TCR_Public/100721.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

             Wednesday, July 21, 2010, Vol. 14, No. 200

                            Headlines


ABITIBIBOWATER INC: Canada Court OKs Creditors' Meet on Aug. 26
ABITIBIBOWATER INC: Canada Court Approves Plan Voting Process
ABITIBIBOWATER INC: Has Nod for Fee Letter with Exit Arrangers
ABITIBIBOWATER INC: Proposes to Revert Up to $41MM in Trust Assets
ABITIBIBOWATER INC: Shareholders Want Official Committee

ACCESS PHARMACEUTICALS: Delays Plan to Issue $25MM in Securities
ADVANCED MICRO: Reports $43 Million Net Loss for 2nd Qtr 2010
AGT CRUNCH: Wins Confirmation of Liquidating Chapter 11 Plan
AMC ENTERTAINMENT: Public Offering Won't Affect Moody's B2 Rating
AMERICAN INT'L: CEO Benmosche Acquires 2,280 Company Shares

AMERICAN INT'L: Fairholme Holds 24.3% of Common Stock
AMERICAN INT'L: Harvey Golum Resigns from Board of Directors
AMERICAN INT'L: Officers Dispose of Restricted Stock Units
AMERICAN INT'L: Officers Get Long-Term Performance Units
AMERICAN SAFETY: Moody's Downgrades Corp. Family Rating to 'Caa3'

AMERIGROW RECYCLING: Court Confirms Amended Reorganization Plan
AMR, INC: Case Summary & 20 Largest Unsecured Creditors
ARVINMERITOR INC: To Invest $23-Mil. for Michigan Technical Center
AURA SYSTEMS: Posts $2.8 Million Net Loss in Q1 Ended May 31
AUTOBACS STRAUSS: Plan Going to Creditors for Vote

AVENTINE RENEWABLE: Houlihan Fees Cut by 5% for Non-Disclosure
BACHAN KAUR: Case Summary & 17 Largest Unsecured Creditors
BANKRUPTCY MANAGEMENT: S&P Cuts Corp. Credit Rating to 'CCC-'
BASHAS' INC: Phoenix Court Approves Plan of Reorganization
BP PLC: Sells Oil and Gas Assets to Apache for $7 Billion

BRADLEY ANDERSON: Case Summary & 15 Largest Unsecured Creditors
BROWN PUBLISHING: Committee's Bid to Stop Credit Bid Fails
BRUCE FROST: Case Summary & 20 Largest Unsecured Creditors
BUD'S CAR: Case Summary & 20 Largest Unsecured Creditors
C&D TECHNOLOGIES: Receives Notice Regarding NYSE Listing

CALEB TECTOR: Case Summary & 20 Largest Unsecured Creditors
CALIFORNIA COASTAL: Reaches Deal with Secured Lenders on Plan
CALYPTE BIOMEDICAL: Issues 152,341,741 Shares to Marr Tech
CATHOLIC CHURCH: Sapp Files in Spokane Case to be Opened
CATHOLIC CHURCH: Wilmington Wants Plan Exclusivity Until Oct. 28

CATHOLIC CHURCH: Wilmington Wants Removal Period Until Oct. 28
CBGB HOLDINGS: Hearing on Bid to Dismiss Case Set for July 27
CENTERPLATE INC: S&P Assigns 'B' Corporate Credit Rating
CENTRAL METAL: Court to Consider Amended Plan Outline Tomorrow
CENTURION PROPERTIES: Gets 1st Interim OK to Use Cash Collateral

CENTURION PROPERTIES: Section 341(a) Meeting Scheduled for Aug. 26
CENTURION PROPERTIES: Taps Crumb & Munding as Bankruptcy Counsel
CHARLES IRWIN, JR.: Case Summary & 20 Largest Unsecured Creditors
CHEMTURA CORP: Trustee, Others Object to Disclosure Statement
CHRYSLER LLC: Old Chrysler Settles Environment Claim in Ohio

CIRCUIT CITY: Proposes July 29 Auction for Virginia Property
CITIGROUP INC: Moody's Changes Outlook on Bank Rating to Stable
CONTROLADORA COMERCIAL: Chapter 15 Case Summary
CORRELOGIC SYSTEMS: Case Summary & 20 Largest Unsecured Creditors
CORUS BANKSHARES: Committee Seeks to Retain Attorneys, Advisors

COZUMEL CARIBE: Drop in Tourists, Devaluation Cue Ch. 15 Filing
DAYBREAK OIL: Posts $385,700 Net Loss in Q1 Ended May 31
DBSI INC: Liquidating Chapter 11 Plan Consolidates Creditors
DIVISION PROPERTIES: Section 341(a) Meeting Scheduled for Aug. 9
DIVISION PROPERTIES: Taps G. Rudy Hiersche as Bankr. Counsel

DREIER LLP: Fortress Sues Ruskin Moscou for Losses
EDWARD NEWMAN: Case Summary & 20 Largest Unsecured Creditors
EMMIS COMMS: DJD Group Holds 101,210 6.25% Preferred Shares
EMMIS COMMS: Kevan Fight Pays $300,521 for Preferred Shares
EMMIS COMMS: Posts $1.5 Million Net Loss for May 31 Quarter

EMMIS COMMS: Radoff Pays $1.09 Mil. for 1.7% Preferreds Stake
ENERGY FUTURE: Moody's Downgrades Default Rating to 'Ca'
ENERJEX RESOURCES: Recurring Losses Cue Going Concern Doubt
ENTRAVISION COMMUNICATIONS: Moody's Puts 'B1' Corp. Family Rating
ENTRAVISION COMMUNICATIONS: S&P Affirms 'B' Corp. Credit Rating

EQUITY LIFE: Case Summary & Largest Unsecured Creditor
ESTERLINE TECHNOLOGIES: Moody's Puts Ba3 Rating on $200 Mil. Notes
ESTERLINE TECHNOLOGIES: S&P Assigns 'BB' Rating on $200 Mil. Notes
EVEREST HOLDINGS: New Chapter 11 Plan Swaps $90M Building Debt
FEC RESOURCES: Posts C$1.2 Million Net Loss for 2009

FILI ENTERPRISES: Can Use Prepetition Lenders' Cash Until August 8
FONTAINEBLEAU LAS VEGAS: Judge Orders Remedy for Lienholders
FILI ENTERPRISES: To Sell Daphne's Greek to Trefethen Group
FORD MOTOR: S&P Raises Rating on Preferred Securities to 'CCC-'
FORD MOTOR: New Director James Hance Holds 50,000 Shares

FREMONT GENERAL: Signature Names New Management Team & Board
FX REAL ESTATE: Sells Warrants to Sillerman et al.
GARLOCK SEALING: Committees Seek to Retain Professionals
GARLOCK SEALING: Opposes to Add'l Member to Asbestos Committee
GARLOCK SEALING: Wins Final Nod to Sell in the Ordinary Course

GARLOCK SEALING: Wins Nod to Continue Parent Services Deals
GARLOCK SEALING: Wins Nod to Honor Obligations to Sales Agents
GENCORP INC: Directors Receive Shares as Retainer Fees
GENERAL GROWTH: American High-Income Leaves Creditors Committee
GENERAL GROWTH: Emergence to End Uncertainty for Maryland Malls

GENERAL GROWTH: Hughes Heirs Objects to Claims Estimation
GENERAL GROWTH: Registers $2.15 Bil. in Exchangeable Notes
GENERAL GROWTH: Lowers Interest on $400 Million Loan
GENOIL INC: Cipher 06 LLC No Longer Holds Shares
GOLDBERG-BAYMEADOWS: Wants to Pay Debts Prior to Case Dismissal

GREENFIELD 8: Voluntary Chapter 11 Case Summary
GROVE STREET: Organizational Meeting to Form Panel on July 28
GSC INVESTMENT: Earns $2.7 Million In Q1 Ended May 31
GULFSTREAM CRANE: Plan Proposes to Sell Assets Prophet Equity
HACIENDA GARDENS: Taps Hulberg & Assoc. to Appraise San Jose Asset

HARVEST OAKS: Court to Consider Cash Collateral Access Tomorrow
HELLER EHRMAN: Settles Retirees' Claims for $4 Million
HIGHLANDS OF LOS GATOS: Voluntary Chapter 11 Case Summary
HOLLYWOOD BEACH: Cash Collateral Hearing Set for July 28
HOLLYWOOD BEACH: Files Schedules of Assets and Liabilities

INNKEEPERS USA: Voluntary Chapter 11 Case Summary
INTELLIPHARMACEUTICS: Posts $316,400 Net Loss in Q2 Ended May 31
ISP CHEMCO: S&P Raises Corporate Credit Rating to 'BB-'
JEFFERY CHESLEIGH: Case Summary & 20 Largest Unsecured Creditors
JENNIFER CONVERTIBLES: Organizational Meeting Set for July 23

JENNIFER CONVERTIBLES: Exit Plan Gives 95% of Newco to Supplier
JENNIFER CONVERTIBLES: Case Summary & Creditors List
LBI INT'L: Shares Delisted at NASDAQ OMX Stockholm & NYSE Euronext
LEHMAN BROTHERS: Bondholders Opposing Substantive Consolidation
LIONS GATE: Icahn Group Commences Tender Offer for Common Shares

LITTLE TOKYO: Files for Ch. 11 to Stop Kyoto Grand Foreclosure
LIZ CLAIBORNE: To Exit Branded Outlet Stores in U.S. & Puerto Rico
MICHAEL VICK: Trustee Sues Family for Pre-Bankruptcy Transfers
MINAXI PATEL: Case Summary & 10 Largest Unsecured Creditors
MISSION TOWERS: Section 341(a) Meeting Scheduled for Aug. 6

MISSION TOWERS: Taps Redmond & Nazar as Bankruptcy Counsel
MISSION TOWERS: Wants to Use Union Bank's Cash Collateral
NEC HOLDINGS: Obtains Approval for $139 Million Financing
NEC HOLDINGS: Committee Seeks to Retain Professionals
PEARLAND SUNRISE: Files List of 20 Largest Unsecured Creditors

PEARLAND SUNRISE: Section 341(a) Meeting Scheduled for Aug. 17
PENN TRAFFIC: Teamsters Objects to Disclosure Statement
POSTMEDIA NETWORK: S&P Assigns 'B+' Corporate Credit Rating
PREET CHARO: Voluntary Chapter 11 Case Summary
PREMIER HOTEL: Files for Chapter 11 Bankruptcy Protection

QUANTUM CORP: Capital Research Global Holds 10.4% of Shares
QUANTUM CORP: CEO et al. Report Restricted Stock Units
QUANTUM CORP: Annual Stockholders' Meeting Set for August 18
RADIO ONE: Lenders Tap Loughlin Meghji & Morgan Lewis as Advisors
RADIO ONE: Officers Sell Class D Shares to Meet Tax Rules

RENEGADE HOLDINGS: Returns to Bankruptcy After Judge Vacated Plan
ROSELEA MANOR: Case Summary & 12 Largest Unsecured Creditors
SARAH LEE: Mulls Sale of Struggling North American Bakery Biz
SAVVIS INC: S&P Assigns Corporate Credit Rating at 'B'
SEQUOIA DAY: Case Summary & 6 Largest Unsecured Creditors

SIGMA INDUSTRIES: Files Bankruptcy Proposal in Quebec
SOHAIL RAFIQ: Case Summary & 20 Largest Unsecured Creditors
SOUTHEAST REGENCY: Files List of 20 Largest Unsecured Creditors
SOUTHEAST REGENCY: Section 341(a) Meeting Scheduled for Aug. 17
SPONGETECH DELIVERY: Gets Court OK to Appoint Chapter 11 Trustee
SPONGETECH DELIVERY: Taps Kera & Graubard as Bankruptcy Counsel
TEXAS RANGERS: Restructuring Officer Wants Team-Owner

TEXAS RANGERS: JPMorgan Seeks to Void Lease Transfer
THERESA ADUBA: Case Summary & 9 Largest Unsecured Creditors
TLC AMERICAS: Files for Bankruptcy Protection Under Chapter 11
TLC AMERICAS: Voluntary Chapter 11 Case Summary
TOUSA INC: Committee Files Liquidating Chapter 11 Plan

VERENIUM CORP: BP to Acquire Biofuel Biz. for $98.3 Million
WASHINGTON SQUARE: Case Summary & 3 Largest Unsecured Creditors
WHITE ENERGY: Plan Confirmed; Lenders to Get Stock
WILLIAM HAINES: Still Pursuing Approval of FirstMerit Settlement
WOODS & WATERS: Voluntary Chapter 11 Case Summary

W.R. GRACE: Court OKs Easthampton Site Consent Order
W.R. GRACE: Court OKs Walpole Superfund Site Consent Decree
W.R. GRACE: Gets Court OK to Contribute $37.2MM to Pension Plan
W.R. GRACE: To Resume Quarterly Investor Calls on July 22
WSP HOLDINGS: Significant Sales Decline Cues Going Concern Doubt

XINHUA SPORTS: Deloitte Touche Tohmatsu Raises Going Concern Doubt
XINHUA SPORTS: Restructures Loan Facility with Patriarch Partners

* Upcoming Meetings, Conferences and Seminars


                            ********


ABITIBIBOWATER INC: Canada Court OKs Creditors' Meet on Aug. 26
---------------------------------------------------------------
The Honorable Justice Daniele Mayrand, J.S.C., of the Superior
Court Commercial Division for the District of Montreal in Quebec,
Montreal, Canada, authorized Abitibi-Consolidated Inc., Bowater
Inc. and certain of their affiliates to convene, hold and conduct
separate meetings with their affected unsecured creditors in the
CCAA Proceedings at 10:00 a.m., on August 26, 2010, at the Hilton
Montreal Bonaventure, 900 de La Gauchetiere West, in Montreal,
Quebec, Canada.

Ernst & Young, Inc., as the monitor overseeing the CCAA
Proceedings, will designate a person who will preside as the
chair of the Creditors' Meeting of each Affected Unsecured
Creditors Class and decide on all matters relating to the conduct
of the Creditors' Meeting.

The CCAA Applicants or any Affected Unsecured Creditor may appeal
from any decision of the Chair to the Canadian Court no later
than four days from any decision, Madame Justice Mayrand ruled.

The Monitor, the Canadian Court held, may appoint "scrutineers"
for the supervision and tabulation of the attendance at, quorum
at and votes cast at the Creditors' Meeting of each Affected
Unsecured Creditors Class and any person to act as secretary at
the Creditors' Meeting of each Affected Unsecured Creditors
Class.

The only persons entitled to attend and speak at the Creditors'
Meeting are Affected Unsecured Creditors with Voting Claims and
their proxy holders; representatives of the CCAA Applicants;
members of the boards of directors of the CCAA Applicants;
representatives of the Monitor; and the representatives of the Ad
Hoc Unsecured Noteholders Committee and the Chair, its legal
counsel and financial advisors.

Any Affected Unsecured Creditor Proxy that an Affected Unsecured
Creditor wishes to submit with respect to the Classes to which
the Affected Unsecured Creditor belongs must submit an Affected
Unsecured Creditor Proxy Form.  Similarly, any Non-registered
Noteholder Proxy that a Non-registered Noteholder wishes to
submit must submit a Non-registered Noteholder Proxy Form, the
Canadian Court ruled.

The quorum required at each Creditors' Meeting will be one (1)
Affected Unsecured Creditor in the relevant Affected Unsecured
Creditor Class present in person or by proxy and entitled to vote
at the relevant Creditors' Meeting.  If the requisite quorum is
not present at a Creditors' Meeting, the Meeting will be
adjourned by the Chair.

"After each Creditors' Meeting . . . the Applicants, in
consultation with the Monitor, may at any time and from time to
time modify, amend, vary or supplement the CCAA Plan, in
accordance with the terms of the Backstop Agreement, without the
need for obtaining an Order or providing notice to the Affected
Unsecured Creditors if the Monitor determines that such
modification, amendment, variation or supplement would not be
materially prejudicial to the interests of the Affected Unsecured
Creditors . . .," Madame Justice Mayrand said.

Madame Justice Mayrand has set August 17, 2010, as the Voting
Record Date with respect to the CCAA Plan of Reorganization and
Compromise.

                     About AbitibiBowater

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

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

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

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

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


ABITIBIBOWATER INC: Canada Court Approves Plan Voting Process
-------------------------------------------------------------
The Honorable Justice Daniele Mayrand, J.S.C., of the Superior
Court Commercial Division for the District of Montreal in Quebec,
Montreal, Canada, acknowledged the filing of the CCAA Plan
of Arrangement and Compromise and the related Circular by Abitibi-
Consolidated Inc., Bowater Inc. and certain of their affiliates,
as applicants under the Companies' Creditors Arrangement Act of
Canada.  She also approved the Cross-Border Voting Protocol to
govern the process of voting for the CCAA Plan to facilitate
cross-border coordination, and to effectuate an orderly and
efficient administration of, the CCAA Proceedings and Chapter 11
cases while maintaining their independent jurisdictions.

The effectiveness of the CCAA Plan is conditioned on all terms
precedent to the implementation of the Chapter 11 Plan, the
Canadian Court ruled.

A full-text copy of the Canadian Court's Cross-Border Voting
Protocol Order, which also details the CCAA Creditors' Meeting
scheduled for August 26, 2010, is available at no charge at:

http://bankrupt.com/misc/CCAA_ORDCrossBorderVoting&CredMtng.pdf

                     About AbitibiBowater

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

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

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

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

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


ABITIBIBOWATER INC: Has Nod for Fee Letter with Exit Arrangers
--------------------------------------------------------------
U.S. Bankruptcy Judge Kevin Carey authorized AbitibiBowater Inc.
and its units to enter into a work fee letter with J.P. Morgan
Securities Inc., Barclays Capital and Citigroup Global Markets,
Inc., as arrangers in relation to their exit financing process;
pay certain fees and expenses; and furnish certain indemnities.

As previously reported, the consummation of the AbitibiBowater's
Chapter 11 Plan of Reorganization, as well as the Plan of
Reorganization and Compromise under the Companies' Creditors
Arrangement Act in Canada depend, among other things, on an exit
financing sufficient (x) to meet the Company's cash obligations
under the Plans and (y) to provide the reorganized Company with
appropriate working capital after emergence.

The Debtors obtained the services of the Exit Arrangers to
facilitate the process of locating the necessary exit financing
to (i) provide capital structuring services regarding Exit
Financing proposals; (ii) make proposals for potential Exit
Financing facilities; and (iii) perform necessary due diligence
of the Company.

The Company anticipates that it will need more than $2.3 billion
in total capital to fund its emergence from bankruptcy.

Under the Work Fee Letter, the Debtors essentially agreed to:

  -- pay the Arrangers an aggregate work fee of $1.2 million;

  -- reimburse reasonable and documented fees and expenses of
     the Arrangers, and make an advanced payment of $300,000;
     and

  -- indemnify the Arrangers, their affiliates and officers,
     employees, agents, directors, and advisors against any
     expenses, losses, claims, or liabilities that may occur in
     connection with proposed Exit Financing or evaluations
     under the Work Fee Letter, except to the extent that the
     expenses, losses, claims, or liabilities resulted from
     gross negligence or willful misconduct of the Arrangers.

                     About AbitibiBowater

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

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

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

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

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


ABITIBIBOWATER INC: Proposes to Revert Up to $41MM in Trust Assets
------------------------------------------------------------------
Effective as of June 6, 2000, Debtor Bowater Inc. entered into an
Amended and Restated Bowater Incorporated Benefit Plan Grantor
Trust with Wachovia Bank, N.A., as trustee.  The Trust Agreement
established a Trust, which, in the absence of the Chapter 11
cases, was structured to disperse funds to pay benefits to
participants under non-qualified compensation plans covered by
the Trust.

According to Sean T. Greecher, Esq., at Young Conaway Stargatt &
Taylor, LLP, in Wilmington, Delaware, the Trust Agreement does
not oblige Bowater to fund the Trust prior to a "change in
control" of Bowater.  Bowater's funding of the Trust has been
purely discretionary.  In addition, he reveals, Bowater has not
used any of the Trust Assets to pay Plan benefits, but rather,
has paid the benefits directly to Participants as they have come
due.

The Trust Agreement covers three Compensation Plans:

  (1) The Bowater Incorporated Compensatory Benefits Plan, as
      amended, consists of two separate plans.  The first plan
      is maintained solely for the purpose of providing benefits
      for employees in excess of the limitations on
      contributions imposed by Section 415 of the Internal
      Revenue Code of 1986.  The second plan is maintained
      primarily for the purpose of providing deferred
      compensation for a select group of management or highly
      compensated employees.

  (2) The Bowater Incorporated Benefits Equalization Plan, as
      amended, is maintained to provide benefits to a select
      group of management or highly compensated employees whose
      benefits under one or both of the Company's tax-qualified
      pension plans are limited by application of Section 415
      and Section 401(a)(17) of the Internal Revenue Code.

  (3) The Supplemental Benefit Plan for Designated Employees of
      Bowater Incorporated and Affiliated Companies, as amended,
      is maintained to provide an inducement to key employees of
      the Company and of selected affiliated companies to remain
      in the employment of those companies by providing
      retirement benefits supplemental to those available under
      the Company's basic tax-qualified benefit plans.

The Trust Assets have a value of approximately $17.6 million, if
the life insurance policies are valued on a cash surrender basis
as of June 30, 2009; and approximately $41.8 million, if the life
insurance policies are valued on a death benefit payout basis
with cash investment assets valued as of March 31, 2010.

Bowater's remaining grantor trusts contain no assets, Mr.
Greecher relates.

The Compensation Plans are unfunded for purposes of Title I of
the Employee Retirement Income Security Act of 1974 and the
Internal Revenue Code.  The Trust, accordingly, was structured as
a grantor trust -- or so-called "rabbi trust" -- to preserve the
unfunded nature of the Plans.  Accordingly, its Assets remain
subject to the claims of Bowater's creditors, Mr. Greecher tells
the Court.

As a grantor or "Rabbi Trust," to maintain the unfunded nature of
the Plans, the Trust Agreement expressly provides that "when the
Trustee is in receipt of a copy of a bankruptcy petition relating
to the Company or a notification from the Company that it is
insolvent, the Trustee will suspend payments to the participants
and beneficiaries under the Trust and will hold assets of the
Trust for the benefit of the Company's general creditors," Mr.
Greecher explains.  "Thereafter, the Trustee will deliver assets
of the Trust to satisfy claims of the Company's general creditors
as directed by a court of competent jurisdiction."

Therefore, according to the terms of the Trust Agreement,
Bowater's Chapter 11 filing suspended the Benefit Plan Trustee's
ability to pay benefits to the Compensation Plan Participants and
rendered the Trust assets deliverable to Bowater, Mr. Greecher
avers.

Mr. Greecher elaborates that the assets of the Rabbi Trust, by
definition, belong to the Company establishing the trust and
revert to the Company upon insolvency or bankruptcy.  Hence, Plan
Participants do not have a preferred claim to the trust assets.
In the case of the Trust Agreement, (i) the Compensation Plan
Participants have no preferred claim on, or any beneficial
interest in, the Trust assets; and (ii) the rights of the
Participants to their Benefits under the relevant Plan and its
corresponding Trust do not exceed those of a general creditor of
the Company.

In the event of Bowater's bankruptcy or insolvency, all Trust
Assets are subject to the claims of Bowater's general creditors,
Mr. Greecher clarifies.

Against this backdrop, the Debtors ask Judge Carey to direct the
Benefit Plan Trustee to release the Trust Assets to them.

Because the Debtors' request to direct the Benefit Plan Trustee
to release the Trust Assets to Bowater may arguably constitute
use of their property outside the ordinary course of business,
the Debtors further seek the Court's authority to implement their
contractual rights under Section 363 of the Bankruptcy Code.

Mr. Greecher avers that the Bankruptcy Court constitutes one of
"competent jurisdiction," within the meaning of the Trust
Agreement, that can provide appropriate direction to the Benefit
Plan Trustee.

The Court will convene a hearing on August 4, 2010, to consider
approval of the Debtors' request.  Objections are due on July 28.

                     About AbitibiBowater

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

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

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

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

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


ABITIBIBOWATER INC: Shareholders Want Official Committee
--------------------------------------------------------
Bill Rochelle at Bloomberg News reports that holders of 27% of the
stock of AbitibiBowater Inc. is asking the bankruptcy court to
direct the appointment of an official committee to represent
shareholders.  The shareholders contend AbitibiBowater isn't
hopelessly insolvent.  Their financial adviser says the Company's
fair market value is $4.9 billion while the liquidation value is
$9.9 billion, according to the court filing.  AbitibiBowater's
value has risen after prices improved for the company's products,
the shareholders argue.  A hearing on the motion for an official
equity committee will be held on Aug. 4.

                     About AbitibiBowater

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

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

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

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

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


ACCESS PHARMACEUTICALS: Delays Plan to Issue $25MM in Securities
----------------------------------------------------------------
Access Pharmaceuticals, Inc., is delaying a plan to issue
$25,000,000 in securities.

Access Pharma filed PRE-EFFECTIVE AMENDMENT NO. 1 TO FORM S-1
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 on July 9.
Pursuant to the prospectus, Access Pharma intends to issue units,
each unit consisting of ___ share of Common Stock, $0.01 par
value, and warrants to purchase ___ share of Common Stock.

A full-text copy of the registration statement is available at no
charge at http://ResearchArchives.com/t/s?66c0

                   About Access Pharmaceuticals

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

At March 31, 2010, the Company's balance sheet revealed $5,195,000
in total assets and $25,524,000 in total liabilities, for a
stockholder's deficit of $20,329,000.  Accumulated deficit has
reached $241,160,000.

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


ADVANCED MICRO: Reports $43 Million Net Loss for 2nd Qtr 2010
-------------------------------------------------------------
Advanced Micro Devices Inc. reported revenue for the second
quarter of 2010 of $1.65 billion, a net loss of $43 million, or
$0.06 per share, and operating income of $125 million.  The
company reported non-GAAP net income of $83 million, or $0.11 per
share, and non-GAAP operating income of $138 million.

The company's balance sheet for June 26, 2010, showed $4.9 billion
in total assets, $1.6 billion total current liabilities,
$1 million deferred income taxes, $2.4 billion long-term debt,
$154 million noncontrolling interest, for a $752 million total
stockholders' equity

"Robust demand for our latest mobile platforms and solid execution
drove record second quarter revenue and a healthy gross margin,"
said Dirk Meyer, AMD President and CEO.  "Our unmatched
combination of microprocessor and graphics capabilities resulted
in customers launching a record number of new mobile and desktop
platforms.  We added Sony as a microprocessor customer and
continue to see our existing customers expand their AMD-based
platform offerings."

A full-text copy of the Company's earnings release is available
for free at http://ResearchArchives.com/t/s?66bc

                   About Advanced Micro Devices

Headquartered in Sunnyvale, California, Advanced Micro Devices
Inc. (NYSE: AMD) -- http://www.amd.com/-- provides innovative
processing solutions in the computing, graphics and consumer
electronics markets.

                          *     *     *

Advanced Micro carries a 'B-' corporate credit rating from
Standard & Poor's and a 'Ba3' corporate family rating from
Moody's.

Standard & Poor's Ratings Services said it placed its 'B-'
corporate credit and senior unsecured ratings on Sunnyvale,
Calif.-based graphics and microprocessor designer Advanced Micro
Devices Inc. on CreditWatch with positive implications.


AGT CRUNCH: Wins Confirmation of Liquidating Chapter 11 Plan
------------------------------------------------------------
Bill Rochelle at Bloomberg News reports that Crunch Fitness will
be paying unsecured creditors $150,000 under the liquidating
Chapter 11 plan that the bankruptcy judge in New York approved in
a July 15 confirmation order. There were no objections to
confirmation.  Although the disclosure statement didn't tell
unsecured creditors how much they could expect to receive from the
plan, it did estimate the deficiency claim of the secured lender
would have a 1% recovery.

                       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.

Crunch was authorized in September 2009 to sell the business to an
affiliate of Angelo Gordon & Co. in exchange for secured debt.
Angelo Gordon, a New York-based hedge fund manager, bought Crunch
in 2006 from Bally Total Fitness Holding Corp. and purchased the
first-lien debt in late 2008.


AMC ENTERTAINMENT: Public Offering Won't Affect Moody's B2 Rating
-----------------------------------------------------------------
Moody's Investors Service said the proposed $450 million initial
public offering of theatre exhibitor AMC Entertainment Holdings,
Inc., the parent holding company of Marquee Holdings Inc., is
unlikely to affect Marquee's B2 corporate family and probability
of default ratings.  While the debt reduction that is planned from
the IPO proceeds is credit-positive, the resulting pro forma
improvement in financial risk evidenced by reduced leverage and
stronger coverage metrics is assessed as being relatively modest,
indicating that the overall credit profile remains substantially
unchanged.  However, as it is junior-most debts at Marquee and
ultimate parent AMCEH that are contemplated to be repaid, loss
absorption capacity behind senior debts is expected to be reduced
and some instrument ratings at AMC Entertainment, Inc., which is
wholly-owned by Marquee, may in fact be subject to downgrade on
that basis.

The last rating action on Marquee was an affirmation of the B2 CFR
and PDR on April 22, 2010.

Marquee's ratings were assigned by evaluating factors Moody's
believes 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 Marquee's core industry and Marquee's ratings are
believed to be comparable to those of other issuers of similar
credit risk.

Headquartered in Kansas City, Missouri, Marquee is an investment
holding company that, through AMC Entertainment, Inc., owns and
operates (pro forma for the acquisition of Kerasotes Showplace
Theatres) 380 theatres and 5,325 screens, 99% of which are located
in the United States and Canada.  Marquee is indirectly owned
through AMC Entertainment Holdings, Inc., by a private equity
consortium comprised of: J.P. Morgan Partners, LLC, Apollo
Management, L.P., and certain related investment funds and
affiliates of Bain Capital Partners, The Carlyle Group and
Spectrum Equity Investors.


AMERICAN INT'L: CEO Benmosche Acquires 2,280 Company Shares
-----------------------------------------------------------
American International Group Inc.'s CEO and President Robert H.
Benmosche acquired 2,280 shares of the company's common stock on
July 8, 2010, raising his stake to 63,330 shares.  The shares are
restricted from transfer until August 10, 2014, pursuant to the
2009-2010 Stock Salary Award Agreement with the Company dated
November 24, 2009.  The award reflects 4,332 shares less 2,052
shares withheld for taxes.

                          About AIG Inc.

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

In September 2008, AIG experienced a liquidity crunch when its
credit ratings were downgraded below "AA" levels by Standard &
Poor's, Moody's Investors Service and Fitch Ratings.  In September
2008, the Federal Reserve Bank created an $85 billion credit
facility to enable AIG to meet increased collateral obligations
consequent to the ratings downgrade, in exchange for the issuance
of a stock warrant to the Fed for 79.9% of the equity of AIG.  The
credit facility was eventually increased to as much as
$182.5 billion.

AIG has sold a number of its subsidiaries and other assets to pay
down loans received from the U.S. government, and continues to
seek buyers of its assets.


AMERICAN INT'L: Fairholme Holds 24.3% of Common Stock
-----------------------------------------------------
Miami, Florida-based Fairholme Capital Management, L.L.C., Bruce
R. Berkowitz and Fairholme Funds, Inc., disclosed holding in the
aggregate 32,789,000 shares or roughly 24.3% of the common stock
of American International Group, Inc., as of June 30, 2010.

The AIG shares are owned, in the aggregate, by various investment
vehicles and accounts managed by Fairholme Capital Management, of
which 29,282,400 shares are owned by The Fairholme Fund, a series
of Fairholme Funds, Inc.  Because Mr. Berkowitz, in his capacity
as the Managing Member of FCM or as President of Fairholme Funds,
Inc., has voting or dispositive power over all shares beneficially
owned by FCM, he is deemed to have beneficial ownership of all
such shares reported.

                          About AIG Inc.

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

In September 2008, AIG experienced a liquidity crunch when its
credit ratings were downgraded below "AA" levels by Standard &
Poor's, Moody's Investors Service and Fitch Ratings.  In September
2008, the Federal Reserve Bank created an $85 billion credit
facility to enable AIG to meet increased collateral obligations
consequent to the ratings downgrade, in exchange for the issuance
of a stock warrant to the Fed for 79.9% of the equity of AIG.  The
credit facility was eventually increased to as much as
$182.5 billion.

AIG has sold a number of its subsidiaries and other assets to pay
down loans received from the U.S. government, and continues to
seek buyers of its assets.


AMERICAN INT'L: Harvey Golum Resigns from Board of Directors
------------------------------------------------------------
Harvey Golub resigned from the Board of Directors of American
International Group, Inc., according to a regulatory filing.
Robert S. Miller has succeeded Mr. Golub as Chairman of the Board
of Directors.

                          About AIG Inc.

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

In September 2008, AIG experienced a liquidity crunch when its
credit ratings were downgraded below "AA" levels by Standard &
Poor's, Moody's Investors Service and Fitch Ratings.  In September
2008, the Federal Reserve Bank created an $85 billion credit
facility to enable AIG to meet increased collateral obligations
consequent to the ratings downgrade, in exchange for the issuance
of a stock warrant to the Fed for 79.9% of the equity of AIG.  The
credit facility was eventually increased to as much as
$182.5 billion.

AIG has sold a number of its subsidiaries and other assets to pay
down loans received from the U.S. government, and continues to
seek buyers of its assets.


AMERICAN INT'L: Officers Dispose of Restricted Stock Units
----------------------------------------------------------
Various officers of American International Group, Inc., disclosed
that they disposed of AIG restricted stock units on July 9, 2010.

Senior Vice President Robert Edward Lewis disposed of 370.9 RSUs.
The RSUs represent payout of $13,315.46, net of applicable taxes,
in stock salary payable in cash based on AIG's share price on the
first anniversary of the deemed grant date, to be paid on the next
payroll date.  Following the transaction, Mr. Lewis may be deemed
to hold 42,110.37 RSUs.

EVP and CFO David L. Herzog disposed of 1,284.09 RSUs.  The RSUs
represent the payment in cash of $46,098.75 net of applicable
taxes, in settlement of stock salary based on AIG's share price on
July 9, 2010.  The settlement date for this award was accelerated
by one year after certification to the Special Master for TARP
Executive Compensation that AIG had completed a corporate
transaction that resulted in a repayment to the Federal Reserve
Bank of New York.  Following the transaction, Mr. Herzog may be
deemed to hold 82,823.64 RSUs.

SVP William N. Dooley disposed of 842.22 RSUs.  The RSUs represent
payout of $30,235.87, net of applicable taxes, in stock salary
payable in cash based on AIG's share price on the first
anniversary of the deemed grant date, to be paid on the next
payroll date.  Following the transaction, Mr. Dooley may be deemed
to hold 75,447.55 RSUs.

EVP Jay S. Wintrob disposed of 1,473.9 RSUs.  The RSUs represent
the payment in cash of $52,426.61, net of applicable taxes, in
settlement of stock salary based on AIG's share price on July 12,
2010.  The settlement date for this award was accelerated by one
year after certification to the Special Master for TARP Executive
Compensation that AIG had completed a corporate transaction that
resulted in a repayment to the Federal Reserve Bank of New York.
Following the transaction, Mr. Wintrob may be deemed to hold
95,066.52 RSUs.

SVP Monika M. Machon disposed of 137.93 RSUs.  The RSUs represent
payout of $4,951.64, net of applicable taxes, in stock salary
payable in cash based on AIG's share price on the first
anniversary of the deemed grant date, to be paid on the next
payroll date.  Following the transaction, Mr. Machon may be deemed
to hold 23,566.39 RSUs.

SVP for Human Resources Jeffrey J. Hurd disposed of 149.32 RSUs.
The RSUs represent payout of $5,360.61, net of applicable taxes,
in stock salary payable in cash based on AIG's share price on the
first anniversary of the deemed grant date, to be paid on the next
payroll date.  Following the transaction, Mr. Hurd may be deemed
to hold 1,845.18 RSUs.

SVP Brian T. Schreiber disposed of 642.96 RSUs.  The RSUs
represent payout of $23,082.42, net of applicable taxes, in stock
salary payable in cash based on AIG's share price on the first
anniversary of the deemed grant date, to be paid on the next
payroll date.  Following the transaction, Mr. Schreiber may be
deemed to hold 62,196.26 RSUs.

EVP Kristian P. Moor disposed of 1,934.66 RSUs.  The RSUs
represent the payment in cash of $69,454.27 net of applicable
taxes, in settlement of stock salary based on AIG's share price on
July 9, 2010.  The settlement date for this award was accelerated
by one year after certification to the Special Master for TARP
Executive Compensation that AIG had completed a corporate
transaction that resulted in a repayment to the Federal Reserve
Bank of New York.  Following the transaction, Mr. Moor may be
deemed to hold 124,785.52 RSUs.

EVP Nicholas C. Walsh disposed of 886.83 RSUs.  The RSUs represent
payout of $31,837.30, net of applicable taxes, in stock salary
payable in cash based on AIG's share price on the first
anniversary of the deemed grant date, to be paid on the next
payroll date.  Following the transaction, Mr. Walsh may be deemed
to hold 70,176.76 RSUs.

EVP Rodney O. Martin Jr. disposed of 968.03 RSUs.  The RSUs
represent payout of $34,752.38, net of applicable taxes, in stock
salary payable in cash based on AIG's share price on the first
anniversary of the deemed grant date, to be paid on the next
payroll date.  Following the transaction, Mr. Martin may be deemed
to hold 85,737.16 RSUs.

                          About AIG Inc.

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

In September 2008, AIG experienced a liquidity crunch when its
credit ratings were downgraded below "AA" levels by Standard &
Poor's, Moody's Investors Service and Fitch Ratings.  In September
2008, the Federal Reserve Bank created an $85 billion credit
facility to enable AIG to meet increased collateral obligations
consequent to the ratings downgrade, in exchange for the issuance
of a stock warrant to the Fed for 79.9% of the equity of AIG.  The
credit facility was eventually increased to as much as
$182.5 billion.

AIG has sold a number of its subsidiaries and other assets to pay
down loans received from the U.S. government, and continues to
seek buyers of its assets.


AMERICAN INT'L: Officers Get Long-Term Performance Units
--------------------------------------------------------
Various officers of American International Group, Inc., disclosed
acquiring AIG Long-Term Performance Units on July 15, 2010.

AIG Executive Vice President Jay S. Wintrob acquired 1,117.5057
LTPUs.  The award represents the portion of a grant of fully
vested LPTUs that is based on the value of common stock, net of
the value of 30.3898 shares withheld for taxes.

Mark A. Wilson, EVP for Life Insurance, acquired 276.4402 and
75.7981 LPTUs.

Executive Vice President Nicholas C. Walsh acquired 980.2312
LTPUs.  The award represents the portion of a grant of fully
vested LPTUs that is based on the value of common stock, net of
the value of 28.5524 shares withheld for taxes.

Senior Vice President Brian T. Schreiber acquired 791.767 LTPUs.
The award represents the portion of a grant of fully vested LPTUs
that is based on the value of common stock, net of the value of
23.0627 shares withheld for taxes.

EVP and General Counsel Thomas A. Russo acquired 163.2422 and
54.4141 shares of LTPUs.  The 163.2422 award represents the
portion of a grant of fully vested LPTUs that is based on the
value of common stock, net of the value of 3.9596 shares withheld
for taxes.  The 54.4141 award represents the portion of a grant of
fully vested LPTUs that is based on the value of common stock, net
of the value of 1.3199 shares withheld for taxes.

Executive Vice President Kristian P. Moor acquired 1,083.1286
LTPUs.  The award represents the portion of a grant of fully
vested LPTUs that is based on the value of common stock, net of
the value of 31.5495 shares withheld for taxes.

Executive Vice President Rodney O. Martin Jr., Esq., acquired
786.3513 LTPUs.  The award represents the portion of a grant of
fully vested LPTUs that is based on the value of common stock, net
of the value of 22.9050 shares withheld for taxes.

Senior Vice President Monika M. Machon acquired 150.1828 and
52.2375 LTPUs.  The 150.1828 award represents the portion of a
grant of fully vested LPTUs that is based on the value of common
stock, net of the value of 3.6428 shares withheld for taxes.  The
52.2375 award represents the portion of a grant of fully vested
LPTUs that is based on the value of common stock, net of the value
of 1.2671 shares withheld for taxes.

SVP Robert Edward Lewis acquired 308.6917 LTPUs.  The award
represents the portion of a grant of fully vested LPTUs that is
based on the value of common stock, net of the value of 8.9915
shares withheld for taxes.

SVP for Human Resources Jeffrey J. Hurd acquired 135.1477 and
26.1576 shares of LTPUs.  The 135.1477 award represents the
portion of a grant of fully vested LPTUs that is based on the
value of common stock, net of the value of 3.0724 shares withheld
for taxes.  The 26.1576 award represents the portion of a grant of
fully vested LPTUs that is based on the value of common stock, net
of the value of 0.5947 shares withheld for taxes.

EVP and CFO David L. Herzog acquired 973.6081 LTPUs.  The award
represents the portion of a grant of fully vested LPTUs that is
based on the value of common stock, net of the value of 26.2581
shares withheld for taxes.

EVP Peter D. Hancock acquired 523.1519 LTPUs.  The award
represents the portion of a grant of fully vested LPTUs that is
based on the value of common stock, net of the value of 11.8936
shares withheld for taxes.

SVP William N. Dooley acquired 879.1848 LTPUs.  The award
represents the portion of a grant of fully vested LPTUs that is
based on the value of common stock, net of the value of 23.7044
shares withheld for taxes.

The LTPUs are based on a mix of common stock and AIG's 8.175%
Series A-6 Junior Subordinated Debentures, and represent 20%
common stock and 80% Hybrid Securities, by value, on the date of
grant.  One third of the award will be payable in cash based on
the values of the underlying securities on the first anniversary
of the grant date, one third based on the values on the second
anniversary and one third based on the values on the third
anniversary.

                          About AIG Inc.

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

In September 2008, AIG experienced a liquidity crunch when its
credit ratings were downgraded below "AA" levels by Standard &
Poor's, Moody's Investors Service and Fitch Ratings.  In September
2008, the Federal Reserve Bank created an $85 billion credit
facility to enable AIG to meet increased collateral obligations
consequent to the ratings downgrade, in exchange for the issuance
of a stock warrant to the Fed for 79.9% of the equity of AIG.  The
credit facility was eventually increased to as much as
$182.5 billion.

AIG has sold a number of its subsidiaries and other assets to pay
down loans received from the U.S. government, and continues to
seek buyers of its assets.


AMERICAN SAFETY: Moody's Downgrades Corp. Family Rating to 'Caa3'
-----------------------------------------------------------------
Moody's Investors Service downgraded American Safety Razor
Company's corporate family rating and probability-of-default
rating to Caa3 from Caa1, the ratings on the first lien senior
secured credit facilities to Caa2 from B3, and the rating on the
second lien term loan to Caa3 from Caa1.  The ratings outlook
remains negative.

ASR is operating under a waiver from its lending group that is set
to expire on July 31 (the company has been operating under waivers
since April 1, 2010 stemming from covenant violations under the
credit agreement).  The company recently announced that it
received a refinancing proposal from a financial institution
working in conjunction with second lien lenders.  In addition, the
company stated that it was reviewing a backup proposal by first
lien lenders in the event that the proposed transaction with
second lien lenders is not completed.

The ratings downgrade reflects Moody's concern over the heightened
risk of default given the company's significant financial leverage
with debt to EBITDA of 7.8 times through the twelve months ended
April 3, 2010 (based on Moody's standard analytical adjustments).
In addition, with the re-sizing of the business, ASR's run rate
earnings may not be sufficient to support its significant debt
burden.  The downgrade also considers the pending expiration of
the waiver and uncertainty over ASR's ability to complete the
proposed refinancing on terms that are acceptable to all of its
lenders.

These ratings were downgraded:

* Corporate Family Rating to Caa3 from Caa1;

* Probability-of-Default Rating to Caa3 from Caa1;

* $35 million 1st lien revolving credit facility due 2012 to Caa2
  (LGD3, 36%) from B3 (LGD3, 36%);

* $216 million 1st lien term loan due 2013 to Caa2 (LGD3, 36%)
  from B3 (LGD3, 36%);

* $175 million 2nd lien term loan due 2014 to Caa3 (LGD4, 55%)
  from Caa1 (LGD4, 55%).

The last rating action was on January 27, 2010, when Moody's
downgraded ASR's corporate family rating and probability-of-
default rating to Caa1 from B2, the ratings on the first lien
senior secured credit facilities to B3 from B1, and the rating on
the second lien term loan to Caa1 from B3.

Headquartered in Cedar Knolls, New Jersey, American Safety Razor
Company is a designer, manufacturer and marketer of brand name and
private-label consumer and industrial products.  The company
reported revenues of $335 million for the twelve months ended
April 3, 2010.


AMERIGROW RECYCLING: Court Confirms Amended Reorganization Plan
---------------------------------------------------------------
The Hon. Erik P. Kimball of the U.S. Bankruptcy Court for the
Southern District of Florida confirmed Amerigrow Recycling-Delray,
Limited Partnership, et al.'s amended Plan of Reorganization.

As reported in the Troubled Company Reporter on April 28, 2010,
According to the Disclosure Statement, the Plan provides for all
assets of the estates to be transferred to and vested in the
respective Reorganized Debtor under the sole control of the
respective Reorganized Debtor, free and clear of all liens,
claims, encumbrances and interests of any kind except as provided
under the Plan.

