TCR_Public/100913.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

           Monday, September 13, 2010, Vol. 14, No. 254

                            Headlines

ADVANTA CORP: Court Approves Settlement Agreement with FDIC
ALLIED DEFENSE: Gets Delisting Notice From NYSE Amex
APPALACHIAN POWER: Fitch Affirms Preferred Stock Rating at 'BB+'
ASSOCIATED MATERIALS: S&P Puts 'B-' on CreditWatch Developing
BEST BIODIESEL: Wisc. Receiver Taking Bids for Biodiesel Plant

BILLING SERVICES: S&P Affirms 'B+' Corporate Credit Rating
BOSQUE POWER: Bank Debt Trades at 32% Off in Secondary Market
CALIFORNIA COASTAL: Taps Imperial Capital as Financial Advisor
CARIBBEAN PETROLEUM: Taps Kurtzman Carson as Claims Agent
CARITAS HEALTH: Attorney-Client Confusion Not Excusable Neglect

CASCADE BANCORP: Posts $337,000 Net Loss in June 30 Quarter
CENTAUR LLC: Court Approves Disclosure Statement
CHAPARRAL ENERGY: Starts Private Placement of $300MM of Sr. Notes
CHARTER COMMS: Bank Debt Trades at 5% Off in Secondary Market
CHRYSLER LLC: Former Executives File Claim for Lost Pensions

CIENA CAPITAL: Confirmation Hearing Set for November 3
CLAIM JUMPER: Files for Bankruptcy; Has $24MM Sale Offer
CLAIM JUMPER: Case Summary & 20 Largest Unsecured Creditors
CLOPAY AMES: S&P's Assigns BB+ on $125-Mil. Revolving Facility
COMMERCIAL VEHICLE: Amends Loan Deal With Bank of America

CONSOLIDATED RESORTS: Arthur Spector Acquires Timeshare Assets
CONTINENTAL AIRLINES: Fitch Affirms at 'B-' IDR; Outlook Positive
DARYL DELIMAN: Voluntary Chapter 11 Case Summary
DANAOS CORP: Posts $14.7 Million Net Loss in June 30 Quarter
DAYTON OAKS: Plan Contemplates Sale of Properties to Pay Claims

DAYTON OAKS: Taps Tydings & Rosenberg to Handle Chapter 11 Case
DAZ VINEYARDS: November 1 Fixed as General Claims Bar Date
DISCOVERY LABS: Posts $6.3 Million Net Loss in June 30 Quarter
DOLLAR THRIFTY: Hertz Raises Offer to $50 a Share
EDIETS.COM INC: Incurs $34.6 Million Net Loss in June 30 Quarter

EMDEON BUSINESS: S&P Affirms 'BB-' Corporate Credit Rating
ENERGY FUTURE HOLDINGS: Fitch Rates Oncor Notes at 'BBB'
EXCO RESOURCES: S&P Puts 'B' Issue-Level Rating on $750MM Notes
FLEXTRONICS INTERNATIONAL: Bank Debt Trades at 4% Off
FLORIDA FISHERMAN: In Bankruptcy to Reclaim Boat

GARY DEJOHN: Voluntary Chapter 11 Case Summary
GILMORE ERICKSON: Court to Convert Case to Chapter 7 Liquidation
GRAHAM PACKAGING: S&P Affirms 'B' Corporate Family Rating
GRAHAM PACKAGING: Moody's Affirms B2 Rating on $375MM Sub. Notes
GRAHAM PACKAGING: To Borrow $600MM to Acquire Liquid Containers

GRAY COMMS: Bank Debt Trades at 5% Off in Secondary Market
GSC GROUP: Proposes October 7 Auction for All Assets
GSI GROUP: Reschedules Shareholder Meeting to November 23
GUITAR CENTER: Bank Debt Trades at 11% Off in Secondary Market
HARRINGTON WEST: Files for Chapter 11 Bankruptcy Protection

HARRISBURG, PA: Commonwealth to Aid City with Expedited Payments
HARRISBURG, PA: Offers Partial Reimbursement to Ambac
HARVARD GRAND: Has Until November 9 to Propose Reorganization Plan
HAWKER BEECHCRAFT: Bank Debt Trades at 19% Off in Secondary Market
HERCULES OFFSHORE: Bank Debt Trades at 13% Off in Secondary Market

HORIZON BANK: Closed; Bank of the Ozarks Assumes All Deposits
HOVNANIAN ENTERPRISES: Incurs $72.8MM Net Loss in July 31 Qtr.
HUGHES ENTERPRISES: Case Summary & 20 Largest Unsecured Creditors
HUNTSMAN ICI: Bank Debt Trades at 5% Off in Secondary Market
INERGY: Tres Palacios Acquisition Cues S&P to Revise Outlook

ISE CORPORATION: U.S. Trustee Forms 5-Member Creditors Committee
JANICE BECKER: Court Approves Alter Goldman as Bankruptcy Counsel
JANICE BECKER: Files List of 20 Largest Unsecured Creditors
JANICE BECKER: Files Schedules of Assets and Liabilities
JAVA DETOUR: Files Voluntary Petition for Chapter 11

JBS USA: Fitch Rates Proposed Reopening of Sr. Notes at 'BB-'
JOSEPH BURALLI: Voluntary Chapter 11 Case Summary
JPMCC 2002-CIBC4: Bankruptcy Judge Dismisses Chapter 11 Case
LAKERIDGE CENTRE: Case Summary & 8 Largest Unsecured Creditors
LAS VEGAS SANDS: Bank Debt Trades at 9% Off in Secondary Market

LOCAL INSIGHT: Sept. 10 Call Cancelled; Parent Mulls Restructuring
M-WISE INC: Posts $230,200 Net Loss in June 30 Quarter
MARVKY CORPORATION: Voluntary Chapter 11 Case Summary
MERUELO MADDUX: Court Rebuffs East West Bank Hostile Takeover Plan
MICHAELS STORES: Bank Debt Trades at 5% Off in Secondary Market

MINSTER INSURANCE: Chapter 15 Recognition Order Entered
MOLECULAR INSIGHT: Gets Sept. 17 Extension of Waiver Agreement
MONDRIAN TTL: Access to Prepetition Lenders' Cash Expires Today
MONDRIAN TTL: Files Schedules of Assets and Liabilities
MONDRIAN TTL: Plan Proposes Sale of Mondrian Project to Pay Claims

MYONG KIM: Case Summary & 11 Largest Unsecured Creditors
NAVISTAR INT'L: Reports $137 Million Net Income for 3rd Qtr.
NEVADA POWER: Moody's Withdraws 'Ba1' Corporate Family Rating
NEWTON MULLINS: Debtor's Plan Violated Absolute Priority Rule
NEXT INC: Adjourns Special Shareholders Meeting to September 15

NORTH AMERICAN PETROLEUM: Wants to Resolve Concerns on Assets Sale
NORTH GENERAL: Disputes Committee Bid for Financial Docs
NORTHWEST 15TH: Architect Gets Okay to Repossess Plans
OWENS-ILLINOIS: Moody's Affirms 'Ba2' Corporate Family Rating
PAID INC: Incurs $805,100 Net Loss in June 30 Quarter

PAREX BANK: Moody's Withdraws B2 Rating on Local Currency Deposit
PATRIOT NATIONAL: Posts $1.4 Million Net Loss in June 30 Quarter
PEARL COMPANIES: Debtor & Union Must Arbitrate Benefit Changes
PEREGRINE PHARMA: Posts $7.7 Million Net Loss in July 31 Quarter
PETTERS COMPANY: Trustee Appointment Immediately Appealable

PROFESSIONAL VETERINARY: Sells Assets to Micro Beef & Lextron
PTS CARDINAL: Bank Debt Trades at 9% Off in Secondary Market
QUANTUM TECHNOLOGIES: Receives Delisting Notice From NASDAQ
RAINBOW SUNSET: Case Summary & Largest Unsecured Creditor
RASCALS CASINOS: Case Summary & 13 Largest Unsecured Creditors

RIVIERA MARINE: Chapter 15 Case Summary
ROBERT NUCCI: In Dispute Over AFL Team Investment
ROCKWOOD SPECIALTIES: Fitch Upgrades IDR to 'B+'
SEA ISLAND: U.S. Trustee Forms 7-Member Creditors Committee
SEA ISLAND: Committee Taps Berger Singerman as Bankr. Counsel

SEA ISLAND: Committee Taps GlassRatner as Financial Advisor
SEA ISLAND: Starwood-Anschutz Submits $199-Mil. Offer for Assets
SEDONA DEVELOPMENT: Court Approves Unsecured Loan from Recap
SHELDRAKE LOFTS: Taps Davidoff Malito as Bankruptcy Counsel
SRKO FAMILY: Has Until September 19 to Propose Reorganization Plan

ST. MARY'S: S&P Cuts Long-Term Rating to 'BB+' From 'BBB'
SUN COUNTRY: Wins Confirmation of Plan of Reorganization
SWB WACO: Voluntary Chapter 11 Case Summary
TRAFFORD DISTRIBUTING: Judge's Fiance Doesn't Warrant Recusal
TRIBUNE CO: Bank Debt Trades at 36% Off in Secondary Market

TRICO MARINE: DIP Financing, Cash Collateral Use Gets Interim OK
TRICO MARINE: Section 341(a) Meeting Scheduled for Oct. 6
UAL CORP: Fitch Hikes Ratings to 'B-' Prior to Closing of Merger
UNIVERSAL BUILDING: Court Approves Sale to Oaktree and Solus
VALEANT PHARMACEUTICALS: S&P Affirms 'BB-' Corporate Family Rating

VAN HAM DAIRY: Files for Bankruptcy Protection in Toledo
VERENIUM CORP: Closes Sale of Cellulosic Biofuels Business to BP
WALLACE THEATER: S&P Junks Corporate Credit Rating
WASHINGTON CARD: Case Summary & 2 Largest Unsecured Creditors
WEST COAST: N.D. Ind. Correct Venue Under "Nerve Center" Test

W.L. DUNN: Case Summary & 20 Largest Unsecured Creditors
YELLOWSTONE CLUB: Ch. 11 Trustee to Appeal Blixseth Ruling
ZBB ENERGY: $46.9MM Accumulated Deficit Cues Going Concern Doubt

* Fitch: Record Loan Resolutions Stem Climb in Delinquencies

* Alan Halperin Among Law360's 10 Most Admired Bankruptcy Attys
* Sean Lane Named as Bankruptcy Judge for So. Dist. of New York

* BOND PRICING -- For the Week From Sept. 6 to 10, 2010

                            *********

ADVANTA CORP: Court Approves Settlement Agreement with FDIC
-----------------------------------------------------------
Advanta Corp. previously disclosed that the Federal Deposit
Insurance Corporation, as receiver for Advanta Bank Corp., the
Company's wholly-owned bank subsidiary, had asserted claims of
over $200 million against the Company and certain of its
subsidiaries in the Chapter 11 cases pending before the U.S.
Bankruptcy Court for the District of Delaware.

In a regulatory filing Friday, the Company discloses that the FDIC
claim has been settled in a manner that will result in either no
claim against any of the Debtors or a $50 million general
unsecured claim against the Company.  The settlement of the FDIC
claim will also potentially add $5.4 million to the assets of the
Company's bankruptcy estate.  A settlement agreement resolving the
FDIC claim and other related matters was entered into on
August 27, 2010, and the Bankruptcy Court approved it on
September 7, 2010.

The FDIC claim principally related to the $628 million tax loss
the Company reported on its consolidated federal income tax return
for 2009.  The Company elected not to carryback any of the loss.
This was in large part because carryback would have resulted in a
tax refund of approximately $54 million but would also have
resulted in a $170 million claim against the Company under the
governing intercompany tax sharing agreement.  This would have
substantially reduced the recoveries available for other claimants
with claims in the Company's bankruptcy proceedings.  In the
Company's view, Advanta Bank was not entitled to anything under
the intercompany tax sharing agreement as a result of the Company
not carrying back the loss and preserving the loss to carryforward
to future years.  The official committee of unsecured creditors in
the Company's bankruptcy proceedings fully supported the Company's
position.

The FDIC contended that $170 million was owed regardless of
whether the loss was carried back and also contended that it could
independently ask the Internal Revenue Service to honor an FDIC
election to carry the loss back to recover the $54 million refund
from the IRS.

On June 22, 2010, the Debtors filed a proof of claim against
Advanta Bank in the FDIC receivership in the amount of at least
$19 million.

The Settlement Agreement provides that, subject to satisfaction of
certain preconditions which have now been met, the FDIC shall be
permitted to file competing federal tax returns on behalf of
Advanta Bank with an election to carryback up to five years the
2009 net operating loss.  If the IRS pays any refund in connection
with any carryback of the 2009 net operating loss, the FDIC shall
have no claims against the Debtors and the tax refund will be
shared among the Company and the FDIC such that the Company
receives 10% of the refund and the FDIC receives 90% of the
refund.  In this circumstance, the effect of the Settlement
Agreement will be to eliminate the FDIC Claim and in addition
benefit the Company's estate by the amount of its portion of any
refund.  If the IRS determines that it will not pay any refund in
connection with any carryback of the 2009 net operating loss, then
the FDIC will have an allowed general unsecured claim against the
Company's Chapter 11 estate in the amount of $50 million that will
receive the same treatment provided for other allowed general
unsecured claims against the Company pursuant to any confirmed
Chapter 11 plan.  In this circumstance, the effect of the
Settlement Agreement is to cap the amount of the FDIC's claims at
$50 million, an amount that is significantly less than the FDIC
Claim of in excess of $200 million.  The Settlement Agreement also
requires the Company to withdraw its $19 million claim against
Advanta Bank in the FDIC receivership and includes mutual releases
from each party to the other parties for the purpose of fully and
finally resolving the matters in dispute.

                       About Advanta Corp.

Advanta Corp. -- http://www.advanta.com/-- has had a 59-year
history of being a leading innovator in the financial services
industry and of providing great value to its stakeholders,
including its senior retail note holders and shareholders, prior
to the recent reversals.  It has also been a major civic and
charitable force in the communities in which it is based,
particularly in the Greater Philadelphia area.

In June 2009, the Federal Deposit Insurance Corporation placed
significant restrictions on the activities and operations of
Advanta Bank Corp., a wholly owned subsidiary of the Company, as
the Bank's capital ratios were below required regulatory levels.

On November 8, 2009, Advanta Corp. filed for Chapter 11 (Bankr. D.
Del. Case No. 09-13931).  Attorneys at Weil, Gotshal & Manges LLP,
and Richards, Layton & Finger, P.A., serve as bankruptcy counsel.
Alvarez & Marsal serves as financial advisor.  The Garden City
Group, Inc., serves as claims agent.  The filing did not include
Advanta Bank Corp.  The petition says that Advanta Corp.'s assets
totaled $363,000,000 while debts totaled $331,000,000 as of
September 30, 2009.


ALLIED DEFENSE: Gets Delisting Notice From NYSE Amex
----------------------------------------------------
The Allied Defense Group, Inc., on September 2 received a staff
determination letter from NYSE Amex LLC indicating that the
Company no longer complies with the requirements for continued
listing set forth in NYSE Amex LLC Company Guide Section
1003(c)(i) as a result of the sale of substantially all of the
Company's assets as previously reported by the Company on a Form
8-K filed on September 2, 2010, and that shares of the Company's
common stock are, therefore, subject to being delisted from the
Exchange.  The Company does not intend to appeal the Staff
Determination.

The Exchange has notified that if the Company does not appeal the
Staff Determination, the determination will become final on
September 10, 2010, and the Exchange will suspend trading of the
Company's common stock and submit an application to the Securities
and Exchange Commission to strike the Company's common stock from
listing and registration on the Exchange in accordance with
Section 12 of the Securities and Exchange Act of 1934 and the
rules promulgated thereunder.  The exchange has advised the
Company that September 17, will be the last trading day of its
common stock on the exchange.

The Company will explore alternative marketplaces in which its
common stock is eligible to trade, but there can be no assurance
that the Company will seek or find any such alternatives.


APPALACHIAN POWER: Fitch Affirms Preferred Stock Rating at 'BB+'
----------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Appalachian Power Co.:

  -- Issuer Default Rating (IDR) at 'BBB-';

  -- Senior unsecured debt and pollution control revenue and solid
     waste disposal bonds at 'BBB';

  -- Preferred Stock at 'BB+'.

Approximately $3.8 billion of debt is affected.  The Rating
Outlook for the company is Stable.

Key drivers of the rating are the company's affiliation with
parent, American Electric Power Co. (AEP; IDR 'BBB' with a
Stable Outlook), regulated electric utility operations, and
solid liquidity position.  While the utility is able to
participate in the AEP power pool and AEP money pool, given AEP's
highly centralized treasury and electric operations, any
deterioration in the credit quality of the parent company could
impair the ratings of APCo.  Rating concerns primarily relate to
below average credit metrics through 2013 due to regulatory lag
and a recent $54 million disallowance in Virginia, a relatively
restrictive outcome in the company's most recent rate case in
Virginia, and uncertainty regarding the pending base rate request
in West Virginia.

Recent financial performance was negatively impacted by higher
operating and maintenance expenses, and continued elevated
balances of under-recovered fuel costs, currently estimated to be
approximately $354 million, including carrying costs.  As a
result, the company's ratio of normalized EBITDA to interest and
debt to EBITDA are below average for the 'BBB-' rating category at
3.31 times (x) and 5.45x, respectively, for the twelve-month
period ended June 30, 2010.  Fitch's affirmation of APCo's ratings
and the continuation of the Stable Outlook reflect the expectation
that the company's credit metrics will improve over the next three
years, with EBITDA to interest forecasted to approximate 4.0x and
leverage to decline to 3.8x by 2014, as a result of phased-in
recovery of under-recovered fuel costs in West Virginia through
2013.  Fitch notes that capital spending at the utility is
relatively modest, averaging approximately $420 million per year
through 2012.  APCo's internally generated cash flows are more
than sufficient to finance the company's capex program and the
company is projected to be free cash flow positive through the
next several years.

In July 2010, the Virginia State Commerce Commission (VSCC) issued
an order approving a $62 million base rate increase for APCo,
based on a 10.53% return on equity (ROE).  The order also allowed
the deferral of approximately $25 million of incremental storm
expense incurred in 2009.  The order denied recovery of the
Virginia share of the Mountaineer Carbon Capture and Storage (CCS)
Project in base rates, which resulted in a pre-tax write-off of
$54 million in the second quarter of 2010.  APCo initially filed a
generation and distribution base rate request for $154 million,
based on a 13.35% ROE in July 2009.  The company filed for
reconsideration of the order as it relates to the Mountaineer
project, however, it was denied on Aug. 5, 2010.  Through June 30,
2010, the utility has recorded a noncurrent regulatory asset of
$58 million, consisting of $38 million in project costs and
$20 million in asset retirement costs.  APCo and Alstom Power Inc.
jointly constructed a CO2 capture validation facility, which was
placed into service in September 2009.  APCo also constructed and
owns the necessary facilities to store the CO2.  The company has
requested regulatory recovery of and a return on its estimated
increased Virginia and West Virginia jurisdictional share of its
project costs and recovery of the related regulatory asset
amortization.

In May 2010, APCo filed a $156 million base rate increase request
with the West Virginia Public Service Commission (WVPSC), based on
an 11.75% ROE to be effective March 2011.  Hearings are scheduled
for December of this year.  In July 2010, the WVPSC approved a
settlement agreement for $96 million, including $10 million of
construction surcharges, related to APCo's second year expanded
net energy charge (ENEC) increase.  APCo is currently operating
under an order that will provide the recovery of under-recovered
fuel expenses through 2013. The overall increase is for
$355 million, with the first year increase of $124 million
effective October 2009.

APCo's liquidity position remains strong, with $600 million of
available capacity under the AEP money pool.  Total AEP available
liquidity of approximately $2.9 billion as of June 30, 2010,
including $838 million of cash on hand.  AEP's credit facilities
are comprised of a $1.454 billion facility that matures in April
2012, a $1.5 billion facility that matures in June 2013 and a $478
facility that matures in April 2011.  The credit agreements
contain a covenant that requires AEP to maintain a debt to total
capitalization at or below 67.5%. APCo and certain other companies
in the AEP system also have a $478 million three-year agreement.
Under the facility, letters of credit may be issued.  As of
June 30, 2010, APCo had $232 million of letters of credit
outstanding under this agreement to support variable-rate
pollution control bonds. The company's borrowing limit is
$300 million.

Debt maturities over the next five years are considered manageable
and are as follows: $300 million in 2010, $250 million in 2011,
$250 million in 2012, $70 million in 2013 and $0 in 2014.  Fitch
expects the company to refinance its maturing debt.


ASSOCIATED MATERIALS: S&P Puts 'B-' on CreditWatch Developing
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings, including
the 'B-' corporate credit ratings, on siding and windows
manufacturer Associated Materials LLC, and its parent Company AMH
Holdings LLC, on CreditWatch with developing implications.

The CreditWatch listing follows the announcement that Hellman &
Friedman LLC had signed a definitive agreement to acquire Cuyahoga
Falls, Ohio-based Associated Materials LLC for approximately
$1.3 billion in total consideration.  As a result of the
transaction, S&P expects Associated's existing debt will be
replaced with a new, simplified capital structure, the terms of
which are yet to be disclosed.

"The CreditWatch developing reflects the potential for Standard &
Poor's to either raise, lower, or affirm its ratings on Associated
Materials, depending on our assessment of the changes from this
transaction on the Company's financial risk profile, including its
ownership structure, capital structure, liquidity profile, and
expected financial policy," said Standard & Poor's credit analyst
Thomas Nadramia.

Associated Materials is leading manufacturer and North American
distributor of exterior residential building products.  The
Company's core products are vinyl windows and siding, aluminum
trim coil, and aluminum and steel siding and accessories.

In resolving the CreditWatch listing, Standard & Poor's expects to
meet with management and assess the sustainability of the
Company's most recent operating performance improvement and review
the Company's capital structure posttransaction close in light of
our expectations for a gradual recovery in residential
construction and remodeling end markets, where Associated derives
the majority of its sales.  S&P could raise the corporate credit
ratings on both if Associated's total leverage after the
transaction and expected improvements in operating performance
results in credit measures more consistent with a higher rating.
Conversely, if the proposed transaction leads to a meaningful
deterioration of the financial profile, S&P could lower the
rating.  S&P could affirm the ratings if the Company's leverage
increases modestly from current levels and its liquidity profile,
coverage of interest and, fixed charges improve as a result of the
transaction.


BEST BIODIESEL: Wisc. Receiver Taking Bids for Biodiesel Plant
--------------------------------------------------------------
BEST Biodiesel Cashton, LLC, owns and operates a plant located in
Sashton, Wisc., capable of producing eight million gallons of B-
100 biodiesel per year.  The plant employs unique, proprietary
process technology to produce biodiesel from a wide variety of
feedstock, including crude corn oil from ethanol production.  More
public information is available at http://www.bestenergies.com/

The Receiver of the company's assets, appointed pursuant to
Chapter 128 of the Wisconsin Statutes:

        Michael S. Polsky, Esq.
        Beck, Chaet, Bamberger & Polsky SC
        Two Plaza East, Suite 1085
        330 East Kilbourn Avenue
        Milwaukee, WI 53202
        Telephone: 414-273-4200
        E-mail: mpolsky@bcblaw.net

has obtained approval from the state court to hire:

        Laxson Boyd
        Wadsworth Whitestar Consultants
        250 E. Wisconsin Ave.
        Milwaukee, WI 53202
        Telephone: 414-257-1500
        E-mail: laxson@wadsworthwhitestar.com

as his financial advisor to oversee the operation and sale of the
plant.  An auction is scheduled for 10:00 a.m. on Mon., Oct. 4,
2010, in Madison, Wisc.


BILLING SERVICES: S&P Affirms 'B+' Corporate Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services raised its issue-level rating
on Billing Services Group North America Inc.'s senior secured term
loan to 'BB' from 'B+'.  S&P also revised its recovery rating on
the loan to '1' from '3'.  The '1' recovery rating indicates S&P's
expectation for very high (90%-100%) recovery in the event of
payment default.

At the same time, S&P affirmed its 'B+' corporate credit rating on
San Antonio-based parent Billing Services Group Ltd.  The outlook
is stable.  Total debt outstanding as of June 30, 2010 was
approximately $74.5 million.

"The issue-level and recovery rating changes reflect our revised
expectation for recovery in the event of default, primarily
resulting from Company's substantial debt reduction since its
December 2007 recapitalization," said Standard & Poor's credit
analyst Allyn Arden.


BOSQUE POWER: Bank Debt Trades at 32% Off in Secondary Market
-------------------------------------------------------------
Participations in a syndicated loan under which Bosque Power
Company, LLC, is a borrower traded in the secondary market at
68.00 cents-on-the-dollar during the week ended Friday, September
10, 2010, according to data compiled by Loan Pricing Corp. and
reported in The Wall Street Journal.  This represents an increase
of 0.50 percentage points from the previous week, The Journal
relates.  The Company pays 525 basis points above LIBOR to borrow
under the facility. which matures on December 22, 2014.  Moody's
has withdrawn its rating while Standard & Poor's does not rate the
bank loan.  The loan is one of the biggest gainers and losers
among 217 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended Friday.

Laguna Park, Texas-based Bosque Power Company, LLC, owns and
operates an 800-megawatt natural gas fired power plant.  The
power-generating facility, located in Laguna Park, commenced
operations as a natural-gas power plant in 2000.  Bosque Power
Partners owns 100% of the membership interest in Bosque Power.

Bosque Power filed for Chapter 11 protection on March 24, 2010
(Bankr. W.D. Tex. Case No. 10-60348).  Henry J. Kaim, Esq., at
King & Spalding LLP, serves as bankruptcy counsel to the Debtor.
The Debtor also tapped Morgan, Lewis & Bockius LLP as special
corporate counsel; Greenhill & Co. LLC as financial advisor; and
Kurtzman Carson Consultants LLC as claims agent.  In its petition,
the Debtor estimated assets and debts both ranging from $100
million to $500 million.


CALIFORNIA COASTAL: Taps Imperial Capital as Financial Advisor
--------------------------------------------------------------
California Coastal Communities, Inc., et al., ask the U.S.
Bankruptcy Court for the Central District of California for
permission to employ Imperial Capital, LLC as financial advisor.

Imperial will, among other things:

   i) analyze the Debtors' business, operations, properties,
      financial condition, competition, forecast, prospects and
      management;

  ii) assist the Debtors in developing, evaluating, structuring
      and negotiating the terms and conditions of a potential
      restructuring plan; and

iii) assist the Debtors in arranging and preparing for due
      diligence investigations and participating in meetings with
      the Debtors' creditor groups related to a restructuring.

Imperial's compensation includes:

   -- monthly fees of $100,000, payable in advance;

   -- a 700,000 restructuring transaction fee; and

   -- reimbursement of expenses incurred.

Imperial says it is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.

                    About California Coastal

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

California Coastal Communities, Inc. and certain of its direct and
indirect wholly-owned subsidiaries filed for Chapter 11 bankruptcy
protection on October 27, 2009 (Bankr. C.D. Calif. Case No.
09-21712).  Joshua M. Mester, Esq., in Los Angeles, California,
serves as counsel to the Debtors.  The Company's financial advisor
is Imperial Capital, LLC.  California Coastal estimated
$100 million to $500 million in assets and debts in its Chapter 11
petition.


CARIBBEAN PETROLEUM: Taps Kurtzman Carson as Claims Agent
---------------------------------------------------------
Caribbean Petroleum Corporation and its debtor-affiliates ask the
U.S. Bankruptcy Court for the District of Delaware for permission
to employ Kurtzman Carson Consultants LLC as noticing, claims, and
balloting agent.

KCC will, among other things:

   -- prepare and serve required notices in the Debtors'
      Chapter 11 cases;

   -- provide access to the public of examination of claims and
      the claims register at no charge; and

   -- maintain and update the master mailing lists of creditors.

The Debtors propose to compensate KCC for all fees and expenses
incurred in an amount not to exceed $25,000 per month, on average.
The hourly rates of KCC's personnel are:

     Clerical                            $45 -  $60
     Project Specialist                  $80 - $140
     Technology/Programming Consultant  $140 - $190
     Consultant                         $165 - $220
     Senior Consultant                  $165 - $220
     Senior Managing Consultant             $295

To the best of the Debtors' knowledge, KCC is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

                     About Caribbean Petroleum

San Juan, Puerto Rico-based Caribbean Petroleum Corporation, aka
CAPECO, owns and operates certain facilities in Bayomon, Puerto
Rico for the import, offloading, storage and distribution of
petroleum products.

Cribbean Petroleum filed for Chapter 11 protection (Bankr. D. Del.
Case No. 10-12553) on August 12, 2010, nearly 10 months after a
massive explosion at its major Puerto Rican fuel storage depot
virtually shut down the company's operations.  The Debtor
estimated assets at $100 million to $500 million and debts at
$500 million to $1 billion as of the Petition Date.

Affiliates Caribbean Petroleum Refining, L.P., and Gulf Petroleum
Refining (Puerto Rico) Corporation filed separate Chapter 11
petitions on August 12, 2010.

The Debtors' lead counsel is Cadwalader, Wickersham & Taft LLP.
The Debtors' financial advisor is FTI Consulting Inc.  The
Debtors' chief restructuring officer is Kevin Lavin of FTI
Consulting Inc.


CARITAS HEALTH: Attorney-Client Confusion Not Excusable Neglect
---------------------------------------------------------------
WestLaw reports that an error on the part of an attorney
representing a creditor in jointly administered Chapter 11 cases,
in not communicating effectively with the creditor to determine
who would file a proof of claim, with the result that no proof of
claim was filed on the creditor's behalf before the bar date
expired, was not in the nature of "excusable neglect," and did not
support an extension of the claims bar date. It did not matter
that the creditor's delay in seeking to file a proof of claim only
one week late, before a plan had been confirmed, was not
substantial, even assuming that allowance of the creditor's
untimely claim would result in no prejudice to the debtor.  In re
Caritas Health Care, Inc., --- B.R. ----, 2010 WL 3452369 (Bankr.
E.D.N.Y.) (Craig, J.).

Caritas Health Care Inc. was the owner of Mary Immaculate Hospital
and St. John's Queens Hospital.  Caritas, created by Wyckoff
Heights Medical Center, purchased the two hospitals in a
bankruptcy sale in early 2007 from St. Vincent Catholic Medical
Centers of New York.  St. John's has 227 generate acute-care beds
while Mary Immaculate has 189.

Caritas Health Care, Inc., and eight of its affiliates sought
chapter 11 protection (Bankr. E.D.N.Y., Case No. 09-40901) on
Feb. 6, 2009.  Jeffrey W. Levitan, Esq., and Adam T. Berkowitz,
Esq., at Proskauer Rose, LLP, represent the Debtors.  Martin G.
Bunin, Esq., and Craig E. Freeman, Esq., at Alston & Bird LLP,
represent the official committee of unsecured creditors.

Caritas sold the hospitals to Joshua Guttman in November 2009 for
$17.7 million.  At July 31, 2010, Caritas Health Care, Inc.'s
balance sheet shows $40 million in assets available to satisfy
$167 million in liabilities.  The Honorable Carla E. Craig entered
an order on May 24, 2010, extending the Debtors' exclusive period
to file a chapter 11 plan through Aug. 6, 2010, and no further
request to extend exclusivity has been presented to the Court.
The Court held a status conference on Aug. 11, 2010, and the next
hearing in the Debtors' cases is scheduled for Oct. 20, 2010.


CASCADE BANCORP: Posts $337,000 Net Loss in June 30 Quarter
-----------------------------------------------------------
Cascade Bancorp filed its quarterly report on Form 10-Q, reporting
a net loss of $337,000 on $16.0 million of net interest income for
the three months ended June 30, 2010, compared with a net loss of
$28.1 million on $18.9 million of net interest income for the same
period of 2009.

The Company's balance sheet at June 30, 2010, showed
$1.919 billion in total assets, $1.907 billion in total
liabilities, and shareholders' equity of $12.1 million.

Delap LLP, in Lake Oswego, Oregon, 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 a significant level of nonperforming assets, and
is currently operating under written agreements with its principal
banking regulators which require management to take a number of
actions, including, among other things, restoring and maintaining
capital levels to amounts that are in excess of the Company's
current capital levels.

In its latest 10-Q, the Company discloses that it submitted a
strategic plan on October 28, 2009, and as of June 30, 2010,
management believes that the Company is in compliance with the
terms of the written agreements with the exception of requirements
tied to or dependent upon increasing capital.

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

               http://researcharchives.com/t/s?6b0c

                      About Cascade Bancorp

Bend, Ore.-based Cascade Bancorp (Nasdaq: CACB) through its
wholly-owned subsidiary, Bank of the Cascades, offers full-service
community banking through 32 branches in Central Oregon, Southern
Oregon, Portland/Salem Oregon and Boise/Treasure Valley Idaho.
Cascade Bancorp has no significant assets or operations other than
the Bank.

Weiss Ratings has assigned its E- rating to Bend, Ore.-based Bank
of The Cascades.  The rating company says that the institution
currently demonstrates what it considers to be significant
weaknesses and has also failed some of the basic tests it uses to
identify fiscal stability.  "Even in a favorable economic
environment," Weiss says, "it is our opinion that depositors or
creditors could incur significant risks."  As of March 31, 2010,
the institution's balance sheet showed $2,083,883,000 in assets.


CENTAUR LLC: Court Approves Disclosure Statement
------------------------------------------------
U.S. Bankruptcy Judge Kevin Carey in Delaware approved the
disclosure statement explaining the Chapter 11 plan for Centaur
LLC but requested further submissions from the Debtor and the
unsecured creditors committee to come to a decision on whether the
committee will be allowed to pursue $192 million in claims against
the Debtor, according to Bankruptcy Law360.

Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reported in July that Centaur filed a revised plan that provides
for these terms:

   * holders of $405 million in first-lien debt are slated to
     recover about 83% from a combination of mostly new stock and
     debt.

   * Holders of $207 million in second-lien debt will see 1.4%
     through a share of $3 million in pay-in-kind notes and
     recoveries from a litigation trust if the class votes in
     favor of the Plan.

