houston, Texas.  Since
May of 2004, the Company has been engaged in the exploration,
development, acquisition and exploitation of natural gas and crude
oil properties, with interests along the Louisiana/Texas Gulf
Coast.  The Company's properties cover over 90,000 gross acres
across 27 producing oil and natural gas fields.


EL PASO: Fitch Assigns 'BBB-' Issuer Default Rating to EPBO
-----------------------------------------------------------
Fitch Ratings has assigned a 'BBB-' rating to El Paso Pipeline
Partners Operating Company LLC's proposed $425 million senior
notes.  Fitch has also assigned an Issuer Default Rating of 'BBB-'
to EPBO.  Proceeds from the offering are going to be used to
acquire 51% interests in El Paso Corp.'s (IDR 'BB+' with a Stable
Outlook) Southern LNG and Elba Express subsidiaries.  The Rating
Outlook is Stable.

EPBO is a wholly owned operating subsidiary of El Paso Pipeline
Partners, L.P., a Delaware master limited partnership formed in
November 2007 by El Paso Corporation to own and operate natural
gas transportation pipelines and storage assets.  EPBO conducts
business through its interest in various natural gas pipeline and
storage systems including a 100% interest in Wyoming Interstate
Gas Company L.L.C, a 58% interest in Colorado Interstate Gas
Company (IDR: 'BBB-' with a Stable Outlook) and a 25% interest in
Southern Natural Gas Company (SNG; IDR: 'BBB-' with a Stable
Outlook).  Pro-forma for the acquisition EPBO's holdings will
include a 51% interest in SLNG and a 51% interest in Elba Express.

The ratings recognize the expected stability of EPBO's earnings
and cash flows which are supported by a lower business risk asset
base consistent with predominantly FERC regulated pipeline assets.
Currently, 90% of EPBO's revenue is generated from capacity
reservation type contracts with a weighted average contract life
of seven years limiting re-contracting risk in the near to
intermediate term.  Pro-forma for the announced transaction Fitch
expects the percentage of capacity reservation type contracts and
weighted average contract life will improve.  Additionally,
roughly 94% of EPBO's contracts are with investment grade
counterparties which limits counterparty exposure.  EPBO's
pipeline subsidiaries exhibit consistent cash flow, low business
risk and strong credit metrics.  The existing credit ratings at
CIG and SNG, however, continue to be limited to a one notch
separation from EP due to their significant operating and
financial affiliations to EP.

In addition to providing EPB consistent cash flow, the company's
assets have geographic diversity from both a supply and demand
perspective.  EPB's assets, including SLNG and Elba Express, all
have strong market positions and connectivity in key supply/demand
areas with CIG and WIC serving the Rockies basin and SNG, SLNG and
Elba serving the southeastern U.S. Gas volumes shipped in both of
these regions are expected to grow in the next five years and the
diversity of the asset base should limit exposure to shifting
natural gas supply/demand dynamics.

The ratings recognize that the cash flows up to EPBO from its
subsidiaries are subordinate to the operating needs and debt
service obligations at SLNG, CIG, SNG and Elba Express.  However,
as regulated pipeline and storage entities, the working capital,
operating and maintenance expenses are relatively low and each of
the entities possess moderate leverage and high quality cash flow
which minimizes the impact of this structural subordination in
Fitch's view.

The ratings consider that El Paso, pro forma for the transaction,
will own EPB's 2% general partner interest, all of EPB's incentive
distribution rights, a 62% percent limited partner interest in
EPB, including both common and subordinated units, the remaining
42% general partner interest in CIG, 75% general partner interest
in SNG and 49% member interests in each of SLNG and Elba Express
not owned by EPB.  EP, as general partner, sponsor and the
operating entity that controls EPB and EPBO, controls board of
director and management actions including setting the levels of
partnership distributions, amending the partnership agreement and
generally dictating strategy and capital structure decisions.  As
such EP could pressure EPB to increase its distributions or
leverage should EP's capital needs warrant it.  Fitch, however,
does not anticipate any deviation from EP's current conservative
distribution, operating and acquisition policies at EPB.
Nevertheless, the functional and operational ties to EP link
EPBO's ratings and the ratings of the operating partnerships to
those of EP and warrant a one notch separation.  Any rating
action, either positive or negative, would likely result in a
similar rating action at EPBO.

Fitch recognizes EP as a supportive sponsor and general partner of
EPB has operated and managed the financial growth of the
partnership conservatively.  EP has already completed two separate
drop downs into EPB since EPB's 2007 IPO and has exhibited a
willingness to take back limited partner units, rather than cash
to facilitate an accretive transaction.  Additionally, the
partnership has maintained strong distribution coverage in well
excess of 1.0 times (x), a practice which is expected to continue
following the announced transaction.  Fitch believes that EP's
asset base provides a significant amount of drop down
opportunities and that EPB's asset base present a fair amount of
organic growth opportunities for the partnership.

Liquidity at the partnership is adequate.  In support of its
liquidity needs EPBO has a $750 million revolving credit facility
under which WIC and EPB are authorized borrowers.  As of Dec. 31,
2009, availability under the revolver was $215 million this is not
expected to be radically different following the transaction.  The
credit facility has a November 2012 maturity and a single
financial covenant that requires the company to maintain
Debt/EBITDA of less than 5.0x on a last 12-month basis.  Roughly
$236 million in proceeds from a January 2010 limited partner unit
issuances along with the proceeds from the senior note issuance
and units issued to EP are expected to be the source of funds used
to complete the SLNG and Elba Express acquisition.

Fitch has assigned these ratings to EPBO:

  -- Long-term Issuer Default Rating 'BBB-';
  -- Senior unsecured debt 'BBB-';

The Ratings Outlook is Stable.


EL PASO: Moody's Gives 'Ba1' Corporate Family Rating to EPBO
------------------------------------------------------------
Moody's Investors Service assigned first time ratings to El Paso
Pipeline Partners Operating Company L.L.C., the operating
subsidiary of El Paso Pipeline Partners, L.P.  The ratings are
assigned to EPB Operating and include a Ba1 Corporate Family
Rating, a Ba1 (LGD 4, 50%) to new senior unsecured notes, a Ba1
Probability of Default Rating, and a SGL-3 Speculative Grade
Liquidity Rating.  The outlook is stable.

The new notes (which are being issued by EPB Operating and are
guaranteed by EPB) will be used to partially fund the acquisition
of assets from El Paso Corp. (Ba3 CFR), the General Partner, and
majority Limited Partner units holder.  EPB is acquiring a 51%
equity interest in each of Southern LNG Company, L.L.C., and El
Paso Elba Express Company, L.L.C., from El Paso Corp for
approximately $810 million.  Proceeds from the $425 million of new
senior unsecured notes, along with $236 million of cash on hand
from a January equity issuance, $149 million of new LP units to be
issued to EP, $3 million GP capital contribution, and $3 million
of borrowings under the revolver will fund the entire "drop-down"
of assets from EP.

"The Ba1 CFR reflects a stand-alone business profile that is
comparable to an investment grade profile, juxtaposed with a
combination of structural complexity, indirect access to the
assets by the debt holders of EPB, and the interconnection to El
Paso Corp. (Ba3 CFR)," said Ken Austin, Moody's Senior Credit
Officer.

Under Moody's Loss Given Default methodology, the new notes are
rated Ba1, the same as the CFR because all of the debt at EPB
Operating being unsecured.  The subsidiary debt, though
significant, is not factored into the LGD liability waterfall
since it's considered non-recourse to EPB.  Generally, non-
recourse debt is not included in the liability waterfall.

EPB's assets consist of 100% of the equity interest in Wyoming
Interstate Company, Ltd. (WIC, unrated), a 58% interest in
Colorado interstate Gas (CIG, rated Baa3) and 25% for Southern
Natural Gas (SNG, rated Baa3), all FERC regulated pipeline assets.
EPB is also acquiring a 51% interest in SLNG and a 51% equity
interest in Elba Express.  SLNG owns the Elba Island LNG terminal,
a liquefied natural gas terminal with fixed fee service agreements
with affiliates of Shell and BG Group.  Elba Express owns the Elba
Express pipeline, a 190-mile pipeline that transports natural gas
from the Elba Island LNG terminal to major markets via other main
pipelines owned by EP.  The capacity of Elba Express is fully
contracted by affiliates of Shell under long-term contracts.

On a 100% owned basis, this asset base and the cash flow
generating capabilities compare favorably to higher rated
midstream and natural gas pipeline companies as they are
considered to be very durable with very little direct commodity
price exposure.  The EBITDA contribution from the underlying
holdings is expected to be fairly balanced although Moody's
expects that CIG and SNG will generate the majority of EBITDA in
2011.

However, this ownership structure makes EPB distinct relative to
other MLPs, which tend to own 100% of the majority of their
assets.  Given that there is a significant amount of structural
complexity through these equity interests and the fact that EP is
the General Partner of EPB, owns the majority of the L.P. units of
EPB, and also owns the remaining equity interests in EPB's assets,
the ratings reflect this close interconnection to EP and its
significant influence.  Unlike the natural gas pipelines that
Moody's rate investment grade on a stand-alone basis, the
additional feature of the MLP distributions and the lack of 100%
ownership of the equity interests in the assets results in the CFR
being two levels above El Paso Corp. but one below the Baa3 rating
on the pipelines.

Although Moody's does not expect any near-term changes to the way
EPB will run its assets compared to when El Paso owned them, the
MLP structure does bring an equity call on capital that did not
exist under EP's corporate ownership.  Furthermore, under this
ownership structure, these assets are effectively helping to
support and service three different groups of creditors, resulting
in added pressure to keep the distributions strong at EPB.  Aside
from the debt at the individual subsidiary level, the EBP MLP debt
and part of EP's own debt are reliant on these cash flows.  While
Moody's are not including any of EP's debt in Moody's leverage
metrics, Moody's view is that there is an element of added
defective leverage with this structure.

The financial profile of EPB is comparable to similarly rated
peers.  Pro forma for the acquisition of SLNG and Elba Express,
EPB's adjusted debt/EBITDA will be around 5.0x based on FY 2009
EBITDA.  Although a bit high, this leverage is expected to decline
to around 4.6x by year-end 2010 due to the EBITDA contribution
from the recent start-up of the Elba Express pipeline and the
Phase IIIA expansion at Elba Island LNG.  To calculate this
leverage ratio, Moody's is using a proportionate calculation for
EBITDA but is loading 100% of the debt for the controlled
subsidiaries plus 25% of SNG's debt as well as Moody's standard
adjustments to reflect a fuller picture of the debt burden of
these earnings and cash flows.

The stable outlook assumes that EPB will continue to run the
assets similarly to how they were run by EP and that leverage
(Debt/EBITDA) will trend towards the 4.0x range over the next 12
to 18 months with a full year of earnings contribution from Elba
Express and the recent Phase IIIA expansion at SLNG.

The SGL-3 rating reflects Moody's expectation that EPB will have
sufficient liquidity between its revolver availability and
expected cash flows to cover its planned capital spending,
interest, unit distribution, and working capital needs over the
next twelve months.  Although EPB will distribute most of the cash
flow it generates to its unit holders and general partner
resulting in it outspending cash flow, the senior unsecured
revolving credit facility has sufficient availability to cover the
shortfall.  In addition, the company is expected to remain in
compliance with its maintenance covenants, ensuring accessibility.

El Paso Pipeline Partners Operating Company, L.L.C., is the
subsidiary holding company for Partners, L.P., a Master Limited
Partnership headquartered in Houston, Texas.


EMISPHERE TECHNOLOGIES: Posts $21.2 Million Net Loss in 2009
------------------------------------------------------------
Emisphere Technologies, Inc., filed its annual report on Form 10-
K, showing a $21.2 million on $92,000 of revenue for the year
ended December 31, 2009, compared with a net loss of $24.4 million
on $251,000 of revenue for 2008.

Emisphere reported a net loss of $7.6 million for the fourth
quarter ended December 31, 2009, compared with a net loss of
$7.7 million for the fourth quarter of 2008.

The Company's balance sheet as of December 31, 2009, showed
$5.9 million in assets and $53.8 million of debts, for a
stockholders' deficit of $47.9 million.

PricewaterhouseCoopers LLP, in New York, expressed substantial
doubt about the Company's ability to continue as a going concern.
The independent auditors noted that the Company has experienced
recurring operating losses, has limited capital resources and has
significant future commitments.

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

                   http://researcharchives.com/t/s?5c31

Cedar Knolls, N.J.-based Emisphere Technologies, Inc. (OTC BB:
EMIS) -- http://www.emisphere.com/-- is a biopharmaceutical
company that focuses on a unique and improved delivery of
therapeutic molecules or nutritional supplements using its
Eligen(R) Technology.


EMPIRE RESORTS: Friedman LLP Raises Going Concern Doubt
-------------------------------------------------------
On March 25, 2010, Empire Resorts, Inc., filed its annual report
on Form 10-K for the year ended December 31, 2009.

Friedman LLP, in New York, the auditor, said Empire Resorts'
ability to continue as a going concern depends on the Company's
ability to fulfill its obligations with respect to its $65 million
of 5 1/2% senior convertible notes.  Friedman also noted of the
Company's continuing net losses and negative cash flows from
operating activities.

The Company reported a net loss of $10.6 million on $67.6 million
of revenue for 2009, compared with a net loss of $10.6 million on
$68.6 million of revenue for 2008.

The Company's balance sheet as of December 31, 2009, showed
$89.4 million in assets, $73.9 million of debts, and $15.5 million
of stockholders' equity.

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

                  http://researcharchives.com/t/s?5c30

Based in Monticello, New York, Empire Resorts, Inc. (NASDAQ: NYNY)
-- http://www.empireresorts.com/-- currently owns and operates
Monticello Casino & Raceway, a video gaming machine and harness
racing track and casino located in Monticello, New York, 90 miles
northwest of New York City.


ENNIS COMMERCIAL: Section 341(a) Meeting Scheduled for April 16
---------------------------------------------------------------
The U.S. Trustee for Region 17 will convene a meeting of creditors
in Ennis Commercial Properties, LLC's Chapter 11 case on April 16,
2010, at 10:30 a.m.  The meeting will be held at Robert E. Coyle
United States Courthouse, 2500 Tulare Street, Room 1452, 1st
Floor, Fresno, CA.

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.

Porterville, California-based Ennis Commercial Properties, LLC,
filed for Chapter 11 bankruptcy protection on March 16, 2010
(Bankr. E.D. Calif. Case No. 10-12709).  Peter L. Fear, Esq., who
has an office in Fresno, California, assists the Company in its
restructuring effort.  The Company estimated its assets and debts
at $10,000,001 to $50,000,000.

These affiliates of the Debtor filed separate Chapter 11
petitions:

     -- Ennis Homes, Inc. (Case No. 09-10848) on February 2, 2009;

     -- Ennis Land Development, Inc., (Case No. 09-16750) on
        July 17, 2009; and

     -- St. James & Ennis Hanford Investments, LLC (Case No.
        09-17500) on August 5, 2009.


ENNIS COMMERCIAL: Taps Peter L. Fear as Bankruptcy Counsel
----------------------------------------------------------
Ennis Commercial Properties, LLC, has sought authorization from
the U.S. Bankruptcy Court for the Eastern District of California
to employ the Law Offices of Peter L. Fear as bankruptcy counsel.

Peter L. Fear will, among other things:

     a. examine principals of the Debtor and other parties as to
        the Debtor's acts, conduct, and property;

     b. prepare applications, motions, answers, briefs, records,
        reports, notice, proposed orders, and other papers in
        connection with the administration of the estate, together
        with supporting documentation, to be submitted to the
        Court;

     c. advise the Debtor and prepare documents in connection with
        the contemplated ongoing operation of the Debtor's
        financial affairs; and

     d. advise the Debtor and prepare documents in connection with
        the disposal of the assets of the estates.

Peter L. Fear will be paid $240 to $140 per hour for its services.

Peter L. Fear, the owner of the Law Offices of Peter L. Fear,
assures the Court that the firm is "disinterested" as that term is
defined in Section 101(14) of the Bankruptcy Code.

Porterville, California-based Ennis Commercial Properties, LLC,
filed for Chapter 11 bankruptcy protection on March 16, 2010
(Bankr. E.D. Calif. Case No. 10-12709).  Peter L. Fear, Esq., who
has an office in Fresno, California, assists the Company in its
restructuring effort.  The Company estimated its assets and debts
at $10,000,001 to $50,000,000 as of the Petition Date.

These affiliates of the Debtor filed separate Chapter 11
petitions:

     -- Ennis Homes, Inc. (Case No. 09-10848) on February 2, 2009;

     -- Ennis Land Development, Inc., (Case No. 09-16750) on
        July 17, 2009; and

     -- St. James & Ennis Hanford Investments, LLC (Case No.
        09-17500) on August 5, 2009.


ENVIROSOLUTIONS HOLDINGS: U.S. Trustee Names 5-Member Panel
-----------------------------------------------------------
netDockets reports that the United States Trustee for Region 2 on
Friday appointed five members to the Official Committee of
Unsecured Creditors in the bankruptcy cases of EnviroSolutions of
New York, LLC, and its affiliates.  The Committee members are:

     -- The Northwestern Mutual Life Insurance Co.
     -- Harold Martin, Sr.
     -- ELS Transportation LLC
     -- Wills Trucking
     -- English Paving Company, Inc.

Based in Manassas, Virginia, EnviroSolutions Holdings, Inc., is an
integrated solid waste management company with a presence in
Virginia, Maryland, New Jersey, Kentucky, West Virginia, and the
District of Columbia.  The company's assets include three
landfills, four transfer stations and several hauling and
collection operations.

The Company filed for Chapter 11 bankruptcy protection on
March 10, 2010 (Bankr. S.D.N.Y. Case No. 10-11261).  John
Longmire, Esq., at Willkie Farr & Gallagher LLP, assists the
Company in its restructuring effort.  Alvarez and Marsal North
America, LLC, is the Company's restructuring advisor.  The
Company's financial advisor is Barclays Capital.  The Company
estimated its assets and liabilities at $100,000,001 to
$500,000,000.


ERNIE LEE JACOBSEN: Seeks 90 Days' Extension of Exclusivity
-----------------------------------------------------------
Ernie Lee Jacobsen and Donna Jean Jacobsen ask the U.S. Bankruptcy
Court for the Northern District of Mississippi for another 90 days
to file a bankruptcy exit plan.  According to the motion, the
Debtors also seek a concomitant 90 days' extension within which to
obtain confirmation of a plan.

The Jacobsens explain that they have been in negotiations with
various creditors and making determinations to allow them to
finalize many matters with regard to a disclosure statement and
proposed plan of reorganization.  The Debtors contend that a
number of unresolved sale motions are pending and resolution of
these motions is critical to a bankruptcy plan.

Section 1121(b) of the Bankruptcy Code provides for an initial
period of 120 days after the petition date during which a debtor
has the exclusive right to propose and file a Chapter 11 plan.
Section 1121(c)(3) of the Bankruptcy Code provides that, if a
debtor files a plan within the 120-day Exclusive Filing Period, it
has a period of 180 days after the commencement of the case to
obtain acceptance of such plan.

The Debtors are represented by:

          Craig M. Geno, Esq.
          Jeffrey K. Tyree, Esq.
          Melanie T. Vardaman, Esq.
          HARRIS JERNIGAN & GENO, PLLC
          587 Highland Colony Parkway (39157)
          P.O. Box 3380
          Ridgeland, MS 39158-3380
          Tel: (601) 427-0048
          Fax: (601) 427-0050

Ernie Lee Jacobsen and Donna Jean Jacobsen filed for Chapter 11
bankruptcy protection on October 29, 2009 (Bankr. N.D. Miss. Case
No. 09-15667).  The Debtors listed assets of $15,283,881 and debts
of $16,518,690 in their schedules.


FAIRPOINT COMMS: Bank Debt Trades at 19% Off in Secondary Market
----------------------------------------------------------------
Participations in a syndicated loan under which FairPoint
Communications, Inc., is a borrower traded in the secondary market
at 81.11 cents-on-the-dollar during the week ended Friday,
March 26, 2010, according to data compiled by Loan Pricing Corp.
and reported in The Wall Street Journal.  This represents an
increase of 2.11 percentage points from the previous week, The
Journal relates.  The Company pays 275 basis points above LIBOR to
borrow under the loan facility.  Moody's has withdrawn its rating,
while Standard & Poor's has assigned a default rating on the bank
debt.  The debt is one of the biggest gainers and losers among 185
widely quoted syndicated loans with five or more bids in secondary
trading for the week ended Friday.

FairPoint Communications, Inc. (NYSE: FRP) --
http://www.fairpoint.com/-- is an industry-leading provider of
communications services to communities across the country.
FairPoint owns and operates local exchange companies in 18 states
offering advanced communications with a personal touch, including
local and long distance voice, data, Internet, television and
broadband services.  FairPoint is traded on the New York Stock
Exchange under the symbols FRP and FRP.BC.

FairPoint and its affiliates filed for Chapter 11 on Oct. 26, 2009
(Bankr. D. Del. Case No. 09-16335).  Rothschild Inc. is acting as
financial advisor for the Company; AlixPartners, LLP as the
restructuring advisor; and Paul, Hastings, Janofsky & Walker LLP
is the Company's counsel.  BMC Group is claims and notice agent.

As of June 30, 2009, FairPoint reported $3.24 billion in total
assets, $321.41 million in total current liabilities,
$2.91 billion in total long-term liabilities, and $1.23 million in
total stockholders' equity.

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


FINLAY ENTERPRISES: Wants Plan Filing Exclusivity Until Oct. 2
--------------------------------------------------------------
Finlay Enterprises, Inc., and its affiliated debtors ask the U.S.
Bankruptcy Court for the Southern District of New York to extend
their exclusive period to file a bankruptcy exit plan through and
including October 2, 2010, and the exclusive period to solicit
votes on the plan through and including December 2, 2010.  This is
the Debtors' second extension request.

On September 25, 2009, the Court authorized the Debtors to enter
into an agency agreement with Gordon Brothers Retail Partners,
LLC, for the liquidation of the Debtors' merchandise at 49 of
their 107 retail locations.  The Sale Order also authorized the
Debtors' assumption of a prepetition agreement with Gordon
Brothers, pursuant to which Gordon Brothers liquidated the
merchandise located in the Debtors' 58 other retail locations and
their remaining department store locations.  The liquidation sales
concluded in early 2010, and the Debtors are in the process of
winding down their estates.

Absent an extension, the Debtors' Exclusive Filing Period is
expected to expire on April 2, 2009, and the Exclusive
Solicitation Period is set to expire on June 1, 2010.

Finlay Enterprises, Inc. (OTC Bulletin Board: FNLY) through its
wholly owned subsidiary, Finlay Fine Jewelry Corporation, is a
retailer of fine jewelry operating luxury stand-alone specialty
jewelry stores and licensed fine jewelry departments in department
stores throughout the United States and achieved sales of
$754.3 million in fiscal 2008.  The number of locations at the end
of the second quarter ended August 1, 2009, totaled 182, including
67 Bailey Banks & Biddle, 34 Carlyle and four Congress specialty
jewelry stores and 77 licensed departments with The Bon Ton.

The Company and seven affiliates filed for Chapter 11 on August 5,
2009 (Bankr. S. D. N.Y. Case No. 09-14873).  Weil, Gotshal &
Manges LLP, serves as bankruptcy counsel.  Alvarez & Marsal North
America, LLC, is engaged as restructuring advisor in the Chapter
11 case, and the firm's  David Coles is appointed as chief
restructuring officer.  Epiq Bankruptcy Solutions, LLC, serves as
claims and notice agent.  Judge James Peck presides over the case.

In its bankruptcy petition, Finlay Enterprises disclosed assets of
$331,824,000 against debts of $385,476,000 as of July 4, 2009.  As
of the petition date, Finlay owes $38 million outstanding under a
first lien credit agreement, $24.7 million under second lien
notes, $176.6 million outstanding under third lien notes (in
addition to $17.5 million to secured vendors), and $40.6 million
under remaining unsecured obligations under the senior notes.


FLINT TELECOM: Posts $10.1 Million Net Loss in Q2 Ended Dec. 31
---------------------------------------------------------------
Flint Telecom Group, Inc., filed its quarterly report on Form 10-
Q, showing a net loss of $10.1 million on $10.9 million of revenue
for the three months ended December 31, 2009, compared with a net
loss of $8.5 million on $2.5 million of revenue for the same
period of 2008.

The Company's balance sheet as of December 31, 2009, showed
$10.9 million in assets and $21.8 million of debts, for a
stockholders' deficit of $10.9 million.

Flint had a net loss of $13.1 million and $9.7 million for the six
months ended December 31, 2009, and 2008, respectively, negative
cash flow from operating activities of $1.7 million for the six
months ended December 31, 2009, an accumulated stockholder's
deficit of $34.1 million and a working capital deficit of
$16.3 million as of December 31, 2009.  Also, as of December 31,
2009, the Company had limited liquid and capital resources.  The
Company is currently largely dependent upon obtaining sufficient
short and long term financing in order to continue running its
operations.

"The foregoing factors raise substantial doubt about our 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?5c60

Overland Park, Kan.-based Flint Telecom Group, Inc. provides,
throgh its eight wholly-owned subsidiaries, next generation
turnkey voice, data and wireless services through partner channels
primarily in the United States.


FORD MOTOR: Reaches Deal to Sell Volvo Cars and Assets to Geely
---------------------------------------------------------------
Ford Motor Company has entered into a definitive agreement to sell
Volvo Car Corporation and related assets to Zhejiang Geely Holding
Group Company Limited.

The sale is expected to close in the third quarter of 2010, and is
subject to customary closing conditions, including receipt of
applicable regulatory approvals.

The purchase price for Volvo Cars and related assets (primarily
intellectual property) is $1.8 billion (U.S.), which will be paid
in the form of a note in the amount of $200 million (U.S.), and
the remainder in cash.  The cash portion of the purchase price
will be adjusted at close for customary purchase price adjustments
relating to pension deficits, debt, cash and working capital, the
net effect of which could be a significant decrease in the cash
proceeds to Ford.

"Volvo is a great brand with an excellent product lineup.  This
agreement provides a solid foundation for Volvo to continue to
build its business under Geely's ownership," said Alan Mulally,
Ford's president and CEO.  "At the same time, the sale of Volvo
will allow us to further sharpen our focus on building the Ford
brand around the world and continue to deliver on our One Ford
plan serving our customers with the very best cars and trucks in
the world."

Ford will continue to cooperate with Volvo Cars in several areas
after the sale has been completed in order to ensure a smooth
transition, but will not retain any ownership in the Volvo Cars
business.

Following completion of the sale, Ford will continue to supply
Volvo Cars with, for differing periods, powertrains, stampings and
other vehicle components.

As part of the sale, Ford also has committed to provide
engineering support, information technology, access to tooling for
common components, and other selected services for a transition
period to ensure a smooth separation process.

Ford and Geely have established agreements to govern the use of
intellectual property; these agreements will allow both Volvo and
Ford to deliver their business plans and provide appropriate
safeguards against misuse.  These agreements also will allow Volvo
Cars to grant sublicenses to certain portions of Ford's
intellectual property used by Volvo Cars to third parties,
including Geely.

"The Volvo team has done an exceptional job of restructuring its
business and remaining focused on delivering its plan during the
sale process," said Lewis Booth, Ford's chief financial officer.
"With Ford's continued investment in Volvo, it has launched its
best-ever product range and remained true to its core values --
safety, quality, environmental responsibility and modern
Scandinavian design.

"We look forward to continuing to work with Volvo Cars, and wish
the management team, employees and new owners every success for
the future."

"Zhejiang Geely would like to pay tribute to Ford's stewardship of
the Volvo brand, and we look forward to continued cooperation as
Volvo embarks on the next stage of its evolution with Geely," said
Li Shufu, chairman of Zhejiang Geely Holding Group Company
Limited.

Stephen Odell, CEO of Volvo Cars, added, "The Volvo management
team fully endorses Ford's sale of Volvo Cars to Geely.  We
believe this is the right outcome for the business, and will
provide Volvo Cars with the necessary resources, including the
capital investment, to strengthen the business and to continue to
move it forward in the future.

"Geely has been very supportive of Volvo Cars' business plans and
management team.  We look forward to building a strong
relationship between Volvo Cars and Geely, and to maintaining a
strong relationship with Ford in those areas where we will
continue to work together to ensure a smooth transition."

                     About Ford Motor

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

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

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

As reported by the Troubled Company Reporter on March 18, 2010,
Moody's Investors Service raised 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.

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


FOXCO ACQUISITION: S&P Affirms Corporate Credit Rating at 'B-'
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its rating outlook on
FoxCo Acquisition LLC and its operating subsidiary, FoxCo
Acquisition Sub LLC (which S&P analyzes on a consolidated basis)
to stable from negative.  At the same time, S&P affirmed its
ratings on the company, including the 'B-' corporate credit
rating.

"The outlook change reflects a recent pickup in advertising
demand, which should improve FoxCo's credit metrics, as well as
its ability to maintain adequate liquidity and compliance with
covenants under its credit agreement," said Standard & Poor's
credit analyst Jeanne Shoesmith.

The rating reflects FoxCo's high debt leverage, intermediate-term
risks regarding covenant compliance, thin EBITDA coverage of
interest, discretionary cash flow deficits, high sensitivity to
election cycles, and TV broadcasting's mature revenue growth
prospects.  FoxCo's good local news position in most markets and
its mostly top-50 market station portfolio do not offset these
negative rating factors.

FoxCo owns and operates TV stations in eight midsize markets--
designated market areas rank from No. 17 (Cleveland, Ohio) to No.
58 (Richmond, Va.).  Seven of the company's stations are
affiliated with the Fox network, and one is affiliated with CBS,
resulting in some performance vulnerability to Fox's audience
ratings.  The company also operates two CW stations in Denver and
St. Louis under local marketing agreements with Tribune
Broadcasting.  Sensitivity to political spending is high, and the
company's EBITDA can drop by 15% to 20% in typical nonelection
years.  S&P expects that 2009 results will include an EBITDA
decline of about 40% from continued recessionary pressures on
advertising spending, on top of a decline in political
advertising.  FoxCo's Fox and CBS stations have either a No. 1 or
No. 2 late news ranking in all eight markets, which is important
to station profitability and to its ability to attract political
advertising.

Pro forma EBITDA coverage of interest for the 12 months ended
Sept. 30, 2009, was very thin, at 1.1x.  S&P expects the company
to report a contraction in full-year 2009 interest coverage to
0.8x, with the company using cash balances to pay interest.  Pro
forma debt to EBITDA was very high for the 12 months ended
Sept. 30, 2009, at 8.6x.  S&P expects year-end results will show
that leverage reached 11x by the end of 2009 based on weak
advertising demand and a lack of political advertising.  S&P
expects credit metrics to improve somewhat in 2010 with increases
in local, national, and political advertising revenue.


FRANK CULOTTA III: Voluntary Chapter 11 Case Summary
----------------------------------------------------
Joint Debtors: Frank J. Culotta, III
               Nanette K. Culotta
               3833 Chatfield Ave.
               Baton Rouge, LA 70808

Bankruptcy Case No.: 10-10370

Chapter 11 Petition Date: March 22, 2010

Court: United States Bankruptcy Court
       Middle District of Louisiana (Baton Rouge)

Debtors' Counsel: John Haas Weinstein, Esq.
                  1414 NE Evangeline Thrwy.
                  Lafayette, LA 70501
                  Tel: (337) 235-4001
                  Fax: (337) 235-4020
                  Email: john@weinlaw.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 $1,306,189

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

The petition was signed by the Joint Debtors.


FUSION TELECOM: Posts $15.6 Million Net Loss in 2009
----------------------------------------------------
Fusion Telecommunications International, Inc., filed its annual
report on Form 10-K, showing a net loss of $9.6 million on
$40.9 million of revenue for 2009, compared with a net loss
$15.6 million on $49.5 million of revenue for 2008.

The Company's balance sheet as of December 31, 2009, showed
$5.4 million in assets and $12.7 million of debts, for a
stockholders' deficit of $7.3 million.

Rothstein, Kass & Company, P.C., in Roseland, N.J., expressed
substantial doubt about the Company's ability to continue as a
going concern.  The independent auditors noted that the Company
has had negative working capital balances, incurred negative cash
flows from operations and net losses since inception, and has
limited capital to fund future operations.

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

                   http://researcharchives.com/t/s?5c59

Headquartered in New York, Fusion Telecommunications
International, Inc., is a provider of IP-based digital voice and
data communications services to carriers and corporations
worldwide.


GENCORP INC: February 28 Balance Sheet Upside-Down by $273.5MM
--------------------------------------------------------------
On March 26, 2010, GenCorp. Inc. filed its quarterly report on
Form 10-Q for the three months ended February 28, 2010.

The Company's balance sheet as of February 28, 2010, showed
$1.019 billion in assets, $1.287 billion of debts, and
$5.5 million of redeemable common stock, for a stockholders'
deficit of $273.5 million.

The Company reported a net loss of $8.9 million on $186.8 million
of revenue for the three months ended February 28, 2010, compared
with net income of $19.4 million on $170.9 million of revenue for
the same period ended February 28, 2009.

The decrease in operating results was primarily due to an increase
of $11.9 million in non-cash retirement benefit expense in the
first quarter of 2010 and an income tax benefit of $20.5 million
in the first quarter of 2009 primarily resulting from new guidance
clarifying which costs qualify for ten-year carryback of tax net
operating losses for refund of prior years' taxes.  Higher sales
volume on numerous space and defense programs generated the
increase in net sales, partially offset by a decline in deliveries
under the Atlas V program.

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

               http://researcharchives.com/t/s?5c8c

A full-text copy of the March 25, 2010 press release disclosing
the Company's financial results for the first quarter ended
February 28, 2010, is available for free at:

               http://researcharchives.com/t/s?5c8d

Rancho Cordova, Calif.-based GenCorp Inc. (NYSE: GY)
-- http://www.GenCorp.com/-- is a manufacturer of aerospace and
defense products and systems with a real estate segment that
includes activities related to the re-zoning, entitlement, sale,
and leasing of the Company's excess real estate assets.


GENERAL GROWTH: Attorneys Evade Sanctions in Shareholder Action
---------------------------------------------------------------
A bankruptcy judge has agreed to stay a derivative action against
General Growth Properties Inc., but declined to issue contempt
sanctions against the shareholder who brought the suit and his
attorneys at Coughlin Stoia Geller Rudman & Robbins LLP, Lasky &
Rifkind Ltd. and Johnson Bottini LLP, according to Bankruptcy
Law360.

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: Court OKs More Tax Service Work for PwC
-------------------------------------------------------
General Growth Properties Inc. and its units received permission
from the Bankruptcy Court to expand PricewaterhouseCoopers LLP's
employment as their tax service provider.

General Growth Properties, Inc. Vice President and Deputy General
Counsel Linda J. Wight relates that the Debtors and PwC entered
into an engagement letter dated January 13, 2010.  The services to
be performed by PwC to the Debtors pursuant to the Engagement
Letter are:

  (a) PwC will prepare and sign as preparer the information
      returns for the Debtors' real estate interests in Brazil
      and Turkey for the tax year ending December 31, 2009;

  (b) PwC will prepare and sign as preparer the U.S. Partnership
      Income Tax Return (Form 1065) for the tax year ending
      December 31, 2009, and the required state partnership
      income tax returns for that period; and

  (c) PwC, at the request of the Debtors, also may render
      additional related support deemed appropriate and
      necessary to the benefit of the Debtors' estate,
      including recurring tax consulting services and matters
      involving tax authorities.

Ms. Wight explains that the Services are substantially identical
to the services already being provided to the Debtors with respect
to the prior year, just for the new tax calendar year.  The
Services and Incremental Services that PwC provides to the Debtors
are necessary to enable the Debtors to satisfy their tax
regulatory obligations.

The Debtors seek that PwC's employment be made effective nunc pro
tunc to February 1, 2010, to allow PwC to be paid for work
performed on behalf of the Debtors on or after February 1, 2010,
but prior to February 25, 2010.

PwC intends to charge the Debtors for the Tax Return Services for
Brazil and Turkey in these estimated fees:

     Services Provided            Estimated Fees
     -----------------            --------------
     Brazil Tax Services                 $79,000
     Turkey Tax Services                  17,000
                                  --------------
     Total International                 $96,000
      Compliance Fees

PwC will charge the Debtors for preparation of U.S. Partnership
Income Tax Returns in these estimated fees:

     Services Provided            Estimated Fees
     -----------------            --------------
     Price James Company                  $3,625
     Provo Mall Development Company        8,150
     Spokane Mall Development Company      8,150
     Price Development Company
      & remaining entities                41,050
                                  --------------
     Total Partnership Return Fees       $60,975

In the event additional fees are required as a result of the
Debtors' failure to meet any of the requests contained in the
Engagement Letter, PwC will promptly inform the Debtors.