The distributions required under the Plan will be funded by the
Debtors' cash on hand as of the effective date and the Reorganized
Debtors' business operations.  In addition, the Debtors will be
authorized to commence or continue litigation on behalf of the
estate to recover, inter alia, voidable transfers and other
claims, if any.

Secured creditors are expected to receive full recovery on account
of their claims.  The Plan did not provide for the estimated
percentage recovery by holders of unsecured claims.  The Debtors
do not expect there would be funds for distributions available for
interest holders.

Interests in Reorganized Amerigrow Corp. will be issued to Janet
Tomlinson (50%) and Silvia Kearney (50%).

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

The Debtor is represented by:

     Genovese Joblove & Battista, P.A.
     Heather L. Harmon, Esq.
     E-mail: hharmon@gjb-law.com
     Michael L. Schuster, Esq.
     E-mail: mschuster@gjb-law.com
     100 S.E. 2nd Street, 44th Floor
     Miami, FL 33131
     Tel: (305) 349-2300
     Fax: (305) 349-2310

                    About Amerigrow Recycling

Delray Beach, Florida-based Amerigrow Recycling-Delray, Limited
Partnership -- dba Amerigriow Recycling, Amerigrow Soils,
Amerigrow Golf, Amerigrow Trucking, Mulching Solutions -- was
founded in 1995, and operates as a full-service organic-recycling
facility, accepting organic landscape debris at its convenient
drive-thru Delray Beach store and dumping facility.

Amerigrow Recycling and its affiliates filed for Chapter 11 on
November 2, 2009 (Bankr. S.D. Fla. Case No. 09-34122).  The
Company listed $10,000,001 to $50,000,000 in assets and debts.


AMR, INC: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------
Debtor: AMR, Inc.
        11617 Hunters Run Drive
        Cockeysville, MD 21030

Bankruptcy Case No.: 10-26054

Chapter 11 Petition Date: July 16, 2010

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

Judge: Nancy V. Alquist

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: $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
$3,673,296 while debts total $4,640,090.

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/mdb10-26054.pdf

The petition was signed by Charles W. Irwin, Jr., president.


ARVINMERITOR INC: To Invest $23-Mil. for Michigan Technical Center
------------------------------------------------------------------
ArvinMeritor, Inc.,  intends to invest $23 million over the next
five years to expand its advanced technologies capabilities at its
technical center in Troy, Mich.  This project is expected to
create 125 jobs at the company by 2014.

"ArvinMeritor is investing in a spectrum of advanced technologies
that are focused on fuel efficiency, next generation brake
technology, suspensions and vehicle dynamics capabilities," said
Carsten Reinhardt, chief operating officer, ArvinMeritor.

The Troy, Mich. technical center is part of the company's global
engineering network that also includes technical centers in
Cameri, Italy; Cwmbran, U.K.; Bangalore, India; Shanghai, China;
Monterrey, Mexico and Osasco, Brazil.

ArvinMeritor applied for and received a MEGA grant (Michigan
Economic Growth Authority) through the MEDC (Michigan Economic
Development Corp.) valued at $2.2 million.  The City of Troy has
proposed support for the project through consideration of PA 198
personal property and facility rehabilitation exemptions. In
addition, Oakland County has offered support valued at up to $1.6
million with training grants available through its workforce
development program.

                   About ArvinMeritor Inc.

Based in Troy, Michigan, ArvinMeritor, Inc. (NYSE: ARM) --
http://www.arvinmeritor.com/-- is a premier global supplier of a
broad range of integrated systems, modules and components to the
motor vehicle industry.  The Company marks its centennial
anniversary in 2009, celebrating a long history of 'forward
thinking.'  The company serves commercial truck, trailer and
specialty original equipment manufacturers and certain
aftermarkets, and light vehicle manufacturers.

The Company's balance sheet at March 31, 2010, showed
$2.769 billion in total assets and $3.646  billion in total
liabilities, for a $877.0 million stockholders' deficit.
Stockholder's deficit was at $1.166 billion at March 31, 2009.

                          *     *     *

As reported in the Troubled Company Reporter on July 13, 2010,
Moody's Investors Service raised the Corporate Family and
Probability of Default ratings of ArvinMeritor, Inc., to B3 from
Caa1.  In a related action, Moody's raised the rating on the
senior secured revolving credit facility to Ba3 from B1, and
raised the ratings on the senior unsecured notes to Caa1 from
Caa2.


AURA SYSTEMS: Posts $2.8 Million Net Loss in Q1 Ended May 31
------------------------------------------------------------
Aura Systems, Inc., filed its quarterly report on Form 10-Q,
reporting a net loss of $2,827,726 on $587,988 of revenue for the
three months ended May 31, 2010, compared with a net loss of
$2,171,109 on $632,695 of revenue for the three months ended
May 31, 2009.

The Company's balance sheet at May 31, 2010, showed $4,867,580 in
assets and $11,601,214 of liabilities, for a stockholders' deficit
of $6,733,634.

Kabani & Company, Inc., in Los Angeles, Calif., 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 February 28, 2010.  The independent auditors
noted that the Company has historically incurred substantial
losses from operations, and the Company may not have sufficient
working capital or outside financing available to meet its planned
operating activities over the next 12 months.

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

               http://researcharchives.com/t/s?66ab

El Segundo, Calif.-based Aura Systems, Inc. designs, assembles and
sells the AuraGen(R), its patented mobile power generator that
uses the engine of a vehicle to generate power.


AUTOBACS STRAUSS: Plan Going to Creditors for Vote
--------------------------------------------------
Bill Rochelle at Bloomberg News reports that Autobacs Strauss Inc.
won approval of the disclosure statement explaining its
reorganization plant.  As a result, creditors can now vote on the
plan that gives them all of the new stock plus a second-lien note
for $8.5 million.

Bloomberg relates that under the Plan, unsecured creditors in two
classes with some $18.7 million in claims are predicted to have a
45% recovery by receiving all the new stock plus the $8.5 million
note, assuming total victory in a lawsuit against parent Autobacs
Seven Co., and its $44 million claim.  If the fight with Autobacs
ends in failure, the draft disclosure statement tells unsecured
creditors they should see less than 14% plus the new stock.
Confirmation of the plan is conditioned on approval of an
employment agreement with Chief Executive Officer Glenn Langsberg.

The Plan needs $10 million in exit financing.

                      About Autobacs Strauss

Headquartered in South River, New Jersey, Autobacs Strauss Inc. --
http://www.straussauto.com/-- sells after-market automotive parts
and accessories, and operate automotive service centers located in
New York, New Jersey, Philadelphia, Bethlehem and Pennsylvania.
The Company operates 86 retail store locations and has about 1,450
employees.  The Company filed for Chapter 11 protection on
February 4, 2009 (Bankr. D. Del. Case No. 09-10358).  Edward J.
Kosmowski, Esq., at Young Conaway Stargatt & Taylor, LLP,
represents the Debtor in its restructuring efforts.  As of
January 3, 2009, the Debtor had total assets of $75,000,000 and
total debts of $72,000,000.

The Chapter 11 case is Strauss's third.  The preceding Chapter 11
case ended with the confirmation of a Chapter 11 plan in April
2007.  The Company was then named R&S Parts & Service Inc.


AVENTINE RENEWABLE: Houlihan Fees Cut by 5% for Non-Disclosure
--------------------------------------------------------------
Bill Rochelle at Bloomberg News reports that the bankruptcy judge
in the bankruptcy case of Aventine Renewable Energy Holdings Inc.
cut Houlihan Lokey Howard & Zukin Capital Inc.'s fees by $250,000
-- 5% of the total fees charged by the firm.  Houlihan failed to
make timely disclosure about its connections with noteholders who
were providing contested financing.

According to the report, the U.S. Trustee in May asked the
bankruptcy judge to cut the $5 million fee request in half.  U.S.
Bankruptcy Judge Kevin Gross said in his 12-page opinion that the
reduction in fees was nonetheless appropriate "to balance the
protection of the integrity of the bankruptcy process with the
substantial benefits" the Houlihan firm provided in Aventine's
reorganization.

                  About Aventine Renewable

Pekin, Illinois-based Aventine Renewable Energy Holdings, Inc.
(Pink Sheets: AVRN) -- http://www.aventinerei.com/-- is a
producer and marketer of ethanol to many leading energy companies
in the United States.  In addition to ethanol, Aventine also
produces distillers grains, corn gluten meal, corn gluten feed,
corn germ and brewers' yeast.

Morgan Stanley Capital Partners IV bought Aventine in May 2003
from Williams Cos.  Aventine had a public offering in May 2006.
The Morgan Stanley group retained 28% of the stock at year's end.

The Company and its affiliates filed for Chapter 11 on April 7,
2009 (Bankr. D. Del. Lead Case No. 09-11214).  Joel A. Waite,
Esq., and Ryan M. Bartley, Esq., at Young, Conaway, Stargatt &
Taylor, serves as bankruptcy counsel to the Debtors.  Davis Polk
& Wardwell is special tax counsel and Houlihan, Lokey, Howard &
Zukin, Inc., is the financial advisor.  Garden City Group, Inc.,
has been engaged as claims agent.  Scott D. Cousins, Esq., and
Donald J. Detweiler, Esq., at Greenberg Traurig, LLP, serve as
counsel to the official committee of unsecured creditors.  When it
filed for bankruptcy protection from its creditors, Aventine
Renewable listed between $100 million and $500 million each in
assets and debts.

The Court confirmed on February 24, 2010, the Company's plan of
reorganization.  The Company emerged from Chapter 11 on March 15,
2010.


BACHAN KAUR: Case Summary & 17 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Bachan Kaur
        19532 Gifford Street
        Reseda, CA 91335

Bankruptcy Case No.: 10-18651

Chapter 11 Petition Date: July 16, 2010

Court: U.S. Bankruptcy Court
       Central District of California (San Fernando Valley)

Judge: Maureen Tighe

Debtor's Counsel: Anthony Egbase, Esq.
                  Law Offices of Anthony O Egbase & Assoc
                  350 S Figueroa Street, Suite 189
                  Los Angeles, CA 90071
                  Tel: (213) 620-7070
                  E-mail: info@anthonyegbaselaw.com

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

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

A copy of the Debtor's list of 17 largest unsecured
creditors filed together with the petition is available for
free at http://bankrupt.com/misc/cacb10-18651.pdf

The petition was signed by the Debtor.


BANKRUPTCY MANAGEMENT: S&P Cuts Corp. Credit Rating to 'CCC-'
-------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its ratings, on
Irvine, Calif.-based Bankruptcy Management Solutions Inc.,
including its corporate credit rating, which S&P lowered to 'CCC-'
from 'CCC+'.  S&P removed this rating, along with all related
issue-level ratings on BMS, from CreditWatch, where S&P had placed
it with negative implications April 23, 2010.

S&P subsequently withdrew all ratings on BMS and its parent
company, BMS Holdings Inc., due to what S&P consider inadequate
timeliness of information and insufficient documentation to
maintain S&P's surveillance.  The outlook at the time of the
rating withdrawal was negative.

S&P also lowered the issue ratings on the company's first-lien
bank credit facilities, consisting of a $15 million revolving
credit facility due 2011 and a $220 million first-lien term loan
due 2012, to 'CCC-' from 'CCC+'.  The recovery rating on this debt
at the time of the rating withdrawal was a '4' indicating
expectations for average (30%-50%) recovery in the event of a
payment default.

In addition, S&P lowered the issue ratings on the company's
$125 million second-lien notes and $150 million of floating-rate
senior paid-in-kind notes issued by parent company BMS Holdings to
'CC' from 'CCC-'.  The recovery ratings on these issues at the
time of the rating withdrawal were '6', indicating expectations
for negligible (0%-10%) recovery in the event of a payment
default.

"The downgrade reflects S&P's concerns regarding BMS' inability to
meet financial reporting requirements contained in its senior
secured credit facilities," explained Standard & Poor's credit
analyst Susan Madison.  The company has not provided credit
facility lenders with required financial statements due 105 days
after BMS' Dec. 31 fiscal year-end.  The rating actions also
reflect the absence of financial or operating information received
by Standard & Poor's since Sept. 30, 2009.  Finally, S&P has
determined that S&P cannot maintain its surveillance and have
decided to withdraw the rating.

BMS provides bankruptcy trustees in the U.S. with hardware,
software, and services needed to manage bankruptcy cases.  The
company's revenue base depends on the amount of bankruptcy funds
held in the custody of trustees who use BMS' software, and who are
contractually obligated to deposit their cash balances with a
depository institution selected by BMS.  Debt outstanding at Sept.
30, 2009 (including investment-line borrowings and $150 million of
floating-rate senior PIK notes issued by parent BMS Holdings)
totaled about $892 million.

The negative outlook at the time of the rating withdrawal reflects
BMS' very high debt leverage, weak operating performance through
the first nine months of 2009, and minimal headroom under
financial maintenance covenants contained in the company's senior
secured credit facilities.


BASHAS' INC: Phoenix Court Approves Plan of Reorganization
----------------------------------------------------------
Elliot Zwiebach at Supermarket News reports that the U.S.
Bankruptcy Court in Phoenix approved the plan of reorganization of
Bashas' Inc.  The company is expected to emerge from bankruptcy by
week's end.

Bankruptcy Law360 reports that senior lenders of Bashas' objected
to its reorganization plan, which they claim is a bid by the
Company's owners to hold onto their equity interest at the expense
of the lenders.

                         About Bashas' Inc.

Bashas' Inc. is a 77-year-old grocery chain that owns 158 retail
stores located throughout Arizona.  It is doing business as
National Grocery, Bashas Food, Bashas' United Drug, Food City,
Eddie's Country Store, A,.J. Fine Foods, Western Produce, Bashas'
Distribution Center, Sportsman's, and Bashas' Dine.

The Company and its affiliates filed for Chapter 11 bankruptcy
protection on July 12, 2009 (Bankr. D. Ariz. Case No. 09-16050).
Frederick J. Petersen, Esq., at Mesch, Clark & Rothschild, P.C.,
assists the Debtors in their restructuring efforts.  Michael W.
Carmel, Ltd., is the Debtors' co-counsel.  Deloitte Financial
Advisory LLP serves as financial advisors.  Epiq Bankruptcy
Solutions, LLC, serves as claims and notice agent.  In its
bankruptcy petition, Bashas' listed $100 million to $500 million
each in assets and debts.


BP PLC: Sells Oil and Gas Assets to Apache for $7 Billion
---------------------------------------------------------
BP Plc said Tuesday it has entered into several agreements to sell
upstream assets in the United States, Canada and Egypt to Apache
Corporation.  The deals, together worth a total of $7 billion,
comprise BP's Permian Basin assets in Texas and south-east New
Mexico, US; its Western Canadian upstream gas assets; and the
Western Desert business concessions and East Badr El-din
exploration concession in Egypt.

The decision to make these divestments follows the announcement
made by BP last month that it was increasing its target for
divestments to $10 billion.  The proceeds of the sales will be
used by BP to increase the cash available to the group.

The aggregate proceeds for the deals is $7 billion, subject to
customary post-completion price adjustments, such proceeds to be
paid in cash.  Each sale will take place through a separate
agreement between BP and Apache, and none of the sales will be
conditional on completion of any of the other sales occurring.

Although each of the transactions is subject to certain regulatory
approvals, it is expected that they will all be completed during
the third quarter of 2010.

Apache is due to pay BP a cash deposit of $5 billion in aggregate
on July 30, 2010.  The deposit is split $3.25 billion for Canada,
$1.5 billion for Permian and $0.25 billion for Egypt.  For the
sale of the Western Canadian upstream gas assets, the relevant BP
selling entity will issue a convertible debenture in favor of
Apache in an amount equivalent to the sale price for such assets.
The debenture will automatically exchange for the assets that are
sold to Apache on closing of the transaction.

For each sale, in the event that any third party exercises any
pre-emption rights over any asset being sold, the relevant price
payable by Apache will be correspondingly reduced to take into
account that it will not acquire such asset and the proceeds for
the sale of such asset will instead be received by BP from the
third party.  For the sale of the Western Canadian gas assets, any
such pre-emption exercise will adjust the amount of the
convertible debenture accordingly and require a corresponding
portion of the $3.25 billion deposit to be repaid to Apache.

For each sale, in the event that the necessary regulatory
approvals are not obtained by a certain date (for the Permian
Basin assets sale this is October 29, 2010; for the Western
Canadian gas asset sale this is January 31, 2011; and for the
Egyptian asset sale this is July 19, 2011), BP will be required to
repay the relevant deposit to Apache or, in the case of the
Western Canadian gas asset sale, the convertible debenture.  BP
plc has guaranteed such repayment obligations.

The aggregate replacement cost profit (before interest and
taxation) attributable to the assets to be sold in these deals for
the year ended December 31, 2009 was US$166 million.  The
aggregate value of the gross assets (net of accumulated
depreciation) to be sold in these deals as at June 30, 2010 was
$3.085 billion (with a net book value of tangible and intangible
assets included in this number as of July 20 of $2.998 billion).

BP Chairman, Carl-Henric Svanberg, said, "Over the last two months
the Board has considered BP's options for generating the cash
necessary to meet the obligations likely to arise from the Gulf of
Mexico oil spill.  BP has an extremely strong asset base which is
diversified geographically as well as by asset class.  The Board
believes that there are opportunities to divest assets which are
strategically more valuable to other parties than they are to BP.
[The] announcement is the first such transaction and meets the
value and strategic criteria of both parties."

The Wall Street Journal's Guy Chazan and Gina Chon report that a
BP spokesman stressed the assets sold to Apache were mature, not
part of BP's core portfolio, and represented only 2.3% of the
company's global oil and gas production.  He said the company had
received a price equivalent to 6.5% of its current market value
for only 2% of its reserves of oil and gas.

The Journal says Apache was advised by Goldman Sachs Group, BofA
Merrill Lynch, Citigroup and JP Morgan Chase & Co.

Standard Chartered acted as BP's advisers.

On July 19, BP said almost 116,000 claims have been submitted and
more than 67,500 payments have been made, totaling $207 million.
BP also said the cost of the response to date amounts to
approximately $3.95 billion, including the cost of the spill
response, containment, relief well drilling, grants to the Gulf
states, claims paid, and federal costs.  On June 16, BP announced
an agreed package of measures, including the creation of a $20
billion fund to satisfy certain obligations arising from the oil
and gas spill.  It is too early to quantify other potential costs
and liabilities associated with the incident, BP said.

As reported by the TCR on June 17, 2010, BP reached an agreement
with the Obama administration to allocate $20 billion to cover
Gulf of Mexico oil spill claims.  Liabilities aren't capped at $20
billion.

The TCR on July 2 said experts looking at a hypothetical
bankruptcy filing by BP on an ABI media teleconference on June 29
said that BP has several options to explore in dealing with the
worst environment disaster in U.S. history, but the oil giant may
consider bankruptcy if it faces a never-ending flow of claims.

The Houston Chronicle's Tom Fowler said early last month that BP
had dismissed talk that it might seek Chapter 11 bankruptcy
protection in the face of falling stock prices and threats from
government officials to force the oil giant to pay more in costs
related to the massive Gulf of Mexico oil spill.  "We
categorically deny that we have taken advice on Chapter 11
proceedings," a company spokesman told the Chronicle, according to
Mr. Fowler.

                           About BP Plc

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

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


BRADLEY ANDERSON: Case Summary & 15 Largest Unsecured Creditors
---------------------------------------------------------------
Joint Debtors: Bradley Scott Anderson
               Lisa Lynn Anderson
               29609 N 153rd St.
               Scottsdale, AZ 85262-8110

Bankruptcy Case No.: 10-22096

Chapter 11 Petition Date: July 14, 2010

Court: United States Bankruptcy Court
       District of Arizona (Phoenix)

Judge: Randolph J. Haines

Debtor's Counsel: Andrew M. Ellis, Esq.
                  4340 E Indian School Rd, Suite 21-234
                  P.O. Box 16272
                  Phoenix, AZ 85011-6272
                  Tel: (602) 524-8911
                  E-mail: Andrew.Ellis@azbar.org

Scheduled Assets: $783,986

Scheduled Debts: $2,939,601

A list of the Joint Debtors' 15 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/azb10-22096.pdf

The petition was signed by the Joint Debtors.


BROWN PUBLISHING: Committee's Bid to Stop Credit Bid Fails
----------------------------------------------------------
The Official Committee of Unsecured Creditors appointed in the
bankruptcy cases of The Brown Publishing Company and its
affiliates failed in its bid to prohibit Brown Publishing's first
lien lender bank group from credit bidding its debt in an auction
for the Debtors' assets, Bill Rochelle at Bloomberg News reported.

According to the report, the U.S. Bankruptcy Court for the Eastern
District of New York rejected a request by the Committee to only
allow cash bids at the auction.  The first lien lenders are owed
roughly $72.7 million as of the bankruptcy filing.

The Debtors have received authority to conduct an auction on
July 19, with initial bids due on July 16.  The Bankruptcy Court
will consider approval of the results of the auction on July 22.

                   About Brown Publishing Company

Headquartered in Cincinnati, Ohio, The Brown Publishing Company
owns business publications in Ohio, Utah, Texas, South Carolina,
New York, and Iowa.  Brown publishes 15 daily, 32 weekly, 11
business and 41 free publications.  There are also 51 websites.
Seventy-eight of the publications are in Ohio. Brown publishes
Dan's Papers, the weekly newspaper with the largest circulation in
the area of eastern Long Island, New York, known as the Hamptons.
Brown also publishes the Montauk Pioneer, which it calls the
official newspaper of Montauk, New York.

The Company filed for Chapter 11 bankruptcy protection on
April 30, 2010 (Bankr. E.D.N.Y. Case No. 10-73295).  Edward M.
Fox, Esq., at K&L Gates LLP, assists the Company in its
restructuring effort.  The Company estimated its assets and debts
at $10,000,001 to $50,000,000.


BRUCE FROST: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Joint Debtors: Bruce William Frost
               Deborah Louise Frost
               2515 W. Limewood Drive
               Tucson, AZ 85755

Bankruptcy Case No.: 10-22174

Chapter 11 Petition Date: July 15, 2010

Court: United States Bankruptcy Court
       District of Arizona (Tucson)

Judge: James M. Marlar

Debtor's Counsel: Eric Slocum Sparks, Esq.
                  110 S Church Ave. #2270
                  Tucson, AZ 85701
                  Tel: (520) 623-8330
                  Fax: (520) 623-9157
                  E-mail: eric@ericslocumsparkspc.com

Scheduled Assets: $708,742

Scheduled Debts: $1,828,175

A list of the Joint Debtors' 20 largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/azb10-22174.pdf

The petition was signed by the Joint Debtors.


BUD'S CAR: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------
Debtor: Bud's Car Wash Mountain Road, LLC
        11617 Hunters Run Drive
        Cockeysville, MD 21030

Bankruptcy Case No.: 10-26052

Chapter 11 Petition Date: July 16, 2010

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

Judge: Nancy V. Alquist

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

According to the schedules, the Company says that assets total
$45,723 while debts total $4,629,977.

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/mdb10-26052.pdf

The petition was signed by Charles W. Irwin, Jr., managing member.


C&D TECHNOLOGIES: Receives Notice Regarding NYSE Listing
--------------------------------------------------------
C&D Technologies, Inc. received notification from the New York
Stock Exchange that the Company has fallen below the continued
listing standard which requires a minimum average closing price of
$1.00 per common share over thirty consecutive trading days.

Under NYSE rules, the Company has a period of six months following
receipt of the notification to bring its average common share
price above $1.00 per share for thirty consecutive trading days in
order to avoid delisting of its common shares on the NYSE. The
Company's common stock will continue to be listed on the NYSE
during this six month interim period, subject to compliance with
other NYSE continued listing requirements and the NYSE's right to
reevaluate continued listing determinations.  The Company plans to
notify the NYSE that it intends to cure this deficiency in
accordance with the NYSE rules.

                   About C&D Technologies

C&D Technologies, Inc. -- http://www.cdtechno.com.
-- provides solutions and services for the switchgear and control
(utility), telecommunications, and uninterruptible power supply
(UPS), as well as emerging markets such as solar power. C&D
Technologies engineers, manufactures, sells and services fully
integrated reserve power systems for regulating and monitoring
power flow and providing backup power in the event of primary
power loss until the primary source can be restored. C&D
Technologies is headquartered in Blue Bell, PA.


CALEB TECTOR: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Joint Debtors: Caleb D. Tector
               Stephanie J. Larson
               P.O. Box 100
               PMB 583
               Mammoth Lakes, CA 93546

Bankruptcy Case No.: 10-38738

Chapter 11 Petition Date: July 16, 2010

Court: U.S. Bankruptcy Court
       Eastern District of California (Sacramento)

Judge: Christopher M. Klein

Debtor's Counsel: Michael J. Jaurigue, Esq.
                  411 N Central Avenue, #310
                  Glendale, CA 91203
                  Tel: (818) 432-3220

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/caeb10-38738.pdf

The petition was signed by the Joint Debtors.


CALIFORNIA COASTAL: Reaches Deal with Secured Lenders on Plan
-------------------------------------------------------------
Bankruptcy Law360 reports that California Coastal Communities Inc.
has reached a settlement with its prepetition secured lenders,
waiving more than $6 million in default interest claims and
clearing the way for approval of the Company's bankruptcy plan.

California Coastal and the lenders' agent Wilmington Trust FSB
asked the U.S. Bankruptcy Court for the Central District of
California in a joint motion Friday, according to Law360.
California Coastal has arranged a $182 million loan from Luxor
Capital Group LP to be able to pay off secured lenders in cash.
The Plan pays unsecured creditors in full, without interest, over
two years.  The confirmation hearing for approval of the Plan is
scheduled for July 27.

                      About California Coastal

Irvine, Calif.-based California Coastal Communities, Inc.
-- http://www.californiacoastalcommunities.com/-- is a
residential land development and homebuilding company with
properties owned or controlled primarily in Orange County,
California, and also in Lancaster in Los Angeles county.  The
Company's primary asset is a 356-home luxury coastal community
known as Brightwater in Huntington Beach, California.

California Coastal Communities, Inc. and certain of its direct and
indirect wholly-owned subsidiaries filed for Chapter 11 bankruptcy
protection on October 27, 2009 (Bankr. C.D. Calif. Case No. 09-
21712).  Joshua M. Mester, Esq., who has an office in Los Angeles,
California, assists the Debtors in their restructuring efforts.
In their petition, the Debtors listed between $100 million and
$500 million in assets and between $100 million and $500 million
of debts.

On March 26, 2010, the Company filed a proposed disclosure
statement and proposed joint plan of reorganization with the
Bankruptcy Court, neither of which has been approved.  The
proposed joint plan provides for the extension of the Revolving
Loan and the Term Loan to enable the Company to complete
construction and sale of the homes at its Brightwater project.  A
majority of the Company's lenders are opposed to the plan as
filed.

At March 31, 2010, the Company's balance sheet showed
$249.0 million in assets, $218.0 million of liabilities, and
$31.0 million of stockholders' equity.


CALYPTE BIOMEDICAL: Issues 152,341,741 Shares to Marr Tech
----------------------------------------------------------
Calypte Biomedical Corporation has agreed to issue 152,341,741
shares of common stock to Marr Technologies B.V. upon the
conversion of $6,393,353.11 in outstanding indebtedness and
47,815,698 shares of common stock to SF Capital Partners Limited
upon the conversion of $2,008,259.35 in outstanding indebtedness.
The shares will be issued in reliance upon the exemption from
registration under Section 4(2) of the Securities Act of 1933.

As reported by the Troubled Company Reporter on July 13, 2010,
Calypte has entered into a series of agreements providing for (i)
the restructuring its outstanding indebtedness to Marr and SF
Capital and (ii) Calypte's transfer of its interests in two
Chinese joint ventures with Marr affiliates to Kangplus (China)
Holdings Ltd.  The Joint Ventures consist of Beijing Marr Bio-
Pharmaceuticals Co., Ltd., in which Calypte holds a 51% equity and
Marr Technologies Asia Limited holds a 49% equity interest, and
Beijing Calypte Biomedical Technology Ltd., in which Calypte holds
a 51% equity and Marr Technologies Limited holds a 49% equity
interest.  Marr and SF Capital are principal stockholders of
Calypte.  As of December 31, 2009, based on their most recent
Schedule 13D or 13G filings Marr and SF Capital were the
beneficial owners of approximately 18.8% and 5.2%, respectively,
of Calypte's Common Stock.

                     About Calypte Biomedical

Portland, Ore.-based Calypte Biomedical Corporation develops,
manufactures, and distributes in vitro diagnostic tests, primarily
for the diagnosis of Human Immunodeficiency Virus infection.

Odenberg, Ullakko, Muranishi & Co. LLP, in San Francisco,
has expressed substantial doubt about the Company's ability to
continue as a going concern.  The independent auditors noted that
the Company has defaulted on $6.3 million of 8% Convertible
Promissory Notes and related Interest Notes and $5.2 million of 7%
Promissory Notes, has suffered recurring operating losses and
negative cash flows from operations, and management believes that
the Company's cash resources will not be sufficient to sustain its
operations through 2010 without additional financing.


CATHOLIC CHURCH: Sapp Files in Spokane Case to be Opened
--------------------------------------------------------
Judge Patricia C. Williams of the United States Bankruptcy Court
for the Eastern District of Washington granted the Archdiocese of
Portland in Oregon's request to unseal Shamont Sapp's files in the
bankruptcy case of The Catholic Bishop of Spokane, also known as
The Catholic Diocese of Spokane.

Judge Williams ruled that (i) the proof of claim, if any, filed by
Mr. Sapp with the Spokane bankruptcy case prior to the claims bar
date, and (ii) any written materials submitted by Mr. Sapp, if
any, and only written materials he submitted, to the Tort Claim
Reviewer or to Spokane in support of his claim or in answer to
questions by the TCR or Spokane, will be unsealed.  Any party
having copies of Mr. Sapp's confidential files are authorized to
produce the files to Portland.

If the TCR incurs any expenses in connection with the production
of the materials from Mr. Sapp, Portland will pay the TCR's
reasonable fees and expenses.

                Sapp Opposes Unsealing of Files

In a letter addressed to the Spokane Bankruptcy Court, Mr. Sapp
objects to the order unsealing his claim because "the case in
Portland Oregon was dismissed with prejudice on 7-9-10 at my
request."

As previously reported, Mr. Sapp sent a letter to Larry E. Prince,
Spokane's Future Claims Representative, to notify the parties that
Mr. Sapp withdrew his lawsuit currently pending before the
Honorable Magistrate Judge Paul Papak in the United States
District Court for the District of Oregon.  Portland's counsel,
Thomas V. Dulcich, Esq., at Schwabe, Williamson & Wyatt, P.C., in
Portland, Oregon, was also sent a copy of that correspondence.

The Spokane Bankruptcy Court convened a hearing on June 28, 2010,
to consider the Motion to Unseal.

The counsel for the Portland Archdiocese knew of my motion to
dismiss prior to the 6-28-10 phone meeting with you, Mr. Sapp told
Judge Williams.  They want the records out of curiosity rather
than need, he added.

                   About The Diocese of Spokane

The Roman Catholic Church of the Diocese of Spokane filed for
chapter 11 protection (Bankr. E.D. Wash. Case No. 04-08822) on
Dec. 6, 2004.  Michael J. Paukert, Esq., at Paine, Hamblen,
Coffin, Brooke & Miller, LLP, represents the Spokane Diocese in
its restructuring efforts.  When the Debtor filed for protection
from its creditors, it listed $11,162,938 in total assets and
$81,364,055 in total debts.

The Diocese of Spokane, the Tort Claimants Committee, the Future
Claims Representative, and the Executive Committee of the
Association of Parishes delivered an Amended Plan of
Reorganization, and a Disclosure Statement describing that Plan to
the Court on Feb. 1, 2007.  The Honorable Patricia C. Williams
approved the disclosure statement on March 8, 2007.  On April 24,
2007, the Court confirmed Spokane's second amended joint plan.
That plan is effective May 31, 2007.  (Catholic Church Bankruptcy
News; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


CATHOLIC CHURCH: Wilmington Wants Plan Exclusivity Until Oct. 28
----------------------------------------------------------------
The Catholic Diocese of Wilmington, Inc., asks the U.S. Bankruptcy
Court for the District of Delaware to extend its exclusive periods
to:

(a) file a Chapter 11 plan of reorganization through and
     including October 28, 2010; and

(b) solicit acceptances of that plan through and including
     December 30, 2010, without prejudice to ask for further
     extensions.

The Diocese's Exclusive Plan Filing Period expires on July 30,
2010.

James L. Patton, Jr., Esq., at Young Conaway Stargatt & Taylor,
LLP, in Wilmington, Delaware, relates that at the direction of the
mediators in the bankruptcy case, the Diocese, the Official
Committee of Unsecured Creditors, the Official Committee of Lay
Employees, the Diocese's liability insurers and certain other
parties participated in mediation sessions last June 25 to 27 and
July 2 to 3, 2010, with the goal of negotiating a consensual
Chapter 11 plan.

The Court previously assigned all issues relating to the
bankruptcy case to mediation and appointed the Honorable Kevin
Gross and former Judge Thomas Rutter as co-mediators.

While the initial mediation sessions did not result in a
negotiated plan, progress was made on several fronts and the
Mediators have decided to reconvene the mediation in late August
or early September 2010, with date and time to be determined, Mr.
Patton discloses.

On June 28, 2010, the Court issued an opinion holding that the
Diocese's pooled investment account is property of the bankruptcy
estate, except for the investment made by St. Ann's Roman Catholic
Church.  Counsel for the Creditors Committee proposed a form of
order in connection with the Opinion, and the Diocese and the Non-
Debtor Defendants provided comments on the form of order.  As of
July 15, 2010, the order has not been submitted, Mr. Patton says.

The Non-Debtor Defendants subsequently asked the Court to
reconsider the Opinion, and the Diocese joined in the request.
The Creditors Committee objected to the Motion for
Reconsideration.

Against this backdrop, Mr. Patton argues that an extension of the
Exclusive Periods is warranted because of the significant
unresolved contingencies in the bankruptcy case.  He points out
that several factors weigh in favor of granting the sought
extension and that in order to move forward with a plan of
reorganization, the case's complex issues must first be resolved,
including the determination as to the ownership of funds held in
the PIA.

Irrespective of the ultimate result of the adversary proceeding
regarding the PIA, there are other significant unresolved
contingencies that make it difficult, if not impossible, for the
Diocese either to (i) formulate a unilateral plan of
reorganization, or (ii) negotiate with its creditors to formulate
a consensual plan before expiration of the Exclusive Filing
Period, Mr. Patton continues.  He notes that the Court-ordered
mediation will extend beyond the Exclusive Filing Period.

Mr. Patton further contends, among other things, that since the
inception of the case, the Diocese has progressed in good faith
towards reorganization, including responding to a multitude of
expedited discovery requests and participating in litigations, and
the implementation of a global mediation process by the Court to
facilitate a consensual resolution of the case.

Judge Sontchi will convene a hearing on August 30, 2010, at
2:00 p.m., to consider the Diocese's request.  Objections are due
on July 29.  Pursuant to Del.Bankr.L.R. 9006-2, the Diocese's
Exclusive Plan Filing Period is automatically extended until the
conclusion of that hearing.

                 About the Diocese of Wilmington

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

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

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


CATHOLIC CHURCH: Wilmington Wants Removal Period Until Oct. 28
--------------------------------------------------------------
The Catholic Diocese of Wilmington, Inc., asks the U.S. Bankruptcy
Court for the District of Delaware to extend to October 28, 2010,
the period within which it may remove various civil actions
pending as of the Petition Date.

The Diocese also asks Judge Sontchi that the proposed October 28
Removal Period apply to all matters specified in Rules
9027(a)(2)(A), (B) and (C) of the Federal Rules of Bankruptcy
Procedure.  The Diocese asks that the order approving the request
be without prejudice to (i) any position the Diocese may take
regarding whether Section 362 of the Bankruptcy Code applies to
stay any given civil action pending against the Diocese, and (ii)
the right to seek further extensions of the Removal Period.

The Diocese's current Removal Period expires on July 30, 2010.

There is ample cause to extend the deadline for removal of the
Actions, given that the Actions assert personal injury tort claims
over which the Bankruptcy Court has limited subject-matter
jurisdiction, and the liquidation and estimation of the claims in
the U.S. District Court for the District of Delaware may well be
necessary to move the case forward, James L. Patton, Jr., Esq., at
Young Conaway Stargatt & Taylor, LLP, in Wilmington, Delaware,
argues.  He also points out that the Bankruptcy Court-ordered
mediation is ongoing, but will not resume again until after the
Current Deadline expires.

The Diocese is hopeful the mediation will result in a consensual
Chapter 11 plan or reorganization that provides for the
liquidation of personal injury tort claims through an appropriate
alternative dispute resolution process, Mr. Patton asserts.  In
the absence of a consensual plan, however, the Diocese may need to
invoke the District Court's jurisdiction to liquidate and estimate
personal injury tort claims against the Diocese, he explains.

If the Current Deadline is not extended, the Diocese may have no
choice but to remove the Actions immediately to preserve
alternative to a negotiated solution, Mr. Patton argues.  He
contends that the removal could result in motion practice under
Section 1452(b) of the Judicial and Judiciary Procedures Code,
which would be costly to the bankruptcy estate and would distract
the Diocese and other parties-in-interest from their efforts on
negotiating a consensual and swift resolution of the case.

In the event a consensual plan is ultimately negotiated, which
provides an ADR mechanism for liquidation of personal injury tort
claims, the removal and motion practice may have been entirely
unnecessary, Mr. Patton avers.

Largely as a result of the adversary proceeding regarding the
Diocese's pooled investment account and the mediation, Mr. Patton
asserts that in the months since the second extension motion was
filed, the Diocese has not had a sufficient opportunity to address
whether any Actions to which it is a party should be removed.  The
Diocese submits that granting this additional opportunity to
consider removal of the Actions will assure that its decisions are
fully informed and consistent with the best interests of its
estate.

Judge Sontchi will convene a hearing on August 30, 2010, to
consider the request.  Objections are due July 28.  Pursuant to
Del.Bankr.L.R. 9006-2, the Removal Period is automatically
extended until the conclusion of that hearing.

                 About the Diocese of Wilmington

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

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

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


CBGB HOLDINGS: Hearing on Bid to Dismiss Case Set for July 27
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
will convene a hearing on July 27, 2010, to consider a bid to
dismiss CBGB Holdings LLC's bankruptcy case.

Jacqueline Palank at Dow Jones Daily Bankruptcy Review reports
that CBGB Holdings LLC disputes allegations by the estate of punk-
rock club CBGB founder Hilly Kristal that it's letting the
shuttered club's memorabilia go to waste and failing to protect
its lucrative trademarks.

CBGB Holdings also argues it's more likely that it overpaid for
the assets.

The Kristal estate is asking a bankruptcy judge to either dismiss
CBGB Holdings' bankruptcy filing or lift the shield protecting the
company from foreclosures and lawsuits.

According to Dow Jones, the Debtor asserted that any erosion of
asset value is due to the bitter family feud that roiled the
Kristals in the wake of club founder's death in 2007.  Mr. Kristal
died about one year after the club's closure amid negotiations
with CBGB Holdings.  After Mr. Kristal's death, his ex-wife and
son faced off in court with Mr. Kristal's daughter (who inherited
most of her father's estate) over the ownership of the assets.

"The closing of the CBGB club, the death of Hilly Kristal, the
subsequent interfamily litigation, and the lengthy period the
Kristal estate allowed the business to lay dormant while
litigating with the debtor, also served to diminish the value of
the CBGB business and CBGB assets below the agreed purchase price
of $3.5 million," CBGB Holdings said in court papers, according to
Dow Jones.

Dow Jones also reports the Debtor said legal costs and delays
prompted by the Kristal family lawsuit resulted in many lost
publicity and merchandising opportunities, further contributing to
the deterioration in the value of the CBGB assets as of the
petition date.

To help resolve the dispute, according to Dow Jones, CBGB Holdings
said it's willing to pay Mr. Kristal's estate the interest due
since its June 11 bankruptcy filing, to the tune of $10,000 per
month.

CBGB Holdings LLC purchased the name and copyrights associated
with Manhattan's legendary punk-rock club CBGB in 2008.

CBGB Holdings filed for bankruptcy on June 11, 2010 (Bankr.
S.D.N.Y. Case No. 10-13130).  Judge Stuart M. Bernstein presides
over the case.  Kenneth A. Reynolds, Esq., at McBreen & Kopko, in
Jericho, New York, serves as the Debtor's counsel.  The petition
listed both assets and debts from $1,000,001 to $10,000,000.


CENTERPLATE INC: S&P Assigns 'B' Corporate Credit Rating
--------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its
preliminary 'B' corporate credit rating to U.S. concessions
operator Centerplate Inc.

S&P also assigned its preliminary 'B+' issue rating to the
company's proposed $314 million senior secured credit facility,
which consists of a five-year $50 million revolving credit
facility, a five-year $50 million term loan A, a six-year
$194 million term loan B, and a five-year $20 million synthetic
letter of credit facility.  At the same time, S&P assigned its
preliminary recovery rating of '2' to the credit facility,
indicating that S&P expects substantial (70% to 90%) recovery for
lenders in the event of a payment default or bankruptcy.  The
borrowers under the bank credit facility are Volume Services
America Inc. and other domestic subsidiaries, with parent
Centerplate and certain subsidiaries providing guarantees.  The
outlook is stable.

The ratings are based on preliminary terms and assume the proposed
transaction closes on substantially the same terms as presented to
us.  S&P expects total debt outstanding at close to be
approximately $310 million.

"The ratings on Centerplate reflect the low-value-added and
cyclical nature of demand for the company's services, an intensely
competitive operating environment, a highly leveraged capital
structure, and an aggressive financial policy," said Standard &
Poor's credit analyst Jerry Phelan.  The company benefits from its
position as the No. 2 competitor in the industry, recent margin
enhancement actions, and modest level of contract renewals of the
next few years.


CENTRAL METAL: Court to Consider Amended Plan Outline Tomorrow
--------------------------------------------------------------
The Hon. Vincent P. Zurzolo of the U.S. Bankruptcy Court for the
Central District of California will consider tomorrow, July 22,
2010, at 1:30 p.m., the hearing on approval of the Disclosure
Statement explaining Central Metal, Inc.'s amended Plan of
Reorganization.  The hearing will be held at Courtroom 1368, 255
E. Temple St., Los Angeles, California.

The Debtor amended its Plan because the Court said that the
Disclosure Statement, even with the modifications reflected in the
supplement, does not contain adequate information as required by
11 U.S.C. Section 1125 for these reasons:

   -- there were problems with the proposed treatment of claims
      and interests;

   -- certain exhibits were not attached;

   -- there were inadequate or no information regarding the basis
      for valuation e.g. income or sales approach; and the
      qualifications of person rendering valuation opinion.

As reported in the Troubled Company Reporter on May 19, according
to the Disclosure Statement, the Plan provides that on the
effective date, the disbursing agent will deposit into a
segregated account an amount of cash equal to 100% of the
estimated distribution to be paid on the disputed portion of any
claim.  Cash together with interest accruing thereon will be held
in trust for the benefit of holders of disputed claims.

Under the Plan, all secured claims will be paid in full from the
post-confirmation income of the Debtor.

Priority unsecured claims amounting to $1,988 will be paid in full
from the post-confirmation income of the Reorganized Debtor.

All general unsecured claims amounting to $1,000,000 will be paid
in four payments, each at $250,000.

Interest holder, Jong Uk Byun will receive no payments under the
Plan.

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

                     About Central Metal, Inc.

Huntington Park, California-based Central Metal, Inc., is a fully
integrated scrap metal processing company that purchases,
processes and sells ferrous and non-ferrous metals domestically
and internationally.  The Company is one of the largest processing
companies on the West Coast, has one of the largest land sites and
processing capacities, and is fully diversified in its business
portfolio that entails dynamic trading relationships with renowned
metal manufacturers around the world.

The Company filed for Chapter 11 bankruptcy protection on
January 8, 2010 (Bankr. C.D. Calif. Case No. 10-10642).  Juliet Y.
Oh, Esq., who has an office in Los Angeles, California, assists
the Company in its restructuring effort.  The Company listed
$10,000,001 to $50,000,000 in assets and $10,000,001 to
$50,000,000 in liabilities.


CENTURION PROPERTIES: Gets 1st Interim OK to Use Cash Collateral
----------------------------------------------------------------
Centurion Properties III, LLC, sought and obtained a first interim
authorization from the U.S. Bankruptcy Court for the Eastern
District of Washington to use the cash collateral of General
Electric Capital Corporation.

John D. Munding, Esq., at Crumb & Munding, P.S., the attorney for
the Debtor, explained that the Debtor needs the money to fund its
Chapter 11 case, pay suppliers and other parties.

The Debtor is authorized to use cash collateral held in the
Lockbox for payment of:

     a. The July 14, 2010 - Task Order Request of up to
        $123,501;

     b. The July 14, 2010 - Service Order Request of up to
        $133,315;

     c. on an interim basis, $82,000 to the Debtor, for purposes
        of maintenance and repair expenses of the Debtor's
        Battelle property.  The money will be placed in the
        Debtor's account, with expenditures there from accounted
        for by the Debtor within 30 days of the date expended;

     d. The July 31, 2010 - Task Order and Services Order Requests
        to be submitted to GECC by the Debtor in a similar manner
        to the Task Order and Service Order requests of July 14,
        2010, which will be paid and funds released from the
        Lockbox to the Debtor upon approval by GECC.

