TCR_Public/100730.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Friday, July 30, 2010, Vol. 14, No. 209

                            Headlines


400 WALNUT: Case Summary & 8 Largest Unsecured Creditors
ABITIBIBOWATER INC: Amends Backstop Commitment Pact
ABITIBIBOWATER INC: Postpones Creditors' Meeting to Sept. 14
ABITIBIBOWATER INC: Wants Plan Exclusivity Until October 16
AFTER ALL: Voluntary Chapter 11 Case Summary

AMARONE LP: Files List of 18 Largest Unsecured Creditors
AMELIA ISLAND: Has Deal with Key Parties on Plan Distribution
AMERICAN APPAREL: Deloitte Resigns as Auditor; Shares Plunge 25%
AMERICAN MORTGAGE: Court Rejects Plan Outline Due to Releases
AMERICAN NATURAL: To Complete 1-for-10 Reverse Stock Split

AMERICAN SAFETY: S&P Downgrades Corporate Credit Rating to 'D'
ARCH ALUMINUM: Wants Plan Filing Exclusivity Until Oct. 28
AXESSTEL INC: 4 Directors Reelected at Reconvened Meeting
BAINBRIDGE SHOPPING: Plan to Repay Unsecureds Within 1 Year
BANK OF FLORIDA: Nasdaq to Remove Firm's Common Stock

BARKWOOD DEVELOPMENT: Case Summary & 9 Largest Unsecured Creditors
BERNARD MADOFF: Trustee Sues Family Controlled Entities
BOND RANCH: Has Plan that Returns 100% to Unsecured Creditors
BRUCE BOHUNY: Case Summary & 20 Largest Unsecured Creditors
BSC DEVELOPMENT: Trustee Selling Statler Towers to Croce

BUFFINGTON PROPERTIES: Case Summary & 20 Largest Unsec Creditors
CALIFORNIA COASTAL: Wins Approval of Disclosure Statement
CAMBRIDGE MEDICAL: Voluntary Chapter 11 Case Summary
CAPITAL GROWTH: Global Capacity Organizational Meeting on July 30
CAPRIUS INC: Incurred $803,700 Net Loss in Dec. 31 Quarter

CAPTAIN VAN DYKE: Files Schedules of Assets and Liabilities
CAPTAIN VAN DYKE: Has Until Sept. 13 to Propose Chapter 11 Plan
CASH STORE: Trading Temporarily Halted on Share Clearing Issue
CELL THERAPEUTICS: Files New Articles for Series 6 Pref. Stock
CIRCUIT CITY: Reaches Deal with Creative Labs

CITIGROUP INC: Settles SEC Charges for Misleading Investors
COMPLETE PRODUCTION: S&P Gives Stable Outlook, Affirms 'B+' Rating
CONTINENTAL AIRLINES: Management Team Named for UAL Merger
CORNELL'S RESTAURANT: Case Summary & 10 Largest Unsec Creditors
CRUCIBLE MATERIALS: Receives Approval of Environmental Settlement

DARRYL HARRIS: Case Summary & 18 Largest Unsecured Creditors
DELTA AIR: Alitalia Joins Trans-Atlantic Joint Venture
DELTA AIR: Reports June 2010 Traffic Results
DELTA PETROLEUM: To Sell Non-Core Assets to Wapiti for $130 Mil.
DENA FREDRICKSON: Has Green Light to Hire Ex-Husband as Counsel

DENNY'S CORP: Accounting Chief Converts RSUs to 5,623 Shares
DENNY'S CORP: Appoints Frances Allen as Marketing Officer
DENNY'S CORP: CFO Converts RSUs to 53,311 Common Shares
DENNY'S CORP: To Report Q2 2010 Results on Tuesday
DOMINO'S PIZZA: Earns $22.6 Million for June 20 Quarter

EASTMAN KODAK: Post $168 Million Net Loss for June 30 Quarter
EDWARD MARANDOLA: Wants Plan Exclusivity Until August 28
EIGEN INC: Sells Substantially All Assets to Kazi Management
ENRON CORP: Skilling Asks for Bail During Supreme Court Review
FALLS RIDGE: Case Summary & 9 Largest Unsecured Creditors

FIN'L GUARANTY: Sharps RMBS Exchange Offer Expired Wednesday
FINE ARTS: Case Summary & 18 Largest Unsecured Creditors
FIRST NATIONAL: Nasdaq Stock to Remove Firm's Common Stock
FIRST STATE: Significant Financial Deterioration Continues
FLEETWOOD ENTERPRISES: Gets OK to Sell Assets to MVP for $18MM

FREDE ENTERPRISES: Case Summary & 16 Largest Unsecured Creditors
G3 MARINA: Case Summary & 6 Largest Unsecured Creditors
GATEWAY ETHANOL: Has No More Business, Wants Dismissal
GEMCRAFT HOMES: Has Disclosure Statement Hearing on August 5
GEMS TV: Unsecured Creditors to Recoup at Least 95% Under Plan

GENERAL GROWTH: Court Approves Replacement DIP Loan
GENERAL GROWTH: Hughes Heirs Can Pursue Appraisal Process
GENERAL GROWTH: Wins Nod to Auction Summerlin Properties
GENERAL MOTORS: Old GM Settles Suit on Defective Parking Brake
GEOPHARMA INC: Nasdaq Stock to Remove Firm's Common Stock

GLORIA TONSGARD: Case Summary & 20 Largest Unsecured Creditors
GREAT ATLANTIC: VP Sungela Acquires 1,000 Shares
GREEKTOWN HOLDINGS: Brigade Has Stake in Reorganized Entity
GREEKTOWN HOLDINGS: Casino Reports $27 Million Revenues for June
GROVE STREET: U.S. Trustee Appoints 4 Members to Creditors Panel

GTC BIOTHERAPEUTICS: Posts $300,000 Net Loss for July 4 Quarter
H&H HOLDINGS: Voluntary Chapter 11 Case Summary
HOLIDAY ISLE: Case Summary & 20 Largest Unsecured Creditors
ILX RESORTS: Court Approves Sale of Assets, Confirms Plan
INDIO SUN: Case Summary & 17 Largest Unsecured Creditors

INNKEEPERS USA: Lehman Agrees to Sell Equity for $108 Million
INNOVATIVE COMM: 3rd Cir. Upholds Prosser Chapter 7 Conversion
INNOVATIVE COMM: 3rd Cir. Says Rural Settlement Not Executory
INNOVATIVE TECH: Plan Outline Hearing Scheduled for August 25
JAMES DUFFY: Case Summary & 20 Largest Unsecured Creditors

JOHN LUNDGREN: Case Summary & 13 Largest Unsecured Creditors
JUDY CATON: Voluntary Chapter 11 Case Summary
KIMBERLY DORSEY: Case Summary & 20 Largest Unsecured Creditors
KINGSLEY ARDEY: Voluntary Chapter 11 Case Summary
LAS VEGAS SANDS: S&P Puts 'B-' Rating on CreditWatch Positive

LAUTH INVESTMENT: Reaches Settlement with LIP Holdings
LEHMAN BROTHERS: Seeking Approval for Innkeepers Plan Support
LEHMAN BROTHERS: Australian Court Directs Parkes Shire Mediation
LEHMAN BROTHERS: Committee Intervenes in JPMorgan Case
LEHMAN BROTHERS: Goldfields and LBCC Settle Hedge Litigation

LEVEL 3: Posts $169 Million Net Loss for Second Quarter
LEXI DEVELOPMENT: Amends List of Largest Unsecured Creditors
LEXI DEVELOPMENT: Files Schedules of Assets and Liabilities
LEXI DEVELOPMENT: Taps Eisinger as Special Counsel
LINCOLNSHIRE CAMPUS: Naperville Campus Files Schedules & Statement

LINCOLNSHIRE CAMPUS: Residents Committee Wants Fulbright as Attys.
LYNN CITRON: Liberty Mutual Can Recoup Payments to Li Law Office
LYONDELL CHEMICAL: Highland Sues UBS Over $150-Mil. Loan Contract
MAGIC BRANDS: Sale to Give Substantial Recoveries for Unsecureds
MALDEN BROOKS: Can Reject Minnich Sale Agreement

MARINER ENERGY: S&P Puts 'B+' Rating on CreditWatch Positive
MEDICAL STAFFING: Files Schedules of Assets and Liabilities
MEDICAL STAFFING: Competing Bids are Due August 17
MGM MIRAGE: MGM Resorts Reaches Deal to Sell Property to Borgata
MONARCH LANDING: Files Statement of Financial Affairs

MOODY NATIONAL: Plan of Reorganization Wins Court Approval
NANI FREITAS: Case Summary & 2 Largest Unsecured Creditors
NATIONAL MENTOR: S&P Downgrades Rating to 'B-' from 'B'
NEXITY FINANCIAL: Organizational Meeting to Form Panel on July 30
NEXITY FINANCIAL: Sets August 27 Confirmation Hearing

NORTEL NETWORKS: Cancels Motion to Terminate Retiree Plans
NORTEL NETWORKS: Retired Execs. Group Wants to Form VEBA
NORTEL NETWORKS: Proposes RLKS as Consultant
NRS UNIVERSAL: Case Summary & 5 Largest Unsecured Creditors
NTELOS INC: Moody's Affirms Rating on Senior Facilities at 'Ba3'

OPUS EAST: Chapter 7 Trustee Proposes Ciardi as Counsel
OPUS SOUTH: Plan Filing Exclusivity Extended to October 19
OPUS SOUTH: Removal Period Extended to November 15
OPUS SOUTH: W.E. Trustee Proposes to Settle RMSSR Claims
OPUS WEST: Files Post-Confirmation Report for June 30 Quarter

ORANGE GROVE: Court OKs Stipulation Allowing Cash Collateral Use
PETER BUCKLIN: Case Summary & 20 Largest Unsecured Creditors
PLAYLOGIC ENTERTAINMENT: Sends Unit to Dutch Bankruptcy
POINT BLANK: Official Equity Committee Formed
PRES-LAHAINA SQUARE: Gets Interim Okay to Use Cash Collateral

PTC ALLIANCE: Stahl Cowen Is Counsel to Non-Union Retiree Panel
REFCO INC: XL Settles Coverage to D&Os for $8 Million
REFCO INC: Court Reclassifies Rhynes Claim as Old Equity Interest
REFCO INC: Submits Post-Confirmation Report for 2nd Quarter
ROBERT VOLZ: Case Summary & 20 Largest Unsecured Creditors

SAINT VINCENTS: Gets OK to Sell Certified Home Health Agency
SEA LAUNCH: Reaches Agreement with Eschostar Satellite
SEAWALL SPC: S&P Junks Rating on Floating Notes From 'B'
SECURITY ALARM: Case Summary & 17 Largest Unsecured Creditors
SEDGEBROOK INC: Residents Object to Add'l Liens for Lenders

SELKIRK DEVELOPMENT: 9th Cir. Dismisses Griffin Title Case
SEQUENOM INC: Gets Letter From FDA About Selling SEQureDX
SEVENTH STREET: Case Summary & 2 Largest Unsecured Creditors
SKYWORKS VENTURES: Punitive Damages for Involuntary Petition
SMART PARTS: Pa. Court Converts Case to Chapter 7 Liquidation

SMURFIT-STONE: Fights $222.6 Million Green Hunt Wind-Up Claim
SOMMET GROUP: Creditors Submit Involuntary Chapter 7 Petition
SPEEDY MART: Case Summary & Largest Unsecured Creditor
SPIRIT CREEK: Wants Access to Rents to Operate Business
STATION CASINOS: Court Declines to Stay Sale of Assets

STATION CASINOS: Wins Approval of Disclosure Statement
STATION CASINOS: Reaches Deal with Unsecured Creditors on Plan
SULTAMAN LUBIS: Case Summary & 20 Largest Unsecured Creditors
SUMMER REGIONAL: Summer County to Get $15 Million at Sale Closing
SUSAN MORLAN: Case Summary & 15 Largest Unsecured Creditors

SYNCORA GUARANTEE: S&P Withdraws 'D' Counterparty Credit Rating
TACO MUNDO: Voluntary Chapter 11 Case Summary
TC GLOBAL: Schoenfeld Reports Holding 20,000 Series B Preferreds
TELEGLOBE COMMS: BCE to Pay $40MM to Settle Suits Over Collapse
TEXAS RANGERS: Lenders Protest Releases to Hicks in Plan

THOMAS GRABANSKI: Case Summary & 20 Largest Unsecured Creditors
TRADE SECRET: Creditors Oppose Quick Sale to Regis
TREASURE CHEST: Has Until September 13 to File Reorganization Plan
TRIBUNE CO: Examiner Submits Reports on Buyout Deal
TRONOX INC: Disclosure Statement Hearing on August 10

TRONOX INC: Has No Plans of Assuming Anadarko Agreements
TRONOX INC: Wins Nod to Hire Granth Thornton as New Auditor
TRUMP ENTERTAINMENT: Objects to Lenders' $7-Mil. Legal Fees
TRUVO USA: Files First Amended Joint Plan of Reorganization
UAL CORP: Management Team Named for Airline with Contintental

UAL CORP: President Tague, CFO Mikells to Step Down After Merger
UAL CORP: No Progress Achieved in CBA Talks with AFA
UAL CORP: Reports June 2010 Traffic Results
UAL CORP: Retains TechPubs for Documentation Systems
UAL CORP: Two D&Os Disclose Acquisition, Sale of Stock

UNIGENE LABORATORIES: Novartis, Nordic to Continue Phase III Study
UNISYS CORPORATION: Reports $120.2MM Net Income for 2nd Quarter
UNITED AMERICAN: Stock Market to Remove Firm's Common Stock
VCA ANTECH: Moody's Assigns 'Ba2' Rating on $100 Mil. Loan
VCA ANTECH: S&P Affirms Corporate Credit Rating at 'BB'

VEBLEN EAST: Court Orders Appointment of Chapter 11 Trustee
VISKASE COS: S&P Raises Corporate Credit Rating to 'B'
VISTEON CORP: Fulcrum Credit Lobbies for Votes Against Plan
VISTEON CORP: Seeks Approval to End Lease Agreement
VITAFREZE FROZEN: Files for Chapter 11 Due to Cash Crunch

WASHINGTON MUTUAL: J. Hochberg Named Examiner to Probe JPM Deal
WASHINGTON MUTUAL: Nantahala Intervenes in Broadbill Suit
WENDELL BAUGH: Case Summary & 7 Largest Unsecured Creditors
WILLIAM MONTGOMERY, JR.: Voluntary Chapter 11 Case Summary
WILLIAM WEISBERG: Case Summary & 16 Largest Unsecured Creditors

WILMINGTON TRUST: S&P Affirms 'BB+/B' Counterparty Credit Ratings
WINN-DIXIE STORES: To Close 30 Underperforming Stores
WORLDGATE COMMUNICATIONS: Repays $4.1 Million of Revolving Loan
YANJING TOWN: Voluntary Chapter 11 Case Summary
YANNIS REAL: Case Summary & Largest Unsecured Creditor

ZANETT INC: BofA Extends Forbearance Until August 21

* Moody's Says Some Casinos May Face Credit Difficulties
* Moody's Says Investor Recoveries on Defaulted Debt Near Normal
* Chapter 11 Recoveries Near Record Low, Moody's Says
* Fitch Says U.S. Bank TruPS CDO Defaults Near 14%
* 2 Economists Say Bailouts Likely Averted Depression

* 3 Finalists Chosen in Search to Replace Judge Carr
* Wick Phillips Expands Bankruptcy and Litigation Practice Groups

* BOOK REVIEW: Beyond Hype - Rediscovering the Essence of
               Management

                            ********


400 WALNUT: Case Summary & 8 Largest Unsecured Creditors
--------------------------------------------------------
Debtor: 400 Walnut Associates, L.P.
        1700 Walnut Street
        Philadelphia, PA 19103

Bankruptcy Case No.: 10-16094

Chapter 11 Petition Date: July 23, 2010

Court: United States Bankruptcy Court
       Eastern District of Pennsylvania (Philadelphia)

Judge: Stephen Raslavich

Debtor's Counsel: Aris J. Karalis, Esq.
                  E-mail: akaralis@cmklaw.com
                  Robert W. Seitzer, Esq.
                  E-mail: rseitzer@cmklaw.com
                  Maschmeyer Karalis P.C.
                  1900 Spruce Street
                  Philadelphia, PA 19103
                  Tel: (215) 546-4500

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

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

The petition was signed by John Turchi, president of 400 Walnut
Corporation, Debtor's general partner.

Debtor's List of 8 Largest Unsecured Creditors:

Entity                   Nature of Claim        Claim Amount
------                   ---------------        ------------
BVF Construction Co., Inc.                       $307,191
78 Tomlinson Road, #C
Lower Moreland Twp., PA 19006

Sunlight Electrical                              $203,151
Contracting Co. Inc.
499 York Road
Warminster, PA 18974

St. Paul Travelers                               $14,022
CL Remittance Center
Hartford, CT 06183-1008

PECO Energy                                      $6,414

Trigen-Philadelphia Energy                       $6,001
Corp.

Internal Revenue Services                        $1,363

Water Revenue Bureau                             $812

City of Philadelphia                             $110
Department of Revenue

Debtor-affiliates that filed separate Chapter 11 petitions:

                                                 Petition
   Debtor                              Case No.     Date
   ------                              --------     ----
23S23 Construction, Inc.              09-12652    04/09/09
Carriage House Condominiums, LP       09-12647    04/09/09


ABITIBIBOWATER INC: Amends Backstop Commitment Pact
---------------------------------------------------
AbitibiBowater Inc. and its debtor affiliates ask Bankruptcy Judge
Kevin Carey to approve an Amended Backstop Commitment Agreement
that they secured with investors Fairfax Financial Holdings
Limited, Avenue Capital Management and certain prepetition
noteholders to backstop a rights offering that will allow them to
raise up to $500 million through the issuance of notes.

Under the Rights Offering, AbitibiBowater would offer new
convertible notes with a seven-year maturity from the date of
closing to eligible unsecured creditors.  Upon the effective date
of the Debtors' Chapter 11 Plan, the notes would be obtained upon
exercise of the rights and would be convertible into common stock
of the emerged company.

The Original Backstop Commitment Agreement contemplates that
eligible unsecured creditors who have claims allowed for voting
purposes may participate in the Rights Offering, but does not
provide a mechanism to reserve or escrow Rights or Notes with
respect to claims that are not determined or allowed as of the
Plan Effective Date, Sean T. Greecher, Esq., at Young Conaway
Stargatt & Taylor LLP, in Wilmington, Delaware, relates.

Mr. Greecher notes that the amendments to the Backstop Commitment
address issues raised by certain minority noteholders of Bowater
Canada Finance Corporation and the indenture trustee for those
notes who have filed objections to the proposed Rights Offering
procedures on the ground that the so-called "contribution claim"
against Bowater Incorporated should afford them a right to
participate in the Rights Offering for the alleged amount of the
"contribution claim."

Accordingly, the Debtors engaged in extensive, good-faith
negotiations to amend the Backstop Commitment Agreement with the
Official Committee of Unsecured Creditors Committee in the
Chapter 11 cases, Ernst & Young, Inc., as the monitor overseeing
the CCAA Proceedings of the Canadian Debtors, and the Investors.

The First Amendment modifies the Backstop Commitment Agreement
to:

  (1) allow noteholder creditors of BCFC, including the Minority
      Noteholders, to participate in the Rights Offering based
      on the amount of the "contribution claim" asserted against
      Bowater Incorporated;

  (2) permit the Debtors to escrow subscribed for Notes by those
      creditors and other creditors with claims that are
      unresolved as of the Effective Date, with any subscription
      price and other related entitlements, including interest
      payments, if applicable, that being held in Escrow until
      the claim is determined;

  (3) permit the Debtors to offer certain unsecured creditors
      oversubscription rights, which would afford those
      creditors with allowed claims an opportunity to purchase
      unsubscribed for or escrowed notes that would otherwise be
      purchased by the Investors; and

  (4) amend a termination event in the Commitment Agreement
      relating to the deadline to obtain approval of the
      Disclosure Statement from July 29, 2010 to August 6, 2010.

AbitibiBowater entered into the Backstop Commitment Agreement to
ensure that, on the Plan Effective Date, it could receive up to
$500 million in financing in addition to other sources of exit
financing currently being pursued.  By escrowing any Subscription
Purchase Price relating to Escrowed Notes, the Company reduces,
dollar-for-dollar, the amount of liquidity it will receive on the
Plan Effective Date as defined under the Commitment Agreement.
To address this potential liquidity shortfall and permit the
Company to have access to the full amount of financing it
requires on the Effective Date notwithstanding any escrow of
Notes and related Subscription Purchase Price, the First
Amendment provides that the amount of Escrowed Notes will be
additive to the $500 million Notes available under the Rights
Offering, according to Mr. Greecher.

"In other words, on the Effective Date, the Company will issue up
to $500 million in Notes and may issue up to an additional
$110 million of Escrowed Notes into an escrow account.  As a
result, there may be up to $610 million in Notes, inclusive of the
Escrowed Notes, outstanding on and after the Effective Date," Mr.
Greecher elaborates.  The Company, however, expects the amount of
Notes actually outstanding to be substantially less than the
maximum amount of $610 million, he points out.

Notably, there is no fee or other type of payment to the
Investors associated with the First Amendment, and the issuance
of incremental Escrowed Notes by the Debtors will not affect the
Backstop Payment or Termination Fee payable to the Investors, Mr.
Greecher clarifies.

The elements of the First Amendment squarely address the
objections to the Rights Offering and related procedures, Mr.
Greecher maintains.

A full-text copy of the Proposed First Amended Backstop
Commitment Agreement is available for free at:

      http://bankrupt.com/misc/ABH_1stAmendedBackstopPact.pdf

At the Debtors' behest, the Court will convene an expedited
hearing on July 30, 2010, to consider the First Amended Backstop
Commitment Agreement.

                     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: Postpones Creditors' Meeting to Sept. 14
------------------------------------------------------------
The Honorable Mr. Justice Clement Gascon, J.S.C., of the Superior
Court Commercial Division for the District of Montreal in Quebec,
Montreal, Canada, amended the Creditors' Meeting Order issued by
Honorable Justice Daniele Mayrand, J.S.C., on July 9, 2010.

The CCAA Applicants sought to delay the Creditors Meeting,
originally slated for August 26, to afford them "additional time
to implement modifications the proposed rights offering" in
connection with the Chapter 11 and CCAA Plans, as discussed with
the Official Committee of Unsecured Creditors of the U.S. Debtors
and the investor parties to a Backstop Commitment Agreement dated
May 24, 2010, as subsequently amended.

In an amended timetable, Mr. Justice Gascon replaced the original
dates relating to the Creditors' Meeting and Voting Dates on the
CCAA Plan at the behest of the CCAA Applicants.  The new dates
are:

Description                     Original Date      Revised Date
-----------                     -------------      ------------
Mailing and publication         July 26            August 9
of notices and materials

Voting Record Date              August 17          September 7

Monitor's Report                August 18          September 3

Deadline to submit proxies      August 25          September 13

Creditors' Meeting Date         August 26          September 14

1st Rights Offering             August 31          September 10
Expiration Date

2nd Rights Offering             September 3        September 10
Expiration Date

Objections Deadline             September 3        September 17
(Notice of contestation                            at noon
re: Sanction Hearing)

Sanction Hearing                September 8        September 20

The Revised Timetable has been coordinated with the U.S. Debtors
to ensure that the CCAA Proceedings and Chapter 11 Proceedings
remain coordinated until emergence in both jurisdictions, the
Applicants said.

In light of the Creditor Meeting Order Amendments, AbitibiBowater
would likely emerge from CCAA protection on October 11, 2010,
instead of the previously forecasted October 1, according to The
Canadian Press.

Mr. Justice Gascon also authorized any consequential amendments
to the dates referenced in the Cross-Border Voting Protocol.

                     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: Wants Plan Exclusivity Until October 16
-----------------------------------------------------------
AbitibiBowater Inc. and its units ask Bankruptcy Judge Kevin Carey
to further extend the period within which they may exclusively:

  (a) file a Chapter 11 plan through October 16, 2010; and

  (b) solicit acceptances of that plan through December 16,
      2010.

The Debtors' current Exclusive Plan Filing Period expired on
July 21, 2010.  The current Exclusive Solicitation Period
ends on September 9, 2010.

Sean T. Greecher, Esq., at Young Conaway Stargatt & Taylor LLP,
in Wilmington, Delaware, relates that since the Third Extension
Order, the Debtors have continued to make substantial progress in
their complex cross-border cases.  Most importantly, the Debtors
have formulated and filed a Chapter 11 plan of reorganization and
have commenced the process to obtain exit financing to facilitate
emergence, including a $500 million rights offering.

According to Mr. Greecher, the Debtors have continued to devote
substantial resources to their ongoing operational and financial
restructuring, including (i) continued rationalization and
streamlining of their operations; (ii) the disposition of
underperforming or non-essential assets; and (iii) the review and
reconciliation of, and objection to proofs of claim filed in the
Chapter 11 and CCAA Proceedings.

The Debtors and the CCAA Applicants filed the Chapter 11 Plan and
the CCAA Plan of Reorganization and Compromise on May 24, 2010,
resulting from negotiations with their key constituents.
Although the Plans are already on file, the Debtors are still
working with key creditor constituents to negotiate certain
amendments to the Plans, according to Mr. Greecher.

An Exclusivity extension is also necessary in light of certain
amendments to the commitment agreement to backstop the Rights
Offering, to incorporate ongoing negotiations with key creditor
constituents, the Debtors and the Backstop investors, Mr.
Greecher points out.

He adds that the Debtors are currently in dispute with The
Woodbridge Company Limited and related entities in relation to
the Debtors' request for a rejection of a partnership agreement
governing Augusta Newsprint Company, a joint venture with Augusta
Newsprint Inc., an affiliate of Woodbridge, in which one of the
Debtors, Abitibi Consolidated Sales Corporation holds a 52.5%
ownership interest.  The Motion is currently pending in the
Bankruptcy Court.

While the Chapter 11 and CCAA Plans have been filed, the scope of
the Debtors' operations and the complexity of the Insolvency
Proceedings necessitate the further extension of the Exclusive
Periods to facilitate the parties' efforts to achieve a
consensual restructuring through confirmation of the Plans, Mr.
Greecher continues.

"Allowing other parties to propose plans of reorganization for
one or more of the Debtors at this stage of these cases most
likely would undo [AbitibiBowater's] progress to date and
critically impair the Company's ability to achieve an expeditious
and effective reorganization," according to Mr. Greecher.

The Court will convene a hearing on September 14, 2010, to
consider the Debtors' Exclusivity Extension Motion.  Objections,
if any, must be filed by August 9.

Pursuant to Local Rule 9006-2 of the Local Rules for the U.S.
Bankruptcy Court for the District of Delaware, the Debtors'
Exclusive Periods are automatically extended until the Court
has had an opportunity to consider and act on the Debtors'
extension request.

                     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).


AFTER ALL: Voluntary Chapter 11 Case Summary
--------------------------------------------
Debtor: After All Restaurant Group, LLC
        5636 Yolanda Circle
        Dallas, TX 75229-6430

Bankruptcy Case No.: 10-35098

Chapter 11 Petition Date: July 25, 2010

Court: United States Bankruptcy Court
       Northern District of Texas (Dallas)

Judge: Barbara J. Houser

Debtor's Counsel: Joshua Lee Shepherd, Esq.
                  E-mail: jshepherd@curtislaw.net
                  Sarah Ann Walters, Esq.
                  E-mail: swalters@curtislaw.net
                  Stephanie Diane Curtis, Esq.
                  E-mail: scurtis@curtislaw.net
                  The Curtis Law Firm, P.C.
                  901 Main St., Suite 6515
                  Dallas, TX 75202
                  Tel: (214) 752-2222
                  Fax: (214) 752-0709

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 Carolina Galvan-Rodriguez, member.


AMARONE LP: Files List of 18 Largest Unsecured Creditors
--------------------------------------------------------
Amarone LP has filed with the U.S. Bankruptcy Court for the
Northern District of Texas a list of its 18 largest unsecured
creditors:

   Entity                         Nature of Claim   Claim Amount
   ------                         ---------------   ------------
R. Meo & Associates, Inc.
Architectural & Engineering
Construction                      goods and/or
2465 McDougall Street, Suite 500  services
Windsor, ONT CAN N8X 3N9          rendered              $145,200

Basharkhah Engineering, Inc.
921 N. Industrial Boulevard
Suite 100
Dallas, TX 75207                  services rendered      $51,592

United Structural Consultants
7676 Hillmont, Suite 191
Houston, TX 77040                 services rendered      $43,500

Thomas L. Davis Esq.              attorney fees          $29,816

O'Donald Enginering LLC           services rendered      $15,415

ServAll Contractor Services       services rendered      $13,100

Blueprint Service, Inc.           goods & services
                                  rendered                  $955

Maureen Foley P.C.                services rendered         $850

Regulatory Management
Systems                           services rendered         $800

Michael Coker Company             services rendered         $304

David Cannon & Associates         services rendered           $0

City of Dallas                    utility - storm water fees  $0

City of Dallas                    utility - storm water fees  $0

City of Dallas                    utility - storm water fees  $0

City of Dallas                    utility - storm water fees  $0

City of Dallas                    utility - storm water fees  $0

City of Dallas                    utility - storm water fees  $0

Am Trust North America, Inc.      purchase money              $0

                         About Amarone LP

Flower Mound, Texas-based Amarone LP filed for Chapter 11
bankruptcy protection on July 5, 2010 (Bankr. N.D. Tex. Case No.
10-34764).  Howard Marc Spector, Esq., at Spector & Johnson, PLLC,
serves as bankruptcy counsel.  The Company listed $10,000,001 to
$50,000,000 in assets and $1,000,001 to $10,000,000 in
liabilities.

An affiliate, Chase Oaks Village L.P., filed for Chapter 11 in
April 2009 (Case No. 09-41047).  Another affiliate, Twenty One
High, LP, filed for Chapter 11 in January 2010 (Case No. 10-
30667).


AMELIA ISLAND: Has Deal with Key Parties on Plan Distribution
-------------------------------------------------------------
Christian Conte at Business Journal of Jacksonville reports that
Amelia Island Co., its official committee of Unsecured Creditors,
Prudential Retirement Insurance and Annuity Co. Realty Investments
LLC, BBVA Compass Bank agreed on the terms of the distribution of
funds stemming from the sale of Amelia Island's assets.

According to the report, the parties have agreed to withdraw their
objections in the interest of expediting the bankruptcy
proceedings.  They are compromising on aspects of the Company's
reorganization plan in order to avoid its closure.

Amelia Island Plantation owns a 1,350-acre resort on Amelia
Island in Florida.  The resort has 249 rooms and three
golf courses.  The property owes $28.4 million on a first mortgage
held by an affiliate of Prudential Retirement Insurance & Annuity
Co.  The collateral is said by the resort to be worth $46 million.

Amelia Island filed for Chapter 11 on Nov. 13, 2009 (Bankr. M.D.
Fla. Case No. 09-09601).  The petition says assets and debt both
exceed $50 million.


AMERICAN APPAREL: Deloitte Resigns as Auditor; Shares Plunge 25%
----------------------------------------------------------------
American Apparel Inc. disclosed that effective July 22, 2010,
Deloitte & Touche, LLP, resigned as the company's independent
registered public accounting firm.  Deloitte served as the
Company's independent registered public accounting firm since
April 3, 2009.

During the period from April 3, 2009 through July 22, 2010, the
Company had no disagreements with Deloitte on any matter of
accounting principles or practices, financial statement
disclosure, or auditing scope or procedure that, if not resolved
to Deloitte's satisfaction, would have caused Deloitte to make
reference to the subject matter thereof in connection with its
report on the Company's consolidated financial statements for the
year ended December 31, 2009.

Deloitte's audit report dated March 31, 2010 -- which was included
in the Company's Annual Report on Form 10-K for the year ended
December 31, 2009, filed with the Securities and Exchange
Commission on March 31, 2010 -- on the Company's consolidated
financial statements as of, and for the year ended, December 31,
2009 did not contain an adverse opinion or a disclaimer of
opinion, nor was it qualified or modified as to uncertainty, audit
scope, or accounting principles.

American Apparel said that during the period from April 3, 2009
through July 22, 2010, there were no "reportable events" (as
defined in Item 304(a)(1)(v) of Regulation S-K), except that:

     (i) in Deloitte's report dated March 31, 2010, on the
         Company's internal control over financial reporting as of
         December 31, 2009, Deloitte identified material
         weaknesses in internal control over financial reporting
         related to the control environment and to the financial
         closing and reporting process, which are further
         described under Item 9A in the Company's 2009 Form 10-K,
         and advised that the Company has not maintained effective
         internal control over financial reporting as of
         December 31, 2009; and

    (ii) Deloitte advised the Company that certain information has
         come to Deloitte's attention, that if further
         investigated may materially impact the reliability of
         either its previously issued audit report or the
         underlying consolidated financial statements for the year
         ended December 31, 2009 included in the Company's 2009
         Form 10-K.

Deloitte has requested that the Company provide Deloitte with the
additional information Deloitte believes is necessary to review
before the Company and Deloitte can reach any conclusions as to
the reliability of the previously issued consolidated financial
statements for the year ended December 31, 2009 and auditors'
report thereon.

The Audit Committee of the Board of Directors of the Company
discussed each of these matters with Deloitte.  The Company has
authorized Deloitte to respond fully to the inquiries of the
Company's successor accountants concerning each of these matters.

American Apparel also disclosed that on July 26, 2010, the Audit
Committee engaged Marcum LLP, formerly known as Marcum & Kliegman
LLP, as the Company's independent auditors to audit the Company's
financial statements.  During the fiscal years ended December 31,
2008 and 2009, and the subsequent interim period from January 1,
2010 through July 26, 2010, the Company has not, and no one on the
Company's behalf has, consulted with Marcum.  Marcum audited the
Company's consolidated financial statements as of, and for the
year ended, December 31, 2008, and expressed an adverse opinion on
the effectiveness of the Company's internal control over financial
reporting as described in the Company's Amendment No. 1 to Current
Report on Form 8-K/A filed with the SEC on April 10, 2009.

Marcum performed related auditing, review and updating procedures
during the time period that Marcum was terminated as the Company's
independent registered public accounting firm, effective April 3,
2009, and the date that Marcum was reappointed on July 26, 2010.

                           *     *     *

The Wall Street Journal's Caitlin Nish reports that American
Apparel shares plunged as much as 25% Thursday after the retailer
said accounting firm Deloitte & Touche resigned as its auditor,
the latest blow for the cash-strapped company.

The Journal says neither American Apparel nor Deloitte & Touche
could immediately be reached for comment.

The Journal reports that KeyBanc Capital Markets said in a note
that the SEC filing was unexpected, and while it doesn't
necessarily imply any degree of misstatement, it certainly raises
an already high risk profile.

As reported by the Troubled Company Reporter, American Apparel on
June 23, 2010, entered into a Third Amendment to its Credit
Agreement, dated as of March 13, 2009, with Wilmington Trust FSB,
in its capacity as administrative agent and collateral agent, Lion
Capital (Americas) Inc., as a lender, Lion/Hollywood L.L.C., as a
lender, and other lenders from time to time party thereto.  The
Third Amendment amends the Lion Credit Agreement to, among other
things, replace the Total Debt to Consolidated EBITDA financial
covenant with a minimum Consolidated EBITDA financial covenant,
tested on a quarterly basis.

The Third Amendment also increases the interest rate payable under
the Lion Credit Agreement from 15% to 17% per annum (x) for the
period from June 21, 2010, through the date that the Company
delivers financial statements to the Agent for the Fiscal Quarter
ended September 30, 2010, and (y) thereafter from the time
financial statements for any Fiscal Quarter demonstrate that the
ratio of Total Debt to Consolidated EBITDA as at the end of such
Fiscal Quarter exceeds certain specified ratios until the Company
delivers financial statements to the Agent for the next Fiscal
Quarter.

In March 2009, American Apparel entered into a private financing
agreement with Lion Capital for $80 million in secured second lien
notes maturing December 31, 2013 with detachable warrants.  The
notes will have a coupon of 15%, payable in cash or payable in-
kind at the Company's option.

A full-text copy of the Third Amendment is available at no charge
at http://ResearchArchives.com/t/s?6584

According to the Journal, KeyBanc analyst Edward Yruma said the
recent debt amendments had given the company decent headroom.

"We definitely were much more optimistic after the covenant relief
was completed that management could focus on running the
business," the Journal quotes Mr. Yruma as saying.  "[Deloitte's
resignation] is another unwanted distraction."

According to the Journal, Mr. Yruma added that with the change in
auditor, American Apparel's ability to file its 10-Q report by the
August 16 deadline may be difficult.  If it's not able to file on
time, the company would need to receive a waiver from the NYSE.
Despite the setback, KeyBanc, according to the Journal, said it
still believes American Apparel's concept is highly differentiated
and that over time, fundamentals can improve.

                      About American Apparel

American Apparel, Inc. (NYSE Amex: APP) is a vertically integrated
manufacturer, distributor, and retailer of branded fashion basic
apparel based in downtown Los Angeles, California.  The Company
operated 280 retail store locations as of March 31, 2010.  It has
operations in several countries, including the United States,
Canada, Mexico, Brazil, United Kingdom, Austria, Belgium, France,
Germany, Italy, the Netherlands, Spain, Sweden, Switzerland,
Israel, Australia, Japan, South Korea, and China.  American
Apparel also operates a leading wholesale business that supplies
high quality T-shirts and other casual wear to distributors and
screen printers.  In addition to its retail stores and wholesale
operations, American Apparel operates an online retail e-commerce
Web site at http://www.americanapparel.com/


AMERICAN MORTGAGE: Court Rejects Plan Outline Due to Releases
-------------------------------------------------------------
Bill Rochelle at Bloomberg News reports that U.S. Bankruptcy Judge
Martin Glenn at a hearing in June refused to approve the
disclosure statement for American Mortgage Acceptance Co. because
the proposed reorganization plan would have given a blanket
release to officers and directors prohibiting suits by
shareholders and creditors.  Judge Glenn told the lawyer for the
company, "Don't assume that the bankruptcy court will approve a
third-party non-debtor release and injunction, even if it is
unopposed."

According to the report, Judge Glenn cited (i) a 2005 decision
from the 2nd U.S. Circuit Court of Appeals in Manhattan named
Metromedia Fiber Network Inc. which says third-party releases are
proper only in "truly unusual circumstances" and (ii) opinions
from the 2nd Circuit in the long-completed reorganization of John
Manville Corp. where the appeals court explained when a bankruptcy
court lacks jurisdiction to give releases to third parties.

Judge Glenn cited two other bankruptcy judges in New York, Stuart
M. Bernstein and Allan Gropper, who are also developing policies
limiting release for third parties.

Bill Rochelle notes that if the judges in New York become stingy
with releases for directors, officers and third parties, Delaware
could become a more favorable forum unless the judges in
Wilmington develop similar policies.

                        The Chapter 11 Plan

Under the Plan, American Mortgage Acceptance Company will transfer
certain assets to Taberna Preferred Funding I, Ltd., in
satisfaction of Taberna's claims against the Debtor.  The old
common stock of the Debtor will be cancelled, and the reorganized
Debtor will issue the new common stock to C-III Capital Partners
LLC in satisfaction of C-III's Claims against the Debtor.  Any
administrative claims, allowed tax claims, allowed priority non-
tax claims and allowed unsecured claims other than he claims of C-
III and Taberna will be paid in full under the Plan.  Holders of
equity interests will receive no distribution under the Plan.
Equity interests will be cancelled.  The Debtor will maintain REIT
status, and as soon as practicable after the effective date the
Debtor will issue the new preferred shares to raise capital to
fund ongoing operations.

Copies of the Plan and disclosure statement are available for free
at:

       http://bankrupt.com/misc/AMERICAN_MORTGAGE_plan.pdf
       http://bankrupt.com/misc/AMERICAN_MORTGAGE_ds.pdf

                      About American Mortgage

New York-based American Mortgage Acceptance Company filed for
Chapter 11 bankruptcy protection on April 26, 2010 (Bankr.
S.D.N.Y. Case No. 10-12196).  Carol A. Felicetta, Esq., at
Reid and Riege, P.C., and Sherri D. Lydell, Esq., and Teresa
Sadutto-Carley, Esq., at Platzer, Swergold, Karlin, Levine
Goldberg & Jaslow, LLP, assist the Company in its restructuring
effort.  According to the schedules, the Company says that assets
total $6,366,680 while debts total $119,968,443.


AMERICAN NATURAL: To Complete 1-for-10 Reverse Stock Split
----------------------------------------------------------
American Natural Energy Corporation said that its Board of
Directors has authorized its management to proceed to obtain the
required stockholder and other approvals and to prepare and file
the necessary corporate and other documents to effect a one-for-
ten reverse split of its outstanding shares of common stock.  If
completed as proposed, ANEC's outstanding shares of common stock
will be reduced to approximately 13,430,600 from 134,306,080
shares.

Completion of the reverse split is subject to obtaining all
required stockholder, TSX Venture Exchange and other required
approvals.

American Natural Energy Corporation (TSX Venture: ANR.U) is a
Tulsa, Oklahoma-based independent exploration and production
company with operations in St. Charles Parish, Louisiana.

                           *     *     *

MaloneBailey, LLP, in Houston, expressed substantial doubt about
the Company's ability to continue as a going concern.  The
independent auditors noted that the Company has substantial cash
used for operating activities during 2009, has a working capital
deficiency and an accumulated deficit at December 31, 2009.

The Company's balance sheet at March 31, 2010, revealed
$18.2 million in total assets and $9.5 million in total
liabilities, for a $8.7 million total stockholders' equity.


AMERICAN SAFETY: S&P Downgrades Corporate Credit Rating to 'D'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its
corporate credit rating on Verona, Va.-based American Safety Razor
to 'D' from 'CC'.  At the same time, S&P lowered the ratings on
the company's senior secured revolving facility and first-lien
term loan to 'D' from 'CC'.  The recovery ratings on the
facilities remain unchanged at '1', indicating S&P's expectation
for very high (90% to 100%) recovery.  S&P also lowered the
ratings on the company's senior secured second-lien term loan to
'D' from 'C'.  The recovery ratings on the facilities remain
unchanged at '5', indicating S&P's expectation for modest (10% to
30%) recovery.

"The downgrades resulted from ASR filing a voluntary petition for
Chapter 11 bankruptcy protection with the U.S. Bankruptcy Court
for the District of Delaware on July 28, 2010," said Standard &
Poor's credit analyst Mark Salierno.  The company filed with the
Bankruptcy Court to facilitate the sale of the company.  ASR
indicated that first-lien lenders have made an offer to buy
substantially all of the assets of the company under Section 363
of the bankruptcy code, although S&P expects that other offers
would be considered.  The sale of the company is still subject to
Court approval, and ASR expects to emerge from bankruptcy by the
fourth quarter of 2010.

S&P believes that the proposed sale of the company under Section
363 of the bankruptcy code does not materially impact S&P's
valuation of the company and recovery prospects cited in this
report, which assumed a reorganization of the company under its
simulated default scenario.


ARCH ALUMINUM: Wants Plan Filing Exclusivity Until Oct. 28
----------------------------------------------------------
Arch Aluminum & Glass Co., Inc., and its debtor-affiliates ask the
U.S. Bankruptcy Court for the Southern District of Florida to
extend their exclusive periods to file and solicit acceptances for
a Chapter 11 plan until October 28, 2010, and December 29,
respectively.

The Debtors note that they need additional time to resolve issues
to facilitate the successful presentation of a Plan.

Tamarac, Florida-based Arch Aluminum & Glass Co., Inc. -- fka
Trident Consolidated Industries, Arch, Inc., and Arch Tulsa
Acquisition Co.; and dba Arch Mirror North, Arch Mirror South,
Architectural Safety Glass, Arch Mirror West, Arch Tempered Glass
Products, and Arch Deco Glass -- was founded in 1978 by Robert
Silverstein, as a small South Florida glass and metal distributor
with a single truck.  During the 1980's the Company opened
fabrication facilities and additional distribution facilities in
Florida and the Northeast.  The Company provides a comprehensive
line of products and services to more than 5,000 customers from 28
office, manufacturing and distribution facilities located in 19
states nationwide.

The Company filed for Chapter 11 bankruptcy protection on
November 25, 2009 (Bankr. S.D. Fla. Case No. 09-36232).  The
Company listed $100,000,001 to $500,000,000 in assets and
$100,000,001 to $500,000,000 in liabilities.

The Company's affiliates -- Arch Aluminum L.C.; AWP, LLC, dba
Yale-Ogron; Arch Aluminum and Glass International Inc.; and AAG
Holdings, Inc. -- also filed separate Chapter 11 petition.

Paul J. Battista, Esq., at Genovese Jblove & Battista, P.A.,
assists the Debtors in their restructuring efforts.  Schnader
Harrison Segal & Lewis LLP is the Debtors' special counsel.
Vincen J. Colistra at Phoenix Management Services is the Debtors'
restructuring services provider.  Michael Dillahunt and Piper
Jaffrey & Co. is the Debtors' investment banker.


AXESSTEL INC: 4 Directors Reelected at Reconvened Meeting
---------------------------------------------------------
Axesstel Inc. said it reconvened its 2010 annual meeting of
stockholders at its offices located at 6815 Flanders Drive, Suite
210 in San Diego, California.  The annual meeting was adjourned
because a quorum of the Company's stockholders was not present in
person or represented by proxy to transact business.

The only proposal to be submitted for approval of the stockholders
at the meeting was the re-appointment of four incumbent directors
-- Messrs. H. Clark Hickock, Jai Bhagat, Richard M. Gozia and Osmo
Hautanen-to our Board of Directors.  In accordance with the terms
of its bylaws and Nevada law, each of these directors will remain
a director until the 2011 annual meeting of stockholders or until
their successors are duly elected and qualified.

San Diego, Calif.-based Axesstel, Inc. (OTC BB: AXST)
-- http://www.axesstel.com/-- is a provider of fixed wireless
voice and broadband access solutions for the worldwide
telecommunications market.

                          *     *     *

As reported in the Troubled Company Reporter on March 29, 2010,
Gumbiner Savett Inc., in Santa Monica, 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 December 31, 2009.  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.

At March 31, 2010, the Company had cash and cash equivalents of
$750,000, negative working capital of $8.8 million, and
stockholders' deficit of $8.0 million.

At March 31, 2010, the Company owed its primary manufacturer
$9.7 million, of which $6.1 million was past due under the terms
of its credit arrangement.


BAINBRIDGE SHOPPING: Plan to Repay Unsecureds Within 1 Year
-----------------------------------------------------------
Bainbridge Shopping Center II, LLC, submitted to the U.S.
Bankruptcy Court for the Southern District of Florida a proposed
Plan of Reorganization and an explanatory Disclosure Statement.

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

According to the Disclosure Statement, the Plan provides for:

   (i) restructuring of the primary debt -- the secured claim of
       the lender -- by deaccelerating the debt, removing the
       default and accompanying penalties and restrictions,
       reducing the principal, providing a reserve for the lender
       not already provided for in the prepetition loan documents,
       and providing a stable, reliable schedule and method for
       repaying the debt, as modified;

  (ii) the full repayment of all administrative and priority
       claims;

(iii) an aggressive schedule of repayment in full (but without
       interest) of all general unsecured claims other than
       insider claims;

  (iv) indefinitely deferring repayment of insider claims; and

   (v) preserving the equity holders' stake in the Company.

Under the Plan, the Debtor intends to treat claims as:

    Class               Treatment
    -----               ---------
      1    Secured claim of lender will be repaid by monthly
           payments of principal and interest, with remaining
           balance paid a maturity.

      2    General unsecured claims of non-insiders will be paid
           in full in 12 monthly installments.

      3    General unsecured claims against insiders will not be
           paid as part of the Plan.

      4    Equity interests will be retained.

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

The Debtor is represented by:

     Berger Singerman, p.A.
     Arthur J. Spector
     2650 N. Military Trail, Suite 240
     Boca Raton, FL 33431
     Tel: (561) 241-9500
     Fax: (561) 0028

             About Bainbridge Shopping Center II, LLC

Jupiter, Florida-based Bainbridge Shopping Center II, LLC, owns
and operates the Marketplace at Four Corners shopping center in a
southeastern suburb of Cleveland, Ohio.  The Company filed for
Chapter 11 bankruptcy protection on April 11, 2010 (Bankr. S.D.
Fla. Case No. 10-19383).  The Debtor estimated its assets and
debts at $10,000,001 to $50,000,000.

The Debtor's affiliate, John R. McGill, filed a separate
Chapter 11 petition on May 15, 2009 (Case No. 09-19425).


BANK OF FLORIDA: Nasdaq to Remove Firm's Common Stock
-----------------------------------------------------
The Nasdaq Stock Market, Inc., has determined to remove from
listing the common stock of Bank of Florida Corporation, effective
at the opening of the trading session on July 12, 2010.  Based on
review of information provided by the Company, Nasdaq Staff
determined that the Company no longer qualified for listing on the
Exchange pursuant to Listing Rules 5101, 5110(b), and IM-5101-1.
The Company was notified of the Staffs determination on
June 2, 2010.  The Company did not appeal the Staff determination
to the Hearings Panel, and the Staff determination to delist the
Company became final on June 11, 2010.

                 About Bank of Florida Corporation

Naples, Fla.-based Bank of Florida Corporation. (Nasdaq: BOFL)
-- http://www.bankofflorida.com/-- is a multi-bank holding
company.  The Company is the parent company for Bank of Florida -
Southwest in Collier and Lee Counties; Bank of Florida - Southeast
in Broward, Miami-Dade and Palm Beach Counties; Bank of Florida -
Tampa Bay in Hillsborough and Pinellas Counties; and Bank of
Florida Trust Company.


BARKWOOD DEVELOPMENT: Case Summary & 9 Largest Unsecured Creditors
------------------------------------------------------------------
Debtor: Barkwood Development LLC
        1041 Lincoln Avenue
        Steamboat Springs, CO 80487

Bankruptcy Case No.: 10-13764

Chapter 11 Petition Date: July 22, 2010

Court: United States Bankruptcy Court
       Central District Of California (Santa Barbara)

Judge: Robin Riblet

Debtor's Counsel: Chris Gautschi, Esq.
                  177 Riverside Ave St. F-1170
                  Newport Beach, CA 92663
                  Tel: (949) 294-5497
                  Fax: (760) 454-0445
                  E-mail: sanschromo@yahoo.com

Scheduled Assets: $7,500,668

Scheduled Debts: $2,442,967

A list of the Company's 9 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/cacb10-13764.pdf

The petition was signed by Richard A. Friedman.


BERNARD MADOFF: Trustee Sues Family Controlled Entities
-------------------------------------------------------
Irving H. Picard, Esq. -- as trustee for the substantively
consolidated liquidation of the business of Bernard L. Madoff
Investment Securities LLC, under the Securities Investor
Protection Act, 15 U.S.C. Sections 78aaa, et seq. and the estate
of Bernard L. Madoff individually -- has filed three separate
complaints on Thursday to recover funds from various entities
controlled by Mr. Madoff's family members.  The defendants are:

      * Madoff Technologies LLC, Madoff Brokerage & Trading
        Technology, LLC, and Primex Holdings, LLC -- Family
        Controlled Entities;

      * Madoff Energy Holdings LLC, Madoff Energy LLC,
        Conglomerate Gas Resources LLC, Madoff Energy III LLC,
        and Madoff Energy IV LLC -- Madoff Energy Companies; and

      * Madoff Family LLC -- Family Fund

The lawsuits say Mr. Madoff's sons, Andrew and Mark Madoff, his
brother Peter Madoff and his niece Shana Madoff, held senior
management positions at BLMIS, the company through which Mr.
Madoff ran his multi-billion dollar Ponzi scheme.  While acting in
complete dereliction of their management responsibilities to
BLMIS, Peter, Andrew, Mark and Shana were also among the unlawful
recipients of close to $200 million of BLMIS customer funds which
they used to fund lavish lifestyles.

One lawsuit alleges that Mr. Madoff's family members -- including
his wife Ruth Madoff, brother Peter, the two sons, and his niece
Shana -- were foremost among the recipients of Mr. Madoff's gifts
of customer funds.  The suit says Mr. Madoff's closest kin were
the illegitimate recipients of nearly $250 million of BLMIS
customer funds which they used to fund lavish lifestyles.  Among
other things, certain of these family members used BLMIS funds to
purchase luxury homes, yachts and automobiles, and to pay for
vacations and personal credit card charges for restaurant meals
and clothing.

Mr. Picard also alleges that Madoff Brokerage, a company in which
Mr. Madoff himself held the most significant ownership interest,
was one of the vehicles through which funds were diverted from
BLMIS.  Mr. Picard says more than $4.65 million was improperly
transferred from BLMIS directly to Madoff Brokerage, or for its
benefit.

Mr. Picard also seeks to avoid and recover $3,000,500 of BLMIS
funds that were fraudulently transferred to, or for the benefit
of, the defendant Family Fund.

Mr. Picard is represented in the lawsuits by:

     Howard L. Simon, Esq.
     Regina Griffin, Esq.
     WINDELS MARX LANE & MITTENDORF, LLP
     156 West 56th Street
     New York, New York 10019
     Telephone: (212) 237-1000
     Facsimile: (212) 262-1215
     E-mail: hsimon@windelsmarx.com
             rgriffin@windelsmarx.com

                    About Bernard L. Madoff

Bernard L. Madoff Investment Securities LLC and Bernard L.
Madoff orchestrated the largest Ponzi scheme in history, with
losses topping US$50 billion.

On December 15, 2008, the Honorable Louis A. Stanton of the
U.S. District Court for the Southern District of New York granted
the application of the Securities Investor Protection Corporation
for a decree adjudicating that the customers of BLMIS are in need
of the protection afforded by the Securities Investor Protection
Act of 1970.  The District Court's Protective Order (i) appointed
Irving H. Picard, Esq., as trustee for the liquidation of BLMIS,
(ii) appointed Baker & Hostetler LLP as his counsel, and (iii)
removed the SIPA Liquidation proceeding to the Bankruptcy Court
(Bankr. S.D.N.Y. Adv. Pro. No. 08-01789) (Lifland, J.).

On April 13, 2009, former BLMIS clients filed an involuntary
Chapter 7 bankruptcy petition against Bernard Madoff (Bankr.
S.D.N.Y. 09-11893).  The case is before Hon. Burton Lifland.  The
petitioning creditors -- Blumenthal & Associates Florida General
Partnership, Martin Rappaport Charitable Remainder Unitrust,
Martin Rappaport, Marc Cherno, and Steven Morganstern -- assert
$64 million in claims against Mr. Madoff based on the balances
contained in the last statements they got from BLMIS.

On April 14, 2009, Grant Thornton UK LLP as receiver placed Madoff
Securities International Limited in London under bankruptcy
protection pursuant to Chapter 15 of the U.S. Bankruptcy Code
(Bankr. S.D. Fla. 09-16751).

The Chapter 15 case was later transferred to Manhattan.  In June
2009, Judge Lifland approved the consolidation of the Madoff SIPA
proceedings and the bankruptcy case.

Judge Denny Chin of the U.S. District Court for the Southern
District of New York on June 29, 2009, sentenced Mr. Madoff to
150 years of life imprisonment for defrauding investors in
United States v. Madoff, No. 09-CR-213 (S.D.N.Y.)


BOND RANCH: Has Plan that Returns 100% to Unsecured Creditors
-------------------------------------------------------------
The Bond Ranch At Del Rio Springs, LLC, submitted to the U.S.
Bankruptcy Court for the District of Arizona a proposed Plan of
Reorganization and an explanatory Disclosure Statement.

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

According to the Disclosure Statement, the Plan provides for the
transfer of certain real property owned by the Debtor, the
issuance of new notes to the holders of certain Allowed secured
and unsecured Claims, if there are new equity contributions,
preferred equity interests to the holders of allowed equity
interests, and, if there are any electing creditors, general
unsecured equity interests.

Funding to meet obligations under this Plan will derive from three
primary sources:

   i) Exit Financing.  Reorganized Bond Ranch may obtain exit
      financing to be secured by the retained property junior in
      priority all other allowed secured claims against the
      property.

  ii) New Equity Contributions.  The Debtor or Reorganized Bond
      Ranch may obtain new equity contributions from existing
      holders of Equity Interests or third parties.

iii) Sale of Retained Property.  The Debtor or Reorganized Bond
      Ranch will sell all or portions of the Retained Property.

                        Treatment of Claims

   Class                             Percentage Recovery
   -----                             -------------------
3 Senior Secured Insider Claims             100%

4 Guaranty Secured Claims                   100%

5 Base Capital Secured Claims               100%

6 Other Secured Claims                      100%

7 General Unsecured Claims                  100%

8 Equity Interests and Equity
  Related Claims                           0 - 100%

9 Convenience Claims                        100%

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

The Debtor is represented by:

     Squire, Sanders & Dempsey L.L.P.
     Thomas J. Salerno, Esq.
     Kelly Singer, Esq.
     Bradley A. Cosman, Esq.
     1 East Washington, Suite 2700
     Phoenix, AZ 85004
     Tel: (602) 528-4000

            About The Bond Ranch at Del Rio Springs LLC

The Bond Ranch at Del Rio Springs LLC, filed for Chapter 11
protection in Phoenix on April 8 (Bankr. D. Ariz. Case No. 10-
10174).  The Debtor, also known as The Bond Ranch and as Del Rio
Springs, listed assets in the range of $50 million to $100 million
and debts ranging from $10 million to $50 million.


BRUCE BOHUNY: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Bruce G. Bohuny, Sr.
        16712 Narrows Drive
        Jupiter, FL 33477

Bankruptcy Case No.: 10-31022

Chapter 11 Petition Date: July 22, 2010

Court: United States Bankruptcy Court
       Southern District of Florida (West Palm Beach)

Judge: Paul G. Hyman Jr.

Debtor's Counsel: Robert C. Furr, Esq
                  2255 Glades Rd #337W
                  Boca Raton, FL 33431
                  Tel: (561) 395-0500
                  Fax: (561) 338-7532
                  E-mail: bnasralla@furrcohen.com

Scheduled Assets: $4,613,275

Scheduled Debts: $39,950,921

A list of the Debtor's 20 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/flsb10-31022.pdf

The petition was signed by Mr. Bohuny.


BSC DEVELOPMENT: Trustee Selling Statler Towers to Croce
--------------------------------------------------------
James Fink at Business First of Buffalo reports that the U.S.
Bankruptcy Court appointed trustee and his special counsel Hodgson
Russ partner Garry Graber, and Morris Horwitz will file with the
U.S. Bankruptcy court a motion to authorize the sale of Statler
Towers to Mark Croce.  The terms of the sale will be set during
the hearing.

Contract Specialists International, Inc., Firstsource
Manufacturing, Inc., and Parklane Catering LLC filed a Chapter 11
bankruptcy petition for BSC Development BUF LLC, aka BSC Tower,
LLC, on April 13, 2009 (Bankr. W.D. N.Y. Case No. 09-11550).


BUFFINGTON PROPERTIES: Case Summary & 20 Largest Unsec Creditors
----------------------------------------------------------------
Debtor: Buffington Properties, LLC
        fdba Woodside Vista, LLC
        550 Pharr Road, Suite 410
        Atlanta, GA 30305

Bankruptcy Case No.: 10-81092

Chapter 11 Petition Date: July 22, 2010

Court: United States Bankruptcy Court
       Northern District of Georgia (Atlanta)

Judge: Margaret Murphy

Debtor's Counsel: George M. Geeslin, Esq.
                  Eight Piedmont Center, Suite 550
                  3525 Piedmont Road, N.E.
                  Atlanta, GA 30305-1565
                  Tel: (404) 841-3464
                  Fax: (404) 816-1108
                  E-mail: geeslingm@aol.com

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

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

A list of the Company's 20 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/ganb10-81092.pdf

The petition was signed by Donald Byrd, authorized representative.


CALIFORNIA COASTAL: Wins Approval of Disclosure Statement
---------------------------------------------------------
California Coastal Communities Inc. has won from the U.S.
Bankruptcy Court for the Central District of California a third
extension of its exclusivity period and approval of the
information in its disclosure statement, moving it closer to
confirmation of its bankruptcy plan, Bankruptcy Law360 reports.

California Coastal earlier reached a settlement with its
prepetition secured lenders, waiving more than $6 million in
default interest claims, and providing for payment to secured
lenders in cash.  The Plan pays unsecured creditors in full,
without interest, over two years.

                     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.


CAMBRIDGE MEDICAL: Voluntary Chapter 11 Case Summary
----------------------------------------------------
Debtor: Cambridge Medical Staffing, Inc.
        4155 Independence Drive, Suite 4
        Schnecksville, PA 18078

Bankruptcy Case No.: 10-22146

Chapter 11 Petition Date: July 22, 2010

Court: U.S. Bankruptcy Court
       Eastern District of Pennsylvania (Reading)

Judge: Richard E. Fehling

Debtor's Counsel: Albert A. Ciardi, III, Esq.
                  E-mail: aciardi@ciardilaw.com
                  Joseph V. Bongiorno, Esq.
                  E-mail: jbongiorno@ciardilaw.com
                  Shannon D. Leight, Esq.
                  E-mail: sleight@ciardilaw.com
                  Thomas Daniel Bielli, Esq.
                  E-mail: tbielli@ciardilaw.com
                  Ciardi Ciardi & Astin, P.C.
                  One Commerce Square
                  2005 Market Street, Suite 1930
                  Philadelphia, PA 19103
                  Tel: (215) 557-3550
                  Fax: (215) 557-3551

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 Kurt A. Wenger, president.


CAPITAL GROWTH: Global Capacity Organizational Meeting on July 30
-----------------------------------------------------------------
Roberta A. DeAngelis, Acting United States Trustee for Region 3,
will hold an organizational meeting on July 30, 2010, at 2:00 p.m.
in the bankruptcy case of Global Capacity Holdco, LLC, et al.  The
meeting will be held at J. Caleb Boggs Federal Building, 844 King
Street, Room 2112, Wilmington, DE 19801.

