TCR_Public/100625.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Friday, June 25, 2010, Vol. 14, No. 174

                            Headlines

3 G PROPERTIES: Section 341(a) Meeting Scheduled for July 28
ADVANTA CORP: Court Okays $106,000 Sale of BizEquity Corp.
AE BIOFUELS: Posts $2.0 Million Net Loss for Q1 2010
ALLEN PRINTING: Files for Chapter 11 Bankruptcy Protection
ALLEN PRINTING: Case Summary & 20 Largest Unsecured Creditors

ALMATIS B.V.: Has OK for Moelis as Investment Banker
ALMATIS B.V.: Restructuring Won't Be Affected by DIC Woes
ALMATIS B.V.: Wins Approval for E&Y as Tax Adviser
ALMATIS B.V.: Wins OK to Hire Cash Management Adviser
ALMATIS B.V.: Negotiations on Prepack Not Privileged

AMERICAN APPAREL: NYSE Amex Grants Aug. 16 Extension for Plan
AMERICAN CAPITAL: Escapes Bankruptcy with Sufficient Tenders
ASAP ENTERPRISES: Case Summary & 20 Largest Unsecured Creditors
ATHENS HOLIDAY: Case Summary & 2 Largest Unsecured Creditors
BANKRATE INC: Moody's Assigns 'B2' Corporate Family Rating

BARNES INC: Case Summary & 20 Largest Unsecured Creditors
BLANCA LLC: Has Until Monday to File Plan of Reorganization
BLANCA LLC: Hearing on Cash Collateral Access Set for July 20
BOSTON SCIENTIFIC: Moody's Retains 'Ba1' Ratings & Stable Outlook
BRIARWOOD CAPITAL: Wants Plan Exclusivity Extended Until August 27

BROADSTRIPE LLC: Seeks to Sell Cable Systems for $1,200
C BEAN: Gets Court Final Okay to Use Cash Collateral
CANWEST GLOBAL: Can't Agree With Shareholders on TV Assets Sale
CANWEST GLOBAL: CMI Monitor Supports Creditors' Meeting
CANWEST GLOBAL: Terms of Court-Approved Amended Plan

CC MEDIA: Mark Mays Steps Down as Chief Executive
CHEMTURA CORP: AIG Parties Have Civil Action vs. Canada Unit
CHEMTURA CORP: Has Civil Action Against Environmental Agencies
CHEMTURA CORP: Signs Long-Term Contract With Odyssey Logistics
COASTLINE TERMINALS: Section 341(a) Meeting Scheduled for July 12

COASTLINE TERMINALS: Taps Coan Lewendon as Bankruptcy Counsel
CORUS BANKSHARES: Gets Court's Nod to Hire BMC as Claims Agent
CRYOPORT INC: KMJ Corbin Raises Going Concern Doubt
DELTA AIR: Aircraft Owners' Tax Indemnity Claims Are Proper
DERRY & WEBSTER: Case Summary & 6 Largest Unsecured Creditors

DOT VN INC: Inks MOU With VNNIC to Support Development in Laos
DURACO PRODUCTS: Bankr. Court Won't Take Criminal Allegations
EAST WEST: Wants Plan Exclusivity Until August 16
EIGEN INC: Committee Wants Kazi Loan Subordinated as Equity
FIBERVISIONS DELAWARE: S&P Shifts Rating on $20 Mil. Loan to 'B+'

FIRST FOLIAGE: Files for Chapter 11 in Miami
FORUM HEALTH: Court Approves Sale Process and Lower Break-Up Fee
GARLOCK SEALING: Boyer Insists on Being Asbestos Panel Member
GARLOCK SEALING: Proposes to Pay Temporary Workers
GARLOCK SEALING: Sec. 341 Meeting of Creditors on July 14

GARLOCK SEALING: Seeks to Assume New Vista Contract
GENERAL GROWTH: Faces Deadline to Pay Alderwood Mall's $300MM Loan
GENERAL GROWTH: Helps Lure Macy to West Valley Mall
GENERAL MOTORS: South African Claimants Want Class Treatment
GENERAL MOTORS: GM South America Formed; Headquarters in Brazil

GLOWPOINT INC: Stockholders Vote to Amend 2007 Incentive Plan
GREAT NEIGHBORHOODS!: Case Summary & 20 Largest Unsec. Creditors
GTC BIOTHERAPEUTICS: LFB Biotech Holds 83.2% of Shares
GUN LAKE: S&P Assigns 'B' Rating to $160 Mil. Senior Loan
IMPLANT SCIENCES: Approves Increase of Shares of Common Stock

INTERNATIONAL COMMERCIAL: Recurring Losses Cue Going Concern Doubt
ITI INTERNET: Files for Protection Under Chapter 11
JOSE FRANCO: Section 341(a) Meeting Scheduled for July 19
JOSHUA FARMER: Files Schedules of Assets and Liabilities
KRONOS INTERNATIONAL: Moody's Raises Corp. Family Rating to 'B3'

L-1 IDENTITY: S&P Puts 'B+' Rating on CreditWatch Developing
LEHMAN BROTHERS: JPM's Dimon Said Barclays Misled Court on Sale
LENNAR CORP: Fitch Affirms Issuer Default Rating at 'BB+'
LINCOLNSHIRE CAMPUS: Section 341(a) Meeting Scheduled for July 22
LIONS GATE: S&P Retains CreditWatch Negative on 'B-' Rating

LIONS GATE: In Merger Talks With Metro-Goldwyn-Mayer
MAGIC BRANDS: Travistock Objected to Luby's Buying Fuddruckers
MAIDENFORM BRANDS: S&P Raises Corporate Credit Rating to 'BB+'
MARILYN UPTEGROVE: Voluntary Chapter 11 Case Summary
MECHANICAL TECH: Stockholders Approve Lim, Robb as Directors

METRO-GOLDWYN-MAYER: In Merger Talks With Lions Gate
MGIC INDEMNITY: S&P Corrects Counterparty Credit Ratings to 'B+'
MOVIE GALLERY: Gamers to Block COKeM's $3MM Bid for Video Assets
MWB LLC: Case Summary & Largest Unsecured Creditor
NEWARK GROUP: Seeks to Hire Grant Thornton as Tax Accountant

NORTH AMERICAN PETROLEUM: Cash Collateral Hearing Set for July 6
NORTH AMERICAN PETROLEUM: Gets 30 Add'l Days to File Schedules
NORTH AMERICAN PETROLEUM: Section 341(a) Meeting Set for June 29
NOVADEL PHARMA: Registers 10-Mil. Shares Under 2006 Equity Plan
PATRICK HACKETT: U.S. Trustee Drops Ch. 7 Case Conversion Plea

POLARIOD CORP: Auction of Photos Nets $12.4 Million
PRES-LAHAINA SQUARE: Section 341(a) Meeting Scheduled for July 28
PRM REALTY: Has Until August 4 to File Reorganization Plan
REVLON INC: Files 2009 Annual Report for Profit Sharing Plan
RIVER WEST: Hearing for Competing Plans Set for July 30

RME EQUIPMENT: Case Summary & 8 Largest Unsecured Creditors
ROBERT N LUPO: U.S. Trustee Wants Case Converted to Chapter 7
ROBERT N LUPO: Cash Collateral Hearing Scheduled for June 29
ROBERT N LUPO: U.S. Trustee Forms 4-Member Creditors Committee
ROCKY MOUNTAIN: Gets 5-Year Probation for Illegal Exports

SAHARA ENEGY: Creditors Approve BIA Proposal
SHOPPES OF LAKESIDE: Section 341(a) Meeting Scheduled for July 21
SHOPPES OF LAKESIDE: Taps Bryan Mickler as Bankruptcy Counsel
SL GREEN: Court Dismisses Certain Legal Claims Made Against Firm
SMURFIT-STONE: Deregisters Unsold Stock Under Savings Plan

SMURFIT-STONE: Kruger Wants Claim vs. SSC Canada Allowed
SMURFIT-STONE: To Hold Call on Emergence on July 1
SOUTH BAY EXPRESSWAY: Valley Crest, 2 Others in Creditors' Panel
SOUTH BAY EXPRESSWAY: Wins Nod for Imperial as Fin'l Advisor
SPRINT NEXTEL: Reports Results of Exchange Offer for Stock Options

TAVERN ON THE GREEN: Remains Vacant; Food Carts May Be Set Up
TELIFONDA (CAYMAN): Reaches Settlement With Aurelio Resource
TRIBUNE CO: Examiner Seeks July 27 Extension of Report
TRUMP ENTERTAINMENT: Chapter 11 Examiner to Quit
US AIRWAYS: F. Holcombe Insists on Reserve for Claim

US AIRWAYS: Judge Hilton Remands Holcombe Case to Bankruptcy Court
US AIRWAYS: Stockholders Elect Board Members at Annual Meeting
USEC INC: Files 2009 Annual Report for Savings Program
VEBLEN WEST: Gets Final OK to Access AgStar's Cash Collateral
VISTEON CORP: UBS AG & Goldman Sachs Report Equity Stake

VYTERIS INC: Re-Elects Eight to Board of Directors
WASHINGTON MUTUAL: Objects to $5 Billion Putative Class Claim
WASHINGTON MUTUAL: Objects to Idaho's $1.6 Million Claim
WASHINGTON MUTUAL: Susman Godfrey Now Counsel to Equity Panel
WEINSTEIN CO: Goldman Sachs to Own Films in Restructuring Deal

WORLDSPACE INC: Sale to Yazmi USA Completed
YOUNG BROADCASTING: Ownership Transitioned to a Shareholder Group

* California Lawmakers Considers Bill on Defaulting Mortgages
* Public Company Filings Trail 2009 in Amount, Number

* BOOK REVIEW: The Executive Guide to Corporate Bankruptcy


                            *********


3 G PROPERTIES: Section 341(a) Meeting Scheduled for July 28
------------------------------------------------------------
The U.S. Trustee for the Eastern District of North Carolina will
convene a meeting of 3 G Properties, LLC's creditors on
July 28, 2010, at 10:00 a.m.  The meeting will be held at USBA
Creditors Meeting Room, Two Hannover Square, Room 610, 434
Fayetteville Street Mall, Raleigh, NC 27601.

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.

Wake Forest, North Carolina-based 3 G Properties, LLC, dba
Granville Park Partners, LLC, Lake Glad Road Commercial, LLC, dba
Lake Glad Road Partners, LLC, filed for Chapter 11 bankruptcy
protection on June 14, 2010 (Bankr. E.D. N.C. Case No. 10-04763).
Gregory B. Crampton, Esq., and Kevin L. Sink, Esq., at Nicholls &
Crampton, P.A., assist the Company in its restructuring effort.
The Company estimated its assets and debts at $10,000,001 to
$50,000,000.


ADVANTA CORP: Court Okays $106,000 Sale of BizEquity Corp.
----------------------------------------------------------
Advanta Corp., et al., sought and obtained authorization from the
Hon. Kevin J. Carey of the U.S. Bankruptcy Court for the District
of Delaware to sell the assets of BizEquity Corp. to EMG
Technologies, LLC, free and clear of liens, claims, and
encumbrances for $106,000.

The assets to be sold include:

     a. intellectual property;
     b. software and other code;
     c. Internet URLs and domain names;
     d. Web sites;
     e. customer, costs and other information;
     f. written technical information, date, and research and
        development information; and
     g. certain assumed contracts.

The assets to be sold exclude BizEquity's license to data from the
National Business Database of Experian Information Services under
an amendments, dated March 1, 2009, to the Business Marketing
Services Master Agreement, dated February 28, 2000, between
Experian Information Solutions, Inc., and Advanta Business Service
Corp.

At closing, BizEquity will pay amounts determined by the Court to
be necessary to cure monetary defaults, if any, and pay for all
actual or pecuniary losses that have resulted from any defaults,
under the assumed contracts, over and above a floor of $2,500.
The Buyer will be responsible for cure amounts up to the $2,500
floor.

As promptly as practicable after the Closing, BizEquity will be
required to either change its name or dissolve, and won't
otherwise be permitted to use in commerce the name "BizEquity
Corp."

Should BizEquity receive a superior company proposal and accept
it, then upon termination of its asset purchase agreement with the
Buyer, BizEquity will pay the Buyer a termination fee in an amount
equal to any and all-out-of-pocket fees, costs and expenses
incurred by the Buyer in connection with the negotiation,
drafting, execution and delivery of the APA, including the fees,
costs and expenses of the Buyer's advisors and legal counsel, as
reflected on invoices provided by the Buyer to BizEquity, by wire
transfer of immediately available funds no more than three
business days after the later of the date of the termination and
the date on which the Buyer provides BizEquity with wire transfer
instructions and invoices.

A copy of the APA is available for free at:

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

                       About Advanta Corp.

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

In June 2009, the Federal Deposit Insurance Corporation placed
significant restrictions on the activities and operations of
Advanta Bank Corp., a wholly owned subsidiary of the Company, as
the Bank's capital ratios were below required regulatory levels.

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


AE BIOFUELS: Posts $2.0 Million Net Loss for Q1 2010
----------------------------------------------------
AE Biofuels, Inc., filed its quarterly report on Form 10-Q,
reporting a net loss of $2.0 million on $2.2 million of revenue
for the three months ended March 31, 2010, compared with a net
loss of $2.5 million on $2.5 million of revenue for the same
period a year ago.

The Company's balance sheet as of March 31, 2010, showed
$20.8 million in assets, $25.9 million of liabilities, for a
stockholders' deficit of $5.2 million.

The Company has experienced losses and negative cash flow since
inception and currently has a working capital deficit and total
stockholders' deficit.  "These factors raise substantial doubt
about our ability to continue as a going concern."

"We have produced minimal gross profit, have less than one month
of operating cash, have incurred losses from inception through
March 31, 2010, and have negative working capital of $19,136,033."

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

               http://researcharchives.com/t/s?6546

Cupertino, Calif.-based AE Biofuels, Inc. (OTC BB: AEBF)
- http://www.aebiofuels.com/- is an international biofuels
company focused on the development, acquisition, construction and
operation of next-generation fuel grade ethanol and biodiesel
facilities, and the distribution, storage, and marketing of
biofuels.  The Company currently operates a biodiesel
manufacturing facility with a nameplate capacity of 55 million
gallons per year (MGY) in Kakinada, India and has a next-
generation integrated cellulose and starch ethanol demonstration
facility in Butte, Montana.


ALLEN PRINTING: Files for Chapter 11 Bankruptcy Protection
----------------------------------------------------------
Nashville, Tennessee-based print shop operator Allen Printing Co.
made a voluntary filing under Chapter 11 (Bankr. M.D. Tenn. Case
No. 10-06427), listing assets and debts of up to $10 million.

Brian Reisinger at Business Journal of Nashville reports that the
Company said "cooperative discussions" with major creditors
allowed the company to "walk confidently into the [Chapter 11]
process," though there is no completely pre-packaged
reorganization plan.


ALLEN PRINTING: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Allen Printing Company, Inc.
        415 Spence Ln
        Nashville, TN 37210

Bankruptcy Case No.: 10-06427

Chapter 11 Petition Date: June 21, 2010

Court: United States Bankruptcy Court
       Middle District of Tennessee (Nashville)

Judge: George C. Paine II

Debtor's Counsel: Elliott Warner Jones, Esq.
                  1600 Division Street
                  Suite 675
                  Nashville, TN 37203
                  Tel: (615) 916-5264
                  E-mail: elliott@elliottwarnerjones.com

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

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

A list of the Company's 20 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/tnmb10-06427.pdf

The petition was signed by Paul E. Heffington, co-owner.


ALMATIS B.V.: Has OK for Moelis as Investment Banker
----------------------------------------------------
Almatis B.V. and its debtor affiliates received the U.S.
Bankruptcy Court's authority to employ Moelis & Company LLC as
their investment banker effective as of April 30, 2010.

Remco de Jong, chief executive officer of Almatis, says Moelis is
qualified for the job since it has extensive experience in the
restructuring of distressed companies.  He adds that the firm is
familiar with the Debtors' business given its prior employment
with the Debtors.

As investment banker to the Debtors, Moelis will be tasked to:

  (1) review and analyze the Debtors' business plans and
      financial projections;

  (2) prepare and provide a written report stating its opinion
      of a valuation range of the Debtors to be used in their
      bankruptcy cases;

  (3) prepare a written liquidation analysis regarding the
      liquidation value of the Debtors and a comparison of
      recoveries to creditors under a potential restructuring
      plan and under a liquidation, and the firm's view
      regarding the feasibility of the plan;

  (4) offer testimony by its managing director or another
      professional acceptable to the Debtors as to such
      valuation, liquidation analysis and feasibility in
      hearings before the Court;

  (5) advise and attend meetings with the Debtors, their
      advisers and other concerned parties; and

  (6) provide general investment banking advice regarding the
      Debtors' bankruptcy cases.

The Debtors intend to pay Moelis a monthly fee of $150,000 for the
first three months after the Petition Date.  If the employment
expires or is terminated prior to the fourth month, the firm will
receive a $150,000 fee for that month.  For the next three months
thereafter, Moelis will not receive a monthly fee.

For the eighth month after April 30, 2010, and for each succeeding
month, Moelis will receive a $150,000 monthly fee until its
employment expires or is terminated.

In addition to payment of fees, the Debtors will indemnify and
reimburse Moelis for its necessary expenses.

Jared Dermont, managing director at Moelis, assures the Court that
his firm does not hold or represent interest adverse to the
Debtors, and is a "disinterested person" under Section 101(14) of
the Bankruptcy Code.

                       About Almatis Group

Alamtis B.V., and its affiliates filed for Chapter 11 on April 30,
2010 (Bankr. S.D.N.Y. Lead Case No. 10-12308).  Almatis B.V.
estimated assets of US$500 million to US$1 billion and debts of
more than US$1 billion as of the bankruptcy filing.

Almatis, operationally headquartered in Frankfurt, Germany, is a
global leader in the development, manufacture and supply of
premium specialty alumina products.  With nearly 900 employees
worldwide, the company's products are used in a wide variety of
industries, including steel production, cement production, non-
ferrous metal production, plastics, paper, ceramics, carpet
manufacturing and electronic industries.  Almatis operates nine
production facilities worldwide and serves customers around the
world.  Until 2004, the business was known as the chemical
business of Alcoa.  Almatis is now owned by Dubai International
Capital LLC, the international investment arm of Dubai Holding.

Michael A. Rosenthal, Esq., at Gibson, Dunn & Crutcher LLP, serves
as counsel to the Debtors in the Chapter 11 cases.  Linklaters LLP
is the special English and German counsel and De Brauw Blackstone
Westbroek N.V. is Dutch counsel.  Epiq Bankruptcy Solutions, LLC,
serves as claims and notice agent.

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


ALMATIS B.V.: Restructuring Won't Be Affected by DIC Woes
---------------------------------------------------------
Dubai International Capital LLC, the owner of Almatis, said its
proposal for a three-month extension to repay its debt will not
affect the current restructuring process undertaken by Almatis,
according to a report by the International Financing Review.

A DIC spokesperson said the repayment problem will have no impact
on the refinancing proposal DIC is working on for Almatis or on
Almatis' own funding, IFR reported.

DIC has asked its lenders for a debt extension so that it could
implement a "consensual longer term plan" that would allow it to
"maximize the value of its business for the benefit of all its
stakeholders.

DIC has $2.6 billion of debt maturing by 2011, with $1.25 billion
falling due this month, according to a report by The Wall Street
Journal.

                       About Almatis Group

Alamtis B.V., and its affiliates filed for Chapter 11 on April 30,
2010 (Bankr. S.D.N.Y. Lead Case No. 10-12308).  Almatis B.V.
estimated assets of US$500 million to US$1 billion and debts of
more than US$1 billion as of the bankruptcy filing.

Almatis, operationally headquartered in Frankfurt, Germany, is a
global leader in the development, manufacture and supply of
premium specialty alumina products.  With nearly 900 employees
worldwide, the company's products are used in a wide variety of
industries, including steel production, cement production, non-
ferrous metal production, plastics, paper, ceramics, carpet
manufacturing and electronic industries.  Almatis operates nine
production facilities worldwide and serves customers around the
world.  Until 2004, the business was known as the chemical
business of Alcoa.  Almatis is now owned by Dubai International
Capital LLC, the international investment arm of Dubai Holding.

Michael A. Rosenthal, Esq., at Gibson, Dunn & Crutcher LLP, serves
as counsel to the Debtors in the Chapter 11 cases.  Linklaters LLP
is the special English and German counsel and De Brauw Blackstone
Westbroek N.V. is Dutch counsel.  Epiq Bankruptcy Solutions, LLC,
serves as claims and notice agent.

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


ALMATIS B.V.: Wins Approval for E&Y as Tax Adviser
--------------------------------------------------
Almatis B.V. and its debtor affiliates received a U.S. Bankruptcy
Court order authorizing the employment of Ernst & Young
Belastingadviseurs LLP as their tax adviser effective as of April
30, 2010.

The Debtors want to tap Ernst & Young for tax advisory services in
connection with the implementation of their Chapter 11 plan.  E&Y
will also tasked to resolve the implications of the plan for
countries where the Debtors are located, and provide other
services upon agreement with the Debtors.

In return for its services, the firm will be paid on an hourly
basis and will be reimbursed for its expenses.  The E&Y
professionals expected to render services and their hourly rates
are:

    * E&Y The Netherlands

         Professionals             Hourly Rates
         -------------             ------------
         Hans Grimbergen              EUR795
         Tom Philibert                EUR543
         Sangini Sewmangal            EUR229

    * E&Y The United Kingdom

         Professionals             Hourly Rates
         -------------             ------------
         Reinout Kok                  EUR795

    * E&Y Germany

         Professionals             Hourly Rates
         -------------             ------------
         Ralf Eberhardt               EUR580
         Marco Huder                  EUR340

    * Ernst & Young USA

         Professionals             Hourly Rates
         -------------             ------------
         Charles Lenns                EUR821
         Heather Hudak                EUR645
         Jean Hepner                  EUR585
         Scott Syglowski              EUR581

The Debtors will indemnify E&Y for any claim arising from or in
connection with its employment.  The firm, however, will not be
indemnified for claims stemming from gross negligence, willful
misconduct or breach of its duties.

In a declaration, Hans Grimbergen, a partner at E&Y, assures the
Court that his firm does not have interest adverse to the Debtors'
estates, their creditors and equity security holders; and is a
"disinterested person" as the term is defined under Section
101(14) of the Bankruptcy Code.

                       About Almatis Group

Alamtis B.V., and its affiliates filed for Chapter 11 on April 30,
2010 (Bankr. S.D.N.Y. Lead Case No. 10-12308).  Almatis B.V.
estimated assets of US$500 million to US$1 billion and debts of
more than US$1 billion as of the bankruptcy filing.

Almatis, operationally headquartered in Frankfurt, Germany, is a
global leader in the development, manufacture and supply of
premium specialty alumina products.  With nearly 900 employees
worldwide, the company's products are used in a wide variety of
industries, including steel production, cement production, non-
ferrous metal production, plastics, paper, ceramics, carpet
manufacturing and electronic industries.  Almatis operates nine
production facilities worldwide and serves customers around the
world.  Until 2004, the business was known as the chemical
business of Alcoa.  Almatis is now owned by Dubai International
Capital LLC, the international investment arm of Dubai Holding.

Michael A. Rosenthal, Esq., at Gibson, Dunn & Crutcher LLP, serves
as counsel to the Debtors in the Chapter 11 cases.  Linklaters LLP
is the special English and German counsel and De Brauw Blackstone
Westbroek N.V. is Dutch counsel.  Epiq Bankruptcy Solutions, LLC,
serves as claims and notice agent.

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


ALMATIS B.V.: Wins OK to Hire Cash Management Adviser
-----------------------------------------------------
Almatis B.V. and its affiliated debtors received permission from
the U.S. Bankruptcy Court to employ Talbot Hughes McKillop LLP as
their cash management adviser effective April 30, 2010.

The Debtors tapped the services of the firm to review and to
assist them in preparing cash forecasting and analysis reports,
presentations required in connection with their restructuring and
other reporting obligations.  Talbot will also be tasked to
assist the Debtors in responding to information requests from
creditors and their advisers, and assist the executive management
in implementing the steps to complete the restructuring.

Talbot Hughes will be paid for its services on an hourly basis
and will be reimbursed for its necessary expenses.  The hourly
rates of the firm's professionals are:

  Professionals                       Hourly Rates
  -------------                     ---------------
  Partners                          GBP625 - GBP795
  Directors                         GBP545
  Associates/Senior Associates      GBP350 - GBP495
  Support Staff                     GBP85

The Debtors, with Court approval, also propose to indemnify the
firm for any claim arising in connection with its employment.
Talbot Hughes, however, will not be indemnified for any claim
arising from its gross negligence, willful misconduct or breach
of duties.

"[Talbot's] professionals are well qualified to act on the
Debtors' behalf, given their extensive experience and expertise
in the restructuring process and their knowledge of the Debtors'
business," says Almatis Chief Executive Remco de Jong.

Talbot Hughes specializes in crisis stabilization and cash
management, financial restructuring, among other things.  The
firm has served as financial restructuring adviser to many other
bankrupt companies and is also familiar with the Debtors'
businesses and financial affairs in light of its previous
employment with the Debtors, according to Mr. de Jong.

In a declaration, Dean Merritt, Esq., a partner at Talbot, has
assured the Court that the firm does not hold or represent
interest adverse to the Debtors, and that it is a "disinterested
person " under Section 101(14) of the Bankruptcy Code.

                       About Almatis Group

Alamtis B.V., and its affiliates filed for Chapter 11 on April 30,
2010 (Bankr. S.D.N.Y. Lead Case No. 10-12308).  Almatis B.V.
estimated assets of US$500 million to US$1 billion and debts of
more than US$1 billion as of the bankruptcy filing.

Almatis, operationally headquartered in Frankfurt, Germany, is a
global leader in the development, manufacture and supply of
premium specialty alumina products.  With nearly 900 employees
worldwide, the company's products are used in a wide variety of
industries, including steel production, cement production, non-
ferrous metal production, plastics, paper, ceramics, carpet
manufacturing and electronic industries.  Almatis operates nine
production facilities worldwide and serves customers around the
world.  Until 2004, the business was known as the chemical
business of Alcoa.  Almatis is now owned by Dubai International
Capital LLC, the international investment arm of Dubai Holding.

Michael A. Rosenthal, Esq., at Gibson, Dunn & Crutcher LLP, serves
as counsel to the Debtors in the Chapter 11 cases.  Linklaters LLP
is the special English and German counsel and De Brauw Blackstone
Westbroek N.V. is Dutch counsel.  Epiq Bankruptcy Solutions, LLC,
serves as claims and notice agent.

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


ALMATIS B.V.: Negotiations on Prepack Not Privileged
----------------------------------------------------
Bill Rochelle at Bloomberg News reports that at the behest of
junior lenders, U.S. Bankruptcy Judge Martin Glenn has ordered
Almatis B.V. to produce documents about negotiations leading up to
the agreement on its prepackaged plan.  Almatis on July 19 is
scheduled to seek confirmation of a plan negotiated with holders
of first-lien debt.  The plan is opposed by second-lien and
mezzanine debt holders who would almost be wiped out under the
plan.

Judge Glenn, according to the report, rejected the first lien
lenders' arguments that that documents need not be produced under
the so-called common interest doctrine.  Judge Glenn pointed out
that the agreement on the plan was negotiated at arm's length
between the senior lenders and Almatis.

Mr. Rochelle notes that the decision is important because it
requires disclosure of documents created in the give-and-take
during negotiations on a bankruptcy reorganization plan.

                       About Almatis Group

Alamtis B.V., and its affiliates filed for Chapter 11 on April 30,
2010 (Bankr. S.D.N.Y. Lead Case No. 10-12308).  Almatis B.V.
estimated assets of US$500 million to US$1 billion and debts of
more than US$1 billion as of the bankruptcy filing.

Almatis, operationally headquartered in Frankfurt, Germany, is a
global leader in the development, manufacture and supply of
premium specialty alumina products.  With nearly 900 employees
worldwide, the company's products are used in a wide variety of
industries, including steel production, cement production, non-
ferrous metal production, plastics, paper, ceramics, carpet
manufacturing and electronic industries.  Almatis operates nine
production facilities worldwide and serves customers around the
world.  Until 2004, the business was known as the chemical
business of Alcoa.  Almatis is now owned by Dubai International
Capital LLC, the international investment arm of Dubai Holding.

Michael A. Rosenthal, Esq., at Gibson, Dunn & Crutcher LLP, serves
as counsel to the Debtors in the Chapter 11 cases.  Linklaters LLP
is the special English and German counsel and De Brauw Blackstone
Westbroek N.V. is Dutch counsel.  Epiq Bankruptcy Solutions, LLC,
serves as claims and notice agent.

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


AMERICAN APPAREL: NYSE Amex Grants Aug. 16 Extension for Plan
-------------------------------------------------------------
American Apparel, Inc., received a letter from the NYSE Amex LLC
that the Exchange accepted the Company's previously submitted plan
of compliance and, pursuant to such plan, has granted the company
an extension until August 16, 2010, to regain compliance with its
continued listing standards.

As previously disclosed, on May 18, the Company received a letter
from the Exchange stating that the company's timely filing of its
Quarterly Report on Form 10-Q for the quarter ended March 31, 2010
is a condition for the Company's continued listing on the
Exchange, as required by Sections 134 and 1101 of the Exchange's
Company Guide, and that the Company's failure to timely file the
Form 10-Q is a material violation of the Company's listing
agreement with the Exchange.

The letter from the Exchange provided that the Company must submit
to the Exchange by June 1, a plan to bring the Company in
compliance with Sections 134 and 1101 of the Company Guide by no
later than August 16, or it would be subject to delisting
procedures.  On June 1, the company submitted its plan of
compliance to the Exchange.  On June 17, the Company received a
letter from the Exchange stating that the Exchange completed its
review of the company's compliance plan and granted the Company an
extension until August 16, for the company to file the Form 10-Q.

The Company will be subject to periodic reviews by the Exchange
during the extension period.  Failure to make progress consistent
with the plan or to regain compliance with continued listing
standards by the end of the extension period could result in the
company being delisted from the Exchange.

Although no assurances may be given in this regard, the Company
currently expects to complete the preparation and review of the
financial statements and related disclosures for the Form 10-Q and
file the Form 10-Q prior to July 16, 2010, but in any event, by no
later than August 16, 2010.

                      About American Apparel

American Apparel is a vertically integrated manufacturer,
distributor, and retailer of branded fashion basic apparel based
in downtown Los Angeles, California. As of June 15, 2010, American
Apparel employed approximately 10,000 people and operated over 280
retail stores in 20 countries, including the United States,
Canada, Mexico, Brazil, United Kingdom, Ireland, Austria, Belgium,
France, Germany, Italy, the Netherlands, Spain, Sweden,
Switzerland, Israel, Australia, Japan, South Korea, and China.
American Apparel also operates a leading wholesale business that
supplies high quality T-shirts and other casual wear to
distributors and screen printers.


AMERICAN CAPITAL: Escapes Bankruptcy with Sufficient Tenders
------------------------------------------------------------
American Capital, Ltd., said Wednesday it has received a
sufficient number of tenders to complete its private offers to
exchange outstanding unsecured public and private notes for cash
payments and new secured notes and the related consent
solicitation of its outstanding public notes.  The Company is
extending the expiration time of the Exchange Offers for three
days to satisfy all closing conditions to the Exchange Offers.

The Company is not extending the voting deadline for the Company's
solicitation of votes to accept a standby plan of reorganization,
which expired on June 22, 2010.  Because the Company anticipates
satisfying the conditions to the Exchange Offers after the new
expiration time, it does not intend to proceed with the Standby
Plan.

The Company has received tenders representing approximately 98% of
the aggregate principal amount outstanding of the Company's
unsecured public 6.85% Senior Notes due August 1, 2012.  This
exceeds the 85% minimum tender requirement (subject to reduction
under certain circumstances) that is a condition to consummating
the Exchange Offers.  The indenture relating to the new secured
notes contains additional closing conditions, which must be
satisfied in order for the Company to complete the Exchange
Offers.  In extending the expiration time, the Company is
targeting an announcement on June 28, 2010 that it has accepted
the Exchange Offers, has satisfied these conditions and is closing
the Exchange Offers on such date, or as soon as practicable
thereafter.

The Exchange Offers and the Consent Solicitation were previously
scheduled to expire at 11:59 p.m., New York City time, on June 22,
2010 (as previously extended on June 9, 2010).  The Exchange
Offers and the Consent Solicitation have now been extended until
5:00 p.m., New York City time, on June 25, 2010, unless further
extended or earlier terminated.

There is no right to withdraw public and private notes that were
tendered on or prior to June 22, 2010 and there will be no right
to withdraw public and private notes that are subsequently
tendered. All other terms of the Exchange Offers and the Consent
Solicitation remain unchanged.  Holders of public notes who have
not tendered in the Exchange Offers continue to have the right to
tender their notes.

