TCR_Public/100719.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

               Monday, July 19, 2010, Vol. 14, No. 198

                            Headlines


2670 WEST RIDGE: Vague Promises Can't Maintain Automatic Stay
440 KINGS: Debtor-Subtentant's Lease Rights Protected by Stay
808 BRANNAN: Voluntary Chapter 11 Case Summary
AGE REFINING: Eric Moeller Appointed Chapter 11 Trustee
AGT CRUNCH: Court Confirms AGT Wind Down's Liquidating Plan

ALIMENTATION COUCHE-TARD: S&P Keeps 'BB+' Corp. Credit Rating
ALLIS-CHALMERS ENERGY: Inks 4th Amended Agreement with Lime Rock
ALPINE SECURITIZATION: DBRS Confirms $66.03-Mil. Tranche at 'BB'
AMC ENTERTAINMENT: Bank Debt Trades at 4% Off in Secondary Market
AMERICAN COMMERCE: Posts $65,000 Net Loss in Q1 Ended May 31

AVAGO TECHNOLOGIES: Moody's Withdraws 'Ba2' Corp. Family Rating
AVAYA INC: Bank Debt Trades at 14% Off in Secondary Market
B&B INSURANCE: A.M. Best Cuts Financial Strength to C (Weak)
BAYOU GROUP: Substantial Contribution Can Be Prepetition
BEN FRANKLIN: Case Summary & 20 Largest Unsecured Creditors

BILLIE POWERS: Case Summary & 8 Largest Unsecured Creditors
BLACK CROW: In Talks on Exit Financing, Wants Plan Filing Extended
BLACK DOG: Case Summary & 6 Largest Unsecured Creditors
BROBECK PHLEGER: Partners' Benefit Claims Upheld by Dist. Ct.
BURLINGTON COAT: Bank Debt Trades at 6% Off in Secondary Market

C&H ARIZONA-STUCKY: Case Summary & 2 Largest Unsecured Creditors
CABLEVISION SYSTEMS: Unit Inks New Aircraft Deal with Dolan Family
CALSTAR INVESTMENTS: Case Summary & 13 Largest Unsecured Creditors
CARIBBEAN MOTEL: Case Summary & 5 Largest Unsecured Creditors
CARMEL INVESTMENTS: Files for Chapter 11 Bankruptcy Protection

CASCADE ACCEPTANCE: Reorganization Case Converted to Chapter 7
CEDAR FAIR: Proposed Refinancing Won't Affect S&P's 'B+' Rating
CEDAR FAIR: Refinancing Won't Affect Moody's Ba3 Corp. Rating
CELL THERAPEUTICS: Inks Manufacturing Agreement with NerPharMa
CENTAUR LLC: Churchill Downs Resigns from Creditors Committee

CHARLES CLARKSON: Judge Kier Appoints Chapter 11 Trustee
CHARTER COMMS: Bank Debt Trades at 7% Off in Secondary Market
CHERRY VALLEY: Voluntary Chapter 11 Case Summary
CHRISTOPHER RANDALL: Case Summary & 20 Largest Unsecured Creditors
CITADEL LAND: Case Summary & 4 Largest Unsecured Creditors

CLAUDETTE ROBINSON-THORPE: Case Summary & Creditors List
CNH CAPITAL: Voluntary Chapter 11 Case Summary
CONFORCE INTERNATIONAL: Recurring Losses Cue Going Concern Doubt
CONGOLEUM CORP: American Biltrite Does Not Own Any Equity Interest
CONTECH CONSTRUCTION: Bank Debt Trades at 19% Off

CORNELL'S RESTAURANT: Heavy Debt Load Cues Bankruptcy Filing
CORSA INVESTMENT: Case Summary & 20 Largest Unsecured Creditors
CYBERHOME ENTERTAINMENT: 9th Cir. Rejects Ta Chong's Claims
D & B SWINE FARMS: Court Won't Enforce Arbitration Clause
DANIEL POWELL: Voluntary Chapter 11 Case Summary

DAVID CUTLER: Loses Bid to Disqualify Former President's Lawyer
DEAN HARDWOODS: Plan Not Substantially Consummated Despite Payment
DEBRA TONEY: Case Summary & 20 Largest Unsecured Creditors
DENMAN TIRE: Court OKs Sale of Machinery & Equipment to Titan
DEUCE INVESTMENTS: Files Outline for Plan of Liquidation

DHP HOLDINGS: Wants Reorganization Case Converted to Chapter 7
DIAMOND RANCH: Gruber & Co. Raises Going Concern Doubt
DIETZE CONSTRUCTION: Competing Bids for Assets Due By July 28
DOLLAR THRIFTY: PAR Capital No Longer "Passive" Investor
DOLLARAMA GROUP: Moody's Upgrades Corporate Family Rating to 'Ba2'

DOT VN: Signs MOU with VNNIC to Support Testing of Data Center
DOUBLE G TRUCKING: Tractor Lease Not Disguised Financing Deal
EARTH SEARCH: Recurring Losses Prompt Going Concern Doubt
ELITE PHARMA: Midsummer Investment Holds 9.3% of Shares
ELITE PHARMA: CEO Treppel Acquires 500,000 Shares on July 16

EMMIS COMMUNICATIONS: Directors Disclose Equity Stake
EMMIS COMMUNICATIONS: DJD Pays $2.27MM for 3.6% Preferreds Stake
EMMIS COMMUNICATIONS: LKCM Pays $105,000 for 3.6% of Preferreds
ENERGYSOLUTIONS: Moody's Assigns 'Ba2' Rating on Two Loans
ENERGYSOLUTIONS: S&P Assigns 'BB-' Corporate Credit Rating

EPICEPT CORP: Increases Price of Warrants in June 2010 Offering
EXTENDED STAY: U.S. Trustee, et al., Block Confirmation of Plan
EXTENDED STAY: Creditors Vote in Favor of Bankruptcy Plan
EXTENDED STAY: Creditors Oppose Settlement with Affiliates
FAIRMOUNT MINERALS: Moody's Assigns 'B1' Corporate Family Rating

FAIRPOINT COMMS: Plan Confirmation Hearing Reset Sine Die
FAIRPOINT COMMS: $200,000 in Claims Change Hands for June
FAIRPOINT COMMS: Names Ajaya Sabherwal as CFO
FNB OF THE SOUTH: Closed; NAFH National Bank Assumes All Deposits
FORD MOTOR: Bank Debt Trades at 5% Off in Secondary Market

FREESCALE SEMICON: Bank Debt Trades at 11% Off in Secondary Market
FRUEHAUF TRAILER: No Indemnification for Liquidating Trustee
FUNDAMENTAL PROVISIONS: Plan Hearing Continued Until July 23
FUNDAMENTAL PROVISIONS: Plan Exclusivity Extended Until July 23
GASTON ANDREY: Voluntary Chapter 11 Case Summary

GENERAL MARITIME: Moody's Downgrades Default Rating to 'B2'
GENERAL MOTORS: Proposes Settlement with IAM & Teamsters
GENERAL MOTORS: Wins Nod to Sell Wilmington Plant for $20-Mil.
GENERAL MOTORS: Deutsche Bank Proposes to Set Off $24-Mil. Claims
GEORGE WILSON: Case Summary & 6 Largest Unsecured Creditors

GLOBAL CROSSING: Shareholders OK Re-Election of 2 Directors
GLOBAL TECHNOVATIONS: Bad Deal Wasn't a Fraudulent Conveyance
GOSS GRAPHIC: Dist. Ct. Says Bank One Violated Automatic Stay
GRAPHIC PACKAGING: Bank Debt Trades at 5% Off in Secondary Market
GRIMES COUNTY: Creditors' Claims Must Be Filed by November 1

GROVE STREET: Inability to Pay Loan Prompts Bankruptcy Filing
HAMBONE DOG: Section 341(a) Meeting Scheduled for August 13
HCA INC: Bank Debt Trades at 5% Off in Secondary Market
HECTOR ECHAGUE: Case Summary & 18 Largest Unsecured Creditors
HERTZ CORP: Bank Debt Trades at 4% Off in Secondary Market

HOME EQUITY: Case Summary & 13 Largest Unsecured Creditors
HONOLULU SYMPHONY: Musicians Bolt Out, Form New Orchestra
I & C PROPERTY: Reorganization Case Converted to Chapter 7
ILX RESORTS: Confirmation Hearing Scheduled for Friday
INNOVISION HEALTH: Now Owned by Publishing Group

INTELSAT JACKSON: Bank Debt Trades at 7% Off in Secondary Market
INTELSAT LTD: Bank Debt Trades at 5% Off in Secondary Market
ISC BUILDING: Files Schedules of Assets & Liabilities
ISC BUILDING: Files List of 20 Unsecured Creditors
ISC BUILDING: Gets Interim OK to Use Cash Collateral

ISC BUILDING: Section 341(a) Meeting Scheduled for August 17
ISC BUILDING: Taps Wyatt Legal as Bankruptcy Counsel
JANET SYDNOR: Judge Kier Appoints Chapter 11 Trustee
JAYEL CORPORATION: Plan Promises to Pay 90% of Unsecured Claim
JOHN MAHLI: Case Summary & 20 Largest Unsecured Creditors

KAINOS PARTNERS: Charles M. Forman Appointed as Interim Trustee
KELLY MCINROY: Voluntary Chapter 11 Case Summary
KYLER BROTHERS: Case Summary & 20 Largest Unsecured Creditors
LAKE AT LAS VEGAS: Successfully Emerges from Chapter 11
LAS VEGAS SANDS: Bank Debt Trades at 12% Off in Secondary Market

LINCOLN TRAIL: Case Summary & 20 Largest Unsecured Creditors
LUCIEN LAGRANGE: Financial Woes Prompt Bankruptcy Filing
LUCIEN LAGRANGE: Case Summary & 20 Largest Unsecured Creditors
LUCIEN PICCARD: Files for Bankruptcy Protection Under Chapter 11
LYONDELL CHEMICAL: Trustee Fights Lyondell Final Fee Bids

MAINSTREET SAVINGS BANK: Closed; Commercial Bank Assumes Deposits
MATTRESS KING: Court Approves Sale of Assets to Discounters
MAXXIM MEDICAL: Former Sales Rep. Didn't Violate Automatic Stay
MEDICAL STAFFING: Proposes to Auction Off All Assets
MEDICAL STAFFING: Court Fixes September 30 as Claims Bar Date

MEDICAL STAFFING: Gets Interim Okay to Obtain DIP Financing
MERCEDES HOMES: Officers' Non-Consensual Plan Releases Approved
MERUELO MADDUX: PNL Pomona Wants Plan Outline Approval Denied
MERUELO MADDUX: Shareholders File Competing Chapter 11 Plan
METRO BANK OF DADE: Closed; NAFH National Assumes All Deposits

MGFB PROPERTIES: Case Summary & 5 Largest Unsecured Creditors
MICHAEL DUBROW: Case Summary & 20 Largest Unsecured Creditors
MICHAELS STORES: Bank Debt Trades at 7% Off in Secondary Market
MIRA VISTA: Gets Interim Court Okay to Use Cash Collateral
MIRANT CORP: Bank Debt Trades at 2% Off in Secondary Market

MOLECULAR INSIGHT: Receives Aug. 2 Extension of Waiver Agreement
MONEYGRAM INT'L: Names James Shields as Executive VP and CFO
MYLAN INC: Bioniche Deal Won't Affect Moody's 'Ba3' Rating
MYLAN INC: S&P Affirms 'BB' Corporate Credit Rating
NATIONAL AMERICAN: A.M. Best Upgrades FSR to 'B++'
NBTY INC: Carlyle Group Deal Cues Moody's to Review 'Ba2' Rating
NBTY INC: S&P Puts 'BB' Corporate Rating on CreditWatch Negative

NEIMAN MARCUS: Bank Debt Trades at 6% Off in Secondary Market
NETWORK COMMS: Unable to Pay $9.4 Million Interest Payment
NEVADA STAR: U.S. Trustee Forms 3-Member Creditors Committee
NEW YORK SKYLINE: Debtor Can't Reject Assumed Agreement
NORTEL NETWORKS: Gets Oct. 29 Extension of CCAA Stay Period

NORTH GENERAL: Gets Interim Nod to Implement Closure Plan
NORTH GENERAL: Gets Interim Okay to Obtain DIP Financing
NORTH VALLEY MALL: Plan Confirmed Despite Projected Loss
NORTHEAST INDUSTRIES: Voluntary Chapter 11 Case Summary
NUTRACEA: Court Extends Access to Wells Fargo DIP Credit Facility

NUTRACEA: Files Reorganization Plan and Disclosure Statement
OLDE CYPRESS COMMUNITY: Closed; CenterState Bank Assumes Deposits
OMEGA NAVIGATION: Ernst & Young Raises Going Concern Doubt
PANAMSAT CORP: Bank Debts Trade at 7% Off in Secondary Market
PROJECT ORANGE: Conflicts Counsel Didn't Solve Conflict Problem

QWEST COMMUNICATIONS: To Seek Shareholder OK of Merger in August
RADIENT PHARMA: Seeks Stockholder OK of Fin'l Stabilization Plan
RANCHER ENERGY: Incurs $20.3MM Net Loss in Year Ended March 31
REALOGY CORP: Bank Debt Trades at 16% Off in Secondary Market
RIESGO MESA: Voluntary Chapter 11 Case Summary

RITE AID: Bank Debt Trades at 14% Off in Secondary Market
RIVIERA HOLDINGS: Inks Restructuring & Lock-Up Deal With Holders
ROB CORWIN: Case Summary & 7 Largest Unsecured Creditors
ROBERT GRIFFIN: Section 341(a) Meeting Scheduled for August 10
SALPARE BAY: Wants 2-Week Extension for Financial Statement

SCHWING AMERICA: Emerges from Chapter 11 Bankruptcy Protection
SEDONA DEVELOPMENT: Can Access Specialty's Cash Collateral
SEQUENOM INC: Registers 12,435,000 Shares for Resale
SHILOH INDUSTRIES: S&P Raises Corporate Credit Rating to 'B+'
SKILLED HEALTHCARE: Enters Into Mediation, Skips 2nd Jury Trial

SOUTHPEAK INTERACTIVE: Earns $192,140 in Q3 Ended March 31
SPECTRUM HEALTH: A.M. Best Upgrades Financial Strength to B+
STATION CASINOS: Plan Confirmation Hearing Scheduled for Aug. 27
STATION CASINOS: Court OKs SCI & PropCo Deal; Committee Appeals
SWIFT TRANSPORTATION: Bank Debt Trades at 6% Off

SYMONS FROZEN: Wash. Law Applied to Corn Supplier's Lien
TOUCH OF JAZZ: Voluntary Chapter 11 Case Summary
TRAFFORD DISTRIBUTING: Prepetition "Back Rent" Payments Avoidable
TRIBUNE CO: Bank Debt Trades at 39% Off in Secondary Market
TRUDY CORPORATION: M&K CPAs Raises Going Concern Doubt

TRUMP ENTERTAINMENT: Emerges from Chapter 11 Bankruptcy Protection
TURNBERRY BANK: Closed; NAFH National Bank Assumes All Deposits
UNIQUE INSURANCE: AM Best Affirms B Financial Strength Rating
UNITED AIR LINES: Bank Debt Trades at 12% Off in Secondary Market
VEBLEN EAST: Court Denies Accounting Information & Asset Turnover

VEBLEN EAST: Asks for Court's Approval to Use Cash Collateral
VISTEON CORP: Michigan Opposes Proposed Reorganization Plan
WASHINGTON GROUP: No Postpetition Interest for Tort Claimants
WASTE2ENERGY HOLDINGS: Marcum LLP Raises Going Concern Doubt
WAVERLY GARDENS: Gets Continued Access to First Tennessee's Cash

WEST FELICIANA: Has Insufficient Resources, Wants Case Dismissed
WLH INVESTMENTS: Section 341(a) Meeting Scheduled for August 27
WORLDGATE COMMUNICATIONS: James Dole Named New CFO
WOODLANDS BANK: Closed; Bank of the Ozarks Assumes All Deposits
ZAYAT STABLES: N.J. Court Approves Plan of Reorganization

* PBGC Holds $197MM in Unclaimed Private Sector Pensions

* Kutak Rock's Minkin Joins Ballard Spahr

* BOND PRICING -- For the Week From July 12 to 16, 2010


                            ********


2670 WEST RIDGE: Vague Promises Can't Maintain Automatic Stay
-------------------------------------------------------------
WestLaw reports that a Chapter 11 debtor failed to satisfy its
burden of showing that it had any reasonable prospect of
successfully reorganizing for which its encumbered commercial
rental property was necessary, so that the automatic stay would be
lifted based on the debtor's admitted lack of equity in the
property at the request of a creditor with an interest therein.
Even assuming that the debtor was successful in renting unleased
portions of the building at the rent specified, so as to bring the
total monthly rent from the property up to $20,000, this would
still result in an initial shortfall in the funding required for
payments under its proposed balloon-payment plan.  Moreover, the
only evidence that debtor offered of its ability to make up this
shortfall was an uncollateralized, unbonded promise to pay by the
debtor's principal, an individual who, while enjoying significant
income, was not shown to have a positive net worth on a balance
sheet basis or otherwise.  In re 2670 West Ridge Road LLC, ---
B.R. ----, 2010 WL 423012 (Bankr. W.D.N.Y.).

Based in Rochester, N.Y., 2670 West Ridge Road, LLC, sought
Chapter 11 protection (Bankr. W.D.N.Y. Case No. 09-22062) on
Aug. 5, 2009.  The Debtor is represented by David H. Ealy, Esq.,
at Trevett, Cristo, Salzer & Andolina P.C., in Rochester, N.Y.,
and estimated its assets and debts at less than $10 million at the
time of the filing.


440 KINGS: Debtor-Subtentant's Lease Rights Protected by Stay
-------------------------------------------------------------
WestLaw reports that a chapter 11 debtor's failure, within 120
days of its bankruptcy filing, to assume its unexpired sublease
with a lender that had acquired a leasehold interest in the
premises by foreclosing on the loan that it had extended to the
original tenant, did not require it to surrender the premises to
the property owner.  The property owner had expressly consented to
the lender's subleasing of the property and thus had no lease
relationship with the debtor.  Moreover, the lender had waived its
right to have the sublease deemed rejected if the debtor did not
assume the sublease within 120 days.  Accordingly, the debtor's
failure to assume the sublease did not constitute "cause" for
lifting the stay to allow the property owner to exercise its
rights in property.  In re 440 Kings Way, LLC, --- B.R. ----, 2007
WL 7023831 (Bankr. S.D. Ga.) (Dalis, J.).

O'Quinn Family Partnership owns a restaurant building located at
440 Kings Way in Saint Simons Island, Georgia.  On March 20, 2000,
O'Quinn entered into a 20-year commercial lease contract with St.
Simons Restaurant Enterprises, Inc., and after a complicated
series of events, 440 Kings Way, LLC, is now the subtenant.  440
Kings Way, LLC, sought Chapter 11 protection (Bankr. S.D. Ga. Case
No. 06-20146) on Mar. 20, 2006.


808 BRANNAN: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: 808 Brannan Street, Inc.
        808 Brannan Street
        San Francisco, CA 94103

Bankruptcy Case No.: 10-32650

Chapter 11 Petition Date: July 15, 2010

Court: U.S. Bankruptcy Court
       Northern District of California (San Francisco)

Judge: Dennis Montali

Debtor's Counsel: Michael H. Lewis, Esq.
                  Law Offices of Michael H. Lewis
                  25 Kearny Street, #302
                  San Francisco, CA 94108
                  Tel: (415) 296-1460
                  Email: mh_lewis@pacbell.net

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

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

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

The petition was signed by George Georgiou, CEO.


AGE REFINING: Eric Moeller Appointed Chapter 11 Trustee
-------------------------------------------------------
Charles F. McVay, the U.S. Trustee for Region 7, appointed Eric
Moeller as the Chapter 11 trustee in the reorganization case of
Age Refining, Inc.

Mr. Moeller can be reached at:

   Tel: (210) 867-5192
   E-mail: ericjmoeller@gmail.com

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

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


AGT CRUNCH: Court Confirms AGT Wind Down's Liquidating Plan
-----------------------------------------------------------
Bankruptcy Law360 reports that a federal judge has confirmed
Crunch Fitness owner AGT Wind Down Acquisition LLC's Chapter 11
plan following a Thursday hearing.

Judge Robert E. Gerber of the U.S. Bankruptcy Court for the
Southern District of New York signed an order confirming the plan,
noting that no substantial objections, according to Law360.

                       About AGT Acquisition

AGT Crunch Acquisition Co. and its affiliates operated the Crunch
Fitness chain of 19 high-end fitness clubs.  The clubs, with
73,000 members, are located in New York, Chicago, Los Angeles and
Rock Creek, Maryland.  New York-based AGT Crunch Acquisition LLC
and its affiliates filed for Chapter 11 on May 6, 2009 (Bankr.
S.D.N.Y. Lead Case No. 09-12889).  Davin J. Hall, Esq., at Dechert
LLP, represents the Debtors in their restructuring efforts.  Diana
G. Adams, the U.S. Trustee for Region 2, appointed seven creditors
to serve on the official committee of unsecured creditors.

The petition listed assets of $104 million against $102 million in
total liabilities.  Debt includes $56.7 million on a first-lien
loan now mostly owned by Angelo Gordon affiliates.  There is a
second-lien debt for another $22.7 million.


ALIMENTATION COUCHE-TARD: S&P Keeps 'BB+' Corp. Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said it kept its ratings,
including its 'BB+' long-term corporate credit rating, on
convenience store operator Alimentation Couche-Tard Inc. on
CreditWatch with negative implications.  The ratings were placed
on CreditWatch April 9, 2010.

"S&P is keeping the ratings on CreditWatch based on ACT's
extension of its unsolicited bid for Casey's General Stores Inc.
and its reported fourth-quarter results," said Standard & Poor's
credit analyst Donald Marleau.

The CreditWatch placement stems from ACT's proposed US$1.9 billion
unsolicited all-cash acquisition of Casey's.  The likelihood and
timing of ACT completing the transaction are unclear, considering
Casey's rejection of the bid and management's current
unwillingness to negotiate.  As such, S&P expects to resolve the
CreditWatch when ACT's prospects for executing this acquisition,
as well as the timing and financing of any such transaction, are
clearer.

S&P believes that ACT's estimated fully adjusted debt leverage of
about 3.0x at fiscal year-end 2010 is consistent with S&P's 'BB+'
rating on the company, and S&P expects pressure on the ratings if
leverage increased to 3.5x.  Based on Casey's and ACT's recent
performance, S&P estimate that ACT could fund about US$1.2 billion
of the transaction with debt before hitting this key rating
measure on a pro forma basis.  That said, in S&P's view the
company has demonstrated a good ability to integrate its
acquisitions, improve earnings, and reduce leverage quickly, which
S&P believes provides some latitude to S&P's rating thresholds for
post-acquisition debt reduction.  Moreover, such an acquisition is
consistent with ACT's strategy of increasing consolidation in the
competitive and fragmented North American c-store industry, and
S&P believes it enhances the company's business risk profile
incrementally by improving efficiencies with existing operations
and by extending the company's regional market share.

Standard & Poor's will resolve this CreditWatch when S&P has more
clarity on ACT's prospects for executing this acquisition, as well
as the financing of any such transaction.  Assuming that ACT will
use debt to fund a meaningful portion of the acquisition, S&P will
assess pro forma debt leverage and the pace of debt reduction
within the context of ACT's ability to achieve earnings-enhancing
synergies and free cash flow.


ALLIS-CHALMERS ENERGY: Inks 4th Amended Agreement with Lime Rock
----------------------------------------------------------------
Allis-Chalmers Energy Inc. and Lime Rock Partners V, L.P., entered
into a Fourth Amendment to an Investment Agreement, dated May 20,
2009.  Pursuant to the Fourth Amendment, Lime Rock has agreed to
designate their two remaining nominees to the Company's board of
directors by October 15, 2010.

A full-text copy of the Fourth Amended Agreement is available for
free at http://ResearchArchives.com/t/s?6693

                  About Allis-Chalmers Energy

Houston, Texas-based Allis-Chalmers Energy Inc. (NYSE: ALY) --
http://www.alchenergy.com/-- is an oilfield services company.
Allis-Chalmers provides services and equipment to oil and natural
gas exploration and production companies, domestically primarily
in Texas, Louisiana, New Mexico, Oklahoma, Arkansas, offshore in
the Gulf of Mexico, and internationally, primarily in Argentina,
Brazil and Mexico.

                         *     *     *

Allis-Chalmers carries 'B-' issuer credit ratings, with stable
outlook, from Standard & Poor's.  It has 'B3' corporate family and
probability of default ratings, with stable outlook, from Moody's.
Its senior unsecured debt has 'Caa1' senior unsecured debt rating
from Moody's.


ALPINE SECURITIZATION: DBRS Confirms $66.03-Mil. Tranche at 'BB'
----------------------------------------------------------------
DBRS has confirmed the rating of R-1 (high) for the Commercial
Paper (CP) issued by Alpine Securitization Corp., an asset-backed
commercial paper (ABCP) vehicle administered by Credit Suisse, New
York branch.  In addition, DBRS has confirmed the ratings and
revised the tranche sizes of the aggregate liquidity facilities
(the Liquidity) provided to Alpine by Credit Suisse.

The $5,915,033,600 aggregate liquidity facilities are tranched as
follows:

-- $ 5,560,203,156 rated AAA
-- $ 67,038,625 rated AA
-- $ 44,109,589 rated A
-- $ 64,164,510 rated BBB
-- $ 66,031,294 rated BB
-- $ 25,482,556 rated B
-- $ 88,003,870 unrated

The ratings are based on March 31, 2010 data.

The CP rating reflects the AAA credit quality of Alpine's asset
portfolio.  The updated credit quality aspect of the CP rating is
based on both the portfolio of assets and the available program-
wide credit enhancement (PWCE).  The rationale for the CP rating
is based on the updated AAA credit quality assessment as well as
DBRS' prior and ongoing review of legal, operational and liquidity
risks associated with Alpine's overall risk profile.

The ratings assigned to the Liquidity reflect the credit quality
of Alpine's asset portfolio based on an analysis that assesses
each transaction to a term standard.  The tranching of the
Liquidity reflects the credit risk of the portfolio at each rating
level.  The tranche sizes are expected to vary each month based on
changes in portfolio composition.

For Alpine, both the CP and the Liquidity ratings use DBRS'
simulation methodology, which was developed to analyze diverse
ABCP conduit portfolios.  This analysis uses the DBRS CDO Toolbox
simulation model, with adjustments to reflect the unique structure
of an ABCP conduit and its underlying assets. DBRS determines
attachment points for risk based on an analysis of the portfolio
and models the portfolio based on key inputs such as asset
ratings, asset tenors and recovery rates.  The attachment points
determine the portion of the exposure rated AAA, AA, A through B
as well as unrated.


AMC ENTERTAINMENT: Bank Debt Trades at 4% Off in Secondary Market
-----------------------------------------------------------------
Participations in a syndicated loan under which AMC Entertainment,
Inc., is a borrower traded in the secondary market at 96.21 cents-
on-the-dollar during the week ended Friday, July 16, 2010,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal.  This represents an increase of 0.83
percentage points from the previous week, The Journal relates.
The Company pays 175 basis points above LIBOR to borrow under the
facility.  The bank loan matures on Jan. 23, 2013, and carries
Moody's Ba2 rating and Standard & Poor's BB- rating.  The B-term
loan is one of the biggest gainers and losers among 205 widely
quoted syndicated loans with five or more bids in secondary
trading for the week ended Friday.

Headquartered in Kansas City, Missouri, AMC Entertainment, Inc. --
http://www.amctheatres.com/-- is organized as an intermediate
holding company.  Its principal directly owned subsidiaries are
American Multi-Cinema, Inc., and AMC Entertainment International,
Inc.  The Company conducts its theatrical exhibition business
through AMC and its subsidiaries and AMCEI.


AMERICAN COMMERCE: Posts $65,000 Net Loss in Q1 Ended May 31
------------------------------------------------------------
American Commerce Solutions, Inc., filed its quarterly report on
Form 10-Q, reporting a net loss from continuing operations of
$65,035 on $655,314 of revenue for the three months ended May 31,
2010, compared with a net loss from continuing operations of
$142,812 on $635,693 of revenue for the three months ended May 31,
2009.

The Company's balance sheet at May 31, 2010, showed $5,106,341 in
assets, $4,389,274 of liabilities, and $717,067 of stockholders'
equity.

As reported in the Troubled Company Reporter on June 4, 2010,
Peter Messineo, CPA, of Palm Harbor, Florida, expressed
substantial doubt about the Company's ability to continue as a
going concern after auditing the Company's financial statements
for the fiscal year ended February 28, 2010.  The independent
auditor noted that the Company has incurred recurring losses from
continuing operations, has negative working capital and has used
significant cash in support of its operating activities.

The Company has used $43,904 of cash in operations for the three
months ended May 31, 2010.  Current liabilities exceed current
assets by $900,538 at May 31, 2010.  Additionally, the Company is
in default on several notes payable.

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

                  http://researcharchives.com/t/s?668c

Bartow, Fla.-based American Commerce Solutions, Inc., is primarily
a holding company with two wholly owned subsidiaries.
International Machine and Welding, Inc. is engaged in the
machining and fabrication of parts used in heavy industry, and
parts sales and service for heavy construction equipment.  Chariot
Manufacturing Company, which was acquired on October 11, 2003,
from a related party, manufactures motorcycle trailers with
fiberglass bodies and other fiberglass parts by contract with
affiliate owned, Tampa Fiberglass, Inc.  Effective June 1, 2009,
Chariot was sold and is classified as a discontinued operation.


AVAGO TECHNOLOGIES: Moody's Withdraws 'Ba2' Corp. Family Rating
---------------------------------------------------------------
Moody's Investors Service assigned a Baa3 Senior Unsecured Issuer
Rating to Avago Technologies Finance Pte. Ltd. and withdrew its
former Ba2 Corporate Family Rating, Ba2 Probability of Default
Rating and SGL-1 Speculative Grade Liquidity Rating.  Moody's also
raised the rating for Avago's Subordinated Debt to Ba1 from Ba3
and affirmed the Baa2 rating for the company's Senior Secured
Revolving Credit Facility.  The rating outlook is stable.

The rating actions reflect the company's enhanced business
profile, expanding EBITDA, and noteworthy improvements in free
cash flow and leverage metrics.  Adjusted leverage is currently
0.7x total debt/EBITDA.  Also reflected is the company's continued
good execution of its business strategy by shifting the portfolio
mix to higher value proprietary products, which has produced
expanded gross margins as well as share gains in the high-end
wireless segment.  Avago maintains strong intellectual property,
which has led to solid market positions in the optoelectronics,
CDMA and wired infrastructure segments.  Moreover, as a result of
successfully targeted R&D investments, the company has advanced
its competitive position across new markets and applications.
This has led to a continuous pipeline of innovative, leading-edge
products, strong design wins and organic revenue growth.  With no
debt maturities until 2015, Avago's liquidity position remains
solid.  The combined effect of these positive developments
supports the more creditworthy, investment grade profile of the
company which is now reflected in Moody's ratings.

Ratings specifically incorporate Moody's expectation that Avago's
growth will continue to outpace that of the overall semiconductor
market given the company's increasing sole-sourced dollar content
in customers' product platforms; exposure to fast-growth mobile
devices, particularly in the smart phone segment; exposure to the
strengthening PC/notebook market; and increasing demand for its
high-end ASIC devices used in enterprise networking and data
center applications.  Given the broad-based recovery in
semiconductor end market demand, Avago's shift to higher margin
proprietary products and expanding EBITDA levels, financial
performance, free cash flow and liquidity measures are also
expected to continue to demonstrate ongoing improvement.  Finally,
the revised ratings recognize Avago's financial discipline with
respect to maintaining strong balance sheet liquidity, and
anticipate that leverage will be sustained at or below 1.5x total
debt/EBITDA (Moody's adjusted) going forward.

The stable rating outlook reflects Moody's expectation that Avago
will maintain its solid market position in optoelectronics and
continue to expand share in high-end wireless communications,
wired infrastructure, consumer and industrial segments as a result
of strong market acceptance of Avago's new products, production
ramps from design win activity and new uses for its devices.
Moody's expect this should sustain solid organic revenue growth.
The outlook also anticipates that gross margin and cash flow
expansion will be supported by continued improvement in product
mix, focus on cost management and higher capacity utilization.

This is a summary of the rating actions and Moody's current
ratings for Avago:

* Corporate Family Rating -- Withdrew former Ba2

* Probability of Default Rating -- Withdrew former Ba2

* Speculative Grade Liquidity Rating -- Withdrew former SGL-1

* $230 Million (originally $250 Million) Senior Subordinated Notes
  due 2015 -- Upgraded to Ba1 from Ba3

* $350 Million (originally $375 Million) Senior Secured Revolving
  Credit Facility due 2011 -- Affirmed at Baa2

The last rating action for Avago was on December 10, 2009, when
Moody's upgraded ratings, including the CFR to Ba2, and revised
the rating outlook to positive.

Co-headquartered in San Jose, California and Singapore, Avago
designs, develops, manufactures and sells a broad array of
analog/mixed-signal semiconductor components for wireless, wired
infrastructure, consumer/computer peripherals and
industrial/automotive applications.  For the twelve months ended
May 2, 2010, net revenues were $1.8 billion.


AVAYA INC: Bank Debt Trades at 14% Off in Secondary Market
----------------------------------------------------------
Participations in a syndicated loan under which Avaya, Inc., is a
borrower traded in the secondary market at 86.13 cents-on-the-
dollar during the week ended Friday, July 16, 2010, according to
data compiled by Loan Pricing Corp. and reported in The Wall
Street Journal.  This represents an increase of 0.95 percentage
points from the previous week, The Journal relates.  The Company
pays 275 basis points above LIBOR to borrow under the facility,
which matures on Oct. 26, 2014.  The bank debt is not rated by
Moody's and Standard & Poor's.  The B-term loan is one of the
biggest gainers and losers among 205 widely quoted syndicated
loans with five or more bids in secondary trading for the week
ended Friday.

The Troubled Company Reporter stated on Dec. 23, 2009, that
Moody's downgraded Avaya's corporate family rating to B3 from B2.
The downgrade was driven by challenges presented by the
acquisition of Nortel's enterprise assets as well as the large
amount of additional debt incurred to finance the acquisition
(around $1 billion).

Avaya, Inc., is a supplier of communication equipment and software
that integrates voice and data services for customers including
large corporations, government agencies, and small businesses.
Avaya's office phone systems incorporate Internet protocol (IP)
and Session Initiation protocol (SIP) telephony, messaging, Web
access, and interactive voice response.  The company offers a wide
array of consulting, integration, and managed services through its
Avaya Global Services unit.  It sells directly and through
distributors, resellers, systems integrators, and
telecommunications service providers.  Avaya was acquired by
Silver Lake Partners and TPG Capital for $8.2 billion in 2007.


B&B INSURANCE: A.M. Best Cuts Financial Strength to C (Weak)
------------------------------------------------------------
A.M. Best Co. has downgraded the financial strength rating to C
(Weak) from C++ (Marginal) and the issuer credit rating to "ccc+"
from "b+" of B&B Insurance Co., OJSI (B&B) (Belarus).  The outlook
for the financial strength rating is stable, and the outlook for
the issuer credit rating has been revised to negative from stable.

The ratings reflect the company's weak and deteriorating
capitalisation, high operating leverage and poor underwriting
results in 2008 and 2009.

B&B's already weak capitalisation has deteriorated due to a loss
after tax in 2008 and rapid growth in gross written premium (30%-
40% per annum) in recent years.  Capitalisation will continue to
be negatively impacted if the company's business volumes continue
to grow at a similar rate in the future.  A mitigating factor is
that the company was profitable in 2009, and management expects
this to continue in 2010, along with a reduction in the level of
growth in gross written premium.  If achieved, this could help
improve B&B's future capitalisation.

The need to collateralise significant new reinsurance acceptances
has led to a sharp increase in external borrowings.  Operating
leverage now stands at 130% of B&B's capital and surplus.  A.M.
Best believes that this position is unlikely to improve as the
company plans to continue writing these lines in the future.

B&B's underwriting results showed a loss in both 2008 and 2009 as
a result of the weakening Belarusian ruble and general
deterioration.  A.M. Best believes that the company's technical
performance in 2010 is likely to remain variable, and the combined
ratio is expected to improve to approximately 100%.


BAYOU GROUP: Substantial Contribution Can Be Prepetition
--------------------------------------------------------
WestLaw reports that the sections of the Bankruptcy Code
authorizing the allowance, as an administrative expense, of
certain expenses incurred by a creditors committee and its counsel
in making a "substantial contribution" to a Chapter 11 case, 11
U.S.C. Sec. 503(b)(3)(D) and Sec. 503(b)(4), are not limited to
postpetition activity but, instead, apply to pre-bankruptcy work,
a New York bankruptcy court ruled.  Section 503(b)(3)(D) does not
"plainly" draw a line between pre- and postpetition conduct, the
court reasoned, and this ambiguity rendered pre-Bankruptcy Code
practice and the legislative history relevant.  When the services
at issue were performed pre-bankruptcy, it is especially important
to focus on whether the movant's contribution was in place or
instead of professionals who normally would have been compensated
out of the debtor's assets, the court noted.  In re Bayou Group,
LLC, --- B.R. ----, 2010 WL 1416776 (Bankr. S.D.N.Y.).

                          About Bayou Group

Based in Chicago, Illinois, Bayou Group LLC operated and managed
hedge funds.  The hedge fund that turned out to be a Ponzi scheme
and a receiver was subsequently appointed.  The Company and its
affiliates were sent to Chapter 11 on May 30, 2006 (Bankr.
S.D.N.Y. Lead Case No. 06-22306) to pursue recoveries for the
benefit of defrauded investors.  Elise Scherr Frejka, Esq., at
Dechert LLP, represents the Debtors in their restructuring
efforts.  Joseph A. Gershman, Esq., and Robert M. Novick, Esq., at
Kasowitz, Benson, Torres & Friedman, LLP, represent the Official
Committee of Unsecured Creditors.  Kasowitz, Benson, Torres &
Friedman LLP is counsel to the Unofficial Committee of the Bayou
Onshore Funds.  Sonnenschein Nath & Rosenthal LLP represents
certain investors.  When the Debtors filed for protection from
their creditors, they reported estimated assets and debts of more
than $100 million.

Bayou has filed lawsuits against former investors who allegedly
received fictitious profits and an inequitably large return of
their principal investments.  Jeff J. Marwil, Esq., at Jenner &
Block, was appointed on April 28, 2006, as the federal equity
receiver.  The receiver commenced adversary proceedings to recover
certain fraudulent transfers made by Bayou Group to investors.

The Bayou fraud resulted in three guilty pleas. Daniel Marino, the
head of finance, was sentence to a 20-year prison term despite his
cooperation with prosecutors. James Marquez, a Bayou co-founder,
was sentenced to four years and three months in prison and told to
pay $6.2 million in restitution. Another founder, Samuel Israel
III, was sentenced to 20 years following his guilty plea in
September 2005.


BEN FRANKLIN: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: The Ben Franklin Press, Inc.
          dba Big Ben
              Ben Franklin Press, Inc.
        910 S. Hohokam Drive, # 104
        Tempe, AZ 85281

Bankruptcy Case No.: 10-20679

Chapter 11 Petition Date: July 1, 2010

Court: U.S. Bankruptcy Court
       District of Arizona (Phoenix)

Judge: Eileen W. Hollowell

Debtor's Counsel: Kelly G. Black, Esq.
                  Jackson White
                  40 North Center, Suite 200
                  Mesa, AZ 85201
                  Tel: (480) 559-8131
                  Fax: (480) 464-5692
                  E-mail: kblack@jacksonwhitelaw.com

Estimated Assets: $0 to $50,000

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

A copy of the Company's list of 20 largest unsecured creditors
filed together with the petition is available for free at
http://bankrupt.com/misc/AZB10-20679.pdf

The petition was signed by Ron Clark, president and director.


BILLIE POWERS: Case Summary & 8 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Billie Rene Powers
        40701 Ortega Highway
        San Juan Capistrano, CA 92675

Bankruptcy Case No.: 10-19648

Chapter 11 Petition Date: July 14, 2010

Court: U.S. Bankruptcy Court
       Central District of California (Santa Ana)

Judge: Theodor Albert

Debtor's Counsel: Michael A. Younge, Esq.
                  8141 E Kaiser Boulevard, Suite 200
                  Anaheim Hills, CA 92808
                  Tel: (714) 685-1170
                  Fax: (714) 276-1443
                  E-mail: youngelaw@aol.com

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

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

According to the schedules, the Debtor says that assets total
$1,423,600 while debts total $2,484,424.

A copy of the Debtor's list of 8 largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/cacb10-19648.pdf

The petition was signed by the Debtor.


BLACK CROW: In Talks on Exit Financing, Wants Plan Filing Extended
------------------------------------------------------------------
Black Crow Media Group, LLC, et al., ask the U.S. Bankruptcy Court
for the Middle District of Florida to extend their exclusive
periods to file and solicit acceptances for the proposed
Chapter 11 Plan until November 8, 2010, and January 10, 2011,
respectively.

The Debtors needs additional time because of its discussion with
the DIP lender on its participation in the exit financing or
providing other support to the Debtors in their efforts to
reorganize.

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.


BLACK DOG: Case Summary & 6 Largest Unsecured Creditors
-------------------------------------------------------
Debtor: Black Dog Planting Company
        P.O. Box 628
        Lyon, MS 38645

Bankruptcy Case No.: 10-13403

Chapter 11 Petition Date: July 14, 2010

Court: U.S. Bankruptcy Court
       Northern District of Mississippi (Aberdeen)

Debtor's Counsel: Jeffrey A. Levingston, Esq.
                  Levingston & Levingston, PA
                  P.O. Box 1327
                  Cleveland, MS 38732
                  Tel: (662) 843-2791
                  E-mail: jleving@bellsouth.net

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

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

A copy of the Company's list of 6 largest unsecured creditors
filed together with the petition is available for free at
http://bankrupt.com/misc/msnb10-13403.pdf

The petition was signed by Gary Goode, II, president.


BROBECK PHLEGER: Partners' Benefit Claims Upheld by Dist. Ct.
-------------------------------------------------------------
WestLaw reports that a claim for unpaid contributions that a
bankrupt law firm should have made to a defined benefit plan on
its partners' behalf was a claim for "benefits due," such as
former partners had a right to assert pursuant to a provision of
the Employee Retirement Income Security Act (ERISA).  Thus, the
claim could be setoff against the bankruptcy estate's own claim
against the partners for allegedly unlawful distributions of firm
profits that they had received at a time when the firm was
insolvent.  In Re Brobeck, Phleger & Harrison, --- B.R. ----, 2010
WL 963699 (N.D. Cal.) (White, J.).

This decision affirms a ruling by the Honorable Dennis Montali
reported at 414 B.R. 627.

Brobeck, Phleger & Harrison LLP started business in 1926.  It was
a prominent national law firm with over 900 attorneys and offices
in California, New York, Colorado, Virginia, Texas, Washington
D.C., and, through a joint-venture, in London, England.  In the
late 1990's and early 2000s, Brobeck enjoyed rapid growth, almost
doubling its number of attorneys in just over three years in its
booming technology-sector practice.  In the course of its
expansion, Brobeck incurred substantial debt as well as lease
obligations for several new offices.  On September 17, 2003,
certain of Brobeck's creditors filed an involuntary chapter 7
bankruptcy petition (Bankr. N.D. Calif. Case No. 03-32715).
Thereafter, Ronald F. Greenspan was elected as the Chapter 7
Trustee.


BURLINGTON COAT: Bank Debt Trades at 6% Off in Secondary Market
---------------------------------------------------------------
Participations in a syndicated loan under which Burlington Coat
Factory Warehouse Corp. is a borrower traded in the secondary
market at 93.83 cents-on-the-dollar during the week ended Friday,
July 16, 2010, according to data compiled by Loan Pricing Corp.
and reported in The Wall Street Journal.  This represents an
increase of 0.74 percentage points from the previous week, The
Journal relates.  The Company pays 225 basis points above LIBOR to
borrow under the facility.  The bank loan matures on May 28, 2013,
and carries Moody's B3 rating and Standard & Poor's B- rating.
The B-term loan is one of the biggest gainers and losers among 205
widely quoted syndicated loans with five or more bids in secondary
trading for the week ended Friday.

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

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


C&H ARIZONA-STUCKY: Case Summary & 2 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: C&H Arizona-Stucky, LLC
        43 Panoramic Way
        Walnut Creek, CA 94595

Bankruptcy Case No.: 10-21165

Chapter 11 Petition Date: July 7, 2010

Court: U.S. Bankruptcy Court
       District of Arizona (Phoenix)

Judge: Randolph J. Haines

Debtor's Counsel: Edwin B. Stanley, Esq.
                  Simbro & Stanley, PLC
                  8767 East via De Commercio, #103
                  Scottsdale, AZ 85258-3374
                  Tel: (480) 607-0780
                  Fax: (480) 907-2950
                  E-mail: bstanley@simbroandstanley.com

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

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

According to the schedules, the Company says that assets total
$18,064,966 while debts total $9,167,574.

The petition was signed by Sonja Bowling, authorized agent.

Debtor's List of 2 Largest Unsecured Creditors:

        Entity                     Nature of Claim    Claim Amount
        ------                     ---------------    ------------
Vern Padgett                       --                     $100,000
14 Coronado Court
Walnut Creek, CA 94596

Travelers Insurance                Trade Debt               $7,574
CL Remittance Center
Hartford, CT 06183-1008


CABLEVISION SYSTEMS: Unit Inks New Aircraft Deal with Dolan Family
------------------------------------------------------------------
CSC Transport Inc., a wholly-owned subsidiary of Cablevision
Systems Corporation and CSC Holdings LLC, entered into an new
aircraft management agreement with Dolan Family Office LLC and
Charles F. Dolan that is substantively the same as the prior
agreement, which expired on July 9, 2010.

Pursuant to the Aircraft Management Agreement, CSC Transport has
agreed to manage a Gulfstream GIV-SP aircraft that is leased by
Sterling Aviation LLC and subleased to Dolan Family Office, LLC
and Charles F. Dolan.  The Gulfstream Aircraft Management
Agreement is for a one-year term which expires on July 8, 2011
and provides for an annual fee of $600,000 in addition to
reimbursement of certain expenses.  The existing Time Sharing
Agreement between Dolan Family Office, LLC and CSC Holdings
relating to the Aircraft has been automatically extended in
accordance with its terms for a duration of one year.

On July 13, 2010, CSC Transport entered into an aircraft
management agreement with New York Aircam Corp., Charles F. Dolan
and Patrick F. Dolan.  Pursuant to the Cessna Management
Agreement, CSC Transport has agreed to manage a Cessna 501
aircraft that is owned by New York Aircam Corp. and leased to
Charles F. Dolan and Patrick F. Dolan for a one-year term which
expires on July 8, 2011 and will receive a monthly fee of $1,000
in addition to reimbursement of certain expenses.

On July 13, 2010, New York Aircam Corp. and CSC Transport entered
into an aircraft dry lease agreement pursuant to which New York
Aircam Corp. has agreed to make the Cessna available for use by
CSC Transport.  CSC Transport will pay New York Aircam Corp. $650
per block hour of use and will be responsible for all trip-
specific expenses, including fuel.

A full-text copy of the aircraft management agreement is available
for free at:

               http://ResearchArchives.com/t/s?668d
               http://ResearchArchives.com/t/s?668e

A full-text copy of the aircraft dry lease agreement is available
for free at:

               http://ResearchArchives.com/t/s?668f

                    About Cablevision Systems

Headquartered in Bethpage, New York, Cablevision Systems Corp. is
predominantly a domestic cable TV multiple system operator serving
approximately 3.1 million subscribers in and around the New York
metropolitan area.  Among other entertainment-and media-related
business ventures, the company also owns and distributes
programming to cable television and direct broadcast satellite
providers throughout the United States through its Rainbow
National Services subsidiary.

At March 31, 2010, Cablevision Systems had $7,364,192,000 in total
assets against $13,565,731,000 in total liabilities, $12,540,000
in redeemable non-controlling interests, and $671,000 in Non-
controlling interest, resulting in total deficiency of
$6,214,079,000.

                          *     *     *

According to the Troubled Company Reporter on June 16, 2010,
Moody's Investors Service said that its ratings for Cablevision
Systems Corporation and related rated subsidiaries (including CSC
Holdings, Inc., Rainbow National Services LLC and Newsday LLC)
should not be affected by the company's announcements that it
plans to (i) acquire the assets of Bresnan Communications in a
leveraging transaction valued at $1.365 billion, and (ii) initiate
a share repurchase program totaling $500 million.  "Although the
company is paying a healthy premium for an already well-run
collection assets, and may have postponed a prospective upgrade of
its ratings by undertaking the share buyback program at the same
time, strong operating performance continues to bode well for
further credit enhancements over the next two years," noted
Moody's Senior Vice President Russell Solomon.


CALSTAR INVESTMENTS: Case Summary & 13 Largest Unsecured Creditors
------------------------------------------------------------------
Debtor: Calstar Investments, LLC, a California corporation
        Apna Plaza
        40560 Las Palmas Avenue
        Fremont, CA 94539

Bankruptcy Case No.: 10-47980

Chapter 11 Petition Date: July 14, 2010

Court: U.S. Bankruptcy Court
       Northern District of California (Oakland)

Judge: Randall J. Newsome

Debtor's Counsel: Scott J. Sagaria, Esq.
                  Law Offices of Scott J. Sagaria
                  333 W San Carlos Street, #1700
                  San Jose, CA 95110
                  Tel: (408) 279-2288
                  E-mail: sjsagaria@sagarialaw.com

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

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

According to the schedules, the Company says that assets total
$2,602,478 while debts total $4,234,959.

A copy of the Company's list of 13 largest unsecured
creditors filed together with the petition is available for free
at http://bankrupt.com/misc/canb10-47980.pdf

The petition was signed by Gurpreet Sidhu, president.


