TCR_Public/100813.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

             Friday, August 13, 2010, Vol. 14, No. 223

                            Headlines


1700 VAN NESS: Voluntary Chapter 11 Case Summary
207 REDWOOD: Files for Ch. 11 to Halt Foreclosure Sale
556 HOLDING: Bankruptcy May Cause Closing of Chelsea Museum
A & F: Case Summary & 19 Largest Unsecured Creditors
A-JVP1 LLC: To Present Prepack Plan for Confirmation on August 24

A-SWDE1 LLC: Confirmation Hearing on Prepackaged Plan on Aug. 24
ACCEPTANCE INSURANCE: Seeks to Convert Ch. 11 Case to Chapter 7
ADELPHIA COMMS: Banks Call E-Mail Evidence 'Red Herring'
AIR CANADA: S&P Raises LT Corporate to 'B-' on Improved Liquidity
ALFRED DIGIACINTO: Voluntary Chapter 11 Case Summary

ALION SCIENCE: Posts $13 Million Net Loss for June 30 Quarter
ALL YOU: Discloses Largest Unsecured Creditor
ALL YOU: Section 341(a) Meeting Scheduled for Aug. 31
ALL YOU: Taps Blair and Brady as Bankruptcy Counsel
ALLIED MACHINE: Voluntary Chapter 11 Case Summary

AMERICAN APPAREL: Delays Form 10-Q, Expects Net Loss in Q2 2010
AMERICAN FOLK ART: Revenues Fall; Deficit Doubles
AMERICAN GENERAL: AIG Sells 80% Stake to Fortress
AMERICAN GENERAL: Fitch Puts 'B-' IDR on Negative Watch
AMERICAN GENERAL: Cut by Moody's to 'B3' on Sale to Fortress

AMERICAN INT'L: Fitch Affirms 'BBB' Issuer Default Rating
AMERICAN INT'L: Sells 80% Stake of American General to Fortress
AMERICAN MEDIA: Extends Bond Exchange Offers to Aug. 25
AMERICAN TOWER: S&P Assigns 'BB+' Rating on $500 Mil. Notes
ARCH STREET: Case Summary & 6 Largest Unsecured Creditors

ASTORIA GENERATING: S&P Affirms 'BB-' Ratings on $430 Mil. Loan
AXESSTEL INC: Posts $1.4 Million Net Loss for June 30 Quarter
AXIANT LLC: Mann Bracken Receiver Wants to Sue for Negligence
BABCOCK & WILCOX: Moody's Repositions 'Ba1' Corp. Family Rating
BELLISIO FOODS: S&P Affirms 'B' Rating on First-Lien Loans

BI-LO LLC: Lone Star Funds Selling Supermarket Chain
BLUEKNIGHT ENERGY: Lowers Q2 Net Loss to $2.7 Million
BOSTON GENERATING: S&P Affirms 'CC' Rating on $1.13 Bil. Loan
BRIGHAM EXPLORATION: Series A Pref. Stock Designation Eliminated
CAPITAL GROWTH: Posts $5.79MM Net Income for June 30 Quarter

CENTAUR LLC: Wants to Auction Off Valley View Downs
CHEMTURA CORP: Equity Panel Wins OK to Tap UBS as Advisor
CHEMTURA CORP: Moody's Assigns 'Ba1' to $300MM Exit Term Loan
CHRYSLER LLC: Final Decree Closing Alpha, et al., Cases Entered
CITADEL BROADCASTING: Moody's Assigns 'Ba2' Corp. Family Rating

CLYDE DAVID: Section 341(a) Meeting Scheduled for Sept. 7
COLONY BEACH: Files for Chapter 11 Bankruptcy Protection
COMMAND CENTER: Improves Revenue Due to Gulf Coast Spill
CONNECTOR 2000: U.S. Bank Defends Chapter 9 Filing
CONTINENTAL AIR: Shareholders to Vote on Merger in September

COUDERT BROTHERS: Settles with Schmidtberger for $116,000
DK AGGREGATES: Case Summary & 12 Largest Unsecured Creditors
ELAINE SCHWARTZ: Case Summary & 20 Largest Unsecured Creditors
ELAN CORPORATION: Add-On Bonds Won't Affect Moody's 'B2' Rating
ELAN FINANCE: S&P Affirms 'B' Rating on Senior Unsecured Notes

ENERGYCONNECT GROUP: Posts $1.1 Million Net Loss for 2nd Quarter
EVEREST HOLDINGS: 7677 East Settles With The Landmark Contractor
FAIRPOINT COMMS: Names P. McHugh as VP & Assistant Gen. Counsel
FAIRPOINT COMMS: Wins Nod to Assume JC Zampell Agreement
FGIC CORP: Files Schedules of Assets & Liabilities

FGIC CORP: Gets Court's Nod to Hire Garden City as Claims Agent
FGIC CORP: Taps Kirkland & Ellis as Bankruptcy Counsel
FIRST DATA: Fitch Assigns 'BB-/RR2' Rating on $500 Mil. Notes
FIRST DATA: Moody's Assigns 'B1' Rating on $500 Mil. Senior Notes
FIRST DATA: S&P Assigns 'B+' Rating on $500 Mil. Senior Notes

FLETCHER GRANITE: Section 341(a) Meeting Scheduled for Aug. 30
FLETCHER GRANITE: U.S. Trustee Appoints 5-Member Creditors' Panel
FORUM HEALTH: Court Okays Sale to Community Health for $120MM
FULL CIRCLE: Case Summary & 20 Largest Unsecured Creditors
GARLOCK SEALING: LAS Okayed as Asbestos Panel's Valuation Advisor

GARLOCK SEALING: Asbestos Panel Proposes Charter as Fin'l Advisor
GARLOCK SEALING: EnPro Reports $1.4MM Profit for Garlock in Q2
GAZEL VELASCO-FLOWERS: Case Summary & Creditors List
GENERAL MOTORS: Akerson to Replace Whitacre as CEO on Sept. 1
GENERAL MOTORS: Posts $1.3 Billion Net Income for Q2 2010

GENERAL MOTORS: Obtains $5-Billion Credit Line as IPO Looms
GLG LIFE: Posts C$228,500 Net Loss in Q2 Ended June 30
GRAHAM PACKAGING: Moody's Gives Developing Outlook, Affirms Rating
GRAMERCY PARK: Stage Set for Class A Property Bankruptcy Auction
GRANITE EXPO: Case Summary & 11 Largest Unsecured Creditors

GREENSHIFT CORP: Signs Deals to Restructure Debt to YA Global
GREENWOOD ESTATES: Section 341(a) Meeting Scheduled for Sept. 14
HANESBRANDS INC: Gear-For-Sports Deal Won't Affect Moody's Rating
HANMI FINANCIAL: Posts $29.3 Million Net Loss in Q2 Ended June 30
HITECH FIRE: Case Summary & 20 Largest Unsecured Creditors

HUGHES TELEMATICS: Posts $22.3 Million Net Loss in Q2 2010
INTELSAT SA: Post $180.6 Million Net Loss for June 30 Quarter
INTERNATIONAL LEASE: Fitch to Rate $500 Mil. Senior Notes at 'BB'
INTERNATIONAL LEASE: Moody's Puts 'B1' Rating on $500 Mil. Notes
INTERNATIONAL LEASE: S&P Assigns 'BB+' Rating on $500 Mil. Notes

INTERTAPE POLYMER: Moody's Gives Neg. Outlook, Keeps 'B2' Rating
ISE LIMITED: New Flyer to Provide Support for 302 Buses
J RAY: Babcock & Wilcox Spin-Off Cues Moody's Rating Changes
KAJ LLC: Case Summary & 3 Largest Unsecured Creditors
LA TOYA JACKSON: Judge Drops Bid to Reopen Ch. 11 Case

LENNY DYKSTRA: Chapter 7 Trustee to Step Down
LYONDELL CHEMICAL: Asks Bankruptcy Court to Halt Highland Suit
M&TD REALTY: May Be Put in Bankruptcy to Avoid Foreclosure
MAKING VIRTUAL: Involuntary Chapter 11 Case Summary
MANN BRACKEN: Receiver Wants to Sue Axiant for Breach, Negligence

MEDICAL CARD: S&P Assigns 'BB' Counterparty Credit Ratings
MENNEN BUILDERS: Case Summary & 6 Largest Unsecured Creditors
METRO-GOLDWYN-MAYER: Creditors Near Spyglass Management Pact
MEXICANA AIRLINES: Canadian Court Recognizes Concurso Proceeding
MEXICANA AIRLINES: ILFC, et al., Seek Relief From U.S. TRO

MEXICANA AIRLINES: Offers Unions Stake in Airline Under New Deal
MONEY TREE: Posts $2.3 Million Net Loss in Q3 Ended June 25
MOUNTAIN RESORT: Hearing on Plan Outline Set for September 29
MPF CORP: Sale-Based Chapter 11 Plan Declared Effective
NAVISTAR INT'L: CEO Presents Biz Opportunities at NY Conference

NEW CENTURY FIN'L: $125 Million Investor Settlement Approved
ODYSSEY PROPERTIES: Asks for OK to Hire William Maloney as CRO
ODYSSEY PROPERTIES: Owes $29 Million to Noteholders
ODYSSEY PROPERTIES: Section 341(a) Meeting Scheduled for Sept. 3
ODYSSEY PROPERTIES: Taps Stichter Riedel as Bankruptcy Counsel

OPTI CANADA: Moody's Assigns 'B3' Rating on First-Lien 1C Notes
OPTI CANADA: S&P Junks Corporate Credit Rating From 'B-'
ORLEANS HOMEBUILDERS: Files Plan of Reorganization
OSHKOSH CORP: S&P Raises Corporate Credit Rating to 'BB-'
PACIFIC CAPITAL: Posts $58.3MM Q2 Loss; Bank Under Consent Order

PEABODY ENERGY: Fitch Assigns 'BB+' Rating on $650 Mil. Notes
PEABODY ENERGY: Moody's Assigns 'Ba1' Senior Unsecured Rating
PEABODY ENERGY: S&P Assigns 'BB+' Rating on $650 Mil. Notes
PEGASUS WIRELESS: Appeals Court Upholds Ch. 11 Dismissal
POINT BLANK: Seeks Dec. 13 Extension of Plan Exclusivity

QEP RESOURCES: Moody's Assigns 'Ba1' Rating on $500 Mil. Notes
QUEPASA CORPORATION: Posts $1.9 Million Net Loss in Q2 2010
QWEST COMMS: Prices Cash Offer for $1.265-Billion Notes
RANCHO AMISTAD: Case Summary & Largest Unsecured Creditor
REALOGY CORP: Posts $222MM Profit for Q2; Sees "Difficult" Q3

REGAL ENTERTAINMENT: Fitch Puts 'B-/RR6' Rating on $275 Mil. Notes
RITE AID: Prices Offering of $650 Million of Senior Secured Notes
ROSSCO HOLDINGS: Case Summary & 20 Largest Unsecured Creditors
ROTHSTEIN ROSENFELDT: U.S. Trustee Objects to Szafranski Accord
SHADY ACRES: Case Summary & 20 Largest Unsecured Creditors

SHANNON OVAZINE: Voluntary Chapter 11 Case Summary
SHELDRAKE LOFTS: Chapter 11 Filing Halts Foreclosure Sale
SHORELINE PARTNERS: Files for Chapter 11 Bankruptcy in Austin
SKALITZKY BROTHERS: Case Summary & 20 Largest Unsecured Creditors
SPRINGFIELD DAIRY: Case Summary & 20 Largest Unsecured Creditors

STERLING FINANCIAL: Posts $53.8 Million Net Loss in Q2 2010
STEVEN CALL: Case Summary & 20 Largest Unsecured Creditors
STITCHES GALORE: Lawsuit Prompts Chapter 11 Bankruptcy Filing
SUN COUNTRY: Plan Confirmation Hearing Set for September 10
TAGISH LAKE: Court Approves $500,000 of DIP Financing

T.D. BISTRO: Chapter 11 Case Dismissed at Owner's Request
TISHMAN SPEYER: Pershing Group Seeks Control of Stuyvesant Town
TOUSA INC: Fla. Drywall Claimants Seek Class Status
TOWER AUTOMOTIVE: Moody's Assigns 'B2' Corporate Family Rating
TOWER AUTOMOTIVE: S&P Assigns Corporate Credit Rating at 'B'

TRESLONG DAIRY: Case Summary & 2 Largest Unsecured Creditors
TRIMAS CORP: S&P Changes Outlook to Stable; Affirms 'B+' Rating
TRADE SECRET: Creditors' Committee Seeks to Retain Professionals
UAL CORP: Reaches Settlement on Shareholder Action
UAL CORP: Stockholders of 2 Airlines to Vote on Merger in Sept.

UAL CORP: UAL Files Opinions Backing Issuance of Securities
ULTIMATE ESCAPES: Posts $4.3 Million Net Loss in Q2 Ended June 30
US ENERGY: Wins Approval of Disclosure Statement
VITESSE SEMICONDUCTOR: Board Names William LaRosa as Director
WEST VIEW: Files Amended Plan Outline for Reorganization Plan

WEST EDGE: Court Approves Auction Plan for Unfinished Project
WESTMORELAND COAL: Earns $706,000 in Q2 Ended June 30
WESTPATRIOT INVESTMENTS: Voluntary Chapter 11 Case Summary
WEXFORD DEVELOPMENT: Case Summary & 8 Largest Unsecured Creditors
WHITE BIRCH: Has Deal to Sell Assets to Black Diamond for $178MM

WILLIAM LYON: New Home Orders Decrease in Second Quarter 2010
WYLE HOLDINGS: S&P Puts 'B+' Rating on CreditWatch Negative

* GERMANY: Facing Lawsuit Over Decades-Old Bond Default

* Daniel Ventricelli Joins Capstone Advisory Group

* BOOK REVIEW: Corporate Players - Designs for Working and Winning
               Together


                            ********


1700 VAN NESS: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: 1700 Van Ness Properties, LLC
        84555 61st Street
        Thermal, CA 94025

Bankruptcy Case No.: 10-33058

Chapter 11 Petition Date: August 9, 2010

Court: United States Bankruptcy Court
       Northern District of California (San Francisco)

Debtor's Counsel: Jonathan Fried, Esq.
                  LAW OFFICES OF JONATHAN FRIED
                  700 Montgomery St.
                  San Francisco, CA 94111
                  Tel: (415) 986-7000
                  E-mail: jon.fried@yahoo.com

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

Estimated Debts: $0 to $50,000

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

The petition was signed by William Garluck, manager/officer.


207 REDWOOD: Files for Ch. 11 to Halt Foreclosure Sale
------------------------------------------------------
Baltimore Sun reports that property developers 207 Redwood LLC and
101 Charles Street LLC sought bankruptcy protection in Baltimore,
Maryland, to halt the foreclosure sales of their hotel
developments.

According to the report, Alex Cooper Auctioneers, on behalf of
BB&T Bank, the secured lender, was scheduled to conduct on
August 12 foreclosure sales for two partially renovated buildings
of the developers but the auction was stayed by the Chapter 11
filing.

207 Redwood owns Keyser Building at 201-207 E. Redwood St., in
Baltimore, a 10-story office building that was being renovated to
reopen as a 130-room Hotel Indigo.  207 Redwood filed for Chapter
11 on Aug. 6, 2010 (Bankr. D. Md. Case No. 10-27968).  The Debtor
estimated assets and debts of $10 million to $50 million in the
bankruptcy petition.

101 Charles owns an office building at 101 N. Charles St. that was
being renovated to be a 100-room Staybridge Suites hotel.  101
Charles also filed for Chapter 11 on Aug. 6 (Bankr. D. Md. Case
No. 10-27966).  The Debtor estimated assets of up to $10 million
and debts of up to $50 million in its Chapter 11 petition.

The Chapter 11 petitions were signed by Annie Kim, as managing
member of 207 Redwood Management LLC, and 101 Charles Street
Management, LLC, respectively.

James A. Vidmar, Jr., Esq., at Logan, Yumkas, Vidmar & Sweeney
LLC, serves as counsel to both debtors.


556 HOLDING: Bankruptcy May Cause Closing of Chelsea Museum
-----------------------------------------------------------
The Chelsea Art Museum in New York may be forced to close after
556 Holding LLC, the owner of the 19th century building that is
home to the museum, filed for bankruptcy protection, Bloomberg
News reported.

According to the report, Dorothea Keeser, the museum's co-founder
and the owner of its building, said in an interview that the
museum can be saved if its building refinances its debt and
develops its rooftop. Otherwise, the property will be sold.

556 Holding LLC is the entity that owns the building built in 1850
and located in the Chelsea neighborhood on the west side of
Manhattan.  The building is worth $20 million, says 556 Holding.

556 Holding filed for bankruptcy on Aug. 6, 2010 (Bankr. S.D.N.Y.
Case No. 10-14267).  The Debtor estimated assets and debts of
$10 million to $50 million in its Chapter 11 petition.  Richard
Engman, Esq., at Jones Day, serves as counsel to the Debtor.

KDMJ Realty, Inc., which owns 100% of 556 Holding, also filed for
Chapter 11 (Bankr. S.D.N.Y. Case No. 10-14268).


A & F: Case Summary & 19 Largest Unsecured Creditors
----------------------------------------------------
Debtor: A & F Forklift, Inc.
        7460 Bandini Boulevard
        Commerce, CA 90040

Bankruptcy Case No.: 10-43489

Chapter 11 Petition Date: August 10, 2010

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

Judge: Alan M. Ahart

Debtor's Counsel: Thomas J. Polis, Esq.
                  POLIS & ASSOCIATES, APLC
                  19800 MacArthur Boulevard, Suite 1000
                  Irvine, CA 92612-2433
                  Tel: (949) 862-0040
                  Fax: 949-862-0041
                  E-mail: tom@polis-law.com

Scheduled Assets: $892,870

Scheduled Debts: $1,205,300

A list of the Company's 19 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/cacb10-43489.pdf

The petition was signed by Martha Felix, chief financial officer.


A-JVP1 LLC: To Present Prepack Plan for Confirmation on August 24
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Nevada will convene
a combined hearing on August 24, 2010, 10:30 a.m., to consider (i)
confirmation of the prepackaged plan of reorganization proposed by
debtor A-JVP1, LLC and (ii) the adequacy of the information in the
disclosure statement explaining the Plan.

JV Properties LLC, the parent of the Debtor, is co-proponent to
the Plan, which was filed the same day A-JVP1 filed for Chapter
11.

As reported in the Troubled Company Reporter on January 11, 2010,
under the Plan, holders of administrative claims will be paid in
full in cash on the effective date of the Plan or after allowance
of the claims.  Each holder of secured property tax claims will
receive a single cash payment equal to the tax claim plus accrued
postpetition interest at "the rate required by applicable non-
bankruptcy law."

Holders of $15.77 million notes issued by JV Properties, and
assumed by the Debtor prepetition, will receive 100% of the Class
A membership interests in the reorganized Debtor.  Holders of the
existing membership interests in the Company will receive Class B
membership interests in the reorganized Debtor.

The reorganized Debtor will managed by LEHM, LLC, a Nevada limited
liability company to be established for the purpose of managing
the Debtor.  LEHM will, among other tings, improve the entitlement
and master planning status of the Debtor's property, and market
and sell the property.

A copy of the Plan is available for free at:

             http://bankrupt.com/misc/AJVP-1_plan.pdf
             http://bankrupt.com/misc/AJVP-1_plan2.pdf
             http://bankrupt.com/misc/AJVP-1_plan3.pdf

A copy of the Disclosure Statement is available for free at:

             http://bankrupt.com/misc/AJVP-1_ds.pdf
             http://bankrupt.com/misc/AJVP-1_ds2.pdf

The Debtor is represented by:

           Georganne W. Bradley, Esq.
           Lauren A. Pena, Esq.
           KAEMPFER CROWELL RENSHAW GRNAUER & FIORENTINO
           3800 Howard Hughes Parkway, 7th Floor
           Las Vegas, NV 89169
           Tel: (702) 792-7000
           Fax: (702) 796-7181
           E-mail: gbradley@kcnvlaw.com

JV Properties is represented by:

           Roberto J. Kampfner, Esq.
           WHITE & CASE LLP
           633 West Fifth Street, Suite 1900
           Los Angeles, CA 90071
           Tel: (213) 620-7700
           Fax: (213) 452-2329

                         About A-JVP1, LLC

Las Vegas, Nevada-based A-JVP1, LLC, sought Chapter 11 protection
on December 29, 2009 (Bankr. D. Nev. Case No. 09-34236).  The
Company disclosed $16,001,500 in assets and $15,770,000 in
liabilities as of the Petition Date.


A-SWDE1 LLC: Confirmation Hearing on Prepackaged Plan on Aug. 24
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Nevada will convene
a hearing on August 24, 2010, at 10:30 a.m., to consider
confirmation of A-SWDE1, LLC's prepackaged plan of reorganization.
The Court will also consider approval of the adequacy of the
explanatory disclosure statement at the hearing, which will be
held at MKN LV-Courtroom 2, Foley Federal Bldg.

Southwest Desert Equities LLC, the parent of the Debtor, is co-
proponent to the Plan, which was filed the same day A-SWDE1 filed
for Chapter 11.

Under the Plan, holders of administrative claims will be paid in
full in cash on the effective date of the Plan or after allowance
of the claims.  Each holder of secured property tax claims will
receive a single cash payment equal to the tax claim plus accrued
postpetition interest at "the rate required by applicable non-
bankruptcy law."

Holders of the $9.83 million promissory note issued by Southwest
Desert, and assumed by the Debtor prepetition, will receive 100%
of the Class A membership interests in the reorganized Debtor.
Holders of the existing membership interests in the Company will
receive Class B membership interests in the reorganized Debtor.

The reorganized Debtor will managed by LEHM, LLC, a Nevada limited
liability company to be established for the purpose of managing
the Debtor.  LEHM will, among other tings, improve the entitlement
and master planning status of the Debtor's property, and market
and sell the property.

A copy of the Plan is available for free at:

            http://bankrupt.com/misc/A-SWDE1_plan.pdf
            http://bankrupt.com/misc/A-SWDE1_plan2.pdf
            http://bankrupt.com/misc/A-SWDE1_plan3.pdf

A copy of the disclosure statement is available for free at:

            http://bankrupt.com/misc/A-SWDE1_ds.pdf
            http://bankrupt.com/misc/A-SWDE1_ds2.pdf

The Debtor is represented by:

           Georganne W. Bradley, Esq.
           Lauren A. Pena, Esq.
           KAEMPFER CROWELL RENSHAW GRNAUER & FIORENTINO
           3800 Howard Hughes Parkway, 7th Floor
           Las Vegas, NV 89169
           Tel: (702) 792-7000
           Fax: (702) 796-7181
           E-mail: gbradley@kcnvlaw.com

Southwest Desert is represented by:

           Roberto J. Kampfner, Esq.
           WHITE & CASE LLP
           633 West Fifth Street, Suite 1900
           Los Angeles, CA 90071
           Tel: (213) 620-7700
           Fax: (213) 452-2329

                         About A-SWDE1, LLC

Las Vegas, Nevada-based A-SWDE1, LLC, sought Chapter 11 protection
on December 29, 2009 (Bankr. D. Nev. Case No. 09-34216).  The
Company disclosed $10,001,500 in assets and $9,836,400 in
liabilities as of the Petition Date.


ACCEPTANCE INSURANCE: Seeks to Convert Ch. 11 Case to Chapter 7
---------------------------------------------------------------
John E. Martin, president and chief executive officer of
Acceptance Insurance Companies Inc., said in a regulatory filing
that the company intends to file a motion with U.S. Bankruptcy
Court for the District of Nebraska on August 13, to convert the
Chapter 11 proceeding to a proceeding under Chapter 7 of the
Bankruptcy Code.

"If the conversion to Chapter 7 is approved by the Bankruptcy
Court, the Company no longer will remain in possession of its
remaining assets and properties, will cease operating its
remaining businesses and managing its remaining properties as
debtors-in-possession pursuant to Sections 1107(a) and 1108 of the
Bankruptcy Code and its assets and properties will be liquidated
and/or held for the benefit of creditors," Acceptance Insurance
stated.

The Company believes that its stockholders and the holders of the
Preferred Securities issued by AICI Capital Trust will not receive
material distributions in or after the liquidation proceedings.

                     About Acceptance Insurance

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

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


ADELPHIA COMMS: Banks Call E-Mail Evidence 'Red Herring'
--------------------------------------------------------
Bankruptcy Law360 reports that banks accused of helping the
founders of Adelphia Communications Corp. loot the company of
billions of dollars argued Wednesday that newly unveiled e-mail
evidence suggesting bank employees were suspicious of the Company
should be ignored as a "red herring."

                   About Adelphia Communications

Based in Coudersport, Pennsylvania, Adelphia Communications
Corporation (OTC: ADELQ) was the fifth largest cable television
company in the United States.

Adelphia collapsed in 2002 after disclosing that founder John
Rigas and his family owed $2.3 billion in off-balance-sheet debt
on bank loans taken jointly with the company.

The Company and its more than 200 affiliates filed for Chapter 11
protection in the Southern District of New York on June 25, 2002
(Case No. 02-41729).  Willkie Farr & Gallagher represented the
Debtors in their restructuring effort.  PricewaterhouseCoopers
served as the Debtors' financial advisor.  Kasowitz, Benson,
Torres & Friedman, LLP, and Klee, Tuchin, Bogdanoff & Stern LLP
represented the Official Committee of Unsecured Creditors.

Adelphia Cablevision Associates of Radnor, L.P., and 20 of its
affiliates, collectively known as Rigas Managed Entities, are
entities that were previously held or controlled by members of the
Rigas family.  In March 2006, the rights and titles to these
entities were transferred to certain subsidiaries of Adelphia
Cablevision LLC.  The RME Debtors filed for Chapter 11 protection
on March 31, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10622 through
06-10642).  Their cases were jointly administered under Adelphia
Communications and its debtor-affiliates' Chapter 11 cases.

The Bankruptcy Court confirmed the Debtors' Joint Chapter 11 Plan
of Reorganization on Jan. 5, 2007.  That plan became effective on
Feb. 13, 2007.


AIR CANADA: S&P Raises LT Corporate to 'B-' on Improved Liquidity
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it raised its long-term
corporate credit rating on Montreal-based Air Canada to 'B-' from
'CCC+'.  At the same time, Standard & Poor's removed the rating
from CreditWatch, where it has been placed with positive
implications July 20, 2010.  The outlook is stable.

S&P is also affirming the 'B+' issue-level rating on the airline's
first-lien senior secured notes, and the 'B-' issue-level rating
on its second-lien senior secured notes.  The recovery ratings on
the notes are unchanged, at '1' and '4', respectively.

"The upgrade reflects S&P's view that, with the closing of the
private senior secured notes offering, Air Canada's liquidity has
improved to a level S&P believes is consistent with that of its
rated peers," said Standard & Poor's credit analyst Jamie
Koutsoukis.  "That, in combination with what S&P believes are
improving market conditions for the air carrier through 2010, has
strengthened the corporate credit profile," Ms. Koutsoukis added.

The rating on Air Canada reflects Standard & Poor's view of the
airline's credit risk profile, which remains constrained by
significant financial leverage and debt servicing burden, high
operating cost structure, cyclical industry demand, and increasing
competitive pressure in domestic markets.

The stable outlook reflects S&P's view that, through its liquidity
relief efforts, Air Canada has materially reduced its risk of
near-term liquidity constraints and that improving market
conditions should result in improved operating cash flow
generation in the next 12-18 months.  However, S&P remains
concerned that either renewed economic weakness or outside events
affecting air travel could again place pressure on the company's
liquidity and ability to service its operating costs and sizable
debt servicing requirements.  S&P could lower its ratings on Air
Canada if unrestricted cash consistently falls below
C$1.4 billion.  In assessing the credit implications of any
liquidity level, S&P would also consider normal seasonal changes
in cash and air traffic liability, upcoming debt maturities and
other claims on cash, and the company's expected operating cash
flows.  S&P believes that Air Canada's current highly leveraged
capital structure constrains the rating to the current level.
Hence, S&P would consider raising the rating only when the airline
materially reduces its debt level.


ALFRED DIGIACINTO: Voluntary Chapter 11 Case Summary
----------------------------------------------------
Joint Debtors: Alfred P. DiGiacinto
                 aka Fred DiGiacinto
               Terri L. DiGiacinto
               1111 E. Palm Canyon Drive, #111
               Palm Springs, CA 92264

Bankruptcy Case No.: 10-35323

Chapter 11 Petition Date: August 10, 2010

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

Judge: Meredith A. Jury

Debtors' Counsel: Illyssa Fogel, Esq.
                  P.O. Box 437
                  McDermitt, NV 89421
                  Tel: (775) 532-8088
                  E-mail: ifogel@iiflaw.com

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

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

The Joint Debtors did not file a list of creditors together with
their petition.


ALION SCIENCE: Posts $13 Million Net Loss for June 30 Quarter
-------------------------------------------------------------
Alion Science and Technology Corporation filed its quarterly
report on Form 10-Q, reporting a net loss of $13.11 million on
$213.31 million of contract revenue for the three months ended
June 30, 2010, compared with a net loss of $9.43 million on
$204.16 million of contract revenue during the same period a year
earlier.

The Company's balance sheet at June 30, 2010, showed
$643.59 million in total assets, $156.97 million in total current
liabilities, $272.09 million in senior secured notes,
$245.90 million in senior unsecured notes, $5.08 million in
accrued compensation, $752,000 in accrued postretirement benefits
obligations, $7.87 million in non-current portion of lease
obligations, $35.61 million in deferred income taxes, $151.37
million in redeemable common stock, $20.78 million in common stock
warrants, a $238,000 accumulated other comprehensive loss and an
accumulated deficit of $252.62 million.

A full-text copy of the Company's Fom 10-Q is available for free
at http://ResearchArchives.com/t/s?68aa

To boost its liquidity, on March 22, 2010, Alion issued and sold
$310 million of its private units to Credit Suisse, which informed
the Company it resold most of the units to qualified institutional
buyers.  Each of the 310,000 Units consisted of $1,000 in face
value of Alion private senior secured notes and a warrant to
purchase 1.9439 shares of Alion common stock.  On July 30, 2010,
the SEC declared effective an Alion registration statement on Form
S-4 to effect an exchange offer of the Secured Notes for publicly
registered Secured Notes with the same terms.  The exchange offer
opened August 3, 2010 and will close September 2, 2010.

                        About Alion Science

Alion Science and Technology Corporation, based in McLean, VA, is
an employee-owned company that provides scientific research,
development, and engineering services related to national defense,
homeland security, and energy and environmental analysis.
Particular areas of expertise include communications, wireless
technology, netcentric warfare, modeling and simulation, chemical
and biological warfare, program management.

                           *     *     *

Alion carries 'Caa3' corporate family and probability of default
ratings from Moody's.  Alion carries a 'B-' corporate credit
rating from Standard & Poor's.

Moody's said in March 2010, "The Caa1 corporate family rating
would balance the continued high leverage against a promising
business backlog that could sustain the good 2009 revenue growth
rate, though credit challenges would remain pronounced."


ALL YOU: Discloses Largest Unsecured Creditor
---------------------------------------------
All You, LLC, has filed with the U.S. Bankruptcy Court for the
Western District of Arkansas the required list of its 20 largest
unsecured creditors.  The list only contains one entry:

   Entity                                            Claim Amount
   ------                                            ------------
Washington County Tax Collector
280 N College, Suite 202
Fayetteville, AR 72701                                    $32,000

Fayetteville, Arkansas-based All You, LLC, filed for Chapter 11
bankruptcy protection on August 2, 2010 (Bankr. W.D. Ark. Case No.
10-74049).  Donald A. Brady, Jr., Esq., at Blair & Brady Attorneys
At Law, assists the Debtor in its restructuring effort.  In its
schedules, the Debtor disclosed $10,983,200 in total assets and
$5,513,647 in total liabilities as of the Petition Date.


ALL YOU: Section 341(a) Meeting Scheduled for Aug. 31
-----------------------------------------------------
The U.S. Trustee for Region 16 will convene a meeting of All You,
LLC's creditors on August 31, 2010, at 2:15 p.m.  The meeting will
be held at U.S. Federal Building, 35 E. Mountain Street, 4th
Floor, Room 416, Fayetteville, AR 72701.

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.

Fayetteville, Arkansas-based All You, LLC, filed for Chapter 11
bankruptcy protection on August 2, 2010 (Bankr. W.D. Ark. Case No.
10-74049).  Donald A. Brady, Jr., Esq., at Blair & Brady Attorneys
At Law, assists the Debtor in its restructuring effort.  In its
schedules, the Debtor disclosed $10,983,200 in total assets and
$5,513,647 in total liabilities as of the Petition Date.


ALL YOU: Taps Blair and Brady as Bankruptcy Counsel
---------------------------------------------------
All You, LLC, asks for authorization from the U.S. Bankruptcy
Court for the Western District of Arkansas to employ Blair & Brady
Attorneys At Law as bankruptcy counsel.

Blair and Brady will, among other things:

     (a) advise the Debtor concerning and assist in the
         negotiation and documentation of financing agreements,
         cash collateral order and related transactions;

     (b) investigate into the nature and validity of liens
         asserted against the property of the Debtor and advise
         the Debtor concerning the enforceability of said liens;

     (c) investigate into, advising the Debtor concerning, and
         take action as may be necessary to collect and, in
         accordance with applicable law, recover property for the
         benefit of the Debtor's estate; and

     (d) prepare applications, motions, pleadings, orders,
         notices, schedules and other documents as may be
         necessary and appropriate, and review the financial
         and other reports to be filed.

Blair and Brady will be paid based on the hourly rates of its
personnel:

         Lawyers                            $225
         Associates                         $120
         Paralegals                        $45-$55

Donald A. Brady, Esq., who is employed by Blair and Brady, assures
the Court that the firm is "disinterested" as that term is defined
in Section 101(14) of the Bankruptcy Code.

Fayetteville, Arkansas-based All You, LLC, filed for Chapter 11
bankruptcy protection on August 2, 2010 (Bankr. W.D. Ark. Case No.
10-74049).  In its schedules, the Debtor disclosed $10,983,200 in
total assets and $5,513,647 in total liabilities as of the
Petition Date.


ALLIED MACHINE: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: Allied Machine Tool & Design, Inc.
        4050 NE 9 Avenue
        Ft. Lauderdale, FL 33334

Bankruptcy Case No.: 10-33437

Chapter 11 Petition Date: August 10, 2010

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

Judge: Raymond B. Ray

Debtor's Counsel: Zach B. Shelomith, Esq.
                  2699 Stirling Road, # C401
                  Ft Lauderdale, FL 33312
                  Tel: (954) 920-5355
                  Fax: (954) 920-5371
                  E-mail: zshelomith@lslawfirm.net

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

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

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

The petition was signed by Walter Ray Bates, president.


AMERICAN APPAREL: Delays Form 10-Q, Expects Net Loss in Q2 2010
---------------------------------------------------------------
American Apparel Inc. said it could not file its quarterly report
on Form 10-Q for June 30, 2010, on time.  It told the Securities
and Exchange Commission that it needs more time to complete
certain review and analyses with respect to the financial
statements and related disclosures.  Effective July 22, 2010,
Deloitte & Touche LLP resigned as the Company's independent
registered public accounting firm.  A new auditor, Marcum LLP, was
hired by July 26.

The Company has also yet to file its Form 10-Q for the quarter
ended March 31, 2010.

The Company disclosed in the NT 10-Q that net sales are expected
to decrease for the quarter ended June 30, 2010 compared to the
quarter ended June 30, 2009, primarily as a result of a decrease
in net sales in the Company's retail business, partially offset by
an increase in net sales to the Company's wholesale customers.
The decrease in retail sales was due to negative comparable store
sales in the second quarter of 2010.

The Company expects to report a net loss in the second quarter of
2010 as compared to net income for the second quarter of 2009,
primarily as a result of higher cost of sales due to increased
manufacturing costs, and higher operating expenses related to the
higher number of retail stores in operation in the second quarter
of 2010 compared to the second quarter of 2009.

The Company expects to report an operating loss in the second
quarter of 2010 as compared to operating income for the second
quarter of 2009, largely as a result of the decrease in net sales
and gross margin.

                      About American Apparel

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

The Company's balance sheet at Dec. 31, 2009, showed
$327.58 million in total assets, $170.23 million in total
liabilities, and a stockholder's equity of $157.34 million.

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


AMERICAN FOLK ART: Revenues Fall; Deficit Doubles
-------------------------------------------------
Carla Main at Bloomberg News reports that New York's American Folk
Art Museum, which has defaulted on $29.9 million of tax-exempt
bonds, saw its deficit almost double from 2008 to 2009, according
to its latest tax return.  The deficit increased to $7.23 million
during the fiscal year ending June 30, 2009, up from $3.79 million
in 2008.  The return also shows that revenue from admissions at
the nonprofit institution, whose collection includes folk art and
works by self-taught artists, fell 13% to $306,054 in 2009.

According to Bloomberg, in July 2009, the museum stopped paying
into a reserve fund for tax-exempt bonds issued by New York City's
Trust for Cultural Resources to finance construction of a new home
next to the Museum of Modern Art on West 53rd Street.

"We're not on the verge of closing," Maria Ann Conelli, the
museum's executive director, said in an e-mail to Bloomberg.
According to Bloomberg, Museum board members have offered $375,000
in challenge grants, she said, and the rest of the board "is
actively fundraising" to meet them.


AMERICAN GENERAL: AIG Sells 80% Stake to Fortress
-------------------------------------------------
American International Group, Inc., and Fortress Investment Group
unveiled on Wednesday a definitive agreement whereby certain
Fortress managed funds and affiliates will acquire 80% of American
General Finance Inc., which provides consumer credit, from AIG.
AIG will retain a 20% interest in the AGF business.

Terms of the transaction were not disclosed.

The Wall Street Journal's Erik Holm and Serena Ng, citing people
familiar with the matter, report that Fortress, through its funds,
paid less than $200 million for the AGF stake.

The transaction is expected to close by the end of the first
quarter of 2011 subject to regulatory approvals and customary
closing conditions.

The Wall Street Journal says AIG recently valued its AGF
investment at $2.4 billion.

AIG said in a Form 8-K filing it expects to meet the criteria for
"held-for-sale" accounting with respect to AGF and recognize a
pre-tax loss of approximately $1.9 billion in the third quarter of
2010.

Founded in 1920, AGF provides loans, retail financing and other
credit related products to more than a million families across the
U.S., Puerto Rico, the Virgin Islands, and the United Kingdom.
AGF specializes in providing financing solutions for consumers
across America, with products and services including bill
consolidation loans, home equity loans, personal loans, home
improvement loans, and loans to help consumers manage unexpected
expenses.

"AGF is an exceptional franchise with a strong management team and
a leading platform for serving the financing needs of consumers
nationwide," said Wesley R. Edens, Co-Chairman and founder of
Fortress Investment Group. "We believe that AGF is well-positioned
for significant growth in an underserved market."

"This transaction marks another important step in our ongoing
restructuring process as we seek to monetize non-core assets and
pay back U.S. taxpayers," said Robert H. Benmosche, AIG President
and Chief Executive Officer. "In Fortress, we have found an
excellent partner for this terrific franchise.  We believe in
AGF's solid business model, which is why we are retaining a 20%
percent stake in the business as part of this transaction."

As a result of the transaction, AGF, which has assets of
approximately $20 billion and liabilities of approximately
$18 billion, including $17 billion of debt, will be deconsolidated
from AIG's financial statements.

The Wall Street Journal's Mr. Holm and Ms. Ng report that the AGF
sale won't make much of a dent in AIG's roughly $100 billion debt
to U.S. taxpayers.  But the unit has been yet another weight on
AIG's finances.  AGF, which has $17 billion in outstanding debt,
lost more than $1.7 billion since the start of 2008 as
delinquencies in its subprime-mortgage and consumer-loan book
increased.

AIG acquired the unit as part of its $24 billion acquisition of
American General Corp. in 2001.  AGC included a large life-
insurance business that became the bulk of AIG's domestic life-
insurance operation and was paired with the annuity business from
SunAmerica Inc., which AIG acquired in 1999.  The American General
deal was one of the last and largest under former Chief Executive
Maurice R. "Hank" Greenberg.

The Journal relates AIG CEO Benmosche has said he intends to keep
the domestic life and retirement operation, now called SunAmerica
Financial Group, as part of a slimmer AIG after it completes sales
of various noncore assets and its two large overseas life-
insurance businesses to help repay taxpayers.

                           About Fortress

Fortress Investment Group -- http://www.fortress.com/-- is a
global investment manager with approximately $41.7 billion in
assets under management as of June 30, 2010.  Fortress offers
alternative and traditional investment products and was founded in
1998.

                  About American General Finance

Based in Evansville, Indiana, American General Finance --
http://www.agfinance.com/-- provides consumer credit.  AGF
finances mortgages, secured and unsecured personal loans and
secured retail sales finance products.  In addition to its lending
activities, AGF offers credit and non-credit insurance. AGF has
over one million customers and originates loans through its more
than 1,100 branches located across the U.S., Puerto Rico and the
Virgin Islands.

                              About AIG

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

In September 2008, AIG experienced a liquidity crunch when its
credit ratings were downgraded below "AA" levels by Standard &
Poor's, Moody's Investors Service and Fitch Ratings.  AIG almost
collapsed under the weight of bad bets it made insuring mortgage-
backed securities.  The Company, however, was bailed out by the
Federal Reserve, but even after an initial infusion of
$85 billion, losses continued to grow.  The later rescue packages
brought the total to $182 billion, making it the biggest federal
bailout in U.S. history.

AIG has been working to protect and enhance the value of its key
businesses, execute an orderly asset disposition plan, and
position itself for the future.  AIG has sold a number of its
subsidiaries and other assets to pay down loans received from the
U.S. government, and continues to seek buyers of its assets.


AMERICAN GENERAL: Fitch Puts 'B-' IDR on Negative Watch
-------------------------------------------------------
Fitch Ratings has placed the 'B-' long-term Issuer Default Rating
of American General Finance Corp. on Rating Watch Negative.
Approximately $17 billion of debt is affected by this action.

American International Group, Inc., announced the sale of AGFC to
Fortress Investment Group LLC.  The Rating Watch on AGFC reflects
Fitch's belief that new ownership and existing management may
potentially seek to engage in some type of business
reorganization, up to and including a restructuring of the firm's
capital structure at some point in the future.  Such
restructurings are often viewed negatively from a ratings
perspective.  Fitch believes AGFC has sufficient liquidity to meet
its needs over the next two years, so this will allow the Fortress
time to review the companies' capitalization structure.
Resolution of the Rating Watch will be dependent upon the outcome
of capitalization initiatives by Fortress, subsequent
capitalization structure of AGFC and discussion with Fortress and
AGFC management on the direction of the company.

On April 30, 2010, Fitch downgraded the ratings of AGFC to their
current levels reflecting AGFC's condition without reference to
AIG support.  AGFC's business has been considerably impaired by
the deterioration in credit quality resulting from the decline in
the U.S. mortgage market and the considerable rise in unemployment
rates, coupled with a sharp reduction in unsecured funding on a
cost-effective basis.  Fitch expects modest improvement in
operating performance over the near term as the company continues
to manage a predominately real estate secured portfolio in a
challenging economic environment.

AGFC was incorporated in Indiana in 1927 as successor to a
business started in 1920.  Since Aug. 29, 2001, American General
Finance, Inc., AGFC's parent, has been an indirect wholly owned
subsidiary of AIG.  The consumer finance products of AGFC include
non-conforming real estate mortgages, consumer loans, retail sales
finance and credit-related insurance.

Fitch has placed these ratings on Rating Watch Negative:

American General Finance, Inc.

  -- Long-term IDR 'B-'.

American General Finance Corp.

  -- Long-term IDR 'B-';
  -- Senior debt 'B-/RR4'.

AGFC Capital Trust I

  -- Preferred stock 'CC/RR6'.


AMERICAN GENERAL: Cut by Moody's to 'B3' on Sale to Fortress
------------------------------------------------------------
Moody's Investors Service downgraded the corporate family and
senior unsecured ratings of American General Finance Corp. to B3
from B2, after American International Group, Inc. announced that
it will sell 80% of AGFC and its immediate parent, American
General Finance Inc., to certain funds and affiliates of Fortress
Investment Group LLC.  AGFC's rating outlook is developing.

The downgrade of AGFC's ratings reflects Moody's view that the
pending sale of the firm results in a lower expectation of support
from AIG.  Previous to the rating action, AGFC's long-term ratings
incorporated one notch of uplift for implicit AIG support.
Moody's assumes no support associated with AIG's post-sale 20%
minority interest in AGF.

The developing outlook reflects Moody's view that AGFC's ratings
have a relatively evenly balanced probability of being either
upgraded, affirmed, or downgraded over the outlook horizon of 12
to 18 months.

"It is uncertain how the proposed sale will affect AGFC's
operational strategy, capital structure, and liquidity and market
access," said Moody's senior analyst Mark Wasden.  "We will seek
greater clarity on these issues as the transaction progresses and
will refine Moody's ratings and outlook accordingly.  This could
take several months, given the projected closing in the first
quarter of 2011."

Moody's said that AGFC's long-term ratings could be upgraded if
the company demonstrates improved access to funding, strengthens
its contingency funding plan, and returns to an acceptable level
of profitability, based upon improved asset quality performance.
Conversely, ratings could be downgraded if AGFC's asset quality
and earnings deteriorate beyond current expectations, its capital
position weakens materially, it is unable to establish access to
funding that preserves franchise positioning and improves net
interest margin, or if it seems likely to pursue a financial
transaction or restructure that results in creditor losses.