   * Unsecured creditors of Valley View Downs with $61.2 million
     in claims are to have a 0.75 recovery from receiving a share
     of $400,000 in new pay-in-kind notes and some recoveries by
     the litigation trust if they vote for the Plan.

   * Other general unsecured creditors, for their $17.2 million in
     claims, are to have a share of the litigation trust.

                         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.
Del. 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 2009 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.


CHAPARRAL ENERGY: Starts Private Placement of $300MM of Sr. Notes
-----------------------------------------------------------------
Chaparral Energy Inc. said in a regulatory filing that it
commenced on Sept. 8, a private placement of $300 million of its
senior notes due 2020.  Because the offering is intended to be a
private placement, the form of investor presentation has been
redacted to remove all information describing the offering or the
terms of the Senior Notes being offered.  A copy of the redacted
Investor Presentation is available for free at
http://ResearchArchives.com/t/s?6b11

                      About Chaparral Energy

Headquartered in Oklahoma City, Chaparral Energy, Inc.
-- http://www.chaparralenergy.com/-- is an independent oil and
natural gas company engaged in the production, exploitation, and
acquisition of oil and natural gas properties.  The Company's core
areas of operation include the Mid-Continent and Permian Basin
with additional operations in the Gulf Coast, Ark-La-Tex, North
Texas, and the Rocky Mountains.

                           *     *     *

Chaparral Energy carries a 'B' issuer credit rating, with "stable"
outlook, from Standard & Poor's.  It has 'B3' corporate and
probability of default ratings from Moody's Investors Service.


CHARTER COMMS: Bank Debt Trades at 5% Off in Secondary Market
-------------------------------------------------------------
Participations in a syndicated loan under which Charter
Communications, Inc., is a borrower traded in the secondary market
at 95.20 cents-on-the-dollar during the week ended Friday,
September 10, 2010, according to data compiled by Loan Pricing
Corp. and reported in The Wall Street Journal.  This represents an
increase of 0.55 percentage points from the previous week, The
Journal relates.  The Company pays 262.5 basis points above LIBOR
to borrow under the facility, which matures on March 6, 2014.
Moody's has withdrawn its rating on the bank debt while it carries
Standard & Poor's BB+ rating.  The loan is one of the biggest
gainers and losers among 217 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended Friday.

                  About Charter Communications

Based in St. Louis, Missouri, Charter Communications, Inc. (Pink
OTC: CHTRQ) -- http://www.charter.com/-- is a broadband
communications company and the fourth-largest cable operator in
the United States.

Charter Communications and more than a hundred affiliates filed
voluntary Chapter 11 petitions on March 27, 2009 (Bankr. S.D.N.Y.
Case No. 09-11435).

The Hon. James M. Peck presides over the cases.  Richard M. Cieri,
Esq., Paul M. Basta, Esq., and Stephen E. Hessler, Esq., at
Kirkland & Ellis LLP, in New York, served as counsel to the
Debtors, excluding Charter Investment Inc.  Albert Togut, Esq., at
Togut, Segal & Segal LLP in New York, served as Charter
Investment, Inc.'s bankruptcy counsel.

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


CHRYSLER LLC: Former Executives File Claim for Lost Pensions
------------------------------------------------------------
A group of over 450 former employees and managers from Chrysler
and DaimlerChrysler today filed a class action claim in Wayne
County Circuit Court against Daimler and Cerberus to regain their
supplemental pensions that were lost during Chrysler's
reorganization and bankruptcy last year.  The guaranteed pensions
were not transferred to the new Chrysler during those proceedings
and, as a result, each of the plaintiffs lost large percentages of
their earned retirement pensions.

Attorneys Sheldon L. Miller of Farmington Hills and Mayer
Morganroth of Birmingham are the lead attorneys representing the
plaintiffs in the case.

"The Chrysler bankruptcy was devastating to virtually everyone
involved," said Miller.  "Many of the men and women participating
in this lawsuit worked their entire lives at the company under the
repeated promise that these pensions would be there and intact for
their retirement years.  The direct financial loss, in combination
with the serious reduction in medical, health care and auto
benefits resulting from the bankruptcy, is causing them to make
drastic changes to their retirement plans at a time when they
can't go out and find other jobs to supplement their incomes.
These are good, hard working people who are being severely
punished through absolutely no fault of their own."

Miller said there are no plans for any action against the new
Chrysler. "Everybody involved in this suit loves that company and
like everybody else wants to see it succeed," Miller said.  "The
plaintiffs in our case are trying to assure that there won't be
similar hardships for Chrysler's current employees, many of whom
worked for and with the people involved in this suit. Nobody wants
to hurt them or the new company's chances for success."

                    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.

Dow Jones reports that the U.S. and Canadian governments provided
Chrysler with $4.5 billion to finance its bankruptcy case.  Those
loans are to be repaid with the proceeds of the bankruptcy
estate's liquidation.


CIENA CAPITAL: Confirmation Hearing Set for November 3
------------------------------------------------------
The Honorable Allan J. Gropper put his stamp of approval on the
Disclosure Statement explaining Ciena Capital LLC's Third Amended
Chapter 11 Plan on Sept. 1, 2010, allowing the Debtors to transmit
their restructuring plan to creditors and ask them to vote to
accept that plan.

Judge Gropper will convene a hearing at 2:00 p.m. on Nov. 3, 2010,
in Manhattan, to consider confirmation of the Debtor's chapter 11
plan.  Creditors must cast their ballots by Oct. 25, 2010, and
objections, if any, must be filed and served by 5:00 p.m.,
prevailing Eastern time, on Oct. 25, 2010.

The Debtors' plan projects full payment of administrative and
unsecured priority claims.  Secured lenders, owed $327 million,
are projected to recover less than 25%, and take ownership of the
reorganized company.  General unsecured creditors are projected to
recover 50% of the amount they're owed, and subordinated
creditors, owed $120 million, will recover nothing under the plan.

Copies of the Debtors' Disclosure Statement, Third Amended Plan,
and solicitation materials are available at:

                http://www.donlinrecano.com/ciena/

The Debtors are represented by:

         Peter S. Partee, Esq.
         Scott H. Bernstein, Esq.
         HUNTON & WILLIAMS LLP
         200 Park Avenue, 53rd Floor
         New York, NY 10166-0136
         Telephone: (212) 309-1000

               - and -

         Andrew Kamensky, Esq.
         HUNTON & WILLIAMS LLP
         1111 Brickell Ave., Ste. 2500
         Miami, FL 33131
         Telephone: (305) 810-2500

The Official Committee of Unsecured Creditors is represented by:

         Mark T. Power, Esq.
         Jeffrey Zawadzki, Esq.
         HAHN & HESSEN LLP
         488 Madison Avenue
         New York, NY 10022
         Telephone: (212) 478-7200

Commercial real estate loan servicer Ciena Capital LLC fdba
Business Loan Express, LLC, and its debtor-affiliates sought
Chapter 11 protection (Bankr. S.D.N.Y. Case No. 08-13783) on
Sept. 30, 2008.  In its Schedules of Assets and Liabilities, Ciena
Capital disclosed $361 million in assets and $397 million in
liabilities as of the Petition Date.


CLAIM JUMPER: Files for Bankruptcy; Has $24MM Sale Offer
--------------------------------------------------------
Claim Jumper Restaurants LLC, a restaurant chain inspired by
inspired by California's Gold Rush history, filed a Chapter 11
petition (Bankr. D. Del. Case No. 10-12819) on Friday, September
10.  An affiliate, Claim Jumper Management, LLC, also sought
Chapter 11 protection on September 10, 2010 (Bankr. D. Del. Case
No. 10-12820).

Dow Jones' DBR Small Cap reports that Claim Jumper plans to sell
its assets.  DBR relates an affiliate of Canyon Capital Advisors
LLC, a Los Angeles-based alternative asset manager, has offered to
purchase Claim Jumper's assets for $24.5 million in cash.  The
Canyon Capital affiliate's offer also includes $5 million in cash
to collateralize the restaurant chain's existing letters of
credit, as well as a pledge to assume up to $23.3 million in
liabilities, according to court papers filed Friday.  The Canyon
Capital affiliate's offer will be subject to higher offers at
auction and bankruptcy-court approval.


CLAIM JUMPER: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Claim Jumper Restaurants, LLC
        16721 Millikan Ave.
        Irvine, CA 92606

Bankruptcy Case No.: 10-12819

Debtor-affiliate filing separate Chapter 11 petition:

  Entity                                Case No.
  ------                                --------
Claim Jumper Management, LLC            10-12820

Type of Business: Claim Jumper Restaurants, LLC operates a chain
                  of casual dining restaurants.  It was founded in
                  1977 and is based in Irvine, California.  It has
                  locations in Arizona, California, Colorado,
                  Illinois, Nevada, Oregon, Washington, and
                  Wisconsin.

                  Web site: http://www.claimjumper.com/

Chapter 11 Petition Date: September 10, 2010

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

Bankruptcy Judge:  Kevin Gross

Debtors'
Local Counsel:     Curtis A. Hehn, Esq.
                   James E. O'Neill, Esq.
                   Laura Davis Jones, Esq.
                   PACHULSKI STANG ZIEHL & JONES LLP
                   919 North Market Street, 17th Floor
                   P.O. Box 8705
                   Wilmington, DE 19899-8705
                   Tel: (302) 652-4100
                   Fax: (302) 652-4400
                   E-mail: chehn@pszjlaw.com
                           joneill@pszjlaw.com
                           ljones@pszjlaw.com

Debtors'
General
Bankruptcy
Counsel:           MILBANK, TWEED, HADLEY & MCCLOY LLP

Debtors'
Financial
Advisors
and Investment
Bankers:           PIPER JAFFRAY & CO.

Debtors'
Claims Agent:      KURTZMAN CARSON CONSULTANTS LLC

Estimated Assets: $50 million to $100 million

Estimated Debts: $100 million to $500 million

The petitions were signed by William G. Taves, secretary and chief
financial officer.

Claim Jumper Restaurants' List of 20 Largest Unsecured Creditors:

  Entity/Person                 Nature of Claim      Claim Amount
  -------------                 ---------------      ------------
Private Capita Partners       Unsecured Lender     $112,136,733
2000 Ave of the Stars
11th Flr.
Los Angeles, CA 90067

Rogers Poultry Company        Trade Debt (Food)        $778,920
5050 Santa Fe Ave.
Vermon, CA 90058

D & D Wholesale Inc.          Trade Debt (Food)        $420,262
777 Baldwin Park Blvd
City of Industry
CA 91746

Hannay Investments            Landlord                 $379,451

Bruckmann Rosser &            Other (contract          $375,000
Sherrill & Co., LLC           counterparty)

Edward Don & Company          Other                    $370,429

US Foodservice                                         $320,647

CNA Risk                      Insurance                $300,859

Get Fresh Produce             Trade Debt (Food)        $181,623
Company

LA Specialty Produce          Trade Debt (Food)        $169,579
Company

Anderson Seafoods Inc         Trade Debt (Food)        $165,896

General Produce Company       Trade Debt (Food)        $123,870

Midco Wheeling LLC            Landlord                 $117,087

Turnberry Centra Sub LLC      Landlord                  $96,930

Charlies Produce              Trade Debt (Food)         $82,320

Galossos Bakery               Trade Debt (Food)         $77,032

South Coast Plaza Rent        Landlord                  $71,787

Southern Wine & Spirits       Trade Debt (Food)         $71,662

National Retail Properties    Landlord                  $70,913

New City Packing Company      Trade Debt (Food)         $66,370


CLOPAY AMES: S&P's Assigns BB+ on $125-Mil. Revolving Facility
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary 'BB+'
issue-level rating to New York City-based Clopay Ames' proposed
$125 million asset-based revolving credit facility due 2015 and
proposed $375 million term loan due 2016, (two notches above the
preliminary corporate credit rating).  S&P has assigned '1'
preliminary recovery ratings to this debt, indicating lenders can
expect very high recovery (90% to 100%) in the event of a payment
default.  The terms of these facilities have been revised from the
previously proposed $150 million asset-based revolving credit
facility and $500 million term loan which S&P assigned ratings to
on Aug. 2, 2010.  As a result, S&P has withdrawn its preliminary
ratings issued on these proposed facilities.

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

The stable rating outlook reflects S&P's expectation that end-
market demand for Clopay Ames' businesses will modestly increase
over the next several quarters, in line with higher housing starts
and a moderate uptick in repair and remodeling spending due to a
gradual economic recovery.  As a result, S&P expects credit
metrics to strengthen from pro forma levels, with adjusted
leverage improving to less than 3x by the end of fiscal 2011 and
to about 2.5x by the end of fiscal 2012.  In addition, S&P
believes total liquidity will be sufficient to meet capital
expenditures and fixed charges over the next year of $60 million.

For a higher rating, S&P would expect Clopay Ames' operating
performance to exceed expectations due to a rapid recovery in
housing starts and increased consumer spending such that leverage
would decline to below 2.5x.  In S&P's view, this would be
possible if housing starts in 2011 returned to 1 million and
remodeling spending increased by 8% to 10%.

S&P could take a negative rating action during this period if
sales and EBITDA were to unexpectedly deteriorate due to a "double
dip" recession and reduced construction activity such that total
adjusted leverage exceeded 5x.  For this to occur, S&P expects
that housing starts would revert to fewer than 500,000 new units
and that remodeling spending would be reduced over the next year.
S&P could also consider a negative rating action if the Company
completed a debt-financed acquisition that would result in
increased leverage.


COMMERCIAL VEHICLE: Amends Loan Deal With Bank of America
---------------------------------------------------------
Commercial Vehicle Group Inc. entered on Sept. 7, 2010, into a
third amendment to the Loan and Security Agreement dated Jan. 7,
2009, by and among the Company, certain of the Company's direct
and indirect U.S. subsidiaries, as borrowers, and Bank of America,
N.A., as agent and lender.

Pursuant to the Third Amendment, the applicable margin for
borrowings by the borrowers was amended to reduce the applicable
margin and include grid pricing based upon the Company's fixed
charge coverage ratio for the most recently ended fiscal quarter:

                             Domestic Base   LIBOR
  Level  Ratio               Rate Loans      Revolver Loans
  -----  -----               -------------   --------------
  III    1.25 to 1.00           2.00%           3.00%

  II     1.25 to 1.00
        but < 1.75 to 1.00     1.75%           2.75%

  I      1.75 to 1.00           1.50%           2.50%

Until delivery of the financial statements and corresponding
compliance certificate for the fiscal year ending Dec. 31, 2010,
the applicable margin shall be set at Level II.  Thereafter, the
applicable margin shall be subject to increase or decrease
following receipt by the Agent of the financial statements and
corresponding compliance certificate for each fiscal quarter.  If
the financial statements or corresponding compliance certificate
are not timely delivered, then the highest rate shall be
applicable until the first day of the calendar month following
actual receipt.  The Agreement was also amended to delete the
definition of "Margin Reduction" in its entirety.

In addition, the unused commitment fee was reduced to:

   i) 0.875% per annum during any fiscal quarter in which the
      aggregate average daily unused commitment is equal to or
      greater than 50% of the revolver commitments or

  ii) 0.625% per annum times the unused commitment during any
      fiscal quarter in which the aggregate average daily unused
      commitment is less than 50% of the revolver commitments.

In addition, the Third Amendment contained amendments to certain
of the restrictive covenants, including increases in the general
basket for indebtedness, the general basket for investments and
the basket for permitted foreign investments.

                  About Commercial Vehicle Group

New Albany, Ohio-based Commercial Vehicle Group, Inc., (Nasdaq:
CVGI) supplies fully integrated system solutions for the global
commercial vehicle market, including the heavy-duty truck market,
the construction and agricultural markets, and the specialty and
military transportation markets.  The Company has facilities
located in the United States in Arizona, Indiana, Illinois, Iowa,
North Carolina, Ohio, Oregon, Tennessee, Virginia and Washington
and outside of the United States in Australia, Belgium, China,
Czech Republic, Mexico, Ukraine and the United Kingdom.

                          *     *     *

Commercial Vehicle carries a 'Caa2' Corporate Family Rating and
'Caa2/LD' Probability of Default Rating from Moody's.  It has
'CCC+' issuer credit ratings from Standard & Poor's.


CONSOLIDATED RESORTS: Arthur Spector Acquires Timeshare Assets
--------------------------------------------------------------
The Arthur Spector Companies completed the acquisition of all of
the remaining timeshare inventory and operating assets comprising
the Tahiti Village, Tahiti and Club de Soleil vacation ownership
resorts in Las Vegas and other resorts in Hawaii.

The Arthur Spector Companies were the successful bidder in U.S.
bankruptcy court Judge Linda Riegle's courtroom on July 20, 2010.
William A. Leonard, Jr. was the trustee.

In 2007, a Whitehall Fund, sponsored by Goldman Sachs, made a
substantial investment by acquiring a 75 percent majority interest
in the Consolidated Resorts group of companies.  The Spector
family retained a 25 percent interest in the Consolidated Resorts
group of companies.  Consolidated Resorts discontinued its
operations in June 2009 due to the devastating effects of the
credit crisis and the slumping economy, and filed for bankruptcy
in July 2009 when its major lenders discontinued funding.
Whitehall has since terminated its interest in the Consolidated
Resorts group of companies.

The closing of the sale from the bankruptcy estate is the first in
a series of planned transactions that will result in the Spector
family investing more than $30 million back into the local Las
Vegas economy.

"We are pleased to bring this business back under the control of
our local family that has succeeded in the timeshare business for
over thirty years," stated Arthur Spector.  "We are especially
thankful that we were able to assist the trustee to protect the
interests of over 100,000 timeshare owners in these difficult
times.  All of the timeshare resorts have remained fully
operational, the owners have had uninterrupted use of their
vacation plans and continue to choose Las Vegas and Hawaii as
their vacation destinations.  We look forward to rebuilding this
vital sector of the Las Vegas economy."

              About The Arthur Spector Companies

The Arthur Spector Companies have been leading timeshare resort
developers in Las Vegas, Hawaii and Florida for more than 30
years.  Arthur Spector is a trustee member of the American Resort
Development Association and is regularly invited to speak on its
industry leadership panels.  The Arthur Spector Companies are
affiliated with Interval International, a prominent timeshare
exchange company, and are frequent contributors to industry
leadership conferences.

                    About Consolidated Resorts

Consolidated Resorts filed for Chapter 7 bankruptcy protection
(Bankr. D. Nev. Lead Case No. 09-22035) on July 7, 2009.  William
A. Leonard, Jr., serves as Chapter 7 Trustee.

Lenard E. Schwartzer, Esq., at Schwartzer & McPherson Law Firm in
Las Vegas, serves as counsel to the Debtor.  James P. Hill, Esq.,
Christine A. Roberts, Esq., and Elizabeth E. Stephens, Esq., at
Sullivan, Hill, Lewin, Rez & Engel in Las Vegas, serves as general
counsel for the Chapter 7 Trustee.


CONTINENTAL AIRLINES: Fitch Affirms at 'B-' IDR; Outlook Positive
-----------------------------------------------------------------
Fitch Ratings has affirmed the Issuer Default Rating for
Continental Airlines, Inc., at 'B-' and the senior unsecured
rating at 'CC/RR6' prior to the closing of the planned merger
between CAL and United Airlines, Inc.  In addition, Fitch is
assigning a rating of 'BB-/RR1' to CAL's recently issued
$800 million of senior secured notes due 2015.  The Rating Outlook
for CAL has been revised to Positive from Stable.

The Outlook revision reflects a steady strengthening of CAL's
stand-alone credit profile during 2010 and clear progress toward
the resolution of merger-related issues in recent weeks, as CAL
and United look to close the transaction next month.  CAL's stand-
alone profile has been supported by steady improvements in revenue
performance and a relatively benign jet fuel price environment
since the air travel demand recovery began to take shape a year
ago.  Industry capacity constraint and a consistent rebound in
business travel demand since last fall have helped drive solid
gains in passenger yields and revenue per available seat mile
(RASM), expanding margins and leading to improvements in free cash
flow (FCF) generation during the early stages of the economic
recovery.

CAL's stand-alone revenue performance in 2010 has been strong, as
a continuing recovery in high-fare travel demand and reduced
discounting have supported solid RASM growth from recessionary
levels in 2009.  During the second quarter, CAL reported a 20%
increase in consolidated passenger RASM on essentially flat
capacity. The revenue turnaround helped drive $1 billion of first
half operating cash flow and an improvement in the carrier's
unrestricted liquidity to $3.5 billion at June 30.  The
unrestricted cash and investments balance is likely to increase at
Sept. 30, incorporating approximately $450 million in net proceeds
from CAL's August secured note issuance.

Following the Aug. 27 decision by the U.S. Department of Justice
(DOJ) to end its antitrust investigation of the proposed United-
Continental merger, the last significant obstacle to the close of
the transaction has been removed.  Both carriers have indicated
that they expect the merger to be closed on Oct. 1.  In addition
to the elimination of regulatory uncertainty, prospects for the
eventual integration of the two airlines' unionized work groups
have improved following the establishment of a transition and
process framework for negotiations involving pilots at both
airlines.

Fitch continues to believe that the merger will ultimately support
sustainable improvements in margins and FCF generation relative to
other U.S. airlines, and will generally contribute to the
establishment of a more disciplined approach toward capacity
management in a cyclical industry that remains uniquely vulnerable
to external demand and fuel price shocks.  Management's commitment
to a continuation of capacity discipline in 2011 and beyond
represents an important risk mitigant at a time when the
sustainability of the global economic recovery has become more
uncertain.  Even as industry revenue comparisons become more
challenging, Fitch believes that the combined carrier retains
sufficient fleet and network planning flexibility to successfully
manage a more difficult demand environment, should it emerge, in
2011 and beyond.

Calls on cash flow for the post-merger airline are substantial,
due in large part to high stand-alone leverage levels at both
CAL and United.  Including convertible note issues that can be
put back to the new United next year ($876 million face value
for two United convertible issues), 2011 debt maturities total
$2.5 billion.  Strong FCF generation will therefore be critical
next year if the post-merger carrier is to continue the de-
levering process that has begun in 2010.

Liquidity for the post-merger airline will be strong, providing
significant flexibility to reduce debt levels without pushing cash
below 20%-25% of pro forma revenue in 2011.  Following CAL's
August secured note issuance of $800 million, combined
unrestricted cash and investments at closing will likely approach
$9 billion.  This reflects not only the FCF turnaround witnessed
in 2010, but also the liberalization of capital market access that
has allowed both carriers to raise debt on much more attractive
terms since the summer of 2009.

The combined CAL-United route network offers clear opportunities
for the post-merger carrier to deliver a sustainable RASM premium
to the industry.  The two stand-alone networks are very
complementary, with United's notable strength in trans-Pacific
routes meshing well with CAL's strong market position in New York
and into Latin America via the Houston hub.  The depth and breadth
of the combined route network, together with the premium product
focus of both carriers, should put post-merger United in a strong
position to deepen penetration in key high-fare business markets,
laying a foundation for better RASM premiums over time.

Revenue-related synergies will ultimately be more decisive in
determining the long-term financial success of the merger.
Recognizing immediate cost-saving opportunities associated with
the elimination of duplicative operations (in particular,
headquarters and certain overlapping airport operations), 2011
unit costs will likely be materially higher as pay rates and
benefits are pushed toward industry-leading levels.  One-time cash
integration costs, moreover, are likely to be significant, and
will put some pressure on FCF for both UAL and CAL this year and
into 2011.

Assuming a slow and uneven U.S. economic expansion, relatively
stable jet fuel prices below $2.50 per gallon and mid-single digit
RASM growth during 2011, Fitch expects the combined carrier to
generate positive FCF in excess of $1.5 billion next year,
providing room to push pro forma lease-adjusted leverage down,
while maintaining unrestricted cash balances above $7 billion.

Fuel price volatility remains a major concern for CAL and the
entire industry, and most carriers have resumed fairly active fuel
hedging programs in 2010 as energy prices rebounded from low
levels during the recession.  For the remainder of 2010, United
has hedged over 75% of projected fuel consumption through swaps
and call options with average crude oil equivalent price caps of
approximately $80 per barrel.  CAL also has protection in place
through the end of the year (approximately 50% of projected
consumption hedged with crude oil caps at approximately $85 per
barrel).

An upgrade of CAL's post-merger IDR to 'B' is possible in 2011 if
a continuation of positive yield and RASM comparisons, coupled
with a generally favorable fuel price scenario (average jet fuel
prices below $2.50 per gallon) drive strongly positive FCF and
allow the post-merger airline to fund next year's maturities
largely out of internally generated cash flow and excess cash on
the balance sheet. Conversely, a revision of the Rating Outlook to
Stable could occur if a sharp slowdown in U.S. economic growth
contributes to stagnating industry unit revenue growth or if a
spike in global energy prices pressures the new United's 2011
operating margins, thereby weakening the carrier's FCF profile
next year. Following the close of the transactions, ratings for
CAL and United will be closely linked as wholly-owned subsidiaries
of the newly created United Continental Holdings parent. Once a
single operating certificate is received, more complete linkage of
the two separately rated entities will likely occur.


DARYL DELIMAN: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: Daryl George Deliman
          dba Delinco
        2949 Rosemary
        Fullerton, CA 92835

Bankruptcy Case No.: 10-22627

Chapter 11 Petition Date: September 8, 2010

Court: United States Bankruptcy Court
       Central District of California (Santa Ana)

Judge: Theodor Albert

Debtor's Counsel: Todd B. Becker, Esq.
                  LAW OFFICES OF TODD B BECKER
                  3750 E Anaheim St., Suite 100
                  Long Beach, CA 90804
                  Tel: (562) 495-1500
                  Fax: (562) 494-8904
                  E-mail: veloz@toddbeckerlaw.com

Scheduled Assets: $2,247,900

Scheduled Debts: $2,874,700

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


DANAOS CORP: Posts $14.7 Million Net Loss in June 30 Quarter
------------------------------------------------------------
Danaos Corporation reported a net loss of $14.7 million on
$84.9 million of revenue for the three months ended June 30, 2010,
compared with net income of $15.9 million on $79.1 million of
revenue for the same period of 2009.

Loss on fair value of derivatives, increased by $37.0 million, to
a loss of $43.9 million in the three months ended June 30, 2010,
from a loss of $6.9 million in the same period of 2009.

As of December 31, 2009, the Company was in breach of various
covenants in its credit facilities, for some of which it had
obtained waivers and for others it had not.  The waivers the
Company has obtained are for a period through October 1, 2010.
Furthermore, as of June 30, 2010, there are further breaches for
which the Company has not obtained waivers.

The Company's working capital deficit was $2.449 billion as of
June 30, 2010, compared to working capital deficit of
$2.217 billion as of December 31, 2009.  The deficits as of
June 30, 2010, and December 31, 2009, are due to the
reclassification of long-term debt to current liabilities due to
breaches under the Company's credit facilities.

The Company's balance sheet at June 30, 2010, showed
$3.124 billion in total assets, $2.934 billion in total
liabilities, and stockholders' equity of $189.8 million.

A full-text copy of the "Operating and Financial Review and
Prospects and Condensed Consolidated Financial Statements
(Unaudited) for the Three Months Ended June 30, 2010", is
available for free at http://researcharchives.com/t/s?6b12

                     About Danaos Corporation

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

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


DAYTON OAKS: Plan Contemplates Sale of Properties to Pay Claims
---------------------------------------------------------------
Dayton Oaks, LLC, and Compass Homes, LLC, submitted to the U.S.
Bankruptcy Court for District of Maryland a proposed Plan of
Reorganization.

The funds necessary to implement the Plan will be generated solely
from the sale of the Saleable One Acre Platted Lots, Lot No. 1 and
the Model Home, Parcel A, and Parcel H at The Preserve at
Clarksville.  The Debtor's net proceeds from the sales of the
Platted Lots, the Model Home, and Parcel H will be paid to
creditors in the portion as is necessary for the execution of
the Plan.

The Plan also provides that Compass, as the new member of the
reorganized Debtor, will, from time to time during the development
of the Preserve at Clarksville, a subdivision located in
Clarksville, Maryland, make materials and other services available
to the Debtor for completion of the Preserve at Clarksville.

All membership interests in the Debtor as of the Effective Date
will be extinguished, and new membership interests in the
reorganized and newly constituted Debtor will be issued to
Compass.

Under the Plan, general unsecured claims, excluding insider claims
will be paid on a pro rata basis, without interest.

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

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

                        About Dayton Oaks, LLC

Clarksville, Maryland-based Dayton Oaks, LLC, filed for Chapter 11
bankruptcy protection on June 7, 2010 (Bankr. D. Md. Case No. 10-
22702).  Gary R. Greenblatt, Esq., at Mehlman, Greenblatt & Hare,
LLC, assists the Company in its restructuring effort.  The Company
estimated its assets and debts at $10 million to $50 million.
Failed Banks Sept. 10, 2010.


DAYTON OAKS: Taps Tydings & Rosenberg to Handle Chapter 11 Case
---------------------------------------------------------------
The U.S. Bankruptcy Court for District of Maryland will convene a
hearing on October 6, 2010, at 11:00 a.m., to consider Dayton
Oaks, LLC's employment of Tydings & Rosenberg LLP as its counsel.

T&R will, among other things:

   -- provide the Debtor with legal advise with respect to its
      powers and duties as debtor-in-possession and in the
      operation of its business and management of its property;

   -- represent the Debtor in defense of proceedings instituted to
      reclaim property or to obtain relief from the automatic
      stay; and

   -- assist the Debtor in the preparation of a plan of
      reorganization and a disclosure statement.

T&R received an initial $45,000 retainer to be applied towards
future services rendered and expenses to be incurred.

To the best of the Debtor's knowledge, T&R is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

                        About Dayton Oaks, LLC

Clarksville, Maryland-based Dayton Oaks, LLC, filed for Chapter 11
bankruptcy protection on June 7, 2010 (Bankr. D. Md. Case No. 10-
22702).  Gary R. Greenblatt, Esq., at Mehlman, Greenblatt & Hare,
LLC, assists the Company in its restructuring effort.  The Company
estimated its assets and debts at $10 million to $50 million.


DAZ VINEYARDS: November 1 Fixed as General Claims Bar Date
----------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
has established November 1, 2010, as the last day for any
individual or entity to file proofs of claim against DAZ
Vineyards, LLC.

November 1 is also set as governmental unit bar date.

Los Olivos, California-based DAZ Vineyards, LLC, dba Demetria
Estate Winery, filed for Chapter 11 bankruptcy protection on
February 15, 2010 (Bankr. C.D. Calif. Case No. 10-10689).  William
C. Beall, Esq., at Beall and Burkhardt, assists the Company in its
restructuring effort.


DISCOVERY LABS: Posts $6.3 Million Net Loss in June 30 Quarter
--------------------------------------------------------------
Discovery Laboratories, Inc., filed its quarterly report on Form
10-Q, reporting a net loss of $6.3 million for the three months
ended June 30, 2010, compared with a net loss of $7.9 million for
the same period of 2009.  The Company did not generate any
revenues in both periods.

On June 22, 2010, the Company completed a public offering of
35.7 million shares of its common stock, five-year warrants to
purchase 17.9 million shares of its common stock, and short-term
(nine month) warrants to purchase 17.9 million shares of its
common stock, resulting in gross proceeds to the Company of
$10 million ($9.1 million net).  If exercised in full, the
short-term warrants would result in additional proceeds to the
Company of roughly $5 million, and the long-term warrants,
$7.1 million.  This offering was made pursuant to the Company's
existing shelf registration statement on Form S-3 (File No.
333-151654), which was filed with the SEC on June 13, 2008, and
declared effective by the SEC on June 18, 2008.

The Company's balance sheet as of June 30, 2010, showed
$28.4 million in total assets, $10.4 million in total liabilities,
and stockholders' equity of $18.0 million.

Ernst & Young LLP, in Philadelphia, expressed substantial doubt
about the Company's ability to continue as a going concern,
following its 2009 results.  The independent auditors noted of the
Company's recurring operating losses and negative cash flows form
operations since inception.

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

               http://researcharchives.com/t/s?6b03

                   About Discovery Laboratories

Warrington, Pa.-based Discovery Laboratories, Inc. (Nasdaq: DSCO)
-- http://www.Discoverylabs.com/-- is a biotechnology company
developing KL4 surfactant therapies for respiratory diseases.


DOLLAR THRIFTY: Hertz Raises Offer to $50 a Share
-------------------------------------------------
The Wall Street Journal's Gina Chon reports that Hertz Global
Holdings Inc. on Sunday raised its offer for Dollar Thrifty
Automotive Group Inc. to $50 a share, or about $1.56 billion,
topping a proposal from Avis Budget Group Inc.

The Journal says Hertz and Dollar Thrifty amended their merger
agreement, first agreed to in April, to reflect the new price.
Other substantive terms of the merger agreement, including a $44.6
million reverse breakup fee, remain unchanged.  The revised price
represents an increase of $10.80 per share in the cash portion of
the offer.  Hertz would pay for the deal mostly in cash, with the
remainder in stock.

The Journal relates that, to ensure the deal closes, Hertz has
also begun the process of divesting its deep-discount Advantage
Rent-a-Car brand.

According to the report, to give Dollar Thrifty shareholders time
to assess the new Hertz offer, a vote on the deal has been
postponed to Sept. 30 from Sept. 16.

On Sept. 2, rival Avis raised the cash portion of its cash-and-
stock offer to about $47.13 a share, or about $1.35 billion, which
topped Hertz's proposal of about $1.1 billion.  But Avis continued
to decline to offer a reverse breakup fee, which was a condition
requested by Dollar Thrifty in a letter early last month.

According to the Journal, Dollar Thrifty's stock closed at $48.01
a share Friday on the New York Stock Exchange, giving it a market
capitalization of about $1.38 billion.  Analysts said Hertz
probably needed to make a move to keep its deal with Dollar alive.
The proxy advisory firm Institutional Shareholder Services Inc.
recently said Dollar shareholders should vote against the Hertz
deal because Hertz wasn't offering a high enough price.