GECC is directed to instruct Deutsche Bank to release from the
Lockbox to the Debtor about $338,816, subject to confirmation that
the expenses covered by the Task Order Request and Service Order
Request are for expenses related to the maintenance and repair of
the Bartelle property.

GECC is authorized to instruct Deutsche Bank to release from the
Lockbox to GECC $330,000, representing the uncontested minimum
amount of adequate protection payment that GECC is entitled to
receive for July 2010.

GECC will retain its senior lien position on the Battelle
property.

The Court has set another interim hearing for August 10, 2010, at
10:30 a.m. to consider the Debtor's proposed new budget and the
issue of the lock box.

A pre-trial conference will be held on September 1, 2010, at
10:00 a.m. by telephone conference call, before that date Mr.
Munding will have exchanged all exhibits and appraisals, and will
file a list of exhibits and witnesses with the Court.

The final cash collateral hearing is set for September 9, 2010, at
9:30 a.m.

Kennewick, Washington-based Centurion Properties III, LLC, filed
for Chapter 11 bankruptcy protection on July 9, 2010 (Bankr. E.D.
Wash. Case No. 10-04024).  John D. Munding, Esq., at Crumb &
Munding, assists the Company in its restructuring effort.  The
Company estimated its assets and debts at $50,000,001 to
$100,000,000.


CENTURION PROPERTIES: Section 341(a) Meeting Scheduled for Aug. 26
------------------------------------------------------------------
The U.S. Trustee for Region 18 will convene a meeting of Centurion
Properties III, LLC's creditors on August 26, 2010, at 10:00 a.m.
The meeting will be held at Richland Federal Building, 825 Jadwin
Avenue, Richland, WA.

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.

Kennewick, Washington-based Centurion Properties III, LLC, filed
for Chapter 11 bankruptcy protection on July 9, 2010 (Bankr. E.D.
Wash. Case No. 10-04024).  John D. Munding, Esq., at Crumb &
Munding, assists the Company in its restructuring effort.  The
Company estimated its assets and debts at $50,000,001 to
$100,000,000.


CENTURION PROPERTIES: Taps Crumb & Munding as Bankruptcy Counsel
----------------------------------------------------------------
Centurion Properties III, LLC, has asked for authorization from
the U.S. Bankruptcy Court for the Eastern District of Washington
to employ Crumb & Munding, P.S., as bankruptcy counsel.

Crumb & Munding will provide legal representation of the Debtor in
all aspects of the Chapter 11 proceeding.

Crumb & Munding will be paid based on the hourly rates of its
personnel:

         John D. Munding                     $325
         Associates                          $150
         Legal Assistants                     $50
         Interns/Clerks                       $50

To the best of the Debtor's knowledge, Crumb & Munding is
"disinterested" as that term is defined in Section 101(14) of the
Bankruptcy Code.

Kennewick, Washington-based Centurion Properties III, LLC, filed
for Chapter 11 bankruptcy protection on July 9, 2010 (Bankr. E.D.
Wash. Case No. 10-04024).  The Company estimated its assets and
debts at $50,000,001 to $100,000,000.


CHARLES IRWIN, JR.: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Joint Debtors: Charles W. Irwin, Jr.
               Judith G. Irwin
               11617 Hunters Run Drive
               Cockeysville, MD 21030

Bankruptcy Case No.: 10-26059

Chapter 11 Petition Date: July 16, 2010

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

Judge: Robert A. Gordon

Debtor's Counsel: James A. Vidmar, Jr., Esq.
                  Logan, Yumkas, Vidmar & Sweeney LLC
                  2530 Riva Road, Suite 400
                  Annapolis, MD 21401
                  Tel: (443) 569-5977
                  Fax: (410) 571-2798
                  E-mail: jvidmar@loganyumkas.com

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

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

A copy of the Joint Debtors' list of 20 largest unsecured
creditors filed together with the petition is available for free
at http://bankrupt.com/misc/mdb10-26059.pdf

The petition was signed by the Joint Debtors.

Debtor-affiliates filing separate Chapter 11 petition:

        Entity                        Case No.       Petition Date
        ------                        --------       -------------
AMR Inc.                              10-26054            07/16/10
Bud's Car Wash Mountain Road, LLC     10-26052            07/16/10


CHEMTURA CORP: Trustee, Others Object to Disclosure Statement
-------------------------------------------------------------
Bankruptcy Law360 reports that multiple parties in the Chemtura
Corp. bankruptcy, including the U.S. Trustee in the case, have
objected to Chemtura's disclosure statement, with many arguing the
statement fails to address chemical exposure and environmental
claims pending against the company.

                         The Amended Plan

Chemtura on July 9 filed a revised Plan of Reorganization.
Chemtura says that, as with the June version of the Plan, the
revised Plan provides the potential to satisfy all creditors'
claims in full, as well as offering value to equity holders.  The
revised Plan provides that in order to resolve certain asserted
diacetyl liabilities, Chemtura's Canadian subsidiary, Chemtura
Canada Co./Cie, will be filing for protection along with the
current U.S. Debtors under Chapter 11 of the Bankruptcy Code,
together with a recognition proceeding in Canada under the
Companies' Creditors Arrangement Act.

Chemtura maintains that it remains on track to emerge from
Chapter 11 protection in the coming months.

Under the Amended Plan, the New Chemtura Total Enterprise Value
consists of $2.05 billion plus, total cash available to satisfy
allowed unsecured claims, plus the amount of cash to be retained
after the Effective Date, which is expected to be approximately
$125 million.

Redlined copies of the Chemtura Amended Plan and Disclosure
Statement is available for free at:

           http://bankrupt.com/misc/ChemAmPlanRed.pdf
            http://bankrupt.com/misc/ChemAmDSRed.pdf

                       About Chemtura Corp.

Based in Middlebury, Connecticut, Chemtura Corporation (CEM) --
http://www.chemtura.com/-- with 2008 sales of $3.5 billion, is a
global manufacturer and marketer of specialty chemicals, crop
protection products, and pool, spa and home care products.
Chemtura Corporation and 26 of its U.S. affiliates filed voluntary
petitions for relief under Chapter 11 on March 18, 2009 (Bankr.
S.D.N.Y. Case No. 09-11233).  M. Natasha Labovitz, Esq., at
Kirkland & Ellis LLP, in New York, serves as bankruptcy counsel.
Wolfblock LLP serves as the Debtors' special counsel.  The
Debtors' auditors and accountant are KPMG LLP; their investment
bankers are Lazard Freres & Co.; their strategic communications
advisors are Joele Frank, Wilkinson Brimmer Katcher; their
business advisors are Alvarez & Marsal LLC and Ray Dombrowski
serves as their chief restructuring officer; and their claims and
noticing agent is Kurtzman Carson Consultants LLC. As of

December 31, 2008, the Debtors had total assets of $3.06 billion
and total debts of $1.02 billion.  Bankruptcy Creditors' Service,
Inc., publishes Chemtura Bankruptcy News.  The newsletter tracks
the Chapter 11 proceedings undertaken by Chemtura Corp. and its
affiliates.  (http://bankrupt.com/newsstand/or 215/945-7000)


CHRYSLER LLC: Old Chrysler Settles Environment Claim in Ohio
------------------------------------------------------------
Bill Rochelle at Bloomberg News reports that Old Chrysler,
formally named Old Carco LLC, agreed with regulators to pay
$500,000 to settle more than $40 million in environmental claims
related to a former plant in Dayton, Ohio.

Based in Auburn Hills, Michigan, Chrysler Group LLC, formed in
2009 from a global strategic alliance with Fiat Group, produces
Chrysler, Jeep, Dodge, Ram Truck, Mopar(R) and Global Electric
Motorcars brand vehicles and products.  Chrysler Group LLC's
product lineup features some of the world's most recognizable
vehicles, including the Chrysler 300, Jeep Wrangler and Ram Truck.
Fiat will contribute world-class technology, platforms and
powertrains for small- and medium-sized cars, allowing Chrysler
Group to offer an expanded product line including environmentally
friendly vehicles.

                        About Chrysler LLC

Chrysler LLC and 24 affiliates on April 30 sought Chapter 11
protection from creditors (Bankr. S.D.N.Y (Mega-case), Lead Case
No. 09-50002).  Chrysler hired Jones Day, as lead counsel; Togut
Segal & Segal LLP, as conflicts counsel; Capstone Advisory Group
LLC, and Greenhill & Co. LLC, for financial advisory services; and
Epiq Bankruptcy Solutions LLC, as its claims agent.  Chrysler has
changed its corporate name to Old CarCo following its sale to a
Fiat-owned company.  As of December 31, 2008, Chrysler had
$39,336,000,000 in assets and $55,233,000,000 in debts.  Chrysler
had $1.9 billion in cash at that time.

In connection with the bankruptcy filing, Chrysler reached an
agreement with Fiat SpA, the U.S. and Canadian governments and
other key constituents regarding a transaction under Section 363
of the Bankruptcy Code that would effect an alliance between
Chrysler and Italian automobile manufacturer Fiat.  Under the
terms approved by the Bankruptcy Court, the company formerly known
as Chrysler LLC on June 10, 2009, formally sold substantially all
of its assets, without certain debts and liabilities, to a new
company that will operate as Chrysler Group LLC.  Fiat has a 20
percent equity interest in Chrysler Group.

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


CIRCUIT CITY: Proposes July 29 Auction for Virginia Property
------------------------------------------------------------
Pursuant to Sections 105, 363, 365 and 503 of the Bankruptcy
Code, and Rules 2002, 6004 and 6006 of the Federal Rules of
Bankruptcy Procedure, Circuit City Stores, Inc., and its debtor
affiliates ask the U.S. Bankruptcy Court for the Eastern District
of Virginia:

  (i) for authority for the seller, Circuit City, to enter into
      an agreement, dated June 21, 2010, with the purchaser,
      DRCC Properties, LLC, for the sale of certain property
      located at Deep Run Business Park in Richmond, Virginia,
      subject to higher or otherwise better proposals;

(ii) to approve a proposed termination fee;

(iii) to approve proposed bidding procedures;

(iv) to approve the Sale free and clear of all liens; and

  (v) to approve the assumption, assignment and sale of certain
      leases associated with the Property free and clear of all
      Liens.

The property comprises approximately 18.5 acres in Deep Run
Business Park in Richmond, Virginia.  Circuit City has divided,
and leases, the Property as two parcels to (i) Bank of America,
N.A., successor-by-merger to LaSalle Bank National Association,
as trustee for Registered Holders of Bear Stearns Commercial
Mortgage Securities Inc., Commercial Mortgage Pass-Through
Certificates, Series 2000-WF 1, acting by and through Berkadia
Commercial Mortgage LLC, its special servicer, as successor-in-
interest to CRA Acquisition Corp., and (ii) Children's Discovery
Centers of America, Inc.

The Sale of the Property would be subject to the Leases, which
would be assigned to any purchaser of the Property.  Upon the
Property sits an office building, known as 9950 Mayland Drive,
that the Seller previously leased for use as its corporate
headquarters, and a day care center, known as 3900 Deep Rock
Road.  The Property does not include any improvements situated on
the land, including, but not limited to, the Office Building or
Day Care Center, according to Douglas M. Foley, Esq., at
McGuireWoods LLP, in Richmond, Virginia.

Since the going-out-of-business sales were commenced, Circuit
City, along with its real estate advisor, DJM Realty, LLC, has
been marketing the Property.  Circuit has received various
proposals to purchase the Property and has determined that the
proposal submitted by DRCC Properties was considerably higher or
otherwise better than the alternate proposals received.

                           Agreement

According to Mr. Foley, the salient terms of the Agreement
include:

  (a) Circuit City has agreed to sell the Property and assign
      the Leases to DRCC Properties for $2,750,000, subject to
      higher or otherwise better proposals.

      The Purchaser would acquire the Seller's right, title and
      interest in the Property together with all rights and
      appurtenances pertaining to the land comprising the
      Property including, without limitation, the Leases.

  (b) Possession of the Property would be delivered "AS IS,
      WHERE IS."  The Property would be sold free and clear of
      all liens, including the liens of Circuit City's
      postpetition lenders and liens for past-due real property
      taxes; claims and encumbrances except for certain
      "Permitted Encumbrances."

      The Permitted Encumbrances include (1) liens for real
      property taxes and assessments that are not yet due and
      payable; (2) zoning ordinances, building codes and other
      land use laws and applicable governmental regulations;
      (3) all covenants, agreements, conditions, easements,
      restrictions and rights of record as of the date of the
      Agreement; (4) the Leases; and (5) any and all matters
      that would be shown by a physical inspection of the
      Property.

  (c) DRCC Properties has placed $275,000 into an escrow account
      with Midtown Agency.  If the Sale is consummated under the
      Agreement, the Deposit will be applied to the Purchase
      Price.

      If the Agreement is terminated because of the Purchaser's
      breach of the Agreement, Circuit City, among other things,
      would be entitled to the Deposit.  If the Agreement is
      terminated because of the Seller's breach, the Purchaser
      may demand return of the Deposit or specific performance
      of the Agreement, subject to the Court's approval.

  (d) Unless otherwise agreed by the parties, the closing would
      occur within 20 days after entry of a sale order.

  (e) The Agreement could be terminated before the Closing in
      these circumstances: (1) by the Purchaser, if an action is
      initiated to take any material portion of the Property
      by eminent domain proceedings; (2) by either party, if the
      other is in breach of the Agreement; (3) by the Seller, in
      order to permit the Seller to accept a higher or better
      offer for the Property; or (4) by either party if the
      Court has not entered the Sale Order on or before 90 days
      from the date of the Agreement.

Mr. Foley tells the Court that Circuit City has agreed to the
Termination Fee in recognition of DRCC's expenditure of time,
energy, and resources.  If DRCC Properties is not permitted to
purchase the Property pursuant to this sale process, Circuit City
has agreed to pay the Purchaser $75,000 as reimbursement for the
Purchaser's time, expenses and costs incurred in connection with
the Agreement, pursuant to certain conditions in the Agreement.

DRCC Properties is unwilling to keep open its offer to purchase
the Property under the terms of the Agreement unless the Court
authorizes payment of the Termination Fee, Mr. Foley says.

                  Proposed Bidding Procedures

Circuit City proposes a bid deadline of July 27, 2010, at
4:00 p.m., Eastern Time, for any parties, including those that
previously submitted proposals, to submit an alternate proposal
for consideration.

All bids must be sent to:

  (1) Circuit City Stores, Inc.
      4951 Lake Brook Drive, P.O. Box 5695
      Glen Allen, Virginia
      Attn: Katie Bradshaw
      E-mail: katie.bradshaw@ccswinddown.com

  (2) Counsel to the Seller, Gregg M. Galardi and Ian S.
      Fredericks
      Skadden, Arps, Slate, Meagher & Flom LLP
      One Rodney Square, P.O. Box 636
      Wilmington, Delaware
      E-mail: gregg.galardi@skadden.com
      E-mail: ian.fredericks@skadden.com

      Kellan Grant
      Skadden, Arps, Slate, Meagher & Flom LLP
      155 North Wacker Dr.
      Chicago, Illinois
      E-mail: t.kellan.grant@skadden.com

      Douglas M. Foley
      McGuireWoods, LLP
      One James Center, 901 East Cary St.
      Richmond, Virginia
      E-mail: dfoley@mcguirewoods.com

  (3) Counsel to the Official Committee of Unsecured Creditors
      Jeff Pomerantz
      Pachulski Stang Ziehl & Jones LLP
      10100 Santa Monica Blvd., 11th Floor
      Los Angeles, California
      E-mail: jpomerantz@pszjlaw.com

      John Morris
      Pachulski Stang Ziehl & Jones LLP
      380 3rd Ave., 36th Floor
      New York
      E-mail: jmorris@pszjlaw.com

  (4) DJM Realty Services, LLC
      445 Broadhollow Road, Suite 225
      Melville, New York
      Attn: James Avallone
      Fax: (631) 752-1231
      E-mail: javallone@djmrealty.com

Circuit City may extend the Bid Deadline once or successively,
and will promptly notify all Qualified Bidders of any extension.

Circuit City will hold an auction on July 29, 2010, at 2:00 p.m.,
Eastern Time, telephonically or at the offices of Skadden, Arps,
Slate, Meagher & Flom LLP, in Wilmington, Delaware, if it
receives any Qualified Bids.  DRCC Properties and all Qualified
Bidders that submitted a Qualified Bid will be advised of any
Auction.

To be considered a Qualified Bid and a Qualified Bidder, the
person or entity must submit an offer by the Bid Deadline that
includes (i) an executed copy of the bid marked to show those
amendments to the Agreement, including modifications to the
Purchase Price, which price must be at least $2,875,000; (ii) the
name, address and relevant contact information of the potential
bidder, as well as the name and title of its representative who
will appear on behalf of the bidder; (iii) a statement that the
bid will not be conditioned on the outcome of unperformed due
diligence by the bidder or any financing contingency; (iv) a
good-faith deposit equal to $275,000 plus 10% of the amount by
which the bid exceeds the Purchase Price; (v) an acknowledgment
that the bid is irrevocable until two business days after the
Closing of the Sale; and (vi) an acknowledgment that, in the
event the bidder is the Alternate Bidder, it will proceed with
the purchase of the Property pursuant to the terms of the Marked
Agreement.

At the conclusion of any Auction, Circuit City, in consultation
with the Creditors' Committee, would determine the highest or
otherwise best bid -- Successful Bid.

After the Auction, if any, Circuit City intends to proceed with a
hearing to approve the Sale of the Property on August 4, 2010, at
2:00 p.m., Eastern Time.

If no Qualified Bids other than DRCC Properties' bid are received
before the Bid Deadline, Circuit City would proceed with the Sale
to the Purchaser after entry of the Sale Order.

A bid would not be deemed accepted by Circuit City unless and
until approved by the Court.

If the Successful Bidder fails to consummate the sale for
specified reasons, then the Alternate Bid would be deemed to be
the Successful Bid, and Circuit City would be permitted to
effectuate a sale to the Alternate Bidder without further Court
order.

Mr. Foley adds that the CRA Lease provides for a right of first
refusal in favor of Berkadia.  Under the terms of the ROFR, in
the event that Circuit City offers to sell, or receives an offer
to purchase, its interest in the land leased pursuant to the CRA
Lease, the Seller must first give Berkadia the right of first
refusal to purchase the same at the same price and upon the same
terms as are contained in the offer.

With respect to any sale pursuant to this Motion, the Debtors
request, and Berkadia has agreed, that Berkadia will not be
entitled or permitted to exercise the ROFR, provided that the
ROFR will survive the Sale and will be enforceable in any
subsequent sale of the Property by Berkadia or its successors or
assigns pursuant to the terms of the CRA Lease.  Moreover, in the
event Circuit City does not consummate the Sale then Berkadia
would retain the ROFR, Mr. Foley informs the Court.

The deadline for objections to the Sale is on July 28, 2010, at
4:00 p.m., Eastern Time.

A full-text copy of the Agreement, including a copy of the
proposed bidding procedures, is available at no charge at:

       http://bankrupt.com/misc/CC_SaleAgrmntDRCC062110.pdf

                       About Circuit City

Headquartered in Richmond, Virginia, Circuit City Stores Inc.
(NYSE: CC) -- http://www.circuitcity.com/-- was a specialty
retailer of consumer electronics, home office products,
entertainment software and related services in the U.S. and
Canada.

Circuit City Stores together with 17 affiliates filed a voluntary
petition for reorganization relief under Chapter 11 of the
Bankruptcy Code on November 10 (Bankr. E.D. Va. Lead Case No.
08-35653). InterTAN Canada, Ltd., which runs Circuit City's
Canadian operations, also sought protection under the Companies'
Creditors Arrangement Act in Canada.

Gregg M. Galardi, Esq., and Ian S. Fredericks, Esq., at Skadden,
Arps, Slate, Meagher & Flom, LLP, are the Debtors' general
restructuring counsel.  Dion W. Hayes, Esq., and Douglas M. Foley,
Esq., at McGuireWoods LLP, are the Debtors' local counsel.  The
Debtors also tapped Kirkland & Ellis LLP as special financing
counsel; Wilmer, Cutler, Pickering, Hale and Dorr, LLP, as special
securities counsel; and FTI Consulting, Inc., and Rotschild Inc.
as financial advisors.  The Debtors' Canadian general
restructuring counsel is Osler, Hoskin & Harcourt LLP.  Kurtzman
Carson Consultants LLC is the Debtors' claims and voting agent.
The Debtors disclosed total assets of $3,400,080,000 and debts of
$2,323,328,000 as of August 31, 2008.

Circuit City has opted to liquidate its 721 stores.  It has
obtained the Bankruptcy Court's approval to pursue going-out-of-
business sales, and sell its store leases.

In May 2009, Systemax Inc., a multi-channel retailer of computers,
electronics, and industrial products, acquired certain assets,
including the name Circuit City, from the Debtors through a Court-
approved auction.

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


CITIGROUP INC: Moody's Changes Outlook on Bank Rating to Stable
---------------------------------------------------------------
Moody's Investors Service changed the rating outlook on Citigroup
Inc's stand-alone bank financial strength rating to stable from
negative based on the company's strengthened capital position and
improved risk profile.  Citibank N.A.'s stand-alone BFSR is C-,
which maps to a Baa2 on Moody's long-term rating scale.

Moody's also changed the outlook on Citigroup's hybrid securities
to stable from negative because they are linked to the company's
stand-alone financial strength rating.  These securities include:
junior subordinated debt rated Ba1, cumulative preferred
securities rated Ba2, and non-cumulative preferred securities
rated Caa1.

Citibank N.A.'s senior long-term and short-term debt and deposits
ratings, which incorporate systemic support, are A1 and Prime-1,
respectively, while Citigroup Inc's senior long-term and short-
term ratings are A3 and Prime-1, respectively.  The outlook on
these ratings is already stable.

The change in the BFSR's outlook to stable reflects Citigroup's
progress in improving its capital profile, which provides a
greater buffer against the losses that Moody's anticipates in an
expected case and, critically, in a more severely stressed
scenario.  These losses would principally result from exposures in
Citigroup's residential mortgage portfolio, credit cards, and to a
lesser extent, structured residential mortgage securities.

"Citigroup has both increased the amount of capital it holds and
reduced its exposure to some of its most troubled assets --
notably through the sale of its inventory in structured
residential mortgage securities at better-than-expected prices,"
said Moody's Senior Vice President Sean Jones.

"Not only did Citigroup boost its capital through an exchange of
hybrid securities to equity and through raising additional
capital, but its net earnings in the first half of 2010 -- despite
a drop in the second quarter -- were also higher than Moody's had
expected," Mr. Jones added.

Citigroup's steps to reduce its risk profile also put it in a
better position to handle negative economic developments, such as
another contraction in economic growth.

As reflected in the stable outlook, Citigroup's current capital
base reduces the possibility of a downgrade in the event of a more
severely stressed scenario.  However, a development that could
result in a downgrade of the BFSR would be the need for Citigroup
to take a sizable allowance against its deferred tax asset.  This
would both reduce Citigroup's capital and its ability to generate
capital, as its losses would not be tax-affected.

Moody's added that the possibility of a sizable allowance against
its DTA is low.  The possibility is also reduced by the fact that
Citigroup has a number of tax reporting lines, some of which have
reported consistent earnings, and the company has reported profits
in five out of the past six quarters.

Moody's last rating action on Citigroup was on February 24, 2010,
when it concluded its review on Citigroup's hybrid securities in
response to Moody's revised methodology for rating such
securities.

Citigroup Inc. is headquartered in New York, New York.  Its
reported assets were $1.9 trillion as of June 30, 2010.

Outlook Actions:

Issuer: CitiFinancial Credit Company

  -- Outlook, Changed To Stable From Stable(m)

Issuer: Citibank Europe plc

  -- Outlook, Changed To Stable From Stable(m)

Issuer: Citibank International Plc

  -- Outlook, Changed To Stable From Stable(m)

Issuer: Citibank, N.A.

  -- Outlook, Changed To Stable From Stable(m)

Issuer: Citigroup Capital III

  -- Outlook, Changed To Stable From Negative

Issuer: Citigroup Capital IX

  -- Outlook, Changed To Stable From Negative

Issuer: Citigroup Capital VII

  -- Outlook, Changed To Stable From Negative

Issuer: Citigroup Capital VIII

  -- Outlook, Changed To Stable From Negative

Issuer: Citigroup Capital X

  -- Outlook, Changed To Stable From Negative

Issuer: Citigroup Capital XI

  -- Outlook, Changed To Stable From Negative

Issuer: Citigroup Capital XII

  -- Outlook, Changed To Stable From Negative

Issuer: Citigroup Capital XIV

  -- Outlook, Changed To Stable From Negative

Issuer: Citigroup Capital XIX

  -- Outlook, Changed To Stable From Negative

Issuer: Citigroup Capital XV

  -- Outlook, Changed To Stable From Negative

Issuer: Citigroup Capital XVI

  -- Outlook, Changed To Stable From Negative

Issuer: Citigroup Capital XVII

  -- Outlook, Changed To Stable From Negative

Issuer: Citigroup Capital XVIII

  -- Outlook, Changed To Stable From Negative

Issuer: Citigroup Capital XX

  -- Outlook, Changed To Stable From Negative

Issuer: Citigroup Capital XXI

  -- Outlook, Changed To Stable From Negative

Issuer: Citigroup Capital XXXI

  -- Outlook, Changed To Stable From Negative

Issuer: Citigroup Capital XXXII

  -- Outlook, Changed To Stable From Negative

Issuer: Citigroup Global Markets Holdings Inc.

  -- Outlook, Changed To Stable From Stable(m)

Issuer: Citigroup Global Mkts Deutsch.  AG&Co

  -- Outlook, Changed To Stable From Stable(m)

Issuer: Citigroup Inc.

  -- Outlook, Changed To Stable From Stable(m)

Issuer: Egg Banking Plc

  -- Outlook, Changed To Stable From Stable(m)


CONTROLADORA COMERCIAL: Chapter 15 Case Summary
-----------------------------------------------
Chapter 15 Petitioner: Fernando del Castillo Elorza

Chapter 15 Debtor: Controladora Comercial Mexicana,
                   S.A.B. de C.V.,
                   Avenida Revolucion 1780 Modulo 2
                   Mexico D.F.
                   Mexico 03730
                   Colonia San Juan, Mexico

Chapter 15 Case No.: 10-13750

Type of Business: The Debtor is a leading retailer in Mexico which
                  operates about 215 stores and 75 restaurants.

Chapter 15 Petition Date: July 16, 2010

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

Judge: Stuart M. Bernstein

Debtor's Counsel: Gary Kaplan, Esq.
                  Fried Frank Harris Shriver & Jacobson
                  One New York Plaza
                  New York, NY 10004
                  Tel: (212) 859-8812
                  Fax: (212) 859-8583
                  E-mail: gary.kaplan@ffhsj.com

Estimated Assets: more than $1 billion

Estimated Debts: more than $1 billion

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


CORRELOGIC SYSTEMS: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Correlogic Systems, Inc.
        20271 Goldenrod Lane, Suite 2070
        Germantown, MD 20876

Bankruptcy Case No.: 10-25974

Chapter 11 Petition Date: July 16, 2010

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

Judge: Wendelin I. Lipp

Debtor's Counsel: James A. Vidmar, Jr., Esq.
                  Logan, Yumkas, Vidmar & Sweeney LLC
                  2530 Riva Road, Suite 400
                  Annapolis, MD 21401
                  Tel: (443) 569-5977
                  Fax: (410) 571-2798
                  E-mail: jvidmar@loganyumkas.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/mdb10-25974.pdf

The petition was signed by Peter J. Levine, president and CEO.


CORUS BANKSHARES: Committee Seeks to Retain Attorneys, Advisors
---------------------------------------------------------------
The Official Committee of Unsecured Creditors appointed in the
Chapter 11 cases of Corus Bankshares, Inc., is seeking approval
from the U.S. Bankruptcy Court to retain Kilpatrick Stockton LLP
as lead counsel, FTI Consulting, Inc. as financial advisors, and
Neal, Gerber & Eisenberg, LLP as local counsel, netDocketsBlog
reports.

According to the report, U.S. Trustee appointed the Committee on
June 28, 2010.  The members of the Committee are:

   -- U.S. Bank, N.A. as Indenture Trustee for Corus Statutory
      Trusts I, III & V

   -- The Bank of New York Mellon Trust Company, N.A., as
      Indenture Trustee for Corus Statutory Trust II, IV, VI, VIII
      & IX

   -- Wilmington Trust Company, as Indenture Trustee for Corus
      Statutory Trusts VII, X & XIII

   -- Wells Fargo Bank, N.A., as Indenture Trustee for Corus
      Statutory Trust XII Bank of America, N.A. as Indenture
      Trustee for Corus Statutory Trust XI

The report notes that the Committee's application asserts that
Kilpatrick Stockton is uniquely positioned to represent creditors
in the Corus Bankshares case due to its Creditors' Committee
representations in the In re BankUnited Financial Corporation, et
al., and In re NetBank, Inc. bankruptcy cases.  Both such cases
"similarly involve the chapter 11 filings of bank holding
companies for failed subsidiary banks," the report says.

Kilpatrick Stockton, the report adds, has also represented
Wilmington Trust since September 2009 in relation to its claims
against Corus (the firm ceased representing Wilmington Trust when
it was selected as proposed Committee counsel).

BankruptcyData.com reports that the Creditors Committee is
retaining Kilpatrick Stockton (Contact: Todd C. Meyers) at these
hourly rates:

    * partner at $375 to $780,
    * counsel at $310 to $725,
    * associate at $175 to $465,
    * paralegal at $120 to $265.

According to BData, FTI Consulting (Contact: Samuel Star) will
charge the Debtor's estate with these hourly rates:

    * senior managing director at $775 to $885,
    * director / managing director at $585 to $725,
    * consultant / senior consultant at $305 to $515,
    * administrative / paraprofessional at $110 to $250.

Neal, Gerber & Eisenberg (Contact: Mark A. Berkoff) will charge at
hourly rates ranging from $140 to 795.

                    About Corus Bankshares

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

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

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

                       About Corus Bankshares

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

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

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


COZUMEL CARIBE: Drop in Tourists, Devaluation Cue Ch. 15 Filing
---------------------------------------------------------------
Cozumel Caribe SA, a Mexican provider of tourism services at a
beachfront hotel in Cozumel, filed for Chapter 15 bankruptcy
protection Tuesday before the U.S. Bankruptcy Court for the
Southern District of New York.

Jacqueline Palank at Dow Jones Daily Bankruptcy Review reports
Cozumel Caribe blamed its bankruptcy filing on the "drastic" drop
in foreign tourists visiting the Hotel Park Royal Cozumel, from
where the company operates.

"The recent world recession and crisis in the Mexican tourism
sector has brought about a reduction in the flows of cash required
to cover the costs and expenses of operating tourism-related
businesses," Agustin Garcia Bolanos Cacho, chairman of Cozumel
Caribe's board of directors, said in court papers, according to
Dow Jones.

The report continues that the crisis Mr. Cacho was referring to
includes the devalution of the Mexican peso and last year's H1N1
flu epidemic.  Mr. Cacho also noted that more tourists were
staying home in light of rampant drug violence, the topic of many
recent U.S. news reports.

Dow Jones reports the company said that although it took such
emergency steps as reducing its staff and operating costs,
negotiating better trade conditions with its suppliers and trying
to create new business plans, it found itself strapped for cash
when its lenders decided to withhold funds.

According to Bloomberg, Cozumel Caribe reported more than $100
million in debts and assets of more than $10 million in its
bankruptcy petition.


DAYBREAK OIL: Posts $385,700 Net Loss in Q1 Ended May 31
--------------------------------------------------------
Daybreak Oil and Gas, Inc., filed its quarterly report on Form
10-Q, reporting a net loss of $385,696 on $193,051 of revenue for
the three months ended May 31, 2010, compared with a net loss of
$868,156 on $32,273 of revenue for the three months ended May 31,
2009.

The Company's balance sheet at May 31, 2010, showed $2,998,576 in
assets, $2,230,181 of liabilities, and $768,395 of stockholders'
equity.

The Company has incurred net losses since inception, and as of
May 31, 2010, has an accumulated deficit of $21,576,858, which
raises substantial doubt about its ability to continue as a going
concern.

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

               http://researcharchives.com/t/s?66b3

Daybreak Oil and Gas, Inc. (OTC BB: DBRM)
-- http://www.daybreakoilandgas.com/-- is an independent oil and
natural gas exploration, development and production.  The Company
currently has a revenue interest in nine producing wells in its
East Slopes Project located in Kern County, California.  The
Company was formerly known as Daybreak Mines, Inc. and changed its
name to Daybreak Oil and Gas, Inc. in October 2005 as a result of
its business focus shift from mineral exploration to oil and
natural gas exploration.  Daybreak Oil and Gas, Inc. was
incorporated in 1955 and is based in Spokane, Washington.


DBSI INC: Liquidating Chapter 11 Plan Consolidates Creditors
------------------------------------------------------------
Bill Rochelle at Bloomberg News reports that the Chapter 11
trustee for DBSI Inc. and the Official Committee of Unsecured
Creditors jointly filed a liquidating Chapter 11 plan on July 16
along with an explanatory disclosure statement.  The disclosure
statement predicts an 18.5% recovery for many creditors.

According to the report, the trustee filed a motion in January for
substantive consolidation of all the DBSI companies.  He concluded
that the company was managed with disregard for "corporate
separateness," such that money was moved around as needed to keep
the shell game alive.  The plan therefore treats all creditors
alike, regardless of whether they hold claims for notes or bonds
or thought they were supposed to be tenants in common in specified
properties.
Bankruptcy Law360 reports that DBSI's trustee aims to set up
liquidation trusts.

                          About DBSI Inc.

Headquartered in Meridian, Idaho, DBSI Inc. and its affiliates
were engaged in numerous commercial real estate and non-real
estate projects and businesses.  On November 10, 2008, and other
subsequent dates, DBSI and 180 of its affiliates filed for Chapter
11 protection (Bankr. D. Del. Case No. 08-12687).  Lawyers at
Young Conaway Stargatt & Taylor LLP represent the Debtors as
counsel.  The Official Committee of Unsecured Creditors tapped
Greenberg Traurig, LLP, as its bankruptcy counsel.  Kurtzman
Carson Consultants LLC is the Debtors' notice claims and balloting
agent.  When the Debtors sought protection from their creditors,
they estimated assets and debts between $100 million and $500
million.  Joshua Hochberg, a former head of the Justice Department
fraud unit, served as an Examiner and called the seller and
servicer of fractional interests in commercial real estate an
"elaborate shell game" that "consistently operated at a loss" in
his report released in Oct. 2009.  On Sept. 11, 2009, the
Honorable Peter J. Walsh entered an Order (Doc. 4375) appointing
James R. Zazzali as Chapter 11 trustee for the Debtors' estates.


DIVISION PROPERTIES: Section 341(a) Meeting Scheduled for Aug. 9
----------------------------------------------------------------
The U.S. Trustee for Region 20 will convene a meeting of Division
Properties, L.L.C.'s creditors on August 9, 2010, at 3:00 p.m.
The meeting will be held at 215 Dean A. McGee Avenue, Room 119,
Oklahoma City, OK 73102.

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.

Oklahoma City, Oklahoma-based Division Properties, LLC -- dba
Winslow Glen Apartments and Remington Apartments -- filed for
Chapter 11 bankruptcy protection on July 9, 2010 (Bankr. W.D.
Okla. Case No. 10-14203).  G. Rudy Hiersche, Jr., Esq., who has an
office in Oklahoma City, Oklahoma, assists the Company in its
restructuring effort.  The Company listed $11,214,424 in assets
and $6,932,342 in liabilities.


DIVISION PROPERTIES: Taps G. Rudy Hiersche as Bankr. Counsel
------------------------------------------------------------
Division Properties, LLC, has sought permission from the U.S.
Bankruptcy Court for the Western District of Oklahoma to employ G.
Rudy Hiersche, Jr., as bankruptcy counsel.

Mr. Hiersche will:

     (a) give Debtor legal advice with respect to its powers and
         duties as a debtor-in-possession in the continued
         operation of its business and management of its
         property;

     (b) prepare applications, answers, orders, reports and other
         legal papers; and

     (c) perform all other legal services for Debtor as a debtor-
         in-possession which may be necessary herein.

Mr. Hiersche will be paid $225 per hour for his services.

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

Oklahoma City, Oklahoma-based Division Properties, LLC -- dba
Winslow Glen Apartments and Remington Apartments -- filed for
Chapter 11 bankruptcy protection on July 9, 2010 (Bankr. W.D.
Okla. Case No. 10-14203).  The Company listed $11,214,424 in
assets and $6,932,342 in liabilities.


DREIER LLP: Fortress Sues Ruskin Moscou for Losses
--------------------------------------------------
Dow Jones Newswires' Chad Bray reports that investment company
Fortress Investment Group LLC sued Uniondale, N.Y.-based law firm
Ruskin Moscou Faltischek PC in state court in Manhattan on
Tuesday, alleging the firm assisted Marc Dreier in prolonging a
massive fraud.

The lawsuit, according to Dow Jones, claims Ruskin Moscou provided
"false legal opinion letters" that were used by Mr. Dreier to help
carry out a scheme to sell hundreds of millions of dollars in fake
promissory notes.  Two Fortress subsidiaries claim they lost more
than $50 million as a result.  Fortress Credit Corp. and another
Fortress subsidiary believed they were loaning more than $50
million to affiliates of a New York real-estate development
company in 2006 and in 2007.

Dow Jones relates the Fortress units entered into the transactions
proposed by Mr. Dreier in part because of three legal opinion
letters in which Ruskin Moscou purported to be the real-estate
firm's "special transaction counsel," according to the lawsuit.

"We believe the suit is baseless and look forward to complete
vindication through the judicial process," said Barbara Cerrone, a
spokeswoman for Ruskin Moscou, according to Dow Jones.

Dow Jones recalls Fortress filed a similar lawsuit against law
firm Dechert LLP last December.  Dechert has denied wrongdoing.
Dow Jones says a state judge denied Dechert's motion to dismiss
the case in June, saying its motion was "premature," according to
a transcript of the hearing.

                         About Dreier LLP

Marc Dreier founded New York-based law firm Dreier LLP --
http://www.dreierllp.com/-- in 1996.

On December 8, 2008, the U.S. Securities and Exchange Commission
filed a suit, alleging that Mr. Dreier made fraudulent offers and
sales of securities in several cities, selling fake promissory
notes to hedge and other private investment funds.  The SEC
asserted that Mr. Dreier also distributed phony financial
statements and audit opinions, and recruited accomplices in
connection with that scheme.  Mr. Dreier has been charged by the
U.S. government for conspiracy, securities fraud and wire fraud
(S.D.N.Y. Case No. 09-cr-00085-JSR).

Dreier LLP sought chapter 11 protection (Bankr. S.D.N.Y. Case No.
08-15051) on Dec. 16, 2008.  Stephen J. Shimshak, Esq., at Paul,
Weiss, Rifkind, Wharton & Garrison LLP, has been retained as
counsel.  The Debtor listed assets between $100 million and
$500 million, and debts between $10 million and $50 million in
its filing.

Wachovia Bank National Association, Sheila M. Gowan as trustee for
Dreier LLP's Chapter 11 Estate, and Steven J. Reisman as post-
confirmation representative of the bankruptcy estate of
360networks (USA) Inc. signed a petition that put Mr. Dreier into
bankruptcy under Chapter 7 on January 26, 2009 (Bankr. S.D.N.Y.
Case No. 09-10371).

Mr. Dreier, 60, pleaded guilty to fraud and other charges in May
2009.  The scheme to sell $700 million in fake notes unraveled in
late 2008.  Mr. Dreier is serving a 20-year sentence in a federal
prison in Minneapolis.


EDWARD NEWMAN: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Edward G. Newman
        1500 East Brainerd Street
        Pensacola, FL 32503

Bankruptcy Case No.: 10-31466

Chapter 11 Petition Date: July 16, 2010

Court: U.S. Bankruptcy Court
       Northern District of Florida (Pensacola)

Debtor's Counsel: C. Edwin Rude, Jr., Esq.
                  C. Edwin Rude, Jr. Attorney at Law
                  211 E. Call Street
                  Tallahassee, FL 32301-7607
                  Tel: (850) 222-2311
                  Fax: (850) 222-2120
                  E-mail: edrudelaw@earthlink.net

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

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

According to the schedules, the Debtor says that assets total
$4,109,643 while debts total $8,042,121.

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/flnb10-31466.pdf

The petition was signed by the Debtor.


EMMIS COMMS: DJD Group Holds 101,210 6.25% Preferred Shares
-----------------------------------------------------------
Don J. DeFosset and DJD Group LLLP disclosed in separate
regulatory filings on Monday that they hold 101,210 shares of
Emmis Communications Corp.'s 6.25% Series A Cumulative Convertible
Preferred Stock.  Mr. DeFosset is the general partner of DJD
Group, LLLP, which directly owns the securities.

Mr. DeFosset may be deemed to be a member of a 'group' (within the
meaning of Rule 13d-5(b) promulgated under the Securities Exchange
Act of 1934) whose voting of shares (of the 6.25% Series A
Cumulative Convertible Preferred Stock) is contractually
restricted in certain respects pursuant to a Lock-Up Agreement
among Emmis shareholders.  Collectively, those shareholders
beneficially own more than 10% of the Emmis Preferred Stock.

Mr. DeFosset himself beneficially owns less than 10% of such
stock, and he disclaims ownership of all such stock other than the
shares he beneficially owns.

                            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 COMMS: Kevan Fight Pays $300,521 for Preferred Shares
-----------------------------------------------------------
Kevan A. Fight disclosed that as of July 9, 2010, he beneficially
owned 51,000 shares of Emmis Communications Corporation's 6.25%
Series A Cumulative Convertible Preferred Stock, which are
convertible into 124,440 shares of Class A Common Stock.  The
Class A shares represent 0.37% of the shares of Class A Common
Stock outstanding.

Mr. Fight expended $300,521 of his personal funds to purchase the
51,000 Preferred Shares.  Mr. Fight is affiliated with Double
Diamond Partners LLC.

On July 9, 2010, Double Diamond Partners LLC, Zazove Aggressive
Growth Fund, L.P., R2 Investments, LDC, DJD Group LLC, Third Point
LLC, the Radoff Family Foundation, Bradley L. Radoff, and LKCM
Private Discipline Master Fund, SPC -- the Locked-Up Holders --
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
Stock against the Proposed Amendments; (2) restrict dispositions
of Preferred Stock; (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 their investment in the
Preferred Stock, in each case during the term of the Lock-Up
Agreement.  As a result of the Lock-Up Agreement, the Locked-Up
Holders may be deemed to have formed a group within the meaning of
Rule 13d-5(b) under the Act.

On May 25, 2010, Emmis executed an agreement and plan of merger,
that if consummated would result in the Company being taken
private by Mr. Smulyan.  The Merger Agreement provides for a
series of transactions, including (a) a cash tender offer for the
Company's Class A Common Stock, (b) an offer to exchange all
outstanding Preferred Shares for new 12% PIK Senior Subordinated
Notes due 2017, and (c) a solicitation of proxies to amend certain
terms of the Preferred Shares.  Adoption of the Proposed
Amendments described in the Merger Agreement requires the
affirmative vote of holders of at least 2/3 of the outstanding
Preferred Shares, voting as a separate class.

If the Locked-Up Holders are deemed to have formed a group, the
group may be deemed to collectively own 969,858 shares of
Preferred Stock, representing approximately 34.5% of the issued
and outstanding shares of Emmis Preferred Stock.

                            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 COMMS: Posts $1.5 Million Net Loss for May 31 Quarter
-----------------------------------------------------------
Emmis Communications Corporation filed its quarterly report on
Form 10-Q, reporting a net loss of $1.5 million on $60.3 million
of net revenues for the three months ended May 31, 2010, compared
with a net income of $14.1 million on $59.7 million of net
revenues for the same period a year ago.

The Company's balance sheet at May 31, 2010, showed $495.6 million
in total assets, $486.7 million in total liabilities, and $140.4
million in series A cumulative convertible preferred stock, for a
$180.4 million shareholders' deficit.

A full-text copy of the company's Form 10-Q is available for free
at http://ResearchArchives.com/t/s?66bd

                            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 COMMS: Radoff Pays $1.09 Mil. for 1.7% Preferreds Stake
-------------------------------------------------------------
The Radoff Family Foundation disclosed that as of July 19, 2010,
the Foundation beneficially owned 10,000 shares of 6.25% Series A
Cumulative Convertible Preferred Stock, $0.01 par value, of Emmis
Communications Corporation, representing 0.4% of the issued and
outstanding shares of Emmis Preferred Stock.

In addition, as of July 19, 2010, Mr. Radoff may be deemed the
beneficial owner 47,500 shares of Preferred Stock held by the
Foundation and Mr. Radoff directly, representing 1.7% of the
issued and outstanding shares of Emmis Preferred Stock.  Mr.
Radoff disclaims beneficial ownership of the shares of Preferred
Stock held by the Foundation.

