TCR_Public/100804.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

             Wednesday, August 4, 2010, Vol. 14, No. 214

                            Headlines


ABITIBIBOWATER INC: Aurelius Wants Backstop Pact Further Modified
ABITIBIBOWATER INC: Files 2nd Amended Plan & Disc. Statement
ABITIBIBOWATER INC: Wilmington Trust Objects to Plan Outline
ALASKA AIR: S&P Raises Corporate Credit Ratings to 'B+'
ALMATIS GROUP: Gets Court OK to Enter Into Plan Deal with DIC

ALUMINUM SERVICE: Case Summary & 20 Largest Unsecured Creditors
AMBAC FIN'L: CEO Wallis Disposes of 396 Common Shares
AMERICAN AXLE: Posts $25.4 Million Net Income for June 30 Quarter
AMERICAN SAFETY: Organizational Meeting to Form Panel on Aug. 5
ANGIOTECH PHARMA: Posts $14.1 Million Net Loss for June 30 Qtr

ANGIOTECH PHARMA: Shareholders Reject 2010 Stock Incentive Plan
ANV SECURITY: Raises $7MM in Private Offering of Common Stock
ARCH COAL: Moody's Assigns 'B1' Rating on $500 Mil. Senior Notes
ARCH COAL: S&P Assigns 'BB-' to $500-Mil. Sr. Unsecured Notes
ARIZONA HEART: Turbulent Economy Prompts Bankruptcy Filing

ARVINMERITOR INC: To Sell Body Systems Business
ASARCO LLC: R. Puga Postpones Auction for El Paso Property
AVISTA CORPORATION: Fitch Affirms Preferred Securities at 'BB+'
AVISTAR COMMUNICATIONS: CEO Kirk Acquires 19,854 Shares
AVISTAR COMMUNICATIONS: CIO Westmoreland Acquires 22,941 Shares

BERNARD MADOFF: NY Mets Owners Sued for Pensions Lost in Fraud
BLOCKBUSTER INC: Cleared of Video-On-Demand Patent Infringement
BOULEVARD DEVELOPMENT: Case Summary & 9 Largest Unsec. Creditors
BOYD GAMING: Withdraws from Station Casinos Bidding
BRASELTON ACADEMY: Case Summary & 20 Largest Unsecured Creditors

CAPMARK FINANCIAL: Agrees to Give Documents for $1.5BB Loan Probe
CAPMARK FINANCIAL: Protech Files for Chapter 11 Protection
CAPROCK HOLDINGS: S&P Withdraws 'B' After Sale to Harris
CAROL KARLOVICH: Can Use Rent Paid for San Marcos Property
CATALYST PAPER: 2nd Qtr. Results Impacted by Asset Write-Down

CATALYST PAPER: Former Algoma Chair Named New Chairman
CATHOLIC KNIGHTS: A.M. Best Affirms 'B' Financial Strength Rating
CENTRO NP: S&P Affirms Corporate Credit Rating at 'CCC+'
CG JCF: S&P Affirms Counterparty Credit Rating at 'B'
CHAMPIONS BIOTECHNOLOGY: Recurring Losses Cue Going Concern Doubt

CIT GROUP: Appoints Tutwiler to Lead Communications, Mktg Group
CIT GROUP: DBRS Affirms Issuer Rating at 'B'
CITY CAPITAL: Spector Out as Accountant; Malone In
CLEVELAND IMAGING: Voluntary Chapter 11 Case Summary
CLOPAY AMES: S&P Assigns Corporate Credit Rating at 'BB-'

COACH AMERICA: Moody's Reviews 'B3' Corporate for Downgrade
COMMUNICATIONS INTELLIGENCE: Names Brian Watson as Vice President
CONTINENTAL AIRLINES: Moody's Affirms 'B2' Corporate Family Rating
CONTINENTAL AIRLINES: S&P Assigns 'BB-' Rating on $750 Mil. Notes
COUDERT BROTHERS: Baker & McKenzie Settles Claims for $6.65MM

CROSSHAIR EXPLORATION: Posts C$2.3 Million Net Loss in Fiscal 2010
CROSSROADS FORD: In Chapter 11 to Settle Dispute
CUSTOM CABLE: Files for Chapter 11 to Sell Assets to ComVest
DANAOS CORP: Posts $79.8 Million Net Loss in Q1 Ended March 31
DCP LLC: Moody's Assigns 'B2' Corporate Family Rating

DCP LLC: S&P Assigns 'B' Corporate Credit Rating
DEUCE INVESTMENTS: Plan Outline Hearing Scheduled for Today
DHP HOLDINGS: Bankruptcy Cases Converted to Chapter 7
E-BRANDS RESTAURANT: Financial Woes Prompt Bankruptcy Filing
ENERGY FUTURE: Obtains Requisite Consents for Exchange Offers

EXPEDIA INC: Moody's Affirms Corporate Family Rating at 'Ba1'
FORD MOTOR: S&P Raises Corporate Credit Rating to 'B+'
FORD MOTOR CREDIT: DBRS Puts 'B' Rating on 6.625% Fixed Rate Notes
GAMMA PHARMA: Incurred $714,700 Net Loss in Q2 Ended Sept. 30
GEMCRAFT HOMES: Court OKs Sale of Fields Properties to Rock Glen

GEMCRAFT HOMES: Sale of Properties to Columbia Bank Approved
GENERAL GROWTH: Files Amended Plan of Reorganization
GENERAL GROWTH: Court OKs Bid Procedures for Summerlin Properties
GENERAL GROWTH: Discloses Terms of DIP Replacement Facility
GENERAL GROWTH: Exclusive Solicitation Period Extended to Dec. 16

GENERAL GROWTH: Millard Mall Out of Creditors Committee
GENTA INC: Board Approves 1-for-100 Reverse Stock Split
GLOBAL BRASS: Moody's Assigns 'B2' Corporate on High Leverage
GTC BIOTHERAPEUTICS: Register 2.5MM Shares Under 2002 Equity Plan
I/OMAGIC CORP: Posts $182,800 Net Loss for June 30 Quarter

IMAGE ENTERTAINMENT: BDO Seidman Removes Going Concern Doubt
JESUP & LAMONT: Closing of Two Units Led to Filing
JOAN TUKEY: Case Summary & 20 Largest Unsecured Creditors
JOEL WAHLIN: Creditor Wants Ch. 11 Case Dismissed or Converted
JONATHAN LOY: Pre-Chapter 15 Petition Transfer Not Avoidable

JPMCC 2002-CIBC4: Dillard's Seeks Dismissal of Ch. 11 Case
K & S INVESTMENTS: Voluntary Chapter 11 Case Summary
K-V PHARMACEUTICAL: Engages BDO USA as Independent Accountants
KENDLE INTERNATIONAL: S&P Downgrades Corp. Credit Rating to 'B'
LESLIE HARDY: Case Summary & 11 Largest Unsecured Creditors

LODGENET INTERACTIVE: Posts $3.1 Million Net Loss for June 30 Qtr
LPATH INC: Gets $3 Million Grant from National Eye Institute
MACATAWA BANK: Earns $1.7 Million in Q2 Ended June 30
MAGUIRE PROPERTIES: Inks Separation Deal with Christopher Rising
MAMMOTH TEMECULA: Two More Mammoth Units Face Foreclosure Sale

MARSH HAWK: Creditors Committee Down to Four Members
MARSH HAWK: In Talks with Creditors Committee on Plan Terms
MEDINA INTERNATIONAL: Recurring Losses Cue Going Concern Doubt
MEXICANA AIRLINES: Files for Bankruptcy in Mexico & U.S.
MONEYGRAM INT'L: Posts $6.8 Million Net Income for June 30 Qtr

MXENERGY HOLDINGS: Delays Exchange Offer for 13.25% Notes
NEXITY FINANCIAL: Files Prepackaged Reorganization Plan
NEXITY FINANCIAL: Court Extends Filing of Schedules Until Sept. 28
NEXITY FINANCIAL: U.S. Trustee Not Forming Creditors Committee
NMP INVESTORS: Files Schedules of Assets and Liabilities

NMP INVESTORS: Ch. 11 Trustee or Examiner Sought by U.S. Trustee
PACIFICA MESA: DIP Financing, Cash Collateral Use Gets Interim OK
PALM BEACH FINANCE: Plan Outline Hearing Set for August 31
PARK PLACE: Files for Chapter 11 Protection
PROTOSTAR LTD: Files New Ch. 11 Plan with Creditor Support

PSEG ENERGY: Fitch Affirms 'BB+' Issuer Default Rating
QUANTUM CORP: CEO Belluzzo Disposes of 97,814 Shares
QUANTUM CORP: Esber Trust Acquires 22,500 Shares
QUANTUM CORP: Posts $3 Million Net Loss for June 30 Quarter
R & L INVESTMENT: Voluntary Chapter 11 Case Summary

R. ESMERIAN: U.S. Trustee Seeks Chapter 11 Trustee
RADIAN INSURANCE: S&P Affirms 'B+' Financial Strength Rating
RADIO ONE: To Restate Financial Statements for 2007 to 2009
RARITIES GROUP: Dist. Ct. Backs Rejection of Arbitration Clause
RP SAM: Case Summary & 20 Largest Unsecured Creditors

SEAS STAR: Case Summary & 20 Largest Unsecured Creditors
SECURITY BENEFIT: A.M. Best Hikes Financial Strength Rating to B+
SECURITY BENEFIT: S&P Raises Counterparty Credit Rating from 'BB+'
SELF STORAGE: Files Schedules of Assets and Liabilities
SEMINOLE TRIBE: IRS Investigation Cues Moody's 'Ba1' Rating Review

STATION CASINOS: Boyd Gaming Withdraws From Bidding
STORM KING: Loss of Members Prompts Chapter 11 Bankruptcy Filing
STRATEGIC PARTNERS: Moody's Assigns 'B2' Corporate Family Rating
SUPERVALU INC: Fitch Affirms Issuer Default Rating at 'BB-'
SYNOVUS FINANCIAL: Moody's Confirms 'B3' Subordinate Debt Rating

TEMBEC INC: S&P Assigns 'B-' Long-Term Corporate Credit Rating
TIMOTHY JOHN: Asks for Court's Nod to Use Cash Collateral
TROPICANA ENT: Court OKs Reorganized OpCo Warrants Reserve
TROPICANA ENT: LandCo Submits June 30 Post-Confirmation Report
TROPICANA ENT: NJ Debtors' Professionals File Fee Applications

TVIA INC: Now Out of Bankruptcy and Back to Business
UAL CORPORATION: Moody's Raises Corporate Family Rating to 'B3'
UNIFI INC.: S&P Puts 'B-' Rating on CreditWatch Positive
UNISYS CORPORATION: Files Quarterly Report on Form 10-Q with SEC
VISTEON CORPORATION: Stahl Cowen Retained by Salaried Retirees

VISUVALINGAM VILVARAJAH: Case Summary & 3 Largest Unsec Creditors
VITOIL-SCOTTISH: Hearing on Case Dismissal Continued Until Aug. 24
WASHINGTON MUTUAL: Court OKs J. Hochberg Appointment as Examiner
WASHINGTON MUTUAL: Examiner Proposes McKenna Long as Counsel
WASHINGTON MUTUAL: Proposes More Work for Perkins Coie

WILD GAME: Section 341(a) Meeting Scheduled for August 23
ZALE CORP: Golden Gate Funds Report 34.5% Equity Stake

* U.S. Corporate Credit Risk Index Declines to Lowest Since May
* Junk Bond Distress Ratio Declines to Lowest Level Since April
* Greenspan Says Home-Price Drop May Spur New Recession

* Suit Mulled Over Rhode Island Law on Distressed Cities & Towns

* Upcoming Meetings, Conferences and Seminars


                            ********


ABITIBIBOWATER INC: Aurelius Wants Backstop Pact Further Modified
-----------------------------------------------------------------
Aurelius Capital Management, LP, and Contrarian Capital
Management, LLC, as noteholders and on behalf of their managed
fund entities, complain that the Backstop Commitment Agreement
even as revised, still provides for disparate treatment of:

  -- the Noteholders' contribution claim for $620,100,000 plus
     postpetition interest against Bowater Incorporated; and

  -- Bowater Canada Finance Corporation's claim arising from the
     various transactions by which $600 million of note proceeds
     were transferred out of BCFC, and BCFC ultimately wound up
     with preferred interests in Bowater Canada Holdings Inc.

The Amended Backstop Commitment Agreement was secured by the
Debtors 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.

Dennis A. Meloro, Esq., at Greenberg Traurig, LLP, in Wilmington,
Delaware, explains that while the Amended Backstop Commitment
Agreement has temporarily allowed the Contribution Claim and the
BCFC creditors to subscribe directly to the Rights Offering, it
requires holders of Unresolved Claims, which is defined to
include the Contribution Claim, to pay a subscription price at
the same time as all other eligible holders of Class 6 Claims
under the Plan.  The holders of Unresolved Claims, however, will
not receive the notes until the Unresolved Claims are allowed by
a final order from the Court.

Under this arrangement, "holders of Unresolved Claims, and in
particular the Noteholders who intend on subscribing to the
Rights Offering on account of the Contribution Claim, will be
required to pay a substantial sum of money to participate in the
rights offering, yet not receive any notes for potentially
several years until all appeals are exhausted," Mr. Meloro points
out.

Moreover, Mr. Meloro says, because the Subscription Price is to
be held in escrow indefinitely, the Noteholders would have to
have their money tied up in an escrow account for years, while
all other creditors who subscribe to the Rights Offering will
receive their notes on the Effective Date, and be free to trade
the notes in the open market.

"These provisions result in disparate treatment to the
Noteholders and other holders of Unresolved Claims in violation
of Section 1123(a)(4) of the Bankruptcy Code," Mr. Meloro argues.

Against this backdrop, the Noteholders ask the Court to require
the Debtors to further modify the Amended Backstop Commitment
Agreement to provide Unresolved Claims the same treatment
afforded to undisputed claims.

                     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.  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: Files 2nd Amended Plan & Disc. Statement
------------------------------------------------------------
AbitibiBowater Inc. and its debtor-affiliates delivered to Judge
Kevin J. Carey of the U.S. Bankruptcy Court for the District of
Delaware a second set of amendments to their Chapter 11 Plan of
Reorganization and Disclosure Statement on July 27, 2010.

The Second Amended Plan includes revisions in the estimated
amounts of Allowed Claims and a refinement of the terms of the
contemplated Rights Offering, among others.

The Second Amended Disclosure Statement also provides more
disclosures and information on Incentive Plans; Government
Agreements and CBAs; the Cross-Border Voting Protocol; and events
that have transpired from the filing of the First Amended Plan,
among others.

As the Debtors continue to work to resolve objections to the
Disclosure Statement, Judge Carey has moved the hearing to
consider the adequacy of the Disclosure Statement today,
August 2, 2010, at 10:00 a.m. Eastern Time.

The Disclosure Statement hearing was previously slated for
July 30.

The Debtors noted that the objections of Chemco Inc, the ACCC
Term Loan Agent, the ACE Group of Companies and U.S. Bank,
National Association, as successor indenture trustee, to the
Disclosure Statement have been resolved.

                        Claim Recoveries

The Second Amended Disclosure Statement reveals that the
estimated allowed amounts of these claims are modified:

                             Estimated Allowed Claim Amounts
Claim Category                 Original       Modified
--------------              --------------  ---------------
DIP Facility Claims           $206.0 mil.       $40.0 mil.

Class 2 Bowater Secured       $280.0 mil.      $286.8 mil.
Bank Claims

Class 3 Secured Bank Claims   $143.7 mil.      $148.2 mil.

Class 4 ACCC Term Loan        $357.1 mil.      $148.2 mil.
Secured Guaranty Claims

The Unclassified Claims and Claims in Classes 1 to 5 expect 100%
recovery on their claims.

Holders of Class 6 Unsecured Claims against the various debtors
are estimated to recover from 100% to nothing on their claims:

  * Unsecured Claims against AbitibiBowater Inc. expect 0.8%
    recovery on the $746.27 million estimated amount.

  * Unsecured Claims against Abitibi-Consolidated Finance LLP,
    Augusta Woodlands LLC, and Bowater Canadian Limited expect
    100% recovery.

  * Unsecured Claims against Bowater Inc. expect 48.4% recovery
    on their $2,749.20 million estimated aggregate amount.

  * Unsecured Claims against Donohue Corp. expect 28.4% recovery
    on their $649.48 million estimated aggregate amount.

Bowater Inc. acknowledges that at least one of the Bowater Canada
Finance Corporation Contribution or the 7.95% Notes Guaranty
Claim will be an Allowed Claim in Class 6S against Bowater.
Subject to Bowater's rights to settle those Claims, the Court
will determine whether the Allowed Claim is on account of (i) the
BCFC Contribution Claim; and/or (ii) the 7.95% Notes Guaranty.
This acknowledgment will not be interpreted to prejudice the
rights, if any, of any party-in-interest to seek to have Allowed
the 7.95% Notes Guaranty Claim or the BCFC Contribution Claim or
both, or the rights of any party-in-interest to object to one or
both Claims on any basis.

                        Rights Offering

The Second Amended Disclosure Statement notes that the Backstop
Commitment Agreement, which includes the terms of the Rights
Offering under the Plan, has been amended on July 22, 2010.

Among others, the Backstop Commitment Agreement contemplates that
the amount of Rights Offering Notes may be increased by up to
$10 million of "Escrowed Notes."  As a result, the aggregate
principal amount of Rights Offering Notes may exceed
$500 million.

The Escrowed Notes refer to certain Rights Offering Notes that
may be held in escrow after the Effective Date and will only
become distributable upon the allowance of the underlying Claims
on account of which the exercised Subscription Rights were
allocated.

The Amended Backstop Commitment Agreement also contemplates that
after consummation of the Rights Offering, the Unsubscribed Notes
may not be offered or sold except pursuant to an exemption from
the registration requirements of the Securities Act or any
applicable state laws or pursuant to a registration statement.

               Prosecution of Claims and Interests

The Second Amended Plan provides that the Debtors or Reorganized
Debtors will retain the right to resolve, evaluate and prosecute
the BCFC Contribution Claim and any objection.  Defenses of the
Debtors or Reorganized Debtors relating to or arising from the
BCFC Contribution Claim will not be assigned to the Post-
Effective Date Claims Agent.

Moreover, the Avoidance Actions to be pursued by the
Post-Effective Date Claims Agent will not include:

  -- potential preference claims under Section 547 of the
     Bankruptcy Code (x) with respect to vendors that are sole
     source suppliers or that offer the Debtors favorable trade
     terms; (y) that involve payments or transfers made during
     the applicable "lookback" period in the aggregate of less
     than $350,000 per transferee; or (z) against any persons
     who are directors, officers, managers, employees or agents
     of the Debtors as of the Effective Date; and

  -- any avoidance claim covered by the 8.00% Convertible Notes
     Stipulation; and

  -- actions brought pursuant to Section 510(b) or (c) of the
     Bankruptcy Code.

             Long-term and Short-term Incentive Plans

The Amended Plan also reveals that on the Effective Date, the
Reorganized Debtors will adopt and implement (1) a Long-Term
Equity Incentive Plan, (2) a Short-Term Equity Incentive Plan and
(3) a performance-driven restructuring recognition plan.

1. Under the LTIP, the Debtors and Reorganized Debtors will
   reserve 8.5%, on a fully diluted basis, of the New
   AbitibiBowater Common Stock for issuance.  Up to 4% of the
   New AbitibiBowater Common Stock may be granted on the
   Effective Date, of which (i) 75% will be granted as options
   the strike price of which will be the fair market value of
   the New ABH Common Stock; and (ii) 25% will be granted as
   restricted stock units.  The Reorganized Debtors will deliver
   certain stock options and restricted stock unit grants to
   certain directors, members of management and other executive
   employees on and after the Effective Date.

2. Pursuant to the 2010 and 2011 STIP, participants will be
   eligible for a target incentive award expressed as a
   percentage of the individual's base salary as such salary
   will be reduced prior to the Effective Date.  Approximately
   550 management employees will be eligible for participation
   in the STIPs.  The target incentive payments for remaining
   participants under the STIPs will be at a lower percentage
   level of payment.  The STIPs will be entirely performance-
   based, and actual earned incentive awards will vary depending
   on the Company's and Reorganized Debtors' ability to achieve
   the established targets.

3. The performance-driven restructuring recognition plan is
   designed to reward actions and initiatives contributing to a
   successful and timely reorganization of the Company, by
   providing selected members of management with one-time cash
   emergence awards in an aggregate value of approximately
   $6 million for approximately 50 executives, senior managers
   and managers who are critical to the Company's performance
   and successful reorganization efforts.

On and after the Effective Date, the Reorganized AbitibiBowater
will also assume executive severance policies for U.S. and
Canadian executives.  Severance benefits may be conditioned on
the executive's compliance with certain restrictive covenants,
including non-compete restrictions.

                    Gov't Agreements & CBAs

The Second Amended Plan also provides that:

  -- any executory contract of the Debtors with a governmental
     unit that has not been previously rejected or assumed by an
     order of the Bankruptcy Court will be deemed assumed by the
     applicable Debtor as of the Plan Effective Date; and

  -- any contract of the Debtors for or related to "cutting
     rights," as defined under the Plan, will be deemed assumed
     by the Debtors.

Cure amount for the assumption of Government Agreements and
Cutting Rights Agreement, to the extent not specified, will be
will be $0.

Moreover, all Collective Bargaining Agreements as set forth in
the Amended Plan will also be deemed to have been assumed by the
Debtors upon the occurrence of the Effective Date, including CBAs
that have been amended by that certain Memorandum of Agreement,
or the "Master Agreement" dated April 14, 2010, by and between
AbitibiBowater Inc., and (i) the United Steel, Paper and
Forestry, Rubber Manufacturing, Energy Allied Industrial and
Service Workers International Union; (ii) the International
Brotherhood of Electrical Workers; (iii) the International
Association of Machinists; and (iv) the United Association of
Journeymen and Apprentices of the Plumbing and Pipefitting
Industry of the United States and Canada.

Entry of the Confirmation Order will constitute the Bankruptcy
Court's approval of the Debtor's assumption of each CBA and the
Master Agreement.  The Cure amount to be paid in connection with
the assumption of the CBAs will be $0.  The Unions' proofs of
claim will be deemed withdrawn as of the Effective Date.

                  Indemnification Obligations

The Second Amended Plan provides that the Reorganized Debtors
retain, as of the Plan Effective Date, the obligation to
indemnify and reimburse persons who are directors, officers,
managers, employees or agents of any of the Debtors as of the
Petition Date.  The Reorganized Debtors' liability for
obligations will be limited to professional fees and expenses
arising from and related to those obligations.

Blacklined copies of the Second Amended Plan and Disclosure
Statement of AbitibiBowater are available for free at:

  http://bankrupt.com/misc/ABH_Blacklined2ndAmendedPlan.pdf
  http://bankrupt.com/misc/ABH_Blacklined2ndAmendedDS.pdf

                Debtors Amend Solicitation Process

The Debtors amended their proposed solicitation and balloting
procedures in relation to the First Amended Plan and Disclosure
Statement they filed, and notified the Court of the amended
procedures on July 28, 2010.

Embodied in a revised proposed order, the Amended Solicitation
Procedures addressed objections raised by:

  * the Abitibi Consolidated Company of Canada Term Loan Agent;

  * the ACE Group of Companies;

  * Riverside Claims, LLC;

  * Chemco Inc.;

  * Wilmington Trust Company, as successor indenture trustee for
    the 7.95% Notes issued by Bowater Canada Finance
    Corporation;

  * Wilmington Trust, as successor indenture trustee for the
    15.50% Notes issued by ACCC;

  * Aurelius Capital Management, LP, and Contrarian Capital
    Management, LLC; and

  * J&L Fiber Services.

The Amended Solicitation Procedures clarifies that holders of
Claims in (i) Classes 1A through 1HH; (ii) Classes 2A through 2G:
(iii) Classes 3A through 3G; (iv) Classes 4A through 4G:
(v) Classes SA through SHH; and (v) CD Classes 9A through 9HH are
not entitled to vote to accept or reject the Plan.

The Debtors will not mail or cause to be mailed a Ballot or
notice of the Confirmation Hearing to holders of Intercompany
Claims in Classes SA through SHH because the Claim holders are
Plan proponents and will not be entitled to vote to accept or
reject the Plan.

The Debtors intend to cause to be mail to the voting class of
creditors the Solicitation Packages on August 9, 2010.  The
Debtors previously set July 15 as the distribution date for the
Solicitation Packages.

The Debtors amended certain proposed key dates related to the
Solicitation Procedures:

  Description                           New Proposed Date
  -----------                           -----------------
  Record Date for determining which     June 30, 2010
  Creditors are entitled to receive
  a Solicitation Package and to
  vote on the Plan.

  Rights Offering Record Date for       June 30, 2010
  purposes of identifying eligible
  claims and for purposes of
  initially allocating Subscription
  Rights and any Oversubscription
  Amounts to eligible holders

  Deadline to file Rule 3018(a)         August 16, 2010
  Motions for the allowance of
  claims for purposes of voting
  on the Plan

  Conclusion of the Rights
  Offering subscription                 August 27, 2010,
                                        at 4:00 p.m.
                                        prevailing Eastern Time

  Voting Deadline                       September 13, 2010,
                                        at noon prevailing
                                        Eastern Time

  Deadline to file the Voting           September 13, 2010
  Tabulations by the Claims Agent

  Confirmation Objection Deadline       September 13, 2010

  Deadline for Debtors to reply         September 21, 2010
  to any filed confirmation
  objection

  Confirmation Hearing                  September 24, 2010,
                                        at 10:00 a.m.,
                                        prevailing Eastern Time

The Amended Solicitation Procedures further provide that:

  -- If the Debtors requested that a Claim be reclassified and
     allowed in a fixed, reduced amount pursuant to an objection
     to the Claim filed before August 9, 2010, the Claim will be
     temporarily allowed for voting purposes in the reduced
     amount requested by the Debtors or in the requested
     category unless otherwise estimated or Allowed by the
     Court.  A Claim that the Debtors request to be expunged
     before August 9 will not be allowed for voting purposes.

  -- The Debtors will publish a notice on the Confirmation
     Hearing and the Confirmation Objection Deadline in the
     national edition of The Wall Street Journal, The New York
     Times or USA Today not less than 28 calendar days before
     the Confirmation Hearing.  The Debtors will also publish a
     French translation of the Notice in an appropriate national
     edition of a French language publication in Canada.

The Amended Procedures also provide that the total amount of the
Rights Offering, the number of Subscription Rights and the
Oversubscription Amount may be adjusted by the Debtors to address
claims modifications that occur after June 30, 2010, but on or
before August 17, 2010.  However, the Debtors will refrain from
modifying an Eligible Holder's Subscription Rights and any
Oversubscription Amount in the event that the increase or
decrease represents change of less than $10 in the amount of
Rights Offering Notes that an Eligible Holder would otherwise be
able to subscribe for.

A blacklined copy of the Revised Proposed Order on the Plan
Solicitation Motion, containing the Amended Solicitation
Procedures, along with redlined revised exhibits are available
for free at:

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

The revised exhibits include documents on the Disclosure
Statement Hearing Notice, the forms of the ballots, the Rights
Offering Notice, and the Rights Subscription Notice, among
others.

                Creditors' Committee Files Letter
                 Supporting Second Amended Plan

The Official Committee of Unsecured Creditors filed with the
Court a letter addressed to the Debtors' unsecured creditors,
recommending holders of Claims in Classes 6A-6HH and 7A-7HH to
vote in favor of the Second Amended Plan and Disclosure
Statement.

The Creditors' Committee notes that as the official
representative of all unsecured creditors in these cases, it
believes that the Plan is fair and provides the unsecured
creditors with the best possible recovery under the circumstances
of the case.  The Endorsement Letter also details the salient
terms of the Plan with respect to creditor recoveries.

The Endorsement Letter, upon the Court's approval, will be part
of the solicitation materials to be distributed by the Debtors to
creditors voting on the Plan, Daniel A. O'Brien, Esq., at Bayard,
P.A., in Wilmington, Delaware, said on behalf of the Debtors.

A draft copy of the Proposed Endorsement Letter is available for
free at http://bankrupt.com/misc/ABH_CredCmtePlanEndorsement.pdf

                   Abitibi Addresses Objections

AbitibiBowater Inc. and its debtor affiliates relate that the
more general Objections asserted against the Disclosure Statement
challenged the adequacy of their financial disclosures.

The Debtors have addressed the matter by including additional
information regarding their Enterprise Valuation and Liquidation
Analysis, including a revised debtor-by-debtor liquidation
analysis, according to Sean T. Greecher, Esq., at Young Conaway
Stargatt & Taylor, LLP, in Wilmington, Delaware.

The Debtors maintain that the Disclosure Statement contains
adequate information that will enable the voting creditors to
make an informed judgment on the Plan.  "Virtually all of the
Debtors' vast number of creditors seemingly agree, as only eight
objections to the Disclosure Statement were filed, most of which
were narrow in focus and the Debtors believe they have resolved,"
Mr. Greecher says.

Several objections also came from the Debtors' secured funded
debt holders and concerned the treatment and distribution
provisions of the Plan.  Some secured funded debt holders
specifically wanted the Plan to clarify that it entitles them to
full payment as provided under the governing debt agreements,
notwithstanding the liquidated amounts set forth on Schedule B6
of the Plan.  Other secured funded debt holders wanted the Plan
to clarify the source of their distributions, whether from Canada
or the U.S., and the impact of the Plan on recoveries under the
CCAA Plan.  The Debtors note that as of July 27, 2010, they
continue to negotiated Plan and Disclosure Statement language
with all these parties to address their concerns and hopes to
make additional progress before the Disclosure Statement hearing.

The remaining Objections come from Aurelius Capital Management,
LP and Contrarian Capital Management, LLC, as minority
noteholders of Bowater Canada Finance Corporation and the
indenture trustee for those Notes.  They parties vigorously
opposed the Debtors' attempts to obtain approval of a backstopped
Rights Offering to fund the Company's emergence from bankruptcy
-- in which they now desire to participate -- as well as other
critical actions of the Debtors to effect a prompt emergence from
bankruptcy, Mr. Greecher notes.

The Debtors have met and communicated extensively with
representatives of the Minority Noteholder Parties, and included
substantial additional information in a revised Disclosure
Statement to resolve the Objection, according to Mr. Greecher.
The Debtors have also entered into an amendment to the Backstop
Commitment Agreement to squarely addresses and resolve the
arguments made by the Minority Noteholder Parties with respect to
their ability to participate in the Rights Offering, he adds.

The Debtors have also substantially expanded the disclosure with
respect to the Guaranty Claims in response to the BCFC Indenture
Trustee's concerns, including providing cross-references to the
docket numbers of pleadings filed in connection with recent
litigation regarding the Guaranty Claims, Mr. Greecher tells
Judge Carey.

Against this backdrop, the remaining Objections of the Minority
Noteholder Parties should be overruled, Mr. Greecher avers.

As to objections relating to the substantive provisions of the
Plan, they are best left for the confirmation hearing itself, Mr.
Greecher emphasizes.

The Debtors have proposed to file the Plan Supplements no later
than September 1, 2010, twelve days before the proposed voting
deadline.  This will increase the time during which creditors may
review the Plan Supplements before casting a vote on the Plan,
Mr. Greecher points out.

The Debtors prepared a comprehensive summary of the Disclosure
Statement Objections, which identifies each issue raised in the
Objections and the informal objections and summarizes the
Debtors' response to it, a full-text copy of which is available
for free at:

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

                     About AbitibiBowater

AbitibiBowater produces a wide range of newsprint, commercial
printing papers, market pulp and wood products.  It is the eighth
largest publicly traded pulp and paper manufacturer in the world.
AbitibiBowater owns or operates 22 pulp and paper facilities and
26 wood products facilities located in the United States, Canada
and South Korea.  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: Wilmington Trust Objects to Plan Outline
------------------------------------------------------------
Wilmington Trust Company, solely as successor indenture trustee
for the 7.95% Notes due 2011 issued by Bowater Canada Finance
Corporation pursuant an indenture dated as of October 31, 2001,
articulated in a supplemental objection that the latest iteration
of the disclosure statement explaining the proposed Chapter 11
plan should be revised to:

  (1) make clear that any claim extinguished under the Chapter
      11 Plan and the Plan of Reorganization and Arrangement
      proposed by the applicants under the Companies' Creditors
      Arrangement Act in Canada due to the Debtors' assumption
      or payment of the relevant obligation will not be the
      subject of a vote counted when determining whether or not
      a Class 6 class voted to accept or reject the applicable
      Plans;

  (2) clarify that the Debtors should not have complete
      discretion to arbitrarily determine whether defective or
      late ballots should be counted.

Representing Wilmington Trust, Robert J. Dehney, Esq., at Morris,
Nichols, Arsht & Tunnell LLP, in Wilmington, Delaware, asserts
that the Disclosure Statement should disclose:

  (a) the substantial evidence to support avoidance, as a
      fraudulent transfer, of Bowater's Guaranty of the 8.00%
      Convertible Notes;

  (b) explain clearly that if the Fairfax Release is approved,
      then Bowater's unsecured creditors would bear its full
      costs, consisting of nearly $200 million, based on the
      Debtors' projections as to the value of Bowater's Plan
      Distributions, even though the alleged benefits of the
      release would flow to all creditors of the U.S. and
      Canadian Debtors; and

  (c) state unequivocally that either (i) under the Plan, no
      value was reallocated among the Debtors and their
      unsecured creditors; or (ii) disclose exactly how much
      value was reallocated and between which Debtors that value
      was  moved.  As to the value allocation issue, any
      reallocation of value would impact unsecured creditors and
      those impacted creditors are entitled to know specifically
      what they would gain or lose under the Plan.

Mr. Dehney adds that the Disclosure Statement must also provide
with respect to the Court approval of the AP Services LLC
Employment Application as the Debtors' special advisor and the
designation of Lisa Donohue as vice president for Restructuring
at Bowater Canada Finance Corporation that the Court may later
need to determine whether or not to authorize a third party to
pursue the BCFC Contribution Claim on behalf of BCFC.
Nevertheless, Section 4.3(g) of the Plan might negate the ability
of the Bankruptcy Court to authorize another party to pursue the
BCFC Contribution Claim on BCFC's behalf, Mr. Dehney points out.

The Disclosure Statement must provide that if the indenture
trustee for the 7.95% Notes objects to the Plan, the fees and
expenses of that indenture trustee would not be paid by the
Debtors under the Chapter 11 Plan, Mr. Dehney asserts.  If a plan
is not confirmed, the indenture trustee for any notes issued by
the applicable Debtor would not receive a release under the Plan,
he notes.

The proposed order approving the Disclosure Statement should be
modified to eliminate the Debtors' ability to independently and
arbitrarily determine whether or not deficient Ballots should be
counted.  Instead, Mr. Dehney says, any determinations should be
on notice and subject to Court approval if there is an objection.

                     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.  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).


ALASKA AIR: S&P Raises Corporate Credit Ratings to 'B+'
-------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on U.S.-
based Alaska Air Group Inc. and its Alaska Airlines Inc.
subsidiary, including the corporate credit ratings, to 'B+' from
'B'.  S&P also revised the outlook to stable from positive.

"S&P based the upgrade on consistent recent and expected operating
and financial performance, as well as liquidity that should remain
comfortably sufficient for operating needs and debt service," said
Standard & Poor's credit analyst Philip Baggaley.  Alaska Air has
generated improved earnings over the past four quarters (net
income of $175.6 million for the 12 months ended June 30, 2010,
compared with a loss of $153.2 million in the same period last
year).  "S&P expects that improvement will moderate, but Alaska
Air should still earn more than $200 million, due to industrywide
improved traffic and pricing," he continued.

Alaska Air should maintain its improved financial profile and
healthy liquidity, with room for planned capital spending and its
modest share repurchase program.  A further upgrade, although
unlikely in the near term, could occur if continued improving
revenues and fuel prices close to current levels allow the company
to generate funds flow to total debt consistently around 25% or
better, and maintain liquidity equal to at least 25% of annualized
revenues.  S&P is unlikely to lower the ratings in the near term,
but could do so if revenues weaken materially and/or fuel prices
spike significantly (although the company's fuel hedges should
cushion the effect), causing funds flow to total debt to drop back
into the low-teens percent range, or if liquidity dropped
consistently to less than 20% of annualized revenues.


ALMATIS GROUP: Gets Court OK to Enter Into Plan Deal with DIC
-------------------------------------------------------------
The Almatis Group has received authority to enter into a Plan
Support Agreement with Dubai International Capital LLC and certain
holders of the second lien, mezzanine and junior mezzanine debt of
the Almatis Group.  The Plan Support Agreement paves the way for
the Almatis Group, before the end of the week, to withdraw its
currently pending pre-packaged plan and file the New Plan, a DIC-
led fully committed refinancing, in the reorganization cases under
Chapter 11 of the United States Bankruptcy Code pending in the
United States Bankruptcy Court for the Southern District of New
York.  The Group will also file later this week a Disclosure
Statement related to the New Plan.

The New Plan has the support of Almatis Group's largest
shareholder, Dubai International Capital, the international
investment arm of Dubai Holding, and requisite holders of the
Almatis Group's second lien, mezzanine and junior mezzanine debt.
Pursuant to a settlement also announced by the Almatis Group
today, Oaktree Capital Management, the largest single holder of
the Group's senior debt has agreed to support the New Plan.  The
settlement with Oaktree Capital Management is subject to approval
of the Bankruptcy Court.

The DIC-led refinancing provides for the full repayment of the
Group's senior first lien debt, and also proposes significantly
enhanced distributions to the junior creditors of the Group.
Funding for the New Plan will come from a $100 million equity
contribution that DIC has already escrowed for this purpose with
JP Morgan and from approximately $600 million of debt financing to
be provided by a consortium of JP Morgan, Bank of America Merrill,
GSO Capital Partners, GoldenTree Asset Management and Sankaty
Credit Opportunities IV.

The court has scheduled the hearing to consider approval of the
Disclosure Statement related to the New Plan, and the settlement
with Oaktree Capital Management, for August 23, 2010.  Almatis
anticipates the confirmation of the new plan of reorganization in
late September.

While the New Plan is being considered by the Court, the court
approval that enables the Group to continue to operate in the
ordinary course of business led by the current management team
remains in place.  This includes the approval to use its cash to
continue wage, salary and benefit payments and to pay all vendors
in the ordinary course for goods and services delivered after the
filing.  In addition, the Company received court authority to pay
prepetition claims of employees and non-US trade vendors and
prepetition claims of critical US trade vendors.

The financial restructuring will enable Almatis to regain
financial flexibility, support future growth and protect the
Company from future volatility in its marketplace.

"We have spent the last several weeks carefully evaluating the
opportunity presented by the New Plan, finalizing the terms of the
funding to be provided by DIC, GSO Capital Partners, GoldenTree,
Sankaty and JPMorgan/ BoA. We are confident that the refinancing
implemented by the New Plan is in the interests of all
stakeholders, including employees, customers, lenders and other
business partners," said Remco de Jong, CEO of Almatis.  "We
remain committed to concluding the Chapter 11 process as quickly
as possible and look forward to pursuing growth opportunities with
the support of our shareholders in the near future."

The consolidated case number for the chapter 11 filings by the
Group is 10-12308.

                       About Almatis Group

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

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

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

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


ALUMINUM SERVICE: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Aluminum Service, Inc.
        dba ASI Building Products
        dba Exterior Aluminum Products
        dba Consolidated Metals of Florida - Patio Division
        dba Consolidated Metals of Florida - Metal Roof Division
        4720 E. Adamo Dr.
        Tampa, FL 33605

Bankruptcy Case No.: 10-18160

Chapter 11 Petition Date: July 29, 2010

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

Debtor's Counsel: Christopher C. Todd, Esq.
                  McIntyre, Panzarella, Thanasides
                  6943 E. Fowler Ave.
                  Tampa, FL 33617
                  Tel: (813) 899-6059
                  Fax: (813) 899-6069
                  E-mail: chris@mcintyrefirm.com

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

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

The petition was signed by Michael D. Patierno, president.

Debtor's List of 20 Largest Unsecured Creditors:

Entity                   Nature of Claim        Claim Amount
------                   ---------------        ------------
Mastic Home Exteriors, Inc.                      $1,730,627
P.O. Box 413706
Kansas City, MO 64141-3706

Simonton Windows, Inc.                           $463,846
75 Remittance Dr., Suite 1345
Chicago, IL 60675-1345

Bank of America Visa                             $358,681
P.O. Box 53155
Phoenix, AZ 85072-3155

Elite Aluminum Corp.                             $249,498

Custom Windows Systems, Inc.                     $225,319

Phifer Inc.                                      $183,208

FL Extruders Int'l. Inc.                         $170,700

Paradigm Window Solutions                        $127,671

Keymark Corp. of Florida                         $126,588

Aluminum Coils, Inc.                             $115,812

Eastern Metal Supply Inc.                        $66,482

Onesource Coil                                   $62,664

Kroy Building Products                           $57,850

James Hardie Building                            $57,459
Products

Aprilis, LLC                                     $50,030

Berridge Mfg., Co.                               $49,394

KTC Metals                                       $46,732

Dixie Plywood Co.                                $46,715

NPC Sealants                                     $39,506

American Metal Solutions, LLC                    $31,588


AMBAC FIN'L: CEO Wallis Disposes of 396 Common Shares
-----------------------------------------------------
David W. Wallis, president and CEO of Ambac Financial Group Inc.,
disposed of 396 shares of Ambac common stock on July 29, 2010, for
$0.88 a share.  According to his Form 4 filing with the Securities
and Exchange Commission, the shares were withheld pursuant to the
exercise of a tax withholding right under the Company's 1997
Equity Plan, as amended.  The transaction reduced his stake to
429,310.  He directly holds those shares.

                     About Ambac Financial

Headquartered in New York, Ambac Financial Group, Inc., through
its subsidiaries, provided financial guarantees and financial
services to clients in both the public and private sectors around
the world.

The Company's balance sheet as of December 31, 2009, showed
$18.886 billion in assets and $20.520 billion in debts, resulting
in a stockholders' deficit of $1.634 billion.

KPMG LLP, in New York, expressed substantial doubt about the
Company's ability to continue as a going concern.  The independent
auditors noted that the significant deterioration of the
guaranteed portfolio coupled with the inability to write new
financial guarantees has adversely impacted the business, results
of operations and financial condition of the Company's operating
subsidiary.  KPMG also noted of the Company's limited liquidity.