The Journal notes Hertz's merger agreement with Dollar includes
unlimited matching rights, or the ability for Hertz to match any
competing bid on a recurring basis.  The deal also says Hertz is
willing to sell assets with $175 million in revenue.  Avis has
said it would divest itself of businesses with $325 million in
revenue.

                       About Dollar Thrifty

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

The Company's balance sheet at June 30, 2010, showed $2.5 billion
in total assets and $2.0 billion in total liabilities, for
$467.8 million in total stockholders' equity.

                           *     *     *

As reported by the Troubled Company Reporter on August 2, 2010,
Standard & Poor's Ratings Services said its ratings on Dollar
Thrifty (DTAG; B-/Watch Pos/--) remain on CreditWatch with
positive implications.  This follows Avis' (B+/Stable/--) July 28,
2010 bid to acquire DTAG.  S&P initially placed the ratings on
DTAG on CreditWatch with positive implications on April 26, 2010,
when the company announced that it had signed a definitive
agreement to be acquired by another competitor, Hertz Global
Holdings Inc. (B/Watch Pos/--).

S&P said the acquisition would result in an increase in market
share for either Avis Budget or Hertz in the U.S.  There currently
are three major on-airport car rental companies: Hertz, Avis
(parent of the Avis and Budget brands), and Enterprise Rent-A-Car
Co. (parent of the Enterprise, Alamo, and National brands), each
with about a 30% market share.  DTAG accounts for most of the
balance.

As reported by the TCR on August 10, 2010, Dominion Bond Rating
Service commented that Dollar Thrifty's ratings, including its
Issuer Rating of B (high) are unaffected following the Company's
announcement of second quarter 2010 earnings results.  All ratings
remain Under Review Positive, where they were placed on April 28,
2010.

DBRS acknowledged DTAG's continued progress in refinancing
maturing debt and improved access to the capital markets.  During
the quarter, DTAG established two new funding facilities totaling
$500 million and repaid $200 million of maturing notes.  DTAG's
next medium term note maturity is $600 million, which will begin
to amortize in December 2010.  Given the Company's solid liquidity
and improved access to the capital markets, DBRS sees these
maturities as manageable.

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


EDIETS.COM INC: Incurs $34.6 Million Net Loss in June 30 Quarter
----------------------------------------------------------------
eDiets.com, Inc., filed its quarterly report, showing a net loss
of $34.6 million on $5.4 million of revenue for the three months
ended June 30, 2010, compared with a net loss of $2.6 million on
$4.7 million of revenue for the same period last year.

The Company used approximately $3.9 million of cash in its
operations for the six months ended June 30, 2010.  As of June 30,
2010, the Company has an accumulated deficit of approximately
$98.5 million.

The Company's balance sheet as of June 30, 2010, showed
$7.3 million in total assets, $4.9 million in total liabilities,
and stockholders' equity of $2.4 million.

As reported in the Troubled Company Reporter on March 15, 2010,
Ernst & Young LLP expressed substantial doubt about the Company's
ability to continue as a going concern, following its 2009
results.  The independent auditors noted that of the Company's
recurring operating losses, working capital deficiency and net
capital deficiency.

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

               http://researcharchives.com/t/s?6b09

                      About eDiets.com, Inc.

Fort Lauderdale, Fla.-based eDiets.com, Inc. (NASDAQ: DIET)
-- http://www.eDiets.com/-- is a provider of personalized
nutrition, fitness and weight-loss programs.


EMDEON BUSINESS: S&P Affirms 'BB-' Corporate Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed 'BB' rating on
Nashville-based Emdeon Business Services LLC's senior secured term
loan due November 2013 following the Company's $100 million add-
on.  S&P also affirmed 'BB-' corporate credit rating on the
Company and 'B' rating on the Company's $170 million second-lien
term loan C. The outlook is stable.

The Company exercised its accordion feature in its credit
agreement to increase its existing $755 million term loan to
$855 million.  The incremental $100 million of proceeds, along
with approximately $163 million of cash on hand, will be used to
fund Emdeon's acquisition of Chamberlin Edmonds & Associates Inc.,
a provider of government program eligibility and enrollment
services.

"The ratings on Emdeon reflect the Company's narrow business
profile and the competitive and still-evolving nature of the
health care transaction-processing industry and improved, but
still significant leverage," said Standard & Poor's credit analyst
Jennifer Pepper.  Positive operating and credit trends and a good
track record of effectively integrating acquisitions partially
offset these factors.


ENERGY FUTURE HOLDINGS: Fitch Rates Oncor Notes at 'BBB'
--------------------------------------------------------
Fitch has assigned a rating of 'BBB' to the $475 million 5.25%
senior secured notes issued by Oncor Electric Delivery, LLC.  The
new secured notes will mature on Sept. 30, 2040.  The notes are
secured by a first mortgage lien on Oncor's transmission and
distribution assets and rank equally with other senior secured
debt of Oncor.  Proceeds from the notes are expected to be used to
reduce revolving credit facility borrowings and for general
corporate purposes.

Key rating factors are the stability of existing regulated utility
cash flows, credit ratios commensurate with the rating, and
effective ring-fencing from a highly leveraged parent company,
Energy Future Holdings Corp. (EFH; Fitch IDR of 'CCC', with a
Stable Outlook).

Oncor's ratings are supported by a healthy regulated transmission
and distribution (T&D) utility business that has steady cash flow
with rate-base growth opportunities related to transmission
projects to connect West Texas wind power to load centers, the
2009 rate order, and advanced metering investments.  Credit ratios
are consistent with the investment-grade rating, with a funds from
operations (FFO) coverage ratio of 3.9 times (x) for the trailing
12 months (TTM) ended June 30, 2010.  Oncor bears no commodity
price risk and has low business risk as a pure T&D utility with a
relatively strong service territory economy.

While Fitch considers Oncor to be effectively ring-fenced from the
rest of the EFH group, its credit market access or credit spreads
could nonetheless become constrained by any deterioration in the
financial condition of EFH and non-ring-fenced affiliates.
Importantly, the Public Utilities Commission of Texas (PUCT)
recognized Oncor's ring-fencing in the 2009 base-rate order by
rejecting a proposed consolidated tax savings adjustment. Large
capital spending plans are expected to constrain its dividends to
EFH as Oncor is expected to maintain equity to capital within the
40% maximum PUCT-required level (excluding bank facility
borrowings), and funds external needs with a balanced mix of debt
and equity.

Liquidity is satisfactory.  Oncor has a $2 billion revolving
credit facility due 2013. There were borrowings of $948 million as
of June 30, 2010.  Bank facility borrowings are expected to be
reduced with a portion of the proceeds from the new secured notes.
Fitch expects Oncor to begin to pre-fund significant debt
maturities in 2012 ($700 million) and 2013 ($650 million) through
debt exchange efforts.


EXCO RESOURCES: S&P Puts 'B' Issue-Level Rating on $750MM Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned issue-level and
recovery ratings to EXCO Resources Inc.'s proposed $750 million
senior unsecured notes due 2018.

The issue-level rating is 'B' (two notches below the corporate
credit rating).  The recovery rating on this debt is '6',
indicating S&P's expectation of negligible (0%-10%) recovery in
the event of a payment default.

"Our recovery analysis incorporates EXCO's plans to use the
proceeds from the proposed notes offering to redeem its
$450 million senior notes due 2011 and to repay outstanding
balances under its secured revolving credit facility," said
Standard & Poor's credit analyst Patrick Lee.

Dallas-based EXCO is an oil and gas Company engaged in the
exploration and production of crude oil and primarily natural gas.
S&P's corporate credit rating on EXCO is 'BB-', and the outlook is
stable.

RATING ACTIONS:
                                     Rating
Transaction               Class   To        From
Bristol CDO I Ltd.        A-1     AA (sf)   AA (sf)/Watch Neg
Bristol CDO I Ltd.        A-2     AA (sf)   AA (sf)/Watch Neg
C-Bass CBO V Ltd.         B       AA (sf)   AA (sf)/Watch Neg
C-Bass CBO V Ltd.         C       A+ (sf)   A+ (sf)/Watch Neg
C-Bass CBO V Ltd.         D-1     BB (sf)   BB (sf)/Watch Neg
C-Bass CBO V Ltd.         D-2     BB (sf)   BB (sf)/Watch Neg
Commodore CDO I Ltd.      A       BB+ (sf)  BBB (sf)/Watch Neg
MKP CBO IV Ltd.           A-1     CCC (sf)  BB+ (sf)/Watch Neg
Phoenix CDO II Ltd.       A       AA (sf)   AA (sf)/Watch Neg
Porter Square CDO I Ltd.  A-3     AA (sf)   AA (sf)/Watch Neg
Porter Square CDO I Ltd.  B       B- (sf)   B- (sf)/Watch Neg
Saturn Ventures I Ltd.    A-1     AA (sf)   AA (sf)/Watch Neg
Saturn Ventures I Ltd.    A-2     BB- (sf)  BB+ (sf)/Watch Neg
SFA CABS II CDO Ltd.      A       A (sf)    A (sf)/Watch Neg
Tricadia CDO 2006-5 Ltd.  B       B (sf)    BB (sf)/Watch Neg
Tricadia CDO 2006-5 Ltd.  C       CCC- (sf) CCC+ (sf)/Watch Neg
Vermeer Funding Ltd.      A-1     A+ (sf)   A+ (sf)/Watch Neg
Vermeer Funding Ltd.      A-2     B (sf)    BB (sf)/Watch Neg

RATINGS AFFIRMED:

Transaction               Class   Rating
Bristol CDO I Ltd.        B       CC (sf)
Bristol CDO I Ltd.        C       CC (sf)
Commodore CDO I Ltd.      B       CCC- (sf)
Commodore CDO I Ltd.      C       CC (sf)
MKP CBO IV Ltd.           C       CC (sf)
Porter Square CDO I Ltd.  C       CC (sf)
Saturn Ventures I Ltd.    A-3     CC (sf)
Saturn Ventures I Ltd.    B       CC (sf)
Tricadia CDO 2006-5 Ltd.  D       CC (sf)
Tricadia CDO 2006-5 Ltd.  E       CC (sf)
Tricadia CDO 2006-5 Ltd.  F       CC (sf)
Vermeer Funding Ltd.      B       CC (sf)
Vermeer Funding Ltd.      C       CC (sf)

OTHER RATINGS OUTSTANDING:

Transaction               Class   Rating
MKP CBO IV Ltd.           A-2     D (sf)
MKP CBO IV Ltd.           B       D (sf)


FLEXTRONICS INTERNATIONAL: Bank Debt Trades at 4% Off
-----------------------------------------------------
Participations in a syndicated loan under which Flextronics
International Ltd. is a borrower traded in the secondary market at
95.88 cents-on-the-dollar during the week ended Friday, September
10, 2010, according to data compiled by Loan Pricing Corp. and
reported in The Wall Street Journal.  This represents a drop of
0.42 percentage points from the previous week, The Journal
relates.  The Company pays 225 basis points above LIBOR to borrow
under the facility.  The debt matures on Oct. 1, 2012.  Moody's
has withdrawn its rating on the bank debt while it carries
Standard & Poor's BB+ rating.  The loan is one of the biggest
gainers and losers among 217 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended Friday.

As reported by the Troubled Company Reporter on July 2, 2010,
Fitch Ratings upgraded Flextronics International Ltd.'s Issuer
Default Rating to 'BBB-' from 'BB+'; senior unsecured credit
facility to 'BBB-' from 'BB+'; and senior subordinated notes to
'BBB-' from 'BB+'.  The Rating Outlook is Stable.

Liquidity as of March 31, 2010, was solid with $1.9 billion in
cash and a fully available $2 billion senior unsecured revolving
credit facility which expires in May 2012.  Additionally, Fitch
expects Flextronics to produce strong free cash flow, even in the
current environment with minimal working capital requirements and
reduced capital spending plans.  Fitch estimates that Flextronics
has produced average annual free cash flow in excess of $500
million each of the past three years.  Flextronics utilizes an
accounts receivable securitization facility as well as accounts
receivable sales agreements for additional liquidity purposes.

Total debt as of March 31, 2010, was $2.3 billion and consisted
primarily of $1.7 billion outstanding under a senior unsecured
term loan facility, of which around $500 million is due in October
2012 with the remainder due in October 2014; $240 million in 1%
convertible subordinated notes due August 2010; and $300 million
in 6.25% senior subordinated notes due November 2014.  Flextronics
also has around $417 million outstanding under its accounts
receivable securitization facilities and $164 million outstanding
under various accounts receivable sales agreements.

Headquartered in Singapore, Flextronics International Ltd.
(NasdaqGS: FLEX; Singapore Reg. No. 199002645H) --
http://www.flextronics.com/-- is an Electronics Manufacturing
Services provider focused on delivering design, engineering and
manufacturing services to automotive, computing, consumer digital,
industrial, infrastructure, medical and mobile OEMs.  Flextronics
helps customers design, build, ship, and service electronics
products through a network of facilities in over 30 countries on
four continents.


FLORIDA FISHERMAN: In Bankruptcy to Reclaim Boat
------------------------------------------------
Becky Bowers at the St. Petersburg Times reports that Florida
Fisherman Inc., doing business as Marina in John's Pass Village,
sought Chapter 11 protection last month to reclaim its double-
decker deep-sea fishing boat after it was seized over debts to
Bank of America.

According to the report, owner Mark Hubbard said that Florida
Fisherman, one of his companies, filed for Chapter 11
reorganization after the bank turned down his offers to
restructure the debt.

The Company assets and estimated debts of less than $1 million,
including two loans with Bank of America worth $620,305, and
$36,000 owed to a fuel company.

Mr. Hubbard, the Times relates, said he would work with the court
to show his Madeira Beach company was stable and would "proceed
forward serving the fishing community."

As reported in the TCR's Thursday Column on August 26, 2010,
Florida Fisherman, Inc., filed for Chapter 11 (Bankr. M.D. Fla.
No. 10-19926) on August 19, 2010.  A copy of the petition is
available at http://bankrupt.com/misc/flmb10-19926.pdf


GARY DEJOHN: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: Gary K. DeJohn
          ods DeJohn Housemoving Inc.
          mem GKD LLC
        1860 23rd Ave.
        Greeley, CO 80634

Bankruptcy Case No.: 10-32768

Chapter 11 Petition Date: September 7, 2010

Court: United States Bankruptcy Court
       District of Colorado (Denver)

Judge: Michael E. Romero

Debtor's Counsel: Gregory S. Bell, Esq.
                  BELL, GOULD & SCOTT PC
                  322 E. Oak St.
                  Fort Collins, CO 80524
                  Tel: (970) 493-8999
                  Fax: (970) 224-9188
                  E-mail: lfirnett@bell-law.com

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

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

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


GILMORE ERICKSON: Court to Convert Case to Chapter 7 Liquidation
----------------------------------------------------------------
Diane Smith at suite10.com reports that Gilmore Erickson's Delmas
Towers condominium development project in San Jose will be in
Chapter 7 liquidation effective September 30, 2010.

According to the report, the U.S. Bankruptcy Court in the Northern
District of California on August 30 decided to convert the Chapter
11 case to Chapter 7.  The conversion will be stayed for 15 days,
and then the debtor, Gilmore Erickson, who manages the company
under several other business names, will have another 15 days to
file a schedule of unpaid debts.  Erickson's other names that
govern the Delmas Towers project are Grandpoint Community
Builders, Northpoint Development and Next Group.

Gilmore Erickson is the developer of Delmas Tower condominium
project.


GRAHAM PACKAGING: S&P Affirms 'B' Corporate Family Rating
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating on Graham Packaging Holdings Co. andits
subsidiaries.  At the same time, S&P affirmed ratings on the
Company's existing senior secured debt, which is rated 'B+',
with a recovery rating of '2'.  These ratings indicate S&P's
expectation of substantial (70% to 90%) recovery in the event of a
payment default.  S&P also affirmed ratings on the Company's
subordinated debt, which is rated 'CCC+' with a recovery rating of
'6'.  These ratings reflect S&P's expectation for negligible (0%
to 10%) recovery in the event of a payment default.

In addition, based on S&P's updated recovery analysis, S&P raised
its senior unsecured debt rating on Graham to 'B-' from 'CCC+' and
revised the recovery rating to '5' from '6'.  These ratings
reflect S&P's expectation of modest (10% to 30%) recovery in the
event of a payment default.

Finally, based on preliminary terms and conditions, S&P assigned a
senior secured debt rating of 'B+' and a recovery rating of '2' to
the proposed $913 million term loan D issued by Graham Packaging
Co. L.P. and GPC Capital Corp. I maturing in 2016.  This loan
consists of the $563 million currently outstanding under Graham's
term loan B maturing in October 2011 (which will be repaid with
the proceeds) and $350 million of new acquisition financing.  S&P
also assigned a 'B-' senior unsecured debt rating with a recovery
rating of '5' to the proposed $250 million senior unsecured notes
due 2018 to be co-issued by Graham Packaging Co. L.P. and GPC
Capital Corp. I, which will be used to help fund the Liquid
Container acquisition.

"The affirmation of our corporate credit rating on Graham and the
maintenance of the positive outlook reflect that, despite a slight
increase in debt leverage associated with the planned acquisition
of Liquid Container, we believe credit measures can strengthen and
come into line with our expectations for a modestly higher rating
within the next year," said Standard & Poor's credit analyst
Cynthia Werneth.

In addition, the planned refinancing of Graham's term loan
maturing in October 2011 leaves the Company with no significant
debt maturities during the next few years.  Pro forma for the
planned acquisition and refinancing, total adjusted debt will be
about $3 billion, with total adjusted debt to EBITDA in the low 5x
area and funds from operations (FFO) to total adjusted debt of
11%-12%.  S&P currently adjusts debt to include about $120 million
of capitalized operating leases, $16 million of accounts
receivable financing, as well as $10 million of tax-effected
unfunded postretirement and $7 million of tax-effected asset
retirement obligations.  If Graham can achieve and sustain debt to
EBITDA below 5x and FFO to debt above 12%, S&P could raise the
ratings by one notch.


GRAHAM PACKAGING: Moody's Affirms B2 Rating on $375MM Sub. Notes
----------------------------------------------------------------
Moody's Investors Service revised the ratings outlook for Graham
Packaging Company L.P. to stable from developing and affirmed the
B2 Corporate Family Rating.  Moody's also rated approximately
$600 million of new debt issued to finance the recently announced
acquisition of Liquid Container, L.P.

Moody's took the following rating actions for Graham:

* Affirm B2 corporate family rating

* Affirm B2 probability of default rating

* Affirm SGL-2 speculative grade liquidity rating

* Affirm $253 million 8.25% senior unsecured notes due January 1,
   2017, Caa1 (LGD 5 - 83% from 82%).

* Assign $250 million new senior unsecured notes due 2018, Caa1
   (LGD 5 -- 83%)

* Affirm $135 million revolver due October 7, 2010, B1 (LGD 3 -
   35% from 36%)

* Affirm $124.8 million revolver due October 1, 2013, B1 (LGD 3 -
   35% from 36%)

* Affirm $563.1 million Term Loan B due October 7, 2011, B1 (LGD
   3 - 35% from 36%) (To be withdrawn after the transaction is
   completed)

* Affirm $1038.2 million Term Loan C due April 5, 2014, B1 (LGD 3
   - 35% from 36%)

* Assign $913 million new Term Loan D due 2016, B1 (LGD 3 - 35%)

* Affirm $375 million of 9.875% subordinated notes due October 7,
   2014, Caa1 (LGD 6 - 94% from 93%)

The ratings outlook is revised to stable from developing.

On September 7, 2010, Graham Packaging Company Inc. announced that
it will issue $250 million of senior unsecured notes due 2018 and
$350 million of senior secured term loan D due in 2016.  The
proceeds will be used to finance the acquisition of Liquid
Container and pay transaction fees.  The company also announced
that lenders agreed to extend the maturity of term loan B to 2016
from 2011 and roll it into the new term loan D.

The revision of the outlook to stable from developing reflects the
impact of the debt financed acquisition on credit metrics; IPO
proceeds and subsequent deleveraging that was lower than
anticipated; and the impact of the recent tax sharing agreement on
future free cash flow. Pro-forma for the debt financed
acquisition, debt to EBITDA will be over 5.0 times, debt to
revenue approximately 115%, EBIT interest coverage just over 1.5
times, and free cash flow to debt in the low single digits.
Moody's projects that credit metrics will remain in the rating
category over the intermediate term, but not improve to levels
necessary to warrant an upgrade as outlined in the credit opinion
on moodys.com.

The B2 Corporate Family Rating reflects Graham's high customer
concentration of sales, exposure to discretionary products and low
organic growth.  Approximately 70% of sales come from the top
twenty customers with 20% from the top two.  Graham's free cash
flow to debt and debt to revenue have historically been weak for
the rating category. The company is acquisitive and some
acquisitions have been debt financed.

The ratings are supported by the company's strong competitive
position, large number of co-located facilities and high
percentage of sales from custom made products. Graham also has a
track record of successful innovation and long standing customer
relationships.  Approximately one-third of Graham's manufacturing
facilities are located on its customers' sites, making it
difficult for the customers to easily switch suppliers.  The
company is expected to continue to pursue higher value new
business that offers greater growth potential, higher margins and
reduces the concentration of sales as well as seek geographic
expansion into faster growing markets.

The principal methodologies used in rating Graham Packaging
Company L.P. were Global Packing Manufacturers: Metal, Glass, and
Plastic Containers published in June 2009, and Loss Given Default
for Speculative-Grade Non-Financial Companies in the U.S., Canada
and EMEA published in June 2009.  Other methodologies and factors
that may have been considered in the process of rating this issuer
can also be found on Moody's website.


GRAHAM PACKAGING: To Borrow $600MM to Acquire Liquid Containers
---------------------------------------------------------------
Graham Packaging Holdings Company said in a regulatory filing on
September 8 that it has provided information to lenders in
connection with its acquisition of Liquid Containers, L.P.

On August 9, Graham Packaging Acquisition Corp., a Delaware
corporation and a subsidiary of Graham Packaging Holdings Company,
entered into a definitive Stock and Unit Purchase Agreement with
(a) Liquid Container L.P., a Delaware limited partnership, (b)
each of Liquid Container's limited partners and (c) each of the
stockholders of (i) Liquid Container Inc., a Delaware corporation,
(ii) CPG-L Holdings, Inc., a Delaware corporation, and (iii) WCK-L
Holdings, Inc., a Delaware corporation.  Pursuant to the Purchase
Agreement, Graham Packaging Acquisition Corp. or its wholly owned
subsidiaries and/or affiliates will purchase all of the shares
from the Stockholders and all of the limited partnership units
from the Liquid Container Limited Partners for a purchase price of
$568.0 million, plus cash, minus certain indebtedness and subject
to a potential net working capital adjustment.  Part of the
purchase price will be used to repay the outstanding indebtedness
of the Liquid Container Entities.  Consummation of the Liquid
Container Acquisition is subject to several conditions, including
the obtaining of certain consents and other customary closing
conditions.

In addition to the proposed Acquisition, Graham Packaging Company,
L.P. is also seeking to refinance the existing $563 million Term
Loan B due 2011 and amend various provisions to the existing
senior secured credit agreement.

In support of the Acquisition, Graham has engaged Deutsche Bank
Securities Inc. and Citigroup to act as Joint Lead Arrangers and
Joint Bookrunners and Goldman Sachs to act as Co-Manager.

The Acquisition will be financed through:

  * $350 million of Term Loan D; and
  * $250 million senior unsecured debt.

                      About Graham Packaging

Headquartered in York, Pennsylvania, Graham Packaging Holdings
Company, -- http://www.grahampackaging.com/-- the parent company
of Graham Packaging Company, L.P., is engaged in the design,
manufacture and sale of customized blow molded plastic containers
for the branded food and beverage, household, automotive
lubricants and personal care/specialty product categories.  As of
the end of June 2008, the company operated 83 manufacturing
facilities throughout North America, Europe and South America.

The Company's balance sheet for June 30, 2010, showed
$2.09 billion in total assets, $368.26 million total current
liabilities, $2.20 billion in long term debt, $17.57 million in
deferred income taxes, $91.73 million in other non-current
liabilities, and a stockholders' deficit of $586.82 million.

Graham Packaging carries 'B' issuer credit ratings from Standard &
Poor's.


GRAY COMMS: Bank Debt Trades at 5% Off in Secondary Market
----------------------------------------------------------
Participations in a syndicated loan under which Gray
Communications System, presently known as Gray Television, Inc.,
is a borrower traded in the secondary market at 94.85 cents-on-
the-dollar during the week ended Friday, September 10, 2010,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal.  This represents an increase of 0.54
percentage points from the previous week, The Journal relates.
The Company pays 150 basis points above LIBOR to borrow under the
facility.  The bank loan matures on December 21, 2014, and carries
Moody's B2 rating and Standard & Poor's B rating.  The loan is one
of the biggest gainers and losers among 217 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.

Formerly known as Gray Communications System, Atlanta, Georgia-
based Gray Television, Inc., is a television broadcast company.
Gray currently operates 36 television stations serving 30 markets.
Each of the stations are affiliated with either CBS (17 stations),
NBC (10 stations), ABC (8 stations) or FOX (1 station).  In
addition, Gray currently operates 38 digital second channels
including 1 ABC, 4 Fox, 7 CW, 16 MyNetworkTV and 1 Universal
Sports Network affiliates plus 8 local news/weather channels and 1
"independent" channel in certain of its existing markets.

Gray Television carries 'CCC' issuer credit ratings from Standard
& Poor's and 'Caa1' corporate family rating from Moody's.


GSC GROUP: Proposes October 7 Auction for All Assets
----------------------------------------------------
GSC Group, Inc., et al., ask for authorization from the Hon.
Arthur J. Gonzalez of the U.S. Bankruptcy Court for the Southern
District of New York to sell all or substantially all of their
assets, free and clear of liens, claims encumbrance, and other
interests through an auction.

The assets consist primarily of the assets owned, held, or used in
the Debtors' investment management business, including debt and
equity interests in partnerships, limited liability companies and
investment vehicles to which the Debtors provide investment
management services or serve as general partner, limited partner,
member or in a similar capacity.

A hearing to consider approval of the proposed bidding procedures
is set for September 15, 2010, at 10:00 a.m. (prevailing Eastern
Time).  Objections are due September 13.

The deadline for submission of bids is October 5, 2010.  If one or
more qualified bids are received by the Debtors, an auction will
be held on October 7, 2010, starting at 10:00 a.m. (prevailing
Eastern Time).  A sale hearing to approve a proposed sale of the
assets to one or more successful bidders will take place on
October 22, 2010.

Bids must include (i) a commitment to close on or before
October 25, 2010; (ii) an acknowledgement and representation that
the bidder will assume the Debtors' obligations under the
executory contracts and unexpired leases proposed to be assigned;
(iii) a cash deposit in the amount of the lesser of $1 million and
the amount of the bidder's bid (except in the case of a credit
bid); (iv) an irrevocable agreement to increase the bidder's
deposit to the greater of 10% of the bid price or $1 million (but
in no event more than the bid price), within three business days
after the bidder is selected as a successful bidder (except in the
case of a credit bid); and (v) a provision for liquidated damages
in the event of the bidder's breach of contract equal to 50% of
the bid price.

The initial overbid must have a value of at least 110% of the
starting bid following the initial overbid.  Subsequent bids must
be in such increments as announced by the Debtors for such lot at
the start of the relevant auction.

Deposits will be returned to each bidder not selected as the
successful bidder by no later than the fifth business day
following the conclusion of the auction, provided that the
interest on the deposit may not be returned until the second
business day of the month following the conclusion.

A copy of the Bidding Procedures is available for free at:

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

                          About GSC Group

Florham Park, New Jersey-based GSC Group, Inc. --
http://www.gsc.com/-- is a private equity firm specializing in
mezzanine and fund of fund investments.  It filed for Chapter 11
bankruptcy protection on August 31, 2010 (Bankr. S.D.N.Y. Case No.
10-14653).  Michael B. Solow, Esq., at Kaye Scholer LLP, assists
the Debtor in its restructuring effort.  Epiq Bankruptcy
Solutions, LLC, is the Debtor's notice and claims agent.  Capstone
Advisory Group, LLC, is the Debtor's financial advisor.  The
Debtor estimated its assets at $1 million to $10 million and
debts at $100 million to $500 million.


GSI GROUP: Reschedules Shareholder Meeting to November 23
---------------------------------------------------------
GSI Group Inc. has moved its annual meeting of shareholders to
November 23, 2010 from its previously scheduled date of
September 30.  The company expects to set October 18 as the record
date for this meeting.  The Company also announced that it expects
to file its Annual Report on Form 10-K for the year ended Dec. 31,
2009 and Quarterly Reports on Form 10-Q for the fiscal quarters
ended April 3, July 3, and October 2, 2009, on or before October
15, 2010, thereby providing shareholders with 2009 financial
information prior to the annual meeting.  Additionally, the
Company expects to file its Quarterly Reports on Form 10-Q for the
fiscal quarters ended April 2, July 2, and October 1, 2010, on or
before December 31, 2010.

The Company also announced that it continues to make progress on
its financial performance.  For the second quarter of 2010,
bookings were approximately $100 million, compared to bookings of
approximately $95 million in the first quarter of 2010 and
approximately $40 million in the second quarter of 2009.  At
July 2, 2010, the Company's consolidated backlog was approximately
$100 million.

The Board of Directors recently retained the executive recruiting
firm Lancor Partners LLC to assist in identifying and recruiting a
permanent Chief Executive Officer for the Company.  Lancor will
work with the search committee of the Board with the goal of
filling this position by year end.

Stephen W. Bershad, GSI's Chairman of the Board said, "While I'm
disappointed that the shareholder meeting is being postponed, I am
pleased that the shareholders will have access to the Company's
2009 Form 10K prior to the meeting.  The quarter's bookings
demonstrate the strength of the Company's industry-leading
technologies, loyal customer base and talented people. I believe
GSI is positioned for long-term profitable growth, delivering
quality services to our customers and innovative product
initiatives.  The Company is committed to improving shareholder
value, and will seek to grow its core businesses and focus on
efficiencies and integration opportunities."

Michael Katzenstein, Principal Executive Officer, said of the
results, "We are continuing to win profitable business in highly
competitive markets and this quarter demonstrates the strength of
our offerings and our operating teams.  We emerged from Chapter 11
re-energized due in large part to the hard work and dedication of
our employees who worked diligently during the reorganization
process and remained focused on providing outstanding value and
service to our customers.  While we operate in a competitive and
dynamic marketplace, we see growth in demand for our products and
services, and customer faith in our ability to invent and innovate
to their needs.  We believe that we are well-positioned--by
geography, in our customer segments, and in our key product
categories--as our customers increase their technology and
infrastructure investments.  While many exciting challenges are
still ahead, I remain optimistic about GSI's prospects for the
future."

On July 2, 2010, the Company had cash and cash equivalents of
approximately $87.4 million.  During the third quarter of 2010, as
a result of the Company's emergence from bankruptcy on July 23,
2010, the Company made cash distributions under its court approved
plan of reorganization (including payments of accrued interest and
principal to its noteholders on account of the pre-petition and
post-petition interest, a backstop fee related to its rights
offering and professional fees) of approximately $46.3 million.
On September 3, 2010, the Company had cash and cash equivalents of
approximately $51.1 million (before payment of accrued bankruptcy
payments in an amount of approximately $8.6 million).

On July 2, 2010, the Company had long-term debt of $210.0 million.
During the third quarter of 2010, as a result of the consummation
of its court-approved plan with the receipt of proceeds from its
rights offering, the Company reduced its long-term debt to $107.0
million as of September 3, 2010.  Also, on July 2, 2010 the
Company had approximately 48.4 million common shares issued and
outstanding. During the third quarter of 2010, as a result of the
Company's emergence from bankruptcy, including the completion of
its rights offering, the Company had approximately 100.0 million
common shares issued and outstanding on September 3, 2010.

The bookings and balance sheet data included above have not been
reviewed by our auditors and are subject to change as a result of
their review as well as the completion of the 2009 audit.  Please
note that bookings and backlog may not result in revenue, as they
are subject to termination or cancellation under certain
circumstances.

                       About GSI Group

GSI Group Inc. supplies precision technology to the global
medical, electronics, and industrial markets and semiconductor
systems.  GSI Group Inc.'s common shares are quoted on Pink Sheets
OTC Markets Inc. (GSIGQ).

The Company and two of its affiliates filed for Chapter 11
protection on Nov. 20, 2009 (Bankr. D. Del. Lead Case No. 09-
14110).  William R. Baldiga, Esq., at Brown Rudnick LLP,
represents the Debtors as lead counsel.  Mark Minuti, Esq., at
Saul Ewing LLP, as its local counsel.  The Debtors selected Garden
City Group Inc. as their claims and notice agent.  The Debtors
disclosed $555,000,000 in total assets and $370,000,000 in total
liabilities as of Nov. 6, 2009.

GSI Group successfully emerged from Chapter 11 restructuring in
July 2010.  Under the plan that was confirmed in May, noteholders
received 86.1% of the stock of the reorganized company's.


GUITAR CENTER: Bank Debt Trades at 11% Off in Secondary Market
--------------------------------------------------------------
Participations in a syndicated loan under which Guitar Center,
Inc., is a borrower traded in the secondary market at 88.68 cents-
on-the-dollar during the week ended Friday, September 10, 2010,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal.  This represents an increase of 0.54
percentage points from the previous week, The Journal relates.
The Company pays 350 basis points above LIBOR to borrow under the
facility.  The bank loan matures on October 9, 2014, and carries
Moody's B3 rating and Standard & Poor's B- rating.  The loan is
one of the biggest gainers and losers among 217 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.

Guitar Center, Inc., headquartered in Westlake Village,
California, is the largest musical instrument retailer with 312
stores and a direct response segment, which operates its websites.
It operates three distinct musical retail business - Guitar Center
(about 70% of revenue), Music & Arts (about 7% of revenue), and
Musician's Friend (its direct response subsidiary with 24% of
revenue).  Total revenue is about $2 billion.

