TCR_Public/100616.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

             Wednesday, June 16, 2010, Vol. 14, No. 165

                            Headlines

20 BAYARD: Plan Confirmation Hearing Scheduled for June 29
ABITIBIBOWATER INC: CCAA Units Get Claims Officers
ABITIBIBOWATER INC: Court OKs Sale of 4 Mills in Canada
ABITIBIBOWATER INC: Court OKs Sale of Marshal County Sawmill
ABITIBIBOWATER INC: Province Files Appeal on EPA Rulings

ADVOCATE FINANCIAL: Litigates Bank's Bid to Transfer Case Venue
ADVOCATE FINANCIAL: Wants Plan Filing Period Moved to Dec. 27
AGE REFINING: Expects to Emerge From Bankruptcy by September
AH&T INVESTMENTS: U.S. Trustee Wants Case Dismissed or Converted
ALFRED VILLALOBOS: Section 341(a) Meeting Scheduled for July 19

ALL SEASONS CONTRACTING AND LANDSCAPING: Chapter 11 Case Summary
ALL SEASONS CONTRACTING AND PAINTING: Chapter 11 Case Summary
AMERICAN HOME: Creditors File $75-Mil. Suit Against Deloitte
ANDRE CHREKY: Settles With Two Former Employees
ANTOINE WALKER: Ordered to Trial Over Gambling Debt

ARIE'S SUPPLY: Case Summary & 20 Largest Unsecured Creditors
ARLIE & COMPANY: Wins Court Nod to Sell Oregon Townhome
ARNOLD GOODSTEIN: Case Summary & 13 Largest Unsecured Creditors
B GREEN INNOVATIONS: Earns $1.377 Million in Q1 2010
BARBARA BOUCHEY: Voluntary Chapter 11 Case Summary

BLACK BULL: OneWest Bank Wants Case Converted to Chapter 7
BLOCKBUSTER INC: Said to Be Seeking $150 Million in DIP Financing
BP PLC: Denies Taking Advice on Chapter 11 Bankruptcy
BRESNAN BROADBAND: S&P Retains 'B+' Corporate Credit Rating
BRESNAN COMMUNICATIONS: Cablevision Deal Won't Move Moody's Rating

CABLEVISION SYSTEMS: Bresnan Deal Won't Affect Moody's 'B1' Rating
CAL INVESTMENTS: Plan Promises to Transfer Stock to Unsecureds
CAMBRIA MOONSTONE: Files for Bankruptcy to Sell Hotel for $8.4MM
CANDY HOLYFIELD: Involuntary Chapter 11 Case Summary
CBGB HOLDINGS: Voluntary Chapter 11 Case Summary

CHARLES ABRAHAMS: Court Fixes August 16 as Claims Bar Date
CHRYSLER LLC: Ends Q1 2010 With $143-Mil. Operating Profit
CINCINNATI BELL: Completes $525-Mil. Acquisition of CyrusOne
CINCINNATI BELL: Inks New $970 Million Senior Credit Facilities
CITIGROUP INC: Citi Funding to Issue Petrobras-Linked Notes

COMMPARTNERS, LLC: Files for Chapter 11 to Enjoin AT&T
COMMPARTNERS, LLC: Voluntary Chapter 11 Case Summary
CORROZI-FOUNTAINVIEW: Can Honor Pre- and Post-petition Sale Pacts
DANA HOLDING: Moody's Hikes Outlook to Positive; B3 Rating Stays
DAVID WEBB: Jeweler Group Acquires Assets for $11 Million

DAY CARE SERVICES: Files for Chapter 11 After Worker Probe
DELTA AIR: Eyes Renovation of Terminals at JFK Airport
DEUCE INVESTMENTS: Sale of Fuller Tract Property Approved
DEUCE INVESTMENTS: Wants Until June 18 to Propose Ch. 11 Plan
DIAMOND DECISIONS: Files Schedules of Assets and Liabilities

DENNY HECKER: Seeks Court Permission to Travel
DIAMONDHEAD CASINO: Posts $523,000 Net Loss in Q1 2010
EDUCATION MANAGEMENT: Stock Repurchase Won't Move Moody's Rating
EMPIRE CENTER: Plan Outline Hearing Continued Until June 22
EXTENDED STAY: Committee Wants to Sue Over 2007 Acquisition

EXTENDED STAY: Won't Let Examiner Docs Go to Creditors Panel
FEDERAL-MOGUL: Asbestos Trust Wants Extension for CNA Injunction
FEDERAL-MOGUL: Stockholders Elect Board of Directors
FEDERAL-MOGUL: Wants Dec. 27 Extension for Claims Objections
FINE ARTS: Files for Chapter 11 Bankruptcy Protection

FLINTKOTE CO: Aviva Settles Asbestos Claims for $150 Million
FREDDIE MAC: Fights BofA From Probing Ties With Taylor Bean
GARLOCK SEALING: Proposes to Hire Professionals in Ordinary Course
GARLOCK SEALING: Proposes to Pay Prepetition Shipping Obligations
GENERAL MOTORS: New GM Forms Venture Capital Subsidiary

GENERAL MOTORS: New GM to Invest $386M in Brazil, $245M in Ontario
GENERAL MOTORS: No New GM IPO Before 4th Quarter, US Treasury Says
GLOBAL POWER: Moody's Confirms Corporate Family Rating at 'B2'
GORILLA COMPANIES: Creditors' Claim Gives Court Jurisdiction
HARRISBURG, PA: Governor Rendell Suggests Leasing of Muni Assets

HAWAII BIOTECH: To Auction Assets on July 19
HSAD 3949: Gets Interim Okay to Use Cash Collateral
HSAD 3949: Wants Filing of Schedules Extended Until June 25
ID INTERACTIVE: Files for Chapter 11 Bankruptcy Protection
IMAX CORP: Gelfond, Wechsler Elected as Class 3 Directors

JERSEY ISLAND OWNER: Section 341(a) Meeting Scheduled for July 19
INDUSTRY WEST: Judge Denies Confirmation of Bankruptcy Plan
JOSE RODRIGUEZ: Case Summary & 6 Largest Unsecured Creditors
KB HOME: Fitch Affirms Issuer Default Rating at 'BB-'
KB KYLE LAND: Case Summary & 4 Largest Unsecured Creditors

KB WOODMORE: Case Summary & Largest Unsecured Creditor
LB-UBS COMMERCIAL: S&P Downgrades Ratings on 2002-C7 CMBS
LEHMAN BROTHERS: Court OKs Thomas Lee Deal Termination
LEHMAN BROTHERS: Examiner Asks to be Discharged From Duties
LEHMAN BROTHERS: Proposes to Hire Sothebys as Auction House

LEHMAN BROTHERS: UPRS Wants NYSC Ordered to Deposit $6MM
LINCOLN NATIONAL: Fitch Corrects Press Release on Ratings
M-FOODS HOLDINGS: Moody's Downgrades Corp. Family Rating to 'B2'
MAHMOUD BAGHDADY: Case Summary & 4 Largest Unsecured Creditors
MERUELO MADDUX: Files Second Amended Joint Chapter 11 Plan

MIDDLEBROOK PHARMACEUTICALS: to Auction All Assets on July 22
MOHAMMAD BARAT: Case Summary & 20 Largest Unsecured Creditors
MOVIE GALLERY: Seeks to Sell 1.2-Mil. DVD and Blu-Ray Copies
NEC HOLDINGS: Has Interim Borrowing Approval
NEC HOLDINGS: Gets Court Okay to Hire Garden City as Claims Agent

NEC HOLDINGS: Section 341(a) Meeting Scheduled for July 12
NEC HOLDINGS: Taps Latham & Watkins as Bankruptcy Counsel
NEC HOLDINGS: Organizational Meeting to Form Panel on June 22
NEWARK GROUP: To Present Prepack Plan for Confirmation on July 30
NEWARK GROUP: Moody's Cuts Probability of Default Rating to 'D'

NORTHBROOK DEV'T: Section 341(a) Meeting Scheduled for July 19
OLD TIME POTTERY: Wins Confirmation of Full Payment Plan
ORLEANS HOMEBUILDERS: Amends DIP Agreement With Well Fargo
P & J RESOURCES: Case Summary & 20 Largest Unsecured Creditors
PATRICK HARDWARE: Has Two Weeks to Submit Reorganization Plan

PHOENIX FOOTWEAR: Resolves Listing Deficiency With NYSE Amex
POINT BLANK: Bonuses Approved Following Amendments
PPT DEVELOPMENT: Financial Problems Prompt Bankruptcy Filing
PRIDE INTERNATIONAL: Moody's Affirms 'Ba1' Corporate Family Rating
PTC ALLIANCE: Seeks OK of Closing Deal With United Steelworkers

QUANTUM CORPORATION: March 31 Balance Sheet Upside-Down by $91MM
QUANTUM LEAP: Case Summary & 3 Largest Unsecured Creditors
ROBERT BERG: Case Summary & 20 Largest Unsecured Creditors
SHALAN ENTERPRISES: Can Access Secured Creditors' Cash Collateral
SPECIALTY HOSPITALS: UMC Foreclosure Sale Set for July 9

SPECIALTY PRODUCTS: Can Tap $5 Million From Wachovia Facility
SPECIALTY PRODUCTS: Committee Consists of Asbestos Claimants
SPIRIT FLIGHTS: Cancels Flights Through June 17
STITCHING POST: Liquidates Assets Under Chapter 7 Liquidation
SW BOSTON: Cash Collateral Hearing Scheduled for August 18

SWOOZIE'S INC: Gart Capital Buys Store Leases, Name
SYNTHEMED INC: Posts $389,000 Net Loss in Q1 2010
TAYLOR-WHARTON: Completes Sale of Cylinder Operation to Norris
TEXAS RANGERS: Lenders Find Greenberg-Ryan's Latest Offer Low
TEXAS RANGERS: Court Asks Lawyers to Review Coyotes Case

TI ACQUISITION: 503(b)(9) Claim Not New Value in Preference Action
TRICO MARINE: Loan Agreement Requires Chapter 11 by Sept. 8
TYRONE HOSPITAL: To Emerge From Chapter 11 Bankruptcy
UAL CORP: Stockholders Elect 13 to Board of Directors
VALENCE TECHNOLOGY: Recurring Losses Cue Going Concern Doubt

VERINT SYSTEMS: Moody's Assigns 'B1' Corporate Family Rating
WASHINGTON MUTUAL: Plan Enforces Subordination Clauses in Bonds
WEST WINDS: Case Summary & 6 Largest Unsecured Creditors
WORLDSPACE INC: Liberty Satellite Drops $116 Million Claim
ZAYAT STABLES: Wins Approval of Disclosure Statement

* American Capital Leads Firms on Brink of Chapter 11
* Markit Data Shows Credit Crunch Looms

* Rhode Island Lawmakers Approve Bill on Distressed Cities

* Upcoming Meetings, Conferences and Seminars


                            *********


20 BAYARD: Plan Confirmation Hearing Scheduled for June 29
----------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of New York
will consider at a hearing on June 29, 2010, at 10:00 a.m. (EST),
the confirmation of The 20 Bayard Views, LLC's proposed Plan of
Reorganization.  Objections, if any, are due 4:00 p.m. (EST) on
June 21.

The deadline for returning completed ballots is 4:00 p.m. (EST) on
June 21.  The Debtor's counsel must file replies or responses to
any objection no later than 4:00 p.m. (EST) on June 26.

As reported in the Troubled Company Reporter on April 7, according
to the Disclosure Statement, the Plan provides for (i) payment of
secured claims over time; (ii) payment to general unsecured
creditors; and (iii) sale of the Debtor's units when necessary to
comply with the payment scheme in the Plan.

Distributions to be made will be made available from the
Reorganized Debtor's administrative claims/priority claims
account, professional fees account, net cash flow, excess net cash
flow and unit sales.

A $17.4 million secured claim and $150,000 of mechanics' liens
claims will be paid 100 cents on the dollar.  Holders of general
unsecured claims aggregating $3.8 million will recover 5% of their
claims on the second year anniversary of the effective date.

Holders of equity interests will retain their equity securities
and receive an equal equity security share in the reorganized
Debtor, provided, however, that they provide funding for payment
of administrative claims and professional fees.

                      About 20 Bayard Views

Brooklyn, New York-based 20 Bayard Views, LLC, filed for Chapter
11 bankruptcy protection on December 4, 2009 (Bankr. E.D.N.Y.
Case No. 09-50723).  Porzio, Bromberg & Newman, P.C. assists the
Debtor in its restructuring effort.  The Company listed
$10,000,001 to $50,000,000 in assets and $10,000,001 to
$50,000,000 in liabilities in its petition.


ABITIBIBOWATER INC: CCAA Units Get Claims Officers
--------------------------------------------------
Abitibi-Consolidated Inc., Bowater Inc. and certain of their
affiliates, as applicants under the Companies' Creditors
Arrangement Act of Canada sought and obtained from Honorable Mr.
Justice Clement Gascon, J.S.C., of the Superior Court Commercial
Division for the District of Montreal in Quebec, Montreal, Canada,
an order appointing these individuals to act as Claims Officers in
the context of the claims process established by the Canadian
Court:

  (a) Joseph R. Nuss from the Province of Quebec,
  (b) Pierrette Rayle from the Province of Quebec,
  (c) Louise Otis from the Province of Quebec, and
  (d) John D. Ground from the Province of Ontario.

With respect to grievance claims, the CCAA Applicants proposed
the appointment of these individuals to act as Grievance Claims
Officers under the Claims Procedure Orders:

  (a) Joseph R. Nuss from the Province of Quebec,
  (b) Martin Teplitsky from the Province of Ontario,
  (c) Michael G. Picher from the Province of Ontario, and
  (d) S. Bruce Outhouse from the Province of Nova Scotia.

The CCAA Applicants contended that these individuals have the
experience and skills required to adequately assume the functions
of Claims Officer and Grievance Claims Officer.  The Monitor has
indicated its support of the appointments.

The Claims Procedure Orders were issued by the Canadian Court in
connection with claims held by the creditors of the CCAA
Applicants and the U.S. Debtors dated (i) August 26, 2009;
(ii) January 18, 2010; and (iii) February 23, 2010.

                     About AbitibiBowater

AbitibiBowater produces a wide range of newsprint, commercial
printing papers, market pulp and wood products.  It is the eighth
largest publicly traded pulp and paper manufacturer in the world.
AbitibiBowater owns or operates 22 pulp and paper facilities and
26 wood products facilities located in the United States, Canada
and South Korea.  Marketing its products in more than 90
countries, the Company is also among the world's largest recyclers
of old newspapers and magazines, and has third-party certified
100% of its managed woodlands to sustainable forest management
standards.  AbitibiBowater's shares trade over-the-counter on the
Pink Sheets and on the OTC Bulletin Board under the stock symbol
ABWTQ.

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

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

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

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


ABITIBIBOWATER INC: Court OKs Sale of 4 Mills in Canada
-------------------------------------------------------
The Honorable Mr. Justice Clement Gascon, J.S.C., of the Superior
Court Commercial Division for the District of Montreal in Quebec,
Montreal, Canada, entered a vesting order on May 31, 2010,
authorizing the sale of four mills in Canada between Bowater
Maritimes Inc., Bowater Canadian Forest Products Inc., Abitibi-
Consolidated Inc., and Abitibi-Consolidated Company of Canada, as
sellers under the Companies' Creditors Arrangement Act, and
American Iron & Metal LP, as purchaser, and American Iron and
Metal Company Inc., as guarantor.

The Four Mills are:

* The Beaupre Mill, built in 1927, is situated on approximately
   54.7 hectares in Beaupre, Quebec;

* The Donnacona Mill, built in 1914, is situated in Donnacona,
   Quebec, on approximately 34.8 hectares;

* The Dalhousie Mill, built in 1926, is situated on
   approximately 43.8 hectares in Dalhousie, New Brunswick;
   and

* The Fort William Mill, built in 1922, is situated on
   approximately 66 hectares in Thunder Bay, Ontario.

Mr. Justice Gascon opined that the Sale "is well founded" and is
"beyond reproach."  Nothing justifies refusing the CCAA
Applicants' request and setting aside the corresponding
recommendation of the Monitor, the Canadian Court held.  None of
the complaints raised by Arctic Beluga appears justified or
legitimate under the circumstances, the Canadian Court said.

The Mills are being sold on an "as is, where is" basis, in an
effort to (i) reduce the CCAA Applicants' ongoing carrying costs,
which are estimated to total approximately C$12 million per year,
and (ii) mitigate the CCAA Applicants' potential exposure to
environmental clean-up costs if the sites are demolished in the
future, which are estimated at some C$10 million.

Arctic Beluga, one of the unsuccessful bidders in the marketing
and Sale process of the Closed Mills, previously intervened to
object to the Sale, noting that its penultimate bid for the
Closed Mills was a proposal for C$22.1 million in cash, an amount
C$8.3 million greater than the amount proposed by other bidders.
Arctic Beluga argued that it "lost the ability to purchase the
Closed Mills due to unfairness in the bidding process."  In
response, the CCAA Applicants held that Arctic Beluga has no
standing to challenge Sale.

The Canadian Court directs the Monitor overseeing the CCAA
Proceedings to file a First Closing Monitor's Certificate with
the Court's registry to vest in and with the Purchaser, all
right, title and interest in and to the Beaupre Assets, Donnacona
Assets and Dalhousie Assets.  The Monitor is also directed to
file a Second Closing Monitor's Certificate to vest in and with
the Purchaser, all right, title and interest in the Fort William
Assets.

Mr. Justice Gascon orders that proceeds from the sale of the
First Closing Assets and the Fort William Assets, net of the
payment of all outstanding taxes and all transaction-related
costs will be remitted to Ernst & Young Inc., in its capacity as
Monitor of the CCAA Applicants, until the issuance of directions
by the Canadian Court with respect to the allocation of the Net
Proceeds.

The Canadian Court exempted the Sale Transactions from the
application of the Bulk Sales Act in Ontario.

              Monitor Recommends Approval of Sale;
            Provides February and March Cash Flows

Detailing the phases and procedures for bidding relating to the
Sale of the Mills, Ernst & Young recommended under the 38th
Monitor Report approval of the Sale and the CCAA Applicants'
entry into an agreement for a land swap among ACCC, ACI, Fort
William First Nation Development Corp. and Fort William First
Nation, with alterations, changes, amendments, deletions or
additions as may be agreed.

The Monitor also submitted its 35th Monitor Report apprising the
Canadian Court of the CCAA Applicants' (i) actual receipts and
disbursements for the four-week period ending February 28, 2010;
and (ii) a 16-week cash flow forecast for the period ended
June 20, 2010.  According to E&Y Senior Vice President Alex
Morrison, ACI Group's immediately available liquidity at June 20,
2010, which is the end of the 16-week forecast period, is
approximately C$214.9 million.  For BCFPI, liquidity at June 20
is projected to be C$10.5 million.

The Monitor submitted its 41st Monitor Report, updating Mr.
Justice Gascon of the CCAA Applicants' five-week cash flow
results for the period from March 1, 2010 to April 4, 2010.  At
April 4, the ACI Group had cash on hand of approximately
C$190.5 million.  The ACI Group's total available liquidity at
July 4, 2010, which is the end of the 13-week period forecast, is
projected to be approximately C$299.9 million.  BCFPI's liquidity
at July 4, 2010, on the other hand, is projected to be
approximately C$10.7 million, not including proceeds from its
sale of timberlands with Smurfit-Stone Container Canada Inc.

Full-text copies of E&Y's 35th, 38th and 41st Monitor Reports are
available for free at:

      http://bankrupt.com/misc/CCAA_35thMonitorReport.pdf
      http://bankrupt.com/misc/CCAA_38thMonitorReport.pdf
      http://bankrupt.com/misc/CCAA_41stMonitorReport.pdf

         Canadian Court Enters Land Swap Vesting Order

Mr. Justice Gascon entered a separate vesting order, also on
May 31, 2010, allowing ACI and ACCC approving completion of the
Land Swap, with the consent of the Monitor overseeing the CCAA
Proceedings.

Upon registration in the Land Registry Office for the Land Titles
Division of Thunder Bay of an Application for Vesting Order in
the form prescribed by the Land Registration Reform Act (Ontario)
and the filing of the Land Swap Monitor's Certificate, the Land
Registrar must enter FWFNDC as the owner of the Real Property,
the Canadian Court ruled.

                    AbitibiBowater Closes Sale

AbitibiBowater announced that its subsidiaries have completed (i)
the sale of three idle paper mills located in eastern Canada
together with certain related assets and the property on which
these paper mills are located to a wholly owned affiliate of
American Iron & Metal Company Inc. for C$8.7 million; and (ii) the
sale of assets located in British Columbia to an affiliate of
Conifex Inc. for
C$33.9 million.

The three paper mills sold to AIM are located in Beaupre (Quebec),
Donnacona (Quebec) and Dalhousie (New Brunswick).  As part of the
sale, AIM has also agreed to acquire a fourth idle paper mill
(Fort William), located in Thunder Bay (Ontario).

In addition, AbitibiBowater will be paid 40% of the net proceeds
from any subsequent sale of paper machines from these mills, of
which AIM has undertaken to pay C$5 million on September 6, 2010,
regardless of whether any such subsequent sale takes place.

The assets sold to Conifex, all located in Mackenzie (British
Columbia), include a paper mill, two sawmills, including planer
mills, as well as timberland operations with a forestry license
providing an annual allowable cut of approximately
932,500 cubic meters

AbitibiBowater has streamlined its asset portfolio to focus on
top-performing facilities by closing or idling 3.4 million metric
tons of paper capacity, moving from an overall production capacity
of 10.4 million metric tons to 7 million metric tons, since 2007.
During this period, the Company has also sold aggregate assets and
land for total proceeds of over $980 million.

                     About AbitibiBowater

AbitibiBowater produces a wide range of newsprint, commercial
printing papers, market pulp and wood products.  It is the eighth
largest publicly traded pulp and paper manufacturer in the world.
AbitibiBowater owns or operates 22 pulp and paper facilities and
26 wood products facilities located in the United States, Canada
and South Korea.  Marketing its products in more than 90
countries, the Company is also among the world's largest recyclers
of old newspapers and magazines, and has third-party certified
100% of its managed woodlands to sustainable forest management
standards.  AbitibiBowater's shares trade over-the-counter on the
Pink Sheets and on the OTC Bulletin Board under the stock symbol
ABWTQ.

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

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

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

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


ABITIBIBOWATER INC: Court OKs Sale of Marshal County Sawmill
------------------------------------------------------------
AbitibiBowater Inc. and its units sought and obtained approval
from the Bankruptcy Court to allow Bowater Incorporated to sell
its currently dormant sawmill operation in Marshall County,
Alabama, to Progress Rail Services Corporation for $4,100,000,
free and clear of all liens, claims and interests.

The $4,100,000 purchase price consist of a $205,000 earnest money
deposit and the $3,895,000 balance is payable at closing.

The Assets for sale consist of 107.5 acres of industrial
property, including buildings, infrastructure, sawmill equipment,
spare parts and mobile equipment.  It includes approximately 32.5
acres of land held in fee simple, plus 75 acres of land and a
sawmill operation held under two industrial development board
leases.

The Sawmill was originally built in 1976, underwent major
upgrades in 1981, 1989, 1996 and 2001, and has rail siding for
lumber shipment.  It has been idled in 2008 and permanently
closed in November 2009.

The Debtors have made the decision to sell the Sawmill
(1) because its purpose is no longer served as the Debtors have
been the process of divesting their timberlands before the
Petition Date, and (2) because it has not been producing revenue
since 2005.

The Assets have been marketed to about 25 to 30 parties over the
past 18 months, according to Sean T. Greecher, Esq., at Young
Conaway Stargatt & Taylor, LLP, in Wilmington, Delaware.
Accordingly, Bowater executed a contract with Progress Rail for
the sale of the Assets.

Bowater is the fee simple owner of certain of the real property
being sold and the Industrial Development Board of the City of
Albertville, Alabama, is the fee simple owner of the remainder of
the real property subject to the leasehold estate in favor of
Bowater.  Under the Sale Contract, Bowater agrees to secure
conveyance of AIDB's fee-simple interest in the real property and
subsequently convey all real and personal property to Progress
Rail, free and clear of all claims from AIDB.

The closing of the Sale is contemplated to occur within 45 days
after the Bankruptcy Court approves the Sale Contract.

Kent Cumberton, director of the U.S. Wood Products division of
AbitibiBowater Inc., related in a declaration to the Court that
all negotiations with Progress Rail were conducted at arm's
length and in good faith.  He further asserted that the request
should be granted as it is a matter of sound business judgment on
the Debtors' part.

The Debtors expect to save about $40,000 to $50,000 per month in
carrying costs for security, electricity and maintenance, if the
sale is approved.

                     About AbitibiBowater

AbitibiBowater produces a wide range of newsprint, commercial
printing papers, market pulp and wood products.  It is the eighth
largest publicly traded pulp and paper manufacturer in the world.
AbitibiBowater owns or operates 22 pulp and paper facilities and
26 wood products facilities located in the United States, Canada
and South Korea.  Marketing its products in more than 90
countries, the Company is also among the world's largest recyclers
of old newspapers and magazines, and has third-party certified
100% of its managed woodlands to sustainable forest management
standards.  AbitibiBowater's shares trade over-the-counter on the
Pink Sheets and on the OTC Bulletin Board under the stock symbol
ABWTQ.

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

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

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

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


ABITIBIBOWATER INC: Province Files Appeal on EPA Rulings
--------------------------------------------------------
The Province of Newfoundland and Labrador sought leave to appeal
Honorable Mr. Justice Clement Gascon, J.S.C., of the Superior
Court Commercial Division for the District of Montreal in Quebec,
Montreal, Canada's dismissal of the Province's request for a
declaration that will ultimately allow it to seek from the CCCA
Applicants payment of environmental obligations relating to the
clean-up of certain sites.

As previously reported, Newfoundland and Labrador contended that
the CCAA Applicants' industrial activities in their jurisdictions
since 1905 resulted in the release of substances into the
environment in amounts, concentrations and at rates that have
caused and will continue to cause, an adverse effect both on and
adjacent to those sites.

The affected Sites include:

(1) the mining and processing of minerals at the Buchans mine;

(2) the pulp and paper operations at the Grand Falls-Windsor
     mill;

(3) the pulp and paper operations at the Stephenville mill;

(4) the shipping and storing operations at the Botwood site;
     and

(5) logging camps at approximately 50 different locations
     across the Province.

The Provinces asserted that as a result, the CCAA Applicants have
incurred statutory obligations owed to them for environmental
remediation, which are noted in orders issued on November 12,
2009, by Her Majesty the Queen in Right of the Province of
Newfoundland and Labrador, through the Minister of Environment
and Conservation in the Province and pursuant to the Canadian
Environmental Protection Act.

The Provinces asserted these grounds for appeal:

  (1) The judge of first instance disregarded the principles of
      federalism, and he was required to give effect to the EPA
      but failed to do so.

  (2) The Minister of Environment and Conservation, and not the
      judge acting pursuant to the CCAA, has the exclusive
      jurisdiction to decide how the EPA is to be applied to
      the CCAA Applicants.

  (3) The Legislature of the Province, and not the judge acting
      pursuant to the CCAA, has the exclusive jurisdiction to
      determine property and civil rights in the Province.

The Province further noted that the CCAA cannot be interpreted to
give a judge acting pursuant to the CCAA the power to immunize
AbitibiBowater from compliance with the EPA Orders.  "The judge
acting pursuant to the CCAA cannot define 'claim' however he or
she wishes, and does not have the discretionary power to ensure a
successful restructuring regardless of the law," the Province
noted.

                         *     *     *

The Honorable Jacques Chamberland, J.A. of the Court of Appeals
dismissed the Province's Motion for Leave to Appeal, with costs.

"I see no prima facie merit to the appeal envisaged by the
Province," the Court of Appeals held.

According to Mr. Justice Chamberland, the Province's position is
that it alone holds the right to modify the nature of its claim
-- from one issued in regard of Abitibi's statutory non-monetary
obligation into a financial or monetary one -- by converting the
regulatory order into a monetary one, using the debt-creating
provision of the EPA.  The Province further asserts that it can,
if it so chooses, postpone that conversion until after the
restructuring is completed.

"This position is untenable in the context of an insolvent
company involved in a restructuring process pursuant to the CCAA;
this contention, as Gascon J. observed, boils down to claiming
that a provincial regulator could have the non reviewable right
to determine whether obligations it controls or creates will be
subject to compromise under the CCM or whether they will enjoy a
superiority beyond the reach of compromise," the Court of Appeals
opined.

                     About AbitibiBowater

AbitibiBowater produces a wide range of newsprint, commercial
printing papers, market pulp and wood products.  It is the eighth
largest publicly traded pulp and paper manufacturer in the world.
AbitibiBowater owns or operates 22 pulp and paper facilities and
26 wood products facilities located in the United States, Canada
and South Korea.  Marketing its products in more than 90
countries, the Company is also among the world's largest recyclers
of old newspapers and magazines, and has third-party certified
100% of its managed woodlands to sustainable forest management
standards.  AbitibiBowater's shares trade over-the-counter on the
Pink Sheets and on the OTC Bulletin Board under the stock symbol
ABWTQ.

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

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

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

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


ADVOCATE FINANCIAL: Litigates Bank's Bid to Transfer Case Venue
---------------------------------------------------------------
Advocate Financial, L.L.C., has asked Judge Douglas D. Dodd of the
U.S. Bankruptcy Court for the Middle District of Louisiana to
issue an order staying all proceedings in the bankruptcy case
during the pendency of its appeal of the order transferring venue
of the case, dated April 23, 2010.

Hancock Bank of Louisiana filed the Motion to Transfer Venue.  The
Debtor initially filed its case before the Eastern District of
Louisiana.

New Orleans, Louisiana-based Advocate Financial, L.L.C., filed for
Chapter 11 bankruptcy protection on May 25, 2010 (Bankr. M.D. La.
Case No. 10-10767).  Baldwin Haspel Burke & Mayer serves as the
Debtor's bankruptcy counsel.  In its schedules, the Debtor
disclosed $19,370,268 in total assets and $10,769,568 in total
liabilities.


ADVOCATE FINANCIAL: Wants Plan Filing Period Moved to Dec. 27
-------------------------------------------------------------
Advocate Financial, LLC, asks the U.S. Bankruptcy Court for the
Middle District of Louisiana to extend the period within which it
has the exclusive right to:

     -- file a plan of reorganization until December 27, 2010,
        and

     -- solicit acceptances of a plan of reorganization until
        February 1, 2011.

Pursuant to Section 1121(d) of the Bankruptcy Code, the Debtor has
the exclusive right to file a plan until June 30, 2010, and the
exclusive right to obtain Plan votes until July 30, 2010.

The Debtor said there are several pending issues before the Court
that must be resolved before a disclosure statement can be
prepared and a plan can be filed.  Those issues include the
determination of the validity of any security interest in favor of
Hancock Bank.  In addition, an appeal has been lodged with regard
to Hancock's request to transfer the venue of the case to the
Middle District of Louisiana from the Eastern District of
Louisiana.  The Debtor said an extension of the exclusivity period
is merited to allow the venue issue to be decided.  Further, no
initial meeting of creditors has been held.

The Court also has not issued a final ruling on Hancock's request
to prohibit the Debtor's use of cash collateral.

The Debtor and its major creditor, Hancock Bank of Louisiana, are
exploring settlement that includes possible mediation.

New Orleans, Louisiana-based Advocate Financial, L.L.C., filed for
Chapter 11 bankruptcy protection on May 25, 2010 (Bankr. M.D. La.
Case No. 10-10767).  Baldwin Haspel Burke & Mayer serves as the
Debtor's bankruptcy counsel.  In its schedules, the Debtor
disclosed $19,370,268 in total assets and $10,769,568 in total
liabilities.


AGE REFINING: Expects to Emerge From Bankruptcy by September
------------------------------------------------------------
Business Journal of San Antonio reports that AGE Refining Inc.
expects to complete its plan of reorganization by September 2010 -
- instead of June -- because it experienced a major setback when a
truck that was being loaded with fuel exploded and started a major
fire at its complex in May.

As reported by the TCR on May 24, Age Refining postponed a May 5
auction for its business following an accident at its refinery.
Since the accident on May 5, the Company's "attention has been
diverted from the sale process."

Age Refining is required by its financing agreement either to sell
the business or confirm a plan where the lenders take ownership.

Age Refining filed a Chapter 11 plan in April.  The Plan
contemplates the consummation of a transaction to infuse or create
new capital into the Debtor or sell substantially all of the
Debtor's assets and operations to an interested party.  The source
of funding necessary for the treatment of claims and interests
will be Chase Capital Corporation, a secured creditor, or the
successful bidder under an alternate transaction, as applicable.
Under the current iteration of the Plan, unsecured creditors would
get 5% of the new stock.  A full-text copy of the Disclosure
Statement is available for free at
http://bankrupt.com/misc/AgeRefining_DS.pdf

                        About Age Refining

Age Refining, Inc., based in San Antonio, Texas, manufactures,
refines and markets jet fuels, diesel products, solvents and other
highly specialized fuels.  The Company's clients cover a variety
of sectors, including commercial, local municipalities and the
federal government.  Founded in 1991 by Al Gonzalez, AGE is a
family owned and operated business in the heart of the San Antonio
community.  Starting on a shoe-string budget and a bushel of
determination, AGE is proud to have posted over 22% growth per
year since 1991.

The Company filed for Chapter 11 bankruptcy protection on
February 8, 2010 (Bankr. W.D. Texas Case No. 10-50501).  Aaron
Michael Kaufman, Esq.; Carol E. Jendrzey, Esq.; and Mark E.
7Andrews, Esq., at Cox Smith Matthews Incorporated, assist the
Company in its restructuring effort.  The Company listed
$10,000,001 to $50,000,000 in assets and $100,000,001 to
$500,000,000 in liabilities in its bankruptcy petition.


AH&T INVESTMENTS: U.S. Trustee Wants Case Dismissed or Converted
----------------------------------------------------------------
W. Clarkson McDow, Jr., the U.S. Trustee for Region 4, asks U.S.
Bankruptcy Court for the Eastern District of Virginia to dismiss
the Chapter 11 case of AH&T Investments, LLC.  In the alternative,
the U.S. Trustee wants the case converted to one under Chapter 7
of the Bankruptcy Code.

The U.S. Trustee explains that the Debtor failed to, among other
things:

   -- pay fees owed to the United States;

   -- file monthly operating report; and

   -- file a plan and disclosure statement and has been inactive
      since September 2009.

AH&T Investments, LLC is an investment company in Haymarket,
Virginia.  The company filed for Chapter 11 relief of December 23,
2008 (Bankr. E.D. Virginia Case No. 08-18034).  David R. Young,
Jr., Esq., represents the Debtor as counsel.  When the Debtor
filed for protection from its creditors, it listed assets of
between $10 million and $50 million, and debts of between
$1 million and $10 million.