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

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

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

                   About Capital Growth Systems

Headquartered in Chicago, Illinois, Capital Growth Systems, Inc.,
known as Global Capacity, and its subsidiaries operate in one
reportable segment as a single source telecom logistics provider
in North America and the European Union.  The Company helps
customers improve efficiency, reduce cost, and simplify operations
of their complex global networks -- with a particular focus on
access networks.

Capital Growth Systems and its affiliates filed for Chapter 11
protection on.  The lead debtor is Global Capacity Holdco LLC
(Bankr. D. Del. Case No. 10-12302).  An affiliate, Global Capacity
Group Inc., listed assets and debts of $10,000,001 to $50,000,000
in its petition.

The Company is represented by Francis A. Monaco, Jr. of Womble
Carlyle Sandridge & Rice.


CAPRIUS INC: Incurred $803,700 Net Loss in Dec. 31 Quarter
----------------------------------------------------------
Caprius Inc. has filed its quarterly report on Form 10-Q, showing
$803,698 net loss on $695,564 total revenues for the three months
ended Dec. 31, 2009, compared with $993,292 net loss on $392,815
total revenues for the same period a year earlier.

The Company's balance sheet showed $1.8 million in total assets
and $5.2 million in total liabilities, for a stockholders' deficit
of $3.3 million.

A full-text copy of the Company's Form 10-Q is available for free
at http://ResearchArchives.com/t/s?6743

Paramus, N.Y.-based Caprius, Inc., is engaged in the infectious
medical waste disposal business, through its wholly-owned
subsidiary M.C.M. Environmental Technologies, Inc., which
developed, markets and sells the SteriMed and SteriMed Junior
compact systems that simultaneously shred and chemically disinfect
regulated medical waste, utilizing its proprietary, EPA
registered, bio-degradable chemical known as Ster-Cid.

Marcum LLP, in New York City, expressed substantial doubt about
the Company's ability to continue as a going concern after
auditing the Company's financial results for fiscal 2009.  The
independent auditors noted that of the Company's working capital
deficiency and substantial recurring losses from operations.


CAPTAIN VAN DYKE: Files Schedules of Assets and Liabilities
-----------------------------------------------------------
Captain Van Dyke Trust filed with the U.S. Bankruptcy Court for
the Middle District of Florida its schedules of assets and
liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property               $32,981,888
  B. Personal Property            $1,090,761
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                               $31,405,110
  E. Creditors Holding
     Unsecured Priority
     Claims                                                $0
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                          $558,551
                                 -----------      -----------
        TOTAL                    $34,072,649      $31,963,661

In a separate filing, Treasure Chest, LLC, a debtor-affiliate,
filed its schedules of assets and liabilities disclosing total
assets of $0 and total liabilities of $31,339,831.

                    About Captain Van Dyke Trust

Saint Petersburg, Florida-based Captain Van Dyke Trust, dba Van
Dyke Commons, aka Van Dyke Shopping Center, filed for Chapter 11
bankruptcy protection on June 23, 2010 (Bankr. M.D. Fla. Case No.
10-14973).  Russell M. Blain, Esq., at Stichter, Riedel, Blain &
Prosser, assists the Company in its restructuring effort.  The
Company estimated its assets and debts at $10,000,001 to
$50,000,000.


CAPTAIN VAN DYKE: Has Until Sept. 13 to Propose Chapter 11 Plan
---------------------------------------------------------------
The Hon. K. Rodney May of the U.S. Bankruptcy Court for the Middle
District of Florida directed Captain Van Dyke Trust to submit a
proposed plan of reorganization and explanatory disclosure
statement by September 13, 2010.

Saint Petersburg, Florida-based Captain Van Dyke Trust, dba Van
Dyke Commons, aka Van Dyke Shopping Center, filed for Chapter 11
bankruptcy protection on June 23, 2010 (Bankr. M.D. Fla. Case No.
10-14973).  Russell M. Blain, Esq., at Stichter, Riedel, Blain &
Prosser, assists the Company in its restructuring effort.  The
Company estimated its assets and debts at $10,000,001 to
$50,000,000 as of the Petition Date.


CASH STORE: Trading Temporarily Halted on Share Clearing Issue
--------------------------------------------------------------
The Cash Store Financial Services Inc. has been informed by the
New York Stock Exchange that, effective July 29, 2010, the NYSE
has halted trading in the Company's common shares due solely to
technical issues involving the Direct Registration System
eligibility of the Company's common shares on the NYSE.  This
issue does not affect the trading of the Company's common shares
on the Toronto Stock Exchange.  The Company is working with the
NYSE and Depository Trust and Clearing Corporation to resolve this
technical issue and looks forward to resuming trading on the NYSE
as soon as possible.

                    About Cash Store Financial

Cash Store Financial is the only broker of short-term advances and
provider of other financial services in Canada publicly traded on
the Toronto Stock Exchange (CA:CSF 16.30, +0.35, +2.19%) . The
Company also trades on the New York Stock Exchange (CSFS 15.40, -
0.15, -0.96%) . Cash Store Financial operates more than 523
branches across Canada under the banners: The Cash Store and
Instaloans. Cash Store Financial also operates two branches in the
United Kingdom under the banner, The Cash Store.

The Cash Store and Instaloans act as brokers to facilitate short-
term advances and provide other financial services to income-
earning consumers who may not be able to obtain them from
traditional banks. Cash Store Financial also provides a private-
label debit card -- the Freedom card and a prepaid credit card -
the Freedom MasterCard, and other financial services.

Cash Store Financial employs approximately 2,000 associates and is
headquartered in Edmonton, Alberta.


CELL THERAPEUTICS: Files New Articles for Series 6 Pref. Stock
--------------------------------------------------------------
Cell Therapeutics Inc. filed Articles of Amendment to its Amended
and Restated Articles of Incorporation with the Secretary of State
of the State of Washington, establishing the Company's Series 6
preferred stock.

The Series 6 preferred stock is convertible initially into up to
11.6 million shares of common stock at a conversion price of $0.35
per share.  The Series 6 preferred stock is convertible by the
holder at any time after issuance.  The Series 6 preferred stock
will convert automatically if 1,000 or less shares are outstanding
or if the Board of Directors of the Company determines to do a
reverse stock split with respect to shares of common stock for
good faith business reasons.

The Series 6 preferred stock is not redeemable and votes with the
common stock on an as-converted basis.  Except to the extent of
dividends on the common stock and certain other securities, no
dividends will be paid on the Series 6 preferred stock.  The
Series 6 preferred stock has a liquidation preference equal to its
initial stated value of $1,000 per share plus the amount of
accrued and unpaid dividends, if any.

The accredited investor that purchased the Series 6 preferred
stock elected to convert all of its shares of Series 6 preferred
stock and to receive the 11.6 million shares of the Company's
common stock issuable upon such conversion.  The investor received
such shares of common stock at the closing of the Series 6
preferred stock transaction and there are currently no shares of
Series 6 preferred stock outstanding

A full-text copy of the article of amendment is available for free
at http://ResearchArchives.com/t/s?6741

                     About Cell Therapeutics

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

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

                       Going Concern Doubt

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

                      Bankruptcy Warning

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


CIRCUIT CITY: Reaches Deal with Creative Labs
---------------------------------------------
Circuit City Stores Inc. and Creative Labs, Inc., are parties to a
certain Direct Retail Agreement for the sale of goods produced by
Creative in the Debtors' stores.  The Debtors filed the Complaint
against Creative on November 23, 2009.

The parties have entered into a settlement agreement resolving
all matters of dispute or potential dispute arising out of claims
related to or asserted in the Complaint, Creative's Answer, and
any other claims by and between the parties.

Among other things, the Debtors and Creative agree that Creative
will wire to the Debtors $380,000 in full and complete settlement
of the Adversary Proceeding, which will be dismissed with
prejudice.

Any and all contracts by and between the parties not previously
terminated or rejected will be deemed rejected as of the
effective date of the Settlement.

A full-text copy of the Settlement is available at no charge at:

   http://bankrupt.com/misc/CC_SettleStipAPCreative072110.pdf

If no objection to the Settlement, and no request for additional
time or information, is filed and served before July 28, 2010,
the Debtors will be automatically authorized to enter into and
consummate the Settlement without further Court order or action
by the Debtors.

                       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: Settles SEC Charges for Misleading Investors
-----------------------------------------------------------
The Securities and Exchange Commission on Thursday charged
Citigroup Inc. with misleading investors about the company's
exposure to subprime mortgage-related assets. The SEC also charged
one current and one former executive for their roles in causing
Citigroup to make the misleading statements in an SEC filing.

The SEC alleges that in response to intense investor interest on
the topic, Citigroup repeatedly made misleading statements in
earnings calls and public filings about the extent of its holdings
of assets backed by subprime mortgages. Between July and mid-
October 2007, Citigroup represented that subprime exposure in its
investment banking unit was $13 billion or less, when in fact it
was more than $50 billion.

Citigroup and the two executives agreed to settle the SEC's
charges.  Citigroup agreed to pay a $75 million penalty.  Former
chief financial officer Gary Crittenden agreed to pay $100,000,
and former head of investor relations Arthur Tildesley, Jr.,
(currently the head of cross marketing at Citigroup) agreed to pay
$80,000.

"Even as late as fall 2007, as the mortgage market was rapidly
deteriorating, Citigroup boasted of superior risk management
skills in reducing its subprime exposure to approximately $13
billion. In fact, billions more in CDO and other subprime exposure
sat on its books undisclosed to investors," said Robert Khuzami,
Director of the SEC's Division of Enforcement. "The rules of
financial disclosure are simple -- if you choose to speak, speak
in full and not in half-truths."

Scott W. Friestad, Associate Director of the SEC's Division of
Enforcement, added, "Citigroup's improper disclosures came at a
critical time when investors were clamoring for details about Wall
Street firms' exposure to subprime securities. Instead of
providing clear and accurate information to the market, Citigroup
dropped the ball and made a bad situation worse."

According to the SEC's complaint, filed in U.S. District Court for
the District of Columbia, Citigroup represented in earnings calls
and public filings from July 20 to Oct. 15, 2007, that its
investment bank's subprime exposure was $13 billion or less and
had declined over the course of 2007. However, the $13 billion
figure reported by Citigroup omitted two categories of subprime-
backed assets: "super senior" tranches of collateralized debt
obligations (CDOs) and "liquidity puts." Citigroup had more than
$40 billion of additional subprime exposure in these categories,
which it didn't disclose until November 2007 after a decline in
their value.

The SEC's complaint alleges that as early as April 2007,
Citigroup's senior management began to gather information on the
investment bank's subprime exposure for purposes of possible
public disclosure. From the outset of these efforts, internal
documents describing the investment bank's subprime exposure
included the super senior CDO tranches and the liquidity puts,
while noting that they bore little risk of default. Nevertheless
on four occasions in 2007, Citigroup stated that its investment
bank's subprime exposure was reduced to $13 billion from $24
billion at the end of 2006 -- without disclosing the more than $40
billion in additional subprime exposure relating to the super
senior CDO tranches and liquidity puts. These occasions included a
July 20 earnings call, a July 27 Fixed Income investors call, an
October 1 earnings pre-announcement, and an October 15 earnings
call.

According to the SEC's order instituting administrative
proceedings against Messrs. Crittenden and Tildesley, they were
repeatedly provided with information about the full extent of
Citigroup's subprime exposure. Crittenden received a detailed
briefing on valuation issues relating to the super senior tranches
of CDOs in early September 2007.  Mr. Tildesley received
information that same month that discussed the possibility that
Citigroup's disclosures could be misleading because they did not
include the amounts of the super senior tranches and the liquidity
puts. The SEC's order finds that both Messrs. Crittenden and
Tildesley helped draft and then approved the disclosures that were
included in a Form 8-K filed with the SEC on Oct. 1, 2007. The
SEC's order finds that, in doing so, Messrs. Crittenden and
Tildesley caused Citigroup's filing to be misleading to investors.

Without admitting or denying the SEC's allegations, Citigroup Inc.
consented to the entry of a final judgment that permanently
restrains and enjoins it from violation of Section 17(a)(2) of the
Securities Act of 1933, Section 13(a) of the Securities Exchange
Act of 1934, and Exchange Act Rules 12b-20 and 13a-11.  Messrs.
Crittenden and Tildesley, without admitting or denying the SEC's
findings, consented to the issuance of an administrative order
requiring them to cease-and-desist from causing any violations of
Section 13(a) of the Exchange Act and Exchange Act Rules 12b-20
and 13a-11.

The SEC's investigation was conducted by Andrew Feller and Thomas
Silverstein in the Division of Enforcement.

The Wall Street Journal's Randall Smith and Dow Jones Newswires'
Matthias Rieker report that some critics complained that the SEC's
charge of unintentional fraud was relatively minor.  According to
the report, Boston University law school professor Cornelius
Hurley, after reading the complaint, said he thought the SEC made
a case for tougher fraud charges.  "But it appears they pulled
their punch," he said. Given the damage Citi caused itself and the
industry, a $75 million penalty "doesn't hurt Citigroup and it
doesn't send a message to the industry that it's wrong."

The report says the top SEC official, Scott Friestad, said in an
interview that the penalty "is one of the highest that the
commission has ever imposed against a Wall Street firm for conduct
not alleged to be intentional."  By comparison, he cited the SEC's
initial penalty of $33 million against Bank of America Corp. over
its statements to investors just before it acquired Merrill Lynch
at the end of 2008.  The penalty was later boosted to $150 million
at the prodding of a federal judge. U.S. District Judge Jed Rakoff
held up an initial settlement in part because he questioned why
the SEC wasn't charging any individuals with wrongdoing.  In the
Citi case, individuals were charged including Mr. Crittenden.

"The SEC accepted a modest penalty and a nonfraud resolution but
they got a real individual identified who had authority," the
report quotes John C. Coffee, professor of law at Columbia
University, as saying. That may satisfy judges like Judge Rakoff,
he said.

According to the report, Citi said in a statement that it is
"pleased" that the agency didn't charge the company or its
employees "with intentional or reckless misconduct," and noted it
settled the charges without admitting or denying wrongdoing. The
bank is still battling disclosure-related lawsuits filed by
investors.

The report notes Mr. Crittenden quit as chief financial officer in
early 2009, left Citi in mid-2009 and is now working in Utah in
private equity.  The report says Mr. Crittenden's spokesman said
in a statement that Mr. Crittenden is "pleased to have resolved
this matter." Citi, commenting on behalf of Mr. Tildesley, who is
currently the bank's head of cross marketing, said he is "a highly
valued employee of Citi."

                       About Citigroup Inc.

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

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

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


COMPLETE PRODUCTION: S&P Gives Stable Outlook, Affirms 'B+' Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on oilfield
services provider Complete Production Services Inc. to stable from
negative.  At the same time, S&P affirmed the 'B+' corporate
credit rating on the company.

"The rating action is based on Complete's improved operating and
financial performance coinciding with a rebound in the North
American land drilling market over the last couple of quarters,"
said Standard & Poor's credit analyst Patrick Lee.  The company's
pressure pumping and coil tubing operations saw meaningful
increases.  Improved utilization and pricing resulted in EBITDA
margins increasing from approximately 18% in the first quarter of
2010 to more than 23% in the second quarter.  The company expects
to see continued improvement for the remainder of 2010.

The ratings on Complete Production Services reflect the company's
business position as an oilfield services provider operating in a
cyclical and highly competitive industry, its exposure to volatile
hydrocarbon prices, and limited geographic diversity to the North
American market.  The ratings also incorporate the company's
flexibility in managing its capital expenditures during weak
industry conditions and its solid presence in several resource
plays and niche products.

Standard & Poor's Ratings Services categorizes Complete's business
profile as weak.  The company provides oil and gas well completion
and production services, focusing mainly on North American
resource plays, particularly the Barnett Shale, with smaller
operations in contract drilling and product sales.  Complete's
direct exposure to the Gulf of Mexico is minimal.  Although
without the scale or scope of some of its larger competitors,
Complete has a significant share of certain segments of the
completion and production business, such as coiled tubing and well
servicing.

The stable outlook reflects the improvements in utilization,
pricing, and margins that contributed to Complete's stronger
operational and financial performance over the past few quarters
despite the company's exposure to the North American oil and gas
market.  Although the possibility of decreased natural gas
drilling exists in the near to intermediate term, the nadir was
likely in 2009 and Complete appears to have retrenched and
adjusted for such an environment.  S&P may lower the rating if
operating and financial performances return to 2009 levels and
leverage exceeds the 4.5x to 5.0x area for a sustained period, or
if liquidity significantly tightens.  The probability of an
upgrade is minimal due to the poor natural gas pricing
environment, which will likely limit performance in the next one
to two years.


CONTINENTAL AIRLINES: Management Team Named for UAL Merger
----------------------------------------------------------
United Air Lines, Inc., and Continental Airlines Inc. disclosed
the selection of the new senior leadership team of the combined
airline, reporting directly to Jeff Smisek, chief executive
officer of Continental, who will serve as president and chief
executive officer, according to a joint public statement dated
July 27, 2010.

United and Continental expect the board of directors of the new
airline to elect these senior officers as executive vice
presidents at the close of the merger of the two companies:

  * Mike Bonds, who joined Continental in 1995, will be
    responsible for human resources and labor relations.

  * Jim Compton, who joined Continental in 1995, will serve as
    chief marketing officer.

  * Jeff Foland, who joined United in 2005, will lead the
    combined carrier's loyalty program.

  * Nene Foxhall, who joined Continental in 1995, will oversee
    the communications and government affairs functions.

  * Keith Halbert, who joined United in 2008, will be chief
    information officer.

  * Pete McDonald, who joined United in 1969, will be chief
    operations officer.

  * Zane Rowe, who joined Continental in 1993, will be chief
    financial officer.

  * Tom Sabatino, who joined United in 2010, will be general
    counsel.

             Selection Process of New Leadership Team

In coming up with the new leadership team, UAL Corp. said Mr.
Smisek met with senior officers of Continental and United, and
consulted with Glenn Tilton, chairman and chief executive officer
of United, according to a Form 425 filed with the Securities and
Exchange Commission dated July 27, 2010.  Messrs. Tilton and
Smisek in turn consulted with the boards of directors of United
and Continental.

The senior leadership team will assume its duties upon the
merger's closing, which is expected to occur in the fourth quarter
of 2010.  UAL states that Mr. Smisek will not name a president of
the combined company at this time.

UAL says some senior officers will not have a role in the new
company at the closing of the merger.  However, other senior
officers will have a role after the closing of the merger during a
portion of the integration process, UAL clarifies.  For one, UAL
expects Mark Moran, Continental's executive Vice President and
chief operations officer, to oversee the Continental operation and
the process of obtaining a single operating certificate, which is
a very important part of the integration of United and
Continental.

Mr. Tilton who will serve as non-executive chairman of the
combined airline, said, "We have exceptional executives across our
two companies; this created a superb talent pool from which to
determine the senior executive team to take the company forward --
and, at the same time, we have equally talented people who will
continue to contribute to successfully executing our individual
performance agendas between now and close."

Mr. Smisek commented, "This outstanding team represents a great
blend of experience and expertise at both airlines, and I look
forward to working together with them as we create the world's
leading airline."

The new leadership team will work with Mr. Smisek to design the
overall officer-level organization and select the remainder of the
leadership team.  Concurrently, the companies are developing a
talent-selection process for other management and clerical roles
and refining the planned organizational structure.

                   Selection Process for
                     Clerical Employees

Peter McDonald, United's chief administrative officer, said the
functional integration teams and other leaders at United and
Continental will assist in the design for each part of the
combined airline, discloses a Form 425 dated July 23, 2010.  The
functional integration teams are not charged with making specific
decisions regarding employment for individuals; rather, they are
working to structure each organization in the new company in a way
that best allows United and Continental to accomplish the work and
foster the culture that will drive the new company forward, he
clarifies.

For all other salaried and management employees, the Talent,
Organization and Culture integration team is developing a best
practices approach designed to facilitate a talent selection
process that is fair, objective and transparent, Mr. McDonald
notes.  He says specific details about that process will be
disclosed later.  However, for certain groups, including those
that are operations-focused, the selection process will extend
into 2012, following the award of a single operating certificate
for the combined airline, he adds.

Mr. McDonald further relates that no "SAM" employees, other than
certain officers, will be removed from the payroll as a result of
the merger before March 31, 2011.  The timing of job impacts
following that date will depend on the integration plan for each
business unit and will occur over the course of next year and into
2012, he explains.  He emphasizes that the impact on frontline
employees will be minimal and any effects should be minimized or
eliminated through retirements, attrition and voluntary programs.

                  Four United Officers to Resign
                     Upon Close of Merger

UAL confirmed in a public statement dated July 27, 2010, that John
Tague, president of United, and Kathryn Mikells, chief financial
officer, will leave United after the close of the carrier's
planned merger with Continental Airlines.  Graham Atkinson,
president of Mileage Plus and Rosemary Moore, senior vice
president of corporate and government affairs, are also leaving
the company upon close of the merger, UAL added.

Mr. Tilton said: "On the occasion of the proposed merger with
Continental, this team that will leave the company following close
does so with the appreciation of our board, our colleagues and all
our stakeholders, for their significant contributions."

Jim O'Connor, United's lead director who has served on the United
board for 26 years, noted that the leadership team Mr. Tilton put
together at United shares a commitment to returning United to
industry leadership.

"The enthusiasm and 'can do' spirit of this management team helped
to produce breakthrough gains at United during one of the toughest
periods in the company's history.  Never satisfied with the status
quo, this team has given all of us a glimpse of just how good we
can become," Mr. O'Connor said.

The accomplishments made by the United officers are:

  * John Tague, president of United:

    Mr. Tague joined the company in 2003 while United was
    restructuring under Chapter 11 protection as executive vice
    president of customer and has held several leadership
    positions, including chief operating officer.  As president,
    he has P&L responsibility for the airline and has all
    airline management functions.  Additionally, he has all
    revenue and customer responsibilities.  In the last year,
    United has delivered a $1.2 billion revenue improvement,
    generated a $750 million profit improvement, tightly managed
    its costs and increased its margin by 16 points, delivering
    the industry's leading profit margin year to date.  Since
    assuming his current responsibilities, United's customer
    satisfaction has improved by 70 percent domestically and on-
    time performance has gone from worst to first -- United
    continues to lead the network carriers in on-time
    performance, a position it held for the full year 2009.

    "John has played a critical and unique role in the dramatic
    turnaround of United.  To effect the magnitude of change
    required to be successful, we have been unafraid to
    challenge conventional wisdom and to be bold in our
    decisions -- and John personifies those characteristics,"
    Mr. Tilton said.  "John's vision for what is possible and
    his ability to lead consistent performance improvement have
    changed the way we operate and transformed our competitive
    position and trajectory."

    "Without a doubt, my time with United is my most
    professionally rewarding experience to date.  Being a member
    of the team that successfully led United through a $23
    billion restructuring provided me with a foundational
    experience to build upon and help United achieve its
    potential.  Receiving the mandate to create a step change in
    United's performance gave me the opportunity to rethink the
    way we do business, drive systemic improvement and build a
    phenomenal management team that is continuing to innovate
    and delivering industry-leading results," said Mr. Tague.
    "With the proposed merger with Continental, United will once
    again be the world's leading airline, and we will have
    achieved what we set out to do for our people, our
    investors, our customers and the communities we serve.  This
    will be, for me personally, the perfect time to move on to
    the next challenge in my career, knowing that United is set
    on the best course for long-term success and a strong
    future."

  * Kathryn Mikells, chief financial officer of United:

    Ms. Mikells joined United in 1994 and has held numerous
    leadership positions.  As CFO, she oversees all corporate
    finance functions and also is responsible for mergers and
    acquisitions, fleet planning, corporate development and
    strategy and investor relations.  She played a significant
    role in United's restructuring, helping to coordinate the
    case, and as treasurer restructured the company's debt
    portfolio and ensured it had the financing needed to exit.
    As the head of investor relations, she helped reposition
    United with the financial analysts and investors.  She was
    named CFO when United faced significant financial
    challenges, including high oil prices and dealing with the
    effect of a devastating recession, and led the company's
    efforts to increase its cash, improve its hedge book, order
    new aircraft and negotiate a merger with Continental.

    "Kathryn has become one of the best CFOs in any industry and
    has been my partner in the pursuit and negotiation of the
    deal that delivered the best merger partner, on the best
    terms, for our company.  Kathryn's considerable skills are a
    perfect match to her role leading strategy work, which
    included consolidation and risk management at United, and
    she drove the extraordinary improvement in our liquidity
    position as we worked through the financial crisis,
    including establishing the best fuel hedge book in the
    industry," Mr. Tilton said.  "In all of her assignments,
    Kathryn has consistently performed at the highest level and
    set the stage for those who followed her.  She will play an
    important role as we continue to improve our competitive
    position and in the integration of our two companies through
    the steering committee."

    "I am proud to have played a pivotal role in United's
    extraordinary turnaround and the merger that will create the
    world's preeminent airline.  I have always been energized by
    the positive attitude of our management team, especially
    during challenging times in our industry, and the finance
    team is no exception," Ms. Mikells said.  "From raising
    $4 billion in financings to supporting the work that has
    delivered the best cost reductions in the business, the team
    has been focused on taking the right actions to turn our
    performance around and our second quarter results are the
    clear evidence of that work.  I look forward to building on
    the experiences of the last 16 years and take with me the
    strong relationships developed with colleagues, investors
    and with the financial community.  I can't imagine leaving
    on a higher note, and look forward to the next chapter of my
    career."

  * Graham Atkinson, president of Mileage Plus:

    Mr. Atkinson joined United in 1991 and has held key
    customer-facing leadership roles, including senior vice
    president of Worldwide Sales and Alliances, senior vice
    president of International, senior vice president of
    Marketing, and most recently president of Mileage Plus,
    where he is responsible for developing Mileage Plus as a
    stand-alone business and ensuring that United is well
    positioned to address the changing landscape of loyalty
    programs and meet the needs of the company's most loyal
    customers.

    "Graham has been a passionate advocate for the voice of the
    customer at United.  His breadth of experience in all
    aspects of the customer proposition -- from marketing,
    sales, the customer experience and loyalty programs -- has
    been of great benefit to United as we have prioritized and
    repositioned our customer focus," said Mr. Tilton.  "In his
    role with our alliance partners and in the development of
    our international business, Graham has also been
    instrumental in building important relationships that have
    afforded us the opportunity to grow our global presence with
    the best partners in the industry."

    "United is a dramatically different company today than it
    was even five years ago.  We have extended our network and
    our partnerships worldwide. We have changed the way we sell
    our product, transforming our sales force and delivery
    channels, and, most importantly, are putting the customer
    front and center," Mr. Atkinson said.  "We have built the
    industry's best loyalty program in Mileage Plus, which will
    only get better for our customers upon our merger with
    Continental, extending earning and redeeming possibilities."

  * Rosemary Moore, senior vice president of corporate and
    government affairs:

    Ms. Moore joined United in 2002, having worked with Mr.
    Tilton at Texaco and Chevron.  Ms. Moore has led efforts to
    support business objectives and enhance the company's image
    and reputation through government relations, corporate
    responsibility and strategic communications, including media
    relations, employee communications and investor relations.

    "Rosemary's ability to connect across constituents and
    leverage opportunities to build relationships and further
    our business agenda and reputation has done much to change
    the perception and credibility of our company," Mr. Tilton
    said.  "Having worked closely with Rosemary at Texaco and at
    Chevron after the merger, and knowing her extensive
    experience in other industries with significant challenges,
    she was my first hire at United, bringing with her much-
    needed capability and sound judgment to our communications
    and interactions with our key stakeholders.  Rosemary played
    a key role as we moved through our highly visible and
    complex restructuring, took on tough industry issues that
    constrained our ability to meet our goals and made equally
    tough decisions to transform our company."

    "There is no other industry that has the unique challenges
    of the airline industry and working with Glenn and the team
    to transform United and, at the same time, relentlessly
    press for industry reform, has been work I enjoy," Ms. Moore
    said.  "There is nothing better than working on difficult
    issues with a great team, and it is terrific to see all that
    we have accomplished and go on to another opportunity to
    contribute."

                  European Commission Gives
                    Clearance to Merger

United and Continental disclosed that they received unconditional
clearance from the European Commission on the airlines' proposed
merger, according to a July 27, 2010, joint public statement.  The
Commission noted that its investigation found the proposed
transaction would not raise any specific concerns in Europe or the
trans-Atlantic market.

"We are pleased to have received this clearance from the European
Union, a significant market for our combined new company, and we
continue to work cooperatively with the U.S. Department of Justice
toward an expeditious completion of our merger, which will benefit
our customers, our people, our shareholders and the communities we
serve," said Mr. Tilton.

"Approval from the European Commission is another important step
toward completing our merger with United," said Mr. Smisek.  "The
combination of United and Continental brings together the two most
complementary networks of any U.S. carriers, with minimal domestic
and no international route overlaps.  Together we will offer
customers unparalleled global access."

                  About Continental Airlines

Houston, Texas-based Continental Airlines (NYSE: CAL) --
http://www.continental.com/-- is the world's fifth largest
airline.  Continental, together with Continental Express and
Continental Connection, has more than 2,700 daily departures
throughout the Americas, Europe and Asia, serving 132 domestic and
137 international destinations.  Continental is a member of Star
Alliance, which overall offers more than 21,050 daily flights to
1,167 airports in 181 countries through its 27 member airlines.
With more than 40,000 employees, Continental has hubs serving New
York, Houston, Cleveland and Guam, and together with its regional
partners, carries approximately 63 million passengers per year.

At June 30, 2010, Continental had total assets of $13.599 billion
against total current liabilities of $5.432 billion; long-term
debt and capital leases of $4.912 billion; deferred income taxes
of $221 million; accrued pension liability of $1.232 billion;
accrued retiree medical benefits of $223 million; and other non-
current liabilities of $855 million; resulting in $724 million in
stockholders' equity.

                         *     *     *

As reported by the Troubled Company Reporter on May 5, 2010, Fitch
Ratings has affirmed the Issuer Default Rating for Continental
Airlines, Inc., at 'B-' and the senior unsecured rating at
'CC/RR6' following the announcement of the planned merger between
CAL and UAL Corp.  The Rating Outlook for CAL is Stable.

The TCR on May 5, 2010, also said Standard & Poor's Ratings
Services placed its 'B' corporate credit rating on Continental
Airlines, and S&P's ratings on its secured and unsecured debt, on
CreditWatch with negative implications.  S&P also placed its
ratings on Continental's enhanced equipment trust certificates on
CreditWatch with developing implications.  Although S&P's recovery
ratings on selected Continental unsecured debt are unaffected by
the rating action, S&P will review them as well.

                    About UAL Corporation

Based in Chicago, Illinois, UAL Corporation (NASDAQ: UAUA) --
http://www.united.com/-- is the holding company for United
Airlines, Inc.  United Airlines is the world's second largest air
carrier.  The airline flies to Brazil, Korea and Germany.

The Company filed for Chapter 11 protection on Dec. 9, 2002
(Bankr. N.D. Ill. Case No. 02-48191).  James H.M. Sprayregen,
Esq., Marc Kieselstein, Esq., David R. Seligman, Esq., and Steven
R. Kotarba, Esq., at Kirkland & Ellis, represented the Debtors in
their restructuring efforts.  Fruman Jacobson, Esq., at
Sonnenschein Nath & Rosenthal LLP represented the Official
Committee of Unsecured Creditors.  Judge Eugene R. Wedoff
confirmed a reorganization plan for United on Jan. 20, 2006.  The
Company emerged from bankruptcy on Feb. 1, 2006.

Reorganized UAL Corp. carries a 'Caa1' probability of default
rating from Moody's, 'B-' long term foreign issuer credit rating
from Standard & Poor's, and 'CCC' long term issuer default rating
from Fitch.

At June 30, 2010, UAL had $20.134 billion in total assets against
total current liabilities of $8.573 billion, long-term debt of
$6.281 billion, long-term obligations under capital leases of
$1.01 billion, and other liabilities and deferred credits of
$7.022 billion, resulting in stockholders' deficit of
$2.756 billion.


CORNELL'S RESTAURANT: Case Summary & 10 Largest Unsec Creditors
---------------------------------------------------------------
Debtor: Cornell's Restaurant, Inc.
        39-45 N. Jay Street
        Schenectady, NY 12308

Bankruptcy Case No.: 10-12755

Chapter 11 Petition Date: July 23, 2010

Court: United States Bankruptcy Court
       Northern District of New York (Albany)

Judge: Robert E. Littlefield Jr.

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

Scheduled Assets: $145,085

Scheduled Debts: $1,253,392

A list of the Company's 10 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/nynb10-12755.pdf

The petition was signed by JoAnn Cornell Aragosa, president.


CRUCIBLE MATERIALS: Receives Approval of Environmental Settlement
-----------------------------------------------------------------
Bill Rochelle at Bloomberg News reports that Crucible Materials
Corp. won approval from the Bankruptcy Court of a settlement that
will reduce the claims of the New York State Department of
Environmental Conservation by 94%.  The New York environmental
regulators filed claims for $21 million.  Crucible negotiated a
settlement where the state will have approved unsecured claims for
$1.18 million.

The confirmation hearing for approval of the Chapter 11 plan is
currently scheduled for Aug. 9.  The disclosure statement
explaining the plan was approved in April.

                      About Crucible Materials

Based in Syracuse, New York, Crucible Materials Corporation -- aka
Crucible Specialty Metals, Crucible Service Centers, Crucible
Compaction Metals, Crucible Research and Trent Tube --
http://www.crucible.com/-- makes stainless and alloy steel for
use in the aircraft, automotive, petrochemical, and other
industries.  The Company was employee-owned prior to its
bankruptcy filing.

The Company and its affiliate, Crucible Development Corporation,
filed for Chapter 11 protection on May 6, 2009 (Bankr. D. Del.
Lead Case No. 09-11582).  Mark Minuti, Esq., at Saul Ewing LLP
represents the Debtors in their restructuring efforts.  The
Debtors engaged Duff & Phelps Securities LLP as investment banker;
RAS Management Advisors LLC as business advisor; and Epiq
Bankruptcy Solutions LLC as claims agent.  Roberta A. DeAngelis,
United States Trustee for Region 3, appointed five creditors to
serve on the Official Committee of Unsecured Creditors.  The
Debtors listed assets and debts both ranging from $100 million to
$500 million.

From four asset sales under 11 U.S.C. Sec. 363, Crucible
generated $14.4 million after secured lenders were fully paid on
$64.5 million in claims outstanding at the outset of the Chapter
case.


DARRYL HARRIS: Case Summary & 18 Largest Unsecured Creditors
------------------------------------------------------------
Joint Debtors: Darryl G. Harris, Sr.
               Michelle J. Harris
               1140 Longwood Avenue
               Los Angeles, CA 90019

Bankruptcy Case No.: 10-40268

Chapter 11 Petition Date: July 22, 2010

Court: United States Bankruptcy Court
       Central District Of California (Los Angeles)

Judge: Sheri Bluebond

Debtor's Counsel: Thomas P. Giordano, Esq.
                  500 State College Blvd., Suite 530
                  Orange, CA 92868
                  Tel: (714) 912-7810
                  Fax: (714) 912-7860
                  E-mail: tohmahso@aol.com

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

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

A list of the Joint Debtors' 18 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/cacb10-40268.pdf

The petition was signed by the Joint Debtors.


DELTA AIR: Alitalia Joins Trans-Atlantic Joint Venture
------------------------------------------------------
Italy's Alitalia joined the Air France-KLM Group (OTC: AFLYY) and
Delta Air Lines (NYSE: DAL) as a member of the airline industry's
leading trans-Atlantic joint venture.  Launched in April 2009, the
multi-party agreement created a single, coordinated network for
customers flying across the Atlantic, allowing the member airlines
to share revenues and costs on their trans-Atlantic routes.

Through the four-way joint venture, passengers have convenient
access to the world's largest trans-Atlantic network, which offers
almost 250 flights and approximately 55,000 seats each day, now
including 20 daily trans-Atlantic flights to 5 U.S. destinations
from Rome and Milan Malpensa airports.  With Alitalia's addition,
the joint venture represents approximately 26 percent of total
trans-Atlantic capacity, with annual revenues estimated at more
than $10 billion USD.

Rome joins Amsterdam, Atlanta, Detroit, Minneapolis, New York-JFK
and Paris-CDG as the core hubs of the joint venture, with
additional trans-Atlantic service from Cincinnati, Milan Malpensa,
Memphis and Salt Lake City.  Wherever traffic rights permit, the
airlines offer customers codeshare service between the United
States and the European Union, and in many cases beyond, creating
one network for seamless airline-to-airline connections between
points in North America and the European Union.

The joint venture's geographic scope includes all flights
between North America and Europe, between Amsterdam and India and
between North America and Tahiti.

"Today marks an important milestone in Alitalia's development
plan," said Alitalia's CEO Rocco Sabelli.  "Trans-Atlantic traffic
is the most strategic and competitive marketplace.  We are proud
to be partnering with the world's leading airlines in a joint
venture which the whole industry looks at as the benchmark.  Such
an achievement highlights the valuable results obtained so far by
Alitalia, and further opens-up opportunities for our industrial
and commercial growth."

"Delta's partnership with Europe's leading airlines has been a
great success and has enabled us to add new destinations and
convenience for customers across the United States and Europe,"
said Delta CEO Richard Anderson.  "The addition of Alitalia to our
joint venture will further bolster our ability to optimize
resources, protect revenues and provide more benefits for our
employees and shareholders."

"The trans-Atlantic joint venture has been strengthened by the
arrival of Alitalia, which adds the Italian market, the third
biggest in Europe, to the JV and also gives it access to the Rome-
Fiumicino hub," said Air France-KLM CEO Pierre-Henri Gourgeon.
"The Italian airline, a SkyTeam member, is a strategic partner of
Air France-KLM with which it already has joint venture agreements
on its Italy-France and Italy-Netherlands routes.  It is therefore
natural that this successful partnership should continue with
Alitalia's participation in the trans-Atlantic JV."

"The inclusion of Alitalia is an important step for the joint
venture and will strengthen the position of the other JV partners
in the very important Italian market," said KLM President and CEO
Peter Hartman.  "Our customers can now choose between multiple
gateways in the U.S. as well as in Europe, via Amsterdam Schiphol,
Paris Charles de Gaulle and Rome Fiumicino."

Governance of the joint venture will be equally shared between
Alitalia, the Air France-KLM Group and Delta.  Alitalia
representatives will immediately join the joint venture's 11
working groups responsible for implementing and managing the
agreement in the areas of network, revenue management, sales,
product, frequent flyer, advertising/brand, cargo, operations,
information technology, communications and finance.  Alitalia also
will be included in all joint venture initiatives, including joint
sales contracts, which launched in January 2009.

Alitalia's addition to the joint venture is effective on April 1,
2010, as part of a long-term agreement effective until at least
March 31, 2022.

The long history of cooperation among Air France, KLM and Delta
dates to 1997, when KLM signed a joint venture agreement with
Northwest Airlines.  Delta, which merged with Northwest in 2008,
signed its own joint venture agreement with Air France in 2007
following eight years of close trans-Atlantic cooperation. In
2009, both joint ventures were combined into one following the
Delta-Northwest and Air France-KLM mergers.

The alliance of the four airlines, which is enabled by trans-
Atlantic antitrust immunity granted by the U.S. and European
governments, has delivered a number of benefits to consumers over
the last decade.  Dozens of new routes have been created as a
result of the airlines' cooperation, including Delta's first
service to London-Heathrow from Atlanta, Minneapolis-St. Paul,
Detroit and New York-JFK. New nonstop service has also been
launched between mid-sized cities such as Portland, Ore. and
Amsterdam; Pittsburgh and Paris; and Salt Lake City and Paris.

Key facts and figures on the expanded joint venture

    * Nearly 250 daily trans-Atlantic flights
    * Almost 500 destinations in Europe and in North America
    * Annual revenues estimated at more than US$10 billion
    * More than 100,000 employees at Air France KLM
    * More than 70,000 employees at Delta
    * More than 14,000 employees at Alitalia

                         About Alitalia

Alitalia-Compagnia Aerea Italiana started operations in January
2009, following the acquisition of assets from Alitalia - Linee
Aeree Italiane, and of Air One.  Today, Alitalia is Italy's
leading airline, serving 22 million passengers with its 158
aircrafts fleet, and operating more than 700 daily flights across
a network of 83 destinations.  In 2010 Alitalia positioned Air One
as a low fares, yet high quality carrier operating from the Milan
Malpensa airport. Alitalia is a member of the SkyTeam alliance.
Further information is available on http://www.alitalia.com

                      About Air France-KLM

The Air France-KLM Group was set up in 2004 and comprises a
holding company and two airlines that have retained their separate
brands and identities.  Together, Air France and KLM serve an
extensive global network structured around their hubs at Paris-
Charles de Gaulle and Amsterdam-Schiphol.  Currently, the group
has a workforce of over 104,000, carries 71.4 million passengers
annually to 244 destinations worldwide, and operates a fleet of
594 aircraft.  This ranks it first worldwide by turnover, which
stood at 21 billion euros in IATA 2009/2010.  Air France and KLM
are members of the SkyTeam Alliance, whose services span the
world.  Air France was founded in 1933, KLM in 1919. Full
information on http://www.corporate.airfrance.comand
http://www.klm.com

                       About Delta Air Lines

Atlanta, Georgia-based Delta Air Lines (NYSE: DAL) --
http://www.delta.com/or http://www.nwa.com/-- provides scheduled
air transportation for passengers and cargo throughout the United
States, and around the world.  The Company's route network is
centered on the hub system it operate at airports in Atlanta,
Cincinnati, Detroit, Memphis, Minneapolis/St. Paul, New York-JFK,
Salt Lake City, Paris-Charles de Gaulle, Amsterdam and Tokyo-
Narita. The hub operations include flights, which gather and
distribute traffic from markets in the geographic region
surrounding the hub to domestic and international cities and to
other hubs. The network is supported by a fleet of aircraft, which
is varied in terms of size and capabilities.  On December 31,
2009, the Company's wholly owned subsidiary Northwest Airlines,
Inc., merged with and into Delta.  The wholly owned subsidiary of
the Company is Northwest Airlines Corporation.

Northwest and 12 affiliates filed for Chapter 11 protection on
September 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17930).
On May 21, 2007, the Court confirmed the Northwest Debtors'
amended plan.  That amended plan took effect May 31, 2007.

Delta and 18 affiliates filed for Chapter 11 protection on
September 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17923).
Marshall S. Huebner, Esq., at Davis Polk & Wardwell, represented
the Delta Debtors in their restructuring efforts. On April 25,
2007, the Court confirmed the Delta Debtors' plan.  That plan
became effective on April 30, 2007.

(Bankruptcy Creditors Service Inc. publishes Delta Air Lines
Bankruptcy News, http://bankrupt.com/newsstand/or 215/945-7000).

                        *     *     *

Delta Air Lines and Northwest Airlines carry a 'B/Negative/--'
corporate ratings from Standard & Poor's.  They also continue to
carry 'B2' corporate family ratings from Moody's and "B-" LT
Issuer Default rating from Fitch.

Delta Air carries a 'B-' issuer default rating from Fitch Ratings.


DELTA AIR: Reports June 2010 Traffic Results
--------------------------------------------
Delta Air Lines (NYSE: DAL) reported traffic results for June
2010.  System traffic in June 2010 increased 4.2 percent compared
to June 2009 on a 1.5 percent increase in capacity.  Load factor
increased 2.2 points to 87.7 percent.

Domestic traffic increased 1.2 percent year over year on a 0.6
percent increase in capacity.  Domestic load factor increased 0.6
points to 87.7 percent.  International traffic increased 8.8
percent year over year on a 2.9 percent increase in capacity, and
load factor increased 4.8 points to 87.8 percent.

                        Delta Air Lines
                    Monthly Traffic Results

                     June 2010         June 2009       Change
                     ---------         ---------       ------
RPMs (000):
Domestic           10,961,471        10,828,672        1.2%
Mainline            8,707,098         8,476,369        2.7%
Regional            2,254,373         2,352,303       (4.2%)

International       7,571,487         6,955,972        8.8%
Latin America         988,726           931,662        6.1%
  Mainline             962,754           915,903        5.1%
  Regional              25,972            15,759       64.8%
Atlantic            4,531,954         4,397,063        3.1%
Pacific             2,050,807         1,627,247       26.0%

System             18,532,958        17,784,644        4.2%

ASMs (000):
Domestic           12,504,459        12,429,794        0.6%
Mainline            9,787,389         9,567,525        2.3%
Regional            2,717,070         2,862,269       (5.1%)

International       8,624,775         8,379,461        2.9%
Latin America       1,224,216         1,136,937        7.7%
  Mainline           1,188,383         1,116,755        6.4%
  Regional              35,833            20,182       77.5%
Atlantic            5,096,682         5,134,475       (0.7%)
Pacific             2,303,877         2,108,049        9.3%

System             21,129,234        20,809,255        1.5%

Load Factor
Domestic                87.7%             87.1%        0.6  pts
  Mainline               89.0%             88.6%        0.4  pts
  Regional               83.0%             82.2%        0.8  pts

International           87.8%             83.0%        4.8  pts
  Latin America          80.8%             81.9%       (1.1) pts
   Mainline              81.0%             82.0%       (1.0) pts
   Regional              72.5%             78.1%       (5.6) pts
  Atlantic               88.9%             85.6%        3.3  pts
  Pacific                89.0%             77.2%       11.8  pts

System                  87.7%             85.5%        2.2  pts

Passengers Boarded  15,073,914        14,895,235        1.2%

Mainline
Completion
Factor                   98.3%             99.2%       (0.9) pts

Cargo Ton Miles (000):
Passenger Cargo       198,883           143,968       38.1%
Freighter Cargo             0            45,151     (100.0%)
System                 198,883           189,119        5.2%

                           Delta Air Lines
                    Year to Date Traffic Results

                     June 2010         June 2009       Change
                     ---------         ---------       ------
RPMs (000):
Domestic           57,147,455        57,383,387       (0.4%)
Mainline           44,961,846        45,085,469       (0.3%)
Regional           12,185,609        12,297,918       (0.9%)

International      35,113,717        34,630,060        1.4%
Latin America       6,280,125         5,993,907        4.8%
  Mainline           6,133,196         5,895,338        4.0%
  Regional             146,929            98,569       49.1%
Atlantic           18,526,636        19,564,044       (5.3%)
Pacific            10,306,956         9,072,109       13.6%

System             92,261,172        92,013,447        0.3%

ASMs (000):
Domestic           68,994,278        70,025,839       (1.5%)
Mainline           53,447,678        53,774,949       (0.6%)
Regional           15,546,600        16,250,890       (4.3%)

International      43,005,008        44,742,853       (3.9%)
Latin America       8,092,262         7,870,177        2.8%
  Mainline           7,892,005         7,721,113        2.2%
  Regional             200,257           149,064       34.3%
Atlantic           22,740,518        25,496,344      (10.8%)
Pacific            12,172,228        11,376,332        7.0%

System            111,999,286       114,768,692       (2.4%)

Load Factor
Domestic                82.8%             81.9%        0.9  pts
Mainline                84.1%             83.8%        0.3  pts
Regional                78.4%             75.7%        2.7  pts

International           81.7%             77.4%        4.3  pts
Latin America           77.6%             76.2%        1.4  pts
  Mainline               77.7%             76.4%        1.3  pts
  Regional               73.4%             66.1%        7.3  pts
Atlantic                81.5%             76.7%        4.8  pts
Pacific                 84.7%             79.7%        5.0  pts

System                  82.4%             80.2%        2.2  pts

Passengers Boarded  78,753,626        79,366,205       (0.8%)

Cargo Ton Miles (000):
Passenger Cargo     1,073,114           759,039       41.4%
Freighter Cargo             0           251,990     (100.0%)
System               1,073,114         1,011,029        6.1%

                       About Delta Air Lines

Atlanta, Georgia-based Delta Air Lines (NYSE: DAL) --
http://www.delta.com/or http://www.nwa.com/-- provides scheduled
air transportation for passengers and cargo throughout the United
States, and around the world.  The Company's route network is
centered on the hub system it operate at airports in Atlanta,
Cincinnati, Detroit, Memphis, Minneapolis/St. Paul, New York-JFK,
Salt Lake City, Paris-Charles de Gaulle, Amsterdam and Tokyo-
Narita. The hub operations include flights, which gather and
distribute traffic from markets in the geographic region
surrounding the hub to domestic and international cities and to
other hubs. The network is supported by a fleet of aircraft, which
is varied in terms of size and capabilities.  On December 31,
2009, the Company's wholly owned subsidiary Northwest Airlines,
Inc., merged with and into Delta.  The wholly owned subsidiary of
the Company is Northwest Airlines Corporation.

Northwest and 12 affiliates filed for Chapter 11 protection on
September 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17930).
On May 21, 2007, the Court confirmed the Northwest Debtors'
amended plan.  That amended plan took effect May 31, 2007.

Delta and 18 affiliates filed for Chapter 11 protection on
September 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17923).
Marshall S. Huebner, Esq., at Davis Polk & Wardwell, represented
the Delta Debtors in their restructuring efforts. On April 25,
2007, the Court confirmed the Delta Debtors' plan.  That plan
became effective on April 30, 2007.

(Bankruptcy Creditors Service Inc. publishes Delta Air Lines
Bankruptcy News, http://bankrupt.com/newsstand/or 215/945-7000).

                        *     *     *

Delta Air Lines and Northwest Airlines carry a 'B/Negative/--'
corporate ratings from Standard & Poor's.  They also continue to
carry 'B2' corporate family ratings from Moody's and "B-" LT
Issuer Default rating from Fitch.

Delta Air carries a 'B-' issuer default rating from Fitch Ratings.


DELTA PETROLEUM: To Sell Non-Core Assets to Wapiti for $130 Mil.
----------------------------------------------------------------
Delta Petroleum Corporation is selling various non-core assets for
$130 million to Wapiti Oil & Gas, L.L.C., pursuant to a Purchase
and Sale Agreement.  The parties expect to consummate the
transaction in August.

The non-core assets to be sold to Wapiti include all of Delta's
31% working interest in the Garden Gulch field of the Piceance
Basin in Colorado, all of its working interest in the Baffin Bay
field of Texas, all of its interest in Piper Petroleum, half of
its working interest in its DJ Basin fields, as well as half of
its working interest in the following fields in Texas: Caballos
Creek, Choke Canyon, Midway Loop, Newton, and Norian.  Delta also
will sell to Wapiti its working interest in its acreage positions
in the DJ Basin of Wyoming, Colorado and Nebraska; and other
acreage in South Texas.  Along with the sale of the working
interests, Delta has agreed to allow Wapiti to operate the Newton
and Midway Loop fields, as well as the other fields of Texas of
which it was the operator.

Carl Lakey, Delta's CEO commented, "This asset sale is an
important step for Delta and allows us to continue to reduce our
overall leverage and meaningfully strengthen our liquidity
position.  We will be selling Wapiti our interest in assets that
we increasingly considered non-core as we continue to focus on our
main asset, the Vega Area, of the Piceance Basin.  We believe the
assets to be sold in this transaction are not adequately valued by
the market as part of Delta, making this sale of non-core assets
all the more attractive.  The immediate use of proceeds will be to
pay down the outstanding balance on our senior credit facility."

Morgan Stanley and Evercore acted as financial advisors to Delta
in connection with this transaction.

The Company also announced that it signed a new amendment to its
credit agreement of its senior credit facility.  According to the
new amendment and upon the closing of the transaction, its
borrowing base will be reduced to $35 million. Additionally, the
amendment permits the Company to spend up to $28 million in
capital expenditures for the third and fourth quarter 2010.

                      About Delta Petroleum

Delta Petroleum Corporation (NASDAQ Global Market: DPTR)
-- http://www.deltapetro.com/-- is an oil and gas exploration and
development company based in Denver, Colorado.  The Company's core
areas of operations are the Rocky Mountain and Gulf Coast Regions,
which comprise the majority of its proved reserves, production and
long-term growth prospects.

The Company's balance sheet as of March 31, 2010, showed
$1.384 billion in assets, $699.3 million of liabilities, and
$684.5 million of stockholders' equity.

                          *     *     *

As reported in the Troubled Company Reporter on March 15, 2010,
KPMG LLP, in Denver, expressed substantial doubt about the
Company's ability to continue as a going concern after auditing
the Company's financial statements for the year ended December 31,
2009.  The independent auditors noted that of the Company's
ongoing losses and working capital deficiency, and that in
addition, outstanding borrowings under the Company's credit
facility are due January 15, 2011.

In its Form 10-Q for the three months ended March 31, 2010, the
Company said that it does not currently have the capital on hand
necessary to repay its credit facility borrowings due on
January 15, 2011, or develop its properties at the pace desired
based on current commodity prices.

In July 2010, Standard & Poor's Ratings Services revised its
outlook on Delta Petroleum Corp. to negative from developing.  At
the same time, S&P affirmed its ratings on the company, including
the 'CCC' corporate credit rating.


DENA FREDRICKSON: Has Green Light to Hire Ex-Husband as Counsel
---------------------------------------------------------------
Bankruptcy Judge Letitia Z. Paul granted Dena H. Fredrickson
permission to her former spouse and former law partner as
Chapter 11 bankruptcy counsel.

Judge Paul held that there is no evidence that counsel is not
disinterested.  The court recognizes that there may be a potential
for conflicts to develop, but there is no evidence that an actual
disqualifying conflict of interest exists at the present time.

Eric L. Fredrickson, Esq., and the Debtor divorced January 22,
2010, and their law partnership was dissolved in July 1999.  He
stated that he is not a creditor of the Debtor or the estate, and
is a co-debtor with the Debtor as to the debt owed to the Internal
Revenue Service and Marcello Lozano, who holds a disputed,
unliquidated claim.

The Debtor's personal property schedule lists certain interests in
oil and gas royalties as well as litigation pending in Harris
County state court.  The state court litigation involves a dispute
between family members, including Debtor's father, Charles B.
Marino, over the control, operation and ownership of Dinosaur Oil
and Gas, Inc. and Italian-American Oil Co. as well as issues
regarding the compliance with, and validity of, a Rule 11
Settlement Agreement entered into between the parties to the state
court litigation.  The former son-in-law has represented Mr.
Marino, Dinosaur Oil and Gas, and Italian-American Oil in various
legal matters in the past.

Mr. Fredrickson did not receive a retainer or other payment for
his services and costs.  He has agreed to represent the Debtor
without prior payment of a retainer and, according to him, the
Debtor does not have the financial resources, at the present time,
to retain any other counsel.  Mr. Fredrickson did receive $1,039
from the Debtor, to use for payment of the chapter 11 filing fees.
The Debtor has promised to pay Mr. Fredrickson on an hourly fee
basis of $300 per hour for legal services rendered by him, $150
per hour for associates, and $50-75 per hour for law clerks and
legal assistants, in connection with this chapter 11 bankruptcy
case.

Judge Paul said should an adverse interest later become known or
arise through other events, counsel is required to disclose this
information to the court.  If the court determines the existence
of an actual conflict, the court may disqualify the firm from
representation of Debtor, and may require the disgorgement of fees
previously allowed.

Dena M. Fredrickson filed an individual chapter 11 bankruptcy
petition on March 29, 2010 (Bankr. S.D. Texas Case No. 10-32455).


DENNY'S CORP: Accounting Chief Converts RSUs to 5,623 Shares
------------------------------------------------------------
Jay C. Gilmore, Denny's Corporation's vice president, chief
accounting officer, and corporate controller, disclosed acquiring
5,623 shares of common stock following conversion of Restricted
Stock Units.

The RSUs vested on July 16, 2010, and converted to common stock of
the Issuer on July 23, 2010, on a 1-for-1 basis after giving
effect to a downward adjustment to the target number of RSU's
originally granted based on a decrease in the Company's stock
price over the vesting period.

On the same day, Mr. Gilmore disposed of 1,881 shares.

Following the transactions, Mr. Gilmore may be deemed to directly
hold 34,191 shares.

                           About Denny's

Based in Spartanburg, South Carolina, Denny's Corporation (NASDAQ:
DENN) -- http://www.dennys.com/-- Denny's is one of America's
largest full-service family restaurant chains, consisting of 1,348
franchised and licensed units and 232 company-owned units, with
operations in the United States, Canada, Costa Rica, Guam, Mexico,
New Zealand and Puerto Rico.

As of March 31, 2010, the Company had total assets of
$313.733 million against total liabilities of $432.726 million,
resulting in stockholders' deficit of $118.993 million.

Denny's carries Moody's Investors Service's B2 Corporate Family
and Probability of Default ratings.


DENNY'S CORP: Appoints Frances Allen as Marketing Officer
---------------------------------------------------------
Denny's Corporation on July 20, 2010, announced the appointment of
Ms. Allen to the position of Chief Marketing Officer and Executive
Vice President, effective July 21.  As a marketing and food
industry veteran, Ms. Allen brings nearly 25 years of restaurant
and retail experience to Denny's, including several leadership
positions with Dunkin' Brands, Pepsi-Cola, Sony Ericsson and
Frito-Lay.  Ms. Allen will be responsible for executing marketing
strategies and campaigns, advertising and new programs across the
Denny's brand to drives sales, profitability and value.

Debra Smithart-Oglesby, interim chief executive officer and board
chair of Denny's, stated, "We are very pleased to welcome Frances
to our team as chief marketing officer and to take this next step
in strengthening our leadership team. We believe her ability to
drive brand reputation through compelling marketing campaigns will
play an important role at Denny's. Ms. Allen will be responsible
for enhancing the focus of our national and local marketing
efforts in order to re-energize and grow the Denny's brand."

Ms. Allen served as Chief Marketing Officer of Dunkin' Brands from
2007 to 2009, where she executed extensive marketing efforts,
including category management and price, packaging and promotion
for over 6,000 U.S. based stores.  During that time, she was named
"Marketer of the Year" in 2009 by BrandWeekMagazine, implemented
the DDSmart healthier menu and moved the chain from #3 to #2
player in breakfast sandwiches with the highly successful new
"Oven Toasted" cooking platform. Prior to that, Ms. Allen held the
positions of Vice President, Marketing at Sony Ericsson Mobile
Communication; Vice President, Wellness and 'PO1 Marketing for
Pepsi-Cola; Director of International Advertising with Frito-Lay;
and Senior Vice President with DMB&B based in Hong Kong.

In a regulatory filing, Ms. Allen disclosed that she doesn't hold
any company securities as of July 21, 2010.

                           About Denny's

Based in Spartanburg, South Carolina, Denny's Corporation (NASDAQ:
DENN) -- http://www.dennys.com/-- Denny's is one of America's
largest full-service family restaurant chains, consisting of 1,348
franchised and licensed units and 232 company-owned units, with
operations in the United States, Canada, Costa Rica, Guam, Mexico,
New Zealand and Puerto Rico.

As of March 31, 2010, the Company had total assets of
$313.733 million against total liabilities of $432.726 million,
resulting in stockholders' deficit of $118.993 million.

Denny's carries Moody's Investors Service's B2 Corporate Family
and Probability of Default ratings.


DENNY'S CORP: CFO Converts RSUs to 53,311 Common Shares
-------------------------------------------------------
F. Mark Wolfinger, Denny's Corporation's executive vice president,
chief administrative officer and chief financial offer, disclosed
that on July 23, 2010, he acquired 53,311 shares of common stock
upon conversion of Restricted Stock Units.

The RSUs vested on July 16, 2010, and converted to common stock on
July 23, on a 1-for-1 basis after giving effect to a downward
adjustment to the target number of RSU's originally granted based
on a decrease in the Company's stock price over the vesting
period.

Also on July 23, Mr. Wolfinger disposed of 17,833 common shares.

Following the transactions, Mr. Wolfinger may be deemed to
directly hold 183,774 common shares.

                           About Denny's

Based in Spartanburg, South Carolina, Denny's Corporation (NASDAQ:
DENN) -- http://www.dennys.com/-- Denny's is one of America's
largest full-service family restaurant chains, consisting of 1,348
franchised and licensed units and 232 company-owned units, with
operations in the United States, Canada, Costa Rica, Guam, Mexico,
New Zealand and Puerto Rico.

As of March 31, 2010, the Company had total assets of
$313.733 million against total liabilities of $432.726 million,
resulting in stockholders' deficit of $118.993 million.

Denny's carries Moody's Investors Service's B2 Corporate Family
and Probability of Default ratings.


DENNY'S CORP: To Report Q2 2010 Results on Tuesday
--------------------------------------------------
Denny's Corporation intends to announce financial and operating
results for its second quarter ended June 30, 2010, on Tuesday,
August 3, 2010 after the markets close.  Senior management will
hold a conference call on the same day at 5:00 p.m. ET to review
the results and answer questions.

Interested parties are invited to listen to a live broadcast of
the conference call accessible through the investor relations
section of the Denny's Web site at ir.dennys.com  A replay of the
call may be accessed at the same location later in the day and
will remain available for 30 days.

                           About Denny's

Based in Spartanburg, South Carolina, Denny's Corporation (NASDAQ:
DENN) -- http://www.dennys.com/-- Denny's is one of America's
largest full-service family restaurant chains, consisting of 1,348
franchised and licensed units and 232 company-owned units, with
operations in the United States, Canada, Costa Rica, Guam, Mexico,
New Zealand and Puerto Rico.

As of March 31, 2010, the Company had total assets of
$313.733 million against total liabilities of $432.726 million,
resulting in stockholders' deficit of $118.993 million.

Denny's carries Moody's Investors Service's B2 Corporate Family
and Probability of Default ratings.


DOMINO'S PIZZA: Earns $22.6 Million for June 20 Quarter
-------------------------------------------------------
Domino's Pizza Inc. reported strong results for all its operating
units for the second quarter ended June 20, 2010.  During the
quarter, the Company's domestic same store sales rose 8.8% versus
the year ago period on sustained positive consumer response to the
Company's improved pizza and continued focus on operational
excellence.  Robust sales volume also drove positive results in
the Company's domestic supply chain business.

The Company reported net income of $47.1 million on $743.5 million
of total revenue for the second quarter ended June 20, 2010,
compared with a net income of $38.2 million on $638.4 million
total revenues for the second quarter ended June 14, 2009.