AMERICAN AXLE: Posts $25.4 Million Net Income for June 30 Quarter
-----------------------------------------------------------------
American Axle & Manufacturing Holdings Inc. reported its financial
results for the second quarter of 2010.

Second quarter results include:

   * Second quarter 2010 sales of $559.6 million;

   * Gross profit of $98.9 million, or 17.7% of sales;

   * Operating income of $50.4 million, or 9.0% of sales;

   * Net income of $25.4 million, or $0.34 per share;

   * EBITDA of $83.2 million, or 14.9% of sales;

   * Net cash provided by operating activities of $85.9 million;
     and

   * Free cash flow of $68.1 million, a $109.4 million year-over-
     year increase.

A full-text copy of the Company's earnings release is available
for free at http://ResearchArchives.com/t/s?6796

A full-text copy of the Company's Form 10-Q is available for free
at http://ResearchArchives.com/t/s?6795

                       About American Axle

Headquartered in Detroit, Michigan, American Axle & Manufacturing
Holdings Inc. (NYSE: AXL) -- http://www.aam.com/-- is a Tier I
supplier to the automotive industry.  American Axle manufactures,
engineers, designs and validates driveline and drivetrain systems
and related components and chassis modules for light trucks, sport
utility vehicles, passenger cars, crossover vehicles and
commercial vehicles.  AXL has financial support from GM, its
largest customer which accounted for 78% of sales in 2009.

The Company's balance sheet at March 31, 2010, showed $1.9 billion
in total assets and $2.5 billion in total liabilities, for
$545.0 million in stockholders' deficit.

                           *     *     *

American Axle carries a long-term issuer default rating of 'B'
from Fitch.  The TCR reported on July 28, 2010 that Fitch's credit
concerns for AXL are focused on high leverage which is expected to
decline considerably over the balance of 2010, negative cash flows
in recent years, underfunded pension plans, limited sales
diversification, risks to vehicle sales expectations which could
be optimistic if the jobless economic recovery restricts vehicle
volumes or if a double-dip recession occurs.

American Axle carries a 'B-' corporate credit rating from Standard
& Poor's Ratings Services.  S&P, which revised its outlook on AXL
to "positive" from "stable" in July 2010, believes American Axle
will generate a significant amount of positive free cash flow in
2010 because of its improved cost structure.


AMERICAN SAFETY: Organizational Meeting to Form Panel on Aug. 5
---------------------------------------------------------------
Roberta A. DeAngelis, Acting United States Trustee for Region 3,
will hold an organizational meeting on August 5, 2010, at
11:00 a.m. in the bankruptcy case of American Safety Razor
Company, LLC, et al.  The meeting will be held at J. Caleb Boggs
Federal Building, 844 King Street, Room 5209, 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 American Safety

American Safety Razor Company, LLC, doing business as Personna
American Safety Razor, is a maker of private-label shaving razors
and blades.  Its products are sold through mass merchandisers,
drug stores and supermarkets under retailer names as well as under
ASR's brands (including Magnum, X5, Matrix3, Mystique, and
Personna).  In addition to shaving products, ASR manufactures and
distributes blades and bladed hand tools for a variety of
industrial uses and specialty industrial and medical blades. The
Company has roots going back to 1875.

American Safety, along with affiliates, filed for Chapter 11
protection in July 2010 (Bankr. D. Del. Case No. 10-12351).  Mark
J. Thompson, Esq., and Morris J. Massel, Esq., at Simpson Thacher
& Bartlett LLP, serve as bankruptcy attorneys.  Howard A. Cohen,
Esq., at Drinker Biddle & Reath LLP, is co-counsel.  In addition,
Lazard Middle Market LLC is the investment banker and Kurtzman
Carson Consultants LLC is the claims and notice agent.
American Safety estimated assets at $100 million to $500 million
and debts at $500 million to $1 billion in its Chapter 11
petition.


ANGIOTECH PHARMA: Posts $14.1 Million Net Loss for June 30 Qtr
--------------------------------------------------------------
Angiotech Pharmaceuticals Inc., reported a net loss of $14.1
million, and net loss per share of $0.17, for the second quarter
ended June 30, 2010.

"We are pleased to report continued quarter over quarter growth in
product sales, driven primarily by our most innovative Proprietary
Medical Products," said Dr. William Hunter, President and CEO of
Angiotech, in an earnings release issued by the Company.  "In
addition, we are encouraged by sales trends for our Base Medical
Products, which continued to show steady improvement across all
key product groups through the first half of 2010."

According to the Company, second quarter financial highlights
include:

    * Total revenue was $61.9 million.

    * Net product sales were $53.0 million. Sales of our
      Proprietary Medical Products were $16.4 million, or 31% of
      total product sales. Sales of our Base Medical Products were
      $36.6 million, or 69% of total product sales.

    * Royalty revenue was $8.9 million.

    * Research and development expenses were $6.9 million.

    * Selling, general and administrative expenses were $22.8
      million.

    * Net loss and net loss per share were $14.1 million and
      $0.17, respectively.

    * As of June 30, 2010, cash and short-term investments were
      $35.1 million and net debt was $539.9 million.

The Company's balance sheet at June 30, 2010, showed
$110.6 million in total assets, $51.8 million in total current
liabilities, and $622.2 million total non-current liabilities,
resulting to $339.7 million in stockholders' deficit.

A clerical error in the calculation of adjusted net income for the
three months ended March 31, 2010, was made in the quarterly press
release issued on May 4, 2010.  Adjusted income tax expense of
$3.0 million was added to adjusted income before income taxes for
the period end March 31, 2010, when it should have been deducted.

As a consequence, the adjusted net income reported of $1.9 million
or $0.02 per common share reported for the three months ended
March 31, 2010, should have been an adjusted net loss of
$4.0 million or $0.05 per common share.  There was no impact on
the GAAP reported results for the three months ended March 31,
2010.

A full-text copy of the Earnings Release is available for free at
http://ResearchArchives.com/t/s?677f

                  About Angiotech Pharmaceuticals

Vancouver, Canada-based Angiotech Pharmaceuticals, Inc. (NASDAQ:
ANPI, TSX: ANP) -- http://www.angiotech.com/-- is a global
specialty pharmaceutical and medical device company.  Angiotech
discovers, develops and markets innovative treatment solutions for
diseases or complications associated with medical device implants,
surgical interventions and acute injury.

                           *     *     *

Angiotech Pharmaceuticals carries a 'CCC' corporate credit rating
from Standard & Poor's.  The ratings on Angiotech reflect S&P's
view of the company's limited financial flexibility, highly
leveraged capital structure, tightening financial covenants, and
uncertainty regarding the timing and extent of revenue growth from
new products.


ANGIOTECH PHARMA: Shareholders Reject 2010 Stock Incentive Plan
---------------------------------------------------------------
Shareholders of Angiotech Pharmaceuticals Inc. voted upon (i) the
election of William L. Hunter, David T. Howard, Edward M. Brown,
Arthur H. Willms, Laura Brege and Henry A. McKinnell Jr. to
Angiotech's Board of Directors for a one-year term, (ii) the
appointment of PricewaterhouseCoopers LLP as Angiotech's auditors
for the ensuing year and the authorization of Angiotech's Board of
Directors to fix the remuneration to be paid to the auditors and
(iii) the approval of Angiotech's proposed 2010 Stock Incentive
Plan.

The shareholders elected all six-director nominees, appointed
PricewaterhouseCoopers LLP as Angiotech's auditors for the ensuing
year and authorized Angiotech's Board of Directors to fix their
remuneration.  The shareholders did not approve Angiotech's
proposed 2010 Stock Incentive Plan.

                  About Angiotech Pharmaceuticals

Vancouver, Canada-based Angiotech Pharmaceuticals, Inc. (NASDAQ:
ANPI, TSX: ANP) -- http://www.angiotech.com/-- is a global
specialty pharmaceutical and medical device company.  Angiotech
discovers, develops and markets innovative treatment solutions for
diseases or complications associated with medical device implants,
surgical interventions and acute injury.

The Company's balance sheet at June 30, 2010, showed
$110.6 million in total assets, $51.8 million in total current
liabilities, and $622.2 million total non-current liabilities,
resulting to $339.7 million in stockholders' deficit.

                           *     *     *

Angiotech Pharmaceuticals carries a 'CCC' corporate credit rating
from Standard & Poor's.  The ratings on Angiotech reflect S&P's
view of the company's limited financial flexibility, highly
leveraged capital structure, tightening financial covenants, and
uncertainty regarding the timing and extent of revenue growth from
new products.


ANV SECURITY: Raises $7MM in Private Offering of Common Stock
-------------------------------------------------------------
In a regulatory filing Thursday, ANV Security Group, Inc.
disclosed that it is currently engaged in an ongoing private
offering of its common stock.  The offering commenced in May 8,
2010.  The offering is for common stock at various prices but
generally at $0.50 per share.  An aggregate of 14,740,000 shares
have been issued in the private offering and the Company has
realized net proceeds of $6,979,250.  As a result of the private
offering, the number of shares outstanding has increased from
33,190,071 to 47,930,071.

The private placement is being conducted pursuant to the exemption
provided pursuant to Regulation S under the Securities Act of
1933, as amended, as all of the offerees and purchasers are non-US
persons.  The Company did not grant any registration rights to the
investors in the private offering.  The Company has incurred only
nominal cash expenses in connection with the private offering.

The Company will use the proceeds of the private offering as
working capital.

                        About ANV Security

Shenzhen, China-based ANV Security Group, Inc. was originally
called "B.G. S. Energy, Inc." and was incorporated under the laws
of the State of Nevada on May 29, 1981.  The Company designs,
manufactures, assembles and markets advanced and professional
security systems that include H.264 IP Camera and DVS series, NVS
Center Management System and high-end network DVR.

The Company's balance sheet at March 31, 2010, showed $1,521,893
in assets, $45,491 of liabilities, and $1,476,402 of stockholders'
equity.

As reported in the Troubled Company Reporter on July 20, 2010,
Stan J.H. Lee, CPA, in Fort Lee, N.J., expressed substantial doubt
about the Company's ability to continue as a going concern after
auditing the Company's financial statements for the fiscal year
ended March 31, 2010.  The independent public accounting firm
noted that of the Company's lack of revenue activities and losses
from operations.


ARCH COAL: Moody's Assigns 'B1' Rating on $500 Mil. Senior Notes
----------------------------------------------------------------
Moody's Investors Service assigned a B1 rating to Arch Coal Inc.'s
proposed $500 million senior unsecured notes issue due 2020 and
affirmed its Ba3 Corporate Family Rating.  The company recently
announced its intention to use the net proceeds from the offering
and cash on hand to fund the repurchase or redemption of
$500.0 million aggregate principal amount of Arch Western
Finance's outstanding 6.75% senior notes due 2013.  Moody's also
affirmed the B1 senior unsecured rating of Arch Western Finance.
The outlook remains stable.

Arch's Ba3 CFR reflects high financial leverage, high ongoing
capital expenditures, including spending needed to acquire
reserves in the Powder River Basin, and the considerable
dependence on one mining complex, Black Thunder (70% of
production).  The rating also considers the inherent volatility in
coal prices and the embedded geological and operational risks of
coal mining.  Strengths for the rating include Arch's large
reserves and production base, relatively stable operating profile,
anticipated strong free cash generation in 2010, and its low-cost
surface mining operations in the PRB.

The stable outlook considers Arch's production guidance for 2010
and improved met coal prices, and the expectation that Arch will
generate positive free cash flow in 2010.  With the proceeds from
this proposed debt offering and approximately $57 million of cash
and $840 million in available revolver availability at June 30,
2010, Moody's expects Arch to have sufficient liquidity over the
next 12-18 months to meet its cash requirements.

The outlook or rating could come under upward pressure if Arch can
show sustained improvement in its leverage metrics and maintain an
EBIT/Interest ratio above 3.0x on a sustained basis.  The rating
could be lowered if the company is unable to sustain a debt to
EBITDA ratio below 4.5x or an EBIT/Interest ratio above 2.5x.
Significant erosion in liquidity could also prompt a downgrade.

Assignments:

Issuer: Arch Coal, Inc.

  -- Senior Unsecured Regular Bond/Debenture, Assigned B1, LGD4,
     62%

Moody's last rating action on Arch was on July 28, 2009, when the
outlook was changed to stable.

Headquartered in St. Louis, Missouri, Arch Coal, Inc., is one of
the largest coal companies in the U.S. and had revenues of
approximately $2.8 billion during the last twelve months ended
June 30, 2010.


ARCH COAL: S&P Assigns 'BB-' to $500-Mil. Sr. Unsecured Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned a 'BB-'
issue-level rating, same as the corporate credit rating, to Arch
Coal Inc.'s proposed $500 million senior unsecured notes due 2020.
The recovery rating is '4', indicating S&P's expectation of
average (30%-50%) recovery for lenders in the event of a payment
default.

At the same time, S&P affirmed its existing ratings on St. Louis,
Mo.-based Arch Coal Inc., including the 'BB-' corporate credit
rating.  The rating outlook is stable.

In addition, the recovery rating on Arch Western Finance LLC's
(AWF) $950 million senior secured notes due 2013 was revised to
'3', indicating S&P's expectation of meaningful (50%-70%) recovery
for lenders in the event of a payment default, from '4'.

Proceeds from the proposed notes are expected to be used to call
up to $500 million of its existing AWF senior secured notes.

"The 'BB-' rating on Arch Coal Inc. reflects the combination of
S&P's assessment of its fair business risk profile and aggressive
financial risk profile," said Standard & Poor's credit analyst
Maurice Austin.

The ratings also reflect its high debt levels, ongoing cost
pressures in its eastern U.S. operations, and a somewhat
aggressive financial policy as well as the relatively weak
domestic steam coal market.  Still, Arch Coal benefits from
favorable long-term coal-industry conditions, a diversified base
of coal reserves, and, in S&P's view, adequate liquidity.


ARIZONA HEART: Turbulent Economy Prompts Bankruptcy Filing
----------------------------------------------------------
Arizona Heart Institute, Ltd., filed for Chapter 11 on July 30,
2010 in Phoenix, Arizona (Bankr. D. Ariz. Case No. 10-24062).

Ken Alltucker at The Arizona Republic reports that Arizona Heart
is planning to sell its assets to Vanguard Health Systems for
$6.1 million.  The Company said it expects to close the deal by
Sept. 15, 2010.

The Company, according to the report, cited a turbulent economy,
and general decline in reimbursements from government and private
insurers as financial pressures that forced the filing.

Arizona Heart Institute is a physician-owned group founded by
cardiovascular surgeon Edward Diethrich in 1971.  The Company
estimated assets of between $10 million and $50 million, and
liabilities of $1 million to $10 million in its Chapter 11
petition.


ARVINMERITOR INC: To Sell Body Systems Business
-----------------------------------------------
ArvinMeritor, Inc. has reached an agreement to sell its Body
Systems business to an affiliate of Inteva Products, LLC, a wholly
owned subsidiary of The Renco Group, Inc.  The transaction is
subject to regulatory approvals and other customary closing
conditions.  The purchase price is approximately $35 million,
including deferred consideration and excluding potential
adjustments for items such as working capital fluctuations.
Houlihan Lokey and UBS Investment Bank are financial advisors to
ArvinMeritor on the transaction.

"With this transaction, we are now able to fully focus on our core
businesses of Commercial Truck, Industrial and Aftermarket &
Trailer," said Chip McClure, ArvinMeritor chairman, CEO and
president.  "Finalizing this agreement is an important milestone
for us and underscores our commitment to building value for
ArvinMeritor's shareholders."

When complete, the divestiture will affect more than 5,000
employees at facilities in 14 countries, and will substantially
complete the sale of ArvinMeritor's Light Vehicle Systems
business.

                     About Inteva Products

Inteva Products, LLC has more than 90 years of experience and
expertise, empowering some of the best minds in the industry with
global resources supported by a team at 18 facilities on three
continents.  Inteva designs, engineers, manufactures, and
assembles Interior Systems, Cockpits, Latch and Closure Systems,
Door Module and Window Lift Systems for leading OEMs around the
globe.  Inteva's integration capabilities provide everything from
small component parts to fully integrated vehicle subsystems.
Inteva is committed to execute to the highest level possible for
all customers to create solutions that meet quality and technical
specifications while remaining on time and on budget.

                      About ArvinMeritor Inc.

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

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

In July 2010, Moody's Investors Service raised the Corporate
Family and Probability of Default ratings of ArvinMeritor, Inc.,
to B3 from Caa1.  Moody's noted that about 52% of the company's
fiscal 2010 revenues to date are from North America, where demand
is expected to strengthen in the second half of the year.  But
with, approximately 21% of the company's revenue from Europe, a
slower pace of economic recovery is expected to constrain overall
growth.  Tight credit markets also may limit near-term growth in
commercial vehicle purchases.


ASARCO LLC: R. Puga Postpones Auction for El Paso Property
----------------------------------------------------------
Roberto Puga, P.G., announced that the auction to liquidate the
equipment and personal property at the site of the former ASARCO
LLC smelter in El Paso, Texas, has been postponed.

Mr. Puga, a principal at Project Navigator, is the custodial
trustee for the Custodial Trust for the Owned Smelter Site in El
Paso, Texas, and the Owned Zinc Smelter in Amarillo, Texas.

The equipment liquidation auction was originally scheduled for the
week of August 2, 2010, by Walter Parker Auctioneer, Inc.  A new
date has not been set.

Mr. Puga explained that more time is needed to value various
assets and personal property, and to determine which items could
bring better returns if sold by direct sale to commercial
purchasers.

Aside from managing the clean-up of the El Paso Smelter facility,
Mr. Puga is also responsible for maximizing the return on the
sale of any asset in the Trust.  Any money generated by the sale
of equipment and salvage items goes directly to fund cleanup and
remedial action of the site.

According to the Web site http://www.recastingasarco.com,which is
dedicated to Mr. Puga's clean-up efforts, these assets have been
sold:

  -- Six slag pots were sold for $60,000 on June 16, 2010; and

  -- Two horizontal, 45,000-gallon cryogenic liquid oxygen
     above-ground tanks were sold for $130,500 on March 5, 2010.

                          About Asarco LLC

Based in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/--
is an integrated copper mining, smelting and refining company.
Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent.

ASARCO LLC filed for Chapter 11 protection on August 9, 2005
(Bankr. S.D. Tex. Case No. 05-21207).  Attorneys at Baker Botts
L.L.P., and Jordan, Hyden, Womble & Culbreth, P.C., represented
the Debtor in its restructuring efforts.

On December 9, 2009, Grupo Mexico, S.A.B., consummated the Chapter
11 plan that it sponsored for Asarco LLC.  The Plan, which was
confirmed both by the bankruptcy and district courts, reintegrated
Asarco LLC back to parent Grupo Mexico concluding the four-year
Chapter 11 proceeding.

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


AVISTA CORPORATION: Fitch Affirms Preferred Securities at 'BB+'
---------------------------------------------------------------
Fitch Ratings has affirmed the ratings for Avista Corporation and
Avista Capital II:

Avista

  -- Long-term Issuer Default Rating at 'BBB-';
  -- Senior secured debt at 'BBB+';
  -- Senior secured bank facility at 'BBB+';
  -- Senior unsecured debt at 'BBB';
  -- Short-term IDR at 'F3'.

Avista Capital II

  -- Preferred securities at 'BB+'.

The Rating Outlook is Stable.

More than $1 billion of long-term debt is affected by these rating
actions.

The ratings and Stable Outlook primarily reflect Avista's balanced
regulatory environment, low-cost hydroelectric generation fleet,
and continued focus on the core utility business.  Credit concerns
include the relatively unpredictable nature of hydroelectric
operating conditions from year to year and the negative impact on
cash flows during times of low hydroelectric output.

Over the last three years, Avista has been able to reduce its
regulatory lag by filing general rate cases on a more frequent
basis and working more closely with the regulatory commissions.
As a result, financial performance has become less volatile the
last two years, and Fitch expects this relative stability to
continue going forward.  The company's Purchased Cost Adjustment
mechanism in Idaho and Energy Recovery Mechanism in Washington
limit the downside to Avista of increased electric power supply
costs, which are typically associated with years of low
hydroelectric output.  Purchased Gas Adjustment mechanisms in
Washington, Idaho, and Oregon and a partial decoupling mechanism
in Washington provide some financial stability to Avista's natural
gas utility operations.

More than 50% of Avista's company-owned generation is from
hydroelectric generation facilities.  This low-cost source of
generation allows Avista to operate more profitably while still
maintaining low rates for its customers.  Operating risk is low,
and Avista has been able to relicense all of its Federal Energy
Regulatory Commission-regulated hydroelectric generation
facilities for long-term periods in recent years, which should
help ensure that Avista will be able to benefit from a low-cost
hydroelectric generation fleet for the foreseeable future.
Avista's Spokane River Project hydroelectric generation facilities
received a 50-year operating license from the FERC in 2009, and
Avista's largest hydroelectric generation facilities, Cabinet
Gorge and Noxon Rapids, have 36 years remaining under their 45-
year operating license with the FERC.

Following the company's June 2007 sale of substantially all of its
Energy Marketing and Resource Management segment's contracts and
operations to Shell Energy, Avista has remained focused on its
core, regulated utility operations, which account for 90%-95% of
operating revenues and virtually all of earnings.  Avista's main
unregulated business is Advantage IQ, Inc., which is a fee-based
business that processes bills and provides facility information
and utility cost management services for large customers in North
America.

Credit concerns include the seasonality of hydroelectric
generation and the unpredictable nature of hydroelectric operating
conditions from year to year.  During years of lighter snowpack
and lower streamflow, such as has occurred this year, Avista must
make up the difference in reduced hydroelectric generation by
either purchasing more wholesale power in the spot market or
increasing output from its higher-cost natural gas generating
facilities.  This results in net power supply costs that are above
the amounts reflected in rates, thus reducing current year cash
flows.  However, Fitch notes that the negative effect of below-
normal hydro conditions is largely mitigated by the aforementioned
regulatory mechanisms authorized by the Washington Utilities and
Transportation Commission and the Idaho Public Utilities
Commission.

Financial performance this year may dip slightly due to below-
normal hydroelectric operating conditions.  However, Fitch expects
Avista's financial profile to remain relatively stable over the
next two years, with EBITDA interest coverage and funds from
operations interest coverage remaining around their 2009 levels of
4.6 times and 3.7x, respectively.  Fitch also expects leverage
metrics to remain close to the 2009 levels of 3.9x total debt to
EBITDA and 15% FFO to total debt.  Liquidity is adequate, with
sufficient availability provided by Avista's $320 million and
$75 million secured revolving credit facilities and $50 million
accounts receivable sales facility.

Avista, through its Avista Utilities operating division, provides
integrated electric and natural gas distribution service in parts
of eastern Washington and northern Idaho and natural gas
distribution service in parts of northeast and southwest Oregon.
The company serves approximately 356,000 retail electric and
316,000 natural gas distribution customers.  Subsidiary Avista
Capital, Inc., is an intermediate holding company and parent of
Avista's non-utility operations, including Advantage IQ.


AVISTAR COMMUNICATIONS: CEO Kirk Acquires 19,854 Shares
-------------------------------------------------------
Robert F. Kirk, chief executive officer of Avistar Communications
Corp., disclosed that he acquired 19,854 shares of the company's
common stock on July 30, 2010.  Following the transaction, he may
be deemed to directly hold 119,940 shares.  The shares were
acquired pursuant to the Employee Stock Purchase Plan of Avistar
Communications Corporation.

                   About Avistar Communications

Headquartered in San Mateo, California, Avistar Communications
Corporation (Nasdaq: AVSR) -- http://www.avistar.com/-- holds a
portfolio of 80 patents for inventions in video and network
technology and licenses IP to videoconferencing, rich-media
services, public networking and related industries.  Current
licensees include Sony Corporation, Sony Computer Entertainment
Inc. (SCEI), Polycom Inc., Tandberg ASA, Radvision Ltd. and
Emblaze-VCON.

The Company reported a net loss of $2.4 million in the second
quarter of 2010, compared with a net loss of $151,000 in the
second quarter of 2009.

The Company's balance sheet at June 30, 2010, showed $2.24 million
in total assets and $7.42 million in total liabilities, resulting
to $5.18 million in stockholder's deficit.


AVISTAR COMMUNICATIONS: CIO Westmoreland Acquires 22,941 Shares
---------------------------------------------------------------
Stephen Warren Westmoreland, Chief Information Officer of Avistar
Communications Corp., disclosed that he acquired 22,941 shares of
the company's common stock on July 30, 2010.  He directly holds
those shares.  The shares were acquired pursuant to the Employee
Stock Purchase Plan of Avistar Communications Corporation.

                   About Avistar Communications

Headquartered in San Mateo, California, Avistar Communications
Corporation (Nasdaq: AVSR) -- http://www.avistar.com/-- holds a
portfolio of 80 patents for inventions in video and network
technology and licenses IP to videoconferencing, rich-media
services, public networking and related industries.  Current
licensees include Sony Corporation, Sony Computer Entertainment
Inc. (SCEI), Polycom Inc., Tandberg ASA, Radvision Ltd. and
Emblaze-VCON.

The Company reported a net loss of $2.4 million in the second
quarter of 2010, compared with a net loss of $151,000 in the
second quarter of 2009.

The Company's balance sheet at June 30, 2010, showed $2.24 million
in total assets and $7.42 million in total liabilities, for a
stockholders' deficit of $5.18 million.


BERNARD MADOFF: NY Mets Owners Sued for Pensions Lost in Fraud
--------------------------------------------------------------
Bloomberg News reports that the widow of a former employee of the
owners of the New York Mets has filed a lawsuit, seeking
reimbursement of more than $16 million in pension benefits
invested by the team owners on behalf of their workers in Bernard
Madoff's Ponzi scheme.

According to the report, Elyse S. Goldweber, the beneficiary of
her late husband's 401(k) plan, filed suit before the U.S.
District Court for the Southern District of New York against
Sterling Equities Inc., which owns the Major League Baseball team.
The lawsuit, which also named Mets Chief Executive Officer Fred
Wilpon, said most of the couple's $280,420 retirement fund was
"wiped out."

                    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.)


BLOCKBUSTER INC: Cleared of Video-On-Demand Patent Infringement
---------------------------------------------------------------
Carla Main at Bloomberg News reports that Blockbuster Inc. won a
judge's ruling that it did not infringe on a patent owned by
American Patent Development Corp. LLC for video-on-demand
technology.

Bloomberg recounts that Blockbuster and its Movielink unit, of
Santa Monica, California, were sued in 2007 over the patent.  U.S.
District Judge Joseph J. Farnan Jr. in Wilmington, Delaware,
issued the order July 30, based on descriptions of the invention
in a previous ruling on Movielink.

                     About Blockbuster Inc.

Blockbuster Inc. is a global provider of rental and retail movie
and game entertainment.  It has a library of more than 125,000
movie and game titles.  The company may be accessed worldwide
at http://www.blockbuster.com/

The company said in March 2010 it was seeking to refinance its
debt and could be forced into bankruptcy protection.

Blockbuster's quarterly report on Form 10-Q showed a net loss of
$65.4 million on $939.4 million of revenue for the 13 weeks ended
April 4, 2010, compared with net income of $27.7 million on
$1.086 billion of revenue for the 13 weeks ended April 5, 2009.

The Company's balance sheet as of April 4, 2010, showed
$1.319 billion in assets and $1.693 billion in liabilities, for
$374.2 million in stockholders' deficit.

PricewaterhouseCoopers LLP, in Dallas, expressed substantial doubt
about the Company's ability to continue as a going concern
following Blockbuster's 2009 results.


BOULEVARD DEVELOPMENT: Case Summary & 9 Largest Unsec. Creditors
----------------------------------------------------------------
Debtor: Boulevard Development Group, LLC
        P.O. Box 3966
        Hickory, NC 28603

Bankruptcy Case No.: 10-10895

Chapter 11 Petition Date: July 29, 2010

Court: United States Bankruptcy Court
       Western District of North Carolina (Asheville)

Judge: George R. Hodges

Debtor's Counsel: John Wesley Moore, Esq.
                  Law Offices of J. Wesley Moore
                  1100 Metropolitan Avenue, Suite 206
                  Charlotte, NC 28204
                  Tel: (704) 898-4938
                  Fax: (704) 973-9698
                  E-mail: wes.moore@jwesleymoorelaw.com

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

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

A list of the Company's nine largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/ncwb10-10895.pdf

The petition was signed by Dale K. Cline, manager.


BOYD GAMING: Withdraws from Station Casinos Bidding
---------------------------------------------------
Boyd Gaming Corporation said Friday it will no longer pursue the
acquisition of certain assets of Station Casinos.

"Over the last eighteen months, we have devoted significant
resources in our attempt to acquire the Opco assets of Station
Casinos.  Unfortunately, given bidding procedures that favor
Station insiders, and our current view of the limited potential
value of the operating and development assets, we have concluded
this opportunity no longer makes sense for our company," said
Keith Smith, President and Chief Executive Officer of Boyd Gaming.

Boyd Gaming noted numerous provisions in the approved bidding
process that made it difficult for qualified bidders to compete
for the assets on a level playing field, including, among other
things:

    * A put option that would force an outside buyer to acquire
      the currently leased land under Texas Station for
      $75 million, a requirement that would not apply to Station
      insiders;

    * Provisions which allow Station to transfer certain crucial
      assets from the OpCo assets prior to their sale, including
      customer lists and IT infrastructure, without adequate
      compensation; and,

    * Station's right to hire away any or all employees and
      executives of the OpCo assets prior to their sale,
      regardless of their strategic role, at Station's sole
      discretion.

"Boyd Gaming remains committed to growth, however, we will only
pursue transactions that are financially sound, fit well with our
existing business, and offer attractive long-term returns for our
shareholders.  Clearly, this opportunity no longer meets these
criteria," Mr. Smith said.

The auction is slated for Aug. 6.

Station Casinos and its debtor affiliates delivered to the
Bankruptcy Court their First Amended Joint Chapter 11 Plan of
Reorganization and Disclosure Statement on July 28, 2010.  The
First Amended Plan incorporates a settlement the Debtors reached
with the Official Committee of Unsecured Creditors and certain of
Station's largest bondholders.  The terms of the Plan were
reported by the Troubled Company Reporter on Aug. 3.

                       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.

Station Casinos Inc., together with its affiliates, filed for
Chapter 11 on July 28, 2009 (Bankr. D. Nev. Case No. 09-52477).
Milbank, Tweed, Hadley & McCloy LLP serves as legal counsel in the
Chapter 11 case; Brownstein Hyatt Farber Schreck, LLP, as
regulatory counsel; and Lewis and Roca LLP is local counsel.
Lazard Freres & Co. LLC is 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)

                         About Boyd Gaming

Headquartered in Las Vegas, Boyd Gaming Corporation (NYSE: BYD) is
a diversified owner and operator of 16 gaming entertainment
properties located in Nevada, New Jersey, Mississippi, Illinois,
Indiana, and Louisiana.

                           *     *     *

As reported by the Troubled Company Reporter on June 9, 201,
Moody's Investors Service lowered the ratings of Boyd Gaming and
assigned a stable rating outlook.  Boyd's Corporate Family Rating
and Probability of Default Rating were lowered to B2 from B1.  The
company's senior subordinated notes were lowered to Caa1 from B3.
Boyd's SGL-3 Speculative Grade Liquidity rating was maintained.
This rating action concludes the review process that was initiated
on March 3, 2010.

The downgrade of Boyd's Corporate Family Rating to B2 from B1
reflects the company's significant and continued exposure to the
Las Vegas locals gaming market.  While the pace of revenue and
EBITDA deterioration of Boyd's casino properties located in that
market has slowed, Moody's believes these casinos will remain
challenged in terms of revenue growth and profitability.  Thus, it
will be difficult for Boyd to reduce leverage -- debt/EBITDA is
currently over 7 times -- over the near to medium term to levels
acceptable for the prior rating.


BRASELTON ACADEMY: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Braselton Academy, Inc.
        401 Zion Church Road
        Braselton, GA 30517

Bankruptcy Case No.: 10-23346

Chapter 11 Petition Date: July 29, 2010

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

Judge: Robert Brizendine

Debtor's Counsel: Shayna M. Steinfeld, Esq.
                  Steinfeld & Steinfeld
                  P.O. Box 49446
                  Atlanta, GA 30359
                  Tel: (404) 636-7786
                  Fax: (404) 636-5486
                  E-mail: shayna@steinfeldlaw.com

Scheduled Assets: $53,197

Scheduled Debts: $3,282,236

A list of the Company's 20 largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/ganb10-23346.pdf

The petition was signed by Andre Bishop, president.

Debtor-affiliate that filed separate Chapter 11 petition:

                                                 Petition
   Debtor                              Case No.     Date
   ------                              --------     ----
Bright Star at Apalachee, LLC          10-23345   7/29/10


CAPMARK FINANCIAL: Agrees to Give Documents for $1.5BB Loan Probe
-----------------------------------------------------------------
To recall, the Official Committee of Unsecured Creditors for
Capmark Financial Inc. sought permission from Judge Christopher S.
Sontchi of the U.S. Bankruptcy Court for the District of Delaware
to conduct investigation of a $1.5 billion loan Capmark Financial
Group, Inc., and its debtor affiliates obtained in May 2009.

The Committee wants to conduct an examination pursuant to Rule
2004 of the Federal Rules of Bankruptcy Procedure in a form of
document production concerning the Secured Credit Facility and
depositions of the Debtors.

The Debtors previously objected to the request.

However, the parties have reached a stipulation in connection with
the production of confidential material.  The stipulation will
govern the handling of documents and information produced or
transmitted in whatever form by the Debtors to the Committee.

The Stipulation provides, among others, that:

  (a) The Debtors may designate any Discovery Material as
      confidential material if they believe that the Discovery
      Material contains or reflects non-public confidential or
      propriety information;

  (b) The Debtors may designate any Discovery Material as highly
      confidential if they believe that the Discovery Material
      contains or reflects non-public propriety and sensitive
      client information, trade secrets or other confidential
      research, development, business or financial information,
      or other confidential commercial information, that, if
      disclosed to persons could cause competitive or other
      injury; and

  (c) The Committee agrees that any Discovery Material
      designated as Confidential or Highly Confidential will be
     (i) used solely for the purposes of the Bankruptcy
      Proceeding and will not be used for any other purpose; and
     (ii) kept confidential and will not be disclosed to any
      member of the Committee or other third party.

The Court approved the stipulation on July 29, 2010.  A full-text
copy of the Approved Stipulation is available for free at:

      http://bankrupt.com/misc/Capmark_ProtectiveOrd729.pdf

                      About Capmark Financial

Based in Horsham, Pennsylvania, Capmark Financial Group Inc. --
http://www.capmark.com/-- is a diversified company that provides
a broad range of financial services to investors in commercial
real estate-related assets.  Capmark has three core businesses:
lending and mortgage banking, investments and funds management,
and servicing.  Capmark operates in North America, Europe and
Asia.  Capmark has 1,000 employees located in 37 offices
worldwide.

On October 25, 2009, Capmark Financial and certain of its
subsidiaries filed voluntary petitions for relief under Chapter 11
(Bankr. D. Del. Case No. 09-13684).  It said it had total assets
of $20 billion against total debts of $21 billion as of June 30,
2009.

Capmark's financial advisors are Lazard Freres & Co. LLC and
Loughlin Meghji + Company. Capmark's bankruptcy counsel is Dewey &
LeBoeuf LLP.  Richards, Layton & Finger, P.A., serves as local
counsel.  Beekman Advisors, Inc., is serving as strategic advisor.
KPMG LLP is tax and accounting advisor.  Epiq Bankruptcy
Solutions, LLC, is the claims and notice agent.

Since filing in Chapter 11, Capmark completed three sales to
generate more than $1 billion cash.  Berkshire Hathaway Inc. and
Leucadia National Corp. bought most of the business for
$468 million.

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


CAPMARK FINANCIAL: Protech Files for Chapter 11 Protection
----------------------------------------------------------
Protech Holdings C, LLC
1801 California Street, Suite 3900
Denver, Colorado

Protech Holdings C, LLC, an affiliate of Capmark Financial Group
Inc., filed with the U.S. Bankruptcy Court for the District of
Delaware a petition under Chapter 11 of the Bankruptcy Code on
July 29, 2010.

In its Chapter petition, Protech disclosed that it has more than
$1 billion in assets and more than $1 billion in liabilities.
The Debtor has about 5,000 creditors.

Protech is an Ohio single membership limited liability company,
with Protech Development I, LLC, as its single member and manager.
Protech Development is held by Protech Economics, LLC, as its
single member and manager.  Protech Economics is held by its
manager debtor, Capmark Affordable Equity Holdings Inc.

Protech desires to engage these professionals in its Chapter 11
case:

  (a) Dewey & LeBoeuf LLP as attorneys,

  (b) Richards, Layton & Finger, P.A. as local counsel,

  (c) KPMG LLP as accounting advisors,

  (d) Lazard Freres & Co. LLC as financial advisor,

  (e) Loughlin Meghji + Company as crisis managers,

  (f) Epiq Bankruptcy Solutions, LLC as claims and noticing
      agent,

  (g) Reed Smith as special counsel,

  (h) Deloitte & Touche LLP as audit and accounting services
      provider,

  (i) Messana Rosner & Stern LLP as special Delaware counsel,

  (j) Johnson Associates as compensation consultant,

  (k) Duff & Phelps, LLC as dispute consulting and forensic
      advisory services provider, and

  (l) Deloitte Tax as tax advisors.

               Joint Administration & Other Requests

Capmark Financial Group Inc. and its debtor affiliates, together
with Protech Holdings C, LLC, ask the U.S. Bankruptcy Court for
the District of Delaware to jointly administer their Chapter 11
cases for procedural purposes only.

Rule 1015(b) of the Federal Rules of Bankruptcy Procedure
provides that if two or more petitions are pending in the same
court by or against a debtor and an affiliate, the court may
order a joint administration of the estates.

The Debtors assert that they are "affiliates" as that term is
defined in Section 101(2) of the Bankruptcy Code.

Joint administration of the Protech Case with Capmark Financial
Group Inc., and its debtor affiliates will avoid the preparation,
service, and filing of duplicative notices, pleadings, and
orders, thereby saving the Debtors' estates, creditors and other
parties-in-interest considerable expense, time, and resources,
says Jason M. Madron, Esq., at Richards, Layton & Finger, P.A.

According to Mr. Madron, joint administration will also relieve
the Court of the burden of entering duplicative orders and
maintaining duplicative files and dockets, and streamline
supervision of the administrative aspects of the Debtors' Chapter
11 cases by the U.S. Trustee and the Clerk of the Court.

The Debtors also request that the Court direct this notation to
be entered on the docket of Protech C's chapter 11 case to
reflect the joint administration.

    An order has been entered in this case directing the
    procedural consolidation and joint administration of Protech
    Holdings C, LLC case with the jointly administered chapter
    11 cases of Summit Crest Ventures, LLC, Capmark Financial
    Group Inc., Capmark Capital Inc., Capmark Finance Inc.,
    Commercial Equity Investments, Inc., Mortgage Investments,
    LLC, Net Lease Acquisition LLC, SJM Cap, LLC, Capmark
    Affordable Equity Holdings Inc., Capmark REO Holding LLC,
    Paramount Managing Member AMBAC II, LLC, Paramount Managing
    Member AMBAC III, LLC, Paramount Managing Member AMBAC IV,
    LLC, Paramount Managing Member AMBAC V, LLC, Paramount
    Managing Member LLC, Paramount Managing Member II, LLC,
    Paramount Managing Member III, LLC, Paramount Managing
    Member IV, LLC, Paramount Managing Member V, LLC, Paramount
    Managing Member VI, LLC, Paramount Managing Member VII, LLC,
    Paramount Managing Member VIII, LLC, Paramount Managing
    Member IX, LLC, Paramount Managing Member XI, LLC, Paramount
    Managing Member XII, LLC, Paramount Managing Member XVIII,
    LLC, Paramount Managing Member XIV, LLC, Paramount Managing
    Member XV, LLC, Paramount Managing Member XVI, LLC,
    Paramount Northeastern Managing Member, LLC, Paramount
    Northeastern Managing Member, LLC, Capmark Affordable
    Properties Inc., Paramount Managing Member XXIII, LLC,
    Paramount Managing Member XXIV, LLC, Paramount Managing
    Member 30, LLC, Paramount Managing Member 31, LLC, Paramount
    Managing Member 33, LLC, Broadway Street California, L.P.,
    Broadway Street 2001, L.P., Broadway Street XV, L.P.,
    Broadway Street XVI, L.P., Broadway Street XVIII, L.P.,
    Broadway Street Georgia I, LLC, Capmark Managing Member 4.5
    LLC, Capmark Affordable Equity Inc., and Capmark Investments
    LP.  The docket in Case No. 09-13684(CSS) should be
    consulted for all matters affecting this case.

The Debtors also ask the Court to direct that certain order in
their Chapter 11 cases be made available to Protech Holdings C,
LLC.  A list of the Earlier Filed Debtors' Orders are available
for free at:

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

Specifically, the Debtors seek to have:

  (a) those previously entered ordered applied to Protech
      effective nunc pro tunc to the Petition Date; and

  (b) any orders entered after the Protech Petition Date on
      motions that were pending in the Earlier Filed Debtors'
      jointly administered cases on or before the Protech
      Petition Date applied to Protech effective the entry of
      those orders.

The Debtors assert that the Motion will eliminate the filing of
duplicative applications and motions and, therefore, reduce the
burdens of the Court and parties-in-interest.

The Debtors further request that Protech's time to file its
schedules of assets and liabilities and statements of financial
affairs be extended for an additional 30 days beyond the 30-day
extension provided for pursuant to Local Rule 1007-1(b) for the
District of Delaware, without prejudice to its right to request a
further extension, for cause, up to and including September 27,
2010.

In addition, Protech seeks Court approval for these procedures
with respect to extending the Earlier Filed Debtors'
professionals' representation to Protech's Chapter 11 case:

  (1) Within 20 days from the date of entry of the Court's order
      approving this request, each of the Earlier Filed Debtors'
      professionals will update any disclosures as a result of
      the extension of their representation to Protech's Chapter
      11 case.  For avoidance of doubt, to the extent that a
      professional believes that it has no "connections" under
      Rule 2014 of the Federal Rules of Bankruptcy Procedure to
      disclose as a result of Protech's bankruptcy filing, the
      professional will file an affidavit affirmatively
      indicating that fact by the Disclosure Deadline.