ALFRED VILLALOBOS: Section 341(a) Meeting Scheduled for July 19
---------------------------------------------------------------
The U.S. Trustee for Region 17 will convene a meeting of Alfred
J.R. Villalobos' creditors on July 19, 2010, at 2:00 p.m.  The
meeting will be held at 300 Booth Street, Room 3024, Reno, NV
89509.

This is the first meeting of creditors required under Section
341(a) of the U.S. 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.

Stateline, Nevada-based Alfred J.R. Villalobos -- together with
Arvo Art, Inc., and two other affiliates -- filed for Chapter 11
bankruptcy protection on June 9, 2010 (Bankr. D. Nev. Case No. 10-
52248).  Stephen R. Harris, Esq., at Belding, Harris & Petroni,
Ltd, assists the Company in its restructuring effort.  The Company
estimated its assets and debts at $10,000,001 to $50,000,000.


ALL SEASONS CONTRACTING AND LANDSCAPING: Chapter 11 Case Summary
----------------------------------------------------------------
Debtor: All Seasons Contracting and Landscaping, Inc.
        5000 Van Epps Road
        Independence, OH 44131

Bankruptcy Case No.: 10-15754

Chapter 11 Petition Date: June 13, 2010

Court: U.S. Bankruptcy Court
       Northern District of Ohio (Cleveland)

Judge: Arthur I. Harris

Debtor's Counsel: Richard H. Nemeth, Esq.
                  526 Superior Avenue NE #410
                  Cleveland, OH 44114
                  Tel: (216) 502-1300
                  E-mail: rhnemeth@yahoo.com

Estimated Assets: $0 to $50,000

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

According to the schedules, the Company says that assets total
$44,440 while debts total $2,363,079.

A copy of the Company's list of 9 largest unsecured
creditors filed together with the petition is available for
free at http://bankrupt.com/misc/ohnb10-15754.pdf

The petition was signed by Mark Fourtounis, president.

Debtor-affiliates filing separate Chapter 11 petition:

        Entity                        Case No.       Petition Date
        ------                        --------       -------------
All Seasons Contracting, Inc.         10-15482            06/07/10
Fourtounis, Mark & Eugenia            10-15476            06/07/10


ALL SEASONS CONTRACTING AND PAINTING: Chapter 11 Case Summary
-------------------------------------------------------------
Debtor: All Seasons Contracting and Painting, Inc.
        5000 Van Epps Road
        Independence, OH 44131

Bankruptcy Case No.: 10-15755

Chapter 11 Petition Date: June 13, 2010

Court: U.S. Bankruptcy Court
       Northern District of Ohio (Cleveland)

Judge: Arthur I. Harris

Debtor's Counsel: Richard H. Nemeth, Esq.
                  526 Superior Avenue NE #410
                  Cleveland, OH 44114
                  Tel: (216) 502-1300
                  E-mail: rhnemeth@yahoo.com

Estimated Assets: $0 to $50,000

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

According to the schedules, the Company says that assets total
$344 while debts total $2,189,097.

A copy of the Company's list of 5 largest unsecured
creditors filed together with the petition is available for
free at http://bankrupt.com/misc/ohnb10-15755.pdf

The petition was signed by Mark Fourtounis, president.

Debtor-affiliates filing separate Chapter 11 petition:

        Entity                        Case No.       Petition Date
        ------                        --------       -------------
All Seasons Contracting, Inc.         10-15482            06/07/10
Fourtounis, Mark & Eugenia            10-15476            06/07/10


AMERICAN HOME: Creditors File $75-Mil. Suit Against Deloitte
------------------------------------------------------------
Bankruptcy Law360 reports that the creditors committee for
American Home Mortgage Holdings Inc. has lodged a $75 million
adversary complaint against Deloitte & Touche LLP.  The creditors
claim the accounting firm failed to audit with professional care
and in accordance with professional standards in the months
leading up to the subprime mortgage lender's bankruptcy.

The suit, filed Friday in the U.S. Bankruptcy Court for the
District of Delaware, brought three claims for relief, alleging
professional negligence/ malpractice, negligent misrepresentation
and breach of contract, according to Law360.

                        About American Home

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

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

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


ANDRE CHREKY: Settles With Two Former Employees
-----------------------------------------------
Jacqueline Palank at Dow Jones Daily Bankruptcy Review reports
that Andre Chreky has struck a deal with the two former employees
who've sued him for sexual harassment that will allow him to
continue running his tony Washington salon during its bankruptcy.

Dow Jones relates plaintiff Jennifer Thong agreed to drop her
request for a Chapter 11 trustee to take control of Mr. Chreky's
assets or to have the bankruptcy court appoint an investigator to
look into his business practices.  In exchange, Mr. Chreky must
operate his business transparently, filing operating reports and
other financial information and providing other key documents as
needed.  His tips are also required to be calculated by the
salon's financial manager.

Mr. Chreky also cut a deal with harassment suit plaintiff Ronnie
Barrett.  Dow Jones notes Mr. Barrett's lawsuit resulted in a
$2.3 million legal judgment against Mr. Chreky just days before
the bankruptcy filing.  Mr. Chreky has denied the harassment
allegations.

Andre Chreky, Inc., filed for bankruptcy on March 19, 2010 (Bankr.
D. D.C. Case No. 10-00267).  Andre Chreky also filed a separate
petition on the same day (Bankr. D. D.C. Case No. 10-00268).
Richard Edwin Lear, Esq., at Holland & Knight LLP, in Washington,
DC, serves as bankruptcy counsel.  The petition listed both assets
and debts between $1,000,001 and $10,000,000.


ANTOINE WALKER: Ordered to Trial Over Gambling Debt
---------------------------------------------------
The Associated Press reports that a judge has ordered Antoine
Walker to face trial on felony bad check charges that allege he
failed to repay almost $1 million in gambling debts and penalties
to three Las Vegas casinos.   Las Vegas Justice of the Peace
Melanie Andress-Tobiasson ordered Mr. Walker to stand trial in
Clark County District Court on three criminal charges of writing
bad checks.

According to The AP, Mr. Walker appeared in court Monday with his
lawyer, Jonathan Powell, before Las Vegas Justice of the Peace
Melanie Andress-Tobiasson.  Mr. Walker remains free without bail
until his June 30 arraignment in state court.

The judge, The AP relates, noted that Mr. Walker hadn't made any
progress repaying some $770,000 he owes on a promise last November
to pay $905,050 in restitution, court fees and penalties.

                       About Antoine Walker

Former NBA star Antoine Walker filed for Chapter 7 bankruptcy in
Miami, Florida, on May 18, 2010, listing four pieces of real
estate including a $2 million plus Miami home that is underwater
with a mortgage of over $3 million and some other properties in
Chicago.  Mr. Walker sought bankruptcy protection after facing a
$2.3 million foreclosure lawsuit on his mother's mansion in Tinley
Park's Tony Odyssey Club.

The foreclosure lawsuit for the Tinley Park home was filed by
Northern Trust five days before the bankruptcy in Cook County.  It
alleges that Mr. Walker has not paid the mortgage on the home in
at least three months.

Mr. Walker, who played professional basketball for the Miami Heat
and the Boston Celtics, listed assets of $4.2 million and $12.7
million in liabilities.  Mr. Walker owes about $70,000 in back
property taxes on the home.


ARIE'S SUPPLY: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Arie's Supply, Inc.
        P.O. Box 1337
        Ashburn, VA 20146

Bankruptcy Case No.: 10-14898

Chapter 11 Petition Date: June 11, 2010

Court: U.S. Bankruptcy Court
       Eastern District of Virginia (Alexandria)

Judge: Stephen S. Mitchell

Debtor's Counsel: Priscilla G. Bornmann, Esq.
                  Cyron & Miller LLP
                  100 North Pitt Street, Suite 200
                  Alexandria, VA 22314
                  Tel: (703) 299-0600
                  Fax: (703) 299-0603
                  E-mail: pbornmann@cyronmiller.com

Estimated Assets: $0 to $50,000

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

A copy of the Company's list of 20 largest unsecured
creditors filed together with the petition is available for
free at http://bankrupt.com/misc/vaeb10-14898.pdf

The petition was signed by Brian M. Carpenter, president,
secretary and CEO.


ARLIE & COMPANY: Wins Court Nod to Sell Oregon Townhome
-------------------------------------------------------
The Hon. Albert E. Radcliffe of the U.S. Bankruptcy Court for the
District of Oregon authorized Arlie & Company to sell its townhome
located at 2853 Lord Byron Place, Eugene Oregon to Donald H.
Wilson and Christina L. Wilson, free and clear of liens.

Eugene, Oregon-based Arlie & Company -- http://www.arlie.com/--
is a property developer.  It is doing business as DHF Corp., and
formerly dba Arlie Land and Cattle Company and Crescent Village
Community Gardens, LLC.

The Company filed for Chapter 11 bankruptcy protection on
January 20, 2010 (Bankr. D. Ore. Case No. 10-60244).  The Company
listed $100,000,001 to $500,000,000 in assets and $50,000,001 to
$100,000,000 in liabilities.


ARNOLD GOODSTEIN: Case Summary & 13 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Arnold S. Goodstein
        208 Sumter Avenue
        Summerville, SC 29483

Bankruptcy Case No.: 10-04204

Chapter 11 Petition Date: June 11, 2010

Court: U.S. Bankruptcy Court
       District of South Carolina (Charleston)

Judge: David R. Duncan

Debtor's Counsel: R. Geoffrey Levy, Esq.
                  2300 Wayne Street
                  Columbia, SC 29201
                  Tel: (803) 256-4693
                  E-mail: llfecf@levylawfirm.org

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

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

The petition was signed by the Debtor.

Debtor's List of 13 Largest Unsecured Creditors:

        Entity                     Nature of Claim    Claim Amount
        ------                     ---------------    ------------
Tiente Limited Partnership         Guarantor           $40,000,000
c/o Richard M. Lovelace, Esq.
P.O. Box 1704
Conway, SC 29528

Bank of America                    Guarantor           $14,198,386
5081 Rivers Avenue
Charleston, SC 29406

Wachovia                           Guarantor            $3,161,035
4525 Sharon Road, Suite 400
Charlotte, NC 28211

M. Stephen Hill                    Contract             $2,106,118
116 Parkwood Drive                 judgment
Summerville, SC 29483

RBC Bank                           Guarantor            $1,329,496
1136 Washington Street, Suite 503
Columbia, SC 29201

Sandhills Bank                     Guarantor-             $282,019
c/o Stacy L. Stanley, Esq.         Confession of
3303 Highway 9 East                Judgment
Little River, SC 29566

National City Bank                 Guarantor              $246,132

Caterpillar Financial Services     Guarantor               $42,163

Regions Bank                       Guarantor               unknown

First Bank of the South            Guarantor               unknown

Community First Bank               Guarantor               unknown

Rosen Rosen & Hagood, LLC          Legal Fees              unknown

First Palmetto Savings Bank        Guarantor               unknown


B GREEN INNOVATIONS: Earns $1.377 Million in Q1 2010
----------------------------------------------------
B Green Innovations, Inc., formerly iVoice Technology, Inc., filed
its quarterly report on Form 10-Q, reporting net income of
$1,377,137 on $42,400 of revenue for the three months ended
March 31, 2010, compared with a net loss of $825,857 on $15,030 of
revenue for the same period a year ago.

The Company's balance sheet as of March 31, 2010, showed
$1,555,561 in assets, $1,324,762 of liabilities, and $230,799 of
stockholders' equity.

Rosenberg, Rich, Berman, Baker and Company, in Somerset, N.J.,
expressed substantial doubt about the Company's ability to
continue as a going concern after auditing the Company's financial
statements for the year ended December 31, 2009.  The independent
auditors noted that the Company had a net loss, a negative cash
flow from operations, as well as negative working capital.

For the three months ended March 31, 2010, the Company had a net
operating loss of $122,789, and negative cash flow from operations
of $130,836.

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

               http://researcharchives.com/t/s?64ca

Matawan, N.J.-based B Green Innovations, Inc. (OTC Bulletin Board:
BGNN) -- http://www.bgreeninnovations.com/-- is dedicated to
becoming a "green" technology company, focused on acquiring and
identifying promising technologies that address environmental
issues.

The first technology will be used to create new products from
recycled tire rubber.  The Company will also continue to support
the Interactive Voice Response ("IVR"), software that was
developed by iVoice, Inc.  The Company's Interactive Voice
Response line was designed to read information from and write
information to, databases, as well as to query databases and
return information.  The Company currently has no plans to engage
in future research and development, to launch any additional
versions of the IVR software or other products, or to continue to
market this product.  IVR is an application generator that allows
full connectivity to many databases, including Microsoft Access,
Microsoft Excel, Microsoft Fox Pro, and Paradox, or to standard
text files.


BARBARA BOUCHEY: Voluntary Chapter 11 Case Summary
--------------------------------------------------
Debtor: Barbara J. Bouchey
        16 Silo Drive
        Waterford, NY 12188

Bankruptcy Case No.: 10-12207

Chapter 11 Petition Date: June 11, 2010

Court: U.S. Bankruptcy Court
       Northern District of New York (Albany)

Judge: Robert E. Littlefield Jr.

Debtor's Counsel: Richard Croak, Esq.
                  314 Great Oaks Boulevard
                  Albany, NY 12203
                  Tel: (518) 690-4410
                  Fax: (518) 690-4435
                  E-mail: richardcroak@richardcroak.com

Estimated Assets: $0 to $50,000

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

According to the schedules, the Debtor says that assets total $0
while debts total $2,463,300.

The Debtor did not file a list of creditors together with its
petition.

The petition was signed by the Debtor.


BLACK BULL: OneWest Bank Wants Case Converted to Chapter 7
----------------------------------------------------------
Creditor OneWest Bank asks the U.S. Bankruptcy Court for the
District of Montana to convert the Chapter 11 case of Black Bull
Run Development LLC, to one under Chapter 7 of the Bankruptcy
Code.

OnWest explains that:

   -- there is substantial and continuing losses to and diminution
      of the estate, and there is an absence of a reasonable
      likelihood of rehabilitation;

   -- the Debtor is and will be unable to effectuate substantial
      confirmation of a plan; and

   -- the Debtor is unable to provide the adequate protection to
      OneWest Bank to which it is entitled and without the
      property securing the debt to OneWest there is no reasonable
      prospect of rehabilitation or a confirmed plan.

Bozeman, Montana-based Black Bull Run Development LLC, filed for
Chapter 11 bankruptcy protection on March 26, 2010 (Bankr. D.
Mont. Case No. 10-60593).  James A. Patten, Esq., who has an
office in Billings, Montana, assists the Company in its
restructuring effort.  According to the schedules, the Company has
assets of $16,317,641, and total debts of $42,764,571.


BLOCKBUSTER INC: Said to Be Seeking $150 Million in DIP Financing
-----------------------------------------------------------------
Blockbuster Inc. is reportedly seeking new loans, including up to
$150 million in debtor-in-possession financing, to smooth out its
finances and possibly prepare for a Chapter 11 filing, Bankruptcy
Law360 reports.

The movie rental chain is consulting with its bondholders about
the possibility of a DIP loan, Law360 relates citing a June 12
Wall Street Journal report.

                      About Blockbuster Inc.

Blockbuster Inc. is a leading global provider of rental and retail
movie and game entertainment. The company provides customers with
convenient access to media entertainment anywhere, any way they
want it -- whether in-store, by-mail, through vending kiosks or
digitally to their homes and mobile devices. With a highly
recognized brand and a library of more than 125,000 movie and game
titles, Blockbuster leverages its multichannel presence to serve
nearly 47 million global customers annually. The company may be
accessed worldwide at http://www.blockbuster.com/

Blockbuster Inc. filed its quarterly report on Form 10-Q, showing
a net loss of $65.4 million on $939.4 million of revenue for the
thirteen weeks ended April 4, 2010, compared with net income of
$27.7 million on $1.086 billion of revenue for the thirteen weeks
ended April 5, 2009.

The Company's balance sheet as of April 4, 2010, showed
$1.319 billion in assets and $1.693 billion of liabilities, for a
stockholders' deficit of $374.2 million.

PricewaterhouseCoopers LLP, in Dallas, expressed substantial doubt
about the Company's ability to continue as a going concern
following Blockbuster's 2009 results.


BP PLC: Denies Taking Advice on Chapter 11 Bankruptcy
-----------------------------------------------------
The Houston Chronicle's Tom Fowler reports that BP Plc on Thursday
dismissed talk that it might seek Chapter 11 bankruptcy protection
in the face of falling stock prices and threats from government
officials to force the oil giant to pay more in costs related to
the massive Gulf of Mexico oil spill.

"We categorically deny that we have taken advice on Chapter 11
proceedings," a company spokesman told the Chronicle, according to
Mr. Fowler.

Mr. Fowler reports that BP told investors earlier on Thursday it
has "significant capacity and flexibility in dealing with the cost
of responding to the incident, the environmental remediation and
the payment of legitimate claims."

The Chronicle notes that BP is self-insured, so it doesn't have a
large insurance policy to back up its mounting spill-related
liabilities.  Mr. Fowler, however, points out not all of the cost
will rest on BP's shoulders.  Anadarko Petroleum has a 25% stake
in the Deepwater Horizon drilling rig and Mitsui USA has a 10%
stake.  P has paid for most of the cleanup costs so far but is
expected to ask its partners to cover their share soon, according
to the Chronicle.

Mr. Fowler writes that analysts at Gimme Credit said much of the
bankruptcy buzz is fueled by equity traders who can gain from
volatile stock prices.

As reported by the Troubled Company Reporter on June 11, 2010,
Bloomberg News said BP Plc bonds and credit-default swaps trade as
if the energy company has lost its investment-grade rating as
costs mount from the worst oil spill in U.S. history.  BP's
$3 billion of 5.25% notes due in 2013 fell as low as 89.94 cents
on dollar June 9, a record, pushing the yield to 7.57 percentage
points more than Treasuries.  The spread compares with an average
of 7.26 percentage points for junk bonds, Bank of America Merrill
Lynch indexes show.  The cost to protect $10 million of BP debt
for a year with credit-default swaps more than doubled over the
past two days to $734,000, according to CMA DataVision.  It was
$29,000 on April 30.

The Wall Street Journal's Amy Schatz and Guy Chazan have reported
that White House officials on Sunday said they wanted BP to put
"substantial" funds into an escrow account to cover claims by Gulf
Coast businesses and residents affected by the oil spill.  The
report said the Obama administration plans to ask BP to establish
an independently administered fund for reimbursing victims -- in
effect, taking some of the compensation decisions out of BP's
hands.

BP said on June 14 the cost of the response to date amounts to
approximately $1.6 billion, including the cost of the spill
response, containment, relief well drilling, grants to the Gulf
states, claims paid, and federal costs.  This includes new grants
of $25 million each to the states of Florida, Alabama and
Mississippi and the first $60 million in funds for the Louisiana
barrier islands construction project.  BP said it is too early to
quantify other potential costs and liabilities associated with the
incident.

According Dow Jones Newswires' Selina Williams, one analyst
estimated Friday that the ultimate figure would be between
$3 billion and $6 billion.

According to BP, more than 51,000 claims have been submitted to
date, and more than 26,500 payments have been made, totaling over
$62 million.

The WSJ report drew comparisons of the BP fund with those of trust
funds set up with court approval by Johns Manville Corp. and later
other companies with asbestos liabilities.  The report says those
asbestos trusts now oversee about $20 billion in assets, a sum
that has nearly tripled since 2005, consultants say.

                  Chapter 11 or Receivership Seen

As reported by the Troubled Company Reporter on June 10, 2010,
Tennille Tracy at Dow Jones Newswires said energy specialist Matt
Simmons, founder and chairman emeritus of Simmons & Co., has told
Fortune magazine that BP Plc has "about a month before they
declare Chapter 11."

According to the TCR, Jeff Plungis and Christopher Condon at
Bloomberg's Businessweek reported that Representative Steve Cohen,
a Tennessee Democrat, said because BP is likely to end up in
bankruptcy, the Obama administration should consider placing the
company in receivership to preserve company assets.  "The
president could put it in receivership to protect the people," Mr.
Cohen said.

The TCR also cited Businessweek, which said more than 40 U.S.
lawmakers on June 9 called for BP to suspend its dividend, stop
its advertising and spend the money instead cleaning up its oil
spill in the Gulf of Mexico.  Businessweek said a dividend
moratorium would hit BP shareholders led by BlackRock Inc. and
Legal & General Group Plc.  According to Bloomberg data drawn from
regulatory filings, New York-based BlackRock was the biggest
holder of BP shares, with 5.92% as of December 31, 2009.
Bloomberg said Legal & General Group, the U.K. insurer and money
manager, holds 4% of the shares as of May 4.

BP has committed to fund the entire $360 million cost of six berms
in the Louisiana barrier islands project.  On June 7, BP said it
would make an immediate payment of $60 million to the State of
Louisiana.  The initial $60 million payment is intended to permit
the State to begin work on the project immediately.  BP would then
make five additional $60 million payments when the Coastal
Protection and Restoration Authority of Louisiana, which is
chaired by Garret Graves, certifies that the project has satisfied
20%, 40%, 60%, 80% and then 100% completion milestones.  The
entire $360 million will be funded by the completion of the
project.  BP plans to make payments directly to the State of
Louisiana rather than establishing an escrow fund for this
project.

BP already has provided $170 million to Louisiana, Alabama,
Mississippi, and Florida to help with those state's response costs
and to help promote their tourism industries.  The company also
has paid approximately $51 million in compensation to people and
companies affected by the spill.

                           About BP Plc

BP Plc -- http://www.bp.com/-- is one of the world's largest
energy companies, providing its customers with fuel for
transportation, energy for heat and light, retail services and
petrochemicals products for everyday items.

Bloomberg's Businessweek notes BP represents 5.6% of the FTSE 100
Index, the second biggest weighting of the top U.K.-listed
companies behind London-based bank HSBC Holdings Plc.  BP also
represents the biggest portion of the FTSE 350 Oil & Gas Producers
Index at 31%, and the MSCI EAFE/Energy Index at 16%.


BRESNAN BROADBAND: S&P Retains 'B+' Corporate Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services said that its 'B+' corporate
credit rating on Purchase, N.Y.-based cable operator Bresnan
Broadband Holdings LLC remains on CreditWatch with developing
implications.  This action comes after the company announced that
it entered into a definitive agreement to be acquired by a newly
formed subsidiary of Cablevision Systems Corp. (BB/Stable/--) in a
transaction valued at approximately $1.365 billion.

S&P initially placed the ratings on CreditWatch with developing
implications on March 15, 2010, following press reports suggesting
that Bresnan was exploring options regarding changes in its
ownership.

"If the deal with Cablevision closes under the terms specified,
Standard & Poor's would withdraw its 'B+' corporate credit rating
on Bresnan," said Standard & Poor's credit analyst Allyn Arden.
Additionally, S&P would withdraw the 'BB-' issue-level ratings and
'2' recovery rating on Bresnan's senior secured bank loan.  These
ratings are not on CreditWatch since provisions in this loan
agreement require its repayment under a change of control event.

S&P expects the transaction to close in late 2010 or early 2011,
subject to regulatory approvals, among other things.  A withdrawal
of the ratings would occur at that time.


BRESNAN COMMUNICATIONS: Cablevision Deal Won't Move Moody's Rating
------------------------------------------------------------------
Moody's Investors Service said that Bresnan Communications, LLC's
(B1 Corporate Family Rating) ratings are not affected by the
announcement that a newly-formed subsidiary of Cablevision Systems
Corporation (Ba2 Corporate Family Rating) will acquire the company
in a transaction valued at $1.365 billion.  Moody's noted that the
change of control provision contained within the bank credit
agreement governing Bresnan's debt would mandate refinancing of
the same in conjunction with closing of the proposed transaction,
and that ratings would simply be withdrawn upon the conclusion of
such an event.

The last rating action on Bresnan was on May 19, 2009, when
Moody's upgraded the Corporate Family and Probability of Default
Ratings, as well as the first lien bank debt ratings, all to B1
from B2.

Bresnan Communications, LLC is a cable operating company serving
over 300,000 subscribers in the states of Colorado, Montana,
Wyoming and Utah.  Headquartered in Purchase, New York, the
company's revenues were approximately $421 million for the fiscal
year ended December 2009.  Comcast Corporation owns a 50% common
equity interest (30% on a fully diluted basis) in Bresnan
Broadband Holdings, LLC, the parent company of Bresnan.  The
majority of the remaining interest is held by financial sponsors
(including Providence Equity Partners) and Bresnan management.


CABLEVISION SYSTEMS: Bresnan Deal Won't Affect Moody's 'B1' Rating
------------------------------------------------------------------
Moody's Investors Service said that its ratings for Cablevision
Systems Corporation and related rated subsidiaries (including CSC
Holdings, Inc., Rainbow National Services LLC and Newsday LLC)
should not be affected by the company's announcements that it
plans to (i) acquire the assets of Bresnan Communications in a
leveraging transaction valued at $1.365 billion, and (ii) initiate
a share repurchase program totaling $500 million.  "Although the
company is paying a healthy premium for an already well-run
collection assets, and may have postponed a prospective upgrade of
its ratings by undertaking the share buyback program at the same
time, strong operating performance continues to bode well for
further credit enhancements over the next two years," noted
Moody's Senior Vice President Russell Solomon.

The last rating action on Cablevision was on April 12, 2010, when
Moody's assigned B1 ratings for new senior unsecured debt and
revised the rating outlook for Cablevision and related
subsidiaries to Positive from Stable.

Cablevision Systems Corporation is predominantly a domestic cable
TV multiple system operator serving approximately 3 million
subscribers in and around the New York metropolitan area.
Headquartered in Bethpage, New York, the company also owns cable
network programming assets (via its Rainbow National Services LLC
subsidiary, and elsewhere) and newspaper and other publishing
assets (via Newsday LLC, and elsewhere), among other media and
entertainment properties.  The company generated revenue of
approximately $7.8 billion for the year ended December 2009.


CAL INVESTMENTS: Plan Promises to Transfer Stock to Unsecureds
--------------------------------------------------------------
Cal Investments, Inc., filed with the U.S. Bankruptcy Court for
the Northern District of California a proposed Plan of
Reorganization and an explanatory Disclosure Statement.

The Debtors will begin soliciting votes on the Plan following
approval of the adequacy of the information in the Disclosure
Statement.

The Plan seeks to restructure and stabilize the Debtor's business.
The Debtor hopes to re-emerge from Chapter 11 with a more
manageable debt to asset ratio, to pay off all remaining debts
owed to creditors and emerge with new stockholders.

The Debtor anticipates funding payment under this Plan through (i)
rents collected from all habitable properties ($43,981 in rent
revenues for March 2010); (ii) a cramming down of all secured
mortgages to the current value of the properties; (iii) stripping
of all unsecured mortgages and payment based on the collected
rents and current value of the property; (iv) successful use of
prime mortgage make the properties habitable; and (v) transfer the
Debtor's stock to creditors holding unsecured claims, and not
receiving any monies from the Debtor.  The transfer of stock will
amount to a complete change in ownership, denying any current
stakeholder in Debtor from any monetary compensation.

Under the Plan, the Debtor will also liquidate 7 properties to
relieve the Debtor of the burden of a number of liabilities and
provide secured creditors there collateral.

Claims and interests will be treated in this manner:

  (a) Class 1 - Prime Mortgages.  The Debtor will request the
      prime mortgage to rehabilitate five properties and make them
      suitable for human occupancy.  Each of the prime mortgages
      will be 10% of the current market value of the property or
      less.  The new loans will be paid off in full no more than
      60 months from confirmation of the Plan.

  (b) Class 2 - Fully Secured First Mortgages.  Holders of these
      mortgages will be paid in full for the principal amount of
      debt but the remaining past due of each creditor will be
      waived.

  (c) Class 3 - Partially Secured First Mortgages, Class 4 - Fully
      Secured Second Mortgages, Class 5 - Partially Secured Second
      Mortgages, Class 6 - Unsecured Second Mortgages, Class 7 -
      Partially Secured Third Mortgages, and Class 8 - unsecured
      Third Mortgages.  These claim holders will be stripped from
      the properties and new loans will be created according to
      the seniority and priority of the claims, the current value
      of the property and what the current rents on the property
      would allow.

  (d) Class 9 - Unsecured Fourth Mortgages, and Class 10 - General
      Unsecured Claims.  They will receive a portion of the stock
      of the Debtor in proportion to their share of the overall
      unsecured debt not being compensated by monies.

A full-text copy of the Disclosure Statement is available for free
at http://bankrupt.com/misc/CalInvestments_DS.pdf

The Debtor is represented by:

     Scott J. Sagaria, Esq.
     Patrick Calhoun, Esq.
     Sagaria Law, P.C.
     333 W. San Carlos Street, Suite 1700
     San Jose, CA 95110
     Tel: (408) 279-2288
     Fax: (408) 279-2299

                   About Cal Investments, Inc.

Soquel, California-based Cal Investments, Inc., filed for Chapter
11 bankruptcy protection on October 30, 2009 (Bankr. N.D. Calif.
Case No. 09-59405).  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.


CAMBRIA MOONSTONE: Files for Bankruptcy to Sell Hotel for $8.4MM
-----------------------------------------------------------------
Marlize Van Romburgh at Pacific Coast Business Times says Cambria
Moonstone filed for bankruptcy under Chapter 11, listing debts of
$9.5 million.  The Company plans to sell El Colibri hotel and spa
for $8.4 million.


CANDY HOLYFIELD: Involuntary Chapter 11 Case Summary
----------------------------------------------------
Alleged Debtor: Candy Holyfield
                  aka Candi Holyfield
                12429 Denver Avenue
                Los Angeles, CA 90044

Bankruptcy Case No.: 10-33893

Involuntary Chapter 11 Petition Date: June 11, 2010

Court: U.S. Bankruptcy Court
       Central District of California (Los Angeles)

Judge: Richard M. Neiter

Debtor's Counsel: Pro Se

Petitioners' Counsel: Not Stated

Creditors who signed the Chapter 11 petition:

    Petitioners                Nature of Claim       Claim Amount
    -----------                ---------------       ------------
J Smith                           Note               $10,000
794 Evander Holyfield
Fairburn, GA 30213

Damuer Deffridge                  Note               $50,000
6 Colt Lane
Bell Canyon, CA 91307

Dwayne Corbitt                    Note               $300,000
6 Colt Lane
Bell Canyon, CA 9130


CBGB HOLDINGS: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: CBGB Holdings, LLC
        c/o Robert Steven Williams
        60 Old Road
        Westport, CT 06880

Bankruptcy Case No.: 10-13130

Chapter 11 Petition Date: June 11, 2010

Court: U.S. Bankruptcy Court
       Southern District of New York (Manhattan)

Judge: Stuart M. Bernstein

Debtor's Counsel: Kenneth A. Reynolds, Esq.
                  McBreen & Kopko
                  500 North Broadway, Suite 129
                  Jericho, NY 11753
                  Tel: (516) 364-1095
                  Fax: (516) 364-0612
                  E-mail: kreynolds@mklawnyc.com

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

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

The Company did not file a list of creditors together with its
petition.

The petition was signed by Robert Steven Williams, member.


CHARLES ABRAHAMS: Court Fixes August 16 as Claims Bar Date
----------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of California
has established August 16, 2010, as the last day for any
individual or entity to file proofs of claim against Charles L.
Abrahams.

Proofs of claim must be filed with:

   Clerk of the U.S. Bankruptcy Court
   U.S. Bankruptcy Court
   325 West "F" Street
   San Diego, CA 92101-6991

   Jeffrey D. Cawdrey, Esq.
   Gordon & Rees LLP
   101 West Broadway, Suite 2000
   San Diego, CA 92101

San Diego, California-based Charles L. Abrahams filed for Chapter
11 bankruptcy protection on January 22, 2010 (Bankr. S.D. Calif.
Case No. 10-00968).  William M. Rathbone, Esq., at Gordon & Rees
LLP, assists the Company in its restructuring effort.  The Company
listed $10,000,001 to $50,000,000 in assets and $10,000,001 to
$50,000,000 in liabilities.


CHRYSLER LLC: Ends Q1 2010 With $143-Mil. Operating Profit
----------------------------------------------------------
Chrysler Group LLC Chief Executive Sergio Marchionne told
employees in an e-mail on Friday that the Company ended the first
quarter of 2010 with a $143 million operating profit.

"Through hard work and tough choices, we made significant progress
during the past 365 days," Mr. Marchionne said in the e-mail, a
copy of which was obtained by The Wall Street Journal.  "We are
generating the cash needed to build our brands and invest in
products, such as the 16 all-new or refreshed vehicles that will
be introduced by the end of this year, representing 75% of our
product line."

In November, Chrysler revealed a five-year plan for rebuilding its
portfolio of products and achieving sustainable profitability.

Mr. Marchionne said Chrysler's alliance with Fiat is taking root,
making Chrysler part of a strong global team with the critical
mass needed to achieve significant economies of scale, fully
exploit the related synergies and expand its geographic presence.

                       About Chrysler Group

Based in Auburn Hills, Michigan, Chrysler Group LLC, formed in
2009 from a global strategic alliance with Fiat Group, produces
Chrysler, Jeep, Dodge, Ram Truck, Mopar(R) and Global Electric
Motorcars brand vehicles and products.  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)


CINCINNATI BELL: Completes $525-Mil. Acquisition of CyrusOne
------------------------------------------------------------
Cincinnati Bell Inc. completed the acquisition of data center
operator CyrusOne from ABRY Partners in a cash transaction valued
at $525 million.  CyrusOne is the largest data center colocation
company in Texas and provides premier colocation services to
Fortune 500 companies.

The acquisition increases the scale and scope of Cincinnati Bell's
data center operations by adding seven best-in-class data centers
in Houston, Dallas, and Austin with a total of 174,000 square feet
of data center capacity.  As a result, Cincinnati Bell's
Technology Solutions segment will have a combined total of 620,000
square feet of data center capacity in 17 best-in-class
facilities, and, based on annualized first quarter 2010 results,
combined operating income of approximately $56 million and
adjusted earnings before interest, income taxes, depreciation and
amortization of approximately $93 million.

"The acquisition of CyrusOne is an important step in our long-term
strategy of becoming the preferred global data center colocation
provider to Fortune 1000 companies," said Jack Cassidy, president
and chief executive officer of Cincinnati Bell.  "With more than
600,000 square feet of high quality data center space and almost
$100 million of Adjusted EBITDA, we believe the combined data
center business of Cincinnati Bell and CyrusOne makes us one of
the largest data center companies in the U.S. and strongly
positions us to help large enterprise customers manage their
global data center requirements with highly cost-efficient and
flexible solutions."