As of July 19, 2010, the Foundation had invested $1,090,291.81
(inclusive of brokerage commissions) in Emmis Preferred Stock.
The source of these funds was the working capital of the
Foundation and the personal funds of Mr. Radoff.

On July 9, 2010, Double Diamond Partners LLC, Zazove Aggressive
Growth Fund, L.P., R2 Investments, LDC, DJD Group LLC, Third Point
LLC, the Radoff Family Foundation, Bradley L. Radoff, and LKCM
Private Discipline Master Fund, SPC -- the Locked-Up Holders --
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
Stock against the Proposed Amendments; (2) restrict dispositions
of Preferred Stock; (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 their investment in the
Preferred Stock, in each case during the term of the Lock-Up
Agreement.  As a result of the Lock-Up Agreement, the Locked-Up
Holders may be deemed to have formed a group within the meaning of
Rule 13d-5(b) under the Act.

On May 25, 2010, Emmis executed an agreement and plan of merger,
that if consummated would result in the Company being taken
private by Mr. Smulyan.  The Merger Agreement provides for a
series of transactions, including (a) a cash tender offer for the
Company's Class A Common Stock, (b) an offer to exchange all
outstanding Preferred Shares for new 12% PIK Senior Subordinated
Notes due 2017, and (c) a solicitation of proxies to amend certain
terms of the Preferred Shares.  Adoption of the Proposed
Amendments described in the Merger Agreement requires the
affirmative vote of holders of at least 2/3 of the outstanding
Preferred Shares, voting as a separate class.

If the Locked-Up Holders are deemed to have formed a group, the
group may be deemed to collectively own 969,858 shares of
Preferred Stock, representing approximately 34.5% of the issued
and outstanding shares of Emmis Preferred Stock.

                            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.


ENERGY FUTURE: Moody's Downgrades Default Rating to 'Ca'
--------------------------------------------------------
Moody's Investors Service downgraded the probability of default
rating for Energy Future Holdings Corp. to Ca from Caa2 and
changed the speculative grade liquidity assessment to SGL-4 from
SGL-3.  EFH's corporate family rating is affirmed at Caa1 and its
rating outlook remains negative.  Separately, Moody's affirmed the
Baa1 senior secured rating for Oncor Electric Delivery Company LLC
and its stable rating outlook.

The downgrade of the PDR reflects Moody's view that EFH's recent
debt exchange offer is a distressed exchange.  It also reflects
Moody's belief that the exchange transaction has a high likelihood
of closing.  During the exchange offer process, the Ca PDR will
prevail.  Upon closing of the exchange, the PDR will be
repositioned to reflect the limited default that will have
occurred and to consider Moody's views that future restructuring
activity is likely to continue.

"Upon closing of the exchange transaction, EFH is expected to have
reduced its total consolidated debt by almost $1 billion" said Jim
Hempstead, Senior Vice President "but Moody's incorporate a view
that additional restructuring activity is likely over the near to
intermediate term horizon".

EFH's Caa1 CFR is affirmed.  The CFR takes into consideration the
very weak financial profile, untenable capital structure,
questionable long-term business plan sustainability and material
operating headwinds, especially with respect to steadily
increasing environmental mandates.  For the twelve months ended
March 2010, the ratio of EFH's consolidated cash flow from
operations, CFO before changes in working capital and funds from
operations to total debt outstanding was approximately 5%, 3% and
2%, respectively.  In Moody's opinion, these credit metrics
indicate that EFH has very little financial flexibility.

"EFH still presents as a financially weak and fundamentally
distressed company" added Hempstead "and so its behaviors are
driven with an eye towards maximizing the option value of the
equity from a very short term perspective more heavily than
comparable peer companies."

Moody's revised EFH's speculative grade liquidity rating to an
SGL-4 from an SGL-3.  Moody's view EFH's capitalization as being
relatively complex, in part due to numerous, often inter-related,
incurrence tests and other covenants.  Moody's observe that EFH's
revised capitalization, which reflects the current exchange offer,
does little to reduce this complexity.

The SGL-4 reflects a continuing weak cash flow generating
forecast, a material reduction in cash on the balance sheet with
the proposed exchange offer, an expectation for steady erosion of
the headroom cushion associated with TCEH's secured revolver
expiring in 2013 and little, if any, un-encumbered assets (with
the exception of Oncor) as possible sources of additional
liquidity.

The new senior secured notes are primarily viewed as senior
unsecured obligations of TCEH, due to Oncor's ring-fence type
provisions.  However, the notes are secured by the stock of EFH's
intermediate subsidiary holding company, Energy Future
Intermediate Holding Company (EFIH, Caa3 senior secured notes /
negative outlook) ownership of Oncor Electric Delivery Holdings
Co. LLC.  Oncor Holdings owns approximately 80% of Oncor, the
regulated T&D utility operations.

Approximately $20 billion of EFH's total consolidated debt is
scheduled to mature in 2014.  The magnitude of this refinancing
risk represents a significant credit and liquidity issue,
primarily due to Moody's views of the current state of the bank
credit markets.  While Moody's incorporate a view that bank credit
capacity is readily available (albeit at a higher cost) for most
regulated utility operations (a positive for Oncor, whose
$2.0 billion senior secured credit facility expires in October
2013), it is unclear if capacity will be available (and at what
cost) for an entity as highly levered as EFH.  Oncor's access to
the credit markets could be negatively impacted by this potential
increase in event risk.

The negative outlook reflects Moody's continuing concerns
regarding the long-term sustainability of EFH's business model and
its untenable capital structure.  Moody's continues to believe
EFH's longer-term fundamentals remain weak and that its business
plan appears unsustainable, given current commodity price
outlooks.  Moody's concerns include: the magnitude of EFH's total
consolidated debt (almost $45 billion); significant looming
maturities in 2013 and 2014 (approximately $23 billion); a
weakening liquidity profile; the longer-term prospects for the
financial, credit and hedge counterparty markets (due to EFH's
sizeable hedging program); a noticeable acceleration of
environmentally-sensitive legislative initiatives (including
carbon and mercury) which threatens coal-fired margins and capital
investment expectations, and; the risk of incremental market
intervention in Texas.

Oncor Electric Delivery Company's Baa1 senior secured rating and
stable rating outlook are affirmed.  However, Moody's see a steady
and measured increase in Oncor's event risk profile and Moody's
incorporate a view that the regulated side of EFH's organizational
structure, which includes the intermediate subsidiary holding
company, EFIH, has been permanently levered.

While Moody's see little evidence of a direct assault on Oncor's
regulated financials or its credit profile, Moody's observe that
EFH has been slowly pursuing a strategy to create incremental
financial flexibility with respect to its indenture restrictions.
These flexibilities address certain structural challenges related
to any potential disposal of Oncor, among other provisions.
Moody's view these desired financial flexibilities as a credit
positive for the EFH and TCEH credit profiles, and a credit
negative for the credit profile of Oncor.

"Oncor's exposure to event risk continues to increase as the
ultimate parent company restructures its debt and amends its
indenture restrictions" said Hempstead.  "The flexibility
associated with executing some form of a disposal of Oncor has
increased, and Moody's incorporate a view that management will,
eventually, avail themselves of this flexibility."

Moody's last rating action for EFH occurred on November 16, 2009,
when Moody's revised EFH's PDR to Caa2 from Ca and affirmed the
Caa1 CFR and negative rating outlooks.

EFH is a large merchant generation company and retail electric
provider operating in Texas.  EFH is headquartered in Dallas,
Texas.


ENERJEX RESOURCES: Recurring Losses Cue Going Concern Doubt
-----------------------------------------------------------
EnerJex Resources, Inc., filed on July 15, 2010, its annual report
on Form 10-K for the fiscal year ended March 31, 2010.

Weaver & Martin, LLC, in Kansas City, Missouri, expressed
substantial doubt about the Company's ability to continue as a
going concern.  The independent auditors noted that the Company
has suffered recurring losses and had negative cash flows.

The Company reported a net loss of $4,948,091 on $4,856,027 of
revenue for fiscal 2010, compared with a net loss of $5,307,068 on
$6,436,805 of revenue for fiscal 2009.

The Company's balance sheet at March 31, 2010, showed $6,809,107
in assets and $14,977,607 of liabilities, for a stockholders'
deficit of $8,168,590.

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

               http://researcharchives.com/t/s?66bb

Overland Park, Kansas-based EnerJex Resources, Inc., formerly
known as Millennium Plastics Corporation, is an oil and natural
gas acquisition, exploration and development company.  The
Company's oil and natural gas acquisition and development
activities are currently focused in Eastern Kansas.


ENTRAVISION COMMUNICATIONS: Moody's Puts 'B1' Corp. Family Rating
-----------------------------------------------------------------
Moody's Investors Services affirmed the B1 Corporate Family Rating
for Entravision Communications Corporation and assigned a B1
(LGD4-51%) rating to its proposed $385 million issuance of senior
secured bonds.  The company will use proceeds primarily to repay
its existing first lien term loan (approximately $359 million
outstanding) and fund the termination of unprofitable swaps and
transaction fees.

The transaction modestly increases leverage, and Moody's
subsequently continues to consider the company as being weakly
positioned relative to the B1 CFR.  However, the extension of
maturities (to 2017 for the proposed bonds from March 2013 for the
existing term loan) mitigates refinancing risk, and Moody's
estimate cash interest expense will increase only modestly
relative to 2009 given the elimination of unfavorable swaps.
Furthermore, Moody's anticipates that the EBITDA boost from
advertising revenue related to the World Cup and elections in 2010
will enable Entravision to build cash and lower gross leverage to
the low-6x debt-to-EBITDA range for 2010.

Moody's also raised the probability of default rating, to B1 from
B2, based on the company's good pro forma liquidity profile and
its revised capital structure, which will contain both bonds and
bank debt now as compared to the existing all bank debt structure.
The transaction incorporates replacement of Entravision's existing
first lien revolver (due March 2012) with a new first lien
revolver (unrated) due in 2013.  An intercreditor agreement will
provide first-out payment priority to the revolving credit
facility lenders relative to new secured bondholders; hence,
Moody's ranks the revolver ahead of the secured bonds for the
waterfall of liabilities in Moody's Loss Given Default analysis.

The stable outlook assumes Entravision will generate positive free
cash flow and make progress on reducing leverage towards
management's stated target of 4x debt-to-EBITDA (as defined by the
company) or lower.

Moody's expects to withdraw the B1 (LGD3-31%) rating on the
existing senior secured first lien bank credit facility following
its repayment.

A summary of the actions follows.

Entravision Communications Corporation

  -- Senior Secured Bonds, Assigned B1, LGD4, 51%
  -- Corporate Family Rating, Affirmed B1
  -- Probability of Default Rating, Upgraded to B1 from B2
  -- Rating Outlook, Stable

Entravision's B1 corporate family rating reflects its presence as
a leading provider of Spanish language television in high density
and fast growing Hispanic markets, which creates good long term
growth prospects and the capacity to generate strong unlevered
free cash flow.  Entravision benefits from a somewhat more
flexible operating cost structure than most TV broadcasters since
it shares advertising time with Univision in lieu of fixed
programming payments, which, combined with its leading market
positions, supports good EBITDA margins.  The Univision agreement
results in lower revenue, but somewhat dampens the impact of
economic cyclicality on cash flow.  Nevertheless, revenue and cash
flow are vulnerable to cyclical advertising spending, and
Entravision's high leverage affords it minimal flexibility for
managing this risk.  Furthermore, event risk related to
acquisitions and cash distributions to shareholders exists over
the intermediate to longer term, although the proposed credit
agreement and bond indenture provide some protections in this
regard.

Moody's most recent rating action for Entravision occurred on
August 6, 2009, when Moody's downgraded the CFR to B1 from Ba3 and
changed the rating outlook to stable from negative.

Entravision Communications Corporation, headquartered in Santa
Monica, CA, is a diversified Spanish-language media company with
television and radio operations.  Entravision owns and/or operates
53 primary television stations and is the largest affiliate group
of both the Univision television network and Univision's
TeleFutura network.  The company also owns and operates a group of
primarily Spanish language radio stations, consisting of 48 owned
and operated stations in 19 U.S. markets.  Entravision's TV
operations generated about two-thirds of its 2009 revenue of
approximately $190 million, with the remainder from radio.


ENTRAVISION COMMUNICATIONS: S&P Affirms 'B' Corp. Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its rating outlook on
Santa Monica, Calif.-based Spanish-language media company
Entravision Communications Corp. to positive from stable.  All
ratings on the company, including the 'B' corporate credit rating,
were affirmed.

At the same time, S&P assigned the company's proposed $385 million
senior secured first-lien notes due 2017 its issue-level rating of
'B' (at the same level as the 'B' corporate credit rating).  S&P
also assigned this debt a recovery rating of '3', indicating S&P's
expectation of meaningful (50%-70%) recovery for noteholders in
the event of a payment default.

"The 'B' rating and positive outlook on Entravision reflects S&P's
expectation that leverage will remain high in 2010 as operating
performance improves, but that liquidity and financial flexibility
will be strengthened as a result of the proposed refinancing,"
explained Standard & Poor's credit analyst Michael Altberg.

Other rating factors include intense competition in Spanish-
language media, advertising pricing for Spanish-language media
that is not commensurate with its audience share compared to
English-language media, generally lower shares of political
advertising, and a more muted rebound in auto advertising than for
English-language media.  Modest positive factors that do not
offset these risks include Entravision's long-term strategic
relationship with shareholder Univision Communications Inc.,
favorable long-term trends in Hispanic media, and moderate
portfolio diversity, which a mix of TV and radio station assets
provides.

Lease-adjusted debt to EBITDA was high, at 6.5x for the 12 months
ended March 31, 2010, up from 6.1x a year ago, due to EBITDA
deterioration in 2009.  Pro forma for the transaction, lease-
adjusted debt to EBITDA increases marginally to 6.9x for the 12
months ended March 31, 2010 (or roughly 6.6x as of June 30, 2010,
based on the company's preliminary guidance) , which S&P expects
the company could reduce to the low-6x area over the next 12
months.  EBITDA coverage of cash interest was adequate at 1.7x as
of March 31, 2010.  S&P does not expect the refinancing to
significantly affect coverage, as Entravision's cost of debt was
around 10.1% due to unfavorable swap rates that expire in October
2010.  The company converted 26% of EBITDA to discretionary cash
flow for the 12 months ended March 31, 2010, which is still
healthy, but down from nearly 50% in 2007.  Discretionary cash
flow dropped 63.4% in 2009.  S&P expects this measure to improve
somewhat in 2010.


EQUITY LIFE: Case Summary & Largest Unsecured Creditor
------------------------------------------------------
Debtor: Equity Life Holdings, Inc.
        4455 East Camelback Road, C240
        Phoenix, AZ 85018

Bankruptcy Case No.: 10-21943

Chapter 11 Petition Date: July 14, 2010

Court: United States Bankruptcy Court
       District of Arizona (Phoenix)

Judge: George B. Nielsen Jr.

Debtor's Counsel: Michael G. Tafoya, Esq.
                  P.O. Box 80495
                  Phoenix, AZ 85060
                  Tel: (602) 539-2426
                  Fax: (866) 263-6419
                  E-mail: michael.tafoya@azbar.org

Estimated Assets: $1,000,001 to $100,000,000

Estimated Debts: $100,001 to $1,000,000

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

Entity                   Nature of Claim        Claim Amount
------                   ---------------        ------------
The Rocks Scottsdale      Association Fees       $40,000
27440 N. Alma School Parkway
Scottsdale, AZ 85262

The petition was signed by Vincent Goett, director.


ESTERLINE TECHNOLOGIES: Moody's Puts Ba3 Rating on $200 Mil. Notes
------------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 rating to the planned
$200 million senior unsecured notes due 2020 of Esterline
Technologies Corporation, one notch below the affirmed Ba2
corporate family rating.  Notes proceeds will fund the company's
tender offer on its existing $175 million senior subordinated
notes due 2013, pay related fees, with the remainder for general
corporate purposes.  Moody's anticipate that the new notes will
replace all the existing subordinated debt.  See Esterline's
Offering Memorandum for further details.

Moody's views the transaction as a credit positive for the company
with the transition to a more conservative, all senior-debt
capital structure.  As well, the transaction will be near neutral
to the debt balance and it will extend the company's overall debt
maturity schedule.

Despite the development being an overall positive one, the rating
on Esterline's existing senior unsecured notes due 2017 has
declined to Ba3 from Ba2.  The one notch instrument rating decline
reflects the elimination of subordinated debt in the capital
structure.

The affirmed Ba2 corporate family rating reflects a very good
liquidity profile, moderate leverage, increasing size and good
cash flow characteristics.  The positive outlook remains,
reflecting increasing diversity of aerospace and defense
technology products and stable returns.  The outlook contemplates
that the company's efforts to further integrate operating
subsidiaries should bode well for long-term competitiveness.
Higher total return would be key to rating upgrade.

The ratings are:

* Corporate family and probability of default ratings, Ba2

* $200 million senior unsecured notes due 2020 assigned Ba3 LGD 5,
  70%

* $175 million senior unsecured notes due 2017 to Ba3 LGD 5, 70%
  from Ba2 LGD 4, 57%

* $175 million senior subordinated notes due 2013, B1 LGD 5, 88%.

Moody's last rating action on Esterline occurred September 22,
2009, when the Ba2 corporate family rating was affirmed and the
rating outlook was changed to positive from stable.

Esterline Technologies Corporation, headquartered in Bellevue WA,
serves aerospace and defense customers with products for avionics,
propulsion and guidance systems.  The company operates in three
business segments: Avionics and Controls, Sensors and Systems and
Advanced Materials.  Revenues for the twelve months ending April
2010 were approximately $1.5 billion.


ESTERLINE TECHNOLOGIES: S&P Assigns 'BB' Rating on $200 Mil. Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' issue-level
rating to Esterline Technologies Corp.'s proposed $200 million
senior unsecured notes due 2020, the same as the corporate credit
rating on the company.  In addition, S&P assigned a '4' recovery
rating to the notes, indicating S&P's expectations for average
(30% to 50%) recovery in a default payment scenario.  The company
will issue the notes via SEC rule 144A with registration rights,
and will use the proceeds to refinance the outstanding
$175 million 7.75% subordinated notes due 2013.  Standard & Poor's
will withdraw the ratings on the subordinated notes once they are
paid off.

S&P is also affirming its 'BB' issue-level rating on Esterline's
outstanding $175 million 6.625% senior notes due 2017.  S&P
revised the recovery rating on these notes to '4' from '3' due to
the increased amount of debt at this level in the capital
structure following the new issuance.

The corporate credit rating on Esterline reflects the company's
exposure to the competitive and cyclical commercial aerospace
market, an active acquisition program, and modest size compared
with some competitors.  A somewhat diversified revenue base and
moderate debt leverage partly offset company risk factors.

                           Ratings List

                    Esterline Technologies Corp.

          Corp. credit rating               BB/Stable/--

                         Ratings Assigned

     Proposed $200 mil. senior unsecured notes due 2020   BB
      Recovery rating                                     4

          Rating Affirmed, Recovery Rating Revised To '4'

                                                    To      From
                                                    --      ----
  $175 million 6.625% senior notes due 2017         BB      BB
   Recovery rating                                  4       3


EVEREST HOLDINGS: New Chapter 11 Plan Swaps $90M Building Debt
--------------------------------------------------------------
Everest Holdings LLC has proposed a Chapter 11 plan that would
hand the reorganized company over to prepetition lenders owed more
than $90 million in construction loans, Bankruptcy Law360 reports.

Everest filed the latest version of its reorganization plan in the
U.S. Bankruptcy Court for the District of Colorado on Friday,
Law360 says.

Nevada, Texas-based Everest Holdings, LLC, operates a real estate
business.  It filed for Chapter 11 bankruptcy protection on
August 30, 2009 (Bankr. D. Colo. Case No. 09-27906).  Its
affiliates, EDC Denver I, LLC, and 7677 East Berry Avenue
Associates, L.P., also filed for bankruptcy.  Daniel J. Garfield,
Esq., and Michael J. Pankow, Esq., who both have offices in
Denver, Colorado, assist Everest Holdings in its restructuring
efforts.  Everest Holdings estimated $100,000,001 to $500,000,000
in assets and $50,000,001 to $100,000,000 in liabilities in its
Chapter 11 petition.


FEC RESOURCES: Posts C$1.2 Million Net Loss for 2009
----------------------------------------------------
FEC Resources, Inc., filed its annual report on Form 20-F,
reporting a net loss C$1,201,745 for the year ended December 31,
2009, compared with a net loss of C$4,237,263 for the year ended
December 31, 2008.  The Company also anticipates sustaining a loss
from operations for the fiscal year ended December 31, 2010.

The Company's balance sheet at December 31, 2009, showed
C$3,732,102 in assets, C$357,844 of liabilities, and C$3,374,258
of stockholders' equity.

"We have experienced significant operating losses and cash
outflows from operations in the years ended December 31, 2009,
2008, and 2007, and have no producing properties.  Our ability to
continue as a going concern is dependent on achieving profitable
operations and upon obtaining additional financing.  The outcome
of these matters cannot be predicted at this time."

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

               http://researcharchives.com/t/s?66ba

Calgary, Canada-based FEC Resources, Inc. was incorporated under
the laws of Alberta, Canada and is engaged primarily in the
business of exploration and development of oil and gas and other
mineral related opportunities, either directly or indirectly
through companies in which the Company invests.  The Company is
not currently directly involved in any oil and gas or mineral
related exploration activities.


FILI ENTERPRISES: Can Use Prepetition Lenders' Cash Until August 8
------------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of California
authorized, on a final basis, Fili Enterprises, Inc., to use all
of the cash generated postpetition from its business operation,
all proceeds, products, rents, offspring and profits of the
prepetition collateral.

The Debtor would use the prepetition lenders' cash collateral to
operate its business.

As adequate protection for any diminution in value of the lenders'
collateral, the Debtors will grant the prepetition lenders
replacement liens in all assets of the Debtor.

The Debtor's access to the cash collateral will terminate on
August 8, 2010, or in the occurrence of a termination event.

                    About Fili Enterprises, Inc.

San Diego, California-based Fili Enterprises, Inc., -- dba
Daphne's Greek Cafe, aka Daphne's Greek Express -- filed for
Chapter 11 bankruptcy protection on January 11, 2010 (Bankr. S.D.
Calif. Case No. 10-00324).  Brendan Collins, Esq., and Natasha
Johnson, Esq., at DLA Piper LLP (US), assist the Company in its
restructuring effort.  In its schedules of assets and liabilities,
the Company disclosed total assets of $16,723,356 and total
liabilities of $16,335,468.


FONTAINEBLEAU LAS VEGAS: Judge Orders Remedy for Lienholders
------------------------------------------------------------
A federal judge has ruled that a bankruptcy court improperly
allowed Fontainebleau Las Vegas Holdings LLC to use cash
collateral over the objections of creditors with liens on that
collateral, and ordered the bankruptcy court to fashion a remedy
for those creditors, according to Bankruptcy Law360.

                   About Fontainebleau Las Vegas

Fontainebleau Las Vegas -- http://www.fontainebleau.com/-- is
constructing a luxury resort, Fontainebleu Las Vegas, on the
northern end of the Las Vegas Strip.

Fontainebleau Las Vegas Holdings, LLC and its units filed for
Chapter 11 protection on June 9, 2009 (Bankr. S.D. Fla. Lead Case
No. 09-21481).   Scott L Baena, Esq., at Bilzin Sumberg Baena
Price & Axelrod LLP, represented the Debtors in their
restructuring effort.   The Debtors' claims agent is Kurtzman
Carson Consulting LLC.  Attorneys at Genovese Joblove & Battista,
P.A., and Fox Rothschild, LLP, represent the Official Committee of
Unsecured Creditors.  Fontainebleau Las Vegas LLC listed more than
$1 billion in debt and a similar amount in assets, while each of
Fontainebleau Las Vegas Capital Corp. and Fontainebleau Las Vegas
Holdings, LLC, listed less than $50,000 in assets and more than
$1 billion in debts.

In February 2010, Icahn Enterprises L.P. acquired from
Fontainebleau Las Vegas and certain affiliated entities, the
Fontainebleau property and improvements thereon located in Las
Vegas, Nevada, for an aggregate purchase price of approximately
$150 million.

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


FILI ENTERPRISES: To Sell Daphne's Greek to Trefethen Group
-----------------------------------------------------------
Union Tribune reports that he assets of Daphne's Greek Cafe will
be sold to a certain private investment company in August 2010.
Trefethen Advisors LLC said it expects to form a new holding
company to acquire the company's assets and infuse it with
additional capital.  Trefethen Advisors will become part of the
new ownership, which excludes owner and chief executive George
Katakalidis.

                      About Fili Enterprises

Fili Enterprises Inc., which owns the Daphne's Greek Cafe, filed
for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court
in San Diego, California (Bankr. S.D. Calif. Case No. 10-00324),
listing assets and liabilities of between $10 million and $50
million.

Fili Enterprises operates 67 Greek restaurants mostly in Southern
California.  Fili also does business under the names Daphne's
Greek Express.

Unsecured and priority creditors are owed $3.7 million. U.S.
Foodservice Inc., owed $1.1 million, is the unsecured creditor
with the largest listed claim.

Chief Executive George Katakalidis, a former professional soccer
player, founded the company in 1988.

DLA Piper LLP (US) has been tapped as counsel.


FORD MOTOR: S&P Raises Rating on Preferred Securities to 'CCC-'
---------------------------------------------------------------
Standard & Poor's Ratings Services said it has raised its rating
on Ford Motor Co. Capital Trust II's 6.5% cumulative trust
preferred securities to 'CCC-' from 'C'.  Ford recently paid
$255 million in previously deferred quarterly distributions and
resumed scheduled quarterly distribution payments beginning
July 15, 2010.  Ford had deferred payments on the 6.5% convertible
trust preferred securities since March 2009.

The corporate credit rating on Ford Motor Co. (B-/Positive/--) and
related entities reflects the multiple business and financial
risks the company faces in the competitive and highly cyclical
auto industry amid an uncertain economy.  S&P believes Ford has
made progress in its turnaround by generating positive cash flow
from automotive operations in recent quarters and in stabilizing,
if not improving, its U.S. market share.  Still, S&P believes
underlying business risks remain high.

The positive outlook means S&P could raise the corporate credit
rating if, among other things, the gradual improvement in light-
vehicle sales continues in most global markets and Ford's
prospects for generating free cash flow and profits in its
automotive manufacturing business continue to improve.

                           Ratings List

                           Ford Motor Co.

      Corporate credit rating                B-/Positive/--

                          Ratings Raised

                  Ford Motor Co. Capital Trust II

                                           To              From
                                           --              ----
    Preferred Stock                        CCC-            C


FORD MOTOR: New Director James Hance Holds 50,000 Shares
--------------------------------------------------------
James H. Hance Jr., newly appointed director at Ford Motor
Company, disclosed that he directly holds 50,000 Ford common
shares.

Ford Motor on July 8 elected Mr. Hance to the company's Board of
Directors, effective immediately.  Mr. Hance, 65, is the former
chief financial officer and former vice chairman of Bank of
America, where he retired in 2005 after 18 years with the company.
He is currently a senior adviser to the Carlyle Group.

                         About Ford Motor

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

At March 31, 2010, the Company had $191.968 billion in total
assets against $197.405 billion in total liabilities.

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.


FREMONT GENERAL: Signature Names New Management Team & Board
------------------------------------------------------------
Special situation lender and investor Signature Group Holdings,
Inc., successor to recently reorganized Fremont General
Corporation, has elected a new Board of Directors and appointed an
executive team following its successful emergence from Chapter 11
bankruptcy proceedings last month.

Signature will emphasize a business model that focuses on credit-
oriented special situation lending and investments in middle-
market companies nationally.  Prior to bankruptcy, Fremont General
Corporation was a $7 billion financial institution with interests
in banking, insurance and commercial finance; its wholly-owned
subsidiary, Fremont Investment & Loan, was one of the country's
top five originators of subprime residential loans.  When the
subprime market collapsed in 2007, Fremont General Corporation
came under pressure by regulators and elected to file for Chapter
11 bankruptcy protection in June 2008 in order to implement its
restructuring program.

Signature emerged from Chapter 11 in June 2010 under a plan of
reorganization led by Signature Group Holdings, LLC.  One of the
key features of the plan of organization was an estimated $769
million (unaudited) of federal net operating loss carry-forwards
expected to be available to offset future taxable income.

Craig Noell, 47, has been named president and CEO of Signature
Group Holdings, Inc.  Mr. Noell has served as Managing Director
and CEO of Signature Group Holdings, LLC since 2004.  Signature
operates as an investor and investment manager employing credit
driven strategies, including distressed debt investments and
special situation loan originations.

"Using the platform of the former Fremont General, we are very
excited about writing a new chapter for Signature and confident
that our new management and board slate can elevate the company
into a leader in middle-market lending and investment, a sector
that continues to be starved for capital," Mr. Noell said.  "With
our team in place, our shareholders can be confident that we have
the expertise and talent to take Signature to the next level."

John Nickoll, founder of Foothill Capital Corp., formerly the
country's largest independent commercial finance company prior to
merging with Wells Fargo, has been named Chairman of the Board of
Directors of Signature.

"Middle market lending remains one of the biggest causalities of
the economic downturn, with many providers exiting the market and
conventional lenders pulling back significantly," Mr. Nickoll
noted.  "There is a major opportunity for Signature to make an
impact in offering vital credit and investment capital for mid-
market companies, for operating purposes, mergers and
acquisitions, restructurings, and a host of special situations."

Robert A. Peiser, a veteran turnaround executive who has served as
CEO of several national companies - including Omniflight
Helicopters, Inc. and Imperial Sugar Co. - has been named Vice
Chairman and will also chair Signature's Audit Committee as
management implements a plan to bring the company back into SEC
compliance.  Mr. Peiser, who also served two separate tours as CFO
of Trans World Airlines, brings strong corporate governance
experience to his new role with Signature's board.

"The first few months following a reorganization typically
represent the most challenging period for a turnaround," Mr.
Peiser said.  "Having assembled a collegial group of experienced
veterans, who bring substantial experience in special situation
credit and commercial finance, will greatly enhance the viability
of our business model."

The rest of the board members include Mr. Noell, along with
Kenneth Grossman, Michael Blitzer, John Koral, Richard A. Rubin,
Norman Matthews and Robert Schwab.  The board has already
established various key corporate governance committees, including
audit, compensation, legal, executive and governance and
nominating committees.

Rounding out the Signature executive team are:

Kenneth Grossman, 54, a veteran turnaround professional and
distressed investor has been appointed co-Executive Vice
President.  Mr. Grossman, a former corporate lawyer, also serves
as managing director of Signature Capital Advisers, LLC, which has
entered into an interim investment management agreement with the
newly reorganized company.  Mr. Grossman has served in leadership
roles for several investment firms, including Ramius, LLC, Del Mar
Asset Management, L.P., and Alpine Associates, LP. Mr. Grossman
was responsible for evaluating new investments and managing
existing investments at each firm.

Kyle Ross, 33, has been named co-Executive Vice President along
with Mr. Grossman.  Mr. Ross has also served as a managing
director of Signature Capital Advisers, LLC, evaluating new
investments and managing existing investments.  SCA has employed
credit-driven strategies, including distressed debt investments
and special situation loan originations.

The terms of the new leadership team were outlined in a Current
Report on Form 8-K filed July 15 with the Securities and Exchange
Commission: http://biz.yahoo.com/e/100715/sggh.pk8-k.html

"We are in a great position here following the Fremont General
reorganization and installation of a first-rate leadership team to
turn Signature Group Holdings, Inc. into a serious player in
commercial finance," Mr. Grossman said.  "So many middle-market
companies are eager for funding - for expansion, for transactions,
to pay off existing debt.  We are looking forward to stepping in
with capital and expertise to help advance business recovery in
this critical segment of the economy."

                     About Signature Group

Headquartered in Sherman Oaks, CA with a presence in New York,
NY., Signature Group Holdings, LLC -- http://www.Signaturecap.com
-- is a credit-oriented special situations investor with a track
record of successfully acquiring, originating and managing debt
investments.
.

                     About Fremont General

Based in Santa Monica, California, Fremont General Corp. (OTC:
FMNTQ) -- http://www.fremontgeneral.com/-- was a financial
services holding company with $8.8 billion in total assets at
September 30, 2007.  Fremont General ceased being a financial
services holding company on July 25, 2008, when its wholly owned
bank subsidiary, Fremont Reorganizing Corporation (f/k/a Fremont
Investment & Loan) completed the sale of its assets, including all
of its 22 branches, and 100% of its $5.2 billion of deposits to
CapitalSource Bank.

Fremont General filed for Chapter 11 protection on June 18, 2008,
(Bankr. C.D. Calif. Case No. 08-13421).  Robert W. Jones, Esq.,
and J. Maxwell Tucker, Esq., at Patton Boggs LLP, Theodore
Stolman, Esq., Scott H. Yun, Esq., and Whitman L. Holt, Esq., at
Stutman Treister & Glatt, represent the Debtor as counsel.
Kurtzman Carson Consultants LLC is the Debtor's noticing
agent and claims processor.  Lee R. Bogdanoff, Esq., Jonathan S.
Shenson, Esq., and Brian M. Metcalf, at Klee, Tuchin, Bogdanoff &
Stern LLP, represent the Official Committee of Unsecured
Creditors as counsel.  Fremont's formal schedules showed
$330,036,435 in total assets and $326,560,878 in total debts.

Fremont General Corporation emerged from bankruptcy and filed
Amended and Restated Articles of Incorporation with the Secretary
of State of Nevada on June 11, 2010, which, among other things,
changed the Debtor's name to Signature Group Holdings, Inc.

Signature's plan of reorganization became effective on June 11,
2010.  As of that date Fremont General changed its name to
Signature Group Holdings, Inc.


FX REAL ESTATE: Sells Warrants to Sillerman et al.
--------------------------------------------------
On July 7, 2010, each of chairman Robert F.X. Sillerman's spouse,
Laura Baudo Sillerman; Paul C. Kanavos and his spouse, Dayssi
Olarte de Kanavos; and TTERB Living Trust purchased from FX Real
Estate and Entertainment Inc. in a private transaction exempt from
the registration requirements of the Securities Act of 1933, as
amended -- July Private Placement -- 34 units at an aggregate
purchase price of $34,000 or $1,000 per unit.  Each unit consists
of (x) one share of newly issued Series A Convertible Preferred
Shares, and (y) one warrant to purchase up to 14,869.88 shares of
Common Stock at an exercise price of $0.2018 per share -- July
Private Placement Warrants.

Mr. Sillerman and his spouse used personal funds of $34,000, Mr.
Kanavos and his spouse used personal funds of $34,000, and TTERB
used working capital of $34,000 to fund the purchase of their
units.

The July Private Placement Warrants have five-year terms and are
immediately exercisable.

A full-text copy of Sillerman et al's disclosure is available at
no charge at http://ResearchArchives.com/t/s?66bf

               About FX Real Estate and Entertainment

Based in New York, FX Real Estate and Entertainment Inc. owns and
operates 17.72 contiguous acres of land located at the southeast
corner of Las Vegas Boulevard and Harmon Avenue in Las Vegas,
Nevada.  The Las Vegas property is currently occupied by a motel
and several commercial and retail tenants with a mix of short and
long-term leases.  The first lien lenders had a receiver appointed
on June 23, 2009, to take control of the property and as a
consequence, the property is no longer being managed or operated
by the Company.

The Company's balance sheet at March 31, 2010, showed
$141.3 million in total assets and $503.7 million in total current
liabilities and zero long-term liabilities, for a total
stockholders' deficit of $362.4 million.

LL Bradford, in Las Vegas, expressed substantial doubt about the
Company's ability to continue as a going concern.  The independent
auditors noted that the Company is in default under the mortgage
loan, has limited available cash, has a working capital deficiency
and will need to secure new financing or additional capital in
order to pay its obligations.


GARLOCK SEALING: Committees Seek to Retain Professionals
--------------------------------------------------------
The Official Committee of Unsecured Creditors and the Official
Committee of Asbestos Personal Injury Claimants appointed in the
bankruptcy cases of Garlock Sealing Technologies and its
affiliates sought authority to retain professionals, netDockets
Blog reports.

According to the report, the Official Committee of Unsecured
Creditors sought authority to retain Katten Muchin Rosenman LLP as
its counsel.  The report relates that the Official Committee of
Asbestos Personal Injury Claimants sought authority to retain
Caplin & Drysdale, Chartered as counsel and Hamilton Moon Stephens
as local co-counsel.

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

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

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

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

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


GARLOCK SEALING: Opposes to Add'l Member to Asbestos Committee
--------------------------------------------------------------
Garlock Sealing Technologies LLC and its units urge the Court to
deny John D. Boyer's request to be a member of the Official
Committee of Asbestos Personal Injury Claimants, and not alter its
June 15, 2010 decision fixing the size and membership of the
Committee.

Counsel to the Debtors, Garland S. Cassada, Esq., at Robinson
Bradshaw & Hinson, P.A., in Charlotte, North Carolina, argues that
the Court has already ordered the specific appointments to the
Asbestos Claimants Committee.  Thus, Mr. Boyer's request for
appointment as member to the Asbestos Claimants Committee seeks a
modification or reversal of an earlier court order, rather than
merely a modification or reversal of act of a U.S. Trustee, which
is the relief contemplated by Section 1102(a)(4), Mr. Cassada
explains.  He asserts that Mr. Boyer's Motion presents no
arguments as to why the present composition of the Asbestos
Claimants Committee fails to provide representation of creditors.

Mr. Cassada also clarifies that the information presented by the
Debtors at a June 15, 2010 hearing on the proposed members of the
Asbestos Claimants Committee was not misleading.  Indeed, Mr.
Boyer's counsel was present at the hearing and had an opportunity
to ensure the facts presented to the Court were accurate, Mr.
Cassada contends.  Similarly, Mr. Boyer's counsel presented at the
June 15 hearing the same arguments as made in Mr. Boyer's Motion,
Mr. Cassada notes.  The Court decided that Mr. Boyer should not
serve on the Asbestos Claimants Committee based on the absence of
recent claims payments, Mr. Cassada stresses.  "Mr. Boyer's Motion
is simply a rehashing of those same arguments, and should be thus
denied for the same reasons," Mr. Cassada insists.  He adds that
any familiarity or experience with committee service of Mr.
Boyer's counsel would be duplicative of the collective familiarity
and experience of the members of the Asbestos Claimants Committee.

                 Asbestos Committee Reacts

The Asbestos Claimants Committee says it takes no position on Mr.
Boyer's Motion but urges the Court to decide on the matter.

The Asbestos Claimants Committee says it does not believe that
the addition of one member to its ranks would present any
significant difficulty by reason of producing an even number of
members in total.  However, the Asbestos Claimants Committee
notes that, with the Debtors not filing any written objection
before the June 15 hearing, it was not appropriate for the
Debtors' counsel to attack at that hearing the bona fides of any
claimant or claimant's counsel.

By failing to give notice of their position, the Debtors placed
Mr. Boyer and his counsel at a disadvantage, Travis Moon, Esq.,
at Hamilton Moon Stephens Steele & Martin, PLLC, in Charlotte,
North Carolina, counsel to the Asbestos Claimants Committee,
relates.

                      About Garlock Sealing

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

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

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

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

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


GARLOCK SEALING: Wins Final Nod to Sell in the Ordinary Course
--------------------------------------------------------------
Garlock Sealing Technologies LLC is a subsidiary of Coltec
Industries Inc, which has dozens of direct and indirect operating
subsidiaries worldwide -- the affiliated entities.

The Affiliated Entities primarily (i) produce engineered products,
many of which are incorporated into other Affiliated Entities'
products or sold by other Affiliated Entities in their local
markets or (ii) distribute the products.

Before the Petition Date, and in the ordinary course of its
businesses, Garlock sold and purchased various finished and
unfinished goods from Affiliated Entities, including without
limitation, certain of its direct and indirect subsidiaries.

"These sales and purchases are necessary to supply customer demand
in Garlock's and other Affiliated Entities' respective markets,"
says John R. Miller, Jr., Esq., at Rayburn Cooper & Durham, P.A.,
in Charlotte, North Carolina.  "In general, Garlock sells products
to Affiliated Entities that these companies are incapable of
manufacturing, but for which there is demand in their markets; and
purchases products from Affiliated Entities that Garlock cannot
produce, but for which there is customer demand in its markets."

In most cases, Mr. Miller continues, the products sold and
purchased are not available from other sources and, therefore, the
continued ability to sell and purchase these goods is critical to
the continued success of both Garlock and the other Affiliated
Entities.

In 2009, Garlock sold approximately $10,708,000 in goods to
Affiliated Entities, and purchased approximately $11,752,000 in
goods from Affiliated Entities.  These amounts are likely to
fluctuate in 2010 and beyond according to increases or decreases
in total sales to outside customers of Garlock and other
Affiliated Entities, Mr. Miller says.

The products are sold and purchased at prices that Garlock
reasonably believes approximate arm's-length pricing, taking into
consideration:

    (i) sales volumes;

   (ii) Affiliated Entities' efforts to increase market share
        for Garlock's products;

  (iii) the independent sales and marketing burden carried by
        the purchasing Affiliated Entities;

   (iv) inventory volume carried by Affiliated Entities; and

    (v) the value added to the products sold by the purchasing
        Affiliated Entities.

Additionally, Garlock on occasion provides certain services,
including research and development, information technology,
accounting and finance and managerial services to other Affiliated
Entities for which Garlock charges the other Affiliated Entities
based on resource allocation.

Payment for purchases and sales of goods and for services provided
by Garlock to Affiliated Entities are paid each month through a
multilateral netting system, which has been outsourced to and is
managed by Bank of America-Dublin.

The Netting System is typical of settlement mechanisms commonly
used by multi-national companies to pay for goods and services
purchased from affiliated companies, particularly where payments
are being made from or to foreign affiliates, necessitating
multiple currency conversions, Mr. Miller notes.

All payables to Affiliated Entities are input to the Netting
System by Garlock and other Affiliated Entities at the beginning
of each netting cycle; each intercompany payable generates an
offsetting intercompany receivable.  All obligations are reviewed
and confirmed by Garlock and all other Affiliated Entities prior
to the monthly Netting System settlement.  Upon receiving
confirmation and approval, BofA-Dublin calculates the net amount
owed or due Garlock and each other Affiliated Entity, at which
time each Netting System participant pays or receives the net
amount of its intercompany trade in its own currency.

According to Mr. Miller, the Netting System is only open for the
input of payables for a limited time each month; it was opened for
the input of payables on June 10, 2010, and will be open for
settlement on June 30, 2010.

The last settlement date was on May 27, 2010, at which time all
payables were paid under the procedures of the Netting System.
Therefore, as of the Petition Date, no Garlock payables are
pending within the Netting System, enabling Garlock to ensure no
prepetition claims of Affiliated Entities will be paid through the
Netting System without Court authority.

Against this backdrop, the Debtors sought and obtained a final
order confirming Garlock's ability to continue its prepetition
practice of buying and selling goods from and to other Affiliated
Entities including, without limitation, its wholly owned
subsidiaries, and making or receiving payments through the Netting
System.

The Court further held that nothing in the Order will be deemed to
permit the Debtors to pay any prepetition claim of any Affiliated
Entity unless expressly authorized by a Court order, including any
order granting the administrative and reclamation procedures
motion, the payroll and benefits motion or the services agreements
motion.

                      About Garlock Sealing

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

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

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

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

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


GARLOCK SEALING: Wins Nod to Continue Parent Services Deals
-----------------------------------------------------------
Garlock Sealing Technologies LLC and its debtor-affiliates won
final approval to perform under their services agreement with
EnPro Industries, Inc., and Coltec Industries Inc.

As of June 1, 2010, Garlock Sealing Technologies LLC and Garrison
Litigation Management Group Ltd. each entered into separate
services agreement with the Parent in order to formalize their
relationships with the Parent.  The salient terms of the Services
Agreements are:

(1) Services performed by employees of the Parent.  The Parent
     provides certain operation and financial process
     engineering and management, information technology, human
     resources, supply chain management, legal, strategic
     planning and business development, environmental health and
     safety, taxation and treasury and cash management functions
     to Garlock and Garrison on an as-needed basis.

(2) Insurance Coverage.  Almost all of Garlock and Garrison's
     insurance needs are met through coverage under certain of
     the Parent's insurance policies.  The Parent pays the
     premiums for, or, as applicable, the claims under, the
     Insurance Coverages and then charges a portion of the
     actual cost of each coverage to its subsidiaries, including
     Garlock.

(3) Certain Payroll and Benefits.  The Parent pays, on Garlock
     and Garrison's behalf, certain payroll and benefit
     obligations of the Debtors.  The Payments fall into these
     categories:

     -- The parent makes payments directly to third-party
        providers for certain payroll obligations of the
        Debtors; contributions to retirement savings and
        obligations of the Debtors arising from certain employee
        benefit plans sponsored by the Debtors for their
        employee.

     -- The parent offers certain employee benefit plans in
        which eligible employees of Garlock and Garrison are
        permitted to participate.  These plans include health
        insurance plans, life insurance, long-term disability
        insurance, accidental death and dismemberment insurance,
        workers compensation insurance, 401(k) plans, defined
        benefit plans, deferred compensation plans, bonus and
        incentive plans and employee assistance plans.