  (2) Objections to the extension of the Earlier Filed Debtors'
      professionals' representation to Protech's Chapter 11 case
      will be filed on or before 20 days after the Disclosure
      Deadline.

  (3) If no objection is filed during the Retention Objection
      Deadline, the professional retention orders will be
      applicable to Protech's Chapter 11 case, nunc pro tunc to
      the filing of its Chapter 11 petition.

                      About Capmark Financial

Based in Horsham, Pennsylvania, Capmark Financial Group Inc. --
http://www.capmark.com/-- is a diversified company that provides
a broad range of financial services to investors in commercial
real estate-related assets.  Capmark has three core businesses:
lending and mortgage banking, investments and funds management,
and servicing.  Capmark operates in North America, Europe and
Asia.  Capmark has 1,000 employees located in 37 offices
worldwide.

On October 25, 2009, Capmark Financial and certain of its
subsidiaries filed voluntary petitions for relief under Chapter 11
(Bankr. D. Del. Case No. 09-13684).  It said it had total assets
of $20 billion against total debts of $21 billion as of June 30,
2009.

Capmark's financial advisors are Lazard Freres & Co. LLC and
Loughlin Meghji + Company. Capmark's bankruptcy counsel is Dewey &
LeBoeuf LLP.  Richards, Layton & Finger, P.A., serves as local
counsel.  Beekman Advisors, Inc., is serving as strategic advisor.
KPMG LLP is tax and accounting advisor.  Epiq Bankruptcy
Solutions, LLC, is the claims and notice agent.

Since filing in Chapter 11, Capmark completed three sales to
generate more than $1 billion cash.  Berkshire Hathaway Inc. and
Leucadia National Corp. bought most of the business for
$468 million.

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


CAPROCK HOLDINGS: S&P Withdraws 'B' After Sale to Harris
--------------------------------------------------------
Standard & Poor's Ratings Services said it has withdrawn all
ratings, including the 'B' corporate credit rating, on Houston-
based CapRock Holdings Inc.

This action follows the company's acquisition by Harris Corp and
the subsequent repayment of CapRock's outstanding debt.


CAROL KARLOVICH: Can Use Rent Paid for San Marcos Property
----------------------------------------------------------
The Hon. Hon. Peter W. Bowie of the U.S. Bankruptcy Court for the
Southern District of California authorized Carol Karlovich rents
of a commercial property located at 500 West San Marcos Boulevard,
San Marcos, California in which the San Diego County Credit Union
claims an interest.

The Debtor would use the cash collateral for operating expenses of
its subject property.

As reported in the Troubled Company Reporter on July 6, 2010, the
SDCCU is the only secured creditor holding an interest in the
Debtor's cash collateral in relation to the San Marcos property,
which has a commercial building.  The single current lease at the
property generates monthly rent of $10,937.

As adequate protection for any diminution in value of the lenders'
collateral, the Debtor will pay the SDCCU the monthly sum of
$8,123 as full payment of Debtor's contractual monthly obligation
to SDCCU.  The Debtor will also turn over to the SDCCU the monthly
amount necessary to pay property taxes on the subject property.

The Debtor will deposit the excess moneys into a separate cash
collateral account for the subject property, pay net rents to
SDCCU, and will give SDCCU a replacement lien on all newly
acquired cash proceeds.

The Debtor is represented by:

     John L. Smaha, Esq.
     Gustavo E. Bravo, Esq.
     Smaha Law Group, APC
     7860 Mission Center Court, Suite 100
     San Diego, CA 92108
     Tel: (619) 688-1557
     Fax: (619) 688-1558

                       About Carol Karlovich

La Jolla, California-based Carol Karlovich filed for Chapter 11
bankruptcy protection on June 22, 2010 (Bankr. S.D. Calif. Case
No. 10-10860).  John L. Smaha, Esq., at Smaha Law Group, APC,
assists the Company in its restructuring effort.  The Company
estimated it assets and debts at $10 million to $50 million.


CATALYST PAPER: 2nd Qtr. Results Impacted by Asset Write-Down
-------------------------------------------------------------
Catalyst Paper said it recorded a net loss of $368.4 million on
sales of $299.4 million for the second quarter of 2010.  Results
were significantly impacted by after-tax impairment and closure
costs of $302.0 million on the permanent closure of the Elk Falls
and Paper Recycling Divisions.  The net loss before specific items
was $43.9 million compared to $37.6 million in the previous
quarter.  Specific items included a $21.3 million after-tax
foreign exchange loss on the translation of long-term debt.

Earnings before interest, taxes, depreciation and amortization
and impairment charges, in the second quarter were negative $0.4
million compared to negative $16.2 million in the first quarter.
The improvement reflected modest recovery in paper prices, higher
sales volumes and higher pulp prices.  This was offset by labour
and other input costs and the higher Canadian dollar.  EBITDA
before specific items was positive $10.5 million in the second
quarter compared to negative $2.1 million in the first quarter.

"Product pricing and demand recovered slightly from recent troughs
which nudged sales up and our EBITDA margin showed a resulting
improvement," said Kevin J. Clarke, who was appointed president
and CEO effective June 21.  "However, modest market recovery will
not be enough to stem our losses and we took the tough step to
permanently close two high-cost operations in a continued effort
to future-focus our business and strengthen cash and balance sheet
fundamentals."

                         Market Conditions

Paper markets improved overall as North American demand
stabilized, exports stayed strong and inventories remained low.
Demand for both coated and uncoated mechanical grades continued
its year-over-year recovery, while demand for directory paper
declined.  Newsprint demand was flat, although Canadian demand was
up year-over-year.  Benchmark prices were stable for directory,
and modestly improved from Q1 for all other paper grades.

The pulp market was strong, driven by North American and European
demand, increased northern bleached softwood kraft pulp shipments,
and inventories that remained relatively low due, in part, to Q1
supply interruptions.  This resulted in further NBSK benchmark
price increases during the quarter.

In keeping with market conditions, newsprint curtailment was at 52
per cent of newsprint capacity, inclusive of Elk Falls.  The No. 1
paper machine at Crofton remained indefinitely idled. Production
on other machines was switched from newsprint to uncoated
mechanical grades.  The stronger pulp market supported the restart
of the second line of pulp production at Crofton in late April.

Specialty papers price increases were announced for Q2 in
lightweight coated and several uncoated products.  The increases
for uncoated super-brights and high-brights were largely in place
by quarter-end, while lightweight coated and uncoated soft
calendered price increases were partially implemented.  These
increases will continue to be implemented in the third quarter.

                         Key Developments

The Elk Falls mill will be permanently closed in September due to
weak markets for commodity paper grades and an uncompetitive cost
structure.  Combined with the closure of the Paper Recycling
Division, this is expected to result in fixed cost savings
beginning in Q3, with annual savings of approximately
$13.0 million in 2011.  Asset impairment and other closure costs
accounted for $292.3 million of the $302.0 million with severance
accounting for $9.7 million of the total.

During the quarter, Catalyst closed the private placement of
US$110 million of Class B, 11 per cent senior secured notes due
December 15, 2016, at an offering price of 86 per cent of the
principal amount.  Net proceeds were $93.4 million after financing
costs of approximately $5.0 million.  At quarter-end,
US$35.5 million of 8.625 per cent senior notes due June 2011 were
reclassified from long-term debt to current liabilities.

Catalyst continues to pursue fair and sustainable tax treatment
for major industry in BC.  During the quarter, an appeal relating
to its 2009 assessment by the District of North Cowichan was
dismissed by the BC Court of Appeal and the company is seeking
leave to appeal this matter to the Supreme Court of Canada.  The
company also filed a new petition to the BC Supreme Court relating
to the North Cowichan 2010 Class 4 tax levy and paid $1.5 million
of the $5.5 million municipal tax bill.  Property taxes were paid
in full to the other three BC municipalities, however Catalyst is
challenging the regional district portion of the 2010 assessment
by the City of Campbell River.

                              Outlook

Modest improvements in paper markets are expected to continue
through the second half of 2010 with a seasonally strong third
quarter.  Nonetheless, Crofton is expected to continue to take
significant newsprint curtailment.  Pulp prices are expected to
soften in the third quarter.  With the Canadian dollar remaining
strong, and fibre and other input costs rising, cash flows and net
earnings will remain under pressure.

                  Further Quarterly Results Materials

Catalyst Paper manufactures diverse specialty mechanical printing
papers, newsprint and pulp.  Its customers include retailers,
publishers and commercial printers in North America, Latin
America, the Pacific Rim and Europe.  With five mills, located in
British Columbia and Arizona, Catalyst has a combined annual
production capacity of 2.5 million tonnes.  Effective in September
2010, the Elk Falls mill will be permanently shut bringing annual
capacity to 2.0 million tonnes.  The company is headquartered in
Richmond, British Columbia, Canada and its common shares trade on
the Toronto Stock Exchange under the symbol CTL.  Catalyst is
listed on the Jantzi Social Index and is ranked by Corporate
Knights magazine as one of the 50 Best Corporate Citizens in
Canada.

A full-text copy of the Company's earnings release is available
for free at http://ResearchArchives.com/t/s?6797

                       About Catalyst Paper

Based in Richmond, British Columbia, in Canada, Catalyst Paper
Corporation (TSX:CTL) manufactures diverse specialty mechanical
printing papers, newsprint and pulp.  Its customers include
retailers, publishers and commercial printers in North America,
Latin America, the Pacific Rim and Europe.  With six facilities
located in British Columbia and Arizona, Catalyst has a combined
annual production capacity of 2.5 million tonnes.

                          *     *     *

In mid-March 2010, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Catalyst Paper to 'SD'
(selective default) from 'CC'.  Given the weak outlook for the
company's specialty paper and newsprint segments, S&P expects
Catalyst to continue to face challenging market conditions in
2010.

Moody's Investors Service also downgraded Catalyst's Corporate
Family Rating to Caa1 from B3 while revising the Probability of
Default Rating to Caa1/LD from Caa3, with the "/LD" suffix
signaling a "limited default".  Catalyst's CFR downgrade
anticipates a marked deterioration in the company's financial
performance over the coming year, with significant EBITDA erosion
compared to 2009 levels and negative free cash flow generation.


CATALYST PAPER: Former Algoma Chair Named New Chairman
------------------------------------------------------
Several changes to Catalyst Paper's board of directors took effect
July 30.  Assuming the role of chairman is Benjamin Duster IV,
former chairman of Algoma Steel.  Mr. Duster joined the Catalyst
board in December 2007 bringing 20 years of Wall Street
experience.  He is a graduate of Harvard Business and Harvard Law
Schools and was admitted to the Illinois Bar in 1985.  Mr. Duster
is a director on several corporate boards including Jazz Air
Holding GP Inc.

Retiring from the board is Michel Desbiens who has served as a
director since 2006 and as chairman since 2007.  Mr. Desbiens, a
40-year veteran of the industry, brought extensive senior
management, executive and governance experience in the pulp, paper
and printing sector to his role with Catalyst.

"Catalyst Paper has weathered one of the most challenging periods
in the industry's history by focusing on operating and financial
fundamentals over the past four years.  It was my pleasure to
preside over board matters and to work with my fellow directors
during this period of accelerated change," said Mr. Desbiens.

Also leaving the board is Amit Wadhwaney of Third Avenue
Management, LLC. He joined the board in December 2006 bringing
forest industry experience and a global equities focus as
portfolio manager and senior research analyst for the Third Avenue
International Value Fund and for Third Avenue's private and
institutional advisory business.

"It was an honour to serve on the board of Catalyst Paper. I
believe that the company has the right leadership to move the
company in a positive direction. Third Avenue Management remains a
large shareholder of, and continues to support, Catalyst Paper
Corporation." said Mr. Wadhwaney.

"On behalf of the Board, I would like to extend our thanks to both
Michel and Amit for their service, insights and leadership as
directors during a particularly challenging period of industry and
business restructuring," said Mr. Duster.

                       About Catalyst Paper

Based in Richmond, British Columbia, in Canada, Catalyst Paper
Corporation (TSX:CTL) manufactures diverse specialty mechanical
printing papers, newsprint and pulp.  Its customers include
retailers, publishers and commercial printers in North America,
Latin America, the Pacific Rim and Europe.  With six facilities
located in British Columbia and Arizona, Catalyst has a combined
annual production capacity of 2.5 million tonnes.

                          *     *     *

In mid-March 2010, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Catalyst Paper to 'SD'
(selective default) from 'CC'.  Given the weak outlook for the
company's specialty paper and newsprint segments, S&P expects
Catalyst to continue to face challenging market conditions in
2010.

Moody's Investors Service also downgraded Catalyst's Corporate
Family Rating to Caa1 from B3 while revising the Probability of
Default Rating to Caa1/LD from Caa3, with the "/LD" suffix
signaling a "limited default".  Catalyst's CFR downgrade
anticipates a marked deterioration in the company's financial
performance over the coming year, with significant EBITDA erosion
compared to 2009 levels and negative free cash flow generation.


CATHOLIC KNIGHTS: A.M. Best Affirms 'B' Financial Strength Rating
-----------------------------------------------------------------
A.M. Best Co. has removed from under review with negative
implications and affirmed the financial strength rating (FSR) of B
(Fair) and issuer credit rating (ICR) of "bb+" of Catholic Knights
(Milwaukee, WI).  The outlook for the FSR is stable, while the
outlook for the ICR is negative.  Concurrently, A.M. Best has
withdrawn the ratings and assigned an NR-4 (Company Request) to
the FSR and an "nr" to the ICR.  These withdrawals are due to
Catholic Knights' request to no longer participate in A.M. Best's
interactive rating process.

The ratings reflect Catholic Knights' low risk-adjusted
capitalization, ongoing challenges with its investment portfolio
and the uncertainty following its merger with Catholic Family Life
Insurance, which adds more exposure to the Society's mortgage
loans portfolio on a combined basis.

On April 1, 2010, Catholic Knights merged with Catholic Family
Life Insurance, a fraternal society based in Milwaukee, WI.  A.M.
Best expects that the merger will further stress the combined
entity's capitalization initially; however, anticipated expense
savings in succeeding years and efforts to raise new surplus funds
may improve the Society's risk-adjusted capitalization going
forward.


CENTRO NP: S&P Affirms Corporate Credit Rating at 'CCC+'
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC+' corporate
credit rating on Centro NP LLC following the recent announcement
that it had raised new long-term secured debt to meet its 2010
debt maturities and after Super LLC, the unrated entity that owns
Centro NP LLC, extended $2.3 billion of consolidated debt that was
otherwise due to mature at year-end 2010.  S&P also affirmed its
'CCC+' unsecured debt rating on the company.  S&P maintains its
'3' recovery rating on the company's unsecured debt, indicating
its expectation of a meaningful recovery (50%-70%) in the event of
a payment default.  The outlook remains negative.

"The rating affirmations reflect S&P's view that Centro NP's
recent debt raise alleviates previous near-term refinancing
pressure but does not address the need for the ultimate parent,
unrated Australian-based Centro Properties Group, to reduce its
very high leverage -- which is currently in the mid- to high-90%
area -- through a recapitalization," said Standard & Poor's credit
analyst Elizabeth Campbell.

Additionally, S&P expects Centro NP's fixed-charge coverage metric
to decline from its current level and end the year in the 1.8
times (x) area due to higher-cost new debt and lingering retail
real estate fundamental weakness.  The one-year debt extensions at
unrated Super LLC (the entity that owns Centro NP) and Centro NP
Residual Holding LLC (Residual Holding; a joint venture between
Super LLC and Centro NP) address sizable cross-defaulted debt that
was otherwise due to mature on Dec. 31, 2010.  This extension
provides a longer timeframe (now Dec. 31, 2011) for Centro
Properties Group to work toward an eventual recapitalization,
which S&P believes could occur by year-end 2011.

Loan extensions at related entities (Super LLC and Residual) and
Centro NP's recent debt raise address near-term debt maturities at
all three entities.  However, the ultimate parent has yet to
effect a more comprehensive recapitalization to reduce
consolidated leverage.  In addition, S&P expects Centro NP's
current operating metrics to decline over the next few quarters,
given retailers' still-tepid demand for retail space.  S&P would
lower its ratings if Centro NP's credit metrics deteriorate and
put pressure on the company's compliance with its financial
covenants.  S&P views an upgrade as unlikely before the parent
effects a meaningful recapitalization, which S&P believes could
occur by year-end 2011.


CG JCF: S&P Affirms Counterparty Credit Rating at 'B'
-----------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its
counterparty credit rating on C.G. JCF Corp., an intermediate
holding company of Crump Group Inc., at 'B', and revised the
rating outlook to stable from negative.  Standard & Poor's also
affirmed its 'B' rating on the company's senior secured debt.  The
senior secured recovery rating remains unchanged at '4'.

The ratings reflect the company's highly leveraged capital
structure, limited financial flexibility, and weak coverage
metrics.

"Due to the scheduled tightening of its debt leverage covenant
over the next 15 months, S&P does not believe Crump can remain in
compliance with this covenant without the ongoing capital support
from its private equity sponsor, J.C.  Flowers, which S&P believes
will be forthcoming," said Standard & Poor's credit analyst John
Iten.  In addition, Crump's profit margins in its
property/casualty brokerage segment are significantly below that
of its interactively rated wholesale brokering peers.

Partially offsetting these weaknesses are its market position as
the largest domestic wholesale broker based on commercial p/c and
life premiums written, diversified revenue stream, improved
expense structure, and developing enterprise risk management
framework.  In particular, Crump has a strong position in the life
brokerage market.  Also, though Crump's balance sheet remains
highly leveraged, the company has reduced its debt significantly
through voluntary principal payments, and Crump is less leveraged
than many of its interactively rated peers.

"The outlook change reflects S&P's expectation that principal
repayments and reduced interest expense will result in improved
leverage and coverage metrics for 2010," said Mr. Iten.  "S&P
expects the company to produce pretax EBITDA coverage of at least
2x for 2010 and total debt to EBITDA of less than 5x (not
including equity cure amounts in EBITDA) by year-end.  S&P also
expects modest revenue growth in 2010 and for the company to
produce a consolidated EBITDA margin of at least 16%.  S&P
believes the company will generate more operating cash flow in
2010 than in 2009."


CHAMPIONS BIOTECHNOLOGY: Recurring Losses Cue Going Concern Doubt
-----------------------------------------------------------------
Champions Biotechnology, Inc., filed on July 28, 2010, its annual
report on Form 10-K for the fiscal year ended April 30, 2010.

Ernst & Young LLP, in Phoenix, Ariz., expressed substantial doubt
about the Company's ability to continue as a going concern.  The
independent auditors noted that the Company has experienced
recurring losses from operations while developing its service
offerings and expanding its sales channels.

The Company reported a net loss of $2,923,000 on $4,893,000 of
revenue for fiscal 2010, compared with a net loss of $2,242,000 on
$3,710,000 of revenue for fiscal 2009.

The Company's balance sheet at April 30, 2010, showed $3,932,000
in assets, $2,167,000 of liabilities, $188,000 of accrued stock
purchase, and $1,577,000 in stockholders' equity.

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

               http://researcharchives.com/t/s?679a

Baltimore, Md.-based Champions Biotechnology, Inc. (OTC BB: CSBR)
-- http://www.championsbiotechnology.com/-- is engaged in the
development of advanced preclinical platforms and predictive tumor
specific data to enhance and accelerate the value of oncology
drugs.


CIT GROUP: Appoints Tutwiler to Lead Communications, Mktg Group
-------------------------------------------------------------
CIT Group Inc. appointed Margaret D. Tutwiler, 59, as Executive
Vice President, Head of Communications, Marketing and Government
Relations effective August 2, 2010.  She will report directly to
Chairman and Chief Executive Officer John A. Thain.

Mr. Thain said, "Margaret's extensive governmental affairs and
communications experience will play an important role as we look
to strengthen CIT's brand identity, which remains focused on
supporting the small business and middle markets.  Her strategic
and creative thinking will help us position CIT for success and I
look forward to working again with Margaret."

Ms. Tutwiler will be responsible for overseeing internal and
external communications activities, including employee
communications, and media and government relations; public affairs
practices, including community affairs and philanthropy, and
corporate brand initiatives, including advertising and marketing.

Most recently, Ms. Tutwiler served as Senior Vice President and
Head of Global Communications and Public Affairs of Merrill Lynch.
Prior to this she was Head of Global Communications and Government
Relations of NYSE Euronext (NYSE: NYX) and its predecessor company
NYSE Group, Inc.

Ms. Tutwiler's broad governmental affairs experience spans more
than 20 years and included various senior level positions in the
Reagan and both Bush Administrations.

During President George W. Bush's presidency, she served as the
U.S. Undersecretary of State for Public Diplomacy and Public
Affairs under Secretary of State Colin Powell and as U.S.
Ambassador to the Kingdom of Morocco.

Prior to this, Ms. Tutwiler served as President of a public
relations firm and Senior Vice President for Public Affairs of the
Cellular Telecommunications Industry Association.

Under the administration of President George H. W. Bush, she held
several positions in the James A. Baker III State Department
including Spokesman, Assistant Secretary of State for Public
Affairs and was also Assistant to the President for
Communications.

During Ronald Reagan's presidency, Ms. Tutwiler's roles included
Assistant Secretary of the Treasury for Public Affairs under
Secretary Baker and Deputy Assistant to the President for
Political Affairs.

                             About CIT

Founded in 1908, CIT Group (NYSE: CIT) -- http://www.cit.com/--
is a bank holding company with more than $40 billion in finance
and leasing assets.  It provides financing and leasing capital to
its more than one million small business and middle market clients
and their customers across more than 30 industries.  CIT maintains
leadership positions in small business and middle market lending,
factoring, retail finance, aerospace, equipment and rail leasing,
and global vendor finance.

CIT Group Inc. and affiliate CIT Group Funding Company of Delaware
LLC announced a Chapter 11 filing on November 1, 2009 (Bankr.
S.D.N.Y. Case No. 09-16565).  Evercore Partners, Morgan Stanley
and FTI Consulting are the Company's financial advisors and
Skadden, Arps, Slate, Meagher & Flom LLP is legal counsel in
connection with the restructuring plan.  Sullivan & Cromwell is
legal advisor to CIT's Board of Directors.

CIT Group on November 1 announced that, with the overwhelming
support of its debtholders, the Board of Directors voted to
proceed with the prepackaged plan of reorganization for CIT Group
Inc. and a subsidiary that will restructure the Company's debt and
streamline its capital structure.  None of CIT's operating
subsidiaries, including CIT Bank, a Utah state bank, were included
in the filings.

On December 8, the Court confirmed the Debtors' prepackaged plan.
On December 11, CIT emerged from bankruptcy.

                          *     *    *

As reported by the Troubled Company Reporter on May 25, 2010, DBRS
has assigned various ratings including an Issuer Rating of B
(high) to CIT Group Inc.  Concurrently, DBRS has assigned a BB
(high) rating to CIT's First Lien Secured Credit Facility, a BB
(low) rating to the second lien Series B Notes, a B (high) rating
to the Series A Notes, a B rating to the Unsecured Long-Term Debt
and a Short-Term rating of R-4.  The trend on all long-term
ratings is Positive.

The TCR also said Moody's Investors Service assigned a B3
corporate family rating to CIT Group Inc.  Concurrently, Moody's
assigned ratings of B1, B3, and Caa1 to CIT's first lien secured
debt facilities, second lien secured notes, and senior unsecured
notes, respectively.  The outlook for the ratings is stable.

The TCR said May 3, 2010, Standard & Poor's Ratings Services
assigned its 'B+/B' counterparty credit rating to CIT.  The
outlook is positive.  At the same time, S&P assigned its 'BB'
rating to the company's first-lien secured credit facility,
indicating its high confidence of full recovery of principal.  S&P
also assigned its 'B+' rating to the company's second-lien secured
notes and 'B' rating to the unsecured debt, reflecting those
issues' lower relative recovery prospects.


CIT GROUP: DBRS Affirms Issuer Rating at 'B'
--------------------------------------------
DBRS has commented that the ratings of CIT Group, Inc. (CIT or the
Company), including its Issuer Rating of B (high), are unaffected
by the Company's announcement of 2Q10 earnings results indicating
net income of $142 million up from $97.3 million in the prior
quarter.  The trend on all long-term ratings is Positive.

CIT's 2Q results evidence the Company's continued progress in
repaying higher cost secured debt, optimizing the portfolio and
defending the core franchise.  Importantly, CIT's core commercial
franchise remains solid illustrated by the 14% increase in new
business volume to over $1.0 billion during the quarter.  DBRS
sees this as further confirmation that the reorganization process
in the fall of 2009 had minimal impact on the core business of the
Company.  Additionally, during the quarter, CIT nearly completed
the build out and enhancement of its senior management team.

Earnings improved quarter-on-quarter driven by an increase in non-
interest income attributable to gains on sales of assets as the
Company continues to streamline its portfolio.  Also, earnings
benefited from improved recoveries of pre-fresh start accounting
(FSA) charged-off receivables; however, this improvement was
offset by higher provisioning for credit losses.  Furthermore,
CIT's 2Q earnings were supported by $406 million of pre-tax FSA
accretion income.  While business fundamentals improved, the
prominence of high cost debt in the capital structure continues to
be a substantial headwind limiting underlying earnings ability.
Excluding FSA accretion income, CIT's pre-tax loss totaled
$193.5 million; however, the loss narrowed from $281.1 million in
the prior quarter.

CIT's liquidity profile continues to improve.  During the quarter,
CIT repaid an additional $2.3 billion of the high-cost first lien
debt and an additional $450 million subsequent to quarter-end.  As
such, the Company has $4.0 billion of first lien debt outstanding,
down significantly from $7.5 billion at the start of 2010.  DBRS
sees CIT's continued progress in repaying and refinancing the high
cost debt as key to restoring the Company's ability to generate a
sufficient level of underlying profitability.  Further, CIT
continues to demonstrate good access to more cost-efficient
funding sources completing, to date, $2.5 billion in secured
financing, improving funding flexibility.  In 2Q10, the Company
closed a new $650 million committed conduit facility for Trade
Finance and a GBP 100 million committed U.K. Vendor Finance
conduit facility.  Nonetheless, CIT continues to focus on shifting
its funding model to a more "bank-centric" model and reduce
reliance on wholesale funding sources, which DBRS views as a long-
term challenge.  That said, DBRS expects continued progress on
executing additional liquidity enhancing projects in the upcoming
quarters.

Asset quality remains acceptable. On a pre-FSA basis, gross
charge-offs increased $16 million from the prior quarter to
$252 million, or 2.89% of average finance receivables.  The
increase was primarily driven by an increase in charge-offs within
Corporate Finance, resulting from weakness in real estate and
energy loans.  Provisions for loan loss increased 40% quarter-on-
quarter to $261 million due to the increased new origination
volume, additional reserves for a liquidating consumer portfolio
and higher post-FSA charge-offs.  However, these provisions do not
reflect the benefit $97 million of recoveries realized by CIT
during the quarter on pre-emergence loans.  Moreover, the
remaining $1.2 billion of non-accretable discount (marks) on the
balance sheet at the end of 2Q10 limits potential exposure to
losses on the pre-emergence loan portfolio.  CIT's coverage ratio,
including the FSA accretable discount, remains solid at 5.0% of
pre-FSA loans.  Given the still challenging environment for small
and middle market businesses, which are CIT's core clientele, DBRS
views the credit performance of the loan portfolio as illustrating
the Company's sound underwriting and servicing abilities as well
as the continued progress in removing risk from the balance sheet.

Capital remains solid.  An increase in common equity and further
reductions in risk-weighted assets, owed to ongoing removal of
non-core assets, resulted in improving capital ratios.  CIT
reported a Tier 1 capital ratio of 17.2% and a total capital ratio
of 17.9% at the end of 2Q10.  Moreover, leverage continues to
decline with debt-to-equity of 4.4x at June 30, 2010.

The Positive trend reflects DBRS's expectations that the Company
should continue to make progress in improving and diversifying its
funding profile, while restoring underlying profitability.


CITY CAPITAL: Spector Out as Accountant; Malone In
--------------------------------------------------
City Capital Corporation said in a regulatory filing that it has
dismissed Spector & Associates LLP as its independent registered
public accounting firm.  The decision to dismiss Spector was
approved by the Company's board of directors on July 20, 2010.

During the past two fiscal years ended December 31, 2009 and 2008,
Spector's reports on the Company's financial statements did not
contain an adverse opinion or disclaimer of opinion, and were not
qualified or modified as to uncertainty, audit scope or accounting
principles with the exception of a qualification expressing
uncertainty about the company's ability to continue as a going
concern.

During the past two fiscal years ended December 31, 2009 and 2008,
and from December 31, 2009 to July 20, 2010:

   i) there were no disagreements between the Company and
      Spector on any matter of accounting principles or practices,
      financial statement disclosure or auditing scope or
      procedure which, if not resolved to the satisfaction of
      Spector would have caused Spector to make reference to the
      matter in its reports on the company's financial statements;
      and

  ii) there were no reportable events as the term described in
      Item 304(a)(1)(v) of Regulation S-K.

On July 23, 2010, the Company engaged Malone Bailey LLP to serve
as independent registered public accounting firm for the year
ending December 31, 2010.

During the past two fiscal years ended December 31, 2009 and 2008,
and from December 31, 2009 to July 20, 2010, the Company did not
consult with Malone regarding the application of accounting
principles to a specific completed or contemplated transaction, or
the type of audit opinion that might be rendered on the company's
financial statements.  The decision to engage Malone was approved
by the company's board of directors on July 20, 2010.

                        About City Capital

Franklin, Tenn.-based City Capital is a professional management
and diversified holding company engaged in leveraging investments,
holdings and other assets to build value for investors and
shareholders.

After auditing the Company's financial results in 2008 and 2009,
Spector & Associates LLP expressed substantial doubt about City
Capital Corporation's ability as a going concern.  The firm noted
that the Company has recurring losses, substantial accumulated
deficit and negative cash flows from operations.

The Company's balance sheet at Dec. 31, 2009, showed $2,997,088 in
total assets and $9,820,316 in total liabilities, resulting in a
stockholder's deficit of $6,674,519.


CLEVELAND IMAGING: Voluntary Chapter 11 Case Summary
----------------------------------------------------
Debtor: Cleveland Imaging & Surgical Hospital
        1017 South Travis
        Cleveland, TX 77327

Bankruptcy Case No.: 10-10463

Chapter 11 Petition Date: July 29, 2010

Court: United States Bankruptcy Court
       Eastern District of Texas (Beaumont)

Debtor's Counsel: Rodney Dewayne Tow, Esq.
                  10077 Grogans Mill Rd.
                  The Woodlands, TX 77380
                  Tel: (281) 681-9100
                  Fax: (281) 681-1441
                  E-mail: rtow@towkoenig.com

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

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

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

The petition was signed by Dr. Camil Kreit, board member chief of
staff.


CLOPAY AMES: S&P Assigns Corporate Credit Rating at 'BB-'
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary 'BB-'
corporate credit rating to New York City-based Clopay Ames True
Temper Holding Corp.

At the same time, S&P assigned a preliminary 'BB+' issue-level
rating (two notches above the corporate credit rating) to the
company's proposed $150 million asset-based revolving credit
facility due 2014.  The preliminary recovery rating is '1',
indicating the expectation of full (90%-100%) recovery in the
event of a payment default.  Also, S&P assigned a preliminary
issue-level rating of 'BB' (one notch above the corporate credit
rating) to the company's proposed $500 million secured term loan
due 2016.  The preliminary recovery rating is '2', indicating the
expectation that lenders can expect substantial (70% to 90%)
recovery in the event of a default.

Proceeds from the proposed financings, combined with cash from
parent company Griffon Corp. (unrated entity) will be used to fund
the acquisition of Ames True Temper and thus create Clopay Ames.

The rating outlook is stable.

"The 'BB-' preliminary corporate credit rating on Clopay Ames True
Temper Holding Corp. reflects the combination of S&P's assessment
of its fair business risk profile and aggressive financial risk
profile," said Standard & Poor's credit analyst Thomas Nadramia.
The rating also reflects its sizable customer concentrations in
each business segment, exposure to construction cycles in two
(garage doors and tools) of its three business lines, its somewhat
aggressive financial risk profile given S&P's expectation that the
company's pro forma adjusted debt to EBITDA will be about 4.5x,
and the likelihood of further acquisitions.  The rating is also
based on the company's good diversity across three distinct
business segments (specialty plastics, garage doors, and lawn and
garden tools), relatively stable margins and international
presence in its plastics business, and recognized brands and
national footprint in the garage doors and lawn and garden tools
segments.


COACH AMERICA: Moody's Reviews 'B3' Corporate for Downgrade
-----------------------------------------------------------
Moody's Investors Service has placed all ratings, including the B3
corporate family rating, of Coach America Holdings, Inc., under
review for possible downgrade.  The review is prompted by
liquidity challenges due to contractual tightening of financial
ratio covenants upcoming.  Moreover, Coach America's performance,
in the context of prolonged U.S. economic softness, will likely be
poorer than Moody's had expected it would be.

The review will focus on the company's ability to sustainably
address liquidity challenges (and resulting impact, if any, on
capital structure), and earnings/cash flow expectations.

The ratings placed under review for possible downgrade are: (The
Loss Given Default Assessments are subject to change.)

* Corporate Family Rating B3

* Probability of Default B3

* $30 million guaranteed 1st lien revolving credit facility due
  2013, B2 LGD3, 40%

* $50 million guaranteed 1st lien letter of credit facility due
  2014, B2 LGD3, 40%

* $195 million guaranteed 1st lien term loan due 2014, B2 LGD3,
  40%

* $50 million guaranteed 1st lien delayed draw term loan due 2014,
  B2 LGD3, 40%

* $55 million guaranteed 2nd lien term loan due 2014, Caa2 LGD5,
  88%

Moody's last rating action on Coach America occurred July 13,
2009, when the B3 corporate family rating was affirmed.

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

Coach America Holdings, Inc., headquartered in Dallas, Texas, is a
charter bus operator and motorcoach services provider in the
United States.  The company had fiscal year 2009 revenues of
approximately $428 million.


COMMUNICATIONS INTELLIGENCE: Names Brian Watson as Vice President
-----------------------------------------------------------------
Communication Intelligence Corporation named Brian K. Watson VP-
Product Development.  Russel Davis, Vice President-Product
Development & CTO of CIC has resigned to pursue other interests,
effective as of July 28, 2010.

Mr. Watson has over 20 years of experience managing and leading
technology teams in biometrics, handheld devices, hosted and SaaS
based software solutions.  He has extensive experience in
financial and healthcare industries and held positions in both
high tech startups and fortune 500 companies.  His prior positions
include Director- Engineering at Solidus Networks (Pay By Touch),
the pioneer in deploying hosted biometric authentication and
payment solutions for retail stores, Director-Quality Assurance at
IPIN, a leader in enabling a complete digital commerce experience
through managed services that allow multi-channel payments,
settlement and service lifecycle management, Senior Technical
Architect for McKesson, a leading provider of healthcare IT
software solutions automating the business process, and Practice
Manager with KPMG Peat Marwick, leading consulting efforts on IT
processes.

                 About Communication Intelligence

Headquartered in Redwood Shores, California, Communication
Intelligence Corporation and its joint venture is a supplier of
electronic signature solutions for business process automation in
the financial industry as well as the recognized leader in
biometric signature verification.

GHP Horwath, P.C. in Denver, Colorado, the Company's auditor, has
expressed substantial doubt about its ability to continue as a
going concern.  The Company noted, in its Form 10-K for the year
ended Dec. 31, 2010, of its recurring losses and limited
liquidity.

The Company's balance sheet at March 31, 2010, showed $5.0 million
in total assets and $5.9 million in total liabilities, resulting
to $909,000 in stockholders' deficit.


CONTINENTAL AIRLINES: Moody's Affirms 'B2' Corporate Family Rating
------------------------------------------------------------------
Moody's Investors Service affirmed its B2 Corporate Family and
Probability of Default ratings and all of its other debt ratings
of Continental Airlines, Inc., including on the Enhanced Equipment
Trust Certificates.  Moody's upgraded its Speculative Grade
Liquidity rating of Continental to SGL-2 from SGL-3.  The ratings
outlook is negative.

Moody's also assigned a Ba2 rating to the planned issuance by
Continental of $750 million of first lien senior secured notes due
2015.  The Notes will be guaranteed on a senior secured basis by
Continental's subsidiaries Air Micronesia, Inc., and Continental
Micronesia, Inc.  Certain route authorities between the U.S. and
Japan and China and the U.S. and London Heathrow, slots and gates
or facility access required to operate service under the certain
route authorities, and the assets and capital stock of AMI and CMI
serve as the collateral of the Notes.

"The affirmation of the B2 Corporate Family rating recognizes
Continental's improved operating performance, higher cash balance
and stronger credit metrics achieved since the end of 2009," said
Moody's Airline Analyst, Jonathan Root.  "The affirmation also
signifies the potential for Moody's to maintain the B2 rating if
the proposed merger with UAL Corporation (B3 corporate family, on
review for upgrade) is completed under terms that enable the
combined entity to achieve the potential revenue and cost
synergies that have been identified," continued Root.  However,
the outlook remains negative because of the industry's weak track
record in successfully executing large business combinations, the
need to negotiate new unified contracts for the respective labor
groups that will provide the merged company with a competitive
cost structure and uncertainty about the sustainability of the
recent growth of demand, particularly from corporate customers.

The upgrade of the Speculative Grade Liquidity rating to SGL-2
reflects the increase in the unrestricted cash, cash equivalents
and short-term investments balance to about $3.5 billion at
June 30, 2010, and anticipation that Cash could remain above
$3.2 billion through the seasonal trough that typically occurs in
the fourth calendar quarter.  The announced Note offering will
provide a significant amount of new debt capital, $350 million of
which will refinance a credit facility due in June 2011.  The
balance will be used for general corporate purposes and reduces
the extent to which additional capital may be needed to meet other
2011 debt maturities.

The B2 Corporate Family Rating considers Continental's well
established business position serving business and leisure
passengers, with strong hubs in Houston, Texas; Newark, New
Jersey; and Cleveland, Ohio.  Moody's estimates that credit
metrics in upcoming quarters are likely to remain indicative of
the single-B category, notwithstanding that it expects year-on-
year growth of airline operating metrics to slow because of more
difficult comparisons and the potential of a modest slowdown in
demand if forecasts of tepid global GDP growth are realized.  The
B2 rating also reflects Moody's opinion that the average price of
a barrel of oil is likely to remain below $90 in upcoming
quarters, which should prevent the recurrence of the high-fuel
price induced stress on liquidity and credit metrics that took
place in 2008 and 2009.  See page 6 of Moody's Industry Outlook
for the Global Integrated Oil industry published on July 28, 2010,
available on moodys.com for its current oil price assumptions.
Continental maintains unit cost and contribution margin per
available seat mile measures (each not stage length adjusted) that
are competitive with its legacy carrier peers.  Importantly,
Continental has continued to upgrade its fleet with new aircraft
purchases and has completed the addition of winglets to its
narrow-body aircraft, which should help to lower its fuel burn.

Moody's anticipates little upwards pressure on the ratings before
the closing of the merger.  The ratings could be downgraded prior
to the completion of the merger if the cost of jet fuel was to
significantly increase above $2.60 per gallon or if Cash was to
fall below $2.5 billion.  The generation of negative free cash
flow, Debt to EBITDA that is sustained above 6.5 times or Funds
from operations + interest to interest of below 2.0 times could
also negatively affect the ratings.  Moody's could stabilize the
outlook upon the closing of the merger if it expects the company
to have a labor cost structure that is competitive with its U.S.
peers and the U.S. regulatory review does not require the carriers
to divest a significant number of routes or hubs in the U.S. The
inclusion of upstream and downstream guarantees of each other's
debt obligations could also positively affect ratings on certain
instruments as determined by Moody's Loss Given Default Rating
Methodology.

The last rating action on Continental was on May 3, 2010, when
Moody's affirmed the B2 Corporate Family rating and kept the
ratings outlook at negative.

Downgrades:

Issuer: Continental Airlines Finance Trust II

  -- Preferred Stock Preferred Stock, Downgraded to LGD6, 95% from
     LGD6, 93%

Issuer: Continental Airlines, Inc.

  -- Senior Unsecured Conv./Exch.  Bond/Debenture, Downgraded to
     LGD5, 74% from LGD5, 71%

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to LGD5,
     74% from LGD5, 71%

Upgrades:

Issuer: Continental Airlines, Inc.

  -- Speculative Grade Liquidity Rating, Upgraded to SGL-2 from
     SGL-3

Assignments:

Issuer: Continental Airlines, Inc.

  -- Senior Secured Regular Bond/Debenture, Assigned Ba2, LGD2,
     21%

Continental Airlines, Inc., based on Houston Texas, is the world's
fifth largest airline as measured by the number of scheduled miles
flown by revenue passengers in 2009.


CONTINENTAL AIRLINES: S&P Assigns 'BB-' Rating on $750 Mil. Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' rating and
'1' recovery rating to Continental Airlines Inc.'s proposed
$750 million senior secured notes, a 144A without registration
rights.  The '1' recovery rating indicates S&P's expectation of
very high (90% to 100%) recovery in a payment default scenario.
S&P placed the 'BB-' issue-level rating on CreditWatch with
negative implications, consistent with the CreditWatch
implications of the Continental corporate credit rating.  (S&P
placed its ratings on Continental on CreditWatch May 3, 2010,
following its announcement of an agreement to merge with UAL
Corp.).

"S&P base the 'BB-' rating and '1' recovery rating on the 'B'
corporate credit rating on the company, as well as S&P's
expectation of very high (90% to 100%) recovery in a payment
default scenario," said Standard & Poor's credit analyst Philip
Baggaley.  "International route rights of Continental and related
slots and gates, the stock of subsidiary Air Micronesia Inc., and
indirect subsidiary Continental Micronesia Inc. will collateralize
the notes," he continued.  AMI and CMI will guarantee the notes,
whose guarantees are secured by CMI's international route rights
and certain other assets.  The various international routes that
will secure the notes consist of Continental's routes between the
U.S. and Japan (to Tokyo's Narita International Airport), those
between the U.S. and China (to Beijing and Shanghai) and Hong
Kong, those between the U.S. and U.K. (to London's Heathrow
International Airport), and those of CMI.  CMI operates routes in
the central Pacific region from a hub at Guam, serving Pacific
islands, Japan, and certain other Pacific rim destinations.  Its
main business is carrying Japanese tourists to Guam and other
islands of Micronesia, which has been a profitable and fairly
stable source of revenues.  In S&P's simulated default scenario,
S&P estimates 95% coverage of the secured notes, potential add-on
notes, six months of interest expense, and certain other priority
claims on the collateral.