For any Incremental Services as may be necessary and pursuant to
the Engagement Letter, PwC will bill the Debtors based on its
professional customary hourly rates:

    Professional                  Rate per Hour
    ------------                  -------------
    Partner                            $595
    Director                           $375
    Manager                            $280
    Senior                             $195
    Staff                              $140

The Debtors will reimburse PwC for expenses incurred.

James Hickey, a partner at PwC, maintains that his firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.

                    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: Ernst & Young Tax Work Expanded
-----------------------------------------------
General Growth Properties Inc. and its units sought and obtained
the Court's authority to expand the scope of Ernst & Young LLP's
employment as their tax services provider.

The Debtors and E&Y entered into a tax return engagement letters
dated February 1, 2010, General Growth Properties, Inc. Vice
President and Deputy General Counsel Linda J. Wight, discloses.

Under the Engagement Letters, E&Y will perform these services to
the Debtors:

  (a) Statement of Work No. 1 -- 2009 Income Tax Return Review
      -- E&Y will perform review procedures with respect to the
      Debtors' U.S. federal income tax returns for the taxable
      year ended December 31, 2009;

  (b) Statement of Work No. 2 -- Tax Controversy Services --
      E&Y will provide tax advice and controversy services for
      The Howard Hughes Corporation & Subsidiaries, Howard
      Hughes Properties, Inc., and Summerlin Corporation
      concerning the issues in the current examination by the
      Internal Revenue Service for tax years 2007 and 2008;

  (c) Statement of Work No. 3 -- State Forms K-1 -- E&Y will
      prepare the state equivalent forms K-1 for the year ended
      December 31, 2009 for the states listed in Attachment 1 of
      the State Forms K-1 Engagement Letter from information
      developed from the Debtors' records, as well as
      information furnished by the Debtors' personnel;

  (d) Statement of Work No. 4 -- 2009 Partnership Tax Returns --
      E&Y will provide these tax services to the Debtors:

      -- E&Y will prepare the U.S. federal income tax return,
         Form 1065, for Howard Hughes Properties LP and Rouse FS
         LLC for the year ended December 31, 2009;

      -- E&Y will prepare the state and local income tax and
         franchise tax returns for Howard Hughes Properties LP
         and Rouse FS LLC for those jurisdictions listed
         on Attachment 1 to the 2009 Partnership Tax Returns
         Engagement Letter for the year ended December 31, 2009;
         and

      -- E&Y will prepare extension requests, if necessary.

  (e) Statement of Work #5 -- 2009 Partnership Tax Allocations
      -- E&Y will provide tax services in connection with the
      allocation of depreciation expense and non-recourse
      liabilities among the partners of GGP LP and GGPLP LLC for
      the year ended December 31, 2009.

The Services are substantially identical to the services already
being provided to the Debtors with respect to the prior year, just
for the new tax calendar year, Ms. Wight points out.  She adds
that the Services are necessary to enable the Debtors to satisfy
their tax regulatory obligations.

Moreover, E&Y, at the request of the Debtors, also may render
additional support related to the 2009 Income Tax Return Review
Services and to the 2009 Partnership Tax Returns Services, deemed
appropriate and necessary for the Debtors' estates.  The
Incremental 2009 Income Tax Return Review Services include an
analysis of any shift in ownership of the Debtors' stock, the
preparation of statements required by Sections 382 and 383 of the
Internal Revenue Code, and a determination of whether these
Sections limit the amount of taxable income or tax that can be
offset by net operating loss carryforwards, certain recognized
built-in losses, certain excess credits, or net capital loss
carryovers.

The Incremental 2009 Partnership Tax Returns Services include tax
planning and representation before taxing authorities.  Any
Incremental Services requested by the Debtors will be covered
under a separate engagement letter which will be subject to
Bankruptcy Court approval, and any associated fees will be
discussed upon the Debtors' request of the Incremental Services.

Moreover, the Debtors seek that E&Y's employment be made effective
nunc pro tunc to February 1, 2010, to allow E&Y to be paid for
work performed on behalf of the Debtors on or after February 1,
2010, but prior to February 25, 2010.

E&Y intends to charge the Debtors for 2009 Income Tax Return
Review; State Forms K-1, 2009 Partnership Tax Returns, and 2009
Partnership Tax Allocations services according to its
professionals' customary hourly rates:

          Professional                 Rate per Hour
          ------------                 -------------
          National Partner              $660 to $695
          Principal/Partner             $475 to $575
          Executive Director            $435 to $515
          Manager/Senior Manager        $350 to $410
          Senior                        $210 to $325
          Staff                          $95 to $155

E&Y will charge the Debtors for Tax Controversy Services according
to its professionals' customary hourly rates:

          Professional                 Rate per Hour
          ------------                 -------------
          National Partner                $660 to $810
          Principal/Partner               $540 to $770
          Executive Director              $495 to $685
          Manager/Senior Manager          $400 to $615
          Senior                          $240 to $430
          Staff                           $100 to $200

In addition, E&Y estimated a fee ceiling for these
Services:

           Service                       Expected Fee Ceiling
           -------                       --------------------
    2009 Income Tax Return Review               $18,000
    2009 State Forms K-1                        $68,000
    2009 Partnership Tax Returns                $15,000
    2009 Partnership Tax Allocations           $110,000

No estimated fee ceiling was given for the Tax Controversy
Services.

The Debtors will reimburse E&Y for expenses incurred.

Timothy G. Overcash, a partner at E&Y, assures the Court that his
firm is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code.

                    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: Gets OK to Expand Deloitte Work
-----------------------------------------------
Pursuant to Sections 327(a) and 330 of the Bankruptcy Code,
General Growth Properties Inc. and its units obtained the Court's
authority to expand the scope of the retention of Deloitte Tax LLP
as their tax services provider and consultant.

The Debtors want Deloitte Tax to perform necessary tax return
preparation and review services for the year 2009 and tax advisory
services during the year 2010 in connection with the Debtors'
Chapter 11 cases, nunc pro tunc to January 1, 2010.

Specifically, Deloitte Tax will provide these services to the
Debtors:

  (a) preparation of 2009 federal and state income tax returns
      and filing of extension requests as determined to be
      necessary for General Growth Properties, Inc.'s entities:

         -- GGP Ivanhoe, Inc., GGP Ivanhoe Services, Inc., Four
            State Properties, La Cantera Retail Limited
            Partnership, La Cantera Specialty Retail LP, Merrick
            Park LLC, Merrick Park Parking LLC, Mizner Park
            Holdings V, LLC, Mizner Park Venture, LLC, Mondawmin
            Business Trust, Northwest Associates, Perimeter Mall
            Facilities, LLC, Perimeter Mall Venture, LLC, Rouse-
            Fairwood Development LTD Partnership, Towson TC,
            LLC, and TTC SPE, LLC.;

  (b) computation of 2010 quarterly estimated taxes and
      preparation of quarterly federal and state estimated
      income tax payment vouchers as needed;

  (c) review of 2009 federal and state income tax returns for
      GGPI, GGPLP, GGPLP LLC, GGP Holding, GGP Holding II,
      Victoria Ward;

  (d) electronic Return filing assistance pursuant to a tax
      return engagement letter dated January 7, 2010;

  (e) provision of advisory services for federal, foreign, state
      and local tax matters as requested from January 1, 2010
      through December 31, 2010, including:

         (i) conduct a review of partner allocations, including
             allocations under Section 704(c) of the Bankruptcy
             Code, for GGPLP and GGPLP LLC;

        (ii) conduct a review of REIT quarterly income and asset
             tests; and

       (iii) perform various other consulting matters like
             reviewing and responding to IRS notices, research
             and analysis to determine proper tax accounting,
             reviewing and researching REIT compliance matters,
             change in accounting methods, review of tax shelter
             disclosure requirements, transfer pricing matters
             and routine assistance with property transactions
             and the tax consequences of financing transactions;
             and

  (f) advisory services contemplated in a tax advisory
      engagement letter dated January 7, 2010, which may include
      oral and written opinions, consulting, recommendations and
      other communications rendered in response to specific tax
      questions.

The Debtors further ask that Deloitte Tax's retention be made
effective nunc pro tunc to January 1, 2010, to allow Deloitte Tax
to be compensated for work performed on behalf of the Debtors on
or after January 1, 2010 amounting to $75,000.

Deloitte Tax's estimated fees pursuant to the 2009 Tax Return
Preparation and Review and the 2010 Tax Advisory Services are:

     Project                               Estimated Fees
     -------                               --------------
  Tax Return Preparation and Review              $155,150
  Tax Advisory Services              $218,000 to $425,000
                                   ----------------------
   Total Estimated Fees              $373,150 to $580,150

Deloitte Tax will not exceed the upper range of these estimates
without prior approval from the Debtors consistent with
applicable procedures established by the Court in the Debtors'
Chapter 11 cases.

For additional services, as may be necessary, Deloitte Tax will
bill the Debtors based on its customary hourly rates:

                          Tax Return Preparation   Tax Advisory
  Title                     and Review Services      Services
  -----                   ----------------------   ------------
National Partner,                  $394                 $690
Principal or Director
Partner, Principal or              $336                 $588
Director
Senior Manager                     $288                 $504
Manager                            $244                 $427
Senior Associate                   $188                 $329
Associate/Paraprofessional         $144                 $252

Moreover, the 2010 Tax Advisory Services Letter provides for tax
advisory services to be provided at estimates between $218,000
and $425,000.  It also provides for Deloitte Tax to bill these
services occasioned by an increased level of complexity from the
prior years' services or which were additional services necessary
to complete the ongoing projects at discounted hourly rates.
These additional services are to be performed at these discounted
hourly rates:

  Title                         Rate per Hour
  -----                         -------------
  National Partner, Principal,      $690
   or Director
  Partner/Principal/Director        $588
  Senior Manager                    $504
  Manager                           $427
  Senior Associate                  $329
  Associate/Paraprofessional        $252

The Debtors will reimburse Deloitte Tax for expenses incurred.

Joseph Wisniewski, a partner at Deloitte Tax, discloses that
Deloitte & Touche LLP completed a reorganization of some of its
business units, including its financial advisory services, tax
services, solutions, human capital and outsourcing business
functions.  These business functions are being conducted by
entities affiliated with Deloitte Tax, including Deloitte
Financial Advisory Services LLP, Deloitte Consulting LLP and
Deloitte & Touche.  Thus, some services incidental to the tasks to
be performed by Deloitte Tax in the Debtors' Chapter 11 Cases may
be performed by personnel employed by or associated with Deloitte
FAS, Deloitte Consulting, Deloitte & Touche, including
subsidiaries located outside of the United States, he says.

Mr. Wisniewski assures the Court that Deloitte Tax is a
"disinterested person" as the term is defined under Section
101(14) of the Bankruptcy Code.

                    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: Royal Bank of Scotland Acquires $20 Mil. Claim
--------------------------------------------------------------
netDockets reports that The Royal Bank of Scotland Plc has
informed the U.S. Bankruptcy Court for the Southern District of
New York that it has acquired a $20.2 million claim asserted
against Motors Liquidation Company, formerly known as General
Motors Corporation.  The proof of claim, which was filed by Koch
Supply & Trading, LP, in November 2009, is far and away the
largest asserted claim against Old GM which has been transferred
thus far, netDockets says, citing court records.  While claims
against bankrupt companies have been trading briskly recently, few
claims against Old GM and its affiliates have been traded
according to court records, netDockets relates.

                       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)


GEORGIA-PACIFIC LLC: Moody's Upgrades Corp. Family Rating to 'Ba2'
------------------------------------------------------------------
Moody's Investors Service upgraded Georgia-Pacific LLC's Corporate
Family Rating, Probability of Default Rating and its senior
guaranteed notes to Ba2 from Ba3, its secured bank facilities to
Ba1 from Ba2 and its unsecured notes and debentures to Ba3 from
B2.  The outlook is stable.  The upgrade primarily recognizes the
company's rapid de-leveraging achieved through absolute debt pay
downs and strong financial performance through challenging
economic conditions over the last two years.  GP's leverage, as
measured by Debt/EBITDA, had improved to 3.6x (Moody's adjusted)
at year-end 2009 compared to 5.6x in the prior two years.
Although the expiration of the black liquor tax credit will limit
GP's ability to significantly pay down debt going forward, Moody's
believes that steps taken by management to improve operational
efficiencies and rationalize its cost structure will allow the
company to maintain credit protection measures in line with its
Ba2 rating.

GP's Ba2 CFR reflects the company's significant scale, diverse
product offering, leading market positions in a number of distinct
business segments, a stable aggregate cash flow stream and good
alternate sources of liquidity.  The Ba2 CFR incorporates the
strength and resiliency of its consumer products segment, the
stability of its packaging business and a building products
segment that held up relatively strongly through the US housing
market slowdown.  GP's Ba2 CFR also derives support from its
vertically integrated relatively low cost asset base and the
sponsorship benefits provided by its parent, Koch Industries.  The
ratings are constrained by the refinancing risks of the company's
debt load, the considerable pension deficit, and continuing weak
volume trends for many of the company's products.

GP has good liquidity supported by its strong cash position,
substantial availability under its credit facility and
expectations of continued positive free cash flow generation.
GP's liquidity profile also derives support from strong
alternative liquidity potential from asset sales.  Considerable
refinancing risk remains over the intermediate term with
approximately 45% of the company's debt maturing by the end of
2012.  GP's primary source of liquidity continues to be its
broadly syndicated $1.675 billion revolving credit facility, of
which $1.25 billion matures in October 2012 and the remainder in
December 2010.  The company also has a $700 million domestic
accounts receivable facility and a EUR110 million European
accounts receivable facility.  The company has reasonable headroom
under its financial covenants and no compliance issues are
expected over the near term.

The stable rating outlook primarily reflects the expectation that
GP's operational execution and financial performance will continue
to be strong and the company's credit protection measures will
remain appropriate to support a Ba2 rating over the near-to-mid
term.

Downgrades:

Issuer: Georgia-Pacific LLC

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to LGD4,
     58% from LGD3, 44%

Upgrades:

Issuer: Amherst (Town of) VA, I.D.A.

  -- Senior Unsecured Revenue Bonds, Upgraded to Ba3 from B2

Issuer: Bedford (County of) VA, Industrial Dev.  Auth.

  -- Senior Unsecured Revenue Bonds, Upgraded to Ba3 from B2

Issuer: Brunswick & Glynn County Dev.  Auth., GA

  -- Senior Unsecured Revenue Bonds, Upgraded to Ba3 from B2

Issuer: Calhoun (County of) AR

  -- Senior Unsecured Revenue Bonds, Upgraded to Ba3 from B2

Issuer: East Baton Rouge (Parish of) LA

  -- Senior Unsecured Revenue Bonds, Upgraded to Ba3 from B2

Issuer: Effingham County Industrial Dev.  Auth.

  -- Senior Unsecured Revenue Bonds, Upgraded to Ba3 from B2

Issuer: Georgia-Pacific LLC

  -- Probability of Default Rating, Upgraded to Ba2 from Ba3

  -- Corporate Family Rating, Upgraded to Ba2 from Ba3

  -- Senior Secured Bank Credit Facility, Upgraded to Ba1, LGD2,
     24% from Ba2, LGD2, 29%

  -- Senior Unsecured Regular Bond/Debenture, Upgraded to a range
     of Ba3 to Ba2 from a range of B2 to Ba3

Issuer: Goochland (Cnty of) VA, I.D.A.

  -- Senior Unsecured Revenue Bonds, Upgraded to Ba3 from B2

Issuer: Greenville (County of) VA, I.D.A.

  -- Senior Unsecured Revenue Bonds, Upgraded to Ba3 from B2

Issuer: Grenada (County of) MS

  -- Senior Unsecured Revenue Bonds, Upgraded to Ba3 from B2

Issuer: Jasper (County of) IN

  -- Senior Unsecured Revenue Bonds, Upgraded to Ba3 from B2

Issuer: Little River (County of) AR

  -- Senior Unsecured Revenue Bonds, Upgraded to Ba3 from B2

Issuer: Nekoosa (City of) WI

  -- Senior Unsecured Revenue Bonds, Upgraded to Ba3 from B2

Issuer: Oregon (State of)

  -- Senior Unsecured Revenue Bonds, Upgraded to Ba3 from B2

Issuer: Perry (County of) MS

  -- Senior Unsecured Revenue Bonds, Upgraded to Ba3 from B2

Outlook Actions:

Issuer: Georgia-Pacific LLC

  -- Outlook, Changed To Stable From Positive

Moody's last rating action was on November 5, 2009, when the
outlook on GP's ratings was revised to positive from stable.

Headquartered in Atlanta, Georgia, GP is a privately owned global
leader in tissue and other consumer products, and has significant
operations in building products and paper-based packaging.


GENTA INC: Investors Exercise Purchase Options of $86,000 F Notes
-----------------------------------------------------------------
Three of Genta Inc.'s investors exercised their Purchase Options
for an aggregate principal amount of $860,000 of F Notes, which
would currently be convertible into 86,000,000 shares of the
Company's Common Stock.

Additionally, one of the investors also exercised its Purchase
Right for an aggregate principal amount of $19,256 of F Notes,
which would currently be convertible into 1,925,600 shares of the
Company's Common Stock.  The F Notes issued on March 17, 2010, and
March 22, 2010, and the Common Stock issuable upon conversion of
the F Notes have not been registered under the Securities Act of
1933, as amended, or any state securities laws, and may not be
offered or sold in the United States absent an effective
registration statement or an applicable exemption from
registration requirements.

The Company believes that the issuance of the securities in this
transaction was exempt from registration under Section 4(2) of the
Securities Act.

                    About Genta Incorporated

Berkeley Heights, New Jersey-based Genta Incorporated is a
biopharmaceutical company engaged in pharmaceutical (drug)
research and development, its sole reportable segment.  The
Company is dedicated to the identification, development and
commercialization of novel drugs for the treatment of cancer and
related diseases.

As reported by the Troubled Company Reporter on December 7, 2009,
Genta has said its recurring losses and negative cash flows from
operations raise substantial doubt about its ability to continue
as a going concern.  With no further financing, management
projects that the Company will run out of funds in the second
quarter of 2010.

The Company has said it will require additional cash to maximize
its commercial opportunities and continue its clinical development
opportunities.  If the Company is unable to raise additional
funds, it could be required to reduce its spending plans, reduce
its workforce, license one or more of its products or technologies
that it would otherwise seek to commercialize itself, sell certain
assets, cease operations, or declare bankruptcy.

At September 30, 2009, the Company had total assets of $18,853,000
against total current liabilities of $12,013,000 and total long-
term liabilities of $3,346,000, resulting in stockholders' equity
of $3,494,000.


GILBERT SPENCER: Case Summary & 16 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Gilbert Spencer
        2515 Mercedes Dr
        Ft Lauderdale, FL 33316

Bankruptcy Case No.: 10-17197

Chapter 11 Petition Date: March 22, 2010

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

Judge: Raymond B. Ray

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

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

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

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

            http://bankrupt.com/misc/flsb10-17197.pdf

The petition was signed by Mr. Spencer.


GREEKTOWN HOLDINGS: Stout Risius "Nunc Pro Tunc" Hiring Denied
--------------------------------------------------------------
netDockets reports that Judge Walter Shapero of the U.S.
Bankruptcy Court for the Eastern District of Michigan entered an
opinion and an order on Friday denying an application filed by
Greektown Holdings, L.L.C., to retain Stout Risius Ross as real
property appraisers nunc pro tunc to January 19, 2009.

netDockets says the central issue causing the nunc pro tunc
request in the application to be controversial was that the
application was not filed until November 20, 2009, 10 months after
Stout Risius Ross started its work and even apparently two to
three months after the firm's work was completed.  In this case,
Judge Shapero found that the delay was simply too long to meet the
standard for approval of a nunc pro tunc engagement.

netDockets relates Stout Risius Ross was engaged by Greektown
Holdings to perform two real property appraisals of a parking
garage located at 1001 Brush Street and a parking lot located at
422 E. Lafayette, both in Detroit, Michigan.  While the debtors
initially determined that the appraisals were necessary for the
development of a plan of reorganization, upper management later
determined that the appraisals were unnecessary.  That decision
was not, however, "communicated to those in the organization who
were engaged with SRR, causing the appraisals to move forward" and
the appraisals were completed in July or August at a cost of
$13,000.  Following Greektown's management or its professionals
becoming aware that the appraisals were completed, apparently in
response to discovery requests, Greektown filed the application
seeking nunc pro tunc employment of Stout Risius Ross.  The United
States Trustee objected.

According to netDockets, Judge Shapero notes that Greektown makes
these unchallenged assertions in the application:

     -- "the appraisal services have been valuable in their
        efforts to reorganize,"

     -- Stout Risius Ross "has significant qualifications and
        experience in delivering appraisal services in chapter 11
        cases," and

     -- "to the best of Debtors' knowledge and belief, [Stout
        Risius Ross] does not have any connection with any party
        with an interest in this case."

According to netDockets, the standard for approval of employment
nunc pro tunc requires "exceptional circumstances."   After noting
that the Sixth Circuit has been silent as to the standard for
determining when nunc pro tunc employment is appropriate, Judge
Shapero considered the nine-factor test from In re Twinton
Properties Partnership, 27 B.R. 817 (Bankr. M.D. Tenn. 1983).
However, he noted that the test has been "criticized on several
grounds" and ultimately determined that the test "is at best a
useful guide in determining whether to grant a nunc pro tunc
application."

According to netDockets, in determining to deny the application,
the court acknowledged that "the appraisals benefited the
bankruptcy estate to some degree," but determined that the
explanation for the delay in filing the application was
unsatisfactory.  In so finding, he held that "[m]ere negligence
does not constitute an exceptional circumstance justifying the
entry of a retroactive order" and noted that Stout Risius Ross
"has extensive experience in Chapter 11 cases, suggesting they
should have been aware of the need for prior court approval before
commencing their services."  Ultimately, he determined that
allowing the nunc pro tunc application based upon the facts of the
case would cause the "exceptional circumstances" exception to
"swallow[] the rule" and render "the clear statutory mandate . . .
virtually meaningless."

                     About Greektown Casino

Based in Detroit, Michigan, Greektown Holdings, LLC, and its
affiliates -- http://www.greektowncasino.com/-- operates
world-class casino gaming facilities located in Detroit's
historic Greektown district featuring more than 75,000 square
feet of casino gaming space with more than 2,400 slot machines,
over 70 tables games, a 12,500-square foot salon dedicated to
high limit gaming and the largest live poker room in the
metropolitan Detroit gaming market.  Greektown Casino employs
approximately 1,971 employees, and estimates that it attracts
over 15,800 patrons each day, many of whom make regular visits to
its casino complex and related properties.  In 2007, Greektown
Casino achieved a 25.6% market share of the metropolitan Detroit
gaming market.  Greektown Casino has also been rated as the "Best
Casino in Michigan" and "Best Casino in Detroit" numerous times
in annual readers' polls in Detroit's two largest newspapers.

The Company and seven of its affiliates filed for Chapter 11
protection on May 29, 2008 (Bankr. E.D. Mich. Lead Case No.
08-53104).  Daniel J. Weiner, Esq., Michael E. Baum, Esq., and
Ryan D. Heilman, Esq., at Schafer and Weiner PLLC, represent the
Debtors in their restructuring efforts.  Judy B. Calton, Esq., at
Honigman Miller Schwartz and Cohn LLP, represents the Debtors as
their special counsel.  The Debtors chose Conway MacKenzie &
Dunleavy as their financial advisor, and Kurtzman Carson
Consultants LLC as claims, noticing, and balloting agent.  Clark
Hill PLC serves as counsel to the Official Committee of Unsecured
Creditors.

Greektown Holdings listed assets and debts of $100 million to
$500 million in its bankruptcy petition.

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


GOLDSPRING INC: To Mail Consent for Reverse Stock Split
-------------------------------------------------------
GoldSpring, Inc., will mail consent solicitation statements on or
about March 29, 2010, to its stockholders of record as of the
close of business on March 1, 2010.  The consent solicitation
statements will be sent to stockholders of GoldSpring for the
purpose of granting its Board of Directors the authority to effect
a reverse stock split of the company's issued and outstanding
common stock, if and when determined by the Board of Directors in
a ratio of 1:200, without a corresponding reduction in the number
of authorized shares of the GoldSpring's common stock.  If
effected, the number of shares of common stock held by each
stockholder prior to the reverse stock split would be reduced by
dividing the number of shares held immediately before the reverse
stock split by 200, and then rounding up the nearest whole share.
The consent of a majority of stockholders is required to approve
such authority.   If approved, the reverse stock split could be
effected by the Board of Directors on or prior to December 31,
2011.

The proposed reverse stock split was proposed in connection with
the Company's efforts to effect an orderly restructuring of the
Company's balance sheet and capital structure.  The purpose of
restructuring the balance sheet is to provide sufficient shares to
meet the Company's outstanding obligations, such as reserving
sufficient shares to cover conversion of its current convertible
indebtedness as well as to reduce the number of outstanding shares
to a level which it believes is more in line with a typical
capital structure which would be more attractive to potential
future investors.  The Company also desires to have shares
available to raise further capital needed to achieve its business
plan and to possibly use as currency for future merger and
acquisition activity.

"We feel the proposed reverse stock split is central to the
Company's strategic plans to restructure the Company's balance
sheet and position the Company for future growth," stated William
J. Nance, Chairman of the Board of Directors.

                        Going Concern

At September 30, 2009, the Company had total assets of $3,426,639
against total liabilities of $34,071,574, resulting in
stockholders' deficiency of $30,644,935.

The Company has year end losses from operations and had no
revenues from operations during the nine month ended September 30,
2009.  Further, the Company has inadequate working capital to
maintain or develop its operations, and is dependent upon funds
from private investors and the support of certain stockholders.

According to Goldspring, these factors raise substantial doubt
about the ability of the Company to continue as a going concern.

Management is proposing to raise any necessary additional funds
through sale of royalties, loans, additional sales of its common
stock or strategic joint venture arrangements.  There is no
assurance that the Company will be successful in raising
additional capital especially given the current general economic
conditions domestically and abroad.

                       About Goldspring Inc.

Based in Virginia City, Nevada, Goldspring, Inc., is a North
American precious metals mining company with an operating gold and
silver test mine in northern Nevada.


GRANT FOREST: Georgia-Pacific is Closer to Acquiring of Firm
------------------------------------------------------------
Georgia-Pacific moved one step closer to completing its
acquisition of Grant Forest Products' oriented strand board (OSB)
facility at Englehart, Ontario, the associated facility at
Earlton, Ontario, and OSB facilities at Allendale and Clarendon,
S.C.  Although Georgia-Pacific is still waiting for approval from
the Canadian bankruptcy court overseeing Grant's Companies'
Creditors Arrangement Act filing, it has now cleared the United
States Federal Trade Commission's (FTC) antitrust review of the
transaction.  Georgia-Pacific received a letter in February from
the Canadian Competition Bureau that similarly stated it found no
competitive risk in the acquisition.

Following anticipated U.S. and Canadian bankruptcy court approvals
and other regulatory approvals, the transaction is expected to
close in the first half of 2010.

                   About Georgia-Pacific

Headquartered at Atlanta, Georgia-Pacific is one of the world's
leading manufacturers and marketers of building products, tissue,
packaging, paper, cellulose and related chemicals.  The company
employs more than 40,000 people at more than 300 locations in
North America, South America and Europe.  Georgia-Pacific creates
long-term value by using resources efficiently to provide
innovative products and solutions that meet the needs of customers
and society, while operating in a manner that is environmentally
and socially responsible and economically sound.  The company has
long been among the nation's leading manufacturers and suppliers
of building products to lumber and building materials dealers and
large do-it-yourself warehouse retailers, with brands such as
Plytanium(R) plywood, DryPly(R) water repellent plywood, Ply-
Bead(R) panels and Wood I Beam(TM) and XJ 85(TM) joists offered by
Georgia-Pacific Wood Products LLC.  DensArmor Plus(R) interior
panels, DensGlass(R) Sheathing and ToughRock(R) drywall are
offered by Georgia-Pacific Gypsum LLC.  The familiar consumer
tissue brands of Georgia-Pacific Consumer Products LP include
Quilted Northern(R), Angel Soft(R), Brawny(R), Sparkle(R), Soft 'n
Gentle(R), Mardi Gras(R), So-Dri(R) and Vanity Fair(R).  Dixie
Consumer Products LLC, a Georgia-Pacific company, manufactures the
Dixie(R) brand of tabletop products.


GTS PROPERTY: Judge Clears KT Terraza Joint Administration
----------------------------------------------------------
American Bankruptcy Institute reports that KT Terraza I LLC and B3
FLJC LLC have won the right to have their new chapter 11 cases
administered under proceedings for real estate investor GTS
Property Portfolios B-3 LLC.

GTS Property Portfolios B-3, LLC, filed for Chapter 11 on March 3
before the U.S. Bankruptcy Court for the Central District of
California (Los Angeles).

The Company's list of largest unsecured creditors contained only
one party, General Electric Corp., but its claim was not
specified.  The Company estimated assets and debts
of $100 million.


GUIDED THERAPEUTICS: UHY LLP Raises Going Concern Doubt
-------------------------------------------------------
UHY LLP of Atlanta, Georgia, expressed substantial doubt about
Guided Therapeutics Inc.'s ability to continue as a going concern.
UHY noted that the Company has recurring losses from operations,
accumulated deficit and working capital deficit.

The Company's balance sheet revealed $789,000 total assets and
$12,764,000 total liabilities for a $11,975,000 total
stockholders' deficit.

A full-text copy of the Company's Form 10-K is available for free
at http://ResearchArchives.com/t/s?5c58

                     About Guided Therapeutics

Norcross, Georgia-based Guided Therapeutics, Inc. (Pink Sheets:
GTHP) is a medical technology company focused on developing
innovative medical devices that have the potential to improve
health care.  The Company is currently focused on completing the
development of cervical cancer detection device.


HALO COMPANIES: Montgomery Coscia Raises Going Concern Doubt
------------------------------------------------------------
On March 25, 2010, Halo Companies filed its annual report on Form
10-K for the year ended December 31, 2009.

Montgomery Coscia Greilich LLP, in Plano, Tex., expressed
substantial doubt about the Company's ability to continue as a
going concern.  The independent auditors noted that the Company
has incurred losses since its inception and has not yet
established profitable operations.

The Company reported a net loss attributable to Halo Companies,
Inc. of $1.9 million on $9.1 million of revenue for the year ended
December 31, 2009, compared to a net loss attributable to Halo
Companies, Inc. of $123,485 on $5.0 million of revenue for 2008.

The Company's balance sheet as of December 31, 2009, showed
$3.1 million in assets, $1.9 million of debts, and $1.2 million of
stockholders' equity.

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

                 http://researcharchives.com/t/s?5c5f

Allen, Tex.-based Halo Companies, Inc. is a holding company with
subsidiaries operating primarily in the consumer financial
services industry, providing services related to personal debt,
credit, mortgage, real estate, loan modification and insurance.


HANA BIOSCIENCES: BDO Seidman Raises Going Concern Doubt
--------------------------------------------------------
On March 25, 2010, Hana Biosciences, Inc., filed its annual report
on Form 10-K for the year ended December 31, 2009.

BDO Seidman, LLP, in San Francisco, expressed substantial
doubt about the Company's ability to continue as a going concern.
The independent auditors noted that the Company has suffered
recurring losses from operations and has a net capital deficiency.

The Company reported a net loss of $24.1 million for 2009,
compared with a net loss $22.2 million for 2008.

The Company's balance sheet as of December 31, 2009, showed
$11.3 million in assets and $28.8 million of debts, for a
stockholders' deficit of $17.5 million.

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

                  http://researcharchives.com/t/s?5c5c

Hana Biosciences, Inc., is a South San Francisco, California-based
biopharmaceutical company dedicated to developing and
commercializing new and differentiated cancer therapies designed
to improve and enable current standards of care.


HARMAN INTERNATIONAL: Moody's Affirms 'B1' Corp. Family Rating
--------------------------------------------------------------
Moody's Investors Service affirmed the debt ratings of Harman
International Industries, Incorporated, Corporate Family rating
and Probability of Default Rating at B1, and changed the company's
outlook to positive from negative.  The Speculative Grade
Liquidity Rating was raised to SGL-2.

The positive outlook reflects the strong operating performance and
resulting credit metrics for the company's most recent quarter,
and the expectation of further improvement in performance as
automotive demand trends strengthen.  The company's recent
quarterly performance was supported by a strong pace of new
platform growth in the automotive segment, a recovery in
automotive production levels, and the beneficial effect of
restructuring actions taken in fiscal year 2009.  The outlook also
considers Moody's expectation of improved performance across
Harman's other business lines driven by recovering demand as
global economic conditions stabilize.  In addition, the company's
leverage and interest coverage metrics should benefit from the pay
down of outstandings under the multi-currency revolving credit
after receiving an amendment to the debt incurrence test under the
convertible notes in January 2010.

In affirming the B1 rating with a positive outlook Moody's
considered the short duration of the company's improved
performance following the sharp decline in global automotive
demand in 2009.  Harman's recent level of platform launches is not
expected to continue at the same pace over the near-term, which
will offer some opportunity for further margin improvement.
Moody's expects European automotive production to be adversely
impacted by the pull-ahead impact of 2009 scrappage programs and
the reduction in inventories.  However, this impact should affect
automotive production of small- to medium-sized cars in Europe,
away from Harman's core focus of larger cars and luxury sedans.
Harman's ability to continue to generate improving operating
results and credit metrics on higher automotive production
volumes, and from the ongoing benefits of restructuring actions
taken in fiscal 2009, could support a higher Corporate Family
Rating over the near-term.

The SGL-2 Speculative Grade Liquidity Rating indicates the
expectation of a good liquidity profile over the next twelve
months.  As of December 31, 2009, the company maintained
$475 million of cash and cash equivalents.  In addition, Harman
maintained short-term investments of $155 million.  The high level
of cash and short-term investments resulted from the equity
issuance in the second calendar quarter of 2009, strong free cash
flow generation due to the release of working capital in calendar
2009, and $222 million of borrowings under the company's revolving
credit facility.  Harman elected to draw under the revolver in
advance of a potential violation of the debt incurrence test
contained in the indenture for its convertible notes.  In January
2010, Harman received an amendment to its convertible notes
eliminating the debt incurrence test with respect to borrowings
under the revolver.  The amendment will enable the company to re-
borrow under the facility even as LTM credit metrics remain below
the previous covenant thresholds.  With the benefit of the
amendment, Harman has repaid the outstanding amounts under the
revolver, but retains the liquidity support of being able to make
future drawings under the facility.  Moody's expects free cash
flow generation over the next twelve months to be modestly
positive given Harman's recent performance.  Free cash flow will
benefit from expected growth in the company's end-markets offset
by working capital and capital expenditure requirements.  As a
result of the revolver pay down and Harman's stronger operating
performance over the recent quarter, Moody's expects the company
to operate with sufficient headroom under the revolver's financial
covenants over the near-term to maintain financial flexibility.
Harman's capacity for additional borrowings outside of the multi-
currency revolving credit facility is limited by lien limitations
under this facility and a debt incurrence test under its
convertible notes.

Ratings raised:

Rating outlook to positive;

  -- Speculative Grade Liquidity Rating, to SGL-2 from SGL-3;

Ratings affirmed:

  -- Corporate Family Rating, at B1;

  -- Probability of Default Rating, at B1;

  -- Secured multi-currency revolving credit due December 2011, at
     Ba1 (LGD1, 9%)

The last rating action for Harman was on April 8, 2009 when the
Corporate Family Rating was lowered to B1.

Harman International Industries, Incorporated, headquartered in
Stamford, Conn., is a leading manufacturer of high quality, high
fidelity audio products and electronic systems for the consumer,
automotive, and professional markets.  Revenues for fiscal year
2009 were approximately $2.9 billion.


HAWKER BEECHCRAFT: Bank Debt Trades at 16% Off in Secondary Market
------------------------------------------------------------------
Participations in a syndicated loan under which Hawker Beechcraft
is a borrower traded in the secondary market at 84.05 cents-on-
the-dollar during the week ended Friday, March 26, 2010, according
to data compiled by Loan Pricing Corp. and reported in The Wall
Street Journal.  This represents an increase of 3.51 percentage
points from the previous week, The Journal relates.  The Company
pays 200 basis points above LIBOR to borrow under the facility.
The bank loan matures on March 26, 2014, and carries Moody's Caa1
rating and Standard & Poor's CCC+ rating.  The debt is one of the
biggest gainers and losers among 185 widely quoted syndicated
loans with five or more bids in secondary trading for the week
ended Friday.