Dave Ferdman, founder and chief executive officer of CyrusOne,
added, "Our customers have been asking us to expand outside of
Texas for years, and until now we have been reluctant to do so as
we didn't have the size and scale that we now have with Cincinnati
Bell.  We are looking forward to accelerating the growth of our
business and believe this combination will offer our customers the
opportunity to grow with us internationally as we create a global
data center business."

Cincinnati Bell announced its agreement to acquire CyrusOne on
May 12, 2010.  In connection with this transaction, Cincinnati
Bell entered into new long-term senior credit facilities,
comprised of a $210 million secured revolving credit facility
and a $760 million secured term loan credit facility.

A full-text copy of Cyrus's audited Financial Statements for
December 2009 is available for free at:

               http://ResearchArchives.com/t/s?64d7

A full-text copy of Cyrus's unaudited Financial Statements for
March 2010 is available for free at:

                http://ResearchArchives.com/t/s?64d8

                      About Cincinnati Bell

Cincinnati Bell Inc., with headquarters in Cincinnati, Ohio,
provides telecommunications products and services to residential
and business customers in Ohio, Kentucky and Indiana.  CBB
generated $1.3 Billion in revenues in 2009.

                           *     *     *

According to the Troubled Company Reporter on May 26, 2010,
Standard & Poor's Ratings Services assigned its issue-level and
recovery ratings to Cincinnati, Ohio-based Cincinnati Bell Inc.'s
proposed $970 million proposed senior secured credit facilities,
consisting of a $760 million term loan B due 2017 and a
$210 million revolving credit facility due 2014.  S&P rated the
facilities 'BB' (two notches higher than S&P's 'B+' corporate
credit rating on the company) with a recovery rating of '1',
indicating S&P's expectations of very high (90% to 100%) recovery
for lenders in the event of a payment default.

Moody's Investors Service has corrected a press release on
Cincinnati Bell Inc.'s rating.  Moody's substituted "B2" for "B1"
in the fifth paragraph Downgrades, fifth line "Senior Unsecured
Regular Bond/Debenture, Downgraded to B2, LGD4, 61% from Ba3,
LGD4, 53%".


CINCINNATI BELL: Inks New $970 Million Senior Credit Facilities
---------------------------------------------------------------
Cincinnati Bell Inc. entered into new senior credit facilities,
comprised of a $210 million secured revolving credit facility
maturing four years from the date and a $760 million secured term
loan credit facility maturing at the earlier of:

    i) November 18, 2014, if the Company's 7% Senior Notes due
       2015 have not been redeemed and repaid in full on or prior
       to such date or

   ii) seven years from June 11, 2010.  The proceeds of the
       Company's new term loan credit facility will be used to
       repay all outstanding indebtedness under the Company's
       existing credit facility, dated as of August 31, 2005, to
       pay the purchase price in the Acquisition, to repay certain
       indebtedness of Cyrus One in connection with the
       Acquisition and to pay fees and expenses incurred in
       connection with the Refinancing and the Acquisition.

The Company's new revolving credit facility will be used to
provide ongoing working capital and for other general corporate
purposes of the Company and its subsidiaries.  Availability under
the new revolving credit facility is subject to customary
borrowing conditions.  The new revolving credit facility contains
a $70 million sublimit for standby letters of credit and a
$25 million sublimit for swingline loans.  The new term loan
credit facility is subject to quarterly amortization of principal
in an amount equal to 1% of the initial aggregate principal amount
per year.

Borrowings under the new senior credit facilities bear interest,
at the Company's election, at a rate per annum equal to:

    i) LIBOR plus the applicable margin or

   ii) the base rate plus the applicable margin.

As of June 11, 2010, the applicable margin for advances under the
term facility is 5.00% for LIBOR rate advances and 4.00% for base
rate advances.  The applicable margin for advances under the
revolving facility is based on certain financial ratios and the
Company's credit ratings and ranges between 4.25% and 5.00% for
LIBOR rate advances and 3.25% and 4.00% for base rate advances.
Base rate is the greatest of the bank prime rate, the one-month
LIBOR rate plus one percent or the federal funds rate plus one-
half of one percent.  The Company will pay commitment fees for the
unused amount of commitments under the revolving credit facility
and letter of credit fees on outstanding letters of credit at an
annual rate ranging from 0.50% to 0.75% and 4.25% and 5.00%,
respectively, based on certain financial ratios.

The Company is required to use 100% of the net cash proceeds of
sales of property and assets to prepay its new term loan credit
facility, subject to customary reinvestment rights and an
exception for the first $25 million of such proceeds in each
fiscal year.  The Company is subject to a similar requirement in
the event of casualty or condemnation of property and assets.  The
Company is also required to use 100% of the net cash proceeds of
issuances of debt securities to prepay the new term loan credit
facility.

The Company is also required to make mandatory prepayments of 50%
of excess cash flow if its senior secured leverage ratio is
greater than or equal to 1.5 to 1.0, starting with fiscal year
2011.  Voluntary prepayments of the new senior credit facilities
will be permitted at any time without prepayment penalty, except
that the Company is required to pay a prepayment premium of 1% of
the principal amount of term loans voluntarily prepaid within one
year following June 11, 2010, if such prepayment is made using the
proceeds of additional syndicated term loan indebtedness with an
interest rate lower than the term loans being prepaid.

All existing and future subsidiaries of the Company are required
to guarantee borrowings under the new senior credit facilities.
Debt outstanding under the new senior credit facilities is secured
by perfected first priority pledges of and security interests in:

    1) substantially all of the equity interests of the Company's
       U.S. subsidiaries and 66% of the equity interests in the
       first-tier foreign subsidiaries held by the Company and the
       guarantors under the new senior credit facilities and

    2) certain personal property and intellectual property of the
       Company and its subsidiaries.

The new senior credit facilities contain financial covenants that
require the Company to maintain certain leverage, interest
coverage and fixed charge coverage ratios.  The new senior credit
facilities also contain certain covenants which, among other
things, and subject to certain exceptions, restrict the Company's
ability to incur additional debt or liens, pay dividends,
repurchase Company common stock, prepay other indebtedness, sell,
transfer, lease, or dispose of assets and make investments in or
merge with another company.  If the Company were to violate any of
the covenants under the new senior credit facilities and were
unable to obtain a waiver, it would be considered a default.  If
the Company were in default under the new senior credit
facilities, no additional borrowings under the new revolving
credit facility would be available until the default was waived or
cured.  The new senior credit facilities provide for customary
events of default, including a cross-event of default provision in
respect of any other existing debt instrument having an aggregate
principal amount that exceeds $35 million.

A full-text copy of the Credit Agreement is available for free at
http://ResearchArchives.com/t/s?64d6

                      About Cincinnati Bell

Cincinnati Bell Inc., with headquarters in Cincinnati, Ohio,
provides telecommunications products and services to residential
and business customers in Ohio, Kentucky and Indiana.  CBB
generated $1.3 Billion in revenues in 2009.

                           *     *     *

According to the Troubled Company Reporter on May 26, 2010,
Standard & Poor's Ratings Services assigned its issue-level and
recovery ratings to Cincinnati, Ohio-based Cincinnati Bell Inc.'s
proposed $970 million proposed senior secured credit facilities,
consisting of a $760 million term loan B due 2017 and a
$210 million revolving credit facility due 2014.  S&P rated the
facilities 'BB' (two notches higher than S&P's 'B+' corporate
credit rating on the company) with a recovery rating of '1',
indicating S&P's expectations of very high (90% to 100%) recovery
for lenders in the event of a payment default.

Moody's Investors Service has corrected a press release on
Cincinnati Bell Inc.'s rating.  Moody's substituted "B2" for "B1"
in the fifth paragraph Downgrades, fifth line "Senior Unsecured
Regular Bond/Debenture, Downgraded to B2, LGD4, 61% from Ba3,
LGD4, 53%".


CITIGROUP INC: Citi Funding to Issue Petrobras-Linked Notes
-----------------------------------------------------------
Citigroup Funding Inc. is seeking to issue Contingent Coupon
Mandatorily Callable Notes Linked to the American Depositary
Receipts of Petroleo Brasileiro S.A. -- Petrobras Due June 23,
2011, at $10 per Note.

The Contingent Coupon Mandatorily Callable Notes Linked to the
American Depositary Receipts of Petroleo Brasileiro S.A. --
Petrobras Due June 23, 2011, are callable equity-linked
investments that offer a potential return linked to the Petrobras
ADRs.  The notes have a maturity of approximately one year.  The
return on the notes is linked to the closing price of the
Petrobras ADRs on each quarterly valuation date and the final
valuation date, provided that Citi may call the notes on any
quarterly valuation date.  The notes offer the possibility of one
or more contingent quarterly coupon payments.  Although there is
no possibility to participate any increase in the price of the
Petrobras ADRs during the term of the notes, there is full
exposure to a decline in the price of the Petrobras ADRs if the
value of the Petrobras ADRs dips below a predetermined percentage
on the final valuation date.  The notes are not principal
protected.  The notes are a series of unsecured senior debt
securities issued by Citigroup Funding.  Any payments due on the
notes are fully and unconditionally guaranteed by Citigroup Inc.,
Citigroup Funding's parent company.  All payments on the notes are
subject to the credit risk of Citigroup Inc.

A full-text copy of Citigroup Funding's offering summary is
available at no charge at http://ResearchArchives.com/t/s?64d5

                          About Citigroup

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

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

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

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


COMMPARTNERS, LLC: Files for Chapter 11 to Enjoin AT&T
------------------------------------------------------
Steve Green at Las Vegas Sun reports that CommPartners Holding Co.
together with its affiliates -- CommPartners Carrier Services
Corp., CommPartners Network Services LLC and CommPartners LLC --
filed for bankruptcy under Chapter 11 in the U.S. Bankruptcy Court
in Nevada to block AT&T from shutting off services for its
network.

Las Vegas-based, CommPartners Holding Co. provides voice over
Internet protocol services, and other services, to businesses.
The Company said it has $8.5 million in assets and $6.3 million in
debts as of April 30, 2010.


COMMPARTNERS, LLC: Voluntary Chapter 11 Case Summary
----------------------------------------------------
Debtor: Commpartners, LLC
        8350 S. Durango Drive, Suite 200
        Las Vegas, NV 89113

Bankruptcy Case No.: 10-20933

Chapter 11 Petition Date: June 13, 2010

Court: U.S. Bankruptcy Court
       District of Nevada (Las Vegas)

Judge: Linda B. Riegle

Debtor's Counsel: Matthew C. Zirzow, Esq.
                  Gordon & Silver, Ltd.
                  3960 Howard Hughes Parkway, 9TH FLR
                  Las Vegas, NV 89169
                  Tel: (702) 796-5555
                  E-mail: bankruptcynotices@gordonsilver.com

Estimated Assets: $0 to $50,000

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

The Company did not file a list of creditors together with its
petition.

The petition was signed by Greg Roeper, president.

Debtor-affiliates filing separate Chapter 11 petition:

        Entity                            Case No.   Petition Date
        ------                            --------   -------------
CommPartners Carrier Services Corporation --              06/13/10
CommPartners Holding Corporation          --              06/13/10
CommPartners Network Services, LLC        --              06/13/10


CORROZI-FOUNTAINVIEW: Can Honor Pre- and Post-petition Sale Pacts
-----------------------------------------------------------------
The Hon. Kevin Gross of the U.S. Bankruptcy Court for the District
of Delaware authorized Corrozi-Fountainview, LLC, to:

   -- honor it pre- and post-petition sales contracts with buyers;

   -- close on the sales of units in the ordinary course of
      business; and

   -- perform all obligations under its prepetition sales
      contracts.

The net sale proceeds will be used to make distributions or
establish reserves.

Wilmington, Delaware-based, Corrozi-Fountainview, LLC, owns a
single asset real estate.  The Company filed for Chapter 11 on
March 31, 2010 (Bankr. D. Del. Case No. 10-11090.)  Joseph Grey at
Cross & Simon LLC assists the Debtor in its restructuring effort.
The Debtor did not file its list of largest unsecured creditors
when it filed its petition.  In its petition, the Debtor listed
total assets and debts both ranging from $10,000,001 to
$50,000,000.



DANA HOLDING: Moody's Hikes Outlook to Positive; B3 Rating Stays
----------------------------------------------------------------
Moody's Investors Service revised the outlook of Dana Holding
Corporation's to positive from stable.  In a related action,
Moody's affirmed all of Dana's ratings, including: the Corporate
Family and Probability of Default Ratings at B3, the senior
secured asset based revolving credit facility rating at Ba3, and
the senior secured term loan rating at B1.  The Speculative Grade
Liquidity Rating also was affirmed at SGL-2.

The positive outlook incorporates Moody's view that Dana's
improved operating performance in first quarter of 2010 quarter is
sustainable over the near-term, and moreover, that announced
spending for additional restructuring actions should further
improve the company's operating performance and credit metrics
into 2011.  Moody's expects these actions to include, among other
items, further rationalization of manufacturing locations and
associated headcount.  Dana's expected near-term operating
performance along with its recent debt paydown from the proceeds
of the sale of the Structural Products business should provide
ample financial covenant cushion to cover the potential
implementation risks of planned restructuring actions.  The
company's financial flexibility also is aided by a strong cash
position.

Moody's anticipates that overall market conditions for Dana's
products will improve as automotive production trends in North
America (about 51% of Dana's 2009 revenues) and South America
(about 15% of 2009 revenues) continue to recover, while China
maintains its growth trend (Asia represents about 11% of 2009
revenues).  However, the company's off-highway business and
commercial vehicle segments are likely to still face challenging
market conditions.  These businesses largely represent the
company's European market exposure (about 23% of Dana's 2009 total
revenues are from Europe), where the economic recovery is expected
to lag.  In addition, financing availability for fleet operators
in Europe may be negatively impacted by government debt
restructurings of certain Eurocurrency countries.

The affirmation of Dana's B3 Corporate Family Rating incorporates
Moody's expectation that the company's ability to sustain its
first quarter performance through 2010 will continue to result in
EBIT/Interest and free cash flow generation consistent with the
rating.  These metrics incorporate the company's expectation of
cash spending of approximately $100 million on restructuring
actions to be taken in 2010, and the much higher year-end 2009
underfunded pension liability amount.  Management also indicated
that further restructuring actions may be required in 2011.  Dana
has also indicated that it is looking at an investment in China
related to the commercial vehicle business.

The Speculative Grade Liquidity Rating of SGL-2 continues to
reflect good liquidity over the next twelve months.  The company's
cash balances of $1,026 million as of March 31, 2010 ($96 million
restricted) benefited from the receipt of net cash proceeds from
the sale of the Structured Product business in the first quarter,
net of debt paydowns; the company's improved operating performance
in the first quarter, and a modest seasonal working capital use.
Moody's continues to expect that Dana will be challenged to
generate positive free cash flow over the near term.  While
operating performance improvements are likely to be sustained over
the near-term, the additional restructuring actions in 2010,
potential dividend payments on its preferred stock, and the
payment of about $75 million in settlement payments for tax
liabilities related its emergence from Chapter 11 in January 2008
will pressure cash generation.  External liquidity is provided by
the $650 million asset based revolving credit with availability at
March 31, 2009 of approximately $197 million, based on borrowing
based limitations, and net of $149 million letters of credit.
Dana also maintained an undrawn European receivables loan facility
of Euro 170 million, maturing in July 2012, which had availability
of $82 million, based on available assets.  Access to these
facilities is expected with significant covenant cushion, despite
test level step downs.  There is capacity to incur up to
$400 million of additional debt in the foreign subsidiaries,
subject to financial covenant limitations.

Ratings affirmed:

* Probability of Default Rating, at B3;

* Corporate Family Rating, at B3;

* $650 million senior secured asset based revolving credit
  facility, at Ba3 (LGD2, 24%);

* $941 million (originally $1.4 billion) senior secured term loan,
  at B1 (LGD3, 30%);

* Speculative Grade Liquidity rating at SGL-2.

The last rating action for Dana Holding Corporation was on
December 21, 2009, when the Corporate Family Rating was raised to
B3.

Dana, headquartered in Maumee, Ohio, is a world leader in the
supply of axles, driveshafts, sealing, thermal management
products, as well as genuine service parts.  The customer base
includes virtually every major vehicle in the global automotive,
commercial vehicle, and off-highway markets.  The company employs
approximately 21,000 people in 26 countries.  Revenues in 2009
were $5.2 billion.


DAVID WEBB: Jeweler Group Acquires Assets for $11 Million
---------------------------------------------------------
Mark Emanuel together with Soma Ghadamian and Robert Sadian, a
group of jewelers, purchased the assets of David Webb Inc. for
$11 million, enabling the Company to exit from Chapter 11
bankruptcy protection, according to National Jeweler.

Under the agreement, $2.75 million of the sale proceeds were
slated to go to the Company's secured claim and another $250,000
would go toward the rental charges incurred and owed at the time
of the closing.  The remainder of the cash proceeds would go into
an account held in escrow by the New York City law firm Kaufmann
Gildin Robbins and Oppenheim, report says.

New York-based David Webb Inc. is a 61-year-old Madison Avenue-
based jeweler owned by the Silberstein Family Partnership.  The
Company filed for Chapter 11 protection on June 23, 2009 (Bankr.
S.D.N.Y. Case No. 09-13997).  The Debtor selected Alter Goldman &
Brescia LLP as its bankruptcy counsel.  The Debtor posted assets
between $10 million and $50 million, and debts between $1 million
and $10 million.


DAY CARE SERVICES: Files for Chapter 11 After Worker Probe
----------------------------------------------------------
Day Care Services at Tranquility Learning & Educational Academy
LLC filed for bankruptcy under Chapter 11 and had its license
revoked by the state for tax delinquencies, according to Georgia
Pabst at the Journal Sentinel.

The report relates that the Company owes $50,600 in taxes to the
Internal Revenue Service; $30,000 in unemployment compensation
payments, Department of Workforce Development; and $5,000,
Department of Revenue.

The filing came following an investigation of the Company's worker
who was fired for not following proper procedures to verify
parental income level.

Day Care Services had 24 to 25 in each of the two Head Start
classrooms and another 40 children in the Shares program.


DELTA AIR: Eyes Renovation of Terminals at JFK Airport
------------------------------------------------------
Dow Jones Newswires' Doug Cameron reports that Delta Air Lines
Inc. is close to announcing the renovation of its outdated
terminals at New York's John F. Kennedy International Airport amid
an intensifying competition for the city's business-travel market.
Dow Jones says Delta has been in talks for months with the Port
Authority Of New York & New Jersey about funding a move that is
expected to include demolishing the landmark Pan Am Worldport
terminal at JFK to make way for new facilities.  According to Dow
Jones, Delta President Ed Bastian said at an industry conference
that an announcement is expected within 60 days involving the Port
Authority and "several other players."

                       About Delta Air Lines

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.


DEUCE INVESTMENTS: Sale of Fuller Tract Property Approved
---------------------------------------------------------
The Hon. Randy D. Doub of the U.S. Bankruptcy Court for the
Eastern District of North Carolina authorized Deuce Investments,
Inc, to sell the Fuller Tract free and clear of all liens,
encumbrances, rights, interests, and claims.

The Fuller Tract is a real property consist of a 26.31 acres of
undeveloped land on Cleveland Road located in Johnson County,
North Carolina.

Clayton, North Carolina-based Deuce Investments, Inc., filed for
Chapter 11 bankruptcy protection on Feb. 12, 2010 (Bankr. E.D.
N.C. Case No. 10-01083).  Trawick H. Stubbs, Jr., Esq., at Stubbs
& Perdue, P.A., assists the Company in its restructuring effort.
The Company has assets of $17,334,282, and total debts of
$21,297,698.


DEUCE INVESTMENTS: Wants Until June 18 to Propose Ch. 11 Plan
-------------------------------------------------------------
Deuce Investments, Inc., asks the U.S. Bankruptcy Court for the
Eastern District of North Carolina to extend until June 18, 2010,
its exclusive right to formulate and file a Plan of Reorganization
and Disclosure Statement.

The Debtor filed its request for an extension before the
exclusive period was set to expire on June 9, 2010.

The Debtor explains that its counsel needs additional time to
negotiate with creditors and research the validity of Crescent
State Bank's lien.

Clayton, North Carolina-based Deuce Investments, Inc., filed for
Chapter 11 bankruptcy protection on Feb. 12, 2010 (Bankr. E.D.
N.C. Case No. 10-01083).  Trawick H. Stubbs, Jr., Esq., at Stubbs
& Perdue, P.A., assists the Company in its restructuring effort.
The Company has assets of $17,334,282, and total debts of
$21,297,698.


DIAMOND DECISIONS: Files Schedules of Assets and Liabilities
------------------------------------------------------------
Diamond Decisions, Inc., filed with the U.S. Bankruptcy Court for
the Central District of California its schedules of assets and
liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                        $0
  B. Personal Property            $1,235,599
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                               $18,597,733
  E. Creditors Holding
     Unsecured Priority
     Claims                                           $25,272
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                        $1,537,085
                                 -----------      -----------
        TOTAL                     $1,235,599      $20,160,090

Sunnyside, Washington-based Cervantes Orchards and Vineyards LLC
filed for Chapter 11 bankruptcy protection on February 12, 2010
(Bankr. E.D. Wash. Case No. 10-00787).  Steven H. Sackmann, Esq.,
at Sackmann Law Office, assists the Company in its restructuring
effort.  The Company listed $10,000,001 to $50,000,000 in assets
and $1,000,001 to $10,000,000 in liabilities.

Los Angeles, California-based Diamond Decisions Inc. filed for
Chapter 11 bankruptcy protection on February 12, 2010 (Bankr. C.D.
Calif. Case No. 10-15109).  Brent H. Blakely, Esq., who has an
office in Hollywood, California, assists the Company in its
restructuring effort.  The Company listed $10,000,001 to
$50,000,000 in assets and $10,000,001 to $50,000,000 in
liabilities.


DENNY HECKER: Seeks Court Permission to Travel
----------------------------------------------
MaryJo Webster at St. Paul Pioneer Press in Minnesota reports that
Denny Hecker's criminal defense attorneys filed motions on
Thursday asking that two charges be either dismissed or revised
and that he be allowed to travel to other parts of the state.
Ms. Webster says the requests were part of a flurry of pretrial
motions Mr. Hecker's lawyers filed to meet a Thursday deadline in
advance of a June 23 hearing.

Mr. Hecker, 57, is facing 25 federal counts of wire fraud,
bankruptcy fraud, conspiracy and money laundering. He has pleaded
not guilty. A trial is scheduled to begin in mid-October.

                       About Denny Hecker

Denny Hecker filed for Chapter 7 bankruptcy on June 4, 2009,
before the U.S. Bankruptcy Court for the District of Minnesota.
Mr. Hecker listed $18 million in assets and $767 million in debts
owed to automakers, lenders, business partners and former
employees.

According to the Star Tribune in Minneapolis-St. Paul, the
bankruptcy filing had been widely anticipated.  Star Tribune noted
Mr. Hecker has been forced to sell or close 25 of his 26
dealerships in recent months, and Chrysler Financial won a
$477 million court judgment against him in April.  The bankruptcy
filing temporarily halted efforts by Chrysler and other creditors
from collecting money they say they are owed.

The Troubled Company Reporter on November 20 said Bankruptcy Judge
Robert Kressel held Mr. Hecker in contempt of court for failing to
turn over his financial records in a timely manner.

William R. Skolnick, Esq., at Skolnick & Shiff, P.A., in
Minneapolis, represents Mr. Hecker.


DIAMONDHEAD CASINO: Posts $523,000 Net Loss in Q1 2010
------------------------------------------------------
Diamondhead Casino Corporation filed its quarterly report on Form
10-Q, reporting a net loss of $523,334 for the three months ended
March 31, 2010, compared with a net loss of $247,952 for the same
period a year ago.

The Company's balance sheet as of March 31, 2010, showed
$5,730,104 in assets, $1,591,330 of liabilities, and $4,138,774 of
stockholders' equity.

The Company has incurred losses over the past several years, has
no operations, generates no revenues, and incurred a loss
applicable to common stockholders of $548,734 for the three months
ended March 31, 2010.  The Company's auditors have expressed
substantial doubt about the Company's ability to continue as a
going concern in their audit report on the Company's consolidated
financial statements for the year ended December 31, 2009.

As of March 31, 2010, the Company does not have the financial
resources to develop its proposed casino resort.  There can be no
assurance that the Company can successfully develop its
Diamondhead, Mississippi property, and in the event that the
Company is unsuccessful in raising sufficient cash or finding
alternative means to meet its future obligations, it could have a
significant adverse impact on the Company's ability to continue as
a going concern and ultimately develop the property.

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

               http://researcharchives.com/t/s?64cb

Largo, Fla.-based Diamondhead Casino Corporation is a Delaware
corporation incorporated on November 15, 198.8 under the name
"Europa Cruises Corporation."  The Company became a publicly-held
company in 1989.  On or about November 22, 2002, the Company
changed its name to "Diamondhead Casino Corporation."  The
Company's stock currently trades on the Over the Counter Bulletin
Board under the symbol "DHCC."  The Company currently has three
subsidiaries with no current operations and three employees.  As
of December 31, 2009, the Company had four employees.

The Company owns, through its wholly-owned subsidiary, Mississippi
Gaming Corporation, an approximate 404.5 acre tract of unimproved
land in Diamondhead, Mississippi.  The property is located at 7051
Interstate 10.  The property fronts Interstate 10 for
approximately two miles and fronts the Bay of St. Louis for
approximately two miles.  There are no liens or debt on the
property.  The Company intends, in conjunction with unrelated
third parties, to fully develop the site in phases beginning with
a casino resort.  The casino resort is expected to include a
casino, a hotel and spa, pools, a sports and entertainment center,
a conference center and a state-of-the-art recreational vehicle
park.


EDUCATION MANAGEMENT: Stock Repurchase Won't Move Moody's Rating
----------------------------------------------------------------
Moody's Investors Service said Education Management Corporation's
(holding company that indirectly owns Education Management LLC)
announcement that it has implemented a $50 million stock
repurchase program does not affect the B1 corporate family rating,
nor the existing ratings.  The ratings outlook remains positive.

The last rating action was on October 21, 2009, when Moody's
affirmed the company's B1 corporate family rating and changed the
ratings outlook to positive.

Education Management, based in Pittsburgh, Pennsylvania, is one of
the largest providers of private post-secondary education in North
America, based on student enrollment and revenue.  The company
reported revenues of approximately $2.4 billion for the twelve
months ended March 31, 2010.


EMPIRE CENTER: Plan Outline Hearing Continued Until June 22
-----------------------------------------------------------
The Hon. Sarah S. Curley of the U.S. Bankruptcy Court for the
District of Arizona has continued until June 22, 2010, at
10:00 a.m., the hearing on approval of the disclosure statement
explaining Empire Center at Coldwater Springs, LLC's Chapter 11
Plan.  The hearing will be held at the U.S. Bankruptcy Court, 230
North First Avenue, 7th Floor, Courtroom No. 701, Phoenix,
Arizona.

The Debtors will begin soliciting votes on the Plan following
approval of the adequacy of the information in the Disclosure
Statement.

According to the Disclosure Statement, the Plan will be
implemented by the retention of its existing management. The
implementation will also include the management and disbursement
of the funds infused by the interest holders.

Under the Plan, the Debtor proposes to pay the Priority Claims in
full.  It also proposes to give Secured Creditors with an interest
in the real property of a commercial property located in Maricopa
County, Arizona, the opportunity to realize a full return on the
value of their Allowed Secured Claims.

In addition, the Plan will result in the unsecured creditors --
under Class 3 -- receiving a substantial payout.  The claims in
Class 3 aggregating will share pro rata the sum of $50,000.  The
interest holders will arrange for the infusion of the $50,000 into
the reserve account for the payment of Class 3.

The Class 4 interest holders in the Debtor will retain their
interests in consideration of the new value they contribute to the
Plan funding.

A full-text copy of the Disclosure Statement is available for free
at http://bankrupt.com/misc/EmpireCenter_DS.pdf

The Debtor is represented by:

     Arturo A. Thompson, Esq.
     E-mail: athompson@polsinelli.com
     John J. Hebert, Esq.
     E-mail: jhebert@polsinelli.com
     Polsinelli Shughart PC
     Security Title Plaza
     3636 North Central Avenue, Suite 1200
     Phoenix, AZ 85012
     Tel: (602) 650-2000
     Fax: (602) 264-7033

             About Empire Center at Coldwater Springs

Scottsdale, Arizona-based Empire Center at Coldwater Springs, LLC,
filed for Chapter 11 bankruptcy protection on December 18, 2009
(Bankr. D. Ariz. Case No. 09-32728).  The Company listed
$10,000,001 to $50,000,000 in assets and $10,000,001 to
$50,000,000 in liabilities in its bankruptcy petition.


EXTENDED STAY: Committee Wants to Sue Over 2007 Acquisition
-----------------------------------------------------------
Bill Rochelle at Bloomberg News reports that the Official
Committee of Unsecured Creditors for Extended Stay Inc. is seeking
permission from the Bankruptcy Court to investigate and file a
lawsuit over claims arising from the Company's acquisition in
2007.  A hearing on the request is scheduled for June 17.

According to Bloomberg, Extended Stay, however, sees no reason to
allow the Creditors Committee to sue.  Extended Stay says the
proposed Chapter 11 plan will create a litigation trust funded
with $5 million to bring any lawsuits that the examiner found to
have sufficient merit.

Extended Stay, Bloomberg relates, contends that the mezzanine
lenders owed $3.3 billion, who helped finance the 2007
acquisition, have no right to profit from a lawsuit attempting to
find defects in the transaction.  The Company argues that
creditors with some $9 million in claims are the only ones with
the right to benefit from any perceived defects in the 2007
transaction.

Affiliates of Blackstone Group LP also argue against allowing the
Committee to sue.

                        About Extended Stay

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

Extended Stay Inc. and its affiliates filed for Chapter 11 on
June 15, 2009 (Bankr. S.D.N.Y. Case No. 09-13764).  Judge James M.
Peck handles the case.  Marcia L. Goldstein, Esq., at Weil Gotshal
& Manges LLP, in New York, represents the Debtors.  Lazard Freres
& Co. LLC is the Debtors' financial advisors.  Kurtzman Carson
Consultants LLC is the claims agent. Extended Stay had assets of
$7.1 billion and debts of $7.6 billion as of the end of 2008.

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


EXTENDED STAY: Won't Let Examiner Docs Go to Creditors Panel
------------------------------------------------------------
Eric Morath at Dow Jones Daily Bankruptcy Review reports that
Extended Stay Inc. seeks to destroy about 20,000 documents dug up
in a court-appointed examiner's investigation of the Company's
2007 buyout.  According to Mr. Morath, Extended Stay is trying to
prevent the documents from ending up in the hands of its unsecured
creditors.

Dow Jones says Ralph R. Mabey, who investigated the events around
the Lightstone Group's leveraged buyout of Extended Stay, is
looking to unload the documents he collected now that he has
completed his work.  Among his suggestions was to transfer
responsibility for the repository to the unsecured creditors
committee.

According to Dow Jones, Extended Stay said the proposal would be a
"direct violation of the confidentiality agreement" the Company
entered into with examiner.  Dow Jones also reports Extended Stay
said had it known the information it was sharing with the examiner
could end up in its creditors' hands, it would not have been so
cooperative.  Extended Stay, according to Dow Jones, also warned
that failure to destroy the repository could make future companies
in Chapter 11 think twice before providing information to court-
appointed examiners.

Dow Jones notes Mr. Mabey released the results of his
investigation in April, finding that Extended Stay may have viable
legal claims against Lightstone and certain other parties involved
in the 2007 sale of the 680-hotel chain.

As reported by the Troubled Company Reporter on June 11, 2010,
Extended Stay filed with the U.S. Bankruptcy Court for the
Southern District of New York a Fifth Amended Joint Chapter 11
Plan of Reorganization and Disclosure Statement for 74 of its
debtor-affiliates on June 8, 2010.  ESI further amended the Plan
in light of the $3.925 billion offer for plan funding from a group
of investors, which include Centerbridge Partners LP, Paulson &
Co., and Blackstone Real Estate Associates VI L.P.

The Centerbridge group was selected as the winning bidder at a
May 27, 2010 auction, beating out another bidder led by Starwood
Capital Group and TPG by less than $40 million.

The Centerbridge winning bid provides for an all cash purchase of
ESA Properties LLC and 73 other debtor affiliates of ESI.

The Centerbridge group offered to pay about $3.925 billion in
cash and to contribute certificates representing interests in a
pre-bankruptcy $4.1 billion mortgage loan for the equity of ESI's
debtor affiliates.  The amount to be paid will be distributed to
creditors in accordance with the Fifth Amended Plan.

Among other changes to the offer initially proposed by the
Centerbridge group is that the winning bid eliminates the rights
offering, cash election and the debt or equity election.
Moreover, the Debtors have agreed to increase the cap for
reimbursement of expenses from $20 million to $35 million.

                    The Fifth Amended Plan

Under the Fifth Amended Plan, CP ESH Investors LLC, a newly
formed entity owned by the Centerbridge-led group, will acquire
100% of the common interests in a new company or "NewCo" that
will be formed as of the effective date of the Fifth Amended Plan
in exchange for $3,615,755,444 in cash and a contribution of
mortgage certificates held by CP ESH in the sum of $309,244,555.

The Fifth Amended Plan provides that 100% of the equity interests
in ESA Properties and other mortgage borrowers as well as the
equity interests in other debtor affiliates will be cancelled and
reissued to NewCo.  The balance of the Debtors will be liquidated
and dissolved as of the effective date.

NewCo will be owned indirectly by the Centerbridge group through
CP ESH or other entities.  It will own and control the Debtors'
portfolio of about 666 properties, which include 664 hotels, a
headquarters building in Spartanburg, South Carolina, and a
parcel of undeveloped land located in Minnesota.

The holder of the "mortgage facility claim" will receive a cash
distribution, the mortgage certificates and interests in a
litigation trust that will be established on the effective date
of the Fifth Amended Plan.  Meanwhile, holders of "mezzanine
facilities claims" and general unsecured claims may also receive
interests in the litigation trust.

As holders of the mortgage loan, Wells Fargo Bank N.A. or the
special servicer, CWCapital Asset Management LLC, can exercise
voting rights with respect to the "mortgage facility claim" and
the "mortgage facility deficiency claim."  In conjunction with
the auction, CWCapital entered into a Plan Support Agreement
pursuant to which it agreed to vote its claims in Classes 2 and
4A to accept the Fifth Amended Plan.