The Company has been advised of the following information by, as
applicable, the exchange agent for the Exchange Offers and the
voting agent for the Standby Plan, as of 11:59 p.m. New York City
time on June 22, 2010:

    * With regard to lenders under the Company's existing credit
agreement, whose approximately $1.4 billion of claims constitute
Class 3, Existing Credit Agreement Claims, under the Standby Plan,
all of the lenders by outstanding principal amount participated in
the solicitation of votes for the Standby Plan, with 100% in
principal amount and 100% in number of votes cast supporting the
Standby Plan. In connection with a restructuring of the credit
agreement, lenders with approximately 49% in principal amount have
elected to have their loans repaid in cash and approximately 51%
in principal amount have elected to become lenders in an amended
credit agreement or receive new secured notes in payment for their
loans.

    * With regard to the holders of the Company's unsecured
private notes, whose approximately $406 million in claims
constitute Class 4, Private Notes Claims, under the Standby Plan,
approximately 63.7% of holders by outstanding principal amount
participated in the solicitation of votes for the Standby Plan, of
which 100% in principal amount and 100% in number of votes cast
supported the Standby Plan. With regard to the Exchange Offers,
the following unsecured private notes have been tendered:

         -- $83.7 million in aggregate principal amount
            (100%) of outstanding 5.92% Senior Notes,
            Series A due September 1, 2009.

         -- $94.9 million in aggregate principal amount
            (100%) of outstanding 6.46% Senior Notes,
            Series B due September 1, 2011.

         -- $134.2 million in aggregate principal amount
            (100%) of outstanding 6.14% Senior Notes,
            Series 2005-A due August 1, 2010.

         -- Euro 14.8 million in aggregate principal amount
            (100%) of outstanding 5.177% Senior Notes,
            Series 2006-A due February 9, 2011.

         -- 3.3 million pounds Sterling in aggregate principal
            amount (100%) of outstanding 6.565% Senior Notes,
            Series 2006-B due February 9, 2011.

Holders of $71 million in aggregate principal amount of the
foregoing unsecured private notes have elected to receive new
secured notes, while holders of $265 million in aggregate
principal amount have elected to receive cash in payment for their
notes.  None of the $75 million of outstanding Floating Rate
Senior Notes, Series 2005-B due October 30, 2020, have been
tendered.

    * With regard to the holders of the Public Notes, whose
approximately $550 million in claims constitute Class 6, Public
Notes Claims, under the Standby Plan, approximately 79.7% of
holders by outstanding principal amount participated in the
solicitation of votes for the Standby Plan, of which approximately
74.8% in principal amount and 46% in number of votes cast
supported the Standby Plan. With regard to the Exchange Offers,
$539 million in aggregate principal amount (approximately 98%) of
outstanding unsecured public notes have been tendered and the same
percentage has voted in favor of the Consent Solicitation. Holders
of $536 million in aggregate principal amount have elected to
receive new secured notes, while holders of $3 million in
aggregate principal amount have elected to receive cash in payment
for their notes.

    * With regard to the holders of the Company's outstanding swap
agreements, whose claims constitute Class 7, Swap Claims, under
the Standby Plan, all of the holders by notional amount
participated in the solicitation of votes for the Standby Plan,
with 100% in notional amount and 100% in number of votes cast
supporting the Standby Plan.

                      About American Capital

Bethesda, Maryland-based American Capital, Ltd. (Nasdaq: ACAS) --
http://www.americancapital.com/-- is a publicly traded private
equity firm and global asset manager.  American Capital, both
directly and through its asset management business, originates,
underwrites and manages investments in middle market private
equity, leveraged finance, real estate and structured products.
Founded in 1986, American Capital has $14 billionin capital
resources under management and eight offices in the U.S., Europe
and Asia.


ASAP ENTERPRISES: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: ASAP Enterprises of Sarasota, Inc.
        dba ASAP Rental Equipment & Sales
        5377 McIntosh Rd
        Sarasota, FL 34233

Bankruptcy Case No.: 10-14817

Chapter 11 Petition Date: June 21, 2010

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

Debtor's Counsel: Richard J. McIntyre, Esq.
                  McIntyre, Panzarella, Thanasides & Eleff
                  6943 East Fowler Avenue
                  Temple Terrace, FL 33617
                  Tel: (813) 899-6059
                  Fax: (813) 899-6069
                  E-mail: rich@mcintyrefirm.com

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

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

A list of the Company's 20 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/flmb10-14817.pdf

The petition was signed by Carl Castoro, chief executive officer.


ATHENS HOLIDAY: Case Summary & 2 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Athens Holiday Group, LLC
        P.O. Box 6018
        Oak Ridge, TN 37831-6018

Bankruptcy Case No.: 10-32950

Chapter 11 Petition Date: June 21, 2010

Court: United States Bankruptcy Court
       Eastern District of Tennessee (Knoxville)

Judge: Richard Stair Jr.

Debtor's Counsel: Thomas Lynn Tarpy, Esq.
                  Hagood, Tarpy & Cox PLLC
                  Suite 2100, Riverview Tower
                  900 South Gay Street
                  Knoxville, TN 37902-1537
                  Tel: (865) 525-7313
                  E-mail: ltarpy@htandc.com

Scheduled Assets: $3,900,000

Scheduled Debts: $2,450,000

A list of the Company's 2 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/tneb10-32950.pdf

The petition was signed by Charles B. Hicks, member.


BANKRATE INC: Moody's Assigns 'B2' Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service assigned Bankrate, Inc., a B2 Corporate
Family Rating, B1 Probability of Default Rating, and a B2 rating
to the company's proposed $280 million senior secured notes due
2015.  These first time ratings are assigned in connection with
Bankrate's proposed acquisitions of NetQuote, Inc., and
CreditCards.com for a combined purchase price of approximately
$350 million.  Proceeds from the notes, an incremental $80 million
investment by equity sponsor Apax Partners, and existing cash will
be utilized to fund the purchase of the equity and refinance the
debt of NetQuote and CreditCads, and pay transaction fees and
expenses.  In conjunction with the transactions, approximately
$238 million of existing Bankrate subordinated shareholder notes
will be converted into preferred stock.  The acquisitions improve
Bankrate's scale in online credit card and insurance product
information and will approximately double the company's revenue
base.  The rating outlook is stable.

Assignments:

Issuer: Bankrate, Inc.

  -- Corporate Family Rating, Assigned B2

  -- Probability of Default Rating, Assigned B1

  -- Senior Secured Regular Bond/Debenture, Assigned B2, LGD4 -
     66%

Outlook Actions:

Issuer: Bankrate, Inc.

  -- Outlook, Assigned Stable

Bankrate's B2 CFR reflects the company's strong brand and good
market position in online consumer finance advertising, high
leverage following the acquisitions, integration risks given the
significant scale of the acquisitions, exposure to highly cyclical
client advertising spending, and event risks related to
acquisitions and cash distributions or leveraging actions by the
equity sponsor.  The company has built a large audience of
consumers searching for interest rate and other consumer finance
product data, which Bankrate collects and posts in a variety of
online and traditional media outlets.  The audience of consumers
close to a purchase decision attracts marketing spending by a wide
variety of financial institutions seeking to generate customer
leads.  Bankrate's ability to generate high value leads and
facilitate transactions for its marketing partners drives the
majority of its revenue.  Client marketing spending is highly
sensitive to cyclical downturns in consumer spending and factors
such as changes in interest rates that can materially affect
demand for consumer finance products but are outside of the
company's control.

Moody's does not consider the consumer rate and finance
information as exclusive and entry barriers are low for online
businesses.  The relationships with financial data providers and
scope and depth of the online databases (encompassing more than
3 million pieces of information daily) would nevertheless take
time to replicate, which provides some near term protection from
competitors.  Bankrate's ability to drive a large majority of the
traffic to its websites at no cost through search engine marketing
enhances its margins, but is a potential risk should the cost of
that traffic increase significantly.

Bankrate has grown aggressively through acquisitions since the
current CEO arrived in 2004, but the size of the proposed
acquisitions is much larger than the company has taken on
previously.  Moody's believes the enhancement to Bankrate's scale
and market position as a result of the acquisitions is mitigated
in the near term by integration risk and the financial leverage
resulting from the incremental debt.

Debt-to-EBITDA leverage is high following the acquisitions
(approximately 5.7x LTM 3/31/10 pro forma for the acquisitions,
incorporating Moody's standard adjustments including partial debt
treatment of the holding company preferred stock, excluding
certain costs from EBITDA that will fall away as a result of the
acquisition, and prior to the company's estimate of synergies).
Moody's expects the recovery in client marketing spending from
recent cyclical lows and realization of acquisition synergies will
reduce leverage to a 5x range over the next 12-18 months.  The
company has a sizable pro forma cash position, but the majority of
that cash relates to an accrual for dissenting shareholders in
Apax' September 2009 acquisition.  Moody's believes the absence of
a revolver weakens Bankrate's liquidity position, which is exposed
to volatile client marketing spending.  Moody's expects the
company will generate moderate free cash flow and there are no
required debt payments over the next 12 months or financial
maintenance covenants.  Bankrate faces refinancing risk at the
2015 note maturity date and will be exposed to prevailing market
conditions if the cash balance is not built up as the maturity
approaches.

The stable rating outlook reflects Moody's expectation that
Bankrate will generate modest free cash flow and reduce leverage
as client spending recovers from recessionary levels and that
consumer finance interest rates will increase only modestly over
the next 12-18 months.  Moody's anticipates that dissenting
shareholder payment will be made within the next 12-18 months, and
that Bankrate will utilize a portion of its free cash flow for
acquisitions.  Moody's does not expect in the rating that there
will be sizable acquisitions or cash distributions to shareholders
within the next 12-18 months.

The B2 rating and LGD4-66% assessment on Bankrate's proposed
senior secured notes reflects the first priority lien on
substantially all of the assets of Bankrate and its operating
subsidiaries.  The company does not plan to put in place a
revolver in the near term and the note is the only debt
instrument.  Because of the single debt class and lack of
financial maintenance covenants, Moody's utilizes a 65% mean
family loss assumption in accordance with the Loss Given Default
notching methodology, which results in a Probability of Default
Rating of B1 that is one notch higher than the B2 CFR.

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

Bankrate, headquartered in North Palm Beach, FL, is a privately
owned network of consumer banking and personal finance websites,
which provides information on many finance related matters
including mortgages, credit cards, auto loans, money market
accounts, certificates of deposit, and home equity loans.
Bankrate was acquired by private equity investment group, Apax
Partners in September 2009 for approximately $555.  Bankrate's
revenue for the 12 months ended March 31, 2010 pro forma for the
NetQuote and CreditCards acquisitions was approximately
$258 million.


BARNES INC: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Barnes Inc.
        dba Prospector Saloon and Gaming Parlor
        fka Prospector Casino
        P.O. Box 477
        Black Eagle, MT 59414

Bankruptcy Case No.: 10-61483

Chapter 11 Petition Date: June 21, 2010

Court: United States Bankruptcy Court
       U.S. Bankruptcy Court, District of Montana (Butte)

Judge: Ralph B. Kirscher

Debtor's Counsel: Steven M. Johnson, Esq.
                  P.O. Box 1645
                  Great Falls, MT 59403
                  Tel: (406) 761-3000
                  E-mail: sjohnson@chjw.com

Scheduled Assets: $1,036,625

Scheduled Debts: $1,524,362

A list of the Company's 20 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/mtb10-61483.pdf

The petition was signed by Jack Barnes, company's president.


BLANCA LLC: Has Until Monday to File Plan of Reorganization
-----------------------------------------------------------
The Hon. Barry Russel of the U.S. Bankruptcy Court for the Central
District of California directed Blanca, LLC, to file a Plan of
Reorganization and explanatory Disclosure Statement by June 28,
2010.

Downey, California-based Blanca, LLC, filed for Chapter 11
bankruptcy protection on February 23, 2010 (Bankr. C.D. Calif.
Case No. 10-16519).  Carolyn A. Dye, Esq., who has an office in
Los Angeles, California, assists the Company in its restructuring
effort.


BLANCA LLC: Hearing on Cash Collateral Access Set for July 20
-------------------------------------------------------------
The Hon. Barry Russel of the U.S. Bankruptcy Court for the Central
District of California, in a third interim order, authorized
Blanca, LLC, to use the cash collateral in which East West Bank
and Bank of the West claim an interest in.

A continued hearing on the Debtor's continued access to the cash
collateral will be held on July 20, 2010, at 2:00 p.m. at
Courtroom 1668, 255 East Temple Street, Los Angeles, California.
Objections, if any, are due on before 4:00 p.m. on July 10.

The cash collateral consists of proceeds, products, rents or
profits of properties located in 5831 Firestone Blvd., Southgate,
California; 8077 Florence Ave., Downey, California; and 4705
Durfee Ave., Pico Rivera, California.

The Debtor will use the cash collateral postpetition to fund its
business operations.  The Debtor will also use the excess rents
from each property to pay debt service to the respective lenders
as funds are available.

The Debtor said that the preservation and enhancement of the
collateral resulting from the Debtor's ongoing operations affords
adequate protection to secured parties.

                          About Blanca LLC

Downey, California-based Blanca, LLC, filed for Chapter 11
bankruptcy protection on February 23, 2010 (Bankr. C.D. Calif.
Case No. 10-16519).  Carolyn A. Dye, Esq., who has an office in
Los Angeles, California, assists the Company in its restructuring
effort.


BOSTON SCIENTIFIC: Moody's Retains 'Ba1' Ratings & Stable Outlook
-----------------------------------------------------------------
Moody's commented that Boston Scientific Corporation's Ba1 ratings
and stable outlook remain unchanged at this time following the
company's announcement that it has put in place a new $2.0 billion
3-year revolver and $1.0 billion 3-year term loan.

The last rating action on Boston Scientific was taken on
February 1, 2010, when Moody's affirmed Boston Scientific's
ratings and stable outlook following the announced $1.75 billion
litigation settlement with Johnson & Johnson.

Boston Scientific Corporation, headquartered in Natick,
Massachusetts, is a worldwide developer, manufacturer and marketer
of medical devices, specializing in a broad range of
interventional and cardiac rhythm management devices.


BRIARWOOD CAPITAL: Wants Plan Exclusivity Extended Until August 27
------------------------------------------------------------------
Briarwood Capital, LLC, asks the U.S. Bankruptcy Court for the
Southern District of California to extend its exclusive periods to
file and solicit acceptances for the proposed Chapter 11 Plan
until August 27, 2010, and October 26, respectively.

The Debtor proposes a hearing on its exclusivity on August 9, at
11:00 a.m. before the Hon. Peter W. Bowie.

Rancho Santa Fe, California-based Briarwood Capital, LLC, filed
for Chapter 11 bankruptcy protection on February 23, 2010 (Bankr.
S.D. Calif. Case No. 10-02677).  Jeffry A. Davis, Esq., at Mintz
Levin Cohn Ferris Glovsky & Popeo, assists the Company in its
restructuring effort.  In its schedules, the Debtor disclosed
$292,798,759 in total assets against $18,563,641 in total
liabilities.


BROADSTRIPE LLC: Seeks to Sell Cable Systems for $1,200
-------------------------------------------------------
Bill Rochelle at Bloomberg News reports that Broadstripe LLC is
seeking permission from the Bankruptcy Court to sell several small
money-losing cable systems in the Washington, D.C., area for
$1,200 to New Day Broadband LLC.  Broadstripe said there were no
other offers except from buyers wanting to purchase other
operations the company doesn't want to sell.  Broadstripe added
that if the cable systems aren't sold, it would incur $273,000 in
costs to tear down the systems in compliance with local
regulations.  A hearing on the request is scheduled for July 1.

Bloomberg notes that Broadstripe will lose its exclusive right to
propose a Chapter 11 plan after July 2, when it completes its 18th
month in bankruptcy.  The Company has been unable to confirm a
plan in view of a suit where the unsecured creditors' committee
contends that secured lenders' claims should be subordinated or
recharacterized as equity.

                      About Broadstripe LLC

Headquartered in Chesterfield, Missouri, Broadstripe LLC --
http://www.broadstripe.com/-- provides videos and telephone
services to consumers and business in Maryland, Michigan,
Washington and Oregon.  The Company and five of its affiliates
filed for Chapter 11 protection on January 2, 2009 (Bankr. D. Del.
Lead Case No. 09-10006).  Attorneys at Ashby & Geddes, and Gardere
Wynne Sewell LLP represent the Debtors in their restructuring
efforts.  The Debtors tapped FTI Consulting Inc. as their
restructuring consultant, and Epiq Bankruptcy Consultants LLC as
their claims agent.  In its petition, Broadstripe listed assets
and debts between $100 million and $500 million.


C BEAN: Gets Court Final Okay to Use Cash Collateral
----------------------------------------------------
C. Bean Transport, Inc., sought and obtained interim and final
approval from the U.S. Bankruptcy Court for the Western District
of Arkansas to use cash collateral from April until November 15,
2010 or confirmation of the Debtor's Plan of Reorganization by a
final, nonappealable order, whichever comes first, or at a later
date to which Bank Midwest, N.A., and Financial Federal Credit,
Inc., may stipulate in a written notice to the Debtor's counsel of
record in this case without further notice to creditors or order
of the Court.

Bank Midwest holds a first lien on the Debtor's property known as
the 271 Warehouse Property as well as all rents from the leases
entered into with respect to the property covered by a mortgage.

In August 2006, Bank Midwest made a $2,040,800 loan to the Debtor.
To secure payment of the loan, the Debtor executed a mortgage
encumbering the 271 Warehouse Property.  In June 2009, Bank
Midwest made an additional $175,000 loan to the Debtor for the
purpose of making repairs to the improvements constructed on the
271 Warehouse Property covered by the Mortgage.

In February 2009, Financial Federal filed its mortgage, whereby
the Debtor granted to FFCI a mortgage to secure repayment of
certain obligations of the Debtor and others to Financial Federal.
The mortgage includes within its terms an Assignment of Rents,
Issues and Profits.

The Debtor will use the cash collateral to fund the operation of
the 271 Warehouse Property, and pursuant to a budget, a copy of
which is available for free at:

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

The Debtor will make payments to Bank Midwest in the amount of
$8,500 per month beginning April 15, 2010, and continuing on the
15th day of each successive month, which sums shall be applied to
the amounts due and owing under the 6974 Renewal Note and the 0131
Note.

Amity, Arkansas-based C. Bean Transport, Inc., filed for Chapter
11 bankruptcy protection on March 17, 2010 (Bankr. W.D. Ark. Case
No. 10-71360).  Chad J. Kutmas, Esq., at Doerner, Saunders, Daniel
& Anderson, LLP, assists the Company in its restructuring effort.
The Company estimated its assets and debts at $10,000,001 to
$50,000,000.


CANWEST GLOBAL: Can't Agree With Shareholders on TV Assets Sale
---------------------------------------------------------------
Canwest Global Communications Corp. and a group of shareholders
failed to reach an agreement on a proposal to sell the company's
television assets to Shaw Communications Inc., according to a
June 22 report by Bloomberg News.

The Honorable Justice Sarah E. Pepall of the Ontario Superior
Court of Justice called the dispute "ridiculous" and ordered
lawyers to resolve it outside the court, the report said.

Shareholders object to the sale of all of the television assets,
which would include Canwest's specialty TV unit, partly owned by
Goldman Sachs Group Inc.  Goldman Sachs agreed to sell its stake
for C$700 million.

Earlier, the shareholders led by former chief executive Leonard
Asper tried to block the C$2 billion deal by asking the Canadian
Court for another 30-day auction to solicit higher bids,
according to a report by lfpress.com.

The ad hoc committee of shareholders opposing the deal said the
initial auction process to sell Canwest's television assets was
flawed and therefore yielded a low sale price.

The auction was initially designed to find a co-investor for
Goldman Sachs but in the end, Shaw's original offer to acquire a
20% voting stake in Canwest's television division became 100% of
the equity of the restructured broadcast company once Goldman
Sachs dropped out, lfpress.com reported.

"Rarely in the history of corporations do you have Boards that
agree to sell a company without having a competitive process,"
lfpress.com quoted Mr. Asper as saying.

"We're willing to let Shaw or somebody else buy the company as
long as they pay the market price," Mr. Asper said, noting that
creditors, retirees and suppliers of the company are being cut
short under the current deal.

Mr. Asper said he would be involved in making a bid for the
company's broadcast assets in case there would be a second
auction.

                      About Canwest Global

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

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

Monitor in the CCAA proceedings, sought protection in the United
States Bankruptcy Court under Chapter 15 of the United States
Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 09-15994) for
certain of the entities involved in Canwest's television business
that filed for protection under the CCAA, including Canwest,
Canwest Media Inc. and Canwest Global Broadcasting
Inc./Radiodiffusion Canwest Global Inc.  Judge Stuart M. Bernstein
presides over the Chapter 15 cases.  Evan D. Flaschen, Esq., at
Bracewell & Giuliani LLP, in Hartford, Connecticut, serves as
Chapter 15 Petitioner's counsel.  The Chapter 15 Debtors disclosed
estimated assets of $500 million to $1 billion and estimated debts
of $50 million to $100 million.  In a regulatory filing with the
U.S. Securities and Exchange Commission, Canwest Media disclosed
C$4,847,020,000 in total assets and C$5,826,522,000 in total
liabilities at May 31, 2009.  Bankruptcy Creditors' Service, Inc.,
publishes Canwest Bankruptcy News.  The newsletter tracks the CCAA
proceedings and Chapter 15 proceedings undertaken by Canwest
Global Communications Corp. and its affiliates
(http://bankrupt.com/newsstand/or 215/945-7000).


CANWEST GLOBAL: CMI Monitor Supports Creditors' Meeting
-------------------------------------------------------
FTI Consulting Canada Inc., the firm appointed to monitor the
assets of Canwest Global Communications Corp. and the other
applicants and partnerships -- the CMI Entities -- filed a report
in support of the CMI Entities' motion to conduct a meeting of
their creditors.

The CMI Entities earlier proposed to hold a creditors' meeting on
July 19, 2010, to consider and vote on a consolidated plan of
compromise and arrangement.  In connection to this, they also
asked the Canadian Court to approve the terms for the conduct of
and voting at the meeting, which include:

  (1) there will be two classes of creditors -- the 8%
      Noteholder Class and the Ordinary Creditor Class;

  (2) so-called Convenience Class Creditors will be deemed to
      vote in favor of the Plan;

  (3) FTI will tally the votes and the Plan will be deemed to be
      accepted by the required majority if it is approved by
      affected creditors present in person or represented by
      proxy or other voting instrument at the meetings holding
      claims totaling 66 2/3% in value and a majority in number
      of each class of creditors; and

(4) any vote will be binding on the affected creditors whether
     or not those creditors are present at the meeting.

FTI said it conducted a review of the proposed terms for the
conduct of and voting at the meeting, and that it agrees with the
CMI Entities that the proposed terms are fair and reasonable.

FTI also expressed support to the CMI Entities' motion to file
the Plan based on a deal with Shaw Communications Inc.

Shaw Communications earlier agreed to acquire 100% of the over-
the-air and specialty television businesses of Canwest Global for
about C$2 billion.  These include all of the equity interests in
CW Investments Co., the Canwest subsidiary that owns the
specialty television channels.

A full-text copy of FTI's report is available for free
at http://bankrupt.com/misc/Canwest_CMI_FTIReportJune17.pdf

                      About Canwest Global

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

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

Monitor in the CCAA proceedings, sought protection in the United
States Bankruptcy Court under Chapter 15 of the United States
Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 09-15994) for
certain of the entities involved in Canwest's television business
that filed for protection under the CCAA, including Canwest,
Canwest Media Inc. and Canwest Global Broadcasting
Inc./Radiodiffusion Canwest Global Inc.  Judge Stuart M. Bernstein
presides over the Chapter 15 cases.  Evan D. Flaschen, Esq., at
Bracewell & Giuliani LLP, in Hartford, Connecticut, serves as
Chapter 15 Petitioner's counsel.  The Chapter 15 Debtors disclosed
estimated assets of $500 million to $1 billion and estimated debts
of $50 million to $100 million.  In a regulatory filing with the
U.S. Securities and Exchange Commission, Canwest Media disclosed
C$4,847,020,000 in total assets and C$5,826,522,000 in total
liabilities at May 31, 2009.  Bankruptcy Creditors' Service, Inc.,
publishes Canwest Bankruptcy News.  The newsletter tracks the CCAA
proceedings and Chapter 15 proceedings undertaken by Canwest
Global Communications Corp. and its affiliates
(http://bankrupt.com/newsstand/or 215/945-7000).


CANWEST GLOBAL: Terms of Court-Approved Amended Plan
----------------------------------------------------
Canwest (Canada) Inc., Canwest Limited Partnership/Canwest
Societe en Commandite and certain of their subsidiaries -- the LP
Entities -- sought and obtained an order from the Ontario
Superior Court of Justice sanctioning and approving their amended
plan of compromise and arrangement.

The Honorable Justice Sarah E. Pepall of the Ontario Superior
Court of Justice issued the Sanction Order on June 18, 2010.  The
order came barely a week after more than 97% of the LP Entities'
unsecured creditors approved the amended plan.

"I view the restructuring as quite an achievement," The Financial
Post quoted Justice Pepall as telling a Toronto courtroom last
week.  "I am satisfied that the amended plan is fair and
reasonable."

In providing reasons for approving the deal, Justice Pepall
outlined why it satisfied the CCAA provisions.

"The secured debt of senior lenders will be paid in full.  There
is no better alternative for the unsecured creditors," The
Financial Post quoted Justice Pepall as saying.  She further said
that the amended plan will also preserve jobs and pension
benefits for "thousands of employees."

The LP Entities' amended plan is hinged on the offer made by the
ad hoc committee of holders of 9.25% senior subordinated notes to
acquire the LP Entities' assets as well as the shares of National
Post Inc. for about C$1.1 billion, including C$950 million in
cash funding.  The sale proceeds will be used to pay in full
about C$925 million owed by the LP Entities to their senior
secured lenders.

The terms of the ad hoc committee's bid are set forth in an asset
purchase agreement, which the LP Entities hammered out with
7535538 Canada Inc. and CW Acquisition Limited Partnership.  The
offer is scheduled to be finalized by July 12, 2010.

Under the amended plan, the total equity commitment of
C$250 million by the ad hoc committee will be for shares in a new
company, increasing the notional value of the equity of Newco to
C$400 million.  Affected creditors will receive 13 million shares
of Newco at C$11.54 per share while the ad hoc committee will
receive 27 million shares of Newco at C$9.26 per share.

The amended plan also provides that as much as C$130 million
representing up to 32.5% of the notional value of the equity will
be available to creditors with proven claims against the LP
Entities at the time of their emergence.  Creditors with claims
of less than C$1,000 will receive full cash payment while those
with claims of C$1,000 or more can elect to receive shares in
Newco on a pro rata basis or C$1,000 in cash.

                       Other Provisions

Pursuant to the June 18 Sanction Order, all affected claims
against the LP Entities will be compromised, discharged and
released; the ability of any person to proceed against the LP
Entities in respect of or relating to any affected claims will be
discharged and restrained; and all proceedings with respect to,
in connection with or relating to those claims will be
permanently stayed, subject only to the rights of the affected
creditors to receive distributions pursuant to the amended plan
and the Sanction Order.

The stay period granted under the Companies Creditors'
Arrangement Act was also extended to December 31, 2010,
conditional on the amended plan being implemented before July 30,
2010.

The Sanction Order authorized FTI Consulting Canada Inc., the
firm appointed to monitor the assets of the LP Entities to
administer the so-called "unsecured creditors' cash pool," which
will be held by the firm in escrow for the affected creditors
with proven and disputed claims equal to or less than $1,000, and
those with claims greater than $1,000 who have made a valid cash
election in accordance with the amended plan.

FTI was also authorized to administer the "unsecured creditors'
equity pool" with the share consideration issued by 7535538
Canada Inc. to Canwest Publishing Inc. in order to effect
distributions to the affected creditors with proven and disputed
claims greater than $1,000 who have not made a valid cash
election.  The firm will also maintain and administer the
disputed claims reserve in accordance with the amended plan.

                         Vesting Order

In connection with the amended plan, Justice Pepall issued a
vesting order on June 18, 2010, which provides for the vesting of
the acquired assets in 7536321 Canada Inc. or its nominee upon
delivery of a certificate stating that FTI has been advised that
all of the conditions to closing have been satisfied.

Full-text copies of the Sanction and Vesting Orders may be
accessed for free at:

       http://bankrupt.com/misc/Canwest_LP_SanctionOrder.pdf
       http://bankrupt.com/misc/Canwest_LP_VestingOrder.pdf

                      About Canwest Global

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

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

Monitor in the CCAA proceedings, sought protection in the United
States Bankruptcy Court under Chapter 15 of the United States
Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 09-15994) for
certain of the entities involved in Canwest's television business
that filed for protection under the CCAA, including Canwest,
Canwest Media Inc. and Canwest Global Broadcasting
Inc./Radiodiffusion Canwest Global Inc.  Judge Stuart M. Bernstein
presides over the Chapter 15 cases.  Evan D. Flaschen, Esq., at
Bracewell & Giuliani LLP, in Hartford, Connecticut, serves as
Chapter 15 Petitioner's counsel.  The Chapter 15 Debtors disclosed
estimated assets of $500 million to $1 billion and estimated debts
of $50 million to $100 million.  In a regulatory filing with the
U.S. Securities and Exchange Commission, Canwest Media disclosed
C$4,847,020,000 in total assets and C$5,826,522,000 in total
liabilities at May 31, 2009.  Bankruptcy Creditors' Service, Inc.,
publishes Canwest Bankruptcy News.  The newsletter tracks the CCAA
proceedings and Chapter 15 proceedings undertaken by Canwest
Global Communications Corp. and its affiliates
(http://bankrupt.com/newsstand/or 215/945-7000).


CC MEDIA: Mark Mays Steps Down as Chief Executive
-------------------------------------------------
CC Media Holdings, Inc., Clear Channel Communications, Inc.'s
indirect parent company, on June 23, 2010, said Mark P. Mays will
transition from his role as CC Media's and the Company's Chief
Executive Officer to the Chairman of CC Media and the Company.
The effective date for Mr. Mays' transition will occur upon the
hiring of a new Chief Executive Officer for CC Media and the
Company.  Mr. Mays will remain a director and employee of CC Media
and the Company.

In connection with this transition, on June 23, 2010, CC Media,
the Company and Mr. Mays entered into an amended and restated
employment agreement. In connection therewith and on June 23,
2010, CC Media and Mr. Mays entered into an amendment to Mr. Mays'
option agreement under which he previously was granted options to
purchase common stock of CC Media.

"After 21 wonderful years of building the industry leader that is
Clear Channel, I have made a personal decision to step away from
the chief executive role.  Clear Channel is well-positioned to
continue leading in the marketplace, and given the positive trends
I am seeing, I am very optimistic about the future of the
company," said Mr. Mays.  "As I've discussed with our Board, this
is an opportune time for a new CEO to work with the management
team in leading our terrific company forward, and I look forward
to executing a seamless transition."

"Mark Mays has made enormous contributions to Clear Channel as
President and CEO over the past six years, as he has throughout
his career with the company. We deeply appreciate his service to
the company, his leadership, and the remarkable foundation he has
built," said Scott M. Sperling, of THL Partners, and John
Connaughton, of Bain Capital, in a joint statement on behalf of
the Board.  "We are committed to identifying a world-class
executive who will just as capably and successfully lead this
great business into the future."

Mr. Mays has served as Chairman of the Board of Clear Channel
Communications since last year and as President and CEO since
October 2004.  Prior to that, Mr. Mays served in various roles at
the company, including Vice President and Treasurer, Senior Vice
President of Operations and later President and COO.

Joseph Plambeck, writing for The New York Times' Media Decoder,
relates Mr. Mays's brother, Randall, in 2009 stepped down as
president and chief financial officer at the company.  The
brothers are the sons of Lowry Mays, who built the company from a
single radio station into the country's largest radio broadcaster.

Mr. Mays will continue to lead the company as President and CEO
until a replacement is named, which is expected to be later this
year.

The Board has engaged Egon Zehnder International, a executive
search firm, to lead the search for a new CEO.

                About Clear Channel Communications

Clear Channel Communications, Inc. (OTCBB:CCMO) --
http://www.clearchannel.com/-- is a global media and
entertainment company specializing in mobile and on-demand
entertainment and information services for local communities and
premiere opportunities for advertisers. Based in San Antonio,
Texas, the company's businesses include radio and outdoor
displays.

Bain Capital and THL Partners paid $24 billion in 2008 to take
over the company.

                           *     *     *

As reported by the Troubled Company Reporter on February 16, 2010,
Moody's Investors Service upgraded Clear Channel Communications,
Inc.'s Corporate Family Rating to Caa2 from Caa3.  Moody's
upgraded Clear Channel's bank credit facilities to Caa1 from Caa2
and its speculative grade liquidity rating to SGL-2 from SGL-4.
Moody's also affirmed the Ca ratings of Clear Channel's senior
notes due 2016 (issued in connection with the company's leverage
buyout) and its legacy senior unsecured notes.  The upgrades
reflect Moody's expectation that while the company's capital
structure remains unsustainable in the intermediate-term, a full
restructuring or bankruptcy filing is no longer imminent.