As reported by the Troubled Company Reporter on Nov. 20, 2009,
Moody's affirmed Hawker Beechcraft Acquisition Company LLC's Caa2
Corporate Family and Probability of Default ratings but lowered
the rating on the company's senior secured bank obligations to
Caa1 from B3 following announcement of plans to expand the size of
its secured term loan.  At the same time, ratings on Hawker
Beechcraft's senior unsecured cash-pay and PIK election notes
(Caa3) and subordinated notes (Ca) were affirmed.  The company's
Speculative Grade Liquidity rating was changed to SGL-4,
designating weak liquidity, but is expected to improve once final
amounts sourced from an incremental term loan are known.  The
outlook was revised to negative.

The actions follow several developments: an amendment to the
company's revolving credit facility reducing the size of the
commitment and revising financial covenants, a proposed increase
of $200 million to an existing $1,271 million term loan,
disclosure of some $0.7 billion of non-cash impairment and other
charges during the company's third quarter.

On Nov. 19, 2009, the TCR stated that Standard & Poor's assigned
its 'CCC+' issue-level rating to Hawker Beechcraft Acquisition Co.
LLC's proposed $200 million incremental term loan, the same as the
corporate credit rating on parent Hawker Beechcraft Inc., and a
'4' recovery rating, which indicates S&P's expectation of average
(30%-50%) recovery in a payment default scenario.  In addition,
S&P affirmed its 'CCC+' corporate credit rating on Wichita,
Kansas-based Hawker Beechcraft.  The company has about
$2.15 billion of debt.

S&P also lowered its issue-level rating on HBAC's existing senior
secured credit facilities to 'CCC+' from 'B-', the same as the
corporate credit rating on Hawker Beechcraft.  S&P lowered the
recovery rating on this debt to '4' from '2', indicating its
expectation of average (30%-50%) recovery in a payment default
scenario.  At the same time, S&P affirmed its 'CCC-' issue-level
rating on HBAC's senior unsecured and subordinated notes, two
notches below the corporate credit rating on Hawker Beechcraft.
The recovery rating on the senior unsecured and subordinated debt
remains at '6', indicating S&P's expectation of negligible (0%-
10%) recovery in a payment default scenario.

The outlook is negative.  S&P could lower the ratings if the
market for business jets deteriorates further, leading to reduced
earnings, cash generation, and liquidity, resulting in cash on
hand and revolver availability falling below $200 million.

Hawker Beechcraft Acquisition Company, LLC, headquartered in
Wichita, Kansas, is a leading manufacturer of business jets,
turboprops and piston aircraft for corporations, governments and
individuals worldwide.


HOFFMASTER GROUP: Moody's Assigns 'B2' Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service assigned a B2 corporate family and
probability of default ratings to Hoffmaster Group, Inc.  Moody's
also assigned a B1 rating to Hoffmaster's new senior secured
credit facilities which include a $30 million revolving credit
facility and a $160 million first lien term loan as well as a Caa1
rating to its $90 million second lien term loan.  Proceeds from
the proposed financings will be used to repay the current
outstanding balance of the company's existing term loan,
subordinated debt and a seller note as well as pay a cash dividend
to Hoffmaster's shareholders, including Kohlberg & Company.  This
is a first time rating for Hoffmaster.  Final ratings will be
subject to Moody's review of final bank documentation.  The rating
outlook is stable.

"Hoffmaster's B2 corporate family rating reflects its modest
scale, narrow product focus, strong shareholder orientation offset
in part by its strong market presence in the foodservice channel,
diversified customer base in consumer retail and modest leverage
and improving profitability and cash flow," says Moody's Vice
President and Senior Credit Officer Janice Hofferber.  "While the
company's product portfolio consists of low-priced, high
frequency, disposable consumer necessities, its sales volume is
somewhat dependent on the level of consumer spending on away-from-
home dining and more discretionary party supplies," adds Janice
Hofferber.

The stable outlook reflects its strong foodservice franchise
despite the somewhat discretionary aspect and more competitive
risk profile of its consumer business.  While Moody's expects
growth to be modest over the next 12 to 18 months, the company
should be able to generate free cash flow despite a still
challenging economic environment.

These ratings of Hoffmaster were assigned:

  -- Corporate family rating at B2;

  -- Probability-of-default rating at B2;

  -- $30 million senior secured revolving credit facility due
     April 2015, at B1 (LGD 3, 33%);

  -- $160 million senior secured term loan due April 2016, at B1
     (LGD 3, 33%);

  -- $90 million second lien term loan due April 2018, at Caa1
     (LGD 5, 86%).

The rating outlook is stable.

Headquartered in Oshkosh, Wisconsin, Hoffmaster is a leading niche
manufacturer and supplier of decorative tableware products sold
through the foodservice and retails.  The company's primary
products include paper napkins, placement, tablecovers, plates,
cups, bowls and guest towels as well as cutlery and accessory
items sold under the Hoffmaster, Touch of color, Party Creations,
Sensations, Paper Art and FashnPoint brand names.  Sales for the
twelve month period ending December 27, 2009, were approximately
$306 million.  Hoffmaster's equity sponsor is Kohlberg & Company.


HSN INC: S&P Changes Outlook to Stable; Affirms 'BB-' Rating
------------------------------------------------------------
Standard & Poor's Ratings Services revised its rating outlook on
HSN Inc. to stable from negative.  At the same time, S&P is
affirming all ratings on the company, including the 'BB-'
corporate credit rating.

"The outlook revision is a result of HSNi's good operating
performance in the fourth quarter of 2009, S&P's expectation of
growth in 2010, and increased financial flexibility, with growing
cash and cash equivalent balances -- currently about $270 million
-- and an adequate margin of compliance with financial covenants,"
said Standard & Poor's credit analyst Andy Liu.

The 'BB-' rating reflects HSNi's inconsistent performance over the
past several years, its lower profitability relative to its
closest peer, and intense rivalry among retailers.  High barriers
to entry in TV shopping, moderate debt leverage, and positive
discretionary cash flow are modest positive factors.

St. Petersburg, Fla.-based HSNi consists of two main operations:
HSN and Cornerstone Brands.  HSN is a retailer of consumer
products, which are marketed and sold on TV shopping programs and
increasingly over the Internet, which accounts for about one-third
of segment sales.  S&P expects that the proportion of sales from
the Internet will continue to increase.  Cornerstone is a holding
company for catalog operators.

For the year ended Dec. 31, 2009, lease-adjusted total debt to
EBITDA and lease-adjusted EBITDA coverage of interest were good at
2.0x and 5.0x, respectively.  These are significantly improved
from levels at the end of 2008, which were 3.9x and 2.7x,
respectively.  HSN has a stated intention to maintain total debt
to EBITDA (not adjusted for operating leases) at 2.0x to 3.0x,
translating roughly to a range of between 2.5x and 3.5x when
capitalizing operating leases.

Conversion of EBITDA to discretionary cash flow was strong in
2009, at 78% -- up from 61% in 2008.  The increase was mainly due
to favorable working capital movement and improved operating
performance.  The favorable working capital movement was from
better inventory and accounts payable management.  S&P doesn't
expect that working capital will be a meaningful contributor to
cash flow generation in 2010.  If HSNi experiences good growth
this year, working capital could actually be a negative for
discretionary cash flow.


INTELSAT LTD: Bank Debt Trades at 3% Off in Secondary Market
------------------------------------------------------------
Participations in a syndicated loan under which Intelsat Ltd. is a
borrower traded in the secondary market at 97.04 cents-on-the-
dollar during the week ended Friday, March 26, 2010, according to
data compiled by Loan Pricing Corp. and reported in The Wall
Street Journal.  This represents an increase of 0.77 percentage
points from the previous week, The Journal relates.  The Company
pays 175 basis points above LIBOR to borrow under the facility.
The bank loan matures on July 7, 2013, and carries Moody's B1
rating and Standard & Poor's BB- rating.  The debt is one of the
biggest gainers and losers among 185 widely quoted syndicated
loans with five or more bids in secondary trading for the week
ended Friday.

Headquartered in Pembroke, Bermuda, Intelsat Ltd., formerly
PanAmSat Corp., -- http://www.intelsat.com/-- is the largest
fixed satellite service operator in the world and is owned by
Apollo Management, Apax Partners, Madison Dearborn, and Permira.
The company has a sales office in Brazil.

Intelsat Ltd.'s balance sheet showed total assets of
US$12.05 billion, total debts of US$12.77 billion and
stockholders' deficit of US$722.3 million as of March 31, 2008.


INTERNATIONAL COAL: Accepts Purchase of $169MM of 10.25% Sr. Notes
------------------------------------------------------------------
International Coal Group Inc. has accepted for purchase
$169,074,000 aggregate principal amount of its 10.25% Senior Notes
due 2014 representing all that were validly tendered and not
validly withdrawn at or prior to the consent payment deadline
pursuant to the Company's cash tender offer for any and all of its
outstanding Existing Senior Notes.

The Company also received consents from holders of the required
principal amount of the Existing Senior Notes to eliminate
substantially all of the restrictive covenants and eliminate or
modify certain events of default in the indenture governing the
Existing Senior Notes.

International Coal Group, headquartered in Scott Depot, West
Virginia, is engaged in the mining and marketing of coal.  The
company has 11 active mining complexes, of which 10 are located in
Northern and Central Appalachia and one in Central Illinois.
ICG's mining operations and reserves are strategically located to
serve utility, metallurgical and industrial customers throughout
the Eastern United States.

                           *     *     *

According to the Troubled Company Reporter on March 11, 2010,
Standard & Poor's Ratings Services said that it raised its
corporate credit rating on International Coal Group LLC to 'B+'
from 'B-'.


INT'L LEASE FINANCE: Plueger to Retire; Lund Becomes Interim CEO
----------------------------------------------------------------
American International Group, Inc., and International Lease
Finance Corporation said Friday that John Plueger will retire,
effective immediately.

Mr. Plueger assumed the CEO position on February 5, when then-ILFC
director and CEO Steven F. Udvar-Hazy announced his retirement.

"On behalf of AIG, I would like to thank John for his tireless
service to ILFC," said Robert H. Benmosche, AIG President and
Chief Executive Officer.

Douglas M. Steenland, non-executive Chairman of the ILFC Board of
Directors, said, "We are grateful for the work John has done to
continue ILFC's leadership in the industry."

ILFC Vice Chairman and Chief Financial Officer Alan Lund will
succeed Mr. Plueger as ILFC's interim President and Chief
Executive Officer, and Mr. Benmosche said that AIG expects a
smooth transition as AIG conducts a search for a permanent
successor.  In addition, ILFC Senior Vice President-Finance Fred
Cromer will succeed Mr. Lund as ILFC CFO.

Mr. Lund has worked at ILFC for 28 years, the entire time as CFO,
and has served as Vice Chairman and CFO since 2002.  Prior to
joining ILFC, Mr. Lund worked for the company currently known as
Deloitte & Touche as an Audit Manager and for California-World
Financial Corporation as Vice President and Chief Financial
Officer.  Mr. Lund graduated from Whittier College in 1971 with a
B.A. in Business Administration. He became a Certified Public
Accountant, State of California, in 1973.

Prior to joining ILFC in July 2008, Mr. Cromer spent 17 years in
various airline finance and planning positions at ExpressJet
Airlines, Continental Airlines, and Northwest Airlines.  Most
recently, he served as Vice President and CFO of ExpressJet
Airlines.  Mr. Cromer received a Bachelor of Arts in Economics
from the University of Michigan and a Master of Business
Administration in Finance from DePaul University.

"ILFC and AIG are confident in the long term potential of ILFC as
a leader in its marketplace," Mr. Benmosche said.  "Recently, ILFC
raised $1.3 billion in secured term loans and $2 billion in senior
unsecured notes, reflecting the strength of its underlying
business.  ILFC anticipates selling a limited number of aircraft
in the future in addition to issuing incremental debt as needed."

The Wall Street Journal's Joann S. Lublin and Serena Ng, and Dow
Jones Newswires' Doug Cameron report that federal pay restrictions
played a role in the surprise departure of Mr. Plueger, according
to people familiar with the matter.  These people, however, said
AIG expects to have little difficulty in filling the post, with
likely candidates coming from smaller rivals to its unit.

The sources said Mr. Plueger's retirement caught associates and
AIG insiders off guard.  The report says Mr. Plueger's decision
came shortly after U.S. pay czar Kenneth Feinberg announced 2010
pay determinations for top employees at AIG and other companies
that have received large amounts of U.S. aid.

                            About ILFC

International Lease Finance Corporation, headquartered in Los
Angeles, California, is the international market leader in the
leasing and remarketing of advanced technology commercial jet
aircraft to airlines around the world. ILFC owns a portfolio
consisting of more than 1,000 jet aircraft.

                           *     *     *

ILFC carries Fitch's 'BB' Issuer Default Rating.  ILFC holds S&P's
(BBB-/Watch Neg/--) Corp. credit rating.  It holds 'B1' corporate
family and senior unsecured ratings at Moody's.

                             About AIG

Based in New York, American International Group, Inc., is an
international insurance organization with operations in more than
130 countries and jurisdictions.  AIG companies serve commercial,
institutional, and individual customers through one of the most
extensive worldwide property-casualty networks of any insurer.  In
addition, AIG companies provide life insurance and retirement
services around the world.  AIG 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.


INT'L TEXTILE: Dec. 31 Balance Sheet Upside-Down by $68.1-Mil.
--------------------------------------------------------------
On March 25, 2010, International Textile Group, Inc., filed its
annual report on Form 10-K for the fiscal year ended December 31,
2009.

The Company's balance sheet as of December 31, 2009, showed
$416.2 million in assets and $484.3 million of debts, for a
stockholders' deficit of $68.1 million.

The Company reported a net loss of $211.3 million on
$673.1 million of revenue for 2009, compared with a net loss of
$252.9 million on $995.1 million of revenue for 2008.

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

                  http://researcharchives.com/t/s?5c62

International Textile Group, Inc., is a global, diversified
textile manufacturer headquartered in Greensboro, North Carolina,
with current operations principally in the United States, China,
Mexico, and Vietnam.


ITC^DELTACOM INC: Moody's Assigns 'B3' Rating on $325 Mil. Notes
----------------------------------------------------------------
Moody's Investors Service assigned a B3 rating to the proposed
$325 million second lien senior secured notes due 2016 of
ITC^DeltaCom Inc. and a Ba3 rating to its proposed $30 million
first lien senior secured revolving credit facility due 2015.

Moody's also affirmed the B3 corporate family rating, the SGL-1
speculative grade liquidity rating, and the positive outlook.
Moody's expects to withdraw ratings on the existing senior secured
credit facilities upon completion of the transaction.

A summary of the actions follows.

ITC^DeltaCom, Inc.

  -- Senior Secured First Lien Bank Credit Facility, Assigned Ba3,
     LGD1, 2%

  -- Senior Secured Second Lien Bonds, Assigned B3, LGD4, 51%

  -- Affirmed B3 Corporate Family Rating

  -- Affirmed B3 Probability of Default Rating

  -- Affirmed SGL-1 Speculative Grade Liquidity Rating

DeltaCom intends to use the proceeds of the new issuance to
refinance its $10 million first lien revolving credit facility due
2012, $225 million first lien term loan due 2013, and $75 million
second lien term loan due 2014.  The transaction negatively
impacts credit metrics slightly, with leverage increasing to about
4 times debt-to-EBITDA from about 3.9 times, and coverage and free
cash flow metrics will deteriorate somewhat based on expectations
for higher pricing on the proposed debt compared to the existing
capital structure.  However, the extension of maturities lessens
refinancing risk, given the July 2012 maturity of the existing
$10 million revolver (approximately $8.5 million outstanding) and
the July 2013 maturity of the existing term loan (approximately
$223 million outstanding).

The SGL-1 rating incorporates the substantial cash balance
(estimated at $75 million pro forma for the transaction),
available capacity under the proposed $30 million revolver
(expected to be undrawn at closing), and expectations for good
cushion under all financial covenants.

The positive outlook continues to reflect DeltaCom's fundamental
performance, demonstrated ability to maintain credit metrics
during the economic downturn, and expectations that it will
benefit from economic recovery in its markets.

The B3 corporate family rating incorporates relatively high
leverage for a CLEC, limited free cash flow, the challenging
competitive environment, moderate scale, and some regulatory risk.
DeltaCom's demonstrated ability to control costs, evidenced by
improved EBITDA margins and stable leverage during the economic
downturn, and its very good liquidity support the rating.  While
the company remains in a turnaround phase over the near term as it
shifts its revenue mix towards growth products, Moody's believe
that expansionary capital spending in recent years will drive
overall revenue growth in an improving employment environment.

Moody's would consider an upgrade if the company is successful in
further transforming its revenue mix, with expectations for
leverage sustained below 3.5 times and free cash flow in excess of
5% of debt.  The outlook could revert to stable with expectations
that leverage would remain around 4 times or that free cash flow
conversion would not improve.  Leverage approaching 5 times, a
meaningful deterioration in liquidity, or adverse regulatory
developments likely to result in reduced profitability could have
negative ratings implications.

Moody's most recent rating action on Deltacom occurred on
February 12, 2010, when Moody's affirmed the B3 corporate family
rating and positive outlook.

A competitive local exchange carrier headquartered in Huntsville,
AL, ITC^DeltaCom, Inc., serves small and medium-sized businesses
in 45 markets in 8 states in the southeastern United States.
DeltaCom generated approximately $470 million in revenue in 2009.


ITC DELTACOM: S&P Assigns 'B-' Rating on $325 Mil. Senior Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'B-' issue
rating and '5' recovery rating to Huntsville, Ala.-based
competitive local exchange carrier ITC DeltaCom Inc.'s proposed
$325 million senior secured notes due 2016.  S&P also assigned a
'BB-' issue rating and '1' recovery rating to ITC's new
$30 million revolving credit expiring in 2015.  While S&P expects
the revolver and the notes to be guaranteed and secured by
essentially all the assets of the borrower and its subsidiaries,
the revolver is likely to be contractually senior to the notes in
the event of enforcement of the security.

S&P also affirmed ITC's 'B' corporate credit rating.  The outlook
is stable.

"The refinancing provides some benefits to the company's credit
profile, including the removal of restrictive maintenance
covenants and an improved maturity schedule," said Standard &
Poor's credit analyst Catherine Cosentino.  S&P expected the
company to continue to meet financial covenants under the current
term loan, which tighten in 2010.

"However," added Ms. Cosentino, "the new notes contain no
maintenance covenants and the revolving credit maintenance
covenants will only be in effect upon a draw of this facility,
providing the company more flexibility to weather execution errors
or an unforeseen drop in the base of business." The new notes also
improve the company's overall liquidity by extending maturities of
a significant portion of the company's debt from 2013 to 2016.

Subsidiary InterState FiberNet Inc.'s secured bank loan, along
with unrated second-lien bank debt, will be refinanced with the
proceeds of the new issue and S&P will withdraw the 'B-' issue
rating and '5' recovery rating on the secured bank loan when the
refinancing closes.  Pro forma for the refinancing, the company
will have about $325 million of total funded debt outstanding.


JAMES BOUWENS: Case Summary & 21 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: James W. Bouwens
        3469 Lakeshore Dr.
        Holland, MI 49424

Bankruptcy Case No.: 10-03500

Chapter 11 Petition Date: March 22, 2010

Court: United States Bankruptcy Court
       Western District of Michigan (Grand Rapids)

Judge: James D. Gregg

Debtor's Counsel: A. Todd Almassian, Esq.
                  Keller & Almassian PLC
                  2810 East Beltline Ln, NE
                  Grand Rapids, MI 49525
                  Tel: (616) 364-2100
                  Email: kvalaw@sbcglobal.net

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

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

A list of the Company's 21 largest unsecured creditors is
available for free at:

             http://bankrupt.com/misc/miwb10-03500.pdf

The petition was signed by Mr. Bouwens.


JM VIDAL INC: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: JM Vidal Inc.
        521 5th Ave. W. #204
        Seattle, WA 98119

Bankruptcy Case No.: 10-13108

Chapter 11 Petition Date: March 22, 2010

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

Judge: Thomas T. Glover

Debtor's Counsel: Lawrence K. Enge, Esq.
                  Attorney at Law
                  40 Lake Bellevue Ste 100
                  PO Box 580
                  Bellevue, WA 98009
                  Tel: (425) 688-2999: (425) 454-5500
                  Email: engelpleadings@hotmail.com

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

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

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

The petition was signed by Jean Marie Vidal, president of the
Company.


JOSEPH CHARLES LOOMIS: Owes $199,626 in Fees to Bryan Cave
----------------------------------------------------------
Joseph Charles Loomis on March 2, 2010, filed with the U.S.
Bankruptcy Court for the District of Arizona an amended list of
creditors holding the 20 largest unsecured claims.  According to
the list, Intersections based in Chantilly, VA, alleges that
$7,000,000 is owed by the Debtor on account of a settlement.  The
Debtor also owed $199,626 in legal fees to Washington D.C.-based
firm Bryan Cave & Associates.  The Debtor also owed $95,187 in
legal fees to Phoenix, AZ-based Hunter Humphrey & Yavitz.  The
Debtor disputed those three claims.  The Debtor also disclosed
owing $6,070 in litigation expense to Fairfax, VA-based Sensei
Enterprises, Inc.

                      Claims Bar Date Expires

Meanwhile, the deadline for creditors of Joseph Charles Loomis to
file proofs of claim against the Debtor expired March 22, 2010.
Pursuant to the order signed by Judge Randolph J. Haines of the
U.S. Bankruptcy Court for the District of Arizona, any Proof of
Claim filed after March 22, 2010, will be disallowed.

                        About Joseph Loomis

Chandler, Arizona-based Joseph Charles Loomis filed for Chapter 11
bankruptcy protection on January 26, 2010 (Bankr. D. Ariz. Case
No. 10-01885).  Gerald K. Smith, Esq., at Gerald K. Smith and John
C. Smith Law OFC, assists the Debtor in its restructuring effort.
The Debtor disclosed $10,283,589 in total assets and $5,349,932 in
total debts in its schedules of assets and debts filed with the
Court.


K-V PHARMACEUTICAL: KPMG LLP Raises Going Concern Doubt
-------------------------------------------------------
On March 25, 2010, K-V Pharmaceutical Company filed its annual
report on Form 10-K for the fiscal year ended March 31, 2009.

KPMG LLP, in St. Louis, Missouri, noted that the Company has
suspended the shipment of all products manufactured by the Company
and must comply with a consent decree with the FDA before approved
products can be reintroduced to the market.  "Significant negative
impacts on operating results and cash flows from these actions
including the potential inability of the Company to raise capital;
suspension of manufacturing; significant uncertainties related to
litigation and governmental inquiries; and debt covenant
violations raise substantial doubt about the Company's ability to
continue as a going concern."

The Company reported a net loss of $313.6 million on
$312.3 million of revenue for the year ended March 31, 2009,
compared with net income of $86.4 million on $577.6 million of
revenue for the same period ended March 31, 2008.

The Company's balance sheet as of March 31, 2009, showed
$657.3 million in assets, $517.8 million of debts, and
$139.5 million of stockholders' equity.

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

                  http://researcharchives.com/t/s?5c5e

Bridgeton, Missouri-based K-Pharmaceutical Company NYSE: KVa/KVb)
-- http://www.kvpharmaceutical.com/-- is a fully integrated
specialty pharmaceutical company that develops, manufactures,
markets, and acquires technology-distinguished branded and
generic/non-branded prescription pharmaceutical products.


KERYX BIOPHARMA: KPMG LLP Raises Going Concern Doubt
----------------------------------------------------
On March 25, 2010, Keryx Biopharmaceuticals, Inc., filed its
annual report on Form for the year ended December 31, 2009.

KPMG LLP, in New York, expressed substantial doubt about the
Company's ability to continue as a going concern.  The independent
auditors noted that of the Company's substantial recurring losses
from operations, deficiency in equity, limited cash, cash
equivalents, and short-term investment securities, and illiquid
investments in auction rate securities.

The Company reported net income of $10.5 million on $25.2 million
of revenue for 2009, compared with a net loss of $52.9 million on
$1.3 million of evenue for 2008.

The Company's balance sheet as of December 31, 2009, showed
$40.8 million in assets, $8.7 million of debts, and $32.1 million
of stockholders' equity.

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

                  http://researcharchives.com/t/s?5c5b

Based in New York, Keryx Biopharmaceuticals, Inc., is a
biopharmaceutical company focused on the acquisition, development
and commercialization of medically important pharmaceutical
products for the treatment of life-threatening diseases, including
cancer and renal disease.


KEY WEST BANK: Closed; Centennial Bank Assumes All Deposits
-----------------------------------------------------------
Key West Bank, Key West, Florida, was closed on March 26, 2010, by
the Office of Thrift Supervision, which appointed the Federal
Deposit Insurance Corporation as receiver.  To protect the
depositors, the FDIC entered into a purchase and assumption
agreement with Centennial Bank, Conway, Arkansas, to assume all of
the deposits of Key West Bank.

The sole branch of Key West Bank reopened on Saturday as a branch
of Centennial Bank.  Depositors of Key West Bank will
automatically become depositors of Centennial Bank.  Deposits will
continue to be insured by the FDIC, so there is no need for
customers to change their banking relationship to retain their
deposit insurance coverage.  Customers should continue to use
their former Key West Bank branch until they receive notice from
Centennial Bank that it has completed systems changes to allow
other Centennial Bank branches to process their accounts as well.

As of December 31, 2009, Key West Bank had around $88.0 million in
total assets and $67.7 million in total deposits.  Centennial Bank
will pay the FDIC a premium of 0.50 percent to assume all of the
deposits of Key West Bank.  In addition to assuming all of the
deposits, Centennial Bank agreed to purchase essentially all of
the failed bank's assets.

The FDIC and Centennial Bank entered into a loss-share transaction
on $75.8 million of Key West Bank's assets.  Centennial Bank will
share in the losses on the asset pools covered under the loss-
share agreement.  The loss-share transaction is projected to
maximize returns on the assets covered by keeping them in the
private sector.  The transaction also is expected to minimize
disruptions for loan customers.  For more information on loss
share, visit:


http://www.fdic.gov/bank/individual/failed/lossshare/index.html

Customers who have questions about the transaction can call the
FDIC toll-free at 1-800-830-4697.  Interested parties also can
visit the FDIC's Web site at:

http://www.fdic.gov/bank/individual/failed/key-west.html

The FDIC estimates that the cost to the Deposit Insurance Fund
will be $23.1 million.  Centennial Bank's acquisition of all the
deposits was the "least costly" resolution for the FDIC's DIF
compared to all alternatives.  Key West Bank is the 39th FDIC-
insured institution to fail in the nation this year, and the sixth
in Florida.  The last FDIC-insured institution closed in the state
was Old Southern Bank, Orlando, on March 12, 2010.


KEYSTONE PROPERTIES: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------------
Debtor: Keystone Properties III, LLC
        501 South 13th Street
        Omaha, NE 68102

Bankruptcy Case No.: 10-01344

Chapter 11 Petition Date: March 22, 2010

Court: United States Bankruptcy Court
       Southern District of Iowa - Database (Des Moines)

Judge: Anita L. Shodeen

Debtor's Counsel: Donald F. Neiman, Esq.
                  801 Grand Avenue, Ste. 3700
                  Des Moines, IA 50309-8004
                  Tel: (515) 246-5877
                  Fax: (515) 246-5808
                  Email: neiman.donald@bradshawlaw.com

                  Jeffrey D. Goetz, Esq.
                  801 Grand Ave, Ste 3700
                  Des Moines, IA 50309-8004
                  Tel: (515) 246-5817
                  Fax: (515) 246-5808
                  Email: bankruptcyefile@bradshawlaw.com

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

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

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

             http://bankrupt.com/misc/iasb10-01344.pdf

The petition was signed by Larry Richling, president of the
Company.


KT TERRAZA: Asks for Court Okay to Use Cash Collateral
------------------------------------------------------
KT Terraza I, LLC, has sought authorization from the U.S.
Bankruptcy Court for the Central District of California to use
until May 31, 2010, the cash collateral securing their obligation
to their prepetition lenders.

Anthony J. Napolitano, Esq., at Buchalter Nemer, the attorney for
the Debtor, explains that the Debtor needs the money to fund its
Chapter 11 case, pay suppliers and other parties.  The Debtor will
use the collateral pursuant to a budget, a copy of which is
available for free at:

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

The Debtor says that the value of its assets is primarily the
value of an undivided 30% tenant-in-common interest in nine multi-
family apartment complexes in Texas, Florida and South Carolina
(the Properties), and the rents derived therefrom.  The Debtor
states that its ability to maximize the value of these assets is
inextricably tied to maintaining the going concern value of Debtor
s business.  "If the Debtor doesn't have access to cash generated
by the Properties, it will not be able to complete the
repositioning of the Properties or address the ongoing repair,
maintenance and unit turnover expenses critical to maintaining a
competitive rental product.  Nor will Debtor have the necessary
resources to competitively market the Properties and rebuild their
tenant bases," the Debtor says.

General Electric Capital Corporation, the Debtor's senior secured
creditor, filed a pleading on January 19, 2010, stating that it
did not consent to use of cash collateral.

Los Angeles, California-based KT Terraza I, LLC, filed for Chapter
11 bankruptcy protection on March 16, 2010 (Bankr. C.D. Calif.
Case No. 10-19693).  Bernard D. Bollinger, Jr., Esq., at Buchalter
Nemer, assists the Company in its restructuring effort.  The
Company listed $50,000,001 to $100,000,000 in assets and
$100,000,001 to $500,000,000 in liabilities.

These affiliates of the Company filed separate Chapter 11
petitions:

     -- GTS Property Portfolio B-3, LLC (Case No. 09-14774) on
        March 3, 2009; and

     -- B3 FLJC, LLC (Case No. 10-19697) on March 16, 2010.

B3 FLJC, LLC listed $50 million to $100 million in assets and
$100 million to $500 million in liabilities.


LAND DEVELOPMENT: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Land Development Contractors, LLC
        2795 Harrison St
        Saginaw, MI 48604

Bankruptcy Case No.: 10-21089

Chapter 11 Petition Date: March 22, 2010

Court: United States Bankruptcy Court
       Eastern District of Michigan (Bay City)

Judge: Daniel S. Opperman.BayCity

Debtor's Counsel: Jack A. Weinstein, Esq.
                  805 S. Michigan Ave.
                  Saginaw, MI 48602
                  Tel: (989) 790-2242
                  Email: jack@saginawlaw.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/mieb10-21089.pdf

The petition was signed by Mark R. Knight, managing member of the
company.


LAND O'LAKES: Moody's Reviews 'Ba1' Corporate Family Ratings
------------------------------------------------------------
Moody's Investors Service placed the corporate debt ratings,
including the Ba1 Corporate Family Rating, of Land O'Lakes, Inc.,
and its subsidiaries under review for possible upgrade following
the agricultural cooperative's reporting of stable operating
performance for fiscal 2009, and its progress in strengthening its
balance sheet and financial controls.  The speculative grade
liquidity rating of SGL-3 remains unchanged.

The rating review will focus on Land O'Lakes' future strategic
direction, sustainability of operating profitability, and
financial flexibility of its capital structure.  Moody's also will
examine the measures the company has taken over the past year to
strengthen its financial controls and risk management practices.

Ratings under review for possible upgrade:

Land O'Lakes, Inc.:

  -- Corporate Family Rating at Ba1;

  -- Probability of Default Rating at Ba1;

  -- $700 million of senior secured debt securities currently
rated Baa3 including:

  -- $375 million senior secured revolving credit facility due
     April 2013;

  -- $155 million of 6.24% senior secured notes due December 2016;

  -- $85 million of 6.67% senior secured notes due December 2019;

  -- $85 million of 6.77% senior secured notes due December 2021.

Land O'Lakes Capital Trust I:

  -- $191 million of 7.45% capital securities due at Ba2.

Moody's most recent rating action for Land O'Lakes on November 2,
2009, assigned a Baa3 rating to Land O'Lakes, Inc.'s new
$375 million senior secured bank revolving credit facility.

Land O'Lakes, Inc., based in Arden Hills, Minnesota, is an
agricultural cooperative focusing on dairy food, animal feed, and
agricultural crop inputs.  Revenues for the fiscal year ended
December 31, 2009, were approximately $10 billion.


LAS VEGAS SANDS: Bank Debt Trades at 9% Off in Secondary Market
---------------------------------------------------------------
Participations in a syndicated loan under which Las Vegas Sands
Corp. is a borrower traded in the secondary market at 90.52 cents-
on-the-dollar during the week ended Friday, March 26, 2010,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal.  This represents an increase of 0.66
percentage points from the previous week, The Journal relates.
The Company pays 175 basis points above LIBOR to borrow under the
facility.  The bank loan matures on May 1, 2014, and carries
Moody's B3 rating and Standard & Poor's B- rating.

Meanwhile, Participations in a syndicated loan under which
Venetian Macau US Finance Co., LLC, is a borrower traded in the
secondary market at 97.23 cents-on-the-dollar during the week
ended Friday, March 26, 2010, according to data compiled by Loan
Pricing Corp. and reported in The Wall Street Journal.  This
represents an increase of 0.62 percentage points from the previous
week, The Journal relates.  The Company pays 550 basis points
above LIBOR to borrow under the facility.  The bank loan matures
on May 25, 2011, and carries Moody's B3 rating and Standard &
Poor's B- rating.

The syndicated loans are two of the biggest gainers and losers
among 185 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended Friday.

Venetian Macau US Finance Co., LLC (also known as VML US Finance
LLC), and Venetian Macau Limited are wholly owned subsidiaries of
Las Vegas Sands.  Venetian Macau Limited owns the Sands Macau in
the People's Republic of China Special Administrative Region of
Macau and is also developing additional casino hotel resort
properties in Macau.

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

As reported by the TCR on Aug. 4, 2009, Moody's placed Las Vegas
Sands Corp.'s ratings, including its 'B3' Corporate Family Rating,
on review for possible downgrade.  Moody's cited weak operating
results and heightened concern regarding the Company's ability to
maintain compliance with financial covenants, among other things.

Las Vegas Sands also carries 'B-' issuer credit ratings from
Standard & Poor's.


LEHMAN BROTHERS: Fla. City Sues Wachovia Over $15M Lehman Loss
--------------------------------------------------------------
Bankruptcy Law360 reports that the city of St. Petersburg, Fla.,
has slapped Wachovia Bank NA with a breach of contract lawsuit
alleging the bank failed to warn it of Lehman Brothers Holdings
Inc.'s imminent demise, resulting in a $15 million loss.

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: PCAOB to Weigh Auditor, Board Communications
-------------------------------------------------------------
Bankruptcy Law360 reports that following a bankruptcy examiner's
report that questioned accounting practices used by Lehman
Brothers Holdings Inc. before its collapse, the Public Company
Accounting Oversight Board has said it will consider a new
standard for what communications an auditor should be required to
have with a corporate board's audit committee.

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)


LEVEL 3 COMMS: Bank Debt Trades at 8% Off in Secondary Market
-------------------------------------------------------------
Participations in a syndicated loan under which Level 3
Communications, Inc., is a borrower traded in the secondary market
at 92.27 cents-on-the-dollar during the week ended Friday,
March 26, 2010, according to data compiled by Loan Pricing Corp.
and reported in The Wall Street Journal.  This represents an
increase of 0.71 percentage points from the previous week, The
Journal relates.  The Company pays 225 basis points above LIBOR to
borrow under the facility.  The bank loan matures on March 1,
2014, and carries Moody's B1 rating and Standard & Poor's B+
rating.  The debt is one of the biggest gainers and losers among
185 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended Friday.

Headquartered in Broomfield, Colorado, Level 3 Communications,
Inc., is a publicly traded international communications company
with one of the world's largest communications and Internet
backbones.

Level 3 Communications carries a 'Caa1' corporate family rating,
and 'Caa2' probability of default rating, with negative outlook
from Moody's, a 'B-' issuer default rating from Fitch, and 'B-'
long term issuer credit ratings from Standard & Poor's.


LIONS GATE: Commences Mailing of Proxy for Shareholder Meeting
--------------------------------------------------------------
Lionsgate commenced the mailing of its proxy for a Special Meeting
of Shareholders on May 4, 2010.  The Special Meeting will be held
at 10:00 a.m. local time in the Tudor Stuart Orange Room at the
Four Seasons Hotel, 21 Avenue Road, Toronto, Ontario.  At the
meeting, shareholders will be asked to approve the Shareholder
Rights Plan previously adopted by the Board of Directors of
Lionsgate on March 12, 2010.  The record date for voting at the
meeting is March 23, 2010.

Lionsgate mailed the following letter to shareholders regarding
the Board's rejection of the unsolicited offer from Carl Icahn and
certain of his affiliated entities to purchase up to all of the
common shares of Lionsgate for US$6.00 per share and the approval
of the Shareholder Rights Plan.

March 26, 2010
Dear Fellow Lionsgate Shareholder:

As you know, on March 19, 2010, Carl Icahn and certain of his
affiliated entities (the "Icahn Group") announced a revision to
its unsolicited offer to acquire up to all of the common shares of
Lionsgate for U.S.$6.00 per share price -- the same price the
Icahn Group offered in its original unsolicited partial offer
which it commenced on March 1, 2010.