A full-text copy of the Services Agreements is available for free
at http://bankrupt.com/misc/Garlock_ServicesPacts.pdf

Garlock also provides Garrison with a lien of credit up to
$200 million for working capital purposes pursuant to a
$200 million Revolving Note between Garlock and Garrison.  Under
the Garrison Services Agreement, Garrison will accrue liability to
the Parent for an annual charge of $100,000 for the services under
the Insurance Coverages and the Payments made by the Parent on
behalf of Garrison during the calendar year.  Under the Garlock
Services Agreement, Garlock will accrue liability for amounts due
to the Parent for the Garlock Services, Insurance Coverages and
Payments provided by the Parent during the calendar year.
Garlock pays the Parent through certain procedures and does not
foresee any likely scenario in which it would be required to pay
cash to the Parent for any annual charge under the Services
Agreement.

John R. Miller, Jr., Esq., at Rayburn Cooper & Durham, P.A., in
Charlotte, North Carolina, asserts that the Debtors rely on the
Parent for the provision of the Services, the Insurance Coverages
and the Payments.  The uninterrupted continuation of the Services
provided to the Debtors under the Services Agreements is critical
for a smooth transition into the Debtors' Chapter 11 cases, he
maintains.

                   Asbestos Committee's Response

Prior to entry of the final order, the Official Committee of
Asbestos Personal Injury Claimants said that at this time, it does
not object to Garlock Sealing Technologies, LLC and its debtor
affiliates' request to assume two services agreements entered with
EnPro Industries, Inc. and Coltec Industries Inc.

Counsel to the Asbestos Claimants Committee, Travis W. Moon, Esq.,
at Hamilton Moon Stephens Steele & Martin, PLLC, in Charlotte,
North Carolina -- tmoon@lawhms.com -- tells the Court that the
Asbestos Claimants Committee has not yet had the opportunity to
investigate any prepetition transactions among the Debtors and
their affiliates.

Against this backdrop, the Asbestos Claimants Committee reserves
its rights to:

  (i) examine the Parent Services Agreements and the
      circumstances of their execution as well as to examine all
      prepetition transactions among the Debtors and their
      affiliates; and

(ii) seek leave of the Court to pursue any avoidance, turnover,
      state law claims or other claims that may emerge from that
      review.

                      About Garlock Sealing

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

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

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

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

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


GARLOCK SEALING: Wins Nod to Honor Obligations to Sales Agents
--------------------------------------------------------------
Certain outside sales representatives located throughout the U.S.
promote and market Garlock Sealing Technologies, LLC's
manufacturing products for sale to customers.  Garlock pays the
Sales Reps a monthly commission based on their sales success from
the previous month.

On June 23, 2010, the Debtors made several inadvertent payments to
the Sales Reps for their sales commissions earned in May, totaling
$63,578.  The inadvertent payments are:

                                                Remaining
      Sales                 Inadvertent       Prepetition
      Representative            Payment           Balance
      --------------        -----------       -----------
      Paul Ernst              $10,241            $1,455
      Bob Coleates            $14,775            $2,388
      Intecx LLC               $5,091            $1,207
      Dick Pearson            $18,396            $1,398
      Paul Sachs              $11,940            $1,823
      Jerry Dickson            $3,133              $379

Shelley K. Abel, Esq., at Rayburn Cooper & Durham, P.A., in
Charlotte, North Carolina, tells the Court that the Inadvertent
Payments were made in error due to a misunderstanding by certain
employees of the Debtors regarding the Employee Obligations Order.
The Debtors were unable to put a stop on the Inadvertent Payments
because most were paid by ACH transactions or had otherwise
cleared Garlock's account at the time the error was discovered,
she relates.  The Debtors also owe additional accrued but unpaid
prepetition obligations to the Sales Reps for their services
during the few days of June before the Petition Date, totaling
$8,652.

According to the Debtors, the Sales Reps' services are integral to
the continued success of Garlock's enterprise, and the loyalty and
dedication of the Sales Reps are essential to the Debtors' efforts
to preserve and maximize the value of their businesses and assets.

Accordingly, the Debtors sought and obtained the Court's approval
to:

  (i) ratify the Inadvertent Payments; and

(ii) authorize them to pay additional prepetition amounts owing
      to the Sales Reps in a timely manner.

Ms. Abel states that Section 507(a)(4)(B) of the Bankruptcy Code
provides that claims for sales commissions earned within 180 days
before the Petition Date have priority to the extent of $11,725
per individual corporation with only one employee.  With respect
to Paul Sachs, Dick Pearson, and Bob Coleates, who each received
Inadvertent Payments exceeding $11,725, the higher commissions
earned are a reflection of greater contribution of these Sales
Reps for the Debtors' sales, she points out.

Ms. Abel stresses that the commissions earned from the Debtors
represent more than 75% of the Sales Reps' incomes, except for
Intexc LLC.

                      About Garlock Sealing

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

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

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

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

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


GENCORP INC: Directors Receive Shares as Retainer Fees
------------------------------------------------------
Effective March 24, 2010, the Board of Directors of GenCorp Inc.
approved a new Director Compensation Program which allows
Directors to receive GenCorp common stock in lieu of their cash
compensation.  On July 15, 2010, the Company's directors received
shares of common stock in lieu of annual cash retainer fees.

Also pursuant to the new Director Compensation Program, if a
Director elects to receive common stock in lieu of at least 50% of
his cash compensation, the Company will grant restricted shares
equal in value to 50% of the amount of cash compensation he elects
to receive in common stock.  The restricted shares will vest on
the earlier of (i) the date of the Director's retirement from the
Board, and (ii) one year after the grant date.  On July 15, 2010,
the directors also received restricted shares.

Thomas A. Corcoran disclosed received 1,302 shares in lieu of
annual cash retainer fees; and 651 restricted shares.  The deals
raised his stake to 27,265 common shares.

David A. Lorber disclosed received 2,604 shares in lieu of annual
cash retainer fees; and 1,302 restricted shares.  The deals raised
his stake to 39,324 common shares.

James H. Perry disclosed received 2,604 shares in lieu of annual
cash retainer fees; and 1,302 restricted shares.  The deals raised
his stake to 38,324 common shares.

Martin Turchin disclosed received 2,604 shares in lieu of annual
cash retainer fees; and 1,302 restricted shares.  The deals raised
his stake to 37,032 common shares.  Mr. Turchin may also be deemed
to indirectly hold 12,500 shares through various trusts.

Warren G. Lichtenstein disclosed received 2,604 shares in lieu of
annual cash retainer fees; and 1,302 restricted shares.  The deals
raised his stake to 34,451 common shares.  He may also be deemed
to indirectly hold 4,055,737 shares through Steel Partners II,
L.P.  Mr. Lichtenstein serves as the manager of Steel Partners
LLC, the manager of Steel Partners II.

James R. Henderson disclosed received 5,208 shares in lieu of
annual cash retainer fees; and 2,604 restricted shares.  The deals
raised his stake to 52,070 common shares.

                        About GenCorp Inc.

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

The company's balance sheet at May 31, 2010, showed $963.4 million
in total assets and $1.2 billion in total liabilities, for a
$246.6 million total stockholders' deficit.

                           *     *     *

On March 26, 2010, Moody's Investors Service upgraded both GenCorp
Inc.'s Corporate Family Rating to B2 from B3 and Probability of
Default ratings to B2 from Caa1.  In addition, the senior secured
credit facilities were upgraded to Ba2 from Ba3, as well as the
convertible subordinated notes to Caa1 from Caa2.  The 9-1/2%
senior subordinated notes were confirmed at B1.

On January 22, 2010, Standard & Poor's Ratings Services raised
its ratings of GenCorp Inc. to B- from CCC+ and removed all
ratings from CreditWatch.


GENERAL GROWTH: American High-Income Leaves Creditors Committee
---------------------------------------------------------------
Pursuant to Section 1102 of the Bankruptcy Code, Tracy Hope Davis,
Acting United States Trustee for Region 2, removed on
July 15, 2010, American High-Income Trust as member of the
Official Committee of Unsecured Creditors in General Growth
Properties, Inc., and its debtor-affiliates' Chapter 11 cases.

The existing members of the Committee are:

* Eurohypo AG, New York Branch
* The Bank of New York Mellon Trust Co.
* Wilmington Trust
* Taberna Capital Management, LLC
* Macy's Inc.
* Millard Mall Services, Inc.
* Luxor Capital Group, LP
* M&T Bank
* HSBC Trust Company (Delaware), N.A.

                     About General Growth

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

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

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


GENERAL GROWTH: Emergence to End Uncertainty for Maryland Malls
---------------------------------------------------------------
General Growth Properties, Inc., owner of most malls in Baltimore,
Maryland, intends to emerge from bankruptcy this year under a
restructuring plan that analysts say would put the company in a
stronger position to attract new tenants and reinvest in faltering
properties, Andrea K. Walker of The Baltimore Sun relates.

GGP's emergence from bankruptcy ends uncertainty over who would
own GGP's Maryland properties, including Harborplace, The Gallery,
Mall of Columbia, Towson Town Center, Mondawmin Mall, White Marsh
Mall, and Cross Keys, Ms. Walker notes.

"GGP is coming out of bankruptcy as a company with significantly
lower debt that it better capitalized and more focused," Nate
Isbee, an analyst at Baltimore-based Stifel Nicolaus, was quoted
by The Baltimore Sun as saying.  Mr. Isbee and other analysts,
however, clarify that the impact on Baltimore-area malls may be
minimal or largely unnoticeable to consumers, Ms. Walker states.

"Ultimately, the fact that GGP is going to survive and now has
some financial backing to move the company forward has got to be
good for the malls," George Whalin, founder of California-based
Retail Management Consultants, commented, Ms. Walker notes.
However, Mr. Walker adds that GGP executives are going to divest
themselves of some of those malls that are not profitable.

In a related Baltimore Sun report, Capmark Finance Inc. and
certain lenders to Baltimore-based Towson Commons LLC, initiated
foreclosure proceedings in Baltimore County Circuit Court, as GGP
agreed to turn over management responsibility to Jones Lang
LaSalle.  Capmark said in a court filing that it holds two loans
totaling $66 million, Baltimore Sun relates.

In separate news, Dennis Curtis, general manager of Bellis Fair,
said he will be leaving his position at the mall to a similar
position at Clackamas Town Center in Portland, Oregon, The
Bellingham Herald relates.  Both malls are owned by GGP, The
Bellingham Herald adds.

                     About General Growth

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

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

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


GENERAL GROWTH: Hughes Heirs Objects to Claims Estimation
---------------------------------------------------------
To recall, General Growth Properties Inc. and its units are asking
the Court to estimate seven unliquidated and duplicative claims
filed by these parties:

   Claimant                   Claim Nos.
   --------                   ----------
   "Hughes Heirs"          7054, 7635, 7635, 7692 and 7892
   Harold Morse                  5266
   James Lpatton, Jr             6524

"Despite the Debtors' sole focus on Summerlin in the Estimation
Motion, there remains other significant assets under a 1996
Contingent Stock Agreement executed by General Growth Properties,
Inc., as successor to The Rouse Company, that must be valued to
determine the amount of a Final Valuation Date Payment," Platt W.
Davis III, David G. Elkins and David R. Lummis, the CSA
representatives, tell the Court.

The other CSA Assets that remain subject to valuation include the
Hughes Heirs' participation rights relating to several properties
in Summerlin North, Summerlin West, and Summerlin South, Steven
T. Hoort, Esq., at Ropes & Gray LLP, in New York, counsel to the
Hughes Heirs, asserts.  The Debtors have not provided PGP
Valuation, Inc., appraiser to the Hughes Heirs, or the Hughes
Heirs with any information regarding the valuation of those other
CSA Assets, he complains.

The Debtors also failed to address the various claims of the
Hughes Heirs, Mr. Hoort further complains.  The proofs of claim
filed by the Representatives also included claims for (i) a final
ECF Sharing Payment for the six-month period ended December 31,
2009; (ii) $3,454,000 for underpayments with respect to three
previous ECF Sharing Payments, together with dividend adjustments
and late payment interest; and (iii) reimbursement of improvement
costs and miscellaneous other items, he says.

For those reasons, no justification exists to deny the Hughes
Heirs their contractual rights under the CSA, including the
determination of the Final Valuation Date Payment pursuant to the
Appraisal Panel Process, Mr. Hoort argues.  "In light of the
strong federal policy in favor of arbitration, any dispute
regarding the claims of the Hughes Heirs under the CSA must be
submitted to arbitration in accordance with the dispute
resolution provisions of the CSA," he insists.

               Fairholme, Equity Committee Comment

Fairholme Capital Management, LLC, supports the Estimation Motion
asserting that "[t]he Hughes Heirs should not be permitted to
delay the Debtors' exit from bankruptcy by having critical
bankruptcy issues decided by arbitration rather than the Court."

On behalf of the Official Committee of Equity Security Holders,
John J. Jerome, Esq., at Saul Ewing LLP, in New York, insists that
the Estimation Motion sets forth a reasonable valuation proposal
that can be accomplished in a timely manner, within the proposed
plan confirmation timeline, and with the participation of all
interested parties with the right to be heard -- the Debtors, the
CSA Representatives, and the Equity Committee, on behalf of
current common equity holders.

Contrary to the Hughes Heirs' assertion, the CSA process is not
actually arbitration, but a sequential exercise that may involve
mediation, arbitration and litigation, which will dangerously
prolong the bankruptcy process, Mr. Jerome asserts.  The Hughes
Heirs simply cannot escape the Court's involvement in the claims
allowance process, he maintains.

                    Debtors Object Lift Stay

The Debtors urge the Court to deny the unnecessary and untimely
Lift Stay Motion of the "Hughes Heirs" because determination of
the Debtors' obligations is best accomplished by the Court in a
process where all interested parties can be heard and the Court
can control the pace of proceedings to ensure timely resolution.

Hughes Heirs refer to representatives and holders under a 1996
Contingent Stock Agreement executed by General Growth Properties
Inc., as successor to The Rouse Company.

The Debtors expect that the panel appraisal and arbitration
process proposed by the Hughes Heirs would take at least 224 days
to complete, Adam P. Strochak, Esq., at Weil, Gotshal & Manges
LLP, in New York, points out.  The panel appraisal alone likely
would require at least 90 days, running up against the
confirmation hearing on GGP's July 12, 2010, Joint Plan of
Reorganization expected to occur this October 2010, he stresses.

"The value of the Hughes Heirs Obligations is a gating issue for
confirmation of GGP's July 12, 2010 Joint Plan of Reorganization,"
Mr. Strochak emphasizes.  He notes that the Debtors have used the
bankruptcy claims resolution process and will resolve the bulk of
disputed claims in the ordinary course of business or in non-
bankruptcy forums.  However, the Hughes Heirs Obligations are
different and seek significant value that will under the July 13
Plan and the Investment Agreements, dilute the value of the stock
to be delivered to existing shareholders, he points out.

While Summerlin is a complex asset, bankruptcy courts regularly
value complex properties in many contexts and there is nothing so
remarkable about this asset that the Court cannot make a
determination of its value after hearing testimony from the
parties' appraisers, Mr. Strochak insists.  Moreover, the Hughes
Heirs have not and cannot demonstrate cause to lift the automatic
stay listed in In re Sonnax Indus. Inc., 907 F.2d 1280, he argues.
Among others, the relief in the Lift Stay Motion would not result
in a complete resolution of the issues, he maintains.

              Equity Committee Agrees with Debtors

Counsel to the Official Committee of Equity Security Holders, John
J. Jerome, Esq., at Saul Ewing LLP, in New York, reminds the Court
that the investors who are funding the July 12 Plan require that
the Debtors' obligations to the Hughes Heirs under the CSA be
resolved as a condition to closing.  This obligation to close
terminates in less than five months, he stresses.  The Hughes
Heirs waited for almost eight months to file the Lift Stay Motion
-- until the eve of the filing of the July 12 Plan -- in order to
gain untoward leverage in an attempt to settle their disputes, he
contends.

"The Hughes Heirs' history of litigation is well known to the
Court and the Hughes Heirs' attempt at further tactical litigation
should not be permitted to interfere with the now unfolding
confirmation process and their request for automatic stay relief
should be denied," the Equity Committee tells the Court.

                     About General Growth

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

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

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


GENERAL GROWTH: Registers $2.15 Bil. in Exchangeable Notes
----------------------------------------------------------
General Growth Properties, Inc., reported that its subsidiary, New
GGP, Inc., filed a registration statement on Form S-11 with the
U.S. Securities and Exchange Commission relating to a proposed
offering of up to $2,150,000,000 aggregate principal amount of
Mandatorily Exchangeable Notes due 2011, according to a July 15,
2010 public statement.

Upon GGP's emergence from bankruptcy, which will occur after
completion of the 2011 Notes offering, New GGP will become the
indirect parent corporation of GGP.

The 2011 Notes will be exchangeable for shares of New GGP's common
stock, subject to certain conditions, including the consummation
of GGP's July 12, 2010 Joint Plan of Reorganization.  Proceeds of
the offering, which is subject to the approval of Judge Allan L.
Gropper of the U.S. Bankruptcy Court for the Southern District of
New York, would be used to replace a portion of the commitments to
fund GGP's Plan from affiliates of Fairholme Fund, Inc., Pershing
Square II, L.P. and Teachers Retirement System of Texas.

                     Terms of 2011 Notes

New GGP expects to pay $153,295 as a registration fee of the 2011
Notes, which fee is estimated solely for the purpose of
calculating the registration fee pursuant to Rule 457(o) under the
Securities Act.

The 2011 Notes will be issued under an indenture to be entered
into upon closing of the offering.

The 2011 Notes will mature on January 31, 2011, unless earlier
redeemed or exchanged.  The 2011 Notes will accrue interest at a
rate equal to (i) 0.5% per annum from the date of issuance to and
including the 90th day after the issuance and (ii) 1.0% per annum
after the 90th day in each case until the earliest of the
mandatory exchange date, the redemption date and the maturity
date.

Holders of the 2011 Notes will have a first priority security
interest in the escrow amount and the securities in which the
proceeds are invested.  The 2011 Notes will also rank equally in
right of payment with all of New GGP's other existing and future
obligations that are unsubordinated.

The 2011 Notes will be guaranteed on a senior unsecured basis by
GGP and that guarantee will rank equally in right of payment with
all of GGP's existing and future obligations that are
unsubordinated and will be effectively to debt secured by GGP's
assets, to the extent of the value of those assets.

The 2011 Notes will mandatorily exchange into shares of New GGP
common stock based on the exchange price and the escrow amount
will be released from escrow to New GGP upon satisfaction of these
conditions, including:

  * The closing under the Cornerstone Investment Agreement with
    REP Investments LLC has occurred or will occur
    simultaneously with the exchange;

  * The effective date of the Plan has occurred or will occur
    simultaneously with the exchange;

  * All federal, state and other governmental approvals required
    for the issuance of the 2011 Notes and the shares of New GGP
    common stock issuable upon exchange of the 2011 Notes have
    been received or waived;

  * The shares of New GGP common stock issuable upon exchange of
    the notes have been authorized for listing on the New York
    Stock Exchange, subject to official notice of issuance;

  * Except as contemplated by the Plan, including the Spinco
    distribution, GGP will not have paid any dividends or made
    any distributions to holders of its common stock since the
    date of issuance of the 2011 Notes other than in order to
    maintain its qualification as a real estate investment
    trust, or "REIT," for U.S. federal income tax purposes and
    to avoid entity level income taxes; and

  * There is no pending, threatened or instituted action,
    proceeding or investigation by or before any court that
    directly or indirectly challenges the mandatory exchange or
    the issuance of the 2011 Notes or the shares of New GGP
    common stock issuable upon exchange of the notes.

The exchange price will be $[] and the exchange rate will be about
[]shares of common stock per each $1,000 principal amount of
notes.

A full-text copy of the Registration Statement on Form S-11 is
accessible for free at http://ResearchArchives.com/t/s?6686

                     About General Growth

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

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

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


GENERAL GROWTH: Lowers Interest on $400 Million Loan
----------------------------------------------------
Bill Rochelle at Bloomberg News reports that General Growth
Properties Inc. is seeking approval from the Bankruptcy Court on
July 22 of a replacement financing reducing the interest rate by
8%.  After filing under Chapter 11, General Growth landed $400
million in secured financing requiring interest at 12 percentage
points higher than the London interbank borrowed rate. Barclays
Bank PLC has agreed to make a replacement $400 million loan at a
fixed rate of 5.5%, saving General Growth $2.7 million a month in
interest.

                     About General Growth

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

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

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


GENOIL INC: Cipher 06 LLC No Longer Holds Shares
------------------------------------------------
New York-based Cipher 06 LLC disclosed that it no longer holds
shares of Genoil Inc. common stock.

Genoil Inc. was incorporated under the Canada Business
Corporations Act.  The Company is a technology development company
based in Alberta, Canada.  The Company is focused on providing
innovative solutions to the oil and gas industry through the use
of proprietary technologies.  The Company's business activities
are primarily directed to the development and commercialization of
its upgrader technology, designed to convert heavy crude oil into
light synthetic oil, and oil and water separation technology to
treat and clean bilge water.  The Company is listed on the TSX
Venture Exchange under the symbol GNO as well as the Nasdaq OTC
Bulletin Board using the symbol GNOLF.OB.

                           *     *     *

As reported by the Troubled Company Reporter on July 7, 2010,
Genoil's balance sheet at Dec. 31, 2009, showed C$4.1 million in
total assets and C$2.8 million in total liabilities for a
stockholders' equity of C$1.3 million.

The Company says its ability to continue as a going concern is in
substantial doubt and is dependent on achieving profitable
operations, commercializing its upgrader technology, and obtaining
the necessary financing to develop this technology further.

The Company added that it is not expected to be profitable during
the ensuing 12 months and therefore must rely on securing
additional funds from either issuance of debt or equity financing
for cash consideration.  During the year the Company secured net
debt and equity financing of C$2,083,987.


GOLDBERG-BAYMEADOWS: Wants to Pay Debts Prior to Case Dismissal
---------------------------------------------------------------
Goldberg-Baymeadows, LLC, et al., ask the U.S. Bankruptcy Court
for the Middle District of Florida to dismiss its Chapter 11
Bankruptcy case.

The Debtors also request that prior to dismissal of the Bankruptcy
case, they will pay all prepetition, undisputed, non-DBSI-related
unsecured debt, well as all outstanding postpetition expenses owed
to vendors.

The Debtors propose to turnover the balance of all remaining funds
to Wells Fargo Bank, N.A., as Trustee for the Registered Holders
of TIAA Seasoned Mortgage Trust 2007-C4, Commercial Mortgage Pass-
Through Certificates, Series 2007-C4.

The Debtors further request that the Court reserve jurisdiction to
resolve the pending motion for sanctions against Philadelphia
Insurance Companies for violation of the automatic stay, which is
scheduled for hearing on July 29, 2010.

                  About Goldberg-Baymeadows, LLC

Rancho Mirage, California-based Goldberg-Baymeadows, LLC, filed
for Chapter 11 bankruptcy protection on March 2, 2010 (Bankr. M.D.
Fla. Case No. 10-01637).  Jason B. Burnett, Esq., at GrayRobinson,
P.A., assists the Company in its restructuring effort.  The
Company listed $10,000,001 to $50,000,000 in assets and $1,000,001
to $10,000,000 in liabilities.


GREENFIELD 8: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: Greenfield 8, LLC
        1760 East Pecos Road, Suite 338
        Gilbert, AZ 85295

Bankruptcy Case No.: 10-21852

Chapter 11 Petition Date: July 13, 2010

Court: United States Bankruptcy Court
       District of Arizona (Phoenix)

Judge: James M. Marlar

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

The petition was signed by Chris Anderson, manager.


GROVE STREET: Organizational Meeting to Form Panel on July 28
-------------------------------------------------------------
Roberta A. DeAngelis, Acting United States Trustee for Region 3,
will hold an organizational meeting on July 28, 2010, at 1:00 p.m.
in the bankruptcy case of Grove Street Realty Urban Renewal, LLC.
The meeting will be held at United States Trustee's Hearing Room,
Bridge View, 800-840 Cooper Street, Suite 102, Camden, NJ 08102.

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

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

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

Sewell, New Jersey-based Grove Street Realty Urban Renewal, LLC,
owns certain parcels of real property at 370 Grove Street in the
Township of West Deptford, County of Gloucester, State of New
Jersey, commonly known as RiverWinds Cove Apartments.  The land
consists of improvements generally consisting of two buildings
containing in the aggregate approximately 215,832 square feet of
Class A residential apartment space, comprised of approximately
200 units, and having approximately 259 parking spaces.

The Company filed for Chapter 11 bankruptcy protection on July 1,
2010 (Bankr. D.N.J. Case No. 10-30427).  Albert A. Ciardi, III,
Esq., at Ciardi Ciardi & Astin, P.C., assists the Company in its
restructuring effort.  The Company estimated its assets and debts
at $10,000,001 to $50,000,000.


GSC INVESTMENT: Earns $2.7 Million In Q1 Ended May 31
-----------------------------------------------------
GSC Investment Corp. filed its quarterly report on Form 10-Q,
reporting net income of $2.7 million on $2.8 million of total
investment income for the three months ended May 31, 2010,
compared with net income of $5.4 million on $4.8 million of total
investment income for the three months ended May 31, 2009.

The Company's balance sheet as of May 31, 2010, showed
$96.5 million in assets, $38.3 million of liabilities, and
$58.1 million of net assets.

As reported in the Troubled Company Reporter on June 2, 2010,
Ernst & Young LLP, in New York, expressed substantial doubt about
the Company's ability to continue as a going concern after
auditing the Company's financial statements for the year ended
February 28, 2010.  The independent auditors noted that the
Company is in default of its Revolving Facility.

As of May 31, 2010, the Company remained in default on its
Revolving Facility and as a result of the default, its lender has
the right to accelerate repayment of the outstanding indebtedness
and to foreclose and liquidate the collateral pledged.

On April 14, 2010, the Company entered into a definitive agreement
with Saratoga Investment Advisors, LLC and CLO Partners LLC and
announced a $55 million recapitalization plan to cure the debt
default.  The recapitalization plan includes Saratoga and CLO
Partners purchasing approximately 9.8 million shares of common
stock of GSC Investment Corp. for $1.52 per share pursuant to a
definitive stock purchase agreement and a commitment from Madison
Capital Funding LLC to provide the Company with a $40 million
senior secured revolving credit facility.  Upon the closing of the
transaction, the Company will immediately borrow funds under the
new credit facility that, when added to the $15 million equity
investment, will be sufficient to repay the full amount of the
Company's existing debt and to provide the Company with working
capital thereafter.  The plan is subject to shareholder approval.

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

               http://researcharchives.com/t/s?66b4

Florham Park, N.J.-based GSC Investment Corp. (NYSE: GNV) is a
specialty finance company that invests primarily in leveraged
loans and mezzanine debt issued by U.S. middle-market companies,
high yield bonds and collateralized loan obligations.  It has
elected to be treated as a business development company under the
Investment Company Act of 1940.  The Company may also
opportunistically invest in distressed debt, debt issued by non-
middle market companies, and equity securities issued by middle
and non-middle market companies.


GULFSTREAM CRANE: Plan Proposes to Sell Assets Prophet Equity
-------------------------------------------------------------
Gulfstream Crane, LLC, filed with the U.S. Bankruptcy Court for
the Southern District of Florida a proposed Plan of Liquidation.

The Debtor relates that the Plan will represent a request to sell
all of its right, title and interest in and to the assets to the
designee of Prophet Equity LP, free and clear of claims, liens,
interests and encumbrances.  The confirmation order will
constitute approval of the sale.

The Debtor's remaining assets will either be surrendered to the
secured creditor, or conveyed to the liquidating trustee.

All distributions will be made by Newco, the Plan administrator,
or the liquidating trustee, to the holde of each allowed claim

Under the Plan, unsecured claims will receive a pro rata share of
the Liquidating Trust Units.

Equity interests will not retain any equity interest under the
Plan, and will not receive any property or other distribution
under the plan.  Equity interests will be cancelled.

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

The Debtor is represented by:

     Michael D. Seese, Esq.
     Hinshaw & Culbertson LLP
     One East Broward Boulevard, Suite 1010
     Ft. Lauderdale, FL 33301
     Tel: (954) 467-7900
     Fax: (954) 467-1024

                    About Gulfstream Crane, LLC

Pompano Beach, Florida-based Gulfstream Crane, LLC -- dba General
Crane -- is engaged primarily in the business of supplying and
renting crane, hoist and rigging equipment.  The Company operates
and maintains facilities in Florida, Georgia and Texas.

The Company filed for Chapter 11 bankruptcy protection on
December 8, 2009 (Bankr. S.D. Fla. Case No. 09-37091).  Michael D.
Seese, Esq., who has an office in Fort Lauderdale, Florida,
assists the Company in its restructuring effort.  The Company
listed $50,000,001 to $100,000,000 in assets and $50,000,001 to
$100,000,000 in liabilities.


HACIENDA GARDENS: Taps Hulberg & Assoc. to Appraise San Jose Asset
------------------------------------------------------------------
The Hon. Charles Novack of the U.S. Bankruptcy Court for the
Northern District of California authorized Hacienda Gardens, LLC,
to employ Hulberg & Associates as appraiser.

Hulberg & Associates will appraise the Debtor's commercial
shopping center located at Meridian Avenue and Foxworthy in San
Jose, California.

Hulberg & Associates' fee for the appraisal will be billed on a
time and expense basis, and is expected to cost in the range of
$10,000 to $20,000.  The hourly rate of Hulberg & Associates'
personnel are:

     Norman C. Hulberg, MAI                     $355
     Yvonne Broszus, MAI and vice-president     $330
     Appraisal Analysts                         $160

In an separate motion, the Debtor will be seeking to pay a
$10,000 postpetition retainer to Hulberg.

To the best of the Debtor's knowledge, Hulberg is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

                    About Hacienda Gardens, LLC

Cupertino, California-based Hacienda Gardens, LLC, filed for
Chapter 11 bankruptcy protection on May 24, 2010 (Bankr. N.D.
Calif. Case No. 10-55423).  Robert G. Harris, Esq., and Roya
Shakoori, Esq., at the Law Offices of Binder and Malter, assist
the Company in its restructuring effort.  The Company estimated
its assets and debts at $10,000,001 to $50,000,000.


HARVEST OAKS: Court to Consider Cash Collateral Access Tomorrow
---------------------------------------------------------------
The Hon. Stephani W. Humrickhouse of the U.S. Bankruptcy Court for
the Eastern District of North Carolina will consider tomorrow,
July 22, 2010, at 2:00 p.m., Harvest Oaks Drive Associates, LLC's
access to use cash collateral of the CSMC 2006-C5 Strickland Road,
LLC and its special servicer, LNR Partners, Inc.  The hearing will
be held at this Court.

The Debtor was authorized, on an interim basis, to use cash
collateral until July 31 these categories and amounts:

   a. Net payroll ($15,400);
   b. Utilities (CP&L, Bell South, Waste Industries) ($6,500);
   c. Supplies ($750);
   d. Repairs and maintenance ($3,500); and
   e. Other expenditures to operate and maintain the Shopping
      Center as the secured lender may give its prior written
      consent.

The Debtor will also be permitted to transfer funds from the cash
collateral account to the payroll DIP account.

As reported in the Troubled Company Reporter on June 14, the
Debtor's indebtedness to the lender is secured by a deed of trust
on the shopping center located in North Raleigh located at 9650
Strickland Road and 8801 Lead Mine Road, Raleigh, North Carolina.

As adequate protection for any diminution in value of the lenders'
collateral, the Debtor will grant the secured lender a first
priority, perfected lien in all post-petition rents, income, and
other proceeds of the property, to the same extent as secured
lender has a first priority, perfected lien in the collateral
prepetition.

Additionally, the Debtor will pay the lender an amount equal to
the total balance of the DIP general account as of July 31, less
the sum of any advance rents received and any outstanding checks
for budgeted expenses.

                       About Harvest Oaks

Raleigh, North Carolina-based Harvest Oaks Drive Associates, LLC,
filed for Chapter 11 bankruptcy protection on April 21, 2010
(Bankr. E.D. N.C. Case No. 10-03145).  Trawick H Stubbs, Jr.,
Esq., at Stubbs & Perdue, P.A., assists the Company in its
restructuring effort.  The Company listed $15,832,000 in assets
and $14,634,161 in debts.


HELLER EHRMAN: Settles Retirees' Claims for $4 Million
------------------------------------------------------
Bankruptcy Law360 reports that former shareholders of Heller
Ehrman LLP's professional corporations have settled their
retirement claims with the bankrupt law firm, agreeing to a
general unsecured claim of close to $4 million.

According to Law360, the 17 retirees will receive $200,000 from
the law firm's professional corporations, $175,000 from Heller
Ehrman and an allowed general unsecured claim of $3.975 million in
the firm's bankruptcy case.

                     About Heller Ehrman, LLP

Headquartered in San Francisco, California, Heller Ehrman, LLP
-- http://www.hewm.com/-- was an international law firm of more
than 730 attorneys in 15 offices in the United States, Europe, and
Asia.  The firm filed a voluntary petition under Chapter 11 of the
Bankruptcy Code on December 28, 2008 (Bankr. N.D. Calif., Case No.
08-32514).  Members of the firm's dissolution committee led by
Peter J. Benvenutti approved a plan dated September 26, 2008, to
dissolve the firm.

The Hon. Dennis Montali presides over the case.  John D. Fiero,
Esq., and Miriam Khatiblou, Esq., at Pachulski, Stang, Ziehl,
Young and Jones, represent the Debtors as counsel.  Thomas A.
Willoughby, Esq., at Felderstein Fitzgerald Willoughby & Pascuzzi
LLP, represents the official committee of unsecured creditors of
the Debtor.  The firm listed assets and debts between $50 million
and $100 million each in its bankruptcy petition.  According to
reports, the firm still has roughly $63 million in assets and 54
employees at the time of its filing.


HIGHLANDS OF LOS GATOS: Voluntary Chapter 11 Case Summary
---------------------------------------------------------
Debtor: The Highlands of Los Gatos, LLC
        906 Capri Drive
        Campbell, CA 95008

Bankruptcy Case No.: 10-57370

Chapter 11 Petition Date: July 16, 2010

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

Judge: Arthur S. Weissbrodt

Debtor's Counsel: Charles B. Greene, Esq.
                  Law Offices of Charles B. Greene
                  84 W Santa Clara Street, #770
                  San Jose, CA 95113
                  Tel: (408) 279-3518
                  E-mail: cbgattyecf@aol.com

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

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

According to the schedules, the Company says that assets total
$32,000,000 while debts total $23,000,000.

The list of unsecured creditors the Company filed together with
its petition does not contain any entry.

The petition was signed by Sandy Harris, managing member.


HOLLYWOOD BEACH: Cash Collateral Hearing Set for July 28
--------------------------------------------------------
The Hon. A. Jay Cristol of the U.S. Bankruptcy Court for the
Southern District of Florida authorized, on an interim basis,
Hollywood Beach Gate Resort, Inc., to use the cash Park Place
Development LLC and Matthew Schloss and Ocean Way Corp. may claim
an interest in.

A final hearing on the Debtor's cash collateral access is set for
July 28, 2010, at 10:30 a.m.

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

The tenants of the property are ordered to pay all past and future
rent due immediately to Gyorgy Katz, as president of Hollywood
Beach Gate Resort, Inc.  The rent will not be paid to any other
party, including lenders Park Place Development LLC or Matthew
Schloss or Ocean Way Corp.

As adequate protection for any diminution in value of the lenders'
collateral, the Debtors will grant the lenders a replacement lien
on the all postpetition property of the Debtor that is of the same
nature and type as lender's prepetition collateral.

                 About Hollywood Beach Gate Resort

North Miami Beach, Florida-based Hollywood Beach Gate Resort,
Inc., filed for Chapter 11 bankruptcy protection on May 25, 2010
(Bankr. S.D. Fla. Case No. 10-24331).  Joel M. Aresty, Esq., who
has an office in Miami, Florida, assists the Company in its
restructuring effort.  The Company listed $10,000,001 to
$50,000,000 in assets and $1,000,001 to $10,000,000 in
liabilities.


HOLLYWOOD BEACH: Files Schedules of Assets and Liabilities
----------------------------------------------------------
Hollywood Beach Gate Resort, Inc., filed with the U.S. Bankruptcy
Court for the Southern District of Florida its schedules of assets
and liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property               $10,750,000
  B. Personal Property               $39,110
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                                $3,507,399
  E. Creditors Holding
     Unsecured Priority
     Claims                                                $0
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                           $52,000
                                 -----------      -----------
        TOTAL                    $10,789,110       $3,559,399

                 About Hollywood Beach Gate Resort

North Miami Beach, Florida-based Hollywood Beach Gate Resort,
Inc., filed for Chapter 11 bankruptcy protection on May 25, 2010
(Bankr. S.D. Fla. Case No. 10-24331).  Joel M. Aresty, Esq., who
has an office in Miami, Florida, assists the Company in its
restructuring effort.  The Company listed $10,000,001 to
$50,000,000 in assets and $1,000,001 to $10,000,000 in
liabilities.


INNKEEPERS USA: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: Innkeepers USA Trust
        340 Royal Poinciana Way, Suite 306
        Palm Beach, Florida

Bankruptcy Case No.: 10-13800

Debtor-affiliates filing separate Chapter 11 petitions:

     Entity                                      Case No.
     ------                                      --------
     GP AC Sublessee LLC                         10-13801
     Grand Prix Addison (RI) LLC                 10-13803
     Grand Prix Addison (SS) LLC                 10-13804
     Grand Prix Albany LLC                       10-13805
     Grand Prix Altamonte LLC                    10-13806
     Grand Prix Anaheim Orange Lessee LLC        10-13807
     Grand Prix Arlington LLC                    10-13808
     Grand Prix Atlanta (Peachtree Corners) LLC  10-13809
     Grand Prix Atlanta LLC                      10-13810
     Grand Prix Atlantic City LLC                10-13811
     Grand Prix Bellevue LLC                     10-13812
     Grand Prix Belmont LLC                      10-13813
     Grand Prix Binghamton LLC                   10-13814
     Grand Prix Bothell LLC                      10-13815
     Grand Prix Bulfinch LLC                     10-13816
     Grand Prix Campbell / San Jose LLC          10-13817
     Grand Prix Cherry Hill LLC                  10-13818
     Grand Prix Chicago LLC                      10-13819
     Grand Prix Columbia LLC                     10-13820
     Grand Prix Denver LLC                       10-13821
     Grand Prix East Lansing LLC                 10-13822
     Grand Prix El Segundo LLC                   10-13823
     Grand Prix Englewood / Denver South LLC     10-13824
     Grand Prix Fixed Lessee LLC                 10-13825
     Grand Prix Floating Lessee LLC              10-13826
     Grand Prix Fremont LLC                      10-13827
     Grand Prix Ft. Lauderdale LLC               10-13828
     Grand Prix Ft. Wayne LLC                    10-13829
     Grand Prix Gaithersburg LLC                 10-13830
     Grand Prix General Lessee LLC               10-13831
     Grand Prix Germantown LLC                   10-13832
     Grand Prix Grand Rapids LLC                 10-13833
     Grand Prix Harrisburg LLC                   10-13834
     Grand Prix Holdings LLC                     10-13793
     Grand Prix Horsham LLC                      10-13835
     Grand Prix IHM, Inc.                        10-13837
     Grand Prix Indianapolis LLC                 10-13838
     Grand Prix Islandia LLC                     10-13839
     Grand Prix Las Colinas LLC                  10-13840
     Grand Prix Lexington LLC                    10-13841
     Grand Prix Livonia LLC                      10-13843
     Grand Prix Lombard LLC                      10-13844
     Grand Prix Louisville (RI) LLC              10-13845
     Grand Prix Lynnwood LLC                     10-13846
     Grand Prix Mezz Borrower Fixed, LLC         10-13847
     Grand Prix Mezz Borrower Floating 2, LLC    10-13796
     Grand Prix Mezz Borrower Term LLC           10-13798
     Grand Prix Montvale LLC                     10-13849
     Grand Prix Morristown LLC                   10-13850
     Grand Prix Mountain View LLC                10-13851
     Grand Prix Mt. Laurel LLC                   10-13852
     Grand Prix Naples LLC                       10-13853
     Grand Prix Ontario Lessee LLC               10-13854
     Grand Prix Ontario LLC                      10-13855
     Grand Prix Portland LLC                     10-13856
     Grand Prix Richmond (Northwest) LLC         10-13857
     Grand Prix Richmond LLC                     10-13858
     Grand Prix RIGG Lessee LLC                  10-13860
     Grand Prix RIMV Lessee LLC                  10-13861
     Grand Prix Rockville LLC                    10-13862
     Grand Prix Saddle River LLC                 10-13864
     Grand Prix San Jose LLC                     10-13865
     Grand Prix San Mateo LLC                    10-13866
     Grand Prix Schaumburg LLC                   10-13867
     Grand Prix Shelton LLC                      10-13868
     Grand Prix Sili I LLC                       10-13869
     Grand Prix Sili II LLC                      10-13870
     Grand Prix Term Lessee LLC                  10-13799
     Grand Prix Troy (Central) LLC               10-13871
     Grand Prix Troy (SE) LLC                    10-13872
     Grand Prix Tukwila LLC                      10-13874
     Grand Prix West Palm Beach LLC              10-13875
     Grand Prix Westchester LLC                  10-13876
     Grand Prix Willow Grove LLC                 10-13877
     Grand Prix Windsor LLC                      10-13878
     Grand Prix Woburn LLC                       10-13879
     Innkeepers Financial Corporation            10-13880
     Innkeepers USA Limited Partnership          10-13794
     KPA HI Ontario LLC                          10-13881
     KPA HS Anaheim, LLC                         10-13882
     KPA Leaseco Holding Inc.                    10-13883
     KPA Leaseco, Inc.                           10-13884
     KPA RIGG, LLC                               10-13885
     KPA RIMV, LLC                               10-13886
     KPA San Antonio, LLC                        10-13887
     KPA Tysons Corner RI, LLC                   10-13888
     KPA Washington DC, LLC                      10-13889
     KPA/GP Ft. Walton LLC                       10-13890
     KPA/GP Louisville (HI) LLC                  10-13892
     KPA/GP Valencia LLC                         10-13893

Type of Business: Innkeepers USA Trust is a U.S. real estate
                  Investment trust with interests in about 73
                  hotels.  It was bought out by Apollo Investment
                  Corp. in 2007 in a $1.5 billion deal.
                  See http://www.innkeepersusa.com/

Chapter 11 Petition Date: July 19, 2010

Bankruptcy Court:        U.S. Bankruptcy Court
                        Southern District of New York

Bankruptcy Judge:       Shelley C. Chapman

Debtor's Counsel:       James H.M. Sprayregen, P.C.
                        Paul M. Basta, Esq.
                        Jennifer L. Marines, Esq.
                        Kirkland & Ellis LLP
                        601 Lexington Avenue
                        New York, NY 10022
                        Tel: (212) 446-4800
                        Fax: (212) 446-4900


                        Anup Sathy, P.C.
                        Marc J. Carmel, Esq.
                        Kirkland & Ellis LLP
                        300 North LaSalle
                        Chicago, IL 60654
                        Tel:  (312) 862-2000
                        Fax:  (312) 862-2200

Chief Restructuring
           Officer:     Marc A. Beilinson
                        Innkeeper USA Tust
                        E-mail: MBeilinson@BeilinsonPartners.com

Restructuring Advisor:  AlixPartners
                        101 Cedar Springs Road, Suite 1100
                        Dallas, TX 75201
                        Tel: (214) 647-7500

Financial Advisor:      Moelis & Company
                        399 Park Avenue
                        5th Floor
                        New York, NY 10022
                        Tel: (212) 883-3800

Claims Agent:           Omni Management Group, LLC
                        16501 Ventura Boulevard, Suite 440
                        Encino, CA 91436
                        Tel: (818) 906-8300

Estimated Assets: More than $1 billion

Estimated Debts: More than $1 billion

The petition was signed by Dennis M. Craven, Vice President, Chief
Financial Officer and Treasurer.