CHEMTURA CORP: AIG Parties Have Civil Action vs. Canada Unit
------------------------------------------------------------
AIU Insurance Company and several of its affiliates commenced a
civil action against Chemtura Canada Co./CIE, an indirect
subsidiary of Chemtura Corporation, and Zurich Insurance Company,
in the Supreme Court of the State of New York in early February
2010.

The Civil Action seeks a declaratory judgment as to the insurance
coverage that AIG owes to Chemtura Canada for claims alleging
injury from exposure to diacetyl.  Chemtura Canada is covered
under insurance policies of Chemtura Corp., including the
insurance policies that are the subject of the Civil Action.
Accordingly, the Civil Action is directly targeted at Chemtura
Corp. and its insurance policies.

Richard M. Cieri, Esq., at Kirkland & Ellis LLP, in New York,
notes that AIG intended the Civil Action to "determine" Chemtura
Corp.'s rights and obligations under the insurance policies at
issue.

Chemtura Corp. represents that as of February 25, 2010, it owns,
directly or indirectly, at least 10% or more of the stock of
Chemtura Canada.

However, because Chemtura Corp. is under Chapter 11 protection,
having filed for bankruptcy in March 2009 in the Bankruptcy Court
for the Southern District of New York, the automatic stay
provision under Section 362 of the Bankruptcy Code preclude AIG
from including Chemtura Corp. in the Civil Action.

Chemtura Corp. insists that its insurance policies are property
of its bankruptcy estate and are an integral part of developing a
Chapter 11 plan of reorganization.  Mr. Cieri also points out
that any decisions about the coverage available to Chemtura
Canada will have an impact on Chemtura Corp.'s bankruptcy estate.

Mr. Cieri further laments that AIG instituted the Civil Action
only after Chemtura Corp. provided notice to AIG of more than 300
proofs of claim that had been filed against Chemtura Corp. in its
Chapter 11 case alleging injuries from exposure to diacetyl.


Against this backdrop, Chemtura Canada filed a notice of removal
on February 25, 2010, seeking to have all claims asserted in the
Civil Action removed to the U.S. District Court for the Southern
District of New York.

Mr. Cieri asserts that Chemtura Canada's request is warranted
pursuant Section 1334 of the Judiciary and Judicial Procedure,
which provides that the district court in which a case under
Chapter 11 is commenced or is pending will have exclusive
jurisdiction of all the property of the debtor as of the
commencement of the Chapter 11 case.

The District Court, Mr. Cieri maintains, has exclusive
jurisdiction over the Civil Action against Chemtura Canada
because Chemtura Canada is covered under Chemtura Corp.'s
insurance policies, and a debtor's insurance policies are assets
of its bankruptcy estate.

"Th[e] Notice of Removal is timely filed because it is within 30
days after AIG served the Civil Action on Chemtura Canada," Mr.
Cieri says.  He adds that "upon removal, the Civil Action will be
a core proceeding under [Section 157(b) of the Judiciary and
Judicial Procedure]."

            AIG Seeks to Remand Case to State Court

Pursuant to Rule 9027(e)(3) of the Federal Rules of Bankruptcy
Procedure, the AIG Parties deny Chemtura Canada's allegation that
upon removal, the Civil Action will be a core proceeding under
Section 157(b).

In a separate filing, AIG asked the District Court to remand the
case back to the Supreme Court because the District Court lacks
jurisdiction pursuant to Section 1334.

Representing AIG, Bryce L. Friedman, Esq., at Simpson Thacher &
Bartlett LLP, in New York, explains that there is no jurisdiction
under Section 1334 to support removal because the Civil Action
against Chemtura Canada would have arisen without Chemtura
Corp.'s bankruptcy petition.

"That Chemtura US may have also claimed insurance coverage under
many of the same insurance policies is a red herring; no court
has found that disputes about the scope of coverage under so-
called 'shared' insurance policies are subject to the exclusive
jurisdiction of the Bankruptcy Court as Chemtura Canada
contends," Mr. Friedman argued.

            Chemtura Canada Disputes AIG's Contention

On behalf of Chemtura Canada, Mr. Cieri argues that AIG's
arguments are inconsistent with AIG's prior efforts to add
Chemtura Corp. as a party to the Civil Action after it filed for
Chapter 11 protection.

Under the Second Circuit's definition of "related to"
jurisdiction, any action that could have a "conceivable effect"
upon a debtor's estate is within the court's "related to"
jurisdiction, Mr. Cieri contends.  He notes that the claims at
issue in the Civil Action easily satisfy the standard.

For these reasons, Chemtura Canada asks the District Court to
either defer a ruling to remand until the Bankruptcy Court rules
on the matter, or summarily deny AIG's request to remand.

In a separate filing, Zurich Insurance asks the District Court to
deny AIG's request to remand.

                         AIG Talks Back

Representing AIG, Mr. Friedman reiterates that there is no
bankruptcy issue or bankruptcy debtor in the Civil Action and no
reason that it should be heard anywhere but in state court.  He
adds that even if the District Court concludes that it has
jurisdiction over the Civil Action, it should abstain from
exercising it.

"State court juries should resolve the disputes turning on issues
of state law that are raised in the complaint," Mr. Friedman
says.

The fact that the Chartis Insurers have asked the Bankruptcy
Court to let Chemtura Corp. join as a defendant in the Civil
Action does nothing to change the scope of the jurisdictional
issue before the Bankruptcy Court, which depends solely on the
Complaint, Mr. Friedman further argues.

                Defendants Respond to Complaint,
              Chemtura Canada Files Counterclaims

In response to AIG's complaint, Zurich Insurance denies that the
insurance policies it issued are primary insurance policies with
respect to insurance policies issued by AIG.  Zurich Insurance
adds that it is without knowledge or information sufficient to
for a belief as to the truth of AIG's other allegations.

Chemtura Canada asserts that AIG's Complaint fails to state a
claim upon which relief can be granted and should be dismissed.
Chemtura Canada also asks the District Court to declare the Civil
Action void "ab initio," and compel any insurance coverage
dispute involving Diacetyl Claims to proceed in the Bankruptcy
Court.

Pursuant to Rule 57 of the Federal Rules of Civil Procedure and
Section 2201 of the Judiciary and Judicial Procedure, Chemtura
Canada also seeks a declaration that the AIG parties are
obligated under the insurance policies they sold to Chemtura
Canada to:


  (a) defend fully, or pay in full the costs of defending,
      Chemtura Canada against the Diacetyl Claims; and

  (b) indemnify in full any liability that Chemtura Canada has
      incurred, or may incur, with respect to the Diacetyl
      Claims, including any and all sums paid in connection with
      a judgment or settlement.

In addition, Chemtura Canada seeks damages resulting from certain
of the AIG parties' breach of contractual obligations to defend
Chemtura Canada fully or to pay in full the costs of Chemtura
Canada's defense against the Diacetyl Claims.

                    AIG Refutes Counterclaims

AIG denied all the allegations made by Chemtura Canada.

                  Case Assigned to Judge Swain

The AIG Civil Action has been reassigned from Judge Denny Chin to
Judge Laura Taylor Swain.

In a separate filing, Judge Swain schedule a pre-trial conference
to be held on July 23, 2010.

                     About Chemtura Corp.

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

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

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

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


CHEMTURA CORP: Has Civil Action Against Environmental Agencies
--------------------------------------------------------------
Judge Richard M. Berman of the District Court for the Southern
District of New York directed all parties in a lawsuit commenced
by Chemtura Corporation and its debtor affiliates against the
U.S. Government and several federal and state environmental
agencies to appear at a status conference scheduled for June 15,
2010.

The Debtors originally filed the complaint in the U.S. Bankruptcy
Court for the Southern District of New York under Judge Gerber.
Under the complaint, the Debtors sought a determination that any
environmental obligations on sites that they do not presently own
or operate should be discharged in bankruptcy.  The Debtors
referred to sites in Alabama, Florida, California, and New York,
among others.

The reference of the complaint has been withdrawn to the District
Court on March 26, 2010, at the request of the U.S. Government.

Judge Berman is currently presiding over the complaint.

The Debtors have filed a summary judgment motion, asking the
Court to discharge them from performing remediation work on the
subject environmental sites.

The Defendants subsequently a cross summary judgment motion,
contending that the Debtors' obligations on the Sites are non-
dischargeable.

In a separate filing, Brian T. Stansbury, Esq., at Kirkland &
Ellis LLP, in Washington, D.C., asked the District Court to set
July 7, 2010, as the date for Chemtura Corporation to submit its
brief.  He also asked the District Court to set July 28, 2010, as
the date for defendants to file their reply briefs.

                     About Chemtura Corp.

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

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

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

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


CHEMTURA CORP: Signs Long-Term Contract With Odyssey Logistics
--------------------------------------------------------------
Chemtura Corp. has entered into a long-term agreement with
Odyssey Logistics & Technology pursuant to which OL&T manages
Chemtura's North American transportation and logistics
activities, Bulk Transporter reports.

OL&T will also manage all of Chemtura's ocean export shipments
outside North America.

                     About Chemtura Corp.

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

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

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

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


COASTLINE TERMINALS: Section 341(a) Meeting Scheduled for July 12
-----------------------------------------------------------------
The U.S. Trustee for Region 2 will convene a meeting of Coastline
Terminals of Conn. Parent Inc.'s creditors on July 12, 2010, at
3:00 p.m.  The meeting will be held at The Giaimo Federal
Building, 150 Court Street, Room 309, at intersection of Court and
Orange Street, New Haven, CT 06510.

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.

New Haven, Connecticut-based Coastline Terminals of Conn. Parent,
Inc, filed for Chapter 11 bankruptcy protection on June 15, 2010
(Bankr. D. Conn. Case No. 10-31801).  Carl T. Gulliver, Esq., at
Coan Lewendon Gulliver & Miltenberger LL, 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.


COASTLINE TERMINALS: Taps Coan Lewendon as Bankruptcy Counsel
-------------------------------------------------------------
Coastline Terminals of Connecticut Parent, Inc., has asked for
authorization from the U.S. Bankruptcy Court for the District of
Connecticut to employ Coan, Lewendon, Gulliver & Miltenberger,
LLC, as bankruptcy counsel.

Coan Lewendon will, among other things:

     a. negotiate arrangements with creditors respecting their
        claims and treatment of their claims in a plan of
        reorganization;

     b. institute and defend litigation in this court and other
        courts as counsel;

     c. prepare petitions, answers, orders, reports, disclosure
        statements, plans and other papers; and

     d. perform other legal services for the Debtor.

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

        Attorneys              $300-$350
        Paralegals             $95-$110

Carl T. Gulliver, a member at Coan Lewendon, assures the Court
that the firm is a "disinterested person" as that term is defined
in Section 101(14) of the Bankruptcy Code.

New Haven, Connecticut-based Coastline Terminals of Conn. Parent,
Inc, filed for Chapter 11 bankruptcy protection on June 15, 2010
(Bankr. D. Conn. Case No. 10-31801).  The Company listed
$10,000,001 to $50,000,000 in assets and $1,000,001 to $10,000,000
in liabilities.


CORUS BANKSHARES: Gets Court's Nod to Hire BMC as Claims Agent
--------------------------------------------------------------
Corus Bankshares, Inc., sought and obtained authorization from the
U.S. Bankruptcy Court for the Northern District of Illinois to
employ BMC Group, Inc., as notice, claims, and balloting agent.

BMC will, among other things, prepare these services:

     a. preparation of service lists, claims registers and claims
        reports;

     b. assistance in the preparation of statements of financial
        affairs and schedules;

     c. custom date extraction and forensics; and

     d. copy and notice services consistent with the applicable
        Local Bankruptcy Rules and as requested by the Debtor.

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

        Clerical                                $25-$65
        Analyst                                 $80-$110
        Technology/Programming Consultant      $110-$145
        Consultant                             $110-$145
        Senior Consultant/Senior
          Management Consultant                $175-$250
        Principal/Director                     $250-$275

Tinamarie Feil, president of BMC, assures the Court that the firm
is a "disinterested person" as that term is defined in Section
101(14) of the Bankruptcy Code.

                      About Corus Bankshares

Chicago, Illinois-based Corus Bankshares, Inc., is a bank holding
company.  Its lone operating unit, Corus Bank, N.A., closed
September 11, 2009, by regulators and the Federal Deposit
Insurance Corporation was named receiver.  To protect the
depositors, the FDIC entered into a purchase and assumption
agreement with MB Financial Bank, National Association, Chicago,
Illinois, to assume all of the deposits of Corus Bank.

The Company filed for Chapter 11 bankruptcy protection on June 15,
2010 (Bankr. N.D. Ill. Case No. 10-26881).  David R. Seligman,
Esq., at Kirkland & Ellis LLP, assists the Company in its
restructuring effort.  Kinetic Advisors is the Company's
restructuring advisor.  Plante & Moran is the Company's auditor
and accountant.  4

As of June 15, 2010, the Company listed $314,145,828 in assets and
$532,938,418 in liabilities.


CRYOPORT INC: KMJ Corbin Raises Going Concern Doubt
---------------------------------------------------
KMJ Corbin & Company LLP expressed substantial doubt against
CryoPort Inc.'s ability as a going concern.  The firm noted that
the Company has incurred recurring losses and negative cash flows
from operations since inception.  Although the Company has working
capital of $1,994,934 and cash and cash equivalents balance of
$3,629,886 at March 31, 2010, management has estimated that cash
on hand, which include proceeds from the offering received in the
fourth quarter of fiscal 2010, will only be sufficient to allow
the Company to continue its operations only into the second
quarter of fiscal 2011.

The Company's balance sheet at March 31, 2010 showed $4.7 million
in total assets and $5.6 million in total liabilities, for a
stockholder's deficit of $914,575.

The Company reported a net loss of $5.6 million on $117,956 of
revenues for the fiscal year ended March 31, 2010, compared with a
net loss of $16.7 million on $35,124 of revenues for the year
ended March 31, 2009.

A full-text copy of the Company's Form 10-K is available for free
at http://ResearchArchives.com/t/s?6552

                       About CryoPort Inc.

Headquartered in Lake Forest, Calif., CryoPort, Inc. (OTC BB:
CYRXD) -- http://www.cryoport.com/-- provides innovative cold
chain frozen shipping system dedicated to providing superior,
affordable cryogenic shipping solutions that ensure the safety,
status and temperature of high value, temperature sensitive
materials.  The Company has developed a line of cost-effective
reusable cryogenic transport containers capable of transporting
biological, environmental and other temperature sensitive
materials at temperatures below 0o Celsius.


DELTA AIR: Aircraft Owners' Tax Indemnity Claims Are Proper
-----------------------------------------------------------
Bill Rochelle at Bloomberg News reports that the U.S. Court of
Appeals in Manhattan ruled in favor of aircraft owners on the
issue of leveraged leases.  According to Mr. Rochelle, the issue
has bedeviled bankruptcy courts in recent airline reorganizations
such as Delta Air Lines Inc., UAL Corp.'s United Air Lines Inc.
and Northwest Airlines Corp.

According to Bloomberg, under leveraged leases, a bank or
financial institution would be the owner of an aircraft leased to
an airline that pays all costs of operation and maintenance.  The
documents accompanying the leveraged lease include a tax
indemnification agreement where the airline agrees to make up the
tax losses.  In addition, there is a separate agreement where the
airline agrees to pay an amount called stipulated loss value.

Mr. Rochelle relates that Delta, Northwest, and UAL all objected
to the owners' tax indemnity claims in their now-completed
bankruptcy reorganizations.  In the Delta case, the airline won
when the bankruptcy judge in substance disallowed the tax claim,
because it was duplicated by the SLV claim asserted by the
lenders.  The district court affirmed the bankruptcy court.

The 2nd Circuit in Manhattan reversed on June 22, saying that the
lower courts improperly based their reasoning on "a strained and
improbable reading" of the word "paid" as contained in the
governing contracts.  The lower courts said that the owners were
"paid" even though bankruptcy gave them only a small portion of
the damages called for in their contracts.

According to the report, an opinion by Circuit Judge Pierre N.
Leval, however, said the lower courts gave a "nonsensical and
self-defeating" meaning to the word "paid."  Judge Leval said the
lower courts instead should have adopted an interpretation of the
words that was in accord with the purpose of the provisions in the
contracts.

Mr. Rochelle notes that the ruling this week will give the
aircraft owners large unsecured claims in the airline's
reorganizations.  Even with a smaller aircraft, a tax indemnity
claim can be worth several million dollars.  On a wide-body
aircraft, a tax indemnity claim can amount to tens of millions of
dollars.

The case is Northwestern Mutual Life Insurance Co. v. Delta
Air Lines Inc. (In re Delta Air Lines Inc.), 08-5002, 2nd U.S.
Circuit Court of Appeals (Manhattan).

                       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.


DERRY & WEBSTER: Case Summary & 6 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Derry & Webster, LLC
        253 Main St
        Nashua, NH 03060

Bankruptcy Case No.: 10-12679

Chapter 11 Petition Date: June 21, 2010

Court: United States Bankruptcy Court
       District of New Hampshire Live Database (Manchester)

Judge: J. Michael Deasy

Debtor's Counsel: Robert L. O'Brien, Esq.
                  O'Brien Law
                  P.O. Box 357
                  New Boston, NH 03070-0357
                  Tel: (603) 459-9965
                  Fax: (603) 250-0822
                  E-mail: robjd@mail2firm.com

Estimated Assets: $0 to $50,000

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

A list of the Company's 6 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/nhb10-12679.pdf

The petition was signed by Vatche Manoukian, managing member.


DOT VN INC: Inks MOU With VNNIC to Support Development in Laos
--------------------------------------------------------------
Dot VN Inc. has entered into a memorandum of understanding with
the Vietnam Internet Network Information Center to assist it in
developing an Internet policy and managing the ccTLD".LA" domain
registration program for the country of Laos.

In accordance with the terms of the MOU, Dot VN and VNNIC will
partner together to assist the Lao People's Democratic Republic to
establish the Laotian National Internet Committee to support the
development and growth of the Laotian country code Top Level
Domain ".LA" and promote the use of the Laotian Internet
worldwide.  The agreement further provides that Dot VN and VNNIC
will cooperate to assist LANIC in developing an Internet
management policy and provide operational training, a domain
registration platform, a registrar network, a global marketing and
promotion strategy, and world class infrastructure.  The LANIC
infrastructure will be developed based on best of breed
technologies, including the use of Elliptical Mobile Solutions'
Micro-Modular Data CenterTM equipment and E-Band Communication's
E-Link 1000EXR millimeter wave radios for which Dot VN has secured
distribution rights in the country of Laos.

Commenting on the agreement, Dot VN President Lee Johnson
remarked, "We are extremely honored to be working with VNNIC in
this capacity.  Not only does the agreement further strengthen our
continuing partnership with VNNIC, but it signifies the success we
have achieved in helping to further the development of the
Internet in Vietnam, which we are confident that we can replicate
in Laos.  We are excited to have the opportunity to bring our
expertise to bear on the burgeoning internet and
telecommunications market in Laos.  Moreover, the MOU is a
reaffirmation of our business strategy as we seek to extend our
business model outside of Vietnam and capitalize on the rapid
growth of the telecommunications and technology industries
throughout the Asian region."

"We are pleased that we have the opportunity to share our
resources with the country of Laos to help them in establishing
their own identity online and will endeavor to assist them any way
we can.  We appreciate their trust in our capabilities and the
effectiveness of Vietnamese Internet Policy and Management.  Dot
VN has been a key part of the success that we have had in
developing the policy and promoting the use of the Vietnamese
ccTLD.  As we look forward towards the creation and rebirth of the
".LA" ccTLD, we welcome the participation of a partner like Dot VN
and specifically Dr. Lee Johnson in helping the global market
realize that ".LA" mean Laos, not Los Angeles" said Mr. Nguyen Le
Thuy, Director General of VNNIC.

                           About Dot VN

Dot VN, Inc. -- http://www.DotVN.com/-- provides innovative
Internet and telecommunication services for Vietnam.  The Company
was awarded an "exclusive long term contract" by the Vietnamese
government to register ".vn" (Vietnam) domains and commercialize
Parking Page Marketing/Online Advertising worldwide via the
Internet.  Also, Dot VN has exclusive rights to distribute and
commercialize Micro-Modular Data CentersTM solutions and Gigabit
Ethernet Wireless applications to Vietnam and Southeast Asia
region.

At January 31, 2010, the Company's balance sheet showed
$2.5 million in total assets and $10.0 million in total
liabilities for a $7.5 million stockholders' deficit.

Chang G. Park, CPA, in its March 17, 2010 report, said the
Company's losses from operations raise substantial doubt about its
ability to continue as a going concern.


DURACO PRODUCTS: Bankr. Court Won't Take Criminal Allegations
-------------------------------------------------------------
Ashok Selvam at Chicago Daily Herald reports that a federal
bankruptcy judge dismissed a motion filed last week by attorneys
representing former workers at Duraco Products Inc. who allege
they weren't paid by the owners of the Streamwood factory.  The
motion claimed owner Kevin P. Lynch misled the court and committed
perjury through paperwork filed in November 2008 when Duraco filed
for bankruptcy. The workers alleged Lynch lied about paying the
factory workers.  Bankruptcy Judge Eugene R. Wedoff said that he
had no jurisdiction over criminal matters and would refer the
perjury allegations to the U.S. attorney's office.  The 34 ex-
employees said Mr. Lynch owes them $350,000 in back wages and
damages.

Based in Illinois, Duraco Products, Inc. makes molding lawn and
garden furniture.  The company filed for Chapter 11 protection on
November 18, 2008 (Bankr. N.D. Ill. Case No. 08-31353).  Keevan D.
Morgan, Esq., at Morgan & Bley, Ltd., represents the Debtor in its
restructuring efforts.  The company has assets of less than
$50,000, and debts of between $1 million and $10 million.


EAST WEST: Wants Plan Exclusivity Until August 16
-------------------------------------------------
East West Resort Development V, L.P., L.L.L.P., et al., ask the
U.S. Bankruptcy Court for the District of Delaware to extend their
exclusive period to solicit acceptances of their Chapter 11 Plan
from August 16, 2010, to November 16.

The Debtors relate that the initial plan constituted a separate
Chapter 11 Plan of Reorganization for East West Resort Development
V, L.P., L.L.L.P.  The Debtors, however, determined, after
consultation with EWRD V's largest unsecured creditor, Bank of
America, N.A., and review of EWRD V's assets and liabilities, that
EWRD V could not confirm its Plan because of the lack of
support from some of EWRD V's largest unsecured creditors,
including BofA.  Accordingly, the Debtors removed EWRD V from the
second amended Plan.  On June 2, the Court confirmed the second
amended plan.  The Debtors have yet to propose an amended plan for
EWRD V.

The Debtors intend for the plan to be consensual and would like
time to discuss with BofA both the structure and the contents of
the Plan before submitting it for the Court's approval.

The Debtors propose a hearing on their solicitation period on July
15 at 11:30 a.m. (ET.)  Objections, if any, are due on July 8, at
4:00 p.m. (ET.)

                     About East West Resort

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

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

Paul, Hastings, Janofsky & Walker LLP serves as bankruptcy
counsel.  The Debtors' financial advisor is Houlihan Lokey Howard
& Zukin Capital, Inc.  The Debtors' claims agent is Epiq
Bankruptcy Solutions.


EIGEN INC: Committee Wants Kazi Loan Subordinated as Equity
-----------------------------------------------------------
Jacqueline Palank of Dow Jones Daily Bankruptcy Review reports
that unsecured creditors of Eigen Inc. are suing the majority
owner for allegedly driving the medical-device company deep into
financial distress in a bid to seize control.  The official
unsecured creditors committee sued shareholder Kazi Management VI
LLC and its owner Zubair Kazi in bankruptcy court Monday accusing
them of loading up Eigen with millions of dollars in debt they
knew it couldn't repay to take control of the company.

Dow Jones reports that the committee seeks to have the
$20 million-plus claim KMVI says it holds to be declared equity
and to wipe out the liens allegedly securing that claim, ensuring
that KMVI is last in line to be paid.  Otherwise, the committee
warned the defendants would be rewarded for allowing Eigen to
subsist on inadequate capital and to continue to rack up debt it
couldn't pay off.

                             About Eigen

Grass Valley, California-based Eigen, Inc., a.k.a. Eigen, LLC,
develops tools for healthcare professionals.  The Company filed
for Chapter 11 bankruptcy protection on March 30, 2010 (Bankr. D.
Del. Case No. 10-11061).  Christopher A. Ward, Esq., at Polsinelli
Shughart PC, assists the Company in its restructuring effort.  In
its petition, the Company estimated its assets and debts at
$10,000,001 to $50 million.


FIBERVISIONS DELAWARE: S&P Shifts Rating on $20 Mil. Loan to 'B+'
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its issue
rating and recovery rating on FiberVisions Delaware Corp.'s
$20 million second-lien term loan to 'B+' and '2' from 'B' and
'4', respectively.  The 'B+' issue rating and '2' recovery rating
indicate S&P's expectation for substantial recovery (70%-90%) in
the event of a payment default.  FiberVisions Delaware Corp. is
the borrower under Duluth, Ga.-based FiberVisions Corp.'s credit
facility.

"The revision to the second-lien ratings reflects improved
recovery prospects for second-lien creditors following a decline
in the first-lien debt outstanding," said Standard & Poor's credit
analyst Paul Kurias.

At the same time, S&P affirmed its 'B' corporate credit rating on
the company.  The outlook is stable.  The 'BB-' issue rating and
'1' recovery rating on the company's first-lien facilities remain
unchanged.

The rating on FiberVisions Delaware Corp. reflects a vulnerable
business risk profile with limited growth potential, exposure to
technology changes in the nonwoven fibers industry, and meaningful
customer concentration.  The rating also reflects an aggressive
financial risk profile.  Additional sources of concern include the
company's narrow focus on the niche polyolefin staple fiber market
and weak operating margins derived from its participation in this
fragmented and competitive industry.  FiberVisions' leading market
share in staple fibers, good geographic diversification through
plant locations on three continents, and moderate end-market
diversity mitigate these factors.


FIRST FOLIAGE: Files for Chapter 11 in Miami
--------------------------------------------
First Foliage LC filed for Chapter 11 reorganization June 23 in
Miami (Bankr. S.D. Fla. Case No. 10-27532), listing assets of $52
million against liabilities totaling $30.7 million.

Homestead, Florida-based First Foliage is a grower and marketer of
tropical plants.  It claims to be one of the three largest
tropical foliage nurseries in the U.S. and one of the 10 largest
foliage nurseries.  The current owners bought the assets from a
bankrupt company in 2000 for $150,000 cash plus the assumption of
$38 million in debt.

According to Bill Rochelle at Bloomberg News, the Company said it
was forced into bankruptcy by the lack of crop insurance coverage
and a lender that doesn't want to be making loans in the nursery
business.

Bloomberg relates that the Company wants to use cash representing
security for a term loan by Bank of America NA.  It says that the
collateral is worth $52 million, exceeding its $24 million debt to
BofA.


FORUM HEALTH: Court Approves Sale Process and Lower Break-Up Fee
----------------------------------------------------------------
George Nelson at Business Journal Daily reports that a federal
court approved a sale process for Forum Health's assets.  Under
the Court-approved rules (i) Ardent Health Services Inc., as
stalking horse bidder, would start the auction., (ii) initial
competing bids would be due August 5, and (iii) Ardent would be
entitled to a break-up fee lower than the $3 million the Company
had proposed.

Ardent Health is under contract to buy the assets for
$69.8 million, absent higher and better offers.  According to The
Vindicator, in Ohio, in addition to the purchase offer, Ardent,
based in Nashville, Tenn., pledged to hire Forum's employees, keep
its three major hospitals open, and invest $50 million to $70
million over five years on renovations, new equipment and other
upgrades.

The proposed $3 million break-up fee represented approximately
3.2% of the transaction valued at $94 million.  According to
Business Journal, the parties have agreed to lower the break-up
fee to $750,000, but Ardent Health could seek expense
reimbursements of up to $1.75 million.

The Court has scheduled a sale hearing for August 10.

               Support, Objections to Sale

Jacqueline Palank, writing for Dow Jones Daily Bankruptcy Review,
relates Gov. Ted Strickland in Ohio urged the bankruptcy judge to
let Forum Health head to the auction block with the stalking horse
bid from Ardent.  He said the deal is in the best interest of the
communities in northeastern Ohio that depend on Forum for health
care.  Gov. Strickland warned of the "potentially devastating"
consequences if creditors aiming to block the sale get their way.

"The forced liquidation and closure of Forum Health would likely
cripple the economy of an area hit hard by the national recession
and deprive Ohio residents of necessary and essential health-care
services," Ohio's attorney general Richard Cordray wrote in court
papers filed Friday on Gov. Strickland's behalf.

Dow Jones notes several key creditor groups oppose Forum Health's
proposed auction.  Secured creditors MBIA Insurance Corp., U.S.
Bank and Fifth Third Bank last week urged Forum to make its
auction rules more "fair and reasonable."

"The sale process is fundamentally flawed and clearly fails to
provide a fair and open process for potential bidders to submit
bids for the sale assets and, therefore, will not maximize value
to the debtors' estates," the creditors said Friday, according to
Dow Jones.

According to Dow Jones, the secured creditors find a $3 million
breakup fee payable to the Ardent unit if its bid loses, too high.
They fear it will chill bidding for Forum Health's assets.

The official committee of unsecured creditors agrees that it would
restrict interest by forcing bidders to cover the fee's cost in
their bid.

                        About Forum Health

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


GARLOCK SEALING: Boyer Insists on Being Asbestos Panel Member
-------------------------------------------------------------
Joseph D. Boyer was previously included in the list of members for
the Official Committee of the Asbestos Personal Injury Claimants
for Garlock Sealing Technologies LLC's cases, as proposed by Linda
W. Simpson, U.S. Bankruptcy Administrator for the Western District
of North Carolina.

However, the Debtors objected to Mr. Boyer's appointment at a
hearing held June 15, 2010, arguing, among other things, that
Mr. Boyer's maritime claims were administratively dismissed and
did not belong in the Debtors' Chapter 11 cases or on the Asbestos
PI Committee.

Accordingly, Mr. Boyer was omitted from the Asbestos PI Committee
members list.

"The decision of the Court to remove Mr. Boyer was falsely
premised based on the erroneous misleading statements of the
Debtors," James H. Henderson, Esq., at The Henderson Law Firm, in
Charlotte, North Carolina -- henderson@title11.com -- contends.

Mr. Henderson insists that Mr. Boyer is absolutely qualified to
sit as a member of the Asbestos PI Committee.  Mr. Henderson also
asserts that Mr. Boyer's counsel, The Jacques Admiralty Law Firm,
P.C., is familiar with the committee work, dealing with trusts,
claims processing and all aspects of how this case will run.

Mr. Henderson assures the Court that costs or expenses to the
Debtors' estates would be not an issue because The Jacques
Admiralty Law Firm will waive or cover all costs and expenses.
Mr. Henderson further notes that Mr. Boyer resides in North
Carolina and The Jacques Admiralty Law Firm is located in
Michigan.  However, because the maritime claims are strict
liability general admiralty product liability claims recognized
under federal admiralty law, the location of the firm should not
be of great significance, Mr. Henderson maintains.

Against this backdrop, Mr. Boyer asks the Court to include him as
a member of the Asbestos PI Committee.

                      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 Temporary Workers
--------------------------------------------------
Before the Petition Date, about 20 temporary and contract
employees were performing services for Garlock Sealing
Technologies LLC and its debtor-affiliates.  The temporary
employees consist of:

  * two temporary employees working on an independent contract
    basis -- the Contract Employees;

  * six temporary employees that were referred to the Debtors
    through YOH Services, LLC. -- the YOH Employees; and

  * 12 temporary employees that were referred to the Debtors
    through Meador Staffing Services -- the Meador Employees.

The Temporary Employees perform a variety of functions for the
Debtors, including, manufacturing, engineering, and generally
sustaining the Debtors' business operations through administrative
and accounting functions.  The number of Temporary Employees
fluctuates from time to time based on the Debtors' needs.

As of the Petition Date, the Debtors had accrued but unpaid salary
and wage obligations to the Temporary Employees consisting of:

                             Fee Period            Fees
                             ----------            ----
   Contract Employees        04/15/2010-        $15,400
                             06/04/2010

   YOH Employees             02/07/2010-         $3,215
                             05/05/2010

   Meador Employees          05/16/2010-         $6,375
                             05/23/2010

The Debtors do not anticipate that the Contract Employees will
submit additional invoices for prepetition services.  However, the
Debtors believe that YOH Services and Meador Staffing may submit
additional invoices for prepetition services of the YOH Employees
and Meador Employees.