After careful consideration, including a thorough review of the
terms and conditions of the offer by the Special Committee of the
Board and by the Board, in consultation with their financial and
legal advisors, the Board, by unanimous vote of the directors
present at a meeting held on March 22, 2010, and upon the
unanimous recommendation of the Special Committee, determined that
the Icahn Group's revised unsolicited offer, like the original
offer, is financially inadequate and coercive and is not in the
best interests of Lionsgate, its shareholders and other
stakeholders.

On May 4, 2010, at a Special Meeting of Shareholders, you will be
asked to vote to approve the Shareholder Rights Plan, which your
Board determined is in the best interests of Lionsgate, its
shareholders and other stakeholders.

The Board believes that the Shareholder Rights Plan is in the best
interests of the company, its shareholders and other stakeholders
and recommends that you vote FOR the Shareholder Rights Plan on
the WHITE Proxy Card.  In addition, your Board strongly recommends
that you do NOT tender your shares to the Icahn Group's offer.
The purpose of the Shareholder Rights Plan is to ensure, to the
extent possible, that all of Lionsgate's shareholders are treated
equally and fairly in connection with attempts to acquire
effective control of the Company, because those transactions may
be structured in a manner that results in shareholders being
subject to undue pressure in choosing whether to sell their
shares.

The Shareholder Rights Plan is triggered if any shareholder
obtains 20% (the threshold at which the Canadian takeover rules
are invoked, as being a "control threshold") of Lionsgate's common
shares without complying with the plan, in which case certain
rights will become exercisable that are likely to cause
significant dilution of the acquiring shareholder's ownership
stake.

The Shareholder Rights Plan does not prevent control transactions
but rather encourages certain types of takeover bids that treat
shareholders equally and fairly.  For example, a bid for all of
the Lionsgate common shares that meets certain criteria, including
that it is irrevocably conditioned on a tender of a majority of
the shares not held by the offeror (in this case, the Icahn Group)
and remains open for specified time periods, including after
shares are initially taken up pursuant to the offer.  This permits
a bid to proceed without board support if it is structured in a
manner that gives shareholders a fair opportunity to evaluate the
offer without any coercion resulting from the structure of the
bid.

To be clear, this is not a U.S. style shareholder rights plan that
provides a board with broad discretion over whether to permit a
bid. If the bid is accepted by a majority of "independent
shareholders" and meets the other criteria set out above, it can
proceed notwithstanding opposition from the Board and management.
The Board's rationale for rejecting the Icahn Group's unsolicited
offer is highlighted below:

                   Consistent Growth Strategy

The Lionsgate Board and management team are focused on leading the
Company and are committed to building value for all of our
shareholders.  Starting in 2000, the company laid out a
disciplined, three-phase business plan that has been the driver
behind Lionsgate's position as the leading next generation studio
in the entertainment industry.

Central to Phase 1 was the building of Lionsgate's library
foundation.  The company focused on accumulating valuable
libraries and expanding our motion picture business.  During Phase
2, it focus turned toward growing a diversified TV business that
included strong production, distribution and syndication
operations.  As a result of this strategy, Lionsgate has generated
numerous hit TV shows, including Mad Men, Weeds, Nurse Jackie, and
Blue Mountain State, all of which have been picked up for
subsequent seasons on leading networks.

The company is now in the early stages of Phase 3 integration and
is continuing to gain momentum.  The company is focused on
leveraging its content leadership and marketing prowess into
controlling its content destiny by building and partnering on our
suite of channel platforms, such as TV Guide, EPIX and Fear Net.
For example, two movies from our library, Dirty Dancing and Dirty
Dancing: Havana Nights, helped propel TV Guide Network to record
ratings in December 2009.

The company hit TV television series, Weeds, has just been sold to
TV Guide Network as one of the three series that will be anchoring
the fall 2010 line-up.  Many films from our library are now airing
on our EPIX multi-platform channel.

The company believe that its disciplined and opportunistic growth
strategy is paying off and we are eager to realize the results of
our long-term business plan and deliver value to our shareholders.
Since January 2000, Lionsgate stock has appreciated by 165%,
significantly outperforming its peers.  In comparison, over the
same timeframe, the S&P 500 declined 21% and the S&P 500 Media
Index declined 50%.(1)

              Strong Track Record of Successful Acquisitions

Over the past 10 years, as part of its overall business strategy,
acquisitions have been a key part of its growth plan.  The
Lionsgate Board and management have consistently exhibited a
disciplined approach to acquisitions.  In keeping with this
strategy, the Board and management continue to evaluate
transactions that it believes will improve the Company's business
and create significant value for all of its shareholders.
Recent transactions demonstrate the Board and management team's
proven ability to successfully acquire companies that have
enhanced Lionsgate's business and build value for shareholders:
Lionsgate UK (October 2005) is expected to contribute about
$12 million before overhead on projected revenues of over
$70 million this year.

Debmar-Mercury (August 2006) a television syndication company that
we bought for $27 million, continues to achieve success with our
own and third-party products.  It is expected to contribute
$13 million before overhead on projected revenues of $100 million
this year.

This year, Mandate Pictures (August 2007) a motion picture
production, distribution and sales company, is expected to
contribute a projected $14 million before overhead on projected
revenues of over $100 million.

Based upon increased ratings and traffic to TVGuide.com and new
distribution deals with Comcast and Charter, the company believe
that TV Guide Network and TVGuide.com (February 2009) are worth
significantly more than what it paid a year ago.  The company
expect TV Guide Network and TVGuide.com to generate $75 million
annually in EBITDA within three years.

           Ichan Group Seeks Control W/o Premium Payments

The Icahn Group's offer price of U.S.$6.00 per share represents a
premium of only 14.7% to the closing stock price prior to when the
Icahn Group intends to launch a tender offer for the Company.  The
Board believes that a premium of only 14.7% is insufficient for
the acquisition of control of Lionsgate.

In addition, the Board and senior management believe that
significant additional value will result from the continued
implementation of Lionsgate's business plan.  The views of sell
side analysts, whose average price target for Lionsgate shares is
$8.78 (which is for ongoing business and includes no control
premium) reinforces the inadequacy of the Icahn Group's offer.
The average price target of Wall Street analysts for the shares of
Lionsgate as of March 25, 2010 is 46.3% higher than the U.S.$6.00
per share offer price.   As of close of market on March 25, 2010,
Lionsgate shares were trading at $6.30.

THE ICAHN GROUP LACKS INDUSTRY EXPERIENCE AND ITS AMBITION TO RUN
OPERATIONS COULD HARM LIONSGATE AND THE VALUE OF YOUR INVESTMENT
The Icahn Group has limited, if any, experience in operating a
business in Lionsgate's industry.  Notwithstanding this lack of
demonstrated experience, the Icahn Group intends to replace the
Board and potentially the management team and to usurp the
decision making processes within the Company, including the green
lighting of film and TV projects, franchise development and
marketing.

The Icahn Group has not provided any clear and coherent vision for
Lionsgate. In a March 24, 2010 interview on CNBC, Carl Icahn
expressed his "vision" regarding Lionsgate's business:

Movies: Lionsgate "should not be producing movies."

TV: "You don't make a lot of money on these TV productions.TV does
not make a company a lot of money."
Distribution: The Company has "a good thing in the distribution
business," implying that the Company should limit itself to
distribution only.

                             Facts

Movies: Lionsgate has achieved profitability on approximately 70%
        of our film releases over the past ten years.

TV: The Lionsgate television business has grown from annual
    revenues of $8 million in 1999 to approximately $350 million
    this year at growing profitability.

Distribution: The company agree that having a worldwide
              distribution infrastructure is good.  But Mr. Icahn
              does not want Lionsgate to produce movies,
              television programming, or to purchase additional
              libraries-even at the right price.  This would
              leave us no proprietary content to put through a
              distribution system.

            Ichan Group Seeks to Interfere in Firm's Ops

The terms of Lionsgate's secured revolving credit facility with
its lenders provide that the acquisition of more than 20% of the
equity of Lionsgate by any person or group may constitute a
"change in control" -- a provision that lenders typically require
in banking agreements of this kind.  A change in control could
result in an event of default and the acceleration of Lionsgate's
outstanding debt under the credit facility.  By seeking to
increase his share ownership, the Icahn Group is risking
triggering this change in control clause.

If the Icahn Group is successful in its offer, or even partially
successful and its ownership crosses the 20% threshold, Lionsgate
could be required to repay all amounts then outstanding and could
lose its primary source of liquidity to fund operations.  This
would be detrimental to the Company.  Lionsgate would need to
immediately seek a replacement source of funding in order to
continue to operate its business as usual.

There is no assurance that Lionsgate would be able to obtain an
amendment, forbearance or waiver of the default provisions of the
credit facilities, nor is there assurance that a replacement
credit facility would be available on similarly favorable terms to
the existing facility, if at all.  It is likely that any waiver of
the change of control would come at the cost of increased interest
rates and/or fees for the Company's facility given the perception
of greater risk associated with Mr. Icahn's influence.

In connection with this risk, on March 24, 2010, S&P placed
Lionsgate's rating outlook on CreditWatch with negative
implications reflecting their concern that a successful tender
offer by the Icahn Group "could trigger an event of default, which
Lions Gate's banks could decide not to waive."

              Offer Creates Substantial Uncertainty

Despite changes to the Icahn Group's original offer, including the
fact that it is no longer a partial offer, it remains coercive and
limits shareholder choice.  The offer is structured such that the
minimum tender condition can be satisfied or waived, in the Icahn
Group's sole discretion, without there being a subsequent tender
period, such that shareholders will be unfairly pressured to
decide whether to tender to the offer without the knowledge of the
extent to which other shareholders have tender or whether the
Icahn Group will waive the condition and acquire effective
control.

In addition, there are numerous conditions to the Icahn Group's
offer (many of which may be waived) that create significant
uncertainty for Lionsgate's shareholders.

These aspects of the offer force shareholders to make decisions
about their investment in Lionsgate without full information, and
unduly pressure them to tender simply in order to avoid being left
with shares in a company effectively controlled by the Icahn
Group.

Furthermore, the timing of the Icahn Group's tender offer
deadline, being April 30, 2010, is designed to preempt
shareholders' opportunity and right to choose to vote upon the
implementation of the Shareholder Rights Plan at the Special
Meeting of Shareholders on May 4, 2010.

                    Reject Ichan Group's Offer

Collectively, the Board and management hold 24% of Lionsgate
shares and naturally our interests are aligned with shareholders.
Lionsgate is a strong and diversified company with a proven
strategy to generate value for our shareholders.  The company is
confident that it can better serve its shareholders by continuing
to execute our strategic business plan.  The company's Board
strongly recommends protecting the value of your investment and
rejecting the Icahn Group's inadequate offer and not tender your
shares.

The Board also recommends that you vote FOR the Shareholder Rights
Plan Resolution on the WHITE Proxy Card.

                      About Lions Gate

British Columbia-domiciled and Santa Monica, California-
headquartered Lions Gate is a leading, diversified independent
producer and distributor of motion pictures, home entertainment,
television programming and animation worldwide and holds a
majority interest in the pioneering CinemaNow VOD business. The
Lions Gate brand name is synonymous with original, cutting edge,
quality entertainment in markets around the world.

As reported by the Troubled Company Reporter on March 10, 2010,
Standard & Poor's Ratings Services revised its rating outlook on
Lions Gate to negative from stable.  At the same time, S&P
affirmed ratings on Lions Gate, including the 'B-' corporate
credit rating.

Lions Gate carries Moody's "B2" corporate family rating and
probability of default rating.


LOGAN'S ROADHOUSE: Moody's Affirms 'B2' Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service revised Logan's Roadhouse Inc.'s rating
outlook to stable from negative, while affirming all its ratings,
including its B2 Corporate Family and Probability of Default
ratings and Ba3 senior secured ratings.

The revision of the rating outlook reflects Moody's expectation
that the company's credit metrics will likely remain consistent
with B2 rating category in the next twelve to eighteen months
despite continuing modest topline pressure.  The downward pressure
on the rating as contemplated in the previous negative outlook has
subsided largely due to Logan's relatively stable operating
performance despite modestly negative same store sales trend in a
still challenging operating environment for restaurant operators.
Logan's continued to outperform its casual dining peers in terms
of SSS and guest traffic, in part reflecting the appeal for its
value proposition in a recessionary economy.  In the first half of
fiscal 2010, the company saw some revenue increase, but mainly due
to new store openings that more than offset the negative SSS.
Moody's expect the company to continue to grow its revenue base in
the medium term by adding new units, while in the meantime
maintaining healthy operating margins in spite of rising commodity
pricing pressure.  The stable outlook also reflects Moody's belief
that the company would maintain good liquidity.

The affirmation of Logan's B2 CFR acknowledges the fact that the
company was able to improve EBITDA in 2009 by tightening operating
expenses and implementing efficiency initiatives.  Additionally,
the company benefited from lower commodity costs in 2009, which
helped expand operating margins.  These factors have resulted in
stronger debt protection measures.  The B2 rating also
incorporates high leverage in the capital structure due to LBO
history, the modest scale and regional concentration, and the
relatively stable cash flow generation.

These ratings were affirmed and assessments updated:

  -- Corporate Family rating at B2

  -- Probability of Default rating at B2

  -- $30 million revolver maturing in 2011 at Ba3, LGD assessment
     was updated to (LGD2, 28%) from (LGD2, 29%)

  -- $138 million (approximately $134 million outstanding) term
     loan B maturing in 2012 at Ba3, LGD assessment was updated to
     (LGD2, 28%) from (LGD2, 29%)

The rating outlook is stable

The last rating action was on March 25, 2009, when Moody's
affirmed all ratings and revised outlook to negative from stable.

Logan's Roadhouse, Inc., headquartered in Nashville, Tennessee,
operates 184 and franchises 26 traditional American roadhouse-
style steakhouses in 23 states across the country.  Company-owned
units are largely concentrated in the south and southeastern
United States with franchise locations in California and the
Carolinas.  Annual revenues were approximately $540 million as of
January 2010.


MCINTOSH COMMERCIAL: Closed; CharterBank Assumes All Deposits
-------------------------------------------------------------
McIntosh Commercial Bank, Carrollton, Georgia, was closed
March 26, 2010, by the Georgia Department of Banking and Finance,
which appointed the Federal Deposit Insurance Corporation as
receiver.  To protect the depositors, the FDIC entered into a
purchase and assumption agreement with CharterBank, West Point,
Georgia, to assume all of the deposits of McIntosh Commercial
Bank.

The four branches of McIntosh Commercial Bank reopened on Saturday
as branches of CharterBank. Depositors of McIntosh Commercial Bank
will automatically become depositors of CharterBank.  Deposits
will continue to be insured by the FDIC, so there is no need for
customers to change their banking relationship to retain their
deposit insurance coverage.  Customers should continue to use
their former McIntosh Commercial Bank branch until they receive
notice from CharterBank that it has completed systems changes to
allow other CharterBank branches to process their accounts as
well.

As of December 31, 2009, McIntosh Commercial Bank had around
$362.9 million in total assets and $343.3 million in total
deposits.  CharterBank did not pay the FDIC a premium to assume
all of the deposits of McIntosh Commercial Bank.  In addition to
assuming all of the deposits, CharterBank agreed to purchase
essentially all of the failed bank's assets.

The FDIC and CharterBank entered into a loss-share transaction on
$263.1 million of McIntosh Commercial Bank's assets.  CharterBank
will share in the losses on the asset pools covered under the
loss-share agreement.  The loss-share transaction is projected to
maximize returns on the assets covered by keeping them in the
private sector.  The transaction also is expected to minimize
disruptions for loan customers.  For more information on loss
share, visit

http://www.fdic.gov/bank/individual/failed/lossshare/index.html

Customers who have questions about the transaction can call the
FDIC toll-free at 1-800-450-5668.  Interested parties also can
visit the FDIC's Web site at:

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

The FDIC estimates that the cost to the Deposit Insurance Fund
will be $123.3 million.  CharterBank's acquisition of all the
deposits was the "least costly" resolution for the FDIC's DIF
compared to all alternatives.  McIntosh Commercial Bank is the
38th FDIC-insured institution to fail in the nation this year, and
the sixth in Georgia.  The last FDIC-insured institution closed in
the state was Bank of Hiawassee, Hiawassee, on March 19, 2010.


MEDICAL STAFFING: Operating Losses Cue Going Concern Doubt
----------------------------------------------------------
On March 25, 2010, Medical Staffing Network Holdings, Inc., filed
its annual report on Form 10-K for the year ended December 27,
2009.

Ernst & Young LLP, in West Palm Beach, Fla., expressed substantial
doubt about the Company's ability to continue as a going concern.
The independent auditors noted that of the Company's recurring
operating losses and working capital deficiency.

The Company reported a net loss of $50.7 million on $340.9 million
of revenue for the year ended December 27, 2009, compared with a
net loss of $116.6 million on $537.8 million of revenue for the
year ended December 28, 2008.

The Company's balance sheet as of December 27, 2009, showed
$96.4 million in assets and $143.6 million of debts, for a
stockholders' deficit of $47.3 million.

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

                  http://researcharchives.com/t/s?5c5d

Boca Raton, Fla.-based Medical Staffing Network Holdings, Inc.
(OTC QX: MSNW) is one of of the largest diversified healthcare
staffing companies in the United States.  The Company proves per
diem nurse staffing services and travel, allied health and vendor
managed services.


MERVYN'S LLC: Banks Escape Fraudulent Conveyance Litigation
-----------------------------------------------------------
WestLaw reports that a financial institution which, according to
allegations in an amended complaint which an unsecured creditors'
committee sought leave to file, was involved only as a trustee
holding funds for the benefit of third parties in the series of
transactions that the committee challenged as fraudulent as to
creditors, could not qualify as a "transferee" of these funds, and
could have no liability to the committee in connection with these
transactions.  Accordingly, the committee's motion for leave to
amend to pursue a claim against this financial institution would
be denied as futile.  In re Mervyn's Holdings, LLC, --- B.R. ----,
2010 WL 908490 (Bankr. D. Del.).

The Official Committee of Unsecured Creditors sued (Bankr. D. Del.
Adv. Pro. No. 08-51402) a number of entities on behalf of the
estate to recover alleged damages from the financial transactions
surrounding the sale in July 2004 of Mervyn's by Target
Corporation to Mervyn's Holdings, LLC.  LaSalle Bank National
Corporation and Bank of America moved to dismiss the Committee's
First Amended Complaint.  In the Motion to Dismiss, the Banks
argued, among other things, that the Committee failed to properly
name them in the proper capacity as trustees.  The Honorable Kevin
Gross agreed and dismissed the Complaint.

                     About Mervyn's LLC

Headquartered in the San Francisco Bay Area, Mervyn's LLC --
http://www.mervyns.com/-- provided a mix of top national brands
and exclusive private labels.  Mervyn's had 176 locations in seven
states.  Mervyn's stores have an average of 80,000 retail square
feet, smaller than most other mid-tier retailers and easier to
shop, and are located primarily in regional malls, community
100 shopping centers, and freestanding sites.

The Company and its affiliates filed for Chapter 11 protection
(Bankr. D. Del. Case No. 08-11586) on July 29, 2008.  Howard
S. Beltzer, Esq., and Wendy S. Walker, Esq., at Morgan Lewis &
Bockius LLP, and Mark D. Collins, Esq., Daniel J. DeFranceschi,
Esq., Christopher M. Samis, Esq. and L. Katherine Good, Esq., at
Richards Layton & Finger P.A., represent the Debtors in their
restructuring efforts.  Kurtzman Carson Consultants LLC is the
Debtors' claims agent.  The Debtors' financial advisor is Miller
Buckfire & Co. LLC.  Mervyn's LLC's balance sheet at Aug. 30,
2008, showed $665,493,000 in total assets and $717,160,000 in
total liabilities resulting in a $51,667,000 total stockholders'
deficit.

In October 2008, Mervyn's disclosed its plans to close all stores
and wind down its assets.


METRO-GOLDWYN-MAYER: Bank Debt Trades at 53% Off
-------------------------------------------------
Participations in a syndicated loan under which Metro-Goldwyn-
Mayer, Inc., is a borrower traded in the secondary market at 47.20
cents-on-the-dollar during the week ended Friday, March 26, 2010,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal.  This represents a drop of 7.22
percentage points from the previous week, The Journal relates.
The Company pays 275 basis points above LIBOR to borrow under the
facility, which matures on April 8, 2012.  Moody's and Standard &
Poor's do not rate the bank debt.  The debt is one of the biggest
gainers and losers among 185 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended Friday.

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.


METRO-GOLDWYN-MAYER: Creditors to Discuss Standalone Plan
---------------------------------------------------------
Reuters, citing unidentified people, reports that Metro-Goldwyn-
Mayer's steering committee will meet with creditors to present a
standalone plan for the famed studio next week.

According to Reuters, sources familiar with the matter said the
creditors, disappointed with the bids that came in for MGM, will
present the plan in Los Angeles on Thursday.  The plan, which
abandons the idea of a sale of the entire company, involves a
mandate to make six to eight movies a year and would require large
amounts of capital, the sources said.

The plan, according to the sources, also involves filing for a
pre-arranged bankruptcy.  Such a plan would need approval from a
majority of the creditors.

Bloomberg reported last week that creditors are unwilling to
accept current offers for MGM that they deem too low,
Bloomberg News reported.

Bloomberg, citing an unidentified person, relates that Time Warner
Inc. offered $1.5 billion.  Billionaire Len Blavatnik's Access
Industries proposed to reduce MGM's debt and provide cash for film
production.  Lions Gate Entertainment Corp. said it dropped out of
the bidding this week.  Liberty Media Corp. and Elliott Management
Corp. are also out of the bidding.

MGM put itself up for sale last year after failing to make
payments on $3.7 billion in debt.

The Wall Street Journal reported early this month that MGM is
readying a backup plan should bids for its assets come in too low.
Sources told the Journal, MGM creditors are increasingly willing
to assume control over the studio.  The sources said that under
that scenario, MGM would likely pursue a "standalone" plan
in which lenders would convert their debt to equity.

MGM has hired investment bank Moelis & Company and the law firm
Skadden, Arps, Slate, Meagher & Flom.  In August, it hired the
restructuring expert Stephen F. Cooper to help lead the company.

Among the potential bidders for a restructuring-oriented deal are
Qualia Capital, an investment firm with film industry veterans.

MGM is facing a March 31 deadline for its bank debt and an April 8
deadline for a $250 million credit facility.

                     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.


MGM MIRAGE: Management Joins Barclays 2010 Conference
-----------------------------------------------------
MGM MIRAGE management was scheduled to make a Company presentation
Friday at the Barclays Capital 2010 High Yield Bond and Syndicated
Loan Conference in Phoenix, Arizona.

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 22, 2010,
Moody's Investors Service affirmed MGM MIRAGE's ratings, including
its Caa1 Corporate Family Rating and raised the company's
Speculative Grade Liquidity rating to SGL-3 from SGL-4.  The
rating outlook remains stable.

As reported by the TCR on March 11, 2010, Standard & Poor's
Ratings Services 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.


MICHAEL HARDES: Case Summary & 27 Largest Unsecured Creditors
-------------------------------------------------------------
Joint Debtors: Michael Joseph Hardes
                 aka Mike Hardes
                 fdba Hardes Farms
               Penny Lynn Hardes
                 fdba Hardes Farms
               35322 191 Street
               Miller, SD 57362

Bankruptcy Case No.: 10-30015

Chapter 11 Petition Date: March 22, 2010

Court: United States Bankruptcy Court
       District of South Dakota (Central (Pierre)

Judge: Charles L. Nail, Jr.

Debtors' Counsel: Clair R. Gerry, Esq.
                  Gerry & Kulm Ask, Prof LLC
                  PO Box 966
                  Sioux Falls, SD 57101-0966
                  Tel: (605) 336-6400
                  Email: gerry@sgsllc.com

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

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

A list of the Company's 27 largest unsecured creditors is
available for free at:

             http://bankrupt.com/misc/sdb10-30015.pdf

The petition was signed by the Joint Debtors.


MICHAELS STORES: Bank Debt Trades at 7% Off in Secondary Market
---------------------------------------------------------------
Participations in a syndicated loan under which Michaels Stores,
Inc., is a borrower traded in the secondary market at 93.45 cents-
on-the-dollar during the week ended Friday, March 26, 2010,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal.  This represents an increase of 0.92
percentage points from the previous week, The Journal relates.
The Company pays 225 basis points above LIBOR to borrow under the
facility.  The bank loan matures on Oct. 31, 2013, and carries
Moody's B3 rating and Standard & Poor's B rating.  The debt is one
of the biggest gainers and losers among 185 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.

Headquartered in Irving, Texas, Michaels Stores, Inc., is the
largest arts and crafts specialty retailer in North America.  As
of March 9, 2009, the Company operated 1,105 "Michaels" retail
stores in the United States and Canada and 161 Aaron Brothers
Stores.


MIDSOUTH UTILITY GROUP: Case Summary & 20 Largest Unsec. Creditors
------------------------------------------------------------------
Debtor: Midsouth Utility Group, Inc.
        PO Box 2849
        Lebanon, TN 37088

Bankruptcy Case No.: 10-03050

Chapter 11 Petition Date: March 22, 2010

Court: United States Bankruptcy Court
       Middle District of Tennessee (Nashville)

Judge: George C. Paine II

Debtor's Counsel: Steven L. Lefkovitz, Esq.
                  Law Offices Lefkovitz & Lefkovitz
                  618 Church St Ste 410
                  Nashville, TN 37219
                  Tel: (615) 256-8300
                  Fax: (615) 255-4516
                  Email: slefkovitz@lefkovitz.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 $1,687,850,
and total debts of $4,283,148.

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/tnmb10-03050.pdf

The petition was signed by Darrell Key, president of the Company.


MOH INVESTMENT GROUP: Case Summary & 3 Largest Unsecured Creditors
------------------------------------------------------------------
Debtor: Moh Investment Group, LLC
        3989 SW 141st Avenue
        Davie, FL 33330

Bankruptcy Case No.: 10-17191

Chapter 11 Petition Date: March 22, 2010

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

Judge: John K. Olson

Debtor's Counsel: Stan Riskin, Esq.
                  950 S Pine Island Rd #A-150
                  Plantation, FL 33324
                  Tel: (954) 727.8271
                  Fax: (954) 727.8274
                  Email: slriskin@aol.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 $2,571,000,
and total debts of $3,700,000.

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

             http://bankrupt.com/misc/flsb10-17191.pdf

The petition was signed by Sally Moh, managing partner of the
Company.


MONTGOMERY TERRACE: Case Summary & 4 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Montgomery Terrace, LLC
        300 Mariner's Plaza Drive, Suite 321D
        Mandeville, LA 70448

Bankruptcy Case No.: 10-10920

Chapter 11 Petition Date: March 22, 2010

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

Judge: Jerry A. Brown

Debtor's Counsel: Phillip K. Wallace, Esq.
                  2027 Jefferson Street
                  Mandeville, LA 70448
                  Tel: (985) 624-2824
                  Fax: (985) 624-2823
                  Email: PhilKWall@aol.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 3,412,500,
and total debts of 2,693,453.

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

             http://bankrupt.com/misc/laeb10-10920.pdf

The petition was signed by Richard G. Landry, member of the
Company.

Debtor-affiliate that filed separate Chapter 11 petition:
                                                    Petition
  Debtor                               Case No.      Date
  ------                               --------      ----
Montgomery Trace                       10-10922     3/22/10
Development Corporation
  Assets: $100,000 to $500,000
  Debts:  $1 million to $10 million


NAVISTAR INT'L: Files Blue Diamond Parts 2009 Financial Results
---------------------------------------------------------------
Navistar International Corporation has filed with the Securities
and Exchange Commission a Form 10-K/A to include in its Annual
Report on Form 10-K for the year ended October 31, 2009, the
audited balance sheet of Blue Diamond Parts, LLC, at December 31,
2008, the related audited statements of operations, members'
equity, and cash flows of BDP for the years ended December 31,
2008 and 2007, and related notes, and the unaudited interim
financial statements and related notes of BDP as of and for the
seven months ended May 31, 2009, pursuant to Rule 3-09 of
Regulation S-X under the Securities Exchange Act of 1934, as
amended.

     -- Audited financial statements at December 31, 2008,
        See http://ResearchArchives.com/t/s?5c64

     -- Unaudited financial statements for the seven months ended
        May 31, 2009, See http://ResearchArchives.com/t/s?5c63

In the seven months ended May 31, 2009, Blue Diamond Parts posted
net income of $102,416,355.  At May 31, 2009, BDP had total assets
of $49,880,493 against total liabilities of $37,243,122.

In January 2009, Navistar reached a settlement agreement with Ford
Motor Company where the parties agreed to settle their lawsuits
against each other.  As a part of the Ford Settlement, on June 1,
2009, Navistar's equity interest in the BDP joint venture with
Ford was increased to 75%.  Through May 31, 2009, BDP was an
unconsolidated joint venture in which NIC owned a 49% interest.

Rule 3-09 of Regulation S-X provides that if an unconsolidated
subsidiary or a 50% or less owned subsidiary accounted for by the
equity method meets certain conditions set forth in Rule 1-02(w)
of Regulation S-X, the subsidiary will be deemed a significant
subsidiary and requires its audited financial statements to be
filed with the registrant's Annual Report.  For NIC's 2008 and
2007 year-ends, BDP met one of the conditions.

Effective June 1, 2009, BDP changed its fiscal year from December
31 to October 31.  Navistar has also included in this Form 10-K/A
the required unaudited interim financial statements and related
notes of BDP as of and for the seven months ended May 31, 2009.

                   About Navistar International

Navistar International Corporation (NYSE: NAV) --
http://www.Navistar.com/-- is a holding company whose
subsidiaries and affiliates subsidiaries produce International(R)
brand commercial and military trucks, MaxxForce(R) brand diesel
engines, IC Bus(TM) brand school and commercial buses, Monaco RV
brands of recreational vehicles, and Workhorse(R) brand chassis
for motor homes and step vans.  It also is a private-label
designer and manufacturer of diesel engines for the pickup truck,
van and SUV markets.  The company also provides truck and diesel
engine parts and service.  Another affiliate offers financing
services.

The Company's balance sheet at Jan. 31, 2010, showed total assets
of $9.12 billion and total liabilities of $10.74 billion, for a
stockholders' deficit of $1.62 billion.

                           *     *     *

As reported by the Troubled Company Reporter on March 22, 2010,
Fitch Ratings revised Navistar's and Navistar Financial Corp.'s
Rating Outlooks to Positive from Negative and affirmed the
companies' long-term Issuer Default Ratings at 'BB-'.  The Outlook
revisions are driven by improvement in the financial profile of
NFC following the signing of an operating agreement with GE
Capital and by NAV's financial performance in the past year.
Historically, Fitch had concerns with NFC's funding,
capitalization, and asset quality performance, but they have been
eliminated or reduced with the new agreement with GECC.

According to the TCR on March 11, 2010, Moody's Investors Service
maintained its B1 long-term rating, SGL-2 Speculative Grade
Liquidity rating and stable outlook for Navistar following the
announcement that GE Capital will become the preferred provider of
retail financing in support of Navistar's truck and bus sales in
the US.  Moody's said Navistar's captive finance operation,
Navistar Financial Corporation, should be relieved of the capital
and liquidity burden necessary to support new retail and lease
originations.  In addition, GE Capital's stronger balance sheet
and superior capital market access relative to that of NFC, should
improve the availability of the financing that can be offered to
retail purchasers of Navistar equipment.

According to the TCR on January 28, 2010, Standard & Poor's
Ratings Services said it has revised its outlook on Navistar and
related entities to stable from negative and affirmed its 'BB-'


NAVISTAR INT'L: To Web Cast Business Opportunities on April 8
-------------------------------------------------------------
Navistar International Corporation will present via live web cast
business opportunities and other matters related to the Company on
April 8.  A live web cast is scheduled at 9:00 a.m. ET.  Speakers
on the web cast will include Daniel C. Ustian, Chairman, President
and Chief Executive Officer, A. J. Cederoth, Executive Vice
President and Chief Financial Officer, and other Company leaders.

The web cast can be accessed through a link on the investor
relations page at http://ir.navistar.com/events.cfm. Investors
are advised to log on to the Web site at least 15 minutes prior to
the web cast to allow sufficient time for downloading any
necessary software.  The web cast will be available for replay at
the same address three hours following its conclusion, and will
remain available for a period of 12 months or such earlier time as
the information is superseded or replaced by more current
information.

                   About Navistar International

Navistar International Corporation (NYSE: NAV) --
http://www.Navistar.com/-- is a holding company whose
subsidiaries and affiliates subsidiaries produce International(R)
brand commercial and military trucks, MaxxForce(R) brand diesel
engines, IC Bus(TM) brand school and commercial buses, Monaco RV
brands of recreational vehicles, and Workhorse(R) brand chassis
for motor homes and step vans.  It also is a private-label
designer and manufacturer of diesel engines for the pickup truck,
van and SUV markets.  The company also provides truck and diesel
engine parts and service.  Another affiliate offers financing
services.

The Company's balance sheet at Jan. 31, 2010, showed total assets
of $9.12 billion and total liabilities of $10.74 billion, for a
stockholders' deficit of $1.62 billion.

                           *     *     *

As reported by the Troubled Company Reporter on March 22, 2010,
Fitch Ratings revised Navistar's and Navistar Financial Corp.'s
Rating Outlooks to Positive from Negative and affirmed the
companies' long-term Issuer Default Ratings at 'BB-'.  The Outlook
revisions are driven by improvement in the financial profile of
NFC following the signing of an operating agreement with GE
Capital and by NAV's financial performance in the past year.
Historically, Fitch had concerns with NFC's funding,
capitalization, and asset quality performance, but they have been
eliminated or reduced with the new agreement with GECC.

According to the TCR on March 11, 2010, Moody's Investors Service
maintained its B1 long-term rating, SGL-2 Speculative Grade
Liquidity rating and stable outlook for Navistar following the
announcement that GE Capital will become the preferred provider of
retail financing in support of Navistar's truck and bus sales in
the US.  Moody's said Navistar's captive finance operation,
Navistar Financial Corporation, should be relieved of the capital
and liquidity burden necessary to support new retail and lease
originations.  In addition, GE Capital's stronger balance sheet
and superior capital market access relative to that of NFC, should
improve the availability of the financing that can be offered to
retail purchasers of Navistar equipment.

According to the TCR on January 28, 2010, Standard & Poor's
Ratings Services said it has revised its outlook on Navistar and
related entities to stable from negative and affirmed its 'BB-'


NORTH AMERICAN TECH: Gets Interim Nod to Use Opus' Cash Collateral
------------------------------------------------------------------
North American Technologies Group, Inc., et al., sought and
obtained interim authorization from the Hon. Brenda T. Rhoades of
the U.S. Bankruptcy Court for the Eastern District of Texas to use
$452,000 of Opus 5949, LLC's cash collateral.

Michael R. Rochelle, Esq., at Rochelle McCullough L.L.P., the
attorney for the Debtors, explained that the Debtors need the
money to fund their Chapter 11 case, pay suppliers and other
parties.  The Debtors will use the collateral pursuant to a
budget, a copy of which is available for free at:

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

In exchange for using the cash collateral, the Debtors propose to
grant Opus (i) valid and automatically perfected first-priority
replacement security interests and liens, superior to any and all
creditors and/or interest holders of the Debtors' estates, in and
upon all the property and assets of the Debtors' estates; (ii) a
super-priority administrative expense claim to the extent of any
diminution in value of Opus' interest in the pre-petition
collateral and cash collateral; and (iii) adequate insurance
coverage and timely payment of all postpetition taxes assessed and
costs due in relation to the Collateral in the ordinary course of
the Debtors' businesses, thereby keeping the properties free of
liens.  The Debtors will also provide the Opus weekly reports,
during the forecast period until a termination event, which
reconcile actual cash collateral usage during the foregoing week
in comparison to the cash collateral budget and certify compliance
with the budget.

The Court has set a final hearing on April 20, 2010, at 9:30 a.m.
on the Debtors' request to use cash collateral.

Marshall, Texas-based North American Technologies Group, Inc.,
filed for Chapter 11 bankruptcy protection on March 18, 2010
(Bankr. E.D. Texas Case No. 10-20071).  Michael R. Rochelle, Esq.,
at Rochelle McCullough L.L.P., assists the Company in its
restructuring effort.  The Company estimated its assets and debts
at $10,000,001 to $50,000,000.

The Debtor's affiliate, TieTek, LLC (Case No. 10-20072) filed a
separate Chapter 11 bankruptcy petition on March 18, 2010, listing
$10 million to $50 million in assets and $50 million to
$100 million in debts.


NORTH AMERICAN TECH: Gets Interim OK to Hire RM as Bankr. Counsel
-----------------------------------------------------------------
North American Technologies Group, Inc., et al., sought and
obtained interim authorization from the Hon. Brenda T. Rhoades of
the U.S. Bankruptcy Court for the Eastern District of Texas to
employ Rochelle McCullough LLP as primary bankruptcy counsel.