CARIBBEAN MOTEL: Case Summary & 5 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Caribbean Motel, Inc.
          dba Diamond Crest Motel
        7011 Atlantic Avenue
        Wildwood, NJ 08260

Bankruptcy Case No.: 10-31728

Chapter 11 Petition Date: July 15, 2010

Court: U.S. Bankruptcy Court
       District of New Jersey (Camden)

Judge: Judith H. Wizmur

Debtor's Counsel: David A. Kasen, Esq.
                  Kasen & Kasen
                  1874 East Route 70, Suite 3
                  Cherry Hill, NJ 08003
                  Tel: (856) 424-4144
                  E-mail: dkasen@kasenlaw.com

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

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

A copy of the Company's list of 5 largest unsecured
creditors filed together with the petition is available for
free at http://bankrupt.com/misc/njb10-31728.pdf

The petition was signed by Gasper Montalbano, president.


CARMEL INVESTMENTS: Files for Chapter 11 Bankruptcy Protection
--------------------------------------------------------------
Paul Brinkmann at Business Journal of South Florida reports that
Carmel Investments and Development filed for bankruptcy under
Chapter 11, saying it had lost considerable value during the real
estate crisis.  The Company listed assets of between $1 million
and $10 million, and debts of between $10 million and $50 million.
The Company said it owes $7.15 million to Community Bank of
Homestead.  Carmel Investments and Development operates a property
development company.


CASCADE ACCEPTANCE: Reorganization Case Converted to Chapter 7
--------------------------------------------------------------
The Hon. Alan Jaroslovsky of the U.S. Bankruptcy Court for the
Northern District of California converted the Chapter 11 case of
Cascade Acceptance Corporation, Inc., to one under the Chapter 7
of the Bankruptcy Code.

Mill Valley, California-based Cascade Acceptance Corporation filed
for Chapter 11 bankruptcy protection on November 23, 2009 (Bankr.
N.D. Calif. Case No. 09-13960).  Douglas B. Provencher, Esq., at
Law Offices of Provencher and Flatt assists the Company in its
restructuring effort.  The Company listed $50,000,001 to
$100,000,000 in assets and debts.


CEDAR FAIR: Proposed Refinancing Won't Affect S&P's 'B+' Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on
Sandusky, Ohio-based regional theme park operator Cedar Fair L.P.
remain unchanged following changes made to the structure of the
company's proposed refinancing transaction.  The corporate credit
rating is 'B+' and the rating outlook is stable.

The company's $1.55 billion of credit facilities now consist of a
$1.25 billion term loan B due 2016, which was revised from a
$1.05 billion term loan B due 2017, and a $300 million revolving
credit facility maturing in 2015.  S&P's issue-level rating on the
loan was affirmed at 'BB-' (one notch above its 'B+' corporate
credit rating on the company), and the recovery rating remains at
'2', indicating S&P's expectation of substantial (70% to 90%)
recovery for lenders in the event of a payment default.

Also, Cedar Fair is now offering $300 million of senior notes due
2018 (privately placed under Rule 144A with surveillance), which
was revised from $500 million due 2020.  The issue-level rating on
the notes was affirmed at 'B-' (two notches lower than the 'B+'
corporate credit rating) and the recovery rating remains at '6',
indicating S&P's expectation of negligible (0% to 10%) recovery
for noteholders in the event of a payment default.

The 'B+' corporate credit rating reflects Cedar Fair's cyclical
profitability, seasonality risks, some EBITDA concentration in the
Ohio and Michigan markets, and high debt leverage.  The company's
competitive position and its operating track record are modest
positives that do not offset these risks.

                           Ratings List

                          Cedar Fair L.P.

           Corporate Credit Rating         B+/Stable/--

                         Ratings Affirmed

                          Cedar Fair L.P.

                $1.25B term loan due 2016       BB-
                  Recovery Rating               2

                $300M revolver due 2015         BB-
                  Recovery Rating               2

                $300M sr nts due 2018           B-
                  Recovery Rating               6


CEDAR FAIR: Refinancing Won't Affect Moody's Ba3 Corp. Rating
-------------------------------------------------------------
Moody's Investors Service indicated that Cedar Fair L.P.'s revised
refinancing will not affect the company's Ba3 Corporate Family
Rating, SGL-2 speculative-grade liquidity rating, Ba2 senior
secured bank credit facility rating or B2 senior unsecured note
rating.  Cedar Fair is downsizing the size of its previously
announced bond offering to $300 million from $500 million and
increasing the size of its proposed senior secured term loan to
$1.25 billion from $1.05 billion.  Cedar Fair plans to utilize the
net proceeds from the proposed offerings to refinance its $1.7
billion of existing debt.  Moody's expects the revised transaction
structure will result in a slightly larger increase in cash
interest costs relative to the previous refinancing transaction
proposed in May 2010, but the amount is not significant enough to
warrant a change in the CFR.  Moody's believes the incremental
cash interest expense will cause a slower ramp up in cash
distributions to unit holders rather than affect the company's
plans to reduce debt.  Moody's updated the loss given default
assessments and point estimates on the bonds and credit facility
to reflect the revised debt mix.

LGD Updates:

Issuer: Cedar Fair, L.P.

  -- Senior Secured Bank Credit Facility, Changed to LGD3 - 41%
     from LGD3 - 34% (no change to Ba2 rating)

  -- Senior Unsecured Regular Bond/Debenture, Changed to LGD6 -
     92% from LGD5 - 87% (no change to B2 rating)

Issuer: Canada's Wonderland Company

  -- Senior Secured Bank Credit Facility, Changed to LGD3 - 41%
     from LGD3 - 34% (no change to Ba2 rating)

The refinancing meaningfully improves Cedar Fair's liquidity
position and provides it flexibility to reduce debt and manage
through a period of attendance-constraining high unemployment.
Cedar Fair's leverage is high and weakly positions the company
within the Ba3 CFR, but Moody's expects the company will continue
to execute its plan to pay down debt and reduce leverage.  Cedar
Fair's preliminary operating results for the second quarter are
slightly ahead of Moody's projections with attendance rebounding
modestly following the 7% drop in 2009.

The refinancing favorably extends Cedar Fair's maturity profile
and creates additional covenant headroom as the financial
maintenance covenants in the proposed credit facility are being
loosened relative to the existing facility.  This alleviates the
pressure on liquidity that exists in the current capital structure
and supports the SGL-2 liquidity rating.

The stable rating outlook reflects Moody's view that the improved
liquidity position will provide Cedar Fair additional flexibility
to improve credit metrics to levels more supportive of the Ba3 CFR
over the next 12-24 months and that de-leveraging will not be
meaningfully impeded by the incremental cash interest costs
associated with the refinancing.

The last rating action was on May 20, 2010, when Moody's changed
Cedar Fair's rating outlook to stable from negative, upgraded the
speculative-grade liquidity rating to SGL-2 from SGL-3, and
assigned a Ba2 senior secured credit facility rating, and B2
senior unsecured note rating in conjunction with a proposed
refinancing of the capital structure.

Cedar Fair's ratings were assigned by evaluating factors Moody's
believe are relevant to the credit profile of the issuer, such as
i) the business risk and competitive position of the company
versus others within its industry, ii) the capital structure and
financial risk of the company, iii) the projected performance of
the company over the near to intermediate term, and iv)
management's track record and tolerance for risk.  These
attributes were compared against other issuers both within and
outside of Cedar Fair's core industry and Cedar Fair's ratings are
believed to be comparable to those of other issuers of similar
credit risk.

Cedar Fair, headquartered in Sandusky, Ohio, is a publicly traded
Delaware master limited partnership formed in 1987 that owns and
operates 11 amusement parks, seven water parks (six outdoor and
one indoor) and hotels in North America.  Properties are located
in the U.S. and Canada and include Cedar Point (OH), King's Island
(OH), Knott's Berry Farm (CA), and Canada's Wonderland (Toronto).
In June 2006, Cedar Fair, L.P. completed the acquisition of
Paramount Parks, Inc., from a subsidiary of CBS Corporation for a
purchase price of $1.24 billion.  Cedar Fair's revenue for the LTM
ended 6/27/2010 was approximately $925 million.


CELL THERAPEUTICS: Inks Manufacturing Agreement with NerPharMa
--------------------------------------------------------------
Cell Therapeutics has signed a manufacturing agreement with
NerPharMa, S.r.l. for CTI's drug candidate pixantrone.  The five-
year contract between CTI and NerPharMa provides for both the
commercial and clinical supply of pixantrone.  CTI is developing
pixantrone as a treatment option for patients with relapsed or
refractory aggressive non-Hodgkin's lymphoma.  CTI is currently
preparing to submit a Marketing Authorization Application in
the European Union, and plans to initiate a Phase III trial of
pixantrone in patients with relapsed or refractory aggressive
NHL in the U.S. Both are planned for this year.

CTI said on June 14, 2010 that the Italian Medicines Agency, the
national authority responsible for drug regulation in Italy, had
approved the facility at NerPharMa for the production of
pixantrone.

"We are pleased to have reached an agreement with NerPharMa for
the long-term manufacture of pixantrone," said Craig W. Philips,
President of CTI.  "Entering into this agreement puts us one step
closer to fulfilling our mission of being able to provide
pixantrone to patients with relapsed or refractory aggressive NHL,
a setting for which there are currently no approved treatment
options."

                         About Pixantrone

Pixantrone is a novel aza-anthracenedione that has distinct
structural and physio-chemical properties that make its anti-tumor
activity unique in this class of agents. Similar to
anthracyclines, pixantrone inhibits Topo-isomerase II but unlike
anthracyclines-rather than intercalation with DNA-pixantrone
alkylates DNA-forming stable DNA adducts, with particular
specificity for CpG rich, hyper-methylated sites.

                About Nerviano Medical Sciences (NMS)

Nerviano Medical Sciences is a pharmaceutical research and
development facility in Italy and one of the largest oncology-
focused, integrated discovery and development companies in Europe.

                     About Cell Therapeutics

Headquartered in Seattle, Washington, Cell Therapeutics, Inc.
(NASDAQ and MTA: CTIC) -- http://www.CellTherapeutics.com/-- is a
biopharmaceutical company that develops an integrated portfolio of
oncology products aimed at making cancer more treatable.
Subsequent to the closure of its Bresso, Italy operations in
September 2009, CTI's operations are conducted solely in the
United States.

At March 31, 2010, the Company had $75,531,000 total assets and
$85,243,000 in total liabilities.

                       Going Concern Doubt

San Francisco-based Stonefield Josephson, Inc., has included an
explanatory paragraph in their report on Cell Therapeutics, Inc.'s
December 31, 2009, 2008 and 2007 consolidated financial statements
regarding their substantial doubt as to the Company's ability to
continue as a going concern.  The independent auditors reported
that the Company has sustained loss from operations over the audit
periods, incurred an accumulated deficit, and has substantial
monetary liabilities in excess of monetary assets as of
December 31, 2009.

                      Bankruptcy Warning

In its Form 10-Q report for the period ended September 30, 2009,
filed with the Securities and Exchange Commission, the Company
warned it does not expect it will have sufficient cash to fund
planned operations through the second quarter of 2010, which
raises substantial doubt about its ability to continue as a going
concern.  The Company said if it fails to obtain capital when
required, the Company said it may be required to delay, scale
back, or eliminate some or all of its research and development
programs and may be forced to cease operations, liquidate its
assets and possibly seek bankruptcy protection.


CENTAUR LLC: Churchill Downs Resigns from Creditors Committee
-------------------------------------------------------------
Roberta A. DeAngelis, Acting U.S. Trustee for Region 3, amended
the official committee of unsecured creditors in the Chapter 11
cases of Centaur, LLC, et al., to reflect the resignation of
Churchill Downs Inc. effective June 28, 2010.

The Creditors Committee now consists of:

1. Ames Construction, Inc.
   Attn: Todd Goderstad
   2000 Ames Drive
   Burnsville, MN 55306
   Tel: (952) 892-8678
   Fax: (952) 892-8664

2. U.S. Foodservice, Inc.
   c/o Claudia Regen, Esq.
   9399 W. Higgins Rd., Suite 600
   Rosemont, IL 60018
   Tel: (847) 720-2442
   Fax: (480) 293-2706

3. WMS Gaming Inc.
   Attn: Deborah K. Fulton
   800 S. Northpoint Blvd.
   Waukegan, IL 60085
   Tel: (773) 564-4514
   Fax: (773) 564-4504

4. Preit-Rubin, Inc. & PR Valley View Downs. L.P.
   c/o Pennsylvania Real Estate Investment Trust
   Attn: Bruce Goldman
   The Bellevue, 3rd Floor
   200 South Broad Street
   Philadelphia, PA 19102
   Tel: (215) 875-0780
   Fax: (215) 546-7311

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 Centaur, LLC

Indianapolis, Indiana-based, Centaur, LLC, aka Centaur Indiana,
LLC -- http://www.centaurgaming.net/-- is an company involved in
the development and operation of entertainment venues focused on
horse racing and gaming.

The Company filed for Chapter 11 bankruptcy protection on March 6,
2010 (Bankr. D. Delaware Case No. 10-10799).  Jeffrey M. Schlerf,
Esq., at Fox Rothschild LLP, assists the Company in its
restructuring effort.  The Company estimated its assets and debts
at $500,000,001 to $1,000,000,000 as of the Petition Date.


CHARLES CLARKSON: Judge Kier Appoints Chapter 11 Trustee
--------------------------------------------------------
WestLaw reports that the appropriate remedy, upon a finding of the
requisite "cause" for conversion or dismissal of the separate
Chapter 11 cases filed by co-owners of real property which was the
subject of pending mortgage foreclosures based on the debtors'
nonpayment of required fees and lack of good faith or dishonesty
or gross mismanagement, was neither conversion nor dismissal, but
appointment of a Chapter 11 trustee.  The debtors each had claims
against the mortgage lenders, which the Chapter 11 trustee could
evaluate in deciding whether reorganization or liquidation was an
appropriate denouement for the debtors' cases. The distinguishing
factor between converting a Chapter 11 case to Chapter 7 and
appointing a Chapter 11 trustee is the expanded possibility in
Chapter 11 for the trustee, using independent judgment and good
management, to direct the affairs of the estate to optimize
recovery for creditors and the estate.  In re Sydnor, --- B.R. ---
-, 2010 WL 2428655 (Bankr. D. Md.) (Kier, J.).

Charles Vernon Clarkson filed a voluntary petition (Bankr. D. Md.
Case No. 09-22084) pro se under chapter 12 of the U.S. Bankruptcy
Code on ___ __, 2009.  This was his fourth bankruptcy petition
filed in Maryland; his previous chapter 13 case (Bankr. D. Md.
Case No. 05-_____) was filed on Apr. 12, 2005, and dismissed on
Nov. 18, 2005.  Mr. Clarkson converted his chapter 12 case to a
chapter 11 proceeding on Nov. 20 , 2009.

Mr. Charkson's Chapter 11 case is related to a separate bankruptcy
case, In re Sydnor, Case No. 08-14229 (Bankr. D. Md.), commenced
by the co-owner of real estate valued at $2,475,000 and located at
3946 Robinson Neck Road in Taylor's Island, Md.


CHARTER COMMS: Bank Debt Trades at 7% Off in Secondary Market
-------------------------------------------------------------
Participations in a syndicated loan under which Charter
Communications, Inc., is a borrower traded in the secondary market
at 93.46 cents-on-the-dollar during the week ended Friday,
July 16, 2010, according to data compiled by Loan Pricing Corp.
and reported in The Wall Street Journal.  This represents an
increase of 0.89 percentage points from the previous week, The
Journal relates.  The Company pays 262.5 basis points above LIBOR
to borrow under the facility, which matures on March 6, 2014.
Moody's has withdrawn its rating on the bank debt while it carries
Standard & Poor's BB+ rating.  The B-term loan is one of the
biggest gainers and losers among 205 widely quoted syndicated
loans with five or more bids in secondary trading for the week
ended Friday.

Based in St. Louis, Missouri, Charter Communications, Inc. (Pink
OTC: CHTRQ) -- http://www.charter.com/-- is a broadband
communications company and the fourth-largest cable operator in
the United States.  Charter provides a full range of advanced
broadband services, including advanced Charter Digital Cable(R)
video entertainment programming, Charter High-Speed(R) Internet
access, and Charter Telephone(R).  Charter Business(TM) similarly
provides scalable, tailored, and cost-effective broadband
communications solutions to business organizations, such as
business-to-business Internet access, data networking, video and
music entertainment services, and business telephone.  Charter's
advertising sales and production services are sold under the
Charter Media(R) brand.

Charter Communications and more than a hundred affiliates filed
voluntary Chapter 11 petitions on March 27, 2009 (Bankr. S.D.N.Y.
Case No. 09-11435).  As of March 31, 2009, the Debtors had total
assets of $13,650,000,000, and total liabilities of
$24,501,000,000.  Pacific Microwave filed for bankruptcy April 20,
2009, disclosing assets of not more than $50,000 and debts of more
than $1 billion.

The Hon. James M. Peck presides over the cases.  Richard M. Cieri,
Esq., Paul M. Basta, Esq., and Stephen E. Hessler, Esq., at
Kirkland & Ellis LLP, in New York, serve as counsel to the
Debtors, excluding Charter Investment Inc.  Albert Togut, Esq., at
Togut, Segal & Segal LLP in New York, serves as Charter
Investment, Inc.'s bankruptcy counsel.  Curtis, Mallet-Prevost,
Colt & Mosel LLP, in New York, is the Debtors' conflicts counsel.
Ernst & Young LLP is the Debtors' tax advisors.  KPMG LLP is the
Debtors' independent auditor.  The Debtors' valuation consultants
are Duff & Phelps LLC; the Debtors' financial advisors are Lazard
Freres & Co. LLC; and the Debtors' restructuring consultants are
AlixPartners LLC.  The Debtors' regulatory counsel is Davis Wright
Tremaine LLP, and Friend Hudak & Harris LLP.  The Debtors' claims
agent is Kurtzman Carson Consultants LLC.

Judge James M. Peck of the U.S. Bankruptcy Court for the Southern
District of New York approved the Debtors' pre-arranged joint plan
of reorganization in a bench ruling on Oct. 15, 2009.

On Nov. 30, 2009, Charter Communications, Inc., announced that it
has successfully completed its financial restructuring, which
significantly improves the Company's capital structure by reducing
debt by approximately 40 percent, or approximately $8 billion.

Charter Communications, Inc., has emerged from Chapter 11 under
its pre-arranged Joint Plan of Reorganization, which was confirmed
by the United States Bankruptcy Court for the Southern District of
New York on Nov. 17, 2009.

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


CHERRY VALLEY: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: Cherry Valley Acres LLC
        5305 E Second Street
        Long Beach, CA 90803

Bankruptcy Case No.: 10-38925

Chapter 11 Petition Date: July 14, 2010

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

Judge: Richard M. Neiter

Debtor's Counsel: Stephen F. Biegenzahn, Esq.
                  611 W 6th Street, Suite 850
                  Los Angeles, CA 90017
                  Tel: (213) 617-0017
                  Fax: (480) 247-5977
                  E-mail: efile@sfblaw.com

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

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

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

The petition was signed by Geoffrey S. Payne, president of Tahiti
Partners Real Estate Dev. Corp., manager.


CHRISTOPHER RANDALL: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------------
Joint Debtors: Christopher Randall
               Lisa L. Randall
               4122 E. McLellan Road #1
               Mesa, AZ 85205

Bankruptcy Case No.: 10-20991

Chapter 11 Petition Date: July 6, 2010

Court: U.S. Bankruptcy Court
       District of Arizona (Phoenix)

Judge: Charles G. Case, II

Debtor's Counsel: D. Lamar Hawkins, Esq.
                  Aiken Schenk Hawkins & Ricciardi PC
                  4742 North 24th Street, Suite 100
                  Phoenix, AZ 85016
                  Tel: (602) 248-8203
                  Fax: (602) 248-8840
                  E-mail: dlh@ashrlaw.com

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

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

A copy of the Joint Debtors' list of 20 largest unsecured
creditors filed together with the petition is available for
free at http://bankrupt.com/misc/AZB10-20991.pdf

The petition was signed by the Joint Debtors.


CITADEL LAND: Case Summary & 4 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Citadel Land, Inc.
        1802 Brightseat Road
        Hyattsville, MD 20785

Bankruptcy Case No.: 10-25819

Chapter 11 Petition Date: July 14, 2010

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

Judge: Thomas J. Catliota

Debtor's Counsel: James Greenan, Esq.
                  McNamee, Hosea, et. al.
                  6411 Ivy Lane, Suite 200
                  Greenbelt, MD 20770
                  Tel: (301) 441-2420
                  E-mail: jgreenan@mhlawyers.com

Estimated Assets: $0 to $50,000

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

A copy of the Company's list of 4 largest unsecured
creditors filed together with the petition is available for
free at http://bankrupt.com/misc/mdb10-25819.pdf

The petition was signed by A. Hugo DeCesaris, vice president.


CLAUDETTE ROBINSON-THORPE: Case Summary & Creditors List
--------------------------------------------------------
Debtor: Claudette Robinson-Thorpe
        319 Norton Street
        New Haven, CT 06511

Bankruptcy Case No.: 10-32129

Chapter 11 Petition Date: July 15, 2010

Court: U.S. Bankruptcy Court
       District of Connecticut (New Haven)

Judge: Lorraine Murphy Weil

Debtor's Counsel: Peter L. Ressler, Esq.
                  Groob Ressler & Mulqueen
                  123 York Street, Suite 1B
                  New Haven, CT 06511-0001
                  Tel: (203) 777-5741
                  Fax: (203) 777-4206
                  E-mail: ressmul@yahoo.com

Estimated Assets: $0 to $50,000

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

A copy of the Debtor's list of 20 largest unsecured
creditors filed together with the petition is available for
free at http://bankrupt.com/misc/ctb10-32129.pdf

The petition was signed by the Debtor.


CNH CAPITAL: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: CNH Capital, Inc.
          aka AMB, Inc.
        20837 N. 41st Avenue
        Glendale, AZ 85308

Bankruptcy Case No.: 10-21808

Chapter 11 Petition Date: July 13, 2010

Court: U.S. Bankruptcy Court
       District of Arizona (Phoenix)

Judge: George B. Nielsen, Jr.

Debtor's Counsel: Allan D. Newdelman, Esq.
                  Allan D Newdelman PC
                  80 E. Columbus Avenue
                  Phoenix, AZ 85012
                  Tel: (602) 264-4550
                  Fax: (602) 277-0144
                  E-mail: anewdelman@qwestoffice.net

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

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

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

The petition was signed by Anthony Bonanno, president.


CONFORCE INTERNATIONAL: Recurring Losses Cue Going Concern Doubt
----------------------------------------------------------------
Conforce International, Inc., filed on July 12, 2010, its annual
report on Form 10-K for the fiscal year ended March 31, 2010.

BDO Canada LLP, in Markham, Ontario, expressed substantial doubt
about the Company's ability to continue as a going concern.  The
independent auditors noted that the Company has incurred recurring
losses and its ability to continue as a going concern will depend
on its ability to generate positive cash flows from operations or
secure additional financing.

The Company reported a net loss attributable to Conforce
International of $788,727 on $2,000,424 of revenue for fiscal
2010, compared with a net loss attributable to Conforce
Internatiobnal of $357,796 on $1,553,540 of revenue for fiscal
2009.

The Company's balance sheet at March 31, 2010, showed $1,249,454
in assets and $1,965,504 of liabilities, for a stockholders'
deficit of $716,050.

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

                   http://researcharchives.com/t/s?6696

Conforce International, Inc. is a Delaware corporation
headquartered in Concord, Ontario, Canada.  Management of Conforce
has been in the shipping container business repairing, selling or
storing containers for over 25 years.  The Company operates a
Container Terminal through Conforce 1 Container Terminals, Inc.
In addition to the business of the container terminal, the Company
has been engaged in the research and development of a polymer
based composite shipping container and highway trailer flooring
product, EKO-FLOR.


CONGOLEUM CORP: American Biltrite Does Not Own Any Equity Interest
------------------------------------------------------------------
In a regulatory filing Friday, American Biltrite Inc., discloses
that effective as of July 1, 2010, the Company, Natalie S. Marcus,
Richard G. Marcus, Roger S. Marcus, William M. Marcus, Cynthia S.
Marcus, have ceased to beneficially own any Class A Common Stock
of Congoleum Corporation.

Effective as of July 1, 2010, the Fourth Amended Joint Plan of
Reorganization Under Chapter 11 of the Bankruptcy Code of
Congoleum Corporation, the Official Asbestos Claimants' Committee,
the Official Committee of Bondholders and the Future Claimants'
Representative, dated as of March 11, 2010, as modified, was
substantially consummated and became effective.  By operation of
the Congoleum Plan of Reorganization, all equity securities of
Congoleum Corporation, including common stock of Congoleum
Corporation and options to acquire common stock of Congoleum
Corporation, outstanding immediately prior to the substantial
consummation of the Congoleum Plan of Reorganization were
cancelled effective as of July 1, 2010, the date the Congoleum
Plan of Reorganization was substantially consummated and became
effective.

A full-text copy of American Biltrite's Schedule 13D (Amendment
No. 4) is available for free at
http://researcharchives.com/t/s?669b

                    About Congoleum Corporation

Based in Mercerville, New Jersey, Congoleum Corporation
(PINKSHEETS: CGMCQ) -- http://www.congoleum.com/-- manufactures
resilient sheet and tile and plank flooring products available in
a wide variety of product features, designs and colors.

The Company filed for Chapter 11 protection on December 31, 2003
(Bankr. D. N.J. Case No. 03-51524) as a means to resolve claims
asserted against it related to the use of asbestos in its products
decades ago.  Richard L. Epling, Esq., Robin L. Spear, Esq., and
Kerry A. Brennan, Esq., at Pillsbury Winthrop Shaw Pittman LLP,
and Paul S. Hollander, Esq., and James L. DeLuca, Esq., at Okin,
Hollander & DeLuca, LLP, represent the Debtors.

The Asbestos Claimants' Committee is represented by Peter Van N.
Lockwood, Esq., and Ronald Reinsel, Esq., at Caplin & Drysdale,
Chtd.  The Bondholders' Committee is represented by Michael S.
Stamer, Esq., and James R. Savin, Esq., at Akin Gump Strauss Hauer
& Feld LLP.  Nancy Isaacson, Esq., at Goldstein Isaacson, PC,
represents the Official Committee of Unsecured Creditors.

R. Scott Williams, Esq., at Haskell Slaughter Young & Rediker,
LLC, the Court-appointed Futures Claimants Representative, is
represented by Roger Frankel, Esq., Richard Wyron, Esq., and
Jonathan P. Guy, Esq., at Orrick Herrington & Sutcliffe LLP, and
Stephen B. Ravin, Esq., at Forman Holt Eliades & Ravin LLC.

American Biltrite, Inc. (AMEX: ABL), which owns 55% of Congoleum,
is represented by Matthew Ward, Esq., Mark S. Chehi, Esq.,
Christopher S. Chow, Esq., and Matthew P. Ward, Esq., at Skadden
Arps Slate Meagher & Flom.

Various entities have filed bankruptcy plans for the Debtors.  In
February 2008, the legal representative for future asbestos-
related claimants; the asbestos claimants' committee; the official
Committee of holders of the Company's 8-5/8% Senior Notes due
August 1, 2008; and Congoleum jointly filed a joint plan of
reorganization.  Various objections to the Joint Plan were filed.
In June 2008, the Bankruptcy Court issued a ruling that the Joint
Plan was not legally confirmable.

In August 2008, the Bondholders' Committee, the ACC, the FCR,
representatives of holders of prepetition settlements and
Congoleum entered into a term sheet describing the proposed
material terms of a new plan of reorganization and a settlement of
avoidance litigation with respect to prepetition claim settlement.
Certain insurers and a large bondholder filed objections to the
Litigation Settlement or reserved their rights to object to
confirmation of the Amended Joint Plan.  The Bankruptcy Court
approved the Litigation Settlement in October 2008.  The Amended
Joint Plan was filed in November 2008.

In January 2009, certain insurers filed a motion for summary
judgment seeking denial of confirmation of the Amended Joint Plan.
On February 26, 2009, the Bankruptcy Court rendered an opinion
denying confirmation of the Amended Joint Plan.  Moreover, the
Bankruptcy Court dismissed Congoleum's bankruptcy case.

On February 27, 2009, Congoleum and the Bondholders' Committee
appealed the Order of Dismissal and the ruling denying plan
confirmation to the U.S. District Court for the District of New
Jersey.  The District Court overturned the dismissal order, and
assumed jurisdiction of the bankruptcy proceedings.

In June 2010, Congoleum Corporation obtained from the District
Court of New Jersey an order confirming Congoleum's Plan of
Reorganization.


CONTECH CONSTRUCTION: Bank Debt Trades at 19% Off
-------------------------------------------------
Participations in a syndicated loan under which CONTECH
Construction Products, Inc., is a borrower traded in the secondary
market at 80.75 cents-on-the-dollar during the week ended Friday,
July 16, 2010, according to data compiled by Loan Pricing Corp.
and reported in The Wall Street Journal.  This represents an
increase of 2.56 percentage points from the previous week, The
Journal relates.  The Company pays 200 basis points above LIBOR to
borrow under the facility.  The bank loan matures on Jan. 31,
2013, and carries Moody's B1 rating and Standard & Poor's B
rating.  The B-term loan is one of the biggest gainers and losers
among 205 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended Friday.

CONTECH Construction Products, Inc. -- http://www.contech-cpi.com/
-- headquartered in West Chester, Ohio, makes, distributes, and
installs civil engineering products related to environmental storm
water, drainage, bridges, walls, and earth stabilization.  CONTECH
sells to builders of commercial, industrial, and public projects,
as well as large-scale residential communities.  Products range
from retaining walls and water-detention vaults to storm water
pipes and bridges in a variety of types for vehicular or
pedestrian use. CONTECH has dealers, distributors, or
manufacturing plants in all 50 U.S. states and a national sales
organization of more than 350 people.  Investment firm Apax
Partners owns CONTECH.

As reported by the Troubled Company Reporter on July 30, 2009,
Moody's affirmed the ratings of Contech Construction Products,
Inc. -- Corporate Family and Probability of Default Ratings at B2.
The outlook has been changed to negative from stable.  The
negative outlook reflects the risk that Contech's ability to
navigate the downturn in construction spending may be hindered by
its highly leveraged capital structure and diminished headroom
under its financial covenants.


CORNELL'S RESTAURANT: Heavy Debt Load Cues Bankruptcy Filing
------------------------------------------------------------
Eric Anderson at Times Union reports that Cornell's Restaurant
filed for bankruptcy under Chapter 11 in the U.S. Bankruptcy Court
in Albany, New York, citing heavy debt load.

The Company, the report notes, listed assets of $1.083 million and
debts of $1.062 million.  The problem is tax liens and debts which
date back to the former Cornells locations and the way this
project was put together back in 2003 by the now defunct
Schenectady Economic Development Corp., according to the report.

Cornell's owes $453,200 to the New York Business Development
Corp.; $75,000; Schenectady Local Development Corp.; $100,000, the
Schenectady County Economic Development and Planning Department,
Mr. Anderson relates.

Cornell's Restaurant operates a restaurant in New York.


CORSA INVESTMENT: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Corsa Investment, LLC
          dba Sleep Inn DIA
        15900 E. 40th Avenue
        Aurora, CO 80111

Bankruptcy Case No.: 10-27589

Chapter 11 Petition Date: July 14, 2010

Court: U.S. Bankruptcy Court
       District of Colorado (Denver)

Judge: Elizabeth E. Brown

Debtor's Counsel: Michael J. Guyerson, Esq.
                  1873 S. Bellaire Street, Suite 1401
                  Denver, CO 80222
                  Tel: (303) 512-1123
                  Fax: (303) 942-3502
                  E-mail: mguyerson@comcast.net

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

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

A copy of the Company's list of 20 largest unsecured
creditors filed together with the petition is available for
free at http://bankrupt.com/misc/cob10-27589.pdf

The petition was signed by Yong H. Lee, manager.


CYBERHOME ENTERTAINMENT: 9th Cir. Rejects Ta Chong's Claims
-----------------------------------------------------------
WestLaw reports that a factor's claim against a buyer, for paying
invoices to the seller, rather than to the factor directly, prior
to the seller's bankruptcy filing, was identical to the factor's
claim which was avoided in the seller's bankruptcy as a
preference.  Therefore, the bankruptcy court's order barred the
factor's claim.  The factor's claim was based on the seller's
accounts receivable, which the bankruptcy court had determined to
be part of the seller's bankruptcy estate.  Ta Chong Bank Ltd. v.
Hitachi High Technologies America, Inc., --- F.3d ----, 2010 WL
2671807, 10 Cal. Daily Op. Serv. 8645, (9th Cir.).

Ta Chong Bank filed a complaint wherein it asserted several claims
against Hitachi High Technologies America, Inc.  Those claims were
based on the Bank's interest in the accounts receivable of a third
party, CyberHome Entertainment, Inc., pursuant to certain
factoring agreements entered into by those entities.  Although the
factoring agreements provided that Hitachi was to pay the Bank,
Hitachi made payment directly to CyberHome, several months before
CyberHome filed for Chapter 7 bankruptcy.

The district court dismissed the Bank's claims, reasoning that
they were based solely on its interest in CyberHome's accounts
receivable, which the bankruptcy court had determined to be
property of CyberHome's bankruptcy estate.

The Ninth Circuit affirms the District Court's decision.

Based in Fremont, Calif., CyberHome Entertainment Inc. was a high
volume vendor of consumer electronics, equipment and related
products.  On Sept. 5, 2006, CyberHome filed a voluntary petition
under Chapter 7 of the Bankruptcy Code in the Northern District of
California, and John T. Kendall was appointed at the Chapter 7
Trustee.


D & B SWINE FARMS: Court Won't Enforce Arbitration Clause
---------------------------------------------------------
WestLaw reports that enforcing an arbitration clause by compelling
the arbitration of a Chapter 11 debtor-swine farm operator's
prepetition claim for the alleged wrongful termination of a
contract against a customer was not warranted where the debtor's
adversary proceeding also raised core claims that would remain
before the bankruptcy court.  Bifurcating the adversary proceeding
by allowing the arbitration of the prepetition claim would defeat
the objective of centrality, create the potential for inconsistent
results, interfere with the court's efficient administration of
the estate, impose additional, unnecessary litigation costs on the
estate, and divert the attention of the debtor's management from
operations.  In re D & B Swine Farms, Inc., --- B.R. ----, 2010 WL
358493 (Bankr. E.D.N.C.) (Leonard, J.).

D & B Swine Farms, Inc. -- a farrow-to-finish swine farm operation
with an animal population of approximately 1,200 sows that did not
itself own the animals it raised, but instead provided nursery,
growing, and finishing services for other businesses -- sought
bankruptcy protection (Bankr. E.D.N.C. Case No. 09-0283) under
chapter 12 of the U.S. Bankruptcy Code on Apr. 6, 2009.  The case
subsequently was converted to a case under chapter 11.  The Debtor
sued (Bankr. E.D.N.C. Adv. Pro. No. 09-00160) Murphy-Brown,
L.L.C., and Smithfield Foods, Inc., after a dispute arose under
the terms of a postpetition depopulation plan under which the
animals were removed from the Debtor's premises.

The Debtor is represented by David J. Haidt, Esq., at Ayers, Haidt
& Trabucco, P.A., in New Bern, N.C.  The Defendants in the
Adversary Proceeding are represented by Robert A. Cox, Jr., Esq.,
at McGuire Woods, LLP, in Charlotte, N.C.


DANIEL POWELL: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: Daniel Lewis Powell
        5601 North 131st Drive
        Litchfield Park, AZ 85340

Bankruptcy Case No.: 10-20875

Chapter 11 Petition Date: July 2, 2010

Court: U.S. Bankruptcy Court
       District of Arizona (Phoenix)

Judge: Redfield T. Baum Sr.

Debtor's Counsel: Donald W. Powell, Esq.
                  Carmichael & Powell, P.C.
                  7301 N. 16th Street, #103
                  Phoenix, AZ 85020
                  Tel: (602) 861-0777
                  Fax: (602) 870-0296
                  E-mail: d.powell@cplawfirm.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 creditors together with its
petition.

The petition was signed by the Debtor.


DAVID CUTLER: Loses Bid to Disqualify Former President's Lawyer
---------------------------------------------------------------
WestLaw reports that an attorney's limited, prior representation
of a corporation, when attempting to resolve a dispute between the
corporation and two of its trade creditors at request of his
client, the corporation's president, by making a few phone calls
and exchanging several e-mails with counsel for one of these trade
creditors, did not likely result in his obtaining any sensitive,
non-public information concerning the corporation which would not
have been disclosed on its Chapter 11 bankruptcy petition and
schedules, and did not require the disqualification of the
attorney from representing the corporate president in avoidance
proceedings in the Chapter 11 case.  There was nothing in the
record to suggest that the attorney had previously represented the
corporation in connection with the transactions that it now sought
to set aside.  In re David Cutler Industries, Ltd., --- B.R. ----,
2010 WL 2594307 (Bankr. E.D. Pa.) (Frank. J.).

After ceasing operations on Sept. 25, 2009, David Cutler
Industries, Ltd., sought chapter 11 protection (Bankr. E.D. Pa.
Case No. 09-18716) on Nov. 16, 2009, represented by Doron A.
Henkin, Esq., in Radnor, Pa., and Justin K. Miller, Esq., and
Marvin Larsson, Esq., at Henkin & Scheuritzel, in Philadelphia.
In the three months that followed the chapter 11 filing, DCI filed
six adversary proceedings against various defendants, seeking to
recover money or property based on various causes of action,
including claims under 11 U.S.C. Sec. 547 (preferential
transfers), 11 U.S.C. Sec. 548 (fraudulent transfers) and 11
U.S.C. Sec. 542 (request for turnover).  Walter Weir, Jr., Esq.
and his law firm, Weir & Partners, LLP, presently represent
several defendants, including DCI's former president, in four of
the adversary proceedings.  Mr. Weir also entered his appearance
generally on behalf of DCI's former president in the "main"
bankruptcy case.


DEAN HARDWOODS: Plan Not Substantially Consummated Despite Payment
------------------------------------------------------------------
WestLaw reports that distribution under a debtor's confirmed
Chapter 11 plan had not "commenced," as required for the plan to
be "substantially consummated" and for the debtor to be barred
from modifying the plan, though the debtor had made payments to
some creditors.  The debtor had yet to make payments to all of the
classes included in the plan.  A bankruptcy judge in North
Carolina held that "commencement of distribution under the plan,"
as that phrase is used in a bankruptcy statute defining when plan
is substantially consummated, see 11 U.S.C. Sec. 1101(2)(C),
should not be equated with the beginning of payments to a single
creditor, but with the commencement of payments to all or
substantially all creditors.  In re Dean Hardwoods, Inc., --- B.R.
----, 2010 WL 2306678 (Bankr. E.D.N.C.).

Wilmington, North Carolina-based Dean Hardwoods, Inc. --
http://www.deanwood.com/-- sells lumber, wood flooring, and
moldings services.  It filed for Chapter 11 bankruptcy protection
(Bankr. E.D.N.C. Case No. 08-05404) on August 11, 2008.  Trawick
H. Stubbs, Jr., Esq., at Stubbs & Perdue, P.A., represents the
Company in its restructuring efforts.  The Company disclosed
$5,537,913 in assets and $10,342,609 in debts at the time of the
filing, and obtained confirmation of a Chapter 11 plan backed by
$1.5 million of new financing in June 2009.


DEBRA TONEY: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Debra C. Toney
        290 Fillmore Street
        Denver, CO 80206-5020

Bankruptcy Case No.: 10-27731

Chapter 11 Petition Date: July 15, 2010

Court: U.S. Bankruptcy Court
       District of Colorado (Denver)

Judge: Sidney B. Brooks

Debtor's Counsel: Kenneth J. Buechler, Esq.
                  1828 Clarkson Street, Suite 200
                  Denver, CO 80218
                  Tel: (720) 381-0045
                  Fax: (720) 381-0392
                  E-mail: ken@kjblawoffice.com

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

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

According to the schedules, the Debtor says that assets total
$957,053 while debts total $1,530,356.

A copy of the Debtor's list of 20 largest unsecured
creditors filed together with the petition is available for
free at http://bankrupt.com/misc/cob10-27731.pdf

The petition was signed by the Debtor.


DENMAN TIRE: Court OKs Sale of Machinery & Equipment to Titan
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District in Ohio, the
judge signed the order approving the sale of the Denman Tire
machinery and equipment, including other inventory items, for
$3 million to Titan Tire Corporation, a subsidiary of Titan
International, Inc. Denman, a producer of specialty tires, had
estimated sales of US$75 million in 2008.  The purchase did not
include any land or buildings.

"Closing should take place within a week. Titan then plans to move
the machinery and equipment," said Titan Chairman and CEO Maurice
M. Taylor Jr. "I believe it was a great purchase for Titan and the
machinery and equipment will complement Titan's product line."

The Bankruptcy Court in June approved the sale of certain assets
of Denman Tire to Titan Tire for $4.4 million.  The asset purchase
included the Denman Tire name, tire specifications, patents,
molds, various bladder tooling, customer lists and other items.
The purchase did not include any machinery, land or buildings.

Titan International, Inc. -- http://www.titan-intl.com-- is a
holding company that owns subsidiaries that supply wheels, tires
and assemblies for off-highway equipment used in agricultural,
earthmoving/construction and consumer (including all terrain
vehicles) applications.

                      About Denman Tire

Based in Ohio, Denman Tire -- http://www.denmantire.com/-- is a
producer of specialty tires.

Denman Tire filed for Chapter 7 liquidation in May 2010.  The
Company had informed workers in February that it may close down
due to poor economic conditions.  The Company said it is trying to
look for a buyer that could reopen its plant.  A total of 270
workers have been laid off since November 2009.

The petition says the Company owes between $1 million and $10
million to more than 200 creditors.


DEUCE INVESTMENTS: Files Outline for Plan of Liquidation
--------------------------------------------------------
Deuce Investments, Inc., filed with the U.S. Bankruptcy Court for
the Eastern District of North Carolina a proposed Plan of
Liquidation and explanatory Disclosure Statement.

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

According to the Disclosure Statement, the Debtor proposes to pay
its creditors under the Plan through the liquidation of all of its
real and personal property.

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

                   About Deuce Investments, Inc.

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


DHP HOLDINGS: Wants Reorganization Case Converted to Chapter 7
--------------------------------------------------------------
DHP Holdings II Corporation, et al., ask the U.S. Bankruptcy Court
for the District of Delaware to convert their Chapter 11 case to
one under Chapter 7 of the Bankruptcy Code.

The Debtors have wound down and ceased their operations, and have
liquidated substantially all of their tangible assets.  The
Debtors do not believe they will be able to propose or confirm a
Plan in these case, and are incurring administrative expenses.

The Debtors propose a hearing on the case conversion on July 23,
2010, at 9:30 a.m. (Eastern Time.)  Objections were due on
July 16.

                       About DHP Holdings II

Headquartered in Bowling Green, Kentucky, DHP Holdings II
Corporation is the parent of DESA Heating, which sells and
distributes heating commercial products in Europe and Mexico under
brand names including ReddyHeater, Comfort Glow and Master
Portable Heaters.  The Company has manufacturing, storage and
distribution facilities in Alabama and California.

DHP Holdings II and six of its affiliates filed for Chapter 11
protection on December 29, 2008 (Bankr. D. Del. Lead Case No.
08-13422).  The Company's international arm, HIG-DHP Barbados, has
not filed for bankruptcy.  HIG-DHP Barbados holds 100% of the
equity of all foreign nondebtor subsidiaries, which manufacture,
distribute and sell commercial and consumer goods in Europe,
Mexico, and Canada.

Laura Davis Jones, Esq., and Timothy P. Cairns, Esq., at
Pachulski, Stang, Ziehl Young & Jones LLP, represent the Debtors
as counsel.  The Debtors proposed AEG Partners as restructuring
consultants, and Craig S. Dean as chief restructuring officer and
Kevin Willis as assistant chief restructuring officer.  The Court
approved Epiq Bankruptcy Solutions LLC as noticing, claims and
balloting agent.  As of November 29, 2008, the Company, along with
its non-debtor subsidiaries and affiliates, had assets of
$132.5 million and liabilities of $133.2 million.


DIAMOND RANCH: Gruber & Co. Raises Going Concern Doubt
------------------------------------------------------
Gruber & Company LLC, in Lake Saint Louis, Missouri, expressed
substantial doubt about Diamond Ranch Foods Ltd.'s ability to
continue as a going concern, noting that the Company has suffered
recurring losses from operations after the firm audited the
Company's balance sheet as of March 31, 2010, and 2009.

The Company's balance sheet at March 31, 2010, showed $1.7 million
in total assets and $6.2 million in total liabilities, for a
stockholders' deficit of $4.5 million.

The Company reported a net loss of $829,823 on $8.5 million of net
revenues for the fiscal year ended March 31, 2010, compared with a
net loss of $1.0 million on $6.4 million net revenue in fiscal
2009.

A full-text copy of the Company's annual report on Form 10-K is
available for free at http://ResearchArchives.com/t/s?6694

                      About Diamond Ranch

Diamond Ranch Foods, Ltd. -- http://www.diamondranchfoods.com/--
is a meat processing and distribution company now located in the
Hunts Point Coop Market, Bronx, New York.  The Company's
operations consist of packing, processing, labeling, and
distributing products to a customer base, including, but not
limited to; in-home food service businesses, retailers, hotels,
restaurants, and institutions, deli and catering operators, and
industry suppliers.

In May 2009, Gruber & Company, LLC, in Lake Saint Louis, Missouri,
raised substantial doubt on the ability of Diamond Ranch Foods to
continue as a going concern after it audited the Company's
financial statements for the year ended March 31, 2009, and 2008.
The auditor pointed to the Company's recurring losses from
operations.

Diamond Ranch Foods reported total assets of $1.34 million against
debts of 5.46 million, resulting to a stockholders' deficit of
$4.13 million as of Dec. 31, 2009.


DIETZE CONSTRUCTION: Competing Bids for Assets Due By July 28
-------------------------------------------------------------
Subject to higher and better offers, Dietze Construction Group,
Inc., is proposing to sell substantially all of its assets to SD
Acquisition LLC.  The assets described in an Asset Purchase
Agreement delivered to the bankruptcy court include construction
contracts for the Army Navy Country Club, Faison-Clemson, Howard
Hughes Medical Institute/Janelia Farm, Highland Swim & Tennis,
Deitze/Suffolk Joint Venture and the "Dietze" name and goodwill.
The deadline for submitting a Qualified Bid and complying with the
Bidding Procedures is 4:00 p.m., Eastern Time, on July 28, 2010.
Interested bidders may obtain a copy of the Sale Motion, the Asset
Purchase Agreement, Bidding Procedures Order, Bidding Procedures
and Cure Schedule, and should direct inquiries to counsel for the
Debtor:

         Katie A. Lane, Esq.
         ARENT FOX LLP
         1050 Connecticut Ave NW
         Washington, DC 20036
         Telephone: (202) 828-3422
         E-mail: Lane.katie@arentfox.com

An Auction (if necessary) and a hearing on the approval of the
sale to either will be conducted on August 2, 2010, at 9:30 a.m.,
Eastern Time, before the Honorable Stephen S. Mitchell in
Courtroom I, United States Bankruptcy Court, 200 S. Washington
St., Alexandria, Va.  Objections to the relief sought by the
Debtor must be filed with the Court and served so as to actually
be received by the Clerk of the Court and the parties set forth in
the Bidding Procedures Order no later than 4:00 p.m. on July 26,
2010, Eastern Time.

Dietze Construction Group, Inc., sought chapter 11 protection
(Bankr. E.D. Va. Case No. 10-14103) on May 19, 2010, and estimated
its assets and debts at less than $10 million at the time of the
filing.


DOLLAR THRIFTY: PAR Capital No Longer "Passive" Investor
--------------------------------------------------------
PAR Capital Management, Inc., last week filed documents with the
Securities and Exchange disclosing it has raised its stake in
Dollar Thrifty Automotive Group, Inc.  PAR said it is no longer a
passive investor as such term is defined in the securities laws.

An investor is considered "passive" if the investor has not
acquired and does not hold securities for the purpose of, or with
the effect of, changing or influencing the control of the issuer
of the securities.

                      About Dollar Thrifty

Dollar Thrifty Automotive Group, Inc., is headquartered in Tulsa,
Oklahoma.  Driven by the mission "Value Every Time," the Company's
brands, Dollar Rent A Car and Thrifty Car Rental, serve value-
conscious travelers in over 70 countries.  Dollar and Thrifty have
over 600 corporate and franchised locations in the United States
and Canada, operating in virtually all of the top U.S. and
Canadian airport markets.  The Company's approximately 6,400
employees are located mainly in North America, but global service
capabilities exist through an expanding international franchise
network.

At March 31, 2010, the Company had total assets of $2,470,879,000
against total liabilities of $2,047,769,000, resulting in
stockholders' equity of $423,110,000.

                          *     *     *

As reported by the Troubled Company Reporter on May 5, 2010,
Dominion Bond Rating Service placed the ratings of Dollar Thrifty
Automotive Group, Inc., including its Issuer Rating of B (high),
Under Review with Positive Implications.  This ratings action
follows the announcement that the Company has reached a definitive
agreement to be acquired by the higher-rated Hertz Corporation.
DBRS rates Hertz BB, at the issuer level.

In November 2009, Standard & Poor's Ratings Services raised its
corporate credit rating of Dollar Thrifty to 'B-' from 'CCC', in
light of the Company's improved operating and financial
performance that began in mid-2009.  Moody's Investors Service
also upgraded Dollar Thrifty's Probability of Default Rating to
'B3' from 'Caa2' and Corporate Family Rating to 'B3' from 'Caa3'.