AGFC's B3 corporate family rating reflects its established
position as a national branch-based consumer lender and its
adequate capital position, offset by challenges associated with
its funding constraints and weak operating performance.  Moody's
believes AGFC's franchise value has been impaired by funding
uncertainties that have caused it to significantly reduce its
lending activity, consequently lowering its performance prospects.
In April 2010, AGFC issued $3 billion of secured debt that
measurably improved the firm's near-term liquidity position.
However, AGFC has few alternative sources of liquidity to support
its operating and financial obligations.

AGFC asset quality performance, though weak, nevertheless compares
favorably to other sub-prime mortgage lenders.  However, AGFC has
reported eight quarters of pre-tax losses resulting primarily from
high credit costs.  Though signs of improvement in asset quality
measures have emerged in the last few quarters, Moody's believes
AGFC's earnings and profitability are likely to continue to be
weak in the near term, reflecting a sluggish economic recovery,
continued high unemployment, and pressure on home values.

Ratings affected by the action include:

American General Finance Corporation:

* Corporate Family: to B3 from B2
* Senior Unsecured: to B3 from B2

AGFC Capital Trust I:

* Preferred Stock: to Caa2 from Caa1

AGFS Funding Company:

* Senior Secured Bank Loan: to B2 from B1

In its last AGFC rating action on April 8, 2010, Moody's assigned
a rating of B1 to a $3 billion secured term loan issued by AGFS
Funding Company, guaranteed by American General Finance Corp.

American General Finance Corporation, headquartered in Evansville,
Indiana, provides retail consumer finance and credit insurance
products to consumers through a multi-state branch network.


AMERICAN INT'L: Fitch Affirms 'BBB' Issuer Default Rating
---------------------------------------------------------
Fitch Ratings has affirmed American International Group, Inc.'s
Issuer Default Rating and the ratings on AIG's senior unsecured
and subordinated securities:

  -- Issuer Default Rating at 'BBB';
  -- Senior unsecured notes at 'BBB';
  -- Subordinated hybrid securities at 'B';
  -- Short-term IDR at 'F1'.

The Rating Outlook is Stable.

The rating action follows the announcement by AIG that the company
has agreed to sell 80% of its American General Finance Corp.
subsidiary to Fortress Investment Group LLC.  After the
transaction's anticipated close in the first quarter 2011, close,
Fitch expects AIG will be a passive minority shareholder with no
board representation.

Fitch's recent rating actions on AIG have contemplated a potential
sale of AGFC as part of the company's broader restructuring
efforts focused on reducing leverage and concentrating on its core
insurance operations.  As a result, Fitch has largely excluded
AGFC's operating results from contributing, either positively or
negatively, to the agency's run-rate consolidated AIG earnings and
interest coverage projections.

Similarly, the reduction in AIG's consolidated financial
leverage that will result from the AGFC sale is already largely
considered in AIG's current ratings.  At June 30, 2010, AGFC had
$17.3 billion of total debt outstanding representing 7 percentage
points of AIG's 57% consolidated debt-to-capital ratio.  This
ratio includes the impact of AIG's expected $1.9 billion pre-tax
loss on the sale.

Related to this transaction, Fitch placed its ratings on AGFC on
Rating Watch Negative reflecting the agency's belief that AGFC's
new ownership may potentially seek to engage in some type of
business reorganization, up to and including a restructuring of
the firm's capital structure at some point in the future.  Fitch
believes that any such actions by new ownership would not impact
AIG's ratings given the modest carrying value of this minority-
owned asset and lack of cross-default provisions between AGFC and
AIG's existing debt securities.


AMERICAN INT'L: Sells 80% Stake of American General to Fortress
---------------------------------------------------------------
American International Group, Inc., and Fortress Investment Group
unveiled on Wednesday a definitive agreement whereby certain
Fortress managed funds and affiliates will acquire 80% of American
General Finance Inc., which provides consumer credit, from AIG.
AIG will retain a 20% interest in the AGF business.

Terms of the transaction were not disclosed.

The Wall Street Journal's Erik Holm and Serena Ng, citing people
familiar with the matter, report that Fortress, through its funds,
paid less than $200 million for the AGF stake.

The transaction is expected to close by the end of the first
quarter of 2011 subject to regulatory approvals and customary
closing conditions.

The Wall Street Journal says AIG recently valued its AGF
investment at $2.4 billion.

AIG said in a Form 8-K filing it expects to meet the criteria for
"held-for-sale" accounting with respect to AGF and recognize a
pre-tax loss of approximately $1.9 billion in the third quarter of
2010.

Founded in 1920, AGF provides loans, retail financing and other
credit related products to more than a million families across the
U.S., Puerto Rico, the Virgin Islands, and the United Kingdom.
AGF specializes in providing financing solutions for consumers
across America, with products and services including bill
consolidation loans, home equity loans, personal loans, home
improvement loans, and loans to help consumers manage unexpected
expenses.

"AGF is an exceptional franchise with a strong management team and
a leading platform for serving the financing needs of consumers
nationwide," said Wesley R. Edens, Co-Chairman and founder of
Fortress Investment Group. "We believe that AGF is well-positioned
for significant growth in an underserved market."

"This transaction marks another important step in our ongoing
restructuring process as we seek to monetize non-core assets and
pay back U.S. taxpayers," said Robert H. Benmosche, AIG President
and Chief Executive Officer.  "In Fortress, we have found an
excellent partner for this terrific franchise.  We believe in
AGF's solid business model, which is why we are retaining a 20%
percent stake in the business as part of this transaction."

As a result of the transaction, AGF, which has assets of
approximately $20 billion and liabilities of approximately
$18 billion, including $17 billion of debt, will be deconsolidated
from AIG's financial statements.

The Wall Street Journal's Mr. Holm and Ms. Ng report that the AGF
sale won't make much of a dent in AIG's roughly $100 billion debt
to U.S. taxpayers.  But the unit has been yet another weight on
AIG's finances.  AGF, which has $17 billion in outstanding debt,
lost more than $1.7 billion since the start of 2008 as
delinquencies in its subprime-mortgage and consumer-loan book
increased.

AIG acquired the unit as part of its $24 billion acquisition of
American General Corp. in 2001.  AGC included a large life-
insurance business that became the bulk of AIG's domestic life-
insurance operation and was paired with the annuity business from
SunAmerica Inc., which AIG acquired in 1999.  The American General
deal was one of the last and largest under former Chief Executive
Maurice R. "Hank" Greenberg.

The Journal relates AIG CEO Benmosche has said he intends to keep
the domestic life and retirement operation, now called SunAmerica
Financial Group, as part of a slimmer AIG after it completes sales
of various noncore assets and its two large overseas life-
insurance businesses to help repay taxpayers.

                           About Fortress

Fortress Investment Group -- http://www.fortress.com/-- is a
global investment manager with approximately $41.7 billion in
assets under management as of June 30, 2010.  Fortress offers
alternative and traditional investment products and was founded in
1998.

                  About American General Finance

Based in Evansville, Indiana, American General Finance --
http://www.agfinance.com/-- provides consumer credit.  AGF
finances mortgages, secured and unsecured personal loans and
secured retail sales finance products.  In addition to its lending
activities, AGF offers credit and non-credit insurance. AGF has
over one million customers and originates loans through its more
than 1,100 branches located across the U.S., Puerto Rico and the
Virgin Islands.

                              About AIG

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

In September 2008, AIG experienced a liquidity crunch when its
credit ratings were downgraded below "AA" levels by Standard &
Poor's, Moody's Investors Service and Fitch Ratings.  AIG almost
collapsed under the weight of bad bets it made insuring mortgage-
backed securities.  The Company, however, was bailed out by the
Federal Reserve, but even after an initial infusion of
$85 billion, losses continued to grow.  The later rescue packages
brought the total to $182 billion, making it the biggest federal
bailout in U.S. history.

AIG has been working to protect and enhance the value of its key
businesses, execute an orderly asset disposition plan, and
position itself for the future.  AIG has sold a number of its
subsidiaries and other assets to pay down loans received from the
U.S. government, and continues to seek buyers of its assets.


AMERICAN MEDIA: Extends Bond Exchange Offers to Aug. 25
-------------------------------------------------------
American Media Operations, Inc., the operating subsidiary of
American Media, Inc., is extending its:

     -- offer to exchange all of AMO's outstanding 14% Senior
        Subordinated Notes due 2013 for a combination of cash and
        shares of common stock, par value $0.0001 per share, of
        AMI, an

     -- cash tender offer for all of AMO's outstanding 9% Senior
        PIK Notes due 2013.

In conjunction with the Offers, AMO is soliciting consents from
eligible holders of the Notes to certain amendments to the
applicable indenture governing the Notes.

The expiration of the Offers and Consent Solicitations has been
extended to 9:00 a.m., New York City time, on August 25, 2010,
unless further extended by AMO.  All other terms and conditions of
the Offers and Consent Solicitations currently remain in effect,
although AMO is considering certain amendments to the Exchange
Offer.  Eligible holders who have not yet tendered their Notes may
tender until the Expiration Time, as extended.  Pursuant to the
terms of the Offers and Consent Solicitations, withdrawal rights
expired as of the applicable consent time for the Consent
Solicitations, which was, in the case of the PIK Notes, 5:00 p.m.,
New York City time, on July 27, 2010 and, in the case of the
Subordinated Notes, 5:00 p.m., New York City time, on July 29,
2010.

As of 9:00 a.m., New York City time, on August 11, 2010,
approximately $344.2 million principal amount of Subordinated
Notes, or approximately 96.7% of the outstanding aggregate
principal amount of the Subordinated Notes, had been validly
tendered in the Exchange Offer, and approximately $23.7 million
principal amount of PIK Notes, or approximately 99.9% of the
outstanding aggregate principal amount of PIK Notes, had been
validly tendered in the Cash Tender Offer.

As reported by the Troubled Company Reporter, American Media said
on July 2, 2010, that it had reached an agreement with more than
90% of its bondholders/shareholders for the company's debt in
connection with the debt-for-equity exchange.

The actual launch of the exchange offering occurred July 15.  The
consummation of the offers is conditioned upon the satisfaction or
waiver of certain conditions as is customary in these types of
deals.

AMI is offering to exchange all of its outstanding 14% Senior
Subordinated Notes due 2013 for a combination of cash and shares
of common stock of American Media, Inc.  Bondholders are being
offered $269.52 in cash and 335.62 shares of AMI common stock for
each $1,000 of principal amount exchanged.  The total aggregate
principal amount of outstanding subordinated notes as of the
launch of the exchange is approximately $356 million.

AMI is also offering to purchase each $1,000 principal amount of
its $23.7 million aggregate principal amount of outstanding PIK
Notes for $1,020.

AMI projects that its debt will be reduced by $200 million and its
leverage reduced from 7.2x to 5.1x following the transaction.  AMI
said the transaction gives it significant flexibility, with $50
million of free cash flow on a pro forma basis.

Moelis & Company served as AMI's financial advisor in the
transaction.

                       About American Media

Based in New York, American Media, Inc. publishes celebrity
journalism and health and fitness magazines in the U.S. These
include Star, Shape, Men's Fitness, Fit Pregnancy, Natural Health,
and The National Enquirer.  In addition to print properties, AMI
manages 14 different Web sites.  The company also owns
Distribution Services, Inc., the country's #1 in-store magazine
merchandising company.

In June 2010, Standard & Poor's Ratings Services lowered its
rating on Boca Raton, Fla.-based American Media Inc. to 'D' from
'CCC.'  The ratings downgrade reflects American Media's ongoing
deferral of its May 1, 2010 interest payment on the 14% notes.
The Company stated that 75% of noteholders consented that the
May 1, 2010 interest payment be deferred until June 21, 2010.

In July, Moody's Investors Service downgraded American Media
Operations, Inc.'s Probability of Default Rating to Ca from Caa2
following the company's announcement that it has commenced an
exchange offer for all of its 14% Senior Subordinated Notes due
2013.  In conjunction with the exchange announcement, Moody's put
on review for possible upgrade all other ratings given the
expected decrease in debt obligations by approximately $200
million net of expected fees and related expenses.


AMERICAN TOWER: S&P Assigns 'BB+' Rating on $500 Mil. Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'BB+'
issue rating and '3' recovery rating to Boston-based tower
operator American Tower Corp.'s proposed $500 million of senior
notes due 2020.

The company will use proceeds to finance the recent acquisition of
towers in India from Essar Telecom, and other recent and potential
acquisitions, including repayment of borrowings under the
revolving credit facility, and for general corporate purposes.
Including about 4,600 towers received with the Essar acquisition,
American Tower's tower count totals over 32,000.

The company's rating reflects its strong business characteristics
as a wireless tower operator with long-term contracts with large
national wireless carriers.  This business contributes to very
high tower gross profit and consolidated EBITDA margins, which
totaled 76.8% and 63.7%, respectively, for the second quarter of
2010.  The rating is constrained by the company's aggressive
financial profile, including leverage of nearly 5x, and
expectations for continued acquisitions and stock repurchases that
will prevent leverage from improving to under 4x on a sustained
basis, which would be more commensurate with a higher rating.

The 'BB+' corporate credit rating and stable outlook on American
Tower remain unchanged.

                           Ratings List

                       American Tower Corp.

        Corporate Credit Rating             BB+/Stable/--

                         Ratings Assigned

                       American Tower Corp.

              Proposed $500 million of senior
              notes due 2020                     BB+
               Recovery Rating                   3


ARCH STREET: Case Summary & 6 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: Arch Street Apartments, LLC
        P.O. Box 141
        Alamo, CA 94507

Bankruptcy Case No.: 10-49147

Chapter 11 Petition Date: August 10, 2010

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

Judge: Edward D. Jellen

Debtor's Counsel: Joan M. Chipser, Esq.
                  LAW OFFICES OF JOAN M. CHIPSER
                  1 Green Hills Court
                  Millbrae, CA 94030
                  Tel: (650) 697-1564
                  E-mail: joanchipser@sbcglobal.net

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

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

A list of the Company's six largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/canb10-49147.pdf

The petition was signed by Peter Palmer, managing member.


ASTORIA GENERATING: S&P Affirms 'BB-' Ratings on $430 Mil. Loan
---------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'BB-'
ratings on Astoria Generating Co. Acquisitions LLC's $430 million
($263.6 million outstanding as of March 31, 2010) first-lien term
loan due 2013 and its $100 million ($15 million drawn as of
March 31, 2010) first-lien working capital facility due 2012.  S&P
removed the ratings from CreditWatch with negative implications,
where S&P placed them on July 29, 2010.  The '1' recovery rating
indicates that lenders can expect a very high (90%-100%) recovery
of their principal in a default scenario.

At the same time, S&P affirmed and removed from CreditWatch
negative its 'B' rating on the $300 million ($300 million
outstanding as of March 31, 2010) second-lien term bank loan due
2013.  The recovery is '3', indicating that lenders can expect can
expect a meaningful recovery (50%-70%) in the event of payment
default.  The outlook on the ratings is stable.

Astoria Gen, a subsidiary of US Power Generating Co., owns three
separate sites with generating assets--Astoria, a 1,333 megawatt
natural gas/fuel oil-fired plant in Queens, N.Y., and the Gowanus
and Narrows sites (847 MW), two barge-mounted facilities in
Brooklyn, N.Y using combustion turbines, largely for peaking
capacity.  All three sites have black-start capability.
On July 26, 2010, USPowerGen announced that it had started a
strategic review process pertaining to the sale or a merger
transaction for Astoria Gen.

Capacity revenues are the significant driver of cash flows for the
project.  The stable outlook reflects the fairly predictable
revenues from capacity payments through the summer of 2011.  The
administratively determined demand curves for the period starting
summer 2011 are in the process of being finalized by the New York
Independent System Operator.  These curves are a key part of the
methodology for calculating capacity prices.  S&P may change the
outlook to positive should capacity prices from summer 2011 be in
line with the project's expectations and should debt reduction
through debt maturity be ahead of S&P's initial forecast (see the
full analysis on Astoria Gen, published July 30, 2010).  However,
if debt reduction is significantly behind that estimated in S&P's
base case scenario, S&P could change the outlook to negative.


AXESSTEL INC: Posts $1.4 Million Net Loss for June 30 Quarter
-------------------------------------------------------------
Axesstel Inc. reported a net loss of $1.4 million on revenue of
$11.2 million in the second quarter of 2010.  The Company reported
a net loss of $1.4 million on $11.9 million of revenue in the
second quarter of 2009.

For the six months ended June 30, 2010, the Company reported
revenue of $26.7 million, compared to $25.6 million for the first
half of 2009.  Net loss for the first half of 2010 was
$2.8 million compared to a net loss of $4.4 million in the prior
year's first half.

The Company's balance sheet at June 30, 2010, showed
$11.81 million in total assets, $21.07 million in total current
liabilities, and a $9.25 million stockholders' deficit.

As of June 30, 2010, the cash and cash equivalents balance was
$770,000, compared to $602,000 as of December 31, 2009.

Clark Hickock, CEO of Axesstel, stated, "As expected the second
quarter has been a transitional quarter.  We continued to execute
on our four key initiatives to drive sales in our core markets,
increase margins and improve our performance in the second half of
2010."

Pat Gray, Axesstel's CFO, stated, "We believe our cost savings and
financing activities have positioned us well for the second half
of the year.  Second quarter operating expenses were at the lowest
level in the past five years on a quarterly basis.  We completed
the transition of our research and development activities to China
ahead of schedule, which will further reduce operating expenses in
the second half of the year.  We continue to target profitability
at approximately $60 million of annual revenue, subject to gross
margins returning to the low twenties."

A full-text copy of the Company's earnings release is available
for free at http://ResearchArchives.com/t/s?68b3

                       About Axesstel, Inc.

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

                          *     *     *

As reported in the Troubled Company Reporter on March 29, 2010,
Gumbiner Savett Inc., in Santa Monica, Calif., expressed
substantial doubt about the Company's ability to continue as a
going concern after auditing the Company's financial statements
for the year ended December 31, 2009.  The independent auditors
noted that the Company has historically incurred substantial
losses from operations, and the Company may not have sufficient
working capital or outside financing available to meet its planned
operating activities over the next 12 months.

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

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


AXIANT LLC: Mann Bracken Receiver Wants to Sue for Negligence
-------------------------------------------------------------
The receiver appointed for the receivership estate of Mann
Bracken, LLP asked the bankruptcy court to lift the automatic stay
so that Mann Bracken's estate can sue Axiant, LLC for "negligence,
breach of contract and other available causes of action to
establish liability," netDockets Blog reports.

According to the report, the Receiver asserts that relief from the
automatic stay, which took effect with the bankruptcy filing of
Axiant, is appropriate because Mann Bracken will only proceed
against Axiant's general errors and omissions liability insurance
policy and that Axiant's bankruptcy estate "does not have an
equity interest in the insurance proceeds."

                          About Axiant LLC

Huntersville, North Carolina-based Axiant, LLC, aka MBSolutions
LLC, filed for Chapter 11 bankruptcy protection on November 20,
2009 (Bankr. D. Delaware Case No. 09-14118).  Michael R. Nestor,
Esq., and Pilar G. Kraman, Esq., at Young Conaway Stargatt &
Taylor, LLP, serve as counsel to the Debtor.  The Company
estimated $10 million to $50 million in assets and debts in its
Chapter 11 petition.

At the end of 2009, U.S. Bankruptcy Judge Mary Walrath entered an
order converting the chapter 11 bankruptcy case of Axiant, LLC, to
a chapter 7 liquidation.  Axiant filed for Chapter 11 to
effectuate a sale of its assets to NCO Group, Inc. for between $7
million and $10 million.  However, Axiant's attempt to sell its
assets ultimately failed, resulting in the chapter 7 conversion.

                          About Mann Bracken

Mann Bracken LLC, a debt-collection law firm in Maryland, ceased
operations in January 2010.   Mann Bracken blamed its fate on the
November bankruptcy filing of Axiant, a company that handled its
support services.  "Axiant's pending liquidation has left Mann
Bracken without funds to pay creditors and insolvent," according
to the company, which filed an $8.8 claim against Axiant.


BABCOCK & WILCOX: Moody's Repositions 'Ba1' Corp. Family Rating
---------------------------------------------------------------
Moody's Investors Service has repositioned the Ba1 Corporate
Family and Ba2 Probability of Default ratings of Babcock & Wilcox
Investment Company to its new publicly-traded parent, The Babcock
& Wilcox Company.  The repositioning of the ratings follows
completion of the spin-off transaction of B&W from McDermott
International Inc.  As contemplated in BWIC's May 3, 2010
$700 million senior secured revolving credit agreement, B&W has
assumed that obligation, which is rated Baa2.  The ratings outlook
for B&W is stable.  Moody's has withdrawn the Corporate Family
Rating and Probability of Default Rating on BWIC.

Assignments:

Issuer: Babcock & Wilcox Company (The)

  -- Corporate Family Rating, Assigned Ba1
  -- Probability of Default Rating, Assigned Ba2
  -- Outlook, Stable

Withdrawals:

Issuer: Babcock & Wilcox Investment Company

  -- Corporate Family Rating, Withdrawn, previously rated Ba1

  -- Probability of Default Rating, Withdrawn, previously rated
     Ba2

  -- Outlook, Changed to No Outlook, previously Stable

Moody's last rating action on Babcock & Wilcox Investment Company
occurred on March 29, 2010, at which time it was assigned a Ba1
Corporate Family Rating and its bank facility was assigned a Baa2
Senior Secured rating.

Based in Charlotte, NC, in The Babcock & Wilcox Company supplies
fossil-fueled steam generation systems, replacement nuclear steam
generators and emission control systems for power plants.  The
company also supplies nuclear material and equipment primarily for
the U.S. Navy and operates various sites for the U.S. Department
of Energy.  Revenues in 2009 totaled roughly US$2.8 billion.


BELLISIO FOODS: S&P Affirms 'B' Rating on First-Lien Loans
----------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its
issue-level ratings on Duluth, Minn.-based Bellisio Foods Inc.'s
first-lien revolving credit facility and term loan B.

The issue-rating on the senior secured first-lien revolving credit
facility is 'B' (one notch higher than the corporate credit
rating) with a recovery of '2', indicating S&P's expectation for
substantial (70% to 90%) recovery in the event of a payment
default.  The issue-rating on the term loan B is 'B' (one notch
higher than the corporate credit rating) with a recovery of '2',
indicating S&P's expectation for substantial (70% to 90%).

S&P affirmed the ratings after the company refinanced its second-
lien term loan and amended its credit facilities.  This
transaction refinances the company's second-lien term loan by
increasing its first-lien term loan size, reduces the size of the
revolving credit facility to $18.4 million, and extends the
maturities for its revolving credit facility and term loan B one
year to 2014.

The ratings on Bellisio Foods Inc. reflect its narrow product
portfolio, the highly competitive nature of the frozen dinner
category, and its aggressive financial policies.  The company's
generally stable market shares and moderate cash flow generation
are additional rating factors.

                           Ratings List

                       Bellissio Foods Inc.

     Corporate credit rating                     B-/Stable/--

                         Ratings Affirmed

                    Senior secured debt ratings

           $18.4 mil. revolver due 2014               B
           Recovery rating                            2
           $150 mil. term loan due 2014               B
           Recovery rating                            2


BI-LO LLC: Lone Star Funds Selling Supermarket Chain
----------------------------------------------------
Dow Jones Daily Bankruptcy Review says Lone Star Funds has put
Bi-Lo LLC up for sale, a source confirmed, nearly three months
after taking control of the supermarket chain when it emerged from
Chapter 11 bankruptcy protection.

                          About Bi-Lo LLC

Headquartered in Mauldin, South Carolina, BI-LO LLC operates 214
supermarkets in South Carolina, North Carolina, Georgia and
Tennessee, and employs approximately 15,500 people.

Dallas-based Lone Star Funds bought the business in 2005 from
Koninklijke Ahold NV, the Dutch supermarket operator.  Lone Star
also owns Bruno's Supermarkets LLC, a chain of 66 stores
that filed under Chapter 11 in February in Birmingham, Alabama.

BI-LO and its affiliates filed for Chapter 11 bankruptcy
protection on March 23, 2009 (Bankr. D. S.C. Case No. 09-02140).
George B. Cauthen, Esq., Frank B. Knowlton, Esq., at Nelson
Mullins Riley & Scarborough, L.L.P; Josiah M. Daniel, III, Esq.,
Katherine D. Grissel, Esq., at Vinson & Elkins L.L.P. in Dallas;
and Dov Kleiner, Esq., Alexandra S. Kelly, Esq., at Vinson &
Elkins L.L.P., in New York, served as bankruptcy counsel.
Kurtzman Carson Consultants LLC served as notice and claims agent.
BI-LO estimated between $100 million and $500 million each in
assets and debts.

BI-LO's Plan of Reorganization was confirmed by the Bankruptcy
Court on April 29, 2010.  Lone Star Funds made a $150 million
equity investment in BI-LO and remains majority owner.  In May
2010, BI-LO emerged from bankruptcy.

Also in May, Standard & Poor's Ratings Services assigned its 'B'
corporate credit rating to reorganized BI-LO.  "The rating
reflects BI-LO's participation in the intensely competitive
supermarket industry, an older store base in need of capital
investment, regional concentration, as well as high debt leverage
upon emergence from Chapter 11," Standard & Poor's credit analyst
Ana Lai said at that time.  S&P noted BI-LO faces strong
competition from larger competitors such as Wal-Mart, Food Lion,
Ingles, Publix, and Kroger.


BLUEKNIGHT ENERGY: Lowers Q2 Net Loss to $2.7 Million
-----------------------------------------------------
Blueknight Energy Partners, L.P., said it incurred net loss for
the second quarter of 2010 of $2.7 million, compared to a net loss
of $4.8 million for the second quarter of 2009.  EBITDA for the
second quarter of 2010 was $16.3 million, an increase of
approximately 17.2% from $13.9 million in the second quarter of
2009.  The year-over-year improvement was primarily attributable
to increased asphalt services revenues and decreased general and
administrative expenses.

The Partnership's service revenues, including fuel surcharge
revenues, were $38.4 million for the second quarter of 2010, an
increase of 2.4% from $37.5 million for the second quarter of
2009.

"We are beginning to see indications that our transportation and
gathering volumes have stabilized and are encouraged by the
diligent effort of our operations and management team in
aggressively pursuing new opportunities," commented Mike Cockrell,
the President and Chief Operating Officer of the Partnership's
general partner.  "Further, the refinancing and recapitalization
of the Partnership remains one of our top management priorities.
While we face near term challenges, we are making steady progress,
enhancing our service capabilities to our customers."

The Company's balance sheet at June 30, 2010, showed
$297.3 million in total assets, $447.2 million in total
liabilities, and a partners' deficit of $149.9 million.

As reported in the Troubled Company Reporter on April 5, 2010,
PricewaterhouseCoopers LLP, in Tulsa, Okla., in its report on the
Partnership's financial statements for the year ended December 31,
2009, expressed substantial doubt about its ability to continue as
a going concern.  The independent auditors noted that the
Partnership has substantial long-term debt, a deficit in partners'
capital, and significant litigation uncertainties.

In its Form 10-Q filing for the current quarter, the Partnership
stated: "Due to the events related to SemCorp's bankruptcy
filings, including decreased revenues in our crude oil gathering
and transportation and asphalt services segments, increased
general and administrative expenses related to legal and financial
advisors as well as other related costs, and uncertainties related
to securities and other litigation, we continue to face
uncertainties with respect to our ability to comply with covenants
under our credit facility.  In addition, the maturity date of our
credit agreement is June 30, 2011, and all then outstanding
borrowings are due and payable at that time.   These factors raise
substantial doubt about our ability to continue as a going
concern."

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

               http://researcharchives.com/t/s?689e

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

               http://researcharchives.com/t/s?689f

                    About Blueknight Energy

Blueknight Energy Partners, L.P. (Pink Sheets: BKEP)
-- http://www.bkep.com/-- owns and operates a diversified
portfolio of complementary midstream energy assets consisting of
approximately 8.2 million barrels of crude oil storage located in
Oklahoma and Texas, approximately 6.7 million barrels of which are
located at the Cushing Oklahoma Interchange, approximately 1,300
miles of crude oil pipeline located primarily in Oklahoma and
Texas, approximately 185 crude oil transportation and oilfield
services vehicles deployed in Kansas, Colorado, New Mexico,
Oklahoma and Texas and approximately 7.2 million barrels of
combined asphalt and residual fuel storage located at 45 terminals
in 22 states.  BKEP provides integrated terminalling, storage,
processing, gathering and transportation services for companies
engaged in the production, distribution and marketing of crude oil
and asphalt product.  BKEP's general partner is controlled by
Vitol Holding B.V. and its affiliates, which are engaged in the
global physical supply and distribution of crude oil, petroleum
products, coal, natural gas and other commodities.  BKEP is based
in Oklahoma City, Oklahoma and Tulsa, Oklahoma.


BOSTON GENERATING: S&P Affirms 'CC' Rating on $1.13 Bil. Loan
-------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'CC'
ratings on Boston Generating LLC's $1.13 billion first-lien term
bank loan ($1.093 billion outstanding as of March 31, 2010),
$250 million first-lien letter of credit, and the $70 million
first-lien revolver, all due in 2013.  At the same time, S&P
revised the recovery rating on the first-lien loan to '1' from
'4'.  The '1' rating indicates that lenders can expect a very high
recovery (90% to 100%) in the event of payment default.

S&P also affirmed the 'C' rating on the $350 million second-lien
term bank loan due 2014.  The recovery rating on that loan is '6',
indicating that lenders can expect negligible recovery (0%-10%) in
the event of payment default.  The outlook on the ratings is
negative.

Boston Gen, a subsidiary of US Power Generating Co. (USPG), owns
electricity generating assets with a total capacity of about 3,000
megawatts through its primary subsidiaries Mystic I LLC, Mystic
Development LLC, and Fore River Development LLC, which guarantee
Boston Gen's loans.

The driver to the change in the recovery rating was the
announcement by Constellation Energy Group Inc. on August 9, 2010,
of a signed asset purchase agreement to buy Boston Gen's
generating assets for about $1.1 billion.  The purchase agreement
is expected to set a minimum purchase price for Boston Gen's
assets as part of a court approved auction in a bankruptcy
process.  S&P concluded that the project will likely be filed into
bankruptcy in the third quarter 2010 (see the research update
published July 22, 2010).

                           Ratings List

                         Ratings Affirmed

                       Boston Generating LLC

          $350 mil 2nd lien term bank loan    C/Negative
          Recovery Rating                     6

             Rating Affirmed; Recovery Rating Revised

         $1.13 bil 1st lien term bank loan   CC/Negative
          Recovery Rating                    1       4

         $70 mil 1st lien revolv bank loan   CC/Negative
          Recovery Rating                    1       4

         $250 mil 1st lien LOC bank loan     CC/Negative
          Recovery Rating                    1       4


BRIGHAM EXPLORATION: Series A Pref. Stock Designation Eliminated
----------------------------------------------------------------
Brigham Exploration Company's Board of Directors approved the
filing of a Certificate of Elimination of Series A Preferred Stock
with the Secretary of State of the State of Delaware.  The
Certificate of Elimination became effective August 9, 2010.

According to the Company, there were no shares of Series A
Preferred Stock issued.

The Board of Directors deems it in the best interest of the
Company to eliminate the Certificate of Designations of Series A
Preferred Stock from the Company's Certificate of Incorporation
pursuant to Section 151(g) of the General Corporation Law of the
State of Delaware.

A full-text copy of the Certificate of Elimination is available
for free at http://ResearchArchives.com/t/s?68a9

                    About Brigham Exploration

Austin, Texas-based Brigham Exploration Company (NASDAQ: BEXP)
-- http://www.bexp3d.com/-- is an independent exploration,
development and production company that utilizes advanced
exploration, drilling and completion technologies to
systematically explore for, develop and produce domestic onshore
oil and natural gas reserves.  In late 2007, the majority of the
Company's drilling capital expenditures shifted from its
historically active areas in the Onshore Gulf Coast, the Anadarko
Basin and West Texas to the Williston Basin in North Dakota and
Montana, where the Company is currently targeting the Bakken,
Three Forks and Red River objectives.

The Company's balance sheet at June 30, 2010, showed
$862.21 million in total assets, $289.19 million in total
liabilities, and a stockholders' equity of $573.01 million.

                          *     *     *

Brigham carries 'Caa1' corporate family and probability of default
ratings, with 'positive' outlook, from Moody's Investors Service.
It has a 'B' corporate credit rating, with 'stable' outlook from
Standard & Poor's Ratings Services.  Moody's noted in June 2010
that that "[W]hile Brigham's recent results and 2010-11 drilling
program are positive and provide cash flow visibility, the company
remains very small measured by production and proven reserves and
future growth and full-cycle reinvestment costs are fairly
undiversified, being largely reliant on Bakken/Three Forks."


CAPITAL GROWTH: Posts $5.79MM Net Income for June 30 Quarter
------------------------------------------------------------
Capital Growth Systems Inc. filed its quarterly report on Form
10-Q, reporting net income of $5.79 million on $13.87 million of
revenues for the three months ended June 30, 2010, compared with a
net loss of $14.18 million on $15.87 million of revenues for the
same period a year earlier.

The Company's balance sheet at June 30, 2010, showed
$25.48 million in total assets, $72.01 million in total
liabilities, and a $46.53 million stockholders' deficit.

In its Form 10-Q, the Company said it has debtor-in possession
financing of up to $10.25 million, of which $9.25 million was
funded on August 2.  The proceeds of the DIP Financing were used
to pay-off the pre-petition senior secured indebtedness of Pivotal
Global Capacity, LLC, pay critical vendors and utility deposits,
assist in the restructuring and prevent an immediate shutdown of
the Company's operations.

Prior to making the filings, the Debtors entered into a Plan
Support and Restructuring Agreement with the holders of junior
debentures issued by the Debtors.  The Agreement provides a plan
for the Debtors' exit out of Bankruptcy.  In accordance with the
terms of the Plan, the Junior Debentures can credit bid to
purchase the assets of the Debtors all or some of the liens and
pre-petition amounts due under the Debentures.

A full-text copy of the Company's Form 10-Q is available for free
at http://ResearchArchives.com/t/s?68a8

                   About Capital Growth Systems

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

Capital Growth Systems and its affiliates filed for Chapter 11
protection on July 23, 2010.  The lead debtor is Global Capacity
Holdco LLC (Bankr. D. Del. Case No. 10-12302).  An affiliate,
Global Capacity Group Inc., estimated assets and debts of $10
million to $50 million in its petition.  The Debtors are
represented by Francis A. Monaco, Jr. of Womble Carlyle Sandridge
& Rice.


CENTAUR LLC: Wants to Auction Off Valley View Downs
---------------------------------------------------
Mary Grzebieniak at Vindy.com reports that Centaur LLC asked a
federal court to approve a proposed bidding procedures to auction
Valley View Downs, saying the sale is the best way to hasten the
project's completion.  The Company expects to emerge from Chapter
11 bankruptcy protection by late summer.

                       About Centaur LLC

Indianapolis, Indiana-based, Centaur, LLC, aka Centaur Indiana,
LLC -- http://www.centaurgaming.net/-- is an company involved in
the development and operation of entertainment venues focused on
horse racing and gaming.  The Company and its affiliates filed for
Chapter 11 bankruptcy protection on March 6, 2010 (Bankr. D.
Delaware Case No. 10-10799).  Jeffrey M. Schlerf, Esq., at Fox
Rothschild LLP, assists the Company in its restructuring effort.
The Company disclosed assets of $584 million and debt of
$681 million as of the Petition Date.

Affiliates Centaur PA Land LP and Valley View Downs LP filed for
bankruptcy reorganization in October to keep alive a project to
develop a racetrack in Pennsylvania.  The filings were made
following the failure to make payments due in October on a
$382.5 million first-lien debt and a $192 million second-lien
credit.

All the companies are subsidiaries of closely held Centaur Inc.,
which isn't in bankruptcy.


CHEMTURA CORP: Equity Panel Wins OK to Tap UBS as Advisor
---------------------------------------------------------
The Official Committee of Equity Security Holders for Chemtura
Corp. won authority from the U.S. Bankruptcy Court to retain UBS
Securities LLC as its financial advisor nunc pro tunc to
January 7, 2010.

The Equity Committee asserts that UBS' services are necessary to
enable it to represent the interests of equity security holders
in the Debtors' Chapter 11 cases.

Specifically, the Equity Committee needs UBS to:

  (a) analyze, evaluate, and assess the business plans,
      historical performance, and forecasts of the Debtors;

  (b) analyze, evaluate, assess, and assist in the determination
      of an appropriate capital structure for the Debtors;

  (c) analyze, evaluate, and assess strategic alternatives for
      the Debtors;

  (d) analyze, evaluate, and assess the Debtors' debt capacity
      in light of their projected cash flows;

  (e) advise and assist the Equity Committee in analyzing,
      structuring and negotiating the financial aspects of any
      transaction, including, without limitation:

         * in reviewing, analyzing, structuring and negotiating
           the financial aspects of potential Transactions,
           including, but not limited to, debt to equity
           conversions, debt maturity extensions, modifications
           to interest rates and financial covenants of debt
           obligations; and

         * in reviewing, analyzing, structuring and negotiating
           any plan of reorganization and the confirmation
           process and in formulating a plan of reorganization;

  (f) represent the Equity Committee in negotiations with the
      Debtors and third parties;

  (g) provide testimony or deposition in court on behalf of the
      Equity Committee with respect to the subject matter the
      firm is retained for, if necessary; and

  (h) render other financial advisory services, financing
      services, or other investment banking services as may from
      time to time be agreed upon by the applicable parties;

it being understood and agreed that UBS will not be obligated to
provide any additional services except as may be agreed to by UBS
in its sole discretion, including with respect to additional fee
arrangements as may be agreed upon by the parties and approved by
the Bankruptcy Court.

For UBS's services, the Equity Committee proposes that the firm
be paid monthly fees and be entitled to transaction fees:

   A. Monthly Fee.  UBS will be paid a non-refundable monthly
      cash advisory fee of $150,000 per month, in advance on the
      first business day of each month, beginning on January 7,
      2010; provided that:

       (x) following the payment of the first six Monthly
           Advisory Fees, all additional Monthly Advisory Fee
           payments will be credited against a transaction fee;
           and

       (y) the Monthly Advisory Fee will be prorated for the
           month of January 2010.

      UBS will not be required to rebate any portion of the
      creditable Monthly Advisory Fees paid in excess of the
      Transaction Fee.

   B. Transaction Fee.  UBS will also be entitled to a
      transaction fee, payable on the date a Transaction is
      consummated that results in any "Common Equity Security
      Recovery," determined according to this schedule:

       (x) If the Common Equity Security Recovery is greater
           than $225,000,000 but less than $450,000,000, UBS
           will be entitled to a Transaction Fee equal to 1.25%
           of the amount by which the Common Equity Security
           Recovery exceeds $225,000,000, payable on the date a
           Transaction is consummated.

       (y) If the Common Equity Security Recovery is greater
           than $450,000,000, UBS will be entitled to a
           Transaction Fee equal to (A) 1.25% of the amount by
           which the Common Equity Security Recovery exceeds
           $225,000,000 up to a maximum Common Equity Security
           Recovery of $450,000,000, plus (B) 2.00% of the
           amount by which the Common Equity Security Recovery
           exceeds $450,000,000, payable on the date a
           Transaction is consummated.

"Common Equity Security Recovery" refers to all consideration
received, distributed or otherwise provided in the aggregate on
account of any and all Common Equity Securities, including cash,
securities, property or other interests in property, instruments,
contract rights, contingent payments or obligations, or any other
form of consideration, and including "Common Equity Securities"
if unimpaired or otherwise retained or distributed.  The value of
any equity security will be equal to the price implied by the
plan value determined by the Court or, if no determination is
made, then the value will equal the value proffered by the
chapter 11 plan proponent, except that the value of any equity
security listed, quoted, or traded on any securities exchange
will be equal to the greater of the price implied by such plan
value and the mean of the prices at the close of business on each
of the five business days following the consummation of a
Transaction.

"Common Equity Securities" refers to the issued and outstanding
common stock, par value $0.01 per share, of Chemtura as of the
date Chemtura filed its bankruptcy cases, including any exchange,
conversion, repurchase, repayment or distribution of or on
account of any such common stock.

Douglas P. Lane, a managing director in the Financial Sponsors
and Leveraged Finance Group for UBS Securities LLC, assures the
Court that his firm is a "disinterested person" within the
meaning of Section 101(14) of the Bankruptcy Code.

                       About Chemtura Corp.

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

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


CHEMTURA CORP: Moody's Assigns 'Ba1' to $300MM Exit Term Loan
-------------------------------------------------------------
Moody's Investors Service assigned a provisional (P)Ba1 rating to
a proposed $300 million, six-year, senior secured term loan credit
facility for Chemtura Corporation.  Moody's also assigned a
provisional (P)B1 rating to proposed $450 million senior unsecured
notes due 2018, a provisional (P)Ba3 Corporate Family Rating and
Probability of Default Rating, and a SGL-3 Speculative Grade
Liquidity Rating.  The outlook for the ratings is stable.

Moody's understands that the proposed debt offerings will
primarily be used to repay the DIP loans of $300 million,
financing fees, and distributions under Chemtura's plan of
reorganization when the company exits from bankruptcy.  The
provisional ratings are assigned pending the emergence from
bankruptcy and the closing of the proposed exit financing.  The
company is expected to emerge from bankruptcy in early October
2010.

The ratings assigned are subject to a complete review by Moody's
of the final credit facility, term loan and senior note documents
and are also subject to the transactions being closed in a manner
and with terms that are substantially identical to those that have
been shared with Moody's.

Assignments:

Issuer: Chemtura Corporation

* Corporate Family Rating, Assigned (P)Ba3
* Probability of Default Rating, Assigned (P)Ba3
* Speculative Grade Liquidity Rating, Assigned SGL-3
* Senior Secured Bank Term Loan, Assigned (P)Ba1 (LGD2, 17%)
* Senior Unsecured Note, Assigned (P)B1 (LGD4, 68%)

The (P)Ba3 CFR reflects the company's initial moderately high
leverage and weak credit metrics along with the possible
uncertainty surrounding the company's future performance upon
exiting bankruptcy.  An additional concern centers on the high
amount of restructuring the firm and its employees have been
subject to and the prospect of modest additional restructuring
efforts.  A final concern centers on the still developing board of
directors and a desire to better understand the financial
philosophy of the board with a specific focus on the makeup of the
shareholder base and what their goals are for their investment in
Chemtura.

Following the refinancing and exit from bankruptcy, Chemtura will
have moderately high leverage, particularly after adjusting debt
for operating leases and pensions, which add some $197 million and
$441 million, respectively.  At the end of calendar year 2008
Chemtura's balance sheet debt totaled roughly $1.2 billion versus
the expected balance sheet debt of about $750 million upon
emergence.  Chemtura's leverage is still markedly lower than many
companies that have exited bankruptcy in the past.  Moody's
projected coverage for fiscal year 2010 (based on Moody's debt
adjustments), as measured by EBITDAR/Interest, is about 3.0 times
while projected leverage as measured by Debt/EBITDAR is
approximately 4.2 times.  In Moody's forecast, adjusted debt is
projected at slightly above $1.4 billion at year end 2010 post-
emergence.  Pro forma debt to book capital would be just above
50%.  As mentioned above, these ratios are generally more
favorable than the weaker historic metrics of other companies
coming out of bankruptcy.  Moody's notes that with fresh start
accounting, tangible net worth is likely to be a positive number
in excess of $350 million which is also unique for companies
exiting bankruptcy.

Chemtura's business profile and annual revenues in excess of
$2.5 billion in 2010 are consistent with the Baa rating category.
Chemtura's strong business profile reflects its operational,
geographic and product diversity in the numerous businesses that
it operates in.  With operating plant sites in North and South
America, Europe, Africa and the Middle East, and Asia-Pacific,
Chemtura has both operational (31 sites in 13 countries) and
geographic diversity befitting a strong business profile.
Revenues are split between its four main business segments -- with
Industrial Performance Products segment representing the largest
business with some 45% of revenues for the 12 months ending
June 30, 2010.  Chemtura also scores relatively high in terms of
market positions within the end markets of its main products.

Additional positive factors supporting the ratings include the
reduction in pre-bankruptcy liability exposure and the relative
stability of EBITDAR margins over the last four years (excluding
reorganization costs) with margins never dropping below 11%.
Management's track record and actions to effectively cut costs and
to improve Chemtura's business profile during the bankruptcy
period are positive factors supporting the ratings.  These efforts
resulted in the reduction in work force by some 32% since the end
of 2006 and the reduction (via closure or sale) of six facilities.

The stable outlook reflects Moody's expectation that management
will continue to focus on improving global cost positions and
generating free cash flow.  Additionally, it assumes that
management's financial policies will be relatively conservative.
The board has yet to be determined and the ultimate shareholders
of the company and their relative voting power is also unclear.
Thus a limiting factor for further upward rating movement is the
need to understand what changes, if any, the new board will
institute in management's aspirations to de-lever, reduce pension
underfunding, and achieve higher credit ratings.

If Moody's were to become comfortable with management's financial
goals and Chemtura were to maintain total debt/EBITDA of less than
3.2x and RCF/total debt of 20%, Moody's would consider a positive
outlook or the appropriateness of a higher rating.  If, however,
total debt/EBITDA were to rise above 5.0x, Moody's could change
the outlook to negative.