Full-text copies of the Fifth Amended Plan and the Disclosure
Statement are available for free at:

     http://bankrupt.com/misc/ESI_5thAmendedPlan.pdf
     http://bankrupt.com/misc/ESI_DS5thAmendedPlan.pdf

                        About Extended Stay

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

Extended Stay Inc. and its affiliates filed for Chapter 11 on
June 15, 2009 (Bankr. S.D.N.Y. Case No. 09-13764).  Judge James M.
Peck handles the case.  Marcia L. Goldstein, Esq., at Weil Gotshal
& Manges LLP, in New York, represents the Debtors.  Lazard Freres
& Co. LLC is the Debtors' financial advisors.  Kurtzman Carson
Consultants LLC is the claims agent. Extended Stay had assets of
$7.1 billion and debts of $7.6 billion as of the end of 2008.

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


FEDERAL-MOGUL: Asbestos Trust Wants Extension for CNA Injunction
----------------------------------------------------------------
The Federal-Mogul U.S. Asbestos Personal Injury Trust asks the
Court to extend to certain insurers, known as the CNA Companies,
protections afforded to a protected party pursuant to the Debtors'
Fourth Amended Joint Plan of Reorganization.  The CNA Companies
are:

  -- Columbia Casualty Company;

  -- Continental Casualty Company;

  -- Continental Insurance Company, for itself and as
     successor-in-interest to policies issued by Harbor
     Insurance Company; and

  -- Union America Reinsurance Company, also known as
     Underwriters Reinsurance Company.

The Debtors' Plan was confirmed on November 8, 2007, and was
declared effective on December 27, 2007.

Pursuant to the Plan, the Trust was established and has assumed
all liability for Asbestos Claims that previously would have been
asserted against Federal-Mogul Products, Inc.  The Trust received,
among other things, certain of Federal-Mogul Products' rights to
the proceeds of certain insurance policies, including the policies
that are the subject of a certain settlement agreement, which
policies were issued to Studebaker-Worthington, Inc., and McGraw-
Edison Company, each an alleged former parent of Wagner Electric
Corporation, a predecessor of Federal-Mogul Products, Inc.

Cooper LLC also asserts rights to coverage under the Wagner
Policies, including Wagner Policies for which the CNA Companies
are allegedly responsible.

Prior to entering into the Settlement Agreement, there were
disputes among the Parties regarding their rights and obligations
with respect to insurance coverage for Asbestos Claims under the
CNA Policies.

On September 19, 2006, Federal-Mogul Products initiated an action
against certain insurance companies, including certain of the CNA
Companies, in the Superior Court of New Jersey.  Federal-Mogul
Products sought declaratory relief, actual compensatory and
consequential damages, plus interest, among other relief, and the
CNA Company defendants denied that they owed any damages or relief
as alleged and have defended against Federal-Mogul Products'
claims.

On July 28, 2008, the Trust was added as a plaintiff in the New
Jersey Coverage Action.

After months of negotiations, the Parties have reached an
agreement to settle and resolve the Coverage Disputes as between
them, to provide for mutual releases of certain claims under the
CNA Policies, to provide for dismissals with prejudice of the New
Jersey Coverage Action and related litigation, to limit the CNA
Companies' future actions against the Parties with respect to the
Coverage Proceedings, all as fully set forth in the Settlement
Agreement.

In exchange for the releases and other benefits conveyed to the
CNA Companies under the Settlement Agreement, the CNA Companies
agree to pay a substantial sum to the Trust.  The Trust has
concluded that the CNA Companies' payment of the Settlement Amount
constitutes reasonable consideration for the releases and other
benefits conveyed to the CNA Companies.

Kathleen Campbell Davis, Esq., at Campbell & Levine, LLC, in
Wilmington, Delaware -- kdavis@camlev.com -- asserts that under
the Settlement Agreement, the Trust is required to file a request
seeking extension of the Third Party Injunction to the CNA
Companies.

Under the Settlement Agreement, Ms. Davis avers, the Trust agrees
to defend the application of the Third Party Injunction as to
claims asserted against the CNA Companies that are subject to the
Third Party Injunction.  She adds that the Plan provides for
extension of the Third Party Injunction as requested.

                         About Federal-Mogul

Federal-Mogul Corporation -- http://www.federalmogul.com/-- is a
global supplier of powertrain and safety technologies, serving the
world's foremost original equipment manufacturers of automotive,
light commercial, heavy-duty, agricultural, marine, rail, off-road
and industrial vehicles, as well as the worldwide aftermarket.
The company's leading technology and innovation, lean
manufacturing expertise, as well as marketing and distribution
deliver world-class products, brands and services with quality
excellence at a competitive cost.  Federal-Mogul is focused on its
sustainable global profitable growth strategy, creating value and
satisfaction for its customers, shareholders and employees.
Federal-Mogul was founded in Detroit in 1899.  The company is
headquartered in Southfield, Michigan, and employs nearly 39,000
people in 36 countries.

The Company filed for Chapter 11 protection on October 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James F.
Conlan, Esq., and Kevin T. Lantry, Esq., at Sidley Austin Brown &
Wood, and Laura Davis Jones, Esq., at Pachulski, Stang, Ziehl &
Jones, P.C., represented the Debtors in their restructuring
efforts.  When the Debtors filed for protection from their
creditors, they listed $10.15 billion in assets and $8.86 billion
in liabilities.  Federal-Mogul Corp.'s U.K. affiliate, Turner &
Newall, is based at Dudley Hill, Bradford.  Peter D. Wolfson,
Esq., at Sonnenschein Nath & Rosenthal; and Charlene D. Davis,
Esq., Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq., at The
Bayard Firm represented the Official Committee of Unsecured
Creditors.

The Debtors' Fourth Amended Plan was confirmed by the Bankruptcy
Court on November 8, 2007, and affirmed by the District Court on
November 14, 2007.  Federal-Mogul emerged from Chapter 11 on
December 27, 2007.  (Federal-Mogul Bankruptcy News; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)

                           *     *     *

As reported by the TCR on June 5, 2009, Standard & Poor's Ratings
Services said it has lowered its corporate credit rating on
Federal-Mogul Corp. to 'B+' from 'BB-'.  S&P also lowered the
ratings on the company's senior secured debt; the recovery ratings
are unchanged.  The outlook is negative.  "The ratings reflect
Federal-Mogul's weak business risk profile as
a major participant in the highly competitive global auto
industry, and its aggressive financial risk profile," S&P said.


FEDERAL-MOGUL: Stockholders Elect Board of Directors
----------------------------------------------------
Federal-Mogul Corporation submitted to the U.S. Securities and
Exchange Commission the results of the matters voted on at the
annual meeting of the company's stockholders held on May 26, 2010.

Robert L. Katz, Federal-Mogul's senior vice president, general
counsel and secretary, revealed that nominees for election to the
Board of Directors were elected until the 2011 annual meeting of
stockholders or until their successors have been qualified.

  Name                            For          Withheld
  ----                         --------        --------
  Carl C. Icahn              86,848,270       9,269,381
  Jose Maria Alapont         87,811,164       8,306,487
  George Feldenkreis         92,847,667       3,269,984
  Vincent J. Intrieri        85,517,728      10,599,923
  J. Michael Laisure         92,652,442       3,465,209
  Keith A. Meister           85,557,687      10,559,964
  Daniel A. Ninivaggi        86,929,029       9,188,622
  David S. Schechter         85,557,559      10,560,092
  Neil S. Subin              92,412,353       3,705,298
  James H. Vandenberghe      92,383,463       3,734,188

The proposal to approve the Federal-Mogul Corporation 2010 Stock
Incentive Plan was approved with 93,616,513 votes, while 2,028,062
votes were against the approval.

                         About Federal-Mogul

Federal-Mogul Corporation -- http://www.federalmogul.com/-- is a
global supplier of powertrain and safety technologies, serving the
world's foremost original equipment manufacturers of automotive,
light commercial, heavy-duty, agricultural, marine, rail, off-road
and industrial vehicles, as well as the worldwide aftermarket.
The company's leading technology and innovation, lean
manufacturing expertise, as well as marketing and distribution
deliver world-class products, brands and services with quality
excellence at a competitive cost.  Federal-Mogul is focused on its
sustainable global profitable growth strategy, creating value and
satisfaction for its customers, shareholders and employees.
Federal-Mogul was founded in Detroit in 1899.  The company is
headquartered in Southfield, Michigan, and employs nearly 39,000
people in 36 countries.

The Company filed for Chapter 11 protection on October 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James F.
Conlan, Esq., and Kevin T. Lantry, Esq., at Sidley Austin Brown &
Wood, and Laura Davis Jones, Esq., at Pachulski, Stang, Ziehl &
Jones, P.C., represented the Debtors in their restructuring
efforts.  When the Debtors filed for protection from their
creditors, they listed $10.15 billion in assets and $8.86 billion
in liabilities.  Federal-Mogul Corp.'s U.K. affiliate, Turner &
Newall, is based at Dudley Hill, Bradford.  Peter D. Wolfson,
Esq., at Sonnenschein Nath & Rosenthal; and Charlene D. Davis,
Esq., Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq., at The
Bayard Firm represented the Official Committee of Unsecured
Creditors.

The Debtors' Fourth Amended Plan was confirmed by the Bankruptcy
Court on November 8, 2007, and affirmed by the District Court on
November 14, 2007.  Federal-Mogul emerged from Chapter 11 on
December 27, 2007.  (Federal-Mogul Bankruptcy News; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)

                           *     *     *

As reported by the TCR on June 5, 2009, Standard & Poor's Ratings
Services said it has lowered its corporate credit rating on
Federal-Mogul Corp. to 'B+' from 'BB-'.  S&P also lowered the
ratings on the company's senior secured debt; the recovery ratings
are unchanged.  The outlook is negative.  "The ratings reflect
Federal-Mogul's weak business risk profile as
a major participant in the highly competitive global auto
industry, and its aggressive financial risk profile," S&P said.


FEDERAL-MOGUL: Wants Dec. 27 Extension for Claims Objections
------------------------------------------------------------
Federal-Mogul Corporation and its Debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Delaware to extend until
December 27, 2010, the period within which they may object to
proofs of claim or interest and any administrative claims.

The current Claims Objection Deadline and the Administrative
Claims Objection Deadline will expire on June 27, 2010.  The
Debtors also ask that the relief requested be without prejudice to
their right to seek further extensions of both deadlines.

Pursuant to Section 8.17 of the Debtors' Fourth Amended Joint Plan
of Reorganization, subject to certain enumerated exceptions,
"unless otherwise ordered by the Bankruptcy Court, all objections
to Claims against the U.S. Debtors shall be filed with the
Bankruptcy Court on or before six months following the Effective
Date."  Section 11.14 of the Plan also provides that subject to
certain enumerated exceptions, "[u]nless otherwise ordered by the
Bankruptcy Court. . . the Confirmation Order shall operate to set
a bar date for Administrative Claims against the U.S. Debtors,
which bar date shall be the first Business Day that is at least
120 days after the Effective Date."

The Plan became effective on December 27, 2007.

James E. O'Neill, Esq., at Pachulski Stang Ziehl & Jones LLP, in
Wilmington, Delaware -- joneill@pszjlaw.com -- contends that
extending both the Claims Objection Deadline and the
Administrative Claims Objection Deadline is necessary.  He notes
that the Debtors have continued to make substantial progress in
resolving all Claims against their estates.

The Debtors stated in their last motion to extend the deadlines
that nearly all of their prepetition claims and Administrative
Claims either had been resolved or were the subject of active
negotiations with the purported claim holders, Mr. O'Neill
relates.  He informs Judge Fitzgerald that the Debtors have also
now made all three distributions under the Plan to the holders of
Unsecured Claims against the U.S. Debtors, completing the
overwhelming majority of distributions that remained to be made
under the Plan.

Since the last request for extensions, Mr. O'Neill says, the
Debtors have also continued to make progress in resolving the
handful of outstanding Claims, and as a result have now either
objected to or resolved virtually all remaining Claims against
their estates.  Specifically, the Debtors have filed two
additional omnibus claims objections against 30 unsecured Claims
and against Claim Nos. 10950, 10951, and 10952 filed by
Continental Insurance Company and Fidelity & Casualty Company of
New York.

The Court has sustained the Objection against the 30 Claims, while
the Omnibus Objection to the claims of Continental and Fidelity
remains pending, Mr. O'Neill tells Judge Fitzgerald.  He adds,
among other things, that the Debtors have also resolved
outstanding objections to other Claims in their previously filed
omnibus objections.

As a result of the Debtors' efforts, there is a very small number
of prepetition Claims that remain outstanding and unresolved
against the estates, Mr. O'Neill asserts.  The Debtors are hopeful
that most, if not all, of those Claims will be consensually
resolved during the extension period currently requested.

In the absence of the relief sought, Mr. O'Neill argues, the
Debtors will be required to prepare and file various objections to
pending Claims and Administrative Claims, which would inevitably
prove disruptive to ongoing efforts to reach consensual
resolutions of those claims.

The Court will convene a hearing on July 14, 2010, to consider the
request. Objections are due June 28.

                      Omnibus Hearing Dates

Meanwhile, Judge Fitzgerald notifies the Debtors and parties-in-
interest that all hearings scheduled for July 12, 2010, will now
take place on July 14.

As previously reported, Judge Fitzgerald set these hearing dates
for the Debtors' bankruptcy cases:

* January 25, 2010 at 09:00 a.m.;
* February 22, 2010 at 09:00 a.m.;
* March 22, 2010 at 09:00 a.m.;
* April 12, 2010 at 09:00 a.m.;
* May 3, 2010 at 09:00 a.m.;
* June 7, 2010 at 09:00 a.m.;
* July 12, 2010 at 09:00 a.m.;
* August 9, 2010 at 09:00 a.m.;
* September 13, 2010 at 09:00 a.m.;
* October 18, 2010 at 09:00 a.m.;
* November 15, 2010 at 09:00 a.m.; and
* December 13, 2010 at 09:00 a.m.

                         About Federal-Mogul

Federal-Mogul Corporation -- http://www.federalmogul.com/-- is a
global supplier of powertrain and safety technologies, serving the
world's foremost original equipment manufacturers of automotive,
light commercial, heavy-duty, agricultural, marine, rail, off-road
and industrial vehicles, as well as the worldwide aftermarket.
The company's leading technology and innovation, lean
manufacturing expertise, as well as marketing and distribution
deliver world-class products, brands and services with quality
excellence at a competitive cost.  Federal-Mogul is focused on its
sustainable global profitable growth strategy, creating value and
satisfaction for its customers, shareholders and employees.
Federal-Mogul was founded in Detroit in 1899.  The company is
headquartered in Southfield, Michigan, and employs nearly 39,000
people in 36 countries.

The Company filed for Chapter 11 protection on October 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James F.
Conlan, Esq., and Kevin T. Lantry, Esq., at Sidley Austin Brown &
Wood, and Laura Davis Jones, Esq., at Pachulski, Stang, Ziehl &
Jones, P.C., represented the Debtors in their restructuring
efforts.  When the Debtors filed for protection from their
creditors, they listed $10.15 billion in assets and $8.86 billion
in liabilities.  Federal-Mogul Corp.'s U.K. affiliate, Turner &
Newall, is based at Dudley Hill, Bradford.  Peter D. Wolfson,
Esq., at Sonnenschein Nath & Rosenthal; and Charlene D. Davis,
Esq., Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq., at The
Bayard Firm represented the Official Committee of Unsecured
Creditors.

The Debtors' Fourth Amended Plan was confirmed by the Bankruptcy
Court on November 8, 2007, and affirmed by the District Court on
November 14, 2007.  Federal-Mogul emerged from Chapter 11 on
December 27, 2007.  (Federal-Mogul Bankruptcy News; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)

                           *     *     *

As reported by the TCR on June 5, 2009, Standard & Poor's Ratings
Services said it has lowered its corporate credit rating on
Federal-Mogul Corp. to 'B+' from 'BB-'.  S&P also lowered the
ratings on the company's senior secured debt; the recovery ratings
are unchanged.  The outlook is negative.  "The ratings reflect
Federal-Mogul's weak business risk profile as
a major participant in the highly competitive global auto
industry, and its aggressive financial risk profile," S&P said.


FINE ARTS: Files for Chapter 11 Bankruptcy Protection
-----------------------------------------------------
According to wlbt.com, Fine Arts Institute of Mississippi filed
for Chapter 11 bankruptcy after officials shut down both the
charity and bingo hall connected to it for violating charitable
gaming rules earlier this year.  Fine Arts and its executive
director Bill Murphy have been sued by a woman who was wrongfully
terminated.


FLINTKOTE CO: Aviva Settles Asbestos Claims for $150 Million
------------------------------------------------------------
Aviva Insurance Co. of Canada has agreed to pay $150 million to
Flintkote Co. to settle a dispute over insurance payouts for
asbestos claims that pushed Flintkote into bankruptcy in 2004,
Bankruptcy Law360 reports.

According to Law360, the settlement agreement was filed Friday in
the U.S. Bankruptcy Court for the District of Delaware.  If
approved, it would end litigation brought against Aviva by
Flintkote in federal court.

                      About Flinkote Company

Headquartered in San Francisco, California, The Flintkote Company
is engaged in the business of manufacturing, processing and
distributing building materials.  Flintkote Mines Limited is a
subsidiary of Flintkote Company and is engaged in the mining of
base-precious metals.  The Flintkote Company filed for Chapter 11
protection on April 30, 2004 (Bankr. D. Del. Case No. 04-11300).
Flintkote Mines Limited filed for Chapter 11 relief of August 25,
2004 (Bankr. D. Del. Case No. 04-12440).  James E. O'Neill, Esq.,
Kathleen P. Makowswki, Esq., Laura Davis Jones, Esq., Sandra G.M,
Selzer, Esq., and Scotta Edelen McFarland, Esq., at Pachulski
Stang Ziehl & Jones LLP, represent the Debtors in their
restructuring efforts.  Kathleen Campbell Davis, Esq., and Mark T.
Hurford, Esq., at Campbell & Levine, LLC, represent the official
committee of unsecured creditors as counsel.

When Flintkote Company filed for protection from its creditors, it
listed more than $100 million each in assets and debts.  When
Flintkote Mines Limited filed for protection from its creditors,
it listed assets of $1 million to $50 million, and debts of more
than $100 million.


FREDDIE MAC: Fights BofA From Probing Ties With Taylor Bean
-----------------------------------------------------------
Freddie Mac is trying to fend off Bank of America Corp. from
probing its business relationship with Taylor Bean & Whitaker
Mortgage Corp. in an investigation Freddie says would ring up at
least a $10 million, American Bankruptcy Institute reports.

Based in McLean, Virginia, Freddie Mac (NYSE: FRE)
-- http://www.FreddieMac.com/-- was established by Congress in
1970 to provide liquidity, stability and affordability to the
nation's residential mortgage markets.  The Company's
participation in the secondary mortgage market includes providing
its credit guarantee for residential mortgages originated by
mortgage lenders and investing in mortgage loans and mortgage-
related securities.  The Company earns management and guarantee
fees for providing its guarantee and performing management
activities (such as ongoing trustee services, administration of
pass-through amounts, paying agent services, tax reporting and
other required services) with respect to issued PCs and Structured
Securities.

Freddie Mac is under conservatorship and is dependent upon the
continued support of Treasury and FHFA to continue operating its
business.  The Company received $6.1 billion and $30.8 billion in
June 2009 and March 2009, respectively, pursuant to draw requests
that FHFA submitted to Treasury on the Company's behalf to address
the deficits in the Company's net worth as of March 31, 2009, and
December 31, 2008, respectively.  As a result of funding of the
draw requests, the aggregate liquidation preference on the senior
preferred stock owned by Treasury increased from $14.8 billion as
of December 31, 2008, to $51.7 billion on December 31, 2009.


GARLOCK SEALING: Proposes to Hire Professionals in Ordinary Course
------------------------------------------------------------------
In the ordinary course of business, Garlock Sealing Technologies
LLC and its units retain the services of various professionals, a
list of which is available for free at:

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

The OCPs provide services to the Debtors in areas, including:
state and local regulatory issues, environmental concerns, tax
issues, employee benefit matters, intellectual property issues,
litigation, general corporate matters, real estate matters and
labor and employee concerns.

The Debtors note that the OCPs will not be involved in the
administration of their Chapter 11 cases, but will provide
services in connection with the ongoing management of the Debtors'
operations and affairs.

By this motion, the Debtors seek the Court's permission to
continue to employ the OCPs subject to certain procedures set
forth in the ordinary course of business.

Specifically, the Debtors propose these procedures governing
employment of the OCPs:

  (1) The Debtors will pay, without further application to
      the Court by any OCP, 100% of the monthly interim fees and
      disbursements to each of the OCP upon the submission to
      the Debtors of an invoice detailing the nature of the
      services rendered after the Petition Date, provided that
      the monthly interim fees and disbursements do not exceed
      $50,000 per month and $500,000 per year for each OCP.  In
      the event the fees and disbursements of any OCP exceeds
      the Monthly Cap applicable to that firm, that OCP would be
      required to apply for approval by the Court of all that
      entity's fees and disbursements for that month in
      compliance with any Court-approved interim compensation
      procedures.  If the fees and disbursements of any OCP
      exceeds the Annual Cap, that OCP will be required to seek
      Court approval of all that entity's fees and disbursements
      exceeding the Annual Cap, in compliance with any interim
      compensation procedure.

  (3) All OCPs will be excused from submitting separate
      applications for proposed retention unless otherwise
      provided.  Recognizing the importance of providing
      information to the Court and the Bankruptcy Administrator,
      each OCP that is an attorney be required to file with the
      Court and serve upon the Bankruptcy Administrator, counsel
      to the Debtors, counsel to any official committees
      and counsel to Bank of America, N.A., a Declaration of
      Proposed Professional and Disclosure Statement within 30
      days of an order granting the OCP Motion.

  (3) The Bankruptcy Administrator, the Committees and BofA will
      have 10 days after the receipt of each OCP's Declaration
      to object to the retention of each Professional.  If any
      objection cannot be resolved within 10 days, the matter
      will be scheduled for hearing before the Court.  If no
      timely objection is filed, the Debtors will be authorized
      to employ that OCP as a final matter.

  (4) To the extent the Debtors seek to employ additional OCPs,
      the Debtors will file a supplement with the Court and
      without any further hearing or notice to any other party.
      After the filing of a Supplement, each Additional OCP that
      is an attorney will comply with the Declaration procedures
      pursuant to Rule 2014 of the Federal Rules of Bankruptcy
      Procedure.  Objections, if any, to retention of Additional
      OCPs will be governed by the proposed procedures.

The Debtors further seek the Court's permission to continue to use
the services of the employees who provide professional services,
including in-house legal, accounting and tax staff to EnPro
Industries, Inc. and Coltec Industries Agreements -- the Parent.

In connection with their proposed employment of the Parent's
Employees, the Debtors seek that those employees need not (i)
comply with the fee limitations and procedures applicable to the
OCPs or (ii) submit a Declaration of Proposed Professional and
Disclosure Statement.  The Debtors further propose that all
services rendered by the Parent's employees not be subject to the
monthly and aggregate fee limitations for OCP, but instead be
governed by separate services agreements entered by Garlock
Sealing Technologies LLC and Garrison Litigation Management Group
Ltd., which the Debtors are authorized to perform on an interim
basis.

John R. Miller, Jr., Esq., at Rayburn Cooper & Durham, P.A., in
Charlotte, North Carolina, stresses that while some of the OCPs
may wish to continue to represent the Debtors on an ongoing basis,
others may be unwilling to do so if they are unable to be paid on
a regular basis or are required to comply with the fee application
process under the Bankruptcy Code or as established by the Court.
More importantly, if the expertise and background knowledge of any
of those OCPs with respect to the particular areas and matters for
which they were responsible before the Petition Date is lost, the
Debtors' estates will incur additional and unnecessary expenses,
as other professionals without that background and expertise will
have to be retained, he asserts.

                      About Garlock Sealing

Headquartered in Palmyra, NY, Garlock Sealing Technologies LLC is
an EnPro Industries, Inc. company (NYSE: NPO).  For more than a
century, Garlock has been helping customers efficiently seal the
toughest process fluids in the most demanding applications.

On June 5, Garlock filed a voluntary Chapter 11 petition (Bankr.
W. D. N.C. Case No. 10-31607) in Charlotte to establish a trust to
resolve all current and future asbestos claims against Garlock
under Section 524(g) of the U.S. Bankruptcy Code.  The Debtor
listed $500,000,001 to $1,000,000,000 in assets and $100,000,001
to $500,000,000 in debts as of the Petition Date.  Affiliates The
Anchor Packing Company and Garrison Litigation Management Group,
Ltd., also filed for bankruptcy.

The filing covers only Garlock operations in Palmyra, New York and
Houston, Texas.  Garlock Rubber Technologies, Garlock Helicoflex,
Pikotek, Technetics, Garlock Europe and Garlock operations in
Canada, Mexico or Australia are not affected by the filing, nor is
EnPro Industries or any other EnPro operating subsidiary.

Albert F. Durham, Esq., at Rayburn Cooper & Durham, P.A.,
represents the Debtor in its Chapter 11 effort.  Garland S.
Cassada, Esq., at Robinson Bradshaw & Hinson, serves as counsel
for Asbestos matters.

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


GARLOCK SEALING: Proposes to Pay Prepetition Shipping Obligations
-----------------------------------------------------------------
Garlock Sealing Technologies LLC's business operations have
developed a reputation for reliability and dependability among its
customers, John R. Miller, Jr., Esq., at Rayburn Cooper & Durham,
P.A., in Charlotte, North Carolina, relates.  This reputation
depends in part upon the timely delivery of orders and related
items to their various facilities and to customers, he says.  This
supply system involves use of reputable common carriers, shippers
and truckers.

Garlock coordinates all shipping through AFS Logistics, LLC, which
audits and coordinates payment of all Garlock shipping invoices
and creates a detailed shipping profile that Garlock can use to
identify opportunities for favorable changes to its shipping
relationships with the Common Carriers.  The Common Carriers also
ship, transport and deliver goods and other finished products to
Garlock.

The Debtors anticipate that the Common Carriers may argue that
they are entitled to possessory liens for transportation and
storage, as applicable, of the goods in their possession on the
Petition Date and may refuse to deliver or release those goods
until their claims have been satisfied.  Under the laws of some
states, a carrier may have a lien on the goods in its possession
that secures the charges or expenses incurred in connection with
the transportation or storage of those goods, Mr. Miller states.
The Debtors also expect that, as of the Petition Date, certain
Common Carriers will have outstanding invoices for goods that were
delivered to Garlock or its customers prepetition for which the
Debtors are responsible.

The Debtors estimate, that as of the Petition Date, the total
outstanding amount owed to the Common Carriers is $100,000.

"It is essential to the ability of the Debtors to continue
operating as a going concern, and thus preserve the maximum value
for the Debtors' assets, that Garlock maintain a reliable and
efficient supply system," Mr. Miller asserts.  He maintains that
the total amount to be paid to the Common Carriers is minimal
compared to the importance and necessity of delivery of the goods
currently in transit and in possession of the Common Carriers.

For this reason, the Debtors sought and obtained the Court's
permission to make payments to the Common Carriers, and to
continue the existing shipping practices with the Common Carriers.

                      About Garlock Sealing

Headquartered in Palmyra, NY, Garlock Sealing Technologies LLC is
an EnPro Industries, Inc. company (NYSE: NPO).  For more than a
century, Garlock has been helping customers efficiently seal the
toughest process fluids in the most demanding applications.

On June 5, Garlock filed a voluntary Chapter 11 petition (Bankr.
W. D. N.C. Case No. 10-31607) in Charlotte to establish a trust to
resolve all current and future asbestos claims against Garlock
under Section 524(g) of the U.S. Bankruptcy Code.  The Debtor
listed $500,000,001 to $1,000,000,000 in assets and $100,000,001
to $500,000,000 in debts as of the Petition Date.  Affiliates The
Anchor Packing Company and Garrison Litigation Management Group,
Ltd., also filed for bankruptcy.

The filing covers only Garlock operations in Palmyra, New York and
Houston, Texas.  Garlock Rubber Technologies, Garlock Helicoflex,
Pikotek, Technetics, Garlock Europe and Garlock operations in
Canada, Mexico or Australia are not affected by the filing, nor is
EnPro Industries or any other EnPro operating subsidiary.

Albert F. Durham, Esq., at Rayburn Cooper & Durham, P.A.,
represents the Debtor in its Chapter 11 effort.  Garland S.
Cassada, Esq., at Robinson Bradshaw & Hinson, serves as counsel
for Asbestos matters.

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


GENERAL MOTORS: New GM Forms Venture Capital Subsidiary
-------------------------------------------------------
General Motors said it has established General Motors Ventures,
LLC, a subsidiary designed to help the company identify and
develop innovative technologies in the automotive/transportation
sector.

Leading the initiative will be Jon J. Lauckner, who is named GM
Vice President and President General Motors Ventures, LLC,
reporting to Stephen J. Girsky, GM vice chairman of Corporate
Strategy and New Business Development.  Lauckner's new position is
effective July 1, 2010.  He was GM vice president of Global
Product Planning.

"We are constantly looking for ways to deliver the best technology
for our customers," said Stephen J. Girsky, vice chairman and vice
president Corporate Strategy and New Business Development.  "Our
goal is to nurture these innovative technologies to help bring
them to market, and to ensure our customers have access to the
best technology available."

General Motors Ventures, LLC, has been funded with an initial
investment of $100 million, and is currently exploring equity
investments in a number of auto-related technologies and business
models.

                       About General Motors

With its global headquarters in Detroit, Michigan, General Motors
Company -- http://www.gm.com/-- is one of the world's largest
automakers.  GM employs 207,000 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 the following brands:
Buick, Cadillac, Chevrolet, FAW, GMC, Daewoo, Holden, Opel,
Vauxhall and Wuling. GM's largest national market is the United
States, followed by China, Brazil, Germany, the United Kingdom,
Canada, and Italy.  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 March 31, 2010, GM had $136.021 billion in total assets, total
liabilities of $105.970 billion and preferred stock of
$6.998 billion, and non-controlling interests of $814 million,
resulting in total equity of $23.053 billion.

                   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)


GENERAL MOTORS: New GM to Invest $386M in Brazil, $245M in Ontario
------------------------------------------------------------------
General Motors Co.'s subsidiary in Brazil intends to pour more
investment to its assembly plant at Sao Caetano do Sul located at
the Greater Sao Paolo Metropolitan Area, in Sao Paolo, Brazil, the
Associated Press reported.

GM did not give a statement as to the models it will be producing
at the Sao Paolo facility, but talks have it that the investment
is intended to back up GM's plans to produce two more models at
its Sao Paolo plant.  GM Brazil had marketed 595,000 vehicles last
year, AP said.

In other news, http://www.globeandmail.com/reported that General
Motors Canada is also thrusting towards the production of new,
fuel-efficient transmissions in its plant in St. Catherines,
Ontario by 2012.

This translates to a $245 million plan to manufacture six-speed
transmissions to support GM's other plants in Oshawa and
Ingersoll, Ontario, which are well on their way to increase
vehicle production to address a big market demand for GM's
Chevrolet Equinox and GMC Terrain Crossover Utility Vehicles, the
report said.

GM's additional investment and transmission production project is
estimated to generate 400 jobs at its St. Catherines facility.
The plant's operations consist of an engine factory and a parts -
making fabrication facility, globeandmail.com related.

                       About General Motors

With its global headquarters in Detroit, Michigan, General Motors
Company -- http://www.gm.com/-- is one of the world's largest
automakers.  GM employs 207,000 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 the following brands:
Buick, Cadillac, Chevrolet, FAW, GMC, Daewoo, Holden, Opel,
Vauxhall and Wuling. GM's largest national market is the United
States, followed by China, Brazil, Germany, the United Kingdom,
Canada, and Italy.  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 March 31, 2010, GM had $136.021 billion in total assets, total
liabilities of $105.970 billion and preferred stock of
$6.998 billion, and non-controlling interests of $814 million,
resulting in total equity of $23.053 billion.

                   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)


GENERAL MOTORS: No New GM IPO Before 4th Quarter, US Treasury Says
------------------------------------------------------------------
General Motors Company will not be conducting an initial public
offering until the fourth quarter of this year, David Lawder of
Reuters reported.

The United States Treasury, having a 61% interest in the
automotive company after extending a $50 billion lifeline to
rescue it out of bankruptcy, takes control of the stock sale but
the Obama administration, which is holding on to its right to
participate at the offering, says that the offering will largely
depend on market conditions, Reuters related.

"The initial public offering is expected to include the sale of
shares by Treasury, other shareholders who wish to participate and
GM," Reuters quoted the Treasury as saying.

In a statement taken by Reuters, GM said that there was "a lot of
anticipation and speculation" relative to an IPO.  "As we have
previously said, there are a number of factors that will influence
the timing, including the state of the economy, capital market
conditions, state of the auto business, GM's performance and
others," GM said.

According to Reuters, GM CEO Ed Whitacre has said that an IPO was
a real possibility later this year or in 2011.

                       About General Motors

With its global headquarters in Detroit, Michigan, General Motors
Company -- http://www.gm.com/-- is one of the world's largest
automakers.  GM employs 207,000 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 the following brands:
Buick, Cadillac, Chevrolet, FAW, GMC, Daewoo, Holden, Opel,
Vauxhall and Wuling. GM's largest national market is the United
States, followed by China, Brazil, Germany, the United Kingdom,
Canada, and Italy.  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 March 31, 2010, GM had $136.021 billion in total assets, total
liabilities of $105.970 billion and preferred stock of
$6.998 billion, and non-controlling interests of $814 million,
resulting in total equity of $23.053 billion.

                   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)


GLOBAL POWER: Moody's Confirms Corporate Family Rating at 'B2'
--------------------------------------------------------------
Moody's Investors Service confirmed the B2 Corporate Family Rating
for Global Power Equipment Group, Inc.  Moody's also downgraded
the senior secured revolving credit facility to B2 and the senior
secured term loan rating to Caa1 to reflect changes in the capital
structure as per Moody's Loss Given Default Methodology.  The
rating outlook is stable.  This concludes the review for downgrade
initiated on December 23, 2009.

The confirmation of the B2 CFR reflects Moody's expectations that
Global Power will maintain adequate liquidity to support
operations until conditions improve in its power generation end
markets.  Order backlog continues to decline in the product
segment and Moody's expect any improvement in operating
performance is likely to lag a recovery in order levels due to
significant lead times associated with Global Power's natural gas
turbine products.  However, operational restructuring has reduced
the company's cost structure and a credit agreement amendment
loosened financial maintenance covenant levels.  Global Power also
maintains a sizeable cash balance, repaid $41.9 million of debt
since the review was initiated on December 23, 2009, has no cash
borrowings under its revolver, and has benefited from stronger
than expected performance in its nuclear power services segment.

Moody's believes that Global Power's size and exposure to the
highly cyclical power generation business are not conducive to a
highly leveraged profile and thus Global Power must maintain
stronger credit metrics than its similarly rated peers.  Low
absolute debt levels, significant cash balances, modest fixed
charges, and an established position as a provider of essential
products and services to power generation markets support the
rating.