DOLLARAMA GROUP: Moody's Upgrades Corporate Family Rating to 'Ba2'
------------------------------------------------------------------
Moody's Investors Service upgraded the Corporate Family rating of
Dollarama Group Holdings L.P. to Ba2 from Ba3, affirmed the
company's Probability of Default rating at Ba3 and also affirmed
its speculative grade liquidity rating at SGL-2 (indicating good
liquidity).  The rating outlook is stable.  Concurrently, Moody's
withdrew Dollarama's B2 senior subordinate rating as well as the
Ba1 senior secured rating of Dollarama's subsidiary, Dollarama
Group L.P. as those related obligations have been fully repaid
with proceeds from a new credit facility that Moody's has not been
asked to rate.  Moody's will withdraw Dollarama's PDR and SGL
ratings now and will withdraw its CFR in the next few days.
Please refer to www.moodys.com for Moody's Withdrawal Policy.

Upgrades:

Issuer: Dollarama Group Holdings L.P.

  -- Corporate Family Rating, Upgraded to Ba2 from Ba3 (will be
     withdrawn in next few days)

Withdrawals (Now):

Issuer: Dollarama Group Holdings L.P.

  -- Senior Subordinated Regular Bond/Debenture, Withdrawn,
     previously rated B2, LGD5, 84%

  -- Probability of Default Rating, Withdrawn, previously rated
     Ba3

  -- Speculative Grade Liquidity Rating, Withdrawn, previously
     rated SGL-2

Issuer: Dollarama Group L.P.

  -- Senior Secured Bank Credit Facility, Withdrawn, previously
     rated Ba1, LGD2, 24%

  -- Outlook, Changed To Rating Withdrawn From Stable

The upgrade to Dollarama's CFR reflects Moody's view that Bain
Capital's further reduction in its ownership of Dollarama's
parent, Dollarama Inc lessens the likelihood that Bain will seek
to limit any further improvement to Dollarama's capital structure.
Bain has now reduced its ownership in DI to 30% from almost 60%
following completion of DI's initial public offering in late 2009.
Moody's had cited Bain's majority ownership position in DI as a
factor that constrained its ratings as Bain had historically
sought to maximize its returns in Dollarama by maintaining
adjusted leverage close to 6.5x compared to leverage of roughly 4x
currently.  Dollarama's PDR has been affirmed to reflect the
change in its capital structure, which is now comprised of one
class of first lien senior secured bank debt.  The one notch
differential between the company's CFR and PDR is consistent with
the application of Moody's loss-given-default methodology.

Dollarama's Ba2 rating considers its leading market position in a
segment of retailing that is relatively resilient to economic
trends.  These favorable attributes are further complemented by
the company's direct sourcing expertise, which contributes to
produce an operating margin that is substantially superior to its
peers.  Moreover, Moody's expects the company's operating results
should continue to trend favorably through the near term driven in
part by its merchandising initiatives and value-oriented customer
behavior.  Lastly, the rating incorporates Moody's belief that
Dollarama is likely to balance the use of its free cash flow
between debt reduction and expansion objectives in a manner that
preserves the improvement in its capital structure that has
resulted from the IPO.  The rating is constrained by the
competitive retail environment, inventory write-down risks related
to the company's lack of a sophisticated inventory management
system historically, the potential that margin pressure may
develop over time and the company's evolving financial policies.

Moody's last rating action on Dollarama was on December 21, 2009,
when its Corporate Family rating was upgraded to Ba3 with a stable
outlook from B1 with a positive outlook.

Dollarama Group Holdings L.P. is the parent of Dollarama Group
L.P, which is a leading extreme value retailer operating 611
stores in Canada with annual revenue of roughly C$1.3 billion.
Both companies are headquartered in Montreal, Canada and are
subsidiaries of publicly-traded Dollarama Inc.


DOT VN: Signs MOU with VNNIC to Support Testing of Data Center
--------------------------------------------------------------
Dot VN Inc. has entered into a memorandum of understanding with
the Vietnam Internet Network Information Center to conduct a test
of Elliptical Mobile Solutions', C3-S.P.E.A.R. Micro-Modular Data
CenterTM equipment at VNNIC's primary Internet data center in
Hanoi, Vietnam.

According to the terms of the MOU, Dot VN and VNNIC will partner
together to evaluate the performance of EMS' data center
infrastructure technology in a trial that is expected to initially
last three months.  The purpose of the test is to demonstrate the
technology's capabilities with the intention of building data
centers in Vietnam and Asia based on EMS' Micro-Modular Data
CenterTM equipment.  VNNIC will be responsible for providing the
technical staff who will manage the testing and operation of the
data center unit, while Dot VN will provide support to VNNIC as
necessary in the implementation of the test.  The test will
showcase EMS' C3-S.P.E.A.R. Micro-Modular Data CenterTM, a best
of breed technology solution that provides substantial cost and
energy savings with minimal upfront investment compared to similar
data center technologies.

"We are extremely excited about the testing that will be performed
in Hanoi over the next three months," remarked Dot VN CEO Thomas
Johnson. "EMS' C3-S.P.E.A.R. Micro-Modular Data CenterTM is
cutting edge technology that is both mobile and highly scalable.
Given that both the cost and availability of electricity in
Vietnam continues to be an ongoing challenge for sustained IT
growth, we believe that the C3-S.P.E.A.R's industry leading energy
efficiency is the ideal solution to overcome this issue.
Moreover, introducing the technology to Vietnam is in keeping with
our commitment to deliver best of breed technology solutions to
the people of Vietnam."

                           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.


DOUBLE G TRUCKING: Tractor Lease Not Disguised Financing Deal
-------------------------------------------------------------
WestLaw reports that under Arkansas law, a Chapter 11 debtor, as
the lessee under a commercial lease for three tractors that
provided for the rental price to be adjusted based on the amount
that could be realized from the disposition of the tractors at
lease termination, could not rely upon these terminal rental
adjustment clauses (TRACs) to prove that it had equity in the
tractors.  Therefore, absent other evidence that the debtor-lessee
had equity in the tractors or that the lessor did not retain a
reversionary interest or entrepreneurial stake in the tractors,
the transaction had to be characterized as a true lease, rather
than a disguised security agreement, warranting the granting of
the lessor's motion to require the debtor-lessee's assumption or
rejection of the unexpired lease.  In re Double G Trucking of the
Arklatex, Inc., --- B.R. ----, 2010 WL 2631261 (Bankr. W.D. Ark.)
(Mixon, J.).

Double G Trucking of the Arklatex, Inc., sought Chapter 11
protection (Bankr. W.D. Ark. Case No. 09-73431) on July 13, 2009.
A copy of the Debtor's chapter 11 petition is available
at http://bankrupt.com/misc/arwb09-73431.pdfat no charge.


EARTH SEARCH: Recurring Losses Prompt Going Concern Doubt
---------------------------------------------------------
Earth Search Sciences, Inc., filed its annual report on Form 10-K
for the year ended March 31, 2010.

MaloneBailey, LLP, in Houston, Tex., expressed substantial doubt
about the Company's ability to continue as a going concern.  The
independent auditors noted that Earth Search incurred losses from
operations for fiscal 2010 and 2009 and has a working capital
deficit as of March 31, 2010.

The Company reported a net loss of $1,267,675 for fiscal 2010,
compared with a net loss of $8,496,248 for fiscal 2009.  The
Company's aircraft was grounded in 2006 for required FAA repairs
and maintenance and remained grounded through the issuance of this
report.  As a result, the Company has not generated any revenue
from its Hyperspectral remote sensing in fiscal year 2010 and
2009.

The Company's balance sheet at March 31, 2010, showed $1,045,771
in assets and $18,943,852 of liabilities, for a stockholders'
deficit of $17,898,081.

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

                  http://researcharchives.com/t/s?6689

Lakeside, Montana-based Earth Search Sciences, Inc., is a Nevada
corporation.  The Company has five wholly-owned subsidiaries:
Skywatch Exploration, Inc., Polyspectrum Imaging, Inc., Geoprobe,
Inc., STDC, Inc and General Synfuels International.  In addition,
there are five majority-owned consolidated subsidiaries: Earth
Search Resources, Inc., Eco Probe, Inc., ESSI Probe 1 LC, Petro
Probe, Inc. and Terranet, Inc.  All subsidiaries except Petro
Probe and General Synfuels were inactive during fiscal 2009 and
2010.  The Company did not generate any revenue during fiscal year
2010, has no current business operations and is currently focused
on two potential business ventures.

First, the Company is working with certain investors to develop
and employ technology in the extraction of oil and gas from oil
shale.  Second, the Company is seeking joint venture opportunities
with private industry, universities and state and federal agencies
to develop, package and deliver, through the application of its
hyperspectral remote sensing solutions, applications and
associated technologies, superior airborne mapping products and
services.


ELITE PHARMA: Midsummer Investment Holds 9.3% of Shares
-------------------------------------------------------
New York-based Midsummer Investment Ltd. disclosed that it may be
deemed to beneficially own 8,661,136 shares or roughly 9.3% of
Elite Pharmaceuticals, Inc. common stock.

Midsummer Capital LLC is the investment advisor to Midsummer
Investment.

In September 2009, Midsummer Investments and Bushido Capital
Master Fund LP filed a complaint against Elite Pharmaceuticals in
the United States District Court, Southern District of New York,
case no. 09-cv-8074,  The Plaintiffs asserted claims for breach of
contract (injunctive relief and damages), anticipatory breach of
contract (injunctive relief), conversion (injunctive relief and
damages), and attorneys' fees, arising out of a Securities
Purchase Agreement, dated September 15, 2008, by and among the
Company and certain purchasers of the Company's securities
(including the Plaintiffs) and the Certificate of Designation of
Preferences, Rights and Limitations of Series D 8% Convertible
Preferred Stock, filed with the Secretary of State of the State of
Delaware on September 15, 2009.  The Plaintiffs claimed that they
were entitled to a reduced conversion price for their Series D 8%
Convertible Preferred Stock, par value US$0.01 per share, as a
result of the Strategic Alliance Agreement, dated March 18, 2009,
as amended, by and among the Company, on the one hand, and Epic
Pharma, LLC, and Epic Investments, LLC.  With their complaint, the
Plaintiffs concurrently filed a request for preliminary
injunction.  Pursuant to an order of the Court entered into on
October 16, 2009, the Plaintiffs' request for a preliminary
injunction was denied.  Thereafter, Plaintiffs filed an amended
complaint, asserting claims for breach of contract (injunctive
relief and damages), anticipatory breach of contract (injunctive
relief), conversion (damages) and attorneys' fees, seeking
compensatory damages of $7,455,363.00, delivery of 1,000,000
shares of the Company's common stock, par value $0.001 per share,
a declaration that all future conversions of the Series D
Preferred Stock, held by the Plaintiffs is at a conversion price
of $0.05, attorneys' fees, interest and costs.

The Company disputed the claims in the Complaint, believing the
lawsuit to be without merit, and vigorously defended against them.
The Company moved for summary judgment on the Complaint and the
judge in the case did not issue an order on such motion.  The
Company proceeded with extensive, time-consuming and costly
discovery.  The court scheduled the trial to commence on June 28,
2010.

To avoid the delays, expense and risks inherent in litigation,
after extensive negotiations, the Company entered into (i) a
Stipulation of Settlement and Release, dated June 25, 2010, with
the Plaintiffs and the Epic Parties, (ii) an Amendment Agreement,
dated June 25, 2010, with the Plaintiffs and (iii) an Amendment
Agreement, dated June 25, 2010, with the Epic Parties.  As part of
the Settlement Agreement, the Action will be dismissed with
prejudice.

                   About Elite Pharmaceuticals

Northvale, N.J.-based Elite Pharmaceuticals, Inc. (OTC BB: ELTP)
-- http://www.elitepharma.com/-- is a specialty pharmaceutical
company principally engaged in the development and manufacture of
oral, controlled-release products, using proprietary technology.
The Company has two products, Lodrane 24(R) and Lodrane 24D(R),
currently being sold commercially.

Demetrius & Company, L.L.C., in Wayne, New Jersey, expressed
substantial doubt about the Company's ability to continue as a
going concern.  The independent auditors noted that the Company
has experienced significant losses and negative operating cash
flows resulting in a working capital deficiency and shareholders'
deficit.

The Company's balance sheet at March 31, 2010, showed
$10.6 million in assets and $21.2 million of liabilities, for a
stockholders' deficit of $10.6 million.


ELITE PHARMA: CEO Treppel Acquires 500,000 Shares on July 16
------------------------------------------------------------
Jerry Treppel, chairman and CEO of Elite Pharmaceuticals, Inc.,
disclosed acquiring 500,000 shares of common stock at $0.0692 on
July 16, 2010.  He now holds 2,659,557 shares directly.

                   About Elite Pharmaceuticals

Northvale, N.J.-based Elite Pharmaceuticals, Inc. (OTC BB: ELTP)
-- http://www.elitepharma.com/-- is a specialty pharmaceutical
company principally engaged in the development and manufacture of
oral, controlled-release products, using proprietary technology.
The Company has two products, Lodrane 24(R) and Lodrane 24D(R),
currently being sold commercially.

Demetrius & Company, L.L.C., in Wayne, New Jersey, expressed
substantial doubt about the Company's ability to continue as a
going concern.  The independent auditors noted that the Company
has experienced significant losses and negative operating cash
flows resulting in a working capital deficiency and shareholders'
deficit.

The Company's balance sheet at March 31, 2010, showed
$10.6 million in assets and $21.2 million of liabilities, for a
stockholders' deficit of $10.6 million.


EMMIS COMMUNICATIONS: Directors Disclose Equity Stake
-----------------------------------------------------
Susan B. Bayh, a director at Emmis Communications Corp., on
Wednesday disclosed that she sold off 106,485 shares of Emmis
Class A common stock in several transactions on October 21, 2009.
Those deals lowered her holdings to 59,200 shares.

In a separate disclosure, director Lawrence B. Sorrel on Friday
disclosed acquiring 4,618 shares of the Company's Class A common
stock -- raising his stake to 18,200 shares.  The shares were
awarded under the 2004 Equity Compensation Plan for attendance at
board and committee meetings during the calendar year 2005.
According to Friday's filing, the shares were acquired January
2006.

Mr. Sorrel also disclosed holding directly Non-Employee Director
Stock Option Right To Buy.

A full-text copy of Mr. Sorrel's disclosure is available at no
charge at http://ResearchArchives.com/t/s?669c

                            About Emmis

Headquartered in Indianapolis, Indiana, Emmis Communications
Corporation -- http://www.emmis.com/-- owns and operates radio
stations and magazine publications in the U.S. and in Europe.

At February 28, 2010, the Company had $498,168,000 in total
assets; $487,246,000 in total liabilities and $140,459,000 in
Series A Cumulative Convertible Preferred Stock; and shareholders'
deficit of $178,959,000.  At February 28, 2010, the Company had
non-controlling interests of $49,422,000 and total deficit of
$129,537,000.

As of April 15, 2010, the Company had not paid the Preferred Stock
dividend for six consecutive quarterly periods.

                           *     *     *

In April 2009, Moody's cut its corporate family rating on the
Company to 'Caa2'.

In May 2009, S&P raised its corporate credit rating on the Company
to 'CCC+'.  In June, S&P withdrew the 'CCC+' Corp. Credit Rating
at the Company's request.


EMMIS COMMUNICATIONS: DJD Pays $2.27MM for 3.6% Preferreds Stake
----------------------------------------------------------------
The DJD Group LLLP and Don J. DeFosset, its general partner,
disclosed that they may be deemed to beneficially own 101,210
shares of Emmis Communications Corporation's 6.25% Series A
Cumulative Convertible Preferred Stock, $0.01 par value per share,
representing 3.6% of the outstanding shares of the Company's
Preferred Stock -- based on 2,809,170 shares of the Company's
Preferred Stock disclosed as outstanding.

The DJD Group purchased the Preferred Stock over a period of time
commencing on October 12, 2009, for an aggregate purchase price of
$2,274,430.  The purchase price was paid out of the DJD Group's
own investment capital which, in turn, was provided out of the
personal funds of Mr. DeFosset.

The DJD Group also disclosed that because the Preferred Stock
currently is convertible into shares of Class A Common Stock, they
also are deemed under Rule 13d-3(d)(1)(i)(B) of the Exchange Act
to have beneficial ownership of the shares of Class A Common Stock
issuable upon conversion of the Preferred Stock.  The Preferred
Stock has a conversion price of $20.495 and a liquidation value of
$50.00 per share.  Accordingly, the 101,210 shares of Preferred
Stock beneficially owned are convertible into 246,913 shares of
Class A Common Stock, representing 0.7% of the 33,160,286 shares
of Class A Common Stock deemed outstanding pursuant to Rule 13d-
3(d)(1)(i) of the Exchange Act (based on 32,913,373 shares of
Class A Common Stock disclosed as outstanding in the Company's
definitive proxy statement.

In connection with Emmis CEO Jeffrey H. Smulyan's plan to take the
company private, on July 9, 2010 Double Diamond Partners LLC,
Zazove Aggressive Growth Fund, L.P., R2 Investment, LDC, the DJD
Group, Third Point LLC, the Radoff Family Foundation, Bradley L.
Radoff, and LKCM Private Discipline Master Fund, SPC entered into
a written lock-up agreement pursuant to which, among other things,
each of them agreed, subject to certain exceptions, to: (1) vote
or cause to be voted any and all of its Preferred Shares against
the Proposed Amendments; (2) restrict dispositions of Preferred
Shares; (3) not enter into any agreement, arrangement or
understanding with any person for the purpose of holding, voting
or disposing of any securities of the Company, or derivative
instruments with respect to securities of the Company; (4) consult
with each other prior to making any public announcement concerning
the Company; and (5) share certain expenses incurred in connection
with the Lock-Up Holders' investment in the Preferred Shares, in
each case during the term of the Lock-Up Agreement.

The DJD Group is a family-owned privately held limited liability
partnership which invests in various types of securities.  Mr.
DeFosset, a citizen of the United States whose principal
occupation consists of serving as the managing general partner of
the DJD Group.  The DJD Group is based in Tampa, Florida.

                            About Emmis

Headquartered in Indianapolis, Indiana, Emmis Communications
Corporation -- http://www.emmis.com/-- owns and operates radio
stations and magazine publications in the U.S. and in Europe.

At February 28, 2010, the Company had $498,168,000 in total
assets; $487,246,000 in total liabilities and $140,459,000 in
Series A Cumulative Convertible Preferred Stock; and shareholders'
deficit of $178,959,000.  At February 28, 2010, the Company had
non-controlling interests of $49,422,000 and total deficit of
$129,537,000.

As of April 15, 2010, the Company had not paid the Preferred Stock
dividend for six consecutive quarterly periods.

                           *     *     *

In April 2009, Moody's cut its corporate family rating on the
Company to 'Caa2'.

In May 2009, S&P raised its corporate credit rating on the Company
to 'CCC+'.  In June, S&P withdrew the 'CCC+' Corp. Credit Rating
at the Company's request.


EMMIS COMMUNICATIONS: LKCM Pays $105,000 for 3.6% of Preferreds
---------------------------------------------------------------
LKCM Private Discipline Master Fund SPC, a Cayman Islands
segregated portfolio company; LKCM Private Discipline Management,
L.P., a Delaware limited partnership; LKCM Alternative Management,
LLC, a Delaware limited liability company; Luther King Capital
Management Corporation, a Delaware corporation; J. Luther King,
Jr. and J. Bryan King disclosed that they may be deemed to hold
100,000 shares -- or roughly 3.6% -- of Emmis Communications
Corporation's 6.25% Series A Cumulative Convertible Preferred
Stock and Class A Common Stock, par value $0.01 per share.

Master Fund acquired 100,000 shares of Preferred Stock in open
market transactions for an aggregate purchase price of
approximately $105,000 using working capital.

LKCM et al. also disclosed they may be deemed to beneficially own
243,961 shares of Emmis Common Stock issuable upon conversion of
the shares of Preferred Stock -- which represents 0.7% of the
outstanding Common Stock.

In connection with Emmis CEO Jeffrey H. Smulyan's plan to take the
company private, on July 9, 2010 Double Diamond Partners LLC,
Zazove Aggressive Growth Fund, L.P., R2 Investment, LDC, the DJD
Group, Third Point LLC, the Radoff Family Foundation, Bradley L.
Radoff, and LKCM Private Discipline Master Fund, SPC entered into
a written lock-up agreement pursuant to which, among other things,
each of them agreed, subject to certain exceptions, to: (1) vote
or cause to be voted any and all of its Preferred Shares against
the Proposed Amendments; (2) restrict dispositions of Preferred
Shares; (3) not enter into any agreement, arrangement or
understanding with any person for the purpose of holding, voting
or disposing of any securities of the Company, or derivative
instruments with respect to securities of the Company; (4) consult
with each other prior to making any public announcement concerning
the Company; and (5) share certain expenses incurred in connection
with the Lock-Up Holders' investment in the Preferred Shares, in
each case during the term of the Lock-Up Agreement.

                            About Emmis

Headquartered in Indianapolis, Indiana, Emmis Communications
Corporation -- http://www.emmis.com/-- owns and operates radio
stations and magazine publications in the U.S. and in Europe.

At February 28, 2010, the Company had $498,168,000 in total
assets; $487,246,000 in total liabilities and $140,459,000 in
Series A Cumulative Convertible Preferred Stock; and shareholders'
deficit of $178,959,000.  At February 28, 2010, the Company had
non-controlling interests of $49,422,000 and total deficit of
$129,537,000.

As of April 15, 2010, the Company had not paid the Preferred Stock
dividend for six consecutive quarterly periods.

                           *     *     *

In April 2009, Moody's cut its corporate family rating on the
Company to 'Caa2'.

In May 2009, S&P raised its corporate credit rating on the Company
to 'CCC+'.  In June, S&P withdrew the 'CCC+' Corp. Credit Rating
at the Company's request.


ENERGYSOLUTIONS: Moody's Assigns 'Ba2' Rating on Two Loans
----------------------------------------------------------
Moody's Investors Service assigned Ba2 ratings to EnergySolutions,
LLC, new $560 million term loan facility and its new $125 million
revolving credit facility.  The company's new $300 million senior
unsecured notes were rated B3.  Moody's downgraded the corporate
family rating to B1 from Ba3 and affirmed the company's B1 PDR.
EnergySolutions' Speculative Grade Liquidity Rating of SGL-2 was
affirmed.  Post the close of the contemplated transaction, Moody's
will withdraw the ratings for the company's existing bank credit
facilities which are being replaced via the refinancing.

Moody's affirmed EnergySolutions PDR at B1 and downgraded
EnergySolutions corporate family rating to B1 from Ba3 to reflect
the significant change in the company's capital structure
including a considerable increase in funded debt and shift to a
tiered capital structure that reflects a significant increase in
subordinated liabilities.  Although the company's PDR and CFR were
previously differentiated as a result of a single priority all
bank debt waterfall, the new multi-priority liability structure
has been assigned a 50% family recovery rate per Moody's Loss
Given Default methodology and results in the collapse of the
CFR/PDR differentiation.

In December 2007, EnergySolutions entered into a license
stewardship agreement for the decommissioning of Exelon's two
reactors in Zion, Illinois.  The company will assume full
responsibility, as the Nuclear Regulatory Commission licensee, for
the decommissioning and site restoration as well as control of an
approximately $1.0 billion decommissioning trust fund meant to
finance this "clean-up." The contract provides for an attractive
margin for the company in the event the project is executed as
planned.  However, because this is a fixed price contract, the
company is exposed to the risk of expense inflation and cost
overruns.  Moreover, and particular to this contract, the funding
trust which has been invested in fixed income and equity
securities can fluctuate due to the portfolio's performance.
These risks are incorporated in the B1 PDR.

The SGL-2 rating reflects Moody's belief that operating cash flow
will meet capital expenditure and dividend requirements with a
meaningful cushion.  The rating also considers availability under
the company's new revolver.  Cash balances of approximately
$45 million are also supportive of the SGL-2 rating.  The company
is expected to have ample cushion under the covenants on its new
facilities.

The stable outlook reflects the expectation for continued positive
free cash flow generation and the potential that this will result
in reduced leverage levels over the intermediate term.  The
outlook or ratings could also be downgraded if EBIT coverage of
interest falls below 2.0 times, EBITDA coverage of interest below
3.0 times, or if FCF to debt was anticipated to be fall under 5%
for more than a few quarters.  Additional debt-funded acquisitions
that interrupted the company's de-levering plans or reduced
cushions with required financial covenants could also weigh on the
stable outlook.  Meaningful cost overruns in the decommissioning
of the Zion, Illinois project could also adversely affect the
rating.  Although a ratings upgrade is not anticipated over the
short term.  The outlook could be changed to positive if
EnergySolutions sustains Debt to EBITDA below 4.0 times, and EBIT
to Interest was believed to improve above 3.0 times on a
sustainable basis.  Free cash flow would also have to be deemed to
be improving as well as the overall demand environment.

Downgrades:

Issuer: EnergySolutions, LLC

  -- Corporate Family Rating, Downgraded to B1 from Ba3

Assignments:

Issuer: EnergySolutions, LLC

  -- Senior Secured Bank Credit Facility, Assigned 26 - LGD2 to
     Ba2

  -- Senior Secured Bank Credit Facility, Assigned 26 - LGD2 to
     Ba2

  -- Senior Unsecured Regular Bond/Debenture, Assigned 82 - LGD5
     to B3

Affirmed:

  -- SGL-2

The ratings outlook remains stable.

The last rating action was September 18, 2009, when Moody's
downgraded the probability of default rating to B1 from Ba3 and
affirmed the company's CFR and instrument ratings.

EnergySolutions, headquartered in Salt Lake City, Utah, offers
customers a full range of integrated services and solutions,
including nuclear operations, characterization, decommissioning,
decontamination, site closure, transportation, nuclear materials
management, processing, recycling, and disposition of nuclear
waste, and research and engineering services across the nuclear
fuel cycle.  Total LTM revenues through March 31, 2010, were
$1.7 billion.


ENERGYSOLUTIONS: S&P Assigns 'BB-' Corporate Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' corporate
credit rating to EnergySolutions Inc., a nuclear services
provider.  S&P also assigned a preliminary 'BB+' issue-level
rating and '1' recovery rating to the company's proposed
$685 million credit facilities.  The credit facilities are
expected to consist of a $125 million revolving credit facility
due 2015 and a $560 million term loan facility due 2016.  The '1'
recovery rating indicates the expectation of very high recovery
(90% to 100%) in the event of a payment default.  S&P also
assigned a preliminary 'BB-' issue-level rating and '4' recovery
rating on the company's proposed $300 million senior unsecured
notes due 2018.  The notes are expected to be issued under Rule
144A with registration rights.  The '4' recovery rating indicates
the expectation of average recovery (30%-50%) in the event of a
payment default.  Ratings on the proposed debt issues have been
assigned based on preliminary terms and conditions.  The outlook
is negative.

EnergySolutions is refinancing its credit facility in order to
reduce secured borrowings, extend debt maturities, and provide the
letter-of-credit support required for the closure of its
decommissioning project for Exelon Generation Co. LLC.  The
company's subsidiary, ZionSolutions LLC, will acquire certain
assets from Exelon and will decommission Exelon's Zion 1 and 2
nuclear power plant facilities in Zion, Ill., over a 10-year
period.  The U.S. Nuclear Regulatory Commission has approved the
transfer application of certain operating licenses to
ZionSolutions from Exelon.

"The ratings on EnergySolutions Inc. reflect the company's
aggressive financial risk profile, marked by significant debt,
along with the operational risks associated with participating in
the highly regulated low-level radioactive waste [LLRW] industry,
including competitive contract bidding," said Standard & Poor's
credit analyst James T. Siahaan.  The company's leading market
position in the specialized niche of nuclear waste services,
limited competition in primary service areas, improved operating
results, and predictable free cash flow generation partially
offset these factors.

EnergySolutions' operating results increased on a year-over-year
basis during the December and March quarters, reflecting benefits
from stimulus-related funding for projects in the company's
federal segment despite continued weakness in its commercial
segment.  However, operating results regressed somewhat in the
first quarter of 2010 after a strong showing in the fourth quarter
of 2009.  S&P will maintain the negative outlook until it is
evident that business conditions are consistently improving,
including progress with respect to the decommissioning project for
Exelon Generation, and that the planned financing actions are
completed as expected.  Weaker economic growth, anemic spending by
government and commercial customers, or prolonged delays in the
company's decommissioning initiatives could put further pressure
on the current forecast.  S&P believes that if EnergySolutions'
revenues were to drop by 10%-15%, then its FFO to debt ratio could
decline to below S&P's high-teens percentage expectation,
potentially leading to a downgrade.  However, given the company's
competitive position and track record of cash flow generation, S&P
does not expect EnergySolutions' operations to be affected to that
large of an extent during this period, and S&P could revise the
outlook to stable if operating conditions improve.


EPICEPT CORP: Increases Price of Warrants in June 2010 Offering
---------------------------------------------------------------
EpiCept Corporation has amended the exercise price of its Series A
Warrants and Series B Warrants sold in June 2010 from $1.57 per
share to $1.64 per share.  The exercise price was amended by
Amendment No. 1 dated as of July 8, 2010, to the Securities
Purchase Agreement between EpiCept and each of the purchasers
signatory thereto, which amended the Securities Purchase Agreement
dated June 25, 2010 between EpiCept and each of the purchasers
signatory thereto.

Other than the exercise price of the Warrants, all other terms of
the Warrants, and all other terms of the Securities Purchase
Agreement dated June 25, 2010, remain in full force and effect.
EpiCept had 44.2 million shares of common stock outstanding
immediately before the offering, and after consummation of the
offering there are now 50.4 million shares outstanding.

On July 9, 2010, EpiCept received a letter from the Nasdaq Stock
Market stating that the original exercise price of the Warrants of
$1.57 per share, which was the closing sale price of EpiCept's
common stock on June 25, 2010, the date of the Securities Purchase
Agreement, amounted to a discount to market price, given that it
was lower than the closing bid price of EpiCept's common stock on
that date, which was $1.64, and that EpiCept had therefore
violated the shareholder approval rule as set forth in Listing
Rule 5635(d)(2).

On July 13, 2010, EpiCept received a letter from Nasdaq stating
that, based on EpiCept's amendment of the exercise price of the
Warrants to $1.64 under Amendment No.1 to the Securities Purchase
Agreement, Nasdaq had determined that EpiCept had complied with
Listing Rule 5635(d)(2) and that the matter is now closed.

A full-text copy of the company's amended securities purchase
agreement is available for free at:

                http://ResearchArchives.com/t/s?6691

                           About EpiCept

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

Following EpiCept's 2009 results, Deloitte & Touche LLP in
Parsippany, New Jersey, expressed substantial doubt against
Epicept's ability as a going concern.  The firm noted
that the Company has recurring losses from operations and
stockholders' deficit.


EXTENDED STAY: U.S. Trustee, et al., Block Confirmation of Plan
---------------------------------------------------------------
Extended Stay Inc.'s restructuring plan for 74 of its affiliated
debtors drew flak from the U.S. Trustee over provisions that
offer "non-debtors" protection from legal actions.

Paul Schwartzberg, Esq., attorney for the U.S trustee, said the
Plan contains "improper non-debtor releases that render it
unconfirmable."

"The Plan offers blanket releases that enjoin claims that do not
affect the Debtors' property or the administration of their
estates," Mr. Schwartzberg said in court papers.  "The court does
not have jurisdiction to grant such releases."

The releases in the Plan prevent creditors from suing Lightstone
Group LLC Chairman David Lichtenstein, who led an investment
consortium to acquire the Debtors from Blackstone Group LP in
2007.

Mr. Schwartzberg pointed out that unsecured creditors will
receive less under the Plan than if the Debtors' Chapter 11 cases
were converted into liquidation proceedings where creditors and
the Chapter 7 trustee are free to commence all legal actions.

The Official Committee of Unsecured Creditors also criticized the
provisions contained in the Plan, calling them unlawful and
unnecessary.

"As a preliminary matter, [the Bankruptcy] Court lacks subject
matter jurisdiction to approve the non-debtor, third-party
releases," the Creditors Committee said in court papers.
Accordingly, the Committee urged the Court to limit the non-
debtor releases to claims and legal actions in case it decides to
confirm the Plan.

The Creditors Committee earlier sought permission from the Court
to sue Lightstone and certain other parties involved in the 2007
acquisition.  The Committee asserted that the buyout saddled
Extended Stay with more debt than the Company could handle,
according to a report by Bloomberg News.

David Neff, Esq., of Perkins Coie LLP, who is not involved in the
case, said the law presents hurdles for the Debtors to be able to
get third party releases particularly if there are objections,
Reuters reported.  He averred that Extended Stay's reorganization
hinges on whether the Company is willing to go forward without
those protections in the Plan, the news source related.

The Plan also drew reactions from various groups, including U.S.
Bank National Association and Five Mile Capital II SPE ESH LLC.
The opposition said they will block the confirmation of the Plan
if it is found out that the value of the Debtors is higher than
the value reflected in the Plan, if the Plan does not meet the
requirements for confirmation under the bankruptcy laws, among
other reasons.

Judge James Peck is set to hold a hearing on July 20, 2010, to
consider confirmation of the Extended Stay Plan.  The Disclosure
Statement, which provides a detailed description of the Plan, was
approved by the Court earlier.

The Plan for Extended Stay's debtor affiliates is hinged on a
$3.925 billion bid from Centerbridge Partners, Paulson & Co., and
Blackstone Real Estate Associates VI L.P.  The bid provides for
an all-cash purchase of Extended Stay's 74 debtor affiliates.

The Centerbridge group was selected as the winning bidder at a
May 27, 2010 auction, beating out another bidder led by Starwood
Capital Group and TPG by less than $40 million.  Centerbridge
offered to pay about $3.925 billion in cash and to contribute
certificates representing interests in a pre-bankruptcy $4.1
billion mortgage loan for the equity of Extended Stay's debtor
affiliates.

The winning bid eliminates the rights offering, cash election and
the debt or equity election, which the Centerbridge group
initially proposed.

Extended Stay Inc., whose assets are estimated to have minimal
value, is not included in the sale block.  The Plan, however,
contemplates the resolution of various intercompany issues
through a settlement between Extended Stay Inc. and its debtor
affiliates that would require the latter to set aside $750,000
that would be used to wind down Extended Stay Inc.' estate, among
other things.

                        About Extended Stay

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

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

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


EXTENDED STAY: Creditors Vote in Favor of Bankruptcy Plan
---------------------------------------------------------
ESA Properties LLC and 73 other debtor affiliates of Extended
Stay Inc. are now a step closer to emerging from bankruptcy after
getting majority votes in favor of their restructuring plan.

Results of the voting released by Kurtzman Carson Consultants
LLC, the Debtors' notice and claims agent, showed that 100% of
creditors in Class 2, Class 4A and Class 5 voted in favor of the
Debtors' Fifth Amended Chapter 11 Plan of Reorganization.  The
Plan also gets 100% acceptance from Class 4B as voted by the
special servicer, and 60.71% votes from mezzanine lenders in
Class 4B.

KCC prepared a summary of the voting results as tabulated on a
consolidated basis:

                       Votes to Accept       Votes to Reject
                   ----------------------   ------------------
Classes             Number      Amount       Number      Amount
-------             ------  --------------   ------      ------
Class 2 Mortgage      1     $3,897,400,000      0          $0
Facility Claims     (100%)      (100%)        (0%)        (0%)

Class 3 ESA UD         0           $0           0          $0
Mortgage Claim       (0%)         (0%)        (0%)        (0%)

Class 4A Mortgage      1      $115,800,000      0          $0
Facility Deficiency (100%)      (100%)        (0%)        (0%)
Claim

Class 4B Mezzanine    10    $3,300,000,000      0          $0
Facilities Claims   (100%)      (100%)        (0%)        (0%)
(Voted by Special
Servicer)

Class4B Mezzanine     17    $1,380,920,000     11   $246,099,105
Facilities Claims   (60.71%)  (84.87%)      (39.29%)   (15.13%)
(Voted by Mezzanine
Lenders)

Class 5 General       12        $7,883,634      0          $0
Unsecured Claims    (100%)      (100%)        (0%)        (0%)

Gil Hopenstand, a senior consultant at KCC, said that some
ballots were not included in the tabulation because they were
either casted by creditors that do not hold a claim in a voting
class or were not received before the Voting Deadline.  Those
include ballots received from KeyBank National Association and
Siver Insurance Consultants.

Detailed reports of the Tabulated Ballots and the Excluded
Ballots are available for free at:

    http://bankrupt.com/misc/ESI_BallotsTabulated.pdf
    http://bankrupt.com/misc/ESI_UnacceptableBallots.pdf

In a related development, the Debtors filed with the Court a list
of executory contracts and leases to be assumed and rejected
pursuant to the Plan; a copy of the litigation trust agreement;
and a document detailing certain restructuring transactions in
accordance with the Plan.  Copies of the Plan-related documents
are available for free at:

  http://bankrupt.com/misc/ESI_AssumedContracts.pdf
  http://bankrupt.com/misc/ESI_RejectedContracts.pdf
  http://bankrupt.com/misc/ESI_LitigationTrustAgreement.pdf
  http://bankrupt.com/misc/ESI_RestructruringTransactions.pdf

                        About Extended Stay

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

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

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


EXTENDED STAY: Creditors Oppose Settlement with Affiliates
----------------------------------------------------------
The Official Committee of Unsecured Creditors expressed
disapproval over the proposed settlement entered into by Extended
Stay Inc. with its debtor affiliates and CWCapital Asset
Management LLC, saying there was "little or no analysis" made
concerning the benefits of the deal.

In addition, noteholders say that a settlement Extended Stay
struck with its affiliates and others forces the Company to
sacrifice its only significant asset -- the right to sue over the
hotel chain's leveraged buyout -- without receiving anything of
value in return, according to American Bankruptcy Institute.

According to the Debtors, the parties' Agreement was hammered out
to settle various intercompany issues, including (i) causes of
action by, and funding for, ESI's estate, and (ii) claims on the
assets to be transferred to the sponsors of the restructuring plan
or the new reorganized company, among other things.

"[The Debtors] have apparently conducted little or no analysis
regarding the benefits of the proposed ESI settlement compared to
the likelihood of success on the merits of the litigation," says
Mark Power, Esq., at Hahn & Hessen LLP, in New York, on behalf of
the Creditors Committee.

Mr. Power further argues that the proposed settlement should be
rejected because it grants "overly broad releases" to parties
under the proposed restructuring plan.

"The proposed releases under the plan, and by extension, the ESI
settlement are neither appropriate nor justified as essential to
the ESI settlement," Mr. Power says, adding that ESI's estates is
not receiving any benefits under the Plan that in effect
justifies the granting of those releases.

ESI earlier entered into the agreement with its debtor affiliates
and CWCapital Asset Management LLC to settle various intercompany
issues, including causes of action by and funding for ESI's
estate, and claims on the assets to be transferred to the
sponsors of the restructuring plan or the new reorganized
company.  Under the deal, ESI agreed to release the sponsors of
the restructuring plan and other parties from all claims relating
to ESI or its affiliated debtors, among other things.

                        About Extended Stay

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

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

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


FAIRMOUNT MINERALS: Moody's Assigns 'B1' Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service assigned a B1 corporate family rating
and a B2 probability of default rating to Fairmount Minerals, Ltd.
In addition, Moody's assigned B1 ratings to the company's
anticipated $775 million senior secured credit facilities, which
include a $75 million revolver, $150 million term loan A, and
$550 million term loan B.  A stable rating outlook was assigned.

The B1 corporate family rating balances the company's revenue
volatility, modest scale, limited product line and end-market
diversification against the company's above average operating
margins, high barriers to entry, large base of proven mineral
reserves, and moderate debt leverage.

The stable outlook presumes that the company will carefully
balance its leverage and other credit metrics with its acquisition
strategy, primarily focusing on modestly sized tuck-in
acquisitions that build upon its core strengths.  The stable
outlook presumes that adjusted debt-to-EBITDA remains below 4x and
EBIT-to-Interest remains above 3.0x.  Larger debt-financed
acquisitions or declining demand from the oil and gas industry may
result in negative rating pressure.

These ratings were assigned in this rating action:

  -- Corporate Family Rating B1;
  -- Probability of Default Rating B2;
  -- $775 million of senior secured bank facilities B1.

This is a newly initiated rating and is Moody's first press
release on this issuer.

Fairmount Minerals, Ltd. headquartered in Chardon, OH, is a
producer of silica sand and related materials used in oil and gas
drilling, foundries, building materials, and other applications.
Revenues in the fiscal year ended December 31, 2009 totaled
$399 million.


FAIRPOINT COMMS: Plan Confirmation Hearing Reset Sine Die
---------------------------------------------------------
Judge Burton R. Lifland of the United States Bankruptcy Court for
the Southern District of New York adjourned the second phase of
the confirmation hearings in the cases of FairPoint
Communications Inc. and its debtor affiliates to an unspecified
date after the Company failed to gain approval of its regulatory
settlement agreement from Vermont state regulators.

The Bankruptcy Court wrapped up the first phase of the
confirmation hearings in FairPoint in May 2010, where Judge
Lifland initially approved the Company's Second Amended Joint
Plan of Reorganization.

A second round of hearings was supposed to be reconvened in early
July after FairPoint was to have obtained approval of its
proposed plan from the regulatory authorities in Maine, Vermont
and New Hampshire.

The Maine Public Utilities Commission earlier approved, on
June 23, 2010, the entire package of regulatory changes presented
by FairPoint, which is a component of the Company's bankruptcy
plan.  The Maine PUC said Maine ratepayers are best served by
FairPoint's emergence from bankruptcy and the protection of the
broadband commitments that remain.

However, in a subsequent June 28 order, the Vermont Public
Service Board rejected FairPoint's settlement request to delay
broadband expansion commitments and to forego payment of nearly
$12 million in penalties to ratepayers for poor service quality.

In a 96-page decision, the Vermont Public Service Board, headed
by Board Chairman James Volz, said that the Board's decision
stems from its determination that FairPoint has not demonstrated
that the approvals would promote the general good of the state.
Mr. Volz added that based upon the record, the Board cannot find
that FairPoint has demonstrated the financial capability to meet
its obligations under Vermont law and its license as a
telecommunications carrier.

FairPoint's Reorganization Plan contemplates a substantial
reduction of its debt levels and a substantial improvement of its
financial performance.  The Company based this on the assumption
that (i) its losses in local revenue due to competition will be
less than the Company has experienced recently, (ii) that it can
increase revenues from broadband and other services faster, and
(iii) that operating costs will trend downwards relative to
recent experience.

Upon a careful consideration of FairPoint's request, the Vermont
Board determined that the Company has not demonstrated that its
assumptions are reasonable, based on the Company's projections
which suggests that it may not be able to meet its debt covenants
as early as 2011, Mr. Volz said.

A full-text copy of the 98-page Vermont Public Service Board
Order on FairPoint's Regulatory Settlement is available for free
at http://bankrupt.com/misc/FAIRPT_VermontPSB_June28.pdf

In contrast, the New Hampshire Public Utilities Commission, in a
July 7 ruling, approved FairPoint's bankruptcy plan by granting
the Company's regulatory settlement, which includes provisions
related to broadband commitments, capital investment and service
quality requirements.

The New Hampshire PUC, headed by Chairman Thomas B. Getz, held
that there is "reasonable basis to conclude that FairPoint will
be able to meet its commitments under the Regulatory Settlement."

Among others, the New Hampshire PUC pointed out that FairPoint
"has made steady progress in addressing its operational problems
and it has significantly upgraded the talent level on its board
of directors and in senior management in the most critical
areas."  New Hampshire also emphasized that a critical element of
FairPoint's plan is an agreement with the Company's secured
lenders for a reduction of the Company debt from $2.7 billion to
$1 billion.

Mr. Getz said the New Hampshire PUC, for its part, will take the
steps necessary to ensure that FairPoint appropriate capital
investments in its infrastructure; expand broadband to meet
statewide coverage targets; and achieve quality of service
metrics or pay penalties that will be credited to customers'
bills.

Similar with the Maine PUC, the New Hampshire PUC believes that a
fair and quick resolution of FairPoint's bankruptcy proceedings
is in the best interest of customers.

A full-text copy of the 78-page NH Public Utility Commission
Order on FairPoint's Regulatory Settlement is available for free
at http://bankrupt.com/misc/FAIRPT_NHPUCOrd_Jul07.pdf

                      FairPoint's Reactions

FairPoint spokeswoman Jill Wurm said the Company is pleased with
the New Hampshire Regulator's decision, according to the
Associated Press.  "It helps us in our ability to restructure
FairPoint's debt and improve our balance sheet in a timely
manner, which is vital to the long-term health of FairPoint and
our ability to meet current and future needs of customers," AP
quoted Ms. Wurm as saying.

As to the Vermont Regulator's decision, Ms. Wurm said the Company
continue to "evaluate its options," The Nashua Telegraph reports.

FairPoint's Vermont President Michael Smith told Vermont Public
Radio that he's looking at going back to the Vermont Public
Service Board to ask for reconsideration of it's decision, or to
seek relief through the Bankruptcy Court.

In a July 14 report, Fierce Telecom notes that FairPoint is
"considering to either appeal [the Vermont] decision by either
working with the [Vermont] regulator to hammer out an agreement
or going around them altogether."  The news source relates that
FairPoint's attorneys sent the Vermont Regulator a letter asking
the agency to keep the proceedings open.

David Brooks of The Nashua Telegraph cites that it remains
unclear how the Vermont Regulator denial of the FairPoint
agreement will affect the Company's bankruptcy case.

The Federal Communications Commission also needs to make a ruling
on the FairPoint Plan before the Bankruptcy Court issues a final
approval on the matter.

                  About FairPoint Communications

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

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

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


FAIRPOINT COMMS: $200,000 in Claims Change Hands for June
---------------------------------------------------------
The Clerk of the U.S. Bankruptcy Court for the District of
Delaware recorded the transfer of 16 claims, totaling $200,224,
for the month of June 2010.

The Claims were transferred to these entities:

(a) Blue Heron Micro Opportunities Fund, LLP

   Transferor                        Claim No.   Claim Amount
   ----------                        ---------   ------------
   Baydo Chevrolet                         795           $738
   Dig Safely New York                    5863           $436
   Dig Safely New York                    5903           $654
   Paulding Towers Ltd.                      -           $700

(b) Liquidity solutions Inc.

   Transferor                        Claim No.   Claim Amount
   ----------                        ---------   ------------
   Central Locating Services Ltd.         3723        $32,102
   Northeast Publishing Company            582         $3,300
   North American Equipment of Maine Inc. 6413         $9,951
   North American Eqpt. Upfitters         6414         $2,017
   North American Eqpt. Upfitters         6412         $2,358
   North Pacific Group Inc.               8020        $21,003
   North Pacific Group Inc.               8021        $42,360
   North Pacific Group Inc.               6662        $63,363
   TBT Net Consulting LLC                  339         $8,750

(c) US Debt Recovery IV, LLC

   Transferor                        Claim No.   Claim Amount
   ----------                        ---------   ------------
   Aqua Solutions Inc.                    1208         $4,820
   Eastern Fire Protection                 559         $1,226
   Jerrod Moore                              -         $6,446

                  About FairPoint Communications

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

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

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


FAIRPOINT COMMS: Names Ajaya Sabherwal as CFO
---------------------------------------------
FairPoint Communications, Inc. announced Ajay Sabherwal has been
appointed executive vice president and chief financial officer
effective July 19, 2010.

Mr. Sabherwal, 44, will report to Chairman and Chief Executive
Officer David Hauser and will be responsible for all aspects of
FairPoint's finance function, including accounting, tax, treasury
and investor relations.

Mr. Hauser commented, "Ajay brings to FairPoint deep knowledge of
the telecom industry as well as financial acumen and veteran
leadership.  His past experiences as a chief financial officer as
well as his years as an equity analyst give him a unique
perspective that is valuable as FairPoint emerges from Chapter 11
as a stronger, more viable company."

Mr. Sabherwal's experience in telecommunications spans 16 years
starting in 1989 in Canada with CNCP Telecommunications where he
was a senior manager of business planning.  In the 1990s, he was a
leading Canadian telecommunications equity analyst with Deacon
Barclays de Zoete Wedd and then Canadian Imperial Bank of
Commerce.  In 1999, he became the chief financial officer at
Choice One Communications, a competitive local exchange carrier
based in Rochester, New York, where he worked for six years.  From
there, Sabherwal worked for the next five years as a chief
financial officer for two renewable energy companies -- Aventine
Renewable Energy and Mendel Biotechnology.  During his career
Sabherwal has also worked for Louis Dreyfus Trading Ltd. in London
and Deloitte & Touche Management Consultants in Toronto.

He holds both a bachelor's degree in mechanical engineering and a
master's degree in economics from the Birla Institute of
Technology & Science in India.  He also earned a Master in
Business Administration degree from Manchester Business School in
Manchester, UK.  He will be based in Charlotte, N.C.

                  About FairPoint Communications

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

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

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


FNB OF THE SOUTH: Closed; NAFH National Bank Assumes All Deposits
-----------------------------------------------------------------
Metro Bank of Dade County of Miami, Fla.; Turnberry Bank of
Aventura, Fla.; and First National Bank of the South of
Spartanburg, S.C., were closed today by federal and state banking
agencies, which then appointed the Federal Deposit Insurance
Corporation as receiver for all three institutions.  To protect
depositors, the FDIC entered into purchase and assumption
agreements with NAFH National Bank of Miami, Fla., a newly-
chartered bank subsidiary of North American Financial Holdings,
Inc., in Charlotte, N.C., to assume all the deposits and
essentially all the assets of the three failed institutions.

Metro Bank of Dade County was closed by the Florida Office of
Financial Regulation; fank was closed by the Office of Thrift
Supervision; and First National Bank of the South was closed by
the Office of the Comptroller of the Currency.  The three failed
institutions were not affiliated with one another.

Collectively, the three failed institutions operated 23 branches,
which will reopen as branches of NAFH National Bank using their
current names and under their normal business hours, including
those offices with Saturday hours.  Metro Bank of Dade County has
six branches; Turnberry Bank has four branches; and First National
Bank of the South has thirteen branches.  Depositors will
automatically become depositors of NAFH National Bank.  Deposits
will continue to be insured by the FDIC, so there is no need for
customers to change their banking relationship to retain their
deposit insurance coverage.