The Speculative Grade Liquidity Rating of SGL-3 reflects the
company's adequate liquidity and Moody's expectation of reasonable
free cash flow generation, in excess of $60 million, during 2011.
The rating is supported by Chemtura's favorable debt maturity
profile and expected flexibility under the financial covenants for
the company's asset backed credit facility.  A factor supporting a
higher SGL rating is the cash balance in excess of $100 million,
in combination with a revolver that is not expected to be accessed
over the long term provides good liquidity.  However, seasonal
working capital growth needs in the first half of 2011 will likely
be financed by the revolver, which could be repaid by the end of
2011 with the corresponding working capital inflows.  Until a
permanent board with an enumerated financial philosophy is made
public it is difficult to provide full credit for the excess cash
on the balance sheet.  The SGL-3 also reflects the fact that final
drafts of the credit agreements along with the financial covenants
were not yet available.

The unrated asset-based credit facilities are secured by a first
lien on inventory and receivables and a second lien on assets
securing the term loan.  The term loan has second priority liens
on the inventory and receivables and first priority liens on
property, plant and equipment that suggests adequate collateral
coverage.  In Moody's opinion, the collateral package for the term
loan may at the current time adequately cover the term loan in a
default scenario.  The (P)B1 rating on the unsecured notes
reflects its subordination to a substantial amount of first lien
debt and potential debt at international subsidiaries.  The rating
on the unsecured notes also recognizes the high proportion of
notes in Chemtura's capital structure and reflects their junior
position in the capital structure and the prospect of limited
protection after the first and second lien lenders have been
provided for in a distressed scenario.

This is the first time that Moody's has rated the debt of Chemtura
on a monitored basis since withdrawing its Ca CFR in March of 2009
after the company filed voluntary petitions for reorganization
under Chapter 11 of the U.S. Bankruptcy Code.

Chemtura Corporation manufactures and sells innovative,
application-focused specialty chemical and consumer products
offerings.  The company's principal executive offices are located
in Philadelphia, Pennsylvania and Middlebury, Connecticut with a
large portion of the headquarters function residing in Middlebury.
Chemtura operates in a wide variety of end-use industries,
including automotive, transportation, construction, packaging,
agriculture, lubricants, plastics for durable and non-durable
goods, electronics, and pool and spa chemicals.  Pro-forma net
sales for the twelve months ending June 30, 2010, are estimated to
be $2.6 billion.


CHRYSLER LLC: Final Decree Closing Alpha, et al., Cases Entered
---------------------------------------------------------------
Carla Main at Bloomberg News reports that Judge Arthur A. Gonzalez
of the U.S. Bankruptcy Court in Manhattan Aug. 4 granted the
request of Alpha Holding LP, an affiliate of Chrysler LLC, for a
final decree closing the bankruptcy cases of 24 debtors and
approving procedures to close Alpha Holding's case.

According to Bloomberg, the procedures for closing the Alpha
Holding include service by the liquidation trust of a notice of
dissolution.  Objections to the closing notice must be made within
10 days of its service.

                     About Chrysler Group LLC

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

                       About Chrysler LLC

Chrysler LLC and 24 affiliates on April 30, 2009, sought Chapter
11 protection from creditors (Bankr. S.D.N.Y (Mega-case), Lead
Case No. 09-50002).  Chrysler hired Jones Day, as lead counsel;
Togut Segal & Segal LLP, as conflicts counsel; Capstone Advisory
Group LLC, and Greenhill & Co. LLC, for financial advisory
services; and Epiq Bankruptcy Solutions LLC, as its claims agent.
Chrysler has changed its corporate name to Old CarCo following its
sale to a Fiat-owned company.  As of December 31, 2008, Chrysler
had $39,336,000,000 in assets and $55,233,000,000 in debts.
Chrysler had $1.9 billion in cash at that time.

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


CITADEL BROADCASTING: Moody's Assigns 'Ba2' Corp. Family Rating
---------------------------------------------------------------
Moody's Investors Service assigned Citadel Broadcasting
Corporation a Ba2 Corporate Family rating, a Ba3 Probability of
Default rating and a Speculative Grade Liquidity rating of SGL-2.
Moody's also assigned a Ba2 rating to the company's $762.5 million
senior secured term loan due June 3, 2015.  The ratings were
assigned in conjunction with the company's emergence from Chapter
11 in June 2010.  As part of the reorganization, about
$1.4 billion of indebtedness was extinguished, and the senior
secured lenders exchanged their debt for the new $762.5 million
term loan and 90% of the company's common stock.  The rating
outlook is stable.

Assignments:

Issuer: Citadel Broadcasting Corporation

  -- Corporate Family Rating, Assigned Ba2
  -- Probability of Default Rating, Assigned Ba3
  -- Senior Secured Bank Credit Facility, Assigned Ba2, LGD3-33%
  -- Speculative Grade Liquidity Rating, Assigned SGL-2

The rating outlook is stable

The Ba2 CFR reflects the company's moderate post-emergence debt-
to-EBITDA ratio of 3.9x (pro-forma as of March 31, 2010, and
incorporating Moody's standard adjustments) and Moody's
expectation that over the intermediate term, Citadel will apply
free cash flow towards debt repayment in order to strengthen its
balance sheet and sustain financial leverage in the low 3.0x range
(including Moody's standard adjustments).  Citadel's ratings also
reflect its significant exposure to cyclical advertising spending
as evidenced by the company's steep revenue decline during the
recession.  The rating factors the company's strong EBITDA margins
in the 30% range and significant cash flow generated from a well-
clustered radio station portfolio that is diversified by
programming formats, geographic regions, audience demographics and
advertising clients.  In Moody's opinion, Citadel's experienced
management team and its commitment to prudent financial policies,
including disciplined allocation of some of its cash generation
towards debt reduction, in addition to acquisitions and
shareholder returns, provide incremental support to the company's
ratings.

The Ba3 Probability of Default Rating is a notch lower than the
company's CFR due to the company's all bank capital structure with
financial covenants resulting in a higher probability of default
and a higher expected family recovery rate of 65%.  The Ba2 rating
on the senior secured bank facility reflects its senior most
position in the capital structure and benefits of the collateral
package, which includes a perfected first priority lien on all the
assets of the company and its subsidiaries.

The SGL-2 rating incorporates Moody's expectation that Citadel
will maintain a good liquidity position over the next twelve
months.  Internal sources of liquidity are expected to include
around $100 million of cash on hand (given the lack of a revolving
bank facility) and Moody's project free cash flow to be around
$90 million for the next twelve months, which together will
provide ample liquidity to cover the company's operating cash
needs and $8 million of annual term loan amortization.  Moody's
anticipates that covenant cushion under the company's total
leverage and interest coverage tests (starting September 30, 2010)
will exceed 15% and the company will remain in compliance with
financial covenants over the next twelve months.

The stable outlook reflects Moody's view that Citadel will use
free cash flow to reduce debt and leverage to about 3.3x (Moody's
standard adjustments add about 0.3x to the company's reported
leverage ratio) over the next 12 months.  While visibility
regarding economic conditions in 2011 remains fairly limited at
this point, the outlook assumes that the company will maintain a
good liquidity profile, that will provide it sufficient financial
flexibility to manage through a double-dip recession, should the
economy again falter.

The last rating was on December 21, 2009, when Moody's revised the
company's PDR to D following its Chapter 11 Bankruptcy filing
announcement.

Citadel Broadcasting Corporation, with its headquarters in Las
Vegas, Nevada, is a radio broadcaster comprised of 166 FM and 58
AM stations in more than 50 markets.  For the LTM period ended
March 3, 2010, Citadel generated revenues of $730 million.


CLYDE DAVID: Section 341(a) Meeting Scheduled for Sept. 7
---------------------------------------------------------
The U.S. Trustee for Region 18 will convene a meeting of Clyde
David Callaham's creditors on September 7, 2010, at 1:30 p.m.  The
meeting will be held at Vancouver Federal Building, 500 West 12th,
Second Floor, Vancouver, WA 98660.

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.

Camas, Washington-based Clyde David Callaham -- aka Lisa Jo
Callaham and/or Zahler, C. David Callaham, Dave Callaham, David
Callaham, and Clyde Callaham -- filed for Chapter 11 bankruptcy
protection on July 30, 2010 (Bankr. W.D. Wash. Case No. 10-46294).
John D. Nellor, Esq., at Nellor Retsinas Crawford PLLC, assists
the Debtor in his restructuring effort.  The Debtor estimated his
assets and debts at $10 million to $50 million in his Chapter 11
petition.


COLONY BEACH: Files for Chapter 11 Bankruptcy Protection
--------------------------------------------------------
Bradenton.com reports that Colony Beach & Tennis Club Ltd. sought
Chapter 11 protection before the U.S. Bankruptcy Court for the
Middle District of Florida on August 9.  According to the report,
Murray J. Klauber, president of Resorts Management, Inc., general
partner of the resort, signed the Chapter 11 petition.

Colony Beach & Tennis Club Ltd. operates condo-hotel in Tampa,
Florida.  According to the report, the resort had been struggling
because of a lengthy court dispute with its homeowners'
association over who is responsible for paying for maintenance.


COMMAND CENTER: Improves Revenue Due to Gulf Coast Spill
--------------------------------------------------------
Command Center, Inc., filed its quarterly report on Form 10-Q,
reporting net income of $336,123 on $19.0 million of revenue for
the 13 weeks ended June 25, 2010, compared with a net loss of
$1.5 million on $12.4 million of revenue for the 13 weeks ended
June 26, 2009.  Increased operations across most branches as well
as an increase in operations due to the Gulf Coast oil spill are
the primary factors that drove the increase in revenue.

The Company's balance sheet as of June 25, 2010, showed
$10.9 million in total assets, $10.3 million in total liabilities,
and a stockholders' equity of $579,214.

As reported in the Troubled Company Reporter on April 12, 2010,
DeCoria, Maichel & Teague P.S., in Spokane, Wash., expressed
substantial doubt about the Company's ability to continue as a
going concern, following its 2009 results.  The independent
auditors noted that the Company has negative working capital and
an accumulated deficit.

The Company acknowledges in the latest 10-Q that it has incurred
losses since its inception and does not have sufficient cash at
June 25, 2010, to fund normal operations for the next 12 months.
The Company's only source of recurring revenue and cash is from
continued successful operation of temporary labor stores.

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

               http://researcharchives.com/t/s?689b

Headquartered in Post Falls, Idaho, Command Center, Inc.
-- http://www.commandonline.com/-- provides on-demand employees
for manual labor, light industrial, and skilled trades
applications.  The Company's customers are primarily small to mid-
sized businesses in the warehousing, landscaping, light
manufacturing, construction, transportation, retail, wholesale,
and facilities industries.  As of June 25, 2010, the Company
operates 51 stores located in 21 states as well as 2 additional
operation sites in 1 additional state relating to the Gulf Coast
oil spill.


CONNECTOR 2000: U.S. Bank Defends Chapter 9 Filing
--------------------------------------------------
Creditor U.S. Bank National Association responded to South
Carolina Department of Transportation's motion to dismiss the
Chapter 9 case of Connector 2000 Association, Inc.

U.S. Bank is trustee for Connector 2000 Association, Inc., Toll
Road Revenue Bonds (Southern Connector Project, Greenville, South
Carolina), Series 1998A and Series 1998B.

The senior bonds trustee explained that SCDOT's motion is an
effort to delay and derail the restructuring of more than
$300 million of municipal bond debt -- a restructuring that is a
product of more than a year's worth of negotiations and that, if
achieved, will permit the Association to reduce its debt load by
more than $120 million.

The senior bonds trustee added that SCDOT failed to appreciate the
significance of its and the Association's defaults and the effect
that those defaults could have on the state's standing in the
municipal financing community.

                        About Connector 2000

Piedmont, South Carolina-based Connector 2000 Association Inc. is
a non-profit association set up by the South Carolina Department
of Transportation to finance, construct and operate the 16-mile
toll road known as the "Southern Connector" in Greenville County,
and to build the South Carolina Highway 153 Extension.

Connector 2000 filed for Chapter 9 bankruptcy protection on
June 24, 2010 (Bankr. D. S.C. Case No. 10-04467), estimating both
assets and debts between $100 million and $500 million.  Judge
David R. Duncan presides over the case.  Stanley H. McGuffin,
Esq., at Haynsworth Sinkler Boyd P.A., serves as bankruptcy
counsel.


CONTINENTAL AIR: Shareholders to Vote on Merger in September
------------------------------------------------------------
United Air Lines, Inc., and Continental Airlines, Inc., will hold
separate special meetings of their stockholders in September 2010
regarding the proposed merger, according to an amendment to a
joint proxy statement and prospectus on Form S-4 Registration
Statement dated August 2, 2010, filed by the parties with the
Securities and Exchange Commission.

Kathryn A. Mikells, chief financial officer of UAL, says in order
to complete the merger:

  -- UAL stockholders must approve the issuance of shares of UAL
     common stock to Continental stockholders pursuant to the
     merger as contemplated by the Agreement and Plan of Merger
     dated May 2, 2010, among UAL, Continental and JT Merger Sub
     Inc., a wholly owned subsidiary of UAL;

  -- UAL stockholders must approve the adoption of UAL's amended
     and restated certificate of incorporation; and

  -- Continental stockholders must approve the adoption of the
     merger agreement.

To obtain those approvals, UAL and Continental will convene
separate special meetings of their stockholders on September ____,
2010 at _____ local time.

Stockholders of each of Continental and UAL may also vote upon
adjournment of the special meetings, if necessary or appropriate,
to solicit additional proxies if there are not sufficient votes to
approve the proposals.

A full-text copy of the Amendment No. 1 to the Form S-4 is
available for free at http://ResearchArchives.com/t/s?67f7

                       New Logo Unveiled

UAL and Continental Airlines revealed refinements to the visual
branding for the new global airline that will result from the
proposed merger between the two airlines, according to a joint
public statement dated August 11, 2010.

The new logo displays the combined company's brand name in capital
letters (UNITED) in a custom sans-serif font, joined with the
global mark which has represented Continental's brand image since
1991.

A corresponding update of the combined airline's aircraft livery
will adopt Continental's livery, colors and design, including its
blue-gold-white globe image on the tail, combined with the new-
style UNITED name on the fuselage.

Both airlines have earned strong brand recognition in one of the
world's most visible and highly competitive businesses.  The new
visual identity builds upon the significant value of each
airline's current brand, while advancing the combined airline's
future brand image.

For images of the new logo and livery, please visit:

             http://www.UnitedContinentalMerger.com

As part of the unveiling of the new logo of the combined airline,
UAL Corp. and Continental added or revised pages in the Web site
dedicated to the merger on August 11, 2010, according to a Form
425 filed with the Securities and Exchange Commission on
August 11, 2010.

The updated pages are accessible for free at:

              http://ResearchArchives.com/t/s?6897

                    About Continental Airlines

Continental Airlines is the world's fifth largest airline.
Continental, together with Continental Express and Continental
Connection, has more than 2,700 daily departures throughout the
Americas, Europe and Asia, serving 132 domestic and 137
international destinations.  Continental is a member of Star
Alliance.  Continental has total assets of $13.60 billion against
total debts of $12.87 billion as of June 30, 2010.

In May 2010, Continental announced an agreement to merge with UAL
Corp.  The merger has not yet been completed.

In August 2010, Moody's Investors Service affirmed its 'B2'
corporate family, with negative outlook, for Continental Airlines.
Moody's said the affirmation, among other things, signifies the
potential for it to maintain the B2 rating if the proposed merger
with UAL (B3 corporate family from Moody's, 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.  However, the outlook remains negative because of the
industry's weak track record in successfully executing large
business combinations.

Continental caries a 'B' corporate rating, on watch negative, from
Standard & Poor's.

                       About UAL Corporation

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

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

Reorganized UAL Corp. carries a 'B3' corporate family and
probability of default ratings from Moody's, 'B-' long term
foreign issuer credit rating from Standard & Poor's, and 'CCC'
long term issuer default rating from Fitch.

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


COUDERT BROTHERS: Settles with Schmidtberger for $116,000
---------------------------------------------------------
Nate Raymond at Law Journal of New York reports that Coudert
Brothers will pay $116,000 settlement to former associate Paul
Schmidtberger to resolve a dispute over his 2002 termination.
Mr. Schmidtberger would assign judgment to Development Specialists
Inc., the plan administrator of the company.

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.


DK AGGREGATES: Case Summary & 12 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: DK Aggregates LLC
        9001 Highway 607W
        Pearlington, MS 39572

Bankruptcy Case No.: 10-51823

Chapter 11 Petition Date: August 9, 2010

Court: United States Bankruptcy Court
       Southern District of Mississippi
       (Gulfport Divisional Office)

Debtor's Counsel: Robert Alan Byrd, Esq.
                  BYRD & WISER
                  P.O. Box 1939
                  Biloxi, MS 39533
                  Tel: (228) 432-8123
                  Fax: (228) 432-7029
                  E-mail: rab@byrdwiser.com

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

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

The petition was signed by Murray Moran, manager.

Debtor's List of 12 Largest Unsecured Creditors:

Entity                   Nature of Claim        Claim Amount
------                   ---------------        ------------
Retif Oil & Fuel LLC      open account           $612,779
P.O. Box 58349
New Orleans, LA 70158

Dirtyworks LLC            equipment rental       $440,000
Affiliate
15047 Big John Road
Biloxi, MS 39532

J.L. Holloway             loan                   $250,000
600 Crescent Blvd.,
Suite B
Ridgeland, MS 39157

Knights Marien &          loan                   $191,947
Industrial Services Inc.

Mine Safety & Health      fines                  $120,000
Admin.

Soil Testing Engineers,   judgment/open          $94,277
Inc.                      account

IRS                       taxes                  $80,000

Central Scales & Controls open account           $59,147

Donald J. Rafferty, PA    attorney fees          $41,882

Certified Labs            open account           $6,778

Livaudais Electrical      open account           $4,749

ATOKA                     open account           $3,390


ELAINE SCHWARTZ: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Elaine Rose Schwartz
        807 N. Orange Grove Avenue
        Los Angeles, CA 90046

Bankruptcy Case No.: 10-43451

Chapter 11 Petition Date: August 10, 2010

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

Judge: Richard M. Neiter

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

Estimated Assets: $0 to $50,000

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

A list of the Debtor's 20 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/cacb10-43451.pdf


ELAN CORPORATION: Add-On Bonds Won't Affect Moody's 'B2' Rating
---------------------------------------------------------------
Moody's Investors Service commented that several announcements by
Elan Corporation plc including a $200 million add-on bond offering
does not currently affect Elan's B2 rating or positive rating
outlook.

Moody's last rating action on Elan took place on September 29,
2009, when Moody's assigned a B2 rating with a positive outlook to
Elan's new senior unsecured note issuance.

Elan Corporation, plc is a specialty biopharmaceutical company
headquartered in Dublin Ireland, with areas of expertise in
neurological and autoimmune disease, and drug delivery technology.
For the first six months of 2010 the company reported
approximately $579 million of total revenue.


ELAN FINANCE: S&P Affirms 'B' Rating on Senior Unsecured Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'B'
issue-level and '3' recovery on Elan Finance PLC's 8.75% senior
unsecured notes due 2016, privately placed in reliance on Rule
144A, following the company's $200 million add-on.  Elan has
increased its outstanding $625 million 8.75% senior unsecured
notes due 2016 to $825 million.  These notes are an add-on to
those placed Oct. 2, 2009 and will have terms nearly identical to
the earlier notes.  Proceeds from the notes, along with cash on
hand, will be used to repay senior floating rate notes due
November 2011.  S&P's corporate credit rating on parent Elan Corp.
Plc is 'B'; its rating outlook is positive.

S&P's corporate rating on parent Elan Corp. PLC primarily reflects
the company's critical dependence on sales of its multiple
sclerosis (MS) treatment, Tysabri.  Its fundamental reliance on
this one drug is key to its "weak" business risk profile.  The
company has adequate liquidity following last year's sale of its
Alzheimer's new drug program and subsequent senior unsecured note
issuance.  That note issuance, together with the proposed debt
issuance, extended near-term debt maturities.  Assuming the
proposed debt issuance closes and proceeds, along with some cash,
are used to repay the $300 million of senior floating rate notes
due November 2011, the next maturity is not until 2013.
Additionally, at June 30, 2010, the company had almost
$900 million of cash on hand and has now generated positive free
cash flow in three of the past four quarters.

                           Ratings List

                          Elan Corp. PLC

        Corporate credit rating             B/Positive/--

                          Rating Affirmed

                         Elan Finance PLC

              $825 mil. sr. unsec. notes due 2016 B
              Recovery rating                     3


ENERGYCONNECT GROUP: Posts $1.1 Million Net Loss for 2nd Quarter
----------------------------------------------------------------
EnergyConnect Group Inc. reported that revenue for the second
quarter of 2010 ended July 3, 2010, was $6.4 million, compared to
$7.5 million in the second quarter of 2009 which included $3.3
million of capacity transactions.  There were no capacity
transactions in the second quarter of 2010.  Net loss for the
second quarter 2010 was $1.1 million, compared to net income of
$601,000 in the second quarter 2009.

The Company's balance sheet at July 3, 2010, showed $13.95 million
in total assets, $8.40 million in total current liabilities,
$3.64 million in long-term liabilities, and a $1.91 million
stockholders' equity.

Kevin Evans, EnergyConnect's president and CEO said, "We are
pleased with our continuing progress and the performance of our
capacity portfolio.  In the second quarter of 2010, we generated
revenue of $6.4 million, driving year-to-date revenue growth to
54%. We are also very encouraged by the positive response from PJM
and our customers with GridConnect."

For the first half of 2010, revenue was $13.5 million, which
includes $6.6 million in capacity transactions, compared to $8.7
million for the first half of 2009 which included $4.1 million in
capacity transactions.  Net income for the first half of 2010 was
$992,000, compared to net loss of $1.5 million.

                         Company Outlook

Andrew Warner, EnergyConnect's CFO, said, "The business results
for the first half were on track with our expectations.  Given
those results, combined with positive market conditions, we now
expect annual revenue growth of between 40% and 45% over last
year, up from prior guidance of between 35% and 40% growth.  We
remain confident in our goal to deliver positive Non-GAAP Adjusted
EBITDA for 2010."

A full-text copy of the Company's earnings release is available
for free at http://ResearchArchives.com/t/s?68b4

A full-text copy of the Company's Form 10-Q is available for free
at http://ResearchArchives.com/t/s?68b5

                    About EnergyConnect Group

Campbell, Calif.-based EnergyConnect Group, Inc., is a provider of
demand response services to the electricity grid.  Demand response
programs provide grid operators with additional electricity
generation capacity by encouraging consumers to curtail their
electricity usage.

RBSM LLP, in New York, expressed substantial doubt about the
Company's ability to continue as a going concern after auditing
the Company's annual results for the year ended Jan. 2, 2010.  The
independent auditors noted that the Company is experiencing
difficulty in generating sufficient cash flow to meet its
obligations and sustain its operations.


EVEREST HOLDINGS: 7677 East Settles With The Landmark Contractor
----------------------------------------------------------------
Paula Moore at the Denver Business Journal reported that The
Landmark's condominium-unit owners and project owner/developer
7677 East Berry Avenue Associates LP have settled their
differences with contractor Milender White Construction Co.

According to the report, Milender White filed, in the bankruptcy
case of 7677 East, a $646,288 claim for unpaid work on The
Landmark condominium project.  However, the owner of the units and
the Debtor objected, contending that the contractor was also
liable for warranty work needed some condos.  Following
negotiations, the parties signed a stipulation that would seek to
allow Milender White's $646,288 claim.

                      About Everest Holdings

Everest Holdings, LLC filed for Chapter 11 bankruptcy protection
on August 30, 2009 (Bankr. D. Colo. Case No. 09-27906).  Its
affiliates, EDC Denver I, LLC, and 7677 East Berry Avenue
Associates, L.P. (Bankr. D. Col. Case No. 09-28000) also filed for
bankruptcy.  Brownstein Hyatt Farber Schreck, LLP, serves as
counsel for the Debtors.

7677, a Delaware limited partnership, develops and operates a
luxury residential, retail, and entertainment development in
Greenwood Village, Colorado.  The Project includes two residential
condominium towers, The Landmark (which opened in 2004) and The
Meridian (which opened in 2007). Neither tower is fully occupied
and sales efforts for both towers are ongoing.

EDC Denver is the general partner of 7677 and Everest Holdings is
the sole member of EDC Denver.  Zach Davidson is the manager of
both EDC Denver and Everest Holdings.

Everest Holdings estimated up to $500 million in assets and up to
$100 million in liabilities in its Chapter 11 petition.


FAIRPOINT COMMS: Names P. McHugh as VP & Assistant Gen. Counsel
---------------------------------------------------------------
Patrick C. McHugh has been named vice president and assistant
general counsel for FairPoint Communications, Inc.  Mr. McHugh
will lead FairPoint's northern New England internal legal team.
His responsibilities include all areas related to regulatory
matters, sales and operations' legal requirements, and special
projects.

Mr. McHugh was recently an attorney with the law firm of Devine
Millimet & Branch in Concord and Manchester, New Hampshire, where
he was a member of the Telecommunications Practice Group.  There
he appeared before the New Hampshire and Maine Public Utilities
Commission representing wireline-based telephone companies.
Before that, Mr. McHugh worked as a certified public accountant
with Coopers & Lybrand accounting firm (now
PricewaterhouseCoopers).

"We are very pleased that Pat has joined the FairPoint legal
team," said Shirley Linn executive vice president and general
counsel for FairPoint.  "Pat brings with him extensive knowledge
of the regulatory environment in northern New England as well as a
broad base of business and financial knowledge in addition to his
highly regarded legal expertise."

Mr. McHugh graduated cum laude with a Bachelor of Science degree
in accounting from the University of Scranton and received his
juris doctorate, cum laude, from Syracuse University College of
Law.  He is a member of the board of directors for the New
Hampshire Society of Certified Public Accountants and a member of
the Supervisory Committee for Bellwether Community Credit Union.

                 About FairPoint Communications

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

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

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

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


FAIRPOINT COMMS: Wins Nod to Assume JC Zampell Agreement
--------------------------------------------------------
FairPoint Communications Inc. and J.C. Zampell Construction, Inc.,
are parties to an agreement dated April 1, 2008, whereby Zampell
provides house and grounds keeping, janitorial and related
services to the Debtors and their subsidiaries.

Accordingly, the Debtors sought and obtained the Court's authority
to amend and assume the Zampell Agreement.

The amendment, according to James T. Grogan, Esq., at Paul
Hastings Janofsky & Walker, LLP, in New York, provides for certain
pricing concessions in connection with the assumption of the
Agreement.

The Debtors anticipate that the terms of the Amendment will
result in annual cost savings of approximately $1.5 million,
including certain service reductions.

The salient terms of the Amended Agreement are:

(1) The Amended Agreement will expire on April 30, 2013, with
     an option to renew for successive one-year periods;

(2) FairPoint Communications Inc. will pay Zampell $602,859 to
     cure any and all defaults relating to the Agreement, and in
     full satisfaction of Zampell's prepetition claim, which has
     been designated as Proof of Claim No. 621;

(3) If the Amended Agreement is assumed prior to August 31,
     2010, Zampell will reduce its current service rates by 5%.
     Zampell will reduce its rates an additional 5% as soon as
     the Debtors spend $1 million or more for services performed
     after May 1, 2010, under the Amended Agreement;

(4) Zampell will release the Debtors from all claims, causes of
     action, liabilities and other obligations arising prior to
     May 1, 2010; provided, however, that the release will not
     apply to unbilled or unpaid postpetition charges for
     services under the Agreement provide in the ordinary course
     by Zampell subsequent to February 28, 2010.

                 About FairPoint Communications

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

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

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

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


FGIC CORP: Files Schedules of Assets & Liabilities
--------------------------------------------------
FGIC Corporation filed with the U.S. Bankruptcy Court for the
Southern District of New York its schedules of assets and
liabilities, disclosing:

  Name of Schedule                       Assets       Liabilities
  ----------------                       ------       -----------
A. Real Property                              $0
B. Personal Property                 $11,539,834
C. Property Claimed as
   Exempt
D. Creditors Holding
   Secured Claims                                             $0
E. Creditors Holding
   Unsecured Priority
   Claims                                                     $0
F. Creditors Holding
   Unsecured Non-priority
   Claims                                           $391,555,568
                                     -----------     -----------
      TOTAL                          $11,539,834    $391,555,568

New York-based FGIC Corporation is a privately held insurance
holding company.  FGIC Corp's main business interest lies in the
holdings of the bond insurer Financial Guaranty Insurance Company
-- http://www.fgic.com-- and it depends on dividend payments by
FGIC for sustaining its operations.  FGIC had stopped paying
dividends to parent FGIC Corp. since January 2008.

FGIC Corp. filed for Chapter 11 bankruptcy protection on August 3,
2010 (Bankr. S.D.N.Y. Case No. 10-14215).  Paul M. Basta, Esq.,
Brian S. Lennon, Esq., and Patrick J. Nash, Jr., Esq., at Kirkland
& Ellis LLP, serve as counsel to the Debtor.  Garden City Group,
Inc., is the Debtor's claims and notice agent.


FGIC CORP: Gets Court's Nod to Hire Garden City as Claims Agent
---------------------------------------------------------------
FGIC Corporation sought and obtained authorization from the Hon.
Arthur J. Gonzalez of the U.S. Bankruptcy Court for the Southern
District of New York to employ The Garden City Group, Inc., as
notice and claims agent.

Garden City will, among other things:

     a. prepare and serve a variety of documents;

     b. maintain an official claims register in the Debtor's
        Chapter 11 case by docketing all proofs of claim and
        proofs of interest in a database

     c. update the official claims register in accordance with
        Court orders; and

     d. maintain an up-to-date mailing list for all entities that
        have filed proofs of claim or proofs of interest and
        ensure that the list is available upon request to the
        Clerk's Office or any party-in-interest.

Garden City will be compensated based on a pricing schedule agreed
by the parties.

Jeffrey S. Stein, Vice President of Garden City, assures the Court
that the firm is "disinterested" as that term is defined in
Section 101(14) of the Bankruptcy Code.

New York-based FGIC Corporation is a privately held insurance
holding company.  FGIC Corp's main business interest lies in the
holdings of the bond insurer Financial Guaranty Insurance Company
-- http://www.fgic.com-- and it depends on dividend payments by
FGIC for sustaining its operations.  FGIC had stopped paying
dividends to parent FGIC Corp. since January 2008.

FGIC Corp. filed for Chapter 11 bankruptcy protection on August 3,
2010 (Bankr. S.D.N.Y. Case No. 10-14215).  Paul M. Basta, Esq.,
Brian S. Lennon, Esq., and Patrick J. Nash, Jr., Esq., at Kirkland
& Ellis LLP, serve as counsel to the Debtor.  Garden City Group,
Inc., is the Debtor's claims and notice agent.

In its schedules, the Debtor disclosed $11.53 million in assets
and debts of $391.55 million as of the Petition Date.


FGIC CORP: Taps Kirkland & Ellis as Bankruptcy Counsel
------------------------------------------------------
FGIC Corporation asks for authorization from the U.S. Bankruptcy
Court for the Southern District of New York to employ Kirkland &
Ellis LLP as bankruptcy counsel, nunc pro tunc to the Petition
Date.

K&E will, among other things:

     (a) attend meetings and negotiate with the representatives of
         creditors and other parties in interest;

     (b) prosecute actions on the Debtor's behalf and defend any
         action commenced against the Debtor, including objections
         to claims filed against the Debtor's estate;

     (c) prepare pleadings in connection with the Chapter 11 case,
         including motions, applications, answers, orders, reports
         and papers necessary or otherwise beneficial to the
         administration of the Debtor's estate;

     (d) appear before the Court and any appellate courts to
         represent the interests of the Debtor's estate before
         those courts.

K&E will be paid based on the hourly rates of its personnel:

         Partners                            $550-$995
         Of Counsel                          $500-$965
         Associates                          $320-$660
         Paraprofessionals                   $155-$280
         Paul M. Basta                         $955
         Todd F. Maynes                        $995
         Patrick J. Nash, Jr.                  $885
         Brian S. Lennon                       $660

Patrick J. Nash, Jr., a partner at K&E, assures the Court that the
firm is "disinterested" as that term is defined in Section 101(14)
of the Bankruptcy Code.

                         About FGIC Corp

New York-based FGIC Corporation is a privately held insurance
holding company.  FGIC Corp's main business interest lies in the
holdings of the bond insurer Financial Guaranty Insurance Company
-- http://www.fgic.com-- and it depends on dividend payments by
FGIC for sustaining its operations.  FGIC had stopped paying
dividends to parent FGIC Corp. since January 2008.

FGIC Corp. filed for Chapter 11 bankruptcy protection on August 3,
2010 (Bankr. S.D.N.Y. Case No. 10-14215).  Garden City Group,
Inc., is the Debtor's claims and notice agent.

In its schedules, the Debtor disclosed $11.53 million in assets
and debts of $391.55 million as of the Petition Date.


FIRST DATA: Fitch Assigns 'BB-/RR2' Rating on $500 Mil. Notes
-------------------------------------------------------------
Fitch Ratings has assigned a 'BB-/RR2' rating to First Data
Corp.'s proposed $500 million 10-year senior secured note
offering.

In addition, Fitch has affirmed these ratings for FDC:

  -- Long-term Issuer Default Rating at 'B';

  -- $2 billion senior secured revolving credit facility due 2013
     at 'BB-/RR2';

  -- $12.4 billion senior secured term loan B due 2014 at 'BB-
     /RR2';

  -- $3.75 billion 9.875% senior unsecured notes due 2015 at
     'CCC/RR6';

  -- $3.5 billion 10.55% senior unsecured notes with four-year
     mandatory paid-in-kind (PIK) interest due 2015 at 'CCC/RR6';
     and

  -- $2.5 billion 11.25% senior subordinated notes due 2016 at
     'CC/RR6'.

The Rating Outlook is Stable.

FDC is issuing $500 million in 10-year senior secured notes,
the proceeds of which will be used to replace approximately
$500 million of its $12.4 billion senior secured term loan due
2014 and thus begin the process of extending its substantial debt
maturity schedule.  FDC is also in the process of finalizing an
amendment to its secured bank loan facility to enable it to issue
$3.5 billion of second lien secured debt which Fitch expects it
will use to refinance a portion of its unsecured debt.  Fitch
believes that the company is planning to incrementally extend a
portion of its capital structure while growing EBITDA so that it
is better positioned to extend the full amount of its secured term
loan before 2014.  It is worth noting that in order to truly
extend the maturities of its secured term loan and RCF Fitch
believes the company needs to extend the maturities of its
unsecured notes due 2015 and subordinated notes due 2016 to avoid
a springing maturity provision.

Fitch expects FDC's efforts to extend and refinance its capital
structure to take up to several years at a significant cost in
incremental interest expense as well as consent and underwriting
fees.  Based on current interest rates, Fitch estimates that
incremental cash interest expense resulting from a complete
refinancing of outstanding debt could amount to $200 million or
more per year.  Note that this figure may appear low but is
partially reflective of the fact that FDC has fixed the majority
of its floating rate term loan (roughly $7.5 billion of
$12.4 billion outstanding) at significantly out-of-the-money LIBOR
rates (approximately 5% versus the current rate of 0.5%).  This is
in addition to the approximately $400 million of incremental cash
interest expense resulting from the conversion of PIK notes to
cash pay at the end of 2011.  Fitch estimates that underwriting
and consent fees could amount to $300 million or more over time.
FDC recently offered 10 basis points to amend its term loan which
equates to a potential fee of up to $14 million.

The rating affirmations and Stable Outlook reflect these
considerations:

  -- Fitch expects revenue (excluding reimbursables) and EBITDA to
     increase in the high-single digits in 2010 driven by the
     resumption of global economic growth and continued secular
     trends favoring electronic payments.  EBITDA including
     affiliates should increase to approximately $2.2 billion or
     above.

  -- Fitch expects cash flow from operation to be well in excess
     of $500 million, aided in part by cash generation from more
     efficient working capital management.  In addition, this
     reflects FDC's relatively high conversion of EBITDA less
     $1.4 billion expected cash interest expense to operating cash
     flow.  Free cash flow should be modestly positive.

  -- Fitch expects FDC to use any positive free cash flow to
     reduce debt beyond the approximately $128 million annual
     amortization of the company's secured term loan.  Fitch notes
     that the potential exists for FDC to materially de-lever over
     the next few years if the global economic rebound continues
     and the company maintains its market position.

  -- Fitch estimates current leverage (total debt to operating
     EBITDA) at 10.2 times and expects this figure to drop to
     approximately 10.0x by year end 2010 and 9.0x by year end
     2011.  Interest coverage (EBITDA to gross interest expense),
     currently at 1.2x, is expected to increase modestly to 1.3x
     and 1.5x by years end 2010 and 2011, respectively.

The ratings are reliant upon a resumption of low-single digit
global economic growth and more normal consumer spending trends.
Given FDC's highly levered balance sheet and refinancing needs
beginning in 2013, Fitch does not believe the company could manage
through another decline in economic activity.

Fitch's perspective on the company's future capital structure
benchmarks and growth requirements to manage its refinancing risks
is:

  -- Beginning October 2011, FDC's 10.55% PIK senior unsecured
     notes due September 2015 (currently $3.5 billion outstanding)
     convert to cash pay.  The first semi-annual cash interest
     payment on these notes of approximately $217 million will be
     due March 2012.

  -- In September 2013, FDC's $2.0 billion RCF expires.  The
     company currently has no borrowings against this facility.
     The RCF charges interest expense on borrowings of Libor plus
     275 basis points and a facility fee of 50 basis points.

  -- In September 2014, FDC's term loan B becomes due.  Currently,
     there is $12.4 billion outstanding under this loan which
     carries an interest rate of Libor plus 275 basis points.  The
     company used interest rate swaps to fix the interest expense
     of a substantial portion of this loan and currently pays an
     effective rate of approximately 6%.  Fitch expects
     $2.5 billion of swaps to expire in September 2010 which will
     likely enable the company to reduce interest expense given
     current Libor rates.

  -- To manage the increased cash interest expense of
     approximately $400 million annually beginning 2012 when the
     PIK notes convert to cash pay, Fitch estimates that FDC will
     need to increase EBITDA by approximately 15% to 20%
     cumulatively over the next two years.  Given the high fixed
     cost nature of the business and resulting positive operating
     leverage, Fitch estimates that this would necessitate mid- to
     high-single digital annual revenue growth during that period
     which is well within expectations for the business under
     normal economic conditions.  The expiration of the
     $2.5 billion term loan swaps should also assist with the PIK
     cash pay conversion.

  -- To manage the refinancing risk of the term loan in 2014,
     Fitch estimates that the company would need to reduce
     leverage to below 8x in 2013 in order to demonstrate positive
     equity value and position the company for a potential IPO.
     Fitch estimates that this would require a minimum of 30%
     cumulative EBITDA growth over the next three years.

  -- The aforementioned EBITDA growth estimates are predicated
     upon FDC achieving its historically normal but relatively
     high rate of EBITDA conversion to cash.  Over the past two
     years, Fitch estimates that FDC has converted approximately
     100% of EBITDA less cash interest to cash from operations due
     in part to more efficient working capital management.

Fitch believes that there are reasonable expectations that FDC
will continue to grow EBITDA and free cash flow sufficiently to
manage the conversion of its PIK notes to cash pay at the end of
2011.  However, the company's ability to manage its refinancing
needs are less certain and dependent in part upon growth
expectations for the company beyond the next three years as well
as the interest of equity investors in a potential IPO of the
company sometime before mid-2014.

While Fitch believes that FDC has sufficient runway to still grow
out of its current capital structure, there is limited opportunity
for negative surprises.  In particular, FDC has been and could
continue to be impacted by economic conditions affecting consumer
credit and consumer spending in the U.S. and abroad.  These issues
include:

  -- FDC's Retail Services segment is correlated to consumer
     spending, partially offset by the secular shift to card-based
     transactions in lieu of cash.  A further decline in consumer
     spending could pressure growth expectations inherent in the
     current rating.

  -- Conversely, FDC could be positively impacted by a
     normalization of consumer spending trends, in particular the
     mix shift between large discount retailers and local
     merchants.  During the recent downturn, consumer spending was
     more than typically concentrated at discount retailers where
     FDC earns significantly less per transaction and dollar
     spent.  A rebound in consumer spending that also leads to a
     reversing of this mix shift could add materially to growth
     expectations for revenue and EBITDA.

  -- Continued tightening of consumer credit could limit growth
     opportunities.  A decline in consumer credit card
     availability is thought to have contributed to the recent
     surge in PIN debit card usage (although this is also impacted
     by the mix shift to large retailers where PIN debit is more
     widely accepted) for which FDC earns less money.  In
     addition, declines in consumer credit card issuance and
     activity negatively impacted the Financial Services segment.

As a result, Fitch expects quarterly earnings results and future
economic expectations to potentially impact FDC's ratings going
forward.  Aside from macro factors potentially impacting future
results, Fitch believes that there are several operational risks
which could impact the ratings in the near term including:

  -- FDC must demonstrate positive operating leverage in its
     international business where growth has lagged expectations.

  -- Competitive pressure in the merchant acquisition business,
     potentially from Chase Paymentech or other competitors
     targeting the local merchant market.

  -- Cost savings and control of variable operating expenses.

From an operational perspective, Fitch believes core credit
strengths include:

  -- Stable end-market demand with below average susceptibility to
     economic cyclicality.

  -- A highly diversified, global and stable customer base
     consisting principally of millions of merchants and large
     financial institutions.

  -- A significant advantage in scale of operations and
     technological leadership positively impact the company's
     ability to maintain its leading market share and act as
     barriers to entry to potential future competitors.  In
     addition, FDC's Financial Services business benefits from
     long-term customer contracts and generally high switching
     costs.

  -- Stable working capital requirements typically enable a high
     conversion of EBITDA less cash interest expense into cash
     from operations.

Fitch believes operational credit concerns include:

  -- Mix shift in the Retail Services segment, including a shift
     in consumer spending patterns favoring large discount
     retailers as well as higher growth in the usage of PIN debit
     cards, has negatively impacted profitability and revenue
     growth and could lead to greater than anticipated volatility
     in results.

  -- High fixed cost structure with significant operating leverage
     would typically drive volatility in profitability during
     business and economic cycles.

  -- Consolidation in the financial services industry and changes
     in regulations could continue to negatively impact results in
     the company's Financial Services segment.

  -- Potential for new competitive threats to emerge over the long
     term including new payment technology in the Retail Services
     segment, the potential for a competitor to consolidate market
     share in the Retail Services segment, and the potential for
     historically niche competitors in the Financial Services
     segment to move upstream and challenge FDC's relative
     dominance in card processing for large financial
     institutions.

In addition, Fitch believes the credit suffers from a general lack
of transparency due to multiple segment accounting changes over
the years as well as the varying reporting nature of numerous
joint ventures.  In addition, FDC has experienced significant
management turnover the past few years including three different
CFOs and two CEOs which includes the current interim CEO.

From a financial perspective, Fitch believes core credit strengths
include expectations that the company will use excess free cash
flow for debt reduction.  Credit concerns include a highly levered
balance sheet that results in minimal financial flexibility and
reduces the company's ability to act strategically in a business
that has historically benefited from consolidation opportunities.
Expectations for modest growth in free cash flow over the next
several years may not be sufficient to manage pending changes in
the company's capital structure including the conversion of PIK
notes to cash pay at the end of 2011 and the need to refinance the
company's secured term loan in 2014.  FDC's ability to manage this
refinancing risk may in part be contingent upon its ability to
attract equity capital in future years which could be impacted by
future growth expectations for the company as well as future
equity risk premiums.  The multiple at which investors would be
willing to invest in the company would determine the extent of
deleveraging necessary over the next few years in order to realize
an enterprise value in excess of existing debt obligations.

Negative rating action could occur if FDC can not demonstrate an
ability to grow EBITDA by approximately 8% or more annually as
estimated by Fitch to be required to manage higher cash interest
expense and refinancing risks in the future.  Fitch expects
revenue growth in the Retail Services segment and International to
materially exceed overall economic growth over the next 12 months,
combined with positive operating leverage.  If quarterly results
lag these expectations or future economic expectations decline
materially, negative ratings actions are likely.  Conversely,
positive rating action could occur if free cash flow was
considered more than sufficient to manage the higher cash interest
expense beginning in 2012 and if it were deemed likely that FDC
could reduce leverage to below 8x before 2014.

Total liquidity as of June 30, 2010 was solid and consisted of
$584 million in cash and $1.72 billion available under a
$2 billion senior secured RCF that expires September 2013.  The
reduced availability under the RCF reflects approximately
$230 million which was provided by an affiliate of Lehman Brothers
and is no longer available to be borrowed upon in addition to
letters of credit currently outstanding.  Approximately
$203 million of cash is held by Bank of America Merchant Services
and IPS (a discontinued business segment) and is not available for
general corporate purposes.  In addition, FDC accrued
approximately $160 million of cash interest expense in the June
2010 quarter which will be paid out in September 2010.

Total debt as of June 30, 2010 was approximately $22.6 billion and
consisted primarily of these: i) $12.4 billion outstanding under a
secured term loan B maturing September 2014; ii) $3.75 billion in
9.875% senior unsecured notes maturing September 2015;
iii) $3.5 billion in 10.55% notes maturing September 2015 with
mandatory PIK interest through September 2011 and cash interest
thereafter; and iv) $2.5 billion of 11.25% senior subordinated
notes maturing September 2016.  In addition, the parent company of
FDC, First Data Holdings, Inc., has outstanding $1 billion
original value senior unsecured PIK notes due 2016.