The stable rating outlook assumes Global Power will maintain
adequate liquidity to support its operations during the cyclical
trough in order activity and maintain strong debt protection
metrics.  Moody's could consider a negative action in the absence
of improved order trends, if Moody's expected a significant
deterioration in margins or liquidity, or if GPEG pursues
significant incremental debt financing.

Ratings impacted by the actions include:

  -- Corporate Family Rating Confirmed at B2

  -- Probability of Default Rating Confirmed at B2

  -- $60 million senior secured credit facility due 2014
     downgraded to B2 (LGD 3; 46%) from Ba2 (LGD 2; 22%)

  -- $24 million senior secured term loan due 2014 downgraded to
     Caa1 (LGD 5; 89%) from B3 (LGD 4; 60%)

  -- Outlook Stable

The last rating action was on December 23, 2009, when the ratings
of Global Power were placed under review for possible downgrade.

Global Power, headquartered in Tulsa, OK, is a comprehensive
provider of power generation equipment and maintenance services
for customers in the domestic and international energy, power
infrastructure and service industries.  Revenues were
approximately $540 million in 2009.


GORILLA COMPANIES: Creditors' Claim Gives Court Jurisdiction
------------------------------------------------------------
WestLaw reports that by filing a proof of claim against the estate
for additional sums that he claimed were owing on a promissory
note that a corporate Chapter 11 debtor had signed in connection
with its purchase of an event-management business from the
creditor, the creditor enabled the bankruptcy court to decide a
cause of action that the debtor had previously brought to recover
an overpayment that it had allegedly made on the purchase price
due to the creditor's alleged fraudulent manipulation of the
business' financial records and misrepresentation of the earnings
of the business.  The debtor's cause of action was in the nature
of a compulsory counterclaim, whose nexus to the transaction
supporting the creditor's proof of claim was not at all
attenuated, given that both arose out of the same prepetition
purchase transaction.  In re Gorilla Companies LLC, --- B.R. ----,
2010 WL 1994412 (Bankr. D. Ariz.).

Based in Tempe, Ariz., Gorilla Companies LLC provides event
management services.  Gorilla Companies sought Chapter 11
protection (Bankr. D. Ariz. Case No. 09-02898) on Feb. 20, 2009,
and is represented by John R. Clemency, Esq., at Greenberg Traurig
LLP in Phoenix.  At the time of the filing, the Debtor estimated
its assets at more than $1 million and its debts at less than
$1 million.


HARRISBURG, PA: Governor Rendell Suggests Leasing of Muni Assets
----------------------------------------------------------------
Michelle Kaske at The Bond Buyer reports that Pennsylvania Gov.
Edward Rendell on June 9 urged the Harrisburg city council to
lease municipal assets to meet debt obligations rather than filing
for bankruptcy or seeking state oversight under Act 47.

The Bond Buyer relates Gov. Rendell was mayor of Philadelphia from
1992 to 1999.  Gov. Rendell helped the city emerge from a
$250 million budget deficit and declining employment, in part by
leasing airport parking garages to raise needed revenue.
According to The Bond Buyer, Harrisburg Mayor Linda Thompson asked
the governor to speak before the seven-member council to share his
experiences in Philadelphia.

The Bond Buyer notes that one option for Harrisburg is to lease
city parking garages that currently bring in to the city's coffers
roughly $4 million annually.

The Bond Buyer notes that Harrisburg is unable to pay down
$282 million of outstanding incinerator debt sold through the
Harrisburg Authority and has turned to Assured Guaranty Municipal
Corp., insurer of the bonds, to meet principal and interest
payments.  In addition, a $34.6 million short-term working capital
loan will come due in December, and officials have no plan, as of
yet, to repay or refinance that debt.


HAWAII BIOTECH: To Auction Assets on July 19
--------------------------------------------
The Associated Press reports that Hawaii Biotech's assets will be
sold at a court-supervised auction on July 19, 2010.  Interested
buyers are required to file their bid for the Company's assets by
July 12.  The Company said its operations are funded with a
$12 million line of credit that is expected to be exhausted by end
of July.

Hawaii Biotech Inc. -- http://www.hibiotech.com/-- focuses on the
research and development of vaccines for established and emerging
infectious diseases.  The Company filed for Chapter 11 protection
on Dec. 11, 2009 (Bankr. D. Hawaii Case No. 09-02908).  Jerrold K.
Guben, Esq., at O'Connor Playdon & Guben, represents the Debtor in
its restructuring effort.  The petition says that assets and debts
are between $1,000,001 and $10,000,000.


HSAD 3949: Gets Interim Okay to Use Cash Collateral
---------------------------------------------------
HSAD 3949 Lindell, Ltd., sought and obtained interim authorization
from the U.S. Bankruptcy Court for the Northern District of Texas
to use the cash collateral securing their obligation to their
prepetition lenders.

The Debtor is a party to a November 2005 loan agreement, as
subsequently amended.  The original senior secured lender on the
senior loan was Key Bank, N.A.  The Debtor was also a party to a
mezzanine financing agreement evidenced by a separate loan
agreement, term note and a profit participation and security
agreement (the Mezzanine Loan) with Key Bank affiliate Key Real
Estate Equity Capital, Inc.  the Debtor was advised that the
senior loan agreement and the Mezzanine Loan were subsequently
sold, transferred or assigned to Gulfstream Capital Partners.  The
Debtor believes that the current amount outstanding on the senior
loan is approximately $25,471,000, and the current amount
outstanding at the Mezzanine Loan is approximately $6,500,000.  In
connection with the loans, the Debtor executed various notes,
security agreements, pledge agreements, and deed(s) trust.  Under
these ancillary documents, Key Bank and/or Gulfstream asserts a
security interest and lien upon the Debtor's property,
improvements, furniture, fixtures, and equipment located on the
property, accounts receivable, rents, and the general partner's
interest in the Debtor.

Frank J. Wright, Esq., at Wright Ginsberg Brusilow P.C., the
attorney for the Debtor, explained that the Debtor needs the money
to fund its 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/HSAD_3949_budget.pdf

In exchange for using the cash collateral, the Debtors propose to
grant Key Bank and/or Gulfstream valid, perfected, and enforceable
replacement security interests in and liens and mortgages upon all
categories of property of the Debtors and their estates.

The Court has set a final hearing for July 1, 2010, at 9:15 a.m.
on the Debtor's request to use cash collateral.

HSAD 3949 Lindell, Ltd., is a Texas limited partnership with its
principal place of business located in Dallas, Texas.  The
Company's general partner is HSAD 3949 Lindell GP, Inc., a Texas
Corporation.  The Company owns a four-story luxury apartment
complex in St. Louis, Missouri.

The Company filed for Chapter 11 bankruptcy protection on June 1,
2010 (Bankr. N.D. Tex. Case No. 10-33986).  Frank Jennings Wright,
Esq., at Wright Ginsberg Brusilow P.C., assists the Company in its
restructuring effort.  The Company estimated its assets and debts
at $10,000,001 to $50,000,000.


HSAD 3949: Wants Filing of Schedules Extended Until June 25
-----------------------------------------------------------
HSAD 3949 Lindell, Ltd., has asked the U.S. Bankruptcy Court for
the Northern District of Texas to extend the deadline for the
filing of schedules of assets and liabilities, schedule of current
income and expenditures, schedule of executor contracts and
unexpired leases, and statement of financial affairs by an
additional 10 days, or until June 25, 2010.

The Debtor says that it has not had sufficient time to assemble
the requisite financial data and other information required by the
schedules.  To prepare this information, the Debtor must
thoroughly examine its books, records and documents.  According to
the Debtor, the collection of the information will require
substantial

HSAD 3949 Lindell, Ltd., is a Texas limited partnership with its
principal place of business located in Dallas, Texas.  The
Company's general partner is HSAD 3949 Lindell GP, Inc., a Texas
Corporation.  The Company owns a four-story luxury apartment
complex in St. Louis, Missouri.

The Company filed for Chapter 11 bankruptcy protection on June 1,
2010 (Bankr. N.D. Tex. Case No. 10-33986).  Frank Jennings Wright,
Esq., at Wright Ginsberg Brusilow P.C., assists the Company in its
restructuring effort.  The Company estimated its assets and debts
at $10,000,001 to $50,000,000.


ID INTERACTIVE: Files for Chapter 11 Bankruptcy Protection
----------------------------------------------------------
Paul Brinkmann at Business Journal of South Florida said I.D.
Interactive together with three of its affiliates -- I.D.
Interactive of Mexico, I.D. Interactive of Michigan and I.D.
Interactive of Argentina -- filed for bankruptcy under Chapter 11,
listing assets of $3.1 million and debts of $17.6 million.

The Company said it owes $9.17 million to Affordable Leasing LLC
and $1.58 million to Let It Ride Opportunity Fund, Mr. Brinkmann
says.

Based in Delray Beach, South Florida, I.D. Interactive specializes
in digital services, web design and development, social media
marketing and custom software.


IMAX CORP: Gelfond, Wechsler Elected as Class 3 Directors
---------------------------------------------------------
IMAX Corporation reported that Richard L. Gelfond and Bradley J.
Wechsler were elected as Class III directors of the Company for a
term expiring in 2013; and PricewaterhouseCoopers LLP was
appointed auditor.

                         About IMAX Corp.

IMAX Corp. -- http://www.imax.com/-- together with its wholly
owned subsidiaries, is an entertainment technology company
specializing in motion picture technologies and large-format film
presentations.  Its principal business is the design and
manufacture of large-format digital and film-based theater
systems, sale or lease of such systems, and the conversion of
two-dimensional (2D) and three-dimensional (3D) Hollywood feature
films for exhibition on such systems worldwide.

At September 30, 2009, the Company had $308,965,000 in total
assets against $268,730,000 in total liabilities.  As of June 30,
2009, the Company had $270,400,000 in total assets and
$288,500,000 in total liabilities, resulting in $18,100,000 in
stockholders' deficit.

                           *     *     *

As reported by the Troubled Company Reporter on November 23, 2009,
Standard & Poor's Ratings Services raised its ratings on IMAX
Corp.  S&P raised its corporate credit rating on the company to
'B-' from 'CCC+'.  The rating outlook is stable.


JERSEY ISLAND OWNER: Section 341(a) Meeting Scheduled for July 19
-----------------------------------------------------------------
The U.S. Trustee for Region 4 will convene a meeting of Jersey
Island Owner, LLC's creditors on July 19, 2010, at 9:00 a.m.  The
meeting will be held at 6305 Ivy Lane, Sixth Floor, Greenbelt, MD
20770.

This is the first meeting of creditors required under Section
341(a) of the U.S. 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.

Rockville, Maryland-based Jersey Island Owner, LLC, filed for
Chapter 11 bankruptcy protection on June 9, 2010 (Bankr. D. Md.
Case No. 10-22970).  Bradford F. Englander, Esq., at Whiteford
Taylor & Preston, 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.


INDUSTRY WEST: Judge Denies Confirmation of Bankruptcy Plan
-----------------------------------------------------------
American Bankruptcy Institute reports that bankruptcy Judge Alan
Jaroslovsky last week sided with disgruntled first- and second-
mortgage holders Central Pacific Bank (owed $16.5 million) and
Todd JBRE LLC ($900,000), respectively, in rejecting the merits of
Industry West Commerce Center LLC's bankruptcy plan.

Santa Rosa, California-based Industry West Commerce Center, LLC, a
California limited liability company, filed for Chapter 11
bankruptcy protection on January 14, 2010 (Bankr. N.D. Calif. Case
No. 10-10088).  John H. MacConaghy, Esq., at MacConaghy and
Barnier, assists the Company in its restructuring effort.  The
Company listed $10,000,001 to $50,000,000 in assets and
$10,000,001 to $50,000,000 in liabilities.


JOSE RODRIGUEZ: Case Summary & 6 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Jose Agustin Arce Rodriguez
        P.O. Box 134
        Aguirre, PR 00704

Bankruptcy Case No.: 10-05186

Chapter 11 Petition Date: June 13, 2010

Court: U.S. Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtor's Counsel: Luis D. Flores Gonzalez, Esq.
                  Luis D Flores Gonzalez Law Office
                  80 Calle Georgetti, Suite 202
                  San Juan, PR 00925-3624
                  Tel: (787) 758-3606
                  Fax: (787) 753-5317
                  E-mail: ldfglaw@coqui.net

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

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

According to the schedules, the Debtor says that assets total
$5,243,300 while debts total $4,408,200.

A copy of the Debtor's list of 6 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/prb10-05186.pdf

The petition was signed by the Debtor.


KB HOME: Fitch Affirms Issuer Default Rating at 'BB-'
-----------------------------------------------------
Fitch Ratings has affirmed KB Home's ratings:

  -- Issuer Default Rating at 'BB-';
  -- Senior unsecured debt at 'BB-'.

The Rating Outlook has been revised to Stable from Negative.

The ratings affirmation and the Outlook revision to Stable from
Negative reflect the company's healthy liquidity position,
improved operating results and moderately stronger prospects for
the housing sector this year.  The ratings also reflect the
successful execution of KBH's business model.  The ratings take
into account the company's primary focus on entry-level and to a
lesser degree first-step trade-up housing (the deepest segments of
the market), its introduction of the well received Open Series of
home designs, its conservative building practices, its effective
utilization of return on invested capital criteria as a key
element of its operating model, its capital structure and the
still challenging U.S. housing environment.

KBH employs what it labels as the KBnxt operational business
model.  This strategy includes regular detailed product preference
surveys, primarily acquisition of developed and entitled land in
markets with high growth potential, generally commencement of
construction of a home only after a purchase contract has been
signed, establishment of an even flow production, pricing homes to
compete with existing homes and utilizing design centers to
customize homes to the preferences of home buyers.  Also, KBH
strives to be among the top five builders or in very large markets
top 10 homebuilders in order to have access to the best land and
subcontractors.

In late 2008, KBH began a roll out of the 'Open Series' product
designs which have been value engineered to reduce production
costs and cycle times, enabling the company to more effectively
compete on price with existing homes in the current market.
Management estimates that over 50% of deliveries this year will be
'Open Series' product.

The company maintains a 4.4-year supply of lots (based on last 12
months deliveries), 81% of which are owned and the balance
controlled through options.  (The options share of total lots
controlled is down sharply over the past three years as the
company has written off substantial numbers of options.)

KBH's most recent credit metrics, although in certain cases
improving, remain stressed.  Debt to capitalization was 73.7% as
of Feb. 28, 2010, up slightly from 69.4% a year ago.  Net debt to
capitalization was 48.8%, up from 48.3% as of Feb. 28, 2009.  Debt
to EBITDA, excluding real estate charges, was 18.6 times and was
negative at the end of the 2009 first quarter.  FFO adjusted
leverage was 8.3x at the conclusion of the 2010 first quarter and
7.6x the year earlier.  Interest coverage was slightly negative in
the 2009 first quarter and 0.8x for the 2010 first quarter, while
FFO interest coverage was 2.0x in the 2010 first quarter, up from
1.8x the prior year.  The gross inventory turn has moderated year-
over-year from 1.2x to 0.9x during the recently concluded 2010
first quarter.  The sales value of backlog represented 30% of
construction debt at the conclusion of the 2010 first quarter.

The company generated $18.30 million of cash flow from operations
during the first quarter of 2010, including a tax refund of
$190.7 million as a result of the tax legislation enacted in
November 2009.  On an LTM basis cash flow from operations was
$264.7 million.  For all of fiscal 2010, Fitch expects KBH to be
cash flow negative, excluding tax refunds, as the company starts
to rebuild its land position.  The company expects to spend
roughly $600 million on land and development expenditures, as
warranted, this year compared with approximately $375 million
spent in 2009.

As the housing cycle continues its jaw-toothed recovery, creditors
should benefit from KBH's solid financial flexibility supported by
unrestricted cash and equivalents of $1.2 billion as of Feb. 28,
2010.  In addition, relatively liquid, homes, lots and
improvements in production totaling $1.14 billion provides
comfortable coverage for construction debt of $1.82 billion.
$99.83 million of senior notes matures in August 2011, and then
the next maturity ($249.39 million) is not until February 2014.

As of Feb. 28, 2010, KB Home's unconsolidated joint ventures had
total debt of $384.4 million, substantially all of which was
secured.  Of the total debt, none was recourse and $12 million had
limited recourse to KB Home.  At Feb. 28, 2010, the company's
potential responsibility under its loan-to-value maintenance
guarantees totaled approximately $3.8 million, if any liabilities
were determined to be due thereunder.  The company had provided a
several guaranty to the lenders of one of its unconsolidated JVs.
At Feb. 28, 2010, this JV had total outstanding debt of
$372.4 million, and, if this guaranty were enforced, KB Home's
maximum potential responsibility under the guaranty would have
been approximately $182.7 million.

Housing apparently bottomed during 2009, and a so far anemic
recovery has begun.  During the next 12-15 months off the bottom,
the recovery may appear jaw-toothed as substantial foreclosures
now in the pipeline present as distressed sales and as meaningful
new foreclosures arise from Alt-A and option ARM resets.  High
unemployment rates and the tightening of certain Federal Housing
Administration loan standards will be notable headwinds early in
the upcycle.  The continuation and expansion of the scope of the
national housing credit may have boosted sales in spring of this
year.  And the Federal government's continuing efforts to modify
foreclosures may finally show some success in 2010.

Future ratings and Outlooks will be influenced by broad housing
market trends as well as company specific activity, such as trends
in land and development spending, general inventory levels,
speculative inventory activity (including the impact of high
cancellation rates on such activity), gross and net new order
activity, debt levels and especially free cash flow trends and
uses, and the company's cash position.


KB KYLE LAND: Case Summary & 4 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: KB Kyle Land, LLC
        2139 Blue Knob Terrace
        Silver Spring, MD 20906

Bankruptcy Case No.: 10-23275

Chapter 11 Petition Date: June 13, 2010

Court: U.S. Bankruptcy Court
       District of Maryland (Greenbelt)

Debtor's Counsel: Richard L. Gilman, Esq.
                  Gilman & Edwards, LLC
                  8201 Corporate Drive, Suite 1140
                  Landover, MD 20785
                  Tel: (301) 731-3303
                  Fax: (301) 731-3072
                  E-mail: rgilman@gilmanedwards.com

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

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

A copy of the Company's list of 4 largest unsecured
creditors filed together with the petition is available for
free at http://bankrupt.com/misc/mdb10-23275.pdf

The petition was signed by Victor M. Kazanjian, manager.


KB WOODMORE: Case Summary & Largest Unsecured Creditor
------------------------------------------------------
Debtor: KB Woodmore Land, LLC
        2139 Blue Knob Terrace
        Silver Spring, MD 20906

Bankruptcy Case No.: 10-23274

Chapter 11 Petition Date: June 13, 2010

Court: U.S. Bankruptcy Court
       District of Maryland (Greenbelt)

Debtor's Counsel: Richard L. Gilman, Esq.
                  Gilman & Edwards, LLC
                  8201 Corporate Drive, Suite 1140
                  Landover, MD 20785
                  Tel: (301) 731-3303
                  Fax: (301) 731-3072
                  E-mail: rgilman@gilmanedwards.com

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

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

The petition was signed by Victor M. Kazanjian, manager.

The list of unsecured creditors filed together with its petition
contains only one entry:

        Entity                     Nature of Claim    Claim Amount
        ------                     ---------------    ------------
Ben Dyer Associates, Inc           --                       $1,623
11721 Woodmore Road, Suite 200
Mitcehllville, MD 20721


LB-UBS COMMERCIAL: S&P Downgrades Ratings on 2002-C7 CMBS
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on one class
of commercial mortgage-backed securities from LB-UBS Commercial
Mortgage Trust 2002-C7 and removed it from CreditWatch with
negative implications.  In addition, S&P affirmed its ratings on
19 other classes from the same transaction and removed seven of
them from CreditWatch with negative implications.

The rating actions follow S&P's analysis of the transaction using
its U.S. conduit and fusion CMBS criteria.  The downgrade of the
class T certificate reflects credit support erosion that S&P
anticipates will occur upon the eventual resolution of five
specially serviced assets.  In addition, S&P also considered the
current and potential interest shortfalls, primarily due to
appraisal subordinate entitlement reductions and special servicing
fees, in arriving at S&P's current rating on class T.

S&P's analysis included a review of the credit characteristics of
all of the loans in the pool.  Using servicer-provided financial
information, Standard & Poor's calculated an adjusted debt service
coverage of 1.88x and a loan-to-value ratio of 69.0%.  S&P further
stressed the loans' cash flows under S&P's 'AAA' scenario to yield
a weighted average DSC of 1.45x and an LTV ratio of 88.7%.  The
implied defaults and loss severity under the 'AAA'  scenario were
18.2% and 28.9%, respectively.  All of the adjusted DSC and LTV
calculations excluded five ($18.1 million, 2.5%) specially
serviced assets and 20 ($179.4 million, 24.9%) defeased loans.
S&P separately estimated losses for the five specially serviced
assets, which S&P included in its 'AAA' scenario implied default
and loss figures.

The affirmations of the ratings on the principal and interest
certificates reflect subordination levels that are consistent with
the outstanding ratings.  S&P affirmed its rating on the class X-
CL interest-only certificates based on its current criteria.

                      Credit Considerations

As of the May 2010 remittance report, five assets ($18.1 million,
2.5%) were with the special servicer, LNR Partners Inc.  The
payment status of the specially serviced assets is: two
($8.8 million, 1.2%) are real estate owned by the trust, one
($3.8 million, 0.5%) is in foreclosure, one ($1.0 million, 0.1%)
is 90-plus-days delinquent, and one ($4.5 million, 0.6%) is a
matured balloon.  Each of the specially serviced assets has an
appraisal reduction amount in effect, with a combined total of
$7.5 million.

Uptown Square is the largest asset with the special servicer.  It
has a total exposure of $7.9 million (1.0%), which consists of
$7.0 million of unpaid principal balance and $0.9 million of
advancing and interest thereon.  The asset is secured by a 72,277-
sq.-ft. anchored retail center in Fayetteville, Ga.  The loan was
transferred to LNR on Nov. 14, 2008, due to imminent default, and
became REO on Aug. 24, 2009.  One anchor tenant has vacated the
property and the remaining anchor tenant has indicated its
intention to vacate at the conclusion of its lease term, which, in
the absence of additional leasing, will bring occupancy to 16.6%.
Standard & Poor's anticipates a significant loss upon the eventual
resolution of this asset.

The four remaining specially serviced loans ($11.2 million, 1.6%)
have balances that individually represent less than $4.6 million,
or 0.6% of the total pool balance.  S&P estimated losses ranging
from 10.0% to 76.0% for these assets.

In arriving at S&P's current ratings, S&P also considered the
transaction's significant near-term loan maturities.  Excluding
the 20 defeased loans and five specially serviced assets,
approximately 58.1% of the loans, by balance, mature by December
2012.

Three loans ($12.0 million, 1.0%) that were previously with the
special servicer have been returned to the master servicer.
According to the transaction documents, the special servicer is
entitled to a workout fee equal to 1.0% of all future principal
and interest payments on the corrected loans, provided the loans
continue to perform and remain with the master servicer.

                        Transaction Summary

As of the May 2010 remittance report, the aggregate trust balance
was $722.1 million, which represents 60.8% of the aggregate pooled
trust balance at issuance.  There are 85 assets in the pool, down
from 115 at issuance.  The master servicer for the transaction is
Wells Fargo Commercial Mortgage Servicing (Wells Fargo).  The
master servicer provided financial information for 96.2% of the
loans in the pool, and 94.7% of the servicer-provided information
was full-year 2008, interim 2009, or full-year 2009 data.

S&P calculated a weighted average DSC of 1.94x for the pool based
on the reported figures.  S&P's adjusted DSC and LTV were 1.88x
and 69.0%, respectively, which exclude five specially serviced
assets ($18.1 million, 2.5%) and 20 ($179.4 million, 24.9%)
defeased loans.  S&P separately estimated losses for the five
specially serviced assets.  To date, the trust has experienced
principal losses totaling $76,127 relating to two assets.  Twelve
loans ($63.6 million, 8.8%), including the 10th-largest real
estate exposure in the pool, are on the master servicer's
watchlist.  Eleven loans ($35.6 million, 4.9%) have a reported DSC
of less than 1.10x, and eight of these loans ($21.3 million, 3.0%)
have a reported DSC of less than 1.0x.

                     Summary Of Top 10 Loans

The top 10 real estate exposures have an aggregate outstanding
balance of $355.4 million (49.2%).  Using servicer-reported
numbers, S&P calculated a weighted average DSC of 2.20x for the
top 10 exposures.  S&P's adjusted DSC and LTV for these loans were
2.18x and 60.9%, respectively.  The 10th-largest real estate
exposure appears on the master servicer's watchlist.

The McFadden Industrial Center loan ($12.7 million, 1.8%), the
10th-largest exposure in the pool, is secured by a 179,055-sq.-ft.
office complex in Santa Ana, Calif.  The loan appears on the
master servicer's watchlist due to deferred maintenance affecting
the property.  The borrower has indicated that repairs will be
completed in the near future.  The property had a reported DSC of
1.84x as of the nine months ended Sept. 30, 2009.  The reported
occupancy was 86.1% as of April 1, 2010.

Standard & Poor's stressed the loans in the pool according to its
conduit/fusion criteria.  The resultant credit enhancement levels
are consistent with the lowered and affirmed ratings.

       Rating Lowered And Removed From Creditwatch Negative

              LB-UBS Commercial Mortgage Trust 2002-C7
            Commercial mortgage pass-through certificates

                 Rating
                 ------
    Class  To             From           Credit enhancement (%)
    -----  --             ----           ----------------------
    T      CCC-           B-/Watch Neg                     1.22

      Ratings Affirmed And Removed From Creditwatch Negative

             LB-UBS Commercial Mortgage Trust 2002-C7
          Commercial mortgage pass-through certificates

                 Rating
                 ------
    Class  To             From           Credit enhancement (%)
    -----  --             ----           ----------------------
    K      A              A/Watch Neg                      9.24
    L      BBB+           BBB+/Watch Neg                   6.57
    M      BBB-           BBB-/Watch Neg                   5.54
    N      BB+            BB+/Watch Neg                    4.72
    P      BB             BB/Watch Neg                     3.48
    Q      B+             B+/Watch Neg                     2.87
    S      B              B/Watch Neg                      2.46

                         Ratings Affirmed

             LB-UBS Commercial Mortgage Trust 2002-C7
          Commercial mortgage pass-through certificates

            Class  Rating        Credit enhancement (%)
            -----  ------        ----------------------
            A-3    AAA                            29.18
            A-4    AAA                            29.18
            A-1B   AAA                            29.18
            B      AAA                            26.30
            C      AAA                            23.83
            D      AAA                            21.37
            E      AAA                            19.31
            F      AA+                            17.25
            G      AA                             15.20
            H      AA-                            12.53
            J      A+                             10.88
            X-CL   AAA                              N/A

                       N/A -- Not applicable.


LEHMAN BROTHERS: Court OKs Thomas Lee Deal Termination
------------------------------------------------------
Before the Petition Date, Lehman Brothers Inc. entered into an
engagement letter with Thomas H. Lee Equity Fund VI, L.P., and THL
Equity Advisors VI, LLC.  The Fund and Advisor wish to terminate
LBI's interests in the Agreement and take certain related actions.

James W. Giddens, the trustee for LBI, has determined that it
would be in the best interests of LBI and its estate that the
Agreement be terminated by LBI subject to the payment to the LBI
Trustee of $557,937 by the Fund.

The LBI Trustee, the Fund and Advisor thus entered into a
stipulation whereby the Fund agrees to pay in immediately
available funds (i) $278,968 and $278,968 on April 28, 2010, to:

  Union Bank, N.A.
  ABA No. 122000496
  A/C No. 37130196431 TRUSDG
  James W. Giddens, Trustee, LBI Funds Account
  Account No. 671186101

Upon receipt by the LBI Trustee of the Final Payment, the
Agreement will be terminated without need for further action by
any of the Parties, any further Bankruptcy Court approval and any
further obligation or liability and pursuant to that termination.
The LBI Trustee and the Fund and Advisor will be deemed to each
have fully, finally and forever waived, settled, compromised,
discharged and released each other from any and all Claims
arising under the Agreement.

Fund and Advisor also confirm that other than the Termination
Fee, there are no fees, commissions, or other compensation owed
to LBI pursuant to the Agreement.

The Bankruptcy Court has approved the Stipulation.

                       About Lehman Brothers

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

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

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

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

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

               International Operations Collapse

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

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

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


LEHMAN BROTHERS: Examiner Asks to be Discharged From Duties
-----------------------------------------------------------
Anton Valukas, the examiner appointed to investigate into Lehman
Brothers Holdings Inc.'s bankruptcy filing, asks the Court to
discharge him from further duties.

In a motion filed with the Court, the Examiner specifically seeks
a ruling discharging him and the professionals he employed from
any liability in connection with the investigation and to
prohibit discovery from them except as provided in his proposed
order approving the motion.

Mr. Valukas' attorney, Robert Byman, Esq., at Jenner & Block LLP,
in New York, asserts that bankruptcy examiners are "entitled to
immunity from damage claims under the doctrine of judicial
immunity."  He also asserts that any information or documents
obtained by a bankruptcy examiner during an investigation that
are not filed with the courts are not judicial records pursuant
to bankruptcy laws.

In connection with his request, Mr. Valukas also proposes for a
proper disposition of the documents obtained during the
investigation.  He also asks for court permission to respond to
any inquiry or request for assistance even after his discharge as
examiner.

The Court will consider approval of request at the June 16, 2010
hearing.

                       About Lehman Brothers

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

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

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

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

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

               International Operations Collapse

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

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

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


LEHMAN BROTHERS: Proposes to Hire Sothebys as Auction House
-----------------------------------------------------------
Lehman Brothers Holdings Inc. and its units seek approval of the
U.S. Bankruptcy Court for the Southern District of New York to
employ Sotheby's Inc. as their auction house.

The Debtors tapped the firm to conduct a public auction of about
50 works from their corporate art collection estimated to be
worth less than $300,000, or to arrange a private sale in case
the items are not sold at the auction.  The auction is expected
to be held sometime in September of this year.

Under an agreement with Sotheby's, the Debtors will not pay the
auction house for its services or reimburse its expenses.
Sotheby's' commission will solely consist of the amount that it
charges the buyer on each lot sold and retains for its account.
This buyer's premium will be added to the hammer price and is
payable by the purchaser as part of the total price.

The buyer's premium will be assessed as follows: 25% of the
hammer price up to $50,000; 20% of any amount in excess of
$50,000 up to $1 million; and 12% of any amount in excess of
$1 million.  Sotheby's will shoulder all expenses from the sale of
the items.

For art that is sold at the auction, the Debtors will receive the
sale proceeds after deducting the buyer's premium.  In addition
to receiving 100% of the hammer price, the Debtors will also
receive a fee for consignment, which will be paid from the
buyer's premium.

Sotheby's has also agreed to pay an introductory commission to
the Debtors' art consultant, Kelly Mathew Wright, from the
buyer's premium.  Mr. Wright will receive 2% of the hammer price
of the property collected and received by Sotheby's up to
$5 million and 1% of the hammer price in excess of $5 million.

In a declaration, Richard Buckley, executive vice-president at
Sotheby's, assures the Court that the firm does not hold or
represent interest adverse to the Debtors.

In a revised proposed order, the Debtors propose to employ
Sotheby's as its auction house provided that notwithstanding
anything contained in the agreement with Sotheby's to the
contrary, LBHI will not indemnify the auction house to the extent
any applicable claim, action, damages, loss, liability or expense
arises from the auction house's bad faith, self-dealing, breach
of fiduciary duty, negligence, willful misconduct, criminal
conduct or the disclosure of confidential information.

                       About Lehman Brothers

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

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

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

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

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

               International Operations Collapse

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

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

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


LEHMAN BROTHERS: UPRS Wants NYSC Ordered to Deposit $6MM
--------------------------------------------------------
Unclaimed Property Recovery Service Inc. seeks a court order to
compel the New York State Comptroller Office of Unclaimed Funds
to turn over about $6 million to the Clerk of the U.S. Bankruptcy
Court for the Southern District of New York.

The $6 million represents unclaimed funds held by the Comptroller
Office in the name of Lehman Brothers Inc. and other units of
Lehman Brothers Holdings Inc.  UPRS is tasked to recover the fund
pursuant to an agreement with LBI, and, in turn, will receive
payment for its services from the fund.

The fund was supposed to be turned over to the Clerk of the Court
a year ago.  To date, the Comptroller Office has not yet reached
a formal agreement for the release of the fund, according to
UPRS' attorney, Paul Batista, Esq., at Paul Batista P.C., in New
York.

"This delay is not only detrimental to the Lehman estates but
also severely prejudices UPRS since the payment to which it is
entitled under the LBI-UPRS agreement can be made only after
the Lehman unclaimed funds are paid and deposited with the
Clerk," Mr. Batista says, referring to a deal that UPRS reached
earlier with LBI for the payment of its services.

The LBI-UPRS deal is formalized in a four-page stipulation, which
the Court approved on May 25, 2010.  A copy of the stipulation is
available without charge at:

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

The Court will consider approval of UPRS' request at the June 16,
2010 hearing.  Deadline for filing objections is June 14, 2010.

                       About Lehman Brothers

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

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

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

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

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

               International Operations Collapse

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

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

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


LINCOLN NATIONAL: Fitch Corrects Press Release on Ratings
---------------------------------------------------------
Fitch Ratings has amended its release issued earlier.  It
clarifies details provided in the ratings list regarding LNC's new
debt issuance.

Fitch assigned an expected rating of 'BBB' to Lincoln National
Corporation's senior debt issuance of up to $750 million and
places it on Rating Watch Positive.  Fitch maintains its Rating
Watch Positive on LNC's other long-term ratings.

Fitch's expected rating follows LNC's announcement that it is
conducting an equity and debt public offering as part of its plan
to repurchase the $950 million of perpetual preferred stock issued
in June 2009 under the U.S. Treasury's Capital Purchase Program.

On June 3, 2010, Fitch had placed LNC's long-term holding company
ratings on Rating Watch Positive.  At that time, Fitch said it
would resolve the Rating Watch Positive and consider a return to
normal notching between holding company and insurance company
ratings once LNC repays the outstanding CPP funding.  Upon the
execution of the CPP repayment, Fitch expects to upgrade LNC's
long-term ratings and assign a Stable Rating Outlook:

  -- Issuer Default Rating to 'A-' from 'BBB+';
  -- Senior debt to 'BBB+' from 'BBB';
  -- Junior subordinated debt to 'BBB-' from 'BB+'.

The repayment is expected to occur within the next several weeks.