As of March 31, 2010, Metro Bank of Dade County had total assets
of $442.3 million and total deposits of $391.3 million; Turnberry
Bank had total assets of $263.9 million and total deposits of
$196.9 million; and First National Bank of the South had total
assets of $682.0 million and total deposits of $610.1 million.
NAFH National Bank did not pay the FDIC a premium for the deposits
of the failed banks.  In addition to assuming all the deposits
from the two Florida institutions and one South Carolina
institution, NAFH National Bank will purchase virtually all their
assets.

The FDIC and NAFH National Bank entered into loss-share
transactions on $299.3 million of Metro Bank of Dade County's
assets; $194.6 million of Turnberry Bank's assets; and
$512.4 million of First National Bank of the South's assets.  NAFH
National Bank will share in the losses on the asset pools covered
under the loss-share agreement.  The loss-share transaction is
projected to maximize returns on the assets covered by keeping
them in the private sector.  The transaction also is expected to
minimize disruptions for loan customers. For more information on
loss share, visit:

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

Customers who have questions about the transactions can call the
FDIC toll free: for Metro Bank of Dade County customers, 1-800-
430-8098; for Turnberry Bank customers, 1-800-450-5143; and for
First National Bank of the South customers, 1-800-405-8028.
Interested parties can also visit the FDIC's Web sites:

for Metro Bank of Dade County:

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

for Turnberry Bank:

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

and for First National Bank of the South:

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

The FDIC estimates that the cost to the Deposit Insurance Fund for
Metro Bank of Dade County will be $67.6 million; for Turnberry
Bank, $34.4 million; and for First National Bank of the South,
$74.9 million.  Compared to other alternatives, NAFH National
Bank's acquisition was the "least costly" resolution for the
FDIC's DIF.

These closings bring the total for the year to 94 banks in the
nation, and the fifteenth and sixteenth in Florida and the third
in South Carolina.  Prior to these failures, the last bank closed
in Florida was Peninsula Bank, Englewood, on June 25, 2010, and
the last bank closed in South Carolina was Woodlands Bank,
Bluffton, earlier on Friday.


FORD MOTOR: Bank Debt Trades at 5% Off in Secondary Market
----------------------------------------------------------
Participations in a syndicated loan under which Ford Motor Co. is
a borrower traded in the secondary market at 95.16 cents-on-the-
dollar during the week ended Friday, July 16, 2010, according to
data compiled by Loan Pricing Corp. and reported in The Wall
Street Journal.  This represents an increase of 0.82 percentage
points from the previous week, The Journal relates.  The Company
pays 300 basis points above LIBOR to borrow under the facility.
The bank loan matures on Dec. 15, 2013, and carries Moody's Ba1
rating and Standard & Poor's B- rating.  The B-term loan is one of
the biggest gainers and losers among 205 widely quoted syndicated
loans with five or more bids in secondary trading for the week
ended Friday.

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

At December 31, 2009, the Company had $194.85 billion in total
assets against $201.37 billion in total liabilities.  Total
deficit attributable to Ford Motor at December 31, 2009, was
$7.82 billion.

As reported by the Troubled Company Reporter on June 7, 2010,
Moody's released an Issuer Comment stating that the ratings and
outlook of Ford Motor Company are being maintained following the
company's announcement that it will end production of Mercury
vehicles during the fourth quarter of this year.  Ford's ratings
include: B1 Corporate Family Rating and Probability of Default
Rating; Ba1 secured rating; B2 unsecured rating; and SGL-2
Speculative Grade Liquidity Rating.  The rating outlook is stable.

The last rating action on Ford was an upgrade of the company's
Corporate Family Rating to B1 on May 18, 2010.


FREESCALE SEMICON: Bank Debt Trades at 11% Off in Secondary Market
------------------------------------------------------------------
Participations in a syndicated loan under which Freescale
Semiconductor, Inc., is a borrower traded in the secondary market
at 89.35 cents-on-the-dollar during the week ended Friday,
July 16, 2010, according to data compiled by Loan Pricing Corp.
and reported in The Wall Street Journal.  This represents an
increase of 1.60 percentage points from the previous week, The
Journal relates.  The Company pays 425 basis points above LIBOR to
borrow under the facility.  The bank loan matures on Feb. 16,
2016, and carries Moody's B2 rating and Standard & Poor's B-
rating.  The B-term loan is one of the biggest gainers and losers
among 205 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended Friday.

Freescale Semiconductor, Inc. -- http://www.freescale.com/-- once
Motorola's Semiconductor Products Sector, is one of the oldest and
most diverse makers of microchips in the world.  It produces many
different kinds of chips for use in automobiles, computers,
industrial equipment, wireless communications and networking
equipment, and other applications. The company's global client
roster includes such blue-chip companies as Alcatel-Lucent, Bosch,
Cisco Systems, Fujitsu, Hewlett-Packard, QUALCOMM, and Siemens, as
well as former parent Motorola. Freescale nets about half of its
sales from the Asia/Pacific region. The Blackstone Group, The
Carlyle Group, Permira Advisers, and TPG Capital own the company.


FRUEHAUF TRAILER: No Indemnification for Liquidating Trustee
------------------------------------------------------------
WestLaw reports that the trustee of a liquidating trust
established pursuant to the Chapter 11 debtors' confirmed plan,
who breached his fiduciary duties to the trust and violated the
terms of the trust agreement, was not entitled to indemnification
under Delaware law, a California bankruptcy court held.  The court
rejected the trustee's defense that he was entitled to
indemnification because he exercised good business judgment,
reasoning that the trustee was subject to the fiduciary standards
of loyalty, not to the business judgment rule.  In addition, the
trustee's defense that he did everything based on the advice of
counsel could not stand against the weight of evidence showing
that he willfully engaged in various acts of self-dealing and
breach of duty which were an exception to the indemnification
provision of the trust agreement.  In re Fruehauf Trailer Corp., -
-- B.R. ----, 2010 WL 2109600 (Bankr. C.D. Cal.) (Neiter, J.).

The adversary proceeding related to this decision is captioned
Daniel Harrow, as Successor Trustee of the End of the Road Trust
and American Trailer Industries, Inc. v. Chriss Street, Adv. Pro.
No. 08-01865 (Bankr. C.D. Calif.), and was transferred from
Delaware to California on or about Oct. 9, 2008.

Fruehauf Trailer Corp. sought Chapter 11 protection (Bankr. D.
Del. Case No. 96-_____) in June 1996 and confirmed a liquidating
Chapter 11 plan in 1998 that returned approximately $18 million
to secured bondholders owed $57.7 million.  Unsecured creditors
received less than a penny on the dollar and shareholders received
nothing.


FUNDAMENTAL PROVISIONS: Plan Hearing Continued Until July 23
------------------------------------------------------------
The Hon. Douglas D. Dodd of the U.S. Bankruptcy Court for the
Middle District of Louisiana has continued until July 23, 2010 at
11:00 a.m., the hearing on the confirmation of Fundamental
Provisions, LLC's Plan of Reorganization.

As reported in the Troubled Company Reporter on March 24, 2010,
according to the Disclosure Statement, the Plan provides for the
Debtors to retain ownership of and continue to operate 29
restaurants located in Louisiana, Alabama and Florida, and attempt
to sell the store land and equipment in Destin, Florida.

Under the Plan, the Debtor will apply sale proceeds to the secured
debt first.  Unless their collateral is sold, secured claims will
be capitalized and paid in full, with interest, in periodic
installments.  The unsecured creditors will be paid 100% of their
prepetition claims in 8 quarterly installments.  Holders of the
convenience claims will be paid 100% of the prepetition claims.
The existing holders of interests will retain their interest, nut
will not receive any dividends until all creditors are paid in
full under the Plan.

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

               About Fundamental Provisions, LLC

Gonzales, Louisiana-based Fundamental Provisions, LLC -- fdba
Pollo, Inc., et al. -- filed for Chapter 11 bankruptcy protection
on December 8, 2009 (Bankr. M.D. La. Case No. 09-11897).
Fundamental Provision's affiliates -- Pollo, Inc., and Thaxco,
Inc. -- also filed Chapter 11 bankruptcy petitions.  Barry W.
Miller, Esq., at Heller, Draper, Hayden, Patrick & Horn, assists
the Debtors in their restructuring efforts.  Fundamental
Provisions listed $10,000,001 to $50,000,000 in assets and
$10,000,001 to $50,000,000 in liabilities.


FUNDAMENTAL PROVISIONS: Plan Exclusivity Extended Until July 23
---------------------------------------------------------------
The Hon. Douglas D. Dodd of the U.S. Bankruptcy Court for the
Middle District of Louisiana extended Fundamental Provisions,
LLC's exclusive period to obtain acceptances for the proposed Plan
of Reorganization until July 23, 2010.

Gonzales, Louisiana-based Fundamental Provisions, LLC -- fdba
Pollo, Inc., et al. -- filed for Chapter 11 bankruptcy protection
on December 8, 2009 (Bankr. M.D. La. Case No. 09-11897).
Fundamental Provision's affiliates -- Pollo, Inc., and Thaxco,
Inc. -- also filed Chapter 11 bankruptcy petitions.  Barry W.
Miller, Esq., at Heller, Draper, Hayden, Patrick & Horn, assists
the Debtors in their restructuring efforts.  Fundamental
Provisions listed $10,000,001 to $50,000,000 in assets and
$10,000,001 to $50,000,000 in liabilities.


GASTON ANDREY: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: Gaston Andrey Realty Corporation
        359 Orchard Street
        Millis, MA 02054

Bankruptcy Case No.: 10-17607

Chapter 11 Petition Date: July 14, 2010

Court: United States Bankruptcy Court
       District of Massachusetts (Boston)

Judge: Henry J. Boroff

Debtor's Counsel: Daniel I. Cotton, Esq.
                  Wolfson, Keenan, Cotton & Meagher
                  390 Main Street, Suite 1000
                  Worcester, MA 01608
                  Tel: (508) 791-8181
                  Fax: (508)792-0832
                  E-mail: danlcott@aol.com

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

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

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

The petition was signed by Gaston Andrey, president.


GENERAL MARITIME: Moody's Downgrades Default Rating to 'B2'
-----------------------------------------------------------
Moody's Investors Service lowered its Probability of Default and
senior unsecured ratings of General Maritime Corporation;
Probability of Default to B2 from B1, senior unsecured to Caa1
from B3.  Moody's also confirmed the B1 Corporate Family rating
and the SGL-3 Speculative Grade Liquidity rating.  The outlook is
stable.  This rating action concludes the review for downgrade
initiated on June 10, 2010 upon GenMar's announcement that it
reached an agreement with Metrostar Management Corporation to
purchase seven tankers including five VLCCs ("Very Large Crude
Carriers") for $620 million.

"We believe that the expansion of the fleet, including in the
higher operating leverage, VLCC segment will strengthen GenMar's
long-term business profile," said Moody's Shipping Analyst
Jonathan Root.  "However, the effects on credit metrics of Moody's
adopting a more conservative view of 2011 tanker rates versus nine
months ago and the increased financial risk that accompanies the
higher debt balance have caused us to conclude with the downgrade
of the PDR."

The B2 PDR considers GenMar's demonstrated success in managing its
tanker operations and vessel purchase and sale activities over the
course of the shipping cycle.  Sharp swings in freight rates can
cause the credit metrics of GenMar to range between those of the
low Ba and low single-B rating categories.  The B2 PDR reflects
Moody's view of increased freight rate risk because of weaker oil
demand than that it contemplated six to nine months ago.  Moody's
believe that this risk and the increased financial risk of the
larger debt balance and debt service burden that accompanies the
vessel acquisition will reduce the degree to which credit metrics
strengthen during 2011, relative to Moody's expectations prior to
the announcement of the vessel acquisitions.  Moody's now
anticipate 2011 credit metrics that are indicative of the mid-
single B rating category.  Nevertheless, Moody's believes that
GenMar's stable base of mostly major oil company customers will
provide a base level of funds from operations that adequately
cushions its debt service obligations over time.  The ratings
continue to look beyond the relatively weak 2010 tanker rate
environment, which will lead to credit metrics in the near term
that are weak for the B2 rating category, but sets the trough from
which Moody's expect credit metrics to strengthen.

The confirmation of the B1 CFR results from Moody's using a 65%
Expected Family Recovery Rate when applying its Loss Given Default
Rating Methodology, compared to the 50% standard EFRR it
previously used.  Moody's made this change because it believes
that, with the addition of the Metrostar vessels partly funded
with equity, the net asset value of the fleet now provides
sufficient cushion to support a higher recovery rate.  The
downgrade of the senior unsecured rating results from the
application of the LGD model; although the Loss Given Default
assessment improves to LGD5-76 from LGD5-88, reflecting the
improved recovery rate expectation.

The stable outlook anticipates that GenMar will maintain its
position as a leading tanker owner and operator and that credit
metrics will begin to strengthen during 2011 with modestly
improving sector fundamentals.  The outlook could be changed to
positive or the ratings directly upgraded if GenMar is able to
demonstrate the ability to de-lever such that Debt to EBITDA is
sustained below 4.7 times, Funds from operations + Interest to
Interest approaches 3.0 times or Retained Cash Flow to Net Debt
approaches 13 percent.  The outlook could be changed to negative
or the ratings directly downgraded if Retained Cash Flow to Net
Debt is sustained below 9%, if Funds from Operations + Interest to
Interest is sustained below 2.0 times or if Debt to EBITDA remains
above 6.0 times.

The confirmation of the SGL-3 rating indicates that Moody's
expects GenMar to maintain adequate liquidity.  The notes
indenture requires the company to maintain at least $50 million of
liquidity including unrestricted cash and availability under the
revolving credit.  The recent equity raise relieves near term
pressure on compliance with the Total Leverage Covenant required
by the various credit facilities.  This covenant is measured on a
net debt basis, and going forward, provides for the inclusion of
pro forma EBITDA for the trailing 12 months of the earnings
contribution of the acquired vessels.

GenMar continues to demonstrate its savviness as an asset player
and Moody's believes that the company could continue to grow the
fleet via additional acquisitions of vessels.  The notes indenture
includes an incurrence test of at least 2.25 times Consolidated
EBITDA to Consolidated Interest Expense (as defined).  Moody's
believe GenMar is likely to buy additional vessels and expect
additional equity raises should these occur.

The last rating action on GenMar was the initiation of the review
for downgrade of all ratings on June 10, 2010.

Downgrades:

Issuer: General Maritime Corporation

  -- Probability of Default Rating, Downgraded to B2 from B1

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to Caa1
     from B3

Upgrades:

Issuer: General Maritime Corporation

  -- Senior Unsecured Regular Bond/Debenture, Upgraded to LGD5,
     76% from LGD5, 88%

Outlook Actions:

Issuer: General Maritime Corporation

  -- Outlook, Changed To Stable From Rating Under Review

Confirmations:

Issuer: General Maritime Corporation

  -- Speculative Grade Liquidity Rating, Confirmed at SGL-3
  -- Corporate Family Rating, Confirmed at B1

General Maritime Corporation, a Marshall Islands Corporation
headquartered in New York, N.Y., is the holding company parent of
three intermediate holding companies of GenMar's vessel-owning
subsidiaries.


GENERAL MOTORS: Proposes Settlement with IAM & Teamsters
--------------------------------------------------------
Prior to the Petition Date, Motors Liquidation Co., formerly known
as General Motors Corporation, agreed to provide certain retiree
medical and life insurance benefits in various collectively
bargained agreements to certain labor unions, including the
International Association of Machinists and Aerospace Workers,
MLC, and the International Brotherhood of Teamsters.

Pursuant to a union settlement agreement, approved by Judge Robert
Gerber of the U.S. Bankruptcy Court for the Southern District of
New York in November 2009, Motors Liquidation and General Motors,
LLC or New GM agreed to provide certain ongoing medical benefits
at a reduced level to participating union retirees and surviving
spouses who are not eligible for Medicare benefits.  The companies
also agreed to provide certain life insurance benefits to
participating retirees, regardless of Medicare eligibility, at a
reduced cost.

The Union Settlement Agreement provided that, with respect to
those retirees who are eligible for Medicare, Motors Liquidation
will grant to the Participating Splinter Unions which agree to the
applicable terms of, and agree to participate in the Union
Settlement Agreement, a prepetition, general unsecured claim in
the Debtors' Chapter 11 cases in an amount equal to that Union's
"percentage share" of the aggregate amount of $1 billion.

The $1 billion Allowed Claim is in full settlement, satisfaction
and discharge of all claims that the Participating Splinter
Unions, as authorized representatives under Section 1114 and 1113
of the Bankruptcy Code, have or may have against the Debtors and
their affiliates arising out of collective bargaining agreements
relating to retiree healthcare benefits, life insurance benefits
and all other benefits and claims, Harvey R. Miller, Esq., at
Weil, Gotshal & Manges LLP, in New York, explains.

The Union Percentage Shares consist of:

  Union                                         Percentage Share
  -----                                         ----------------
  International Union of Electronic,
  Electrical, Salaried, Machine
  and Furniture Workers - Communications
  Workers of America                                79.39%

  United Steel Workers                              14.73%

  International Association
   of Machinists and Aerospace Workers               4.32%

  International Brotherhood
  of Electrical Workers                              0.42%

  Michigan Regional Council of Carpenters,
  Local 687 and Interior Systems, Local 1045         0.29%

  International Brotherhood of Painters
  & Allied Trades of the U.S. and Canada,
  Sign & Display Union Local 59                      0.09%

  International Brotherhood
  of Teamsters                                       0.25%

  International Brotherhood
  of Boilermakers                                    0.10%

  International Union
  of Operating Engineers                             0.18%

  United Catering Restaurant
  Bar & Hotel Workers                                0.23%

All of the Unions -- other than the IAMAW, the Teamsters and the
International Brotherhood of Boilermakers -- had agreed to be
Participating Splinter Unions and to participate in the Union
Settlement Agreement.  The Union Settlement Agreement contemplates
that the Unions which were not parties to the Union Settlement
Agreement may agree to participate in the Agreement and their
Percentage Share of the Allowed Claim at any point in time prior
to the Debtors making any distributions to prepetition unsecured
creditors pursuant to a confirmed Chapter 11 plan, Mr. Miller
relates.

By this motion, the Debtors ask Judge Gerber to approve:

  (1) a supplemental agreement to the existing Newco-IAMAW
      Settlement Agreement regarding retiree health care and
      life insurance between the IAMAW and General Motors, LLC;
      and

  (2) a settlement agreement regarding retiree health care and
      life insurance by and among the Teamsters Local 743, MLC,
      and General Motors, LLC.

The IAMAW and the Teamsters, as additional participating unions,
have agreed to become Participating Splinter Unions and to
participate in their Percentage Shares of the Allowed Claim, Mr.
Miller tells the Court.

Pursuant to Section 1114 of the Bankruptcy Code, Motors
Liquidation is continuing to pay certain of the Retiree Benefit
Obligations, subject to its rights to modify or terminate those
obligations.

In connection with the payment of those Benefits, Motors
Liquidation has also has reserved all of its rights under the
Settlement Agreement in the class action entitled IUE-CWA et al.
v. General Motors Corp., litigated in the Eastern District of
Michigan.  Specifically, the Debtor reserves its right in its
position that the Retiree Benefit Obligations are vested only
through September 14, 2011, and thereafter could be terminated
unilaterally, without regard to the provisions of Section 1114 of
the Bankruptcy Code, Mr. Miller clarifies.

Mr. Miller avers that the Settlement Agreements resolve issues
relating to the covered retirees' employment relationship with
Motors Liquidation and provides for full releases of all related
claims.  Accordingly, the Agreements facilitate the orderly and
expeditious administration of the Chapter 11 cases, he says.

The Court will convene a hearing on August 6, 2010, to consider
approval of the request.  Objections are due July 30.

                       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: Wins Nod to Sell Wilmington Plant for $20-Mil.
--------------------------------------------------------------
Judge Robert E. Gerber of the U.S. Bankruptcy Court for the
Southern District of New York authorized Motors Liquidation
Company and its debtor-affiliates to sell real and personal
property, including a motor vehicle assembly plant, located at 801
Boxwood Road, in Wilmington, Delaware, to Fisker Automotive, Inc.,
for a purchase price of $20,000,000 to be paid at the closing of
the Sale.

No non-debtor party has asserted any interests in the Property and
none has objected to the Sale.  Accordingly, all non-debtor
parties are deemed to have consented to the Sale pursuant to the
real estate purchase contract governing the Sale.  "Time is of the
essence in consummating the Sale," Judge Gerber ruled.

Judge Gerber also ratified the settlement agreement relating to
the Property, by and between the Debtors, the Purchaser and the
Delaware Department of Natural Resources and Environmental
Control.  Under the Settlement Agreement, the Purchaser will not
be liable for any onsite environmental conditions that pre-exist
the Purchaser's ownership of the Property and requires that the
Purchaser undertake a partial site investigation to establish a
baseline of environmental conditions.

No bulk sales law or any similar law of any state or other
jurisdiction will apply to the Sale.  There are no brokers
involved in consummating the Sale and no brokers' commissions are
due, the Court clarified.

Judge Gerber further determined that the Purchaser has provided
adequate assurance of its future performance under the leases and
executory contracts to be assigned under the Sale, within the
meaning of Sections 365(b)(1)(C) and 365(f)(2)(B) of the
Bankruptcy Code.  The Purchaser is purchasing the Property in good
faith, within the meaning of Section 363(m) of the Bankruptcy
Code, and is entitled to all of the protections afforded by
Section 363(m).

                       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: Deutsche Bank Proposes to Set Off $24-Mil. Claims
-----------------------------------------------------------------
Deutsche Bank AG and General Motors Corp. entered into the Master
Agreement and the Schedule to the Master Agreement dated September
19, 2002.  Under the Master Agreement, Deutsche Bank and GM
entered into interest rate swap transactions, dated (i) April 23,
2004, maturing on July 3, 2013; and (ii) March 9, 2005, maturing
on April 15, 2016.

Robert M. Dombroff, Esq., at Bingham McCutchen LLP, in New York,
relates that between November 2004 and January 2006, Deutsche Bank
purchased GM bonds with a face amount of $24,073,200 as of the
Petition Date:

  Description                         Amount
  -----------                         ------
  9.4% $300,000,000                   $3,900,000
  unsecured bonds,
  maturing July 15, 2021

  9.45% $48,175,000                   $8,850,000
  Unsecured bonds,
  maturing November 1, 2011


  7.25% EUR1,000,000,000             $11,323,000
  Unsecured bonds,
  maturing July 3, 2013

According to Mr. Dombroff, GM's bankruptcy filing on June 1, 2009,
constituted an Event of Default under the Master Agreement, which
Event of Default may (i) cause the other party to terminate the
Master Agreement and (ii) cause any amount owing after the
Termination to be subject to any Set-off.  The Schedule also
provides that, after a termination based on one party's default,
the other party has the right to reduce the amount it owes the
defaulting party under the Master Agreement "by setting off
against such amounts any or all amounts" the defaulting party owed
it."  At the time of set-off, the amounts to be offset need not be
"then due."

Mr. Dombroff notes that when GM defaulted on June 1, 2010,
Deutsche Bank sent GM a notice of termination.  Deutsche Bank
determined that it owed GM $24,040,404 as the Settlement Amount;
$17 million for the 2004 transaction and $7 million for the 2005
Transaction.  Subsequently, Deutsche Bank sent GM a valuation
letter that calculated a settlement amount for the interest rate
swap arrangement.  Deutsche Bank expressed its belief that it
could offset the Settlement Amount against other amounts GM owed
it.

By a letter dated August 20, 2009, Deutsche Bank sent GM a notice
expressing its intent to effect a set-off of the Bond Amount -- or
Deutsche Bank's $24,073,200 claim against GM -- against the
Settlement Amount -- the $24,040,404 Deutsche Bank owes GM, Mr.
Dombroff explains.  He notes that the automatic stay under Section
362(b)(17) of the Bankruptcy Code specifically provides an
exception for a "swap participant . . . under any security
agreement . . . related to any swap agreement . . . to offset or
net out any termination value, payment amount, or other transfer
obligation arising under or in connection with 1 or more [of
those] agreements . . . ."

Because Deutsche Bank is the non-defaulting party, the Schedule to
the Master Agreement provides that Deutsche Bank "may reduce any
or all amounts owing to [GM] under this Agreement or any other
transactions between [GM] and [Deutsche Bank] or any Affiliate of
[Deutsche Bank] (whether or not then due) by setting off against
such amounts any or all amounts to [Deutsche Bank] of any
Affiliate of [Deutsche Bank] by [GM] (whether or not then due),"
Mr. Dombroff says.

Moreover, he says, Section 553(a) of the Bankruptcy Code preserves
non-bankruptcy setoff rights for Deutsche Bank because:

  (a) all of the Claims to be offset, consisting of Deutsche
      Bank's Claim against GM for the Bond Amount and GM's Claim
      against Deutsche Bank for the Settlement Amount under the
      Master Agreement, arose before the Petition Date and from
      prepetition contracts;

  (b) Deutsche Bank's debts to GM and its claims against GM are
      mutual because the parties owe those Debts to one another
      in the same capacity; and

  (c) Deutsche Bank's claim for the Bond amount and GM's claim
      for the Settlement Amount are both enforceable.

Accordingly, Deutsche Bank asks Judge Gerber to lift the Stay to
effect set-off up to the Settlement Amount of $24,040,404.

                       Debtors Respond

Deutsche Bank's request should be denied because the proposed $24
million set-off "is improper," Scott E. Ratner, Esq., at Togut,
Segal & Segal LLP, in New York, asserts on behalf of the Debtors.

According to Mr. Ratner, Deutsche Bank's proposed Set-off does not
satisfy the mutuality requirement.  Deutsche Bank seeks to set off
its postpetition obligation to pay GM sums that became due because
of the Bank's voluntary postpetition termination of the Parties'
Swap Agreements against prepetition obligations under GM corporate
bonds.  Section 101 of the Bankruptcy Code does not permit set-
offs of prepetition obligations against post-petition obligations,
he contends.

When automatic termination occurs, all of the elements of
liability are already in place as of the Petition Date.  However,
DB made an affirmative decision to terminate its Swap
Transactions, voluntarily and in its discretion, after the
Petition Date.  Because Deutsche Bank's swap obligations resulted
from postpetition discretionary actions that were not mandated by
prepetition agreements -- and because the Obligations were not
valid and enforceable debts owing as of the Petition Date -- they
are postpetition obligations that cannot be set off against GM's
prepetition debts, Mr. Ratner explains.

In addition, Deutsche Bank cannot effectuate a set-off in GM's
bankruptcy because it failed to demonstrate that it has a right of
set-off under state law.  In fact, the Master Agreement, Schedule
and swap confirmations that Deutsche Bank entered into with GM
require the Bank to pay all sums it owes "without setoff or
counterclaim" unless certain specified conditions are met, Mr.
Ratner points out.

According to Mr. Ratner, individual bondholders are restricted:
they can only collect principal or interest after the maturity
dates stated in their coupons or bonds.  Yet, Deutsche Bank seeks
to exercise a set-off against the full principal amount of bonds
before their stated maturity date, which individual bondholders
are not allowed to do.

Because Deutsche Bank admits it owes GM a swap payment of more
than $24 million, and because it has no valid right of set-off,
the Debtors ask the Court to direct Deutsche Bank to pay the full
sum it owes GM -- "without setoff or counterclaim" as the Swap
Agreements require.

Wilmington Trust Company, as the successor Indenture Trustee for
approximately $23 billion in unsecured bonds issued by Motors
Liquidation Company, filed a limited joinder to the Debtors'
Objection.

Deutsche Bank does not possess a state law right to set-off
because the 1990 Indenture does not permit an individual
bondholder to set off its claims, a remedy that could have a
potentially harmful impact on the recoveries of other bondholders,
David M. Feldman, Esq., at Gibson, Dunn & Crutcher LLP, in New
York, explains.

In response, Mr. Dombroff reiterates on behalf of Deutsche Bank
that GM's arguments cannot defeat the Bank's right to set-off
because:

  * contrary to GM's novel assertion, under well-settled law the
    claim and obligations at issue are both prepetition;

  * the Swap Agreements are unambiguous and provide broad set-
    off rights to Deutsche Bank as the non-defaulting party;

  * Deutsche Bank's setoff rights are unaffected by a purported
    "no action" clause in the Indenture governing the issuance
    of certain of the GM Bonds; and

  * there can be no credible dispute that Deutsche Bank holds
    the GM Bonds.

               New GM and MLC Work on Settlement

In a separate filing, Arthur J. Steinberg, Esq., at King &
Spalding LLP, in New York, tells the Court that New GM and Motors
Liquidation Company have engaged in negotiations which have
resulted in a settlement between the Parties regarding certain
issues raised in the Stay Motion, as well as other matters
relating to the Master Agreement.

The Settlement Stipulation contemplates that there will be an
allocation between New GM and MLC of any recovery from amounts
owed by Deutsche Bank with respect to the Master Agreement.
However, as the Settlement Stipulation has not been finalized or
approved, New GM preserves all of its rights with respect to
matters raised in the Stay Motion, Mr. Steinberg says.

The Settlement Stipulation has been circulated and, once finalized
and executed, it will be presented to the Court for approval,
according to Mr. Steinberg.

Subsequently, Judge Gerber approved a stipulation between Deutsche
Bank and GM enforcing, among other things, that GM may respond to
Deutsche Bank's responses to GM's Objection on or before August 2,
2010.

The Court will convene a hearing on August 6, 2010, to consider
Deutsche Bank's Motion.

                       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)


GEORGE WILSON: Case Summary & 6 Largest Unsecured Creditors
-----------------------------------------------------------
Joint Debtors: George A. Wilson
               Louise Anita Wilson
               10477 S. Avenue 4E
               Yuma, AZ 85365

Bankruptcy Case No.: 10-20913

Chapter 11 Petition Date: July 2, 2010

Court: U.S. Bankruptcy Court
       District of Arizona (Yuma)

Judge: Eileen W. Hollowell

Debtor's Counsel: Thomas I. Allen, Esq.
                  Allen, Sala & Bayne, PLC
                  Viad Corporate Center
                  1850 N. Central Avenue, #1150
                  Phoenix, AZ 85004
                  Tel: (602) 256-6000
                  Fax: (602) 252-4712
                  E-mail: tallen@asbazlaw.com

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

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

A copy of the Joint Debtors' list of 6 largest unsecured
creditors filed together with the petition is available for
free at http://bankrupt.com/misc/AZB10-20913.pdf

The petition was signed by the Joint Debtors.


GLOBAL CROSSING: Shareholders OK Re-Election of 2 Directors
-----------------------------------------------------------
Global Crossing Limited held its Annual General Meeting of
Shareholders on July 8, 2010.  Each of the proposals submitted for
shareholder approval at the Meeting was approved.  The final
results of the voting were:

  * Proposal to re-elect the following directors for terms
    expiring at the 2011 Annual General Meeting of Shareholders:

    Director           For         Withheld    Broker Non-Votes
    --------           ---         --------    ----------------
    Charles Macaluso   56,988,169  13,219,248  5,620,754
    Michael Rescoe     57,139,291  13,068,126  5,620,754

  * Proposal to amend the 2003 Global Crossing Limited Stock
    Incentive Plan:

    For                55,223,532
    Against            14,961,915
    Abstentions            21,970
    Broker Non-Votes    5,620,754

  * Proposal to approve the Global Crossing Limited Senior
    Executive Short-Term Incentive Compensation Plan:

    For                65,771,158
    Against             4,410,076
    Abstentions            26,183
    Broker Non-Votes    5,620,754

  * Proposal to appoint Ernst & Young LLP as the independent
    registered public accounting firm of the Company for the year
    ended December 31, 2010 and to authorize the Audit Committee
    of the Company to determine their remuneration:

    For                75,736,763
    Against                76,545
    Abstentions            14,863
    Broker Non-Votes            0

                        About Global Crossing

Based in Hamilton, Bermuda, Global Crossing Limited (NASDAQ: GLBC)
is a global IP and Ethernet solutions provider with the world's
first integrated global IP-based network.  The company offers a
full range of data, voice and collaboration services with an
industry leading customer experience and delivers service to
approximately 40% of the Fortune 500, as well as to 700 carriers,
mobile operators and ISPs.  It delivers converged IP services to
more than 700 cities in more than 70 countries around the world.

The Company's balance sheet showed $2.3 billion in total assets
and $2.7 million in total liabilities, for a $400 million
stockholders' deficit as of March 31, 2010.  At December 31, 2009,
the Company had US$360 million in stockholders' deficit.

                           *     *     *

As reported by the Troubled Company Reporter on March 31, 2010,
Standard & Poor's Ratings Services raised all its ratings on
Global Crossing, including the corporate credit rating to 'B' from
'B-'.  The outlook is stable.


GLOBAL TECHNOVATIONS: Bad Deal Wasn't a Fraudulent Conveyance
-------------------------------------------------------------
WestLaw reports that while the parties from which a Chapter 11
debtor purchased a 100% equity interest in a company prepetition
for an amount considerably in excess of what the company was worth
may have misled the debtor as to the company's earnings and
withheld certain pertinent information, such as a conflict of
interest on the part of an individual involved in the sale, any
such alleged misconduct did not affect their status as "good faith
transferees" under Florida law.  Accordingly, while the purchase
transaction was avoidable as constructively fraudulent to
creditors, the defendants were entitled to a credit for any value
given against their liability on the fraudulent transfer.  There
was no evidence that the debtor completed the purchase with
fraudulent purpose, or that the defendants participated in the
transaction for the purpose of defeating the claims of the
debtor's creditors.  In re Global Technovations, Inc., --- B.R. --
--, 2010 WL 2671706 (Bankr. E.D. Mich.) (Tucker, J.).

Global Technovations, Inc. -- a developer and marketer of the
patented MotorCheck and TruckCheck On-Site Analyzer ("an oil
analysis mini-lab in a box"), solid state spectroscopic
analyzers for liquid petroleum marker detection systems, the
PetroAnalytics line of diesel fuel and gasoline properties
analyzers for the automotive, truck and heavy-duty equipment
service markets -- sought chapter 11 protection (Bankr. D. Del.
Case Nos. 01-11667 through 01-11671) on Dec. 18, 2001.  The
cases were then transferred (Bankr. E.D. Mich. Case Nos.
01-64771 and 02-40447).  Scott A. Griffin, Esq., and John
Cunningham, Esq., at White & Case LLP and Earle Erman, Esq.,
and David M. Miller, Esq., at Erman, Miller, Zucker &
\Freedman, P.C., represented the Debtors in their
restructuring efforts.


GOSS GRAPHIC: Dist. Ct. Says Bank One Violated Automatic Stay
-------------------------------------------------------------
WestLaw reports that a bank from which a bankrupt seller had
agreed to repurchase the defaulting buyer's promissory note, and
to which the debtor-seller had already paid more than $5 million
under the note repurchase agreement at the time of its bankruptcy
filing, violated the automatic stay when, fearful that it would
recover only pennies on the dollar in connection with the
$1,425,495.12 still owing under the note repurchase agreement, it
agreed to sell the promissory note for $1.1 million to a foreign
company affiliated with the buyer, without proper notice to the
debtor-seller.  The bank knew that it was thereby impairing the
debtor-seller's rights against the buyer and debtor's ability to
collect the $2.7 million which buyer had agreed to pay for a
release of the debtor's interest in the sold equipment.  The bank
clearly acted in its own interest and gained an advantage over
other creditors postpetition by selling a promissory note in
which, as a result of the more than $5 million that the debtor had
paid prepetition, the bankruptcy estate had an interest.  Paloian
v. Grupo Serla S.A. de C.V., --- B.R. ----, 2010 WL 2491251 (N.D.
Ill.) (Lefkow, J.).

This decision affirms the ruling by the Honorable Jack B.
Schmetterer reported at 2006 WL 2678487 and discussed in the
Troubled Company Reporter on Oct. 23, 2006.

Goss Graphic Systems, Inc., filed for Chapter 11 protection
(Bankr. N.D. Ill. Case No. 01-B-31751) in 2001, and the case
converted to a Chapter 7 liquidation proceeding on or about
February 27, 2002.  Now known as GGSI Liquidation, Inc., Gus A.
Paloian serves as the chapter 7 trustee winding up the debtor's
estate.


GRAPHIC PACKAGING: Bank Debt Trades at 5% Off in Secondary Market
-----------------------------------------------------------------
Participations in a syndicated loan under which Graphic Packaging
International is a borrower traded in the secondary market at
95.21 cents-on-the-dollar during the week ended Friday, July 16,
2010, according to data compiled by Loan Pricing Corp. and
reported in The Wall Street Journal.  This represents an increase
of 0.85 percentage points from the previous week, The Journal
relates.  The Company pays 200 basis points above LIBOR to borrow
under the facility.  The bank loan matures on May 16, 2014, and
carries Moody's Ba3 rating and Standard & Poor's BB rating.  The
B-term loan is one of the biggest gainers and losers among 205
widely quoted syndicated loans with five or more bids in secondary
trading for the week ended Friday.

Headquartered in Marietta, Georgia, Graphic Packaging Corporation
(NYSE:GPK) -- http://www.graphicpackaging.com/-- is a provides
paperboard packaging solutions for a variety of products to
multinational and other consumer products companies.  The company
provides its customers paperboard, cartons and packaging machines,
either as an integrated solution or separately.  Its packaging
products are made from a variety of grades of paperboard.  GPC
manufactures its packaging products from coated unbleached kraft
paperboard and coated recycled paperboard that it produces at its
mills, and a portion from paperboard purchased from external
sources.  The company operates in four geographic areas: the
United States, Central and South America (Brazil), Europe and
Asia-Pacific.  GPC conducts its business in two segments,
paperboard packaging and containerboard/other.

On March 14, 2008, Graphic Packaging Holding Company completed its
combination of Graphic Packaging Corporation and Altivity
Packaging LLC.  The combination of Graphic Packaging and Altivity
created a company with pro-forma 2007 revenues of over
US$4.4 billion and pro-forma 2007 adjusted EBITDA of approximately
US$553 million.

Headquartered in Carol Stream, Illinois, Altivity Packaging --
http://www.altivity.com-- produces various products such as
folding cartons, bag and plastic packaging, and decorative
laminations.  Altivity Packaging also provides gift boxes for
department stores and other retail venues, as well contract
packaging services and inks and coatings.  The company, which
operates about 60 manufacturing plants across the U.S., serves the
food, medical, and electronic industries, among others.  In 2006
Altivity Packaging was established after TPG Capital's purchase of
Smurfit-Stone Container's consumer packaging unit.


GRIMES COUNTY: Creditors' Claims Must Be Filed by November 1
------------------------------------------------------------
On March 4, 2010, Grimes County MUD #1 commenced a voluntary
bankruptcy case (Bankr. S.D. Tex. Case No. 10-31933) under Chapter
9 of the U.S. Bankruptcy Code.  On May 12, 2010 the court entered
an order for relief.  The Bankruptcy Court has ordered that any
entity holding a claim against the District must file a proof of
claim no later than Nov. 1, 2010.  Counsel for the District is O.
W. Bussey, Jr., Esq., in Houston, Tex.  At the time of the filing,
the District estimated its assets and debts at less than
$10 million.


GROVE STREET: Inability to Pay Loan Prompts Bankruptcy Filing
-------------------------------------------------------------
Natalie Kostelni, staff writer at Business Journal of
Philadelphia, reports that Grove Street Realty Urban Renewal filed
for bankruptcy under Chapter 11 in New Jersey, listing debts of
between $10 million and $50 million.

According to the report, the Company borrowed $32.3 million in
2007 for the construction of a $37.6 million, 259,500-square-foot
apartment complex at 390 Grove Street.

Business Journal, citing papers filed with the court, says the
Company was unable to pay all necessary operating expenses for the
project.  The loan matured on April 13, 2010.

Grove Street Realty Urban Renewal operates a real estate company.


HAMBONE DOG: Section 341(a) Meeting Scheduled for August 13
-----------------------------------------------------------
The U.S. Trustee for the Eastern District of North Carolina will
convene a meeting of Hambone Dog Properties, LLC's creditors on
August 13, 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.

Sanford, North Carolina-based Hambone Dog Properties, LLC, filed
for Chapter 11 bankruptcy protection on July 6, 2010 (Bankr.
E.D.N.C. Case No. 10-05375).  Nigle B. Barrow, Jr., Esq., who has
an office in Raleigh, North Carolina, assists the Company in its
restructuring effort.  The Company estimated its assets and debts
at $10,000,001 to $50,000,000.


HCA INC: Bank Debt Trades at 5% Off in Secondary Market
-------------------------------------------------------
Participations in a syndicated loan under which HCA, Inc., is a
borrower traded in the secondary market at 95.27 cents-on-the-
dollar during the week ended Friday, July 16, 2010, according to
data compiled by Loan Pricing Corp. and reported in The Wall
Street Journal.  This represents an increase of 0.78 percentage
points from the previous week, The Journal relates.  The Company
pays 225 basis points above LIBOR to borrow under the facility.
The bank loan matures on Nov. 6, 2013, and carries Moody's Ba3
rating and Standard & Poor's BB rating.  The B-term loan is one of
the biggest gainers and losers among 205 widely quoted syndicated
loans with five or more bids in secondary trading for the week
ended Friday.

According to the Troubled Company Reporter on May 11, 2010,
Standard & Poor's placed its 'B+' corporate credit rating on
hospital giant HCA, Inc., and S&P's ratings on its secured and
unsecured debt on CreditWatch with positive implications.  "The
speculative-grade rating on HCA continues to reflect S&P's view
that the largest U.S. owner and operator of acute health care
facilities is particularly sensitive to reduced capacity
utilization and pricing," said Standard & Poor's credit analyst
David Peknay, "by virtue of the significant debt leverage assumed
in its November 2006 leveraged buyout."

Moody's Investors Service placed the ratings of HCA, Inc.,
including the B2 Corporate Family and Probability of Default
Ratings, under review for possible upgrade.  This rating action
follows the announcement that the company has filed a Form S-1 in
contemplation of an initial public offering.

Headquartered in Nashville, Tennessee, HCA is the nation's largest
acute care hospital company with 162 hospitals and 106
freestanding surgery centers (including eight hospitals and eight
freestanding surgery centers that are accounted for using the
equity method) as of March 31, 2010.  For the twelve months ended
March 31, 2010, the company recognized revenue in excess of
$30 billion.


HECTOR ECHAGUE: Case Summary & 18 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Hector Alberto Echague
        2719 Boise Street
        Las Vegas, NE 89121

Bankruptcy Case No.: 10-23094

Chapter 11 Petition Date: July 14, 2010

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

Judge: Linda B. Riegle

Debtor's Counsel: Thomas E. Crowe, Esq.
                  2830 S. Jones Boulevard, # 3
                  Las Vegas, NV 89146
                  Tel: (702) 794-0373
                  Fax: (702) 794-0734
                  E-mail: tcrowelaw@yahoo.com

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

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

According to the schedules, the Debtor says that assets total
$695,525 while debts total $1,281,870.

A copy of the Debtor's list of 18 largest unsecured
creditors filed together with the petition is available for
free at http://bankrupt.com/misc/nvb10-23094.pdf

The petition was signed by the Debtor.


HERTZ CORP: Bank Debt Trades at 4% Off in Secondary Market
----------------------------------------------------------
Participations in a syndicated loan under which The Hertz
Corporation is a borrower traded in the secondary market at 95.78
cents-on-the-dollar during the week ended Friday, July 16, 2010,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal.  This represents an increase of 1.03
percentage points from the previous week, The Journal relates.
The Company pays 175 basis points above LIBOR to borrow under the
facility.  The bank loan matures on Dec. 21, 2012, and carries
Moody's Ba1 rating and Standard & Poor's BB- rating.  The B-term
loan is one of the biggest gainers and losers among 205 widely
quoted syndicated loans with five or more bids in secondary
trading for the week ended Friday.

The Hertz Corporation, a subsidiary of Hertz Global Holdings, Inc.
(NYSE: HTZ), based in Park Ridge, New Jersey, is the world's
largest general use car rental brand, operating from approximately
8,000 locations in 147 countries worldwide.  Hertz also operates
one of the world's largest equipment rental businesses, Hertz
Equipment Rental Corporation, through more than 375 branches in
the United States, Canada, France, Spain and China.


HOME EQUITY: Case Summary & 13 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Home Equity Mortgage Associates, Inc.
        7333 Coral Way
        Miami, FL 33155

Bankruptcy Case No.: 10-30115

Chapter 11 Petition Date: July 15, 2010

Court: U.S. Bankruptcy Court
       Southern District of Florida (Miami)

Judge: Robert A. Mark

Debtor's Counsel: Jane Letwin, Esq.
                  7333 Coral Way, Suite C
                  Miami, FL 33155
                  Tel: (305) 461-0000

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

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

According to the schedules, the Company says that assets total
$1,787,699 while debts total $4,043,970.

A copy of the Company's list of 13 largest unsecured
creditors filed together with the petition is available for
free at http://bankrupt.com/misc/flsb10-30115.pdf

The petition was signed by Anthony M. Davide, president.


HONOLULU SYMPHONY: Musicians Bolt Out, Form New Orchestra
---------------------------------------------------------
Howard Dicus at Hawaii News Now reports that Honolulu Symphony
board chairman Kimberly Miyazawa Frank said Symphony musicians are
forming a new orchestra and Symphony has accepted the resignation
of these musicians.

According to the Troubled Company Reporter on July 14, 2010,
Star Advertiser of Honolulu reports that a musicians union
rejected the final contract offer from Honolulu Symphony.  A
person with knowledge of the matter says the Debtor presented the
union with a revised collective bargaining agreement in April.
But the union refused to meet until June 30, and then said it
would accept nothing less than the current $8-million agreement
for two years.

Honolulu Symphony filed for Chapter 11 on Dec. 18, 2009 in its
hometown (Bankr. D. Hawaii Case No. 09-02978), saying assets are
less than $500,000 while debt exceeds $1 million.  The symphony
blamed the filing on a decline in donations which left the
orchestra unable to cover costs, since ticket sales represent only
30% of the budget.  The symphony said it would use Chapter 11 to
reorganize fundraising activities.


I & C PROPERTY: Reorganization Case Converted to Chapter 7
----------------------------------------------------------
The Hon. Raymond B. Ray of the U.S. Bankruptcy Court for the
Southern District of Florida converted the Chapter 11 case of I &
C Property Management, Inc., to one under Chapter 7 of the
Bankruptcy Code.

Oakland Park, Florida-based I & C Property Management, Inc., filed
for Chapter 11 bankruptcy protection on January 12, 2010 (Bankr.
S.D. Fla. Case No. 10-10539).  The Company listed $10,000,001 to
$50,000,000 in assets and $100,001 to $500,000 in liabilities.

Oakland Park, Florida-based I & C Property Management, Inc., filed
for Chapter 11 bankruptcy protection on January 12, 2010 (Bankr.
S.D. Fla. Case No. 10-10539).  The Company listed $10,000,001 to
$50,000,000 in assets and $100,001 to $500,000 in liabilities.


ILX RESORTS: Confirmation Hearing Scheduled for Friday
------------------------------------------------------
The United States Bankruptcy Court for the District of Arizona
placed its stamp of approval on the Disclosure Statement in
Support of a Joint Plan of Reorganization proposed by Textron
Financial Corporation and ILX Resorts Incorporated dated as of May
17, 2010, and directed the Debtors to solicit votes to accept or
reject the Joint Plan.  Claim holders must cast their ballots by
5:00 p.m. on July 16, 2010.  A hearing to consider confirmation of
the Plan will be held before the Honorable Redfield T. Baum, Sr.,
in Courtroom 703 of the Bankruptcy Court located at 230 N. First
Avenue in Phoenix, Ariz., on July 23, 2010, at 9:00 a.m., Pacific
time.  The Confirmation Hearing may be continued from time to time
without further notice other than the announcement of the
adjourned date at the Confirmation Hearing or any continued
hearing.  Objections, if any, to the confirmation of the Plan
must: (a) be in writing; (b) state the name and address of the
objecting party and the nature of the Claim or Interest of such
party; (c) state with particularity the basis and nature of any
objection; (d) be filed with the Court, and (e) be served on:

-- counsel for the Debtors:

    John J. Hebert, Esq.
    Wesley D. Ray, Esq.
    Polsinelli Shughart PC
    Security Title Plaza
    3636 North Central Avenue, Suite 1200
    Phoenix, AZ 85012

-- the Office of The United States Trustee

-- counsel for Textron Financial Corporation:

    Cathy Reece, Esq.
    Fennemore Craig, P.C.
    3003 North Central Avenue, Suite 2600
    Phoenix, AZ 85012-2913

On or about June 14, 2010, the Debtors filed their Motion for an
Order (A) Authorizing Sale of Estates' Assets Free and Clear of
Liens, Claims, Interests and Encumbrances; and (B) Authorizing
Assumption and Assignment of Contracts and Leases in Connection
with such Sale and a [Proposed] Order Authorizing: (a) Sale of
Substantially All Assets of the Debtors Free and Clear of All
Liens, Claims, Interests and Encumbrances; and (2) Assumption and
Assignment of Certain Executory Contracts and Unexpired Leases.
By the Sale Motion, the Debtors seek the entry of an order in the
form of the Proposed Sale Order approving a sale of substantially
all of their assets to ILX Acquisition, Inc., pursuant to the
terms of an Asset Purchase Agreement submitted with the Sale
Motion, or to such other buyer who submits a higher and better bid
at an auction.  Additional information is available at:

    http://www.ilxresorts.com/about/bankruptcy_documents

Or at:

    ILX Resorts
    Legal Department
    Tel: 602-957-2777
    E-mail: legaldept@ilxresorts.com

                      About ILX Resorts

Based in Phoenix, Ariz., ILX Resorts Incorporated --
http://www.ilxresorts.com/-- develops, markets, and operates
timeshare resorts in the western United States and Mexico.  The
Company's portfolio of resorts consists of seven resorts in
Arizona, one in Indiana, one in Colorado, one in San Carlos,
Mexico, land in Puerto Penasco (Rocky Point), Mexico and land in
Sedona, Arizona.  The Company also owns 2,241 Vacation Ownership
Interests in a resort in Las Vegas, Nevada, 2,233 of which have
been annexed into Premiere Vacation Club, 194 Vacation Ownership
Interests in a resort in Pinetop, Arizona, all of which have been
annexed into Premiere Vacation Club and 176 Vacation Ownership
Interests in a resort in Phoenix, Arizona, 174 of which have been
annexed into Premiere Vacation Club.