Guitar Center carries 'Caa1' corporate family and probability of
default ratings from Moody's Investors Service.  In December 2009,
Moody's said, "The Caa1 Corporate Family Rating reflects Guitar
Center's very weak credit metrics, particularly its interest
coverage, as a result of its very high level of debt."


HARRINGTON WEST: Files for Chapter 11 Bankruptcy Protection
-----------------------------------------------------------
Harrington West Financial Group, Inc. filed a voluntary petition
to liquidate its assets under Chapter 11 of the Bankruptcy Code
(Bankr. N.D. Calif. Case No. 10-14677) on September 10, 2010 .
HWFG, the Debtor, continues to operate its business as a debtor in
possession under sections 1107(a) and 1108 of the Bankruptcy Code.

On August 20, 2010, the Office of Thrift Supervision closed HWFG's
subsidiary bank and principal asset, Los Padres Bank, FSB (LPB),
and appointed the Federal Deposit Insurance Corporation (FDIC) as
receiver of LPB.  On the same day, the FDIC facilitated the
acquisition of most of the loans, some securities, and the
assumption of the deposits and various other liabilities of LPB by
Pacific Western Bank.

HWFG intends to file a liquidating plan within a few months. In
the Schedules of Assets and Liabilities filed by HWFG along with
the Chapter 11 petition, HWFG reported that its total assets as of
the petition date were approximately $579,282, plus a potential
tax refund of an unknown amount.  Its total liabilities were
approximately $26,004,000.


HARRISBURG, PA: Commonwealth to Aid City with Expedited Payments
----------------------------------------------------------------
Governor Edward G. Rendell announced this morning that the
commonwealth will partner with the City of Harrisburg by providing
$4.3 million in expedited payments and economic development
assistance and loans.  The funds will be used to help the city pay
a bond obligation that's due this week and hire a financial
management firm to craft a plan to return it to solid financial
footing.

The Governor was joined at the news conference by Harrisburg Mayor
Linda D. Thompson, Representative Ron Buxton, City Council
President Gloria Martin-Roberts, PA Housing Finance Agency
Executive Director Brian Hudson, and GreenWorks Development CEO
Doug Neidich, representing the Harrisburg business community.

"This is an investment in a vital Pennsylvania city that is in
critical need of the state's help," Governor Rendell said. "In
return, I can't stress enough how important it is for the mayor,
city council and other Harrisburg officials to improve their
working relationships to solve the challenges that they face -
challenges that affect not just Harrisburg, but central
Pennsylvania."

The $4.3 million package includes expedited payments, which were
already in process, of $1 million for fire protection and $2.6
million for the annual payment from the Municipal Pension
Assistance Fund.  Those funds will help the city with its cash
flow.  The State Treasurer and State Auditor General worked
together to expedite these payments to the city.

Another $850,000 will help the city hire Scott Balice Strategies,
a financial management firm that will work with Mayor Thompson and
city council to develop a comprehensive plan for the city's
financial stability.  The money includes a $500,000 loan to be
repaid when the city's financial situation improves.

Harrisburg is facing a Sept. 15 deadline to make a $3.3 million
payment on a refinanced 1997 debt.  Before the Governor's
announcement today, the city has said it would not be able to meet
its obligation.

Governor Rendell said missing the crucial $3.3 million payment is
not an option.

"Harrisburg's financial future is still very cloudy, and difficult
decisions still need to be made to return this city to fiscal
stability.  Allowing a missed bond payment, however, would not be
a good decision," the Governor said.  "It would devastate not only
the city, but the school district, the county, and Central
Pennsylvania's reputation as a great place to live, work, and
play."

The Governor also stressed that bankruptcy should not be an option
for Harrisburg until all other options have been explored and
exhausted.

The short-term fix for Harrisburg won't change the muni market's
perception of the city as a troubled issuer, analysts said,
according to Dow Jones Newswires.  "Everyone will continue to wait
and see what the long-term solutions might be," said Gordon
Murray, senior credit analyst at Belle Haven Investments,
according to Dow Jones.

                       About Harrisburg, PA

The city of Harrisburg is coping with debt related to a failed
revamp of an incinerator.  The outstanding principal on the
Incinerator debt is $288 million.  Total principal and interest on
this debt would amount to approximately $458 million.  Debt
service payments on the total incinerator debt are $20 million per
year.  Of this total, Dauphin County, Pennsylvania, is responsible
for roughly $10 million and Harrisburg is responsible for the
other $10 million.   The city is guarantor on 100% of the
$288 million Incinerator debt.

As reported by the Troubled Company Reporter on August 19, 2010,
Harrisburg hired Scott Balice Strategies to help plot a financial
recovery plan.

As reported by the TCR on September 7, 2010, Dow Jones' DBR Small
Cap said elected officials in Harrisburg met to discuss hiring a
bankruptcy adviser and handing over control of their troubled
municipal authority to a receiver as the city's fiscal problems
mount.  As reported by the TCR on September 1, Harrisburg will
skip $3.29 million in debt-service payments on general obligation
debt from 1997 due Sept. 15.  Ambac Assurance Corp., which insures
the GO bonds, will meet payments to investors.


HARRISBURG, PA: Offers Partial Reimbursement to Ambac
-----------------------------------------------------
Dow Jones' DBR Small Cap reports that the fiscally strapped
capital city of Harrisburg, Pa., which intends to default on a
$3.29 million bond payment this week, is offering to reimburse the
bond insurer for some of the cash it will have to lay out on the
city's behalf.  DBR relates city officials on Thursday met with
representatives of Ambac Assurance, a unit of Ambac Financial
Group that insured the general-obligation debt and will make the
payment to bond holders on Wednesday.  According to DBR,
Harrisburg has proposed paying the insurer $1.1 million this year,
said spokesman Chuck Ardo.  Ambac didn't comment.  "There was a
very frank discussion about the course the city was taking," said
Mr. Ardo, who added that there was no resolution made at the
meeting.  Ambac made it clear it "would like to see payment as
due," he said, according to DBR.

                       About Harrisburg, PA

The city of Harrisburg is coping with debt related to a failed
revamp of an incinerator.  The outstanding principal on the
Incinerator debt is $288 million.  Total principal and interest on
this debt would amount to approximately $458 million.  Debt
service payments on the total incinerator debt are $20 million per
year.  Of this total, Dauphin County, Pennsylvania, is responsible
for roughly $10 million and Harrisburg is responsible for the
other $10 million.   The city is guarantor on 100% of the
$288 million Incinerator debt.

As reported by the Troubled Company Reporter on August 19, 2010,
Harrisburg hired Scott Balice Strategies to help plot a financial
recovery plan.

As reported by the TCR on September 7, 2010, Dow Jones' DBR Small
Cap said elected officials in Harrisburg met to discuss hiring a
bankruptcy adviser and handing over control of their troubled
municipal authority to a receiver as the city's fiscal problems
mount.  As reported by the TCR on September 1, Harrisburg will
skip $3.29 million in debt-service payments on general obligation
debt from 1997 due Sept. 15.  Ambac Assurance Corp., which insures
the GO bonds, will meet payments to investors.


HARVARD GRAND: Has Until November 9 to Propose Reorganization Plan
------------------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
extended until November 9, 2010, Harvard Grand Investment, Inc.'s
exclusive period to submit a proposed Plan of Reorganization and
Disclosure Statement.

Carson, California-based Harvard Grand Investment, Inc., a
California corporation, filed for Chapter 11 bankruptcy protection
on May 28, 2010 (Bankr. C.D. Calif. Case No. 10-31833).  David B.
Golubchik, Esq., at Levene Neale Bender Rankin & Brill LLP,
assists the Debtor in its restructuring effort.  The Debtor
disclosed $26,309,114 in assets and $23,244,002 in liabilities.


HAWKER BEECHCRAFT: Bank Debt Trades at 19% Off in Secondary Market
------------------------------------------------------------------
Participations in a syndicated loan under which Hawker Beechcraft
is a borrower traded in the secondary market at 80.50 cents-on-
the-dollar during the week ended Friday, September 10, 2010,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal.  This represents an increase of 0.64
percentage points from the previous week, The Journal relates.
The Company pays 200 basis points above LIBOR to borrow under the
facility.  The bank loan matures on March 26, 2014, and carries
Moody's Caa1 rating and Standard & Poor's CCC+ rating.  The loan
is one of the biggest gainers and losers among 217 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.

Hawker Beechcraft Acquisition Company, LLC, headquartered in
Wichita, Kansas, is a leading manufacturer of business jets,
turboprops and piston aircraft for corporations, governments and
individuals worldwide.

Hawker Beechcraft Acquisition Company LLC reported a net loss of
$63.4 million on $568.2 million of total sales for the three
months ended March 28, 2010, compared with net income of $53.1
million on $537.6 million of sales for the three months ended
March 29, 2009.  The Company's balance sheet at March 28, 2010,
showed $3.41 billion in total assets, $3.36 billion in total
liabilities, and stockholders' equity of $56.5 million.


HERCULES OFFSHORE: Bank Debt Trades at 13% Off in Secondary Market
------------------------------------------------------------------
Participations in a syndicated loan under which Hercules Offshore
is a borrower traded in the secondary market at 87.30 cents-on-
the-dollar during the week ended Friday, September 10, 2010,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal.  This represents a drop of 0.83
percentage points from the previous week, The Journal relates.
The Company pays 650 basis points above LIBOR to borrow under the
facility.  The bank loan matures on July 11, 2013, and carries
Moody's B2 rating and Standard & Poor's B- rating.  The loan is
one of the biggest gainers and losers among 217 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.

Hercules Offshore, Inc. (NASDAQ: HERO) --
http://www.herculesoffshore.com/-- provides shallow-water
drilling and marine services to the oil and natural gas
exploration and production industry in the United States, Gulf of
Mexico and internationally.  The Company provides these services
to integrated energy companies, independent oil and natural gas
operators and national oil companies.  The Company operates in six
business segments: Domestic Offshore, International Offshore,
Inland, Domestic Liftboats, International Liftboats and Delta
Towing.

As reported in the Troubled Company Reporter on June 10, 2010,
Standard & Poor's took several rating actions on eight U.S. oil
and gas companies, including Hercules Offshore, Inc., following an
industry review.  S&P reviewed companies with operating exposure
to the Gulf of Mexico following the U.S. Department of the
Interior's extension of the moratorium on drilling permits.  S&P
believes that when the moratorium is eventually lifted, there
could be extensive delays in issuing new permits due to high
initial volume and new safety and operating standards imposed.
S&P downgraded Hercules Offshore's rating from (B/Negative/--) to
(B-/Negative/--).  The rating actions also reflect S&P's
heightened concerns about the burgeoning scope of the Macondo well
disaster.  The flow of oil into the Gulf of Mexico is likely to
continue until at least August.  Uncertainty about the ultimate
remediation cost and potential financial liabilities associated
with the disaster has already resulted in a rating downgrade of
the corporate credit rating of BP PLC (AA-/Watch Neg/A-1+).


HORIZON BANK: Closed; Bank of the Ozarks Assumes All Deposits
-------------------------------------------------------------
Horizon Bank of Bradenton, Fla., was closed on Friday,
September 10, 2010, by the Florida Office of Financial Regulation,
which appointed the Federal Deposit Insurance Corporation as
receiver.  To protect the depositors, the FDIC entered into a
purchase and assumption agreement with Bank of the Ozarks in
Little Rock, Ark., to assume all of the deposits of Horizon Bank.

The four branches of Horizon Bank will reopen during normal
banking hours as branches of Bank of the Ozarks.  Depositors of
Horizon Bank will automatically become depositors of Bank of the
Ozarks.  Deposits will continue to be insured by the FDIC, so
there is no need for customers to change their banking
relationship in order to retain their deposit insurance coverage.
Customers of Horizon Bank should continue to use their existing
branch until they receive notice from Bank of the Ozarks that it
has completed systems changes to allow other Bank of the Ozarks
branches to process their accounts as well.

As of June 30, 2010, Horizon Bank had around $187.8 million in
total assets and $164.6 million in total deposits.  Bank of the
Ozarks did not pay the FDIC a premium for the deposits of Horizon
Bank.  In addition to assuming all of the deposits of the failed
bank, Bank of the Ozarks agreed to purchase essentially all of the
assets.

The FDIC and Bank of the Ozarks entered into a loss-share
transaction on $150.4 million of Horizon Bank's assets.  Bank of
the Ozarks will share in the losses on the asset pools covered
under the loss-share agreement.  The loss-share transaction is
projected to maximize returns on the assets covered by keeping
them in the private sector.  The transaction also is expected to
minimize disruptions for loan customers.  For more information on
loss share, visit:
  http://www.fdic.gov/bank/individual/failed/lossshare/index.html

Customers who have questions about today's transaction can call
the FDIC toll-free at 1-800-405-1439.  Interested parties also can
visit the FDIC's Web site at

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

The FDIC estimates that the cost to the Deposit Insurance Fund
will be $58.9 million.  Compared to other alternatives, Bank of
the Ozarks' acquisition was the least costly resolution for the
FDIC's DIF.  Horizon Bank is the 119th FDIC-insured institution to
fail in the nation this year, and the twenty-third in Florida.
The last FDIC-insured institution closed in the state was
Community National Bank at Bartow, Bartow, on August 20, 2010.


HOVNANIAN ENTERPRISES: Incurs $72.8MM Net Loss in July 31 Qtr.
--------------------------------------------------------------
Hovnanian Enterprises Inc. filed its quarterly report on Form
10-Q, with the Securities and Exchange Commission.

The Company incurred a net loss of $72.85 million on total
revenues of $380.6 million in three months ended July 31, 2010,
compared with a net loss of $168.91 million on total revenues of
$387.11 million in the same period in 2009.

The Company's balance sheet at July 31, 2010, showed $1.91 billion
in total assets, $2.12 billion in total liabilities, and a
stockholders' deficit of $207.43 million.

A full-text copy of the quarterly report on Form 10-Q is available
for free at http://ResearchArchives.com/t/s?6b15

A full-text copy of the Company's earnings release is available
for free at http://ResearchArchives.com/t/s?6ac8

                    About Hovnanian Enterprises

Red Bank, New Jersey-based Hovnanian Enterprises, Inc. (NYSE: HOV)
-- http://www.khov.com/-- founded in 1959 by Kevork S. Hovnanian,
is one of the nation's largest homebuilders with operations in
Arizona, California, Delaware, Florida, Georgia, Illinois,
Kentucky, Maryland, Minnesota, New Jersey, New York, North
Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia and
West Virginia.  The Company's homes are marketed and sold under
the trade names K. Hovnanian Homes, Matzel & Mumford, Brighton
Homes, Parkwood Builders, Town & Country Homes, Oster Homes and
CraftBuilt Homes.  As the developer of K. Hovnanian's Four Seasons
communities, the Company is also one of the nation's largest
builders of active adult homes.

                           *     *     *

Hovnanian has a 'CCC' issuer default rating from Fitch Ratings.
In April 2010, Fitch said, "While Fitch expects somewhat better
prospects for the housing industry this year, the Rating Outlook
for HOV remains Negative given the challenges still facing the
housing market, which are likely to meaningfully moderate the
early stages of this recovery, and the company's still substantial
debt position and high leverage."


HUGHES ENTERPRISES: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Hughes Enterprises, Inc.
          aka Hooters of Renton
        760 Village Center Drive, Suite 200
        Burr Ridge, IL 60527

Bankruptcy Case No.: 10-40096

Chapter 11 Petition Date: September 7, 2010

Court: United States Bankruptcy Court
       Northern District of Illinois (Chicago)

Judge: Bruce W. Black

Debtor's Counsel: William J. Factor, Esq.
                  THE LAW OFFICE OF WILLIAM J. FACTOR, LTD
                  1363 Shermer Road, Suite 224
                  Northbrook, IL 60062
                  Tel: (847) 239-7248
                  Fax: (847) 574-8233
                  E-mail: wfactor@wfactorlaw.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/ilnb10-40096.pdf

The petition was signed by Gary Grasso, vice president - Legal.

Debtor-affiliate that filed separate Chapter 11 petition:

                                                 Petition
   Debtor                              Case No.     Date
   ------                              --------     ----
Rascals Casinos LLC                    10-40083   09/07/10


HUNTSMAN ICI: Bank Debt Trades at 5% Off in Secondary Market
------------------------------------------------------------
Participations in a syndicated loan under which Huntsman ICI is a
borrower traded in the secondary market at 94.83 cents-on-the-
dollar during the week ended Friday, September 10, 2010, according
to data compiled by Loan Pricing Corp. and reported in The Wall
Street Journal.  This represents an increase of 0.52 percentage
points from the previous week, The Journal relates.  The Company
pays 175 basis points above LIBOR to borrow under the facility.
The bank loan matures on April 23, 2014, and carries Moody's Ba2
rating and Standard & Poor's B+ rating.  The loan is one of the
biggest gainers and losers among 217 widely quoted syndicated
loans with five or more bids in secondary trading for the week
ended Friday.

Huntsman Corp. -- http://www.huntsman.com/-- is a global
manufacturer and marketer of differentiated chemicals.  Its
operating companies manufacture products for a variety of global
industries, including chemicals, plastics, automotive, aviation,
textiles, footwear, paints and coatings, construction, technology,
agriculture, health care, detergent, personal care, furniture,
appliances and packaging.  Originally known for pioneering
innovations in packaging and, later, for rapid and integrated
growth in petrochemicals, Huntsman has more than 12,000 employees
and operates from multiple locations worldwide.  The Company had
2008 revenues exceeding $10 billion.

In March 2010, Moody's Investors Service affirmed the debt ratings
of Huntsman Corporation (B1 Corporate Family Rating) and Huntsman
International LLC, a subsidiary of Huntsman.


INERGY: Tres Palacios Acquisition Cues S&P to Revise Outlook
------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on Inergy
to stable from positive following its announced acquisition of the
Tres Palacios natural gas storage facility.  At the same time, S&P
affirmed the 'BB-' corporate credit rating and 'B+' senior
unsecured issue rating on Inergy.  The recovery rating of '5'
remains unchanged.  As of June 30, 2010, Inergy had total debt,
adjusted for operating leases and self-insurance reserves, of
$1.3 billion.

The outlook revision reflects S&P's view that the partnership's
total adjusted debt to EBITDA pro forma for the acquisition will
be higher than S&P's initially assumed when S&P revised its
outlook to positive in March 2010.

While S&P recognizes that the partnership is raising about
$350 million of net equity to fund the acquisition, the
transaction will be leveraging due to the limited cash flows that
Tres Palacios is now generating.  On the positive side, about 90%
of the current 27.1 billion cubic feet of capacity is under firm
agreements with gas distribution companies and marketers that have
weighted average rating of 'BBB'.  In addition, S&P views the
partnership's plans to merge with its general partner, Inergy
Holdings L.P., as generally supportive of credit because it
simplifies the corporate structure and will reduce its cost of
capital by eliminating the incentive distributions rights.


ISE CORPORATION: U.S. Trustee Forms 5-Member Creditors Committee
----------------------------------------------------------------
Tiffany L. Carroll , U.S. Trustee for Region 15, appointed five
members to the official committee of unsecured creditors in
the Chapter 11 case of ISE Corporation.

The Creditors Committee members are:

1. Suntron Corporation
   Attn: Jeff Wanago
   2401 West Grandview
   Phoenix, AZ 85023
   Tel: (602) 282-5053
   Fax: (602) 282-1275
   E-mail: Jeff.wanago@suntroncorp.com

2. Second Star Inc.
   Attn: Jennifer Rey
   11556 Alkaid Drive
   San Diego, CA 92126
   Tel: (858) 220-8893
   Fax: (858) 368-9324
   E-mail: Jenrey@secondstarinc.com

3. RR Donrelly Receivables, Inc.
   Attn: Dan Pevonka
   3075 Highland Parkway
   Downers Grove, IL 60515
   Tel: (630) 322-6931
   E-mail: dan.peconka@rd.com

4. Ballard Power Systems
   Attn: Kerry Hillier
   9000 Glenlyon Parkway
   Burnaby British Columbia
   Canada V5J 5J8
   Tel: (604) 453-3529
   Fax: (604) 412-4716
   E-mail: Kerry.hillier@ballard.com

5. Wrightbus, Ltd.
   Attn: Mark Nodder
   Galgorm Ind Estate
   Fenaghy Road Galgorm
   Ballymena, BT 42 IPY GB
   Tel: +44 (0)(282) 564-1212
   Fax: +44 (0)(282) 566-3030
   E-mail: marrk.nodder@wright-bus.com

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

ISE Corporation, a California corporation, fka ISE Research
Corporation, is the operating subsidiary of Ise Limited.  ISE Corp
-- http://www.isecorp.com/ -- makes drive train systems for
hybrid gasoline/electric buses.  Established in 1995, ISE is
headquartered in San Diego, California.  It filed for Chapter 11
protection on August 10, 2010 (Bankr. S.D. Calif. Case No. 10-
14198).  Marc J. Winthrop, Esq., at Winthrop Couchot Professional
Corp, assists the Debtor in its restructuring effort.  The Debtor
estimated its assets at $10 million to $50 million and its debts
at $10 million to $50 million as of the Petition Date.


JANICE BECKER: Court Approves Alter Goldman as Bankruptcy Counsel
-----------------------------------------------------------------
The Honorable Stuart M. Bernstein of the U.S. Bankruptcy Court for
the Southern District of New York authorized Janice Marie Becker
to employ Alter, Goldman & Brescia, LLP as her bankruptcy counsel.

The firm will represent the Debtor in the Chapter 11 proceedings.

Bruce R. Alter, a member of Alter Goldman, assures the Court that
the firm is a "disinterested person" as that term is defined in
Section 101(14) of the Bankruptcy Code.

New York-based Janice Marie Becker filed for Chapter 11 protection
on August 11, 2010 (Bankr. S.D.N.Y. Case No. 10-14314).  Dana
Patricia Brescia, Esq., at Alter, Goldman & Brescia, LLP, assists
the Debtor in her restructuring effort.  The Debtor estimated her
assets at $10 million to $50 million and her debts at $1 million
to $10 million as of the Petition Date.


JANICE BECKER: Files List of 20 Largest Unsecured Creditors
-----------------------------------------------------------
Janice Marie Becker filed with the U.S. Bankruptcy Court for the
Southern District of New York a list of its largest unsecured
creditors, disclosing:

   Entity                      Nature of Claim   Claim Amount
   ------                      ---------------   ------------
Saks Fifth Avenue              Consumer Credit    $20,183
P.O. Box 17157
Baltimore, MD 21297-1157

HSBC Mastercard                Consumer Credit     $1,639
P.O. Box 80029
Salinas, CA 93912-0029

New York-based Janice Marie Becker filed for Chapter 11 protection
on August 11, 2010 (Bankr. S.D.N.Y. Case No. 10-14314).  Dana
Patricia Brescia, Esq., at Alter, Goldman & Brescia, LLP, assists
the Debtor in her restructuring effort.  The Debtor estimated her
assets at $10 million to $50 million and her debts at $1 million
to $10 million as of the Petition Date.


JANICE BECKER: Files Schedules of Assets and Liabilities
--------------------------------------------------------
Janice Marie Becker 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               $10,750,000
  B. Personal Property               $35,323
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                                $8,385,000
  E. Creditors Holding
     Unsecured Priority
     Claims                                                $0
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                           $21,822
                                 -----------      -----------
        TOTAL                    $10,785,323       $8,406,822

New York-based Janice Marie Becker filed for Chapter 11 protection
on August 11, 2010 (Bankr. S.D.N.Y. Case No. 10-14314).  Dana
Patricia Brescia, Esq., at Alter, Goldman & Brescia, LLP, assists
the Debtor in her restructuring effort.  The Debtor estimated her
assets at $10 million to $50 million and her debts at $1 million
to $10 million as of the Petition Date.


JAVA DETOUR: Files Voluntary Petition for Chapter 11
----------------------------------------------------
Java Detour Inc. and its wholly owned subsidiary JDCO Inc. filed
voluntary petitions on September 9, 2010 for reorganization under
Chapter 11 of the U. S. Bankruptcy Code with the U. S. Bankruptcy
Court in San Francisco, California.  The protection of Chapter 11
allows the Companies to reorganize their business operations and
finances.  The Companies plan to use existing cash, revenue
generated from certain business activities, the sale of certain
assets, and post-petition financing to finance operations and
continue their domestic and international store expansion.

Harry R. Kraatz, the Companies' Chief Restructuring Officer and
recently appointed Chairman and Chief Executive Officer, stated,
"The filing is a proactive step for the Companies.  We believe
that the filing is in the best interests of all the creditors and
stakeholders.  It provides an opportunity to restructure the
Companies' balance sheets, reduce costs, implement a revised
strategic plan and position the entities for new business
opportunities."  The Chapter 11 filing will be seamless to
customers and franchisees, who will continue to receive our great
products, including gift cards and customer service without
interruption.  All of the companies' post-petition obligations to
vendors will be paid promptly in the normal course of business.
Employees will continue to receive full salary, health and welfare
benefits without interruption, Kraatz stated.

Mr. Kraatz also announced that the law firm of Manasian & Rougeau
LLP has been retained as the Companies' reorganization counsel.

The Chapter 11 case number assigned by the United States
Bankruptcy Court for the Northern District of California for Java
Detour's reorganization proceeding is 10-33530; the case number
assigned for JDCO Inc.'s reorganization proceeding is 10-33531.
The Companies, through their counsel, expect the cases to be
jointly administered.


JBS USA: Fitch Rates Proposed Reopening of Sr. Notes at 'BB-'
-------------------------------------------------------------
Fitch Ratings has assigned a 'BB-' rating to the proposed
reopening of JBS's 8.25% notes due Jan. 29, 2018.  This add-on
issuance is expected to raise at least US$300 million and the
proceeds are expected to be used to refinance shorter maturity
indebtedness and for general corporate purposes.  The notes will
be issued by JBS Finance II Ltd., a special-purpose vehicle wholly
owned by JBS and incorporated in the Cayman Island, and is
unconditionally guaranteed by JBS and its subsidiary JBS Hungary
Holdings Kft.

Fitch currently rates JBS:

  -- Local currency Issuer Default Rating (IDR) 'BB-';
  -- Foreign currency IDR 'BB-';
  -- Senior unsecured notes 'BB-';
  -- Long-term national scale rating 'A-(bra)'.

The Rating Outlook of the corporate ratings is Stable.

JBS's ratings are supported by its strong global business
position, the result of numerous acquisitions including Pilgrim's
Pride Co and Bertin.  The ratings take into consideration the
commodity and cyclical risks associated with the meat business,
the company's high financial leverage and negative free cash flow,
which are partially mitigated by its strong liquidity position and
manageable debt amortization profile.

Geographic and Product Diversification Strengthen Business
Profile:

JBS has a strong business position due to a number of acquisitions
that have improved its product portfolio and geographic presence.
These factors should enable the company to better withstand
cyclical downturns in the industry.  They should partially
mitigate risks related to disease, the imposition of sanitary
restrictions by governments, market concentrations, as well as
tariffs or quotas applied regionally by some importing blocs or
countries.

The recent acquisitions of PCC and Bertin have solidified JBS's
position as the largest producer and exporter of fresh meat and
meat by-products in Brazil, Argentina and Australia and as the
third largest in the U.S.  These acquisitions have also enabled
JBS to become one of the leading processors of leather and have
enhanced the company's position in the Brazilian dairy sector.

Free Cash Flow, Leverage are Expected to Improve:

JBS's capital structure continues to be leveraged with pro forma
June 2010 LTM total debt/EBITDA and net debt/EBITDA of 4.5 times
(x) and 3.0x, respectively.  While the rapid expansion of the
company has been financed by a combination of debt and equity,
strong working capital needs have resulted in increasing
outstanding debt in recent years, and also resulting in negative
FCF; in June 2010 LTM, FCF remained negative.

Fitch expects the improving EBITDA generation to result in net
leverage reduction to levels consistently below 3.0x in 2011 as
the consolidation of these new assets is expected to strengthen
the consolidated profitability of JBS through synergies of about
BRL950 million.  Fitch expects FCF will improve, while the company
consolidates the recent acquisitions, reduces its costs and
improves the profitability, allowing the company to reduce debt
and strengthen liquidity.

The company's liquidity is supported by BRL3.5 billion of cash and
marketable securities. In June 2010, short-term debt was
BRL5.2 billion (or 30% of the total debt) and corresponded mainly
to outstanding trade finance lines. The availability of about
US$1 billion in revolving credit lines at JBS USA and PPC also
enhances JBS' liquidity and mitigate refinancing risk.

JBS's track record of integration of new acquired assets is solid
despite of the challenges to combining new operations.  The
company has successfully consolidated prior acquisitions such as
Swift, Tasman Group and Smithfield Beef in 2007 and 2008 as well
as its joint venture with Inalca in 2008.  JBS completed the
acquisition of PPC's shares for US$800 million, and the merger
with Bertin for an exchange of shares both during December 2009.
Total combined revenue of BRL53 billion and BRL3.3 billion in
EBITDA is expected.

Key Rating Drivers:

JBS's rating could be positively affected by some combination of
the following: a significant decrease in leverage, generation of
positive FCF, completion of its planned growth strategy via
acquisitions, reduction of the company's heavy reliance in short-
term debt and further revenue diversification.  A rating downgrade
could be triggered by a deterioration or lack of improvement in
the company's leverage, or by a low level of cash liquidity, an
inability to roll over short-term credit lines, a continuation of
negative FCF generation and/or a significant deterioration of
operations due to trade restrictions or sanitary outbreaks.


JOSEPH BURALLI: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: Joseph A. Buralli
        2222 Cuhlman Road
        McHenry, IL 60051

Bankruptcy Case No.: 10-74494

Chapter 11 Petition Date: September 8, 2010

Court: United States Bankruptcy Court
       Northern District of Illinois (Rockford)

Judge: Manuel Barbosa

Debtor's Counsel: Steven J. Brody, Esq.
                  BRODY & GRAY LLC
                  15 W. Woodstock St.
                  Crystal Lake, IL 60014
                  Tel: (815) 479-8800
                  Fax: (815) 479-8880
                  E-mail: sjbrody@brody-gray.com

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

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

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


JPMCC 2002-CIBC4: Bankruptcy Judge Dismisses Chapter 11 Case
------------------------------------------------------------
Francisco Vara-Orta, staff writer at Austin Business Journal,
reports that a bankruptcy judge dismissed the Chapter 11
bankruptcy case of Highland Mall at the behest of the Company's
tenant, Dillard's.  The judge said the Company's attempt to
reorganize debt was too premature for a bankruptcy proceeding and
a clear result of the Company's owners avoiding two litigation
battles -- (1) a dispute with Dillard's over the store wanting to
break its lease because of Highland Mall's physical decline (ii)
and a lawsuit against an AIG affiliate, American General Life and
Accident Insurance Co., over a ground lease.  AIG supported
Dillard's in its motion for dismissal of the Chapter 11 case.

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

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


LAKERIDGE CENTRE: Case Summary & 8 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Lakeridge Centre Office Complex, LP
        6100 Plumas Street
        Reno, NV 89519

Bankruptcy Case No.: 10-53612

Chapter 11 Petition Date: September 8, 2010

Court: U.S. Bankruptcy Court
       District of Nevada (Reno)

Judge: Gregg W. Zive

Debtor's Counsel: Alan R. Smith, Esq.
                  505 Ridge Street
                  Reno, NV 89501
                  Tel: (775) 786-4579
                  E-mail: mail@asmithlaw.com

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

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

The petition was signed by Nathan L. Topol, general partner.

Debtor-affiliates filing separate Chapter 11 petitions:

        Entity                           Case No.    Petition Date
        ------                           --------    -------------
West Shore Resort Properties III, LLC    10-51101         03/30/10
West Shore Resort Properties, LLC        10-50506         02/22/10

Lakeridge Centre's List of Eight Largest Unsecured Creditors:

        Entity                     Nature of Claim    Claim Amount
        ------                     ---------------    ------------
Berkadia Commercial Mortgage       6005 Plumas Street,  $6,169,658
118 Welsh Road                     Reno, NV; Office
Horsham, PA 19044                  Building

First Independent Bank             Vacant Real          $5,087,231
P.O. BOX 11100                     Properties
Reno, NV 89510

Topol, Nathan L.                   Entitlement            $867,685
6100 Plumas Street                 Expenses
Reno, NV 89519

Ward Young                         Goods/Services          $23,919

Washoe County Treasurer            Real Property           $18,502
                                   Taxes

Washoe County Treasurer            Real Property           $15,188
                                   Taxes

Morris Peterson                    Goods/Services          $12,627

Jones Vargas                       Goods/Service s          $6,860


LAS VEGAS SANDS: Bank Debt Trades at 9% Off in Secondary Market
---------------------------------------------------------------
Participations in a syndicated loan under which Las Vegas Sands
Corp. is a borrower traded in the secondary market at 90.89 cents-
on-the-dollar during the week ended Friday, September 10, 2010,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal.  This represents an increase of 0.85
percentage points from the previous week, The Journal relates.
The Company pays 175 basis points above LIBOR to borrow under the
facility.  The bank loan matures on May 1, 2014.  Moody's has
withdrawn its rating on the bank debt while it carries Standard &
Poor's B rating.  The loan is one of the biggest gainers and
losers among 217 widely quoted syndicated loans with five or more
bids in secondary trading for the week ended Friday.

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

Las Vegas Sands has a 'B-' corporate family rating from Standard &
Poor's Ratings Services.  As reported in the TCR on July 30, 2010,
Standard & Poor's placed its 'B-' corporate credit rating on the
Las Vegas Sands Corp. family of companies, as well as its issue-
level ratings on the companies' debt, on CreditWatch with positive
implications.  "In addition to announcing strong performance
across its portfolio of properties during the second quarter on
its earning call, Las Vegas Sands also indicated that it will
pursue an amend-and-extend transaction with lenders in its U.S.
credit facilities," S&P pointed out.


LOCAL INSIGHT: Sept. 10 Call Cancelled; Parent Mulls Restructuring
------------------------------------------------------------------
On September 8, 2010, Local Insight Media Holdings, Inc., the
indirect parent of Local Insight Regatta Holdings, Inc., announced
that it has engaged Lazard Freres & Co LLC as a financial advisor
to assist in the evaluation of LIMH's capital structure, including
balance sheet restructuring options.  LIMH also announced that it
plans to initiate discussions with certain of its creditors about
amending, refinancing or restructuring certain of its debt
obligations.