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

LNC's Rating Watch Positive status primarily reflects Fitch's view
that LNC has taken important steps to enhance financial
flexibility and reduce liquidity concerns at the holding company.
Concerns about LNC's liquidity and financial flexibility were a
major factor behind Fitch's expanded holding company notching in
April 2009 and arguably LNC's $950 million participation in CPP.

Lincoln National Corp., headquartered in Radnor, PA, markets a
broad range of insurance and asset accumulation products and
financial advisory services primarily to the affluent market
segment.  The company's consolidated assets were $181.6 billion,
and common equity was $12.4 billion at March 31, 2010.

Fitch assigns these expected rating to LNC's new debt issuance and
places it on Rating Watch Positive:

  -- Up to $750 million senior notes 'BBB'.

Fitch's current long-term ratings for LNC and its subsidiary
Lincoln National Capital VI are on Rating Watch Positive:

  -- Long-term IDR 'BBB+';

  -- 6.2% senior notes due Dec. 15, 2011 'BBB';

  -- 5.65% senior notes due Aug. 27, 2012 'BBB';

  -- 4.75% senior notes due Jan. 27, 2014 'BBB';

  -- 4.75% senior notes due Feb. 15, 2014 'BBB';

  -- 7% senior notes due March 15, 2018 'BBB';

  -- 8.75% senior notes due July 1, 2019 'BBB';

  -- 6.25% senior notes due Feb. 15, 2020 'BBB';

  -- 6.15% senior notes due April 7, 2036 'BBB';

  -- 6.3% senior notes due Oct. 9, 2037 'BBB';

  -- 6.75% junior subordinated debentures due April 20, 2066
     'BB+';

  -- 7% junior subordinated debentures due May 17, 2066 'BB+';

  -- 6.05% junior subordinated debentures due April 20, 2067
     'BB+';

  -- Cumulative Perpetual Preferred Stock (CPP) 'BB+'.

Lincoln National Capital VI

  -- Trust preferred securities 'BB+'.

Fitch's current short-term ratings for LNC are:

Lincoln National Corporation

  -- Short-term IDR 'F2';
  -- CP 'F2'.

Fitch's current ratings for LNC's insurance subsidiaries are with
a Stable Rating Outlook:

Lincoln National Life Insurance Company
Lincoln Life & Annuity Company of New York
First Penn-Pacific Life Insurance Company

  -- Insurer Financial Strength 'A+'.


M-FOODS HOLDINGS: Moody's Downgrades Corp. Family Rating to 'B2'
----------------------------------------------------------------
Moody's lowered the CFR and probability of default ratings of M-
Foods Holdings, Inc., parent of Michael Foods, Inc., to B2 from
B1 and assigned a B1 rating to the company's prospective senior
secured bank facilities, and a Caa1 to its prospective new
$430 million in senior unsecured notes.  Ratings on the existing
facilities will remain on review for downgrade until the deal
closes at which time they will be withdrawn.

The action concludes the review initiated on May 24, 2010,
following the announcement of the sale of the company to and
leveraged recap by Goldman Sachs Capital Partners VI Fund L.P.
The transaction, which values the company at $1.75 billion, will
be financed with $865 million in new bank facilities (comprised of
$75 million revolver and $790 million Term Loan B), $430 million
in new Senior Unsecured notes and $492 million in equity of which
$392 million will be cash and $100 million will be a rollover of
equity from former owner Thomas H. Lee Partners.

The new capital structure results in an increase in pro-forma
leverage of about 2.4 turns to approximately 5.9 times, using
Moody's analytic adjustments said Linda Montag, Moody's SVP.
Moody's expects leverage reduction to be steady but somewhat slow,
given the difficult economic environment and more limited free
cash flow following the releveraging, not returning to levels more
appropriate for a B1 rating for 2 to 3 years.

The B2 CFR and stable outlook reflect the re-leveraging of the
company by Goldman Sachs to fund the purchase and associated
expenses.  The company's ratings consider the company's high
financial leverage, sensitivity to grain and egg commodity prices,
its customer and supply concentrations, the impact of the
difficult economic environment on volumes, which have been
declining, and the company's exposure to the challenges facing the
food service industry in this difficult environment as well as the
potential for debt funded acquisition activity to expand the
current business platform.  Yet the ratings also take into account
Michael Foods' leading market position as a producer of egg
products, number one position in refrigerated potato products, the
benefits of its new production facility, product diversity, a
growing emphasis on value-added products with more stable margins,
and the company's track record of delivering relatively consistent
cash flow generation.

These ratings were lowered:

M-Foods Holdings, Inc.:

* CFR rating to B2 fromB1
* Probability of default rating to B2 from B1

These ratings will be assigned subject to completion of the
financing:

M-Foods Holdings, Inc:

* Senior Secured Guaranteed Bank facilities at B1; LGD 3; 35%
* $430 million Senior Unsecured 8 year note at Caa1; LGD 5; 87%

These ratings remain on review until completion of the transaction
and will be withdrawn upon completion of the financing

Michael Foods, Inc.:

* Guaranteed Senior Secured Revolving Credit Facility at Ba3: LGD
  3; 34%

* Guaranteed Senior Secured Term Loan at Ba3; LGD 3; 34%

* Guaranteed Senior Secured Term Loan A at Ba3; LGD 3; 34%

* Guaranteed Senior Secured Term Loan B at Ba3; LGD 3; 34%

* Guaranteed Senior Subordinated Notes at B3; LGD 4; 50%

M-Foods Holdings, Inc.

* Senior Discount Notes at B3; LGD 6; 92%

The last rating action for this issuer was on May 24, 2010, when
the ratings were placed on review for possible downgrade.

Headquartered in Minnetonka, Minnesota, Michael Foods, Inc., is a
producer and distributor of egg products, cheese and other
refrigerated grocery products and potato products.  Annual sales
exceed $1.5 billion.


MAHMOUD BAGHDADY: Case Summary & 4 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Mahmoud Baghdady
          aka Mike Baghdady
        65 Oriental Boulevard
        Brooklyn, NY 11235

Bankruptcy Case No.: 10-45547

Chapter 11 Petition Date: June 11, 2010

Court: U.S. Bankruptcy Court
       Eastern District of New York (Brooklyn)

Judge: Jerome Feller

Debtor's Counsel: Todd S. Cushner, Esq.
                  155 White Plains Road, Suite 203
                  Tarrytown, NY 10591
                  Tel: (914) 524-9400
                  Fax: (914) 524-5014
                  E-mail: cushnerlaw@aol.com

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

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

According to the schedules, the Debtor says that assets total
$1,000,000 while debts total $2,200,000.

A copy of the Debtor's list of 4 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/nyeb10-45547.pdf

The petition was signed by the Debtor.


MERUELO MADDUX: Files Second Amended Joint Chapter 11 Plan
----------------------------------------------------------
BankruptcyData.com reports that Meruelo Maddux Properties filed a
Second Amended Joint Chapter 11 Plan of Reorganization and related
Disclosure Statement with the U.S. Bankruptcy Court.

According to the Disclosure Statement, "The Plan provides for the
payment in full of all Claims over time with interest.  The
Secured Claims will be paid interest only over the term of the
Plan and the principal balance will be paid either through the
sale of the property securing the claim or the refinance of the
secured debt.  The Plan calls for the cancellation of existing
equity in MMPI.  MMPLP will be merged into MMPI and MMPLP's equity
interests will also be cancelled.  Payments under the Plan will be
funded from the Debtors' operations, an infusion of capital at the
Effective Date and the sale and refinance of the certain of the
Debtors' assets."

A hearing to approve the Disclosure Statement has been scheduled
for June 21, 2010.

                        About Meruelo Maddux

Meruelo Maddux and its affiliates filed for Chapter 11 protection
on March 26, 2009 (Bankr. C. D. Calif. Lead Case No. 09-13356).
Aaron De Leest, Esq., John J. Bingham, Jr., Esq., and John N.
Tedford, Esq., at Danning Gill Diamond & Kollitz, represent the
Debtors in their restructuring efforts.  Asa S. Hami, Esq., Tamar
Kouyoumjian, Esq., and Victor A. Sahn, Esq., at SulmeyerKupetz, A
Prof Corp, represent the official committee of unsecured creditors
as counsel.  The Debtors' financial condition as of December 31,
2008, showed $681,769,000 in assets and $342,022,000 of debts.


MIDDLEBROOK PHARMACEUTICALS: to Auction All Assets on July 22
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized
MiddleBrook Pharmaceuticals, Inc., to sell substantially all of
its assets in an auction led by Victory Pharma, Inc.

As reported in the Troubled Company Reporter on May 17, 2010, the
Debtor entered into an asset purchase agreement with Victory
Pharma for the sale of substantially all of its assets, and
assumption of trade sales and certain other liabilities, of the
Company for approximately $17.1 million.

The Debtors scheduled a July 22 auction for the assets.  The
auction will be conducted at the offices of Alson & Bird LLP, 90
park Avenue, New York City.  Competing bids are due July 15.

The Court will consider the sale of the assets to Novak or the
winning bidder at a hearing on July 28, at 2:00 p.m.  The hearing
will be he;d at 824 Market Street, 6th Floor, Courtroom No. 4,
Wilmington, Delaware.

In the event of any competing bids for the assets, resulting in
Novak not being the successful Buyer, it will receive a breakup
fee and expense reimbursement of $427,500 to be paid at the time
of the closing of the sale with the third party buyer.

                About MiddleBrook Pharmaceuticals

Westlake, Texas-based Middlebrook Pharmaceuticals, Inc., aka
Advancis Pharmaceuticals Corporation, is a pharmaceutical company
focused on commercializing anti-infective products that fulfill
unmet medical needs. MiddleBrook's proprietary delivery
technology, PULSYS, enables the pulsatile delivery, or delivery in
rapid bursts, of certain drugs.  MiddleBrook currently markets
MOXATAG, the first and only FDA-approved once-daily amoxicillin,
and KEFLEX, the immediate-release brand of cephalexin.

The Company filed for Chapter 11 bankruptcy protection on
April 30, 2010 (Bankr. D. Del. Case No. 10-11485).  Joel A. Waite,
Esq., at Young, Conaway, Stargatt & Taylor, assists the Company in
its restructuring effort.  The Company estimated its assets and
debts at $10,000,001 to $50,000,000.


MOHAMMAD BARAT: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Joint Debtors: Mohammad A. Barat
                 dba Warren County Villager Motor Inn, Inc.
                     Stromboli Pizzeria, Inc.
               Tayabba Barat
               99 Canada Street
               Lake George, NY 12845

Bankruptcy Case No.: 10-12204

Chapter 11 Petition Date: June 11, 2010

Court: U.S. Bankruptcy Court
       Northern District of New York (Albany)

Judge: Robert E. Littlefield Jr.

Debtor's Counsel: Richard H. Weiskopf, Esq.
                  O'Connell & Aronowitz
                  54 State Street, 9th Floor
                  Albany, NY 12207
                  Tel: (518) 462-5601
                  Fax: (518) 462-2670
                  E-mail: rweiskopf@oalaw.com

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

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

According to the schedules, the Debtors say that assets total
$2,048,750 while debts total $2,598,508.

A copy of the Joint Debtors' list of 20 largest unsecured
creditors filed together with the petition is available for
free at http://bankrupt.com/misc/nynb10-12204.pdf

The petition was signed by the Joint Debtors.


MOVIE GALLERY: Seeks to Sell 1.2-Mil. DVD and Blu-Ray Copies
------------------------------------------------------------
Movie Gallery, Inc., has sought authority from the bankruptcy
court to sell over 1.2 million DVD and Blu-Ray copies of movies
from its distribution center in Nashville, Tennessee to VPD IV,
Inc., netDockets Blog reports.  According to the report, under the
proposed agreement, VPD would pay slightly more than US$5 million
for the inventory, subject to adjustment.

The report relates the motion said that Movie Gallery undertook a
competitive process in selecting VPD as the prospective purchaser
and solicited bids or received indications of interest from other
potential purchasers, including Great American and Gordon Brothers
(another firm that has been involved in going-out-of-business
sales at some Movie Gallery stores).  As a result, the report
discloses, Movie Gallery asserts that it should not be required to
actively seek out additional competing bids, although its proposed
agreement with VPD does allow it to consider competing bids if any
are received.  The agreement also requires that the sale to VPD
close no later than June 30, 2010, the report adds.

Separately, the report notes, Movie Gallery is in the process of
winding down and liquidating its retail locations pursuant to an
agreement with Great American WF, LLC.

                     About Movie Gallery

Based in Wilsonville, Ore., Movie Gallery, Inc., is the second
largest North American video and game rental company, operating
stores in the U.S. and Canada under the Movie Gallery, Hollywood
Video and Game Crazy brands.

Movie Gallery first filed for Chapter 11 on Oct. 16, 2007 (Bankr.
E.D. Va. Case Nos. 07-33849 to 07-33853).  Kirkland & Ellis LLP
and Kutak Rock LLP represented the Debtors.  The Company emerged
from bankruptcy on May 20, 2008, with private-investment firms
Sopris Capital Advisors LLC and Aspen Advisors LLC as its
principal owners.  William Kaye was appointed plan administrator
and litigation trustee.

Movie Gallery returned to Chapter 11 protection on February 3,
2009 (Bankr. E.D. Va. Case No. 10-30696).  Attorneys at
Sonnenschein Nath & Rosenthal LLP and Kutak Rock LLP represent the
Debtors in their second restructuring effort.  Kurtzman Carson
Consultants serves as claims and notice agent.

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


NEC HOLDINGS: Has Interim Borrowing Approval
--------------------------------------------
Bill Rochelle at Bloomberg News reports that National Envelope
Corp. was given interim permission by the bankruptcy judge on
June 11 to borrow $10 million from a $139 million postpetition
secured loan arranged by General Electric Capital Corp., as agent
for the lenders.  The final financing hearing will take place on
July 13.

The Company's lawyer, according to Bloomberg, said there should be
a contract for the sale of the business signed within a few weeks.
The loan agreement requires having a sale agreement by July 2 and
approval of sale procedures by July 16.

              About National Envelope Corporation

Uniondale, New York-based National Envelope Corporation --
http://www.nationalenvelope.com/-- is the largest manufacturer of
envelopes in the world with 14 manufacturing facilities and 2
distribution centers and approximately 3,500 employees in the U.S.
and Canada.  The company is an environmental leader in the paper
and envelope converting industries with certifications from the
Forest Stewardship Council (FSC), Rainforest Alliance, Sustainable
Forestry Initiative (SFI), Programme for the Endorsement of Forest
Certification (PEFC), Chlorine Free Products Association, and
Green Seal.

NEC Holdings Corp., together with affiliates, including National
Envelope Inc., fied for Chapter 11 on June 10, 2010 (Bankr. D.
Del. Lead Case No. 10-11890).  Kara Hammond Coyle, Esq., at Young
Conaway Stargatt & Taylor LLP, serves as bankruptcy counsel.
David S. Heller, Esq., at Josef S. Athanas, Esq., and Stephen R.
Tetro II, Esq., at Latham & Watkins LLP, serve as co-counsel.  The
Garden City Group is the claims and notice agent.

NEC Holdings' petition says assets and debts range from
$100,000,001 to $500,000,000.


NEC HOLDINGS: Gets Court Okay to Hire Garden City as Claims Agent
-----------------------------------------------------------------
NEC Holdings Corp., et al., sought and obtained authorization from
the Hon. Peter J. Walsh of the U.S. Bankruptcy Court for the
District of Delaware to employ The Garden City Group, Inc., as
notice, claims and balloting agent.

GCG will, among other things:

     a. serve required notices and other pleadings;

     b. within three business days after the service of a
        particular notice, prepare for filing with the Clerk's
        Office a certificate or affidavit of service that includes
        (i) an alphabetical list of persons on whom the notice was
        served, along with their addresses and (ii) the date and
        manner of service;

     c. assist the Debtors in the collection of information and
        preparation of schedules; and

     d. maintain a copy of the Debtors' schedules listing the
        Debtors' known creditors and the amounts owed thereto.


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

        Administrative & Data Entry                   $45-$55
        Mailroom and Claims Control                     $55
        Customer Service Representatives                $57
        Project Administrators                        $70-$85
        Quality Assurance Staff                       $80-$125
        Project Supervisors                           $95-$110
        Systems & Technology Staff                   $100-$$200
        Graphic Support for Web site                   $125
        Project Managers                             $125-$175
        Directors, Sr. Consultants and Assistant VP  $200-$295
        Vice President and above                       $295

Emily Gottlieb, Senior Director of Chicago Operations at GCG,
assures the Court that the firm is "disinterested" as that term is
defined in Section 101(14) of the Bankruptcy Code.

              About National Envelope Corporation

Uniondale, New York-based National Envelope Corporation --
http://www.nationalenvelope.com/-- is the largest manufacturer of
envelopes in the world with 14 manufacturing facilities and 2
distribution centers and approximately 3,500 employees in the U.S.
and Canada.  The company is an environmental leader in the paper
and envelope converting industries with certifications from the
Forest Stewardship Council (FSC), Rainforest Alliance, Sustainable
Forestry Initiative (SFI), Programme for the Endorsement of Forest
Certification (PEFC), Chlorine Free Products Association, and
Green Seal.

NEC Holdings Corp., together with affiliates, including National
Envelope Inc., fied for Chapter 11 on June 10, 2010 (Bankr. D.
Del. Lead Case No. 10-11890).  Kara Hammond Coyle, Esq., at Young
Conaway Stargatt & Taylor LLP, serves as bankruptcy counsel.
David S. Heller, Esq., at Josef S. Athanas, Esq., and Stephen R.
Tetro II, Esq., at Latham & Watkins LLP, serve as co-counsel.  The
Garden City Group is the claims and notice agent.

NEC Holdings' petition says assets and debts range from
$100,000,001 to $500,000,000.


NEC HOLDINGS: Section 341(a) Meeting Scheduled for July 12
----------------------------------------------------------
Roberta A. Deangelis, the Acting U.S. Trustee for Region 3, will
convene a meeting of NEC Holdings Corp.'s creditors on July 12,
2010, at 3:00 p.m.  The meeting will be held at J. Caleb Boggs
Federal Building, 2nd Floor, Room 2112, Wilmington, Delaware
19801.

This is the first meeting of creditors required under Section
341(a) of the U.S. 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.

              About National Envelope Corporation

Uniondale, New York-based National Envelope Corporation --
http://www.nationalenvelope.com/-- is the largest manufacturer of
envelopes in the world with 14 manufacturing facilities and 2
distribution centers and approximately 3,500 employees in the U.S.
and Canada.  The company is an environmental leader in the paper
and envelope converting industries with certifications from the
Forest Stewardship Council (FSC), Rainforest Alliance, Sustainable
Forestry Initiative (SFI), Programme for the Endorsement of Forest
Certification (PEFC), Chlorine Free Products Association, and
Green Seal.

NEC Holdings Corp., together with affiliates, including National
Envelope Inc., fied for Chapter 11 on June 10, 2010 (Bankr. D.
Del. Lead Case No. 10-11890).  Kara Hammond Coyle, Esq., at Young
Conaway Stargatt & Taylor LLP, serves as bankruptcy counsel.
David S. Heller, Esq., at Josef S. Athanas, Esq., and Stephen R.
Tetro II, Esq., at Latham & Watkins LLP, serve as co-counsel.  The
Garden City Group is the claims and notice agent.

NEC Holdings' petition says assets and debts range from
$100,000,001 to $500,000,000.


NEC HOLDINGS: Taps Latham & Watkins as Bankruptcy Counsel
---------------------------------------------------------
NEC Holdings Corp., et al., have sought permission from the U.S.
Bankruptcy Court for the District of Delaware to employ Latham &
Watkins LLP as bankruptcy counsel, nunc pro tunc to the Petition
Date.

L&W will, among other things:

     a. attend meetings and negotiate with representatives of
        creditors, interest holders and other parties-in-interest;

     b. take necessary action to protect and preserve the Debtors'
        estates, including prosecuting actions in the Debtors'
        behalf, defending any action commenced against the Debtors
        and representing the Debtors' interests in negotiations
        concerning litigation in which the Debtors are involved,
        including objections to claims filed against the estates;

     c. prepare motions, applications, answers, orders, reports,
        and papers necessary to the administration of the Debtors'
        estates; and

     d. take necessary action to obtain approval of a disclosure
        statement and confirmation of a plan.

L&W will be paid based on the hourly rates of its personnel:

        Partners                           $750-$1,090
        Counsel                            $695-$1,065
        Associates                         $370-$740
        Paraprofessionals                   $95-$430

Josef S. Athanas, a partner at L&W, assures the Court that the
firm is "disinterested" as that term is defined in Section 101(14)
of the Bankruptcy Code.

              About National Envelope Corporation

Uniondale, New York-based National Envelope Corporation --
http://www.nationalenvelope.com/-- is the largest manufacturer of
envelopes in the world with 14 manufacturing facilities and 2
distribution centers and approximately 3,500 employees in the U.S.
and Canada.  The company is an environmental leader in the paper
and envelope converting industries with certifications from the
Forest Stewardship Council (FSC), Rainforest Alliance, Sustainable
Forestry Initiative (SFI), Programme for the Endorsement of Forest
Certification (PEFC), Chlorine Free Products Association, and
Green Seal.

NEC Holdings Corp., together with affiliates, including National
Envelope Inc., fied for Chapter 11 on June 10, 2010 (Bankr. D.
Del. Lead Case No. 10-11890).  Kara Hammond Coyle, Esq., at Young
Conaway Stargatt & Taylor LLP, serves as bankruptcy counsel.
David S. Heller, Esq., at Josef S. Athanas, Esq., and Stephen R.
Tetro II, Esq., at Latham & Watkins LLP, serve as co-counsel.  The
Garden City Group is the claims and notice agent.

NEC Holdings' petition says assets and debts range from
$100,000,001 to $500,000,000.


NEC HOLDINGS: Organizational Meeting to Form Panel on June 22
-------------------------------------------------------------
Roberta A. DeAngelis, Acting United States Trustee for Region 3,
will hold an organizational meeting on June 22, 2010, at
10:00 a.m. in the bankruptcy case of NEC Holdings Corp.  The
meeting will be held at The DoubleTree Hotel, 700 King Street,
Wilmington, DE 19801.

The sole purpose of the meeting will be to form a committee or
committees of unsecured creditors in the Debtors' cases.

The organizational meeting is not the meeting of creditors
pursuant to Section 341 of the Bankruptcy Code.  A representative
of the Debtor, however, may attend the Organizational Meeting, and
provide background information regarding the bankruptcy cases.

To increase participation in the Chapter 11 proceeding, Section
1102 of the Bankruptcy Code requires that the United States
Trustee appoint a committee of unsecured creditors as soon as
practicable.  The Committee ordinarily consists of the persons,
willing to serve, that hold the seven largest unsecured claims
against the debtor of the kinds represented on the committee.
Section 1103 of the Bankruptcy Code provides that the Committee
may consult with the debtor, investigate the debtor and its
business operations and participate in the formulation of a plan
of reorganization.  The Committee may also perform other services
as are in the interests of the unsecured creditors whom it
represents.

              About National Envelope Corporation

Uniondale, New York-based National Envelope Corporation --
http://www.nationalenvelope.com/-- is the largest manufacturer of
envelopes in the world with 14 manufacturing facilities and 2
distribution centers and approximately 3,500 employees in the U.S.
and Canada.  The company is an environmental leader in the paper
and envelope converting industries with certifications from the
Forest Stewardship Council (FSC), Rainforest Alliance, Sustainable
Forestry Initiative (SFI), Programme for the Endorsement of Forest
Certification (PEFC), Chlorine Free Products Association, and
Green Seal.

NEC Holdings Corp., together with affiliates, including National
Envelope Inc., fied for Chapter 11 on June 10, 2010 (Bankr. D.
Del. Lead Case No. 10-11890).  Kara Hammond Coyle, Esq., at Young
Conaway Stargatt & Taylor LLP, serves as bankruptcy counsel.
David S. Heller, Esq., at Josef S. Athanas, Esq., and Stephen R.
Tetro II, Esq., at Latham & Watkins LLP, serve as co-counsel.  The
Garden City Group is the claims and notice agent.

NEC Holdings' petition says assets and debts range from
$100,000,001 to $500,000,000.


NEWARK GROUP: To Present Prepack Plan for Confirmation on July 30
-----------------------------------------------------------------
The Newark Group, Inc. will seek approval of its prepackaged plan
of reorganization at the confirmation hearing scheduled for
July 30.  The Company hopes to exit Chapter 11 shortly thereafter.

The Company's two impaired creditor classes voted in favor of the
plan by greater than 90%.  Likewise, the Company's two impaired
equity interests also voted in favor of the plan by greater than
90%.  Thus, the Company entered Chapter 11 with a fully supported
prepackaged plan.

"We are pleased to have the support of our note holders and
lenders as we move forward to strengthen our balance sheet and
position the Company for profitability," said Robert Mullen,
President and Chief Executive Officer of The Newark Group.  "As we
navigate this process, we will continue to focus on customers,
servicing them better than anyone else and developing product
solutions to address their most difficult issues," continued
Mullen.

The terms of the Plan are:

   * $175 million in 9.75% unsecured subordinated notes will be
     converted into 96.5% of the new equity.  Holders of these
     notes are expected to recover 75.4%.

   * Trade suppliers and unsecured creditors owed $57 million are
     unimpaired (will be paid in full).

   * Pursuant to a settlement, Frederick G. von Zuben will
     receive partial payment for his unsecured note claim.

   * Holders of 84% of the existing stock will receive 1.5% of the
     stock of the reorganized company plus warrants to acquire an
     additional 15% of the new stock.  The new stock provided to
     existing shareholders is worth $2.4 million

   * The Company's employee stock ownership plan trust, which
     currently owns 16% of the equity will receive 2% of the new
     common stock. The ESOP will have stock worth $3.1 million.

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

   http://bankrupt.com/misc/NewarkGroup_DS.pdf
   http://bankrupt.com/misc/NewarkGroup_Plan.pdf

                   First Day Motions Approved

The Court heard and approved 11 first day motions.  All 11 were
approved substantially as submitted.  Most importantly, the Court
approved the DIP financing order allowing the Company to access
its DIP loans.  The Court also approved the Company's motion to
pay all prepetition vendors in full in the ordinary course.

Subsequently, the Company closed on its two DIP loans, a
$50 million revolver and a $110 million term loan led by ORIX
Finance.  Both loans have now funded.

                     About the Newark Group

With headquarters in Cranford, New Jersey, The Newark Group, Inc.
is an integrated global producer of 100% recycled paperboard and
paperboard products with significant manufacturing and marketing
operations in North America and Europe.  The Newark Group is
primarily a manufacturer of industrial converting grades of
paperboard, core-board, and coated and uncoated folding carton
board, and is among the largest producers of these grades in North
America.

Two other affiliates -- Jackson Drive Corp. and NP Cogen, Inc --
also filed for Chapter 11.

Kenneth A. Rosen, Esq., Paul Kizel, Esq., Jeffrey D. Prol, Esq.,
and Suzanne Iazzetta, Esq., at Lowenstein Sandler PC, serve as
counsel to the Debtors.

Kurtzman Carson Consultants serves as balloting, claims and
noticing agent.  Jefferies & Company serves as investment banker.
Alixpartners, LLP, serves as restructuring financial advisors.


NEWARK GROUP: Moody's Cuts Probability of Default Rating to 'D'
---------------------------------------------------------------
Moody's Investors Service lowered the Probability of Default
Rating of The Newark Group Inc. to D from Ca/LD.  The downgrade
follows TNG's commencement of proceedings under Chapter 11 of the
U.S. Bankruptcy Code on June 9, 2010.  The Ca Corporate Family
Rating, the Caa2 rating on the senior secured credit-linked
facility, the C rating on the senior subordinated notes, the
negative ratings outlook and the SGL-4 liquidity rating remain
unchanged.

TNG has received acceptance of its prepackaged Plan of
Reorganization by the requisite number of creditors in each
impaired creditor class.  The plan would eliminate approximately
$200 million of unsecured debt.  The Caa2 rating on the senior
secured credit-linked facility and the C rating on the senior
subordinated notes reflect Moody's expected recovery rates on
these instruments in connection with the reorganization.

Moody's downgraded this rating:

* Probability of Default Rating, to D from Ca/LD

Moody's affirmed these ratings (and revised the LGD point
estimates as noted):

* Corporate Family Rating, Ca

* $90 million senior secured credit-linked facility due 2012, Caa2
  (to LGD2 / 20% from LGD2 / 22%)

* $175 million senior subordinated notes due 2014, C (to LGD5 /
  73% from LGD5 / 75%)

* Speculative Grade Liquidity Rating, SGL-4

Subsequent to the actions, all of TNG's ratings will be withdrawn
because the company has entered bankruptcy.

Moody's last rating action on TNG occurred on April 30, 2009, when
the CFR was downgraded to Ca and the PDR was downgraded to Ca/LD,
both from Caa3.

The Newark Group Inc., headquartered in Cranford, NJ, is an
integrated producer of 100% recycled paperboard and paperboard
products in North America and Europe.


NORTHBROOK DEV'T: Section 341(a) Meeting Scheduled for July 19
--------------------------------------------------------------
The U.S. Trustee for Region 4 will convene a meeting of Northbrook
Development Parcel Owner, LP's creditors on July 19, 2010, at
10:00 a.m.  The meeting will be held at 6305 Ivy Lane, Sixth
Floor, Greenbelt, MD 20770.

This is the first meeting of creditors required under Section
341(a) of the U.S. 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.

Rockville, Maryland-based Northbrook Development Parcel Owner, LP,
filed for Chapter 11 bankruptcy protection on June 9, 2010 (Bankr.
D. Md. Case No. 10-22983).  Bradford F. Englander, Esq., at
Whiteford Taylor & Preston, 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 Company's affiliate, Jersey Island Owner, LL, filed separate
Chapter 11 petition on June 9, 2010 (Case No. 10-22970).


OLD TIME POTTERY: Wins Confirmation of Full Payment Plan
--------------------------------------------------------
Bill Rochelle at Bloomberg News reports that Old Time Pottery Inc.
has won confirmation of a reorganization plan where the secured
lender is paid off in cash, and unsecured creditors will be paid
in full by the end of the year.  Stockholders retain ownership.

Bloomberg relates that SunTrust Bank, the secured lender owed $15
million at the outset of bankruptcy, will have the remainder of
its claim paid with a new $20 million revolving credit from
FirstMerit Bank NA from Cincinnati.  SunTrust's loan was paid down
in part with proceeds from inventory in the stores that closed.
Unsecured creditors, who were listed as having $23 million in
claims, will receive payment of 75% of their approved claims when
the plan is implemented.  The remaining 25%, plus interest on the
deferred portion, will be paid by Dec. 25.

Old Time Pottery is a home decor retailer.  It filed for Chapter
11 with 37 stores.  Eight were closed.

The Company filed for Chapter 11 on Aug. 21, 2009 (Bankr. M.D.
Tenn. Case No. 09-09548).  G. Rhea Bucy, Esq., Linda W. Knight,
Esq., and Thomas H. Forrester, Esq. at Gullett, Sanford, Robinson,
Martin represent the Debtor in its restructuring efforts.  In its
petition, the Debtor listed $50,000,001 to $100,000,000 in assets
and $10,000,001 to $50,000,000 in debts.


ORLEANS HOMEBUILDERS: Amends DIP Agreement With Well Fargo
----------------------------------------------------------
Greenwood Financial Inc., Orleans Homebuilders Inc. and certain
subsidiaries of Orleans Homebuilders Inc., and Wells Fargo Bank,
National Association, as administrative agent for lenders, entered
into the First Amendment to Debtor-in-Possession Loan Agreement
dated June 7, 2010.

The summary of the material terms of the Amendment:

   * The revolving sublimit was increased to $25 million from
     $20 million.

   * The collateral value ratio financial covenant was eliminated.

   * The amount of cash and cash equivalents that Borrowers
     generally may hold was increased from $5 million to
     $7.5 million.

   * The amount by which aggregate actual disbursements made by
     the Borrowers on the items in the Budget other than Permitted
     Vendor Payments may exceed the Budget on a weekly basis was
     increased to 25% from 15%, generally subject to a cap which
     was increased from $2 million to $3 million.

   * The negative covenant restricting the Borrowers' ability to
     start new construction on homes was modified to allow the
     Borrowers to begin such new construction with the approval of
     the Majority of Revolving Lenders, subject to certain
     conditions.  Prior to the Amendment, beginning new
     construction was prohibited by the DIP Loan Agreement.

   * The deadlines by which the Borrowers must take certain
     actions in connection with the Borrowers' Chapter 11 Cases
     were extended as follows:

     -- File their joint disclosure statement and joint plan of
        reorganization with the Bankruptcy Court no later than
        July 13, 2010; obtain Bankruptcy Court approval of the
        joint disclosure statement no later than August 30, 2010;
        and obtain confirmation of their plan of reorganization no
        later than September 28, 2010; or

     -- File their motion under Bankruptcy Code Section 363(b) to
        sell substantially all of their assets and approve bidding
        procedures no later than August 12, 2010; obtain
        Bankruptcy Court approval of bidding procedures no later
        than September 1, 2010; conduct an auction of all or
        substantially all of their assets no later than October 5,
        2010; obtain Bankruptcy Court approval of such sale to the
        successful bidder no later than October 6, 2010; and close
        the sale and receipt by the lenders of the sale proceeds
        no later than October 18, 2010.

In addition, the Amendment contains other provisions, including
provisions amending the procedures pursuant to which the Agent may
"credit bid" the indebtedness outstanding under the DIP Loan
Agreement, and adding provisions requiring Borrowers to reimburse
any single lender designated by Majority Revolving Lenders for all
reasonable out of pocket expenses incurred by such single lender
and its affiliates and to pay certain other expenses of such
lender and its affiliates, in each case relating to the DIP Loan
Agreement.

A full-text copy of the amended DIP loan agreement is available
for free at http://ResearchArchives.com/t/s?64d9

                     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. Del. 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.


P & J RESOURCES: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: P & J Resources, Inc.
        P.O. Box 707
        Salyersville, KY 41465

Bankruptcy Case No.: 10-70470

Chapter 11 Petition Date: June 11, 2010

Court: United States Bankruptcy Court
       Eastern District of Kentucky (Pikeville)

Debtor's Counsel: Dean A. Langdon, Esq.
                  DelCotto Law Group PLLC
                  200 N Upper Street
                  Lexington, KY 40507
                  Tel: (859) 231-5800
                  E-mail: dlangdon@dlgfirm.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 says that assets total
$2,069,004 while debts total $1,747,545.

A copy of the Company's list of 20 largest unsecured
creditors filed together with the petition is available for
free at http://bankrupt.com/misc/kyeb10-70470.pdf

The petition was signed by Pamela J. Williams, president.


