TCR_Public/100717.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

             Saturday, July 17, 2010, Vol. 14, No. 196

                            Headlines



ACCEPTANCE INSURANCE: Posts $13,317 Net Loss in June
ALMATIS BV: Reports $2,275,376 Net Loss for May
AMTRUST FINANCIAL: Posts $1.3 Million Net Loss in May
BLACK CROW: Reports $80,766 Pretax Earnings in May
CATHOLIC CHURCH: Wilmington Has $963,479 Cash at End of May

FINLAY ENTERPRISES: Posts $239,100 Net Loss in May
LEXINGTON PRECISION: Posts $98,000 Net Loss in May
NORTEL NETWORKS: Reports $5 Million Net Loss for May
PNG VENTURES: Files Monthly Operating Report for March 2010
PROTOSTAR LTD: Posts $3.2 Million Net Loss in April

PROTOSTAR LTD: Posts $3.3 Million Net Loss in May
PROTOSTAR LTD: ProtoStar I Posts $4.8 Million Net Loss in April
PROTOSTAR LTD: ProtoStar I Posts $4.6 Million Net Loss in May
PROTOSTAR LTD: ProtoStar II Posts $1.2 Million Net Loss in April
PROTOSTAR LTD: ProtoStar II Posts $75.7 Million Net Loss in May

PROTOSTAR LTD: ProtoStar Asia Posts $39,237 Net Loss in April
PROTOSTAR LTD: ProtoStar Asia Posts $5,338 Net Loss in May
PROTOSTAR LTD: ProtoStar Dev't Posts $5,596 Net Loss in April
PROTOSTAR LTD: ProtoStar Dev't Files May 2010 Operating Report
PROTOSTAR LTD: ProtoStar Satellite Posts $56,151 Net Loss in April

PROTOSTAR LTD: ProtoStar Satellite Posts $57,273 Net Loss in May
STATION CASINOS: Reports $14,623,000 Net Loss for May



                            *********



ACCEPTANCE INSURANCE: Posts $13,317 Net Loss in June
----------------------------------------------------
Acceptance Insurance Companies Inc. filed with the U.S. Bankruptcy
Court for the District of Nebraska on July 13, 2010, its monthly
operating report for June 2010.

For the month of June, Acceptance Insurance Companies Inc.
reported a net loss of $13,317 on net investment income of $49.

As of May 31, 2010, the Debtor had total assets of $2,351,586
and total liabilities of $138,185,754, for a stockholders' deficit
of $135,834,168.

A full-text copy of the Debtor's June 2010 monthly operating
report is available for free at:

               http://researcharchives.com/t/s?6682

Headquartered in Council Bluffs, Iowa, Acceptance Insurance
Companies, Inc. -- http://www.aicins.com/-- is a Delaware
corporation established in 1968.  The Company now only owns
Acceptance Insurance Company, a Nebraska domestic insurance
company.  In late 1999 the Company began exiting the property and
casualty business and in 2001 discontinued the issuance or renewal
of policies other than crop insurance policies.  In December 2002
the Company discontinued the issuance or renewal of crop insurance
policies.

The Company filed for Chapter 11 protection on Jan. 7, 2005
(Bankr. D. Nebr. Case No. 05-80059).  The Debtor's affiliates --
Acceptance Insurance Services, Inc., and American Agrisurance,
Inc. -- each filed Chapter 7 petitions (Bankr. D. Nebr. Case Nos.
05-80056 and 05-80058) on January 7, 2005.  Jeffrey T. Wegner,
Esq., Patrick B. Griffin, Esq., at Kutak Rock LLP, Lewis S.
Wiener, Esq., at Sutherland, Asbill & Brennan, and Robert J.
Bothe, Esq., at McGrath, North, Mullin & Kratz, PC, represent the
Debtor in its restructuring efforts.


ALMATIS BV: Reports $2,275,376 Net Loss for May
-----------------------------------------------

                          Almatis B.V.
                         Balance Sheet
                       As of May 31, 2010

ASSETS
Current Assets
   Unrestricted cash & cash equivalents            $17,183,596
   Restricted cash & cash equivalents                  611,993
   Accounts receivable (net)                       110,886,843
   Notes receivable                                          0
   Inventories                                      10,261,248
   Prepaid expenses                                  1,906,758
   Professional retainers                            1,478,000
   Other current assets                              7,241,464
                                                --------------
Total current assets                              149,569,904

Property & Equipment
   Real property & improvements                     23,255,510
   Machinery & equipment                            19,736,512
   Furniture, fixtures & office equipment              623,975
   Leasehold improvements                                    0
   Vehicles                                                  0
   Less: Accumulate depreciation                   (17,044,850)
                                                --------------
Total property & equipment                         26,571,147

Other Assets
   Amounts due from insiders                                 0
   Other assets                                    846,767,941
                                                --------------
Total other assets                                873,339,088
                                                --------------
TOTAL ASSETS                                   $1,022,908,993
                                                ==============

LIABILITIES & OWNER EQUITY
Liabilities
   Accounts payable                                 $6,473,746
   Taxes payable                                         4,596
   Wages payable                                             0
   Notes payable                                             0
   Secured debt/adequate protection payments       559,612,964
   Professional fees                                 1,447,000
   Amounts due to insiders                                   0
   Other liabilities                               133,878,960
                                                --------------
Total Liabilities                                 701,417,268

Liabilities subject to compromise (prepetition)
  Secured debt                                     557,001,819
  Priority debt                                              -
  Unsecured debt                                   125,680,926
                                                --------------
Total prepetition liabilities                    $682,682,746

OWNERS' EQUITY
Capital stock                                         $22,172
Additional paid-in capital                        316,786,760
Profit/loss carried forward prior years            36,213,696
Retained earnings -- prepetition                   (8,038,474)
Retained earnings -- postpetition                  (2,275,376)
Foreign currency translation reserve              (21,217,054)
Postpetition contributions                                  -
                                                --------------
Net Owners' Equity                                321,491,724
                                                --------------
TOTAL LIABILITIES AND OWNERS' EQUITY           $1,022,908,993
                                                ==============

                          Almatis B.V.
                    Statement of Operations
                For the period May 1 to 31, 2010

Gross revenues                                    $13,378,331
Less: Returns & allowances                                  -
                                                --------------
Net revenue                                        13,378,331

Cost of goods sold:
Beginning inventory                                 8,021,274
Add: Purchase + changes in inventory                7,514,307
Add: Cost of labor                                    814,054
Add: Other costs                                    5,666,563
Less: Ending inventory                             10,261,248
Cost of goods sold                                 11,754,952
                                                --------------
Gross profit                                        1,623,379

Operating expenses:
Advertising                                                 -
Auto & truck expense                                    7,417
Bad debts                                                   -
Contributions                                           2,994
Employee benefits programs                             47,424
Officer/insider payments                                    -
Insurance                                                (379)
Management fees/bonuses                                     -
Office expense                                         16,408
Pension & profit-sharing plans                         26,784
Repairs & maintenance                                     194
Rent & lease expense                                    3,653
Salary/commission/fees (excl. insider payment)        190,339
Supplies                                                1,971
Taxes -- payroll                                        1,181
Taxes -- real estate                                        -
Taxes -- other                                            621
Travel & entertainment                                 10,916
Utilities                                               4,080
Other                                               1,533,416
                                                --------------
Total operating expenses including depreciation     1,847,025
Depreciation/depletion/amortization                   283,683
                                                --------------
Net profit (loss) before other income, expenses      (507,330)

Other Income & Expenses:
Other income                                         (932,596)
Interest expense                                    2,666,567
Other expense                                         113,453
                                                --------------
Net profit (loss) before taxes                     (2,354,754)
Income taxes                                          (79,378)
                                                --------------
Net profit (loss)                                 ($2,275,376)
                                                ==============