The Recovery Ratings for FDC reflect Fitch's recovery expectations
under a distressed scenario, as well as Fitch's expectation that
the enterprise value of FDC, and hence recovery rates for its
creditors, will be maximized in a restructuring scenario (as a
going concern) rather than a liquidation scenario.  In deriving a
distressed enterprise value, Fitch applies a 10% discount to FDC's
estimated operating EBITDA (adjusted for equity earnings in
affiliates) of approximately $2.1 billion for the latest 12 months
ended Dec. 31, 2009, which is equivalent to Fitch's estimate of
FDC's total interest expense and maintenance capital spending.
Fitch then applies a 6x distressed EBITDA multiple, which
considers FDC's prior public trading multiple and that a stress
event would likely lead to multiple contraction.  As is standard
with Fitch's recovery analysis, the revolver is fully drawn and
cash balances fully depleted to reflect a stress event.  The 'RR2'
for FDC's secured bank facility reflects Fitch's belief that 71%-
90% recovery is realistic.  The 'RR6' for FDC's senior and
subordinated notes reflect Fitch's belief that 0%-10% recovery is
realistic.  The 'CC/RR6' rating for the subordinated notes
reflects the minimal recovery prospects and inherent subordination
in a recovery scenario.


FIRST DATA: Moody's Assigns 'B1' Rating on $500 Mil. Senior Notes
-----------------------------------------------------------------
Moody's Investors Service assigned a B1 rating to First Data
Corporation's proposed $500 million Senior Secured First Lien
Notes and affirmed the company's existing ratings with a stable
outlook.

First Data's B3 corporate family rating reflects Moody's view that
the capital structure will not materially change with the proposed
issuance of $500 million of secured notes, which will effectively
extend a small portion of the $12.4 billion senior secured term
loan due September 2014.  However, Moody's view the amendment to
have favorable long-term credit implications as it provides the
company with the flexibility to improve its capital structure.  By
allowing the company to extend a portion or all of its term loan
while issuing up to $3.5 billion of junior debt, which Moody's
expect would be used to term out the existing term loan and/or
junior debt, the amendment serves as the first step in proactively
refinancing the term loan due September 2014, which represents the
company's nearest maturity.

The stable outlook reflects Moody's expectation that First Data
will generate mid-single digit percentage revenue and EBITDA
growth as the economy slowly recovers and the shift of payment
method to electronic cards from cash and checks continues.
Moody's expect First Data will maintain credit metrics consistent
with B3 rated companies with modest improvement to its financial
leverage and other credit metrics.

Ratings affirmed:

* Corporate family rating at B3;

* Probability-of-default rating at B3;

* $2 billion Senior Secured Revolving Facility due 2013 at B1 (LGD
  2, 24% from LGD 2, 26%)

* $13 billion Senior Secured Term Loan B due 2014 ($12.4 billion
  outstanding) at B1 (LGD 2, 24% from LGD 2, 26%)

* $3.75 billion Senior Unsecured Cash Pay Notes due 2015 at Caa1
  (LGD 5, 74% from LGD 5, 75%)

* $3.5 billion Senior Unsecured PIK Notes (due 2015) at Caa1 (LGD
  5, 74% from LGD 5, 75%)

* (Approximately $54 million) Pre-LBO Untendered Senior Unsecured
  Stub Notes at Caa2 (LGD 5, 88%)

* $2.5 billion Senior Subordinated Notes (due 2016) at Caa2 ( LGD
  6, 92%)

Rating assigned:

* $500 million Senior Secured First Lien notes of B1 (LGD 2, 24%)

The last rating action was on May 7, 2009, when Moody's downgraded
First Data Corporation's corporate family and probability-of-
default ratings to B3 from B2, its $2 billion Senior Secured
Revolving Facility rating to B1 from Ba3, its $12.7 billion Senior
Secured Term Loan rating to B1 from Ba3, and its $3.75 billion
Senior Unsecured Cash Pay Notes to Caa1 from B3.  In addition,
Moody's assigned a Caa1 rating to the $3 billion Senior Unsecured
PIK Notes and Caa2 rating on the $2.5 billion Senior Subordinated
Notes.

Based in Atlanta, Georgia, First Data Corporation, with over
$10 billion of revenue for the twelve months ended June 30, 2010,
provides commerce and payment solutions for financial
institutions, merchants, and other organizations worldwide.


FIRST DATA: S&P Assigns 'B+' Rating on $500 Mil. Senior Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'B+' issue
rating (one notch higher than the corporate credit rating on the
company) to Greenwood Village, Colo.-based First Data Corp.'s
first-lien $500 million senior secured notes due 2020.  The
recovery rating is '2', indicating S&P's expectation that lenders
would receive substantial (70%-90%) recovery in the event of a
payment default.

The 'B' corporate credit rating on First Data remains unchanged
and the outlook is stable.

                            Rating List

                         First Data Corp.

          Corporate Credit Rating            B/Stable/--

                         Ratings Assigned

                         First Data Corp.

               Senior Secured 1st-Lien $500 mil
               notes due 2020                    B+
                Recovery Rating                  2


FLETCHER GRANITE: Section 341(a) Meeting Scheduled for Aug. 30
--------------------------------------------------------------
The U.S. Trustee for Region 1 will convene a meeting of Fletcher
Granite Company, LLC's creditors on August 30, 2010, at 2:00 p.m.
The meeting will be held at Worcester U.S. Trustee Office, 446
Main Street, 1st Floor, Worcester, MA 01608.

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.

Westford, Massachusetts-based Fletcher Granite Company, LLC, filed
for Chapter 11 bankruptcy protection on August 2, 2010 (Bankr. D.
Mass. Case No. 10-43884).  David J. Reier, Esq., and Laura Otenti,
Esq., at Posternak Blankstein & Lund LLP, assist the Debtor in its
restructuring effort.  The Debtor estimated its assets at
$10 million to $50 million and debts at $1 million to $10 million
in its Chapter 11 petition.


FLETCHER GRANITE: U.S. Trustee Appoints 5-Member Creditors' Panel
-----------------------------------------------------------------
John P. Fitzgerald, III, the acting U.S. Trustee for Region 1,
appoints five members to the Official Committee of Unsecured
Creditors in Fletcher Granite Company, LLC's Chapter 11 case.

The Committee members include:

1) Co.Fi.Plast USA, Inc.
   c/o Dale Madsen
   221 Railway
   Milbank, SD 57252
   Tel: (605) 432-5279
   Fax: (605) 432-5279

2) Technowire Co., Inc.
   c/o Rodney Daniel, CPA
   P.O. Box 7
   1519 Woodyard Road
   Elberton, GA 30635
   Tel: (706) 283-4417
   Fax: (706) 283-6867

3) Gerald D. Sarno
   5 Cliff Road
   Gloucester, MA 01030
   Tel: (978) 283-3304

4) Russi Bardaro & Barrett, PC
   c/o Salvatore P. Falzone, Jr.
   919 Eastern Avenue
   Malden, MA 02148
   Tel: (781) 321-6065
   Fax: (781) 321-7747

5) National Grid
   c/o Chris Aronson, Esq.
   40 Sylvan Road
   Waltham, MA 02451
   Tel: (781) 907-1854
   Fax: (781) 907-1659

Westford, Massachusetts-based Fletcher Granite Company, LLC, filed
for Chapter 11 bankruptcy protection on August 2, 2010 (Bankr. D.
Mass. Case No. 10-43884).  David J. Reier, Esq., and Laura Otenti,
Esq., at Posternak Blankstein & Lund LLP, assist the Debtor in its
restructuring effort.  The Debtor estimated its assets at
$10 million to $50 million and debts at $1 million to $10 million
in its Chapter 11 petition.


FORUM HEALTH: Court Okays Sale to Community Health for $120MM
-------------------------------------------------------------
Dow Jones' DBR Small Cap reports that a bankruptcy-court judge
gave Forum Health the green light to sell its assets to Community
Health Systems Inc. for $120 million.

Ardent Health Services Inc., the stalking horse bidder, was outbid
at the auction.  Ardent started the auction with its $69.8 million
offer, guarantee to hire Forum's employees and keep three major
hospitals open.

Forum Health and its affiliates filed for Chapter 11 protection on
March 16, 2009 (Bankr. N.D. Ohio Lead Case No. 09-40795).  Paul W.
Linehan, Esq., and Shawn M Riley, Esq., at McDonald Hopkins LLC,
serve as lead counsel to the Debtors.  The Debtors have also
tapped Michael A. Gallo, Esq. at Nadler Nadler & Burdman Co., LPA
as co- counsel; Kurtzman Carson Consultants LLC as claims,
noticing and balloting agent; and Huron Consulting Services LLC as
financial advisors.  Alston & Bird LLP represents the official
committee of unsecured creditors formed in the Chapter 11 cases.
In its petition, Forum Health estimated $100 million to
$500 million in assets and debts.


FULL CIRCLE: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Full Circle Dairy, LLC
        1479 SE Winquepin Street
        Lee, FL 32059

Bankruptcy Case No.: 10-06895

Chapter 11 Petition Date: August 9, 2010

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

Judge: Jerry A. Funk

Debtor's Counsel: Robert D Wilcox, Esq.
                  BRENNAN, MANNA & DIAMOND, PL
                  800 W. Monroe Street
                  Jacksonville, FL 32202
                  Tel: (904) 366-1500
                  Fax: (904) 366-1501
                  E-mail: rdwilcox@bmdpl.com

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

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

The petition was signed by Gregory N. Watts, manager.

Debtor's List of 20 Largest Unsecured Creditors:

Entity                   Nature of Claim        Claim Amount
------                   ---------------        ------------
Scoular FCD               feed supplies          $350,551
1800 2nd Street Ste 802
Sarasota, FL 34236

W-S Southeast FCD         dairy supplies         $224,291
Supplies
6551 Broadway Ave.

Tri-County Electric Coop. utility service        $216,612
P.O. Box 208
Madison, FL 32341
Jacksonville, FL 32254

Haufler Farms             harvesting supplies    $212,514
1901 N.W. 57th
Gainesville, FL 32607

Farm Credit Leasing       services               $175,771
Services

Internal Revenue Service  2009 payroll taxes     $159,679

David Kelbert             veterinary services    $149,489

Elanco Animal Health      animal health services $131,858

Lakeland Animal Nutrition feed supplier          $125,055

Crop Production Services  seed and chemical      $122,344
                          fertilizer supplies

Meherrin                  seed, farming supplies $116,821

Swiss Haven Dairy, LLC    fee for cash           $90,724
                          collateral pledge

Gregory Watts                                    $86,043

Calvin Bell-Hay Roll      feed supplies          $83,000
Account

Durant & Schoeppel, PA    legal services         $80,255

Walco International       animal health          $79,831
                          supplies

W-S Southeast FCD         repayment agreement    $53,765
Supplies

James Moore & Co., PL     accounting services    $51,739

Joe Riggs                 loan                   $50,866

Dairy Decisions           consulting services    $50,248
Consulting


GARLOCK SEALING: LAS Okayed as Asbestos Panel's Valuation Advisor
-----------------------------------------------------------------
The Official Committee of Asbestos Personal Injury Claimants for
Garlock Sealing Technologies LLC received the Court's permission
to retain Legal Analysis Systems, Inc., as its consultant on the
valuation of asbestos liabilities, nunc pro tunc to July 26, 2010.

As consultant to the Asbestos Claimants Committee, LAS will:

  (a) develop oversight methods and procedures so as to enable
      the Asbestos Claimants Committee to fulfill its
      responsibilities of reviewing and analyzing any proposed
      Disclosure Statement, Plan, and other similar documents in
      the reorganization proceeding;

  (b) review and analyze the Debtors' asbestos claims database
      and review and analyze the Debtors' resolution of various
      asbestos claims;

  (c) estimate the Debtors' liability for asbestos claims that
      are pending as well as those that will be filed in the
      future;

  (d) analyze quantitatively claims resolution procedures,
      including to estimate payments that would be made to
      various types of claims under those alternatives and
      to develop cash flow analysis of an asbestos compensation
      trust under alternative procedures;

  (e) evaluate reports and opinions of experts and consultants
      retained by other parties to the Debtors' bankruptcy
      cases;

  (f) evaluate and analyze proposed proofs of claims and bar
      Dates, and analyze data from proofs of claim for asbestos
      claims;

  (g) quantitatively analyze other matters related to asbestos
      claims as may be requested by the Asbestos Claimants
      Committee; and

  (h) provide testimony on matters within LAS' expertise, if
      requested by the Asbestos Claimants Committee.

The Debtors will pay LAS's professionals according to their
customary hourly rates.  The specific professionals to be engaged
by the Asbestos Claimants Committee are:

     Name                    Title            Rate per Hour
     ----                    -----            -------------
     Mark A. Peterson        Principal            $800
     Daniel Relles           Statistician         $475

The Debtors will reimburse LAS for expenses incurred.

Mark A. Peterson, Ph.D., a principal at LAS, maintains that LAS is
a "disinterested person" as the term is defined under Section
101(14) of the Bankruptcy Code.

                      About Garlock Sealing

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

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

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

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

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


GARLOCK SEALING: Asbestos Panel Proposes Charter as Fin'l Advisor
-----------------------------------------------------------------
The Official Committee of Asbestos Personal Injury Claimants for
Garlock Sealing Technologies LLC seeks the Court's permission to
retain Charter Oak Financial Consultants, LLC, as its financial
advisor.

As financial advisor to the Asbestos Claimants Committee, Charter
Oak will:

  (a) provide oversight to enable the Asbestos Claimants
      Committee to fulfill its responsibilities to monitor the
      Debtors' financial affairs and the financial affairs of
      the Debtors' affiliates and subsidiaries;

  (b) interpret and analyze financial materials, including
      accounting, tax, statistical, financial and economic data,
      regarding the Debtors, their affiliates and subsidiaries,
      and other relevant entities;

  (c) analyze and advise accounting, financial, valuation and
      related issues that may arise in the course of the
      Debtors' Chapter 11 proceedings;

  (d) assist the Asbestos Claimants Committee's counsel
      in the evaluation and preparation of avoidance power
      claims and any other potential litigation, as requested;

  (e) analyze and advise settlement negotiations and any
      potential plan of reorganization;

  (f) provide expert testimony on financial matters, if
      requested; and

  (g) provide other services as the Asbestos Claimants Committee
      may request.

The Debtors will pay Charter Oak's professionals according to
their customary hourly rates.  Specific professionals to be
engaged by the Asbestos Claimants Committee are:

  Name                   Title                    Rate per Hour
  ----                   -----                    -------------
  Bradley M. Rapp       Senior Managing Director      $595
  James P. Sinclair     Senior Managing Director      $595
  Robert H. Lindsay     Managing Director             $550
  Alan Cohen            Associate Director            $385
  Stephen O'Brien       Associate Director            $385
  Peter Cramp           Senior Analyst                $275
  Duncan Sinclair       Senior Analyst                $275
  Gibbons Sinclair      Senior Analyst                $275

Charter Oak will also be reimbursed for expenses incurred.

James P. Sinclair relates that his firm is a "disinterested
person" as the term is defined in Section 101(14) of the
Bankruptcy Code.

                      About Garlock Sealing

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

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

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

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

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


GARLOCK SEALING: EnPro Reports $1.4MM Profit for Garlock in Q2
--------------------------------------------------------------
EnPro Industries reported a net income of $45.2 million, or $2.20
per share in the quarter ended June 30, 2010, according to the
Company's public statement dated August 5, 2010.  This compares to
a net loss of $105.7 million, or $5.30 a share in the second
quarter of 2009, EnPro said.

Net income in the second quarter of 2010 includes a non-cash,
after-tax gain of $33.8 million, or $1.64 a share, reflecting the
deconsolidation of Garlock Sealing Technologies LLC and the
adjustment of its underlying carrying value to its estimated fair
value, EnPro noted.

In the period from June 5, 2010, through the quarter ended
June 30, 2010, the third party sales of Garlock and its
subsidiaries were $11.9 million and segment profits were
$1.9 million.  Before asbestos-related expenses and other selected
items, Garlock's earnings in the period were $1.4 million, EnPro
disclosed.

EnPro explained that the results of Garlock and its subsidiaries
are no longer included in EnPro's consolidated results, effective
June 5, 2010, after its voluntary petition to establish a trust
that would resolve all current and future asbestos claims against
Garlock under Section 524(g) of the Bankruptcy Code.

In other results, EnPro noted, sales grew to $250.8 million, a 22%
improvement over the second quarter of 2009 as the company's
operations benefited from broad-based improvements in demand and
higher shipments at Fairbanks Morse Engine.

                      About Garlock Sealing

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

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

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

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

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


GAZEL VELASCO-FLOWERS: Case Summary & Creditors List
----------------------------------------------------
Debtor: Gazel A. Velasco-Flowers
        20608 Vendale Drive
        Lakewood, CA 90715

Bankruptcy Case No.: 10-43368

Chapter 11 Petition Date: August 10, 2010

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

Judge: Victoria S. Kaufman

Debtor's Counsel: Joseph L. Pittera, Esq.
                  2214 Torrance Boulevard, Suite 101
                  Torrance, CA 90501
                  Tel: (310) 328-3588
                  Fax: (310) 328-3063
                  E-mail: evlam2000@aol.com

Scheduled Assets: $1,637,550

Scheduled Debts: $2,150,034

A list of the Debtor's 16 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/cacb10-43368.pdf


GENERAL MOTORS: Akerson to Replace Whitacre as CEO on Sept. 1
-------------------------------------------------------------
General Motors said that Edward E. Whitacre, Jr. will step down as
chief executive officer on September 1, 2010, and as chairman of
the board by the end of the year, having successfully led the
company's return to profitability after the most turbulent period
in its history.

Earlier on Thursday, GM reported its second consecutive quarter of
profits after a string of losses dating back to 2007.

Dan Akerson, 61, who has served on the GM board of directors since
July 2009, will become CEO on September 1 and chairman by the end
of the year, ensuring a smooth transition and continued positive
momentum for the company.

"My goal in coming to General Motors was to help restore
profitability, build a strong market position, and position this
iconic company for success," said Mr. Whitacre. "We are clearly on
that path.  A strong foundation is in place and I am comfortable
with the timing of my decision."

Mr. Whitacre, 68, joined GM as chairman of the board on July 10,
2009.  On December 1, 2009, he was named chief executive officer.
He led the company after it emerged from a historic bankruptcy to
become a profitable automaker again.

"Ed Whitacre was exactly what this company needed, at exactly the
right time," said Pat Russo, lead director on the GM board.  "He
simplified the organization, reshaped the company's vision, put
the right people in place, and brought renewed energy and optimism
to GM."

"Dan Akerson has been actively engaged in and supportive of the
key decisions and changes made at the new GM.  He brings broad
business experience, decisive leadership, and continuity to this
role," said Russo.  "The board of directors deeply appreciates the
leadership Ed has provided and is pleased with the serious
commitment Dan is making to the company.  We look forward to his
leadership."

In addition to serving on the GM board since July 2009, Mr.
Akerson has had a distinguished career in finance as a managing
director at the Carlyle Group and in telecommunication, serving as
chairman and chief executive officer of XO Communications and at
Nextel Communications.  He was also chairman and CEO of General
Instrument Corp.

"There are remarkable opportunities ahead for the new GM, and I am
honored to lead the company through this next chapter," said Mr.
Akerson.  "Ed Whitacre established a foundation upon which we will
continue building a great automobile company."

                           *     *     *

The Wall Street Journal's Sharon Terlep reports that the change
atop GM is part of a plan put in place by its board over the last
few weeks to enable the company to present a clear picture of its
management team to investors as it looks to return to the public
markets and allow the U.S. to cash out its 61% ownership stake.
The government put more than $50 billion into GM to save the
company.

Ms. Terlep relates Mr. Whitacre has long said he planned to step
down after GM offers shares to the public.  "At this stage of my
career, it was obvious that I was not going to be at GM for the
long haul," Mr. Whitacre said Thursday. "This is something the
board and I have been contemplating, literally since I joined GM."

According to the Journal, people familiar with the matter said the
move was decided by GM's board without input from the U.S.
government.

Ms. Terlep says Mr. Whitacre's departure, however, was announced
as some tension was building between the company and Washington,
people familiar with the matter said. The Obama administration
would like GM to hold a stock offering soon, perhaps even before
the midterm elections in November, while GM hasn't committed to
such a timetable.

Ms. Terlep relates a GM IPO would likely give President Barack
Obama grounds to claim that the bailouts of GM and Chrysler Group
LLC are working, especially in key election races in the
Republican-leaning states where skepticism of the bailout runs
high.

The U.S. is expected to sell at least $10 billion of its shares in
the company in an IPO, said a person familiar with the situation,
according to Ms. Terlep.

                      About General Motors

With its global headquarters in Detroit, Michigan, General Motors
Company -- http://www.gm.com/-- is one of the world's largest
automakers.  GM employs 205,000 people in every major region of
the world and does business in some 157 countries.  GM and its
strategic partners produce cars and trucks in 31 countries, and
sell and service these vehicles through the following brands:
Buick, Cadillac, Chevrolet, FAW, GMC, Daewoo, Holden, Jiefang,
Opel, Vauxhall and Wuling.  GM's largest national market is China,
followed by the United States, Brazil, Germany, the United
Kingdom, Canada, and Italy.  GM's OnStar subsidiary is the
industry leader in vehicle safety, security and information
services.

General Motors Co. is 60.8% owned by the U.S. Government.  It was
formed to acquire the operations of General Motors Corporation
through a sale under 11 U.S.C. Sec. 363 following Old GM's
bankruptcy filing.  The deal was closed on July 10, 2009, and Old
GM changed its name to Motors Liquidation Co.  Old GM remains
subject to a pending Chapter 11 reorganization case before the
U.S. Bankruptcy Court for the Southern District of New York.

                  About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  Harvey R. Miller, Esq., Stephen Karotkin, Esq.,
and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP,
assist the Debtors in their restructuring efforts.  Al Koch at AP
Services, LLC, an affiliate of AlixPartners, LLP, serves as the
Chief Executive Officer for Motors Liquidation Company.  GM is
also represented by Jenner & Block LLP and Honigman Miller
Schwartz and Cohn LLP as counsel.  Cravath, Swaine, & Moore LLP is
providing legal advice to the GM Board of Directors.  GM's
financial advisors are Morgan Stanley, Evercore Partners and the
Blackstone Group LLP.

The U.S. Trustee has appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Unsecured Creditors
Holding Asbestos-Related Claims.  Lawyers at Kramer Levin Naftalis
& Frankel LLP serve as bankruptcy counsel to the Creditors
Committee.  Attorneys at Butzel Long serve as counsel regarding
supplier contract matters.  FTI Consulting, Inc., serves as
financial advisors to the Creditors Committee.  Elihu Inselbuch,
Esq., at Caplin & Drysdale, Chartered, represents the Asbestos
Committee.  Legal Analysis Systems, Inc., serves as asbestos
valuation analyst.

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


GENERAL MOTORS: Posts $1.3 Billion Net Income for Q2 2010
---------------------------------------------------------
General Motors Company on Thursday announced its second quarter
2010 results, marked by revenue of $33.2 billion and net income
attributable to common stockholders of $1.3 billion.  GM's second
quarter earnings before interest and tax (EBIT) was $2.0 billion.

GM North America had EBIT in the second quarter 2010 of $1.6
billion, up from $1.2 billion in the first quarter.  GM Europe had
a loss before interest and taxes of $0.2 billion, an improvement
of $0.3 billion from the first quarter.  GM International
Operations posted EBIT of $0.7 billion, down from $1.2 billion in
the first quarter.

Cash flow from operating activities was $3.9 billion and after
adjusting for capital expenditures of $1.1 billion, free cash flow
was $2.8 billion.  GM ended the second quarter with $32.5 billion
in cash and marketable securities, including funds in the Canadian
Health Care Trust escrow.

At June 30, 2010, GM had $131.899 billion in total assets,
$101.000 billion in total liabilities, $6.998 billion in preferred
stock, and $23.901 billion in stockholders' equity.

"I am pleased with our progress on achieving our business
objectives," said Chris Liddell, vice chairman and chief financial
officer. "We have delivered strong product, maintained cost
discipline, progressed strategic initiatives such as restructuring
Europe and acquiring AmeriCredit, and delivered two consecutive
quarters of profitability and positive cash flow."

A full-text copy of GM's second quarter highlights is available at
no charge at http://ResearchArchives.com/t/s?68c3

                      About General Motors

With its global headquarters in Detroit, Michigan, General Motors
Company -- http://www.gm.com/-- is one of the world's largest
automakers.  GM employs 205,000 people in every major region of
the world and does business in some 157 countries.  GM and its
strategic partners produce cars and trucks in 31 countries, and
sell and service these vehicles through the following brands:
Buick, Cadillac, Chevrolet, FAW, GMC, Daewoo, Holden, Jiefang,
Opel, Vauxhall and Wuling.  GM's largest national market is China,
followed by the United States, Brazil, Germany, the United
Kingdom, Canada, and Italy.  GM's OnStar subsidiary is the
industry leader in vehicle safety, security and information
services.

General Motors Co. is 60.8% owned by the U.S. Government.  It was
formed to acquire the operations of General Motors Corporation
through a sale under 11 U.S.C. Sec. 363 following Old GM's
bankruptcy filing.  The deal was closed on July 10, 2009, and Old
GM changed its name to Motors Liquidation Co.  Old GM remains
subject to a pending Chapter 11 reorganization case before the
U.S. Bankruptcy Court for the Southern District of New York.

                  About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  Harvey R. Miller, Esq., Stephen Karotkin, Esq.,
and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP,
assist the Debtors in their restructuring efforts.  Al Koch at AP
Services, LLC, an affiliate of AlixPartners, LLP, serves as the
Chief Executive Officer for Motors Liquidation Company.  GM is
also represented by Jenner & Block LLP and Honigman Miller
Schwartz and Cohn LLP as counsel.  Cravath, Swaine, & Moore LLP is
providing legal advice to the GM Board of Directors.  GM's
financial advisors are Morgan Stanley, Evercore Partners and the
Blackstone Group LLP.

The U.S. Trustee has appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Unsecured Creditors
Holding Asbestos-Related Claims.  Lawyers at Kramer Levin Naftalis
& Frankel LLP serve as bankruptcy counsel to the Creditors
Committee.  Attorneys at Butzel Long serve as counsel regarding
supplier contract matters.  FTI Consulting, Inc., serves as
financial advisors to the Creditors Committee.  Elihu Inselbuch,
Esq., at Caplin & Drysdale, Chartered, represents the Asbestos
Committee.  Legal Analysis Systems, Inc., serves as asbestos
valuation analyst.

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


GENERAL MOTORS: Obtains $5-Billion Credit Line as IPO Looms
-----------------------------------------------------------
The Wall Street Journal's Sharon Terlep, Randall Smith and Daniel
Fitzpatrick report that two people familiar with the deal said
Wednesday General Motors Co. has secured a $5 billion credit
facility in a step that clears the way for a return to the public
markets later this year.  The sources said the banks including
Bank of America, Morgan Stanley and J.P. Morgan committed up to
$500 million a piece to the credit line.

With the backup funding in place, GM is prepared to file
registration papers for an initial public offering as soon as
Friday, the people familiar with the matter told the Journal.

One source said 10 banks are contributing to the credit facility,
but there is a chance more could sign on as demand for the loan
was high.  The facility would likely remain at $5 billion, but the
individual amounts could drop, the source said.

The Journal notes the IPO is expected later this year and will
allow the U.S. government to begin selling its $50 billion stake
in the auto maker.  A person familiar with the situation said the
U.S. Treasury is expected to opt for a sale of at least
$10 billion of its shares in the company, but the initial amount
remains in question.

GM Chairman Edward E. Whitacre told reporters last week he wanted
the government out of the business entirely and is frustrated with
the "Government Motors" label critics have placed on GM.

According to people familiar with the situation, Treasury is
taking a more conservative approach to the size of the first sale
of shares, looking to avoid diluting the value by putting out too
many at once.

                       About General Motors

With its global headquarters in Detroit, Michigan, General Motors
Company -- http://www.gm.com/-- is one of the world's largest
automakers.  GM employs 205,000 people in every major region of
the world and does business in some 157 countries.  GM and its
strategic partners produce cars and trucks in 31 countries, and
sell and service these vehicles through the following brands:
Buick, Cadillac, Chevrolet, FAW, GMC, Daewoo, Holden, Jiefang,
Opel, Vauxhall and Wuling.  GM's largest national market is China,
followed by the United States, Brazil, Germany, the United
Kingdom, Canada, and Italy.  GM's OnStar subsidiary is the
industry leader in vehicle safety, security and information
services.

General Motors Co. is 60.8% owned by the U.S. Government.  It was
formed to acquire the operations of General Motors Corporation
through a sale under 11 U.S.C. Sec. 363 following Old GM's
bankruptcy filing.  The deal was closed on July 10, 2009, and Old
GM changed its name to Motors Liquidation Co.  Old GM remains
subject to a pending Chapter 11 reorganization case before the
U.S. Bankruptcy Court for the Southern District of New York.

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

                   About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  Harvey R. Miller, Esq., Stephen Karotkin, Esq.,
and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP,
assist the Debtors in their restructuring efforts.  Al Koch at AP
Services, LLC, an affiliate of AlixPartners, LLP, serves as the
Chief Executive Officer for Motors Liquidation Company.  GM is
also represented by Jenner & Block LLP and Honigman Miller
Schwartz and Cohn LLP as counsel.  Cravath, Swaine, & Moore LLP is
providing legal advice to the GM Board of Directors.  GM's
financial advisors are Morgan Stanley, Evercore Partners and the
Blackstone Group LLP.

The U.S. Trustee has appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Unsecured Creditors
Holding Asbestos-Related Claims.  Lawyers at Kramer Levin Naftalis
& Frankel LLP serve as bankruptcy counsel to the Creditors
Committee.  Attorneys at Butzel Long serve as counsel regarding
supplier contract matters.  FTI Consulting, Inc., serves as
financial advisors to the Creditors Committee.  Elihu Inselbuch,
Esq., at Caplin & Drysdale, Chartered, represents the Asbestos
Committee.  Legal Analysis Systems, Inc., serves as asbestos
valuation analyst.

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


GLG LIFE: Posts C$228,500 Net Loss in Q2 Ended June 30
------------------------------------------------------
GLG Life Tech Corporation reported a net loss of C$228,498 on
C$10.5 million of revenue for the three months ended June 30,
2010, compared to net income of C$370,780 on C$10.8 million of
revenue for the corresponding period last year.  The majority of
the Company's sales is denominated in US dollars and is translated
into the Canadian dollars for financial reporting purposes.  GLG's
revenue was down 3% to $10.5 million in the second quarter of 2010
due to a strengthening of the Canadian dollar against the US
dollar.

At June 30, 2010, the Company's balance sheet showed
C$249.9 million in total assets, C$99.5 million in total
liabilities, C$6,428 in non controlling interests, and a
stockholders' equity of $150.4 million.

As at June 30, 2010, the Company had an accumulated deficit of
C$12.9 million and working capital of C$13.0 million.  Cash
outflow from operations was C$1.3 million and C$1.0 million for
the six months ended June 30, 2010, and 2009, respectively.  The
Company has been successful in raising equity financing in fiscal
2009 and renewing loans and obtaining short term loans and credit
facilities of $86.8 million in the second quarter of the current
fiscal year.  The Company plans to continue to renew those loans
as they come due; however, if the Company is unable to refinance
its credit facilities as they become due (C$56.0 million in 2010),
the Company will require alternative forms of financing.

"There can be no assurance the Company will be successful in this
endeavor and these circumstances lead to substantial doubt about
the ability of the Company to continue as a going concern."

A full-text copy of the Interim Consolidated Financial Statements
for the Three and Six Months Ended June 30, 2010, is available for
free at http://researcharchives.com/t/s?68a1

A full-text copy of the Management's Discussion and Analysis for
the Three and Six Months Ended June 30, 2010, is available for
free at http://researcharchives.com/t/s?68a2

                    About GLG Life Technology

Based in Vancouver, Canada, GLG Life Tech Corporation
-- http://www.glglifetech.com/-- is a vertically integrated
producer of high grade stevia extract, an all natural, zero-
calorie sweetener used in food and beverages.


GRAHAM PACKAGING: Moody's Gives Developing Outlook, Affirms Rating
------------------------------------------------------------------
Moody's Investors Service revised the ratings outlook for Graham
Packaging Company L.P. to developing from positive, and affirmed
existing ratings.  The change in outlook follows the company's
announcement that it has signed a purchase agreement to acquire
Liquid Container, L.P. and its subsidiaries in a 100% debt
financed transaction for a total purchase consideration of
$568 million (subject to certain adjustments).

While the acquisition is a positive for Graham from a competitive
standpoint, the deterioration in interest coverage, leverage and
free cash flow may preclude an upgrade over the near term.  Pro
forma leverage will increase to over 5.0 times.  The impact of the
acquisition on EBIT interest coverage and free cash flow to debt
will depend upon the exact terms of the financing, but could push
coverage below 1.5 times and free cash flow to debt further into
the low single digits.  Moody's review will focus on the amount
and timing of the potential synergies, the proposed financing and
management's operational and competitive strategy for the combined
entity.  Moody's will also review the ability of the combined
entity to generate free cash flow, pay down debt and improve
credit metrics to the levels required for an upgrade as outlined
in the credit opinion dated November 18, 2009.  Currently, Moody's
anticipates a downgrade, if any, will be limited to a revision of
the outlook to stable from positive.

On August 9 2010, Graham Packaging Company Inc. announced that its
subsidiary, Graham Packaging Acquisition Corp., has signed a
purchase agreement to acquire Liquid Container, L.P. and its
subsidiaries for total purchase consideration of $568 million,
subject to certain adjustments.  The acquisition will be 100% debt
financed and the company has committed financing through the
$300 million accordion on the current credit facility and
committed financing from Citi and Deutsche Bank in the form of a
bridge loan.  Use of the accordion on the credit facility will not
impact Graham's ability to refinance the $563 million outstanding
(as of June 2010) on its term loan B due October 2011 due to carve
outs in the credit agreement.  The transaction is expected to
close in 2010.

Liquid Container operates fourteen blow molded plastic container
plants in the U.S., serving food and household product categories.
Graham projects Liquid Container to have net sales in North
America of almost $400 million and EBITDA of approximately
$72 million in 2010.  Approximately 80% of Liquid Container's unit
sales are to customers in the food category.  The company spends
approximately 4%-5% of its sales on capital expenditures similar
to Graham.  Liquid Container is more focused on mid-sized
customers as opposed to Graham's focus on larger multinational
companies.  The acquisition will help fill out Graham's footprint
as well since Liquid has locations in places where Graham is not
currently as strong (the south and west US).  Liquid generates
approximately 70% of revenues from its top 20 customers and the
largest customer is JM Smucker.  Graham has advised it does little
or no business with 80% of Liquid's customers.  Unlike Graham,
Liquid does not have any facilities co-located on its customer's
sites although they have several "near sites" that are located
within a few miles of the customer.  While Liquid predominantly
utilizes cold fill technology, they have some hot fill technology
in certain resins that Graham does not have.  Liquid's resin
contracts have longer lags in contractual cost pass through
provisions compared to Graham's with more contracts on a 90 day
pass through versus Graham's 30 day.  Graham expects synergies in
purchasing and operational improvements of approximately $20
million.  The company expects the integration to be completed in
the first half of 2011.

Moody's took these rating actions for Graham:

  -- Affirm B2 corporate family rating

  -- Affirm B2 probability of default rating

  -- Affirm SGL-2 speculative grade liquidity rating

  -- Affirm $250 million senior unsecured notes due 2016, Caa1
     (LGD 5 -- 82%).

  -- Affirm $250 million 8.5% senior unsecured notes at Caa1 (LGD
     5 -- 84%) (The rating will be withdrawn after the transaction
     is completed).

  -- Affirm $135 million 1st lien revolver due October 7, 2010, B1
     (LGD 3 -36% from 37%)

  -- Affirm $112 million 1st lien revolver due October 1, 2013, B1
     (LGD 3 -- 36% from 37%)

  -- Affirm $611 million Term Loan B due October 7, 2011, B1 (LGD
     3 -- 36% from 37%)

  -- Affirm $1,194 million Term Loan C due April 5, 2014, B1 (LGD
     3 -- 36% from 37%)

  -- Affirm $375 million of 9.875% subordinated notes due
     October 7, 2014, Caa1 (LGD 6-93%)

The ratings outlook is revised to developing from positive.

Moody's last rating action on Graham Packaging occurred on
November 18, 2009, when Moody's affirmed the company's B2
corporate family rating, revised the outlook positive from stable
and assigned ratings to the new senior unsecured notes due 2016.

Headquartered in York, Pennsylvania, Graham is a manufacturer of
custom blow molded plastic containers for branded food and
beverage, household and personal care products, and automotive
lubricants.  Revenue for the twelve months ended June 30, 2010,
was approximately $2.4 billion.


GRAMERCY PARK: Stage Set for Class A Property Bankruptcy Auction
----------------------------------------------------------------
Situs Inc. is assisting a Chapter 7 Bankruptcy Trustee with the
preparations for a bankruptcy auction of the Gramercy Park
Condominiums.  Situs has been actively exposing the 220 units to
the market, but the sale has been delayed due to lengthy court
proceedings.  Pending court approval, the auction will be
conducted on August 26 in the U.S. Bankruptcy Court in Reno,
NV.  Situs is confident that there will be keen interest in the
sale.  "Due to the significant amount of capital chasing Class
A deals, we are receiving tremendous interest from cash buyers
across the country," said Randall Tuller, a principal at Situs
Inc.   "We are looking forward to facilitating the sale of this
prime property, especially considering the complexity of the
asset, its ownership structure, and related extended litigation."
Details on the property and the auction process can be found at
http://www.situscompanies.com/gramercy/

Constructed in 2005/2006, the property was financed by individual
investors holding fractionalized interests.  Various entities that
controlled the servicing rights went through a series of
bankruptcies beginning in 2006, with Asset Resolution, an entity
affiliated with Silar Advisors, LLC, ultimately controlling the
servicing.  With only 4 of the units sold, the property was
foreclosed in late 2008.


GRANITE EXPO: Case Summary & 11 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: The Granite Expo, Inc.
        570 Church Street E Unit 713
        Brentwood, TN 37027

Bankruptcy Case No.: 10-08397

Chapter 11 Petition Date: August 9, 2010

Court: United States Bankruptcy Court
       Middle District of Tennessee (Nashville)

Judge: Marian F. Harrison

Debtor's Counsel: Lynda F. Jones, Esq.
                  THE JONES LAW GROUP PLLC
                  343 Harrison Street
                  Nashville, TN 37219
                  Tel: (615) 983-4500
                  Fax: (615) 983-4502
                  E-mail: lyndafjoneslawfirm@gmail.com

Scheduled Assets: $1,027,625

Scheduled Debts: $872,483

A list of the Company's 11 largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/tnmb10-08397.pdf

The petition was signed by Jung G. Kim, president.


GREENSHIFT CORP: Signs Deals to Restructure Debt to YA Global
-------------------------------------------------------------
GreenShift Corporation and its subsidiaries signed a series of
agreements with YA Global Investments L.P. to reduce and
restructure GreenShift's convertible debt to YA Global on June 17,
2010.  The transactions contemplated by the Agreements were
completed effective July 30, 2010.

                      Summary of Transaction

At the closing, three GreenShift-owned corn oil extraction
facilities based on GreenShift's patented and patent-pending
technologies and GreenShift's interest in a fourth facility was
transferred to a newly formed joint venture entity, YA Corn Oil
Systems, LLC.  In exchange,  $10,000,000 of the convertible debt
issued by GreenShift to YA Global was deemed satisfied.

GreenShift will also receive a 20% equity stake in the Joint
Venture Company and the right to receive 20% of the Joint Venture
Company's distributable cash upon the realization by the Joint
Venture Company of a 20% internal rate of return on its invested
capital.

GreenShift further agreed to provide management services to the
Joint Venture Company for the ongoing operation and maintenance of
the transferred extraction facilities in exchange for certain
management and brokerage fees, as well as earnings-based
performance bonuses to be paid in the form of up to another
$6,000,000 in reduction of GreenShift's convertible debt YA
Global.

The transfers reduced  the balance of convertible debt due from
GreenShift to YA Global  from about $43 million to about $33
million.  This amount can be reduced further down to about $25.3
million upon realization by GreenShift of the performance bonuses
noted above. I n addition, the maturity date for the remaining
convertible debt due from GreenShift to YA Global has been
extended from March 31, 2011 to December 31, 2012.

                     Joint Venture Facilities

GreenShift's interest in its existing corn oil extraction
facilities located in Oshkosh, Wisconsin, Medina, New York,
Marion, Indiana, and Lakota, Iowa was transferred at the closing
effective July 30, 2010 to YA Corn Oil in partial satisfaction of
outstanding convertible debt due from GreenShift to YA Global.

GreenShift also agreed that it will transfer to YA Corn Oil its
interest in its extraction facility located in Riga, Michigan,
upon satisfaction of other conditions specific to the Riga
Facility, in exchange for satisfaction of additional convertible
debt due from GreenShift to YA Global.

The agreements also provide for these terms:

  * Transfer Price.  GreenShift transferred its interests in the
    UWCL Facilities to YA Corn Oil in satisfaction of $10,000,000
    in convertible debt due from GreenShift to YA Global, and
    will, if certain additional closing conditions are satisfied,
    transfer its interest in the Riga Facility to YA Corn Oil in
    satisfaction of an additional $1,700,000 in convertible debt
    due from GreenShift to YA Global.

  * UWCL Performance Bonuses.  An additional $2,500,000 in
    convertible debt due from GreenShift to YA Global shall be
    satisfied upon the realization by the UWCL Facilities of
    $3,000,000 in annualized earnings before interest, taxes,
    depreciation and amortization; and an another $2,500,000 in
    convertible debt due from GreenShift to YA Global shall be
    satisfied upon the realization by the UWCL Facilities of
    $3,600,000 in annualized EBITDA.

  * Riga Performance Bonuses.  In the event that YA Corn Oil
    purchases the Riga Facility, an additional $500,000 in
    convertible debt due from GreenShift to YA Global shall be
    satisfied upon the realization by the Riga Facility of
    $545,000 in EBITDA; and an another $500,000 in convertible
    debt due from GreenShift to YA Global shall be satisfied upon
    the realization by the Riga Facility of $670,000 in annualized
    EBITDA.

  * Equity Participation.  GreenShift will receive a 20% equity
    stake in YA Corn Oil and the right to receive 20% of YA Corn
    Oil's distributable cash upon the realization by YA Corn Oil
    of a 20% internal rate of return on its invested capital.

  * Performance Guaranty.  GreenShift has guaranteed the
    performance of the extraction facilities acquired by YA Corn
    Oil until the second anniversary of acquisition, and YA Corn
    Oil may terminate the management agreement in the event of
    failure to perform or other material default by GreenShift.

  * Conditions Subsequent.  GreenShift is required to deliver to
    YA Corn Oil certain confirmation letters with each of the
    ethanol facilities at which the UWCL Facilities are co-located
    during August 2010, and is subject to assessment of liquidated
    damages in the event one or more such confirmation letters are
    not provided prior to August 30, 2010.

                    About Greenshift Corporation

Headquartered in New York, GreenShift Corporation develops and
commercializes clean technologies designed to integrate into and
leverage established production and distribution infrastructure to
address the financial and environmental needs of its clients by
decreasing raw material needs, facilitating co-product reuse, and
reducing waste and emissions.

The Company's balance sheet at March 31, 2010, showed
$19.2 million in total assets, $42.6 million in total liabilities,
and a stockholders' deficit of $65.6 million.

Rosenberg Rich Baker Berman & Company expressed substantial doubt
about the Company's ability to continue as a going concern,
following the Company's 2009 results.  The independent auditors
noted that the Company has suffered losses from operations and has
a working capital deficiency as of December 31, 2009.


GREENWOOD ESTATES: Section 341(a) Meeting Scheduled for Sept. 14
----------------------------------------------------------------
The U.S. Trustee for Region 11 will convene a meeting of Greenwood
Estates MHC, LLC's creditors on September 14, 2010, at 1:30 p.m.
The meeting will be held at 219 South Dearborn, Office of the U.S.
Trustee, 8th Floor, Room 804, Chicago, Illinois 60604.

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.

Chicago, Illinois-based Greenwood Estates MHC, LLC, filed for
Chapter 11 protection on July 30, 2010 (Bankr. N.D. Ill. Case No.
10-33988).  Eugene Crane, Esq., at Crane Heyman Simon Welch &
Clar, assists the Debtor in its restructuring effort.  The Debtor
estimated its assets and debts at $10 million to $50 million as of
the Petition Date.


HANESBRANDS INC: Gear-For-Sports Deal Won't Affect Moody's Rating
-----------------------------------------------------------------
Moody's Investors Service commented that Hanesbrands Inc.'s
announcement that it has entered into a definitive purchase
agreement to acquire Gear For Sports in a transaction valued at
approximately $225 million (including assumption of debt) has no
impact on Hanesbrands Ba3 Corporate Family Rating, stable outlook,
or SGL-2 Speculative Grade Liquidity rating.

Moody's last rating action on Hanesbrands was on December 14,
2009, when the company's $494 million senior unsecured notes due
2014 were upgraded to B1 from B2 and all other ratings affirmed.