PATRICK HARDWARE: Has Two Weeks to Submit Reorganization Plan
-------------------------------------------------------------
Brian Kelly at Watertown Daily News reports that a federal judge
gave two weeks to Patrick Hackett Hardware Co. to file a Chapter
11 plan of reorganization or explain as to why the case should not
be converted to Chapter 7 liquidation.  The judge required the
company to be present on June 22 to hear the company's
explanation.

A person familiar with the matter said the company has completed
its plan . . . and has been circulated to committees representing
both secured and unsecured creditors, Mr. Kelly relates.

                      About Patrick Hackett

Hackett's Stores, Inc., is the parent company of Patrick Hackett
Hardware Company and HIIO, Inc.  Patrick Hackett Hardware Company
has a wide variety of merchandise and business lines, including a
full service hardware, consumer electronics, equipment rental,
brand name clothing, footwear, sporting goods and gourmet foods.
HIIO, Inc., represents a concept platform for a new specialty
retailer focused on fashion clothing and outerwear, footwear and
selected gift items.  There are currently no HIIO-branded stores
opened to date.

Hackett's Stores, Inc. (Pink Sheets:HCKI) is a holding of Seaway
Valley Capital Corporation (Pink Sheets:SEVA).

Based in New York, Patrick Hackett Hardware Company --
http://www.hackettsonline.com/-- began in 1830 as a hardware
store in upstate New York.  Hacketts now operates full-service
department stores and a specialty store, selling a full line of
clothes, consumer electronics, cell phones, shoes, housewares,
hardware and others.

Patrick Hackett filed for Chapter 11 on November 10, 2009 (Bankr.
N.D. N.Y Case No. 09-63135).  The Debtor disclosed less than
$10,000,000 in total asset

Hackett's Stores, Inc., whose shares trade currently on the Pink
Sheets, is not nor has ever been in bankruptcy or bankruptcy
protection."


PHOENIX FOOTWEAR: Resolves Listing Deficiency With NYSE Amex
------------------------------------------------------------
Phoenix Footwear Group Inc. received written notice from the NYSE
Amex indicating that the Company has resolved the continued
listing deficiency and regained compliance with the continued
listing standards of NYSE Amex.  This conclusion was based upon a
review of the Company's Form 10-K for the year ended January 2,
2010 and Form 10-Q for the quarter ended April 3, 2010.

Based in Carlsbad, California, Phoenix Footwear Group, Inc. (NYSE
Amex: PXG) specializes in quality comfort women's and men's
footwear with a design focus on fitting features.  Phoenix
Footwear designs, develops, markets and sells footwear in a wide
range of sizes and widths under the brands Trotters(R),
SoftWalk(R), and H.S. Trask(R).  The brands are primarily sold
through department stores, leading specialty and independent
retail stores, mail order catalogues and internet retailers and
are carried by approximately 650 customers in more than 900 retail
locations throughout the U.S.  Phoenix Footwear has been engaged
in the manufacture or importation and sale of quality footwear
since 1882.

                           *     *     *

According to the Troubled Company Reporter on May 17, 2010,
Phoenix Footwear Group, Inc., warned in a regulatory filing with
the Securities and Exchange Commission that it does not expect it
will be in compliance with a covenant under an agreement with
First Community Financial as of the end of May 2010.  First
Community Financial is a division of Pacific Western Bank.


POINT BLANK: Bonuses Approved Following Amendments
--------------------------------------------------
Bill Rochelle at Bloomberg News reports that Point Blank Solutions
Inc. won approval of a bonus program last week after making
changes to resolve objections from the U.S. Trustee and the
Official Committee of Unsecured Creditors.

According to the report, the U.S. Trustee argued that the program
would have given prohibited retention bonuses because employees
and executives would earn payments solely by selling the assets
before March 2011.

To resolve the objection, Point Blank changed the program by
establishing minimum prices that must be realized before bonuses
are earned.  The minimum sale prices to justify bonuses weren't
disclosed publicly so as not to chill bidding.

The program will cost a maximum of $381,000, from which
$294,000 would go to the 10 executives.

                    About Point Blank Solutions

Point Blank Solutions, Inc. --
http://www.pointblanksolutionsinc.com/-- designs and produces
body armor systems for the U.S. Military, Government and law
enforcement agencies, as well as select international markets.
The Company is recognized as the largest producer of soft body
armor in the U.S.  The Company maintains facilities in Pompano
Beach, FL and Jacksboro, TN.

Point Blank Solutions filed for Chapter 11 on April 14, 2010
(Bankr. D. Del. Case No. 10-11255).


PPT DEVELOPMENT: Financial Problems Prompt Bankruptcy Filing
------------------------------------------------------------
Jacob Dirr at Business Journal of Austin reports that PPT
Development LP filed for bankruptcy under Chapter 11, listing both
assets and debts of between $1 million and $10 million.  The
filing came after its lender decided not to renew its loan.  The
company owes $1 million to Overland Partner of San Antonio.  PPT
Development is a property developer.


PRIDE INTERNATIONAL: Moody's Affirms 'Ba1' Corporate Family Rating
------------------------------------------------------------------
Moody's Investors Service affirmed Pride International, Inc.'s Ba1
Corporate Family Rating and the Ba1 ratings on its senior notes
outstanding.  Moody's lowered the company's Speculative Grade
Liquidity Rating to SGL-3 from SGL-1.  The rating outlook
continues to be positive.

"The lower SGL rating reflects Moody's expectation that Pride will
require additional debt capital over the next twelve months to
complete its three drillships under construction," commented Pete
Speer, Moody's Vice President.  "This will significantly increase
the company's leverage but Moody's expect Pride's metrics to
improve to investment grade ranges as the new rigs commence
operations."

The deterioration in dayrates and utilization in jackup and
midwater rigs over the past year has reduced Pride's earnings and
cash flows.  The company has also increased its planned capital
spending on the new rigs for additional equipment requested by
customers and for spare equipment.  The additional equipment will
be reimbursed through higher dayrates, but those cash inflows will
be spread across the term of the contracts.  These factors have
combined to require at least $500 million of debt funding to
complete the three remaining drillships over the course of 2010
and 2011.  This will increase Pride's Debt/EBITDA to around 3.5x
by the end of this year.

The positive outlook reflects Moody's expectation that the
commencement of earnings from Pride's three contracted drillships
will generate sufficient earnings to improve the company's
leverage metrics to ranges consistent with a Baa3 rating.  Pride's
ratings could be upgraded once the first drillship begins
generating full revenues under its existing contract and Moody's
outlook for the company's earnings and cash flows indicates that
Pride can achieve and sustain Debt/EBITDA below 3x.  An important
consideration for establishing that earnings outlook will be more
clarity on the regulatory changes emanating from the Deepwater
Horizon disaster and its effects on the US Gulf of Mexico and
other global drilling markets.

The outlook could be returned to stable if there are substantial
delays in the new drillships commencing operations under their
contracts with BP plc due to matters arising in the rig acceptance
testing or other issues related to regulatory changes connected to
the Deepwater Horizon disaster and consequent oil spill.  Such
delays, regulatory changes in other global offshore markets or
weaker than anticipated earnings on the existing fleet could
result in additional funding shortfalls to complete the drillship
construction and pressure the outlook.

Pride's SGL-3 rating reflects Moody's expectation of adequate
liquidity over the next twelve months.  As of March 31, 2010, the
company had $347 million of cash and a $320 million revolving
credit facility that is fully available and matures in December
2011.  The company should maintain good headroom under its
covenants and all but two of its rigs are unencumbered.  Pride
will have significant negative free cash flow over the remainder
of 2010 and 2011 to fund the estimated $1 billion of capital
expenditures necessary to complete the three drillships and
therefore Moody's expect the company to access the debt markets to
meet this funding need while maintaining substantial availability
on its revolver for liquidity needs.

The last rating action was on May 28, 2009, when Pride's Ba1 CFR
was affirmed with a positive outlook and a Ba1 rating was assigned
to its $500 million senior notes offering.

Pride International, Inc., is a global offshore drilling
contractor headquartered in Houston, Texas.


PTC ALLIANCE: Seeks OK of Closing Deal With United Steelworkers
---------------------------------------------------------------
PTC Alliance Corp. and its affiliates sought bankruptcy court
approval of a closing agreement between Alliance Tubular Products
Company and the United Steel, Paper and Forestry, Rubber
Manufacturing, Energy, Allied Industrial and Service Workers
International Union, through its local 8984, with respect to
Alliance Tubular's facility in Jane Lew, West Virginia, netDockets
Blog reports.

The facility, which was previously idled, produced steel and
tubular products.  However, the report notes, the debtors decided
in March 2010 to permanently close the facility and decided to
sell substantially all of their assets.  That sale was approved by
the bankruptcy court in late April but has not yet closed, the
report relates.

According to the report, the closing agreement reflects the
agreed-upon terms of the consensual closing of the Jane Lew
facility between Alliance Tubular and the USW, which represents
the hourly employees at the facility, who are all covered by a
2007 collective bargaining agreement.  Under the terms of the
proposed closing agreement, the report says, the collective
bargaining agreement will be terminated and covered employees will
receive letters of reference from the debtors.  In addition,
netDockets Blog notes, covered employees who have at least ten
years of seniority (based on recall rights) will be entitled to
receive severance pay equal to between three and five weeks' pay
(based on the employee's most recent pay rate).

The debtors estimate that 22 employees will be entitled to receive
severance pay which will total approximately US$57,000 for all
eligible employees, the report adds.

The motion provides for a hearing date of July 19, 2010 and an
objection deadline of 4:00 p.m., Eastern Time, on July 12, 2010.

                       About PTC Alliance

Headquartered in Wexford, Pennsylvania, PTC Alliance Corp. makes
welded and cold drawn mechanical steel tubing and tubular shapes,
chrome-plated bar products and precision components.  The Company
and its affiliates filed for Chapter 11 protection on October 1,
2009 (Bankr. D. Del. Lead Case No. 09-13395).  The Debtors
selected Reed Smith LLP as their counsel.  PTC Alliance listed
assets between $50 million and $100 million, and debts between
$100 million and $500 million in its petition.

PTC confirmed a prepackaged Chapter 11 plan in May 2006 that paid
unsecured creditors in full while existing first-lien debt was
converted to second-lien term notes, according to Bloomberg.  The
subordinated debt became third-lien notes that paid interest with
more notes.  Preferred shareholders received new common equity.


QUANTUM CORPORATION: March 31 Balance Sheet Upside-Down by $91MM
----------------------------------------------------------------
Quantum Corporation filed its annual report on Form 10-K for the
period ended March 31, 2010, showing $504.1 million in total
assets, $242.6 million in total current liabilities, and
$352.7 million in total long-term liabilities, for a total
stockholders' deficit of $91.2 million.

The Company reported net income of $16.6 million on $681.4 million
of total revenue for the year ended March 31, 2010, compared with
a net loss of $358.2 million on $808.9 million of total revenue
for the same period a year earlier.

A full-text copy of the Company's Form 10-K is available for free
at http://ResearchArchives.com/t/s?64db

                        About Quantum Corp.

Based in San Jose, California, Quantum Corp. (NYSE:QTM) --
http://www.quantum.com/-- is a storage company specializing in
backup, recovery and archive.  Quantum provides a comprehensive,
integrated range of disk, tape, and software solutions supported
by a world-class sales and service organization.

                           *     *     *

According to the Troubled Company Reporter on March 5, 2010,
Standard & Poor's Ratings Services said it revised its outlook on
San Jose, California-based storage solutions company Quantum Corp.
to positive from negative.  S&P also affirmed all its ratings on
Quantum, including its 'B-' corporate credit rating.


QUANTUM LEAP: Case Summary & 3 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Quantum Leap Investments, LLC
        111 South Calvert Street, Suite 2700
        Baltimore, MD 21202

Bankruptcy Case No.: 10-23152

Chapter 11 Petition Date: June 11, 2010

Court: U.S. Bankruptcy Court
       District of Maryland (Baltimore)

Judge: Robert A. Gordon

Debtor's Counsel: David W. Cohen, Esq.
                  Law Office of David W. Cohen
                  1 N. Charles Street, Suite 350
                  Baltimore, MD 21201
                  Tel: (410) 837-6340
                  E-mail: dwcohen79@jhu.edu

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

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

According to the schedules, the Company says that assets total
$1,207,700 while debts total $516,762.

A copy of the Company's list of 3 largest unsecured
creditors filed together with the petition is available for
free at http://bankrupt.com/misc/mdb10-23152.pdf

The petition was signed by Gary Rahman, member.


ROBERT BERG: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Joint Debtors: Robert H. Berg
               Barbara A. Berg
               22656 Mastick Road
               Fairview Park, OH 44126

Bankruptcy Case No.: 10-15709

Chapter 11 Petition Date: June 11, 2010

Court: U.S. Bankruptcy Court
       Northern District of Ohio (Cleveland)

Judge: Randolph Baxter

Debtor's Counsel: Susan M. Gray, Esq.
                  Susan M. Gray Attys & Counselors at Law
                  22255 Center Ridge Road #210
                  Rocky River, OH 44116
                  Tel: (440) 331-3949
                  Fax: (440) 331-8160
                  E-mail: ecf@smgraylaw.com

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

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

A copy of the Joint Debtors' list of 20 largest unsecured
creditors filed together with the petition is available for
free at http://bankrupt.com/misc/ohnb10-15709.pdf

The petition was signed by the Joint Debtors.


SHALAN ENTERPRISES: Can Access Secured Creditors' Cash Collateral
-----------------------------------------------------------------
The Hon. Samuel L. Bufford of the U.S. Bankruptcy Court for the
Central District of California authorized Shalan Enterprises, LLC,
to access to cash collateral of secured creditors.

The Debtor owes GMAC Mortgage, First Bank, Perry and Rita Klein,
Wells Fargo Bank, Bank of America, First Horizon and Citimortgage
a combined secured debt of $7,250,095.

The Debtor would use the cash collateral to fund its Chapter 11
case, pay suppliers and other parties.

As reported in the Troubled Company Reporter on December 7, 2009,
in exchange for using the cash collateral, the Debtors propose to
grant the secured creditors replacement liens in postpetition
rents, issues and profits of the rents, issues, profits and
putative cash collateral associated with the Debtor's 34 income
producing residential real properties throughout California and
Arizona, to the extent of any diminution in valued of the Secured
Creditors' interest in prepetition cash collateral associated with
the properties.

The Debtor will continue to make $297.69 monthly adequate
protection payments to each of Perry and Rita Klein.

                       About Shalan Enterprises

Marina Del Rey, California-based Shalan Enterprises, LLC, a Nevada
limited liability company, was formed in 1999 for the purpose of
owning, operating and leasing and/or selling properties.

The Company filed for Chapter 11 bankruptcy protection on
November 25, 2009 (Bankr. C.D. Calif. Case No. 09-43263).  The
Company has assets of $12,540,000, and total debts of $7,426,313.


SPECIALTY HOSPITALS: UMC Foreclosure Sale Set for July 9
--------------------------------------------------------
Jacqueline Palank at Dow Jones Daily Bankruptcy Review reports
that the District of Columbia last week advertised the United
Medical Center's July 9 sale, at which a would-be buyer putting
down a $1 million deposit would be able to vie for the hospital
and the land on which it sits.  A buyer must show that it has
sufficient resources to ensure that the hospital continues
operating without interruption.

The Troubled Company Reporter on May 7, 2010, reported that
Specialty Hospitals of America defaulted on loan and grant
agreements it inked to acquire the former Greater Southeast
Community Hospital, renamed United Medical Center, in Washington
D.C.  The District took control of UMC and sought the appointment
of a receiver for the hospital.  The TCR, citing a The Washington
Business Journal report, said Specialty failed to make a
$2 million-plus annual payment in lieu of taxes and to maintain
performance measures.

According to the Washington Business Journal report, Specialty in
2007 obtained from the District a $30 million grant for physical
upgrades and equipment, a $29 million loan to pay off the
hospital's creditors and another $20 million loan for working
capital.  The city recently invested another $5.9 million as the
hospital's financial condition worsened.

According to Ms. Palank, the Washington Post's D.C. Wire blog said
the foreclosure auction won't happen if the District can strike a
deal with owner Specialty Hospitals of America, regarding United
Medical Center's fate.  Ms. Palank says a bankruptcy filing would
also serve to halt the sale.

United Medical Center -- http://www.united-medicalcenter.com/--
is a 184-bed hospital that offers community based services for
residents residing east of the Anacostia River, and specifically
to residents of Wards 7 & 8 and the adjacent Maryland zip codes.
Specialty Hospitals of America took ownership of and began
managing UMC on Nov. 7, 2007.  Dow Jones' Daily Bankruptcy Review
says Specialty, through parent Specialty Hospitals of America LLC,
bought United from the District of Columbia for $31.5 million.


SPECIALTY PRODUCTS: Can Tap $5 Million From Wachovia Facility
-------------------------------------------------------------
Specialty Products Holding Corp. and Bondex International Inc. won
interim authority from the U.S. Bankruptcy Court for the District
of Delaware to immediately tap up to $5 million from a $40 million
postpetition secured financing facility arranged by Wachovia
Capital Finance Corporation (New England), in its capacity as
agent.

The Debtors will grant the DIP Lenders first priority security
interests in the Debtors' assets.  The DIP liens are subject to a
carveout for statutory fees payable to the United States Trustee
pursuant to 28 U.S.C. Section 1930(a)(6); fees payable to the
Clerk of the Court; and fees of up to $2.5 million payable to
professionals retained in the Debtors' bankruptcy cases.

According to the Debtors' motion, Blackstone Advisory Partners LP,
their financial advisors, contacted seven financing sources,
including banks and hedge funds, to gauge their interest in
providing financing.  Five proposals were received.

The DIP Loan matures in three years.

The Debtors said they do not have sufficient available sources of
working capital, including cash collateral, to fund the
administrative expenses of the Chapter 11 cases in the ordinary
course of business without the Wachovia financing.

A final hearing on the Debtors' request will be held on June 28,
2010, at 10:00 a.m. in Wilmington.

The DIP Agent is represented in the Debtors' cases by:

     William P. Bowden, Esq.
     ASHBY & GEDDES
     222 Delaware Avenue
     Wilmington, DE 19899
     Fax: (302) 654-2067

        -- and --

     Andrew M. Kramer, Esq.
     OTTERBOURG, STEINDLER, HOUSTON & ROSEN P.C.
     230 Park Avenue, New York, NY 10169-0075
     Fax: (212) 682-6104

                 About Specialty Products Holdings

Cleveland, Ohio-based Specialty Products Holdings Corp., aka RPM,
Inc., is a wholly owned subsidiary of RPM International Inc.  The
Company is the holding company parent of Bondex International,
Inc., and the direct or indirect parent of certain additional
domestic and foreign subsidiaries.  The company is a leading
manufacturer, distributor and seller of various specialty chemical
product lines, including exterior insulating finishing systems,
powder coatings, fluorescent colorants and pigments, cleaning and
protection products, fuel additives, wood treatments and coatings
and sealants, in both the industrial and consumer markets.

The Company filed for Chapter 11 bankruptcy protection on May 31,
2010 (Bankr. D. Del. Case No. 10-11780).  Daniel J. DeFranceschi,
Esq., and Zachary I. Shapiro, Esq., at Richards Layton & Finger,
assist the Company in its restructuring effort.

Gregory M. Gordon, Esq., Dan B. Prieto, Esq., and Robert J. Jud,
Esq., at Jones Day, is the Company's co-counsel.

Logan and Company is the Company's claims and notice agent.

The Company estimated its assets and debts at $100,000,001 to
$500,000,000.

The Company's affiliate, Bondex International, Inc., filed a
separate Chapter 11 petition on May 31, 2010 (Case No. 10-11779),
estimating its assets and debts at $100,000,001 to $500,000,000.


SPECIALTY PRODUCTS: Committee Consists of Asbestos Claimants
------------------------------------------------------------
Bill Rochelle at Bloomberg News reports that Specialty Products
Holding Corp. and Bondex International Inc. have an official
creditors' committee composed of 11 asbestos claimants. Each is
represented by a different law firm.

To recall, Specialty Products and Bondex filed for Chapter 11 to
deal with 10,000 asbestos claims.

                  About Specialty Products

Cleveland, Ohio-based Specialty Products Holdings Corp., aka RPM,
Inc., is a wholly owned subsidiary of RPM International Inc.  The
Company is the holding company parent of Bondex International,
Inc., and the direct or indirect parent of certain additional
domestic and foreign subsidiaries.  The Company claims to be a
leading manufacturer, distributor and seller of various specialty
chemical product lines, including exterior insulating finishing
systems, powder coatings, fluorescent colorants and pigments,
cleaning and protection products, fuel additives, wood treatments
and coatings and sealants, in both the industrial and consumer
markets.

The Company filed for Chapter 11 bankruptcy protection on May 31,
2010 (Bankr. D. Del. Case No. 10-11780).  Gregory M. Gordon, Esq.,
Dan B. Prieto, Esq., and Robert J. Jud, Esq., at Jones Day, serve
as bankruptcy counsel.  Daniel J. DeFranceschi, Esq., and Zachary
I. Shapiro, Esq., at Richards Layton & Finger, serve as
co-counsel.  Logan and Company is the Company's claims and notice
agent.

The Company estimated its assets and debts at $100,000,001 to
$500,000,000.

The Company's affiliate, Bondex International, Inc., filed a
separate Chapter 11 petition on May 31, 2010 (Case No. 10-11779),
estimating its assets and debts at $100,000,001 to $500,000,000.


SPIRIT FLIGHTS: Cancels Flights Through June 17
-----------------------------------------------
Spirit Airlines Inc. has cancelled flights through June 17, 2010.

In a statement posted on its Web site, Spirit Airlines said it is
continuing to work with its pilot union to reach a fair and
equitable agreement that ensures the long-term stability of the
Company, and allows the Company to continue offering ultra low
fares.

The pilot union declared a strike as of June 12.

The Associated Press reports that negotiators for the pilots'
union and the airline were expected to meet Tuesday, although it
is not clear what the chances are that they will make a deal.

The AP notes that Spirit carries roughly 16,000 passengers a day,
and many of them have been stranded by the flight cancellations.

According to the Troubled Company Reporter on June 14, 2010, The
Wall Street Journal's Susan Carey reported that the airline's 450
pilots legally walked off the job early Saturday morning over a
dispute about pay and benefits, the first strike at a U.S.
passenger airline in nearly five years.  The Journal said the job
action came after more than three years of negotiations between
the Air Line Pilots Association and Spirit management, and
followed the expiration of a federally mandated 30-day "cooling
off" period.

The Journal said the union's negotiating group has rejected this
proposal by Spirit:

     -- more than 30% in pay increases totaling $70 million over
        five years, "net of productivity gains;"

     -- $3,000 contract-signing bonuses; and

     -- more time off between trips.

According to Ms. Carey, Capt. Sean Creed, chairman of the ALPA
group at Spirit, said his pilots won't return to their cockpits
until they receive an offer that lifts their wages and benefits to
the level of discounters such as JetBlue Airways Corp. and AirTran
Holdings Inc.'s AirTran Airways.

Ms. Carey also reported the pilot chief said in an interview that
the 30% pay raise Spirit advertised in its five-year contract
offer would extend over an eight-and-a-half year period, including
the latest negotiations cycle.  A 10-year captain at JetBlue earns
$158 an hour and a 10-year first officer $114.  That compares with
$123 an hour for a 10-year Spirit pilot and $71 for a Spirit first
officer, he said, according to Ms. Carey.  The report also notes
Capt. Creed said his union is telling other airlines whose pilots
are represented by the same union that if their employers put on
extra flights for Spirit, "that would be struck work."  But if the
airlines sell seats to Spirit to help stranded travelers, it won't
be regarded as a problem for the union.  He said he doesn't know
how long the strike will last.

Ms. Carey also reported that Spirit Chief Executive Ben Baldanza
on Sunday said the company extended the cancellation through
Tuesday.  Spirit is offering customers of the flights that were
scrubbed a full refund and $100 vouchers good for future trips.

Spirit Airlines Inc. -- http://www.spiritair.com/-- is a low-cost
carrier for the U.S., Central and South America, and the
Caribbean.


STITCHING POST: Liquidates Assets Under Chapter 7 Liquidation
-------------------------------------------------------------
Ben Sutherly, staff writer at Dayton Daily News, reports that
Stitching Post Inc. filed for bankruptcy under Chapter 7
liquidation.  Stitching Posts Inc. has two store locations: 101 E.
Alex-Bell Road in Centerville and a store in Columbus.

The Company listed assets of less than $50,000, and debts of
between $100,000 and $500,000.  The Company noted that there will
be no funds available for unsecured creditors after any exempt
property is excluded and administrative expenses are paid.


SW BOSTON: Cash Collateral Hearing Scheduled for August 18
----------------------------------------------------------
The Hon. Joan N. Feeney of the U.S. Bankruptcy Court for the
District of Massachusetts has continued until August 18, 2010, at
11:00 a.m., the hearing on SW Boston Hotel Venture LLC, et al.'s
use of cash collateral securing their obligation to their
prepetition lenders.  The hearing will be held at the 12th Floor,
Courtroom 1, J.W. McCormack Post Office & Court House, 5 Post
Office Square, Boston, Massachusetts.  Objections, if any, are due
on August 13, 2010, at 4:30 p.m.

The Debtors would use the cash collateral to fund their Chapter 11
case, pay suppliers and other parties.

In exchange for using the cash collateral, the Debtors will
grant the prepetition lenders replacement liens on the same types
of post-petition property of the estates against which the
lienholders hold liens as of the petition date.

Boston, Massachusetts-based SW Boston Hotel Venture LLC is the
developer of the W Hotel.  The Company filed for Chapter 11
bankruptcy protection on April 28, 2010 (Bankr. D. Mass. Case No.
10-14535).  Harold B. Murphy, Esq., and Natalie B. Sawyer, Esq.,
at Hanify & King, P.C., assist the Company in its restructuring
effort as bankruptcy counsel.  Edwards Angell Palmer & Dodge LLP
is the Company's special counsel.  The Company estimated its
assets and debts at $100,000,001 to $500,000,000.


SWOOZIE'S INC: Gart Capital Buys Store Leases, Name
---------------------------------------------------
Bill Rochelle at Bloomberg News reports that former specialty
retailer Swoozie's Inc. won approval from the bankruptcy judge in
Atlanta to sell the name, intellectual property, customer lists,
and leases for 30 stores to an affiliate of Gart Capital Partners.
The price was $100,000. There were no competing bids, the judge
said in the approval order.

As reported by the TCR in April, Hilco Merchant Resources LLC won
an auction to conduct going-out-of-business sales for Swoozie's
Inc.  Under agreements approved by the bankruptcy court in
Atlanta, Hilco will pay a guaranteed $7.43 million.  After
recovering the guarantee plus 5% from the going-out-of business
sales, Hilco and Swoozie's will split the excess 50-50.

                        About Swoozie's Inc.

Swoozie's Inc. was a luxury gift and paper retail chain, operating
in 15 states with 43 locations.  It was founded in 2001 in
Atlanta, Georgia, by Kelly Plank Dworkin and the late David
Dworkin.

Swoozie's filed for Chapter 11 bankruptcy on March 2, 2010 (Bankr.
N.D. Ga. Case. No. 10-66316).  Judge C. Ray Mullins presides over
the case.  Dennis Connolly, Esq., and Wendy R. Reiss, at Alston &
Bird, LLP, in Atlanta, Georgia, serves as bankruptcy counsel.  Lee
Diercks at Clear Thinking Group LLC serves as the Debtor's
financial advisor.  In its petition, the Debtor listed estimated
assets of $1,000,001 to $10,000,000, and estimated debts of
$10,000,001 to $50,000,000.


SYNTHEMED INC: Posts $389,000 Net Loss in Q1 2010
-------------------------------------------------
SyntheMed, Inc., filed its quarterly report on Form 10-Q,
reporting a net loss of $389,000 on $131,000 of revenue for the
three months ended March 31, 2010, compared with a net loss of
$987,000 on $70,000 of revenue for the same period a year ago.

The Company's balance sheet as of March 31, 2010, showed
$1,095,000 in assets, $466,000 of liabilities, and $629,000 of
stockholders' equity.

As reported in the Troubled Company Reporter on March 25, 2010,
Eisner LLP, in New York, expressed substantial doubt about the
Company's ability to continue as a going concern after auditing
the Company's financial statements for the year ended December 31,
2009.  The independent auditors noted that the Company has
experienced recurring net losses, limited revenues and cash
outflows from operating activities and does not have sufficient
cash or working capital to meet anticipated requirements through
2010.

The balance of cash and cash equivalents as of March 31, 2010,
together with anticipated revenue from operations, is not
sufficient to meet the Company's anticipated cash requirements
through 2010, based on management's present plan of operation.

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

               http://researcharchives.com/t/s?64cc

Iselin, N.J.-based SyntheMed, Inc., is a biomaterials company
engaged in the development and commercialization of innovative and
cost-effective medical devices for therapeutic applications.  The
Company's products and product candidates, all of which are based
on its proprietary, bioresorbable polymer technology, are
primarily surgical implants designed to prevent or reduce the
formation of adhesions (scar tissue) following a broad range of
surgical procedures.  The Company's lead product, REPEL-CV(R)
Bioresorbable Adhesion Barrier, is a bioresorbable film designed
to be placed over the surface of the heart at the conclusion of
cardiac surgery to reduce the formation of post-operative
adhesions.


TAYLOR-WHARTON: Completes Sale of Cylinder Operation to Norris
--------------------------------------------------------------
Taylor-Wharton International LLC said it has completed the sale
the assets of its Huntsville, Alabama cylinder operations and
certain of the assets of its Harrisburg, Pennsylvania cylinder
operations, to Norris Cylinder Company under Section 363 of the
U.S. Bankruptcy Code, according to pr-usa.net.

The Hon. Brendan L. Shannon of the U.S. Bankruptcy Court for the
District of Delaware authorized the sale to Norris Cylinder on
June 9, 2010.

The proceeds of the sale will be distributed to the Company's
creditors under the terms of Taylor-Wharton's Plan of
Reorganization.  Judge Shannon confirmed the Plan on May 26, 2010.
The Company expects to emerge from Chapter 11 restructuring by
June 15.  The Plan will become effective on the same day the
Company emerges from Chapter 11.

                     About Taylor-Wharton

Taylor-Wharton International, LLC, is the world's leading
technology, service and manufacturing network for gas applications
involving pressure vessels and precision valves.  Taylor-Wharton
International operates three complementary businesses from 16
manufacturing, sales, warehouse and service facilities in six
countries on four continents, and markets its products in over 80
countries worldwide.

The Company filed for Chapter 11 bankruptcy protection on
November 18, 2009 (Bankr. D. Del. Case No. 09-14089).  The Company
listed $10,000,001 to $50,000,000 in assets and $100,000,001 to
$500,000,000 in liabilities.

These affiliates of the Company also filed separate Chapter 11
petitions: Alpha One, Inc.; American Welding & Tank, LLC; Beta
Two, Inc.; Delta Four, Inc.; Epsilon Five, Inc.; Gamma Three,
Inc.; Sherwood Valve, LLC; Taylor-Wharton Intermediate Holdings
LLC; Taylor-Wharton International LLC; TW Cryogenics LLC; TW
Cylinders LLC; TW Express LLC; and TWI-Holding LLC.


TEXAS RANGERS: Lenders Find Greenberg-Ryan's Latest Offer Low
-------------------------------------------------------------
According to an article posted at The Wall Street Journal's Heard
on The Field section, the Texas Rangers' lenders said in a court
filing on June 11 that an offer from a group led by team president
Nolan Ryan and attorney Chuck Greenberg to buy the team is worth
as much as $57 million less than an offer the group made in April.
The article notes that figure includes about $11.5 million that
the Greenberg-Ryan group wants the lenders to pay to cover losses
for this season, which they wouldn't have had to pay had the sale
closed before the season began.  According to the article, the
lenders also say the original Greenberg-Ryan bid was worth as much
as $20 million less than an offer from Houston businessman Jim
Crane.

                     Sale & Restructuring Plan

The Debtors filed for Chapter 11 to implement a planned sale of
substantially all of its assets to Rangers Baseball Express LLC,
whose principals include the current President of the Texas
Rangers, Nolan Ryan, and Chuck Greenberg, a sports lawyer and
minor league club owner.  The sale will include the Texas Rangers
franchise and substantially all contractual rights related the
operation of the Texas Rangers.  The aggregate consideration paid
and obligations assumed by the Purchaser at the Closing will equal
more than $500 million.

The sale is expected to close mid-summer.  The deal is subject to
approval of the Office of the Commissioner of Baseball and 75% of
the Major League Baseball clubs.

The Debtor also has filed a prepackaged plan, which sets forth the
distribution that each class of the Debtor's creditors and equity
holders is to receive on the Effective Date under the Prepackaged
Plan.  All TRBP's creditors will be paid in full under the
Prepackaged Plan or have their claims assumed by the Purchaser
under the Asset Purchase Agreement.  Specifically, each holder of
an (i) Allowed Priority Non-Tax Claim, (ii) Allowed First Lien
Holder Claim, (iii) Allowed Second Lien Holder Claim, (iv) Allowed
MLB Prepetition Claim, (v) Allowed Secured Tax Claim, (vi) Allowed
Other Secured Claim, (vii) Allowed Assumed General Unsecured
Claim, (viii) Allowed Non-Assumed General Unsecured Claim, (ix)
Allowed Emerald Diamond Claim, (x) Allowed Overdraft Protection
Agreement Claim, (xi) Allowed Intercompany Claim, and (xii)
Allowed TRBP Equity Interest is unimpaired and will be paid in
full.

TRBP believes that because the Prepackaged Plan satisfies in full
all claims against TRBP, is supported by TRBP's equity holders,
and will lead to the least disruption to the Texas Rangers'
business of playing baseball, the Prepackaged Plan is in the best
interests of the Texas Rangers franchise and all parties in
interest.

A full-text copy of the Texas Ranger's Plan is available at no
charge at http://bankrupt.com/misc/TEXASRANGERS_ds.pdf

A full-text copy of the disclosure statement is available at no
charge at http://bankrupt.com/misc/TEXASRANGERS_plan.pdf

                       About Texas Rangers

Texas Rangers Baseball Partners owns and operates the Texas
Rangers Major League Baseball Club, a professional baseball club
in the Dallas/Fort Worth Metroplex.  TRBP is a Texas general
partnership, in which subsidiaries of HSG Sports Group LLC own a
100% stake.  Controlled by Thomas O. Hicks, HSG also indirectly
wholly-owns Dallas Stars, L.P., which owns and operates the Dallas
Stars National Hockey League franchise.  The Texas Rangers have
had five owners since the club moved to Arlington in 1972.  Mr.
Hicks became the fifth owner in the history of the Texas Rangers
on June 16, 1998.

In its petition, Texas Rangers Baseball Partners said it had both
assets and debt of less than $500 million.