By this motion, the Debtors seek the court's approval to continue
to pay obligations to the Temporary Employees, including all costs
and expenses incident to them.

Ashley K. Neal, Esq., at Rayburn Cooper & Durham, P.A., in
Charlotte, North Carolina, points out that the continued use of
the Temporary Employees is essential to the Debtors' efforts to
preserve and maximize the value of their businesses and assets.

Any delay in honoring the obligations to the Temporary Employees
would harm the Debtors' employees' morale and result in
significant hardship to the Temporary Employees, at the very time
when their dedication and cooperation is most critical, he
stresses.

                      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: Sec. 341 Meeting of Creditors on July 14
---------------------------------------------------------
Linda W. Simpson, U.S. Bankruptcy Administrator for the Western
District of North Carolina, will convene a meeting of the
creditors of Garlock Sealing Technologies LLC and its debtor
affiliates on July 14, 2010, at 2:00 p.m. at her office located at
402 W. Trade St., Suite 205, in Charlotte, North Carolina.

The meeting, as required under Section 341(a) of the Bankruptcy
Code, offers the one opportunity for creditors to question a
responsible office of the Debtors under oath about their financial
affairs and operations that would be of interest to the general
body of creditors.

                      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: Seeks to Assume New Vista Contract
---------------------------------------------------
Garlock Sealing Technologies LLC and New Vista Corporation are
parties to an executory contract whereby New Vista manufactures a
custom brazing system to Garlock's specifications.

By this motion, the Debtors seek to assume the Contract and pay
$25,755 as cure amount under the Contract.

Shelley K. Abel, Esq., at Rayburn Cooper & Durham, P.A., in
Charlotte, North Carolina, relates that the brazing system is a
capital expenditure necessary for Garlock's manufacturing
operations before the Petition Date.

The Debtors believe that construction of the brazing system for
the price quoted in the Contract provides a net benefit to them
and their estates, Ms. Abel points out.  She further explains
that the payment of $25,755 reflects the down-payment required
upon New Vista's receipt of the order pursuant to the Contract.
New Vista has not begun work on the brazing system, as payment of
this initial invoice is required for work to begin, she tells the
Court.

                      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 GROWTH: Faces Deadline to Pay Alderwood Mall's $300MM Loan
------------------------------------------------------------------
General Growth Properties, Inc., has until next month to pay off
close to $300 million of debt on Alderwood Mall, located in
Lynwood, Washington, Commercial Mortgage Alert reported on
June 21.

If GGP cannot refinance the securitized mortgage, the Teachers
Insurance and Annuity Association - College Retirement Equities
Fund might refinance the property's $196.9 million securitized
mortgage to protect its investment, the report discloses.  The
TIAA-CERF declined to comment on the property but said in a
statement that it is discussing strategies to manage its existing
mortgage loan maturities, including loan extensions and refinances
of loans with attractive credit characteristics," Commercial
Mortgage Alert related.

GGP owned Alderwood Mall with New York Common Fund, the report
noted.  Alderwood Mall was excluded from GGP's bankruptcy in 2009
but was put on a servicer watch list due to concerns that the
General Growth partnership would have difficulty refinancing, the
report added.

                       About General Growth

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

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

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


GENERAL GROWTH: Helps Lure Macy to West Valley Mall
---------------------------------------------------
Macy's will move into General Growth Properties, Inc.-owned West
Valley Mall in December 2010, Jennie Rodriguez of Record.net
reported.

To lure Macy's to West Valley Mall, the City Council approved a
$2.75 million incentive, the report noted.  Similarly, GGP will
add $4.2 million to sweeten the deal, the report disclosed.

The move will create 448 jobs and millions in sales tax revenue,
according to the report, citing city officials.

                       About General Growth

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

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

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


GENERAL MOTORS: South African Claimants Want Class Treatment
------------------------------------------------------------
South Africans who claim that General Motors Corp. aided
apartheid-era repression and torture have asked a bankruptcy court
to treat them as a class, saying the company made less than a
minimal effort to notify them that they could file individual
claims, according to Bankruptcy Law360.  Two groups, who style
themselves the Boha and Balintulo plaintiffs, claim that the
automaker built vehicles that it knew would be used by the
government to terrorize nonwhite South Africans, Law360 says.

                         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 US$136.021 billion in total assets,
total liabilities of US$105.970 billion and preferred stock of
US$6.998 billion, and non-controlling interests of US$814 million,
resulting in total equity of US$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: GM South America Formed; Headquarters in Brazil
---------------------------------------------------------------
General Motors announced today it is creating a new regional
organization to meet rising customer demand in South America.

GM South America will be headquartered in Sao Paulo, Brazil and
will be led by Jaime Ardila, currently president and general
manager GM Mercosur.  Ardila becomes president, GM South America
and will report to GM Chairman and CEO Ed Whitacre.  As a member
of the Executive Committee and regional president, Ardila becomes
the highest ranking Hispanic in the company.

"Jaime's number one priority will be to ensure the very best for
our customers in this important and growing region," Whitacre
said.

GM South America includes GM's existing sales and manufacturing
operations in Brazil, Argentina, Colombia, Ecuador and Venezuela
as well as sales activities in those countries and Bolivia, Chile,
Paraguay, Peru and Uruguay. GM South America currently has 29,000
employees.  As part of GM's global product operations
organization, GM South America has product design and engineering
capabilities, which will allow it to continue creating local cars
and trucks that complement GM's global product architectures.  In
the first five months of the year, GM sold 394,000 vehicles in
South America and its market share was 20.2 percent.

"The GM International Operations team is doing a great job
expanding our global presence," said Whitacre. "However, with the
rapidly growing markets in Asia, the Middle East and Russia, we
need the GMIO team focused exclusively on those countries that are
critical to our growth."

In related moves, Denise C. Johnson, vice president, Labor
Relations, will become president and managing director, GM do
Brazil, effective July 1, 2010. She will report to Ardila.

Catherine L. Clegg, GM North America manufacturing manager,
succeeds Johnson as vice president, Labor Relations, effective
July 1, 2010.  She will report to Diana Tremblay, GM vice
president, Manufacturing and Labor Relations.   A successor for
Clegg will be announced in the near future.

"This is an exciting development for our team in South America,"
said Ardila.  "I'm honored to lead the effort in the new South
America region, and even more inspired to collaborate with our
colleagues around the world to bring the best cars and trucks to
our customers in the region."

                         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 US$136.021 billion in total assets,
total liabilities of US$105.970 billion and preferred stock of
US$6.998 billion, and non-controlling interests of US$814 million,
resulting in total equity of US$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)


GLOWPOINT INC: Stockholders Vote to Amend 2007 Incentive Plan
-------------------------------------------------------------
Glowpoint Inc. held its annual meeting of stockholders, during
which theSE matters were decided by the following votes cast for,
against or withheld, as well as the number of abstentions and
broker non-votes, as applicable:

   * Amending the Company's 2007 Stock Incentive Plan to increase
     the shares reserved for issuance thereunder to 5,500,000
     shares of common stock -- 49,764,239 votes for; 6,095,212
     votes against; 187,100 abstentions; and 19,962,425 broker
     non-votes.

   * Authorizing the board of directors, in its discretion, to
     amend the Company's certificate of incorporation to effect a
     reverse stock split of the Company's issued and outstanding
     shares of common stock, without further approval or
     authorization of its stockholders, at a ratio of not less
     than one-for-two and not more than one-for-five, with the
     exact ratio to be set within this range as determined by the
     board of directors in its sole discretion at any time prior
     to the next annual meeting of stockholders of the Company -
     70,421,780 votes for; 5,339,754 votes against; and 247,441
     abstentions.

   * Ratification of the selection of Amper, Politziner & Mattia,
     LLP as the Company's Independent Registered Public Accounting
     Firm for the fiscal year ending December 31, 2010 -
     70,706,618 votes for; 3,350,804 votes against; and 1,951,554
     abstentions.

  * Election of these directors, each to a one-year term:

       -- James Lusk
       -- Grant Dawson
       -- Joseph Laezza
       -- David W. Robinson
       -- Kenneth Archer

                       About Glowpoint, Inc.

Based in Hillside, New Jersey, Glowpoint, Inc., provides advanced
video communications solutions.  Its suite of telepresence and
video communications solutions enable organizations to communicate
with each other over disparate networks and technology platforms
-- empowering business, governmental agencies and educational
institutions to sharply boost the impact and productivity of their
internal and external communications while at the same time
reducing their on-going operating costs.  The Company supports
thousands of video communications systems in more than 35
countries with its 24/7 managed video services, powering
Fortune(R) 500 companies, major broadcasters, as well as global
carriers and video equipment manufacturers and their customers
around the world.

At September 30, 2009, the Company had total assets of $7,192,000
against total liabilities of $8,777,000, resulting in
stockholders' deficit of $1,585,000.

At December 31, 2009, the Company had total assets of $6,914,000
against total liabilities of $5,761,000 resulting in stockholders'
equity of $1,153,000.

In its Form 10-Q filing with the Securities and Exchange
Commission for the quarter ended September 30, 2009, the Company
said there is substantial doubt as to its ability to continue as a
going concern.


GREAT NEIGHBORHOODS!: Case Summary & 20 Largest Unsec. Creditors
----------------------------------------------------------------
Debtor: Great Neighborhoods! Development Corporation
        dba American Indian Neighborhood Development Corporation
        dba American Indian Business Development Corporation
        1113 East Franklin Avenue, Suite 202
        Minneapolis, MN 55404

Bankruptcy Case No.: 10-44648

Chapter 11 Petition Date: June 21, 2010

Court: United States Bankruptcy Court
       District of Minnesota (Minneapolis)

Judge: Gregory F. Kishel

Debtor's Counsel: Will R. Tansey, Esq.
                  Ravich Meyer Kirkman McGrath & Nauman
                  4545 IDS Center
                  80 South Eighth Street
                  Minneapolis, MN 55402
                  Tel: (612) 317-4760
                  Fax: (612) 332-8302
                  E-mail: wrtansey@ravichmeyer.com

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

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

A list of the Company's 20 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/mnb10-44648.pdf

The petition was signed by Theresa Carr, CEO.


GTC BIOTHERAPEUTICS: LFB Biotech Holds 83.2% of Shares
------------------------------------------------------
LFB Biotechnologies, S.A.S., disclosed that as of June 15, 2010,
it may be deemed to beneficially own 45,136,134 shares or 83.2% of
the common stock of GTC Biotherapeutics, Inc.

On June 15, 2010, LFB entered into a Note Purchase Agreement with
GTC to purchase for $7,000,000 a secured convertible note in the
principal amount of $7,000,000.  The transaction was consummated
on June 15, 2010.  The 2010 Secured Convertible Note matures on
June 15, 2013 and accrues interest at a rate equal to 4% per
annum, which is payable upon maturity.  The 2010 Secured
Convertible Note may only be prepaid with LFB's consent.  LFB has
the right to convert all or a portion of the 2010 Secured
Convertible Note into shares of Common Stock at a conversion price
equal to $0.42 per share, subject to adjustment for any stock
splits, stock dividends, recapitalization or other combination or
subdivision of the Common Stock.

                     About GTC Biotherapeutics

Based in Framingham, Massachusetts, GTC Biotherapeutics, Inc.
(OTCBB: GTCB) -- http://www.gtc-bio.com/-- develops, supplies and
commercializes therapeutic proteins produced through transgenic
animal technology.  ATryn(R), GTC's recombinant human
antithrombin, has been approved for use in the United States and
Europe.  ATryn(R) is the first and only therapeutic product
produced in transgenic animals to be approved anywhere in the
world.  GTC is also developing a portfolio of recombinant human
plasma proteins with known therapeutic properties.  GTC's
intellectual property includes a patent in the United States
through 2021 for the production of any therapeutic protein in the
milk of any transgenic mammal.

On November 5, 2009, the Company implemented a restructuring plan
to enable it to meet the requirements of key programs and maximize
the impact of its cash resources.  The restructuring plan, which
is expected to provide savings of $5 million to $6 million on an
annualized basis, included a reduction in workforce from 154 to
109 employees.

At April 4, 2010, the Company had $26.950 million in total assets
against total liabilities of $54.098 million, resulting in
stockholders' deficit of $27.148 million.

In its Form 10-Q report, the Company noted that it has operated at
a net loss since inception in 1993, and it used $5.9 million of
net cash in its operating cash flows during the first three months
of 2010.  The Company also has negative working capital of $13.1
million as of April 4, 2010.

"We are entirely dependent upon funding from equity financings,
partnering programs and proceeds from short and long-term debt to
finance our operations until we achieve commercial success in
selling and licensing our products and positive cash flow from
operations.  Based on our cash balance as of April 4, 2010, as
well as potential cash receipts from existing programs, we believe
our capital resources will be sufficient to fund operations to the
end of the second quarter of 2010.  Our recurring losses from
operations and our limited available funds raise substantial doubt
about our ability to continue as a going concern," the Company
said.


GUN LAKE: S&P Assigns 'B' Rating to $160 Mil. Senior Loan
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary 'B'
issue-level rating to Dorr, Mich.-based Gun Lake Tribal Gaming
Authority's proposed $160 million senior secured first-lien term
loan.

Upon closing of the transaction and its review of final
documentation, S&P expects to assign a 'B' issuer credit rating
with a stable rating outlook.

The Authority plans to use proceeds from the proposed term loan to
repay a portion of an outstanding development loan and finance
ongoing construction costs of the Gun Lake Casino, located near
Grand Rapids, Mich.

"The expected 'B' issuer credit rating reflects the vulnerability
of new gaming projects to uncertain demand and difficulties in
managing initial costs, often leading to poor profitability in the
first several months of operations," said Standard & Poor's credit
analyst Michael Listner.

In addition, the Authority's narrow business position as an
operator of a single casino property (once the Gun Lake Casino
opens in early 2011) and competition from existing gaming
operations in the region limit the current rating.  These factors
are somewhat mitigated by an interest reserve account supporting
14 months of interest payments on the issuer's senior secured term
loan.  S&P expects the reserve to provide liquidity support during
construction and for six months post-opening.  Other mitigating
factors include meaningful construction progress, with
approximately 47% of project costs already spent; the facility's
close proximity to a major population center; and anticipated
adequate pro forma credit measures once the casino opens.

The Authority is an unincorporated instrumentality of the
Michigan-based Match-E-Be-Nash-She-Wish Band of Pottawatomi
Indians, and was created by the Tribe to develop, construct, and
operate Gun Lake Casino.  Currently, there are 12 federally
recognized Native American tribes in Michigan operating a total of
19 land-based Class III gaming facilities in the State.  The
Tribe's compact with the State of Michigan became effective in
2009 and expires in 2029.  The gaming compact allows the Tribe to
operate one Class III gaming facility with no restrictions on the
number of slot machines and table games.  It also requires the
Authority to pay a percentage of net slot revenues, ranging from
10% to 14%, to the state and local governments in exchange for the
exclusive right to conduct gaming operations in a specified region
of the state.


IMPLANT SCIENCES: Approves Increase of Shares of Common Stock
-------------------------------------------------------------
A Special Meeting of Stockholders of Implant Sciences Corporation
was held on June 16, 2010.  At the meeting, there were 19,291,957
shares of common stock represented to vote either in person or by
proxy, or 78.3% of the outstanding shares of common stock, which
represented a quorum.  As of the record date, May 4, 2010, there
were 24,624,195 shares of common stock outstanding and entitled to
vote at the meeting.

At the meeting, this proposal was voted upon and approved an
amendment to the Company's Amended and Restated Articles of
Organization to increase the number of authorized shares of Common
Stock from 50,000,000 shares to 200,000,000 shares.

                      About Implant Sciences

Implant Sciences Corporation (OBB: IMSC.OB) --
http://www.implantsciences.com/-- develops, manufactures and
sells sensors and systems for the security, safety and defense
(SS&D) industries.

As of December 31, 2009, the Company had $5,475,000 in total
assets against $12,995,000 in total liabilities, $5,000,000 in
Series E Convertible Preferred Stock, and $378,000 in Series F
Convertible Preferred Stock, resulting in stockholders' deficit of
$12,898,000.

As reported by the Troubled Company Reporter on January 15, 2010,
Implant Sciences renegotiated its credit agreements with its
senior secured investor, DMRJ Group LLC.  DMRJ increased Implant
Sciences' line of credit from $3,000,000 to $5,000,000; extended
the maturity of all of Implant Sciences' indebtedness from
December 10, 2009, to June 10, 2010; waived all existing defaults
through the new maturity date; reduced the interest rate payable
on Implant Sciences' obligations to 15% per annum; and removed all
profit sharing arrangements from the agreements.  Implant
Sciences' total indebtedness to DMRJ, including all principal and
accrued interest, now stands at $7,570,000.


INTERNATIONAL COMMERCIAL: Recurring Losses Cue Going Concern Doubt
------------------------------------------------------------------
International Commercial Television, Inc., filed on June 22, 2010,
its annual report for the fiscal year ended December 31, 2009.

Amper, Politziner & Mattia LLP, in Edison, N.J., expressed
substantial doubt about the Company's ability to continue as a
going concern.  The independent auditors noted that of the
Company's recurring losses from operations and negative cash
flows.

The Company reported a net loss of $241,135 on $5,898,707 of
revenue for the three months ended March 31, 2010, compared with a
net loss of $3,156,244 on $15,370,765 of revenue for the same
period a year ago.

The Company's balance sheet as of March 31, 2010, showed
$1,582,209 in assets and $1,872,984 of liabilities, for a
stockholders' deficit of $290,775.

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

              http://researcharchives.com/t/s?6551

Bainbridge Island, Wash.-based International Commercial Television
Inc. produces long-form infomercials and short-form advertising
spots and sell its proprietary brands of advertised products
directly to its viewing audience.  In addition, the Company sells
products via televised shopping networks, the internet, and retail
distribution channels.


ITI INTERNET: Files for Protection Under Chapter 11
---------------------------------------------------
ITI Internet Services, Inc., a wholly owned subsidiary of HIMC
Corporation, have filed for protection under Chapter 11 of the
U.S. Bankruptcy Law.

Mr. Jay Gurley, Chairman of HIMC Corporation, said, "Filing for
bankruptcy was necessitated by the unsuccessful appeal of the
Durand vs.  HIMC Corporation lawsuit and the need to protect
merchant funds."

HIMC Corporation, through its wholly owned subsidiary ITI Internet
Services, has been a leading provider of secure electronic check
processing, refund and rebate check fulfillment services, NSF
check re-presentment, credit card processing, and ACH transfers
for national, regional and local businesses through the use of the
internet, telephone and wireless.


JOSE FRANCO: Section 341(a) Meeting Scheduled for July 19
---------------------------------------------------------
The U.S. Trustee for Region 21 will convene a meeting of Jose
Manuel Colon Franco's creditors on July 19, 2010, at 9:00 a.m.
The meeting will be held at Ochoa Building, 500 Tanca Street,
First Floor, San Juan, PR 00901.

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 Jose Franco

Caguas, Puerto-Rico-based Jose Manuel Colon Franco, aka Cheo Colon
Franco, fdba Garaje Colon Hijo; and Ramona Arroyo Ramos, aka Monin
Arroyo, filed for Chapter 11 bankruptcy protection on June 14,
2010 (Bankr. D.P.R. Case No. 10-05189).  Victor Gratacos Diaz,
Esq., who has an office in Caguas, Puerto Rico, assists the
Company in its restructuring effort.  The Company estimated its
assets and debts at $10,000,001 to $50,000,000.


JOSHUA FARMER: Files Schedules of Assets and Liabilities
--------------------------------------------------------
Joshua B. Farmer & Andrea G. Farmer filed with the U.S. Bankruptcy
Court for the Western District of North Carolina its schedules of
assets and liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                  $954,000
  B. Personal Property              $119,319
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                                $1,973,665
  E. Creditors Holding
     Unsecured Priority
     Claims                                          $143,474
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                        $3,163,148
                                 -----------      -----------
        TOTAL                     $1,073,319       $5,280,287

Rutherfordton, North Carolina-based Joshua Farmer and Andrea
Farmer -- dba Two Mile Properties, LLC, et al. -- filed for
Chapter 11 bankruptcy protection on April 5, 2010 (Bankr. W.D.
N.C. Case No. 10-40270).  The Company listed $10,000,001 to
$50,000,000 in assets and $50,000,001 to $100,000,000 in
liabilities.

Raymond Farmer and Diane Farmer filed a separate Chapter 11
petition on April 5, 2010 (Case No. 10-40269), listing $10,000,001
to $50,000,000 in assets and $50,000,001 to $100,000,000 in
liabilities.

Travis W. Moon, Esq., at Hamilton Moon Stephens Steele Martin,
assists the Debtors in their restructuring efforts.


KRONOS INTERNATIONAL: Moody's Raises Corp. Family Rating to 'B3'
----------------------------------------------------------------
Moody's Investors Service raised Kronos International, Inc.'s
Corporate Family Rating to B3 from Caa1 and the rating on the
EUR400 million senior secured notes due 2013 to Caa1 from Caa2.
The upgrade reflects KII's better operating results, improved
titanium dioxide market conditions and the expectation that credit
metrics will improve further in 2010.  The outlook is stable.

This summarizes the ratings changes:

Ratings upgraded:

Kronos International Inc.

* Corporate family rating -- B3 from Caa1

* Probability of default rating -- B3 from Caa1

* EUR400 million 6.5% Sr Sec Notes due 2013 -- Caa1 (LGD5, 71%)
  from Caa2 (LGD5, 72%)

* Outlook: Stable

Kronos has benefited from a rebound in sales volumes and its
margins are expected to benefit from higher selling prices and
volumes.  Sales volumes of 84 thousand metric tons in the first
quarter are on par with pre-crisis sales volumes.  While the
company reported flat year-over-year selling prices in the first
quarter, numerous announced price increases by KII (and its
competitors) are expected to translate into higher realized
selling prices (and profit margins) due to current titanium
dioxide (TiO2) supply constraints.  High TiO2 industry operating
rates have resulted from producers working off excess inventory in
2009, limited appetite on the part of TiO2 customers to build
inventory, permanent plant closures, and unplanned production
outages.  A further rebound in demand would also support
producers' economics.

KII's liquidity is supported by its positive cash flow from
operations, cash balances and unused availability under its
EUR80 million revolving credit, which matures in less than one
year (May 2011).  Total use of the revolver was restored to the
company in May 2010 after complying with the amended covenants in
the first quarter 2010.  Availability had been limited to
EUR51 million since the facility was amended in September 2009 to
accommodate the shortfall in EBITDA generation during the global
economic downturn, which would have led to a violation of the
leverage covenant.  The improved profitability in 2010 could allow
the company to meet the original financial covenants and revert
the credit facility to its pre-amendment terms and conditions.
Free cash flow in the first half of 2010 is expected to be
negative, then turn positive in the second half.  Overall, 2010
free cash flow may be minimal due to the need to invest in working
capital and a return to higher capital expenditure levels.

The stable outlook assumes that the TiO2 market will support
higher operating rates, KII's operating results and credit metrics
will improve in 2010, and it will refinance its revolver well in
advance of the maturity date.  An upgrade could be considered if
KII were to refinance its revolver and demonstrate the ability to
raise prices, increase its margins and produce positive free cash
flow, to the extent that Retained Cash Flow/Total Debt rose to 8-
10% and Total Debt/EBITDA fell to roughly 5.0x, on a sustained
basis.

Moody's most recent announcement concerning the ratings for KII
was on October 28, 2009, when KII's CFR was raised to Caa1 from
Caa3 reflecting the improved liquidity after amending its revolver
covenants and a rebound in sales.  The outlook was returned to
stable at that time.

Kronos International, Inc., produces and markets TiO2 pigments in
Europe, and is a wholly owned subsidiary of Kronos Worldwide,
Inc., headquartered in Dallas, Texas.  For the twelve months ended
March 31, 2010, the company reported sales of $877 million.


L-1 IDENTITY: S&P Puts 'B+' Rating on CreditWatch Developing
------------------------------------------------------------
Standard & Poor's Ratings Services said it placed its 'B+'
corporate credit rating on Stamford, Conn.-based L-1 Identity
Solutions Inc. on CreditWatch with developing implications.  S&P
also placed the 'BB' issue-level rating on the company's
$135 million revolver and split-term senior secured term loan, and
the 'B+' issue-level rating on the company's $175 million
convertible notes on CreditWatch Developing.

"These actions reflect L-1's ongoing process of evaluating
strategic alternatives for the company which may include a sale of
all or part of the company's operations," said Standard & Poor's
credit analyst Jennifer Pepper.  The buyer for L-1's business
could be a larger, likely higher rated company with sufficient
liquidity to retire L-1's debt, but the timeliness of this
transaction has become of greater importance because of the terms
of the recently amended covenants.

The company recently obtained relief under its covenants while
contemplating a suitable transaction.  If prior to Aug. 31, 2010,
L-1 enters into a definitive agreement to sell the company, the
amended covenant ratios (which currently give the company
approximately 18% headroom) will remain in place through Dec. 31,
2010.  If a definitive agreement is not executed prior to Aug. 31,
2010, the pre-amendment covenant ratios would remain in effect.
Under that scenario, S&P expects the company to refinance or
further amend its covenants, as the pre-amended covenant schedule
is restrictive.  (The leverage covenant would have been violated
in the March 2010 quarter if not for the amendment to the credit
agreement.).

In resolving the CreditWatch, S&P will monitor the progress of L-
1's entering into a definitive agreement or the execution of a
refinancing.  Should the company sign an agreement to be acquired
prior to Aug. 31, 2010, S&P will evaluate the creditworthiness of
the buyer and their intent with respect to L-1 debt.

If as the Aug. 31, 2010 deadline approaches, there is no
announcement on the resolution of a strategic alternative, if a
pre-refinancing is not underway, or if the company does not report
that EBITDA has improved beyond current levels such that a
covenant breach would be not be imminent if the credit agreement
reverts to pre-amendment levels, S&P would consider a downgrade,
likely as much as two notches.


LEHMAN BROTHERS: JPM's Dimon Said Barclays Misled Court on Sale
---------------------------------------------------------------
Bill Rochelle at Bloomberg News reports that trial resumed June 22
on a lawsuit filed by Lehman Brothers Holdings Inc. and its
creditors' committee asserting that Barclays Plc took $11 billion
more than it was entitled to receive when it purchased the
brokerage business.  According to Lehman, Jamie Dimon, the
chairman of JPMorgan Chase & Co., wrote a letter to Barclays
executives saying the bankruptcy judge was misinformed about the
acquisition.  Lehman is finishing with its witnesses this week.
Barclays will begin presenting its case on Aug. 23.

                        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)


LENNAR CORP: Fitch Affirms Issuer Default Rating at 'BB+'
---------------------------------------------------------
Fitch Ratings has affirmed Lennar Corp.'s ratings:

  -- Issuer Default Rating at 'BB+';
  -- Short-Term IDR at 'B';
  -- 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 strong liquidity position,
improving operating results and moderately stronger prospects for
the housing sector this year.  The ratings also reflect LEN's
successful execution of its business model and its repositioning
to a more land 'light' model during the upcoming cyclical
recovery, lessened joint venture exposure, geographic and product
line diversity and the still challenging U.S. housing environment.

LEN was the third largest homebuilder in 2009 and primarily
focuses on entry-level and first-time move-up homebuyers.  The
company builds in 14 states with particular focus on markets in
Florida, Texas and California.  Its financial services operations
provide primarily mortgage financing, title insurance and closing
services for both buyers of Lennar's homes and others.  Its newest
segment is Rialto Investments, which provides advisory services,
due-diligence, workout strategies, ongoing asset management
services and acquires and monetizes distressed loans and
securities portfolios.  (Management has considerable expertise in
this highly specialized business.) In February 2010, the company
acquired indirectly 40% managing member equity interests in two
limited liability companies in partnership with the FDIC, for
approximately $243 million (net of transaction costs and a
$22 million working capital reserve).  During the first quarter of
2010, LEN also invested $41 million in a fund formed under the
Federal government's Public-Private Investment Program, which is
focused on acquiring securities backed by real estate loans.

In recent years the company has improved its capital structure,
pursued conservative capitalization policies and has positioned
itself to withstand a meaningful housing downturn.  LEN's
significant ranking (within the top five or top 10) in many of its
markets, its largely presale operating strategy, and a return on
capital focus provide the framework to soften the impact on
margins from declining market conditions.  Fitch notes that in the
past, acquisitions (in particular, strategic acquisitions) have
played a significant role in LEN's operating strategy.

Compared to its peers Lennar had above-average exposure to joint
ventures during this past housing cycle.  Longer-dated land
positions are controlled off balance sheet.  The company's equity
interests in its partnerships ranged from 10% to 50%.  These JVs
have a substantial business purpose and are governed by LEN's
conservative operating principles.  They allow LEN to
strategically acquire land while mitigating land risks and reduce
the supply of land owned by LEN.  They help LEN to match financing
to asset life.  JVs facilitate just-in-time inventory management.
Finally, the JVs enable LEN to franchise its active-adult brand.
Nevertheless, LEN has been substantially reducing its number of
JVs over the last few years (from 270 at the peak in 2006 to 58 as
of Feb. 28, 2010) and, as a consequence, has very sharply lowered
its JV recourse debt exposure (from $1.76 billion to $279 million
as of Feb. 28, 2010).  In the future, management will still be
involved with partnerships and JVs, but there will be fewer of
them and they will be larger, on average, than in the past.

LEN generated $89.42 million of cash flow from operations during
the first quarter of 2010, including a tax refund of $91.9 million
as a result of the tax legislation enacted in November 2009.  (An
additional tax refund of $230.3 million was received on March 2,
2010.) The company ended the first quarter with unrestricted
homebuilding cash of $732.39 million and $172.50 million in
restricted cash.  For all of fiscal 2010, LEN has the potential to
be cash flow positive, excluding tax refunds, although the company
continues to rebuild its land position (through land purchases and
development spending).  During the first quarter, the company
spent $154 million on land purchases (3,300 home sites), but only
reported land expenditures of $75 million in the first quarter of
2009.  (In the first quarter of 2008, $354 million was spent on
land.)

The company terminated its revolving credit facility in February
2010 and subsequently entered into two letters of credit
agreements with a capacity of $225 million that are secured by
cash deposits.  As of Feb. 28, 2010, LEN had $162.7 million of
cash-collateralized letters of credit.

Consistent with Fitch's comment on homebuilders' termination of
revolving credit facilities, in the absence of a revolving credit
line, a consistently higher level of cash and equivalents than was
typical should be maintained on the balance sheet (about
$300 million-$400 million), especially in these still uncertain
times.  LEN accessed the capital markets a number of times during
the past year or so and used these debt proceeds to redeem some of
its existing debt.  As a result, the company has pushed out its
maturities, with no major debt coming due until March 2013
($266 million).

In April 2009, LEN sold $400 million principal amount of 12.25%
senior notes due in 2017.  In early May 2010, the company
completed the sale of $250 million principal amount of 6.95%
senior notes due 2018.  LEN also sold $276.5 million principal
amount of 2.00% convertible senior notes due 2020.  Then in late
May 2010, the company announced that it had repurchased
$289.4 million principal amount of its outstanding notes through a
debt tender.  The tender offer was structured as a 'waterfall'
tender.  The senior notes purchased included $130.8 million of
2011 notes, $82.3 million of 2013 notes and $76.4 million of 2010
notes.  During fiscal 2009, LEN added $225 million to its
liquidity under its $275 million equity drawdown program.

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, pulling demand forward from future months.  Also, 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.


LINCOLNSHIRE CAMPUS: Section 341(a) Meeting Scheduled for July 22
-----------------------------------------------------------------
The U.S. Trustee for Region 6 will convene a meeting of
Lincolnshire Campus, LLC's creditors on July 22, 2010, at
2:00 p.m.  The meeting will be held at Office of the U.S. Trustee,
1100 Commerce Street, Room 976, Dallas, TX 75242.

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.

Baltimore, Maryland-based Lincolnshire Campus, LLC, is an
affiliate of Erickson Retirement Communities.  Erickson owns 20
continuing care retirement communities in 11 states.  Erickson,
along with affiliates, filed for Chapter 11 on October 19, 2009
(Bankr. N.D. Tex. Case No. 09-37010).  As of September 30, 2009,
on a book value basis, ERC had approximately $2.7 billion in
assets, including $2.2 billion of property and equipment, and
$3.0 billion in liabilities.

Lincolnshire Campus filed for Chapter 11 bankruptcy protection on
June 15, 2010 (Bankr. N.D. Tex. Case No. 10-34176).  Vincent P.
Slusher, Esq., at DLA Piper LLP US, assists the Company in its
restructuring effort.  The Company estimated its assets and debts
at $100,000,001 to $500,000,000.


LIONS GATE: S&P Retains CreditWatch Negative on 'B-' Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on
British Columbia, Canada-domiciled and Santa Monica, Calif.-
headquartered Lions Gate Entertainment Corp. and its subsidiary,
Lions Gate Entertainment Inc., are not affected by the news that
13.2% of the company's common shares were tendered to investor
Carl Icahn and that the company's banks modified Lions Gate's
credit agreement to raise the change-of-control threshold.  The
'B-' corporate credit rating and all related issue-level ratings
remain on CreditWatch with negative implications, where they were
placed March 24, 2010.