                           Almatis B.V.
             Schedule of Cash Receipts and Disbursements
                For the period May 1 to 31, 2010

Cash, beginning of month                          $20,565,000

Receipts:
Receipts Receivable - Prepetition                           0
Receipts Receivable - Postpetition                          0
Others                                                 96,000
                                                   -----------
Total Receipts                                         96,000

Disbursements:
Accounts Payable                                   (1,956,000)
Feedstock                                                   0
Net Payroll                                          (719,000)
Payroll Taxes                                        (281,000)
Sales, Use & Other Taxes                                    0
Others                                               (142,000)
                                                   -----------
Total Disbursements                                 5,183,000

Net Cash Flow                                       2,182,000
                                                   -----------
Cash, End of Month                                $14,683,000
                                                   ===========

A full-text copy of the May 2010 Operating Report is available
for free at http://bankrupt.com/misc/Almatis_MORMay2010.pdf

                       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)


AMTRUST FINANCIAL: Posts $1.3 Million Net Loss in May
-----------------------------------------------------
AmTrust Financial Corp., nka AmFin Financial Corporation, reported
a net loss of $1,267,242 for the month ended May 31, 2010.

At May 31, 2010, the Company had total assets of $165,660,587,
total postpetition liabilities of $2,071,506, total prepetition
liabilities of $156,909,447, and total equity of $6,679,633.

A full-text copy of the monthly operating report is available at
no charge at:

      http://bankrupt.com/misc/amfinfinancial.may2010mor.pdf

                    About AmTrust Financial

AmTrust Financial Corp. (PINK: AFNL), now known as AmFin Financial
Corp., was the owner of the AmTrust Bank.  AmTrust was the
seventh-largest holder of deposits in South Florida, with
$4.7 billion in deposits and 21 branches.

In November 2008, the Office of Thrift Supervision issued a cease
and desist order requiring AmTrust to improve its capital ratios.

AmTrust Financial, together with affiliates that include AmTrust
Management Inc., filed for Chapter 11 bankruptcy protection on
November 30, 2009 (Bankr. N.D. Ohio Case No. 09-21323).  G.
Christopher Meyer, Esq., and Sherri Lynn Dahl, Esq., at Squire
Sanders & Dempsey L.L.P., assist the Debtors in their
restructuring effort.  Kurtzman Carson Consultants serves as
claims and notice agent.  Attorneys at Hahn Loeser & Parks LLP
serve as counsel to the Official Committee of Unsecured Creditors.

AmTrust Management listed $100,000,001 to $500,000,000 in assets
and $100,000,001 to $500,000,000 in liabilities.

AmTrust Bank is not part of the Chapter 11 filings.  On
December 4, 2009, AmTrust Bank was closed by the Office of Thrift
Supervision, which appointed the Federal Deposit Insurance
Corporation as receiver.  To protect the depositors, the FDIC
entered into a purchase and assumption agreement with New York
Community Bank, Westbury, New York, to assume all of the deposits
of AmTrust Bank.


BLACK CROW: Reports $80,766 Pretax Earnings in May
--------------------------------------------------
Black Crow Media Group, LLC, filed on June 29, 2010, a monthly
operating report for the period ended May 31, 2010.

The Company's consolidating balance sheet at January 31, 2009,
showed $39.5 million in assets and $47.3 million in total
liabilities, for a stockholders' deficit of $7.8 million.

The Debtors reported pretax earnings of $80,766 on $1,152,198 of
net revenue for May 2010.  Earnings before interest, taxes,
depreciation and amortization (EBITDA) for the month were
$332,208.

A full-text copy of the Debtors' monthly operating report for the
period ended May 31, 2010, is available at no charge at:

        http://bankrupt.com/misc/blackcrow.may2010mor.pdf

                        About Black Crow

Daytona Beach, Florida-based Black Crow Media Group, LLC, owns and
operates 17 FM and 5 AM radio stations in Daytona Beach, Live Oak,
Valdosta, Huntsville, Alabama, and Jackson, Tennessee.

The Company filed for Chapter 11 bankruptcy protection on
January 11, 2010 (Bankr. M.D. Fla. Case No. 10-00172).  The
Company's affiliates -- Black Crow Media, LLC, et al. -- also
filed separate Chapter 11 petitions.

Mariane L. Dorris, Esq., and R Scott Shuker, Esq., at Latham
Shuker Eden & Beaudine LLP, assist the Company in its
restructuring effort.  The Company listed $10,000,001 to
$50,000,000 in assets and $50,000,001 to $100,000,000 in
liabilities.


CATHOLIC CHURCH: Wilmington Has $963,479 Cash at End of May
-----------------------------------------------------------

             Catholic Diocese of Wilmington, Inc.
                         Balance Sheet
                      As of May 31, 2010

ASSETS
  Cash & Equivalents                                   $972,203
  Accounts Receivable (Net)                           3,284,404
  Payroll Receivable                                          -
  Notes Receivable                                    1,469,174
  Professional Retainers                                545,000
  Unrestricted Pooled Investments                    13,176,284
  Restricted Pooled Investments                      29,143,015
  Unallocated Audit Fees                                      -
  Other Assets                                           53,743
  Real Estate                                         1,106,640
  Assets Held for Others                             76,833,144
                                                    -----------
     TOTAL ASSETS                                  $126,583,607
                                                    ===========

LIABILITIES
  Pre-Filing Accounts Payable                          $136,216
  Payroll & Payroll Taxes Payable                           203
  Payroll Garnishments Payable                                -
  Accrued Vacation Time Payable                         125,107
  Blue Cross/Blue Shield Accrual                         39,089
  Accounts Payable Capital Campaign                      18,096
  Bonds Payable                                      11,000,000
  Priest Pension                                     13,107,216
  Lay Pensions                                       64,366,743
  National Collections                                  326,169
  Other Liabilities                                      63,760
  Assets Held for Others                             76,833,144
                                                    -----------
     TOTAL LIABILITIES                              166,015,743

NET ASSETS
  Beginning Year Net Assets                         (41,816,364)
  Net Assets - Prepetition                            4,138,712
  Net Assets - Postpetition                          (1,754,484)
                                                    -----------
TOTAL NET ASSETS                                    (39,432,136)
                                                    -----------
TOTAL LIABILITIES & NET ASSETS                     $126,583,607
                                                    ===========

             Catholic Diocese of Wilmington, Inc.
                    Statement of Operations
               For the month ending May 31, 2010

CDOW Operations
  CDOW Revenue
     Assessments                                       $322,053
     Investment Income                               (2,744,426)
     Operational Income                                 261,122
     Designated Income (Education)                       12,098
                                                    -----------
  Total CDOW Revenue                                 (2,149,153)

  CDOW Expenses
     Payroll & Taxes                                   (213,440)
     Medical Payments                                         -
     Other Compensation                                 (48,526)
     Other Operational                                 (275,347)
     Capital Expenditures                                     -
     Catholic Schools, Inc.                             (65,402)
     Casa San Francisco                                       -
     Ministry to the Elderly                                  -
     Bankruptcy professionals                          (807,467)
     Neumann Center                                           -
     Vision for the Future (Tuition Assistance)               -
     Owed to Parishes (Cap Campaign)                     (1,317)
                                                    -----------
  Total CDOW Expenses                                (1,411,499)
                                                    -----------
CDOW NET OPERATING CASH                              (3,560,652)