Debtor's List of 50 Largest Unsecured Creditors:

Entity                         Nature of Claim     Claim Amount
------                         ---------------     ------------
LNR Property Corporation       $825mm Fixed Rate        UNKNOWN
1601 Washington Ave., Ste 800  CMBS Pool - LB-UBS
Miami Beach, FL 33139          2007-C7
(305) 695-5499

Midland Loan Services, Inc.    $825mm Fixed Rate        UNKNOWN
P.O. Box 25965                 CMBS Pool - LB-UBS
Attn: President                2007-C6
Shawnee Mission, KS 66225
(913) 253-9709

Lehman ALI, Inc.               $250mm Floating Rate     UNKNOWN
1271 Avenue of the Americas    Lehman Senior Mortgage
39th Floor                     Loan
Attn: Michael E. Lascher
New York, NY 10020
(646) 285-9336

Lehman ALI, Inc.               $121mm Floating Rate     UNKNOWN
                                Lehman Mezzanine Loan

LNR Partners, Inc.             $47.4mm Capmark          UNKNOWN
                                CMBS Mortgage Loan

LNR Partners, Inc.             $37.6mm Capmark          UNKNOWN
                                CMBS Mortgage Loan

Centerline Servicing, Inc.     $35.0mm Capmark          UNKNOWN
                                CMBS Mortgage Loan

LNR Partners, Inc.             $25.6mm Merrill Lynch    UNKNOWN
                                CMBS Mortgage Loan

LNR Partners, Inc.             $25.2mm Merrill Lynch    UNKNOWN
                                CMBS Mortgage Loan

LNR Partners, Inc.             $24.2mm Merrill Lynch    UNKNOWN
                                CMBS Mortgage Loan

CSE Mortgage LLC               $24.2mm Capital Source   UNKNOWN
                                Mortgage Loan

CWCapital Asset Mgmt. LLC      $13.7mm Anaheim          UNKNOWN
                                CMBS Senior Mortgage
                                Loan

Marriott Hotels                       Trade          $1,745,234

Hilton Hotels Corporation             Trade             798,385

Oak Roofing, Inc                      Trade             288,895

Skadden, Arps, Slate,                 Trade             181,494

Guest Supply, Inc.                    Trade             175,515

Carrier Corp                          Trade             157,062

Hyatt Summerfield Suites              Trade             144,000

Hd Supply Facilities                  Trade             138,512

Marx Realty & Improvement Co.         Trade             128,771

Starwood Hotels & Resorts             Trade              98,000
Worldwide Inc

Fibercare                             Trade              91,738

Global Restaurant Design Corp.        Trade              84,510

American Hotel Register Co.           Trade              82,476

Waste Management                      Trade              72,541

Quoizel, Inc.                         Trade              68,426

Lg Electronics Usa Inc.               Trade              65,994

Jmc Global                            Trade              65,219

Eric Ryan Corporation                 Trade              58,259

Office Depot                          Trade              54,211

Romala Stone, Inc.                    Trade              49,281

Triangle Renovations                  Trade              47,035

Pdq Consulting, Inc.                  Trade              43,153

Ecolab                                Trade              42,648

Onyx Sealcoating, Inc.                Trade              37,237

Us Wall Decor                         Trade              33,635

Jenkins/Gales & Martinez              Trade              32,081

Western State Design, Inc.            Trade              32,004

Sysco Food                            Trade              31,309

Springfield Corporation               Trade              30,657

Swank Audio Visuals, Llc              Trade              27,829

Ecolab Pest Elimination               Trade              26,255

Fire & Oak                            Trade              24,012

Brickman Group, Ltd.                  Trade              23,008

Elite Heating & Air                   Trade              21,623

Royal Cup Dine-Mor                    Trade              20,268

Rhs Commercial Llc                    Trade              20,000

Sunset Pools, Inc.                    Trade              19,343

Cintas Corporation                    Trade              18,383


INTELLIPHARMACEUTICS: Posts $316,400 Net Loss in Q2 Ended May 31
----------------------------------------------------------------
Intellipharmaceutics International Inc. reported a net loss of
$316,447 on $1,449,624 of revenue for the three-month period ended
May 31, 2010, compared with a net loss of $224,662 on $118,460 of
revenue for the three month period ended June 30, 2009.

The increase in revenue can be primarily attributed to a drug
development agreement that has been mutually terminated by the
Company and another party as a result of which unearned revenue of
approximately $1,439,000 was brought into income.

The increased period-over-period loss is mainly due to increases
in both research and development expenses and increases in
selling, general and administrative expenses.

                          Balance Sheet

The Company's balance sheet at May 31, 2010, showed $6,391,276 in
assets, $2,917,860 of liabilities, and $3,473,416 of stockholders'
equity.

At May 31, 2010, Intellipharmaceutics' cash totaled $4,068,780,
compared with $5,048,100 at February 28, 2010.  The decrease is a
result of cash used in operating activities which was partially
offset by receipt of C$900,000 in research & development tax
credits during the three month period ended
May 31, 2010.

                          Going Concern

As reported in the Troubled Company Reporter on March 5, 3010,
Deloitte & Touche LLP, in Toronto, Ontario, expressed substantial
doubt about the Company's ability to continue as a going concern
after auditing the Company's financial statements for the 11 month
period ended November 30, 2009.  The independent auditors noted
that of the Company's recurring losses from operations and
inability to generate sufficient cash flows to meet its
obligations and sustain its operations.

The Company has incurred losses from operations since inception,
and has an accumulated deficit of $15,050,451 as at May 31, 2010.

"If the Company is not able to raise additional funds to finance
its operations for the foreseeable future, there is substantial
doubt about the Company's ability to continue as a going concern
and realize its assets and pay its liabilities as they become
due."

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

               http://researcharchives.com/t/s?66b8

A full-text copy of the unaudited interim financial statements for
the three and six month periods ended May 31, 2010, is available
for free at http://researcharchives.com/t/s?66b9

                         About the Company

Toronto, Ontario-based Intellipharmaceuticals International Inc.
(Nasdaq: IPCI) (TSX: I) -- http://www.intellipharmaceutics.com/--
is a pharmaceutical company specializing in the research,
development and manufacture of novel or generic controlled release
and targeted release oral solid dosage drugs.  The Company's
patented Hypermatrix(TM) technology is a unique and validated
multidimensional controlled-release drug delivery platform that
can be applied to the efficient development of a wide range of
existing and new pharmaceuticals.  Based on this technology,
Intellipharmaceutics has a pipeline of products in various stages
of development in therapeutic areas that include neurology,
cardiovascular, gastrointestinal tract ("GIT"), pain and
infection.


ISP CHEMCO: S&P Raises Corporate Credit Rating to 'BB-'
-------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its ratings
on Wayne, N.J.-based ISP Chemco LLC, including its corporate
credit rating to 'BB-' from 'B+'.  The outlook is stable.

"The upgrade reflects improving operating performance on solid
volume increases across a variety of industrial and specialty
product lines," said Standard & Poor's credit analyst Ket Gondha.
"These volume increases have coincided with a lower cost base
because of management's prior efficiency actions, resulting in
stronger EBITDA."

S&P expects earnings to continue to improve throughout the year,
leading to stronger credit measures as well as improved liquidity.
Moreover, S&P does not expect financial policies or any potential
cash outlays, including those for dividends or contingent
liabilities, to lead to any significant or permanent deterioration
to the financial profile.

The ratings on ISP Chemco reflect its aggressive financial profile
and the risks associated with private ownership, balanced with a
satisfactory business position as a global producer of specialty
chemicals.  Annual sales have historically been around
$1.5 billion.


JEFFERY CHESLEIGH: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Joint Debtors: Jeffery Michael Chesleigh
               Regina Lynn Chesleigh
               1125 W. Baseline #3
               Mesa, AZ 85210

Bankruptcy Case No.: 10-22147

Chapter 11 Petition Date: July 15, 2010

Court: United States Bankruptcy Court
       District of Arizona (Tucson)

Judge: James M. Marlar

Debtor's Counsel: Carlos M. Arboleda, Esq.
                  Arboleda Brechner
                  4545 E. Shea Blvd., #120
                  Phoenix, AZ 85028
                  Tel: (602) 482-0123
                  Fax: (602) 482-4068
                  E-mail: arboledac@abfirm.com

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

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

A list of the Joint Debtors' 20 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/azb10-22147.pdf

The petition was signed by the Joint Debtors.


JENNIFER CONVERTIBLES: Organizational Meeting Set for July 23
------------------------------------------------------------
Tracy Hope Davis, appointed by Attorney General Eric Holder as
Acting U.S. Trustee for Region 2, will hold an organizational
meeting on July 23, 2010, at 11:00 a.m. in the bankruptcy case of
Jennifer Convertibles, Inc., et al.  The meeting will be held at
Office of the United States Trustee, Southern District of New
York, 80 Broad Street, 4th Floor, New York, NY 10004.

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

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

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

Jennifer Convertibles, Inc. -- http://www.jenniferfurniture.com/
-- is an owner and licensor of a group of sofabed specialty
retail stores and leather specialty retail stores in the United
States, with stores located throughout the Eastern seaboard, in
the Midwest, on the West Coast and in the Southwest.  As of
Aug. 30, 2008, its stores included 157 Jennifer Convertibles
stores and 14 Jennifer Leather stores.  Of these 171 stores, the
company owned 149 and licensed 22, including 21 owned and operated
by a related private company, the related company, and one owned
by a third party operated by the related company. Its operations
are classified into two operating segments: Jennifer and Ashley.
The Jennifer segment owns and licenses the sofabed specialty
retail stores.  The Ashley segment is a big box, full-line home
furniture retail store.


JENNIFER CONVERTIBLES: Exit Plan Gives 95% of Newco to Supplier
---------------------------------------------------------------
Bill Rochelle at Bloomberg News reports that Jennifer Convertibles
Inc. has agreement on a plan where the principal supplier Haining
Mengnu Group Co. from China will end up owning 95% of the stock.
Existing ownership will be extinguished.  The other 5% of the new
equity will go to other creditors.

According to the report, Jennifer blamed the Chapter 11 filing on
the "poor housing market and an overall weak U.S. economy."
Comparable-store sales declined 19.6% for the quarter ended in
May, compared with the same period in 2009.  Revenue for fiscal
2009 was $94.2 million, a 22% decline from $120.1 million revenue
the year before.

Jennifer Convertibles Inc. filed for Chapter 11 on July 18, 2010
in Manhattan (Bankr. S.D.N.Y. Case No. 10-13779).  Michael S. Fox,
Esq., at Olshan Grundman Frome Rosenzweig & Wolosky, LLP, in New
York, represents the Debtor in its Chapter 11 effort.  TM Capital
is financial advisor.  Mintz, Levin, Cohn, Ferris, Glovsky and
Popeo P.C. is special securities counsel.  The petition listed
assets of $25,974,334 against debts of $46,353,345.

The Woodbury, New York-based company reported an operating loss of
$13.2 million for the six months ended Feb. 27 on revenue of $48.3
million. The net loss in the period was $13.3 million.


JENNIFER CONVERTIBLES: Case Summary & Creditors List
----------------------------------------------------
Debtor: Jennifer Convertibles, Inc.
        417 Croosways Park Drive
        Woodbury, NY 11797
        Tel: (516) 496-1900

Bankruptcy Case No.: 10-13779

Chapter 11 Petition Date: July 18, 2010

About the Debtor: Jennifer Convertibles claims to be a leading
                  retailer in the field of home furnishings.

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

Debtor's Counsel: Michael S. Fox, Esq.
                  Olshan Grundman Frome Rosenzweig & Wolosky, LLP
                  Park Avenue Tower
                  65 E. 55th Street
                  New York, NY 10022
                  Tel: (212) 451-2300
                  Fax: (212) 451-2222
                  E-mail: mfox@olshanlaw.com

Debtor's
Financial
Advisor:          TM Capital Corp.

Debtor's
Special Securities
Counsel:          Mintz, Levin, Cohn, Ferris, Glovsky and Popeo
                  P.C.

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

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

The petition was signed by Harley J. Greenfield, director,
chairman of the board and CEO.

Debtor-affiliates filing separate Chapter 11 petition:

        Entity                            Case No.   Petition Date
        ------                            --------   -------------
Jennifer Convertibles Boylston MA, Inc.   10-_____      7/18/10
Jennifer Chicago, Ltd.                    10-_____      7/18/10
Elegant Living Management, Ltd.           10-_____      7/18/10
Hartsdale Convertibles, Inc.              10-_____      7/18/10
Jennifer Management III Corp.             10-_____      7/18/10
Jennifer Purchasing Corp.                 10-_____      7/18/10
Jennifer Management II Corp.              10-_____      7/18/10
Jennifer Management V Ltd.                10-_____      7/18/10
Jennifer Convertibles Natick, Inc.        10-_____      7/18/10
Nicole Convertibles, Inc.                 10-_____      7/18/10
Washington Heights Convertibles, Inc.     10-_____      7/18/10

Debtor's List of 30 Largest Unsecured Creditors:

        Entity                     Nature of Claim    Claim Amount
        ------                     ---------------    ------------
Haining Mengnu Group Co. Ltd.      Trade Debt          $16,673,770
101 Longxing Road
Economic Development Zone
Haining, Zhejiang 314400
China

Creative Television Marketing      Trade Debt           $1,612,350
2550 North Hollywood Way, Suite 100
Burbank, CA 91505

Ashley Furniture Industries, Inc.  Trade Debt           $1,396,598
P.O. Box 190
Arcadia, WI 54612

Class Action Litigation            Settlement           $1,300,000
Case No.: C-09-3242-SI
Ayisha Combs v. Jennifer
Convertibles, Inc.

Klaussner Furniture Industries     Trade Debt             $991,291
P.O. Box 220
405 Lewallen Street
Asheboro, NC 247204

NBC Universal                      Trade Debt             $416,284
P.O. Box 402971
Atlanta, GA 30384-2971

PIC TV Incorporated                Trade Debt             $406,957
PO Box 59665
Chicago, IL 60659-0665

PS Promotion                       Trade Debt             $338,765
10798 E. Las Posas Road
Camarillo, CA 93012

Stratford Company/Caye Uphols.     Trade Debt             $336,752
BOA Lockbox, 13933
Collection Drive Center
Chicago, IL 60693

Brent Associates, Inc.             Trade Debt             $242,760

Fata Equities, LLC                 Trade Debt             $210,571

376 Boylston St. Realty Trust      Trade Debt             $164,049

Woodbury Office Seven              Trade Debt             $157,290

Newsday Inc.                       Trade Debt             $144,620

Boston Globe                       Trade Debt             $140,080

301 E 66th St Assoc Ltd Ptnshp     Trade Debt             $140,000

Zimmerman Advertising              Trade Debt             $137,967

Restful Furniture Corp             Trade Debt             $137,544

WABC TV (CH7)                      Trade Debt             $130,538

Los Angeles Times                  Trade Debt             $128,317

The Star Ledger                    Trade Debt             $124,550

Daily News, LP                     Trade Debt             $124,550

The Star Ledger                    Trade Debt             $116,201

Robert J. Sabbagh, George A.       Trade Debt             $115,330

Jara Enterprises, Inc.             Contract               $110,000

83rd St. Investors LLC             Trade Debt             $108,658

Nam Won Paek or Soon M Paek        Trade Debt             $104,664

111 Realty Company                 Trade Debt             $103,543
Majestic Management

Dobbin Corner, LLC                 Trade Debt             $100,510

Edward E. Finch and Co. Inc.       Trade Debt              $99,554


LBI INT'L: Shares Delisted at NASDAQ OMX Stockholm & NYSE Euronext
------------------------------------------------------------------
LBI International AB will be delisted from NASDAQ OMX Stockholm
and NYSE Euronext with last trading day on July 26, 2010 following
the required permission by the Swedish Companies Registration
Office for the merger with Obtineo Netherlands Holdings N.V., as
announced on 25 February 2010.  The SCRO is expected to register
the merger, in which Obtineo will acquire all assets and assume
all liabilities of LBi, on 2 August 2010.  Upon registration of
the merger and as earlier announced, the shareholders of LBi as of
30 July 2010 will receive 1 new share in Obtineo for every 1 (one)
share held in LBi.  Distribution of the new shares in Obtineo is
expected to take place on 3 August 2010.

Obtineo, to be renamed LBi International N.V., is expected to be
listed on NYSE Euronext Amsterdam as from 5 August 2010.  As a
consequence, shares in LBi cannot be traded in the period from 27
July up to and including 4 August 2010.

Following the listing of the LBi International N.V. shares on NYSE
Euronext Amsterdam, a guaranteed rights issue of approximately EUR
10 million will be launched.  The rights issue will be carried out
with pre-emptive rights for LBi shareholders.

The prospectus in connection with the admission to listing and
trading on NYSE Euronext Amsterdam and in connection with the
rights issue is expected to be published on or around July 23,
2010.

Background on LBi International N.V.  On February 25, 2010, LBi
announced the merger with Obtineo to create Europe's largest
marketing and technology agency with a total staff of more than
1,600 professionals across 15 countries and 33 offices.  Obtineo
is a combination of Bigmouthmedia, the largest search engine
marketing specialist in Europe and EUR40 million of new capital,
underwritten by institutional investors Janivo, Cyrte and The
Carlyle Group, committed towards global expansion of the combined
entity.  The merged entity, which will trade under the trading
symbol LBI, will be a Dutch N.V.. The total number of ordinary
shares outstanding at the first day of trading will amount to
131,156,606.

Luke Taylor, CEO of LBi said: "The first day of trading on NYSE
Euronext Amsterdam will mark the launch of the much larger, more
robust and better integrated LBi.  The merger with Bigmouthmedia
now adds best in class global search engine marketing capabilities
to LBi's unique platform of digital services and further
strengthens our position as Europe's largest marketing and
technology agency with a global reach, focused on building
believable Brands for Blue chip clients.  With the EUR 50 million
in cash from the private placement and the rights issue, we are
well positioned to play a leading role in the consolidation within
the industry and become a global leader".

Fred Mulder, Chairman of the LBi Supervisory Board commented:
"Within the long history of LBi, the single listing on NYSE
Euronext Amsterdam marks a new period for the company, following a
period of transition in which new management has taken over and
operations were integrated and streamlined into a One Brand
company.  The company is clearly entering the next phase into
becoming the global leader in its field, and with the clear
commitment of new shareholders Carlyle, Cyrte and Janivo, I am
very confident of the exciting future for LBi "

Details regarding the delisting on Nasdaq OMX Stockholm and the
listing NYSE Euronext Amsterdam

As a result of the permission to execute the merger plan with
Obtineo and following the final registration of the merger by the
SCRO, LBi will be delisted from NASDAQ OMX Stockholm and NYSE
Euronext Amsterdam with last trading day on 26 July 2010.  The
shareholders of LBi as of July 30, 2010 will receive 1 new share
in Obtineo, to be renamed LBi International N.V. for every 1 share
held in LBi. Distribution of the new shares in LBi International
N.V. is expected to take place on August 3, 2010.

LBi International N.V. is expected to be listed on NYSE Euronext
Amsterdam as from 5 August 2010. There will be no listing of LBi
International N.V. shares in Sweden.

The new shares in LBi International N.V. will initially be settled
via Euroclear Sweden AB.  In order to trade the new shares in LBi
International N.V. on NYSE Euronext Amsterdam, the shares must
first be converted into shares that are subject to settlement with
Euroclear Nederland.  For nominee-registered shareholders in LBi,
the nominee may execute such conversion automatically and without
any further actions to be taken by the shareholders.  Contact your
nominee/account operator if you have any questions regarding the
conversion of shares into the system operated by Euroclear
Nederland.

In respect of directly-registered shareholders with the VPC system
operated by Euroclear Sweden AB, the new Obtineo shares will be
credited to the same VP account where the LBi shares are held on
30 July 2010, i.e. the record date for the merger.  To be able to
trade in the new shares it is required that the new shares are
transferred to a deposit account with a bank or stockbroker that
is offering trading on NYSE Euronext Amsterdam.  The reason for
this is that trading on NYSE Euronext Amsterdam is settled through
Euroclear Nederland and not via Euroclear Sweden.  Shareholders
holding their LBi shares on a VP account and who wish to be able
to trade in the new LBi International N.V. shares on NYSE Euronext
Amsterdam are recommended to transfer the LBi shares to a deposit
account with a bank or stockbroker no later than on July 30, 2010
in order to be able to trade in LBi International N.V. shares as
from the first trading day on August 5, 2010.  If after the first
trading day a directly-registered shareholder wants to be able to
trade in the LBi International N.V. shares on NYSE Euronext
Amsterdam, the shares must first be converted into shares eligible
for settlement through Euroclear Nederland.  Such conversion is
subject to a fixed fee that is charged by the bank or stockbroker
opening the deposit account on behalf of the shareholder.  The
amount of such fee is depending on which bank or stockbroker the
shareholder has appointed.

Indicative Timetable


July 26, 2010              LBI International AB ceases trading on
NASDAQ
                           OMX and NYSE Euronext Amsterdam

July 27 - August 4, 2010   No trading in LBi shares

29 July 2010               Effective Date of the merger between
LBi and
                           Obtineo, Obtineo renamed LBi
International N.V.

August 3, 2010             Distribution of LBi International N.V.
shares

August 5, 2010             Listing of LBi International N.V.
shares on
                           NYSE Euronext Amsterdam


LEHMAN BROTHERS: Bondholders Opposing Substantive Consolidation
---------------------------------------------------------------
Bill Rochelle at Bloomberg News reports that The Bank of New York
Mellon Trust Co. is asserting that the argument for substantive
consolidation of all of the Lehman companies under a Chapter 11
plan is "meritless."  BNY is trustee for holders of $700 million
in bond debt that is an obligation of Lehman Brothers Commodity
Services Inc.  The debt is guaranteed by the Lehman holding
company.

The Bloomberg report recounts that in late June, creditors with
$15.5 billion in claims against the Lehman holding company filed
papers favoring substantive consolidation of the 23 Lehman
affiliates.  The creditors of the holding company who filed papers
favoring substantive consolidation included California Public
Employees' Retirement System, Canyon Capital Advisors LLC,
Fortress Credit Opportunities Advisors LLC, Owl Creek Asset
Management LP and Paulson & Co.

According to Bloomberg, under Lehman's plan, Lehman Brothers
Commodity Services would seem to be making "substantial gifts" to
holding company creditors, BNY said.  The New York-based bank
contends the plan gives "too much value" to holding company
creditors "to reward them for substantive consolidation claims"
that holding company creditors "cannot possibly win."

Bloomberg relates that Lehman filed a revised Chapter 11 plan in
April where creditors of each Lehman company are treated according
to the claims against the particular affiliate and its assets.
The plan would allow creditors to enforce guarantees where one
Lehman company, typically the holding company, guaranteed debt
owing by a subsidiary.  In substantive consolidation, as the
Calpers group would prefer, guarantee claims aren't recognized.
All assets of all companies are thrown into one pot, and unsecured
creditors of all companies are treated the same.

                        About Lehman Brothers

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

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

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

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

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

               International Operations Collapse

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

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

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


LIONS GATE: Icahn Group Commences Tender Offer for Common Shares
----------------------------------------------------------------
Carl C. Icahn disclosed that certain of his affiliated entities,
which collectively hold approximately 37.9% of Lions Gate
Entertainment Corp.'s outstanding common shares, have commenced a
tender offer for UP TO ALL of the outstanding common shares of
Lions Gate.  The purchase price in the Offer is USD $6.50 per
share in cash.  Shareholders will be entitled to elect to receive
payment in Canadian dollars.

Among other customary conditions, the Offer is conditioned on
Lions Gate not entering into any material transaction outside of
the ordinary course of business and all rights issued or issuable
under the poison pill adopted by Lions Gate's board of directors
on July 1, 2010 being cease-traded or otherwise eliminated. The
Offer is not subject to financing.

Following the expiration of the subsequent offering period with
respect to the Icahn Group's previous tender offer,
representatives of the Icahn Group and Lions Gate entered into
discussions concerning certain corporate governance matters
(including the possibility of adding persons designated by the
Icahn Group to Lions Gate's board of directors) and certain
acquisition possibilities.  These discussions resulted in the
parties entering into a 10-day "standstill" agreement on July 9,
2010, which provided, among other things, that the Icahn Group and
Lions Gate would work together on certain acquisition
opportunities and that Lions Gate would: (i) not set a record date
with respect to the 2010 annual meeting of shareholders or any
special meeting of shareholders before September 2, 2010 and (ii)
not take certain other actions adverse to the interests of the
Icahn Group.  The 10-day standstill period terminated at midnight,
New York time, on July 19, 2010.  While certain discussions
regarding acquisition opportunities might continue in the future,
the Icahn Group determined that there were no immediate
opportunities that would merit extension of the 10-day standstill
period.

Lions Gate's latest actions convince the Icahn Group that it is
extremely unlikely that the current management and board of
directors of Lions Gate will allow shareholders of Lions Gate to
make their own determination on the future path of the company,
including decisions to make a major acquisition.  The Icahn Group
therefore intends to seek to replace all or the lion's share of
Lions Gate's board of directors with the Icahn Group's nominees.

Lions Gate has stated that the acquisition by any person or group
of more than 50% of its common shares could result in the
acceleration of more than $500 million of its indebtedness if
lenders were to declare events of default as a result of this
"change in control".  If such acceleration occurs, the Icahn Group
believes that Lions Gate will need to immediately secure a
replacement source of funding in order to continue to operate its
business and avoid bankruptcy.  The Icahn Group believes this is a
problem of Lions Gate's own making - had the board of directors
not agreed to these controversial "poison put" provisions, the
company would not now be facing this very difficult situation.  As
previously stated, the Icahn Group intends to hold the board
responsible for any costs and damages the company might incur from
having to obtain emergency financing to alleviate this situation.

The Icahn Group reserves the right to engage in discussions with
third parties regarding possible future acquisitions.  Lions Gate
may be part of these discussions.  However, there can be no
assurance that these discussions will take place.

The terms and conditions of the Offer are set forth in an Offer to
Purchase, Letter of Transmittal and other related materials to be
distributed to holders of the Common Shares and filed with the SEC
as exhibits to the Icahn Group's Schedule TO and with the Canadian
securities authorities on SEDAR. Shareholders with questions about
the tender offer may call D.F. King & Co., Inc., the Information
Agent, toll-free at 800-859-8511 (banks and brokers call 212-269-
5550).

                     About Lions Gate

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

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

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


LITTLE TOKYO: Files for Ch. 11 to Stop Kyoto Grand Foreclosure
--------------------------------------------------------------
Little Tokyo Partners LP filed for Chapter 11 on July 15 in Los
Angeles (Bankr. C.D. Calif. Case No. 10-39113).

Bill Rochelle at Bloomberg News reports that Little Tokyo, the
owner of the Kyoto Grand Hotel in downtown Los Angeles, was facing
mortgage foreclosure on July 16.  The property has two mortgages
totaling $44 million.  There was a default since January.

Kyoto Grand is a 21-story hotel built in 1977.  It has 434 rooms.
It adjoins the three-story Weller Court outdoor mall which is also
in Chapter 11.

Financial problems were caused by a "precipitous drop in revenue
starting in the last quarter of 2008," a court filing says.

The petition listed assets and debts of $10,000,001 to
$50,000,000.


LIZ CLAIBORNE: To Exit Branded Outlet Stores in U.S. & Puerto Rico
------------------------------------------------------------------
Following a comprehensive review, Liz Claiborne Inc. plans to exit
its Liz Claiborne branded outlet stores in the United States and
Puerto Rico.  As a result of this decision, the Company expects
the meaningful operating losses related to this business to be
eliminated in early 2011 when this action is anticipated to be
completed.  The Company's other outlet stores in the United States
and Puerto Rico for its Juicy Couture, Lucky Brand, Kate Spade and
Kensie brands are not impacted by this decision.

William L. McComb, Chief Executive Officer of Liz Claiborne Inc.,
said: "With the launches of the Liz Claiborne brand at JCPenney
and Liz Claiborne New York at QVC -- both next month -- we're
announcing today that we will be exiting our 87 Liz Claiborne
branded outlet stores in the United States and Puerto Rico, the
majority of which will be exited in the coming months."

Mr. McComb continued, "A number of factors precipitated this
decision.  Our current fleet of Liz Claiborne branded outlet
stores was originally designed and leased to handle clearance for
many brands in our portfolio -- an outdated consumer proposition
and one that no longer makes economic sense, given the vast
changes we have made to our portfolio and business strategy over
the past three years."

Mr. McComb concluded, "In addition, our corporate strategy
allocates the majority of our capital dollars to our retail-based
Direct Brands, while leveraging a stable of Partnered Brands for
additional revenue generation and to help support our growth
opportunities across the Company.  Considering the capital
efficient, licensing-oriented model for the Liz Claiborne brand,
our organizational energy and resources are better used to support
successful and profitable businesses at JCPenney and QVC."

In connection with this action, the Company currently estimates
that it will incur non-cash impairment charges of approximately
$7.0 million in the second quarter of 2010 and may incur
additional non-cash charges in future periods.  The Company also
expects to record cash charges related to lease terminations and
severance and is in the process of determining these cash charges.
The Company will provide more comments on this process during its
second quarter earnings conference call, which is scheduled for
August 5th at 10am.

                       About Liz Claiborne

Liz Claiborne Inc. -- http://lizclaiborneinc.com--  designs and
markets a global portfolio of retail-based premium brands
including Juicy Couture, Kate Spade, Lucky Brand and Mexx.  The
Company also has a refined group of department store-based brands
with strong consumer franchises including the Monet family of
brands, Kensie, Kensiegirl, Mac & Jac, and the licensed DKNY(R)
Jeans and DKNY(R) Active brands.  The Dana Buchman and Axcess
brands are sold at Kohl's, and beginning in Fall 2010, the Liz
Claiborne and Claiborne brands will be available at JCPenney and
the Liz Claiborne New York brand designed by Isaac Mizrahi will be
available at QVC and internationally.

                         *     *     *

As reported in the Troubled Company Reporter on March 25, 2010,
Standard & Poor's Ratings Services said that it lowered its
corporate credit rating on New York-based Liz Claiborne Inc. to
'B-' from 'B'.  The outlook is developing.


MICHAEL VICK: Trustee Sues Family for Pre-Bankruptcy Transfers
--------------------------------------------------------------
Bill Rochelle at Bloomberg News reports that the trustee for the
creditors of Michael D. Vick sued the professional football
quarterback's relatives this month to recover what the complaint
describes as "gifts and other transfers" received before Vick's
Chapter 11 filing in July 2008.

According to the report, those sued include Vick's mother, sister,
the mother of his first child, and a woman described in the
complaint as Vick's fiancee and mother of his second and third
children.  The amount of the transfers wasn't specified.

                        About Michael Vick

Michael Dwayne Vick is a professional American football
quarterback for the Philadelphia Eagles of the National Football
League.  He previously played for the Atlanta Falcons for 6
seasons before serving 18 months of a 23-month sentence in prison
for his involvement in an illegal dog fighting ring.

In April 2007, Vick was implicated in an extensive and unlawful
interstate dogfighting ring that operated over a period of five
years.  He pleaded guilty and was sentenced to 23 months in
federal prison.

With loss of his NFL salary and product endorsement deals,
combined with previous financial mismanagement, Vick filed for
Chapter 11 bankruptcy in July 2008.  Mr. Vick filed a Chapter 11
petition on July 7, 2008 (Bankr. E.D. Va. Case No. 08-50775).
Dennis T. Lewandowski, Esq., and Paul K. Campsen, Esq., at Kaufman
& Canoles, P.C., represent the Debtor in his restructuring
efforts.  Mr. Vick listed assets of $10 million to $50 million.

Vick was released from prison to home confinement on May 20, 2009.
On July 27 2009, NFL Commissioner Roger Goodell conditionally
reinstated Mr. Vick.

Mr. Vick in August 2008 won confirmation of a proposed Chapter 11
plan that proposes to give up a portion of his future income over
six years.  The plan assumed that he's reinstated by the National
Football League and signs a new contract in order to repay
unsecured creditors owed in excess of $19 million.


MINAXI PATEL: Case Summary & 10 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Minaxi G. Patel
        2040 English Turn Dr.
        Presto, PA 15142

Bankruptcy Case No.: 10-20822

Chapter 11 Petition Date: July 2, 2010

Court: United States Bankruptcy Court
       District of Arizona (Tucson)

Judge: James M. Marlar

Debtor's Counsel: Eric Slocum Sparks, Esq.
                  110 S Church Avenue #2270
                  Tucson, AZ 85701
                  Tel: (520) 623-8330
                  Fax: (520) 623-9157
                  E-mail: eric@ericslocumsparkspc.com

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

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

A list of the Debtor's 10 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/azb10-20822.pdf

The petition was signed by Mr. Patel.

Debtor-affiliate that filed separate Chapter 11 petition:

                                                 Petition
   Debtor                              Case No.     Date
   ------                              --------     ----
MSA1, LLC                              10-07716    03/22/10


MISSION TOWERS: Section 341(a) Meeting Scheduled for Aug. 6
-----------------------------------------------------------
The U.S. Trustee for Region 20 will convene a meeting of Mission
Towers Properties I LLC's creditors on August 6, 2010, at 9:00
a.m.  The meeting will be held at Room B-56 US Courthouse, 401
North Market, Wichita, KS 67202.

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.

Leawood, Kansas-based Mission Towers Properties I, LLC, owns a
nine-story office building known as Mission Towers (the Property)
in Mission, Kansas.  The Company filed for Chapter 11 bankruptcy
protection on July 9, 2010 (Bankr. D. Kan. Case No. 10-12286).
Edward J. Nazar, Esq., who has an office in Wichita, Kansas,
assists the Company in its restructuring effort.  The Company
listed $11,211,322 in assets and $16,085,073 in liabilities.


MISSION TOWERS: Taps Redmond & Nazar as Bankruptcy Counsel
----------------------------------------------------------
Mission Towers Properties I, LLC, has asked for authorization from
the U.S. Bankruptcy Court for the District of Kansas to employ
Redmond & Nazar, L.L.P., as bankruptcy counsel.

Redmond & Nazar will, among other things:

     a. advise the Debtor concerning and assist in the negotiation
        and documentation of financing agreements, cash collateral
        orders and related transactions;

     b. investigate into the nature and validity of liens asserted
        against the property of the Debtor, and advise the Debtor
        concerning the enforceability of the liens;

     c. investigate and advise the Debtor concerning and take
        action as may be necessary to collect income and assets in
        accordance with applicable law, and recover property for
        the benefit of the Debtor's estate; and

     d. prepare applications, motions, pleadings, orders, notices,
        schedules and other documents as may be necessary and
        appropriate, and review the financial and other reports to
        be filed herein.

Redmond & Nazar will be paid based on the hourly rates of its
personnel:

        Edward J. Nazar                           $285
        Martin R. Ufford                          $220
        W. Thomas Gilman                          $220
        Jeffrey W. Rockett                        $180
        Nicholas R. Grillot                       $160

Edward J. Nazar, Martin R. Ufford, W. Thomas Gilman, Jeffrey W.
Rockett, and Nicholas R. Grillot, attorneys at Redmond & Nazar,
assures the Court that the firm is "disinterested" as that term is
defined in Section 101(14) of the Bankruptcy Code.

Leawood, Kansas-based Mission Towers Properties I, LLC, owns a
nine-story office building known as Mission Towers (the Property)
in Mission, Kansas.  The Company filed for Chapter 11 bankruptcy
protection on July 9, 2010 (Bankr. D. Kan. Case No. 10-12286).
The Company listed $11,211,322 in assets and $16,085,073 in
liabilities.


MISSION TOWERS: Wants to Use Union Bank's Cash Collateral
---------------------------------------------------------
Mission Towers Properties I, LLC, has asked for authorization from
the U.S. Bankruptcy Court for the District of Kansas to use the
cash collateral of Union Bank.

These documents secure Union Bank's claim against the Debtor:

     a. promissory note, dated September 16, 2004, in the original
        principal amount of $7,697,259.67 (the First Note);

     b. mortgage, assignment of leases, security agreement,
        fixture filing and financing statement, recorded
        September 21, 2004, modified by amended and restated
        mortgage, assignment of leases, security agreement,
        fixture filing and financing statement dated September 29,
        2009, recorded October 8, 2009 (the First Mortgage);

     c. Promissory Note dated March 31, 2006, in the original
        principal amount of $2,230,000 (the Second Note);

     d. mortgage, assignment of leases, security agreement,
        fixture filing and financing statement, recorded April 3,
        2006, modified by an amended and restated mortgage,
        assignment of leases, security agreement, fixture filing
        and financing statement, recorded October 8, 2009 (the
        Second Mortgage);

     e. promissory note dated September 11, 2008, in the original
        principal amount of $2,650,000 (the Third Note);

     f. mortgage, security agreement and fixture filing, executed
        by the Debtor, and recorded on September 16, 2008,
        modified by an amended and restated mortgage, security
        agreement and fixture filing, in the amount of $3,250,000,
        dated September 29, 2009, recorded March 5, 2010 (the
        Third  Mortgage);

     g. assignment of lease, rents and profits, recorded on
        September 16, 2008;

     h. loan modification agreement, dated March 13, 2009, which
        increased the face amount of the Third Note from
        $2,650,000 to $3,250,000, provided for interest-only
        payments on the Notes between December 2008 through August
        2009, and required that the Debtor enter into a lockbox
        arrangement with Union Bank (the Loan Modification
        Agreement); and

     i. lock box and restricted account agreement March 13, 2009
        (the Lock Box Agreement), pursuant to which the Debtor
        agreed to direct its tenants to remit payment of all rents
        directly to the plaintiff, and rents to be deposited into
        a restricted access depository account in the Debtor's
        name (the Lock Box Accounts) and applied in accordance
        with the Lock Box Agreement.

The Debtor was indebted to Union Bank in the principal amount of
$7,373,787.53, plus accrued interest of $61,413.17, late charges
of $4, 250, release fees of $50 and other charges authorized under
the First Note; the principal amount of $2,199,051.25, plus
accrued interest of $61,786.70, late charges of $11,659.55,
release fees of $50 and other charges authorized under the Second
Note; and the principal amount of $2,847,137.23, plus accrued
interest of $4,982.49, late charges of $16,616.14, release fees of
$50 and other charges authorized under the Third Note.

Nicholas R. Grillot, Esq., at Redmond & Nazar, L.L.P., the
attorney for the Debtor, explains that the Debtor needs the money
to fund its Chapter 11 case, pay suppliers and other parties.  The
Debtor will use the collateral pursuant to a budget, a copy of
which is available for free at:

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

In exchange for using the cash collateral, the Debtors propose to
grant Union Bank valid, enforeceable and duly perfected first-
priority lien and security interest and will have a continuing
lien and security interest on the Property and any and all rents,
income and profits arising therefrom.

                         About Mission Towers

Leawood, Kansas-based Mission Towers Properties I, LLC, owns a
nine-story office building known as Mission Towers (the Property)
in Mission, Kansas.  The Company filed for Chapter 11 bankruptcy
protection on July 9, 2010 (Bankr. D. Kan. Case No. 10-12286).
Edward J. Nazar, Esq., who has an office in Wichita, Kansas,
assists the Company in its restructuring effort.  The Company
listed $11,211,322 in assets and $16,085,073 in liabilities.


NEC HOLDINGS: Obtains Approval for $139 Million Financing
---------------------------------------------------------
Bill Rochelle at Bloomberg News reports that National Envelope
Corp. received final approval on July 16 for its debtor-in-
possession financing.  General Electric Capital Corporation as DIP
lender, and as administrative agent, and other lenders have
committed to provide up to $138,955,324.

A copy of the DIP financing agreement is available for free at:

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

Kara Hammond, Esq., at Young Conaway Stargatt & Taylor, LLP, the
attorney for the Debtors, explained that the Debtors need the
money to fund their Chapter 11 case, pay suppliers and other
parties, pay down the revolver and Term A advances, which amounts
are stipulated to be secured by the prepetition collateral.  The
prepetition credit agreement provides for, among other things, a
Term A loan of $75 million.

The Debtors will pay interest to the Agent, for the ratable
benefit of the Lenders in accordance with the various loans being
made by each Lender, in arrears on each applicable interest
payment date, at these rates: (i) revolving credit advances, the
index rate plus the applicable revolver index margin per annum
based on the aggregate revolving credit advances outstanding from
time to time; and (ii) with respect to the sing line loan, the
index rate plus the applicable revolver index margin per annum.
These are the applicable margins:

     Applicable Revolver Index Margin           3.25%
     Applicable L/C Margin                      3.25%
     Applicable Unused Line Fee Margin          1.00%

In the event of default, the interest rates applicable to the
loans and the letter of credit fees will be increased by 2.00% per
annum.

The financing arrangements will be in effect until the Commitment
Termination Date, and the Loans and all other obligations will be
automatically due and payable in full on the date.

The Debtors' obligations under the DIP facility are secured by
valid, binding, continuing, enforceable, fully perfected and
unavoidable first priority senior priming security interests and
liens in and all prepetition and postpetition property and assets
of the Debtors.

The DIP Facility Agreement sets forth these sale milestones that
the Debtors must take all action reasonably necessary to achieve:
(a) execution of a definitive asset purchase agreement by July 2,
2010; (b) filing of a motion seeking approval of agreed bidding
procedures and authority to sell the Debtors' assets pursuant to
Section 363 of the U.S. Bankruptcy Code by July 6, 2010; (c) entry
of court order approving the bidding procedures by July 16, 2010;
(d) an auction for the sale of the Debtors' assets pursuant to
Section 363 by August 23, 2010; (e) entry of a court order
authorizing the sale of the Debtors' assets pursuant to Section
363 by August 27, 2010; and (f) closing of the sale pursuant to
the asset purchase agreement by August 31, 2010.

            July 22 Hearing on Gores Group Sale

The bankruptcy judge will convene a hearing on July 22 to consider
approval of rules for an auction where Gores Group LLC will make
the first bid at $134.5 million.  If the judge goes along, other
bids will be due initially on Aug. 16, followed by an auction on
Aug. 20 and an Aug. 23 hearing for approval of the sale.

             About National Envelope Corporation

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

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

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


NEC HOLDINGS: Committee Seeks to Retain Professionals
-----------------------------------------------------
The Official Committee of Unsecured Creditors for NEC Holdings
Corp., National Envelope Corp. and their affiliates asked the U.S.
Bankruptcy Court for the District of Delaware to approve its
retention of two firms: Pachulski Stang Ziehl & Jones LLP as
counsel and Morgan Joseph & Co., Inc. as financial advisor and
investment banker, netDockets Blog reports.

According to the report, the Creditors Committee was appointed by
the U.S. Trustee on June 22, 2010.

The members of the Creditors' Committee are:

    * United Steelworkers
    * 29-10 Hunters Point Ave. Co. LLC
    * Multi-Plastics, Inc.
    * Henkel Corporation
    * Gadge USA, Inc.
    * Neenah Paper, Inc.
    * Team Ten LLC, d/b/a American Eagle Paper Mills

                   About National Envelope

Uniondale, New York-based National Envelope Corporation --
http://www.nationalenvelope.com/-- manufactures envelopes.  It
has 14 manufacturing facilities and 2 distribution centers and
approximately 3,500 employees in the U.S. and Canada.

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

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


PEARLAND SUNRISE: Files List of 20 Largest Unsecured Creditors
--------------------------------------------------------------
Pearland Sunrise Lake Village I LP has filed with U.S. Bankruptcy
Court for the Western District of Texas its list of 20 largest
unsecured creditors, disclosing:

  Entity                       Nature of Claim        Claim Amount
  ------                       ---------------        ------------
Centerline Capital Group
Attention: Kathy Patterson
5521 N. O'Connor Blvd.
Suite 600                                              $13,650,000
Irving, TX 75039                Fee Simple       Value: $8,471,129

Gilman & Allison
c/o Benton J. Allison, Douglas
Gilman
J.W. Wauson, F. Spagnoletti, M
Phillips                       Non-Purchase Money         $785,330

John R. Carlew
10516 FM 1431 East
Marble Falls, TX 78654         Non-Purchase Money         $710,620

Sumsua Interests, Ltd.
10516 FM 1431 East
Marble Falls, TX 78654         Non-Purchase Money         $700,620

CrossCheck                     Non-Purchase Money         $120,120

O'Conner Commercial Tax
Division                       Non-Purchase Money          $43,988

Cemex Construction Materials,                              $29,754
LP                             Non-Purchase Money     Value: $0.00

Robert's Property Tax, LLC     Non-Purchase Money          $27,407

Direct Energy                  Non-Purchase Money          $26,744

Cory Davis Contracting         Non-Purchase Money          $24,625

T T Eifs & Plaster, LLC        Non-Purchase Money          $13,385

Old Spring Glass               Non-Purchase Money           $9,670

Nationwide Insurance           Non-Purchase Money           $9,241

ThyssenKrupp Elevator
Corporation                    Non-Purchase Money           $8,031

Hewitt Air Tex, Inc.           Non-Purchase Money           $5,855

Page Partners                  Non-Purchase Money           $5,724

J.B. Contractors & Development,                             $4,845
LLC                            Non-Purchase Money     Value: $0.00

City of Pearland               Non-Purchase Money           $4,520

C.A. Garrard Company           Non-Purchase Money           $2,850

Pronote, Inc.                  Non-Purchase Money           $2,805

Marble Falls, Texas-based Pearland Sunrise Lake Village I, LP, dba
SRLVI, filed for Chapter 11 bankruptcy protection on July 9, 2010
(Bankr. W.D. Tex. Case No. 10-11926).  Frank B. Lyon, Esq., who
has an office in Austin, Texas, assists the Company in its
restructuring effort.  The Company estimated its assets and debts
at $10,000,001 to $50,000,000.

The Company's affiliate, Pearland Sunrise Lake Village II, LP, dba
SRLVII, filed a separate Chapter 11 petition on July 9, 2010 (Case
No. 10-11925), estimating its assets and debts at $10,000,001 to
$50,000,000.


PEARLAND SUNRISE: Section 341(a) Meeting Scheduled for Aug. 17
--------------------------------------------------------------
The U.S. Trustee for Region 7 will convene a meeting of Pearland
Sunrise Lake Village I, LP's creditors on August 17, 2010, at
10:30 a.m.  The meeting will be held at Austin Room 118, Homer
Thornberry Building, 903 San Jacinto, Austin, TX 78701.

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.

Marble Falls, Texas-based Pearland Sunrise Lake Village I, LP, dba
SRLVI, filed for Chapter 11 bankruptcy protection on July 9, 2010
(Bankr. W.D. Tex. Case No. 10-11926).  Frank B. Lyon, Esq., who
has an office in Austin, Texas, assists the Company in its
restructuring effort.  The Company estimated its assets and debts
at $10,000,001 to $50,000,000.