RM will, among other things:

     a. advise the Debtors with respect to their powers and duties
        as debtors-in-possession, the sale of their businesses,
        and the management of their assets in the interim;

     b. take necessary action to protect and preserve the estates
        of the Debtors, including the prosecution of actions on
        behalf of the Debtors, the defense of any actions
        commenced against the Debtors, the negotiation of disputes
        in which the Debtors is involved, and the preparation of
        objections to claims filed against the estates;

     c. prepare motions, applications, answers, orders, reports,
        and papers in connection with and required for the orderly
        administration of the estates; and

     d. negotiate and prepare on behalf of the Debtors disclosure
        statements, plans of reorganization and all related
        documents.

RM will be paid based on the hourly rates of its personnel:

        Michael R. Rochelle        $550
        Chris B. Harper            $500
        Eric M. Van Horn           $220
        Kathryn G. Reid            $195
        Attorneys                $195-$550
        Paralegals                 $140

The Court has set a final hearing for April 20, 2010, at 9:30 a.m.

Michael R. Rochelle, a partner at RM, assures the Court that the
firm is "disinterested" as that term is defined in Section 101(14)
of the Bankruptcy Code.

Marshall, Texas-based North American Technologies Group, Inc.,
filed for Chapter 11 bankruptcy protection on March 18, 2010
(Bankr. E.D. Texas Case No. 10-20071).  The Company estimated its
assets and debts at $10,000,001 to $50,000,000.

The Debtor's affiliate, TieTek, LLC (Case No. 10-20072) filed a
separate Chapter 11 bankruptcy petition on March 18, 2010, listing
$10 million to $50 million in assets and $50 million to
$100 million in debts.


NORTH AMERICAN TECH: Sec. 341(a) Meeting Scheduled for April 21
---------------------------------------------------------------
The U.S. Trustee for Region 6 will convene a meeting of creditors
in North American Technologies Group, Inc.'s Chapter 11 case on
April 21, 2010, at 10:45 a.m.  The meeting will be held at Plaza
Tower, Suite 301, 110 N. College Avenue, Tyler, TX 75702.

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.

Marshall, Texas-based North American Technologies Group, Inc.,
filed for Chapter 11 bankruptcy protection on March 18, 2010
(Bankr. E.D. Texas Case No. 10-20071).  Michael R. Rochelle, Esq.,
at Rochelle McCullough L.L.P., assists the Company in its
restructuring effort.  The Company estimated its assets and debts
at $10,000,001 to $50,000,000.

The Debtor's affiliate, TieTek, LLC (Case No. 10-20072) filed a
separate Chapter 11 bankruptcy petition on March 18, 2010, listing
$10 million to $50 million in assets and $50 million to
$100 million in debts.


N.Y.C. OFF-TRACK BETTING: Gov. Paterson Reject NYRA Takeover Plan
-----------------------------------------------------------------
BloodHorse.com reports that a plan quietly floated to let the New
York Racing Association take over management of the Internet and
phone wagering business at the struggling New York City Off-Track
Betting Corp. has been rejected by Gov. David Paterson.

According to BloodHorse, sources at the Capitol say talks are
ongoing but the sides are still far apart, with NYCOTB threatening
to send out 14-day layoff notices the afternoon of March 26 to its
1,300 employees.

BloodHorse says a source close to the negotiations characterized a
plan to let NYRA run NYCOTB's internet and phone wagering business
as "a poison pill to put NYCOTB out of business" by eliminating a
successful stream of revenue for the OTB to give it to NYRA.

A separate source, according to BloodHorse, said the Assembly plan
called for expanding the authority of a state board that now
oversees NYRA's finances to include NYCOTB.  The oversight board
would then enter into a deal with NYRA to manage NYCOTB's phone
and internet wagering business.  Depending on how that deal was
structured, it could produce enough money to erase much of NYRA's
cash flow problems that has raised questions about its viability
to continue racing later this year.

                           About NYC OTB

New York City Off-Track Betting Corporation is a public benefit
corporation, which operates an off-track pari-mutuel betting
system on thoroughbred and harness horse races held at all 11 race
tracks located in New York State and certain race tracks located
outside of the State.  Since NYC OTB's inception in 1971, it has
made payments of nearly $2 billion to the State horse racing
industry, over $1.4 billion to New York City and nearly
$600 million to the State.  In 2008 alone, NYC OTB made statutory
contributions in an aggregate amount of $128.6 million to the
State horse racing industry, the State, the City, and other local
municipalities.  NYC OTB's operations are regulated by the State.

NYC OTB filed for bankruptcy under Chapter 9 of the Bankruptcy
Code on December 3, 2009 (Bankr. S.D.N.Y. Case No. 09-17121).
Richard Levin, Esq., at Cravath, Swaine & Moore LLP, in New York,
serves as the Debtor's counsel.

At September 30, 2009, NYC OTB had $18,468,147 in total assets
against $74,912,742 in total current liabilities, $6,982,887 in
long-term liabilities, and $201,020,000 in long-term post
employment benefits.

Raymond Casey, President and Chief Executive Officer of NYC OTB,
said in court papers that over time, higher mandatory
distributions required by the State Legislature, combined with
increases in the cost of operating in New York City, left NYC OTB
with no residual income to turn over to the City.  NYC OTB laid
off 17% of its management, closed underperforming branches,
reduced employees' overtime hours, surrendered a quarter of its
headquarters space, reduced supply purchases, decreased security
expenses and reduced energy costs -- resulting in nearly
$45 million of savings during the five-year period through the end
of the 2008 fiscal year.  While making the difficult decisions
needed to reduce operational costs, NYC OTB also launched a
campaign seeking to have the State Legislature rationalize the
flawed and burdensome legislative distribution scheme.


ORANGE COUNTY MOTORSPORTS: Has Until April 14 to File Plan
----------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
in Los Angeles has extended the exclusive deadline for Orange
County Motorsports Inc. to file a Plan of Reorganization and
Disclosure Statement from March 18, 2010, to April 14, 2010.

Los Angeles, California-based Orange County Motorsports, Inc.,
filed for Chapter 11 bankruptcy protection on December 18, 2009
(Bankr. C.D. Calif. Case No. 09-45902).  The Debtor's affiliate,
Lawrence Hart, also filed Chapter 11 bankruptcy petition (Bankr.
C.D. Calif. Case No. 09-45932).  Michael S. Kogan, Esq., at Ervin
Cohen & Jessup LLP, assists the Debtors in their restructuring
effort.  Orange County Motorsports listed $10,000,001 to
$50,000,000 in assets and $10,000,001 to $50,000,000 in
liabilities.


ORANGE COUNTY MOTORSPORTS: May 15 Established as Claims Bar Date
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
in Los Angeles has set May 15, 2010, as the deadline for creditors
of and ownership interests of Orange County Motorsports Inc. and
Lawrence Hart to file proofs of claim against or proofs of
interest in the Debtors' estates.  Failure of a creditor to timely
file a proof of claim by the deadline may result in the
disallowance of the claims or subordination under the terms of a
plan of reorganization without further notice of hearing.

All claims must be filed by mail or by delivery to the Office of
the Clerk of the Bankruptcy Court at:

          United States Bankruptcy Court
          Central District
          United States Courthouse
          255 E. Temple Street
          Los Angeles, California 90012

A copy of all claims must also be served upon counsel for the
Debtors at:

          Michael S. Kogan, Esq.
          ERVIN COHEN & JESSUP LLP
          9401 Wilshire Boulevard, 9th Floor
          Beverly Hills, CA 90212-2928

Los Angeles, California-based Orange County Motorsports, Inc.,
filed for Chapter 11 bankruptcy protection on December 18, 2009
(Bankr. C.D. Calif. Case No. 09-45902).  The Debtor's affiliate,
Lawrence Hart, also filed Chapter 11 bankruptcy petition (Bankr.
C.D. Calif. Case No. 09-45932).  Michael S. Kogan, Esq., at Ervin
Cohen & Jessup LLP, assists the Debtors in their restructuring
effort.  Orange County Motorsports listed $10,000,001 to
$50,000,000 in assets and $10,000,001 to $50,000,000 in
liabilities.


ORLEANS HOMEBUILDERS: Seeks April 12 Extension to File Schedules
----------------------------------------------------------------
Orleans Homebuilders, Inc., and its 57 affiliated-debtors ask the
U.S. Bankruptcy Court for the District of Delaware for more time
to file their schedules of assets and liabilities, schedules of
executory contracts and unexpired leases, and statements of
financial affairs.  The Debtors want their Schedules Filing
Deadline extended until April 12, 2010.

The Debtors explain that they have not yet had sufficient time to
collect and assemble all of the requisite financial data and other
information, and to prepare all of the Schedules and Statements.
The Debtors said they have already made some progress toward
completing the Schedules and Statements.

As reported by the Troubled Company Reporter on March 10, 2010,
Roberta A. Deangelis, the Acting U.S. Trustee for Region 3, will
convene a meeting of the Debtors' creditors on April 14, 2010, at
2:00 p.m.  The meeting will be held at J. Caleb Boggs Federal
Building, 2nd Floor, Room 2112, 844 King Street, Suite 2207,
Lockbox 35, Wilmington, Delaware 19801.  This is the first meeting
of creditors required under Section 341(a) of the Bankruptcy Code
in all bankruptcy cases.

The Debtors said the requested extension will allow parties-in-
interest to review the Schedules and Statements in advance of the
341 Meeting.

                    About Orleans Homebuilders

Orleans Homebuilders, Inc. -- aka FPA Corporation, OHB, Parker &
Lancaster, Masterpiece Homes, Realen Homes and Orleans --
develops, builds and markets high-quality single-family homes,
townhouses and condominiums.  From its headquarters in suburban
Philadelphia, the Company serves a broad customer base including
first-time, move-up, luxury, empty-nester and active adult
homebuyers.  The Company currently operates in these 11 distinct
markets: Southeastern Pennsylvania; Central and Southern New
Jersey; Orange County, New York; Charlotte, Raleigh and
Greensboro, North Carolina; Richmond and Tidewater, Virginia;
Chicago, Illinois; and Orlando, Florida.  The Company's Charlotte,
North Carolina operations also include adjacent counties in South
Carolina.  Orleans Homebuilders employs approximately 300 people.

The Company filed for Chapter 11 bankruptcy protection on March 1,
2010 (Bankr. D. Delaware Case No. 10-10684).  Cahill Gordon &
Reindell LLP is the Debtor's bankruptcy and restructuring counsel.
Curtis S. Miller, Esq., and Robert J. Dehney, Esq., at Morris,
Nichols, Arsht & Tunnell, are the Debtor's Delaware and
restructuring counsel.  Blank Rome LLP is the Debtor's special
corporate counsel.  Garden City Group Inc. is the Debtor's claims
and notice agent.  The Company estimated assets and debts at
$100,000,001 to $500,000,000.


ORLEANS HOMEBUILDERS: U.S. Trustee Names 7-Member Creditors Panel
-----------------------------------------------------------------
Pursuant to Section 1102(a)(1) of the Bankruptcy Code, Roberta A.
DeAngelis, Acting United States Trustee for Region 3, appointed
seven members to the Official Committee of Unsecured Creditors in
Orleans Homebuilders, Inc., and its debtor-affiliates' Chapter 11
cases:

     1. Taberna Capital Management III, Ltd.
        Attn: Raphael Licht
        450 Park Ave., 11th Floor
        New York, NY 10022
        Tel: 215-735-1480

     2. Wilmington Trust Company
        Attn: Suzanne J. MacDonald
        Rodney Square North, 1100 North Market St.
        Wilmington, DE 19890
        Tel: 302-636-6530
        Fax: 302-636-4149

     3. 84 Lumber Company
        Attn: Daniel M. Wallach
        1019 Rte. 519
        Eighty Four, PA 15330
        Tel: 724-228-8820 ex 1550
        Fax: 866-298-3940

     4. Robert K. Foster, Sr.
        3880 Willow Dr.
        Newfield NJ 08344
        Tel: 856-207-5822
        Fax: 856-507-8822

     5. Sunrise Concrete Co., Inc.
        Attn: Keith Burke
        PO Box 435
        Rushland, PA 18956
        Tel: 215-355-2500
        Fax: 215-598-7221

     6. Burlington Commercial Floor Covering
        Attn: Kristine McLaughlin
        2 Kerry Ct., Ste. B
        Southampton, NJ 08088
        Tel: 609-801-1500
        Fax: 609-801-1502

     7. Wildflowers at Wallkill Condo Assoc.
          c/o Spinnaker Management LLC
        Attn: Tina Williams
        3104 State Route #208
        Wallkill, NY 12589
        Tel: 845-895-8122
        Fax: 845-895-1849

                    About Orleans Homebuilders

Orleans Homebuilders, Inc. -- aka FPA Corporation, OHB, Parker &
Lancaster, Masterpiece Homes, Realen Homes and Orleans --
develops, builds and markets high-quality single-family homes,
townhouses and condominiums.  From its headquarters in suburban
Philadelphia, the Company serves a broad customer base including
first-time, move-up, luxury, empty-nester and active adult
homebuyers.  The Company currently operates in these 11 distinct
markets: Southeastern Pennsylvania; Central and Southern New
Jersey; Orange County, New York; Charlotte, Raleigh and
Greensboro, North Carolina; Richmond and Tidewater, Virginia;
Chicago, Illinois; and Orlando, Florida.  The Company's Charlotte,
North Carolina operations also include adjacent counties in South
Carolina.  Orleans Homebuilders employs approximately 300 people.

The Company filed for Chapter 11 bankruptcy protection on March 1,
2010 (Bankr. D. Delaware Case No. 10-10684).  Cahill Gordon &
Reindell LLP is the Debtor's bankruptcy and restructuring counsel.
Curtis S. Miller, Esq., and Robert J. Dehney, Esq., at Morris,
Nichols, Arsht & Tunnell, are the Debtor's Delaware and
restructuring counsel.  Blank Rome LLP is the Debtor's special
corporate counsel.  Garden City Group Inc. is the Debtor's claims
and notice agent.  The Company estimated assets and debts at
$100,000,001 to $500,000,000.


OSAGE EXPLORATION: Recurring Losses Cue Going Concern Doubt
-----------------------------------------------------------
On March 24, 2010, Osage Exploration and Development, Inc. filed
filed its annual report on Form 10-K for the year ended
December 31, 2009.

GPKM, LLP, in Encino, 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 accumulated deficit as of December 31, 2009.

The Company reported a net loss of $2,316,493 on $2,814,398 of
revenue for the year ended December 31, 2009, compared with a net
loss of $3,742,343 on $3,106,076 of revenue for 2008.

The Company's balance sheet as of December 31, 2009, showed
$3,110,437 in assets, $328,623 of debts, and $2,781,814 of
stockholders' equity.

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

                  http://researcharchives.com/t/s?5c2b

Osage Exploration & Development, Inc. is an oil and natural gas
exploration and production company with proved reserves and
existing production in the country of Colombia and the state of
Oklahoma.  The Company is headquartered in San Diego, California
with field offices in Oklahoma City, Oklahoma and Bogota,
Colombia.  operations in Colombia accounted for approximately 97%
and 92% of the Company's total revenues in 2009 and 2008,
respectively.


OSI RESTAURANT: Bank Debt Trades at 10% Off in Secondary Market
---------------------------------------------------------------
Participations in a syndicated loan under which OSI Restaurant
Partners, Inc., is a borrower traded in the secondary market at
89.94 cents-on-the-dollar during the week ended Friday, March 26,
2010, according to data compiled by Loan Pricing Corp. and
reported in The Wall Street Journal.  This represents an increase
of 0.66 percentage points from the previous week, The Journal
relates.  The Company pays 225 basis points above LIBOR to borrow
under the facility.  The bank loan matures on May 9, 2014, and
carries Moody's B3 rating and Standard & Poor's B+ rating.  The
debt is one of the biggest gainers and losers among 185 widely
quoted syndicated loans with five or more bids in secondary
trading for the week ended Friday.

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

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

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


PANAMSAT CORP: Bank Debts Trades at 3% Off in Secondary Market
--------------------------------------------------------------
Participations in three syndicated loans under which PanAmSat
Corporation, presently known as Intelsat Corporation is a borrower
traded in the secondary market at 96.68 cents-on-the-dollar (per
loan) during the week ended Friday, March 26, 2010, according to
data compiled by Loan Pricing Corp. and reported in The Wall
Street Journal.  This represents an increase of 0.67 percentage
points from the previous week, The Journal relates.  The Company
pays 250 basis points above LIBOR to borrow under each facility.
The bank loans mature simultaneously on Jan. 3, 2014, and are not
rated by Moody's and Standard & Poor's.  The debts are three of
the biggest gainers and losers among 185 widely quoted syndicated
loans with five or more bids in secondary trading for the week
ended Friday.

Intelsat Corporation, -- http://www.intelsat.com/-- formerly
known as PanAmSat Corporation, is a global provider of video,
corporate, Internet, voice and government communications services
with a fleet of 25 satellites in-orbit.  The Company provides
transponder capacity to customers on Company-owned and operated
satellites, and deliver third-party entertainment and information
to cable television systems, television broadcasters, direct-to-
home, television operators, Internet service providers,
telecommunications companies, governments and other corporations.
It also provides satellite services and related technical support
for live transmissions for news and special events coverage.  In
addition, the Company provides satellite services to
telecommunications carriers, corporations and Internet service
providers for the provision of satellite-based communications
networks, including private corporate networks.

Intelsat Ltd.'s balance sheet showed total assets of
$12.05 billion, total debts of $12.77 billion and stockholders'
deficit of $722.3 million as of March 31, 2008.


PETTERS GROUP: Criminal Case Judge Grants Forfeiture Request
------------------------------------------------------------
Andrew M. Harris at Bloomberg News reports that Thomas Joseph
Petters lost a bid to delay the forfeiture of money and property
that prosecutors say Mr. Petters acquired with ill-gotten gains.
U.S. District Judge Richard Kyle granted federal prosecutors'
request for a preliminary order of forfeiture.  The U.S.
government asked in January for a money judgment of $3.5 billion
and permission to search for assets to satisfy that amount.

In December, a federal trial jury convicted Mr. Petters, 53, of
Wayzata, Minn., of orchestrating a $3.65 billion Ponzi scheme.
Specifically, Mr. Petters, who was originally indicted in December
2008, was found guilty of 10 counts of wire fraud, three counts of
mail fraud, one count of conspiracy to commit mail and wire fraud,
one count of conspiracy to commit money laundering and five counts
of money laundering.

According to the indictment and evidence presented at trial,
Mr. Petters, aided and abetted by others, defrauded and obtained
billions of dollars in money and property by inducing investors to
provide PCI funds to purchase merchandise that was to be resold to
retailers at a profit.   However, no such purchases were made.
Instead, the defendants and co-conspirators diverted the funds
provided them for other purposes, such as making lulling payments
to investors, paying off those who assisted in their fraud scheme,
funding businesses owned or controlled by the defendants, and
financing Mr. Petters's extravagant lifestyle.

                   About Petters Group Worldwide

Based in Minnetonka, Minn., Petters Group Worldwide LLC is named
for founder and chairman Tom Petters.  The group is a collection
of some 20 companies, most of which make and market consumer
products.  It also works with existing brands through licensing
agreements to further extend those brands into new product lines
and markets.  Holdings include Fingerhut (consumer products via
its catalog and Web site), SoniqCast (maker of portable, WiFi MP3
devices), leading instant film and camera company Polaroid
(purchased for $426 million in 2005), Sun Country Airlines
(acquired in 2006), and Enable Holdings (online marketplace and
auction for consumers and manufacturers' overstock inventory).
Petters formed the company in 1988.

Petters Company, Inc., is the financing and capital-raising unit
of Petters Group Worldwide, LLC.  Petters Company, Inc., and
Petters Group Worldwide, LLC, filed separate petitions for Chapter
11 relief on Oct. 11, 2008 (Bankr. D. Minn. Case No. 08-45257 and
08-45258, respectively).  James A. Lodoen, Esq., at Lindquist &
Vennum P.L.L.P., represents the Debtors as counsel.  In its
petition, Petters Company, Inc., listed debts of between
$500 million and $1 billion, while its parent, Petters Group
Worldwide, LLC, listed debts of not more than $50,000.

As reported in the Troubled Company Reporter on Oct. 7, 2008,
Petters Aviation, LLC,, and affiliates MN Airlines, LLC, doing
business as Sun Country Airlines, Inc., and MN Airline Holdings,
Inc., filed for Chapter 11 bankruptcy protection with the U.S.
Bankruptcy Court for the District of Minnesota on Oct. 6, 2008
(Lead Case No. 08-45136).  Petters Aviation, LLC, is a wholly
owned unit of Thomas Petters Inc. and owner of MN Airline
Holdings, Inc., Sun Country's parent company.


PHILADELPHIA NEWSPAPERS: Lenders Plan Cash Offer
------------------------------------------------
American Bankruptcy Institute reports that secured lenders of
Philadelphia Newspapers LLC plan to submit a cash bid at an
upcoming auction for the publisher following an appeals court
ruling that they cannot use pre-bankruptcy claims as tender, a
lawyer for the group said on Wednesday.

Philadelphia Newspapers -- http://www.philly.com/-- owns and
operates numerous print and online publications in the
Philadelphia market, including the Philadelphia Inquirer, the
Philadelphia Daily News, several community newspapers, the
region's number one local Web site, philly.com, and a number of
related online products. The Company's flagship publications are
the Inquirer, the third oldest newspaper in the country and the
winner of numerous Pulitzer Prizes and other journalistic
recognitions, and the Daily News.

Philadelphia Newspapers and its debtor-affiliates filed for
Chapter 11 bankruptcy protection on February 22, 2008 (Bankr. E.D.
Pa. Case No. 09-11204).  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 listed assets and debts of $100 million to
$500 million in its bankruptcy petition.


PRESSTEK INC: Posts $49.8 Million Net Loss in Year Ended January 2
------------------------------------------------------------------
Presstek, Inc., filed its annual report on Form 10-K, showing a
net loss of $49.8 million on $134.5 million of revenue for the
year ended January 2, 2010, compared with net income of $524,000
on $193.3 million of revenue for the year ended January 3, 2009.
The Company recorded a $19.1 million goodwill write-off and a
$16.8 million valuation allowance against its U.S. deferred tax
assets in 2009.

The Company's balance sheet as of January 2, 2010, showed
$104.5 million in assets, $47.7 million of debts, and
$56.8 million of stockholders' equity.

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

             http://researcharchives.com/t/s?5c34

Greenwich, Conn.-based Presstek, Inc. (NASDAQ: PRST)
-- http://www.Presstek.com/-- manufactures and markets
environmentally-friendly digital-based offset printing solutions.
Presstek's former subsidiary, Lasertel, Inc., manufactures
semiconductor laser diodes for Presstek and external customer
applications.  This subsidiary is classified as a discontinued
operation.  On March 5, 2010, Presstek sold Lasertel to SELEX
Galileo Inc.

                          *     *     *

The Company was not in compliance with two of the four financial
covenants under the Company's senior secured credit facilities as
of the quarter ended July 4, 2009, the maximum funded debt to
EBITDA ratio and minimum fixed charge coverage ratio covenants.
On October 1, 2009, the credit facilities were amended.  The
Forbearance Amendment Agreement reduced the five-year revolving
line of credit from $45 million to $27 million and required the
Company to pay a forbearance fee in the amount of $250,000, which
extended the expiration date from November 4, 2009, to
November 30, 2009.  Subsequently, the Company paid an additional
$20,000 to extend the expiration date to December 15, 2009.

On December 15, 2009, the Forbearance was amended to extend the
Forbearance expiration date from December 15, 2009, to March 31,
2010.  The Amended Forbearance Agreement reduced the revolver from
$27 million to $25 million.  As a condition of the Amended
Forbearance agreement the Term Loan was repaid in full in
December 2009.


PROTECTION ONE: Dec. 31 Balance Sheet Upside-Down by $59.1-Mil.
---------------------------------------------------------------
On March 24, 2010, Protection One, Inc., filed its annual report
on Form 10-K for the year ended December 31, 2009, showing
$571.9 million in assets and $631.0 million of debts, for a
stockholders' deficit of $59.1 million.

The Company reported net income of $17.5 million on $368.1 million
of revenue for 2009, compared with a net loss of $50.5 million on
$372.0 million of revenue for 2008.

Operating income for the year increased to $40.3 million compared
to $10.3 million in the prior year, resulting from reductions in
monitoring and related services expense, as well as selling,
general and administrative, and depreciation and amortization
expenses, which more than offset the decrease in revenue.

Net income for the year includes a gain of roughly $23.0 million
recorded in the fourth quarter in connection with a settlement of
a tax-related matter with the Company's former parent, Westar
Energy, Inc., while the net loss in 2008 includes a $12.8 million
loss on retirement of debt in connection with the refinancing of
the Company's senior subordinated notes.

The Company reported net income of $23.0 million on $90.3 million
of revenue in the fourth quarter of 2009 compared to net loss of
$7.2 million on $94.0 million of revenue in the prior year.

As reported in the Troubled Company Reporter on January 23, 2010,
the Company disclosed the commencement of a process to explore and
evaluate strategic alternatives, which may result in a change in
ownership of the Company.

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

                  http://researcharchives.com/t/s?5c33

Lawrence, Kan.-based Protection One, Inc. (Nasdaq: PONE)
-- http://www.ProtectionOne.com/-- provides installation,
maintenance and electronic monitoring of alarm systems to single-
family residential, commercial, multifamily and wholesale
customers.  As of December 31, 2009, the Company monitored roughly
1.4 million sites.


PROTECTION ONE: Earns $23 Million in Fourth Quarter 2009
--------------------------------------------------------
Protection One Inc. reported financial results for the fourth
quarter and year ended December 31, 2009.

Richard Ginsburg, Protection One's president and chief executive
officer, said, "We are very pleased with the Company's operating
and financial improvements during 2009 and our net income of $17.5
million for the year.  Despite the challenging economic
environment this past year, we continued to invest in developing
our commercial capabilities and alternate channels of distribution
for our industry-leading eSecure interactive service.  We also
achieved greater operational efficiency through continued focus on
controlling costs, completed a refinancing of our debt structure
and successfully negotiated a tax-related settlement with our
former parent. As a result of these accomplishments, we ended the
year with a strengthened balance sheet with reduced leverage and
an extension of our debt maturities.

"Overall financial performance in fiscal year 2009 was strong,
with significant improvements to operating income, which increased
to $40.3 million for the year, and the generation of over $105
million in operating cash flow.  As we enter 2010, we believe
Protection One is well positioned both operationally and
financially to capitalize on improving economic conditions."

Adjusted EBITDA, Recurring Monthly Revenue, and Net Debt, as
described in this release, are all non-GAAP financial measures.

                      Fourth Quarter Results

In the fourth quarter of 2009, consolidated revenue decreased by
3.9% to $90.3 million while cost of revenue decreased 7.2% to
$36.9 million in 2009.  As anticipated, Wholesale monitoring
revenue, along with the related costs, decreased as a result of
this segment's new arrangement with one of its larger customers.
Retail and Multifamily monitoring and service revenue also
declined in the fourth quarter of 2009 compared to the same period
in 2008 due to decreases in each segment's customer base.

The Company's consolidated monitoring and related services margin
improved in the fourth quarter of 2009 to 69.7% compared to 67.6%
in the fourth quarter of 2008 as reductions in the costs of
monitoring and related services for both the Retail and Wholesale
segments were proportionately greater than the decrease in related
revenue.  Wholesale's monitoring and related services gross margin
improved to 48.3% in the fourth quarter of 2009 from 44.3% in
the same period of 2008 due to efficiencies gained from the
integration in early 2009 of its monitoring centers onto a common
platform as well as the impact of the new customer arrangement
mentioned previously.

Operating income in the fourth quarter of 2009 increased to $11.3
million from $4.4 million in 2008 primarily due to a reduction in
general and administrative costs.  Selling expense also decreased
due to reduced internal marketing efforts.  Lastly, amortization
and depreciation expense decreased due to the impact of the
Company's accelerated amortization method for its intangible
assets.

The Company reported net income of $23.0 million in the fourth
quarter of 2009 compared to net loss of $7.2 million in the prior
year.  Net income in 2009 includes a gain of approximately
$23 million recorded in connection with a settlement of a tax-
related matter with our former parent, Westar Energy, Inc. as well
as higher operating income.

                         Full Year Results

Consolidated revenue for the full year of 2009 was $368.1 million,
representing a decrease of 1.1% from $372.0 million in 2008.  The
decrease is due to a reduction in Retail and Multifamily
monitoring and service revenue.  The Company's monitoring and
related services margin increased to 69.2% for the year ended
December 31, 2009 from 66.8% in 2008 driven by a 9% reduction in
cost of monitoring and related services for the year.

Operating income for the year increased to $40.3 million in 2009
compared to $10.3 million in 2008, resulting from reductions in
monitoring and related services expense, as well as selling,
general and administrative, and depreciation and amortization
expenses, which more than offset the decrease in revenue.

Net income for the year was $17.5 million in 2009 compared to a
net loss of $50.5 million in 2008.  The gain on the settlement
with Westar and higher operating income contributed to net income
in 2009.  In 2008, the Company recorded a $12.8 million loss on
retirement of debt in connection with the refinancing of the
Company's senior subordinated notes.

A full-text copy of the Company's earnings release is available
for free at http://ResearchArchives.com/t/s?5c35

                     About Protection One

Protection One, Inc., is principally engaged in the business of
providing security alarm monitoring services, including sales,
installation and related servicing of security alarm systems for
residential and business customers.  The Company also provides
monitoring and support services to independent security alarm
dealers on a wholesale basis.  Affiliates of Quadrangle Group LLC
and Monarch Alternative Capital LP own roughly 70% of the
Company's common stock.

At September 30, 2009, the Company had total assets of
$628,119,000 against total liabilities of $711,392,000, resulting
in stockholders' deficiency of $83,273,000.

                           *     *     *

In January 2010, Protection One commenced a process to explore and
evaluate strategic alternatives, including a possible sale of the
Company, to maximize shareholder value.  Protection One engaged J.
P. Morgan to advise the Company's Board of Directors in this
process.


PROTECTIVE LIFE: Fitch Affirms 'BB+' Trust Preferred Ratings
------------------------------------------------------------
Fitch Ratings has affirmed Protective Life Corp.'s Issuer Default
Rating at 'BBB+' and senior debt ratings at 'BBB'.  Fitch has also
affirmed PL's trust preferred ratings at 'BB+' and primary life
insurance subsidiaries' Insurer Financial Strength ratings at 'A'.
The Rating Outlook is Negative.

The affirmation follows a review by Fitch of the year-end
statutory capitalization of PL's primary life insurance
subsidiaries.

Fitch's analysis of PL's statutory capital levels includes an
assumption for future investment losses in the range of 1.5%-2% of
invested assets.  Fitch's analysis also considers PL's use of
leverage, the capital and funding needs at various insurance
captives established to fund PL's redundant term life insurance
reserve requirements and PL's ceded reinsurance exposure to
Scottish Re, which is currently under regulatory supervision.

Fitch's review also considers strong GAAP and statutory earnings
reported by PL in the second half of 2009, and significant
progress made by PL on several financing initiatives.  These
initiatives include a refinancing of a significant portion of the
surplus notes issued by Golden Gate Captive Insurance Company
(Golden Gate), initiatives in process to finance peak reserve
needs and a re-orientation towards products with reduced reserve
funding needs.  The refinancing of the Golden Gate surplus notes
resulted in a significant gain and eliminated certain restrictions
that had previously prevented Golden Gate from paying a dividend
to its parent company, Protective Life Insurance Company.

The affirmations reflect the company's favorable earnings
performance, strong liquidity, and good competitive position in
the U.S. life insurance market.  Fitch believes that PL's
favorable earnings performance, which has been materially better
than peers, reflects the company's concentration in the individual
life insurance business, limited variable annuity exposure, and
focused management approach.

Fitch notes that under its newly introduced Total Financings and
Commitments ratio, PL demonstrates high (above average) leverage
compared to peers at approximately 1.3 times (x).  This is due
mainly to financings for Regulation XXX reserving.  Fitch
generally views these activities as well managed, and related
risks were previously captured in Fitch's ratings.

TFC is a non-risk-based leverage measure that expands on the
traditional debt-to-equity ratio to include other forms of debt
(or debt-like) obligations that may have been historically
classified as 'operating' debt.  The measure is intended to flag
those companies that have an above-average reliance on the capital
markets for funding, which would trigger further analysis by Fitch
to understand the relative risk of the company's various funding
activities.

Fitch also believes that PL's liquidity position is sound.  The
company has no significant debt maturing until 2013 and has cash
and liquid assets to meet maturing obligations at the holding
company and operating company levels.  Equity-adjusted leverage
remains within expectations, and interest coverage is reasonable.

PL maintains a good competitive position in the individual life
insurance market.  Fitch notes that the company is increasing its
focus on the sale of universal life insurance products, and
deemphasizing the sale of capital intensive term life insurance
products.  Fitch believes that the company's strategic
repositioning may have a negative impact on sales over the short
term.

The Negative Outlook continues to reflect uncertainties associated
with new products and, to lesser extent, the reserve credit on
reinsurance and the ultimate realization of future investment
losses.

Fitch affirms these ratings with a Negative Rating Outlook:

Protective Life Corporation

  -- IDR at 'BBB+';

  -- $10 million in medium-term notes due 2011 at 'BBB';

  -- $250 million in senior notes due 2013 at 'BBB';

  -- $150 million in senior notes due 2014 at 'BBB';

  -- $150 million in senior notes due 2018 at 'BBB';

  -- $400 million of 7.38% senior notes due 2019 at 'BBB';

  -- $300 million of 8.45% senior notes due 2039 at 'BBB';

  -- $100 million of 8.00% senior retail notes due 2024 at 'BBB';

  -- $103 million trust preferred issued through PLC Capital Trust
     III due 2031 at 'BB+';

  -- $119 million trust preferred issued through PLC Capital IV
     due 2032 at 'BB+';

  -- $103 million trust preferred issued through PLC Capital Trust
     V due 2034 at 'BB+';

  -- $200 million class D junior subordinated notes due 2066 at
     'BB+'.

Protective Life Insurance Company
Protective Life and Annuity Insurance Company
West Coast Life Insurance Company

  -- IFS at 'A'.

Protective Life Secured Trust

  -- Medium-term notes at 'A'.


PTS CARDINAL: Bank Debt Trades at 7% Off in Secondary Market
------------------------------------------------------------
Participations in a syndicated loan under which PTS Cardinal
Health is a borrower traded in the secondary market at 93.04
cents-on-the-dollar during the week ended Friday, March 26, 2010,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal.  This represents an increase of 0.79
percentage points from the previous week, The Journal relates.
The Company pays 225 basis points above LIBOR to borrow under the
facility.  The bank loan matures on April 10, 2014, and carries
Moody's Ba3 rating and Standard & Poor's BB- rating.  The debt is
one of the biggest gainers and losers among 185 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.

In April 2007, Cardinal Health completed the sale of its
Pharmaceutical Technologies and Services segment to The Blackstone
Group for approximately $3.3 billion.  PTS provides advanced
technologies and outsourced services for the pharmaceutical,
biotechnology and consumer health industry.  PTS develops,
manufactures and packages pharmaceutical and other products.


RADIENT PHARMACEUTICALS: Gets Extension to Regain Compliance
------------------------------------------------------------
US-based pharmaceutical company Radient Pharmaceuticals
Corporation received notice from the New York Stock Exchange Amex
indicating it has accepted the Company's business plan of
compliance, which was timely submitted on January 25, 2010, and
granted RPC an extension until June 23, 2010, to regain compliance
with the Exchange's continued listing standards.

As previously reported on January 26, 2010, Radient
Pharmaceuticals received notification from the staff of its
current listing exchange indicating the Company was considered to
be non-compliant with certain listing requirements of the NYSE
Amex.  Based on the Company's quarterly report on Form 10Q for the
period ending September 30, 2009, the Exchange staff indicated
that RPC had sustained losses too substantial in relation to its
overall operations or existing financial resources; or the
Company's financial condition has become so impaired it appears
questionable as to whether RPC will be able to continue operations
and/or meet our obligations as they mature.  This notification had
no immediate effect on the listing of RPC shares on the exchange.
Rather, the Company was afforded the opportunity to submit a
compliance plan in response to such notification.

RPC's accepted compliance plan outlines various high-priority
initiatives the Company will undertake to become complaint with
NYSE Amex listing standards.  This includes, but is not limited
to, securing additional capital through equity financing and an
equity line of credit; securing shareholder approval for various
debt for equity transactions to eliminate the majority of RPC's
near- and long-term debt; monetizing RPC's ownership in its China-
based subsidiary Jade Pharmaceuticals Inc.; advancing the
international commercialization of the Company's Onko-Sure(TM)
cancer test kits, Onko-Care cancer test services; and instituting
a new investor relations program to promote investor buying in
RPC.