Hanesbrands Inc. is a manufacturer and marketer of branded
innerwear and outerwear apparel.  The company markets products
under the "Hanes", "Champion", "Playtex", "Bali", "Wonderbra" and
"L'eggs" brands.  The company generates annual revenues of about
$4.1 billion.


HANMI FINANCIAL: Posts $29.3 Million Net Loss in Q2 Ended June 30
-----------------------------------------------------------------
Hanmi Financial Corp. filed its quarterly report on Form 10-Q,
reporting a net loss of $29.3 million, compared with a net loss of
$9.5 million for the same period of 2009.  For the three months
ended June 30, 2010, and 2009, net interest income before
provision for credit losses was $26.3 million and $23.1 million,
respectively.

The Company's balance sheet as of June 30, 2010, showed
$2.915 billion in total assets, $2.842 billion in total
liabilities, and a stockholders' equity of $73.2 million.

As reported in the Troubled Company Reporter on March 17, 2010,
KPMG LLP, in Los Angeles, expressed substantial doubt about the
Company's ability to continue as a going concern.  The independent
auditors noted the Company and its wholly-owned subsidiary Hanmi
Bank, are currently operating under a formal supervisory agreement
with the Federal Reserve Bank of San Francisco and the California
Department of Financial Institutions, which restricts certain
operations of the Company and requires the Company to, among other
things, increase contributed equity capital at Hanmi Bank by
$100 million by July 31, 2010, and achieve specified capital
ratios by July 31, 2010, and December 31, 2010.

According to the Form 10-Q, on June 27, 2010, the Company
completed a $120 million registered rights and best efforts
offering and satisfied the capital contribution requirement set
forth in the Final Order.

The Company has also committed to the FRB to adopt a consolidated
capital plan to augment and maintain a sufficient capital
position.  The Company's capital resources at June 30, 2010, do
not currently satisfy its capital requirements for the foreseeable
future and are not sufficient to offset additional problem assets.

On May 25, 2010, the Company entered into a definitive securities
purchase agreement with Woori Finance Holdings Co. Ltd. and is
currently awaiting for approval from the regulatory agencies on
the application filed on June 22, 2010.  The Company intends to
contribute a substantial portion of the net proceeds from the
Woori transaction as new capital into Hanmi Bank.  However, the
Company cannot provide assurance that it will be successful in
consummating the transaction with Woori.

A full-text copy of the quarterly report on Form 10-Q is available
for free at http://researcharchives.com/t/s?689a

                      About Hanmi Financial

Los Angeles-based Hanmi Financial Corp. (Nasdaq: HAFC - News)
-- http://www.hanmi.com/-- is the holding company for
Hanmi Bank, a state chartered bank with headquarters located at
3660 Wilshire Boulevard, Penthouse Suite A, in Los Angeles.
Hanmi Bank provides services to the multi-ethnic communities of
California, with 27 full-service offices in Los Angeles, Orange,
San Bernardino, San Francisco, Santa Clara and San Diego counties,
and a loan production office in Washington State.


HITECH FIRE: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: HiTech Fire Detection Corporation
          dba HiTech Integrated Solutions
        3845 FM 1960 West, Suite 450
        Houston, TX 77068

Bankruptcy Case No.: 10-36791

Chapter 11 Petition Date: August 9, 2010

Court: United States Bankruptcy Court
       Southern District of Texas (Houston)

Judge: Karen K. Brown

Debtor's Counsel: Barbara Mincey Rogers, Esq.
                  ROGERS & ANDERSON, PLLC
                  1415 North Loop West, Suite 1020
                  Houston, TX 77008
                  Tel: (713) 868-4411
                  Fax: (713) 868-4413
                  E-mail: barbaramrogers@swbell.net

Scheduled Assets: $1,634,063

Scheduled Debts: $1,908,213

A list of the Company's 20 largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/txsb10-36791.pdf

The petition was signed by Eric N. Cooley, president.


HUGHES TELEMATICS: Posts $22.3 Million Net Loss in Q2 2010
----------------------------------------------------------
HUGHES Telematics, Inc., filed its quarterly report on Form 10-Q,
reporting a net loss of $22.3 million on $9.4 million of revenue
for the three months ended June 30, 2010, compared with a net loss
of $19.6 million on $8.3 million of revenue for the same period a
year ago.

The Company's balance sheet as of June 30, 2010, showed
$115.6 million in total assets, $136.6 million in total
liabilities, and a stockholders' deficit of $21.0 million.

As reported in the Troubled Company Reporter on March 19, 2010,
PricewaterhouseCoopers LLP, in Atlanta, Ga., in its report on the
Company's financial statements for the year ended December 31,
2009, expressed substantial doubt about the Company's ability to
continue as a going concern.  The independent auditors noted of
the Company's recurring losses from operations and limited capital
resources.

According to the Form 10-Q, during the six months ended June 30,
2010, and the years ended December 31, 2009, 2008, and 2007, the
Company incurred a net loss of approximately $45.0 million,
$163.7 million, $57.5 million and $32.3 million, respectively, and
used cash in operations of approximately $16.1 million,
$47.2 million, $39.1 million and $23.6 million, respectively.  As
of June 30, 2010, the Company had unrestricted cash, cash
equivalents and short-term investments of $31.0 million and an
accumulated deficit of $402.4 million.

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

               http://researcharchives.com/t/s?68a3

Atlanta, Ga.-based HUGHES Telematics, Inc. is a telematics
services company that provides a suite of real-time voice and data
communications services and applications for use in vehicles and
is developing additional applications for use within and outside
of the automotive industry.


INTELSAT SA: Post $180.6 Million Net Loss for June 30 Quarter
-------------------------------------------------------------
Intelsat S.A. reported revenue of $635.3 million and a net loss of
$180.6 million for the three months ended June 30, 2010.  The
Company also reported Intelsat S.A. EBITDAi, or earnings before
net interest, loss on early extinguishment of debt, taxes and
depreciation and amortization, of $339.3 million, and Intelsat
Luxembourg Adjusted EBITDAi of $496.9 million, or 78% of revenue,
for the three months ended June 30, 2010.

The Company's balance sheet at June 30, 2010, showed
$17.34 billion in total assets, $814.64 million in total current
liabilities, $15.22 billion in long term debt, $128.77 million in
deferred revenue, $254.63 million in deferred satellite
perfomance, $548.71 million in deferred income taxes,
$239.87 million in accrued retirement benefits, a $335.15 million
redeemable non-controlling interest, $8.88 million commitment and
contingencies, and a stockholders' deficit of $210.76 million.

"Intelsat executed well in the second quarter, as we managed
through the impact of several previously reported events," said
Intelsat CEO, David McGlade.  "We enter the second half of the
year making good progress on the initiatives that position us for
long-term growth.  We are building backlog on our new satellites,
enhancing the value of our regional satellite neighborhoods and
capturing government opportunities with long-term commitments."

Mr. McGlade continued, "Our ability to execute on these strategic
projects and others, combined with our solid contract backlog of
$9.4 billion, supports our view that our revenue growth profile
will improve in the second half of 2010."

Total revenue for the three months ended June 30, 2010 decreased
by $7.2 million, or 1%, as compared to the three months ended June
30, 2009, largely due to a decline in satellite-related services
revenues as a result of a launch vehicle resale that occurred in
the second quarter of 2009, with no similar resales in the second
quarter of 2010.  Excluding the launch vehicle resale, revenues
for the three months ended June 30, 2010 would have increased by
2% as compared to same period in 2009.

Intelsat S.A. EBITDA of $339.3 million for the three months ended
June 30, 2010 reflected a decrease of $183.1 million from $522.4
million for the same period in 2009.  The results for the three
months ended June 30, 2010 reflect a non-cash impairment charge of
$104.1 million incurred in the second quarter of 2010 for the
impairment of the Galaxy 15 satellite, and a $40.8 million loss on
derivative financial instruments as compared to a $52.1 million
gain in the same period in 2009.  Intelsat Luxembourg Adjusted
EBITDA decreased by $5.8 million, or 1 percent, to $496.9 million,
or 78 percent of revenue, for the three months ended June 30, 2010
from $502.7 million, or 78 percent of revenue, for the same period
in 2009.

As of both June 30, 2010 and December 31, 2009, Intelsat's
backlog, representing expected future revenue under contracts with
customers and Intelsat's pro rata share of backlog in its joint
venture investments, was $9.4 billion.

A full-text copy of the Company's earnings release is available fo
for free http://ResearchArchives.com/t/s?68b1

A full-text copy of the Company's Form 10-Q is avialable for free
at http://ResearchArchives.com/t/s?68b2

                       About Intelsat S.A.

Based in Luxembourg, Intelsat S.A. provides fixed satellite
services worldwide.


INTERNATIONAL LEASE: Fitch to Rate $500 Mil. Senior Notes at 'BB'
-----------------------------------------------------------------
Fitch Ratings expects to rate International Lease Finance Corp.'s
$500 million senior unsecured notes 'BB'.  This rating action does
not affect ILFC's existing long-term IDR of ' BB' or debt ratings.
The Rating Outlook for ILFC remains Evolving.

Fitch notes that the proposed issuance of $500 million senior
unsecured notes and $3.9 billion of secured debt is consistent
with ILFC's overall financing plans to generate liquidity to repay
near-term maturing debt obligations, including the repayment of
$3.9 billion secured loan from AIG Funding, Inc.

Covenants are consistent with previously issued senior unsecured
debt including a limitation restricting the ability of ILFC to
incur liens to secure indebtedness in excess of 12.5% of ILFC's
consolidated net tangible assets.

ILFC is a market leader in the leasing and remarketing of
commercial jet aircraft to airlines around the world.  As of
June 30, 2010, ILFC owned an aircraft portfolio with a net book
value of approximately $40 billion, consisting of approximately
950 aircraft.

Fitch expects to assign this rating to ILFC:

  -- $500 million senior unsecured notes 'BB'.

Fitch currently rates ILFC and its related subsidiaries:

ILFC

  -- Long-term IDR 'BB';
  -- Senior secured debt 'BBB-';
  -- Senior unsecured debt 'BB';
  -- Preferred stock at 'B';

Delos Aircraft Inc.

  -- Senior secured debt 'BB'.

ILFC E-Capital Trust I

  -- Preferred stock 'B'.

ILFC E-Capital Trust II

  -- Preferred stock 'B'.


INTERNATIONAL LEASE: Moody's Puts 'B1' Rating on $500 Mil. Notes
----------------------------------------------------------------
Moody's Investors Service assigned a rating of B1 to International
Lease Finance Corporation's $500 million senior unsecured notes
due 2017.  Concurrently, Moody's revised ILFC's rating outlook to
stable from negative.

The Notes feature terms that are consistent with ILFC's existing
unsecured debt issuance, including certain restrictions on liens,
distributions, and asset transfers.  The Notes will rank pari
passu with ILFC's other unsecured debt.  ILFC will use Note
proceeds to repay a portion of the $3.9 billion it owes to AIG
Funding, Inc. and for general corporate purposes.  The rating of
the Notes is based on ILFC's fundamental credit characteristics
and the position of the Notes in ILFC's capital structure.

ILFC is also offering $3.9 billion of secured notes (upsized from
$2.5 billion) that Moody's has separately rated Ba3.

Moody's revised ILFC's rating outlook to stable based upon the
firm's improved liquidity profile.  Including the proposed
transactions, ILFC will have issued $3.25 billion of senior
unsecured debt and $5.2 billion of senior secured debt in 2010,
proceeds of which have been used to repay indebtedness and extend
the firm's debt maturity profile.  Additionally, ILFC extended the
maturity of $2.2 billion of its revolving bank facility to 2012
from 2011 and obtained additional covenant flexibility with
respect to pledging assets for additional secured financings.
Furthermore, after its proposed repayment of $3.9 billion owing to
AIG Funding and the Federal Reserve Bank of New York, ILFC is
expected to obtain lien releases on a significant number of
encumbered aircraft, further increasing its financial flexibility.

ILFC's B1 corporate family rating is based on strengths including
its competitive positioning in the aircraft leasing industry,
modern aircraft fleet and history of earnings growth.  ILFC's
rating also incorporates one notch of rating uplift associated
with support from ultimate parent American International Group
(AIG).  Constraints on the firm's rating and rating outlook
concern operating pressures resulting from the economic downturn
and its effect on lease rates, lease renewals and aircraft
valuations, as well as Moody's view that AIG support will likely
diminish over time.  Moody's said that it will monitor ILFC's
evolving operational and funding strategies and their effect on
its credit profile, particularly in light of recent changes in the
ILFC management team.

The rating outlook for preferred stock issued by ILFC E-Capital
Trust I (B3) and ILFC E-Capital Trust II (B3) was also revised to
stable.

In its last ILFC rating action dated August 9, 2010, Moody's
assigned a senior secured rating of Ba3 to ILFC's $2.5 billion
secured notes offering (now $3.9 billion).

International Lease Finance Corporation, headquartered in Los
Angeles, California, is a major owner-lessor of commercial
aircraft.


INTERNATIONAL LEASE: S&P Assigns 'BB+' Rating on $500 Mil. Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' rating to
International Lease Finance Corp.'s proposed issuance of
$500 million senior notes due 2017.  The company will issue the
notes as a drawdown from its existing Rule 415 shelf registration.
The preliminary prospectus for the senior notes indicates that
ILFC also plans to increase the size of its previously announced
secured note offering to $3.9 billion from $2.5 billion.

"S&P feels the larger issuance will not affect its 'BBB-' rating
on the proposed secured notes, as the portfolio of aircraft
securing the notes will have similar characteristics to that
originally evaluated," said Standard & Poor's credit analyst
Christopher DeNicolo.  Therefore, it will result in the same
conclusion with regard to collateral coverage in a default
scenario.

"The company plans to use the proceeds from the issues to repay a
portion of the $3.9 billion secured loan due 2013 from an
affiliate of its parent, American International Group Inc. (A-
/Negative/A-1), which was funded with drawings from AIG's
facilities with the Federal Reserve Bank of New York," he
continued.

S&P affirmed the ratings on ILFC, removed them from CreditWatch,
and assigned a negative outlook in June 2010.  So far in 2010, the
company has made significant progress in addressing large near-
term maturities, raising $4.4 billion in unsecured and secured
debt, agreeing to sell $2 billion in aircraft, and extending
$2.2 billion in maturing bank borrowings to 2012.  These actions,
along with expected internal cash generation over the period,
should be sufficient to meet $4.4 billion of debt maturities in
the remainder of 2010 and $5.3 billion due in 2011.  However,
maturities in 2012 ($6.2 billion) and 2013 ($4 billion if the
FRBNY loan is refinanced with the proceeds from this and other
recently proposed transactions) remain sizable.  Although S&P
believes that AIG is likely to remain committed to supporting ILFC
based on current conditions, S&P also believe there is still
execution risk in efforts to address upcoming maturities.  S&P
could lower its ratings if S&P is less certain of AIG continuing
to provide funding to ILFC to supplement internal cash sources, or
if adverse developments raise material concerns regarding ILFC's
long-term business prospects or its ability to execute on
liquidity initiatives.

                           Ratings List

                 International Lease Finance Corp.

     Corp. credit rating                    BBB-/Negative/--

                       New Rating Assigned

    Proposed $500 million senior notes due 2017             BB+


INTERTAPE POLYMER: Moody's Gives Neg. Outlook, Keeps 'B2' Rating
----------------------------------------------------------------
Moody's Investors Service revised the rating outlook on Intertape
Polymer Group Inc. to negative from stable and affirmed the B2
Corporate Family Rating.  Moody's also affirmed the SGL-3
speculative grade liquidity rating and instrument ratings.

The revision of the outlook to negative reflects deteriorating
operating margins despite a rebound in unit volumes and sales.
Given the challenging operating and competitive environment,
Intertape has been unable to pass through raw material cost
increases to customers and its operating margins have declined to
a level that is weak for the rating category.  Moody's
acknowledges Intertape's moderate leverage, volume gains,
improving macroeconomic climate and moderating resin prices, but
remains concerned that any worsening of the economic outlook,
additional raw material increases or deteriorating liquidity would
pressure the rating.

The B2 Corporate Family Rating reflects Intertape's narrow
operating margins, lack of pricing power, largely commoditized
product line and reliance on cyclical end markets, such as
industrial, building and construction segments.  Intertape is
operating in a fragmented and highly competitive industry.  The
presence of large competitors with significant financial resources
restricts Intertape's ability to recover raw material increases
from customers and constrains the rating.

Strengths in the company's profile include moderate leverage,
improved liquidity and expectations that the company will be free
cash flow positive.  Management's focus on additional productivity
improvements and new product development as well as stabilizing
commodity prices should benefit the company.

The SGL-3 speculative liquidity rating indicates that Moody's
anticipates modest liquidity over the next twelve months.
Intertape's liquidity is characterized by low cash balances, small
but positive projected free cash flow and increased availability
under its $200 million asset-based revolver (not rated by
Moody's).  The company is expected to cover its basic operating
needs from internally generated cash flows but is likely to rely
on the revolver to finance seasonal swings in working capital.
Moody's recognizes that any additional operational or competitive
shocks could reduce availability on the revolver.

Moody's took these rating actions for Intertape Polymer Group Inc:

* Affirmed corporate family, B2

* Affirmed probability of default rating, B2

* Revised ratings outlook to negative from stable

* Affirmed speculative grade liquidity rating, SGL-3

* Affirmed $125 million of 8.5% subordinated notes due 2014
  (approximately $119 million outstanding), Caa1 (LGD 5 -- 79%
  from 85%)

Moody's last rating action on Intertape Polymer Group Inc occurred
on December 6, 2007, when Moody's upgraded the corporate family
rating to B2 from B3 and revised the outlook to stable from under
review, direction uncertain.

Intertape Polymer Group Inc. develops and manufactures flexible
packaging materials for industrial, building and construction,
food, consumer, distribution, medical and agriculture industries.
The company is headquartered in Montreal, Quebec and Bradenton,
Florida with operations located primarily in North America.  IPG
generated revenue of $678 million in the twelve months ended
June 30, 2010.


ISE LIMITED: New Flyer to Provide Support for 302 Buses
-------------------------------------------------------
New Flyer Industries Inc. disclosed that as a result of ISE
Limited's voluntary petition to reorganize its business under
Chapter 11 of the United States Bankruptcy Code, New Flyer began
contingency planning to provide support to customers with ISE's
hybrid propulsion system or integration components installed on
their buses.  New Flyer has manufactured 281 buses with ISE gas-
electric hybrid or diesel-electric hybrid propulsion system
components installed in them and 21 hydrogen fuel cell buses where
ISE was the propulsion system integrator. T hese buses represent
approximately 1% of the New Flyer fleet of buses in service in
Canada and the United States.

ISE announced in its August 10, 2010 release that it will continue
operating its business during the Chapter 11 restructuring.  ISE
has also announced that it is currently in discussions to obtain
debtor-in-possession financing to provide adequate funds, when
combined with ISE's operating revenue, to fund working capital, to
meet ongoing obligations and to ensure that its operations
continue without interruption during the restructuring.

New Flyer began developing contingency plans in July 2010 after
ISE issued a press release announcing that it had implemented a
reduction in its labor force of 45 employees across all functions
to lower costs and conserve capital while ISE actively sought
additional financing.  At that time, ISE stated that it could
"continue day-to-day operation of its business".  New Flyer's
contingency plans include working with ISE to ensure continued
supply and support for its components and seeking alternate
components and support resources for buses requiring ISE
components.

Currently, New Flyer's total order backlog contains firm orders
for 4 equivalent units and options for 55 EUs that were intended
to incorporate ISE hybrid propulsion system components. The
execution of these orders is dependent on securing continued
supply of ISE components and support resources and/or sourcing
alternate components and support resources.  These firm and option
orders represent less than one percent of New Flyer's $3.5 billion
order backlog as at July 4, 2010.

Of the 302 buses produced by New Flyer with ISE components, 209
remain under warranty with warranty obligations expiring over the
next five years.  At this time, the amount of ISE warranty
obligations, if any, that New Flyer may assume as a result of
ISE's bankruptcy is not known.  New Flyer will support customers
as required and has begun to put support plans in place to support
buses in service.

                        About New Flyer

New Flyer is the leading manufacturer of heavy-duty transit buses
in the United States and Canada. The Company's facilities are all
ISO 9001, ISO 14001 and OHSAS 18001 certified. With a skilled
workforce of over 2,000 employees, New Flyer is a technology
leader, offering the broadest product line in the industry,
including drive systems powered by clean diesel, LNG, CNG and
electric trolley as well as energy-efficient gasoline-electric and
diesel-electric hybrid vehicles. All products are supported with
an industry-leading, comprehensive parts and support network. The
Company's IDSs are traded on the Toronto Stock Exchange under the
symbol NFI.UN.

                         About ISE Corp.

ISE Limited --- http://www.isecorp.com/-- is a developer,
manufacturer and distributor of Energy Storage Systems (ES
Systems) and Heavy Duty Hybrid-Electric Drive Systems (Hybrid
Systems).   Established in 1995, ISE is headquartered in San
Diego, California.  ISE's history of innovation and technological
leadership has resulted in the design and development of systems
and components that deliver superior operating performance.

ISE Ltd.'s operating subsidiary, ISE Corporation,  filed a
voluntary petition to reorganize its business under Chapter 11 on
August 10 (Bankr. S.D. Calif. Case No. 10-14198).

Marc J. Winthrop, Esq., at Winthrop Couchot Professional Corp.,
serves as counsel to the Debtor.

The Debtor estimated assets and debts of $10 million to
$50 million in its Chapter 11 petition.


J RAY: Babcock & Wilcox Spin-Off Cues Moody's Rating Changes
------------------------------------------------------------
Moody's Investors Service has repositioned the Ba1 Corporate
Family and Ba2 Probability of Default ratings of J Ray McDermott,
S.A., to its parent, McDermott International, Inc.  The
repositioning of the ratings follows completion of the spin-off of
Babcock & Wilcox Investment Company from McDermott.  As
contemplated in J Ray's May 3, 2010 $900 million senior secured
revolving credit agreement, McDermott has assumed the related
obligation, which is rated Baa3.  The ratings outlook for
McDermott is stable.  Moody's has withdrawn the Corporate Family
Rating and Probability of Default Rating on J Ray.

Assignments:

Issuer: McDermott International, Inc.

  -- Corporate Family Rating, Assigned Ba1
  -- Probability of Default Rating, Assigned Ba2
  -- Outlook, Stable

Withdrawals:

Issuer: J. Ray McDermott, S.A.

  -- Corporate Family Rating, Withdrawn, previously rated Ba1

  -- Probability of Default Rating, Withdrawn, previously rated
     Ba2

  -- Outlook, Changed To No Outlook From Stable

Moody's last rating action on J Ray McDermott, S.A. occurred on
March 29, 2010 at which time its Corporate Family Rating was
upgraded to Ba1 and its new bank facility was assigned a Baa3
Senior Secured rating.

With its executive offices in Houston, Texas, McDermott
International, Inc. provides front-end design and detailed
engineering; fabrication and installation of offshore drilling and
production facilities; and the installation of marine pipelines
and sub-sea production systems.  The company operates in many
major offshore oil and gas producing regions throughout the world
with the majority of its revenues currently coming from the Middle
East.  Revenues in 2009 totaled roughly US$3.3 billion.


KAJ LLC: Case Summary & 3 Largest Unsecured Creditors
-----------------------------------------------------
Debtor: KAJ LLC
        13501 Paseo Del Roble
        Los Altos Hills, CA 94022

Bankruptcy Case No.: 10-58288

Chapter 11 Petition Date: August 10, 2010

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

Judge: Arthur S. Weissbrodt

Debtor's Counsel: Stephen D. Finestone, Esq.
                  LAW OFFICES OF STEPHEN D. FINESTONE
                  456 Montgomery Street, 20th Floor
                  San Francisco, CA 94104
                  Tel: (415) 421-2624
                  E-mail: sfinestone@pobox.com

Scheduled Assets: $2,763,418

Scheduled Debts: $3,647,462

A list of the Company's three largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/canb10-58288.pdf

The petition was signed by Mary Ann Tyson, president.


LA TOYA JACKSON: Judge Drops Bid to Reopen Ch. 11 Case
------------------------------------------------------
Bankruptcy Law360 reports that a judge has declined to reopen the
long-closed bankruptcy of faded pop star La Toya Jackson, despite
the protestations of creditors -- including the owner of Parisian
nightclub the Moulin Rouge -- which claim they are finally on the
verge of being repaid.  Law360 says U.S. Bankruptcy Judge James M.
Peck issued an order Thursday denying the request to reopen the
case.

On July 20 1995, Ms. Jackson, with finance in disarray, was forced
to file for bankruptcy in White Plains, New York (Bankr. S.D.N.Y.
Case No. 95-_____) in order to stave off $650,000 in claims
asserted by French cabaret Moulin Rouge Ms. Jackson's breach of
their six-month contract.


LENNY DYKSTRA: Chapter 7 Trustee to Step Down
---------------------------------------------
The Wall Street Journal's Patrick Fitzgerald reports that Arturo
Cisneros, the trustee appointed to oversee the Chapter 7 estate of
Lenny Dykstra, said last week he was resigning "after consultation
with the Office of the United States Trustee."

The Journal notes the Chapter 7 Trustee's resignation came a day
before Judge Geraldine Mund of the U.S. Bankruptcy Court in
Woodland Hills, Calif., was to consider Mr. Dykstra's request to
have Mr. Cisneros removed for failing to disclose the extent of
his business with J.P. Morgan Chase & Co., which happens to be
largest creditor in Mr. Dykstra's case.

The Journal says that, according to court filings, a successor
trustee will be named to take over the bankruptcy case.

The Journal says the U.S. Trustee's office didn't immediately
respond to a request for comment.  Mr. Cisneros's lawyer Leonard
M. Shulman declined to comment.

According to the Journal, Mr. Dykstra said Mr. Cisneros failed to
disclose that he represented JPMorgan in some 300 bankruptcy
cases.  One product of this undisclosed relationship, Mr. Dykstra
claimed, was that Mr. Cisneros agreed to settle predatory-lending
claims Mr. Dykstra had alleged against JPMorgan at a substantial
discount.

The Journal relates Mr. Dykstra had claimed Washington Mutual,
which JPMorgan purchased in 2008, put him into a $12 million loan
he couldn't afford in connection with his $17.5 million purchase
of hockey legend Wayne Gretzky's Thousand Oaks, Calif., mansion.
The bank had denied wrongdoing.

The Journal also repots that Mr. Dykstra has said he's launching a
new company, predatorylendingrecovery.com, to help struggling
homeowners stay in their houses.  "We're going to save people's
homes, I know how to do it," he said.

                        About Lenny Dykstra

Lenny Dykstra is a former Major League Baseball all-star player.
He was center fielder for the New York Mets and Philadelphia
Phillies.  He filed for Chapter 11 bankruptcy protection July 7,
2009 (Bankr. C.D. Calif. Case No. 09-18409).  M Jonathan Hayes,
Esq., at the Law Office of M Jonathan Hayes, in Northridge,
California, assisted the Debtor in his restructuring effort.  The
Debtor estimated up to $50,000 in assets and $10 million to $50
million in debts in its Chapter 11 petition.

A Chapter 11 trustee was appointed in September 2009, and the case
was converted to a liquidation in Chapter 7 on November 20, 2009.
The trustee -- Arturo M. Cisneros -- was investigating the
disposition of personal property both before and after the
Chapter 11 filing.


LYONDELL CHEMICAL: Asks Bankruptcy Court to Halt Highland Suit
--------------------------------------------------------------
Dow Jones Daily Bankruptcy Review reports that LyondellBasell
Industries and UBS AG are asking a New York bankruptcy judge to
halt a lawsuit filed by hedge fund manager Highland Capital
Management, which claims it was barred from participating in the
chemical company's bankruptcy-exit financing because of an ongoing
and unrelated legal fight between UBS and Highland.

The Troubled Company Reporter, citing Bankruptcy Law360, reported
on July 30, 2010, that Highland claimed UBS Securities LLC
unfairly blocked it from a contract entitling it to a $150 million
financing opportunity for LyondellBasell.  Highland named both UBS
and Lyondell as defendants Wednesday in a 14-page complaint in the
New York County Supreme Court, alleging single counts of breach of
contract.

                       About Lyondell Chemical

LyondellBasell Industries is one of the world's largest polymers,
petrochemicals and fuels companies.  Basell AF and Lyondell
Chemical Company merged operations in 2007 to form LyondellBasell
Industries, the world's third largest independent chemical
company.  LyondellBasell became saddled with debt as part of the
US$12.7 billion merger.  Len Blavatnik's Access Industries owned
the Company prior to its bankruptcy filing.

On January 6, 2009, LyondellBasell Industries' U.S. operations,
led by Lyondell Chemical Co., and one of its European holding
companies -- Basell Germany Holdings GmbH -- filed voluntary
petitions to reorganize under Chapter 11 of the U.S. Bankruptcy
Code to facilitate a restructuring of the company's debts.  The
case is In re Lyondell Chemical Company, et al., Bankr. S.D.N.Y.
Lead Case No. 09-10023).  Seventy-nine Lyondell entities filed for
Chapter 11. Luxembourg-based LyondellBasell Industries AF S.C.A.
and another affiliate were voluntarily added to Lyondell
Chemical's reorganization filing under Chapter 11 on April 24,
2009.

Deryck A. Palmer, Esq., at Cadwalader, Wickersham & Taft LLP, in
New York, served as the Debtors' bankruptcy counsel.  Evercore
Partners served as financial advisors, and Alix Partners and its
subsidiary AP Services LLC, served as restructuring advisors.
AlixPartners' Kevin M. McShea acted as the Debtors' Chief
Restructuring Officer.  Clifford Chance LLP served as
restructuring advisors to the European entities.

LyondellBasell emerged from Chapter 11 bankruptcy protection in
May 2010, with a plan that provides the Company with $3 billion of
opening liquidity.  A new parent company, LyondellBasell
Industries N.V., incorporated in the Netherlands, is the successor
of the former parent company, LyondellBasell Industries AF S.C.A.,
a Luxembourg company that is no longer part of LyondellBasell.
LyondellBasell Industries N.V. owns and operates substantially the
same businesses as the previous parent company, including
subsidiaries that were not involved in the bankruptcy cases.
LyondellBasell's corporate seat is Rotterdam, Netherlands, with
administrative offices in Houston and Rotterdam.


M&TD REALTY: May Be Put in Bankruptcy to Avoid Foreclosure
----------------------------------------------------------
Former "Top Chef" contestant Timothy Dean told the Baltimore
Business Journal in an interview Monday that he would consider
seeking Chapter 11 bankruptcy protection for his M & T.D. Realty
LLC as a worse case scenario, rather than allow the firm's
building to be foreclosed and sold at auction.

As widely reported, the buildings that house Mr. Dean's Prime
Steakhouse restaurant at 1717-1721 Eastern Ave., are to be sold at
a bank foreclosure auction on September 16 auction, according to a
listing on Jonathan Melnick Auctioneers' Web site.

The buildings are owned by M&TD Realty LLC, which Mr. Dean
controls.  Mr. Dean is represented by Stephen Prevas, Esq.

Mr. Dean launched Prime Steakhouse in February 2010, as he was
about to compete on television's "Top Chef."

Business Journal's Daniel J. Sernovitz reports that the auction is
being held at the request of Adams National Bank, which sued Mr.
Dean and M&TD Realty LLC on April 26 for $1.3 million, according
to Baltimore City Circuit Court records.  Mr. Dean is challenging
the lawsuit.

Mr. Dean told Business Journal he does not expect the property to
be foreclosed on but that the bank is attempting to determine how
much the property is worth by scheduling it for auction.  The
Business Journal notes Mr. Dean paid $1.1 million for the building
in July 2006.  It is now worth $811,200, according to the Maryland
Department of Assessments and Taxation.

Mr. Dean also owns T.D. Bistro, the company that owns the defunct
TD Lounge, which filed for Chapter 11 bankruptcy protection in
May.


MAKING VIRTUAL: Involuntary Chapter 11 Case Summary
---------------------------------------------------
Alleged Debtor: Making Virtual Solid, L.L.C.
                1018 Boulevard
                New Milford, NJ 07646

Bankruptcy Case No.: 10-12529

Involuntary Chapter 11 Petition Date: August 10, 2010

Court: U.S. Bankruptcy Court
       District of Delaware (Delaware)

Debtor's Counsel: Pro Se

Petitioners' Counsel: Gregory W. Werkheiser, Esq.
                      MORRIS NICHOLS, ARSHT & TUNNEL, LLP
                      1201 N. Market Street, 18th Floor
                      Wilmington, DE 19899-1347
                      Tel: (302) 658-9200

Creditors who signed the Chapter 11 petition:

    Petitioners                    Nature of Claim    Claim Amount
    -----------                    ---------------    ------------
Arcellus Group, LLC                Promissory Note        $426,253
P.O. Box 457
Manasquan, NJ 08736

Levin Family Partnership, LLC      Promissory Note        $153,750
P.O. Box 457
Manasquan, NJ 08736

Martin J. Levin                    Promissory Note         $66,428
P.O. Box 457
Manasquan, NJ 08736


MANN BRACKEN: Receiver Wants to Sue Axiant for Breach, Negligence
-----------------------------------------------------------------
The receiver appointed for the receivership estate of Mann
Bracken, LLP asked the bankruptcy court to lift the automatic stay
so that Mann Bracken's estate can sue Axiant, LLC for "negligence,
breach of contract and other available causes of action to
establish liability," netDockets Blog reports.

According to the report, the Receiver asserts that relief from the
automatic stay that took effect with the bankruptcy filing of
Axiant is appropriate because Mann Bracken will only proceed
against Axiant's general errors and omissions liability insurance
policy and that Axiant's bankruptcy estate "does not have an
equity interest in the insurance proceeds."

                       About Axiant LLC

Huntersville, North Carolina-based Axiant, LLC, aka MBSolutions
LLC, filed for Chapter 11 bankruptcy protection on November 20,
2009 (Bankr. D. Delaware Case No. 09-14118).  Michael R. Nestor,
Esq., and Pilar G. Kraman, Esq., at Young Conaway Stargatt &
Taylor, LLP, serve as counsel to the Debtor.  The Company
estimated $10 million to $50 million in assets and debts in its
Chapter 11 petition.

At the end of 2009, U.S. Bankruptcy Judge Mary Walrath entered an
order converting the chapter 11 bankruptcy case of Axiant, LLC, to
a chapter 7 liquidation.  Axiant filed for Chapter 11 to
effectuate a sale of its assets to NCO Group, Inc. for between $7
million and $10 million.  However, Axiant's attempt to sell its
assets ultimately failed, resulting in the chapter 7 conversion.

                        About Mann Bracken

Mann Bracken LLC, a debt-collection law firm in Maryland, ceased
operations in January 2010.   Mann Bracken blamed its fate on the
November bankruptcy filing of Axiant, a company that handled its
support services.  "Axiant's pending liquidation has left Mann
Bracken without funds to pay creditors and insolvent," according
to the company, which filed an $8.8 claim against Axiant.


MEDICAL CARD: S&P Assigns 'BB' Counterparty Credit Ratings
----------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'BB'
counterparty credit and financial strength ratings to Medical Card
System Inc.'s core operating subsidiaries: MCS Advantage Inc., MCS
Life Insurance Co., and MCS Health Management Options Inc.

Standard & Poor's also said that it assigned its 'B' counterparty
credit rating to MCS and its 'B' senior secured debt rating to
the company's credit facility, which consists of a five-year
$175 million term loan due 2015.

The outlook on all of these companies is stable.

"The ratings on MCS and its core operating subsidiaries are based
on the company's well-established competitive position in its core
product markets, good earnings and cash flow, and adequate
liquidity," said Standard & Poor's credit analyst Neal Freedman.
"Offsetting factors include weak balance-sheet characteristics, a
geographic underwriting concentration, and limited financial
flexibility."

MCS has an established competitive position in each of its three
core product markets: Medicare Advantage, Reforma (Medicaid), and
commercial.  The company is the only health insurer in Puerto Rico
that is in the top two of each of the markets and is the number
one player (based on premium volume) in the Reforma market.  The
company has experienced dramatic membership growth in the MA
market, where membership in the 15-month period from Dec. 31,
2008, to March 31, 2010, increased 62.5% to 118,000 members from
72,600 members.

MCS's operating performance improved significantly in 2009, as
demonstrated by an approximate doubling of operating EBIT (which
excludes realized gains and losses) to $77.2 million (a 5.0%
return on revenue; ROR) compared with $38.5 million in 2008 (a
2.5% ROR) and $58.3 million (a 4.3% ROR) in 2007.  The improvement
stemmed from the movement of Reforma subscribers to preferred
networks managed by independent practice associations, resulting
in improved medical claims cost management, coupled with MA
business growth.  For 2010, S&P expects that MCS's operating EBIT
will be $100 million-$110 million, resulting in an ROR of 5.0%-
5.5%.

S&P considers MCS's balance sheet to be weak as a result of the
$175 million term loan, which dramatically reduced balance-sheet
quality by introducing a significant debt load and eliminating
shareholders' equity.  MCS will use the proceeds primarily to pay
a dividend to shareholders as well as for general corporate
purposes.

The stable outlook indicates that the ratings are unlikely to
change over the next 12 months.  For 2010, S&P expects that MCS's
operating EBIT (excluding realized gains and losses) to be
$100 mllion-$110 million (a 5.0%-5.5% ROR) and that its membership
will increase modestly, with growth stemming primarily from the
Reforma and commercial markets.


MENNEN BUILDERS: Case Summary & 6 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Mennen Builders, Inc.
        815 Wexford Drive
        Lafayette, IN 47905

Bankruptcy Case No.: August 10, 2010

Chapter 11 Petition Date: August 10, 2010

Court: U.S. Bankruptcy Court
       Northern District of Indiana (Hammond Division at
       Lafayette)

Judge: Robert E. Grant

Debtor's Counsel: David R. Krebs, Esq.
                  101 West Ohio Street, Suite 2100
                  Indianapolis, IN 46204
                  Tel: (317) 262-1001
                  E-mail: drk@hostetler-kowalik.com

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

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

A list of the Company's six largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/innb10-40805.pdf

The petition was signed by Douglas R. Mennen, president.


METRO-GOLDWYN-MAYER: Creditors Near Spyglass Management Pact
------------------------------------------------------------
Metro-Goldwyn-Mayer Inc.'s creditors, grappling with the studio's
$3.7 billion debt, are close to an agreement to turn over
management to Spyglass Entertainment Group, Ronald Grover at
Bloomberg News reports, citing two people with knowledge of the
situation.

Spyglass would receive 4% ownership in MGM in return for their
rights to films including "Sixth Sense" and "Seabiscuit," said one
of the people, who declined to be identified because the
discussions are private, according to Bloomberg.

Bloomberg relates that one person said that an accord would
involve a bankruptcy filing to convert the debt into a more than
90% stake in MGM.

As reported by the Troubled Company Reporter on August 12, 2010,
sources told The Wall Street Journal that MGM hopes to file a
"prepackaged" bankruptcy sometime in mid-September, when its
latest waiver on debt payments expires.  J.P. Morgan Chase & Co.,
a major MGM creditor, is working on providing between $150 million
and $200 million in debtor-in-possession financing to steer the
studio through bankruptcy, one of the sources told the Journal.

One source told Bloomberg negotiations with Spyglass intensified
two weeks ago, after Lions Gate Entertainment Corp., which had
made a presentation to creditors on July 14, signaled it likely
wouldn't bid.

Los Angeles-based MGM has two releases for 2010, according to Box
Office Mojo.  Spyglass, which is being advised by Deutsche Bank,
would need to raise as much as $500 million for production, the
person said.  Among the films MGM has on its schedule further out
are a James Bond feature and a two-picture installment of "The
Hobbit," a prequel to the blockbuster "Lord of the Rings" series.
MGM has the rights to "The Hobbit" with Time Warner Inc.'s Warner
Bros.

                    About Metro-Goldwyn-Mayer

Metro-Goldwyn-Mayer, Inc., is an independent, privately held
motion picture, television, home video, and theatrical production
and Distribution Company.  The Company owns the world's largest
library of modern films, comprising approximately 4,000 titles,
and over 10,400 episodes of television programming.  An investor
consortium, comprised of Providence Equity Partners, TPG Capital,
Sony Corporation of America, Comcast Corporation, DLJ Merchant
Banking Partners and Quadrangle Group, owns MGM.

In May 2010, MGM's lenders agreed to let the studio skip interest
and principal payments.  The deadline has been extended to
September 15.

MGM has hired investment bank Moelis & Company and the law firm
Skadden, Arps, Slate, Meagher & Flom.  In August 2009, it hired
the restructuring expert Stephen F. Cooper to help lead the
company.


MEXICANA AIRLINES: Canadian Court Recognizes Concurso Proceeding
----------------------------------------------------------------
Mexicana Airlines sought and obtained a ruling from the Superior
Court of Canada Commercial Division in the District of Montreal
that would shield the company from lawsuits and block creditors
from seizing its assets.

The Honorable Brian Riordan, in an order dated August 5, 2010,
ruled that the insolvency case of Mexicana Airlines is recognized
as a foreign main proceeding under Canada's Companies' Creditors
Arrangement Act.  The order also recognized Maru Johansen as the
airline's foreign representative.

Ms. Johansen serves as Mexicana Airlines' U.S. vice-president of
legal affairs and corporate affairs.

The court order imposes an injunction prohibiting Mexicana
Airlines' creditors, suppliers or any entity from filing and
prosecuting lawsuits or any action against the airline, its
assets and the foreign representative unless there is approval
from the Canadian Court, the airline or its representative.  It
also prohibits Mexicana Airlines from selling or disposing any of
its assets in Canada without the Canadian Court's approval.

The injunction is good until November 10, 2010.

Justice Riordan also appointed Samson Belair Deloitte & Touche
Inc. as information officer to assist the foreign representative.
The firm is tasked to file a report every three months about the
status of the proceeding, among other things.

Both the foreign representative and the firm cannot be held
accountable or be sued in connection with the performance of
their duties, except with prior leave of the Canadian Court.

Mexicana Airlines was required to pay the fees and reimburse the
expenses of its foreign representative, Samson Belair and their
counsel.  To secure payment of their fees and expenses, they were
granted mortgage, security interest or liens worth up to $250,000
in Mexicana Airlines' properties, except for some of its
aircraft.

                      About Mexicana Airlines

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.

Grupo Mexicana de Aviacion is the parent of Compania Mexicana. Two
other units are Aerovias Caribe S.A. de C.V. (Mexicana Click) and
Mexicana Inter S.A. de C.V. (Mexicana Link).

Compania Mexicana de Aviacion or Mexicana Airlines, Mexico's
largest airline, filed for bankruptcy in the U.S. and Mexico on
August 2, 2010.  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.

Maru E. Johansen, foreign representative of Compania Mexicana,
estimated in the Chapter 15 petition that the company has assets
of US$500 million to US$1 billion and debts of more than
US$1 billion.  William C. Heuer, Esq., at Duane Morris LLP, serves
as counsel to Ms. Johansen.

Mexicana de Aviacion stated that despite its bankruptcy filing, it
expects to continue to operate normally, and that such filings

Bankruptcy Creditors' Service, Inc., publishes Mexicana Airlines
Bankruptcy News.  The newsletter tracks the chapter 11 proceedings
and the ancillary proceedings undertaken by Compania Mexicana de
Aviacion and its units.  (http://bankrupt.com/newsstand/or
215/945-7000)


MEXICANA AIRLINES: ILFC, et al., Seek Relief From U.S. TRO
----------------------------------------------------------
International Lease Finance Corp., Whitney Ireland Leasing Ltd.
and Calliope Ltd. seek relief from the temporary restraining
order issued by a U.S. bankruptcy court in favor of Mexicana
Airlines.

Mexicana Airlines, otherwise known as Compania Mexicana de
Aviacion S.A. de C.V., earlier obtained a restraining order from
the U.S. Bankruptcy Court for the Southern District of New York
against creditors and other entities to ward off legal action
against the airline.

ILFC, Whitney Ireland and Calliope leased out some of their
aircraft to the airline.  Mexicana Airlines, however, allegedly
breached their lease contracts after it failed to make payments,
prompting the group to terminate the airline's rights under the
contracts.

The ILFC group earlier sent notices of termination to Mexicana
Airlines requiring the airline to make the necessary payments and
to return the aircraft.

The group's attorney, Scott Greissman, Esq., at White & Case LLP,
in New York, says the TRO should be dissolved because Mexicana
Airlines has no colorable claim to the aircraft.

"The imposition of the TRO does nothing to protect any legitimate
property interest of Mexicana," Mr. Greissman says in a motion
filed with the Court.  "To the contrary, it permits Mexicana to
continue to fly aircraft it has no right to fly with impunity."

"Mexicana cannot continue to improperly possess the ILFC group's
aircraft and the TRO should be dissolved to permit the ILFC group
to repossess its aircraft," he says.

Mr. Greissman further says that under bankruptcy law, the filing
of a bankruptcy petition cannot revive a lease that was
terminated prior to the commencement of a case.

The ILFC group also asks the Court to issue a declaration that
its lease contracts with Mexicana Airlines were already
terminated and that the automatic stay is not applicable to the
group and its aircraft if the Court issues an order recognizing
the airline's insolvency case in Mexico as a "foreign main
proceeding.

In connection with this, the ILFC group filed two other motions
seeking authorization to file under seal certain documents
containing "highly sensitive information" and seeking expedited
hearing on the group's request.

In a related development, Pacific Fuel Trading Corp., a fuel
supplier of Mexicana Airlines, filed a motion seeking either a
clarification that the TRO does not prevent it from terminating
its contract with the airline or relief from the TRO so that it
could terminate the contract.