The Company's affiliate, Pearland Sunrise Lake Village II, LP, dba
SRLVII, filed a separate Chapter 11 petition on July 9, 2010 (Case
No. 10-11925), estimating its assets and debts at $10,000,001 to
$50,000,000.


PENN TRAFFIC: Teamsters Objects to Disclosure Statement
-------------------------------------------------------
The New York State Teamsters Conference Pension and Retirement
Fund filed with the U.S. Bankruptcy Court an objection to Penn
Traffic's Disclosure Statement related to the Company's Chapter 11
Plan of Reorganization, BankruptcyData.com reports.

BData says the Teamsters argue that the Disclosure Statement
contains a number of blanks that need to be filled in before the
creditors should be asked to vote on the Plan, including but not
limited to a liquidation and distribution analysis.

                      About The Penn Traffic

Syracuse, New York-based The Penn Traffic Company -- dba P&C
Foods, Bi-Lo Foods, and Quality Markets -- operates supermarkets
in Pennsylvania, upstate New York, Vermont, and New Hampshire
under the Bilo, P&C and Quality trade names.  The Company filed
for Chapter 11 bankruptcy protection on November 18, 2009 (Bankr.
D. Del. Case No. 09-14078).  Ann C. Cordo, Esq., and Gregory W.
Werkheiser, Esq., at Morris, Nichols, Arsht & Tunnell assist the
Company in its restructuring effort.  Donlin Recano is the
Company's claims agent.  The Company listed $150,347,730 in assets
and $136,874,394 in liabilities as of May 4, 2009.

The Company's affiliates also filed separate Chapter 11 petitions
-- Sunrise Properties, Inc.; Pennway Express, Inc.; Penny Curtiss
Baking Company, Inc.; Big M Supermarkets, Inc.; Commander Foods
Inc.; P and C Food Markets, Inc. of Vermont; and P.T. Development,
LLC.

Following a bankruptcy court-sanctioned auction, Tops Markets LLC
purchased almost all of Penn Traffic's stores as a going concern
by paying $85 million cash.  The sale was structured so Penn
Traffic avoided a $72 million claim for pension plan termination
and a $27 million claim by the principal supplier.


POSTMEDIA NETWORK: S&P Assigns 'B+' Corporate Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'B+' long-
term corporate credit rating to newly formed Toronto-based
Postmedia Network Inc. (formerly 7536321 Canada Inc.).  The
outlook is negative.

S&P also assigned its 'BB' issue-level rating (two notches above
the corporate credit rating on the company) to Postmedia's
US$300 million first-lien secured term loan (U.S. tranche) due
2016, and its C$110 million first-lien secured term loan (Canadian
tranche) due 2015.  S&P assigned a recovery rating of '1' to the
debt, indicating its expectation of very high (90%-100%) recovery
for creditors in the event of default.  In addition, S&P assigned
the US$275 million second-lien secured notes due 2018 a 'B-'
issue-level rating (two notches below the corporate credit
rating), with a recovery rating of '6', indicating S&P's
expectation of negligible (0%-10%) recovery for creditors in a
default scenario.

On July 13, 2010, Postmedia closed on its acquisition of
substantially all of the assets of Canwest Limited Partnership and
its subsidiaries, as well as the shares of National Post Inc. for
C$1.1 billion.  Postmedia is a newly formed company created to
acquire the above-noted assets with the proceeds from debt
issuance, a C$250 million equity injection, and cash.  Canwest LP
filed for creditor protection under the Companies' Creditors
Arrangement Act on Jan. 8, 2010.

"The ratings on Postmedia reflect S&P's assessment of the
company's vulnerable business risk profile as reflected in its
weak revenues and its participation in the challenging newspaper
publishing industry, which is characterized by declining
advertising and circulation revenues, electronic substitution, and
pricing pressures, as well as both direct and indirect
competition," said Standard & Poor's credit analyst Lori Harris.
S&P believes the newspaper industry will face long-term secular
challenges related to market share erosion toward online and other
forms of advertising.

"Partially offsetting these factors, in S&P's opinion, are the
company's good market position, solid credit protection measures
for the ratings, and improved operating performance because of
cost-cutting efforts," Ms. Harris added.  Postmedia has a leading
market position in the Canadian newspaper publishing industry as
the company's business comprises several Canadian daily
newspapers, the National Post, nondaily newspapers, and certain
online editions and classified Web sites.

The negative outlook reflects Standard & Poor's ongoing concerns
about the challenges Postmedia faces given weak revenues and
difficult industry fundamentals.  Downward pressure on the ratings
could result from deterioration in the company's operations or
credit protection measures.  S&P could revise the outlook to
stable if the company demonstrates sustainable improvement in
operating performance, while strengthening its credit measures.


PREET CHARO: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: Preet Charo Chicken Co.
          dba Charo Chicken
        2053 West Avenue J
        Lancaster, CA 93536

Bankruptcy Case No.: 10-39286

Chapter 11 Petition Date: July 16, 2010

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

Judge: Victoria S. Kaufman

Debtor's Counsel: Anthony Egbase, Esq.
                  Law Offices of Anthony O Egbase & Assoc
                  350 S Figueroa Street, Suite 189
                  Los Angeles, CA 90071
                  Tel: (213) 620-7070
                  E-mail: info@anthonyegbaselaw.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 Bachan Kaur, president.


PREMIER HOTEL: Files for Chapter 11 Bankruptcy Protection
---------------------------------------------------------
Ben Sutherly at Dayton Daily News reports that Premier Hotel Group
LLC filed for bankruptcy under Chapter 11, listing both assets and
debts of between $1 million and $10 million.

The Company said it owes creditors a total of $2.18 million.  It
owes $1 million on a secured basis to Perpetual Federal Savings
Bank; $646,000, Par-Mee Dev. Corp. of Cable, Ohio; $245,542, the
Greene County treasurer; and  $51,144, Baymont Franchise Systems
of Chicago.

Delena Edwards, in Columbus, represents the company.

This is the company's second bankruptcy filing.  The Company first
filed for bankruptcy in December 2009.  The case was dismissed
because the company failed to file required documents.


QUANTUM CORP: Capital Research Global Holds 10.4% of Shares
-----------------------------------------------------------
Capital Research Global Investors is deemed to be the beneficial
owner of 22,442,508 shares or 10.4% of the 215,900,000 shares of
Quantum Corporation Common Stock believed to be outstanding as a
result of CRMC acting as investment adviser to various investment
companies registered under Section 8 of the Investment Company Act
of 1940.

                        About Quantum Corp.

Based in San Jose, California, Quantum Corp. (NYSE:QTM) --
http://www.quantum.com/-- is a storage company specializing in
backup, recovery and archive.  Quantum provides a comprehensive,
integrated range of disk, tape, and software solutions supported
by a world-class sales and service organization.

As of March 31, 2010, Quantum had $504.1 million in total assets,
$242.6 million in total current liabilities, and $352.7 million in
total long-term liabilities, for stockholders' deficit of $91.2
million.

                           *     *     *

According to the Troubled Company Reporter on March 5, 2010,
Standard & Poor's Ratings Services said it revised its outlook on
San Jose, California-based storage solutions company Quantum Corp.
to positive from negative.  S&P also affirmed all its ratings on
Quantum, including its 'B-' corporate credit rating.


QUANTUM CORP: CEO et al. Report Restricted Stock Units
------------------------------------------------------
Quantum Corp. CEO Richard Belluzzo disclosed that on July 1, 2010,
80,000 Restricted Stock Units vested.  The RSUs were granted on
June 30, 2007.  The vested RSUs converted to shares of Common
Stock on a 1-for-1 basis.

Mr. Belluzzo also disclosed that on July 1, 2010, he disposed of
29,344 shares to satisfy tax withholding obligations upon vesting
of RSUs granted on June 30, 2007.

Mr. Belluzzo may also be deemed to hold 550,000 common shares,
representing RSUs that will vest in equal installments on July 1,
2011, July 1, 2012, and on July 1, 2013.  He may be deemed to hold
1,330,601 company shares in the aggregate.

Senior VP for Human Resources Barbara Barrett disclosed that on
July 1, 2010, 11,666 Restricted Stock Units vested.  The RSUs were
granted on June 30, 2007.  The vested RSUs converted to shares of
Common Stock on a 1-for-1 basis.

Ms. Barrett also disclosed that on July 1, 2010, she disposed of
11,925 shares to satisfy tax withholding obligations upon vesting
of RSUs granted on June 30, 2007 and on July 1, 2008.

Ms. Barrett may also be deemed to hold 70,000 common shares,
representing RSUs that will vest in equal installments on July 1,
2011, July 1, 2012, and on July 1, 2013.  She may be deemed to
hold 199,422 company shares in the aggregate.

William C. Britts, EVP for Sales & Marketing, disclosed that on
July 1, 2010, 25,000 Restricted Stock Units vested.  The RSUs were
granted on June 30, 2007.  The vested RSUs converted to shares of
Common Stock on a 1-for-1 basis.

Mr. Britts also disclosed that on July 1, 2010, he disposed of
18,185 shares to satisfy tax withholding obligations upon vesting
of RSUs granted on June 30, 2007 and on July 1, 2008.

Mr. Britts may also be deemed to hold 140,000 common shares,
representing RSUs that will vest in equal installments on July 1,
2011, July 1, 2012, and on July 1, 2013.  He may be deemed to hold
782,477 company shares in the aggregate.

Executive VP, COO and CFO Jon W. Gacek disclosed that on July 1,
2010, 25,000 Restricted Stock Units vested.  The RSUs were granted
on June 30, 2007.  The vested RSUs converted to shares of Common
Stock on a 1-for-1 basis.

Mr. Gacek also disclosed that on July 1, 2010, he disposed of
41,329 shares to satisfy tax withholding obligations upon vesting
of RSUs granted on June 30, 2007, July 1, 2008, and July 1, 2009.

Mr. Gacek may also be deemed to hold 250,000 common shares,
representing RSUs that will vest in equal installments on July 1,
2011, July 1, 2012, and on July 1, 2013.  He may be deemed to hold
669,101 company shares in the aggregate.

EVP for Engineering Gerald Lopatin disposed of 24,760 common
shares on July 1, 2010.  Following the deal, he now holds 129,567
common shares.  The shares were surrendered to satisfy tax
withholding obligations upon vesting of RSUs granted on July 1,
2008 and on July 1, 2009.

SVP, General Counsel and Secretary Shawn D. Hall disclosed that on
July 1, 2010, 11,666 Restricted Stock Units vested.  The RSUs were
granted on June 30, 2007.  The vested RSUs converted to shares of
Common Stock on a 1-for-1 basis.

Mr. Hall also disclosed that on July 1, 2010, he disposed of
24,913 shares to satisfy tax withholding obligations upon vesting
of RSUs granted on June 30, 2007, on July 1, 2008, on July 1,
2009.

Mr. Hall may also be deemed to hold 70,000 common shares,
representing RSUs that will vest in equal installments on July 1,
2011, July 1, 2012, and on July 1, 2013.  He may be deemed to hold
254,044 company shares in the aggregate.

                        About Quantum Corp.

Based in San Jose, California, Quantum Corp. (NYSE:QTM) --
http://www.quantum.com/-- is a storage company specializing in
backup, recovery and archive.  Quantum provides a comprehensive,
integrated range of disk, tape, and software solutions supported
by a world-class sales and service organization.

As of March 31, 2010, Quantum had $504.1 million in total assets,
$242.6 million in total current liabilities, and $352.7 million in
total long-term liabilities, for stockholders' deficit of
$91.2 million.

                           *     *     *

According to the Troubled Company Reporter on March 5, 2010,
Standard & Poor's Ratings Services said it revised its outlook on
San Jose, California-based storage solutions company Quantum Corp.
to positive from negative.  S&P also affirmed all its ratings on
Quantum, including its 'B-' corporate credit rating.


QUANTUM CORP: Annual Stockholders' Meeting Set for August 18
------------------------------------------------------------
The Annual Meeting of Stockholders of Quantum Corporation will be
held on August 18, 2010, at 8:00 a.m., Pacific Daylight Time, at
Quantum's corporate headquarters at 1650 Technology Drive, San
Jose, CA 95110, for these purposes:

     1. To elect eight directors recommended by the Board to serve
        until the next Annual Meeting of Stockholders or until
        their successors are elected and duly qualified;

     2. To ratify the appointment of PricewaterhouseCoopers LLP as
        the independent registered public accounting firm of the
        Company for the fiscal year ending March 31, 2011; and

     3. To transact such other business as may properly come
        before the meeting or any adjournment or postponement
        thereof.

Only stockholders of record at the close of business on June 21,
2010, are entitled to notice of and to vote at the meeting.

A full-text copy of the Company's proxy statement is available at
no charge at http://ResearchArchives.com/t/s?66be

                        About Quantum Corp.

Based in San Jose, California, Quantum Corp. (NYSE:QTM) --
http://www.quantum.com/-- is a storage company specializing in
backup, recovery and archive.  Quantum provides a comprehensive,
integrated range of disk, tape, and software solutions supported
by a world-class sales and service organization.

As of March 31, 2010, Quantum had $504.1 million in total assets,
$242.6 million in total current liabilities, and $352.7 million in
total long-term liabilities, for stockholders' deficit of $91.2
million.

                           *     *     *

According to the Troubled Company Reporter on March 5, 2010,
Standard & Poor's Ratings Services said it revised its outlook on
San Jose, California-based storage solutions company Quantum Corp.
to positive from negative.  S&P also affirmed all its ratings on
Quantum, including its 'B-' corporate credit rating.


RADIO ONE: Lenders Tap Loughlin Meghji & Morgan Lewis as Advisors
-----------------------------------------------------------------
Wells Fargo Bank, N.A. -- successor by merger to Wachovia Bank,
National Association, as Agent and Lender -- has tapped advisors
Loughlin Meghji + Company and Morgan, Lewis & Bockius LLP in
restructuring talks with Radio One, Inc.

Wells Fargo on July 15, 2010, agreed to forbear from exercising
certain rights and remedies under its Senior Credit Facility with
Radio One arising as a result of Radio One's default of the
maximum total leverage covenant, the default of the requirement to
provide written notice of such default, and certain other defaults
and events of default caused by the default of the total leverage
covenant.  The Forbearance Agreement will terminate on 5:00 p.m.,
Eastern time, on August 13, 2010.

Pursuant to the Forbearance Agreement, Loughlin Meghji + Company
will have received payment or reimbursement of any and all
reasonable invoiced fees, out-of-pocket expenses and other amounts
owed by Radio One as Borrower and invoiced prior to 2:00 p.m.
Eastern time on July 15, 2010.  Morgan, Lewis & Bockius LLP will
have received payment or reimbursement of any and all reasonable
invoiced fees, out-of-pocket expenses and other amounts owed by
the Borrower pursuant to the Credit Agreement, and invoiced prior
to 2:00 p.m. Eastern time on July 15, 2010.

Radio One owes the lenders $355,480,159.99 under the Credit
Agreement, which amount does not include fees, expenses and other
amounts which are chargeable or otherwise reimbursable under the
Credit Agreement.

During the Forbearance period, Radio One is required to pay
interest on the loan on a monthly basis, with the first payment
due July 31.

A full-text copy of the Forbearance Agreement is available at no
charge at http://ResearchArchives.com/t/s?6697

                          About Radio One

Radio One, Inc., operates as an urban-oriented multi-media company
in the United States. It principally engages in the radio
broadcasting operation that primarily targets African-American and
urban listeners. As of December 31, 2009, it owned and operated 53
radio stations located in 16 urban markets in the United States.
The company also has approximately 37% ownership interest in TV
One, LLC, an African-American targeted cable television network;
and a 53.5% ownership interest in Reach Media, Inc., which
operates the Tom Joyner Morning Show. Further, it owns Interactive
One, LLC, an online platform serving the African-American
community through social content, news, information, and
entertainment; and Community Connect, LLC, an online social
networking company. The company was founded in 1980 and is based
in Lanham, Maryland.

At March 31, 2010, Radio One had total assets of $1,024,984,000
against total liabilities of $779,381,000.

                           *     *     *

As reported by the Troubled Company Reporter on June 21, 2010,
Moody's Investors Service will upgrade Radio One, Inc.'s Corporate
Family Rating to B3 from Caa1 and its probability of Default
Rating to B3 from Caa2 pending closing of their proposed note
exchange, debt refinancing and purchase of additional interests in
TVOne.

Standard & Poor's Rating Services placed its 'CCC+' corporate
credit rating on Lanham, Md.-based radio broadcaster Radio One
Inc. on CreditWatch with positive implications.  The company has
proposed several transactions to refinance its capital structure
and acquire a controlling stake in TV One LLC.  Upon completion of
the refinancing, and assuming there are no material changes to the
proposed terms, S&P expects to raise the corporate credit rating
to 'B' with a stable outlook.


RADIO ONE: Officers Sell Class D Shares to Meet Tax Rules
---------------------------------------------------------
Several Radio One Inc. officers sold shares of Class D common
stock on July 13 to meet tax obligations.

Radio One CEO and director Alfred C. Liggins sold 52 shares of the
company's Class D common stock.

Catherine L. Hughes, chairperson and secretary, sold 46 Class D
shares.

Linda J. Vilardo, chief administrative officer of Radio One, sold
54 Class D shares.

Barry A. Mayo, president of the Company's Radio Division, sold 69
Class D shares.

Peter Thompson, Radio One's chief financial officer and executive
vice president, sold 52 Class D shares.

The shares were sold to satisfy tax obligation for shares vesting
on June 5, 2010, and reported as acquired on January 7, 2010.

As to Mr. Liggins, the tax obligation was based on 33,333 shares
(or 1/3 of the acquired amount) vesting at a price of $3.86 per
share.

After the deal, Mr. Liggins beneficially owns a total of
12,233,984 shares of Radio One, Inc. stock as follows: (1) 574,909
shares of Class A common stock held by him, (2) 2,010,307 shares
of Class B common stock held by the Alfred C. Liggins Revocable
Trust, (3) 605,313 shares of Class C common stock held by the
Alfred C. Liggins Revocable Trust U/A/D, (4) 920,456 shares of
Class C common stock held by the Dynast Trust U/A/D, (5) 2,870,614
shares of Class D common stock held by the Alfred C. Liggins
Revocable Trust, (6) 1,221,823 shares of Class D common stock held
by the Alfred C. Liggins Revocable Trust U/A/D, (7) 1,519,128
shares of Class D common stock held by the Alfred C. Liggins Trust
UA, (8) 15,605 shares of Class C common stock held through the
Hughes-Liggins Co., LLC (9) 31,499 shares of Class D common stock
held through the Hughes-Liggins Co., LLC, and (10) 2,452,264
shares of Class D common stock held by Mr. Liggins.

In a separate disclosure, Mr. Liggins disclosed selling 120,349
Class D shares on June 29 and 30, and on July 1.  The shares were
also sold to satisfy tax obligation for shares vesting on June 5,
2010, and reported as acquired on January 7, 2010.

As to Ms. Hughes, the tax obligation was based on 100,000 shares
(or 1/3 of the acquired amount) vesting at a price of $3.86 per
share.

After the deal, Ms. Hughes beneficially owns a total of 6,824,573
shares of Radio One, Inc. stock as follows: (1) 1,000 shares of
Class A common stock held by Catherine L. Hughes, (2) 851,536
shares of Class B common stock held by the Catherine L. Hughes
Revocable Trust, (3) 247,366 shares of Class common stock held by
the Catherine L. Hughes Revocable Trust U/A/D, (4) 1,124,560
shares of Class C common stock held by the Dynastic Trust U/A/D,
(5) 192,142 shares of Class C common stock held by the Catherine
L. Hughes Charitable Trust, (6) 1,510,669 shares of Class D common
stock held by the Catherine L. Hughes Revocable Trust U/A/D, (7)
286,875 shares of Class D common stock held by the Catherine L.
Hughes Charitable Trust, (8) 1,749,464 shares of Class D common
stock held by the Catherine L. Hughes Trust UA, (9) 15,605 shares
of Class C common stock held through the Hughes-Liggins Co., LLC
(10) 31,499 shares of Class D common stock held through the
Hughes-Liggins Co., LLC, and (11) 813,857 shares of Class D common
stock held by Catherine L. Hughes.

In a separate disclosure, Ms. Hughes disclosed selling 36,570
Class D shares on June 29 and 30, and on July 1.

As to Ms. Vilardo, the tax obligation was based on 75,000 shares
(or 1/3 of the acquired amount) vesting at a price of $3.86 per
share.  As a result of the transaction, Ms. Vilardo now
beneficially owns (1) 1,000 shares of Class A common stock and (2)
170,162 restricted shares of Class D common stock.  She directly
holds those shares.

In a separate disclosure, Ms. Vilardo disclosed selling 25,154
Class D shares on June 29 and 30, and on July 1.

As to Mr. Mayo, the tax obligation was based 43,333 shares (or 1/3
of the acquired amount) vesting at a price of $3.86 per share.
After the deal, Mr. Mayo beneficially owns a total of (1) 100,000
shares of Class D common stock and (2) 94,324 shares of restricted
Class D common stock.

In a separate disclosure, Mr. Mayo disclosed selling 16,057 Class
D shares on June 29 and 30, and on July 1.

As to Mr. Thompson, the tax obligation was based 75,000 shares (or
1/3 of the acquired amount) vesting at a price of $3.86 per share.
After the deal, Mr. Thomson beneficially owns a total of (1)
158,336 restricted shares of Class D Common stock vesting and (2)
options to purchase 50,000 shares of Class D common stock.

In a separate disclosure, Mr. Thompson disclosed selling 58,964
Class D shares on June 25, 29 and 30, and on July 1.

Shares will continue to be sold over a period of time until the
full amount of the tax obligation is settled.  The ultimate number
of shares sold to satisfy the tax obligation will depend upon the
prices at which shares are sold and the number of shares sold at a
given price.

                          About Radio One

Radio One, Inc., operates as an urban-oriented multi-media company
in the United States. It principally engages in the radio
broadcasting operation that primarily targets African-American and
urban listeners. As of December 31, 2009, it owned and operated 53
radio stations located in 16 urban markets in the United States.
The company also has approximately 37% ownership interest in TV
One, LLC, an African-American targeted cable television network;
and a 53.5% ownership interest in Reach Media, Inc., which
operates the Tom Joyner Morning Show. Further, it owns Interactive
One, LLC, an online platform serving the African-American
community through social content, news, information, and
entertainment; and Community Connect, LLC, an online social
networking company. The company was founded in 1980 and is based
in Lanham, Maryland.

At March 31, 2010, Radio One had total assets of $1,024,984,000
against total liabilities of $779,381,000.

                           *     *     *

As reported by the Troubled Company Reporter on June 21, 2010,
Moody's Investors Service will upgrade Radio One, Inc.'s Corporate
Family Rating to B3 from Caa1 and its probability of Default
Rating to B3 from Caa2 pending closing of their proposed note
exchange, debt refinancing and purchase of additional interests in
TVOne.

Standard & Poor's Rating Services placed its 'CCC+' corporate
credit rating on Lanham, Md.-based radio broadcaster Radio One
Inc. on CreditWatch with positive implications.  The company has
proposed several transactions to refinance its capital structure
and acquire a controlling stake in TV One LLC.  Upon completion of
the refinancing, and assuming there are no material changes to the
proposed terms, S&P expects to raise the corporate credit rating
to 'B' with a stable outlook.


RENEGADE HOLDINGS: Returns to Bankruptcy After Judge Vacated Plan
-----------------------------------------------------------------
Richard Craver at Winston-Salem Journal reports that Renegade
Holdings Inc. is back in bankruptcy after federal judge vacated
the Company's plan of reorganization.  The judge set a hearing on
July 26, 2010, at 9:30 a.m., to discuss a criminal investigation
of the companies and its owner Calvin Phelps sought by 16 state
attorneys general.

The Company filed its plan in October 2009 but was opposed by the
attorney generals, Mr. Craver notes.

Renegade Holdings filed for bankruptcy protection on Jan. 28,
2009.


ROSELEA MANOR: Case Summary & 12 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Roselea Manor, Inc.
        2714 Ridgewood Avenue
        P.O. Box 915953
        Sanford, FL 32773

Bankruptcy Case No.: 10-12535

Chapter 11 Petition Date: July 16, 2010

Court: U.S. Bankruptcy Court
       Middle District of Florida (Orlando)

Debtor's Counsel: Norman L. Hull, Esq.
                  Norman Linder Hull PA
                  746 North Magnolia Avenue
                  Orlando, FL 32803
                  Tel: (407) 422-1235
                  Fax: (407) 423-2842
                  E-mail: flabankruptcy@earthlink.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 12 largest unsecured
creditors filed together with the petition is available for
free at http://bankrupt.com/misc/flmb10-12535.pdf

The petition was signed by Rosemarie Morris, president.


SARAH LEE: Mulls Sale of Struggling North American Bakery Biz
-------------------------------------------------------------
The Wall Street Journal's Anupreeta Das and Gina Chon report that
Sara Lee Corp. is exploring a sale of its struggling North
American bakery business and has asked its financial advisers to
gauge interest from potential buyers, people familiar with the
matter said.

Sources told the Journal there has been no formal auction arranged
and Sara Lee could decide not to dispose of the unit, which had
$2.2 billion in annual sales.  But Sarah Lee's advisers have
selectively reached out to companies and private-equity firms that
might be interested in the unit, which makes bread under the Sara
Lee, Earth Grains and other brand names.  The business could fetch
at least $1 billion or more, those people said.

According to the Journal, selling the business may be tough.
Large bread makers face intense competition from small, local
bakeries and in-house offerings from supermarkets.  The bread
industry has been hit by volatile commodity costs and aggressive
promotions in the food aisle.  As consumers cut back sharply last
year, bread makers such as Sara Lee and Wonder Bread maker Hostess
Brands Inc., under the control of private equity firm Ripplewood
Holdings, offered more discounts.  The price competition has
weighed heavily on the sector, putting pressure on margins and
profits.

The Journal notes it is unclear how quickly Sara Lee will be able
to move on a deal even if a buyer should emerge.  Chief Executive
Brenda Barnes had a stroke earlier this year and has been on a
medical leave of absence since May.  In recent years Ms. Barnes
sold off many large businesses that had been part of the
conglomerate and turned Sara Lee into an entity more focused on
food. Most recently the company has sold off its international
household and body-care products businesses.

The Journal further notes the bakery business hasn't had a
permanent head for a few months.  Its chief executive, James
Nolan, left in April, and the company named Michael Feder, a
turnaround specialist from advisory firm AlixPartners as its
interim chief executive.


SAVVIS INC: S&P Assigns Corporate Credit Rating at 'B'
------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its
preliminary 'B' corporate credit rating to Town & Country, Mo.-
based IT service provider Savvis Inc.  S&P also assigned a
preliminary 'B' issue-level rating to the company's proposed
aggregate $625 million of secured credit facilities (which consist
of a $550 million term loan B and a $75 million revolving credit
facility), along with a '3' recovery rating.  The recovery rating
indicates prospects for meaningful (50%-70%) recovery of principal
in the event of payment default.  The outlook is stable.

S&P expects to assign final ratings upon closing of the
transaction and S&P's review of final documentation.  Savvis
provides IT services -- primarily data center colocation, hosting,
and managed hosting services, including security -- to enterprise
customers.  Pro forma for the new credit facilities, debt,
including reported capital lease obligations plus S&P's adjustment
for operating leases, will be approximately $1 billion.

The company will use proceeds from the proposed $550 million term
loan, along with about $15 million of cash, to finance the current
tender offer for $345 million of convertible notes due 2010 (the
tender was launched July 1 and expires on July 29); repay the
$110 million revolver draw used (along with cash) to finance the
June 1, 2010 purchase of privately held Canadian data center
operator Fusepoint Inc. for $125 million; repay an aggregate of
approximately $85 million of vendor and other debt; and for
transaction fees.

"The rating reflects what S&P consider to be the company's
aggressive leverage; prospects for limited near-term free cash
flow resulting from expansion-related capital expenditures," said
Standard & Poor's credit analyst Richard Siderman, "and a
vulnerable business risk profile, reflecting a high degree of
competition including from much larger and better capitalized
rivals and pricing pressure."  The latter is particularly the case
in the managed services segment which comprises the majority of
revenues.  Mitigating factors include good underlying industry
growth prospects for all of Savvis' business segments from growing
Internet traffic and a trend toward IT outsourcing, satisfactory
scale and reach, and adequate near-term liquidity.


SEQUOIA DAY: Case Summary & 6 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: Sequoia Day Investment, Inc.
        35 Via Costa Verde, Rancho Palos Verdes
        Rancho Palos Verdes, CA 90275

Bankruptcy Case No.: 10-39295

Chapter 11 Petition Date: July 16, 2010

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

Judge: Thomas B. Donovan

Debtor's Counsel: Anthony Egbase, Esq.
                  Law Offices of Anthony O Egbase & Assoc
                  350 S Figueroa Street, Suite 189
                  Los Angeles, CA 90071
                  Tel: (213) 620-7070
                  E-mail: info@anthonyegbaselaw

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/cacb10-39295.pdf

The petition was signed by Theresa Ngozi Aduba.


SIGMA INDUSTRIES: Files Bankruptcy Proposal in Quebec
-----------------------------------------------------
Sigma Industries Inc. and its subsidiaries, Rene Composite
Materials Inc. and Transcam Composites Inc., filed proposals in
bankruptcy under the Bankruptcy and Insolvency Act on July 16,
2010.  These proposals shall be submitted for approval by their
respective creditors on August 2, 2010, and to the Superior Court
of Quebec on August 3, 2010.

Simultaneously, the Company will request permission from the Court
to reorganize, as defined in section 191 of the Canada Business
Corporations Act.

These proposals and the reorganization do not have any effect on
the ordinary course of the businesses of the Company and of its
subsidiaries. Messrs.  Denis Bertrand, G‚rald D‚sourdy, Claude
Dupuis, Bruno Doyon and Neeman Malek, being all Company's
directors, still remain on the board and Sigma still has a valid
transfer agent in good standing.

The proposals will be available on SEDAR at http://www.sedar.com

                       About Sigma Industries

Sigma Industries Inc., a leading composite and metal products
manufacturer, has five operating subsidiaries and employs 350
people.  The Company is active in the growing heavy-duty truck,
coach, transit and bus, train and subway, machinery, agriculture,
light forestry, and wind energy market segments.  Sigma sells its
products to original equipment manufacturers and distributors in
the United States, Canada and Europe.


SOHAIL RAFIQ: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Joint Debtors: Sohail Rafiq
               Samina Sohail Rafiq
                 aka Samina S. Rafiq
                     Samina Alvi
               29336 Wood Canyon Road
               Silverado, CA 92676

Bankruptcy Case No.: 10-19812

Chapter 11 Petition Date: July 16, 2010

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

Judge: Robert N. Kwan

Debtor's Counsel: Paul J. Ultimo, Esq.
                  Ultimo Law Firm PC
                  4 Park Plaza, Suite 640
                  Irvine, CA 92614
                  Tel: (949) 851-0300
                  Fax: (949) 851-0301
                  E-mail: paul@ultimolawfirm.com

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

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

According to the schedules, the Debtors say that assets total
$1,306,100 while debts total $2,276,642.

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/cacb10-19812.pdf

The petition was signed by the Joint Debtors.


SOUTHEAST REGENCY: Files List of 20 Largest Unsecured Creditors
---------------------------------------------------------------
Southeast Regency Medical Center, LP, has filed with U.S.
Bankruptcy Court for the Western District of Texas its list of 20
largest unsecured creditors, disclosing:

  Entity                       Nature of Claim        Claim Amount
  ------                       ---------------        ------------
City National Bank, N.A.
South Flower Street, 25th Floor                $15,162,710
Los Angeles, CA 90007          Purchase Money  Value: $5,848,200

Oxford Development Corporation
940 Corbindale
Houston, TX 77024              Non-Purchase Money    $1,870,896

Gilman & Allison
c/o Brenton J. Allison, D. Gilman
J. Wauson, M. Phillips, F.
Spgnoletti
9307 Broadway - Suite 407
Pearland, TX 77584             Non-Purchase Money  $631,559

John R. Carlew
Trustee of John R. Carlew Living
Trust
10516 FM 1431 East
Marble Falls, TX 78654         Non-Purchase Money    $340,702

Sumsua Interests, Ltd.
10516 FM 1431 East
Marble Falls, TX 78654         Non-Purchase Money  $337,752

Cory Davis Contracting         Purchase            $131,964
                                              Value: $0.00

CrossCheck                     Non-Purchase Money  $96,600

Hewitt Air Tex, Inc.           Non-Purchase Money    $85,988

Family Dermatology             Non-Purchase Money   $42,000

ThyssenKrupp Elevator
Corporation                    Non-Purchase Money    $25,428

Xcess Security Services, Inc.  Non-Purchase Money   $23,981

Fire Tech Services Co.         Purchase Money     $20,000
                                                 Value: $0.00

Earl Kirkland                  Non-Purchase Money  $19,773

Steelco Steel Erectors         Non-Purchase Money  $16,660

The Republic Group             Non-Purchase Money  $16,222

Franklin Fidelity Management,
LLC                            Non-Purchase Money        $10,800

O'Conner Commercial Tax
Division                       Non-Purchase Money    $6,236

Hudson Energy                  Non-Purchase Money  $5,620

JET Construction               Non-Purchase Money  $5,608

US Power Generating Company    Non-Purchase Money  $5,176

Marble Falls, Texas-based Southeast Regency Medical Center, LP,
filed for Chapter 11 bankruptcy protection on July 9, 2010 (Bankr.
W.D. Tex. Case No. 10-11923).  Frank B. Lyon, Esq., who has an
office in Austin, Texas, assists the Company in its restructuring
effort.  The Company estimated its assets and debts at $10,000,001
to $50,000,000.


SOUTHEAST REGENCY: Section 341(a) Meeting Scheduled for Aug. 17
---------------------------------------------------------------
The U.S. Trustee for Region 7 will convene a meeting of Southeast
Regency Medical Center, LP's creditors on August 17, 2010, at 9:30
a.m.  The meeting will be held at Austin Room 118, Homer
Thornberry Building, 903 San Jacinto, Austin, TX 78701.

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.

Marble Falls, Texas-based Southeast Regency Medical Center, LP,
filed for Chapter 11 bankruptcy protection on July 9, 2010 (Bankr.
W.D. Tex. Case No. 10-11923).  Frank B. Lyon, Esq., who has an
office in Austin, Texas, assists the Company in its restructuring
effort.  The Company estimated its assets and debts at $10,000,001
to $50,000,000.


SPONGETECH DELIVERY: Gets Court OK to Appoint Chapter 11 Trustee
----------------------------------------------------------------
The Hon. Stuart M. Bernstein of the U.S. Bankruptcy Court for the
Southern District of New York has authorized Tracy Hope Davis, the
Acting U.S. Trustee for Region 2, to appoint a Chapter 11 trustee
for Spongetech Delivery Systems, Inc.

The Trustee sought permission from Judge Bernstein to appoint a
Chapter 11 trustee or, in the alternative, convert the Debtor's
Chapter 11 bankruptcy case to Chapter 7.

The Trustee said that these are among numerous reasons why the
appointment of a Chapter 11 trustee is required:

     (1) allegations of securities fraud and obstruction of
         justice, resulting in the recent arrest of current
         management and a civil enforcement action by the
         Securities and Exchange Commission;

     (2) allegations raised at a hearing before the Bankruptcy
         Court in the Southern District of Georgia regarding a
         very recent diversion of at least $700,000 in cash for
         the personal benefit of the Debtor's current management
         from the Debtor's wholly-owned subsidiary, Dicon (which
         is itself in Chapter 11 in Georgia with an appointed
         trustee); and

     (3) the apparent forgery of an attorney's signature on the
         Debtor's bankruptcy petition by someone affiliated with
         current management.

The Debtor consented to the appointment of a Chapter 11 trustee.

New York-based Spongetech Delivery Systems Inc. filed for Chapter
11 bankruptcy protection on July 9, 2010 (Bankr. S.D.N.Y. Case No.
10-13647).  Edward Neiger, Esq., at Neiger, LLP, assists the
Company in its restructuring effort.  The Company listed
$10,000,001 to $50,000,000 in assets and $1,000,001 to $10,000,000
in liabilities.

The Company's affiliate, Dicon Technologies, LLC, filed a separate
Chapter 11 petition on June 24, 2010 (Case No. 10-41275).


SPONGETECH DELIVERY: Taps Kera & Graubard as Bankruptcy Counsel
---------------------------------------------------------------
Spongetech Delivery Systems, Inc., has sought permission from the
U.S. Bankruptcy Court for the Southern District of New York to
employ Kera & Graubard as bankruptcy counsel.

Kera & Graubard will represent the Debtor in its Chapter 11
bankruptcy case.

M. David Graubard, a member at Kera & Graubard, says that the firm
will be paid $350 per hour for its services.

Mr. Graubard assures the Court that Kera & Graubard is
"disinterested" as that term is defined in Section 101(14) of the
Bankruptcy Code.

New York-based Spongetech Delivery Systems Inc. filed for Chapter
11 bankruptcy protection on July 9, 2010 (Bankr. S.D.N.Y. Case No.
10-13647).  The Company listed $10,000,001 to $50,000,000 in
assets and $1,000,001 to $10,000,000 in liabilities.

The Company's affiliate, Dicon Technologies, LLC, filed a separate
Chapter 11 petition on June 24, 2010 (Case No. 10-41275).


TEXAS RANGERS: Restructuring Officer Wants Team-Owner
-----------------------------------------------------
Bill Rochelle at Bloomberg News reports that the chief
restructuring officer for the two partnerships that own the Texas
Rangers professional baseball club is asking for permission to
begin the process of substantively consolidating the bankruptcies
of the team and the two partnership owners.  William K. Snyder,
the restructuring officer, contends that consolidation is the only
way to preserve fraudulent transfer claims that otherwise would be
lost were the team to win approval of its own reorganization plan
at the currently scheduled Aug. 4 confirmation hearing.  On the
eve of the May 24 Chapter 11 filing, Mr. Snyder says the team
assumed $9 million in debt to financial advisers that previously
had no claim against the team.  Also just before bankruptcy, the
team assumed the above-market lease for an aircraft.

According to the report, Texas Rangers Baseball Partners is
objecting to the request.  The Rangers believe that Mr. Snyder's
mandate does not include proposing substantive consolidation.  The
team also argues that a motion for substantive consolidation would
"impede and disrupt" the sale process.

Under the new sale procedures approved by the Bankruptcy Court,
the Debtor will hold an auction on Aug. 4, if competing bids are
submitted by Aug. 3.  The Ryan-Greenberg originally signed
prepetition a contract to purchase the club for about $304 million
cash.  The group has now agreed to modify the original contract by
raising the price to $306.7 million.  In addition, they sweetened
the offer by lowering an escrow holdback from $30 million to
$10 million and by not forcing other purchasers to take over the
lease for the team airplane.  If the Ryan-Greenberg group is
outbid, they would receive a $15 million breakup fee. In return
for the fee, the stalking-horse agreed to waive exclusivity
provisions in the May contract.  Before the auction, other bidders
must be approved by Major League Baseball.

The Debtor and the CRO have asked the Court to reconsider holding
an auction on Aug. 4.  The CRO said the auction rules won't
produce any competing bids.

                    Two More Potential Bidders

Meanwhile, according to The Associated Press, Mr. Snyder said two
more potential buyers have emerged in addition to Houston
businessman Jim Crane and Dallas investor Jeff Beck, both cleared
by MLB to submit bids.  He said one of the new potential bidders
has such high personal wealth that he could fund the deal without
financing. But Snyder said he didn't know if that potential bidder
had the money "laying around in a checking account" and that
obtaining financing may take a few weeks.  The judge told Mr.
Snyder not to reveal any names or bid amounts after creditors
objected when Glenn Kurtz, at attorney for Greenberg-Ryan's group,
asked if Dallas Mavericks owner Mark Cuban is an interested
bidder.

Barry Shlachter, Special Contributor to The Dallas Morning News,
reports that Dallas Mavericks owner Mark Cuban was named as being
an undisclosed but prospective bidder for the Texas Rangers at a
bankruptcy hearing Tuesday by a lawyer for Hall-of-Famer Nolan
Ryan's front-running group.

According to the report, the mention of Mr. Cuban's name brought
immediate objections, but Mr. Ryan's attorney Glenn Kurtz, Esq.,
said the National Basketball Association team owner already had
been identified in news reports "for weeks."

Judge Michael Lynn noted that the media had gotten matters wrong
in the past.

Dallas Morning News also reports that attorneys from the Dallas
firm of Greenberg Traurig, representing an unnamed bidder,
declined to identify their client.

The report also notes that at the hearing, the team's court-
appointed chief restructuring officer said the undisclosed
potential bidder reputedly had sufficient personal wealth to make
an offer for the team.

According to the report, William K. Snyder also disclosed that
Houston businessman Jim Crane wanted to replace Mr. Ryan's group
with the "stalking horse," bid with a "nine-figure" offer at the
team's Aug. 4 auction but that New York bankers already had
committed to Mr. Ryan.

Mr. Snyder testified that the lenders were trying to determine if
they could simultaneously back two opposing bids.  The hearing was
held to determine if the Aug. 4 auction date should be postponed.

Mr. Crane and Dallas investor Jeff Beck, another bidder pre-
approved by Major League Baseball, both need more time to raise
financing, Mr. Snyder told the judge.

The Associated Press' Angela K. Brown reports that Mr. Snyder told
the judge at Tuesday's hearing that the Aug. 4 auction date should
be delayed because potential buyers will have a hard time securing
financing by then.  The AP says Mr. Snyder suggested that a
mediator set the date after talking to all potential buyers about
their financing.

                   Pre-Bankruptcy Transactions

Bill Rochelle at Bloomberg News also reports that the lenders at
the end of last week also launched attacks on three transactions
the team carried out on the eve of the May 24 bankruptcy filing.
The lenders, owed $525 million, contend that the transactions were
either in violation of the loan agreements or were fraudulent
transfers.

The CRO also said in his papers that the team carried out "what
appears to be sizeable and blatantly fraudulent transfers" on
the eve of bankruptcy.

                        About Texas Rangers

Texas Rangers Baseball Partners owns and operates the Texas
Rangers Major League Baseball Club, a professional baseball club
in the Dallas/Fort Worth Metroplex.  TRBP is a Texas general
partnership, in which subsidiaries of HSG Sports Group LLC own a
100% stake.  Controlled by Thomas O. Hicks, HSG also indirectly
wholly-owns Dallas Stars, L.P., which owns and operates the Dallas
Stars National Hockey League franchise.  The Texas Rangers have
had five owners since the club moved to Arlington in 1972.  Mr.
Hicks became the fifth owner in the history of the Texas Rangers
on June 16, 1998.

In its petition, Texas Rangers Baseball Partners said it had both
assets and debt of less than $500 million.

Weil, Gotshal & Manges LLP serves as bankruptcy counsel to the
Debtor.  Forshey & Prostok LLP serves as conflicts counsel.
Parella Weinberg Partners LP serves as financial advisor.

Lenders to the Texas Rangers sought to force the baseball team's
equity owners -- Rangers Equity Holdings, L.P. and Rangers Equity
Holdings GP, LLC -- into bankruptcy court protection (Bankr. N.D.
Tex. Case No. 10-43624 and 10-43625).   The lenders, a group that
includes investment funds Monarch Alternative Capital and
Kingsland Capital Management, filed an involuntary bankruptcy
petition on May 28 against the two companies.  The two companies
were not included in the May 24 Chapter 11 filing of TRBP.


TEXAS RANGERS: JPMorgan Seeks to Void Lease Transfer
----------------------------------------------------
JPMorgan Chase Bank NA commenced an adversary proceeding in the
Bankruptcy Court, seeking to void the transfer of a stadium lease
to Texas Rangers Baseball Partners, saying that the move
interferes with the lender's ability to collect $411 million owed
by the baseball team's owner, according to Bankruptcy Law360.

                        About Texas Rangers

Texas Rangers Baseball Partners owns and operates the Texas
Rangers Major League Baseball Club, a professional baseball club
in the Dallas/Fort Worth Metroplex.  TRBP is a Texas general
partnership, in which subsidiaries of HSG Sports Group LLC own a
100% stake.  Controlled by Thomas O. Hicks, HSG also indirectly
wholly-owns Dallas Stars, L.P., which owns and operates the Dallas
Stars National Hockey League franchise.  The Texas Rangers have
had five owners since the club moved to Arlington in 1972.  Mr.
Hicks became the fifth owner in the history of the Texas Rangers
on June 16, 1998.

In its petition, Texas Rangers Baseball Partners said it had both
assets and debt of less than $500 million.

Weil, Gotshal & Manges LLP serves as bankruptcy counsel to the
Debtor.  Forshey & Prostok LLP serves as conflicts counsel.
Parella Weinberg Partners LP serves as financial advisor.

Lenders to the Texas Rangers sought to force the baseball team's
equity owners -- Rangers Equity Holdings, L.P. and Rangers Equity
Holdings GP, LLC -- into bankruptcy court protection (Bankr. N.D.
Tex. Case No. 10-43624 and 10-43625).   The lenders, a group that
includes investment funds Monarch Alternative Capital and
Kingsland Capital Management, filed an involuntary bankruptcy
petition on May 28 against the two companies.  The two companies
were not included in the May 24 Chapter 11 filing of TRBP.