                           Ratings List

                     Continental Airlines Inc.

        Corp. credit rating               B/Watch Neg/--

                         Ratings Assigned

    Proposed $750 million senior secured notes    BB-/Watch Neg
     Recovery rating                              1


COUDERT BROTHERS: Baker & McKenzie Settles Claims for $6.65MM
-------------------------------------------------------------
Baker & McKenzie LLP has agreed to shell out $6.65 million to the
estate of Coudert Brothers LLP and to relinquish its claim to a
possible $10 million in contingency fees from coal tax litigation
to settle claims over profits from unfinished business that
partners took with them when they left the failed firm, Bankruptcy
Law360 reports.

The settlement resolves the unfinished business claims, fraudulent
conveyance claims and breach of contract claims that the estate
asserted against Baker & McKenzie in April 2009, according to a
motion obtained by Law360.

Coudert Brothers LLP was an international law firm specializing in
complex cross-border transactions and dispute resolution.  The
firm had operations in Australia and China.  The Debtor filed for
Chapter 11 protection on Sept. 22, 2006 (Bankr. S.D.N.Y. Case
No. 06-12226).  John E. Jureller, Jr., Esq., and Tracy L.
Klestadt, Esq., at Klestadt & Winters, LLP, represent the Debtor
in its restructuring efforts.  The U.S. Trustee for Region 2
appointed five creditors to serve on an Official Committee of
Unsecured Creditors.  Brian F. Moore, Esq., and David J.
Adler, Esq., at McCarter & English, LLP, represent the Official
Committee of Unsecured Creditors.  Coudert scheduled total assets
of $29,968,033 and total debts of $18,261,380 as of the Petition
Date.

The Bankruptcy Court in August 2008 signed an order confirming
Coudert Brothers LLP's chapter 11 plan.  The Plan contemplated on
paying 39% to unsecured creditors with $26 million claims.


CROSSHAIR EXPLORATION: Posts C$2.3 Million Net Loss in Fiscal 2010
------------------------------------------------------------------
Crosshair Exploration & Mining Corp. filed on July 30, 2010, its
annual report on Form 20-F, reporting a net loss of C$2,321,078
for the fiscal year ended April 30, 2010, compared with a net loss
of C$20,724,237 for the fiscal year ended April 30, 2009.  The
Company has no mineral reserves and to date has not produced any
revenues.

The Company's balance sheet at April 30, 2010, showed C$34,998,792
in assets, C$1,293,375 of liabilities, and C$33,705,417 of
stockholders' equity.

At April 30, 2010, the Company had an accumulated deficit of
C$53,694,636.  "The Company's ability to continue as a going
concern is dependent upon its ability to obtain additional funding
from loans or equity financings or through other arrangements.  To
raise funds for operations, the Company is pursuing merger and
acquisition opportunities, in conjunction with private or
institutional financing.  However, there can be no assurance that
these activities will be successful."

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

               http://researcharchives.com/t/s?678f

Vancouver, Canada-based Crosshair Exploration & Mining Corp. was
incorporated under the laws of British Columbia on September 2,
1966.  Its principal business activities are the acquisition,
exploration and development of mineral properties.  All of the
Company's resource properties are located in North America.


CROSSROADS FORD: In Chapter 11 to Settle Dispute
------------------------------------------------
Crossroads Ford filed for bankruptcy in order to settle matters
with a software-hardware provider, KeaneyHub.com reported, citing
a person with knowledge of the filing.

Crossroads Ford Inc. -- http://www.crossroadsford.com/-- is a
Ford car dealer.  Crossroads Ford filed for Chapter 11 on June 19,
2010 (Bankr. D. Neb. Case No. 10-41918).  Trev Peterson, Esq., at
Knudsen Berkheimer Richardson Endacott, serves as counsel to the
Debtor.  Schedules attached to the petition said assets total $4.0
million and debts total $2.0 million as of the Chapter 11 filing.


CUSTOM CABLE: Files for Chapter 11 to Sell Assets to ComVest
------------------------------------------------------------
Custom Cable Industries Inc. filed a Chapter 11 petition on
July 30 in Tampa, Florida (Bankr. M.D. Fla. Case No. 10-18478).

According to Bloomberg News, Custom Cable said in a court filing
that it intends to sell its business to ComVest Capital LLC, the
primary secured lender.  Business Journal of Tampa Bay reports
that Custom Cable tapped Berenfield Capital Markets LLC to assist
it in finding prospective buyers.

Custom Cable, Bloomberg relates, said in a statement that it's a
"good company with a poor balance sheet and improving operations."
It needs a new owner and a capital infusion.  Custom Cable added
that problems that led to bankruptcy include significant debt and
litigation claims by former executives and senior lenders.

Custom Cable Industries Inc. is a manufacturer and installer
of audio, video and fiber-optic cables.  The Company estimated
$1 million to $10 million in assets, and $10 million to
$50 million in debts in its Chapter 11 petition.

The Company, according to Business Journal, owes $3.7 million in
unsecured claims, which include $1.5 million owed to Shaxon
Industries Inc. for inventory and $850,000 owed to Steelcase Inc.
for a promissory note.


DANAOS CORP: Posts $79.8 Million Net Loss in Q1 Ended March 31
--------------------------------------------------------------
Danaos Corporation reported a net loss of $79.8 million on
$79.7 of revenue for the three months ended March 31, 2010,
compared with net income of $20.0 million on $75.3 million of
revenue for the same period of 2009.  Financial statements are
unadited.

As of December 31, 2009, the Company was in breach of various
covenants in its credit facilities, for some of which it had
obtained waivers and for others it had not.  The waivers the
Company has obtained are for a period through October 1, 2010.
Furthermore, as of March 31, 2010, there were further breaches for
which the Company has not obtained waivers.  In addition, although
the Company was in compliance with the covenants in its credit
facility with KEXIM, and has obtained waivers of non-compliance
with certain other covenants under other credit facilities as
noted above, under the cross default provisions of its credit
facilities the lenders could require immediate repayment of the
related outstanding debt.

The Company continues to pay loan installments and accumulated or
accrued interest as they fall due under the existing credit
facilities.

The Company has reached an agreement in principle, but it has not
obtained yet formal approvals from all of the credit committees of
the respective banks, for an agreement that will supersede, amend
and supplement the terms of each of its existing credit facilities
(other than its credit facilities with KEXIM and KEXIM Fortis) and
provide for, among other things, revised amortization schedules,
interest rates, financial covenants, events of defaults, guarantee
and security packages, as well as New Credit Facilities available
for certain of its currently non-financed newbuildings.

The Company's balance sheet at March 31, 2010, showed
$3.130 billion in assets, $2.837 billion of liabilities, and
$292.8 million of stockholders' equity.

A full-text copy of the "Operating and Financial Review and
Prospects and Condensed Consolidated Financial Statements
(Unaudited) for the Three Months Ended March 31, 2010", is
available for free at http://researcharchives.com/t/s?6790

                     About Danaos Corporation

Headquartered in Piraeus, Greece, Danaos Corporation (NYSE: DAC)
-- http://danaos.com/-- is an international owner of
containerships, chartering its vessels to many of the world's
largest liner companies.  The Company operates through a number of
subsidiaries incorporated in Liberia and Cyprus.  As of May 31,
2010, the Company had a fleet of 45 containerships aggregating
193,629 TEUs, making the Company among the largest containership
charter owners in the world, based on total TEU capacity.

As reported in the Troubled Company Reporter on June 22, 2010,
PricewaterhouseCoopers S.A., in Athens, Greece, expressed
substantial doubt about the Company's ability to continue as a
going concern after auditing the Company's financial statements
for the year ended December 31, 2009.  The Company noted that of
the Company's inability to comply with financial covenants under
its current debt agreements as of December 31, 2009, and its
negative working capital deficit.


DCP LLC: Moody's Assigns 'B2' Corporate Family Rating
-----------------------------------------------------
Moody's Investors Service assigned dcp LLC and dcp Corp. (dba dick
clark productions) a B2 Corporate Family Rating and a B1
Probability-of-Default Rating.  Additionally, a B2 rating was
assigned to dcp's new $150 million 5-year senior secured notes.
Proceeds from the issuance will be used to refinance the company's
existing indebtedness (about $51 million under the company's term
loan facility), to fund a $90 million distribution to CP
Investment Holdings LLC (dcp's parent) and to pay fees and
expenses.  The rating outlook is stable.

Assignments:

Issuers -- dcp LLC and dcp Corp.

* Corporate Family Rating -- B2
* Probability-of-Default Rating -- B1
* New Senior Secured Notes -- B2 (LGD 4, 65%)

The rating outlook is stable.

dcp's ratings are reflective of the company's modest scale and its
reliance on just four annual events (The Golden Globes, American
Music Awards, Academy of Country Music Awards, and Dick Clark's
New Year's Rockin' Eve) and one FOX prime time reality dance
competition (So You Think You Can Dance) for the majority of its
cash flow.  Also considered is the company's high pro forma debt-
to-EBITDA leverage (estimated to be about 5.0x incorporating
Moody's standard adjustments) and modest free cash flow
generation.  The rating is supported by dcp's four core events
that in Moody's view continue will continue to attract large
audiences, contribute to the company's high margin and are
anticipated to remain largely contractual with strong broadcast
network counterparties.

While a majority of dcp's cash flow is expected to be generated by
its four core events, the company's revenue stream is extremely
predictable as license agreements are typically multi-year and
long term in nature.  Moody's anticipates that as its long-term
licensing contracts expire for its important award shows, new ones
will be negotiated which will result in increasing fees.  The non-
renewal or a reduction of one of dcp's contracts could materially
impact operating performance, as would the cancellation of its
reality dance competition which is currently airing its seventh
season, without an adequate replacement program.  Moody's also
notes that the company has only a 50% economic interest in two of
its award shows.  For newly developed programming, the company
only green lights development when it reaches agreements with
networks such that the company is not deficit financing production
costs.

This is the first time that Moody's has assigned ratings to dcp.

dcp's ratings were assigned by evaluating factors that Moody's
considers relevant to the credit profile of the issuer, such as
the company's (i) business risk and competitive position compared
with others within the industry; (ii) capital structure and
financial risk; (iii) projected performance over the near to
intermediate term; and (iv) management's track record and
tolerance for risk.  Moody's compared these attributes against
other issuers both within and outside dcp's core industry and
believes dcp's ratings are comparable to those of other issuers
with similar credit risk.  Additional information can be found in
the associated Credit Opinion on www.moodys.com within one
business day of this release.

dick clark productions, with its headquarters in Santa Monica,
California, develops and produces television programming for
television networks, first-run domestic syndicators, cable
networks and advertisers primarily in the United States.  Revenue
for the twelve months ended March 31, 2010, was around
$80 million.


DCP LLC: S&P Assigns 'B' Corporate Credit Rating
------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'B'
corporate credit rating to Santa Monica, Calif.-based TV
production company dcp LLC.  The rating outlook is stable.

At the same time, S&P assigned the company's proposed $150 million
five-year senior secured notes an issue-level rating of 'B+' (one
notch higher than the 'B' corporate credit rating) with a recovery
rating of '2', indicating S&P's expectation of substantial (70%-
90%) recovery for noteholders in the event of a payment default.
Subsidiary dcp Corp. is a co-issuer of the notes.  The notes will
be guaranteed on a senior secured basis by dcp LLC's domestic
subsidiaries, of which the principal subsidiary is dick clark
productions Inc.  The company will use the net proceeds of the
notes issuance to refinance its existing credit facility, fund a
dividend to its parent company, and pay fees and expenses.

"S&P's rating on dcp reflects its expectation that leverage will
remain high over the intermediate term, despite its view that the
company will continue to generate moderate discretionary cash flow
based on the stability of its core programming license fees," said
Standard & Poor's credit analyst Deborah Kinzer.  Other factors
include the company's small portfolio of live TV shows and limited
liquidity following the transaction.  dcp's good EBITDA margin and
moderate discretionary cash flow generation are positives that do
not offset these risks.


DEUCE INVESTMENTS: Plan Outline Hearing Scheduled for Today
-----------------------------------------------------------
The Hon. Robert N. Kwan of the U.S. Bankruptcy Court for the
Eastern District of North Carolina will consider at a hearing
today, August 4, 2010, at 11:00 a.m., approval of the disclosure
statement explaining Deuce Investments, Inc.'s proposed Plan of
Liquidation.

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

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

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

                  About Deuce Investments, Inc.

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


DHP HOLDINGS: Bankruptcy Cases Converted to Chapter 7
-----------------------------------------------------
A bankruptcy judge in Delaware entered an order immediately
converting the Chapter 11 bankruptcy cases of DHP Holdings II
Corporation, and its affiliates to chapter 7 liquidation,
netDockets Blog reports.

As reported in the Troubled Company Reporter on July 19, 2010, the
Debtors themselves sought the conversion, citing that they have
wound down and ceased their operations, and have liquidated
substantially all of their tangible assets.  The Debtors do not
believe they will be able to propose or confirm a Plan in the
Chapter 11 cases, and are incurring administrative expenses.

Two objections to the conversion were filed by individuals,
according to NetDockets Blog.

According to the report, the Official Committee of Unsecured
Creditors initially sought conversion of the cases in October of
last year.  The Debtors and the prepetition lenders then objected
to the conversion and later reached a deal with the Committee to
"work in good faith regarding the terms and conditions of a
possible chapter 11 plan for the Debtors."

                    About DHP Holdings II

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

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

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


E-BRANDS RESTAURANT: Financial Woes Prompt Bankruptcy Filing
------------------------------------------------------------
E-Brands Restaurants LLC, along with affiliates, filed for Chapter
11 bankruptcy protection in Tampa, Florida on July 30, 2010
(Bankr. M.D. Fla. Case No. 10-18282).

E-Brands operates an Italian restaurant in Tampa.  E-Brands
estimated assets of up to $1 million and debts of $10 million to
$50 million in its bankruptcy petition.  The company said it owes
$12.5 million to General Electric and $1.5 million to Bank of
America.

E-Brands has filed customary first day motions, including requests
(i) to require utility companies to continue to provide
electricity, and (ii) for permission to keep honoring gift cards
and coupons.

Michael Sasso at The Tampa Tribune reported that E-Brands said in
court filings that sales and earnings fell sharply from 2008 to
2009 as the economy worsened.


ENERGY FUTURE: Obtains Requisite Consents for Exchange Offers
-------------------------------------------------------------
Energy Future Holdings Corp. reported the results of the offers of
its direct, wholly-owned subsidiary, Energy Future Intermediate
Holding Company LLC and EFIH Finance Inc. to exchange the
outstanding 11.250%/12.000% Senior Toggle Notes due 2017 and
10.875% Senior Notes due 2017 of EFH Corp. for up to $2.18 billion
aggregate principal amount of 10.000% Senior Secured Notes due
2020 to be issued by the Offerors and an aggregate of $500 million
in cash, upon the terms and subject to the conditions set forth in
the preliminary prospectus relating to the Exchange Offers and the
related Consent and Letter of Transmittal.

EFH Corp. said that as of 5:00 p.m., New York City time, on
July 29, 2010, with respect to its concurrent solicitation of
consents from holders of the Old Notes to certain proposed
amendments to the indenture that governs the Old Notes that EFH
Corp. had received the requisite Consents to adopt the Proposed
Amendments.  The supplemental indenture relating to the Proposed
Amendments has been executed and delivered and Consents delivered
pursuant to the Consent Solicitation may no longer be revoked.

                Early Tender and Consent Results

EFH Corp. was advised by the exchange agent for the Exchange
Offers that, as of the Early Tender Date, which is also the
Consent Date for the Consent Solicitation, a total of
$4,469,868,133 aggregate principal amount of outstanding Old
Notes, representing approximately 99.51% of the outstanding Old
Notes, were validly tendered in the Exchange Offers, and related
Consents with respect to such Old Notes were validly delivered in
the Consent Solicitation.

Of the tendered Old Notes, as of the Early Tender Date,
$1,776,033,000 aggregate principal amount of the outstanding
10.875% Senior Notes due 2017 of EFH Corp. had been validly
tendered and not validly withdrawn and $2,693,835,133 aggregate
principal amount of the outstanding 11.250%/12.000% Senior Toggle
Notes due 2017 of EFH Corp. had been validly tendered and not
validly withdrawn.

Therefore, upon the terms and subject to the conditions of the
exchange offers, the total consideration payable for each $1,000
principal amount of each issue of Old Notes validly tendered at or
prior to the Early Tender Dateand accepted for exchange, will
consist of:

   * in the case of Old Cash-Pay Notes, cash consideration of
     $146.46 and $638.54 principal amount of New Senior Secured
     Notes, and

   * in the case of Old Toggle Notes, cash consideration of
     $134.33 and $585.67 principal amount of New Senior Secured
     Notes.

The amount of cash and New Senior Secured Notes payable per $1,000
principal amount of Old Notes as set forth above will not be
affected by proration and does not include the cash consent
payment separately payable in respect to Consents validly
delivered and not validly revoked as described below or accrued
and unpaid interest, if any, payable with respect to the Old Cash-
Pay Notes.

Based on the aggregate principal amount of Old Notes validly
tendered as of the Early Tender Date and assuming tendered Old
Notes are not withdrawn, the amount of Old Notes accepted for
exchange will be prorated.  Assuming that no additional Old Notes
are validly tendered after the Early Tender Date, no Old Notes
that were validly tendered prior to the Early Tender Date are
validly withdrawn prior to the Expiration Date, and the Offerors
accept for exchange the maximum principal amount of Old Notes
allowable under the terms and conditions of the Exchange Offers,
the Offerors would accept for exchange in the Exchange Offers
approximately 80.4% of the aggregate principal amount of the Old
Cash-Pay Notes validly tendered prior to the Early Tender Date and
approximately 80.4% of the aggregate principal amount of the Old
Toggle Notes validly tendered prior to the Early Tender Date.

                       Consent Solicitation

EFH Corp. has received Consents from holders of a majority of the
outstanding aggregate principal amount of the Old Notes, voting
together as a single class, which constitutes the requisite
Consents to adopt the Proposed Amendments.  The requisite Consents
having been received, EFH Corp. and The Bank of New York Mellon
Trust Company, N.A., as trustee, have executed and delivered a
supplemental indenture with respect to the Old Notes Indenture to
effectuate the Proposed Amendments.

The supplemental indenture will not become operative until
immediately prior to the acceptance for exchange of Old Notes upon
the terms and subject to the conditions set forth in the
Prospectus.  EFH Corp. will pay to each holder, in respect of such
holder's Old Notes as to which Consents were validly delivered and
not validly revoked at or prior to the Consent Date, a cash
consent payment of $2.50 per $1,000 principal amount of such Old
Notes.  Given the amount of Old Notes as to which Consents have
been validly delivered, the aggregate amount of consent payments
payable in relation to the Consent Solicitation is approximately
$11,174,670.  If all holders of Old Notes had validly delivered
Consents to the Proposed Amendments at or prior to the Consent
Date, the aggregate maximum amount of consent payments payable
would have been approximately $11,230,000.

Any Old Notes not tendered and accepted for exchange in the
Exchange Offers, including Old Notes withdrawn from the Exchange
Offers after the Consent Date, will remain outstanding and the
holders thereof will be bound by the terms of the Old Notes
Indenture, as modified by the Proposed Amendments.  The Proposed
Amendments will, among other things, eliminate substantially all
of the restrictive covenants contained in the Old Notes Indenture
and the Old Notes, eliminate certain events of default, modify
covenants regarding mergers and consolidations, and modify or
eliminate certain other provisions.  Execution and delivery of the
Consent and Letter of Transmittal constitutes an express waiver by
a consenting holder of the Old Notes with respect to all claims
against EFH Corp., the guarantors of the Old Notes and certain
affiliates of EFH Corp. of any breach, default or event of default
that may have arisen under the Old Notes Indenture.  At this time,
EFH Corp. is not aware of any such breaches, defaults or events of
default.

                        About Energy Future

Energy Future Holdings Corp. is a diversified energy holding
company with a portfolio of competitive and regulated energy
businesses in Texas.  Oncor, an 80%-owned entity within the EFH
group, is the largest regulated transmission and distribution
utility in Texas.  The Company delivers electricity to
roughly three million delivery points in and around Dallas-
Fort Worth.

                           *     *     *

As reported by the Troubled Company Reporter on July 21, 2010,
Moody's Investors Service downgraded the probability of default
rating for Energy Future Holdings to "Ca" from "Caa2" and changed
the speculative grade liquidity assessment to SGL-4 from SGL-3.
The downgrade of the PDR reflects Moody's view that EFH's recent
debt exchange offer is a distressed exchange.  "Upon closing of
the exchange transaction, EFH is expected to have reduced its
total consolidated debt by almost $1 billion" said Jim Hempstead,
Senior Vice President "but Moody's incorporate a view that
additional restructuring activity is likely over the near to
intermediate term horizon".


EXPEDIA INC: Moody's Affirms Corporate Family Rating at 'Ba1'
-------------------------------------------------------------
Moody's Investors Service has affirmed Expedia, Inc.'s corporate
family rating, probability-of-default rating, and senior unsecured
notes ratings at Ba1.  In addition, Moody's assigned a Ba1 rating
to the company's proposed $500 million ten-year Senior Notes (with
the possibility of upsizing).  The rating outlook has been revised
to positive from stable.

The outlook revision reflects Expedia's continued strong operating
performance through the economic downturn, Moody's expectation
that the travel industry is expected to see modest growth through
2011, and management's commitment to more conservative financial
policies.  For the quarter ended June 30, 2010, Expedia's total
transactions increased by 10% on a year-over-year basis as the
leisure travel market shows sustained signs of recovery despite
certain economic headwinds in Europe.  In addition, the company's
free cash flow remains robust at $642 million for the twelve
months ended June 30, 2010, driven by overall revenue growth.

The positive outlook also considers management's adherence to its
publicly stated financial policies of a leverage target between 2
to 3 times (gross debt to EBITDA), which approximates 2.3 to 3.3
times on a Moody's adjusted basis (including operating lease
adjustments).  With the new notes, Expedia's leverage is not
expected to exceed 2 times on a Moody's adjusted basis.  The
enhanced liquidity will allow the company to pursue opportunistic
acquisitions and share buybacks.

While the company has adopted a more conservative approach with
regards to share repurchase activity since 2007, Moody's will
continue to evaluate management's financial policies in light of
improving access to capital markets, the resumption of share
buybacks (nearly $200 million during the first quarter of 2010)
which had been tempered during the recession, and the potential
for increased acquisition activity within the rapidly evolving
industry, as illustrated by Google's recent acquisition of ITA
Software for $700 million.  During the outlook period, if it
becomes more apparent that the company's current discipline
represents a long-term financial philosophy, the ratings could be
upgraded to investment grade status.

Expedia's Ba1 rating is supported by the company's leading
position in the consumer online travel agency market and strong
credit profile, which includes low leverage, high profitability,
and strong cash flow generation.  The rating is constrained by
historically aggressive financial policies with regard to share
repurchases, exposure to ongoing competition from supplier-owned
and other third party online travel sites, and the concentrated
voting control of Barry Diller and Liberty Media.  The company's
ability to maintain strong credit metrics, including robust cash
flow, through economic cycles reinforces the strength of the
company's globally recognized brands and the viability of its
distribution network, which continues to benefit from online
penetration of travel expenditures.

Ratings affirmed:

* Corporate family rating at Ba1;

* Probability-of-default rating at Ba1;

* $400 million senior unsecured notes due 2016 at Ba1 (LGD 4, 50%
  from 56%)

* $500 million senior unsecured notes due August 2018 at Ba1 (LGD
  4, 50% from 56%)

* Speculative Grade Liquidity Rating of SGL-1

Rating assigned:

* $500 million senior unsecured notes due 2020 of Ba1 (LGD 4, 50%)

The last rating action was on October 30, 2009, when Moody's
upgraded Expedia's CFR, PDR, and senior unsecured notes ratings to
Ba1 from Ba2.

Headquartered in Bellevue, Washington, Expedia, Inc., with
revenues of approximately $3.1 billion for the twelve months ended
June 30, 2010, is a leading online travel company.


FORD MOTOR: S&P Raises Corporate Credit Rating to 'B+'
------------------------------------------------------
Standard & Poor's Ratings Services said it has raised its
corporate credit rating on Ford Motor Co. and FordMotor Credit Co.
LLC to 'B+' from 'B-'.  S&P also raised the counterparty credit
rating on FCE Bank PLC, Ford Credit's European bank, to 'BB-' from
'B', maintaining the one-notch rating differential between FCE and
its parent.  The rating outlook on all entities is positive.

At the same time, S&P raised the issue-level rating on Ford's
senior secured debt issues to 'BB' from 'B-' and revised the
recovery rating on this debt to '1' from '3', indicating S&P's
expectation that lenders would receive very high (90% to 100%)
recovery in the event of a payment default.  S&P also raised the
issue-level rating on Ford's unsecured debt to 'B' from 'CCC' and
revised the recovery rating on this debt to '5' from '6',
indicating S&P's expectation that lenders would receive modest
(10% to 30%) recovery.

"The upgrade reflects S&P's reassessment of Ford's business risk
profile to weak from vulnerable, and its financial risk profile to
aggressive from highly leveraged," said Standard & Poor's credit
analyst Robert Schulz.  The positive outlook reflects S&P's view
that there is at least a one-in-three chance that S&P could raise
Ford's corporate credit rating in the next 12 months.

S&P believes the company's automotive operations in North America
will remain profitable with industry light-vehicle sales at or
above current levels (i.e., more than 11 million units).  S&P also
believe Ford has good prospects for generating cash flow from its
automotive operations after separation payments in 2010 and 2011,
as the key U.S. auto market gradually recovers.  S&P believes Ford
is making progress in stabilizing, and perhaps improving, its U.S.
market share.

Still, S&P believes underlying business risks remain high, most
notably:

* Exposure to a potentially weak recovery in vehicle demand in key
  global markets, particularly very competitive conditions in
  Europe;

* Still-high dependence on light trucks for profitability in North
  America, despite Ford's recent emphasis on new car
  introductions; and

* Substantial execution risk of its ongoing repositioning and
  expansion.

S&P expects Ford's financial results to remain highly sensitive to
future industry sales and product mix, actions by competitors, and
other factors such as higher raw material costs or fuel prices
that are beyond its direct control.

S&P's economists forecast U.S. light-vehicle sales of about
11.5 million units in 2010, 11% higher than 2009 levels.  S&P
currently expects sales to rise to 13.1 million units in 2011, but
even with this improvement, sales would still be just about at the
levels of 2008 that S&P considered weak.

S&P's outlook for the major auto markets in Europe, Ford's second-
largest market, is less positive than for the U.S. market.  S&P
expects sales in Europe to be about 10% lower in 2010 than in
2009, in part because of the shifting of sales caused by various
government scrappage incentives in 2009.  Ford and other high-
volume automakers in Europe benefited from these incentive plans,
but S&P believes the boost to sales is over -- although several
automakers are replacing the government-sponsored incentives with
higher incentives of their own.  S&P believes profit margins (4.3%
in the second quarter) in Europe will be under pressure for the
rest of the year and for at least the early part of 2011 primarily
because of the tough competition.

S&P views Ford's ongoing focus on debt reduction as a positive
credit factor.  However, the company has also issued debt to the
United Auto Workers' health care trust and is borrowing funds from
the U.S. Department of Energy to bolster capital investment.
Still, S&P believes the company's performance and these actions,
taken together, have further reduced the risk that Ford's
liquidity could fall to dangerously low levels in the next few
years.

Ford Credit's results continue to be aided, in S&P's view, by the
industrywide strength in used-vehicle prices, which leads to lower
costs related to lease residuals and reduced credit losses as
consumer credit quality stabilizes at many financial institutions.
S&P believes residual values will remain volatile and a risk to
Ford Credit's future results.

S&P views Ford's liquidity as adequate under its criteria.  S&P
expects liquidity in Ford's automotive operations to remain
substantial, as S&P assume the company will stop using cash from
automotive operations in 2010.  But S&P's liquidity assessment
also takes into account the automotive businesses' potentially
substantial use of cash from working capital during periods of
production declines, as well as Ford Credit's high ongoing funding
requirements.

Ford announced that it completed its sale of Volvo Car Corp.,
although under the terms of Ford's credit agreement, half of the
net cash proceeds must be used to repay secured debt.  S&P does
not expect Ford to sell a stake in Ford Credit.

The outlook is positive.  S&P could raise the rating in the next
year if, among other things, the gradual improvement in light-
vehicle sales continues in most global markets and Ford's
prospects for generating free cash flow and profits in its
automotive manufacturing business continue to solidify.  For
example, S&P could consider raising Ford's rating if S&P believed
its global cash generation from automotive operations next year
would be at least $4 billion (roughly equivalent to 15% of current
unadjusted automotive debt).  Other positive rating considerations
would be if Ford can sustain its pretax automotive profit margin
in North America in the upper-single-digit percentage area and
further demonstrate an ability to cope successfully with the
evolving competitive structure of the global auto industry,
including remaining profitable in Europe.

S&P could revise the outlook to stable if adverse competitive
developments (for example, overproduction, excess inventory,
increased incentives, or unfavorable shifts in customer demand)
reduced the prospects for profitable and cash-positive results in
2010 or 2011, or if the company were to use a substantial amount
of cash in its automotive operations in any quarter.


FORD MOTOR CREDIT: DBRS Puts 'B' Rating on 6.625% Fixed Rate Notes
------------------------------------------------------------------
DBRS has assigned its B (high) rating to the $1.25 billion 6.625%
Fixed Rate Notes due 2017 (the Notes) issued by Ford Motor Credit
Company LLC (FMC or the Company).  The trend on the rating is
Positive.  The Notes will pay interest semi-annually and mature on
August 15, 2017.

The rating reflects the ownership of the Company and considers
that the predominant share of FMC's business consists of financing
Ford Motor Company (Ford) vehicles and supporting Ford dealers.


GAMMA PHARMA: Incurred $714,700 Net Loss in Q2 Ended Sept. 30
-------------------------------------------------------------
Gamma Pharmaceuticals, Inc. filed on July 28, 2010, its quarterly
report on Form 10-Q, reporting a net loss of $714,723 for the
three months ended September 30, 2009, compared with a net loss of
$1,061,067 for the three months ended September 30, 2008.  The
Company did not have sales in the three months ended September 30,
2009.  Sales during the same three-month period in 2008 was
$3,646.

The Company has incurred a net loss of $1,510,775 for the six
months ended September 30, 2009, with an accumulated loss of
$11,821,975.  The Company's current liabilities exceed its current
assets by $1,512,379 as of September 30, 2009.

"These conditions give rise to substantial doubt about the
Company's ability to continue as a going concern," the Company
said in the Securities and Exchange Commission filing.

The Company's balance sheet at September 30, 2009, showed
$5,755,517 in assets, $1,769,607 of liabilities, and $3,985,910 in
stockholders' equity.

A full-text copy of the quarterly report on Form 10-Q is available
for free at:

               http://researcharchives.com/t/s?679b

Las Vegas, Nev.-based Gamma Pharmaceuticals Inc. is a marketing
and product formulation company selling its own branded products
through wholesalers and direct to retailers both in the U.S. and
internationally.  The Company's core focus is the marketing and
sale of vitamins and nutriceuticals, over-the-counter
pharmaceutical products and personal care products in the United
States and greater China.


GEMCRAFT HOMES: Court OKs Sale of Fields Properties to Rock Glen
----------------------------------------------------------------
Gemcraft Homes, Inc., et al., obtained authorization from the Hon.
Nancy V. Alquist of the U.S. Bankruptcy Court for the District of
Maryland for the sale of real property located in the project
known as Fields at Rock Glen, Aberdeen, Harford County, MD, to
Rock Glen Partners, LLC, free and clear of liens, claims and
interests.

Rock Glen made the highest and best offer for the property.  Under
the asset purchase agreement, the purchase price for the property
will be $1,925,000.  Closing on the sale of the property will take
place within 105 days of July 19, 2010, the date of the entry of
the court order.  A copy of the APA is available for free at:

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

Judge Alquist approved Columbia Bank as the backup bidder for the
property at a purchase price of $1.8 million, which consists of a
credit bid in the amount of $1.8 million.

Each entity that claims any interest in property has either
consented to the sale or could be compelled in a legal or
equitable proceeding to accept a money satisfaction of the
interest.

                       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 estimated $100 million to $500 million in assets and
$50 million to $100 million in liabilities in its Chapter 11
petition.


GEMCRAFT HOMES: Sale of Properties to Columbia Bank Approved
------------------------------------------------------------
Gemcraft Homes, Inc. and its units obtained authorization from the
Hon. Nancy V. Alquist of the U.S. Bankruptcy Court for the
District of Maryland for the sale of real properties to The
Columbia Bank, free and clear of all liens, claims and interests.

The Buyer made the highest and best offer for the real property
located in the developments: (a) Hickory Hollow, Smyrna, Kent
County, Delaware and (b) Rosebrook-Falling Waters, York County,
York, PA.  The Court held the sale hearing on July 15, 2010.

Each entity that claims any interest in properties has either
consented to the sale or could be compelled in a legal or
equitable proceeding to accept a money satisfaction of the
interest.

Under the Debtors' asset purchase agreement with the Buyer, the
purchase price for the properties will be a credit bid by the
Buyer in the amount of $1,500,000 ($700,000 for the York Property
and $800,000 for the Hickory Hollow Property).

A copy of the APA is available for free at:

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

The closing on the sale of the properties will be within two weeks
of July 19, 2010, the date of the entry of the court order.

                          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 estimated $100 million to $500 million in assets and
$50 million to $100 million n liabilities in its Chapter 11
petition.


GENERAL GROWTH: Files Amended Plan of Reorganization
----------------------------------------------------
General Growth Properties, Inc. has filed an Amended Plan of
Reorganization, Disclosure Statement and amended Investment
Agreements with the United States Bankruptcy Court for the
Southern District of New York.

As previously announced, the Investment Agreements with affiliates
of Brookfield Asset Management, Fairholme Capital Management and
Pershing Square Capital Management provide $8.55 billion of
capital commitments to GGP in connection with its plan for
emergence from Chapter 11.  In addition, the Teacher Retirement
System of Texas, a public pension plan, has agreed to invest $500
million in shares of New GGP common stock at $10.25 per share,
which will replace the Sponsors' $500 million equity backstop.

The key modifications to the Plan of Reorganization and Investment
Agreements include:

* Reinstatement of $1.3 billion of Rouse Bonds due in 2012 and
  2013. GGP's emergence financing needs will be satisfied in part
  by the reinstatement of these bonds, so the company does not
  expect to need the previously contemplated term loan.

* Enhancement of the clawback feature of the Investment
  Agreements, which gives GGP the ability to issue equity at
  higher prices and retire a portion of the lower-priced equity in
  the Investment Agreements, to extend the length of GGP's
  clawback right after the company emerges from bankruptcy.  In
  addition, $350 million of Pershing Square's shares will be
  available for clawback for a period of 180 days after emergence.
  In order to facilitate the extension of Pershing Square's
  clawback, $350 million of Pershing Square's initial investment
  will be in the form of a note rather than equity.  In the event
  these shares are not clawed back from Pershing Square, the
  Company has the option to retire the note by putting to Pershing
  Square 35 million shares at a price of $10.00 per share.

* Conversion of the $250 million backstop equity commitment for a
  rights offering by Spinco to a $250 million stock purchase by
  the Sponsors at closing.  The price of the stock has been set at
  the economically neutral price of $4.76 per share, reflecting
  the originally contemplated backstop investment at $5.00 per
  share, net of fees associated with the original rights offering.
  This modification is expected to provide greater immediate
  liquidity to Spinco and allow the company to avoid the need for
  short-term financing.

* Consent to a sale at closing by the Sponsors of up to $500 m
  illion of their allocated equity to an affiliate of The
  Blackstone Group on a pro rata basis.  The closing commitments
  of each of the Sponsors are unaffected by these equity sales to
  Blackstone.
These modifications provide more flexibility to GGP in managing
its capital structure.

"We are very pleased with our ability to continue to enhance the
Investment Agreements and our capital structure for the benefit of
the company and its stakeholders," said Thomas Nolan, president
and chief operating officer of GGP.  "The amended clawback rights
enhance our ability to sell $1.9 billion of equity at higher
prices than committed by the Sponsors in the original Investment
Agreements, market conditions permitting.  We have also improved
our flexibility to manage our balance sheet and access the capital
markets.  We remain on track to emerge from Chapter 11 in October
and continue to build on our leadership position in the industry.
At the same time, these modifications enhance Spinco's ability to
maximize value for its stakeholders."

The full Amended Plan of Reorganization and accompanying
Disclosure Statement can be found at

    http://www.ggp.com/content/Docs/reorganizationAmended08022010.pdf/

The Bankruptcy Court has set the hearing to consider approval of
the Disclosure Statement for August 19, 2010, at 10:00 am EDT.
Following Bankruptcy Court approval of the Amended Disclosure
Statement and related voting solicitation procedures, GGP will
solicit acceptances of the Plan and seek its confirmation by the
Bankruptcy Court.

UBS Investment Bank and Miller Buckfire & Co. LLC are serving as
financial advisors to General Growth Properties, and Weil, Gotshal
& Manges LLP and Kirkland & Ellis LLP are acting as legal counsel
to the Company.

                      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: Court OKs Bid Procedures for Summerlin Properties
-----------------------------------------------------------------
U.S. Bankruptcy Judge Allan Gropper entered a formal order on
July 26, 2010, approving the bid procedure governing the sale of
certain of General Growth Properties Inc.'s properties in Mesa
Village of Summerlin, as well as subsequent sales of other
properties in the Summerlin area.

All qualifying bids other than the Purchase Sale Agreements
entered with Richmond American Homes of Nevada, Inc. and PN II,
Inc., d/b/a Pulte Homes of Nevada, must be submitted on or before
August 17, 2010.  If Qualifying Bids are submitted, the Selling
Debtors will conduct an auction on August 23.

Judge Gropper also approved the break-up fees set forth in the
Mesa Purchase Agreements.  If a Proposed Purchaser becomes
entitled to receive the Break-Up Fee in accordance with the terms
of the Bidding Procedures, then the Proposed Purchaser will be
granted an allowed administrative claim in the Selling Debtors'
Chapter 11 cases in an amount equal to the Break-Up Fee, under
Sections 503(b) and 507(a)(2) of the Bankruptcy Code.

The Court will convene a hearing to consider the sale on
August 26, 2010.

                       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: Discloses Terms of DIP Replacement Facility
-----------------------------------------------------------
The Court previously permitted General Growth Properties, Inc.,
and its debtor affiliates to borrow $400,000,000 under Senior
Secured Debtor in Possession Credit, Security and Guaranty
Agreement dated July 23, 2010, with the Lenders, Barclays Capital,
as sole arranger, and Barclays Bank PLC, as administrative agent.

Subsequently, the Debtors filed with the U.S. Securities and
Exchange Commission on July 29, 2010, the Replacement DIP Credit
Agreement entered into as of July 23, 2010.  A full-text copy of
the Replacement DIP Agreement is available for free at:

              http://ResearchArchives.com/t/s?6752

                       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: Exclusive Solicitation Period Extended to Dec. 16
-----------------------------------------------------------------
Judge Allan L. Gropper of the U.S. Bankruptcy Court for the
Southern District of New York extended General Growth Properties,
Inc., and its debtor affiliates' exclusive periods to:

  (1) file a Chapter 11 plan to October 18, 2010; and
  (2) solicit acceptances to that plan on December 16, 2010.

As previously reported, GGP and about 126 debtor affiliates filed
their Joint Plan of Reorganization and related Disclosure
Statement on July 12, 2010.

The Court will consider approval of the Disclosure Statement on
August 19, 2010.  Parties have until August 11 to object to the
Disclosure Statement.

                       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: Millard Mall Out of Creditors Committee
-------------------------------------------------------
Pursuant to Section 1102 of the Bankruptcy Code, Tracy Hope Davis,
Acting United States Trustee for Region 2, removed on
July 29, 2010, Millard Mall Services, Inc., as member of the
Official Committee of Unsecured Creditors in General Growth
Properties, Inc., and its debtor-affiliates' Chapter 11 cases.

As a result, the existing members of the Committee are:

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

                       About General Growth

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

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

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


GENTA INC: Board Approves 1-for-100 Reverse Stock Split
-------------------------------------------------------
Genta Incorporated's Board of Directors has approved a one-for-100
reverse stock split of Genta's common stock, and that the split
will be effective with the open of trading on August 2, 2010.  As
of that date, the Company's common stock will temporarily trade
under the symbol GETAD.OB for 20 business days, at which time the
symbol will revert to GETA.OB.

At the Annual Meeting of Stockholders held on June 15, 2010,
Genta's stockholders approved a proposal authorizing the Board of
Directors, in its discretion, to effect a reverse split of Genta's
outstanding common stock.  Additional details regarding the
reverse stock split are contained in the Current Report on Form 8-
K filed with the Securities and Exchange Commission simultaneously
herewith.

                            About Genta

Berkeley Heights, New Jersey, Genta Incorporated (OTCBB: GETA.OB)
-- http://www.genta.com/-- is a biopharmaceutical company with a
diversified product portfolio that is focused on delivering
innovative products for the treatment of patients with cancer.

At December 31, 2009, the Company had total assets of
$12.229 million against total current liabilities of
$10.501 billion and total long-term liabilities of $4.590 million,
resulting in stockholders' deficit of $2.862 million.

Genta reported a net loss of $86.3 million for the year ended
December 31, 2009, from a net loss of $505.84 million for 2008.
Genta reported a net loss of $11.721 million for the three months
ended December 31, 2009, from net income of $29.6 million for the
2008 quarter.


GLOBAL BRASS: Moody's Assigns 'B2' Corporate on High Leverage
-------------------------------------------------------------
Moody's Investors Service assigned a B2 Corporate Family Rating
and a B2 Probability of Default Rating to Global Brass and Copper,
Inc.  Moody's also assigned a B2 rating to the company's
$330 million senior secured term loan due 2015.  The rating
outlook is stable.  This is the first time that Moody's has rated
the debt of GBC.