The Company will be subject to periodic review by the exchange
staff during the extension period covered by the plan.  Failure to
make progress consistent with the plan or to regain compliance
with the continued listing standards by the end of the applicable
extension periods could result in the company's shares being
delisted from the exchange.  If the Company's common stock was
ultimately delisted from the exchange, it would be expected to
trade on the OTC Bulletin Board, a regulated quotation service
that provides quotes, sale prices and volume information in over-
the-counter equity securities.

RPC also announced that it filed a Notification of Late Filing
under Rule 12b-25 with the U.S. Securities and Exchange Commission
for the filing of its annual report on Form 10-K for the year
ended December 31, 2009 which is due March 31, 2010.  The Company
expects to file the Form 10-K by April 15, 2010, which is the
prescribed extended deadline pursuant to Rule 12b-25.  The Company
has been working diligently to complete all required information
for its annual report on Form 10-K.


                   About Radient Pharmaceuticals

Headquartered in Tustin, California, Radient Pharmaceuticals
Corporation is an integrated pharmaceutical company devoted to the
research, development, manufacturing, and marketing of diagnostic,
and premium skin care products.


RAFAELLA APPAREL: Moody's Retains 'Caa3' Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service announced that Rafaella Apparel Group,
Inc.'s ratings remain unchanged following the company's
announcement that its debt tender offer was unsuccessful.

Rafaella's ratings and outlook are:

  -- Corporate Family Rating: Caa3
  -- Probability of Default Rating: Caa3
  -- Senior secured notes due June 2011: Ca (LGD4, 62%)
  -- The ratings outlook is negative.

The last rating action for Rafaella was on November 4, 2009, when
Moody's downgraded its CFR to Caa3 with a negative outlook.

Rafaella Apparel Group, Inc., based in New York, NY, is a
designer, sourcer, and marketer of a full line of women's career
and casual sportswear separates under the Rafaella brand.  Net
sales for the twelve months ended December 31, 2009, were
$113 million.


RBDB INVESTMENTS: Files Schedules of Assets & Liabilities
---------------------------------------------------------
RBDB Investments LLC has filed with the U.S. Bankruptcy Court for
the Southern District of Ohio its schedules of assets and
liabilities, disclosing:

   Name of Schedule                   Assets          Liabilities
   ----------------                   ------          -----------
A. Real Property                    $10,375,000
B. Personal Property                         $0
C. Property Claimed as
   Exempt
D. Creditors Holding
   Secured Claims                                      $9,640,497
E. Creditors Holding
   Unsecured Priority
   Claims                                                      $0
F. Creditors Holding
   Unsecured Non-priority
   Claims                                              $2,196,664
                                     -----------        ---------
TOTAL                                $10,375,000      $11,837,161

North Bend, Ohio-based RBDB Investments LLC filed for Chapter 11
bankruptcy protection on March 19, 2010 (Bankr. S.D. Ohio Case No.
10-11748).  Charles M. Meyer, Esq., and Deepak K. Desai, Esq., at
Santen & Hughes LPA, assist the Company in its restructuring
effort.


RBDB INVESTMENTS: Section 341(a) Meeting Scheduled for April 19
----------------------------------------------------------------
The U.S. Trustee for Region 9 will convene a meeting of creditors
in RBDB Investments LLC's Chapter 11 case on April 19, 2010, at
10:00 a.m.  The meeting will be held at the Office of the U.S.
Trustee, 36 East Seventh Street, Suite 2050, Cincinnati, OH 45202.

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.

North Bend, Ohio-based RBDB Investments LLC filed for Chapter 11
bankruptcy protection on March 19, 2010 (Bankr. S.D. Ohio Case No.
10-11748).  Charles M. Meyer, Esq., and Deepak K. Desai, Esq., at
Santen & Hughes LPA, assist the Company in its restructuring
effort.  According to the schedules, the Company has assets of
$10,375,000, and total debts of $11,837,160.


REAL MEX: Names Richard Dutkiewicz as Executive VP and CFO
----------------------------------------------------------
Real Mex Restaurants Inc. hired Richard Dutkiewicz as Executive
Vice President and Chief Financial Officer.

Dick Rivera, President and CEO of RMR, said: "Rick's experience in
both restaurant and manufacturing environments make him a
particularly good fit with the needs of the company.  He has
worked in public companies as well as with private equity groups
and is a strong leader with a broad business perspective who will
complement our team and help us build value for all of our
stakeholders."  Mr. Dutkiewicz has been the Chief Financial
Officer of Einstein Noah Restaurant Group (NASDAQ: BAGL), since
2003, where he played a key role on the executive team for the
nation's largest operator of bagel bakeries, helping it transform
into a leader in the quick casual segment of the restaurant
industry.

"I look forward to partnering with Dick Rivera and the rest of the
Real Mex team to help lead the organization into the future.  I am
an admirer of all the Real Mex Brands and believe they have
significant equity with today's consumer.  I am excited to be
joining an organization that is so committed to its employees and
guests and look forward to building on all that has been achieved
at Real Mex Restaurants," Mr. Dutkiewicz said.

Headquartered in Cypress, California, Real Mex Restaurants --
http://www.realmexrestaurants.com/-- is the largest full-service,
casual dining Mexican restaurant chain operator in the United
States with 187 company owned restaurants.

As of September 27, 2009, the Company had total assets of
$274,756,000 against total liabilities of $249,428,000.  The
September 27 balance sheet showed strained liquidity: The Company
had total current assets of $31,978,000 against total current
liabilities of $62,565,000.

The Company's Senior Secured Notes and senior unsecured credit
facility each mature in 2010 and the Company will require
additional financing to meet this obligation.  The Company is
currently evaluating its options to raise the necessary funds.  No
assurance can be given that the Company will be able to refinance
any of its indebtedness on commercially reasonable terms or at
all.


RED LINE SPORTS: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Red Line Sports, Inc.
          dba Red Line Powersports
          dba Red Line Power Sports North
        4663 Hwy 501
        Myrtle Beach, SC 29579

Bankruptcy Case No.: 10-02037

Chapter 11 Petition Date: March 22, 2010

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

Judge: Chief Judge John E. Waites

Debtor's Counsel: Rose Marie Cooper, Esq.
                  Cooper Law Firm
                  981-C Hackler Street
                  Myrtle Beach, SC 29577
                  Tel: (843) 839-9540
                  Email: bknotice@myrtlebeachbankruptcylaw.com

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

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

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

              http://bankrupt.com/misc/scb10-02037.pdf

The petition was signed by Jonathan Formo, president and sole
owner of the Company.


REDDY ICE: S&P Downgrades Corporate Credit Rating to 'SD'
---------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its
corporate credit rating on Dallas, Texas-based Reddy Ice Holdings
Inc. (Holdings) to 'SD' (selective default) from 'CC'.

At the same time, S&P also lowered the issue rating on Holdings'
$150.5 million senior discount notes due 2012 to 'D' from 'C'.
The recovery rating on this debt remains unchanged at '6',
indicating S&P's expectation of negligible (0% to 10%) recovery
for lenders in the event of a payment default.

In addition, S&P has withdrawn the 'B' bank loan rating on Reddy
Ice Corp. (Opco) and the '2' recovery rating.  S&P also removed
the 'B' issue rating from CreditWatch with negative implications,
where it was placed on Feb. 19, 2010.

"The rating actions follow the company's substantial exchange of
Holdings' notes to secured second-lien priority Opco notes,
concurrent with Reddy Ice's refinancing of its bank loan," said
Standard & Poor's credit analyst Jean C. Stout.  For analytical
purposes, S&P view Holdings and its operating company, Reddy Ice
Corp. (Opco) as one economic entity.

Under its criteria, S&P assesses the exchange offer as distressed
and the completed transaction as tantamount to default.  It is
S&P's understanding that the remaining outstanding balance of the
senior discount notes continue to perform and accrue interest as
scheduled, and therefore S&P believes there is no contractual
default, nor any cross-default to other debt obligations.

Reddy Ice's post-exchange capital structure and bank refinancing
increased its debt burden by about $60 million.  Even so, it
extended Reddy Ice's maturities and provides liquidity to the
company to not only withstand lingering weak macroeconomic
conditions with greater capacity and provides Reddy Ice with
capital to fund its growth initiatives.  Credit measures
(including S&P's standard adjustments) are weak and will weaken
further pro forma the transaction.  For the year ended Dec. 31,
2009, S&P estimates that, pro forma for the transaction, EBITDA
coverage of interest is thin at about 1.3x, total debt to EBITDA
is high at about 7.2x, and funds from operations to total debt
would be only about 6%.


RITE AID: Bank Debt Trades at 10% Off in Secondary Market
---------------------------------------------------------
Participations in a syndicated loan under which Rite Aid
Corporation is a borrower traded in the secondary market at 89.91
cents-on-the-dollar during the week ended Friday, March 26, 2010,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal.  This represents an increase of 0.62
percentage points from the previous week, The Journal relates.
The Company pays 175 basis points above LIBOR to borrow under the
facility.  The bank loan matures on May 25, 2014, and carries
Moody's B3 rating and Standard & Poor's B+ rating.  The debt is
one of the biggest gainers and losers among 185 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.

Headquartered in Camp Hill, Pennsylvania, Rite Aid Corporation
(NYSE: RAD) -- http://www.riteaid.com/-- is the largest drugstore
chain on the East Coast and the third largest drugstore chain in
the U.S.  The Company operates more than 4,900 stores in 31 states
and the District of Columbia.

As reported by the Troubled Company Reporter on Oct. 21, 2009,
Moody's affirmed Rite Aid's 'Caa2' corporate family and
probability of default ratings.  Standard & Poor's also affirmed
the 'B-' corporate credit rating, and the outlook is stable.


RTL-WESTCAN LIMITED: S&P Assigns 'B+' Corporate Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'B+' long-
term corporate credit rating to Edmonton, Alta.-based RTL-Westcan
Limited Partnership.  The outlook is stable.

At the same time, S&P assigned its issue-level and recovery
ratings to RTL's proposed C$130 million second-lien secured notes
due 2017.  S&P rates the notes 'B+' (the same as the corporate
credit rating on the company), with a '3' recovery rating,
indicating its expectation of meaningful (50%-70%) recovery in the
event of a payment default.  The partnership will use the proceeds
to re-finance existing debt, help fund an announced acquisition,
and for general corporate purposes.

"The ratings on RTL reflect the partnership's participation in the
trucking industry, which S&P view as fragmented, highly
competitive, and cyclical, as well as its leverage, which S&P
classify as aggressive," said Standard & Poor's credit analyst
Jamie Koutsoukis.  "Providing some offset to these factors, S&P
believe, are RTL's strong market position as the largest niche
bulk commodity hauler in western Canada, strong working
relationships with its customers, good operating margins, and
satisfactory liquidity," Ms. Koutsoukis added.

RTL is one of the largest niche commodity haulers in western
Canada and a major Alberta-Northwest Territories
transportation/infrastructure company.  Operating out of 14
locations, the company specializes in dry and liquid bulk
transportation, freight hauling, air charter, and construction
services.  The hauling division, which accounts for the majority
of RTL's revenue, provides bulk commodity hauling, truckload,
less-than-truckload, flat deck services, and product handling
services to customers in British Columbia, Alberta, Saskatchewan,
and northern Canada.  The fleet comprises fuel tankers, insulated
trailers, hopper bottoms, pressure vessels, specialized two-way
hauling units, end dumps, side dumps, liquid tankers, and
pneumatics.

The stable outlook reflects S&P's expectation that RTL will
internally fund its debt servicing obligations and capital
spending program in the coming fiscal year and will apply free
cash flow primarily to reduce debt.  Furthermore, S&P expects RTL
to benefit from increased revenues and cash flow because of the
ECL Transportation Ltd. acquisition.  If RTL is able to maintain
its margins, demonstrate sustained profitability, and generate
positive free cash flow while reducing debt levels, S&P could
raise the ratings.  Standard & Poor's believes total adjusted debt
to EBITDA below 3.5x and funds from operations to debt above 20%
could strengthen the partnership's credit profile beyond the
current rating.  Alternatively, if RTL materially outspends
internally generated cash flow, or suffers deterioration in its
financial risk profile, a negative rating action could occur.


SANSAI ENVIRONMENTAL: Case Summary & 4 Largest Unsecured Creditors
------------------------------------------------------------------
Debtor: Sansai Environmental Technologies, LLC
        The Richard Melvin Building
        1455 East 185th Street
        Cleveland, Oh 44110

Bankruptcy Case No.: 10-12360

Chapter 11 Petition Date: March 22, 2010

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

Judge: Pat E. Morgenstern-Clarren

Debtor's Counsel: J. Norman Stark, Esq.
                  17000 St.Clair Avenue
                  Cleveland, OH 44110-2535
                  Tel: (216) 531-5310 x22
                  Fax: (888) 833-5860
                  Email: Normstark@aol.com

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

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

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

             http://bankrupt.com/misc/ohnb10-12360.pdf


SCHEHERAZADE INC: Files for Bankruptcy Due to Credit Crunch
-----------------------------------------------------------
Scheherazade filed for Chapter 11 bankruptcy, listing assets and
debts of $1 million to $10 million.

The Company owes $1.2 million to its 20 largest creditors.
Scheherazade's largest creditor is Golden Valley-based diamond
wholesaler LDM Co., at $151,796.  The Minneapolis Star Tribune is
owed $30,790.

Jackie Crosby at Star Tribune reports that Scheherazade blamed the
bankruptcy filing on the credit crunch and the recession.
According to the report, a person familiar with the filing said
Bank of America did not renew a line of credit to the Company.
The Company said it paid $700,000 on a $1.5 million loan from the
bank.

Scheherazade Inc. operates a 40-year old family-owned store at the
Galleria Mall in Edina, Minnesota.  It says operations will
continue while in Chapter 11.


SEITEL INC: Posts $18.3 Million Net Loss in Fourth Quarter
----------------------------------------------------------
Seitel, Inc., said in a earnings release that it is reporting that
a net loss of $18.3 million on $38.7 million of revenue for the
fourth quarter ended December 31, 2009, as compared with a net
loss of $18.0 million on $34.2 million of revenue for the same
period of 2008.  The increase in net loss primarily resulted from
a $5.5 million increase in seismic data amortization expense and a
$3.0 million increase in tax expense partially offset by a $4.5
million increase in revenue and a $1.2 million decrease in
selling, general and administrative expense.

For the year ended December 31, 2009, the Company reported a net
loss of $96.8 million on $115.3 million of revenue, compared to a
net loss of $74.1 million on $172.4 million of revenue for 2008.
The increase in net loss in 2009 mainly reflects lower revenue.

"2009 was a difficult year for the economy and our industry.
However, North America land rig counts have been steadily
increasing since reaching a low in May," stated Rob Monson,
president and chief executive officer.  "The improvement in cash
resales in the fourth quarter and what we have seen so far in the
first quarter is encouraging because it could represent the
beginning of the recovery from a deep industry contraction.

At December 31, 2009, the Company's consolidated balance sheets
showed $522.0 million in assets, $475.7 million of debts, and
$46.4 million of stockholders' equity.

A full-text copy of the Earnings Release is available for free at
http://researcharchives.com/t/s?5c29

                        About Seitel, Inc.

Based in Houston, Seitel, Inc.  -- http://www.seitel.com/ --
provides seismic data to the oil and gas industry in North
America.  Seitel's data products and services are critical for the
exploration for, and development and management of, oil and gas
reserves by oil and gas companies.  Seitel has ownership in an
extensive library of proprietary onshore and offshore seismic data
that it has accumulated since 1982 and that it licenses to a wide
range of oil and gas companies.

                          *     *     *

In July 2009, Moody's Investors Service downgraded Seitel's
Corporate Family Rating to Caa3 from B3, its Probability of
Default Rating to Caa3 from B3, its senior unsecured notes rating
to Caa3 (LGD 4, 54%) from B3 (LGD 4, 56%), and its Speculative
Liquidity Rating to SGL-4 from SGL-3.  The rating outlook is
negative.  The downgrade reflects the increased pressure on
Seitel's liquidity and earnings.


SINCLAIR BROADCAST: CEO Smith Sold 4850,000 Shares Early in March
-----------------------------------------------------------------
David D. Smith, President and CEO of Sinclair Broadcast Group,
Inc., disclosed that from March 1 to 5, 2010, he disposed of
roughly $485,000 shares of Sinclair Class A common stock in four
separate transactions.  The shares were sold between $5.00 and
$5.53.

On March 4, 2010, David Smith converted Sinclair Class B shares to
500,000 Class A shares.

As of March 2, 2010, David D. Smith, Frederick G. Smith, J. Duncan
Smith and Robert E. Smith may be deemed to beneficially own in the
aggregate 30,388,453 shares or roughly 95.0% of the Class B common
stock of Sinclair.  The Smiths may be deemed to beneficially own
33,137,265 shares or roughly 42.1% of the Class A common stock of
Sinclair if they all converted their shares of Class B Common
Stock into Class A Common Stock.

A full-text copy of the Smiths' regulatory filing is available at
no charge at http://ResearchArchives.com/t/s?5c65

                     About Sinclair Broadcast

Based in Baltimore, Maryland, Sinclair Broadcast Group, Inc.
(Nasdaq: SBGI) -- http://www.sbgi.net/-- one of the largest and
most diversified television broadcasting companies, currently owns
and operates, programs or provides sales services to 58 television
stations in 35 markets.  The Company's television group reaches
roughly 22% of U.S. television households and includes FOX,
ABC, CBS, NBC, MNT, and CW affiliates.

As of December 31, 2009, Sinclair had total assets of
$1,597,721,000 against total liabilities of $1,799,943,000.  As
of December 31, 2009, Total Sinclair Broadcast Group shareholders'
deficit was $211,950,000, and Noncontrolling interest was
$9,728,000, resulting in Total deficit of $202,222,000.

                           *     *     *

Sinclair carries Moody's Investors Service's Caa2 Corporate Family
Rating and Caa3 Probability of Default Rating; and Standard &
Poor's Ratings Services' 'B-' corporate credit rating.


SINCLAIR BROADCAST: Renews ABC Affiliation Agreements
-----------------------------------------------------
Sinclair Broadcast Group, Inc., and the ABC Network on March 25,
2010, entered into an agreement for the renewal of nine of their
Affiliation Agreements.  The Affiliation Agreements are effective
from January 1, 2010, through August 31, 2015.

ABC has agreed to provide each station with all ABC programs in
all time periods currently scheduled by ABC.  The Company is
required to pay an annual license fee to ABC for the network
programming.

Sinclair said the nine affiliation agreements cover approximately
5% of the country.

David Smith, President and CEO of Sinclair, stated, "As one of
ABC's largest affiliate groups, we are pleased to renew our
partnership with the Network.  We believe the length of this new
term continues to demonstrate the robust viability of the
network/affiliate model.  The agreement will benefit our local
market viewers by continuing to provide popular programming such
as 'Grey's Anatomy,' 'Dancing with the Stars,' 'Desperate
Housewives,' 'Modern Family' and 'Good Morning America' and will
help us to more quickly realize the value our programming,
including ABC programming, brings to multi-channel video program
distributors."

Barry Faber, Sinclair's Executive Vice President and General
Counsel, noted that, "Although the agreement includes a license
fee, based in part on retransmission consent revenue, we believe
that the pass through to the networks of a reasonable portion of
the fees that broadcasters receive is a necessary and appropriate
way to make sure that the networks continue to be able to provide
the most popular programming on television.  Over time, we expect
that the fees paid by multi-channel video program distributors to
acquire content will be reallocated so that the payments they make
more closely correlate with the popularity of programming.  As a
result, the fees paid to broadcasters are likely to increase to
more appropriate levels, which will allow affiliates to share
these fees with the networks in a measured manner, while the local
stations continue to benefit from this dual revenue stream."

Sinclair does not expect the terms of the new agreement or the
license fee to negatively impact the 2010 television station
expense guidance provided in Sinclair's February 17th earnings
release, which had already included an estimate for such amount.

                     About Sinclair Broadcast

Based in Baltimore, Maryland, Sinclair Broadcast Group, Inc.
(Nasdaq: SBGI) -- http://www.sbgi.net/-- one of the largest and
most diversified television broadcasting companies, currently owns
and operates, programs or provides sales services to 58 television
stations in 35 markets.  The Company's television group reaches
roughly 22% of U.S. television households and includes FOX,
ABC, CBS, NBC, MNT, and CW affiliates.

As of December 31, 2009, Sinclair had total assets of
$1,597,721,000 against total liabilities of $1,799,943,000.  As
of December 31, 2009, Total Sinclair Broadcast Group shareholders'
deficit was $211,950,000, and Noncontrolling interest was
$9,728,000, resulting in Total deficit of $202,222,000.

                           *     *     *

Sinclair carries Moody's Investors Service's Caa2 Corporate Family
Rating and Caa3 Probability of Default Rating; and Standard &
Poor's Ratings Services' 'B-' corporate credit rating.


SIX FLAGS: Moody's Downgrades Corporate Family Rating to 'B2'
-------------------------------------------------------------
Moody's Investors Service downgraded Six Flags Theme Parks Inc.'s
Corporate Family Rating and Probability of Default Rating to (P)B2
from (P)B1 following Six Flags, Inc.'s announcement that it will
modify its plan of reorganization to include $250 million of
second lien secured debt.  The company plans to utilize the net
proceeds from the incremental debt along with an increase in the
planned rights offering of up to $725 million (including
$25 million of committed delayed draw equity available at the
discretion of the new board until June 2011) to fund the repayment
of Six Flags Operations Inc. $400 million 12.25% senior unsecured
notes due July 2016.  The SFI note holders would receive
substantially all the equity under the modified reorganization
plan whereas the company's fourth amended joint plan of
reorganization filed in early December 2009 contemplated SFO note
holders receiving the majority of the equity in lieu of cash.  The
rating outlook remains stable.

The one notch downgrade of the CFR reflects the increase in
leverage and reduction in free cash flow resulting from the
incremental debt and cash interest expense relative to the levels
contemplated in January 2010 when Moody's first assigned the
provisional (P)B1 CFR.  Moody's does not expect the (P)B1 rating
assigned to SFTP's proposed $830 million senior secured bank
credit facility to change as the new $250 million second lien debt
provides a loss absorption cushion in the event of a default and
leverage through the first lien credit facility is not changing.
The loss given default point estimates were updated to reflect the
revised debt structure.  Moody's anticipates the revised
reorganization plan to be confirmed and become effective as the
majority of the company's creditors have now agreed to the
proposed capital structure.

Downgrades:

Issuer: Six Flags Theme Parks Inc.

  -- Corporate Family Rating, Downgraded to (P)B2 from (P)B1
  -- Probability of Default Rating, Downgraded to (P)B2 from (P)B1

LGD Updates:

Issuer: Six Flags Theme Parks Inc.

  -- Senior Secured First Lien Bank Credit Facility, Changed to
     LGD3 - 37% from LGD3 - 47% (no change to (P)B1 rating)

Moody's last rating action for SFTP was on January 6, 2010, when
(P)B1 ratings were assigned to the CFR, PDR and proposed senior
secured credit facility.

Six Flags' 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 Six Flags' core industry and
believes Six Flags' ratings are comparable to those of other
issuers with similar credit risk.

Six Flags, Inc., headquartered in New York City, is a regional
theme park company that operates 19 parks spread across North
America.  The park portfolio includes 15 wholly-owned facilities
(including parks near New York City, Chicago and Los Angeles),
three consolidated partnership parks -- Six Flags over Texas, Six
Flags over Georgia, and White Water Atlanta -- as well as Six
Flags Great Escape Lodge, which is accounted for under the equity
method.  Six Flags currently owns 52% of SFOT and approximately
29% of SFOG/White Water Atlanta.  Revenue including the
consolidation of the partnership parks was $913 million for the
fiscal year ended 12/31/09.


SMURFIT-STONE: Proposes to Assume Cedar Bay Ground Lease
--------------------------------------------------------
Smurfit-Stone Container Corp. and its units ask the U.S.
Bankruptcy Court for authority to assume and amend a ground lease
and certain related executory contracts, and enter into a
settlement and release agreement with Cedar Bay Generating
Company L.P.

According to Robert S. Brady, Esq., at Young Conaway Stargatt &
Taylor LLP, in Wilmington, Delaware, Smurfit-Stone Container
Enterprises, Inc., one of the Debtors, has a long term business
relationship with Cedar Bay which is governed by a series of
related agreements.

The two main agreements governing the Parties' relationship are
the Ground Lease and a certain services agreement, which was
later amended and known as the "Steam Services Agreement".

Pursuant to the Ground Lease, SSCE leases land adjacent to the
Debtors' Jacksonville, Florida recycled containerboard mill to
Cedar Bay.  Cedar Bay, in turn, owns and operates a cogeneration
facility on the Property.  The initial term of the Ground Lease
is 50 years and rent is $500,000 per year.

Under the Steam Services Agreement, Cedar Bay supplies steam from
its cogeneration facility, which is used in the production
process of the Jacksonville Mill.  The initial term of the Steam
Services Agreement is 22 years with automatic extensions of up to
five, five year periods plus a sixth renewal for three years.

Mr. Brady says that, essentially, with all extensions, the Steam
Services Agreement runs for the same 50 year period as the Ground
Lease.  He notes that SSCE pays Cedar Bay a fixed monthly payment
for the steam plus a unit charge for actual deliveries of steam.

The fixed cost of steam is reduced for the first two renewal
periods and the cost during any subsequent renewal periods is
negotiated by the Parties under mutually agreeable terms and
conditions, Mr. Brady further notes.  He adds that after the
Petition Date, the Debtors paid Cedar Bay over approximately
$14,000,000 under the Steam Services Agreement, and Cedar Bay
filed a proof of claim for $2,724,682 relating to prepetition
amounts owed to it by the Debtors.

Per the terms of the contractual relationship between the Debtors
and Cedar Bay, Mr. Brady says that the Debtors obligations under
the Ground Lease and the Steam Services Agreement are secured by
a $10,000,000 letter of credit.  He notes that the Debtors incur
fees associated with the LOC and the LOC Fees have historically
been under $500,000.

The key terms of the Settlement Agreement between the Parties
include:

  (a) Cedar Bay will reimburse SSCE, annually, for the actual,
      reasonable, out-of-pocket costs incurred by SSCE to
      deliver and maintain the LOC during the applicable year.
      Cedar Bay's annual payments in respect of the LOC will be
      capped at the lesser of the actual, reasonable, out-of-
      pocket costs or $500,000;

  (b) Cedar Bay will waive all unpaid prepetition amounts
      accrued and due or payable by SSCE pursuant to the Steam
      Services Agreement;

  (c) SSCE will waive all unpaid prepetition amounts accrued and
      due or payable by Cedar Bay pursuant to the Steam Services
      Agreement, except for those expressly set in an annex to
      the Settlement Agreement;

  (d) SSCE will pay to Cedar Bay all unpaid amounts owed to
      Cedar Bay from the Petition Date through October 31, 2009,
      as set in an annex to the Settlement Agreement;

  (e) SSCE will assume the executory contracts related to the
      Ground Lease; and

  (f) each of the Parties' personnel will be mutually released
      from all claims, counterclaims, demands, actions, causes
      of actions, damages, liabilities, losses, payments,
      obligations, and costs and expenses of any kind or nature.

A key term of the Lease Amendment between the Parties is Cedar
Bay's payment to SSCE, in arrears, rent from June 1, 2009 through
May 31, 2010, totaling $1,156,250.  From June 1, 2010 through May
31, 2014, Cedar Bay will pay to SSCE an annual rent aggregating
$1,625,000.  From and after June 1, 2014, Cedar Bay will pay a
"Fair Market Rent," as calculated in accordance with the Ground
Lease.

          Debtors Make Minor Changes to Proposed Order

Mr. Brady tells the Court that after the Debtors filed their
Request, they received comments from Cedar Bay.  Accordingly, the
Parties entered into discussions and came up with a revised
proposed order which states that subject to the conditions of the
Settlement Agreement, no cure amounts will be paid with respect
to the Executory Contracts to be assumed by the Debtors.

Judge Shannon subsequently signed the revised proposed order.

                        About Smurfit-Stone

Smurfit-Stone Container Corp. -- http://www.smurfit-stone.com/--
is one of the leading integrated manufacturers of paperboard and
paper-based packaging in North America and one of the world's
largest paper recyclers.  The Company operates 162 manufacturing
facilities that are primarily located in the United States and
Canada.  The Company also owns roughly one million acres of
timberland in Canada and operates wood harvesting facilities in
Canada and the United States.  The Company employs roughly 21,250
employees, 17,400 of which are based in the United States.  For
the quarterly period ended September 30, 2008, the Company
reported roughly US$7.450 billion in total assets and
US$5.582 billion in total liabilities on a consolidated basis.

Smurfit-Stone and its U.S. and Canadian subsidiaries filed for
Chapter 11 protection on January 26, 2009 (Bankr. D. Del. Lead
Case No. 09-10235).  Certain of the company's affiliates,
including Smurfit-Stone Container Canada Inc., a wholly owned
subsidiary of SSCE, and certain of its affiliates, filed to
reorganize under the Companies' Creditors Arrangement Act in the
Ontario Superior Court of Justice in Canada.

Smurfit-Stone joined pulp- and paper-related bankruptcies as
rising Internet use hurts magazines and newspapers.  Corporacion
Durango SAB, Mexico's largest papermaker, sought U.S. bankruptcy
in October.  Quebecor World Inc., a magazine printer and Pope &
Talbot Inc., a pulp-mill operator, also sought cross-border
bankruptcies for their operations in the U.S. and Canada.

James F. Conlan, Esq., Matthew A. Clemente, Esq., Dennis M.
Twomey, Esq., and Bojan Guzina, Esq., at Sidley Austin LLP, in
Chicago, Illinois; and Robert S. Brady, Esq., and Edmon L. Morton,
Esq., at Young Conaway Stargatt & Taylor in Wilmington, Delaware,
serve as the Debtors' bankruptcy counsel.  PricewaterhouseCooper
LLC, serves as the Debtors' financial and investment consultants.
Lazard Freres & Co. LLC acts as the Debtors' investment bankers.
Epiq Bankruptcy Solutions LLC acts as the Debtors' notice and
claims agent.

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


SMURFIT-STONE: Wants Full Disclosure from Mariner, Aurelius
-----------------------------------------------------------
Smurfit-Stone Container Corp. and its units ask the Court to
compel the full compliance of Rule 2019 of the Federal Rules of
Bankruptcy Procedure by Mariner Investment Group, LLC and Senator
Investment Group LP represented by Cross & Simon LLC and Willkie
Farr & Gallagher LLP, and certain claims holders, which includes
Aurelius Capital Management LP, Smith Management LLC and Venor
Capital Management LP, represented by Kasowitz Benson Torres &
Friedman LLP and Saul Ewing LLP.

The Professionals have already submitted prior Rule 2019
Statements, however, James F. Conlan, Esq., at Sidley Austin LLP,
in Chicago, Illinois, asserts that the Rule 2019 Statements
contain deficiencies which, if not corrected undermine Rule 2019.
Specifically, Mr. Conlan says that while the Rule 2019 Statements
identify certain claims holders and equity holders represented by
the Professionals, they fail to provide other information
required by Rule 2019, including:

  -- the identity and holdings of each person, entity or fund
     holding an interest in any of the Debtors that the Certain
     Holders or Equity Holders are purporting to act as an
     investment manager or advisor on behalf of; and

  -- the date of all acquisitions of all claims or interests,
     the amounts paid therefore, and any sales or dispositions
     of claims or interests for each of the entities.

Mr. Conlan contends that Rule 2019 requires the additional
disclosure.

Aurelius Capital Management LP and Columbus Hill Capital
Management, L.P., are managers of certain funds that are
beneficial holders of certain notes issued by the Debtors.

        Debtors Withdraw Request as to Cross and Wilkie

In a separate filing, the Debtors withdrew their request as it
pertains to Cross & Simon and Wilkie Farr after they filed a
supplement to their previous Rule 2019 Statement.

                        About Smurfit-Stone

Smurfit-Stone Container Corp. -- http://www.smurfit-stone.com/--
is one of the leading integrated manufacturers of paperboard and
paper-based packaging in North America and one of the world's
largest paper recyclers.  The Company operates 162 manufacturing
facilities that are primarily located in the United States and
Canada.  The Company also owns roughly one million acres of
timberland in Canada and operates wood harvesting facilities in
Canada and the United States.  The Company employs roughly 21,250
employees, 17,400 of which are based in the United States.  For
the quarterly period ended September 30, 2008, the Company
reported roughly US$7.450 billion in total assets and
US$5.582 billion in total liabilities on a consolidated basis.

Smurfit-Stone and its U.S. and Canadian subsidiaries filed for
Chapter 11 protection on January 26, 2009 (Bankr. D. Del. Lead
Case No. 09-10235).  Certain of the company's affiliates,
including Smurfit-Stone Container Canada Inc., a wholly owned
subsidiary of SSCE, and certain of its affiliates, filed to
reorganize under the Companies' Creditors Arrangement Act in the
Ontario Superior Court of Justice in Canada.

Smurfit-Stone joined pulp- and paper-related bankruptcies as
rising Internet use hurts magazines and newspapers.  Corporacion
Durango SAB, Mexico's largest papermaker, sought U.S. bankruptcy
in October.  Quebecor World Inc., a magazine printer and Pope &
Talbot Inc., a pulp-mill operator, also sought cross-border
bankruptcies for their operations in the U.S. and Canada.

James F. Conlan, Esq., Matthew A. Clemente, Esq., Dennis M.
Twomey, Esq., and Bojan Guzina, Esq., at Sidley Austin LLP, in
Chicago, Illinois; and Robert S. Brady, Esq., and Edmon L. Morton,
Esq., at Young Conaway Stargatt & Taylor in Wilmington, Delaware,
serve as the Debtors' bankruptcy counsel.  PricewaterhouseCooper
LLC, serves as the Debtors' financial and investment consultants.
Lazard Freres & Co. LLC acts as the Debtors' investment bankers.
Epiq Bankruptcy Solutions LLC acts as the Debtors' notice and
claims agent.

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


SMURFIT-STONE: Wins OK to Pay USW Fees and Expenses
---------------------------------------------------
Smurfit-Stone Container Corp. and its units obtained authority to
pay certain professional fees and expenses incurred by
professionals engaged by the United Steelworkers in connection
with issues arising out of the Debtors' efforts to reorganize.

The Debtors are currently in the process of developing a business
plan and other financial modeling that will provide the basis for
their reorganization, which may involve matters related to the
Debtors' pension plans in which majority of their unionized
employees participate.

To facilitate their ability to engage in meaningful negotiations
and discussions regarding issues related to hourly employees
represented by USW, USW determined that it is advisable for it to
retain outside professional advisors, including Potok Co., Inc.,
an investment banking firm, to focus on matters emanating from
the Debtors Chapter 11 cases.

Against this backdrop, the Debtors have agreed to pay the Outside
Consultant Fees and Expenses, subject to a $750,000 overall cap
for USW's investment banker, and $375,000 for other Outside
Consultants, provided that USW will not be precluded from seeking
a success fee for its investment banker in appropriate
circumstances.

James F. Conlan, Esq., at Sidley Austin LLP, in Chicago,
Illinois, relates that the Debtors and the USW presented a
certain memorandum of understanding to the Official Committee of
Unsecured Creditors, and the Committee supports the Debtors'
intention.

The MOU provides these procedures for payment of Outside
Consultant Fees:

  -- the Debtors will pay Potok and Co. $65,000 per month for
     each month beginning the later of February 2009 or the date
     Potok was first retained, and until Potok's work is
     concluded or the effective date of a plan of
     reorganization, provided that the aggregate amount will not
     exceed $750,000;

  -- the Debtors will pay USW's other Outside Consultants in
     connection with the Debtors' restructuring for all work
     performed between the Petition Date and the date the
     Outside Professional's work is concluded or the effective
     date of any Chapter 11 Plan of reorganization, provided
     that the amount will not exceed $375,000; and

  -- payment will be based on each Outside Consultant's usual
     rates and reimbursement will be only for reasonable and
     necessary expenses.

                        About Smurfit-Stone

Smurfit-Stone Container Corp. -- http://www.smurfit-stone.com/--
is one of the leading integrated manufacturers of paperboard and
paper-based packaging in North America and one of the world's
largest paper recyclers.  The Company operates 162 manufacturing
facilities that are primarily located in the United States and
Canada.  The Company also owns roughly one million acres of
timberland in Canada and operates wood harvesting facilities in
Canada and the United States.  The Company employs roughly 21,250
employees, 17,400 of which are based in the United States.  For
the quarterly period ended September 30, 2008, the Company
reported roughly US$7.450 billion in total assets and
US$5.582 billion in total liabilities on a consolidated basis.