International same store sales grew 6.2% in the second quarter,
the 66th consecutive quarter of positive same store sales for the
division.  The Company repurchased $20.4 million of its debt
during the quarter, and an additional $10.0 million subsequent to
the quarter, for a total of $279.6 million in repurchases of its
fixed rate notes since the beginning of 2009.  This healthy second
quarter performance resulted in adjusted EPS of 33 cents, up 57%
from the adjusted EPS amount in the prior year period.

J. Patrick Doyle, Domino's President and Chief Executive Officer,
said, "Our strong sales momentum in the U.S. is evidence of the
success of our improved pizza and focus on operations. The
increased sales were not just driven by trial, but by repeat
orders from our new larger customer base.  I continue to be
bullish on the performance of our U.S. business.  Meanwhile,
despite the tough global economy, our international business
continues to thrive -- proving the strength of our international
franchise business model."

Doyle added, "The positive results we're driving are also yielding
strong free cash flow, enabling us to repurchase debt at a rapid
rate and accelerate our earnings per-share growth."

                             Liquidity

As of June 20, 2010, the Company had:

  * $29.0 million of unrestricted cash and cash equivalents,
  * $77.7 million of restricted cash and cash equivalents, and
  * nearly $1.5 billion in total debt, including $60.0 million of
    borrowings under its $60.0 million variable funding note
    facility.

The Company's cash borrowing rate for the second quarter of 2010
averaged 5.9% versus 6.1% in the prior year period.  The Company
incurred $11.1 million in capital expenditures during the first
two quarters of 2010 versus $9.4 million in the first two quarters
of the prior year.

A full-text copy of the Company's earnings release is available
for free at http://ResearchArchives.com/t/s?6746

A full-text copy of the Company's Form 10-Q is available for free
at http://ResearchArchives.com/t/s?6747

Founded in 1960, Ann Arbor, Michigan-based Domino's Pizza, Inc.
(NYSE: DPZ) -- http://www.dominos.com/-- is the number one pizza
delivery company in the United States, based on reported consumer
spending, and has a leading presence internationally.

The Company's balance sheet at June 20, 2010, showed
$418.5 million in total assets, $166.4 million in total current
liabilities, and $1.5 billion in total long-term liabilities, for
a stockholders' deficit of $1.2 billion.


EASTMAN KODAK: Post $168 Million Net Loss for June 30 Quarter
-------------------------------------------------------------
Eastman Kodak Company said its second-quarter results reflect the
continued acceleration of its major growth businesses in
commercial and consumer inkjet, unit growth in its largest digital
businesses, the continued decline of its traditional business, and
operational improvements.  Revenue from the Company's digital
commercial printing businesses grew 9% in the second quarter,
including 18% growth in commercial inkjet printing.  Consumer
inkjet printer and ink revenue grew by 50% in the second quarter.
Profits from the Company's digital portfolio showed year-over-year
improvement for the third consecutive quarter.

Second-quarter sales totaled $1.569 billion, an 11% decrease from
$1.766 billion in the second quarter of 2009.  Revenue from
digital businesses totaled $1.103 billion, a 6% decrease from
$1.173 billion in the prior-year quarter.  Film, Photofinishing
and Entertainment Group revenue totaled $466 million, a 21%
decline from $593 million in the second quarter of 2009.

On the basis of U.S. generally accepted accounting principles, the
Company reported a second-quarter loss from continuing operations
of $167 million, or $0.62 per share, compared with a loss from
continuing operations on the same basis of $191 million, or $0.71
per share, in the year-ago period.  Items of net expense that
impacted comparability in the second quarter of 2010 totaled
$31 million after tax, or $0.11 per share, primarily due to legal
contingencies and restructuring charges.  Items of net expense
that impacted comparability in the second quarter of 2009 totaled
$75 million after tax, or $0.28 per share, due primarily to
restructuring charges and tax related items.

"We continue to gain share in our growth businesses, maintain cost
discipline, and drive improved profitability," said Antonio M.
Perez, Chairman and Chief Executive Officer, Eastman Kodak
Company.  "Our new digital businesses, particularly consumer and
commercial inkjet, continue to gain traction, with sales growth
outpacing the competition.  Digital commercial printing revenue,
for example, grew 9% in the second quarter, consumer inkjet
printer and ink revenue grew 50%, and operating margins improved
in the majority of our digital product lines and for our digital
business in total.  We remain focused on building a leaner, more
competitive company powered by innovative products that compete in
large, new markets. Given the solid digital unit growth that we
saw in the first half of the year, we continue to target full-year
revenue of $7.5 billion to $7.7 billion, reflecting the increasing
strength of our digital portfolio."

Other second-quarter 2010 details:

    * The Company's second-quarter loss from continuing
      operations, before interest expense, other income (charges),
      net, and income taxes was $100 million, a $19 million
      improvement as compared to a $119 million loss in the year-
      ago quarter.  This was driven by operational improvements,
      including productivity gains, and lower restructuring
      charges.

    * Gross Profit improved to 19.3% of sales, as compared to
      18.5% in the year-ago period.  This increase in margin was
      driven by continued productivity improvements.

    * Selling, General and Administrative (SG&A) expenses were
      $313 million in the second quarter, down 3%, from
      $324 million in the year-ago quarter.

    * Research and Development expenses were $81 million in the
      second quarter, as compared to $84 million in the year-ago
      quarter, as the Company focuses research dollars on its core
      growth businesses.

    * Second-quarter 2010 cash generation, before restructuring
      payments, reflected a use of $170 million.  This compared
      with cash usage on the same basis of $136 million in the
      year-ago quarter. This corresponds to net cash used in
      continuing operations from operating activities on a GAAP
      basis of $173 million in the second quarter, compared with
      net cash used of $161 million in the second quarter of 2009.
      As has been the case in previous years, the Company expects
      to generate the majority of its cash flow during the second
      half of the year, consistent with its historic seasonal
      pattern.

    * Kodak held $1.3 billion in cash and cash equivalents as of
      June 30, 2010, compared with $1.1 billion as of June 30,
      2009.

    * The carrying value of the Company's debt stood at
      $1.3 billion as of June 30, 2010, with total debt maturities
      of approximately $1.4 billion, including amounts classified
      as equity.

Segment sales and earnings from continuing operations before
interest, taxes, and other income and charges are as follows:

    * Graphic Communications Group second-quarter 2010 sales were
      $656 million, compared with $670 million in the prior-year
      quarter.  Second-quarter earnings from operations for the
      segment improved by $28 million to break-even, compared with
      a loss in the year-ago quarter.  This earnings improvement
      was primarily driven by lower raw material costs, increased
      volumes of digital plates, and improved operational
      performance, particularly within Digital Printing and
      Prepress Solutions, partially offset by negative price/mix.

    * Consumer Digital Imaging Group second-quarter sales were
      $447 million, compared with $503 million in the prior-year
      quarter.  Second-quarter loss from operations for the
      segment was $110 million, compared with a loss of
      $99 million in the year-ago quarter.  This decrease in
      earnings was largely driven by the expiration of a
      significant Retail Systems Solutions customer contract and
      increased advertising investment, partially offset by
      improved profitability in Consumer Inkjet Systems and
      Digital Cameras and Devices.

    * Film, Photofinishing and Entertainment Group second-quarter
      sales were $466 million, a 21% decline from the year-ago
      quarter, driven by continuing industry-related declines.
      Second-quarter earnings from operations for the segment were
      $29 million, compared with earnings of $51 million in the
      year-ago period.  This decrease in earnings was primarily
      driven by industry-related declines in volumes and increased
      raw material costs, partially offset by cost reductions
      across the segment.

                           2010 Outlook

For 2010, Kodak remains focused on three key financial goals,
which the Company first announced at its February investor
meeting: digital revenue growth, earnings from operations, and
cash generation.  The Company has provided an updated outlook for
2010 performance against these metrics, recognizing the
uncertainty created by the global economic environment.  Kodak's
ability to achieve its full-year 2010 goals is predicated upon
modest improvement in the global economy, stabilization of foreign
exchange values, the introduction of new, higher-margin digital
cameras and devices, and continued execution of the company's
intellectual property licensing program.

    * For 2010, Kodak continues to target total company revenue of
      $7.5 billion to $7.7 billion.

    * The Company expects full-year digital revenue at the high
      end of its previous forecast and full-year traditional
      revenue slightly below the previous forecast.

    * Kodak is targeting 2010 segment earnings from operations
      that will be within the previously communicated range of
      $350 million to $450 million.  This equates to GAAP earnings
      from continuing operations before interest expense, other
      income, net and income taxes of $275 million to
      $375 million.

    * Kodak continues to forecast 2010 GAAP loss from continuing
      operations in the range of $50 million to $150 million,
      including the impact of the $102 million net charge for
      early extinguishment of debt, related to the Company's
      financing transactions in the first quarter of 2010.

    * For full-year 2010, the Company remains focused on its goal
      of achieving positive cash generation before restructuring
      payments.  On a GAAP basis, the Company is targeting net
      cash provided by continuing operations from operating
      activities in the range of $50 million to $150 million.

    * The Company continues to target a year-end cash balance of
      $1.8 billion to $2.0 billion, after taking into account all
      cash actions, including modest debt payments due during
      2010.

A full-text copy of the Company's earnings release is available
for free at http://ResearchArchives.com/t/s?6749

A full-text copy of the Company's Form 10-Q is available for free
at http://ResearchArchives.com/t/s?6748

                   Business Shrinking, Says WSJ

Dana Mattioli at The Wall Street Journal reports that struggling
Eastman Kodak said its movie-film business, a onetime cash cow, is
shrinking faster than expected, raising fresh concerns about the
viability of the iconic company's turnaround.  Ms. Mattioli says
the faster pace of decline puts more pressure on Kodak, which is
still struggling to build profitable new lines of business.

"People are increasingly questioning whether or not they can turn
this around and build a profitable, growing digital business,"
The Journal quotes Chris Whitmore, a Deutsche Bank analyst, as
saying.  Mr. Whitmore said he believes the full-year revenue
guidance of $7.5 billion to $7.7 billion that Kodak reiterated
Wednesday is too aggressive.  He doesn't think Kodak will be able
to meet that target without a big intellectual-property payment in
the second half of the year.

Kodak has relied in large part on intellectual-property income,
through lawsuit settlements and licensing agreements, as a cushion
during its multiyear turnaround attempt.

According to the Journal, a Kodak spokesman said revenue guidance
depends on factors including modest improvements in the economy
and foreign exchange as well as Kodak's intellectual-property
goals.

The Journal further reports that Chief Executive Antonio Perez
said in a conference call that studios are releasing fewer movies
than Kodak expected.  He now expects volumes in its entertainment-
imaging business this year to fall by a percentage in the teens,
rather than in the single digits as previously forecast.  Mr.
Perez said that Kodak misjudged the recovery of studio,
independent and commercial releases, which are coming back at a
slower clip than Kodak anticipated.

                        About Eastman Kodak

Headquartered in Rochester, New York, Eastman Kodak Company
(NYSE:EK) -- http://www.kodak.com/-- provides imaging technology
products and services to the photographic and graphic
communications markets.

On February 19, 2010, Moody's revised its rating outlook on the
Company from negative to stable, and affirmed its B3 corporate
rating and Caa1 senior unsecured rating.

On February 11, 2010, S&P revised its B- rating outlook on the
Company to stable from negative.  All ratings on the Company,
including the B- Corporate Rating, were affirmed.

The Company's balance sheet at June 30, 2010, showed $6.7 billion
in total assets and $6.9 billion in total liabilities, for a total
stockholders' deficit of $208.0 million.


EDWARD MARANDOLA: Wants Plan Exclusivity Until August 28
--------------------------------------------------------
Edward Marandola, Jr., asks the U.S. Bankruptcy Court for the
District of Rhode Island to extend its exclusive periods to file
and solicit acceptances for a Chapter 11 Plan until August 28,
2010.

The Debtor relates that he has reached an agreement with the
lender relating to the refinancing of his properties.  The lender
is currently conducting appraisals pursuant to the agreement.

Newport, Rhode Island-based Edward Marandola filed for Chapter 11
bankruptcy protection on January 29, 2010 (Bankr. D. R.I. Case No.
10-10343).  The Debtor estimated his assets and debts at
$10,000,001 to $50,000,000 as of the Petition Date.


EIGEN INC: Sells Substantially All Assets to Kazi Management
------------------------------------------------------------
The Hon. Peter J. Walsh of the U.S. Bankruptcy Court for the
District of Delaware authorized Eigen, Inc., to sell substantially
all of its assets to Kazi Management VI, LLC.

Kazi Management's bid was the only qualified bid in the June 23
auction.

The sale will be free and clear of all liens, claims, interests
and encumbrances.

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


ENRON CORP: Skilling Asks for Bail During Supreme Court Review
-----------------------------------------------------------
Former Enron Corp. Chief Executive Officer Jeffrey Skilling should
be released from prison on bail while a court reconsiders
convictions questioned by the U.S. Supreme Court, his lawyer said,
according to a copy of a request filed with the U.S. Court of
Appeals in New Orleans, Bloomberg News reports.

According to Bloomberg, Mr. Skilling, 56, is serving a 24-year
sentence after a Houston jury convicted him for leading what
prosecutors said was a widespread accounting fraud that deceived
investors about Enron's true financial condition.  In June, the
High Court ruled in Mr. Skilling's favor, saying he may have been
convicted under an invalid legal theory that bars honest services
fraud.

                         About Enron Corp.

Based in Houston, Texas, Enron Corporation filed for Chapter 11
protection on December 2, 2001 (Bankr. S.D.N.Y. Case No.
01-16033) following controversy over accounting procedures that
caused Enron's stock price and credit rating to drop sharply.

Enron hired lawyers at Togut Segal & Segal LLP; Weil, Gotshal &
Manges LLP, Venable; Cadwalader, Wickersham & Taft, LLP for its
bankruptcy case.  The Official Committee of Unsecured Creditors in
the case tapped lawyers at Milbank, Tweed, Hadley & McCloy LLP.

The Debtors won confirmation of their Plan in July 2004, and the
Plan was declared effective on November 17, 2004.  After approval
of the Plan, the new board of directors decided to change the name
of Enron Corp. to Enron Creditors Recovery Corp. to reflect the
current corporate purpose.  ECRC's sole mission is to reorganize
and liquidate certain of the operations and assets of the "pre-
bankruptcy" Enron for the benefit of creditors.

ECRC has been involved in the MegaClaims Litigation, an action
against 11 major banks and financial institutions that ECRC
believes contributed to Enron's collapse; the Commercial Paper
Litigation, an action involving the recovery of payments made to
commercial paper dealers; and the Equity Transactions Litigation,
which ECRC filed against Lehman Brothers Holdings, Inc., UBS AG,
Credit Suisse and Bear Stearns to recover payments made to the
four banks on transactions involving Enron's stock while the
company was insolvent.


FALLS RIDGE: Case Summary & 9 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: Falls Ridge Retail Partners, LLC
        P.O. Box 17566
        Raleigh, NC 27619

Bankruptcy Case No.: 10-05805

Chapter 11 Petition Date: July 22, 2010

Court: U.S. Bankruptcy Court
       Eastern District of North Carolina (Wilson)

Judge: Randy D. Doub

Debtor's Counsel: Trawick H. Stubbs, Jr., Esq.
                  Stubbs & Perdue, P.A.
                  P.O. Drawer 1654
                  New Bern, NC 28563
                  Tel: (252) 633-2700
                  Fax: (252) 633-9600
                  E-mail: efile@stubbsperdue.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 9 largest unsecured
creditors filed together with the petition is available for
free at http://bankrupt.com/misc/nceb10-05805.pdf

The petition was signed by Thomas A. Saieed, Jr., manager of
Renaissance Holdings, LLC.

Debtor-affiliate that filed separate Chapter 11 petition:

        Entity                        Case No.       Petition Date
        ------                        --------       -------------
Renaissance Air, LLC                  09-10236            11/24/09


FIN'L GUARANTY: Sharps RMBS Exchange Offer Expired Wednesday
------------------------------------------------------------
Sharps SP I LLC's offer to exchange certain residential mortgage-
backed securities and asset-backed securities insured by Financial
Guaranty Insurance Company was scheduled to expire 11:59 p.m., New
York City time, on July 28, 2010.

Sharps SP I LLC launched the exchange offer on March 25 to
exchange 119 different CUSIPs of RMBS and ABS insured by FGIC with
an aggregate unpaid principal balance of $9.6 billion.  Sharps SP
I offered to exchange the Insured Securities for a combination of
cash and certificates generally representing the right to receive
distributions of an amount equal to the principal and interest
distributions made on the underlying Insured Securities without
the benefit of the related FGIC insurance policy.  On May 14,
Sharps SP I added 11 classes of securities to the offer as
Eligible Insured Securities.  It also terminated the offer for
each of seven classes of securities.

Sharps SP I has said the offer, if completed, would significantly
reduce FGIC's statutory loss reserves for the Insured Securities.

The offer was originally set to expire on April 29, 2010, but has
been extended several times.

Sharps SP I has yet to indicate whether the offer will again be
extended.

In its latest report on July 15, Sharps SP I said as of that date:

     (i) Eligible Insured Securities representing $2,418,684,038
         in current unpaid principal balance measured as of
         April 30, 2010, have been tendered into the offer,

    (ii) non-binding agreements have been reached by Sharps SP I
         and/or FGIC and Eligible Insured Securities holders to
         tender Eligible Insured Securities totaling $121,808,237
         in aggregate current unpaid principal balance measured as
         of April 30, 2010, and

  (iii) letters of transmittal have been completed, although the
        Eligible Insured Securities have not yet been delivered,
        with respect to Eligible Insured Securities totaling
        $639,687,374 in current unpaid principal balance measured
        as of April 30, 2010.

The aggregate current unpaid principal balance of the Eligible
Insured Securities represents 34.2% of all Eligible Insured
Securities subject to the exchange offer.

On June 14, FGIC agreed to provide additional consideration in the
form of consideration surplus notes in connection with the
Exchange Offer.  FGIC, however, said the consideration surplus
notes may only be issued if the New York State Insurance
Department approves an application for issuance to be filed by
FGIC.

FGIC will not provide any additional amounts or types of
consideration to consummate the exchange offer.

On June 29, FGIC informed Sharps SP I that it has reached
definitive agreements or agreements in principle relating to
certain ABS CDOs and other obligations -- Other Restructuring
Transactions.  The Other Restructuring Transactions are among
those originally contemplated as contributing to FGIC having a
policyholders' surplus of at least $220 million, a condition to
the offer.  Pursuant to the Other Restructuring Transactions, FGIC
will agree to pay $233 million in aggregate to mitigate, commute
or terminate its exposure with respect to those ABS CDOs and other
obligations, which have an aggregate current principal balance of
approximately $4.4 billion.  The Other Restructuring Transactions
are conditioned upon, among other things, the successful closing
of the offer and, if applicable, completion of definitive
documentation acceptable to the parties thereto.

                            About FGIC

Based in New York, Financial Guaranty Insurance Company --
http://www.fgic.com/-- is a wholly owned subsidiary of FGIC
Corporation, an insurance holding company.  FGIC is not rated by
Moody's Investors Service or Standard & Poor's or Fitch Investors
Service.

As of March 31, 2010, FGIC has total admitted assets
$1,806,931,000 against total liabilities of $3,447,335,000,
resulting in statutory deficit of $1,640,404,000.

Due to FGIC's statutory deficit and capital impairment, FGIC is
subject to an order issued by the New York State Insurance
Department pursuant to Section 1310 of the New York Insurance Law,
requiring FGIC to suspend paying any and all claims effective
November 24, 2009, and to take steps as may be necessary to remove
the impairment of its capital and to return to compliance with its
minimum surplus to policyholders' requirement by not later than
June 15, 2010.  FGIC submitted a Surplus Restoration Plan to the
NYID on March 25, 2010.


FINE ARTS: Case Summary & 18 Largest Unsecured Creditors
--------------------------------------------------------
Debtor: Fine Arts Dental PC
        fka Fine Arts Denture Group
        fka Fine Arts Denture Group PC
        560 Van Reed Road, Suite 201
        Reading, PA 19610

Bankruptcy Case No.: 10-22167

Chapter 11 Petition Date: July 23, 2010

Court: United States Bankruptcy Court
       Eastern District of Pennsylvania (Reading)

Judge: Richard E. Fehling

Debtor's Counsel: Dexter K. Case, Esq.
                  Case, DiGiamberardino & Lutz, P.C.
                  845 North Park Road, Suite 101
                  Wyomissing, PA 19610
                  Tel: (610) 372-9900
                  Fax: (610) 372-5469
                  E-mail: dkc@cdllawoffice.com

Estimated Assets: $0 to $50,000

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

A list of the Company's 18 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/paeb10-22167.pdf

The petition was signed by Gregory C. Pedro, president.


FIRST NATIONAL: Nasdaq Stock to Remove Firm's Common Stock
----------------------------------------------------------
The Nasdaq Stock Market, Inc. has determined to remove from
listing the common stock of First National Bancshares Inc.
(the Company), effective at the opening of the trading session on
July 26, 2010. Based on review of information provided by the
Company, Nasdaq Staff determined that the Company no longer
qualified for listing on the Exchange pursuant to Listing Rule
5550(a)(2).

The Company was notified of the Staffs determination on
June 29, 2010. The Company did not appeal the Staff determination
to the Hearings Panel, and the Staff determination to delist the
Company became final on July 8, 2010.

Spartanburg, S.C.-based First National Bancshares, Inc. was
organized in 1999 to serve as the holding company for First
National Bank of the South.  The Company operates a network
of full-service branches in select markets across the state of
South Carolina.  The Company's assets consist primarily of its
investment in the Bank, and its primary activities are conducted
through the Bank.  As of March 31, 2019, the Company's
consolidated total assets were $676.1 million, its consolidated
total loans were $483.9 million, and its consolidated total
deposits were $605.4 million.


FIRST STATE: Significant Financial Deterioration Continues
----------------------------------------------------------
First State Bancorporation posted a second quarter 2010 net loss
of $51.8 million, and First State's net loss for the six months
ended June 30, 2010, was $77.5 million.  The net loss for the
three and six months ended June 30, 2010, resulted primarily from
the provisioning for loan losses due to charge-offs and continued
migration of loans to non-performing status and write-downs of
other real estate owned.

                      Capital Problems

During the second quarter, the Company's financial condition
continued to deteriorate and at June 30, 2010, the Bank's
regulatory capital status fell to "significantly
undercapitalized."  The Bank's capital ratios are:

  -- total risk-based capital ratio of 5.13%,

  -- a tier 1 risk-based capital ratio of 3.80%, and

  -- a leverage ratio of 2.40%.

The total risk-based capital ratio and the leverage ratio are
below the minimum level for undercapitalized state member banks
and the Bank is now deemed to be "significantly undercapitalized."

As "significantly undercapitalized," it is anticipated that the
Bank will be subject to further prompt corrective action measures
by the Federal Reserve or FDIC.  The regulatory provisions under
which the regulatory authorities act are intended to protect
depositors, the deposit insurance fund and the banking system and
are not intended to protect shareholders or other investors in
other securities in a bank or its holding company.  Depending on
the level of capital, the Federal Reserve and/or the FDIC can
institute other corrective measures to require additional capital
and have broad enforcement powers to impose additional
restrictions on operations, substantial fines and other penalties
for violation of laws and regulations.  In particular, the
regulatory authorities could restrict the Bank's activities
including further restrictions on the interest rates that can be
paid on deposits making it difficult to remain competitive.  The
Company cannot predict what additional actions the regulatory
authorities may take.

In the event that deposit generation is negatively impacted by the
recent drop to "significantly undercapitalized" or if the Bank
drops to "critically undercapitalized," management believes that
sufficient cash and liquid assets are on hand to maintain
operations and meet all obligations as they come due.  However,
the substantial erosion of the Bank's capital position and the
continued deterioration of the loan portfolio makes it likely that
the Bank will drop to "critically undercapitalized" status under
regulatory guidelines by the end of the third quarter, without
raising additional capital, a strategic merger, selling a
significant amount of assets, obtaining government assistance, or
some combination thereof.

Although management does not believe that the Company currently
has the ability to raise new capital through a public offering,
management continues to work with the Company's investment bankers
to evaluate alternative capital strengthening strategies, and are
currently working on the possibility of a transaction with one or
more private equity groups to inject capital into the Bank.

               Trust Preferred Exchange Fails

During the second quarter, the Company initiated a repurchase
offer for all of the outstanding trust preferred securities issued
by the holding company at a significant discount to par value as
part of a plan to raise capital.  The repurchase of substantially
all of the trust preferred securities was considered to be a key
element toward successfully recapitalizing the Company. The
repurchase effort was largely unsuccessful and the offers expired
in early July and were not extended.  The Company will continue
with its efforts to raise capital, either for First State or the
Bank. Any such transaction at the Bank level is expected to result
in a dilution in the Company's ownership of the Bank to a level
that is likely to be below five percent.  There can be no
assurance that the Company will be successful in raising capital
at the holding company or at the Bank.

The FDIC's definitions for "significantly undercapitalized" and
"critically undercapitalized" do not apply to bank holding
companies, so the Company remains "undercapitalized" despite the
continued deterioration of the ratios.  At the current time, the
Company's "undercapitalized" classification has no immediate
impact on its day-to-day operations because the holding company
has no immediate significant cash flow needs or significant
obligations that are due in the next twelve months.  In addition,
the prompt corrective actions required by the Regulators are
directed at the Bank. The Bank is currently subject to the prompt
supervisory and regulatory actions pursuant to the FDIC
Improvement Act of 1991.

                      Nasdaq Delisting

On July 26, 2010, First State received a notice from the Nasdaq
that its Hearings Panel denied its request for continued listing
on Nasdaq.  Nasdaq suspended trading of the Company's shares
effective at the open of business on Wednesday, July 28, 2010.
Following the delisting from Nasdaq, the Company expects that its
common stock will continue to be quoted for trade on the OTC
Bulletin Board, an electronic quotation service for unlisted
public securities.  However, there is no assurance that an active
market for the Company's common stock will develop or be
maintained.  The Company's common stock will continue to be
registered with the SEC.

              About First State Bancorporation

First State Bancorporation -- http://www.fcbnm.com/-- is a New
Mexico based commercial bank holding company trading over the
counter under the symbol FSNM.  First State provides services,
through its subsidiary First Community Bank, to customers from a
total of 38 branches located in New Mexico and Arizona.  At June
30, 2010, First State's balance sheet showed $2.6 billion in
assets and a $21.8 million shareholder deficit.


FLEETWOOD ENTERPRISES: Gets OK to Sell Assets to MVP for $18MM
--------------------------------------------------------------
Fleetwood Enterprises, Inc., et al., sought and obtained
authorization from the Hon. Meredith A. Jury of the U.S.
Bankruptcy Court for the Central District of California to sell
certain real and personal property assets related to Plants 47-1
and 47-2, more commonly known as 2350 Fleetwood Drive and 5300 Via
Ricardo, to MVP RV, LLC, or its designee (the Buyer) for
$18,600,000, free and clear of liens, claims, interests and
encumbrances.

2350 Fleetwood Drive and 5300 Via Ricardo consist of approximately
36 acres of land and approximately 460,000 square feet of metal
buildings located in Riverside, California (the Plant 47 Assets).

The Debtors have conducted a marketing process for the Plant 47
Assets and through such process, the Debtors have afforded
interested potential purchasers a full, fair and reasonable
opportunity to make a higher or otherwise better offer to purchase
the Plant 47 Assets.  No other bids have been submitted.  The
offer of the Buyer to purchase the Plant 47 Assets is the best
offer received by the Debtors.

ISIS, which holds an undisputed first priority deed of trust on
the Plant 47 Assets that secures a loan to the Debtors in the
original principal amount of $27.25 million, will receive from
escrow the Net Proceeds of the sale of the Plant 47 Assets.

On the Closing Date, each of the Debtors' creditors, including,
without limitation, ISIS and BofA, is authorized and directed to
execute such documents and take all other actions as may be
necessary to release any Liens and Claims of any kind against the
Plant 47 Assets other than the Permitted Exceptions.  If any of
the Debtors' creditors have filed financing statements, recorded
mortgages, deeds of trust or fixture filings or filed or recorded
other documents or agreements evidencing Liens and Claims (other
than Permitted Exceptions) on the Plant 47 Assets, such creditor
will deliver to the escrow for the sale of the Plant 47 Assets
within five (5) business days of the entry of this Order executed
original termination, satisfaction, release and/or reconveyance
documents, in proper form for filing or recording, as applicable,
to evidence the transfer of the Plant 47 Assets free and clear of
any Liens or Claims (other than Permitted Exceptions) asserted by
such creditor.

If the Closing Date does not occur on or before August 1, 2010,
the Buyer and the Seller will be entitled to avail themselves of
the remedies set forth in the Agreement of Sale, a copy of which
is available for free at:

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

Based in Riverside, California, Fleetwood Enterprises, Inc., was
the second largest manufactured housing maker in the U.S. and the
largest manufacturer of recreational vehicles over 30 feet in
length.

Fleetwood Enterprises listed assets of $560 million against debt
totaling $624 million in its bankruptcy petition.  Fleetwood
Enterprises, together with 19 of affiliates, filed for Chapter 11
protection on March 10, 2009 (Bankr. C.D. Calif. Lead Case No.
09-14254).  Craig Millet, Esq., and Solmaz Kraus, Esq., at Gibson,
Dunn & Crutcher LLP, represent the Debtors in their restructuring
efforts.  FTI Consulting Inc. is the financial advisor to the
Debtors.  The Debtors tapped Greenhill & Co. LLC as its investment
banker.


FREDE ENTERPRISES: Case Summary & 16 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: FreDe Enterprises, LLC
        3290 West State Road 46
        Sanford, FL 32771

Bankruptcy Case No.: 10-12883

Chapter 11 Petition Date: July 22, 2010

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

Judge: Karen S. Jennemann

Debtor's Counsel: R Scott Shuker, Esq.
                  Latham Shuker Eden & Beaudine LLP
                  P.O. Box 3353
                  Orlando, FL 32802
                  Tel: (407) 481-5800
                  Fax: (407) 481-5801
                  E-mail: bankruptcynotice@lseblaw.com

                  Victoria I. Minks, Esq.
                  Latham Shuker Eden & Beaudine LLP
                  390 N Orange Avenue, Suite 600
                  Orlando, FL 32801
                  E-mail: bankruptcynotice@lseblaw.com

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

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

A list of the Company's 16 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/flmb10-12883.pdf

The petition was signed by C. Fred Hudson, III, president of co-
mgrm, CFH Enterprises, Inc.

Debtor-affiliate that filed separate Chapter 11 petition:

                                                 Petition
   Debtor                              Case No.     Date
   ------                              --------     ----
Hud-Eight, LLC                         10-12869   07/22/10


G3 MARINA: Case Summary & 6 Largest Unsecured Creditors
-------------------------------------------------------
Debtor: G3 Marina Adventures, LLC
          aka Whitehorn Cove Marina
        3456-1 E. 700 Road
        Wagoner, OK 74467
        Tel: (918) 462-3311

Bankruptcy Case No.: 10-81266

Chapter 11 Petition Date: July 22, 2010

Court: U.S. Bankruptcy Court
       Eastern District of Oklahoma (Okmulgee)

Judge: Tom R. Cornish

Debtor's Counsel: James W. Stamper, Esq.
                  James W. Stamper, Attorney at Law, P.C.
                  406 S Boulder, #640
                  Tulsa, OK 74103
                  Tel: (918) 587-3700
                  E-mail: jwstamper@aol.com

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

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

According to the schedules, the Company says that assets total
$1,170,761 while debts total $3,314,522.

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/okeb10-81266.pdf

The petition was signed by Richard G. Toler, manager.


GATEWAY ETHANOL: Has No More Business, Wants Dismissal
------------------------------------------------------
Gateway Ethanol, LLC, asks the U.S. Bankruptcy Court for the
District of Kansas to dismiss its Chapter 11 case, or in the
alternative, convert it to one under Chapter 7 of the Bankruptcy
Code.

The Debtor explains that it has liquidated all of its assets and
has no business to reorganize.  Other creditors of the estate will
not be entitled to share in any funds recovered from causes of
action, as preference or fraudulent transfer claims because all
avoidance powers under the Bankruptcy Code and causes of action
were sold to Dougherty Funding LLC, the Debtor's primary secured
lender, as part of the asset sale.

                   About Gateway Ethanol, LLC

Pratt, Kansas-based Gateway Ethanol, LLC, was formed in March 2006
to construct, manage, and operate a premier dry-mill ethanol
plant.  The Company had a capacity of 55 million gallons a year,
according to Orion Ethanol's Web site.

The Company filed for bankruptcy protection on October 5, 2008
(Bankr. D. Ks., Case No. 08-22579.)  Laurence M. Frazen, Esq.,
Megan J. Redmond, Esq., and Tammee E. McVey, Esq., at Bryan Cave,
LLP, represent the Debtor in its restructuring effort.  In its
schedules, the Debtor listed total assets of $94,545,022, and
total debts of $93,353,654.


GEMCRAFT HOMES: Has Disclosure Statement Hearing on August 5
------------------------------------------------------------
Bill Rochelle at Bloomberg News reports that Gemcraft Homes Inc.
scheduled an Aug. 5 hearing in U.S. Bankruptcy Court in Baltimore
for approval of a disclosure statement explaining the Chapter 11
plan.  Secured lenders owed $131 million will be given their
collateral.  Unsecured creditors are being offered 10% in cash up
to a maximum aggregate distribution of $350,000.  Other unsecured
creditors are relegated to recoveries from a litigation trust
that's not expected to bring in more than $500,000.  Mechanic's
lien holders will be treated as unsecured creditors unless the
bankruptcy court rules that a mechanic's lien comes ahead of a
lender's mortgage.

                      About Gemcraft Homes

Gemcraft Homes, Inc., is a corporation formed under the laws of
the State of Maryland with its principal place of business located
in Harford County, Maryland.  Gemcraft was founded in 1993 with a
single sales trailer in Abingdon, Maryland, from which six
residential homes were sold.  Since that time, Gemcraft has grown
to become one of the largest independent homebuilders in the Mid-
Atlantic region, and one of the fastest growing builders in the
entire country.  Gemcraft is a production builder which targets
first-time homebuyers and first-time "move up" buyers.  It also
targets retired, and soon to retire, buyers for its retirement
communities.

The Company filed for Chapter 11 bankruptcy protection on
November 9, 2009 (Bankr. D. Md. Case No. 09-31696).  The Company's
affiliates -- DLM, LLC, et al. -- filed separate Chapter 11
bankruptcy petitions.  G. David Dean II, Esq., Gary H. Leibowitz,
Esq., and Irving Edward Walker, Esq., at Cole Schotz Meisel Forman
& Leonard, PA, assist Gemcraft Homes in its restructuring effort.
The Company listed $100,000,001 to $500,000,000 in assets and
$50,000,001 to $100,000,000 in liabilities.


GEMS TV: Unsecured Creditors to Recoup at Least 95% Under Plan
--------------------------------------------------------------
Bill Rochelle at Bloomberg News reports that Gems TV (USA) Ltd.
filed a liquidating Chapter 11 plan along with a disclosure
statement telling unsecured creditors with $28 million in claims
that they can expect a recovery between 95% and 100%.  Holders of
subordinated notes with claims of $93 million are in line for a
2.1% recovery.  The Plan and almost full payment to some creditors
results from a settlement where DirecTV Inc. will waive its
claims.  The hearing for approval of the disclosure statement is
set for Aug. 31.

According to the Bloomberg report, the Company said in the
Disclosure Statement that it expects to have $25.85 million cash
on hand in October and eventually generate $31.5 million.  There
should be $28.05 million available for distribution to unsecured
creditors, with $1.97 million remaining for subordinated claim.
There are no remaining secured claims.

                         Sale to Zalemark

Michelle Graff at National Jeweler Network reports that Steven
Zale, the award-winning design director of Zalemark Holding Co.,
said that by the end of July or in August, his Company expects to
close on the purchase of the television studio and equipment that
once belonged to Gems TV.  Zale would not disclose the purchase
price.

According to the Troubled Company Reporter on July 15, 2010, Bill
Rochelle at Bloomberg News, said Gems TV (USA) Ltd. received
permission to sell most of its other than inventory for $2.96
million to Zalemark.

Zalemark is a jewelry design and development agency.  It plans to
to launch a new home shopping network -- LuxTV -- this fall,
National Jeweler has learned.  LuxTV Inc. will be a separate
company from Zalemark and will have its own president, Matt Chao,
who will run the marketing and operations of LuxTV out of Gems
TV's former headquarters in Reno, Nevada.

"We spent a considerable amount of time reviewing all the mistakes
Gems TV made," National Jeweler quotes Mr. Zale as saying.

                           About Gems TV

Reno, Nevada-based Gems TV (USA) Limited, aka Gems TV, is a
television retailer of gemstone jewelry products.  Its parent is
Gems TV Holdings Ltd., which owns and operates jewelry home
shopping TV channels in the U.S., U.K. and Japan.

Gems TV shut down its the business before filing under Chapter 11.

The Company filed for Chapter 11 bankruptcy protection on April 5,
2010 (Bankr. D. Del. Case No. 10-11158).  Robert S. Brady, Esq.,
and Robert F. Poppiti, Jr., Esq., at Young, Conaway, Stargatt &
Taylor, assist the Company in its restructuring effort.  Focus
Management Group is the Company's financial advisor.  Epiq
Bankruptcy Solutions serves as claims and notice agent.  The
Company listed $10,000,000 to $50,000,000 in assets and
$100,000,000 to $500,000,000 in liabilities.


GENERAL GROWTH: Court Approves Replacement DIP Loan
---------------------------------------------------
Judge Allan L. Gropper of the U.S. Bankruptcy Court for the
Southern District of New York authorized General Growth
Properties, Inc., and its debtor affiliates to borrow $400,000,000
under the Senior Secured Debtor in Possession Credit, Security and
Guaranty Agreement with Barclays Bank PLC, as administrative agent
for the Lenders.

The Debtors will grant non-priming liens, security interests and
mortgages in substantially all of the assets of the obligors'
assets to secure repayment of the borrowings made under the
Replacement DIP Loan Documents by, and financial accommodations
made to, the Debtors.  The Debtors are also authorized to pay all
amounts contemplated to be paid under the Replacement DIP Loan
Documents, including fees and expenses.  The liens, interests and
claims granted to the Replacement DIP Lenders are subject to the
Carve-Out, which means:

  * any unpaid fees due to the U.S. Trustee for Region 2, and
    any interest accruing, pursuant to Section 1930 of Title 28
    of the U.S. Code or otherwise and any fees due to the Clerk
    of the Bankruptcy Court;

  * all reasonable fees and expenses incurred by a trustee under
    Section 726(b) of the Bankruptcy Code in an amount not
    exceeding $500,000;

  * the reasonable expenses of members of any statutory
    committee;

  * to the extent allowed at any time, all unpaid fees and
    expenses allowed by the Bankruptcy Court of professionals or
    professional firms retained pursuant to Section 327 or 1103
    of the Bankruptcy Code through the date of the acceleration
    of the maturity of the Term Loan; and

  * after the date of acceleration of the maturity of the Term
    Loan, to the extent allowed at any time, the payment of the
    fees and expenses of Professional Persons in an aggregate
    amount not to exceed $25 million minus the Chapter 7 Carve-
    Out.

No proceeds of loans or other financial accommodations made by the
Lenders may be used to compensate services rendered or expenses
incurred in connection with, directly or indirectly:

  (i) the modification, stay, or amendment of this order without
      the consent of the Lenders; or

(ii) a violation, breach, or default of this Order or any of
      the Replacement DIP Documents, including, without
      limitation, any claim or action the purpose of which is to
      seek or the result of which would be to obtain any relief
      (a) invalidating, setting aside, avoiding, or
      subordinating, in whole or in part, any of the Obligations
      or the DIP Liens in the Collateral or (b) preventing,
      hindering, or otherwise delaying, whether directly or
      indirectly, the Lenders' or the Agent's assertion,
      enforcement, or realization upon any Collateral as
      permitted by this order or documents.

Any proceeds of the sale, lease, or other disposition of the
Collateral will be applied in the manner consistent with this
Order and the terms of the Replacement DIP Loan Documents, and the
Debtors irrevocably waive any right to direct the manner or
application of any payments to the Lenders or any other receipts
by the Lenders of proceeds of the Collateral contrary to the
provisions of the Replacement DIP Loan Documents.  The Debtors may
not sell any Collateral unless the proceeds of the sale of the
Collateral are applied in accordance with the terms of the
Replacement DIP Credit Agreement.

Upon an Event of Default or the occurrence of the Maturity Date,
the Lenders will have the right to demand immediate payment in
full in cash of all of the non-contingent obligations.  Absent
the immediate and full payment in cash of all of the obligations
at 9:00 a.m. on the fifth business day after the date on which
the Agent will have given notice to the Debtors and their
counsel, counsel for the Official Committee of Unsecured
Creditors and Official Committee of Equity Security Holders, the
Adequate Protection parties and the U.S. Trustee of the Agent's
intention to exercise and enforce the rights granted to the
Lenders under the Replacement DIP Documents, this order, and
applicable law, the automatic stay is deemed vacated, and the
Agent will be permitted to exercise those rights and remedies
under the agreements, documents, and applicable law as to all or
part of the Collateral as the Agent will, in its sole discretion,
elect, including, but not limited to, the Agent's right to
foreclose on the mortgages placed on the Primary Properties under
this order and the Replacement DIP Loan Documents.  Upon
enforcement by the Agent, the Debtors will cooperate with the
Agent in the disposition of the Collateral and shall not
otherwise interfere or actively encourage others to interfere
with the Agent's enforcement of its rights.

Upon receipt of notice by counsel to the Debtors and counsel to
the Committees of an Event of Default of any of the Debtors'
Obligations, the Lenders or the Agent, as applicable, may
immediately charge interest at the Default Rate set forth in the
Replacement DIP Loan Agreement.

The automatic stay imposed by Section 362 of the Bankruptcy Code
is vacated to the extent necessary to implement and effectuate
the provisions of the Replacement DIP Order.

A full-text copy of the Replacement DIP Order dated July 22, 2010,
is available for free at:

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

                       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 Can Pursue Appraisal Process
---------------------------------------------------------
General Growth Properties Inc. and its units, in response to
objections to their request for the U.S. Bankruptcy Court for the
Southern District of New York to estimate the claims of former
investors of Hughes Corp., insist that the estimation of their
obligations to representatives and holders under a 1996 Contingent
Stock Agreement executed by General Growth, as successor to The
Rouse Company, can be completed by the week of September 13, 2010.

The Hughes Heirs' assertion that a third appraiser could start
from scratch on August 6, 2010, and complete work by
September 20, 2010, belies any assertion that the Debtors'
estimation timeline is unworkable, Adam P. Strochak, Esq., at
Weil, Gotshal & Manges LLP, in New York, points out.  The Hughes
Heirs and the Debtors have substantially completed their
appraisals and already have significant information on the
property, he says.  Thus, an extensive discovery related to the
value of Summerlin would be wasteful, he argues.

Indeed, the Debtors have provided extensive information to the
Hughes Heirs' appraiser and to their counsel, Mr. Strochak
stresses.  The Debtors have also provided access to the Summerlin
property for site visits, made employees available for
consultation, and promptly furnished voluminous documents in
response to requests, he says.  Thus, the Hughes Heirs' assertions
to the effect that the Debtors are uncooperative in the Hughes
Heirs' document requests are founded, he asserts.

The Debtors want the Court to estimate for purposes of allowance
and distribution of all of the Hughes Heirs' Obligations that are
payable under the CSA in shares of GGP common stock, Mr. Strochak
reminds the Court.  This includes any contention by the Hughes
Heirs that they are entitled to stock distributions for 2008 and
2009, years when the applicable business units generated virtually
no sales and for which the Debtors believe no distributions are
due to the Hughes Heirs, he notes.  Those alleged obligations, and
the remaining assertions in the Hughes Heirs' proofs of claim, are
discrete issues that the Court can resolve easily in an estimation
proceeding, he states.

More importantly, estimation does not impair the Hughes Heirs or
give rise to additional damage claims, Mr. Strochak stresses.
"Through estimation, the Hughes Heirs are essentially getting the
process they bargained for under the CSA -- three separate
appraisers will provide appraisals, and the parties have an
opportunity to resolve the obligations through settlement rather
than litigation," he maintains.

                      Appraisal Process

"Complying with the contractually agreed-upon Appraisal Panel
process to liquidate the largest of several amounts owed to the
Hughes Heirs will not derail these Chapter 11 cases as the Debtors
and the Official Committee of Equity Security Holders blithely
suggest," Platt W. Davis III, David G. Elkins and David R. Lummis,
as representatives under the Contingent Stock Agreement, tell the
Court.

In contrast, complying with the Appraisal Panel Process as set
forth in the Lift Stay Motion would conclusively determine the
value of Summerlin and the CSA's assets by September 20, 2010,
well in advance of a December 15, 2010 deadline imposed by the
Debtors under the Investment Agreements, Steven T. Hoort, Esq.,
Ropes & Gray LLP, in New York, counsel to the Hughes Heirs,
emphasizes.

"The only threat to confirmation of the Debtors' Joint Plan of
Reorganization is the Debtors' own insistence to impair the claims
of the Hughes Heirs and to treat them unfairly," Mr. Hoort
complains.  In the event that the Hughes Heirs do not settle their
claims to the satisfaction of the Debtors, the Debtors have
threatened to provide the Hughes Heirs with an unsecured, non-
investment grade promissory note in "Spinco," which would raise a
host of feasibility, valuation and other issues that would need to
be addressed at plan confirmation, he continues.

The Hughes Heirs simply seek to be treated as unimpaired like
every other constituency in the Debtors' Chapter 11 cases, and the
suggestion that asserting their rights is an attempt to gain
untoward leverage defies reality, Mr. Hoort stresses.

                      *       *       *

At a July 22, 2010 hearing, Judge Gropper said the Hughes Heirs
can pursue a full appraisal process of Summerlin without delaying
confirmation of GGP's bankruptcy plan in October 2010, Tiffany
Kary of Bloomberg News reports.

"We'll have a number one way or another by October," Judge Gropper
was quoted by Bloomberg as saying at the hearing.  "Maybe we'll
just have a cap, maybe we'll have a simmering dispute," added
Judge Gropper, according to Ms. Kary.

Mr. Hoort reasoned to the Court that the range of valuations make
an appraisal necessary, Ms. Kary notes.  "The number the debtors
use for development costs -- the number is huge.  We would like to
probe that number in discovery" Mr. Hoort told the Court, Ms. Kary
relates.

According to another report by Joseph Checkler of Dow Jones Daily
Bankruptcy Review, Mr. Hoort disagreed with the involvement of the
Equity Committee, which has an appraiser, in the appraisal
process.  In this light Judge Gropper commented that he hoped that
the Equity Committee could participate in the appraisal process,
but would not be forced to, Mr. Checkler relates.

                       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: Wins Nod to Auction Summerlin Properties
--------------------------------------------------------
At a July 22, 2010, hearing, the U.S. Bankruptcy Court for the
Southern District of New York approved the bid procedures
governing the sale of certain of General Growth's properties in
Mesa Village of Summerlin, according to Bloomberg News.  A formal
order is not yet available in the Court's public dockets.

General Growth sought approval from the bankruptcy court of
procedures for selling some of the remaining 7,000 undeveloped
acres at Summerlin, the 22,500-acre master-planned community
outside Las Vegas.  Absent higher offers, General Growth will sell
232 lots to Richmond American Homes of Nevada Inc. for
$18 million.  Richmond is a subsidiary of Denver-based M.D.C.
Holdings Inc.  A subsidiary of Pulte Homes Inc. is under contract
to buy 271 lots for $19.9 million.

To compensate Richmond American and PN II, Inc., d/b/a Pulte Homes
of Nevada, as stalking horse bidders, the Debtors sought the
Court's permission to pay a break-up fee and expense reimbursement
if the proposed purchasers are not the prevailing purchasers.

Under the bidding procedures, bids are due August 17, 2010.  If
qualifying bids are submitted, the Debtors will conduct an auction
on August 23.

                       About General Growth

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

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

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


GENERAL MOTORS: Old GM Settles Suit on Defective Parking Brake
--------------------------------------------------------------
Bill Rochelle at Bloomberg News reports that Old General Motors
Corp. agreed to settle a pre-bankruptcy class-action lawsuit based
on an allegedly defective parking brake in some GM cars and trucks
built between 1999 and 2002.  If approved, the class will have an
approved unsecured claim of $12 million.

Bloomberg recounts that the suit began in 2005 and later was
certified as a class action by a state court in Arkansas. After
GM's bankruptcy, the class plaintiff filed a claim on behalf of
the class for almost $1.5 billion.  GM had the case switched from
the Arkansas state court to bankruptcy court.  The settlement
ensued. The plaintiffs believe there are 4 million class members.

                       About General Motors

With its global headquarters in Detroit, Michigan, General Motors
Company -- http://www.gm.com/-- is one of the world's largest
automakers.  GM employs 207,000 people in every major region of
the world and does business in some 140 countries.  GM and its
strategic partners produce cars and trucks in 34 countries, and
sell and service these vehicles through the following brands:
Buick, Cadillac, Chevrolet, FAW, GMC, Daewoo, Holden, Opel,
Vauxhall and Wuling. GM's largest national market is the United
States, followed by China, Brazil, Germany, the United Kingdom,
Canada, and Italy.  GM's OnStar subsidiary is the industry leader
in vehicle safety, security and information services.

GM acquired its operations from General Motors Company, n/k/a
Motors Liquidation Company, on July 10, 2009, pursuant to a sale
under Section 363 of the Bankruptcy Code.  Motors Liquidation or
Old GM is the subject of a pending Chapter 11 reorganization case
before the U.S. Bankruptcy Court for the Southern District of New
York.

At March 31, 2010, GM had US$136.021 billion in total assets,
total liabilities of US$105.970 billion and preferred stock of
US$6.998 billion, and non-controlling interests of US$814 million,
resulting in total equity of US$23.053 billion.

                   About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.

The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts.  Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company.  GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel.  Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors.  GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.

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


GEOPHARMA INC: Nasdaq Stock to Remove Firm's Common Stock
---------------------------------------------------------
The Nasdaq Stock Market, Inc., has determined to remove from
listing the common stock of GeoPharma, Inc., effective at the
opening of the trading session on July 12, 2010. Based on review
of information provided by the Company, Nasdaq Staff determined
that the Company no longer qualified for listing on the Exchange
pursuant to Listing Rules 5550(a)(2) and 5550(b)(1).

The Company sought a review of this determination by the Hearing
Panel.  Based on its review of information provided by the
Company, the Panel,on May 13, 2010, denied the Company continued
listing, and notified the Company that trading in the Companys
securities would be suspended on May 17, 2010.

The Company did not request a review of the Panels decision by the
Nasdaq Listing and Hearing Review Council.  The Listing Council
did not call the matter for review.  The Panels Determination to
delist the Company became final on June 28, 2010.

Based in Largo, Fla., GeoPharma, Inc. manufactures, packages, and
distributes private-label dietary supplements, over-the-counter
drugs and health and beauty products.


GLORIA TONSGARD: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Gloria Jeane Tonsgard
        12720 99th Avenue NE
        Arlington, WA 98223

Bankruptcy Case No.: 10-18483

Chapter 11 Petition Date: July 22, 2010

Court: U.S. Bankruptcy Court
       Western District of Washington (Seattle)

Judge: Marc Barreca

Debtor's Counsel: Larry B. Feinstein, Esq.
                  Vortman & Feinstein
                  500 Union Street, Suite 500
                  Seattle, WA 98101
                  Tel: (206) 223-9595
                  E-mail: feinstein2010@gmail.com

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

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

According to the schedules, the Debtor says that assets total
$631,300 while debts total $1,297,293.

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/wawb10-18483.pdf

The petition was signed by the Debtor.

Debtor-affiliatesfiling separate Chapter 11 petition:

        Entity                        Case No.       Petition Date
        ------                        --------       -------------
Gloria Jeane Hauling & Hwy Rehab      10-13507                  --


GREAT ATLANTIC: VP Sungela Acquires 1,000 Shares
------------------------------------------------
Melissa Sungela, vice president and corporate controller of Great
Atlantic & Pacific Tea Co., Inc., disclosed acquiring 1,000 shares
of common stock on July 26.  She raised her stake to 2,719 shares.
She directly holds those shares.

                            About A&P

Based in Montvale, New Jersey, The Great Atlantic & Pacific Tea
Company, Inc. (A&P, NYSE Symbol: GAP), founded in 1859, is one of
the nation's first supermarket chains.  The Company operates 429
stores in 8 states and the District of Columbia under the
following trade names: A&P, Waldbaum's, Pathmark, Pathmark Sav-a-
Center, Best Cellars, The Food Emporium, Super Foodmart, Super
Fresh and Food Basics.

At February 27, 2010, the Company had total assets of
$2,827,217,000 against total liabilities of $3,223,663,000 and
Series A redeemable preferred stock of $132,757,000, resulting in
stockholders' deficit of $529,203,000.


GREEKTOWN HOLDINGS: Brigade Has Stake in Reorganized Entity
-----------------------------------------------------------
In a Form 13 filing with the Securities Exchange Commission dated
July 9, 2010, Brigade Capital Management LLC, Brigade Leveraged
Capital Structures Fund Ltd., and Donald E. Morgan III disclosed
that they are deemed to beneficially own 94,999 shares of
Greektown Superholdings, Inc. Series A-1 Convertible Preferred
Stock, which represent 6.5% of the total shares outstanding for
that specified class of securities.

In a separate Form 13 filing also dated July 9, the Brigade
Parties reported that they own 12,876 shares of Greektown
Superholdings Series A-1 Common Stock, which represents 9.2% of
the total shares outstanding for the specific class of
securities.

Brigade also submitted a Form 3 Initial Statement of Beneficial
Ownership of Securities to the SEC, disclosing ownership of the
Series A-1 Common Stock, the Series A-1 Convertible Preferred
Stock, 121,676 shares of  Series A-2 Participating Convertible
Preferred Stock and 273,930 shares of Warrants.

Brigade Capital is a Delaware limited liability company and
investment adviser to Brigade LCSF.

Brigade Capital is among the hedge funds and mutual funds who
invested in the newly reorganized Greektown Casino.

Brigade LCSF is a Cayman Islands exempted company.

Donald E. Morgan III is a managing member of Brigade Capital and
a director of Brigade LCSF.

                     About Greektown Casino

Based in Detroit, Michigan, Greektown Holdings, LLC, and its
affiliates -- http://www.greektowncasino.com/-- operate world-
class casino gaming facilities located in Detroit's historic
Greektown district featuring more than 75,000 square feet of
casino gaming space with more than 2,400 slot machines, over 70
tables games, a 12,500-square foot salon dedicated to high limit
gaming and the largest live poker room in the metropolitan Detroit
gaming market.

The Company and seven of its affiliates filed for Chapter 11
protection on May 29, 2008 (Bankr. E.D. Mich. Lead Case No.
08-53104).  Daniel J. Weiner, Esq., Michael E. Baum, Esq., and
Ryan D. Heilman, Esq., at Schafer and Weiner PLLC, represent the
Debtors in their restructuring efforts.  Judy B. Calton, Esq., at
Honigman Miller Schwartz and Cohn LLP, represents the Debtors as
their special counsel.  The Debtors chose Conway MacKenzie &
Dunleavy as their financial advisor, and Kurtzman Carson
Consultants LLC as claims, noticing, and balloting agent.  Clark
Hill PLC serves as counsel to the Official Committee of Unsecured
Creditors.

The Joint Plan of Reorganization for Greektown Holdings LLC and
five of its debtor affiliates proposed by certain noteholder
entities, the Official Committee of Unsecured Creditors of the
Debtors, and Deutsche Bank Trust Company Americas, as indenture
trustee, has been declared effective on June 30, 2010.  Greektown
Casino Hotel clinched its way to the June 30 finish line when it
obtained a unanimous approval from the Michigan Gaming Control
Board on June 28, 2010, of the transfer of the Company's ownership
from the Sault Ste. Marie Tribe of Chippewa Indian to new
investors.

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


GREEKTOWN HOLDINGS: Casino Reports $27 Million Revenues for June
----------------------------------------------------------------
The Michigan Gaming Control Board stated in its Web site that
Greektown Casino's aggregated revenues for June 2010 is
$27,038,544.  Of this revenue, Greektown Casino's state wagering
tax is $0.

The Gaming Board also released the June 2010 revenues of two
other Detroit casinos, MGM Grand Detroit and MotorCity Casino.
The Board notes that MGM Grand Detroit earned $46,220,269 and
MotorCity Casino had $36,543,168 in revenues.

Greektown Casino lost its market share to its two competitors and
its revenues decreased 6% from June 2009, Crain's Detroit
Business reports.

                     About Greektown Casino

Based in Detroit, Michigan, Greektown Holdings, LLC, and its
affiliates -- http://www.greektowncasino.com/-- operate world-
class casino gaming facilities located in Detroit's historic
Greektown district featuring more than 75,000 square feet of
casino gaming space with more than 2,400 slot machines, over 70
tables games, a 12,500-square foot salon dedicated to high limit
gaming and the largest live poker room in the metropolitan Detroit
gaming market.

The Company and seven of its affiliates filed for Chapter 11
protection on May 29, 2008 (Bankr. E.D. Mich. Lead Case No.
08-53104).  Daniel J. Weiner, Esq., Michael E. Baum, Esq., and
Ryan D. Heilman, Esq., at Schafer and Weiner PLLC, represent the
Debtors in their restructuring efforts.  Judy B. Calton, Esq., at
Honigman Miller Schwartz and Cohn LLP, represents the Debtors as
their special counsel.  The Debtors chose Conway MacKenzie &
Dunleavy as their financial advisor, and Kurtzman Carson
Consultants LLC as claims, noticing, and balloting agent.  Clark
Hill PLC serves as counsel to the Official Committee of Unsecured
Creditors.

The Joint Plan of Reorganization for Greektown Holdings LLC and
five of its debtor affiliates proposed by certain noteholder
entities, the Official Committee of Unsecured Creditors of the
Debtors, and Deutsche Bank Trust Company Americas, as indenture
trustee, has been declared effective on June 30, 2010.  Greektown
Casino Hotel clinched its way to the June 30 finish line when it
obtained a unanimous approval from the Michigan Gaming Control
Board on June 28, 2010, of the transfer of the Company's ownership
from the Sault Ste. Marie Tribe of Chippewa Indian to new
investors.

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


GROVE STREET: U.S. Trustee Appoints 4 Members to Creditors Panel
----------------------------------------------------------------
Roberta A. DeAngelis, the U.S. Trustee for Region 3, appoints four
members to the Official Committee of Unsecured Creditors in Grove
Street Realty Urban Renewal, LLC's Chapter 11 case.

The Committee members include:

1) Andrea Sebastiani
   ABJ Sprinkler Co., Inc.
   P.O. Box 663
   Glassboro, NJ 08028
   Tel: (856) 881-8068
   Fax: (856) 881-1605

2) Michael DelPlato, Chairperson
   T-Tech Electric, LLC
   186 Mantoloking Road
   Brick, NJ 08723
   Tel: (732) 262-4646
   Fax: (732) 941-6020

3) Phyllis Wood
   Ed Wood Custom Drywall, Inc.
   6 Enterprise Court
   Sewell, NJ 08080
   Tel: (856) 582-2400 X 10
   Fax: (856) 582-8280

4) Walter N. Friedrich
   Friedrich Heating &
   Air Conditioning, Inc.
   P.O. Box 337
   Pitman, NJ 08071
   Tel: (856) 589-0559

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.


GTC BIOTHERAPEUTICS: Posts $300,000 Net Loss for July 4 Quarter
---------------------------------------------------------------
GTC Biotherapeutics Inc. reported its financial results for the
second fiscal quarter ended July 4, 2010.  The total net loss for
the second quarter improved to approximately $0.3 million, or
$0.01 per share, compared to $10.8 million, or $1.03 per share,
for the second quarter of 2009.  The total net loss for the first
six months of 2010 was $8.1 million, or $0.27 per share, compared
to $21.1 million, or $2.03 per share, for the first six months of
2009.

According to the Company, the decrease in the net loss in 2010 is
primarily a result of the award of approximately $4.1 million to
GTC from LEO Pharma, of which approximately a $3.8 million gain
was recorded to other income, as well as the recognition of
deferred revenue of approximately $4.4 million in connection with
the International Chamber of Commerce arbitration proceedings.

"We recently announced that GTC is focused on achieving key goals
related to Factor VIIa, ATryn and our 'bio-superior' product
candidates.  I am pleased to report that the Company made good
progress towards achieving these goals during the second quarter,"
stated William K. Heiden, Chairman, President and CEO of GTC
Biotherapeutics.  "Of particular importance was the progress made
in preparation for initiation of the Phase I study for rhFVIIa
with our partner LFB, which is on track for initiation in the
fourth quarter of 2010.  As well, we have made progress towards
our goal of improving the profitability of ATryn, with the
recently announced return of U.S. marketing rights to GTC from
Lundbeck Inc., a wholly owned subsidiary of H. Lundbeck A/S in
Denmark."

                      Other Financial Results

Revenues were approximately $4.9 million for the current quarter,
compared to approximately $0.7 million for the second quarter of
2009.  Revenues were approximately $5.3 million for the first six
months of 2010 compared to approximately $0.9 million for the
first six months of 2009, an increase of approximately
$4.4 million.  The revenue increases in 2010 were primarily from
approximately $4.4 million of previously deferred revenue related
to our agreement with LEO Pharma.  The company said, "We
recognized this revenue once we received a favorable award in the
ICC arbitration proceedings at the end of the second quarter."

Costs of revenue and operating expenses were approximately
$8.5 million for the current quarter, compared to approximately
$10.3 million for the second quarter of 2009, a decrease of 18%
year-over-year.  Costs of revenue and operating expenses were
approximately $16 million for the first half of 2010,
approximately 20% lower than $20.1 million for the first half of
2009.  The lower expenses in 2010 were primarily due to decreased
costs on the ATryn program.