Pacific Fuel argues that the TRO does not prohibit it from
exercising its contractual rights since it would not transfer,
encumber or dispose of the airline's assets.

The Court will consider approval of ILFC's and Pacific Fuel's
requests on August 16, 2010.  The Court directed ILFC Group to
file a supplemental memorandum of law.  Mexicana Airlines has
until August 13, 2010, to file its objection to the parties'
motion.

                      About Mexicana Airlines

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.

Grupo Mexicana de Aviacion is the parent of Compania Mexicana. Two
other units are Aerovias Caribe S.A. de C.V. (Mexicana Click) and
Mexicana Inter S.A. de C.V. (Mexicana Link).

Compania Mexicana de Aviacion or Mexicana Airlines, Mexico's
largest airline, filed for bankruptcy in the U.S. and Mexico on
August 2, 2010.  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.

Maru E. Johansen, foreign representative of Compania Mexicana,
estimated in the Chapter 15 petition that the company has assets
of US$500 million to US$1 billion and debts of more than
US$1 billion.  William C. Heuer, Esq., at Duane Morris LLP, serves
as counsel to Ms. Johansen.

Mexicana de Aviacion stated that despite its bankruptcy filing, it
expects to continue to operate normally, and that such filings

Bankruptcy Creditors' Service, Inc., publishes Mexicana Airlines
Bankruptcy News.  The newsletter tracks the chapter 11 proceedings
and the ancillary proceedings undertaken by Compania Mexicana de
Aviacion and its units.  (http://bankrupt.com/newsstand/or
215/945-7000)


MEXICANA AIRLINES: Offers Unions Stake in Airline Under New Deal
----------------------------------------------------------------
Grupo Mexicana, otherwise known as Nuevo Grupo Aeronautico,
offered Mexicana Airlines pilots and flight attendants a stake in
the holding company in exchange for new labor terms.

In a statement dated August 10, 2010, Grupo Mexicana, which
controls the airline, said it offered pilots and flight
attendants a share of its capital stock, proportionate to
contributions made by their unions in their collective labor
contracts.  They were also offered a share in the stock of other
companies including MexicanaLoyalty and MexicanaMRO, according to
the statement.

To provide Mexicana Airlines with the capital injection it
needs, Grupo Mexicana said it will be inviting a "complementary
investment group," which will also be entitled to a share of its
capital stock.

In addition, stockholders are willing to dilute their share
participation to save the airline, according to the statement.

"Given the airline's cash flow problems and precarious financial
situation, time will be a determining factor," Grupo Mexicana
said.

"The fact that the company's unions have agreed to revise
collective contracts in the interests of cost efficiency is a
major step toward financial viability that will benefit not only
employees and passengers in the long term but Mexico's commercial
aviation industry in general," Grupo Mexicana pointed out.

Fernando Perfecto, head of the pilots' union ASPA, said the union
is interested in buying a stake and would modify its collective
bargaining contract to secure a deal, according to an August 10,
2010 report by Bloomberg News.

"Time is of the essence.  We want to rescue Mexicana and if we
have to assess our collective contract, without doubt we'll do
it," Bloomberg News quoted Mr. Perfecto as saying.

Talks between Grupo Mexicana and the pilots and flight attendants
unions have progressed in the past 10 days, according to the
statement.

ASPA has already spoken with at least three outside investors to
form a group to rescue the airline from bankruptcy, Mr. Perfecto
disclosed.  He refused to name the potential investors.

Lizette Clavel, ASSA secretary general, also disclosed that
Mexicana Airlines is in talks with "three important national
groups" as possible buyers.  She refused to name the investor
groups but columnists and analysts have suggested AeroMexico, a
rival company, as a potential buyer, according to an August 9,
2010 report by Reuters.

                      About Mexicana Airlines

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.

Grupo Mexicana de Aviacion is the parent of Compania Mexicana. Two
other units are Aerovias Caribe S.A. de C.V. (Mexicana Click) and
Mexicana Inter S.A. de C.V. (Mexicana Link).

Compania Mexicana de Aviacion or Mexicana Airlines, Mexico's
largest airline, filed for bankruptcy in the U.S. and Mexico on
August 2, 2010.  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.

Maru E. Johansen, foreign representative of Compania Mexicana,
estimated in the Chapter 15 petition that the company has assets
of US$500 million to US$1 billion and debts of more than
US$1 billion.  William C. Heuer, Esq., at Duane Morris LLP, serves
as counsel to Ms. Johansen.

Mexicana de Aviacion stated that despite its bankruptcy filing, it
expects to continue to operate normally, and that such filings

Bankruptcy Creditors' Service, Inc., publishes Mexicana Airlines
Bankruptcy News.  The newsletter tracks the chapter 11 proceedings
and the ancillary proceedings undertaken by Compania Mexicana de
Aviacion and its units.  (http://bankrupt.com/newsstand/or
215/945-7000)


MONEY TREE: Posts $2.3 Million Net Loss in Q3 Ended June 25
-----------------------------------------------------------
The Money Tree, Inc., filed its quarterly report on Form 10-Q,
reporting a net loss of $2.3 million on $2.9 million of revenue
for the three months ended June 25, 2010, compared with a net
loss of $3.4 million on $3.5 million of revenue for the three
months ended June 25, 2009.

The Company's balance sheet as of June 25, 2010, showed
$46.9 million in total assets, $88.0 million in total liabilities,
and a stockholders' deficit of $41.1 million.

As reported in the Troubled Company Reporter on January 8, 2010,
Tallahassee, Fla.-based Carr, Riggs & Ingram, LLC expressed
substantial doubt about the Company ability to continue as a going
concern after auditing the Company's financial statements for the
year ended September 25, 2009.  The independent auditors noted
that the Company has suffered recurring losses from operations and
has a net capital deficiency.

According to the Form 10-Q, for the nine months ended June 25,
2010, and 2009, respectively, the Company incurred net losses of
$7.3 million and $8.9 million.  As of June 25, 2010, the Company
had a shareholders' deficit of $41.1 million, from $33.8 million
at September 25, 2009.

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

               http://researcharchives.com/t/s?689d

Based in Bainbridge, Ga., The Money Tree, Inc.
- http://themoneytreeinc.com/- makes consumer finance loans and
provides other financial products and services through its branch
offices in Georgia, Alabama, Louisiana and Florida.  The Company
sells retail merchandise, principally furniture, appliances and
electronics, at certain of its branch office locations and
operates three used automobile dealerships in the State of
Georgia.  The Company also offers insurance products, prepaid
phone services and automobile club memberships to its loan
customers.


MOUNTAIN RESORT: Hearing on Plan Outline Set for September 29
-------------------------------------------------------------
The Hon. Sidney B. Brooks, of the U.S. Bankruptcy Court for the
District of Colorado will consider on September 29, 2010, at
11:00 a.m., adequacy of the disclosure statement explaining
Mountain Resort Properties, LLC's Plan of Reorganization.  The
hearing will be held at Courtroom E, U.S. Custom House, 721
19th Street, Denver, Colorado.  Objections, if any, are due
September 17.

The Debtor and Nicholas Marsch III owed Alpine Bank $6,150,000
used to buy the Debtor's real estate property in California.  MRP
also owed property taxes on the Property of $40,307.40.

According to the Disclosure Statement, the Plan contemplates the
Debtor's negotiation with its secured creditor to buy or
restructure that creditor's claims.  General Unsecured Creditors
will be paid in full, just as tax claimants.  Unsecured Creditors
that are insiders of the Debtor will receive no distribution.

The funds required to effectuate the Plan will come from Jeffrey
Sachs, a member of MRP.

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

The Debtor is represented by:

     F. Kelly Smith, Esq.
     216 Sixteenth St., Suite 1210
     Denver, CO 80202
     Tel: (303) 592-1650
     Fax: (303) 592-1701
     E-mail: fkellysmith@tde.com

              About Mountain Resort Properties, LLC

San Diego, California-based Mountain Resort Properties, LLC, is a
California limited liability company formed on September 27, 2007
to hold title to certain real property in the Bachelor Gulch area
of the Beaver Creek Resort.  The Property is a single family house
of roughly 10,000 square feet.  It has five bedroom suites, each
with its own bath and numerous amenities.

MRP filed for Chapter 11 protection on April 5, 2010 (Bankr. D.
Colo. Case No. 10-17709).  The Company disclosed $10,518,745 in
total assets and $6,018,207 in total liabilities as of the
Petition Date.


MPF CORP: Sale-Based Chapter 11 Plan Declared Effective
-------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas
declared that the effective date of MPF Holding US LLC, et al.'s
Plan of Reorganization occurred on August 9, 2010.

The Plan provided for the sale of the acquired assets to Cosco
Dalian Shipyard Co. Ltd., MPF's largest vendor, pursuant to the
assignment and purchase agreement.

The Debtors related that Cosco intends to use the acquired assets
in connection with the construction of a fully commissioned
drillship under a turn-key engineering, procurement, and
construction contract between Cosco and a third party who will
take delivery of the drillship upon completion of construction.

The essential terms of the agreement includes:

   a) a cash payment of $104,000,000 to MPF and MPF-01 on the
      closing date, in full;

   b) assumption of assumed liabilities; and

   c) release MPF-01 from its obligation to pay the cure amount
      under the Cosco Contract.

In addition, the purchaser may make an additional cash payment to
MPF to the extent that the aggregate amount of the initial cash
payment and any excess funds transferred to DvB, is less than (ii)
the aggregate amount of the DIP Loan Claims and the DvB Secured
Claim; provided, however, that the aggregate amount of the initial
cash payment and the additional cash payment will not exceed
$105,000,000.

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

                          About MPF Corp.

Bermuda-based MPF Corp. Ltd. -- http://www.mpf-corp.com/--
engages in deep water oil and gas exploration.  The Company was
established on April 25, 2006.  The company and debtor-affiliate
MPF Holding US LLC filed separate petitions for Chapter 11 relief
on Sept. 24, 2008 (Bankr. S.D. Tex. Case Nos. 08-36086 and 08-
36084).  MPF-01 followed on Sept. 25, 2008.

D. Bobbitt Noel, Jr., Esq. at Vinson & Elkins LLP, represents the
Debtors as counsel.  MPF estimated assets and debts of $100
million to $500 million in its Chapter 11 petition.

The Bermuda Proceedings and the Chapter 11 cases in the U.S. run
as parallel proceedings, which is coordinated to effectuate the
Debtors' goal of providing for a restructuring of their businesses
or sale of assets as may be in the best interests of their estates
and creditors.


NAVISTAR INT'L: CEO Presents Biz Opportunities at NY Conference
---------------------------------------------------------------
Daniel C. Ustian, Navistar International Corporation's Chairman,
President and Chief Executive Officer, discussed business
opportunities and other matters related to the Company at the
Jefferies 6th Annual Global Industrials and A&D Conference in New
York on August 10, 2010.  A full-text copy of the CEO's
presentation is available for free at:

            http://ResearchArchives.com/t/s?68b0

Mr. Ustian said that the Company has revised its revenue goal from
$15 billion to $20 billion.  It aims a $1.8 billion in segment
profit at average of cycle from $1.6 billion initially targetted.
He said the Company is trying to "improve [its] cost structure
while developing synergistic niche businesses."

                     About Navistar International

Navistar International Corporation (NYSE: NAV) --
http://www.Navistar.com/-- is a holding company whose
subsidiaries and affiliates subsidiaries produce International(R)
brand commercial and military trucks, MaxxForce(R) brand diesel
engines, IC Bus(TM) brand school and commercial buses, Monaco RV
brands of recreational vehicles, and Workhorse(R) brand chassis
for motor homes and step vans.  It also is a private-label
designer and manufacturer of diesel engines for the pickup truck,
van and SUV markets.  The company also provides truck and diesel
engine parts and service.  Another affiliate offers financing
services.

At April 30, 2010, the Company had $8.94 billion in total assets,
$10.14 billion in total liabilities, and a stockholders' deficit
of $1.21 billion.

Navistar has a 'BB-' issuer default rating from Fitch Ratings.  In
March 2010, Fitch revised the outlook to "positive" from negative,
citing that the revisions "are driven by improvement
in the financial profile of NFC following the signing of an
operating agreement with GE Capital and by NAV's financial
performance in the past year."

Navistar carries a 'B1' long-term rating from Moody's Investors
Service.


NEW CENTURY FIN'L: $125 Million Investor Settlement Approved
------------------------------------------------------------
Edvard Pettersson at Bloomberg News reports that New Century
Financial Corp. investors won preliminary approval from U.S.
District Judge Dean D. Pregerson of a $125 million settlement with
the defunct subprime-mortgage lender's former executives,
underwriters and auditor.

According to Bloomberg, Judge Pregerson, in Los Angeles, in an
order filed August 10, gave his initial consent to the class-
action settlement and set a Nov. 8 date to hear arguments whether
the agreement is fair and reasonable.

Bloomberg recounts that investors, led by the New York State
Teachers' Retirement System, claimed the former executives
concealed New Century's deteriorating financial condition as it
was issuing progressively riskier loans while claiming to adhere
to strict underwriting standards.

Accordging to the report, the investors said in a July 30 court
filing that New Century's former officers and directors, to settle
the lawsuit, agree to pay $65 million; former auditor KPMG LLP,
$45 million; and the former underwriters, including Bear Stearns &
Co. and Deutsche Bank Securities Inc., $15 million.

New Century wasn't a defendant in the case because of its
bankruptcy.

Countrywide Financial Corp. investors on Aug. 2 won preliminary
approval for a $624 million settlement over similar securities-law
claims against the mortgage lender.

                         About New Century

Founded in 1995, Irvine, Calif.-based New Century Financial
Corporation (NYSE: NEW) -- http://www.ncen.com/-- is a real state
investment trust, providing mortgage products to borrowers
nationwide through its operating subsidiaries, New Century
Mortgage Corporation and Home123 Corporation.  The Company offers
a broad range of mortgage products designed to meet the needs of
all borrowers.

New Century Financial and its affiliates filed for Chapter 11
protection on April 2, 2007 (Bankr. D. Del. Case No. 07-10416).
Suzzanne Uhland, Esq., Austin K. Barron, Esq., and Ana
Acevedo, Esq., at O'Melveny & Myers LLP, and Mark D. Collins,
Esq., Michael J. Merchant, Esq., and Jason M. Madron, Esq., at
Richards, Layton & Finger, P.A., were tapped as bankruptcy
counsel.  The Official Committee of Unsecured Creditors selected
Hahn & Hessen as its bankruptcy counsel and Blank Rome LLP as its
co-counsel.  When the Debtors filed for bankruptcy, they listed
total assets of $36,276,815 and total debts of $102,503,950.

The Court confirmed the Debtors' second amended joint Chapter 11
plan of liquidation on July 15, 2008.


ODYSSEY PROPERTIES: Asks for OK to Hire William Maloney as CRO
--------------------------------------------------------------
Odyssey Properties III, LLC, et al., ask for authorization from
the U.S. Bankruptcy Court for the Middle District of Florida to
employ William Maloney at Bill Maloney Consulting as chief
restructuring officer, nunc pro tunc to August 2, 2010.

Mr. Maloney will, among other things:

     a. review the Debtors' status and provide recommendations as
        to the restructuring strategy of the businesses;

     b. assist the Debtors in assessing the secured creditor
        positions and negotiate with creditors and meet the
        custodial and reporting requirements of the lenders;

     c. assist in evaluating restructuring options; and

     d. assist the Debtors in managing and complying with the
        requirements imposed by the U.S. Bankruptcy Code and the
        Bankruptcy Court.

The Debtor will pay Mr. Maloney an hourly fee of $325 for its
services.

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

Lakeland, Florida-based Odyssey Properties III, LLC, is engaged in
the business of developing, owning, and operating commercial
properties, including anchored and unanchored retail centers,
office buildings, flex and warehouse space, and self-storage
centers, primarily in central Florida.

Odyssey Properties and certain affiliates filed for Chapter 11
protection on August 2, 2010 (Bankr. M.D. Fla. Case No. 10-18713).
Edward J. Peterson, III, Esq., at Stichter, Riedel, Blain &
Prosser, PA, assists the Debtor in its restructuring effort.  The
Debtor estimated its assets and debts at $10 million to $50
million as of the Petition Date.


ODYSSEY PROPERTIES: Owes $29 Million to Noteholders
---------------------------------------------------
Odyssey Properties III, LLC, has filed with the U.S. Bankruptcy
Court for the Middle District of Florida the required list of its
20 largest unsecured creditors.  The list only contains one entry:

   Entity                                        Claim Amount
   ------                                        ------------
Peter J. Munson, Trustee for
Secured 9.0% Noteholders
c/o Peter J. Munson, Esq.
1501 S. Florida Avenue
Lakeland, FL 33803                                $29,000,000

Lakeland, Florida-based Odyssey Properties III, LLC, is engaged in
the business of developing, owning, and operating commercial
properties, including anchored and unanchored retail centers,
office buildings, flex and warehouse space, and self-storage
centers, primarily in central Florida.

Odyssey Properties and certain affiliates filed for Chapter 11
protection on August 2, 2010 (Bankr. M.D. Fla. Case No. 10-18713).
Edward J. Peterson, III, Esq., at Stichter, Riedel, Blain &
Prosser, PA, assists the Debtor in its restructuring effort.  The
Company tapped William Maloney of Bill Maloney Consulting as chief
restructuring officer.
The Debtor estimated its assets and debts at $10 million to
$50 million as of the Petition Date.


ODYSSEY PROPERTIES: Section 341(a) Meeting Scheduled for Sept. 3
----------------------------------------------------------------
The U.S. Trustee for Region 21 will convene a meeting of Odyssey
Properties III, LLC's creditors on September 3, 2010, at 1:30 p.m.
The meeting will be held at Room 100-B, 501 East Polk Street,
(Timberlake Annex), Tampa, FL 33602.

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.

Lakeland, Florida-based Odyssey Properties III, LLC, is engaged in
the business of developing, owning, and operating commercial
properties, including anchored and unanchored retail centers,
office buildings, flex and warehouse space, and self-storage
centers, primarily in central Florida.

Odyssey Properties and certain filed for Chapter 11 protection on
August 2, 2010 (Bankr. M.D. Fla. Case No. 10-18713).  Edward J.
Peterson, III, Esq., at Stichter, Riedel, Blain & Prosser, PA,
assists the Debtor in its restructuring effort.  The Company
tapped William Maloney of Bill Maloney Consulting as chief
restructuring officer.  The Debtor estimated its assets and debts
at $10 million to $50 million as of the Petition Date.


ODYSSEY PROPERTIES: Taps Stichter Riedel as Bankruptcy Counsel
--------------------------------------------------------------
Odyssey Properties III, LLC and its units ask for authorization
from the U.S. Bankruptcy Court for the Middle District of Florida
to employ Stichter, Riedel, Blain & Prosser, P.A., as bankruptcy
counsel, nunc pro tunc to the Petition Date.

Stichter Riedel will, among other things:

     a. prepare motions, applications, orders, reports, pleadings,
        and other legal papers;

     b. assist with and participate in negotiations with creditors
        and other parties in interest in formulating a plan of
        reorganization, drafting the plan and a related disclosure
        statement, and taking necessary legal steps to confirm the
        plan;

     c. represent the Debtors in all adversary proceedings,
        contested matters, and matters involving administration of
        the Debtor's bankruptcy case; and

     d. represent the Debtors in negotiations with potential
        financing sources and prepare contracts, security
        instruments, or other documents necessary to obtain
        financing.

Edward J. Peterson, III, Esq., who is employed by Stichter Riedel,
assures the Court that the firm is "disinterested" as that term is
defined in Section 101(14) of the Bankruptcy Code.

Lakeland, Florida-based Odyssey Properties III, LLC, is engaged in
the business of developing, owning, and operating commercial
properties, including anchored and unanchored retail centers,
office buildings, flex and warehouse space, and self-storage
centers, primarily in central Florida.

Odyssey Properties and certain affiliates filed for Chapter 11
protection on August 2, 2010 (Bankr. M.D. Fla. Case No. 10-18713).
The Company tapped William Maloney of Bill Maloney Consulting as
chief restructuring officer.  The Debtor estimated its assets and
debts at $10 million to $50 million as of the Petition Date.


OPTI CANADA: Moody's Assigns 'B3' Rating on First-Lien 1C Notes
---------------------------------------------------------------
Moody's Investors Service assigned a B3 (LGD2, 27%) rating to OPTI
Canada Inc.'s proposed secured first-lien 1C notes.  Moody's also
affirmed OPTI's Caa2 Corporate Family Rating, B1 rating on the
existing C$190 million secured first-lien revolving facility, B2
rating on the secured first-lien 1B notes and Caa3 rating on the
US$1.75 billion secured second lien notes.  The rating outlook
remains negative.

OPTI intends to issue approximately US$300 million of first-lien
1C notes, and raise an additional US$100 million through a tack-on
offering to its existing US$425 million first-lien 1B notes.
Proceeds will be used to shore up liquidity and for general
corporate purposes.  The new 1C note holders will have a junior
claim on OPTI's assets behind the existing 1B notes and the
revolver lenders, but will rank ahead of the US$1.75 billion
second-lien notes.

Following the debt issue, OPTI's already very high debt burden
will increase by approximately 15% to C$2.7 billion, while the
enhanced liquidity will help address near term funding needs as
Long Lake continues its slow ramp up and OPTI continues its
corporate review process.

To accommodate the increased leverage, concurrent with the notes
offerings, OPTI has obtained consent from its revolver lenders to
increase the debt to capitalization covenant to 75% from 70%, and
to issue up to US$300 million of additional debt under the first-
lien facility in addition to the US$100 million previously
permitted.

OPTI's liquidity will improve from the proposed debt issuances.
However, the cash burn rate and the extent of reliance on external
financing will be determined by the performance of Long Lake.
Post-closing the company would have approximately C$384 million of
cash and C$100 million of availability under the C$190 million
revolving facility.  Moody's expect the cash balance to be
substantially used up by mid 2011.  OPTI should remain in
compliance with its revolver's debt to capitalization covenant
over the next 12 months, but will have limited headroom.  OPTI's
revolving facility matures in December 2011 and the 1B notes
mature in December 2012.  Moody's expect the company to address
these imminent maturities in 2011 to lessen refinancing risk,
which continues to weigh on the rating.

The negative outlook reflects the uncertainty surrounding the
timing and ultimate success of the ramp up at Long Lake and,
longer term, the susceptibility of Long Lake's cash flows to oil
prices, and operating performance given the very high ongoing debt
service burden.

OPTI's ratings have been assigned by evaluating factors that
Moody's believes are relevant to the company's risk profile, 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.  These attributes were compared against other
issuers both within and outside OPTI's core industry.

Downgrades:

Issuer: OPTI Canada Inc.

  -- Senior Secured Regular Bond/Debenture, Downgraded to LGD5,
     70% from LGD4, 63%

Assignments:

Issuer: OPTI Canada Inc.

  -- Senior Secured Regular Bond/Debenture, Assigned a 27 - LGD2
     to B3

Withdrawals:

Issuer: OPTI Canada Inc.

  -- Senior Secured Bank Credit Facility, Withdrawn, previously
     rated B1, LGD1, 01%

The last rating action on OPTI was on November 16, 2009, when
Moody's lowered its CFR to Caa2 from Caa1.

OPTI Canada Inc., headquartered in Calgary, Alberta, holds a 35%
interest in Long Lake, an in-situ oil sands operation near Fort
McMurray, Alberta.


OPTI CANADA: S&P Junks Corporate Credit Rating From 'B-'
--------------------------------------------------------
Standard & Poor's Ratings services said it lowered its long-term
corporate credit rating on Calgary, Alta.-based OPTI Canada Inc.
to 'CCC+' from 'B-'.  The outlook is stable.

At the same time, Standard & Poor's lowered its senior secured
issue level ratings on the company's US$425 million first lien
debt and C$190 million secured revolving credit facility to 'B'
from 'B+'.  The '1' recovery rating on these issues is unchanged,
and indicates S&P's expectation of very high (90%-100%) recovery
in a default scenario.  In addition, Standard & Poor's lowered its
rating on OPTI's US$1.75 billion second-lien senior secured debt
to 'B-' from 'B'; the '2' recovery rating debt is unchanged,
indicating S&P's expectation of substantial (70%-90%) recovery in
default.

Standard & Poor's also assigned its 'B' issue level rating and '1'
recovery rating to the company's US$100 million in add-on and
US$300 million in new first-lien senior secured debt issues.

The downgrade reflects S&P's view of the additional debt, which
S&P believes weakened the company's financial risk profile to a
level consistent with the 'CCC' rating category.

"S&P base its decision to lower the ratings on the increasing
financing burden associated with OPTI's debt and the widening gap
between potential cash flow generation, and financing and spending
obligations," said Standard & Poor's credit analyst Michelle
Dathorne.  "Our estimates of the operating cash flows necessary
for the company to fund all required financing obligations and
capital spending internally provide no allowances for production
shortfalls or commodity-price weakness from now until 2012.  This
lack of financial flexibility is characteristic of a credit
profile in the 'CCC' category," Ms. Dathorne added.

The ratings on OPTI reflect Standard & Poor's view of the
company's high leverage, forecast negative free cash flows, and
the opportunity costs associated with production shortfalls if
operating efficiency deviates from S&P's expectations.  S&P
believes that somewhat offsetting these weaknesses are the long-
term growth prospects inherent in the Long Lake in-situ project's
large resource base; and its competitive cost profile, which
includes total operating and sustaining capital spending.

Given the delayed start-up at its Long Lake project, production
levels and realized revenues and cash flows have underperformed
S&P's initial expectations.  As its substantial debt has dwarfed
the negligible cash flows to date, OPTI's cash flow protection
measures continue to pressure its overall credit profile.  S&P
believes leverage is unlikely to improve in the year.  Although
the estimated negative free cash flow position fell relative to
that of the past two years, achieving S&P's forecast cash flows
depends entirely on Long Lake hitting its production targets.

Despite the significant shortfall in operating cash flow
generation, the stable outlook reflects Standard & Poor's
expectation that OPTI will maintain sufficient cash to meet its
near-term financing and capital spending obligations.  Given the
company's liquidity and leverage, any unscheduled shutdowns or
operational issues could materially constrain OPTI's ability to
fund its obligations and further deteriorate its financial risk
profile.  As a result of its highly leveraged balance sheet, there
is no cushion for incremental debt at the 'CCC+' rating.  A
negative rating action is likely if Long Lake's ramp-up to full
production stalls again, thereby increasing S&P's estimate of
OPTI's forecast negative free cash flow.  Considering the
company's highly leveraged financial risk profile, a near-term
positive rating action is unlikely without a significant equity
infusion.


ORLEANS HOMEBUILDERS: Files Plan of Reorganization
--------------------------------------------------
Orleans Homebuilders, Inc., along with certain affiliated debtors,
today filed its Plan of Reorganization and related Disclosure
Statement with the United States Bankruptcy Court for the District
of Delaware.  The Plan details how the claims for each class of
creditors will be treated in connection with the proposed
emergence of the Company from Chapter 11 protection later this
year.

Under the Plan, the Company would emerge from Chapter 11 with
under $200 million in debt, down from more than $400 million at
the time of the filing.

Mitchell B. Arden, Senior Managing Director and Shareholder of
Phoenix Management who has been serving as Orleans' Chief
Restructuring Officer, stressed that "We remain appreciative of
all those who have supported Orleans through this challenging
period and enabled us to reach this point today.  A reorganized
Orleans Homebuilders provides continuity for our existing
homebuyers, vendors, and employees for the benefit of the many
communities in which we operate.  For these reasons, we are
optimistic the Plan will be confirmed."

Mr. Arden further stated that "we have spent the past few months
negotiating with those holding more than 80% of the Company's
secured debt to reach an agreement in principle with respect to a
reasonable and fair treatment for all creditor classes.  The Plan
filed today reflects our best efforts in that regard, and it
provides a path to the future for Orleans Homebuilders that did
not exist five months ago.  When confirmed, the Plan would also
provide future value to creditors from working with us as we
continue to build fine homes for our customers."

Under the terms of the Plan, which remains subject to a vote of
the creditors and Court confirmation, all administrative, DIP
facility, tax, priority, and certain secured and operational lien
claims would be paid in full and are unimpaired.  Holders of
certain pre- and post-petition secured claims would receive their
pro rata share of common stock in the reorganized company, new
notes, and cash depending on their relative priority.

Holders of general unsecured claims, including the secured
creditors' deficiency claims, would receive their pro rata share
of the proceeds of sales of assets unencumbered as of the date of
the bankruptcy filing.  Holders of general unsecured claims may
also participate on a pro rata basis in certain potential
recoveries from avoidance actions.  The anticipated recovery for
this class is estimated to be minimal.  Holders of general
unsecured claims may elect to convert their claims to a
convenience class, which provides for a 5% cash payment based on
claims limited to $25,000.

Holders of junior subordinated notes and trust preferred
securities would receive recovery comparable to the class of
general unsecured creditors, which recoveries, other than certain
potential recoveries from avoidance actions, would be turned over
to certain of the Company's secured creditors.  All junior notes
and trust preferred securities would be cancelled on the effective
date of the Plan.

The Plan does not provide for distributions to the holders of
equity interests. On July 29, 2010, Orleans Homebuilders filed a
Form 15 with the Securities Exchange Commission ("SEC") to
terminate registration for the existing common stock under the
Securities Exchange Act and to terminate or suspend any
obligations to file reports with the SEC.

The Company and most of its operating subsidiaries filed voluntary
petitions to commence the Chapter 11 process on March 1, 2010. The
filing did not include certain of the Company's subsidiaries,
including its mortgage services subsidiary, Alambry Funding Inc.,
which provides mortgage brokerage services for customers and
financial institutions but which does not underwrite any customer
mortgages.

As of June 30, 2010, the Company had total earned revenue of
approximately $218.2 million for the 2010 fiscal year compared
with $330.9 million for the 2009 fiscal year.  The Company's net
loss for fiscal year 2010 was $57.9 million, compared with
$129.5 million for the prior fiscal year.

Information about the reorganization, including copies of
the Plan of Reorganization and Disclosure Statement filed
today and links to other Court filings, can be found
at http://www.orleanshomesreorg.com/

                   About Orleans Homebuilders

Orleans Homebuilders, Inc. -- aka FPA Corporation, OHB, Parker &
Lancaster, Masterpiece Homes, Realen Homes and Orleans --
develops, builds and markets high-quality single-family homes,
townhouses and condominiums.  From its headquarters in suburban
Philadelphia, the Company serves a broad customer base including
first-time, move-up, luxury, empty-nester and active adult
homebuyers.  The Company currently operates in these 11 distinct
markets: Southeastern Pennsylvania; Central and Southern New
Jersey; Orange County, New York; Charlotte, Raleigh and
Greensboro, North Carolina; Richmond and Tidewater, Virginia;
Chicago, Illinois; and Orlando, Florida.  The Company's Charlotte,
North Carolina operations also include adjacent counties in South
Carolina.  Orleans Homebuilders employs approximately 300 people.

The Company filed for Chapter 11 bankruptcy protection on March 1,
2010 (Bankr. D. Del. Case No. 10-10684).  Cahill Gordon & Reindell
LLP is the Debtor's bankruptcy and restructuring counsel.  Curtis
S. Miller, Esq., and Robert J. Dehney, Esq., at Morris, Nichols,
Arsht & Tunnell, are the Debtor's Delaware and restructuring
counsel.  Blank Rome LLP is the Debtor's special corporate
counsel.  Garden City Group Inc. is the Debtor's claims and notice
agent.  The Company estimated assets and debts at $100 million to
$500 million.


OSHKOSH CORP: S&P Raises Corporate Credit Rating to 'BB-'
---------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on
Wisconsin-based Oshkosh Corp., including the corporate credit
rating, to 'BB-' from 'B+'.  S&P also raised the rating on the
company's $550 million senior unsecured debt to 'B+' from 'B-',
and revised the recovery rating on this debt to '5' from '6',
indicating S&P's expectation of modest (10% to 30%) recovery in
a payment default scenario.  S&P also raised the rating on the
company's $2.6 billion (original amount) term loan and
$500 million revolving credit facility to 'BB+' from 'BB'.  The
recovery rating on this debt remains '1'.

"The rating actions reflect Oshkosh's significantly improved
credit measures," said Standard & Poor's credit analyst Dan
Picciotto.  These resulted from the company's defense segment
delivering on several large orders and its use of cash flow to
reduce funded debt balances.  "In addition, S&P expects that
Oshkosh's industrial businesses will improve in the upcoming year
from very low levels of activity, partially offsetting reduced
sales and profitability at the defense segment in fiscal 2011," he
continued.  S&P expects credit measures to weaken from very good
current levels, but believe they could remain consistent with
S&P's expectations for a higher rating if Oshkosh can perform well
as it transitions away from the sizable Mine-Resistant Ambush
Protected all-terrain vehicle program.

S&P believes Oshkosh could maintain credit measures adequate for a
higher rating.  S&P could raise the ratings if S&P see industrial
end markets improving next year as the defense segment's M-ATV-
related profits decline, resulting in credit measures consistent
with S&P's expectations.  For instance, if the company appears
likely to maintain credit measures of about 3.5x adjusted debt to
EBITDA and 20% funds from operations to total adjusted debt, S&P
could raise the ratings.  Alternatively, S&P could revise the
outlook to stable if a double-dip recession or debt-financed
acquisition results in weaker credit measures.  For instance, if
the company makes only modest additional debt repayments and
EBITDA declines approach $400 million in 2011, adjusted debt to
EBITDA would near 4x, which could result in a stable outlook
revision.


PACIFIC CAPITAL: Posts $58.3MM Q2 Loss; Bank Under Consent Order
----------------------------------------------------------------
Pacific Capital Bancorp, parent company of Pacific Capital Bank,
N.A., filed its quarterly report on Form 10-Q, reporting a net
loss of $58.3 million for the three months ended June 30, 2010,
compared with a net loss of $360.1 million for the same period of
2009.

Net interest income for the three months ended June 30, 2010, was
$39.6 million, compared with $52.0 million for the same period of
2009.  Provision for loan losses was $56.7 million for the second
quarter of 2010, compared with $194.1 million in the same period
of the prior year.

Total non-interest income was $7.3 million for the three months
ended June 30, 2010, compared to $11.0 million for the same period
in 2009, a decrease of $3.8 million or 34.2%.

Non-interest expense was $51.3 million for the three months ended
June 30, 2010, compared with $210.2 million for the three months
ended June 30, 2009.  Non-interest expense in the second quarter
of 2009 included a $128.7 million charge for the impairment of
goodwill.

The Company's balance sheet as of June 30, 2010, showed
$3.999 billion in total assets, $3.975 billion in total
liabilities, and a stockholders' equity of $24.3 million.

As reported in the Troubled Company Reporter on March 15, 2010,
Ernst & Young LLP, in Los Angeles, expressed substantial doubt
about the Company's ability to continue as a going concern.  The
independent auditors noted that of the Company's recurring losses
from operations and the enhanced regulatory scrutiny under which
the Company and Pacific Capital Bank, N.A. are operating.

According to the Form 10-Q, on May 11, 2010, the Company entered
into the Written Agreement with the Federal Reserve Bank of San
Francisco.  The Written Agreement, provides, among other things,
that except upon the prior approval of the FRB, the Company may
not pay dividends or receive dividends or any other payment
representing a reduction in capital from the Bank.

Also on May 11, 2010, in cooperation with and at the request of
the Office of the Comptroller of the Currency and pursuant to a
Stipulation and Consent to the Issuance of a Consent Order, the
Bank voluntarily consented to the issuance of the Consent Order.
Under the Consent Order, the Bank agreed, among other things, to
achieve and maintain thereafter capital of at least equal to 12%
of risk-weighted assets and Tier 1 capital at least equal to 9% of
adjusted total assets by September 8, 2010.

Any material failure to comply with the provisions of the Written
Agreement or Consent Order could result in additional enforcement
actions by the FRB and the OCC, respectively.

                        Recent Developments

On July 27, 2010, the Company announced that it has satisfied
significant conditions to closing the previously announced
investment of $500 million in the Company by SB Acquisition
Company LLC, a wholly-owned subsidiary of Ford Financial Fund,
L.P., and anticipates closing the transaction on August 31, 2010.
The Company also announced that it has reached a key agreement
with the United States Department of the Treasury on the treatment
of the preferred stock issued by the Company under the Troubled
Asset Relief Program Capital Purchase Program, and is currently
awaiting regulatory approval of the proposed Ford investment.

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

               http://researcharchives.com/t/s?68a5

                  About Pacific Capital Bancorp

Santa Barbara, Calif.-based Pacific Capital Bancorp (Nasdaq: PCBC)
-- http://www.pcbancorp.com/-- is the parent company of Pacific
Capital Bank, N.A., a nationally chartered bank that operates 48
branches under the local brand names of Santa Barbara Bank &
Trust, First National Bank of Central California, South Valley
National Bank, San Benito Bank and First Bank of San Luis Obispo.


PEABODY ENERGY: Fitch Assigns 'BB+' Rating on $650 Mil. Notes
-------------------------------------------------------------
Fitch Ratings has assigned a 'BB+' rating to Peabody Energy
Corporation's new $650 million senior unsecured notes due 2020.
Proceeds of the notes are to be used to redeem the company's
$650 million senior notes due March 2013.

Fitch currently rates Peabody:

  -- Issuer Default Rating 'BB+';
  -- Senior unsecured bank facility 'BB+';
  -- Senior unsecured notes 'BB+';
  -- Convertible junior subordinated debentures due 2066 'BB-'.

The Rating Outlook is Stable.

Peabody's credit ratings reflect large, well diversified
operations, good control of low-cost production, strong liquidity
and moderate leverage.

Liquidity at quarter's end was strong, with cash on hand of
$1.2 billion and $1.2 billion of availability estimated under the
company's $1.5 billion revolver.  Total debt with equity
credit/EBITDA for the latest 12 months ended June 30, 2010, was
1.9 times.  Peabody has substantial legacy liabilities resulting
in adjusted leverage of an estimated 2.8x at June 30, 2010.

Capital expenditures in 2010 are expected to be up to
$650 million, excluding federal coal reserve lease payments, which
are estimated at $25 million for 2010.  Interest expense is
expected to be between $205 million and $210 million for the year.
Peabody is targeting 2010 EBITDA of at least $1.7 billion, which
Fitch believes should be attainable given the company's contract
position and markets for its Australian coals.

Fitch expects operating cash flows will cover capital expenditures
and dividends of about $75 million per year amply over the next
12-18 months.  Scheduled maturities of debt are less than
$50 million per year in advance of the aforementioned $650 million
senior notes due March 2013 (which are being redeemed with this
financing).  Peabody should remain well within its financial
covenants of a maximum consolidated leverage ratio of 4.00x and a
minimum interest coverage ratio of 2.50x.

The Stable Outlook reflects Fitch's expectation that:

  -- Peabody will continue to invest in Australia to the extent of
     its free cash flow;

  -- Any significant acquisitions will be financed in a balanced
     manner with significant cash on hand and/or equity;

  -- Total debt with equity credit/EBITDA will remain below 2.5x
     over the next 18 months.

Fitch would consider a negative rating action if there were a
substantial recapitalization or a significant debt financed
acquisition.


PEABODY ENERGY: Moody's Assigns 'Ba1' Senior Unsecured Rating
-------------------------------------------------------------
Moody's Investors Service assigned a Ba1 senior unsecured rating
to Peabody Energy Corporation's proposed $650 million guaranteed
senior unsecured notes due 2020.  Peabody intends to use the net
proceeds to fund the cash tender offer also announced for any and
all of its outstanding 6 7/8% senior notes due 2013.  At the same
time, Moody's assigned a Ba1 senior unsecured rating to Peabody's
$2 billion senior unsecured credit facilities.  Moody's also
affirmed the company's Ba1 corporate family rating, the Ba1 senior
unsecured rating on its existing notes, and the Ba3 rating on the
convertible junior subordinated debentures.  Peabody's Speculative
Grade Liquidity rating is SGL-1 and the rating outlook remains
stable.

The Ba1 corporate family rating reflects Peabody's significant
size and scale, broadly diversified reserves and production base,
efficient surface mining operations, a solid portfolio of long-
term coal supply agreements with a large number of electric
utilities, stable margins, international growth opportunities, and
its strong management.  Challenges for the rating include
inconsistent free cash flow generation and the propensity to
operate with approximately 50% of debt in the capital structure.
The rating also considers the volatility of the company's
Australian operations, geological and operational risks inherent
in the coal mining business, and persistent cost pressures within
its cost base.

The stable outlook reflects Moody's belief that the company will
maintain its debt to capital ratio in the 45%-50% range and
quickly reduce leverage back to that level when acquisitions are
made.  Additionally, Moody's expect the company to exhibit the
ability to produce free cash flow to debt of at least five percent
over the rating horizon given the current robust metallurgical
coal demand.  Peabody has the propensity to operate with debt
comprising in excess of 50% of its capital structure, and to take
on significantly debt financed acquisitions, therefore a positive
outlook or an upgrade to Baa3 would be considered when the debt to
capital ratio is sustainable below 45%, including when
acquisitions are made.  Additionally, an upgrade to Baa3 would be
dependent on the company exhibiting the ability to consistently
produce free cash flow to debt of at least six to eight percent.
The rating could be lowered to Ba2 if the company's EBIT interest
coverage ratio appears unsustainable above 3.25x, if debt to
EBITDA is not sustainable below 4x or if the company takes on any
debt financed acquisitions that increase its debt to
capitalization ratio to the 60% to 65% range.

Assignments:

Peabody Energy Corporation

  -- $650 million senior unsecured notes due 2020, Ba1 (LGD3, 49%)

  -- $1.5 billion senior unsecured revolving credit facility, Ba1
     (LGD3, 49%)

  -- $500 million senior unsecured term loan, Ba1 (LGD3, 49%)

Affirmations:

Peabody Energy Corporation

  -- Senior unsecured notes, Ba1 (LGD3, 49%)
  -- Convertible junior subordinated debentures, Ba3 (LGD6, 97%)
  -- Speculative Grade Liquidity Rating, SGL-1

Moody's last rating action on Peabody was March 7, 2007, when
Moody's downgraded the company's hybrid instrument to Ba3.

Peabody Energy Corporation, headquartered in St. Louis, Missouri,
is the world's largest private-sector coal company with revenues
of $6.4 billion and 9.0 billion tons of reserves at June 30, 2010.


PEABODY ENERGY: S&P Assigns 'BB+' Rating on $650 Mil. Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'BB+'
issue-level rating (same as the corporate credit rating) and '3'
recovery rating to Peabody Energy Corp.'s proposed $650 million
senior unsecured notes due 2020.  The company issued the notes
under its shelf registration for well-known and seasoned issuers
filed on Aug. 7, 2009.

The '3' recovery rating indicates S&P's expectation of meaningful
recovery (50% to 70%) in the event of a payment default.  The
notes will rank equally with all other existing and future
unsecured and unsubordinated indebtedness.

The corporate credit rating on Peabody is 'BB+' and the rating
outlook is stable.

Proceeds from the proposed notes are expected to be used to fund
the tender offer for any and all of the company's $650 million 6
7/8% senior notes due 2013.  In addition, the company plans to
call the remaining portion of the 2013 notes in the event some are
not tendered.

Peabody is the world's largest private-sector coal company, with
trailing-12-month coal sales of 143 million tons and revenues of
$6.4 billion.  At June 30, 2010, the company had about
$4.4 billion of adjusted debt and about $1.6 billion of EBITDA.
As a result, trailing-12-month adjusted debt to EBITDA was 2.8x
and adjusted funds from operations (FFO) to debt around 30%.  In
addition, it has about $2.4 billion of liquidity, including nearly
$1.2 billion of cash and cash equivalents.

The rating on St. Louis, Mo.-based Peabody reflects the
combination of its satisfactory business risk profile and
significant financial risk profile.  Ratings also reflect its good
U.S. competitive position, substantial and diversified reserve
base, and significant Australian operations.  The ongoing cost,
regulatory, and operating risks inherent in coal mining, the
somewhat weak market conditions in the U.S., and the company's
significant financial risk profile partly outweigh these positive
factors.  S&P's assessment of the company's financial risk profile
takes into consideration Peabody's aggressive growth plans, which
include significant capital expenditures during the next several
years to expand its Australian operations and to develop a mine in
the Illinois Basin, and which could include material acquisitions.

                           Ratings List

                       Peabody Energy Corp.

    Corporate credit rating                        BB+/Stable/--

                         Ratings Assigned

        $650 million senior unsecured notes due 2020   BB+
         Recovery rating                               3


PEGASUS WIRELESS: Appeals Court Upholds Ch. 11 Dismissal
--------------------------------------------------------
Bankruptcy Law360 reports that a federal appeals court panel has
upheld the dismissal of Pegasus Wireless Corp.'s voluntary
Chapter 11 case, affirming rulings that the bankruptcy was not
filed in good faith.  Judges Susan H. Black, Rosemary Barkett and
Frank Hull of the U.S. Court of Appeals for the Eleventh Circuit
agreed with the bankruptcy and district courts in dismissing the
case, according to Law360.

                       About Pegasus Wireless

Palm Beach, Florida-based Pegasus Wireless Corp. --
http://www.pegasuswirelesscorp.com/-- makes and sells wireless
equipments and programs for Internet.  The Company is a direct
supplier to Showa Electric Cable Company.  In January 2006, the
Company acquired 51% controlling interest of SKI Technologies,
Inc., an electronics manufacturing facility in Taiwan.  The
Company filed for Chapter 11 bankruptcy protection on November 25,
2008 (Bankr. S.D. Fla. Case No. 08-27987).  Kevin C. Gleason,
Esq., who has an office in Hollywood, Florida, assists the Company
in its restructuring efforts.  The Company disclosed $17,472,000
in assets and $3,901,655 in debts as of the Petition Date.