Local Insight Regatta Holdings Inc. cancelled its second quarter
conference call for investors, which was originally scheduled for
Sept. 10, 2010.

                       About Local Insight

Headquartered in Englewood, Colorado, Local Insight Regatta
Holdings -- http://www.localinsightregattaholdings.com/ -- is a
publisher of print and online yellow page directories in the
United States.

                           *     *     *

Local Insight Regatta carries 'CCC-' ratings from Standard &
Poor's Services.  In August 2010, when S&P lowered the ratings to
'CCC-' from 'CCC+', S&P said, "The rating downgrade reflects S&P's
belief that the consolidated group of Local Insight Media
companies will be challenged to service its current capital
structure, given S&P's performance expectations, as well as
covenant tightness and other liquidity pressures at various
operating subsidiaries.  S&P believes that credit measures of the
consolidated group will continue to deteriorate over the near term
at an accelerated pace, resulting in S&P's expectation for a
deterioration of interest coverage to just over 1.0x by the end of
2010 and to 1.0x in 2011.


M-WISE INC: Posts $230,200 Net Loss in June 30 Quarter
------------------------------------------------------
m-Wise, Inc., filed its quarterly report on Form 10-Q, reporting a
net loss of $230,256 on $621,609 of revenue for the three months
ended June 30, 2010, compared with a net loss of $62,352 on
$681,816 of revenue for the same period last year.

As at June 30, 2010, and December 31, 2009, the Company had a
working capital deficit of $470,579 and $381,116, respectively.

The Company's balance sheet at June 30, 2010, showed $1.0 million
in total assets, $1.5 million in total liabilities, and a
stockholders' deficit of $533,904.

As reported in the Troubled Company Reporter on March 15, 2010, SF
Partnership LLP, Chartered Accounts, in Toronto, Canada,
expressed substantial doubt about the Company's ability to
continue as a going concern, following its 2009 results.  The
independent auditors noted of the Company's recurring losses from
operations.

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

               http://researcharchives.com/t/s?6b0a

                        About m-Wise, Inc.

Based in Herzeliya Pituach, Israel, m-Wise, Inc. is a Delaware
corporation that develops interactive messaging platforms for
mobile phone-based commercial applications, transactions, and
information services with internet billing capabilities.

The Company's wholly-owned subsidiaries are: m-Wise Ltd., which is
located in Israel and was incorporated in 2000 under the laws of
Israel; and m-Wise Tecnologia LTDA., which is located in Brazil
and was incorporated in 2009 under the laws of Brazil.


MARVKY CORPORATION: Voluntary Chapter 11 Case Summary
-----------------------------------------------------
Debtor: Marvky Corporation
        4420 FM 1960 West, Suite 224
        Houston, TX 77068

Bankruptcy Case No.: 10-37786

Chapter 11 Petition Date: September 6, 2010

Court: U.S. Bankruptcy Court
       Southern District of Texas (Houston)

Judge: Marvin Isgur

Debtor's Counsel: John Akard, Jr., Esq.
                  JOHN AKARD JR. P.C.
                  7500 San Felipe, Suite 700
                  Houston, TX 77063
                  Tel: (832) 237-8600
                  Fax: (832) 237-8610
                  E-mail: johnakard@attorney-cpa.com

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

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

The petition was signed by Chowdary "Charlie" Yalamanchili,
president.

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


MERUELO MADDUX: Court Rebuffs East West Bank Hostile Takeover Plan
------------------------------------------------------------------
Meruelo Maddux Properties said that the disclosure statement
explaining a proposed competing plan by East West Bancorp (EWBC),
effectively amounting to a hostile takeover of Meruelo Maddux
Properties, was not approved by presiding Judge Kathleen Thompson,
determining the EWBC Disclosure Statement to be insufficient.
EWBC's filing is another in a string of delays caused by the
community bank.

According to Pasadena Star-News, the reorganization plan proposed
by East West and Legendary Investors is designed to de-leverage
the Company and "create an operating entity which reliably
delivers positive net operating income from stabilized assets,"
according to the bank's disclosure statement.  The Plan's
foundation is an $80 million recapitalization via a $5 million
cash infusion by Legendary, conversion of about $65 million of
debt to equity and a $10 million rights offering to holders of
Meruelo Maddux existing common stock.

"Despite yet another delay caused by East West Bank, Meruelo
Maddux Properties will continue on its path to complete its
bankruptcy reorganization as expeditiously as possible," said
Chairman and Chief Executive Officer Richard Meruelo.  "The
reorganization plan submitted by MMPI has already been approved so
there is no need to proceed with a half-baked plan that attempts
to take MMPI over.  East West's efforts are not in the best
interest of our company nor in the best interest of MMPI's
creditors."

Last month MMPI's Disclosure Statement was approved in court,
paving the way to repay all of its creditors.  Of particular note,
MMPI's reorganization plan includes a 100% payment to all
creditors of the company.

Through its Disclosure Statement, EWBC is attempting to convert
its real estate loans into approximately 70 to 80 percent of the
reorganized MMPI, in lieu of receiving 100% of its loans repaid,
including interest.  Taking such a predatory action -- converting
real estate debt of one of its customers into a controlling
interest of that company -- is a move lawyers involved in the case
have never seen a community bank like East West Bancorp take.

EWBC also appears to be proposing it use TARP money obtained by
the federal government as a part of its effort to complete its
hostile takeover of MMPI, despite being unable to repay more than
$306 million in bailout money back to the federal government.
EWBC also received nearly $300 million in additional bailout money
of United Commercial Bank, which it acquired as part of an FDIC
subsidized bank bailout.

"As a taxpayer, I am offended that East West would try to use
federal TARP money, which is supposed to be used to help
consumers, to help finance its hostile takeover attempt of Meruelo
Maddux Properties.  Rather than use taxpayer money in real estate
speculation, East West ought to repay its debt to taxpayers and
use the balance to help small business owners flourish instead of
try to take them over," concluded Meruelo.

                       About Meruelo Maddux

Meruelo Maddux and its affiliates filed for Chapter 11 protection
on March 26, 2009 (Bankr. C. D. Calif. Lead Case No. 09-13356).
Aaron De Leest, Esq., John J. Bingham, Jr., Esq., and John N.
Tedford, Esq., at Danning Gill Diamond & Kollitz, represent the
Debtors in their restructuring efforts.  Asa S. Hami, Esq., Tamar
Kouyoumjian, Esq., and Victor A. Sahn, Esq., at SulmeyerKupetz, A
Prof Corp, represent the official committee of unsecured creditors
as counsel.  The Debtors' financial condition as of December 31,
2008, showed $681,769,000 in assets and $342,022,000 of debts.


MICHAELS STORES: Bank Debt Trades at 5% Off in Secondary Market
---------------------------------------------------------------
Participations in a syndicated loan under which Michaels Stores,
Inc., is a borrower traded in the secondary market at 94.94 cents-
on-the-dollar during the week ended Friday, September 10, 2010,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal.  This represents an increase of 0.53
percentage points from the previous week, The Journal relates.
The Company pays 225 basis points above LIBOR to borrow under the
facility.  The bank loan matures on Oct. 31, 2013, and carries
Moody's B2 rating and Standard & Poor's B rating.  The loan is one
of the biggest gainers and losers among 217 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.

Michaels Stores Inc. filed its quarterly report on Form 10-Q,
reporting a net loss of $1 million for the quarter ended July 31,
2010, compared to net income of $2 million for the quarter ended
August 1, 2009.  The Company had net sales of $831 million for the
quarter ended July 31, 2010 compared with $807 million during the
comparable period in 2009.

The Company's balance sheet at July 31, 2010, showed $1.58 billion
in total assets, $4.34 billion in total liabilities, and a
stockholders' deficit of $2.75 billion.

Headquartered in Irving, Texas, Michaels Stores, Inc., is the
largest arts and crafts specialty retailer in North America.  As
of March 9, 2009, the Company operated 1,105 "Michaels" retail
stores in the United States and Canada and 161 Aaron Brothers
Stores.


MINSTER INSURANCE: Chapter 15 Recognition Order Entered
-------------------------------------------------------
The Honorable Allan L. Gropper entered and order on Sept. 1, 2010,
recognizing proceedings currently pending before the High Court of
Justice of England and Wales since 2009 concerning Minster
Insurance Company Limited and Malvern Insurance Company Limited as
the foreign main proceeding.  Entry of this order means that
creditors' claims will be classified and treated as described in
the companies' scheme of arrangement approved by the U.K. court.

Minster Insurance Co. and Malvern Insurance Company Limited sought
protection under Chapter 15 of the U.S. Bankruptcy Code (Bankr.
S.D.N.Y. Case Nos. 10-13899 and 10-13900 on July 19, 2010.  The
Petitioner estimated the insurers' assets at more than
$100 million at the time of the filing.  The Petitioner's U.S.
Counsel is:

    Gary S. Lee, Esq.
    Kathleen E. Schaaf, Esq.
    MORRISON & FOERSTER LLP
    1290 Avenue of the Americas
    New York, NY 10104
    Telephone: (212) 469-7900
    E-mail: glee@mofo.com
            kschaaf@mofo.com

According to Bloomberg News, Minster and Malvern are insurance and
reinsurance companies that no longer write new business.  Both
companies are based in London and their assets are primarily
located in England.

"The ultimate goal of each of the companies is to satisfy the
claims" of creditors and "conclude the business of the companies
sooner" than would be the case outside of bankruptcy, James Lee
Saitch, the foreign representative for Minster and Malvern, said
in court papers, according to Bloomberg.


MOLECULAR INSIGHT: Gets Sept. 17 Extension of Waiver Agreement
--------------------------------------------------------------
Molecular Insight Pharmaceuticals, Inc. has received a ninth
extension of its waiver agreement with its Bond holders, allowing
debt restructuring discussions to continue.

Earlier this year, Molecular Insight executed the waiver agreement
and subsequent amendments with holders of the Company's
outstanding Senior Secured Bonds and the Bond Indenture trustee
and announced ongoing discussions with the Bond holders concerning
a restructuring of its outstanding debt.  Under terms of the ninth
extension announced today, the Bond holders and Bond Indenture
trustee agreed to extend the waiver of a default arising from the
inclusion of a going concern explanatory paragraph in the
independent auditor's report on the Company's financial statements
for the year ended December 31, 2009, any default arising from the
Company's failure to comply with the minimum liquidity
requirements set forth in the Bond Indenture, and other technical
defaults under the Bond Indenture.  The term of the waiver is
extended until 12:00 PM Eastern Standard Time on September 17,
2010.  During this waiver extension period, the Company will
continue to discuss with its Bond holders various proposals which
generally contemplate, among other things, a deleveraging of the
Company through a debt for equity exchange. There are no
assurances, however, that such discussions will be successful.

The waiver continues to be subject to a number of terms and
conditions relating to the provision of certain information to the
Bond holders, among other conditions and matters.  In the event
that the waiver expires or terminates prior to the successful
conclusion of the Company's negotiations with its Bond holders
regarding the restructuring of its outstanding debt, the Company
will be in default of its obligations under the Indenture and the
Bond holders may choose to accelerate the debt obligations under
the Indenture and demand immediate repayment in full and seek to
foreclose on the collateral supporting such obligations.  If the
Company's debt obligations are accelerated or are not restructured
on acceptable terms, it is likely the Company will be unable to
repay such obligations and may seek protection under the U.S.
Bankruptcy Code or similar relief.

                      About Molecular Insight

Cambridge, Mass.-based Molecular Insight Pharmaceuticals, Inc.
(NASDAQ: MIPI) -- http://www.molecularinsight.com/-- is a
clinical-stage biopharmaceutical company and pioneer in molecular
medicine.  The Company is focused on the discovery and development
of targeted therapeutic and imaging radiopharmaceuticals for use
in oncology.  Molecular Insight has five clinical-stage candidates
in development.

Molecular Insight had assets of $49.39 million against debts of
$193 million, mostly current, as of June 30, 2010.

As reported in the Troubled Company Reporter on March 17, 2010,
Deloitte & Touche LLP 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 of the Company's
difficulties in meeting its bond indenture covenants and its
recurring losses from operations.

Molecular Insight inked with bondholders a waiver agreement that
expires August 16, 2010.  The bondholders agreed to waive a
default arising from the inclusion of a going concern explanatory
paragraph in the 2009 financial statements and other technical
defaults under the bond indenture.  The Company said that if its
debt obligations are accelerated following termination of the
waiver agreement or the debts are not restructured on acceptable
terms, it is likely the Company will be unable to repay such
obligations and may seek protection under the U.S. Bankruptcy Code
or similar relief.


MONDRIAN TTL: Access to Prepetition Lenders' Cash Expires Today
---------------------------------------------------------------
The Hon. Randolph J. Haines of the U.S. Bankruptcy Court for the
District of Arizona will consider at a hearing today, September
14, 2010, at 10:30 a.m., the request of Mondrian TTL, L.L.C., and
Grigio TTL, L.L.C., to access cash securing obligation to their
prepetition lenders.

The Court previously authorized the Debtors to use the cash
collateral to fund their Chapter 11 case, pay suppliers and other
parties until September 14.

The Court did not authorize the Debtors to pay $3,463 per pay
period in the detail category shared services.  Picerne/Key
has not consented to reimbursement of charges from Gray Services
L.L.C. for shared services used by Mondrian and other Gray company
apartment projects.

As reported in the Troubled Company Reporter on May 27, 2010,
Mondrian's principal secured debt is $62,675,000, collateralized
by a first priority security interest in the Apartment Building.
The lenders were KeyBank and TPG (Grigio) Note Acquisition, LLC,
as successor-in-interest to KeyBank.

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

The Debtors will also deposit and segregate all cash, postpetition
revenue, and account proceeds in separate bank accounts maintained
and serving as a debtor-in-possession bank account, with a tenant
security deposit account continuing to be segregated from other
accounts.  The Debtors may withdraw funds from the debtor-in-
possession accounts as necessary to pay operating and essential
expenses.

                        About Mondrian TTL

Phoenix, Arizona-based Mondrian TTL, L.L.C., dba Mondrian Tempe
Town Lake, owns the leasehold interest in an apartment complex
known as Grigio Tempe Town Lakes, in Tempe, Arizona, and is
affiliated with multiple entities owned by Bruce Gray or entities
he controls.  The Company filed for Chapter 11 bankruptcy
protection on May 9, 2010 (Bankr. D. Ariz. Case No. 10-14140).
Susan M. Freeman, Esq., at Lewis and Roca, assists the Company in
its restructuring effort.  The Company estimated assets and
debts at $50 million to $100 million.


MONDRIAN TTL: Files Schedules of Assets and Liabilities
-------------------------------------------------------
Mondrian TTL, L.L.C., filed with the U.S. Bankruptcy Court for the
District of Arizona its schedules of assets and liabilities,
disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property               $70,000,000-
                                 $78,000,000
  B. Personal Property            $5,499,618
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                               $72,514,588
  E. Creditors Holding
     Unsecured Priority
     Claims                                          $127,793
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                       $12,416,218
                                 -----------      -----------
        TOTAL                    $75,499,618-     $85,058,599
                                 $83,499,618

A full-text copy of the schedules are available for free at:

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

                        About Mondrian TTL

Phoenix, Arizona-based Mondrian TTL, L.L.C., dba Mondrian Tempe
Town Lake, owns the leasehold interest in an apartment complex
known as Grigio Tempe Town Lakes, in Tempe, Arizona, and is
affiliated with multiple entities owned by Bruce Gray or entities
he controls.  The Company filed for Chapter 11 bankruptcy
protection on May 9, 2010 (Bankr. D. Ariz. Case No. 10-14140).
Susan M. Freeman, Esq., at Lewis and Roca, assists the Company in
its restructuring effort.  The Company estimated assets and
debts at $50 million to $100 million.


MONDRIAN TTL: Plan Proposes Sale of Mondrian Project to Pay Claims
------------------------------------------------------------------
Mondrian TTL, L.L.C., and Grigio TTL, L.L.C., submitted to the
U.S. Bankruptcy Court for the District of Arizona a proposed Plan
of Reorganization and an explanatory Disclosure Statement.

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

According to the Disclosure Statement, the Debtors propose to sell
the Mondrian project and distribute the proceeds, resulting in
full payment of Picerne/Key and full payment of the prepetition
claim amount plus reasonable attorneys' fees of the City of tempe,
full payment of trade creditors extending new trade credit, and a
distribution to Picerne/Babson and other unsecured creditors. GDG
Enterprises, LLC, is also extending to Picerne/Babson and any
Class 5 creditors an investment opportunity, whereby they can
invest in the project as non-managing members of a Delaware
Investors LLC non-managing member of GDG Grigio Tempe Towm Lake
LLC.

The Plan separately classifies and treat claims and interests in
Mondrian and Grigio.  Under the Plan, unsecured vendor claims
against Mondrian will be paid in full without in interest with
funds received by Mondrian from the purchaser.  Other unsecured
claims against Mondrian will receive pro rata with Picerne/Babson
via a distribution of $150,000 eceived by Mondrian from the
purchaser.  Unsecured claims against Grigio will be waived.

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

                        About Mondrian TTL

Phoenix, Arizona-based Mondrian TTL, L.L.C., dba Mondrian Tempe
Town Lake, owns the leasehold interest in an apartment complex
known as Grigio Tempe Town Lakes, in Tempe, Arizona, and is
affiliated with multiple entities owned by Bruce Gray or entities
he controls.  The Company filed for Chapter 11 bankruptcy
protection on May 9, 2010 (Bankr. D. Ariz. Case No. 10-14140).
Susan M. Freeman, Esq., at Lewis and Roca, assists the Company in
its restructuring effort.  The Company estimated assets and
debts at $50 million to $100 million.


MYONG KIM: Case Summary & 11 Largest Unsecured Creditors
--------------------------------------------------------
Joint Debtors: Myong Chun Kim
               So Y. Kim
               432 Kingsford Drive
               Moraga, CA 94556-2125

Bankruptcy Case No.: 10-70305

Chapter 11 Petition Date: September 8, 2010

Court: United States Bankruptcy Court
       Northern District of California (Oakland)

Judge: Edward D. Jellen

Debtor's Counsel: H. Kenneth Ahn, Esq.
                  LAW OFFICES OF H. KENNETH AHN
                  1426 Fillmore St. #305
                  San Francisco, CA 94115
                  Tel: (415) 474-8160
                  E-mail: ahnlawfirm@yahoo.com

Scheduled Assets: $2,406,325

Scheduled Debts: $2,574,315

A list of the Joint Debtors' 11 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/canb10-70305.pdf


NAVISTAR INT'L: Reports $137 Million Net Income for 3rd Qtr.
------------------------------------------------------------
Navistar International Corporation reported net income of
$137 million on $3.162 billion of sales for three months ended
July 31, 2010, compared with a net loss of $12 million on $2.506
billion of revenues for the fiscal third quarter of 2009.

The Company's balance sheet at July 31, 2010, showed $9.418
billion in total assets, $10.458 billion in total liabilities, and
a $1.049 billion stockholders' deficit.

"Third-quarter results showed a continuation of the company's
ability to be profitable in difficult economic conditions.  Beyond
strong military sales, we saw improved performance from our core
businesses in truck, engine and particularly service parts," said
Daniel C. Ustian, Navistar chairman, president and chief executive
officer, in an earnings release.

Even though the industry continues at a nearly 50-year low, net
income attributable to Navistar or the third quarter ended July
31, 2010, totaled $137 million, equal to $1.83 of diluted earnings
per share.  Revenues for the third quarter totaled $3.2 billion.
Net loss for the third quarter a year ago was $12 million, equal
to $0.16 of diluted net loss per share.

"All of our businesses continue to perform well," said Mr. Ustian.
"We are encouraged by the results of the third quarter and expect
to deliver full year results toward the upper end of our earnings
guidance.  In addition, we are experiencing several successful
product launches and are actively delivering 2010-compliant
products to our customers."

While the company is reducing revenue guidance, primarily as a
result of deferring military revenue to fiscal 2011, the company
has found other measures to stay within previously anticipated
earnings guidance.  The company is reaffirming its guidance of
$2.75 to $3.25 per diluted share on lower full-year revenue of
$12 billion.  The North American traditional industry demand is
expected between 190,000 to 195,000 units for Navistar's fiscal
year ending Oct. 31, 2010, an increase of between 9 percent and 12
percent from fiscal 2009.

For the first nine months of fiscal 2010, net income was
$184 million, equal to $2.51 of diluted earnings per share,
compared with year-ago nine months net income of $234 million,
equal to $3.27 of diluted earnings per share, including the
favorable effects from the settlement with Ford of $176 million.

A full-text copy of the Company's earnings release is available
for free at http://ResearchArchives.com/t/s?6b13

A full-text copy of the quarterly report on Form 10-Q is available
for free at http://ResearchArchives.com/t/s?6b14

                     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.

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.


NEVADA POWER: Moody's Withdraws 'Ba1' Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service assigned a Baa3 rating to Nevada Power
Company's planned issuance of $250 million of General & Refunding
mortgage bonds, consistent with the ratings of its other
outstanding G&R mortgage bonds.  Concurrent with this rating
assignment, Moody's withdrew the Ba1 Corporate Family Rating, the
Ba2 Probability of Default Rating, and the SGL-3 Speculative Grade
Liquidity Rating for NPC's parent company, NV Energy, Inc, as well
as the individual security level Loss Given Default Assessments.

The withdrawal of these ratings for NV Energy reflects the fact
that the vast majority of the company's consolidated debt is
comprised of the Baa3 rated G&R mortgage bond debt of NPC and its
affiliate, Sierra Pacific Power Company.  Moody's also affirmed
the Issuer Rating and senior unsecured debt ratings of NV Energy
at Ba3 and affirmed the senior secured debt ratings of NPC and
SPPC, including secured tax exempt debt representing senior
secured obligations of NPC and SPPC, at Baa3.  The rating outlook
for NV Energy, NPC and SPPC is stable.

At the same time, Moody's also took several other actions as noted
below.

Downgrades:

Issuer: NV Energy Inc.

* Multiple Seniority Shelf, Downgraded to (P)B1 from (P)Ba3

Upgrades:

Issuer: Clark (County of) NV

* Senior Unsecured Revenue Bonds, Upgraded to Ba2, Ba2 from Ba3,
   Ba3

Issuer: Nevada Power Company

* Issuer Rating, Upgraded to Ba2 from Ba3

Issuer: Sierra Pacific Power Company

* Issuer Rating, Upgraded to Ba2 from Ba3

Assignments:

Issuer: NV Energy Inc.

* Multiple Seniority Shelf, Assigned a range of (P)B1 to (P)Ba3

Issuer: Nevada Power Company

* Multiple Seniority Shelf, Assigned a range of (P)Ba3 to (P)Baa3

* Senior Secured Regular Bond/Debenture, Assigned Baa3

Issuer: Sierra Pacific Power Company

* Multiple Seniority Shelf, Assigned a range of (P)Ba3 to (P)Baa3

Withdrawals:

Issuer: NV Energy Inc.

* Probability of Default Rating, Withdrawn, previously rated Ba2

* Speculative Grade Liquidity Rating, Withdrawn, previously rated
   SGL-3

* Corporate Family Rating, Withdrawn, previously rated Ba1

* Senior Unsecured Regular Bond/Debenture, Withdrawn, previously
   rated LGD5, 83%

* Senior Unsecured Shelf, Withdrawn, previously rated LGD5, 83%

Issuer: Nevada Power Company

* Senior Secured First Mortgage Bonds, Withdrawn, previously
   rated LGD2, 25%

* Senior Secured Regular Bond/Debenture, Withdrawn, previously
   rated LGD2, 24%

Issuer: Sierra Pacific Power Company

* Senior Secured First Mortgage Bonds, Withdrawn, previously
   rated LGD2, 25%

* Senior Secured Medium-Term Note Program, Withdrawn, previously
   rated LGD2, 24%

* Senior Secured Regular Bond/Debenture, Withdrawn, previously
   rated LGD2, 24%

Issuer: Washoe (County of) NV

* Senior Secured Revenue Bonds, Withdrawn, previously rated LGD2,
   24%

The upgrade of the Issuer Ratings for NPC and SPPC and NPC's
senior unsecured debt rating related to one of its tax exempt debt
issues produces a two notch rating differential between senior
secured and senior unsecured obligations.  This is consistent with
Moody's practice for most investment grade regulated electric and
gas utilities.  Other rating upgrades and downgrades as outlined
above also reflect notching adjustments in conjunction with
withdrawal of the NV Energy's CFR, PDR and SGL ratings.

The ratings of NV Energy, NPC and SPPC continue to reflect a
business strategy that focuses on core regulated utility
operations; constructive relationships with key constituents,
including customers, regulators, legislators, and investors;
significant progress toward achieving self sufficiency in meeting
utility customers' power demands, and solidifying the company's
credit quality by strengthening the balance sheet and improving
key cash flow related credit metrics.  Executing this strategy has
led to improvement in the consolidated business and regulatory
risk profile, including better regulatory support for recovery of
utility costs of service, additions to rate base, profitable
results, and better cash flow coverage metrics compared to the low
points reached during the height of the western energy crisis.

Moreover, NVE's liquidity appears sufficient, notwithstanding the
tighter credit markets that currently exist, with committed
utility bank facilities successfully renewed for three years to
supplement internally generated cash flows and ample access to
capital through both debt and common equity issuance.  Although
capital spending estimates and external financing requirements
have been reduced in recent periods as certain construction
projects have been scaled back or tabled, Moody's remains focused
on the recent regulatory approvals in Nevada for integrated
resource plans and how that might change spending and financing
requirements going forward, particularly at NPC, which is the
largest utility in the family by far.

The stable rating outlook for NV Energy, NPC and SPPC reflects a
trend of sound financial performance, helped by credit supportive
decisions from the Public Utility Commission of Nevada (PUCN) and
effective cost controls.  The stable outlook is also premised on
continuation of a conservative strategy to fund any external
financing needs within the corporate family.

In the near term, an upgrade appears unlikely for NV Energy, NPC
and SPPC given the expected slow gradual recovery of economic
conditions in Nevada and the expected reduction in cash flows as
the cash recovery of remaining significant deferred energy costs
tapers off.  Over the medium-term, achieving CFO Pre-W/C coverage
of interest and debt metrics of 3x and 12%, respectively, for an
extended period, could have positive effects on the outlook or
ratings.

Downward rating pressure would be introduced if there is an
unexpected and material new debt issuance at NV Energy or the
company diverges from its past practice of issuing common equity
to balance any new utility debt issues.  Also, any unexpected
return to less supportive treatment by the PUCN that causes CFO
Pre-W/C coverage of debt and interest ratios to fall below 8% and
2.3x, respectively, for an extended period, could lead to lower
ratings.

NV Energy, Inc., is a holding company whose principal
subsidiaries, Nevada Power Company and Sierra Pacific Power
Company, are electric and electric and gas utilities,
respectively, that operate within the state of Nevada. NV Energy's
headquarters are in Las Vegas, NV.

The principal methodology used in rating NV Energy Inc. was
Regulated Electric and Gas Utilities rating methodology published
in August 2009.  Other methodologies and factors that may have
been considered in the process of rating this issuer can also be
found on Moody's website.


NEWTON MULLINS: Debtor's Plan Violated Absolute Priority Rule
-------------------------------------------------------------
WestLaw reports that statutes which amended the Bankruptcy Code to
provide that, for purposes of the "fair and equitable" prong of
the Chapter 11 "cramdown" test, an individual debtor could retain
estate assets consisting of property and earnings acquired
postpetition did not, as to the cases of individual Chapter 11
debtors, eliminate the absolute priority rule, which generally
barred any junior class of interests from receiving or retaining
any interest if any senior impaired class did not accept a plan, a
Virginia bankruptcy court has ruled, agreeing with the minority
approach.  Instead, the court ruled, the amendments excepted from
the absolute priority rule only an individual debtor's
postpetition earnings and other property acquired after case
commencement.  In so holding, the court concluded that the
majority approach was consistent with the broader intent of
provisions of the Bankruptcy Abuse Prevention and Consumer
Protection Act that were intended to make individual Chapter 11
cases more similar to Chapter 13 cases, but was not consistent
with the statutory language.  That language, the court
acknowledged, might not have been "well thought out," but it did
address the problem apparently being addressed, that postpetition
earnings of Chapter 11 debtors were not deemed to be estate
property pre-BAPCPA.  In re Mullins, --- B.R. ----, 2010 WL
3359668 (Bankr. W.D. Va.) (Stone, J.).

Based on this ruling, the Honorable William F. Stone, Jr., denied
confirmation of the Debtor's Third Amended Plan of Reorganization
filed on April 20, 2010.  Judge Stone says that he disagrees with
decisions in In re Shat, 424 B.R. 854, 862-68 (Bankr. D. Nev.
2010); In re Roedemeier, 374 B.R. 264, 273-76 (Bankr. D. Kan.
2007); and In re Tegeder, 369 B.R. 477, 480 (Bankr. D. Neb. 2007),
that conclude the absolute prioirty rule is not applicable in
individual chapter 11 cases.  Judge Stone agrees with Judge
Tchaikovsky in In re Gbadebo, 431 B.R. 222, 2010 WL 1568609 at *3-
6, Bankr. L. Rep. P 81,753 (Bankr. N.D. Cal. April 16, 2010)
(covered in the July 23, 2010, edition of the Troubled Company
Reporter), that the language of 11 U.S.C. Sec. 1129(b)(2)(B)(ii)
is not ambiguous and that it only excepts from the absolute
priority rule the debtor's post-petition earnings and other
property acquired after the commencement of the case.

Newton C. Mullins (fdba Chadds Ford Dental Associates and Drexel
Hill Dental Associates) practices dentistry through a wholly owned
professional corporation known as Newton C. Mullins, Jr., D.D.S.,
P.C.  Dr. Mullins sought chapter 11 protection (Bankr. W.D. Va.
Case No. 09-70595) on March 16, 2009.  A copy of the Debtor's
Chapter 11 petition is available at
http://bankrupt.com/misc/vaeb09-70595.pdfat no charge.


NEXT INC: Adjourns Special Shareholders Meeting to September 15
---------------------------------------------------------------
On September 10, 2010, Next, Inc., announced that it adjourned the
special meeting at which its stockholders were to have considered
and voted on (i) the sale of certain of the assets of Next
Marketing, Inc., pursuant to the Asset Purchase Agreement by and
among T-Shirt International, Inc., Next Marketing and the Company,
dated August 16, 2010, and (ii) the voluntary dissolution and
liquidation of the Company, in order to provide its stockholders
additional time to consider and vote upon each proposal.

The Special Meeting will reconvene at 10:00 a.m., local time on
September 15, 2010, at its original location, the executive
offices of Next Marketing, Inc., located at 1295 Vernon Street, in
Wabash, Indiana.  The record date for the Special Meeting remains
August 23, 2010.

The asset sale is an important step in a contemplated liquidation
of the Company.  T-Shirt International, Inc., will pay for the
purchased assets at closing total consideration of $3,184,000.
Payment will consist of cash directly to Next, Inc., and a cash
payment of the aggregate principal amount of indebtedness owed by
the Company as of the date of closing on its revolving credit
facility with National City Bank of Indiana, made directly to
National City Bank of Indiana.  The total consideration will be
adjusted up or down as measured by the difference between (a) the
value of the Company's Inventory and Prepaid Royalties (each as
defined in the Asset Purchase Agreement) as of the Closing Date
and (b) $934,000.  In addition, T-Shirt International, Inc., will
assume certain liabilities associated with the purchased assets.

Next, Inc.'s board of directors has unanimously approved the Asset
Purchase Agreement.

                         About Next, Inc.

Chattanooga, Tenn.-based Next, Inc. -- http://www.nextinc.net/--
designs, develops, embellishes, markets, and distributes licensed
and branded imprinted sportswear primarily through key licensing
agreements as well as the Company's own proprietary brands.

The Company's balance sheet at May 30, 2010, showed $7.15 million
in total assets, $6.93 million in total liabilities, and
stockholders' equity of $221,042.

                          *     *     *

As reported in the Troubled Company Reporter on March 18, 2010,
Joseph Decosimo and Company, PLLC, in Chattanooga, Tenn.,
expressed substantial doubt about the Company's ability to
continue as a going concern, following its results for the year
ended November 29, 2009.  The independent auditors noted that the
Company is in violation of certain term loan financial covenants
as of November 29, 2009, and has experienced difficulty in
obtaining debt financing at acceptable terms to fund continuing
operations.  The Company has also suffered recurring losses from
operations and has a working deficit as of November 29, 2009, due
to all financing obligations being classified as current
liabilities.

In its quarterly report on Form 10-Q for the three months ended
May 31, 2010, the Company said it is dependent upon available
cash, operating cash flow, its term loans with Crossroads Bank and
its revolving line of credit to meet its capital needs.  "The
Company is currently in a technical, undeclared state of default
under its term loans with Crossroads Bank, despite having made all
payments on time under the agreements, due to its failure to
satisfy the fixed charge ratio covenant.  Additionally, the
revolving line of credit agreement contains a cross-default
provision enabling the lender to exercise available rights and
remedies prior to the scheduled termination date of November 30,
2010, if the Company defaults under other indebtedness and the
third party lender accelerates the time for payment of such
borrowed amounts."


NORTH AMERICAN PETROLEUM: Wants to Resolve Concerns on Assets Sale
------------------------------------------------------------------
North American Petroleum Corp. USA, and Prize Petroleum LLC, ask
the U.S. Bankruptcy Court for the District of Delaware to extend
their exclusive periods to file and solicit acceptances for the
proposed Chapter 11 Plan until May 31, 2011, and July 29,
respectively.

The Debtors explain that they need additional time to resolved
three critical issues on:


   -- continued prosecution of a seven-count adversary proceeding
      against Enterra and related litigation commenced by the
      Debtors' prepetition bank lenders;

   -- conclusion of certain arbitration proceedings currently
      pending with Enterra regarding the status of the Farmout
      Agreement; and

   -- a decision regarding the Debtors' development of a value-
      maximizing restructuring strategy which may involve a sale
      of all or substantially all of the Debtors' assets.