The B2 Corporate Family Rating reflects the Company's initial high
debt leverage.  Further, significant debt reduction is not
anticipated to begin until late 2011.  The company serves cyclical
end markets and faces tough competition.  While GBC's metal
conversion model limits its risk to volatile metal prices, the
company's performance is very sensitive to sales volumes.  The
company's broad range of products and end markets are strengths.
GBC manufactures an extensive array of brass and copper products
from small caliber ammunition to components for the electronics
industry.  Furthermore, the company sells into a wide range of end
markets including defense, automotive, building and households,
machinery and transportation and electronics.  Additionally,
Moody's believes the company's focus on improving operating
efficiencies and cost control, coupled with its ability to manage
copper price volatility, will likely give GBC financial
flexibility to contend with near-term uncertainties in the North
American economy.

The stable outlook incorporates Moody's view that anticipated
availability under GBC's asset-based revolving credit facility
coupled with no near-term maturities give the company the ability
to execute its operating plan.

The rating on the proposed $330 million senior secured term loan
reflects the benefits of the loan's collateral package.  It will
be secured by a first lien on GBC's fixed assets and a second lien
of the revolving credit facility's collateral.  Proceeds from the
term loan will be used to repay existing debt, fund a distribution
to shareholders, and pay related fees and expenses.

These ratings/assessments were affected by this action:

* Corporate Family Rating assigned at B2;

* Probability Default Rating assigned at B2; and,

* $330 million senior secured term loan due 2015 rated B2 (LGD4,
  57%).

An upgrade is unlikely over the intermediate term until market
conditions within the North American economy show signs of
noticeable improvement.  Over time, debt-to-EBITDA trending
towards 4.0 times or EBITA-to-interest expense near 3.0 times (all
ratios adjusted per Moody's methodology) would suggest a potential
for upwards ratings movement.

A potential downgrade could result from evidence that GBC is not
benefiting from its cost reduction programs or financial
performance is negatively impacted by an unexpected decline in the
company's end markets.  EBITA-to-interest expense falling towards
1.0 times or debt-to-EBITDA sustained above 7.0 times (all ratios
adjusted per Moody's methodology) for an extended period of time
or deterioration in the liquidity profile could pressure the
ratings.

Global Brass and Copper, Inc., located in Schaumburg, IL, is North
America's leading manufacturer and distributor of copper and brass
products, operating through three businesses -- Olin Brass, Chase
Brass, and A.J. Oster.


GTC BIOTHERAPEUTICS: Register 2.5MM Shares Under 2002 Equity Plan
-----------------------------------------------------------------
GTC Biotherapeutics, Inc., filed with the Securities and Exchange
Commission a Form S-8 Registration Statement under the Securities
Act of 1933 to register 2,500,000 shares of Common Stock not
previously registered which are issuable under the Company's 2002
Equity Incentive Plan, as amended and restated.

The proposed maximum aggregate offering price is $912,500.

An aggregate of 650,000 shares currently issuable under the 2002
Plan -- after giving effect to the Company's 1-for-10 reverse
stock split in 2009 -- have previously been registered under prior
registration statements (Registration No. 333-91470 (250,000
shares), Registration No. 333-117923 (200,000 shares) and
Registration No. 333-159510 (200,000 shares)), as well as (i)
18,723 shares that were previously registered but which may no
longer be issued under the Company's Amended and Restated 1993
Equity Incentive Plan and were carried forward for issuance under
the 2002 Plan; and (ii) 199,116 shares subject to awards
previously granted under the 1993 Plan that may expire or
terminate unexercised or may be forfeited or settled in a manner
that results in fewer shares outstanding than were awarded under
the 1993 Plan which were also registered under a prior
registration statement (Registration No. 333-117923).

A full-text copy of the Company's registration statement is
available at no charge at http://ResearchArchives.com/t/s?6799

                      About GTC Biotherapeutics

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.

The Company's balance sheet at July 4, 2010, showed $30.39 million
in assets and total debts of $57,75 million, for a stockholder's
deficit of $27.36 million.  Accumulated deficit has now reached
$336.88 million.

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


I/OMAGIC CORP: Posts $182,800 Net Loss for June 30 Quarter
----------------------------------------------------------
I/Omagic Corporation filed its quarterly report on Form 10-Q,
reporting a net loss of $182,781 on $1.3 million of net sales for
the three months ended June 30, 2010, compared with a net income
of $257,218 on $3.2 million of net sales for the same period a
year ago.

The company's balance sheet for June 30, 2010, showed $2.4 million
in total assets and $4.4 million in total liabilities, for
$1.9 million in stockholder's deficit.

A full-text copy of the Company's Form 10-Q is available for free
at http://ResearchArchives.com/t/s?677d

                            About I/OMagic

Irvine, Calif.-based I/OMagic Corporation sells electronic storage
products and other consumer electronics products in the North
American retail marketplace, which includes the United States and
Canada.

Simon & Edward, LLP, in City of Industry, Calif., expressed
substantial doubt about the Company's ability to continue as a
going concern following the Company's 2009 results.  The
independent auditors noted of the Company's significant operating
losses, serious liquidity concerns and need for additional
financing in the foreseeable future.


IMAGE ENTERTAINMENT: BDO Seidman Removes Going Concern Doubt
------------------------------------------------------------
Subsequent to the original filing of Image Entertainment, Inc.'s
annual report on Form 10-K for the fiscal year ended March 31,
2010 (filed June 29, 2010), the Company entered into the Seventh
Amendment to Loan and Security Agreement with Wachovia on July 29,
2010.  Among other modifications to the underlying revolving
credit facility with Wachovia, the Seventh Amendment extended the
maturity of the facility from October 25, 2010, to July 31, 2011.
This extension, together with the continuing effects of the
Company's recent recapitalization and improved liquidity,
alleviated the substantial doubt about the Company's ability to
continue as a going concern and resulted in the Company's
independent registered public accounting firm's decision to remove
the going concern explanatory paragraph in their audit report.

As reported in the Troubled Company Reporter on July 2, 2010,
BDO Seidman LLP, in Los Angeles, had expressed substantial doubt
about the Company's ability to continue as a going concern, citing
the Company's suffered recurring losses from operations and
negative cash flows.

Image Entertainment, Inc., reported a net loss of $5.9 million on
$93.1 million of revenue for the three months ended March 31,
2010, compared with a net loss of $1.8 million on $130.7 million
of revenue for the same period of 2009.

The Company's balance sheet at March 31, 2010, showed
$67.4 million in assets, $51.3 million in liabilities,
$6.0 million of Series B preferred stock, and $10.9 million of
Series C convertible preferred stock, for a stockholders' deficit
of $861,000.

A full-text copy of the amended annual report on Form 10-K/A for
the fiscal year ended March 31, 2010, is available for free at:

               http://researcharchives.com/t/s?6791

Chatsworth, Calif.-based Image Entertainment, Inc. (Other OTC:
DISK) -- http://www.image-entertainment.com/-- is an independent
licensee and distributor of entertainment programming in North
America.  The Company releases its library of exclusive content on
a variety of formats and platforms, including DVD, Blu-ray Disc(R)
(or Blu-ray), digital (video-on-demand (or VOD), electronic sell-
through and streaming), broadcast television, cable or satellite
(including VOD and pay-per-view), theatrical and non-theatrical
(airplanes, libraries, hotels and cruise ships) exploitation.


JESUP & LAMONT: Closing of Two Units Led to Filing
--------------------------------------------------
According to Bill Rochelle, a columnist at Bloomberg News, Jesup &
Lamont, Inc., filed for Chapter 11 after its two failed brokers --
Jesup & Lamont Securities Corp. and Empire Financial Group Inc. --
were shut down by regulators.

The Troubled Company Reporter, citing Dow Jones Newswires' John
Kell, reported on June 30, 2010, that Jesup & Lamont announced it
would terminate all non-essential personnel and stop paying nearly
all salaries about a week after the small investment bank and
brokerage firm received a notice to stop making trades.  In June,
the Financial Industry Regulatory Authority ordered Jesup & Lamont
to stop trading, except for liquidations, because of its
securities subsidiary's capital deficiency.  Jesup & Lamont said
it was taking steps to regain permission to restart transactions.

Bloomberg, citing Jesup & Lamont's court papers, said Empire
went out of business in November and is filing to liquidate in
Chapter 7.

Jesup & Lamont listed $41.2 million in assets and $24.5 million in
debts at June 30, 2010.  According to Bloomberg, a court filing
says that the assets primarily consist of security deposits held
by landlords and loans made to former employees.  Debts consist of
$600,000 owing to secured lender Fifth Third Bank and $20 million
in unsecured debt.

Founded in 1877, Jesup & Lamont began as a partnership formed by
two financiers -- James Jesup and Lansing Lamont.  The Rockefeller
Center complex in New York was constructed with funds partially
underwritten by the firm.  The firm most recently had 125 brokers
and 200 total employees.


JOAN TUKEY: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Joint Debtors: Joan B. Tukey
               Thomas B. Tukey
               P.O. Box 904
               Mount Desert, ME 04660

Bankruptcy Case No.: 10-11172

Chapter 11 Petition Date: July 29, 2010

Court: United States Bankruptcy Court
       District of Maine (Bangor)

Debtor's Counsel: James F. Molleur, Esq.
                  Molleur Law Office
                  419 Alfred Street
                  Biddeford, ME 04005
                  Tel: (207) 283-3777
                  Fax: (207) 283-4558
                  E-mail: jim@molleurlaw.com

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

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

A list of the Joint Debtors' 20 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/meb10-11172.pdf

The petition was signed by the Joint Debtors.


JOEL WAHLIN: Creditor Wants Ch. 11 Case Dismissed or Converted
--------------------------------------------------------------
Mountain West Bank, a secured creditor, asks the U.S. Bankruptcy
Court for the District of Idaho to dismiss or convert the
Chapter 11 case of Joel K. Wahlin to one under Chapter 7 of the
Bankruptcy Code.

Mountain West explained that the Debtor's monthly operating
reports show a continuing loss or dimunition of the estate and the
absence of a reasonable likelihood of rehabilitation.

Sandpoint, Idaho-based Joel K. Wahlin filed for Chapter 11
bankruptcy protection on April 22, 2010 (Bankr. D. Idaho Case No.
10-20479).  Stephen Brian McCrea, Esq., who has an office in Coeur
d'Alene, Idaho, assists the Debtor in its restructuring effort.
The Debtor scheduled $13,021,669 in assets and $6,164,172 in debts
as of the Petition Date.


JONATHAN LOY: Pre-Chapter 15 Petition Transfer Not Avoidable
------------------------------------------------------------
WestLaw reports that the phrase "commencement of the case," as
used in unauthorized postpetition transfer statute as specifically
made applicable in ancillary cases to allow foreign representative
in any foreign main proceeding to pursue avoidance of transfer
occurring after "commencement of the case" that involves interest
of foreign debtor in property located within the territorial
jurisdiction of the United States, and that satisfies requirements
of unauthorized postpetition transfer statute, refers not to date
of commencement of foreign insolvency proceedings, but to date of
filing of application for recognition of these foreign insolvency
proceedings as foreign main proceeding by a United States
bankruptcy court.  Thus, a foreign representative could not avoid,
as an unauthorized postpetition transfer, a conveyance involving
the United States property of a foreign debtor which the debtor
effected by a deed of gift during the interval between
commencement of English insolvency proceedings and the filing of
an application by the foreign representative for recognition of
these English proceedings as a foreign main proceeding.  In re
Loy, --- B.R. ----, 2010 WL 2802390 (E.D. Va.) (Davis, J.).

This ruling from the District Court affirms the decision by the
Honorable Frank J. Santoro reported at 2009 WL 2381339.

In 1992, Jonathan A. Loy, a citizen of the United Kingdom lawfully
residing in the United States, purchased a 3.78 acre parcel of
undeveloped real property located in Virginia and borrowed
$150,000 from a U.S. bank to finance that purchase.  Before coming
to America, Mr. Loy resided and operated a furniture business in
Exeter, England.  Unfortunately, the furniture business failed in
2003.  Mr. Loy, in turn, made a Proposal for a Voluntary
Arrangement with Creditors pursuant to Part VIII of the Insolvency
Act of 1986 in the Exeter County Court in Devon, England.  The IVA
was accepted by Mr. Loy's creditors, but then defaulted on that
agreement.  Jeremiah A. O'Sullivan, in his capacity as the English
Trustee, filed a Default Petition with the English Court in 2006
requesting that Mr. Loy be declared a bankrupt. On August 17,
2006, the English Court ordered that Mr. Loy be adjudged a
bankrupt and that Mr. O'Sullivan be appointed as trustee to
oversee the proceedings.  On Oct. 28, 2007, the English Trustee
filed a petition (Bankr. E.D. Va. Case No. 07-51040) for
recognition of the English Bankruptcy Proceeding as a "Foreign
Main Proceeding" under Chapter 15 of the U.S. Bankruptcy Code.  A
copy of that petition is available at
http://bankrupt.com/misc/vaeb07-51040.pdfat no charge.

On Dec. 18, 2007, the Bankruptcy Court entered an order
recognizing the English proceeding as a Foreign Main Proceeding.
See In re Loy, 380 B.R. 154 (Bankr. E.D. Va. 2007).  Recognition
was effective Oct. 28, 2007.  Id.  In connection with the Petition
for Recognition of the Foreign Main Proceeding, the English
Trustee requested that Mr. Loy be "enjoined from bringing any
litigation against the Trustee or the Trustee's professionals in
any way relating to his assets without further order from this
Court."  The Honorable Frank J. Santoro declined that invitation.
Id.

On or about Jan. 10, 2008, Mr. Loy and his wife filed a Complaint
against the English Trustee in the Circuit Court of Hampton,
Virginia (Case No. CL08-000042).  The English Trustee removed the
lawsuit to Federal Court (Bankr. E.D. Va. Adv. Pro. Nos. 08-5002
and 08-5011).  Judge Santoro denied Mr. Loy's remand request, but
ruled that Mr. Loy could pursue his claims against the English
Trustee after concluding that the English Trustee could not avoid
an allegedly unauthorized postpetition transfer that occurred
before the Chapter 15 Petition was filed.


JPMCC 2002-CIBC4: Dillard's Seeks Dismissal of Ch. 11 Case
----------------------------------------------------------
Bill Rochelle, a columnist at Bloomberg News, reports that
department store operator Dillard's Inc. is asking the Bankruptcy
Court to dismiss the Chapter 11 case of mall owner JPMCC 2002-
CIBC4 Highland Retail LLC.

Dillard's, Bloomberg relates, said that the Debtor has few
creditors and that Chapter 11 is being used impermissibly as a
litigation tactic.  The mall is using Chapter 11 in part to stop
Dillard's from terminating the lease.

Dillard's sued the mall in state court before the bankruptcy
filing, alleging it is entitled to terminate the lease because the
mall is half vacant and in disrepair.  The mall lost its other
anchor tenant, J.C. Penney Co.  The mall moved the suit to the
bankruptcy court.

Bloomberg recounts that American General Life & Accident Insurance
Co., the owner of the underlying land, sued last year to terminate
the ground lease.  American General, a subsidiary of American
International Group Inc., also contends the mall is in disrepair.
The AIG suit was also transferred to the bankruptcy court.

JPMCC 2002-CIBC4 Highland Retail, LLC is the owner of the Highland
Mall in Austin, Texas.  Highland Mall, opened in 1971, was the
first enclosed, airconditioned mall in Austin.  It is owned by a
pass-through trust for which Wells Fargo Bank NA serves as
trustee.

JPMCC 2002-CIBC4 filed for Chapter 11 bankruptcy protection on
May 12, 2010 (Bankr. W.D. Tex. Case No. 10-11331).  Charles R.
Gibbs, Esq., at Akin, Gump, Strauss, Hauer, & Feld, assists the
Company in its restructuring effort.  The Company estimated
$10 million to $50 million in assets, and $500,001 to $1 million
in debts in its Chapter 11 petition.


K & S INVESTMENTS: Voluntary Chapter 11 Case Summary
----------------------------------------------------
Debtor: K & S Investments, Inc.
        1008 Tahoe Blvd.
        Incline Village, NV 89451

Bankruptcy Case No.: 10-53008

Chapter 11 Petition Date: July 29, 2010

Court: United States Bankruptcy Court
       District of Nevada (Reno)

Debtor's Counsel: Mark A. Goodman, Esq.
                  Goodman Law Center, P.C.
                  348 Mill Street
                  Reno, NV 89501
                  Tel: (775) 473-4268
                  Fax: (775) 996-8787
                  E-mail: mark.goodman.esq@gmail.com

Scheduled Assets: $1,520,984

Scheduled Debts: $1,885,000

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

The petition was signed by Kevin Holm, secretary.


K-V PHARMACEUTICAL: Engages BDO USA as Independent Accountants
--------------------------------------------------------------
K-V Pharmaceutical Company disclosed that the Audit Committee of
its Board of Directors has engaged BDO USA, LLP as the Company's
independent registered accounting firm.

The Company and BDO will commence work immediately on the
planning, audit and filing of the fiscal year 2010 Form 10-K and
will then follow with the review of its quarterly filings for
fiscal year 2011.  K-V's fiscal year end is March 31.
Mr. Mark Dow, Chair of the Board's Audit Committee, stated, "The
Audit Committee and the entire Board is pleased to be able to
announce the selection of BDO as the Company's new accounting
firm.  BDO has extensive knowledge of the pharmaceutical industry
and also a previous relationship with K-V, and the Company
believes BDO will be able to assess and complete its audit of the
Company's Fiscal Year 2010 financial statements expeditiously.  We
look forward to working closely with BDO to bring the Company back
into compliance with all of its Securities and Exchange Commission
filings as quickly as possible."

                    About K-V Pharmaceutical

Bridgeton, Missouri-based K-V Pharmaceutical Company (NYSE:
Kva/KVb) -- http://www.kvpharmaceutical.com/-- is a fully
integrated specialty pharmaceutical company that develops,
manufactures, markets, and acquires technology-distinguished
branded prescription pharmaceutical products.  The Company markets
its technology-distinguished products through Ther-Rx Corporation,
its branded drug subsidiary.

The Company's balance sheet at December 31, 2009, showed
$584.5 million in assets, $440.9 million of liabilities, and
$143.6 million of shareholders' equity.

On March 2, 2009, the Company entered into a consent decree with
the FDA regarding the Company's drug manufacturing and
distribution, which was entered by the U.S. District Court,
Eastern District of Missouri, Eastern Division on March 6, 2009.
The consent decree requires, among other things, that, before
resuming manufacturing, the Company retain and have an independent
expert undertake a review of the Company's facilities and certify
compliance with the FDA's current good manufacturing practice
regulations.  Also, on December 23, 2008, the Company announced it
had voluntarily suspended all shipments of its FDA approved drug
products in tablet form and, effective January 22, 2009, the
Company voluntarily suspended the manufacturing and shipment of
the remainder of its products, other than three products it
distributes but does not manufacture and which do not generate a
material amount of revenue for the Company.


KENDLE INTERNATIONAL: S&P Downgrades Corp. Credit Rating to 'B'
---------------------------------------------------------------
On Aug. 2, 2010, Standard & Poor's Ratings Services lowered its
corporate credit rating on Cincinnati-based contract research
organization Kendle International Inc. to 'B' from 'B+'.  At the
same time, S&P also lowered the senior unsecured rating on
Kendle's convertible debt to 'B-' from 'B'.  The recovery rating
remains a '5'.  The outlook is stable.

The ratings on Kendle reflect the company's continued operating
struggles, highlighted by its declining revenues, elevated
contract cancellation rates, weak book-to-bill ratios, and what
Standard & Poor's believes will be continued near-term challenges
in the highly competitive CRO industry.  Kendle's established
position as a mid-size player in a fairly fragmented market, its
global presence, and the company's ability to generate free cash
flows only partially offset those factors.

Kendle is a mid-size top 10 CRO, and its size and international
presence has enabled the company to bid on--and win--large, late-
stage clinical trial work for Big Pharma companies.  However,
Kendle has struggled significantly over the past year,
experiencing five consecutive quarters of revenue declines, high
contract cancellation rates, and sub-1.0x book-to-bill ratios.
The weak performance has to be taken in context with the overall
industry down cycle in late 2008-2009, when major pharmaceutical
companies, seeking to restructure their relatively unproductive
research and development programs, delayed and/or cancelled a
number of projects.  However, many of Kendle's peers have, in the
past couple of quarters, begun experiencing improved performance,
stabilizing cancellation rates, and book-to-bill ratios again
exceeding 1x.  The better performance is due to major
pharmaceutical companies beginning to finalize outsourcing
decisions, the improved capital markets, and the lessened
uncertainty in the pharmaceutical industry given the growing
economy and the passage of health care reform in the U.S.  Thus
far, Kendle does not appear to be fully participating in the
improving CRO industry outlook, as highlighted by the continued
revenue decline and 0.4x net book-to-bill ratio (versus the 0.8x
recorded in the 4Q09 and 3Q09) recorded in the first quarter of
2010.

Although the near-term prospects of the CRO industry remain
challenging and uncertain, Standard & Poor's does believe that the
long-term prospects for the industry are favorable, given Big
Pharma's increased drive to outsource clinical trial work.
However, Kendle may be at a disadvantage, as pharmaceutical
companies increasingly seek to work with fewer, larger CROs.

In the meantime, Kendle's leverage has continued to improve, to
3.3x, versus 3.7x at year-end 2008 and 5.4x at the end of 2006.
The company has continued to generate free cash flows and has been
able to reduce debt, despite the recent challenges.  However,
continued weak performance and negative growth will erode the
company's cash flows, which are already erratic, because of the
timing of when trial milestones are achieved and payments due.

Standard & Poor's deems Kendle's liquidity as adequate through
next year, though the company faces a likely need to refinance its
convertible debt which comes due July 15, 2012.  Liquidity is
provided by cash of $50.3 million as of March 31, 2010, as well as
an undrawn $35 million revolving credit facility that matures
March 31, 2015.  The company remains in compliance with its
covenants, free cash flows remain positive, and capital
expenditures are expected to remain low, at approximately 3% of
net revenues.

The senior unsecured convertible debt is rated 'B-', one notch
below the corporate credit rating, with a recovery rating of '5',
indicating modest (10-30%) recovery in the event of a default.

The outlook is stable.  Kendle did report that contract bookings
were much improved in April 2010 and the company remains one of
the larger mid-size players in the CRO industry.  Still, Kendle
has struggled to sign contracts during the past year and revenues
will likely be weak in the next few quarters given the dismal
book-to-bill ratios recorded in the preceding five quarters.  S&P
views Kendle's ability to reverse contract and revenue trends in
the near term as essential to the ratings.  A track record of
greater than 1x book-to-bill ratio over the next several quarters
and a firm return to sales growth would demonstrate the company's
long term competitiveness and more easily enable the company to
refinance its convertible debt.  Until both developments occur, a
positive ratings action is unlikely.  Kendle's financial risk
profile remains solid for the current rating, lending support
against a downgrade.  However, there are long term concerns
regarding the company's business risk profile.  Pharma
consolidation and R&D rationalization will likely be a long-term
trend, and Kendle's middling size may be a disadvantage in
contract bidding.  Further weak performance, especially at a time
when several of Kendle's peers are experiencing stabilizing, if
not improving results, may indicate that Kendle's market position
has deteriorated.  Should debt leverage increase to over 5x, due
to a decline in EBITDA, and FFO/debt drop to under 15%, the
ratings would be downgraded.


LESLIE HARDY: Case Summary & 11 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Leslie Boone Hardy, Jr.
        6109 Oak Tree Road
        Edmond, OK 73025-2628

Bankruptcy Case No.: 10-14606

Chapter 11 Petition Date: July 29, 2010

Court: United States Bankruptcy Court
       Western District of Oklahoma (Oklahoma City)

Judge: T.M. Weaver

Debtor's Counsel: Herbert M. Graves, Esq.
                  Herbert M. Graves PLLC
                  6440 Avondale Drive, Suite 211
                  Oklahoma City, OK 73116
                  Tel: (405) 418-2095
                  Fax: (405) 842-0079
                  E-mail: herbert.graves@thegraveslawfirm.com

Scheduled Assets: $1,111,788

Scheduled Debts: $2,282,909

A list of the Debtor's 11 largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/okwb10-14606.pdf

The petition was signed by Mr. Hardy.


LODGENET INTERACTIVE: Posts $3.1 Million Net Loss for June 30 Qtr
-----------------------------------------------------------------
LodgeNet Interactive Corporation reported quarterly revenue of
$113.1 million compared to $122.0 million in the second quarter of
2009.  The Company reported a net loss of $3.1 million compared to
a net loss of $5.2 million for the prior year period.  Net loss
attributable to common stockholders was $4.6 million for the
second quarter of 2010 compared to a net loss attributable to
common stockholders of $5.2 million for the second quarter of
2009.

LodgeNet also reported $22.6 million in free cash flow for the
current quarter compared to $14.5 million in the prior year
period.  During the quarter, net debt was reduced by $21.0 million
and LodgeNet improved its leverage ratio to 3.44 times on a net
debt basis versus a covenant of 3.75 times.

"During the quarter, we continued our strategic focus on driving
free cash flow, reducing debt and de-leveraging our balance sheet;
and we outperformed our guidance on all three fronts," said Scott
C. Petersen, LodgeNet Chairman and CEO.  "In light of
disappointing Guest Entertainment revenue performance, we
continued to conservatively operate the company, keeping a tight
control on operating costs, working capital and capital investment
expenditures.  As a result, free cash flow increased 56% to $22.6
million, net debt dropped below the $400 million mark, our debt
leverage ratio improved and we significantly enhanced our
profitability metrics."

Second Quarter strategic highlights include:

  * Increased Free Cash Flow: $22.6 million in the quarter, an
    increase of $8.1 million or 56% over Q2 `09

  * Reduced Net Debt: $396.1 million, down $21.0 million in the
    quarter

  * Improved Bottom Line Performance: Operating Income up 30% to
    $6.1 million; EPS improved 22% over Q2 `09

  * Expanded Per-Room Revenue from Strategic Growth Initiatives:
    Up 7.3% over Q2 '09 and now representing 42% of total revenue

Total revenue for the second quarter of 2010 was $113.1 million, a
decrease of $8.9 million or 7.3%, compared to the same period of
2009.  The decrease in revenue resulted from reductions in Guest
Entertainment, Healthcare and System Sales and Related Services
revenue, which was offset, in part, by increases in revenue from
Advertising Services and Hotel Services.

Hospitality and advertising revenue, which includes Guest
Entertainment, Hotel Services, System Sales, and Advertising
Services, decreased $7.9 million or 6.6%, to $111.7 million for
the second quarter of 2010 as compared to $119.6 million for the
prior year quarter.  Average monthly Hospitality and Advertising
revenue per room was $21.22 for the second quarter of 2010, a
decrease of 2.2% as compared to $21.69 per room in the second
quarter of 2009.

Guest Entertainment revenue, which includes on-demand
entertainment from movies, television episodes, games and music,
declined $9.0 million or 12.0%, to $66.0 million in the second
quarter of 2010 versus the second quarter of 2009.  The decline in
Guest Entertainment revenue resulted from a 4.6% reduction in
number of rooms and a 7.8% decline in revenue per room. The
decline in per room revenue continued to be driven by conservative
consumer buying patterns as well as less popular theatrical
content during the quarter as compared to the year-earlier period.

                              Outlook

For the third quarter of 2010, LodgeNet expects to report revenue
in the range of $116.0 million to $120.0 million. This guidance
reflects a 3% to 8% decline in Guest Entertainment revenue on a
per room basis, and strengthening revenues from our
diversification efforts with Healthcare, Advertising Services and
System Sales delivering strong double digit sales growth over the
prior year.

Adjusted Operating Cash Flow in a range from $27.0 million to
$30.0 million and Net Loss per common share in a range from $0.14
to $0.06.

For the nine months ending September 30, 2010, Free Cash Flow,
excluding the preferred stock dividend, is anticipated to be in a
range of $56.0 million to $59.0 million.

A full-text copy of the Company's earnings release is available
for free at http://ResearchArchives.com/t/s?6780

                    About LodgeNet Interactive

Sioux Falls, South Dakota-based LodgeNet Interactive Corporation
(Nasdaq:LNET) -- http://www.lodgenet.com/-- provides media and
connectivity solutions designed to meet the unique needs of
hospitality, healthcare and other guest-based businesses.
LodgeNet Interactive serves more than 1.9 million hotel rooms
worldwide in addition to healthcare facilities throughout the
United States.  The Company's services include: Interactive
Television Solutions, Broadband Internet Solutions, Content
Solutions, Professional Solutions and Advertising Media Solutions.
LodgeNet Interactive Corporation owns and operates businesses
under the industry leading brands: LodgeNet, LodgeNetRX, and The
Hotel Networks.

The Company's balance sheet at June 30, 2010, showed
$466.4 million in total assets and $522.3 million in total
liabilities, resulting to $55.8 million in stockholder's deficit.

                          *     *     *

As reported by the Troubled Company Reporter on June 21, 2010,
Standard & Poor's Ratings Services affirmed its ratings on Sioux
Falls, S.D.-based LodgeNet Interactive, including the 'B-'
corporate credit rating.  At the same time, S&P revised the rating
outlook to positive from stable.


LPATH INC: Gets $3 Million Grant from National Eye Institute
------------------------------------------------------------
Lpath Inc. was awarded a $3.0 million grant by the National Eye
Institute's BRDG-SPAN Program to support Phase II clinical
development of Lpath's iSONEP in treating exudative AMD and
possibly other ocular disorders.

Lpath is the recognized category leader in lipidomics-based
therapeutics, an emerging field of medicine that targets bioactive
signaling lipids for treating a wide range of human disease.
Lpath's ImmuneY2 drug-discovery engine has the unique ability to
generate therapeutic antibodies that bind to and inhibit bioactive
lipids that contribute to diseases like wet AMD.

The NEI's BRDG-SPAN Program was created to provide grants of up to
$3 million to accelerate the transition from the development to
commercialization of innovative technologies that improve human
health, advance the mission of NIH, and create significant
economic stimulus.  The program also aims to foster partnerships
among a variety of R&D collaborators working toward these aims.

Dr. Roger Sabbadini, Lpath's founder and chief scientific officer,
commented: "Lpath is grateful to the NEI for its generosity and
for recognizing the significant value of funding further clinical
development of iSONEP. We believe this substantial financial
commitment further validates Lpath's novel approach of targeting
bioactive lipids."

Scott Pancoast, chief executive officer of Lpath, added, "Given
how few of these grants are given, it is an honor to be a
recipient.  The award reflects the strength of our Phase I iSONEP
data and the promise overall of our iSONEP program."

                            About Lpath

San Diego, Calif.-based Lpath, Inc. is a biotechnology company
focused on the discovery and development of lipidomic-based
therapeutics, an emerging field of medical science whereby
bioactive lipids are targeted to treat human diseases.

At March 31, 2010, Lpath had total assets of $8,695,299 against
total current liabilities of $2,040,132 and warrants of
$1,893,776, resulting in stockholders' equity of $2,755,167.

In its March 2010 Form 10-Q report, the Company said that in the
year ended December 31, 2009, Lpath utilized cash in operating
activities of $1,054,786.  During 2010, the Company expects to
continue to incur cash losses from operations.  These conditions
raise substantial doubt about the Company's ability to continue as
a going concern.

In the Company's 2009 Annual Report on Form 10-K, Moss Adams LLP,
in San Diego, Calif., expressed substantial doubt about the
Company's ability to continue as a going concern.  The independent
auditors noted that the Company had incurred significant cash
losses from operations since inception and expects to continue to
incur cash losses from operations in 2010 and beyond.


MACATAWA BANK: Earns $1.7 Million in Q2 Ended June 30
-----------------------------------------------------
Macatawa Bank Corporation filed on July 29, 2010, its quarterly
report on Form 10-Q, reporting net income of $1.7 million on
$12.8 million of net interest income for the three months ended
June 30, 2010, compared with a net loss of $31.3 million on
$13.4 million of net interest income for the same period of 2009.

The decrease in net interest income for the second quarter of 2010
was due primarily to a $385.0 million reduction in the Company's
average interest earning assets.

"Eight months ago, in an extremely challenging environment, we
began an all out effort to instill business discipline and sound
banking principles throughout the entire organization," said
Richard L. Postma, Chairman of Macatawa Bank Corporation.  "The
second quarter results and our first profitable period in almost
two years, coupled with improvements in nearly every key capital
and performance metric, certainly are positive steps, but we still
have a great deal of work to do to return the Company to financial
health."

"Our quarterly net interest margin continues to improve and is
currently at its highest level in the past three years, while our
quarterly controllable overhead costs are at their lowest level in
over two years.  In addition, we continue to efficiently manage
our balance sheet.  We have reduced out-of-market funding on our
balance sheet by nearly $200 million as we continue to scale the
organization to the current realities," commented Mr. Postma.
"Even though the operating environment for banking is far from
normal, we are confident that we are establishing a well-
disciplined banking culture which will help us return to
consistent and sustained profitability.  However, it is realistic
to expect that as the Company strives to return to sustained
positive performance, it will experience uneven results on a
quarterly basis.  No one should assume that the second quarter
results mean that the Company's problems are fully resolved.  It
is a very good start, but just that, a start.  We have a long road
to travel to regain our shareholder and depositor confidence,"
said Mr. Postma.

The Company's balance sheet as of June 30, 2010, showed
$1.650 billion in assets, $1.584 billion of liabilities, and
$66.2 million of stockholders' equity.

The independent auditors also noted that the Bank is under a
regulatory Consent Order that requires among other items, higher
levels of regulatory capital.

The Bank did not meet the higher capital requirement within the
timeframe in the Consent Order or at June 30, 2010, and is not
expected to be in compliance with the regulatory capital
requirements of the Consent Order by December 31, 2010, or beyond,
without an external capital infusion.  Failure to reduce the level
of non-performing assets, higher costs to administer and dispose
of those assets and comply with the consent order, limitations on
funding sources, and failure to comply with higher regulatory
capital requirements may result in additional enforcement actions.

The Company has recorded $21.5 million in provisions for loan
losses in the first six months of 2010.  Total nonperforming
assets amounted to $143.8 million at June 30, 2010, compared to
$141.2 million at December 31, 2009, and $112.1 million at
December 31, 2008.

A full-text copy of the quarterly report on Form 10-Q is available
for free at http://researcharchives.com/t/s?678c

A full-text copy of the Company's press release announcing its
results of operations for the second quarter of 2010 is available
for free at http://researcharchives.com/t/s?678d

                 About Macatawa Bank Corporation

Holland, Mich.-based Macatawa Bank Corporation (Nasdaq: MCBC) is
the parent company for Macatawa Bank.  Through its banking
subsidiary, the Company offers a full range of banking, investment
and trust services to individuals, businesses, and governmental
entities from a network of 26 full service branches located in
communities in Kent County, Ottawa County, and northern Allegan
County.

As reported in the Troubled Company Reporter on April 7, 2010,
Crowe Horwath LLP, in Grand Rapids, Mich., expressed substantial
doubt about the Company's ability to continue as a going concern
after auditing the Company's financial statements for the year
ended December 31, 2009.  The independent auditors noted that the
Company incurred significant net losses in 2009 and 2008,
primarily from higher provisions for loan losses and expenses
associated with the administration and disposition of non-
performing assets at its wholly owned bank subsidiary Macatawa
Bank.


MAGUIRE PROPERTIES: Inks Separation Deal with Christopher Rising
----------------------------------------------------------------
MPG Office Trust Inc. and MPG Office L.P., and Christopher C.
Rising entered into a Separation Agreement, wherein Mr. Rising
will resign from the Company effective as of August 15, 2010.

Mr. Rising is employed by the Company pursuant to an employment
letter effective as of May 17, 2008.  Subject to Mr. Rising's
execution and non-revocation of a general release of claims, the
Company has agreed to pay Mr. Rising a lump-sum cash severance
payment of $577,654 six months after the Separation Date.
Mr. Rising's unvested 43,680 restricted stock units and 43,334
non-qualified stock options will vest in full in connection with
the termination of his employment.

Other than the confidentiality and non-solicitation covenants,
which survive, effective as of August 15, 2010 Mr. Rising's
employment letter will terminate.

                   About Maguire Properties, Inc.

Maguire Properties, Inc. (NYSE: MPG) --
http://www.maguireproperties.com/-- is the largest owner and
operator of Class A office properties in the Los Angeles central
business district and is primarily focused on owning and operating
high-quality office properties in the Southern California market.
Maguire Properties, Inc. is a full-service real estate company
with substantial in-house expertise and resources in property
management, marketing, leasing, acquisitions, development and
financing.

The Company's balance sheet at March 31, 2010, showed $3.5 billion
in total assets and $4.3 billion in total liabilities, for a total
stockholders' deficit of $830.5 million.


MAMMOTH TEMECULA: Two More Mammoth Units Face Foreclosure Sale
--------------------------------------------------------------
American Bankruptcy Institute reports that a bankruptcy judge has
ruled that reorganization plans for two bankrupt units of Mammoth
Equities LLC are unconfirmable, clearing the way for a foreclosure
sale of their assets by prepetition lender U.S. Bank NA.

San Juan Capistrano, California-based Mammoth Temecula I LLC and
an affiliate filed for Chapter 11 on Sept. 18, 2009 (Bankr. C.D.
Calif. Case No. 09-31943).  Thomas C. Corcovelos, Esq., represents
the Debtor in its restructuring efforts.  Mammoth Temecula
scheduled $10,307,000 in assets and $10,684,659 in debts as of the
Petition Date.


MARSH HAWK: Creditors Committee Down to Four Members
----------------------------------------------------
W. Clarkson McDow, Jr., the U.S. Trustee for Region 4, amended the
official committee of unsecured creditors in the Chapter 11 cases
of Marsh Hawk Golf Club, LLC, and Ford's Colony Country Club,
Inc., to reflect the death of James D. Neidhart, former committee
chairman.

The Creditors Committee now consists of:

1. F. Thomas Hughes
   102 Gullane
   Williamsburg, VA 23188

2. Donald S. Baker
   Ford's Colony Homeowners Association
   107 Formby
   Williamsburg, VA 23188
   Represented by: Susan Tarley
                   Tarley Robinson PLC
                   1313 Jamestown Road, Suite 202
                   Williamsburg, VA 23185

3. Sam Bowlin
   Country Club Membership Association
   128 Meadowbrook
   Williamsburg, Virginia 23188
   Represented by: Susan Tarley

4. Philip S. Radcliff, committee chairman
   106 Burnham
   Williamsburg, VA 23188

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

                         About Marsh Hawk

Williamsburg, Virginia-based Marsh Hawk Golf Club, LLC, and Ford's
Colony Country Club, own and operate a country club in
Williamsburg, Virginia.  The Club features a 54-hole private golf
course, restaurants, meeting rooms, banquet halls and numerous
recreational facilities.

The Companies filed for Chapter 11 bankruptcy protection on
April 1, 2010 (Bankr. E.D. Va. Lead Case No. 10-50632).  Ross C.
Reeves, Esq., at Willcox & Savage, P.C., assists the Debtors in
their restructuring effort.  Marsh Hawk estimated its assets and
debts at $10 million to $50 million.


MARSH HAWK: In Talks with Creditors Committee on Plan Terms
-----------------------------------------------------------
Marsh Hawk Golf Club, LLC, and Ford's Colony Country Club, ask the
U.S. Bankruptcy Court for the Eastern District of Virginia to
extend their exclusive right to file and solicit acceptances for
the proposed Plan of Reorganization until September 30, 2010; and
November 30, respectively.

The Debtors need additional time to negotiate a plan and prepare
adequate information.  The Debtors added that they are still in
negotiations on the plan terms with the official committee of
unsecured creditors.

The Debtors are represented by:

     Ross C. Reeves, Esq.
     Stephanie N. Gilbert, Esq.
     Willcox & Savage, P.C.
     440 Monticello Avenue, Suite 2200
     Norfolk, VA 23510
     Tel: (757) 628-5500
     Fax: (757) 628-5566

                  About Marsh Hawk Golf Club, LLC

Williamsburg, Virginia-based Marsh Hawk Golf Club, LLC, and Ford's
Colony Country Club, own and operate a country club in
Williamsburg, Virginia.  The Club features a 54-hole private golf
course, restaurants, meeting rooms, banquet halls and numerous
recreational facilities.

The Companies filed for Chapter 11 bankruptcy protection on
April 1, 2010 (Bankr. E.D. Va. Lead Case No. 10-50632).  Marsh
Hawk estimated its assets and debts at $10 million to $50 million
as of the Petition Date.


MEDINA INTERNATIONAL: Recurring Losses Cue Going Concern Doubt
--------------------------------------------------------------
Medina International Holdings, Inc., filed on July 29, 2010, its
annual report on Form 10-k for the year ended April 30, 2010.

Ronald R. Chadwick, of Aurora, Colo., expressed substantial doubt
about the Company's ability to continue as a going concern.
Mr. Chadwick noted that the Company has suffered recurring losses
from operations and has a working capital deficit.

The Company reported a net loss of $745,070 on $541,675 of revenue
for fiscal 2010, compared with a net loss of $1,768,434 on
$1,034,379 of revenue for fiscal 2009.

The Company's balance sheet at April 30, 2010, showed $1,046,720
in assets, $2,731,046 of liabilities, for a stockholders' deficit
of $1,684,326.

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

               http://researcharchives.com/t/s?678e

Corona, Calif.-based Medina International Holdings,  Inc., was
incorporated on June 23, 1998, in the State of Colorado as
Colorado Community Broadcasting, Inc.  In 2004, the Company
changed its name to Medina International Holdings, Inc.  The
Company manufactures products and services to assist emergency
and defense organizations and personnel.  Products are
manufactured by the Company's two wholly owned subsidiaries,
Medina Marine, Inc. and Harbor Guard Boats, Inc.  The
Company's securities are traded on Pink Sheets (Over-the-Counter)
under the symbol, "MIHI."


MEXICANA AIRLINES: Files for Bankruptcy in Mexico & U.S.
--------------------------------------------------------
Compania Mexicana de Aviacion or Mexicana Airlines, Mexico's
largest airline, filed for bankruptcy in the U.S. and Mexico on
Monday.  In the U.S., the company filed in the U.S. Bankruptcy
Court in Manhattan for Chapter 15 bankruptcy protection (case
no. 10-14182), and in Mexico, it filed for the equivalent of
Chapter 11.

CMA filed a "Concurso Mercantil" or insolvency petition with a
Mexico City district court to ensure the continued operation of
the Company.  CMA filed for Chapter 15 petition to obtain U.S.
bankruptcy protection and injunction relief in both countries.