The reductions in force that GTC implemented in the fourth quarter
of 2009 and the second quarter of 2010, together with other
expense reductions, are expected to produce expense savings of
approximately $13 million to $15 million per year on an annualized
basis.

Research and development expenses were $5.2 million for the
current quarter compared to $6.8 million for the second quarter of
2009. Research and development expenses were approximately
$9.9 million for the first half of 2010 compared to $13.8 million
for the first half of 2009.  The decrease in research and
development expense occurred despite a $1.7 million quarterly
increase and a $3.9 million year-to-date increase in spending on
our joint development programs with LFB.  The quarterly decrease
was due to approximately $0.9 million of LFB funding of the joint
program expenses in the second quarter of 2010, as well as a
decrease of approximately $1.8 million in spending on the ATryn
program and a net reduction of approximately $0.6 million in other
development programs.  The yearly decrease was due to
approximately $2.8 million of LFB funding on the joint program
expenses in the first half of 2010 as well as a decrease of
approximately $3.4 million in spending on the ATryn program and a
net reduction of approximately $1.6 million in other development
programs.

Selling, general and administrative expenses were $2.8 million for
the current quarter of 2010, compared to $3.1 million for the
second quarter of 2009 and $5.5 million for the first half of
2010, compared to $5.6 million for the first half of 2009.  The
quarterly decrease in expenses was primarily due to the absence in
2010 of the legal costs associated with the LEO arbitration in
2009.

The weighted average number of shares outstanding increased from
10.4 million shares in the three and six month periods of 2009 to
30.4 million shares in the three and six month periods of 2010.
The increase in shares outstanding is due to the financing
activities completed in 2009 as well as the conversion by LFB in
January 2010 of its remaining holdings of Series E Convertible
Preferred Stock into common stock.  GTC had approximately
30.4 million common shares outstanding as of July 4, 2010.

                           Cash Position

Cash at July 4, 2010 totaled $6.2 million, a $2.4 million increase
compared to $3.8 million at January 3, 2010.  In February 2010,
GTC obtained $7 million of new funding from LFB in the form of a
4%, 36-month term loan with a single payment of principal and
interest at maturity.  In June 2010, GTC obtained $7 million of
new funding from LFB in the form of a 4%, 36-month convertible
loan with a single payment of principal and interest at maturity.
With our current cash position today, which includes the net award
from the ICC arbitration proceedings, and anticipated receipts
from existing partnering agreements, service contracts and sales
of ATryn, GTC projects that its cash resources will be sufficient
to support its operations to the middle of the fourth quarter of
2010, exclusive of future cash proceeds from any potential new
partnering agreements or additional financing arrangements.

A full-text copy of the Company's earnings release is available
for free at http://ResearchArchives.com/t/s?6742

Framingham, Mass.-based GTC Biotherapeutics, Inc. (OTC BB: GTCB)
-- http://www.gtc-bio.com/-- develops, supplies and
commercializes therapeutic proteins produced through transgenic
animal technology.  ATryn(R), GTC's recombinant human
antithrombin, has been approved for use in the United States and
Europe.  ATryn(R) is the first and only therapeutic product
produced in transgenic animals to be approved anywhere in the
world.

In addition to ATryn(R), GTC is developing a portfolio of
recombinant human plasma proteins with known therapeutic
properties.  These proteins include recombinant forms of human
coagulation factors VIIa and IX, which are being developed for the
treatment of patients with hemophilia, and recombinant alpha-
fetoprotein, which is being developed for the treatment of
myasthenia gravis and multiple sclerosis.

                           *     *     *

According to the Troubled Company Reporter on July 22, 2010,
GTC Biotherapeutics, Inc. has negative working capital of
US$13.1 million as of April 4, 2010.  The Company had negative
working capital of US$16.1 million as of January 3, 2010.


H&H HOLDINGS: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: H&H Holdings 1, LLC
        3290 West State Road 46
        Sanford, FL 32771

Bankruptcy Case No.: 10-12871

Chapter 11 Petition Date: July 22, 2010

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

Judge: Karen S. Jennemann

Debtor's Counsel: R Scott Shuker, Esq.
                  Latham Shuker Eden & Beaudine LLP
                  P.O. Box 3353
                  Orlando, FL 32802
                  Tel: (407) 481-5800
                  Fax: (407) 481-5801
                  E-mail: bankruptcynotice@lseblaw.com

                  Victoria I. Minks, Esq.
                  Latham Shuker Eden & Beaudine LLP
                  390 N Orange Avenue, Suite 600
                  Orlando, FL 32801
                  E-mail: bankruptcynotice@lseblaw.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 C. Fred Hudson, III, managing member.

Debtor-affiliates that filed separate Chapter 11 petitions:

                                                 Petition
   Debtor                              Case No.     Date
   ------                              --------     ----
Hud-Eight, LLC                         10-12869   07/22/10
  Assets: $1,000,001 to $10,000,000
  Debts: $1,000,001 to $10,000,000
H&H Holdings 2, LLC                    10-12873   07/22/10
  Assets: $1,000,001 to $10,000,000
  Debts: $1,000,001 to $10,000,000
H&H Holdings 3, LLC                    10-12877   07/22/10
  Assets: $1,000,001 to $10,000,000
  Debts: $1,000,001 to $10,000,000
Hudson's Furniture Showroom, Inc.      10-03322   03/03/10


HOLIDAY ISLE: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Holiday Isle, LLC
        41 West I-65 Service Rd. N., Suite 300
        Mobile, AL 36608

Bankruptcy Case No.: 10-03365

Chapter 11 Petition Date: July 23, 2010

Court: United States Bankruptcy Court
       Southern District of Alabama (Mobile)

Judge: Margaret A. Mahoney

Debtor's Counsel: Irvin Grodsky, Esq.
                  P.O. Box 3123
                  Mobile, AL 36652-3123
                  Tel: (251) 433-3657
                  E-mail: igpc@irvingrodskypc.com

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

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

The petition was signed by Paul Charles Wesch, executive vice
president of The Mitchell Company, Inc., Debtor's sole member.

Debtor's List of 20 Largest Unsecured Creditors:

Entity                   Nature of Claim        Claim Amount
------                   ---------------        ------------
Burr & Forman, LLP                               $344,000
P.O. Box 830719
Birmingham, AL 35283-0719

W.G. Yates & Son Construction                    $87,700
P.O. Box 1354
Biloxi, MS 39533

A. Carson I. Nicolson, Esq.                      $75,000
8 North School St.
Fairhope, AL 36532

Holiday Isle Owners                              $65,646
Association, Inc.

The Claro Group, LLC                             $64,524

Peter F. Burns, Esq.                             $50,000

A. Richard Maples, Jr., Esq.                     $38,800

Donald C. Radcliff, Esq.                         $33,000

Craig D. Olmstead, Esq.                          $25,000

Arthur R. Fitzner                                $11,000

Kenneth R. Thompson                              $11,000

Thomas and Lisa McKinley                         $11,000

Allan L. McLeod, Jr.                             $11,000

Charles D. and Donna M.Steinau                   $11,000

Richard Murray, III                              $11,000

Arthur (Chip) Drago                              $11,000

Greg Woodfin                                     $10,000

Charles E. Campbell                              $10,000

Jay H. and Lisa T. Murray                        $10,000

Robert Tortagada, Sr.                            $10,000


ILX RESORTS: Court Approves Sale of Assets, Confirms Plan
---------------------------------------------------------
BankruptcyData.com reports that the U.S. Bankruptcy Court
confirmed ILX Resorts' Joint Plan of Reorganization and
concurrently approved the Company's motion to sell substantially
all of its assets to ILX Acquisition.

According to BData, the sale includes an assumption of
approximately $23.8 million in indebtedness to, and the liens of
TFC and a payment of approximately $5.9 million in cash.  This
cash together with cash on hand of the Debtors will be used to pay
allowed administrative claims and allowed priority claims in full
and to provide payment in full to allowed secured claims on the
sold assets, except for that of TFC.  There will be assets,
including remaining cash of the Debtors after the satisfaction of
other expenses, which will not be sold that will either be
returned to the secured claim holder in exchange for the
indebtedness or will be transferred and conveyed to a liquidating
trust for disposition and collection for the benefit of allowed
unsecured claims.

In addition, certain assets which are the subject of TFC's
security interests will be conveyed to a stock pool for the
benefit of holders of ILX Resorts Incorporated preferred and
common stock.

                         About ILX Resorts

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

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


INDIO SUN: Case Summary & 17 Largest Unsecured Creditors
--------------------------------------------------------
Debtor: Indio Sun LLC
        fdba Palm Desert Heights Development Group LLC
        5694 Mission Center Road, Ste 602-475
        San Diego, CA 92108-4312

Bankruptcy Case No.: 10-33217

Chapter 11 Petition Date: July 25, 2010

Court: United States Bankruptcy Court
       Central District Of California (Riverside)

Judge: Meredith A. Jury

Debtor's Counsel: Sandford Frey, Esq.
                  633 W Fifth St 51st Fl
                  Los Angeles, CA 90071
                  Tel: (213) 614-1944
                  E-mail: Sfrey@cmkllp.com

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

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

The petition was signed by Rod Wolterman, managing member.

Debtor's List of 17 Largest Unsecured Creditors:

Entity                   Nature of Claim        Claim Amount
------                   ---------------        ------------
Sterling Pile                                    $107,499
909 Magnolia Street
South Pasadena, CA 91030

Robert A. Bernheimer PLC                         $70,040
45-025 Manitou Dr, Suite 3
Indian Wells, CA 92210

CV Strategies                                    $35,508
45-025 Manitou Dr, Suite 13
Indian Wells, CA 92210

Exponent Inc.                                    $30,382

Richard Fuchs                                    $28,250

The Altum Group                                  $11,403

Ronald Halprin                                   $11,000

James Merckland                                  $10,000

Kramer & Olsen CPA                               $9,078

Ronald J. Sokol, PLC                             $8,375

Gartenberg Gelfand Wasson                        $7,821
& Selden

AT&T Teleconference                              $1,600

Coast Business Services                          $870

Franchise Tax Board                              $800

Law Seminars International                       $447

National Registered Agents                       $300

AT&T                                             $83


INNKEEPERS USA: Lehman Agrees to Sell Equity for $108 Million
-------------------------------------------------------------
Bill Rochelle at Bloomberg News reports that Lehman Brothers
Holdings Inc. filed a motion in its own Chapter 11 case for
authorization to carry out a commitment to reorganize Innkeepers
USA Trust, a real estate investment trust owned by Apollo
Investment Corp.

The plan support agreement was worked out before Innkeepers filed
for bankruptcy on July 19.  Under the reorganization plan, Lehman
ALI Inc., a subsidiary of LBHI and a secured lender of Innkeepers,
would end up with all the new stock in return for $238 million in
debt.  In 2007, LBHI provided loan to Apollo Investment Corp. to
fund the $1.5 billion buyout of Innkeepers as part of a plan to
increase its lending business for Lehman subsidiary Lehman ALI
Inc. to exchange its $238 million in mortgage debt for all the new
Innkeepers equity.  The Lehman subsidiary has floating-rate
mortgages on 20 of Innkeepers 72 extended-stay and limited-service
properties.

The Lehman Court will consider the motion at an Aug. 18 hearing.

Lehman also wants permission to sell half the new stock it
receives to Apollo for not less than $107.5 million. In addition,
Lehman needs authorization from the bankruptcy judge to make a
$17.5 million loan to refurbish the Innkeepers properties on which
it has mortgages.

Innkeepers, Bloomberg relates, owes Lehman an additional
$118 million on a floating-rate mezzanine debt not destined to
have a recovery under the plan.

According to the Bloomberg report, Lehman filed another motion,
also to be in court on Aug. 18, to pay fees for its investment
banker, Lazard Freres & Co., if Innkeepers doesn't.  Under the
plan-support agreement, Innkeepers is supposed to pay Lazard's
fees.  Lazard is to receive $150,000 a month plus a restructuring
fee of $1.5 million.  Some of the monthly fee will be credited
against the restructuring fee.  Innkeepers disclosed at the outset
of its Chapter 11 case that it would be paying $460,000 a month to
reimburse Lehman for its professional fees.

Bloomberg continues that the remainder of Innkeepers' plan would
have secured creditors, owed $825 million, to receive $550 million
in fixed-rate mortgages on the 45 properties that are their
collateral.  There are another $206 million in mortgages on seven
properties that would be reduced by the plan to $150 million.
Innkeepers' general unsecured creditors are to receive $500,000
cash.

                     About Innkeepers USA Trust

Innkeepers USA Trust is a self-administered Maryland real estate
investment trust with a primary business focus on acquiring
premium-branded upscale extended-stay, mid-priced limited service,
and select-service hotels.

Innkeepers, through its indirect subsidiaries, owns and operates
an expansive portfolio of 72 upscale and mid-priced extended-stay
and select-service hotels, consisting of approximately 10,000
rooms, located in 20 states across the United States.

Apollo Investment Corporation acquired Innkeepers in June 2007.

Innkeepers USA Trust and several affiliates filed for Chapter 11
on July 19, 2010 (Bankr. S.D.N.Y. Case No. 10-13800).

Attorneys at Kirkland & Ellis LLP serve as counsel to the Debtors.
AlixPartners is the restructuring advisor and Marc A. Beilinson is
the chief restructuring officer.  Moelis & Company is the
financial advisor.  Omni Management Group, LLC, is the claims and
notice agent. The petition listed assets and debts of more than
$1 billion.

In 2009, Innkeepers' consolidated revenues were approximately
$292 million and adjusted EBITDA were approximately $85 million.
The Company's consolidated assets for 2009 totaled approximately
$1.5 billion.  As of July 19, 2010, the Company and its affiliates
have incurred approximately $1.29 billion of secured debt.

Bankruptcy Creditors' Service, Inc., publishes Innkeepers USA
Bankruptcy News.  The newsletter tracks the chapter 11
restructuring proceedings commenced by Innkeepers USA Trust and
its affiliates.  (http://bankrupt.com/newsstand/or 215/945-7000).

                        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)


INNOVATIVE COMM: 3rd Cir. Upholds Prosser Chapter 7 Conversion
--------------------------------------------------------------
In In re: Jeffrey J. Prosser, case no. 08-2692 (3rd Cir., July 23,
2010), the three-man panel of Chief Circuit Judge Theodore A.
McKee, and Circuit Judges Julio M. Fuentes and Richard Lowell
Nygaard upheld a lower court ruling converting Mr. Prosser's
Chapter 11 case into one under Chapter 7.

Certain of Mr. Prosser's creditors filed motions for the
conversion of the case to Chapter 7, and the bankruptcy court
granted the motions after finding cause as set forth under the
Bankruptcy Code.  Thereafter the bankruptcy court denied
Mr. Prosser's motion to reconsider that conversion, and the
district court subsequently affirmed the bankruptcy court's
decision.

"The bankruptcy court has broad discretion in deciding whether to
. . . convert a chapter 11 case," Judge McKee said, citing Loop
Corp. v. United States Trustee, 379 F.3d 511, 515 (8th Cir. 2004).

Judge McKee wrote that the district court filed a Memorandum
Opinion in which it carefully and fully explained its reasons for
holding that the bankruptcy court did not abuse its discretion in
converting Mr. Prosser's case.  "We can add little to the district
court's analysis and discussion. Accordingly, we will affirm
substantially for the reasons set forth in the district court's
Memorandum Opinion without further elaboration," the judge said.

A copy of the decision is available at:

http://www.leagle.com/unsecure/page.htm?shortname=infco20100723075

             About Prosser & Innovative Communication

Headquartered in St. Thomas, Virgin Islands, Innovative
Communication Company, LLC -- http://www.iccvi.com/-- and
Emerging Communications, Inc., are diversified telecommunications
and media companies operating mainly in the U.S. Virgin Islands.
Jeffrey J. Prosser owns Emerging Communications and Innovative
Communications.  Innovative and Emerging filed for Chapter 11
protection on July 31, 2006 (D.V.I. Case Nos. 06-30007 and
06-30008).  When the Debtors filed for protection from their
creditors, they estimated assets and debts of more than
$100 million.

Mr. Prosser also filed for chapter 11 protection on July 31, 2006
(D.V.I. Case No. 06-10006).  According to The (Virgin Islands)
Source, he was fired in October 2007 for failing to make payments
into the company pension funds.

Greenlight Capital Qualified, L.P., Greenlight Capital, L.P., and
Greenlight Capital Offshore, Ltd. -- which holds an $18,780,614
claim against Mr. Prosser -- had filed an involuntary chapter 11
against Innovative Communication, Emerging Communications, and Mr.
Prosser on Feb. 10, 2006 (Bankr. D. Del. Case Nos. 06-10133,
06-10134, and 06-10135).  Mr. Prosser argued that the Greenlight
entities, the former shareholders of Innovative Communications,
and Rural Telephone Finance Cooperative, Mr. Prosser's lender,
conspired to take down his companies into bankruptcy and collect
millions in claims.

The U.S. District Court of the Virgin Islands, Bankruptcy
Division, approved the U.S. Trustee for Region 21's appointment of
Stan Springel of Alvarez & Marsal as Chapter 11 Trustee of
Innovative and Emerging Communications.


INNOVATIVE COMM: 3rd Cir. Says Rural Settlement Not Executory
-------------------------------------------------------------
Jeffrey J. Prosser and Innovative Communication Company, LLC,
appeal from an order of the district court affirming the
bankruptcy court's determination that the Terms and Conditions of
a Settlement Agreement entered into by Mr. Prosser, Emerging
Communications, Inc., and Innovative Communication Co., and their
creditors Rural Telephone Finance Cooperative, Greenlight Capital
Qualified, L.P., Greenlight Capital, L.P., and Greenlight Capital
Offshore, Ltd., is not an executory contract that could be assumed
by Prosser and Innovative Communication under the provisions of 11
U.S.C. Section 365.

The three-man panel of Chief Circuit Judge Theodore A. McKee, and
Circuit Judges Julio M. Fuentes and Richard Lowell Nygaard held
that, in its Memorandum and Opinion, the district court has
carefully and fully explained its reasons for affirming the
bankruptcy court's holding that the Terms and Conditions of the
Settlement Agreement do not constitute an executory contract that
could be assumed by Mr. Prosser and Innovative Communication
pursuant to 11 U.S.C. Section 365.

"We can add little to the district court's thoughtful analysis and
discussion.  Accordingly, we will affirm substantially for the
reasons set forth in the district court's Memorandum and Opinion
without further elaboration," Judge McKee wrote in an opinion on
July 23.

             About Prosser & Innovative Communication

Headquartered in St. Thomas, Virgin Islands, Innovative
Communication Company, LLC -- http://www.iccvi.com/-- and
Emerging Communications, Inc., are diversified telecommunications
and media companies operating mainly in the U.S. Virgin Islands.
Jeffrey J. Prosser owns Emerging Communications and Innovative
Communications.  Innovative and Emerging filed for Chapter 11
protection on July 31, 2006 (D.V.I. Case Nos. 06-30007 and
06-30008).  When the Debtors filed for protection from their
creditors, they estimated assets and debts of more than
$100 million.

Mr. Prosser also filed for chapter 11 protection on July 31, 2006
(D.V.I. Case No. 06-10006).  According to The (Virgin Islands)
Source, he was fired in October 2007 for failing to make payments
into the company pension funds.

Greenlight Capital Qualified, L.P., Greenlight Capital, L.P., and
Greenlight Capital Offshore, Ltd. -- which holds an $18,780,614
claim against Mr. Prosser -- had filed an involuntary chapter 11
against Innovative Communication, Emerging Communications, and Mr.
Prosser on Feb. 10, 2006 (Bankr. D. Del. Case Nos. 06-10133,
06-10134, and 06-10135).  Mr. Prosser argued that the Greenlight
entities, the former shareholders of Innovative Communications,
and Rural Telephone Finance Cooperative, Mr. Prosser's lender,
conspired to take down his companies into bankruptcy and collect
millions in claims.

The U.S. District Court of the Virgin Islands, Bankruptcy
Division, approved the U.S. Trustee for Region 21's appointment of
Stan Springel of Alvarez & Marsal as Chapter 11 Trustee of
Innovative and Emerging Communications.


INNOVATIVE TECH: Plan Outline Hearing Scheduled for August 25
-------------------------------------------------------------
The Hon. Ronald H. Sargis of the U.S. Bankruptcy Court for the
Eastern District of California will consider on August 25, 2010,
at 2:30 p.m., approval of a Disclosure Statement explaining
Innovative Technology Business Park, LLC's proposed Plan of
Reorganization.  The hearing will be held at 1200 I Street,
Suite 4, Modesto, California.  Objections, if any, are due
August 11.

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

The Plan provides that Kristen E. Pigman, the receiver, and the
Chapter 11 trustee, will be discharged from their duties on the
effective date of the Plan.  The Debtor will make all monthly
installments from rental income generated from the real property.
The lump sum payment on the secured claim of Bank of America will
be paid by the refinancing of the real property on or before
March 1, 2014.

                         Treatment of Claims

The holder of Class 1 and 3 secured claim of Bank of America will
receive on account of the claim regular installments and a lump
sum payment in cash of a total value, as of the effective date of
the Plan, equal to the allowed amount of the claim.

Holders Class 2 unsecured claim of Spyres Way Group, and Class 4
Non-consensual secured claims, will receive regular installments
in the same manner as if the claim was a general unsecured claim.
The deed of trust held by the holder of the claim will be
discharged on the effective date of the Plan.

Class 5 general unsecured claims holders each will receive, in
deferred cash payments, a sum equal to 40% of its allowed claim.
Holders of the claims in this class will receive collectively
$10,000 per month until March 1, 2011, at which all unpaid sums
will be paid in full.

The members will retain their interest in the Debtor

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

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

             About Innovative Technology Business Park

Salida, California-based Innovative Technology Business Park, LLC,
filed for Chapter 11 bankruptcy protection on March 22, 2010
(Bankr. E.D. Calif. Case No. 10-91022).  David C. Johnston, Esq.,
who has an office in Modesto, California, assists the Company in
its restructuring effort.  The Company estimated its assets and
debts at $10,000,001 to $50,000,000.


JAMES DUFFY: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: James Duffy
        dba Alonzo Printing Co., Inc.
        1179 Deans Cir
        Quincy, CA 95971

Bankruptcy Case No.: 10-39306

Chapter 11 Petition Date: July 22, 2010

Court: United States Bankruptcy Court
       Eastern District of California (Sacramento)

Judge: Ronald H. Sargis

Debtor's Counsel: Matthew J. Shier, Esq.
                  425 California St. #1800
                  San Francisco, CA 94104-1787
                  Tel: (415) 394-5700

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

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

A list of the Debtor's 20 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/caeb10-39306.pdf

The petition was signed by Mr. Duffy.


JOHN LUNDGREN: Case Summary & 13 Largest Unsecured Creditors
------------------------------------------------------------
Joint Debtors: John S. Lundgren
               Maret A. Mitchell
               1727 N. Fairway Dr.
               Flagstaff, AZ 86004

Bankruptcy Case No.: 10-22927

Chapter 11 Petition Date: July 22, 2010

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

Judge: Redfield T. Baum PCT Sr.

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

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

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

A list of the Joint Debtors' 13 largest unsecured
creditors filed together with the petition is available
for free at http://bankrupt.com/misc/azb10-22927.pdf

The petition was signed by the Joint Debtors.


JUDY CATON: Voluntary Chapter 11 Case Summary
---------------------------------------------
Debtor: Judy Ann Caton
          aka Judy Ann Goodsel
              Judy A. Shirley
        23326 Woods Creek Road
        Snohomish, WA 98290

Bankruptcy Case No.: 10-18456

Chapter 11 Petition Date: July 22, 2010

Court: U.S. Bankruptcy Court
       Western District of Washington (Seattle)

Judge: Karen A. Overstreet

Debtor's Counsel: Christopher A. Benson, Esq.
                  Attorney at Law
                  1814 S 324th Place, Suite B
                  Federal Way, WA 98003
                  Tel: (253) 815-6940
                  E-mail: cbenson@cbenson.com

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

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

According to the schedules, the Debtor says that assets total
$6,986,433 while debts total $1,933,732.

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

The petition was signed by the Debtor.


KIMBERLY DORSEY: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Kimberly Dorsey
          aka Kimberly Scott
              Kimberly Scott-Dorsey
        5115 W. Wisconsin Avenue
        Milwaukee, WI 53208
        Tel: (262) 343-2123

Bankruptcy Case No.: 10-32020

Chapter 11 Petition Date: July 22, 2010

Court: U.S. Bankruptcy Court
       Eastern District of Wisconsin (Milwaukee)

Judge: Susan V. Kelley

Debtor's Counsel: Guy K. Fish, Esq.
                  Fish Law Offices
                  533 Vernal Avenue
                  Milton, WI 53563
                  Tel: (608) 868-3200
                  Fax: (608) 868-3208
                  E-mail: gfish@charterinternet.com

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

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

According to the schedules, the Debtor says that assets total
$332,050 while debts total $525,168.

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/wieb10-32020.pdf

The petition was signed by the Debtor.


KINGSLEY ARDEY: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: Kingsley Ardey
        223-37 112th Avenue
        Queens Village, NY 11429

Bankruptcy Case No.: 10-46928

Chapter 11 Petition Date: July 22, 2010

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

Judge: Jerome Feller

Debtor's Counsel: John W. Freeman, Esq.
                  135-49 234th Street
                  Jamaica, NY 114212
                  Tel: (347) 581-4485
                  Fax: (917) 386-2569
                  E-mail: spedlit625@aol.com

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

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

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

The petition was signed by the Debtor.


LAS VEGAS SANDS: S&P Puts 'B-' Rating on CreditWatch Positive
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B-' corporate
credit rating on the Las Vegas Sands Corp. family of companies, as
well as its issue-level ratings on the companies' debt, on
CreditWatch with positive implications.

In addition to announcing strong performance across its portfolio
of properties during the second quarter on its earning call, Las
Vegas Sands also indicated that it will pursue an amend-and-extend
transaction with lenders in its U.S. credit facilities.  While
full details are not yet publicly available, S&P expects the
transaction to include meaningful debt repayment, an extension of
maturities, and some covenant modification.

S&P's June 2010 revision of its rating outlook on LVSC to positive
reflected its increasing comfort with the company's liquidity
profile and its ability to remain in compliance with covenants,
albeit through the continued use of equity cure payments.

"S&P believes that a transaction in line with the broad terms
outlined on the earnings call would represent further progress
toward improving the company's credit profile and would bolster
financial flexibility," noted Standard & Poor's credit analyst Ben
Bubeck.

While S&P expects performance at the Las Vegas properties to only
gradually improve over the next few years, which would likely
continue the need for equity cures and/or cash balances remaining
at the U.S. entity to maintain covenant compliance, S&P would view
the proposed transaction as an important first step in
establishing a more sustainable capital structure at the U.S.
entity.  S&P also recognizes that performance in Macau continues
to be strong and is exceeding S&P's previously outlined
expectations, although the revenue comparisons will be more
difficult in the second half of 2010.  S&P continues to be
encouraged by the initial results from Marina Bay Sands in
Singapore as well.  Over the longer term, S&P believes that the
boost to overall liquidity from continued strong performance
across the portfolio of properties, in addition to the expected
incremental liquidity from the sale of noncore assets in Macau,
would allow Las Vegas Sands to continue to delever and position
the company to lower debt in the U.S. to a level more appropriate
relative to U.S. cash flow.

In resolving the CreditWatch listing, S&P will monitor the
company's discussions with lenders under the U.S. credit
facilities.  If a transaction is executed and meets the broad
terms outlined on the earnings call, rating upside seems likely.
Rating upside would likely be limited to one notch, given the
company's remaining significant debt burden, a very short track
record of success in Singapore, and a sizable development
pipeline.  However, given the strong positive trends in
performance, the rating outlook could be positive at the higher
rating level.


LAUTH INVESTMENT: Reaches Settlement with LIP Holdings
------------------------------------------------------
Robert M. Fishman, a member of the Chicago law firm of Shaw Gussis
Fishman Glantz Wolfson & Towbin LLC, the Special Mediator
appointed by U. S. Bankruptcy Judge Basil H. Lorch III, disclosed
that Lauth Investment Properties, LLC and LIP Holdings LLC (an
affiliate of Inland American) and their affiliates have reached a
global settlement of their disputes in the cases now pending in
the Bankruptcy Court.

Mr. Fishman was appointed by Judge Lorch in April 2010 as part of
a settlement agreement between Lauth and Inland that ended pending
litigation between them and resolved a motion to appoint a
trustee.

Mr. Fishman mediated a resolution of all remaining issues between
Inland and Lauth.  The terms of the global settlement will remain
confidential until the motion seeking approval of the settlement
is filed with the Bankruptcy Court, which is expected to occur in
about thirty days.

Under the terms of the global settlement and the April arrangement
between Lauth and Inland, Lauth Group, Inc will relocate its
headquarters to 11595 North Meridian Street.  The Lauth Group
relocation is expected occur in October.


LEHMAN BROTHERS: Seeking Approval for Innkeepers Plan Support
-------------------------------------------------------------
Bill Rochelle at Bloomberg News reports that Lehman Brothers
Holdings Inc. filed a motion in its own Chapter 11 case for
authorization to carry out a commitment to reorganize Innkeepers
USA Trust, a real estate investment trust owned by Apollo
Investment Corp.

The plan support agreement was worked out before Innkeepers filed
for bankruptcy on July 19.  Under the reorganization plan, Lehman
ALI Inc., a subsidiary of LBHI and a secured lender of Innkeepers,
would end up with all the new stock in return for $238 million in
debt.  In 2007, LBHI provided loan to Apollo Investment Corp. to
fund the $1.5 billion buyout of Innkeepers as part of a plan to
increase its lending business for Lehman subsidiary Lehman ALI
Inc. to exchange its $238 million in mortgage debt for all the new
Innkeepers equity.  The Lehman subsidiary has floating-rate
mortgages on 20 of Innkeepers 72 extended-stay and limited-service
properties.

The Lehman Court will consider the motion at an Aug. 18 hearing.

Lehman also wants permission to sell half the new stock it
receives to Apollo for not less than $107.5 million. In addition,
Lehman needs authorization from the bankruptcy judge to make a
$17.5 million loan to refurbish the Innkeepers properties on which
it has mortgages.

Innkeepers, Bloomberg relates, owes Lehman an additional
$118 million on a floating-rate mezzanine debt not destined to
have a recovery under the plan.

According to the Bloomberg report, Lehman filed another motion,
also to be in court on Aug. 18, to pay fees for its investment
banker, Lazard Freres & Co., if Innkeepers doesn't.  Under the
plan-support agreement, Innkeepers is supposed to pay Lazard's
fees.  Lazard is to receive $150,000 a month plus a restructuring
fee of $1.5 million.  Some of the monthly fee will be credited
against the restructuring fee.  Innkeepers disclosed at the outset
of its Chapter 11 case that it would be paying $460,000 a month to
reimburse Lehman for its professional fees.

Bloomberg continues that the remainder of Innkeepers' plan would
have secured creditors, owed $825 million, to receive $550 million
in fixed-rate mortgages on the 45 properties that are their
collateral.  There are another $206 million in mortgages on seven
properties that would be reduced by the plan to $150 million.
Innkeepers' general unsecured creditors are to receive $500,000
cash.

                     About Innkeepers USA Trust

Innkeepers USA Trust is a self-administered Maryland real estate
investment trust with a primary business focus on acquiring
premium-branded upscale extended-stay, mid-priced limited service,
and select-service hotels.

Innkeepers, through its indirect subsidiaries, owns and operates
an expansive portfolio of 72 upscale and mid-priced extended-stay
and select-service hotels, consisting of approximately 10,000
rooms, located in 20 states across the United States.

Apollo Investment Corporation acquired Innkeepers in June 2007.

Innkeepers USA Trust and several affiliates filed for Chapter 11
on July 19, 2010 (Bankr. S.D.N.Y. Case No. 10-13800).

Attorneys at Kirkland & Ellis LLP serve as counsel to the Debtors.
AlixPartners is the restructuring advisor and Marc A. Beilinson is
the chief restructuring officer.  Moelis & Company is the
financial advisor.  Omni Management Group, LLC, is the claims and
notice agent. The petition listed assets and debts of more than
$1 billion.

In 2009, Innkeepers' consolidated revenues were approximately
$292 million and adjusted EBITDA were approximately $85 million.
The Company's consolidated assets for 2009 totaled approximately
$1.5 billion.  As of July 19, 2010, the Company and its affiliates
have incurred approximately $1.29 billion of secured debt.

Bankruptcy Creditors' Service, Inc., publishes Innkeepers USA
Bankruptcy News.  The newsletter tracks the chapter 11
restructuring proceedings commenced by Innkeepers USA Trust and
its affiliates.  (http://bankrupt.com/newsstand/or 215/945-7000).

                        About Lehman Brothers

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

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

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

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

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

               International Operations Collapse

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

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

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


LEHMAN BROTHERS: Australian Court Directs Parkes Shire Mediation
----------------------------------------------------------------
The Australian High Court has ordered the Parkes Shire to go into
mediation with Lehman Brothers Australia's liquidator to recoup
money lost two years ago, according to a report by ABC News.

Parkes Shire is one of three which succeeded in getting LB
Australia's Deed of Company Arrangement overturned, preventing
local government and other groups from suing the Lehman units.

Alan McCormack, general manager of Parkes Shire, said beginning
mediation is great progress.

"It's positive and it gives us a chance to state our case," ABC
News quoted Mr. McCormack as saying.  He added that if the
mediation does not turn successful, Parkes and Swan in Western
Australia can join Wingecarribee in a class action against the
liquidator.

"So the mediation will be the first step, if that doesn't work
the way is still open for the councils to continue their legal
action," ABC News quoted Mr. McCormack as saying.  Affected
councils, however, would receive a bigger share of their lost
investments if the mediation turns successful.

                        About Lehman Brothers

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

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

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

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

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

               International Operations Collapse

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

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

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


LEHMAN BROTHERS: Committee Intervenes in JPMorgan Case
------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
authorized the Official Committee of Unsecured Creditors to
intervene as a plaintiff in the lawsuit that Lehman Brothers
Holdings Inc. brought against JPMorgan Chase Bank N.A.

LBHI sued JPMorgan to claw back as much as $8.6 billion that it
seized as collateral prior to the company's bankruptcy filing in
2008.  It accused JPMorgan of using its position as primary
clearing bank to the company's broker-dealer unit to extract
billions of dollars including $5 billion in cash on the final
business day.

The lawsuit came two months after an examiner who was appointed
to investigate into what caused LBHI's bankruptcy published the
results of his investigation.  The examiner found colorable
claims against JPMorgan in connection with its demands for
collateral in the final days of LBHI.  The demands for collateral
had direct impact on LBHI's liquidity pool, according to the
examiner.

In a related development, LBHI, the Creditors Committee and
JPMorgan entered into agreements which set a timetable for the
conduct of investigation and the filing of court papers in
connection with the lawsuit.  Full-text copies of these
stipulations are available for free at:

     http://bankrupt.com/misc/LBHI_JPMorganDiscoveryPlan.pdf
     http://bankrupt.com/misc/LBHI_JPMorganStipulation.pdf

Judge James Peck has also authorized the Official Committee of
Unsecured Creditors to intervene as a plaintiff in the lawsuit
that Lehman Brothers Holdings Inc. and its unit brought against
Nomura International PLC and Nomura Securities Co. Ltd.  The
Nomura entities were sued for their alleged egregious inflation by
hundreds of millions of dollars of the proofs of claim they filed
under penalty of perjury against LBHI and Lehman Brothers Special
Financing Inc.

                        About Lehman Brothers

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

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

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

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

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

               International Operations Collapse

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

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

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


LEHMAN BROTHERS: Goldfields and LBCC Settle Hedge Litigation
------------------------------------------------------------
Norton Goldfields said last week it has entered into an agreement
to settle the Lehman Brothers Commercial Corporation hedge
litigation.  This follows the 13 May 2010 announcement that the
litigation process had been adjourned until 14 July allowing the
parties to pursue mediation sanctioned by the US Bankruptcy
Court.

Norton's gold hedge with Lehman Brothers Commercial Corporation
(Lehman) will be cancelled in exchange for payment to Lehman of
AUD$10M upfront and the issuance of a Senior Secured Note for
AUD$97M to be repaid over four years.

Norton CEO Mark McCauley said the agreement represents the best
available outcome for Norton shareholders.

"The settlement of the hedge litigation offers the Company greater
certainty and will allow Norton to move forward and focus on
expanding gold production and reducing costs," Mr. McCauley said.

"The replacement of the hedge, expiring June 2012 with a loan note
due 4 years after Closing (expected to be August 2014) with a
repayment program which sees most of the repayments in the latter
years, provides the opportunity for Norton to fund these
repayments out of cash flow.

"Our existing cash balance provides a robust financial position
from which to move forward," Mr. McCauley said.

                       Terms of the Note

The Note will be paid over four years with AUD$5M to be paid in
Feb 2013 and Aug 2013 and the remaining principal to be paid in
equal installments in Feb 2014 and Aug 2014.

Cash interest will be paid half yearly on all outstanding amounts
at an annualized rate of 12%.  Interest payable in kind will be
compounded into principal of the Note half yearly on all
outstanding amounts at an annualized interest of 4%.

Norton will have first right of refusal to purchase the loan note
should Lehman decide to onsell it.  There will be limited
provision for prepayment of the loan in year 1 with penalties for
early repayment applying during the term of the loan.  Normal
financial covenants for this type of loan note will apply with
Lehman retaining a first ranking, fixed and floating charge
over all of Norton's and its subsidiaries assets.  A summary of
key note terms and covenants is available at:

    http://ResearchArchives.com/t/s?66ae

At the time of the Lehman bankruptcy in September 2008 Norton had
a hedge in place for delivery of 280,000 ounces at AUD$875 per
ounce to be sold in even quarterly parcels through until June
2012.  Norton ceased delivery into these contracts upon Lehman's
bankruptcy.

             Gold Production and Financial Status

Norton will shortly release its Quarterly Activity Report for the
June 2010 quarter, which is expected to confirm that production
targets for FY2010 have been met, with strong fourth quarter
production.

The Company currently has approximately $70M cash at bank and
existing debt of $38M, in the form of convertible notes redeemable
in August 2011 with a conversion price of $0.25 per share.

The closing of the settlement is subject to, amongst other things
certain approvals (including approval by Norton's existing
convertible noteholders), which is anticipated by mid August 2010.

                        About Lehman Brothers

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

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

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

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

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

               International Operations Collapse

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

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

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


LEVEL 3: Posts $169 Million Net Loss for Second Quarter
-------------------------------------------------------
Level 3 Communications Inc. said it has solid second quarter 2010
results, highlighted by sequential growth in Core Network Services
revenue, Gross Margin, and Consolidated Adjusted EBITDA, and
improved sequential performance in Unlevered and Free Cash Flow.
Consolidated revenue was $908 million for the second quarter 2010,
compared to consolidated revenue of $910 million for the first
quarter 2010 and $942 million for the second quarter 2009.

The net loss for the second quarter 2010 was $169 million, or
$0.10 per share, compared to a net loss of $238 million, or $0.14
per share, for the first quarter 2010.  The net loss for the first
quarter 2010 included a $54 million, or $0.03 per share, loss on
the extinguishment of debt.  The net loss for the second quarter
2009 was $134 million, or $0.08 per share, which included a
$14 million, or $0.01 per share, gain on the extinguishment of
debt.

Consolidated Adjusted EBITDA was $209 million in the second
quarter 2010, compared to $200 million in the first quarter 2010
and $229 million in the second quarter 2009.

"As we said last quarter, we expected to see sequential growth in
our Core Network Services revenue for the rest of 2010," said
James Crowe, CEO of Level 3.  "Core Network Services revenue grew
sequentially by approximately 1 percent, excluding the $7 million
asset sale in the first quarter 2010. Our Core Network Services
sales increased for the third consecutive quarter, and we believe
this is a good indicator of the improved performance we expect in
the second half of the year."

                              Revenue

Total Communications Revenue for the second quarter 2010 was
$892 million, compared to $900 million for the first quarter 2010.
Total Communications Revenue for the second quarter 2009 was
$926 million.

For the remainder of the press release and for all areas marked
with an asterisk, Wholesale Core Network Services revenue and
total Core Network Services revenue for the first quarter 2010
exclude the $7 million asset sale recognized during that quarter.
Including the asset sale, Wholesale Core Network Services revenue
was $343 million and total Core Network Services revenue was
$701 million for the first quarter 2010.

                 Consolidated Cash Flow and Liquidity

During the second quarter 2010, Unlevered Cash Flow was
$102 million, versus $51 million in the first quarter 2010, and
$146 million for the second quarter 2009.

Consolidated Free Cash Flow was negative $19 million for the
second quarter 2010, compared to negative $90 million for the
first quarter 2010.  Consolidated Free Cash Flow was positive
$20 million in the second quarter 2009.

During the quarter, the Company redeemed the remaining
$172 million aggregate principal amount of its 10% Convertible
Senior Notes due 2011.  In conjunction with this transaction, the
Company recognized a $4 million loss on extinguishment of debt in
the second quarter 2010.

In July 2010, the Company repaid, at maturity, the remaining
$38 million aggregate principal amount of its 2.875% Convertible
Senior Notes.

As of June 30, 2010, the Company had cash and cash equivalents of
approximately $442 million.

                          Business Outlook

"We continue to be encouraged by the opportunities we see across
the business, as demonstrated by our Core Network Services sales
growth this year," said Patel.  "We expect Core Network Services
revenue to grow sequentially for the rest of 2010.

"In the third quarter 2010, we do expect to see SG&A expenses
increase as a result of the typical seasonal increase in utility
costs during that quarter.  Outside of utility costs, we continue
to expect SG&A to remain relatively flat as we continue to invest
in sales and service delivery resources while managing expenses in
other areas of the business."

A full-text copy of the Company's earnings release is available
for free at http://ResearchArchives.com/t/s?6745

Headquartered in Broomfield, Colorado, Level 3 Communications,
Inc., is a publicly traded international communications company
with one of the world's largest communications and Internet
backbones.

Level 3 Communications carries a 'Caa1' corporate family rating,
and 'Caa2' probability of default rating, with negative outlook
from Moody's, a 'B-' issuer default rating from Fitch, and 'B-'
long term issuer credit ratings from Standard & Poor's.


LEXI DEVELOPMENT: Amends List of Largest Unsecured Creditors
------------------------------------------------------------
Lexi Development Company, Inc., filed with the U.S. Bankruptcy
Court for the Southern District of Florida amended list of its
largest unsecured creditors.

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

         http://bankrupt.com/misc/fsb10-27573_amended.pdf

South Miami, Florida-based Lexi Development Company, Inc., filed
for Chapter 11 bankruptcy protection on June 23, 2010 (Bankr. S.D.
Fla. Case No. 10-27573).  The Company estimated its assets and
debts at $10,000,001 to $50,000,000.


LEXI DEVELOPMENT: Files Schedules of Assets and Liabilities
-----------------------------------------------------------
Lexi Development Company, 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               $21,500,000
  B. Personal Property            $1,101,336
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                               $10,160,000
  E. Creditors Holding
     Unsecured Priority
     Claims                                        $1,999,105
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                        $9,399,771
                                 -----------      -----------
        TOTAL                    $22,601,336      $21,558,876

South Miami, Florida-based Lexi Development Company, Inc., filed
for Chapter 11 bankruptcy protection on June 23, 2010 (Bankr. S.D.
Fla. Case No. 10-27573).  The Company estimated its assets and
debts at $10,000,001 to $50,000,000.


LEXI DEVELOPMENT: Taps Eisinger as Special Counsel
--------------------------------------------------
The Hon. A. Jay Cristol of the U.S. Bankruptcy Court for the
Southern District of Florida authorized, on an interim basis, Lexi
Development Company, Inc., to employ Gary L. Brown, Esq., and the
Law Firm of Eisinger, Brown, Lewis, Frankel, Chaiet & Krut, P.A.
as special counsel.

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

A final hearing on the firm's employment will be held on
August 12, 2010, at 2:00 p.m., prevailing Eastern Time, at 51 SW
First Avenue, No. 1410, Miami, Florida.   Objections, if any, are
due August 10.

The Debtor is represented by:

     Josqua W. Dobin, Esq.
     Meland Russin & Budwick, P.A.
     3000 Wachovia Financial Center
     200 South Biscayne Boulevard
     Miami, FL 33131

                    About Lexi Development Company

South Miami, Florida-based Lexi Development Company, Inc., filed
for Chapter 11 bankruptcy protection on June 23, 2010 (Bankr. S.D.
Fla. Case No. 10-27573).  The Company estimated its assets and
debts at $10,000,001 to $50,000,000.


LINCOLNSHIRE CAMPUS: Naperville Campus Files Schedules & Statement
------------------------------------------------------------------
A. Real Property
   Owned
    Land and Buildings of Naperville property      $17,500,000
    at 2255 Erickson Drive, Naperville,
    Illinois 60563

B. Personal Property
B.2  Bank Accounts
     Trustee Funds (US Bank): The County of Dupage
       Reserve Fund                                  1,286,077
       Debt Service                                     19,481
       Other                                             3,577
     Trustee Funds (Fifth Third Bank)
       Bond Financing Reserve                           56,766
     PNC - operating                                   333,518
B.3  Security Deposits with public utilities
     Letter of Credit - City of Warrenville             74,081
     Deposit - City of Naperville                       56,701
     Deposit - City of Naperville                      143,610
B.16 Accounts receivable
     Monarch Landing -- working capital loan         7,158,871
     Monarch Landing -- working capital interest       341,176
B.28 Office equipment, furnishings and supplies
     Furniture                                          38,087
     Equipment                                         740,668
B.29 Machinery, fixtures and supplies
     Computer software (book value)                    101,775

   TOTAL SCHEDULED ASSETS                          $27,869,498
   ===========================================================

C. Property Claimed as Exempt                              n/a

D. Creditors Holding Secured Claims
   Money Loaned TIF Bond, Dupage County            $14,500,000
   Secured Debt
     Manufacturers and Trades Trust Company            Unknown
   Money Loaned Community Mortgage Entrance Fees
     Monarch Landing, Inc.                          35,775,000
   Intercompany Purchase Option Deposit
     Monarch Landing, Inc.                         130,000,000
   Money loaned Series A & B Bond Debt
     Wells Fargo (Trustee)                             Unknown
   Goods, services, trade, mechanics lien
     Roberts Environmental Control Corp.                36,640
     Roberts Environmental Control Corp.                 6,600

E. Creditors Holding Unsecured Priority Claims
   Taxes and certain other debts to gov't. units
    Dupage County Tax Collector                        834,659

F. Creditors Holding Unsecured Non-priority Claims
   Money loaned ERC Funding
     Erickson Retirement Communities                10,003,094
   Money loaned Development Fees
     Erickson Retirement Communities                   789,238
   Intercompany Goods, Services, Trade
     Erickson Retirement Communities, Inc.           3,732,810
     Erickson Retirement Communities, Inc.             114,609
   Goods, services, trade
     Charlestown Inc.                                      268
     Monarch Landing, Inc.                             752,219
   Trade debt
     Monarch Landing, Inc.                               4,576
     EU Services                                         2,661
     Art Litho Company                                   2,330
     Naperville Area Chamber of Commerce                   750
     Canon Business Solutions Inc.                         609
     CallSource                                            351
     United Parcel Service                                 303
     AT&T                                                  292
     American Express                                      137
     Hinckley Spring Water Company                          47

   TOTAL SCHEDULED LIABILITIES                    $196,557,198
   ===========================================================

Naperville Campus, LLC relates that it generated income from
operation of its business during the two years immediately
preceding the Petition Date:

      Year                           Income
      ----                         -----------
      01/01/10-05/31/10               $746,272
      01/01/09-12/31/09             $1,797,666
      01/01/08-12/31/08             $1,802,110

Paul Rundell, chief restructuring officer of Naperville Campus,
disclosed that the Debtor received income other than from
operation of its business during the two years preceding the
Petition Date in these amounts:

      Year                            Income
      ----                         ------------
      01/01/10-05/31/10               $920,330
      01/01/09-12/31/09               $692,026
      01/01/08-12/31/08             $1,252,268

Naperville Campus made payment to creditors within 90 days
preceding the Petition Date, totaling $30,690, a breakdown of
which is available for free at:

    http://bankrupt.com/misc/Naperville3bCredPayments.pdf

Naperville Campus also made payments within a year immediately
preceding the Petition Date to or for the benefit of creditors
who are or were insiders, aggregating $650,812:

     Insider                                   Amount Paid
     -------                                   -----------
     Erickson Retirement Communities, LLC        $282,442
     Redwood ERC Management                       208,725
     Monarch Landing, Inc.                        157,341
     Erickson Construction, LLC                     2,302

A breakdown of the insider payments is available for free at:

     http://bankrupt.com/misc/Naperville3cInsiderPayments.pdf

Naperville Campus is a party to two foreclosure lawsuits filed by
Roberts Environmental Control Corp. against Lincolnshire Campus,
LLC pending in the Lake County - 19th Judicial Circuit Court,
Illinois.  Roberts Environmental asserts a mechanics lien for
labor and materials rendered to Lincolnshire Campus.

Naperville Campus closed two financial accounts within one year
immediately before the Petition Date:

                         Last Four Digits      Date of
   Name of Bank            of Account          Closing
   ------------          ----------------    -------------
   Bank of America            7970           November 2009
   Fifth Third Bank           3407           October 2009

The individuals who keep books and records of Naperville Campus
within two years before the Petition Date are:

   Name                      Title
   ----                      -----
   Barbara Labuskes          Vice President of Finance
   Scott Thelen              Senior Vice President of Finance
   Sherrie Rovnan            Senior Vice President of Finance
   Kent Madigan              Senior Director Finance
   Neal Gantert              Senior Director Finance
   Jeremy Trimble            Director Finance
   Sandy Zinck               Senior Director Finance
   LeAnne Olson              Assistant Controller
   Mark Szczybor             Assistant Controller
   William Buckman           Assistant Controller
   Linda Sanchez             Assistant Controller
   Gail Patnaude             Accounting Manager
   Jeffrey Jacobson          EVP, CFO, Treasurer
   Tom Brod                  Executive Vice President Finance
   Jim Walter                Senior Vice President of Finance
   Terry Dodge               Vice President of Finance
   Barbara Ireland           Director of Finance

Pete Poore and Dominic Dubois of McGladrey & Pullen LLP have
audited the books and records of Naperville Campus within two
years immediately preceding the Petition Date.

Naperville Campus issued a financial statement to about 18
financial institutions within two years immediately preceding the
Petition Date.  A list of the financial institutions is available
for free at:

    http://bankrupt.com/misc/Naperville19DFinlStatParties.pdf

Erickson Retirement Communities, LLC, owns 100% in interest of
Naperville Campus.

                         About the Debtors

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

Not-for-Profit Entities Sedgebrook, Inc., and Monarch Landing Inc.
filed for Chapter 11 on June 15, 2010.

The Lincolnshire Debtors and the NFP Debtors are affiliate of
Erickson Retirement Communities LLC.

Baltimore, Maryland-based Erickson Retirement Communities LLC,
along with affiliates, filed for Chapter 11 on Oct. 19, 2009
(Bankr. N.D. Tex. Case No. 09-37010).  DLA Piper LLP (US) serves
as counsel to the Debtors.  BMC Group Inc. serves as claims and
notice agent.  Houlihan, Lokey, Howard & Zoukin, Inc., is also
serving as investment and financial consultant.  Alvarez & Marsal
is serving as restructuring adviser.   Judge Stacey G.C. Jernigan
confirmed Erickson's Plan of Reorganization on April 16, 2010.
The confirmed Chapter 11 Plan is premised on the $365 million sale
of substantially all of the Erickson Retirement assets to Redwood
Capital Investments LLC and its affiliates.  The Plan became
effective on April 30, 2010.

Erickson own 20 continuing care retirement communities in 11
states.  Among Erickson's 20 communities, eight are completed, 11
are open although in construction, and one is in development.
They have 23,000 residents in total.


LINCOLNSHIRE CAMPUS: Residents Committee Wants Fulbright as Attys.
------------------------------------------------------------------
The Official Residents Committee for Lincolnshire Campus seeks the
Court's permission to retain Fulbright & Jaworski L.L.P. as its
counsel, nunc pro tunc to July 9, 2010.

As the Residents Committee's counsel, Fulbright is contemplated
to:

  (a) advise the Residents Committee with respect to its rights,
      powers and duties in the Lincolnshire Debtors' Chapter 11
      cases;

  (b) assist and advise the Residents Committee in its
      consultations with the Lincolnshire Debtors regarding the
      administration of their estates and Chapter 11 cases;

  (c) assist the Residents Committee in its analysis of, and
      negotiations with, the Lincolnshire Debtors or any other
      party concerning matters related to, among others, the
      terms of any bidding procedures, sales of the Lincolnshire
      Debtors' assets, and the terms of any Chapter 11 plan or
      plans for the Lincolnshire Debtors;

  (d) prepare on behalf of the Residents Committee all necessary
      motions, applications, complaints, answers, orders,
      reports, notices, schedules, and any other pleadings and
      legal documents in connection with matters affecting the
      Residents Committee;

  (e) represent the Residents Committee at all hearings and
      other proceedings related to the Lincolnshire Debtors'
      Chapter 11 cases;

  (f) review and analyze all applications, motions, orders,
      statements or operations and schedules filed with the
      Court and advise the Residents Committee as to their
      propriety; and

  (g) perform all other necessary legal services that the
      Residents Committee may request in connection with the
      Lincolnshire Debtors' Chapter 11 cases and pursuant to the
      Bankruptcy Code.

The Fulbright professionals are to be paid for their services,
according to their customary hourly rates:

            Title                      Rate per Hour
            -----                      -------------
            Partners                   $450 to $1,000
            Senior Counsel             $215 to $620
            Assistant/Support Staff    $100 to $285

The firm will also be reimbursed for the necessary and actual
expenses they incur in relation to the engagement.

Louis R. Strubeck, Esq., a partner at Fulbright, --
lstrubeck@fulbright.com -- relates that his firm represents these
entities in matters unrelated to the Lincolnshire Debtors'
Chapter 11 cases:

  * Erickson Retirement Communities, LLC
  * U.S. Bank National Association
  * Wells Fargo Bank National Association
  * FCA, Inc.
  * IKON Financial Services
  * Sysco Food Services
  * Waste Management

Despite that disclosure, Mr. Strubeck maintains that Fulbright is
a "disinterested person" as the term is defined under Section
101(14) of the Bankruptcy Code.

                         About the Debtors

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

Not-for-Profit Entities Sedgebrook, Inc. and Monarch Landing Inc.
filed for Chapter 11 on June 15, 2010.

The Lincolnshire Debtors and the NFP Debtors are affiliate of
Erickson Retirement Communities LLC.

Baltimore, Maryland-based Erickson Retirement Communities LLC,
along with affiliates, filed for Chapter 11 on Oct. 19, 2009
(Bankr. N.D. Tex. Case No. 09-37010).  DLA Piper LLP (US) serves
as counsel to the Debtors.  BMC Group Inc. serves as claims and
notice agent.  Houlihan, Lokey, Howard & Zoukin, Inc., is also
serving as investment and financial consultant.  Alvarez & Marsal
is serving as restructuring adviser.   Judge Stacey G.C. Jernigan
confirmed Erickson's Plan of Reorganization on April 16, 2010.
The confirmed Chapter 11 Plan is premised on the $365 million sale
of substantially all of the Erickson Retirement assets to Redwood
Capital Investments LLC and its affiliates.  The Plan became
effective on April 30, 2010.

Erickson own 20 continuing care retirement communities in 11
states.  Among Erickson's 20 communities, eight are completed, 11
are open although in construction, and one is in development.
They have 23,000 residents in total.


LYNN CITRON: Liberty Mutual Can Recoup Payments to Li Law Office
----------------------------------------------------------------
Liberty Mutual Insurance Company, as Fiduciary for the Bankruptcy
Estate of Lynn Citron and Jeffrey Citron, won summary judgment to
avoid and recover $12,000 the Debtors paid to Bing Li and the Law
Offices of Bing Li, LLC.

Judge Alan Trust of the United States Bankruptcy Court for the
Eastern District of New York agreed with Liberty that the payments
from the Debtors to the Li Defendants are improper postpetition
transfers.  The Li Defendants knew or should have known that they
could not receive post-petition payments without authority of the
Court.

The case is Liberty Mutual Insurance Company, as Fiduciary for the
Bankruptcy Estate of Lynn Citron and Jeffrey Citron, v. The State
of New York, Bing Li and The Law Offices of Bing Li, LLC, and
Frank Paone, case no. 08-71442 (E.D.N.Y. July 23, 2010), and a
copy of the decision is available at:

http://www.leagle.com/unsecure/page.htm?shortname=inbco20100723528

The Citrons filed for Chapter 11 bankruptcy on March 27, 2008.


LYONDELL CHEMICAL: Highland Sues UBS Over $150-Mil. Loan Contract
-----------------------------------------------------------------
Bankruptcy Law360 reports that Highland Capital Management LP has
filed a lawsuit claiming UBS Securities LLC unfairly blocked it
from a contract entitling it to a $150 million financing
opportunity for restructured chemical giant LyondellBasell
Industries NV.

Law360 says Highland named both UBS and Lyondell as defendants
Wednesday in a 14-page complaint in the New York County Supreme
Court, alleging single counts of breach of contract.

                       About Lyondell Chemical

LyondellBasell Industries is one of the world's largest polymers,
petrochemicals and fuels companies.  It is the global leader in
polyolefins technology, production and marketing; a pioneer in
propylene oxide and derivatives; and a significant producer of
fuels and refined products, including biofuels.  Through research
and development, LyondellBasell develops innovative materials and
technologies that deliver exceptional customer value and products
that improve quality of life for people around the world.
Headquartered in The Netherlands, LyondellBasell --
http://www.lyondellbasell.com/-- is privately owned by Access
Industries.

Basell AF and Lyondell Chemical Company merged operations in 2007
to form LyondellBasell Industries, the world's third largest
independent chemical company.  LyondellBasell became saddled with
debt as part of the US$12.7 billion merger.  On January 6, 2009,
LyondellBasell Industries' U.S. operations and one of its European
holding companies -- Basell Germany Holdings GmbH -- filed
voluntary petitions to reorganize under Chapter 11 of the U.S.
Bankruptcy Code to facilitate a restructuring of the company's
debts.  The case is In re Lyondell Chemical Company, et al.,
Bankr. S.D.N.Y. Lead Case No. 09-10023).  Seventy-nine Lyondell
entities, including Equistar Chemicals, LP, Lyondell Chemical
Company, Millennium Chemicals Inc., and Wyatt Industries, Inc.
filed for Chapter 11.  In May 2009, one of the cases was dismissed
-- Case No. 09-10068 -- because it is duplicative of Case No. 09-
10040 relating to Debtor Glidden Latin America Holdings.

The Hon. Robert E. Gerber presides over the case.  Deryck A.
Palmer, Esq., at Cadwalader, Wickersham & Taft LLP, in New York,
serves as the Debtors' bankruptcy counsel.  Evercore Partners
serves as financial advisors, and Alix Partners and its subsidiary
AP Services LLC, serves as restructuring advisors.  AlixPartners'
Kevin M. McShea acts as the Debtors' Chief Restructuring Officer.
Clifford Chance LLP serves as restructuring advisors to the
European entities.  Lyondell Chemical estimated that consolidated
assets total US$27.12 billion and debts total US$19.34 billion as
of the bankruptcy filing date.

Lyondell has obtained approximately US$8 billion in DIP financing
to fund continuing operations.  The DIP financing includes two
credit agreements: a US$6.5 billion term loan, which comprises a
US$3.25 billion in new loans and a US$3.25 billion roll-up of
existing loans; and a US$1.57 billion asset-backed lending
facility.

Luxembourg-based LyondellBasell Industries AF S.C.A. and another
affiliate were voluntarily added to Lyondell Chemical's
reorganization filing under Chapter 11 on April 24, 2009, in order
to seek protection against claims by certain financial and U.S.
trade creditors.  On May 8, 2009, LyondellBasell Industries added
13 non-operating entities to Lyondell Chemical Company's
reorganization filing under Chapter 11 of the U.S. Bankruptcy
Code.  All of the entities are U.S. companies and were added to
the original Chapter 11 filing for administrative purposes.  The
filings will have no impact on current business or operations as
none of the entities manufactures or sells products.

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


MAGIC BRANDS: Sale to Give Substantial Recoveries for Unsecureds
---------------------------------------------------------------
Magic Brands LLC closed the sale of the Fuddruckers stores and
franchise business to restaurant operator Luby's Inc. for $63.5
million.  According to Bloomberg News, Kelley Drye & Warren LLP,
attorneys for the official creditors' committee, said that the
payment of $61 million to the bankruptcy estate should result in
"substantial recoveries for unsecured creditors."  Magic Brands
previously said the sale "could" result in full payment for
unsecured creditors.

                         About Luby's, Inc.

Luby's, Inc. operates 96 restaurants in Austin, Dallas, Houston,
San Antonio, the Rio Grande Valley and other locations throughout
Texas and other states.  Luby's provides its customers with
quality home-style food, value pricing, and outstanding customer
service.  Luby's Culinary Services provides food service
management to 17 sites consisting of healthcare, higher education
and corporate dining locations.

                         About Magic Brands

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

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

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


MALDEN BROOKS: Can Reject Minnich Sale Agreement
------------------------------------------------
Judge Melvin S. Hoffman of the U.S. Bankruptcy Court for the
District of Massachusetts permitted Malden Brooks Farm LLC to
reject a prepetition Purchase and Sale Agreement with Dennis
Minnich.

The debtor emphasized in its request the inequality of positions
between Robert Tashjian, the 80-year old member and manager of the
debtor who signed the purchase and sale agreement on behalf of the
debtor as seller five days before the debtor's chapter 11 petition
was filed, and the buyer, Mr. Minnich, who was the uniformed chief
of police for the Town of West Boylston and who presented the
agreement to Dr. Tashjian for his signature.

Mr. Minnich objected, arguing that the debtor has failed to
identify the procedure it used in determining to reject the
purchase and sale agreement and thus has not demonstrated that its
decision is based on sound business judgment.  Mr. Minnich also
pointed to his long and friendly relationship with Dr. Tashjian
and his sister.