The Debtors scheduled a hearing on the requested exclusivity
extension on September 20 at 1:00 p.m. (EDT).  Objections were due
September 13.

            About North American Petroleum Corp. USA

Denver, Colorado-based North American Petroleum Corp. USA is a
natural gas driller.  North American Petroleum and Prize Petroleum
are subsidiaries of Petroflow Energy Corporation.

North American Petroleum filed for Chapter 11 bankruptcy
protection on May 25, 2010 (Bankr. D. Del. Case No. 10-11707).
Attorneys at Kirkland & Ellis LLP serve as bankruptcy counsel.
Domenic E. Pacitti, Esq., at Klehr Harrison Harvey Branzburg LLP,
is the Debtor's Delaware counsel.  Kinetic Advisors LLC is the
Company's  restructuring advisor.  Epiq Bankruptcy Solutions, LLC,
is the Debtor's notice, claims and balloting agent.  The Debtor
disclosed $140,678,983 in assets and $125,595,183 in liabilities
as of the Petition Date.

The Debtor's affiliate, Prize Petroleum LLC, filed a separate
Chapter 11 petition on May 25, 2010 (Case No. 10-11708).  Prize
Petroleum scheduled $121,945,092 in liabilities.


NORTH GENERAL: Disputes Committee Bid for Financial Docs
--------------------------------------------------------
Crain's New York Business reports that Marty Bunin, Esq., at
Alston & Bird, who represents the official committee of unsecured
creditors in the bankruptcy case of North General Hospital last
week filed an application for the court to get involved in pushing
the hospital to produce financial documents.  Mr. Bunin wrote of
limited access to the hospital's chief restructuring officer and
acting president, John Maher, and of roadblocks to common
documents such as billing information and a schedule of accounts
payable.

"The Committee merely seeks access to basic information and
documents" on North General's business operations and financial
affairs "for its investigation of potential challenges," wrote Mr.
Bunin, according to Crain's.

Crain's reports that North General Hospital's counsel, Charles
Simpson, Esq., at Windels Marx Lane & Mittendorf, objects to the
application, which he says Mr. Bunin filed "due to what he
perceived as a lack of cooperation and unresponsiveness" to the
document requests.  According to Crain's, Mr. Simpon said
responding quickly to the requests is "simply not possible," and
blames any delays on the hospital having fewer than 40 workers,
with many documents warehoused.  Mr. Simpson also called Mr.
Bunin's document "fishing expedition."

According to the report, Mr. Simpson also indicated that "the
claims of secured creditors far exceed the value" of North
General's assets, so there "will be very little if any money" left
over for the unsecured creditors.

The committee consists of 1199 SEIU, Healthcare ROI, and Sodexo.

                        About North General

New York-based North General Hospital is a not-for-profit 200-bed
community hospital in upper Manhattan that has serviced the
communities of East and Central Harlem since the 1970s.  The
Hospital filed for Chapter 11 bankruptcy protection on July 2,
2010 (Bankr. S.D.N.Y. Case No. 10-13553).  Charles E. Simpson,
Esq., at Windels, Marx, Lane & Mittendorf, LLP, assists the
Debtor in its restructuring effort.  Garfunkel Wild, P.C., is the
Company's healthcare counsel.  Alvarez & Marsal is the Company's
restructuring consultant.  The Debtor disclosed $47,670,748 in
assets and $279,519,927 in debts as of the Petition Date.


NORTHWEST 15TH: Architect Gets Okay to Repossess Plans
------------------------------------------------------
WestLaw reports that while it was arguably inappropriate, in a
contested matter arising from an architect's motion for the relief
from stay to exercise the rights that it allegedly still possessed
in architectural plans that it had developed for a Chapter 11
debtor, to resolve a disputed question of whether the architect
still owned those plans or whether title had passed to the debtor
pursuant to the terms of the architectural services agreement,
this did not mean that the court had to deny the motion and
require the architect to commence an adversary proceeding.
Rather, given the summary nature of stay relief motions, it was
appropriate for the court to conclude, based on the doctrine of
contra proferentem and on the ambiguous nature of the change-of-
ownership provision that the debtor had drafted, that the debtor
had not demonstrated the requisite likelihood of success in its
position and to grant the architect's motion.  In re Northwest
15th Street Associates, --- B.R. ----, 2010 WL 3398830 (Bankr.
E.D. Pa.) (Frank, J.).

A copy of the Honorable Eric L. Frank's Memorandum decision dated
Aug. 27, 2010, is available at:

http://www.leagle.com/unsecure/page.htm?shortname=inbco20100827701

Northwest 15th Street Associates, located in West Conshohocken,
Pa., owns the surface and air rights to a parcel of real property
located on the northwest corner of 15th and Arch Streets in
Philadelphia, Pa.  The company sought Chapter 11 protection
(Bankr. E.D. Pa. Case No. 10-15129) on June 23, 2010; is
represented by Ashely M. Chan, Esq., and James M. Matour, Esq., at
Hangley Aronchick Segal & Pudlin in Philadelphia, and estimated
its assets and debts at $1 million to $10 million at the time of
the filing.


OWENS-ILLINOIS: Moody's Affirms 'Ba2' Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service affirmed the Ba2 Corporate Family Rating
and the stable ratings outlook for Owens-Illinois, Inc., and
assigned a Ba2 rating to the new EUR500 million of senior notes
due 2020 issued by OI European Group B.V., an indirect wholly-
owned subsidiary of O-I.  The rating is in response to the
company's announcement that it intends to offer, subject to market
and other conditions, EUR500 million aggregate principal amount of
Senior Notes due 2020 in a private offering.  OI European Group
B.V. expects to use the net proceeds received from this offering
to repay borrowings under Owens-Illinois Group, Inc.'s revolving
credit facility and for general corporate purposes, including
funding Owens-Illinois Group, Inc.'s strategic priorities.

Moody's took the following rating actions for Owens Illinois,
Inc.:

  * Affirmed Corporate Family Rating, Ba2

  * Affirmed Probability of Default Rating, Ba2

  * Affirmed $250 million senior unsecured notes due May 15, 2018,
    B1 (LGD 6, 94%)

  * Affirmed Speculative Grade Liquidity Rating SGL-2

Moody's took the following rating actions for Owens-Brockway Glass
Container Inc.:

  * Affirmed $900 million senior secured first lien revolving
    credit facility due June 15, 2012, Baa2 (LGD 1, 8% from 9%)

  * Affirmed $191 million senior secured first lien term loan B
    due June 14, 2013, Baa2 (LGD 1, 8% from 9%)

  * Affirmed EUR225 million senior unsecured notes due
    December 1, 2014, Ba3 ( LGD 5, 78% from 73% )

  * Affirmed $1,000 million senior unsecured notes due 2014-2016,
    Ba3 (LGD 5, 78% from 73%)

  * Affirmed $690 million exchangeable senior unsecured notes due
    June 1, 2015, Ba3 (LGD 5, 78% from 73%)

Moody's took the following rating actions for OI European Group BV
(Netherlands):

  * Affirmed EUR191.5 million (EUR189.5 million) senior secured
    first lien term loan D due June 14, 2013, Baa2 (LGD 1, 8% from
    9%)

  * Affirmed EUR300 million senior unsecured notes due March 31,
    2017, Ba2 (LGD 3, 40% from 39%)

  * Assigned EUR500 million senior notes due 2020, Ba2 (LGD 3,
    40%)

Moody's took the following rating actions for ACI Operations Pty.
Ltd. and O-I Canada Corp:

  * Affirmed AUD 225 million senior secured first lien term loan A
    due June 15, 2012, Baa2 (LGD 1, 8% from 9%)

  * Affirmed CAD 110.8 million senior secured first lien term loan
    C due June 15, 2012, Baa2 (LGD 1, 8% from 9%)

The ratings outlook remains stable.

The Corporate Family Rating of Ba2 reflects pro-forma credit
metrics that are in line with the rating category with the
potential for further improvement over the rating horizon and
strong liquidity.  The rating also reflects OI's leading position
in the industry, wide geographic footprint and focus on
profitability rather than volume.  Despite the proposed debt
issuance, OI's pro-forma credit metrics remain largely in line
with the rating category even before consideration of a potential
increase in operating income from potential acquisitions, cost
cutting/productivity and the improvement in contract structures in
North America.  The company should also benefit from any rebound
in volumes.  Liquidity is strong as the company has good free cash
flow, significant availability under its credit facility, a large
cash balance, and adequate cushion under its covenants.

The ratings are constrained by the concentration of sales,
potential acquisition risk and the asbestos liabilities.  The
ratings are also constrained by the mature state of the industry,
cyclical nature of glass packaging and low growth in developed
markets.  OI is heavily concentrated with a few customers in the
beer industry and has benefited from the growth in premium beers.
Additionally, OI generates approximately 76% of sales
internationally.  The company has disclosed its intention to
pursue acquisitions in faster growing markets which entails some
level of risk despite the potential upside.

The principal methodologies used in rating Owens-Illinois, Inc.
and subsidiaries were Global Packing Manufacturers: Metal, Glass,
and Plastic Containers published in June 2009, and Loss Given
Default for Speculative-Grade Non-Financial Companies in the U.S.,
Canada and EMEA published in June 2009.  Other methodologies and
factors that may have been considered in the process of rating
this issuer can also be found on Moody's website.


PAID INC: Incurs $805,100 Net Loss in June 30 Quarter
-----------------------------------------------------
Paid, Inc., filed its quarterly report on Form 10-Q, reporting a
net loss of $805,140 on $1.19 million of revenue for the three
months ended June 30, 2010, compared with a net loss of
$1.11 million on $1.62 million of revenue for the same period last
year.

The Company had cash and cash equivalents of $2.76 million at
June 30, 2010, compared to $730,400 at December 31, 2009.  The
Company had approximately $2.30 million of working capital at
June 30, 2010, compared to $1.99 million at December 31, 2009.  At
June 30, 2010, current liabilities were $3.65 million compared to
$942,819 at December 31, 2009.  Current liabilities increased at
June 30, 2010, compared to December 31, 2009, primarily due to the
increase of accounts payable, and deferred revenues due to touring
activity.

The Company had an accumulated deficit of $41.12 million at
June 30, 2010.

The Company's balance sheet at June 30, 2010, showed $6.01 million
in total assets, $3.65 million in total liabilities, and
stockholders' equity of $2.36 million.

As reported in the Troubled Company Reporter on March 15, 2010,
CCR LLP, in Westborough, Mass., expressed substantial doubt about
the Company's ability to continue as a going concern, following
its 2009 results.  The independent auditors noted of the Company's
substantial net losses and accumulated deficit of $39.53 million
at December 31, 2009.

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

               http://researcharchives.com/t/s?6b05

                         About Paid, Inc.

Based in Worcester, Massachusetts, Paid, Inc. (OTC BB: PAYD)
-- http://www.paid.com/-- provides businesses and clients with
brand management, brand marketing, product merchandising, online
merchandise and fulfillment services, website development, and
hosting and authentication services for the entertainment, sports
and collectible industries.


PAREX BANK: Moody's Withdraws B2 Rating on Local Currency Deposit
-----------------------------------------------------------------
Moody's Investors Service has withdrawn all ratings of Parex Bank.

The following ratings of Parex Bank have been withdrawn:

* Bank financial strength rating (BFSR) of E (stable outlook)

* Long-term local currency deposit rating of B2 (review for
   possible downgrade)

* Long-term foreign currency deposit rating of B2 (review for
   possible downgrade)

On August 6, 2010, Moody's Investors Service placed on review for
possible downgrade Parex Banka's B2 long-term local and foreign
currency deposit ratings.  The E bank financial strength rating
(BFSR), which currently translates into a Caa1 baseline credit
assessment, has a stable outlook.  Moody's decision to initiate
this review was prompted by the bank's restructuring by the
Latvian government as well as by the uncertainty surrounding the
final form of Parex Banka.  On August 1, 2010, the Latvian
government implemented a restructuring plan for Parex Banka by
transferring the bank's performing loan assets and most deposits
to the new bank, Citadele Banka.  Parex Banka will be focused on
maximising the recovery of its remaining non-performing assets and
will run down its remaining assets in the long term.  Moody's
decision to review for possible downgrade Parex Banka's B2 deposit
ratings reflected the uncertainty surrounding the final form of
Parex Banka following the restructuring -- in particular, the
specific split of assets and liabilities between the two entities
and the level of support from the government that the remaining
entity is likely to benefit from.

The credit rating has been withdrawn because Moody's Investors
Service believes it has insufficient or otherwise inadequate
information to support the maintenance of the credit rating.
Please refer to Moody's Investors Service's Withdrawal Policy.

The principal methodologies used in rating Parex Bank were Bank
Financial Strength Ratings: Global Methodology published in
February 2007, and Incorporation of Joint-Default Analysis into
Moody's Bank Ratings: A Refined Methodology published in March
2007.  Other methodologies and factors that may have been
considered in the process of rating this issuer can also be found
on Moody's website.

Headquartered in Riga, Latvia, Parex Bank reported unaudited,
consolidated assets of LVL2.6 billion at the end of March 2010.
Moody's Investors Service has today withdrawn all ratings of Parex
Bank.


PATRIOT NATIONAL: Posts $1.4 Million Net Loss in June 30 Quarter
----------------------------------------------------------------
Patriot National Bancorp, Inc., filed its quarterly report on Form
10-Q, reporting a net loss of $1.4 million on $5.9 million of net
interest income for the three months ended June 30, 2010, compared
with a net loss of $4.6 million on $4.4 million of net interest
income for the same period of 2009.

During 2009, the net losses of the Company resulted in a shift in
capital categories from classification as well-capitalized to
classification as adequately capitalized as of September 30, 2009.
Patriot National Bank remains adequately capitalized as of
June 30, 2010.  Should the Bank continue to incur losses of the
same magnitude experienced in 2009 resulting in further erosion of
capital, the Bank's regulatory capital classification could be
downgraded.

The Company's balance sheet as of June 30, 2010, showed
$816.5 million in total assets, $784.9 million in total
liabilities, and stockholders' equity of $31.6 million.

As reported in the Troubled Company Reporter on March 18, 2010,
McGladrey & Pullen, LLP, in New Haven, Conn., expressed
substantial doubt about the Company's ability to continue as a
going concern, following its 2009 results.  The independent
auditors noted of the Company's net losses for 2009 and 2008 and
uncertainty about the Company's and Patriot National Bank's
ability to maintain compliance with regulatory capital
requirements.  In February 2009, Patriot National Bank entered
into a formal written agreement with its primary regulator which
required the Bank to develop and maintain a capital plan.

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

               http://researcharchives.com/t/s?6b0b

                  About Patriot National Bancorp

Stamford, Conn.-based Patriot National Bancorp, Inc. (NASDAQ:
PNBK) is the parent company of Patriot National Bank, a national
banking association headquartered in Stamford, Fairfield County,
in Connecticut.  Patriot National Bank has 19 full service
branches, 16 in Connecticut and three in New York.


PEARL COMPANIES: Debtor & Union Must Arbitrate Benefit Changes
--------------------------------------------------------------
WestLaw reports that the arbitration of a dispute that resulted
from a Chapter 11 debtor's prepetition conduct in unilaterally
changing the health insurance plan covering bargaining unit
members in violation of a collective bargaining agreement did not
conflict with the underlying purposes of the Bankruptcy Code,
which barred the application of the automatic stay to permit a
debtor to achieve the unilateral termination or modification of a
CBA without complying with the statutory requirements for
rejecting CBAs.  Therefore, the CBA's arbitration provisions could
be enforced, even though the dispute was a core matter, and the
automatic stay did not apply.  In re Pearl Companies, Inc., ---
B.R. ----, 2010 WL 3359671 (Bankr. S.D. Fla.) (Olson, J.).

A copy of the Honorable John K. Olson's Amended Order dated
Sept. 2, 2010, is available at:

http://www.leagle.com/unsecure/page.htm?shortname=inbco20100902479

Pearl Companies, Inc., located in Fort Lauderdale, Fla., sought
Chapter 11 protection (Bankr. S.D. Fal. Case No. 10-19336) on
April 9, 2010; is represented by Martin L. Sandler, Esq., in Miami
Beach, Fla.; and estimated its assets at less than $10 million and
its debts at more than $10 million at the time of the filing.


PEREGRINE PHARMA: Posts $7.7 Million Net Loss in July 31 Quarter
----------------------------------------------------------------
Peregrine Pharmaceuticals, Inc., filed its quarterly report on
Form 10-Q, reporting a net loss of $7.69 million on $3.21 million
of revenue for the three months ended July 31, 2010, compared with
a net loss of $2.43 million on $6.75 of revenue for the three
months ended July 31, 2009.

During the quarter ended July 31, 2010, the Company raised
$6.64 million in gross proceeds through the issuance of equity.
As of July 31, 2010, gross proceeds of up to $23.92 million
remained available under an effective shelf registration
statement.

The Company's balance sheet at July 31, 2010, showed
$29.30 million in total assets, $16.46 million in total
liabilities, and stockholders' equity of $12.84 million.

Ernst & Young LLP, in Orange County, Calif., expressed substantial
doubt about the Company's ability to continue as a going concern,
following its results for the fiscal year ended April 30, 2010.
The independent auditors noted of the Company's recurring losses
from operations and recurring negative cash flows from operating
activities.

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

               http://researcharchives.com/t/s?6b04

                 About Peregrine Pharmaceuticals

Tustin, Calif.-based Peregrine Pharmaceuticals, Inc. (NASDAQ:
PPHM) -- http://www.peregrineinc.com/-- is a biopharmaceutical
company with a portfolio of innovative monoclonal antibodies in
clinical trials for the treatment of cancer and serious viral
infections. The Company is pursuing multiple clinical programs in
cancer and hepatitis C virus infection with its lead product
candidate bavituximab and novel brain cancer agent Cotara(R).
Peregrine also has in-house cGMP (current Good Manufacturing
Practices) manufacturing capabilities through its wholly-owned
subsidiary Avid Bioservices, Inc. -- http://www..avidbio.com/--
which provides development and biomanufacturing services for both
Peregrine and outside customers.


PETTERS COMPANY: Trustee Appointment Immediately Appealable
-----------------------------------------------------------
Addressing an issue of apparent first impression for the court and
joining the majority of its sister circuits, WestLaw reports that
the Eighth Circuit Court of Appeals has ruled that a bankruptcy
court order appointing a bankruptcy trustee is an immediately
appealable, final order.  The Eighth Circuit found persuasive the
Third Circuit's reasoning that, were the Court of Appeals to "put
off hearing an appeal of the district court's order appointing a
trustee until after the entire bankruptcy proceeding, allowing the
possibility of an order returning this bankruptcy to its very
beginning for a second round, the concept of judicial efficiency
would be effectively turned on its head."  In the case at bar, the
bankruptcy court's order overruling the creditors' objection and
approving the appointment of the debtors' district court-appointed
receiver as their Chapter 11 trustee left nothing more for the
bankruptcy court to do but execute the order.  Although the
creditors could seek the individual's removal for cause, they
would be unable to obtain the relief they sought, namely, the
appointment of a different person at the outset of the bankruptcy
proceedings, in the absence of the court's immediate review.
Ritchie Special Credit Investments, Ltd. v.
U.S. Trustee, --- F.3d ----, 2010 WL 3431833 (8th Cir.).

This decision affirms the Honorable Ann D. Montgomery's ruling in
Ritchie, et al. v. U.S. Trustee, 415 B.R. 391 (D. Minn.) (covered
in the Troubled Company Reporter on Oct. 26, 2009), and the trial
court ruling by the Honorable Gregory F. Kishel in In re Petters
Company, Inc., et al., 401 B.R. 391 (Bankr. D. Minn.).  In the
Bankruptcy Court, the United States Trustee appointed Douglas A.
Kelley, Esq., who was the debtors' district court-appointed
receiver to serve also as the Chapter 11 trustee in their jointly
administered bankruptcy cases which he filed, over some creditors'
objection.

               About Petters Group Worldwide

Based in Minnetonka, Minn., Petters Group Worldwide LLC is named
for founder and chairman Tom Petters.  The group is a collection
of some 20 companies, most of which make and market consumer
products.  It also works with existing brands through licensing
agreements to further extend those brands into new product lines
and markets.  Holdings include Fingerhut (consumer products via
its catalog and Web site), SoniqCast (maker of portable, WiFi MP3
devices), leading instant film and camera company Polaroid
(purchased for $426 million in 2005), Sun Country Airlines
(acquired in 2006), and Enable Holdings (online marketplace and
auction for consumers and manufacturers' overstock inventory).
Petters formed the company in 1988.

Petters Company, Inc., is the financing and capital-raising unit
of Petters Group Worldwide, LLC.  Petters Company, Inc., Petters
Group Worldwide, LLC, and eight other affiliates filed separate
petitions for Chapter 11 protection (Bankr. D. Minn. Case No.
08-45257) on Oct. 11, 2008.  James A. Lodoen, Esq., at
Lindquist & Vennum P.L.L.P., represents the Debtors as counsel.
In its petition, Petters Company, Inc., estimated its debts at
$500 million and $1 billion.  Its parent, Petters Group
Worldwide, LLC, estimated its debts at not more than $50,000.

As reported in the Troubled Company Reporter on October 7, 2008,
Petters Aviation, LLC, and affiliates MN Airlines, LLC, doing
business as Sun Country Airlines, Inc., and MN Airline Holdings,
Inc., filed separate petitions for Chapter 11 bankruptcy
protection with the U.S. Bankruptcy Court for the District of
Minnesota on October 6, 2008 (Case Nos. 08-45136, 08-35197 and 08-
35198).  Petters Aviation, LLC is a wholly owned unit of Thomas
Petters Inc. and owner of MN Airline Holdings, Inc., Sun Country's
parent company.


PROFESSIONAL VETERINARY: Sells Assets to Micro Beef & Lextron
-------------------------------------------------------------
Professional Veterinary Products Ltd. and its subsidiary ProConn
LLC completed on Aug. 20 the sale of their inventory of certain
animal health products and miscellaneous related assets to Micro
Beef Technologies Ltd.  The assets sold to Micro Beef primarily
consisted of inventory located in the delivery vehicles operated
by salespersons of the Company who accepted employment offers with
Micro Beef.  The purchase price for the Micro Beef transaction was
based on the cost of the inventory to the Company and ProConn,
which amount totaled approximately $1.5 million plus the
assumption of certain vehicle leases.

On Aug. 17, 2010, the Debtors completed the sale of their
inventory of certain swine products and miscellaneous related
assets to Lextron Inc.  The purchase price for the Lextron
transaction was based on the cost of the inventory to the Company,
which amount totaled approximately $2.5 million.

The proceeds of the Micro Beef and Lextron transactions were paid
to the Debtors' lender and used to reduce the obligations owing
under the existing credit facility.  Omaha World-Herald, citing
government documents, said the $4 million in proceeds from the
sales were paid to Wells Fargo Bank, the company's lender.

                         Incentive Program

On Aug. 24, 2010, the Company's board of director approved Key
Executive Incentive Agreement with Stephen J. Price, president and
chief executive officer; Jamie Meadows, chief operating officer;
and Vicky Winkler, director of finance.  The agreement is subject
to bankruptcy approval.  The Incentive Agreements provide for the
following payments to each officer:

  * bonuses of $72,000 to Mr. Price, $35,000 to Mr. Meadows and
    $22,000 to Ms. Winkler, if the officer is employed by the
    Company on the date the Bankruptcy Court confirms a sale of
    substantially all of the Company's inventory to a buyer
    pursuant to Section 363 of the Bankruptcy Code; and

  * bonuses of $40,000 to Mr. Price and $14,000 to Ms. Winkler, if
    the officer is employed by the Company on (a) November 30,
    2010 or (b) the date a distribution is made to general
    unsecured creditors.

A full-text copy of the Key Executive Employee Incentive Agreement
dated August 19, 2010 by Stephen J. Price is available for free
at http://ResearchArchives.com/t/s?6b0d

A full-text copy of the Key Executive Employee Incentive Agreement
dated August 19, 2010 by Jamie Meadows is available for free
at http://ResearchArchives.com/t/s?6b0e

A full-text copy of the Key Executive Employee Incentive Agreement
dated August 19, 2010 by Vicky Winkler is available for free
at http://ResearchArchives.com/t/s?6b0f

                  About Professional Veterinary

Professional Veterinary Products Ltd. -- http://www.pvpl.com/--
operates a veterinary supply company owned and managed by
veterinarians.  Includes company information, products, and an
online tour.

Professional Veterinary sought Chapter 11 protection from
creditors on August 20 in Omaha, Nebraska (Bankr. D. Neb. Case No.
10-82436).  Affiliates ProConn and Exact Logistics also filed for
Chapter 11.

The Company reported $89.79 million in total assets,
$78.23 million in total liabilities, and $11.56 million in
stockholders' equity at June 30, 2010.

The Company has hired McGrath North Mullin & Kratz PC LLC, as
bankruptcy counsel and Alliance Management as financial and
restructuring advisors.


PTS CARDINAL: Bank Debt Trades at 9% Off in Secondary Market
------------------------------------------------------------
Participations in a syndicated loan under which PTS Cardinal
Health is a borrower traded in the secondary market at 90.95
cents-on-the-dollar during the week ended Friday, September 10,
2010, according to data compiled by Loan Pricing Corp. and
reported in The Wall Street Journal.  This represents an increase
of 0.85 percentage points from the previous week, The Journal
relates.  The Company pays 225 basis points above LIBOR to borrow
under the facility.  The bank loan matures on April 10, 2014, and
carries Moody's Ba3 rating and Standard & Poor's BB- rating.  The
loan is one of the biggest gainers and losers among 217 widely
quoted syndicated loans with five or more bids in secondary
trading for the week ended Friday.

In April 2007, Cardinal Health completed the sale of its
Pharmaceutical Technologies and Services segment to The Blackstone
Group for approximately $3.3 billion.  PTS provides advanced
technologies and outsourced services for the pharmaceutical,
biotechnology and consumer health industry.  PTS develops,
manufactures and packages pharmaceutical and other products.


QUANTUM TECHNOLOGIES: Receives Delisting Notice From NASDAQ
-----------------------------------------------------------
Quantum Fuel Systems Technologies Worldwide, Inc. received a
Nasdaq Staff determination letter on September 2, 2010 stating
that the Company has not regained compliance with the $1.00
minimum closing bid price requirement for continued listing on The
Nasdaq Global Market under Nasdaq Listing Rule 5450(a)(1).  On
September 9, 2010, the Company submitted its request for a hearing
before a Nasdaq Listing Qualifications Panel at which time it will
request for continued listing on The Nasdaq Global Market pending
its return to compliance with the Minimum Bid Price Rule.  The
Company's request for a hearing automatically stays the delisting
process until a determination is made by the Panel.

In anticipation that the Company would be receiving the Nasdaq
Staff determination letter, the Company included a proposal in its
definitive proxy materials filed on August 27, 2010 for its Annual
Meeting of Stockholders to be held on September 30, 2010, which,
if approved, would give the Company's board of directors the
discretion to implement a 1-for-20 reverse stock split at any time
before February 28, 2011.  If the proposal is approved by the
Company's stockholders and if required to be implemented by the
Company's board of directors, the Company believes that it will
result in the Company regaining compliance with the Minimum Bid
Price Rule, thus, allowing the Company to maintain the listing of
its common stock on The Nasdaq Global Market.

                         About Quantum

Quantum Fuel Systems Technologies Worldwide, Inc., a fully
integrated alternative energy company, is a leader in the
development and production of advanced propulsion systems, energy
storage technologies, and alternative fuel vehicles.  Quantum's
wholly owned subsidiary, Schneider Power Inc., complements
Quantum's emerging renewable energy presence through the
development and ownership of wind and solar farms.  Quantum's
portfolio of technologies includes electronic controls, hybrid
electric drive systems, hydrogen storage and metering systems, and
alternative fuel technologies that enable fuel efficient, low
emission hybrid, plug-in hybrid electric, fuel cell, and natural
gas vehicles. Quantum's powertrain engineering, system
integration, vehicle manufacturing, and assembly capabilities
provide fast-to-market solutions to support the production of
hybrid and plug-in hybrid, hydrogen-powered hybrid, fuel cell,
alternative fuel, and specialty vehicles, as well as modular,
transportable hydrogen refueling stations.  Quantum's customer
base includes automotive OEMs, dealer networks, fleets, aerospace
industry, military and other government entities, and other
strategic alliance partners.


RAINBOW SUNSET: Case Summary & Largest Unsecured Creditor
---------------------------------------------------------
Debtor: Rainbow Sunset Pavilion Building A, LLC
        5495 Rainbow Boulevard, Suite 202
        Las Vegas, NV 89118
        Tel: (702) 489-4440

Bankruptcy Case No.: 10-26963

Chapter 11 Petition Date: September 7, 2010

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

Judge: Linda B. Riegle

Debtor's Counsel: Jon E. Field, Esq.
                  FIELD LAW GROUP
                  316 E. Bridger Avenue, Suite 202
                  Las Vegas, NV 89101
                  Tel: (702) 489-4440
                  E-mail: jon@fieldlawltd.com

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

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

The petition was signed by William Plise, manager.

The list of unsecured creditors filed together with its petition
contains only one entry:

        Entity                     Nature of Claim    Claim Amount
        ------                     ---------------    ------------
Lewis Brisbois                     Judgment               $180,000
6385 Rainbow Boulevard, #600
Las Vegas, NV 89118


RASCALS CASINOS: Case Summary & 13 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Rascals Casinos LLC
        760 Village Center Drive, Suite 200
        Burr Ridge, IL 60527

Bankruptcy Case No.: 10-40083

Chapter 11 Petition Date: September 7, 2010

Court: United States Bankruptcy Court
       Northern District of Illinois (Chicago)

Judge: Bruce W. Black

Debtor's Counsel: William J Factor, Esq.
                  THE LAW OFFICE OF WILLIAM J. FACTOR, LTD
                  1363 Shermer Road, Suite 224
                  Northbrook, IL 60062
                  Tel: (847) 239-7248
                  Fax: (847) 574-8233
                  E-mail: wfactor@wfactorlaw.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 13 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/ilnb10-40083.pdf

The petition was signed by Gary Grasso, vice president-Legal.


RIVIERA MARINE: Chapter 15 Case Summary
---------------------------------------
Chapter 15 Petitioner: Stephen James Parbery,
                       As foreign representative

Chapter 15 Debtor: Riviera Marine (Int.) Pty Limited
                   50 Waterway Drive
                   Coomera, Queensland 4209
                   Australia

Chapter 15 Case No.: 10-21722

Type of Business: The Debtor is Australia's largest and most
                  awarded luxury boat builder and exporter of
                  Flybridge Convertibles, Offshore Express and
                  Sport Yachts.

Chapter 15 Petition Date: September 8, 2010

Court: U.S. Bankruptcy Court
       Middle District of Florida (Tampa)

Judge: Caryl E. Delano

Debtor's Counsel: Daniel C. Guarnieri, Esq.
                  NELSON HESSE, LLP
                  2070 Ringling Boulevard
                  Sarasota, FL 34237
                  Tel: (941) 366-7550
                  Fax: (941) 955-3708
                  E-mail: dguarnieri@nelsonhesse.com

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

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

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

Debtor-affiliates filing separate Chapter 11 petitions:

        Entity                        Case No.       Petition Date
        ------                        --------       -------------
Riviera Coomera Pty Limited           10-21728          09/08/10
Riviera Marine (MFG) Pty Limited      10-21730          09/08/10
Riviera Runaway Bay Pty Limited       10-21732          09/08/10
R Marine Pittwater Pty Limited        10-21726          09/08/10


ROBERT NUCCI: In Dispute Over AFL Team Investment
-------------------------------------------------
Robert C. Nucci filed for Chapter 11 (Bankr. M.D. Fla. Case No.
10-21419) in Tampa, Florida, on September 2, 2010.  Harley E.
Riedel, Esq., at Stichter, Riedel, Blain & Prosser, serves as
counsel.  The debtor estimated assets of $1 million to $10 million
and debts of $10 million to $50 million in its Chapter 11
petition.

Michael Sasso at the Tampa Tribune reports that it was not
immediately clear why Robert C. Nucci filed for bankruptcy.
Mr. Nucci has been in litigation regarding the Storm of the Arena
Football League lately.  In June, Mr. Nucci sued in Storm coach
Tim Marcum and businessman Woody Kern to recoup a $9.6 million he
paid Mr. Kern for 51% of the team as well as additional monetary
damages.


ROCKWOOD SPECIALTIES: Fitch Upgrades IDR to 'B+'
------------------------------------------------
Fitch Ratings has upgraded the Issuer Default Rating and
outstanding debt ratings on Rockwood Specialties Group, Inc.:

  -- IDR to 'B+' from 'B';
  -- Senior secured credit facility to 'BB+/RR1' from 'BB/RR1';
  -- Senior secured term loans to 'BB+/RR1'from 'BB/RR1';
  -- Senior subordinated notes to 'B+/RR4' from'B-/RR5'.

The Rating Outlook is Stable.

Rockwood's ratings reflect leading positions in many of its
product lines, diversification by market and end-use, good profit
margins, and consistent generation of free cash flow.

Pro forma for the $200 million debt repayment on July 29, 2010,
total debt was $2.1 billion or 3.33 times (x) latest 12 months
EBITDA.

Pro forma cash on hand at June 30, 2010, was $164 million and
availability under the $180 million revolver due July 30, 2012,
after $25.1 million in letters of credit was $155 million.
Fitch expects cash generation after $170 million capital
expenditures for 2010 to comfortably service debt.  Current
maturities are estimated as $31 million due in the second half
of 2010, $73 million due in 2011, $228 million due in 2012,
$204 million due in 2013 and $1.516 billion due in 2014.