  Program Services
     Annual Appeal Revenue                              585,818
     Program Services Expenditures
        Catholic Youth Organization                      (9,000)
        Catholic Charities                             (188,536)
        High School Appeal Allocation                         -
        The Dialog                                      (46,420)
                                                    -----------
     Total Program Services Expenses                   (243,956)
                                                    -----------
  PROGRAM SERVICES NET CASH                             341,862

Benefits & Insurance Program Administration
  Medical Program
     Premiums Received                                  690,318
     Expenses                                          (964,286)
                                                    -----------
     Net Medical                                       (273,968)

  Workers Compensation
     Premiums Received                                        -
     Expenses                                           (26,676)
                                                    -----------
     Net Workers Comp                                   (26,676)

  Property & Liability Insurance
     Premiums Received                                  129,426
     Expenses                                          (202,535)
                                                    -----------
     Net P&L Insurance                                  (73,109)

  Pensions
     Priests                                            (52,117)
     Lay Employees                                            -
                                                    -----------
     Total Pensions                                     (52,117)
                                                    -----------
NET CHANGE IN LIQUIDITY                              ($3,644,660)
                                                    ===========

             Catholic Diocese of Wilmington, Inc.
          Schedule of Cash Receipts and Disbursements
               For the month ending May 31, 2010

CASH BEGINNING OF PERIOD                              $1,079,103

RECEIPTS
  ASSESSMENTS                                           322,053
  ANNUAL APPEAL                                         585,818
  INSURANCE PREMIUMS                                    819,744
  OTHER OPERATING                                       273,220
                                                    -----------
  TOTAL RECEIPTS                                      2,000,835

DISBURSEMENTS
  NET PAYROLL AND TAXES                                 213,440
  INSURANCE PAYMENTS                                  1,193,497
  OPERATING EXPENSES                                    307,148
  OTHER                                                 309,358
  PROFESSIONAL FEES                                     807,467
  U.S. TRUSTEE QUARTERLY FEES                             2,600
  COURT COSTS                                                 -
                                                    -----------
TOTAL DISBURSEMENTS                                   2,833,510
                                                    -----------
NET CASH FLOW                                          (832,675)
                                                    -----------
Transfers out                                            15,442
Transfers in                                            732,493
                                                    -----------
CASH - END OF PERIOD                                   $963,479
                                                    ===========

                 About the Diocese of Wilmington

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

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

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


FINLAY ENTERPRISES: Posts $239,100 Net Loss in May
--------------------------------------------------
On July 7, 2010, Finlay Enterprises, Inc., and Finlay Fine
Jewelry Corporation filed their unaudited monthly operating
report for the fiscal month ended May 31, 2010, with the
United States Bankruptcy Court for the Southern District of New
York.

For the fiscal month ended May 31, 2010, the Company reported
a net loss of $239,100.  The Debtor incurred $748,300 in
professional fees and other reorganization items during the
period.

At May 31, 2010, the Company had $97,283,485 in total assets
and $251,887,720 in total liabilities, for a shareholders' deficit
of $154,604,235.  Cash held at May 31, 2010, was $80,364,000,
compared to $83,236,000 at May 1, 2010.  Including
A/P overdraft and credit card receivables, unrestricted cash and
equivalents were $80,392,375 at May 31, 2010.

A full-text copy of the Debtors' monthly operating report for
the fiscal month ended May 31, 2010, is available for free at:

               http://researcharchives.com/t/s?6681

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

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

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


LEXINGTON PRECISION: Posts $98,000 Net Loss in May
--------------------------------------------------
On June 29, 2010, Lexington Precision Corp. and Lexington Rubber
Group, Inc., filed with the U.S. Bankruptcy Court for the
Southern District of New York a corporate monthly operating report
for the month of May 2010.

The Debtors reported a net loss of $98,000 on net sales of
$6.7 million for the month ended May 31, 2010.

At May 31, 2010, the Debtors had total assets of $46.4 million and
total liabilities of $104.8 million, for a shareholders' deficit
of $58.5 million.

A full-text copy of the Debtor's monthly operating report for
April is available for free at:

    http://bankrupt.com/misc/lexingtonprecision.may2010mor.pdf

                    About Lexington Precision

Headquartered in New York, Lexington Precision Corp. --
http://www.lexingtonprecision.com/-- manufactures tight-tolerance
rubber and metal components for use in medical, automotive, and
industrial applications.  As of February 29, 2008, the Company
employed about 651 regular and 22 temporary personnel.

The Company and its affiliate, Lexington Rubber Group Inc., filed
for Chapter 11 protection on April 1, 2008 (Bankr. S.D.N.Y. Lead
Case No.08-11153).  Christopher J. Marcus, Esq., and Victoria
Vron, Esq., at Weil, Gotshal & Manges, represent the Debtors in
their restructuring efforts.  The Debtors selected Epiq Systems -
Bankruptcy Solutions LLC as claims agent.  The U.S. Trustee for
Region 2 appointed six creditors to serve on an official committee
of unsecured creditors.  Paul N. Silverstein, Esq., and Jonathan
Levine, Esq., at Andrews Kurth LLP, represent the Committee as
counsel.

On May 26, 2010, the Bankruptcy Court entered an order approving
the Disclosure Statement for Debtors' Fourth Amended Joint Plan of
Reorganization under Chapter 11 of the Bankruptcy Code, dated
May 26, 2010.  The hearing to consider confirmation of the
proposed plan, originally scheduled for July 14, 2010, was
adjourned to July 21, 2010.


NORTEL NETWORKS: Reports $5 Million Net Loss for May
----------------------------------------------------

                 Nortel Networks Inc., et al.
               Condensed Combined Balance Sheet
                     As of May 31, 2010
                         (Unaudited)
                (In millions of U.S. dollars)

                                   NNI AltSystems  Other
                                 ----- ----------  -----
ASSETS
Current assets
Cash and cash equivalents          $902          -      -
Restricted cash and cash equiv       26          1      -
Accounts receivable - net            74          -      -
Intercompany accounts receivables   325         47     (6)
Inventories - net                    30          -      -
Other current assets                123          -      -
Assets held for sale                113          -      -
Assets of discontinued operations    22          -      -
                                  ----- ----------  -----
Total current assets              1,615         48     (6)

Investments in non-Debtor subs       46          1     (1)
Investments - other                  19          -      -
Plant and equipment - net            78          -      -
Goodwill                              -          1      -
Other assets                         46          -      -
                                  ----- ----------  -----
Total assets                      1,804         50     (7)

LIABILITIES AND SHAREHOLDERS' DEFICIT
Current liabilities not subject to compromise
Trade and other accounts payables    18          -      -
Intercompany accounts payable        25         10     (6)
Payroll and benefit-related liab.    32          -      -
Contractual liabilities               2          -      -
Restructuring liabilities             2          -      -
Other accrued liabilities           133          -      -
Income taxes                         15          -      -
Liabilities held for sale            95          -      -
Liabilities of discontinued op       27          -      -
                                  ----- ----------  -----
Total current liabilities not       349         10     (6)
to compromise

Restructuring                         4          -      -
Deferred income and other credits     7          -      -
Post-employment benefits              7          -      -
                                  ----- ----------  -----
Total liabilities not subject       367         10     (6)
compromise

Liabilities subject to compromise 5,582         54    127
Liabilities subject to compromise    82          -      -
of discontinued operations
                                  ----- ----------  -----
Total liabilities                 6,031         64    121

SHAREHOLDERS' DEFICIT
Common shares                         -        719     32
Preferred shares                      -         16     47
Additional paid-in capital       17,746      7,330  5,252
Accumulated deficit             (21,962)    (8,079)(5,458)
Accumulated other comprehensive
income (loss)                       (11)         -     (1)
                                  ----- ----------  -----
Total U.S. Debtors shareholders' (4,227)       (14)  (128)
deficit