THERESA ADUBA: Case Summary & 9 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Theresa Ngozi Aduba
        35 Via Costa Verde
        Rancho Palos Verdes, CA 90275

Bankruptcy Case No.: 10-39330

Chapter 11 Petition Date: July 16, 2010

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

Judge: Samuel L. Bufford

Debtor's Counsel: Anthony Egbase, Esq.
                  Law Offices of Anthony O Egbase & Assoc
                  350 S Figueroa Street, Suite 189
                  Los Angeles, CA 90071
                  Tel: (213) 620-7070
                  E-mail: info@anthonyegbaselaw.com

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

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

A copy of the Debtor's list of 9 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/cacb10-39330.pdf

The petition was signed by the Debtor.


TLC AMERICAS: Files for Bankruptcy Protection Under Chapter 11
--------------------------------------------------------------
TLC Americas LLC filed for bankruptcy under Chapter 11 in Boston
on July 16 (Bankr. D. Mass. Case No. 10-17716).

Tim McLaughlin at Business Journal of Boston reports that the
Company sought bankruptcy protection amid complaints from certain
sponsors.  According to the report, the Company claims that the
complaints are without merit but it has paid millions of dollars
to resolve complaints from the Dockers promotion.  The Company has
tried offering alternative rewards on behalf of promotion sponsors
to resolve the complaints.

Boston-based TLC Americas LLC operates marketing promotions for T-
Mobile USA and Levi's Dockers.  The petition listed assets and
debts of $1,000,001 to $10,000,000.  The Company owes $1.6 million
to general unsecured creditors.

Kara Zaleskas, Esq., at Duane Morris LLP, represents the Debtor in
its Chapter 11 effort.


TLC AMERICAS: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: TLC Americas LLC
          aka TLC Marketing
        10 Post Office Square
        Boston, MA 02109

Bankruptcy Case No.: 10-17716

Chapter 11 Petition Date: July 16, 2010

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

Judge: Joan N. Feeney

Debtor's Counsel: Kara Zaleskas, Esq.
                  Duane Morris LLP
                  470 Atlantic Avenue, Suite 500
                  Boston, MA 02210
                  Tel: (857) 488-4200
                  Fax: (857) 488-4201
                  E-mail: kmzaleskas@duanemorris.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 Jacen Dinoff, chief restructuring
officer.


TOUSA INC: Committee Files Liquidating Chapter 11 Plan
------------------------------------------------------
Bill Rochelle at Bloomberg News reports that the Official
Committee of Unsecured Creditors for Tousa Inc. filed a Chapter 11
plan and explanatory disclosure statement for Tousa on July 16.
The plan assumes appellate courts uphold a judgment the Committee
won in October where the bankruptcy judge ruled that a bailout and
refinancing in mid-2007 of a joint venture in Transeastern
Properties Inc. resulted in fraudulent transfers.

The bankruptcy judge required the banks to post $700 million in
bonds to hold up enforcement of the judgment pending appeal.  The
appeal is scheduled for argument on Oct. 22 in U.S. District Court
in Florida.

The Bloomberg report relates that according to the disclosure
statement, the $208 million owing on the first-lien term loan will
see a recovery between 2.8% and 100%.  The $319 million in second-
lien claims are to see nothing to 45.2%.  The holders of
$574 million in senior notes are in line for a dividend between
52% and 82.3%. Holders of $510 million on subordinated notes,
$20 million in pay-in-kind subordinated notes, and existing stock
will receive nothing under the plan.

Bloomberg relates that the variation in recoveries depends in part
on whether other lawsuits by the Committee are successful.

                          About Tousa Inc.

Headquartered in Hollywood, Florida, TOUSA Inc. (Pink Sheets:
TOUS) -- http://www.tousa.com/-- fka Technical Olympic U.S.A.
Inc., dba Technical U.S.A., Inc., Engle Homes, Newmark Homes L.P.,
TOUSA Homes Inc. and Newmark Homes Corp. is a leading homebuilder
in the United States, operating in various metropolitan markets in
10 states located in four major geographic regions: Florida, the
Mid-Atlantic, Texas, and the West.

The Debtor and its debtor-affiliates filed for separate
Chapter 11 protection on January 29, 2008 (Bankr. S.D. Fla. Case
No. 08-10928).  The Debtors have selected M. Natasha Labovitz,
Esq., Brian S. Lennon, Esq., Richard M. Cieri, Esq., and Paul M.
Basta, Esq., at Kirkland & Ellis LLP; and Paul Steven Singerman,
Esq., at Berger Singerman, to represent them in their
restructuring efforts.  Lazard Freres & Co. LLC is the Debtors'
investment banker.  Ernst & Young LLP is the Debtors' independent
auditor and tax services provider.  Kurtzman Carson Consultants
LLC acts as the Debtors' Notice, Claims & Balloting Agent.

TOUSA's direct subsidiary, Beacon Hill at Mountain's Edge LLC dba
Eagle Homes, filed for Chapter 11 Protection on July 30, 2008
(Bankr. S.D. Fla. Case No. 08-20746).  It listed assets between
$1 million and $10 million, and debts between $1 million and
$10 million.


VERENIUM CORP: BP to Acquire Biofuel Biz. for $98.3 Million
-----------------------------------------------------------
BP and Verenium Corporation agreed for BP Biofuels North America
to acquire Verenium's cellulosic biofuels business, including the
Company's facilities in Jennings, LA and San Diego, CA for $98.3
million.  Verenium will retain its commercial enzyme business,
including its biofuels enzymes products and have the right to
develop its own lignocellulosic enzyme program.  Verenium will
also retain select R&D capabilities, as well as rights to access
select biofuels technology developed by BP using the technology it
is acquiring from Verenium through this agreement.

"We are very pleased that our strategic development partnership
with BP has successfully advanced our cellulosic ethanol
technology to the cusp of commercialization," said Carlos A. Riva,
President and Chief Executive Officer at Verenium.  "We believe
that BP is the right company to make the investment needed to
carry this forward and expedite the commercialization of the
technology."

"This agreement should give both companies the flexibility to
pursue the growth opportunities in the respective businesses and
achieve goals in the near-term.  As a result of this transaction,
Verenium will have the resources to grow our commercial enzyme
business while maintaining strategic access to the emerging
cellulosic ethanol market in a manner that better fits our
resources," added Riva.

"This acquisition demonstrates BP's intent to be a leader in the
cellulosic biofuels industry in the U.S. and positions us as one
of the few global companies with an integrated end-to-end
capability, from R&D through commercialization to distribution and
blending," said Philip New, CEO of BP Biofuels.  "Our partnership
with Verenium has been very fruitful, enabling the companies to
develop a leading cellulosic ethanol technology package, driven
forward by the skills and expertise of people from both companies.
By acquiring Verenium's cellulosic biofuels technologies, BP
Biofuels should be well placed to accelerate the delivery of low
cost, low carbon, sustainable biofuels, at scale."

The major terms of this agreement include:

BP will acquire these:

  * Jennings, LA facilities, including the pilot plant and the
    demonstration-scale facility as well as the San Diego, CA R&D
    facilities;

  * Cellulosic biofuels technology and related IP; and

  * Cellulosic enzyme technology and related IP.

In addition, BP would retain scientists and technologists needed
to continue the biofuels development program.

Verenium will retain / receive these:

  * The core commercial enzyme business, including the personnel
    and supporting technology required to develop the business,
    including for applications in the biofuels segment;

  * $98.3 million payment from BP;

  * $10.8 million in cash (currently restricted) to be released
    upon assignment of its lease for the San Diego facility to BP;

  * The ability to access select biofuels products developed by BP
    using the technology it is acquiring from Verenium; and

  * The ability to transition out of the San Diego, CA facility
    over the next two years.

BP will become the sole investor in Vercipia Biofuels, a 50-50
joint venture formed by BP and Verenium in February 2009, and will
independently manage all of Vercipia's activities going forward.
Similarly, Galaxy Biofuels, a 50-50 joint development company
owned by BP and Verenium, will be owned 100% by BP. This
transaction is expected to close in the third quarter of 2010.

UBS Investment Bank acted as financial advisor to Verenium in
connection with the transaction. DLA Piper LLP (US) served as
legal advisor to BP. Cooley LLP served as legal advisor to
Verenium.

                        Going Concern Doubt

As reported in the Troubled Company Reporter on March 19, 2010,
Ernst & Young LLP, in San Diego, Calif., expressed substantial
doubt about the Company's ability to continue as a going concern.
The independent auditors noted that of the Company's recurring
operating losses and accumulated deficit of $630.0 million at
December 31, 2009.

The Company has incurred a net loss of $12.0 million for the
three months ended March 31, 2010, and has an accumulated deficit
of $637.9 million as of March 31, 2010.  Based on the Company's
current operating plan, its existing working capital will not be
sufficient to meet the cash requirements to fund the Company's
planned operating expenses, capital expenditures, required and
potential payments under the 2007 Notes, the 2008 Notes, and the
2009 Notes, and working capital requirements through December 31,
2010, without additional sources of cash and/or the deferral,
reduction or elimination of significant planned expenditures.

These factors raise substantial doubt about the Company's ability
to continue as a going concern.

The Company's balance sheet as of March 31, 2010, showed
$149.4 million in assets, $135.9 million of liabilities, and
$13.5 million of stockholders' equity.

                    About Verenium Corporation

Cambridge, Mass.-based Verenium Corporation (NASDAQ: VRNM) --
http://www.verenium.com/-- operates in two business segments,
biofuels and specialty enzymes.  The Company's biofuels business
segment operates through its wholly-owned subsidiary, Verenium
Biofuels Corporation, and is focused on developing unique
technical and operational capabilities designed to enable the
production and commercialization of biofuels, in particular
ethanol produced from cellulosic biomass.  The Company's specialty
enzymes segment develops high-performance enzymes for use within
the alternative fuels, specialty industrial processes, and animal
nutrition and health markets to enable higher throughput, lower
costs, and improved environmental outcomes.


WASHINGTON SQUARE: Case Summary & 3 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: The Washington Square Group, LLC
        4531-4591 Rt. 71
        Oswego, IL 60543

Bankruptcy Case No.: 10-31627

Chapter 11 Petition Date: July 16, 2010

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

Judge: Jacqueline P. Cox

Debtor's Counsel: Paul M. Bach, Esq.
                  Law Offices of Paul M Bach
                  P.O. Box 1285
                  Northbrook, IL 60065
                  Tel: (847) 564-0808
                  Fax: (847) 564-0985
                  E-mail: paul@bachoffices.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 3 largest unsecured
creditors filed together with the petition is available for
free at http://bankrupt.com/misc/ilnb10-31627.pdf

The petition was signed by Denise Elizondo, member.

Debtor-affiliates filing separate Chapter 11 petition:

        Entity                        Case No.       Petition Date
        ------                        --------       -------------
Lincoln Square Group, LLC             10-21466            05/11/10


WHITE ENERGY: Plan Confirmed; Lenders to Get Stock
--------------------------------------------------
White Energy Inc. won confirmation of its Chapter 11 plan of
reorganization.  According to Bloomberg News, under the plan,
secured creditors are taking almost all the stock of the
reorganized company.  In addition to the stock, secured creditors
receive a new $150 million secured term loan.  Unsecured
creditors, owed more than $19 million according to the disclosure
statement, will split up $350,000. Even though secured creditors
have deficiency claims of some $50 million, they won't receive
distributions as unsecured creditors.

                        About White Energy

Headquartered in Dallas, Texas, White Energy, Inc. --
http://www.white-energy.com/-- owns three ethanol plants.  White
Energy's plants have a combined capacity of producing 240 million
gallons of ethanol a year, making it one of the 10 largest ethanol
producers in the U.S. and the second-largest gluten maker.  Two
plants are in Texas with the third in Kansas.  White spent
$323 million building the plants in Texas.

The Company and its debtor-affiliates filed for Chapter 11 on
May 7, 2009 (Bankr. D. Del. Lead Case No. 09-11601).  Michael R.
Lastowski, Esq., at Duane Morris LLP, represents the Debtors in
their restructuring efforts.  The Debtors tapped The Garden City
Group Inc. as claims agent.  On the petition date, White Energy
disclosed assets and debts ranging from $100 million to
$500 million.


WILLIAM HAINES: Still Pursuing Approval of FirstMerit Settlement
----------------------------------------------------------------
William K. Haines, Jr., and Nancy J. Haines ask the U.S.
Bankruptcy Court for the Northern District of Ohio to extend their
exclusive periods to file and solicit acceptances for the proposed
Plan of Reorganization from July 14, 2010, until September 12, and
from October 12, and December 11, respectively.

The Debtors relate they needed additional time because the
settlement, recently reached with FirstMerit Bank, was not yet
approved by the Court.  The settlement with FirstMerit Bank
related to their real estate companies NLP Acquisition, Ltd.
H.P.W., Ltd., Seniah Corp., and Haines Enterprises.

Massillon, Ohio-based William K. Haines, Jr. aka Bill Haines and
Nancy J. Haines filed for Chapter 11 on December 16, 2009 (Bankr.
N.D. OH Case No. 09-65171).  Anthony J. DeGirolamo, Esq., assist
the Debtors in their restructuring efforts.  In their petition,
the Debtors listed assets and debts both ranging from $10,000,001
to $50,000,000.


WOODS & WATERS: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: Woods & Waters, Inc.
        1133 Highway 60/63
        Willow Springs, MO 65793

Bankruptcy Case No.: 10-61714

Chapter 11 Petition Date: July 16, 2010

Court: U.S. Bankruptcy Court
       Western District of Missouri (Springfield)

Judge: Arthur B. Federman

Debtor's Counsel: David E. Schroeder, Esq.
                  David Schroeder Law Offices, PC
                  1524 East Primrose Street, Suite A
                  Springfield, MO 65804-7915
                  Tel: (417) 890-1000
                  Fax: (417) 886-8563
                  E-mail: bk1@dschroederlaw.com

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

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

According to the schedules, the Company says that assets total
$1,770,142 while debts total $746,652.

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

The petition was signed by Neil Shelton, president.


W.R. GRACE: Court OKs Easthampton Site Consent Order
----------------------------------------------------
U.S. Judge Bankruptcy Judge Judith Fitzgerald authorized the
Debtors, the United States of America, Oldon Limited Partnership,
and Easthampton City to consummate the transactions contemplated
in:

  * the consent order for removal action with the United States
    of America and Oldon Limited Partnership resolving the
    United States' claims with respect to the Zonolite/W.R.
    Grace Easthampton, Massachusetts, Superfund site;

  * the Oldon Stipulation and the Easthampton City Stipulation,
    including the use of the Debtors' estate property and
    resources necessary to undertake the performance of the work
    set forth in the Consent Order.

Grace leased from Oldon or its predecessors a building located at
19 Wemelco Way, in Easthampton, Massachusetts From 1963 to 1993.
Until 1992, Grace operated a manufacturing facility, which
produced expanded vermiculite products at the Property.  During
that year, Grace closed the Former Zonolite Facility, removed all
equipment from the facility, and terminated the Property lease.
The Property was thereafter either vacant or used by a lessee for
storage from 1993 to present.

The Site consists of approximately 2.3 acres, which encompasses
the Property on which the Former Zonolite Facility was located as
well as certain adjacent properties, including a railroad right-
of-way now owned by Easthampton City.

The Massachusetts Department of Environmental Protection and the
USEPA issued a Notice of Responsibility to Grace in August 2000.
Oldon continued to cooperate with MassDEP and the USEPA related to
subsequent investigations at the Site.  In October 2006, MassDEP
notified Oldon that it was also a "potentially responsible party"
regarding asbestos contamination at the Site.

The Court held that pursuant to the Consent Order, USEPA will have
an allowed unsecured claim for Past Response Costs in the amount
of $72,537.  The Allowed Past Response Cost Claim will be paid
within 30 days after the effective date of the Chapter 11 Plan of
Reorganization for the Debtors in the same manner as all other
allowed general unsecured claims.  Notwithstanding what the Plan
may provide, however, interest will not accrue on the Allowed Past
Response Cost Claim until 30 days after the Effective Date of the
Consent Order.  The Interest will accrue on the Claim at the rate
established by Section 9507 of the Internal Revenue Code.

Judge Fitzgerald authorized Grace to pay EPA's Future Response
Costs, which will be payable within 30 days of Grace's receipt of
each bill requiring payment or within 30 days of the effective
date of the Plan, whichever is later.

Pursuant to the Oldon Stipulation, Claim No. 11301 includes, but
is not limited to, certain actual costs already incurred by Oldon
for (i) compliance fees to MassDEP; (ii) a site survey; (iii)
environmental consulting; (iv) legal fees; and (v) other costs
incurred by Oldon as owner of the Site.  The Claim will be allowed
as a Class 7A Asbestos Property Damage Claim for $118,010.  All
other amounts outlined in or related to the Claim No. 11301
relating to the Property, including any claims which would
otherwise have qualified as Class 7B Asbestos Property Damage
Claims, will be disallowed and expunged, Judge Fitzgerald ruled.

The Court forever barred, estopped, and enjoined parties to the
Oldon Stipulation, including upon its formation the WRG Asbestos
Property Damage Trust, as defined in the Stipulation, from
asserting against each other any other or additional claims,
liabilities, or causes of action arising from or related to the
Property.

Easthampton City Claim No. 7121 will be disallowed and expunged.
However, in the event that Grace breaches its obligations under
the Consent Order to remediate the Site, the City will have the
right to re-assert its Claim against Grace, the Court clarified.

The Court's approval of the Consent Order and the Oldon and
Easthampton City Stipulations is consistent with the revised
proposed order submitted by the Debtors to address the issue
raised by the Official Committee of Unsecured Creditors and the
Representative for Future Asbestos Property Damage Claimants.

Theodore L. Freedman, Esq., at Kirkland & Ellis LLP, in New York,
said in a certification filed with the Court that at the behest of
the Creditors' Committee and the PD FCR, the Debtors:

  (1) added a "new paragraph" to the Consent Order to provide
      that, in order to receive authority to carry out its
      obligations -- including carrying out certain work to be
      performed; paying EPA's Past and Future Response Costs;
      and allowing the amount of Grace's share of EPA's response
      costs as an unsecured, prepetition, non-priority claim
      against Grace's -- the Debtors will seek the Court's
      approval of the Consent Order; and

  (2) revised the Oldon Stipulation to clarify the effect of
      resolving the Oldon Claim and include certain injunction
      provisions.

In light of the revisions, the Debtors withdrew their previously
filed certification.

The Debtors received no objections from counsel for the United
States, Oldon and the City of Easthampton, according to Mr.
Freedman.

"The parties involved in this [S]ite have stepped up to the plate
in cleaning their own facility," Curt Spalding, regional
administrator of EPA's New England office said in an e-mailed
statement to Bloomberg News.  "This kind of action helps protect
the environment and public health and we applaud them for taking
responsibility," Mr. Spalding noted.

                          About W.R. Grace

Headquartered in Columbia, Maryland, W.R. Grace & Co. (NYSE:GRA)
-- http://www.grace.com/-- supplies catalysts and silica
products, especially construction chemicals and building
materials, and container products globally.

The Company and its debtor-affiliates filed for Chapter 11
protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139).
David M. Bernick, P.C., Esq., at Kirkland & Ellis, LLP, and Laura

Davis Jones, Esq., at Pachulski Stang Ziehl & Jones, LLP,
represent the Debtors in their restructuring efforts.  The Debtors
hired Blackstone Group, L.P., for financial advice.
PricewaterhouseCoopers LLP is the Debtors' accountant.  Stroock &
Stroock & Lavan, LLP, and Duane Morris, LLP, represent the
Official Committee of Unsecured Creditors.  The Creditors
Committee tapped Capstone Corporate Recovery LLC for financial
advice.  David T. Austern, the legal representative of future
asbestos personal injury claimants, is represented by Orrick
Herrington & Sutcliffe LLP and Phillips Goldman & Spence, PA.
Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, and Marla
R. Eskin, Esq., at Campbell & Levine, LLC, represent the Official
Committee of Asbestos Personal Injury Claimants.  The Asbestos
Committee of Property Damage Claimants tapped Scott Baena, Esq.,
and Jay M. Sakalo, Esq., at Bilzin Sumberg Baena Price & Axelrod,
LLP, to represent it.  Thomas Moers Mayer, Esq., at Kramer Levin
Naftalis & Frankel, LLP, represents the Official Committee of
Equity Security Holders.

W.R. Grace and its debtor affiliates, with the support of the
Official Committee of Asbestos Personal Injury Claimants, the
Asbestos PI Future Claimants' Representative and the Official
Committee of Equity Security Holders, have submitted a proposed
Chapter 11 plan of reorganization.  The Chapter 11 plan is built
around an April 2008 settlement for all present and future
asbestos personal injury claims, and a subsequent settlement for
asbestos property damage claims.  The Plan confirmation hearing
wrapped up on January 25.

Bankruptcy Creditors' Service, Inc., publishes W.R. Grace
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by W.R. Grace, W.R. Grace Co. - Conn. and their
affiliates.  (http://bankrupt.com/newsstand/or 215/945-7000)


W.R. GRACE: Court OKs Walpole Superfund Site Consent Decree
-----------------------------------------------------------
W.R. Grace & Co. and its units sought and obtained the U.S.
Bankruptcy Court's authority to enter into a consent decree with
the United States of America addressing the United States' claims
with respect to the Blackburn and Union Privileges Superfund Site,
in Walpole, Massachusetts.

The Site is designated as a Superfund Site by the United States
Environmental Protection Agency, which alleges that one of the
Debtors is a former owner and operator of manufacturing operations
at the Site, dating back to the early 20th century.  The EPA has
asserted a claim against the Debtors with respect to the Site.
The U.S. EPA Claim is one of the sites included in the U.S.
Government's Claim No. 9634, which alleges future oversight costs
and cleanup obligations in a range of $12.6 million to
$22.6 million with respect to the Site.

In June 2008, the Court approved the Multi-Site Agreement that
resolved most of Claim No. 9634 and contained a reservation for
the Debtors of certain limited rights to object to the U.S. EPA
Claim in connection with the Site.  In September 2008, the U.S.
EPA completed a remedial investigation and feasibility study with
respect to the Site and issued a Record of Decision selecting
remedial alternatives to be performed at the Site.

A stipulation in December 2008 was approved by the Court to
provide for an allocation of certain costs with respect to the
Site between the Debtors and Tyco Healthcare Group LP, pursuant to
which Debtors and Tyco would each pay 50% of Past Response Costs 2
and costs to implement the ROD remedy.

In February 2009, the United States sent letters to the Debtors,
BIM Investment Corporation, Shaffer Realty Nominee Trust as the
Shaffers and Tyco, requesting that the parties agree to perform
the cleanup specified in the ROD and pay the U.S. EPA's past and
future costs with respect to the Site.

The United States subsequently sent letters the same parties -- as
settling defendants -- transmitting a natural resource damages
claim for consideration.  This NRD Claim included performance of
the ROD remedy and a request for payment of alleged damages.  The
NRD Claim is being negotiated separately from the Consent Decree.

During 2009, the U.S. EPA performed a removal action at the Site
to address alleged risks associated with the presence of asbestos
and other hazardous materials in a former mill building at the
Site.  Since February 2009, the Shaffers and Tyco, including the
Debtors, have negotiated with the United States in an attempt to
reach a settlement concerning the ROD remedy and Response Costs.

As a result, the Debtors, the Shaffers and Tyco, and the United
States aim to resolve the EPA Claims relating to the Site the
Consent Decree, without any admission of fact, law or liability.

Theodore L. Freedman, Esq., at Kirkland & Ellis LLP, in New York,
explains to the Court that the Consent Decree prevents the
incurrence of significant transaction and litigation costs and
cost-effectively allocates the responsibility for and resolves
significant environmental liabilities of the Debtors.
Specifically, approving the Consent Decree will resolve claims for
more than $2 million in past response costs, including the costs
associated with the Removal Action, and more than $13 million in
costs of implementing the ROD remedy.  It will also provide
assurance to the creditors that environmental liabilities, other
than NRD, associated with the Site are fully addressed and
permanently resolved.

The Debtors' shared responsibility for the Site has been a
responsibility of the Debtors since before the commencement of
these Chapter 11 cases, as recognized in the Multi-Site Agreement,
Mr. Freedman notes.

The Consent Decree benefits the public interest because it will
result in the implementation of the ROD remedy at the Site,
thereby allocating costs of performing the work amongst the
parties and enabling the work to proceed.  The Consent Decree does
not provide for any payment by Debtors prior to the effective date
of Debtors' confirmed Chapter 11 Plan of Reorganization, according
to Mr. Freedman.

The Site is an "Additional Site" under the Multi-Site Agreement.
This means that the Site has remained a potential liability for
the Debtors and their estates.  Accordingly, resolution of the
United States' Claims, as provided in the Consent Decree, would be
consistent with the treatment for Additional Sites outlined in the
Multi-Site Agreement and would resolve this otherwise outstanding
liability of the Debtors.

                           *     *    *

The Court held that pursuant to the Consent Decree, Claim No. 9634
of the U.S. EPA with respect to Past Response Costs and Future
Oversight Costs and Future Response Costs at the Site, as defined
in the Consent Decree, is resolved by these terms:

  (1) The U.S. EPA will have an allowed general unsecured claim
      against the Debtors in the amount of $715,930.  The
      Allowed Past Response Cost Claim will be paid in the same
      manner as all other allowed general unsecured claims on
      the effective date of a confirmed Chapter 11 Plan of
      reorganization for the Debtors.

      Notwithstanding what the Debtors' plan may provide,
      however, interest will not accrue on the Allowed Past
      Response Cost Claim until 30 days after the Effective Date
      of the Consent Decree.  The Interest will accrue on the
      Allowed Past Response Cost Claim at the rate established
      by Section 9507 of the Internal Revenue Code.

  (2) The Debtors are authorized to pay 50% of Future Oversight
      Costs and Future Response Costs.  These Costs will be
      payable within 30 days of receipt of each bill requiring
      payment, or within 30 days of the effective date of the
      Debtors' Plan, whichever is later.  Payment of Future
      Oversight Costs incurred by U.S. EPA will be capped at the
      greater of $2,000,000 or 15% of the total costs incurred
      to complete the ROD remedy.

  (3) To the extent it applies, the automatic stay under Section
      362(a) of the Bankruptcy Code is modified for the limited
      purpose of permitting the United States to file a
      complaint against the Debtors concurrently with the
      lodging of the Consent Decree to resolve all claims
      alleged in the Complaint, lodge the Consent Decree and
      take other actions consistent with the Consent Decree in
      the United States District Court for the District of
      Massachusetts, as outlined in the Consent Decree.

      In the event that the Consent Decree is voided by any of
      its Parties, the Debtors preserve all arguments regarding
      applicability of the Stay to the Complaint, and the
      limited modification of the Stay will be void.

                          About W.R. Grace

Headquartered in Columbia, Maryland, W.R. Grace & Co. (NYSE:GRA)
-- http://www.grace.com/-- supplies catalysts and silica
products, especially construction chemicals and building
materials, and container products globally.

The Company and its debtor-affiliates filed for Chapter 11
protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139).
David M. Bernick, P.C., Esq., at Kirkland & Ellis, LLP, and Laura

Davis Jones, Esq., at Pachulski Stang Ziehl & Jones, LLP,
represent the Debtors in their restructuring efforts.  The Debtors
hired Blackstone Group, L.P., for financial advice.
PricewaterhouseCoopers LLP is the Debtors' accountant.  Stroock &
Stroock & Lavan, LLP, and Duane Morris, LLP, represent the
Official Committee of Unsecured Creditors.  The Creditors
Committee tapped Capstone Corporate Recovery LLC for financial
advice.  David T. Austern, the legal representative of future
asbestos personal injury claimants, is represented by Orrick
Herrington & Sutcliffe LLP and Phillips Goldman & Spence, PA.
Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, and Marla
R. Eskin, Esq., at Campbell & Levine, LLC, represent the Official
Committee of Asbestos Personal Injury Claimants.  The Asbestos
Committee of Property Damage Claimants tapped Scott Baena, Esq.,
and Jay M. Sakalo, Esq., at Bilzin Sumberg Baena Price & Axelrod,
LLP, to represent it.  Thomas Moers Mayer, Esq., at Kramer Levin
Naftalis & Frankel, LLP, represents the Official Committee of
Equity Security Holders.

W.R. Grace and its debtor affiliates, with the support of the
Official Committee of Asbestos Personal Injury Claimants, the
Asbestos PI Future Claimants' Representative and the Official
Committee of Equity Security Holders, have submitted a proposed
Chapter 11 plan of reorganization.  The Chapter 11 plan is built
around an April 2008 settlement for all present and future
asbestos personal injury claims, and a subsequent settlement for
asbestos property damage claims.  The Plan confirmation hearing
wrapped up on January 25.

Bankruptcy Creditors' Service, Inc., publishes W.R. Grace
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by W.R. Grace, W.R. Grace Co. - Conn. and their
affiliates.  (http://bankrupt.com/newsstand/or 215/945-7000)


W.R. GRACE: Gets Court OK to Contribute $37.2MM to Pension Plan
---------------------------------------------------------------
Judge Judith K. Fitzgerald of the U.S. Bankruptcy Court for the
District of Delaware permitted W.R. Grace & Co. and its debtor-
affiliates to make the minimum contributions to the defined
benefit retirement plans covering their employees in the United
States required under federal law, during the period from
July 15, 2010 to January 15, 2011, at approximately $37.2 million.

In particular, the legally required minimum contributions to the
Grace Retirement Plans for the 2010-2011 Funding Period include:

Payment Due Date      Contributions      Plan Year
----------------      -------------      ---------
2010 July 15            $9,922,832          2010
2010 September 15       $7,399,564          2009
2010 October 15         $9,923,857          2010
2010 January 15         $9,923,857          2010
                       -------------
Total                  $37,170,110

The Debtors have related that currently, the Grace Retirement
Plans consist of 10 funded, defined benefit pension plans, each of
which is qualified under Section 401 (a) of the Internal Revenue
Code.  The most significant Grace Retirement Plan is the W. R.
Grace & Co. Retirement Plan for Salaried Employees which comprises
approximately 80% of the assets and 82% of the liability of the
Grace Retirement Plans in the aggregate.

Many of the Grace Retirement Plans are maintained pursuant to
collective bargaining agreements.  The Debtors project that in
2010, approximately $55 to $70 million will be paid out of the
Grace Retirement Plans.

The Order is effective immediately upon its entry, notwithstanding
Rule 6004(h) of the Federal Rules of Bankruptcy Procedure, the
Court ruled.

                          About W.R. Grace

Headquartered in Columbia, Maryland, W.R. Grace & Co. (NYSE:GRA)
-- http://www.grace.com/-- supplies catalysts and silica
products, especially construction chemicals and building
materials, and container products globally.

The Company and its debtor-affiliates filed for Chapter 11
protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139).
David M. Bernick, P.C., Esq., at Kirkland & Ellis, LLP, and Laura

Davis Jones, Esq., at Pachulski Stang Ziehl & Jones, LLP,
represent the Debtors in their restructuring efforts.  The Debtors
hired Blackstone Group, L.P., for financial advice.
PricewaterhouseCoopers LLP is the Debtors' accountant.  Stroock &
Stroock & Lavan, LLP, and Duane Morris, LLP, represent the
Official Committee of Unsecured Creditors.  The Creditors
Committee tapped Capstone Corporate Recovery LLC for financial
advice.  David T. Austern, the legal representative of future
asbestos personal injury claimants, is represented by Orrick
Herrington & Sutcliffe LLP and Phillips Goldman & Spence, PA.
Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, and Marla
R. Eskin, Esq., at Campbell & Levine, LLC, represent the Official
Committee of Asbestos Personal Injury Claimants.  The Asbestos
Committee of Property Damage Claimants tapped Scott Baena, Esq.,
and Jay M. Sakalo, Esq., at Bilzin Sumberg Baena Price & Axelrod,
LLP, to represent it.  Thomas Moers Mayer, Esq., at Kramer Levin
Naftalis & Frankel, LLP, represents the Official Committee of
Equity Security Holders.

W.R. Grace and its debtor affiliates, with the support of the
Official Committee of Asbestos Personal Injury Claimants, the
Asbestos PI Future Claimants' Representative and the Official
Committee of Equity Security Holders, have submitted a proposed
Chapter 11 plan of reorganization.  The Chapter 11 plan is built
around an April 2008 settlement for all present and future
asbestos personal injury claims, and a subsequent settlement for
asbestos property damage claims.  The Plan confirmation hearing
wrapped up on January 25.

Bankruptcy Creditors' Service, Inc., publishes W.R. Grace
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by W.R. Grace, W.R. Grace Co. - Conn. and their
affiliates.  (http://bankrupt.com/newsstand/or 215/945-7000)


W.R. GRACE: To Resume Quarterly Investor Calls on July 22
---------------------------------------------------------
W.R. Grace & Co. (NYSE:GRA) announced that it will resume
quarterly investor calls.  The company will release its second
quarter financial results at 6:00 a.m. ET on Thursday, July 22 and
host a conference call and webcast at 12:00 p.m. ET with
management commentary and a question and answer session.

In their remarks, Fred Festa, Chairman, President and Chief
Executive Officer, and Hudson La Force, Senior Vice President and
Chief Financial Officer, will review second quarter results and
accomplishments.  To access the webcast, interested participants
can go to the Investor Information-Conference Calls portion of the
company's web site, http://www.grace.com/on the day of the
conference call and click on the webcast link.

Those without access to the Internet can listen to the remarks and
Q&A by dialing +1.866.383.7989 (international callers dial
+1.617.597.5328) and entering conference ID No. 41269186.
Investors are advised to dial into the call at least ten minutes
early in order to register.  An audio replay will be available
from 3:00 p.m. ET on July 22 until 11:59 p.m. ET on July 29.  The
replay will be accessible by dialing +1.888.286.8010
(international callers dial +1.617.801.6888) and entering
conference call ID No. 90278560.

                          About W.R. Grace

Headquartered in Columbia, Maryland, W.R. Grace & Co. (NYSE:GRA)
-- http://www.grace.com/-- supplies catalysts and silica
products, especially construction chemicals and building
materials, and container products globally.

The Company and its debtor-affiliates filed for Chapter 11
protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139).
David M. Bernick, P.C., Esq., at Kirkland & Ellis, LLP, and Laura

Davis Jones, Esq., at Pachulski Stang Ziehl & Jones, LLP,
represent the Debtors in their restructuring efforts.  The Debtors
hired Blackstone Group, L.P., for financial advice.
PricewaterhouseCoopers LLP is the Debtors' accountant.  Stroock &
Stroock & Lavan, LLP, and Duane Morris, LLP, represent the
Official Committee of Unsecured Creditors.  The Creditors
Committee tapped Capstone Corporate Recovery LLC for financial
advice.  David T. Austern, the legal representative of future
asbestos personal injury claimants, is represented by Orrick
Herrington & Sutcliffe LLP and Phillips Goldman & Spence, PA.
Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, and Marla
R. Eskin, Esq., at Campbell & Levine, LLC, represent the Official
Committee of Asbestos Personal Injury Claimants.  The Asbestos
Committee of Property Damage Claimants tapped Scott Baena, Esq.,
and Jay M. Sakalo, Esq., at Bilzin Sumberg Baena Price & Axelrod,
LLP, to represent it.  Thomas Moers Mayer, Esq., at Kramer Levin
Naftalis & Frankel, LLP, represents the Official Committee of
Equity Security Holders.

W.R. Grace and its debtor affiliates, with the support of the
Official Committee of Asbestos Personal Injury Claimants, the
Asbestos PI Future Claimants' Representative and the Official
Committee of Equity Security Holders, have submitted a proposed
Chapter 11 plan of reorganization.  The Chapter 11 plan is built
around an April 2008 settlement for all present and future
asbestos personal injury claims, and a subsequent settlement for
asbestos property damage claims.  The Plan confirmation hearing
wrapped up on January 25.

Bankruptcy Creditors' Service, Inc., publishes W.R. Grace
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by W.R. Grace, W.R. Grace Co. - Conn. and their
affiliates.  (http://bankrupt.com/newsstand/or 215/945-7000)


WSP HOLDINGS: Significant Sales Decline Cues Going Concern Doubt
----------------------------------------------------------------
WSP Holdings Limited filed on July 15, 2010, its annual report on
Form 20-F for the fiscal year ended December 31, 2009.

Deloitte Touche Tohmatsu CPA Ltd., in Beijing, expressed
substantial doubt about the Company's ability to continue as a
going concern.  The independent auditors noted that the Company
has experienced a significant decline in sales in the United
States due to the anti-dumping and countervailing duty on seamless
pipes made in China and is required to repay a significant amount
of short-term borrowings {totaling $506.4 million].

"In 2009, products exported to the United States accounted for
9.0% of the Company's net revenues, compared to 22.7% and 34.3% of
the Company's net revenues, in 2007 and 2008, respectively."

"For the year ended December 31, 2009, the Company had negative
operating cash flow of $116.5 million compared to a positive cash
flow of $67.9 million for the year ended December 31, 2008.
Further, the Company did not meet certain financial covenants
contained in its loan facilities."

The Company reported net income of $1.6 million on $577.0 million
of revenue for 2009, compared with net income of $100.7 million on
$912.1 million of revenue for 2008.

The Company's balance sheet at December 31, 2009, showed
$1.394 billion in assets, $960.1 million of liabilities, and
$434.3 million of stockholders' equity.

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

               http://researcharchives.com/t/s?66b7

WSP Holdings Limited (NYSE: WH) -- http://www.wsphl.com/--
develops and manufactures seamless Oil Country Tubular Goods
(OCTG), including seamless casing, tubing and drill pipes used for
on-shore and off-shore oil and gas exploration, drilling and
extraction, and other pipes and connectors.  Founded as WSP China
in 1999, the Company offers a wide range of American Petroleum
Institute (API) and non-API seamless OCTG products, including
products that are used in extreme drilling and extraction
conditions.  The Company's products are used in China's major
oilfields and are exported to oil producing regions throughout the
world.  The Company is headquartered in Wuxi, Jiangsu Province, in
the People's Republic of China.


XINHUA SPORTS: Deloitte Touche Tohmatsu Raises Going Concern Doubt
------------------------------------------------------------------
Xinhua Sports & Entertainment Limited filed on July 15, 2010, its
annual report on Form 20-F for the fiscal year ended December 31,
2009.

Deloitte Touche Tohmatsu CPA Ltd., in Beijing, expressed
substantial doubt about the Company's ability to continue as a
going concern.  The independent auditors noted that the Company
incurred a net loss of $313.6 million during the year ended
December 31, 2009, and as of that date, the Company's current
liabilities exceeded its current assets by $50.9 million, its
total liabilities exceeded its total assets by $26.2 million, and
its net shareholders' deficiency [attributable to Xinhua Sports
shareholders] was $61.4 million.

The Company reported a net loss of $313.6 million on $99.2 million
of revenue for 2009, compared with a net loss of $274.2 million on
$121.5 million of revenue for 2008.

The Company's balance sheet at December 31, 2009, showed
$242.6 million in assets, $268.7 million of liabilities, and
$33.8 million of Series B redeemable convertible preferred shares,
for a stockholders' deficit of $59.9 million.

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

               http://researcharchives.com/t/s?66b5

Xinhua Sports & Entertainment Limited (NASDAQ: XSEL)
-- http://www.xsel.com/-- is a sports and entertainment media
company in China.  Through its Chinese partnerships, XSEL delivers
this content across a broad range of platforms, including
television, the Internet, mobile phones, cinema, university
campuses and other multimedia assets in China.  Headquartered in
Beijing, the Company has offices and affiliates in major cities
throughout China including Beijing, Shanghai, Guangzhou, Shenzhen
and Hong Kong.


XINHUA SPORTS: Restructures Loan Facility with Patriarch Partners
-----------------------------------------------------------------
Xinhua Sports & Entertainment Limited disclosed Wednesday that it
has entered into an agreement to restructure the terms of its
secured convertible loan facility with affiliates of Patriarch
Partners LLC, a global investment firm based in New York.  Under
the terms of the amendment, the Company repaid $16,343,960, and
Patriarch agreed to lend the Company an additional $7,600,000 non-
convertible term loan, bringing the aggregate amount outstanding
under the Patriarch facility to $49,056,040.00, and to waive all
existing defaults and revise the terms of the financial covenants.

In consideration for the waiver and extension of additional loans,
Patriarch has been granted additional security in the Company's
assets as collateral for the loans and the Company issued to
affiliates of Patriarch Series C Preferred Shares convertible into
25% of the fully diluted common equity of the Company.

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

               http://researcharchives.com/t/s?66b6

Xinhua Sports & Entertainment Limited (NASDAQ: XSEL)
-- http://www.xsel.com/-- is a sports and entertainment media
company in China.  Through its Chinese partnerships, XSEL delivers
this content across a broad range of platforms, including
television, the Internet, mobile phones, cinema, university
campuses and other multimedia assets in China.  Headquartered in
Beijing, the Company has offices and affiliates in major cities
throughout China including Beijing, Shanghai, Guangzhou, Shenzhen
and Hong Kong.

The Company's balance sheet at December 31, 2009, showed
$242.6 million in assets, $268.7 million of liabilities, and
$33.8 million of Series B redeemable convertible preferred shares,
for a stockholders' deficit of $59.9 million.

                          *     *     *

Deloitte Touche Tohmatsu CPA Ltd., in Beijing, expressed
substantial doubt about the Company's ability to continue as a
going concern after auditing the Company's financial statements
for the year ended December 31, 2009.  The independent auditors
noted that the Company incurred a net loss of $313.6 million
during the year ended December 31, 2009, and as of that date, the
Company's current liabilities exceeded its current assets by
$50.9 million, its total liabilities exceeded its total assets by
$26.2 million, and its net shareholders' deficiency [attributable
to Xinhua Sports shareholders] was $61.4 million.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Aug. 3, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Atlanta Consumer Bankruptcy Skills Training
        Georgia State Bar Building, Atlanta, Ga.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 5-7, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 11-14, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Hawai.i Bankruptcy Workshop
        The Fairmont Orchid, Big Island, Hawaii
           Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 14, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     ABI/NYIC Golf and Tennis Fundraiser
        Maplewood Golf Club, Maplewood, N.J.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 20, 2010 (tentative)
  AMERICAN BANKRUPTCY INSTITUTE
     Complex Financial Restructuring Program
        Fordham Law School, New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 23-25, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Southwest Bankruptcy Conference
        Four Seasons Las Vegas, Las Vegas, Nev.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 1, 2010 (tentative)
  AMERICAN BANKRUPTCY INSTITUTE
     ABI/UMKC Midwestern Bankruptcy Institute
        Kansas City Marriott Downtown, Kansas City, Kan.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 6-8, 2010
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        JW Marriott Grande Lakes, Orlando, Florida
           Contact: http://www.turnaround.org/

Oct. 11, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Chicago Consumer Bankruptcy Conference
        Standard Club, Chicago, Ill.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 15, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     NCBJ/ABI Educational Program
        Hilton New Orleans Riverside, New Orleans, La.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 29, 2010 (tentative)
  AMERICAN BANKRUPTCY INSTITUTE
     International Insolvency Symposium
        The Savoy, London, England
           Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. __, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Delaware Views from the Bench and Bankruptcy Bar
        Hotel du Pont, Wilmington, Del.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 11, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Detroit Consumer Bankruptcy Conference
        Hyatt Regency Dearborn, Dearborn, Mich.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 29, 2010
  RENAISSANCE AMERICAN MANAGEMENT, INC. & BEARD GROUP, INC.
     17th Annual Distressed Investing Conference
        The Helmsley Park Lane Hotel, New York City
           Contact: 1-903-595-3800;
                    http://www.renaissanceamerican.com/

Dec. 9-11, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        Camelback Inn, a JW Marriott Resort & Spa,
        Scottsdale, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 2-4, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     22nd Annual Winter Leadership Conference
        Camelback Inn, Scottsdale, Arizona
           Contact: 1-703-739-0800; http://www.abiworld.org/

Jan. 20-21, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Rocky Mountain Bankruptcy Conference
        Westin Tabor Center, Denver, Colo.
           Contact: 1-703-739-0800; http://www.abiworld.org/

January 26-28, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Distressed Investing Conference
        Aria Las Vegas
           Contact: http://www.turnaround.org/

Mar. 31-Apr. 3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Central States Bankruptcy Workshop
        Grand Traverse Resort and Spa, Traverse City, Mich.
              Contact: http://www.abiworld.org/

July 21-24, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Northeast Bankruptcy Conference
        Hyatt Regency Newport, Newport, R.I.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 4-6, 2011  (tentative)
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hotel Hershey, Hershey, Pa.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     NCBJ/ABI Educational Program
        Tampa Convention Center, Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 25-27, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     Hilton San Diego Bayfront, San Diego, CA
        Contact: http://www.turnaround.org/

Dec. 1-3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     23rd Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 19-22, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Ritz-Carlton Amelia Island, Amelia Island, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 29 - Dec. 2, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday.  Submissions via
e-mail to conferences@bankrupt.com are encouraged.

Last Updated: July 15, 2010



                           *********

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

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

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

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

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

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

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

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

                           *********

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

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

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

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

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


                  *** End of Transmission ***