The tender gives Mr. Icahn about a 32% stake in the company,
making him the largest shareholder.  More shares could be tendered
in Mr. Icahn's subsequent offering period, which ends June 30,
2010.

On June 22, 2010, the company announced that it obtained an
amendment to its credit agreement.  The amendment raises the
threshold for a change of control, which is an event of default
under the agreement, to more than 50% control or ownership of the
company's equity securities, from more than 20%.  Management has
also previously stated that it was considering financing options
and alternatives in reaction to the Icahn Group's tender offer.

S&P could downgrade its rating on Lions Gate if it takes actions,
such as a significant debt-financed acquisition, that cause its
credit measures to deteriorate from their already weak levels.


LIONS GATE: In Merger Talks With Metro-Goldwyn-Mayer
----------------------------------------------------
Claudia Eller and Ben Fritz at The Los Angeles Times report that
people close to the situation said Lions Gate Entertainment has
been holding merger discussions with the management of beleaguered
Metro-Goldwyn-Mayer.  The talks, if successful, could result in a
powerful independent studio with a library of thousands of movies
and television shows that would be run by Lions Gate's management
team.

According to LA Times, people with knowledge of the discussions
said that Lions Gate Chief Executive Jon Feltheimer and Vice
Chairman Michael Burns were pursuing a merger with MGM to fend off
a takeover attempt by Carl Icahn, who has accumulated nearly one-
third of Lion Gate's stock and has threatened to wage a proxy war
to gain control.

According to LA Times, the people said the talks were fluid and
Lions Gate had not presented a specific merger proposal.
Moreover, such a transaction would face significant hurdles.   The
report notes Lions Gate would first have to win Mr. Icahn's
approval, which it might accomplish by granting him board seats as
part of a settlement to stave off his proxy war.  Mr. Icahn
opposed a $1.4-billion offer Lions Gate made to acquire MGM
earlier this year, and the bid was subsequently withdrawn.

The Troubled Company Reporter on June 22, 2010, citing The Wall
Street Journal's Mike Spector and Lauren A.E. Schuker, said people
familiar with the matter disclosed Spyglass Entertainment has
emerged as the leading contender to run MGM.  The sources told the
Journal that Spyglass is the preferred choice of a group of hedge
funds holding large amounts of MGM's debt.  Any deal would be
executed in a "prepackaged" bankruptcy, with an eye toward
spending less than two months in court proceedings.

The LA Times reported Tuesday that Spyglass would substantially
reduce MGM's approximately $150 million in annual overhead costs
by slashing staff and outsourcing theatrical distribution to one
of Hollywood's six major studios as part of a proposal to take
over the debt-burdened company, two people close to the situation
said.

Brooks Barnes at The New York Times' Media Decoder reported in May
that MGM's lenders agreed to let the studio skip interest and
principal payments until July 14, 2010.  MGM tried to sell itself
in March but received low bids.  According to The Wall Street
Journal, early in March MGM was readying a backup plan should bids
for its assets come in too low.  Sources told the Journal MGM
creditors are increasingly willing to assume control over the
studio.  The sources said that under that scenario, MGM would
likely pursue a "standalone" plan in which lenders would convert
their debt to equity.

MGM has hired investment bank Moelis & Company and the law firm
Skadden, Arps, Slate, Meagher & Flom.  In August 2009, it hired
the restructuring expert Stephen F. Cooper to help lead the
company.

                    About Metro-Goldwyn-Mayer

Metro-Goldwyn-Mayer, Inc., is an independent, privately held
motion picture, television, home video, and theatrical production
and Distribution Company.  The Company owns the world's largest
library of modern films, comprising approximately 4,000 titles,
and over 10,400 episodes of television programming.  An investor
consortium, comprised of Providence Equity Partners, TPG Capital,
Sony Corporation of America, Comcast Corporation, DLJ Merchant
Banking Partners and Quadrangle Group, owns MGM.

                        About Lions Gate

British Columbia-domiciled and Santa Monica, California-
headquartered Lions Gate is a leading, diversified independent
producer and distributor of motion pictures, home entertainment,
television programming and animation worldwide and holds a
majority interest in the pioneering CinemaNow VOD business.  The
Lions Gate brand name is synonymous with original, cutting edge,
quality entertainment in markets around the world.

As reported by the Troubled Company Reporter on March 10, 2010,
Standard & Poor's Ratings Services revised its rating outlook on
Lions Gate to negative from stable.  At the same time, S&P
affirmed ratings on Lions Gate, including the 'B-' corporate
credit rating.

Lions Gate carries Moody's "B2" corporate family rating and
probability of default rating.


MAGIC BRANDS: Travistock Objected to Luby's Buying Fuddruckers
--------------------------------------------------------------
Bill Rochelle at Bloomberg News reports that Travistock Group, the
losing bidder for the Fuddruckers stores and franchise business,
said in a court filing there are "potentially serious issues" with
regard to the auction.  Travistock was the stalking horse bidder
at the auction, but Luby's Inc. emerged as the winner with its
$63.45 million bid.  The auction started with Travistock's
$40 million.

According to the report, Travistock said that Luby's recent losses
cast doubt on its ability to complete the sale.  It added that
Luby's violated a rule of the auction precluding bidders from
talking with another bidder.  Travistock said Luby's chief
executive officer was seen speaking with the third bidder,
Fidelity National.

Following the auction, Magic Brands said the sale "could" result
in full payment for unsecured creditors.

                       About Magic Brands

Based in Austin, Texas, Magic Brands, LLC --
http://www.fuddruckers.com/-- operates 62 Fuddruckers locations
in 11 states and 3 Koo Koo Roo restaurants in California.  An
additional 135 Fuddruckers restaurants are operated by franchisees
who are small business owners and multi-unit operators.
Fuddruckers was founded in 1980 in San Antonio, Texas.  It serves
hamburgers that are cooked to order and made with fresh
ingredients.  Magic Brands purchased the chain in 1998 and has
sought to broaden its appeal by expanding its menu.

Magic Brands, LLC, and its operating units filed for Chapter 11 on
April 21, 2010 (Bankr. D. Del. Lead Case No. 10-11310).  It
disclosed assets of up to $10,000,000 and debts of $10,000,001 to
$50,000,000.  Affiliate Fuddruckers, Inc., also filed, listing
assets and debts of $50,000,000 to $100,000,000.

FocalPoint Securities, LLC, serves as investment banker to Magic
Brands and Goulston & Storrs serves as lead bankruptcy counsel.
Kurtzman Carson Consultants, LLC, serves as claims and notice


MAIDENFORM BRANDS: S&P Raises Corporate Credit Rating to 'BB+'
--------------------------------------------------------------
Standard & Poor's Ratings Services published earlier a press
release wherein the new corporate credit rating was listed
incorrectly.  A corrected version is:

S&P said it raised its corporate credit rating on Iselin, N.J.-
based Maidenform Brands Inc. to 'BB+' from 'BB-' and removing all
S&P's ratings from CreditWatch, where they were placed with
positive implications on Dec. 10, 2009.

The CreditWatch placement reflected S&P's view that Maidenform's
operating performance has been good even with the difficult retail
environment and credit metrics have remained above average for the
rating despite the economic downturn.  The rating outlook is
stable.

In addition, S&P raised its senior secured debt rating to 'BBB'
from 'BB+' (two notches above the corporate credit rating).  The
recovery rating on the debt remains '1'.

Immediately following the upgrade, S&P is withdrawing all of its
ratings on the company, at the issuer's request.

"The ratings on Maidenform reflect its participation in the highly
competitive and very promotional intimate apparel sector," said
Standard & Poor's credit analyst Jayne Ross, "along with a
difficult retail environment, its relatively small size, its
narrow product focus, and customer concentration." These following
factors offset those risks: The company's well-known Maidenform
brand (introduced in 1922); its solid position in the intimate
apparel market; and the intimate apparel market's relatively
stable demand, low fashion risk, and high replenishment rates.


MARILYN UPTEGROVE: Voluntary Chapter 11 Case Summary
----------------------------------------------------
Debtor: Marilyn Kay Uptegrove
        1171 NE 401 Road
        Calhoun, MO 65323

Bankruptcy Case No.: 10-43169

Chapter 11 Petition Date: June 21, 2010

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

Judge: Jerry W. Venters

Debtor's Counsel: Ronald S. Weiss, Esq.
                  Berman DeLeve Kuchan & Chapman
                  911 Main St., Suite 2230
                  Kansas City, MO 64105
                  Tel: (816) 471-5900
                  Fax: (816) 842-9955
                  E-mail: rweiss@bdkc.com

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

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

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

The petition was signed by Marilyn Kay Uptegrove.


MECHANICAL TECH: Stockholders Approve Lim, Robb as Directors
------------------------------------------------------------
Mechanical Technology Incorporated' stockholders elected as
directors Peng K. Lim and Dr. Walter L. Robb to hold office until
the 2013 Annual Meeting of Stockholders or until their successors
are duly elected and qualified; and ratified the selection of
PricewaterhouseCoopers, LLP as the Company's independent
registered public accounting firm for the fiscal year 2010.

                   About Mechanical Technology

Mechanical Technology, Incorporated, operates in two segments, the
New Energy segment which is conducted through MTI MicroFuel Cells
Inc., a majority-owned subsidiary, and the Test and Measurement
Instrumentation segment, which is conducted through MTI
Instruments, Inc., a wholly owned subsidiary.

MTI Micro is developing Mobion(R), a handheld energy-generating
device to replace current lithium-ion and similar rechargeable
battery systems in many handheld electronic devices for the
military and consumer markets.  As of December 31, 2009, the
Company owned approximately 61.81% of MTI Micro's outstanding
common stock.

MTI Instruments is a worldwide supplier of precision non-contact
physical measurement solutions, condition based monitoring
systems, portable balance equipment and wafer inspection tools.

                           *     *     *

In its March 31, 2010 report, PricewaterhouseCoopers in Albany,
New York, said there is substantial doubt about the Company's
ability to continue as a going concern.  It noted that the Company
has suffered recurring losses from operations and has an
accumulated deficit.


METRO-GOLDWYN-MAYER: In Merger Talks With Lions Gate
----------------------------------------------------
Claudia Eller and Ben Fritz at The Los Angeles Times report that
people close to the situation said Lions Gate Entertainment has
been holding merger discussions with the management of beleaguered
Metro-Goldwyn-Mayer.  The talks, if successful, could result in a
powerful independent studio with a library of thousands of movies
and television shows that would be run by Lions Gate's management
team.

According to LA Times, people with knowledge of the discussions
said that Lions Gate Chief Executive Jon Feltheimer and Vice
Chairman Michael Burns were pursuing a merger with MGM to fend off
a takeover attempt by Carl Icahn, who has accumulated nearly one-
third of Lion Gate's stock and has threatened to wage a proxy war
to gain control.

According to LA Times, the people said the talks were fluid and
Lions Gate had not presented a specific merger proposal.
Moreover, such a transaction would face significant hurdles.   The
report notes Lions Gate would first have to win Mr. Icahn's
approval, which it might accomplish by granting him board seats as
part of a settlement to stave off his proxy war.  Mr. Icahn
opposed a $1.4-billion offer Lions Gate made to acquire MGM
earlier this year, and the bid was subsequently withdrawn.

The Troubled Company Reporter on June 22, 2010, citing The Wall
Street Journal's Mike Spector and Lauren A.E. Schuker, said people
familiar with the matter disclosed Spyglass Entertainment has
emerged as the leading contender to run MGM.  The sources told the
Journal that Spyglass is the preferred choice of a group of hedge
funds holding large amounts of MGM's debt.  Any deal would be
executed in a "prepackaged" bankruptcy, with an eye toward
spending less than two months in court proceedings.

The LA Times reported Tuesday that Spyglass would substantially
reduce MGM's approximately $150 million in annual overhead costs
by slashing staff and outsourcing theatrical distribution to one
of Hollywood's six major studios as part of a proposal to take
over the debt-burdened company, two people close to the situation
said.

Brooks Barnes at The New York Times' Media Decoder reported in May
that MGM's lenders agreed to let the studio skip interest and
principal payments until July 14, 2010.  MGM tried to sell itself
in March but received low bids.  According to The Wall Street
Journal, early in March MGM was readying a backup plan should bids
for its assets come in too low.  Sources told the Journal MGM
creditors are increasingly willing to assume control over the
studio.  The sources said that under that scenario, MGM would
likely pursue a "standalone" plan in which lenders would convert
their debt to equity.

MGM has hired investment bank Moelis & Company and the law firm
Skadden, Arps, Slate, Meagher & Flom.  In August 2009, it hired
the restructuring expert Stephen F. Cooper to help lead the
company.

                        About Lions Gate

British Columbia-domiciled and Santa Monica, California-
headquartered Lions Gate is a leading, diversified independent
producer and distributor of motion pictures, home entertainment,
television programming and animation worldwide and holds a
majority interest in the pioneering CinemaNow VOD business.  The
Lions Gate brand name is synonymous with original, cutting edge,
quality entertainment in markets around the world.

As reported by the Troubled Company Reporter on March 10, 2010,
Standard & Poor's Ratings Services revised its rating outlook on
Lions Gate to negative from stable.  At the same time, S&P
affirmed ratings on Lions Gate, including the 'B-' corporate
credit rating.

Lions Gate carries Moody's "B2" corporate family rating and
probability of default rating.

                    About Metro-Goldwyn-Mayer

Metro-Goldwyn-Mayer, Inc., is an independent, privately held
motion picture, television, home video, and theatrical production
and Distribution Company.  The Company owns the world's largest
library of modern films, comprising approximately 4,000 titles,
and over 10,400 episodes of television programming.  An investor
consortium, comprised of Providence Equity Partners, TPG Capital,
Sony Corporation of America, Comcast Corporation, DLJ Merchant
Banking Partners and Quadrangle Group, owns MGM.


MGIC INDEMNITY: S&P Corrects Counterparty Credit Ratings to 'B+'
----------------------------------------------------------------
Standard & Poor's Ratings Services corrected its counterparty
credit and financial strength ratings on MGIC Indemnity Co. by
lowering them to 'B+' from 'BB' and assigning a negative outlook.

On Oct. 19, 2009, S&P lowered its ratings on Mortgage Guaranty
Insurance Corp. to 'B+' from 'BB', but because of an error, S&P
did not contemporaneously downgrade MGIC Indemnity Co.

                           Ratings List

                          Rating lowered

                         MGIC Indemnity Co.

                                  To                From
                                  --                ----
  Counterparty credit rating      B+/Negative/--    BB/Stable/--
  Financial strength rating       B+/Negative/--    BB/Stable/--


MOVIE GALLERY: Gamers to Block COKeM's $3MM Bid for Video Assets
----------------------------------------------------------------
Bankruptcy Law360 reports that Gamers Factory Inc. is aiming to
block rival COKeM International Ltd. from buying over $3 million
worth of video games and accessories from Movie Gallery Inc.,
saying it would beat COKeM's proposed sale price by $50,000.

Gamers, a subsidiary of Game Trading Technologies Inc., lodged an
objection to the proposed sale Wednesday in the U.S. Bankruptcy
Court for the Eastern District of Virginia, Law360 says.

                        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).


MWB LLC: Case Summary & Largest Unsecured Creditor
--------------------------------------------------
Debtor: MWB, LLC
        P.O. Box 5958
        Maryville, TN 37802

Bankruptcy Case No.: 10-32951

Chapter 11 Petition Date: June 21, 2010

Court: United States Bankruptcy Court
       Eastern District of Tennessee (Knoxville)

Judge: Richard Stair Jr.

Debtor's Counsel: Thomas Lynn Tarpy, Esq.
                  Hagood, Tarpy & Cox PLLC
                  Suite 2100, Riverview Tower
                  900 South Gay Street
                  Knoxville, TN 37902-1537
                  Tel: (865) 525-7313
                  E-mail: ltarpy@htandc.com

Scheduled Assets: $2,500,000

Scheduled Debts: $1,940,000

In its list of 20 largest unsecured creditors, the Company placed
only one entry:

Entity                   Nature of Claim        Claim Amount
------                   ---------------        ------------
McMinn Couty Trustee      Real propert taxes     $30,000
Athens, TN 37303

The petition was signed by Charles B. Hicks, member.


NEWARK GROUP: Seeks to Hire Grant Thornton as Tax Accountant
------------------------------------------------------------
BankruptcyData.com reports that Newark Group is seeking approval
from the Bankruptcy Court to employ Grant Thornton (Contact: Alan
Gallatin) as tax accountant at these hourly rates:

   * partner at $620 to $715,
   * director at $570 to $650,
   * senior manager at $505 to $565,
   * manager at $450 to $475,
   * senior associate at $335 to $395,
   * associate at $230 to $260,
   * paraprofessional at $125 to $180 and
   * intern at $175 to $195.

                        About Newark Group

Cranford, New Jersey-based The Newark Group, Inc., manufactures
and sells recycled paperboard and paperboard products.  The
company operates in three segments: Paperboard, Converted Products
and International.

The Company, along with affiliates, filed for Chapter 11
bankruptcy protection on June 9, 2010 (Bankr. D. N.J. Case No. 10-
27694).  Kenneth Rosen, Esq., at Lowenstein Sandler, assists the
Company in its restructuring effort.

Jefferies & Company is the Company's investment banker.
AlixPartners LLP is the Company's restructuring financial
advisors.  Deloitte & Touche LLP is the Company's accounting
Advisors.  Kurtzman Carson & Consultants LLC is the Company's
claims, balloting & noticing agent.

The Company estimated its assets and debts at $100,000,001 to
$500,000,000.


NORTH AMERICAN PETROLEUM: Cash Collateral Hearing Set for July 6
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware, in a
second interim order, authorized North American Petroleum
Corporation USA, et al., to use the cash securing their obligation
to their prepetition lenders.

A final hearing on the Debtor's access to the cash collateral will
be held on July 6, 2010, at 11:00 a.m. prevailing Eastern Time.
Objections, if any, are due on July 1, at 4:00 p.m. ET.

The Debtors would use the cash collateral to fund their Chapter 11
case, pay suppliers and other parties.

As reported in the Troubled Company Reporter on June 8, 2010, to
support their drilling activities, the Debtors entered into a
certain senior secured credit agreement originally dated
August 25, 2005, with Texas Capital Bank, N.A., as Administrative
Agent, and Guaranty Bank, FSB, as Co-Agent Bank, on behalf of the
lender parties thereto, to provide the Debtors with a $200 million
term and revolving credit facility.  Approximately $103 million
remains outstanding under the Prepetition Credit Agreement.

Under a reimbursement agreement (the Cost Recovery Agreement) with
the Debtors, Enterra Energy Corp. and certain of its affiliates
agreed to provide up-front funding for the construction of certain
waste-water disposal and other infrastructure improvements for
wells.  Although the Debtors were required pursuant to the Cost
Recovery Agreement to ultimately fund more than the entire cost of
the infrastructure improvements, the improvements remained
property of Enterrra, and the Debtors had no interest in the
improvements.  Enterra claims that approximately $15 million
remains to be paid by the Debtors under the Cost Recovery
Agreement.

As of the Petition Date, the Debtors had total consolidated funded
debt of approximately $103 million, consisting of secured bank
debt under the prepetition secured credit agreement.  In addition,
to date Enterrra has asserted statutory mechanics and
materialman's liens against certain prepetition collateral for
prepetition  obligations allegedly owed from the Debtors to
Enterra in an amount of approximately $9.2 million.

In exchange for using the cash collateral, the Debtors will grant
the Co-Agents additional and replacement continuing valid,
binding, enforceable, non-avoidable, and automatically perfected
postpetition security interests in and liens on any and all
presently owened and hereafter acquired personal property, real
property and all other assets of the Debtors.

As further adequate protection of the interests of the prepetition
lenders and Enterra against diminution in value of their
interests, the Debtors will commence negotiations with Enterra and
the Prepetition Lenders regarding a schedule for the restructuring
and/or sale of the Debtors' assets.

                  About North American Petroleum

Denver, Colorado-based North American Petroleum Corp. USA is a
natural gas driller.  North American Petroleum and Prize Petroleum
are subsidiaries of Petroflow Energy Corporation.

North American Petroleum filed for Chapter 11 bankruptcy
protection on May 25, 2010 (Bankr. D. Del. Case No. 10-11707).
Kirkland & Ellis LLP assists the Company in its restructuring
effort.   Domenic E. Pacitti, Esq., at Klehr Harrison Harvey
Branzburg LLP, is the Company's Delaware counsel.  Kinetic
Advisors LLC is the Company's  restructuring advisor.  Epiq
Bankruptcy Solutions, LLC, is the Company's notice, claims and
balloting agent.  The Company estimated its assets and debts at
$100,000,001 to $500,000,000.

The Company's affiliate, Prize Petroleum LLC, filed a separate
Chapter 11 petition on May 25, 2010 (Case No. 10-11708), listing
up to $0 to $50,000 in assets and $100,000,001 to $500,000,000 in
debts.


NORTH AMERICAN PETROLEUM: Gets 30 Add'l Days to File Schedules
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware extended
for an additional 30 days North American Petroleum Corporation
USA, et al.'s time to file their (i) statement of financial
affairs; (ii) schedules of assets and liabilities; (iii) schedules
of current income and expenditures; and (iv) statements of
executory contracts.

Denver, Colorado-based North American Petroleum Corp. USA is a
natural gas driller.  North American Petroleum and Prize Petroleum
are subsidiaries of Petroflow Energy Corporation.

North American Petroleum filed for Chapter 11 bankruptcy
protection on May 25, 2010 (Bankr. D. Del. Case No. 10-11707).
Kirkland & Ellis LLP assists the Company in its restructuring
effort.   Domenic E. Pacitti, Esq., at Klehr Harrison Harvey
Branzburg LLP, is the Company's Delaware counsel.  Kinetic
Advisors LLC is the Company's  restructuring advisor.  Epiq
Bankruptcy Solutions, LLC, is the Company's notice, claims and
balloting agent.  The Company estimated its assets and debts at
$100,000,001 to $500,000,000.

The Company's affiliate, Prize Petroleum LLC, filed a separate
Chapter 11 petition on May 25, 2010 (Case No. 10-11708), listing
up to $0 to $50,000 in assets and $100,000,001 to $500,000,000 in
debts.


NORTH AMERICAN PETROLEUM: Section 341(a) Meeting Set for June 29
----------------------------------------------------------------
Roberta A. Deangelis, the U.S. Trustee for Region 3, will convene
a meeting of creditors in North American Petroleum Corporation
USA, et al.'s Chapter 11 case on June 29, 2010, at 11:00 a.m.  The
meeting will be held at J. Caleb Boggs Federal Building, 2nd
Floor, Room 2112, Wilmington, Delaware.

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

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

              About North American Petroleum Corp. USA

Denver, Colorado-based North American Petroleum Corp. USA is a
natural gas driller.  North American Petroleum and Prize Petroleum
are subsidiaries of Petroflow Energy Corporation.

North American Petroleum filed for Chapter 11 bankruptcy
protection on May 25, 2010 (Bankr. D. Del. Case No. 10-11707).
Kirkland & Ellis LLP assists the Company in its restructuring
effort.  Domenic E. Pacitti, Esq., at Klehr Harrison Harvey
Branzburg LLP, is the Company's Delaware counsel.  Kinetic
Advisors LLC is the Company's restructuring advisor.  Epiq
Bankruptcy Solutions, LLC, is the Company's notice, claims and
balloting agent.  The Company estimated its assets and debts at
$100,000,001 to $500,000,000.

The Company's affiliate, Prize Petroleum LLC, filed a separate
Chapter 11 petition on May 25, 2010 (Case No. 10-11708), listing
up to $0 to $50,000 in assets and $100,000,001 to $500,000,000 in
debts.


NOVADEL PHARMA: Registers 10-Mil. Shares Under 2006 Equity Plan
---------------------------------------------------------------
NovaDel Pharma Inc. disclosed that on June 10, 2010, an additional
10,000,000 shares of common stock were authorized for issuance
under the 2006 Equity Incentive Plan (as amended and restated on
April 20, 2010) in accordance with the provisions of the plan.
The Company has filed a registration statement with the Securities
and Exchange Commission to cover the additional 10,000,000 shares.
Pursuant to the Registration Statement, the maximum aggregate
offering price is $1,950,000.

A full-text copy of the Registration Statement on Form S-8 is
available at no charge at http://ResearchArchives.com/t/s?6555

                       About NovaDel Pharma

Bridgewater, N.J.-based NovaDel Pharma Inc. (OTC BB: NVDL)
-- http://www.novadel.com/-- is a specialty pharmaceutical
company developing oral spray formulations for a broad range of
marketed pharmaceuticals.

                           *     *     *

As reported in the Troubled Company Reporter on April 6, 2010,
J.H. Cohn LLP, in Roseland, 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 of the
Company's recurring losses from operations and negative cash flows
from operating activities.

The Company's balance sheet as of March 31, 2010, showed
$5,032,000 in assets and $9,831,000 of liabilities, for a
stockholders' deficit of $4,799,000.


PATRICK HACKETT: U.S. Trustee Drops Ch. 7 Case Conversion Plea
---------------------------------------------------------------
Brian Kelly at Watertown Daily Times reports that U.S. Trustee
Diane G. Adams withdrew her request to convert the Chapter 11 case
of Patrick Hackett Hardware Inc. to Chapter 7 liquidation
proceeding after the Company filed a plan of reorganization.

According to the reorganization plan, Patrick Hackett plans to pay
off its debts from revenues and income generated by the continued
operation of its business.  It will also use $500,000 from its
parent corporation, Wisebuys Inc., which is not in bankruptcy;
$200,000 from Seaway Valley Capital Corp., of which Wisebuys is a
subsidiary; and $200,000 from the sale of property in Canton and
Ogdensburg.  The money from Wisebuys and Seaway Valley will be
raised through "various public offerings," according to a
disclosure statement accompanying the reorganization plan.

                      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."


POLARIOD CORP: Auction of Photos Nets $12.4 Million
---------------------------------------------------
Jacqueline Palank at Dow Jones Daily Bankruptcy Review, citing The
Associated Press, reports that a two-day auction of 1,000-plus
Polaroid photos raked in $12.4 million, about $2 million more than
was expected.  The auction was held in connection with Polaroid
Corp.'s bankruptcy proceedings.  The sale of the images,
handpicked from Polaroid's collection of 16,000 photographs, will
go toward paying off creditors of the company's bankruptcy estate.

Polaroid Corporation -- http://www.polaroid.com/-- makes and
sells films, cameras, and other imaging products.  Polaroid
filed for chapter 11 protection on Oct. 12, 2001 (Bankr. D.
Del. Case No. 01-10864) and again on Dec. 18, 2008 (Bankr. D.
Minn. Case No. 08-46617).  PLR Acquistion LLC, a joint venture
composed of Hilco Consumer Capital L.P. and Gordon Brothers
Brands LLC, acquired most of Polaroid's assets -- including
the Polaroid brand and trademarks -- in May 2009.  They paid $87.6
million for the brand.  Debtor Polaroid Corp. was renamed to PBE
Corp. following the sale.  The case was converted to Chapter 7 on
Aug. 31, 2009, and John R. Stoebner serves as the Chapter 7
Trustee.


PRES-LAHAINA SQUARE: Section 341(a) Meeting Scheduled for July 28
-----------------------------------------------------------------
The U.S. Trustee for Region 16 will convene a meeting of creditors
of Pres-Lahaina Square LLC and VLJ Aloha LLC on July 28, 2010, at
11:00 a.m.  The meeting will be held at 411 W Fourth St., Room
1-159, Santa Ana, CA 92701.

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.

Newport Beach, California-based Pres-Lahaina Square LLC filed for
Chapter 11 bankruptcy protection on June 15, 2010 (Bankr. C.D.
Calif. Case No. 10-18065).  Marc J. Winthrop, Esq., who has an
office in Newport Beach, California, 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, VLJ Aloha LLC, filed a separate Chapter
11 petition on June 15, 2010 (Case No. 10-18067).


PRM REALTY: Has Until August 4 to File Reorganization Plan
----------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas
extended PRM Realty Group, LLC's exclusive periods to file and
solicit acceptances for the proposed Plan of Reorganization until
August 4, 2010,
and October 4, respectively.

Chicago, Illinois-based PRM Realty Group, LLC, filed for Chapter
11 bankruptcy protection on January 6, 2010 (Bankr. N.D. Tex. Case
No. 10-30241).  The Company's affiliates -- Peter R. Morris; Bon
Secour Partners, LLC; PM Transportation, LLC; Rangeline
Properties, LLC; PRS II, LLC; and Morris Radio Enterprises, LLC --
filed separate Chapter 11 bankruptcy petitions.  Gerrit M.
Pronske, Esq., at Pronske & Patel, P.C., assists PRM Realty in its
bankruptcy effort.  PRM Realty listed $100,000,001 to $500,000,000
in assets and $100,000,001 to $500,000,000 in liabilities.


REVLON INC: Files 2009 Annual Report for Profit Sharing Plan
------------------------------------------------------------
Revlon Inc. filed with the Securities and Exchange Commission an
annual report on Form 11-K for the Revlon Employees' Savings,
Investment And Profit Sharing Plan for the fiscal year ended
December 31, 2009.  As of December 31, 2009, Net investments total
$115,014; and Net assets available for benefits were $115,347.

A full-text copy of the Form 11-K report is available at no charge
at http://ResearchArchives.com/t/s?6553

                         About Revlon Inc.

Headquartered in New York City, Revlon, Inc. (NYSE: REV) --
http://www.revloninc.com/-- is a worldwide cosmetics, hair color,
beauty tools, fragrances, skincare, anti-perspirants/deodorants
and personal care products company.  The Company's brands, which
are sold worldwide, include Revlon(R), Almay(R), Mitchum(R),
Charlie(R), Gatineau(R), and Ultima II(R).

At March 31, 2010, the Company's balance sheet showed $807.0
million in total assets, $303.7 million total current liabilities,
$1.1 billion long-term debt, $107.0 million long-term debt
(affiliates), $210.8 million long term pension liabilities, and
$63.9 million other long term liabilities, for a $983.0 million
stockholders' deficit.


RIVER WEST: Hearing for Competing Plans Set for July 30
-------------------------------------------------------
Bank of America, N.A., filed with the U.S. Bankruptcy Court for
the Northern District of Illinois a Chapter 11 plan of liquidation
and an explanatory disclosure statement for River West Plaza-
Chicago, LLC.  The Debtor has also filed its own plan of
liquidation.  The Court will consider the confirmation of either
Plan at a hearing on July 30, 2010, at 9:30 a.m., C.D.T.
Objections, if any, are due on July 16.

To assist holders in evaluating the competing Plans versus a
Chapter 7 liquidation, BofA prepared the Plan Comparison Chart
showing its analysis of the aggregate recoveries for each class of
creditors under the two Plans and a Chapter 7 liquidation.

Class of Claim                Projected Recovery Under:
--------------       Bank's Plan   Third Plan   Ch. 7 Liquidation
                     -----------   ----------   -----------------
1 - Bank Secured        100%          100%         85%
1 - Other Secured       100%          100%         0%
2 - General unsecured   100%          62% or more  0%
2 - Bank Deficiency    Unknown        62%          0%
3 - Equity Interests    0%            0%           0%

A full-text copy of the BofA Plan, is available for free at
http://bankrupt.com/misc/Riverwest_BofAAmendedDS.pdf

                 About River West Plaza-Chicago

River West Plaza-Chicago LLC, dba Joffco Square, is an Illinois
limited liability company, with its principal office located at 5
Revere Drive, Suite 200, Northbrook, Illinois 60062.  The Company
filed for Chapter 11 bankruptcy protection on December 7, 2009
(Bankr. N.D. Ill. Case No. 09-46258).  Forrest B. Lammiman, Esq.,
at Meltzer, Purtill & Stelle LLC assists the Company in its
restructuring efforts.  The Company listed $10,000,001 to
$50,000,000 in assets and $10,000,001 to $50,000,000 in
liabilities.


RME EQUIPMENT: Case Summary & 8 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: RME Equipment, Inc.
        34818 Michelle Dr.
        Pinehurst, TX 77362

Bankruptcy Case No.: 10-35103

Chapter 11 Petition Date: June 21, 2010

Court: United States Bankruptcy Court
       Southern District of Texas (Houston)

Judge: Jeff Bohm

Debtor's Counsel: Jack Nicholas Fuerst, Esq.
                  Attorney at Law
                  P.O. Box 79263
                  Houston, TX 77279
                  Tel: (713) 299-8221
                  Fax: (713) 789-2606
                  E-mail: jfuerst@sbcglobal.net

Scheduled Assets: $543,596

Scheduled Debts: $1,664,203

A list of the Company's 8 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/txsb10-35103.pdf

The petition was signed by Richard Monte Evenson, company's
president.