Smurfit-Stone and its U.S. and Canadian subsidiaries filed for
Chapter 11 protection on January 26, 2009 (Bankr. D. Del. Lead
Case No. 09-10235).  Certain of the company's affiliates,
including Smurfit-Stone Container Canada Inc., a wholly owned
subsidiary of SSCE, and certain of its affiliates, filed to
reorganize under the Companies' Creditors Arrangement Act in the
Ontario Superior Court of Justice in Canada.

Smurfit-Stone joined pulp- and paper-related bankruptcies as
rising Internet use hurts magazines and newspapers.  Corporacion
Durango SAB, Mexico's largest papermaker, sought U.S. bankruptcy
in October.  Quebecor World Inc., a magazine printer and Pope &
Talbot Inc., a pulp-mill operator, also sought cross-border
bankruptcies for their operations in the U.S. and Canada.

James F. Conlan, Esq., Matthew A. Clemente, Esq., Dennis M.
Twomey, Esq., and Bojan Guzina, Esq., at Sidley Austin LLP, in
Chicago, Illinois; and Robert S. Brady, Esq., and Edmon L. Morton,
Esq., at Young Conaway Stargatt & Taylor in Wilmington, Delaware,
serve as the Debtors' bankruptcy counsel.  PricewaterhouseCooper
LLC, serves as the Debtors' financial and investment consultants.
Lazard Freres & Co. LLC acts as the Debtors' investment bankers.
Epiq Bankruptcy Solutions LLC acts as the Debtors' notice and
claims agent.

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


SMURFIT-STONE: 940 Claims Change Hands Since Feb. 1
---------------------------------------------------
For the period from February 1 to March 19, 2010, more than 940
claims were transferred by various creditors to various entities,
including Fair Harbor Capital LLC, Liquidity Solutions, Inc.,
Sierra Liquidity Fund LLC; United States Debt Recovery LLC;
Contrarian Funds LLC; The Seaport Group LLC; and Blue Heron Micro
Opportunities Fund LLP.

Among the claims transferred were the claims of:

  Transferor                                  Amount
  ----------                                ---------
  EKA Chemicals, Inc.                        $230,479
  GDF Suez Energy Resources NA, Inc.           59,502
  J. Henry Holland Corp.                       32,988
  Valve and Controls                           20,182
  Brenntag Pacific, Inc.                       15,556
  Hasco Oil Co., Inc.                           7,948
  Unified Pallet                                7,280
  Rahmann Belting & Industrial                  1,445
  Green Line Hose & Fittings                      942
  Enterprise Andre Gauthier, Inc.                 963

                        About Smurfit-Stone

Smurfit-Stone Container Corp. -- http://www.smurfit-stone.com/--
is one of the leading integrated manufacturers of paperboard and
paper-based packaging in North America and one of the world's
largest paper recyclers.  The Company operates 162 manufacturing
facilities that are primarily located in the United States and
Canada.  The Company also owns roughly one million acres of
timberland in Canada and operates wood harvesting facilities in
Canada and the United States.  The Company employs roughly 21,250
employees, 17,400 of which are based in the United States.  For
the quarterly period ended September 30, 2008, the Company
reported roughly US$7.450 billion in total assets and
US$5.582 billion in total liabilities on a consolidated basis.

Smurfit-Stone and its U.S. and Canadian subsidiaries filed for
Chapter 11 protection on January 26, 2009 (Bankr. D. Del. Lead
Case No. 09-10235).  Certain of the company's affiliates,
including Smurfit-Stone Container Canada Inc., a wholly owned
subsidiary of SSCE, and certain of its affiliates, filed to
reorganize under the Companies' Creditors Arrangement Act in the
Ontario Superior Court of Justice in Canada.

Smurfit-Stone joined pulp- and paper-related bankruptcies as
rising Internet use hurts magazines and newspapers.  Corporacion
Durango SAB, Mexico's largest papermaker, sought U.S. bankruptcy
in October.  Quebecor World Inc., a magazine printer and Pope &
Talbot Inc., a pulp-mill operator, also sought cross-border
bankruptcies for their operations in the U.S. and Canada.

James F. Conlan, Esq., Matthew A. Clemente, Esq., Dennis M.
Twomey, Esq., and Bojan Guzina, Esq., at Sidley Austin LLP, in
Chicago, Illinois; and Robert S. Brady, Esq., and Edmon L. Morton,
Esq., at Young Conaway Stargatt & Taylor in Wilmington, Delaware,
serve as the Debtors' bankruptcy counsel.  PricewaterhouseCooper
LLC, serves as the Debtors' financial and investment consultants.
Lazard Freres & Co. LLC acts as the Debtors' investment bankers.
Epiq Bankruptcy Solutions LLC acts as the Debtors' notice and
claims agent.

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


STAYTON SW: Court Approves Sunwest Purchase & Sale Agreement
------------------------------------------------------------
Stayton SW Assisted Living disclosed that US District Court Judge
Michael Hogan has approved an agreement to sell 149 senior housing
facilities to a joint venture formed by Blackstone Real Estate
Advisors VI L.P., Emeritus Senior Living, and Columbia Pacific
Advisors.  The Blackstone / Emeritus Joint Venture will become the
stalking horse bidder in a bankruptcy auction to be held on or
about May 17, 2010.

The transaction is valued at $1.3 billion and includes a
combination of cash, securities, and assumption of debt. The
Blackstone / Emeritus Joint Venture will purchase most of the
assets of the consolidated Sunwest enterprise.  Existing investors
and other claimants in the bankruptcy estate will be permitted to
exchange their claims for either cash or up to 49% of the units in
the venture.

"This is a very promising transaction for Sunwest's investors and
other creditors of the bankruptcy estate, for which we all owe
thanks to Judge Hogan and individuals he has appointed," said
Chief Restructuring Officer Clyde Hamstreet. "He employed an
effective mediation strategy, using [retired Lane County Circuit
Court Judge] Lyle Velure as mediator, to resolve most of the
financial and legal complexities and disputes.  This allowed
hundreds of Sunwest entities that were on the verge of liquidation
to be consolidated into a single viable business.  That act alone
created significant value for the estate to the benefit of
investors, lenders, and other creditors."

Investor groups also endorsed the Court's handling of the case.
"If it were not for Judge Hogan's concern for investors, his
belief in the company, and his willingness to stand up to secured
lenders seeking to foreclose on their collateral, most of us
investors would have lost everything," said Bill Bryan, Chairman
of the Management Committee, which consists of investor
representatives.  "Instead, we are looking forward to prospects of
a meaningful return of our investments. Judges Hogan and Velure,
the professionals working on this case, and the combined
creditors' committees have done a terrific job in making that
possible."

The Court selected the Blackstone / Emeritus Joint Venture as
stalking horse bidder over a competing proposal from AEW Capital
Management, which sought to make a preferred investment in the
reorganized company.  The two proposals were brought forward to
the Court by the Chief Restructuring Officer, Receiver Michael
Grassmueck, and the Management Committee after months of
negotiations.  Earlier in March, the Court appointed an
independent expert, Bettina Whyte of Bridge Associates, LLC, to
facilitate final negotiations with both Blackstone and AEW and
assist in evaluating the competing proposals.

"The final stages of negotiations resulted in a major gain to the
bankruptcy estate," Hamstreet said.  "Both bidders improved their
offers dramatically.  The real winners are the investors and
creditors of Sunwest.  Claimants who want cash will be able to
receive cash, while those who want to preserve their tax status or
share in the reorganized company's future potential will be able
to roll their existing investments into the new venture.  We have
been working very hard to provide this choice to investors and are
grateful to the Court, Ms. Whyte, and others involved for their
roles in bringing about this positive result."

The Court approved bid procedures to govern an upcoming six week
bidding period, and is expected to appoint an investment banker to
advise the estate during the bidding and auction process.

As lead bidder, the Blackstone / Emeritus Joint Venture will have
customary overbid protection and will receive break-up fees if
another bidder makes the highest and best bid at the auction.
Closing of the sale will be subject to customary conditions,
confirmation of Sunwest's plan of reorganization, completion of
loan modifications, and transfers of operating licenses.  Closing
is expected to occur in July 2010.

                     About The Blackstone Group

Blackstone is one of the world's leading investment and advisory
firms.  Its alternative asset management businesses include the
management of private equity funds, real estate funds, hedge
funds, credit-oriented funds, collateralized loan obligation
vehicles (CLOs) and closed-end mutual funds.  The Blackstone Group
also provides various financial advisory services, including
mergers and acquisitions advisory, restructuring and
reorganization advisory and fund placement services.


SUGARHOUSE HSP: S&P Affirms 'B-' Ratings on Senior Facilities
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on
Sugarhouse HSP Gaming Prop. Mezz. L.P.'s senior secured credit
facilities following the add-on of an incremental $21.5 million to
its existing term loan facility.  S&P affirmed the issue-level
rating on the facilities at 'B-' (at the same level as the 'B-'
corporate credit rating on the company).  The recovery rating on
this debt remains at '3', indicating S&P's expectation of
meaningful (50% to 70%) recovery for lenders in the event of a
payment default.

The provisions of the existing credit agreement permit proceeds to
be used to finance the license fee and development costs for the
addition of table games at the SugarHouse Casino in Philadelphia.
The tack-on facility will maintain the same key terms as the
existing facility and will mature in September 2014.

S&P's corporate credit rating on HSP is 'B-' and the rating
outlook is negative.  Construction of the casino is ongoing and
the expected completion date has been pushed to September 2010
(from S&P's previous expectation of an opening in July 2010), due
to inclement weather resulting in construction delays.  While S&P
view the addition of table games as a positive for the property,
S&P is concerned that the construction delays will reduce the
amount available in the interest reserve account to fund interest
costs post-opening.  The interest reserve was originally funded to
accommodate three months of interest payments post-opening, which
S&P believes to be insufficient to offset the risk of a potential
slow ramp-up period for a newly constructed gaming facility.  S&P
expects that construction delays will further reduce the interest
reserve to an amount equivalent to prefund about one month of
interest post-opening, but expect that the company will have the
flexibility to draw on its $10 million revolver to fund debt
service costs if necessary at that time.

                           Ratings List

              Sugarhouse HSP Gaming Prop. Mezz. L.P.

       Corporate Credit Rating              B-/Negative/--

                         Ratings Affirmed

              Sugarhouse HSP Gaming Prop. Mezz. L.P.

              Senior Secured Credit Facilities     B-
                Recovery Rating                    3


SWIFT TRANSPORTATION: Bank Debt Trades at 5% Off
-------------------------------------------------
Participations in a syndicated loan under which Swift
Transportation Co., Inc., is a borrower traded in the secondary
market at 95.09 cents-on-the-dollar during the week ended Friday,
March 26, 2010, according to data compiled by Loan Pricing Corp.
and reported in The Wall Street Journal.  This represents an
increase of 1.63 percentage points from the previous week, The
Journal relates.  The Company pays 325 basis points above LIBOR to
borrow under the facility.  The bank loan matures on March 15,
2014, and carries Moody's B3 rating and Standard & Poor's B-
rating.  The debt is one of the biggest gainers and losers among
185 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended Friday.

Swift Transportation Co., Inc. -- http://www.swifttrans.com/--
hauls freight such as building materials, paper products, and
retail merchandise throughout the U.S. and in Mexico.  The Company
operates a fleet of about 18,000 tractors and 48,000 trailers from
a network of about 40 terminals.  Its services include dedicated
contract carriage, in which drivers and equipment are assigned to
a customer long-term.  Besides standard dry ans, Swift's fleet
includes refrigerated, flatbed, and other specialized trailers, as
well as about 5,800 intermodal containers.


TELTRONICS INC: December 31 Balance Sheet Upside-Down by $4.7MM
---------------------------------------------------------------
On March 24, 2010, Teltronics, Inc., filed its annual report on
Form 10-K for the fiscal year ended December 31, 2009.

The Company's balance sheet at December 31, 2009, showed
$11.5 million in assets and of $16.2 million of debts, for a
stockholders' deficit of $4.7 million.

The Company reported net income of $5.4 million on $43.1 million
of revenue for 2009, compared with a net loss of $3.3 million on
$34.6 million of revenue for 2008.  In June 2008 the Company
closed down its research and development facility in Salt Lake
City, Utah.  R&D for the 20-20/Cerato products are now
consolidated in California and in Sarasota.  The Company also
reduced its personnel in Sarasota in its Intelligent Systems
Management ("ISM") product line as well as decreased personnel in
its manufacturing facility.  These cuts reduced the Company's
operating expenses by $3.8 million and $891,000 in 2009 and 2008,
respectively.

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

                  http://researcharchives.com/t/s?5c57

Palmetto, Fla.-based Teltronics, Inc. (OTC BB: TELT)
-- http://ww.teltronics.com/-- designs, installs, develops,
manufactures and markets electronic hardware and application
software products, and engages in electronic manufacturing
services primarily in the telecommunication industry.


TEXAS INDUSTRIES: S&P Downgrades Corporate Credit Rating to 'B'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on cement producer Texas Industries Inc. to 'B' from 'B+'.
The rating outlook is stable.

At the same time, S&P lowered the issue-level rating on the
company's $550 million senior notes due 2013 to 'B' (the same as
the corporate credit rating) from 'B+'.  The recovery rating
remains '4', indicating S&P's expectation of average (30%-50%)
recovery in the event of a payment default.

"The downgrade stems from S&P's belief that the recent operating
weakness, due to declining cement demand and prices, will continue
over the next several quarters and result in a deterioration of
credit metrics to levels weaker than S&P had previously expected
and more consistent with a lower rating," said Standard & Poor's
credit analyst Tobias Crabtree.  Specifically, S&P expects TXI to
maintain a leverage ratio, above 7.5x over the next several
quarters.
Nevertheless, S&P believes liquidity will be sufficient to cover
reduced capital spending requirements and operating and debt
service requirements over the next year.

The ratings reflect S&P's assessment of TXI's highly leveraged
financial risk profile and weak business profile, as TXI is
reliant on Texas and California end markets for a majority of
sales in comparison to larger, more geographically diverse cement
and aggregates companies.

The stable rating outlook reflects S&P's assessment that TXI's
liquidity will not materially decline from its current level over
the next several quarters and is sufficient to meet operating,
capital, and debt service requirements over the next 12 months.
S&P currently expect the company will maintain at least
$150 million in liquidity (after adjusting for its minimum
$40 million availability requirement to avoid its fixed-charge
covenant test) over the next several quarters based upon S&P's
projections.  S&P could take a negative rating action if
commercial construction weakens more than expected and
infrastructure spending does not begin to pick up, potentially
causing TXI to rely on its ABL facility to fund operating losses
which would further reduce its liquidity.  Specifically, this
could occur if fiscal 2011 EBITDA remains below $80 million, a
level S&P views as insufficient to cover the company's fixed
charges.

S&P could take a positive rating action, albeit unlikely given the
challenging operating environment, if volumes and revenue exceed
projected levels in the first half of fiscal 2011 and total debt
to EBITDA begins to trend toward 6x, which could occur if sales
increase more than 20% and EBITDA margins improve to over 13%.


TOR MINERALS: UHP LLP Raises Going Concern Doubt
------------------------------------------------
On March 24, 2010, TOR Minerals International, Inc., filed its
annual report on Form 10-K for the year ended December 31, 2009.

UHY LLP, in Houston, expressed substantial doubt about the
Company's ability to continue as a going concern.  The independent
auditors noted that the Company's credit facility with a financial
institution matures on August 15, 2010, at which time the credit
facility will be terminated as indicated by the financial
institution.  The Company may have difficulty in obtaining the
necessary financing to repay this credit facility.

The Company reported a net loss of $136,000 on $24,193,000 of
revenue for the year ended December 31, 2009, compared with a net
loss of $4,962,000 on $25,304,000 of revenue for 2008.

The Company's balance sheet as of December 31, 2009, showed
$32,876,000 in assets, $9,661,000 of debts, and $23,215,000 of
stockholders' equity.

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

                  http://researcharchives.com/t/s?5c2d

Corpus Christi, Tex.-based TOR Minerals International, Inc. is a
global specialty chemical company engaged in the business of
manufacturing and marketing mineral products for use as pigments,
pigment extenders and flame retardants used in the manufacture of
paints, industrial coatings, plastics, catalysts and solid surface
applications.


TRIBUNE CO: Bank Debt Trades at 37% Off in Secondary Market
-----------------------------------------------------------
Participations in a syndicated loan under which Tribune Co. is a
borrower traded in the secondary market at 62.80 cents-on-the-
dollar during the week ended Friday, March 26, 2010, according to
data compiled by Loan Pricing Corp. and reported in The Wall
Street Journal.  This represents an increase of 1.24 percentage
points from the previous week, The Journal relates.  The loan
matures May 17, 2014.  Tribune pays 300 basis points above LIBOR
to borrow under the facility.  Moody's has withdrawn its rating on
the bank debt, while it is not rated by Standard & Poor's.  The
debt is one of the biggest gainers and losers among 185 widely
quoted syndicated loans with five or more bids in secondary
trading for the week ended Friday.

Headquartered in Chicago, Illinois, Tribune Co. --
http://www.tribune.com/-- is a media company, operating
businesses in publishing, interactive and broadcasting, including
ten daily newspapers and commuter tabloids, 23 television
stations, WGN America, WGN-AM and the Chicago Cubs baseball team.

The Company and 110 of its affiliates filed for Chapter 11
protection on Dec. 8, 2008 (Bankr. D. Del. Lead Case No. 08-
13141).  The Debtors proposed Sidley Austion LLP as their counsel;
Cole, Schotz, Meisel, Forman & Leonard, PA, as Delaware counsel;
Lazard Ltd. and Alvarez & Marsal North Americal LLC as financial
advisors; and Epiq Bankruptcy Solutions LLC as claims agent.  As
of Dec. 8, 2008, the Debtors have $7,604,195,000 in total assets
and $12,972,541,148 in total debts.

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


TSU YUE WANG: Case Summary & 8 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Tsu Yue Wang
           aka Tsu Y. Wang
        26 Terrace Street
        Old Westbury, NY 11568

Bankruptcy Case No.: 10-11478

Chapter 11 Petition Date: March 22, 2010

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

Judge: Martin Glenn

Debtor's Counsel: Gary C. Fischoff, Esq.
                  Steinberg, Fineo, Berger & Fischoff, P.C.
                  40 Crossways Park Drive, Suite 104
                  Woodbury, NY 11797
                  Tel: (516) 747-1136
                  Fax: (516) 747-0382
                  Email: gfischoff@sfbblaw.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 8 largest unsecured creditors is available
for free at:

             http://bankrupt.com/misc/nysb10-11478.pdf

The petition was signed by Tsu Yue Wang.


UNITED AIR LINES: Bank Debt Trades at 14% Off in Secondary Market
-----------------------------------------------------------------
Participations in a syndicated loan under which United Airlines,
Inc., is a borrower traded in the secondary market at 85.75 cents-
on-the-dollar during the week ended Friday, March 26, 2010,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal.  This represents an increase of 0.73
percentage points from the previous week, The Journal relates.
The Company pays 200 basis points above LIBOR to borrow under the
facility.  The bank loan matures on Feb. 13, 2013, and carries
Moody's B3 rating and Standard & Poor's B+ rating.  The debt is
one of the biggest gainers and losers among 185 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.

Based in Chicago, Illinois, UAL Corporation (NASDAQ: UAUA) --
http://www.united.com/-- is the holding company for United
Airlines, Inc.  United Airlines is the world's second largest air
carrier.  The airline flies to Brazil, Korea and Germany.

The company filed for Chapter 11 protection on Dec. 9, 2002
(Bankr. N.D. Ill. Case No. 02-48191).  James H.M. Sprayregen,
Esq., Marc Kieselstein, Esq., David R. Seligman, Esq., and Steven
R. Kotarba, Esq., at Kirkland & Ellis, represented the Debtors in
their restructuring efforts.  Fruman Jacobson, Esq., at
Sonnenschein Nath & Rosenthal LLP represented the Official
Committee of Unsecured Creditors before the Committee was
dissolved when the Debtors emerged from bankruptcy.

Judge Eugene R. Wedoff confirmed the Debtors' Second Amended Plan
on Jan. 20, 2006.  The company emerged from bankruptcy protection
on Feb. 1, 2006.  (United Airlines Bankruptcy News; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)

UAL Corp. carries a 'Caa1' probability of default rating from
Moody's, 'B-' long term foreign issuer credit rating from Standard
& Poor's, and 'CCC' long term issuer default rating from Fitch.


UNITY NATIONAL: Closed; Bank of the Ozarks Assumes All Deposits
---------------------------------------------------------------
Unity National Bank, Cartersville, Georgia, was closed on
March 26, 2010, by the Office of the Comptroller of the Currency,
which appointed the Federal Deposit Insurance Corporation as
receiver.  To protect the depositors, the FDIC entered into a
purchase and assumption agreement with Bank of the Ozarks, Little
Rock, Arkansas, to assume all of the deposits of Unity National
Bank.

The five branches of Unity National Bank reopened on Saturday as
branches of Bank of the Ozarks.  Depositors of Unity National Bank
will automatically become depositors of Bank of the Ozarks.
Deposits will continue to be insured by the FDIC, so there is no
need for customers to change their banking relationship to retain
their deposit insurance coverage.  Customers should continue to
use their former Unity National Bank branch until they receive
notice from Bank of the Ozarks that it has completed systems
changes to allow other Bank of the Ozarks branches to process
their accounts as well.

As of December 31, 2009, Unity National Bank had around
$292.2 million in total assets and $264.3 million in total
deposits.  Bank of the Ozarks did not pay the FDIC a premium to
assume all of the deposits of Unity National Bank.  In addition to
assuming all of the deposits, Bank of the Ozarks agreed to
purchase essentially all of the failed bank's assets.

The FDIC and Bank of the Ozarks entered into a loss-share
transaction on $206.1 million of Unity National Bank's assets.
Bank of the Ozarks will share in the losses on the asset pools
covered under the loss-share agreement.  The loss-share
transaction is projected to maximize returns on the assets covered
by keeping them in the private sector.  The transaction also is
expected to minimize disruptions for loan customers.  For more
information on loss share, visit:

http://www.fdic.gov/bank/individual/failed/lossshare/index.html

Customers who have questions about the transaction can call the
FDIC toll-free at 1-800-815-0268.  Interested parties also can
visit the FDIC's Web site at:

http://www.fdic.gov/bank/individual/failed/unity-natl.html

The FDIC estimates that the cost to the Deposit Insurance Fund
will be $67.2 million.  Bank of the Ozarks' acquisition of all the
deposits was the "least costly" resolution for the FDIC's DIF
compared to all alternatives.  Unity National Bank is the 40th
FDIC-insured institution to fail in the nation this year, and the
seventh in Georgia.  The last FDIC-insured institution closed in
the state was McIntosh Commercial Bank, Carrollton, also on
March 26, 2010.


UNIVAR NV: Bank Debt Trades at 4% Off in Secondary Market
---------------------------------------------------------
Participations in a syndicated loan under which Univar N.V. is a
borrower traded in the secondary market at 95.81 cents-on-the-
dollar during the week ended Friday, March 26, 2010, according to
data compiled by Loan Pricing Corp. and reported in The Wall
Street Journal.  This represents an increase of 0.81 percentage
points from the previous week, The Journal relates.  The Company
pays 300 basis points above LIBOR to borrow under the facility.
The bank loan matures on Oct. 10, 2014, and is not rated by
Moody's and Standard & Poor's.  The debt is one of the biggest
gainers and losers among 185 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended Friday.

Univar N.V. -- http://www.univarcorp.com/-- is one of the largest
distributors of industrial chemicals and providers of related
services to a diverse set of end markets in the US, Canada and
Europe.  In April 2007, the company purchased ChemCentral
Corporation, the fourth largest chemicals distributor in the US,
for a purchase price of about $650 million, which resulted in the
combined entities becoming the largest chemicals distributor in
North America.  The company had pro forma revenues (including
ChemCentral Corporation) of $8.3 billion for the LTM ended
June 30, 2007.


UNIVAR NV: Bank Debt Trades at 4% Off in Secondary Market
---------------------------------------------------------
Participations in a syndicated loan under which Univar N.V. is a
borrower traded in the secondary market at 95.81 cents-on-the-
dollar during the week ended Friday, March 26, 2010, according to
data compiled by Loan Pricing Corp. and reported in The Wall
Street Journal.  This represents an increase of 0.81 percentage
points from the previous week, The Journal relates.  The Company
pays 300 basis points above LIBOR to borrow under the facility.
The bank loan matures on Oct. 11, 2014, and is not rated by
Moody's and Standard & Poor's.  The debt is one of the biggest
gainers and losers among 185 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended Friday.

Univar N.V. -- http://www.univarcorp.com/-- is one of the largest
distributors of industrial chemicals and providers of related
services to a diverse set of end markets in the US, Canada and
Europe.  In April 2007, the company purchased ChemCentral
Corporation, the fourth largest chemicals distributor in the US,
for a purchase price of about $650 million, which resulted in the
combined entities becoming the largest chemicals distributor in
North America.  The company had pro forma revenues (including
ChemCentral Corporation) of $8.3 billion for the LTM ended
June 30, 2007.


US FOODSERVICE: Bank Debt Trades at 10% Off in Secondary Market
---------------------------------------------------------------
Participations in a syndicated loan under which U.S. Foodservice,
Inc., is a borrower traded in the secondary market at 89.60 cents-
on-the-dollar during the week ended Friday, March 26, 2010,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal.  This represents an increase of 1.32
percentage points from the previous week, The Journal relates.
The Company pays 275 basis points above LIBOR to borrow under the
facility, which matures on July 3, 2014.  The debt carries Moody's
B2 rating while Standard & Poor's does not rate it.  The debt is
one of the biggest gainers and losers among 185 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.

U.S. Foodservice, Inc. -- http://www.usfoodservice.com/-- is a
foodservice supplier serving some 250,000 customers from more than
70 distribution facilities.  The Company supplies restaurants,
hotels, school, and other foodservice operators with a wide
variety of food products, including canned and dry foods, meats,
frozen foods, and seafood.  It also distributes kitchen equipment
and cleaning supplies among other non-food supplies.  U.S.
Foodservice distributes both national brand products and its own
private labels.  Tracing its roots to 1853, the company is owned
by private equity firms KKR & Co. and Clayton, Dubilier & Rice.


USEC INC: Inks Cooperative Agreement with Dept. of Energy
---------------------------------------------------------
USEC Inc. and the United States Department of Energy entered into
a Cooperative Agreement.  The Agreement provides for DOE support
for continued activities in connection with the Company's American
Centrifuge uranium enrichment gas centrifuge technology.

The Agreement provides for pro rata cost sharing between USEC and
DOE for a scope of work related to the Company's American
Centrifuge technology demonstration and manufacturing activities,
with a total estimated cost of $90 million. The Agreement is for
work performed from January 1, 2010 through December 31, 2010.

Under the Agreement, DOE will accept title to quantities of
depleted uranium that will enable USEC to release encumbered funds
for approximately 50% of the total estimated cost of the project
scope up to $45 million. Depleted uranium is generated as a result
of operation of the Company's gaseous diffusion plant in Paducah,
Kentucky.

Under USEC's license with the Nuclear Regulatory Commission,
USEC must guarantee the disposition of this depleted uranium
with financial assurance.  USEC will remain responsible, at its
expense, for the storage of the transferred depleted uranium until
DOE takes custody and possession of the material.  USEC will
provide cost sharing equal to 50% of the total estimated cost of
$90 million.  If USEC determines that it is unable to provide cost
sharing of at least $45 million, DOE's obligations will be
adjusted pro rata.

                          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.


VALLEY COUNTRY: Files for Chapter 11 Bankruptcy Protection
----------------------------------------------------------
Lisa Vernon-Sparks at Providence Journal reports that Valley
Country Club filed for Chapter 11 bankruptcy protection.  The
Company said it will submit a restructuring plan and continue on a
pay-as-you-go basis.

The Company estimated assets of $100,001 to $500,000.  Valley
Country Club owes $5.5 million, consisting of a $4.5 million owed
to Centreville Bank; $600,000 owed to bond holders; and $300,000
owed to general creditors.

Valley Country Club operates a private golf facility.


VENETIAN MACAU: Bank Debt Trades at 3% Off in Secondary Market
--------------------------------------------------------------
Participations in a syndicated loan under which Venetian Macau US
Finance Co., LLC, is a borrower traded in the secondary market at
97.23 cents-on-the-dollar during the week ended Friday, March 26,
2010, according to data compiled by Loan Pricing Corp. and
reported in The Wall Street Journal.  This represents an increase
of 0.62 percentage points from the previous week, The Journal
relates.  The Company pays 550 basis points above LIBOR to borrow
under the facility.  The bank loan matures on May 25, 2011, and
carries Moody's B3 rating and Standard & Poor's B- rating.

Meanwhile, participations in a syndicated loan under which Las
Vegas Sands Corp. is a borrower traded in the secondary market at
90.52 cents-on-the-dollar during the week ended Friday, March 26,
2010, according to data compiled by Loan Pricing Corp. and
reported in The Wall Street Journal.  This represents an increase
of 0.66 percentage points from the previous week, The Journal
relates.  The Company pays 175 basis points above LIBOR to borrow
under the facility.  The bank loan matures on May 1, 2014, and
carries Moody's B3 rating and Standard & Poor's B- rating.

The syndicated loans are two of the biggest gainers and losers
among 185 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended Friday.

Venetian Macau US Finance Co., LLC (also known as VML US Finance
LLC), and Venetian Macau Limited are wholly owned subsidiaries of
Las Vegas Sands.  Venetian Macau Limited owns the Sands Macau in
the People's Republic of China Special Administrative Region of
Macau and is also developing additional casino hotel resort
properties in Macau.

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

As reported by the TCR on Aug. 4, 2009, Moody's placed Las Vegas
Sands Corp.'s ratings, including its 'B3' Corporate Family Rating,
on review for possible downgrade.  Moody's cited weak operating
results and heightened concern regarding the Company's ability to
maintain compliance with financial covenants, among other things.

Las Vegas Sands also carries 'B-' issuer credit ratings from
Standard & Poor's.


VIEWCREST INVESTMENTS: Sec. 341(a) Meeting Scheduled for April 27
-----------------------------------------------------------------
The U.S. Trustee for Region 18 will convene a meeting of creditors
in Viewcrest Investments, LLC's Chapter 11 case on April 27, 2010,
at 3:00 p.m.  The meeting will be held at the US Trustee's Office,
620 SW Main Street, Room 213, Portland, OR 97205.

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.

Madras, Oregon-based Viewcrest Investments, LLC, filed for Chapter
11 bankruptcy protection on March 18, 2010 (Bankr. D. Ore Case No.
10-32146).  Charles Thomas Boardman, Esq., who has an office in
Portland, Oregon, assists the Company in its restructuring effort.
The Company listed $10,000,001 to $50,000,000 in assets and
$500,001 to $1,000,000 in liabilities.


VYTERIS INC: Recurring Losses Cue Going Concern Doubt
-----------------------------------------------------
On March 25, 2010, Vyteris, Inc., filed its annual report on Form
10-K for the year ended December 31, 2009.

Amper, Politziner & Mattia, LLP, in Edison, N.J., expressed
substantial doubt about the Company's ability to continue as a
going concern.  The independent auditors noted that the Company
has incurred recurring losses and is dependent upon obtaining
sufficient additional financing to fund operations and has not
been able to meet all of its obligations as they become due.

The Company reported a net loss of $33.9 million on $4.6 million
of revenue for the year ended December 31, 2009, compared with a
net loss of $8.0 million on $3.2 million of revenue for 2008.
In 2009, the Company recorded a non-cash charge of roughly
$35.9 million related to the difference in fair value of the
incremental shares received by Spencer Trask Specialty Group, LLC
or STSG in connection with the December 24, 2009 restructuring  of
over $20.3 million of preferred stock and senior secured debt that
the Company owed to STSG.  As a result of this restructuring, STSG
owned roughly 84.8% of the Company's issued and outstanding common
stock on a fully diluted basis as of December 31, 2009.

The Company's balance sheet as of December 31, 2009, showed
$2.6 million in assets and $11.4 million of debts, for a
stockholders' deficit of $8.8 million.

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

                  http://researcharchives.com/t/s?5c32

Fair Lawn, N.J.-based Vyteris, Inc. (OTC BB: VYTR)
-- http://www.vyteris.com/-- has developed and produced the first
FDA-approved, electronically controlled transdermal drug delivery
system that transports drugs through the skin comfortably, without
needles.


VYTERIS INC: Selects Joel Kanter to Board of Directors
------------------------------------------------------
Vyteris Inc. appointed Joel Kanter to the Company's Board of
Directors.  Mr. Kanter currently serves as the President of Windy
City Inc., an investment management firm.  He has over 20 years of
experience in providing financing and M&A advisory services for
growing life sciences companies.

"[Mr. Kanter's] background as a financier for development-stage
companies adds important resources and insight to our Board as we
continue our financial restructuring and position the business for
growth over the long-term," said Dr. Haro Hartounian, president
and chief executive officer of Vyteris, Inc.  "We welcome him to
the Vyteris Board and look forward to drawing on his experience as
we advance the development and strategic partnering efforts for
our validated transdermal drug delivery technology."


Mr. Kanter has served as President of Windy City since 1986.  From
1989 to 1999 he was President, and subsequently President and
Chief Executive Officer, of Walnut Financial Services, a publicly-
traded financial services firm that provided financing for small
businesses, including start-up and early-stage development
companies.  From 1985 to 1986, Mr. Kanter served as Managing
Director of The Investors' Washington Service, an investment
advisory company that advises institutional clients about the
impact of federal legislation and regulatory decisions on the
equity and debt markets.  He serves on the Board of Directors of a
number of publicly-traded and private companies, including Magna-
Labs, Medgenics, MediSync, Pet DRx, Prescient Medical and
Wafergen.

"Vyteris' active transdermal technology shows enormous potential
to provide a safer, more effective and more patient-friendly means
of delivering a broad range of drugs, including larger molecules
typically delivered intravenously, on complex and varied delivery
schedules," said Mr. Kanter.  "This unique delivery system has a
number of strategic applications for drug makers, and provides a
strong foundation for future value-creation through potential
partnerships, licensing agreements and proprietary development
efforts.  I look forward to working with Vyteris in furthering the
Company's goals."

                          Going Concern

At September 30, 2009, the Company had total assets of $1,052,829
against total liabilities of $33,793,157, resulting in
stockholders' deficit of $32,740,328.

"There is substantial doubt about our ability to continue as a
going concern. We have implemented severe cost reduction measures,
including headcount reductions, abandoning our leased facility at
17-01 Pollitt Drive, Fair Lawn, NJ and reducing the level of
effort spent on research and development programs, other than our
female infertility treatment," the Company said in its Form 10-Q
filing for the September 30, 2009 quarterly period.

A significant portion of the Company's indebtedness will become
due in June 2010.  The Company has said it is likely that
additional funding will not be available on favorable terms if
available at all.  "Unless we are able to raise sufficient capital
to fund payment of those past due amounts, we may be forced to
consider extraordinary measures such as bankruptcy," the Company
said.

In February 2010, Vyteris unveiled a private placement of
$1,060,000 of Senior Subordinated Convertible Promissory Notes due
2013.  Vyteris intends to use the net proceeds of the private
placement for research and development, working capital and
general corporate purposes.

The notes bear no interest and are convertible into common stock
of Vyteris at an initial conversion price of $0.20 per share.  The
sale of the notes also included issuance to investors of five-year
warrants exercisable for an aggregate of 5,300,000 shares of
Vyteris common stock at $0.20 per share.

Haro Hartounian, Ph.D., president and chief executive officer of
Vyteris, said in February that over the past three months, the
Company's financial restructuring efforts have raised $4.0 million
in capital and eliminated roughly $25.0 million in debt and
redeemable preferred stock.

                       About Vyteris Inc.

Vyteris Inc. -- http://www.vyteris.com/-- has developed and
produced the first FDA-approved electronically controlled
transdermal drug delivery system that delivers drugs through the
skin comfortably, without needles.  This platform technology can
be used to administer a wide variety of therapeutics either
directly into the skin or into the bloodstream.  Vyteris Inc.
holds roughly 50 U.S. patents and over 70 foreign patents relating
to the delivery of drugs across the skin using an electronically
controlled "Smart Patch" device.


WADE MICHAEL HARDES: Case Summary & 29 Largest Unsecured Creditors
------------------------------------------------------------------
Joint Debtors: Wade Michael Hardes
                 fdba Wade Hardes Trucking
                 fdba Hardes Farms
               Keri Ann Hardes
                 fka Keri Ann Speece
                 fdba Hardes Farms
               18461 355th Avenue
               Miller, SD 57362

Bankruptcy Case No.: 10-30016

Chapter 11 Petition Date: March 22, 2010

Court: United States Bankruptcy Court
       District of South Dakota (Central (Pierre)

Judge: Charles L. Nail, Jr.