Noncontrolling interests              -          -      -
                                  ----- ----------  -----
Total shareholders' deficit      (4,227)       (14)  (128)
                                  ----- ----------  -----
Total liabilities and
shareholders deficit             $1,804        $50    ($7)
                                  ===== ==========  =====

                Nortel Networks Inc., et al.
          Condensed Combined Statement of Operations
              For the Period May 1 to 31, 2010
                        (Unaudited)
                (In millions of U.S. dollars)

                                   NNI AltSystems  Other
                                  ----- ----------  -----
Total revenues                      $44          -      -
Total cost of revenues               40          -      -
                                  ----- ----------  -----
Gross profit                          4          -      -

Selling, general and admin exp       27          -      -
Research and development expense      7          -      -
Other operating expense
(income)-net                       (21)         -      -
                                  ----- ----------  -----
Operating earnings (loss)            (9)         -      -
Other income (expense) - net          8          -      -
                                  ----- ----------  -----
Earnings from continuing operations
before reorganization items, income
taxes and equity in net earnings
(loss) of associated companies      (1)         -      -

Reorganization items - net           (6)         -      -
                                  ----- ----------  -----
Earnings from continuing operations
before income taxes and equity
in net earnings (loss) of
associated companies                (7)         -      -
Income tax expense                    -          -      -
                                  ----- ----------  -----
Earnings from continuing operations
before equity in net earnings
(loss) of associated companies      (7)         -      -
Equity in net earnings (loss) of
associated companies - net of tax    -          -      -
Equity in net earnings (loss) of
non-Debtor subsidiaries - net        3          -      -
                                  ----- ----------  -----
Net earnings (loss) from
continuing operations               (4)         -      -
Net earnings (loss) from disco
operations - net of tax             (1)         -      -
                                  ----- ----------  -----
Net earnings (loss)                  (5)         -      -

Income attributable to
noncontrolling interests             -          -      -
                                  ----- ----------  -----
Net earnings (loss) attributable
to U.S. Debtors                    ($5)         -      -
                                  ===== ==========  =====

                Nortel Networks Inc., et al.
          Condensed Combined Statement of Cash Flows
              For the Period May 1 to 31, 2010
                        (Unaudited)
                (In millions of U.S. dollars)

                                   NNI AltSystems  Other
                                 ----- ----------  -----
Cash flows from (used in) operating
activities:
Net earnings (loss) attributable
to U.S. Debtors                    ($5)         -      -
Net loss (earnings) from
discontinued operations - net of tax 1          -      -

Adjustments to reconcile net loss
from continuing operations to
net cash from (used in) operating
activities, net of effects from
acquisitions and divestitures of
businesses:
Amortization and depreciation        1          -      -
Equity in net earnings of associated
companies                           (1)         -      -
Pension and other accruals          (1)         -      -
Reorganization items - non ca        4          -      -
Other - net                         (1)         -      -
Change in operating assets
and liabilities                     16          -      -
                                  ----- ----------  -----
Net cash from (used in) operating
activities - continuing operations  14          -      -
Net cash from (used in) operating
activities - discontinued operations -          -      -
                                  ----- ----------  -----
Net cash from (used in) operating
activities                          14          -      -

Cash flows from (used in) investing
activities:
Change in restricted cash and
equivalents                         11          -      -
                                  ----- ----------  -----
Net cash from (used in) invest
activities - continuing operations  11          -      -
Net cash from (used in) investing
activities - discontinued operations -          -      -
                                  ----- ----------  -----
Net cash from (used in) invest
activities                          11          -      -

Cash flows from (used in) financing
activities:
Net cash from (used in) financing
activities - continuing operations   -          -      -
Net cash from (used in) financing
activities - discontinued operations -          -      -
                                  ----- ----------  -----
Net cash from (used in) financing
activities                           -          -      -

Effect of foreign exchange rate
changes on cash and cash equivalents -          -      -
                                  ----- ----------  -----
Net cash from (used in) continuing
operations                          25          -      -
Net cash from (used in)
discontinued operations            877          -      -
                                  ----- ----------  -----
Net increase (decrease) in cash &
cash equivalents                   902          -      -

Cash and cash equivalents, beginning  -          -      -
                                  ----- ----------  -----
Cash and cash equivalents of
continuing operations, end        $902          -      -
                                  ===== ==========  =====

                       About Nortel Networks

Nortel Networks (OTC BB: NRTLQ) -- http://www.nortel.com/--
delivers communications capabilities that make the promise of
Business Made Simple a reality for the Company's customers.  The
Company's next-generation technologies, for both service provider
and enterprise networks, support multimedia and business-critical
applications.  Nortel's technologies are designed to help
eliminate the barriers to efficiency, speed and performance by
simplifying networks and connecting people to the information they
need, when they need it.

Nortel Networks Corp., Nortel Networks Inc., and other affiliated
corporations in Canada sought insolvency protection under the
Companies' Creditors Arrangement Act in the Ontario Superior Court
of Justice (Commercial List).  Ernst & Young was appointed to
serve as monitor and foreign representative of the Canadian Nortel
Group.

The Monitor sought recognition of the CCAA Proceedings in the U.S.
by filing a bankruptcy petition under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 09-10164).  Mary Caloway,
Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll & Rooney
PC, in Wilmington, Delaware, serves as the Chapter 15 petitioner's
counsel.

Nortel Networks Inc. and 14 affiliates filed separate Chapter 11
petitions on January 14, 2009 (Bankr. D. Del. Case No. 09-10138).
Judge Kevin Gross presides over the case.  James L. Bromley, Esq.,
at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as
general bankruptcy counsel; Derek C. Abbott, Esq., at Morris
Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware
counsel.  The Chapter 11 Debtors' other professionals are Lazard
Freres & Co. LLC as financial advisors; and Epiq Bankruptcy
Solutions LLC as claims and notice agent.

Certain of Nortel's European subsidiaries also made consequential
filings for creditor protection.  The Nortel Companies related in
a press release that Nortel Networks UK Limited and certain
subsidiaries of the Nortel group incorporated in the EMEA region
have each obtained an administration order from the English High
Court of Justice under the Insolvency Act 1986.  The applications
were made by the EMEA Subsidiaries under the provisions of the
European Union's Council Regulation (EC) No. 1346/2000 on
Insolvency Proceedings and on the basis that each EMEA
Subsidiary's centre of main interests is in England.  Under the
terms of the orders, representatives of Ernst & Young LLP have
been appointed as administrators of each of the EMEA Companies and
will continue to manage the EMEA Companies and operate their
businesses under the jurisdiction of the English Court and in
accordance with the applicable provisions of the Insolvency Act.

Several entities, particularly, Nortel Government Solutions
Incorporated have material operations and are not part of the
bankruptcy proceedings.

As of September 30, 2008, Nortel Networks Corp. reported
consolidated assets of US$11.6 billion and consolidated
liabilities of US$11.8 billion.  The Nortel Companies' U.S.
businesses are primarily conducted through Nortel Networks Inc.,
which is the parent of majority of the U.S. Nortel Companies.  As
of September 30, 2008, NNI had assets of about US$9 billion and
liabilities of US$3.2 billion, which do not include NNI's
guarantee of some or all of the Nortel Companies' about
US$4.2 billion of unsecured public debt.

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


PNG VENTURES: Files Monthly Operating Report for March 2010
-----------------------------------------------------------
On June 22, 2010, PNG Ventures, Inc., filed a monthly operating
report for the month ended March 31, 2010, with the U.S.
Bankruptcy Court for the District of Delaware.

At March 31, 2010, PNG Ventures had $353,173 in cash, compared to
$118,968 at February 28, 2010.