ROBERT N LUPO: U.S. Trustee Wants Case Converted to Chapter 7
-------------------------------------------------------------
The Hon. William C. Hillman of the U.S. Bankruptcy Court for the
District of Massachusetts will consider at a hearing on June 29,
2010, at 9:30 a.m., the motion to convert the Chapter 11 case of
Robert N. Lupo to one under Chapter 7 of the Bankruptcy Code, or
appoint a Chapter 11 trustee.  The hearing will be held at
Courtroom 2, J.W. McCormack Post Office & Court House, 5 Post
Office Square, 12th Floor, Boston, Massachusetts.

John P. Fitzgerald, III, Acting U.S. Trustee for Region 1, sought
for the conversion of the Debtor's case because:

   -- the Debtor's amended schedules and statements reflect
      substantial non-exempt assets available for liquidation and
      payment to creditors;

   -- the Debtor failed to formulate a disclosure statement and a
      feasible plan in over the six months his case has been
      pending; and

   -- the Debtor's counsel filed a motion to withdraw.

                       About Robert N. Lupo

Weston, Massachusetts-based Robert N. Lupo filed for Chapter 11
bankruptcy protection on December 10, 2009 (Bankr. D. Mass. Case
No. 09-21945).  Andrew G. Lizotte, Esq., at Hanify & King, P. C.,
assists the Debtor in his restructuring effort.  The Debtor listed
$10,000,001 to $50,000,000 in assets and $1,000,001 to $10,000,000
in liabilities.


ROBERT N LUPO: Cash Collateral Hearing Scheduled for June 29
------------------------------------------------------------
The Hon. William C. Hillman the U.S. Bankruptcy Court for the
District of Massachusetts will consider Robert N. Lupo's access to
the cash collateral on June 29, 2010, at 9:30 a.m.  The hearing
will be held at Courtroom 2, J.W. McCormack Post Office & Court
House, 5 Post Office Square, 12th Floor, Boston, Massachusetts.

As reported in the Troubled Company Reporter on April 15, the
secured creditors claim an interest in 31 commercial, residential
and mixed use properties in Weston, Wayland, Lincoln, Newton,
Waltham, and Acton, Massachussetts, and on Cape Cod, in New
Hampshire, and in Maine.

The Debtor will use the rental income generated by the properties
to fund its operations postpetition.

The Debtor said that the secured creditors are provided adequate
protection of their interest through its continued ownership and
management of the properties, the payment of postpetition taxes,
insurance, and other operating expenses, and by the lender's
interest in the continuing stream of rental income.

                       About Robert N. Lupo

Weston, Massachusetts-based Robert N. Lupo filed for Chapter 11
bankruptcy protection on December 10, 2009 (Bankr. D. Mass. Case
No. 09-21945).  Andrew G. Lizotte, Esq., at Hanify & King, P. C.,
assists the Debtor in his restructuring effort.  The Debtor listed
$10,000,001 to $50,000,000 in assets and $1,000,001 to $10,000,000
in liabilities.


ROBERT N LUPO: U.S. Trustee Forms 4-Member Creditors Committee
--------------------------------------------------------------
John P. Fitzgerald, III, Acting U.S. Trustee for Region 1,
appointed five members to the official committee of unsecured
creditors in the Chapter 11 case of Robert N. Lupo.

The Creditors Committee members are:

1. Lisa Jacobs
   P.O. Box 488
   Weston, MA 02493
   Tel: (781) 899-9774
   Fax: (781) 899-9774
   E-mail: lisajacobs8@hotmail.com

2. EZ Oil Company
   11 Pine Vale Rd.
   Waltham, MA 02451-2237
   Creditor Rep: Law Offices of Nicole Starck
   Legal Representation
   Tel: (781) 893-2254
   Fax: (781) 893-2257
   E-mail: nicole@starcklaw.com

3. Thomas D. Godino & Company, Inc.
   dba Godino & Co., Inc.
   225 Riverview Ave., Suite 101
   Newton, MA 02466
   Creditor Rep: Thomas D. Godino, president
   Tel: (617) 965-4200 extn. 111
   Cell: (617) 797-7747
   Fax: (617) 965-8632
   E-mail: tgodinosr@godinoco.com

4. Lexington Alarm Systems
   9 Alfred Circle
   Bedford, MA 01730
   Creditor Rep: Dennis Hughes, COO
   Tel: (781) 275-4200
   Fax: (781) 275-3141
   E-mail: dhughes@lexingtonalarm.com

Official creditors' committees have the right to employ legal and
accounting professionals and financial advisors, at the Debtor's
expense.  They may investigate the Debtor's business and financial
affairs.  Importantly, official committees serve as fiduciaries to
the general population of creditors they represent.  Those
committees will also attempt to negotiate the terms of a
consensual Chapter 11 plan -- almost always subject to the terms
of strict confidentiality agreements with the Debtors and other
core parties-in-interest.  If negotiations break down, the
Committee may ask the Bankruptcy Court to replace management with
an independent trustee.  If the Committee concludes reorganization
of the Debtor is impossible, the Committee will urge the
Bankruptcy Court to convert the Chapter 11 cases to a liquidation
proceeding.

                       About Robert N. Lupo

Weston, Massachusetts-based Robert N. Lupo filed for Chapter 11
bankruptcy protection on December 10, 2009 (Bankr. D. Mass. Case
No. 09-21945).  Andrew G. Lizotte, Esq., at Hanify & King, P. C.,
assists the Debtor in his restructuring effort.  The Debtor listed
$10,000,001 to $50,000,000 in assets and $1,000,001 to $10,000,000
in liabilities.


ROCKY MOUNTAIN: Gets 5-Year Probation for Illegal Exports
---------------------------------------------------------
Felisa Cardona at The Denver Post says Rocky Mountain Instrument
Co.'s chief executive pleaded guilty to exporting military optical
prisms and data to foreign nations without permission from the
U.S. State Department.  A district judge sentenced the Company to
five years of probation and oversight, and ordered the forfeiture
of $1 million to the federal government.

Lafayette, Colorado-based Rocky Mountain Instrument Inc. is a
high-tech optics company.  The Company and its laser subsidiary
makes a variety of photonics products for industry and defense
use, including optics that defense giant Lockheed Martin Corp.
planned to use in its F-22 fighter currently under development.
The Company has offices in Russia and South Korea in addition to
its Lafayette site.

The Company filed for Chapter 11 protection on June 23, 2009
(Bankr. D. Col. Case No.: 09-22368).  Christian C. Onsager, Esq.,
represents the Debtor in its restructuring efforts.  The Company
listed assets of less than $50,000 and liabilities of between
$1 million and $10 million.


SAHARA ENEGY: Creditors Approve BIA Proposal
--------------------------------------------
Sahara Energy Ltd. disclosed that, further to its news release of
June 8, 2010, the secured creditors and the unsecured creditors of
Sahara voted in favor of Sahara's proposal under the Bankruptcy
and Insolvency Act at a meeting of the creditors held on June 22,
2010.

The finalization of the proposal remains subject to court
approval, which will be sought by Deloitte and Touche Inc. who is
acting as trustee under Sahara's proposal.  The proposal is also
subject to regulatory and shareholder approval.


SHOPPES OF LAKESIDE: Section 341(a) Meeting Scheduled for July 21
-----------------------------------------------------------------
The U.S. Trustee for Region 21 will convene a meeting of Shoppes
of Lakeside, Inc.'s creditors on July 21, 2010, at 3:00 p.m.  The
meeting will be held at First Floor, 300 North Hogan St. Suite
1-200, Jacksonville, FL 32202.

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.

Neptune Beach, Florida-based Shoppes of Lakeside, Inc., filed for
Chapter 11 bankruptcy protection on June 15, 2010 (Bankr. M.D.
Fla. Case No. 10-05199).  Bryan K. Mickler, Esq., who has an
office in Jacksonville, Florida, assists the Company in its
restructuring effort.  The Company listed $39,894,050 in assets
and $37,748,101 in liabilities.


SHOPPES OF LAKESIDE: Taps Bryan Mickler as Bankruptcy Counsel
-------------------------------------------------------------
Shoppes of Lakeside, Inc., has sought permission from the U.S.
Bankruptcy Court for the Middle District of Florida to employ
Bryan K. Mickler as bankruptcy counsel.

Mr. Mickler will represent the Debtor in its Chapter 11 case and
provide other legal services which the Debtor anticipate will be
required.

The Debtor and Mr. Mickler didn't disclose how Mr. Mickler will be
compensated for his services.

Mr. Mickler assures the Court that he is a "disinterested person"
as that term is defined in Section 101(14) of the Bankruptcy Code.

Neptune Beach, Florida-based Shoppes of Lakeside, Inc., filed for
Chapter 11 bankruptcy protection on June 15, 2010 (Bankr. M.D.
Fla. Case No. 10-05199).  The Company listed $39,894,050 in assets
and $37,748,101 in liabilities.


SL GREEN: Court Dismisses Certain Legal Claims Made Against Firm
----------------------------------------------------------------
SL Green Realty Corp. disclosed that the New York State Supreme
Court has dismissed certain legal claims made against the Company
regarding a cancelled property sale.

SL Green reached an agreement in late 2009 to sell an investment
interest in an office building at 485 Lexington Avenue in New York
City, but the buyer failed to meet conditions imposed by the
lender of the property.  The buyer then filed a lawsuit in an
attempt to force SL Green to transfer the property to the buyer at
a reduced price without lender consent, and filed a Notice of
Pendency to prevent SL Green from selling the property to anyone
else.  The Court dismissed the claims which sought to compel SL
Green to transfer the property, and cancelled the Notice of
Pendency.

SL Green President & Chief Investment Officer Andrew Mathias
commented, "While it was unfortunate that the buyer chose this
course of action after being unable to meet the lender's
conditions and the transaction couldn't be completed, the Court
has verified that we fulfilled our obligations in seeking lender
approval.  Most importantly, we have continued to manage the
building and provide superior tenant service without interruption.
The only remaining claim is for damages, which the Court stated is
limited to a return of the deposit, and since we have already
refunded the deposit we will be moving to dismiss that claim as
well."

                       About SL Green

SL Green Realty Corp. is a self-administered and self-managed real
estate investment trust, or REIT, that predominantly acquires,
owns, repositions and manages Manhattan office properties. The
Company is the only publicly held REIT that specializes in this
niche. As of December 31, 2009, the Company owned interests in 29
New York City office properties totaling approximately 23,211,200
square feet, making it New York's largest office landlord. In
addition, at December 31, 2009, SL Green held investment interests
in, among other things, eight retail properties encompassing
approximately 374,812 square feet, three development properties
encompassing approximately 399,800 square feet and two land
interests, along with ownership interests in 31 suburban assets
totaling 6,804,700 square feet in Brooklyn, Queens, Long Island,
Westchester County, Connecticut and New Jersey.

As reported in the Troubled Company Reporter on February 8, 2010,
Fitch Ratings has affirmed the Issuer Default Rating of SL Green
Realty Corp. and its subsidiaries SL Green Operating Partnership,
L.P., and Reckson Operating Partnership, L.P.:

SL Green Realty Corp.

  -- IDR at "BB+";
  -- Perpetual preferred stock at "BB-".

SL Green Operating Partnership, L.P.

  -- IDR at "BB+";
  -- Revolving credit facility at "BB+";
  -- Convertible unsecured notes at "BB+".

Reckson Operating Partnership, L.P.

  -- IDR at "BB+";
  -- Senior unsecured notes at "BB+"
  -- Convertible unsecured notes at "BB+".


SMURFIT-STONE: Deregisters Unsold Stock Under Savings Plan
----------------------------------------------------------
In separate Form S-8s filed with the Securities and Exchange
Commission on June 21, 2010, Smurfit-Stone Container Corporation
disclosed that in December 2008, it amended the terms of the:

  * St. Laurent Paperboard Hourly Savings Plan; and

  * Smurfit-Stone Container Corporation Savings Plan, Jefferson
    Smurfit Corporation Hourly Savings Plan and Smurfit
    Packaging Corporation Savings Plan,

to no longer allow participants to invest their contributions in
SSCC's Common Stock.  Therefore, neither the Common Stock
available for issuance under the Plans nor interests need
to be registered.

SSCC previously registered 200,000 shares of common stock, par
value $0.01, available for issuance under the St. Laurent
Paperboard Hourly Savings Plan.

In addition, SSCC registered 10,000,000 shares of common stock,
par value $0.01 and 1,624,522 shares of Common Stock in
connection with the Smurfit-Stone Container Corporation Savings
Plan, Jefferson Smurfit Corporation Hourly Savings Plan and
Smurfit Packaging Corporation Savings Plan.

SSCC also registered an indeterminate amount of interests to be
offered and sold pursuant to the Plans in accordance with Rule
416(c) under the Securities Act of 1933, as amended.

Pursuant to an undertaking contained in the Registration
Statements, SSCC deregisters, as of June 21, all shares of the
Common Stock and all Interests unsold or unissued.

SSCC filed a Form 15 on June 21 with the SEC to suspend the
Plans' duties to file reports under Section 15(d) of the
Securities Exchange Act of 1934, including on Form 11-K.

                      About Smurfit-Stone

Smurfit-Stone Container Corp. -- http://www.smurfit-stone.com/--
is one of the leading integrated manufacturers of paperboard and
paper-based packaging in North America and one of the world's
largest paper recyclers.  The Company operates 162 manufacturing
facilities that are primarily located in the United States and
Canada.  The Company also owns roughly one million acres of
timberland in Canada and operates wood harvesting facilities in
Canada and the United States.  The Company employs roughly 21,250
employees, 17,400 of which are based in the United States.  For
the quarterly period ended September 30, 2008, the Company
reported roughly US$7.450 billion in total assets and
US$5.582 billion in total liabilities on a consolidated basis.

Smurfit-Stone and its U.S. and Canadian subsidiaries filed for
Chapter 11 protection on January 26, 2009 (Bankr. D. Del. Lead
Case No. 09-10235).  Certain of the company's affiliates,
including Smurfit-Stone Container Canada Inc., a wholly owned
subsidiary of SSCE, and certain of its affiliates, filed to
reorganize under the Companies' Creditors Arrangement Act in the
Ontario Superior Court of Justice in Canada.

Smurfit-Stone joined pulp- and paper-related bankruptcies as
rising Internet use hurts magazines and newspapers.  Corporacion
Durango SAB, Mexico's largest papermaker, sought U.S. bankruptcy
in October.  Quebecor World Inc., a magazine printer and Pope &
Talbot Inc., a pulp-mill operator, also sought cross-border
bankruptcies for their operations in the U.S. and Canada.

James F. Conlan, Esq., Matthew A. Clemente, Esq., Dennis M.
Twomey, Esq., and Bojan Guzina, Esq., at Sidley Austin LLP, in
Chicago, Illinois; and Robert S. Brady, Esq., and Edmon L. Morton,
Esq., at Young Conaway Stargatt & Taylor in Wilmington, Delaware,
serve as the Debtors' bankruptcy counsel.  PricewaterhouseCoopers
LLC, serves as the Debtors' financial and investment consultants.
Lazard Freres & Co. LLC acts as the Debtors' investment bankers.
Epiq Bankruptcy Solutions LLC acts as the Debtors' notice and
claims agent.

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


SMURFIT-STONE: Kruger Wants Claim vs. SSC Canada Allowed
--------------------------------------------------------
Kruger Inc. Scierie Parent asks the Court to allow Claim No.
13658 against Debtor Smurfit-Stone Container Canada, Inc.

Kruger, a Canadian corporation, was listed as a general unsecured
creditor by Smurfit Canada on its schedules of assets and
liabilities with a $1,073,654 unliquidated, contingent claim.

Jeffrey R. Waxman, Esq., at Morris James LLP, in Wilmington,
Delaware -- jwaxman@morrisjames.com -- tells the Court that
despite the Debtors' knowledge that they had significant
creditors located outside the United States, it does not appear
that the Debtors published notice of the bar date for filing
proofs of claim in any Canadian publications.

Mr. Waxman says that Kruger had no knowledge of receiving the bar
date notice until more than a month after the bar date had
passed.

Further, the Debtors' Notice of Bar Date and related papers was
served on creditors by the claim agent, Mr. Waxman points out.

"As a Canadian corporation, Kruger expects to be served with
official court notices by registered mail or personally by a
bailiff," Mr. Waxman argues.

                      About Smurfit-Stone

Smurfit-Stone Container Corp. -- http://www.smurfit-stone.com/--
is one of the leading integrated manufacturers of paperboard and
paper-based packaging in North America and one of the world's
largest paper recyclers.  The Company operates 162 manufacturing
facilities that are primarily located in the United States and
Canada.  The Company also owns roughly one million acres of
timberland in Canada and operates wood harvesting facilities in
Canada and the United States.  The Company employs roughly 21,250
employees, 17,400 of which are based in the United States.  For
the quarterly period ended September 30, 2008, the Company
reported roughly US$7.450 billion in total assets and
US$5.582 billion in total liabilities on a consolidated basis.

Smurfit-Stone and its U.S. and Canadian subsidiaries filed for
Chapter 11 protection on January 26, 2009 (Bankr. D. Del. Lead
Case No. 09-10235).  Certain of the company's affiliates,
including Smurfit-Stone Container Canada Inc., a wholly owned
subsidiary of SSCE, and certain of its affiliates, filed to
reorganize under the Companies' Creditors Arrangement Act in the
Ontario Superior Court of Justice in Canada.

Smurfit-Stone joined pulp- and paper-related bankruptcies as
rising Internet use hurts magazines and newspapers.  Corporacion
Durango SAB, Mexico's largest papermaker, sought U.S. bankruptcy
in October.  Quebecor World Inc., a magazine printer and Pope &
Talbot Inc., a pulp-mill operator, also sought cross-border
bankruptcies for their operations in the U.S. and Canada.

James F. Conlan, Esq., Matthew A. Clemente, Esq., Dennis M.
Twomey, Esq., and Bojan Guzina, Esq., at Sidley Austin LLP, in
Chicago, Illinois; and Robert S. Brady, Esq., and Edmon L. Morton,
Esq., at Young Conaway Stargatt & Taylor in Wilmington, Delaware,
serve as the Debtors' bankruptcy counsel.  PricewaterhouseCoopers
LLC, serves as the Debtors' financial and investment consultants.
Lazard Freres & Co. LLC acts as the Debtors' investment bankers.
Epiq Bankruptcy Solutions LLC acts as the Debtors' notice and
claims agent.

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


SMURFIT-STONE: To Hold Call on Emergence on July 1
--------------------------------------------------
Judge Brendan L. Shannon of the U.S. Bankruptcy Court for the
District of Delaware confirmed on June 21, 2010, the Joint Plan
of Reorganization and Plan of Compromise and Arrangement filed by
Smurfit-Stone Container Corporation and each of its subsidiaries
and affiliates currently acting as debtors-in-possession under
Chapter 11 of the United States Bankruptcy Code, including those
Debtors that are Canadian subsidiaries and parties to the
Companies' Creditors Arrangement Act (Canada) proceeding.

At the June 21 hearing, says Bloomberg News, Judge Shannon
overruled the last objection to a compromise with shareholders
that will make Smurfit a publicly traded company owned by
unsecured creditors.

The objection was from United States Debt Recovery, a claims
trader holding approximately 70 claims worth about $11,000,000.

Judge Shannon overruled USDR's objection after the Debtors and
common shareholders led by Fir Tree, Inc., and P. Schoenfeld Asset
Management LP, in separate filings, asserted that the Settlement
provides a fair and reasonable resolution to the equity holders'
objections without a material impact on creditors says the
report.

The State of Montana Department of Environmental Quality also
filed an objection to the Settlement.  However, the objection was
resolved after the Debtors agreed to add a statement in the
confirmation order providing that MDEQ's environmental claims
will not be discharged.

As previously reported, Smurfit-Stone's POR received overwhelming
support from its creditor constituencies.  On May 13, 2010, the
Ontario Superior Court of Justice issued an order sanctioning the
POR in the CCAA proceedings in Canada.

On May 24, 2010, Smurfit-Stone announced that it reached a
resolution with certain holders of the Company's preferred and
common stock.  The resolution provides that 4.5% of the new
common stock of the reorganized Company that the POR previously
provided for distribution to unsecured creditors will now be
distributed to the Company's current stockholders, with 2.25%
being distributed pro rata to the holders of the Company's
preferred stock and 2.25% being distributed pro rata to holders
of the Company's common stock.

The company will leave bankruptcy with about $1.8 billion
in debt, Matthew A. Clemente, a lawyer for Smurfit with the firm
Sidley Austin LLP, said in an interview, notes Bloomberg.

"With confirmation of the Plan of Reorganization, Smurfit-Stone
is now on a path to emerge from our financial restructuring on
June 30," said Patrick J. Moore, chairman and CEO of Smurfit-
Stone.  "Upon consummation of the restructuring plan, we will
have successfully reduced our debt and realigned our capital
structure in a way that dramatically improves the Company's
prospects for long-term growth and profitability.

"We are pleased to have been able to reach agreement with our
creditors and stockholders on a plan that enables us to continue
to drive value for our stakeholders and help our customers grow
their businesses," Mr. Moore continued.  "I particularly want to
thank our employees, whose hard work and enduring dedication have
allowed us to continue meeting and exceeding our customers'
expectations throughout this process and whose efforts
contributed greatly to positioning us for a successful
emergence."

                Plan Complies With Section 1129

In his findings of fact, conclusions of law and order, confirming
the Plan, Judge Shannon indicated that the Plan satisfies the
requirements for confirmation set forth in Section 1129 of the
Bankruptcy Code.

A. Section 1129(a)(1)

The Plan complies with all applicable provisions of the
Bankruptcy Code, as required by Section 1129(a)(1) of the
Bankruptcy Code, including, without limitation, Sections 1122 and
1123 of the Bankruptcy Code.  Moreover, the Plan fully complies
with each requirement of Section 1123(a) of the Bankruptcy Code.

In accordance with Section 1122(a) of the Bankruptcy Code, the
Plan classifies each Claim against and Interest in the Debtors
into a Class containing only substantially similar Claims or
Interests.

In accordance with Section 1123(a)(1) of the Bankruptcy Code,
the Plan properly classifies all Claims and Interests that
require classification.  The number of classes reflects the
diverse classification of those Claims against and Interests in
the various Debtors, and the legal rights under the Bankruptcy
Code of each of the holders of Claims or Interests within that
Class.

In accordance with Section 1123(a)(2) of the Bankruptcy Code,
the Plan identifies and describes each Class of Claims or
Interests that is not impaired under the Plan.

In accordance with Section 1123(a)(3) of the Bankruptcy Code,
the Plan identifies and describes any Class of Claims or
Interests that is impaired under the Plan.

In accordance with Section 1123(a)(4) of the Bankruptcy Code, the
Plan provides the same treatment for each Claim or Interest of a
particular Class unless the holder of a Claim or Interest agrees
to less favorable treatment.

In accordance with Section 1123(a)(5) of the Bankruptcy Code, the
Plan provides adequate means for its implementation.

In accordance with Section 1123(a)(6) of the Bankruptcy Code, the
Reorganized Debtors' charters, bylaws or similar constituent
documents contain provisions prohibiting the issuance of
nonvoting equity securities, provide for the appropriate
distribution of voting power among all classes of equity
securities authorized for issuance, and otherwise comply with the
requirements of Section 1123(a)(6) of the Bankruptcy Code.

In accordance with Section 1123(a)(7) of the Bankruptcy Code, the
provisions of the Plan and the Reorganized Debtors' charters,
bylaws and similar constituent documents regarding the manner
of selection of officers and directors of the Reorganized Debtors
are consistent with the interests of creditors and equity
security holders and with public policy.

B. Section 1129(a)(2)

Votes with respect to the Plan were solicited in good faith and
in a manner consistent with the Bankruptcy Code, the Federal
Rules of Bankruptcy Procedure and the Court's order approving
solicitation and tabulation procedures.  Accordingly, the
requirements of Section 1129(a)(2) of the Bankruptcy Code have
been satisfied.

C. Section 1129(a)(3)

The Debtors have proposed the Plan in good faith and not by any
means forbidden by law.  Consistent with the overriding purpose
of Chapter 11 of the Bankruptcy Code, the Plan is designed to
allow each of the Debtors to reorganize on a going concern basis
while maximizing recoveries to their creditors and providing the
Reorganized Debtors with a capital structure that will allow the
Reorganized Debtors to satisfy their obligations with sufficient
liquidity and capital reserves and to fund necessary capital
expenditures and otherwise conduct their business in the ordinary
course.

In determining whether the Plan has been proposed in good faith,
Judge Shannon examined the totality of the circumstances
surrounding the filing of the Chapter 11 Cases, the Plan itself,
the process leading to its formulation, and the solicitation of
votes in support of the Plan.

Accordingly, he found out that the Plan satisfies the "good
faith" requirement of Section 1129(a)(3) of the Bankruptcy Code.

D. Section 1129(a)(4)

In accordance with Section 1129(a)(4) of the Bankruptcy Code, no
payment for services or costs and expenses in or in connection
with the Chapter 11 Cases, or in connection with the Plan and
incidental to the Chapter 11 Cases, including Claims for
professional fees, has been or will be made by a Debtor other
than payments that have been authorized by the Bankruptcy Court.

The Plan provides for the payment of various administrative
claims, including claims for professional fees, which are subject
to the Bankruptcy Court's approval and the standards of the
Bankruptcy Code.

In addition, the Prepetition Notes Indenture Trustee Fees,
Industrial Revenue Bond Indenture Trustee Fees, and the
Professional Fees of the Ad Hoc Noteholders, the Ad Hoc Group of
Preferred Holders, and the Ad Hoc Group of Common Holders, which
are payable by the Debtors pursuant to the Plan will be subject
to a "reasonableness" standard.

E. Section 1129(a)(5)

The Debtors have disclosed all necessary information regarding
the Reorganized Debtors' officers and directors, including for
those directors and officers who may constitute insiders, and the
applicable compensation paid or to be paid as of the Effective
Date.  The appointment or continuance of the proposed directors
and officers is consistent with the interests of the holders of
Claims and Interests and with public policy.

The initial board of directors of Reorganized SSCC will consist
of:

  * Patrick J. Moore - Chief Executive Officer;
  * Steven J. Klinger - President and Chief Operating Officer
  * Ralph F. Hake - Chairman;
  * James J. O'Connor;
  * Timothy J. Bernlohr;
  * Terrell K. Crews;
  * Eugene I. Davis;
  * Michael E. Ducey;
  * Jonathan F. Foster;
  * Ernst A. Haberli; and
  * Arthur W. Huge.

F. Section 1129(a)(6)

The Debtors' current businesses do not involve the establishment
of rates over which any regulatory commission has or will have
jurisdiction after Confirmation.

G. Section 1129(a)(7)

Each Holder of an Impaired Claim that has not accepted the Plan
will, as demonstrated by the liquidation analysis submitted by
the Debtors together with the Disclosure Statement describing the
Plan, receive or retain property under the Plan having a value,
as of the Effective Date, that is not less than the amount that
the Holder would so receive or retain if the Debtors were
liquidated under Chapter 7 of the Bankruptcy Code on the
Effective Date.

The liquidation analysis annexed to the Disclosure Statement
including the methodology used and estimations and assumptions
made therein, and the evidence related thereto that was
proffered at the Confirmation Hearing, (a) are persuasive and
credible as of the dates the evidence was prepared, presented or
proffered, (b) have not been controverted by other persuasive
evidence and have not been challenged, (c) are based upon
reasonable and sound assumptions, and (d) provide a reasonable
estimate of the liquidation value of each of the Debtors' Estates
upon a conversion to a chapter 7 proceeding.  Therefore, the Plan
satisfies the requirements of Section 1129(a)(7) of the
Bankruptcy Code.

H. Section 1129(a)(8)

Each Impaired Class of Claims entitled to vote to accept or
reject the Plan has voted to accept the Plan pursuant to Section
1126(c) of the Bankruptcy Code, except for Classes 4C and 4D.
The Holders of Claims in Classes 4C and 4D have agreed to change
their vote pursuant to the CIT Stipulation and Union Bank
Stipulation upon entry of the Confirmation Order, and, as a
result, these Classes have voted to accept the Plan pursuant to
Section 1126(f) of the Bankruptcy Code.

The Plan satisfies the requirements of Section 1129(b) with
respect to Classes 1G, 4C, 4D, 4G, 6C through 14C, 15F, 15G, 16F,
17D, 20F, 21D, and 22C through 25C as a matter of law.

I. Section 1129(a)(9)

The Plan provides for treatment of Allowed Claims entitled to
priority pursuant to Section 507(a)(2) to (8) of the Bankruptcy
Code in the manner required by Section 1129(a)(9) of the
Bankruptcy Code.

J. Section 1129(a)(10)

At least one impaired class of claims has voted in sufficient
number and amount to accept the Plan, determined without
including the acceptance by any insider, with respect to every
Debtor, except for the non-operating subsidiary Debtors which are
either being dissolved or merged into the Reorganized Debtors on
the Plan's effective date.

Accordingly, Judge Shannon finds that Section 1129(a)(10) of the
Bankruptcy Code has been satisfied in connection with each of the
Debtors.

K. Section 1129(a)(11)

Judge Shannon determined that the Plan is feasible and the
Debtors have demonstrated, through, among other things, an
updated financial information and evidence proffered or adduced
at the Confirmation Hearing, that confirmation of the Plan is
not likely to be followed by the liquidation or need for further
financial reorganization, of the Debtors, the Reorganized Debtors
or any successor to the Reorganized Debtors.

The Plan, therefore, complies with Section 1129(a)(11) of the
Bankruptcy Code.

L. Section 1129(a)(12)

The Plan provides that all fees payable pursuant to Section 1930
of Title 28 of the United States Code, as determined by the
Bankruptcy Court at the Confirmation Hearing, will be paid on the
Effective Date.

M. Section 1129(a)(13)

In accordance with Section 1129(a)(13) of the Bankruptcy Code,
the Plan provides that except and to the extent previously
assumed by the Bankruptcy Court, as of the Confirmation Date, but
subject to the occurrence of the Effective Date, all Employee
Benefit Plans, including the Employment and Retirement Benefit
Agreements entered into before, on or after the Petition Date
will be deemed and treated as though they are, executory
contracts that are assumed by the Debtors and assigned to the
Reorganized Debtors, except for (i) executory contracts or plans
specifically rejected pursuant to the Plan, and (ii) executory
contracts or plans that have previously been rejected and are the
subject of a motion to reject or have been specifically waived by
the beneficiaries of any plans or contracts.

However, the Debtors will pay all "retiree benefits" and will
amend certain Employment and Retirement Benefit Agreements prior
to their assumption to provide that the implementation of the
restructuring in accordance with the Plan will not alone
constitute "Good Reason" or "Good Cause" for any employee of the
Debtors or the Reorganized Debtors to terminate his or her
employment nor constitute a "Change in Control" that would result
in any obligation of the Debtors or Reorganized Debtors to
provide any payments or other benefits to any employee.

N. Section 1129(a)(14)

The Debtors are not required by a judicial or administrative
order, or by statute, to pay a domestic support obligation.
Accordingly, Section 1129(a)(14) is inapplicable.

O. Section 1129(a)(15)

The Debtors are not individuals and accordingly, Section
1129(a)(15) is not applicable.

P. Section 1129(a)(16)

The Debtors are each a moneyed, business, or commercial
corporation and accordingly, Section 1129(a)(16) is inapplicable.

                     Other Provisions

The Court ruled that the Canadian Asset Sale is approved in all
respects.

On the Effective Date, and pursuant to the Confirmation Order,
the CCAA Sanction Order and the CCAA Vesting Order, the Canadian
Assets will transfer to Canadian Newco free and clear of all
Liens, Claims, interests and encumbrances other than those
liabilities expressly assumed by Canadian Newco in accordance
with the terms of the Asset Purchase Agreement.  The
consideration provided by Canadian Newco for the purchase of the
Canadian Assets (a) is fair and reasonable and (b) constitutes
"reasonably equivalent value" and "fair consideration" -- as
these terms are used in each of the Uniform Fraudulent Conveyance
Act, the Uniform Fraudulent Transfer Act and Section 548 of the
Bankruptcy Code.  The Debtors may sell the Canadian Assets free
and clear of all Interests or Claims because the Holders of
Claims against SSC Canada and Smurfit-MB I have consented to the
Canadian Asset Sale pursuant to Section 1123(b) of the Bankruptcy
Code.

In addition, holders of General Unsecured Claims against the Non-
Operating Debtors (Canada) will not be entitled to receive or
retain any monetary distributions or other property on account of
the Claims under the Plan.  All Allowed General Unsecured Claims
against the Non-Operating Debtors (Canada), other than 605681
N.B. Inc., will be deemed settled, cancelled and extinguished on
the Effective Date.  For purposes of the CCAA Proceedings, all
General Unsecured Claims against the Non-Operating Debtors
(Canada) will be deemed to be Excluded Claims.

Nothing in the Plan or the Confirmation Order will be deemed to
alter the Debtors and Reorganized Debtors rights or obligations
under the Stevenson Industrial Revenue Bonds and the St. Louis
County Bonds.