Judge Hoffman held that there is no requirement that the debtor
lay out the procedure it undertook in making the decision to
reject, only that the decision not be made in bad faith or
constitute a gross abuse of the debtor's business discretion.  The
debtor's allegation that the purchase price for the real estate in
the purchase and sale agreement was less than its fair value is
sufficient indication that the debtor's decision to reject was not
in bad faith or a gross abuse of its business discretion, Judge
Hoffman said.

"Rejection of an agreement for the purchase of real estate by a
purchaser not in possession of the real estate is one of those
areas where the Bankruptcy Code bars enforcement of the right to
specific performance under state law.  Because Minnich's state law
right must yield to the Bankruptcy Code and because the debtor's
decision to reject the purchase and sale agreement is within its
sound business judgment, the Motion to Reject the Purchase and
Sale Agreement will be allowed," Judge Hoffman said.

A full-text copy of the decision is available at:

http://www.leagle.com/unsecure/page.htm?shortname=inbco20100720713

West Boylston, Massachusetts-based Malden Brook Farms LLC filed
for bankruptcy on May 24, 2010 (Bankr. D. Mass. Case No.
10-42617).  Judge Melvin S. Hoffman presides over the case.  Roy
W. Pastor, Esq., at Lorden, Pastor & Lilly, P.C., serves as
bankruptcy counsel.  The petition listed assets and debts as
between $1,000,001 and $10,000,000.


MARINER ENERGY: S&P Puts 'B+' Rating on CreditWatch Positive
------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on
Mariner Energy Inc., including the B+ corporate credit rating,
remain on CreditWatch, where they were placed with positive
implications on April 15, 2010.  The CreditWatch placement
followed the announcement that the company has entered into an
agreement to be acquired by Apache Corp. (A-/Stable/A-2).  The
agreement is subject to regulatory clearance and Mariner
stockholder approval.

Under the terms of the agreement, Apache has agreed to issue
0.17043 common shares of Apache and $7.80 in cash for each
outstanding share of Mariner common stock for a total transaction
value of $3.9 billion (including the assumption of about
$1.2 billion of existing Mariner debt).

"The combination will increase Apache's existing Gulf Shelf and
Permian Basin positions and provide deepwater E&P growth
opportunities," said Standard & Poor's credit analyst Marc
Bromberg.  At year-end 2009, Mariner had 1.1Tcfe of proved
reserves (66% proved developed, 53% natural gas).

Key elements in resolving the CreditWatch will be Mariner's credit
profile and its strategic importance to Apache and whether or not
Apache will provide a guarantee, integrate Mariner into the
company, or leave it as a stand-alone subsidiary.  S&P expects to
comment on any notching implications upon or near the close of the
transaction.


MEDICAL STAFFING: Files Schedules of Assets and Liabilities
-----------------------------------------------------------
Medical Staffing Network, Inc., an affiliate of Medical Staffing
Network Holdings, 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                        $0
  B. Personal Property           $53,293,726
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                              $126,370,256
  E. Creditors Holding
     Unsecured Priority
     Claims                                          $207,678
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                        $3,284,177
                                 -----------      -----------
        TOTAL                    $53,293,726     $129,862,111

In a separate filing, Medical Staffing Network Holdings, Inc.,
filed its schedules disclosing total assets of $53 and total
liabilities of $126,264,489.

Boca Raton, Florida-based Medical Staffing Network Holdings, Inc.,
provides temporary (predominantly healthcare) staffing services
including per diem, short term contracts and travel, in the United
States.  Warburg Pincus Private equity VIII, L.P., owns a 45.4%
stake in the Company.  The Company filed for Chapter 11 bankruptcy
protection on July 2, 2010 (Bankr. S.D. Fla. Case No. 10-29101).
Paul Steven Singerman, Esq., who has an office in Miami, Florida,
assists the Company in its restructuring effort.  The Company
estimated its assets and debts at $100,000,001 to $500,000,000.

Akerman Senterfitt is the Company's special corporate and
transactional counsel.  Loughlin Meghji + Company is the Company's
corporate restructuring advisor.  Ernst & Young LLP is the
Company's accounting and tax advisor.  The Garden City Group Inc.
is the Company's claims and notice agent.


MEDICAL STAFFING: Competing Bids are Due August 17
--------------------------------------------------
Business Journal of South Florida reports that a federal
bankruptcy judge approved a sale process for substantially all
assets of Medical Staffing Network Holdings.

The first lien lenders are offering a credit bid of $84,122,982,
plus assumed liabilities under an Asset Purchase Agreement.

Under the court-approved rules, an auction will be held August 19,
2010, if competing bids are received by August 17.  The sale
hearing be held on August 20, 2010.

The minimum incremental bid is $84,122,982, plus the outstanding
obligations under the DIP Loan Documents, plus an amount
equivalent to the liabilities being assumed under the Asset
Purchase Agreement.  The initial overbid amount is $100,000.

For competing bidders, minimum deposit is $5,000,000.

There is no proposed break-up fee.

A copy of the Asset Purchase Agreement and bidding procedures is
available for free at http://ResearchArchives.com/t/s?66a0

                      About Medical Staffing

Boca Raton, Florida-based Medical Staffing Network Holdings, Inc.,
provides temporary (predominantly healthcare) staffing services
including per diem, short term contracts and travel, in the United
States.  Warburg Pincus Private equity VIII, L.P., owns a 45.4%
stake in the Company.  The Company filed for Chapter 11 bankruptcy
protection on July 2, 2010 (Bankr. S.D. Fla. Case No. 10-29101).
Paul Steven Singerman, Esq., who has an office in Miami, Florida,
assists the Company in its restructuring effort.  The Company
estimated its assets and debts at $100,000,001 to $500,000,000.

Akerman Senterfitt is the Company's special corporate and
transactional counsel.  Loughlin Meghji + Company is the Company's
corporate restructuring advisor.  Ernst & Young LLP is the
Company's accounting and tax advisor.  The Garden City Group Inc.
is the Company's claims and notice agent.


MGM MIRAGE: MGM Resorts Reaches Deal to Sell Property to Borgata
----------------------------------------------------------------
MGM Resorts International reached an agreement to sell four long-
term ground leases and their respective underlying real property
parcels at The Borgata Hotel Casino & Spa in Atlantic City, New
Jersey to Vornado Realty Trust and Geyser Holdings for
approximately $73 million.  The underlying real property parcels
subject to the transaction are comprised of approximately 11.3
acres.

The parties entered into a purchase and sale agreement regarding
this transaction on July 2, 2010.  Following the completion of the
inspection period under such agreement, the parties have agreed to
proceed with matters in preparation for closing.  This transaction
is subject to customary closing conditions contained in the
purchase and sale agreement, including approval by the New Jersey
Casino Control Commission and the New Jersey Division of Gaming
Enforcement.  The parties expect the transaction to close by the
fourth quarter of this year.

MGM Resorts International continues to own approximately 85 acres
of developable land in Atlantic City of which approximately 70
acres are adjacent to The Borgata on Renaissance Point.  These
approximate 85 acres of developable land are not included in this
transaction.

                        About MGM MIRAGE

Headquartered in Las Vegas, Nevada, MGM MIRAGE (NYSE: MGM) --
http://www.mgmmirage.com/-- owns and operates 16 properties
located in Nevada, Mississippi and Michigan, and has 50%
investments in four other properties in Nevada, New Jersey,
Illinois and Macau.  CityCenter, an urban metropolis on the Las
Vegas Strip scheduled to open in late 2009, is a joint venture
between MGM MIRAGE and Infinity World Development Corp, a
subsidiary of Dubai World.  MGM MIRAGE Hospitality has entered
into management agreements for future casino and non-casino
resorts throughout the world.

The Company reported $22.51 billion in total assets, $2.38 billion
in total current liabilities, $3.03 billion in deferred income
taxes, $12.97 billion in long term debt, and $256.83 million other
long term obligation, resulting to a $3.87 billion stockholders'
equity as of Dec. 31, 2009.  At September 30, 2009, MGM MIRAGE had
stockholders' equity of $4.29 billion.

                        *     *     *

As reported by the Troubled Company Reporter on March 22, 2010,
Moody's Investors Service affirmed MGM MIRAGE's ratings, including
its Caa1 Corporate Family Rating and raised the company's
Speculative Grade Liquidity rating to SGL-3 from SGL-4.  The
rating outlook remains stable.

As reported by the TCR on March 11, 2010, Standard & Poor's
Ratings Services affirmed all of its existing ratings on MGM
MIRAGE, including the 'CCC+' corporate credit rating.  The rating
outlook is developing.  "The 'CCC+ corporate credit rating
reflects MGM MIRAGE's significant debt burden, S&P's expectation
for continued declines in cash flow generation in 2010, and the
company's tight liquidity position," said Standard & Poor's credit
analyst Ben Bubeck.


MONARCH LANDING: Files Statement of Financial Affairs
-----------------------------------------------------
Paul Rundell, chief restructuring officer of the Lincolnshire
Debtors, relates that Monarch Landing, Inc., generated income
from operation of its business during the two years immediately
preceding the Petition Date:

      Year                           Income
      ----                         -----------
      01/01/10-05/31/10             $2,502,000
      01/01/09-12/31/09             $5,096,000

Monarch Landing also earned income from departmental revenues
other than from operation of its business during the two years
preceding the Petition Date:

      Year                            Income
      ----                         ------------
      01/01/10-05/31/10               $648,000
      01/01/09-12/31/09             $1,768,000

Monarch Landing made payment to creditors within 90 days
preceding the Petition Date, totaling $1,985,181, a breakdown of
which is available for free at:

      http://bankrupt.com/misc/Monarch3bCredPayments.pdf

Monarch Landing also made payments within a year immediately
preceding the Petition Date to or for the benefit of creditors
who are or were insiders, aggregating $3,659,746, a breakdown of
which is available for free at:

       http://bankrupt.com/misc/Monarch3cInsiderPayments.pdf

Monarch Landing is a party to three pending lawsuits within one
year immediately preceding the Petition Date:

                            Nature of
  Plaintiff                 Proceeding          Court
  ---------------           ----------          -----
  Sonya Franklin            Administrative      Equal Employment
                            Charge              Opportunity
                                                Commission
                                                Chicago District
                                                Office

  Roberts Environmental     Foreclosure         Lake County -
  Control Corp.             Litigation          19th Judicial
                                                Circuit Court,
                                                IL

  Roberts Environmental     Foreclosure         Lake County -
  Control Corp.             Litigation          19th Judicial
                                                Circuit Court,
                                                IL

Monarch Landing made gifts or charitable contributions worth
$10,064, to certain entities within one year immediately
preceding the Petition Date, a list of those gifts are available
for free at http://bankrupt.com/misc/MonarchL7Gifts.pdf

Monarch Landing made payments, totaling $1,036,097, related to
debt counseling or bankruptcy within one year immediately
preceding the Petition Date:

    Professional                           Amount Paid
    ------------                           -----------
    Healthcare Management Partners, LLC      $447,755
    Herbert J Sims & Co. Inc.                 250,000
    Whiteford, Taylor & Preston               338,342

A breakdown of the debt counseling payments is available for free
at http://bankrupt.com/misc/Monarch9DebtFees.pdf

Mr. Rundell discloses that Wells Fargo made a setoff against
Monarch Landing for $15,166,729 on May 27, 2010.

The individuals who keep books and records of Monarch Landing
within two years before the Petition Date are:

   Name                      Title
   ----                      -----
   Sharon Lee                Assistant Controller
   Mary Windsor              Assistant Controller
   Jason Crooks              Accounting Manager
   Mark Jackson              Senior Accountant
   Wendy Foster              Staff Accountant
   Rebecca Glover            Assistant Controller
   Mary Jessa                Escrow Analyst
   Lisa Steinmeier           Senior Accountant
   JoAnne Andryzak           Staff Accountant
   Jeff Trimmer              Controller
   Monika Gajda              Senior Accountant
   Kirk Martin               Staff Accountant
   Kyle Gray                 Staff Accountant
   Gail Patnaude             Accounting Manager
   Tina Mahon                Staff Accountant
   Debra Berlinrood          Assistant Controller
   Chasia Konya              Staff Accountant
   Michael Demb              Staff Accountant
   Beverly Patrick           Administrative Assistant
   Warren Sparks             Senior Accountant
   Erin Coates               Senior Accountant
   Tina Hutton               Staff Accountant
   Tim Mortimore             Staff Accountant
   Connie Brynes             Escrow Associate
   Neal Gantert              Controller

PricewaterhouseCoopers LLP audited the books and records of
Monarch Landing within two years immediately before the Petition
Date.

Monarch Landing issued a financial statement to about 59
financial institutions within two years immediately preceding the
Petition Date.  A list of the financial institutions is available
for free at:

     http://bankrupt.com/misc/Monarch19DFinlStatParties.pdf

Monarch Landing's current partners, officers and shareholders
are:

                                         Nature and Percentage
  Name                Title               of Stock Ownership
  ----                -----              ---------------------
  James Hayes         Chairperson                None
  Rodney Coe          President & Vice Chair     None
  Robert Rickert      Secretary                  None
  Zina Jacque         Treasurer                  None
  Michael Roskiewicz  N/A                        None
  Lawrence Shubnell   N/A                        None

Monarch Landing's former partners and officers are:

  Name                     Title
  ----                     -----
  Ronald E. Walker         President
  Michael Morgan           Chief Restructuring Officer
  James Hayes              Vice President
  David White              Vice President
  Patricia Lussenhop       Executive Director
  Ian L. Brown             Executive Director
  James Anders             Treasurer
  Harold Ashby             Secretary

                         About the Debtors

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

Not-for-Profit Entities Sedgebrook, Inc. and Monarch Landing Inc.
filed for Chapter 11 on June 15, 2010.

The Lincolnshire Debtors and the NFP Debtors are affiliate of
Erickson Retirement Communities LLC.

Baltimore, Maryland-based Erickson Retirement Communities LLC,
along with affiliates, filed for Chapter 11 on Oct. 19, 2009
(Bankr. N.D. Tex. Case No. 09-37010).  DLA Piper LLP (US) serves
as counsel to the Debtors.  BMC Group Inc. serves as claims and
notice agent.  Houlihan, Lokey, Howard & Zoukin, Inc., is also
serving as investment and financial consultant.  Alvarez & Marsal
is serving as restructuring adviser.   Judge Stacey G.C. Jernigan
confirmed Erickson's Plan of Reorganization on April 16, 2010.
The confirmed Chapter 11 Plan is premised on the $365 million sale
of substantially all of the Erickson Retirement assets to Redwood
Capital Investments LLC and its affiliates.  The Plan became
effective on April 30, 2010.

Erickson own 20 continuing care retirement communities in 11
states.  Among Erickson's 20 communities, eight are completed, 11
are open although in construction, and one is in development.
They have 23,000 residents in total.


MOODY NATIONAL: Plan of Reorganization Wins Court Approval
----------------------------------------------------------
The Hon. Marvin Isgur of the U.S. Bankruptcy Court for the
Southern District of Texas confirmed Moody National RI Atlanta H,
LLC's Plan of Reorganization, amended as of June 21, 2010.

As reported in the Troubled Company Reporter on June 29, the Plan
leaves unimpaired all claims against and all interests in the
Debtor, and all holders of claims and interests are presumed
to accept the Plan.

TCR reported on March 16, that the Debtor will continue to exist
after the effective date as a separate LLC entity, with all the
powers of an LLC under applicable law in the jurisdiction in which
it is incorporated or otherwise formed.

All remaining property comprising the estate (including causes of
action) will vest in the Reorganized Debtor, free and clear of all
claims, liens, charges, encumbrances, rights and interests of
creditors and equity security holders.

Under the amended Plan, treatment of claims will be:

Class 1 - RLJ Claims -- on or before 30 days after the Bankruptcy
          Court's determination of the RLJ Cure Amount, or on
          other date determined by the Bankruptcy Court, the
          Debtor will pay or cause to be paid the RLJ Cure Amount.
          The amount necessary for the Debtor to cure its default
          under the loan, reinstate the RLJ Claims.

Class 2 - Unsecured Claims will receive, in full, payment of its
          claim in full in cash on the effective date.

Class 3 - Equity Interests will be left unaltered.

A full-text copy of the second amended Plan of Reorganization is
available for free at:

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

                      About Moody National RI

Houston, Texas-based Moody National RI Atlanta H, LLC, filed for
Chapter 11 bankruptcy protection on January 29, 2010 (Bankr. S.D.
Tex. Case No. 10-30752).  Henry J. Kaim, Esq., at King & Spalding
LLP, assist 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 in its petition.


NANI FREITAS: Case Summary & 2 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Nani L. Freitas
        6130 W. Flamingo Road #117
        Las Vegas, NV 89103

Bankruptcy Case No.: 10-23708

Chapter 11 Petition Date: July 22, 2010

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

Judge: Mike K. Nakagawa

Debtor's Counsel: C Andrew Wariner, Esq.
                  823 Las Vegas Boulevard So, Suite 500
                  Las Vegas, NV 89101
                  Tel: (702) 953-0404
                  Fax: 702-989-5388
                  E-mail: awariner@lvbklaw.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 2 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/nvb10-23708.pdf

The petition was signed by the Debtor.


NATIONAL MENTOR: S&P Downgrades Rating to 'B-' from 'B'
-------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its rating on
Boston-based health services provider National Mentor Inc. and the
parent company NMH Holdings Inc. to 'B-' from 'B' related to the
increasing challenge of contending with clouded reimbursement
prospects and a looming 2012 debt obligation, along with a highly
leveraged capital structure.  S&P also revised the ratings outlook
to stable from negative, based on S&P's belief that National
Mentor will be able to manage through recent State Medicaid rate
cuts through mid-2011.

At the same time, Standard & Poor's lowered its issue-level
ratings on National Mentor's term loan and revolver to 'B' from
'B+' and ratings on its senior unsecured notes and the holding
company's pay-in-kind toggle notes to 'CCC' from 'CCC+'.  The
recovery rating on the term loan and revolver is '2', indicating
S&P's expectation for substantial (70%-90%) recovery in the event
of payment default.  The recovery rating on the senior unsecured
notes is '6', indicating S&P's expectation for negligible (0%-10%)
recovery in the event of a payment default.

"The ratings on National Mentor reflect the company's significant
exposure to reimbursement risk, fairly thin operating margins, and
limited ability to reduce financial leverage through debt
reduction given its emphasis on acquisitions," said Standard &
Poor's credit analyst Tahira Wright.  In addition, the rating also
reflects major challenges to refinance in 2012 when an upcoming
$98 million annual high-yield debt obligation payment on its
holding company notes is due.


NEXITY FINANCIAL: Organizational Meeting to Form Panel on July 30
-----------------------------------------------------------------
Roberta A. DeAngelis, Acting United States Trustee for Region 3,
will hold an organizational meeting on July 30, 2010, at
10:00 a.m. in the bankruptcy case of Nexity Financial Corporation.
The meeting will be held at J. Caleb Boggs Federal Building, 844
King Street, Room 2112, Wilmington, DE 19801.

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

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

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

Birmingham, Alabama-based Nexity Financial --
http://www.nexitybank.com/-- claims to be a leading provider of
capital and support services for community banks.  Its bank
subsidiary, Nexity Bank, is operating under a cease and desist
order issued by regulators.  Nexity had net losses of $26 million
in 2009 and $13 million in 2008.

The Company filed for Chapter 11 bankruptcy protection on July 22,
2010 (Bankr. D. Del. Case No. 10-12293).  Drew G. Sloan, Esq.,
Mark D. Collins, Esq., and Michael Joseph Merchant, Esq., at
Richards Layton & Finger, assist the Company in its restructuring
effort.  The Company estimated assets and debts at $10,000,001 to
$50,000,000.


NEXITY FINANCIAL: Sets August 27 Confirmation Hearing
-----------------------------------------------------
Nexity Financial Corp. was granted its request for an Aug. 27
hearing to confirm its reorganization plan and disclosure
statement, Bill Rochelle at Bloomberg News reported.

According to the report, Nexity Financial has a plan that was
already accepted by holders of 96% of the $22 million in trust
preferred securities who voted on the plan.  Secured creditor Bank
of America, owed $14.2 million, has also accepted the plan.

The Plan will pay 15% in cash to holders of the trust preferred
securities, unless they elect to take new stock instead.  Bank of
America is to receive $3.82 million unless it too elects to
receive new stock.  The Plan is to be financed by the sale of at
least $175 million in new stock through a private placement.

Nexity Financial Corp. -- http://www.nexitybank.com/-- claims to
be a leading provider of capital and support services for
community banks.  Its bank subsidiary, Nexity Bank, is operating
under a cease and desist order issued by regulators.  Birmingham,
Alabama-based Nexity had net losses of $26 million in 2009 and $13
million in 2008.

Nexity Financial filed for Chapter 11 on July 22 in Wilmington,
Delaware (Bakr. D. Del. Case No. 10-12293).

The Company listed assets of between $10 million and $50 million.


NORTEL NETWORKS: Cancels Motion to Terminate Retiree Plans
----------------------------------------------------------
Nortel Networks Inc. and its affiliated debtors have withdrawn
their motion to terminate the benefit plans for retirees and
employees with long-term disability.

The withdrawal came after the Debtors earned criticisms from
various groups, including the Nortel US Retirement Protection
Committee and the U.S Trustee.

NUSRPC, which represents retired Nortel executives, said the
benefit plans are protected under bankruptcy law, which imposes
"procedural and substantive requirements" before those plans can
be terminated during a bankruptcy case.  It said Nortel did not
comply with the requirements.

The U.S. Trustee, for its part, demanded that Nortel provide
evidence to support its decision to terminate the benefit plans.
She called for the appointment of a committee to represent the
former employees.

But the motion largely drew opposition from retirees and
employees with long-term disability who flooded the Bankruptcy
Court with letters and responses disapproving the proposed
termination.  Since the filing of the motion a month ago, the
Bankruptcy Court received more than 300 objections from retirees
and former employees.

A July 21, 2010 report by The Ottawa Citizen noted that the U.S.
Court of Appeals refused to just cut off the benefits coverage of
the Nortel pensioners and long-term disability recipients in the
U.S.

As a result of the Appeals Court's decision, Nortel must
negotiate with the group before it modifies the coverage.
Moreover, the Company is likely to pay $2 million monthly in
benefits for several more months, the report said.

Although Nortel withdrew its benefits termination request, the
Company has left open the possibility of modifying or ending
those benefits in the future.

Nortel Director Bob Hester said the Company continues to review
the status of the benefit plans.  "It is possible we will seek
modification or termination of some or all of these retiree and
LTD benefits at a later time," Triangle Business Journal quoted
Mr. Hester as saying.

                      About Nortel Networks

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

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

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

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

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

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

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

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


NORTEL NETWORKS: Retired Execs. Group Wants to Form VEBA
--------------------------------------------------------
A committee of retired executives of Nortel Networks is seeking
Bankruptcy Court approval to form an association that would
provide health care and other benefits to retirees and their
dependents.

The group, which calls itself the Nortel US Retirement Protection
Committee, plans to implement a voluntary employee benefit
association to provide benefits, including health, dental and
vision care to Nortel retirees and their dependents eligible for
the 80% federal subsidy in the form of the Health Coverage Tax
Credit.

The Tax Credit provides a health care subsidy for those aged 55
and above who receive payments from the Pension Benefit Guaranty
Corp. as their pensions have been turned over to the agency.  It
pays 80% of the cost of the retirees' health insurance and
prescription drug premiums until they turn 65 and become eligible
for Medicare.

"The Nortel retirees have had their pension turned over to the
PBGC and many of them are now receiving benefits from the PBGC,
which would make them eligible for the HCTC if a qualifying
coverage plan were available," says NUSRPC's lawyer, Michael
Joyce, Esq., at Cross & Simon LLC, in Wilmington, Delaware.

Forming the VEBA and rolling out the program could take months,
but it could be operational by December this year if the Court
promptly issues an approval, Mr. Joyce says in court papers.

Mr. Joyce further says that Nortel is making unnecessary payment
for some retirees' medical care with its assets when those
retirees could get a better benefit paid through the HCTC.

The Court will consider approval of Nortel's request at a hearing
scheduled for August 18, 2010.

                      About Nortel Networks

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

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

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

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

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

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

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

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


NORTEL NETWORKS: Proposes RLKS as Consultant
--------------------------------------------
Nortel Networks Inc. and its affiliated debtors are seeking to
employ RLKS Executive Solutions LLC as their consultant effective
July 9, 2010.

As consultant, RLKS will assist the Debtors in the wind down and
liquidation of their businesses and estates, which include the
maintenance and management of the Debtors' records.  The firm
will take direction from and report directly to John Ray, NNI's
principal officer.

The principals of RLKS are experienced and knowledgeable
regarding the handling of records during bankruptcy proceedings,
says the Debtors' lawyer, Alissa Gazze, Esq., at Morris Nichols
Arsht & Tunnell LLP, in Wilmington, Delaware.

The Debtors relate that they are highly confident in RLKS'
ability to effectively and efficiently assist them in the tasks
at hand.

For the contemplated service, the Debtors propose to pay RLKS a
$15,000 retainer, in the aggregate, and $450 per hour for
services to be rendered by its chief executive Richard Lydecker
Jr. and Kathryn Schultea.  The firm will also be reimbursed for
necessary and actual expenses.

Mr. Lydecker submitted an affidavit to the Court, affirming that
his firm does not hold nor represent interest adverse to the
Debtors.  He assures the Court that RLKS is a "disinterested
person" under Section 101(14) of the Bankruptcy Code.

                      About Nortel Networks

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

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

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

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

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

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

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

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


NRS UNIVERSAL: Case Summary & 5 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: NRS Universal Contractors Of P.R. Inc.
        aka NRS Universal Contractors Of Puerto Rico
        P.O. Box 723
        San Sebastian, PR 00685

Bankruptcy Case No.: 10-06644

Chapter 11 Petition Date: July 24, 2010

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

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

Scheduled Assets: $2,350,294

Scheduled Debts: $506,294

A list of the Company's 5 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/prb10-06644.pdf

The petition was signed by Sigfredo Velez Feliciano, president.


NTELOS INC: Moody's Affirms Rating on Senior Facilities at 'Ba3'
----------------------------------------------------------------
Moody's Investors Service has affirmed NTELOS Inc.'s existing
senior secured credit facilities rating at Ba3.  In conjunction
with the company's proposal to acquire Mountaineer
Telecommunications, LLC, and subsidiaries, NTELOS is planning to
issue a $125 million incremental term loan under the existing
senior secured term loan facility.  The $170 million acquisition,
which will increase debt outstanding under the term loan facility
to $755 million, is expected to contribute $25m in EBITDA
initially and possibly another $5-$10 million in EBITDA after
merger benefits are realized.  Although Moody's believes the
merger is accretive to EBITDA, the incremental leverage will
likely result in a slight deterioration in relevant credit
metrics.  Consequently, Moody's revised the company's outlook to
stable from positive.  The existing Ba3 corporate family rating
and B1 probability of default rating were affirmed.

NTELOS's operating performance has been stable over the past 4-6
quarters, in contrast to the overall economy and
telecommunications industry.  However, despite a return to
subscriber growth, its magnitude remains anemic (+1.5% Q1'10 vs.
Q4'09, and +0.2% Q1'10 vs. Q1'09).  Both the wireless and CLEC
markets are subject to price competition and market saturation.
While the regulated business is performing above its peers, it is
still experiencing access line loss (-6.5% Q1'10 vs. Q1'09) due to
the secular trend of wireless substitution.  Wireless prices
continue to weaken (blended ARPU -6% y/y in Q1'10) as NTELOS
responds to the market and pursues more pre-paid subscribers.
EBITDA margin for Q1'10 was down over 200 bps vs. Q1'09 on both a
reported and a Moody's adjusted basis, mostly due to weakness in
the wireless segment.  Several positive attributes offset the
challenges that the company faces.  As the macro-environment
experienced a severe recession, NTELOS's revenue base grew by 0.4%
during the LTM period ended 31 March 2010.  Broadband connections
grew 6% in Q1'10 vs. Q1'09 and CLEC lines were approximately flat.
NTELOS addresses the market with a complete product portfolio that
offers growth from its wireless business, residential access line
retention and broadband sales growth via the triple play (voice,
video and broadband), and a strong business services product set
that operates in an under-served geographic footprint.  Moody's
anticipates that the company will continue to deploy most of its
internally generated cash flow to growth-related capital
expenditures and returning capital to shareholders via dividends
(within the limits of a restricted payments basket under the
credit facility).  As a result, NTELOS' Free Cash Flow/ Debt
metric will remain weak and leverage will only decline via
earnings growth.  Intermediate to longer-term concerns include the
business risk inherent in NTELOS's positioning as a small,
regional operator competing with much larger and better-
capitalized national wireless operators in the midst of
potentially continued weak general economic conditions and rapidly
slowing wireless market growth.  For additional commentary, please
refer to the associated Credit Opinion.

Downgrades:

Issuer: NTELOS Inc.

  -- Senior Secured Bank Credit Facility, Downgraded to LGD3, 32%
     from LGD2, 29%

Outlook Actions:

Issuer: NTELOS Inc.

  -- Outlook, Changed To Stable From Positive

Withdrawals:

Issuer: NTELOS Inc.

  -- Senior Secured Bank Credit Facility, Withdrawn, previously
     rated LGD2, 29%

Moody's most recent rating action related to NTELOS was taken on
July 31, 2009, at which time Moody's affirmed the company's
ratings and raised the company's outlook to positive.


OPUS EAST: Chapter 7 Trustee Proposes Ciardi as Counsel
-------------------------------------------------------
Jeoffrey L. Burtch, the Chapter 7 Trustee of the Opus East
Debtors, seeks authority from the U.S. Bankruptcy Court for the
District of Delaware to employ Ciardi Ciardi & Astin as his
special counsel nunc pro tunc to March 6, 2010.

As previously reported, the Court approved the employment of
Young Conaway Stargatt and Taylor LLP as co-counsel to the
Chapter 7 Trustee.

The principal attorney responsible for the Young Conaway
engagement was John D. McLaughlin, Jr., who, effective March 6,
2010, became a partner in the Ciardi firm.

Mr. McLaughlin had substantial involvement in the early stages of
Opus East's case administration.  In this light, the Chapter 7
Trustee relates that it desires (i) that Mr. McLaughlin remain
available for discrete consultations, and (ii) that the Ciardi
Firm, which maintains a substantial office in the City of
Philadelphia, serve as the Chapter 7 Trustee's special litigation
counsel in a state receivership action initiated in the Court of
Common Pleas of Philadelphia County against real property owned
by 1919 Market Street Philadelphia LLC, a wholly owned asset of
Opus East.

Ciardi Ciardi will be paid for its service at its customary
hourly rates:

    Attorneys                    $225 to $525
    Paraprofessionals            $120 to $180

Mr. Laughlin assures the Court that his firm is a "disinterested
person" as the term is defined under Section 101(14) of the
Bankruptcy Code.

                          About Opus East

Rockville-based Opus East LLC has developed more than 13.3 million
square feet of space since starting operations in 1994.  It filed
for Chapter 7 liquidation in the U.S. Bankruptcy Court for the
District of Delaware.  Opus East LLC listed $100 million to
$500 million in debts, against $50 million to $100 million in
assets in its Chapter 7 petition.

Bankruptcy Creditors' Service, Inc., publishes Opus West
Bankruptcy News.  The newsletter tracks the separate Chapter 11
proceedings of Opus West Corp. and Opus South Corp. and Chapter 7
proceedings of Opus East their related debtor-affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


OPUS SOUTH: Plan Filing Exclusivity Extended to October 19
----------------------------------------------------------
Judge Mary Walrath of the U.S. Bankruptcy Court for the District
of Delaware extends the exclusive plan filing period of Opus
South Corporation through and including October 19, 2010, and the
Debtor's exclusive plan solicitation period through and including
December 18, 2010.

Opus South's previous Exclusive Plan Filing Period expired on
July 16, 2010, and its previous Exclusive Plan Solicitation
Period was due to terminate on September 14, 2010.

Victoria Counihan, Esq., at Greenberg Traurig LLP, in Wilmington,
Delaware, contends that ample cause exists to extend Opus South's
Exclusive Periods.  She notes that Opus South has worked
diligently to administer its estate and assist in managing and
liquidating or winding up of its affiliates' estates.  In this
regard, the Debtor relates that it focused on stabilizing
properties, obtaining necessary funding, negotiating and
consummating sales of assets, and negotiating various alternative
exit strategies for each particular property with each property's
particular lender.

Ms. Counihan adds that since the liquidation of its affiliates'
cases, the Debtor has focused on determining how best to proceed
in its case going forward in order generate the most value for
its creditors.  In this regard, the Debtor has been immersed in
the process of analyzing all of the claims that have been filed
in its case, as well as its remaining assets and their potential
value.

While it continues to work through this significant process, Opus
South desires to keep its options available for an exit strategy
for its case, including the right to file a Chapter 11 plan, Ms.
Counihan tells the Court.

Opus South asserts that an extension of the Exclusive Periods
will not harm creditors or other parties-in-interest, as the
parties will retain the right to seek to terminate that
Exclusivity.

Ms. Counihan assured the Court that Opus South is not seeking an
extension of the Exclusive Periods to delay creditors or force
those creditors to accede to its demands.  She points out that
the Debtor and its professionals consistently have, as
appropriate, conferred with and worked cooperatively with the
secured lenders of its affiliates, the United States Trustee, and
other parties-in-interest on major substantive and administrative
matters in the case.

Ms. Counihan adds that no objections to the Debtor's request was
asserted as of July 26, 2010.

                         About Opus South

Headquartered in Atlanta, Georgia, Opus South Corporation --
http://www.opuscorp.com/-- provides an array of real estate
related services across the United States including real estate
development, architecture & engineering, construction and project
management, property management and financial services.

The Company and its affiliates filed for Chapter 11 on April 22,
2009 (Bankr. D. Del. Lead Case No. 09-11390).  Victoria Watson
Counihan, Esq., at Greenberg Traurig, LLP, represents the Debtors
in their restructuring efforts.  The Debtors propose to employ
Landis, Rath & Cobb, LLP, as conflicts counsel, Chatham Financial
Corporation as real estate broker, Delaware Claims Agency LLC as
claims agent.  The Debtors have assets and debts both ranging from
$50 million to $100 million.

The U.S. Bankruptcy Court for the District of Delaware confirmed
the Chapter 11 Plan of Liquidation filed by Wachovia Bank,
National Association, as administrative agent, and certain lender
parties for Waters Edge One, L.L.C., one of the Opus South
Debtors, on February 18, 2010.

Bankruptcy Creditors' Service, Inc., publishes Opus West
Bankruptcy News.  The newsletter tracks the separate Chapter 11
proceedings of Opus West Corp. and Opus South Corp. and their
related debtor-affiliates. (http://bankrupt.com/newsstand/
or 215/945-7000).


OPUS SOUTH: Removal Period Extended to November 15
--------------------------------------------------
Opus South Corporation sought and obtained from the U.S.
Bankruptcy Court for the District of Delaware a further extension
of the deadline within which it may file notices of removal of
claims and causes of action pursuant to Section 1452 of the
Bankruptcy Code and Rule 9027 of the Federal Rules of Bankruptcy
Procedure through and including November 15, 2010, without
prejudice to its right to seek further extensions.

The previous Action Removal Periods for Opus South expired on
July 16, 2010.

Victoria Counihan, Esq., at Greenberg Traurig LLP, in Wilmington,
Delaware, asserts that the extension will afford Opus South the
opportunity necessary to make fully informed decisions concerning
removal of each Action and will assure that the Debtor does not
forfeit valuable rights.

She asserts that the rights of the Debtor's adversaries will not
be prejudiced by an extension of the Action Removal Period
because any party to an Action that is removed may seek to have
that Action remanded back to the state court.

Ms. Counihan disclosed that no objections were asserted as to the
Debtor's request as of July 26, 2010.

                         About Opus South

Headquartered in Atlanta, Georgia, Opus South Corporation --
http://www.opuscorp.com/-- provides an array of real estate
related services across the United States including real estate
development, architecture & engineering, construction and project
management, property management and financial services.

The Company and its affiliates filed for Chapter 11 on April 22,
2009 (Bankr. D. Del. Lead Case No. 09-11390).  Victoria Watson
Counihan, Esq., at Greenberg Traurig, LLP, represents the Debtors
in their restructuring efforts.  The Debtors propose to employ
Landis, Rath & Cobb, LLP, as conflicts counsel, Chatham Financial
Corporation as real estate broker, Delaware Claims Agency LLC as
claims agent.  The Debtors have assets and debts both ranging from
$50 million to $100 million.

The U.S. Bankruptcy Court for the District of Delaware confirmed
the Chapter 11 Plan of Liquidation filed by Wachovia Bank,
National Association, as administrative agent, and certain lender
parties for Waters Edge One, L.L.C., one of the Opus South
Debtors, on February 18, 2010.

Bankruptcy Creditors' Service, Inc., publishes Opus West
Bankruptcy News.  The newsletter tracks the separate Chapter 11
proceedings of Opus West Corp. and Opus South Corp. and their
related debtor-affiliates. (http://bankrupt.com/newsstand/
or 215/945-7000).


OPUS SOUTH: W.E. Trustee Proposes to Settle RMSSR Claims
--------------------------------------------------------
Executive Sounding Board Associates, Inc., in its capacity as the
Liquidation Trustee of the Waters Edge Liquidation Trust, ask the
U.S. Bankruptcy Court for the District of Delaware for authority
to enter into a settlement agreement with Ruden McClosky Smith
Schuster & Russell P.A. and Mark Grant with respect to certain
claims pursuant to Rule 9019 of the Federal Rules of Bankruptcy
Procedure.

The Court confirmed the Chapter 11 Plan of Liquidation for Waters
Edge One, L.L.C., on February 18, 2010, and Executive Sounding
Board was appointed as trustee to pursue the claims brought by
Waters Edge against Ruden McClosky and Mark Grant in the Circuit
Court of the Sixth Judicial Circuit in and for Pinellas County,
Florida.

The RMSSR Claims involve claims by Waters Edge against the
Defendants for legal malpractice and negligent misrepresentation
stemming from the Defendants' failure to draft certain documents
that complied with applicable federal and state laws in
connection with Waters Edge's development of a high-rise
condominium project in Clearwater, Florida.

Waters Edge specifically alleges that the Defendants failed to
draft condominium purchase agreements for the Project that
complied with certain registration and disclosure requirements
found in the federal Interstate Land Sales Full Disclosure Act.

Pursuant to the confirmed Plan, the Liquidation Trustee has
continued the prosecution of the RMSSR Claims for the benefit of
the beneficiaries of the Liquidation Trust.  Nonetheless, in an
effort to resolve the RMSSR Claims, a mediation was held on
April 26 and 27, 2010.

The Liquidation Trustee relates that in the course of the
mediation, it asserted that Waters Edge incurred damages of more
than $50,000,000 for which the Defendants were liable as a result
of the allegations in the RMSSR Claims, while the Defendants
asserted that they had no liability and that in any event, Waters
Edge's damages did not exceed $2,900,000.

After two full days of mediation, the mediator recommended that
the parties work to settle the RMSSR Claims at a particular
amount.  The Liquidation Trustee informed the Mediator on
April 20, 2010 that it agrees to a $23 million settlement.  A few
days after, on May 1, 2010, the Mediator informed counsel for the
Liquidation Trust that the Defendants also agree to a $23 million
settlement.

Accordingly, the principal terms of the Settlement Agreement
include the $23 million settlement amount to be paid to the
Liquidation Trust, due 30 days upon the Court's approval of the
Settlement Agreement.  Upon receipt of the Settlement Payment, or
in the event of an appeal of the Settlement Order, upon the entry
of a final order dismissing, denying or otherwise rejecting the
appeal, the Liquidation Trust will release the Ruden Entities
from any and all legal or equitable claims arising out of or in
any way relating to the Project.  However, in the event any of
the Ruden Entities seek protection from their creditors pursuant
to any state or federal bankruptcy or insolvency laws, and if the
Settlement Payment is avoided and ordered to be disgorged, then
any release will be rendered null and void.

The Liquidation Trustee believes that the Settlement Agreement is
fair and reasonable and that it should be approved by the Court.
It points out that resolution of the RMSSR Claims by a "trier of
fact" would require interpretation and application of the federal
ILSA statute and related exemptions, which involve complex and
uncertain legal issues.

Litigation of Waters Edge's damages as a result of the
allegations in the RMSSR Claims would require complicated expert
analysis and testimony and would undoubtedly involve extensive
discovery and consume valuable time, the Liquidation Trustee
points out.

Furthermore, the Liquidation Trustee says it believes in good
faith that the Defendants have little or no liquid assets that
they could use to satisfy a judgment in the event that a trier of
fact rules in Waters Edge's favor on the RMSSR Claims.  As a
result, the entirety of any judgment would almost certainly be
paid by Ruden McClosky's insurer.

Ruden McClosky's counsel has informed the Liquidation Trust's
counsel that the legal malpractice liability insurance policy
relevant to the RMSSR Claims has a policy limit of $30,000,000,
according to the Liquidation Trustee notes.

The Liquidation Trustee also points out that it is aware of at
least three other lawsuits against Ruden McClosky that could
reduce the amount available to Waters Edge under the policy to
satisfy a judgment.

The Liquidation Trust relates that its counsel has reviewed the
other lawsuits and estimates that Ruden McClosky's insurer has
reserved approximately $7,000,000 to satisfy any judgments in
those actions.  The Liquidation Trustee thus believes that
$23,000,000 is the maximum amount that the Liquidation Trust
could hope to recover to satisfy any judgment in its favor on the
RMSSR Claims.

The Liquidation Trustee subsequently filed copies of the
Settlement Agreement, Conditional Release Agreement, and an
agreement regarding delivery and custody of lender releases.
Full-text copies of those documents are available for free at:

         http://bankrupt.com/misc/OpSRMSSRAgrmt.pdf
         http://bankrupt.com/misc/OpSRMSSRRelAgrmt.pdf
         http://bankrupt.com/misc/OpSRMSSRLendAgrmt.pdf

In a separate filing, the Liquidation Trustee asks the Court to
hear its request on July 30, 2010, or as the Court may direct,
during the week beginning August 2, 2010.

The Liquidation Trustee suggests July 27 be set as the deadline
for the filing of objections to its request.

The Court subsequently granted the Liquidation Trustee's request
for a shortened notice.

                         About Opus South

Headquartered in Atlanta, Georgia, Opus South Corporation --
http://www.opuscorp.com/-- provides an array of real estate
related services across the United States including real estate
development, architecture & engineering, construction and project
management, property management and financial services.

The Company and its affiliates filed for Chapter 11 on April 22,
2009 (Bankr. D. Del. Lead Case No. 09-11390).  Victoria Watson
Counihan, Esq., at Greenberg Traurig, LLP, represents the Debtors
in their restructuring efforts.  The Debtors propose to employ
Landis, Rath & Cobb, LLP, as conflicts counsel, Chatham Financial
Corporation as real estate broker, Delaware Claims Agency LLC as
claims agent.  The Debtors have assets and debts both ranging from
$50 million to $100 million.

The U.S. Bankruptcy Court for the District of Delaware confirmed
the Chapter 11 Plan of Liquidation filed by Wachovia Bank,
National Association, as administrative agent, and certain lender
parties for Waters Edge One, L.L.C., one of the Opus South
Debtors, on February 18, 2010.

Bankruptcy Creditors' Service, Inc., publishes Opus West
Bankruptcy News.  The newsletter tracks the separate Chapter 11
proceedings of Opus West Corp. and Opus South Corp. and their
related debtor-affiliates. (http://bankrupt.com/newsstand/
or 215/945-7000).


OPUS WEST: Files Post-Confirmation Report for June 30 Quarter
-------------------------------------------------------------
Opus West Corporation, Opus West Construction Corporation, OW
Commercial, Inc., Opus West Partners, Inc., and Opus West LP
submitted to the Bankruptcy Court separate post-confirmation
operating reports for the quarter ended June 30, 2010.

The Chapter 11 Plan of the Opus West Debtors was confirmed on
January 28, 2010, and was subsequently declared effective on
March 12, 2010.

The Post-Confirmation Operating Reports reflect cash receipts and
cash disbursements of the Opus West Entities for the reporting
period.

                      Opus West Corporation
                  Cash Receipts & Disbursements
              For the quarter ended June 30, 2010

Cash - beginning of period                           $4,648,807

Cash Receipts:
Cash receipts from business operations                       -
Cash receipts from loan proceeds                             -
Cash receipts from contributed capital                       -
Cash receipts from tax refunds                               -
Cash receipts from other sources                       $82,030
                                                     ----------
Total cash receipts                                    $82,030

Cash Disbursements:
Payments made under the plan:
   Administrative                                       $76,051
   Secured creditors                                          -
   Priority Creditors                                         -
   Unsecured creditors                                        -
   Additional plan payments                                   -
Other payments made this quarter:
   General business                                    $631,796
   Other disbursements                                        -
                                                     ----------
Total disbursements                                   $707,846

Cash Balance End of Quarter                          $4,022,991
                                                     ==========

                          Opus West LP
                  Cash Receipts & Disbursements
                For the quarter ended June 30, 2010

Cash - beginning of period                             $395,978

Cash Receipts:
Cash receipts from business operations                       -
Cash receipts from loan proceeds                             -
Cash receipts from contributed capital                       -
Cash receipts from tax refunds                               -
Cash receipts from other sources                             -
                                                     ----------
Total cash receipts                                         $-

Cash Disbursements:
Payments made under the plan:
   Administrative                                             -
   Secured creditors                                          -
   Priority Creditors                                         -
   Unsecured creditors                                        -
   Additional plan payments                                   -
Other payments made this quarter:
   General business                                        $939
   Other disbursements                                        -
                                                     ----------
Total disbursements                                       $939

Cash Balance End of Quarter                            $395,039
                                                     ==========

               Opus West Construction Corporation
                  Cash Receipts & Disbursements
               For the quarter ended June 30, 2010

Cash - beginning of period                           $1,874,174

Cash Receipts:
Cash receipts from business operations                       -
Cash receipts from loan proceeds                             -
Cash receipts from contributed capital                       -
Cash receipts from tax refunds                               -
Cash receipts from other sources                       $10,243
                                                     ----------
Total cash receipts                                    $10,243

Cash Disbursements:
Payments made under the plan:
   Administrative                                             -
   Secured creditors                                          -
   Priority Creditors                                         -
   Unsecured creditors                                        -
   Additional plan payments                                   -
Other payments made this quarter:
   General business                                      $1,038
   Other disbursements                                        -
                                                     ----------
Total disbursements this quarter                        $1,038

Cash Balance End of Quarter                          $1,883,379
                                                     ==========

                    About Opus West Corporation

Based in Phoenix, Arizona, Opus West Corporation is a full-service
real estate development firm that focuses on acquiring,
constructing, operating, managing, leasing and/or disposing of
real estate development projects primarily located in the western
United States.

Opus West and its affiliates filed for Chapter 11 on July 6, 2009
(Bankr. N.D. Tex. Case No. 09-34356).  Clifton R. Jessup, Jr., at
Greenberg Traurig, LLP, represents the Debtors in their
restructuring efforts.  Franklin Skierski Lovall Hayward, LLP, is
co-counsel to the Debtors. Pronske & Patel, P.C., is conflicts
counsel.  Chatham Financial Corp. is financial advisor.  BMC Group
is the Company's claims and notice agent.  As of May 31, Opus West
-- together with its non-debtor affiliates -- had $1,275,334,000
in assets against $1,462,328,000 in debts.  In its bankruptcy
petition, Opus West said it had assets and debts both ranging from
$100 million to $500 million.

Opus West joins affiliates that previously filed for bankruptcy.
Opus East LLC, a real estate operator from Rockville, Maryland,
commenced a Chapter 7 liquidation on July 1 in Delaware.  Opus
South Corp., a Florida condominium developer based in Atlanta,
filed a Chapter 11 petition April 22 in Delaware.

Bankruptcy Creditors' Service, Inc., publishes Opus West
Bankruptcy News.  The newsletter tracks the separate Chapter 11
proceedings of Opus West Corp. and Opus South Corp. and their
related debtor-affiliates. (http://bankrupt.com/newsstand/
or 215/945-7000).


ORANGE GROVE: Court OKs Stipulation Allowing Cash Collateral Use
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
has approved the stipulation between Orange Grove Service, Inc.,
and secured creditor American Continental Bank (the Lender)
authorizing the use of cash collateral commencing immediately and
continuing through September 30, 2010.

A copy of the Stipulation is available for free at:

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

The Debtor owns and operates the Fremont Shopping Center located
in Alhambra, California (the Property).  The Lender holds a
promissory note (the Note) evidencing a $3,475,000 loan from the
Lender to the Debtor.  To secure repayment of the Note, the Debtor
executed a Deed of Trust and Assignment of Rents encumbering the
Property and all proceeds, products and rents generated by the
Property in favor of the Lender.

As of the Petition Date, the Debtor is indebted to the Lender in
the approximate amount of $3,388,663.

The Debtor wants to continue to operate the Property, collect the
rental income, other revenue and expense reimbursements from
tenants and occupants of the Property (collectively, the Income)
and to utilize the Income to pay expenses related to the
operation, preservation and maintenance of the Property.  The
Lender consents to the Debtor's use of its cash collateral.

The Debtor will collect all cash collateral generated by the
Property.  The Cash Collateral will be deposited into a segregated
and separate debtor-in-possession cash collateral account at City
National Bank (the CNB Account).  The Debtor will at all times
keep a record of all credits and debits to the CNB Account and be
able to account for all funds in the CNB Account.

During the term of the Stipulation, the Debtor may use cash
collateral collected from the Property to pay expenses directly
related to the operation, preservation and maintenance of the
Property only pursuant to the Stipulation in amounts not to exceed
the line item expenses, with a permitted deviation not to exceed
10% without prior notice to and approval by the Lender, as
provided in the budget.

Upon prior written notice to the Lender, the Debtor may request
that the Lender approve any amounts which exceed the budgeted
amount for any line item monthly approved expense by more than 10%
of the amount budgeted for that monthly expense.  The Lender may
approve or disapprove the expenditure in its sole and absolute
discretion.

The Debtor will provide the Lender with monthly reports no later
than 20 days after month end, including a current rent roll, and a
line-item comparison of budgeted to actual receipts of cash
collateral and incurrence and payment of approved expenses for the
prior month.

The Lender will retain a perfected continuing lien on all income
generated by the Property to the extent provided for in the loan
documents.  Liens, mortgages and security interests granted
pursuant to the Stipulation will be deemed effective, valid and
perfected as of the date of entry of the Stipulation.

                    About Orange Grove Service

La Verne, California-based Orange Grove Service, Inc., filed for
Chapter 11 bankruptcy protection on March 25, 2010 (Bankr. C.D.
Calif. Case No. 10-21336).  Ori S. Blumenfeld, Esq., at Wilson &
Associates LLP, assists the Company in its restructuring effort.
The Company estimated its assets and debts at $10,000,001 to
$50,000,000.


PETER BUCKLIN: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Peter M. Bucklin
        dba PMB Development Co.
        dba The Peter M. and Joan B. Bucklin Revocable Trust
        94 Pebble Creek Drive
        Eagle Point, OR 97524

Bankruptcy Case No.: 10-64467

Chapter 11 Petition Date: July 23, 2010

Court: United States Bankruptcy Court
       District of Oregon

Judge: Frank R. Alley III

Debtor's Counsel: Thomas W. Stilley, Esq.
                  1000 SW Broadway #1400
                  Portland, OR 97205
                  Tel: (503) 227-1111
                  E-mail: tom@sussmanshank.com

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

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

The petition was signed by the Debtor.

Debtor's List of 20 Largest Unsecured Creditors:

Entity                   Nature of Claim        Claim Amount
------                   ---------------        ------------
Intervest Mortgage        7 Acre Commercial      $8,300,000
Investment                Land
5005 SW Meadows Rd,
Suite 400
Lake Oswego, OR 97035

Premier West Bank         Deficiency Claim       $3,400,000
Loan Production Center
P.O. Box 40
Medford, OR 97501

Premier West Bank         Deficiency Claim       $2,400,000
Loan Production Center
P.O. Box 40
Medford, OR 97501

Richard Joy               Deficiency Claim       $1,200,000
P.O. Box 2769
Fair Oaks, CA 95628

Cascade Acceptance Corp.  Deficiency Claim       $1,558,372
Money Purchase Pension
Trust
P.O. Box 400
Mill Valley, CA 94942

EMC                       Deficiency Claim       $1,009,794
P.O. Box 293150
Lewisville, TX 75029

Stevens-Hemingway-Stevens Deficiency Claim       $882,052
520 2nd Ave
Crockett, CA 94525

Louis J. Birleffi         Promissory Note        $688,750
256 Headlands Ct
Sausalito, CA 94965

Cascade Acceptance Corp.  Deficiency Claim       $365,000
P.O. Box 123
Mill Valley, CA 94942

Kenneth R. Maiolini       Promissory Notes       $332,667
1733 Darby Road
Sebastopol, CA 95472

GMAC                      Loan                   $286,815
3451 Hammond Ave
P.O. Box 780
Waterloo, IA 50704

Timothy C. Espinoza       Promissory Notes       $240,000

Karl Schottstaedt         Promissory Notes       $235,000

Premier West Bank         Deficiency Claim       $235,000

Premier West Bank         Deficiency Claim       $235,000

WA Partners/Schmitz       Promissory Notes       $235,000

Premier West Bank         Deficiency Claim       $193,000

Birleffi/Pensco #BI1EC    Promissory Note        $191,520

O'Dell Engineering, Inc.  Vendor                 $181,990

Courtney Architects, Inc. Vendor                 $168,750


PLAYLOGIC ENTERTAINMENT: Sends Unit to Dutch Bankruptcy
-------------------------------------------------------
Playlogic Entertainment Inc. said it has voluntary requested a
delay of payments, 'surseance van betaling', the Dutch equivalent
of Chapter 11, for its subsidiary Playlogic International N.V and
wholly owned subsidiary Playlogic Game Factory B.V.  Tough market
conditions, late payments by large customers and the delays in
projects have forced the company to seek protection under the
Dutch bankruptcy laws.

Playlogic Entertainment, Inc. (Nasdaq OTC: PLGC.OB)
-- http://www.playlogicgames.com/-- is an independent worldwide
publisher of digital entertainment software for consoles, PCs,
handhelds, mobile devices, and other digital media platforms.
Playlogic publishes and distributes products throughout all
available channels, both online and offline.  Playlogic is
headquartered in New York City and in Amsterdam, the Netherlands.


POINT BLANK: Official Equity Committee Formed
---------------------------------------------
Bill Rochelle at Bloomberg News reports that Point Blank Solutions
Inc. has an official committee of shareholders with seven members.
The committee appointed on July 27 includes Privet Fund Management
LLC, Prescott Group Capital Management, Bahrat Capital LLC, and
Tiburon Capital Management LLC.

                         About Point Blank

Pompano Beach, Fla.-based Point Blank Solutions, Inc.
-- http://www.pointblanksolutionsinc.com/-- designs and produces
body armor systems for the U.S. Military, Government and law
enforcement agencies, well as select international markets.  The
Company is recognized as the largest producer of soft body armor
in the U.S.  The Company maintains facilities in Pompano Beach,
Florida and Jacksboro, Tennessee.

Point Blank Solutions filed for Chapter 11 on April 14, 2010
(Bankr. D. Del. Case No. 10-11255).

The Company's bankruptcy counsel is Pachulski Stang Ziehl & Jones
LLP.


PRES-LAHAINA SQUARE: Gets Interim Okay to Use Cash Collateral
-------------------------------------------------------------
Pres-Lahaina Square, LLC, a Hawaii limited liability company, and
LJ Aloha, LLC, a Delaware limited liability company, sought and
obtained interim authorization from the Hon. Theodor C. Albert of
the U.S. Bankruptcy Court for the Central District of California
to use the cash collateral of Square One Lahaina, LLC.

Marc J. Winthrop, Esq., at Winthrop Couchot Professional
Corporation, the attorney for the Debtors, explained that the
Debtors need the money to fund their Chapter 11 case, pay
suppliers and other parties.

In exchange for using the cash collateral, the Debtors will grant
Square One a replacement lien in the Debtors' post-petition cash
and accounts receivable and the proceeds thereof, to the same
extent, validity, and priority as any lien held by Square One as
of the Petition Date, to the extent cash collateral is actually
used by the Debtors.

The Debtors will use the collateral pursuant to a budget, a copy
of which is available for free at:

        http://bankrupt.com/misc/PRES-LAHAINA_budget.pdf

The Court has set a final hearing for August 4, 2010, at
11:00 a.m. on the Debtors' request to use the cash collateral.

Newport Beach, California-based Pres-Lahaina Square LLC filed for
Chapter 11 bankruptcy protection on June 15, 2010 (Bankr. C.D.
Calif. Case No. 10-18065).  The Company estimated its assets and
debts at $10,000,001 to $50,000,000.

The Company's affiliate, VLJ Aloha LLC, filed a separate Chapter
11 petition on June 15, 2010 (Case No. 10-18067).


PTC ALLIANCE: Stahl Cowen Is Counsel to Non-Union Retiree Panel
---------------------------------------------------------------
Stahl Cowen Crowley Addis LLC has been selected to serve as
counsel for the Non-Union Retiree Committee in the PTC Alliance
bankruptcy pending in Delaware.  PTC Alliance is one of the
world's largest independent manufacturers of engineered drawn-
over-mandrel (DOM) parts used in hydraulic cylinders, tubes and
rods for earth moving equipment, mining equipment, agricultural
machinery and automobiles.

The Stahl Cowen team will be led by Jon Cohen and Trent Cornell.
Stahl Cowen has had the unique privilege of representing more
salaried employee Retiree Committees than any other firm in the
United States, including in the Dana Corporation, Delphi
Corporation, Hayes Lemmerz Corporation, Keystone Steel (FV Steel,
Inc.), Wagner Castings, and Intermet International bankruptcies.

The firm also represents the National Chrysler Retirement
Organization in the Chrysler bankruptcy and the GM National
Retiree Association in the GM bankruptcy.  Stahl Cowen has formed
and has generally represented many VEBAs that have been formed
with the settlement or other recoveries obtained by Retiree
Committees.

In addition to its broad bankruptcy practice, Stahl Cowen focuses
on serving the needs of business enterprises, including commercial
litigation and dispute resolution, employment matters, day-to-day
business operation issues, mergers and acquisitions, real estate
development and investment, land use projects, corporate and real
estate financing, asset protection planning, wealth transfer and
charitable and municipal organizations.  The firm's partners, many
of whom honed their legal skills at some of Chicago's largest law
firms, provide clients with sophisticated legal advice while
remaining sensitive to the economic cost of their work.

                       About PTC Alliance

Headquartered in Wexford, Pennsylvania, PTC Alliance Corp. makes
welded and cold drawn mechanical steel tubing and tubular shapes,
chrome-plated bar products and precision components.  The Company
and its affiliates filed for Chapter 11 protection on October 1,
2009 (Bankr. D. Del. Lead Case No. 09-13395).  The Debtors
selected Reed Smith LLP as their counsel.  PTC Alliance listed
assets between $50 million and $100 million, and debts between
$100 million and $500 million in its petition.

PTC confirmed a prepackaged Chapter 11 plan in May 2006 that paid
unsecured creditors in full while existing first-lien debt was
converted to second-lien term notes, according to Bloomberg.  The
subordinated debt became third-lien notes that paid interest with
more notes.  Preferred shareholders received new common equity.'


REFCO INC: XL Settles Coverage to D&Os for $8 Million
-----------------------------------------------------
U.S. Bankruptcy Judge Robert D. Drain approved the settlement
agreement between XL Specialty Insurance Company and Insured
former officer and directors of Refco Inc. and its affiliates,
which consist of Leo R. Breitman, Nathan Gantcher, David V.
Harkins, Scott L. Jaeckel, Thomas H. Lee, Ronald L. O'Kelley,
Scott A. Schoen, William M. Sexton, Gerald Sherer, Dennis A.
Klejna, Joseph Murphy, Richard N. Outridge, Philip Silverman, John
D. Agoglia and Peter McCarthy.

Prior to the Petition Date, Refco, Inc. purchased a "tower" of
D&O liability insurance with an aggregate coverage of $70 million
from six different insurance carriers for the policy period
August 11, 2005 to August 11, 2006.  The XL Policy reflected a
$20 million limit of liability, excess of $50 million in
underlying insurance.  In October 2005, the Insureds were named
as defendants in various civil actions relating to the collapse
of the Company.  XL, among several of Refco's D&O insurers,
either denied coverage or refused to pay under the Policies,
citing various exclusions and endorsements that were attached to
and thus, became part of the D&O Tower Policies.

In 2008, XL sought and obtained relief from the injunction
continuation provisions in the Modified Joint Chapter 11 Plan of
Refco Inc. or the automatic stay imposed by Section 362 of the
Bankruptcy Code to pursue a declaratory judgment action in the
U.S. District Court for the Southern District of New York in
order to resolve all coverage issues under the XL Policy.  XL
also sought a declaratory judgment from the District Court that
the XL Policy does not provide coverage to any of the Insureds
for the Litigation.  A Coverage Action entitled XL Specialty
Insurance Company v. Agoglia, et al., No. 08-Civ. 3821
(JSR), is pending before District Judge Jed S. Rakoff.

Under the Settlement Agreement, dated May 13, 2010, the XL and
the D&O Defendants agreed, among other things, that:

(1) XL will pay $8.25 million of a total policy limit of
     $20 million to the Insureds under the XL Policy in exchange
     for full and complete mutual releases with respect to any
     and all claims for coverage under the XL Policy;

(2) the Insureds and XL will cause to dismiss the Coverage
     Action; and

(3) the Parties will obtain a Bankruptcy Court order providing
     that all parties on notice of the Settlement Agreement will
     be permanently prohibited and enjoined from seeking payment
     from, under, or on account of the XL Policy.

Consistent with a proposed order submitted by the Parties, Judge
Drain ruled that the Lift Stay Order is vacated and the Automatic
Stay is re-imposed.