ILX Resorts, Inc., and 15 affiliates sought chapter 11 protection
(Bankr. D. Ariz. Case No. 09-03594) on March 2, 2009.  As of
March 31, 2010, ILX Resorts' balance sheet showed about
$70 million in assets and about $40 million in liabilities.


INNOVISION HEALTH: Now Owned by Publishing Group
------------------------------------------------
Business Report of Boulder County reports that InnoVision
Professional Media, a publishing group, has acquired InnoVision
Health Media Inc., but terms of the transaction were not
disclosed.  InnoVision Professional bought the business on June 30
from American Securities and ACI Capital.

InnoVision Health Media filed for Chapter 11 bankruptcy in
November 2008.  InnoVision emerged from Chapter 11 bankruptcy
under the new ownership, effective April 1, 2009.  InnoVision was
acquired by a subsidiary of two New York-based firms: American
Securities and ACI Capital, middle-market, private-equity firms.

InnoVision Health Media is the parent company of Natural
Solutions: Vibrant Health, Balanced Living magazine, three highly
regarded, peer-reviewed medical journals, and a series of consumer
health books.


INTELSAT JACKSON: Bank Debt Trades at 7% Off in Secondary Market
----------------------------------------------------------------
Participations in a syndicated loan under which Intelsat Jackson
Holdings Ltd. is a borrower traded in the secondary market at
92.93 cents-on-the-dollar during the week ended Friday, July 16,
2010, according to data compiled by Loan Pricing Corp. and
reported in The Wall Street Journal.  This represents an increase
of 0.97 percentage points from the previous week, The Journal
relates.  The Company pays 300 basis points above LIBOR to borrow
under the facility.  The bank loan matures on Feb. 5, 2014, and
carries Moody's B3 rating and Standard & Poor's B+ rating.  The B-
term loan is one of the biggest gainers and losers among 205
widely quoted syndicated loans with five or more bids in secondary
trading for the week ended Friday.

Intelsat Jackson Holdings is an indirect subsidiary of Intelsat
Ltd.  Headquartered in Pembroke, Bermuda, Intelsat is the largest
fixed satellite service operator in the world and is privately
held by financial investors.

As reported by the Troubled Company Reporter on Oct. 16, 2009,
Standard & Poor's assigned its 'B+' issue-level and '2' recovery
ratings to Intelsat Jackson Holdings Ltd.'s proposed $500 million
senior notes due 2019.  The '2'-recovery rating indicates
expectations for substantial (70%-90%) recovery in the event of a
payment default.  Intelsat Subsidiary Holding Co. Ltd also
guarantees the proposed notes.  Issue proceeds will be used to
purchase and retire about $400 million of the 11.5%/12.5% senior
paid-in-kind election notes due 2017 that reside at Intelsat
Bermuda Ltd. ($2.4 billion outstanding as of June 30, 2009) and
for general corporate purposes.  Ratings are based on preliminary
documentation and are subject to review of final documents.

In addition, S&P lowered the issue-level ratings on Intelsat Sub
Holdco's unsecured debt to 'B+' from 'BB-'.  This rating action
also applies to the debt at Intelsat Jackson Holdings that is
guaranteed by Sub Holdco.  The downgrade of about $3.7 billion in
debt is due to the increased debt that is guaranteed by Intelsat
Sub Holdco.  S&P revised the recovery rating on these notes to '2'
from '1'.  Also, S&P affirmed the 'B' corporate credit rating on
parent Intelsat Ltd.  The outlook is stable.

The TCR reported on Oct. 16, 2009, that Moody's assigned a B3
rating to Intelsat Jackson Holdings, Ltd.'s new $500 million 10-
year note issue.  The new notes are guaranteed by Intelsat
Jackson's indirect, wholly owned subsidiary, Intelsat Subsidiary
Holding Company, Ltd. and, as they rank equally with existing B3-
rated senior notes issued by Intelsat SubHoldCo (and with senior
notes at Intelsat SubHoldCo's sister company, Intelsat
Corporation), they are rated at the same B3 level.


INTELSAT LTD: Bank Debt Trades at 5% Off in Secondary Market
------------------------------------------------------------
Participations in a syndicated loan under which Intelsat Ltd. is a
borrower traded in the secondary market at 94.71 cents-on-the-
dollar during the week ended Friday, July 16, 2010, according to
data compiled by Loan Pricing Corp. and reported in The Wall
Street Journal.  This represents an increase of 0.76 percentage
points from the previous week, The Journal relates.  The Company
pays 175 basis points above LIBOR to borrow under the facility.
The bank loan matures on July 7, 2013, and carries Moody's B1
rating and Standard & Poor's BB- rating.  The B-term loan is one
of the biggest gainers and losers among 205 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.

Headquartered in Pembroke, Bermuda, Intelsat Ltd., formerly
PanAmSat Corp., -- http://www.intelsat.com/-- is the largest
fixed satellite service operator in the world and is owned by
Apollo Management, Apax Partners, Madison Dearborn, and Permira.
The company has a sales office in Brazil.

Intelsat Ltd.'s balance sheet showed total assets of
US$12.05 billion, total debts of US$12.77 billion and
stockholders' deficit of US$722.3 million as of March 31, 2008.


ISC BUILDING: Files Schedules of Assets & Liabilities
-----------------------------------------------------
ISC Building Materials, Inc., has filed with the U.S. Bankruptcy
Court for the Southern District of Texas its schedules of assets
and liabilities, disclosing:

  Name of Schedule                  Assets           Liabilities
  ----------------                  ------           -----------
A. Real Property                $1,290,536
B. Personal Property           $48,187,964
C. Property Claimed as
   Exempt
D. Creditors Holding
   Secured Claims                                     $7,008,854
E. Creditors Holding
   Unsecured Priority
   Claims                                                   $638
F. Creditors Holding
   Unsecured Non-priority
   Claims                                             $5,401,714
                               -----------           -----------
      TOTAL                    $49,478,500           $12,411,205

Dallas, Texas-based ISC Building Materials, Inc. -- fka Insulation
Supply Company; ISC Building Materials, LP; ISC Holdings GP; ISC
GENPAR, LLC; and 1400 West Commerce, LLC -- operates a Building
Materials Distribution and Retail business with locations
throughout Texas including Houston, San Antonio, Austin, Ennis,
Ft. Worth, Dallas, and Tyler.

The Company filed for Chapter 11 bankruptcy protection on July 6,
2010 (Bankr. S.D. Tex. Case No. 10-35732).  Donald L. Wyatt, Esq.,
at Wyatt Legal Services, PLLC, assists the Company in its
restructuring effort.  The Company estimated its assets and debts
at $10,000,001 to $50,000,000.


ISC BUILDING: Files List of 20 Unsecured Creditors
--------------------------------------------------
ISC Building Materials, Inc., has filed with the U.S Bankruptcy
Court for the Southern District of Texas a list of its 20 largest
unsecured creditors, disclosing:

   Entity                      Nature of Claim   Claim Amount
   ------                      ---------------   ------------
Lumbermens Merchandising
Corporation
C/O John D. Herberger
11767 Katy Freeway, Suite 920
Houston, TX 77079                Merchandise        $942,219

National Gypsum Company
Lockbox # 402920
6000 Feldwood Road
College Park, GA 30349           Vendor             $838,450

Clarkwestern Bldg Systems
Location 640458
Cincinnati, OH 45264             Vendor             $752,189

Temple-Inland
Dept. Ch 14227
Palatine, IL 60055-4227          Vendor             $253,149

Cedar Creek Lumber Texas, Inc.
P.O. Box 843709
Dallas, TX 75284-3709            Vendor             $252,927

Dietrich Industries, Inc.
1613 Solutions Center
Chicago, IL 60677-1005           Vendor             $145,230

Timberline Forest Products
P.O. Box 1568
Sherwood, OR 97140               Vendor             $133,908

Certainteed Corp.
Insulation Group
13903 Collections Center Dr.
Chicago, IL 60693                Vendor             $133,018

Certainteed Ceilings Corp
Ceilings Corp
PO Box 822567
Philadelphia, PA 19182-2567      Vendor             $118,289

Chicago Metallic
P.O. Box 95976
Chicago, IL 60694-5976           Vendor             $117,709

Tectum Inc
1912 Hollister
Houston, TX 77080                Vendor             $113,438

G-P Gypsum Corporation
P.O. Box 911343
Dallas, TX 75391                 Vendor             $104,762

Primesource
Receivables Company Llc
2517 Paysphere Circle
Chicago, IL 60674                Vendor             $103,002

Certainteed Gypsum
3218 Solutions
Chicago, IL 60677-3002           Vendor              $78,403

Boise
PO Box 120001
Dept 0640
Dallas, TX 75312-0640            Vendor              $73,960

American Gypsum-Marketing Co
PO Box 676461
Dallas, TX 75267-6461            Vendor              $73,512

Quiet Solution, LLC
PO Box 504397
Saint Louis, MO 63150-4397       Vendor              $62,781

Dixie Plywood Company
P.O. Box 930440
Atlanta, GA 31193                Vendor              $45,220

The Buying Source
PO Box 890727
Charlotte, NC 28289-0727         Vendor              $43,461

Specialty Prods & Ins., Co.
Dept 0203
P.O. Box 12-0203
Dallas, TX 75312-0203            Vendor              $39,655

Dallas, Texas-based ISC Building Materials, Inc. -- fka Insulation
Supply Company; ISC Building Materials, LP; ISC Holdings GP; ISC
GENPAR, LLC; and 1400 West Commerce, LLC -- operates a Building
Materials Distribution and Retail business with locations
throughout Texas including Houston, San Antonio, Austin, Ennis,
Ft. Worth, Dallas, and Tyler.

The Company filed for Chapter 11 bankruptcy protection on July 6,
2010 (Bankr. S.D. Tex. Case No. 10-35732).  Donald L. Wyatt, Esq.,
at Wyatt Legal Services, PLLC, assists the Company in its
restructuring effort.  The Company estimated its assets and debts
at $10,000,001 to $50,000,000.


ISC BUILDING: Gets Interim OK to Use Cash Collateral
----------------------------------------------------
ISC Building Materials, Inc., sought and obtained interim
authorization from the U.S. Bankruptcy Court for the Southern
District of Texas to use the cash collateral from the Petition
Date through and including July 27, 2010.

Comerica Bank is the Debtor's senior secured lender with security
interests in all of Debtor's assets.  No other lien exists against
Debtor's cash assets.  The Debtor has one additional secured
creditor who holds a judgment against the Debtor which is secured
by an appeal bond (letter of credit) in the amount of $1,747,258.
The Letter of Credit is issued by Comerica Bank.

Donald L. Wyatt, Jr., Esq., at Wyatt Legal Services, PLLC, the
attorney for the Debtor, explained that the Debtor needs the money
to fund its Chapter 11 case, pay suppliers and other parties.

In exchange for using the cash collateral, the Debtor proposes to
grant a replacement lien as a continuing security interest in the
cash collateral to the extent of the value of the Debtor's
interest in said collateral as held by Debtor at the time of
filing this chapter proceeding, subject to the orders on this
motion and to any modification by further order of this court or
by the confirmed Plan of Reorganization of the Debtor.

The Court has set a final hearing for July 27, 2010, at 12:00 p.m.
on the Debtor's request for authorization to use cash collateral.

                        About ISC Building

Dallas, Texas-based ISC Building Materials, Inc. -- fka Insulation
Supply Company; ISC Building Materials, LP; ISC Holdings GP; ISC
GENPAR, LLC; and 1400 West Commerce, LLC -- operates a Building
Materials Distribution and Retail business with locations
throughout Texas including Houston, San Antonio, Austin, Ennis,
Ft. Worth, Dallas, and Tyler.

The Company filed for Chapter 11 bankruptcy protection on July 6,
2010 (Bankr. S.D. Tex. Case No. 10-35732).  Donald L. Wyatt, Esq.,
at Wyatt Legal Services, PLLC, assists the Company in its
restructuring effort.  The Company estimated its assets and debts
at $10,000,001 to $50,000,000.


ISC BUILDING: Section 341(a) Meeting Scheduled for August 17
------------------------------------------------------------
The U.S. Trustee for Region 7 will convene a meeting of ISC
Building Materials, Inc.'s creditors on August 17, 2010, at
10:00 a.m.  The meeting will be held at Suite 3401, 515 Rusk Ave,
Houston, TX 77002.

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 ISC Building

Dallas, Texas-based ISC Building Materials, Inc. -- fka Insulation
Supply Company; ISC Building Materials, LP; ISC Holdings GP; ISC
GENPAR, LLC; and 1400 West Commerce, LLC -- operates a Building
Materials Distribution and Retail business with locations
throughout Texas including Houston, San Antonio, Austin, Ennis,
Ft. Worth, Dallas, and Tyler.

The Company filed for Chapter 11 bankruptcy protection on July 6,
2010 (Bankr. S.D. Tex. Case No. 10-35732).  Donald L. Wyatt, Esq.,
at Wyatt Legal Services, PLLC, assists the Company in its
restructuring effort.  The Company estimated its assets and debts
at $10,000,001 to $50,000,000.


ISC BUILDING: Taps Wyatt Legal as Bankruptcy Counsel
----------------------------------------------------
ISC Building Materials, Inc., has asked for authorization from the
U.S. Bankruptcy Court for the Southern District of Texas to employ
Wyatt Legal Services, PLLC, as bankruptcy counsel.

WLS will:

     a. assist the Debtor to fulfill its obligations under the
        U.S. Bankruptcy Code and Bankruptcy Rules; and

     b. assist the Debtor in the formulation and confirmation of
        plans of reorganization and the initiation and prosecution
        and/or defense of adversary proceedings.

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

        Associate Attorney                $225
        Shareholder Attorney              $400

Donald Wyatt, managing member at WLS, assures the Court that the
firm is "disinterested" as that term is defined in Section 101(14)
of the Bankruptcy Code.

                        About ISC Building

Dallas, Texas-based ISC Building Materials, Inc. -- fka Insulation
Supply Company; ISC Building Materials, LP; ISC Holdings GP; ISC
GENPAR, LLC; and 1400 West Commerce, LLC -- operates a Building
Materials Distribution and Retail business with locations
throughout Texas including Houston, San Antonio, Austin, Ennis,
Ft. Worth, Dallas, and Tyler.

The Company filed for Chapter 11 bankruptcy protection on July 6,
2010 (Bankr. S.D. Tex. Case No. 10-35732).  Donald L. Wyatt, Esq.,
at Wyatt Legal Services, PLLC, assists the Company in its
restructuring effort.  The Company estimated its assets and debts
at $10,000,001 to $50,000,000.


JANET SYDNOR: Judge Kier Appoints Chapter 11 Trustee
----------------------------------------------------
WestLaw reports that the appropriate remedy, upon a finding of the
requisite "cause" for conversion or dismissal of the separate
Chapter 11 cases filed by co-owners of real property which was the
subject of pending mortgage foreclosures based on the debtors'
nonpayment of required fees and lack of good faith or dishonesty
or gross mismanagement, was neither conversion nor dismissal, but
appointment of a Chapter 11 trustee.  The debtors each had claims
against the mortgage lenders, which the Chapter 11 trustee could
evaluate in deciding whether reorganization or liquidation was an
appropriate denouement for the debtors' cases.  The distinguishing
factor between converting a Chapter 11 case to Chapter 7 and
appointing a Chapter 11 trustee is the expanded possibility in
Chapter 11 for the trustee, using independent judgment and good
management, to direct the affairs of the estate to optimize
recovery for creditors and the estate.  In re Sydnor, --- B.R. ---
-, 2010 WL 2428655 (Bankr. D. Md.) (Kier, J.).

Ms. Sydnor's chapter 11 case is related to a separate bankruptcy
case, In re Vernon, Case No. 09-22084 (Bankr. D. Md.), commenced
by the co-owner of real estate valued at $2,475,000 and located at
3946 Robinson Neck Road in Taylor's Island, Md.

Janet Ann Sydnor filed a voluntary petition (Bankr. D. Md. Case
No. 08-14229) pro se under chapter 12 of the U.S. Bankruptcy Code
on March 27, 2008.  This was her fifth bankruptcy petition filed
in Maryland since the filing of her first chapter 13 petition
(Bankr. D. Md. Case No. 03-57330) on April 30, 2003.  The Chapter
12 Trustee objected to Ms. Sydnor's Chapter 12 plan because
there's no evidence she's a farmer or that any of her debts arose
from any farming operation.  In response, Ms. Sydnor converted the
Chapter 12 case to a Chapter 11 proceeding.


JAYEL CORPORATION: Plan Promises to Pay 90% of Unsecured Claim
--------------------------------------------------------------
Jayel Corporation filed with the U.S. Bankruptcy Court for the
Western District of Arkansas a proposed Plan of Reorganization and
an explanatory Disclosure Statement.

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

According to the Disclosure Statement, the Plan provides for the
Debtor to reorganize by continuing to operate, to liquidate by
selling assets of the estate, or a combination of both.  The
Debtor also intends to increase the occupancy rate in its units
from 75% to 88% or above.

The Debtor said that it has only one unsecured claim.  AMI, the
lone creditor will receive 90% of its claim.

The Debtor has no planned dividend distribution to its principals
and any increase in salary to James H. Lemmon would only come
after notice and a hearing and with an opportunity to object by
Debtor's creditors.

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

                     About Jayel Corporation

Bentonville, Arkansas-based Jayel Corporation filed for Chapter 11
bankruptcy protection on March 5, 2010 (Bankr. W.D. Ark. Case No.
10-71120).  Donald A. Brady, Jr., Esq., at Blair & Brady Attorneys
At Law, assists the Company in its restructuring effort.


JOHN MAHLI: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Joint Debtors: John William Mahli
               Anna Mahli
               1244 Green Lane
               La Canada Flintridge, CA 91011

Bankruptcy Case No.: 10-38989

Chapter 11 Petition Date: July 14, 2010

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

Debtor's Counsel: Robert M. Yaspan, Esq.
                  Law Offices of Robert M. Yaspan
                  21700 Oxnard Street, Suite 1750
                  Woodland Hills, CA 91367
                  Tel: (818) 905-7711
                  Fax: (818) 501-7711
                  E-mail: court@yaspanlaw.com

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

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

A copy of the Joint Debtors' list of 20 largest unsecured
creditors filed together with the petition is available for free
at http://bankrupt.com/misc/cacb10-38989.pdf

The petition was signed by the Joint Debtors.


KAINOS PARTNERS: Charles M. Forman Appointed as Interim Trustee
---------------------------------------------------------------
Roberta A. DeAngelis, acting U.S. Trustee for Region 3, appointed
Charles M. Forman as interim trustee/trustee of Kainos Partners
Holding Company LLC, et al.

Greer, South Carolina-based Kainos Partners Holding Company, LLC
-- http://www.kainospartners.com/-- operates the "donut-and-
coffee" franchises.

The Company and its affiliates filed for Chapter 11 on July 6,
2009 (Bankr. D. Del. Lead Case No. 09-12292).  Two of its
affiliates filed for separate Chapter 11 petitions on Sept. 15,
2009 (Bankr. D. Del. Case Nos. 09-13213 to 09-13214).  An
affiliate filed for separate Chapter 11 petition on Sept. 23, 2009
(Bankr. D. Del. Case No. 09-13285).  Attorneys at the Law Offices
of Joseph J. Bodnar represent the Debtors in their restructuring
efforts.  The Debtor did not file a list of 20 largest unsecured
creditors.  In its petition, the Debtors listed assets and debts
both ranging from $10 million and $50 million.


KELLY MCINROY: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: Kelly James McInroy
          aka Kelly McInroy
              Kelly J. McInroy
        5328 N. 42nd Place
        Phoenix, AZ 85018

Bankruptcy Case No.: 10-21290

Chapter 11 Petition Date: July 8, 2010

Court: U.S. Bankruptcy Court
       District of Arizona (Phoenix)

Judge: George B. Nielsen, Jr.

Debtor's Counsel: D. Lamar Hawkins, Esq.
                  Aiken Schenk Hawkins & Ricciardi PC
                  4742 North 24th Street, Suite 100
                  Phoenix, AZ 85016
                  Tel: (602) 248-8203
                  Fax: (602) 248-8840
                  E-mail: dlh@ashrlaw.com

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

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

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

The petition was signed by the Debtor.


KYLER BROTHERS: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Kyler Brothers Services, Inc.
        104 Oak Hill Drive
        Brownsburg, IN 46112

Bankruptcy Case No.: 10-10546

Chapter 11 Petition Date: July 15, 2010

Court: U.S. Bankruptcy Court
       Southern District of Indiana (Indianapolis)

Judge: James K. Coachys

Debtor's Counsel: David R. Krebs, Esq.
                  Hostetler & Kowalik P.C.
                  101 W. Ohio Street, Suite 2100
                  Indianapolis, IN 46204
                  Tel: (317) 262-1001
                  Fax: (317) 262-1010
                  E-mail: dkrebs@hklawfirm.com

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

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

According to the schedules, the Company says that assets total
$156,262 while debts total $2,443,591.

A copy of the Company's list of 20 largest unsecured
creditors filed together with the petition is available for
free at http://bankrupt.com/misc/insb10-10546.pdf

The petition was signed by Ryan A. DeWeese, president.


LAKE AT LAS VEGAS: Successfully Emerges from Chapter 11
-------------------------------------------------------
Lake Las Vegas has completed the steps necessary to effectuate its
Plan of Reorganization and has successfully emerged from Chapter
11.

"This is an extraordinary result," said Frederick E. Chin, CEO of
Lake Las Vegas, and founder of The Atalon Group LLC.  "The
homebuilders, creditors, residents, homeowner groups, vendors, and
the City of Henderson worked together to preserve the integrity of
the community, resolve a multitude of complex issues that hindered
its continuation and establish a platform for the future that
enhances the objectives of property owners, homebuilders, lenders
and local government.

"Through hard work and the tireless belief in the long-term
viability of Lake Las Vegas, we were able to overcome market and
other challenges and accomplish our goals," he said.

Mr. Chin said that the challenges faced in reorganizing Lake Las
Vegas were immense and were exacerbated by the unprecedented
downturn in the real estate and capital markets throughout the
United States.  The downturn had a particularly acute effect on
the viability of master planned communities such as Lake Las Vegas
that were based on a high level of amenities.

Despite all of the challenges, meaningful progress was made in re-
establishing the position of the community during the bankruptcy
cases, including:

-- Securing new post-bankruptcy funding of more than $30 million
   to provide Lake Las Vegas with adequate liquidity to meet its
   working capital needs.

-- Successfully resolving ownership and property boundary issues
   in Phase II, allowing landowners to effectively develop or
   market their property.

-- Successfully settling and resolving third-party litigation,
   disputes with homeowner associations, and more than $25 million
   in mechanic's liens.

-- Completing critically important repairs to the community's
   existing infrastructure, as well as securing additional funds
   to construct other infrastructure that facilitates future
   development.

-- Preserving the overall appearance of the community and
   enhancing its overall marketability by securing water and
   development rights.

"There were many legal and business hurdles to confirming the Plan
of Reorganization in this case.  It was only through the hard and
constructive work of the stakeholders, especially Lake Las Vegas'
secured lenders and the Official Committee of Unsecured Creditors,
that we were able to accomplish this reorganization," said Thomas
E. Patterson, of Klee Tuchin, Bogdanoff & Stern, LLP, counsel for
Lake Las Vegas in the chapter 11 proceedings.

"The result is a fair allocation of recoveries among the
stakeholders, and a firm foundation for the company's future."

Lake Las Vegas will remain under the stewardship of The Atalon
Group, which will provide asset management services to the company
for the benefit of the new owners.  Over the next 18 months,
Atalon Group principals Frederick Chin and James Coyne will
oversee land sales in Phases I and II and re-focus the Company's
efforts on the long-term development and value maximization of
Phase III.

                          The Plan

Amanda Finnegan at Las Vegas Sun reports that under the plan,
lenders led by Credit Suisse Group AG expect to get portion of
their loans to the company converted into a controlling equity
interest in the development.  The plan proposes that the Company
would sell much of its land in the Phase I and II planning areas,
while also focusing efforts on the long-term development of Phase
III.  Lake Las Vegas' original plan called for more than 9,000
residential units, but only 1,700 have been built.  Phase III
includes almost 600 developable acres and can accommodate up to
4,000 residential units.  Lake Las Vegas owns more than 80% of the
remaining developable land in that phase.  Lake Las Vegas added
the price for homes is also expected to be considerably less than
the historical average up to this point.

The Plan, Las Vegas Sun continues, provides financing for the
reorganized debtors to cover expenses and finances improvement
district developments, including building a replacement water pump
station and completing improvements on Lake Las Vegas Parkway.

                     About Lake Las Vegas

Headquartered in Henderson, Nevada, Lake at Las Vegas Joint
Venture, LLC and 14 of its debtor-affiliates --
http://www.lakelasvegas.com/-- are owners and developers of
3,592-acre residential and resort destination Lake Las Vegas
Resort in Las Vegas, Nevada.  Centered around a 320-acre man-made
lake, Lake Las Vegas contains more than 9,000 residential units,
and also includes two luxury resort hotels (a Loews and a Ritz-
Carlton), a casino, a specialty retail village shopping area,
marinas, three signature golf courses and related clubhouses, and
other real property.

The Debtors filed separate petitions for Chapter 11 relief on
July 17, 2008 (Bankr. D. Nev. Lead Case No. 08-17814).  When Lake
at Las Vegas Joint Venture, LLC, filed for protection from its
creditors, it listed assets of $100 million to $500 million, and
debts of $500 million to $1.0 billion.  Courtney E. Pozmantier,
Esq., Martin R. Barash, Esq., at Klee, Tuchin, Bogdanoff & Stern
LLP, Jason D. Smith, Esq., at Santoro, Driggs, Walch, Kearney,
Holley & Thompson, Jeanette E. McPherson, Esq., Lenard E.
Schwartzer, Esq., at Schwartzer & McPherson Law Firm, represent
the Debtors as counsel.  Kaaran E. Thomas, Esq., Ryan J. Works,
Esq., at McDonald Carano Wilson LLP, represent the Official
Committee of Unsecured Creditors as counsel.


LAS VEGAS SANDS: Bank Debt Trades at 12% Off in Secondary Market
----------------------------------------------------------------
Participations in a syndicated loan under which Las Vegas Sands
Corp. is a borrower traded in the secondary market at 88.47 cents-
on-the-dollar during the week ended Friday, July 16, 2010,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal.  This represents an increase of 0.75
percentage points from the previous week, The Journal relates.
The Company pays 175 basis points above LIBOR to borrow under the
facility.  The bank loan matures on May 1, 2014, and carries
Moody's B3 rating and Standard & Poor's B- rating.  The B-term
loan is one of the biggest gainers and losers among 205 widely
quoted syndicated loans with five or more bids in secondary
trading for the week ended Friday.

Based in Las Vegas, Nevada, Las Vegas Sands Corp. (NYSE: LVS) --
http://www.lasvegassands.com/-- owns and operates The Venetian
Resort Hotel Casino, The Palazzo Resort Hotel Casino, and an expo
and convention center.  The company also owns and operates the
Sands Macao, the first Las Vegas-style casino in Macao, China.


LINCOLN TRAIL: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Lincoln Trail Auto Body, Inc.
        9525 Old Lincoln Trail
        Fairview Heights, IL 62208

Bankruptcy Case No.: 10-31823

Chapter 11 Petition Date: July 15, 2010

Court: U.S. Bankruptcy Court
       Southern District of Illinois (East St Louis)

Judge: Kenneth J. Meyers

Debtor's Counsel: Mary E. Lopinot, Esq.
                  Mathis Marifian and Richter Ltd
                  P.O. Box 307
                  23 Public Square, Suite 300
                  Belleville, IL 62222-0307
                  Tel: (618) 234-9800
                  Fax: (618) 234-9786
                  E-mail: mlopinot@mmrltd.com

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

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

According to the schedules, the Company says that assets total
$1,269,759 while debts total $1,829,614.

A copy of the Company's list of 20 largest unsecured
creditors filed together with the petition is available for
free at http://bankrupt.com/misc/ilsb10-31823.pdf

The petition was signed by Tracy L. Seibert, president.


LUCIEN LAGRANGE: Financial Woes Prompt Bankruptcy Filing
--------------------------------------------------------
Chicago, Illinois-based Lucien Lagrange Architects, Ltd., filed
for Chapter 11 on July 14, 2010 (Bankr. N.D. Ill. Case No. 10-
31268).

The petition listed assets of $1,000,001 to $10,000,000 and debts
of $1,000,001 to $10,000,000.

David K. Welch, Esq., at Crane Heyman Simon Welch & Clar,
represents the Debtor in its Chapter 11 case.

CBS2Chicago.com reports that Lucien J. Lagrange, president, who
signed the petition, said he ran into financial trouble because he
owed more than $1 million for a project in Saudi Arabia that has
not been constructed.


LUCIEN LAGRANGE: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Lucien Lagrange Architects, Ltd.
        605 North Michigan Avenue, 4th Floor
        Chicago, IL 60611

Bankruptcy Case No.: 10-31268

Chapter 11 Petition Date: July 14, 2010

Court: U.S. Bankruptcy Court
       Northern District of Illinois (Chicago)

Judge: John H. Squires

Debtor's Counsel: David K. Welch, Esq.
                  Crane Heyman Simon Welch & Clar
                  135 S Lasalle Street, Suite 3705
                  Chicago, IL 60603
                  Tel: (312) 641-6777
                  Fax: (312) 641-7114
                  E-mail: dwelch@craneheyman.com

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

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

A copy of the Company's list of 20 largest unsecured
creditors filed together with the petition is available for
free at http://bankrupt.com/misc/ilnb10-31268.pdf

The petition was signed by Lucien J. Lagrange, president.


LUCIEN PICCARD: Files for Bankruptcy Protection Under Chapter 11
----------------------------------------------------------------
Paul Brinkmann at Business Journal of South Florida reports that
Lucien Piccard Inc. and two of its affiliates, LP Watch Group and
Charles Winston Luxury Group, filed for bankruptcy under Chapter
11, disclosing these assets and debts:

                              Liabilities       Assets
                              -----------       ------
  Lucien Piccard            $10.57 million   $11.96 million
  LP Watch Group              6.25 million    10.58 million
  Charles Winston             6.64 million     1.25 million

According to Mr Brinkmann, Lucien Piccard has $2.71 million in
outstanding accounts receivable.  The Company owes $5.69 million
to Comerica Bank; $3.69 million, Sol Friedman; $604,606, F & K
LLC; and $6,002, LAU International.

Peter Shapiro, Esq., at Arnstein & Lehr, represents the Company.

Lucien Piccard Inc. operates a watch and jewelry company.


LYONDELL CHEMICAL: Trustee Fights Lyondell Final Fee Bids
---------------------------------------------------------
Law firms and other professionals involved in Lyondell Chemical
Co.'s bankruptcy may not get their paychecks as fast as they had
planned, with the U.S. trustee overseeing the case raising the red
flag over a slew of recently filed final fee applications,
Bankruptcy Law360 reports.

In a filing Wednesday in the U.S. Bankruptcy Court for the
Southern District of New York, U.S. Trustee Tracy Hope Davis
objected to portions of 29 applications seeking allowance,
according to Law360.

                      About Lyondell Chemical

LyondellBasell Industries is one of the world's largest polymers,
petrochemicals and fuels companies.  It is the global leader in
polyolefins technology, production and marketing; a pioneer in
propylene oxide and derivatives; and a significant producer of
fuels and refined products, including biofuels.  Through research
and development, LyondellBasell develops innovative materials and
technologies that deliver exceptional customer value and products
that improve quality of life for people around the world.
Headquartered in The Netherlands, LyondellBasell --
http://www.lyondellbasell.com/-- is privately owned by Access
Industries.

Basell AF and Lyondell Chemical Company merged operations in 2007
to form LyondellBasell Industries, the world's third largest
independent chemical company.  LyondellBasell became saddled with
debt as part of the US$12.7 billion merger.  On January 6, 2009,
LyondellBasell Industries' U.S. operations and one of its European
holding companies -- Basell Germany Holdings GmbH -- filed
voluntary petitions to reorganize under Chapter 11 of the U.S.
Bankruptcy Code to facilitate a restructuring of the company's
debts.  The case is In re Lyondell Chemical Company, et al.,
Bankr. S.D.N.Y. Lead Case No. 09-10023).  Seventy-nine Lyondell
entities, including Equistar Chemicals, LP, Lyondell Chemical
Company, Millennium Chemicals Inc., and Wyatt Industries, Inc.
filed for Chapter 11.  In May 2009, one of the cases was dismissed
-- Case No. 09-10068 -- because it is duplicative of Case No. 09-
10040 relating to Debtor Glidden Latin America Holdings.

The Hon. Robert E. Gerber presides over the case.  Deryck A.
Palmer, Esq., at Cadwalader, Wickersham & Taft LLP, in New York,
serves as the Debtors' bankruptcy counsel.  Evercore Partners
serves as financial advisors, and Alix Partners and its subsidiary
AP Services LLC, serves as restructuring advisors.  AlixPartners'
Kevin M. McShea acts as the Debtors' Chief Restructuring Officer.
Clifford Chance LLP serves as restructuring advisors to the
European entities.  Lyondell Chemical estimated that consolidated
assets total US$27.12 billion and debts total US$19.34 billion as
of the bankruptcy filing date.

Lyondell has obtained approximately US$8 billion in DIP financing
to fund continuing operations.  The DIP financing includes two
credit agreements: a US$6.5 billion term loan, which comprises a
US$3.25 billion in new loans and a US$3.25 billion roll-up of
existing loans; and a US$1.57 billion asset-backed lending
facility.

LyondellBasell Industries AF S.C.A. and another affiliate were
voluntarily added to Lyondell Chemical's reorganization filing
under Chapter 11 on April 24, 2009, in order to seek protection
against claims by certain financial and U.S. trade creditors.  On
May 8, 2009, LyondellBasell Industries added 13 non-operating
entities to Lyondell Chemical Company's reorganization filing
under Chapter 11 of the U.S. Bankruptcy Code.  All of the entities
are U.S. companies and were added to the original Chapter 11
filing for administrative purposes.

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


MAINSTREET SAVINGS BANK: Closed; Commercial Bank Assumes Deposits
-----------------------------------------------------------------
Mainstreet Savings Bank, FSB, of Hastings, Mich., was closed on
Friday, July 16, 2010, by the Office of Thrift Supervision, which
appointed the Federal Deposit Insurance Corporation as receiver.
To protect the depositors, the FDIC entered into a purchase and
assumption agreement with Commercial Bank of Alma, Mich., to
assume all of the deposits of Mainstreet Savings Bank, FSB.

The two branches of Mainstreet Savings Bank, FSB will reopen
during normal business hours as branches of Commercial Bank.
Depositors of Mainstreet Savings Bank, FSB will automatically
become depositors of Commercial Bank.  Deposits will continue to
be insured by the FDIC, so there is no need for customers to
change their banking relationship in order to retain their deposit
insurance coverage.  Customers of Mainstreet Savings Bank, FSB
should continue to use their existing branch until they receive
notice from Commercial Bank that it has completed systems changes
to allow other Commercial Bank branches to process their accounts
as well.

As of March 31, 2010, Mainstreet Savings Bank, FSB had around
$97.4 million in total assets and $63.7 million in total deposits.
Commercial Bank will pay the FDIC a premium of 1.13 percent to
assume all of the deposits of Mainstreet Savings Bank, FSB.  In
addition to assuming all of the deposits of the failed bank,
Commercial Bank agreed to purchase essentially all of the assets.

The FDIC and Commercial Bank entered into a loss-share transaction
on $77.1 million of Mainstreet Savings Bank, FSB's assets.
Commercial Bank will share in the losses on the asset pools
covered under the loss-share agreement.  The loss-share
transaction is projected to maximize returns on the assets covered
by keeping them in the private sector.  The transaction also is
expected to minimize disruptions for loan customers.  For more
information on loss share, visit:

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

Customers who have questions about the transaction can call the
FDIC toll-free at 1-800-451-1093.  Interested parties also can
visit the FDIC's Web site at:

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

The FDIC estimates that the cost to the Deposit Insurance Fund
will be $11.4 million. Compared to other alternatives, Commercial
Bank's acquisition was the "least costly" resolution for the
FDIC's DIF.  Mainstreet Savings Bank, FSB is the 96th FDIC-insured
institution to fail in the nation this year, and the fourth in
Michigan.  The last FDIC-insured institution closed in the state
was New Liberty Bank, Plymouth, on May 14, 2010.


MATTRESS KING: Court Approves Sale of Assets to Discounters
-----------------------------------------------------------
Times-Dispatch of Richmond reports that a federal bankruptcy judge
gave preliminary approval to the sale of remaining assets of
The Mattress King, Inc., to Mattress Discounters for $190,000.  A
final approval is expected on July 19, 2010, after inventory
counts are completed and if there are not objections to the sale.

The sale deal includes the assumption of leases on two of the
company's stores, assets, inventory and intellectual property, the
report says.

Based in Richmond, Virginia Mattress King owns a 10-store bedding
specialty retailer store.

Mattress King filed for Chapter 11 on Jan. 30, 2009 (Bankr. E.D.
Va. Case No. 09-30575).  Bruce E. Arkema, Esq., at Cantor Arkema,
P.C., represents the Debtor.  The petition listed assets of
$1,386,178 and debts of $3,188,183.


MAXXIM MEDICAL: Former Sales Rep. Didn't Violate Automatic Stay
---------------------------------------------------------------
Assuming that a Chapter 11 debtor's goodwill and customer
relationships were protected by the automatic stay, WestLaw
reports, the debtor's own actions caused it to lose any goodwill
or customer relationships which it might at one time have enjoyed
in the sales area served by its former sales representative.
These actions included the debtor's loss of a key contract with a
group purchasing organization, its failure to adequately service
its customers, and its bankruptcy filing.  Therefore, the
solicitation of the debtor's customers by the former sales
representative and the competitor that hired her did not affect
property of the estate and did not violate the automatic stay.  In
re Maxxim Medical Group, Inc., --- B.R. ----, 2010 WL 2572395
(Bankr. M.D. Fla.) (Williamson, J.).

Headquartered in Clearwater, Florida, Maxxim Medical Group, Inc.,
was a leading supplier of custom-procedure trays, nonlatex
examination gloves and other single-use products, filed for
Chapter 11 protection on Feb. 11, 2003 (Bankr. Del. Case No. 03-
10438).  Lawyers at Young, Conaway, Stargatt & Taylor and Myron
Treppor, Esq., Michael J. Kelly, Esq., at Wilkie Farr & Gallagher
represented the Debtors in their restructuring efforts.  The
company sold most of its assets to Medline Industries, Inc., and
RoundTable Healthcare Partners; changed its name to Medical
Windown Holdings Inc.; and obtained confirmation of a liquidating
Chapter 11 plan under which Clear Thinking Group, as the Creditor
Representative, distributed an approximate 9% dividend to
unsecured creditors.


MEDICAL STAFFING: Proposes to Auction Off All Assets
----------------------------------------------------
Medical Staffing Network Holdings, Inc., et al., have sought
authorization from the U.S. Bankruptcy Court for the Southern
District of Florida to sell substantially all of the Debtors'
assets, free and clear of liens, claims, encumbrances and
interests.

The Debtors have filed their proposed bidding procedures.

The proposed purchaser is comprised of the First Lien Lenders who
indicated their willingness to enter into the asset purchase
agreement at a higher amount by credit bidding all amounts due
under the First Lien Credit Agreement.  The Proposed Purchaser is
not an insider of the Debtors.  Known lienholders included General
Electric Capital Corporation, as administrative agent and
collateral agent under the First Lien Credit Agreement; NexBank,
SSB, as administrative agent and collateral agent under the Second
Lien Credit Agreement.

The proposed sale price consists of a credit bid of
$84,122,982.40, plus assumed liabilities under an Asset Purchase
Agreement.  The assets are to be sold "as is, where is".  The sale
will close on the tenth day following entry of a sale order.

The Debtors propose to hold the auction on August 19, 2010.  The
proposed bid deadline is August 18, 2010.  The Debtors propose
that the sale hearing be held on August 20, 2010.

The minimum incremental bid is $84,122,982, plus the outstanding
obligations under the DIP Loan Documents, plus an amount
equivalent to the liabilities being assumed under the Asset
Purchase Agreement.  The initial overbid amount is $100,000.

For competing bidders, minimum deposit is $5,000,000.

There is no proposed break-up fee.

A copy of the Asset Purchase Agreement and bidding procedures is
available for free at http://ResearchArchives.com/t/s?66a0

Boca Raton, Florida-based Medical Staffing Network Holdings, Inc.,
provides temporary (predominantly healthcare) staffing services
including per diem, short term contracts and travel, in the United
States.  Warburg Pincus Private equity VIII, L.P., owns a 45.4%
stake in the Company.  The Company filed for Chapter 11 bankruptcy
protection on July 2, 2010 (Bankr. S.D. Fla. Case No. 10-29101).
Paul Steven Singerman, Esq., who has an office in Miami, Florida,
assists the Company in its restructuring effort.  The Company
estimated its assets and debts at $100,000,001 to $500,000,000.

Akerman Senterfitt is the Company's special corporate and
transactional counsel.  Loughlin Meghji + Company is the Company's
corporate restructuring advisor.  Ernst & Young LLP is the
Company's accounting and tax advisor.  Jefferies & Company, Inc.,
is the Company's investment banker.  The Garden City Group Inc. is
the Company's claims and notice agent.


MEDICAL STAFFING: Court Fixes September 30 as Claims Bar Date
-------------------------------------------------------------
The Hon. Erik P. Kimball of the U.S. Bankruptcy Court for the
Southern District of Florida has set September 30, 2010, as the
last day for any individual or entity to file proofs of claim
against Medical Staffing Network Holdings, Inc., et al.

The later of the General Bar Date or 30 days after a claimant is
served with notice that the Debtors have amended their Schedules
of Assets and Liabilities will be the bar date for submitting a
Proof of Claim with respect to any Claim that was amended by
reducing the amount of the Claim, deleting the Claim, or otherwise
changing the status of the Claim to disputed, contingent, and/or
unliquidated.

Proofs of claim must be filed with:

     MSN Bankruptcy Administration
     c/o The Garden City Group, Inc.
     P.O. Box 9620
     Dublin, OH 43017-4920

     The Garden City Group, Inc.
     Attn.: MSN Bankruptcy Administration
     5151 Blazer Parkway, Suite A
     Dublin, OH 43017

Boca Raton, Florida-based Medical Staffing Network Holdings, Inc.,
provides temporary (predominantly healthcare) staffing services
including per diem, short term contracts and travel, in the United
States.  Warburg Pincus Private equity VIII, L.P., owns a 45.4%
stake in the Company.  The Company filed for Chapter 11 bankruptcy
protection on July 2, 2010 (Bankr. S.D. Fla. Case No. 10-29101).
Paul Steven Singerman, Esq., who has an office in Miami, Florida,
assists the Company in its restructuring effort.  The Company
estimated its assets and debts at $100,000,001 to $500,000,000.

Akerman Senterfitt is the Company's special corporate and
transactional counsel.  Loughlin Meghji + Company is the Company's
corporate restructuring advisor.  Ernst & Young LLP is the
Company's accounting and tax advisor.  Jefferies & Company, Inc.,
is the Company's investment banker.  The Garden City Group Inc. is
the Company's claims and notice agent.


MEDICAL STAFFING: Gets Interim Okay to Obtain DIP Financing
-----------------------------------------------------------
Medical Staffing Network Holdings, Inc., et al., sought and
obtained interim authorization from the Hon. Erik P. Kimball of
the U.S. Bankruptcy Court for the Southern District of Florida to
obtain postpetition secured financing from General Electric
Capital Corporation.

The DIP lenders have committed to provide up to $12,000,000, of
which $12 million will be advanced pursuant to the Interim Order.

Paul Steven Singerman, Esq., at Berger Singerman, P.A., the
attorney for the Debtors, explained that the Debtors need the
money to fund their Chapter 11 case, pay suppliers and other
parties.

The DIP facility will mature 90 days after the Closing Date.

The DIP facility will incur interest at 10% per annum.  In the
event of default, the Debtors will pay 14% interest per annum.

The Debtors propose to:

     a. grant the Lender liens on all of the DIP Collateral which
        will be senior to the Primed Liens, but junior to any
        Prepetition Prior Liens;

     b. grant the DIP Lender super-priority administrative claims
        having recourse to all prepetition and postpetition
        property of the Debtors' estates, now owned or hereafter
        acquired, excluding Avoidance Actions and Avoidance Action
        Proceeds, subject, only in the event of the occurrence and
        during the continuance of a Termination Date, to the
        Carve-Out;

     c. grant the Prepetition First Lien Lenders various forms of
        adequate protection liens and administrative claims junior
        only to the DIP Lender; and

     d. grant the Prepetition Second Lien Lenders various forms of
        adequate protection liens and administrative claims junior
        only to the DIP Lenders and Prepetition First Lien
        Lenders.

The proceeds of the Loans will be used by the Debtors for (a)
working capital (excluding Capital Expenditures) to the
extent set forth in the Budget; (b) Capital Expenditures as
permitted by the DIP Credit Agreement; (c) upon entry of the Final
Order, payment of any Pre-Petition Protective Advances then
remaining outstanding; and (d) payment of such other obligations
incurred before the Petition Date as are consented to by the
Administrative Agent and the Required Lenders in their reasonable
discretion and approved of by the Bankruptcy Court.

The Court has set a final hearing for July 21, 2010, at 9:30 a. m.

A copy of the DIP financing agreement is available for free at:

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

Boca Raton, Florida-based Medical Staffing Network Holdings, Inc.,
provides temporary (predominantly healthcare) staffing services
including per diem, short term contracts and travel, in the United
States.  Warburg Pincus Private equity VIII, L.P., owns a 45.4%
stake in the Company.  The Company filed for Chapter 11 bankruptcy
protection on July 2, 2010 (Bankr. S.D. Fla. Case No. 10-29101).
Paul Steven Singerman, Esq., who has an office in Miami, Florida,
assists the Company in its restructuring effort.  The Company
estimated its assets and debts at $100,000,001 to $500,000,000.

Akerman Senterfitt is the Company's special corporate and
transactional counsel.  Loughlin Meghji + Company is the Company's
corporate restructuring advisor.  Ernst & Young LLP is the
Company's accounting and tax advisor.  Jefferies & Company, Inc.,
is the Company's investment banker.  The Garden City Group Inc. is
the Company's claims and notice agent.


MERCEDES HOMES: Officers' Non-Consensual Plan Releases Approved
---------------------------------------------------------------
WestLaw reports that a non-debtor release provision included in
Chapter 11 debtors' proposed reorganization plan, as amended to
clarify that it released debtors' officers and directors only from
liability in their capacity as officers and directors, and did not
preclude participants in the debtors' employee stock ownership
plans (ESOPs) from pursuing claims against officers and directors
in their capacities as ESOP fiduciaries, was fair and necessary
and would be approved.  Due to the reorganized debtors' assumption
of their prepetition indemnification obligations to officers and
directors, the requisite identity of interest existed between the
debtors and the officers and directors.  The officers and
directors also were making a substantial contribution to the
debtors' reorganization, both by agreeing to release a
multimillion deficiency claim and by continuing to use their
expertise and knowledge to work for the reorganized debtors.  The
plan, as written, had overwhelming creditor support.  In re
Mercedes Homes, Inc., --- B.R. ----, 2009 WL 3367566, 22 Fla. L.
Weekly Fed. B 189, (Bankr. S.D. Fla.).

Observing that the Eleventh Circuit has not addressed the
propriety of non-debtor releases in a plan of reorganization and
the "circuit courts which have addressed the issue are split on
whether Sec. 524(e) proscribes non-debtor releases in a Chapter 11
reorganization plan," In re Winn-Dixie Stores, Inc., 356 B.R. 239,
259 (Bankr. M.D. Fla. 2006), the Honorable Paul G. Hyman waded
into the uncharted waters.  Section 524(e) provides that the
"discharge of the debt of the debtor does not affect the liability
of any other entity on, or the property of any other entity for,
such debt." 11 U.S.C. Sec. 524(e).  The Fifth, Ninth, and Tenth
Circuits refuse to allow non-debtor releases finding that "Sec.
524(e) directly conflicts with any interpretation of Sec. 105(a)
that would permit" such releases. In re Transit Group, Inc., 286
B.R. 811, 815 (Bankr. M.D.Fla. 2002) (citing In re Lowenschuss, 67
F.3d 1394 (9th Cir. 1995); In re Zale Corp., 62 F.3d 746 (5th Cir.
1995); In re Western Real Estate Fund, Inc., 922 F.2d 592 (10th
Cir. 1990)).  However, this is not the majority view.  The Second,
Third, Fourth, Sixth, and Seventh Circuits find no conflict
between Sec. 105(a) and Sec. 524(e).  These courts permit non-
debtor releases as part of a restructuring plan pursuant to Sec.
105(a) under certain factual circumstances if the debtor
establishes that the releases are necessary or appropriate to
carry out the purposes of Chapter 11.  Transit Group, 286 B.R. at
816 (citing In re Dow Corning Corp., 280 F.3d 648 (6th Cir. 2002);
In re Continental Airlines, 203 F.3d 203 (3d Cir. 2000); In re
Specialty Equip. Co., Inc., 3 F.3d 1043 (7th Cir. 1993); In re
Drexel Burnham Lambert Group, Inc., 960 F.2d 285 (2d Cir. 1992);
In re A.H. Robins Co., Inc., 880 F.2d 694 (4th Cir. 1989)).  These
courts note that while the language of Sec. 524(e) explains the
effect of a debtor's discharge, it does not "prohibit the release
of a non-debtor."  Dow Corning Corp., 280 F.3d at 657 (citations
omitted). Nevertheless, "an injunction is a dramatic measure to be
used cautiously . . . in 'unusual circumstances'".  Id. at 658
(citations omitted).  "Routine inclusion of non-debtor releases is
not appropriate."  Transit Group, 286 B.R. at 817.  Judge Hyman
agrees with the majority position such that a Chapter 11 plan of
reorganization may provide for the release of non-debtors in
certain factual circumstances if such releases are necessary and
fair.