At March 31, 2010, PNG Ventures had $28,922,000 in total
assets, $17,753,000 of total liabilities, and $11,169,000 of
stockholders' equity.  Balance sheet data were sourced from the
Company's Form 10-Q filing for the three months ended March 31,
2010.

A full-text copy of the quarterly report for the quarterly period
ended March 31, 2010, is available at no charge at:

               http://researcharchives.com/t/s?6684

A copy of the monthly operating report is available for free at:

      http://bankrupt.com/misc/pngventures.march2010mor.pdf

         About Applied Natural (fka PNG Ventures, Inc.)

PNG Ventures, now known as Applied Natural, engages in the
production, distribution, and sale of liquefied natural gas
("LNG") to customers consisting of public utilities, industrial
end-users and other fleet customers within the transportation,
manufacturing, distribution, and municipal markets, primarily in
California, Arizona, and Nevada.  The Company also offers turnkey
fuel solutions, including delivery, equipment storage, fuel
dispensing equipment, and fuel loading facilities.

PNG Ventures and its affiliates filed for Chapter 11 on
September 10, 2009 (Bankr. D. Del. Case No. 09-13162).  Attorneys
at Fox Rothschild LLP represent the Debtors in their restructuring
effort.  Logan & Co. serves as claims and notice agent.  PNG won
confirmation of its reorganization plan in March 2010.

On March 12, 2010, the Bankruptcy Court entered an order
confirming the Debtors' First Amended Plan of Reorganization.  On
March 24, 2010, the Plan became effective after each of the
conditions precedent enumerated in the Plan were satisfied or
waived.

The Plan gives the first-lien creditor $5.5 million cash, a new
$9.8 million secured loan, and 66% of the new stock in return for
a $35.5 million claim.  In exchange for financing the plan,
lenders will receive a new four-year term loan and 26.5% of the
stock.  Unsecured creditors are receiving about 28% in cash plus
7.5% of the new stock.  Existing stock was canceled.


PROTOSTAR LTD: Posts $3.2 Million Net Loss in April
---------------------------------------------------
ProtoStar Ltd. reported a net loss of $3.2 million for the month
of April 2010.  Interest expense was roughly $3.4 million.

At April 30, 2010, ProtoStar Ltd. had total assets of
$349.0 million, total liabilities of $318.9 million, and net owner
equity of $30.1 million.

A full-text copy of the April 2010 monthly operating report is
available at no charge at:

      http://bankrupt.com/misc/protostarltd.april2010mor.pdf

                       About ProtoStar Ltd.

Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite
operator formed in 2005 to acquire, modify, launch and operate
high-power geostationary communication satellites for direct-to-
home satellite television and broadband internet access across the
Asia-Pacific region.

The Company and its affiliates filed for Chapter 11 on July 29,
2009 (Bankr. D. Del. Lead Case No. 09-12659).  The Debtor selected
Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of
Appleby as their Bermuda counsel; UBS Securities LLC as financial
advisor & investment banker and Kurtzman Carson Consultants LLC as
claims and noticing agent.  The Debtors have tapped UBS Securities
LLC as investment banker and financial advisor.

Also on July 29, 2009, ProtoStar and its affiliates, including
ProtoStar Development Ltd., commenced a coordinated proceeding in
the Supreme Court of Bermuda.  John C. McKenna of Finance & Risk
Services Ltd. as liquidator of the Bermuda Group.

In their Chapter 11 petition, the Debtors listed between
US$100 million and US$500 million each in assets and debts.  As of
December 31, 2008, ProtoStar's consolidated financial statements,
which include non-debtor affiliates, showed total assets of
US$463,000,000 against debts of US$528,000,000.


PROTOSTAR LTD: Posts $3.3 Million Net Loss in May
-------------------------------------------------
ProtoStar Ltd. reported a net loss of $3.3 million for the month
of May 2010.  Interest expense was roughly $3.5 million.

At May 31, 2010, ProtoStar Ltd. had total assets of
$347.4 million, total liabilities of $320.6 million, and net owner
equity of $26.8 million.

A full-text copy of the May 2010 monthly operating report is
available at no charge at:

       http://bankrupt.com/misc/protostarltd.may2010mor.pdf

                       About ProtoStar Ltd.

Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite
operator formed in 2005 to acquire, modify, launch and operate
high-power geostationary communication satellites for direct-to-
home satellite television and broadband internet access across the
Asia-Pacific region.

The Company and its affiliates filed for Chapter 11 on July 29,
2009 (Bankr. D. Del. Lead Case No. 09-12659).  The Debtor selected
Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of
Appleby as their Bermuda counsel; UBS Securities LLC as financial
advisor & investment banker and Kurtzman Carson Consultants LLC as
claims and noticing agent.  The Debtors have tapped UBS Securities
LLC as investment banker and financial advisor.

Also on July 29, 2009, ProtoStar and its affiliates, including
ProtoStar Development Ltd., commenced a coordinated proceeding in
the Supreme Court of Bermuda.  John C. McKenna of Finance & Risk
Services Ltd. as liquidator of the Bermuda Group.

In their Chapter 11 petition, the Debtors listed between
US$100 million and US$500 million each in assets and debts.  As of
December 31, 2008, ProtoStar's consolidated financial statements,
which include non-debtor affiliates, showed total assets of
US$463,000,000 against debts of US$528,000,000.


PROTOSTAR LTD: ProtoStar I Posts $4.8 Million Net Loss in April
---------------------------------------------------------------
ProtoStar I Ltd. had unrestricted cash and cash equivalents of
$1,951,506 at April 30, 2010.  Beginning cash was $611,560.

ProtoStar I reported a net loss of $4.8 million for the month of
April.  Interest expense was roughly $4.0 million.

At April 30, 2010, ProtoStar I had total assets of $213.2 million
and total liabilities of $273.6 million.

A full-text copy of the April 2010 monthly operating report is
available at no charge at:

       http://bankrupt.com/misc/protostarI.april2010mor.pdf

                       About ProtoStar Ltd.

Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite
operator formed in 2005 to acquire, modify, launch and operate
high-power geostationary communication satellites for direct-to-
home satellite television and broadband internet access across the
Asia-Pacific region.

The Company and its affiliates filed for Chapter 11 on July 29,
2009 (Bankr. D. Del. Lead Case No. 09-12659).  The Debtor selected
Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of
Appleby as their Bermuda counsel; UBS Securities LLC as financial
advisor & investment banker and Kurtzman Carson Consultants LLC as
claims and noticing agent.  The Debtors have tapped UBS Securities
LLC as investment banker and financial advisor.

Also on July 29, 2009, ProtoStar and its affiliates, including
ProtoStar Development Ltd., commenced a coordinated proceeding in
the Supreme Court of Bermuda.  John C. McKenna of Finance & Risk
Services Ltd. as liquidator of the Bermuda Group.

In their Chapter 11 petition, the Debtors listed between
US$100 million and US$500 million each in assets and debts.  As of
December 31, 2008, ProtoStar's consolidated financial statements,
which include non-debtor affiliates, showed total assets of
US$463,000,000 against debts of US$528,000,000.


PROTOSTAR LTD: ProtoStar I Posts $4.6 Million Net Loss in May
-------------------------------------------------------------
ProtoStar I Ltd. had unrestricted cash and cash equivalents of
$1,065,247 at May 31, 2010.  Beginning cash was $1,951,506.

ProtoStar I reported a net loss of $4.6 million for the month of
May.  Interest expense was roughly $3.7 million.

At May 31, 2010, ProtoStar I had total assets of $212.2 million
and total liabilities of $277.3 million.

A full-text copy of the May 2010 monthly operating report is
available at no charge at:

        http://bankrupt.com/misc/protostarI.may2010mor.pdf

                       About ProtoStar Ltd.

Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite
operator formed in 2005 to acquire, modify, launch and operate
high-power geostationary communication satellites for direct-to-
home satellite television and broadband internet access across the
Asia-Pacific region.

The Company and its affiliates filed for Chapter 11 on July 29,
2009 (Bankr. D. Del. Lead Case No. 09-12659).  The Debtor selected
Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of
Appleby as their Bermuda counsel; UBS Securities LLC as financial
advisor & investment banker and Kurtzman Carson Consultants LLC as
claims and noticing agent.  The Debtors have tapped UBS Securities
LLC as investment banker and financial advisor.

Also on July 29, 2009, ProtoStar and its affiliates, including
ProtoStar Development Ltd., commenced a coordinated proceeding in
the Supreme Court of Bermuda.  John C. McKenna of Finance & Risk
Services Ltd. as liquidator of the Bermuda Group.

In their Chapter 11 petition, the Debtors listed between
US$100 million and US$500 million each in assets and debts.  As of
December 31, 2008, ProtoStar's consolidated financial statements,
which include non-debtor affiliates, showed total assets of
US$463,000,000 against debts of US$528,000,000.


PROTOSTAR LTD: ProtoStar II Posts $1.2 Million Net Loss in April
----------------------------------------------------------------
ProtoStar II Ltd. had unrestricted cash and cash equivalents of
$2,817,427 at April 30, 2010.  Beginning cash was $1,580,843.

ProtoStar II reported a net loss of $1,230,880 on net revenue of
$1,423,202 for the month of April.  Interest expense was roughly
$81,249.

At April 30, 2010, ProtoStar II had total assets of
$306.1 million, total liabilities of $234.1 million, and net owner
equity of $72.0 million.

A full-text copy of the April 2010 monthly operating report is
available at no charge at:

      http://bankrupt.com/misc/protostarII.apirl2010mor.pdf

                       About ProtoStar Ltd.

Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite
operator formed in 2005 to acquire, modify, launch and operate
high-power geostationary communication satellites for direct-to-
home satellite television and broadband internet access across the
Asia-Pacific region.

The Company and its affiliates filed for Chapter 11 on July 29,
2009 (Bankr. D. Del. Lead Case No. 09-12659).  The Debtor selected
Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of
Appleby as their Bermuda counsel; UBS Securities LLC as financial
advisor & investment banker and Kurtzman Carson Consultants LLC as
claims and noticing agent.  The Debtors have tapped UBS Securities
LLC as investment banker and financial advisor.

Also on July 29, 2009, ProtoStar and its affiliates, including
ProtoStar Development Ltd., commenced a coordinated proceeding in
the Supreme Court of Bermuda.  John C. McKenna of Finance & Risk
Services Ltd. as liquidator of the Bermuda Group.

In their Chapter 11 petition, the Debtors listed between
US$100 million and US$500 million each in assets and debts.  As of
December 31, 2008, ProtoStar's consolidated financial statements,
which include non-debtor affiliates, showed total assets of
US$463,000,000 against debts of US$528,000,000.


PROTOSTAR LTD: ProtoStar II Posts $75.7 Million Net Loss in May
---------------------------------------------------------------
ProtoStar II Ltd. had cash and cash equivalents of $3,883,885
at May 31, 2010.  Beginning cash was $2,817,427.

ProtoStar II reported a net loss of $75.7 million on net revenue
of $830,785 for the month of May.  Loss from sale of satellite was
$74.0 million.

At May 31, 2010, ProtoStar II had total assets of $186.8 million,
total liabilities of $190.5 million, and net owner equity of
$3.7 million.

A full-text copy of the May 2010 monthly operating report is
available at no charge at:

       http://bankrupt.com/misc/protostarII.may2010mor.pdf

                       About ProtoStar Ltd.

Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite
operator formed in 2005 to acquire, modify, launch and operate
high-power geostationary communication satellites for direct-to-
home satellite television and broadband internet access across the
Asia-Pacific region.

The Company and its affiliates filed for Chapter 11 on July 29,
2009 (Bankr. D. Del. Lead Case No. 09-12659).  The Debtor selected
Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of
Appleby as their Bermuda counsel; UBS Securities LLC as financial
advisor & investment banker and Kurtzman Carson Consultants LLC as
claims and noticing agent.  The Debtors have tapped UBS Securities
LLC as investment banker and financial advisor.

Also on July 29, 2009, ProtoStar and its affiliates, including
ProtoStar Development Ltd., commenced a coordinated proceeding in
the Supreme Court of Bermuda.  John C. McKenna of Finance & Risk
Services Ltd. as liquidator of the Bermuda Group.

In their Chapter 11 petition, the Debtors listed between
US$100 million and US$500 million each in assets and debts.  As of
December 31, 2008, ProtoStar's consolidated financial statements,
which include non-debtor affiliates, showed total assets of
US$463,000,000 against debts of US$528,000,000.


PROTOSTAR LTD: ProtoStar Asia Posts $39,237 Net Loss in April
-------------------------------------------------------------
ProtoStar Asia Pte. Ltd. reported a net loss of $39,237 in
April 2010.

At April 30, 2010, the Company had $1,339,430 in total assets
and $1,904,605 in total liabilities.

A full-text copy of the April 2010 monthly operating report is
available at no charge at:

     http://bankrupt.com/misc/protostarasia.april2010mor.pdf

                       About ProtoStar Ltd.

Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite
operator formed in 2005 to acquire, modify, launch and operate
high-power geostationary communication satellites for direct-to-
home satellite television and broadband internet access across the
Asia-Pacific region.

The Company and its affiliates filed for Chapter 11 on July 29,
2009 (Bankr. D. Del. Lead Case No. 09-12659).  The Debtor selected
Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of
Appleby as their Bermuda counsel; UBS Securities LLC as financial
advisor & investment banker and Kurtzman Carson Consultants LLC as
claims and noticing agent.  The Debtors have tapped UBS Securities
LLC as investment banker and financial advisor.

Also on July 29, 2009, ProtoStar and its affiliates, including
ProtoStar Development Ltd., commenced a coordinated proceeding in
the Supreme Court of Bermuda.  John C. McKenna of Finance & Risk
Services Ltd. as liquidator of the Bermuda Group.

In their Chapter 11 petition, the Debtors listed between
US$100 million and US$500 million each in assets and debts.  As of
December 31, 2008, ProtoStar's consolidated financial statements,
which include non-debtor affiliates, showed total assets of
US$463,000,000 against debts of US$528,000,000.


PROTOSTAR LTD: ProtoStar Asia Posts $5,338 Net Loss in May
----------------------------------------------------------
ProtoStar Asia Pte. Ltd. reported a net loss of $5,338 in
May 2010.

At May 31, 2010, the Company had $1,334,149 in total assets
and $1,904,699 in total liabilities.

A full-text copy of the May 2010 monthly operating report is
available at no charge at:

      http://bankrupt.com/misc/protostarasia.may2010mor.pdf

                       About ProtoStar Ltd.

Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite
operator formed in 2005 to acquire, modify, launch and operate
high-power geostationary communication satellites for direct-to-
home satellite television and broadband internet access across the
Asia-Pacific region.

The Company and its affiliates filed for Chapter 11 on July 29,
2009 (Bankr. D. Del. Lead Case No. 09-12659).  The Debtor selected
Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of
Appleby as their Bermuda counsel; UBS Securities LLC as financial
advisor & investment banker and Kurtzman Carson Consultants LLC as
claims and noticing agent.  The Debtors have tapped UBS Securities
LLC as investment banker and financial advisor.