The senior secured credit facilities contain financial covenants.
The maximum senior secured debt ratio of 4.25x through Sept. 30,
2010, and 4.00x thereafter, is defined as net senior secured debt
(total debt excluding senior subordinated notes plus capital lease
obligations minus cash up to a maximum of $100 million) to
adjusted EBITDA.  Rockwood reported that it complied with the
senior secured debt ratio covenant limit with a ratio of 2.79x for
the period ending June 30, 2010.  There is a minimum interest
coverage ratio of 2.00x defined as adjusted EBITDA to cash
interest expense (interest expense, net excluding deferred debt
issuance cost amortization and the movements in the mark-to-market
value of the interest rate and cross-currency interest rate
derivatives).  Rockwood reported that it complied with the
interest coverage ratio covenant limit with a ratio of 3.55x for
the period ending June 30, 2010.  Fitch expects Rockwood to be
well within compliance with its covenants over the next 12-18
months.

The Stable Outlook reflects Fitch's expectations that margins
should remain stable, liquidity should remain ample and leverage
should decline modestly over the next 12-18 months.


SEA ISLAND: U.S. Trustee Forms 7-Member Creditors Committee
-----------------------------------------------------------
Donald F. Walton, the U.S. Trustee for Region 21, appointed seven
members to the official committee of unsecured creditors in
the Chapter 11 cases of Sea Island Company, et al.

The Creditors Committee members are:

1. Dennie McCrary
   P.O. Box 30037
   Sea Island, GA 31561
   Tel: (404) 523-5300 (Rufus Dorsey)
        (912) 638-8035 (Mr. McCrary)
   E-mail: RTD@phrd.com
           denniemccrary@comcast.net

2. TJF Golf Inc.
   Attn: Dan Hitchcock, Esq.
   Adams, Hendon, Carson, Crow & Saenger, P.A.
   72 Patton Avenue
   Asheville, NC 28801
   Tel: (828) 252-7381
   Fax: (828) 252-5081
   E-mail: dhitchcock@adamsfirm.com

3. Matthew Hodgdon
   Georgia Aquarium, Inc.
   225 Baker Street NW
   Atlanta, GA 30313
   Tel: (404) 581-4102
   Fax: (404) 581-4303
   E-mail: mhodgdon@georgiaaquarium.org

4. William Ralph Graham
   172 Merion
   Saint Simons Island, GA 31522
   Tel: (912) 638-8075
   Fax: (912) 638-9719
   E-mail: williamgraham@bellsouth.net

5. Billy R. Gibson
   4401 Altama Avenue
   Brunswick, GA 31520-3006
   Tel: (912) 264-7533 Extn. 109
   Fax: (912) 265-7370
   E-mail: billygibson@fredericacreditunion.org

6. Network Services Plus
   Attn: Stephen Moss
   5080 Old Ellis Pointe
   Roswell, GA 30076
   Tel: (770) 752-0900
   Fax: (770) 752-0221
   E-mail: swmoss@nspi.com

7. M. Alanson Johnson II
   P.O. Box 30751
   Sea Island, GA 31561
   Tel: (912) 634-0219
   E-mail:Maj2jake@aol.com

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

                         About Sea Island

St. Simons Island, Georgia-based Sea Island Company --
http://www.seaisland.com/-- aka Sea Island Shooting School, Sea
Island Yacht Club, Sea Island Stables, and Cabin Bluff, is a
private resort and real estate development company founded in
1926.  Sea Island Company owns and operates Sea Island Resorts,
featuring two of the world's most exceptional destinations: the
Forbes Five-Star Cloister at Sea Island and The Lodge at Sea
Island.  Sea Island is filing a Chapter 11 plan based upon an
agreement to sell substantially all of its assets to Sea Island
Acquisition LP, a limited partnership formed by investment funds
managed by the global investment firms Oaktree Capital Management,
L.P., and Avenue Capital Group.

Sea Island filed for Chapter 11 protection on August 10, 2010
(Bankr. S.D. Ga. Case No. 10-21034).  Sarah R. Borders, Esq.;
Harris Winsberg, Esq.; Sarah L. Taub, Esq.; and Jeffrey R. Dutson,
Esq., at King & Spalding LLP, assists the Debtor in its
restructuring effort.  Robert M. Cunningham, Esq., at Gilbert,
Harrell, Sumerford & Martin PC, is the Debtor's co-counsel.  FTI
Consulting, Inc., is the Debtor's restructuring advisor.  EPIQ
Bankruptcy Solutions, LLC, is the Debtor's claims and notice
agent.  The official committee of unsecured creditors has retained
Jordi Guso, Esq. and Berger Singerman, P.A. as its counsel.  The
Debtor estimated its assets and debts at $500 million
to $1 billion as of the Petition Date.

Affiliates Sea Island Coastal Properties, LLC; Sea Island
Services, Inc.; Sea Island Resort Residences, LLC; Sea Island
Apparel, LLC; First Sea Island, LLC; and Sical, LLC, filed
separate Chapter 11 petitions on August 10, 2010.


SEA ISLAND: Committee Taps Berger Singerman as Bankr. Counsel
-------------------------------------------------------------
The Official Committee of Unsecured Creditors in the Chapter 11
cases of Sea Island Company, et al., asks the U.S. Bankruptcy
Court for the Southern District of Georgia for permission to
employ Jordi Guso, Esq. and Berger Singerman, P.A. as its counsel.

Berger Singerman will, among other things:

   -- consult with the Committee concerning the administration of
      the Debtors' cases;

   -- investigate the acts, conduct, assets and liabilities, and
       financial condition of the Debtors; and

   -- participate in the negotiations in respect of the
      formulation of a Plan of Reorganization for the Debtors.

Mr. Guso, a shareholder of Berger Singerman, tells the Court that
the hourly rates of the firm's personnel are:

     Paul Steven Singerman                  $560
     Mr. Guso                               $525
     Associate Attorneys                 $260 - $425
     Legal Assistants and Parlegals       $75 - $195

Mr Guso assures the Court that Berger Singerman is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.

Mr. Guso can be reached at:

     BERGER SINGERMAN, P.A.
     350 E. Las Olas Boulevard, Suite 1000
     Fort Lauderdale, FL 33301

     BERGER SINGERMAN, P.A.
     200 South Biscayne Boulevard, Suite 1000
     Miami, FL 33131

     BERGER SINGERMAN, P.A.
     2650 North Military Trail, Suite 240
     Boca Raton, FL 33431-7291

     BERGER SINGERMAN, P.A.
     125 South Gadsden Street, Suite 300
     Tallahassee, FL 32301

                         About Sea Island

St. Simons Island, Georgia-based Sea Island Company --
http://www.seaisland.com/-- aka Sea Island Shooting School, Sea
Island Yacht Club, Sea Island Stables, and Cabin Bluff, is a
private resort and real estate development company founded in
1926.  Sea Island Company owns and operates Sea Island Resorts,
featuring two of the world's most exceptional destinations: the
Forbes Five-Star Cloister at Sea Island and The Lodge at Sea
Island.  Sea Island is filing a Chapter 11 plan based upon an
agreement to sell substantially all of its assets to Sea Island
Acquisition LP, a limited partnership formed by investment funds
managed by the global investment firms Oaktree Capital Management,
L.P., and Avenue Capital Group.

Sea Island filed for Chapter 11 protection on August 10, 2010
(Bankr. S.D. Ga. Case No. 10-21034).  Sarah R. Borders, Esq.;
Harris Winsberg, Esq.; Sarah L. Taub, Esq.; and Jeffrey R. Dutson,
Esq., at King & Spalding LLP, assists the Debtor in its
restructuring effort.  Robert M. Cunningham, Esq., at Gilbert,
Harrell, Sumerford & Martin PC, is the Debtor's co-counsel.  FTI
Consulting, Inc., is the Debtor's restructuring advisor.  EPIQ
Bankruptcy Solutions, LLC, is the Debtor's claims and notice
agent.  The Debtor estimated its assets and debts at $500 million
to $1 billion as of the Petition Date.

Affiliates Sea Island Coastal Properties, LLC; Sea Island
Services, Inc.; Sea Island Resort Residences, LLC; Sea Island
Apparel, LLC; First Sea Island, LLC; and Sical, LLC, filed
separate Chapter 11 petitions on August 10, 2010.


SEA ISLAND: Committee Taps GlassRatner as Financial Advisor
-----------------------------------------------------------
The Official Committee of Unsecured Creditors in the Chapter 11
cases of Sea Island Company, et al., asks the U.S. Bankruptcy
Court for the Southern District of Georgia for permission to
employ GlassRatner Advisory & Capital Group, LLC as its financial
advisor.

GlassRatner will assist the Committee in collecting and analyzing
financial and other information in relation to the Debtors'
Chapter 11 cases.

Ronald L. Glass, principal of GlassRatner, tells the Court that
the hourly rates of GlassRatner's personnel range from $150 to
$500.

Mr. Glass assures the Court that GlassRatner is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

                         About Sea Island

St. Simons Island, Georgia-based Sea Island Company --
http://www.seaisland.com/-- aka Sea Island Shooting School, Sea
Island Yacht Club, Sea Island Stables, and Cabin Bluff, is a
private resort and real estate development company founded in
1926.  Sea Island Company owns and operates Sea Island Resorts,
featuring two of the world's most exceptional destinations: the
Forbes Five-Star Cloister at Sea Island and The Lodge at Sea
Island.  Sea Island is filing a Chapter 11 plan based upon an
agreement to sell substantially all of its assets to Sea Island
Acquisition LP, a limited partnership formed by investment funds
managed by the global investment firms Oaktree Capital Management,
L.P., and Avenue Capital Group.

Sea Island filed for Chapter 11 protection on August 10, 2010
(Bankr. S.D. Ga. Case No. 10-21034).  Sarah R. Borders, Esq.;
Harris Winsberg, Esq.; Sarah L. Taub, Esq.; and Jeffrey R. Dutson,
Esq., at King & Spalding LLP, assists the Debtor in its
restructuring effort.  Robert M. Cunningham, Esq., at Gilbert,
Harrell, Sumerford & Martin PC, is the Debtor's co-counsel.  FTI
Consulting, Inc., is the Debtor's restructuring advisor.  EPIQ
Bankruptcy Solutions, LLC, is the Debtor's claims and notice
agent.  The official committee of unsecured creditors has retained
Jordi Guso, Esq. and Berger Singerman, P.A. as its counsel.  The
Debtor estimated its assets and debts at $500 million
to $1 billion as of the Petition Date.

Affiliates Sea Island Coastal Properties, LLC; Sea Island
Services, Inc.; Sea Island Resort Residences, LLC; Sea Island
Apparel, LLC; First Sea Island, LLC; and Sical, LLC, filed
separate Chapter 11 petitions on August 10, 2010.


SEA ISLAND: Starwood-Anschutz Submits $199-Mil. Offer for Assets
----------------------------------------------------------------
J. Scott Trubey at the Atlanta Journal-Constitution reports that
Starwood Capital Group and Anschutz Entertainment Group made a
$199 million offer for the assets of Sea Island Co., surpassing
the $197.5 million bid of Oaktree Capital Management and Avenue
Capital Group.

Mr. Trubey said a federal bankruptcy judge nixed the new bid,
saying that if the Starwood-Anschutz partnership wanted to bid for
the asset, it will have to do so at an auction set for Oct. 1,
2010.  A group of unsecured creditors backed the Starwood-Anschutz
bid.  Synovus Financial, Bank of America and Back of Scottland
owed Sea Island about $500 million, he adds.

A break-up fee of $5.9 million is in place under the deal with
Oaktree and Avenue, meaning a bid would have to top $203.4 million
to exceed its value including that fee, relates Mr. Trubey.

                         About Sea Island

St. Simons Island, Georgia-based Sea Island Company --
http://www.seaisland.com/-- aka Sea Island Shooting School, Sea
Island Yacht Club, Sea Island Stables, and Cabin Bluff, is a
private resort and real estate development company founded in
1926.  Sea Island Company owns and operates Sea Island Resorts,
featuring two of the world's most exceptional destinations: the
Forbes Five-Star Cloister at Sea Island and The Lodge at Sea
Island.  Sea Island is filing a Chapter 11 plan based upon an
agreement to sell substantially all of its assets to Sea Island
Acquisition LP, a limited partnership formed by investment funds
managed by the global investment firms Oaktree Capital Management,
L.P., and Avenue Capital Group.

Sea Island filed for Chapter 11 protection on August 10, 2010
(Bankr. S.D. Ga. Case No. 10-21034).  Sarah R. Borders, Esq.;
Harris Winsberg, Esq.; Sarah L. Taub, Esq.; and Jeffrey R. Dutson,
Esq., at King & Spalding LLP, assists the Debtor in its
restructuring effort.  Robert M. Cunningham, Esq., at Gilbert,
Harrell, Sumerford & Martin PC, is the Debtor's co-counsel.  FTI
Consulting, Inc., is the Debtor's restructuring advisor.  EPIQ
Bankruptcy Solutions, LLC, is the Debtor's claims and notice
agent.  The official committee of unsecured creditors has retained
Jordi Guso, Esq. and Berger Singerman, P.A. as its counsel.  The
Debtor estimated its assets and debts at $500 million
to $1 billion as of the Petition Date.

Affiliates Sea Island Coastal Properties, LLC; Sea Island
Services, Inc.; Sea Island Resort Residences, LLC; Sea Island
Apparel, LLC; First Sea Island, LLC; and Sical, LLC, filed
separate Chapter 11 petitions on August 10, 2010.


SEDONA DEVELOPMENT: Court Approves Unsecured Loan from Recap
------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Arizona authorized
Sedona Development Partners, LLC, and The Club at Seven Canyons,
LLC, to borrow up to $300,000 from Seven Canyons Recap, LLC.

As reported in the Troubled Company Reporter on August 19, 2010,
the financing terms include:

     Principal Amount              $300,000

     Interest Rate                 7.5% per annum

     Maturity Date                 June 11, 2013

     Monthly Payments              None (Principal and accrued
                                   interest are due upon maturity.

     Priority                      Funds advanced would constitute
                                   an administrative expense
                                   against the Debtors' estate.

The Debtor would use the money to maintain its operations and to
preserve the 18-hole golf course and related facilities, including
luxury villas, a practice park, range house, and tennis courts in
Sedona, Arizona, known generally as Seven Canyons.

Recap will be entitled to an administrative-expense priority for
the repayment of any funds advanced as part of the unsecured
advance.

                About Sedona Development Partners

Sedona Development Partners owns an 18-hole golf course and
related properties, including luxury villas, a practice park,
range house, tennis courts and related facilities in Sedona,
Arizona, known generally as Seven Canyons.  The Club at Seven
Canyons, LLC, operates the golf course and related facilities for
SDP.  SDP is the manager and sole member of the Club.

Sedona Development Partners filed for Chapter 11 bankruptcy
protection on May 27, 2010 (Bankr. D. Ariz. Case No. 10-16711).
The Club At Seven Canyons filed a separate Chapter 11 petition
(Bankr. D. Ariz. Case No. 10-16714).  Polsinelli Shughart PC
assists the Debtors in their restructuring efforts.  Lender
Specialty Trust is represented by Joseph E. Cotterman, Esq., and
Nathan W. Blackburn, Esq., at Gallagher & Kennedy, P.A.  Sedona
disclosed $29,171,168 in assets and $121,679,994 in liabilities.


SHELDRAKE LOFTS: Taps Davidoff Malito as Bankruptcy Counsel
-----------------------------------------------------------
Sheldrake Lofts LLC, asks the U.S. Bankruptcy Court for the
Southern District of New York for permission to employ Davidoff
Malito & Hutcher LLP as counsel.

Davidoff Malito will represent the Debtor in the Chapter 11
proceedings.

David Wander, Esq., a partner at Davidoff Malito, tells the Court
that the hourly rates of Davidoff Malito's personnel are:

     Partners                          $410 - $675
     Senior Counsel and Of Counsel     $235 - $500
     Associates                        $235 - $420
     Paralegals                        $120 - $185

Mr. Wander assures the Court that the firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

Mr. Wander can be reached at:

     DAVIDOFF MALITO & HUTCHER LLP
     605 Third Avenue, 34th Floor
     New York, NY 10158
     E-mail: dhw@dmlegal.com

                    About Sheldrake Lofts LLC

New Rochelle, New York-based Sheldrake Lofts LLC filed for Chapter
11 protection on August 10, 2010 (Bankr. S.D.N.Y. Case No. 10-
23650).  David H. Wander, Esq., at Davidoff, Malito & Hutcher,
LLP, assists the Debtor in its restructuring effort.  The Debtor
estimated assets at $50 million to $100 million and debts at
$10 million to $50 million as of the Petition Date.


SRKO FAMILY: Has Until September 19 to Propose Reorganization Plan
------------------------------------------------------------------
The Hon. Sidney B. Brooks of the U.S. Bankruptcy Court for
the District of Colorado extended until September 19, 2010, SRKO
Family Limited Partnership's exclusive period to file a proposed
Plan of Reorganization.

The Court also granted the Debtor additional days in soliciting
acceptances for the Plan.

The SRKO Family Limited Partnership, dba Colorado Crossing, is
based in Colorado Springs, Colorado.  The Company filed for
Chapter 11 bankruptcy protection on February 19, 2010 (Bankr. D.
Colo. Case No. 10-13186).  The Company estimated $10 million to
$50 million in assets and $50 million to $100 million in
liabilities.


ST. MARY'S: S&P Cuts Long-Term Rating to 'BB+' From 'BBB'
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term rating to
'BB+' from 'BBB-' on Mount St. Mary's University, Md.'s
outstanding debt issued by Frederick County and Frederick County
Educational Facilities.  The outlook is stable.

"The lowered rating reflects our view of the university's
continued operating losses and steady increases in total debt
levels," said Standard & Poor's credit analyst Jessica Matsumori.
"Further weakening the rating is the deterioration of the
university's financial resources and its weak demand profile -- as
evidenced by declining enrollment, high acceptance rates, low
matriculation rates, and declining retention rates."

"Further deterioration of financial resources or additional debt
could have negative credit implications, while balanced operations
combined with stronger demand characteristics and growth in
financial resource indicators could positively impact the rating,"
Ms. Matsumori said.

Founded in 1808, Mount St. Mary's University is a private,
Catholic, liberal arts institution located on a 1,400-acre campus
near Emmitsburg, Md.  The institution became a university in 2004.
In addition to the main campus, the university has additional
academic sites in Frederick, Westminster, and Hagerstown.  The
university also hosts a seminary on campus.  The largest majors
are business, education, and biology.  Graduate programs include a
master's degree in business administration and a master's degree
of arts in teaching.


SUN COUNTRY: Wins Confirmation of Plan of Reorganization
--------------------------------------------------------
Sun Country Airlines disclosed the confirmation of its plan of
reorganization which allows the company to exit bankruptcy.  The
plan was confirmed by Judge Robert J. Kressel during a court
hearing this morning in Minneapolis and was overwhelmingly
approved by the creditors eligible to vote.  The plan provides for
cash payments to certain creditors, as well as a distribution of
equity in the reorganized company to other creditors.

"Today marks an important step in the company's emergence from
bankruptcy," said Stan Gadek, Sun Country Airlines president and
CEO.  "I wish to thank both our employees and our customers who
continued to support the company during this process.  The plan's
confirmation highlights the successful turnaround of Sun Country
Airlines which will emerge as a profitable and debt-free company."
Gadek went on to say, "Going forward, Sun Country is well
positioned for growth and success as The Hometown Airline."

David Shaffer at the Star Tribune reports the plan of
reorganization gives a court-appointed receiver about 75% of the
stock, and it sets the stage for an eventual sale of Sun Country
to a new owner.  Some of the proceeds of the sale will partly
repay investors burned in a $3.6 million Ponzi scheme that sent
Tom Petters to prison for 50 years.  Receiver Doug Kelley said the
airline is on the market.

According to the Star Tribune, some of the airline's creditors
opted for partial cash settlements.  More than 40 claimants that
were owed $684,000 accepted 40 cents on the dollar.  Four other
unsecured creditors with claims of about $1 million, including the
Metropolitan Airports Commission, will be paid 35 cents on
the dollar in three installments, he adds.

According to the Star Tribune, the airline plans to lease three
more Boeing 737-800s, bringing its full-time fleet to 12, and add
100 jobs, including pilots and flight attendants.  Sun Country
will launch new routes from Lansing, Michigan, to Mexico, Florida
and the Caribbean, along with the usual additional winter routes
from Minneapolis-St.Paul to those vacation spots.

                         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.


SWB WACO: Voluntary Chapter 11 Case Summary
-------------------------------------------
Debtor: SWB Waco SH, L.P.
        13135 Dairy Ashford, Suite 150
        Sugar Land, TX 77478

Bankruptcy Case No.: 10-38001

Chapter 11 Petition Date: September 7, 2010

Court: U.S. Bankruptcy Court
       Southern District of Texas (Houston)

Judge: Marvin Isgur

Debtor's Counsel: David Ronald Jones, Esq.
                  PORTER AND HEDGES LLP
                  1000 Main Street, 36th Floor
                  Houston, TX 77002-6336
                  Tel: (713) 226-6653
                  Fax: (713) 226-6253
                  E-mail: djones@porterhedges.com

                        -- and --

                  WALKER & PATTERSON, P.C.
                  P.O. Box 61301
                  Houston, TX 77208-1301
                  Tel: (713) 956-5577
                  Fax: (713) 956-5570
                  E-mail: jjp@walkerandpatterson.com

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

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

The petition was signed by Kevin Matocha, President, SWB Waco SH
GP, LLC.

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


TRAFFORD DISTRIBUTING: Judge's Fiance Doesn't Warrant Recusal
-------------------------------------------------------------
WestLaw reports that a bankruptcy judge's fiance, as a mere
salaried employee of the law firm that represented the Chapter 7
trustee in an adversary proceeding before the judge, who was not
shown to have any personal involvement in the proceeding, did not
have a "financial interest" in the outcome of the proceeding, such
as could provide a basis for the judge's recusal.  Moreover, mere
speculation by the movants that the judge's fiance may have worked
on the proceeding, which was grounded solely upon the fiance's
employment by the firm and on the bankruptcy judge's adverse
rulings, was insufficient to require the judge's recusal.  In re
Trafford Distributing Center, Inc., --- B.R. ----, 2010 WL 3419669
(Bankr. S.D. Fla.) (Olson, J.).

A copy of the Honorable John K. Olson's Order dated Aug. 3, 2010,
is available at:

http://www.leagle.com/unsecure/page.htm?shortname=inbco20100830392

"My fiance is not involved in these proceedings and he is not an
equity partner at Ruden McClosky," Judge Olson says.  "The grounds
for recusal asserted by the movants are explicitly addressed by
Sec. 455(b), and I find that recusal is not required under any of
its provisions.  I further find that no well-informed, thoughtful,
and objective observer would argue that a sitting federal judge
should recuse himself from every matter in which his spouse's firm
represents a party, so long as: (1) his spouse is not involved in
the case; (2) his spouse is not an equity partner in the firm; and
(3) the guidelines imposed by Congress in Sec. 455(b) are
otherwise followed."

Trafford Distributing Center, Inc., a/k/a Trafford Distribution
Center, Inc., sought Chapter 11 protection (Bankr. S.D. Fla. Case
No. 08-17980) on June 13, 2008.  Soneet R. Kapila was appointed
as the Chapter 11 trustee in the Debtor's chapter 11 case and,
following its conversion to a chapter 7 liquidation proceeding,
now serves as the Chapter 7 Trustee.  The Trustee is represented
by lawyers at the law firm of Ruden McClosky.


TRIBUNE CO: Bank Debt Trades at 36% Off in Secondary Market
-----------------------------------------------------------
Participations in a syndicated loan under which Tribune Co. is a
borrower traded in the secondary market at 63.56 cents-on-the-
dollar during the week ended Friday, September 10, 2010, according
to data compiled by Loan Pricing Corp. and reported in The Wall
Street Journal.  This represents an increase of 0.59 percentage
points from the previous week, The Journal relates.  The Company
pays 300 basis points above LIBOR to borrow under the facility,
which matures on May 17, 2014.  Moody's has withdrawn its rating
while Standard & Poor's does not rate the bank debt.  The loan is
one of the biggest gainers and losers among 217 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.

Headquartered in Chicago, Illinois, Tribune Co. --
http://www.tribune.com/-- is a media company, operating
businesses in publishing, interactive and broadcasting, including
ten daily newspapers and commuter tabloids, 23 television
stations, WGN America, WGN-AM and the Chicago Cubs baseball team.

The Company and 110 of its affiliates filed for Chapter 11
protection on December 8, 2008 (Bankr. D. Del. Lead Case No. 08-
13141).  The Debtors proposed Sidley Austion LLP as their counsel;
Cole, Schotz, Meisel, Forman & Leonard, PA, as Delaware counsel;
Lazard Ltd. and Alvarez & Marsal North Americal LLC as financial
advisors; and Epiq Bankruptcy Solutions LLC as claims agent.  As
of December 8, 2008, the Debtors have $7,604,195,000 in total
assets and $12,972,541,148 in total debts.

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


TRICO MARINE: DIP Financing, Cash Collateral Use Gets Interim OK
----------------------------------------------------------------
Trico Marine Services, Inc., et al., ask for authorization from
the Hon. Brendan L. Shannon of the U.S. Bankruptcy Court for the
District of Delaware to obtain postpetition secured financing from
Tennenbaum Opportunities Partners V, LP, Special Value
Continuation Partners, LP, and Tennenbaum DIP Opportunity Fund,
LLC, and to use the cash collateral.

The DIP lenders have committed to provide up to $35 million in
secured superpriority priming senior credit facility, consisting
of: (i) DIP financing new money loans and, upon entry of the final
order, (ii) the refinancing loan to refinance the amended U.S.
credit facility debt.

Robert J. Dehney, Esq., at Morris, Nichols, Arsht & Tunnell LLP,
explained that the Debtors need the money to fund their Chapter 11
case, pay suppliers and other parties.

The DIP facility will mature on March 11, 2011.  The Debtor will
pay interest on unpaid principal under the DIP loans at a rate of
11.5% per annum plus the greater of (i) the LIBOR rate or (ii)
2.5%.  In the event of default, the Debtor will pay an additional
2% interest.

The liens granted pursuant to the DIP financing agreement on
collateral securing the DIP financing agreement will be valid,
fully perfected, first priority and superior to any other
security, mortgage, or collateral interest, lien, or claim to the
DIP collateral.  The loan parties will grant these liens and
security interests on all assets: (i) liens on unencumbered
property; (ii) priming liens; (iii) liens on property subject to
prior liens; (iv) avoidance actions.

DIP obligations will constitute an allowed superpriority
administrative expense claim having priority over any and all
other administrative claims against the Debtors.

The Debtors' obligations under the DIP facility are secured by
substantially all of the Debtors' assets in California.  However,
their building in Los Angeles is excluded.

The DIP lien is subject to a carveout for U.S. Trustee and Clerk
of Court fees; up to $500,000 for the fees and expenses of Vinson
& Elkins LLP, Cahill Gordon & Reindel LLP and Morris, Nichols,
Arsht & Tunnell LLP; up to $500,000 for the fees and expenses o
other professionals retained by the Debtors, and up to $150,000
for the fees and expenses of the creditors' committee
professionals.

The Debtors are required to pay these fees to the DIP lenders:
(i) exit fee of 1% of amount prepaid or repaid or required to be
prepaid or repaid payable upon the date of each repayment or
prepayment of any DIP loans or the amount of commitments
terminated without being funded and (ii) reasonable and documented
costs and expenses of the DIP Lenders incurred in connection with
the execution, administration, amendment and enforcement of the
interim court order and the DIP financing agreement and all
related documents.

The Debtors covenant with the Lenders not to let the consolidated
EBITDA for any month ending on these date to be less than the
amount set forth:

                                          Minimum Monthly
                                        Consolidated EBITDA
            Period Ended                   (in millions)

          August 31, 2010                     ($3.50)
          September 30, 2010                  ($1.50)
          October 31, 2010                    ($1.75)
          November 30, 2010                   ($1.75)
          December 31, 2010                   ($1.60)
          January 31, 2011                    ($1.40)
          February 28, 2011                   ($1.40)

The Debtors must not let its consolidated cash flow for the period
beginning on the effective date or the day immediately following
the last day of the prior period, as applicable, and ending on the
date set forth to be less than the amount set forth:

                                            Minimum Monthly
                                         Consolidated Cash Flow
   Trailing Four Week Period Ending            (in millions)

          September 10, 2010                   ($3.75)
          October 8, 2010                      ($6.60)
          November 5, 2010                     ($0.75)
          December 3, 2010                     ($0.25)
          December 31, 2011                    ($1.50)
          January 28, 2011                     ($8.00)
          February 25, 2011                    ($1.00)

The Debtors must not let its consolidated cash flow for the period
beginning on August 20, 2010, and ending on the date set forth
below to be less than the amount set fort:

                                            Minimum Cumulative
                                         Consolidated Cash Flow
       Cumulative Period Ending               (in millions)

          September 10, 2010                   ($3.75)
          October 8, 2010                     ($10.00)
          November 5, 2010                    ($11.00)
          December 3, 2010                    ($10.00)
          December 31, 2011                   ($11.50)
          January 28, 2011                    ($18.00)
          February 25, 2011                   ($18.75)

The Debtors must not let liquidity as of the date set forth to be
less than the amount set forth in:

               Period Ended                  Minimum Liquidity
                                              Requirement (in
                                                  millions)

          September 3, 2010                       $7.5
          September 17, 2010                      $5.5
          October 1, 2010                         $4.0
          October 15, 2010, and the last
          day of each two week period             $3.5
          thereafter

A copy of the DIP financing is available for free at:

     http://bankrupt.com/misc/TRICO_dipfinancingpact.pdf
     http://bankrupt.com/misc/TRICO_dipfinancingpact2.pdf
     http://bankrupt.com/misc/TRICO_dipfinancingpact3.pdf

Certain beneficial holders of 3.00% senior convertible debentures
due 2027 issued by the Debtor objected to the Debtors' request to
obtain DIP financing and use cash collateral, saying that

The Debtors do not provide any meaningful disclosure of what they
hope to accomplish in Chapter 11.  "Yet the Debtors' proposed 13-
week DIP budget indicates that the Debtors will bleed nearly
$6.5 million, primarily on professional fees of $5.6 million.  The
bleeding would be even worse but for proposed asset sales that
purportedly will generate $10 million," the 3% debenture holders
said.  The 3% debenture holders are represented by Pacusk1i Stang
Ziehl & Jones LLP and Kasowitz, Benson, Torres & Friedman LLP

Mr. Dehny said that the Debtors will also use cash collateral to
provide additional liquidity.  The Debtors will use the collateral
pursuant to a weekly budget, a copy of which is available for free
at http://bankrupt.com/misc/TRICO_budget.pdf

The Court has set a final hearing for September 21, 2010, at
9:00 a.m. prevailing Eastern time on the Debtors' request to
obtain DIP financing and use cash collateral.

                        About Trico Marine

Texas-based Trico Marine Services, Inc. --
http://www.tricomarine.com-- provides subsea services, subsea
trenching and protection services, and towing and supply vessels.
Trico filed for Chapter 11 protection on August 25, 2010 (Bankr.
D. Del. Case No. 10-12653).  John E. Mitchell, Esq., Angela B.
Degeyter, Esq., and Harry A. Perrin, Esq., at Vinson & Elkins LLP,
assist the Debtor in its restructuring effort.  The Debtor
disclosed $30,562,681 in total assets and $353,606,467 in total
liabilities as of the Petition Date.

Affiliates Trico Marine Assets, Inc. (Bankr. D. Del. Case No. 10-
12648), Trico Marine Operators, Inc. (Case No. 10-12649), Trico
Marine International, Inc. (Case No. 10-12650), Trico Marine
Cayman, L.P. (Case No. 10-12651), and Trico Holdco, LLC (Case No.
10-12652) filed separate Chapter 11 petitions.

Robert J. Dehney, Esq., at Morris, Nichols, Arsht & Tunnell LLP,
is the Debtors' Delaware counsel.  Cahill Gordon & Reindell LLP is
the Debtors' special counsel.  Alix Partners Services, LLC, is the
Debtors' chief restructuring officer.  Epiq Bankruptcy Solutions
is the Debtors' claims and notice agent.


TRICO MARINE: Section 341(a) Meeting Scheduled for Oct. 6
---------------------------------------------------------
The U.S. Trustee for Region 3 will convene a meeting of Trico
Marine Services, Inc., et al.'s creditors on October 6, 2010,
9:30 a.m. (Eastern Time).  The meeting will be held at 824 North
Market Street, Wilmington, Delaware 19801.

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.

Texas-based Trico Marine Services, Inc. --
http://www.tricomarine.com/-- provides subsea services, subsea
trenching and protection services, and towing and supply vessels.
Trico filed for Chapter 11 protection on August 25, 2010 (Bankr.
D. Del. Case No. 10-12653).  John E. Mitchell, Esq., Angela B.
Degeyter, Esq., and Harry A. Perrin, Esq., at Vinson & Elkins LLP,
assist the Debtor in its restructuring effort.  The Debtor
disclosed $30,562,681 in total assets and $353,606,467 in total
liabilities as of the Petition Date.

Affiliates Trico Marine Assets, Inc. (Bankr. D. Del. Case No. 10-
12648), Trico Marine Operators, Inc. (Case No. 10-12649), Trico
Marine International, Inc. (Case No. 10-12650), Trico Marine
Cayman, L.P. (Case No. 10-12651), and Trico Holdco, LLC (Case No.
10-12652) filed separate Chapter 11 petitions.

Robert J. Dehney, Esq., at Morris, Nichols, Arsht & Tunnell LLP,
is the Debtors' Delaware counsel.  Cahill Gordon & Reindell LLP is
the Debtors' special counsel.  Alix Partners Services, LLC, is the
Debtors' chief restructuring officer.  Epiq Bankruptcy Solutions
is the Debtors' claims and notice agent.


UAL CORP: Fitch Hikes Ratings to 'B-' Prior to Closing of Merger
----------------------------------------------------------------
Fitch Ratings has upgraded the debt ratings of UAL Corp. and its
principal operating subsidiary United Airlines, Inc., prior to the
expected closing of the merger between United and Continental
Airlines.  Fitch has also assigned a rating of 'BB-/RR1' to
certain senior secured issues, which are obligations of United and
guaranteed by UAL.