Headquartered in Melbourne, Florida, Mercedes Homes Inc. --
http://www.mercedeshomes.com-- operates a homebuilding company
that was established in 1983 by Howard Buescher, a 23-year veteran
of the homebuilding business and his daughter Susan Girard.  The
Company employs approximately 400 people who sell, and construct,
homes of distinctive quality in over 80 communities in Florida,
Texas and North and South Carolina.

The Company and 10 affiliates filed for Chapter 11 protection on
January 26, 2009 (Bankr. S.D. Fla. Lead Case No. 09-11191).  Sean
T. Cork, Esq., Tina M. Talarchyk, Esq., and Craig D. Hansen, Esq.,
at Squire, Sanders & Dempsey, LLP, represent the Debtors in their
restructuring efforts.  Richard M. Williamson and Alvarez & Marsal
North American LLC serve as the Debtors' chief restructuring
officer, Odyssey Capital Group LLC as valuation expert, Michael P.
Kahn & Associates LLC as financial advisor and Kurtzman Carson
Consultants LLC as claims and noticing agent.  The Debtors'
Schedules of Assets and Liabilities delivered to the bankruptcy
court in March 2009 show $309 million in assets available to pay
liabilities totalling $280 million, $224 million of which is owed
to secured creditors.  M. Bryant Gatrell, Esq., at Moore & Van
Allen PLLC, represents the agent for the Debtors' prepetition
first lien facilities.  Jay M. Sakalo, Esq., at Bilzin Sumberg
Baena Price & Exelrod, LLP, represents the agent for the Debtors'
prepetition second lien facility.


MERUELO MADDUX: PNL Pomona Wants Plan Outline Approval Denied
-------------------------------------------------------------
Creditor PNL Pomona, LP, asks the U.S. Bankruptcy Court for the
Central District of California to deny approval of Meruelo Maddux
Properties, Inc., et al.'s modified second amended Joint Plan of
Reorganization.  PNL is the successor in interest to the original
lender on a Promissory Note secured by a Deed of Trust on the
property in the principal sum of $9,800,000.

As reported in the Troubled Company Reporter on June 16, 2010,
BankruptcyData.com reported that Meruelo Maddux filed a second
amended Joint Chapter 11 Plan.

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

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

PNL explains that:

   -- the Modified Amended Disclosure Statement allows for the
      choice between two options to "Holders of Allowed Interests
      in the class."  Option 1 provides that the holder will
      receive $0.08 in exchange for each share of MMPI Existing
      Common Stock held by the holder.  Option 2 provides that in
      exchange for the holder's interest and after payment by the
      holder of $0.07 for each share of New Equity Interest, will
      receive shares of the New Equity Interests equal to the
      number of MMPI Existing Common Shares that the holder held
      as of the record date.  While the Debtor made considerable
      alterations to this portion of its Plan, the effect remains
      the same.

   -- the Debtors originally contemplated an infusion of New Value
      through the previously proposed offering which would amount
      to just $10,000,000.  This amount was insufficient to
      satisfy all Debtors' obligations, thus Debtors would be
      bankrupt again within a year of the Plan's effective date.
      Now, the modified second amended Plan does not even offer an
      estimated amount of new value that will be infused into the
      Debtors in order to satisfy its obligations under the Plan.

                        About Meruelo Maddux

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


MERUELO MADDUX: Shareholders File Competing Chapter 11 Plan
-----------------------------------------------------------
BankruptcyData.com reports that Charlestown Capital Advisors and
Hartland Asset Management, shareholders of Meruelo Maddux
Properties, filed a Chapter 11 Plan and Disclosure Statement with
the U.S. Bankruptcy Court.

The shareholder proponents state that they submit the Disclosure
Statement to provide holders of claims and interests in the
Debtors and/or its 53 related entities with adequate information
regarding the shareholder proponents' Joint Plan of
Reorganization.

According to the Disclosure Statement, "The Shareholder Plan is a
coordinated plan of reorganization and not a consolidated plan of
reorganization. In other words, except as specifically noted, each
of the Debtors will remain a separate entity during and after the
Shareholder Plan confirmation process, and the debts and
liabilities of each debtor entity will remain attributable to that
debtor alone.  Accordingly, the Debtors' Claims and Interests are
classified on a Debtor-by-Debtor basis, votes will be tabulated on
a Debtor-by-Debtor basis, and the Shareholder Plan will be
confirmed on a Debtor-by-Debtor basis.  The Shareholder Plan
provides for payment of all Claims in full.  If the Shareholder
Plan is confirmed and becomes effective, the Reorganized Debtors
will pay Allowed General Unsecured Claims the full value of their
claim within 30 days of the Effective Date.  Secured Claims will
also be paid in full but over time with interest.  The Shareholder
Plan provides that the existing common stock of MMPI will be
cancelled and new common stock in Reorganized MMPI will be issued.
Non-Insider Holders of MMPI stock will, at their option, receive
either (a) $16.00 for each 100 shares of MMPI stock they Hold; or
(b) a combination of $10.00 plus 1 share for each 100 shares of
MMPI stock they Hold. Insider Holders of MMPI stock will receive
$16.00 for each 100 shares of stock they hold and will not have
the option to receive stock in Reorganized MMPI.  New investors
will purchase the remaining newly issued common stock in
Reorganized MMPI.  The new investors will pay no less than
30 million for the new stock. MMPLP will be merged into MMPI and
MMPLP's equity interests will be cancelled.  Payments under the
Shareholder Plan will be funded from the Reorganized Debtors'
operations, the infusion of new capital (at least $30 million) on
the Effective Date and the sale and/or refinance of certain of the
Reorganized Debtors' assets.  Upon entry of an order confirming
the Shareholder Plan, the Shareholder Plan will be binding upon
all creditors and shareholders regardless of whether an individual
creditor or shareholder has voted in favor of the Shareholder
Plan."

                        About Meruelo Maddux

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


METRO BANK OF DADE: Closed; NAFH National Assumes All Deposits
--------------------------------------------------------------
Metro Bank of Dade County of Miami, Fla.; Turnberry Bank of
Aventura, Fla.; and First National Bank of the South of
Spartanburg, S.C., were closed today by federal and state banking
agencies, which then appointed the Federal Deposit Insurance
Corporation as receiver for all three institutions.  To protect
depositors, the FDIC entered into purchase and assumption
agreements with NAFH National Bank of Miami, Fla., a newly-
chartered bank subsidiary of North American Financial Holdings,
Inc., in Charlotte, N.C., to assume all the deposits and
essentially all the assets of the three failed institutions.

Metro Bank of Dade County was closed by the Florida Office of
Financial Regulation; Turnberry Bank was closed by the Office of
Thrift Supervision; and First National Bank of the South was
closed by the Office of the Comptroller of the Currency.  The
three failed institutions were not affiliated with one another.

Collectively, the three failed institutions operated 23 branches,
which will reopen as branches of NAFH National Bank using their
current names and under their normal business hours, including
those offices with Saturday hours.  Metro Bank of Dade County has
six branches; Turnberry Bank has four branches; and First National
Bank of the South has thirteen branches.  Depositors will
automatically become depositors of NAFH National Bank.  Deposits
will continue to be insured by the FDIC, so there is no need for
customers to change their banking relationship to retain their
deposit insurance coverage.

As of March 31, 2010, Metro Bank of Dade County had total assets
of $442.3 million and total deposits of $391.3 million; Turnberry
Bank had total assets of $263.9 million and total deposits of
$196.9 million; and First National Bank of the South had total
assets of $682.0 million and total deposits of $610.1 million.
NAFH National Bank did not pay the FDIC a premium for the deposits
of the failed banks.  In addition to assuming all the deposits
from the two Florida institutions and one South Carolina
institution, NAFH National Bank will purchase virtually all their
assets.

The FDIC and NAFH National Bank entered into loss-share
transactions on $299.3 million of Metro Bank of Dade County's
assets; $194.6 million of Turnberry Bank's assets; and
$512.4 million of First National Bank of the South's assets.  NAFH
National Bank will share in the losses on the asset pools covered
under the loss-share agreement.  The loss-share transaction is
projected to maximize returns on the assets covered by keeping
them in the private sector.  The transaction also is expected to
minimize disruptions for loan customers. For more information on
loss share, visit:
  http://www.fdic.gov/bank/individual/failed/lossshare/index.html

Customers who have questions about the transactions can call the
FDIC toll free: for Metro Bank of Dade County customers, 1-800-
430-8098; for Turnberry Bank customers, 1-800-450-5143; and for
First National Bank of the South customers, 1-800-405-8028.
Interested parties can also visit the FDIC's Web sites:

for Metro Bank of Dade County:

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

for Turnberry Bank:

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

and for First National Bank of the South:

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

The FDIC estimates that the cost to the Deposit Insurance Fund for
Metro Bank of Dade County will be $67.6 million; for Turnberry
Bank, $34.4 million; and for First National Bank of the South,
$74.9 million.  Compared to other alternatives, NAFH National
Bank's acquisition was the "least costly" resolution for the
FDIC's DIF.

These closings bring the total for the year to 94 banks in the
nation, and the fifteenth and sixteenth in Florida and the third
in South Carolina.  Prior to these failures, the last bank closed
in Florida was Peninsula Bank, Englewood, on June 25, 2010, and
the last bank closed in South Carolina was Woodlands Bank,
Bluffton, earlier on Friday.


MGFB PROPERTIES: Case Summary & 5 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: MGFB Properties, Inc.
          fka Flora-Bama Lounge and Package Store, Inc.
        17401 Perdido Key Drive
        Pensacola, FL 32507

Bankruptcy Case No.: 10-31455

Chapter 11 Petition Date: July 15, 2010

Court: U.S. Bankruptcy Court
       Northern District of Florida (Pensacola)

Debtor's Counsel: John M. Duck, Esq.
                  Adams and Reese, LLP
                  701 Poydras Street, Suite 4500
                  New Orleans, LA 70139
                  Tel: (504) 581-3234
                  Fax: (504) 566-0210
                  E-mail: laura.vanderpoel@arlaw.com

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

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

A copy of the Company's list of 5 largest unsecured
creditors filed together with the petition is available for
free at http://bankrupt.com/misc/flnb10-31455.pdf

The petition was signed by Joseph R. Gilchrist, president and
secretary.

Debtor-affiliate filing separate Chapter 11 petition:

        Entity                        Case No.       Petition Date
        ------                        --------       -------------
Joseph Robert Gilchrist               09-32501            12/14/09


MICHAEL DUBROW: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Michael Dubrow
        164 Bristlecone Pines Road
        Sedona, AZ 86336

Bankruptcy Case No.: 10-21177

Chapter 11 Petition Date: July 7, 2010

Court: U.S. Bankruptcy Court
       District of Arizona (Phoenix)

Judge: Redfield T. Baum, Sr.

Debtor's Counsel: Lawrence D. Hirsch, Esq.
                  DeConcini McDonald Yetwin & Lacy, PC
                  7310 N 16th Street, #330
                  Phoenix, AZ 85020
                  Tel: (602) 282-0472
                  Fax: (602) 282-0520
                  E-mail: lhirsch@dmylphx.com

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

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

According to the schedules, the Debtor says that assets total
$1,254,793 while debts total $3,475,446.

A copy of the Debtor's list of 20 largest unsecured
creditors filed together with the petition is available for
free at http://bankrupt.com/misc/AZB10-21177.pdf

The petition was signed by the Debtor.


MICHAELS STORES: Bank Debt Trades at 7% Off in Secondary Market
---------------------------------------------------------------
Participations in a syndicated loan under which Michaels Stores,
Inc., is a borrower traded in the secondary market at 93.11 cents-
on-the-dollar during the week ended Friday, July 16, 2010,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal.  This represents an increase of 0.72
percentage points from the previous week, The Journal relates.
The Company pays 225 basis points above LIBOR to borrow under the
facility.  The bank loan matures on Oct. 31, 2013, and carries
Moody's B2 rating and Standard & Poor's B rating.  The B-term loan
is one of the biggest gainers and losers among 205 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.

Headquartered in Irving, Texas, Michaels Stores, Inc., is the
largest arts and crafts specialty retailer in North America.  As
of March 9, 2009, the Company operated 1,105 "Michaels" retail
stores in the United States and Canada and 161 Aaron Brothers
Stores.

Michaels Stores, Inc., reported net income of $13 million for the
first quarter of fiscal 2010, a $9 million improvement from net
income of $4 million in the first quarter of fiscal 2009.  Total
sales for the quarter ended May 1, 2010, were $901 million, a 5.7%
increase from fiscal 2009 first quarter sales of $852 million.
Same-store sales for the comparable 13-week period increased 4.9%
of which 160 basis points were related to the positive impact of
foreign exchange rates.  First quarter operating income increased
$41 million to $105 million from $64 million in fiscal 2009.

At May 1, 2010, the Company had total assets of $1.56 billion
against total liabilities of $4.32 billion, resulting in
stockholders' deficit of $2.76 billion.


MIRA VISTA: Gets Interim Court Okay to Use Cash Collateral
----------------------------------------------------------
Mira Vista Villas, L.L.C., and Mira Vista Oak Gate, L.L.C., sought
and obtained interim authorization from the U.S. Bankruptcy Court
for the Eastern District of Texas to use the cash collateral
securing their obligation to their prepetition lenders.

The Debtors' bankruptcy cases were filed because of immediate and
long term cash flow concerns associated with the refinance of its
secured loan obligations jointly owed to its pre-petition lender,
CFCB Lender, LLC, the successor in interest to Wrightwood Capital
Lender, LP.

The Debtors are each to repay that certain Note dated November 30,
2007, in the original principal amount of $21,650,000 originally
payable to the Original Lender.  The Note's repayment is secured
by that certain Deed of Trust, Assignment of Rents, Security
Interest, and Fixture Filing executed by the Debtors for the
benefit of the Original Lender and filed of record in the Official
Public Records of Denton County, Texas.  Pursuant to the Deed of
Trust, the original principal amount under the Note and all
interest accrued was to be paid in full by the maturity date of
December 1, 2010.

On December 12, 2007, the Note was assigned by the Original Lender
to Lender by an Assignment of Deed of Trust with Assignment of
Leases and Rents, Security Agreement, Fixture Filing and Other
Loan Documents.  Under the Assignment, the terms of the Note were
not modified.  On December 21, 2007, the Lender collaterally
assigned the Note to Capital One, National Association.

On September 2009, the Lender and Debtors modified the Note, to
provide for a new maturity date of May 1, 2010, revise the
applicable interest rate to 6% per annum, and requiring the
Debtors to take affirmative measures to refinance the obligations
under the modified Note and/or sell the Ranch.

The Debtors believe the balance owed to Lender pursuant to the
Note was approximately $21,650,000, as of the Petition Date. In
addition, the Debtors believe the current value of the real and
personal property listed as collateral in the Deed of Trust
securing repayment of the Note is approximately equal to the
amount due under the Deed of Trust.

Vickie L. Driver, Esq., at Coffin & Driver, PLLC, the attorney for
the Debtor, explained that the Debtors need the money to fund
their Chapter 11 case, pay suppliers and other parties.

In addition to the equity in the property, the Debtors seek
authority to grant the Lender, as additional adequate protection,
a valid, binding, enforceable and automatically perfected
replacement lien and security interest in and upon all of the
Debtors' post-petition generated cash and cash collateral, but
only to the extent that the Lender in fact holds a valid,
enforceable, perfected pre-petition lien in such cash collateral
and then, only to the extent of any diminution in value of the
Lender's cash collateral position.  The replacement lien will
attach in the same priority as any validly attached properly
perfected pre-petition liens.

The Court has set a final hearing for July 20, 2010, at 10:30 a.m.
on the Debtor's request to use cash collateral.

Plano, Texas-based Mira Vista Oak Gate, L.L.C., and Mira Vista
Villas, L.L.C., are each tenant-in-common owners of a 304 unit
apartment community located at 350 Continental Drive, Lewisville,
Texas 75067, commonly referred to as the Mira Vista Ranch.

Mira Vista Oak filed for Chapter 11 bankruptcy protection on
July 5, 2010 (Bankr. E.D. Tex. Case No. 10-42224).  Vickie L.
Driver, Esq., at Coffin & Driver, PLLC, assists the Company in its
restructuring effort.  The Company estimated its assets and debts
at $10,000,001 to $50,000,000.

Mira Vista Villas filed for Chapter 11 bankruptcy protection on
July 5, 2010 (Bankr. E.D. Tex. Case No. 10-42223).  Vickie L.
Driver, Esq., at Coffin & Driver, PLLC, assists the Company in its
restructuring effort.  The Company estimated its assets and debts
at $10,000,001 to $50,000,000.


MIRANT CORP: Bank Debt Trades at 2% Off in Secondary Market
-----------------------------------------------------------
Participations in a syndicated loan under which Mirant Corporation
is a borrower traded in the secondary market at 97.85 cents-on-
the-dollar during the week ended Friday, July 16, 2010, according
to data compiled by Loan Pricing Corp. and reported in The Wall
Street Journal.  This represents an increase of 0.80 percentage
points from the previous week, The Journal relates.  The Company
pays 175 basis points above LIBOR to borrow under the facility.
The bank loan matures on Dec. 30, 2012, and carries Moody's Ba2
rating and Standard & Poor's BB rating.  The B-term loan is one of
the biggest gainers and losers among 205 widely quoted syndicated
loans with five or more bids in secondary trading for the week
ended Friday.

Mirant Corporation -- http://www.mirant.com/-- produces and sells
electricity in the United States.  Mirant owns or leases
approximately 10,097 megawatts of electric generating capacity.
The company operates an asset management and energy marketing
organization from its headquarters in Atlanta, Georgia.

Mirant Corporation filed for Chapter 11 protection on July 14,
2003 (Bankr. N.D. Tex. 03-46590), and emerged under the terms of a
confirmed Second Amended Plan on Jan. 3, 2006.  Thomas E. Lauria,
Esq., at White & Case LLP, represented the Debtor in its
restructuring.  When the Debtor filed for protection from its
creditors, it listed $20,574,000,000 in assets and $11,401,000,000
in debts.  The Debtors emerged from bankruptcy on Jan. 3, 2006.
On March 7, 2007, the Court entered a final decree closing 46
Mirant cases.

Mirant NY-Gen LLC, Mirant Bowline LLC, Mirant Lovett LLC, Mirant
New York Inc., and Hudson Valley Gas Corporation, were not
included in the parent's bankruptcy exit plan.

In February 2007, Mirant NY-Gen filed its Chapter 11 Plan of
Reorganization and Disclosure Statement.  The Court confirmed an
amended version of the Plan on May 7, 2007.  Mirant NY-Gen emerged
from Chapter 11 on May 7, 2007.

On July 13, 2007, Mirant Lovett filed its Chapter 11 Plan.  The
Court confirmed Mirant Lovett's Plan on Sept. 19, 2007.  Mirant
Lovett emerged from bankruptcy on Oct. 2, 2007.

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


MOLECULAR INSIGHT: Receives Aug. 2 Extension of Waiver Agreement
----------------------------------------------------------------
Molecular Insight Pharmaceuticals, Inc., has received a fifth
extension of its waiver agreement with its Bond holders, allowing
debt restructuring discussions to progress.

Earlier this year, Molecular Insight executed the waiver agreement
and subsequent amendments with holders of the Company's
outstanding Senior Secured Bonds and the Bond Indenture trustee
and announced ongoing discussions with the Bond holders concerning
a restructuring of its outstanding debt.  Under terms of the fifth
extension announced today, the Bond holders and Bond Indenture
trustee agreed to extend the waiver of a default arising from the
inclusion of a going concern explanatory paragraph in the
independent auditor's report on the Company's financial statements
for the year ended December 31, 2009, and other technical defaults
under the Bond Indenture.  The term of the waiver is extended
until 11:59 PM Eastern Standard Time on August 2, 2010.  During
this waiver period, the Company expects to continue to discuss
with its Bond holders various proposals being exchanged between
the Bond holders and the Company which generally contemplate,
among other things, a deleveraging of the Company through a debt
for equity exchange. There are no assurances, however, that such
discussions will be successful.

The waiver continues to be subject to a number of terms and
conditions relating to the provision of certain information to the
Bond holders, among other conditions and matters.  In the event
that the waiver expires or terminates prior to the successful
conclusion of the Company's negotiations with its Bond holders
regarding the restructuring of its outstanding debt, the Company
will be in default of its obligations under the Indenture and the
Bond holders may choose to accelerate the debt obligations under
the Indenture and demand immediate repayment in full and seek to
foreclose on the collateral supporting such obligations.  If the
Company's debt obligations are accelerated or are not restructured
on acceptable terms, it is likely the Company will be unable to
repay such obligations and may seek protection under the U.S.
Bankruptcy Code or similar relief.

                  About Molecular Insight

Molecular Insight Pharmaceuticals --
http://www.molecularinsight.com-- is a clinical-stage
biopharmaceutical company and pioneer in molecular medicine.  The
Company is focused on the discovery and development of targeted
therapeutic and imaging radiopharmaceuticals for use in oncology.
Molecular Insight has five clinical-stage candidates in
development.


MONEYGRAM INT'L: Names James Shields as Executive VP and CFO
------------------------------------------------------------
MoneyGram International has named James E. Shields executive vice
president and chief financial officer of the corporation,
effective July 13, 2010.

"I'm so pleased that Jim is joining the MoneyGram team. He brings
extensive experience taking companies public and leading them
through financial and operational restructurings," said MoneyGram
chairman and chief executive officer Pamela H. Patsley.  "He
brings strategic business leadership and a global perspective
gained from his years of experience leading finance functions at
some of the world's most successful and regulated brand-name
companies such as Celanese, Coopers and Lybrand, Qwest and Royal
Caribbean."

Shields brings to MoneyGram more than a decade of executive
leadership experience in corporate finance.  He was most recently
senior vice president finance and treasurer for Royal Caribbean
Cruise Lines. Previously, he was vice president and treasurer of
Celanese Corporation, a $6 billion chemical company with worldwide
operations.  Prior to that, Shields was vice president and chief
financial officer for consumer markets at Qwest Communications
International, where he was part of the new senior management team
that restructured the company's balance sheets and restored
company's financial, accounting and operational integrity.

Shields earned a Master of Business Administration from Fuqua
School of Business at Duke University in North Carolina and a
Bachelor of Science degree in Economics from The Wharton School,
University of Pennsylvania.

"I'm confident that Jim will make immediate and important
contributions in helping the senior management team position
MoneyGram for long-term future growth," said Mr. Patsley.

MoneyGram International Inc. -- http://www.moneygram.com/--
offers more control and more choices for people separated by
distance or with limited bank relationships to meet their
financial needs. A leading global payment services company,
MoneyGram International helps consumers to pay bills quickly and
safely send money around the world in as little as 10 minutes. Its
global network is comprised of 190,000 agent locations in nearly
190 countries and territories. MoneyGram's convenient and reliable
network includes retailers, international post offices and
financial institutions.

                           *     *     *

According to the Troubled Company Reporter on Juyl 1, 2010, Fitch
Ratings has affirmed the Issuer Default Ratings for MoneyGram
International Inc. and MoneyGram Payment Systems Worldwide, Inc.,
at 'B+'. Fitch has also affirmed these ratings for Worldwide:

  -- Senior secured first lien credit facility at 'BB+/RR1';
  -- Senior secured second lien notes at 'B+/RR4'.

The Rating Outlook has been revised to Stable from Negative.


MYLAN INC: Bioniche Deal Won't Affect Moody's 'Ba3' Rating
----------------------------------------------------------
Moody's Investors Service said that there is no impact on the
ratings or outlook of Mylan Inc. following the announcement that
Mylan would acquire Bioniche Pharma Holdings Limited for
$550 million.  Moody's ratings of Mylan include a Corporate Family
Rating of Ba3, and the rating outlook is positive.

Moody's last rating action on Mylan took place on May 5, 2010,
when Moody's assigned a B1 rating to Mylan's new senior notes, and
upgraded Mylan's senior secured bank ratings to Ba1 from Ba2.

Headquartered in Canonsburg, Pennsylvania, Mylan Inc. is a
specialty pharmaceutical company.  In 2009 Mylan reported total
revenues of approximately $5.1 billion.


MYLAN INC: S&P Affirms 'BB' Corporate Credit Rating
---------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed all
ratings for Canonsburg, Pa.-based generic drug giant Mylan Inc. in
light of the proposed $550 million cash acquisition of Bioniche
Pharma Group.  The rating outlook is stable.

"The ratings on Mylan reflect the company's still-significant debt
burden incurred to fund the acquisition of Merck KGaA's largely
European generic drug business and over $3.1 billion in debt
maturities through 2014," said Standard & Poor's credit analyst
David Lugg.  Mylan's position as the No. 3 company in the growing
generics market, where size and geographic reach are increasingly
important competitive factors, partly offsets those factors.
Also, S&P believes debt will continue to decline, given Mylan's
increasing cash generation.  S&P believes this deleveraging and
continued solid operational performance will facilitate any
refinancing needed to address the upcoming maturities.

Mylan's satisfactory business risk profile is highlighted by its
position as the world's third-largest generic drug company in
terms of sales, with annual sales of $5.1 billion in 2009.  Its
diverse generic drug portfolio contributes more than 92% to its
revenues with the balance derived from specialty pharmaceutical
business primarily serving the respiratory and severe allergy
markets.  The purchase of Bioniche Pharma Group expands Mylan's
product offerings into injectible drugs -- a fast-growing and
defensible sector of the overall generic market.  In 2009, Mylan
purchased an additional 25% interest in India-based active
pharmaceutical intermediate manufacturer Matrix Laboratories for
approximately $182 million, bringing its ownership to over 96%.
Following this transaction, revenue generated from Matrix is
included under the company's Generics segment.


NATIONAL AMERICAN: A.M. Best Upgrades FSR to 'B++'
--------------------------------------------------
A.M. Best Co. has upgraded the financial strength rating to B++
(Good) from B+ (Good) and issuer credit rating to "bbb" from "bbb-
" of National American Insurance Company (NAICO).  Concurrently,
A.M. Best has upgraded the ICR to "bb" from "bb-"and debt rating
to "bb" from "bb-" on $24 million 8.75% senior unsecured
debentures due 2014 (of which $7 million remains) of NAICO's
parent, Chandler (USA) Inc. (both domiciled in Chandler, OK).  The
outlook for all ratings is stable.

The ratings reflect NAICO's strong risk-adjusted capitalization,
improved operating performance and long-standing regional market
presence.  The improvement is due in part to management's
corrective actions over the years, including significantly
increasing rates, reducing exposures, improving risk selection and
tightening policy terms and conditions.

These rating factors are somewhat offset by the historical adverse
loss reserve development reported on certain accident years prior
to 2002, as well as NAICO's considerable dependence on
reinsurance, despite increased retention levels in recent years.
Nevertheless, the outlook is supported by the company's
significantly improved risk-adjusted capital position, diminished
loss reserve development reported in recent years and management's
projections for persistent operating profitability and strong
risk-adjusted capitalization over the near term.

The ratings also consider the financial leverage and interest
coverage of the organization on an enterprise basis.  Consolidated
financial leverage of debt plus preferred stock to total capital
remains acceptable given the current rating levels, with interest
coverage ratios also within acceptable parameters.


NBTY INC: Carlyle Group Deal Cues Moody's to Review 'Ba2' Rating
----------------------------------------------------------------
Moody's Investors Service placed all the ratings of NBTY, Inc., on
review for possible downgrade following the company's announcement
that it had signed a definitive agreement to be acquired by the
Carlyle Group.  The transaction is valued at approximately
$3.8 billion.

These ratings are placed on review for possible downgrade and LGD
point estimates subject to change:

  -- Corporate Family Rating of Ba2;
  -- Probability of Default Rating of Ba2;
  -- $300 million senior secured term loan at Ba1 (LGD 2, 29%);
  -- Senior subordinated notes at B1 (LGD 6, 90%).

The review is prompted by the high likelihood that the transaction
will be partly funded by debt which will significantly increase
the company's leverage and result in a corresponding weakening in
credit metrics.  The review will focus on: the company's capital
structure post transaction; its financial profile pro forma for
the transaction, including its liquidity; and the company's
ability to manage its expected higher debt burden.  No details
have been provided on the proposed capital structure.  However,
given the transaction value when compared to NBTY's current low
levels of debt, it is highly likely that NBTY's debt levels will
materially increase should the acquistion successfully close.
Thus, Moody's expects that the company's ratings will be
downgraded upon closing of the transaction.

The last rating action on NBTY was on February 18, 2010, when the
outlook was changed to positive from stable.

NBTY, Inc., headquartered in Ronkonkoma, NY, is a leading global
vertically-integrated manufacturer, marketer, and retailer of
vitamin, mineral, and nutritional supplements in the United States
and throughout the world.  The company operates over 1,500 stores
in the US, Canada, and Europe.  Revenues are about $2.8 billion.


NBTY INC: S&P Puts 'BB' Corporate Rating on CreditWatch Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it placed its 'BB'
corporate credit rating and other ratings on NBTY Inc. on
CreditWatch with negative implications.  Standard & Poor's could
either lower or affirm the ratings when it resolves the
CreditWatch listing.

"The CreditWatch placement follows NBTY's announcement that The
Carlyle Group will acquire it for $3.8 billion," said Standard &
Poor's credit analyst Jacqueline Hui.  Under the definitive merger
agreement, Carlyle will acquire all of NBTY's outstanding common
shares for $55.00 per share in cash, which constitutes about a 57%
premium over NBTY's average closing share price during the 30
trading days ended July 14, 2010.  The board of directors has
unanimously approved the merger agreement, but the completion of
the transaction is still subject to shareholder approval and other
customary closing conditions.  S&P expects the transaction to
close by Dec. 31, 2010.

The transaction has fully committed financing, which consists of a
combination of equity contributed by Carlyle Partners V and
external debt financing provided by Bank of America/Merrill Lynch,
Barclays Capital, and Credit Suisse.  As of March 31, 2010, the
company had about $891 million in total adjusted debt (including
operating lease adjustments).

The CreditWatch listing reflects S&P's expectation of increased
debt levels and weakened credit measures associated with the
transaction.  S&P could lower the ratings if the merger
transaction results in material deterioration in the company's
credit measures.  Alternatively, S&P could affirm the rating if
the company's credit measures remain in line with 'BB' rating
medians; however, S&P believes this is unlikely.


NEIMAN MARCUS: Bank Debt Trades at 6% Off in Secondary Market
-------------------------------------------------------------
Participations in a syndicated loan under which Neiman Marcus
Group, Inc., is a borrower traded in the secondary market at 93.60
cents-on-the-dollar during the week ended Friday, July 16, 2010,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal.  This represents an increase of 0.82
percentage points from the previous week, The Journal relates.
The Company pays 200 basis points above LIBOR to borrow under the
facility.  The bank loan matures on April 6, 2013, and carries
Moody's B2 rating and Standard & Poor's BB- rating.  The B-term
loan is one of the biggest gainers and losers among 205 widely
quoted syndicated loans with five or more bids in secondary
trading for the week ended Friday.

Neiman Marcus Group, Inc., headquartered in Dallas, Texas,
operates 40 Neiman Marcus stores, 2 Bergdorf Goodman stores, 27
clearance centers, and a direct business.  Total revenues are
about $3.9 billion.  The Company carries a 'Caa1' Corporate Family
Rating and 'Caa1' Probability of Default Rating from Moody's
Investors Service.


NETWORK COMMS: Unable to Pay $9.4 Million Interest Payment
----------------------------------------------------------
Network Communications Inc. elected not to make the June 1, 2010
interest payment of approximately $9.4 million on its 10 3/4%
Senior Notes due 2013 as a result of continued challenges in the
markets that it serves, the lack of a rebound in revenue and the
inability to secure a new revolving loan facility to replace the
current commitment that expires in November 2010.

As a result of missing this payment, the Company's senior secured
lenders accelerated all amounts outstanding under the Company's
revolving and term loan credit agreements, which in turn triggered
an event of default under the Senior Notes indenture and the
senior subordinated credit agreement.  The Company's total debt
outstanding is approximately $296 million.  The Company is unable
to pay the outstanding debt if it is called.  The Company obtained
an agreement from its secured lenders dated June 1, 2010,
permitting it to have continued access to and use of its cash as
it works with its stakeholders to restructure its balance sheet.

On July 9, 2010, the Company and its parent, Gallarus Media
Holdings, Inc., entered into a second amendment to agreement,
dated July 9, 2010, by and among the Company, the lenders party
thereto, Toronto Dominion (Texas) LLC, as Administrative Agent
under the Company's revolving credit agreement and under the
Company's senior term loan agreement and as Collateral Agent for
the lenders thereunder, and certain other parties thereto to amend
the agreement dated June 1, 2010 such that the definition of
"Transaction Event" therein was changed from June 20, 2010 to July
30, 2010.  All other terms remain the same.  The Company expects
to have sufficient cash on hand to fund normal course operations
as restructuring negotiations progress.

A full-text copy of the amended agreement is available for fee at
http://ResearchArchives.com/t/s?6692

Lawrenceville, Ga.-based Network Communications, Inc., is a
leading local media company providing lead generation, advertising
and internet marketing services to the housing industry.  The
Company's leading brands are Apartment Finder, The Real Estate
Book, DigitalSherpa, Unique Homes, New England Home and Atlanta
Homes & Lifestyles.

The Company's balance sheet at December 6, 2009, showed
$362.4 million in assets, $330.3 million of liabilities, and
$32.1 million of stockholders' equity.


NEVADA STAR: U.S. Trustee Forms 3-Member Creditors Committee
------------------------------------------------------------
Peter C. Anderson, the U.S. Trustee for Region 16, appointed three
members to the official committee of unsecured creditors in the
Chapter 11 cases of Nevada Star, LLC.

The Creditors Committee members are:

1. Minuit Partners NY, LLC
   Attn: Jason P. Enters, principal
   900 Broadway, 8th Floor
   New York, NY 10003
   Tel: (212) 777-7875
   Fax: (917) 601-3764
   E-mail: je@minuitpartners.com

2. Castle Oil Corporation
   Attn: Michael M. Meadvin, senior vice president
         and general counsel
   440 Mamaroneck Avenue
   Harrison, NY 10528
   Tel: (914) 381-6508
   E-mail: mmeadvin@castle.us

3. Vernon & Ginsburg, LP
   Attn: Mel Ginsburg, partnership
   261 Madison Avenue, 26th Floor
   New York, NY 10016
   Tel: (212) 949-7300 ext. 208
   E-mail: mginsburg@VGLLP.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 Nevada Star, LLC

Beverly Hills, California-based Nevada Star, LLC, filed for
Chapter 11 bankruptcy protection on April 26, 2010 (Bankr. C.D.
Calif. Case No. 10-26188).  Michael Jay Berger, Esq., who has an
office in Beverly Hills, California, assists the Company in its
restructuring effort.  The Company estimated it assets and debts
at $10,000,001 to $50,000,000.


NEW YORK SKYLINE: Debtor Can't Reject Assumed Agreement
-------------------------------------------------------
WestLaw reports that a Chapter 11 debtor's assumption of an
agreement which amended its earlier lease and license agreements,
at a time when the debtor knew of the facts that formed the basis
of its claim to rescind the amending agreement, manifested the
debtor's recognition that the amending agreement was valid and its
decision to continue to perform under it.  The assumption thus was
a ratification under state law that cut off the debtor's right to
rescind, particularly given the debtor's acceptance of the
benefits under the amending agreement.  In re New York Skyline,
Inc., --- B.R. ----, 2010 WL 2485610 (Bankr. S.D.N.Y.).

Manhattan-based New York Skyline, Inc. -- http://www.skyride.com/
-- operates the NYSKYRIDE attraction at the Empire State building.
The Company sought Chapter 11 protection (Bankr. S.D.N.Y. Case No.
09-10181) on Jan. 12, 2009.  Mark A. Frankel, Esq., at Backenroth
Frankel & Krinsky, LLP, assists the company in its restructuring
efforts.  The Company estimated its assets and debts between
$10 million and $50 million at the time of the filing.


NORTEL NETWORKS: Gets Oct. 29 Extension of CCAA Stay Period
-----------------------------------------------------------
Nortel Networks Corporation disclosed that it, its principal
operating subsidiary Nortel Networks Limited and its other
Canadian subsidiaries that filed for creditor protection under the
Companies' Creditors Arrangement Act have obtained an order from
the Ontario Superior Court of Justice further extending, to
October 29, 2010, the stay of proceedings that was previously
granted by the Canadian Court.  The purpose of the stay of
proceedings is to provide stability to the Nortel companies to
continue with their divestiture and other restructuring efforts.

                       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)


NORTH GENERAL: Gets Interim Nod to Implement Closure Plan
---------------------------------------------------------
North General Service Corporation, et al., sought and obtained
interim authorization from the Hon. Shelley C. Chapman of the U.S.
Bankruptcy Court for the Southern District of New York to continue
the implementation, in accordance with New York Statel law and in
coordination with the New York State Department of Health, of a
plan of closure for the Debtors' hospital and certain affiliated
outpatient clinics and practices.

The Debtors are authorized to continue to transfer and discharge
patients, transfer and store medical records, dispose of
pharmaceuticals and inventory, dispose of medical waste and
hazardous materials, and cease operations at the Hospital and
associated clinics and practices in accordance with the proposed
Closure Plan.

The Court has set a final hearing for August 2, 2010, at
10:00 a.m. Eastern Time on the Debtors' request to implement its
closure plan.

New York-based North General Hospital is a not-for-profit 200-bed
community hospital in upper Manhattan that has serviced the
communities of East and Central Harlem since the 1970s.  The
Hospital filed for Chapter 11 bankruptcy protection on July 2,
2010 (Bankr. S.D.N.Y. Case No. 10-13553).  Charles E. Simpson,
Esq., at Windels, Marx, Lane & Mittendorf, LLP, assists the
Company in its restructuring effort.  The Company listed
$67 million in assets and $293 million in liabilities.

Garfunkel Wild, P.C., is the Company's healthcare counsel.

Alvarez & Marsal is the Company's restructuring consultant.


NORTH GENERAL: Gets Interim Okay to Obtain DIP Financing
--------------------------------------------------------
North General Hospital, et al., sought and obtained interim
authorization from the Hon. Shelley C. Chapman of the U.S.
Bankruptcy Court for the Southern District of New York to obtain
postpetition secured financing from DASNY.

The DIP Lender has committed to provide, on an interim basis, up
to $3,500,000.  Subject to the entry of the final order, the DIP
Lender will provide up to $14,000,000.

Charles E. Simpson, Esq., at Windels Marx Lane & Mittendorf, LLP,
the attorney for the Debtors, explained that the Debtors need the
money to fund their Chapter 11 case, pay suppliers and other
parties.

The loans under the DIP Credit Agreement will be available (a) to
fund the working capital requirements of the Debtors and the
guarantors, including operating expenses and other expenses
associated with the implementation of the closure plan for North
General and D&TC and implementation of the Memorandum of
Understanding between General and DASNY, capital expenditures, and
other line items in accordance with the terms of the DIP budget;
(b) to fund postpetition allowed fees and expenses incurred by
retained professionals and provided for in the DIP budget during
the administration of the Chapter 11 cases; (c) to fund the
payment of cash-pay interest accrued on the DIP Loans; and (d) to
pay reasonable fees and expenses of the DIP Lender relating to the
DIP Facility and the Debtors' Chapter 11 cases, including without
limitation, attorneys' fees and fees of professional advisors.

The DIP facility will mature 120 days from the Petition Date.  The
DIP facility will incur interest at 1% per annum.  In the event of
default, the Debtors will pay an additional 2.00% default interest
per annum.

The DIP Lender will have a superpriority administrative expense
claim with priority over all other administrative expenses, and
whether or not the expenses or claims may become secured a
judgment, which superpriority expenses of the dip Lender will be
subordinate only to the carve-out.

In respect of the DIP Obligations under the DIP Credit Agreement,
the other dip Loan Documents and the Interim Order, the DIP Lender
is granted:

     a. superpriority administrative expense claim;

     b. priming security interest;

     c. Section 364(c)(2) Liens, or a first priority security
        interest and lien on unencumbered property of the Debtors
        and the estates subject to the carve-out; and

     d. Section 634(c)(3) liens, or a junior security interest and
        lien on property of the Debtors and estates that subject
        to a permitted prior senior lien, subject to the carve-
        out.

As adequate protection, each of the prepetition lender will be
granted valid, binding, enforceable and perfected security
interests and replacement liens on all property of the Debtors
whether arising prepetition or postpetition of any nature
whatsoever, wherever located, in each case to secure the
prepetition indebtedness of, without duplication, the aggregate
diminution, if any, subsequent to the Petition date, in the value
of the prepetition collateral.

The Court has set a final hearing for August 2, 2010, at
10:00 a.m. (prevailing Eastern Time) on the Debtors' request to
obtain DIP financing.

A copy of the DIP financing agreement is available for free at:

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

The Debtors also seek authority from the Court to use the cash
collateral.  Mr. Simpson says that the Debtors will also use the
Cash Collateral to provide additional liquidity.

                        About North General

New York-based North General Hospital is a not-for-profit 200-bed
community hospital in upper Manhattan that has serviced the
communities of East and Central Harlem since the 1970s.  The
Hospital filed for Chapter 11 bankruptcy protection on July 2,
2010 (Bankr. S.D.N.Y. Case No. 10-13553).  Charles E. Simpson,
Esq., at Windels, Marx, Lane & Mittendorf, LLP, assists the
Company in its restructuring effort.  The Company listed
$67 million in assets and $293 million in liabilities.

Garfunkel Wild, P.C., is the Company's healthcare counsel.

Alvarez & Marsal is the Company's restructuring consultant.


NORTH VALLEY MALL: Plan Confirmed Despite Projected Loss
--------------------------------------------------------
WestLaw reports that the mere fact that, under the Chapter 11 plan
proposed by the owner of a shopping center, there would be an
initial shortfall in revenues generated by the center to cover
payments that the debtor would have to make in order to pay
"cramdown" interest to a dissenting class at the rate of 8.5%
determined to be appropriate by the bankruptcy court using a
"blended rate" approach did not preclude confirmation of the plan
as not "feasible."  The debtor had the ability to deal with this
initial, projected shortfall by delaying payment of professional
and management fees until the debtor secured a new anchor tenant
and plan revenues increased, as projected for the subsequent years
of the plan.  In re North Valley Mall, LLC, --- B.R. ----, 2010 WL
2632017 (Bankr. C.D. Cal.) (Albert, J.).

The Debtor's Chapter 11 plan tinkers with the interest rate that
will be paid on secured creditors' claims.

Dana Point, Calif.-based North Valley Mall, LLC, sought Chapter 11
protection (Bankr. C.D. Calif. Case No. 09-19346) on Sept. 2,
2009.

The debtor owns real property at 801 East Avenue in Chico, Calif.,
known as "North Valley Plaza".  The property is a 243,800 square
foot "power center" with 29 retail suites.  There are a number of
existing tenants including Michaels, Cinemark Theater, Trader
Joe's, Ben & Jerry's and Dollar Tree.  Taco Bell, Panda Express
and Wendy's are adjoining businesses not part of the property.
Financial troubles for the property began in December of 2008 when
its anchor tenant, Mervyn's, filed its bankruptcy petition and
vacated its 84,414 sq. ft. space.  This anchor space is still not
under long-term lease although reportedly debtor has attempted to
augment revenue with short term tenants in this location and is
actively searching for a replacement long-term tenant.  As of July
2009, the property was only about 59.5% leased.  The property also
contains about 5.34 acres of land allocated for parcels and future
development.

Jeffrey I. Golden, Esq., and Hutchlson B. Meltzer, Esq., at
Weiland, Golden, Smiley, Wang Ekvall & Strok, LLP, represent the
Debtor in its restructuring effort.  The Debtor estimated assets
and debts ranging from $10 million to $50 million at the time of
the filing.


NORTHEAST INDUSTRIES: Voluntary Chapter 11 Case Summary
-------------------------------------------------------
Debtor: Northeast Industries, Inc
        1581 Boyles Way
        Camp Verde, AZ 86322
        Tel: (928) 567-7894

Bankruptcy Case No.: 10-21438

Chapter 11 Petition Date: July 8, 2010

Court: U.S. Bankruptcy Court
       District of Arizona (Phoenix)

Judge: Redfield T. Baum, Sr.

Debtor's Counsel: Daniel R. Warner, Esq.
                  J. Phillip Glasscock PC
                  13430 N. Scottsdale Road, #106
                  Scottsdale, AZ 85254
                  Tel: (480) 941-4359
                  Fax: (480) 994-4223
                  E-mail: drw@jpglaw.com

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

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

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

The petition was signed by Sam Boyles.


NUTRACEA: Court Extends Access to Wells Fargo DIP Credit Facility
-----------------------------------------------------------------
The Hon. Charles G. Case, II, of the U.S. Bankruptcy Court for the
District of Arizona extended NutraCea's access to the debtor-in-
possession credit facility from Wells Fargo Bank, National
Association.

Wells Fargo is acting through its Wells Fargo Business Credit
operating division.

The Debtor is authorized to pay Wells Fargo an amendment fee of
$10,000 pursuant to the terms of the First Amendment to Senior
Secured Super-Priority DIP Credit and Security Agreement, dated
May 11, 2010.

The Debtor is also authorized to use the cash collateral.

As adequate protection for any diminution in value of the lenders'
collateral, the Debtors will grant Wells Fargo liens and a
superpriority administrative expense status.

The Debtor is represented by:

     Forrester & Worth, PLLC
     S. Cary Forrester, Esq.
     3636 North Central Avenue, Suite 700
     Phoenix, AZ 85012-1927
     Tel: (602) 271-4250
     Fax: (602) 271-4300
     E-mail: scf@fwlawaz.com

                           About NutraCea

NutraCea is a world leader in production and utilization of
stabilized rice bran.  NutraCea holds many patents for stabilized
rice bran (SRB) production technology and proprietary products
derived from SRB.  NutraCea's proprietary technology enables the
creation of food and nutrition products to be unlocked from rice
bran, normally a waste by-product of standard rice processing.

Phoenix, Arizona-based Nutracea, a California corporation, filed
for Chapter 11 bankruptcy protection on November 10, 2009 (Bankr.
D. Ariz. Case No. 09-28817).  The Company listed $50,000,001 to
$100,000,000 in assets and $10,000,001 to $50,000,000 in
liabilities.


NUTRACEA: Files Reorganization Plan and Disclosure Statement
------------------------------------------------------------
NutraCea and its Official Committee of Unsecured Creditors filed
with the U.S. Bankruptcy Court for the District of Arizona a
proposed Plan of Reorganization and explanatory Disclosure
Statement.

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

According to the Disclosure Statement, the Debtor will obtain
funds by selling certain of its assets, including (a) the Phoenix
facility; (b) the Dillon facility; and (c) certain excess
equipment.  The Debtor will also obtain funds through: (1) a
secured loan or sale of an equity interest in the Debtor; (2) a
secured loan to or equity sale by its wholly owned Nutra SA, LLC,
subsidiary; or, (3) a loan secured by, or a sale of a portion of,
its 80% ownership interest in, Rice Science, LLC, and its 50%
ownership interest in Rice RX.

                        Treatment of Claims

   Class            Estimated Distribution    Initial Distribution
   -----            ----------------------    --------------------
3 - Secured Claim        $1,860,837           When Due
    of Wells Fargo

4 - Secured Claim
    of Dell Computer         $4,301           Effective Date + one
                                              month
5 - Administrative
    Convenience Claims     $183,583           Effective Date

6 - General Unsecured    $6,159,348           Later of Effective
    Claims                                    Date or as assets
                                              are sold

7 - Penalty Claims                            Within 5 years -
                                              after payment of
                                              Class 6

8(a) Class Action Settlement                  Paid by insurer per
                                              settlement agreement

8(b) Security Claims                          When dividends are
                                              paid to shareholders

9 - Shareholders                              When dividends are
                                              paid to shareholders

    Cure Amounts                 $1,577,794   Effective date

A copy of the Disclosure Statement is available for free at:

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

                           About NutraCea

NutraCea is a world leader in production and utilization of
stabilized rice bran.  NutraCea holds many patents for stabilized
rice bran (SRB) production technology and proprietary products
derived from SRB.  NutraCea's proprietary technology enables the
creation of food and nutrition products to be unlocked from rice
bran, normally a waste by-product of standard rice processing.

Phoenix, Arizona-based Nutracea, a California corporation, filed
for Chapter 11 bankruptcy protection on November 10, 2009 (Bankr.
D. Ariz. Case No. 09-28817).  S. Cary Forrester, Esq., at
Forrester & Worth, PLLC, assists the Company in its restructuring
effort.  The Company listed $50,000,001 to $100,000,000 in assets
and $10,000,001 to $50,000,000 in liabilities.


OLDE CYPRESS COMMUNITY: Closed; CenterState Bank Assumes Deposits
-----------------------------------------------------------------
Olde Cypress Community Bank of Clewiston, Fla., was closed on
Friday, July 16, 2010, by the Office of Thrift Supervision, which
appointed the Federal Deposit Insurance Corporation as receiver.
To protect the depositors, the FDIC entered into a purchase and
assumption agreement with CenterState Bank of Florida, National
Association, of Winter Haven, Fla., to assume all of the deposits
of Olde Cypress Community Bank.

The four branches of Olde Cypress Community Bank will reopen
during normal business hours as branches of CenterState Bank of
Florida, N.A.  Depositors of Olde Cypress Community Bank will
automatically become depositors of CenterState Bank of Florida,
N.A.  Deposits will continue to be insured by the FDIC, so there
is no need for customers to change their banking relationship in
order to retain their deposit insurance coverage.  Customers of
Olde Cypress Community Bank should continue to use their existing
branch until they receive notice from CenterState Bank of Florida,
N.A., that it has completed systems changes to allow other
branches of CenterState Bank of Florida, N.A., to process their
accounts as well.