All New SSCC Common Stock issued pursuant to the Plan will, upon
issuance, be duly authorized and validly issued, fully paid and
non-assessable, and the conditions precedent to the issuance
thereof will be deemed satisfied.

            Confirmation Objections are Resolved

The Court held that certain objections to confirmation, to the
extent not satisfied by a separate agreement, are resolved on the
terms and subject to certain conditions.  Accordingly, each of
these formal or informal objections have been, and are deemed to
have been, withdrawn by the objecting party at or prior to the
Confirmation Hearing or, with respect to the Valuation
Objections, on the Effective Date:

* Environmental Protection Agency

Nothing in the Confirmation Order or the Plan discharges,
releases, or precludes: (i) any environmental liability to the
United States that is not a Claim; (ii) any environmental Claim
of the United States arising on or after the Confirmation Date;
(iii) any environmental liability to the United States on the
part of any entity as the owner or operator of real property
after the Confirmation Date, provided that nothing in clause
(iii) will be construed to deny a discharge, release or
preclusion of any Claim with respect to the real property for:
(a) response costs, oversight costs or other monetary costs
incurred prior to the Confirmation Date or (b) penalties for
all days of alleged violation of law prior to the Confirmation
Date); or (iv) any environmental liability to the United States
on the part of any Person other than the Debtors or Reorganized
Debtors.  Nor will anything in the Order or the Plan enjoin or
otherwise bar the United States from asserting or enforcing,
outside the Court, any liability as described.  Notwithstanding
any other provision in the Order or the Plan, the Court retains
jurisdiction, but not exclusive jurisdiction, to determine
whether environmental liabilities asserted by the United States
are discharged or otherwise barred by the Order, the Plan, or
the Bankruptcy Code.

* Gexa

The proof of claim filed by Gexa Energy LP will be deemed
timely filed.  Claim No. 13611 filed by Gexa Energy LP
will be deemed an Allowed Claim.

* DOJ/IRS

The setoff rights and recoupment rights of the United States,
including the Internal Revenue Service, will be preserved and
are unaffected.  No provision of the plan, including but not
limited to the exculpation provisions is to have the effect of
limiting any right of the IRS to assess or collect taxes,
interest, or penalties from any non-debtor.

* CAT

Nothing will be deemed to affect Caterpillar Financial Services
Corporation's security interest granted pursuant to the Leases
in the Equipment in the possession of the Debtors, Reorganized
Debtors or Canadian Newco.

* Andritz

The SSCE Distribution Reserve will include a reserve of
$1,314,347 for Andritz Inc.'s rejection damage claim -- Claim
No. 13877, provided the Debtors or Reorganized Debtors' right
to object to the Andritz Claim on any and all grounds is
expressly preserved.

* Montana DOR

If the Debtors fail to cure a default with respect to a tax
payment owed to the Montana Department of Revenue that is not
the subject of a bona fide dispute within 10 days after service
of a written notice of the default from the Montana DOR, then
the Montana DOR may (a) enforce the entire amount of its
undisputed claim, (b) exercise any and all rights and remedies
under applicable nonbankruptcy law, and (c) seek the relief as
may be appropriate in the Court.  Nothing in the Plan or the
Confirmation Order will, or will be deemed to, release,
discharge, nullify, enjoin or preclude the enforcement or
assessment by Montana DOR of any liability, in the appropriate
court or administrative body, against any non-Debtor entity or
person subject to liability for taxes owed to the Montana DOR,
subject to any defenses that the non-debtor entity or person
may have under applicable law and facts.

* Surety Bond

The SSCE Distribution Reserve will include a reserve of
$2,080,000 for Bond Safeguards' Claim No. 10503, provided the

Debtors or Reorganized Debtors' right to object to the Bond
Safeguard Claim on any and all grounds is expressly preserved.

* ERISA

Neither the entry of the Confirmation Order nor the occurrence
of the Effective Date of the Plan will, or will be deemed to,
prejudice, release, waive, discharge, enjoin or otherwise
impair the rights of or belonging to the ERISA Objectors
against SSCE, SSSC, and the defendants named in the action
brought by the ERISA Objectors in the United States District
Court for the Northern District of Illinois with respect to any
insurance policies or insurance proceeds which may be
available or may afford coverage with respect to the putative
claims or causes of action asserted in (i) the ERISA Action or
(ii) the proofs of claims filed against SSCE and SSSC on behalf
of or belonging to the ERISA Objectors.

* Texas Taxing Authorities/Fort Worth

To the extent that the Local Texas Tax Authorities or FWISD
et al. hold an Allowed Other Secured Claim, then (i) the
Allowed Other Secured Claim will be paid in full in Cash
pursuant to the Plan, together with any unpaid interest thereon
accruing from the Petition Date through the date of payment at
the rate determined under applicable nonbankruptcy law pursuant
to Section 511 of the Bankruptcy Code, (ii) the accrued taxes
for the 2010 tax year owed to the Texas Taxing Authorities will
be paid timely pursuant to applicable nonbankruptcy law without
the necessity of the Texas Taxing Authorities filing an
administrative expense claim or request for payment, and (iii)
to the extent that any valid Liens securing the Allowed Other
Secured Claim or for postpetition 2010 taxes exist as of the
Effective Date, that Tax Liens will not be cancelled, released,
subordinated or otherwise affected pursuant to the Plan pending
satisfaction of any Allowed Other Secured Claim and payment of
postpetition 2010 taxes.

* Montana Department of Environmental Quality

As to the Montana Department of Environmental Quality, nothing
In the Confirmation Order or the Plan discharges, releases, or
precludes: (i) any environmental liability to the MDEQ that is
not a Claim; (ii) any environmental Claim of the MDEQ arising
on or after the Confirmation Date; (iii) any environmental
liability to the MDEQ on the part of any entity as the owner or
operator of real property in the state of Montana after the
Confirmation Date; or (iv) any environmental liability to the
MDEQ on the part of any Person other than the Debtors or
Reorganized Debtors.  Nor will anything in the Order or the
Plan enjoin or otherwise bar the MDEQ from asserting or
enforcing, outside the Court, any liability herein described.
Notwithstanding any other provision in the Order or the Plan,
the Court retains jurisdiction, but not exclusive jurisdiction,
to determine whether environmental liabilities asserted by the
MDEQ are discharged or otherwise barred by the Order, the Plan,
or the Bankruptcy Code.
* Baron and Budd Claimants

Nothing in the Plan or in the Confirmation Order will or will
be deemed to release, discharge, exculpate, nullify, enjoin or
preclude the enforcement of any claims of the Baron and Budd
Claimants against any non-debtor entity subject to liability
for the claims, subject to any defenses that any non-debtor
entity may have under applicable law.  In addition, nothing in
the Plan or the Confirmation Order will impair or modify
the rights of the Baron & Budd Claimants from exercising their
rights to liquidate their Claims against any Reorganized Debtor
in a non-bankruptcy court of competent jurisdiction as provided
by 28 U.S.C. Section 157(b)(2)(B) and nothing in the Plan or
the Confirmation Order will be deemed to modify the rights of
any Baron & Budd Claimant against any defendant, including any
Reorganized Debtor, in any proceeding.

The Reorganized Debtors and Baron & Budd have agreed that the
Claims of the Baron & Budd Claimants will be liquidated on an
expedited basis no later than 60 days after the Effective Date
pursuant to the terms of the prepetition letter agreement
between Baron & Budd and Smurfit-Stone.  Any Claims of Baron &
Budd Claimants upon which agreement cannot be reached between
the parties will be submitted to non-binding mediation in a
single mediation conducted by a mediator from the state of
Louisiana who is mutually acceptable to Baron & Budd and the
Reorganized Debtors.  The costs of the mediation will be borne
50% by the Reorganized Debtors and 50% by the Baron & Budd
Claimants. The purpose of the mediation is to liquidate the
Claim being mediated and determine the amount, if any, the
Claimant should receive in satisfaction of the Claim.  Any
differences in interpretation of the Letter Agreement also
will be determined by the mediator.

Once liquidated, claims of the Baron & Budd Claimants will be
treated in accordance with the provisions of the Plan.  Upon
liquidation of a Claim of a Baron & Budd Claimant, stock
distributed in satisfaction of the Claim will be issued to
Baron & Budd pursuant to the Power of Attorney granted to Baron
& Budd by the Claimant or to a fund or designee designated by
Baron & Budd for purposes of receiving stock.

* M&T

The Debtors will pay Manufacturers and Traders Trust Company in
full, in cash, all of its reasonable fees and expenses through
May 10, 2010, on account of its actions as Prepetition Notes
Indenture Trustee on behalf of the 7.375% Notes Due 2014.  With
respect to any and all fees and expenses of M&T for the period
after May 10, 2010, (i) the Debtors will pay in full, in cash,
all of M&T's reasonable fees and expenses related to any
distributions to Holders of the 7.375% Notes Due 2014 pursuant
to the Plan, and (ii) that the Debtors will not pay any fees
and expenses of M&T related to the prosecution of the
Intercompany Claim or Contribution Claim or any other related
claims, actions or liabilities of the Debtors or their Related
Persons, provided that the fees and expenses may be added to
the claim of the Holders of the 7.375% Notes Due 2014 against
Stone FinCo II and may be asserted as part of the Stone FinCo
II Contribution Claim.

* CIT

The CIT Stipulation is approved. The first sentence of Section
3.5.4(b) of the Plan (Class 4D: CIT Group Claims Against
Calpine Corrugated) is deemed amended to add this language to
the end:

    ", plus the further sum of $750,000 in settlement and
     compromise of CIT's claims for payment of default rate
     interest in excess of nondefault rate interest accruing
     under the CIT Credit Agreement through the Effective Date
     and, in the event that the Effective Date has not occurred
     on or before July 15, 2010, CIT shall also receive payment
     of interest accruing at the default rate under the CIT
     Credit Agreement from July 15, 2010 through the Effective
     Date."

On the Effective Date, Calpine Containers, Inc. will be
authorized to assert any valid and enforceable setoff rights
against Calpine Corrugated, LLC under applicable law to the
extent allowed under Section 553 of the Bankruptcy Code.

* UBC

The Union Bank Stipulation is approved.  The first sentence of
Section 3.5.3(b) of the Plan (Class 4C: Union Bank Claims
Against Calpine Corrugated) is deemed amended to add this
language to the end:

    ", plus the further sum of $125,000 in settlement and
     compromise of Union Bank's claims for payment of default
     rate interest in excess of non-default rate interest
     accruing under the Union Bank Credit Agreement through the
     Effective Date."

Judge Shannon held that all Objections, including the Stone FinCo
II Objections, which was overruled pursuant to the Aurelius
Order, not otherwise addressed or previously settled or withdrawn
are overruled for the reasons set forth on the record at the
Confirmation Hearing and in the Confirmation Order.

A copy of the Confirmation Order is available for free at:

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

A copy of the approved Plan is available for free at:

        http://bankrupt.com/misc/SmrftApprvCh11Plan.pdf

Smurfit-Stone will host an emergence conference call and webcast
to update investors on the newly restructured company on
Thursday, July 1, 2010, at 11:00 a.m. ET.

To access the presentation dial (800) 261-3417; access code
13274863 or visit Smurfit-Stone's website at www.smurfit-
stone.com

              Plan Exclusivity Until Sept. 26

The Court has ruled that except with respect to Stone Container
Finance Company of Canada II, the exclusive period for the
Debtors to file a Chapter 11 Plan is extended through and
including July 26, 2010, and the exclusive period to solicit
acceptances to the Plan is extended through and including
September 26, 2010.

                      About Smurfit-Stone

Smurfit-Stone Container Corp. -- http://www.smurfit-stone.com/--
is one of the leading integrated manufacturers of paperboard and
paper-based packaging in North America and one of the world's
largest paper recyclers.  The Company operates 162 manufacturing
facilities that are primarily located in the United States and
Canada.  The Company also owns roughly one million acres of
timberland in Canada and operates wood harvesting facilities in
Canada and the United States.  The Company employs roughly 21,250
employees, 17,400 of which are based in the United States.  For
the quarterly period ended September 30, 2008, the Company
reported roughly US$7.450 billion in total assets and
US$5.582 billion in total liabilities on a consolidated basis.

Smurfit-Stone and its U.S. and Canadian subsidiaries filed for
Chapter 11 protection on January 26, 2009 (Bankr. D. Del. Lead
Case No. 09-10235).  Certain of the company's affiliates,
including Smurfit-Stone Container Canada Inc., a wholly owned
subsidiary of SSCE, and certain of its affiliates, filed to
reorganize under the Companies' Creditors Arrangement Act in the
Ontario Superior Court of Justice in Canada.

Smurfit-Stone joined pulp- and paper-related bankruptcies as
rising Internet use hurts magazines and newspapers.  Corporacion
Durango SAB, Mexico's largest papermaker, sought U.S. bankruptcy
in October.  Quebecor World Inc., a magazine printer and Pope &
Talbot Inc., a pulp-mill operator, also sought cross-border
bankruptcies for their operations in the U.S. and Canada.

James F. Conlan, Esq., Matthew A. Clemente, Esq., Dennis M.
Twomey, Esq., and Bojan Guzina, Esq., at Sidley Austin LLP, in
Chicago, Illinois; and Robert S. Brady, Esq., and Edmon L. Morton,
Esq., at Young Conaway Stargatt & Taylor in Wilmington, Delaware,
serve as the Debtors' bankruptcy counsel.  PricewaterhouseCoopers
LLC, serves as the Debtors' financial and investment consultants.
Lazard Freres & Co. LLC acts as the Debtors' investment bankers.
Epiq Bankruptcy Solutions LLC acts as the Debtors' notice and
claims agent.

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


SOUTH BAY EXPRESSWAY: Valley Crest, 2 Others in Creditors' Panel
----------------------------------------------------------------
Tiffany L. Carroll, the Acting United States Trustee for Region
15, appoints three members to the Official Committee of Unsecured
Creditors in the Chapter 11 cases of South Bay Expressway, L.P.,
and California Transportation Ventures, Inc.:

  (1) Liberstudio Architects, Inc.
      1119 Colorado Avenue, Suite 112
      Santa Monica, California 90401
      Attn: Sheldon D. Liber
      Tel: (310) 434-9777
      Fax: (310) 434-9111
      E-mail: sliber@liberstudio.com

  (2) Resolution Management Consultants
      5 Greentree Centre, Suite 311
      525 Lincoln Drive West
      Marlton, New Jersey 08053
      Attn: Jeffrey B. Kozek
      Tel: (856) 985-5000
      Fax: (856) 985-5656
      E-mail: j.kozek@resmgt.com

  (3) Valley Crest Landscape Development Inc.
      24151 Ventura Boulevard
      Calabasas, California 91202
      Attn: Ashley Wilson
      Tel: (818) 737-3195
      E-mail: awilson@valleycrest.com

Resolution Management is among the Debtors' 20 largest creditors.
Resolution Management asserts a $80,483 claim against the
Debtors' estates.

Liberstudio is an architecture firm focusing on works with
airport/aviation, colleges and universities, communication
facilities, fire service facilities, government buildings, high
tech labs, offices and school laboratories.

Valley Crest is an integrated landscaping company specializing in
landscape architecture, development and maintenance.

To recall, Ms. Carroll informed the Court last May that despite
her efforts to contact the Debtors' unsecured creditors, she did
not receive sufficient indications of willingness to serve on an
official committee of unsecured creditors from persons eligible to
serve on the committee.  Accordingly, Ms. Carroll told Judge Adler
that her office was unable to appoint a committee pursuant to
Section 1102(a) of the Bankruptcy Code at that time.

                   About South Bay Expressway

South Bay Expressway, L.P., dba San Diego Expressway, L.P., filed
for Chapter 11 on March 22, 2010 (Bankr. S.D. Calif. Case No.
10-04516).  Its affiliate, California Transportation Ventures
Inc., also filed for bankruptcy.

The Debtors developed and operate a four lane, nine mile express
toll road in Southern California commonly referred to as the South
Bay Expressway or State Road 125.  Both estimated assets and debts
of $500 million to $1 billion in their bankruptcy petitions.

Robert Pilmer, Esq., at Kirkland & Ellis LLP, represents the
Debtors in their restructuring effort.  PricewaterhouseCoopers LLP
is auditor and tax advisor.  Imperial Capital LLC is financial
advisor. Epiq Bankruptcy Solutions LLC serves as claims and notice
agent.

The Debtors say that as of the bankruptcy filing, they have
roughly $640 million in book value of total assets and roughly
$570 million in book value of total liabilities.

Bankruptcy Creditors' Service, Inc., publishes South Bay
Expressway Bankruptcy News.  The newsletter tracks the Chapter 11
proceeding undertaken by South Bay Expressway LP and California
Transportation Ventures Inc.  (http://bankrupt.com/newsstand/or
215/945-7000).


SOUTH BAY EXPRESSWAY: Wins Nod for Imperial as Fin'l Advisor
------------------------------------------------------------
South Bay Expressway, L.P., and California Transportation
Ventures, Inc. won permission from the Bankruptcy Court to employ
Imperial Capital LLC as their financial advisor.

To recall, the Office of the United States Trustee and Banco
Bilbao Vizcaya Argentaria, S.A., as the administrative agent under
a certain Senior Loan Agreement, filed objections to the
Application, opposing, among other things, the Application's
initially proposed fee structure and indemnification.

Imperial subsequently filed a reply addressing certain of the
objections, and the Court entered two tentative rulings.

The objections raised by the U.S. Trustee, if and to the extent
that those objections were not resolved or overruled as stated on
the record of hearing, are overruled, the Court held.

Imperial's notice for judicial notice is granted, and the Court
takes judicial notice of the documents referenced in that notice.

The Application is approved according to these modifications in
the Engagement Letter stated in Imperial's reply to the
Application's objections:

  (a) Imperial will be paid:

      * a $150,000 Monthly Advisory Fee for each of the first
        two months after the Petition Date;

      * a $200,000 Monthly Advisory Fee for each of the next six
        months thereafter; and

      * a $150,000 Monthly Advisory Fee for every month of the
        engagement thereafter;

  (b) Imperial's potential Restructuring Transaction Fee will
      range from a minimum of $200,000, which minimum fee is
      approved, up to a maximum amount of $600,000, with any
      amounts above $200,000 to be subject to approval under
      Section 330 of the bankruptcy by the Court, provided that,
      subject to the rights provided to the U.S. Trustee in the
      order, only BBVA will have the right to object to any
      Restructuring Transaction Fee in excess of $200,000 under
      Section 330; and

  (c) Reimbursement of Imperial's legal fees will be capped at
      $50,000, pursuant to the Engagement Letter related to the
      Objections, the Imperial Reply, the Judicial Notice
      Request, the Appendix to the Application, and the hearing
      on the Application.

The fees payable to Imperial pursuant to the Engagement Letter
will be subject to review only pursuant to the standards set forth
in Section 328(a), and will not be subject to the standard of
review set forth in Section 330 of the Bankruptcy Code, provided
(i) the U.S. Trustee, and no creditor or other party-in-interest,
other than BBVA, will have the right to object to any fees paid or
payable to Imperial pursuant to the Application, and (ii) BBVA
will have the right to only object to any Restructuring
Transaction Fee above $200,000 under Section 330.

Imperial and its professionals will only be required to maintain
time records for services rendered postpetition in half-hour
increments, and will not be required to provide or conform to any
schedule of hourly rates.

The Indemnification Provisions of the Engagement Letter are also
approved, provided all requests of Imperial for payment of
indemnity pursuant to the Engagement Letter, as modified, will be
made by means of a fee application and will be subject to review
by the Court to ensure that payment of that indemnity conforms to
the terms of the modified Engagement Letter, and is reasonable
based on the circumstances of the litigation or settlement in
respect of which indemnity is sought.

                   About South Bay Expressway

South Bay Expressway, L.P., dba San Diego Expressway, L.P., filed
for Chapter 11 on March 22, 2010 (Bankr. S.D. Calif. Case No.
10-04516).  Its affiliate, California Transportation Ventures
Inc., also filed for bankruptcy.

The Debtors developed and operate a four lane, nine mile express
toll road in Southern California commonly referred to as the South
Bay Expressway or State Road 125.  Both estimated assets and debts
of $500 million to $1 billion in their bankruptcy petitions.

Robert Pilmer, Esq., at Kirkland & Ellis LLP, represents the
Debtors in their restructuring effort.  PricewaterhouseCoopers LLP
is auditor and tax advisor.  Imperial Capital LLC is financial
advisor. Epiq Bankruptcy Solutions LLC serves as claims and notice
agent.

The Debtors say that as of the bankruptcy filing, they have
roughly $640 million in book value of total assets and roughly
$570 million in book value of total liabilities.

Bankruptcy Creditors' Service, Inc., publishes South Bay
Expressway Bankruptcy News.  The newsletter tracks the Chapter 11
proceeding undertaken by South Bay Expressway LP and California
Transportation Ventures Inc.  (http://bankrupt.com/newsstand/or
215/945-7000).


SPRINT NEXTEL: Reports Results of Exchange Offer for Stock Options
------------------------------------------------------------------
Sprint Nextel Corporation filed Amendment No. 2 to the Tender
Offer Statement Under Section 14(d)(1) or 13(e)(1) of the
Securities Exchange Act of 1934 to amend and supplement the Tender
Offer Statement originally filed on May 17, 2010, as amended on
May 21, 2010.

The Offer expired at 11:00 p.m., Central Time, on June 16, 2010.
The Company has accepted for cancellation and cancelled Options to
Purchase Common Stock, Par Value $0.01 per share, covering
27,558,225 shares, representing 92% of the total Eligible Options.
Subject to the terms and conditions of the Offer to Exchange, the
Company has issued 6,838,000 New Options in exchange for the
Eligible Options surrendered in the Offer.  The exercise price of
the New Options is $4.64, which was the closing price of the
Company's common shares on June 17, 2010, as reported by the New
York Stock Exchange.

                      About Sprint Nextel

Overland Park, Kansas-based Sprint Nextel Corporation --
http://www.sprint.com/-- offers a comprehensive range of wireless
and wireline communications services bringing the freedom of
mobility to consumers, businesses and government users. Sprint
Nextel is widely recognized for developing, engineering and
deploying innovative technologies, including two wireless networks
serving more than 48 million customers at the end of the third
quarter of 2009 and the first and only 4G service from a national
carrier in the United States; industry-leading mobile data
services; instant national and international push-to-talk
capabilities; and a global Tier 1 Internet backbone.

The Company's balance sheet showed $54.28 billion in total assets
and $37.03 billion in total liabilities, for a $17.24 billion
stockholders' equity.

Sprint has posted a net loss for three consecutive years --
reporting a net loss of $2.436 billion in 2009 from a net loss of
$29.444 billion in 2007 and $2.796 billion in 2008.

                           *     *     *

Sprint Nextel carries Moody's Investors Service's Ba1 corporate
family rating and Standard & Poor's Ratings Services' BB issuer
credit rating.

Moody's Investors Service has assigned a Baa2 rating to Sprint
Nextel Corporation's proposed $2.25 billion senior unsecured
revolving credit facility.  The new facility will mature in the
later half of 2013 and will replace the existing $4.5 billion
credit facility that was due to expire in December 2010.

Fitch Ratings has assigned a 'BB' rating with a Negative Rating
Outlook to the new proposed unsecured $2.25 billion revolving
credit facility at Sprint Nextel Corporation.  The credit facility
will mature in 2013.  Concurrently, Fitch will withdraw the
ratings on Sprint Nextel's $4.5 billion unsecured revolving credit
facility at the time of closing.


TAVERN ON THE GREEN: Remains Vacant; Food Carts May Be Set Up
-------------------------------------------------------------
Jacqueline Palank at Dow Jones Daily Bankruptcy Review relates The
Wall Street Journal's Metropolis blog this week reported that
Manhattan officials are aiming to set up four food carts on the
patio of the defunct restaurant Tavern on the Green, whose
longtime operators filed for bankruptcy last year and closed up
shop on Jan. 1 to make way for a new operator who didn't pan out.

Dow Jones says officials are still working on a request for
proposals from restaurateurs looking to reopen Tavern's doors, but
that won't be ready for a few months.  In the meantime, New York
Mayor Michael Bloomberg hopes to use the space as a visitor center
and shop.

Tavern on the Green LP is the operator of the 75-year-old
restaurant in New York's Central Park.  Tavern on the Green, the
second-highest grossing restaurant in the U.S. last year, was
founded in 1934 by New York Parks Commissioner Robert Moses and
the license was bought by restaurateur Warner LeRoy in 1974.

The Company filed for Chapter 11 on September 9, 2009 (Bankr.
S.D.N.Y. Case No. 09-15450).  It listed assets and debts of as
much as $50 million each.


TELIFONDA (CAYMAN): Reaches Settlement With Aurelio Resource
------------------------------------------------------------
Aurelio Resource Corporation disclosed that the Company and
Telifonda (Cayman) Ltd. have agreed to a settlement concerning
Telifonda's multiple defaults in regards to Telifonda's February
2009 acquisition of Bolsa Resources, Inc. and the 100%-owned Hill
Cu-Au-Ag project, located in Cochise County, Arizona.

Telifonda Corporation was unable to meet two significant cash
obligations to Aurelio of more than U.S. $1.7 million. U.S.
$245,792 was due to Aurelio on or before October 31, 2009 and U.S.
$1.45 million non recourse loan payment due on or before December
31, 2009 for AIEX Corporation, a subsidiary of Aurelio and its
project Gavilanes Minera.

In December 2009, the Company was advised that ownership of
Telifonda and Bolsa (including the Hill project) was being
acquired by Mining & Minerals Opportunity, Ltd. (the "MMO"), a
private mineral acquisition and development company incorporated
in Delaware that the Company understands has many shareholders in
common.

In May 2010, MMO completed the purchase of Telifonda and Bolsa.

                           The Settlement

The Company does not have the financial resources to pursue legal
actions against Telifonda et. al. concerning the multiple defaults
on the 2008 and 2009 agreements.

Reluctantly, the Company's Board of Directors have voted to accept
an equity settlement consisting of 450,000 Preferred Series A
shares of MMO, plus 1,000,000 warrants with an exercise price of
US$6/share (expiry date of December 31, 2015).

The Company has been advised that MMO aims to complete an IPO on
the Toronto Stock Exchange sometime during 2011.

                    Impact of the Telifonda Default

Telifonda's defaults have placed the Company in severe financial
distress.  The Company was unable to file its audited financial
statements for the year ending December 31, 2009 resulting in a
transfer of the Company's stock listing from the OTC-BB to the
Pink Sheets.

Telifonda's default has caused the Company to allow agreements to
acquire the Veta Grande, Sand Springs and Horse Creek Canyon gold
projects in Nevada to lapse.  The Company was not able to make
nearly U.S. $100,000 in option / advanced annual royalty payments
which came due in the first quarter of 2010.

The Company is working diligently towards divesting its Iron
Butte, Nevada gold assets to a third party for cash and an equity
position in a TSX-V listed company; however, there are no
assurances that the transactions under discussion / negotiation
will be completed.

The resignation of Stephen Doppler, Director, President and CEO
was regrettably received since he was one of the founders of the
Company when the Company became public in August 2006. We wish him
success in his future endeavors.

                      About Aurelio Resource

Aurelio Resource Corporation recently acquired a portfolio
exploration and development-stage gold projects in Nevada, most of
which are located on or in-between the Carlin and Battle Mountain-
Eureka Trends; several of the projects are situated along the
Cortez-Carlin Trend, which conceptually links the Carlin and
Battle Mtn - Eureka Trends in a similar fashion as does the
Getchell Trend to the northwest.  Aurelio has also acquired the
rights to explore, and an option to purchase, the Gavilanes gold
deposit in Durango, Mexico.


TRIBUNE CO: Examiner Seeks July 27 Extension of Report
------------------------------------------------------
Kenneth Klee, the independent examiner in the Tribune Co.
bankruptcy case, is asking for more time to complete his report on
the media company's 2007 leveraged buyout.  According to The
Associated Press, the report was due July 12, but Mr. Klee says
witness interviews are taking more time and money than expected.

Mr. Klee seeks a July 27 extension of the deadline to submit his
report and said Tribune is willing to delay a hearing on its
reorganization plan to accommodate him, according to The AP.

The AP notes Mr. Klee is reviewing the buyout led by Sam Zell and
potential claims arising from it that might be brought on behalf
of the bankruptcy estate.  Bondholders have sued JPMorgan Chase
and other banks that financed the buyout, saying they knew the
resulting debt load would leave Tribune insolvent.

                       About Tribune Co.

Headquartered in Chicago, Illinois, Tribune Co. --
http://www.tribune.com/-- is a media company, operating
businesses in publishing, interactive and broadcasting, including
ten daily newspapers and commuter tabloids, 23 television
stations, WGN America, WGN-AM and the Chicago Cubs baseball team.

The Company and 110 of its affiliates filed for Chapter 11
protection on Dec. 8, 2008 (Bankr. D. Del. Lead Case No.
08-13141).  Sidley Austin LLP serves as the Debtor's bankruptcy
counsel; Cole, Schotz, Meisel, Forman & Leonard, PA, as Delaware
counsel; Lazard Ltd. and Alvarez & Marsal North Americal LLC as
financial advisors; and Epiq Bankruptcy Solutions LLC as claims
agent.  As of Dec. 8, 2008, the Debtors have $7,604,195,000 in
total assets and $12,972,541,148 in total debts.

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


TRUMP ENTERTAINMENT: Chapter 11 Examiner to Quit
------------------------------------------------
Bankruptcy Law360 reports that the Chapter 11 examiner overseeing
the bankruptcy proceedings of Trump Entertainment Resorts Inc. is
asking to be relieved of his duties in the case, despite an
ongoing appeal by billionaire investor Carl Icahn over the casino
Company's reorganization plan.

Based in Atlantic City, New Jersey, Trump Entertainment Resorts
Inc. (NASDAQ: TRMP) -- http://www.trumpcasinos.com/-- owns and
operates three casino hotel properties in Atlantic City, New
Jersey, which include Trump Taj Mahal Casino Resort, Trump Plaza
Hotel and Casino, and Trump Marina Hotel Casino.  The Company
conducts gaming activities and provides customers with casino
resort and entertainment.

Donald Trump is a shareholder of the Company and, as its non-
executive Chairman, is not involved in the daily operations of the
Company.  The Company is separate and distinct from Mr. Trump's
privately held real estate and other holdings.

Trump Entertainment Resorts, TCI 2 Holdings, LLC, and other
affiliates filed for Chapter 11 on February 17, 2009 (Bankr. D.
N.J., Lead Case No. 09-13654).  The Company has tapped Charles A.
Stanziale, Jr., Esq., at McCarter & English, LLP, as lead counsel,
and Weil Gotshal & Manges as co-counsel.  Ernst & Young LLP is the
Company's auditor and accountant and Lazard Freres & Co. LLC is
the financial advisor.  Garden City Group is the claims agent.
The Company disclosed assets of $2,055,555,000 and debts of
$1,737,726,000 as of December 31, 2008.

Trump Hotels & Casino Resorts, Inc., filed for Chapter 11
protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898
through 04-46925).  Trump Hotels' obtained the Court's
confirmation of its Chapter 11 plan on April 5, 2005, and in May
2005, it exited from bankruptcy under the name Trump Entertainment
Resorts Inc.


US AIRWAYS: F. Holcombe Insists on Reserve for Claim
----------------------------------------------------
Reorgnized US Airways II asks the U.S. Bankruptcy Court for the
Eastern District of Virginia to dismiss any claims asserted by
Fougere Holcombe as a result of the remand on her appeal from the
Fourth Circuit.  Ms. Holcombe filed Claim No. 3018 in the
Reorganized Debtors' second bankruptcy case for $60,475,000.  As
the result of a compromise, the Reorganized Debtors reserved
$2.3 million solely for the purpose of establishing a distribution
reserve of stock for disputed claims in accordance with the terms
of the Plan and the Court's December 20, 2005 order establishing
distribution reserves.  The Reorganized Debtors objected to Claim
No. 3018 and filed a motion for summary judgment seeking the
disallowance of the Claim.

In response to the dimissal request, Ms. Holcombe contends that
all of these allegations are false and misleading.  She asserts
that the Debtors wilfully and materially defaulted in implementing
the Plan and the Order of the Court, which set the distribution
reserve for her Claim No. 3018.

According to Ms. Holcombe, it is undisputed that on December 19,
2005, the Court established the Distribution Reserve in the
amount of $950,000 with respect to her Claim No. 3018.

Thus, she notes, her Claim No. 3018 became a "Distribution
Reserve Claim."

On March 22, 2006, by Stipulation and Order, the Distribution
Reserve Amount for Claim No. 3018 was increased from $950,000 to
$2.3 million solely for the purpose of establishing a
distribution reserve in accordance with the Distribution Reserve
Order.

As was stipulated, all other terms and provisions of the
December 19, 2005 Distribution Reserve Order remained in effect.