Debtors' Counsel: Clair R. Gerry, Esq.
                  Gerry & Kulm Ask, Prof LLC
                  PO Box 966
                  Sioux Falls, SD 57101-0966
                  Tel: (605) 336-6400
                  Email: gerry@sgsllc.com

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

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

A list of the Company's 29 largest unsecured creditors is
available for free at:

              http://bankrupt.com/misc/sdb10-30016.pdf

The petition was signed by the Joint Debtors.


WASHINGTON MUTUAL: Files Plan of Reorganization
-----------------------------------------------
Washington Mutual, Inc., has filed a Plan of Reorganization and
Disclosure Statement with the United States Bankruptcy Court for
the District of Delaware.  The Plan implements and incorporates
the terms of the global settlement agreement reached among WMI,
JPMorgan Chase Bank, N.A., and the Federal Deposit Insurance
Corporation, which was announced to the Bankruptcy Court on
March 12, 2010, and is set forth in the draft settlement agreement
annexed to the Plan.  The provisions of the proposed settlement
agreement have been agreed to by WMI, JPMC and significant
creditor groups of the Company.  As of this date, the FDIC has not
agreed to all of the provisions contained in the draft settlement
agreement.  However, discussions are ongoing among the parties and
they are hopeful that such agreement will be obtained in the near
future.

The Plan is supported by JPMC and significant creditor groups of
the Company.

WMI issued the following statement:

"WMI is pleased to have reached this important milestone in the
Chapter 11 process.  The proposed Plan will provide substantial
recoveries for the Company's creditors and reflects WMI's diligent
efforts over the last 18 months to maximize the value of the
bankruptcy estate."

The Plan, under which the Settlement will be implemented, also
contemplates, among other things:

WMI will establish a liquidating trust to make distributions to
creditors on account of their allowed claims.  In accordance with
the terms of the Plan, the trust will distribute funds in excess
of approximately $7 billion, including approximately $4 billion of
previously disputed funds on deposit with JPMC.

It is anticipated that the reorganized WMI will undertake a rights
offering pursuant to which certain creditors will receive a right
to purchase newly issued shares of reorganized WMI common stock.
The reorganized WMI will retain equity interests in WMI Investment
Corp. and WM Mortgage Reinsurance Company.

JPMC will assume certain liabilities related to benefit plans.

The various litigations involving WMI, JPMC and FDIC will be
stayed or dismissed.  In addition, JPMC and the FDIC  will
withdraw claims against WMI's bankruptcy estate and the parties
will exchange mutual releases.

Preferred and common equity securities previously issued by WMI
will be cancelled.

WMI has requested that the Bankruptcy Court schedule a hearing on
May 19, 2010 to consider approval of the Disclosure Statement.
Following approval of the Disclosure Statement, WMI will ask the
Bankruptcy Court to confirm the Plan by July 20, 2010.

The Disclosure Statement filed today contains historical
information regarding WMI and certain of its affiliates, a
description of proposed distributions to creditors, an analysis of
the Plan's feasibility, as well as many of the technical matters
required for the solicitation process, such as descriptions of who
will be eligible to vote on the Plan and the voting process
itself.

WMI's Plan and Disclosure Statement are available at
http://www.kccllc.net/wamu. The Plan is subject to confirmation
by the Court.

                    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).


WHITE ENERGY: To Pay $13M to End Spat With Creditor
---------------------------------------------------
Bankruptcy Law360 reports that White Energy Inc. has submitted an
amended Chapter 11 plan that will pay out $3 million in cash and
issue a $10 million note to creditor Fagen Inc. in order to settle
objections the construction company had to an earlier plan.

Headquartered in Dallas, Texas, White Energy, Inc. --
http://www.white-energy.com/-- owns three ethanol plants.  White
Energy's plants have a combined capacity of producing 240 million
gallons of ethanol a year, making it one of the 10 largest ethanol
producers in the U.S. and the second-largest gluten maker.  Two
plants are in Texas with the third in Kansas.  White spent
$323 million building the plants in Texas.

The Company and its debtor-affiliates filed for Chapter 11 on
May 7, 2009 (Bankr. D. Del. Lead Case No. 09-11601).  Michael R.
Lastowski, Esq., at Duane Morris LLP, represents the Debtors in
their restructuring efforts.  The Debtors tapped The Garden City
Group Inc. as claims agent.  On the petition date, White Energy
disclosed assets and debts ranging from $100 million to
$500 million.


USEC INC: Annual Shareholders' Meeting on April 29
--------------------------------------------------
The Annual Meeting of Shareholders of USEC Inc. will be held on
April 29, 2010, at 10:00 a.m., Eastern Time, at the Marriott
Bethesda North Hotel and Conference Center, 5701 Marinelli Road,
North Bethesda, Maryland, for the purpose of considering and
voting upon:

     1. The election of nine directors for a term of one year;

     2. The ratification of the appointment of
        PricewaterhouseCoopers LLP as USEC's independent auditors
        for 2010; and

     3. Such other business as may properly come before the
        meeting or any adjournments thereof.

The record date for determining shareholders entitled to notice
of, and to vote at, the meeting was the close of business on
March 4, 2010.

As of March 4, 2010, FMR LLC in Boston, Massachusetts, held
12,884,911 shares or roughly 8.0% of the common stock of USEC.
Donald Smith & Co., Inc., in New York, held 11,268,350 shares or
roughly 10.0% of USEC common stock.  Dimensional Fund Advisors LP
in Austin, Texas, held 8,470,001 shares or 7.5% of USEC common
stock.  Tradewinds Global Investors, LLC, in Los Angeles,
California, held 7,752,341 shares or roughly 6.9% of USEC common
stock.  BlackRock, Inc., in New York, held 6,359,569 shares or
5.6% of USEC common stock.

A full-text copy of the Company's proxy statement is available at
no charge at http://ResearchArchives.com/t/s?5c66

                          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.


USEC INC: CEO Welch Receives 22% Pay Hike in Fiscal 2009
--------------------------------------------------------
USEC Inc. disclosed in a regulatory filing that it paid John K.
Welch, its President and CEO, $6,139,929 for fiscal 2009, a 22%
pay increase from the $5,027,022 he received the year before.

Mr. Welch's 2009 compensation includes his base salary of $934,615
and $2,125,767 in stock awards and $1,799,094 tagged as "Change in
Pension Value and Non-Qualified Deferred Compensation Earnings".
The Change in Pension Value and Non-Qualified Deferred
Compensation earnings represent the change in the actuarial
present value of an executive officer's accumulated benefits under
the Employees' Retirement Plan of USEC Inc., the USEC Inc. Pension
Restoration Plan and the USEC Inc. 2006 Supplemental Executive
Retirement Plan.

Mr. Welch's 2008 pay included his base salary of $900,000,
$1,720,430 in stock awards and $1,298,226 "Change in Pension Value
and Non-Qualified Deferred Compensation Earnings".  Mr. Welch was
paid $3,943,530 in 2007.

John C. Barpoulis, USEC's Senior Vice President and Chief
Financial Officer, was paid $1,516,445 in 2009, from $1,386,063 in
2008 -- a 9.4% pay increase.  He was paid $965,554 in 2007.

                          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.


YRC WORLDWIDE: Delays Effective Date of Registration Statement
--------------------------------------------------------------
YRC Worldwide Inc. has filed with the Securities and Exchange
Commission AMENDMENT NO. 1 TO FORM S-3 Registration Statement
Under The Securities Act of 1933 to delay the effective date of
the registration statement.

On February 11, 2010, YRC signed a Note Purchase Agreement with
certain investors pursuant to which the investors agreed to
purchase from YRC up to $70,000,000 in aggregate principal amount
of YRC's 6% Convertible Senior Notes due 2014.  The Troubled
Company Reporter ran a story on the deal on February 16, 2010.

YRC has filed a prospectus which will be used by selling
securityholders to resell the notes and the common stock issuable
on account of the notes from time to time.

YRC said the selling securityholders are Alden Global Distressed
Opportunities Fund, LP; Aristeia Master, L.P.; Investcorp
Silverback Arbitrage Master Fund, Ltd.; and Investcorp Silverback
Opportunistic Convertible Master Fund, Ltd.

The notes bear interest at a rate of 6.0% per annum.  Interest on
the notes is payable on February 15 and August 15 of each year,
beginning on August 15, 2010.  YRC expects to pay interest due on
the notes in 2010 through the issuance of additional shares of its
common stock.  YRC may also be required, pursuant to the terms of
its senior secured credit agreement, to pay interest on the notes
due after 2010 through the issuance of additional shares of YRC
common stock.

The notes will mature on February 15, 2014.  YRC may not redeem
the notes prior to the stated maturity.  Holders may require YRC
to repurchase all or a portion of their notes upon certain changes
in control of YRC Worldwide Inc., at 100% of the principal amount
of the notes, plus accrued and unpaid interest, and liquidated
damages due the holders of the notes under the registration rights
agreement with the initial buyers of the notes, if any, to the
date of repurchase, payable in cash.

The notes are convertible, at the noteholder's option, at any time
and from time to time, into shares of YRC common stock.  The notes
are initially convertible at a conversion price of $0.43 per
share, which is equal to a conversion rate of approximately
2,325.5814 shares per $1,000 principal amount of notes, subject to
adjustment.  The number of shares issuable on account of the notes
is subject to certain limitations and the right of holders of the
notes to convert their notes into shares is subject to certain
ownership limitations.

YRC's common stock is listed on the NASDAQ Global Select Market
under the symbol "YRCW."  On March 22, 2010, the closing sale
price of YRC common stock was $0.45 per share.  The notes are not
listed or quoted on any securities exchange or quotation service
and will be issued in physical form.

Beginning on February 23, 2012, if the sale price of YRC common
stock meets certain thresholds, YRC may at such time, and from
time to time, elect to have some or all of the notes converted
into shares of YRC common stock.

Noteholders who convert their notes at their option or whose notes
are converted at YRC's option will also receive additional shares
of YRC common stock issued in lieu of interest a holder of such
notes would have been entitled to receive had such holder held
such notes through maturity.

The notes are YRC's senior unsecured obligations.

A full-text copy of AMENDMENT NO. 1 is available at no charge
at http://ResearchArchives.com/t/s?5c67

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.

KPMG LLP, in Kansas City, Missouri, expressed substantial doubt
about YRC Worldwide'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'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.

                           *     *     *

According to the Troubled Company Reporter on Feb. 26, 2010, Fitch
Ratings has assigned a rating of 'C/RR6' to YRC Worldwide's
new 6% senior unsecured convertible notes due 2014.  The first
tranche of new notes, totaling $49.8 million, was issued on
Feb. 23, 2010.  Proceeds from this tranche will be used to repay
the $45 million in remaining outstanding principal on YRC Regional
Transportation Inc.'s 8.5% senior secured notes (known as the USF
notes).

As reported by the TCR on January 14, 2010, Standard & Poor's
Ratings Services raised its corporate credit rating on YRC
Worldwide to 'CCC-' from 'SD' (selective default).  At the same
time, S&P raised the senior unsecured issue-level ratings to 'CC'
from 'D' on the company's remaining notes that were subject to the
exchange offer, as well as a '6' recovery rating, indicating
negligible (0%-10%) recovery of principal in a payment default
scenario.  The company has issued a combination of common and
preferred equity in exchange for the existing notes.


* 36 Banks Agreed to Cease and Desist Consent Orders in February
----------------------------------------------------------------
The Federal Deposit Insurance Corporation on Friday released a
list of orders of administrative enforcement actions taken against
banks and individuals in February.  No administrative hearings are
scheduled.

The FDIC processed a total of 64 matters in February.  These
included 36 cease and desist consent orders; three removal and
prohibition orders; 13 civil money penalties; five prompt
corrective actions; six orders terminating an order to cease and
desist; and one notice of intention to prohibit from further
participation, notice of assessment of civil money penalties,
findings of fact, conclusions of law, order to pay and notice of
hearing.

Copies of the orders can be obtained from or inspected at the
FDIC's Public Information Center, 3501 Fairfax Drive, Room E-1002,
Arlington, VA (telephone 703-562-2200 or 1-877-275-3342).  To view
all orders online, visit the FDIC's Web page at:

http://www.fdic.gov/bank/individual/enforcement/index.html

     (A) FINAL ORDERS ISSUED PURSUANT TO SECTION 8(b),
         12 U.S.C. Section 1818(b)

         Cease-and-Desist

Bay Bank, Theodore, AL; FDIC-09-647b; Issued 2/5/10

Central Arizona Bank, Casa Grade, AZ; FDIC-09-673b; Issued 2/8/10

Mohave State Bank, Lake Havasu City, AZ; FDIC-10-033b; Issued
2/8/10

Towne Bank of Arizona, Mesa, AZ; FDIC-10-032b; Issued 2/2/10

Golden Coast Bank, Long Beach, CA; FDIC-10-094b; Issued 2/12/10

Commerce Bank of Temecula Valley, Murrieta, CA; FDIC-10-104b;
Issued 2/11/10

Citizens Bank of Northern California, Nevada City, CA; FDIC-10-
053b; Issued 2/11/10

Mile High Banks, Longmont, CO; FDIC-09-552b; Issued 2/5/10

Champion Bank, Parker, CO; FDIC-09-749b; Issued 2/24/10

The Community's Bank, Bridgeport, CT; FDIC-09-744b; Issued 2/17/10

Bank of Coral Gables, Coral Gables, FL; FDIC-09-690b; Issued
2/11/10

Haven Trust Bank Florida, Ponte Vedra Beach, FL; FDIC-09-623b;
Issued 2/17/10

Sunrise Bank of Atlanta, Atlanta, GA; FDIC-09-696b; Issued 2/18/10

Peoples State Bank, Jeffersonville, GA; FDIC-09-694b; Issued
2/18/10

The Bank of Perry, Perry, GA; FDIC-09-638b; Issued 2/25/10

Bank of Valdosta, Valdosta, GA; FDIC-09-693b; Issued 2/18/10

Finance Factors, Limited, Honolulu, HI; FDIC-10-083b; Issued
2/26/10

Idaho First Bank, McCall, ID; FDIC-09-630b; Issued 2/10/10

American Enterprise Bank, Buffalo Grove, IL; FDIC-09-660b; Issued
2/24/10

New Century Bank, Chicago, IL; FDIC-09-348b; Issued 2/19/10

Elkhart Community Bank, Elkhart, IN; FDIC-09-297b; Issued 2/18/10

Evansville Commerce Bank, Evansville, IN; FDIC-09-692b; Issued
2/18/10

Goshen Community Bank, Goshen, IN; FDIC-09-296b; Issued 2/24/10

Fidelity Bank, Dearborn, MI; FDIC-09-422b; Issued 2/12/10

Macatawa Bank, Holland, MI; FDIC-09-705b; Issued 2/22/10

CF Bancorp, Port Huron, MI; FDIC-09-676b; Issued 2/24/10

Lakeview Bank, Lakeville, MI; FDIC-09-626b; Issued 2/5/10

Sunrise Bank of Albuquerque, Albuquerque, NM; FDIC-09-523b; Issued
2/17/09

First Central Savings Bank, Glen Cove, NY; FDIC-09-702b; FDIC-09-
701k; Issued 2/17/10

Mountain 1st Bank & Trust Company, Hendersonville, NC; FDIC-09-
679b; Issued 2/25/10

Cornerstone Bank, Wilson, NC; FDIC-09-718b; Issued 2/11/10

Community South Bank and Trust, Easley, SC; FDIC-09-698b; Issued
2/26/10

Quoin Financial Bank, Miller, SD; FDIC-10-027b; Issued 2/26/10

Treaty Oak Bank, Austin, TX; FDIC-09-684b; Issued 2/17/10

The Village Bank, St. George, UT; FDIC-10-055b; Issued 2/19/10

Community Bank of Central Wisconsin, Colby, WI; FDIC-09-748b;
Issued 2/16/10

     (B) FINAL ORDERS Issued PURSUANT TO SECTION 8(e),
         12 U.S.C. Section 1818(e)

         Removal and Prohibition Orders

Bank of Alameda, Alameda, CA; FDIC-09-334e; against Sokvoeun Sou;
Issued 2/25/10

Bank of the West, San Francisco, CA; [Formerly Commercial Federal
Bank, Omaha, Nebraska] and Farmers Trust Savings Bank, Earling,
IA; FDIC-09-396e; FDIC-09-397k; against Kenneth D. Waite; Issued
2/17/10

Community Bank-Wheaton/Glen Ellyn, Glenn Ellyn, IL; FDIC-06-113e;
against Heidi W. Flanagan; Issued 2/17/10

     (C) FINAL ORDERS Issued PURSUANT TO SECTION 8(i)
         12 U.S.C. Section 1818(i)

         Civil Money Penalties

Bank of the West, San Francisco, CA; [Formerly Commercial Federal
Bank, Omaha, Nebraska] and Farmers Trust Savings Bank, Earling,
IA; FDIC-09-396e; FDIC-09-397k; Order of Prohibition From Further
Participation and Order to Pay against Kenneth D. Waite in the
amount of $40,000.00; Issued 2/17/10

Christiana Bank & Trust Company, Greenville, DE; FDIC-09-710k; in
the amount of $5,500.00; Issued 2/2/10

First & Peoples Bank, Russell, KY; FDIC-09-459k; in the amount of
$3,450.00; Issued 2/11/10

Community Bank, Raceland, LA; FDIC-09-737k; in the amount of
$9,500.00; Issued 2/22/10

Community State Bank, Saint Charles, MI; FDIC-08-020k; in the
amount of $2,050.00; Issued 2/12/10

Dakota County State Bank, South Sioux City, NE; FDIC-09-756k; in
the amount of $1,500.00; Issued 2/5/10

First Central Savings Bank, Glen Cove, NY; FDIC-09-702b; FDIC-09-
701k; Consent Order, Order for Restitution and Order to Pay in the
amount of $100,000.00; Issued 2/17/10

USA Bank, Port Chester, NY; FDIC-08-076k; against Louis G.
Cornacchia; in the amount of $500.00; Issued 2/2/10

The Bank of the West, Thomas, OK; FDIC-09-429k; in the amount of
$2,310.00; Issued 2/22/10

The Dime Bank, Honesdale, PA; FDIC-10-056k; in the amount of
$3,000.00; Issued 2/22/10

S&T Bank, Indiana, PA; FDIC-10-050k; in the amount of $32,640.00;
Issued 2/22/10

Citizens State Bank, Jasper, TN; FDIC-09-669k; in the amount of
$2,000.00; Issued 2/22/10

The Black Earth State Bank, Black Earth, WI; FDIC-09-499k; in the
amount of $2,500.00; Issued 2/4/10

     (D) FINAL ORDERS Issued PURSUANT TO SECTION 38
         12 U.S.C. Section 1831o

Prompt Corrective Actions

Ventura County Business Bank, Oxnard, CA; FDIC-10-092PCAS; Issued
2/5/10

Tamalpais Bank, San Rafael, CA; FDIC-10-134PCAS; Issued 2/19/10

AmericanFirst Bank, Clermont, FL; FDIC-10-071PCAS; Issued 2/5/10

High Desert State Bank, Albuquerque, NM; FDIC-10-017PCAS; Issued
2/3/10

AmericanWest Bank, Spokane, WA; FDIC-10-148PCAS; Issued 2/24/10

    (E) TERMINATIONS

        Order Terminating an Order to Cease and Desist

Arrowhead Community Bank, Glendale, AZ; FDIC-09-393b; Issued
2/8/10

Mesa Bank, Mesa, AZ; FDIC-09-106b; Issued 2/18/10

Premier American Bank, Miami, FL; FDIC-09-061b; Issued 2/17/10

Community Bank & Trust, Cornelia, GA; FDIC-09-068b; Issued 2/23/10

Nuestro Banco, Raleigh, NC; FDIC-09-006b; Issued 2/17/10

Citizens Bank, New Tazewell, TN; FDIC-07-147b; Issued 2/3/10

     (F) NOTICE ISSUED

A Notice is a proposal enforcement action and is not a final
decision or order by the FDIC.

Notice of Intention to Prohibit From Further Participation, Notice
of Assessment of Civil Money Penalties, Findings of Fact,
Conclusions of Law, Order to Pay, and Notice of Hearing

Miami Valley Bank, Lakeview, OH; FDIC-09-545e; FDIC-09-547k;
Issued 2/26/10

Congress created the Federal Deposit Insurance Corporation in 1933
to restore public confidence in the nation's banking system. The
FDIC insures deposits at the nation's 8,012 banks and savings
associations and it promotes the safety and soundness of these
institutions by identifying, monitoring and addressing risks to
which they are exposed. The FDIC receives no federal tax dollars -
- insured financial institutions fund its operations.


* Bank Failures This Year Now 41 as Four Banks Are Shut
-------------------------------------------------------
Regulators closed four banks -- McIntosh Commercial Bank,
Carrollton, GA; Desert Hills Bank, Phoenix, AZ; Unity National
Bank, Cartersville, GA; and Key West Bank, Key West, FL -- on
March 26, raising the total closings for this year to 41.

The Federal Deposit Insurance Corporation was appointed receiver
for the banks.  The FDIC was able to find banks who are assuming
the deposits and taking over operations of the banks closed last
Friday.

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

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

                    2010 Failed Banks List

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

For this year, the failed banks are:

                               Loss-Share
                               Transaction Party     FDIC Cost
                  Assets of    Bank That Assumed   to Insurance
                  Closed Bank  Deposits & Bought      Fund
Closed Bank       (millions)   Certain Assets       (millions)
-----------       ----------   --------------      -----------
McIntosh Commercial     $362.9    CharterBank, West Point $123.3
Desert Hills Bank       $496.6    New York Community Bank $106.7
Unity National Bank     $292.2    Bank of the Ozarks       $67.2
Key West Bank            $88.0    Centennial Bank          $23.1
State Bank of Aurora     $28.2    Northern State Bank       $4.2
First Lowndes Bank      $137.2    First Citizens Bank      $38.3
Bank of Hiawassee       $377.8    Citizens South Bank     $137.7
Appalachian Community $1,010.0    Community & Southern    $419.3
Advanta Bank Corp.    $1,600.0    - None -                $635.6
Century Security         $96.5    Bank of Upson            $29.9
American National        $70.3    National Bank and Trust  $17.1
The Park Avenue Bank    $520.1    Valley National Bank     $50.7
Statewide Bank          $243.2    Home Bank, Lafayette     $38.1
Old Southern Bank       $315.6    Centennial Bank          $94.6
LibertyPointe Bank      $209.7    Valley National          $24.8
Sun American Bank       $535.7    First-Citizens Bank     $103.8
Waterfield Bank         $155.6    {FDIC Created}           $51.0
Centennial Bank         $215.2    Zions Bank               $96.3
Bank of Illinois        $211.7    Heartland Bank           $53.7
Rainier Pacific Bank    $446.2    Umpqua Bank, Roseburg    $95.2
Carson River Community   $51.1    Heritage Bank of Nevada   $7.9
George Washington       $412.8    FirstMerit Bank         $141.4
La Jolla Bank         $3,600.0    OneWest Bank, FSB       $882.3
The La Coste Nat'l       $53.9    Community National        $3.7
Marco Community Bank    $119.6    Omaha Bank               $38.1
1st American State       $18.2    Community Development     $3.1
First National Bank     $832.6    Community & Southern    $260.4
Florida Community       $875.5    Premier American Bank   $352.6
American Marine Bank    $373.2    Columbia State Bank      $58.9
Marshall Bank, N.A.      $59.9    United Valley Bank        $4.1
First Regional Bank   $2,180.0    First-Citizens Bank     $825.5
Comm. Bank & Trust    $1,210.0    SCBT, N.A.              $354.5
Charter Bank          $1,200.0    Charter, Albuquerque    $201.9
Evergreen Bank          $488.5    Umpqua Bank, Roseburg    $64.2
Columbia River Bank   $1,100.0    Columbia State Bank     $172.5
Bank of Leeton           $20.1    Sunflower Bank            $8.1
Premier American Bank   $350.9    Bond Street subsidiary   $85.0
Town Community           $69.6    Bank First American      $17.8
St. Stephen State        $24.7    First State Bank          $7.2
Barnes Banking          $827.8    {DINB Created}          $271.3
Horizon Bank          $1,400.0    Washington Federal      $539.1

In 2009, there were 140 failed banks, compared with just 25 for
2008.

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

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

                   702 Banks on Problem List

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.

The FDIC, in its February 23 report, said that total assets of
"problem" institutions were $402.8 billion at yearend 2009,
compared with $345.9 billion at the end of September and $159.0
billion at the end of 2008.  Both the number and assets of
"problem" institutions are at the highest level since June 30,
1993.

The Deposit Insurance Fund (DIF) decreased by $12.6 billion during
the fourth quarter to a negative $20.9 billion (unaudited)
primarily because of $17.8 billion in additional provisions for
bank failures.  Also, unrealized losses on available-for-sale
securities combined with operating expenses reduced the fund by
$692 million.  Accrued assessment income added $3.1 billion to the
fund during the quarter, and interest earned, combined with
termination fees on loss share guarantees and surcharges from the
Temporary Liquidity Guarantee Program added $2.8 billion.  For the
year, the fund balance shrank by $38.1 billion, compared to a
$35.1 billion decrease in 2008.  The DIF's reserve ratio was
negative 0.39% on December 31, 2009, down from negative 0.16% on
September 30, 2009, and 0.36% a year ago.  The December 31, 2009,
reserve ratio is the lowest reserve ratio for a combined bank and
thrift insurance fund on record.

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.

On November 12, 2009, the FDIC adopted a final rule amending the
assessment regulations to require insured depository institutions
to prepay their quarterly risk-based assessments for the fourth
quarter of 2009 and for all of 2010, 2011, and 2012 on December
30, 2009, along with each institution's risk-based assessment for
the third quarter of 2009.   The FDIC is asking banks to prepay
three years of premiums on Dec. 30 to raise $45 billion for the
fund.

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

               Problem Institutions      Failed Institutions
               --------------------      -------------------
Year           Number  Assets (Mil)      Number  Assets (Mil)
----           ------  ------------      ------  ------------
2009              702      $402,800         140       $169,700
2008              252      $159,405          25       $371,945
2007               76       $22,189           3         $2,615
2006               50        $8,265           0             $0
2005               52        $6,607           0             $0
2004               80       $28,250           4           $170

A copy of the FDIC's Quarterly Banking Profile for the quarter
ended Dec. 31, 2009, is available for free at:

      http://bankrupt.com/misc/FDIC_QBP_Q4_09.pdf

                Guarantees for Buyers Reduced

Phil Mattingly at Bloomberg News reports that the FDIC said it
will stop offering to absorb 95% of losses for purchasers of
failed banks, signaling the agency's optimism it will find more
willing buyers as the U.S. economy improves.

"This is a positive development," FDIC spokesman Andrew Gray said
in an e-mail to Bloomberg confirming the plan.  "As a result of
better pricing, more competitive bidding and an improving economy,
the FDIC feels that it can explore this step."

The agency will continue to offer coverage for 80% of losses on
some transactions, Mr. Gray said.

According to Bloomberg, the FDIC, which introduced loss-sharing
agreements during the savings-and-loan crisis in 1991, resumed
using them in 2008 amid bank failures stemming from the collapse
of the subprime mortgage market. As of the end of 2009, the FDIC
had entered into 94 loss-sharing agreements with $122 billion in
assets under loss share, according to the agency.


* FDIC Raises $653 Million in Sale of Guaranteed Notes
------------------------------------------------------
The Federal Deposit Insurance Corp. sold $653 million of
guaranteed notes backed by residential mortgages and seized
properties from a failed bank, Bloomberg's Jody Shenn reported,
citing a person familiar with the transaction.

According to the report, the securities sold at yields of 3.032%,
or 75 basis points more than the benchmark swap rate.

The bonds represent part of the assets the FDIC acquired after
seizing Houston-based Franklin Bank in September, people familiar
with offering said, according to the Bloomberg report.


* James Savin Named as One of Law360's Bankruptcy Lawyers to Watch
------------------------------------------------------------------
With a skill for helping creditors of companies such as General
Growth Properties Inc. and Muzak LLC achieve their goals in
complex bankruptcies, Akin Gump Strauss Hauer & Feld LLP partner
James Savin -- tapped to head the firm's financial restructuring
practice in Washington as a newly elected partner in 2006 -- is
one of Law360's 10 bankruptcy lawyers under 40 to watch.


* Protopapas Named as One of Law360's Bankruptcy Lawyers to Watch
-----------------------------------------------------------------
As one of the lead attorneys on the billion-dollar bankruptcies of
Crescent Resources LLC and Simmons Bedding Co., and as lead
counsel to Anadarko Petroleum Corp. in connection with the
bankruptcy of Tronox Inc., Lydia Protopapas of Weil Gotshal &
Manges LLP has a diverse and critical client portfolio that makes
her one of Law360's 10 bankruptcy attorneys under 40 to watch.


* U.S. Labor Pushes for Bankruptcy Reform, Executive Pay Curbs
--------------------------------------------------------------
American Bankruptcy Institute reports that labor unions are
pushing for greater worker protection and added scrutiny of
executive pay at companies in bankruptcy, but restructuring
professionals fear the changes might force more companies to
liquidate rather than reorganize.


* BOND PRICING -- For the Week From March 22 to 26, 2010
--------------------------------------------------------

  Company             Coupon     Maturity  Bid Price
  -------             ------     --------  ---------
155 E TROPICANA       8.750%     4/1/2012     5.000
ABITIBI-CONS FIN      7.875%     8/1/2009    17.000
ACARS-GM              8.100%    6/15/2024    17.000
ADVANTA CAP TR        8.990%   12/17/2026    13.125
ALERIS INTL INC       9.000%   12/15/2014     0.500
AMBAC INC             9.375%     8/1/2011    40.900
BALLY TOTAL FITN     14.000%    10/1/2013     1.000
BANK NEW ENGLAND      8.750%     4/1/1999    12.500
BANK NEW ENGLAND      9.875%    9/15/1999     9.000
BANK UNITED           8.000%    3/15/2009     0.900
BLOCKBUSTER INC       9.000%     9/1/2012    21.500
BOWATER INC           6.500%    6/15/2013    33.000
BOWATER INC           9.500%   10/15/2012    32.900
CAPMARK FINL GRP      5.875%    5/10/2012    26.500
CENTERPLATE INC      13.500%   12/10/2013     1.500
CHANDLER USA INC      8.750%    7/16/2014    20.000
COLLINS & AIKMAN     10.750%   12/31/2011     0.050
COLONIAL BANK         6.375%    12/1/2015     0.438
FAIRPOINT COMMUN     13.125%     4/1/2018    15.000
FAIRPOINT COMMUN     13.125%     4/2/2018    16.940
FEDDERS NORTH AM      9.875%     3/1/2014     0.977
GENERAL MOTORS        7.125%    7/15/2013    38.525
GENERAL MOTORS        9.450%    11/1/2011    34.000
HAWAIIAN TELCOM       9.750%     5/1/2013     3.000
INDALEX HOLD         11.500%     2/1/2014     1.050
INN OF THE MOUNT     12.000%   11/15/2010    47.000
KEYSTONE AUTO OP      9.750%    11/1/2013    46.000
LEHMAN BROS HLDG      4.375%   11/30/2010    22.000
LEHMAN BROS HLDG      4.500%     8/3/2011    16.770
LEHMAN BROS HLDG      4.700%     3/6/2013    18.750
LEHMAN BROS HLDG      4.800%    2/27/2013    21.500
LEHMAN BROS HLDG      4.800%    3/13/2014    22.000
LEHMAN BROS HLDG      5.000%    1/14/2011    23.000
LEHMAN BROS HLDG      5.000%    1/22/2013    21.500
LEHMAN BROS HLDG      5.000%    2/11/2013    20.000
LEHMAN BROS HLDG      5.000%    3/27/2013    18.500
LEHMAN BROS HLDG      5.000%     8/3/2014    17.780
LEHMAN BROS HLDG      5.000%     8/5/2015    22.000
LEHMAN BROS HLDG      5.100%    1/28/2013    18.454
LEHMAN BROS HLDG      5.150%     2/4/2015    21.500
LEHMAN BROS HLDG      5.250%     2/6/2012    22.250
LEHMAN BROS HLDG      5.250%    1/30/2014    20.910
LEHMAN BROS HLDG      5.250%    2/11/2015    21.500
LEHMAN BROS HLDG      5.500%     4/4/2016    22.800
LEHMAN BROS HLDG      5.500%    2/19/2018    18.500
LEHMAN BROS HLDG      5.625%    1/24/2013    22.000
LEHMAN BROS HLDG      5.750%    4/25/2011    22.000
LEHMAN BROS HLDG      5.750%    7/18/2011    22.100
LEHMAN BROS HLDG      5.750%    5/17/2013    21.000
LEHMAN BROS HLDG      6.000%     4/1/2011    17.250
LEHMAN BROS HLDG      6.000%    7/19/2012    22.000
LEHMAN BROS HLDG      6.000%    6/26/2015    18.250
LEHMAN BROS HLDG      6.000%   12/18/2015    21.500
LEHMAN BROS HLDG      6.200%    9/26/2014    23.000
LEHMAN BROS HLDG      6.625%    1/18/2012    20.000
LEHMAN BROS HLDG      6.875%     5/2/2018    23.125
LEHMAN BROS HLDG      7.875%    8/15/2010    22.000
LEHMAN BROS HLDG      8.000%    3/17/2023    16.000
LEHMAN BROS HLDG      8.050%    1/15/2019    21.500
LEHMAN BROS HLDG      8.500%     8/1/2015    19.800
LEHMAN BROS HLDG      8.750%   12/21/2021    21.150
LEHMAN BROS HLDG      8.750%     2/6/2023    17.625
LEHMAN BROS HLDG      8.800%     3/1/2015    20.125
LEHMAN BROS HLDG      8.920%    2/16/2017    19.000
LEHMAN BROS HLDG      9.000%     3/7/2023    18.250
LEHMAN BROS HLDG      9.500%   12/28/2022    20.500
LEHMAN BROS HLDG      9.500%    1/30/2023    21.000
LEHMAN BROS HLDG      9.500%    2/27/2023    21.500
LEHMAN BROS HLDG     10.000%    3/13/2023    20.500
LEHMAN BROS HLDG     10.375%    5/24/2024    16.000
LEHMAN BROS HLDG     11.000%    6/22/2022    18.375
LEINER HEALTH        11.000%     6/1/2012     9.500
MAJESTIC STAR         9.750%    1/15/2011    11.500
MERRILL LYNCH         4.080%     3/9/2011    99.250
METALDYNE CORP       10.000%    11/1/2013    10.000
NEFF CORP            10.000%     6/1/2015    10.000
NEWPAGE CORP         12.000%     5/1/2013    38.000
NORTH ATL TRADNG      9.250%     3/1/2012    40.000
PKD-CALL04/10         9.625%    10/1/2013   100.458
PRESTIGE BRANDS       9.250%    4/15/2012   100.313
RAFAELLA APPAREL     11.250%    6/15/2011    65.000
RJ TOWER CORP        12.000%     6/1/2013     1.000
ROTECH HEALTHCA       9.500%     4/1/2012    60.000
SIX FLAGS INC         9.625%     6/1/2014    31.500
SIX FLAGS INC         9.750%    4/15/2013    33.140
SPHERIS INC          11.000%   12/15/2012    18.300
STATION CASINOS       6.000%     4/1/2012     5.968
STATION CASINOS       6.500%     2/1/2014     3.500
STATION CASINOS       6.625%    3/15/2018     2.000
STATION CASINOS       6.875%     3/1/2016     1.500
STATION CASINOS       7.750%    8/15/2016     8.250
SUBURBAN PROPANE      6.875%   12/15/2013   100.500
THORNBURG MTG         8.000%    5/15/2013     3.000
TIMES MIRROR CO       7.250%     3/1/2013    33.000
TOUSA INC             7.500%    3/15/2011     8.313
TOUSA INC             7.500%    1/15/2015     7.000
TOUSA INC             9.000%     7/1/2010    70.000
TOUSA INC             9.000%     7/1/2010    66.500
TOUSA INC            10.375%     7/1/2012     6.000
TRANSMERIDIAN EX     12.000%   12/15/2010     7.500
TRIBUNE CO            4.875%    8/15/2010    32.500
TRUMP ENTERTNMNT      8.500%     6/1/2015     2.400
VERASUN ENERGY        9.375%     6/1/2017     6.625
WASH MUT BANK FA      5.125%    1/15/2015     0.625
WASH MUT BANK FA      5.650%    8/15/2014     0.950
WASH MUT BANK NV      5.500%    1/15/2013     1.250
WASH MUT BANK NV      5.550%    6/16/2010    45.000
WCI COMMUNITIES       7.875%    10/1/2013     3.313
WCI COMMUNITIES       9.125%     5/1/2012     1.000
WERNER HOLDINGS      10.000%   11/15/2007     2.000



                           *********

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.

                  *** End of Transmission ***