The Injunction is, and will be, applicable to the XL Policy and
any proceeds payable from it.  The Injunction will permanently
prohibit any and all Noticed Parties from taking any of the
actions identified and prohibited in the Plan, including seeking
payment from, under or on account of the XL Policy, the
Bankruptcy Court ruled.

Neither the Bankruptcy Court's Order nor the Injunction will
impact, in any way, the claims asserted or to be asserted against
the Insureds in the Securities Litigation and the Insureds'
personal liability in connection with any judgment or settlement
obtained against any of them in the Securities Litigation.
However, the Bankruptcy Court's Order and the Injunction forever
foreclose recourse to the XL Policy to satisfy any debt or
liability created by any such judgment or settlement, Judge Drain
ruled.

                      Lead Plaintiffs Seek
               Clarification in Language of Order

Prior to the entry of Judge Drain's Order, Michael S. Etkin,
Esq., at Lowenstein Sandler PC, in New York, as counsel to RH
Capital Associates LLC, and Pacific Investment Management Company
LLC, as lead plaintiffs in a securities class action entitled In
re Refco Inc. Securities Litigation, Case No. 05-Civ.-8626 (GEL),
as amended, pending in the U.S. District Court for the Southern
District of New York, submitted to Judge Drain a letter
expressing concern "about the scope of . . . the broadened
applicability of the Injunction in the Confirmation Order."

Mr. Etkin noted that the Lead Plaintiffs do not object to the
underlying settlement since it appeared to reflect an agreement
between the Parties with respect to the rights and obligations
under the XL Policy.  However, it should be made clear that the
Injunction should not in any way impact the claims asserted or to
be asserted against the Insureds in the Securities Litigation and
the Insureds' personal liability in connection with any judgment
or settlement obtained against any of them in the Securities
Litigation, Mr. Etkin said.

The Insureds may certainly resolve their coverage issues under
the XL Policy, but cannot limit their personal liability in the
Securities Litigation through such an agreement, whether by way
of the Confirmed Plan, the Order or otherwise, Mr. Etkin
asserted.  Therefore, he averred, the language should be
clarified with respect to the scope of the Injunction and the
Confirmation Order in relation to the Order approving the
Settlement Agreement.

                         About Refco Inc.

Headquartered in New York, Refco Inc. -- http://www.refco.com/--
was a diversified financial services organization with operations
in 14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries were members of
principal U.S. and international exchanges, and were among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  Refco was also a major broker of cash
market products, including foreign exchange, foreign exchange
options, government securities, domestic and international
equities, emerging market debt, and OTC financial and commodity
products.  Refco was one of the largest global clearing firms for
derivatives.  The Company had operations in Bermuda.

The Company and 23 of its affiliates filed for Chapter 11
protection on October 17, 2005 (Bankr. S.D.N.Y. Case No. 05-
60006).  J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher
& Flom LLP, represented the Debtors in their restructuring
efforts.  Milbank, Tweed, Hadley & McCloy LLP, represented the
Official Committee of Unsecured Creditors.  Refco reported
US$16.5 billion in assets and US$16.8 billion in debts to the
Bankruptcy Court on the first day of its Chapter 11 cases.

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on December 15, 2006.  That Plan became effective on Dec. 26,
2006.  Pursuant to the plan, RJM, LLC, was named plan
administrator to reorganized Refco, Inc. and its affiliates, and
Marc S. Kirschner as plan administrator to Refco Capital Markets,
Ltd.

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


REFCO INC: Court Reclassifies Rhynes Claim as Old Equity Interest
-----------------------------------------------------------------
At the behest of the Plan Administrator of Reorganized Refco Inc.
and its affiliates, Judge Drain reclassified Claim No. 14516
asserted by Mark H. Rhynes as an "Old Equity Interest" as the
term is defined under the Confirmed Plan.

Mr. Rhynes has transferred Claim No. 14516 to Herman, Alexis &
Co., Inc.

The Plan Administrator has concluded that the Claim is asserted
as a claim for damages arising from the purchase or sale of
common stock of Refco Inc.  He asserted that pursuant to the
Plan, the Claim fall within the definition of "Old Equity
Interest."

Under the terms of the Plan, Old Equity Interests do not
participate in distributions to unsecured creditors of the
Reorganized Debtors or Refco Capital Markets, Ltd.  Instead,
holders of Old Equity Interests are provided solely with the
right to participate in the Litigation Trust and Private Actions
Trust upon making certain elections required by the Plan.

Judge Drain ruled that all rights of Mr. Rhynes, if any, as to
(i) allowance and disallowance of the Rhynes Claim as an Old
Equity Interest, and (ii) participation in the Litigation Trust
and Private Actions Trust, each as defined in the Plan, are
reserved.

The Court's Order is without prejudice to the rights of the Plan
Administrator to further object to the Rhynes Claim as filed and
as an Old Equity Interest.

                         About Refco Inc.

Headquartered in New York, Refco Inc. -- http://www.refco.com/--
was a diversified financial services organization with operations
in 14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries were members of
principal U.S. and international exchanges, and were among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  Refco was also a major broker of cash
market products, including foreign exchange, foreign exchange
options, government securities, domestic and international
equities, emerging market debt, and OTC financial and commodity
products.  Refco was one of the largest global clearing firms for
derivatives.  The Company had operations in Bermuda.

The Company and 23 of its affiliates filed for Chapter 11
protection on October 17, 2005 (Bankr. S.D.N.Y. Case No. 05-
60006).  J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher
& Flom LLP, represented the Debtors in their restructuring
efforts.  Milbank, Tweed, Hadley & McCloy LLP, represented the
Official Committee of Unsecured Creditors.  Refco reported
US$16.5 billion in assets and US$16.8 billion in debts to the
Bankruptcy Court on the first day of its Chapter 11 cases.

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on December 15, 2006.  That Plan became effective on Dec. 26,
2006.  Pursuant to the plan, RJM, LLC, was named plan
administrator to reorganized Refco, Inc. and its affiliates, and
Marc S. Kirschner as plan administrator to Refco Capital Markets,
Ltd.

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


REFCO INC: Submits Post-Confirmation Report for 2nd Quarter
-----------------------------------------------------------
Refco, Inc., and its affiliates, including Refco Capital Markets,
Ltd., delivered to the U.S. Bankruptcy Court for the Southern
District of New York a copy of their post-confirmation quarterly
report for the period from April 1 to June 30, 2010.

Valerie E. DePiro, chief financial officer of Refco Inc. and
Refco Capital Markets, Ltd., relates that a cash balance of
$68,189,000 at the beginning of April 2010 decreased to
$67,115,000 at the end of the reporting period.  The Reorganized
Debtors received $1,529,000 in total cash and disbursed
$3,603,000 for the second quarter of 2010.

    Unaudited Schedule of Cash Receipts and Disbursements
                       (in thousands)

                    Beginning            Inter-
Ending
Debtor                 Balance  Receipts  Company  Disbursements
Balance
-----                  -------  --------  -------  -------------
-------
Refco Capital Markets  $10,728        $4  $11,600       ($1,077)
$21,255
Refco Capital LLC       51,735     1,524  (11,600)         (858)
40,801
Refco F/X Assoc.         6,684         1        -        (1,664)
5,021
Refco Group Ltd.             -         -        -             -
-
Refco Regulated              -         -        -             -
-
Refco Inc.                  42         -        -            (4)
38
Westminster-Refco            -         -        -             -
-
                       -------  --------  -------  -------------
-------
     Totals            $68,189    $1,529       $0       ($3,603)
$67,115

         Schedule of Cash Distributions to Creditors
                       (in thousands)

                                         Quarter Ended   Emergence
                                         June 30, 2010    to Date
                                         -------------   ---------
Administrative and Operating Expenses          $1,127     $98,830

TREATMENT OF CONTRIBUTING DEBTORS'
CREDITORS AND INTEREST HOLDERS
Priority Tax Claims                                 -       1,613
Class 1 - Non Tax Priority Claims                   -           -
Class 2 - Other Secured Claims                      -           -
Class 3 - Secured Lender Claims                     -     703,967
Class 4 - Senior Subordinated Note Claims           -     335,985
Class 5(a) - Contributing Debtors
General Unsecured Claims                       3,604     148,552
Class 5(b) - Related Claims                         -           -
Class 6 - RCM Intercompany Claims                   -           -
Class 7 - Subordinated Claims                       -           -
Class 8 - Old Equity Interests                      -           -

TREATMENT OF FXA CREDITORS
Priority Tax Claims                                 -          90
Class 1 - FXA Non-Tax Priority Claims               -           -
Class 2 - FXA Other Secured Claims                  -           -
Class 3 - FXA Secured Lender Claims                 -           -
Class 4 - FXA Sr. Subordinated Note Claims          -           -
Class 5(a) - FXA General Unsecured Claims       1,578      21,031
Class 5(b) - Related Claims                         -           -
Class 6 - FXA Convenience Claims                    -       4,827
Class 7 - FXA Subordinated Claims                   -           -

TREATMENT OF RCM CREDITORS
Priority Tax Claims                                 -           -
Class 1 - RCM Non-Tax Priority Claims               -           -
Class 2 - RCM Other Secured Claims                  -           -
Class 3 - RCM FX/Unsecured Claims                 742     449,956
Class 4 - RCM Securities Customer Claims          151   2,644,968
Class 5 - RCM Leuthold Metals Claims                -      19,364
Class 6 - Related Claims                            -           -
Class 7 - RCM Subordinated Claims                   -           -

Ms. DePiro tells the Court that all employees were terminated by
the Debtors on September 30, 2008.  The Debtors continue to
utilize former employees, from time to time, as contractors to
assist with certain wind-down activities, including effectuating
distributions to creditors.  The Debtors compensate the former
employees an hourly basis.

Ms. DePiro says that the tax claims and notices were received by
the Debtors from the Internal Revenue Service and state taxing
authorities in the aggregate amount of approximately $20 million.
All of the original 47 claims filed have been expunged or
resolved.  Allowed Claims total approximately $1.6 million and
have been paid.  All insurance policies are fully paid for the
current period.

A full-text copy of the Reorganized Debtors' Post-Confirmation
Quarterly Report for the Second Quarter of 2010 is available at
no charge at http://bankrupt.com/misc/Refco1stQ2010PostCon.pdf

                         About Refco Inc.

Headquartered in New York, Refco Inc. -- http://www.refco.com/--
was a diversified financial services organization with operations
in 14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries were members of
principal U.S. and international exchanges, and were among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  Refco was also a major broker of cash
market products, including foreign exchange, foreign exchange
options, government securities, domestic and international
equities, emerging market debt, and OTC financial and commodity
products.  Refco was one of the largest global clearing firms for
derivatives.  The Company had operations in Bermuda.

The Company and 23 of its affiliates filed for Chapter 11
protection on October 17, 2005 (Bankr. S.D.N.Y. Case No. 05-
60006).  J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher
& Flom LLP, represented the Debtors in their restructuring
efforts.  Milbank, Tweed, Hadley & McCloy LLP, represented the
Official Committee of Unsecured Creditors.  Refco reported
US$16.5 billion in assets and US$16.8 billion in debts to the
Bankruptcy Court on the first day of its Chapter 11 cases.

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on December 15, 2006.  That Plan became effective on Dec. 26,
2006.  Pursuant to the plan, RJM, LLC, was named plan
administrator to reorganized Refco, Inc. and its affiliates, and
Marc S. Kirschner as plan administrator to Refco Capital Markets,
Ltd.

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


ROBERT VOLZ: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Joint Debtors: Robert A. Volz
               Judy R. Volz
               N12667 Brooklyn Road
               Minong, WI 54859

Bankruptcy Case No.: 10-15548

Chapter 11 Petition Date: July 23, 2010

Court: United States Bankruptcy Court
       Western District of Wisconsin (Eau Claire)

Judge: Thomas S. Utschig

Debtor's Counsel: Mart W. Swenson, Esq.
                  Laman & Swenson Law Offices
                  118 E. Grand Avenue
                  P.O. Box 185
                  Eau Claire, WI 54702
                  Tel: (715) 835-7779
                  Fax: (715) 835-2573
                  E-mail: marts@lamanswensonlaw.com

Scheduled Assets: $711,610

Scheduled Debts: $2,489,288

A list of the Joint Debtors' 20 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/wiwb10-15548.pdf

The petition was signed by the Joint Debtors.


SAINT VINCENTS: Gets OK to Sell Certified Home Health Agency
------------------------------------------------------------
Saint Vincents Catholic Medical Centers of New York, et al.,
sought and obtained authorization from the Hon. Cecelia G. Morris
of the U.S. Bankruptcy Court for the Southern District of New York
to auction assets related to the Debtors' certified home health
agency (CHHA).

Prior to the Petition Date, the Debtors commenced their efforts to
sell the CHHA, retaining Cain Brothers & Company (the Cain
Brothers) as investment banker and Shattuck Hammond Partners as
broker to facilitate the transfer of the CHHA as a going concern.
In coordination with the Debtors' senior management and Grant
Thornton, the Debtors' crisis managers, Cain Brothers and Shattuck
contacted approximately 32 potential purchasers and assisted 28
potential purchasers in conducting due diligence in connection
with a sale of the CHHA.

On June 28, 2010, the Debtors and North Shore entered into an
asset purchase agreement (APA) for the sale of the CHHA.  A copy
of the APA is available for free at:

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

Under the APA, the Purchaser will pay the Debtors $15 million for
the assets.  The Purchaser will deposit with an escrow agent, by
wire transfer of immediately available funds, (a) an amount equal
to $750,000 upon execution of the APA, and (b) an amount equal to
$750,000 upon the conclusion of the Auction.

The Purchaser will assume these liabilities: (i) all Liabilities
accruing from and after the Closing with respect to the Assigned
Contracts and the Purchased Real Property Leases; (ii) the Cure
Amounts as required by Section 2.6 of the APA; 4 and (iii) as
required by DOH for CON Approval of any purchaser of the CHHA, any
monetary liability arising out of an industry-wide inquiry by the
New York State Attorney General's Office, Medicaid Fraud Control
Unit, concerning provision of services to Medicaid beneficiaries
on behalf of the CHHA by home health aids that were allegedly not
appropriately credentialed (the Inquiry).  SVCMC will indemnify
the Purchaser for monetary liability paid by the Purchaser with
respect to the Inquiry, if any, up to a maximum of $1,500,000 and
will escrow that amount at Closing as security for such indemnity.

The Purchaser will take the Assets subject to certain Permitted
Liens.

The APA provides that upon consummation of a transaction resulting
from a Competing Bid, the Debtors will pay the Purchaser a fee
equal to 2% of the Purchase Price, or $300,000 (the Break-Up Fee).

In order to transition the CHHA from the Debtors to North Shore
between entry of the Sale Order and the Closing, the APA provides
that the parties will enter into a management agreement.  The
Management Agreement provides that North Shore will assume day-to-
day management of the CHHA within two business days after entry of
the Sale Order and prior to the closing under the APA.

In the event that competing bids are submitted, the assets will be
auctioned.  The Court has approved the Debtors' bidding
procedures.  A copy of the bidding procedures is available for
free at:

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

The amount of the purchase price in the bid must provide for net
cash (or cash equivalent) that is at least $50,000 more than the
purchase price contained in the APA plus the amount of the Break-
Up Fee.  A potential bidder must deposit 10% of the initial
purchase price set forth in the Modified APA with an escrow agent
selected by the Debtors in the form of a certified check or wire
transfer at least three business days before the Auction.

The auction will be held on August 10, 2010, starting at 9:00 a.m.

Bidding at the Auction will commence at the amount of the highest
or otherwise best Qualified Bid submitted prior to the Auction;
Qualified Bidders may then submit successive bids in increments of
$75,000, provided that the Debtors will retain the right, subject
to the consent of the Committee and Secured Creditors, to modify
the Bid Increment at the Auction.

Objections to the sale must be filed by August 5, 2010.

The Successful Bid and the Backup Bid will be subject to entry of
the Sale Order after the Sale Hearing that the Debtors propose to
take place on August 19, 2010, at 11:00 a.m. (prevailing Eastern
Time).

In the event the Debtors choose a Successful Bidder other than the
Purchaser at the Auction, the Objection Deadline solely with
respect to the Debtors' choice of such alternative Successful
Bidder will be August 13, 2010, at 4:00 p.m. (prevailing Eastern
Time).

The Court will conduct the Sale Hearing and consider any
unresolved objections to the Sale on August 19, 2010 at 11:00 a.m.
(prevailing Eastern Time) or at such other time ordered by the
Court.

                       About Saint Vincents

St. Vincents Catholic Medical Centers returned to bankruptcy court
by filing another Chapter 11 petition April 14, 2010, in New York
(Bankr. S.D.N.Y. Case No. 10-11963).  The new petition listed
assets of $348 million against debt totaling $1.09 billion.

Adam C. Rogoff, Esq., and Kenneth H. Eckstein, Esq., at Kramer
Levin Naftalis & Frankel LLP, represent the Debtor in its Chapter
11 effort.

Although the hospitals emerged from the prior reorganization in
July 2007 with a Chapter 11 plan said to have a "a realistic
chance" of paying all creditors in full, the bankruptcy left the
medical center with more than $1 billion in debt.  The new filing
occurred after a $64 million operating loss in 2009 and the last
potential buyer terminated discussions for taking over the
flagship hospital.

Saint Vincents Catholic Medical Centers -- http://www.svcmc.org/
-- is anchored by St. Vincent's Hospital Manhattan, an academic
medical center located in Greenwich Village and the only emergency
room on the Westside of Manhattan from Midtown to Tribeca, St.
Vincent's Westchester, a behavioral health hospital in Westchester
County, and continuing care services that include two skilled
nursing facilities in Brooklyn, another on Staten Island, a
hospice, and a home health agency serving the Metropolitan New
York area.

Saint Vincent Catholic Medical Centers of New York and six of its
affiliates first filed for Chapter 11 protection on July 5, 2005
(Bankr. S.D.N.Y. Case No. 05-14945 through 05-14951).


SEA LAUNCH: Reaches Agreement with Eschostar Satellite
------------------------------------------------------
Space Travel Exploration and Tourism says Sea Launch Company
reached a deal with Echostar Satellite Services LLC to launch up
to three satellites on the company's Zenit-3SL launch vehicle
system.  The deal is one of the several new launch agreements that
the Company has signed.

                         About Sea Launch

Sea Launch Company, L.L.C., is a satellite-launch services
provider that offers commercial space launch capabilities from the
Baikonur Space Center in Kazakhstan.  Its owners include Boeing
Co., RSC Energia, and Aker ASA.

Sea Launch filed for Chapter 11 on June 22, 2009 (Bankr. D. Del.
Case No. 09-12153).  Joel A. Waite, Esq., and Kenneth J. Enos,
Esq., at Young, Conaway, Stargatt & Taylor LLP, in Wilmington,
Delaware, serve as the Debtor's counsel.  At the time of the
filing, the Company said its assets range from US$100 million to
US$500 million and debts are at least US$1 billion.


SEAWALL SPC: S&P Junks Rating on Floating Notes From 'B'
--------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the
floating-rate notes issued by Seawall SPC's series 2008-39, a U.S.
synthetic collateralized debt obligation transaction, to 'CCC'
from 'B'.  At the same time, S&P removed the rating from
CreditWatch with negative implications.

S&P lowered the rating because it is directly linked to its rating
on the class A-2A certificates from MAX CMBS I Ltd.?s series 2008-
1, which S&P lowered on May 25, 2010.

       Rating Lowered And Removed From Creditwatch Negative

                           Seawall SPC
          $20 million floating-rate notes series 2008-39

                                Rating
                                ------
           Class           To             From
           -----           --             ----
           Notes           CCC            B/Watch Neg


SECURITY ALARM: Case Summary & 17 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Security Alarm Services and Patrol Inc
        420 Calaf Street, Suite 201
        Zona Industrial Tres Monjitas
        San Juan, PR 00918

Bankruptcy Case No.: 10-06581

Chapter 11 Petition Date: July 22, 2010

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

Judge: Enrique S. Lamoutte Inclan

Debtor's Counsel: Victor Gratacos Diaz, Esq.
                  P.O. Box 7571
                  Caguas, PR 00726
                  Tel: (787) 746-4772
                  E-mail: vgratacd@coqui.net

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

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

According to the schedules, the Company says that assets total
$130,900 while debts total $1,468,873.

A copy of the Company's list of 17 largest unsecured
creditors filed together with the petition is available for
free at http://bankrupt.com/misc/prb10-06581.pdf

The petition was signed by Edgardo A. Pellot Mercado, president.


SEDGEBROOK INC: Residents Object to Add'l Liens for Lenders
-----------------------------------------------------------
The Official Residents Committee for Sedgebrook, Inc., and Monarch
Landing, Inc., says it does not oppose the separate requests of
Sedgebrook and Monarch Landing to use their secured creditors'
cash collateral.  The Residents Committee, however, objects to
granting any excessive protections for the Secured Creditors.

For one, the Secured Creditors should not obtain any liens on
causes of action under Chapter 5 of the Bankruptcy Code, John N.
Schwartz, Esq., at Fulbright & Jaworski L.L.P., in Dallas, Texas
-- jschwartz@fulbright.com -- counsel to the Residents Committee
asserts.  The proceeds of those causes of action should be
reserved for the benefit of unsecured creditors and should not be
used to compensate the Secured Creditors, he contends.  He
further argues that any liens granted to the Secured Creditors
with respect to deposits of the residents of Sedgebrook and
Monarch Landing should be subject to any superior non-bankruptcy
rights of those residents which may exist.

Mr. Schwartz continues that any superpriority claim that the
Secured Creditors may assert should not be senior to any
administrative expenses which may be allowed in a Chapter 7
bankruptcy case.  The liens granted to the Secured Creditors
should not be subject to a carve-out that is sufficient to
satisfy the costs of providing an orderly wind-down of the
Debtors' operations, he asserts.  If a sufficient carve-out is
not provided, the Secured Creditors should not receive a waiver
of any claims which may be asserted under Section 506(c) or
552(b) of the Bankruptcy Code, he points out.  In addition,
parties-in-interest should have a sufficient opportunity to
investigate potential claims against the Secured Creditors, Mr.
Schwartz insists.

                          *     *     *

As of July 26, 2010, no final order regarding the continued use
of cash collateral by Sedgebrook and Monarch Landing was entered
by the Court.  Judge Jernigan previously scheduled a final
hearing on the NFP Debtors' Cash Collateral Motions for July 16,
2010.

                         About the Debtors

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

Not-for-Profit Entities Sedgebrook, Inc. and Monarch Landing Inc.
filed for Chapter 11 on June 15, 2010.

The Lincolnshire Debtors and the NFP Debtors are affiliate of
Erickson Retirement Communities LLC.

Baltimore, Maryland-based Erickson Retirement Communities LLC,
along with affiliates, filed for Chapter 11 on Oct. 19, 2009
(Bankr. N.D. Tex. Case No. 09-37010).  DLA Piper LLP (US) serves
as counsel to the Debtors.  BMC Group Inc. serves as claims and
notice agent.  Houlihan, Lokey, Howard & Zoukin, Inc., is also
serving as investment and financial consultant.  Alvarez & Marsal
is serving as restructuring adviser.   Judge Stacey G.C. Jernigan
confirmed Erickson's Plan of Reorganization on April 16, 2010.
The confirmed Chapter 11 Plan is premised on the $365 million sale
of substantially all of the Erickson Retirement assets to Redwood
Capital Investments LLC and its affiliates.  The Plan became
effective on April 30, 2010.

Erickson own 20 continuing care retirement communities in 11
states.  Among Erickson's 20 communities, eight are completed, 11
are open although in construction, and one is in development.
They have 23,000 residents in total.


SELKIRK DEVELOPMENT: 9th Cir. Dismisses Griffin Title Case
----------------------------------------------------------
Debtor Selkirk Development, L.L.C., filed for Chapter 11
bankruptcy in 1998.  Unclear about the ownership rights to two
properties, Selkirk initiated an adversary proceeding against
William J. Griffin and Brenda G. Griffin to quiet title.  The
bankruptcy court quieted title in the Debtor and then, in a
separate order, confirmed its bankruptcy plan.  The Griffins
timely appealed both orders to the district court, which affirmed,
and in turn timely appealed both orders to U.S. Court of Appeals
for the Ninth Circuit.

In case No. 01-35017, Circuit Judges Stephen Reinhardt, Susan
Graber, and Richard Paez dismissed for failure to prosecute the
appeal.  The Ninth Circuit held that the Griffins' briefing
contains no argument pertaining to confirmation of the plan.

In case No. 00-35982, the Ninth Circuit reviewed de novo the
bankruptcy court's conclusions of law and review for clear error
its factual findings. Accordingly, the Ninth Circuit affirmed.

The Ninth Circuit held that the bankruptcy court permissibly told
the parties that it would make its factual findings on the
existing record if the parties failed to meet the court's second
deadline for submitting information.  The Griffins failed to meet
that deadline and failed to ask for more time within which to do
so, and they did not submit their accountant's deposition to the
court.  Considering the record then before it, the court held that
the Griffins had been paid in full under each of their agreements
with Selkirk and its predecessors for the purchase and sale of the
real property in question.  Even if the court made findings that
are imperfect, as the Griffins argue, a failure to comply with the
specificity requirement of Federal Rule of Civil Procedure 52(a)
(adopted pursuant to Bankruptcy Rule 7052) does not automatically
require reversal.  FTC v. Enforma Natural Prods., Inc., 362 F.3d
1204, 1212 (9th Cir. 2004).

"We understand the bankruptcy court simply to have held that the
Griffins failed to meet their burden to establish that any amount
remained owing after some payments, reflected in the record, had
been made. That being so, any Rule 52(a) error does not require
reversal," the Ninth Circuit held.

"Finally, the judgment of the bankruptcy court, quieting title in
Debtor, was not a sanction.  Instead, the court closed the record
pursuant to its earlier case-management orders and then made a
decision on the merits, grounded on the existing record."

The cases are Selkirk Development, LLC v. William J. Griffin;
Brenda G. Griffin, case no. 00-35982 (9th Cir.); and William J.
Griffin; Brenda G. Griffin, v. Selkirk Development, LLC, case no.
01-35017 (9th Cir.).

A copy of the decision is available at:

http://www.leagle.com/unsecure/page.htm?shortname=infco20100722161


SEQUENOM INC: Gets Letter From FDA About Selling SEQureDX
---------------------------------------------------------
Sequenom Inc. said it received a letter dated July 19, 2010 from
the U.S. Food and Drug Administration stating that it had come to
the FDA's attention that Sequenom is "currently marketing the
SEQureDx, a prenatal genetic diagnostic technology, intended to
enable the detection and analysis of circulating cell-free fetal
nucleic acids in a pregnant woman's blood sample for fetal gene
and chromosome abnormalities."

The company said, "We believe that the FDA's statement refers to
our SensiGene Fetal Rhesus D Genotyping test, which is our first
laboratory developed test powered by our SEQureDx technology.
This test is designed to detect ccff DNA from maternal blood and
examine multiple regions of the gene that are known to be the most
common genetic basis of Rhesus D negative phenotypes.  The test
was developed and validated by our laboratory -- the Sequenom
Center for Molecular Medicine.  We believe that the test meets the
definition of an LDT. The test is solely for use within our CLIA-
certified and CAP-accredited laboratory, Sequenom CMM, and is not
sold directly to the general public.  Rather, samples are ordered
by a physician, collected and sent to Sequenom CMM for testing,
and the results are reported back to the physician.

"We are preparing a response to the FDA's letter, and we look
forward to discussing this matter with the FDA in the near
future," the company noted.

                         About Sequenom

Sequenom, Inc. (NASDAQ: SQNM) -- http://www.sequenom.com/-- is a
life sciences company committed to improving healthcare through
revolutionary genetic analysis solutions. Sequenom develops
innovative technology, products and diagnostic tests that target
and serve discovery and clinical research, and molecular
diagnostics markets. The company was founded in 1994 and is
headquartered in San Diego, California.

The Company's balance sheet for March 31, 2010, showed
$70.6 million total assets and $15.5 million total current
liabilities, for a $50.0 million stockholders' equity.

Ernst & Young LLP of San Diego, California, has expressed
substantial doubt against Sequenom's ability as a going concern.
The auditor noted that the Company has incurred recurring
operating losses and does not have sufficient working capital to
fund operations through 2010.


SEVENTH STREET: Case Summary & 2 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Seventh Street Land East, LLC
        216 N East St.
        Woodland, CA 95776

Bankruptcy Case No.: 10-39386

Chapter 11 Petition Date: July 22,2010

Court: United States Bankruptcy Court
       Eastern District of California (Sacramento)

Judge: Thomas Holman

Debtor's Counsel: Noel Knight, Esq.
                  2616 Harrison St #1
                  Oakland, CA 94612
                  Tel: (510) 435-9210

Scheduled Assets: $2,934,100

Scheduled Debts: $300,000

A list of the Company's 2 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/caeb10-39386.pdf

The petition was signed by Satwinder Singh Gill, managing member.


SKYWORKS VENTURES: Punitive Damages for Involuntary Petition
------------------------------------------------------------
WestLaw reports that a law firm was aware that a client's debt to
it was disputed.  Thus, the client was entitled to compensatory
and punitive damages arising from the firm's filing of an
involuntary Chapter 7 petition against it without support from
other creditors.  The client disputed bills from the firm
throughout the representation.  The firm withdrew its suit after
seeing the client's draft answer and counterclaim alleging it was
owed damages from firm.  Settlement negotiations between parties
had fallen apart.  In re Skyworks Ventures, Inc., --- B.R. ----,
2010 WL 2772508 (Bankr. D. N.J.) (Lyons, J.).

As reported in the Troubled Company Reporter on July 23, 2010, the
Honorable Raymond T. Lyons found that the involuntary petition was
filed in bad faith.  Although the alleged debtor presented no
evidence of actual damages, the court says it will award punitive
damages, and an additional hearing will be scheduled to fix the
amount of fees, costs and punitive damages.

Represented by Jay L. Lubetkin, Esq., at Rabinowitz Lubetkin &
Tully, L.L.C., Scarola Ellis LLP, filed an involuntary chapter 7
petition (Bankr. D. N.J. Case No. 10-24459) against Skyworks
Ventures, Inc.  Joseph J. DiPasquale, Esq., at Trenk, DiPasquale,
Webster, Della Fera & Sodono, P.C., represents the Alleged Debtor.

Scarola Ellis is a New York law firm that claims Skyworks Ventures
owes the firm in excess of $200,000.  Skyworks Ventures is a
start-up company in the business of developing Internet games.  It
raised $12 million in a series of stock offerings.  Scarola Ellis
represented Skyworks Ventures in those matters as well as other
corporate matters and litigation.  During the two years between
July 2007 and July 2009, Scarola Ellis billed Skyworks Ventures
approximately $1,100,000 for legal services.  Skyworks Ventures
paid approximately $900,000, leaving a balance claimed of more
than $200,000.  From time to time, Ventures complained about the
amount of legal fees. Eventually, Scarola Ellis terminated the
client relationship because of unpaid fees.  Scarola Ellis sued
Skyworks Ventures (S.D.N.Y. Case Nos. 09-cv-08309 and 09-cv-10003)
and Skyworks counter-sued (D. N.J. Case No. 10-cv-02632).

Skyworks Ventures has a subsidiary, Skyworks Interactive, Inc.
Seven creditors of Skyworks Interactive filed an involuntary
petition (Bankr. D.N.J. Case No. 10-19593) on Mar. 31, 2010.
Scarola Ellis filed a motion to join as a petitioning creditor.
Skyworks Interactive filed an answer and counterclaim against the
petitioning creditors.  It also opposed Scarola Ellis's motion to
join as a petitioning creditor alleging that the law firm was not
a creditor of Skyworks Interactive, but solely a disputed creditor
of its parent company, Skyworks Ventures.  The court denied
Scarola Ellis's motion to join as a petitioning creditor because
no prior court authorization is required -- a creditor may join in
the petition as a matter right under 11 U.S.C. Sec. 303(c).  The
court made no finding as to whether Scarola Ellis was a creditor
of Skyworks Interactive.  Thereafter, Scarola Ellis filed a notice
of joinder in the Skyworks Interactive involuntary petition.


SMART PARTS: Pa. Court Converts Case to Chapter 7 Liquidation
-------------------------------------------------------------
68Caliber.com reports that the U.S. Bankruptcy Court for the
Western District of Pennsylvania converted the Chapter 11 case of
Smart Parts Inc. to Chapter 7 liquidation proceeding.  The U.S.
trustee is directed to appoint a Chapter 7 trustee as soon as
possible.

Loyalhanna, PA-based Smart Parts, Inc., filed for Chapter 11 on
May 13, 2010 (Bankr. W.D. Pa. Case No. 10-23521).  Paul J.
Cordaro, Esq., at Campbell & Levine LLC, served as counsel to the
Debtor.  The petition listed assets of $1,000,001 to $10,000,000
and debts of $10,000,001 to $50,000,000.


SMURFIT-STONE: Fights $222.6 Million Green Hunt Wind-Up Claim
-------------------------------------------------------------
Smurfit-Stone Container Corp. has launched a challenge to a bid by
Canadian insolvency consulting firm Green Hunt Wedlake Inc. to
recover a $222.6 million wind-up claim, saying it is barred by
terms of an indenture agreement and duplicates a guarantee claim
asserted by noteholders, Bankruptcy Law360 reports.

                        About Smurfit-Stone

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

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

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

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

The Company's Plan of Reorganization, which was confirmed by the
U.S. Bankruptcy Court on June 21, 2010, and recognized by a
Canadian court order, became effective July 1.

The Plan provides that 2.25% of the new Smurfit-Stone common stock
pool will be distributed pro rata to the Company's previous
preferred stockholders and 2.25% percent of the New Smurfit-Stone
common stock pool will be distributed pro rata to the Company's
previous common stockholders.


SOMMET GROUP: Creditors Submit Involuntary Chapter 7 Petition
-------------------------------------------------------------
Sommet Group LLC is being forced into Chapter 7 bankruptcy by
three creditors.  SCI Box LLC, Harvila Inc. and Landscape St. Lous
Inc. filed the involuntary Chapter 7 petition for the Debtor in
the U.S. Bankruptcy Court for the Middle District of Tennessee.

Brian Reisinger at Business Journal of Nashville reports that
prior to the filing, U.S. Resort Management Inc. sued the Company
in relation to the handling of money.  The lawsuit accused the
Company and managing partner Brian Whitfield of racketeering,
breach of fiduciary duty and fraud, according to the report.  The
Company and Mr. Whitfield had unpaid health insurance claims of
$776,000, and $2.1 million in unpaid medical and pharmacy claims
as of June 23, 2010.

Sommet Group provides various professional services.  It is the
former sponsor of the Nashville Predators' hockey arena.


SPEEDY MART: Case Summary & Largest Unsecured Creditor
------------------------------------------------------
Debtor: Speedy Mart & Gas, Inc.
        8170 Broadway
        Lemon Grove, CA 91945

Bankruptcy Case No.: 10-12829

Chapter 11 Petition Date: July 22, 2010

Court: United States Bankruptcy Court
       Southern District of California (San Diego)

Judge: Margaret M. Mann

Debtor's Counsel: David L. Speckman, Esq.
                  Speckman & Associates
                  835 Fifth Avenue, Suite 301
                  San Diego, CA 92101
                  Tel: (619) 696-5151
                  E-mail: speckmanandassociates@gmail.com

Estimated Assets: $0 to $50,000

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

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

Entity                   Nature of Claim        Claim Amount
------                   ---------------        ------------
Neighborhood              8170 Broadway,         $2,500,000
National Bank             Lemon Grove 91945;
P.O. Box 420              Business Assets
National City, CA 91951

The petition was signed by Latif Georges, president.


SPIRIT CREEK: Wants Access to Rents to Operate Business
-------------------------------------------------------
Spirit Creek Development, Inc., asks the U.S. Bankruptcy Court for
the Southern District of Georgia for permission to access the cash
in which Capital City Bank and Trust Company may assert an
interest.

The Debtor owed Capital City is approximately $5,600,00 which was
secured by the assets of the Debtor with an appraisal value of
$17,300,000.

The Debtor will use the rents to pay its operating expenses
including maintenance, utility expenses, taxes and insurance.

The Debtor adds that Capital City is an oversecured creditor.

                About Spirit Creek Development Inc.

Augusta, Georgia-based Spirit Creek Development, Inc., is engaged
in the development of multi-use housing and assisted living
properties and rental of residential housing.

The Company filed for Chapter 11 bankruptcy protection on June 16,
2010 (Bankr. S.D. Ga. Case No. 10-11400).  James T. Wilson, Jr.,
Esq., who has an office in Augusta, Georgia, assists the Debtor in
its restructuring effort.  The Debtor listed $17,362,640 in assets
and $6,290,416 in liabilities.


STATION CASINOS: Court Declines to Stay Sale of Assets
------------------------------------------------------
Judge Gregg Zive of the U.S. Bankruptcy Court for the U.S.
Bankruptcy Court for the District of Nevada junked the motion
submitted by the Official Committee of Unsecured Creditors in
Station Casinos' case for a stay pending appeal of his prior
ruling approving a bid process for Station Casinos' assets.

The bankruptcy judge, who oversees the Chapter 11 cases of
Station Casinos and its affiliated debtors, said the Creditors'
Committee failed to establish any of the elements to obtain a
stay pending appeal.  He pointed out that the panel is "unlikely
to succeed on appeal."

"The bidding procedures only establish a process for the auction
itself and do not, by themselves, result in the sale of any
assets.  The Court believes that the district court is unlikely
to consider the [Creditors Committee's] appeal," Judge Zive said
in a 12-page document.

Judge Zive also pointed out that the Creditors' Committee did not
present evidence that there is a risk the unsecured creditors or
the public interest will be "irreparably harmed" in the absence
of a stay.

"No transfer of assets or sale will be consummated unless a plan
is confirmed.  The parties' rights to object have been reserved
until that time," he said.

The Creditors' Committee filed the motion out of concern that the
so-called "excluded assets" will be transferred without any
valuation or market test if the sale is allowed to proceed under
the bid process prior to an appellate review.  The Committee also
criticized the inclusion of a statement in Station Casino's
proposed findings that the court order approving the bid process
is interlocutory, saying it would prejudice the Creditors
Committee's appeal before the district court.

The motion, however, drew flak from Station Casinos and some
lenders.  They argued that the appeal is premature, will hurt the
stalking horse bid or the starting bid, among other reasons.

                       About Station Casinos

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

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

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

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

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


STATION CASINOS: Wins Approval of Disclosure Statement
------------------------------------------------------
Station Casinos Inc. and its affiliated debtors moved a step
closer to emerging from bankruptcy protection after Judge Gregg
Zive of the U.S. Bankruptcy Court for the District of Nevada
approved the disclosure statement describing their proposed
restructuring plan.

In a 13-page order dated July 23, 2010, Judge Zive said the
disclosure statement contains enough information for creditors to
decide whether to support the restructuring plan.

A full-text copy of the Disclosure Statement order is available
without charge at:

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

With the approval of the disclosure statement, Station Casinos
can now begin the solicitation of votes from creditors.  The
company needs to get a majority of votes from creditors in favor
of the restructuring plan to finally emerge from bankruptcy
protection.

Creditors entitled to vote on the restructuring plan have until
August 20, 2010, to cast their ballots.  They are required to
follow a process governing the solicitation of votes, which Judge
Zive also approved in his July 23 order.

The court order also approved the process for the temporary
allowance of claim or equity interests being opposed by Station
Casinos, and established July 15, 2010 as the voting record date
with respect to those claims and interests.

Thomas Kreller, Esq., at Milbank Tweed Hadley & McCloy LLP, in
Los Angeles, California, said Station Casinos is negotiating with
lower-ranking creditors to win their support before voting
begins, according to a July 15 report by Bloomberg News.

"It is possible that a deal could come before solicitation
starts," Bloomberg News quoted Mr. Kreller as telling the
bankruptcy judge.

The Court is set to hold a hearing on August 27 and 30, 2010, to
consider the confirmation of the restructuring plan.  Deadline
for filing objections to the confirmation is August 12, 2010.

Under Station Casinos' restructuring plan, the company would be
broken into two parts, both of which would be taken over and
reassembled by a partnership led by company Chairman Frank
Fertitta and his brother, Vice Chairman Lorenzo Fertitta,
according to earlier reports.

The Fertittas and their partners, including some of Station
Casino's lenders, must still win an August 6 auction for a
majority of the company's 18 casinos, Bloomberg News reported.

Fertitta Gaming, a business formed by the Fertittas, has
submitted a $772 million "stalking horse" or starting bid for the
properties.  The auction covers such properties as Texas Station,
the two Fiestas, Santa Fe Station, certain company land holdings
and American Indian gaming contracts, according to a July 26
report by the Casino City Times.

Bill Clifford, chief financial officer of Penn National Gaming,
said his company is not interested in participating in the
auction.  He said, however, that the company's nonparticipation
does not rule out its interest in other Station Casinos resorts,
Casino Times reported.

Mr. Clifford briefly mentioned the Green Valley Ranch Resort,
which Station Casinos owns jointly with the Greenspun family and
is not part of the bankruptcy, as a property that might interest
the company, according to the report.

The Court also approved the solicitation procedures.  The Court
will hold a hearing to consider confirmation of the Debtors' Plan
of Reorganization on August 27 and 30, 2010 commencing at 10:00
a.m. prevailing Pacific Time on each date.  Objections to the
confirmation of the Plan must be submitted on or before
August 12.

                       About Station Casinos

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

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

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

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

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


STATION CASINOS: Reaches Deal with Unsecured Creditors on Plan
--------------------------------------------------------------
Bill Rochelle at Bloomberg News reports that the creditors'
committee reached a settlement with Station Casinos Inc. and as a
result turned opposition to the Chapter 11 plan into support.

Station Casinos filed a revised reorganization plan and
explanatory disclosure statement on July 28.  The revised plan
provides that general unsecured creditors and holders of $1.28
billion in senior notes now are in line to receive warrants and
investment rights in connection with implementation of the plan
plus the ability to invest again in the future. Previously, they
were to receive nothing.  The holders of $1.56 billion in
subordinated notes are also to receive a share of the same
warrants and investment rights, although how much if anything they
actually receive is a function of the existing subordination
agreement and elections that senior creditors make in accepting
the plan.

Creditors entitled to vote on the restructuring plan have until
August 20, 2010, to cast their ballots.  They are required to
follow a process governing the solicitation of votes, which Judge
Zive also approved in his July 23 order.

The Court is set to hold a hearing on August 27 and 30, 2010, to
consider confirmation of the restructuring plan.  Deadline for
filing objections to the confirmation is August 12, 2010.

Under Station Casinos' restructuring plan, the company would be
broken into two parts, both of which would be taken over and
reassembled by a partnership led by company Chairman Frank
Fertitta and his brother, Vice Chairman Lorenzo Fertitta.

The Fertittas and their partners, including some of Station
Casino's lenders, must still win an August 6 auction for a
majority of the company's 18 casinos, Bloomberg News reported.

                       About Station Casinos

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

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

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

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

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


SULTAMAN LUBIS: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Joint Debtors: Sultaman G. Lubis
               aka Sultaman Ganedy Lubis
               Ni Mustika Lubis
               279 Clearwater Drive
               Ponte Vedra Beach, FL 32082

Bankruptcy Case No.: 10-06344

Chapter 11 Petition Date: July 22, 2010

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

Judge: Paul M. Glenn

Debtor's Counsel: Bryan K. Mickler, Esq.
                  5452 Arlington Expressway
                  Jacksonville, FL 32211
                  Tel: (904) 725-0822
                  Fax: (904) 725-0855
                  E-mail: court@planlaw.com

Scheduled Assets: $1,819,305

Scheduled Debtss: $1,263,257

A list of the Joint Debtors' 20 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/flmb10-06344.pdf

The petition was signed by the Joint Debtors.


SUMMER REGIONAL: Summer County to Get $15 Million at Sale Closing
-----------------------------------------------------------------
April Wortham, staff writer at Business Journal of Nashville,
reports that Summer County officials withdrew their objections to
sale of the assets of LifePoint Hospitals Inc. to Summer Regional
Health Systems, in turn for $15 million from the sale proceeds at
closing.

According to the Troubled Company Reporter on June 22, 2010, a
federal bankruptcy judge approved the sale of Summer Regional
Health Systems and Summer Regional Medical Center to LifePoint
Hospitals Inc. for $145 million.  Summer County can attempt to
collect its disputed assets after the sale closes.  The proposed
sale, which has already received antitrust clearance from the
Federal Trade Commission, is still under review by the state
Attorney General's Office.

                       About Sumner Regional

Summer Regional Health Systems Inc. operates a hospital system
with four hospitals in north-central Tennessee and its flagship in
Gallatin.

Sumner Regional Health Systems, Inc. -- dba Sumner Regional
Medical Center, SRHS Professional Services, Sumner Station, Sumner
In-Patient Rehabilitation Unit, Westmoreland Pharmacy, Imaging for
Women at Sumner Station, Diagnostic Center at Sumner Station,
Outpatient Rehab Services at Sumner Station, The Fitness Center at
Sumner Station, Sumner Crossroads, and Executive House Apartments
-- filed for Chapter 11 bankruptcy protection on April 30, 2010
(Bankr. M.D. Tenn. Case No. 10-04766).  Robert A. Guy, Esq., at
Frost Brown Todd LLC, assists the Company in its restructuring
effort.  The Company estimated its assets and debts at
$100,000,001 to $500,000,000.


SUSAN MORLAN: Case Summary & 15 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Susan Elizabeth Morlan
        6510 SE 32nd Avenue
        Portland, OR 97202

Bankruptcy Case No.: 10-37019

Chapter 11 Petition Date: July 23, 2010

Court: United States Bankruptcy Court
       District of Oregon

Judge: Elizabeth L. Perris

Debtor's Counsel: Ted A. Troutman, Esq.
                  16100 NW Cornell Rd #200
                  Beaverton, OR 97006
                  Tel: (503) 292-6788
                  E-mail: tedtroutman@gmail.com

Scheduled Assets: $4,499,340

Scheduled Debts: $2,446,255

A list of the Debtor's 15 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/orb10-37019.pdf

The petition was signed by Ms. Morlan.


SYNCORA GUARANTEE: S&P Withdraws 'D' Counterparty Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said it withdrew its 'D'
counterparty credit rating and its 'R' financial strength and
financial enhancement ratings on Syncora Guarantee Inc.

Standard & Poor's also said that it affirmed its 'C' issuer credit
rating on Twin Reefs Pass-Through Trust and its 'CC' financial
strength and financial enhancement ratings on Syncora Guarantee
U.K. Ltd. In addition, the 'C' preferred stock rating on Syncora
Holdings Ltd. remains on CreditWatch negative.  Standard & Poor's
subsequently withdrew all of these ratings as well.

The 'C' rating on the preference noncumulative hybrid Series A
shares of Syncora Holdings Ltd. reflected the company's failure to
make dividend payments beginning in March 2008.

The 'C' rating on Twin Reefs Pass-Through Trust was the result of
Syncora Guarantee Inc.'s missed interest payments on its series B
perpetual noncumulative preference shares beginning in December
2008 due to regulatory restrictions.  The rating reflected the
rating on the series B preferred shares held by Twin Reefs Pass-
Through Trust.

Standard & Poor's definition of its 'C' rating includes issues on
which cash coupon payments have been deferred, eliminated, or, in
some cases, paid in kind, as permitted under the terms of the
issue.

The 'CC' ratings on Syncora Guarantee U.K. Ltd. were based on
explicit support provided via a reinsurance agreement and a net-
worth-maintenance agreement from Syncora Guarantee Inc. Syncora
Guarantee U.K. Ltd. is not under the control of the U.K. Financial
Services Authority.

Standard & Poor's no longer has a commercial relationship with any
of the Syncora companies.


TACO MUNDO: Voluntary Chapter 11 Case Summary
---------------------------------------------
Debtor: Taco Mundo Centreport, LLC
        Carolina Galvan-Rodriguez
        5636 Yolanda Circle
        Dallas, TX 75229

Bankruptcy Case No.: 10-44809

Chapter 11 Petition Date: July 25, 2010

Court: United States Bankruptcy Court
       Northern District of Texas (Ft. Worth)

Judge: Russell F. Nelms

Debtor's Counsel: Joshua Lee Shepherd, Esq.
                  E-mail: jshepherd@curtislaw.net
                  Sarah Ann Walters, Esq.
                  E-mail: swalters@curtislaw.net
                  Stephanie Diane Curtis, Esq.
                  E-mail: scurtis@curtislaw.net
                  The Curtis Law Firm, P.C.
                  901 Main St., Suite 6515
                  Dallas, TX 75202
                  Tel: (214) 752-2222
                  Fax: (214) 752-0709

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 Carolina Galvan-Rodriguez, manager.


TC GLOBAL: Schoenfeld Reports Holding 20,000 Series B Preferreds
----------------------------------------------------------------
Walter E. Schoenfeld, a director at TC Global Inc., disclosed in a
regulatory filing on July 22, 2010, that as of July 1, he held
20,000 shares of the company's Series B Preferred Stock.  He
directly holds the shares.

Director Scott I. Anderson disclosed in a regulatory filing on
July 22, that he doesn't hold company securities.

As reported by the Troubled Company Reporter on July 12, 2010, the
board of directors elected Mr. Schoenfeld as director to serve
until the next annual meeting of shareholders and until his
successor is duly elected and qualified.  Mr. Schoenfeld fills the
vacancy on the board of directors created by the retirement of Tom
T. O'Keefe, the Company's former chairman, on June 30, 2010.  As
previously disclosed, Mr. O'Keefe first announced his planned
retirement at the annual meeting of shareholders held on March 26,
2010.

Mr. Schoenfeld is Chairman of Schoenfeld Group, a private
investment company.  Mr. Schoenfeld also currently serves as
Director of Foundation Bank, Bellevue, WA.  He previously served
as Chairman of Vans lnc (NASDAQ) which was sold to VF Corporation.
He has served on multiple public boards, including Reading
Railroad, Sunshine Mining Co., and Anchor Fence.

Effective July 8, 2010, the board elected Mr. Anderson as a
director to serve until the next annual meeting of shareholders
and until his successor is duly elected and qualified.  Mr.
Anderson fills the vacancy on the board of directors created by
amendment of the Company's amended and restated bylaws.

Mr. Anderson has been a principal of Cedar Grove Partners, LLC, an
investment and advisory concern since 1997, and a principal of
Cedar Grove Investments, LLC, a private seed capital firm since
1998.  From 1986 until 1997, Mr. Anderson was with McCaw
Cellular/AT&T Wireless, most recently as Senior Vice President of
the Acquisitions and Development group.  Before joining McCaw
Cellular in 1986, Mr. Anderson was engaged in private law
practice.  Mr. Anderson currently serves as a director of several
private companies, including mInfo, Inc., CosComm International,
Inc., Globys, Inc., Alcis Health, Inc., Root Wireless, Inc., and
Anvil Corp.  He is also a Director of Kratos Defense and Security
Solutions, Inc. (NASDAQ: KTOS).  Mr. Anderson is a member of the
control group of LCW Wireless, LLC, a wireless operator in Oregon.

He holds a B.A. in History from the University of Washington,
Magna Cum Laude, and a J.D. from the University of Washington Law
School, with highest honors.

                       About Tully's Coffee

Headquartered in Seattle, Washington, TC Global, Inc., dba Tully's
Coffee -- http://www.tullyscoffeeshops.com/-- is a specialty
coffee retailer and wholesaler.  Through company owned, licensed
and franchised specialty retail stores in Washington, Oregon,
California, Arizona, Idaho, Montana, Colorado, Wyoming and Utah,
throughout Asia with Tully's Coffee International, and with its
global alliance partner Tully's Coffee Japan, Tully's premium
coffees are available at 545 branded retail locations globally.
TC Global also has the rights to distribute Tully's coffee through
all wholesale channels internationally, outside of North America,
the Caribbean and Japan.

                           *     *     *

According to the Troubled Company Reporter on July 5, 2010,
TC Global Inc. dba Tully's Coffee filed its annual report on Form
10-K for the fiscal year ended March 28, 2010, reporting
$13.7 million in total assets and $16.3 million in total
liabilities, for a $4.1 million total stockholders' deficit.


TELEGLOBE COMMS: BCE to Pay $40MM to Settle Suits Over Collapse
---------------------------------------------------------------
Dow Jones Daily Bankruptcy Review reports that BCE Inc. has agreed
to pay $40 million cash and drop $500 million worth of claims to
settle litigation over the collapse of its failed unit, Teleglobe
Communications Corp.  The settlement is subject to approval by the
U.S. Bankruptcy Court for the District of Delaware.

The settlement caps five years of litigation in courts in the U.S.
and Canada.  The deal means cash for bondholders of Teleglobe and
a smaller pile of debt in the bankruptcy case, a product of the
telecommunications industry meltdown of 2000 and 2001.

BCE set Teleglobe up to develop a fiber-optic telecommunications
network, helped it land $2.4 billion in financing and later
injected $850 million in equity financing.  Then BCE cut off
funding, leaving Teleglobe with no means to pay its debt and no
operating business.  Teleglobe filed for bankruptcy protection in
the U.S. and Canada in 2002, liquidated and paid out pennies on
the dollar to creditors.

In the lawsuits that followed, creditors tried to hold BCE to
account for various forms of alleged wrongdoing.  The case in
Delaware bankruptcy court focused on the premise that BCE
executives deprived Teleglobe of the chance to reorganize because
of the way they shut off funds.

Creditors argued that as the majority stakeholder in the fledgling
entity, BCE owed it to Teleglobe creditors to make good on its
commitment to keep the company going.  BCE said it made no such
commitment and breached no duties to the unit.

The report says the deal grew out of mediation in Toronto, while
lawyers for BCE and lawyers for Teleglobe were awaiting a ruling
from the Delaware bankruptcy judge on dueling summary judgment
motions.

Headquartered in Reston, Virginia, Teleglobe Communications
Corporation -- http://www.teleglobe.com/-- was a wholly owned
indirect subsidiary of Teleglobe Inc., a Canadian Corporation.
Teleglobe provided services in more than 220 countries via a fully
integrated network of terrestrial, submarine and satellite
capacity.  During the calendar year 2001, the Teleglobe Companies
generated consolidated gross revenues of approximately
$1.3 billion.  As of Dec. 31, 2001, the Teleglobe Companies has
approximately $7.5 billion in assets and approximately
$44.1 billion in liabilities on a consolidated book basis.  The
Debtors filed for chapter 11 protection on May 28, 2002 (Bankr. D.
Del. Case No. 02-11518).  Cynthia L. Collins, Esq., and Daniel J.
DeFranceschi, Esq., at Richards Layton & Finger, PA, represented
the Debtors in their restructuring efforts.  The Court confirmed
Teleglobe's Amended Chapter 11 Plan on Feb. 11, 2005, and the Plan
took effect on March 2, 2005.


TEXAS RANGERS: Lenders Protest Releases to Hicks in Plan
--------------------------------------------------------
Bill Rochelle at Bloomberg News reports that the secured lenders
to the Texas Rangers baseball club is opposing the reorganization
plan and the sale of the team to a group including current
President Nolan Ryan and sports lawyer Chuck Greenberg.  Owed $525
million not including interest, the lenders principally contend
that bankruptcy judges in Texas are precluded from giving releases
to non-bankrupt third parties such as affiliates of the Rangers
and individuals like the team's current owner, Thomas O. Hicks.
The lenders point to a decision last year from the 5th U.S.
Circuit Court of Appeals in New Orleans in the Pacific Lumber
case, which is sometimes interpreted as barring third-party
releases.

According to the report, the lenders also contend that they have
rights that are being impaired by the plan, thus giving them the
right to vote.  If they have the right to vote, the lenders point
to how the two classes for their claims are both voting against
the plan, which would render the Plan unconfirmable.

                        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.


THOMAS GRABANSKI: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Joint Debtors: Thomas M. Grabanski
                 aka Grabanski Grain LLC
                     G&K Farms
                     Tom Grabanski
                     MTM Farms
                     Thomas Grabanski
               Mari K. Grabanski
                 aka Grabanski Grain LLC
                     G&K Farms
                     Mari Grabanski
                     MTM Farms
                     Mary Kay Grabanski
               223 W. 17th Street
               P.O. Box 148
               Grafton, ND 58237

Bankruptcy Case No.: 10-30902

Chapter 11 Petition Date: July 22, 2010

Court: U.S. Bankruptcy Court
       District of North Dakota (Fargo)

Judge: William A. Hill

Debtor's Counsel: DeWayne Johnston, Esq.
                  Johnston Law Office
                  219 S. 4th Street
                  Grand Forks, ND 58201
                  Tel: (701) 775-0082
                  Fax: (701) 775-2230
                  E-mail: dewayne@wedefendyou.net

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

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

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/ndb10-30902.pdf

The petition was signed by the Joint Debtors.


TRADE SECRET: Creditors Oppose Quick Sale to Regis
--------------------------------------------------
Bill Rochelle at Bloomberg News reports that the Official
Committee of Unsecured Creditors of Trade Secret Inc. is opposing
the sale of the 612-store beauty-supply retailer to the former
owner, Regis Corp., and an affiliate of the Luborsky family that
purchased the business in January 2009.  If the sale goes ahead as
the company plans, the committee says the possibility of a
recovery by unsecured creditors would be a "virtual nullity."
Because there was no marketing of the business before the Chapter
11 filing July 6, the Committee contends that a sale in less than
two months will insure there is no other buyer.

According to the report, the Committee is also opposing the terms
on which Trade Secret intends on using cash that's collateral for
the $32 million owing to Regis.  Allowing use of cash for only 75
days, in the judgment of the Committee, will make the sale to
Regis and the Luborsky family a "fait accompli."

The Debtors said at the time of the bankruptcy filing that their
directors have authorized a sale of the assets to larger rival
Regis Corp.  In a corporate resolution, the directors said the
sale of all or substantially all Company assets to Regis would be
'pursuant to a credit bid of Regis' secured debt,' and subject to
better offers.  The Debtors have a term sheet to sell the business
to former owner Regis and an entity controlled by the family that
bought the company from Regis in January 2009.  The $45 million
total purchase price is to be paid by a credit against the $32
million in secured debt owing to Edina, Regis and the assumption
of $13 million in debt.  The newly formed affiliate of Regis will
continue Trade Secret's operations, as a scaled down operation
that eliminates unprofitable stores, and will continue to employ a
substantial number of the Debtors' existing employees.

                        About Trade Secret

Premier Salons Beauty Inc., Trade Secret Inc., and six affiliates
filed for bankruptcy protection on July 6 (Bankr. D. Del. Lead
Case No. 10-12153).  The Chapter 11 petitions of Premier Salons
and Trade Secret each listed assets of up to $50,000 and debts of
$10,000,000 to $50,000,000.

Trade Secret and its affiliates currently own and operate
approximately 612 retail and salon locations in shopping malls and
strip centers throughout the United States and Puerto Rico, on a
collective basis.  The Trade Secret Group consists of stores
operating primarily under four trade names: Trade Secret, Beauty
Express, BeautyFirst, and PureBeauty(R).

Joseph M. Barry, Esq., at Young, Conaway, Stargatt & Taylor,
represents the Debtors in their Chapter 11 effort.  Epiq
Bankruptcy Solutions, LLC, is claims agent to the Debtors.

Non-debtor affiliates Premier Salons, Inc. and Premier Salons Ltd.
and its U.S. and Canadian corporate affiliates own and operate 340
hair and cosmetic service salons throughout North America, with
locations in specialty stores such as Saks, Sears, and Macy's.


TREASURE CHEST: Has Until September 13 to File Reorganization Plan
------------------------------------------------------------------
The Hon. K. Rodney May of the U.S. Bankruptcy Court for the Middle
District of Florida directed Treasure Chest, LLC, to file a plan
of reorganization and explanatory disclosure statement by
September 13, 2010.

Saint Petersburg, Florida-based Treasure Chest, LLC, filed for
Chapter 11 bankruptcy protection on June 23, 2010 (Bankr. M.D.
Fla. Case No. 10-14976).  The Company estimated its assets and
debts at $10,000,001 to $50,000,000.


TRIBUNE CO: Examiner Submits Reports on Buyout Deal
---------------------------------------------------
Kenneth N. Klee, Esq., the examiner appointed in the Chapter 11
cases of Tribune Company and its debtor affiliates, filed with the
U.S. Bankruptcy Court for the District of Delaware a report on his
findings in the investigation he conducted on the Debtors.

The Examiner was tasked to conduct an investigation regarding (i)
potential claims, causes of action, and defenses asserted with
respect to the leveraged buy-out of Tribune that occurred in 2007,
(ii) whether Wilmington Trust Company violated the automatic stay
by filing Adversary Proceeding No. 10-50732; and (iii) the
assertions and defenses made in connection with a certain motion
of JPMorgan Chase Bank, N.A. for sanctions against Wilmington
Trust based on the alleged disclosure of confidential information.