POINT BLANK: Seeks Dec. 13 Extension of Plan Exclusivity
--------------------------------------------------------
Dow Jones DBR Small Cap reports that Point Blank Solutions Inc.,
is seeking 120 more days to craft its creditor-repayment plan
because it has been focusing on selling its assets.

Point Blank seeks a Dec. 13 extension of its exclusive plan filing
deadline and a Feb. 9, 2011 extension of its exclusive deadline to
solicit plan votes.

According to Dow Jones, Point Blank said in court papers Wednesday
that the sale process that it developed in consultation with
unsecured creditors and formally launched in July "is well
underway."  Sale materials have been marketed to potential
purchasers, and Point Blank has signed 60 nondisclosure agreements
with potential bidders.  Point Blank also said it's negotiating
"additional documents" with interested parties.

As of Wednesday, Point Blank said it has received "two indications
of interests in connection with the sale process."

                       About Point Blank

Headquartered in Pompano Beach, Florida, Point Blank Solutions,
Inc., -- http://www.pointblanksolutionsinc.com/-- designs and
produces body armor systems for the U.S. Military, Government and
law enforcement agencies, well as select international markets.
The Company is recognized as the largest producer of soft body
armor in the U.S.  The Company maintains facilities in Pompano
Beach, Florida and Jacksboro, Tennessee.

Point Blank Solutions filed for Chapter 11 on April 14, 2010
(Bankr. D. Del. Case No. 10-11255).  Laura Davis Jones, Esq., and
Timothy P. Cairns, Esq., at Pachulski Stang Ziehl & Jones LLP
serve as bankruptcy counsel to the Debtor.  Olshan Grundman Frome
Rosenweig & Wolosky LLP serves as corporate counsel.  T. Scott
Avila at CRG Partners Group LLC is the restructuring officer.

The U.S. Trustee has appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Equity Security
Holders in the case.  The Equity Committee has tapped Morrison
Cohen LLP, and The Bayard, P.A., as counsel.


QEP RESOURCES: Moody's Assigns 'Ba1' Rating on $500 Mil. Notes
--------------------------------------------------------------
Moody's Investors Service assigned a Ba1 rating to QEP Resources,
Inc.'s proposed offering of $500 million of senior unsecured notes
due 2021.  Moody's raised QEP's Speculative Grade Liquidity Rating
to SGL-2 from SGL-3 and affirmed QEP's Ba1 Corporate Family Rating
and Ba1 ratings on its existing senior unsecured notes.  The
outlook is stable.

"This debt offering effectively refinances the notes that were
tendered to QEP in its recently completed change of control
offer," commented Pete Speer, Moody's Vice-President.  "This
transaction solidifies the company's liquidity by repaying the
364-day term loan used to temporarily fund the change of control
offer."

The SGL-2 rating is based on Moody's expectation that QEP will
have good liquidity over the next twelve months.  The company has
a $1 billion committed unsecured revolving credit facility that
matures in March 2013 that has $278 million of outstanding
borrowings as of August 11, 2010.  Pursuant to the change of
control provisions in the existing senior notes indentures, QEP
offered to redeem the notes.  Approximately $618 million were
tendered in August 2010 and funded with a combination of revolver
borrowings and a $500 senior unsecured term loan.  The senior
unsecured notes offering will refinance the term loan on a long-
term basis, leaving ample revolver capacity for forecasted
negative free cash flow and working capital funding needs.

QEP forecasts negative free cash flow over the second half of 2010
and first half of 2011.  The company has substantial hedging in
place to reduce its exposure to commodity prices and has some
flexibility in its capital spending.  The outlook is stable based
on the company achieving its production growth forecasts and
delivering sufficient reserve additions to maintain its leverage
metrics on proved developed reserves and production volumes.  If
QEP's capital productivity is weaker than expected or if the
company makes significant acquisitions without meaningful equity
funding the outlook could be changed to negative or the ratings
downgraded.

QEP's Ba1 Corporate Family Rating is supported by its long-term
track record of growing production and reserves at competitive
costs and leverage metrics that compare favorably to most Ba1 and
Ba2 rated peers.  The rating is restrained by QEP's relatively
small reserve and production scale in comparison to its peer group
and its significant concentration of reserves and production in
the Pinedale Anticline in western Wyoming and the Haynesville
Shale in northwest Louisiana.  The Ba1 rating also recognizes the
significant third party cash flows generated by QEP Field Services
that provide additional debt support.

The Ba1 rating for QEP's senior notes reflects both the overall
probability of default for QEP, to which Moody's assigns a
Probability of Default Rating of Ba1, and a loss given default of
LGD 4 (60%).  The QEP senior notes and revolving credit facilities
are all unsecured and have no subsidiary guarantees.  Therefore
the senior notes are rated the same as QEP's Ba1 CFR under Moody's
Loss Given Default Methodology.

The last rating action on QMR was on July 2, 2010, when the
company's ratings were downgraded to Ba1 from Baa3 following the
company's spin-off from Questar Corporation.

QEP Resources, Inc., is an independent exploration and production
company headquartered in Denver, Colorado; and a successor by
merger to Questar Market Resources, Inc.


QUEPASA CORPORATION: Posts $1.9 Million Net Loss in Q2 2010
-----------------------------------------------------------
Quepasa Corporation filed its quarterly report on Form 10-Q,
reporting a net loss of $1.9 million for the three months ended
June 30, 2010, compared with a net loss of $2.5 million for the
corresponding period a year ago.

Revenues were $1.2 million for the three months ended June 30,
2010, compared to $76,032 for the same period in 2009.  This
increase is primarily attributable to $756,488 in DSM revenue and
$337,500 in website development revenue earned in the quarter
ended June 30, 2010.

The Company's balance sheet as of June 30, 2010, showed
$1.7 million in total assets, $6.8 million in total liabilities,
and a stockholders' deficit of $5.1 million.

As reported in the Troubled Company Reporter on March 9, 2010,
Salberg & Company, P.A., in Boca Raton, Florida, expressed
substantial doubt about the Company's ability to continue as a
going concern.  The independent auditors noted that of the
Company's net loss and net cash used in operating activities in
2009 of $10.6 million and $3.9 million, respectively, and
a stockholders' deficit and an accumulated deficit of $3.9 million
and $159.3 million, respectively, at December 31, 2009.

According to the Form 10-Q, the Company incurred a net loss of
approximately $4.6 million for the six months ended June 30, 2010,
and operating activities used cash of approximately $655,000
during the six months ended June 30, 2010, and as of June 30,
2010, the Company had a stockholders' deficit of $5.1 million and
accumulated losses from inception of $163.9 million.

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

               http://researcharchives.com/t/s?6898

                    About Quepasa Corporation

West Palm Beach, Fla.-based Quepasa Corporation (OTC BB: QPSA)
through its Web site http://www.Quepasa.com/operates as an online
social community for young Hispanics.


QWEST COMMS: Prices Cash Offer for $1.265-Billion Notes
-------------------------------------------------------
Qwest Communications International Inc. has determined the final
pricing of its p offer to purchase for cash any and all of its
$1.265 billion outstanding 3.50 percent convertible senior notes
due 2025 that was announced on July 13, 2010.

Upon the terms and subject to the conditions set forth in the
company's Offer to Purchase, dated July 13, 2010, and the related
Letter of Transmittal, the company is offering to pay, in cash,
for each $1,000.00 principal amount of Convertible Notes validly
tendered pursuant to the offer, a fixed cash amount of $1,170.00,
which was the maximum consideration payable in the offer.

Accrued interest to, but excluding the settlement date, also will
be paid in cash on all Convertible Notes purchased in the offer.

The offer is scheduled to expire at 5 p.m. EDT on Thursday, Aug.
12, 2010, unless extended or earlier terminated.  The offer is
subject to the satisfaction or waiver of certain conditions.  The
offer is not subject to the receipt of any minimum amount of
tenders.

Upon the terms and subject to the conditions set forth in the
Offer to Purchase and the Letter of Transmittal, holders who
validly tender their Convertible Notes at or prior to 5 p.m. EDT
on the Expiration Date, and whose Convertible Notes are accepted
for purchase, will receive payment of the purchase price on the
settlement date, which is expected to be Aug. 13, 2010.

                           About Qwest

Based in Denver, Colorado, Qwest Communications (NYSE: Q) --
http://www.qwest.com/-- offers residential customers a new
generation of fiber-optic Internet service, high-speed Internet
solutions, as well as digital home phone, wireless service
available through Verizon Wireless and DIRECTV services.  Qwest is
also the choice of 95 percent of Fortune 500 companies, offering a
full suite of network, data and voice services for small
businesses, large businesses, government agencies and wholesale
customers.  Additionally, Qwest participates in Networx, the
largest communications services contract in the world, and is
recognized as a leader in the network services market by leading
technology industry analyst firms.

Qwest carries a 'Ba2' corporate family and probability of default
ratings from Moody's and has 'BB' issuer credit ratings from
Standard & Poor's.

"Our high debt levels pose risks to our viability and may make us
more vulnerable to adverse economic and competitive conditions, as
well as other adverse developments," the Company said in its Form
10-K for the year ended Dec. 31, 2009.  At Dec. 31, the Company's
consolidated debt was approximately $14.2 billion.  Approximately
$5.8 billion of its debt obligations come due over the next three
years.  This amount includes $1.265 billion of our 3.50%
Convertible Senior Notes due 2025, which it may elect to redeem at
any time on or after November 20, 2010 and holders may require the
Company to repurchase for cash on November 15, 2010.

The Company's balance sheet at June 30, 2010, showed
$18.95 billion in total assets, $20.20 billion in total
liabilities, and a stockholders' deficit of $1.24 billion.


RANCHO AMISTAD: Case Summary & Largest Unsecured Creditor
---------------------------------------------------------
Debtor: Rancho Amistad
        23811 Washington Ave
        Murrieta, CA 92562

Bankruptcy Case No.: 10-33059

Chapter 11 Petition Date: August 9, 2010

Court: United States Bankruptcy Court
       Northern District of California (San Francisco)

Debtor's Counsel: Jonathan Fried, Esq.
                  LAW OFFICES OF JONATHAN FRIED
                  700 Montgomery St.
                  San Francisco, CA 94111
                  Tel: (415) 986-7000
                  E-mail: jon.fried@yahoo.com

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

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

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

Entity                   Nature of Claim        Claim Amount
------                   ---------------        ------------
Volwood Farms
7926 Barreek Way
Ignacio Valley, CA 97286

The petition was signed by William Garluck, manager.


REALOGY CORP: Posts $222MM Profit for Q2; Sees "Difficult" Q3
-------------------------------------------------------------
Realogy Corporation reported net revenue of $1.3 billion for the
second quarter of 2010, a 23% increase from the same period in
2009.   Realogy recorded net income of $222 million in the second
quarter of 2010 from a net loss of $15 million during the same
period in 2009.

EBITDA before restructuring and other items for the quarter was
$234 million, an improvement of $85 million year-over-year due to
revenue gains, cost reductions and productivity increases.  EBITDA
for the quarter was $544 million, which included the benefit of
$314 million related to the reduction in former parent legacy
liabilities.

The Company's balance sheet at June 30, 2010, showed $8.18 billion
in total assets, $9.13 billion in total liabilities, and a
stockholders' deficit of $951.00 million.

Realogy said it ended the second quarter with strong liquidity.
It had $239 million of readily available cash and no outstanding
balance on its revolving credit facility as of June 30, 2010.

"Clearly, Realogy had a strong second quarter, and we are pleased
with our operating and financial results for the period," said
Richard A. Smith, Realogy's chief executive officer.  "Looking
forward, however, it is shaping up to be a difficult third quarter
because of the expiration of the Homebuyer Tax Credit and an
uncertain near-term outlook for the economy.  The sales volume of
open contracts for both our company-owned and franchise segments -
which are the leading indicator for closed and reported sales in
the third quarter - dropped sharply, down an average of 17% in
June and July on a year-over-year basis.  High affordability and
near-record low mortgage rates alone cannot offset the impact of
high unemployment and declining consumer confidence."

As a result of lower than forecasted industry sales levels in the
second quarter and weakening third quarter prospects, the full-
year industry outlook for 2010 is now relatively flat to 2009.  In
July and August, respectively, both Fannie Mae and the National
Association of Realtors downwardly revised their forecasts for the
full year.  Currently, Fannie Mae and NAR are forecasting 2010
home sales to be flat to 2009 at 5.1 million units.

"While we are faced with a challenging housing market in the
second half of 2010, Realogy will continue focusing on what we can
control," added Mr. Smith.  "This strategy includes executing on
strategic growth opportunities while maintaining our focus on
costs."

"The strong earnings and cash balances we achieved in the first
half of 2010 should provide cushion to counter the weakening
industry outlook for the second half of the year," said Anthony
Hull, Realogy's chief financial officer.

                 Compliance with Credit Agreement

As of June 30, 2010, the Company's senior secured leverage ratio
was 4.34 to 1, which is below the 5.0 to 1 maximum ratio required
to be in compliance with its Credit Agreement.  The senior secured
leverage ratio is determined by taking Realogy's senior secured
net debt of $2.85 billion at June 30, 2010 and dividing it by the
Company's Adjusted EBITDA of $656 million for the 12 months ended
June 30, 2010.

Also, in early July, the Company resolved a tax audit for the
period 2003 to 2006 that it inherited from its former parent,
Cendant Corporation.  As a result of this settlement as well as
other adjustments, it reduced its contingent liability balance
from $505 million at year-end 2009 to $197 million at June 30,
2010.

A full-text copy of the Company's earnings release is available
for free at http://ResearchArchives.com/t/s?68ad

A full-text copy of the Company's Form 10-Q is available for free
at http://ResearchArchives.com/t/s?68ae

                          About Realogy Corp.

Realogy Corp. -- http://www.realogy.com/-- a global provider of
real estate and relocation services with a diversified business
model that includes real estate franchising, brokerage, relocation
and title services.  Realogy's world-renowned brands and business
units include Better Homes and Gardens Real Estate, CENTURY 21,
Coldwell Banker, Coldwell Banker Commercial, The Corcoran Group,
ERA, Sotheby's International Realty, NRT LLC, Cartus and Title
Resource Group.  Collectively, Realogy's franchise systems have
approximately 15,000 offices and 270,000 sales associates doing
business in 92 countries around the world.

Headquartered in Parsippany, N.J., Realogy is owned by affiliates
of Apollo Management, L.P., a leading private equity and capital
markets investor.  Realogy fully supports the principles of the
Fair Housing Act.

Realogy carries a 'CC' corporate credit rating with a "developing"
outlook from Standard & Poor's Ratings Services.  S&P noted that
leverage was high, at 15x at March 2010, although this was an
improvement compared to 20x one year ago.

It has 'Caa3' corporate family and probability of default ratings,
with negative outlook, from Moody's Investors Service.


REGAL ENTERTAINMENT: Fitch Puts 'B-/RR6' Rating on $275 Mil. Notes
------------------------------------------------------------------
Fitch Ratings has assigned a 'B-/RR6' rating to Regal
Entertainment Group $275 million 9.125% senior unsecured note due
2018.  Proceeds of the notes are expected to be used to redeem all
of Regal Cinemas Corporation's (Regal Cinema) 9.375% senior
subordinated notes due 2012 and all of Regal's 6.25% convertible
senior notes due 2011, and for general corporate purposes, which
may include the repayment or repurchase of other indebtedness.
Regal Cinemas is an indirectly wholly owned subsidiary of Regal.

Regal will issue the senior notes under a new indenture.  Similar
to Regal's existing convertible senior notes, the new notes will
not be guaranteed by Regal Cinemas or any of Regal's subsidiaries.
The indenture also includes covenants related to limitation on
consolidated debt (net interest coverage greater than 2 times
incurrence test), limitation on restricted payments (a basket that
increases based on, among other factors, the excess of EBITDA over
1.7x interest expense) and limitation on liens (standard carve-
outs exist in addition to an incurrence test of 2.75x net senior
secured leverage).  In addition, the indenture includes a change
of control provision that is triggered if any person (except for
the Anschutz Company and any of its affiliates) becomes the
beneficial owner of 50% or more of the voting stock of Regal.
Other change of control triggers include a majority change in the
Board of Directors, the liquidation or dissolution of Regal,
and/or if all or substantially all of Regal's and its
subsidiaries' assets are sold.  There are cross payment
default/cross acceleration provisions (among Regal and Regal
Cinemas) in regard to debt in excess of $25 million.

The proposed transaction is relatively leverage neutral and
Fitch expects minimal cash (approximately $25 million) to be left
on the balance sheet after the convertible and subordinated notes
are redeemed.  As of July 1, 2010, liquidity was made up of
$307 million in cash and $82.3 million in availability under the
company's recently amended $85 million credit facility.  Latest 12
months July 1, 2010 free cash flow was approximately $88 million.
Pro forma for the current transaction, the company has no
meaningful maturity until November 2016, when $1.2 billion of term
loans matures.  Regal has no pension obligations.

Total debt as of July 1, 2010, was approximately $2 billion with
unadjusted gross leverage of 4.1x.  Fitch expects gross leverage
to remain around the current level and does not expect significant
debt reduction in the near term.

Regal's Recovery Ratings reflect Fitch's expectation that the
enterprise value of the company and, hence, recovery rates for its
creditors, will be maximized in a restructuring scenario (as a
going concern) rather than a liquidation.  Fitch estimates an
adjusted, distressed enterprise valuation of $1.7 billion, using a
5x multiple and including an estimate for Regal's remaining 19.5%
stake in National CineMedia, LLC (after accounting for the
company's intention to sell a portion of its previous 25% stake)
of approximately $130 million.  Based on this enterprise
valuation, which is before any administrative claims, overall
recovery relative to total current debt outstanding is
approximately 85%.

The 'RR1' Recovery Rating for the company's credit facilities
reflects Fitch's belief that 91%-100% expected recovery is
reasonable.  While Fitch does not assign Recovery Ratings for the
company's operating lease obligations, it is assumed the company
rejects only 30% of its remaining $3.6 billion in operating lease
commitments due to their significance to the operations in a
going-concern scenario and is liable for 15% of those rejected
values (at a net present value).  The 'RR4' for Regal Cinemas'
senior unsecured notes (equal in ranking to the rejected operating
leases) reflects an expectation that recovery will be in the 31%-
50% range.  The 'RR6' assigned to Regal's new senior unsecured
notes reflects the structural subordination of the notes and
Fitch's expectation for zero recovery.

Fitch maintains these ratings on Regal and Regal Cinemas:

Regal

  -- Issuer Default Rating at 'B+';
  -- Senior unsecured notes at 'B-/RR6'.

Regal Cinemas

  -- IDR at 'B+';
  -- Senior secured credit facility at 'BB+/RR1';
  -- Senior unsecured notes at 'B+/RR4'.

The Rating Outlook is Stable.


RITE AID: Prices Offering of $650 Million of Senior Secured Notes
-----------------------------------------------------------------
Rite Aid Corporation reported the terms of an offering of
$650 million aggregate principal amount of 8.00% senior secured
notes due 2020.  The notes will be unsecured, unsubordinated
obligations of Rite Aid Corporation and will be guaranteed by
substantially all of Rite Aid's subsidiaries.  The guarantees will
be secured
on a senior lien basis.

The notes offering is expected to close on August 16, 2010,
subject to customary closing conditions.

The proceeds of the offering will be used, together with available
cash, to repay and retire Rite Aid's $648.0 million Tranche 4 Term
Loan due 2015 under its senior secured credit facility, and to
fund related fees and expenses.

                          About Rite Aid

Headquartered in Camp Hill, Pennsylvania, Rite Aid Corporation
(NYSE: RAD) -- http://www.riteaid.com/-- is the largest drugstore
chain on the East Coast and the third largest drugstore chain in
the U.S.  The Company operates more than 4,900 stores in 31 states
and the District of Columbia.

                           *     *     *

According to the Troubled Company Reporter on Aug. 11, 2010,
Moody's Investors Service assigned a B3 rating to Rite Aid
Corporation's proposed $650 million senior secured first lien
notes due 2020.  All other ratings including the company's Caa2
Corporate Family Rating, Caa2 Probability of Default Rating, and
SGL-3 Speculative Grade Liquidity rating were affirmed.  The
rating outlook is stable.

Standard & Poor's Ratings Services in August also said it assigned
its 'B+' issue rating and '1' recovery rating to Harrisburg, Pa.-
based Rite Aid Corp.'s proposed $650 million senior secured notes.
The '1' recovery rating indicates S&P's expectation for very high
(90- 100%) recovery in the event of a payment default.  At the
same time, S&P affirmed all ratings on the company, ncluding the
'B-' corporate credit rating. The outlook is stable.


ROSSCO HOLDINGS: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Rossco Holdings, Inc.
        410 S. Texas Ave.
        College Station, TX 77840

Bankruptcy Case No.: 10-60953

Chapter 11 Petition Date: August 2, 2010

Court: United States Bankruptcy Court
       Western District of Texas (Waco)

Judge: Ronald B. King

Debtor's Counsel: Ronald E. Pearson, Esq.
                  PEARSON & PEARSON
                  2109 Bird Creek Terrace
                  Temple, TX 76502-1083
                  Tel: (254) 778-0699
                  E-mail: Ron@Pearson-lawfirm.com

Scheduled Assets: $28,415,680

Scheduled Debts: $10,567,301

The petition was signed by Brandon Wolsic, vice president.

Debtor's List of 20 Largest Unsecured Creditors:

Entity                   Nature of Claim        Claim Amount
------                   ---------------        ------------
Chimney Hill Properties,                         $3,523,085
Ltd.
1013 N Beverly Dr
Beverly Hills, CA 90210

Bank of America                                  $2,000,000
201 E Washington St
Phoenix, AZ 85004

CHSC, Ltd.                                       $1,265,260
PO Box 10539
Beverly Hills, CA 90213

Bank of America                                  $34,571

Advanta Bank Corp                                $23,952

Ford Credit                                      $16,784

Staples                                          $13,948

B & E Engineers                                  $10,889

Wells Fargo Financial                            $4,937
Leasing

The Hartford                                     $4,279

Montecito Water Dist                             $1,935

Internal Revenue Service                         $1,619

HSBC Business Solutions                          $1,094

CCH Inc                                          $804

Las Virgenes Municipal Water                     $377

MCI                                              $338

Verizon Wireless                                 $215

M3 Accouting Services                            $203

Andy Grump                                       $99

All Guard Inc                                    $75

Debtor-affiliates that filed separate Chapter 11 petitions:

                                                 Petition
   Debtor                              Case No.     Date
   ------                              --------     ----
Monte Nido Estates, LLC                10-60920   07/28/10
LJR Properties, Ltd.                   10-60919   07/28/10
WM Properties, Ltd.                    10-60918   07/28/10
Colony Lodging, Inc.                   10-60909   07/27/10
Rossco Plaza, Inc.                     10-60917   07/28/10


ROTHSTEIN ROSENFELDT: U.S. Trustee Objects to Szafranski Accord
---------------------------------------------------------------
Dow Jones' DBR Small Cap reports that the U.S. trustee Donald F.
Walton on Tuesday objected to a pending settlement between
financial adviser Michael Szafranski and the bankruptcy official
liquidating Scott Rothstein's defunct law firm, Rothstein
Rosenfeldt Adler PA.  The U.S. Trustee said the settlement may
wrongly bar the law firm's creditors from pursuing claims against
the financial adviser.

Dow Jones says the deal would put a halt to a lawsuit against Mr.
Szafranski seeking to recover $32.8 million in funds he and his
affiliates are accused of receiving before the collapse of Mr.
Rothstein's Ponzi scheme.  Under the settlement, Mr. Szafranski
will pay the firm's estate $6 million.  The lawsuit accuses Mr.
Szafranski of verifying the fraudulent legal settlements that Mr.
Rothstein used to lure investors he later bilked out of at least
$1.2 billion.

                    About Rothstein Rosenfeldt

Scott Rothstein, co-founder of law firm Rothstein Rosenfeldt Adler
PA, has been suspected of running a $1.2 billion Ponzi scheme.
U.S. authorities claimed in a civil forfeiture lawsuit filed
November 9, 2009, that Mr. Rothstein, the firm's former chief
executive officer, sold investments in non-existent legal
settlements.  Mr. Rothstein pleaded guilty to five counts of
conspiracy and wire fraud on January 27, 2010.

Creditors of Rothstein Rosenfeldt Adler signed a petition sending
the Florida law firm to bankruptcy (Bankr. S.D. Fla. Case No.
09-34791).  The petitioners include Bonnie Barnett, who says she
lost $500,000 in legal settlement investments; Aran Development,
Inc., which said it lost $345,000 in investments; and trade
creditor Universal Legal, identified as a recruitment firm, which
said it is owed $7,800.  The creditors alleged being owed money
invested in lawsuit settlements.

Herbert M. Stettin, the state-court appointed receiver for
Rothstein Rosenfeldt, was officially carried over as the Chapter
11 trustee in the involuntary bankruptcy case.

On June 10, 2010, Mr. Rothstein was sentenced to 50 years in
prison.


SHADY ACRES: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Shady Acres Dairy
        10424 Avenue 320
        Visalia, CA 93291

Bankruptcy Case No.: 10-19058

Chapter 11 Petition Date: August 9, 2010

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

Judge: Whitney Rimel

Debtor's Counsel: Hagop T. Bedoyan, Esq.
                  KLEIN, DENATALE, GOLDNER, COOPER, ROSENLIEB
                  & KIMBALL, LLP
                  5260 N Palm Ave #201
                  Fresno, CA 93704
                  Tel: (559) 438-4374

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

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

The petition was signed by Beverly Anker, managing partner.

Debtor's List of 20 Largest Unsecured Creditors:

  Entity                 Nature of Claim        Claim Amount
  ------                 ---------------        ------------
Foster Farms             purchase of grain      $242,177
P.O. Box 198
Livingston, CA 95334

Machado Hay Company      purchase of hay        $211,408
3228 East Tulare Ave.    and grain
Tulare, CA 93274

Harris Woolf             purchase of feed       $208,242
26060 Colusa Rd
Coalinga, CA 93210

E & M Ag                 contract labor         $204,000
P.O. Box 7208            harvesting
Visalia, CA 93290-7208

JD Heiskell              dairy cattle supply    $198,226
                         Lien-Helm Dairy

A.L. Gilbert             purchase of grain      $136,951

Penny Newman Grain       settlement agreement   $112,658

RL Goins Hay Sales       purchase of hay        $96,293

Lone Oak Veterinary      services rendered      $67,095
Clinic

Penny Newman Milling,    purchase of grain      $60,876
LLC

Cal-West Rain            repairs & maintenance  $51,889

Calarco Inc.             purchase of fertilizer $49,268
                         and feed

Amaral Dairy Service     repairs & maintenance  $47,279

Phillip DeHaan's Hoof    services rendered      $44,627
Trimming

Linder Equipment Co.     services rendered      $43,596

Walco International      purchase of supplies   $40,739
Central Accounting

Genex Cooperative Inc.   breeding services      $31,116
                         rendered

Maggini Hay              purchase of hay        $30,414

Myers Bros. Well          services rendered      $27,487
Drilling, Inc.

Chino Hay Market          purchase of grain      $26,797


SHANNON OVAZINE: Voluntary Chapter 11 Case Summary
--------------------------------------------------
Debtor: Shannon Ovazine
        15704 Clark Street
        Bellflower, CA 90706

Bankruptcy Case No.: 10-43488

Chapter 11 Petition Date: August 10, 2010

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

Judge: Thomas B. Donovan

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

Scheduled Assets: $1,207,600

Scheduled Debts: $1,818,736

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


SHELDRAKE LOFTS: Chapter 11 Filing Halts Foreclosure Sale
---------------------------------------------------------
Dow Jones' DBR Small Cap reports that Sheldrake Lofts LLC, which
was attempting to build a residential subdivision in Mamaroneck,
New York, has filed for bankruptcy protection to stop a
foreclosure sale scheduled to take place Wednesday.

According to Dow Jones, Sheldrake said in court papers Tuesday
that it also plans to investigate the conduct of the lender
pursuing the foreclosure, Remediation Capital Funding LLC, to see
whether the company can "pursue any claims that have merit"
against the lender.  Sheldrake, which initially sought approval
from Mamaroneck to build a 114-lot residential subdivision,
borrowed $6.6 million from Remediation Capital to help buy parcels
of land for the subdivision.  The loan was supposed to help the
company while it waited for a $33.8 million construction loan from
another bank to be approved.  But the company said it lost the
construction loan, and Remediation Capital declared a default and
launched foreclosure proceedings after Sheldrake suffered a series
of setbacks.


SHORELINE PARTNERS: Files for Chapter 11 Bankruptcy in Austin
-------------------------------------------------------------
Shoreline Partners Ltd. filed for Chapter 11 protection in Austin,
Texas on August 10 (Bankr. W.D. Tex. Case No. 10-12251), listing
$130,700 in assets and $600,000 in debts.

Shonda Novak at American-Statesman Televsion reports, citing
papers filed with the Court, the Company has not made money since
the 2007 tax year, when net income was $52,082.  The Company's
2008 tax return listed a loss of $92,588, followed by a $205,860
loss in 2009 and a year-to-date net loss for 2010 of $179,557.
The company's ability to pay its rent also was an issue as sales
slowed.

The Company said it owes $158,579 to the Internal Revenue Service.

Shoreline Partners Ltd. operates a restaurant named Shoreline
Grill, which is behind the San Jacinto Center office tower, west
of the Four Seasons Hotel in Austin.


SKALITZKY BROTHERS: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Skalitzky Brothers, LLC
        7341 State Highway 89
        Dane, WI 53925

Bankruptcy Case No.: 10-16025

Chapter 11 Petition Date: August 9, 2010

Court: United States Bankruptcy Court
       Western District of Wisconsin (Madison)

Judge: Robert D. Martin

Debtor's Counsel: Kristin J. Sederholm, Esq.
                  KREKELER STROTHER, S.C.
                  15 N. Pinckney Street
                  P.O. Box 828
                  Madison, WI 53701-0828
                  Tel: (608) 258-8555
                  E-mail: ksederho@ks-lawfirm.com

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

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

A list of the Company's 20 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/wiwb10-16025.pdf

The petition was signed by Ryan Skalitzky and Jacob Skalitzky,
managing members.


SPRINGFIELD DAIRY: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Springfield Dairy LLC
        17495 County Road C
        Bryan, OH 43506-9540

Bankruptcy Case No.: 10-35426

Chapter 11 Petition Date: August 9, 2010

Court: United States Bankruptcy Court
       Northern District of Ohio (Toledo)

Judge: Mary Ann Whipple

Debtor's Counsel: John R. Burns, III, Esq.
                  BAKER & DANIELS
                  111 E. Wayne St., Suite 800
                  Fort Wayne, IN 46802
                  Tel: (260) 424-8000
                  E-mail: john.burns@bakerd.com

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

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

A list of the Company's 20 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/ohnb10-35426.pdf

The petition was signed by ALM de Kleijne, member of De Kleijne
Dairy, LLC, Debtor's sole member.


STERLING FINANCIAL: Posts $53.8 Million Net Loss in Q2 2010
-----------------------------------------------------------
Sterling Financial Corporation filed its quarterly report on Form
10-Q, reporting a net loss of $53.8 million on $73.1 million of
net interest income for the three months ended June 30, 2010,
compared with a net loss of $29.5 million on $87.6 million of net
interest income for the three months ended June 30, 2009.

The Company's balance sheet as of March 31, 2010, showed
$9.738 billion in total assets, $9.545 billion in total
liabilities, and a stockholders' equity of $193.1 million.

As reported in the Troubled Company Reporter on March 22, 2010,
BDO Seidman, LLP, in Spokane, Wash., expressed substantial doubt
about the Company's ability to continue as a going concern.  The
independent auditors noted that the Company has suffered
significant net losses during 2009 and 2008, a decline in
regulatory capital to support operations, and regulatory issues.

Sterling currently is categorized as being significantly
undercapitalized pursuant to regulatory guidelines.  Both Sterling
and Sterling Savings Bank are currently operating under regulatory
agreements.  Sterling has entered into a regulatory agreement with
the Federal Reserve Bank of San Francisco, and Sterling Savings
Bank has entered into a regulatory agreement with the FDIC and the
Washington Department of Financial Institutions.  Both agreements
require, among other things, a return to "well capitalized"
status.

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

               http://researcharchives.com/t/s?68b6

               About Sterling Financial Corporation

Spokane, Wash.-based Sterling Financial Corporation (NASDAQ: STSA)
-- http://www.sterlingfinancialcorporation-spokane.com/-- is a
bank holding company, organized under the laws of Washington State
in 1992.  The principal subsidiaries of Sterling are Sterling
Savings Bank and Golf Savings Bank.  Subsequent to June 30, 2010,
Golf Savings Bank was merged with and into Sterling Savings Bank,
with the mortgage banking operations of Golf Savings Bank
continuing to operate as a division of Sterling Savings Bank.


STEVEN CALL: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Joint Debtors: Steven R. Call
               Robyn G. Call
               8616 W. Clara Lane
               Peoria, AZ 85382

Bankruptcy Case No.: 10-25251

Chapter 11 Petition Date: August 10, 2010

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

Debtors' Counsel: Darren E. Holmes, Esq.
                  FARLEY & HOLMES
                  18301 N. 79th Avenue, #G191
                  Glendale, AZ 85308
                  Tel: (623) 776-1500
                  Fax: (623) 776-1530
                  E-mail: darren@farleyholmes.com

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

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

A list of the Joint Debtors' 20 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/azb10-25251.pdf


STITCHES GALORE: Lawsuit Prompts Chapter 11 Bankruptcy Filing
-------------------------------------------------------------
Stitches Galore LLC, dba The Blue Monkey, for Chapter 11
protection in the U.S. Bankruptcy Court in Dayton, Ohio (Bankr. D.
Ohio. Case No. 10-35064).

Ben Sutherly, staff writer at Dayton Daily News, reports that the
filing was made after the Company lost a lawsuit for money damages
filed by its landlord Mehland Developers.  The judgment was about
$85,600 plus any additional interest.

The Company disclosed $36,494 in assets and $108,928 in
liabilities as of the Petition Date.

Stitches Galore LLC dba The Blue Monkey --
http://www.bluemonkeyss.com/-- provides custom screen printing
and embroidery services.


SUN COUNTRY: Plan Confirmation Hearing Set for September 10
-----------------------------------------------------------
Dow Jones' DBR Small Cap reports that Judge Robert J. Kressel will
convene a hearing on September 10, 2010, to consider confirmation
of Sun Country Airlines LLC's bankruptcy plan, which will hand the
company to unsecured creditors.

Dow Jones relates that Sun Country is proposing under the plan to
pay in cash a portion of what unsecured creditors with small, so-
called convenience claims are owed.  There are roughly $2 million
in convenience claims, according to an outline of the plan filed
August 4 with the U.S. Bankruptcy Court in St. Paul, Minnesota.
Specifically, holders of convenience claims will receive cash
equal to 40% of their allowed claim and their share of at least
65.6% of the proceeds paid out of a creditors trust.  The trust is
designated for unsecured creditors who don't elect to receive new
common stock in the airline.

                         About Sun Country

St. Paul, Minnesota-based Sun Country Airlines (MN Airlines, LLC,
d.b.a. Sun Country Airlines) -- http://www.SunCountry.com/--
flies to popular destinations in the U.S., Mexico and the
Caribbean.

Sun Country Airlines and its debtor-affiliates Petters Aviation
LLC and MN Airline Holdings Inc. filed separate petitions for
Chapter 11 relief on Oct. 6, 2008 (Bankr. D. Minn. Lead Case No.
08-45136).  Brian F. Leonard, Esq., Matthew R. Burton, Esq., at
Leonard O'Brien et al., represent the Debtors as counsel.  In its
petition, Petters Aviation LLC estimated $50 million and
$100 million in total assets and debts.


TAGISH LAKE: Court Approves $500,000 of DIP Financing
-----------------------------------------------------
Tagish Lake Gold Corp. disclosed that the Supreme Court of British
Columbia approved the offer by 379489 Ontario Street Holdings Inc.
to provide the Company with a debtor in possession loan in the
amount of $500,000, and that the Company expects that the DIP Loan
will be advanced within the next few days.  The DIP Loan will be
provided to the Company for a term of up to six months, at an
annual interest rate of 14%, and on the security of a super-
priority security interest and charge on all of the existing and
after-acquired property, assets and undertaking of the Company.
In connection with the DIP Loan, the Company has agreed to pay to
379489 a commitment fee of $25,000, to reimburse 379489's
reasonable costs and expenses, and to enter into definitive loan
documents.

The Company also announces that earlier this week it received
notification that, as expected, YS Mining Company Inc. has made an
application to the British Columbia Securities Commission for,
among other things, a cease trade order with respect to the take-
over bid made on July 21, 2010 by New Pacific Metals Corp. for all
of the shares and proven debt of the Company.  The Company has
instructed its special counsel to attend the hearing of this
application to observe and to represent the interests of
shareholders (and other stakeholders) of the Company in receiving
full, true and plain disclosure of all material facts relating to
the New Pacific bid.  A date for the hearing of YS Mining's
application has not yet been determined.

The Board and the Special Committee of the Board of the Company
will continue to monitor events and will respond to future
developments as they unfold.

                       About Tagish Lake

Tagish Lake Gold Corp. explores for and develops high grade gold-
silver mineral deposits in the Yukon Territory of Canada.  The
Company is currently focused on its wholly owned, 178 km2 Skukum
Mineral District located 80 km by road south of Whitehorse.  The
Skukum Mineral District hosts the Skukum Creek gold-silver
deposit, the Goddell Gully and the Mt. Skukum gold deposits.

In May 2010, Tagish Lake commenced proceedings in the Supreme
Court of British Columbia pursuant to the Companies' Creditors
Arrangement Act (Canada).   Grant Thornton Limited was appointed
as the Monitor for the Company.


T.D. BISTRO: Chapter 11 Case Dismissed at Owner's Request
---------------------------------------------------------
Jacqueline Palank at Dow Jones Daily Bankruptcy Review reports
that the Chapter 11 bankruptcy case of "Top Chef" contestant
Timothy Dean's T.D. Bistro Inc., was recently dismissed at the
chef's request.  In court papers, Mr. Dean's lawyers said the
company's hoped-for reorganization was no longer possible after it
failed to renew its liquor license.

According to a report by Laura Vozzella at The Baltimore Sun, Mr.
Dean's Washington D.C. restaurant has closed, as did his
Baltimore-based Timothy Dean Bistro and T.D. Lounge, which
operated in the same Eastern Avenue location as his Prime
Steakhouse.  The Sun relates a bank won a $1.3 million judgment
against Mr. Dean and his real estate company in May.  Days later,
T.D. Bistro Inc., which had owned the bistro and lounge, filed for
Chapter 11 bankruptcy protection, listing assets of $0 to $50,000
and liabilities between $100,001 and $500,000.  The list of
creditors holding the largest unsecured claims started with Dean
himself; MTD Realty was owed $50,000, according to the filing.

The Sun relates that Mr. Dean in July filed an $8 million lawsuit
against the developer of National Harbor in Prince George's
County, claiming fraud and breach of contract over an aborted
restaurant venture there.

The Sun also relates that in a "Top Chef" episode that aired about
a week after that lawsuit was filed, Mr. Dean was eliminated from
the reality TV cooking show.


TISHMAN SPEYER: Pershing Group Seeks Control of Stuyvesant Town
---------------------------------------------------------------
Oshrat Carmiel at Bloomberg News reports that Bill Ackman's
Pershing Square Capital Management LP is leading a drive for
control of New York's Stuyvesant Town-Peter Cooper Village
apartments, aiming to turn Manhattan's biggest rental complex into
co-op buildings.

According to the report, Pershing joined with Winthrop Realty
Trust to buy $300 million in defaulted mezzanine loans on the 80-
acre property.  The joint venture paid $45 million for the debt
and plans to begin a foreclosure, the companies said in a
statement August 9.

Winthrop, Bloomberg relates, is bringing in Pershing seven months
after leading a group of mezzanine investors in threatening to
foreclose on the debt after owners Tishman Speyer Properties LP
and BlackRock Inc. missed payments.  The venture is seeking to
restructure the senior loan and convert the apartments into co-
ops, Winthrop President Carolyn B. Tiffany said in a telephone
interview with Bloomberg.

                       About Tishman Speyer

Tishman Speyer Properties lays claim to two of the most famous
slices of the Big Apple -- New York City's Chrysler Building and
Rockefeller Center.  The property company invests in, develops,
and/or operates commercial real estate.  Other well known holdings
include Berlin's Q 205 project (the first post-reunification
development in the city's center) and Chicago's Franklin Center
(one of the city's largest office properties).  The company owns
or has developed more than 115 million sq. ft. in Asia, Europe,
South America, and the US since it was founded in 1978. The
company also has projects in India, China, and Brazil, and owns
some 92,000 residential units around the world.

Stuyvesant Town-Peter Cooper Village comprises 56 multi-story
buildings, situated on 80 acres, and includes a total of 11,227
apartments.  The loan sponsors, Tishman Speyer Properties, LP and
BlackRock Realty, acquired the property with the intent of
converting rent-stabilized units to market rents as tenants
vacated the property; however, the conversion of units has since
been determined to be illegal by the New York State Court of
Appeals.  In addition to the $3 billion securitized balance,
there is an additional $1.5 billion of mezzanine debt held
outside the trust.  stopped payments on a $3 billion senior
mortgage in January 2010 after the development's value sank and
the owners failed to raise rents as fast as anticipated.


TOUSA INC: Fla. Drywall Claimants Seek Class Status
---------------------------------------------------
Bankruptcy Law360 reports that a group of Florida homebuyers is
seeking certification as a class of claimants in a bid to recover
damages from Tousa Inc. over its use of allegedly defective
Chinese drywall in their homes.  Heather J. Panko, Esq., at
Stutzman Bromberg Esserman & Plifka PC, on Tuesday filed the
motion in the U.S. Bankruptcy Court for the Southern District of
Florida, Law360 says.

                         About Tousa Inc.

Headquartered in Hollywood, Florida, TOUSA Inc. (Pink Sheets:
TOUS) -- http://www.tousa.com/-- fka Technical Olympic U.S.A.
Inc., dba Technical U.S.A., Inc., Engle Homes, Newmark Homes L.P.,
TOUSA Homes Inc. and Newmark Homes Corp. is a leading homebuilder
in the United States, operating in various metropolitan markets in
10 states located in four major geographic regions: Florida, the
Mid-Atlantic, Texas, and the West.

The Debtor and its debtor-affiliates filed for separate
Chapter 11 protection on January 29, 2008 (Bankr. S.D. Fla. Case
No. 08-10928).  The Debtors have selected M. Natasha Labovitz,
Esq., Brian S. Lennon, Esq., Richard M. Cieri, Esq., and Paul M.
Basta, Esq., at Kirkland & Ellis LLP; and Paul Steven Singerman,
Esq., at Berger Singerman, to represent them in their
restructuring efforts.  Lazard Freres & Co. LLC is the Debtors'
investment banker.  Ernst & Young LLP is the Debtors' independent
auditor and tax services provider.  Kurtzman Carson Consultants
LLC acts as the Debtors' Notice, Claims & Balloting Agent.

TOUSA's direct subsidiary, Beacon Hill at Mountain's Edge LLC dba
Eagle Homes, filed for Chapter 11 Protection on July 30, 2008
(Bankr. S.D. Fla. Case No. 08-20746).  It estimated assets and
debts of $1 million to $10 million in its Chapter 11 petition.


TOWER AUTOMOTIVE: Moody's Assigns 'B2' Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service assigned first time public ratings to
Tower Automotive Holdings USA, LLC, a wholly-owned indirect
subsidiary of Tower Automotive, LLC - Corporate Family Rating, B2;
Probability of Default Rating, B2; $450 million senior secured
notes due 2017, B1.  The proceeds of the senior secured notes will
be used to repay the company's first lien term loans and pay
related transaction fees.  The transaction will push out major
maturities now required in 2013 under the company's first-lien
term loans.  The capital structure also will include a
$150 million senior secured asset based revolving credit facility
which is not rated by Moody's.  The rating outlook is stable.

The B2 Corporate Family Rating reflects Tower's high leverage and
exposure to the cyclical automotive industry.  The company's EBIT
margins are likely to remain supportive of the rating over the
near term, in the 3-5% range, and free cash flow is expected to be
nominally negative over the next twelve months.  Tower's ratings
benefit from a diversified customer base, both geographically and
across platforms.  The company also maintains a well established
position in the automotive parts supplier industry with
relationships with major original equipment manufacturers over the
past several years.  Exposure to the Detroit-3 in 2009 was modest
at 18%, with Ford at 13% of sales, and Chrysler at 5%.  The
company is positioned across platform types with approximately 49%
of 2009 vehicle revenues from small cars.

The stable outlook incorporates Moody's belief that Tower should
benefit from a modest recovery in the company's North American
markets (about 29% of total revenue for 2009).  However, Moody's
expects second-half 2010 automotive production in Europe
(approximately 40% of Tower's 2009 revenues) to lag the pace of
recovery in the rest of the world.  The company's operating
performance is expected to improve into 2011 with the anticipated
global recovery in automotive production.