Ms. Holcombe notes, among other things, that these terms and
conditions of the December 19 Order included:

    "The Reorganized Debtors are further granted the authority
     to adjust the Distribution Reserve, without further order
     of the Court, when and as each Distribution Reserve Claim
     is resolved by stipulation or final order."

Ms. Holcombe avers that nothing in the December 19, 2005 Order,
however, suggests that US Airways or their agent may begin
disbursing her distribution reserve without providing a proper
notice to the creditor whose right to the Distribution Reserve is
affected.

Ms. Holcombe maintains that there was no stipulation and no final
or ultimate determination of her Distribution Reserve Claim.

In respect of the Debtors' assertion that Ms. Holcombe's
Distribution Reserve Claim was disbursed, Ms. Holcombe demands
full accounting in connection with that distribution.

Thus, Ms. Holcombe asks the Court to:

      (i) direct the Reorganized Debtors to produce full
          accounting with respect to disbursement of her
          Distribution Reserve Claim No. 3018;

     (ii) deny the Reorganized Debtor's motion to dismiss
          remand;

    (iii) reinstate the Distribution Reserve for her Claim No.
          3018 by disgorging Defendant attorneys' fees;

     (iv) set aside the Judgment dated April 2, 2007, wherein
          the Bankruptcy Court disallowed Ms. Holcombe's claim
          and granted US Airways' motion for summary judgment;
          and

      (v) stay any further proceedings with respect to her claim
          and the Debtor's objections until the District Court
          adjudicates Ms. Holcombe's Motion to Withdraw the
          Reference and transfer.

                       About US Airways

US Airways -- http://www.usairways.com/-- along with US Airways
Shuttle and US Airways Express, operates more than 3,000 flights
per day and serves more than 190 communities in the U.S., Canada,
Mexico, Europe, the Middle East, the Caribbean, Central and South
America.

Under a Chapter 11 plan declared effective on March 31, 2003,
USAir emerged from bankruptcy with the Retirement Systems of
Alabama taking a 40% equity stake in the deleveraged carrier in
exchange for $240 million infusion of new capital.

US Airways and its subsidiaries filed another Chapter 11 petition
on September 12, 2004 (Bankr. E.D. Va. Case No. 04-13820).  Brian
P. Leitch, Esq., Daniel M. Lewis, Esq., and Michael J. Canning,
Esq., at Arnold & Porter LLP, and Lawrence E. Rifken, Esq., and
Douglas M. Foley, Esq., at McGuireWoods LLP, represented the
Debtors in their restructuring efforts.  The USAir II bankruptcy
plan became effective on September 27, 2005.  The Debtors
completed their merger with America West on the same date. (US
Airways Bankruptcy News; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

                        *     *     *

As of December 31, 2009, US Airways had total assets of
$7,454,000,000, including $2,331,000,000 in total current assets,
against total current liabilities of $2,789,000,000 and total
noncurrent liabilities and deferred credits of $5,020,000,000,
resulting in $355,000,000 stockholders' deficit.

US Airways Group carries Moody's "Caa1" Long-Term rating, LT Corp.
family rating and probability of default rating.  Outlook is
negative.

US Airways Group carries Standard & Poor's "B-" LT Foreign Issuer
Credit rating and LT Local Issuer credit rating.  Outlook is also
negative.

US Airways Group carries Fitch's "CCC" LT Issuer default rating
and "C" Senior unsecured debt rating.  Outlook is also negative.


US AIRWAYS: Judge Hilton Remands Holcombe Case to Bankruptcy Court
------------------------------------------------------------------
Judge Claude M. Hilton of the U.S. District Court for the Eastern
District of Virginia remanded to the U.S. Bankruptcy Court for
the Eastern District of Virginia a civil action entitled Fougere
Holcombe v. U.S. Airways, Inc., for consideration in light of the
decision issued by the Court of Appeals.

The Court of Appeals, on March 5, 2010, entered its judgment,
according to which the previous decision in the matter was
affirmed in part, reversed in part and remanded to the District
Court for further proceedings.

Ms. Holcombe had appealed to the U.S. District Court for the
Eastern District of Virginia regarding Judge Stephen S.
Mitchell's findings and conclusions which resulted to the
disallowance of her Claim No. 3018 for $60,475,000.

The District Court affirmed the Bankruptcy Court's order granting
the Debtors' request to disallow Ms. Holcombe's Claim No. 3018.

Ms. Holcombe then appealed to the Fourth Circuit, which entered
an unpublished opinion and order on March 5, 2010.

                       About US Airways

US Airways -- http://www.usairways.com/-- along with US Airways
Shuttle and US Airways Express, operates more than 3,000 flights
per day and serves more than 190 communities in the U.S., Canada,
Mexico, Europe, the Middle East, the Caribbean, Central and South
America.

Under a Chapter 11 plan declared effective on March 31, 2003,
USAir emerged from bankruptcy with the Retirement Systems of
Alabama taking a 40% equity stake in the deleveraged carrier in
exchange for $240 million infusion of new capital.

US Airways and its subsidiaries filed another Chapter 11 petition
on September 12, 2004 (Bankr. E.D. Va. Case No. 04-13820).  Brian
P. Leitch, Esq., Daniel M. Lewis, Esq., and Michael J. Canning,
Esq., at Arnold & Porter LLP, and Lawrence E. Rifken, Esq., and
Douglas M. Foley, Esq., at McGuireWoods LLP, represented the
Debtors in their restructuring efforts.  The USAir II bankruptcy
plan became effective on September 27, 2005.  The Debtors
completed their merger with America West on the same date. (US
Airways Bankruptcy News; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

                        *     *     *

As of December 31, 2009, US Airways had total assets of
$7,454,000,000, including $2,331,000,000 in total current assets,
against total current liabilities of $2,789,000,000 and total
noncurrent liabilities and deferred credits of $5,020,000,000,
resulting in $355,000,000 stockholders' deficit.

US Airways Group carries Moody's "Caa1" Long-Term rating, LT Corp.
family rating and probability of default rating.  Outlook is
negative.

US Airways Group carries Standard & Poor's "B-" LT Foreign Issuer
Credit rating and LT Local Issuer credit rating.  Outlook is also
negative.

US Airways Group carries Fitch's "CCC" LT Issuer default rating
and "C" Senior unsecured debt rating.  Outlook is also negative.


US AIRWAYS: Stockholders Elect Board Members at Annual Meeting
--------------------------------------------------------------
US Airways Group, Inc., held its 2010 Annual Meeting of
Stockholders on June 10, 2010, at which these matters were
submitted to a vote of stockholders:

    1. To elect three directors in Class II to serve until the
       2013 Annual Meeting of Stockholders;

    2. To ratify the appointment of KPMG LLP as the independent
       registered public accounting firm of the Company for the
       fiscal year ending December 31, 2010; and

    3. To vote upon a stockholder proposal relating to
       cumulative voting.

In an 8-k filing with the Securities and Exchange Commission
dated June 11, 2010, US Airways Group, Inc. Executive Vice
President - Corporate Stephen L. Johnson disclosed that at the
meeting, the stockholders voted to re-elect Denise M. O'Leary,
George M. Philip and J. Steven Whisler to serve on the Board of
Directors until the 2013 Annual Meeting of Stockholders. In
addition, the stockholders voted to ratify the appointment of
KPMG LLP as the independent registered accounting firm of the
Company for the fiscal year ended December 31, 2010.

Stockholders voted against a stockholder proposal relating to
cumulative voting.

                       About US Airways

US Airways -- http://www.usairways.com/-- along with US Airways
Shuttle and US Airways Express, operates more than 3,000 flights
per day and serves more than 190 communities in the U.S., Canada,
Mexico, Europe, the Middle East, the Caribbean, Central and South
America.

Under a Chapter 11 plan declared effective on March 31, 2003,
USAir emerged from bankruptcy with the Retirement Systems of
Alabama taking a 40% equity stake in the deleveraged carrier in
exchange for $240 million infusion of new capital.

US Airways and its subsidiaries filed another Chapter 11 petition
on September 12, 2004 (Bankr. E.D. Va. Case No. 04-13820).  Brian
P. Leitch, Esq., Daniel M. Lewis, Esq., and Michael J. Canning,
Esq., at Arnold & Porter LLP, and Lawrence E. Rifken, Esq., and
Douglas M. Foley, Esq., at McGuireWoods LLP, represented the
Debtors in their restructuring efforts.  The USAir II bankruptcy
plan became effective on September 27, 2005.  The Debtors
completed their merger with America West on the same date. (US
Airways Bankruptcy News; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

                        *     *     *

As of December 31, 2009, US Airways had total assets of
$7,454,000,000, including $2,331,000,000 in total current assets,
against total current liabilities of $2,789,000,000 and total
noncurrent liabilities and deferred credits of $5,020,000,000,
resulting in $355,000,000 stockholders' deficit.

US Airways Group carries Moody's "Caa1" Long-Term rating, LT Corp.
family rating and probability of default rating.  Outlook is
negative.

US Airways Group carries Standard & Poor's "B-" LT Foreign Issuer
Credit rating and LT Local Issuer credit rating.  Outlook is also
negative.

US Airways Group carries Fitch's "CCC" LT Issuer default rating
and "C" Senior unsecured debt rating.  Outlook is also negative.


USEC INC: Files 2009 Annual Report for Savings Program
------------------------------------------------------
USEC Inc. filed with the Securities and Exchange Commission an
annual report on Form 11-K for the USEC Savings Program for the
fiscal year ended December 31, 2009.  As of December 31, 2009,
Net assets available for benefits total $305,843.  A full-text
copy of the Form 11-K Annual Report is available at no charge
at http://ResearchArchives.com/t/s?6554

                          About USEC Inc.

Headquartered in Bethesda, Maryland, USEC Inc. (NYSE: USU) --
http://www.usec.com/-- a global energy company, is a supplier of
enriched uranium fuel for commercial nuclear power plants.

The Company's balance sheet at March 31, 2010, showed $3.4 billion
in total assets, $1.0 billion in total current liabilities,
$575.0 million in long term debt, and $556.1 million other long-
term liabilities, for a stockholder's equity of $1.2 billion.

                           *     *     *

According to the Troubled Company Reporter on Dec. 30, 2009, USEC
Inc. has a revolving credit that matures in August and a corporate
rating from Standard & Poor's that recently declined one click to
CCC+, matching the action taken on Dec. 18 by Moody's Investors
Service.

The Troubled Company Reporter on May 28, 2010, reported that
Standard & Poor's Ratings Services said that its rating and
outlook on USEC Inc. (CCC+/Developing/--) are not affected by the
announcement that Toshiba Corp. and Babcock & Wilcox Investment
Co., an affiliate of The Babcock & Wilcox Co., have signed a
definitive investment agreement for $200 million with USEC.


VEBLEN WEST: Gets Final OK to Access AgStar's Cash Collateral
-------------------------------------------------------------
The Hon. Charles l. Nail, Jr., of the U.S. Bankruptcy Court for
the District of South Dakota authorized, on a final basis, Veblen
West Dairy LLP, to use AgStar Financial Service, PCA and AgStar
Financial Services, FLCA's cash collateral.

The Debtor would use the money to fund its Chapter 11 case, pay
suppliers and other parties.

As adequate protection for the use of cash collateral, the Debtor
will:

     (i) provide interest-only payments on AgStar's existing loans
         on a monthly basis;

    (ii) grant AgStar replacement liens on all after-acquired
         collateral; and

   (iii) to operate its business to maximize the value of AgStar's
         collateral.

                      About Veblen West Dairy

Veblen West Dairy LLP, based in Veblen, South Dakota, filed a
petition April 7 seeking protection under Chapter 11 (Bankr. D.
S.D. Case No. 10-10071).  Veblen West listed assets and debts of
$10 million to $50 million.


VISTEON CORP: UBS AG & Goldman Sachs Report Equity Stake
--------------------------------------------------------
UBS AG disclosed that as of June 13, 2010, it may be deemed to
beneficially own 160,817 shares or roughly 0.12% of the common
stock of Visteon Corporation.

Goldman Sachs & Co. disclosed that as of June 18, 2010, it may be
deemed to have beneficially owned directly an aggregate of
5,079,455 shares of Visteon Common Stock acquired in ordinary
course trading activities by Goldman Sachs, representing in the
aggregate 3.90% of the shares of Common Stock reported to be
outstanding as of April 26, 2010.  As of June 18, 2010, The
Goldman Sachs Group may be deemed to have beneficially owned
indirectly an aggregate of 5,079,455 shares of Common Stock
beneficially owned directly by Goldman Sachs, representing in the
aggregate approximately 3.90% of the shares of Common Stock
reported to be outstanding.

                     About Visteon Corp.

Headquartered in Van Buren Township, Michigan, Visteon Corporation
(NYSE: VC) -- http://www.visteon.com/-- is a global automotive
supplier that designs, engineers and manufactures innovative
climate, interior, electronic and lighting products for vehicle
manufacturers, and also provides a range of products and services
to aftermarket customers.  The Company has corporate offices in
Van Buren Township, Michigan (U.S.); Shanghai, China; and Kerpen,
Germany.  It has facilities in 27 countries and employs roughly
35,500 people.  The Company has assets of US$4,561,000,000 and
debts of US$5,311,000,000 as of March 31, 2009.

Visteon Corporation and 30 of its affiliates filed for Chapter 11
protection on May 28, 2009, (Bank. D. Del. Case No. 09-11786
through 09-11818).  Judge Christopher S. Sontchi oversees the
Chapter 11 cases.  James H.M. Sprayregen, Esq., Marc Kieselstein,
Esq., and James J. Mazza, Jr., Esq., at Kirkland & Ellis LLP, in
Chicago, Illinois, represent the Debtors in their restructuring
efforts.  Laura Davis Jones, Esq., James E. O'Neill, Esq., Timothy
P. Cairns, Esq., and Mark M. Billion, Esq., at Pachulski Stang
Ziehl & Jones LLP, in Wilmington, Delaware, serve as the Debtors'
local counsel.  The Debtors' investment banker and financial
advisor is Rothschild Inc.  The Debtors' notice, claims, and
solicitation agent is Kurtzman Carson Consultants LLC.  The
Debtors' restructuring advisor is Alvarez & Marsal North America,
LLC.

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


VYTERIS INC: Re-Elects Eight to Board of Directors
--------------------------------------------------
Vyteris Inc. recently held an annual meeting of shareholders.  At
the annual meeting, shareholders voted for the reelection of each
of the eight current directors:

  * Eugene Bauer
  * John Burrows
  * Arthur Courbanou
  * David DiGiacinto
  * Susan Guerin
  * Haro Hartounian
  * Joel Kanter
  * Russell Potts

Based in Fair Lawn, New Jersey, Vyteris, Inc. (formerly Vyteris
Holdings (Nevada), Inc., has developed and produced the first FDA-
approved electronically controlled transdermal drug delivery
system that transports drugs through the skin comfortably, without
needles.  This platform technology can be used to administer a
wide variety of therapeutics either directly into the skin or into
the bloodstream.  The Company holds approximately 50 U.S. and 70
foreign patents relating to the delivery of drugs across the skin
using an electronically controlled "smart patch" device with
electric current.

At March 31, 2010, the Company had total assets of $3,551,507
against total liabilities of $13,033,654, resulting in
stockholders' deficit of $9,482,147.  The March 31, 2010 balance
sheet showed strained liquidity: The Company had total current
assets of $1,816,956 against total current liabilities of
$9,984,423.


WASHINGTON MUTUAL: Objects to $5 Billion Putative Class Claim
-------------------------------------------------------------
In March 2009, representative plaintiffs in a putative class
action styled In re Payment Card Interchange Fee and Merchant-
Discount Antitrust Litigation, litigated in the Eastern District
of New York, filed Claim No. 2812 for "$5,064,200,000 . . . plus
attorneys fees and costs of suit awarded in the [Visa Antitrust
Action]."

Mark D. Collins, Esq., at Richards, Layton & Finger, P.A., in
Wilmington, Delaware, relates that the Visa Antitrust Action
consolidates 36 individual cases proceeding in the Eastern
District of New York on October 20, 2005.  A consolidated amended
Class Action complaint was filed on April 24, 2006, against Visa
USA, Inc., Visa International Service Association, and Visa, Inc.,
and MasterCard International Incorporated, among other Bank
defendants that include Washington Mutual Bank and Washington
Mutual, Inc.

The purported basis for Claim No. 2812 is alleged monetary
damages sustained by the Representative Plaintiffs and Class
Members on account of antitrust law violations by Debtor and
other defendants in the Action by conspiring with Visa and
Mastercard to establish and enforce network rules pertaining to
transactions that (i) require the payment of default interchange,
and (ii) prevent merchants from steering customers at the point
of sale away from all or some Visa or MasterCard branded cards.

Mr. Collins argues that all the allegations in the Complaint are
"unrelated" to WaMu, which is a former savings and loan holding
company that owned the shares of various subsidiaries.  As a
holding company, WaMu did not engage in any banking activities,
was not involved in the day-to-day banking activities of WMB, and
did not play any role in the issuance of Visa and/or MasterCard
cards or the imposition or collection of the interchange fees at
issue in the Complaint, Mr. Collins clarifies.

WMB was an Issuing Bank, which assets -- including debit and
credit card business, and certain liabilities -- were purchased
on September 25, 2008 by JPMorgan Chase Bank, N.A.  Mr. Collins
makes clear that WaMu did not participate in WMB's businesses.

"WMB, not WaMu, was the signatories to the Original MasterCard
Agreement and the Restated MasterCard Agreement, and any assets
of WMB were passed on to [JPMorgan] as part of the Purchase and
Assumption Agreement.  As a result, [WaMu] cannot be liable for
any claims or liabilities related to MasterCard-branded debit or
credit cards, including the liability, if any, to the issuance
and collection of any interchange fees.  Accordingly, all
monetary liability allegedly resulting from MasterCard
interchange fees asserted in Claim No. 2812, if any, are not
potential liabilities of [WaMu]," WaMu Senior Vice President and
Deputy General Counsel Colleen M. Martin avers in a declaration
filed with the Court.

In addition, the Claimants' allegations of post-initial public
offering and intra-network horizontal conspiracies are "based on
nothing more than a series of vertical agreements between a
network and an individual bank under which the participating
banks allegedly agreed to "abide by" the rules of the networks,
Ms. Martin says.

The Plaintiffs have alleged no evidence showing that WaMu Inc.
directly and independently participated in the alleged
conspiracy, Ms. Martin contends.   Hence, Claim No. 2812 should
be dismissed for substantive antitrust reasons, she says.

Ms. Martin notes that a second Consolidated Amended Class Action
Complaint was filed when the automatic stay imposed by WaMu's
Chapter 11 cases was already in place.  Thus, the Visa Antitrust
Action is currently proceeding against the other defendants, but
not against WaMu, she clarifies.

Ms. Martin adds, "While my understanding is that [WaMu] has no
potential liability under Claim No. 2812, the maximum potential
liability, if any, that could be attributed to [WaMu] must, at
minimum, be reduced by the amount of liability relating to WMB's
MasterCard-branded credit and debit cards, or $2,162,000,000,
and, thereto, cannot, under any circumstances, be higher than
$2,902,220,000."

                      JPMorgan Reacts

The Debtors mischaracterize the obligations and liabilities that
JPMorgan acquired pursuant to the September 25, 2008 Purchase and
Assumption Agreement entered into between the Federal Deposit
Insurance Corporation, in its capacity as receiver of WMB, and
JPMorgan, argues Adam G. Landis, Esq., at Landis Roth & Cobb LLP,
in Wilmington, Delaware.

Mr. Landis elaborates that by the express terms of the P&A
Agreement, JPMorgan agreed to honor and perform all duties and
obligations related to WMB's debit and credit business from and
after September 25, 2008 -- but not any duties and obligations
for action or inaction of WMB that occurred before that date,
other than liabilities expressly assumed under the P&A Agreement
and further subject to JPMorgan's indemnification rights.

The Debtors' assertion that JPMorgan assumed anything more than
what is provided for by the terms of the P&A Agreement should be
rejected, Mr. Landis asserts.

                    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).


WASHINGTON MUTUAL: Objects to Idaho's $1.6 Million Claim
--------------------------------------------------------
Prior to the Petition Date, Washington Mutual Inc. and certain of
its subsidiaries filed unitary combined income tax returns as a
result of business activities they conducted within the Idaho
State Tax Commission.  WaMu, itself, did not have a physical or
taxable presence in Idaho during the tax periods from year 2003
to 2005.

The Idaho STC, on February 17, 2009, filed Claim No. 2281,
seeking payment of taxes and penalties in these amounts:

  Taxable Year     Tax Amount       Interest         Total
  ------------     ----------       --------       ----------
      2003         $1,334,804       $339,609       $1,674,413
      2004            508,528         98,721          607,249
      2005            359,458         48,274          407,732

Mark D. Collins, Esq., at Richards, Layton & Finger, P.A., in
Wilmington, Delaware, relates that the Idaho STC had not
completed an audit of the Taxes and Interest.  The Idaho Claim
acknowledges, however, that credits are owed with respect to
taxable years 2000, 2002, and 2007 in the aggregate amount of
$1,016,521.  Pursuant to its Claim, the Idaho STC seeks payment
of the Taxes and Interest, less the Credits, in the aggregate
amount of $1,672,873.

The Idaho Claim seeks payment for taxes and interest assessed
against entities other than the Debtors and accordingly, should
be disallowed, Mr. Collins contends.  Under Idaho law,
corporations transacting business in Idaho must calculate their
tax liability on a combined basis.  However, a corporation is
only liable for its apportioned share of combined business
income.  The liabilities asserted by the Idaho Claim are solely
attributable to the activities of entities other than WaMu in
Idaho, Mr. Collins asserts.  WaMu, he says, has never had a
taxable presence in Idaho and as a result, WaMu's apportioned
share of business income from Idaho is zero.  Because WaMu is not
liable for the liabilities asserted in the Idaho Claim, the
Debtors object to its allowance.

The Debtors contend that based on the mentioned adjustments, the
Credits owed by the Idaho STC will likely exceed any tax
obligations on account of the Combined Tax Returns.
Nevertheless, even if the Idaho STC were to reach a final
determination that Taxes and Interest are due based on the
combined tax returns, the liability asserted by the Claim would
not be an obligation of WaMu and should be disallowed, Mr.
Collins tells Judge Walrath.

                    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).


WASHINGTON MUTUAL: Susman Godfrey Now Counsel to Equity Panel
-------------------------------------------------------------
In a notice filed with the Bankruptcy Court, the Official
Committee of Equity Security Holders of Washington Mutual, Inc.,
informed Judge Walrath that the law firm of Dewey LeBoeuf LLP has
withdrawn its appearance as counsel for the Equity Committee.

Accordingly, all notices and pleadings in the Debtors' cases with
respect to the Equity Committee should be served upon:

  Stephen D. Susman
  Seth D. Ard
  Susman Godfrey, L.L.P
  654 Madison Avenue, 5th Floor
  New York, NY 10065
  Telephone: (212) 336-8330
  Facsimile: (212) 336-8340
  E-mail: ssusman@susmangodfrey.com
          sard@Susmangodfrey.com

  Parker C. Folse, III
  Edgar Sargent
  Justin A. Nelson
  Susman Godfrey, L.L.P
  1201 Third Ave., Suite 3800
  Seattle, W A 98101
  Telephone: (206) 516-3880
  Facsimile: (206) 516-3883
  E-mail: pfolse@susmangodfrey.com
          esargent@susmangodfrey.com
          jnelson@Susmangodfrey.com

                    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).


WEINSTEIN CO: Goldman Sachs to Own Films in Restructuring Deal
--------------------------------------------------------------
The Wall Street Journal's Lauren A.E. Schuker and Serena Ng report
that The Weinstein Co. has agreed to a major debt restructuring
that gives Goldman Sachs Group and an insurance company possession
of more than 200 films in its library.  Goldman Sachs and Assured
Guaranty Ltd., which insured some of the company's debt, will now
own as many as 250 Weinstein films as well as a small portion of
the Weinstein Co.'s future projects.

The Journal says the restructuring was finalized by the companies
Wednesday and is designed to allow Weinstein Co. to continue as a
going concern and resolve the financial struggles that beset the
studio shortly after it opened in 2005.

Brothers Harvey and Bob Weinstein established the company after
leaving Miramax, their previous independent film studio which they
had sold to the Walt Disney Co. in 1993.  The brothers raised
roughly $1.2 billion with the help of Goldman Sachs to launch the
venture.  About $500 million of that total was securitized debt
and much of the remainder was equity.  Ambac Assurance. Corp.
insured the $500 million loan.

Weinstein produced a string of movies that flopped at the box
office and made investments in several businesses including social
media and clothing that struggled.  About five years later, the
company spent most of the $1.2 billion that was raised and had
little to show for it other than the film library and success of
Quentin Tarantino's "Inglourious Basterds."

The Journal relates the restructuring comes the same day as a
state court hearing that involved bond insurer Ambac Assurance
Corp., which has run into its own financial problems.  In the
Wednesday hearing, the Journal continues, a Wisconsin county court
approved a settlement proposal from Ambac, which is undergoing it
own restructuring.  The proposed settlement would release Ambac
from insuring the Weinstein Co.'s debt in exchange for paying
debtholders a total of $115 million in cash and notes.

According to the Journal, Goldman Sachs has agreed to subtract
that $115 million from the Weinstein Co.'s total outstanding debt
of $450 million.  That reduces the Weinstein Co.'s debt to $335
million.

Since 2006, according to the Ambac filing, the Weinstein Co.
failed to meet its financial commitments several times.  Over the
past year, the two firms attempted to hammer out a new
arrangement.  Talks broke down and ended in March 2010.

Last summer, the studio hired Miller Buckfire, who helped convince
Ambac to waive some bond covenants, which gave the Weinstein Co.
some breathing room.

The Journal relates the new plan, put together with the help of
Wall Street lawyer H. Rodgin Cohen, Esq., stands to give the
studio a fresh start.  If it can pay off the $335 million through
film library revenue, it will emerge debt-free and be able to
reclaim ownership of those 250 movies.

"This restructuring will not only help the Weinstein Company
become hugely solvent," says veteran Hollywood attorney Bertram
Fields, Esq., who is representing the Weinstein Co., "but it also
puts the company in a good position to achieve its goals."


WORLDSPACE INC: Sale to Yazmi USA Completed
-------------------------------------------
WorldSpace, Inc. disclosed that it and its affiliated co-debtors
in its Chapter 11 bankruptcy proceeding have closed the Asset
Purchase Agreement entered into with Yazmi USA, LLC (the Buyer),
subject to continuing some operations under contract with the
Buyer for a transition period.  The agreement provided for the
sale of substantially all the assets of WorldSpace and its co-
debtors.

                     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.



YOUNG BROADCASTING: Ownership Transitioned to a Shareholder Group
-----------------------------------------------------------------
Young Broadcasting has transitioned from the shareholders of the
publicly traded company to a shareholder group comprised of the
former senior lenders of Young Broadcasting.

Having shed nearly $800 million in debt and millions of dollars of
burdensome contracts through the bankruptcy process, New Young
Broadcasting is emerging from bankruptcy as the most financially
sound company in television broadcasting.

                     About Young Broadcasting

Headquartered in New York City, Young Broadcasting, Inc.
--  http://www.youngbroadcasting.com/-- owns 10 television
stations and the national television representation firm, Adam
Young, Inc.  Five stations are affiliated with the ABC Television
Network (WKRN-TV - Nashville, TN, WTEN-TV - Albany, NY, WRIC-TV -
Richmond, VA, WATE-TV - Knoxville, TN, and WBAY-TV - Green Bay,
WI), three are affiliated with the CBS Television Network (WLNS-TV
- Lansing, MI, KLFY-TV - Lafayette, LA and KELO-TV - Sioux Falls,
SD), one is affiliated with the NBC Television Network (KWQC-TV -
Davenport, IA) and one is affiliated with MyNetwork (KRON-TV - San
Francisco, CA).

The Company and its affiliates filed for Chapter 11 protection on
February 13, 2009 (Bankr. S.D.N.Y. Lead Case No. 09-10645).  Jo
Christine Reed, Esq., at Sonnenschein Nath & Rosenthal LLP,
represents the Debtors in their restructuring effort.  The Debtors
selected UBS Securities LLC as consultant; Ernst & Young LLP as
accountant; Epiq Bankruptcy Solutions LLC as claims agent; and
David Pauker chief restructuring officer Andrew N. Rosenberg,
Esq., at Paul Weiss Rifkind Wharton & Harrison LLP, serves as
counsel to the official unsecured creditors committee.


* California Lawmakers Considers Bill on Defaulting Mortgages
-------------------------------------------------------------
American Bankruptcy Institute reports that state legislators in
California are considering a bill that would redefine the
obligations of many defaulting homeowners.


* Public Company Filings Trail 2009 in Amount, Number
-----------------------------------------------------
Fifty public companies filed for bankruptcy reorganization or
liquidation this year through June 20, compared with 118 in the
same period last year, Bill Rochelle at Bloomberg News reported,
citing data from BankruptcyData.com.  According to BankruptcyData,
assets of the public companies filing in Chapters 7 or 11 so far
this year totaled $45 billion, 12% of the $376 billion of assets
in bankrupt companies filing in the same period of 2009.

BankruptcyData said the peak public-company filings in dollar
amount of assets was $1.16 trillion in 2008.  In number of public
company filings over the last 10 years, the leader was 2001 with
263 filings.


* BOOK REVIEW: The Executive Guide to Corporate Bankruptcy
----------------------------------------------------------
Authors: Thomas J. Salerno; Craig D. Hansen; Jordan A. Kroop
Publisher: Beard Books
Hardcover: 728 pages
List Price: $174.95

The newly revised edition of The Executive Guide To Corporate
Bankruptcy is perfectly timed.  As the global economy continues to
deteriorate, more and more companies are sinking into insolvency
with executives at their helm who need a crash course in
bankruptcy realities.  This excellent book will quickly get both
the seasoned executive and the uninitiated lawyer up to speed on
the bankruptcy process.

Salerno, Kroop and Hansen understand that the reorganization
process can be intimidating, puzzling, and generally unpleasant.
They penetrate the opaque gloom that some lawyers tend to
perpetuate.  Each chapter of this book addresses a different
aspect of the reorganization process, beginning with an overview
of the origins and purpose of US bankruptcy laws and ending with a
debunking of common myths about reorganization.  In between, they
discuss each chapter of the bankruptcy code; discussing the gamut
from liquidations through Chapter 11 sales and full-blown
reorganizations.  The authors' ability to distill the bankruptcy
code's complex language into comprehensible and manageable blocks
of information makes the book extremely readable.

The Executive Guide is full of pragmatic advice.  After laying out
the essential elements and key players in the restructuring
process, the authors get down to the nitty gritty of navigating a
distressed company through reorganization.  They realistically
assess the challenges that an executive should expect to face in
Chapter 11.  They discuss how to assuage and balance the concerns
of employees and key vendors, address the inevitable creditor
dissatisfaction with executive compensation, deal with members of
their professional team and work effectively as an executive whose
actions will be constantly scrutinized and second-guessed.  The
authors also provide the cautionary note that "executives
preparing to embark on a reorganization are usually too
preoccupied with business emergencies to think about the personal
toll that the process will exact."

One common flaw in books that try to be accessible while dealing
with technical topics is that they fall short in providing the
reader with a substantive understanding of the subject matter.
The Executive Guide to Corporate Bankruptcy avoids this pitfall.
The book's fourth and fifth chapters provide in-depth analysis of
the strategic decisions and steps that should be taken during the
restructuring process.  The authors explain the importance that
venue can have a case, the intricacies of first day motions and
how to prepare for confirmation.  There is a detailed discussion
of the sale of assets during the course of a Chapter 11
restructuring and the importance of making sure that major
constituencies are a part of the decision-making process.  They
also walk the reader through the specifics of a plan of a
reorganization, explaining the dynamics of the negotiation
process, especially how to understand and appreciate the needs of
your constituents and how to get a plan confirmed.

The icing on the cake for this book is the excellent appendix.
The final section of the book includes a user-friendly glossary of
commonly used bankruptcy terms and a reorganization timeline.  It
also includes sample documents such as debtor-in-possession (DIP)
financing agreements, operating reports, first day motions and
orders, management severance agreements, and more.  The summary of
management incentive stock plans implemented in recent
restructuring transactions is particularly informative.

This is a terrific book.  While geared to the non-lawyer
executive, it will also be a useful resource for any lawyer who
wants to gain practical familiarity with the bankruptcy process.
This should be a best seller in today's environment, though it may
need to be delivered to most executives in a brown paper wrapper.



                           *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers"
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR.  Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911.  For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.

                           *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors" Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Howard
C. Tolentino, Joseph Medel C. Martirez, Denise Marie Varquez,
Philline Reluya, Ronald C. Sy, Joel Anthony G. Lopez, Cecil R.
Villacampa, Sheryl Joy P. Olano, Carlo Fernandez, Christopher G.
Patalinghug, and Peter A. Chapman, Editors.

Copyright 2010.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Christopher
Beard at 240/629-3300.


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