The Report, dated July 26, 2010, was filed in four volumes:

  -- Volume One is a summary of principal conclusions, overview
     and conduct of the examinations, and factual background.  A
     full-text copy of Volume One is available for free at:

            http://bankrupt.com/misc/Tribune_Volume1.pdf

  -- Volume Two contains the findings and conclusions concerning
     Question One -- whether there are any potential claims,
     causes of action, and defenses that can be asserted with
     respect to the leveraged buy-out of Tribune that occurred
     in 2007.  A full-text copy of Volume Two which is available
     for free at http://bankrupt.com/misc/Tribune_Volume2.pdf

  -- Volume Three contains the findings and conclusions
     concerning Questions Two and Three -- whether Wilmington
     Trust violated the automatic stay by filing Adversary
     Proceeding No. 10-50732 and whether Wilmington Trust
     violated confidentiality as asserted by JPMorgan.  A
     full-text copy of Volume Three is available for free at:

            http://bankrupt.com/misc/Tribune_Volume3.pdf

  -- Volume Four is the Glossary of defined terms.  A full-text
     copy of Volume Four is available for free at:

            http://bankrupt.com/misc/Tribune_Volume4.pdf

            Potential Claims and Causes of Actions

The Examiner related that Tribune's buyout took place in two
parts:

(1)"Step One Transactions" means:

      (a) the Tender Offer for 126 million shares of Tribune
          Common Stock at $34 per share;

      (b) the Refinancing, which means the repayment of the 2006
          Bank Debt;

      (c) the investment of EGI-TRB in Tribune with respect to
          the purchase of $50 million of Tribune's common equity
          and the Exchangeable EGI-TRB Note, dated April 23,
          2007, made by Tribune in favor of EGI-TRB in the
          original principal amount of $200 million, which was
          exchangeable at the option of Tribune, or
          automatically under certain circumstances, into
          5,882,353 shares of Tribune Common Stock;

      (d) the formation of the Tribune Employee Stock Ownership
          Plan during the first quarter of 2007 with an
          effective date of January 1, 2007;

      (e) the execution and delivery of the Agreement and Plan
          of Merger, dated April 1, 2007, by and among Tribune,
          the Trustee, Tesop Corporation, and EGI TRB;

      (f) the Step One Purchase Transaction;

      (g) the execution, delivery, and performance of the
          $8.028 Billion Credit Agreement, dated May 17, 2007,
          by among Tribune, as borrower, JPMorgan Chase Bank,
          N.A., as administrative agent, Merrill Lynch Capital
          Corporation, as syndication agent, Citicorp North
          America, Inc., Bank of America, N.A., and Barclays
          Bank PLC, as co-documentation agents, and the
          lenders;

      (h) the ESOP Loan and the pledge of shares by ESOP to
          secure the ESOP Loan;

      (i) the "FinanceCo Transaction," which is (a) the
          formation of FinanceCo as a wholly-owned subsidiary
          of Tribune, (b) the contribution by Tribune of not
          less than $3.0 billion to FinanceCo, (c) the issuance
          by certain Guarantor Subsidiaries of the subordinated
          intercompany promissory notes to Finance Co, and (d)
          the direct or indirect dividend or other distribution
          by those Guarantor Subsidiaries of the aggregate
          amount of those loaned funds to Tribune; and "Holdco
          Transaction," which is the formation of Holdco as a
          wholly-owned subsidiary of Tribune and the
          contribution to Holdco of the stock of Tribune
          Broadcasting Company;

      (j) all other transactions necessary to effect or
          incidental to the Step One Transactions; and

      (k) the payment of fees, costs and expenses related to
          the Step One Transactions.

  (2)"Step Two Transactions" means (a) the Merger, (b) the
      execution, delivery, and performance of the Bridge Credit
      Agreement, (c) the making of advances under an Incremental
      Credit Agreement Facility, (d) all other transactions
      necessary to effect or incidental to the transactions, and
      (e) the payment of fees, costs and expenses related to the
      transactions.

The Examiner found that a court is reasonably likely to conclude
that the Step One Transactions did not constitute an intentional
fraudulent transfer.  According to Mr. Klee, application of the
traditional "badges of fraud" to the record adduced and the
circumstances giving rise to the Step One Transactions weigh
against the conclusion that the Step One Transactions were entered
into to hinder, delay, or defraud creditors.

However, Mr. Klee reached a different conclusion regarding the
Step Two Transactions and finds that it is somewhat likely that a
court would conclude that the Step Two Transactions constituted
intentional fraudulent transfers and fraudulently incurred
obligations.  The Examiner concluded that it is highly likely that
Tribune and its subsidiaries were rendered insolvent and without
adequate capital as a result of the closing of the Step Two
Transactions.  The Examiner disclosed that Tribune did not incur
the approximately $3.6 billion in additional Step Two debt until
Step Two closed on December 20, 2007.  It is the incurrence of
this indebtedness, the approximately $4 billion in payments made
to stockholders, and the substantial amounts in fees paid to the
lenders and investment bankers at Step Two, that are the object of
the Step Two intentional fraudulent transfer inquiry, he said.

The Examiner found evidence indicating that Tribune did not act
forthrightly in procuring the solvency opinion issued by Valuation
Research Corporation at Step Two.  Based on the record adduced,
the procurement of the solvency opinion was marred by dishonesty
and lack of candor about the role played by Morgan Stanley in
connection with VRC's solvency opinion and on the question of
Tribune's solvency generally, Mr. Klee related in the Report.

The Examiner also found evidence indicating that Tribune's senior
financial management failed to apprise the Tribune Board of
Directors and Special Committee of relevant information underlying
management's October 2007 projections on which VRC relied in
giving its Step Two solvency opinion.  Although the Examiner found
no direct evidence that this information was purposely withheld
from the Tribune Board or Special Committee in December 2007, the
Examiner found it implausible that the failure to apprise the
Tribune Board and Special Committee of this information relating
to the Step Two solvency valuation, and to a representation given
by Tribune to VRC, was unintentional.

The Examiner found evidence that one important component of those
projections went beyond the optimism that sometimes characterizes
management projections.  Although the Examiner found no direct
evidence that Tribune's management was deceitful in the
preparation and issuance of this aspect of the October 2007
forecast, this component of the projections bears the earmarks of
a conscious effort to counterbalance the decline in Tribune's 2007
financial performance and other negative trends in Tribune's
business, in order to furnish a source of additional value to
support a solvency conclusion.

              Wilmington Trust Did Not Violate Stay

The Examiner concluded that a court is reasonably likely to find
that Wilmington Trust did not violate the automatic stay by filing
the Complaint.  Although the Complaint includes certain factual
allegations that could underlie a fraudulent transfer claim, the
Examiner finds that the Complaint does not actually allege a
fraudulent transfer claim as a substantive cause of action, nor
does it seek to recover property that may have been fraudulently
transferred by the Debtors before the Chapter 11 Cases were
commenced, Mr. Klee held.

Mr. Klee added that a court is highly likely to find that the
breach of fiduciary duty, aiding and abetting breach of fiduciary
duty, and constructive trust claims for relief alleged in the
Complaint do not violate the automatic stay.  He noted that these
claims are not property of the estate and do not seek to obtain
possession of property of the estate or exert control over any
such property.

            Wilmington Trust Violates Confidentiality

The Examiner concluded that a court is reasonably likely to find
that Wilmington Trust, through its counsel, failed to comply with
the requirements of the Depository Order when it publicly filed
the defectively redacted version of the Complaint, but that this
violation was not intentional or reckless.  The Examiner further
concluded that a court is reasonably likely to require Wilmington
Trust to pay the reasonable attorneys' fees and expenses incurred
by JPMCB as a result of the violation of the Depository Order. The
Examiner also concluded it is reasonably unlikely that a court
would find that Wilmington Trust breached its fiduciary duties as
a member of the Committee or violated the Committee's bylaws.

                       Tribune's Statement

"We agree with some of his assessments and disagree with others,"
Tribune Chief Executive Officer Randy Michaels and Chief Operating
Officer Gerald Spector told Bloomberg News.

Tribune believes it will still emerge from bankruptcy protection
this year even though Mr. Klee concluded that talks leading up to
the LBO had bordered on fraud, Tribune's CEO and COO said in a
memo sent to employees, the Associated Press quoted.

The CEO and COO, according to AP, refused to go into specifics
saying it would be premature to comment while the Report remains
under seal.

                         Bond Prices Rise

Bill Rochelle at Bloomberg News reported that the examiner's
report pushed up prices on some of Tribune's bonds sold before the
2007 leveraged buyout.  The Tribune Co. 4.875 percent senior
secured bonds of August 2010 traded July 28 at 30.75 cents on the
dollar, up 34 percent from the previous day.  Times Mirror Co.'s
7.5 percent senior secured bonds due in 2023 traded at 30.45
cents, a gain of 19 percent from July 14.

                         About Tribune Co.

Headquartered in Chicago, Illinois, Tribune Co. --
http://www.tribune.com/-- is a media company, operating
businesses in publishing, interactive and broadcasting, including
ten daily newspapers and commuter tabloids, 23 television
stations, WGN America, WGN-AM and the Chicago Cubs baseball team.

The Company and 110 of its affiliates filed for Chapter 11
protection on Dec. 8, 2008 (Bankr. D. Del. Lead Case No. 08-
13141).  The Debtors proposed Sidley Austion LLP as their counsel;
Cole, Schotz, Meisel, Forman & Leonard, PA, as Delaware counsel;
Lazard Ltd. and Alvarez & Marsal North Americal LLC as financial
advisors; and Epiq Bankruptcy Solutions LLC as claims agent.  As
of Dec. 8, 2008, the Debtors have $7,604,195,000 in total assets
and $12,972,541,148 in total debts.

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



TRONOX INC: Disclosure Statement Hearing on August 10
-----------------------------------------------------
Tronox, Inc., and its debtor affiliates ask Judge Allan Gropper of
the U.S. Bankruptcy Court for the Southern District of New York
to approve the Disclosure Statement explaining their Chapter 11
Plan of Reorganization as containing adequate information within
the meaning of Section 1125 of the Bankruptcy Code.

The Debtors ask the Court to establish these dates
with respect to voting on and confirming their Chapter 11 Plan of
Reorganization:

  August 5, 2010          Disclosure Statement Objection
                          Deadline
  August 9, 2010          Voting Record Date
  August 10, 2010         Disclosure Statement Hearing

The Debtors ask the Court to approve procedures in solicitation
and the balloting of votes in relation to the Disclosure
Statement and the Plan of Reorganization.

                        Terms of the Plan

Tronox Incorporated and its debtor affiliates filed a Chapter 11
Plan of Reorganization and an accompanying Disclosure Statement
with the United States Bankruptcy Court for the Southern District
of New York on July 8, 2010.

The Plan contains the framework of agreements Tronox is
formulating with its principal creditors, namely the United
States government, several states, its unsecured creditors'
committee, various tort claimants and its equity committee.  The
Plan is premised upon the transfer of Tronox's legacy
environmental and tort liability to certain trusts to be funded
upon Tronox's emergence from bankruptcy.

Under the Plan:

  * newly created government trusts responsible for
    environmental remediation at properties located throughout
    the United States will be funded with a package of
    consideration that includes (i) up to $145,000,000 in cash,
    (ii) 88% of Tronox's interest in pending litigation against
    Anadarko Petroleum Corporation and Kerr-McGee Corporation,
    (iii) preferred stock and warrants convertible to common
    equity of Reorganized Tronox, allowing the trusts to share
    the benefit of improvements in Tronox's enterprise value,
    and (iv) certain other real property, insurance and
    financial assurance assets;

  * tort claims will be satisfied through separate trusts funded
    with 12% of the Anadarko Litigation proceeds, $7,000,000 in
    cash and certain insurance assets.  If tort claimants vote
    to reject the Plan, they will share in the general unsecured
    pool and Tronox will retain 12% of the Anadarko Litigation
    and the $7,000,000 in cash;

  * general unsecured claims, including claims held by the
    company's prepetition noteholders, are slated to receive all
    of the primary common equity of Reorganized Tronox.  Tronox
    expects general unsecured creditors will recover between 80
    and 100% of their claims based on plan valuation; and

  * existing equity holders will recover warrants to purchase up
    to 5% of the common equity if they vote to accept the Plan.

Claims classified under the Plan are estimated to receive these
recoveries:

                        Estimated     Estimated Percent Recovery
                         Aggregate    --------------------------
Class                     Amount        Plan     Liquidation
-----                    ---------    --------------------------
1 (Priority Non-Tax)     $1,000,000          100%         100%

2 (Secured Claims)       $1,000,000          100%         100%

3 (Gen. Unsec. Claims)  $470,600,000        80-100%         0%

4 (Tort Claims)              Unknown        Unknown         0%

5 (Environmental Claims) $1,400,000,000 -      -            -
                      $5,200,000,000
6 (Equity Interests)               -       $3,000,000-       0%
                                          $6,000,000

A full-text copy of the Chapter 11 Plan is available for free
at http://bankrupt.com/misc/TrnxPlan.pdf

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

                       About Tronox Inc.

Tronox Inc., aka New-Co Chemical, Inc., and 14 other affiliates
filed for Chapter 11 protection on January 13, 2009 (Bankr.
S.D.N.Y. Case No. 09-10156).  The case is before Hon. Allan L.
Gropper. Richard M. Cieri, Esq., Jonathan S. Henes, Esq., and
Colin M. Adams, Esq., at Kirkland & Ellis LLP in New York,
represent the Debtors.  The Debtors also tapped Togut, Segal &
Segal LLP as conflicts counsel; Rothschild Inc. as investment
bankers; Alvarez & Marsal North America LLC, as restructuring
consultants; and Kurtzman Carson Consultants serves as notice and
claims agent.

An official committee of unsecured creditors and an official
committee of equity security holders have been appointed in the
cases.  The Creditors Committee has retained Paul, Weiss, Rifkind,
Wharton & Garrison LLP as counsel.

Until September 30, 2008, Tronox Inc. was publicly traded on the
New York Stock Exchange under the symbols TRX and TRX.B.  Since
then, Tronox Inc. has traded on the Over the Counter Bulletin
Board under the symbols TROX.A.PK and TROX.B.PK.  As of
December 31, 2008, Tronox Inc. had 19,107,367 outstanding shares
of class A common stock and 22,889,431 outstanding shares of class
B common stock.

Bankruptcy Creditors' Service, Inc., publishes Tronox Bankruptcy
News.  The newsletter tracks the Chapter 11 proceeding undertaken
by Tronox Inc. and its 14 affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


TRONOX INC: Has No Plans of Assuming Anadarko Agreements
--------------------------------------------------------
As previously reported, Anadarko Petroleum Corporation and Kerr-
McGee Corporation asked the Court to compel the Debtors to assume
or reject a certain master separation agreement by August 2010.

On behalf of the Debtors, Richard M. Cieri, Esq., at Kirkland &
Ellis LLP, in New York, contends that the Request is nothing more
than a transparent attempt by Anadarko and Kerr-McGee to throw a
wrench in the Debtors' restructuring.

"To be clear, Tronox is not going to assume these agreements,"
Mr. Cieri tells the Court.  He explains that there is no basis to
require Tronox to reject these agreements today, as there is
litigation before the Court that will determine whether Kerr-
McGee's scheme -- which included forcing the Debtors to sign the
agreements -- was a fraudulent conveyance.

Mr. Cieri argues that Kerr-McGee and Anadarko have already
inflicted enough damage on Tronox by spinning it off as an
undercapitalized company that was destined to fail.

"They should not be allowed to upset Tronox's efforts to start
afresh without the massive burdens that Kerr-McGee imposed on
Tronox through the spinoff," Mr. Cieri asserts.

Anadarko, Kerr-McGee and Tronox are parties to an adversary
proceeding pending before the Court.  The Debtors have asserted
claims against Kerr-McGee and Anadarko for fraudulent conveyance,
conspiracy, aiding and abetting, and breach of fiduciary duty.

Mr. Cieri notes that the Debtors' complaints are a result of
their roles in connection with Kerr-McGee's scheme to transfer
its valuable oil and gas assets to new "clean" entities -- out of
the reach of Kerr-McGee's environmental and other creditors --
and spinoff the remaining chemical business along with the
massive environmental, tort and retiree liabilities that Kerr-
McGee had created through decades of former operations that had
nothing to do with the Debtors' operating businesses.

"The scheme worked. As soon as the spinoff was completed,
Anadarko snatched up Kerr-McGee's valuable oil and gas assets --
now cleansed of the legacy liabilities -- for $18 billion," Mr.
Cieri relates.

Through the adversary proceeding, Tronox seeks the return of the
oil and gas assets that Kerr-McGee conveyed and damages.

Kerr-McGee accomplished part of its scheme through the Master
Separation Agreement, which set forth the terms that Kerr-McGee
mandated for the spinoff, Mr. Cieri contends.

In light of the clear cut objective of the pending Anadarko
Litigation, the Request is perplexing at best -- and appears to
be nothing more than an improper attempt by Anadarko to
circumvent the Court's case management order for the Anadarko
Litigation by litigating the validity of the obligations under
the Master Separation Agreement through an unnecessary and
premature contested matter in the Chapter 11 cases, Mr. Cieri
says.

The alleged harm to Anadarko is illusory, Mr. Cieri further
argues.  He says that the Debtors should not be boxed into a
corner of having to prematurely choose between assuming or
rejecting an agreement that purports to impose obligations on the
Debtors as part of Kerr-McGee's fraudulent conveyance scheme for
the reasons set forth in the adversary proceeding.

Anadarko's attempt to characterize the Master Service Agreement
as an ordinary executory contract subject to an assume/reject
election is simply unreasonable in light of the Anadarko
Litigation and the realities of the reorganization, Mr. Cieri
contends.

Mr. Cieri points out that the Master Service Agreement is a key
instrument effectuating a scheme designed to wall-off Kerr-McGee
and Anadarko from any responsibility for the massive liabilities
dumped on the Debtors by, among other things, imposing on the
Debtors sweeping indemnities for the benefit of its former
parent.

For these reasons, the Debtors ask the Court to deny the Request.

                Anadarko and Kerr-McGee Respond

On behalf of Anadarko and Kerr-McGee, Richard A Rothman, Esq., at
Weil Gotshal & Manges LLP, in New York, relates that the Debtors'
refusal to immediately reject the Master Separation Agreement
when they have unequivocally declared that they will never assume
it is more than merely "perplexing."

In their Response, the Debtors explicitly state that they have
already decided to reject the Master Separation Agreement.
However, Mr. Rothman points out, the Debtors' argument appears to
be that even though they have already made their election, they
nonetheless cannot be compelled to make that election until after
the Plan voting deadline has passed.

Contrary to the Debtors' assertions, an order granting the relief
sought by Anadarko and Kerr-McGee does not violate the purpose of
the Bankruptcy Code, Mr. Rothman asserts.  He notes that the
exact opposite is true because it is a refusal to grant the
relief sought in the Request that would violate the purpose and
policy of the Bankruptcy Code.

The Debtors must evaluate their executory contracts and either
assume or reject the contracts, Mr. Rothman argues.  They are not
free to delay election because they do not believe they have any
obligations under the contract, he asserts.

Mr. Rothman says he agrees that one of the purposes of Section
365 of the Bankruptcy Code is to allow debtors to free themselves
of burdensome, non-essential obligations, but the Debtors must do
so by rejecting the applicable contract.

"By their own admission, the Debtors have already determined that
the [Master Service Agreement] is "not essential" to their
business, and they should therefore be compelled to formally
memorialize their election," Mr. Rothman notes.

The Court's decision to order the immediate assumption or
rejection of an executory contract is based on a balancing of
multiple considerations, including the prevention of parties in
contractual or lease relationships with the debtor from being
left in doubt concerning their status, Mr. Rothman adds.

For these reasons, Anadarko and Kerr-McGee assert that the
Debtors should be compelled to reject the Master Service
Agreement on or before August 10, 2010.

              Court Asks Parties to Try Mediation

The Court has asked the Parties to resolve their dispute through
mediation, Bloomberg News reported.

Anadarko relates that it is open to talks, however, Jeff Zeiger,
Esq., at Kirkland & Ellis LLP, in New York, told Bloomberg that
"I think we're all in it for the long haul."

                       About Tronox Inc.

Tronox Inc., aka New-Co Chemical, Inc., and 14 other affiliates
filed for Chapter 11 protection on January 13, 2009 (Bankr.
S.D.N.Y. Case No. 09-10156).  The case is before Hon. Allan L.
Gropper. Richard M. Cieri, Esq., Jonathan S. Henes, Esq., and
Colin M. Adams, Esq., at Kirkland & Ellis LLP in New York,
represent the Debtors.  The Debtors also tapped Togut, Segal &
Segal LLP as conflicts counsel; Rothschild Inc. as investment
bankers; Alvarez & Marsal North America LLC, as restructuring
consultants; and Kurtzman Carson Consultants serves as notice and
claims agent.

An official committee of unsecured creditors and an official
committee of equity security holders have been appointed in the
cases.  The Creditors Committee has retained Paul, Weiss, Rifkind,
Wharton & Garrison LLP as counsel.

Until September 30, 2008, Tronox Inc. was publicly traded on the
New York Stock Exchange under the symbols TRX and TRX.B.  Since
then, Tronox Inc. has traded on the Over the Counter Bulletin
Board under the symbols TROX.A.PK and TROX.B.PK.  As of
December 31, 2008, Tronox Inc. had 19,107,367 outstanding shares
of class A common stock and 22,889,431 outstanding shares of class
B common stock.

Bankruptcy Creditors' Service, Inc., publishes Tronox Bankruptcy
News.  The newsletter tracks the Chapter 11 proceeding undertaken
by Tronox Inc. and its 14 affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


TRONOX INC: Wins Nod to Hire Granth Thornton as New Auditor
-----------------------------------------------------------
Tronox Inc. and its units received the U.S. Bankruptcy Court for
authority to employ Grant Thornton LLP as auditor as of June 10,
2010, replacing Ernst & Young LLP.

Ernst & Young has been implicated in and named as a co-defendant
alongside the Debtors with respect to matters involving, among
other things, potential securities fraud and the misstatement of
financial affairs, the Debtors note.

The Debtors previously filed with the Securities and Exchange
Commission a Form 8-K declaring that prior year financial
statements, which had been audited by Ernst & Young, cannot be
relied upon as there were indications that the environmental and
other contingent liability reserves may have been understated and
that Tronox had not yet completed a review of contingency
reserves related to all known sites where the company may have
environmental remediation liabilities.

The Debtors have not issued restated audited financial statements
for the year ending December 31, 2008, nor has Tronox issued
audited financial statements for the years ending December 31,
2009 and 2010.

As the Debtors auditor, Grant Thornton will provide these
services:

  a. audits of the consolidated financial statements as of and
     for the years ending December 31, 2010, 2009 and 2008;

  b. an audit of Tronox's internal control over financial
     reporting as of December 31, 2010; and

  c. reviews of interim financial statements.

Grant Thornton may subcontract other third-party service
providers, like independent contractors, specialists, vendors or
other Grant Thornton member firms in Australia, Netherlands and
Germany, to assist with international aspects of the audit
services.  Grant Thornton will invoice and collect all fees and
expenses payable to the parties or entities for subcontracted
support services.

The Debtors will pay Grant Thornton based on its hourly rates:

  Partner/Principal/Partner      $310 to $520
  Manager/Senior Manager         $205 to $310
  Senior                         $145 to $185
  Staff                          $100 to $140

In addition to the hourly rates, the Debtors will reimburse Grant
Thornton for any direct expenses incurred in connection with its
employment.

Kevin M. Schroeder, a partner of Grant Thornton, assures the
Court that his firm is a "disinterested person" within the
meaning of Section 101(14) of the Bankruptcy Code.

                         *     *     *

Kevin M. Schroeder, a partner of Grant Thornton LLP, assures the
Court that based on searches of Grant Thornton's client databases
and to the best of his knowledge, his firm has not provided any
other services or had any other connection with the Debtors
before or since the Petition Date, except during the period from
July 2007 to October 2007, when Grant Thornton provided services
to assist the Debtors' management with testing its information
technology related to financial reporting systems and internal
controls.

                       About Tronox Inc.

Tronox Inc., aka New-Co Chemical, Inc., and 14 other affiliates
filed for Chapter 11 protection on January 13, 2009 (Bankr.
S.D.N.Y. Case No. 09-10156).  The case is before Hon. Allan L.
Gropper. Richard M. Cieri, Esq., Jonathan S. Henes, Esq., and
Colin M. Adams, Esq., at Kirkland & Ellis LLP in New York,
represent the Debtors.  The Debtors also tapped Togut, Segal &
Segal LLP as conflicts counsel; Rothschild Inc. as investment
bankers; Alvarez & Marsal North America LLC, as restructuring
consultants; and Kurtzman Carson Consultants serves as notice and
claims agent.

An official committee of unsecured creditors and an official
committee of equity security holders have been appointed in the
cases.  The Creditors Committee has retained Paul, Weiss, Rifkind,
Wharton & Garrison LLP as counsel.

Until September 30, 2008, Tronox Inc. was publicly traded on the
New York Stock Exchange under the symbols TRX and TRX.B.  Since
then, Tronox Inc. has traded on the Over the Counter Bulletin
Board under the symbols TROX.A.PK and TROX.B.PK.  As of
December 31, 2008, Tronox Inc. had 19,107,367 outstanding shares
of class A common stock and 22,889,431 outstanding shares of class
B common stock.

Bankruptcy Creditors' Service, Inc., publishes Tronox Bankruptcy
News.  The newsletter tracks the Chapter 11 proceeding undertaken
by Tronox Inc. and its 14 affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


TRUMP ENTERTAINMENT: Objects to Lenders' $7-Mil. Legal Fees
-----------------------------------------------------------
Bankruptcy Law360 reports that Trump Entertainment Resorts Inc.
has objected to a request by its senior lenders, Beal Bank and
Icahn Partners LP, for $7 million in legal fees to be paid from
the debtor's estate to White & Case LLP and Brown Rudnick LLP.

                      About Trump Entertainment

Based in Atlantic City, New Jersey, Trump Entertainment Resorts
Inc. (NASDAQ: TRMP) -- http://www.trumpcasinos.com/-- owns and
operates three casino hotel properties in Atlantic City, New
Jersey, which include Trump Taj Mahal Casino Resort, Trump Plaza
Hotel and Casino, and Trump Marina Hotel Casino.  The Company
conducts gaming activities and provides customers with casino
resort and entertainment.

Donald Trump is a shareholder of the Company and, as its non-
executive Chairman, is not involved in the daily operations of the
Company.  The Company is separate and distinct from Mr. Trump's
privately held real estate and other holdings.

Trump Entertainment Resorts, TCI 2 Holdings, LLC, and other
affiliates filed for Chapter 11 on February 17, 2009 (Bankr. D.
N.J., Lead Case No. 09-13654).  The Company has tapped Charles A.
Stanziale, Jr., Esq., at McCarter & English, LLP, as lead counsel,
and Weil Gotshal & Manges as co-counsel.  Ernst & Young LLP is the
Company's auditor and accountant and Lazard Freres & Co. LLC is
the financial advisor.  Garden City Group is the claims agent.
The Company disclosed assets of $2,055,555,000 and debts of
$1,737,726,000 as of December 31, 2008.

Trump Hotels & Casino Resorts, Inc., filed for Chapter 11
protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898
through 04-46925).  Trump Hotels' obtained the Court's
confirmation of its Chapter 11 plan on April 5, 2005, and in
May 2005, it exited from bankruptcy under the name Trump
Entertainment Resorts Inc.


TRUVO USA: Files First Amended Joint Plan of Reorganization
-----------------------------------------------------------
BankruptcyData.com reports that Truvo USA filed with the U.S.
Bankruptcy Court a First Amended Joint Plan of Reorganization and
related Disclosure Statement.

"The Truvo Group's businesses are subject to a number of risks.
The uncertainties and risks related to the Reorganized Truvo Group
make it difficult to determine a precise value for the Reorganized
Truvo Group and the Plan Securities and other distributions under
the Plan.  The recoveries and estimates described in the following
tables represent the Debtors' best estimates given the information
available on the date of this Disclosure Statement and are based
on the assumption that the HY Noteholder Classes and the PIK
Lender Class each votes to accept the Plan," according to the
Disclosure Statement obtained by BData.

                          About Truvo USA

Wilmington, Delaware-based Truvo USA LLC publishes print and
online directories through its operating subsidiaries.  The
operating subsidiaries have not sought protection under Chapter 11
protection or any other insolvency regime.  The Truvo Chapter 11
debtors are owned Truvo Luxembourg S.a.r.l, which is not a debtor
in the Chapter 11 proceedings.

The Company filed for Chapter 11 bankruptcy protection on July 1,
2010 (Bankr. S.D.N.Y. Case No. 10-13513).  Sean A. O'Neal, Esq.,
and Thomas J. Moloney, Esq., at Cleary Gottlieb Steen & Hamilton,
LLP, and Vincent Edward Lazar, Esq., at Jenner & Block LLP, assist
the Company in its restructuring effort.  The Company listed
$500,000,001 to $1 billion in assets and more than $1 billion in
liabilities.

Jenner & Block LLP and Simpson Thacher & Bartlett LLP are the
Company's special counsel.

Houlihan Lokey Howard & Zukin (Europe), Limited, is the Company's
restructuring and financial advisor.


UAL CORP: Management Team Named for Airline with Contintental
-------------------------------------------------------------
United Air Lines, Inc., and Continental Airlines Inc. disclosed
the selection of the new senior leadership team of the combined
airline, reporting directly to Jeff Smisek, chief executive
officer of Continental, who will serve as president and chief
executive officer, according to a joint public statement dated
July 27, 2010.

United and Continental expect the board of directors of the new
airline to elect these senior officers as executive vice
presidents at the close of the merger of the two companies:

  * Mike Bonds, who joined Continental in 1995, will be
    responsible for human resources and labor relations.

  * Jim Compton, who joined Continental in 1995, will serve as
    chief marketing officer.

  * Jeff Foland, who joined United in 2005, will lead the
    combined carrier's loyalty program.

  * Nene Foxhall, who joined Continental in 1995, will oversee
    the communications and government affairs functions.

  * Keith Halbert, who joined United in 2008, will be chief
    information officer.

  * Pete McDonald, who joined United in 1969, will be chief
    operations officer.

  * Zane Rowe, who joined Continental in 1993, will be chief
    financial officer.

  * Tom Sabatino, who joined United in 2010, will be general
    counsel.

             Selection Process of New Leadership Team

In coming up with the new leadership team, UAL Corp. said Mr.
Smisek met with senior officers of Continental and United, and
consulted with Glenn Tilton, chairman and chief executive officer
of United, according to a Form 425 filed with the Securities and
Exchange Commission dated July 27, 2010.  Messrs. Tilton and
Smisek in turn consulted with the boards of directors of United
and Continental.

The senior leadership team will assume its duties upon the
merger's closing, which is expected to occur in the fourth quarter
of 2010.  UAL states that Mr. Smisek will not name a president of
the combined company at this time.

UAL says some senior officers will not have a role in the new
company at the closing of the merger.  However, other senior
officers will have a role after the closing of the merger during a
portion of the integration process, UAL clarifies.  For one, UAL
expects Mark Moran, Continental's executive Vice President and
chief operations officer, to oversee the Continental operation and
the process of obtaining a single operating certificate, which is
a very important part of the integration of United and
Continental.

Mr. Tilton who will serve as non-executive chairman of the
combined airline, said, "We have exceptional executives across our
two companies; this created a superb talent pool from which to
determine the senior executive team to take the company forward --
and, at the same time, we have equally talented people who will
continue to contribute to successfully executing our individual
performance agendas between now and close."

Mr. Smisek commented, "This outstanding team represents a great
blend of experience and expertise at both airlines, and I look
forward to working together with them as we create the world's
leading airline."

The new leadership team will work with Mr. Smisek to design the
overall officer-level organization and select the remainder of the
leadership team.  Concurrently, the companies are developing a
talent-selection process for other management and clerical roles
and refining the planned organizational structure.

                   Selection Process for
                     Clerical Employees

Peter McDonald, United's chief administrative officer, said the
functional integration teams and other leaders at United and
Continental will assist in the design for each part of the
combined airline, discloses a Form 425 dated July 23, 2010.  The
functional integration teams are not charged with making specific
decisions regarding employment for individuals; rather, they are
working to structure each organization in the new company in a way
that best allows United and Continental to accomplish the work and
foster the culture that will drive the new company forward, he
clarifies.

For all other salaried and management employees, the Talent,
Organization and Culture integration team is developing a best
practices approach designed to facilitate a talent selection
process that is fair, objective and transparent, Mr. McDonald
notes.  He says specific details about that process will be
disclosed later.  However, for certain groups, including those
that are operations-focused, the selection process will extend
into 2012, following the award of a single operating certificate
for the combined airline, he adds.

Mr. McDonald further relates that no "SAM" employees, other than
certain officers, will be removed from the payroll as a result of
the merger before March 31, 2011.  The timing of job impacts
following that date will depend on the integration plan for each
business unit and will occur over the course of next year and into
2012, he explains.  He emphasizes that the impact on frontline
employees will be minimal and any effects should be minimized or
eliminated through retirements, attrition and voluntary programs.

                  Four United Officers to Resign
                     Upon Close of Merger

UAL confirmed in a public statement dated July 27, 2010, that John
Tague, president of United, and Kathryn Mikells, chief financial
officer, will leave United after the close of the carrier's
planned merger with Continental Airlines.  Graham Atkinson,
president of Mileage Plus and Rosemary Moore, senior vice
president of corporate and government affairs, are also leaving
the company upon close of the merger, UAL added.

Mr. Tilton said: "On the occasion of the proposed merger with
Continental, this team that will leave the company following close
does so with the appreciation of our board, our colleagues and all
our stakeholders, for their significant contributions."

Jim O'Connor, United's lead director who has served on the United
board for 26 years, noted that the leadership team Mr. Tilton put
together at United shares a commitment to returning United to
industry leadership.

"The enthusiasm and 'can do' spirit of this management team helped
to produce breakthrough gains at United during one of the toughest
periods in the company's history.  Never satisfied with the status
quo, this team has given all of us a glimpse of just how good we
can become," Mr. O'Connor said.

The accomplishments made by the United officers are:

  * John Tague, president of United:

    Mr. Tague joined the company in 2003 while United was
    restructuring under Chapter 11 protection as executive vice
    president of customer and has held several leadership
    positions, including chief operating officer.  As president,
    he has P&L responsibility for the airline and has all
    airline management functions.  Additionally, he has all
    revenue and customer responsibilities.  In the last year,
    United has delivered a $1.2 billion revenue improvement,
    generated a $750 million profit improvement, tightly managed
    its costs and increased its margin by 16 points, delivering
    the industry's leading profit margin year to date.  Since
    assuming his current responsibilities, United's customer
    satisfaction has improved by 70 percent domestically and on-
    time performance has gone from worst to first -- United
    continues to lead the network carriers in on-time
    performance, a position it held for the full year 2009.

    "John has played a critical and unique role in the dramatic
    turnaround of United.  To effect the magnitude of change
    required to be successful, we have been unafraid to
    challenge conventional wisdom and to be bold in our
    decisions -- and John personifies those characteristics,"
    Mr. Tilton said.  "John's vision for what is possible and
    his ability to lead consistent performance improvement have
    changed the way we operate and transformed our competitive
    position and trajectory."

    "Without a doubt, my time with United is my most
    professionally rewarding experience to date.  Being a member
    of the team that successfully led United through a
    $23 billion restructuring provided me with a foundational
    experience to build upon and help United achieve its
    potential.  Receiving the mandate to create a step change in
    United's performance gave me the opportunity to rethink the
    way we do business, drive systemic improvement and build a
    phenomenal management team that is continuing to innovate
    and delivering industry-leading results," said Mr. Tague.
    "With the proposed merger with Continental, United will once
    again be the world's leading airline, and we will have
    achieved what we set out to do for our people, our
    investors, our customers and the communities we serve.  This
    will be, for me personally, the perfect time to move on to
    the next challenge in my career, knowing that United is set
    on the best course for long-term success and a strong
    future."

  * Kathryn Mikells, chief financial officer of United:

    Ms. Mikells joined United in 1994 and has held numerous
    leadership positions.  As CFO, she oversees all corporate
    finance functions and also is responsible for mergers and
    acquisitions, fleet planning, corporate development and
    strategy and investor relations.  She played a significant
    role in United's restructuring, helping to coordinate the
    case, and as treasurer restructured the company's debt
    portfolio and ensured it had the financing needed to exit.
    As the head of investor relations, she helped reposition
    United with the financial analysts and investors.  She was
    named CFO when United faced significant financial
    challenges, including high oil prices and dealing with the
    effect of a devastating recession, and led the company's
    efforts to increase its cash, improve its hedge book, order
    new aircraft and negotiate a merger with Continental.

    "Kathryn has become one of the best CFOs in any industry and
    has been my partner in the pursuit and negotiation of the
    deal that delivered the best merger partner, on the best
    terms, for our company.  Kathryn's considerable skills are a
    perfect match to her role leading strategy work, which
    included consolidation and risk management at United, and
    she drove the extraordinary improvement in our liquidity
    position as we worked through the financial crisis,
    including establishing the best fuel hedge book in the
    industry," Mr. Tilton said.  "In all of her assignments,
    Kathryn has consistently performed at the highest level and
    set the stage for those who followed her.  She will play an
    important role as we continue to improve our competitive
    position and in the integration of our two companies through
    the steering committee."

    "I am proud to have played a pivotal role in United's
    extraordinary turnaround and the merger that will create the
    world's preeminent airline.  I have always been energized by
    the positive attitude of our management team, especially
    during challenging times in our industry, and the finance
    team is no exception," Ms. Mikells said.  "From raising
    $4 billion in financings to supporting the work that has
    delivered the best cost reductions in the business, the team
    has been focused on taking the right actions to turn our
    performance around and our second quarter results are the
    clear evidence of that work.  I look forward to building on
    the experiences of the last 16 years and take with me the
    strong relationships developed with colleagues, investors
    and with the financial community.  I can't imagine leaving
    on a higher note, and look forward to the next chapter of my
    career."

  * Graham Atkinson, president of Mileage Plus:

    Mr. Atkinson joined United in 1991 and has held key
    customer-facing leadership roles, including senior vice
    president of Worldwide Sales and Alliances, senior vice
    president of International, senior vice president of
    Marketing, and most recently president of Mileage Plus,
    where he is responsible for developing Mileage Plus as a
    stand-alone business and ensuring that United is well
    positioned to address the changing landscape of loyalty
    programs and meet the needs of the company's most loyal
    customers.

    "Graham has been a passionate advocate for the voice of the
    customer at United.  His breadth of experience in all
    aspects of the customer proposition -- from marketing,
    sales, the customer experience and loyalty programs -- has
    been of great benefit to United as we have prioritized and
    repositioned our customer focus," said Mr. Tilton.  "In his
    role with our alliance partners and in the development of
    our international business, Graham has also been
    instrumental in building important relationships that have
    afforded us the opportunity to grow our global presence with
    the best partners in the industry."

    "United is a dramatically different company today than it
    was even five years ago.  We have extended our network and
    our partnerships worldwide. We have changed the way we sell
    our product, transforming our sales force and delivery
    channels, and, most importantly, are putting the customer
    front and center," Mr. Atkinson said.  "We have built the
    industry's best loyalty program in Mileage Plus, which will
    only get better for our customers upon our merger with
    Continental, extending earning and redeeming possibilities."

  * Rosemary Moore, senior vice president of corporate and
    government affairs:

    Ms. Moore joined United in 2002, having worked with Mr.
    Tilton at Texaco and Chevron.  Ms. Moore has led efforts to
    support business objectives and enhance the company's image
    and reputation through government relations, corporate
    responsibility and strategic communications, including media
    relations, employee communications and investor relations.

    "Rosemary's ability to connect across constituents and
    leverage opportunities to build relationships and further
    our business agenda and reputation has done much to change
    the perception and credibility of our company," Mr. Tilton
    said.  "Having worked closely with Rosemary at Texaco and at
    Chevron after the merger, and knowing her extensive
    experience in other industries with significant challenges,
    she was my first hire at United, bringing with her much-
    needed capability and sound judgment to our communications
    and interactions with our key stakeholders.  Rosemary played
    a key role as we moved through our highly visible and
    complex restructuring, took on tough industry issues that
    constrained our ability to meet our goals and made equally
    tough decisions to transform our company."

    "There is no other industry that has the unique challenges
    of the airline industry and working with Glenn and the team
    to transform United and, at the same time, relentlessly
    press for industry reform, has been work I enjoy," Ms. Moore
    said.  "There is nothing better than working on difficult
    issues with a great team, and it is terrific to see all that
    we have accomplished and go on to another opportunity to
    contribute."

                  European Commission Gives
                    Clearance to Merger

United and Continental disclosed that they received unconditional
clearance from the European Commission on the airlines' proposed
merger, according to a July 27, 2010, joint public statement.  The
Commission noted that its investigation found the proposed
transaction would not raise any specific concerns in Europe or the
trans-Atlantic market.

"We are pleased to have received this clearance from the European
Union, a significant market for our combined new company, and we
continue to work cooperatively with the U.S. Department of Justice
toward an expeditious completion of our merger, which will benefit
our customers, our people, our shareholders and the communities we
serve," said Mr. Tilton.

"Approval from the European Commission is another important step
toward completing our merger with United," said Mr. Smisek.  "The
combination of United and Continental brings together the two most
complementary networks of any U.S. carriers, with minimal domestic
and no international route overlaps.  Together we will offer
customers unparalleled global access."

                  About Continental Airlines

Houston, Texas-based Continental Airlines (NYSE: CAL) --
http://www.continental.com/-- is the world's fifth largest
airline.  Continental, together with Continental Express and
Continental Connection, has more than 2,700 daily departures
throughout the Americas, Europe and Asia, serving 132 domestic and
137 international destinations.  Continental is a member of Star
Alliance, which overall offers more than 21,050 daily flights to
1,167 airports in 181 countries through its 27 member airlines.
With more than 40,000 employees, Continental has hubs serving New
York, Houston, Cleveland and Guam, and together with its regional
partners, carries approximately 63 million passengers per year.

At June 30, 2010, Continental had total assets of $13.599 billion
against total current liabilities of $5.432 billion; long-term
debt and capital leases of $4.912 billion; deferred income taxes
of $221 million; accrued pension liability of $1.232 billion;
accrued retiree medical benefits of $223 million; and other non-
current liabilities of $855 million; resulting in $724 million in
stockholders' equity.

                         *     *     *

As reported by the Troubled Company Reporter on May 5, 2010, Fitch
Ratings has affirmed the Issuer Default Rating for Continental
Airlines, Inc., at 'B-' and the senior unsecured rating at
'CC/RR6' following the announcement of the planned merger between
CAL and UAL Corp.  The Rating Outlook for CAL is Stable.

The TCR on May 5, 2010, also said Standard & Poor's Ratings
Services placed its 'B' corporate credit rating on Continental
Airlines, and S&P's ratings on its secured and unsecured debt, on
CreditWatch with negative implications.  S&P also placed its
ratings on Continental's enhanced equipment trust certificates on
CreditWatch with developing implications.  Although S&P's recovery
ratings on selected Continental unsecured debt are unaffected by
the rating action, S&P will review them as well.

                    About UAL Corporation

Based in Chicago, Illinois, UAL Corporation (NASDAQ: UAUA) --
http://www.united.com/-- is the holding company for United
Airlines, Inc.  United Airlines is the world's second largest air
carrier.  The airline flies to Brazil, Korea and Germany.

The Company filed for Chapter 11 protection on Dec. 9, 2002
(Bankr. N.D. Ill. Case No. 02-48191).  James H.M. Sprayregen,
Esq., Marc Kieselstein, Esq., David R. Seligman, Esq., and Steven
R. Kotarba, Esq., at Kirkland & Ellis, represented the Debtors in
their restructuring efforts.  Fruman Jacobson, Esq., at
Sonnenschein Nath & Rosenthal LLP represented the Official
Committee of Unsecured Creditors.  Judge Eugene R. Wedoff
confirmed a reorganization plan for United on Jan. 20, 2006.  The
Company emerged from bankruptcy on Feb. 1, 2006.

Reorganized UAL Corp. carries a 'Caa1' probability of default
rating from Moody's, 'B-' long term foreign issuer credit rating
from Standard & Poor's, and 'CCC' long term issuer default rating
from Fitch.

At June 30, 2010, UAL had $20.134 billion in total assets against
total current liabilities of $8.573 billion, long-term debt of
$6.281 billion, long-term obligations under capital leases of
$1.01 billion, and other liabilities and deferred credits of
$7.022 billion, resulting in stockholders' deficit of
$2.756 billion.


UAL CORP: President Tague, CFO Mikells to Step Down After Merger
----------------------------------------------------------------
UAL Corporation said that John Tague, president of United
Airlines, and Kathryn Mikells, chief financial officer, will leave
the Company following the close of its planned merger with
Continental Airlines.  Additionally, United announced that Graham
Atkinson, president of Mileage Plus and Rosemary Moore, senior
vice president of corporate and government affairs, also are
leaving the company upon close of the merger.

United Chairman and CEO Glenn Tilton, who will become non-
executive chairman of the new company, said: "We are fortunate at
United to have built an exceptional management team, focused on
creating a strong company that will benefit our customers, our
shareholders and our people.  We are doing that, and our full
management team will continue to execute against our performance
agenda for the next several months.  On the occasion of the
proposed merger with Continental, this team that will leave the
company following close does so with the appreciation of our
board, our colleagues and all our stakeholders, for their
significant contributions."

Jim O'Connor, United's lead director who has served on the United
board for 26 years, noted that the leadership team Tilton put
together at United shares a commitment to returning United to
industry leadership.

"The enthusiasm and 'can do' spirit of this management team helped
to produce breakthrough gains at United during one of the toughest
periods in the company's history.  Never satisfied with the status
quo, this team has given all of us a glimpse of just how good we
can become," Mr. O'Connor said.

                    About UAL Corporation

Based in Chicago, Illinois, UAL Corporation (NASDAQ: UAUA) --
http://www.united.com/-- is the holding company for United
Airlines, Inc.  United Airlines is the world's second largest air
carrier.  The airline flies to Brazil, Korea and Germany.

The company filed for Chapter 11 protection on Dec. 9, 2002
(Bankr. N.D. Ill. Case No. 02-48191).  James H.M. Sprayregen,
Esq., Marc Kieselstein, Esq., David R. Seligman, Esq., and Steven
R. Kotarba, Esq., at Kirkland & Ellis, represented the Debtors in
their restructuring efforts.  Fruman Jacobson, Esq., at
Sonnenschein Nath & Rosenthal LLP represented the Official
Committee of Unsecured Creditors.  Judge Eugene R. Wedoff
confirmed a reorganization plan for United on Jan. 20, 2006.  The
Company emerged from bankruptcy on Feb. 1, 2006.

Reorganized UAL Corp. carries a 'Caa1' probability of default
rating from Moody's, 'B-' long term foreign issuer credit rating
from Standard & Poor's, and 'CCC' long term issuer default rating
from Fitch.


UAL CORP: No Progress Achieved in CBA Talks with AFA
----------------------------------------------------
United Air Lines, Inc., and the Association of Flight Attendants-
CWA met in Chicago with John Livingood, a mediator of the National
Mediation Board, on July 20 to 22, 2010, UAL Corp. disclosed in a
Form 425 with the Securities and Exchange Commission.

The agenda included sick leave, vacation, deadheading and personal
time off as well as follow-up discussions of layover hotels.
However, no progress was achieved in resolving open issues, UAL
told the SEC.

United previously began bargaining contract negotiations with the
AFA, which represents 16,000 flight attendants, on April 6, 2009.

In light of the agreement to merge with Continental Airlines Inc.,
United based its proposals under Section 6 of the Railway Labor
Act on Continental's Flight Attendant Agreement, UAL discloses.
UAL explains that Continental's contractual work rules are
characterized by a high degree of Flight Attendant flexibility and
individual choice, translating into superior efficiency.  Indeed,
United negotiators have advocated a Continental-like contract
since 2009.  On July 20, United proposed full and complete
Continental terms in the areas of sick leave, vacation,
deadheading and PTO, not just elements that would result in cost
savings, UAL says.

Specifically, the sick leave proposal included increasing the
regular bank maximum to 1,000 hours, the addition of a separate
occupational sick leave bank for 400 hours, the addition of a
separate catastrophic sick leave bank for 250 hours, accelerated
re-accrual at the rate of seven hours per month in cases of
maternity or extended illness/injury, and the ability to use some
sick leave for the illness/injury of a spouse, domestic partner or
minor child.  The United sick leave proposal also contained cost-
saving elements like reduced sick accruals for Flight Attendants
who work less than 40 hours in a month, and a sick pay cap of 83
hours per month if one's sick bank is below a certain threshold.
In response, the AFA Negotiating Committee agreed only to the
elements that increase cost to United, even adding terms to make
them even more expensive, UAL states.  "AFA rejected all elements
that would lower costs, and they mostly repeated their April 6,
2009 opening positions on sick leave, with only minor changes,"
UAL emphasizes.

In addition, United's vacation proposal included Continental's
accrual schedule, the option to add an additional seven days of
vacation per year unpaid or "paid for" by a monthly deduction from
earnings, a maximum of five splits, unlimited vacation trading,
the option to fly during a vacation period to earn both vacation
pay and pay for trips flown, and 3:15 as the value of a vacation
day.  The United proposal also contained reduced vacation accruals
for low-time fliers.  However, AFA offered to accept only the
Continental elements that would add to cost, and added terms to
make these even more expensive, UAL points out.

As to deadheading, AFA rejected United's Continental-based
proposal, and simply repeated their April 6, 2009 opening
positions with minor changes, UAL says.  AFA did not respond to
the PTO proposal, UAL relates.  AFA also made a hotel counter-
proposal that offered to accept a Continental concept --
originally proposed by United -- that would allow Flight
Attendants to share in the savings of canceled hotel rooms, but
only after AFA modified this "hotel gain-sharing" concept to make
it much more expensive than the version currently in place at
Continental, UAL relates.

According to UAL, AFA asserted a desire to negotiate a new
collective agreement on an expedited basis but at the same time,
AFA negotiators refused to engage in any "give and take"
bargaining on issues of economic importance.

Nonetheless, United will continue to negotiate in good faith with
AFA during mediated sessions, and will make proposals designed to
lead to a Continental-like outcome, which enables the carrier to
improve productivity and pay the company's people more, UAL says.
United has advised that it will meet with AFA outside of mediation
when there is likelihood of progress, and a willingness of the AFA
Negotiating Committee to move forward in negotiations, UAL adds.

The next round of mediated negotiations are scheduled for August
24-26 in Chicago.  The agenda will be Section 15 (Training and
Meetings), 17 (Seniority), 21 (Reduction in Personnel), 22
(Filling of Vacancies), and 24 (Moving Expenses).  The mediator
also scheduled negotiations for September 21 to 23, and October 5
to 7, 2010, where scheduling will be the focus.

                    About UAL Corporation

Based in Chicago, Illinois, UAL Corporation (NASDAQ: UAUA) --
http://www.united.com/-- is the holding company for United
Airlines, Inc.  United Airlines is the world's second largest air
carrier.  The airline flies to Brazil, Korea and Germany.

The Company filed for Chapter 11 protection on Dec. 9, 2002
(Bankr. N.D. Ill. Case No. 02-48191).  James H.M. Sprayregen,
Esq., Marc Kieselstein, Esq., David R. Seligman, Esq., and Steven
R. Kotarba, Esq., at Kirkland & Ellis, represented the Debtors in
their restructuring efforts.  Fruman Jacobson, Esq., at
Sonnenschein Nath & Rosenthal LLP represented the Official
Committee of Unsecured Creditors.  Judge Eugene R. Wedoff
confirmed a reorganization plan for United on Jan. 20, 2006.  The
Company emerged from bankruptcy on Feb. 1, 2006.

Reorganized UAL Corp. carries a 'Caa1' probability of default
rating from Moody's, 'B-' long term foreign issuer credit rating
from Standard & Poor's, and 'CCC' long term issuer default rating
from Fitch.

At June 30, 2010, UAL had $20.134 billion in total assets against
total current liabilities of $8.573 billion, long-term debt of
$6.281 billion, long-term obligations under capital leases of
$1.01 billion, and other liabilities and deferred credits of
$7.022 billion, resulting in stockholders' deficit of
$2.756 billion.


UAL CORP: Reports June 2010 Traffic Results
-------------------------------------------
United Air Lines, Inc., reported its preliminary consolidated
traffic results for June 2010.  Total consolidated revenue
passenger miles (RPMs) increased in June by 3.5% on an increase of
1.1% in available seat miles (ASMs) compared with the same period
in 2009.  This resulted in a reported June consolidated passenger
load factor of 87.9%, an increase of 2.0 points compared to 2009.

For June 2010, consolidated passenger revenue per available seat
mile (PRASM) is estimated to have increased 30.5% to 31.5% year
over year, 2.7 percentage points of which is due to accounting
adjustments booked in the month.  Consolidated PRASM is estimated
to have increased 5.0% to 6.0% for June 2010 compared to June
2008, 2.2 percentage points of which is due to accounting
adjustments booked in the month.

United reported a U.S. Department of Transportation on-time
arrival rate of 79.4% in June.

Average June 2010 mainline fuel price, including gains or losses
on settled fuel hedges and excluding non-cash, mark-to-market fuel
hedge gains and losses, is estimated to be $2.34 per gallon.
Including non-cash, mark-to-market fuel hedge gains and losses,
the estimated fuel price is $2.23 per gallon for the month.

                             2010        2009   Percent
                             June        June    Change
                            -----       -----   -------
Revenue passenger miles ('000)
North America            5,229,795   5,429,328     (3.7%)
Pacific                  2,084,839   1,922,273      8.5%
Atlantic                 1,885,475   1,739,573      8.4%
Latin America              255,852     229,498     11.5%
Total International      4,226,166   3,891,344      8.6%
Total Mainline           9,455,961   9,320,672      1.5%
Regional Affiliates      1,483,671   1,250,532     18.6%
Total Consolidated      10,939,632  10,571,204      3.5%

Available seat miles ('000)
North America            5,857,248   6,131,651     (4.5%)
Pacific                  2,344,058   2,321,014      1.0%
Atlantic                 2,108,673   1,995,938      5.6%
Latin America              332,104     293,915     13.0%
Total International      4,784,835   4,610,867      3.8%
Total Mainline          10,642,083  10,742,518     (0.9%)
Regional Affiliates      1,801,212   1,564,506     15.1%
Total Consolidated      12,443,295  12,307,024      1.1%

Load factor
North America                89.3%       88.5%   0.8 pts
Pacific                      88.9%       82.8%   6.1 pts
Atlantic                     89.4%       87.2%   2.2 pts
Latin America                77.0%       78.1%  (1.1 pts)
Total International          88.3%       84.4%   3.9 pts
Total Mainline               88.9%       86.8%   2.1 pts
Regional Affiliates          82.4%       79.9%   2.5 pts
Total Consolidated           87.9%       85.9%   2.0 pts

Revenue passengers boarded ('000)
Mainline                     4,916       5,158     (4.7%)
Regional Affiliates          2,543       2,263     12.4%
Total Consolidated           7,459       7,421      0.5%

Cargo ton miles ('000)
Freight                    150,647     111,324     35.3%
Mail                        13,874      15,107     (8.2%)
Total Mainline             164,521     126,431     30.1%

                GAAP To Non-GAAP Reconciliations

Pursuant to SEC Regulation G, the Company has included the
following reconciliation of reported non-GAAP financial measures
to comparable financial measures reported on a GAAP basis.  Since
the company did not apply cash flow hedge accounting prior to
April 1, 2010, the company believes that the net fuel hedge
adjustments provide management and investors with a better
perspective of its performance and comparison to its peers because
the adjustments reflect the economic fuel cost during the periods
presented and many of our peers apply cash flow hedge accounting.
The non-cash mark-to-market gain/loss adjustment includes the
reversal of prior period non-cash mark-to-market gain/loss related
to May hedge settlements and May mark-to-market gain/loss related
to hedges that will settle in June 2010, which were not designated
as cash flow hedges.

                                               June 2010
                                               ---------
Mainline fuel price per gallon excluding
non-cash, net mark-to-market gains and losses      $2.34

Add: Non-cash, net mark-to-market (gains)
and losses per gallon                              (0.11)
                                               ---------
Mainline fuel price per gallon                     $2.23
                                               =========

                    About UAL Corporation

Based in Chicago, Illinois, UAL Corporation (NASDAQ: UAUA) --
http://www.united.com/-- is the holding company for United
Airlines, Inc.  United Airlines is the world's second largest air
carrier.  The airline flies to Brazil, Korea and Germany.

The company filed for Chapter 11 protection on Dec. 9, 2002
(Bankr. N.D. Ill. Case No. 02-48191).  James H.M. Sprayregen,
Esq., Marc Kieselstein, Esq., David R. Seligman, Esq., and Steven
R. Kotarba, Esq., at Kirkland & Ellis, represented the Debtors in
their restructuring efforts.  Fruman Jacobson, Esq., at
Sonnenschein Nath & Rosenthal LLP represented the Official
Committee of Unsecured Creditors.  Judge Eugene R. Wedoff
confirmed a reorganization plan for United on Jan. 20, 2006.  The
Company emerged from bankruptcy on Feb. 1, 2006.

Reorganized UAL Corp. carries a 'Caa1' probability of default
rating from Moody's, 'B-' long term foreign issuer credit rating
from Standard & Poor's, and 'CCC' long term issuer default rating
from Fitch.


UAL CORP: Retains TechPubs for Documentation Systems
----------------------------------------------------
United Air Lines, Inc., has retained TechPubs for the carrier's
global technical publications management processes and results
pursuant to a documentation systems pact, according to TechPubs'
public statement dated June 2, 2010.

Under the deal, TechPubs will consult with United to streamline
processes for more efficient publications management, and provide
a range of technical services in document conversion to enhance
distribution and use of critical documents in the short term.

                    About UAL Corporation

Based in Chicago, Illinois, UAL Corporation (NASDAQ: UAUA) --
http://www.united.com/-- is the holding company for United
Airlines, Inc.  United Airlines is the world's second largest air
carrier.  The airline flies to Brazil, Korea and Germany.

The company filed for Chapter 11 protection on Dec. 9, 2002
(Bankr. N.D. Ill. Case No. 02-48191).  James H.M. Sprayregen,
Esq., Marc Kieselstein, Esq., David R. Seligman, Esq., and Steven
R. Kotarba, Esq., at Kirkland & Ellis, represented the Debtors in
their restructuring efforts.  Fruman Jacobson, Esq., at
Sonnenschein Nath & Rosenthal LLP represented the Official
Committee of Unsecured Creditors.  Judge Eugene R. Wedoff
confirmed a reorganization plan for United on Jan. 20, 2006.  The
Company emerged from bankruptcy on Feb. 1, 2006.

Reorganized UAL Corp. carries a 'Caa1' probability of default
rating from Moody's, 'B-' long term foreign issuer credit rating
from Standard & Poor's, and 'CCC' long term issuer default rating
from Fitch.


UAL CORP: Two D&Os Disclose Acquisition, Sale of Stock
------------------------------------------------------
In separate filings with the Securities and Exchange Commission
dated June 26, 2010, John P. Tague, president of United Air Lines,
Inc. and Kathryn A. Mikells, chief financial officer of UAL Corp.,
disclosed the changes in their beneficial ownership of UAL common
stock.

According to the filings, Ms. Mikells acquired these shares of UAL
common stock from July 22 to 23, 2010:

         No. of             Price per      Amount of Shares
     Shares Acquired          Share       Beneficially Owned
     ---------------        ---------     ------------------
         6,250               $16.59             34,732
         7,750                $4.86             42,482
         7,750                $4.86             36,232

The two officers disposed of shares of UAL common stock from
July 22 to 23, 2010:

                       No. of        Price     Amount of Shares
                       Shares         per       Beneficially
   Director          Disposed of     Share          Owned
   --------          -----------    ------    ----------------
   Kathryn A. Mikells  21,750        $22.5           28,482
   Kathryn A. Mikells   7,750          $23           28,482
   John P. Tague       54,320       $22.62            6,500

With respect to Mr. Tague, the $22.62 price is a weighted average
price.  The shares were sold in multiple transactions at prices
ranging from $22.31 to $22.93, inclusive.

Ms. Mikells also disposed of shares of UAL common stock referred
to as restricted stock for the relevant period:

         No. of             Price per      Amount of Shares
     Shares Disposed of       Share       Beneficially Owned
     ------------------     ---------     ------------------
          7,750                $0              77,500
          6,250                $0              43,750
          7,750                $0              69,750

Ms. Mikells' option award of 7,750 shares of UAL common stock
vests in three equal annual installments on April 1, 2010, 2011
and 2012.  Similarly, Ms. Mikells' option award of 6,250 shares of
UAL common stock vests in three equal annual installments on
November 3, 2009, 2010 and 2011.

                    About UAL Corporation

Based in Chicago, Illinois, UAL Corporation (NASDAQ: UAUA) --
http://www.united.com/-- is the holding company for United
Airlines, Inc.  United Airlines is the world's second largest air
carrier.  The airline flies to Brazil, Korea and Germany.

The company filed for Chapter 11 protection on Dec. 9, 2002
(Bankr. N.D. Ill. Case No. 02-48191).  James H.M. Sprayregen,
Esq., Marc Kieselstein, Esq., David R. Seligman, Esq., and Steven
R. Kotarba, Esq., at Kirkland & Ellis, represented the Debtors in
their restructuring efforts.  Fruman Jacobson, Esq., at
Sonnenschein Nath & Rosenthal LLP represented the Official
Committee of Unsecured Creditors.  Judge Eugene R. Wedoff
confirmed a reorganization plan for United on Jan. 20, 2006.  The
Company emerged from bankruptcy on Feb. 1, 2006.

Reorganized UAL Corp. carries a 'Caa1' probability of default
rating from Moody's, 'B-' long term foreign issuer credit rating
from Standard & Poor's, and 'CCC' long term issuer default rating
from Fitch.

At June 30, 2010, UAL had $20.134 billion in total assets against
total current liabilities of $8.573 billion, long-term debt of
$6.281 billion, long-term obligations under capital leases of
$1.01 billion, and other liabilities and deferred credits of
$7.022 billion, resulting in stockholders' deficit of
$2.756 billion.


UNIGENE LABORATORIES: Novartis, Nordic to Continue Phase III Study
------------------------------------------------------------------
Unigene Laboratories Inc. said that Novartis and its license
partner Nordic Bioscience have decided to continue the companies'
two-year, Phase III Study 2302 assessing safety and efficacy of
oral calcitonin in patients with osteoarthritis of the knee.
Novartis has a worldwide license to produce recombinant calcitonin
under Unigene's patented SecraPep E. coli manufacturing
technology.

An independent Data Monitoring Committee (DMC) reviewed and
conducted a "futility" analysis of one-year data for all patients
enrolled in Study 2302, including both an assessment of safety and
efficacy parameters.  The DMC concluded there is no reason to stop
the study because of safety findings.  In addition, the DMC
concluded there is no reason to continue the study because of
efficacy findings; however, the DMC also determined the final
decision whether to continue Study 2302 rests with the study
Sponsor.  Accordingly, the relevant Health Authorities and Ethics
Committees will be informed by the Sponsor about the DMC
recommendation and about the decision to continue the study.