The Rating Outlook for both UAL and United is Positive.

The upgrade follows steady strengthening in United's stand-alone
credit profile during 2010 and clear progress toward the
resolution of merger-related issues in recent weeks, as the two
airlines look to close the transaction next month. United's stand-
alone profile has been supported by steady improvements in revenue
performance and a relatively benign jet fuel price environment
since the air travel demand recovery began to take shape a year
ago.  Industry capacity constraint and a consistent rebound in
business travel demand since last fall have helped drive solid
gains in passenger yields and revenue per available seat mile
(RASM), expanding margins and leading to a sharp turnaround in
free cash flow (FCF) generation during the economic recovery.

Throughout 2010, United's yield and RASM growth has consistently
led the industry, with solid international market performance
driving much of United's year-over-year unit revenue recovery from
recessionary levels in 2009.  During the second quarter, United's
consolidated passenger RASM increased by 27%.  The carrier
generated $1.2 billion of FCF in the first half of the year,
supporting a significant improvement in unrestricted liquidity to
$4.9 billion as of June 30.

Following the Aug. 27 decision by the U.S. Department of Justice
to end its antitrust investigation of the proposed United-
Continental merger, the last significant obstacle to the close of
the transaction has been removed.  Both carriers have indicated
that they expect the merger to be closed on Oct. 1.  In addition
to the elimination of regulatory uncertainty, prospects for the
eventual integration of the two airlines' unionized work groups
have improved following the establishment of a transition and
process framework for negotiations involving pilots at both
airlines.  The transition agreement reduces the risk that
protracted negotiations over pay rates and seniority could
significantly delay the full integration of the two labor groups
after the merger is closed.

Fitch continues to believe that the merger will ultimately support
sustainable improvements in margins and FCF generation relative to
other U.S. airlines, and will generally contribute to the
establishment of a more disciplined approach toward capacity
management in a cyclical industry that remains uniquely vulnerable
to external demand and fuel price shocks.  Management's commitment
to a continuation of capacity discipline in 2011 and beyond
represents an important risk mitigant at a time when the
sustainability of the global economic recovery has become more
uncertain.  Even as industry revenue comparisons become more
challenging, Fitch believes that the combined carrier retains
sufficient fleet and network planning flexibility to successfully
manage a more difficult demand environment, should it emerge, in
2011 and beyond.

Calls on cash flow for the post-merger airline are substantial,
due in large part to high stand-alone leverage levels at both
United and Continental.  Including convertible note issues that
can be put back to the new United next year ($876 million face
value for two United convertible issues), 2011 combined debt
maturities total $2.5 billion.  Strong FCF generation will
therefore be critical next year if the post-merger carrier is to
continue the de-levering process that has begun in 2010.

Liquidity for the post-merger airline will be strong, providing
significant flexibility to reduce debt levels without pushing cash
below 20%-25% of pro forma revenue in 2011.  Following CAL's
August secured note issuance of $800 million, combined
unrestricted cash and investments at closing will likely approach
$9 billion.  This reflects not only the FCF turnaround witnessed
in 2010, but also the liberalization of capital market access that
has allowed both carriers to raise debt on much more attractive
terms since the summer of 2009.

The combined United-CAL route network offers clear opportunities
for the post-merger carrier to deliver a sustainable RASM premium
to the industry.  The two stand-alone networks are very
complementary, with United's notable strength in trans-Pacific
routes meshing well with CAL's strong market position in New York
and into Latin America via the Houston hub.  The depth and breadth
of the combined route network, together with the premium product
focus of both carriers, should place post-merger United in a
strong position to deepen penetration in key high-fare business
markets, laying a foundation for better RASM premiums over time.

Revenue-related synergies will ultimately be more decisive in
determining the long-term financial success of the merger.
Recognizing immediate cost-saving opportunities associated with
the elimination of duplicative operations (in particular,
headquarters and certain overlapping airport operations), 2011
unit costs will likely be materially higher as pay rates and
benefits are pushed toward industry-leading levels.  One-time cash
integration costs, moreover, are likely to be significant, and
will put some pressure on FCF for both UAL and CAL this year and
into 2011.

Assuming a slow and uneven U.S. economic expansion, relatively
stable jet fuel prices below $2.50 per gallon and mid-single digit
RASM growth during 2011, Fitch expects the combined carrier to
generate positive FCF in excess of $1.5 billion next year,
providing room to push pro forma lease-adjusted leverage down,
while maintaining unrestricted cash balances above $7 billion.

Fuel price volatility remains a major concern for United and the
entire industry, and most carriers have resumed fairly active fuel
hedging programs in 2010 as energy prices rebounded from low
levels during the recession.  For the remainder of 2010, United
has hedged over 75% of projected fuel consumption through swaps
and call options with average crude oil equivalent price caps of
approximately $80 per barrel.  CAL also has protection in place
through the end of the year (approximately 50% of projected
consumption hedged with crude oil caps at approximately $85 per
barrel).

An upgrade of United's post-merger IDR to 'B' is possible in 2011
if a continuation of positive yield and RASM comparisons, coupled
with a generally favorable fuel price scenario (average jet fuel
prices below $2.50 per gallon) drive strongly positive FCF and
allow the post-merger airline to fund next year's maturities
largely out of internally generated cash flow and excess cash on
the balance sheet.  Conversely, a revision of the Rating Outlook
to Stable could occur if a sharp slowdown in U.S. economic growth
contributes to stagnating industry unit revenue growth or if a
spike in global energy prices pressures the new United's 2011
operating margins, thereby weakening the carrier's FCF profile
next year.  Following the close of the transactions, ratings for
CAL and United will be closely linked as wholly-owned subsidiaries
of the newly created United Continental Holdings parent.  Once a
single operating certificate is received, more complete linkage of
the two separately rated entities will likely occur.

United's ratings, which were placed on Rating Watch Positive in
May at the time the merger plan was announced, have been upgraded:

United
  -- Issuer Default Ratings (IDR) to 'B-' from 'CCC';
  -- Secured bank credit facility to 'BB-/RR1' from 'B+/RR1';
  -- Senior unsecured to 'CC/RR6' from 'C/RR6'.

In addition, Fitch has upgraded UAL's ratings:

  -- IDR to 'B-' from 'CCC';
  -- Senior unsecured to 'CC/RR6' from 'C/RR6'.

Fitch has also assigned a rating of 'BB-/RR1' to each of these
senior secured issues, which are obligations of United and
guaranteed by UAL:

  -- $175 million senior secured notes due 2012;
  -- $500 million senior secured notes due 2013;
  -- $200 million senior second lien notes due 2013.


UNIVERSAL BUILDING: Court Approves Sale to Oaktree and Solus
------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware approved
the sale pursuant to Section 363 of the U.S. Bankruptcy Code of
certain assets of Universal Building Products, Inc. and certain of
its subsidiaries (Universal) to UBP Acquisition Corporation
(UBPAC). UBPAC was formed by certain funds managed by Oaktree
Capital Management, L.P. (Oaktree) and Solus Alternative Asset
Management LP (Solus) for the purpose of acquiring these assets at
the time Universal voluntarily filed under Chapter 11 of the U.S.
Bankruptcy Code on August 4, 2010.

UBPAC owns 100% of the senior secured debt of Universal and bid a
portion of its senior secured debt in connection with the
acquisition. UBPAC also agreed to provide a $6 million debtor-in-
possession financing inside of bankruptcy in order to complete the
asset sale and Chapter 11 process.

UBPAC will transfer substantially all of the assets acquired from
Universal to Dayton Superior Corporation (Dayton), the leading
North American provider of specialized products for the
nonresidential concrete construction market.  Oaktree and Solus
are the majority equity holders of Dayton.  "We will consolidate
the Universal assets under the Dayton umbrella," said Jordon
Kruse, a Managing Director at Oaktree.  "This represents a
significant expansion of Dayton's product portfolio and market
coverage.  We look forward to working with the Dayton management
team as we continue to enhance Dayton's leading positions in the
supply of products and services to the concrete construction
industry."

Oaktree is a premier global alternative and non-traditional
investment manager with $75 billion in assets under management as
of June 30, 2010.  Solus is a New York-based alternative asset
management firm.

                      About Universal Building

Westminster, California-based Universal Building Products, Inc.,
dba UBP, filed for Chapter 11 bankruptcy protection on August 3,
2010 (Bankr. D. Del. Case No. 10-12453).  Mark Minuti, Esq.,
MaryJo Bellew, Esq., and Teresa K.D. Currier, Esq., at Saul Ewing
LLP, assists the Debtor in its restructuring effort.  UBP
estimated $1 million to $10 million in assets and $10 million to
$50 million in debts in its petition.

The Debtor's affiliates Accubrace, Inc. (Bankr. D. Del. Case No.
10-12454), Don De Cristo Concrete Accessories, Inc. (Case No. 10-
12455), Form-Co, Inc. (Case No. 10-12456), and Universal Form
Clamp, Inc. (Case No. 10-12457), filed separate Chapter 11
petitions on August 4, 2010.  Accubrace estimated $500,001 to
$1 million in assets and $10 million to $50 million in debts.


VALEANT PHARMACEUTICALS: S&P Affirms 'BB-' Corporate Family Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' corporate
credit rating on Aliso Viejo, Calif.-based Valeant Pharmaceuticals
International.  At the same time, S&P affirmed its 'B' issue-level
and '6' recovery ratings on the Company's existing subordinated
notes due 2013.

In addition, S&P assigned a preliminary 'BB+' issue-level rating
and preliminary '1' recovery rating to the Company's proposed
$1.875 billion senior secured credit facility.  The facility
consists of a $250 million revolver due 2015, a $750 million term
loan A due 2015, a $725 million term loan B due 2016, and a
$150 million delayed-draw term loan B due 2016.  S&P also assigned
a preliminary 'B+' issue-level rating and preliminary '5' recovery
rating to the proposed $1 billion of senior unsecured notes due no
earlier than 2017.

The Company will use proceeds from the proposed financing to pay
current Valeant shareholders a special dividend, a one-time post-
merger dividend, and expenses related to the transaction.

"Our ratings on Valeant reflect its continued reliance on
acquisitions for growth, a weak internal research and development
(R&D) program, and an aggressive financial risk profile," said
Standard & Poor's credit analyst Michael G. Berrian.  These
factors outweigh the broader product portfolio from the combined
companies and strong liquidity.


VAN HAM DAIRY: Files for Bankruptcy Protection in Toledo
--------------------------------------------------------
Larry P. Vellequette at ToledoBlade.com reports that Van Ham Dairy
Leasing LLC, a subsidiary of Vreba-Hoff Dairy Development LLC,
filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy
Court in Toledo, Ohio, listing assets of less than $50,000 and
liabilities of between $10 million and $50 million.

According to Mr. Vellequette, the company shares its main business
address with Vreba-Hoff Dairy, a Wauseon firm that has battled
lawsuits from farmers and lenders alike as dairy prices have
foundered in recent years.

Two other Vreba-Hoff real-estate subsidiaries filed bankruptcy
reorganizations in U.S. Bankruptcy Court in Indianapolis, said a
person with knowledge of the matter.  Midwest AG Investments LLC
filed for reorganization in June to protect its assets, including
agricultural land in Sandusky County, Ohio, and Lenawee County,
Michigan, the person added.

Van Ham Dairy Leasing LLC is a rural megadairy associated with a
Wauseon firm that recruited Dutch dairy farmers to the Midwest.

Van Ham Dairy Leasing, LLC, filed for Chapter 11 (Bankr. N.D. Ohio
Case No. 10-36120) on Sept. 3, 2010.  The Debtor estimated assets
of up to $10 million and debts of $10 million to $50 million in
its Chapter 11 petition.  An affiliate, Van Ham Dairy, LLC, filed
for Chapter 11 (Bankr. N.D. Ohio Case No. 10-33231) on May 10,
2010.  David J. Coyle, Esq., at Shumaker, Loop & Kendrick, LLP,
serves as counsel to the Debtors.


VERENIUM CORP: Closes Sale of Cellulosic Biofuels Business to BP
----------------------------------------------------------------
Verenium Corporation has closed on the sale of its cellulosic
biofuels business to BP Biofuels North America for $98.3 million,
subject to the additional financial terms of the transaction
announced on July 15, 2010.

As reported in the Troubled Company Reporter on July 21, 2010,
Verenium retains its commercial enzyme business, including its
biofuels enzyme products, and has the right to develop its own
cellulosic enzyme program.  Verenium also retains select R&D
capabilities, as well as the potential option to access select
biofuels technology developed by BP using the technology acquired
from Verenium through this transaction.

UBS Investment Bank acted as financial advisor to Verenium in
connection with this transaction.

                    About Verenium Corporation

Cambridge, Mass.-based Verenium Corporation (NASDAQ: VRNM) --
http://www.verenium.com/-- is a pioneer in the development and
commercialization of high-performance enzymes for use in
industrial processes.  Verenium currently sells enzymes developed
using its R&D capabilities to industrial customers globally for
use in markets including grain and oilseed processing, biofuels,
animal health and nutrition and other specialty industrial
processes.

The Company's balance sheet as of June 30, 2010, showed
$146.3 million in total assets, $136.1 million in total
liabilities, and stockholders' equity of $10.2 million.

                          *     *     *

As reported in the Troubled Company Reporter on March 19, 2010,
Ernst & Young LLP, in San Diego, Calif., expressed substantial
doubt about the Company's ability to continue as a going concern.
The independent auditors noted that of the Company's recurring
operating losses and accumulated deficit of $630.0 million at
December 31, 2009.


WALLACE THEATER: S&P Junks Corporate Credit Rating
--------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Portland, Ore.-based Wallace Theater Holdings Inc. to
'CCC+' from 'B-'. The rating outlook is negative.  S&P rated
Wallace on a consolidated basis with subsidiary Hollywood Theaters
Inc.

S&P also lowered issue-level rating on Wallace Theater's senior
secured notes due 2013 to 'CCC+' (at the same level as the 'CCC+'
corporate credit rating on the Company).  The recovery rating on
this debt remains unchanged at '3', indicating expectation of
meaningful (50%-70%) recovery for noteholders in the event of a
payment default.

"The rating downgrade reflects Wallace Theater's narrowing
liquidity in light of its fractional EBITDA coverage of interest
and likely tough comparisons during the upcoming holiday and
winter seasons," said Standard & Poor's credit analyst Hal
Diamond.

S&P's 'CCC+' rating reflects S&P's expectation that the Company's
leverage will remain high, its EBITDA coverage of interest will
continue to be thin, its discretionary cash flow generation will
be weak, and that liquidity will be limited.  S&P considers
Wallace's business risk to be "vulnerable" because of its
concentrated cash flow, the mature and highly competitive nature
of the movie exhibition industry, and its exposure to the
fluctuating popularity of movies.  S&P also believes there is
meaningful risk that proliferation of competing entertainment
alternatives and shorter periods in theatrical release prior to
home video and video-on-demand release could pressure U.S. movie
exhibitors' attendance.

Wallace operates in small-to-midsize markets, primarily in 15
states in the South Central, Midwestern, and Western U.S.  It has
upgraded its theater circuit over the past several years by
closing poorly performing theaters and opening several new ones.
Wallace's venues are relatively modern, and a large proportion of
its screens have stadium seating.  The proportion of its theaters
with unfettered access to all films in release compares favorably
with leading movie exhibitors.  The Company's EBITDA margin, at
around 15%, is toward the middle of its peer group.  The limited
appeal of Wallace's markets to competitors and the industry's
currently low level of new theater development provide a modest
degree of protection.

Wallace has a "highly leveraged" financial profile.  Lease-
adjusted leverage was very high, at roughly 8.4x as of June 30,
2010, and in line with the debt-to-EBITDA ratio for the rating
category.  Leverage increased from 7.2x a year earlier as a result
of declines in EBITDA and higher debt balances.  EBITDA coverage
of interest is now fractional, at 0.9x for the 12 months ended
June 30, 2010.  Discretionary cash flow was negative for the 12
months ended June 30, 2010, with interest expense consuming the
majority of the Company's cash flow.  S&P expects capital spending
to moderate in 2011; however, discretionary cash flow could remain
negative if box-office attendance does not increase.


WASHINGTON CARD: Case Summary & 2 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Washington Card Rooms LLC
        760 Village Center Drive, Suite 200
        Burr Ridge, IL 60527

Bankruptcy Case No.: 10-40087

Chapter 11 Petition Date: September 7, 2010

Court: United States Bankruptcy Court
       Northern District of Illinois (Chicago)

Judge: Bruce W. Black

Debtor's Counsel: William J Factor, Esq.
                  THE LAW OFFICE OF WILLIAM J. FACTOR, LTD
                  1363 Shermer Road, Suite 224
                  Northbrook, IL 60062
                  Tel: (847) 239-7248
                  Fax: (847) 574-8233
                  E-mail: wfactor@wfactorlaw.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 two largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/ilnb10-40087.pdf

The petition was signed by Gary Grasso, vice-president- Legal.

Debtor-affiliate that filed separate Chapter 11 petition:

                                                 Petition
   Debtor                              Case No.     Date
   ------                              --------     ----
Rascals Casinos LLC                    10-40083   09/07/10


WEST COAST: N.D. Ind. Correct Venue Under "Nerve Center" Test
-------------------------------------------------------------
WestLaw reports that the principal place of business, for venue
purposes, of corporate or other non-individual Chapter 11 debtors
that, following suspension of their license to do business as
professional medical corporations in California, had no further
business activities, other than the collection of unpaid accounts
receivable, was the Northern District of Indiana where debtors'
principal had relocated with all of the debtors' business records,
and which was also the state in which the debtors' tax returns
were filed.  It did not matter that a receiver appointed to
administer the accounts for the benefit of a California judgment
creditor was appointed by a California court and was located in
California.  The receiver had no authority to act on behalf of the
debtors, whose nerve center for any remaining management or
operational decisions, such as they were, was the state to which
their principal had moved.  In re West Coast Interventional Pain
Medicine, Inc., --- B.R. ----, 2010 WL 3385411 (Bankr. N.D. Ind.).

West Coast Interventional Pain Medicine, Inc., San Diego Pain
Management Consultants, Inc., Surgical Leasing Company, Inc., CV
Surgical Management, Inc., and The Pain Management Group, Inc.,
sought chapter 11 protection (Bankr. N.D. Ind. Case No. 09-24379)
on Oct. 9, 2009; are represented by Jeffrey C. Dan, Esq., and
David K. Welch, Esq., at Crane, Heyman, Simon, Welch & Clar in
Chicago, Ill.; and estimated their assets at more than $1 million
and their debts at less than $1 million at the time of the
filings.


W.L. DUNN: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------
Debtor: W.L. Dunn Construction Company
        180 N. Franklin Street
        Cochranton, PA 16314-9706

Bankruptcy Case No.: 10-11599

Chapter 11 Petition Date: September 3, 2010

Court: United States Bankruptcy Court
       Western District of Pennsylvania (Erie)

Judge: Thomas P. Agresti

Debtor's Counsel: Guy C. Fustine, Esq.
                  KNOX MCLAUGHLIN GORNALL & SENNETT, P.C.
                  120 West Tenth Street
                  Erie, PA 16501
                  Tel: (814) 459-2800
                  E-mail: mwernick@kmgslaw.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/pawb10-11599.pdf

The petition was signed by Lisa Dunn Adams.


YELLOWSTONE CLUB: Ch. 11 Trustee to Appeal Blixseth Ruling
----------------------------------------------------------
Dow Jones' DBR Small Cap reports that Marc S. Kirschner, the
trustee of a trust set up to pay Yellowstone Club LLC's creditors
under its Chapter 11 plan of reorganization, is appealing a court
order directing club founder Timothy Blixseth to pay creditors
$40.1 million rather than the $286.4 million he had sought.  Mr.
Kirschner is appealing the ruling to the Bankruptcy Appellate
Panel for the Ninth Circuit, court papers show.

The Troubled Company Reporter on September 9, 2010, ran a story on
the bankruptcy court's order.

                     About Yellowstone Club

Located near Big Sky, Montana, Yellowstone Club --
http://www.theyellowstoneclub.com/-- is a private golf and ski
community with more than 350 members, including Bill Gates and Dan
Quayle.  The Company was founded in 1999.

Yellowstone Mountain Club LLC and its affiliates filed for Chapter
11 on Nov. 10, 2008 (Bankr. D. Mont. Case No. 08-61570).  The
Company's owner affiliate Edra D. Blixseth, filed for Chapter 11
on March 27, 2009 (Bankr. D. Mont. Case No. 09-60452).

In June 2009, the Bankruptcy Court entered an order confirming
Yellowstone's Chapter 11 Plan.  Pursuant to the Plan, CrossHarbor
Capital Partners, LLC, acquired equity ownership in the
reorganized club for $115 million.

Attorneys at Bullivant Houser Bailey PC and Bekkedahl & Green
PLLC, represented the Debtors.  The Debtors hired FTI Consulting
Inc. and Ronald Greenspan as CRO.  The official committee of
unsecured creditors were represented by Parsons, Behle and
Latimer, as counsel, and James H. Cossitt, Esq., at local counsel.
Credit Suisse, the prepetition first lien lender, was represented
by Skadden, Arps, Slate, Meagher & Flom.


ZBB ENERGY: $46.9MM Accumulated Deficit Cues Going Concern Doubt
----------------------------------------------------------------
ZBB Energy Corporation filed on September 10, 2010, its annual
report on Form 10-K for the fiscal year ended June 30, 2010.

PKF LLP, in New York, expressed substantial doubt about the
Company's ability to continue as a going concern.  The independent
auditors noted that the Company continues to incur significant
operating losses and has an accumulated deficit of $46.9 million
as of June 30, 2010.

The Company reported a net loss of $9.6 million on $1.5 million of
revenue for fiscal 2010, compared with a net loss of $5.6 million
on $1.2 million of revenue for fiscal 2009.  The increase in net
loss was primarily the result of increases in advanced engineering
and development expenses, selling, general and administrative
expenses, and equipment impairment expenses, totaling
$3.6 million.

At June 30, 2010, the Company had a working capital deficit of
$800,204 compared to a June 30, 2009 working capital surplus of
$3.8 million.

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

               http://researcharchives.com/t/s?6b10

                         About ZBB Energy

Menomonee Falls, Wis.-based ZBB Energy Corporation (NYSE Amex:
ZBB) -- http://www.zbbenergy.com/-- designs, develops,
manufactures and markets distributed intelligent power management
platforms that integrate all types of renewable and conventional
power sources with advanced large format storage technology.


* Fitch: Record Loan Resolutions Stem Climb in Delinquencies
------------------------------------------------------------
While the pace of defaults remains elevated, a record number of
loan resolutions in August 2010 again tempered the effect of
$3.1 billion of new delinquencies, according to the latest U.S.
CMBS delinquency index results from Fitch Ratings.  The full
results are in the agency's weekly U.S. CMBS newsletter.

Recent defaults on five loans greater than $100 million
contributed to a 23-basis point (bp) net increase in the U.S. CMBS
delinquency rate to 8.48%.  Meanwhile, $2.1 billion of loans were
resolved or liquidated last month.

'Though special servicers are working out loans at an increased
rate, the volume of new delinquencies has not yet subsided,' said
Senior Director Adam Fox. 'Highly levered loans originated at the
market's peak continue to default as borrowers seek modifications
or hand back the keys to underperforming assets.'

In August, three Fitch-rated loans in excess of $100 million
became newly delinquent due to performance issues, including:

  -- $825.4 million Innkeepers Portfolio;
  -- $140 million Hyatt Regency - Bethesda; and
  -- $129.5 million Lynnewood Gardens.

Current delinquency rates by property type are:

  -- Hotel: 20.80% (from 18.64%);
  -- Multifamily: 14.18% (from 13.87%);
  -- Retail: 6.11% (from 6.35%);
  -- Industrial: 5.55% (from 5.20%);
  -- Office: 5.06% (from 5.08%).


* Alan Halperin Among Law360's 10 Most Admired Bankruptcy Attys
---------------------------------------------------------------
Regarded by clients as a brilliant strategist who gets the job
done and by peers as a someone who marries legal smarts with deal-
making acumen, Halperin Battaglia Raicht LLP's Alan Halperin has
earned a spot on Law360's list of 10 Most Admired Bankruptcy
Attorneys.


* Sean Lane Named as Bankruptcy Judge for So. Dist. of New York
---------------------------------------------------------------
Dow Jones' Daily Bankruptcy Review reports that Sean H. Lane was
sworn in as a U.S. bankruptcy judge in Manhattan on Tuesday.


* BOND PRICING -- For the Week From Sept. 6 to 10, 2010
-------------------------------------------------------

  Company             Coupon      Maturity  Bid Price
  -------             ------      --------  ---------
155 E TROPICANA        8.750%     4/1/2012     5.375
ABITIBI-CONS FIN       7.875%     8/1/2009     8.000
ADVANTA CAP TR         8.990%   12/17/2026    11.000
AES CORP               9.375%    9/15/2010   100.125
AFFINITY GROUP        10.875%    2/15/2012    47.250
AHERN RENTALS          9.250%    8/15/2013    36.000
AMBAC INC              9.375%     8/1/2011    40.033
AMBASSADORS INTL       3.750%    4/15/2027    50.000
AMER GENL FIN          4.600%    9/15/2010    99.200
AMER GENL FIN          5.200%    9/15/2010    99.617
AT HOME CORP           0.525%   12/28/2018     0.016
BANK NEW ENGLAND       8.750%     4/1/1999    12.813
BANK NEW ENGLAND       9.875%    9/15/1999    10.000
BANKUNITED FINL        6.370%    5/17/2012     5.000
BLOCKBUSTER INC        9.000%     9/1/2012     6.500
BLOCKBUSTER INC       11.750%    10/1/2014    47.500
BOWATER INC            6.500%    6/15/2013    22.000
BOWATER INC            9.000%     8/1/2009    19.652
BOWATER INC            9.375%   12/15/2021    26.000
BOWATER INC            9.500%   10/15/2012    29.000
CAPMARK FINL GRP       5.875%    5/10/2012    34.500
CELL THERAPEUTIC       7.500%    4/30/2011    80.600
CHENIERE ENERGY        2.250%     8/1/2012    41.000
CHK-CALL09/10          6.250%    1/15/2018   101.420
CHK-CALL09/10          6.625%    1/15/2016   103.313
CHK-CALL09/10          7.000%    8/15/2014   102.330
CLEAR CHANNEL          7.650%    9/15/2010   100.100
DR HORTON              9.750%    9/15/2010   100.250
EDDIE BAUER HLDG       5.250%     4/1/2014     5.000
ELEC DATA SYSTEM       3.875%    7/15/2023    96.500
EOP OPERATING LP       4.650%    10/1/2010    98.500
EVERGREEN SOLAR        4.000%    7/15/2013    33.250
F-CALL09/10            6.050%    3/20/2012    99.500
FAIRPOINT COMMUN      13.125%     4/2/2018    12.500
FEDDERS NORTH AM       9.875%     3/1/2014     0.500
FORD MOTOR CRED        9.750%    9/15/2010   100.000
GENERAL MOTORS         7.125%    7/15/2013    29.506
GENERAL MOTORS         7.700%    4/15/2016    28.000
GENERAL MOTORS         9.450%    11/1/2011    27.750
GMAC LLC               7.500%    9/15/2010    99.800
GMAC LLC               8.000%    9/15/2010    98.950
GREAT ATLA & PAC       5.125%    6/15/2011    70.250
GREAT ATLA & PAC       6.750%   12/15/2012    53.464
HAWAIIAN TELCOM        9.750%     5/1/2013     0.900
INDALEX HOLD          11.500%     2/1/2014     0.550
INN OF THE MOUNT      12.000%   11/15/2010    40.000
INTL LEASE FIN         4.300%    9/15/2010    98.780
INTL LEASE FIN         4.850%   10/15/2010    96.875
JOHN HANCOCK LIF       4.250%    9/15/2010    99.900
KEYSTONE AUTO OP       9.750%    11/1/2013    40.000
LEHMAN BROS HLDG       0.250%    2/16/2012    18.500
LEHMAN BROS HLDG       4.500%     8/3/2011    18.760
LEHMAN BROS HLDG       4.700%     3/6/2013    19.750
LEHMAN BROS HLDG       4.800%    2/27/2013    19.500
LEHMAN BROS HLDG       4.800%    3/13/2014    20.000
LEHMAN BROS HLDG       5.000%    1/22/2013    18.750
LEHMAN BROS HLDG       5.000%    2/11/2013    19.600
LEHMAN BROS HLDG       5.000%    3/27/2013    18.000
LEHMAN BROS HLDG       5.000%     8/3/2014    19.500
LEHMAN BROS HLDG       5.000%     8/5/2015    19.000
LEHMAN BROS HLDG       5.100%    1/28/2013    18.250
LEHMAN BROS HLDG       5.150%     2/4/2015    18.760
LEHMAN BROS HLDG       5.250%     2/6/2012    20.100
LEHMAN BROS HLDG       5.250%    1/30/2014    19.000
LEHMAN BROS HLDG       5.250%    2/11/2015    19.000
LEHMAN BROS HLDG       5.350%    2/25/2018    19.000
LEHMAN BROS HLDG       5.500%     4/4/2016    19.602
LEHMAN BROS HLDG       5.500%    2/19/2018    18.500
LEHMAN BROS HLDG       5.550%    2/11/2018    19.000
LEHMAN BROS HLDG       5.600%    1/22/2018    17.750
LEHMAN BROS HLDG       5.625%    1/24/2013    20.300
LEHMAN BROS HLDG       5.700%    1/28/2018    18.750
LEHMAN BROS HLDG       5.750%    4/25/2011    18.700
LEHMAN BROS HLDG       5.750%    7/18/2011    21.000
LEHMAN BROS HLDG       5.750%    5/17/2013    19.200
LEHMAN BROS HLDG       5.875%   11/15/2017    20.250
LEHMAN BROS HLDG       6.000%    7/19/2012    19.700
LEHMAN BROS HLDG       6.000%   12/18/2015    19.000
LEHMAN BROS HLDG       6.000%    2/12/2018    18.250
LEHMAN BROS HLDG       6.200%    9/26/2014    21.625
LEHMAN BROS HLDG       6.600%    10/3/2022    18.000
LEHMAN BROS HLDG       6.625%    1/18/2012    19.250
LEHMAN BROS HLDG       6.875%     5/2/2018    22.125
LEHMAN BROS HLDG       7.000%    4/16/2019    18.125
LEHMAN BROS HLDG       7.000%    10/4/2032    19.000
LEHMAN BROS HLDG       7.000%    9/28/2037    19.000
LEHMAN BROS HLDG       7.100%    3/25/2038    17.900
LEHMAN BROS HLDG       7.250%    4/29/2038    19.000
LEHMAN BROS HLDG       7.350%     5/6/2038    19.000
LEHMAN BROS HLDG       7.500%    5/11/2038     0.010
LEHMAN BROS HLDG       7.730%   10/15/2023    17.375
LEHMAN BROS HLDG       7.875%    11/1/2009    19.000
LEHMAN BROS HLDG       7.875%    8/15/2010    19.000
LEHMAN BROS HLDG       8.050%    1/15/2019    18.000
LEHMAN BROS HLDG       8.400%    2/22/2023    17.100
LEHMAN BROS HLDG       8.500%     8/1/2015    19.000
LEHMAN BROS HLDG       8.500%    6/15/2022    19.000
LEHMAN BROS HLDG       8.750%   12/21/2021    18.500
LEHMAN BROS HLDG       8.800%     3/1/2015    19.000
LEHMAN BROS HLDG       8.920%    2/16/2017    19.000
LEHMAN BROS HLDG       9.000%     3/7/2023    19.000
LEHMAN BROS HLDG       9.500%   12/28/2022    18.950
LEHMAN BROS HLDG       9.500%    1/30/2023    19.375
LEHMAN BROS HLDG       9.500%    2/27/2023    17.510
LEHMAN BROS HLDG      10.000%    3/13/2023    18.950
LEHMAN BROS HLDG      10.375%    5/24/2024    16.000
LEHMAN BROS HLDG      11.000%    6/22/2022    19.000
LEHMAN BROS HLDG      11.000%    3/17/2028    19.000
LEHMAN BROS HLDG      11.500%    9/26/2022    18.750
LEHMAN BROS HLDG      18.000%    7/14/2023    18.735
LEHMAN BROS INC        7.500%     8/1/2026    11.000
LOCAL INSIGHT         11.000%    12/1/2017    31.500
MAGNA ENTERTAINM       8.550%    6/15/2010    17.000
MERRILL LYNCH          1.580%     3/9/2011    99.500
NETWORK COMMUNIC      10.750%    12/1/2013    35.013
NEWPAGE CORP          10.000%     5/1/2012    43.650
NEWPAGE CORP          12.000%     5/1/2013    19.800
NORTH ATL TRADNG       9.250%     3/1/2012    60.250
PALM HARBOR            3.250%    5/15/2024    68.000
PL-CALL10/10           5.000%    4/15/2014    97.000
RASER TECH INC         8.000%     4/1/2013    37.000
RESTAURANT CO         10.000%    10/1/2013    27.500
RESTAURANT CO         10.000%    10/1/2013    26.125
SPHERIS INC           11.000%   12/15/2012    24.750
STATION CASINOS        6.875%     3/1/2016     0.500
STATION CASINOS        7.750%    8/15/2016     0.500
THORNBURG MTG          8.000%    5/15/2013     4.250
TIMES MIRROR CO        7.250%     3/1/2013    42.100
TOUSA INC              7.500%    1/15/2015     0.250
TRICO MARINE           3.000%    1/15/2027     9.750
TRICO MARINE SER       8.125%     2/1/2013    17.250
VIRGIN RIVER CAS       9.000%    1/15/2012    45.500
WASH MUT BANK FA       5.650%    8/15/2014     0.200
WASH MUT BANK NV       5.500%    1/15/2013     0.375
WASH MUT BANK NV       6.750%    5/20/2036     0.625
WCI COMMUNITIES        4.000%     8/5/2023     1.000



                           *********

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.

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