As of March 31, 2010, Olde Cypress Community Bank had around
$168.7 million in total assets and $162.4 million in total
deposits.  CenterState Bank of Florida, N.A., did not pay the FDIC
a premium for the deposits of Olde Cypress Community Bank.  In
addition to assuming all of the deposits of the failed bank,
CenterState Bank of Florida, N.A., agreed to purchase essentially
all of the assets.

The FDIC and CenterState Bank of Florida, N.A. entered into a
loss-share transaction on $128.2 million of Olde Cypress Community
Bank's assets.  CenterState Bank of Florida, N.A. will share in
the losses on the asset pools covered under the loss-share
agreement.  The loss-share transaction is projected to maximize
returns on the assets covered by keeping them in the private
sector.  The transaction also is expected to minimize disruptions
for loan customers.  For more information on loss share, visit:

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

Customers who have questions about the transaction can call the
FDIC toll-free at 1-800-591-2817.  Interested parties also can
visit the FDIC's Web site at:

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

The FDIC estimates that the cost to the Deposit Insurance Fund
will be $31.5 million.  Compared to other alternatives,
CenterState Bank of Florida, N.A.'s acquisition was the "least
costly" resolution for the FDIC's DIF.  Olde Cypress Community
Bank is the 95th FDIC-insured institution to fail in the nation
this year, and the seventeenth in Florida.  The last FDIC-insured
institution closed in the state was Turnberry Bank, Aventura,
earlier on Friday.


OMEGA NAVIGATION: Ernst & Young Raises Going Concern Doubt
----------------------------------------------------------
Omega Navigation Enterprises, Inc., filed its annual report on
Form 20-F on July 15, 2010.

Ernst & Young (Hellas) Certified Auditors Accountants S.A., in
Athens, Greece, 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 has a working capital
deficiency, and has not complied with certain covenants of loan
agreements with banks.

"As of December 31, 2009, the Company was in breach of certain
financial loan covenants, related primarily to the security value
maintenance (also known as loan-to-value ratio).  Although the
lenders have not declared an Event of Default, this constitutes a
potential event of default and could result in the lenders
requiring immediate repayment of the loan."

"The Company is currently in negotiations with the lenders to
restructure the debt."

The Company reported net income of $5.7 million on $64.5 million
of revenue for 2009, compared with net income of $11.0 million on
$77.7 million of revenue for 2008.

The Company's balance sheet at December 31, 2009, showed
$527.4 million in assets, $359.6 million of liabilities, and
$167.8 million of stockholders' equity.

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

               http://researcharchives.com/t/s?6688

Omega Navigation Enterprises, Inc. (NASDAQ: ONAV, SGX: ONAV50)
-- http://www.omeganavigation.com/-- is an international provider
of global marine transportation services through the ownership and
operation of double hull product tankers.  The current fleet
includes twelve double hull product tankers with a carrying
capacity of about 680,000 dwt.  Eight of the vessels are fully
owned by the Company and four are owned through equal partnership
joint ventures with a wholly owned subsidiary of Glencore
International AG.

The Company was incorporated in the Marshall Islands in February
2005.  Its principal executive offices are located in Athens,
Greece and it also maintains an office in the United States.


PANAMSAT CORP: Bank Debts Trade at 7% Off in Secondary Market
-------------------------------------------------------------
Participations in three syndicated loans under which PanAmSat
Corporation is a borrower traded in the secondary market at 93.38
cents-on-the-dollar (per loan) during the week ended Friday,
July 16, 2010, according to data compiled by Loan Pricing Corp.
and reported in The Wall Street Journal.  This represents an
increase of 0.86 percentage points for each loan from the previous
week, The Journal relates.  PanAmSat pays 250 basis points above
LIBOR to borrow under each facility, which mature simultaneously
on Jan. 3, 2014.  The bank debts are not rated by Moody's and
Standard & Poor's.  The B-term loans are among the biggest gainers
and losers in 205 widely quoted syndicated loans with five or more
bids in secondary trading for the week ended Friday.

Intelsat Corporation, -- http://www.intelsat.com/-- formerly
known as PanAmSat Corporation, is a global provider of video,
corporate, Internet, voice and government communications services
with a fleet of 25 satellites in-orbit.  The Company provides
transponder capacity to customers on Company-owned and operated
satellites, and deliver third-party entertainment and information
to cable television systems, television broadcasters, direct-to-
home, television operators, Internet service providers,
telecommunications companies, governments and other corporations.
It also provides satellite services and related technical support
for live transmissions for news and special events coverage.  In
addition, the Company provides satellite services to
telecommunications carriers, corporations and Internet service
providers for the provision of satellite-based communications
networks, including private corporate networks.

Intelsat Ltd.'s balance sheet showed total assets of
$12.05 billion, total debts of $12.77 billion and stockholders'
deficit of $722.3 million as of March 31, 2008.


PROJECT ORANGE: Conflicts Counsel Didn't Solve Conflict Problem
---------------------------------------------------------------
WestLaw reports that a Chapter 11 debtor's use of conflicts
counsel did not allow the debtor's employment, as general
bankruptcy counsel, of a law firm that had a conflict of interest
with a creditor that was both the debtor's largest creditor and
central to the debtor's reorganization, which hinged upon the
creditor's return and installation of turbines at the debtor's
steam and electricity cogeneration facility.  Given the creditor's
strong interests and active stance in the case, addressing issues
with the creditor would take considerable time and skill on a
range of matters. The New York bankruptcy court noted that
conflicts rules did not apply only when application of the rules
would not inconvenience the party seeking to retain conflicted
counsel.  In re Project Orange Associates, LLC, --- B.R. ----,
2010 WL 2521073 (Bankr. S.D.N.Y.).

Project Orange Associates, LLC, sought Chapter 11 protection
(Bankr. S.D.N.Y. Case No. 10-12307) on April 29, 2010.  Timothy W.
Walsh, Esq., at DLA Piper LLP (US), filed the chapter 11 petition.
The Company disclosed $9.7 million in assets and $15.4 million in
liabilities at the time of the filing.


QWEST COMMUNICATIONS: To Seek Shareholder OK of Merger in August
----------------------------------------------------------------
CenturyTel Inc. and Qwest Communications International Inc.
disclosed that special shareholder meetings for both companies are
currently expected to take place in August to approve the
CenturyLink unit's proposed merger with Qwest.

CenturyLink intends to file a final joint proxy statement-
prospectus later this summer describing the proposed merger.
CenturyLink and Qwest will mail copies of the final filing to
their respective shareholders in advance of each company's special
shareholder meeting.  CenturyLink on June 4 made a preliminary
filing with the SEC describing the transaction.

On May 10, CenturyLink and Qwest filed a joint "Application for
Consent to Transfer Control" with the Federal Communications
Commission.  On May 28, the FCC issued a public notice asking
interested parties to file comments on the application by July 12.
CenturyLink and Qwest then will have until July 27 to respond.
The FCC's goal is to issue a final order regarding the application
within 180 days of the public notice, though it is not bound by
that timeframe.

On June 23, CenturyLink CEO Glen Post and Qwest CEO Ed Mueller met
with FCC Chairman Julius Genachowski and other FCC commissioners
about the CenturyLink-Qwest transaction.  The CEOs said the
discussions were constructive and positive.

In general, the DOJ's review of proposed mergers and acquisitions
is focused on potential antitrust concerns, making sure that such
transactions won't prevent or reduce competition.  CenturyLink
originally filed a notification of the transaction with the
Federal Trade Commission and the DOJ on May 12, and filed an
updated notification on June 15.  Re-filing allows the DOJ an
additional 30 days to review the information.

Like the FCC, state commissions -- often called Public Utility
Commissions or Public Service Commissions -- also review mergers
and acquisitions to ensure they are in the public interest, with a
primary focus on the impact to their state and the ratepayers in
their state.  States vary as to the amount and level of detail
they may request as a part of a review.  Additionally, outside
parties like consumer groups and competitors are invited to
comment or to intervene.

CenturyLink and Qwest have filed joint applications for merger
approval in 23 states where they operate.  Typically, the state
process follows individual procedural schedules established
collectively by the companies, the commission and any interveners.
Each state will have its own unique timeline.

An intensive effort is under way as CenturyLink and Qwest prepare
for state commission engagement on procedural schedules, discovery
questions, testimony and related routine approval issues.  As
anticipated, in some states interested parties, including consumer
advocacy groups and competitors, have filed notice that they wish
to intervene in the dockets.

CenturyLink and Qwest have filed testimony in several states that
explain the transaction, financial characteristics and operational
overviews and are developing testimony for others. In addition,
the companies will respond to multiple discovery requests in the
next few months.  They anticipate having all approvals and
completing the transaction in the first half of 2011


RADIENT PHARMA: Seeks Stockholder OK of Fin'l Stabilization Plan
----------------------------------------------------------------
The Board of Directors of Radient Pharmaceuticals Corporation is
seeking stockholder approval at the Annual Stockholders Meeting on
August 26, 2010, of a Financial Stabilization Plan.  Radient
recently closed approximately $11,057,000 in additional financings
through the sale of convertible notes and warrants.  The issuance
of the shares underlying the notes and warrants related to the
financing require stockholder approval.

Douglas C. MacLellan, Radient's Chairman and CEO, said the Plan is
focused around building on a highly improved balance sheet; which
means Radient is seeking to gain approval for the share issuances,
as well as the ability to exchange up to $3,553,000 in notes and
warrants issued in 2008 and 2009.  Lastly, Radient is proposing to
create a new 2010 stock option plan that will incentivize
management and employees to drive its In-vitro Diagnostics
business to new heights in sales and profitability in 2010 and
beyond.

Beginning in the second half of 2008, and coupled with the global
financial market meltdown, RPC's only available corporate
financing path was one that unfortunately did not promote its
stock price and did not raise nearly as much capital that it had
planned.  The Company believes the tide has turned and that it is
reversing that trend.

"We believe that the Plan will provide RPC with enough robust
financial resources to execute RPC's IVD business plan
successfully.  Yet, the Plan calls for the exchange of up to
$14,610,000 in various debt obligations for shares of our common
stock and the creation of a new incentive stock option plan for
management and employees of up to a total of 6,000,000 shares,"
Mr. MacLellan said.

Mr. MacLellan said if all of the Proposals in the Company's Proxy
Statement are approved and the proposed transactions are completed
at the floor pricing of $0.28 per share, the number of outstanding
shares of common stock will be 139,285,000.  Although this would
result in an effective dilution for existing stockholders of 82%,
the Company and its stockholders will receive $6,152,000 in net
proceeds from its new financing arrangements, potential proceeds
of up to $4,900,000 from the exercise of new warrants -- if and
when exercised, and benefit from the elimination of approximately
$3,553,000 in debt.  Management also believes that the Plan will
be sufficient to cure the deficiencies cited by the NYSE Amex to
satisfy their Continuing Listing Standards and allow Radient to
remain in compliance therewith and avoid delisting.

Mr. MacLellan also said the management and employees of RPC have
made significant sacrifices for the Company over the past year to
help the Company survive.  These sacrifices have included working
without pay for several months at a time and paying the travel and
ordinary and necessary business expenses for entertaining clients,
customers or employees without reimbursement.  In addition, the
management and employees of RPC have been working extremely long
hours due to cut backs in personnel.  The Company owed salaries
and wages of $1,706,000 at March 31, 2010; however the Company
paid $637,000 of such amount during the month of April and June
2010.

"We believe that our employees deserve to participate in the
growth of the Company by providing them with incentives based on
achieving certain performance milestones. This places the
financial interests of the management and employees' side-by-side
with that of the stockholders," Mr. MacLellan said.

A full-text copy of the Company's Schedule 14A Information
Amendment No. 2 is available at no charge at:

             http://ResearchArchives.com/t/s?6699

                About Radient Pharmaceuticals

Headquartered in Tustin, Calif., Radient Pharmaceuticals
Corporation -- http://www.Radient-Pharma.com/-- is an integrated
pharmaceutical company devoted to the research, development,
manufacturing, and marketing of diagnostic, and premium skin care
products.

The Company's balance sheet as of March 31, 2010, showed
$26.4 million in assets, $7.1 million of liabilities, and
$19.3 million of stockholders' equity.

                          *     *     *

As reported in the Troubled Company Reporter on April 19, 2010,
KMJ Corbin & Company LLP, in Costa Mesa, Calif., expressed
substantial doubt about the Company's ability to continue as a
going concern.  The independent auditors noted that the Company
has incurred a significant operating loss and negative cash flows
from operations in 2009 and has a working capital deficit of
roughly $4.2 million at December 31, 2009.


RANCHER ENERGY: Incurs $20.3MM Net Loss in Year Ended March 31
--------------------------------------------------------------
Rancher Energy Corp. filed on July 14, 2010, its annual report on
Form 10-K, reporting a net loss $20.3 million on $3.2 million of
revenue for the year ended March 31, 2010, compared with a net
loss of $46.3 million on $6.2 million of revenue for the year
ended March 31, 2009.

The Company's balance sheet at March 31, 2010, showed
$18.6 million in assets, $14.6 million of liabilities, and
$4.0 million of stockholders' equity.

On October 28, 2009, the Company filed for protection under
Chapter 11 of the U.S. Bankruptcy Code.  The Company's bankruptcy
filing was made after defaulting on the terms of its senior
secured debt and being notified by the lender of their intention
to foreclose on the assets held as collateral for the debt.

Te Company is currently evaluating various courses of action to
address the operational and liquidity issues it is facing and has
begun the process of improving operations.  There can be no
assurance that any of these efforts will be successful.

In March 2010, with Court authorization, the Company retained a
financial advisor to identify potential sources of capital
including strategic and industry participants and to assist it in
the development of a plan of reorganization.   That process is
ongoing.

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

               http://researcharchives.com/t/s?6685

                       About Rancher Energy

Denver, Colo.-based Rancher Energy Corp. (OTC BB: RNCHQ)
- http://www.rancherenergy.com/--is an independent energy company
that explores for and develops produces, and markets oil and gas
in North America.  The Company operates four fields in the
Powder River Basin, Wyoming, which is located in the Rocky
Mountain region of the United States.

The Company was formerly known as Metalex Resources, Inc. and
changed its name to Rancher Energy Corp. in 2006.   Rancher Energy
Corp. was incorporated in the State of Nevada on February 4, 2004.

Rancher Energy filed for Chapter 11 bankruptcy protection on
October 28, 2009 (Bankr. D. Colo. Case No. 09-32943).  Herbert A.
Delap, Esq., who has an office in Denver, Colorado, assists the
Debtor 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.

On May 26, 2010, the Company filed its second motion to extend
exclusive period to file a reorganization plan through August 24,
2010, and the exclusive period to solicit acceptance of a plan
through October 22, 2010.  The motion is currently under
consideration by the Bankruptcy Court.


REALOGY CORP: Bank Debt Trades at 16% Off in Secondary Market
-------------------------------------------------------------
Participations in a syndicated loan under which Realogy Corp. is a
borrower traded in the secondary market at 84.33 cents-on-the-
dollar during the week ended Friday, July 16, 2010, according to
data compiled by Loan Pricing Corp. and reported in The Wall
Street Journal.  This represents an increase of 0.73 percentage
points from the previous week, The Journal relates.  The Company
pays 300 basis points above LIBOR to borrow under the facility.
The bank loan matures on Sept. 30, 2013, and carries Moody's Caa1
rating and Standard & Poor's CCC- rating.  The B-term loan is one
of the biggest gainers and losers among 205 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.

Realogy Corp. -- http://www.realogy.com/-- a global provider of
real estate and relocation services with a diversified business
model that includes real estate franchising, brokerage, relocation
and title services.  Realogy's world-renowned brands and business
units include Better Homes and Gardens Real Estate, CENTURY 21,
Coldwell Banker, Coldwell Banker Commercial, The Corcoran Group,
ERA, Sotheby's International Realty, NRT LLC, Cartus and Title
Resource Group.  Collectively, Realogy's franchise systems have
approximately 15,000 offices and 270,000 sales associates doing
business in 92 countries around the world.

Headquartered in Parsippany, N.J., Realogy is owned by affiliates
of Apollo Management, L.P., a leading private equity and capital
markets investor.  Realogy fully supports the principles of the
Fair Housing Act.


RIESGO MESA: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: Riesgo Mesa 8, LLC
        1760 East Pecos Road, Suite 338
        Gilbert, AZ 85295
        Tel: (480) 699-5721

Bankruptcy Case No.: 10-21026

Chapter 11 Petition Date: July 6, 2010

Court: U.S. Bankruptcy Court
       District of Arizona (Phoenix)

Judge: Redfield T. Baum, Sr.

Debtor's Counsel: Robert Lynn Larson, Esq.
                  Larson Law Office PLLC
                  207 N Gilbert Road, #001
                  Gilbert, AZ 85234
                  Tel: (480) 459-6080
                  Fax: (480) 304-3150
                  E-mail: robert@robertlarsonlaw.com

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

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

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

The petition was signed by Chris Anderson, manager.


RITE AID: Bank Debt Trades at 14% Off in Secondary Market
----------------------------------------------------------
Participations in a syndicated loan under which Rite Aid
Corporation is a borrower traded in the secondary market at 86.40
cents-on-the-dollar during the week ended Friday, July 16, 2010,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal.  This represents an increase of 0.73
percentage points from the previous week, The Journal relates.
The Company pays 175 basis points above LIBOR to borrow under the
facility.  The bank loan matures on May 25, 2014, and carries
Moody's B3 rating and Standard & Poor's B+ rating.  The B-term
loan is one of the biggest gainers and losers among 205 widely
quoted syndicated loans with five or more bids in secondary
trading for the week ended Friday.

Headquartered in Camp Hill, Pennsylvania, Rite Aid Corporation
(NYSE: RAD) -- http://www.riteaid.com/-- is the largest drugstore
chain on the East Coast and the third largest drugstore chain in
the U.S.  The Company operates more than 4,900 stores in 31 states
and the District of Columbia.

Rite Aid Corporation reported financial results for the first
quarter ended May 29, 2010, showing a net loss of $73.7 million
compared with a net loss of $98.4 million for last year's first
quarter. Adjusted EBITDA was $249.8 million or 3.9 percent of
revenues for the first quarter compared to $249.2 million or 3.8
percent of revenues for the like period last year.

The company's balance sheet for May 29, 2010, showed $8.0 billion
total assets and $9.7 billion total liabilities, for a
$1.7 billion total stockholders' deficit.


RIVIERA HOLDINGS: Inks Restructuring & Lock-Up Deal With Holders
----------------------------------------------------------------
Riviera Holdings Corporation and two of its subsidiaries, Riviera
Operating Corporation and Riviera Black Hawk, Inc., entered into a
restructuring and lock-up letter agreement with holders, in the
aggregate, of in excess of 66 2/3% in the amount of all of the
outstanding claims under Debtors' Credit Agreement dated as of
June 8, 2007, by and among the Company, certain subsidiaries of
the Company, as guarantors, Wachovia Bank, National Association as
Administrative Agent and various lenders identified therein and
under that Master Agreement dated as of May 31, 2007 between the
Company and Wachovia which has been participated to Cerberus
Series Four Holdings, LLC.  Cantor Fitzgerald Securities is the
current administrative agent under the Senior Secured Credit
Agreement, as successor in interest to the Original Agent.

Pursuant to the Lock-Up Agreement, the parties are contractually
obligated to support the restructuring of Debtors in accordance
with the Debtors' Joint Plan of Reorganization.  Capitalized terms
not otherwise defined herein shall be given the meanings assigned
to them in the Plan.

Pursuant to the Lock-Up Agreement, Debtors were required to file
for bankruptcy protection under Chapter 11 of the Bankruptcy Code
by July 12, 2010, which they did.  The proposed restructuring of
Debtors will be implemented pursuant to the Plan, the material
terms of which provide:

  * all existing equity interests of the Company shall be
    cancelled, and such equity holders shall receive nothing;

  * Each holder of a First Priority Senior Secured Claim, which
    are claims:

     i) arising under the Senior Secured Credit Agreement for
        prepetition interest and fees, and

    ii) with respect to the periodic payments due under the Swap
        Agreement and any interest accrued thereon, shall receive
        in full and final satisfaction of such claim a portion of
        a new $50 million term loan in principal amount equal to
        such First Priority Senior Secured Claim to be evidenced
        by a first lien credit agreement;

  * the Company, as it exists on and after the Substantial
    Consummation Date, will receive additional funding by way of a
    $20 Million term loan to be evidenced by a Series B Term Loan,
    subject to an affirmative election being made by Reorganized
    Riviera within a certain time period and various other
    conditions, and a $10 million working capital facility;

  * if both the Designated New Money Investment is effectuated and
    the Working Capital Facility is made available, holders of the
    Senior Secured Claims will receive:

     i) a portion of the Series A Term Loan in a principal amount
        up to such holder's pro rata share of the Series A Term
        Loan less the portion of the Series A Term Loan received
        by holders of the First Priority Senior Secured Claims;
        and

    ii) such holder's pro rata share of 80% of the new limited-
        voting common stock to be issued by Reorganized Riviera
        pursuant to the Plan;

  * if only the $10 million Working Capital Facility is made
    available, holders of Senior Secured Claims who so elect to
    fund their pro rata share of the $10 million Working Capital
    Facility will receive:

     i) notes evidencing revolving credit loans outstanding at any
        time under the Working Capital Facility; and

    ii) 7% of the Class B Shares to be issued by Reorganized
        Riviera;

  * if only the $10 million Working Capital Credit Facility is
    made available, the Senior Secured Claims will be cancelled
    and holders of the Senior Secured Claims will receive in
    addition to the consideration described above their pro rata
    share of an additional 13% of the Class B Shares;

  * if both the $10 million Working Capital Facilty is made
    available and the Designated New Money Investment is
    effectuated, holders of Senior Secured Claims participating in
    making the Series B Term Loan and the loans under the Working
    Capital Credit Facility shall receive:

     i) a pro rata share of the Series B Term Loan; and

    ii) 15% of the Class B Shares to be issued by Reorganized
        Riviera, subject to dilution;

  * holders of allowed general unsecured claims, other than with
    respect to any deficiency claims of holders of Senior Secured
    Claims, shall receive in full and final satisfaction of such
    claim, payment in full thereof, but in no event shall the
    total payment to holders of allowed general unsecured claims
    exceed $3,000,000;

  * the receipt by Riviera Voteco, L.L.C. of 100% of the new
    equity in Reorganized Riviera, consisting of new fully-voting
    common stock to be issued by Reorganized Riviera pursuant to
    the Plan; and

  * the membership interests of Voteco will be issued as follows:

     i) if the Designated New Money Election is effectuated and
        the Working Capital Facility is made available,

        A) 80.00% of the Voteco Interests ratably to those holders
           of the Senior Secured Claims,

        B) 15.0% of the Voteco Interests ratably to those holders
           of Senior Secured Claims electing to participate in the
           New Money Investment, and

        C) 5.0% of the Voteco Interests ratably to the certain
           lenders in accordance with the Backstop Commitment
           Agreement dated as of July 12, 2010 by and among
           Debtors and SCH/VIII Bonds L.L.C., SCH/VIII Bonds II,
           L.L.C., SCH/VIII Bonds III, L.L.C., SCH/VIII Bonds IV,
           L.L.C., Strategic Value Special Situations Master Fund,
           L.P., Cerberus Series Four Holdings, LLC and Desert
           Rock Enterprises LLC; or

    ii) if the Designated New Money Election is not effectuated
        and if the Working Capital Facility is made available,

        A) 93.0% of the Voteco Interests ratably to holders of the
           Senior Secured Claims, and

        B) 7.0% of the Voteco Interests ratably to holders of
           Senior Secured Claims electing to participate in the
           Designated New Money Investment; provided however, the
           above distributions are subject to such Persons first
           obtaining all applicable licensing from Gaming
           Authorities.

The Plan will be subject to approval by the requisite classes of
creditors entitled to vote on the Plan and the United States
Bankruptcy Court for the District of Nevada.  The foregoing
description of the Lock-Up Agreement and the Plan is qualified in
its entirety by reference to the Lock-Up Agreement and Plan,
copies of which are available for free at:

               http://ResearchArchives.com/t/s?6690

                   Backstop Commitment Agreement

In connection with the Lock-Up Agreement, Debtors and the Backstop
Lenders executed as of July 12, 2010, a Backstop Commitment
Agreement to provide assurance that the Designated New Money
Investment shall be fully funded in the aggregate amount of $20
million and the Working Capital Facility shall be fully committed
in the aggregate amount of $10 million.  The Backstop Agreement
provides that the Backstop Lenders have committed to fund their
pro rata share of the Designated New Money Investment and pro rata
share of the Working Capital Facility, and, further, to backstop
an additional percentage of the Designated New Money Investment
and Working Capital Facility as specified therein to the extent
that any holder of a Senior Secured Claim elects not to
participate according to its full pro rata share in funding the
Designated New Money Investment and Working Capital Facility.

Additionally, the Backstop Agreement provides for the payment of
committment fees by Debtors, as more fully described in the
Backstop Agreement and subject to the Bankruptcy Court's approval.
If

    i) the Budget Contingency is satisfied,

   ii) the Total New Money Investment Alternative is effectuated
       under the Plan,

  iii) the Substantial Consummation Date occurs and

   iv) the Series B Term Loan is fully funded and the entire
       Working Capital Facility is made available as provided for
       in the Plan, 5.0% of the Class B Shares shall be fully
       earned, payable and non-refundable to the Backstop Lenders.

If the Budget Contingency is satisfied, but either the Backstop
Agreement is terminated pursuant to its terms or the Substantial
Consummation Date does not occur, $1,000,000 in cash shall be
fully earned, payable and non-refundable upon such date to the
Backstop Lenders; provided, however, that to the extent

    i) the Backstop Agreement is materially breached by any
       Backstop Lender

   ii) the Backstop Agreement is terminated in connection with the
       Lockup Agreement having been terminated solely as a result
       of a breach thereof by any Backstop Lender in its capacity
       as a Designated Consenting Lender, or

  iii) the Substantial Consummation Date does not occur other than
       as a result of the actions and inactions of the Debtors
       that are in breach of the Lockup Agreement, the Debtors
       shall not be required to pay the Backstop Lenders the
       $1,000,000 cash fee.  If (i) either the Budget Contingency
is not satisfied or the Budget Contingency is satisfied but the
Designated New Money Election is not made, (ii) the Partial New
Money Investment Alternative is effectuated under the Plan, (iii)
the Substantial Consummation Date occurs and (iv) the entire
Working Capital Facility is made available as provided for in the
Plan, $300,000 in cash shall be fully earned, non-refundable and
payable to the Backstop Lenders.

                      About Riviera Holdings

Riviera Holdings, through its wholly-owned subsidiary, Riviera
Operating Corporation, owns and operates the Riviera Hotel &
Casino located in Las Vegas, Nevada, which consists of a hotel
comprised of five towers with 2,075 guest rooms, including 177
suites, and which has traditional Las Vegas-style gaming,
entertainment and other amenities.

In addition, Riviera Holdings, through its wholly-owned
subsidiary, Riviera Black Hawk, Inc., owns and operates the
Riviera Black Hawk Casino, a casino in Black Hawk, Colorado and
has various non-gaming amenities, including parking, buffet-styled
restaurant, delicatessen, a casino bar and a ballroom.

Riviera Holdings together with the two affiliates filed for
Chapter 11 on July 12 in Las Vegas, Nevada (Bankr. D. Nev. Case
No. 10-22910).  Riviera Holdings' petition listed assets and debts
of $100 million to $500 million. Attorneys at Gordon Silver
represent the Debtors in the Chapter 11 cases.


ROB CORWIN: Case Summary & 7 Largest Unsecured Creditors
--------------------------------------------------------
Debtor: Robb Corwin
        11 East Oakwood Hills Drive
        Chandler, AZ 85248

Bankruptcy Case No.: 10-21303

Chapter 11 Petition Date: July 8, 2010

Court: U.S. Bankruptcy Court
       District of Arizona (Phoenix)

Judge: Sarah Sharer Curley

Debtor's Counsel: Mark W. Roth, Esq.
                  Polsinelli Shughart P.C.
                  3636 N. Central Avenue, Suite 1200
                  Phoenix, AZ 85012
                  Tel: (602) 650-2012
                  Fax: (602) 926.8562
                  E-mail: mroth@polsinelli.com

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

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

A copy of the Debtor's list of 7 largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/AZB10-21303.pdf

The petition was signed by the Debtor.


ROBERT GRIFFIN: Section 341(a) Meeting Scheduled for August 10
--------------------------------------------------------------
The U.S. Trustee for Region 16 will convene a meeting of Robert
Griffin's creditors on August 10, 2010, at 11:00 a.m.  The meeting
will be held at Isaac C. Parker Courthouse, 30 S. 6th Street, Fort
Smith, AR 72901.

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.

Greenwood, Arkansas-based Robert Griffin filed for Chapter 11
bankruptcy protection on July 6, 2010 (Bankr. W.D. Ark. Case No.
10-73471).  Derrick Mark Davidson, Esq., who has an office in
Fayetteville, Arkansas, assists the Company in its restructuring
effort.  The Company estimated its assets and debts at $10,000,001
to $50,000,000.


SALPARE BAY: Wants 2-Week Extension for Financial Statement
-----------------------------------------------------------
Wendy Culverwell at Business Journal of Portland reports Salpare
Bay, LLC, asked a two-week extension to file its required
financial statement from the U.S. Bankruptcy Court in Oregon
because it does not have enough time to complete the report.  The
Company was expected to file the financial data on July 15, 2010.

Salpare Bay operates a condominium.

Vancouver, Washington-based Salpare Bay, LLC, filed for Chapter 11
bankruptcy protection on June 7, 2010 (Bankr. D. Ore. Case No. 10-
35333).  Tara J. Schleicher, Esq., who has an office in Portland,
Oregon, assists the Company in its restructuring effort.  The
Company estimated its assets and debts at $10,000,001 to
$50,000,000.


SCHWING AMERICA: Emerges from Chapter 11 Bankruptcy Protection
--------------------------------------------------------------
According to forconstructionpros.com, Schwing America Inc. has
emerged from Chapter 11 bankruptcy protection after a federal
court approved the company's reorganization plan.  The company
said it completed the payoff of existing lenders from funds
acquired from European banks.

Based in Minneapolis, Schwing American Inc. operates a
construction business.  The Company filed for Chapter 11
bankruptcy on September 28, 2009 (Bankr. D. Minn. Case No. 09-
36760).  Michael L. Meyer, Esq., at Ravich Meyer Kirkman McGrath
Nauman, represents the company.  The company listed assets of
between $100,000,001 and $500,000,000, and debts of between
$50,000,001 to $100,000,000.


SEDONA DEVELOPMENT: Can Access Specialty's Cash Collateral
----------------------------------------------------------
The Hon. Redfield T. Baum, Sr., of the U.S. Bankruptcy Court for
the District of Arizona authorized, on an interim basis, Sedona
Development Partners, LLC, to use the cash collateral of Specialty
Financial and Specialty Trust, Inc.

Specialty claimed that there exists a principal balance due and
owing under the loans in excess of $54,384,000 secured by one or
more of the parcels comprising the property, and portions of the
income.

The Debtors would use the revenue derived from the golf course and
related facilities to fund its postpetition operations, and for
the Well Pump No. 3 and 4 and irrigation expenses.

                 About Sedona Development Partners

Sedona Development Partners owns an 18-hole golf course and
related properties, including luxury villas, a practice park,
range house, tennis courts and related facilities in Sedona,
Arizona, known generally as Seven Canyons.  The Club at Seven
Canyons, LLC, operates the golf course and related facilities for
SDP.  SDP is the manager and sole member of the Club.

Sedona Development Partners filed for Chapter 11 bankruptcy
protection on May 27, 2010 (Bankr. D. Ariz. Case No. 10-16711).
The Club At Seven Canyons filed a separate Chapter 11 petition
(Bankr. D. Ariz. Case No. 10-16714).  John J. Hebert, Esq., Philip
R. Rudd, Esq., and Wesley D. Ray, Esq., at Polsinelli Shughart PC,
serve as the Debtor's bankruptcy counsel.  Lender Specialty Trust
is represented by Joseph E. Cotterman, Esq., and Nathan W.
Blackburn, Esq., at Gallagher & Kennedy, P.A.  Sedona listed
$10,000,001 to $50,000,000 in assets and $50,000,001 to
$100,000,000 in liabilities.


SEQUENOM INC: Registers 12,435,000 Shares for Resale
----------------------------------------------------
Sequenom, Inc., on July 14 filed with the Securities and Exchange
Commission a prospectus relating to the offer and sale, from time
to time, of up to 12,435,000 shares of its common stock, $0.001
par value per share, held by selling stockholders.  The selling
stockholders acquired the common stock from the Company in a
private placement that closed on May 17, 2010.  The selling
stockholders may resell or dispose of the shares of common stock,
or interests therein, at fixed prices, at prevailing market prices
at the time of sale or at prices negotiated with purchasers, to or
through underwriters, broker-dealers, agents, or through any other
means.  The selling stockholders will bear all commissions and
discounts, if any, attributable to the sale or disposition of the
shares, or interests therein.  The Company will bear all costs,
expenses and fees in connection with the registration of the
shares.  The Company will not receive any of the proceeds from the
sale of these shares by the selling stockholders.

A full-text copy of the Prospectus is available at no charge
at http://ResearchArchives.com/t/s?669a

                         About Sequenom

Sequenom, Inc. (NASDAQ: SQNM) -- http://www.sequenom.com/-- is a
life sciences company committed to improving healthcare through
revolutionary genetic analysis solutions. Sequenom develops
innovative technology, products and diagnostic tests that target
and serve discovery and clinical research, and molecular
diagnostics markets. The company was founded in 1994 and is
headquartered in San Diego, California.

The Company's balance sheet for March 31, 2010, showed
$70.6 million total assets and $15.5 million total current
liabilities, for a $50.0 million stockholders' equity.

Ernst & Young LLP of San Diego, California, has expressed
substantial doubt against Sequenom's ability as a going concern.
The auditor noted that the Company has incurred recurring
operating losses and does not have sufficient working capital to
fund operations through 2010.


SHILOH INDUSTRIES: S&P Raises Corporate Credit Rating to 'B+'
-------------------------------------------------------------
Standard & Poor's Ratings Services said it has raised its long-
term corporate credit rating on Cleveland, Ohio-based Shiloh
Industries Inc. to 'B+' from 'B'.  The outlook is positive.

"Our upgrade reflects the company's significantly improved
liquidity and S&P's opinion that it will remain at or above the
current level," said Standard & Poor's credit analyst Lawrence
Orlowski that the company had $29.9 million in liquidity as of
April 30, 2010, compared with $12.7 million as of Jan. 31, 2010.
Profitability and leverage continue to improve as well.  S&P
expects light-vehicle production in North America to continue
rebounding in 2010.  Moreover, the company's reduced cost
structure and declining debt have improved its credit measures.
S&P believes the recovery in auto sales and production will be
gradual, however, because of the fragile economic recovery.

In response to the dramatic downturn in auto demand in 2009,
Shiloh restructured its operations to reduce costs and increase
manufacturing utilization.  As a result, S&P believes the
company's lower revenue breakeven point has laid the foundation
for higher profitability, even with sales below historical levels.

The rating on Shiloh also reflects S&P's view of the company's
weakbusiness risk profile and aggressive financial risk profile.
S&P's assessment of Shiloh's business risk reflects the highly
competitive and cyclical character of the company's end markets,
primarily in the light-vehicle industry.  The company lacks
geographic and customer diversity -- all of its manufacturing
capacity resides in North America -- and the Michigan-based
automakers account for more than 50% of its revenues.  Shiloh's
largest customer is General Motors Co., which accounted for about
40% of the company's sales in fiscal 2009 (ended Oct. 31).

Shiloh's products range from engineered laser-welded blanks, which
require a high degree of technological expertise to make (about
43.3% of fiscal 2009 revenues), to simple blanks, which are
commodity-like (17.2% of revenues).  Modular assemblies and
complex stampings accounted for 33.3% of revenues, and other
products accounted for 6.2%.  The company holds what S&P views as
a solid market share in the high-value-added, engineered, laser-
welded blanks segment, and it is gradually expanding this segment
as a percentage of total sales through new business.

S&P believes that in addition to this internal growth, Shiloh
could expand through acquisitions in non-auto markets (commercial
trucks, construction, and agriculture) as well as in other auto
markets.  Risks inherent in Shiloh's internal growth strategy
include the possibility that customers will not adopt its new
technology offerings.

The outlook is positive.  Demand for light vehicles continues to
rise but remains weak by historical standards.  If the recent
increase in auto demand signals an eventual return to higher,
steadier sales, S&P believes the company's availability under the
bank facility could grow.  S&P could raise the rating if Shiloh
can sustain bank facility availability at about $50 million and
its prospects for free cash flow remain intact.  For example, S&P
estimates that if the company's revenue rises more than 50% in
2010 and margins are more than 9%, Shiloh's liquidity could exceed
$50 million and support a higher rating.

S&P could revise the outlook to stable or lower the rating if
liquidity tightens or if the current increase in North American
light-vehicle demand weakens and it appears that leverage would
rise above 5x on a sustained basis through 2010.  This could occur
if, for instance, revenue fell 10% in 2010 and gross margins were
below 2.5%.  Also, the financing of a major acquisition or
distribution to shareholders could significantly increase leverage
and could cause us to revisit S&P's rating or outlook.


SKILLED HEALTHCARE: Enters Into Mediation, Skips 2nd Jury Trial
---------------------------------------------------------------
The Times-Standard reports that attorneys in the class action
lawsuit against Skilled Healthcare Group, Inc., agreed Thursday
morning to enter into mediation in the case, forgoing a second
jury trial.  The parties have agreed to recommence the case in the
form of a bench trial -- which means a judge rather than a jury
will hear the evidence -- on Aug. 9.

The Class Action Reporter, on July 9, 2010, reported that a jury
in Humboldt County, California, returned a verdict against Skilled
Healthcare related to a complaint filed more than four years ago.
In the first phase of deliberations, the jury awarded the
plaintiffs $613 million in statutory damages and $58 million in
restitutionary damages.  The jury has yet to hear the punitive
damages phase of the trial and will continue to further
deliberate.

Matt Drange, writing for The Times-Standard, said the issue at the
heart of the case is a California statute that mandates 3.2
nursing hours per patient per day.  The lawsuit covers the years
2003 to 2009, and represents a class of some 32,000 patients.

The jury assessed the maximum amount of damages allowed by Health
and Safety Code 1430 (b): California statute that mandates that
nursing homes maintain 3.2 nursing hours per-patient per-day.  The
total damages were assessed at a rate of $500 per-patient per-day
that the 22 nursing facilities involved in the suit were in
violation of the law.

The jury was slated last week to decide on the extent of
additional punitive damages.  Judge Bruce Watson would then decide
if the court will issue an injunction against Skilled Healthcare
that would mandate the company to keep staffing levels compliant
with the law in the future.

According to the Troubled Company Reporter on July 8, 2010, to
satisfy the typical bonding requirement to defer enforcement of
a judgment during the pendancy of an appeal, the Company would be
required to post a bond for 150% of the final judgment amount.
The Company currently has $94 million of borrowing capacity under
its $100 million revolving credit facility.  However, the
Company's ability to draw on its credit facility is limited by the
covenants of that facility.

The Company's primary professional liability insurance coverage
has been exhausted for the policy year applicable to this case.
The excess insurance carrier issuing the policy applicable to this
case has issued its reservation of rights to preserve an assertion
of non-coverage for this case due to the lack of any allegation of
injury or harm to the plaintiffs.  Even if the Company is
successful in obtaining insurance coverage for this matter, the
amount of the jury verdict far exceeds the policy limits of its
insurance.

The case is entitled VINNIE LAVENDER, by and through her
Conservator, WANDA BAKER, WALTER SIMON; JACQUELYN VILCHINSKY vs.
SKILLED HEALTHCARE GROUP, INC., et al, (and 22 individually-named
California nursing facilities receiving administrative services
from Skilled Healthcare, LLC).

                          *     *    *

According to Bloomberg, the Company's revenue of $759.8 million in
2009 resulted in a net loss of $133.2 million.  For the first
quarter of 2010, the Company's net income was $8.9 million on
revenue of $189.3 million.

The balance sheet at March 31 showed current assets of
$131.4 million among total assets of $859 million.  Current
liabilities were $91.7 million.  Total liabilities were
$574.7 million.

               About Skilled Healthcare Group

Based in Foothill Ranch, California, Skilled Healthcare Group,
Inc. (NYSE: SKH), is a holding company with subsidiary healthcare
services companies, which in the aggregate had consolidated annual
revenues of nearly $760 million and approximately 14,000 employees
as of March 31, 2010.  Skilled Healthcare Group and its wholly-
owned companies operate long-term care facilities and provide a
wide range of post-acute care services, with a strategic emphasis
on sub-acute specialty health care.  The Company operates long-
term care facilities in California, Iowa, Kansas, Missouri,
Nevada, New Mexico and Texas, including 78 skilled nursing
facilities that offer sub-acute care and rehabilitative and
specialty health skilled nursing care, and 22 assisted living
facilities that provide room and board and social services.


SOUTHPEAK INTERACTIVE: Earns $192,140 in Q3 Ended March 31
----------------------------------------------------------
SouthPeak Interactive Corporation filed its quarterly report on
Form 10-Q, reporting net income of $192,140 on $7,538,840 of
revenue for the three months ended March 31, 2010, compared with a
net loss of $691,841 on $13,517,073 of revenue for the three
months ended March 31, 2009.

The Company reported a net loss of $1,763,145 on $34,312,441 of
revenue for the nine months ended March 31, 2010, compared to a
net loss of $1,077,049 on $39,213,650 for the nine months ended
March 31, 2009.

The Company's balance sheet at March 31, 2010, showed
$34,905,572 in assets, $29,890,309 of liabilities, and $5,015,263
of stockholders' equity.

Reznick Group, P.C., in Vienna, Va., expressed substantial doubt
about the Company's ability to continue as a going concern after
reviewing the Company's financial statements for the three and six
month periods ended December 31, 2009.  The Company noted that of
the Company's default on its production advance payable, a
material uncertainty in connection with the renewal of its line of
credit and its significant contingencies.

The Company has a $8.0 million revolving line of credit facility
with SunTrust Banks, Inc., that matures on November 30, 2010.  At
March 31, 2010, the Company was not in compliance with all of the
line of credit's covenants and requirements.  If SunTrust declares
outstanding borrowings immediately due and payable, the Company
says it cannot guarantee that it would have sufficient liquidity
at that time to repay or refinance borrowings under the revolving
credit facility.

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

                http://researcharchives.com/t/s?6687

SouthPeak Interactive Corporation (OTC BB: SOPK)
- http://www.southpeakgames.com/- develops and publishes
interactive entertainment software for all current hardware
platforms including: Xbox 360(R) videogame and entertainment
system from Microsoft, PlayStation(R)3 computer entertainment
system, PSP(R) (PlayStatio(R) Portable) system, PlayStation(R)2
computer entertainment system, Wii(TM), Nintendo DS(TM), iPhone
and Windows PC.  SouthPeak's games cover all major genres
including action/adventure, role-playing, strategy, racing,
puzzle, sports and edutainment.  SouthPeak's products are sold in
retail outlets in North America, South and Central America,
Europe, Australia and Asia.  SouthPeak is headquartered in
Midlothian, Virginia, and has offices in Grapevine, Texas and
Leicester, England.


SPECTRUM HEALTH: A.M. Best Upgrades Financial Strength to B+
------------------------------------------------------------
A.M. Best Co. has affirmed the issuer credit ratings (ICR) of "aa-
" of Spectrum Health System and its cornerstone hospital, Spectrum
Health Hospitals (SHH) (d/b/a Butterworth Hospital and Blodgett
Hospital).  A.M. Best also has affirmed the financial strength
rating (FSR) of A- (Excellent) and ICR of "a-" of Spectrum's
subsidiary, Priority Health, and upgraded the FSR to B+ (Good)
from B (Fair) and ICR to "bbb-" from "bb+" of Priority Health's
direct subsidiary, Priority Health Government Programs (PHGP).
The outlook for all ratings is stable.  All companies are
domiciled in Grand Rapids, MI.

Spectrum's rating reflects its strong operating margin, leading
market share within its primary service areas, a high level of
integration with its well capitalized flagship health plan and the
favorable results of its cornerstone facilities.  While Spectrum's
debt-to-capital ratio has increased over the past several years,
its interest coverage and liquidity ratios currently remain very
favorable due to its strong operating earnings and cash flow.

Spectrum is an integrated health care delivery system, which
operates hospitals and various other medical and health care
related facilities throughout Michigan.  SHH operates as one
entity on two campuses and represents a significant portion of
total revenues to the system, while also enjoying consistently
positive operating margins.  Butterworth Hospital and Blodgett
Hospital also are characterized by a wide array of specialty
services and excellent quality scores, with the majority of recent
construction and system enhancements being associated with these
campuses.


STATION CASINOS: Plan Confirmation Hearing Scheduled for Aug. 27
----------------------------------------------------------------
Judge Gregg W. Zive of the U.S. Bankruptcy Court for the District
of Nevada approved, on July 15, 2010, the disclosure statement
accompanying the plan of reorganization proposed by Station
Casinos Inc. and its debtor affiliates, Steven Church at Bloomberg
News reported.

Judge Zive approved the Disclosure Statement after finding that it
contains enough information for creditors to decide whether to
support it, the report added.

The judge ruled that Station Casino can now send their
reorganization plan to creditors for a vote.  The voting deadline
will be on August 20, 2010.  A hearing to consider approval of the
Plan will be held on August 27.

Under Station Casinos' plan to emerge from bankruptcy, the company
would be broken into two parts, both of which would be taken over
and reassembled by a partnership led by company Chairman Frank
Fertitta and his brother, Vice Chairman Lorenzo Fertitta,
Bloomberg reported.

During the Disclosure Statement held July 15, Station Casinos
lawyer Thomas R. Kreller, Esq., at Milbank, Tweed, Hadley & McCloy
LLP, in Los Angeles, California, told Judge Zive that the Debtors
and bondholders who are owed $2.5 billion by the company are in
settlement talks, the Las Vegas Sun reported.  Judge Zive,
according to the report, was encouraged by the talks but Mr.
Kreller said there are no guarantees anything will be resolved by
the talks.

A day before the approval, Station Casinos delivered to the Court
a revised amended Disclosure Statement showing changes made to the
Disclosure Statement filed June 15.  The changes address comments
and corrections based on the input of various creditor
constituents, as well as certain issues raised in connection with
objection to the Disclosure Statement.

The Revised Amended Disclosure Statement provides these additional
disclosures:

  -- The Official Committee of Unsecured Creditors oppose
     confirmation of the Debtors' plan of reorganization.  The
     Committee has also disputed the bona fides of the
     settlement of the Texas Put Right and has appealed the
     Bankruptcy Court's approval of the inclusion of the
     settlement of the Texas Put Right in the Bidding
     Procedures Order and expects to raise the same issue in its
     appeal of the Second Amended MLCA.

  -- Neither Green Valley Ranch nor GV Ranch Station, Inc.'s
     equity interest in the joint venture that owns Green Valley
     Ranch will be included in the Opco Auction or the New Opco
     Acquired Assets.

  -- The properties and options associated with the Wild Wild
     West are among the Landco Assets to be transferred,
     directly or indirectly, to the designee of the Landco
     Lenders under the Plan.  The revenues generated by the Wild
     Wild West property are not sufficient to meet the rent
     payments, and the deficiency will be approximately $1.6
     million per year starting January 2011.  In addition to
     generating negative cash flow, the Debtors believe that the
     option prices for acquiring the property are substantially
     above market and therefore have no value to SCI.

  -- In November 2007, SCI entered into a sale-leaseback
     agreement related to its corporate office building with a
     third-party real estate investment firm.  SCI sold the
     corporate office building for approximately $70 million and
     subsequently entered into a lease with the  purchaser for
     an initial period of 20 years with four options to extend
     the lease, each option for an extension of five years.  The
     lease also contains an option to purchase the property for
     $70 million.  The Debtors believe that the current rent and
     the lease buyout price are both substantially above market.
     Under the terms of the Stalking Horse APA, the Stalking
     Horse Bidder has the right to take assignment of the
     headquarters lease.  If the Stalking Horse Bidder or any
     other party does not take assignment of the lease, SCI
     anticipates that the lease will be rejected.

  -- On May 28, 2010, the National Labor Relations Board filed a
     127-count complaint against SCI alleging various unfair
     labor practices.  A hearing on the complaint is scheduled
     for October 25, 2010.

  -- The SCI Final Cash Collateral Order provides, among other
     things, that the Administrative Agent will receive various
     forms of adequate protection in respect of the use, sale or
     lease of its prepetition collateral.  That adequate
     protection includes the grant of: (a) replacement liens on
     substantially all of SCI's assets and the assets of the
     other Opco Debtors, and (b) a superpriority claim against
     SCI and the other Opco Debtors, in each case to the extent
     of the diminution in value of the prepetition collateral of
     the Administrative Agent.

  -- The Debtors have conducted a review of potential claims or
     causes of action that the estates might have under Chapter
     5 of the Bankruptcy Code.  After taking into account the
     facts and circumstances, including the amounts at stake,
     the probability of success on the merits, the costs of
     pursuing any actions and the difficulty in collecting any
     judgments that might be obtained, the Debtors do not
     believe that there are any material Chapter 5 claims or
     causes of action that are worthy of being pursued or that
     would yield any meaningful recovery to the estates.