Mexicana listed debt of more than $1 billion in its bankruptcy
petition, according to Dow Jones Daily Bankruptcy Review.

The Associated Press reports the airline owes Mexican banks at
least 2.5 billion pesos (US$199 million), Chief Executive Officer
Manuel Borja said at a news conference Monday.  Mr. Borja didn't
say what the company's total debt is.

William Heuer, Esq., a partner at Duane Morris' New York office,
is representing Mexicana in the matter.

In a statement, CMA said its costs, particularly those associated
to flight crews are well above industry average; such costs must
be brought into line with market conditions to allow the Company
to reach a restructuring agreement with its creditors to secure
its financial viability well into the future.

Since changing hands in 2006, CMA has made aggressive efforts to
boost productivity by expanding and renewing fleet, enhancing its
route network, as well as introducing state of the art
technologies.  These measures have translated into improved
operating efficiency, savings in excess of US$800 million and has
contributed resources superior to US$350 million.

Although these initiatives helped offset a sharp drop in demand
for air services due to the global financial crisis and the AH1N1
flu epidemic of 2009, the Company's current cost structure makes
it financially non-viable.  Consequently, CMA is negotiating new
collective labor contracts with its unions, and is confident they
will result in a positive outcome enabling the Company to continue
offering its customers world-class services at competitive fares.

                     Proposals to Labor Groups

Also on Monday, Mexicana said despite of investments of over
US$300 million in credit lines and resources put up by its parent,
Nuevo Grupo Aeronautico and its subsidiaries, MexicanaClick and
MexicanaLink, its current financial situation is no longer
tenable.  Concerted efforts have been made over the last four and
a half years to restructure costs, efforts that have translated
into savings of some US$800 million as a direct result of
investment in IT systems, new routes and more efficient aircraft,
but have not been sufficient to offset its crew costs.

Although the airline's operating costs excluding crew labor costs
are 30% lower than the average of legacy airlines in the United
States, these non competitive labor costs are the main reason why
the company has continued to suffer losses, to the extent that it
is now financially non-viable. According to company sources, CMA's
pilots earn 49% more than the average wage paid by legacy airlines
in the United States and 185% more than the average pilots flying
Airbus A320s for other Mexican low cost airlines like Volaris or
Interjet.  Likewise, Mexicana Airlines flight attendants earn 32%
more than the U.S. average and 165% more than their Mexican
counterparts employed by the same airlines.

Mexicana said that, numbers confirm, that if its collective
contracts had been more competitive, instead of registering losses
of US$350 million from 2007 to date, the company would have posted
profits of US$350 million, illustrating that CMA does indeed have
the potential to be a profitable, financially viable carrier.

In light of the current situation, CMA has presented its pilots'
and flight attendants' unions with two alternatives:

     -- The first is the option to enter into a new collective
        contract to secure the CMA's long-term financial
        viability. This would imply accepting cuts of 41% and 39%
        in wages and fringe benefits for pilots and flight
        attendants, respectively. This alternative also calls for
        additional cost-cutting measures, including downsizing 40%
        of the airline's pilots and flight attendants. On the
        upside, it incorporates a profit-sharing plan whereby the
        unions would get a percentage of any operating profits
        that exceed 5% of the company's total revenues.

     -- As a second alternative, stockholders have offered to sell
        CMA to its unions for the token sum of one peso, proving
        them convinced of the vital role these labor organizations
        will play in the future of the company.  As the only
        entities capable of turning the situation around, CMA's
        management have stated that it would be willing to
        transfer control of the airline to its unions. The
        transaction would require further and more detailed
        negotiations with the unions, but in broad terms would
        require NGA to assume liabilities of US$120 million in
        bank credit lines, while the unions would have the option
        of retaining a BANCOMEXT loan for US$80 million or
        transferring this credit line and its respective sureties
        to NGA. The unions would also be given a six-month permit
        for the use of the Mexicana Airlines brand name, among
        other measures designed to allow for a smooth transition.

In response to statements by representatives of the pilots union
to the effect that both proposals outlined by CMA would be
rejected, the company said that it is time to acknowledge reality,
that the paradigm of commercial aviation has changed worldwide and
that only airlines that operate at competitive costs can hope to
survive and continue flying.

Hugo Martin at Los Angeles Times reports that Lizette Clavel
Sanchez, the secretary general of Mexicana's flight attendants
union, said Tuesday that the airline's employees were willing to
keep negotiating with Mexicana, but only in "transparency and
without abuse."

Ms. Clavel said the airline's contention that Mexicana workers are
paid significantly more than those at other airlines in Mexico is
like "comparing pears and apples."

"Those are low-cost airlines that don't have the same service,
technology and flight times we do. Airlines like Volaris or
Interjet don't make flights longer than four hours. We have
flights that are as long as 16 hours," Ms. Clavel said, according
to LA Times. "It is wrong to quantify our salaries that way."

                        Concurso Mercantil

The "Concurso Mercantil" is a Mexican legal resource that
guarantees the operation of companies that are unable to meet
their obligations, while protecting those companies they do
business with.  Similar to Chapter 11 of the United States
Bankruptcy Code and other similar legislations, this recourse
grants companies a reasonable timeframe in which to reorganize
themselves in an orderly manner while continuing to operate.

Under Mexican law, once the insolvency filing has been accepted,
the judge will order the Company to continue operating to ensure
services are not interrupted and that consumers are not adversely
affected.  The judge will also appoint an expert to oversee the
proceedings up to the conciliation phase, during which CMA will
attempt to reach a restructuring agreement with its creditors.

                          Request for TRO

Patrick Fitzgerald at Dow Jones Daily Bankruptcy Review reports
Mexicana is asking Judge Stuart M. Bernstein of the U.S.
Bankruptcy Court in Manhattan to issue a temporary restraining
order to bar creditors from seizing its assets in the U.S.

According to Dow Jones, Maru E. Johansen, Mexicana's U.S. vice
president of legal affairs and corporate affairs, said in court
papers a U.S. court order is necessary to block creditors from
throwing a wrench in the company's restructuring.  "The seizure of
even one aircraft, for example, could disrupt Mexicana's global
operations and potentially trigger or encourage the subsequent
exercise of remedies by other parties," Mr. Johansen said.

Dow Jones notes three Mexicana jets were seized on behalf of
leasing companies worried about payments in Canada and the U.S.
last week.

                         Business as Usual

Passengers will not be affected as part of the proceedings, since
CMA will continue to render services normally while it
restructures its liabilities and brings its costs into line with
market conditions.  CMA's sister domestic market airlines,
MexicanaClick and MexicanaLink, operate independently and will
therefore not be affected by the reorganization process.

CMA remains committed to its customers, commercial partners and
employees, and will keep all parties updated on the progress of
such restructuring process.

Compania Mexicana de Aviacion or Mexicana Airlines --
http://www.mexicana.com/-- is a privately held airline and a
subsidiary of Nuevo Grupo Aeronautico.  Founded in 1921, Mexicana
is the oldest commercial carrier in North America.  Charles
Lindbergh piloted the first trip for Mexicana between Brownsville,
Texas, and Mexico City.

Duane Morris may be reached at:

     William C. Heuer
     DUANE MORRIS LLP
     1540 Broadway
     New York, NY 10036-4086
     Telephone: 212-692-1070
     Facsimile: 212-208-4521
     E-mail: wheuer@duanemorris.com

Mexicana's spokesman may be reached at:

     Adolfo Crespo
     Telephone: 011 52 1 55. 5448-3296
     E-mail: adolfo.crespo@mexicana.com.mx


MONEYGRAM INT'L: Posts $6.8 Million Net Income for June 30 Qtr
--------------------------------------------------------------
MoneyGram International Inc. reported financial results for the
second quarter of 2010.

    * Money transfer transaction volume increased 7 percent and
      money transfer fee and other revenue increased 2 percent in
      the second quarter of 2010 versus prior year.  On a constant
      currency basis, money transfer fee and other revenue
      increased 3 percent versus prior year.  The primary
      difference between transaction growth and constant currency
      revenue growth is related to lower revenue per transaction
      due to the introduction of the $50 price band in the United
      States.

    * Global agent locations increased 13 percent over prior year
      to 203,000.

    * Total revenue in the second quarter declined 3 percent to
      $283.6 million, compared with $291.2 million in the same
      period last year. Total fee and other revenue declined
      slightly to $277.6 million, from $278.5 million in the same
      period last year.  Total revenue in 2010 reflects investment
      revenue and net securities gains that were $6.7 million less
      than second quarter 2009.

    * Net income for the quarter was $6.8 million and EBITDA was
      $55.4 million. Both net income and EBITDA were impacted by
      $6.0 million of stock-based compensation, $1.9 million of
      restructuring and reorganization costs, and $1.5 million of
      asset impairment charges.  Net income was also impacted by a
      $3.5 million write off of deferred financing and debt
      discount related to the early debt paydown.

    * Adjusted EBITDA for the quarter was $65.0 million versus
      $57.3 million in the prior year.  Second quarter 2010
      adjusted EBITDA reflects lower net investment revenue of
      $2.1 million compared with the same period in 2009. Second
      quarter 2009 adjusted EBITDA was negatively impacted by a
      $9 million provision for loss.

"In the second quarter of 2010, MoneyGram made significant
progress on positioning the company for long-term profitable
growth.  We launched our 200,000th agent location, solidified our
management team with the addition of James Shields as our chief
financial officer, and despite a challenging economic environment
and increased price pressure in our domestic U.S. market, we
delivered positive money transfer transaction, revenue and network
growth," said Pamela H. Patsley, MoneyGram chairman and chief
executive officer.

A full-text copy of the Company's earnings release is available
for free at http://ResearchArchives.com/t/s?677c

                  About MoneyGram International

MoneyGram International Inc. -- http://www.moneygram.com/--
offers more control and more choices for people separated by
distance or with limited bank relationships to meet their
financial needs.  A leading global payment services company,
MoneyGram International helps consumers to pay bills quickly and
safely send money around the world in as little as 10 minutes.
Its global network is comprised of 190,000 agent locations in
nearly 190 countries and territories. MoneyGram's convenient and
reliable network includes retailers, international post offices
and financial institutions.

The Company's balance sheet at June 30, 2010, showed $5.461
billion in total assets and $5.450 billion in total liabilities,
$929.19 million in mezzanine equity, resulting to $929.1 million
in total stockholders' deficit.

                           *     *     *

According to the Troubled Company Reporter on July 1, 2010, Fitch
Ratings has affirmed the Issuer Default Ratings for MoneyGram
International Inc. and MoneyGram Payment Systems Worldwide, Inc.,
at 'B+'.  Outlook is stable.  Fitch noted that the ratings could
be negatively impacted by further declines in remittance volumes
driven by macro economic factors or decreases in migrant labor
populations worldwide.


MXENERGY HOLDINGS: Delays Exchange Offer for 13.25% Notes
---------------------------------------------------------
MxEnergy Holdings, Inc., is delaying a planned offering to
exchange new 13.25% Senior Subordinated Secured Notes due 2014,
for its currently outstanding 13.25% Senior Subordinated Secured
Notes due 2014.  The Company will issue $67,741,000 in new notes.

The exchange notes are substantially identical to the applicable
original notes, except that the exchange notes have been
registered under the federal securities laws, are not subject to
transfer restrictions and are not entitled to certain registration
rights relating to such original notes.  The exchange notes will
represent the same debt as the original notes and the Company will
issue the exchange notes under the same indenture as the original
notes.

The principal features of the exchange offer are:

     -- The exchange offer expires at 5:00 p.m., New York City
        time, on ________, 2010, unless extended.  The Company
        does not currently intend to extend the expiration date of
        the exchange offer.

     -- The exchange offer is not subject to any condition other
        than that the exchange offer not violate applicable law or
        any applicable interpretation of the staff of the
        Securities and Exchange Commission.

     -- The Company will exchange all original notes that are
        validly tendered and not validly withdrawn prior to the
        expiration of the exchange offer.

     -- The Company does not intend to apply for listing of the
        exchange notes on any securities exchange or automated
        quotation system.

     -- The Company will not receive any proceeds from the
        exchange offer.  The Company will pay all expenses
        incurred by the Company in connection with the exchange
        offer and the issuance of the exchange notes.

Broker-dealers who receive exchange notes in exchange for original
notes pursuant to the exchange offer acknowledge that they will
deliver a prospectus in connection with any resale of such
exchange notes.  Broker-dealers who acquired exchange notes as a
result of market-making or other trading activities may use this
prospectus for the exchange offer, as supplemented or amended, in
connection with resales of the exchange notes.

A full-text copy of the Company's Form S-4 registration statement
is available at no charge at http://ResearchArchives.com/t/s?6798

                      About MxEnergy Holdings

MxEnergy Holdings Inc. was founded in 1999 as a retail energy
marketer.  The two principal operating subsidiaries of Holdings
are MxEnergy Inc. and MxEnergy Electric Inc. which are engaged in
the marketing and supply of natural gas and electricity,
respectively.  Holdings and its subsidiaries operate in 39 market
areas located in 14 states in the United States and in two
Canadian provinces.

The Company's balance sheet at March 31, 2010, showed
$221.4 million in total assets and $134.1 million in total
liabilities, for a $87.3 million total stockholders' equity.

MxEnergy carries Caa3 long term corporate family and Ca/LD
probability of default ratings from  Moody's Investors Service.


NEXITY FINANCIAL: Files Prepackaged Reorganization Plan
-------------------------------------------------------
Nexity Financial Corporation has filed a Prepackaged Plan of
Reorganization and disclosure statement with the U.S. Bankruptcy
Court for the District of Delaware.

The Debtor will seek approval of its prepackaged Chapter 11 plan
of reorganization from the Bankruptcy Court at a confirmation
hearing on August 27, 2010, at 11:00 a.m.

Under the Prepackaged Plan, approximately $36.2 million in debt
would be fully resolved.  The effects of the Prepackaged Plan, if
confirmed by the Bankruptcy Court, would significantly improve the
Debtor's capital position and avoid the Nexity Bank being placed
in receivership and the Debtor going into liquidation.

If the holders of the trust preferred securities (TruPS) as a
class vote in favor of the Prepackaged Plan and the Prepackaged
Plan is approved by the Bankruptcy Court and consummated, the
secured lender has agreed to allow the holders to receive a
distribution equaling 15% of the liquidation amount of the TruPS.
If the TruPS class votes against the Prepackaged Plan, the holders
of the TruPS will receive nothing under the Prepackaged Plan.

The goal of the Prepackaged Plan is to (i) satisfy in full the
subordinated notes issued in connection with the issuance of trust
preferred securities by trusts wholly owned by the Debtor with
either a cash payment equal to a percentage of the liquidation
amount of the TruPS claims or shares of the NFC Common Stock; and
(ii) satisfy in full the secured debt of the Debtor with either a
cash payment or shares of the NFC Common Stock at a negotiated,
favorable, discount.  Separately, but subject to and conditioned
upon approval and consummation of the Prepackaged Plan, the Debtor
is in the process of raising a gross amount of at least
$175 million in new capital through the sale of additional shares
of NFC Common Stock.  The additional funds will be used to make
the distributions contemplated under the Prepackaged Plan, pay the
costs and expenses associated with the Chapter 11 case and the
transactions related to the recapitalization, support the Debtor's
ongoing working capital needs and contribute the urgently needed
capital to the Debtor and Nexity Bank.

Nexity Bank won't be affected in any way.  All of the Debtor's
general unsecured creditors will be paid in full.

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

      http://bankrupt.com/misc/NEXITY_FINANCIAL_plan.pdf
      http://bankrupt.com/misc/NEXITY_FINANCIAL_ds.pdf
      http://bankrupt.com/misc/NEXITY_FINANCIAL_ds2.pdf

                         Treatment of Claims

With respect to classified claims:

   Classification                              Treatment
   --------------                              ---------
Class 1 - Priority Non-Tax Claims       Unimpaired; 100% recovery

Class 2 - Secured Lender Claim          Impaired; 26.3% recovery

Class 3 - Other Secured Claims          Unimpaired; 100% recovery

Class 4 - General Unsecured Claims      Unimpaired; 100% recovery

Class 5 - TruPS Claims                  Impaired; 15% recovery,
                                        but in the event that the
                                        holders don't vote to
                                        accept the Prepackaged
                                        Plan, the TruPS Holder
                                        Stock Election won't be
                                        available to holders of
                                        TruPS Claims and all TruPS
                                        Claims will be cancelled
                                        and discharged without any
                                        distribution

Class 6 - NFC Common Equity Interests   Impaired; interests pass
                                        Through subject to
                                        dilution

Class 7 - Section 510(b) Claims         Impaired; 0% recovery

                       About Nexcen Financial

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 million to
$50 million in its Chapter 11 petition.


NEXITY FINANCIAL: Court Extends Filing of Schedules Until Sept. 28
------------------------------------------------------------------
The Hon. Peter J. Walsh of the U.S. Bankruptcy Court for the
District of Delaware extended, at the behest of Nexity Financial
Corporation, the deadline for the filing of schedules of assets
and liabilities, schedules of executor contracts and unexpired
leases, lists of equity security holders, schedules of current
income and expenditures and statements of financial affairs until
September 28, 2010.

The Debtor had asked that the previous 14-day deadline be extended
for an additional 76 days until October 20, 2010.  To prepare the
schedules and statements, the Debtor would have to compile
information from books, records, and documents relating to the
claims of its potential creditors, as well as the Debtor's
numerous assets and contracts.  The Debtor said that the
information to be compiled is voluminous and that assembling the
necessary information would require a significant expenditure of
time and effort on the part of the Debtor and its employees in the
near term, when the resources would be best put toward
effectuating the Debtor's reorganization efforts.

Nexity Financial Corporation -- 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.

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 its assets and debts at $10 million
to $50 million as of the Petition Date.


NEXITY FINANCIAL: U.S. Trustee Not Forming Creditors Committee
--------------------------------------------------------------
Roberta A. DeAngelis, the Acting U.S. Trustee for Region 3, hasn't
appointed members to the Official Committee of Unsecured Creditors
in Nexity Financial Corporation's Chapter 11 cases, due to
insufficient interest.

Nexity Financial Corporation -- 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.

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 its assets and debts at $10 million
to $50 million as of the Petition Date.


NMP INVESTORS: Files Schedules of Assets and Liabilities
--------------------------------------------------------
NMP Investors, LLC, filed with the U.S. Bankruptcy Court for the
Southern District of California its schedules of assets and
liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property               $15,000,000
  B. Personal Property                $1,000
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                              $54,000,000
  E. Creditors Holding
     Unsecured Priority
     Claims                                                $0
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                       $13,072,724
                                 -----------      -----------
        TOTAL                    $15,001,000      $67,076,724*

* Corrected: $67,072,724

San Marcos, California-based NMP Investors, LLC, filed for Chapter
11 bankruptcy protection on June 7, 2010 (Bankr. S.D. Calif. Case
No. 10-09920).  Vatche Chorbajian, Esq., at the Law Offices of
Vatche Chorbajian, assists the Debtor in its restructuring effort.
The Debtor estimated its assets and debts at $10 million to $50
million in its Chapter 11 petition.


NMP INVESTORS: Ch. 11 Trustee or Examiner Sought by U.S. Trustee
----------------------------------------------------------------
Tiffany L. Carol, the U.S. Trustee for Region 15, asks the U.S.
Bankruptcy Court for the Southern District of California to
appoint a Chapter 11 trustee, or, in the alternative, an examiner
in the Bankruptcy case of NMP Investors, LLC.

Ms. Carol relates that the Chapter 11 trustee will investigate on
the allegations that the Debtor has been dishonest and guilty of
gross mismanagement.

In addition, the examiner will conduct examination of the Debtor
as appropriate, including investigation of any allegations of
fraud, dishonesty, incompetence, misconduct, mismanagement, or
irregularity in the management or affairs of the Debtor of or by
current for former management of the Debtor.

The trustee proposes a hearing on the appointment of a trustee or
examiner on September 2, 2010, at 2:30 p.m. at Room 118,
Department Two.

San Marcos, California-based NMP Investors, LLC, filed for Chapter
11 bankruptcy protection on June 7, 2010 (Bankr. S.D. Calif. Case
No. 10-09920).  Vatche Chorbajian, Esq., at the Law Offices of
Vatche Chorbajian, assists the Debtor in its restructuring effort.
The Debtor estimated its assets and debts at $10 million to $50
million in its Chapter 11 petition.


PACIFICA MESA: DIP Financing, Cash Collateral Use Gets Interim OK
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
has authorized, on an interim basis, Pacifica Mesa Studios LLC's
request to obtain, nunc pro tunc to the Petition Date,
postpetition secured financing from LV Holdings, LLC, as successor
in interest to Amalgamated Bank of New York, as trustee of
Longview Ultra I Construction Loan Investment Fund (the DIP
Lender).

The DIP lenders have committed to initially provide up to
$2,700,000 million.  Not more than $800,000 will be provided on an
interim basis.

The Debtor funded its studio with an initial $58,700,000 loan from
Amalgated, which later increased to $75,300,000.  The Debtor also
executed a participating loan agreement with Workers Realty Trust
II, L.P., a Delaware limited partnership, dated as of April 12,
2006 pursuant to which Workers agreed to lend the Debtor up to
$16.2 million.  Workers, the Debtor and Amalgamated are each a
party to the Amended and Restated Intercreditor and Subordination
Agreement.  Under that agreement, Workers has subordinated its
lien in the asserted amount of approximately $23,804,380 to
Amalgamated except with respect to the New Market Tax Credit
Proceeds.  As Amalgamated holds a first position lien secured by
all of the Debtor's assets in the amount of approximately
$75.3 million and the Debtor's assets are worth significantly less
than $75.3 million, Workers is an unsecured creditor.

Robyn B. Sokol, Esq., at Ezra Brutzkus Gubner LLP, the attorney
for the Debtor, explains that the Debtor needs the money to fund
its Chapter 11 case, pay suppliers and other parties.

The DIP facility will incur interest at 12% per annum, payable in
monthly arrears.  In the event of default, interest on the DIP
facility will accrue at a rate of 5.00% per annum in excess of
rate otherwise accruing.  Events of default include, among other
things: (i) the entry of the final order will not have occurred
within 30 days after the entry of the first interim order; (ii) a
super-priority administrative expense claim which is senior to or
pari passu with Amalgamated's claims will be granted; (iii) any
order approving the DIP financing or the financing will be stayed,
amended, modified, reversed or vacated; (iv) the Debtor will fail
to reach an agreement within 45 days of the Petition Date for an
equity infusion of at least $10 million with a counterparty and on
terms acceptable to Amalgamated; or (v) Harold A. Katersky will
cease to function as managing member and chief executive or Dana
Arnold will cease to function as president of the Debtor, or any
challenge to the control of either principal of the Debtor won't
be dismissed within [30] days of the date of the challenge.

To secure all obligations of the Debtor, Amalgamated will receive
a super-priority administrative expense claim and a perfected
first priority pledge of all personal and real property of the
Debtor, including any avoidance actions.  The obligations under
the DIP facility will have priority over any and all other
administrative expenses.

The Debtor's obligations under the DIP facility are secured by
substantially all of the Debtors' assets in California.  However,
their building in Los Angeles is excluded.

Mr. Sokol said that the Debtor will also use the Cash Collateral
until December 2010 to provide additional liquidity.  All
obligations of the Debtor to Amalgamated in respect of the
prepetition debt will, as adequate protection for the use of cash
collateral, be secured by (i) superpriority administrative expense
status, junior only to the superpriority claims of Amalgamated in
its capacity as Amalgamated under the DIP facility; (ii)
replacement first priority liens and security interests on all
property; and (iii) the current payment of interest, fees, costs
and expenses accruing on or arising in connection with the
prepetition debt.

More information on the Debtor's motion to obtain DIP financing
and use cash collateral is available for free at:

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

The Court has set a final hearing for August 13, 2010, at
9:00 a.m., on the Debtor's request to obtain DIP financing

                        About Pacifica Mesa

Agoura Hills, California-based Pacifica Mesa Studios, LLC, dba
Albuquerque Studios and ABQ Studios, filed for Chapter 11
bankruptcy protection on July 20, 2010 (Bankr. C.D. Calif. Case
No. 10-18827).  Steven T. Gubner, Esq., at Ezra Brutzkus & Gubner,
assists the Company in its restructuring effort.  The Company
estimated $50 million to $100 million in assets and $100 million
$500 million in liabilities in its Chapter 11 petition.


PALM BEACH FINANCE: Plan Outline Hearing Set for August 31
----------------------------------------------------------
The Hon. Paul G. Hyman  of the U.S. Bankruptcy Court for the
Southern District of Florida will consider on August 31, 2010, at
9:30 a.m., the approval of a Disclosure Statement explaining the
proposed Plan of Liquidation for Palm Beach Finance Partners,
L.P., and Palm Beach Finance II, L.P.  The hearing will be held at
1515 N Flagler Drive, Room 801 Courtroom A, West Palm Beach.
Objections, if any, are due on August 24.

The Plan proponents are Barry Mukamal, as Chapter 11 trustee
and and Geoffrey Varga, as joint official liquidator of
the Debtors.

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

According to the Disclosure Statement, the Plan does not
contemplate the substantive consolidation of the Debtors' assets.
The Court will consider confirmation of the Plan separately in
each of the cases and each Debtor must satisfy all of the
requirements for confirmation.

On the effective date, each of the Debtors will transfer all of
their respective assets to the beneficiaries of the liquidating
trusts who will contribute the assets to the liquidating trust.

                        Treatment of Claims

Classes 1A, 1B, 2A and 2B general unsecured claims of PBF, and
      PBF II - holders will receive periodic distributions from
      the PBF and PBF II liquidating trusts on account of their
      allowed unsecured claim.

Class 3A interests holders will receive periodic distributions
      from the PBF and PBF II liquidating trusts on account of
      their interests.  Holders will not receive any distribution
      from the liquidating trusts until holders of Classes 1 and 2
      have been fully satisfied in full.

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

The Chapter 11 trustee is represented by:

     Michael S. Budwick, Esq.
     E-mail: mbudwick@melandrussin.com
     Meland Russin & Budwick, P.A.
     3000 Wachovia Financial Center
     200 South Biscayne Boulevard
     Miami, FL 33131
     Tel: (305) 358-6363
     Fax: (305) 358-1221

                      About Palm Beach Funds

Palm Beach Gardens, Florida-based Palm Beach Finance Partners,
L.P., is a hedge fund.  The Company solicited capital
contributions from third-party limited partners, and proceeded to
invest substantial amounts of the capital with the Petters
Company, Inc.

The Company filed for Chapter 11 on November 30, 2009 (Bankr. S.D.
Fla. Case No. 09-36379.)  The Debtor's affiliate, Palm Beach
Finance II, L.P., also filed for bankruptcy (Bankr. S.D. Fla. Case
No. 09-36396).  Palm Beach Finance II estimated $500 million to $1
billion in assets and liabilities in its petition.


PARK PLACE: Files for Chapter 11 Protection
-------------------------------------------
Missy Frederick at Business Journal of Washington reports that
Park Place Inc. filed for bankruptcy under Chapter 11.

The Company said in its Chapter 11 petition that assets are under
$50,000 while debt range from $1 million to $10 million.
Creditors include Equipment Finance Services Inc. and Washington
Music Sales Center Inc.

Park Place Inc. operates a night club.  The Company said it wants
to sell its Love and The Park at 14th night club.


PROTOSTAR LTD: Files New Ch. 11 Plan with Creditor Support
----------------------------------------------------------
Bankruptcy Law360 reports that ProtoStar Ltd. has filed a new
Chapter 11 plan that now includes a carveout for unsecured
creditors.  ProtoStar filed its fourth amended bankruptcy plan and
disclosure statement Friday in the U.S. Bankruptcy Court for the
District of Delaware, this time with the backing of the committee,
according to Law360.

                        About ProtoStar Ltd.

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

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

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

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


PSEG ENERGY: Fitch Affirms 'BB+' Issuer Default Rating
------------------------------------------------------
Fitch Ratings has affirmed the Issuer Default Ratings and debt
instrument ratings of Public Service Enterprise Group, Inc., and
its subsidiaries, PSEG Power LLC, Public Service Electric & Gas
Company, and PSEG Energy Holdings LLC.  The Rating Outlook is
Stable.

Fitch has affirmed these ratings:

Public Service Enterprise Group, Inc.

  -- Issuer Default Rating at 'BBB+';
  -- Senior unsecured debt at 'BBB+';
  -- Short-term IDR at 'F2';
  -- Commercial paper at 'F2';

PSEG Power LLC

  -- IDR at 'BBB+';
  -- Senior unsecured debt at 'BBB+';

Public Service Electric and Gas Company

  -- IDR at 'BBB+'
  -- First mortgage bonds at 'A';
  -- Pollution control revenue bonds at 'A';
  -- Short-term IDR at 'F2';
  -- Commercial paper at 'F2';

PSEG Energy Holdings LLC

  -- IDR at 'BB+';
  -- Senior unsecured debt at 'BB/RR1'.

The Rating Outlook for all ratings is Stable.

PSEG's ratings reflect strong historical and projected
consolidated credit protection measures and the financial and
operating strength of its principal subsidiaries -- Power, a
wholesale energy company, and PSE&G, a regulated electricity and
natural gas distribution utility in New Jersey.

For the latest 12 months ended March 31, 2010, consolidated
interest coverage as measured by the ratio of EBITDA/interest was
8.1 times and leverage, measured by the ratio of debt/EBITDA, for
the same period was 1.9x.  Both measures are expected to weaken
over the next several years, but remain well within Fitch's
guidelines for its current ratings.  For the forecast period of
2010-2013, Fitch anticipates that EBITDA/interest will decline to
approximately 6.0x and Debt/EBITDA will increase to around 3.0x.
The expected decline in credit metrics reflects Fitch's view that
gross energy margins at Power will decline, largely due to weak
electricity demand driven by the recessionary economic conditions,
low natural gas and wholesale electricity prices, and improved
reserve capacity margins in the wholesale markets Power operates.
On a consolidated basis, the decline in Power's earnings and cash
flow is mitigated by recently approved rate increases for PSE&G's
electric and natural gas distribution businesses.  Fitch's
forecast also considers Power's hedging strategy, and assumes
ongoing rate support for PSE&G's infrastructure investments and a
financing plan that relies on a balanced mix of debt and equity.

The Stable Outlook is supported by ample liquidity, sustainable
cash flow from Basic Generating Services auction in New Jersey,
revenues from capacity auctions completed in PJM, New England, and
New York wholesale markets, and the absence of long-term corporate
level debt.  Liquidity under the bank credit facilities at the end
of June 2010 was approximately $2.9 billion, of which $350 million
will expire in July 2011, $600 million in June 2012, and the
remaining $2.6 billion in December 2012.  PSEG has contingent
exposure of approximately $230 million in federal tax liability on
its remaining investments in the international leveraged lease
transactions, which should be manageable.

Power's ratings reflect continuously strong financial and
operating performance and the favorable competitive position of
its generation portfolio, which mitigates the merchant risk.
Additionally, the wholesale markets in which Power operates are
robust and along with the conservative capital structure support
the ratings.

Power's Stable Outlook reflects the consistency of cash flow under
New Jersey's BGS auction, which provides a rolling three-year
hedge for a significant portion of Power's baseload generating
assets, ample liquidity, declining capital expenditures, and
manageable debt maturities.  The capacity markets in PJM, New
York, and NEPOOL wholesale markets enhance cash flow certainty and
support the Stable Outlook.

The primary credit concerns are the financial impact of an
extended nuclear plant outage and the uncertain cost of
potentially new environmental regulations on traditional
pollutants for coal-fired generating plants and potential future
limits on carbon emissions that may significantly increase
operating and capital costs for its coal and natural gas fired
generating assets.  Approximately 50% of Power's 2009 total annual
generation was from fossil fuel fired power plants.

Power's credit metrics are exceptionally strong, but are expected
by Fitch to trend downward as higher priced electricity hedges
roll off and financing costs related to the company's construction
program rise.  Even with the expected decline, credit metrics
remain well within Fitch's rating guidelines at least through the
forecast period ending 2013.  The ratio of FFO/Interest, for the
12-months ended March 31, 2010 of 8.0x, is expected to decline to
approximately 6x during the forecast period and Debt/EBITDA of
1.4x is expected to increase to around 2.5x.  Capital expenditures
include environmental upgrades, investments in new generating
capacity, and uprates of existing nuclear power plants.  Power has
sufficient liquidity through multiple bank credit facilities to
meet its working capital and operating needs.  Of the total
$1.95 billion in bank credit facilities, $350 million expires in
July 2011 and the remaining $1.6 billion in Dec 2012.  Power's
cash flow may improve should wholesale power prices recover and
the reserve capacity margins decline with the rebound in economic
activity as Power has unhedged gross margin positions in 2011 and
beyond.

The ratings of PSE&G are based on the predictability of cash flow
from its low risk utility business, the supportive regulatory
environment in New Jersey, the absence of commodity price
exposure, and a diverse customer base.  The Stable Outlook is
supported by ample liquidity, return on current investment in New
Jersey Board of Public Utilities approved infrastructure and the
FERC approved transmission projects, manageable debt maturities
and a constructive outcome of the company's recent rate case.

PSE&G's LTM March 2010 credit protection measures are strong
within its rating category, reflecting strong cash flow and a
moderate capital structure.  The ratio of EBITDA/interest for the
12-months ended March 31, 2010, was 5.6x and the leverage, based
on debt/EBITDA, was 3x for the same period.  Fitch expects
interest coverage (EBITDA/interest) and leverage (Debt/EBITDA)
will remain around 5x and 3x, respectively, during the forecast
period ending 2013.  Fitch's expectations are based on improved
cash flow from the recently implemented NJPBU approved rate
increase offset by higher interest expenses on additional
borrowings needed to complete the approved capital projects.
PSE&G is permitted to earn a cash return on infrastructure
projects regulated and approved by the NJBPU and on FERC regulated
transmission projects, which moderates the impact of the company's
large construction program.

The ratings of Energy Holdings reflect declining revenues from its
leverage lease portfolio, minimal contribution from its energy
related equity investments, a growing contribution from its
renewable business and low level of debt.  The moderate leverage
provides borrowing capacity that together with available cash and
proceeds from asset sales should be sufficient to cover the tax
liability related to its leveraged lease portfolio without
affecting ratings.  Fitch has assigned a Recovery Rating of 'RR1'
to holdings unsecured debt maturing in 2011.  Instruments accorded
Fitch's 'RR1' Recovery Rating have recovery prospects of over 90%.


QUANTUM CORP: CEO Belluzzo Disposes of 97,814 Shares
----------------------------------------------------
Quantum Corp. chief executive officer Richard Belluzzo disclosed
that he disposed of 97,814 shares of the company's common stock at
$1.60 a share on August 1, 2010.  Mr. Belluzzo said he may be
deemed to directly hold 1,232,787 shares following the
transaction.  Mr. Belluzzo said in a Form 4 filing with the
Securities and Exchange Commission that the transaction represents
a surrender of shares to satisfy tax withholding obligations upon
vesting of restricted stock units granted on August 1, 2008.

                        About Quantum Corp.

Based in San Jose, California, Quantum Corp. (NYSE:QTM) --
http://www.quantum.com/-- is a storage company specializing in
backup, recovery and archive.  Quantum provides a comprehensive,
integrated range of disk, tape, and software solutions supported
by a world-class sales and service organization.

The company balance sheet for June 30, 2010, showed $477.2 million
in total assets, $216.8 million in total current liabilities, and
$351.0 million in total long-term liabilities, for a $90.7 million
total stockholders' deficit.


QUANTUM CORP: Esber Trust Acquires 22,500 Shares
------------------------------------------------
Quantum Corp. director Edward M. Esber disclosed that he may be
deemed to have acquired 22,500 shares of the company's common
stock on August 2, 2010.  Mr. Esber said he may be deemed to
indirectly hold 115,000 shares.  The shares are held directly by
the Esber Family Trust dated 12/14/87, for which Mr. Esber serves
as the trustee.

                        About Quantum Corp.

Based in San Jose, California, Quantum Corp. (NYSE:QTM) --
http://www.quantum.com/-- is a storage company specializing in
backup, recovery and archive.  Quantum provides a comprehensive,
integrated range of disk, tape, and software solutions supported
by a world-class sales and service organization.

The company balance sheet for June 30, 2010, showed $477.2 million
in total assets, $216.8 million in total current liabilities, and
$351.0 million in total long-term liabilities, for a $90.7 million
total stockholders' deficit.


QUANTUM CORP: Posts $3 Million Net Loss for June 30 Quarter
-----------------------------------------------------------
Quantum Corp. reported that revenue for its fiscal first quarter
ended June 30, 2010, was $163 million, an increase of $3 million
from the same period last year.  This increase was primarily due
to record branded disk systems and software revenue, which grew
86 percent from FQ1'10, and higher OEM DXi software revenue
recognized in accordance with contractual requirements.  Quantum's
branded business grew to 73 percent of total non-royalty revenue,
up from 71 percent in FQ1'10.

The Company balance sheet at June 30, 2010, showed $477.2 million
in total assets, $216.8 million in total current liabilities, and
$351.0 million in total long-term liabilities, for a total
stockholders' deficit of $90.7 million.

Reflecting the strength of the Company's business model, Quantum
increased both its gross margin rate and operating income from the
same quarter last year.  Its GAAP gross margin rate was 41.3
percent, up from 38.4 percent, and GAAP operating income rose to
$4 million, up from $200,000.

Quantum reported a GAAP net loss of $3 million, or 1 cent per
share, compared to GAAP net income of $5 million in FQ1'10, which
included an $11 million net gain related to the retirement of
convertible debt.  The $3 million loss in FQ1'11 included
$9 million in amortization of intangibles and $3 million in stock-
based compensation charges which reduced per share earnings by
approximately 5 cents.

"We continued to make significant progress in several key areas
during the June quarter, most notably setting a new record for
branded DXi revenue, which more than doubled on a year-over-year
basis," said Rick Belluzzo, chairman and CEO of Quantum. "We also
continued to deliver strong gross margin and operating income
performance.  However, although our revenue increased over the
prior year, we clearly did not deliver the growth we had expected.
While this was partly due to economic challenges in Europe, we
continue to believe there is significant opportunity in the market
and that Quantum is well-positioned to capitalize on it,
particularly given the new products we've launched over the past
year.

"The key to generating greater revenue growth is building a
stronger channel business -- especially in the midrange with our
DXi solutions better leveraging our large installed base and --
further improving our sales execution," continued Belluzzo.
"While we believe our go-to-market strategy is still fundamentally
sound, we are making targeted changes and investments in all these
areas that will help us build a stronger, more diverse revenue
base moving forward."

Quantum's product revenue, which includes sales of the company's
hardware and software products, totaled $108 million in FQ1'11.
This represented a net increase of $3 million from FQ1'10. Disk
systems and software revenue, inclusive of related service
revenue, was $35 million in the June quarter, an increase of 80
percent from the same period last year.  The growing strength of
Quantum's branded disk systems and software offerings was
reflected in year-over-year revenue increases of 125 percent for
branded DXi systems and 36 percent for branded StorNext software.
Contributing to this momentum were a variety of large deals,
including a multi-site, follow-on DXi7500 sale to one of the top
insurance companies in the United States, a significant DXi7500
purchase by a new DXi customer that is one of the leaders in the
American music recording industry, and multi-unit DXi6500 deals
with a government agency and state university.  On the StorNext
side, notable customer wins included new business with a major
manufacturer of supercomputers, several Chinese television
stations, and a top university in the Middle East, as well as a
follow-on sale to a large government-owned broadcast network in
Asia.

Quantum ended FQ1'11 with $99 million in total cash and cash
equivalents and $329 million in total debt. The quarter-over-
quarter decline in cash was expected, generally driven by balance
sheet fluctuations and, specifically, the final utilization of a
customer prepayment.  Quantum stated that it expects to generate
cash from operations in the current quarter and that it will pay
off the remaining $22 million of its convertible debt.

A full-text copy of the Company's earnings release is available
for free at http://ResearchArchives.com/t/s?675b

                        About Quantum Corp.

Based in San Jose, California, Quantum Corp. (NYSE:QTM) --
http://www.quantum.com/-- is a storage company specializing in
backup, recovery and archive.  Quantum provides a comprehensive,
integrated range of disk, tape, and software solutions supported
by a world-class sales and service organization.

As of March 31, 2010, Quantum had $504.1 million in total assets,
$242.6 million in total current liabilities, and $352.7 million in
total long-term liabilities, for stockholders' deficit of
$91.2 million.


R & L INVESTMENT: Voluntary Chapter 11 Case Summary
---------------------------------------------------
Debtor: R & L Investment Associates, LLC
        2800 Commerce Tower, 911 Main
        Kansas City, MO 64105

Bankruptcy Case No.: 10-43969

Chapter 11 Petition Date: July 29, 2010

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

Judge: Dennis R. Dow

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

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

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

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

The petition was signed by H. Paul Rosenberg III, member.


R. ESMERIAN: U.S. Trustee Seeks Chapter 11 Trustee
--------------------------------------------------
Bill Rochelle at Bloomberg news reports that the U.S. Trustee in
New York filed an emergency motion on July 27 seeking appointment
of a Chapter 11 trustee for former Fred Leighton owner Ralph
Esmerian and his namesake company.  The U.S. Trustee argues that
Esmerian must be taken over by a trustee on account of misdeeds in
the Fred Leighton case.

The U.S. Trustee, according to the report, points to findings by
the bankruptcy judge in the prior case where the court ruled that
Esmerian "misappropriated the debtors' cash and inventory,"
causing additional losses to the secured lender.  The judge also
found that Mr. Esmerian sold company property to pay personal debt
and pledged the same jewelry to more than one creditor
simultaneously.  The motion is scheduled for hearing on Aug. 2.

According to Mr. Rochelle, Mr. Esmerian knew he would have
difficulty fending off the appointment of a Chapter 11 trustee.
Consequently, he filed a motion for the appointment of a
restructuring officer who would be responsible for managing his
financial affairs in Chapter 11.  The bankruptcy judge, however,
denied the motion on July 23.

                      About R. Esmerian Inc.

Mr. Esmerian and his company R. Esmerian Inc. were hit with
involuntary Chapter 7 petitions (Bankr. S.D.N.Y. Case Nos.
10-12721 and 10-12719) by creditors alleging they are owed
$40 million.   Stewardship Credit Arbitage Fund LLC, Stewardship
Credit Arbitage Fund Ltd. and Northlight Fund LP claim to be owed
$40 million in total and related that the debt stems from a
$25 million loan made in December 2006 to R. Esmerian Inc. from
Acorn Capital Group LLC.  The funding was eventually increased to
$40 million and assigned as promissory notes to the three
creditors, who now say they're owed interest and other fees, in
addition to the principal.