Also on July 29, 2009, ProtoStar and its affiliates, including
ProtoStar Development Ltd., commenced a coordinated proceeding in
the Supreme Court of Bermuda.  John C. McKenna of Finance & Risk
Services Ltd. as liquidator of the Bermuda Group.

In their Chapter 11 petition, the Debtors listed between
US$100 million and US$500 million each in assets and debts.  As of
December 31, 2008, ProtoStar's consolidated financial statements,
which include non-debtor affiliates, showed total assets of
US$463,000,000 against debts of US$528,000,000.


PROTOSTAR LTD: ProtoStar Dev't Posts $5,596 Net Loss in April
-------------------------------------------------------------
At April 30, 2010, ProtoStar Development Ltd. had $820,492 in
total assets and $946,145 in total liabilities.

ProtoStar Development reported a net loss of $5,596 for the month
of April 2010.

A full-text copy of the April 2010 operating report is available
at no charge at:

  http://bankrupt.com/misc/protostardevelopment.april2010mor.pdf

                       About ProtoStar Ltd.

Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite
operator formed in 2005 to acquire, modify, launch and operate
high-power geostationary communication satellites for direct-to-
home satellite television and broadband internet access across the
Asia-Pacific region.

The Company and its affiliates filed for Chapter 11 on July 29,
2009 (Bankr. D. Del. Lead Case No. 09-12659).  The Debtor selected
Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of
Appleby as their Bermuda counsel; UBS Securities LLC as financial
advisor & investment banker and Kurtzman Carson Consultants LLC as
claims and noticing agent.  The Debtors have tapped UBS Securities
LLC as investment banker and financial advisor.

Also on July 29, 2009, ProtoStar and its affiliates, including
ProtoStar Development Ltd., commenced a coordinated proceeding in
the Supreme Court of Bermuda.  John C. McKenna of Finance & Risk
Services Ltd. as liquidator of the Bermuda Group.

In their Chapter 11 petition, the Debtors listed between
US$100 million and US$500 million each in assets and debts.  As of
December 31, 2008, ProtoStar's consolidated financial statements,
which include non-debtor affiliates, showed total assets of
US$463,000,000 against debts of US$528,000,000.


PROTOSTAR LTD: ProtoStar Dev't Files May 2010 Operating Report
--------------------------------------------------------------
At May 31, 2010, ProtoStar Development Ltd. had $820,492 in
total assets and $946,145 in total liabilities.  The Company had
no revenue and expense transactions for the month ended May 31,
2010.

A full-text copy of the May 2010 operating report is available at
no charge at:

   http://bankrupt.com/misc/protostardevelopment.may2010mor.pdf

                       About ProtoStar Ltd.

Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite
operator formed in 2005 to acquire, modify, launch and operate
high-power geostationary communication satellites for direct-to-
home satellite television and broadband internet access across the
Asia-Pacific region.

The Company and its affiliates filed for Chapter 11 on July 29,
2009 (Bankr. D. Del. Lead Case No. 09-12659).  The Debtor selected
Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of
Appleby as their Bermuda counsel; UBS Securities LLC as financial
advisor & investment banker and Kurtzman Carson Consultants LLC as
claims and noticing agent.  The Debtors have tapped UBS Securities
LLC as investment banker and financial advisor.

Also on July 29, 2009, ProtoStar and its affiliates, including
ProtoStar Development Ltd., commenced a coordinated proceeding in
the Supreme Court of Bermuda.  John C. McKenna of Finance & Risk
Services Ltd. as liquidator of the Bermuda Group.

In their Chapter 11 petition, the Debtors listed between
US$100 million and US$500 million each in assets and debts.  As of
December 31, 2008, ProtoStar's consolidated financial statements,
which include non-debtor affiliates, showed total assets of
US$463,000,000 against debts of US$528,000,000.


PROTOSTAR LTD: ProtoStar Satellite Posts $56,151 Net Loss in April
------------------------------------------------------------------
ProtoStar Satellite Systems, Inc., reported a net loss of $56,151
for the month of April 2010.

At April 30, 2010, the Company had $17.6 million in total assets,
$16.8 in total liabilities, and $855,332 in net owner equity.

A full-text copy of the April 2010 monthly operating report is
available at no charge at:

   http://bankrupt.com/misc/protostarsatellite.april2010mor.pdf

                       About ProtoStar Ltd.

Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite
operator formed in 2005 to acquire, modify, launch and operate
high-power geostationary communication satellites for direct-to-
home satellite television and broadband internet access across the
Asia-Pacific region.

The Company and its affiliates filed for Chapter 11 on July 29,
2009 (Bankr. D. Del. Lead Case No. 09-12659).  The Debtor selected
Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of
Appleby as their Bermuda counsel; UBS Securities LLC as financial
advisor & investment banker and Kurtzman Carson Consultants LLC as
claims and noticing agent.  The Debtors have tapped UBS Securities
LLC as investment banker and financial advisor.

Also on July 29, 2009, ProtoStar and its affiliates, including
ProtoStar Development Ltd., commenced a coordinated proceeding in
the Supreme Court of Bermuda.  John C. McKenna of Finance & Risk
Services Ltd. as liquidator of the Bermuda Group.

In their Chapter 11 petition, the Debtors listed between
US$100 million and US$500 million each in assets and debts.  As of
December 31, 2008, ProtoStar's consolidated financial statements,
which include non-debtor affiliates, showed total assets of
US$463,000,000 against debts of US$528,000,000.


PROTOSTAR LTD: ProtoStar Satellite Posts $57,273 Net Loss in May
----------------------------------------------------------------
ProtoStar Satellite Systems, Inc., reported a net loss of $57,273
for the month of May 2010.

At May 31, 2010, the Company had $17.8 million in total assets,
$17.0 million in total liabilities, and $798,058 in net owner
equity.

A full-text copy of the May 2010 monthly operating report is
available at no charge at:

    http://bankrupt.com/misc/protostarsatellite.may2010mor.pdf

                       About ProtoStar Ltd.

Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite
operator formed in 2005 to acquire, modify, launch and operate
high-power geostationary communication satellites for direct-to-
home satellite television and broadband internet access across the
Asia-Pacific region.

The Company and its affiliates filed for Chapter 11 on July 29,
2009 (Bankr. D. Del. Lead Case No. 09-12659).  The Debtor selected
Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of
Appleby as their Bermuda counsel; UBS Securities LLC as financial
advisor & investment banker and Kurtzman Carson Consultants LLC as
claims and noticing agent.  The Debtors have tapped UBS Securities
LLC as investment banker and financial advisor.

Also on July 29, 2009, ProtoStar and its affiliates, including
ProtoStar Development Ltd., commenced a coordinated proceeding in
the Supreme Court of Bermuda.  John C. McKenna of Finance & Risk
Services Ltd. as liquidator of the Bermuda Group.

In their Chapter 11 petition, the Debtors listed between
US$100 million and US$500 million each in assets and debts.  As of
December 31, 2008, ProtoStar's consolidated financial statements,
which include non-debtor affiliates, showed total assets of
US$463,000,000 against debts of US$528,000,000.