  -- In connection with the consummation of the Plan, the
     Debtors will enter into a number of agreements and
     transactions designed to transfer assets to and facilitate
     the operations of New Propco and New Opco as going concern
     businesses.  These agreements include the New Propco
     Purchase Agreement, the New Propco Transfer Agreement, the
     New Opco Purchase Agreement, the New Propco LLCA, the New
     FG Management Agreement, the New Propco Credit Agreement,
     the IP License Agreement, the New Propco Non-Compete
     Agreement, the New Opco Credit Agreement, the New Opco PIK
     Credit Agreement, the New FG Management Agreement, the IP
     License Agreement and potentially certain related and
     ancillary documents.  The Plan cannot become effective
     until each of the New Propco Purchase Agreement, the New
     Propco Transfer Agreement and the New Opco Purchase
     Agreement will close according to its terms.

Included in the exhibits to the Disclosure Statement is a list of
Opco Group Sellers.

A full-text copy of the Revised Amended Disclosure Statement is
available for free at:

       http://bankrupt.com/misc/SCI_RevisedDSJuly714.pdf

A redlined copy of the Revised Amended Disclosure Statement is
available for free at:

       http://bankrupt.com/misc/SCI_RevisedDS714red.pdf

                     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)


STATION CASINOS: Court OKs SCI & PropCo Deal; Committee Appeals
---------------------------------------------------------------
Judge Gregg W. Zive of the U.S. Bankruptcy Court for the District
of Nevada approved the Revised Second Amended and Restated Master
Lease and Compromise Agreement, dated April 7, 2010, as amended.

All objections to the Motion, which have not been consensually
resolved or withdrawn, are overruled.

The deadline by which Station Casinos, Inc. must assume or reject
the Master Lease is extended up to and including the date a final
order is entered approving the Plan of Reorganization.

Judge Zive approved the agreement after finding that SCI and FCP
PropCo, LLC, through PropCo's independent directors, commenced
good faith and arm's-length negotiations to structure an agreement
with respect to the Master Lease Agreement that would allow for
the continued operation of SCI's hotels and casinos in a manner
that would appropriately protect and preserve the value of those
operations, provide both estates with appropriate relief from
provisions of the Master Lease that are problematic in a current
economic environment, and provide SCI and PropCo with a reasonable
amount of time to try to solve not only the Master Lease issues,
but the overall restructuring of the Debtors' estates.

Judge Zive said SCI and PropCo have each demonstrated "cause" for
the relief requested in the (i) motion to approve Second Amendment
to Amended and Restated Master Lease Compromise Agreement, and
(ii) motion to establish bidding procedures and deadlines relating
to sale process for substantially all of the assets of SCI and
certain Opco subsidiaries, under Sections 105(a), 363(b)(1), 19
365(d)(3), and 365(d)(4)(B)(ii) of the Bankruptcy Code and Rule
9019 of the Federal Rules of Bankruptcy Procedure.

According to Judge Zive, in the absence of the Second Amended
Master Lease Compromise Agreement, SCI would face complex,
difficult, uncertain, and costly litigation with other parties-in-
interest, regarding issues that include, but are not limited to
ownership of certain of the Excluded Assets, the purchase price of
certain Excluded Assets that SCI was already obligated to sell to
PropCo under the First Master Lease Compromise Agreement, and the
nature and extent of the Transition Services SCI is obligated to
provide in event the Master Lease is       rejected.

Judge Zive further found that the Second Amended Master Lease
Agreement prevents unnecessary litigation, resolves complex
separation issues, and has the support of key creditor
constituencies.

Moreover, Judge Zive held that the Bidding Procedures and the
Second Amended Master Lease Compromise Agreement are fair and
equitable.

On the basis of the evidence presented, Judge Zive concluded that
resolution of all of these potential issues regarding transition
services, ownership, and liens on the Excluded Assets will provide
stability and certainty that will enhance the participation of
third-party bidders.  According to Judge Zive, the resulting
certainty will help to maximize the value of the OpCo estate for
the benefit its creditors.

"Maximizing the value of assets to benefit creditors is ultimately
the paramount consideration driving the Court's determination,"
Judge Zive held.

A full-text copy of the approved Second Amended Master Lease
Compromise Agreement is available for free at:

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

          Court Denies OpCo Support Agreement Motion

Judge Zive, however, denied the Opco Debtors' motion for authority
to enter into a Restructuring Support Agreement with Opco Lenders.
The judge held that approval of the OpCo Support Agreement is not
necessary.

The plan proponents asserted that the OpCo Support Agreement is
necessary so that the Debtors can maintain progress toward a
common plan of reorganization.  However, Judge Zive concluded that
the Debtors' commitment to crafting a consensual plan of
reorganization, as articulated and set forth in the Second Amended
Master Lease Compromise Agreement and in the Bidding Procedures
should be sufficient to satisfy the OpCo Lenders.

"Approval of the OpCo Support Agreement will not demonstrate a
greater commitment to craft such a consensual plan," Judge Zive
said in papers filed with the Court.  He added that the OpCo
Support Agreement fits the definition of an impermissible
"creeping plan."

The OpCo Support Agreement reflects support from the OpCo Lenders,
reflects the support implied by the Debtors, and evidences the
support of the Administrative Agent and the Steering Committee.

                         Committee Appeals

The Official Committee of Unsecured Creditors appealed from Judge
Zive's order approving the Revised Second Amendment to Amended and
Restated Master Lease Compromise Agreement entered by the
Bankruptcy Court on July 14, 2010.

The Committee elects to have the appeal heard by the U.S. District
Court for the District of Nevada rather than by the U.S.
Bankruptcy Appellate Panel for the Ninth Circuit.

                     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)


SWIFT TRANSPORTATION: Bank Debt Trades at 6% Off
------------------------------------------------
Participations in a syndicated loan under which Swift
Transportation Co., Inc., is a borrower traded in the secondary
market at 93.54 cents-on-the-dollar during the week ended Friday,
July 16, 2010, according to data compiled by Loan Pricing Corp.
and reported in The Wall Street Journal.  This represents an
increase of 0.99 percentage points from the previous week, The
Journal relates.  Swift Transportation pays 325 basis points above
LIBOR to borrow under the facility.  The bank loan matures on
March 15, 2014, and carries Moody's B3 rating and Standard &
Poor's B- rating.  The B-term loan is one of the biggest gainers
and losers among 205 widely quoted syndicated loans with five or
more bids in secondary trading for the week ended Friday.

Swift Transportation Co., Inc. -- http://www.swifttrans.com/--
hauls freight such as building materials, paper products, and
retail merchandise throughout the U.S. and in Mexico.  The Company
operates a fleet of about 18,000 tractors and 48,000 trailers from
a network of about 40 terminals.  Its services include dedicated
contract carriage, in which drivers and equipment are assigned to
a customer long-term.  Besides standard dry ans, Swift's fleet
includes refrigerated, flatbed, and other specialized trailers, as
well as about 5,800 intermodal containers.


SYMONS FROZEN: Wash. Law Applied to Corn Supplier's Lien
--------------------------------------------------------
WestLaw reports that under federal choice-of-law rules, Washington
had the "most significant relationship" to the parties, the
agricultural produce, and the lien, and so Washington, not Oregon,
law would apply to the determination of whether a supplier that
had provided Oregon-grown corn to the Chapter 11 debtor, a
Washington frozen foods company, prepetition had a valid statutory
lien on the debtor's assets, a Washington bankruptcy court held.
Although the corn was located in Oregon when the lien attached,
Oregon was not the intended permanent location of the produce.
While the policies underlying Oregon's "agricultural produce lien"
and Washington's "processor lien" were similar, Washington's
interest in having its law applied was greater where, as here, the
debtor was located in Washington and the Oregon supplier was aware
the produce would be transported to Washington.  Application of
Washington law, moreover, would protect the justified expectations
of parties engaged in commerce and create certainty in the market.
Finally, the court noted, the parties' contractual choice-of-law
designation was Washington.  Because the supplier did not file a
statement evidencing the lien with Washington's Department of
Licensing within 20 days after payment was due and unpaid, it did
not have a valid lien under Washington law, the court determined.
In re Symons Frozen Foods Inc., --- B.R. ----, 2010 WL 1416139
(Bankr. W.D. Wash.).

Symons Frozen Foods, Inc., based in Centralia, Wash., sought
Chapter 11 protection (Bankr. W.D. Wash. Case No. 09-43978) on
June 3, 2009.  The Debtor is represented by Benjamin J. Riley,
Esq., at Brian L. Budsberg PLLC, in Olympia, Wash.  At the time of
the filing, the Debtor estimated its assets at less than $50,000
and its debts at more than $1 million.


TOUCH OF JAZZ: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: A Touch of Jazz, Inc.
        101 Portside Court
        Bear, DE 19701

Bankruptcy Case No.: 10-12250

Chapter 11 Petition Date: July 15, 2010

Court: U.S. Bankruptcy Court
       District of Delaware (Delaware)

Debtor's Counsel: John F. Thomas, Jr., Esq.
                  John F. Thomas, Jr. Esq.
                  64 Read's Way
                  New Castle, DE 19720
                  Tel: (302) 221-3278
                  Fax: (856) 234-6106
                  E-mail: jftjr@mac.com

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

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

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

The petition was signed by Jeffrey A. Townes, president.

Debtor-affiliate filing separate Chapter 11 petition:

                                               Petition
  Debtor                         Case No.       Date
  ------                         --------       ----
Touched By Jazz Music, Inc.      10-12251      7/15/10
  Assets: $500,001 to $1,000,000
  Debts: $1,000,001 to $10,000,000


TRAFFORD DISTRIBUTING: Prepetition "Back Rent" Payments Avoidable
-----------------------------------------------------------------
WestLaw reports that a transaction whereby a financially
distressed corporation, despite having difficulties making its
existing rental payments, in the amount of $14,500 per month, to
an affiliated entity owned by its principal's husband, supposedly
entered into an agreement to more than triple its rent, yet
continued to pay its prior rent for several months only to make a
substantial payment to this affiliated entity in the month
immediately preceding the petition date as alleged "back rent"
under this supposed new lease, was extraordinary under either
industry practice or the historical practice of the parties.
Thus, the affiliated entity could not satisfy either the
subjective or objective prongs of 11 U.S.C. Sec. 547(c)(2) and
could not successfully assert an "ordinary course of business"
defense to the trustee's preference claims.  In re Trafford
Distributing Center, Inc., --- B.R. ----, 2010 WL 2607289 (Bankr.
S.D. Fla.).

Trafford Distributing Center, Inc., a/k/a Trafford Distribution
Center, Inc., sought Chapter 11 protection (Bankr. S.D. Fla. Case
No. 08-17980) on June 13, 2008.  Soneet R. Kapila serves as the
Chapter 11 trustee.


TRIBUNE CO: Bank Debt Trades at 39% Off in Secondary Market
-----------------------------------------------------------
Participations in a syndicated loan under which Tribune Co. is a
borrower traded in the secondary market at 61.00 cents-on-the-
dollar during the week ended Friday, July 16, 2010, according to
data compiled by Loan Pricing Corp. and reported in The Wall
Street Journal.  This represents an increase of 2.25 percentage
points from the previous week, The Journal relates.  The Company
pays 300 basis points above LIBOR to borrow under the facility,
which matures on May 17, 2014.  Moody's has withdrawn its rating
while Standard & Poor's does not rate the bank debt.  The B-term
loan is one of the biggest gainers and losers among 205 widely
quoted syndicated loans with five or more bids in secondary
trading for the week ended Friday.

Headquartered in Chicago, Illinois, Tribune Co. --
http://www.tribune.com/-- is a media company, operating
businesses in publishing, interactive and broadcasting, including
ten daily newspapers and commuter tabloids, 23 television
stations, WGN America, WGN-AM and the Chicago Cubs baseball team.

The Company and 110 of its affiliates filed for Chapter 11
protection on Dec. 8, 2008 (Bankr. D. Del. Lead Case No. 08-
13141).  The Debtors proposed Sidley Austion LLP as their counsel;
Cole, Schotz, Meisel, Forman & Leonard, PA, as Delaware counsel;
Lazard Ltd. and Alvarez & Marsal North Americal LLC as financial
advisors; and Epiq Bankruptcy Solutions LLC as claims agent.  As
of Dec. 8, 2008, the Debtors have $7,604,195,000 in total assets
and $12,972,541,148 in total debts.

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


TRUDY CORPORATION: M&K CPAs Raises Going Concern Doubt
------------------------------------------------------
Trudy Corporation filed on July 13, 2010, its annual report on
Form 10-K for the fiscal year ended March 31, 2010.

M&K CPAs, PLLC, in Houston, Tex., expressed substantial doubt
about the Company's ability to continue as a going concern.  The
independent auditors noted that the Company suffered net losses
from discontinued operations and has a net capital deficiency.

The Company reported a net loss of $1,093,368 for fiscal 2010,
compared with a net loss of $1,291,602 for fiscal 2009.
Consolidated net sales from discontinued operations for the year
ended March 31, 2010, were $5,355,782 compared to $5,833,843 for
the year ended March 31, 2009, a decrease of $478,060, or 8.2%.

The Company's balance sheet at March 31, 2010, showed $3,746,047
in assets and $6,066,817 of liabilities, for a stockholders'
deficit of $2,320,770.

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

               http://researcharchives.com/t/s?668b

Norwalk, Conn.-based Trudy Corporation (OTC BB: TRDY) is a
publisher of educational story books, read along audiobooks and
plush toy manipulatives under licenses with the Smithsonian
Institution, American Veterinary Medical Association and the
African Wildlife Foundation.  It also holds "edutainment" novelty
book and audiobook licenses with Disney Publishing Worldwide, Inc,
and Sesame Workshop.

Trudy Corporation entered into an Asset Purchase Agreement, dated
December 18, 2009, whereby the Company would sell substantially
all of its assets to MMAC, LLC, which also would assume certain
liabilities of the Company (with the exception of approximately
$2.7 million of debt owed to William W. Burnham, a principal
shareholder and Chairman of the Company).


TRUMP ENTERTAINMENT: Emerges from Chapter 11 Bankruptcy Protection
------------------------------------------------------------------
Reuters reports that Trump Entertainment Resorts has emerged from
Chapter 11, saying that the Company has eliminated about $1.3
billion in debt and will retain use of the Trump brand.  According
to the report, $225 million in new equity had been injected into
the Company, including $125 million intended to be used to reduce
prepetition debt in accordance to the Company's plan.

                     About Trump Entertainment

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.


TURNBERRY BANK: Closed; NAFH National Bank Assumes All Deposits
---------------------------------------------------------------
Metro Bank of Dade County of Miami, Fla.; Turnberry Bank of
Aventura, Fla.; and First National Bank of the South of
Spartanburg, S.C., were closed today by federal and state banking
agencies, which then appointed the Federal Deposit Insurance
Corporation as receiver for all three institutions.  To protect
depositors, the FDIC entered into purchase and assumption
agreements with NAFH National Bank of Miami, Fla., a newly-
chartered bank subsidiary of North American Financial Holdings,
Inc., in Charlotte, N.C., to assume all the deposits and
essentially all the assets of the three failed institutions.

Metro Bank of Dade County was closed by the Florida Office of
Financial Regulation; Turnberry Bank was closed by the Office of
Thrift Supervision; and First National Bank of the South was
closed by the Office of the Comptroller of the Currency.  The
three failed institutions were not affiliated with one another.

Collectively, the three failed institutions operated 23 branches,
which will reopen as branches of NAFH National Bank using their
current names and under their normal business hours, including
those offices with Saturday hours.  Metro Bank of Dade County has
six branches; Turnberry Bank has four branches; and First National
Bank of the South has thirteen branches.  Depositors will
automatically become depositors of NAFH National Bank.  Deposits
will continue to be insured by the FDIC, so there is no need for
customers to change their banking relationship to retain their
deposit insurance coverage.

As of March 31, 2010, Metro Bank of Dade County had total assets
of $442.3 million and total deposits of $391.3 million; Turnberry
Bank had total assets of $263.9 million and total deposits of
$196.9 million; and First National Bank of the South had total
assets of $682.0 million and total deposits of $610.1 million.
NAFH National Bank did not pay the FDIC a premium for the deposits
of the failed banks.  In addition to assuming all the deposits
from the two Florida institutions and one South Carolina
institution, NAFH National Bank will purchase virtually all their
assets.

The FDIC and NAFH National Bank entered into loss-share
transactions on $299.3 million of Metro Bank of Dade County's
assets; $194.6 million of Turnberry Bank's assets; and $512.4
million of First National Bank of the South's assets.  NAFH
National Bank will share in the losses on the asset pools covered
under the loss-share agreement.  The loss-share transaction is
projected to maximize returns on the assets covered by keeping
them in the private sector.  The transaction also is expected to
minimize disruptions for loan customers. For more information on
loss share, visit:

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

Customers who have questions about the transactions can call the
FDIC toll free: for Metro Bank of Dade County customers, 1-800-
430-8098; for Turnberry Bank customers, 1-800-450-5143; and for
First National Bank of the South customers, 1-800-405-8028.
Interested parties can also visit the FDIC's Web sites:

for Metro Bank of Dade County:

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


for Turnberry Bank:

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

and for First National Bank of the South:

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

The FDIC estimates that the cost to the Deposit Insurance Fund for
Metro Bank of Dade County will be $67.6 million; for Turnberry
Bank, $34.4 million; and for First National Bank of the South,
$74.9 million.  Compared to other alternatives, NAFH National
Bank's acquisition was the "least costly" resolution for the
FDIC's DIF.

These closings bring the total for the year to 94 banks in the
nation, and the fifteenth and sixteenth in Florida and the third
in South Carolina.  Prior to these failures, the last bank closed
in Florida was Peninsula Bank, Englewood, on June 25, 2010, and
the last bank closed in South Carolina was Woodlands Bank,
Bluffton, earlier on Friday.


UNIQUE INSURANCE: AM Best Affirms B Financial Strength Rating
-------------------------------------------------------------
A.M. Best Co. has revised the outlook to positive from stable and
affirmed the financial strength rating of B (Fair) and issuer
credit rating of "bb+" of Unique Insurance Company (Chicago, IL).

The revised outlook reflects Unique's consistently favorable
operating results and solid surplus growth, driven by its better
than industry loss experience and stable investment income.
Offsetting these positive rating factors are Unique's elevated
underwriting leverage and concentration of risk in Illinois, where
it specializes in writing non-standard automobile insurance.  In
addition, the company maintains high common stock leverage as a
percentage of surplus, thus exposing its capital to volatility in
the equity markets.


UNITED AIR LINES: Bank Debt Trades at 12% Off in Secondary Market
-----------------------------------------------------------------
Participations in a syndicated loan under which United Air Lines,
Inc., is a borrower traded in the secondary market at 87.66 cents-
on-the-dollar during the week ended Friday, July 16, 2010,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal.  This represents an increase of 1.06
percentage points from the previous week, The Journal relates.
United Air pays 200 basis points above LIBOR to borrow under the
facility.  The bank loan matures on Feb. 13, 2013, and carries
Moody's B3 rating and Standard & Poor's B+ rating.  The B-term
loan is one of the biggest gainers and losers among 205 widely
quoted syndicated loans with five or more bids in secondary
trading for the week ended Friday.

Based in Chicago, Illinois, UAL Corporation (NASDAQ: UAUA) --
http://www.united.com/-- is the holding company for United Air
Lines, Inc.  United Airlines is the world's second largest air
carrier.  The airline flies to Brazil, Korea and Germany.

The company filed for Chapter 11 protection on Dec. 9, 2002
(Bankr. N.D. Ill. Case No. 02-48191).  James H.M. Sprayregen,
Esq., Marc Kieselstein, Esq., David R. Seligman, Esq., and Steven
R. Kotarba, Esq., at Kirkland & Ellis, represented the Debtors in
their restructuring efforts.  Fruman Jacobson, Esq., at
Sonnenschein Nath & Rosenthal LLP represented the Official
Committee of Unsecured Creditors before the Committee was
dissolved when the Debtors emerged from bankruptcy.

Judge Eugene R. Wedoff confirmed the Debtors' Second Amended Plan
on Jan. 20, 2006.  The company emerged from bankruptcy protection
on Feb. 1, 2006.  (United Airlines Bankruptcy News; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


VEBLEN EAST: Court Denies Accounting Information & Asset Turnover
-----------------------------------------------------------------
The Hon. Charles L. Nail, Jr., of the U.S. Bankruptcy Court for
the District of South Dakota has denied Value Added Science
Technologies, L.L.C.'s motion regarding the turnover of accounting
information and certain assets of Veblen East Dairy Limited
Partnership.

Value Added Science, which has been acting as receiver pursuant to
an order in the District Court, Fifth Judicial District, County of
Blue Earth, State of Minnesota, asked the Court to determine what
reports and assets it should turn over to an entity claiming to be
the debtor-in-possession and the record before the Court.

Value Added Science has been requested by someone claiming to be
the debtor-in-possession of the Debtor to provide full
accountings, etc., and turn over all assets by July 6, 2010.

According to the Court, Value Added Science's motion doesn't set
forth any statutory basis for the relief sought or demonstrate an
equitable remedy is appropriate because no remedies at law exist.

Value Added Science is represented by Charles T. Patterson --
tom.patterson@wildblue.net -- at Patterson & Prahl LLP.

Veblen East Dairy Limited Partnership is a South Dakota limited
partnership with its principal place of business in Veblen, South
Dakota.  The Company's facility consists of a dairy production
operation with the capacity to house up to 8,500 cows and is
currently milking approximately 4,000 cows.

Veblen East filed for Chapter 11 bankruptcy protection on July 2,
2010 (Bankr. D.S.D. Case No. 10-10146).  Thomas M. Tobin, Esq., at
Tonner Tobin and King, assists the Company in its restructuring
effort.  The Company estimated its assets and debts at $50,000,001
to $100,000,000.

The Company's affiliate, Veblen West Dairy, LLP, filed a separate
Chapter 11 petition on April 7, 2010 (Case No. 10-10071).


VEBLEN EAST: Asks for Court's Approval to Use Cash Collateral
-------------------------------------------------------------
Veblen East Dairy Limited Partnership seeks authority from the
U.S. Bankruptcy Court for the District of South Dakota to use
$3,309,901 of the cash collateral of AgStar Financial Services,
PCA and AgStar Financial Services, FLCA, through July 31, 2010.

Thomas M. Tobin, Esq., the attorney for the Debtor, explains that
the Debtor needs the money to fund its Chapter 11 case, pay
suppliers and other parties.  The Debtors will use the collateral
pursuant to a budget, a copy of which is available for free at:

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

In exchange for using the cash collateral, the Debtor proposes to
grant AgStar postpetition replacement liens of the same priority,
dignity, and effect as its pre-petition interest in the Debtor's
cash collateral, to the extent of cash collateral used.  As
further adequate protection, the Debtor will pay an amount equal
to all monthly interest otherwise payable on AgStar's loans.  The
Debtor's proposed use of cash, its provision of the replacement
liens, and its monthly payment of a sum equal to the amount of
interest on AgStar's loans will provide AgStar with adequate
protection against any risk that might be posed by the Debtor's
use of its cash collateral.

AgStar has objected to the Debtor's request to use cash
collateral.  The Lenders admit that milk cows are included among
the Debtor's principal assets and they must be fed or liquidated.
AgStar denies that the Debtor's preliminary request contains only
those things absolutely necessary to avoid irreparable harm.
AgStar has a continuing lien in the Debtor's milk and calves and
their proceeds post-petition.  The Debtor, says AgStar, cannot
provide AgStar with adequate protection.

Veblen East Dairy Limited Partnership is a South Dakota limited
partnership with its principal place of business in Veblen, South
Dakota.  The Company's facility consists of a dairy production
operation with the capacity to house up to 8,500 cows and is
currently milking approximately 4,000 cows.

Veblen East filed for Chapter 11 bankruptcy protection on July 2,
2010 (Bankr. D.S.D. Case No. 10-10146).  Thomas M. Tobin, Esq., at
Tonner Tobin and King, assists the Company in its restructuring
effort.  The Company estimated its assets and debts at $50,000,001
to $100,000,000.

The Company's affiliate, Veblen West Dairy, LLP, filed a separate
Chapter 11 petition on April 7, 2010 (Case No. 10-10071).


VISTEON CORP: Michigan Opposes Proposed Reorganization Plan
-----------------------------------------------------------
Bankruptcy Law360 reports that Michigan has become the latest
voice of opposition to Visteon Corp.'s proposed reorganization
plan, with the state's Treasury Department arguing that it will be
unfairly deprived of about $2.7 million in tax debts it has
asserted against the struggling auto parts maker.

                        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)


WASHINGTON GROUP: No Postpetition Interest for Tort Claimants
-------------------------------------------------------------
WestLaw reports that the accrual and payment of postpetition
interest on tort claimants' unsecured state-court judgment against
the Chapter 11 debtor was prohibited by the Bankruptcy Code and
the debtors' confirmed reorganization plan, even though such
interest would have accrued under Massachusetts law, had it been
controlling, and even though, pursuant to the terms of the plan,
the tort claimants were to recover from the debtors' insurer.  In
affirming the bankruptcy court's decision, a federal district
court in Massachusetts also rejected the tort claimants' argument
that they a right to recover the full amount of their judgment
directly from the debtor's liability insurer that was separate
from and independent of their right to recover from the debtor.
In re Washington Group Intern., Inc., --- B.R. ----, 2010 WL
1257636 (D. Nev.) (Reed., J.).

The tort claimants, who had obtained a $7.95 million judgment
against the Chapter 11 debtor in a Massachusetts state-court
personal injury action, sought an order authorizing payment of the
judgment, including postpetition interest, by the debtor's
insurer.  The bankruptcy court determined that the tort claimants
were entitled to payment of the judgment plus prepetition
interest, but not postpetition interest.  The tort claimants
appealed to the U.S. District Court.  In the District Court, the
Honorable Edward C. Reed, held that (1) the tort claimants did not
have a right under Massachusetts law to recover the full amount of
their judgment directly from the debtor's liability insurer, and
(2) the accrual and payment of postpetition interest on the tort
claimants' unsecured judgment was prohibited by the Bankruptcy
Code and the debtors' confirmed reorganization plan, even though
such interest would have accrued under Massachusetts law had it
been controlling.  Accordingly, Judge Reed affirmed the Bankruptcy
Court's decision.

Washington Group, an international engineering and construction
firm, offers a full life-cycle of services as a preferred provider
of premier science, engineering, construction, program management,
and development.  Washington Group International, Inc., et al.,
sought Chapter 11 protection (Bankr. D. Nev. Case No. 01-31627),
on May 14, 2001, and filed their Plan of Reorganization, as
subsequently amended and modified, on July 24, 2001.  That Plan
took effect on January 25, 2002.  Timothy R. Pohl, Esq., Gregg M.
Galardi, Esq., and Eric M. Davis, Esq., at SKADDEN, ARPS, SLATE,
MEAGHER & FLOM LLP, guided the company through its successful
restructuring.


WASTE2ENERGY HOLDINGS: Marcum LLP Raises Going Concern Doubt
------------------------------------------------------------
Waste2Energy Holdings, Inc., filed on July 12, 2010, its annual
report on Form 10-K for the year ended March 31, 2010.

Marcum LLP, in New York, expressed substantial doubt the Company's
ability to continue as a going concern.  The independent auditors
noted that the Company has incurred a significant operating loss
of $11,720,669 [continuing operations] and used cash of $5,201,892
for continuing operations which resulted in an accumulated deficit
of $30,428,744 and a working capital deficiency of $6,634,820 as
of March 31, 2010.

The Company reported a net loss $11,696,395 on $1,250,168 of
revenue for fiscal 2010, compared with a net loss of $17,674,148
on $3,956,300 of revenue for fiscal 2009.

The Company's balance sheet at March 31, 2010, showed $3,679,627
in assets and $9,903,075 of liabilities, for a stockholders'
deficit of $6,223,448.

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

               http://researcharchives.com/t/s?6695

                   About Waste2Energy Holdings

Waste2Energy Holdings Inc. (Pink Sheets: WTEZ)
-- http://www.waste2energy.com/-- is in the business of
designing, engineering, manufacturing and installing waste to
energy conversion plants.  The Company's corporate headquarters is
located in Greenville, South Carolina.   Currently, the Company
have only one other operating facility, a leased office space in
Dumfries Scotland which currently serves as the Company's main
engineering and technology operating center.


WAVERLY GARDENS: Gets Continued Access to First Tennessee's Cash
----------------------------------------------------------------
The Hon. Paulette J. Delk of the U.S. Bankruptcy Court for the
Western District of Tennessee authorized Waverly Gardens of
Memphis, LLC, and Kirby Oaks Integra, LLC, to use the cash
collateral of First Tennessee Bank National Association.

As of petition date, the Debtors owed First Tennessee $8,494,044
consisting of principal and interest in the amount of $8,471,388,
$22,655 in fees and expenses, plus additional attorneys' fees,
costs and expenses, and interest that continue to accrue.

First Tennessee holds a lien in all rents, issues, profits,
revenues, income, accounts, accounts receivable, contract rights,
and general intangibles, any and all products and proceeds, as
well as all fixtures, furnishings, furniture, machinery,
equipment, appliances, and personal property owned by the Debtors.

The Debtors would use the cash collateral to fund their business
operations postpetition.

First Tennessee consented to the Debtors' continued use of cash
collateral.

As adequate protection for any diminution in value of the lenders'
collateral, the Debtors:

   -- agreed to retain and employ Expansion Management Services,
      Inc. as a professional of the bankruptcy estate specifically
      employed to manage and operate the 52 rental units and is
      located 6551 Knight Arnold Road, Memphis, Tennessee;

   -- will grant First Tennessee of a postpetition security
      interest and lien (of the same validity, extent and priority
      as First Tennessee' prepetition security interests in the
      First Tennessee prepetition collateral) in and to (a) all
      proceeds from the disposition of any of the cash collateral,
      and (b) any and all of its goods, property, assets and
      interests in property, including all property of the
      Debtor's estate; and

   -- maintain and insure collateral, with appropriate
      endorsements on all certificates of insurance naming
      First Tennessee as loss payee.

                 About Waverly Gardens of Memphis

Memphis, Tennessee-based Waverly Gardens of Memphis, LLC and Kirby
Oaks Integra, LLC -- http://www.waverlygardens.com/-- operate two
senior living facilities consisting of a total of 248 units.
Waverly Gardens consists of 196 rental units and is located at
6539 Knight Arnold Road, Memphis, Tennessee 38115.  Kirby Oaks
consists of 52 rental units and is located at 6551 Knight Arnold
Road, Memphis, Tennessee 38115.  The Debtors filed separate
petitions for Chapter 11 relief on Oct. 2, 2008 (Bankr. W.D.
Tenn. Lead Case No. 08-30218).  Michael P. Coury, Esq., and Robert
Campbell Hillyer, Esq., at Butler, Snow, O'Mara, Stevens &
Cannada, represent the Debtors as counsel.

When Waverly Gardens filed for protection from its creditors, it
listed assets of between $10 million to $50 million, and debts of
$1 million to $10 million.  When Kirby Oaks filed for protection
from its creditors, it listed between $1 million and $10 million
each in assets and debts.


WEST FELICIANA: Has Insufficient Resources, Wants Case Dismissed
----------------------------------------------------------------
West Feliciana Acquisitions, L.L.C., asks the U.S. Bankruptcy
Court for the Middle District of Louisiana to dismiss its Chapter
11 case.

The Debtor explains that it does not have sufficient resources to
make the cash payments in order to confirm a plan of
reorganization or liquidation.

Saint Francisville, Louisiana-based West Feliciana Acquisition,
LLC, filed for Chapter 11 bankruptcy protection on January 17,
2010 (Bankr. M.D. La. Case No. 10-10053).  Louis M. Phillips,
Esq., at Gordon, Arata, McCollam, Duplantis & Eagan, L.L.P.,
assists the Company in its restructuring effort.  The Company
listed $50,000,001 to $100,000,000 in assets and $10,000,001 to
$50,000,000 in liabilities.


WLH INVESTMENTS: Section 341(a) Meeting Scheduled for August 27
---------------------------------------------------------------
The U.S. Trustee for Region 7 will convene a meeting of WLH
Investments, LTD's creditors on August 27, 2010, at 11:30 a.m.
The meeting will be held at 1300 Matamoros, Room 302, Laredo, TX
78040.

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.

Laredo, Texas-based WLH Investments, LTD, filed for Chapter 11
bankruptcy protection on July 6, 2010 (Bankr. S.D. Tex. Case No.
10-50167).  Carl Michael Barto, Esq., at Law Office of Carl M.
Barto, assists the Company in its restructuring effort.  The
Company listed $16,130,616 in its assets and $3,490,481 in
liabilities.


WORLDGATE COMMUNICATIONS: James Dole Named New CFO
--------------------------------------------------
WorldGate said that James G. Dole has joined the company as the
Company's Chief Financial Officer, Treasurer and Senior Vice
President, Finance.

Mr. Dole will replace Joel Boyarski, who will remain with the
Company in his role as the principal accounting officer and
principal financial officer until the end of August and then in a
senior advisory role until his retirement from WorldGate effective
October 20, 2010.

"Over the past decade, Joel has been an important member of the
senior management team and has been instrumental in leading
WorldGate's financial operations.  I wish Joel the very best and
would like to express my very sincere appreciation for his many
significant contributions to WorldGate." said George E. Daddis
Jr., CEO of WorldGate.  Mr. Boyarski commented, "The last ten
years at WorldGate have been very rewarding for me, both
personally and professionally.  As WorldGate is about to enter a
new phase, I am confident that the management team and the rest of
my friends at WorldGate will continue to build on the progress we
have achieved.  For me, this also marks a new beginning, and I
look forward to enjoying all the new opportunities it will bring."

"We are very pleased to welcome Jim to the WorldGate team," said
Mr. Daddis.  "Jim's an enterprising, forward-thinking finance and
operations executive who brings more than 25 years of strategic
planning, mergers and acquisitions, business development,
financial management and capital markets experience to WorldGate.
The fact that WorldGate continues to attract such talented and
experienced leaders like Jim is a testament to our technology and
the attractiveness of the opportunities before us."

"I am honored to join WorldGate and I look forward to working with
my new colleagues to build long-term shareholder value," said Mr.
Dole.  "With the recent industry announcements around video
communications from companies like Apple and Cisco, and the
upcoming launch of WorldGate's next generation video technology
platform and the Ojo Vision video phone, it's clear to me
WorldGate is in the right place at the right time."

Trevose, Pa.-based Worldgate Communications, Inc. is a provider of
digital voice and video phone services and next generation video
phones.  The Company designs and develops digital video phones
featuring real-time, two-way video.  It also provides a turn-key
digital voice and video communication services platform supplying
complete back-end support services.

                           *     *     *

The Company's balance sheet at March 31, 2010, showed
$6,252,000 in assets and $7,275,000 of liabilities, for a
stockholders' deficit of $1,023,000


WOODLANDS BANK: Closed; Bank of the Ozarks Assumes All Deposits
---------------------------------------------------------------
Woodlands Bank of Bluffton, S.C., was closed on Friday, July 16,
2010, by the Office of Thrift Supervision, which appointed the
Federal Deposit Insurance Corporation as receiver.  To protect the
depositors, the FDIC entered into a purchase and assumption
agreement with Bank of the Ozarks in Little Rock, Ark., to assume
all of the deposits of Woodlands Bank.

The eight branches of Woodlands Bank will reopen during normal
business hours as branches of Bank of the Ozarks.  Depositors of
Woodlands Bank will automatically become depositors of Bank of the
Ozarks.  Deposits will continue to be insured by the FDIC, so
there is no need for customers to change their banking
relationship in order to retain their deposit insurance coverage.
Customers of Woodlands Bank should continue to use their existing
branch until they receive notice from Bank of the Ozarks that it
has completed systems changes to allow other Bank of the Ozarks
branches to process their accounts as well.

As of March 31, 2010, Woodlands Bank had around $376.2 million in
total assets and $355.3 million in total deposits.  Bank of the
Ozarks did not pay the FDIC a premium for the deposits of
Woodlands Bank.  In addition to assuming all of the deposits of
the failed bank, Bank of the Ozarks agreed to purchase essentially
all of the assets.

The FDIC and Bank of the Ozarks entered into a loss-share
transaction on $288.7 million of Woodlands Bank's assets.  Bank of
the Ozarks will share in the losses on the asset pools covered
under the loss-share agreement.  The loss-share transaction is
projected to maximize returns on the assets covered by keeping
them in the private sector.  The transaction also is expected to
minimize disruptions for loan customers.  For more information on
loss share, visit:

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

Customers who have questions about the transaction can call the
FDIC toll-free at 1-800-423-6395.  Interested parties also can
visit the FDIC's Web site at:

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

The FDIC estimates that the cost to the Deposit Insurance Fund
will be $115.0 million.  Compared to other alternatives, Bank of
the Ozarks's acquisition was the "least costly" resolution for the
FDIC's DIF.  Woodlands Bank is the 91st FDIC-insured institution
to fail in the nation this year, and the second in South Carolina.
The last FDIC-insured institution closed in the state was Beach
First National Bank, Myrtle Beach, on April 9, 2010.


ZAYAT STABLES: N.J. Court Approves Plan of Reorganization
---------------------------------------------------------
Trading Markets reports that a federal court in New Jersey
approved the plan of reorganization for Zayat Stables, paving way
for the company to emerge from bankruptcy.  All of the Company's
creditors voted in favor of the Plan.  In June 2010, the Company
settled with the bank to pay off loans by 2015 and dismiss their
suits against each other.

                        About Zayat Stables

Headquartered in Hackensack, New Jersey, Zayat Stables owns of
203 thoroughbred horses.  The horses, which are collateral for the
bank loan, are worth $37 million, according an appraisal mentioned
in a court paper.  Ahmed Zayat said in a court filing that he
personally invested $40 million in the business.

The Company filed for Chapter 11 bankruptcy protection on
February 3, 2010 (Bankr. D. N.J. Case No. 10-13130).  The Company
listed $10,000,001 to $50,000,000 in assets and $10,000,001 to
$50,000,000 in liabilities.


* PBGC Holds $197MM in Unclaimed Private Sector Pensions
--------------------------------------------------------
The Pension Benefit Guaranty Corporation reported Friday that it
is holding almost $197 million in unclaimed pension benefits for
over 36,000 people owed money from terminated defined benefit
pension plans formerly sponsored by private sector employers.

Since 1996, the PBGC has offered the online Pension Search
directory -- http://search.pbgc.gov/mp-- as an interactive tool
for people who may have lost track of a pension earned during
their careers.  People can search by their last name, company
name, or state where the company was headquartered.

For the more than 36,000 people still missing, individual benefits
range from $1 up to $676,436 and average about $6,550.  The states
with the most missing pension participants and money to be
claimed are: New York (7,215/$40.65 million), California
(3,078/$7.82 million), Texas (2,496/$11.52 million), New Jersey
(2,487/$14.22 million), Ohio (2,311/$15.56 million), Illinois
(2,175/$16.78 million), and Pennsylvania (2,109/$11.32 million).

Since 1996 about 37,000 people have found nearly $252 million
in missing pension benefits through PBGC's Pension Search
program. The states with the most found participants and
pension money claimed are: New York (5,708/$39.39 million),
California (3,106/$11.12 million), Florida (2,739/$22.28 million),
Texas (2,362/$18.12 million), Pennsylvania (2,210/$17.40 million),
New Jersey (2,131/$15.20 million), and Michigan
(1,683/$10.24 million).

The PBGC encourages those who may be owed money from a defined
benefit pension plan that ended to conduct Internet pension
searches and not write off the money as lost forever. The online
service is free and available 24 hours a day. For those without
access to the Internet at home, many local public libraries,
community colleges and senior centers make computers available to
the public that can be used for searching the Pension Search
directory.

Once the PBGC is contacted by people who find their names in the
directory, the agency asks them to provide more details including
proof of age and other vital statistics. The identification
process generally takes 4-6 weeks. After the PBGC receives a
completed application, people currently eligible for a benefit
should receive their checks within two months. Those entitled to
future benefits will receive their benefits when they reach
retirement age.

The Pension Search directory is regularly updated with the names
of more missing people. The current list identifies some 6,900
employers, primarily in the airline, steel, transportation,
machinery, retail trade, apparel and financial services industries
that closed pension plans in which some former workers could not
be found.

Many of the names in the Pension Search directory are workers with
pensions whose former employers closed fully-funded pension plans
and distributed benefits. Others are workers or retirees missing
from underfunded pension plans taken over by the PBGC because the
plans did not have enough money to pay benefits. Included in the
directory are people who may be able to document that they are
owed a benefit, even though current PBGC records show that no
benefit is due.

The PBGC does not endorse firms that offer to find missing pension
benefits for a fee because the information is available free from
many sources including the Pension Search directory. The PBGC's
booklet "Finding A Lost Pension" also provides tips, suggests
potential allies, and details numerous free information sources.
It is particularly helpful for those trying to find pensions
earned from former employers whose identity may have changed over
the years because of changes in company ownership.  The booklet is
available on the PBGC's Web site:

        http://www.pbgc.gov/docs/Finding_A_Lost_Pension.pdf

or by writing the PBGC Communications and Public Affairs
Department, 1200 K St., NW, Washington, DC 20005-4026.

To avoid becoming a missing pension participant, workers should
tell their employers when they move or change names, and they
should hold on to any pension information they receive from their
employers.

The PBGC is a federal corporation created under Employee
Retirement Income Security Act of 1974. It currently guarantees
payment of basic pension benefits earned by 44 million American
workers and retirees participating in over 29,000 private-sector
defined benefit pension plans.  The agency receives no funds from
general tax revenues.  Operations are financed largely by
insurance premiums paid by companies that sponsor pension plans
and investment returns.


* Kutak Rock's Minkin Joins Ballard Spahr
-----------------------------------------
Bankruptcy Law360 reports that Ballard Spahr LLP has scored a
Kutak Rock LLP attorney who helps banks and financial institutions
maneuver through bankruptcy proceedings, receiverships and
creditors' rights matters.

Ethan B. Minkin has joined the firm's litigation department as a
partner in its Phoenix office, where he will represent creditors
and debtor-in-possession lenders in bankruptcy cases, Law360 says.


* BOND PRICING -- For the Week From July 12 to 16, 2010
-------------------------------------------------------

   Company          Coupon      Maturity Bid Price
   -------          ------      -------- ---------
155 E TROPICANA       8.750%     4/1/2012     5.250
ABITIBI-CONS FIN      7.875%     8/1/2009    12.000
ADVANTA CAP TR        8.990%   12/17/2026    13.125
AHERN RENTALS         9.250%    8/15/2013    35.000
AMBAC INC             9.375%     8/1/2011    45.110
BANK NEW ENGLAND      8.750%     4/1/1999    12.250
BLOCKBUSTER INC       9.000%     9/1/2012     7.900
BOWATER INC           6.500%    6/15/2013    30.000
BOWATER INC           9.500%   10/15/2012    31.500
BRODER BROS CO       11.250%   10/15/2010    88.000
CAPMARK FINL GRP      5.875%    5/10/2012    32.000
CHK-CALL07/10         6.375%    6/15/2015   104.250
COLLINS & AIKMAN     10.750%   12/31/2011     0.010
FAIRPOINT COMMUN     13.125%     4/1/2018    16.125
FAIRPOINT COMMUN     13.125%     4/2/2018     8.813
FEDDERS NORTH AM      9.875%     3/1/2014     0.877
FINLAY FINE JWLY      8.375%     6/1/2012     1.000
FORD MOTOR CRED       6.050%    7/20/2010    99.517
FORD MOTOR CRED       6.250%    8/20/2010    97.000
GENERAL MOTORS        7.125%    7/15/2013    31.125
GENERAL MOTORS        7.700%    4/15/2016    27.850
GENERAL MOTORS        9.450%    11/1/2011    27.840
HAWAIIAN TELCOM       9.750%     5/1/2013     1.875
HAWAIIAN TELCOM      12.500%     5/1/2015     1.400
IDLEAIRE TECH CP     13.000%   12/15/2012     1.000
INDALEX HOLD         11.500%     2/1/2014     2.800
INTL LEASE FIN        5.400%    8/15/2010    96.650
KEYSTONE AUTO OP      9.750%    11/1/2013    38.500
LANDRY'S RESTAUR      9.500%   12/15/2014    84.800
LEHMAN BROS HLDG      4.500%     8/3/2011    18.500
LEHMAN BROS HLDG      4.700%     3/6/2013    18.050
LEHMAN BROS HLDG      4.800%    2/27/2013    17.750
LEHMAN BROS HLDG      4.800%    3/13/2014    19.250
LEHMAN BROS HLDG      5.000%    1/14/2011    20.000
LEHMAN BROS HLDG      5.000%    1/22/2013    18.710
LEHMAN BROS HLDG      5.000%    2/11/2013    17.750
LEHMAN BROS HLDG      5.000%    3/27/2013    17.250
LEHMAN BROS HLDG      5.000%     8/3/2014    18.050
LEHMAN BROS HLDG      5.000%     8/5/2015    18.220
LEHMAN BROS HLDG      5.100%    1/28/2013    17.750
LEHMAN BROS HLDG      5.150%     2/4/2015    17.500
LEHMAN BROS HLDG      5.250%     2/6/2012    19.125
LEHMAN BROS HLDG      5.250%    1/30/2014    18.760
LEHMAN BROS HLDG      5.250%    2/11/2015    18.000
LEHMAN BROS HLDG      5.350%    2/25/2018    18.500
LEHMAN BROS HLDG      5.500%     4/4/2016    20.250
LEHMAN BROS HLDG      5.500%     2/4/2018    18.500
LEHMAN BROS HLDG      5.500%    2/19/2018    18.500
LEHMAN BROS HLDG      5.550%    2/11/2018    18.500
LEHMAN BROS HLDG      5.600%    1/22/2018    18.620
LEHMAN BROS HLDG      5.625%    1/24/2013    20.125
LEHMAN BROS HLDG      5.700%    1/28/2018    18.620
LEHMAN BROS HLDG      5.750%    4/25/2011    20.750
LEHMAN BROS HLDG      5.750%    7/18/2011    19.875
LEHMAN BROS HLDG      5.750%    5/17/2013    20.250
LEHMAN BROS HLDG      5.875%   11/15/2017    20.000
LEHMAN BROS HLDG      6.000%    7/19/2012    20.750
LEHMAN BROS HLDG      6.000%    6/26/2015    16.600
LEHMAN BROS HLDG      6.000%   12/18/2015    18.220
LEHMAN BROS HLDG      6.000%    2/12/2018    18.250
LEHMAN BROS HLDG      6.000%    1/22/2020    17.750
LEHMAN BROS HLDG      6.000%    2/12/2020    18.100
LEHMAN BROS HLDG      6.200%    9/26/2014    21.000
LEHMAN BROS HLDG      6.250%     2/5/2021    17.875
LEHMAN BROS HLDG      6.500%     3/6/2023    17.000
LEHMAN BROS HLDG      6.625%    1/18/2012    20.010
LEHMAN BROS HLDG      6.625%    7/27/2027    17.550
LEHMAN BROS HLDG      6.875%     5/2/2018    21.250
LEHMAN BROS HLDG      6.900%     9/1/2032    17.025
LEHMAN BROS HLDG      7.000%    4/16/2019    18.000
LEHMAN BROS HLDG      7.000%     2/1/2038    14.021
LEHMAN BROS HLDG      7.000%     2/7/2038    17.400
LEHMAN BROS HLDG      7.000%     2/8/2038    17.625
LEHMAN BROS HLDG      7.100%    3/25/2038    17.900
LEHMAN BROS HLDG      7.500%    5/11/2038     0.050
LEHMAN BROS HLDG      7.730%   10/15/2023    19.800
LEHMAN BROS HLDG      7.875%    11/1/2009    19.000
LEHMAN BROS HLDG      8.000%     3/5/2022    17.500
LEHMAN BROS HLDG      8.000%    3/17/2023    19.500
LEHMAN BROS HLDG      8.050%    1/15/2019    18.760
LEHMAN BROS HLDG      8.400%    2/22/2023    17.950
LEHMAN BROS HLDG      8.500%     8/1/2015    13.000
LEHMAN BROS HLDG      8.500%    6/15/2022    18.850
LEHMAN BROS HLDG      8.750%   12/21/2021    17.930
LEHMAN BROS HLDG      8.750%     2/6/2023    17.050
LEHMAN BROS HLDG      8.800%     3/1/2015    20.000
LEHMAN BROS HLDG      8.920%    2/16/2017    16.000
LEHMAN BROS HLDG      9.500%   12/28/2022    19.000
LEHMAN BROS HLDG      9.500%    1/30/2023    18.250
LEHMAN BROS HLDG      9.500%    2/27/2023    17.500
LEHMAN BROS HLDG     10.000%    3/13/2023    17.750
LEHMAN BROS HLDG     10.375%    5/24/2024    18.250
LEHMAN BROS HLDG     11.000%    6/22/2022    17.760
LEHMAN BROS HLDG     11.000%    3/17/2028    18.500
LEINER HEALTH        11.000%     6/1/2012     8.750
METALDYNE CORP       11.000%    6/15/2012     1.600
NEWPAGE CORP         10.000%     5/1/2012    58.000
NEWPAGE CORP         12.000%     5/1/2013    26.000
NORTH ATL TRADNG      9.250%     3/1/2012    48.000
POPE & TALBOT         8.375%     6/1/2013     0.500
RESTAURANT CO        10.000%    10/1/2013    30.500
RESTAURANT CO        10.000%    10/1/2013    30.250
SPHERIS INC          11.000%   12/15/2012    27.500
STATION CASINOS       6.000%     4/1/2012     5.250
STATION CASINOS       7.750%    8/15/2016     6.000
THORNBURG MTG         8.000%    5/15/2013     3.750
TIMES MIRROR CO       7.250%     3/1/2013    25.900
TOUSA INC             7.500%    1/15/2015     4.040
TOUSA INC            10.375%     7/1/2012     2.850
TRIBUNE CO            5.250%    8/15/2015    25.250
VIRGIN RIVER CAS      9.000%    1/15/2012    45.500
WASH MUT BANK FA      5.125%    1/15/2015     0.150
WASH MUT BANK NV      5.950%    5/20/2013     0.340
WASH MUT BANK NV      6.750%    5/20/2036     0.500
WCI COMMUNITIES       7.875%    10/1/2013     0.700
WCI COMMUNITIES       9.125%     5/1/2012     2.250



                           *********

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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