Ralph Esmerian owned liquidated antique jewelry retailer Fred
Leighton LLC.  Mr. Esmerian was the one who ushered Fred Leighton
into Chapter 11 in 2008, seeking to dodge an attempt by Christie's
to put a $75 million collection of jewels on the auction block, at
the request of lender Merrill Lynch.  The jeweler eventually sold
some of its assets to a group led by Madison Avenue jeweler Kwiat
-- but Esmerian couldn't prevent the Christie's sale entirely.  A
2009 Christie's auction of select Fred Leighton jewels brought in
$15.3 million to the estate.


RADIAN INSURANCE: S&P Affirms 'B+' Financial Strength Rating
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' financial
strength rating and negative outlook on Radian Insurance Inc.
Standard & Poor's subsequently withdrew its 'B+' financial
strength rating on RIC at the company's request.  These actions
have no impact on the ratings on direct parent company Radian
Guaranty Inc. or ultimate parent company Radian Group Inc.

"The 'B+' rating and negative outlook reflected the company's run-
off status, its small capital base, and its comparatively greater
proportion of higher-risk business that heightens vulnerability to
adverse loss development," said Standard & Poor's credit analyst
Dick P. Smith.  "In addition, it is S&P's view that the company is
not strategically important to the Radian Group's mortgage
insurance operation."

The negative outlook on RIC largely reflects the current
macroeconomic environment as well as the increasing litigation
risk associated with rescission activity.  "Despite signs of
improvement, the U.S. economy and housing markets remain fragile,"
said Mr. Smith.  "Although the rate of new notices has declined in
the most recent periods, should the economy experience a setback,
delinquencies would likely rise once again." Standard & Poor's
also expects that adjustable-rate mortgages will reset in
increasing amounts through 2010 and 2011; this could cause an
increase in delinquencies and losses incurred.

The group, as with most of its peers, faces increasing risk of
litigation associated with ongoing rescission activity.  Because
of the extent of rescission activity that has taken place during
this loss cycle, adverse judgments could have a materially adverse
impact on Radian Group's profitability and capitalization.  If an
economic setback or adverse judgments related to rescission
activity were to occur, resulting in higher delinquencies or
losses, Radian Group's and Radian Guaranty's capital could be
significantly impaired, resulting in a downgrade.

"S&P could raise the ratings if S&P sees improvement in the
macroeconomic environment that translates into significant and
durable declines in delinquencies and, ultimately, into a stream
of diminishing losses," said Mr. Smith.


RADIO ONE: To Restate Financial Statements for 2007 to 2009
-----------------------------------------------------------
Management and the Audit Committee of the Board of Directors of
Radio One Inc. concluded that (i) it is necessary to restate the
Company's consolidated financial statements for the years ended
December 31, 2009, 2008 and 2007 and for each quarterly financial
reporting period from January 1, 2009 through March 31, 2010 and,
(ii) the Company's consolidated financial statements and any
related reports of Ernst & Young LLP for these periods should no
longer be relied upon.

The restatement is solely the result of an error of measurement
and classification of a noncontrolling interest in Reach Media,
Inc. as presented on the consolidated balance sheet and on the
consolidated statement of changes in stockholders' equity.  The
effects of this error overstated consolidated stockholders' equity
and understated mezzanine equity at the end of each reporting
period by equal amounts. The adjustment will not affect any
previously reported financial results in the consolidated
statements of operations or consolidated statements of cash flows
for the Company, and, hence, will not affect previously reported
net income or earnings per share.

As part of the Company's acquisition of a controlling 51%
ownership interest in Reach Media in 2005, the noncontrolling
shareholders of Reach Media were granted the right to require
Reach Media, a consolidated subsidiary of the Company, to purchase
all or a portion of their shares at the then current fair market
value for such shares during the 30 day period beginning on
February 28, 2012, and each anniversary thereafter.  The purchase
price for such shares may be paid in cash and/or registered Class
D Common Stock of Radio One, at the sole discretion of Radio One.
Because the Company cannot ensure that it will be able to settle
the Put Right in registered shares, for accounting purposes the
Put Right is presumed to be settlable only in cash.

Accordingly, the noncontrolling interests are considered to be
instruments that are redeemable at the option of the holders for
cash, and, in accordance with generally accepted accounting
principles for public companies, the noncontrolling interests
should be classified outside of permanent equity.  In its
previously filed consolidated financial statements, the Company
classified the noncontrolling interests as a component of
permanent equity.  Because the noncontrolling interests in Reach
Media will become redeemable on February 28, 2012, the Company
must elect to subsequently measure the noncontrolling interest to
its expected redemption value by either accreting changes in the
redemption value from the date of issuance to the earliest
redemption date using an appropriate methodology or by recognizing
changes in the redemption value immediately as they occur as if
the end of the reporting period was the redemption date.

The Company did not initially record the noncontrolling interests
at fair value nor elect an accounting policy to account for
subsequent changes in the estimated redemption amount.  Rather,
the Company recorded and continues to report the noncontrolling
interest at its historical cost basis adjusted for the portion of
earnings attributable to the noncontrolling interests.  The
reported carrying value of the noncontrolling interests was
approximately $6 million at March 31, 2010.  The estimated
redemption value of the noncontrolling interests is estimated to
range from $40 to $50 million if redemption were to occur on
March 31, 2010.  Accordingly, the Company expects to reduce
consolidated stockholders' equity at March 31, 2010 by $34 to
$44 million in connection with the restatement, and to record
corresponding increases to mezzanine equity.

The Company's consolidated financial statements for the years
ended December 31, 2009, 2008 and 2007 were included in the Annual
Report on Form 10-K for the year ended December 31, 2009, that the
Company filed with the Securities and Exchange Commission on
April 1, 2010.  The Company will include its restated consolidated
financial statements in an amended Annual Report on Form 10-K/A
that it will file with the SEC as promptly as practicable.

The Company's consolidated financial statements for the quarters
ended March 31, 2010, September 30, 2009, June 30, 2009 and
March 31, 2009 were included in the Quarterly Reports on Form 10-Q
filed with the Securities and Exchange Commission on May 17, 2010,
November 9, 2009, August 7, 2009 and May 11, 2009, respectively.
The Company will include its restated consolidated financial
statements in amended Quarterly Reports on Forms 10-Q/A that it
will file with the SEC as promptly as practicable.

The determination to restate the Company's consolidated financial
statements was made following a thorough review of the Company's
consolidated financial statements.  Authorized officers of the
Company have discussed the matters disclosed above with Ernst &
Young LLP, the Company's independent registered public accounting
firm.

                          About Radio One

Radio One, Inc., operates as an urban-oriented multi-media company
in the United States. It principally engages in the radio
broadcasting operation that primarily targets African-American and
urban listeners. As of December 31, 2009, it owned and operated 53
radio stations located in 16 urban markets in the United States.
The company also has approximately 37% ownership interest in TV
One, LLC, an African-American targeted cable television network;
and a 53.5% ownership interest in Reach Media, Inc., which
operates the Tom Joyner Morning Show. Further, it owns Interactive
One, LLC, an online platform serving the African-American
community through social content, news, information, and
entertainment; and Community Connect, LLC, an online social
networking company. The company was founded in 1980 and is based
in Lanham, Maryland.

At March 31, 2010, Radio One had total assets of $1,024,984,000
against total liabilities of $779,381,000.

                           *     *     *

As reported by the Troubled Company Reporter on June 21, 2010,
Moody's Investors Service will upgrade Radio One, Inc.'s Corporate
Family Rating to B3 from Caa1 and its probability of Default
Rating to B3 from Caa2 pending closing of their proposed note
exchange, debt refinancing and purchase of additional interests in
TVOne.

Standard & Poor's Rating Services placed its 'CCC+' corporate
credit rating on Lanham, Md.-based radio broadcaster Radio One
Inc. on CreditWatch with positive implications.  The company has
proposed several transactions to refinance its capital structure
and acquire a controlling stake in TV One LLC.  Upon completion of
the refinancing, and assuming there are no material changes to the
proposed terms, S&P expects to raise the corporate credit rating
to 'B' with a stable outlook.

Standard & Poor's Ratings Services revised the CreditWatch
implications on its 'CCC+' corporate credit rating for Lanham,
Maryland-based radio broadcaster Radio One Inc. to developing from
positive.


RARITIES GROUP: Dist. Ct. Backs Rejection of Arbitration Clause
---------------------------------------------------------------
WestLaw reports that a federal district court judge in
Massachusetts has concluded that the mere fact that a proceeding
can be defined as a "core" proceeding does not mean that requiring
issues which arise in that proceeding to be arbitrated will
necessarily present an inherent conflict with the purposes of the
Bankruptcy Code, so as to give the bankruptcy court discretion to
deny a motion to compel arbitration.  So too, a bankruptcy court
does not automatically lack discretion to refuse to compel
arbitration of matters not involving "core" bankruptcy
proceedings.  While it may be more difficult to find an inherent
conflict with the Bankruptcy Code for non-core claims, it is
nevertheless an inquiry which must be made.  In re Rarities Group,
Inc., --- B.R. ----, 2010 WL 1342916 (D. Mass.).

As reported in the Troubled Company Reporter on Nov. 10, 2008,
Jeffrey D. Sternklar, Esq., the Chapter 7 trustee for the estates
of Rarities Group, Inc. (Bankr. E.D. Mass. Case No. 03-18371) and
Martin Barry Paul (Bankr. E.D. Mass. Case No. 05-22881) filed a
25-count complaint (Bankr. E.D. Mass. Adv. Pro. Nos. 08-1069 and
08-1070) alleging fraudulent, negligent and tortuous behavior in a
business relationship between Mr. Paul and Heritage Auction
Galleries, Inc., Heritage Galleries and Auctioneers, Heritage
Capital Corporation, Heritage Auctions, Inc., Steven Ivy and James
Halperin.  The Defendants responded to the lawsuit by moving to
compel enforcement of arbitration clauses contained in various
documents Mr. Paul executed, both as an individual and as an
officer and director of Rarities, while participating in
Heritage's coin auctions.  The Honorable William C. Hillman denied
the Defendant's motion to compel arbitration in a 48-page ruling
last week.

A spokeswoman for Duane Morris LLP in Boston, the law firm
representing the Trustee, says this case is significant for two
reasons:

  (A) large institutions rely on boiler plate arbitration
      clauses, this case represents what will be a widespread
      trend against them given the current sensitivities around
      protecting consumers; and

  (B) from a technical perspective, the trend has been that
      bankruptcy proceedings go to arbitration; this decision
      flies in the face of that.

The underlying litigation proceedings stem from a long standing
business and employment relationship that Heritage had with Martin
Barry Paul, a buyer and curator of rare coins.  Included in the
allegations: Heritage sold memorabilia it didn't own, used inside
information to advantage select parties, and intentionally made
paperwork confusing to limit ability to reconcile transactions.


RP SAM: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------
Debtor: RP Sam Houston Plaza, L.P.
        8300 Utica Ave., 3rd Floor
        Rancho Cucamonga, CA 91730

Bankruptcy Case No.: 10-33922

Chapter 11 Petition Date: July 29, 2010

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

Judge: Catherine E. Bauer

Debtor's Counsel: D. Edward Hays, Esq.
                  Marshack Hays LLP
                  5410 Trabuco Road, Suite 130
                  Irvine, CA 92620
                  Tel: (949) 333-7777
                  Fax: (949) 333-7778
                  E-mail: ehays@marshackhays.com

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

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

The petition was signed by William Angel, president RP Sam Houston
Plaza GP, LLC, general partner of Debtor.

Debtor's List of 20 Largest Unsecured Creditors:

Entity                   Nature of Claim        Claim Amount
------                   ---------------        ------------
Aldine ISD Tax Office                            $205,771
14909 Aldine Westfield Road
Houston, TX 77032-3027

Smith Commercial          Trade Debt             $104,483
Contracting
10400 Rogers Road
Houston, TX 77070

Leo Vasquez                                      $66,926
Tax Assesor-Collector
P.O. Box 4622
Houston, TX 77210-4622

Advancedtronics Inc.      Trade Debt             $63,932

Metroclean Inc.           Trade Debt             $37,484

MRIO, Inc.                Trade Debt             $22,800

Alpha Petroleum Services  Trade Debt             $6,421

Saint Clair & Sons, Inc.  Trade Debt             $6,320

Siemens Bldg.             Trade Debt             $5,295
Technologies

Allied Barton             Trade Debt             $4,967
Security Service

PDG Architects            Trade Debt             $4,809

Amtech Services           Trade Debt             $4,445

Introgen Therapeutics,    Trade Debt             $4,306
Inc.

Boyer & Miller PC         Trade Debt             $4,292

HVAC Capital Corporation  Trade Debt             $4,163

J Hall Mechanical Inc.    Trade Debt             $4,082

Silverand Services        Trade Debt             $2,447

Donnasue Smith Ortiz      Trade Debt             $2,271

Acme Architectural        Trade Debt             $2,029

Executive Security        Trade Debt             $1,971
Systems, Inc.


SEAS STAR: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------
Debtor: Seas Star Food USA, Inc.
        56-24 58th Street
        Maspeth, NY 11378

Bankruptcy Case No.: 10-47208

Chapter 11 Petition Date: July 29, 2010

Court: United States Bankruptcy Court
       Eastern District of New York (Brooklyn)

Judge: Joel B. Rosenthal

Debtor's Counsel: Lori A. Schwartz, Esq.
                  Robinson Brog Leinwand Greene et al
                  875 Third Avenue, 9th Floor
                  New York, NY 10022
                  Tel: (212) 603-6334
                  E-mail: ls@robinsonbrog.com

Estimated Assets: $0 to $50,000

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

A list of the Company's 20 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/nyeb10-47208.pdf

The petition was signed by Meria Metaj, president.


SECURITY BENEFIT: A.M. Best Hikes Financial Strength Rating to B+
-----------------------------------------------------------------
A.M. Best Co. has upgraded the financial strength rating (FSR) to
B+ (Good) from B (Fair) and issuer credit ratings (ICR) to "bbb-"
from "bb" of Security Benefit Life Insurance Company (Topeka, KS)
and its affiliate, First Security Benefit Life and Annuity Company
of New York (Rye Brook, NY) (collectively known as Security
Benefit Group).

In addition, A.M. Best has upgraded the debt ratings to "bb-" from
"b+" on the existing surplus notes issued by Security Benefit Life
Insurance Company.  All ratings have been removed from under
review with positive implications and assigned a stable outlook.
Both companies are subsidiaries of Security Benefit Corporation,
which will be controlled by a new holding company led by
Guggenheim Partners (Guggenheim).  (See below for a detailed
listing of the debt ratings.)  With the completion of the
acquisition transaction by Guggenheim on July 30, 2010, Security
Benefit Mutual Holding Corporation has been demutualized.

The rating actions reflect Security Benefit Group's improved risk-
adjusted capitalization, which is supported by a large cash
capital infusion by Guggenheim, enhanced financial flexibility to
support new business growth opportunities and the potential
improvement in the asset allocation strategy given the benefits of
Guggenheim's investment expertise.  A.M. Best also notes that
Security Benefit Group's financial leverage and exposure to a high
level of intangible assets associated with the past acquisition of
the Rydex Holdings transaction will be lowered as a result of the
fresh capital contribution from Guggenheim.

Security Benefit Group's relationship with Guggenheim, who has
managed the group's investment portfolio since June 2009, provides
it with investment management expertise, better asset/liability
management focus and potential improvement to the group's asset
allocation strategy going forward.  Security Benefit Group's GAAP
and statutory operating income have improved in recent periods due
to improved investment results and reduction of its operating
expenses as well as an improvement in the financial markets, which
positively impacted guaranteed minimum death benefit reserves and
surrender activity.

Partially offsetting factors are the group's reduced premiums,
particularly within its variable annuity lines of business, high
asset allocation to residential mortgage-backed securities, which
are mostly agency sponsored bonds, reduced but still a large
unrealized loss position in its general account portfolio tied to
collateralized debt obligations and other structured asset
classes, and its large affiliated investment in SGI-Rydex, which
represents significant exposure relative to its capital and
surplus position.  The group also will face challenges as it
attempts to rebuild marketing momentum in its core variable and
fixed annuity businesses, sold primarily to the 403(b) retirement
marketplace.

A.M. Best expects that the levels of risk-adjusted capitalization,
financial leverage ratios and operating results will continue to
support the current ratings.  A.M. Best also expects that the
level of intangible assets at the holding company will be at a
manageable level following the completion of the restructuring.

The following debt ratings have been upgraded:

Security Benefit Life Insurance Company:

  -- to "bb-" from "b+" on $50 million 8.75% surplus notes, due
     2016; and

  -- to "bb-" from "b+" on $100 million 7.45% surplus notes, due
     2033


SECURITY BENEFIT: S&P Raises Counterparty Credit Rating from 'BB+'
------------------------------------------------------------------
Standard & Poor's Ratings Services said it raised its counterparty
credit and financial strength ratings on Security Benefit Life
Insurance Co. and its affiliate, First Security Benefit Life
Insurance and Annuity Co. of New York, to 'BBB+' from 'BB+'.  S&P
also raised its subordinated debt rating on SBLIC's surplus notes
to 'BBB-' from 'BB-'.  At the same time, S&P removed the ratings
from CreditWatch, where they had been placed with positive
implications on Feb. 16, 2010.  The outlook is positive.

"The upgrade follows the completion of the acquisition of SBLIC's
parent company, Security Benefit Corp., by a Guggenheim Partners -
led investment group and the resulting recapitalization of the
operating companies," said Standard & Poor's credit analyst Jeremy
Rosenbaum.  "The announcement follows the approval from regulators
and from more than 90% of Security Benefit Mutual Holding Co.'s
members of the demutualization and dissolution plan.  These
approvals were instrumental in paving the way for GP to complete
the purchase."

S&P had raised its ratings on SBLIC and its affiliate by one notch
on Feb. 26 to reflect SBLIC's announcement that a group of
investors, led by GP, indirectly contributed $175 million of
capital to SBLIC.  The contribution followed a Feb. 16
announcement that GP had entered into a definitive agreement to
purchase SBC.

The completion of this transaction resolves the capital deficiency
at SBLIC and gives SBC access to additional financial resources
through GP.  During 2009, SBLIC's capital position constrained
SBLIC's sales.  However, in 2011 S&P expects that the
recapitalized insurance operations will be able to execute on
their growth strategy in their core 403(b) markets, a traditional
stronghold of the company.


SELF STORAGE: Files Schedules of Assets and Liabilities
-------------------------------------------------------
Self Storage of Walnut Creek, LLC, filed with the U.S. Bankruptcy
Court for the Northern District of California its schedules of
assets and liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property               $10,980,000
  B. Personal Property              $928,650
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                               $5,267,796
  E. Creditors Holding
     Unsecured Priority
     Claims                                          $12,000
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                          $39,416
                                 -----------      -----------
        TOTAL                    $11,908,650       $5,319,212

Walnut Creek, California-based Self Storage of Walnut Creek, LLC,
filed for Chapter 11 bankruptcy protection on June 7, 2010 (Bankr.
N.D. Calif. Case No. 10-46516).  Joel K. Belway, Esq., at Law
Offices of Joel K. Belway, assists the Debtor in its restructuring
effort.  The Debtor estimated $10 million to $50 million in assets
and $1 million to $10 million in liabilities in its Chapter 11
petition.


SEMINOLE TRIBE: IRS Investigation Cues Moody's 'Ba1' Rating Review
------------------------------------------------------------------
Moody's Investors Service said that the Seminole Tribe of
Florida's ratings are not immediately affected by its disclosure
that federal prosecutors and the IRS are investigating certain
vendors of the Tribe for billing irregularities involving more
than $2 million in payments from the Tribe.  This investigation
announcement follows the receipt by the Tribe on June 7, 2010, of
a Notice of Violation from the National Indian Gaming Commission.

The Tribe has a Ba1 Corporate Family Rating, a Ba1 rating on its
gaming division bonds, and a Ba2 rating on its taxable and tax-
exempt Special Obligation Bonds.  All of the Tribe's rated debt is
currently on review for possible downgrade.

The prior rating action occurred on July 2, 2010, when Moody's
lowered the Tribe's gaming division debt to Ba1 from Baa3, and its
Special Obligation Bonds to Ba2 from Ba1.  Additionally, a Ba1
Corporate Family Rating and a Ba1 Probability of Default Rating
were assigned to the Tribe.  All ratings were placed on review for
possible downgrade.

The Seminole Tribe of Florida is a federally recognized Indian
tribe that owns and operates seven gaming and resort facilities
throughout southern and central Florida.  The Tribe also owns
Seminole Hard Rock Entertainment, Inc. which owns and operates
Hard Rock cafes located throughout North America, Europe, Asia,
Australia and the Caribbean.  The Tribe does not publicly disclose
financial information.


STATION CASINOS: Boyd Gaming Withdraws From Bidding
---------------------------------------------------
Boyd Gaming Corporation said Friday it will no longer pursue the
acquisition of certain assets of Station Casinos.

"Over the last eighteen months, we have devoted significant
resources in our attempt to acquire the Opco assets of Station
Casinos.  Unfortunately, given bidding procedures that favor
Station insiders, and our current view of the limited potential
value of the operating and development assets, we have concluded
this opportunity no longer makes sense for our company," said
Keith Smith, President and Chief Executive Officer of Boyd Gaming.

Boyd Gaming noted numerous provisions in the approved bidding
process that made it difficult for qualified bidders to compete
for the assets on a level playing field, including, among other
things:

    * A put option that would force an outside buyer to acquire
      the currently leased land under Texas Station for
      $75 million, a requirement that would not apply to Station
      insiders;

    * Provisions which allow Station to transfer certain crucial
      assets from the OpCo assets prior to their sale, including
      customer lists and IT infrastructure, without adequate
      compensation; and,

    * Station's right to hire away any or all employees and
      executives of the OpCo assets prior to their sale,
      regardless of their strategic role, at Station's sole
      discretion.

"Boyd Gaming remains committed to growth, however, we will only
pursue transactions that are financially sound, fit well with our
existing business, and offer attractive long-term returns for our
shareholders.  Clearly, this opportunity no longer meets these
criteria," Mr. Smith said.

Headquartered in Las Vegas, Boyd Gaming Corporation (NYSE: BYD) is
a diversified owner and operator of 16 gaming entertainment
properties located in Nevada, New Jersey, Mississippi, Illinois,
Indiana, and Louisiana.

The auction is slated for Aug. 6.

Station Casinos and its debtor affiliates delivered to the
Bankruptcy Court their First Amended Joint Chapter 11 Plan of
Reorganization and Disclosure Statement on July 28, 2010.  The
First Amended Plan incorporates a settlement the Debtors reached
with the Official Committee of Unsecured Creditors and certain of
Station's largest bondholders.  The terms of the Plan were
reported by the Troubled Company Reporter on Aug. 3.

                       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.

Station Casinos Inc., together with its affiliates, filed for
Chapter 11 on July 28, 2009 (Bankr. D. Nev. Case No. 09-52477).
Milbank, Tweed, Hadley & McCloy LLP serves as legal counsel in the
Chapter 11 case; Brownstein Hyatt Farber Schreck, LLP, as
regulatory counsel; and Lewis and Roca LLP is local counsel.
Lazard Freres & Co. LLC is 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)


STORM KING: Loss of Members Prompts Chapter 11 Bankruptcy Filing
----------------------------------------------------------------
Storm King Golf Club, Inc., filed for Chapter 11 on July 28, 2010
(Bankr. S.D.N.Y. Case No. 10-37256).  The Company scheduled assets
of $12,117,126 and debts of $1,725,855 as of the filing.

Storm King Golf Club operates a clubhouse.  Times Herald-Record
reports that the Company said the filing was the result of the
loss of members because of the economy.  Storm King plans to
improve its finances by cutting costs.


STRATEGIC PARTNERS: Moody's Assigns 'B2' Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service assigned a B2 Corporate Family Rating
and Probability of Default Rating to Strategic Partners Inc. and a
B1 rating to the company's proposed secured credit facilities.
The ratings assigned are based on terms and conditions of the
financing as advised to Moody's.  The rating outlook is stable.

SPI's B2 Corporate Family Rating reflects the company's high pro
forma financial leverage, with debt/EBITDA at around 5 times
following its acquisition by an investor group primarily comprised
of BAML Capital Partners and SPI's management.  The rating also
reflects the company's limited scale and focus on a narrow product
category (medical uniforms).  The rating is further constrained by
the company's high sales concentration as sales of medical
uniforms to Wal-Mart Stores Inc. accounted for approximately 29%
of SPI's sales in 2009.  At the same time ratings are supported by
the company's distribution of two leading brands in this segment
(Cherokee and Dickies), a low level of fashion risk in its
products, as well as favorable demographic trends for employment
in various health care related fields that utilize medical
uniforms.  The rating is further supported by the company's good
execution evidenced by high operating margins and history of
organic growth.

The B1 rating assigned to the company's secured credit facilities
reflects their first lien position in substantially all assets of
the company and a meaningful level of junior capital in the
company's capital structure, primarily a $75 million unsecured
mezzanine loan (not rated).

The stable outlook reflects Moody's expectation that the company
will preserve stable operating performance and good liquidity and
that it will successfully integrate the recently acquired Dickies
license.

These ratings were assigned:

* Corporate Family Rating at B2

* Probability of Default Rating at B2

* $30 million senior secured revolving credit facility due 2015 at
  B1 (LGD 3, 36%)

* $175 million senior secured term loan due 2016 at B1 (LGD 3,
  36%)

The rating action is a first time rating assignment for Strategic
Partners.

Headquartered in Chatsworth, CA, Strategic Partners Inc. is the
leading supplier of medical uniforms through owned and licensed
brands including "Cherokee", "Dickies", "Skechers" and "Baby
Phat".  Revenues in its most recent fiscal year were $240 million.


SUPERVALU INC: Fitch Affirms Issuer Default Rating at 'BB-'
-----------------------------------------------------------
Fitch Ratings has affirmed these ratings on SUPERVALU Inc. and its
subsidiaries:

SUPERVALU Inc.

  -- Issuer Default Rating at 'BB-';
  -- $2.1 billion revolving bank credit facility at 'BB';
  -- $1.25 billion Term Loan A at 'BB';
  -- $750 million Term Loan B at 'BB';
  -- Senior unsecured notes at 'BB-'.

New Albertson's, Inc.

  -- IDR at 'BB-';
  -- Senior unsecured notes at 'BB-'.

American Stores, Inc.

  -- IDR at 'BB-';
  -- Senior unsecured notes at 'BB-'.

The Rating Outlook is Stable.  As of June 19, 2010, the company
had $7.4 billion of debt outstanding including capital leases.

The ratings reflect the challenging economic and competitive
environment, which are expected to continue to pressure
SUPERVALU's sales and operating profitability, and the company's
weakened operating performance with nine quarters of negative ID
sales.  Also considered are the strategic initiatives that the
company is taking involving merchandising, pricing, costs and
stores, the company's improved liquidity position, as well as its
large and geographically diverse store base.

SUPERVALU's operating performance has been pressured by the
challenging operating and competitive environment with negative
identical store (ID) sales of -7.2% (-6.5% excluding Shaw's labor
dispute) in the first quarter of fiscal 2011 (ended June 19, 2010)
following -5.1% in fiscal 2010 and -1.2% in 2009.  First quarter
sales included a 3.5% decline in store traffic following a 3.0%
decline in the fourth quarter of fiscal 2010 (ended Feb.  28,
2010).  ID sales are expected to remain negative beyond the
current fiscal year given the company's weak traffic trends and
continued competitive environment.  However, the company has been
able to improve its gross margin rate and reduce operating
expenses to maintain relatively flat EBIT margin in the first
quarter of 2011 and Fitch expects it will be able to maintain
annual EBIT margin between 2.5% and 3.0% over the next three
years.  These expectations reflect the company's strategic
initiatives initiated or accelerated over the past year, including
exits from underperforming stores, centralized merchandise
purchasing, SKU rationalization, lower every day price levels,
repositioning of private label products, and cost saving
initiatives which are expected to reduce operating costs by
$160 million in fiscal 2011.

The company is expected to generate free cash flow of over
$500 million in 2011, which Fitch expects will be used primarily
to meet the company's goal of $600 million of debt reduction in
fiscal 2011.  Fitch expects the company to generate between
$350 million to $400 million in free cash flow in fiscal years
2012 and 2013, which will be primarily used to reduce debt.
Therefore, credit metrics are expected to remain relatively
stable.  A worse than anticipated sales performance stemming from
further traffic declines and price investments coupled with gross
margin weakness or stalled cost reductions would result in weaker
than anticipated credit metrics.

Liquidity has improved for SUPERVALU with the amendment and
extension of the company's credit agreement in April 2010.  Under
the new agreement, maturity dates on $1.5 billion of its revolver
and $500 million of its Term Loan B were extended until 2015.
Maturity dates on the remaining portions were unchanged with
$600 million of the revolver expiring in June 2011, $366 million
Term Loan A (amortizing to $281 million) maturing in June 2011,
and $502 million of Term Loan B maturing in June 2012.  The
company also renewed its $200 million accounts receivable facility
to 2013.  As of June 19, 2010, there was $13 million outstanding
under the revolving credit facility and $40 million of borrowings
under the accounts receivable facility.  The company has about
$762 million of remaining debt maturities and amortizations in
fiscal 2011.  Debt maturities total about $300 million in fiscal
2012 and about $800 million in fiscal 2013.  The revolving credit
facility and term loans are at the holding company level and are
guaranteed by each material subsidiary and secured by a pledge of
equity interest in those material subsidiaries, limited by
existing bond indentures.  As a result, this debt has been given
'BB' ratings.


SYNOVUS FINANCIAL: Moody's Confirms 'B3' Subordinate Debt Rating
----------------------------------------------------------------
Moody's Investors Service confirmed the ratings of Synovus
Financial Corporation (subordinate debt at B3) and its subsidiary
bank, Synovus Bank (standalone bank financial strength rating at
D-; deposits at Ba3).  This action concludes the review for
possible downgrade which was initiated on April 22, 2010.  The
rating outlook is stable.

The confirmation is the result of Synovus' issuance of
$1.03 billion of common equity through its second quarter 2010
offering of common stock and tMEDS.  Moody's believes that
Synovus' capital position is now sufficient to absorb the elevated
credit costs associated with its commercial real estate exposure,
which makes downward rating pressure unlikely in the intermediate-
term.

The stable outlook reflects that Synovus' augmented capital level
should provide protection in the event that economic conditions
deteriorate further.  Moody's expects that Synovus will have at
least several more quarters of losses driven by CRE credit costs.
The additional capital provides a cushion should losses exceed
Moody's expectations.  While nonperforming assets, including 90
days past due, are still elevated at approximately 50% of tangible
common equity and reserves, in dollar terms, they are 15% lower
than the prior quarter-end and Synovus has experienced several
consecutive quarters of declining NPA inflows.

Moody's last rating action on Synovus was on April 22, 2010, when
it downgraded the long-term ratings of Synovus Financial
Corporation and its subsidiary banks, Columbus Bank & Trust and
First Commercial Bank, and placed ratings under review for further
possible downgrade.

Synovus Financial Corporation, headquartered in Columbus, Georgia
and reported total assets of $32 billion as of June 30, 2010.

Outlook Actions:

Issuer: Synovus Bank

  -- Outlook, Changed to Stable From Rating Under Review

Issuer: Synovus Financial Corp.

  -- Outlook, Changed to Stable From Rating Under Review

Confirmations:

Issuer: Synovus Bank

  -- Bank Financial Strength Rating, Confirmed at D-
  -- Issuer Rating, Confirmed at B1
  -- OSO Rating, Confirmed at NP
  -- Deposit Rating, Confirmed at NP
  -- OSO Senior Unsecured OSO Rating, Confirmed at B1
  -- Senior Unsecured Deposit Rating, Confirmed at Ba3

Issuer: Synovus Financial Corp.

  -- Subordinate Regular Bond/Debenture, Confirmed at B3


TEMBEC INC: S&P Assigns 'B-' Long-Term Corporate Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'B-' long-
term corporate credit rating to Tembec Inc. and its subsidiary
Tembec Industries Inc.  The outlook on both companies is stable.

At the same time, S&P assigned its 'B-' issue-level rating, with a
'3' recovery rating, to Tembec Industries Inc.'s proposed
US$250 million senior secured notes.  The '3' recovery rating
indicates S&P's expectation of meaningful (50%-70%) recovery in
the event of default.

"The rating on Tembec reflects what S&P views as the company's
exposure to the cyclical housing construction market, volatility
in pulp prices and currency, historically weak profitability, and
high leverage," said Standard & Poor's credit analyst Jatinder
Mall.  "The weaknesses are somewhat mitigated in S&P's opinion by
asset and product diversification and an improving cost profile,"
Mr. Mall added.

Tembec is an integrated forest products company that produces
pulp, lumber, engineered wood, specialty coated paperboard,
newsprint, and chemicals.  Its operations are primarily in Canada,
with one mill in France and one resin facility in Ohio.

Standard & Poor's considers Tembec's business risk profile as
vulnerable.  S&P considers its financial risk profile as highly
leveraged.  Tembec's core pulp and lumber business operates in
industries that are fragmented and have zero pricing power.  Its
pulp business, which has been the main source of cash flows in
recent history, is susceptible to volatile pricing as seen in
recent months.  In the near term, S&P is expecting most of the
company's cash flow generation to come from its pulp business.
Recent tight supply and demand market conditions for pulp have
resulted it very high prices.  S&P expects demand for pulp to
increase in the near term as people in developing nations spend
more of their disposable income on hygiene products.

The stable outlook reflects Standard & Poor's expectations that
Tembec will benefit from improved pulp prices in the near term and
generate positive cash flows.  While leverage will improve it will
likely remain high in the near term.  An upgrade would require
management's ability to demonstrate that the company can sustain
through-the-cycle EBITDA of C$130 million and leverage of about
4x.  On the other hand, S&P could lower the ratings if lower pulp,
lumber, and paper prices lead to a decline in EBITDA to about
C$75 million, leading to Standard & Poor's adjusted leverage of
about 6x.


TIMOTHY JOHN: Asks for Court's Nod to Use Cash Collateral
---------------------------------------------------------
Timothy John Heilman and Darlys Lynn Heilman sought authorization
from the U.S. Bankruptcy Court for the District of South Dakota to
use $801,575 of the cash collateral from August 1, 2010, through
October 31, 2010.

Metropolitan Life Insurance Company allegedly holds a pre-petition
security interest in the proceeds Debtors earn from the operation
of their dairy business and grain farming business.

Plains Commerce Bank allegedly holds a pre-petition security
interest in the proceeds Debtors earn from the operation of their
dairy business and grain farming business.  Debtors will continue
to run and operate in the ordinary course of business.

First State Bank of Warner holds a first secured position in the
2010 proceeds from Debtors' grain farming business through a
secured operating note that Debtors obtained approval from the
Court to obtain.

The cash collateral proposed to be used includes an estimated
$631,100 in gross receipts that Debtors will receive from their
milk proceeds, $50,000 in proceeds from the sale of a portion of
their corn from the 2009 crop; and an estimated $120,000 that
Debtors will receive for the cattle they cull in their operation.
The Debtors will use $210,300 from their 2010 operating loan for
their 2010 crops.

Laura L. Kulm Ask at Gerry & Kulm Ask, Prof. LLC, the attorney for
the Debtors, explains that the Debtors need the money to fund
their Chapter 11 case, pay suppliers and other parties.  The
Debtors will use the collateral pursuant to a budget, a copy of
which is available for free at:

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

As adequate protection, Debtors propose to grant Plains and Met
Life a replacement lien for the time period requested herein for
the use of cash collateral on all post-petition receivables to the
extent such collateral is used.  The Debtors also propose to grant
Plains and Met Life the right to inspect the collateral, upon
reasonable notice, and Debtors agree to keep the collateral
insured and to maintain the collateral in its present condition,
ordinary wear and tear accepted.  The secured creditors are also
adequately protected based upon an equity cushion in all assets
that they are secured by.

Warner, South Dakota-based Timothy John Heilman, aka Tim Heilman
and Darlys Lynn Heilman, filed for Chapter 11 bankruptcy
protection on May 14, 2010 (Bankr. D. S.D. Case No. 10-10107).
Laura L. Kulm Ask, Esq., at Gerry & Kulm Ask, Prof LLC, assists
the Company in its restructuring effort.  The Company estimated
its assets and debts at $10 million to $50 million in its Chapter
11 petition.


TROPICANA ENT: Court OKs Reorganized OpCo Warrants Reserve
----------------------------------------------------------
Judge Kevin J. Carey of the United States Bankruptcy Court for
the District of Delaware approves the proposed Reorganized OpCo
Warrants Reserve Procedure as well as the amount of the
Reorganized OpCo Warrants Reserve.

The amount of the Reorganized OpCo Warrants Reserve will be fixed
at a number of Reorganized OpCo Warrants necessary to satisfy
$54,427,275 in distributions to Holders of Allowed OpCo General
Unsecured Claims pursuant to the OpCo Plan.

Moreover, the Reorganized OpCo Debtors are authorized to conduct
an initial distribution to Holders of Allowed OpCo General
Unsecured Claims based on the Reorganized OpCo Warrants Reserve
Procedure and the Reserve.  The Reorganized OpCo Debtors are also
authorized to adjust, as appropriate, the Reorganized OpCo
Warrants Reserve and to conduct additional distributions to
Holders of Allowed OpCo General Unsecured Claims, including on a
rolling basis.

To the extent that the Reorganized OpCo Warrants Reserve proves
to be insufficient in light of the final allowed amount of all
OpCo General Unsecured Claims, affected claimants will only be
entitled to receive distributions based upon their pro rata share
of the Reserve.  In no event will the claimant have any recourse
to the OpCo Debtors' estates, the Reorganized OpCo Debtors or any
their assets, whether or not previously distributed.

                   About Tropicana Entertainment

Tropicana Entertainment LLC and its units owned eleven casino
properties in eight distinct gaming markets with premier
properties in Las Vegas, Nevada, and Atlantic City, New Jersey.

Tropicana Entertainment LLC and certain affiliates filed for
Chapter 11 protection on May 5, 2008 (Bankr. D. Del. Case No. 08-
10856).  Kirkland & Ellis LLP and Mark D. Collins, Esq., at
Richards Layton & Finger, represent the Debtors in their
restructuring efforts.  Their financial advisor is Lazard Ltd.
Their notice, claims, and balloting agent is Kurtzman Carson
Consultants LLC.  Epiq Bankruptcy Solutions LLC is the Debtors'
Web site administration agent.  AlixPartners LLP is the Debtors'
restructuring advisor.  Stroock & Stroock & Lavan LLP and Morris
Nichols Arsht & Tunnell LLP represent the Official Committee of
Unsecured Creditors in this case.  Capstone Advisory Group LLC is
financial advisor to the Creditors' Committee.

The OpCo Debtors, a group of Tropicana entities owning casinos and
resorts in Atlantic City, New Jersey and Evansville, Indiana
obtained confirmation from the Bankruptcy Court of a
reorganization plan.  On April 29, 2009, non-debtor units of the
OpCo Debtors, designated as the New Jersey Debtors -- Adamar of
New Jersey, Inc., and its affiliate, Manchester Mall, Inc. --
filed for Chapter 11 (Bankr. D. N.J. Lead Case No. 09- 20711) to
effectuate a sale of the Atlantic City Resort and Casino to a
group of Investors-led by Carl Icahn.   Judge Judith H. Wizmur
presides over the cases.  Manchester Mall is a wholly owned
subsidiary of Adamar that owns and operates certain real property
utilized in the New Jersey Debtors' business operations.
Effective March 8, Tropicana Entertainment successfully emerged
from the Chapter 11 reorganization process as an Carl Icahn-owned
entity.

A group of Tropicana entities, known as the LandCo Debtors, which
own Tropicana casino property in Las Vegas, have obtained approval
of a separate Chapter 11 plan.

Ilana Volkov, Esq., and Michael D. Sirota, Esq., at Cole, Schotz,
Meisel, Forman & Leonard, in Hackensack, New Jersey, represented
the New Jersey Debtors.  Kurtzman Carson Consultants LLC acts as
their claims and notice agent.  Adamar disclosed $500 million to
$1 billion both in total assets and debts in its petition.
Manchester Mall disclosed $1 million to $10 million in total
assets, and less than $50,000 in total debts in its petition.

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


TROPICANA ENT: LandCo Submits June 30 Post-Confirmation Report
--------------------------------------------------------------
Michael Usgaard, corporate controller of the LandCo Debtors,
submitted separate post-confirmation quarterly summary
reports of the LandCo Debtors for the reporting period from
April 1, 2010, to June 30, 2010:

                                    Beginning      Ending
LandCo Debtor                      Cash Balance  Cash Balance
-------------                      ------------  ------------
Adamar of Nevada Corporation                 $0            $0
Hotel Ramada of Nevada Corporation            0             0
Tropicana Development Company LLC             0             0
Tropicana Enterprises                         0             0
Tropicana Las Vegas Holdings, LLC             0             0
Tropicana Las Vegas Resort and Casino LLC     0             0
Tropicana Real Estate Company, LLC            0             0

The Chapter 11 Plan of the LandCo Debtors was confirmed on May 5,
2009, and was subsequently declared effective on July 1, 2009.

                   About Tropicana Entertainment

Tropicana Entertainment LLC and its units owned eleven casino
properties in eight distinct gaming markets with premier
properties in Las Vegas, Nevada, and Atlantic City, New Jersey.

Tropicana Entertainment LLC and certain affiliates filed for
Chapter 11 protection on May 5, 2008 (Bankr. D. Del. Case No. 08-
10856).  Kirkland & Ellis LLP and Mark D. Collins, Esq., at
Richards Layton & Finger, represent the Debtors in their
restructuring efforts.  Their financial advisor is Lazard Ltd.
Their notice, claims, and balloting agent is Kurtzman Carson
Consultants LLC.  Epiq Bankruptcy Solutions LLC is the Debtors'
Web site administration agent.  AlixPartners LLP is the Debtors'
restructuring advisor.  Stroock & Stroock & Lavan LLP and Morris
Nichols Arsht & Tunnell LLP represent the Official Committee of
Unsecured Creditors in this case.  Capstone Advisory Group LLC is
financial advisor to the Creditors' Committee.