Weil, Gotshal & Manges LLP serves as bankruptcy counsel to the
Debtor.  Forshey & Prostok LLP serves as conflicts counsel.
Parella Weinberg Partners LP serves as financial advisor.

Lenders to the Texas Rangers sought to force the baseball team's
equity owners -- Rangers Equity Holdings, L.P. and Rangers Equity
Holdings GP, LLC -- into bankruptcy court protection (Bankr. N.D.
Tex. Case No. 10-43624 and 10-43625).   The lenders, a group that
includes investment funds Monarch Alternative Capital and
Kingsland Capital Management, filed an involuntary bankruptcy
petition on May 28 against the two companies.  The two companies
were not included in the May 24 Chapter 11 filing of TRBP.


TEXAS RANGERS: Court Asks Lawyers to Review Coyotes Case
--------------------------------------------------------
Eric Morath at Dow Jones Daily Bankruptcy Review reports that
Judge D. Michael Lynn -- during a hearing held Tuesday in Fort
Worth, Texas -- asked both attorneys for the Texas Rangers and
Major League Baseball about how rulings made in the National
Hockey League's Phoenix Coyotes case affected their view of the
baseball team's efforts to sell itself in bankruptcy.

Dow Jones notes that in the Coyotes case, the NHL succeeded in
blocking a sale of the Phoenix franchise to a Canadian billionaire
who would have relocated the hockey team to Hamilton, Ontario.
With the Rangers, MLB supports efforts to sell the club to a group
of investors that include Hall of Fame pitcher Nolan Ryan, the
team's president.  But the right of a league to consent to the
sale of one of its members is still an issue.

The Rangers said they chose Mr. Ryan's group over a competing
offer because gaining league approval for that deal would have
been an "uphill battle."

Dow Jones relates that Rangers attorney Martin A. Sosland, Esq.,
at Weil, Gotshal & Manges LLP said he didn't think needing the
consent of a third party to approve a bankruptcy sale was unique
to sports.   He pointed to utilities in Chapter 11 that need
approval from regulators before they can complete bankruptcy
sales.

                     Sale & Restructuring Plan

The Debtors filed for Chapter 11 to implement a planned sale of
substantially all of its assets to Rangers Baseball Express LLC,
whose principals include the current President of the Texas
Rangers, Nolan Ryan, and Chuck Greenberg, a sports lawyer and
minor league club owner.  The sale will include the Texas Rangers
franchise and substantially all contractual rights related the
operation of the Texas Rangers.  The aggregate consideration paid
and obligations assumed by the Purchaser at the Closing will equal
more than $500 million.

The sale is expected to close mid-summer.  The deal is subject to
approval of the Office of the Commissioner of Baseball and 75% of
the Major League Baseball clubs.

The Debtor also has filed a prepackaged plan, which sets forth the
distribution that each class of the Debtor's creditors and equity
holders is to receive on the Effective Date under the Prepackaged
Plan.  All TRBP's creditors will be paid in full under the
Prepackaged Plan or have their claims assumed by the Purchaser
under the Asset Purchase Agreement.  Specifically, each holder of
an (i) Allowed Priority Non-Tax Claim, (ii) Allowed First Lien
Holder Claim, (iii) Allowed Second Lien Holder Claim, (iv) Allowed
MLB Prepetition Claim, (v) Allowed Secured Tax Claim, (vi) Allowed
Other Secured Claim, (vii) Allowed Assumed General Unsecured
Claim, (viii) Allowed Non-Assumed General Unsecured Claim, (ix)
Allowed Emerald Diamond Claim, (x) Allowed Overdraft Protection
Agreement Claim, (xi) Allowed Intercompany Claim, and (xii)
Allowed TRBP Equity Interest is unimpaired and will be paid in
full.

TRBP believes that because the Prepackaged Plan satisfies in full
all claims against TRBP, is supported by TRBP's equity holders,
and will lead to the least disruption to the Texas Rangers'
business of playing baseball, the Prepackaged Plan is in the best
interests of the Texas Rangers franchise and all parties in
interest.

A full-text copy of the Texas Ranger's Plan is available at no
charge at http://bankrupt.com/misc/TEXASRANGERS_ds.pdf

A full-text copy of the disclosure statement is available at no
charge at http://bankrupt.com/misc/TEXASRANGERS_plan.pdf

                       About Texas Rangers

Texas Rangers Baseball Partners owns and operates the Texas
Rangers Major League Baseball Club, a professional baseball club
in the Dallas/Fort Worth Metroplex.  TRBP is a Texas general
partnership, in which subsidiaries of HSG Sports Group LLC own a
100% stake.  Controlled by Thomas O. Hicks, HSG also indirectly
wholly-owns Dallas Stars, L.P., which owns and operates the Dallas
Stars National Hockey League franchise.  The Texas Rangers have
had five owners since the club moved to Arlington in 1972.  Mr.
Hicks became the fifth owner in the history of the Texas Rangers
on June 16, 1998.

In its petition, Texas Rangers Baseball Partners said it had both
assets and debt of less than $500 million.

Weil, Gotshal & Manges LLP serves as bankruptcy counsel to the
Debtor.  Forshey & Prostok LLP serves as conflicts counsel.
Parella Weinberg Partners LP serves as financial advisor.

Lenders to the Texas Rangers sought to force the baseball team's
equity owners -- Rangers Equity Holdings, L.P. and Rangers Equity
Holdings GP, LLC -- into bankruptcy court protection (Bankr. N.D.
Tex. Case No. 10-43624 and 10-43625).   The lenders, a group that
includes investment funds Monarch Alternative Capital and
Kingsland Capital Management, filed an involuntary bankruptcy
petition on May 28 against the two companies.  The two companies
were not included in the May 24 Chapter 11 filing of TRBP.


TI ACQUISITION: 503(b)(9) Claim Not New Value in Preference Action
------------------------------------------------------------------
WestLaw reports that a creditor that had a fully-funded,
administrative expense claim for the value of goods that it had
supplied to a Chapter 11 debtor within 20 days of the petition
date could not utilize that value in order to assert a "subsequent
new value" defense and to reduce its exposure on the debtor's
preference-avoidance claims. The value of goods that the creditor
supplied within 20 days of the petition date did not enhance the
estate, as required to support a "subsequent new value" defense to
the debtor-in-possession's preference claims, if the creditor had
a fully-funded administrative expense claim for the value of these
goods. A bankruptcy judge in Georgia noted that the result might
be different if the claim was not fully funded and the estate was
administratively insolvent.  In re TI Acquisition, LLC, --- B.R. -
---, 2010 WL 1993848 (Bankr. N.D. Ga.) (Diehl, J.).

Dalton, Georgia-based TI Acquisition, LLC, did business as Thomas
Industries, Monticello Floors, Mattel, Superior Yarn Technology,
Mattel Carpet & Rug, Thomas Industries, and Templeton Carpet
Mills.  It manufactured carpets and textiles.  It filed its
chapter 11 petition on July 27, 2008 (Bankr. N.D. Ga. Case No.
08-42370).  Richard T. Klingler, Esq., at Kennedy, Koontz &
Farinash, represents the Debtor in its restructuring efforts.
An official committee of unsecured creditors has been appointed
in the case.  Michael E. Baum, Esq., and Brendan G. Best, Esq.,
at Schafer and Weiner, Pllc, in Bloomfield Hills, Michigan,
represent the panel, and Christopher Tierney at Hays Financial
Consulting provides the committee with financial advice.

When the Debtor filed for bankruptcy, it listed assets of
$10 million to $50 million and debts of $50 million to
$100 million.  The Debtor listed $3,213,604 in unsecured debt owed
to Honeywell Nylon, LLC, and $1,326,415 owed to Southern Polymer,
Inc.  The Debtor partly blamed its financial demise on Propex
Inc.'s Chapter 11 bankruptcy filing in January 2008.  Propex was
one of the Debtor's largest customers.


TRICO MARINE: Loan Agreement Requires Chapter 11 by Sept. 8
-----------------------------------------------------------
Trico Marine Services Inc. said in a regulatory filing on June 14
that it signed a revised loan agreement on June 11 requiring the
company to file under Chapter 11 no later than Sept. 8.

The agreement with affiliates Tennenbaum Capital Partners LLC
provides for converting the existing $25 million revolving credit
commitment into a $25 million term loan commitment.  Nordea Bank
Finland plc, New York Branch, as collateral agent, Obsidian Agency
Services, Inc., as administrative agent, also signed the
agreemenet.

The loan requires that Trico "diligently" pursue negotiations on a
prepackaged Chapter 11 reorganization.  In addition, there must be
a forbearance agreement governing the 8.125% convertible notes.
Non-filing of a Chapter 11 petition by September 8 would be an
event of default.

The facility's maturity date is December 31, 2011.  The term loan
will bear interest at the one-month LIBOR rate (subject to a 2.50%
floor) plus a margin of 11.5%.  The facility is secured by first
preferred ship mortgages on certain vessels, equity and deposit
accounts.

A copy of the agreement is available for free at:

              http://researcharchives.com/t/s?64da

Trico won't be making the $8 million interest payment on the
convertible notes.  The grace period expires June 17.

As reported by yesterday's TCR, Trico said that it and Evercore
Partners are in discussions with various potential lenders and
some of the Company's existing debtholders regarding obtaining
additional financing in connection with a possible proceeding
under Chapter 11 of the United States bankruptcy code.

A copy of the agreement is available for free at:

              http://researcharchives.com/t/s?64da

                         About Trico Marine

Woodlands, Texas-based Trico Marine Services is a provider of
support vessels for the offshore oil and natural-gas industry.
At March 31, 2010, the Company had total assets of $1,013,628,000
against total liabilities of $985,940,000.


TYRONE HOSPITAL: To Emerge From Chapter 11 Bankruptcy
-----------------------------------------------------
According to warecentralpa.com, Tyrone Hospital said it is
emerging from Chapter 11 bankruptcy because a federal bankruptcy
court has approved its plan of reorganization.

Tyrone Hospital filed for Chapter 11 on Sept. 29, 2006 (Bankr.
W.D. Pa. Case No. 06-70759).  A copy of the petition is on
http://bankrupt.com/misc/pawb06-70759.pdf


UAL CORP: Stockholders Elect 13 to Board of Directors
-----------------------------------------------------
Stockholders of UAL Corporation elected thirteen director nominees
to the board:

* Richard J. Almeida
* Mary K. Bush
* W. James Farrell
* Jane C. Garvey
* Walter Isaacson
* Robert D. Krebs
* Robert S. Miller
* James J. O'Connor
* Glenn F. Tilton
* David J. Vitale
* John H. Walker

In addition, the United Airlines Pilots Master Executive Council
of the Air Line Pilots Association, International, the holder of
the Company's one share of Class Pilot MEC Junior Preferred Stock,
elected Wendy J. Morse as the ALPA director, and the International
Association of Machinists and Aerospace Workers, the holder of the
Company's one share of Class IAM Junior Preferred Stock, elected
Stephen R. Canale as the IAM director.

The stockholders ratified the appointment of Ernst & Young LLP as
the Company's independent registered public accountant, and
approved the amendment of the company's restated certificate of
incorporation to extend the 5% ownership limit.

                    About UAL Corporation

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.  Judge Eugene R. Wedoff
confirmed a reorganization plan for United on Jan. 20, 2006.  The
Company emerged from bankruptcy on Feb. 1, 2006.

Reorganized 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.


VALENCE TECHNOLOGY: Recurring Losses Cue Going Concern Doubt
------------------------------------------------------------
Valence Technology, Inc., filed on June 14, 2010, its annual
report on Form 10-K for the fiscal year ended March 31, 2010.

PMB Helin Donovan, LLP, in Austin, Texas, 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, negative cash flows from operations and
net stockholders' capital deficiency.

The Company reported a net loss of $23,016,000 on $16,080,000 of
revenue for the year ended March 31, 2010, compared with a net
loss of $21,226,000 on $26,157,000 of revenue for the year ended
March 31, 2009.

For the fiscal year ended March 31, 2010, total revenue decreased
from the comparable period last year primarily due to decreased
demand of large-format battery sales of the U-Charge(R) products
to existing customers and decreased demand for custom batteries
designed for Segway.

Operating loss was $17,810,000 million for the fiscal year 2010,
compared to a loss of $16,720,000 for fiscal year 2009.

"We believe that our technology roadmap is paving the way for our
future success," said Robert L. Kanode, president and chief
executive officer of Valence Technology.   "This roadmap includes
our cathode materials, cylindrical and prismatic cells, system
packaging, interactive logic and intellectual property, which when
combined are driving and should sustain our future revenue growth.
Our target markets continue to develop, and we see a bright future
as a supplier of phosphate based dynamic energy storage
solutions."

"We expect the large-format battery market to grow in fiscal year
2011 due to increasing demand for environmentally friendly
alternative energy solutions driven largely by the sustained high
cost of fossil fuels.  We also anticipate that fiscal year 2011
revenues will exceed fiscal year 2010 revenues due to continued
improvements in overall demand," added Mr. Kanode.

The Company's balance sheet as of March 31, 2010, showed
$21,032,000 in assets, $91,537,000 of liabilities, and $8,610,000
of redeemable convertible preferred stock, for a stockholders'
deficit of $79,115,000

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

               http://researcharchives.com/t/s?64cd

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

               http://researcharchives.com/t/s?64ce

Valence Technology, Inc. (NASDAQ: VLNC) -- http://www.valence.com/
-- develops, manufactures and sells lithium phosphate energy
storage solutions.   The Company has redefined lithium battery
technology and performance by marketing the industry's first safe,
reliable and rechargeable lithium phosphate battery.
Headquartered in Austin, Texas, Valence has facilities in Nevada,
China and Northern Ireland.


VERINT SYSTEMS: Moody's Assigns 'B1' Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service assigned a B1 corporate family rating to
first time issuer Verint Systems, Inc.  Moody's also assigned B1
ratings to Verint's senior secured debt facilities.  The ratings
outlook is stable.

Verint's B1 rating reflects the company's moderately high leverage
(approximately 3.7x on a Moody's adjusted basis pro forma for
recent restatements but before Moody's preferred stock adjustments
-- see Moody's Credit Opinion to be published shortly on Moody's
Web site for more details) balanced by the company's strong market
positions in the workforce optimization software industry, and
video and communications security systems industries.  The strong
positions are bolstered by Verint's expertise in software that
analyzes unstructured data (i.e. conversations and video) and
development of analytic software tools for specific industries.
The ratings also reflect the expectation the company will continue
to moderately use debt for future acquisitions but will keep
leverage below 4.5x.  The company likely has the majority of its
accounting restatement activity behind it although it will
continue to incur some costs during fiscal 2011 (ending
January 31, 2011).  The company's profitability and cash flow have
been impacted significantly in the past three years as a result of
the costs incurred in the restatement process and profitability
and cash flow should improve in fiscal 2012 as the process winds
down.  The company has adequate near term liquidity based on the
company's strong cash positions but tempered by potential
tightness meeting financial covenant stepdowns in January 2011.
The company continues to have material weakness in their internal
accounting controls but are expected to remedy those by fiscal
year end, nonetheless, the ratings are weakly positioned in the B1
category until these issues are resolved and expenses of the
restatements behind them.

The company has developed leading niche positions in these
industries through a combination of internally developed products
and acquisitions.  The company faces numerous competitors in its
markets, particularly the very fragmented video and communications
security systems markets and continued acquisitions will likely be
important to maintaining or improving the company's relative
positions.  While the company will likely use a combination of
debt and equity to finance future acquisitions Moody's do not
expect leverage to approach the greater than 6x leverage levels
from prior periods when the company had severely restricted access
to the public debt and equity markets.

These ratings were assigned:

* Corporate family rating, B1

* Probability of default, B2

* $15 million Senior Secured Revolving Credit facility due 2013,
  B1, LGD3 (32%)

* Senior Secured Term Loan ($605 million outstanding) due 2014,
  B1, LGD3 (32%)

* Speculative grade liquidity rating, SGL-3

* Ratings Outlook, Stable

Verint Systems, headquartered in Melville, NY, is a leading
provider of analytic software and related products for the
workforce optimization and communications and security
intelligence markets.  Verint had revenues of $704 million for the
fiscal year ended January 31, 2010.


WASHINGTON MUTUAL: Plan Enforces Subordination Clauses in Bonds
---------------------------------------------------------------
Bill Rochelle at Bloomberg News reports that although Washington
Mutual Inc. hasn't resolved all objections to the disclosure
statement up for approval on June 17, the holders of $2.3 billion
in bonds say they understand the plan is being changed to enforce
subordination agreements.  After the disclosure statement is
approved, creditors can begin voting on the reorganization plan.

The Plan would implement a global settlement some creditors and
shareholders oppose.  The Plan implements and incorporates the
terms of a revised global settlement agreement reached among WMI,
the Federal Deposit Insurance Corporation and JPMorgan Chase Bank,
N.A.

According to Bloomberg, the judge also will decide at the June 17
hearing whether to appoint an examiner.  Shareholders want an
examiner to evaluate the merits of the proposed settlement.

                      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).


WEST WINDS: Case Summary & 6 Largest Unsecured Creditors
--------------------------------------------------------
Debtor: West Winds Enterprises, LLC
        1940 Derita Road
        Concord, NC 28075

Bankruptcy Case No.: 10-10686

Chapter 11 Petition Date: June 11, 2010

Court: U.S. Bankruptcy Court
       Western District of North Carolina (Asheville)

Judge: George R. Hodges

Debtor's Counsel: Glenn C. Thompson, Esq.
                  Hamilton Moon Stephens Steele & Martin
                  201 S. College Street, Suite 2020
                  Charlotte, NC 28244-2020
                  Tel: (704) 227-1067
                  Fax: (704) 344-1483
                  E-mail: gthompson@lawhms.com

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

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

A copy of the Company's list of 6 largest unsecured
creditors filed together with the petition is available for
free at http://bankrupt.com/misc/ncwb10-10686.pdf

The petition was signed by A. Wayne Motley Sr., manager.

Debtor-affiliate filing separate Chapter 11 petition:

        Entity                        Case No.       Petition Date
        ------                        --------       -------------
West Winds II Enterprises, LLC        --                  06/11/10


WORLDSPACE INC: Liberty Satellite Drops $116 Million Claim
----------------------------------------------------------
Bill Rochelle at Bloomberg News reports that WorldSpace Inc. has
an approved settlement in which Liberty Satellite Radio LLC waives
most of its $116 million secured claim.  WorldSpace was prepared
to contend that Liberty breached a previous agreement to purchase
WorldSpace's two satellites.  In return for a release of all
claims, Liberty waived its right to receive all but $250,000 from
the sale proceeds from Yazmi USA LLC, the buyer of the satellites.
In addition, Liberty will receive $370,000 cash it lent to
WorldSpace that was never spent.

As reported by the TCR on June 7, 2010, WorldSpace won approval
from the Bankruptcy Court to sell its two satellites to Chief
Executive Officer Noah Samara.  Mr. Samara's Yazmi USA LLC will be
buying the assets for $5.5 million, plus payment of specified
expenses.

Absent the sale, WorldSpace was authorized in March to bring the
satellites out of orbit.  Destroying the satellites appeared
necessary after Liberty Satellite Radio LLC terminated talks that
had led to an agreement in principle after six months of talks.

                       About WorldSpace Inc.

WorldSpace, Inc. (WRSPQ.PK) -- http://www.1worldspace.com/--
provides satellite-based radio and data broadcasting services to
paying subscribers in 10 countries throughout Europe, India, the
Middle East, and Africa.  1worldspace(TM) satellites cover two-
thirds of the earth and enable the Company to offer a wide range
of services for enterprises and governments globally, including
distance learning, alert delivery, data delivery, and disaster
readiness and response systems.  1worldspace(TM) is a pioneer of
satellite-based digital radio services.

The Debtors and their affiliates operate two geostationary
satellites, AfriStar and Asia Star, which are in orbit over Africa
and Asia.  The Debtor and two of its affiliates filed for Chapter
11 bankruptcy protection on October 17, 2008 (Bankr. D. Del., Case
No. 08-12412 - 08-12414).  James E. O'Neill, Esq., Laura Davis
Jones, Esq., and Timothy P. Cairns, Esq., at Pachulski Stang Ziehl
& Jones, LLP, represent the Debtors as counsel.  Kurtzman Carson
Consultants serves as claims and notice agent.  Neil Raymond
Lapinski, Esq., and Rafael Xavier Zahralddin-Aravena, Esq., at
Elliot Greenleaf, represent the Official Committee of Unsecured
Creditors.  When the Debtors filed for bankruptcy, they listed
total assets of $307,382,000 and total debts of $2,122,904,000.


ZAYAT STABLES: Wins Approval of Disclosure Statement
----------------------------------------------------
Bill Rochelle at Bloomberg News reports that Zayat Stables LLC has
received approval of the disclosure statement explaining its
reorganization plan.  As a result, creditors can vote on the
reorganization plan in advance of a July 15 confirmation hearing.

According to Bloomberg, the Plan calls for paying creditors in
full over time, allowing Ahmed Zayat to retain ownership.  The
Plan also provides for these terms:

   * Fifth Third Bank, which is owed about $34.5 million, will
     have interest brought current when the plan becomes
     effective, at the contract rate of 1% below prime.
     Thereafter, interest will be paid at the London Interbank
     Borrowed Rate plus 3%.  The Cincinnati-based bank will
     receive a $5 million payment of principal on at the end of
     December.  At the end of 2011 through 2013, Zayat will pay
     down principal by the greater of $3 million or 40 percent of
     proceeds from the sale of horses.  The remaining principal
     and interest will come due Dec. 31, 2014.

   * Unsecured creditors, with $1.2 million in claims, are to be
     paid in full without interest over two years.

   * A $2.45 million loan from a Zayat family member used to
     finance the Chapter 11 case will be forgiven.

Bloomberg notes that the disclosure statement was approved over
the objection of secured lender Fifth Third Bank.  Zayat sued the
bank for what it called "predatory lending."  The bank says it
holds personal guarantees given by Ahmed Zayat for as much as
$38.7 million.  Zayat said he personally invested $40 million in
the business.

                        About Zayat Stables

Headquartered in Hackensack, New Jersey, Zayat Stables owns of
203 thoroughbred horses.  The horses, which are collateral for the
bank loan, are worth $37 million, according an appraisal mentioned
in a court paper.  Ahmed Zayat said in a court filing that he
personally invested $40 million in the business.

The Company filed for Chapter 11 bankruptcy protection on
February 3, 2010 (Bankr. D. N.J. Case No. 10-13130).  The Company
listed $10,000,001 to $50,000,000 in assets and $10,000,001 to
$50,000,000 in liabilities.


* American Capital Leads Firms on Brink of Chapter 11
-----------------------------------------------------
American Capital, Ltd., leads large companies that have publicly
disclosed that they are preparing a Chapter 11 filing.  Other
companies like Ambac Financial Group have warned about a potential
bankruptcy.

American Capital, Ltd., extended until June 22 the deadline for
(i) tendering to its private offers to exchange its outstanding
unsecured public and private notes for cash payments and new
secured notes, and (ii) voting on a standby plan of
reorganization.  Holders of all of the $1.4 billion on the
existing credit agreement previously voted in favor should Chapter
11 be required. A total of 70% of the holders of unsecured private
notes aggregating $406 million in claims have voted in favor of
the plan.  Bloomberg notes that with acceptances from 70% of the
$406 million in private notes, the class would be accepting if
American Capital implements the restructuring, now that the
required two-thirds affirmative vote has been achieved.  Bethesda,
Maryland-based American Capital is a publicly traded private
equity firm and global asset manager.  The Company's balance sheet
as of March 31, 2010, showed $6.757 billion in assets, $4.231
billion in liabilities, and $2.526 billion of shareholders'
equity.

Ambac Financial Group Inc. warned in a regulatory filing that a
bankruptcy is among its alternatives given that the holding
company won't be receiving dividends from the operating companies
that insure bonds.  New York based Ambac warned it might default
on debt payments this year, even before liquidity runs out.  It
says liquidity is sufficient through the second quarter of 2011.
The financial guarantees and financial services provider says it
"may consider, among other things, raising additional capital to
the extent possible, a negotiated restructuring of its outstanding
debt through a prepackaged bankruptcy proceeding or a bankruptcy
without agreement concerning a plan of reorganization with major
creditor groups."  The Company's balance sheet as of Dec. 31,
2009, showed $18.886 billion in assets and $20.520 billion in
debts, resulting in a stockholders' deficit of $1.634 billion.

Trico Marine Services, Inc., said it will avail itself of a 30-day
grace period with respect to the approximately $8 million interest
payment due on May 15, 2010 on its 8.125% secured convertible
debentures due 2013.  The Company and its financial advisor,
Evercore Partners, are in discussions with some of the Company's
existing debtholders regarding a waiver or forbearance.  In
addition, Trico Marine is in discussions with various potential
lenders and some of the Company's existing debtholders regarding
obtaining additional financing in connection with a possible
proceeding under Chapter 11.  Trico Marine on June 14 signed a
revised $25 million loan agreement on June 11 requiring the
company to file under Chapter 11 no later than Sept. 8.  The loan
requires that Trico "diligently" pursue negotiations on a
prepackaged Chapter 11 reorganization.  The support vessels
provider for the offshore oil and natural-gas industry had assets
of $1.01 billion and total liabilities of $985.9 million on March
31.

According to reports, Blockbuster Inc. is being offered financing
for a Chapter 11 reorganization by holders of senior secured
notes.  The secured noteholders would receive stock of the
reorganized company in exchange for debt.  According to The Dallas
Morning News, Blockbuster CEO confirmed Monday that he is looking
at a number of options for the company, including arranging short-
term financing should the Company file for bankruptcy.  The CEO
though said that "all stakeholders in an out-of-court settlement."
Blockbuster has warned since last year in regulatory filings that
bankruptcy is a possibility.  The movie rental store chain's
balance sheet as of April 4, 2010, showed $1.319 billion in assets
and $1.693 billion of liabilities.

Real estate information publisher Network Communications, Inc.,
missed the June 1 interest payment on its 10.75% senior unsecured
notes due 2013.  As a result, the senior secured lenders
accelerated all amounts outstanding on the revolver and term loan,
which in turn triggered an event of default under the 2013 notes.
The Lawrenceville, Georgia-based company is currently in
negotiations with stakeholders to restructure its balance sheet
and expects to fund its business with cash on hand and cash from
operations.  The Company has engaged Kirkland & Ellis LLP as legal
advisor and Houlihan Lokey as financial advisor to assist the
Company with its restructuring.  Assets were on the books for $362
million on Dec. 6, with total liabilities of $330 million.

Nord Resources Corp appointed FTI Consulting to advise on
refinancing structures and strategic alternatives.  Nord is a
copper mining company whose primary asset is the Johnson Camp
Mine, located approximately 65 miles east of Tucson, Arizona.
Nord has missed payments on a copper hedge agreement and a credit
facility with Nedbank Capital Limited.  Nedbank Ltd has declined
to extend the forbearance agreement with respect to the scheduled
principal and interest payment of $2.2 million that was due on
March 31, 2010 under the company's $25 million secured term-loan
credit facility with Nedbank.  At Sept. 30, 2008, the company's
balance sheet showed total assets of $37,116,627, total
liabilities of $33,012,744.

Liberty Star Uranium & Metals Corp. disclosed that on June 1,
2010, it was notified by secured lenders that the notes issued in
2007 to 2009 -- totaling $3,500,000 -- are past due and in
default.  Tucson, Arizona-based Liberty Star said it is engaged in
discussions with certain capital partners to provide new capital
sufficient to meet the demand of Secured Lenders.  These new
capital sources, if closed, would allow Liberty Star to
restructure its balance sheet while continuing normal business
operations.  Assets where at $1.22 million and debts totaled $2.6
million as of January 31, 2009.

Medical Staffing Network Holdings, Inc. has a forbearance
agreement with General Electric Capital Corporation that expires
June 30.  GECC agreed to forbear from exercising default with
respect to the first lien debt of the healthcare staffing company.
Medical Staffing says it continues to have discussions with its
lenders about a possible restructuring of the Company's debt and
capital structure.  "As part of any such agreed-upon
restructuring, or if the Company's lenders are not willing to
reach an acceptable agreement in that regard, the Company may
determine to seek relief under Chapter 11 of the U.S. Bankruptcy
Code."  The Company's balance sheet as of March 28, 2010, showed
$87.7 million in assets and $140.8 million of debts.

Canadian worm manure supplier Forterra Environmental Corp. said
that due to its inability to meet its debt obligations, including
to its trade creditors, it can no longer be deemed to be a "going
concern".  The Canadian Revenue Agency has seized the company's
bank account as the result of the company's failure to make
required tax source deductions and remittances.  At June 2, 2010,
Forterra has cash and equivalents of approximately $25,000 and
current accounts payable and accrued liabilities of approximately
$1.3 million.

                   (in millions)
  Company               Assets       Trigger Event
  -------               ------       -------------
Ambac Fin'l          $20,520MM  Issued Bankruptcy Warning
American Capital      $6,757MM  Soliciting Votes for Standby Plan
Blockbuster Inc.      $1,319MM  In Ch. 11 Talks with Lenders
Trico Marine          $1,010MM  In Talks for Ch. 11 Financing
Network Comms.          $362MM  Missed June 1 Interest Payment
Medical Staffing         $88MM  Forbearance Ends June 30
Nord Resources           $37MM  Defaulted on Secured Notes
Liberty Star              $1MM  Defaulted on Secured Notes
Forterra Environmental     --   "No Longer Going Concern"

                              BP PLC

Various analysts have said that BP PLC will likely end up in
bankruptcy due to damages resulting from its oil spill in the Gulf
of Mexico.  UK-based BP Plc is one of the world's largest energy
companies.  The Houston Chronicle reported that BP Plc on Thursday
dismissed talk that it might seek Chapter 11 bankruptcy protection
in the face of falling stock prices and threats from government
officials to force the oil giant to pay more in costs related to
the massive Gulf of Mexico oil spill.  A spokesman denied the
Company has taken advice on Chapter 11 proceedings.  BP says it
has significant capacity and flexibility.


* Markit Data Shows Credit Crunch Looms
---------------------------------------
Katherine Greene at Dow Jones Newswires reports that credit
investors may be staring down the barrel of another credit crunch,
new data suggest.  Dow Jones reports that data from Markit
indicate that total returns for leveraged loans and high-yield
bonds are dropping together, a phenomenon last seen in 2008 as
credit markets slid into a freefall.

"As people become more risk-averse they regard high-yield bonds
and leveraged loans in the same way, as too risky," said Otis
Casey, loan analyst at Markit, according to Dow Jones.

Dow Jones relates Markit measures the correlation of markets on a
scale from -1, where markets are moving exactly opposite, to +1,
moving exactly together.  According to the report, high yield
bonds and leveraged loans are moving at a rate of +0.76, a level
Mr. Casey calls "extreme."  Normal market correlation sits between
0 and +0.4, he said.


* Rhode Island Lawmakers Approve Bill on Distressed Cities
----------------------------------------------------------
American Bankruptcy Institute reports that Rhode Island will have
responsibility for decisions relating to any of its towns or
cities facing insolvency under a bill approved by the legislature,
ending efforts by the city of Central Falls to restructure under
receivership.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

June 17-20, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Central States Bankruptcy Workshop
        Grand Traverse Resort and Spa, Traverse City, Mich.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Northeast Bankruptcy Conference
        Ocean Edge Resort, Brewster, Massachusetts
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Conference
        The Ritz-Carlton Amelia Island, Amelia, Fla.
           Contact: http://www.abiworld.org/

Aug. 3, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Atlanta Consumer Bankruptcy Skills Training
        Georgia State Bar Building, Atlanta, Ga.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 5-7, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 11-14, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Hawai.i Bankruptcy Workshop
        The Fairmont Orchid, Big Island, Hawaii
           Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 14, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     ABI/NYIC Golf and Tennis Fundraiser
        Maplewood Golf Club, Maplewood, N.J.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 20, 2010 (tentative)
  AMERICAN BANKRUPTCY INSTITUTE
     Complex Financial Restructuring Program
        Fordham Law School, New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 23-25, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Southwest Bankruptcy Conference
        Four Seasons Las Vegas, Las Vegas, Nev.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 1, 2010 (tentative)
  AMERICAN BANKRUPTCY INSTITUTE
     ABI/UMKC Midwestern Bankruptcy Institute
        Kansas City Marriott Downtown, Kansas City, Kan.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 6-8, 2010
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        JW Marriott Grande Lakes, Orlando, Florida
           Contact: http://www.turnaround.org/

Oct. 11, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Chicago Consumer Bankruptcy Conference
        Standard Club, Chicago, Ill.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 15, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     NCBJ/ABI Educational Program
        Hilton New Orleans Riverside, New Orleans, La.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 29, 2010 (tentative)
  AMERICAN BANKRUPTCY INSTITUTE
     International Insolvency Symposium
        The Savoy, London, England
           Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. __, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Delaware Views from the Bench and Bankruptcy Bar
        Hotel du Pont, Wilmington, Del.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 11, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Detroit Consumer Bankruptcy Conference
        Hyatt Regency Dearborn, Dearborn, Mich.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 29, 2010
  RENAISSANCE AMERICAN MANAGEMENT, INC. & BEARD GROUP, INC.
     17th Annual Distressed Investing Conference
        The Helmsley Park Lane Hotel, New York City
           Contact: 1-903-595-3800;
                    http://www.renaissanceamerican.com/

Dec. 9-11, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        Camelback Inn, a JW Marriott Resort & Spa,
        Scottsdale, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 2-4, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     22nd Annual Winter Leadership Conference
        Camelback Inn, Scottsdale, Arizona
           Contact: 1-703-739-0800; http://www.abiworld.org/

Jan. 20-21, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Rocky Mountain Bankruptcy Conference
        Westin Tabor Center, Denver, Colo.
           Contact: 1-703-739-0800; http://www.abiworld.org/

January 26-28, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Distressed Investing Conference
        Aria Las Vegas
           Contact: http://www.turnaround.org/

Mar. 31-Apr. 3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Central States Bankruptcy Workshop
        Grand Traverse Resort and Spa, Traverse City, Mich.
              Contact: http://www.abiworld.org/

July 21-24, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Northeast Bankruptcy Conference
        Hyatt Regency Newport, Newport, R.I.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 4-6, 2011  (tentative)
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hotel Hershey, Hershey, Pa.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     NCBJ/ABI Educational Program
        Tampa Convention Center, Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 25-27, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     Hilton San Diego Bayfront, San Diego, CA
        Contact: http://www.turnaround.org/

Dec. 1-3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     23rd Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 19-22, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Ritz-Carlton Amelia Island, Amelia Island, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 29 - Dec. 2, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday.  Submissions via
e-mail to conferences@bankrupt.com are encouraged.

Last Updated: June 6, 2010



                           *********

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 ***