STATION CASINOS: Reports $14,623,000 Net Loss for May
-----------------------------------------------------

                       Station Casinos, Inc.
                           Balance Sheet
                        As of May 31, 2010

Cash and cash equivalents                              $468,000
Restricted cash                                      10,337,000
Accounts and notes receivable, net                   22,468,000
Interco (payables) receivables                     (737,557,000)
Prepaid expenses                                      3,827,000
Inventories                                              14,000
Deferred tax asset current                              114,000
                                                 --------------
Total current assets                               (700,329,000)
Property & equipment, net                            93,061,000
Land held for development                                     0
Intangible assets                                     2,485,000
Debt issuance costs                                           0
Other assets                                         72,405,000
Investments in subsidiaries                       4,117,359,000
Long-term deferred tax asset                         38,470,000
                                                 --------------
Total assets                                     $3,623,451,000
                                                 ==============

Debtor-in-possession financing                      326,326,000
I/C note & deferred rent payable                              0
Current portion of LT debt                                    0
Accounts payable                                        570,000
Accrued expenses and other current liabilities        9,805,000
Accrued FIT payable (receivable)                      4,923,000
Accrued interest payable                                      0
DIP interest payable                                  4,225,000
Payroll & related liabilities                         5,427,000
Swap market value current                                     0
Deferred tax liability current                         (460,000)
                                                 --------------
Total current liabilities                           350,816,000
LT debt less current portion                                  0
Long term accrued benefits                                    0
Deferred tax liability noncurrent                   224,431,000
Other long-term liabilities, net                      6,673,000
                                                 --------------
Total liabilities not subject to compromise         581,920,000
                                                 --------------
Liabilities subject to compromise                 3,468,865,000
                                                 --------------
Total liabilities                                 4,050,785,000
                                                 --------------

Common stock                                            417,000
Restricted stock                                    322,428,000
Additional paid-in capital                        2,662,113,000
Beginning retained earnings(deficit)             (3,346,313,000)
Current year earnings(loss)                         (66,941,000)
Other comprehensive income(loss)                        962,000
                                                 --------------
Total stockholders' equity                         (427,334,000)
                                                 --------------
Total liabilities and equity                     $3,623,451,000
                                                 ==============

                       Station Casinos, Inc.
                     Statement of Operations
                 For the Month Ended May 31, 2010

Operating revenue:
  Other                                                  $1,000
                                                 --------------
Net revenue                                               1,000
Operating costs and expenses                          5,239,000
                                                 --------------
EBITDAR                                              (5,238,000)
Land leases                                                   0
Earnings(losses) from JV's                                    0
                                                 --------------
EBITDA                                               (5,238,000)
Depreciation                                            666,000
Amortization                                                  0
Severance                                                     0
Preopening expenses                                           0
                                                 --------------
EBIT                                                 (5,904,000)
Cancelled debt offering costs                                 0
Early retirement of debt                                      0
Loss on lease termination                                     0
I/C Interest income                                    (610,000)
Interest income                                           1,000
Interest expense                                     (4,689,000)
Less: capitalized interest                              684,000
Interest expense-JV                                           0
Change in swap fair value                                     0
Gain(loss) on disposal                                        0
                                                 --------------
Income before fees, reorganization & income tax     (10,518,000)
Management fees                                       1,957,000
Reorganization costs                                 (6,063,000)
Federal tax expense                                       1,000
                                                 --------------
Net income(loss)                                   ($14,623,000)
                                                 ==============

                       Station Casinos, Inc.
                      Statement of Cash Flows
                  For the Month Ended May 31, 2010

Cash flows from operating activities:
Net income                                         ($14,623,000)
Adjustments to reconcile net income to net
cash used in operating activities:
   Depreciation and amortization                        666,000
   Shared-based compensation                          1,154,000
   Change in fair value of derivative instrument              0
   Loss on disposal of assets                                 0
   Loss on early retirement of debt                           0
   Amortization of debt discount                              0
   Reorganization items                               6,063,000
   Changes in assets and liabilities:
    Decrease(increase) in restricted cash                (1,000)
    Decrease(increase) in accounts and notes
       receivables, net                                 (38,000)
    Decrease(increase)in inventories and
       prepaid expenses and other                       322,000
    Increase(decrease) in deferred income taxes          (1,000)
    Increase(decrease) in liabilities subject
       to compromise                                          0
    Increase(decrease) in accounts payable               69,000
    Increase(decrease) in accrued interest              351,000
    Increase(decrease) in accrued expenses and
       other current liabilities                      7,713,000
    Increase(decrease)in intercompany payables      (26,621,000)
Other, net                                              595,000
                                                 --------------
Total adjustments                                    (9,727,000)
Net cash provided by (used in) operating
activities, before reorganization items             (24,350,000)
                                                 --------------
Cash used for reorganization items                   (3,398,000)
                                                 --------------
Net cash provided by (used in) operating activities (27,748,000)

Cash flows from investing activities:
   Capital expenditures                                 (39,000)
   Intangible assets                                          0
   Proceeds from intercompany sale of land                    0
   Distributions from subsidiaries, net of investments  396,000
   Native American development costs                          0
   Other, net                                          (684,000)
                                                 --------------
   Net cash provided by investing activities           (327,000)

Cash flows from financing activities:
   Borrowings under DIP Financing, net               26,318,000
   Payments under term loan, maturity 3 mos.                  0
   Payments of debt issue costs                               0
   Capital contributions                                      0
   Other, net                                                 0
                                                 --------------
Net cash provided by(used in) financing activities   26,318,000

Cash and cash equivalents:
   Increase(decrease) in cash and cash equivalents   (1,757,000)
   Balance, beginning of period                       2,225,000
                                                 --------------
   Balance, end of period                              $468,000
                                                 ==============

                     About Station Casinos

Station Casinos, Inc., is a gaming and entertainment company that
currently owns and operates nine major hotel/casino properties
(one of which is 50% owned) and eight smaller casino properties
(three of which are 50% owned), in the Las Vegas metropolitan
area, as well as manages a casino for a Native American tribe.

The Company owns and operates Red Rock Casino Resort Spa, Palace
Station Hotel & Casino, Boulder Station Hotel & Casino, Santa Fe
Station Hotel & Casino, Wildfire Rancho and Wild Wild West
Gambling Hall & Hotel in Las Vegas, Nevada, Texas Station Gambling
Hall & Hotel and Fiesta Rancho Casino Hotel in North Las Vegas,
Nevada, and Sunset Station Hotel & Casino, Fiesta Henderson Casino
Hotel, Wildfire Boulder, Gold Rush Casino and Lake Mead Casino in
Henderson, Nevada.  Station also owns a 50% interest in Green
Valley Ranch Station Casino, Aliante Station Casino and Hotel,
Barley's Casino & Brewing Company, The Greens and Wildfire Lanes
in Henderson, Nevada and a 6.7% interest in the joint venture that
owns the Palms Casino Resort in Las Vegas, Nevada.  In addition,
the Company manages Thunder Valley Casino near Sacramento,
California on behalf of the United Auburn Indian Community.

Station Casinos Inc., together with its affiliates, filed for
Chapter 11 on July 28, 2009 (Bankr. D. Nev. Case No. 09-52477).
Station Casinos has hired Milbank, Tweed, Hadley & McCloy LLP as
legal counsel in the Chapter 11 case; Brownstein Hyatt Farber
Schreck, LLP, as regulatory counsel; and Lewis and Roca LLP as
local counsel.  The Debtor is also hiring Lazard Freres & Co. LLC
as investment banker and financial advisor.  Kurtzman Carson
Consultants LLC is the claims and noticing agent.

In its bankruptcy petition, Station Casinos said that it had
assets of $5,725,001,325 against debts of $6,482,637,653 as of
June 30, 2009.  About 4,378,929,997 of its liabilities constitute
unsecured or subordinated debt securities.

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



                           *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers"
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR.  Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911.  For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.

                           *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors" Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Howard
C. Tolentino, Joseph Medel C. Martirez, Denise Marie Varquez,
Philline Reluya, Ronald C. Sy, Joel Anthony G. Lopez, Cecil R.
Villacampa, Sheryl Joy P. Olano, Carlo Fernandez, Christopher G.
Patalinghug, and Peter A. Chapman, Editors.

Copyright 2010.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Christopher
Beard at 240/629-3300.


                  *** End of Transmission ***