The OpCo Debtors, a group of Tropicana entities owning casinos and
resorts in Atlantic City, New Jersey and Evansville, Indiana
obtained confirmation from the Bankruptcy Court of a
reorganization plan.  On April 29, 2009, non-debtor units of the
OpCo Debtors, designated as the New Jersey Debtors -- Adamar of
New Jersey, Inc., and its affiliate, Manchester Mall, Inc. --
filed for Chapter 11 (Bankr. D. N.J. Lead Case No. 09- 20711) to
effectuate a sale of the Atlantic City Resort and Casino to a
group of Investors-led by Carl Icahn.   Judge Judith H. Wizmur
presides over the cases.  Manchester Mall is a wholly owned
subsidiary of Adamar that owns and operates certain real property
utilized in the New Jersey Debtors' business operations.
Effective March 8, Tropicana Entertainment successfully emerged
from the Chapter 11 reorganization process as an Carl Icahn-owned
entity.

A group of Tropicana entities, known as the LandCo Debtors, which
own Tropicana casino property in Las Vegas, have obtained approval
of a separate Chapter 11 plan.

Ilana Volkov, Esq., and Michael D. Sirota, Esq., at Cole, Schotz,
Meisel, Forman & Leonard, in Hackensack, New Jersey, represented
the New Jersey Debtors.  Kurtzman Carson Consultants LLC acts as
their claims and notice agent.  Adamar disclosed $500 million to
$1 billion both in total assets and debts in its petition.
Manchester Mall disclosed $1 million to $10 million in total
assets, and less than $50,000 in total debts in its petition.

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


TROPICANA ENT: NJ Debtors' Professionals File Fee Applications
--------------------------------------------------------------
Seven bankruptcy professionals in the Chapter 11 cases of Adamar
of New Jersey and its affiliate sought and obtained a ruling from
the U.S. Bankruptcy Court for the District of New Jersey for the
allowance of their second and third interim fee applications for
the periods from September 1 through December 31, 2009, and
January 1 through April 30, 2010.

The Professionals and their approved fees and expenses are:

                         Requested              Approved
                    --------------------- ---------------------
Professional            Fee      Expense      Fee      Expense
------------        ----------  --------- ----------  ---------
Cole, Schotz,
Meisel, Forman &
Leonard, P.A.
09/01/09 - 12/31/09   $243,351     $4,251   $243,351     $4,251
01/01/10 - 04/30/10    175,108      4,038    175,108      4,038

Cooper Levenson
April Niedelman
& Wagenheim
09/01/09 - 12/31/09     36,969      4,272     36,969      4,272

Debevoise &
Plimpton LLP
09/01/09 - 12/31/09    279,697      2,543    279,697      2,543

J.H. Cohn LLP
09/01/09 - 12/31/09    181,082      1,107    181,082      1,107
01/01/10 - 04/30/10    132,036        664    132,036        664

Pashman Stein, P.C.
09/01/09 - 12/31/09     98,152        396     98,152        396
01/01/10 - 04/30/10    114,655        601    114,655        601

The Court also approved the fees and expenses of Ernst & Young
and Fox Rothschild for these periods:

                         Requested              Approved
                    --------------------- ---------------------
Professional            Fee      Expense      Fee      Expense
------------        ----------  --------- ----------  ---------
Ernst & Young LLP
08/01/09 - 10/31/09    $57,052     $2,795    $57,052     $2,795
11/01/09 - 04/30/10    198,941      5,456    198,941      5,456

Fox Rothschild LLP
04/29/09 - 11/30/09    111,442      4,429    111,442      4,429
07/01/09 - 10/31/09     14,927         54     14,927         54

Cole Schotz serves as the New Jersey Debtors' bankruptcy counsel.
Cooper Levenson is the Debtors' special litigation counsel while
Debevoise & Plimpton is special corporate counsel to the Debtors.
Pashman Stein acts as special counsel to the Debtors also.  Fox
Rothschild is the NJ Debtors' special labor counsel.

Ernst & Young serves as the Debtors' auditors.  J.H. Cohn is
the Debtors' financial advisors.

              Court Awards Final Fee Applications

Judge Wizmur has also approved the final fee applications of
these professionals for these priods:

Professional                               Fee         Expense
------------                             -------       -------
Cooper Levenson April Niedelman &        $39,416        $3,620
Wagenheim
Fee Period: 04/29/09 - 03/08/10

Fox Rothschild LLP, special regulatory    30,281         1,309
counsel
Fee Period: 11/01/09 - 03/26/10

Fox Rothshild LLP, special labor         142,848         6,431
counsel
Fee Period: 11/01/09 - 03/26/10

Levine, Staller, Sklar, Chan, Brown        3,228         1,014
& Donnelly, P.A.
Fee Period: 01/24/08 - 03/16/10

Levine Staller acts as special tax appeal counsel to the NJ
Debtors.

                       Committee Objects to
                Debevoise's Final Fee Application

Debevoise & Plimpton LLP, as special counsel to the NJ Debtors,
sought the allowance of $840,099 in fees and $7,191 in expense
reimbursement for the period April 29, 2009 through May 31, 2010.

The Steering Committee of Lenders under the Credit Agreement,
dated January 3, 2007, as amended, objects to the final fee
application of Debevoise on the grounds that some of the firm's
entries are vague.  Specifically, Debevoise billed full rates for
travel time and also billed time for preparing its fee
application, Kenneth M. Portner, Esq., at Weber Gallagher Simpson
Stapleton Fires & Newby, in Philadelphia, Pennsylvania, asserts
on behalf of the Steering Committee.

Courts have disallowed the time billed by firms to prepare their
own fee applications on the grounds that it does not benefit the
estate or maintain the corpus, but is done to protect the
professional firm's interests, Mr. Portner notes.

The Steering Committee asks the Court to award Debevoise only
$735,387 in fees and $7,191 in expense reimbursement.

                   About Tropicana Entertainment

Tropicana Entertainment LLC and its units owned eleven casino
properties in eight distinct gaming markets with premier
properties in Las Vegas, Nevada, and Atlantic City, New Jersey.

Tropicana Entertainment LLC and certain affiliates filed for
Chapter 11 protection on May 5, 2008 (Bankr. D. Del. Case No. 08-
10856).  Kirkland & Ellis LLP and Mark D. Collins, Esq., at
Richards Layton & Finger, represent the Debtors in their
restructuring efforts.  Their financial advisor is Lazard Ltd.
Their notice, claims, and balloting agent is Kurtzman Carson
Consultants LLC.  Epiq Bankruptcy Solutions LLC is the Debtors'
Web site administration agent.  AlixPartners LLP is the Debtors'
restructuring advisor.  Stroock & Stroock & Lavan LLP and Morris
Nichols Arsht & Tunnell LLP represent the Official Committee of
Unsecured Creditors in this case.  Capstone Advisory Group LLC is
financial advisor to the Creditors' Committee.

The OpCo Debtors, a group of Tropicana entities owning casinos and
resorts in Atlantic City, New Jersey and Evansville, Indiana
obtained confirmation from the Bankruptcy Court of a
reorganization plan.  On April 29, 2009, non-debtor units of the
OpCo Debtors, designated as the New Jersey Debtors -- Adamar of
New Jersey, Inc., and its affiliate, Manchester Mall, Inc. --
filed for Chapter 11 (Bankr. D. N.J. Lead Case No. 09- 20711) to
effectuate a sale of the Atlantic City Resort and Casino to a
group of Investors-led by Carl Icahn.   Judge Judith H. Wizmur
presides over the cases.  Manchester Mall is a wholly owned
subsidiary of Adamar that owns and operates certain real property
utilized in the New Jersey Debtors' business operations.
Effective March 8, Tropicana Entertainment successfully emerged
from the Chapter 11 reorganization process as an Carl Icahn-owned
entity.

A group of Tropicana entities, known as the LandCo Debtors, which
own Tropicana casino property in Las Vegas, have obtained approval
of a separate Chapter 11 plan.

Ilana Volkov, Esq., and Michael D. Sirota, Esq., at Cole, Schotz,
Meisel, Forman & Leonard, in Hackensack, New Jersey, represented
the New Jersey Debtors.  Kurtzman Carson Consultants LLC acts as
their claims and notice agent.  Adamar disclosed $500 million to
$1 billion both in total assets and debts in its petition.
Manchester Mall disclosed $1 million to $10 million in total
assets, and less than $50,000 in total debts in its petition.

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


TVIA INC: Now Out of Bankruptcy and Back to Business
----------------------------------------------------
Tvia, Inc., announced that it has been reorganized out of
bankruptcy -- it is now debt-free; a new Board of Directors has
been elected by the shareholders; and Mr. Zhaofang Wen has been
appointed as the CEO by the new board.

The reorganized Tvia will continue its business in semiconductor
video processors.  "We are fully committed to supplying to and
supporting world-wide customers of Tvia's existing chips,
including CyberPro 5202, and TrueView 5600/5605/5715/5725 chips,"
said Mr. Wen.  "Going forward, we will also seek other business
opportunities to grow the company," Mr. Wen continued.

Tvia will continue to have its US headquarter in the Silicon
Valley, California.  In addition, Tvia has three subsidiary sites
in China, including Hefei, Shenzhen, and the newly opened
subsidiary in Zhuhai.

                        About Tvia, Inc.

Tvia, Inc., headquartered in Santa Clara, California, with wholly-
owned subsidiaries in China, is a fabless semiconductor company
that designs, develops, markets and supports semiconductor display
processors for the video processing market. Its products include
CyberPro 5202, the TrueView 5600/5605 series, and the TrueView
5700/5705/5715/5725 series. Tvia's products are used in LCD TV,
set-top boxes, security surveillance DVR, flight entertainment
systems, and various video format converters.

The Company filed for Chapter 11 protections on Oct. 15, 2008
(Bankr. N.D. Calif. Case No. 08-55860).  John Walshe Murray, Esq.,
at the Law Offices of Murray and Murray, represents the Debtor.
In schedules attached to the Chapter 11 petition, the Debtor
listed total assets of $5,577,657 and total debts of $1,077,966.


UAL CORPORATION: Moody's Raises Corporate Family Rating to 'B3'
---------------------------------------------------------------
Moody's Investors Service raised its debt ratings of UAL
Corporation: Corporate Family and Probability of Default each to
B3 from Caa1.  Moody's also upgraded the first lien senior secured
ratings of the $1.225 billion term loan due 2014, the $255 million
revolving credit due 2012 and the $500 million notes due 2013
secured by the company's Japan routes each to B1 from B3, the
rating on the second lien senior secured notes due 2013, also
secured by the Japan routes to Caa1 from Caa2, and the rating on
the $175 million senior notes due 2012 secured by the company's
spare parts to Ba3 from B2.  Moody's affirmed the Speculative
Grade Liquidity rating of SGL-2 and each of its ratings of the
Enhanced Equipment Trust Certificates issued by United Airlines,
Inc.  The ratings remain under review for possible upgrade because
of UAL's intention to merge with Continental Airlines, Inc.,
previously announced on May 3, 2010.  The merger, which is subject
to closing conditions, is expected to become effective on or
before December 31, 2010.

"The upgrade of the ratings recognizes the strengthening of
liquidity and credit metrics that has occurred since the beginning
of 2010," said Moody's Airline Analyst, Jonathan Root.  "UAL's
capacity discipline, well established position in the trans-
Pacific and geographically advantaged U.S. West Coast hubs have
helped UAL achieve significant improvements in operating metrics
in the first half of 2010, which has led to strong growth of
earnings and of free cash flow", continued Root.  The upgrades
also reflect Moody's anticipation of a supportive demand
environment and measured capacity growth by most of U.S. carriers
in upcoming quarters.  These factors should, in the near term,
help limit potential downwards pressure on the operating
performance and credit metrics of UAL (and the other U.S. legacy
carriers).

The B3 Corporate Family rating reflects the company's
significantly improved cash balance and stronger credit metrics
profile.  UAL is a leading global carrier with an entrenched
position in the trans-Pacific that has led to significantly
improved consolidated operating performance during the first half
of 2010.  Moody's estimates that credit metrics in upcoming
quarters are likely to remain indicative of the single-B rating
category, notwithstanding that it expects year-on-year growth of
airline operating metrics to slow because of more difficult
comparisons and the potential for a modest slowdown in premium
demand.  The B3 rating considers Moody's estimate that the barrel
price of oil is likely to remain below $90 in upcoming quarters,
which should prevent the recurrence of the high-fuel price induced
stress on UAL's (and its industry peers') liquidity and credit
metrics that took place in 2008 and 2009.  Please see page 6 of
Moody's Industry Outlook for the Global Integrated Oil industry
published on July 28, 2010, available on moodys.com for its
current oil price assumptions.  Manageable calls on cash, with
modest capital expenditures mainly for updates to aircraft
interiors of the existing fleet, no aircraft deliveries before
2016 and manageable debt maturities including $876 million of
convertible notes that are puttable in 2011, for which UAL has the
option to settle with shares, support the ratings.

Moody's has left the ratings on review for possible upgrade
because of the potential credit benefits of combining the
operations of UAL and CAL.  Labor cost levels of still to be
agreed union contracts, the post-merger legal and debt structures
and the ability to successfully integrate the operations are key
factors that will determine the combined company's post-merger
credit profile.  Because the companies expect the transaction to
close by the end of the fourth quarter of 2010, Moody's will
continue to monitor developments with respect to UAL's stand-alone
credit profile.  The affirmation of the EETC ratings reflects the
uncertainty about the post-merger fleet strategy and the potential
effect on market values if the combined company was to de-
emphasize one or more aircraft models that represent significant
portions of the aircraft in its EETCs.

Moody's anticipates little upwards or downwards pressure on the
ratings before the closing of the merger.  The current level of
demand and modest capital expenditures should allow for the
generation of a significant amount of positive free cash flow that
would be available to fund upcoming debt maturities and not impair
the company's unrestricted cash position.  Although this could
lead to lower leverage, the company's high operating leverage in
the Pacific leaves earnings and credit metrics subject to
weakening during cyclical troughs in passenger demand.  Debt to
EBITDA that is sustained below 4.5 times, Funds from Operations +
Interest to Interest that remains above 3.5 times or Free cash
flow to Debt in excess of 10% could exert one notch of upwards
pressure on the stand-alone ratings.  The ratings could face
downwards pressure of at least one notch if the cost of jet fuel
was to significantly increase above $2.60 per gallon or if
unrestricted cash fell below $3.0 billion.  The generation of
negative free cash flow, Debt to EBITDA of more than 6.5 times or
Funds from operations + interest to interest of below 2.0 times
could also negatively affect the ratings, as could the decline of
unrestricted cash to below $3.5 billion.  Moody's could conclude
the review with an upgrade of the ratings if the post-merger labor
costs and terms pursuant to new union contracts for the various
work groups are competitive with those of its industry peers and
the U.S. regulatory review does not require the carriers to divest
a significant number of routes or hubs in the U.S. The inclusion
of upstream and downstream guarantees of each other's debt
obligations could also positively affect ratings on certain
instruments as determined by Moody's Loss Given Default Rating
Methodology.

The last rating action on UAL was on May 3, 2010 when Moody's
placed all of its ratings of UAL on review for upgrade.

Upgrades:

Issuer: Denver (City & County of) CO

  -- Senior Unsecured Revenue Bonds, Upgraded to Caa1, LGD5, 71%
     from Caa2, LGD5, 78%

Issuer: UAL Corporation

  -- Probability of Default Rating, Upgraded to B3 from Caa1

  -- Corporate Family Rating, Upgraded to B3 from Caa1

Issuer: United Air Lines, Inc.

  -- Senior Secured Bank Credit Facility, Upgraded to B1, LGD2,
     27% from B3, LGD3, 32%

  -- Senior Secured Regular Bond/Debenture, Upgraded to Ba3, LGD4,
     64% from B2, LGD5, 71%

United Air Lines, Inc., and its parent, UAL Corporation, are based
in Chicago, Illinois.  United is one of the largest passenger
airlines in the world.


UNIFI INC.: S&P Puts 'B-' Rating on CreditWatch Positive
--------------------------------------------------------
Standard & Poor's Ratings Services said that it placed its
ratings, including the 'B-' corporate credit rating, on
Greensboro, N.C.-based Unifi Inc. on CreditWatch with positive
implications.

"The CreditWatch listing reflects Unifi's improving operating
performance and credit measures as the company's end markets
continue to recover," said Standard & Poor's credit analyst Rick
Joy.  For the quarter ended June 27, 2010, sales gained more than
26% while adjusted EBITDA gained more than 47%, reflecting volume
growth and improved cost absorption and capacity utilization.
Credit measures have strengthened due to EBITDA growth and debt
reduction.  S&P estimates that total debt to EBITDA for the 12
months ended June 27, 2010, improved to about 3.1x from 7.9x in
the year earlier period.

The CreditWatch placement means that S&P could raise or affirm the
ratings following the completion of S&P's review, which will focus
on the company's business strategy and prospects for further
improvement in operating performance and credit measures.
Standard & Poor's will meet with management to further discuss
Unifi's operating trends and expectations in order to resolve the
CreditWatch listing.


UNISYS CORPORATION: Files Quarterly Report on Form 10-Q with SEC
----------------------------------------------------------------
Unisys Corporation filed its quarterly report on Form 10-Q for the
period ended June 30, 2010, with the Securities and Exchange
Commission.

The company's balance sheet for June 30, 2010, showed $1.5 billion
in total assets and $2.7 billion in total liabilities, for a
$1.0 billion in total stockholders' deficit.

According to the Troubled Company Reporter on July 30, 2010,
the company 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 Form 10-Q is available for free
at http://ResearchArchives.com/t/s?6794

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.


VISTEON CORPORATION: Stahl Cowen Retained by Salaried Retirees
--------------------------------------------------------------
Stahl Cowen Crowley Addis LLC has been selected to serve as
counsel for a group of salaried retirees in the bankruptcy of
Visteon Corporation and its affiliated debtors.  The case is
currently pending in the Bankruptcy Court for the District of
Delaware. Visteon, originally a part of Ford Motor Company, is one
of the largest automobile part suppliers in the world.  In
addition to Ford, Visteon is a major global part supplier to many
other Original Equipment Manufacturers.  Earlier in the bankruptcy
proceedings, Visteon was allowed to terminate retirement benefits
for thousands of salaried retirees and their families.  Based on a
recent decision by the Third Circuit Court of Appeals, Stahl
Cowen's clients are seeking re-instatement of their retirement
benefits, to pursue a claim against Visteon for damages due to the
benefit termination, and the formation of a Retiree Committee to
represent the interests of all similarly situated salaried
retirees in the bankruptcy.

The Stahl Cowen team will be led by Trent Cornell and Jon Cohen.
Stahl Cowen has had the unique privilege of representing more non-
union 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 also formed and represents many
VEBAs that have been formed with recoveries obtained by Retiree
Committees or by companies seeking to separate retiree obligations
while preserving their retirees' access to quality healthcare.
Last month Stahl Cowen was also selected to represent the Official
Salaried Retiree Committee in the PTC Alliance bankruptcy pending
in Delaware.

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 attorneys,
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 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).


VISUVALINGAM VILVARAJAH: Case Summary & 3 Largest Unsec Creditors
-----------------------------------------------------------------
Debtor: Visuvalingam Vilvarajah
        809 Dixie Lane
        Pleasant View, TN 37146

Bankruptcy Case No.: 10-07991

Chapter 11 Petition Date: July 29, 2010

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

Judge: George C. Paine II

Debtor's Counsel: Steven L. Lefkovitz, Esq.
                  Law Offices Lefkovitz & Lefkovitz
                  618 Church St., Suite 410
                  Nashville, TN 37219
                  Tel: (615) 256-8300
                  Fax: (615) 255-4516
                  E-mail: slefkovitz@lefkovitz.com

Scheduled Assets: $1,326,495

Scheduled Debts: $720,435

A list of the Debtor's 3 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/tnmb10-07991.pdf

The petition was signed by the Debtor.


VITOIL-SCOTTISH: Hearing on Case Dismissal Continued Until Aug. 24
------------------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
has continued until August 24, 2010, at 10:00 a.m., the motions to
appoint a Chapter 11 trustee; and to dismiss or convert Vitoil-
Scottish, LLC's Chapter 11 case.  The hearing will be held at
Courtroom 303, 21041 Burbank Blvd., Woodland Hills, California.
The deadline for filing any reply briefs in support of the motion
will also be continued until August 17.

As reported in the Troubled Company Reporter on June 7, the U.S.
Trustee for Region 16 sought for the dismissal or conversion of
the Debtor's Chapter 11 case to one under Chapter 7 of the
Bankruptcy Code.

The U.S. Trustee explained that, among other things:

   a) there is substantial or continuing loss to or diminution of
      the estate and the absence of a reasonable likelihood of
      rehabilitation;

   b) the Debtor mismanaged the estate;

   c) the Debtor failed to maintain appropriate insurance that
      poses a risk to the estate or to the public.

In a separate filing, creditor US Bank National Association asked
the Court to appoint a Chapter 11 trustee in the case of the
Debtor because the Debtor mismanage the two-phase, 168-unit
condominium project known as Venetian Terraces.  The creditor said
that the appointed trustee must take control of the project which
is now a complete standstill, and any remaining value is in
imminent risk of being lost.

                    About Vitoil-Scottish, LLC

Studio City, California-based Vitoil-Scottish, LLC, filed for
Chapter 11 bankruptcy protection on April 22, 2010 (Bankr. C.D.
Calif. Case No. 10-14734).  Ron Bender, Esq., who has an office in
Los Angeles, California, assists the Debtor in its restructuring
effort.  The Debtor estimated its assets and debts at $10 million
to $50 million in its Chapter 11 petition.


WASHINGTON MUTUAL: Court OKs J. Hochberg Appointment as Examiner
----------------------------------------------------------------
Judge Mary F. Walrath of the U.S. Bankruptcy Court for the
District of Delaware approved on July 28, 2010, the appointment
of Joshua R. Hochberg, Esq., as examiner in the Chapter 11 cases
of Washington Mutual, Inc., and WMI Investment Corp.

Mr. Hochberg was appointed by Roberta A. DeAngelis, the United
States Trustee for Region 3, in consultation with the Debtors;
the Official Committee of Unsecured Creditors; the Official
Committee of Equity Security Holders; JPMorgan Chase Bank, N.A.;
the Federal Deposit Insurance Corporation; (vi) Trust Preferred
Holders; the WaMu Noteholders Group; Appaloosa Management, L.P.,
et al.; and Nantahala Capital Partners, LP and Blackwell
Partners, LP.

As WaMu Examiner, Mr. Hochberg will investigate:

  (1) 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

  (2) 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.

Mr. Hochberg will prepare and file (i) 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 (ii) unless the Court rules on additional time for discovery,
a final report on or before October 8, 2010.

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.

In a subsequent filing with the Court, Mr. Hochberg supplemented
and updated his prior declaration of disinterestedness.  He
disclosed that upon his request, his firm, MLA, conducted a
review of additional creditors and interested parties.  He
maintained that MLA's current or former representation of the
"Search Parties" is and was in matters unrelated to the Debtors'
cases.

Mr. Hochberg also reported that since the filing of his original
Declaration, he has ascertained that he owns 19 shares of stock
in Wells Fargo, an interested party in the Debtors' cases.  He,
however, does not believe that his ownership of a de minimis
amount of Wells Fargo stock constitutes a conflict of interest.

Some of MLA's 400+ lawyers and advisors may have had some
personal or professional relationships with attorneys,
accountants, employees, officers, creditors and other parties-in-
interest of the Debtors.  Mr. Hochberg said he does not have
knowledge of "any such relationship that is material."

In light of his First Supplemental Declaration, Mr. Hochberg
continues to aver that he and his firm do not hold interests
adverse to that of the Debtors and their estates.

                      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: Examiner Proposes McKenna Long as Counsel
------------------------------------------------------------
Joshua R. Hochberg, the examiner appointed in the Chapter 11
cases of Washington Mutual Inc. and WMI Investment Corp., seeks
to retain McKenna Long & Aldridge LLP as his counsel effective as
of July 26, 2010.

Mr. Hochberg avers that he is a partner in MLA, and has selected
MLA to serve as his principal counsel in the Debtors' cases
because of (1) the firm's experience in representing him as
examiner in the bankruptcy cases of Refco Inc. and DBSI, Inc.;
(2) the firm's recognized expertise in the field of creditors'
rights and business reorganizations under Chapter 11; and (3) the
firm's expertise and resources in various legal areas that will
be critical in the Debtors' cases.

As counsel to the Examiner, MLA is expected to:

  (a) take all necessary actions to assist and advise the
      Examiner with respect to the discharge of his duties and
      responsibilities under the Examiner Order and the
      Bankruptcy Code in the Debtors' cases;

  (b) assist the Examiner in preparing pleadings and
      applications as may be necessary in the discharge of the
      Examiner's duties;

  (c) represent the Examiner in preparing pleadings and
      applications as may be necessary in the discharge of the
      Examiner's duties;

  (d) represent the Examiner in any dealings he may have with
      various governmental and regulatory authorities;

  (e) represent the Examiner in any dealings he may have with
      the Debtors, Equity Committee, general creditors or any
      third party concerning matters related to the bankruptcy
      cases;

  (f) assist the Examiner in preparing his work plan and budget;

  (g) assist the Examiner in retaining and directing the work of
      investigative personnel;

  (h) assist the Examiner in preparing his report; and

  (i) perform all other necessary legal services and providing
      all other necessary legal advice to the Examiner in
      connection with the Debtors' cases.

MLA will be paid for its services at its standard hourly rates.
The principal attorneys in MLA's Bankruptcy, Creditor's Rights,
Banking and Litigation Groups who are expected to represent the
Examiner in the Debtors' cases and their hourly rates are:

        Philip D. Bartz              $700
        William L. Floyd             $615
        Daniel J. Carrigan           $575
        J. Michael Levengood         $495
        Henry F. Sewell, Jr.         $480
        Gregory S. Brow              $450
        Nicholas S. Sloey            $375
        Alison M. Elko               $335
        David E. Gordon              $320
        Claire Carothers             $285
        Carol Wagner                 $255
        Jeannie Johnson              $245
        Valerie Lam                  $240

In addition, MLA's representation of the Examiner may also
require the active participation of professionals from other
practice groups of the firm.  At present, the hourly rates for
the MLA professionals are:

        Partners                     $375 to $775
        Senior Counsel, Of counsel   $400 to $715
        Associates                   $220 to $490
        Legal Assistants             $85 to $260

Upon a review of the firm's database, Michael Levengood, a
partner at MLA, affirms that his firm, its partners, attorneys
and counsel do not have an interest materially adverse to the
interest of the Debtors and their creditors.

In a separate filing, the Examiner asks the Court to consider his
request on an expedited basis and seeks an August 10, 2010
hearing for the MLA Application.  The Examiner notes that given
the scope of the investigation he is to undertake and the
deadline for filing a work and expense plan, he has critical need
for the immediate services of his proposed counsel.

The Examiner notes that he will also be filing an application to
retain Cole, Schotz, Meisel, Forman & Leonard P.A. as his local
counsel in Delaware.

                      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 estimated 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: Proposes More Work for Perkins Coie
------------------------------------------------------
At Washington Mutual Inc.'s behest, U.S. Bankruptcy Judge Mary
Walrath authorized the expansion of Perkins Coie LLP's retention
as Washington Mutual Inc.'s special counsel for the additional
purpose of assisting the Debtors with a complaint by Plaintiffs
Michael Willingham and Esopus Creek Value LP, requiring WaMu to
immediately convene and hold an annual shareholders' meeting for
the nomination and election of WaMu's board of directors.  The
Debtors noted that they received no objection with respect
to their Motion.

In a supplemental application, Mark D. Collins, Esq., at
Richards, Layton & Finger, P.A., in Wilmington, Delaware, related
that the State Court Action was filed in the Superior Court of
the State of Washington for the County of Thurston in April 2010.
WaMu timely removed the State Court Action in May 2010 to the
U.S. Bankruptcy Court for the Western District of Washington.
The Debtors subsequently sought to transfer, stay, or dismiss the
State Court Action and remand the Action back to Washington State
Court.

On June 21 2010, at the Debtors' behest, Judge Paul Snyder of the
U.S. Bankruptcy Court for the Western District of Washington
transferred the State Court Action to, and preserved the issue of
remand for determination of the, U.S. Bankruptcy Court for the
District of Delaware.  The Washington District Court filed with
the Bankruptcy Court a copy of the Order.

According to Mr. Collins, the Debtors have been able to prosecute
and defend the State Court Action with Perkins' assistance.
Specifically, with Perkins' assistance, the Debtors:

  -- removed the State Court Action to the Bankruptcy Court for
     the Western District of Washington;

  -- filed the Motion to Transfer, Stay or Dismiss the State
     Court Action;

  -- answered the Complaint filed in State Court Action;

  -- filed opposition to the Plaintiffs' Motion to Remand or
     in the Alternative, Transfer for Hearing on Remand; and

  -- filed a reply in support of WaMu's Motion to Transfer,
     Stay, or Dismiss the State Court Action.

In view of Perkins Coie' extensive experience with and knowledge
of WaMu, and its familiarity with Washington State law, Perkins'
availability to assist the Debtors in connection with the Action
is beneficial to the Debtors' estates, Mr. Collins averred.

Perkins Coie's services may include litigating the State Court
Action in Washington State Court if the Plaintiffs' renew their
Motion to remand the case back to Washington State Court.  Hence,
the employment of Perkins to assist with the Action has, and will
enable the Debtors to avoid the unnecessary delay and expense
otherwise attendant to another law firm, according to Mr. Collins

The Debtors will pay for Perkins Coie's services in accordance
with the terms set forth in the Original Retention Application.
Perkins Coie professionals are paid based on these hourly rates
for their services:

          Partners                $430 - $640
          Associate               $240 - $405
          Paralegal               $255
          Paralegal Assistant     $80

John S. Kaplan, Esq., a partner at Perkins Coie LLP, disclosed
that his firm does not have any connection with, or any interest
adverse to, the Debtors, their creditors, or any other party-in-
interest.

                      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 estimated 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).


WILD GAME: Section 341(a) Meeting Scheduled for August 23
---------------------------------------------------------
The U.S. Trustee for Region 17 will convene a meeting of Wild Game
NG, LLC's creditors on August 23, 2010, at 10:00 a.m.  The meeting
will be held at Office of the U.S. Trustee, 1301 Clay St. Room
680N, Oakland, CA 94612.

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

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

Reno, Nevada-based Wild Game NG, LLC, aka Siena Hotel Spa and
Casino, filed for Chapter 11 bankruptcy protection on July 21,
2010 (Bankr. N.D. Calif. Case No. 10-48272).  Aram Ordubegian,
Esq., at Arent Fox, assists the Company in its restructuring
effort.  The Company estimated $1 million to $10 million in assets
and $50 million to $100 million in debts in its Chapter 11
petition.

Affiliates Hi-Five Enterprises, LLC, and One South Lake Street,
LLC, filed separate Chapter 11 petitions.


ZALE CORP: Golden Gate Funds Report 34.5% Equity Stake
------------------------------------------------------
Various funds affiliated with Golden Gate Private Equity, Inc.,
disclosed 11,064,684 shares or roughly 34.5% of the common stock
of Zale Corporation as of July 23, 2010.

On May 10, 2010, Z Investment Holdings LLC, on behalf of the
Funds, made a loan to Zales in the principal amount of
$150 million and received (a) warrants -- A-Warrants -- to
purchase up to 6,389,378 shares of Common Stock that were
immediately exercisable as of May 10, 2010 and (b) warrants -- B-
Warrants -- to purchase up to 4,675,306 shares of Common Stock
that were to become exercisable, subject to stockholder approval,
upon the earlier of (i) the date of the first meeting of Zales'
stockholders to approve the shares of Common Stock to be issued
upon exercise of the Warrants and (ii) the date of the first
annual meeting of Zales' stockholders to be held after the
issuance of the Warrants.

On July 23, 2010, Zales' stockholders approved the issuance of
shares of Common Stock upon the exercise of the Warrants and the
B-Warrants became immediately exercisable.

Z Investment is entitled to designate two directors to the Board
of Directors of Zales and to recommend one additional independent
candidate for consideration by the Nominating and Corporate
Governance Committee of Zales' Board of Directors.  Following
Zales' next annual meeting, if the size of its Board of Directors
is increased above seven directors and the vacancy is filled by a
director not approved by Z Investment, Z Investment will be
entitled to appoint an additional director.

Golden Gate et al. intend to review continuously their equity
interest in Zale.  Golden Gate et al. indicated they may wish to
engage in a constructive dialogue with officers, directors and
other representatives of the Company, as well as the Company's
shareholders; topics of discussion may include, but are not
limited to, the Company's markets, operations, competitors,
prospects, strategy, personnel, directors, ownership and
capitalization.  Golden Gate et al. may also enter into
confidentiality or similar agreements with the Company and,
subject to such an agreement or otherwise, exchange information
with the Company.

                           About Zale Corp.

Dallas, Texas-based Zale Corporation (NYSE: ZLC) --
http://www.zalecorp.com/-- is a specialty retailer of diamonds
and other jewelry products in North America, operating roughly
1,900 retail locations throughout the United States, Canada and
Puerto Rico, as well as online.  Zale Corporation's brands include
Zales Jewelers, Zales Outlet, Gordon's Jewelers, Peoples
Jewellers, Mappins Jewellers and Piercing Pagoda.  Zale also
operates online at www.zales.com, www.zalesoutlet.com and
www.gordonsjewelers.com

As reported by the Troubled Company Reporter on February 10, 2010,
The Deal.com's Sara Behunek reported that analysts said bankruptcy
looms for Zale if it fails to restructure its debt and put in
place a solid merchandising strategy.

Zale reported a net loss of $12.09 million for the three months
ended April 30, 2010, from a net loss of $19.5 million for the
same period in 2009.  Zale reported a net loss of $65.15 million
for nine months ended April 30, 2010, from a net loss of
$99.7 million in the same period in 2009.


* U.S. Corporate Credit Risk Index Declines to Lowest Since May
---------------------------------------------------------------
The cost to protect against defaults on U.S. corporate bonds fell
to the lowest since May 13, Carla Main at Bloomberg News reported,
citing trading in a benchmark credit derivatives index.

According to the report, the Markit CDX North America Investment
Grade Index Series 14, which investors use to hedge against losses
on corporate debt or to speculate on creditworthiness, declined
2.5 basis points August 2 in New York, according to Markit Group
Ltd.  The index typically falls as investor confidence improves
and rises as it deteriorates.


* Junk Bond Distress Ratio Declines to Lowest Level Since April
----------------------------------------------------------------
The percentage of high-yield bonds trading at distressed levels
fell to the lowest level since April, Carla Main at Bloomberg News
said, citing Bank of America Merrill Lynch index data.  High-yield
debt is rated below Baa3 by Moody's Investors Service and BBB- at
Standard & Poor's.


* Greenspan Says Home-Price Drop May Spur New Recession
-------------------------------------------------------
Bloomberg News reports that Former Federal Reserve Chairman Alan
Greenspan said the slowing economic recovery in the U.S. feels
like a "quasi-recession" and the economy might contract again if
home prices decline.

"We're in a pause in a recovery, a modest recovery, but a pause in
the modest recovery feels like a quasi-recession," Mr. Greenspan
said in an interview on NBC's "Meet the Press."  Asked if another
economic contraction, a so-called "double dip," was possible,
Mr. Greenspan said, "It is possible if home prices go down.  Home
prices, as best we can judge, have really flattened out in the
last year."

According to Bloomberg, slowing economic growth, and a decline in
housing activity following the expiration of a government tax
credit, have raised fears that the economy could return to a
recession before completing its recovery from the worst downturn
since the 1930s.

                      Lack of Consumer Spending

Bloomberg relates that the U.S. economy will probably keep cooling
in the third quarter as a lack of jobs prompts American consumers
to rein in spending.  The economy in the U.S. grew at a slower-
than-forecast 2.4% annual rate from April through June after
expanding at a 3.7% pace in the previous three months, according
to Commerce Department figures released at the end of July.


* Suit Mulled Over Rhode Island Law on Distressed Cities & Towns
----------------------------------------------------------------
Romy Varghese at Dow Jones Newswires reports that The Rhode Island
League of Cities and Towns and the state's American Civil
Liberties Union affiliate said Thursday they may mount court
challenges to a new law that gives state officials broad powers to
intervene in distressed cities and towns.

Representatives of both groups, according to Dow Jones, said they
think the law violates a state constitution provision forbidding
Rhode Island to affect municipalities' forms of government.  Their
boards will decide whether to file lawsuits over the next couple
of weeks, they said.

According to Dow Jones, a legal challenge may undermine investors'
confidence in municipal bonds sold by the state and its local
governments.  The law was adopted in June after the city of
Central Falls filed for judicial receivership.  The law helped
ease concerns that other troubled cities and towns may try ad-hoc
and potentially bondholder-unfriendly tactics to cope with their
problems.

The report says the ACLU and Rhode Island League of Cities and
Towns said the law goes too far.  Steven Brown, executive director
of the ACLU affiliate, said:

     -- the law "disenfranchises voters in a city from
        participating in significant decisions through their
        representatives;" and

     -- the law opens the door for a state official to intervene
        in a city or town for political reasons, since the
        criteria for state action can be easily achieved.

According to Dow Jones, Amy Kempe, spokeswoman for Gov. Donald L.
Carcieri, said the law is constitutional.  "It does not remove the
elected official from office," she said.  Ms. Kempe also said
legislators went through a "very thorough process" to craft the
legislation, building off a previous statute and modifying a
similar Massachusetts law.

In Central Falls's bankruptcy case, a state-appointed receiver was
appointed to take charge of the city's fiscal affairs.  The city
mayor has been reduced to an advisory role.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Aug. 3, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Atlanta Consumer Bankruptcy Skills Training
        Georgia State Bar Building, Atlanta, Ga.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 5-7, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 11-14, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Hawai.i Bankruptcy Workshop
        The Fairmont Orchid, Big Island, Hawaii
           Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 14, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     ABI/NYIC Golf and Tennis Fundraiser
        Maplewood Golf Club, Maplewood, N.J.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 20, 2010 (tentative)
  AMERICAN BANKRUPTCY INSTITUTE
     Complex Financial Restructuring Program
        Fordham Law School, New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 22-23, 2010 (tentative)
  AMERICAN BANKRUPTCY INSTITUTE
     ABI/NYU Bankruptcy and Business Reorganization Workshop
        New York University School of Law, New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 23-25, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Southwest Bankruptcy Conference
        Four Seasons Las Vegas, Las Vegas, Nev.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 1, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     ABI/UMKC Midwestern Bankruptcy Institute
        Kansas City Marriott Downtown, Kansas City, Kan.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 1, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     ABI/GULC "Views from the Bench"
        Georgetown University Law Center, Washington, D.C.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 6-8, 2010
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        JW Marriott Grande Lakes, Orlando, Florida
           Contact: http://www.turnaround.org/

Oct. 11, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Chicago Consumer Bankruptcy Conference
        Standard Club, Chicago, Ill.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 15, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     NCBJ/ABI Educational Program
        Hilton New Orleans Riverside, New Orleans, La.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 28, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Level Professional Development Program
        Weil, Gotshal & Manges LLP, New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 29, 2010 (tentative)
  AMERICAN BANKRUPTCY INSTITUTE
     International Insolvency Symposium
        The Savoy, London, England
           Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. __, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Delaware Views from the Bench and Bankruptcy Bar
        Hotel du Pont, Wilmington, Del.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 11, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Detroit Consumer Bankruptcy Conference
        Hyatt Regency Dearborn, Dearborn, Mich.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 29, 2010
  RENAISSANCE AMERICAN MANAGEMENT, INC. & BEARD GROUP, INC.
     17th Annual Distressed Investing Conference
        The Helmsley Park Lane Hotel, New York City
           Contact: 1-903-595-3800;
                    http://www.renaissanceamerican.com/

Dec. 9-11, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        Camelback Inn, a JW Marriott Resort & Spa,
        Scottsdale, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 2-4, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     22nd Annual Winter Leadership Conference
        Camelback Inn, Scottsdale, Arizona
           Contact: 1-703-739-0800; http://www.abiworld.org/

January 26-28, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Distressed Investing Conference
        Aria Las Vegas
           Contact: http://www.turnaround.org/

Jan. 27-28, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Rocky Mountain Bankruptcy Conference
        Westin Tabor Center, Denver, Colo.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 3-5, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Caribbean Insolvency Symposium
        Westin Casuarina Resort & Spa, Grand Cayman Island
           Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 24-25, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Valcon
        Four Seasons Las Vegas, Las Vegas, Nev.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 4, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Bankruptcy Battleground West
        Hyatt Regency Century Plaza, Los Angeles, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 7-9, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Conrad Duberstein Moot Court Competition
        Duberstein U.S. Courthouse, New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 10, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Nuts and Bolts - Florida
        Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 10-12, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     SUCL/ Alexander L. Paskay Seminar on
     Bankruptcy Law and Practice
        Marriott Tampa Waterside, Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 17-19, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Byrne Judicial Clerkship Institute
        Pepperdine University School of Law, Malibu, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

May 5, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Nuts and Bolts - New York City
        Association of the Bar of the City of New York,
        New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

May 6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     New York City Bankruptcy Conference
        Hilton New York, New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

June 6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Canadian-American Cross-Border Insolvency Symposium
        Fairmont Royal York, Toronto, Ont.
           Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Central States Bankruptcy Workshop
        Grand Traverse Resort and Spa, Traverse City, Mich.
              Contact: http://www.abiworld.org/

July 21-24, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Northeast Bankruptcy Conference
        Hyatt Regency Newport, Newport, R.I.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 27-30, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Sanctuary at Kiawah Island, Kiawah Island, S.C.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 4-6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hotel Hershey, Hershey, Pa.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     NCBJ/ABI Educational Program
        Tampa Convention Center, Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. __, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     International Insolvency Symposium
        Dublin, Ireland
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 25-27, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     Hilton San Diego Bayfront, San Diego, CA
        Contact: http://www.turnaround.org/

Dec. 1-3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     23rd Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 19-22, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Ritz-Carlton Amelia Island, Amelia Island, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 29 - Dec. 2, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday.  Submissions via
e-mail to conferences@bankrupt.com are encouraged.

Last Updated: July 26, 2010



                           *********

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

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

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

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

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

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

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

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

                           *********

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

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

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

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

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


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