Conclusions after these kinds of interim analysis are usually
based on whether or not the DMC has seen either major safety
concerns, or a significant imbalance in adverse events, or an
unsatisfactory efficacy outcome.

Based on a similar one-year futility analysis, the DMC recommended
in December 2009 that Novartis and Nordic Bioscience continue a
parallel two-year, Phase III Study 2301 in patients with
osteoarthritis of the knee.  At that time, the DMC also
recommended continuation of a two-year, Phase III Study 2303 of
oral calcitonin in patients with osteoporosis.

It is currently intended by the Sponsor that the entire clinical
program of oral calcitonin in osteoarthritis and osteoporosis will
continue, and Novartis and Nordic Bioscience will closely work
together to assess next steps once the final data of Study 2301
are available, currently expected to be in 4Q 2010.

Unigene President and CEO Ashleigh Palmer commented, "We believe
our manufacturing license agreement with Novartis provides strong
validation of Unigene's leading position in peptide manufacturing.
We look forward to hearing of next steps in the program."

                           About Unigene

Unigene Laboratories, Inc. OTCBB: UGNE) -- http://www.unigene.com/
-- is a biopharmaceutical company focusing on the oral and nasal
delivery of large-market peptide drugs.

                        Going Concern Doubt

Grant Thornton LLP of New York expressed substantial doubt against
Unigene Laboratories Inc.'s ability as a going concern.  The firm
noted that the Company has incurred a net loss of $13,400,000
during the year ended December 31, 2009 and has an accumulated
deficit of approximately $143,000,000 as of December 31, 2009.  As
of that date, the Company's current liabilities exceeded its
current assets by $1,251,000 and its total liabilities exceeded
total assets by $30,442,000.

The Company's balance sheet for December 31, 2009, showed
$23,954,941 and $54,396,602 total liabilities for a $30,441,661
total stockholders' deficit.


UNISYS CORPORATION: Reports $120.2MM Net Income for 2nd Quarter
---------------------------------------------------------------
Unisys Corporation reported second-quarter 2010 net income of
$120.2 million, or $2.77 per diluted share, compared with net
income of $38.1 million, or $1.02 per diluted share, in the year-
ago quarter.  The current quarter results include a pre-tax gain
of approximately $65 million related to the sale of the company's
health information management business.  Second-quarter 2010 net
income from continuing operations increased to $59.4 million, or
$1.37 per diluted share, from $33.5 million, or 90 cents per
diluted share, in the year-ago period.  Operating results of the
HIM business, and the gain on the sale, are being reported as a
discontinued operation.

Revenue in the second quarter of 2010 declined 4 percent to $1.06
billion compared with $1.10 billion in the year- ago quarter.
Revenue declined 5 percent on a constant currency basis.

Revenue in the United States was $450 million and declined 13
percent due to the impact of divestitures and lower U.S. federal
government revenue.  Revenue in international markets grew 3
percent to $606 million.

"The second quarter was another solid quarter for Unisys," said
Unisys Chairman and CEO Ed Coleman.  "Driven by a strong
performance in our technology business, we reported an operating
profit margin of 10.1 percent in the quarter and delivered our
fifth consecutive quarter of improved year-over-year
profitability.  Sales of ClearPath servers grew year-over-year for
the third straight quarter and we also saw high single digit
percent growth in our IT outsourcing revenue excluding our U.S.
federal government business.  We continued to strengthen the
balance sheet and reshape the company, focusing on those elements
that are integral to the delivery of our security, data center
transformation, end user outsourcing and application modernization
solutions."

                          Overall Margins

Unisys reported a second-quarter gross profit margin of 27.3
percent, up from 23.7 percent a year ago, and a second-quarter
operating profit margin of 10.1 percent, up from 6.1 percent a
year ago.  The increased margins primarily reflected higher sales
of ClearPath mainframes in the current quarter.

                Second-Quarter Business Segment Results

Customer revenue in the company's services segment declined 9
percent compared with the year-ago quarter. On lower revenue,
services gross profit margin declined to 19.0 percent compared
with 20.7 percent a year ago, while services operating margin
declined to 6.0 percent compared with 7.4 percent a year ago.
Services revenue and operating margins improved sequentially from
the first quarter of 2010 by 5 percent and 140 basis points
respectively.

Services backlog at June 30, 2010 was $5.7 billion, up from $5.5
billion at June 30, 2009 and down from $5.9 billion of services
backlog at March 31, 2010.  The decrease from March 31, 2010 is
primarily attributable to currency exchange rate movements.
Services orders declined single digits from year-ago levels.

Customer revenue in the company's technology segment increased 47
percent from the second quarter of 2009, driven by substantial
growth in ClearPath mainframe revenue.  Reflecting the higher
ClearPath sales, the company reported a technology gross profit
margin of 61.3 percent and an operating profit margin of 27.4
percent in the quarter.  These compared with a gross profit margin
of 40.4 percent and operating margin of (5.4) percent in the year-
ago quarter.

                 Cash Flow and Balance Sheet Highlights

Unisys generated $52 million of cash from operations in the second
quarter of 2010 compared with $48 million of cash flow from
operations in the second quarter of 2009.  Capital expenditures in
the second quarter of 2010 declined to $48 million compared with
$53 million in the year-ago quarter. The company generated $4
million of free cash flow in the second quarter of 2010 compared
with free cash usage of $5 million in the second quarter of 2009.

As previously announced, on April 30, 2010 the company completed
the sale of its HIM business. Net cash proceeds from the sale were
approximately $126 million.  Under the terms of certain of the
company's debt agreements, the proceeds can be used for certain
capital expenditures, the acquisition of certain assets and the
repayment of certain debt obligations. During the second
quarter, the company used approximately $25 million of the
proceeds for such purposes.  At June 30, 2010, approximately $101
million of proceeds remain as restricted cash included in other
long-term assets on the company's balance sheet.

At June 30, 2010, Unisys reported $497 million of cash on hand.

A full-text copy of the Company's earnings release is available
for free at http://ResearchArchives.com/t/s?6744

                           About Unisys

Based in Blue Bell, Pennsylvania, Unisys Corporation (NYSE: UIS)
-- http://www.unisys.com/-- provides a portfolio of IT services,
software, and technology that solves critical problems for
clients.  With more than 26,000 employees, Unisys serves
commercial organizations and government agencies throughout the
world.

The Company's balance sheet for March 31, 2010, showed
$2.7 billion total assets, $1.2 billion total liabilities,
$846.6 million long-term debt, $1.5 billion long-term
postretirement liabilities, $294.4 million commitments and
contingencies, for a $1.2 billion stockholders' deficit.


UNITED AMERICAN: Stock Market to Remove Firm's Common Stock
-----------------------------------------------------------
The Nasdaq Stock Market, Inc., has determined to remove from
listing the common stock of United American Healthcare Corporation
(the Company), effective at the opening of the trading session on
July 26, 2010.  Based on review of information provided by the
Company, Nasdaq Staff determined that the Company no longer
qualified for listing on the Exchange pursuant to Listing Rule
5620(a).

The Company was notified of the Staffs determination on
July 1, 2010. The Company did not appeal the Staff determination
to the Hearings Panel, and the Staff determination to delist the
Company became final on July 12, 2010.

United American Healthcare is a full-service healthcare
management company, pioneering the delivery of healthcare
services to the Medicaid population since 1985.  The Company
owns a 75% interest in and manages OmniCare Health Plan in
western Tennessee, including Memphis.  UAHC serves 120,000
enrollees in Tennessee.


VCA ANTECH: Moody's Assigns 'Ba2' Rating on $100 Mil. Loan
----------------------------------------------------------
Moody's Investors Service assigned a Ba2 to the proposed
$100 million secured revolving credit facility and $500 million
senior secured term loan facility of VCA Antech, Inc.
Concurrently, Moody's affirmed the Ba2 Corporate Family Rating,
assigned an SGL-1 Speculative Grade Liquidity Rating and changed
the rating outlook to positive from stable.  The proceeds from the
term loan facility and a portion of the company's cash on hand are
expected to be used to refinance existing secured debt and pay
related fees and expenses.  The positive outlook and SGL-1
Speculative Grade Liquidity Rating are contingent upon the
successful completion of the refinancing.

"The positive outlook reflects an improved liquidity profile pro
forma for the refinancing of the existing credit facility, solid
credit metrics for the rating category, and the expectation that
organic revenue trends will begin to stabilize in the hospital
segment and turn positive in the lab segment during 2011," stated
Lenny Ajzenman, Senior Vice President.

The Ba2 rating is supported by the company's significant scale in
the fragmented US veterinary hospital market and the largest
network of veterinary diagnostic laboratories in the US.  The
ratings are constrained by weak organic revenue performance during
2009 and the first half of 2010 and concern that volumes may
continue to be pressured over the next few quarters.

Moody's took these rating actions:

* Assigned $100 million senior secured revolving credit facility
  due 2015, Ba2 (LGD 2, 28%)

* Assigned $500 million senior secured Term Loan A due 2015, Ba2
  (LGD 2, 28%)

* Assigned Speculative Grade Liquidity Rating, SGL 1

* Affirmed $505 million senior secured term loan due May 2011, Ba2
  LGD 2 (28%) - rating to be withdrawn upon completion of the
  refinancing

* Affirmed Corporate Family Rating, Ba2

* Affirmed Probability of Default Rating, Ba3

The last rating action on VCA was on April 6, 2009, when Moody's
upgraded the Corporate Family Rating and secured credit facility
rating to Ba2 from Ba3 and changed the rating outlook to stable
from positive.

VCA, headquartered in Los Angeles, California, is a leading animal
healthcare company.  As of March 31, 2010, the company operated
492 animal hospitals and 47 veterinary laboratories in the United
States and Canada.  Revenues for the twelve months ended March 31,
2010 were approximately $1.3 billion.


VCA ANTECH: S&P Affirms Corporate Credit Rating at 'BB'
-------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'BB'
corporate credit rating on Los Angeles, Calif.-based VCA Antech.
At the same time, S&P assigned a 'BB+' (one notch higher than the
corporate credit rating) issue-level rating and a '2' recovery
rating to subsidiary Vicar Operating Inc.'s proposed $600 million
senior secured credit facility.  The '2' recovery rating indicates
S&P's expectation of substantial (70% to 90%) recovery for lenders
in the event of a default.  The facility consists of a
$500 million term loan A and a $100 million revolving credit
facility, both due in 2015.

"The speculative-grade rating on VCA reflects S&P's expectation
that a slowly improving economic environment will result in
organic sales growth in the near term, following recession-related
weakness over the past 18 to 24 months," said Standard & Poor's
credit analyst Michael G. Berrian.  "S&P also believes that this
will enable the company to generate higher levels of free
operating cash flow that, together with increasing EBITDA, could
reduce adjusted leverage." In Standard & Poor's view, leverage
could decline to historical levels of between 3x to 3.5x in 2011,
and possibly lower if the economic improvement is faster and
organic sales grow higher than S&P expect.

VCA's fair business risk profile mainly stems from its business
concentration in the animal health field.  This exposes the
company to economic weakness, as pet spending for many is viewed
as a more discretionary expenditure.  As an industry-leading
operator of 492 animal hospitals and 47 laboratories throughout
the U.S. and Canada, VCA achieved its growth through a combination
of acquisitions and organic means.  However, over the past 18 to
24 months, acquisitions exclusively provided VCA's revenue and
earnings growth, because the recessionary environment resulted in
decreased foot traffic at its hospitals and suppressed organic
growth by about 13% in 2009.  Although the company continues to
increase prices at its hospitals, the average revenue per
requisition at its labs has been mostly flat, largely as the
result of a reluctance of customers to request high-priced tests.
Although Standard & Poor's expects VCA to continue to generate
some growth through increased pricing and pet owners' reluctance
to cut spending on non-elective visits to animal hospitals, S&P
believes that the sustainability of price increases is limited by
competition with numerous local veterinary providers, especially
in the still-weak economic environment.  As a result, S&P does not
expect any contribution from organic sales growth until the fourth
quarter of 2010, at the earliest.  At that time, S&P anticipate
organic growth would be in the low single digits.  While the
company has trimmed its variable costs to help stem margin
declines, the continued decline in organic sales, coupled with a
high fixed-cost base and lower margins from acquired animal
hospitals, will result in sustained pressure on margins and EBITDA
until organic sales growth recovers.

Our rating outlook on VCA Antech Inc. is stable.  VCA has
demonstrated an ability to acquire and integrate acquisitions, and
leverage its hospital base with its high-margin lab platform.  In
addition, it has adhered to a financial policy that has resulted
in lease-adjusted leverage that has consistently been less than
4x, despite a demonstrated historical willingness to periodically
make very large acquisitions.  S&P could raise the rating if S&P
believes that VCA will maintain acquisition spending at a level
that suggests sustainable lease-adjusted leverage at 3x or less.
This could happen over the near-term if organic growth enables VCA
to grow total revenues by at least 7% while maintaining margins of
about 22%.  Conversely, S&P could lower the rating if a protracted
economic downturn continues to result in organic sales declines.
This would further pressure EBITDA and margins, thereby
compromising its liquidity position such that its covenant cushion
declines to 15% or less.


VEBLEN EAST: Court Orders Appointment of Chapter 11 Trustee
-----------------------------------------------------------
The U.S. Bankruptcy Court for the District of South Dakota
directed the U.S. Trustee for Region 10 to appoint a Chapter 11
trustee in the reorganization case of Veblen East Dairy Limited
Partnership.

As reported in the Troubled Company Reporter on July 15, 2010,
AgStar Financial Services, FLCA and AgStar Financial Services,
PCA, sought for the appointment of a Chapter 11 trustee in the
Debtor's case because of the highly-interrelated nature of
the ownership and management of Debtor and West.

The Court also ordered that pending the Court's approval of the
U.S. Trustee's appointment of a Chapter 11 trustee, the Debtor and
its principals and Value-Added Science and Technologies, L.L.C.
and its principals retain their respective fiduciary duties to the
bankruptcy estate.

                        About Veblen East

Veblen, South Dakota-based Veblen East Dairy Limited Partnership
filed for Chapter 11 bankruptcy protection on July 2, 2010 (Bankr.
D.S.D. Case No. 10-10146).  The Company estimated its assets and
debts at $50,000,001 to $100,000,000.

The Company's affiliate, Veblen West Dairy, LLP, filed a separate
Chapter 11 petition on April 7, 2010 (Case No. 10-10071).


VISKASE COS: S&P Raises Corporate Credit Rating to 'B'
------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its ratings
on Darien, Ill.-based Viskase Cos. Inc., including its corporate
credit rating to 'B' from 'B-'.  The outlook is stable.

"The upgrade reflects Viskase's demonstration of stable
profitability and cash flow, along with S&P's belief that steady
demand, disciplined pricing, and effective cost management should
continue to benefit the company's operating performance," said
Standard & Poor's credit analyst James Siahaan.

S&P does not expect the company's financial policies or potential
cash outlays related to planned capacity expansion to result in
significant deterioration to the financial risk profile in the
near-term, though S&P does recognize some uncertainty with regard
to financial policies over a longer-term horizon.

The ratings on Viskase reflect its vulnerable business risk
profile as a producer in the highly competitive non-edible casings
niche within the packaging industry, and its narrow scope of
operations.  The ratings also take into account the company's
aggressive financial risk profile and its limited free operating
cash generation.  Good market positions in cellulosic and fibrous
casings and diverse geographic sales partially offset these
weaknesses.


VISTEON CORP: Fulcrum Credit Lobbies for Votes Against Plan
-----------------------------------------------------------
Bloomberg's Bill Rochelle reports that Fulcrum Credit Partners
LLC, which purchased claims of trade suppliers, is urging
unsecured creditors to vote against the Chapter 11 plan of Visteon
Corp.  The confirmation hearing for approval of Visteon's
reorganization plan is scheduled to begin Sept. 28. The judge set
aside 10 days given the degree of opposition expected.  In
addition to shareholders and some creditors who are opposed, a
group of trade suppliers say they have enough "no" votes to block
approval by the unsecured creditor class.

                       About Visteon Corp

Headquartered in Van Buren Township, Michigan, Visteon Corporation
(NYSE: VC) -- http://www.visteon.com/-- is a global automotive
supplier that designs, engineers and manufactures innovative
climate, interior, electronic and lighting products for vehicle
manufacturers, and also provides a range of products and services
to aftermarket customers.  The Company has corporate offices in
Van Buren Township, Michigan (U.S.); Shanghai, China; and Kerpen,
Germany.  It has facilities in 27 countries and employs roughly
35,500 people.  The Company has assets of US$4,561,000,000 and
debts of US$5,311,000,000 as of March 31, 2009.

Visteon Corporation and 30 of its affiliates filed for Chapter 11
protection on May 28, 2009, (Bank. D. Del. Case No. 09-11786
through 09-11818).  Judge Christopher S. Sontchi oversees the
Chapter 11 cases.  James H.M. Sprayregen, Esq., Marc Kieselstein,
Esq., and James J. Mazza, Jr., Esq., at Kirkland & Ellis LLP, in
Chicago, Illinois, represent the Debtors in their restructuring
efforts.  Laura Davis Jones, Esq., James E. O'Neill, Esq., Timothy
P. Cairns, Esq., and Mark M. Billion, Esq., at Pachulski Stang
Ziehl & Jones LLP, in Wilmington, Delaware, serve as the Debtors'
local counsel.  The Debtors' investment banker and financial
advisor is Rothschild Inc.  The Debtors' notice, claims, and
solicitation agent is Kurtzman Carson Consultants LLC.  The
Debtors' restructuring advisor is Alvarez & Marsal North America,
LLC.

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


VISTEON CORP: Seeks Approval to End Lease Agreement
---------------------------------------------------
BankruptcyData.com reports that Visteon Corp. and Visteon Global
Technologies filed with the U.S. Bankruptcy Court a motion for
authorization to enter into a certain termination agreement with
Automotive Components Holdings and Ford Motor Company, pursuant to
which Visteon and ACH will terminate certain agreements governing
the lease of employees and the provision of services to ACH and
facilitate the transition of such leased employees to ACH Visteon
and VGTI to assume that certain intellectual property contribution
agreement, by and among Visteon, VGTI, Automotive Components
Holdings and ACH.

Among other things, BData says, the motion asserts, "Visteon has
suffered financially as a result of extending the Employee Leasing
Agreements beyond the originally anticipated short timeframe.
While the Employee Leasing Agreements were designed to be cost-
neutral, in practice Visteon has incurred significant
administrative costs that are not required to be reimbursed by ACH
and certain of the methodologies used to calculate the
reimbursement amounts do not equal the actual costs incurred by
Visteon."

The Court scheduled an August 17 hearing to consider the motion.

                         About Visteon Corp

Headquartered in Van Buren Township, Michigan, Visteon Corporation
(NYSE: VC) -- http://www.visteon.com/-- is a global automotive
supplier that designs, engineers and manufactures innovative
climate, interior, electronic and lighting products for vehicle
manufacturers, and also provides a range of products and services
to aftermarket customers.  The Company has corporate offices in
Van Buren Township, Michigan (U.S.); Shanghai, China; and Kerpen,
Germany.  It has facilities in 27 countries and employs roughly
35,500 people.  The Company has assets of US$4,561,000,000 and
debts of US$5,311,000,000 as of March 31, 2009.

Visteon Corporation and 30 of its affiliates filed for Chapter 11
protection on May 28, 2009, (Bank. D. Del. Case No. 09-11786
through 09-11818).  Judge Christopher S. Sontchi oversees the
Chapter 11 cases.  James H.M. Sprayregen, Esq., Marc Kieselstein,
Esq., and James J. Mazza, Jr., Esq., at Kirkland & Ellis LLP, in
Chicago, Illinois, represent the Debtors in their restructuring
efforts.  Laura Davis Jones, Esq., James E. O'Neill, Esq., Timothy
P. Cairns, Esq., and Mark M. Billion, Esq., at Pachulski Stang
Ziehl & Jones LLP, in Wilmington, Delaware, serve as the Debtors'
local counsel.  The Debtors' investment banker and financial
advisor is Rothschild Inc.  The Debtors' notice, claims, and
solicitation agent is Kurtzman Carson Consultants LLC.  The
Debtors' restructuring advisor is Alvarez & Marsal North America,
LLC.

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


VITAFREZE FROZEN: Files for Chapter 11 Due to Cash Crunch
---------------------------------------------------------
Bill Rochelle at Bloomberg News reports that Vitafreze Frozen
Confections Inc. and its affiliates filed for Chapter 11, saying
an expanded product line, cool weather and capital expenses
resulted in a "cash crunch."

According to the report, Vitafreze and two other affiliates owe
$10.6 million to secured lender Key Bank NA. The two primary
equity holders are Pacific Mezzanine Fund LP and CC&B Holdings
Inc.

Formed in 2004, Vitafreze was designed to be a "vehicle to roll up
frozen novelty manufacturing companies in the Western U.S."  The
company has plants in Sacramento and Salem, Oregon.

A court paper says the assets are on the books for $24.25 million.

Vitafreze Frozen Confections Inc. filed for Chapter 11 on July 26,
in Sacramento, California (Bankr. E.D. Calif. Case No. 10-
39664).  The Company listed assets and debts of $10,000,001 to
$50,000,000.  Two affiliates, Deluxe Ice Cream Company (Case No.
10-39670) and Matterhorn Group, Inc., also filed for Chapter 11.


WASHINGTON MUTUAL: J. Hochberg Named Examiner to Probe JPM Deal
---------------------------------------------------------------
Roberta A. DeAngelis, the United States Trustee for Region 3,
asks Judge Mary F. Walrath of the U.S. Bankruptcy Court for the
District of Delaware to approve the appointment of Joshua R.
Hochberg, Esq., as examiner in the Chapter 11 cases of Washington
Mutual, Inc., and WMI Investment Corp.

Assistant U.S. Trustee William K. Harrington, Esq., in
Wilmington, Delaware, relates that the U.S. Trustee has consulted
with (i) the Debtors; (ii) the Official Committee of Unsecured
Creditors; (iii) the Official Committee of Equity Security
Holders; (iv) JPMorgan Chase Bank, N.A.; (v) the Federal Deposit
Insurance Corporation; (vi) Trust Preferred Holders; (vii) the
WaMu Noteholders Group, (viii) Appaloosa Management, L.P., et
al.; and (ix) Nantahala Capital Partners, LP and Blackwell
Partners, LP, regarding the examiner appointment.

Judge Walrath directed the U.S. Trustee on July 22, 2010, to
appoint an examiner in WaMu's cases to investigate:

(i) claims and assets that may be property of the Debtors'
     estates that are proposed to be conveyed, released or
     otherwise compromised and settled under the Debtors'
     Chapter 11 Plan of Reorganization, as amended, and the
     Global Settlement Agreement, including all Released Claims,
     as defined under the Global Settlement, and the claims and
     defenses of third parties, or the "Settlement Component;"
     and

(b) other claims, assets, and causes of actions, which will be
     retained by the Debtors or related proceeds, if any,
     distributed to creditors or equity interest holders
     pursuant to the Plan, and the claims and defenses of third
     parties -- the "Retained Asset Component" -- without
     prejudice to the Court modifying the scope of the
     Investigation in the event that it deems appropriate.

The Global Settlement, reached among WaMu; JPMorgan, as purchaser
of Washington Mutual Bank; and the FDIC, as receiver of WMB, is
the focal point of WaMu's Fifth Amended Plan.  It calls for the
resolution of claims under disputed accounts with respect to
demise of WMB in September 2008.

The Examiner is directed to prepare and file:

(a) a preliminary report, as required by Section 1106(a)(4) of
     the Bankruptcy Code with respect to the Settlement
     Component and the Retained Asset Component of the
     Investigation on or before September 7, 2010; and

(b) unless the Court rules on additional time for discovery, a
     final report on or before October 8, 2010.

Judge Walrath noted that in case the deadline for the Examiner
Final Report filing is extended, she may, if necessary, adjourn
commencement of the hearing to confirm the Chapter 11 Plan.

            J. Hochberg Declares Disinterestedness

Mr. Hochberg is a partner at McKenna Long & Aldridge LLP, in
Washington, D.C.  Prior to joining MLA in 2005, he was chief of
the Fraud Section, Criminal Section, of the Justice Department.

"To the best of my knowledge, no investigation I supervised while
a Justice Department Attorney involved activities relevant to
[the WaMu] Chapter 11 matters," Mr. Hochberg related in a
declaration filed with the Court.

Mr. Hochberg maintained that he is not, and has not been, a
creditor or an insider of any of the Debtors.  He noted that he
is not related to, and does not have any connection with, Judge
Walrath or to the U.S. Trustee.

Mr. Hochberg disclosed that he owned 300 shares of stock in
JPMorgan Chase which he sold on July 26, 2010, prior to
commencing the examination directed by the Court.  He noted that
his firm represented WaMu and its affiliate in two matters
unrelated to the Chapter 11 cases, which were both completed and
closed in 2003 and which pre-date his employment with MLA.

MLA formerly represented JP Morgan Chase and certain of its
affiliates, which representations were closed by 2009.  Mr.
Hochberg revealed that MLA currently has several open
transactional matters wherein JP Morgan Chase is listed as an
adverse party, but none of which relate or pertain to the issues
he is to investigate in the Debtors' cases.

Upon a complete review of detailed lists of creditors and
parties-in-interest in the Debtors' cases, Mr. Hochberg disclosed
that MLA has represented Bank of America and its affiliates;
Lehman Brothers and its affiliates; Credit Suisse and its
affiliates; and Morgan Stanley and its affiliates on matters
unrelated to the WaMu-related Examination.  MLA has one open
matter for Goldman Sachs and several matters where Goldman Sachs
is an adverse party, however, those matters do not relate to the
proposed WaMu investigation, Mr. Hochberg assures Judge Walrath.

                      About Washington Mutual

Based in Seattle, Washington, Washington Mutual Inc. --
http://www.wamu.com/-- is a holding company for Washington Mutual
Bank as well as numerous non-bank subsidiaries.  The Company
operates in four segments: the Retail Banking Group, which
operates a retail bank network of 2,257 stores in California,
Florida, Texas, New York, Washington, Illinois, Oregon, New
Jersey, Georgia, Arizona, Colorado, Nevada, Utah, Idaho and
Connecticut; the Card Services Group, which operates a nationwide
credit card lending business; the Commercial Group, which conducts
a multi-family and commercial real estate lending business in
selected markets, and the Home Loans Group, which engages in
nationwide single-family residential real estate lending,
servicing and capital markets activities.

Washington Mutual Bank was taken over September 25 by U.S.
government regulators.  The next day, WaMu and its affiliate, WMI
Investment Corp., filed separate petitions for Chapter 11 relief
(Bankr. D. Del. 08-12229 and 08-12228, respectively).  Wamu owns
100% of the equity in WMI Investment.  Weil Gotshal & Manges
represents the Debtors as counsel.  When WaMu filed for protection
from its creditors, it listed assets of $32,896,605,516 and debts
of $8,167,022,695.  WMI Investment listed assets of $500,000,000
to $1,000,000,000 with zero debts.

Peter Calamari, Esq., and David Elsberg, Esq., at Quinn Emanuel
Urquhart Oliver & Hedges, LLP, served as legal counsel to WMI with
responsibility for the litigation.  Brian Rosen, Esq., at Weil,
Gotshal & Manges LLP served as legal counsel to WMI with
responsibility for the Chapter 11 case.

Bankruptcy Creditors' Service Inc. publishes Washington Mutual
Bankruptcy News.  The newsletter tracks the Chapter 11 proceedings
of Washington Mutual Inc. (http://bankrupt.com/newsstand/or
215/945-7000).


WASHINGTON MUTUAL: Nantahala Intervenes in Broadbill Suit
---------------------------------------------------------
Consistent with a stipulation reached with Washington Mutual Inc.
as defendant, Bankruptcy Judge Mary Walrath authorized Nantahala
Capital Partners LP and Blackwell Partners LP to intervene as
plaintiffs in the adversary proceeding commenced by Broadbill
Investment Corp. against WaMu.

Broadbill is a purported holder of certain litigation warrants or
LTWs that, upon the occurrence of certain contingencies, grant
the holder the right to purchase WaMu common stock.  Broadbill is
seeking a declaratory judgment from the Bankruptcy Court that (i)
LTW holders have allowed claims against, and not equity interests
in, WaMu; and (ii) WaMu breached the agreement governing the
Warrants, as amended.

Broadbill's complaint is tangentially related to the litigation
styled Anchor Savings Bank, FSB v United States, pending before
the Honorable Lawrence J. Block in the U.S. Court of Federal
Claims commenced by Anchor Savings Bank FSB against the United
States of America.  Pursuant to the litigation, Anchor Savings
Bank alleged that the Government's passage of the Financial
Institutions Reform, Recovery, and Enforcement Act of 1989,
breached Anchor Savings Bank's supervisory merger contracts with
the Government, which allowed Anchor Savings Bank to treat
supervisory goodwill as regulatory capital.

Nantahala and Blackwell are beneficial holders and owners of
LTWs.

Nantahala and Blackwell subsequently filed a memorandum of law,
noting that they "fully adopt" adopt the principles asserted by
Broadbill in its Response to the Debtors' request to dismiss the
Adversary Proceeding.

On behalf of Nantahala and Blackwell, Scott Leonhardt, Esq., at
The Rosner Law Group LLC, in Wilmington, Delaware, reasons out
that the LTWs are not equity warrants because they do not meet
the fundamental and requisite attributes of an equity warrant.
He explains that (i) the structure of the LTWs does not provide a
basis for arguing that that the LTWs are equity warrants, and
(ii) the LTWs do not provide for the purchase of a specific
number of shares of stock at a set strike price and for a fixed
duration.

Subsequently, Nantahala and Blackwell submitted to Judge Walrath
an intervenor complaint.  The Claimants seek declaratory judgment
in its favor, and allege that:

  -- the Debtors breached the Warrant Agreement;

  -- the LTWs are not stock purchase warrants, equity securities
     or equity interests;

  -- the LTWs represent the right to payment of value and
     constitute a claim against WaMu.

                      About Washington Mutual

Based in Seattle, Washington, Washington Mutual Inc. --
http://www.wamu.com/-- is a holding company for Washington Mutual
Bank as well as numerous non-bank subsidiaries.  The Company
operates in four segments: the Retail Banking Group, which
operates a retail bank network of 2,257 stores in California,
Florida, Texas, New York, Washington, Illinois, Oregon, New
Jersey, Georgia, Arizona, Colorado, Nevada, Utah, Idaho and
Connecticut; the Card Services Group, which operates a nationwide
credit card lending business; the Commercial Group, which conducts
a multi-family and commercial real estate lending business in
selected markets, and the Home Loans Group, which engages in
nationwide single-family residential real estate lending,
servicing and capital markets activities.

Washington Mutual Bank was taken over September 25 by U.S.
government regulators.  The next day, WaMu and its affiliate, WMI
Investment Corp., filed separate petitions for Chapter 11 relief
(Bankr. D. Del. 08-12229 and 08-12228, respectively).  Wamu owns
100% of the equity in WMI Investment.  Weil Gotshal & Manges
represents the Debtors as counsel.  When WaMu filed for protection
from its creditors, it listed assets of $32,896,605,516 and debts
of $8,167,022,695.  WMI Investment listed assets of $500,000,000
to $1,000,000,000 with zero debts.

Peter Calamari, Esq., and David Elsberg, Esq., at Quinn Emanuel
Urquhart Oliver & Hedges, LLP, served as legal counsel to WMI with
responsibility for the litigation.  Brian Rosen, Esq., at Weil,
Gotshal & Manges LLP served as legal counsel to WMI with
responsibility for the Chapter 11 case.

Bankruptcy Creditors' Service Inc. publishes Washington Mutual
Bankruptcy News.  The newsletter tracks the Chapter 11 proceedings
of Washington Mutual Inc. (http://bankrupt.com/newsstand/or
215/945-7000).


WENDELL BAUGH: Case Summary & 7 Largest Unsecured Creditors
-----------------------------------------------------------
Joint Debtors: Wendell P. Baugh
               Laura W. Baugh
               410 Saint Edmunds Court
               Brentwood, TN 37027

Bankruptcy Case No.: 10-07669

Chapter 11 Petition Date: July 22, 2010

Court: U.S. Bankruptcy Court
       Middle District of Tennessee (Nashville)

Judge: Marian F. Harrison

Debtor's Counsel: Robert L. Scruggs, Esq.
                  Robert L Scruggs Attorney
                  2525 21st Avenue South
                  Nashville, TN 37212
                  Tel: (615) 309-7090
                  Fax: (615) 309-7046
                  E-mail: bankruptcy@scruggs-law.com

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

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

A copy of the Joint Debtors' list of 7 largest unsecured
creditors filed together with the petition is available for
free at http://bankrupt.com/misc/tnmb10-07669.pdf

The petition was signed by the Joint Debtors.


WILLIAM MONTGOMERY, JR.: Voluntary Chapter 11 Case Summary
----------------------------------------------------------
Debtor: William Slack Montgomery, Jr.
        3500 Maple Avenue, Suite 1470
        Dallas, TX 75219

Bankruptcy Case No.: 10-35054

Chapter 11 Petition Date: July 22, 2010

Court: U.S. Bankruptcy Court
       Northern District of Texas (Dallas)

Judge: Harlin DeWayne Hale

Debtor's Counsel: Areya Holder, Esq.
                  Law Office of Areya Holder, P.C.
                  800 W. Airport Freeway, Suite 414
                  Irving, TX 75062
                  Tel: (972) 438-8800
                  Fax: (972) 438-8825
                  E-mail: areya@holderlawpc.com

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

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

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

The petition was signed by the Debtor.


WILLIAM WEISBERG: Case Summary & 16 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: William Matthew Weisberg
        1554 Shelford Court
        Vienna, VA 22182

Bankruptcy Case No.: 10-16157

Chapter 11 Petition Date: July 22, 2010

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

Judge: Stephen S. Mitchell

Debtor's Counsel: Michael G. Dana, Esq.
                  The Fried Law Firm, P.A.
                  4550 Montgomery Avenue, Suite 710 North
                  Bethesda, MD 20814
                  Tel: (301) 656-8525
                  E-mail: mdana@friedlaw.com

Estimated Assets: $0 to $50,000

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

A copy of the Debtor's list of 16 largest unsecured
creditors filed together with the petition is available for
free at http://bankrupt.com/misc/vaeb10-16157.pdf

The petition was signed by the Debtor.


WILMINGTON TRUST: S&P Affirms 'BB+/B' Counterparty Credit Ratings
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its long-
term counterparty credit rating on Wilmington Trust Corp. at
'BB+/B'.  S&P also affirmed its counterparty credit rating on
Wilmington's main bank subsidiary, Wilmington Trust Co., DE,
at'BBB-/A-3.' The outlook is negative.

The affirmation follows Wilmington's report of a $121 million net
loss to common shareholders, driven by the company's recognition
of substantial credit losses, particularly in its large
construction portfolio in the Delaware area.  S&P's downgrades of
Wilmington by multiple notches in early 2010 and 2009 reflected
the company's high-risk loan profile.  "The affirmation takes into
account Wilmington's recently strengthened capital ratios and its
unique business model, in which the company generates about 60% of
its revenue from fee-based businesses," said Standard & Poor's
credit analyst Barbara Duberstein.

In its second-quarter report, Wilmington took a large $205 million
loan-loss provision, and net charge-offs in the quarter spiked to
$131 million, a 6.12% NCO rate.  The company attributed the
negative trends to continued economic pressures, particularly in
southern Delaware; the weakened condition of some of its
borrowers; and significant declines in commercial real estate
valuations.  S&P feels that the company has a high-risk loan
profile because construction loans (mainly residential tract)
comprise about 21% of total loans.

Wilmington reported decent preprovision earnings (excluding
credit-related expenses) in the second quarter, supported by its
corporate trust and wealth-management fee-based businesses.  In
S&P's view, Wilmington's earnings and franchise benefit
substantially from its well-regarded, long-established fee-based
businesses in the corporate trust and wealth-management areas.
However, net losses could persist in the next few quarters, given
the probability of high loan-loss provisions.

The negative outlook takes into account uncertainty about the NPA
and loan-loss trends through 2011.  If the rise in NPAs
accelerates, if NCOs remain close to current elevated levels, or
if capital levels fall significantly, S&P could lower the ratings
further.  Similarly, if Wilmington posts additional large credit-
related losses, S&P could lower the ratings.  Conversely, if the
dollar amount of NPAs trends down and S&P becomes comfortable that
loan losses have peaked, then S&P could revise the outlook to
stable.


WINN-DIXIE STORES: To Close 30 Underperforming Stores
-----------------------------------------------------
Winn-Dixie Stores, Inc., will close 30 non-remodeled,
underperforming stores.  The Company will also consolidate its
four operating regions into three and reduce its workforce at the
field and corporate support levels.

In addition to the staffing reductions that will take place as a
direct result of the store closures, the Company will eliminate
approximately 120 positions in its corporate and field support
staffs. The Company expects to achieve annualized savings in the
range of $12 to $17 million as a result of these actions, which
should begin to be realized after the end of the first quarter of
fiscal 2011 due to timing and transition costs. The store closures
and position eliminations are expected to be completed by the end
of the first quarter of fiscal 2011, which ends on September 22,
2010.

Winn-Dixie also reaffirmed its guidance for fiscal 2010, which the
Company believes it achieved through effective management of its
promotional activity and cost control, despite a deteriorating
sales environment in the fourth quarter.  Management plans to hold
an investor conference call on Tuesday, August 31, 2010, to
discuss its financial results for fiscal 2010 and provide guidance
for fiscal 2011.

Winn-Dixie Chairman, CEO, and President, Peter Lynch, said, "We
continue to operate in a particularly difficult economic and
retail environment in the Southeast. To respond to these business
and economic conditions, we have thoroughly reviewed our retail
operations and support structure and have decided to exit certain
retail locations and reduce our corporate and field support
staffs. We sincerely regret the impact this will have on some of
our Associates, and we will make every effort to ensure these
Associates can pursue other open positions or have a smooth and
respectful transition."

Mr. Lynch continued, "The actions we are taking today will enable
us to lower our cost structure, improve efficiency, and build the
right foundation for our business now and in the future. With
nearly half of our store base already remodeled, and with plans in
place for additional remodels and new store openings, we are
confident we will continue making significant progress with our
'Fresh & Local' strategy and business initiatives."

A listing of the 30 store locations to be closed will be
available on the Company's Web site beginning July 29, 2010,
at http://www.winn-dixie.com/

The Company expects to incur charges in the range of $35 million
to $50 million in the first quarter of fiscal 2011. These charges
include lease-related items of $30 million to $45 million and
other charges, including severance, of approximately $5 million.
The operating results for the closed stores and the store closing
costs are expected to be reported as discontinued operations in
the first quarter of fiscal 2011.  The Company's definition of
Adjusted EBITDA excludes discontinued operations.  The store
closings are subject to any necessary consents or approvals under
the Company's Credit Agreement, which the Company currently
anticipates it will obtain.

The Company also reaffirmed that it expects to report fiscal 2010
Adjusted EBITDA at the low end of its guidance range of $140 to
$160 million, as previously announced.

                         About Winn-Dixie

Winn-Dixie Stores, Inc. (NASDAQ: WINN) --
http://www.winndixie.com/-- is one of the nation's largest food
retailers.  Founded in 1925, the Company is headquartered in
Jacksonville, Fla.  The Company currently operates 514 retail
grocery locations, including more than 400 in-store pharmacies, in
Florida, Alabama, Louisiana, Georgia and Mississippi.

On February 21, 2005, Winn-Dixie Stores and 23 then-existing
direct and indirect wholly owned subsidiaries filed voluntary
petitions for reorganization under Chapter 11 of the United States
Bankruptcy Code in the United States Bankruptcy Court (Bankr.
S.D.N.Y. Case No. 05-11063, transferred Apr. 14, 2005, to
Bankr. M.D. Fla. Case Nos. 05-03817 through 05-03840).  Two of the
then-existing wholly owned subsidiaries of Winn-Dixie Stores, Inc.
did not file petitions under Chapter 11.

When the Debtors filed for protection from their creditors, they
listed $2,235,557,000 in total assets and $1,870,785,000 in total
debts.  The Honorable Jerry A. Funk confirmed Winn-Dixie's Joint
Plan of Reorganization on Nov. 9, 2006.  Winn-Dixie emerged from
bankruptcy on Nov. 21, 2006.

Reorganized Winn-Dixie is represented by Stephen D. Busey, Esq.,
at Smith Hulsey & Busey in Jacksonville.


WORLDGATE COMMUNICATIONS: Repays $4.1 Million of Revolving Loan
---------------------------------------------------------------
WorldGate Communications Inc., WorldGate Service Inc., WorldGate
Finance Inc., Ojo Service LLC and Ojo Video Phones LLC entered
into a Revolving Loan and Security Agreement with WGI Investor LLC
on October 28, 2009, pursuant to which WGI provided to the WGAT
Entities a line of credit in a principal amount of $3 million.

The WGAT Entities entered into the First Amendment to the
Revolving Loan with WGI on March 9, 2010, pursuant to which WGI
provided to the WGAT Entities, a line of credit for an additional
$2 million resulting in an aggregate principal amount available
for borrowing under the Amended Revolving Loan of $5 million.

On May 13, 2010 and June 9, 2010, WorldGate Service, Inc.
repaid WGI $1.1 million and $3.0 million, respectively, of the
outstanding principal amount of the Revolving Loan.  On June 24,
2010, each of the WGAT Entities became obligated for $1.5 million
received by WorldGate Service, Inc. from WGI pursuant to a notice
of borrowing under the Amended Revolving Loan.

On July 21, 2010, each of the WGAT Entities became obligated for
an additional $1.5 million received by WorldGate Service, Inc.
from WGI pursuant to a notice of borrowing under the Amended
Revolving Loan.  After these repayments and borrowings, the
outstanding principal amount of the Revolving Loan that the WGAT
Entities are currently obligated to repay is $3.5 million.

Trevose, Pa.-based Worldgate Communications, Inc., is a provider
of digital voice and video phone services and next generation
video phones.  The Company designs and develops digital video
phones featuring real-time, two-way video.  It also provides a
turn-key digital voice and video communication services platform
supplying complete back-end support services.

                           *     *     *

The Company's balance sheet at March 31, 2010, showed
$6,252,000 in assets and $7,275,000 of liabilities, for a
stockholders' deficit of $1,023,000.


YANJING TOWN: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: Yanjing Town Inc
        41-46 Main Street
        Flushing, NY 11355

Bankruptcy Case No.: 10-46909

Chapter 11 Petition Date: July 22, 2010

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

Judge: Carla E. Craig

Debtor's Counsel: Gail E. Spindler, Esq.
                  Trop & Spindler
                  19-02 Whitestone Expressway, Suite 202
                  Whitestone, NY 11357
                  Tel: (718) 357-4333
                  Fax: (718) 357-3696
                  E-mail: troplaw@msn.com

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

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

According to the schedules, the Company says that assets total
$1,300,000 while debts total $0.

The list of unsecured creditors filed together with its petition
does not contain any entry.

The petition was signed by Zhongshi Du, president.


YANNIS REAL: Case Summary & Largest Unsecured Creditor
------------------------------------------------------
Debtor: Yannis Real Estate, LLC
        27 W. 150 Roosevelt Road
        Winfield, IL 60190

Bankruptcy Case No.: 10-32612

Chapter 11 Petition Date: July 22, 2010

Court: United States Bankruptcy Court
       Northern District of Illinois (Chicago)

Judge: A. Benjamin Goldgar

Debtor's Counsel: Konstantine T. Sparagis, Esq.
                  Law Offices of Konstantine Sparagis P.C.
                  8 S Michigan Ave 27th Floor
                  Chicago, IL 60603
                  Tel: (312) 753-6956
                  Fax: (866) 333-1840
                  E-mail: gsparagi@yahoo.com

Scheduled Assets: $3,809,772

Scheduled Debts: $3,804,421

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

Entity                   Nature of Claim        Claim Amount
------                   ---------------        ------------
Angelo & Rita Pyroulis    Owner Loans            $101,659
3438 Vantage Ln.
Glenview, IL 60025

The petition was signed by Angelo Pyroulis, member.


ZANETT INC: BofA Extends Forbearance Until August 21
----------------------------------------------------
Zanett, Inc., together with its wholly owned subsidiary, Zanett
Commercial Solutions, Inc., on July 21, 2010, entered into a First
Amended Forbearance Agreement with Bank of America, N.A., as
successor-by-merger to LaSalle Bank National Association, which
amended the Forbearance Agreement entered into between the
Borrowers and the Lender on June 21, 2010.

As of July 20, 2010, the principal balance outstanding under the
Company's revolving line of credit with Bank of America was
$4,145,458.77.

As of March 31, 2010, the Company had total assets of $27,195,496
and total liabilities of $20,896,815.  The Company had cash and
cash equivalents of $71,483.

The Amended Agreement relates to the existence of certain events
of default under the Loan and Security Agreement between the
Borrowers and the Lender dated December 21, 2006, as amended, and
the expiration of the term of the Original Agreement on July 21,
2010.  The Lender agreed to continue to forbear from exercising
the rights and remedies available to it under the Loan Agreement
until the earlier of the occurrence of: (i) an event of default
under the Loan Agreement (but not including the events of default
described in the Original Agreement or the Amended Agreement),
(ii) a breach of the Borrowers' obligations or covenants under the
Original Agreement or Amended Agreement, or (iii) August 21, 2010.

The interest rate under the Amended Agreement remains the same as
under the Original Agreement, and the advance rate under the Loan
Agreement remains 80% of the face amount of the Borrowers' then
existing eligible accounts, reduced by 2.5% each Tuesday
commencing on Tuesday, July 6, 2010.

As with the Original Agreement, under the Amended Agreement, upon
expiration or earlier termination of the Forbearance Term, the
Lender may, without notice or demand, cause all outstanding
liabilities under the Loan Agreement to become immediately due and
payable, and the Lender may terminate its obligation to forbear
under the Agreement, cease making advances under the Loan
Agreement, and exercise all remedies available to the Lender under
law, equity or otherwise.  The Borrowers agreed to pay the Lender
a forbearance fee equal to $30,000 in connection with the Amended
Agreement.

As with the Original Agreement, under the Amended Agreement, the
Borrowers agreed to certain customary covenants, conditions,
waivers, and releases, made certain representations and
warranties, and agreed to indemnify the Lender and its affiliates
against actions that may occur under the Loan Agreement, the
Original Agreement, the Amended Agreement, and related agreements
and documents.

A full-text copy of the forbearance agreement is available at no
charge at http://ResearchArchives.com/t/s?673f

Based in New York, Zanett Inc. is an information technology
company that provides customized IT solutions to Fortune 500
corporations and mid-market companies.  Until the disposition of
Paragon Dynamics, Inc., the Company also provided such solutions
to classified government agencies.


* Moody's Says Some Casinos May Face Credit Difficulties
--------------------------------------------------------
Although sharp declines in U.S. monthly casino revenue have
started to subside, it is uncertain when gaming trends will
improve from current levels, or how sustainable those improvements
will be, said Moody's Investors Service in a new report.

"Measures taken by states to address budget deficits, as well
higher financing costs for gaming companies and lower development
spending, could have unfavorable implications for the U.S. gaming
sector well beyond any recovery," said Keith Foley, a Senior Vice
President at Moody's.  For this reason, several U.S. gaming
companies that refinanced debt during the recession may have
succeeded in merely pushing back an inevitable credit crunch, he
added.

Despite these headwinds, Moody's outlook for the US gaming
industry remains stable as severe year-over-year declines in
monthly U.S. gaming revenue are believed to nearing an end and
gaming company operating profits are expected to stabilize by the
end of 2010.

But for now, the gaming industry is still waiting for the economic
recovery to bring large numbers of gamblers back to the tables and
slot machines, the report said.  If consumer demand for casino
gambling remains weak, some of the debt-restructuring and
covenant-relief measures adopted by many U.S. gaming companies
over the past year may be successful only in helping to defer
problem situations that range from technical defaults to payment
defaults.

"Unfortunately, most U.S. casino companies do not have the
financial flexibility at this time to absorb a year or more of
flat profits," said Peggy Holloway, Vice President and Senior
Credit Officer at Moody's.

"Without an equity infusion or other deleveraging event, these
companies may find it difficult to address their large debt loads
and/or refinance their expiring liquidity facilities on favorable
terms."

Two major Las Vegas casinos, Las Vegas Sands Corp. and Wynn
Resorts Limited, have been less affected because of their foray
into the Asian gaming market, which is experiencing strong and
growing visitation and consumer demand trends.

The full report, "U.S. Gaming: Proceed With Caution," is available
at http://www.moodys.com/


* Moody's Says Investor Recoveries on Defaulted Debt Near Normal
----------------------------------------------------------------
A review by Moody's Investors Service of nearly 60 U.S. non-
financial companies that have emerged from default since the
trough of the credit crisis shows that investors have recovered an
average of about 51 cents on the dollar on defaulted debt, near
the historical average of 55 cents.

"Despite the high leverage and easy terms from lenders that
characterized the credit bubble, recoveries have actually been
better in this default cycle than the mid-40% range seen in the
previous two downturns," said David Keisman, senior vice president
at Moody's.

The main reason recoveries have been stronger than expected is
that the first wave of companies to emerge from default in the
Great Recession included an historically high percentage of
distressed exchanges, which typically yield higher recoveries than
regular or pre-packaged bankruptcies, according to the report.
Without this lift to overall recoveries from the 25% of defaults
that occurred via distressed exchanges among the 57 defaults
Moody's reviewed, recoveries would have been at record lows
compared to previous recessions.

When analyzed by debt type, recoveries have been mostly in line
with historical averages.  The one exception is senior unsecured
bonds, which have had average recoveries of 31.2% in the current
cycle, compared with 40.3% historically.  Much of this debt had
very little junior debt that would have absorbed losses first,
which made its recoveries closer to levels typical of subordinated
debt.

Moody's said it continues to monitor about 180 defaulted
companies, the majority of which have filed for bankruptcy.
Recoveries are likely to be pressured because bond investors
typically do not fare as well in bankruptcy proceedings.  In
addition, some companies that had distressed exchanges are at risk
of a subsequent default, which could produce lower recoveries than
the initial default.

However, the report notes recoveries could be supported by a
declining default rate.  Recoveries are negatively correlated with
the default rate, so as defaults decline, recoveries should rise.
The trailing 12 months, issuer-weighted U.S. speculative-grade
default rate peaked at 14.52% in November 2009, and reached 6.3%
at the end of June 2010.

Moody's forecasts that under a baseline economic scenario the
default rate will fall sharply to end 2010 at 2.7% and reach 1.9%
a year from now.

The full report, "Hard Data for Hard Times: With a lift from
distressed exchanges, recoveries for defaulted loans and bonds
have been near historical averages," is available at
http://www.moodys.com/


* Chapter 11 Recoveries Near Record Low, Moody's Says
-----------------------------------------------------
Recoveries by creditors of companies in Chapter 11 during the
current recession "have been at record lows," according to a
July 21 report by Moody's Investors Service, Bloomberg News said.
In contrast, recoveries by creditors in 14 distressed exchanges
were 70.9% since the recession began, Moody's said.  A distressed
exchange occurs when all or some creditors take less than full
payment out-of-court to avoid a Chapter 11 filing.

Bloomberg relates that according to the Moody's report, for the 43
companies that emerged from Chapter 11 reorganizations, the
recovery was 45.6% for companies with prepackaged plan and 41.2%
in freefall cases.  A prepackaged Chapter 11 is one where the plan
is negotiated before the company goes to bankruptcy court.  A
freefall case occurs when there isn't agreement on a plan before
the Chapter 11 filing.

When the distressed exchanges are combined with the prepacks and
freefall reorganizations, the overall recovery rate since the
recession has been 50.9%, compared with 54.7% overall since 1988,
Moody's said.


* Fitch Says U.S. Bank TruPS CDO Defaults Near 14%
--------------------------------------------------
Three new bank defaults from previously deferring issuers resulted
in another increase on U.S. bank TruPS CDO defaults to 13.7%,
according to the latest default and deferral index results from
Fitch Ratings.

Last month's new defaults totaled $72.5 million (affecting 10
CDOs).  Additionally, 22 banks began deferring interest payments
on roughly $302.5 million of collateral in 23 TruPS CDOs.
'Second-quarter acquisition activity resulted in two banks curing
their deferrals,' said Director Johann Juan.  'The acquiring banks
resumed payments in June on the full balance, including accrued
interest on the TruPS issued by the acquired entities.'

Amid increased deferrals in June, the pace of new deferrals
continues to slow and has for the last three quarters, according
to Senior Director Derek Miller.

'Banks that issued between $20 and $75 million of TruPS
outstanding in CDOs have been the primary drivers of new default
and deferral activity since the beginning of this year,' said
Miller.

The three new bank defaults bring the total to 123 (affecting 82
CDOs).  The 362 banks now deferring are affecting interest
payments on $6.5 billion of collateral held by 83 TruPS CDOs.

Fitch's Bank Default and Deferral Index tracks defaults and
deferrals by banks and bank holding companies within Fitch's rated
universe of 85 bank TruPS CDOs (encompassing approximately $37.7
billion of bank collateral originated).  The index includes all
types of securities issued by banks and bank holding companies
such as TruPS and senior and subordinated debt.  Fitch publishes
the Index results monthly.


* 2 Economists Say Bailouts Likely Averted Depression
-----------------------------------------------------
The U.S. response to the financial crisis probably prevented a
depression, slowed a decline in gross domestic product and saved
about 8.5 million jobs, economists Alan Blinder and Mark Zandi
said, according to Bloomberg News.

According to Bloomberg, Messrs. Blinder and Zandi said in a report
this week that policies including the government fiscal stimulus,
bailouts of financial companies, bank stress tests and the Federal
Reserve's purchase of mortgage-backed securities to lower interest
rates "probably averted what could have been called Great
Depression 2.0."

Without those measures, the U.S. would have deflation, they said.
Lawmakers are debating the costs and benefits of measures taken by
the Bush and Obama administrations including the 2008 taxpayer
bailouts of Citigroup Inc. and Bank of America Corp.


* 3 Finalists Chosen in Search to Replace Judge Carr
----------------------------------------------------
Erica Blake, writing for The Toledo Blade, reports that two Toledo
lawyers and a Michigan federal bankruptcy judge have been chosen
as the three finalists in the search for a candidate to replace
U.S. District Court Judge James Carr, who recently assumed senior
status.  The finalists are:

     * Steven Collier, Esq., a partner at Connelly, Jackson, &
       Collier,

     * Jeffrey Helmick, Esq., a principal at Gamso, Helmick, &
       Hoolahan, and

     * Judge Thomas Tucker of the U.S. Bankruptcy Court of the
       Eastern District of Michigan.

They were selected by a committee as finalists for the federal
judgeship.  They were chosen by a bipartisan commission from a
candidate pool of 17.  Fifteen of the candidates were interviewed.

According to the Blade, Meghan Dubyak, spokesman for U.S. Sen.
Sherrod Brown, a Democrat, said the nominations are the result of
a bipartisan commission created by Senator Brown and U.S. Sen.
George Voinovich, a Republican, to review potential candidates.
Now that the commission has narrowed the field to three, each
candidate will meet with Senator Brown, who will then make the
final recommendation to President Obama, she said.

The report says the vacancy was announced earlier this year when
Judge Carr, who was the former chief judge for the U.S. District
Court's northern division, sent a letter to President Obama in
January announcing his intention to retire from active service and
take on the role of a senior judge. He has said that he wanted to
give this President the chance to fill the position.

The federal court in Toledo houses two active judges and a full-
time magistrate.


* Wick Phillips Expands Bankruptcy and Litigation Practice Groups
-----------------------------------------------------------------
Wick Phillips Gould & Martin, LLP, a full-service business law
firm, is expanding its bankruptcy and litigation practice groups
with the hire of Jonathan Covin, a bankruptcy, restructuring, and
creditors' rights specialist.

Mr. Covin has extensive experience in corporate restructuring and
bankruptcy litigation representing a variety of constituencies,
including debtors, trustees, unsecured creditors' committees, bank
groups, secured creditors, financial institutions, indenture
trustees, and purchasers of assets from distressed companies.  He
has handled contested plan confirmation hearings, preference,
fraudulent transfer, and equitable subordination actions,
automatic stay litigation, non-dischargeability actions, claims
objections, post-confirmation litigation, and other bankruptcy-
related matters.

"Jonathan brings a deeper level of expertise to the Wick Phillips
practice, developing innovative solutions on behalf of clients
dealing with the challenges of corporate restructuring and
bankruptcy," said Todd Phillips, a founding partner of Wick
Phillips.  "An important member of the team, Jonathan adds a new
dynamic to the firm that enables us to better serve our expanding
client base."

In Mr. Covin's federal and state court litigation practice, he has
worked on a broad array of complex commercial litigation matters,
including director and officer liability, professional malpractice
cases, and oil and gas disputes.

With a unique business background, Mr. Covin marketed equity
derivative products to corporate clients for Goldman Sachs in New
York. He also served as chief financial officer of a high-
technology startup in Cambridge, Mass.  Before joining Wick
Phillips, Mr. Covin was a partner with the law firm of Carrington,
Coleman, Sloman & Blumenthal, LLP in Dallas, and with Shore
Freeman Mills PC, located in Tyler, Texas.

"Wick Phillips gives clients more personal attention and a higher
level of value-added services than is typical for most corporate
law firms," said Covin.  "Staffed with some of the best and
brightest talent hand-picked from a number of the nation's leading
law firms, I look forward to working with a dedicated group of
attorneys that give clients big firm expertise with small firm
efficiency."

Mr. Covin attended Stanford Law School, where he graduated with
honors with a JD.  He also attended Princeton University, where he
graduated magna cum laude with an A.B. degree.

                 About Wick Phillips Gould & Martin

Serving the legal needs of businesses in a broad range of
industries, Wick Phillips practices law with purpose.  Specialty
areas include commercial litigation, bankruptcy, creditor's
rights, civil appeals, corporate, corporate advisory, labor and
employment, and securities.


* BOOK REVIEW: Beyond Hype - Rediscovering the Essence of
               Management
---------------------------------------------------------
Author: Robert G. Eccles and Niton Nohria with James D. Berkley.
Publisher: Beard Books
Softcover: 292 pages
List price: $34.95

Beyond the Hype grew out of the authors' research into "knowledge-
intensive organizations" that were presumably emerging and being
touted in the 1980s and early 1990s.  But, in their research of
businesses in the fields of biotechnology, consulting,
advertising, computers, and entertainment, among others, the
authors began to question the assumption held in the business
world that a new kind of business organization was emerging.

Businesspersons, writers, and the media were using terms such as
"information technology," "total quality," "micromarketing,"
"time-based competition," "restructuring," "concurrent
engineering," "empowerment," "intrapreneurs," "core competence,"
and the "learning organization," to create the belief that a new
way of doing business was evolving.  But Eccles, Nohria, and
Berkley came to see that the host of new words and terms were not
really concerned with what was most important to businesses.

The authors do not argue that businesspersons who use these words
and terms in contemporary business are going in the wrong
direction or are being gulled.  But the authors came to realize
that many businesspersons are missing something basic in looking
only to this host of new words and phrases.  The effort to
understand what the words are getting at and to assimilate them
for professional and competitive reasons is drawing many
businesspersons away from more fundamental business
considerations, skills, and practices.  "Words may come and go,
but action [italicized in text] is always the managerial
imperative."

Eccles and his co-authors caution businesspersons about how they
react to, take in, and apply the new words.  The words used by
managers are especially important because, in most cases, they
influence the collective actions of employees and define the
business's operations, image, and direction.  The final sentence
of this work is "By accepting this responsibility [the long-term
health and relevance of a company], you can move beyond
contemporary hyperbole and rediscover the essence of what
management is all about: the effective use of language to get
things done."

Beyond the Hype is a unique business book for executives,
managers, and anyone else in a leadership position.  It explains
the crucial significance of words in clarifying and thus
understanding problems and working toward individual and corporate
solutions.  The book also suggests alternative language that is
both germane and effective. In the authors' view, "hybrid
organization," "mission statements," "delayering," and all the
other new terminology supposedly applicable to a novel business
environment are mostly hype. In reality, these terms deal with
change.  The challenge lies in understanding the nature of the
change and devising and following strategies for responding
effectively to it.

The authors urge the use of clear, relevant, and reliable language
having an "action perspective which recognizes that the purpose of
management is fostering action and then making that action
meaningful to people both collectively and individually."  The
authors further argue that "without the right words, used in the
right way, it is unlikely that the right actions will occur."  The
right words used in the right way make all the difference, not
only in communication among all parts of a business, but also in
"expressing strategic concepts, structural forms, or designs for
performance measurement systems."  The authors show how to achieve
this useful, productive language by an in-depth, multifaceted
analysis of the business's structure, knowledge system,
management, and identity.

Beyond Hype offers lessons in interpreting hype while not
succumbing to it, so to speak.  The authors offer a means of
analysis that enables decisionmakers, managers, and others to see
"beyond the hype."

The words and terms of the hype -- "organizational
transformation," "micromarketing," and so forth -- are significant
and informative as to the nature and specifics of the change
affecting such matters as customers, the workforce, and training.
But they have limited value as guides for any particular company
that seeks to embrace the change, especially without causing
disruption and confusion.  The authors remedy this by showing how
to pay due attention to hype while avoiding its allure to be able
to manage and plan effectively in the business environment giving
rise to the hype.

A former professor at the Harvard Business School, Robert Eccles
is the founder and president of Advisory Capital Partners, a firm
that works with medium-sized companies.  Nitin Nohria is the
Richard P. Chapman Professor of Business Administration at the
Harvard Business School.  When this book was first published in
1992, James D. Berkley worked with the two others as a Harvard
Business School research associate.



                           *********

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
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re-mailing and photocopying) is strictly prohibited without prior
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herein is obtained from sources believed to be reliable, but is
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The TCR subscription rate is $775 for 6 months delivered via e-
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are $25 each.  For subscription information, contact Christopher
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                  *** End of Transmission ***