Tower is anticipated to have an adequate liquidity profile
over the next twelve months.  Cash balances following the
issuance of the new senior secured note is expected to approximate
$139 million.  The company maintains about $110 million of foreign
financing and about $27 million of foreign factoring facilities,
which mature over the next twelve months.  While these lines have
been consistently refinanced, their short-term maturity profile
poses refinancing risk under Moody's Speculative Grade Liquidity
Methodology.  Free cash flow generation is expected to be
minimally negative after required capital reinvestment supporting
growth, as the company's operating performance modestly improves
over the next twelve months.  Liquidity is supported by a
$150 million asset based revolving credit facility which matures
in July 2012.  Availability under the revolving credit facility
currently approximates $56.8 million, subject to the facility's
borrowing base and after about $53.5 million of borrowings.  The
primary financial covenant under the asset based revolver is a
springing fixed charge covenant of 1.0 to 1 when availability
falls below 10% of the total facility commitment available
(provided that such number cannot be less than $10 million or
greater than $20 million) under the facility for more than five
consecutive days.  The senior secured notes will not have
financial covenants.  Alternate liquidity is expected to be
limited as essentially all of the company's assets will secure the
asset based revolver and the senior secured notes.

These ratings were assigned:

Tower Automotive Holdings USA, LLC

* Corporate Family Rating, B2;

* Probability of Default Rating, B2;

* B1 (LGD3, 40%), for the $450 million senior secured notes due
  2017

The $150 million asset based revolving credit facility is not
rated by Moody's.

Tower Automotive, LLC, headquartered in Livonia, Michigan, is a
leading integrated global manufacturer of engineered structural
metal components and assemblies primarily serving automotive
original equipment manufacturers.  The company manufactures body-
structure stampings, frame and other chassis structures, as well
as complex welded assemblies, for small and large cars,
crossovers, pickups and SUVs.  Revenues in 2009 approximated
$1.6 billion.


TOWER AUTOMOTIVE: S&P Assigns Corporate Credit Rating at 'B'
------------------------------------------------------------
Standard & Poor's Ratings Services said it has assigned its 'B'
corporate credit rating and positive outlook on Tower Automotive
LLC.  S&P also assigned its 'B' issue rating (the same as the
corporate credit rating) and '3' recovery rating on the company's
proposed $450 million senior secured notes due 2017.

The ratings reflect what S&P considers to be Tower's highly
leveraged financial risk profile (including limited free cash flow
generation in 2010) and weak business risk profile (several major
competitors and prospects for volatile production levels).

"S&P expects the company's sales for 2010 to grow almost 15% year
over year as vehicle production rises more than 30% in the U.S.
(albeit from low 2009 levels) and more than 15% in Asia," said
Standard & Poor's credit analyst Lawrence Orlowski.  S&P also
expect European vehicle production to grow slightly over last
year's levels.  Still, the company's cash flow is expected to only
break even in 2010.  Beyond this year, credit measures could
improve as the global auto sector gradually recovers.

Tower supplies body structure stampings, frame and chassis
structures, and complex welded assemblies for passenger cars,
crossover vehicles, pickups, and SUVs.  The company operates in a
fiercely competitive industry marked by cyclical demand, capital
intensity, and pricing pressures.

While the predecessor company was under Chapter 11, it took
significant restructuring actions, including closing 11 plants in
North America, decreasing all-in hourly labor costs by about 15%,
and freezing defined benefit pension and retiree health care
costs.

At the end 2009, the adjusted operating margin (before D&A) was
9.5%, adjusted debt to EBITDA was 7.0x, and funds from operations
(FFO) to debt was 5.6%.  Given the rising vehicle production
globally, S&P expects the operating margin (before D&A) to be more
than 11% in 2010, adjusted debt to EBITDA to be less than 5.0x
because of higher EBITDA, and FFO to adjusted debt to reach double
digits.  S&P's adjustments to debt include adding the present
value of operating leases and underfunded postretirement benefit
obligations.

The outlook is positive.  S&P expects the company's sales in 2010
to rise almost 15% year over year as global vehicle production
rises significantly, especially in North America and Asia.  S&P
could raise its rating in the next year if Tower's leverage ratio
falls below 4x and FFO to debt rises above 10% on a sustained
basis.  S&P estimates that this could occur if, for example,
revenue rises about 15% and the gross margin reaches 11.5%.

S&P could revise the outlook to stable if the company's sales are
weaker than S&P expects and leverage stays above 4x and FFO to
debt falls below 10%.  S&P could also revise the outlook to stable
or lower the rating if free operating cash flow declines
significantly below the breakeven point.


TRESLONG DAIRY: Case Summary & 2 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Treslong Dairy Leasing, LLC
        1290 Shoop Avenue, Suite 140
        Wauseon, OH 43567

Bankruptcy Case No.: 10-12031

Chapter 11 Petition Date: August 10, 2010

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

Judge: Anthony J. Metz III

Debtor's Counsel: KC Cohen, Esq.
                  151 N. Delaware Street, Suite 1104
                  Indianapolis, IN 46204
                  Tel: (317) 715-1845
                  Fax: (317) 916-0406
                  E-mail: kc@esoft-legal.com

Estimated Assets: $0 to $50,000

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

A list of the Company's two largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/insb10-12031.pdf

The petition was signed by Willy van Bakel, manager.

Debtor-affiliate filing separate Chapter 11 petition:

        Entity                        Case No.       Petition Date
        ------                        --------       -------------
Union Go Dairy Leasing, LLC           10-1703-JKC-11      02/17/10


TRIMAS CORP: S&P Changes Outlook to Stable; Affirms 'B+' Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlook on Bloomfield Hills, Mich.-based diversified manufacturer
TriMas Corp. to stable from negative, and affirmed the ratings,
including the 'B+' corporate credit rating, on the company.

"The affirmation and outlook revision reflects the company's
improved credit measures as operating conditions improve and the
company continues to pay down debt," said Standard & Poor's credit
analyst John R. Sico.  "Also, the risk of a near-term covenant
violation seems unlikely after the company amended its bank credit
agreement and reset its interest and leverage covenants, and its
improved operating performance provides adequate headroom."

However, S&P sees additional risk stemming from its private-equity
sponsor's ownership of a relatively large stake in this public
company.

The ratings on TriMas reflect the company's presence in highly
competitive and cyclical markets, its relatively highly leveraged
financial risk profile, and somewhat thin cash flow protection
measures.

The company's leading positions in certain focused markets,
relatively diverse array of products and end markets, and track
record of average profitability support the ratings.

TriMas' products include transportation towing systems, packaging
systems, aerospace fastening systems, and industrial specialty
products.  The company serves markets with a focus on certain
commercial, industrial, and consumer applications.

The stable outlook reflects recovering operating conditions and
the company's continuing focus on generating free cash flow for
debt reduction, making credit measures likely to remain in line
with S&P's expectations.


TRADE SECRET: Creditors' Committee Seeks to Retain Professionals
----------------------------------------------------------------
The Official Committee of Unsecured Creditors for Trade Secret,
Inc. and its affiliates filed applications seeking court authority
to retain legal counsel and financial advisors, netDockets Blog
reports.

According to the report, the Creditors' Committee was appointed by
the United States Trustee on July 16, 2010.  The members of the
Committee are:

   -- The Proctor & Gamble Co.,
   -- Sexy Hair Concepts,
   -- Simon Property Group, Inc.,
   -- GGP Limited Partnership, and
   -- Developers Diversified Realty Corporation.

The report notes that present applications cover the following
proposed professionals:

Cooley LLP as lead legal counsel
Loughlin Meghji + Company as financial advisor
Eckert Seamans Cherin & Mellott, LLC as legal counsel

                    About Trade Secret

Premier Salons Beauty Inc., Trade Secret Inc., and six affiliates
filed for bankruptcy protection on July 6 (Bankr. D. Del. Lead
Case No. 10-12153).  The Chapter 11 petitions of Premier Salons
and Trade Secret each estimated assets of up to $50,000 and debts
of up to $50 million.

Trade Secret and its affiliates currently own and operate
approximately 612 retail and salon locations in shopping malls and
strip centers throughout the United States and Puerto Rico, on a
collective basis.  The Trade Secret Group consists of stores
operating primarily under four trade names: Trade Secret, Beauty
Express, BeautyFirst, and PureBeauty(R).

Joseph M. Barry, Esq., at Young, Conaway, Stargatt & Taylor,
represents the Debtors in their Chapter 11 effort.  Epiq
Bankruptcy Solutions, LLC, is claims agent to the Debtors.

Non-debtor affiliates Premier Salons, Inc. and Premier Salons Ltd.
and its U.S. and Canadian corporate affiliates own and operate 340
hair and cosmetic service salons throughout North America, with
locations in specialty stores such as Saks, Sears, and Macy's.


UAL CORP: Reaches Settlement on Shareholder Action
--------------------------------------------------
UAL Corp. told the Securities and Exchange Commission that it
reached a settlement to resolve a consolidated action filed by
certain stockholders, and continues to defend an action filed by
several airline tickets purchasers relating to the merger,
according to a regulatory filing dated August 3, 2010.

After the announcement of the merger deal, three class action
lawsuits were filed against Continental's board of directors and
UAL in the Texas District Court for Harris County.  The lawsuits
purport to represent a class of Continental stockholders opposed
to the Merger Agreement.  The lawsuits make identical allegations
that the consideration to be received by Continental's
stockholders in the Merger is inadequate and that the members of
Continental's board of directors breached their fiduciary duties,
by among others, approving the Merger at an inadequate price under
circumstances involving certain conflicts-of-interest.  The
lawsuits also make identical allegations that Continental and UAL
aided and abetted the Continental board of directors in the breach
of its fiduciary duties to Continental's stockholders.

Each lawsuit seeks injunctive relief declaring that the Merger
Agreement was in breach of the Continental directors' fiduciary
duties, enjoining Continental and UAL from proceeding with the
Merger unless Continental implements procedures to obtain the
highest possible price for its stockholders, directing the
Continental board of directors to exercise its fiduciary duties in
the best interest of Continental's stockholders and rescinding the
Merger Agreement.  All three lawsuits have been consolidated
before a single judge.  On July 30, 2010, plaintiffs in the
Consolidated Action filed an amended and consolidated petition.

On August 1, 2010, the parties to the Consolidated Action reached
an agreement in principle regarding settlement of the Consolidated
Action, Ms. Mikells relates.  Under the Settlement, the
Consolidated Action will be dismissed with prejudice on the merits
and all defendants will be released from any and all claims
relating to, among others, the Merger and any disclosures made in
connection with it, she notes.  The Settlement is subject to
customary conditions, including consummation of the Merger,
completion of certain confirmatory discovery, class certification,
and final approval by the District Court, she says.

In exchange for that release, UAL and Continental have provided
additional disclosures requested by plaintiffs in the Consolidated
Action related to, among others, the negotiations between
Continental and UAL that resulted in the execution of the Merger
Agreement, the method by which the exchange ratio was arrived at,
the procedures used by UAL's and Continental's financial advisors
in performing their financial analyses and certain investment
banking fees paid to those advisors by UAL and Continental over
the past two years, Ms. Mikells states.  However, the Settlement
will not affect any provision of the Merger Agreement or the form
or amount of the consideration to be received by Continental
stockholders in the Merger, she clarifies.

Ms. Mikells further notes that UAL and Continental deny any
wrongdoing or liability with respect to the allegations in the
Consolidated Action.  UAL and Continental entered into the
Settlement to eliminate the uncertainty, burden, risk, expense,
and distraction of further litigation, she adds.

In another action, several purported current and future purchasers
of airline tickets filed an antitrust lawsuit on June 29, 2010, in
the U.S. District Court for the Northern District of California
against Continental, UAL and United in connection with the Merger.
The plaintiffs allege, among others, that Continental and UAL are
substantial competitors on routes operated in the United States
and that, if the Merger is consummated, they will experience
higher ticket prices, decreased aircraft capacity, and diminished
airline services.

The plaintiffs assert that the Merger, if consummated, would
substantially lessen competition or create a monopoly in the
transportation of airline passengers in the United States, and the
transportation of airline passengers to and from the United States
on international flights, in violation of Section 7 of the Clayton
Act.  The Plaintiffs seek a preliminary and permanent injunction
to prohibit the Merger, as well as recovery of costs and
attorneys' fees.

The previously mentioned Settlement does not apply to this action,
Ms. Mikells clarifies.  UAL and Continental believe the
plaintiffs' claims in the antitrust lawsuit are without merit and
intend to defend this lawsuit vigorously, she points out.

                       About UAL Corporation

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

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

Reorganized UAL Corp. carries a 'B3' corporate family and
probability of default ratings from Moody's, 'B-' long term
foreign issuer credit rating from Standard & Poor's, and 'CCC'
long term issuer default rating from Fitch.

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


UAL CORP: Stockholders of 2 Airlines to Vote on Merger in Sept.
---------------------------------------------------------------
United Air Lines, Inc., and Continental Airlines, Inc., will hold
separate special meetings of their stockholders in September 2010
regarding the proposed merger, according to an amendment to a
joint proxy statement and prospectus on Form S-4 Registration
Statement dated August 2, 2010, filed by the parties with the
Securities and Exchange Commission.

Kathryn A. Mikells, chief financial officer of UAL, says in order
to complete the merger:

  -- UAL stockholders must approve the issuance of shares of UAL
     common stock to Continental stockholders pursuant to the
     merger as contemplated by the Agreement and Plan of Merger
     dated May 2, 2010, among UAL, Continental and JT Merger Sub
     Inc., a wholly owned subsidiary of UAL;

  -- UAL stockholders must approve the adoption of UAL's amended
     and restated certificate of incorporation; and

  -- Continental stockholders must approve the adoption of the
     merger agreement.

To obtain those approvals, UAL and Continental will convene
separate special meetings of their stockholders on September ____,
2010 at _____ local time.

Stockholders of each of Continental and UAL may also vote upon
adjournment of the special meetings, if necessary or appropriate,
to solicit additional proxies if there are not sufficient votes to
approve the proposals.

A full-text copy of the Amendment No. 1 to the Form S-4 is
available for free at http://ResearchArchives.com/t/s?67f7

                       New Logo Unveiled

UAL and Continental Airlines revealed refinements to the visual
branding for the new global airline that will result from the
proposed merger between the two airlines, according to a joint
public statement dated August 11, 2010.

The new logo displays the combined company's brand name in capital
letters (UNITED) in a custom sans-serif font, joined with the
global mark which has represented Continental's brand image since
1991.

A corresponding update of the combined airline's aircraft livery
will adopt Continental's livery, colors and design, including its
blue-gold-white globe image on the tail, combined with the new-
style UNITED name on the fuselage.

Both airlines have earned strong brand recognition in one of the
world's most visible and highly competitive businesses.  The new
visual identity builds upon the significant value of each
airline's current brand, while advancing the combined airline's
future brand image.

For images of the new logo and livery, please visit:

               http://www.UnitedContinentalMerger.com

As part of the unveiling of the new logo of the combined airline,
UAL Corp. and Continental added or revised pages in the Web site
dedicated to the merger on August 11, 2010, according to a Form
425 filed with the Securities and Exchange Commission on
August 11, 2010.

The updated pages are accessible for free at:

              http://ResearchArchives.com/t/s?6897

                    About Continental Airlines

Continental Airlines is the world's fifth largest airline.
Continental, together with Continental Express and Continental
Connection, has more than 2,700 daily departures throughout the
Americas, Europe and Asia, serving 132 domestic and 137
international destinations.  Continental is a member of Star
Alliance.  Continental has total assets of $13.60 billion against
total debts of $12.87 billion as of June 30, 2010.

In May 2010, Continental announced an agreement to merge with UAL
Corp.  The merger has not yet been completed.

In August 2010, Moody's Investors Service affirmed its 'B2'
corporate family, with negative outlook, for Continental Airlines.
Moody's said the affirmation, among other things, signifies the
potential for it to maintain the B2 rating if the proposed merger
with UAL (B3 corporate family from Moody's, 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.  However, the outlook remains negative because of the
industry's weak track record in successfully executing large
business combinations.

Continental caries a 'B' corporate rating, on watch negative, from
Standard & Poor's.

                       About UAL Corporation

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

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

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

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


UAL CORP: UAL Files Opinions Backing Issuance of Securities
-----------------------------------------------------------
UAL Corp. filed with the Securities and Exchange Commission on
August 2, 2010, unqualified legal opinions relating to certain
securities issued pursuant to the registration statements filed on
Form S-3 dated December 1, 2008, and June 19, 2007.

Cravath, Swaine & Moore LLP opined that as to issuance of
(1) $345,000,000 aggregate principal amount of 6.0% Convertible
Senior Notes due 2029 and (ii) 19,000,000 shares of UAL common
stock, the shares of Common Stock have been duly and validly
authorized and, when issued and delivered by UAL, and paid for by
the purchasers, will be validly issued, fully paid and
nonassessable.

Vedder Price P.C. commented that UAL has the corporate power and
authority to execute, deliver and perform its obligations under an
Indenture, Basic Pass Through Trust Agreement, Trust Supplement
and Guarantee relating to the issuance of these securities:

  -- 12.75% Senior Secured Notes due 2012, aggregating
     $175,000,000;

  -- Series 2009-1 Pass Through Certificates totaling
     $659,107,000; and

  -- Series 2009-2 Pass Through Certificates aggregating
     $810,337,000.

Full-text copies of the Opinions are available for free at:

               http://ResearchArchives.com/t/s?67f2
               http://ResearchArchives.com/t/s?67f3
               http://ResearchArchives.com/t/s?67f4
               http://ResearchArchives.com/t/s?67f5

                       About UAL Corporation

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

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

Reorganized UAL Corp. carries a 'B3' corporate family and
probability of default ratings from Moody's, 'B-' long term
foreign issuer credit rating from Standard & Poor's, and 'CCC'
long term issuer default rating from Fitch.

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


ULTIMATE ESCAPES: Posts $4.3 Million Net Loss in Q2 Ended June 30
-----------------------------------------------------------------
Ultimate Escapes, Inc., filed its quarterly report on Form 10-Q,
reporting a net loss of $4.3 million on $7.6 million of revenue
for the three months ended June 30, 2010, compared with a net loss
of $440,000 on $8.8 million of revenue for the corresponding
period last year.  Revenues for the three months ended June 30,
2009, included $3.0 million in assessment fees charged to members
in 2009 that were not charged in 2010.

For the three months ended June 30, 2010, operating expenses were
$8.9 million, an increase of $1.9 million, or 28%, from operating
costs of $7.0 million for the same period in 2009.  This increase
is primarily due to increased operating costs resulting from the
acquisition of Private Escapes Destination Clubs (acquired on
September 15, 2009), including amortization of intangible assets
acquired.

The Company's balance sheet at June 30, 2010, showed
$188.7 million in total assets, $222.0 million in total
liabilities, and a stockholders' deficit of $33.3 million.

Kingery & Crouse, in Tampa, Fla., expressed substantial doubt
about the Company's ability to continue as a going concern in its
report on the Company's 2009 financial statements.  The
independent auditors noted that the Company has suffered recurring
losses from operations and has ongoing requirements for additional
capital investment.

The Company incurred net losses of $10.8 million and $1.7 million
during the six months ended June 30, 2010, and 2009, respectively.
As of June 30, 2010, the Company's current liabilities exceed its
current assets by $118.0 million.  In addition, at June 30, 2010,
the amount of cash and cash equivalents on hand was less than the
one month debt service required under the CapitalSource agreement.

The Company is in active discussions with CapitalSource to modify
the covenant.  The Company may not be able to meet certain
covenants under the revolving loan agreement in the future.  The
Company has also experienced a decrease in new membership sales
and existing member upgrades throughout 2009 and continuing in
2010.  For the month of July 2010 officers of the Company made
approximately $55,000 of debt payments on behalf of the Company,
and in August 2010, the Company was late meeting its payroll
obligations to its employees.

The above factors, among others, indicate that the Company may
encounter a liquidity event, which may cause its to receive a
notice of default of its loan covenants.

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

               http://researcharchives.com/t/s?68a0

Kissimmee, Fla.-based Ultimate Escapes, Inc. (OTC BB: ULEI and
ULEI-W) -- http://www.ultimateescapes.com/-- is a luxury
destination club that sells club memberships offering members
reservation rights to use its vacation properties, subject to the
rules of the club member's Club Membership Agreement.  The
Company's properties are located in various resort locations
throughout the world.


US ENERGY: Wins Approval of Disclosure Statement
-----------------------------------------------
U.S. Energy Systems Inc. has won a stamp of approval for its
disclosure statement, paving the way for the company to send its
blueprint for reorganization to creditors for a vote, according to
Bankruptcy Law360.

Judge Robert D. Drain filed the go-ahead Tuesday in the U.S.
Bankruptcy Court for the Southern District of New York, ruling
that the statement contained adequate information for creditors.

                         About U.S. Energy

Based in Avon, Connecticut, U.S. Energy Systems, Inc., (Pink
Sheets: USEY) --  http://www.usenergysystems.com/-- owns green
power and clean energy and resources.  USEY owns and operates
energy projects in the United States and United Kingdom that
generate electricity, thermal energy and gas production.

The company filed for Chapter 11 protection on Jan. 9, 2008 (Bank.
S.D. N.Y. Case No. 08-10054).  Subsequently, 34 affiliates filed
separate Chapter 11 petitions.  Peter S. Partee, Esq., at
Hunton & Williams LLP, represents the Debtor in its restructuring
efforts.  Jefferies & Company, Inc., serves as the company's
financial advisor.  The Debtor selected Epiq Bankruptcy Solutions
LLC as noticing, claims and balloting agent.

The Official Committee of Unsecured Creditors has yet to be
appointed in these cases by the U.S. Trustee for Region 2.  When
the Debtors filed for protection from their creditors, they listed
total assets of US$258,200,000 and total debts of US$175,300,000.


VITESSE SEMICONDUCTOR: Board Names William LaRosa as Director
-------------------------------------------------------------
The Board of Directors of Vitesse Semiconductor Corporation
elected on August 4, 2010, William LaRosa as a director, effective
immediately, with a term expiring at the next annual meeting of
stockholders or until his successor has been elected and qualified
or until his earlier resignation or removal.  He will serve on the
Governance & Nominating and Compensation committees.

Mr. LaRosa is currently the Chief Executive Officer of G.W.
LaRosa & Associates LLC, a global technology sales and business
development firm.  With over 30 years of experience, he has held
various senior-level positions at industry-leading companies
including General Electric, IBM and Advanced Micro Devices.  In
addition, Mr. LaRosa founded Lead Group International and helped
lead smaller technology companies including Silicon Graphics and
American Motion Systems.

Mr. LaRosa currently serves on the board of advisors for
Silvatron Partners in Los Gatos, California.  He is a past
director for the advisory board for the Lubin School of Business
at PACE University, and a former chairman of the board at LGI.  He
earned his Master of Business Administration from the Lubin School
of Business at PACE University and has a B.S. in electrical and
electronic engineering from Manhattan College in New York City.

Mr. LaRosa will receive an annual retainer fee, meetings fees
and an annual restricted stock unit award as compensation for
his service as a director pursuant to the Company's standard
compensation arrangements for non-employee directors, as described
in more detail in the section entitled "Compensation of Directors"
in the Company's Definitive Proxy Statement on Schedule 14A filed
with the Commission on March 31, 2010.

With the addition of Mr. LaRosa, the Company's Board of Directors
consists of six members.  The Company set the size of the board at
six directors as part of its debt restructuring that closed on
October 30, 2009.

                          About Vitesse

Based in Camarillo, California, Vitesse Semiconductor Corporation
(Pink Sheets: VTSS.PK) -- http://www.vitesse.com/-- designs,
develops and markets a diverse portfolio of semiconductor
solutions for Carrier and Enterprise networks worldwide.

Vitesse had total assets of $87,633,000 against total debts of
$130,120,000 and Series B preferred stock of $1,113,000, resulting
in shareholders' deficit of $43,600,000 as of December 31, 2009.

Vitesse entered into debt restructuring agreements in October 2009
with its major creditors, which allow the Company to satisfy its
creditors by converting most of its debt into new common stock,
preferred stock and new convertible debentures.  Vitesse is
seeking stockholder approval to increase the number of authorized
shares of the Company's common stock from 500,000,000 to
5,000,000,000 in conjunction with the debt restructuring
agreements.  The Company has warned if stockholders do not approve
the proposal to authorize the Company to issue more shares by
February 15, 2010, it will face a 1.0% per month interest charge
on the New Debentures (at a cost of about $500,000 per month)
beginning on February 16, 2010 and continuing until the increase
in the authorized shares is approved.  In addition, the holders of
the New Debentures will have the right to demand repayment of the
principal amount of the debt, plus potentially certain make-whole
interest payments representing interest that would have been
earned if the bonds had not been converted early.  The Company
could potentially be forced to file for protection from creditors
under Chapter 11 of the U.S. Bankruptcy Code.


WEST VIEW: Files Amended Plan Outline for Reorganization Plan
-------------------------------------------------------------
West View Apartments, Inc., filed with the U.S. Bankruptcy Court
for the Southern District of Florida amended disclosure statement
explaining the proposed Plan of Reorganization.

As reported in the Troubled Company Reporter on May 27, 2010, the
Debtor intends to continue making mortgage payments under the
First and Second Mortgages under the same terms and conditions of
the mortgage loans.

Under the Plan, the collateral of the secured creditors will be
retained, surrendered, or transferred pursuant to the terms and
conditions of distribution.

Payments provided for in the Plan will be financed through the
operations of the apartment complex and collection of rents.

The Debtor's management believes that the Plan will provide "full
value" to all classes of creditors and is in the best interests of
the creditors and the estate.

The Debtor said that there is a risk that the Debtor won't be able
to make the payments proposed under the Plan due to fluctuating
market and financial conditions and the funding mechanism.  The
Plan depends on the continued occupancy of the apartments, the
continued collection of rents and the Debtor's ability to pay the
operating expenses and other obligations of the business.

Upon the effective date, the Debtor will continue to operate its
business and the apartment complex.  The existing equity structure
and the Debtor's shareholders will remain unchanged.

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

                         Treatment of Claims

Under the Plan, the administrative claims will be paid in cash, in
full satisfaction of their claims.

With respect to classified claims:

   Classification                             Treatment
   --------------                             ---------
a. Class I Priority Tax Claims   Will be paid in cash

b. Class II Priority Claims      Will be paid in cash

c. Class III The Claims of       (i) SCMS Trust will have allowed
   Sovereign Commercial          secured first mortgage or lien on
   Mortgage Securities           the Debtor's real and personal
   Trust 2007-C1, Commercial     property; (ii) the amount of
   Mortgage Pass-Through         SCMS Trust's allowed secured
   Certificates, Series          claim will be the principal
   2007-C1 (Wells Fargo Bank     amount due under the First Note
   National Association Trustee) in April 2010, as reduced by any
   (the SCMS Trust)              principal and interest payments
                                 made to SCMS Trust post-petition;
                                 (iii) disputes to the amount of
                                 SCMS Trust claim will be
                                 determined by the Court on the
                                 Debtor's objection to SCMS
                                 Trust's claim or by agreement of
                                 the parties.  The Debtor will
                                 require the SCMS Trust to
                                 establish that it is the owner of
                                 the First Note and the First
                                 Mortgage loan documents;
                                 (iv) SCMS Trust will retain its
                                 lien; (v) the modified maturity
                                 date will be May 1, 2015; (vi)
                                 other terms and conditions of the
                                 existing consolidated First Note
                                 and First Mortgage are ratified
                                 and will remain in full force and
                                 effect, with the monthly payments
                                 and interest rate during the
                                 modified term at $47,489.53, and
                                 the interest rate at 5.25%;
                                 (vii) monthly mortgage payments
                                 will be made during the Chapter
                                 11 case and will continue to be
                                 made post-confirmation on the due
                                 date(s) required by the loan
                                 documents; and (viii) SCMS Trust
                                 will be paid an exit fee of
                                 $40,000

d. Class IV The Claim of         (i) Will be identical
   Sovereign Bank                to the security provided to
                                 Sovereign Bank in the April 2005
                                 Second Mortgage and will be for
                                 amounts due under the April 2005
                                 revolving second note, in the
                                 principal amount of $4 million;
                                 (ii) terms of the revolving
                                 second note will remain in full
                                 force and effect, with the only
                                 modification being the extension
                                 of the maturity date of the loan
                                 to May 1, 2015; (iii) Sovereign
                                 Bank will be paid an exit fee of
                                 $20,000

e. Class V Unsecured Claims      Will receive 50% of the allowed
                                 amount of the claims

f. Class VI Claims of            Won't be paid until the claims of
   Shareholders and Insiders     the Class 1-5 creditors have been
                                 paid in full, or are being paid
                                 pursuant to the terms of the Plan

                          About West View

Hialeah, Florida-based West View Apartments, Inc., filed for
Chapter 11 bankruptcy protection on April 30, 2010 (Bankr. S.D.
Fla. Case No. 10-21892).  Juan C. Zorrilla, Esq., who has an
office in Miami, Florida, assists the Debtor in its restructuring
effort.  The Company disclosed $20,522,427 in total assets and
$12,329,059 in total liabilities as of the Petition Date.


WEST EDGE: Court Approves Auction Plan for Unfinished Project
-------------------------------------------------------------
According to Kansas City.com, a federal bankruptcy court approved
an auction plan that calls for sealed bids to be received by Aug.
24, 2010 for the unfinished projects of West Edge.  An auction
will take place at the offices of CB Richard Ellis two days later
if more than two bids is obtained.


WESTMORELAND COAL: Earns $706,000 in Q2 Ended June 30
-----------------------------------------------------
Westmoreland Coal Company filed its quarterly report on Form 10-Q,
reporting net income of $706,000 on $127.6 million of revenue for
the three months ended June 30, 2010, compared with a net loss of
$9.9 million on $104.8 million of revenue for the same period of
2009.

The Company's balance sheet as of June 30, 2010, showed
$762.6 million in total assets, $903.5 million in total
liabilities, and a stockholders' deficit of $140.8 million.

The Company has suffered recurring losses from operations, has
violated debt covenants, has a working capital deficit, and has a
net capital deficiency.  These factors raise substantial doubt
about the Company's ability to continue as a going concern.

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

               http://researcharchives.com/t/s?688f

Colorado Springs, Colo.-based Westmoreland Coal Company is an
energy company whose operations include five surface coal mines in
Montana, North Dakota and Texas and two coal-fired power-
generating units with a total capacity of 230 megawatts in North
Carolina.  The Company sold 24.3 million tons of coal in 2009.
The Company's two principal operating segments are its coal
segment and its power segment, in addition to two non-operating
segments.

As reported in the Troubled Company Reporter on March 15, 2010,
KPMG LLP, in Denver, expressed substantial doubt about the
Company's ability to continue as a going concern.  The independent
auditors noted that of the Company's recurring losses from
operations, working capital deficit and net capital deficiency.


WESTPATRIOT INVESTMENTS: Voluntary Chapter 11 Case Summary
----------------------------------------------------------
Debtor: Westpatriot Investments, Inc
        115 W Yakima Ave
        Yakima, WA 98902

Bankruptcy Case No.: 10-04588

Chapter 11 Petition Date: August 9, 2010

Court: United States Bankruptcy Court
       Eastern District of Washington (Spokane/Yakima)

Judge: Frank L. Kurtz

Debtor's Counsel: Metiner G. Kimel, Esq.
                  KIMEL LAW OFFICES
                  1115 W. Lincoln Avenue, Suite 105
                  Yakima, WA 98902
                  Tel: (509) 452-1115
                  Fax: (509) 452-1116
                  E-mail: mkimel@mkimellaw.com

Estimated Assets: $0 to $50,000

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 Del Matthews, president and chairman of
the board.


WEXFORD DEVELOPMENT: Case Summary & 8 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Wexford Development, LLC
        815 Wexford Drive
        Lafayette, IN 47905

Bankruptcy Case No.: 10-40804

Chapter 11 Petition Date: August 10, 2010

Court: U.S. Bankruptcy Court
       Northern District of Indiana (Hammond Division at
       Lafayette)

Judge: Robert E. Grant

Debtor's Counsel: David R. Krebs, Esq.
                  101 West Ohio Street, Suite 2100
                  Indianapolis, IN 46204
                  Tel: (317) 262-1001
                  E-mail: drk@hostetler-kowalik.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 eight largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/innb10-40804.pdf

The petition was signed by Douglas R. Mennen, member.


WHITE BIRCH: Has Deal to Sell Assets to Black Diamond for $178MM
----------------------------------------------------------------
White Birch Paper Co. has a deal to sell substantially all of its
assets to BD White Birch Investments LLC, an affiliate of Black
Diamond Capital Management, for US$90 million in cash and the
assumption of certain liabilities.  The buyer will also provide
funds to be held in trust by Ernst & Young Inc., White Birch's
monitor in its CCAA proceedings, to pay certain disbursements
anticipated to be necessary to wind down White Birch's estates.

Including the assumed liabilities and wind-down amount, BDWBI
estimates its offer totals US$178 million.  The CCAA Monitor
estimates the purchase price is roughly US$150 million.

The deal is subject to higher offers at a bankruptcy auction.  If
White Birch consummates a deal with another party, BDWBI will walk
away with US$5 million as breakup fee and up to US$2.5 million as
reimbursement of expenses.

The deal is expected to close November 19, 2010.

The sale process was initiated in mid-April 2010.  Lazard Freres &
Co., LLC, White Birch's advisors, contacted 52 prospective
purchasers, and 16 of those signed confidentiality agreements.
The list was later whittled down to four parties, then two --
BDWBI and another party that later backed out.

BDWBI is an asset acquisition vehicle formed by Black Diamond,
Credit Suisse Loan Funding LLC, and Caspian Capital Advisors LLC.
The sponsors of BDWBI hold in the aggregate 65.5% of the debt
under White Birch's First Term Loan credit facility.

According to a report by the CCAA Monitor, competing bidders may
submit offers by August 30.  If qualified bids are received, an
auction will be held at the offices of Kirkland & Ellis, the
Company's U.S. counsel, in New York, on September 1.

The CCAA Monitor added in its report that the BDWBI offer does not
appear to generate significant additional value for the creditors
in excess of the liquidation value of the Company's assets.  The
CCAA Monitor noted that it has prepared a draft liquidation
analysis of the Company, which showed that the Company's
liquidation value was US$161 million if an outright forced
liquidation was carried out as of May 31, 2010.  That amount would
have yielded a 1.7% recovery on average to unsecured creditors.

However, the Monitor said the BDWBI transaction would be more
beneficial to creditors than a sale or disposition in a bankruptcy
context.

The CCAA Monitor noted to the CCAA Court it finds the breakup fee
and expense reimbursement high and may have a chilling effect on
the bidding.


WILLIAM LYON: New Home Orders Decrease in Second Quarter 2010
-------------------------------------------------------------
William Lyon Homes filed its quarterly report on Form 10-Q with
the Securities and Exchange Commission.

As reported in the Troubled Company Reporter on Aug. 10, 2010, the
Company said in a press release that it incurred net loss of $4.5
million for the three months ended June 30, 2010, compared to net
income of $39.4 million for the three months ended June 30, 2009.
Consolidated operating revenue increased 12% to $86.7 million for
the three months ended June 30, 2010, as compared to $77.4 million
for the comparable period a year ago.

In the Form 10-Q, the Company added that on a consolidated basis,
the number of net new home orders for the three months ended
June 30, 2010 decreased 29% to 192 homes from 269 homes for the
three months ended June 30, 2009.  The number of homes closed on a
consolidated basis for the three months ended June 30, 2010,
increased 15% to 233 homes from 202 homes for the three months
ended June 30, 2009.  On a consolidated basis, the backlog of
homes sold but not closed as of June 30, 2010 was 202, down 33%
from 301 homes a year earlier.

A full-text copy of the Company's earnings release is available
for free at http://ResearchArchives.com/t/s?6834

A full-text copy of the Company's Form 10-Q is available for free
at http://ResearchArchives.com/t/s?68ab

                        About William Lyon Homes

Based in Newport Beach, California, William Lyon Homes and
subsidiaries -- http://www.lyonhomes.com/-- are primarily engaged
in designing, constructing and selling single family detached and
attached homes in California, Arizona and Nevada.

The Company's balance sheet at June 30, 2010, showed
$823.17 million in total assets, $675.29 million in total
liabilities, and a stockholders' equity of $147.87 million.

                         *     *     *

William Lyon carries 'CCC' issuer credit ratings from Standard &
Poor's, and 'Caa2' long term corporate family and probability of
default ratings from Moody's.

"S&P raised its rating on William Lyon Homes because S&P believes
that near-term liquidity pressure has eased somewhat following the
partial funding of a secured term loan and reduced maturing credit
facility debt," said credit analyst James Fielding in November
2009 when S&P raised the rating on William Lyon to 'CCC' from
'CCC-'.  He added, "However, this privately held homebuilder
remains very highly leveraged and may face challenges repaying or
refinancing intermediate-term debt maturities if its business
prospects don't improve in the interim."


WYLE HOLDINGS: S&P Puts 'B+' Rating on CreditWatch Negative
-----------------------------------------------------------
Standard & Poor's Ratings Services said it placed its 'B+'
corporate credit rating on El Segundo, Calif.-based, U.S.
government contractor Wyle Holdings Inc. on CreditWatch with
negative implications.  S&P also placed the 'BB' issue-level
rating on the company's $115 million first-lien facilities and the
'B+' rating on its $175 million senior subordinated notes due 2018
on CreditWatch Negative.

These actions reflect the company's announcement that it has
entered into a definitive agreement to acquire CAS Inc., a
Huntsville, Ala.-based provider of systems engineering and
technical assistance services primarily to the U.S. Department of
Defense.  The transaction will be financed with approximately
$200 million of incremental debt, together with cash on hand and
approximately $20 million of equity from its controlling
shareholder.  The incremental leverage used to fund the
acquisition could result in higher leverage than the current
rating contemplates.  Additionally, CAS is approximately one-third
the size of Wyle?-exceeding the size of any prior acquisitions,
presenting material integration risk.

"In resolving the CreditWatch, S&P will be meeting with management
to review the pro forma business profile, integration strategy,
and the impact of the incremental financing," said Standard &
Poor's credit analyst Jennifer Pepper.  However, given the
proposed equity sponsorship, limited debt financing, potential for
an expanded customer base, and the favorable business position of
government contractors, the potential of a downgrade would clearly
be limited to one notch.


* GERMANY: Facing Lawsuit Over Decades-Old Bond Default
-------------------------------------------------------
The U.S. Court of Appeals for the Eleventh Circuit issued an
opinion on Monday, August 9, 2010, affirming the U.S. District
Court for the Southern District of Florida's denial of Germany's
motion to dismiss the Complaint for lack of subject matter
jurisdiction in the case of World Holdings, LLC v. The Federal
Republic of Germany.  This ruling means that Germany is not
entitled to sovereign immunity from a lawsuit filed in 2008 by
Florida-based company World Holdings, LLC.  The suit alleges
Germany failed to honor payment obligations on bonds marketed and
sold in the years following World War I.

World Holdings filed an amended complaint in the case on June 3,
2008, in federal court in Miami to obtain payment on U.S. Gold
bearer bonds, known as Dawes Bonds and Young Bonds, that Germany
issued to thousands of individual American and other investors in
1924 and 1930.  The bonds were bearer bonds sold in the United
States, traded on the New York Stock Exchange and backed by the
full faith and credit of Germany.  World Holdings currently owns
or controls a large number of Dawes and Young Bonds sold to U.S.
purchasers and is charging Germany with breach of contract based
on the country's alleged default of its obligation to pay the
outstanding principal and accrued interest on these bonds. The
lawsuit seeks damages in the amount of outstanding principal and
accrued interest.

"We are pleased by the court's decision," said Motley Rice
attorney Michael Elsner, who represents World Holdings.  "We may
now move forward with the case, and our client will have the
opportunity it deserves to establish that its bonds should be
enforceable and that Germany should be held accountable."

                      About Motley Rice LLC

Motley Rice LLC is one of the nation's largest plaintiffs'
litigation firms.  Motley Rice attorneys gained recognition for
their work on behalf of asbestos victims, the State Attorneys
General in their landmark litigation against Big Tobacco, and the
9/11 families in their groundbreaking lawsuit against terrorist
financiers.  With more than 60 attorneys and hundreds of staff,
the firm continues to handle complex litigation, including cases
in the areas of aviation disasters, securities and consumer fraud,
shareholder rights, asbestos bankruptcy, occupational disease
including mesothelioma, environmental contamination, human rights,
drugs and medical device defects. Motley Rice is headquartered in
Mount Pleasant, South Carolina, and has additional offices in
Connecticut; Washington, D.C.; New York; Rhode Island; and West
Virginia. For more information about Motley Rice LLC and the
lawsuit by World Holdings against The Federal Republic of Germany,
contact Motley Rice attorney Mike Elsner (NY, SC, VA) at +1-800-
768-4026.


* Daniel Ventricelli Joins Capstone Advisory Group
--------------------------------------------------
Capstone Advisory Group, LLC, disclosed that Daniel Ventricelli
has joined the firm as a Managing Director of its Litigation and
Forensic Practice Group.  Mr. Ventricelli, who is an expert in
areas of financial investigations, litigation consulting and
bankruptcy, will join Capstone's New York City Office.

Mr. Ventricelli has over 22 years of experience working with
counsel to conduct accounting and financial investigations,
provide litigation consulting and expert witness services and
serve as forensic accountant/financial advisor to trustees,
debtors, lenders and committees.

Prior to joining Capstone, Mr. Ventricelli was at Protiviti where
he served as a Managing Director in the Litigation, Restructuring
and Investigative Services practice.  Prior to joining Protiviti,
he was a Senior Managing Director in the Forensic and Litigation
Consulting segment at FTI Consulting.

Mr. Ventricelli received both his Bachelor of Science degree in
Accounting and his Juris Doctor from St. John's University.  He
now serves as an Adjunct Professor at St. John's University School
of Law in the LL.M. in bankruptcy program.  He is a Certified
Public Accountant, a Certified Insolvency & Restructuring Advisor
and a Certified Fraud Examiner.

"I am extremely excited to join the Capstone team," Mr.
Ventricelli said. "I look forward to contributing to the continued
growth of its Litigation and Forensic Services practice."

Ed Ordway, Executive Director and Co-Founder of Capstone Advisory
Group said: "I am delighted to announce that Dan Ventricelli will
be joining Capstone.  He will be an invaluable addition to the
Litigation and Forensics Practice and the New York Office."

Capstone Advisory Group offers Restructuring and Transaction
Advisory Services, Litigation and Forensic Services, and Valuation
Services.  Capstone has led the resolution process in some of the
most complex corporate domestic and international matters.  Its
broad experience and superior service, coupled with its personal,
hands-on approach, have benefited hundreds of clients - from small
businesses to Fortune 500 companies, in a wide array of
industries.

What sets Capstone apart beyond the exceptional knowledge and
results it brings to its clients, and the strong leadership
position and track record that they hold in the industry, is its
greatest asset: a top-tier team of senior professionals who are at
the forefront of their respective disciplines.  These
professionals are completely committed to meeting the needs of
each client.


* BOOK REVIEW: Corporate Players - Designs for Working and Winning
               Together
------------------------------------------------------------------
Author: Robert Keidel
Publisher: Beard Books
Softcover: 271 pages
List Price: $34.95
Review by Henry Berry

In American business, the metaphor of the sports team is commonly
used for business groups of all sizes -- from ad hoc teams of a
few members that deal with temporary problems to groups of
executive managers who are responsible for long-term corporate
survival and the profitability of an entire organization.

The sports team is a favored metaphor because sports bring
individuals with different talents and different responsibilities
together to perform a particular activity and pursue a common
objective.  Within its framework, sports also allow for the
outstanding performance of particular individuals and recognition
of that performance.  The sports team metaphor has become so
common in business and so routinely applied to business teams of
all sorts and sizes that little thought is usually given to its
specifics.

Corporate Players -- Designs for Working and Winning Together
takes a close look at what makes a sports team function
effectively and win.  The author then applies these observations
to develop a plan for those in the corporate world to be as
successful as those in the sports world.  While a reprint of a
1988 book, the lessons in this book are timeless.


Keidel identifies three main types of teams found in business:
autonomy, control, and cooperation.  The author relates each to a
particular type of sports team: autonomy for baseball, control for
football, and cooperation for basketball.  A chart compares
differences among the three with respect to organizational
strategy, organizational structure, and organizational style.  For
instance, the organizational strategy for autonomy in baseball is
"adding value through star performers"; while the organizational
strategy for cooperation in basketball is "innovating by combining
resources in novel ways."

With a sharp analytic eye and decades of experience in different
aspects of business, including academic and government positions,
Keidel delves into the specifics of business groups as sports
teams.

A fundamental point often overlooked by businesspersons is that
teams in different sports are different in significant ways.  An
understanding of these differences is crucial for executives,
managers, and consultants who are responsible for conceptualizing
a team in relation to a particular business matter and then
bringing together a team of individuals.  As such, executives,
managers, and consultants have roles similar to a general manager
and coach of a sports team.  In some cases, they may also have the
role of a player on the team.

This chart and other aids, together with the author's engaging
commentary and enlightening analyses, will help business leaders
select the right personnel, assemble a team capable of performing
the task at hand, and then coordinate all of the players to
accomplish the desired objective.

Robert W. Keidel has a Ph.D. from Wharton, and has also been a
Senior Fellow at this top business school.  An author of three
other books and many articles, he teaches courses in business
strategy, technology, and organization at Drexel University's
LeBow College of Business.  Robert Keidel Associates is his
business consulting firm.



                           *********

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

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

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

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

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

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

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

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

                           *********

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

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

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

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

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


                  *** End of Transmission ***